Full text of Commercial and Financial Chronicle : December 8, 1883, Vol. 37, No. 963 [Copy 1]

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Sr

HUNT’S

MERCHANTS*

% 3#
REPRESENTING

THE

% t

fc i g

INDUSTRIAL AND

VOL. 37.

Imports and Exports for Octo¬
ber, 1883, and for the Ten
and Twelve Months Ended
Oct. 31, 1883
611

Monetary

and
English News

Cotton Consumption and Over¬
land Movement to Dec. 1

610

Report of the Secretary of the

611

Report of the Comptroller of

News

THE BANKERS

Money Market, Foreign Ex¬
change, U.S. Securities, State
Bonds

and
631

Range in Prices at tlie N. Y.
Stock

Exchange

612

Commercial and Miscellaneous

Ilie Debt Statement for Novem¬

ber, 1883

Commercial

600

Treasury State¬

and
Railroad
Stocks

614

Treasury

616

the

623

Currency

GAZETTE.

Quotations of Stocks and Bonds 636
Railroad Earnings and Bank
Returns
637
Investments, and State, City
and,Corporation Finances.. 638

635
THE

COMMERCIAL

Commercial Epitome
Cotton

TIMES.

641 I Breadstufts
642 I Dry Goods

647
648

.

<3£lie Chronicle.
The Commercial

and
Financial Chronicle is 'published in
New York every Saturday morning.
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THE

of the Chronicle

UNITED

sfATI S,

NO. 963.

Still another very
encouraging
been the position Mr. Kelley
has

CHRONICLE.

Tlie Financial Situation
6C5
Relief for Our Bank Note Cur¬
rency
607.
Continued
Improvement in
Our Foreign Trade
608

ment

OP1

SATURDAY, DECEMBER 8, 1883.
THE

-

§J % w 0 p 2* $ 11,

COMMERCIAL INTERESTS

CONTENTS.

United States

MAGAZINE,

indication this week has
openly taken on the most
important of all subjects—the silver question. He has
changed his views, and not only frankly avows it, but
announces his
purpose of introducing and advocating a
bill to limit the
coinage of silver to a nominal sum.
Knowing Mr. Kelley’s persistency and energy, we are
inclined to hope for
gre^t results from his action. He
places his opposition to continuing the coinage on the
ground (so frequently urged by us when the Bland bill
was under
discussion, and since then) that bi-metalism
can
only be secured through such a change of attitude on
the part of the United States.
So long as we absorb by
coinage twenty-five millions of the silver production each
year, England can afford to be indifferent to the question,
because our action keeps that amount of bullion off the
silver market, and not only
helps sustain the India
exchange, but helps to give a steady Jbasis for England’s
trade with all

silver-currency countries. With our total
production offered for sale, such a disturbance will be
introduced into the
manufacturing circles of Great Britain
as
will force the question
upon the attention of that
Government.
Mr.

Kelley might also have added that our rapidly
-increasing pile of dollars is further encouraging European
non-action

in

the

matter

of

bi

metalism, because it is
everywhere acknowledged there,"that if the process is
WILLIAM B. DANA fit GO.. Publishers,
WILLIAM
M B. DANA.
much longer continued it can
\i
79 & 81 William Street, NEW YORK.
only end in our falling into
JOHN Q FLOYD.
Post Office Box 958.
the line of silver nations, and in
A neat file cover is furnished at 50 cents:
postage on the same is 18
making us disgorge our
cents.
Volumes bound for subscribers at $1 00.
gold and become a permanent absorbent of more than all
We Lave added to our issue to-day twenty pages, in order our silver production.
This is the explanation for the
that our readers may Lave for reference tLe reports of tLe growing indifference ail nations in
Europe have of late
Secretary of tLe Treasury and tLe Comptroller of tLe Currency. shown to any action oh this question. Even French
ardor has cooled, under the belief that out of our
folly
TUN FINANCIAL
SITUATION.
she will soon secure a
dumping-ground for her silver. In
The leading feature of the week has been the
meeting the meantime, a vague fear that such a result is impend¬
of Congress, the election of a
Speaker in the House of ing is paralyzing all our industries, the proverbial
timidity
Representatives, and the publication of the President’s of capital manifesting itself in an entire absence of enter¬
message with the accompanying documents.
None of prise, while our savings banks and trust companies are full
these events have, however, had any perceptible influence of
deposits, and money in abundance is being offered
on
business, and yet the election of Speaker (affording at almost nominal rates for temporary investment.
the first evidence of devotion to principle either
Thus the meeting of Congress, which
party has
usually is a
displayed for some time) excited more than usual interest. source of apprehension, has up to this time exerted a sooth¬
The belief is that the policy of the House under the new
ing rather than a disturbing influence. The truth is, as we
direction will tend towards freer trade with other nations, remarked last
week, business is so quiet now and prices
though radical changes in the tariff are not anticipated. so low that there is less room or opportunity than
One thing seems assured if the later reports from Wash¬ there
generally is for any adverse effect on our industries
ington prove correct, and that is that the more conservative through legislation, while there are several matters
very
and better elements are to direct the councils of the domi¬
greatly needing relief through Congressional action.
nant party in that branch of the
public service. With Mr. Among the latter are this silver menace, the revision of
Hewitt and Mr. Morrison as chief advisers, our great the tariff and revenue
laws, and the danger to the
industrial interests are not likely to suffer.
national bank currency.
It is a very hopeful sign, there1 CHvO*

wiivi

-

ow

.

r




n\

THE CHRONICLE.

606

lieved

[VOL. XXX\1I.

bankers will

that

venture

order

to

out

gold
justify the
giving evidence of a desire to meet the situation
movement.
Therefore it will not be surprising if the
by positive legislation, rather than passing the time
announcement of a renewal of gold imports -is male
as was the case four years ago, in trying to do nothing.
A question of wide import (affecting not only individuals, within a few days. The outflow of securities above referred
It shows that Euro
but in some degree the exchange market), has arisen lately to is an important feature this week.
with regard to the liability of a transportation company for pean capitalists are again ready to take at a fair price the
Money is so cheap in Lon¬
the bills of lading its agents issue. In our cotton report we best of our railroad properties.
and
there
such
an
of idle capital not only
don
is
abundance
have given some space to this subject, and only last week
bad the satisfaction of announcing the settlement (after six there but on the Continent, that it is not strange to find
Indeed the absencemonths’ delay) by the Blue Line Transportation Company some of it seeking employment here.
fore, that both parties at the opening of

the session are

from London

of

a

claim

on

it for

non

delivery of 294 bales of cotton, for

before the rates

even

seem

to

demand has been the marvel of the past year.
The stock market has been variable this week.
The

of such

a

lading had been issued, dgly signed by its
Memphifcagent, and advances made upon it. A new case,we depressing influences were the report, subsequently denied,
that the managers of the New York Central contemplated
regret to say, has arisen this week, of much greater import¬
an issue of 20 millions bonds for equipment purposes; the
ance because the amount involved, as well as the number of
rumor
that the Oregon & Trans-Continental Company
parties interested, is very much larger. In this instance
the bills of lading are signed by the Texas & Pacific would pass its dividend ; the introduction of a bill in the
Railroad Company’s duly authorized agent at Sher¬ Senate declaring forfeited certain lands of the Northern
man,
Texas, and the agent is said to .have abscond¬ Pacific road located in Washington Territory west of Walla
ed and the cotton has not been shipped.
Of course, Walla junction ; the reports current of breaks in the
various railroad pools, more especially those west of Chi.
therefore, the parties who have made the advances
All these influences were made the most of, and
cago.
on the bills have applied to the railroad to be reimbursed,
at
times
had more or less effect on prices.
But a#
and until the claim is allowed and paid, there can be little
occurred
incident
on
Wednesday
which
shows
that
the
confidence in such documents.
This is likely to become a very serious and disturbing speculators for a decline are at least somewhat timid.
which

a

bill of

report was circulated that the Chinese Admiral com¬
question if not speedily settled by the acknowledgment by
the transportation companies of their liability on all bills of manding the forces defending Tonquin had issued a proc¬
This
lading signed by their agents in due course of business. As lamation declaring war with France imminent.
report was supplemented by a statement, which appears to
we understand it, there is doubt whether, at law, such claims
have had no foundation, that warlike preparations had
against them are valid ; but to repudiate them now would
These reports
be at variance with long-established custom, and render been made in the English dock-yards.
.uncertain and unsafe the credits and advances which served (no one knows why) to give a sudden upward turn
bankers are constantly granting on the faith of such to the market for about half an hour, after which the
denial of the story about the activity in England encour.
documents.
Notwithstanding the discrimination which these incidents aged the bears to resume the selling movement. The fol¬
naturally induce against bills of lading drawn at interior lowing shows relative prices of leading securities in Lon¬
shipping points, the foreign exchange market has continued don and New York at the opening each day.
dull and declining this week. ' Bankers in general antici¬
Dec. 0.
Dec. 7.
Dec. 5.
Dec. 4.
Dec. 3.
pated more firmness at this time, looking for an inquiry of
Lond'n N.T. Lond'n N.T. Lond'n N.Y. Lond'n N.T. Lond'n N.Y.
the magnitude customary towards the close of the year to
prices* prices. prices.* prices. prices.* price*. prices.* prices. prices.* prices.




A

*

remit for interest and dividends.

It would

seem now

that

they have overestimated the requirements for that pur¬
pose, not having made sufficient allowance for securities
returned during the last year or two.
Not only United
States bonds, as was shown last week, but dividend stocks
have been sent home,and Europe is supposed now to be com¬
paratively bare of American securities. Then, again, our
importers have been buying very cautiously, and
the indebtedness of this class is comparatively small.
Furthermore, the trade figures for October, which we
print this week-, show an increased -merchandise bal¬
ance of about 12 millions in
our favor -compared with
September, largely due to augmented exports of staples.
These facts will in great part account for the supply of bills
upon the market, which have met even the extraordinary
demand at times arising during the past two months.
It
is also
suggested that some of the cotton r bills
which were rejected a few weeks ago, about the time of
the Ranger failure in Liverpool, and withheld until investi¬
gation could be made, are now coming on the market,
thus increasing the supply.
The offerings of bills are
said to have been augmented within a day or two by the
sale of some important amounts of drafts made against
securities.
The indications now point to a further
reduction in the rates.
It is claimed by some bankers
that there must be a decline of fully one
cent per
pound before gold can be imported at a profit, but unless
the tone of the market should .materially'change it is be¬

122-05

123

122-95

123

122 70

123%

122 70

123%

123C0

im

(J.S.4%s. 118-00

114

113-90

114

113-85

114

113-73

114

113-73

114

U.8.4s,c.

31-40

31%

30 73

30%

3021

con.

04-77

94-%

65-49

0444

05-54

111. Cent.

13413

134

13413

133%

13301

N. V. C..

118-70

118-00

117

110-70

Reading
Ont.W’n

20-84+

118%
53%

21-25

8t. Paul.

00-87

Can.Pac.

50-58

Krie

2d

20-84-1

53 %

20-07-

21

21-25

2094

2121

99*8
50%

98-60

98%
5814

97-72

58-32

30%
04->4

3021

138%
uo%

133-80

57-35

05-54
110-52

5294
20%

20*o7+

67%
57%

0772

21-21

57-47

30%
94%
138%
110%
53%
20%
08%
57%

133-80

so**
94*
133*

117-00

lie**

27*52+

98-21

54*
20*
9794

5747

579*

*30-33

95-54

2121

E ^ch’Ke,
cables.
*

4-85

4-85

4*85

4-8.1

4-FO

Expressed in their New York equivalent,

t Reading on

With the

basis of $50, par value.

exception of

slight and unimportant flurry
the market has been without

a

money on Monday,
feature.
Advices from

in

the interior report a

upon the Western centres for funds for
for the movement of grain and cotton;

flow

of funds

week’s outflow

from this

centre

is

demand

pork-packing and
therefore an out¬

natural.

The past

heavy, as shown by our table
mainly to the South. At Chicago

was

very

below, but was
preparations are being made for the storage of grain on
the lake propellers which will be embargoed by ice during
the winter, and as the capacity of these vessels is about
3,500,000 bushels, room to that extent will be made .in
the elevators, and if the grain comes in freely it will
have to be carried, thus giving employment to about all

that can be supplied by the Chicago banks.
Any urgency in the demand from whatever cause
result in a movement from this centre.
The following
the money

will

statement, made up from returns

collected by us,

exhibits

l

December

THE CHRONICLE.

8, 1863.]

607

receipts and shipments of currency and gold party policy were not mixed up with the settlement of
economic questions, there would be no difference of
bv the New York banks.
opinion, at least on the one point of continuing this
Deceived by
Net Interior
Shipped by
Week Ending Dec. 7, 1883.
currency.
The manner of doing it is a proper subject for
N.Y. Banks. N.Y. Banks.
Movement.
discussion ; but the notes themselves have proved and are
Loss *1,003,000
*966.000
**2,929,000
Gain.
14,000
14,000
to-day such an economical, safe and convenient instrument,
*2,029,000
Loss.*l,949,000
1080,000
Total gold and legal tenders
and furnish such a contrast with the heterogeneous State
$2,530,000 of tliis was transferred in the shape of silver certificates issues the place of which they occupy, that in the absence
by a deposit of gold iu the Bub-Treasury.
of a better system proposed, the wisdom of their contin¬
The above shows the actual changes in the bank
uance seems
beyond controversy.
holdings of gold and currency caused by this movement
This is the more evident when we remember that
the week’s

ftnlri

'

cur¬

and from the interior. In addition to that movement
rency privileges are the only attraction which the nat¬
the banks have gained $1,500,000 through the oper¬
ional banking system has for a long time offered to any
ations of the Sub-Treasury.
Adding that item there¬
to

fore to the above

have the

following, which should
indicate the total loss to the N. Y. Clearing House banks
of gold and currency • for the week covered by the bank
statement to be issued to-day.
we

.

Week Ending Ike. 7, 1883.

Into Banks.

Banks’ Interior Movement, as above
Sub-Treasury operations, net
Total gold and legal tenders

Out

*080,000

of Banks

Net Change in
Bank Holdings.

$2,029,000

*2,480,000

Loss.*l,940,000
Gain. 1,500,000

1,500,000

$2,920,000

Loss.

$419,000

The market for

government bonds has not been solely
by the demand for more or less permanent
investment, for in addition to the rise in the long-date

influenced
issues

have had

advance in the 3 per cents,

indicat¬
ing that there is some degree of confidence felt that this
class of bonds will not be greatly disturbed by calls, if, as
now seems
probable, a reasonable reduction in the revenue
can be made
by Congress.
The Bank of England return shows a loss of £152,000
bullion for the week.
The cables report the withdrawal
of £75,000 on balance, therefore £77,000 probably came
from the interior.
The Bank of France reports a gain of
4,425,000 francs gold and a loss of 1.525,000 francs
silver, and the Bank of Germany since our last shows an
increase of 18,160,000 marks. The following indicates the
amount of bullion in the principal European banks this
week and at the corresponding date last year.
we

an

Dee.

-

Bank of

6, 1883.

Gold.

Silver,

£

£

Dec.

j

7

1882.

Gold.

.Silver.

£

£

21,9-18,197
20,879,270
38,603,-105 40,274,656 38,720,542 43,794,852
7,305,750 21,917,250
0,830,000 20,640,010

England

Bank of France

Bank of Germany
Total this week

07,857,352 62,191,906 66,479,812 64,134,852
67,605,641 61,571,409 66,102,575 64.549 996

Total previous week

association

desiring to continue the business of banking.
Mr. St. John, President of the Mercantile Bank, in his
paper read before the late Louisville Convention, and
since then revised and published in the Bankers’ Magazine
for December, enlarges upon that point.
And it is
important that this feature of the question be understood,
to wit, that the issue which is now presented to Congress
involves not solely whether it shall permit a change in or
prevent a sudden contraction of the currency—both of
them very important points—but also whether a continuance of our national banking system is desirable.
Many
thought once that any connection between banks and the
general government was objectionable, who are now
firm friends of the present system, for they have seen how
Well it has worked, with how little loss to the community,
and in a word how perfect a machine for facilitating
commercial transactions it is.
Since, therefore, we must
have banks of some kind, as the interchange of commod¬
ities is impossible without them, it is evident that not
only the public welfare but the popular vote would be
largely in favor of the continuance of the present organi¬
zations, until a better plan is proposed. To remand the
country to the old State organizations would be about as
obstructive to commerce as converting our steam railways
into corduroy roads.
We might stop here to prove what we have in the
above remarks assumed, that in the present emergency
if the national bank currency is left without relief it
would not only work the contraction feared, but also
break up the entire system of banks.
It is not necessary
however, to enter at any length upon those matters. The
r

often

discussed, and furthermore Mr.
Knox has clearly demonstrated it in his report.
The
latter is evident to any one who knows why our city
former

we

have

banks have not
The

long since, under the multiplying restric¬

Assay Office paid through the Sub-Treasury tions of the
law, left the national system ; for those who
$201,729 for domestic bullion during the week, and the
may not know the reason it is well enough to say
Assistant Treasurer received the following from the
that their* failure to leave has arisen from the provision
Custom House.

of the statute which

Consisting of—
Date.

Duties.
Gold.

Nov. 30...
'

$320,229 60
338,823 33

$9,000

Dee.

1...

“

3...

454,803 86

14,000
9,COO

TT. 8.

Gold

Silver Cer¬

Notes.

Certif.

tificates.

$20,000 $236,000

$56,000

12.000

236,000

75,000

33,000

335,000

73.000

91,000

“

4...

7,000
11,000

301,000

5...

414,261 21
492,387 55

15,000

«

32.000

385.000

64,000

“

6...

490,063 98

16,000

18,000

376,000

79,000

requires the reserves of the country
banks, if counted as such, to be kept in a national
institution. Let the out-of-town organizations once become
convinced that there is no money made out of their
circulation and they will quickly get out from under the
surveillance .of the national law, and the banks in the
reserve cities will speedily follow.
But

notwithstanding

our

earnest desire to see the na-

•

Total...

$2,510,569 58

RELIEF FOR

Probably
has

no

OUR

$66,000 $130,000 1,369,000

BANK-NOTE

tional

$443,000

CURRENCY.

part of the interesting report Mr. Knox

prepared for Congress will be read more closely than
he devotes to the bank-note currency, which
our
large surplus revenue and debt redemptions are
threatening with speedy extinction. If the public good
were alone consulted
by our legislators, and politics and
the pages




system of banks continued, we are not at present
prepared to advocate that a special government debt be
provided for currency purposes. There seem to us to be
Besides, just
very serious objections to any such plan.
it appears as if the discussion of that question
embarrassed the subject with an unnecessary issue.

only
It is
safe to assume that Congress will not at this session
entertain such a proposition or perfect a permanent cure
for the evils we have referred to.
It will require more
time and less partisanship than a session just preceding a
now

60.8

THE CHRONICLE.

[VOL. XXXVII

Presidential election

permits, to evolve a currency system ' appear to*bo finding their way to, market, for the total
this country. We think it merchandise remaining in bond on October 31 was
only
what seems at least for the $26,757,781, against $30,166,083 September 30, $35,445,.
time impracticable.
589 August 31,
$39,987,305' July 31, and $48,546,473
Furthermore, there is a relief which is within the power June 30, and against $28,078,565 October 31 in 1882.
of Congress to grant, and which under
pressure of the Of course, the stock of goods always runs down at this
necessity for some action it does not seem improbable to season of the year, but the fact that the total is now
anticipate a favorable reception for in both houses. We smaller than at the corresponding time in 1882 is not
refer to a remission of the tax on circulation, which the without
significance, for if consumption of foreign goods
large surplus revenue makes doubly desirable, and to an were not fairly active, in spite of the business
depression,
enlargement of the limit of the note issues, which is now the fact would soon become evident by increased stocks of
only 90 per cent of the par value of the bonds deposited, a goods in the warehouses. This feature is
worthy of
very unnecessary restriction. Mr. Knox has presented these note, too, because taken in connection with the fact
that
points so clearly that in dwelling upon them now we could in November last year the imports were not so
heavy as
do little but repeat what he has so well said.
These reme¬ they had been—reaching a trifle over 55 millions—it
dies would relieve the present
pressure and give time to would seem to indicate that there is very-little reason to
elaborate a more permanent cure.
expect for November this year a falling off in the move*
ment such as has marked the months
It is
preceding.
CONTINUED IMPROVEMENT IN OUR
satisfactory to observe, however, that though the merchan¬
FOREIGN TRADE.
dise movement of imports has continued
quite free, the
The October trade statement issued this week
by the flow of gold this way has not been checked, but on the
Bureau of Statistics does not disappoint the
expectations contrary reached larger proportions than for a long time
entertained with regard to it.
It makes a very satisfac¬ past.
The influx in October was $4,261,430, which
tory exhibit. The excess of merchandise exports over exceeds in amount any previous monthly total for two
imports reaches $15,081,580, which is 5 millions more years past—namely, since October, 1881.
than in October, 1882, and 6 millions more than in Octo¬
As to our merchandise
exports, the total for October this
ber, 1881. It is, however, less than one-half the total of year is about a million above that for October, 1882, and the
either of the two years preceding —1879 and 18S0.
But increase comes wholly from provisions.
Last year the
it should be remembered that in those two
years there shipments of provisions were unusually small, so that even
which shall be permanent in
unwise therefore to attempt

was

a

rare

combination of favorable circumstances—an

of

large exports coincident with small imports—
which
operated to
produce
an
unusually heavy
balance in
our
favor.
That
the
present balance
fails to equal that of either 1879 or 18S0
is)r there¬
fore, not so significant as the fact that the balance was
larger than in 1881 and 1882. The October statement,
moreover, is the best monthly exhibit we have had since
March last, and gives promise of an even better exhibit for
the month of November, just passed.
In the following
table wo show the foreign trade movement for two
years
from each leading port.
era

EXPORTS AND IMPORTS OF MERCHANDISE AT U. S. PORTS.

Exj)orls (Domestic
and Foreign.)
New York
New Orleans
Baltimore
Boston, &c

Philadelphia
8au Francisco
All other ports

Total

October.

Since Jan. 1.

October.

Since Jan. 1.

1
$
$
$
$
29,594,163 294,117,166 : 28,177,847 281,538,729
7,050,237 64,368,960 ;
8,239,093 53,551,817
3,792,300 43,610,747
4,241,0-0 35,117,887
5,199,502 54,537,987
4,508,357 47,034,407
2.754,255

31,972,6211

2,407,304

28,124,219

4,123,505 33,643,931
19,475,801 117,281,285

4,591,068 40,700,229
19,382,678 107,979,022

72,589,769 639,532,997

71,547,973 594,046,400

7 inports.

New York
New Orleans
Baltimore

Boston, Ac

Philadelphia
San Francisco
All other ports
Total
•

The total of the

40,024,951 397,216,886
587,831
6,696,918
782,102 10,570 301
5,424,304
2.195,382
2,965,807
5,527,740

62,607,870
27,963.534

34,320,043
37,598,016

57,508,183 576,373.568;

41,256,437 435,746,759
621,502
8,878,198
953,657
12,087,392
5,157,807 64,065,724
2,530,841 33,350,800
4,373.515
0,545,023

37,929,187
46,101,416

01,438,782 638.159,476

imports, it will here be

falls about
October, 1SS2, which
bears out our remark that the movement this
year could
scarcely be expected to keep up to the extraordinary
totals of a year ago.
Nevertheless, it must be admitted
that in view of the depression
existing in all branches of
ctrade and industry, the movement continues surprisingly
large. It is not only large as compared with the month
preceding, September, when it was much smaller than usual
—namely, 51 millions—but is large in itself. Imports of 57$
millions monthly give .us an
aggregate of nearly 700
millions for the year, which is close up to the
highest
totals ever reached in any fiscal
year.
The goods, too,
four




millions below the total for

seen,

with

a

moderate movement this year,

the total could not
above that then recorded ; so it is not surprising
to note that the October
aggregate of $8,328,797 compares
with only $4,662,626 in 1882, or a
gain of over $3,660,000
The breadstufls exports, too, were then no
longer so large
as they
had been, as we have before shown, and conse¬
quently we find that for October we run only about
$700,000 behind the figures of 1S82.
It remains
true, however, this year as it was last year, that
fail to go

.

the

favorable

exports is due

in

.

recorded

the

on

side

of

the

great degree to our very heavy
In October,
1S82, we sent
less than 516,310 bales of this
staple (the demand

shipments
out.no

balance

of

a

cotton.

.

having been stimulated by the running down of stocks
through the previous year’s short yield), against only
387,321 bales so sent out in October, 1881. This year,
though stocks with the mills were apparently ample, we
shipped 478,054 bales, or only 38,000 bales less than in
18S2, and this, with the contraction in the volume of the
imports, made it possible to raise the' total excess of
merchandise

exports from $10,109,191 to $15,081,586.
price of cotton at the close of the month was not
materially different from what it was in October, 1882,
The

but in the

early part of the month'there was a difference
against this year of about three quarters of a cent. So,
in addition to the fading off of 38,000 bales in
quantity,
values also suffered some decline from the lower
price
prevailing, thus offsetting in great part the gain made on
provisions. The following table shows the breadstufls
and provisions exports from each
leading port.
,

EXPORTS OF BREADSTUFFS AND PROVISIONS FROM LEADING PORTS.

1883.
Bread stuffs.

New York
New Orleans
Baltimore
Boston

Philadelphia
San Francisco

Other ports
Total

1882.
i

October.

$
5,294,643
735,408
1,661,850
1,826,091
549,197
3,043,485
1,540,856

Since Jan. 1.

$
56,796,064

October.

$

13,105,226

5,693,212
1,147,788
1,616,861
1,063,126

9,619,235-

759,066

7,739,507
23,998.880

23,228,951
10,594,171

14,651,530 145,082,034

3,419,979

1,662,650

Since Jan. 1.

$
63,264.471
5,931,340
20,476,228

9,918,036
7,464,307
29,071,463
14,124,736

15,362,682 150,300,581

'•‘v- •

THE

December 8, 18h3._

1882.

1883.

Provisions, dec.

New York..
New Orleans

,

October.

Since Jan. 1.! i

$

$
0-i,S69,239
80,974
1,315,031
13,554,340
7,232.359

5,954,573

8an Francisco

j

14,191
54,934
848,404
547,188
31,909:

Other ports

j

877,53S

7,034,338

!

8,328,797

94,449,710

:

Baltimore
Boston

|

!

Philadelphia

Total

CHRONICLE.

October.

In the individual items of the

months the total is

Since Jan. I

$
3,350,532 54,003,803
8,215
01,803
31,252,
641,051
755,070 12,507,309
137,870
0,273,188
42,010
329,773
331,077
4,101,548

«

357,420

4,662.620

breadstuffs

609

78,038,595

329,742 bales, against 348,532 bales in
1882, and 402,319 bales in the preceding year. But the
net shipments for the season to date are in excess of the
two previous seasons, the totals for the three months
being
261,252 bales in 1883, 244,112 bales in 1882, and 220,910
bales in 1SS1.

The details of the whole amount forwarded

overland up to

Dec. 1, for the three years,

heretofore, a large falling off in wheat and
a very decided gain in corn.
Flour, however, this time
does not follow in the wake of wheat, but shows quite an
increase over a year ago.
It is well to call attention once
again to the fact that an increasing proportion of our
wheat is going out in the form of flour.
Thus, while the
shipments of wheat for the 10 months of 18S3 to October
31 exhibit a decrease of 34 million bushels as compared
with the same period of 1882, the shipments of flour
record an increase of over a million and a half barrels.
Below are the figures in detail.
EXPORTS OF BREADSTUFFS IX OCTOBER AND SINCE JANUARY

18S3.

Barley
Corn
Corn-meal...
Oats
Rye
Wheat

Wheat-flour

..

1883.

.bush.
bush.
.bbls.
.bush.
.bush.
.bush.
bbla.
.

1S82.

43,298

19.803

$
25,398

4,845,371

1,005,775

2,884,921

24,132

75,970

0,587,728

20,443
32,120
135,360
10,013,217

19,444
320,370
0,927,229

771,280

039,843

4,392,189

13,509
700,815
82,107
10,508
112,514
10,008,833
3,702,200

j 14,051,530

15,362,GS2

48.333
477,107

.

321,563
55,049,307
230,103
395,09 s
3,091,733
57,500,689
7,1 80,537

231,403

12,123.751 j
195,580

207,030

107,055

35,454,214

9,119,417

5,528,228.

748,391
140,053
888.131
2,017,823
01,431,292 105,107,132
41,427,486 33,829,802

l

145,082,03 4 150,300,5.81

240,012
1,015,070
91,519,542!

Total

1382.

1831.

September 1, shipped—

From St. Louis

90,935

141,152

123,226

Over Illinois Central

23,301
55,609
30,867
3,SSI

4.S90

3,145
67,008
39,438

Over Cairo A Vincennes

Over the

-

Mississippi River, above St. L.

Over Evansville A Terre Haute *
Over Jeffersonville Mad. A
Over Ohio A

Indianapolis

0,530

Mississippi Branch
Lexington

12,755
27,948
0,082
20,522

Over Louisville Cincinnati A

10,376

18,745
1,263

329,742

318,532

402,319

40,373

91,705

120,985

10,060

1,236

3,865

50

37

4,684
1,821

5,213

10,530

45,313

Shipped to mills, not included above...
overland

2,232
40,130

30,740
1,450

O ver other routes

Total gross

43,131
49,948
1,510
12,619
20,452

38,455
16,877
53,043
4,902
3,421

Receipts at Cincinnati by Ohio River...
Receipts at Cincinnati by Cin. South’rn

21,729
5,399
27,082

Deduct—

Receipts overland at N.Y., Boston,Ac.
Shipments between (or South from)

1882.

1883.

Total
Since Jan. 1.
.bush.
Barley
.bush.
Corn
Corn-meal... .bbls.
Oats..
A .bush.
.bush.
Rye
Wheat
.bush.
Wheat-flour.. bbls.

1.

Since

Value.

Quantity.

follows*

1.

exports, the

features are, as

October.

are as

OVERLAND FROM SEPTEMBER 1 TO DECEMBER

Western interior towns

Shipments inland (not otherwise deduct»
cd) from—
Galveston

......

New Orleans
Mobile

Savannah
Charleston

North Carolina ports

10

204

1,249

223

593

3,492

08,490

104,420

181,409

201,252

244,112

220,910

Virginia ports
Total to be deducted

705,332
1 75,*w7

Lea ving total net
*

overlatfrlf

Tins mouth’s movement estimated.

t This total includes shipments to Canada by rail, which since Sept. 1,
1883, amount to 0,875 bales.

St. Louis shows a considerable falling off from the
provisions figures exhibit a gain in every item for
figures of previous seasons ; in fact, the shipments for the
October, except lard, and in this latter the great difference
three months this year are below those of the same period
between prices this year and last is shown in the fact
for any preceding year in our record.
The movement via
that while the quantity shipped has diminished only about
Cairo, however, makes a directly opposite showing, the
140,000 lbs., values have diminished over half a million
Illinois Central in .particular exhibiting a
very large
dollars. The following is our usual table.
The

EXPORTS-OF

PROVISIONS, AC., IN OCTOBER AND SINCE JANUARY 1.
I

Pounds.

October.

Beef,

1882.

1883.

fresh,

Value.

’

and

salted
Bacon and hams
Lard
Pork
Tallow

Butter
Cheese

$
1,491,231

$
590,596
908,290
1,729,343
370,800

15,859,157
30,895,124
13,71 4,004
8,235,405

0,313,798
7,189,058
13,850,350
3,230,692

0.118,902

2,070,235

2,953,018
7,5oG,S23

62",22 1

1,228,373
558,005
403,709
571,108

5,998,71-8

873.799

690,045

8,328,797

4,002,020

12,487,104
35,872,697
23,547,559
4,925,108
3,7 5 1,154

0,793.973
29.091.009
21,978,524

Total

3. i 38,852

185,180
122,300

Since Jan. 1.
Beef, fresh and
salted
Bacon and hams
Lard
Pork
Tallow
Butter
Cheese

129,251,735

71,343,194
275,857,33 «

333,337,581
223,402,501

185.153,480
51,070,034
34,092,493
0,321,433

50,570,855

40,985,215
13,907,315
99,105,779

95,558,571

Total

3.397,837

10,405,251

94,449,710

over

4,830,154
2,833,005
1,258,922
10,591,108

78,038,595

CONSUMPTION

MOVEMENT

TO

AND

OVERLAND

DECEMBER

1.

Our statements of overland movement,

&c.,

we

spinners’ takings,
able to day to bring down to the first of

are

December.

These statements

cover

the first three months

of the season,

and make a very satisfactory exhibit as
compared with the two previous years, the aggregate
movement of the crop being now in excess of both years.
OVERLAND

MOVEMENT

TO

DECEMBER

1, 1883.

The gross overland during November shows a decrease
from that of the same month in the two previous years,

the

falling of from the figures of 1882 being 31,641 bales,
and from the previous year 15,985 bales; for the three




or

1881.

EXPORTS AND SPINNERS' TAKINGS.

Receipts at the ports, as the weekly statements have
a falling off during the month, but the
season up to date are still in excess of
18S2 and 18S1.
New Orleans is prominent as exhibiting
a
largely increased movement, the total net receipts at that
port being 156,520 bales in excess of a year ago. Foreign
exports fall somewhat behind those of last season, the
shipments to great Britain being still much less than
during same of months last season. Our usual table of
receipts, exports and stocks is given below.
indicated, show
figures for the

Movement from

Sept. 1, 1883 to
Dec. 1, 1883.

licceipts licceipts

EXPORTS SINCE SEPT.

since

since

Sept. 1,

Sept. 1,

Great
Britain*

1, 1883, TO—
Stocks

France.

Conti¬

Total.

Dec. L

1883.

1882.

343,599

348,560

87,283

15,004

51,022

154,209

95,605

indiunolu, &c..

6,857

New Orleans....

605,777

10,074
530,257

170,208

114,970

115,801

401,078

324,094

Mohile

131 645

150 630

7,712

7 712

44,943

Florida

17,502
417,887

5,203

1,500

1,500

3 965

428,010

47,124

6,086

07,237

150,447

105,354

3,980
200,827

35,018

12,008

60.33U

117,353

78,420
1,035

2,710

27,212

17^722

9,613

86,820
2,222

53,627

43,213
mo

189,624
17,644

24,970
2,025

66,033
26,974

193,827
4,905
23,497
10,273

Galveston

COTTON

either 1882

RECEIPTS,

.

1882.

1383.

increase

Savannah

Brunswick, &e.
harleston
Port

6.134

268,805

Royal,&c.

Wilmington
Moreh’d C., &c.
Norfolk
West Point,&c.
New York
Boston

Baltimore....*....

Philadelphia,&c.
Total 1883

’Total 1882
Total 1881..

01,012
7,238
300,508

110,072
10,018
28,568

2,307
5,480

5,167
63,783
4,827
350,634
100,172
22,602

nent.

141

24,502
77,216

2,222
131,335

......

15,076

17 544

4,650
18,141

2,420,284

100

40,063

24,049
668,566

164,243

416,030 1,248,"39

957,493

\2,401,937

800,071j

148,700

412,291 1,381,161

764,838

-2,257,015

638.474!

122,549

270,938 1,040.961

937,006

Great Brita inexports include to the Channel.

610

THE CHRONICLE.

[Vol. XXXVII.

It will be noticed that the movement
Using the facts disclosed by the foregoing statements,
up to December 1
we shall find that the portion of the
crop which has reached shows a decrease in the average weight as compared with
a market
through the outports and overland, and the the same month of last year, the average this
Southern consumption since September 1 this year and the year being 483-01 lbs. per
bale, against 494-93 lbs. per
two previous years, is as follows.
bale in 1882 and 475-50 lbs for - the same time in
1883.

1882.

1881.

1881.

THE

Receipts at the ports to Dec. 1
bales. 2,420,234 2,401,937 2,257,015
Net shipments overland during same time
261,25 2
220,910

j 244,112

GOODS

TRADE

IN

NOVEMBER.

goods trade has remained in general very
quiet during the month at the principal centres, operations
on the
part of jobbers and retailers having been governed
Total to Dec. 1
bales. 2,768,536 2,736,049 2,547,925
The amount of cotton marketed since September 1 in by positive wants.
Stocks of plain and colored cottons
have accumulated during the past
1883, is thus seen to be 32,487 bales over 1882 and 220,61 1
sixty days, and some
bales more than in 1881.
To determine the portion descriptions are now in redundant supply. Low grade wide
which has gone into the hands of Northern
spinners sheetings have been marked down in several instances,,
during the same period, we have prepared the fol¬ and a few brands of brown cottons were closed out at
relatively low prices, but otherwise quotations are nom¬
lowing.
Total receipts sinee Sept. 1, 1883, as above
bales. 2,768,536
inally unchanged. It is however a buyers’ market, with
Btockon baud commencement of year (Sept. 1, 1883)—
a
tendency toward lower prices, which will probably be
At Northern ports
135,180
made
so soon as
At Southern ports
96,926 —232,106
buyers manifest more disposition to take
At Providence, &c., Northern interior markets.
5,011— 237,117 hold than has
lately been the case. There has been &
Total supply to December, 1883
3,005,653 moderate demand for print cloths, but
stocks are accumu¬
Ol this supply there lias been exported
lating, and prices have steadily declined during the month.
to foreign ports since Sept., 1883..1,248,839
Less foreign cotton included
The stock of print cloths in the hands of manufacturers
1,380—3,217,459
Sent to Canada direct from West
6,875
and speculators on Dec. 1 for five
Burnt North and South
years is reported at
12,006
Stock on hand end of month (Dec. 1, 1883)
866,000 pieces in 1883 ; at 802,000 pieces in 1882 ; at
At Northern ports
bales. 232,502
974,000 pieces in 18S1 ; at 857,000 pieces in 1880, and at
At Southern ports
724,996— 957,498
At Providence, &c., Northern interior markets
183,000 pieces in 1879. This is a much less favorable
11,227- -2,235,065
Total takings by spinners since September 1, 1883.
770,538 showing than at the close of October, when the stock was
Taken by Southern spinners
87,000 260,000
pieces less than in 18S2, and 300,000 pieces
Taken by Northern spinners fdnee September 1, 1883.
683,583 below 1881.
The prices for low
middling cotton, print
Taken by Northern spinners same time in 1832
622,998
cloths 64x64, and standard sheetings for each
day of
Increase in takings by Northern spinners this year, .bales.
60,590
November
for
three
years is given below.
The above indicates that Northern spinners had up to
Total receipts
"Southern consumption since

,

COTTON

The cotton

bales. 2,681,536 2,646,049 2,477,925
September 1.
70,000
87,000,
90,000

—

December 1 taken

683,588 bales, an increase over the corres¬
ponding period of 1882 of 60,590 bales and a decrease
from the same period of 1881 of 6,199 bales.
AMOUNT

OF

CROP

NOW

IN

foregoing we have the number of bales which
already been marketed this year and the two previous
An additional fact of interest is the total of the

seasons.

which was in sight on Dec. 1, compared with previous
years.
"We reach that point by adding to the above the
stock remaining at that date at the interior towns, less
stock held by them at the beginning of the season.
In
crop

this

find the result for three years on
follows.

manner

1 to be

as

we

18S3.
Total marketed, as above
Interior stocks in excess of

bales.

bales.

This indicates

that

the

To furnish

December
of bales.
same

time

2,547.925

250,000

310,000

3.093.536

2,986.019

2,857.925

movement

OF

this

date

in 1882

of the

receipts up to
1, we give below our usual table of the weight
We give for comparison the figures for the
in the two previous seasons.
Same
Three months

ending Dee. 1, 1883.

of

Bales.

Same

pcrVd in peri’d in
1882.

Number

1881.

Weight in

.1 verage

A verage

Average

Pounds.

Weight.

Weight.

Weight.

520-92

508-17

Texas

350,456

179,790,937

513-02

Louisiana
Alabama

695,777 !

329,102,521

47300

490 G0

465-00

131,345

494-00

50000

495-00

Georgia*

441,523
27 4,7 SO

473 25

487-87

472-50

475-80

486 66

462-90

476‘76

477-34

475-13

North Carolina.

410,580
69,150

65,032,630
208,950,760
130,740,324
195,748,121
32,929,230

476 20

476-78

467-55

Tennessee, &o..

391,625

194,944,750

•491-00

511-50

475-00

2.768.536

1,337,239,273

483 01

49L93

475*50

South Carolina.

Virginia

Total
*

Including Florida.




1882.

1881.

ColVn Print¬ Sheet¬ CotVn Print- Sheet¬ Coit'n Print Sheet¬
low
in a
ing
ings, low
ings. low
ings,
mid¬ cloths, stand¬ mid¬ cloths, stand
mid¬
stand¬
dling. 61x64 ard. dling. 64x64 ard. dling. 64x64 ard.

clotfs,

1

I0*i6
1 0*16
10*16

2
3
4

..

5

10*8

6
7
8
9
10
11
12

3-62
7*4
3-62
7*4
3-62
7*4
S...
362
7*4
Holi day
3-61
7*4
3-59
7*4
3-59
7*1
3 56
7*4
S...
3-56
7*4
3-56
7*4
3-56
7*1
3-52
7*4
3-52
7*4
3-52
7*4
S...
3-52
7*4
3 50
7*4
3-50
7*4
3-50
7*4
3-50
7*4
3-50
7*4
S...
Holi da v
3-50
7*4
3-50
7*4
iioii dav
3*50
7*4
.

1010
10*8
10i8
1010
.

...

..

101 ifl
10* 16
A 0116

13
14
15
16
17
18
19

20
21
22
23
24.
25
26
27.....
28
29
30

..

10h6
101,6
10*16

..

lOts
10 lx

10is

10*8
10*8
HD g
.

-

....

..

.

-

«...

.

10*16
10*16

..

10*16

1

3-69
8l4
3-69
84
3-69
84
101,6' 3-69
84
S...
3-69
8i-i
lOho
..Holi dav
3" 6 9
10
8*4
10
3-63
84
10
3-63
S4
363
84
8...
9l*i6 3-63
10
3-63
8*4
84
10116 3-63
8*4
10116 3-63
3-63
8*4
IOIjo
84
10*8

Ol0

11*16
H*ie
U316

10116
101,6

Hpu,

11*16

..

sit.

84
8 4

10Js

3-69

8

1

3-69

84

3-69
.Holi

84

10*16
10 is
10 ip

104
10^0

.

10

S...
4
8*4
..Holi day

11*16
1 1*16

4

Ll»ic
Ll516

4

4

1 \ 1*2
III 2

8 4

i

4

-l1 If?
‘I1 is

The
The
4»ie

8*4
8*4
8*4
8*4
8*4
8*4

..

-the
Tl

i

16

•A40
.

:i4
LL4

8%
8*4
8*4

Itoli day
8*4
8*4

.

4l16
411 (5

4

day

S...

..

LP»
114

.

8*4
8\
8*4
8%

4

H716
H71G
H716

84
84
84

.

0116

1131S

U9ig

3-63
3-63
3-63
3*65
3-67
3()9

8%
8%
83*
8*4

..

..

.

10*i6

4
4
4
4
4

.8...
11 ho

Li-*»i,.

4116
4*16
4

..

8*4
8*4
8%

BALES.

exact measure

a more

1881.

2,736,019

up to
of the present year is 107,487 bales
greater than
and 235,611 bales more than in 1881.
WEIGHT

Dec.

325,000

Sept. 1

Total in sijrht

1882.

2.768,536

Nov.

SIGHT.

In the

have

1883.

The above

prices are—For cotton, low middling upland at New York *
printing clotlis, manufacturers’ prices; for sheetings, agents’ prices,
which are subject to an average discount of 5 per cent.
for

UNITED STATES TREASURY STATEMENT.
The

following statement, from the office of the Treasurer,
issued this week.
It is based upon the actual returns
from Assistant Treasurers, depositaries and superintendents in
mints and assay offices :
was

LIABILITIES, NOVEMBER 30, 1883.
Post-office Department account
Disbursing officers balances
Fund for redemption of notes of national banks
“failed,”

“in liquidation,” and “reducing circulation”
Undistributed assets of failed national banks
Five per cent fund for redemption of nat’l bank notes.
Fund for redemption of national bank gold notes.
Currency and minor-coin redemption account
Fractional silver-coin redemption account
Interest account, Pacific Railroads and L.& I\ Canal Co
Treasurer U.S., agent for paying interest on D. C. bonds
Treasurer's transfer checks and drafts outstanding
...

..

$7,667,321 80
28,133,167 10

35,305,653 60
337,211 60
14.031,900 20
230.961 00

6,771 80
73,618 70
570 00

41,304 24

16,819,328 41

i

December

Treasurer's general account—

Silver certificates
Certificates of deposit
Balance, including bullion

fund

$365,461,224 15
694,710 31-364,766,513 84

Total Treasurer’s general account

unavailable funds

Gold coin...
Gold bullion

$149,540,756
66.592,570
117,768,966
26,969,614
4,624.279
27,035,300
13,806,610
39,874,644
7,070,474

Standard silver dollars
Fractional silver coin
Silver bullion
Gold certificates
Silver

certificates

United States notes
National bank notes
National bank gold notes
Fractional currency

56
93
00
40
34
00
00
35
09

-

Deposits held by national bank

Minor coin.
New York and San Francisco
One and two-year notes, &c

5,374 25

13,844,834
65
523,033 02

depositaries

exchange

125 38

100,000 00

Redeemed certificates of deposit. June 8, 1872 ..
Quarterly interest checks and coin coupons paid
United States bonds and interest
Interest on District of Columbia bonds

57,549 97

Pacific Railroad interest paid

!

Character

Author¬

When

of Issue.

izing Act.

Payable.

3s of 1882.. July 12/82 At option,
412s of 1891 ’70 and ’71 Sept. 1,’91
4s of 1907.. ’70 and ’71 July 1,1907

Outstanding.

Amount

jInterst|Periods.

Coupon.

Registered.
299,093,250
192,746,250
585,072,550

Q.-A.
Q.-M
Q.-J.

there is a total of
called for. The total current

DEBT ON WHICH INTEREST HAS

152,556,550

CEASED SINCE MATURITY.

$321,815

$60,150; consols of 1865, $289,500; do 1867, $634,250; do 1868,
$107,900; 10-40s of 1861. $201,750; funded loan of 1881, $353,650;
3’s certs., $5,000; 6s of 1861, continued at 3Lj per cent, $295,700; 6s
of 1863, continued at 3^ per cent, $89,750; 5s of 1871, continued
at 3^2, $3,236,100.
DEBT BEARING NO INTEREST.

outstanding.

by U. S.

$25,885,120

$23,452,555

6,303,000

6,129,333

27,236,512
1,600,000
1,970,560
1,628,320

24,957,850

1,549,808
1,668,248
1,464,297

$4,752,173 $13,052,1093,074,409
3,054,923
15,435,711
9,522,138
162,398
1,380,482
9,367
1,658,881
130,892
1,333,405

$64,623,512

$59,222,093

$17,631,893 $40,935,000

Central Pacific
Kansas Pacific
Union Pacific....
Central Br. U. P..
Western Pacific..
Sioux City & Pac.
..

..

Total

July 17, ’61 ; Feb. 12, ’62
Feb. 25, ’62; July 11, 62 ; Mar. 3,’63

^

or

’82

’62; Mar. 3, ?
’63; June 30. ’64 5
destr’yed, act J’e 21,’79
/,

$58,800
310,681,016
14,465,000
85,932,920

101,782,811

a,. -

<>U7

'8,375,934

payable January 1 and July 1, and mature 30 years

from their date.

MONTHS

AND FOR THE TEN AND TWELVE
ENDED OCTOBER 31, 1888.

[Prepared by the Bureau of Statistics and corrected to Nov. 26, 1883.1
Below is given the fourth monthly statement for the cur¬

fiscal year of the imports and exports of the United States.
excess of the value of exports over imports of merchan¬
dise was as follows:
rent

Month of Oct., 1883
Four mouths ended Oct. 31, 1383
Ten months ended Get. 31, 1883.
Twelve months ended Oct. 31, 13S3.

domestic and foreign

imports and of

twelve months ended October

following tables:

$15,081,596
17,076,410
63,159,429
122,410,944

,...

exports for the month of October, 1883,

and for the ten and

31, 18S3, are presented in the

*

MERCHANDISE.

For the
month of
October.

RECAPITULATION.

In'crest-hearing debt—
Bonds at 442 per cent
Bonds at 4 per cent
Bonds at 3 per cent

576.373,568

691,057,599

imports $15,081,586 $63,159,429
exports
1882.—Exports—Domestic .. .. $70,290,435 $579,789,920
14,256,474
1,257,538
Foreign
$594,046,40u
61,438,782 638,159,4 76
Imports
Excess of exports over imports $10,109,191 $
44.113.076
Excess of imports over exports

$122,410,944

GOLD ANI)

do

Total

Decrease of debt during the past month.
Decrease of debt since June 30. 1883

13,559,406

8.951,801

$29,281,470
$21,077,670

$27,907,395

$35,194,666

Silver

$5,716,979

imports
exports

$3,38 i, 183

1882.—Exports—Dom.—Gold..

$104,116

Silver.:

258,026

Foreign—Gold

500

$

*.

$5,913,196

$37,345,178

$37,544,168

349,901

10,206,165
1,316,919
4,153.768

12,026,735
1,323,132
4,786,632

$712,543
$3,835,410

$53,022,025
$9,013,789

$55,630,7 L 7
$14,801,164

276,343

6,199,853

7,606,499

$4,111,753

$15,213,612
$37,803,383

$22,407,663
$33,273,054

$
3,399,210

TOTAL MERCHANDISE

ANI) COIN AND BULLION.

321,815
For the
month of
October.

1883.—Exjioi ts—Domestic
Foreign

$10,954,589
$1,874,551,574
364,766,513

|$1,509,785,060
1,511,506,737
$1,721,676
$41,306,146

..

Total

Imports
Excess of exports over
Excess of imports over

imports

14,116,996

"l ,0 42,034

Silver..

Excess of exports over imports
Excess of imports over exports

2.485,641
10,454,544

$2,335,79Gj $26,265,36 l

Silver

4,229

Debt, less cash in Treasury, Dec. 1, 1883
Debt, less cash in Treasury, Nov. 1, 1883

$2,731,879'

12,105,624
2,652.078

$16,688,931
1,455,5l9j 11,218, iG 4

Total

$10,628,543

10,975,319

$2,556,455

$4,261,430

Imports—Gold

$555,910,850

Total debt, principal and interest, to date
Total cash in Treasury

Silver..!

Total

do

752,154,852

$

$131,530
1.00Q
1.155,004

Total

Excess of exports over
Excess of imports over

18,170,389

$741,179,533

1,018,262
'

Total

14,000,0u0

$1,863,596,985

Silver..

Foreign— Gold j
do

$723,009,144

SILVER—COIN AND BULLION.

1883.—Exports—Dom.—Gold.. 1

Interest.

318,ioO

Total interest-bearing debt
$1,301,040,800
Debt on which hit.has ceas'd since mat'rity
6,645,3 ab
Debt bearing no interest—
346.739,816
Old demand and legal-tender notes
Certificates of deposit
14,405,000
Gold and silver certificates
187,715,731
Fractional currency
6,990,303
Total debt bearing no interest...
Unclaimed Pacific Railroad interest

57,508.1 83

Imports
Excess of exports over
Excess of imports over

do

$250,000,000
737,629,100
299,093,250

Refunding certificates
Navy pension fund

$72,589,769 $639,532,997 $813,468,543

Total

Amount

Outstanding.

18,977,001

15,163,438

1,101,483

Foreign

Imports—Gold

4,229

For the 12
For the 10
m'nths ended m'nths ended
Oct. 31.
Oct. 31.

$71,488,286 $624,369,559 $791,490 942

1883.—Exports—Domestic

6,990,303

$555,910,350

Aggregate of debt bearing no interest

Unclaimed Pacific Railroad interest




by U. S.

The Pacific Railroad bonds are all issued under the acts of July 1,.
1862, and July 2, 1864; they are registered bouds in the denomination*
of $1,000, $5,000 and $10,000; bear 6 per cent interest in currency,

Amount.

Authorizing Act.

Certificates of deposit June 8, ’72
March 3, ’63; July 12,
Gold certificates
Silver certificates....' February 28, ’78

Less amt. est’d lost

Balance of
interest paid

Issue.

$1,973,659 interest
accrued interest to

There is a total of over-due debt yet outstanding, which has never
been presented for payment, of $6,6 45,335 principal and
interest. Of called bonds embraced in this total ihe principal is
as
follows: 5-20s of 1862, $357,950; do 1864, $50,100; do 1865,

Fractional currency

Interest

repaid by
transportat'n

$1,301,040,800

issues

•Inly l

paid

Amount

14,OC 0,000

Aggregate of intorest-bearimr debt

Old demand notes

Interest

STATES.

Character of

The total values of
57,253,750

$1,076,912,050 $209,810,300
$31 8,450

4s, ref. ctfs. Feb. 26,’79
3s,navyp.fd July 23,’68

Character of Issue.

PACIFIC RAILWAY COMPANIES.

The

INTEREST-BEARING DEBT

Legal-tender notes

$364,766,513

INTEREST PAYABLE BY THE UNITED

STATEMENT FOR NOV., 1883.

The following is the official statement of the public debt as it
appears from the books and Treasurer’s returns at the close of
business on the last day of November, 1S83:

the foregoing
over-due and not yet
d-ite is $8,654,883.

of deposit.

IMPORTS AND EXPORTS FOR OCTOBER, 1883,
$467,814,830 29

On

321,815

187,715,731
14,465,000
153,644,971

197 30

Speaker’s certificates

THE DEBT

6,645,335

$364,766,513

BONDS ISSUED TO THE

30, 1S83.

-

Interest.

$1,973,659

Total
Available AssetsCash in the Treasury.

$467,814,830 29
A8SETS, NOVEMBER

611

Current Liabilities—
Interest due and unpaid
Debt on which interest has ceased
Interest thereon
Gold and silver certificates
U. S. notes held for redemption of certificates
Cash balance available December 1, 1883

$1,973.659 72
330,979 90
5,861.935 63
774,185 72
85,932,920 00
101,782,811 00
14,46o,000 00
151,339,682 18

Interest d5e and unpaid
Matured bonds and interest
Called bonds and interest
Old debt
Gold certificates.,

Less

CHRONICLE

THE

8, 1883.]

For

the

10\For the 12

m'nths ended\m'nths ended
Oct. 31.
Oct. 31.

$72,668,978 $039,031,638 $810,332,227

31,917,786
26,766.720
2,257,487
$74,92p,565 $665,79*,358 $812,750,013
63,225,162 604,280,963 726,252,265
11,700,408

$61,517,395 $116,197,748

exports

1882.- Exports—Domestic

Foreign

..

Total

Imports
Excess of exports over imports
Excess of imports over exports

$70,652,577 $627,341,264 $772,580,047
19,727,161

1,607,939

24,280,203

$72,2c0,516 $647,068,425 $790,860,250
65,550,535 653,373,118 774,562,515
$6,709,981

$22,297,735"

$
6,30 4,693

612

THE CHRON rCLE

The following is a statement
showing, by
customs
districts, the values of merchandise imported principal
into, and exported
from, the United States during the month of October, 1883,
and the values of imported merchandise
remaining in the ware¬

mind that the supply is not
excessive, and that any revival of
the American demand wTould effect a
speedy change. The
stock held by the Bank of
England on

houses of the United States October 31, 1883:
Customs Districts.

Imports.
$

Baltimore, Mil

782,102

Bangor, Me

A «

Bath, Me

Exports.

111

$

Boston &Cliarlest’n. Mass.
Brazos lie Santiago, Tex...
Brunswick, Ga
Buffalo Creek, N. Y

58,625

59

5,424,36 l
10,332

5,110,627

163,777

N. Y

50,907
361,477
25,382
162.849

S. C

Chicago, Ill
Corpus Christi, Texas

Cuyahoga, Ohio
Delaware, Del
Detroit, Mich
Duluth, Minn
Galveston, Texas
Genessee, N. Y

Gloucester, Mass
Huron, Mich
Key West, Florida
Miami, Ohio
Minnesota, Minn
Mobile, Ala
Now Haven, Conn

Oregon. Oregon
Osw'egatchie, N.

769

4,051
825

358,001

9,036

124.192

269

165,153

253,994
4,201,566

112,430

109,71 l

21,308
243,150

1,480,400

36,951

20,360

3 I

181,192

207,128
17,717
52,528

311,579

Oswego, N. Y
Paso del Norte, Tex.A- N.M.i
Passamaquoddy, Me
j
!

228

j

2,195,382

Portland & Falmouth, Me.
66,277
II
717
|
Puget Sound. Wash
6,36 1
Richmond, Va
Go,7 10
Salem and Beverly, Mass..
13,177
Saluria, Texas
2,6 18
Sandusky, O
7, L8 '•
San Francisco, Cal
2,965,807
Savannah, Ga
91,506
Vermont, Vt
716,8 17

Portsmouth, N.

Willamette, Oregon
Wilmington, N. C

5,482

17,698

121,411
855

59,017

2

11,681

Interior p <rts
All other customs districts
Totals

L7G9i

foreign competition is keen.

35,409
309,825

5,939

someness

627

125,659
7,662
1,127,880
219,178
50,965
85,771

65,613
38,056

403

4,073,873
3,566,8!) i

49,632

work has been

1,473,256

not

in.506
46.79 1
50 17!
2 76

78,673
725,5! 5
357,800
17 1,69 1

57,503,183 71,1.39,230

20,73.7,79 1

155,239

AT LATEST DATES.
EXCHANGE AT LONDON- Not'. 23.
On—

Time.

Amsterdam
Amsterdam

.

.

j j EXCHANGE ON LONDON.
j i Latest

Rate.

1

3 mas.

L2 4

h 12-48,

;Xov.

12-ll-j
20-53

tl 1 2"2 :2

! Nov.

20"54
20 5 l

ii 2 O' .5

Berlin

4

4

Frankfort...
Vienna

4

4

a/20-57
s

Nov.
Nov.
Nov.
Nov.
Nov.

20"58
12-16It w 12-21 >4
44
25" 131*4 «/25*4 8:4
Antwerp
Paris
Cheeks <4 5 ■ 18 ;<4 a> 2 5 • 2 3 :U
Paris
3 nios. 25-37
/7)25’4 21*> iNoV.
St. Petersb’g
Nov.
22in1(;©2--l5M.
44
Genoa
25-45 "0)25 50
Nov.
44
Madrid
16
Nov.
®4651(i
44
Cadiz
(Nov.
46'*j ^d)4(j5j
44
Lisbon
52
d'O 2llb
iNov.
Alexandria..
Nov.
Constant’ple
iNov.
New York...
iNov.
Bombay
od <i’vs
Is. 73sl.
j Nov*..
44
Calcutta
Is. 7:*eilNov.
Hong Koug..
INov.
•

uj

4

.

....

....

....

..

•

Sbaugh&i....

•

•

•

......

Time.

Date.

Short.

Hamburg...

-

22

Short.
....

23
23
23
23

Slioi t.
••

44

3

23
23

Short.
3

[From

our own

...

20-30

20-53*2
20-31
12 01
....

•

25-19*3
25 *2
47-20

44

44

23
44
21
21 Sight.
23 tel.trsf.

23 tel.trsf
23 tel.trsf.
2 1

12-OS

nios.

23/

23

4 11103.

[INov. 21.

....

mo*.

23 Short.
23 Cheeks
23 3 nios.

Kate.

“

5 2l51#j
96 *8
109 75
4*8-> *4
Is. Tbp-.d
Is. 7v*1,;d
3s. 87s I.
5s. 1*2(1

some

davs in the market.

Germany has also been

purchasing a moderate supply, but the German money markets
are
decidedly easier, the quotation for bills being only 3}& to
3per cent. The.fact remains, however, that the Continental,
and especially the German,
money markets, though cheap, are
much dearer than our own, there
being a difference of l}£ per
cent as regards
Germany and % as regards France.
.

Gold may still, therefore, be taken off the London
market;
but it is a matter which does not attract a
great deal of atten¬
tion, as our stock is ample. It must, nevertheless, be borne ili




manner

those influences are
that business will proceed in

for

some

time to

come.

Bank return is,
favorable, the chief feature
increase of £1,104,099 in the

being an
Treasury balance, which is now
£9,734,321, against £3,003,070 last year,
being an increase of
£2,000,000. There is a falling off of £372^965 in the note
circu¬
lation, and

a small
diminution in the supply of
result of which movement has been
that the total
been augmented to the extent of

£351,976.

The

bullion, the
has

reserve

reserve

is

now

£10,72 >,1S9, against £10,520,694 last
year, and its proportion to
the liabilities of the

being the
in 1880.

establishment amount's to 42 70 per cent,
week, and comparing with 40 63 per cent

«ame as last

There is

small increase in

a

the total under that head is

not

more

“ other

than

about

securities,” but

£19,733,779, being

£3,000,000 less than last year.
market., as already indicated, has been very
easy
during the week, and the Directors of the discount houses have
been considering the
expediency of lowering their rates of
interest for deposits.
After some delay, they agreed
yesterday
to a reduction of
per cent, and now allow 1 % and 1% for
money at call and notice, respectively. The
quotation for short
loans is still-only 1 to 1
jg per cent, while discount, accommoda¬
The money

tion is procurable at 2
per cent.

England have

made

no

which

The Directors of die Bank of

change' in their published minimum,

remains, therefore, at 3 per cent.
following are the quotations for money and the interest
allowed by the discount houses
to-day and same day of the
previous live weeks :
The

correspondent.!

London, Saturday, Nov. 24, 1883.
There has been a fair demand for
gold for export to the Con¬
tinent during the past week, but it now se ems to be
probable
that the principal requirements have been
met, and that the
gold market will again cease to attract much attention. Spain
purchased at-the Bank on Thursday as much as £183-000 in bar
gold, which completed, it is understood, an order which has
been for

seems

The

f£Xo uetaviif (£c niniccc ial E. ug l i ah iVeui s
BATES OF EXCHANGE AT LONDON AND ON
LONDON

decidedly favorable; but

perceptibly felt, and it

the present monotonous

*

87.5H4
111 ,301

also disturb¬

interpretation.

222,137

119,538
71,0.6 1

of the

are

any improvement.
The
of anxiety, and the weari.

negotiations receives from many an unfavorable
The crushing defeat of Hicks Pasha in the Sou¬
dan may be also fraught with
important results, as it has made
the Gladstone Government less
popular iu that very consider¬
able section of the
country, including many Liberals, which
looked upon the withdrawal of British
troops from Egypt with
much apprehension, and
as, at least, vary premature. We have
certainly cheap money, and the autumn season for
agricultural

808

222,321

Political affairs

ing business, and are preventing
Franco-Chinese dispute is a source

660,186 16,271,674

29,950

disappointing, but there

however, especially in the cotton trade, are
becoming in¬
creasingly anxious for shorter hours and diminished production,
as the accumulation of
goods has become quite unwieldy, and

4,747

3,612

52,955
13 1,956
2,75 1,255
04,357

money market

be assured. ' '

urers,

57,002

4 90 9 t *

York town, Va

...

50,712

425,382
391,475

to

is reason for believing that
departments throughout the country a better con¬
dition of things exists. The dealers in
clothing and in produce
have of late been able to make more
satisfactory purchases, and
as, in the agricultural districts, there is a little
more
prosperity,
the disposal of goods has been an
easier process.
Manufact¬

3,631
9,202
61,471
...»

4,991
7.641.298

seems

in the retail

2,539

10,024,951 28,933,977
233,343
3,715
41,101
1,031,320
1,91 t
270,585
1,2.51.055
69,873
91,250

Trade is

318,525

3,311

46,209
503,742

was no

in the future

11,129

2,832,114

London,

Continental demand for gold. Still the
impres¬
sion-is that not much gold will be absorbed
by Continental
buyers, and if this should be the case, an easy

6,978

179.889

118,302

587,831

Y

Pensacola, Fla
Philadelphia, Fa

58,943
20,504

31.447

193.711
1,584

New Orleans, La
New York, N. Y
Niagara, N. Y
Norfolk and Portsm’th.Va

92,434

but there

5,703,732

1 05.869

Champlain, N. Y
Charleston,

88,875
4,732

I

Cape Vincent,

Bank rate was 5 per
cent,
and the open market rate 3% to 3%
per cent.
The German
rates were also one per cent above those
current in

102,766

327

This increase is not

of 2 per cent, while in 1882 the

137,066

F\10

was

being an increase of
very considerable, more

year,

especially when it is taken into consideration that the rate of
discount here is only 3 per cent, with an
open market quota¬
tion

$
66

1.51)7

Beaufort, S. C

about £1,600,000.

’83,.

$
3,792.240

Wednesday night

£22,062,197, against £20,436,269 last

Rcmaiu'ng
Foreign in
wareh'se
Exports. Oct. 31,

Domestic

Voi.. XXXVII.

'

Interest Allowed

Open Market Rates.
Bank
London

Bills.

for

Trade Bills.

Joint

Ih ree
Fo u v
Six
Three
Four
Six
Months Months Months Months
Montlu Months

19

Oct.
*

“

2(5

Nov.
“

“

“

-

■i'4®

—

9

H5
23

—

—

214% — 2*433
2l4/i> — 2%k2% 214^ — 2W5)3
2 (a2'% 2'4%2%
2>4'@
2
(% — 2!4@ —
-,2X4%3
-

The Bank of
receive

M

2 :•«.]»

2

,

Disc't IFses

Stuck
Banks.

At

7 to 14

Call.

Days.

2 %uu3

@3^

Eh 2

2^®3
2V6<fo3

@3>4

13* 3 -2

@3U

1/4.2

-3

@3 Vo

nfja

-2

2.V33
214%3

England, on b-dialf
£1,731,000 in bills

tenders for

Deposits hy

Oi3W

&3}4

-2

13*12 -2

IKAH-Wl

of

the

Government, will

of

the

usual amount

on

>nday, Dec. 3.
Annexed is

a

statement

showing the present
England, the Bank rate of discount,
consols, the average qu itatioa for English wheat,
middling upland cotton, of No. 49 mule twist,

the Bank of

position of
the price of
the price

of

fair second

THE

8, 1883.]

December

CHRONICLE.

House return, compared

quality, and the Bankers’ Clearing
with the three previous years:
1882.

1883.
£

26,130,020

25,551,275

3,603,070
10,38 1,057
22,038.546

4,304,692
22,289,797
13,241,614
20,350,382

12,720,189

10.520,694

10,809,471

27,932,2)2
15,813,883

22,662,197

20,436,269

20,610.746

26,949,903

25,092,010
5,734,321
23,867,423
14,089.292

Other securities
Res’ve of notes Acorn

19.733,779

and bullion

1SS0.
£

£

25,665.575

Circulation
Public deposits
Other deposits
Governm’t securities
Coin

1881.

£

*22,058.778

5.479.20 3

25,219,515
14,865,000

in

both departments..

Proport’n of reserve

40*03
5 p. o.

42*70
3 p. c.

to liabilities.

Bank rate

613

its higher temperature, shows how far superior the weather of the
present season has been to that of two years ago. Bright sunshine has
not been very abundant, except in the east of Scotland.
There has also
been an entire absence of the tierce gales which so often characterize
the weather of October, and the season lias been far from unfavorable
for agricultural work. Comparing the month with the average of a

large number of years, we may say, roughly, that the weather this sea¬
son has been certainly more than
usually quiet, mild and favorable.
The autumn wheat has been sown under conditions very favorable for
its growth—infinitely more so than those which prevailed at this time
last year—and some of it is reported to be already up. The tone of re¬
marks in the papers devoted to agriculture is cheerful.
RAINFALL AND BRIGHT SUNSHINE.

51

40*50
5 p. c.

2% p. c.
li 0:h

Rainfall.

10IV
100i8
Consols
40s. 3d.
40s. Sd.
45s. 4d.
44s. Id.
Eng. wheat, av. price
5
6^ fid.
0 Vi.
6VL
Mid. Upland cotton..
VI.
lOd.
10 vi.
-9 Vi.
103a t.
No. 40 Mule twist...
Clear’g-house return. 99,203,000 1 11,530,000 14,724,000 94,073,000

Sunshine.

1

Percentage of Pos~

1

1881.

IS Co

18 82.

si hie Duration.
■

•

& Abell remark

Districts,

Pixley

Gold.—Renewed orders for gold have caused fresh withdrawals from
the Bank, the amounts received from abroad not being nearly sufficient
to supply tbe demand.
Bars aud coin to the value of £270.000
been taken out. and sovereigns to the amount of £58,000 have
sent in.
We have had since our last £20,100 from the Cape, and

have
been

£08,The P. A O. steamers have taken
£25,000 to Bombay, and the “ Don ” £3,730 to the West Indies. The
Imports of gold into New York from Europe, from Nov. 3 to 7, amounted
to nearly £300,000.
Silver—There has been further depression in this market; the ex¬
changes from the East have again declined, and Council drafts and
telegraphic transfers have gone lower; prices of bars, which we last
quoted at 50%d. per oz; standard, are to-day 50^i«d., at which rate the
silver by the “ Hogarth ” lias been placed. We have received since our
last, £22,000 from Chili, £36,550 from New York, and £20,490 from
Buenos Ayres, per “Hogarth;” total, £83,0-10. The P. & O. steamer
has taken £20.000 to Bombay.
total, £07.410.

Mexican Dollars—Have also declined, ami 495i<d. per oz. is the
of the day. The onljr arrival to report is £13,720 from New York.
P. & O. steamer lias taken £177,250 to China and the Straits.

price
The

The quotations for bullion are reported as below :
Price

'

of Cold.

Price of Sil ver.

Nov. 22.

Nov

.5,

Bar gold, tine—oz.
Bar

s.

d.

s.

77

9h

77

d.

9)4

gold, contain’g

20 dwts. silver..oz.

77 11

77

79

79

11

i

No v. 22.

|

d.

Nov. 15.

1

.

j

Bar silver, flne..oz.

1

Bar silver, contain-

j
1

Cake silver

ing 5

grs.

Principal wheatproducing—
Scotland, E

gold.oz.

d.

Daofys with'Ran* TFoatall tPherieod

No.

Midland Cos...

England, S
Grazing. Ac.—
Scotland, W.
England, N. W.
....

V

(§|

v:
•—

o*r»

4*

in

1

18
18
20
15
11

England, N. E.
England, E

1

Jlncli.

Inch.

2*7
2*8
3*0
2*6

I

2*4

j

20

2*3

19

3*9
5*1
50
6*2

20
23
21

'FToatall Ptherieod

18 1. 18 2. 18 3.

in

1

Inch.
15
15
18

18
14

2*0
2*2
2*2
2*6
2*5

25
30
33
33
35

24
20
23
20
23

43
33
31
29
23

4*9
4*4
3*7
4*4
3*4

27
33
38
29
28

21
19
28
34
35

32
25

an

inch

I

11
12
13

.

England, S. W.
Ireland, N
Ireland, S.

2*7
2*9
2*9
3*4
4*4

16
15

....

“day with rain” is

IS
17

j
|

4*4
3*2
6*4
2*5
4*3

21
17
17

!
1

one on

21
17

IS

I

21

19

which l-lO'Oth of

or more

30
26
30

has

fallen.

The London and Californian Bauk,limited,hasbeen the victim
of a fraud on the part of its Secretary, who has robbed the
concern

-

-

j

A

t

*~:-2

:

:

310 from Australia;

[

,

In reference to the state of the bullion market Messrs.

1

.

*4

of about

£50,000.

commit the crime
lation.

arose

It is believed that the temptation to

out of losses in Stock

Exchange

specu¬

A warrant has,

30 9-16

ro0)i

of course, been issued for his appre¬
hension, but he has evaded justice up to the present.
An

50 15-16

51)4
54%

accountant in the

city tolerably well known has also been
8. Am.doubloons. oz. 79 8A
missing for several days past.
74
Mexican dols...oz. 49 5-10
49 9-16
U. S. gold coin...pz. 76
76
Chilian dollars..oz.
3A
The weather continues very mild and the wheat trade is in
Ger. gold coin.
a very
sluggish condition. Supplies are ample, and millers are
The Bank rate of discount and open market rates at the still buying to supply only immediate wants.
It is understood
chief Continental cities now and for the previous three weeks that they hold fair, if not considerable, supplies, and are quite
have been as follows;
■unwilling to depart from the cautions policy they have so long
adopted. The (dosing weeks of the year are usually t3ine
Nov. 22.
Nov. 15.
No
Nov. 8.
1.
Rates of
ones, especially in times like the present, and many consider it
1
Interest at
Rank j Open
Bank
Rank | Open
Rank ! Open
to be undesirable to have heavy payments to meet at Christmas
Opm
Rate. Market
Rate,
ifarkrt
Rate.
Rate. Market
j Market
or at the commencement of a new
{
year.
Paris
3
3
3
V
i
|
2?4
The following is an estimate of the quantities of wheat, hour
Berlin
4
4
4
4
3}<y
3'4
! m
and Indian corn alloat to the United Kingdom, Baltic supplies
Frankfort
-V
3)4
‘Nh
Span, doubloons.oz.

VA

9hi
8M j
3)4 ;

54 >1

oz.

.

.

•J

;

!

—

-

i

.

Hamburg

1

-

Ams! erdam

|

3A

Brussels

!

a*
-S'i
V

3!4

3’

;;if>

V

3A

i

3 us.

Madrid

5

5

5

5

5

Vienna

4

r

4

4

4

•1

St. Petersburg..

6

!

0

6

6

6

'

i

3%

;

31

j

3:V
3>4
3’l

—

3A
>

;

*?;'

S';

!

5

5

i

4

4

!

4

!

6

6

1

G

i

5

not included

:

At

Wheat
Flour
Indian

Last week,.

Last

qrs.1,725,000

1.748,000

1,87.7,000

2,444,000

172.000
165,000

147.000
156,000

186.000
73,000

111,000
164,000

corn

present.

near.

1881.

The

following return shows the extent of the imports of
produce
into the United Kingdom during the first twelve
Lloyd’s Banking Company,
weeks of the season, the sales of home-grown produce and the
limited, to an
Longton Corporation stock at
the minimum price of £1)8 per cent, bearing interest at 3% per average price, the visible supply of wheat in the United States,
and supplies of wheat and Hour estimated to be afloat to the
cent per annum.
The applications for the Ceylon Government four per cent United Kingdom, compared with the three previous years :
IMPORTS.
loan for £401,000 were numerous, and amounted to £1,260,(500
1383.
1882.
1881.
1880.
at rates varying from £98 10s., the minimum, to £101 7s. Those
Wheat
owt. 16,923,036 18.902.272 15,762,108
16.179.948
cereal

Subscriptions

are invited by
issue of £100,000

’

above £99 13s.

will

receive in

full,

and those at that rate

about 80 per cent.

Barley

5.893.333
3,155,073
297,887
635,si 1
7,157,708
3,513,470

Oats

3,751,836
2,202,-152

3.610,798

2,857,922

3,963,923
3.166,348

The average price was £99 15s. 4d. percent. Peas
547.258
767,400
271,981
452.873
448,017
295,189
The receipts into the exchequer, from Ajdii! 1 to November Beans
Indian corn
2,940.630
7,319,887
9,872,878
17, amounted to £50,443,092, against £49,845,137 last year ; Flour
2.699.261
3,325,987
2,880,778
and the expenditure was £.52,007,225, against £54,715,240.
IONS U MPT ION-—TWELVE WEEKS.
The number of failures in England and Wales last week was
1883.
1882.
1880.
1881.
191, against 206 last year, showing a decrease of 15, making a Imports of wheat.cwt. 16.923,036 18,902.2 72 15,762.4 06 16.179.948
2,699,28 4
2,880,778
Imports of flour
3,513,476
3,325,987
Sales of home-grown
net decrease for the year of 587, compared with 1882.
9,875,210
8,865,000
produce
11,011.500 10,187,270
The manufacture of cheese in Cheshire has again become an
important industry, and Chester fair is now largely attended.
Total
31,481,012 32,415,529 23,336,932 27,925,726
Av’ge price of English
At the monthly market held on Wednesday, about 90 tons of
4Is. 4d.
48s. 7d. *
42s. Od.
wheat for season, qrs. 10s. lid.
excellent produce were offered for sale. Owing to the mildness Visible simply of wheat
in tbe IT. 8
bush .31,105,000
19,200,000 21,100,000 23,200,000
of the season, farmers have been able to make larger quantitiesSupply of wheat and
flour afloat to U. K.
In India there are serious complaints regarding the food
2,483,000
2.221,000
qrs
1,895,000
crops, owing to the protracted drought,
The yield of rice will
The extent of the sales of: home-grown wheat, barley and
be much below the average, and it is quite probable, therefore,
oats in the principal markets of England and Wales during
that a considerable quantity of wheat, which might have been
the first twelve weeks of the season, together with the average
exported, will have to be detained for home consumption.
...

.

In Great Britain the state of the weather for October is offi¬

prices realized, is shown in the following statement:
SALES.

cially referred to in the following

manner.
In rainfall, tliis season compares most favorably with that of 1882 in
all districts, and has been better than that of J881 over the principal
whoat-produciug districts ; which, when considered in connection with




Barley

1© 83.
779.622
91 4,550

Gats

134,427

Wheat

qrs.

1832.

537,727
62*2,892
57,772

1881.
570,881
433,306
69,9.0

1830.

511,463

547,836
43,143

THE CHRONICLE.

611

(per qr.).

AVERAGE PRICES FOR THE season

d.
8.
40 11
33 7
20 2

Wheat....

Parley....
Oats

41
35
20

4
0
9

d.
42 0
34 7
21
1
8.

34 10
21 2

cwt.11,044,500

Wheat

1880.

1882.

1881.

10.187,270

9,875,240

8,865,000

following were the quantities of cotton manufactured
piece goods “exported in October, compared with the corre
sponding month in the two preceding years:
The

Exported to—
Germany
Holland
France

1882.
Yards.

2.402.900
4,044,600

2.590.300
1,907,000
4.608.100
3.697.800
6,757,200

Italy

4,789,000
7.135.200
9.265.300

Austrian Territories
Greece

1,056,700
8.441.500

Portugal, Azores & Madeira.

West Coast of Africa (For.)..

United States

Foreign West Indies
Mexico

Chili
Peru
China and Hong Kong

Japan
Dutch Possessions in Lidia..

12,876.200

7,055,000

3.470.800
36,741,700
7.209.200
5.237.500

1.915.900

1,175,000

22,442,300
2.961.600
,7,025,700
3.132.300
1.978.100
'2,528,200

24.865.500

Philippine Islands

9.289.800

Gibraltar

2.255.400
3,059,800
2.708.200

Malta

West Coast of Africa (Brit.).
British North America
British West India Islands
Guiana
British Possessions in South
Africa
British India-

Cheese. Am. choice

1.932.700
2,098.400

1.783.900

1.403.100

3,891,100
1.319.700

3.792.900

4.592.800

5,464,000

1.412.700

1.762.400

57,972,000
4,531,600

60,481,400
7,670,400
85.862,700
8.804.900

5,388,700

1 .<140,000
7.457.300

21.438.500

20,067,900

24,762,000

297,477,600

256,150,000

279,147,900

121,236,200

116,991,200

113,977,800

3.180,800

3,076,400

464,000

421,894,600

376,217,600

393,589,700

8.617.200

1.599.800

Ceylon
Australasia
Other countries
Total unbleached or bleached
Total printed,dyed,or colored
Total mixed materials, cotton

predominating
Grand total

Other manufactures of cotton show

as

fellows.

1881.

1882.

1883.

189,169
80,822

185,155

172,933

lbs.
Other m’fs, unenuiaerat’d.£

1,455.725,
95,786

Tot. value of cotton m’fs..£

5,705,818

100,169

87,171

1,221,500
88,069
5,309,975

1,415,300
101,329

5,268,905

During the past month the number of emigrants who left
than in the corresponding month of
increase both to the United States and
Australasia, but a falling off to British North America and
other countries. The following figures are official:
United States.
1883.
1882.

English.

9,150

Scotch...
Irish

998

3,931

Tot. Brit.

14,079

Foreign’s

3,495

Others*..
Total..

....

17,574

English. 85,658
..

14,191
79,837

Total, including
other
1883.

jdaccs.
1882.

•8,000
1,017
3,371

1,831

1,963

5,096

2,760

17,629

166
238

192
384

862
883

355
516

2,183

14.613
1,794

5,117

4,371

12,333
5,155

2,235

2,539

6,841

3,631

464

489

124

123

24,929
4,350

20,778
6.032

....

....

....

461

736

29,740

27,'90

279

17,822
TEN

Scotch
Irish....

Brit. No.Amer. Australasia.
1883. 188 2.
1883.. 1832,

....

2,699

3,028

6,965

3,754

MONTHS ENDED OCTOHEK

31.

85,389 27,069 26,775 41,870 19,131 16 4,342 145,219
17,403 3.868 4,629 9,470 4,742 28,324 28,739
65,190 12,060 7,822 8,703 5,635 101,023 79,591

Tot. Brit. 179,686 167,982 42,997 39,226 00,0 48 29,503 293,689 253,549

Foreign’s 56,543 107,847
Others’"..

584

9,291 12,805

1,206

927

1,002
4

69,020 121,139
3,180
3,33 4

Total....236,818 276,756 52,288 5’2,03L 61,254 30,514 365,889 3S1,022
*

Nationality not distinguished.

The daily closing quotations for securities, &c., at London
and for breadstuffs and provisions at Liverpool, are reported
as

follows for the week ending December 7:

London.

Silver, per oz

d.

Sat.

Mon.

309ia

505s

Consols for money
102
Consols for account
10218
Fr’ch rentes (in Paris) fr. 7745

U. 8. 44s of 1891
<1. S. 4s of 1907

1174
1263s
Canadian Pacific
603*
Chic. Mil. &St. Paul.... 101 34
31 *8
Erie, common stock
niinois Central
1384
N. Y. Ontario & West’n. 21*8

Pennsylvania
Philadelphia & Reading.

New York Central




61
27 4
122

1024s

i023jo
77-4212
1174
1264
604
10234
324
1383*
22

613q
27 7s
122.1s

j

Wed.

8
8
9

'8
9
8
5
64
39
74
43
62

d.

8.

0
7
4
6
8
8
2
8
7
0
0,
0
0
0

12
8
8
8
9
8
9
8
5
63
39
74
42
62

d.
0
7
4
6
8
8

d.
0
7

8.

12
8
8
8
9
S
2
9
8
8
6*2 5
0
63
0
39
0
74
9
43
6
62

d
0
7
4
5
8
8
2
8

8.

12

d.

8.

12
8*
8
8
9
8
9
8
64 5
0
63
0
38
0
74
It
6
6
62

8

4
5
8
8
2
8

8
8
9
8
9
8
64 5
0
63
0
39
0
74
0
43
6
62

Fri.
8,

0

12
7
8
4
8
5
8
8
9
8
8
2
9
8
8
6*2 5
0
63
6
38
0
74
0
44
6
62

d.
0
7
4
4
8
8
2
8

7*2
0
6
0
ft
6

the

Week.—The imports of last

week, compared with those of the preceding week, show an in¬
in both dry goods and general merchandise. The

crease

total

imports were $10,303,529, against $6,470,381, the pre¬
ceding week and $10,181,750, two weeks previous. The exports
for the week ended Dec. 4 amounted to $5,162,712, against
$7,327,303 last week and $6,639,636 two weeks previous. The
following are the imports at New York for the week ending
(for dry goods) Nov. 29 and for the week ending (for general
merchandise) Nov. 30; also totals since the beginning of first
week

January:

m

FOREIGN IMPORTS AT NEW YORK.

For Week.

Dry goods

1880.

......

fen’l mer’dise..
Total
Since Jan. 1.

1881.

1882.

$538,457

$1,101,646

4,322,403

6,177,848

$4,860,860

$7,279,494

1883.

.

$1,418,916

'

7,446,156

$1,786,210
8,517,319

$8,865,072

$10,303,529

$113,508,331 $10 i,194,G95 $123,075,789 $114,451,314

Dry goods

329,63 4,899

302,217,588

338,530,057

310,529,526

$443,143,280 $406,411,683 $461,605,846 $424,983,840

In

our report of the dry goods trade will be found the
imports
dry goods, for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 4, and from January 1 to date :

of

t

EXPORTS FROM NEW YORK FOR THE

1880.
For the week...
Prev. reported..

Total 48 weeks

1881.

WEEK.

1882.

$7,878,042

$7,109,090

376,373,197

343,853,2*7

1883.

$6,287,181
311,306,284

$5,162,712
322,263,128

$384,251,239 $350,953,337 $318,093,465 $327,425,840

The

following table shows the exports and imports of specie
port of New York for the week ending Dec. 1, and since
Jan. 1, 1883, and for the corresponding periods in 1882 and 1881:
at the

EXPORTS AND IMPORTS OP

SPECIE xf NEW

Exports.
Week.

$

Great Britain
France

YORK.

Imports.

Gold.
Since Jan. 1.

$16,300

Week.

Since Jan. 1.

$
,

West Indies
Mexico
South America
All other countries

Total 1883
Total 1883
Total 1831
Silver.
Great Britain
France
German t
West In ties
Mexico.
South America
All other countries

Total 1883
Total 1882...
Total 1881

20,555

122,964

10.000

297,003

6,100

59,000

336,835

$69,000
4,000

$670,693

33,836,954
440,066

$269,500 $13,406,061

$4,547,162
1,592,829
3,519,511
4,043,768
84,388
215,951
122,383

$129,124 $14,125,992
286,064
3,413,761
428,317 51,348,611

$

$

498,276
5,400

1,666

46,652

101,160
80,482

13,773
18,574

800
750

248,372
983,499
4,265,605
150,586
15,704

$269,500 $13,988,736

$183,192

$5,665,432

......

129,168
44,000

10,347,333
10,008,690

exports during the same time, $69,000
and $20,000 American silver coin.
National Banks.—The
been

Tues.

Thurs.

93,728

2,816,045

64,992

2,683,098

Of the above imports for the week in 1883, 12,468 were
American gold coin and $4,274 American silver coin.
Of the

English market Reports—Per Cable.

by cable

«

Imports and Exports for

this country was larger
last year. There was an

Nationat i ties.

Wed.

5,108,000

2.672.700

78.969.500

Tues.

®0rawercial and ipisceUauecrits Hears

4,015,100
11,374,900

2.562.400

Straits Settlements

£

6.198.400

Wheat, No. 1, wh.
“
Spring, No. 2, old **
Spring, No. 2, n.. “
Winter, South, n
“
Winter, West., n
“
Cal., No. 1
“
Cal., No. 2
“
Corn, mix., new
“
Pork, West. mess.. # bbl.
Bacon, long clear, new..
Beef, pr. mess, new,#to.
Lard, prime West. $ cwt.

Total 43 weeks.

Bengal

Hosiery of all sorts
Thread for sewing

4,966,600
20,76 4,000
1.560.700
6.623.700

53.735.500
9,527,900
87,636,000
11,161,100
2,304,800
4.508.400

ft Madras

£

29,853,300
12,787,800
5.939.700
4.382.200
8,326,500
4,009,300
4,055,300

8.

Flour (ex. State)..100 lb. 12

Gen’l mer’dise..

Born bay

Lace and patent net

856,500
4,168,000

6,055,000
22,130,400
3.128.500
7.507.200

5.965.800

Uruguay
Argentine Republic

3.985.200
2.328.700
4,439,600
5,530,300
6,081,400

4.137.600
22,531,600
16,040,300
3,569,000
5,050,500
9,382,000
5.710.600
3.268.300
4.445.100
20,277,100
2.819.700
7.476.100

Central America
United States of Colombia..
Brazil

‘

824,300

36,987,000
12.198.900
2,869.100
4.353.800
8.943.300
5.115.300

Turkey
Egypt

1883.
Yards.

1881.
Yards.

Mon.

1880.

Converting qrs. of wheat into cwts., the totals for the whole
kingdom are estimated as follows :
1883.

Sat.

Liverpool.

1881.
8.
d.
48 7

1882.
d.
8.

1883.

JTol. XXXVII.

Thurs.

-

Fri.

were

American gold c6in

following national banks have lately

organized:

3,079—The First National Bank of Tarkio, Missouri.c Capital, $50,000.
David Rankin, President.

No cashier.

5011*6 503.*
10071fi 100:%

10030

ICO •'4
7750

1009,6

5013*6 .3,081—The First National Bank of Lbgausport, Indiana. Capital,
00®*6
230,000. Andrew J. Murdock, President; William W. Ross,
1004

77-20

77-25

1174
12634
594

1174
12634

1174
1264
5953
1013*
31-4
138is
2218
Gl i8

275a
1211*5

1005s
77374
1173s
1264
594
1004
313s
13734

607s
273s
1204

501316

1014

1

3i%

3 14
1384

138

60*8

61

277s
120 »4

Cashier.

3,035—The Independence National Bank of Philadelphia, Penn. Capi¬
tal, $500,000. Peter A. Keller, President; Willard B. Moore,
Cashier.

3,086—The Excnange National Bank of Hastings, Nebraska. Capital,
$100,000. Isaac M. Raymond, President; Abraham Yeazel,
Cashier.
The

”

233s
1204

Logansport National Bank, Ind., in voluntary liquidation, Dec.

1, 1883.

The following changes
made since last advice :

in officers of national banks have been

THE

1883.]

December 8,

CHRQNICLE.

In tlie National Bank of Ashland, Neb., D. D. Cooley, Cashier, in place
of S Waugh. O. M. Carter, Vice President.
In the Carolina National Bank of Columbia, S. C., Wilie Jones, Cash¬
ier. in place of C. J. Iredell.
In the First National Bank of Frankfort, Kan. J. P. Pomeroy, Presi¬
dent. in place of W. Hetlierington ; T. F. Rhodes, 1st Vice-President, in
place of J. P Pomeroy; James S. Warden, 2d Vice-President.
*
lu the First National Bank of Ilebron, Neb. C. H. Willard, Cashier,
in place of F. L. Gibbs.
In the Millerton National Bank, New York,E. II. Thompson, Cashier,
in place of W. M. Dales.

Correction.—In the National Bank of Malone, N. Y., J. C. Pease,
Cashier, instead of I. C. Pearse.

Changes

in

Legal Tenders and National Bank Notes to

Comptroller of the Currency has furnished us the
following, showing the amounts of national bank notes out¬
standing Nov. 1, together with the amounts outstanding Dec. 1,
and the increase or decrease during the month; also the

Dec. 1.—The

changes in legal tenders
up

held for the redemption of bank notes

to Dec. 1:

National Bank Notes—
Amount outstanding Nov. 1, 18S3
Amount issued during Nov
Amount retired during Nov

1

$351,261,803

$145,240j
1,534,066

1,088,826

—

$350,175,977

Amount outstanding Dec. 1,1883*

Legal Tender' Notes—
Amount on deposit to redeem national hank
notes Nov. 1, 18S3
'

Amount

1

$35,756,308

$1,892,460

deposited during Nov

Amount reissued A b’uk notes retired in Nov.!

1,496,667;

%

Amount on deposit
bank notes Dec. 1,
*

Circulation of

to redeem national
1883

395,793

$36,152,101

615

-

Boston Hoosac Tunnel & West—New York Central & Hud¬
son.—The Fitchburg Railroad has received a notice from the
New York Central Railway of an intention on the part of that
railroad to withdraw its freight traffic from the Hoosac Tunnel
line.
At the same time a thirty days’ notice was received that

through passenger cars would be received by the New York
Central Road from the Tunnel line, the Fitchburg and the Troy
& Boston Railroad.
The Tribune says:
‘-Railroad men regard the notice of
withdrawal from the Hoosac Tunnel fast freight line, given by
the New York Central Railroad, as its first blow against the
New York West Shore & Buffalo Railroad. It is generally
understood that the West Shore road, when it is opened to
no

Buffalo, will be given a Boston connection

over the Fitchburg
road, which is one of the principal roads in the Hoosac Tunnel
line. Of course, such an alliance would tend to increase the
importance of that line as a competitor with the Boston &
Albany. The close alliance betwreen the Boston & Albany and
the New York Central system makes their interests identicals
Hence the Boston & Albany, which works exclusively for the
Central, demanded that its ally should not help with business
a rival route like the Hoosac Tunnel, and tlie New York Central

glad of an opportunity to cripple the West Shore as mneh
possible at the start by withdrawing the western connections
of the Fitchburg road as a punishment for the latter’s pro¬
posed arrangement with the West Shore.”
was

as

Boston & Lowell.—The annual report of

the directors of the
covering the twelve months to Sept.
30, 1883, shows the following :
Boston & Lowell Railroad

$2,128,760

Gross earnings

1,312,565

Operating expenses

national gold banks, not included above, $737,134.

$816,195

According to the above the amount of legal tenders on
deposit Dec. 1 with the Treasurer of the United States to redeem
national bank notes was $36,152,101. The portion of this deposit
made (1) by banks becoming insolvent, (2) by banks going into
voluntary liquidation, and (3) by banks reducing or retiring their
circulation, was as follows on the first of each of the last five

Balance
Paid for new equipment
Paid taxes
Paul rents
Paid interest.-

months:

From the above revenue a dividend of 2^ per cent was paid
July 1, and auo'lier of 3 percent from earnings previous to Sept.
30 will be paid January 1 next, or 5$ per cent for the year, wi h
a surplus left of some $31,000 upon the year’s operations.
T.ie equipment of the Lowell road Cvtnsists of 77 locomotives,
90 passenger, 41 baggage and express, 1,437 freight and 10 other

1

.

Deposits by-

Oct.

Sept. 1.

Aug. 1.

1.

Dec. 1.

?M
j

I

$
Insolvent bks

$

•

96*;, 131

$
860,651

942,02 1

$

$

838,927

850,434

Liquid’t’g bks 14,799,959 14,150,375 13,586,763 13,220,336 13,076,261
Reduc’g uml’r
act of 1874. 20,287,957 20,880,857 22,374,087 21,685,538 22,236,913
36,054,0? 0 35,973,256 36,821,501 35,756,308 36,152,101

Total

Bonds

held by

National Banks.—The

following interesting

statement, furnished by the Comptroller of the Currency, shows
the amount of each class of bonds held against national bank
circulation and

to

secure

public

moneys

national bank
for Nov. 1
to that the

in

We gave the statement
on Dec. 1.
in Chronicle of Nov. 10, page 501, and by referring
changes made during the month can be seen.
depositories

TJ. S. Bonds JTchl Dec. 1, 1883, to

Description of Bonds.

PublicDcposits

Bank

in Banks.

Circulation.

$9,076,150
120,000

3s, Act July 12,1882
Currency 6s
5 per cents

Secure—

Total Held,

$19S,841,050
3,388,000

$207,917,500
3,508,000

41,820,700

42,882,700

106,702,850
422,000

113,275,1< 0

$351,174,600

$368,030,600

1,062,000
6,572,550

4 per cents

25,000

5s, ext. at 3*2
6s, ext. at 3*2
Total

United States Mints.—The

447,000

following statement,

kindly furnished us by the Director of the Mint, shows the
coinage executed at the Mints of the United States during the
month of November and for the eleven months of 18S3

Denomination.

i

Month of
Pieces,

Nor ember.
i

Value.

:

Eleven months of 1883.
Pieces.

Value.

1

117,000

$
2,340,000

1,120,382

28,000

280,000

222,640

22,407,640
2.226,400

130,500

652,500

329,593

1,047,990

40
40

120
100

\

Double eagles

Eagles
."
Half eagles

Til roe. dollars

’Quarter eagles
Dollars
Total

gold

Standard dollars

Dimes

Total silver

Five cents
Three cents
One cent

$

4,000

“4,606

7,810

7,840

279,500

3,276,500

1,680,510

26,290,090

2,350,000

2,350,000

26,115,869

26,115,869

869
869

435
217

81,000

7,065,542

708,554

3,160,000

2,431,000

33,203,149

26,825,075

1,398,000

€9,900

21,646,488

1,082,324

5,719

172

-

Half dollars

Quarter dollars

810,000

■

4,751,000

47,510

41,404,719

414,047

Total minor

6,149,000

117,410

63,056,926

1,496,543

Total coinage

9.568,500

5.824,910

97,940,615

54,611,708




128,613
239,834—

568,016

$248,178

Net revenue

c irs.

The business of the Manchester &

K^ene Railroad, owned in

with the Concord road, is

showing a gratifying increase.
During the year the Middlesex Central RR. was purchased, and
for it the company has issued 4.4 per cent bonds to the amount of
$250,000. All questions regarding the validity of the lease of
the Nashua & Lowell, road have been settled beyond doubt.
common

Northern Pacific.—The Chicago Tribune says that a liberal
concession was made to the Northern Pacific for withdrawing
its competition on San Francisco business.
The text of the
Transcontinental Association traffic agreement says that, in
consideration of the Northern Pacific withdrawing from Cali¬
fornia business, the Northern Pacific and Oregon Railway and

Navigation Company shall be paid by the other lines parties to
the agreement in proportion as the earnings from the business
subject to this agreement are shared by each, six percent of
the gross earnings accorded to the other lines on business
between or passing through Eastern points and San Francisco,

except business received from or delivered to the Occidental and
Steamship Company or the Pacific Mail Steamship
Company, it being understood that the Northern Pacific Rail¬

Oregon Railway & Navigation Company share
subsidy to be paid the Pacific Mail Steamship Company.
This subsidy now paid the Pacific Mail Steamship Company for
its steamers between San Francisco and New York shall be
borne by the several companies represented in the agreement
road

and the

in the

the

in
by

80 893

Oriental

4*2 per cents

Coinage

$118,675

proportions of their revenue from the Sau Francisco
this agreement.

business covered by

Attention is drawn to the advertisement on first page of
Messrs. Alfred II. Smith & Co., impor'ers of diamonds.
This
firm is one of the leading wholesale houses in the coun’ry, and
well known as importers of many of the rarest and most expen¬
sive diamonds and colored gems ever landed in America.
—

Auction Sales.—The following, seldom or never sold at the
Stock Exchange, were sold at auction this week by Messrs.
Adrian H. Muller & Son.
Bonds.

$5,000 Second Av. RR. Co.,
firsts, 7s, due 1885.. 104
$6,000 Western Union Tele¬
graph, 7s. gold, reg.,

11434

due 19C0

$3,000 Maryland

Coal

lirst
sinking
7s, due 1896

Co.,

fund,

99

Shares.
4 Eagle Fire Ins. Co
250*2
8 Pacific Fire Ins. Co
191
10 Peter Cooper Ins. Co
169%
5 Standard Fire Ins. Co
100%
10 National Park Bank
171
3 Clinton Hull Asso’t’u.503>49*a
10 Manhattan Life Ins. Co..513
1 Granite Gil Co. and 1 N.

Shares.
17
8
33
12
40
20
6

Butchers & Drovers’Bauk.lSOhj
Nassau Bank...:
135
Tradesmen’s Bank..112 ad 10%
Bank of North America... 106
Citizens’ Bank
125
Merchants’ Exchange Bk. 95
Bank of N. Y. National

Banking Association....179
Bk.. 130*2

5 American Exchange
72 Phoenix Bank
16 Continental Bank
18 Sixth Av. RR. Co
10 Second Av. RR. Co

10734

*...120*2
286
21930

17
20
JO
30

Y. & Pittston Coal Co..$15
Third Avenue RR. Co
27532
N. Y. Mutual Gaslight Col227ig»
Manhattan Fire Ins. t’o.$ll
American Exchange Nat.
Bank
131

137 Mechanics’ Nat. Bank... 152^8
52 Importers’ and Traders’
Nat. Bank
2743»
50 Metropolitan Nat. Bank.154%
3 Fourth National Bank...132
10 Consumers’ Ice
Co. of
New York
71

616

THE CHRONICLE.

Department Deports.
REPORT

OF

THE

SECRETARY

OF

THE

Treasury Department,
}
Washington, D. C., Dej. 3, 1883. ji

following report.

The

year

ended

the

fiscal

source.

From
From
From
From
From
From
From
From

From
From
From
From

city

Amount.

Customs

$214,700,196

internal revenue
sales of public la
tax 011

14 1,720,90S

circulation and

profits

deposits of national

on coinage, bullion deposits
Customs fees, fines, penalties, Ac

banks..

9,111,008
4,400.205
1,430,230
3,322,301

‘

and assays

.v

fees, consular, letters patent, and lands
re-payment of interest by Pacific railway companies
sinking fund for Pacific railway companies
deposits by individuals for surveying public lands..!
proceeds of sales of Government property
proceeds of sale of post otliee property in New York

From Indian trust funds
From donations towards

1,550,800

1,322,103
1,221,011
285,155
048,094
121,000
904,420
1,839,533

liquidating the public debt

From Japanese indemnitv fund
From immigrant fund
\
From revenues of the District of Columbia..

Total

The

$398,287,581
same

period

were ;

Amount.

For civil expenses

$22,343,2X5
2,419,275
7,302,590

For Indians

For pensions

00,012,573

For the military establishment,
including river and har¬
bor improvements and arsenals
For the naval establishment,
including vessels, machin¬
ery and improvements at navy yards
For miscellaneous expenditures
including public build¬
ings, light-houses, collecting the revenue
For expenditures on account of the District of Columbia.
For interest on the public debt
1

Leaving
the

a surplus revenue of
an account drawn from tlie

cash

Treasury of

There was a decrease of $14-,291,233 69, as follows : In interest
the public debt, $11,917,075 54; and for India
is, $3,374,157 06; making a net increase in the expenditures of
$7,426,■
697 97.
on

FISCAL

For the present
is as follows

fiscal

year

1884.

YEAR

the

Actual.

1

$131,178,750

29,002,078

2,932.035
1,557,800
521,059
298,090
803,209

Fees—consular, letters-patent and lands.

Proceeds of sales of Go
vermn’t'property.
on coinage, Ac.....
Deposits for surveying public lands
Revenues of the District of Columbia
Miscellam ous sources
Total

The

receipts

expenditures for the

same

arc:

applied to the redemption

Of
Of
Of
Of
Of
Of

Of
Of
Of
Of
Of
Of
Of
Of

Of
Of

bonds for the sinking fund
fractional currency lor the sinking fund
funded loan of 1881, continued at 3R> per cent
loan of July and Aug., 1801, continued at 3 6.
per cent
funded loan ot! 1897.
funded loan of 1881
loan of Fcbruarv 1801
loan of only and August, 1801
loan of March, 1S03
loan of Julv, 1882
live-twenties of 1802
live-twenties of 1801
live-twenties of 1805
ten-forties of 180 L
consols of 1865
consols of 1807
consols of 1808
.

Of
Of Oregon war debt
Of refunding certificates
Of old demand, com. interest, and other notes
Total

$44,850,700
40.550

711>, 150
1

8.000

206,000
110,850

47,050

1,237,189

$95,900,917

$247,033,082

Actual.

$15,385,799
9 023.890

5.450

109,1 50
13,300

$134,178,750

i

ters of year.
Estimated.

$51,114,200
4.1‘>0.609

53,714,738

and harbor iiuprovem’ts and arsenals...
Naval establislmi’t. ine. vessels and ma¬

13,512,201'

20,487,795

chinery and improvem’ts at navy yards
Kxpendit’s on ace. of tile Dist. of Columbia,
Interest on the publicdebt

4,199.299

12,300,700

14,797,297

39,702,70?

$07,942,090

$190,057,909

Total
Total
Total

riv.

ordinary expenditures

receipts, act ual and estimated

$3 13,000,000
258,000,000

expenditures, actual and estimated

Estimated amount due tile

Leaving

'7,050

15 1,050

2,430,790

10,285,201

10,300

9,000
133.550
40,800
235.700

1,478,940
901,303
107,437
3,149,770
327,538
1,043,982
2,382,810

30,1883.

For —
Civil and miseell’s exp’s, iiie. public
b’d’gs,
light-houses and collecting t he revenue
Indians
Pensions*

20,591.00J
1.1 1 H.S50

1,542,199

For
quarter For remaining
ended Septd
three quar-

Object.

05,3 SO, 50
r

90,337,921
5,007,364

.

Military establishin’t, ine. fortilica’us.

A .MOUNT.

*187 507 094

period, actual and estimated,

...

:

Estimated.

112,502
950,229
172,101
256,017

Profits

.......

Was

—

i

*57 409. 075!

Internal revenue
Sales of public lands
Tax on circulat’u A deposits of nat. banks.
Repay m’t of int. A sink’g f’d. Pac. Ry. Co.s.
Customs fees, fines, penalties, Ae

$205,408,137
$132,879,444
1,299,312

Making

J

From—

3,817,028
59,1 to, 131

balance in

estimated,

For
quarter For remaining
ended Sept.
three
quar¬
30, 1883.
ters of year.

Source.

15,283,437
40,098,432

-

revenue, actual and

.

48,911,382

ordinary expenditures

Which, with

_

1,970,938
2,413,332

EXPENDITURES.

Total

Japanese indemnity fund, $1,839,533 99 ; in donations towards
liquidating the public debt, $961,426 87 ; in immigrant fund,
$231,476 50 ; in Soldiers’ Home permanent fund $65,633 54 ; in
proceeds of sale of post olliee property in New York City,
$648,694 82 ; in tax on seal skins, $109 50; and in
miscellaneous
items, $199,819 99 ; making a net decrease in the receipts from
all sources of $5,237,668 33,
The expenditures show an increase over the
previous year of
$21,717,939 57, as follows : In the War Department, $5,340,8'8 74 ; in the Navy Department,
$251,390 9i ; in pensions,
$4,607,379 69 ; and in civil and miscellaneous, $11,458,271 23.

231,470

ordinary receipts

ordinary expenditures for the

companies, $525,831 69 ; in consular fees, $125,029 61 ; in cus¬
$23,661 74 ; in customs fines, penalties and for¬
feitures, $'28,945 94 ; in customs emolument fees, $35,280 66
; in
marine hospital tax, $9,779 €6 ; in
registers’ and receivers’ fees,
$347,065 65 ; in fees on letters-patent, $211,275 41 ; in profits on
c
linage bullion deposits an l assays, $313,511 44 ; in proceeds of
tom-house fees,

TREAS UR Y.

BlR:—I have the Iniior to submit the
ordinary revenues from all shucks for
June 30, 1883, were :

[Vol. XXXVII.

a

$85,000,000
15,810,741

sinking fund.

balance of

$39,183,259

*

This estimate is based on information from the Pension Bureau of
the Department of the Interior.
It should also be stated that there is an
unexpended balance of $39,000,000 of the appropriation for pensions
for the fiscal year 1883, which was
re-appropriated by Congress at its
la-t session : that Congress at the same time
appropriated $80,000,000
for tlie fiscal year 1884; and that the Commissioner of Pensions sets the
needs of his Bureau at $40,000,000 for the
year 1885; thus making

$105,000,000 required by him during the
FISCAL

YEAR

years 1884 and 1885.

1885.

The revenues of the fiscal year
requirements of the sinking fund for the past fiscal year,
ending June 30, 1885, are thus
estimated upon the basis of existing laws:
a balance of $461,309 15 from the
prec ding year, have
been fully met.
It. is estimated that the requirement; for the From customs:
$195,000,000
From internal revenue
:
present fiscal year will be $15,816,741 07, of which there has
120,000,000
From sales of
public lands
8,000,000
been app’ied during tlie lir^t four months of the
year the sum of From tax on circulation of national banks
3,000,000
From repaym’t of int. and sink’g fund, Pac.
$28,786,550.
R’y Companies
2,000,000
Compared with the previous fiscal year, the receipts for 1883 From customs fees, fines, penalties, Ac
1,200,000
From
fees—consular,
letters-patent
and
lands
have in the following items decreased
3,300,000
$15,172,048 38 : In cus¬ From proceeds of sales of Government property
300,000
toms revenue, $5,704,233 32 ; in internal
From profits on coinage, Ac
revenue, $1,777,226 47 ;
4,000,000
in direct tax, $51,985 09 ; in premium on
From deposits for surveying public lands.
500,000
exchange and interest From revenues of the District of Columbia
on deposits with bankers in
1,900,000
London, $37,772 99 ; in proceeds of From miscellaneous sources
3,800,000
sales of school buildings, fire-engines,
&c., in the District of
Total estimated ordinary receipts....,
Columbia, $97,179 81 ; in proceeds of soles of Government
$343,000,000
property, $.9,404 83 ; in proceeds of sales of railway material,
The estimates of expenditures for the same
period/received
$95,000 ; in proceeds of i-ales of ordnance material and small from the several Executive Departments, are as follows
stores, $247,112 27 ; in procee Is of sales of
military reservations, Legislative
;
$3,234,085
$29,996 31 ; in proceeds of sales of products from experiments in Executive
18,403,277
the manufacture of
Judicial
1
sugar, $789 35; in steamboat fees, $95,408,300
Foreign intercourse
700 86; in Indian trust funds interest and
;
1,569,601
premium, $5,8)3,- Military establishment
27,136,152
074 55 ; iu sales of Indian lands, and interest on deferred
Naval establishment
pay¬
22,747,751
Indian affairs
!
ments, $193,649 73; in deposits by indiviiuils for
8.460,809
surveying Pensions
*
public lands, $830,694 60; in reimbursement by national bank Public works— .*
40,000,000
redemption agency, $57,174 17 ; iu Hot
Treasury Department
Springs reservation,
$4,434,817
War Department
$23,880 76; and in depredations on public timber, $6,708 27.
7...
11,049,049
There was an increase of $9,934,380
Navy Department
1,021,138
05, as follows : In sales of
Interior Department
038,608
public lands, $3,202,724 05 ; in revenues of the District of Co'umDepartment of Justice
10,600
bia, $255,762 0>> ; iu tax on circulation and deposits of national
17.700,213
Postal
service
hanks, $154,214 40 ; in repayment of interest by Pacific
2,958,111
Railway Miscellaneous
*.
21,008,591
companies, $710,312 53 ; in sinking fund lor Pacific Railway District of Columbia..
The

including




....

3,025,373

/

December 8,

1883.]

i HE

v

CHRONICLE.

617
,

Sinking'fund
Rtf muling—customs,internal revenue,
lands,
etc
"...
Collect ng revenue from customs

$51,500,000
46,269,756

Or.

an

Title of Loan.

5,5u0 00

v

>

Fund’d loan of 1881

4,583,(580
-$ur>,i47,« 3t;

Loan of July 12, '82
FuntlM loan of 1891
Fund’d loan of 1907
Refunding cert tic’s
Navy Pension fund

including sinking fund..$283,125,301

Total

exchange of tliree-an 1-a-half per cent bonds
per cent bonds, under the authority of the eleventh
the act
of

("eased
payment.

fCalled,

notified that such bonds would not be
exchanged
per cent bonds.
The exchanges made
prior to November 1,1882, amounted

section of

to

into three

UNITED

STATES

cancel* d

interest-bearing holies,

United States

and

which

destroyed the following
bequeathed

were

to the

by the late Joseph L. Lewis, and delivered to this
Department by the executors of his estate, in accord a »:ee with
States Court for

the District of

:
Loan of July and August. 1^61
(3l_> per cent)
Funded loan of lssi. continued at
3L per cent
Three per n ut loan of 1882
Total

$960,000
5e,o00
4,000

$951,000
n
demptionb and canthe twelve months end
.-

during

:

Bounty-land scrip, act of Feb. 11, 1847. 0 per cent
notes of July 17, 1801
Seven-1 hiriy notes of 18(54-05
Loan of February 8, lspi
Oregon war debt
Five-tweniies of February 25, 1802...

Seven-thirty

Five-twenties of 1805 (May and
November)
Ten-forties of 1801
..

Consols of 18(55
Consols of 1-07

$100
350

3,200

05,000
1,000
7,000

10,300
7(5,450
78,700
189,400
14(5,500
285,500

Consols of 180S
Loan of July and August, 18(51, 0
per cent
Loan of March 3, 18(53, 0 p« r cent
87,000
Funded loan of 1881, 5 per cent.
421,(550
Loan of July and August,
180t, c minued at 3hj per cent.
2,920,300
Loan of March 3. 18(53. continued at
3k» per cent
"
3,747,150
Fund* d loan of 1881, cntiuued at
3k> per cent.
103,365,150
Consols of 1907, 4 per cent
1,44 8,850
Loan of July 1 2, 1882, 3
per cent
52.250
Total

The’reduction in the annual interest
charge by
changes, to November 1, 1883, is as follows ;
On bonds redeemed

On bonds

or

interest ceased.
3 per cent bonds

exchanged into

Total

Deduct for interest

on

4 per cent bonds

Net reduction

The

following table shows
ing debt during the year :




325.850

14,000,000

year, but

not yet presented for
were

exchanged
on

issued, Ac

$112,875,850
reason of these

$3,704,450
231,053

$3,935,503
482

$3,935,021
the

changes in the interest-bear¬

$97,900

OF

REFUNDING, CERTIFICATES.
Since Nov. 1, 1882,
refunding certificates issued in 1879, under
the act of Feb. 26, 1879, have been
presented for conversion into
4 per cent bonds as follows :
$97,900 00
1.5.150 50

;

$1 13.350 50
was

made

follows

as

:

$109,950 00
3,400 50

outstanding

amount to

$113,350 50

$325,850.

STANDARD SILVER DOLLARS.

On Nov. 1,

1883, under the

act of

Feb. 28, 1878, there had been

coinage of standard silver dollars amounting to
$156,709,949;
there were in the
Treasury at that date $116,386,017. Theie
were then in
a

circulation, and in

the

mints,

the
There
on

on

account of

profits

coinage not yet deposited in the Treasury. $40,334,932.
were
in circulation on Nov.
1, 1882, $35,383,786. The
coinage between Nov. 1,1882, and the same date in 1883 had
increased $28,391,069 ; the amount in circulation
for the same
time had increased
$4,136,321; thus keeping up the great dis¬
proportion between the amount ready to be supplied and the
demand for them, heretofore noted in the
reports of this Depart¬
ment.
The silver dollars in the
Treasury
on Nov. 1, 1883, were
held or stored at the
places as shown in the following table ;
STATEMENT SHOW I NO THE AMOUNT
1
SILVER CERTIFICATES IN
THE TREASURY
MINTS AND ASSAY
OFFICES, NOV. 1, 1883.
‘

In

’ii,i

jni no

$2,729,121
"2.754.202

23,410.000
8,51 (5,500

•

10,29s.OOO
4,109,011

j

2.170.749

;

0,725,222

J

31 095,077

j
j

$1,318,870
500,990

3,843,900
385,400
335,490
550,000
333,000
020,000

l,8(»2V100

i

,

Silver

Certificates.

1,755,190
881,500

5,202,400
5.793,497

a.mi

UNITED STATES

| Silver Dollars.

,

Mint U.-S
Philadelphia
"Mint IT. s., (‘arson *
Mint IT. S., New Orleans
Mint IT. S., San Francis o
Assay Office l\ S., New York
A> say office U. 8., Cfi-irlotte
Assay Otlitsr U. 8., Helena"
lnlran sit

i,it

OFFICES,

Standard

Office of—

Treason r IT. S., Washington.
As-Ltant Treasurer C. S.. Haltimore
;
Assistant Treasurer C. S.. New York
j
Assistant Treasurer IT. S.,
I’liiladelphirj ... j
Assistant Treasurer lo 8., Huston
|
Assistant Treasurer l\S ( inrinnati
\
Assistant Treasurer U. S.,
Chicago
j
Assistant Treasurer C. S.. St. Louis
j
Assistant Treasurer IT. S.. New
Orleans...j
Assistant Treasurer C. S., San Francisco..
j

New

The following table shows in" detail.the
cella ions of United States bonds

ing October 31, 1883

during the

interest reusing Nov. 1,1883; $1(5,210,750

The certificates still

I

47,650

$1,-34. COO

Jersey

beat* interest

..

$3(58,1 <»(>
1.1 ik.sao

:

United

737.620,700

..!

1,418,080,200 46,320,700 105,744,100 1,312,446,050

CONVERSION

RONDS.

Funded loan of 1881. continued at
3>i» per cent
Consols of 19o7, 4 per cent
Three per cent loan of 1882

the

250,000,000

1,418.850
§ 97,900

423.750!

14,066,600'

+ 4,970,500

.90 >,539.000

!.

.-

738,929,600j * 109,950'

percent.

j

52,250,

Four per cent bonds issued
Interest paid in cash

-

the decree of

103,365! 150

Total

because, bearing a higher rate of interest than the three
per
cent bonds, the latter could not
be redeemed until the former
had hi en, that
being the terms of the law under which the lat¬
ter was issued.
A portion of the n had been
called, but had not
then mature *.
As mentioned above,
$4*1,210,750
of the bonds
have been
exchanged into three per cent b >nds upon requests of
the owners,
leaving $109,145,6 )0 available for the investment of
the surplus revenues.
Calls have been issued for the entire
amount, and the greater portiou of the bonds have been
re¬
deemed and canceled, the annual
saving
of
interest which wi 1
result therefrom
being $3,820,096.
Under the provisions of the act of
July 12, 1882, the three per¬
cent bonds issued
thereunder, and amounting to $305.581,250,
became “redeemable at tbe
pleasure of the Government ” on
and after
July 26, 1883, all “redeemable” bonds bearing a
higher rate of interest having then been redeemed or called.
Calls have been issued for
$40,000,000 of such bemds, $30,000,000 of which will mature in the month of
December, and $10,009,000 on the first day of February, 1881.
In addition to the
above, the bonds described below, held by
the Department of State and
forming what has been known as
the “ Japauese
indemnity fund,” have been canceled and di
stroyed, as directed by the act approved February 22,
1883, viz.;

been

v50,000,000j

percent
percent.

For which settlement

Government,”

also

]

259,370,500,4(‘>,210,750i

„

REDEMPTION OF

Total

per cent.
percent.*

155,356,350

Total

Oq Nov. 1, 1882, the
outstanding bonds of the five percent
funde d loan continued,
bearing imerest at the rate of 3^ per
cent, amounted to $155„350,350.
These bonds were the only
bonds then “ rede*, mable at the
pleasure of the

Tin re have
described

3Vj Dot. )

.

40,210,750

by these exchanges

$1,527,900 25.

)

[-

Accrued interest due

Making the aggregate of three-and-a-half -per cents taken
up and three per cents issued.
$305,581,250
The annual saving of interest effected
amounts to

j0ct- 81 •

Principal

$-.51),370,500

year, to

to

1 tl i

$

t Of this issue. $12,050 was on account of accrued
interest
refunding cortitieatis converted.
'
§ Redei mod by conversion into 4 per cent bonds.

July 12, 188 b was resumed November 1, 1882, and
continued until July 20 1880.
On this last day a call was made

were

4
4
3

,!k?™! Outs-and’B

the Year.

into these.

into three

for the remaining three-and-a-half
per cent bonds (lien out¬
standing, inierest to cease November 1,
1880, and holders

3

-

*

OF Til KEE-AND-A- HALF PER
CENT CONTINUED PONDS
INTO T1 IIEE PEIi CENT RONDS.

The

5 percent,
inu d

co’

-

/ at

$50.87-1 005
Excluding the sinking fund, the estimated expenditures will be
$23(5,855,548, showing unexpected surplus of $100,141,4.52.

Exchanges during tlie

(Outstanding
Nov. 1, 1862.
1

7,293,600

estimated surplus of

EXCHANGE

Rate of
Interest.
.

Miscellaneous...
Total estimated expenditures,

A

1
i

:

Permanent annual appropriations—
Interest on public debt

1,302,720
4,270,000

8 589
4.500

,]

>

2,853
100.000

Total

I
THE TRADE

110.3S0.017

$13,032,370

DOLLAR.

Here I may speak of “ the trade do
lar,” the debased coin to
which attention has been drawn bv
public clamor and

discus-ion.

Doubtless the legislative purpose in
creating it was to make
piece of money that would find favor with Asiatic
for

notone

use

at

home.

That purpose was

a

people, and
not ma le known,

however, by the letter of the law under which it issued from
the
Mint.
The act of 1873, under which the
coinage of it began, has
these
trade

words: “ The silver coins of the United States
shall be

a

dollar, a half dollar, or fifty-cent pi- ce; a quarter
dollar, or
twenty-five-cent piece; a dime, or ten-cent piece.” The act furth» r declares that the relative
proportion of pure metal and alloy
in the trade dollar, and the devices and
ley ends upon it, shall be

the

same as

act, and

those of the other coins of the United
states.
one of 1877, made it a crime to
counterfeit

later
coins, and,
a

That

any of
as the trade dollar was declared to be a
coin,
crime to counterfeit it.
The act of 1813 nude the sil¬
ver coins of
Ihe United States, and hence the trade
dollars, a
legal tender at their nominal value for any amount not over
$5.
Thus the reading of the laws
taught the people that the trade
dollar was a coin of tln-ir
our

made it

a

sovereignty, and for the redemption of
value, the;r Government was bound. The
real legislative
purpose is to be blindly sought for in
tradition,
or in the record of
Congressional discu.-sion, and is indica’ed in
the joint resolution of 1876, which took
away from th s coin the
lega -tender quality of it, and held down the coinage of it to the
call for it for exportation.
It is plain that a busy p; ople,
finding
this coin afloat in the channels of business
styhd a coin of the
United States, would
readily believe that it was an authentic
issue of tbe Government, and to be redeemed
by the Govern¬
ment, the same as other money put out
by it. From time to time,
liovvc ver, as it suits
scheming men and the occasion fits, a hue.
and cry is raised against
it, it is discredited in the marts, and
unwary holders suffer loss or inconvenience.
which,

at an unabated

THE CHRONICLE.

618

.

SHOULD BE CALLED

Nor is the fear well grounded that there would be caused a
large influx of trade dollars from abroad, to a cost to the Govern¬
ment, in the redemption, of more than the value of them as

IN AND MELTED.

As it is a coin of the United States, having the image and su¬
perscription thereof, sanc'ioned as such by penalties upon the
counterfeiting of it, and once dignified as*a legal tender in pay¬
ment of debts and dues, it should be restored to its first state, or
In the judgment of
called in at its nominal value and melted'.
this Department, it. phon'd be thus called in and melted.
And
why not ‘{ First—If has been claimed officially that it did not go
into home circulation until after the passage of the joint resolu¬
tion above spoken of, wlier by the legal-tender quality of it was
taken from it.
Hence, it is said, it is no duty to our people to
redeem it at more than the value of it as silver bullion. Sec mdly
—On the other hand, it is asserted that, the aG of 187S gave back
to it the legal-tender qnahty. That act declares that "there.shall
be coined *
of fc ur hundred
* * * silver dollars * and twelve and one-half grains, * * * * wlich, wiTi all sil¬
ver
dollars heretofore coined * * * * of like weight and
fineness, * *
* shall he a legal tender * * As
the trade dollar is greater in weight and as great in fineness as
the silver dollar thus authorized, and as the greatej includes the
hss, it is argued that the phrase “of like weight and fineness”
takes iu the trade dollar, makes it again a legal tender for debts
and dues, and that there needs but a declaration thereof by this
Department to put it in the Fame rank and acceptability as the
standard silver dollar, and so there is no need of redeeming it.

It has been stated above that there is cause for belief
that much which has gone abroad has put off its character of a
coin of the United States,.and so is not able in that guise to
come back for exchange.
If, however, a serious apprehension
is felt that it will return iu embarrassing volume, the time for
bullion.

might have a narrower limit, and instead of a
quarter of a year be the period fixed. This
Department would rath' r see all the trade dollars that are afloat
anywhere brought- in and made bullion of, even at a cost to the
Government, if thus we may be rid of a discredited and debased
coin ; 1 ut. if this may rot be, it still will wish that these; iu the
hands of our people be redeemed in the mode recommended,
with safeguards against foreign holders.
If it be urged that,
the exchange
twelvemonth

sum redeemed, there will be a loss to 'lit; Treas¬
in re-coining the trade dollars ns bullion into standard dol¬
lars, rather than in -purclr s'ng bullion in the market at ruling
rates and coining it under existing law, it may be answered
that the excess of silvo r in the one over that in the other will
be nearly, if not fully, enough to pay the cost of the manipula¬
tion;.and again, that, the seigniorage or profit now got from
buying bullion at, for example, 99'8 p r standard ounce, and
issuing the same in no uinal dollars at the rate of, say, 11G 4-11

ury

per

it

from one to two millions.
It is calculat'd that five-sixths
thereof went abroad in the beginning, and it is believed that*but
a small part of that lias
come back, and that there is now held j
by our peoj le but from five to eight millions. Of-that which i
remained abro: d, there is good authority for saying that much j
of it found its way from ( liina to India, and into the melting I

has been there cast irto c 'in of

that country.
The overweight and vajue of the tradedollar by
the side of tl e M< xican and Spnni-h dollar, with which it was
co-current in China, brought much of it’o the crucible there.
It is understood in business circles, that in China silver coin is
used by weight and not by count, s-,ve in a few porbs, where
Mexican dollars and a few other coins are taken by h e'.
It is
the practice <>f Chine e hankers, so it is reported, to stamp with
their own mark the coin which they take, and pay out.
The coin
thus defaced scon com- s to the state and repute of bullion, ar.d
the presumption is that our trade-dollars have, many of them,
been so treated and so suffered.
Bear in mind, too, that from time to time for some years past,
until of a comparatively late date, there has been inducement

NOT

bearing of executory con*racts and

LARGELY IN THE

HANDS OF SPECULATORS.

If it be said that much of this coin,

discredited and practically

debased, is in the bands of speculators wdio have taken it at a
discount, and that they would profit by legislation which would
increase the actual value of it ; while it may not be denied that
lamentably this s too far the case, still it is to be answered that

brought by all -debased coin when at last it is
fairly redeemed. Speculators will make by a depreciati; n and
following appreciation. A law for a fair redemption must have,
with its good, the evil of helping some to gain., who ill deserve
it. The fault is n/>t much more with tlie speculative trader than
with the legislation that has given him the chance for ignoble
gain. His profit is a light incident, calling slightly for attention,
because of the great general good to come from calling in a dis¬
credited coi’ age.
Beside*, leave'his coin unredeemed, and byand by, when public attention is at a 1 nil again, it will be once
more set afloat at a nominal value, to be in fullness of time once
more discredited and lowered
in purchasing power to the harm
of good people.
Moreover, the information which 1 have from
\ ractical and reliable men, who are at the sources of knowledge
on this head, is that those known as trades!’ Ik, and most of the
working people not iu straits, uocompelled by necessity to part
with the trade do lar at a loss, have held it during panics, look¬
ing and waiting for action by the Government ; and that the
amount stored by brokers is a small part of wliat. is in domestic
ownership, the larger part being held by tho e- who took them at
full fare for labor and in traffic in legitimate and honorable deal¬
ing. It is b* st, once for all, to call it in, and put it out of pos¬

such is tlie luck

re-ship this coin from China hither, because it has been fr< e in
circulation inmost parts of the land, and for most of the time at
a par
with i o’d and silver money. There is reason ti be’i ve,
then, that hi sides the sum of it in the hands of out own people,
an embarrassing amount wi 1 not come upon us from abroad.
REDEMPTION.

thorough and effective redemption of it can
brought
this way: Let authority be given by Congress to the
Treasury D pnrtmem to barter for trade-dollars. at their nomi¬
nal value, standard do’lars at tin ir nominal value, and melting
A

about in

re-coin them in o standard silver dollars, t
ctinting the trade-dollars got in this way as a part of the silver
bullion which the act of 1878 empowers and directs to be bought
and coined monthly.
Should the trade-dollars have been so
abraded in use as to have lost a material part of their original
weight, which is not much to be apprehended, a deduction
might be made from the price, and fractional payments made
in sub idiary and minor silver coin.
The agitation of this matter lias led out some .objections to
the redemption above suggested.
As a standard silver dollar,
the trade-dollars to

legal-tender quality, i> equal in its

sible use.
This Department

faculty of dome-tic purchase to the geld dollar, and the Treas¬
ury note with its like attributed legal-tend- r quality, it is said,
that thus to enable the holders of the trade-dollars to get. for them
standard dollars, would be to raise the trade-dollars in popular
es’eem and in practical value to a par with stan lard dollars, and
thus to keep them atl at rather than fo bring them in, and thus,

ahso, to swell ihe volume of legal-tender sd v< r money in circulation
by j-o much as is the sum of the trade dollars in the hands of the

people. This effect may be prevent*-d by setting a bound to the
during which ’be exchange may be made. If a law nutborizTig the exchange should run but for a twelvemonth, holders

time

of tlie coin would make haste to rid themselves of it, and at the
end of the time little of it wou'd he found at large, an l that,




forth,

for.

to

little would fallback to its bullion value, and cease to disturb
in the way apprehended.
It is not proposed to increase by this
means the coinage of the standard silver dollar, but as the tradedollars are taken iu to count them as so much silver bullion,
and make them meet by so much the direction to buy silver
bullion for dollar coinage.

put

to be said that a desirable part of the
plan suggested guards from an increase of the monthly purchase
of silver bullion and of the coinage of the standard dollar.
That part is, that as the trade dollar is taken in for the s’andard
dollar paid out, the former be counted as so mu h silver bul ion,
and by so much abate from the purchase iu the market under
the act of 1878.
And if the receipt of the trade dollars by tlie
exchange in any month shall be, when treated as bullion, more
in sum 'lian would be a purchase of two millions’ worth < f bul¬
lion, then the excess thereon can be carried fo:\vard from month
to month, so far as need be, to keep within the direction of the
act of 1878 for monthly purchases.
And this would be more or
less likely to come into play as the limit of time for redemption
is shorter or longer.
If, indeed, no limit of time was-fixed, or it
made as long as a twelvemonth, this Department could be
was
empowered to refuse redemption in one month of a sum
more than enough to meet the requiremen1 of that act, and still
make full redemption ot all that is likely to be brought in there¬

dollar a legU-tender quality.
possible to make an estimate of the amount that would
come to the Treasury for redempt ion if authority were given there¬
for.
The whole issue of the coin has been $35,900 440.
Some
of that has disappeared in manufactured articles; it is estimated

its unlimited

wss

disturbance of the re'a'ive
the jostling < f values, it is

It is

because of

is only a seeming total profit of the differ¬

;

If it be apprehended that by tlie proposed < xcliange the sum
of the standard dollars will be enlarged, and more of them will
be forced into circulation to the inflation of the currency, the

4o the trade

OF

ounce,

for in the redemption of the coin, which must be looked
f<*r and provided for as *o sooner or later come, the Government
must, as a rule, take it back at the same nominal value at which

been, and still is, of the opinion that a correct legal interpretation
of that act, in connection with tl e joint resolution of 1870, denies

PLAN

standard

ence

founded. The phrase “of like weight and finene. s” may properly
be said to take in only silver dollars issued under the acts of 1702
and 1837.
They contained exactly the same amount of pure
metal as the dollar authorized by the act of 1878, and had no
distinctive name, such as the trade dollar.
This Department has

A

a

whatever be the

The first of these content ions is too technical and close for use
in dealing with ro practical a matter, and one in which the prime
action and continued silent sufferance of the Government has
been so misleading.
The second of these contentions is not. well

pot at the mint in Gafcutta, and

[VOL. XXXV11.

1

does rot recommend that a legal-tender
quality be again given fo the trad do lar, to the sudden increase
of tlie legitimate silver money of the country, with the inconve¬
nience and incongrurv of two dollars cr dilating together, of the
same meta1, of uneqii tl real
value and of different devices, y<i
of t qua! value in payment of debts and of purchase of property.
It. recommends‘that authority be given ‘or the red mption of the
trade dollar in the standard silver dollar, dollar for dollar of
nominal value, for the re-coinage of the metal so received into a
standard silver dollar, to accord with the law for that coin, and
for a reduction
f the amount of silver bullion resulting from the
exchange from the quantity of bullion required to he got by
monthly purchases, for the purpose of coinage under ihe act of
1878. In the judgment of this Department, that legislation is
safe, and is demanded by cliaraCer of this issue, an i by need
of the people for relief from the confusion and exposure to
recurring loss caused by ihs presence i t the monetary system of
the countrv.

December

THE CHRONICLE.

8, 1883.]
SILVER CERTIFICATES.

AN

Amount silver certificates outstanding Nov. 1, 1883

Amount outstanding at same date in i882
held bv the Treasury 1st Nov., 1882
And on the same date’in 1883
There was

be

deposit, of the United States bonds deposited

manipulation.
Apart from any consideration of the policy
underlying the coinage at all of the standard sil ver dollar, as now
authoriz d, it would seem that an operation of the
Treasury and
its mints, for which there is no immediate call,
might be at
least temporarily suspended.
CERTIFICATES.

20s.
50 s.
100s.
500s.

1,000s.

Ready for

Issued up to
Issue
Nov. 1, '8.3.
Nov. 1, 1883.

14,000,000
20,000,000

Issue

Nov. 1, 1883

$21,440,000 $12,900,000
10,800,000 10,200,000
10.000,000

Ready for

5,000s.
10,000s.

9,700,000
9,250,000
14.000,000

!
Issued up to
Nov. 1. ’s;l

$22,500,000 $10,000,000
85,000,000

|

!

inations

Denom¬
inations

30,000,000

Total... $195,7 10,000 $90,110,000

security.

Thus

time,

Under the at of

Congn s< of 1882, gold cert ideates have been
prepare ! and have been issued as is shown in the following table:

on

bank would be enabled to obtain circulation
upon the premium
it paid for bonds, as well as
upon the par value of them.
Had
United States bonds never risen above
par, no one would have
doubted but that a note circulation, based upon them at a ratio
of 90 per ce t, would have been
amply secured. Why should
my one doubt that the same ratio on their market value will be
safe; the ratio of the (irculation furnished, to shift in amount
to the side of
safety ns the market valu** swings to and fro ? It
is worthy, too, of consideration whether the
original require¬
ment of the National Hank act of so
large a deposit of $100 in
bonds for $90 in circulating notes was n
dpat that
a

that to keep up an aimless purchase of silver bullion, at the rate
of ever $24,000,000 each year, is a needless use of
publ c. money
and of the taxing power to supply them, incurring a needless loss
of the interest on the sum thus exp ruled, and the
expense of the

Denom¬

OF CIRCULATION.

I further recommend that this
Department be authorized to
73.007,710
allow
to the banks circulation to the amount of 99
7,987,200 HlK
per cent upon
14,244,700 i the average market value, for the twelve mouths prior to the

readily met without further immediate coinage of the dollars
preparation of the certificates for issue. It is ‘ also apparent

GOLD

INCREASED RATIO

$99,579,141

These figures show an increase of the silver certificates in the
hands of the people of $19,7;3,931.
Figures given above show
a like increase of si’ver dollars of $4,130,321.
Yet it is apparent that any demand that is likely to aris<? for
silver dollars, or for the silver certificates based upon them, may
or

819

an

expedient for forcing the bonds alloat, as well as a provision for
securing the Government and the billhohh r against loss. It is
a ratio of
security furnished for circulation, without, precedent
in banking
systems, and in theory and experience beyond the
needs of the case.
Comprehending this*, it startles less* to think
of
iurnishirg the same ratio on the marker, value. For,
after all, it is not a new departure, s> much as an
assimuation, somewhat, < i our -system to those accepted in
the financial world.
For .greater caution, there may be fixed a
limit of value, above which the valuation of them for
adjusting
a ratio shall not
go. A collateral; dvantage, not only to the banks
but to the community, is that an amount of
banking assets laid
away in the premium pai i for bonds would tin-re by be released
and brought into active use.
It is understood, as was before
stated, that hi business circles United

good collate al

8’tati

s

bonds

are

taken

as

95 per cent of their market value at the
To be sure, there is the right reserved, in case of lower¬
time.
ing fluctuation in market, value, to demand an increase of secur¬
ity. There should be the same -power given to this Departm« nt, and the difference of 5 per cent, in
the t usiness and the Gov¬
ernmental margin will counterha.anco the nimbleness of the in¬
dividual creditor, gi eater than that of the public agent, in
looking
after change in market value and in calling for further
security.
The statements above made show that there is little
danger
of ultimate lo^s to.the Government or note-liolder,
upon a circu¬
lation based upon the i llerest-bearing bonds of the United
States, though taken as security at a margin coming near to the
a

up 1 o

ntfr. Folgerliere submits a table showing in detail the amount of eeitincates issued to eaeli of the principal sub-treasuries, gives some inter¬
esting ligures regarding the coinage of gold and silver pieces of various
dc: ruminations during tin* year, and then proceeds to discuss the
question
of national bank eiroulat ion.
He repeats some of the tigures given in t he
Coni .Roller's report, calls attention to the fact that tin*, three percent
bonds are being rapidly redeemed, while there is little or no
protit to the
banks in taking the 4s or 4Us, argues that there will he no loss to
bill-holders in allowing the banks to issue an increased ratio of circu¬
lation against their bonds (beyond tlie 90 percent now allowed
by law),
.-.declares against the practicability of substituting other kinds of bonds
for governments, expresses dislike of the proposition to create another
kind of public debt, such as is implied in the suggestion that the
premium on the existing bonds be capitalized, and then recommends the
repeal of the 1 percent internal revenue tax on circulation, yielding si current market value there f.
revenue of 31-t million doihirs as follows ]
Other details
TAKE

The

OFF

privilege of furnishing

TIIE

a

may he suggested if Congress shall determine to
give relief to the bankers, and through them to the people, in this
matter, in the method proposed herein.

TAX.

circulation has been, in the

to the banks; it has been, and is an expense to 1-I
Government to supervise 'lie issue of it, and
generally to

past, a pr lit

the
take care of the national bank systi in.
That privilege, like «nv
franchise accorded by the Government, when of value to the I

j

*

THE

TREASURY

That tlwre is likely to be'

*

*

SUlTlUS.

continuing surplus in the Treasury
|; over, the ordinary expenses of the Government, so long as the
present revenue laws union, is seen "by those attentive to fiscal
a

especial recipient, is a hgii imate and preferable subject of taxatifln.
The prime ol jeci of the taxation, in the
beginning, was} affai's. This has called "tit. propositions for tin- disposal of sur
to obtain a recompense to the Government, for. its
expenditure j plus of public moneys ; two ot which may be noticed. One is,
in In half of tiro banks.
.It was laid upon this franchise because |; th: 1 the
surplus be p awled out. among the States of the
cf the relation between the privilege snd the Governmental exj Union. This, though it has been ingeniously argued, has not so
penditure. It was made larger than enough tor that particular i| approved itself to the common sense of the people as now to
purpose, because then the Government was in quest of subpets jI call for elabora e statement of reasons why it should not he
for taxation, and the franchise of banking,
ami especially this |I adopted. The public seiwe is shrewd enough to see, that a
one, was of value and profit.
Hut times have changed. The j| debtor owing a large sum, upon interest which lie must pay at
workings of the system, and the lelations of it to the lmsin; ss of 1I s' ort intervals, and som of thoprincipnl of which he may payoff
the count!y, have changed with them.
It is now desirable for j| when>'v* v 1.-* pleas s and thus save interest, would not be deemed
the community that the privilege should be continued and < xor- t; a
good mana^T of iflairs, if he ..should give away, or Iran on
cised.
It is no longer, under existing laws, so
profitable to the terms yi* lding no income and m t likely to insure punctual re pay¬
banks as that they all, nr any greatly, wish to exercise it.
le t i ment. and means which good luck or prudent conduct had putin
us see, then, whether the Government can take off this tax and
nis hands ; and that it would be wiser for him, with ihe cash he
keep itself recompensed. The tax yields annually about $3,- I had io extingu sh so much as he could of the debt ag-ins* him.
000,000. The expense of carrying on the Bureau of the
Con-'j And the United States has such naans, and owes such deb's It
tro ler of the Currency was last
year $101 955 07, of which ! owes over a bdlion and a quarter of dollars, which is running
$18,820 is to be re imbursed by the national banks. All o.Tier ! upon interest. It has the option to pav ov» r three hundred n ilexpenses, such as printing ar.-d furnishing notes, ai d the like, j lions of debt when it pleases.
It must pay the interest on the
were $141303 90 : of which $54,000 were for
plates, which is to j principal unpaid, at.short intervals
I7 is not goo 1 sense, nor is
be re-imbursedc by the banks.
The net expense to the Gov- ! it common prudence to nice away or loan its means instead of
eminent was $174,898 97.
The gain to th* Government from } using them to pay the debts against it, while, because of its abun¬
the less of notes (as stated
above) is at a low ♦ stimate $4,000,- dant prosperity; it is easy to do so. There is neither direct nor
000 for every period of twenty years, or $200,000
per year.
consequential benefit, to that body politic, which is the United
Then the tax may be taken off entirely, and the Government States, in the course th t is
proposed. A surplus is in hand. No
not be a loser.
It may be taken off in part, and the Govern¬
way to use it so well, so directly and unerringly, as with it to
ment receive more
by reason of this circulation than it expends pav i IT and take up that debt. It admits of no doubt that thus
to keep) it in txisti nee.
1 am aware that this is a reduction of the peopU of the Union are well served, and their money so
taxation in favor of organized capital; what is taken <4T here
paid as to redound to their lasting advantage.
must sooner or later he in some
The ground upon which the., proposition is based is, mainly,
degree taken in elsewhere for
means to pay off
lie public debt. I do not favor the relief or that of the good to be done to the people of the several States in
capital to the burden of its competitors (if that phrase is the relief given to their financ al straits and difficulties, whereby
allowable) or its helpers. Yet, if this tax is not taken old by there may he more largely and effwiially carried on within the
law. and thus the circulation kept in existence, so
expensive States and by State governments, enterprises purely domestic.
may it become to the banks to
keep up their circulation, that This Department may not now make lengthy discussion of this
th. y may cease
altogether to do so, for to do so >s not compul¬ topic in this feature of it. In the judgment of this Department
sory upon them; anil in that case the tax ceases with the cessa¬ it. is not a legitimate funcaonof- the Federal GK>'vernm»-nt to raise
tion of the circulation.
So that the alternative is presented of money by taxation to be donated to the States, or to thus use
striking of! the tax, and tints obtaining a public accommodation, monev already raised in that way. Nor is this uttered in ignoror of
keeping the law for the tax upon the statute book without j ance or forgetfulness of what men of might in the affairs and
product therefrom, and losing the accommodation bv the lack of j councils of the-Union have.heretofore done and said on this suba motive for
furnishing it. In that view the tax will cease, not ject. '■ It is to be borne in mied that they spoke and acted upon
from favor, but as a limans of
reaching a desirable end. It is an existing surplus not needed for any public use then sancto i e
considered, too, that in the States this form of organized lioned by law ; not upon a prospective one to be avoided by legis¬
capital pays its share, sometimes more than its lawful share, of lation ; and in view of the temptation which tliat idle money,
State and municipal taxation. Still I would not make this
incapable of lawful use under any existing law. held out f<r the
recommendation here, did I not, in another
place herein, call broaching of new, and, in their judgment, unwarranted; perhaps
attention to the need of a reduction of the taxation
resting upon improvident, Governmental enterprises.
tbe community in general.
It is perhaps enough for the present that the
payable debt of




THE CHRONICLE.

620

[Vol. XXXVII;

posal of a surplus. Those views were renewed in 1838. In the
report fr« m tli s Department in 1867 of receipts and expenditures
the balance in the Treasury on 30th June of that year is stated*
DISTRIBUTION UNDER TnE ACT OF 1836.
to
be $199,289,180 73, and there was included tli-rein the
Another proposition is, of a payment from the surplus to cer
amounts deposited with the States, being $28,101,641 91.
On"
tain of the states which have not had their full proportion of
January
28,
1861,
the
Secretary
of
the
Treasury,
in
an official
money ur.der the D stribution Art of 1836.
This comes with letter to the Chairman of the Committee on
Ways and Means,
dignity o' presentation, inasmuch as two powerful States of the
treating of the public debt and of the condition and resources of
Union, Vi ginia and Arkansas, have seriously asked for such the
Treasury, names the deposits as an available resource, either
By the terms of
payment, making foriral demand therefor.
that act, the money in the Treasury on Jan. 1, 1837, over the by a recall of them or as a pledge for the repayment of a loan.
For tl ese reasons, and following in the prac ice of this Depart¬
sum of five millions of dollars reserved, was to be deposited
with such of the States as would receive it on the conditions ment, payment to those States .from the exis ing surplus has
been withheld, and wiil continue to be, until Congress direc s
specified.
One of tVe conditions was that the State should

tlie Union.can take up all
for four yea s to come.

surplus

now

existing,

or

likely to arise

■-

pledge its faith for the safe keeping of the moneys deposited,
and repayment when required by the Secretary of the Treasury
for the
minute

wai

ts thereof.

It is not needed that there be made

a

analysis of the terms upon which, by ihe act, the then
exceptional and anomalous surplus iu the Treasury wa* to be
placed w th ilie States. It, was not as a complete and last'ng
gift. It was rs a loan or deposit temporary in its nature. Table
to

a

demand for

Treasury needed

a

a

return whenever the wants of

repayment.

the Federal

It is claimed that tlie tiansac-

contract; that if tlie states w uld take, the United
States should deposit. And it is argm d that the States liav ng
consented to take, and having to an extent taken, ai d having
because thereof made financial arrangements by which they were
and still are bound and affected, it is incumbent upon tlie United
ticn

was a

States,

that there is a surplus in its Treasury over
expendi ures needed for carrying on the Gov¬
that it should make
further deposit ' thereof,

course.

CUSTOMS.
The revenue from customs for tlie fiscal year
June 30, 1882. was
That for the last fiscal year was
h

ernment,

with the assenting States which have not had their quota
of the sum found in surplusage iu 1837.
Be it so. Call
Y*t there was another and a vital part of that
it a contract.
contracf, that the States should repay, whenever the wants of
the Treasury forced it to call for repayment.
Are there, then,
those wants? Ido not consider that this term “wants” is to
be interpre ed as meaning des hut ion, or absolute, pressing need
not to be otherwise met.
I conceive it to mean, that when the
condition of the finances is such, as that the Trea-ury must resort
to more than usual rate and mode of taxation, to get money for

legitimate purposes of the Government, that then an exigency
arises, when it may fairly he said to have “wants” within the
meaning < f that term in the act of 1836.
Clearly, during the
years of civil war there was that exigency; clearly, the debt then
an

I yet

unpaid, and much or the current yearly expendi¬
It is

ture of the Government, are an outcome of that exigei cy.
not too much to say, that during the civil war the United

States

might fairly have demanded return of the deposits, for the
Treasury w. s in want, atid that now it might, if taxation were
reduced within normal limits, have just < evasion so to demand itarguments

ending
$220,4’. 0,730 25
214.706,4; 0 03

A decrease of

There

575,583

was a

5,704,233 32

decrease in the value of dutiable

imports of $11,-

and in 'hat of free goods of $3 808,692.

;

The duties collt ct ed at the port of New York during the last
fiscal year were $147,082,333 23; at all other ports,-$67,02-1163 70.
This table gives the value of imports entered Tor consumption

during the

years

ended June 30, 1882, and 1883, respectively.
i

1882.

now

the ordinary

made

another

' $505.4,.)1,9G7- $193,016,384
210,721,08:1 206,013,289

Dutiable.
Free

i

I

Total
I he
nam;

d

1S83.

$716,2 i 3,948: $700,829,67 3

following are tlie amounts of duty
during ttiese y. ars:

co

lected

on

the articles

1882.

Simar, molasses and confectionery..
Wool, and manufactures of
Bilk, manufactures of
Iron and steel, and manufactures of.
Cotton, manufactures of
Wines and spirits and cordials

1883.

$49,207,279!

$46,172,378

29.253,016
22,633 137!
24,175,5471

32,320,893
19,654,946
16,590 504
12,234,371
12,308.307

12,227,103!
6,771.483!

INTERNAL REVENUE.

From tin* various
nue

the.

objects of taxation under the internal reve¬
reported by the Commissioner of Internal Revenue,
receipts for the fiscal years ended June 39, 1882 and 1883,
laws,

were rs

as

follows

<

:

Fiscal year ended June 30.

injects of Taxation.

against a distribution.

1882.

1*83.

eutplus, some of which has been so long ago
Distilled spirits
.$69 *73.108
$74,368,775
placed villi tlie States, a fortiori with that surplus t ow with Tobacco
17/391.9s*
42,101,249
the United States, and asked for by the e States.
If the United Fermented liquors.
TO, 153.920:
16,900,615
States he under contract, as is contended in behalf of* those Banks and bankers
5,253,458
3,718,994
!
States, to make loan to them whenever a surplus aiises, then Adiie ive. stamps—
1 tank checks
!
2,31*. 155'
1,946,272
under contract to lv-pav wren called
are those States as well
Friction mat-cues
;
3,272,258
2,920,5J5
upon so to do.
It is not too much to say, that it is such a fair
Patent medicines, Ac
j
1,97*,395,
2,180,236
Penalties
and reasonable me of the means of the 'Treasury, to ap( ly^liem
305.803
...j
199,8 0: Collections not otherwise provided for ’
81,559
71,852
to current expenses and the pinmeut of payable ohligatioi s, as
that within the spirit and intention of the act of 1836, tli- wants
Tot Is
I $146,523,273 $11 1.553,3 14
of the Treasury now require the u-e a d application or this
1'he increase of revenue from spiri s during tlie ast fiscal year
surplus to the purposes of ihe United S at.es... It is plain that if
the United States dol s out the su-plus at this hour, T ma\ i e- was $1,-195,307 02; from fermeiiTd liquors was $746,695 39 ; tlie
mand re payment at the next hour.
This would he hut m^dle-s dt create from tobacco, $5,287,139 12 ; and from hanks and bank¬
The total decrease of internai rev ntie from
circui'y of acion. It is as just to ail couren ed to ke: p hold of ets, $1,504,443 87.
all
sources up to June 30, 1883, was $1,909,928 86.
These figures
the surplus in hand and apply it to t:.e purposes of the Gov. rnment.
It would be frivolous to do other wise. If. has been the .differ somewhat from tli- amounts actually c ivered into the
practice of the 1) paitmei.t, and it seen s to he a usage which Treasury, us shown on the fi'sr, png' of this report.
The cost of colh cting the internal rev. nue for the fiscal year
should he ad he. ed o. '1 he principal las been laid down aid
Ihe estimated Coit for the same work for
observe d in it. tiU.t so much of the surplus as has not already was $5,113,734 88.
been placed with the States, can he used for tlie wants of tlie the current year is $4,999,190.
The following statement shows tl e number and amount of
Treasury, and ilie fulfilment of the act <ff 1836 put off to a more
convenient sea-on.
Congress rc> gn z-d the propriety of it chums p eseuted for rebate of taxes on tobacco, snuff, cigars and
when, by act of Oct.be' ?, 1837, it postponed the placing with cigare tes, under the provisions of seciion 4 of the act of March
the States of the fourth insta’ment ot the be; o-it.
If tli*- United 3, 1883, and the present condition of the claims :
States w< re b und as I y contract to hand it over, and it was an Whole number of claims presented
46,859
If

so

with that

,

a

^

indefensible breach of t e c m tract not to do so, tips act, was in¬
effectual to cui off the sigh of the S ates to have it; yet it had
the eff ct of a direttion and authority from Congress to this

Department, and so was a recognition ot the principle above
Stated. 'Ihe Department of Justice in 1837 gave the opinion that
the instalments of s »rp us not already deposited with the States,
were mbject to he used for any necessary we ns ot the Treasury,
though growing out of laws subs- quently passed, when the . xecution of tlios- laws could not w ith propriety he j ostponed, and
there were no other momys applicable.
Ir is. besides, to be im¬
plied troin that opinion, that the act of 1836 might be repealed by
Congress, for it says that such laws must be considered, when the
conditions had previously occuried, as impliedly repealing, pro
tanto, tlie unexecuted part of the distribution of the surplus
revenue provided
for in the deposit art of June 23, 1836. The
Executive, in, 1837, in a message to Congress, held that if tlie
mone s deposited were ne ded to defray existing appropriations,
they cou d be recalled, and recommended that the fourth instal¬
ment suould be withheld.
By existing authority of law, tanta¬
mount to an existing appropriation, the Treasury Department is
empowered to use the exisiing or arising surplus to redeem the
debt.
'1 he Secretary of the Treasury, in 1837, in his report to
Congre/s, recommended the withholding of the fourth instal¬
ment, asserting that it was not a dehr, hut a mere temporary dis¬
.




Amount of rebate claimed

$3,725,913

Number of claims allowed and forwarded to Fifth Auditor...
Number of claims rejected
Number returned for amendment

Total

3 074

46,859

Amount of claims allowed and forwarded to Fifth Auditor..

Amount

43,729
56

of

claims

.$3,524,167

rejected, $1,787 48; amount returned for

amendment, $199,959 27 ; total, $3,725,913 97.
Manufacturers’ claims, 846, amounting to $137,576 94 ; deal¬
ers’claim-q 46,013, amounting to $3,588,337 03; total, $3,725,9:3 97.
The claims of manufacturers have all been allowed.
The claims r^j. cted and claims returned for amendment are
claims of dealers.
No appropriation havp g been made for the payment of the
claims of dealers for the rebate, the attention ot Congress is

respectfully called to the subject. It will he seen that the sum
required to pav the claims of dealers which have not been
rejected (viz., 45,937 claims) is $3,586,549 55.
PRODUCTION

OF

SPIRITS.

The quantity of spirits produced and deposited
warelious s during the fiscal year ended June 30,
than the production of 1882 by 31,839,853, and of

714,842 gallons.

in dis illery
1833, is less

1881 by 43,-

J*

December

8, 1883,]

THE

CHRONICLE.

The decrease

in production of the fiscal year 1883, as com¬
pared with that of the fiscal year 1882, is distributed among the
different kinds known to the trade, as follows :
production of—
Bourbon whiskey

Decrease in

Gallons.

20,913,422

Rye whiskey
Alcohol

1,4 4 < >,123

1,1S2,9»>5
23,306
2,2 >0,424
2 41,385

Gin
Hiixh wines
Miscellaneous
Total decrease
Increase in production of—
Bum..,
Pure neutral or cologne spirits
-

.32,301,0.89
97.870
123,900

621

share of the burden of
payment. But as our interest-bearing
debt is over one billion and a quarter of dollars

public

($!,312 446.050, in

exact figures,) and about $250,090,000 and
$740 0 0,000 of it b-yond our reach tor payment, for
about nine years and seventeen
years respectively, and may not
be brought in
by purchase, save at heavy rates of premium,

about

if it can by
paying those rat*-s, there
attention the question, how shall a
even

from it
up.

521,830

Net decrease

There

31,839,853

lvmaming in disti l>Ty warehouses on the 30rh of
30th of June, 1882 respectively, distilled
J me 30, 1883, 80,499.993 gallons; June 30,
1882, 89,902,04-5 gallons.
were

June, 1883, and the
spirits as follows ;

There lmuld, un i*-r tlie. present law, come out of bond'd
warehouse and pay tax, di tilled spirits as folio-vs :
By.June 0,
1884, 20*104,531 gallons ; by July 6, 1884, 3,495 512 gallons ;
total, 29,000,043 g lions.
On which the tax would be $26,640,038 Tv).
The whole quantity in bonded warehouses to come out
and pay tax by July 0, 18S0, is 80,499,993
gallons, at a tax of 90
cents per

gallon.

This has
enue,

some
beating on the probable amount of surplus rev¬
should there be legislation affecting the payment or post¬

upon our

be avoide i ? The ci-mission of this question in former
reports of this Department admits of but one consistent answer
money

now

Tin

;

the views therein expressed have not been given
be a reduction of taxation.

re oug it to

rllIE

Total

is force!

heaped-up surplus of public

In

connect

SINKING

FUNP.

herewith, it is proper to c .11 attention to the
statutes providing for a
sinking fund.
By the S’atutes re-enacted in sections 3,694 and 3,696 of United
States Revised Statu es, it is
provided that tli ' coin paid for
duties on impor ed go ds shall be set
apart as a special fund to
be applied, first, to payment in
coin of tne interest on the bonds
and notes of the United States ;
second, to the purchase or pay¬
ment of 1 per cent of the entire debt of the
Uni eJ States, to be
made within > ac • fiscal
yetr, and, in addition thereto, an applica¬
tion to the payment of the
public debt of an amount equal to the
interest on all bonds
belonging to tli * sinking fund, as the Secre¬
tary of the Treasury shall from time to time direct. This
obliga¬
tion to regard the coin received for duties on
imported goods, as
a
p’edge for the gradual extinction o" the national debt lias
be n observed by this
Department, and an account kept of the
amounts applied from
year to f arto the sinking fund, a detailed
on

ponement of that tax.
statement of which is submitted with this
The Comnrssioner of Internal Revenue recommends that the
report.
It is as-urned tha this obligation entered into
limitation to prosecutions for violations of i ternal revenue laws
by the Govern¬
ment with i s cr. d
tors, at a tim- when its bonds were regarded
he made two years in all cases,
subject to the exceptions usual in i as of far less value in tlie markets of the world
than at tli*-» present
statutes.
The information <tf his bureau is. that in
nearly all j time, will be held sacr d until the d*-br, is
extinguish jd. It is
proceedings instituted after two years the accused is acquitted,
| true that the d~b lias been paid much more rapidly than it
lie cdls attention to the use of alcoholic
vapor in the manu¬ ! would have been 1 ad onD* the
amount of tlie sinking fund been
facture of vinegar.
lie sugg sts the need of legislation pre¬ ;
applied
to
its
payment,
bu
the
ob igation still remains to set
ventive of frauds therein.
1 hat which seems the best is to
j
apart
annually
the
amoun
required
bv law, to be applied to the
subject the manufacturers to the same regulations which are
| extinguishment of the public debt.
The payments- from time to
made by law fpr the distillers of spi its, so far as
they may be ! time of the amount thus
required have vaeied somewhat, as the
applied. Ilis report sp *aks of the direct taxes levied under the ! amount of the
debt lifis tin -qu tlly varied by a more or les i
act of August 5, 1841, and of the do .bt-» which have
rapid
arisen
payment of it.
whether the internal revenues have
operation in the Indian Ter¬
The estimate of the sinking fund for the current fiscal
year is
ritory. 'These matters are of such impoitance as to be esp< c-

j fixed at $45,8 6,741 47, and tlie amount required will increase
early attention of Congivss.
It is from vear to vear at the rate of about,
$1,000,090 until 1891. It
worthy, t o, of consi’oration- whether amnesty should not be is es imated
that an average of about $50,000,000 each
year until
given to a class of off-oilers against the ino-rnal r- venue laws, then will
be inquired for the
which will be iniell g’bly ind'eated
sinking fund. This will vary
by the phrase ‘'moon¬
shiners/- excepting, however, all cases in which disobedience of according to the amount actually appli.-d in payment beyond the
need of the sinking fund.
'
the law has run to violent opposition to the enf> rcement of it.
I consider, therefor-*, that in
legislating for tlie firure, the
It El >UC TIO N OF TAX A'1' ION.
! revrini ‘s should not be so far reduced
as to prevent the
applica! tion each year of ab ut
$50,000,000 to the sinking fund. Up an
The only United Spates bonds which are now
payable at, the i toe estimate of $85,00 >,M)0 as the
surplus for the curr. lit year,
..pie»sure of tlie Government are the three per cents, being $305,- we find a su
529,OnO; thos1 which next become redeemable are the $250,- wanted for theplus for tha* period of nearly $40,0 >0,009 not
tegu’ar expenditures of the Government, or for
000,000 of four-and-a-half per cents. on September 1, 1891. The
the payment of the national debt
through the sinking fund,
$737,024,TOO of fo lr per cents and the $325,8 >0 of refunding i
So the question still pre ses, what
legislation is necessary to
certificates a-re redeemable Ju!y 1. 1907.
relieve the people of unm-c ssary taxes?
As elsewhere sug¬
The estima’es for the fiscil year ending June 30,
1884, show gested, it should not be assuiii d iliat the
ill the Treas¬
surplus
a
surplus tevenue of $85,<>00,0 M) per annum. This is enough
ury will be consumed by lavish expenditures for objects of
to pay a11 the three per cents in about tliree-aud-one-lialf
yea s,
doubtful expediency or legality, o* that the scheme which has
and before the close of the fiscal
year ending June 30, 1887.
This surplus kept up for the f mr succeeding years, to Beetemb.-r | been proclaimed of exacing money from the people for the pur1, 1891, would be more than $350,000,000, or $ 00,000,000 more I pose of returning it to them by filtering distribution through
j Sta*e governments, will find any favor with Congress or the
than enough to pay all the bonds then
falling due. The same people.
annual surplus until July 1, 1907, would amount, with the
$100,In the recommendations of the President and those of this
000,000 le t after paying tne four-and-a-half per cents, to about
Department,
and the action of Congress, and in the exp.essionof
$1,400,000,000, wbde the whole amount of the debt then redeem¬
public opinion, there lias bee#i substantial concord as to how
able is less than $749,000,000.
The es ima’ed surplus of $85,000,- the needed reduction
of the revenue should be
brought about.
000 a year would pay the whole amount of the interes
It has been generally con e led that the internal revenue
-bearing
debt in ab mt fifteen years. The only
taxes,
authority posse.-sed by except iliose upon
spirits, ferine ited liquors, and upon the circu¬
the Treasury, whereby it can res ore to busin-ss the
surplus lation of banks, might well be abolished. There has been dif¬
moneys thus accumulated, is that given to the Secretary by the^ ference whether the
tax upon tobacco should hs abolished or
act of March 3, 1881, by which he
may at any time apply the modified.
Th-re were but few advocates of the immediate total
surplus money in the Treasury not otherwise
appropriated, to abolition of taxes upon
sp rits or fermented liquors.
My last
thepu chas -or redemption of United States bonds. This can
report said that taxes upon spirits and tobacco, being upon
now be done to other than the
three per cents only by the
pay¬
things not needful, should be reamed rather than those upon
ment of a large and
increasing premium thereupon. And when the common nece.-earies of
life; which, as a proposition, is not
it is considered that nearly one-half of the
interest-bearing debt to be controverted. But it was conceded
of the United States iby all that a substan¬
held by national banks, State
banks, tial reduction should be made up m nearly all
iinpirted articles
savings l acks, and trust companies, and much other of it oy
private trustees and other persons acting in fiduciary capacity, subjected to duties.
REDUCTION UNDER THE NEW TARIFF.
who have no wish to surrender these securities, the
difficulty o!
To make a start in the proposed reduction of revenue from
acting under the provision cited is manifest. Moreover, it can¬
not be as umed that the estimated
surplus for the current and imports, the Tariff bom miss on had been created. In good faith
next years, under
existing laws, will remain at the same rate in it undertook the work. In its report to C rngress it said : “Early
succeeding years.
The increasing population aid swelling in its deliberations the Commission became convinced that a sub¬
business of the country will add to, r.tlier than take from, tlie stantial reduction of tariff duties is demanded, not
by a mere
amount of the surplus as now estimated, while the decr-a-e
of indiscriminate popular clamor, but by the best conservative
interest on the public debt, and probably of the amount dis¬ opinion of the country, including that which has in former times
bursed bv the Pension Bureau, as arrears of pensions are
paid been most strenuous for the preservation of our national induaoff, should diminish expenditures.
triil defenses.
Such a reduction of the existing tariff the Com¬
As a general
principle, the good of the people requires that a mission regards not only as a due recogni'ion of public sentiment
public dt-bt should be paid as soon as it may be without
greatly and a measure of justice to con-umers, bug one conducive to the
onerous taxation, or dbturbince of business interests which
general industrial prosperity, and which, though it may be tem¬
have been fostered, perhaps stimulated,
by provisions of law porarily inconvenient, will be ultimately beneficial to the
once
expedient. Though of the public debt resting upon us, it special interests affected by such reduction.” Again: “Enter¬
is to be considered that the
object for which it was in the main taining these views, the Commission has sought to present a
incurred was the good of
coming generations, as well as of that scheme of tariff duties in which substantial reduction should be
which incurred it, and that it is not unjust to
them that, reaping tlie distinguishing feature.
The avt-r>ge reduction in rates,
a
measure of the benefits it purchased,
they should bear their including that from the enlargement of the free list and th

commended




to

the

I

iallv

THE CHRONICLE.

62z
abolition of tlie duties op charges and
Commission has aimed, is not less on

commissions, at which the adheres, however, to its conviction, that ultimately the just and
method of relief from taxation, and of limiting the
the average than 20 per expedient
Government, must be
revenues to the needs of an economical

Commission that the reduction
: “ It has been the effort of
reduction apply to commodities of
necessary general consumption, and to diminish or withhold the
reduction upon commodities of high cost, requiring more labor,
and which, being consumed principally by the more wealthy
classes, could bear higher duties, at tire same time supplying
revenue and encouraging the higher arts without being oppress¬

cent,

and it is the opinion of the

will reach 25 per cent.” And
the Commission to make the

again

ive in their operation/7
The Chairman of the Senate Committee on Finance, in
ation of the bill before the Senate last year, which, after

explan¬

various

amendments, became a law, estimated at $45,000,000 the reduc¬
tion of the revenue, which would follow the changes in the
tariff proposed thereby.
These intentions and calculations have not been verified.
The estimated receipts for the current year from customs

$195,000,000, a reduction
that there has been some

of less than $20,000,000.

Considering

probable, should 'business revive,

under the. present laws will in

years increase rather than diminish.
It was estimated by the Senate committee that the
internal revenue taxes proposed by their bill would effect a
duction of $34,790,034.
The Commissioner of Internal
estimates that the aggregate amount of reduction
by

succeeding

repeal of
re¬

Revenue
made
the
$13,000,000 per annum, including the
deposits of national banks ; but he fur¬

be less than
six millions of taxes on
ther estimates that the increase of receipts from distilled spirits
will so augment the revenues from that source as to make the

act will not

aggregate receipts from internal revenue for this year $120,000,
000, or about $24,500,000 less than those for the preceding year.
The reduction, therefore, from all sources of internal revenue
for the current year appears to be about $10,000,000 less than
the reduction expected by the Senate committee.
We have then
a reduction of $30,000,000 less than was sought for and ex¬

pected.
IS A

FURTHER REDUCTION

OF IMPORT DUTIES

ADYISARLE Y-

The question occurs : Shall we now seek again for that reduc¬
was not attained, and is it now advisable to attempt
reduction of the revenues for future years to arise from dudes

tion which
a

imports Y There was a general agreement thata substantial
reduction of the tariff should bo made. The estimates of the
Tariff Commission and.of the St nate committee show what was

on

the

contemplated reduction.

seems

a

reduction of the duties on imports.
INTERNAL

In my

report of last year

REVENUE TAXES.

it was suggested that should it be

tobacco

deemed expedient to reduce the rate of taxes ou spirits,
or fermented liquors
to lessm the inducement to-frauds, or to
make them more equal, the objection is not so strong against
moderate modification as against a total repeal of all taxes
As has been seen, a reduction of the tax upon tobacco
thereon.

manufactured products’ has resulted in a decrease of
therefrom, fully as large as was expected lrom the com¬
mittee which submitted the bill, and there is left hut about
$21,400,000 of revenue from that source. O'lie estimated receipts

and

i

s

revenue

spiiits, however, as

bias'been

Seen,

for the current year, ex¬
the opposition

ceed the receipts for former years. The reason of
to the reduction of the tax on distilled spiiits is that they are
not necessaries of life.
That principle may be still upheld, and

yet,

the tax, in whole or in part,

be taken from alcohol or spirits

used in the manufactures and the arts.
It has lately been esti¬
mated that, subject to the tax, there were used in
ures and the arts 4,209,978 gallons annually ; that if the tax were
but 50 cents per gallon there would be used 5,297,224
and if there were no tax, 7,307,504.
As the tax is 90 cents per

tlie manufact¬

gallons;

of legislation to this end is easy
approximation to accuracy. It would not be
difficult to protect from i rctended and fraudulent use of such a
relaxation of th • law.
There is a method by which spirits are
made unacceptable for other purpose; by “methylating” them
which is’ the using of a chemical substance w.tli them,
whereby they become distasteful.
There as a scientific
process which will eliminate the methyl, but so prolix and
costly as to be prac.ieally of no use; an 1 besides, it is a process
of distillation which could easily be put under the laws and
regulations now existing for the supervision of that business.
Propositions are made to repeal the whole system of internal
revenue.
As to this, I repeat my remark of last year : “ I see
no public sentiment or political action, indicating a desire on the
part of tax-}>.lying citizens to strike out this class of taxes.”
gallon, the effect on the revenue
to

be foretold with

All other internal revenue faxes have
that on fermented liquors, amounting, as

000, aud

on

been repealed, except
estimated, to $17,900,*

the circulation of national banks.

The repeal of

the tax on bank circulation in whole of in part I have recom¬
As the abolition of ail internal revenue taxes is a
mended.

may be made and pressed, some data are
'The spirits in bonded warehouse on June 30, 1883,
are estimated at more than 80,000,000 gallons.
The quantity of
distilled spirits in the United States, besides that ill customs
bonded warehouses, on October 1, 1883, is estimated by the Com¬

pioposition which
The actual results so far obtained here

indicate that the reduction labored for lms not been effected by
tlie new tariff act.
It is to be considered, too, that the failure is
not to be clia ged to tlie increase of importations keeping up the
The stadstics of our foreign com¬
amount o customs revenue.
merce show that there has not been an increase chargeable there¬
with.
As to the principles of reduction, if a revision be prac¬

ticable, there

found in

from

are

depression of business during the past

year and current year, it is
that the revenues from customs

[Vol. XXXVII.

to be little disagreement.

The reduction

into general consumption

should be made on articles entering
as necessaries—as sugar, molass s
upon luxuries; upon raw materials,

given.

missioner Of Internal Revenue as follows :
{•bilious.
fn distillery and special bonded warehouses
In hands of wholesale liquor dealers
In hands of retail liquor dealers

73,847,103
13.021,482
28,180,050

and tile like—rather than
Total
.*
115,940,235
rather than upon manufac¬
tured, with due regard to* the fostering of domestic industries
The quantity in bond upon which tlie tax is payable between
and occupations, especially th se not fully established,
hi the November
14, 18''/;, aud June 30, 1884, is 21.997,770 gallons, the
report of this Department last year, the leduction as applied to
the principal classes of dutiable articles was considered some¬ j-tax on which is $19,797,993.
The quantity upon which,tlie tax is payable during the fiscal
what. in detail, and, adhering to the views there expressed, a
j
year
ending June 30, 1885, is 37,228,317 gallons, the tax on
repetition of them is uniu cessary.
It may not be deemed expedient so soon to make again a revi¬ which is $33,505,475.
The quantity upon which the tax is payable during the fiscal
sion of the tariff to effect a reduction.
yeir ending June 30, 1880, is 15,350,030 gallons, the taxon
And there are considerations which are apt upon this head.
The new tariff act went into-operation, in all its parts, on the
1st day of July, 1883.
Tlu-re lias gone by since then but little
over one-tliird of a fiscal
It is a short time in which to
year.
learn with accuracy how so important and wide-reaching a law

that, touching all the business and

warehouse, to be withdrawn at once after that day, on
of duth s at the new rates.
Wherein it, increased the duties (as
it did in some instances, by new provisions to meet the adjudi¬
cation of courts or the rulings of this Department) it s imulated

importations prior to the 1st day of

spirits in
must pay
On the

the hands of dealers the tax enters into the cost and
It may he assumed that neither the dis¬
them.
tiller, nor the owner of spirits in bond, nor the dealer owning
it, wishes c nnplete abolition of the tux upon it. The commu¬
nity in its present temper will not submissively receive a law
encouraging the ilia ufacture of whiskey unrestricted in quantity.
A reduction of the tax on whiskey in bond to 50 cents a gallon
payment

industrial interests of tlie
country, will permanently affect the revenues,
it is known that
in some respects the first effects of it may not be relied upon as
stable.
Wherein the provisions of it le.-sened the duties upon
foreign articles, it stimulated importations thereof,,immediately
before the 1st day of July.
The goods were put into bonded
as

which is $13,820,427.
Elsewhere herein is given the quantity of distilled
bonded wherehouse, aud which, under existing law,
tax before it is released, and other data of that kind.

July,*1883, with the

purpose

of takmg the benefit of the lower rate prevalent up to that date.
These aecelerat-d importations were, as a natural result, fol¬
lowed by decreased importations of the same ar icles after the
law took effect; so that the lasting effects of the application of
it to the business of the country may not be known with reliable

! quantity in
value of it

to

would reduce the revenue about $7,000,000 for the current year,
the, reduction to take effect from November 14, 1883, and
about $13,500,000 in the year ending June 30, 1885.
In connection with this, subject, it is deemed proper to call
attention to tlie fact that the total number of gallons of distilled
were

spirits produced in the year ended June 30, 1883, is estimated at
74,013,308, about 5,500,000 less than all in bonded warehouse
J une 30, 1883.

bond declare themselves unable to meet
thereon as they fall due. They have to
certainty, ei’her in the general result upon the volume of rev¬
s me extent exported tlr m rather than to pay tax.
It is likely
enue to be yielded by duties upon imports, or
in its particular
results upon especial classes or goods and especial branches of that they will again ask an extension of the time of payment of
such taxes.
They.may ask for a rei eal or modification of them.
domestic industry.
The statistics given above are fit for attention, as well upon
AgaiD, it may be deemed needful to so legislate as to certain
industries aud businesses as ti effe’et reduction or suspension of the question of the pr liable surplus in the Treasury as upon
the revenue from the taxation upon them.
Those making or the need and propriety of legislative relief to the owners of
trading iu disti ltd spirits, or who have made loans or advances spirits.
The estimates of receipts fr >m taxes ou distilled spirits adopted
of money thereon, will be earnest in endeavor for an extension
in this report include the taxes thereon fading due the current
of the bonded period.
It is not unlikely that Congress will
listen to their appeal
An extension of the bonded period will ye r, amounting to nearly $20,000,000.
******
effect a reduction of revenue for the length of time t here >f.
In
CHAS. J. FOLGER, Secretary.
another part of this report are data on which may be calculated
how much that will b,-. On the whole, then, this Department
To the Honorable the Speaker of the House of Representa¬
does nat recommend




an

immediate revision

of the tariff act.

It

Owners of spirits in
the payment of taxes

tives.

December 8,

THE CHRONICLE.

S883.J

623
I

COMPTROLLER OF THE

THE

REPQRT OF

CURRENCY.

Companies.

j
No.

Treasury

Department,
a
Currency,
>
Washington, December 1, 1883.
j
I have the honor to submit for the consideration of Congress
the twenty-first annual report of, the Comptroller of the Cur¬
Office

rency,

of the

Comptroller

of the

in compliance with section 333 of the Revised Statutes

1

N.

*

1865.

-

England States

are

located by

..

geographical divisions,

as

fol¬

503

48*90

108*40

2,002

30*31

149*02

1,06.1

123-14

490*00

3,412 i 105*28

288*96

Pacific States, eleven, with capital of $620,000 ;

and Territories,
twenty-six, with capital of $1,550,000.
Forty banks, with aggregate capital of $7,736,000 and circu_
lation of $4,137,033, have voluntarily discontinued business
during the year ; twelve of which were succeeded by other
banks, located in the same places, with nearly the 'same share¬
holders. Two national banks, with an aggregate capital of
$250,000, during the year ending November 1, 18S3, have been
placed in the hands of receivers, making eighty-nine in all
since the establishment of the system.
The total number of banks which have voluntarily closed
their affairs by a vote of shareholders owning two-thirds of
their stock, under sections 5,220 and 5,221 of the United states

No.

25

J

42

United States

permitted their
corporate existence to expire, and these associations are in
liquidation under section 7 of the act of ,1 uly 12, 1882. National
banks are organized in'every State of the Union and in every
organized Territory. The total number m operation on Novem¬
ber 1 was twenty-five hundred and twenty-two, the largest
number that has been in operation at any one time.
COMPARATIVE

STATEMENT

OF

THE

NATIONAL

BANKS

FOR

~

dates, from 1877 to ls83, inclusive
i Oct.

j

:

Oct. 1, j (ict. 2,
1878. : 18 79.

1,

ls77.

i

.

! oct. i. ‘Oct.

; 1880.
1

1
2,0-0

2,05 3

1 Janks.

Banks.

2,090

2,132
Banks.

St’cks,bonds, Ac.
Due from banks.
Real estate

Specie
Leg’l tend, notes.
Nat. bank notes
C. H. exchanges.
U. S. certificates
of deposit.
Due from U. S.
Treasurer
Other resources
...

Mi/Uns'
S3 i*()

Oct. 2.
1883.

i

;

i

2,2(59 i 2,501

1,011*0 1,173*8 1,24 3*2 1,309*2

| Banks.

Banks.

!

Mir ns 21 Urns Mill1 ns Mill'ns

1

113-0

50-0
18*2
121*1

3(53*3
5(5*5
01*9
230*8
47*3
114*3
53*2
17*7
189*2

102*9
03*2
20*7
208*4

351 *4
30 7
71*1
208 *9
48-3
107*8
70*7
22*7
90*4

j

20 8

7*7

0*7

8*7

10*0

1(5-0

10 5

17*0

28*7

24*9;

22 1

17*1
23*0

17*5
20*2

17*2
2S-9

28*9

13*7

14*9

31*5
129-9
45*2
22-7
00*9
15-0

3 i7*0

91*7
30*9 j
I 3s*9
40*71
30*7;
0l*4i

74*5

10*91
82-4 j

33-4

32*7

Liabilities.

3; >7*3
71*2
39 7
107*3
47*8
4 2*2
09*2
1(5*7

oF>7\S
43*0

48*9
213*5
48*01
109*3

i

479*5

400*2 j

Surplus fund
Undivid’d pr’fits

122*8
4-1-5
291*9
030-4

110*9!

454*1
114*8

44*91
301*9
008*4
105*1
7-9

41*3
313 8
730*9
201 *2
0-7

Circulation
Due to deposit’i s
Due to banks
Other liabilities.

■

MU/'ns
87s *5

Capital stock...
...

,

1 lacks.

1,741*1 1,707*3’ 1,808-8 2,105*8 2,358*4

Totals

j 18-2.

*.*,o IS
Banks.
i

V i//'n s
IlKSOL’KCMS.
SO I D
Loans.
Bonds l!or circu330*8
lation
•15 0
Other U. 8. bd

Oct. 3,

I.
18-1.

101-0
10*4

403*8
457*0
120*5
128*1
4(5*1
50*4
317-3
320*2
887*9 1,083*1
294*9
207*9
11*9
8*5

357*0
37*4
00*2
198*9
4(5*5

1(5*0

1*02

Deposits

32

Millions
436*25
480*98
1*80
35*23

025

9(50*26

420
171
t

43*47

>

on

Dec.

SC

-V-

AL

-V.

The

following table exhibits, for corresponding dates nearest
May 31, in each of the last seven years, and to November 30,
1882, the aggregate amounts of the capital and deposits of each
of the classes of banks given in the foregoiug table :
to

National B aides.

j

;

No.

2,091
2,078
2,( >50

ls77.
1 878
1 S 7 9.

Mill's.
713*5
7(58*2
(577*2
713-4
900*8
1.039 9
1,131*7
1.1 19*8.

Mill's.
500-4
181*0
170* 1

1881
18.82.

-»5.V3
155*9
•1(50*2

.

2,239

•177*2

LSS'2

2,00.8

•IS 1*9

;< ’apital Dep’sts 1

3,803
3,709
3,799
3,(539
3,79-8
>

ings Banks
with (’.* pital.

Sa\

1.010
•1,403
4.173

! Mill's. j Mill's.
21 1*0
48.0*0
21 8-i; ‘ 170*5
1
202 2
413*3
197*0 *1 397*0
190*1
501*5
200*5 i 027*5
231*0
7*17*
228*4 i 770*0
■

No. (

Yeai

-

l
]s 70
1 ssO
lssl
188*2
1SS2

.......

—

20
2(5
i

s.

No

1 )e posit s.

........

....

(591
0(58
o 11
15‘JO
< >•_!! >
022
< I ‘J 5

..

Mill's.
37*2

5*0
•1 *9
3*2
1*2

>«>

29
*29
3(5

4*0
4-2
3*9
4*0

,* >s

12

i

38*2
20*2
30 1
34*0
37*6
41*3

1

43*5

To l; ll.

1

7’

’a|>ffal Dcp’ts
Mill'.',*.

8a v ngs 15 inks
without ('ai lital.
*

.

i

!

No.

Capital Deposits’

2.070
2.1 15

2.( 1 1 8

.

State Banks, Private
B ankers, Are.

i

Years.

1870..
1877..

The following table exhibits the resources and liabilities of
the national banks for seven years, at nearly corresponding

No.

Millions Millions
0*10
0*89
0*03
5-34
0*5(5
1 *50
2*73
35*71

8

SEVEN

YEARS.

Without Capital.

capital of the 2,308 national banks iu operation

Ar.

! 880.

have

Savings Banks

’apital.

and savings banks, for the six months ending November 30,1882,
was but $232,435,330.
The latter amount is less than two-fifths
of the combined capital and surplus of the national banks.

banks as their successors.
The shareholders of ten banks in all

were

with

20*68

30, 1882, was $484,883,492, not including surplus, which fundat
that date amounted to more than 135 millions of dollais ; while
the average capital of all the State banks, private bankers,

1 ■'70

has been 450, of which 67

|

Capital. Deposits

O

New England States
Middle States
Southern Slates
!
West’ll States and TVrritorie s

placed in
liquidation, in anticipation of the approach of the termination
of their corporate existence, for the purpose of organizing new

Revised Statutes,

0*22
02*42
0*33

Geouuai’HIcal Divisions.

The

Millions
0*57
112*69

907
289

<

:

States, forty-six, with capital of $3,798,650 ; Western States,
one
hundred and thirty-two, with capital of $18,295,500 5

! Millions
91

Savings Bank s

Eastern States, seven banks, with capital of $1,275,000 ;
Middle States, forty, with capital of $3,115,200 ; Southern
lows

.Capital. Deposits

31*04
244*02
45*91

-

These banks

'

No.

8*30
40*00
25*34

40
210
248

;

United States

I

.

Millions Millions

.

Territories

Private Bankers.

Capital. Deposits

•

Middle States
Southern States
Western States aud

of the United States.
Two hundred and sixty-two banks have been

organized dur¬
ing the year ending November 1, 1S83, with an aggregate
authorized capital of $28,654,350 ; circulating notes have been
issued to these new associations amounting to $7,909,190. This
is the largest number of banks organized in any year since

'

|

State Banks and Trust
GEOOKAI’HICAL
DIVISIONS.

~

-

i

No.

Capil al. Deposits.

1/ illinis
s 1 1(5
13*2

0.01 1
(5.579

8oo*3
717 1

(>, 150
o,3<;o

Millions.' Millions.
719 1
1
2.075*3
70 1 5
2,1201
(> .»• 8
1,920 0

7so*o
802*3
929*8
900-2

.

.

.

,

050*5
050*0

1,893-5
2,219*9

0.-790
7,302

070 0

2,007*3

712*1

7: ns

717-::

2.850-4
2,902*5

It will be noticed that th- first two tables of this chapter are
for the six months ending November 30, while all similar tables
in previous reports have been for the six months ending May 31.
The law repealing the tax on capital and deposits of State
banks and private bankers went into effect on November 30,

1882, in accordance with the opinion of the
and for this reason the
that date, which will be

Attorney-General,

Comptroller has given the returns to
the last data to be obtained from this

source.

In the last table of the series the returns are given
six mouths endiug May 31, 1882, and also for the six

ending November 30, of the
EXTENSION

OF

THE

for the
months

same year.

CORPORATE EXISTENCE OF NATIONAL BANKS.

At the date of m}^ last report, the corporate existence of 86
national banks had expired, and 30 of these banks had extended
their existence under act of July 12, 1882 ; 52 banks went into

voluntary liquidation, and were succeeded by other associations
organized in place thereof, chiefly previous to the act of July
2,399*8 j 2,372*7 12,1882, which authorized the extension of the corporate exist¬
ence for a new period of twenty years of national banks whose
franchises were about to terminate.
The four remaining banks
509*7
483*1
132*0
142*0
expired
by
and
did
not
effect
limitation
new organizations. The
01*2
61*0
number of national banks organized underact of February 25,
310*5
315*0
1,13 l*9i 1,0(53*0 1863, which were in operation at the date of my last report,
270 4
259*9
December 2. 1882, was 307, as follows :
"

I

1,741 *1 1,707 3 1,808*8

Totals
VT

vr

’A'

-A'

2,105*8 2,358*4 2,399,8 2,372*7
-x-.

Date.

Banks.;

Cental.

*

NUMBER, CAPITAL, AND DEPOSITS OF NATIONAL BANKS, STATE
SAVINGS BANKS, AND PRIVATE BANKERS.

AND

December, 1882.
.Timimiw, 1883

February, 1883

10
3
294

1

$1,420,000

i

400,000
69.793,250

1

Circulation.

$1,278,000
360,000
53.222,170

Of these banks 273 have extended their corporate existence
Section 333 of the Revised Statutes of the United States*
requires the Comptroller to present annually to Congress a under act of July 12, 1882 ; 17 have been placed in liquidation
statement of the condition of the banks and savings banks by vote of shareholders of the bank, and 4 have expired by
organized under State laws. Returns of capital and deposits limitation. All of these banks which have been placed in
have hitherto been made by these institutions and by private liquidation and have expired by limitation, with the exception
bankers semi-annually to this Department for purposes of .tax¬ of two, have been succeeded by new associations, organized in
ation.
From these returns the following table has been com¬ the same localities with different titles.
All of the banks organized under act of February 25, 1863,
piled, exhibiting in concise form, by geographical divisions, the
total average capital and deposits of all the State and savings ceased to exist by the terms of the act on or before twenty years
banks and private bankers of the country, for the six months from the date of its passage ; but the banks organized under
act of June 3, 1864, have succession for twenty years from the
ending November 30, 1882 :




THE CHRONICLE.

(521

payable

date of their organization, section 8 of that act providing that
each association
Shall have power to adopt a corporate seal, and shall have succession
hy the name designated in its organization certificate, for the period of
twenty years from its organization, unless sooner dissolved according to
the provisions of its articles of association, or hy the act of its share¬
holders owning two-thirds of its stock, or unless the franchise shall he
forfeited by a violation of this act.
The provisions of the act of July 12,1882, authorizing national
banking associations to extend their corporate existence are

at

[v0l.xxxvi.

the pleasure of the Government, and which cannot

be redeemed except by purchase in the market, is as follows :
Four per cents, payable July 1, 190'T
$737,946,550
Four-and-a-half per cents, payable September 1, 1891...
250,000,000
Pacific Railway sixes, payable Sept. 1, 1>95. $3,002,000
Pacific Railway sixes, payable Sept. 1, 1896.
8,000,000
Pacific Railway sixes, payable Sept. 1, 1897.
9,712,000
Pacific Railway sixes, payable Sept. 1, 1898. 29,383,000
Pacific Railway sixes, payable Scut. 1, 1899.*11,520,M2
64,623,512
—

$ 1,052,570,062
readily understood, and have proved to be well adapted for the
purpose.
Stockholders have not always assented to the pro¬
*$483,512 of this amount is payable in 1900, and $4,680 in 1902.
posed extension of corporate existence under the law, but up to
It is evident that unless there is additional legislation the
this date such differences have been amicably arranged without
bonds
held as security for circulation will rapidly diminish.
the appeal to the Comptroller provided for in section 5 of the
act.
Banks whose corporate existence does, r.ot expire until New legislation may, however, postpone the payment of the
1885 have already applied to the Comptroller for authority to public debt, or cause the profit on circulation,to increase suf¬
"extend their corporate existence, but he does not consider that, ficiently to induce the national banks to invest in the long four
under the law, he would be justified in issuing a certificate to a percents, which are not to mature for a period of twenty-four
bank so long previous to the expiration of its first period of years.
The contraction of the bank circulation may be
avoided by reduction of the redundant revenue, and there is
succession.
Before granting the extension, the law requires that he shall no doubt that this is the true policy.
“The radical cure for
in every case make an examination of the bank applying there¬ the evil” of an accumulation of a large surplus, says the Sec¬
for, and satisfy himself with regard to the character of the retary in his last report, “is in .the reduction of taxation, so
assets held bjr the bank.
It would be manifestly not in accord-, that no more will be taken from the people than enough to
the
ancewith
spirit of the law for the Comptroller to make an carry on the Government with economy, to meet all its obliga¬
examination, and upon such an examination issue a certificate tions that must be met from year to year, to pay off with rea¬
for the extension of the existence of a bank, to take effect sonable celerity the part of the debt which it may pay at
many months thereafter, as it is possible that a bank in excel¬ pleasure, and to provide, through the sinking fund, for the
lent condition at that time might, before the extension became payment of that which wiil become payable by and by.
The
operative, experience a serious impairment of its capital stock. evil comes from the likelihood of the Government holding,
The Comptroller has therefore declined such requests, and no from time to time, a large surplus, to be poured out in volume
certificate authoiizing extension will be given to any bank until at uncertain and unforeseen times, and at times often inoppor¬
within a period of about four months previous to date of expi¬ tune for the business of the country.
There could not be that
ration of its franchise.
surplus, surely not so great a one, if the subjects of taxation
The whole number of banks now in operation, which organ¬ were lessened, and the rates made smaller upon those re¬
ized under the act of June 8,1864, whose periods of succession tained.”
The contraction of the bank circulation may also be avoided
will terminate during each year previous to 1900, is 1,595, with
by the conversion of the long bonds into three percents, by
capital and circulation as follows :
offering inducement to the holders of these bonds to exchange
■

.

.

(

Years**

No. of
banks.

1884
1885
Is 86
2887
1888

1889
1890

1891
1892
1893
1894
1895
1896
3 897
2 898

249
727
19

$89,611,570

6
11
3
63

1,100,000
1.300,000

2^71 5*300

*

*

CONTRACTION

'

5 t< ,00(1
6, 119,950
9.120.880
8 300.S70

3,849,400
5.8 J 9.1 50

7,695,1 SO
3,525,500
2.151.000

NATIONAL-BANK

2,208,600

|

352,089,985
*-

>

719,100

1,968,S00
3,019,000
2,619,600
4,930,000

#

OF

970’50

7,638,000
30.51 7.000

1,595

(50

1.758,250

600.000

67
H2
23
29
27
43

Total

1° l 8 )7

9,290,500
33,193,9 U>
12,879.600
4,740.000

39

1899

$60,520,825

1

185,036,715

lot
103

them for three

Circulation.

Capital.

|

3,910,9. K)

i

$240,329,555

*

-x

CIRCULATION.

The Secretary of the Treasury has been compelled, on
account of the large receipts of revenue in excess of expendi¬
tures, to call iu rapidly for payment that portion of the bonded

to mature in 1907, the

Government
paying to the holders thereof a reasonable amount for their
difference in value. The principal obj->cion made to this
proposition is, that the Government would pay to the holders
a large premium upon the bonds held by them, but it is evi¬
dent that in the course of two or three years, after the three
per cents are paid, if there is no reduction in the revenue, the
surplus will enormously increase, unless the long" bonds are
then purchased by the Government at a rate to be then fixed
by the holders thereof, which will be a rate much higher than
that now proposed.
The premium to be paid to the holders of
these long b >nds maybe considerably reduced by providing
that tlm circulation to be issued upon the proposed bonds when
deposited by the national banks as security therefor shall not
be subject to the present tax of l per cent per annum, or by
posrponing the time for tlieir payment. Such legislation would
make the new bonds, more valuable for this purpose than for
any other, and would be likely to prevent tlieir withdrawal
until maturity, if once deposited, and for this reason the bonds
per

cents

would be more desirable as a basis for circulation than any
which have heretofore been issued.
The contraction would also be avoided by providing for the
removal of the tax on circulation, and the increase of theamount
of circulation to be issued to the banks upon the bonds de¬

payable at the pleasure of the UnitecL States.
During the year ending November 1 more than 105 millions
posited by them.
($105,822,450; of the public debt has been paid, aud all of the
The Comptroller, in discussing this subiect in his report for
remaining three-and-a-half per cent bonds, amounting to 1882, said : •.
$91,596,250, have been called for payment, and ceased to bear
If the public debt is to be paid hereafter as rapidly as during the past
interest on November 1
Notwithstanding the fact that 262 three years, all of the interest-bearing bonds wiil
soon be surrendered
new banks were organized during the past
year, with a capital and canceled, and there is danger that t he bank ..circulation will be so'
of $28,654,850, depositing $9,375,550 of bonds as a security for rapidly retired as to cause a contraction of the currency, which will
affect the
of commodities and create embarrassments iu business;
circulating notes, the aggregate amount on deposit for* that but there isprice
now no such pressing necessity for a speedy
payment of the
purpose lias diminished from $362,490,650 to $352,907,300, a public debt- as there is for tin* reduction of the redundant revenue.
reduction of $9,583,350. More than 40 millions of three-and-a- It is believed that Congress will soon provide for so large a reduction of
half per cents held by the banks on November 1, 1SS2, have the revenue that a sufficient amount of bonds will remain for the security
of the bank circulation.
*
*
been withdrawn or called for payment; the threes have in¬
If the whole public debt were reduced to a uniform rate of 3 per cent,
creased less than 22 millions, and* the fours and four-and-a- the present high premium upon bonds would almost entirely disappear,
and the volume of circulation would respond more readily to the de¬
halfs less than 9 millions.
mands of business. The
to sell such bonds for tin*'purpose
During the month of September, fifteen millions of three per of realizing the premiumtemptation
would no longer remain. A proposition for
cents were called by the Secretary, and during October fifteen refunding all the bonds, not payable at t he pleasure
of the Government,
debt which is

millions, and on November 17, ten additional millions, an
aggregate of forty millions, of which about eighteen millions
belong to the banks The remainder of the bonds outstanding
payable at the pleasure of the Government consist of 265 mil¬
lions of threes, and of these the national banks hold more than
two-thirds.
Unless there shall be legislation by the present
Congress which shall reduce the receipts of the Government, it
is probable that the United States bonds will continue to be
paid at the same rate as during the past year, in which event
all the threes will be called for redemption within the next
three years.
This will reduce the bonds held by the banks
from 353 millions to 151 millions, and cause a contraction in the

national-bank circulation of about 60 millions per annum.
This large contraction will be somewhat reduced by the action
of those banks which substitute four and four-and-a-half per
cents in place of the threes ; but the amount of long bonds
held by the banks may also be reduced by that class of banks
which may conclude that it is for their interest to avail them¬
selves of the premium at the time when, in their opinion,
the
value of said bonds shall reach their maximum price in the
market.
The total amount of bonds outstanding, held by the banks

and

by the people, which




are

available for circulation, and not

into throe per cents, was suggested

during the last session of Congress.
The'proposition is 1 hat inducements be offered to the holders of the four

four-and-a-half per cent bonds to surrender them to the Govern¬
ment, receiving in payment therefor three per cent bonds having the
same dates of maturity as the bonds which are to be surrendered.
The
lie.w three, per cent bonds issued would themselves bear a small pre¬
mium, and it is believed that the holders of four per cents would consent
to such an exchange if accompanied by an otter of not more than 15 per
cent premium.
The amount of the premium upon this class of bonds,
say 700 millions, now outstanding at 15 percent, would be 105 millions
of dollars, and this premium could be paid, as the bonds are surrendered
for exchange, from the surplus revenue of the Government, tints in effect
reducing the debt of the Government 105 millions by a prepayment of
inti-rest which must he paid at a greater rate each year until their ma¬
and

turity.
The benefits-of this

plan both to the holder and to the Government
apparent. The holders would receive, in the shape of 15 per cent
premium upon the bonds, a portion of tlieir interest in advance, which
would be available for loans at rates greatly exceeding the borrowing
power of the Government, which is now less' than 3 per cent. The Gov¬
ernment would be enabled by this use of its surplus to save a portion of
the interest which otherwise it would be-compelled to pay hereafter. * *
One alternative would be to reduce the tax upon circulation, and
another to amend section
of tho act of July 12. 1882, so as to author¬
ize the banks to receive circulation at the rate of 90 per cent upon the
average current market value of the bonds for the six months previous.
If the bonds shall decline in the market, additional bonds may be re¬
quired to be deposited, or the* interest may be retained by the. Treasurer,
upon notice from the Comptroller, to make up the deficiency. Such an
amendment has-frequently been suggested, and, in fact, the original
.are

D&CEMBEH 8,

THE

1883.]

CHRONICLE.

national bank act authorized the issue of circulating notes to the amount
of 90 per centum of the current market value of United States six per
cent bonds deposited, provided that such !)0 per centum was not in ex¬
cess of the amount of the bonds at their par value, or in excess of the
paid-in capital stock. The law also provided for the deposit of addi¬
tional bonds or money upon their depreciation, to remain so long as the

A law authorizing increase of issue to 90 or 95
per cent upon
the low’est market price during the calendar or fiscal
year pre¬
vious to the deposit, together with the
repeal of the* tax upon
circulation, w’ould result in the deposit of a sufficient amount
of the four and four-and-a-half per cents to maintain the cir¬
culation at about its present aggregate.
Section 6 of the act of July 12, 1882, provides that
any gain
that may arise from the failure to present the
circulating* notes
of the national banks shall inure to the benefit of the United
States ; and in order to ascertain the amount of such circulat¬

depreciation should continue.

It is submitted that the issue of circulation upon four and four-and-alialf per cents at 90 per cent upon their current market value, under a
restriction similar to that last mentioned, is equally safe with the issue
0f 90 per cent upon the three per cents now outstanding at par; or that
a reduction of tax upon circulation to one-half ol 1 per cent, or to an
amount sufficient to reimburse the Treasury for tin* whole expense of
the issue of bank circulation, and all expe nses incident thereto, is not
unreasonable in view of the fact of the large reduction upon the income
derived from United States bonds, amounting to more than 2 per cent
since this tax was imposed.

!

jOtlier

propositions have been suggested in order to postpone
prevent the contraction of national-bank circulation which
is now imminent, but the Comptroller considers that, so long as
there is a sufficient amount of United States bonds outstanding,
legislation should be so shaped as to continue them in use as a
or

basis for national-bank circulation.

When the national-bank

passed twenty years ago, it authorized the issue of
bank notes equal in amount to 90 per cent of the current mar¬
ket value of the bonds, but not exceeding par, nor above the
amount of the capital of each bank.
The only Government
act

was

and the amount of circulation

was

limited to 300

millions.

March 3, 1865, when this section of the act
was amended so as to * issue circulating notes at the same rate,
but also in proportion to capital, the amount of circulation was
on

also limited to 354 millions, and the amount of bonds then out¬

standing bore interest at the rate of either 5 or 6 per cent.
by the national banks on November 1 of that
year consisted exclusively of five and six per cents, amounting
in the aggregate to $367,549,412, of which $128,503,212 were
sixes and $239,046,200 were fives.
The great change since
that date in the securities held by the banks may be seen by
reference to the following table, which gives the kind and
The bonds held

amount of bonds held
1882.
Four-and-a-halfs
Fours
Three-and-a-lialfs
Threes
Pacific sixes

on

Nov. 1, 18S2 and 1SS3.
JSS2.

$99,754,(550

Fo.ur-and-a-lialfs

104,927,500

Fours

40,000 950

179,075,550
3, 20,000

Three-and-a-halfs..
Threes
Pacific sixes

$41,310.700
100,101,850
..

092,<M»0

201,927,750
9,403,000

$902,400,050

$952,997,900

The interest upon

'

bonds deposited was then from 2 to 3 per
cent greater than at present, and the profit on circulation about
2/2 per cent. There is now only a nominal profit on circulation
issued upon United States bonds, and many of the banks which
have organized during tlie past year whose bonds have already
been called for payment have experienced a loss of the amount
of premium paid for such bonds.
The yearly prolir on circulation based upon 4 per cent bonds
may be seen in ti e following table
$10 >.ooo fours u;t 21 pei* cent premium, uunuui interest
Circulation 90 jut cent on par value
$9o,0ou
Deduct 5 percent redemption fund
-1.500

$1,000

...

Loanable cin -trial ion

$^5,5oo

Gross receipts.
Deduct 1 percent lax

$9 190
90
*9 1

-

Net I'eeeipts
$121 .O'so loaned at 0 per rent
on

circulation

5,190

...$POo

Dediu-t cost redemption
Deduct it premium

•Profit

at d percent.

’

-

...

j

j

j

j

payment of all dues except duties on imports, and guar¬
antees the pay’inent of their issues at the
Treasury’, on demand,
holding a paramount lien upon all the assets cf each bank to
make good any deficiency’ which may’ arise after the sale of the
bond- pledged for such notes.
The amount of the gain accruing from the
non-redemption
of Inst national bank notes can soon be
approximately esti¬
mated, and should be authorized to be carried to the credit of
an “ insolvent bank
redemption ” account in the office of the
Treasurer.
If this fund should be used for the
purpose of
redeeming the notes of insolvent national banks, the avails of
whose bonds might be insufficient for that purpose, the issue
could safely’ be increased to a rate not exceeding the lowest
market value of the bonds during the calendar or fiscal yTear
previous to the deposit. Experience has shown that if instead
of ninety dollars upon each one hundred dollars of bunds, one
hundred dollars of circulating notes had been issued upon
every seventy dollars of United States bonds deposited, there
would not have been any loss to the Government, or to the
holders of the circulating notes of any’of the national banks
which have failed during the last twenty years ; but that there
might have been an additional loss to the depositors, depending
upon the character of the assets held in place of the portion
of bonds which on this supposition w 01 Id have been released.

j If circulation had been issued to these insolvent banks, which
had a capital of about twenty millions, to the amount of their
capital, the value of the bonds being the same, and tn^re had
! been
just previous to failure a decline in the market of 0 per
cent upon the value of the bonds, the losses would not have
exceeded one million of dollars.
These possible losses would
have fallen upon tli^ holders of the notes of such few banks
only as became insolvent, or upon the creditors- of these banks
or the Government
; and if the gain arising from lost notes
coulu have been used as proposed, these possible losses would
have been provided for.
A very’ large proportion of the

{

national banks

strong in assets and in the wealth of their
losses can arise either to creditors or note
holders from their issues.
Circulation could, in fact, be safely*
are

shareholders, and

7,900 j
7,200 j
40

*
In this eomoutation the pivm'um is d ‘ducted in 29G equal annual
instalments, and the 5 percent fund is regarded as reducing the loan¬

able circulation. But if the principle of the sinking-fund be applied in
arriving at the annual amount, which, placed at interest and com¬
pounded until the maturity of tin* bonds, will make good the premium
paid, would he smaller, thus increasing the profits. Exports estimate
that if the 5 per cent redemption fund is not deducted, and the premium
paid compensated for on the sinking-fund principle, Die annual profit on
4 per cent bonds at 122 premium is, when the current rate of interest is
6 per rent. $725; when 7 percent, $-101; and when S percent, $191, on
each $100,000 of the bonds deposited to secure circulation:
It’ the rate of interest was 7 per cent, there would be no profit*

The annual profit ou

ing notes, it is provided that new circulation, readily distin¬
guishable from the circuiting notes before issued,*shall be
issued to such banks as shall, under the law, be authorized to
renew their corporate existence.
It is believed that the gain
arising from the accidental loss or destruction of circulating
notes will amount to from 1 to l>i per cent
upon the highest
amount outstanding during each period of
twenty years. The
am »uut of gain to the Government at the
present time, arising
from this source, is probably’ about four millions of dollars.
This gain does not properly beloDg to the United
States, or to
the banks issuing the notes.
It really belongs to those parties
or,lyT who were the owners of such circulating notes at the time

of their loss or destruction.
The Government of the United
States receives the circulating notes of the national banks in

bonds then in existence bore interest at the rate of 0 per cent,

Subsequently,

(>25

no

issued to many of tbe national banks, which have an accumu¬
lated surplus of more than 20 per cent of their capital, to an

amount

exceeding their capital or bonds deposited. But the
banking system, under which any

preseut system is a free

association of persons may organize a bank.
The increase in
the wealth of the country has been rapid, and associations are

being

rapidly’ organized in such localities as offer good
inducements, by persons of undoubted means and
good financial standing ; but human nature- remains the same,
and Congress would not be justified, under the present system,
in authorizing the issue of circulation bey’ond the amount of
security’ deposited, as such legislation would offer iuducements
to unprincipled men to
organize banks, and issue circulation for
business

fraudulent purposes.

$100,000 four-and-a-lialf per cent bonds
A proper limit to the issue of the circulating
notes of each
at 14 per cent premium, the rate of interest being 6 per cent,
bank, and adequate security for the amount to be issued, does
would be $110, and at 7 per cent there would be no profit.
more to prevent the
organization of fraudulent institutions, in
At the time of the organization of the,system, and since that
such a broad territory’ as our own, than any penal provision,
time, the law has authorized the issue to a bank of $100,000 however
stringent.
capital, circulation at the rate of 90 per cent upon securities
Legislation authorizing such an account as has been suggested
having a market value equal to the cap tal. 'Jhe value of to be
opened in the office of the Treasurer would insure the
$100,000 of four per cents is now $121,000, upon which only Government
against any’ possible loss, and the increase of cir¬
$90,000 of bonds are issued, the margin being 31 per cent culation
upon bonds, together with the repeal of the tax upon
instead of 10 per cent as formerly, while the banks at the same
circulation, would undoubtedly have the effect of supplying the
time, under act of June 20, 1874, are required to keep on
bank circulation for the next twenty-four years,
deposit with the Treasurer a five per cent redemption fund, country’with
or until the
maturity of the four per cent bonds, and probably
which amounts in the aggregate to an average of about 15
without affecting the safety fund thus provided to the amount
millions of dollars. Thus it will be seen that with tbe decrease
of a single dollar.
This legislation would have the effect to
of interest and decrease of profit upon circulation, the amount
advance the price of the bonds, but the advance would bring
of issue upon the value of the bonds has also decreased. There
them into the market, still leaving a sufficient profit to make
is no propriety or justice in authorizing the issue of ninety
the investment desirable as a pledge for circulation.
dollars upon every one hundred dollar three per cent bond
If, beyond any’ anticipated contingency, the bonds should
worth par. and refusing to issue a like proportion upon a four
largely
decline in value, the amount of security cou'd immedi¬
per cent bond worth one hundred and twenty-one dollars.
ately’
be
required to be increased, under section 5,167 of the
The holder of a Government bond can readily borrow money
Revised Statutes, which provides that—
upon it as a pledge from a bank to the amount of 95 p*-r cent
Whenever the market or cash value of any bonds thus -deposited with
of its market value, and it is not surprising that banks should the Treasurer is reduced below the amount of the circulation issued for
prefer to relinquish tli~ir circulation rather than deposit as the same, the Comptroller may demand and receive the amount of such
depreriation in other t’irt d Si des bonds at rash .va!u‘\ or in money,
security bonds having a margin of more than one-third of the fromti.e as-o •; dion. to be deposited with the Treasurer
as long as such,

circulation issued.




depreciation

<

ontinues.

THE CHRONICLE

626

[VOL. xxxvn

The most serious objection to the proposition was that it the
anticipation of a gradual decline of
entire
paper money of the country was issued by the Govern¬
the
law
the
amount
premium,
proposed
could require
of circu¬
lation issued to be reduced 1 per cent yearly, or such per centum ment, its amount would depend, not upon the demands of
that the total amount outstanding could not at any time exceed business, but upon the action of political parties and of Con¬
the value of the bonds on deposit, and the Treasurer also could gress, and could be increased and diminished at its pleasure.
be authorized to retain the interest upon bonds when necessary, No country which has continuously maintained specie payment
has burdened itself with direct issues of paper circulation.
upon the request of the Comptroller.
The proposition to convert the long bonds into threes, is more Such issues in England and France are not the issues of the
desirable than the proposition to increase the rate of circula¬ country, but the demand promissory notes of great banking
tion, for the reason already referred to, that the new three per institutions organized for this purpose. The act to provide for
cents, payable in 1891 and 1907, would bear but a comparative¬ the redemption of specie payments of January 14, 1875, pro¬
ly small premium in the market, and that the Government vided for the reduction of the legal-tender Treasury notes, and
would be enabled to use its surplus revenues to advantage. the act of May 31, 1878, fixed the limit of such notes, leaving
They would be the only bonds available for circulation, and a conviction in the minds of the people that the amount was

If considered desirable, in

0781

would not be likely to be withdrawn for sale for the purpose of
realizing the market price; and the profit on circulation would
be sufficient to induce banks to deposit them whenever addi¬
tional circulation is required.
From time to time, as the present three per cents are called
for payment, the fours and four-and-a-halfs are likeljr to ad¬
vance in the market, and subsequently to decline gradually until
the day of paymeut. There will be a diversity of opinion in
reference to the date when they will reach their maximum price
in the market, and for that reason they will be deposited and
withdrawn, not when a greater or less amount of circulation is
needed, but when the holder believes that he"can realize the
greatest profit from their purchase or sale. The new long
three per cents would give that elasticity to the circulation
which is greatly needed, and which cannot be obtained from
the deposit of Government securities worth a premium nearly
equal to one-fourth of their par value.
While the Comptroller is of opinion that the addition to
the circulating medium of the country during tli^ last three
years has been more than sufficient to supply the legitimate
demands of business, he believes that the large contraction of
the currency now imminent, should not be allowed to take place
too rapidly, or the deficiency caused by such contraction be re¬
placed by a substitute less desirable than the bank notes now in
circulation.
It is said that if the deficiency arising from the
retirement of national bank notes during the next three years
should amount to about 00 millions per annum, it may be sup¬
plied by the gold imported from abroad, by the annual product
from the mines, or by the coinage of the silver dollar upon

not to be increased.
If the amount is to be increased, it cannot
be done without reopening again the discussions which took

place previous to resumption, and which finally resulted in the
passage of the act extending the corporate existence of the
national banks during the last session of Congress. If re¬
opened it is more likely to result, as has been said by the
Comptroller in previous reports, in the repeal of the act taxing
the notes of State banks out of existence, than in any consider¬
able increase in Treasury notes.
Since the date of the commencement of this exhaustive dis¬
cussion in every part of the country, its situation has greatly

changed.

Specie payments have been resumed, and the rev¬
has so greatly increased that the
funded debt has keen diminished more than four hundred
millions, and the borrowing power of the Government increased
from 5 per cent to about 2‘80 percent. More than 1,700 mil¬
lions of five and six per cent bonds have been replaced by fours
enue

of the Government

and four-and-a-halfs, and the remainder converted into threeaud-a-halfs; while during the last two years five hundred and
seventy millions of the three and one-half per cents have either

| been refunded, converted into threes, or paid, or called for
payment, and the Treasury is embarrassed, not for want of
the funds with which to pay the expenses of the Government,
but with a revenue greater than it needs, and greater than
it. can judiciously disburse.
Under such circumstances, author¬
ity of Congress to print additional Treasury notes would lead
to still greater embarrassment, and place in the Treasury cir¬
culating notes at a time when the most important subject before
Congress is the reduction of a redundant revenue and the em¬
which silver certificates are now issued.
ployment of the surplus of an overflowing Treasury. If it were
By reference to the next chapter of this report, it will be seen possible to issue additional Treasury notes when tlie'revenues of
that there has been a large increase in gold coin, and also a the Government are so much greater than its expenditures, and
large and steady increase in the amount of silver, chiefly of ; simultaneously with the yearly addition of silver dollars now
standard silver dollars, since the date of resumption.
! authorized by law, it is evident that such steps would lead
But in the fiscal years from 181)8 to 1877 there was an excess' ; plainly from a gold to a silver standard.
The gold balance
of gold exports as follows :
i belonging to the Treasury is large, but the silver balance has
1808
1-73
8,901
$30.171,20 s ! increased rapidly, and the laws now iu force will continue to
\ 87 I
1809
i t.:»39.2S‘j
0,930
i increase the silver and reduce the gold.
2s 1, l s i
9,012
The issue of additional Treasury notes will weaken the
23.1 8 1,8 ! 1
311.1 10
1,802 1877
Treasury, and be likely to create doubts on the part of some
of the holders as to the ability of the Government to pay gold
ng fiscal years there was
| on demand, and the Government, by declining to pay in gold,
f878
old imports as
>7. 100.1 27 ! thus
*1, : 3,760 1 88 1
taking from the holder the option of payment, may at
SS2
1879
1,037,83 1
1,7S9.17I
time
j
any
bring the nation upon the silver standard, advancing
Ins;,.'
1880
0.183,201
77,119,971
the price of products and demonetizing the entire goid coin of
The gold production from the mines is estimated to have been
the country.
In such a crisis, .the reserve of goid in the Treas¬
about 82 millions annually during the last six years, from which
ury will be continually dimishel on the one hand by the
must be deducted about 11 millions, the amount estimated to
presentation of its notes for payment, while its revenue, oerthe
have been used annually in the manufactures and arts.
\ other hand, will m-t be increased by customs duties paid iu
The annual increase or decrease of gold in’this country is
gold, as at present, but by the return of silver dollars and silver
subject to great variations, depending largely upon the value of certificates, which will under existing laws sooner or later drive
its products exported and the amount of its imports,
it may
gold goin out of circulation, bringing upon the
at any time be largely to the advantage of trade and the busi¬ every dollar of
country a much greater contraction than that which it is now
ness of the country to send gold abroad for the purchase of
commodities, and if the experience of former years, not. only proposed to prevent.
DISTRIBUTION OF COIN AND PAPER CURRENCY.
in this country but elsewhere, is repeated, the amount of gold
now held by us will not long hence be
In
previous reports tables have been given showing the
greatly diminished.
Under existing laws, the increase in standard silver dollars can amount of coin and currency in the country and its distribu¬
not be less than 27 millions annually, and to that extent the tion in the Treasury, in the banks, and among the people, on
contraction caused by the withdrawal of the bank circulation January 1, 1879, the date of the resumption of specie payments,
arid on November 1 of that and each succeeding year.
may be supplied by the introduction of an inferior-currency.
These
It is also urged that Treasury notes as well as silver certifi¬ tables have been thoroughly revised, aud are again presented,
cates may be issued in place of the bank notes which are to be the amounts on November 1,1S79, being omitted, while those

follows

retired.

the reports of
specie payment
in nearlyevery vil¬
a large amount of
the pleasure of the
Government did not

January 1, 1879. It has been discussed
lage and city of the Union, at a time when
five and six per cent bonds was payable at
Government, and when the receipts of the
so largely exceed its expenditures.
Even under such favorable
circumstances the constitutional right to issue legal tenders in
on

time of peace was questioned; and it may be added that this
question is now before the Supreme Court of the United
States for
its
determination.
If
Treasury notes not
a
legal tender were to be issued for the amount of
the present paper circulation, iu all about seven hundred
millions, the Government, as was then said, must hold a large
amount—not less than 250 millions—of coin as a reserve, a con¬
siderable portion of which must be purchased; and the inter¬
est upon this reserve and the expense of issuing the notes and
the cost of redemption were then considered more than equal
to the advantage or profit derived by the banks from the issue
of circulating notes, while the obvious advantages of the pres¬
ent system of paper currency, composed of bank and Treasury
notes iu nearly equal proportions, and of having the monetary
institutions of the country large holders of the public

would be lost.




November 1,1883, are added.
The amounts of gold and silver in the country available for
circulation are based upon the estimates of the Director of the
Mint for January 1, 1879, and November 1, 1879.
The amounts
of gold for the succeeding dates have been obtained by adding
the gold production of the countiy, less the amounts used in
the arts, from estimates of the same officer, adding the excess
of gold importations during the year or deducting the excess
of gold exportations for the same period, according to the re¬
on

This latter proposition was fully discussed in
the Comptroller previous to the resumption of

debt,

ports of the Bureau of Statistics.

The amounts of silver are

obtained by adding for each year the amount of silver dollars
and fractional coinage, less amounts re-coined. For the year
1883 the silver bullion purchased by the Government for coin¬
age

and

on

hand

on

November 1 is included.

.From November 1, 1882, to November 1, 1883,
of gold by the mines of the United States is
been $32,000,000. During the same period the

the production

estimated to have

amount of gold—
foreign.and domestic gold coin and bullion—imported in excess
of the amount exported has been $13,613,992, making an in¬
crease in the stock of gold in the c ountry of $45,613,992.
From
this amount

must

be

deducted the amount used iu the arts

same period ($11,000,000), leaving $34 613,992 as
the increase in the stock of gold coin and bullion in the country.
The total excess of imports of gold over exports of the same
from the date of resumption to N3V. 1, 1883, has been $186,195,-

during the

.

December 8,

the total estimated gold product of the mines of

510, and

627

CHRONICLE.

THE

1383.]

The gold certificates issued under section 12 of the act of
July 12, 1882, outstanding in the hands of the people and
banks on November 1, 1882, and November 1, 1883, not includ¬
ing the amount in the Treasury, were $6,962,280 and $48,869,940, respectively.

the

United States for the same period has been about $167,600,000.
The total amount of silver coined during the year has been, after

deducting the re-coinage, $29,021,143, of which $28,391,069 were
standard silver dollars. The total amount of the latter coined
since the passage of the act of February 28,1878, authorizing
that coinage up to November 1, 1SS3, has been $156,720,949.
The following table, based upon the estimates and figures

As before stated, the total amount of standard silver dollars
coined up to Nov. 1, 1883, was $156,720,949; of which, as shown
in one of the foregoing tables, $116,036,450 was then in the

of coin and currency in the Treasury, although an amount equal to $85,334,381 was repre¬
and on November 1, of the years sented by certificates in the hands of the people and the banks,

given above, shows the amount
named

leaving $30,702,069 then held by the Treasury. Of the $156,720,949 coined, $40,684,499 was therefore evidently outside of
the Treasury, and $S5,334,3S1 of the amount in the Treasury
was represented by certificates in circulation.
The remainder
of the silver, $85,980,9S3, consisted of subsidiary coin, trade
dollars and bullion purchased for coinage, of which $31,648,789
was in the Treasury, and about $49,993,256 was in use with the
people and the banks, in the place of the paper fractional cur¬
rency for which it was substituted, as against $53,232,520 similarly employed Nov. 1, 18S2.
The increase of gold and .silver coin and paper currency,
exclusive of silver certificates outside of the Treasury and the
banks since the date of resumption, is thus estimated to have
been $270,263,338, and the increase during the year ending
November 1, 1883, $3,622,049. To these sums the amounts of
silver certificates in the hands of the people may be added.
On November 1, 1S83* the amount of these certificates held by
the people and the banks was, as has been seen, $85,334,381 ;
but the proportion of this amount in the hands of the people

:
1

1

1879.lNov.l, ISSO.iNov. 1, 1SS1.

Jan. 1,

§■ ■

$

!'

Nov. 1, 1882. Nov. I, 1883.

8

$

*

106,573,803

153,653,63d

181,476,144,

Leg’l tend.notesj

346.03! ,016

Nat. bank

346,681,016:
notes; 323,791,674.

336,681,016;

547,350,262
208,744,424
316,681,016

343,834,107 j

360,344,250;

362,727,747

278,310,1261 449,327,404

Gold coin &bul’n
Silver coin

550,922,398

$

581,970,254
242,701,932
340,681/10
352,013,787

11,055,356,61911,293,496,157 1,439,423,808 1,405,509,449 1,523,300,989

Totals

There has been no change in the aggregate of legal-tender
notes outstanding, which still remains as fixed by the act of

May 31, 1878.

National bank notes have decreased $10,713,960

during the year ; the amounts of gold and silver have increased
$34,613,992 and $33,957,SOS, respectively, making the total
increase during the year in gold, silver, and currency, $57,S57,540.
The table below gives the

portion of the gold, silver and cur¬
held by the United States Treasury aud by the national
and State banks. The amounts in the United States Treasury
are for the corresponding dates with those in the preceding
table. The amounts in the national banks aie for the corres¬
ponding dates nearest thereto on which returns were made to
the Comptroller, viz.: January 1, 1879 ; October 1, 1880 and
1881 ; October 3, 1882, and October 2, 1883.
The amounts in
the State banks, trust companies and savings banks have been
compiled in this ofiice from official reports for the nearest
rency

cannot be

Nov. 1,

Nov. 1,

Nov. 1,

1879.

18S0.

1881.

1882.

The public debt reached its maximum on August 31, 1865, at
which time it amounted to $2,845,907,626. More than 1,275
millions of this debt were in temporary obligations of the

Government, of which 830 millions bore interest at 7‘30 per cent
The average rate of interest on 1,725 millions of
per annum.
the debt at that date was 6‘62 per cent.
This large amount of
temporary obligations was funded within the three years which
followed the close of the war, chiefly into six per cent bonds.
The six per cent bonds were gradually reduced during the year

Nov. 1,

1883.

GOl.l).

In

certificates
In national banks,
—

in¬
cluding certificates—

ing certificates
Total

35,039,201 102,851,032 107,222,109

94,127,324

97,570,057

' 10,937.812 17, lo2.130 19,901,491

17,892,500

18,253,"00

includ-j

In States banks,

following, b\r payment and refunding
The six per cents, together with the five
per cents, were subsequently rapidly replaced by four-and-onehalf and four per cent bonds, which were authorized to be
issued by the act of
July 14, 1870. In the year 1881 all of the
unredeemed five and six per ceut bonds, amounting to $579,560,050, were continued payable at the pleasure of the Govern¬
ment, with interest at tlii'ee and cue-halt per cent, b}r agree¬
ment with the holders.
The act of July 12, 1882, authorized
the refunding of the three-and-one-lialfs into three per cents,
and siuce its passage all of these bonds have been converted
into three per cents, or called for payment.
The last call was
made on July 26 for $30,753,350,.and the interest on these
bonds ceased on November 1 last. The Secretary also, daring
the months of September, October and November, called for
payment forty millions of the threes. The interest on the last
1869 and the

8
8
.*
8
8
112,703,342 133,679,34'J 167,781,909 148,435,473 157,353.760

1C;

Treasury,

the

into

158,080,355 253,632.511 294,905,569 200,455,297 273,179,117

gold

SILVEa.

In the Treasury, stand¬

j.- 17,249,740 47.156,588

ard silver dollars

In the Treasury,

bullioni
In the Treasury, i'rac-t
tional coin
In

;

national banks

6,185.000'

9,121.417
6,048,194
6,460,557

21,635, >61
6,495,

60,576,378; 92,114,97 110,036.450
•4,950,305
4.012,503
3,424,575
25,984,687

20,749,482

7.112,567

8.231,739

20,712,424
10.217,920

38,879,908 81,472,626 103,098,207 131,411,701 157,933,105

Total silver
CUKllENCY.

the

In

Treasury,

In

national

banks,

44,425,655

is,221.820

22,771/810

26.221.248

126,491,720

80.439,925

77,630,917

92,514.767 103.310,809

30.990,217

national banks for

In State

banks, includ¬
ing certificates.

In

14,513,779

savings banks
Total

27.080,482
14,724,97S

25,*28,791 27,591,317
17,072/ISO: 11,732,243

25.9H.4S5

28,259,009

C-

©

12,99S.594

p

p

y*

,

i

!

'

;

~■<

~

If the aggregates of gold, silver and currency for the sev¬
eral dates in the above table be deducted from the amounts of
the same items at corresponding dates in the table which precedes it, the remainders will be, approximately, the amounts in
the hands of the people at corresponding dates.

M

t—

M

M

I-1

H*

QO

CC

CD

(X)

X
CC

Cfj

Nov 1,

1,

1879

Gold

1880.

Nov.

Nov.

1,

1,

1882.

1881.

j

Nov. 1,

j

1883.

c

Silver

Currency

640,420,717 807,827,795 901,840,725 913,061,976 916,684,025

Totals

'

1

l

gold in the Treasury, including bullion in the process of
coinage, has increased during the year $8,918,287, and in the
banks- $3,805,533. The paper currency in the Treasury has
increased $4,771,969, and in the banks $10,218,238. The increase
of gold outside of the Treasury and the banks has been $21,890,172, and of silver coin $7,436,044. and the decrease of paper
currency exclusive of silver certificates, $25,704,167.
In the
The

people and the banks, at the dates corresponding to those given

the tables, were as follows
January 1, 1870
November 1, 1880
in

November 1,1881
November 1, 1882

November 1, 1883

:

$413,360
10,7-0,240
58.838,770
65,620,450
85,334,381

that the amount of these certificates in circu
lation has increased $19,713,931 duiing the year.
It will be




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foregoing tables the silver certificates issued by the Treasury

have not been included, but the standard silver dollars held for
their redemption on presentation form a portion of the silver
coin in the Treasury.
The silver certificates in the hands of the

:

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$
$
*
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$
$
119,029,771 195,694,893 250,010,829 286,900,9651308,791,137
67,093,895 69,181,004, 78,377,937 77,332,7231 84,768,767
459,097,051 542,951,89- 507,445,959 i 548,828,2SS
523,124,121
*

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series of years.

o:<
c mtow-iqoco■-"*ic to

1

Jan.

contain tables

^

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408.935, Uu 2 4S5,60S,362.537,533,Ut3 552,447,473 000,682,904 ;

Grand totals

a

vf

211,375,639 147,563,2251139,579,307 169,530.475 175.570,682

currency

years

cents.

exhibiting the classification of the unmatured interest-bearing
bonded debt of the United States, and of the bonds held by the

in¬

cluding cert i titrates

seven

five per-

call of ten millions is to cease on February 1.
The report for 1879 and subsequent reports

less

certificates

UNITED STATES,

AND THE AMOUNT HELD BY NATIONAL BANKS.

obtainable dates.
Jsin. 1,

exactly determined.

AMOUNT OF INTEREST-BEARING FUNDED DEBT IN THE

■

country on January 1, 1879,

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(528

THE

CHRONICLE.

The

operations of the Treasury Department for a series of
have largely reduced the amount of interest receivable
by the national banks on the bonds held by them. During the
last year, the three-and-one-half per cents were reduced more
than two hundred millions ($200,769,200;, and during the
present year ending November 1 more than forty millions t$40,606,950) have been called and have been chiefly replaced by

extension of the* corporate existence of each bank, the associa¬
tion so extended shall deposit lawful
money with the Treasurer
sufficient to redeem the remainder of the circulation which was

years

three-and-one-half per cent bonds. These b"nds have now
entirely disappeared from the list of securities held by the
national banks, with the exception of $632,000, which have been
called. The average rate of interest now paid by the United
I
States on the bonds deposited as security for circulating notes
isabout three-and-one-half per cent upon their par value; but
i
is equal to about 319 per cent only of the current market
value of the bonds.

The banks

now

106 millions of fours

hold 41 millions of four-

York.

and 201 millions of three
per cents, which have been refunded from three-and-one-half
percents. This will be seen from the following table, which
;

outstanding at the date of its extension. It also provides that
gain that may arise from the failure to present such cir¬
culating notes for redemption shall inure to the benefit of the
United States, and that the new circulating notes to be issued
in the place of the old shall bear such devices as sha'll
make
them readily distinguished from the
circulating notes previ¬
ously issued. In the Comptroller’s repott for 1875, he pre¬
pared a table from data obtained from a series of reports of
the Superintendent of the Bank Department
of the State of
New Yoik. exhibiting the amount of notes which had been
issued to banks organized in tbe State, and the amount remain¬
ing at the expiration of the six years’ notice required to be
given by the banks, before they were by law relieved ffom the
obligations to redeem them. Returns were in this way obtained
from 286 banks either incorporated or organized under the
safety fund or the free banking system of the State of New
any

three per cents.
Sixteen years ago the banks had on deposit as security for
circulation 327 millions in United Srates bonds, of which
amount 241 millions bore interest at six percent, and 66 millions
at five per cent, and on July 1, 1882, they held 227 millions of

and-one-halfs

{Vol. XXJC V II

The maximum amount of circulation' issued to them

;

was

$50,754,514, and the amount of unredeemed circulation at the
date of the report named was $1,336,337, or 2 63 per cent of the
highest amount issued. The maximum amount of circulation
issued to thirty Slate banks in tbe city of New York, which are
still in operation either as national or State associations, was
$7,763,010, while the amount remaining unredeemed in October,
1875, wras $142,365, or only 183 per cent of the highest amount

exhibits the amount and classes of United Srates bonds owned

by the banks, including those pledged as security for circulation

and for pubic deposits on the first day of July in each
year
since 1865, and upon November 1 of the present year.
p

issued.

The amount of circulation issued to 240 State banks in
Wisconsin was $7,565,409, and the amount unredeemed is

$134,747, the percentage of unredeemed notes being 1 78 only.

CD
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The maximum issue to 210 State banks in the six New
States

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England

$39,245,380, while the amount remaining unre¬
deemed is but $792,767, the proportion of the latter to the
former being 2‘02 per cent.
The returns from 332 State banks
in New York, New Jersey, Delaware and
Maryland show their
i maximum circulation
to have been
$65,664,176, while the
amount unredeemed is $1,707,128, and the percentage 2’60.
The percentage Of unredeemed notes of 25 Stare banks in
Ohio,
having a circulation of $2,196.381, was 2'79. The greatest
I am .unt of circulation issued to 7u7 State
banks, in 12 States,
; was $J 14,671,346, the amount outstanding $2,696,282, and the
! proportion unredeemed 2 4 per cent

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It is probable that, under the national system of redemption,

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proportion of national bank-notes
redeemed under the national

which will ultimately be
banking system is much greater
notes under
previous systems.

than that of the State bank
'Hie highest amount of circulation issued to 15 national banks
; which failed previous to 1870 was $1,554,400, and the amount
i outstanding on November 1, 1883, was $9,289, and the
percent!

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More than one-lmlf of the bonds now held by the national
banks are three per cents
If the public debt continues to be

paid

rapidly as it has been duiing the past year, all of these
will certainly be called within the next three years

as

bonds
Those of the lower numbers, which it is safe to estimate, will
not be called within the next two years, cannot be purchased
for a premium of much less than two per cent, and at that
price
there will be a loss upon circulation based on this class of bonds
if they are redeemed within three years. The profits on circulotion based on other bonds held bv national banks are merelv
nominal.
*•

*

*•

Organization

Section 5222 of the Revised Statutes requires that all national
banks which go into voluntary liquidation, and all insolvent

banks, shall deposit in the Treasury an amount of lawful
money equal to the amount of their circulating notes'outstanding. Thus it will be seen that no association can close up its
affairs without first providing for the
payment of all of its
circulating notes. The amount deposited must remain in the
Treasury until the last outstanding notes shall have been pre¬
sented for payment.
Section 6 of the act of July 12, 1882,
provides that at the end of three years from the date of the




'

Issued.

Outstan 1 V 1875. 1878. 1883.
Nov. 1. ’ 83.

*•

First Nsit. Bank of Attica,
N. V
Jan.
Venamro National Bank o:
Franklin, i :i
May
Mereiiantn’ Nat. Bank of
Dee.
Washington. 1). ('
l’irst \!tt, Sank of Me lina,
N. V
Feb.
Tennessee
Bttnk
Nat.
ol
June
Meniphis. Tenn
First Nat. Bank of Selma.
Ala
First
'-at.
Bank of
New
«'rleans, La
Dee.
National Fnadilla Bank of
1 naddlt, N. V
J uly
Farmers’ and Citizens’ Nat.
nank ■ f Brooklyn, N.V... June
Croton Nat. Bank of New
i oik.
N.V
•ept.
First Nat.
ank of Bethel,
<

'Oil

f

<1

First Nat. Bank of

May

Keokuk,

ir»wa

Sept.

National Bank of Vicksbur
M ss
First Nat. Bank of R ck-

'

1L 1S0J

$44,000

$278 50

110

,u

*(53

19! if)

85,000

311 50

•73

•52

•37

14, lsoj

180,000

90(5 oo

1 28

•8l

•30

.,T

•78

•0-,

•99

•0s

•50

20,

1804

40.000

258 25

5, 1805

90.000

4 0

1805

85,000

488 25

1-19

1803

18o,oi>o

1,491 5o

1 -55

IT, 1805

100,000

325 5o

5, 1805

25:^9i >U

1,027 To

9t 18(55

IS

•57

•81

PI

•83

-

•511

*51

•33

1 05

*85

.04

•45i

•29

PI !

•SO

.

180,000

519 25

*S2

15, 1805

20,3 o

210 50

1-97

9, 1803

00,0; to

p

4i*l On

l-2o

25,500

11» 25

1-8S

•8.

45.000

3.77 oo

231

•55

-

Feb.

14, 1805

vl ay 20, 1804
ford, 111
First 'at. Bank of Nevada,
Austin. Nev
June IS. 1805

,

•4(5

P41

•84

1.438

50

3-71

P73

111

*0 -ISO

00

1l -30
O.l

*8)'

•no

12,223 00. (510

2-55

P53

129,700

*

Tota’s and average percent-

•

Ocean

N t.

Bank of

New

York, N. W

J une

Union Square Nat. Bank of
Ne v i ork. N. >
liar.
Eight t Nut. Bank of New

0, 1805

,

LOSSES ON UNREDEEMED BANK NOTES.

Percentage Un¬
redeemed.

Bank.

*

■

—

cc

<©.

Circulation.

-

© © - © © C-i O CC1 C C1 Cf c c c c c
'O c c c c
C C C O C

©

©
©

age unredeemed 0'60 per cent of the amount issued. These
j notes had had a circulation of from live to six years only,
I which accounts for the small amount remaining outstanding.
| The highest amount of circulation issued to eight national
j banks which failed previous to 1873 was $1,612,293, and the perI centage outstanding was 147 per cent, and these notes had had
a
circulation of from four, to nine years.
This is shown in
detail in the following table, giving the dafe of the organiza¬
tion of each bank, the circulation
outstanding, and the per¬
centage unredeemed in the years 1875, 1S7S and 1883

CO

l c

—

•tr
p

j

York, n, Y.:
Fourth Nat. t ank of Bliila-

SOO.Ooo;
.

13, 1805)

id,

50.O0'•

454

Ol)

4 33

1 ’97

•91

3,580

00

45-43

2-41

P47

on

5-88

2-74

P41

(5-93

320

204

0-20

2-151

•

1804

243,393

Feb. 20, 1804

179,000

\ pr.

J..

,

deipltia, Pa

Waveriv Nat. Bank of Wave~i', N. Y
May 2d, 1 -05
First njit. Bank of Fort
S • ith. Ark
Feb.
r>. is oo
-cnndimivisn Nat. Bank of
C iieago, III
7,
1870
May
Walkill Nar. Bank of Aliddletown, N. Y
July 21, iso:
..

Total-* and
age,

avera

8 banks

e

2,525
•

71,000

1,451

00
■

45.000

035 00

-

135,000

1.114 00 IP52

118,900

2 231

P41
•_

2*87

-83

50

0-05

348

P88

$24,219 50

0-70

2-00

P47

percent....

$1,042,293

December 8,

THE

13b3.J

CHRONICLE,

The table below shows that the highest amount issued to 17
national bauks which failed prior to 1876 was $3,219,241, which
at the time of their failure had been in circulation from
four to eleven years.
This tab'e also gives the amount
of circulation issued to 40 national banks which became
insolvent prior to 1876.
In both cases the percentages of the
notes unredeemed to the total issued are shown for the
years
1875, 187S and 1883, as well as the actual amount outstanding
on November 1, 1883.

629

The report for last year gave a list of fifteen banks in the
hands of receivers, which were

completely liquidated, with the
exception of litigation pending in the courts. Three of these
have been closed during the year.
The others, owing to the
delay in reaching the cases, are still in the same condition,
although in some instances there is a prospect of a speedy set¬
tlement. The banks now remaining in this
condition, with the
percentage of dividends already paid to their creditors, are as
follows

:
er

Circulation.
Name and Location of
Bank.

Percentage Un¬

The
The
The
The
The
The

redeemed.

Date of

Organization
Issued.

1

Outstand’er IS <5. IS78. 18S3.
i
Nov. 1, ’88.
1

Crescent City Nat. Bank of
New Orleans, La
Feb. 15, 1872

ington. 1). C
N. Y

Merchant--’ Nat.
Petersburg, Va

Bank

$(>.710 ()() 17‘39

7\8o

T4D

1. 181 >7

l oo (100

1.887 70 1P02

8-7(5

1-84

July 10, 1S0J

4.70,000

14.7(51 00 82-80

7-85

328

Julv

284,000

(5,052 7o 88*07

7*78

2-79

1. 1>(57

1. 18(57

8 0;

July

1, lSOf)

179,200

Held, oho
May 24. lsOI
NewOrlei s Nat. Banking

90,000

Peters¬

burg, Va
First Nat.

Bank of

Mans.

Association of

New

i,000

12,077 00 49-17 11 \S8

0,830 00

S The First National Bark of Wayneslmrg, Pa..
The German National Bank of Chicago, Ill

8-81

9-22

3-07

8,000 00 80-97 77-92

Q.oo

1,877 00 18-40

S-48

801

319

Or¬

leans, La

May 27, ls71

SI >0,000

7, ls<>3

47.000

21, iso:.

-47,000

1,487 70 40-03

8-77

20, 1S00

90,000

2,918 00 7PI7

9-99

22. 1804

97,000

8;707 00 48-21 IP28

3(59

80, 1872

48,800

1.807 00 78'77 i7"<>4

2-98

10, 18(59

184,991

8,0(58 00 49-50

2-28

First Nat. Bank of Carlisle, I’a
July
Fir t Nat. Bank of Anderson, Inu.
July
First Nat. Bank of Topeka,
Kansas
Aug.
Fi st Nat. Bank of Nor¬
folk, Va
Feb.
Gibson County Nat. Bank
Of Princeton, In.l
Nov.
First Nat. Bank of Utah,
Salt Lake Citv, Utah
Nov.
Cook County Nat. bank of

Chicago, ill

July

Fir.-t Nat. Bank of Tillin,
Ohio
Mar.
Chariot es-ilia Nat. Bank
of Chax-iottesviiie, Va
July

making

8, 1871

817,900

8,892 00 78*88 12-44

2-SI

(58,8:0

2,91(5 00 (57-07 12*87

4-28

10,1805

177.700

9,820 00 97*00 23*87

7-91

!

$8,219,211

$98,7'-7 20 41*81

9‘7(5

291

Totals and average percent¬
age, 40 banks
7.

$(5,117,981

$127,093 70 230(5

7-79

1 -98

...

In the appendix will be found a table which gives similar in¬
formation relative to 51 national banks which were placed in

liquidation prior to 1S70 whose notes had been in circulation
six years previ us to those of the 75 banks in the above tables
which failed previous to 1S72. The largest circulation of these
51 bams" outstanding was $5,846,740, and the amount unre¬
deemed on Nov. 1, 1883, $82,827, bmng 142 per cent. The

appendix contains a further table giving similar information in |
regard to 165 na ional banks in liquidation which had a circula¬
tion of $18,587,365, of which $48,315 is still outstanding, a per¬
’

centage of 2 36.
The issues of
have not been so

80*00

a

Scandinavian National Bank of Chicago, 10 pel*cent: total 50 percent.
National Bank of the Commonwealth of New York
Cityi filial dividend
to stockholders of O-*0 per cent: total to stockholders, 85*SO
per cent.
First National Bank of Norfolk, Va., final dividend, 8*50
percent;
total, 57*50 per cent.
First National Bank of Bedford. Iowa, final dividend, 10
per cent;
total. 22-50 per cent.
Watkins National Bank of Watkins, N. Y., 18 percent- to stockholders.
Northumberland Comity National Bank of Shamokin, Pa., final divi¬
dend. 6-59 per cent ; total. 81 -59 per cent.
Second National Bank of Scranton, 1 a., 20 per rent ; total, 95
percent.
National Bank of State of Missouri. St. Louis, 85 percent, interest divi¬
dend; total. 85 percent interest dividend.
First National Bank Of Monticello, Ind, final dividend. 03
per cent;
total. 9* per cent.
Fir-t National Bank of Butler. Pa., 10 per cent; total, 70
per cent.
Mechanics’ National Bank of Newark, N. J., 5 percent;
total, 00
per cent.
ji First National Bank of Buffalo, N. Y., S percent ; total. 88 percent,
I’aeitie National Bank of Boston, Mass., 5 pci-cent; total. 5
per cent.
!
Tin* First National Bank of Union Mills, Union i ity. Pa., 2u per cent;
I tot at. 2l» per cent.
Lock Haven National Bank of Lock Haven Pa.; total, 100
per cent.
Cook County National Bank of Chicago. 71 12
percent; total, 15-112

-

Totals and .■ verage percent¬
age, 1? bants

87-00
00-00
40 00
70 00
4000

total paid of 100 per cent of principal and S5 per cent
accrued, since the appointment of the receiver.
The following banks in the hands of receivers have
paid divi¬
dends during the past year, the total dividends
up to Nov. 1,
1S83, being also given :

3-24

U>, 1S(>5

22*50

of the interest

_

9-54

15-00
15*00
95-00
05-00
77*00

The affairs of the Cook County National Bank of
Chicago,
III., have been closed, by sale of its remaining assets,
by order
of the United States Circuit Court for the Northern District of
Illinois, under the rule nisi. The National Bank of the State of
Missouri bas paid an additional interest dividend to its
creditors,

3-87

78*1.7 1 p(57

2,749 70 48-12

"

The First National Bank of Dallas, Texas
The Central National Bank of Chicago, III
The People’s National Bank of Helena,, Montana,
The First National Bank of Allentown, Pa,

o:

Sept.

First Nat. Bank of

.

8450.0')0

Atlantic Nat. Bank of New:
Yor*,
Y
.Julv
First Nat. Bank of WashNational Hank of the Commonwealth of New York,

i

First National Bank of Anderson, Ind

Venango National Bank of Franklin, Pa
Atlantic National Bank of New York City.
Miners’ National Bank of Georgetown, Colorado
City National Bank of Chicago, Ill
First, National Bank of Georgetown, Colorado

cent.

per cent.

First .rational Bank of Man-field, Ohio, final dividend, 12-50
per cent;
total. 57"50 pel- edit.

Since the c< inmeacement of the national banking system 89
banks have been placed in the ban Is of receivers, and 460 banks

Treasury notes of the series of 1S69 and 1874 have
largely reduced. The national bank notes for ers voluntarily closed their business, by the vote of sharehold¬
owning two-thirds of their stock, under the provisions of
years have done the work, while a considerable portion of the
sections 5,220 and 5,221 of the Revised Statutes of the United
legal tender notes have been held for years in the vaults of tlie States. Of the banks in the
hands of receivers, 7 had been pre¬
national banks as reserve.
These legal tender notes held by the
viously
placed
in
voluntary
liquidation by their stockholders,
banks have recently been replaced by coin to a considerable ex¬
but failing to pay their depositors, receivers were afterwards
tent, but the banks yet held on October 2, $80,642,997.
When
Of the
these are assorted, a c>>nsi lerable amount of the three first appointed by the Comptroller to wind up their affairs.
89 banks placed in the hands of receivers, 58 have been
issues will be returned for redemption.
finally
The highest amount of the first issue of leg*.! tender notes closed, leaving 31 still in process of settlement, 13 of which, as
has been seen, are awaiting the results of pending
litigation,
outstanding at any Qne time was $449,479,222 on hVb. 3, 1S64.
I
leaving
about twenty receiverships only in active operation.
These notes were first issued on April 2, 1862, and the issue
loss to creditors of national banks which have been placed
ceased on Apiil 19, 1869.
The amount outstanding and tlie | in The
the hands of receivers during the twenty years that have
amount redeemed since November 1, 1882, are shown in the
since’the passage of the act of February 25,1863, as
following table, from which it will be seen that the amount out* elapsed
near as can be estimated, including dividends which will
prob¬
standing on Nov. 1. 1883, was $11,473,855, being a percentage
ably be hereafter paid, has been about $7,000,000. The annual
of 2 55 on the highest amount outstanding :
average loss has been, therefore, about $400,000 in the business
of corporations having an average capital of about $450,000,Redeemed
Percentage
Date.
Outstanding.
000,
and which have been responsible for the safe keeping of
unredeem’d
(luring the yr.
deposits in their hands averaging constantly over $800,000,000,
November 1, 1*73
£
107
$1 *,312 5-4
or about one-twentieth of 1
per cent of annual loss to depositors.
November 1, 1879
16 271 2 7
3-02
2,041,307
During
the
year
suit
has
been commenced against the direct¬
November 1. l^so
3 33
1, 23.382
14,947,>95
ors
of the First National Bank of Buffalo for negligent dis¬
November 1, 1**1
1 .833,300
3-03
1,114,595
November 1, 1 *82
2-79
12,51 *,833
1,314,407
charge of their duties, through which the losses resulting in the
Novemb. r 1, 1833
2-55
11,473,353
e

—

1,044,980

failure of the bank

The amount of demand

Treasury notes payable in gold issued
from July 17, 186!, to December 31, 1862, was $60,000,000, in
denominations of five, ten and twenty dollars; and the amount
remaining outstanding on the first of November last was $58,800, the proportion unredeemed beiug a little less than onetenth of 1 per cent having been redeemed within the last two
years.
NATIONAL BANK

FAILURES.

Two national banks have been

placed in the hands of receiv¬
The First Na¬
with a capital
of $50,000, on March 24, 1883, and the Vermont National Bank,
of St. A bans, V., wiih a capital of $200,000, on August 9, 1883.
The affairs of seven national banks have been finally closed
within the year. These banks, with the total dividend paid by
each to their creditors, are as follows :
during the

year ending Nov. 1. 1883, namely:
tional Bank of Union Mills, of Union Ciry, Pa.,

ers

The First, National Bank of Norfolk, Va.
The First National Batik of Bedford, Iowa
The Northumberland County Nat ional Bank of Shamokin, Pa...
The First National Bank of Mont ice! io, Ind
The Cook < ounty National Bank of Chicago, III
The First National Bank of Mansfield Oido
The Lock Haven National Bank of Lock Haven, Pa




Per cent.
57-50
22-50

81-50
9

-00

14 94
57-50

100-00

were

incurred.

A

similar suit will

soon

be

brought against the directors of the Pacific National Bank of
Boston, Mass.
The total amount paid to creditors of insolvent nalional
banks amounts to $21,778,672, upon proved claims amounting
to $31,136,208.
The dividends so far paid thus equal about 70
per cent of the proved claims.
The amount paid during the
year was $833*582 60.
Assessments amounting to $8,151,750 have been made upon
the stockholders of insolvent national banks for the purpose of
enforcing their individual liability under section 5151 of the
Revised Statutes, of which $3,351,279 has been collected, and
$151,279 during the past year.
A table showing the national banks which have been placed
in the hands of receivers, the amount of their capital, of
claims proved, the rates of dividends paid, and also showing the
amount of circulation of such banks issued, redeemed and
outstanding, will be found in the appendix.
LOANS AND

RATES OF INTEREST.

The following table gives the classification of the loans of the
banks in the city-of New York, in Boston, Philadelphia and

Baltimore, and* in the other

reserve

dates in each of the last three years.

cities, at •orresponding

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That is to say, nearly a fourth part in bills under $20 21.
In
The number of trade bills under $20 steadily increases.
1880 there were 1,014,412 of these small discounted bills; in

1881, 1,160,945, and in 1»S2 they have increased to 1,224,326.
The Governor of the Bank of France in his report of its trans¬

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In the table below is given a full classification
In New York City alone for the last four years :

Of the loans

October

October 2,

October 1,

1 SSII.

I ssj.

47 banks.

48 banks.

50 banks.

48 bunks.

8

8

8

8

1 Ss

1 SS3.

.

107,058,800 112,010.001 118.092.051 121,014.201

On indorsed paper..
On single name pap’r
On U. 8. bonds on
demand
On other stocks, Arc..
on demand
On real estate secur¬

27,755,152

20.935,878 '21.203,573

19,14/,051 j

3,915,077

2,539,92s

11,797,087

2,093,527 j

92,030,982

97,249.102

89,532,702

94,321,005 j

230,100

1,330,513

'

-7,747,5s7

5,731,917

All other loans

301,732

7,000,4 87

181,083

-7,717,205 j

238.428,501 246,757,659 239,0 11,S92 2 15,108,332

Totals

The attention of Congress has previously
tion 5200 of the Revised Statutes, which

been called to sec¬
planes restrictions

to the difficulty of enforcing its provisions.
amounts of produce are received and
stored, if is represented that it is impossible for the banks to
transact this class of business, if restricted to loans for an
amount not exceeding in any instance one-tenth of their capi¬
tal. It is true that the limitation does not apply to loans upon
produce in transit, where the drafts are drawn -on existing
values; but if produce is stored, instead of being shipped,
large loans cannot be made except in violation of law. In such
case the Comptroller has no means of enforcing the law, except
by bringinga suit for forfeiture of charter, and this course might
result in great embarrassment to business, as well as loss to
many innocent stockholders of the banks.
It is evident that,
the law should be so amended as to exclude from the limitation
mentioned,legitimate loans upon produce or warehouse receipts,
and some other classes of collateral security, as well as loans
upon United States bonds.
upon loans, aud
In cities where

RATES

OF

large

INTEREST

IN

ENGLAND

NEW
AND

YORK
THE

CITY,

RANK OF

AND

IN THE BANK OF

The average rate of
same years




was as

commercial paper, 6-4 pur cent.
commercial paper, 5\S per cent.
commercial
commercial

paper,
paper,

5*3 per cent.
5*2 per cent.

•

commercial paper, 5-1 percent.
commercial paper, 4 *1 percent.
commercial paper, 5 3 per cent.
commercial paper, 5-0 per cent.
commercial paper, 5*4 i or cent.
commercial paper, 5-7 per cent.

discount of the Bank of Ragland for the

follows:

figures will show how
rendered by the Bank to the retail trade

SECURITY FOR CIRCULATING NOTES.

During previous years there have been many changes in the
classes of United States bonds held by the national banks as
security for their circulation, owing to the payment or refund¬
ing or extension of the different issues of five and six per cent
bonds bearing interest at four-and-a-half, four, three-and-ahalf, and three per cent. During the preceding year 259 mil¬
lions of three-and-a-half per cent bonds held by the banks,
which

were

extended from five

or

six

cent bonds in the
per cent bonds, and

per

1881, have been changed into three
during the present year ending- Nov. 1, 1883, all of tlie remain¬
ing three-and-a-half per cent bonds have been called for pay¬

ment. of which tile national banks held about 40 millions.
The
of United -States bonds held by the Treasurer as

amount

security for the circalaring notes of the national banks on the
first day of November, 1883, is exhibited in the following table:
Rate j
Ol'int.i
i

Authori/.imr act.

( lass of Bonos.

’•

Funded loan of ’91..... j.Iuly
Funded loan of 1907.... i
Fund, l’n of'81 cont’d
Fund loan of.Fly 12,’S2 .Inly
l’acilie Railway bonds. I July

1 i, ’70, and Jan. 20. '71
do
do
do
do
12, 1 '<2
........
...

11-4.2, a. July 2, 1-64.

Amount.

$

<’•

•IV i 1,319,700
4

3b.
3
6

106.161,850
632,000
201,327,750
'3,463,000

352,937,300

Total.

During the year 1871, and previous thereto, a large portion
until

of the bonds bore interest at tlie rate of 6 per cent, and
the year 1877 all of the bonds bore interest at either 5 or
cent.

The five

or

six per cent

bonds, in the

year

6 per

1SS1, entirely

disappeared from tlie list of these securities, with the excep¬
tion of three and a half millions of Pacific sixes, and during
the present year tlie three-and-a-half per cents have in like
manner
disappeared, vith the exception of six hundred and
thirty-two thousand, which have been called.
At the present time more than 57 per cent of the amount
pledged for circulation consists of bonds bearing interest at 3
per cent only, and the remainder, with the exception of three
and a half millions of Pacifies, bear interest at the rate of 4
and 4/12 per
STATE

cent.
BANKS, TRUST COMPANIES, AND SAVINGS BANKS.

The act of Congress of February 19, 1873, section 333 of the
United States Revised Statutes, requires the Comptroller to
obtain from authentic Sources, and report to Congress, state¬
ments

FRANCE

The average rate of interest in New York City for each of the
fiscal years from 1874 to 1881, as ascertained from data received
from "the Journal of Commerce and the Commercial and
Financial Chronicle, was as follows:
1874, call loans, 3-8 percent:
1875, call loans, 3*0 per cent;
1876, call loans, 3*3 per cent;
1877, call loans, 3 0 per cent ;
187s, call loans, 4*4 percent;
1879, call loans, 4-4 percent;
1880, call loans, 4*9 per cent;
1881, call loans, 3*8 per cent:
1882, call loans, 4*4 per cent;
1883, call loans, f>*7 per cent;

1882 says, “these

year

October 1.
Loans .and discounts

ity

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w
to

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734,437 bills from $10 21 to $20.
3,702,092 bills above $20.

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6,742 bills of $2 08 and under.
483,147 bills from #2 29 to $10.

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on February 23, 18S2, to 4 per cent on March 2, and lastly,
the 23d of the same month to 3>i per cent.
The average rate of discount during the year 1882 was 3 8
per cent.
The number of trade bills admitted to discount in the Bank
of France during the year 1882 was 4.927,024, representing a
sum of $1,027,887,300.* .

cent

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on commercial paper 5 0 per cent; the rate of interest
that date was on call loans 1 to 3 per cent and on commer¬
cial paper 5% to 6/2 per cent.
The rate of discount in the Bank of France, which was raised
from 4 to 5 per cent on October 20, 1881, was lowered to 4/2 per

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ending December 31, 1874, 3*69 per cent.
ending December 31, 1875, 3-23 per cent.
ending December 31, ] 870, 2-01 per cent.
calendar year ending December 31, 1877, 2*91 per cent.
calendar year ending.December 31, lsJ8, 3‘78 per cent.
calendar year ending December 31,' 1879, 2-50 per cent.
calendar year ending December 31, 1880, 2-70 per cent.
calendar year ending December 31, 1881, 3*49 per cent.*
calendar year ending December 31, 1882, 4*10 per cent.*
liscal year ending June 30, 1883, 3-7 per cent.*

calendar year
calendar year
calendar year

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[Vol. xxxv n.

In the calendar year ending December 31,18S2, the rate of
discount of the Bank of England was increased three times,
and three times reduced. During the fiscal year ending June
30, 1882, the rate wasincreased once and decreased three times.
The x>resent rate is 3 per cent.
The average rate of interest in New York City for the four
months previous-to November 9, 1883, was on call Ioans-2'4 per

:
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Totals.

5-0

P £

:

H

3

During the
During the
During the
During the
During the
During the
During the
During the
During the
During the

©3 3 3

^ a

o
a

2

*3'*

•

*

b

:
:
;

*3 2
; 2 s

;

-

O

|>OCO

.

-t-

>ooo
r+O'Hr1
•—3 CPl

Totals.

gerc 5 cc
C

CHRONICLE.

THE

630

exhibiting, under appropriate heads, the resources and

liabilities of such banks and savings banks as are
under the laws of the several States and Territories.

organized
In

com¬

pliance with this act, lie lias presented annually in the ap¬
pendices to his reports, the resources aud liabilities of these
corporations, so far as it lias been possible to obtain them.
Through the courtesy of State officers, returns of State banks,
saving banks, and trust and loan companies have during the
past year, been received from twenty-four States. Many of
the States aud Territories, including Virginia, West Virginia,
North Carolina, Alabama, Arkansas, Tennessee, Illinois, Kan¬
sas, Oregon, and Dakota, do not require periodical returns of
the condition of the different classes of banks organized under
their laws.

smsgk
*5 l'rancs to the dollar.

December

THE CHRONICLE

8, 1883.]

From lliese returns tlie following abstract has been com¬
piled, showmg the resources and liabilities of State banks and
trust companies for the last four years, the number reported
in 1S80 being 650; in 1SS1, 683 ; in 1S82, 704, and in 1883, 7SS:
;
'
o
p
i
;
1SSO.
] 881.
1883.
1882.
•

| 050 banks.

083 Ranks, i 70-1 banks. * 788 banks.

8
'
£
$
£
281,490,731 352.725.080 401,574.420 402.380,585
Overdrafts
1,373,110
507,000
1.407,005
1,403,030
United States bonds.; 20,252,182 27,08.0,025 25,073,084 22,725,500
Other st’eks, bds.,&c. 35,001,702 42,330,057 45,058,783 52,4.05,724
RESOURCES.
Loans ami discounts.

Due from banks
Real estate

40,340,345

54,(502,820
2k.300.772
11,941,741

57,073.718
10,015,082
13.(5853205

20,100.517
14,100.044

OS,270,004

Otlier assets-.

19,480,080
7,374,037

Expenses...:
Cash items

1.103,345

1,131,580

11,170,502

10,000,702

18.540,073' 35,200.802

0,005,077

17,925,028

17,002,700

18,255,300

51,500,220

27,301,317

27,322,912; 28,250,0(50

070,402

Specie...
Legal tenders, bank
notes, Ac.

:

Total

1,130.427

481.774,150 575,500,130 033,810,008 724,470,013

Li arii.ities.

Capital stock
Circulation

!

Surplus fund
Undivided profits..
Dividends unpaid..

Deposits
Due to banks

Other liabilities
Total

100,318,451 112,111,325 113,301,031 125,233,03(5
274,041
280,3011
187,07s
283.308
2 .>,008,431
27,857,070 31,504,352 34.575.401
.

10,774.731

12,237.320! 14,758,438! 18.07(5,(510
570,413;
577,410!
405,011
208,750,(510 373,032,(532 420,077,002 500,374,217
1 *,013.33(5
10,105.(504 18,400,351! 20,018,030
18,530,180 30,303.8(58 28.245,024! 24,048
24,(548,304
48(5,004

481,774,150 575,500,130 033,81 9,‘90S

24.470,013

631

that an equal distribution of the savings banks deposits
among
the entire population of the State would
give £S1 08 to each

individual.

Tables showing the aggregate resources and liabilities of
State banks, trust companies, and savings banks in each State,
from which returns have b^en received from the State authori¬

ties, appear in the Appendix. A table is also there given
showing by States the number of savings bank depositors, and
the average amount due to each in 1882 and 1883.
The Comp¬
troller has for the last eight years compiled the returns received
by the Commissioner of Internal Revenue from the State and
savings banks and private bankers for purposes of taxation,
showing the average amount of their capital and deposits for

each six months, and the amounts invested in United States
bonds. The law requiring such returns to be made has not
been repealed, but as the tax on capital and deposits ceased on
November 30, 1S82, it is not expected that such returns will
hereafter be transmitted.
The Comptroller must therefore

depend exclusively for this infoimation

upon the returns to be
received from tlie officers of the different States, and when such
returns are required to be made they are as a rule
promptly
and courteously forwarded to this office in reply to his request
The Legislature of Missouri recently passed a law
requiring
all banks in the State to make reports in the month of Decem¬
ber.
With a view of rendering this system of reports more

complete and effective than at present/the Comptroller pre¬
pared in the year 1876 the form of a bill, and it is respectfully
suggested to members of Congress and State officers residing in
those States where

returns

no

are

required that, if approved

by them, they shall lend the weight of their influence to procure
the enactment of a law, similar in form, by the legislatures of
their respective States.
It may be mentioned that a bill, sub¬
stantially the same, has been passed by the legislature of Ohio.
*
-:f
*
*

The

foregoing table was prepared from returns from all the
New England States, except Maine ; from four Middle States,
not including Delaware, and from all the Western States, ex¬
*
cepting Illinois, Kansas and Nebraska. The only Southern
States from which reports have been received were South Caro¬
PRIVATE BANKERS.
lina, Georgia, Louisiana, Texas, Kentucky and Missouri. The
In the Appendix will be found three
tables, of
only Pacific States were California and Colorado. There are two pages each, giving, by geographicalcomprehensive
divisions, and by States,
no State
banks in Maine, but one in New Hampshire, six in
Territories, and principal cities, the number of State banks,
Vermont and none in Massachusetts. There are, however, six
savings
banks, trust and loan companies, and private bankers of
trust and loan companies in the latter State, one in Rhode
the country, for the present and three previous years, together
Island, and six in Connecticut.
with the amount of their capital and deposits, and the amount
SAVINGS BANKS.
of their capital invested by them in United States bonds.
The
The following table exhibits the aggregate resources and first, detailed official information ever published in regard
liabilities of 629 savings banks in 1SS0, 1881, and 1882, and 630 to the piivate bankers of the country was contained in
in 1SS3 : '
a table in the
Comptroller’s report for 1880 ; and the law requir¬
ing these returns to be made having now been repealed, a simi¬
1 -SO.
<
1881.
!
jS82.
;
1883.
lar table for the six months ending November 30, 18S2, is given,
which is the last table of this kind which can be presented.
(52!) banks.
(529 banks.
(52!) banks. (
(590 banks.
The following information in reference to tlie private bankers
.4%
RESOURCES.
£
£
£
in sixteen of the principal cities has been compiled from the
Loans on r. est. 31 5,273,232 907.09(5,1 5S
907,089,227
928,19 / ,8;>8 table in the
Appendix for tin* six months ending Nov. 30, 1S82 :
Loans
on
perj
1

.

»

-

1
sonal and col.
securil v
70,175,090 9A,SI7.(54 ’•
187, ;i:5,‘.2o 210,845,51 1
U. *. bonds
StaUg municipal
ami olhor lnls.
and stocks
150.4 10,959 1 59, SI 9,9 12
Ell. bds. A st cks
20.705.97S: 27.0(59.0 IS
Bank stock
92,225,029 99,249.209
Real estate.
.•{!), 038,502, 1 1,987,(574
Other assets
27,059,452 97,408,1(59
.21(5.4 29
195,5 / 2
Expenses
Duo from banks.
40,(509,(54 1
22.003,091
1 9,75-S, 1 0(5
Cash
17,072,(iSO

Total.

155,871,522

.

Cities.

219,017.919

20(5,291,274
92,99 1,578
95.9(55,71 <
99.882,129
11,017,94(5

190,(529,915
41.(595,701

192,204
98.077.195
l 1.992.015

144.229

9(5,587,817
97,22 1,(501
59,295,771
19.184,(52 9
12,90S,59 1

SSI ,<>77,950 9(57.790.(502 1,052,!>S2.0(55 1.1 is, 760,94 1

SIP, 10(5.079 89 1,90 1,112
5 1,22(5,472
(50.2d),905
Surplus fund
i .7 1 o.si; 1
Undivid’d pr’tits
10,925.MX)

0,(509,044

5,2 1*9,s 1 5

9(5(5.797.OS 1 1 .(>24.85(5.787
<59, 15 J.5 12
72,784,155
1 1.19(5.21!)
1 9.7; 8,229

5,504,259

-Sl .(57

<

Capital.

01
50(5
9
4 1

£5, 199,589
51,758,575
91,000
2.20(5,728
755,912

£9,(521 ,803
55,5(55.884

1.12(5,798
428.450

9,057,700

54.878
183.505

4,(411,745

11

524,057

85,007

(592

!>
11

1 81,000

792,, (5(5
2,(500,855
1,559,190

Philadelphia
Pittsburg

S
:*r>

Balt imore

Washington

s

New Orleans
Louisville
Cincinnati’.-.
(4ev< land

•

1 >et rod
A1 ilwaukre
St. Bonis
San Francisco

1

5,41 1.779

.

,9. >( > 9(57,790.(‘(52 1.052.082.0(55 1.1 IS. 790.944

JO

1.479,408

9
1
9

205.70S
1(50,000
220,4 12

10

!

I

(579.09(5
52.000

f>

^

Total.

Total

No. of
Banks.

Boston
New York City
Albanv

Chicago

Liamiutiks.
I)eio>i<s

Other liabilities.

12S, 189,098
297,78(5. 142

749

-

1,509,1(52

1 n vested in
l r.8. Bonds*

)eposits.

17,592
6,7.98,522
2,922.571

10,(560.525
1.192,9 17
2,4 55.020
18,729
8,910,782

£878,590
7,5)2(5,545
75,914

5,083
1,525
153,249
14
1

5,933
3.014

35,838

149,037

£(5( 5,300,8 15 £104,445.558 £9.944,208

The total number of private bankers in the foregoing cities
foregoing table includes the returns from six New Eng- j is 749, with an aggregate capital of £66,366,845, and aggregate
land States, from four Middle States, not including Delaware; j
deposits of £104,445,338; the average capital being £89,942, and
from the States of Ohio, Indiana, California, and the District
the average deposits £139,446. About 6S per cent of these pri¬
of Columbia.
The aggregate of loans in the New England vate banks are
located in New York City, representing more
States is £272,112,554, and of deposits £453,890,090.
In the than three-fourths of the
aggregate capital and over one-half
Middle States the aggregate of leans is £169,101,770, and of of the
aggregate deposits. In the city of New York the aver¬
deposits £499,044,206.
age amount of capital is £102,289 and deposits £109.814 for each
Some of the largest savings banks in the city of Philadelphia,
private banker; and the bankers in that city also held £7,926,organized under old charters, are not required to make reports 545 of United States bonds, or over one-half of the amount of
to any State officer.
Returns received directly from four of such bonds held by all of the private bankers of the country.
these banks, having deposits amounting to £32,347.733 are in¬
The following table gives similar information for the thirtycluded in the returns from the State of Pennsylvania.
four States and Territories, exclusive of the cities in the above
The savings banks deposits, given in the foregoing table for
table, having an amount of capital in excess of £100,000. In
1883, based upon reports made to State authorities, are £1,024,- this table the number of
private bankers is 2,611; the aggre¬
856.787, and the deposits of the State banks and trust companies
gate
amount
of
£38,533,964,
capital
and of deposits £181.270,were £500,374,217.
These returns do not include bank deposits. 757, the average capital being
£14,758,
and the average deposits
The deposits of the national banks on October 2, 1S83, exclusive
The

of those due to banks, were £1,063,601,156. These deposits of
the national banks bear to those of the savings banks the pro¬

portion nearly of 51 to 49; to those of the State banks and trust
companies the proportion of 68 to 32; and to the combined
deposits of both, the proportion of 41 to 59.
The total population of New England, according to the
Census of 1880, was 4,010,529, and the number of open deposit
accounts of the savings banks in the year 1SS3 is 1,368,997,
which is equal to 34 1 accounts to each one hundred of the
entire population.
The average amount of each account is
£33155, and if the total deposits were divided among the entire
population the average snin of £113 17 could be given to each
individual.
The deposits of the
were

savings banks in the State of New York

£412,147.213, while the population is 5/82,871, showing




£69,809.

!

States and Territories.

Pennsylvania
Iowa
Ohio

No. of
Banks.
18!)
321
215-

£

Illinois
Indiana

Texas
New York
AI

ichigan

Kansas.
Missouri
Nebraska
Minnesota

Oregon
Colorado

-.

Capital,

j

I

f

Deposits.

1 Invested

in
U. 8. Bonds.

£1.218,405

£24,174,291

£218,107

4.200,58 1

14.580.124
22,482.04 8

210,551

24,591,579

040,121

4,135.8 45
3,054.23!)

557,442

117
1 23
1(5(5
152

2.910,150!
2,*81,555

12,151,432
8,251,(524

51(5,305
10.075

1,742,889
1,124,515

15,55(5,5551

440,821

7,004,720

131,803

101
83

1,323,412;
1,195,0071
1,014.974 i

5,595,708;
0,052,073

121,1(55

149
1 1(5
17

47

1.000,781!
8(58.709
774.735!

3.309,134]

4,770,307!
2,752,552;
2.420

305'

36,685
35.512
1 4,997

270,000

6h2

CHRONICLE.

THE

States and Territories.

No. of
Banks.

Wisconsin

Capital.

87
20
70

Georgia
Dakota
Montana
Alabama

17

Rhode Island

t

California
Connecticut
Utah

Wyoming
Nevada
South Carolina
Louisiana
Florida..
Arkansas
Tennessee
Arizona

(?,000

381,001
304,200

4
0

,•••

7,4x0
28,107
20.000
7,007

7,052
50,121
.............

724 083

105,000

58,122
55,00/
002.2U2

118,508

•

On Circulation-

$2,050,900

..

..

1807
1808
1 800
1870
1871
1872
1873
1874 .:
1X75
1870
1877
1878
..

..

..

10,500

24,778

..

..

2,G1 1

..

..

$3.508,410

The remaining eleven States and Territories enumerated in the
following table contain 52 private bankers, with an aggregate
capital of $375,424, and aggregate deposits of $3,241,483.
Massachusetts has only three private bankers outside the city
of Boston, with an aggregate capital of $68,333, and aggregate
deposits of $572,673. Maryland has but three private bankers
outside of the city of Baltimore.
The State of Maine has nine
private bankers, North Carolina but five. New Jersey four, Dela¬
ware and Vermont only one each.
The average amount of
capital held by each of these 52 private bankers is $7,220, and
of deposits $62,336.
States and Territories.

No. of
Banks.

;

Capital.

t

Deposits.

i

.

Invested in
U. S. Bonds.

t

374
470
399
445
827

i

919

970
730
910

989
927
897
830
811

1,993,020

02

$18:802,237

39

3,403,988
2,040.502
1,800.745
2,190,054
3,02c,(‘83
3,044,24 L
4,028,229
3,771,031
3,387,100
4,097,248

05
46
55
17
61
53
14
46
07
12
4,000,098 03
3,829,729 33
3,492.031 85
3,198,883 59

29
001
225
008
430

01
24

84
50
48

3,350,985 28

811 000 35
1,153 070 25

4,090,102 45

...

$2,837,719 82
4,940,870 90

074 11
807 73
502 90
071 49.
087 21
202 77
057 01
950 05
878 15

1,102 241 58

2,510,775 43
2,940,900 04

4,285 77

Totals.

903 307 98

/

10
72

Capital.

$....

83
98

2,099,530 ;>
2,890,037 9.3
2,593,087 29
2,354,911 74

1,118
13,003 “0
28,773 37
4,205 08

1870
1880
1881
18x2
1882 *.
..

$38,533,961 $1 81,270.757

02
20

5,430

On

03
40
84
3,043,251 71
3,000,302 79
3,453,544 20
2.972,260 27

10,738
22,740 27
17,017 07

..

Totals

2,009,035
1,355,305
1,438,5 12
1,734.417
2,177,570
2,702,100

8.010 82

..

Deposits.

$780,723 52
2,043,841 08

28,000 88
1 0,505 05
15,419 94
22,781 02

..

.............

30

214.208 75

..

..

2,500

On

1.003,001 84
900,278 11

..

..

240,033
344,052
070,988

111,501
105,248

:

..

034,803
1.701,252
1.510.S57
2,274,075
1,001,308

153,874

1G
5
10

Years.

1800

2

217,833
210,103
214,005
101,434
177,207
158,530

1882, the date upon which the taxation of capital and deposits

ceased

1804
1805

040 005
577.740
2.2 14,2 IS

305 380

7
o

f

02,430

1,117,000
1,200,323
1.540,824
1,530.013
1.221,054

423,015
400,530

22
17
27
13
0
5

Kentucky
Virginia

4.405,407

052,177

400.414

10
11

Mississippi

Invested in
U. S. Bonds.

70‘,001
507,104
525,727
514,500

oo

Washington...:

Deposits.

| V OL. XXXVII.

3,762,208 07

5,253,458 47
2,482,059 55

489 033 53

Aggre¬
gates
v

$5,487 008

8?

Six months t<

November 30, 188

The shares of national banks

$14,980
>

143 44

$09,275,9^9 05

•

still

are

subject to State taxa¬

tion, and in previous reports tables exhibiting the average rates
paid by national banks in the several States and Territories
have been given for purposes of comparison and to show the

total burden of taxation heretofore borne by the national banks.
The national banks having been happily relieved of the United

States tax, as has been repeatedly recommended by the Comp¬
troller, it has been thought unnecessary to continue the collec¬
tion of this information, which can only be obtained from
separ¬

ate returns to be made

by each bank to this office.

UNITED STATES LEG A L-TEN DEIl

NOTES AND

NATIONAL

BANK C1RCU-

CULATION.

Maine
Massachusetts
North Carolina
West Virginia

0
3
5

3
!>
10
13
4
1
i

Maryland
Idaho
New Mexico
New Jersey
Delaware
Vermont
New Hampshire

r

$83,343
OS,333
5X,333

$250.0X0

40.0: O
30.025
30.047
25. 117
1 0,020

1.1 5s,047

5 OOO

S.510
20,007

!

i

4'

$0,137
00,003

*572 073

X3.72X
I

1 1 325

30.110
IS 1,471
0.0.000
1.110

01

j..
i

Total
*

i

1

*

52

vi :

i

The acts of Feb. 25, 1862, July 11, 1862, and March 3, 1863,
each authorized the itsue of 150 millions of dollars of legal

tender-notes, making an aggregate of 450 millions of dollars.
On February 3, 1864, the amount of such notes outstanding
was $449,479,222, which was the
highest amount outstanding at
any one time.
The act of June 30, 1864, provided that the
total amount of United States notes issued, or to be issued,
should not exceed 400 millions of dollars, and such additional
not exceeding 50 millions, as might be temporarily
required for the redemption of temporary loans. By the act

sum,

1

$375,424

*

$3,241,4 S3
•K-

v;

$85,210

•

TAXATION.

The act of March 3, 1S83, repealed the
upon the capital and deposits of national

law imposing a tax
banks, State banks
and private bankers, except such as was then due and payable.
Some doubt arising as to the effect of this law, the question
was referred to the Attorney-General, who, on
May 18, 1883,
decided that the tax upon the capital and deposits of State
banks and private bankers ceased on Nov. 1, 1882, and that
upon the capital and deposits of the national banks on Jan. 1,
1883.
These were the dates of the last assessments under the
laws taxing banking capital and deposits.
The ouly United States taxes now to be paid by banks are the

1 per cent annual tax upon the circulation outstanding of
national banks and the prohibitory tax of 10 per cent upon
State bank cir culation paid out, as provided by section 3412 .of
the Revised Statutes.
The whole cost of the national banking system to the Govern¬
ment from the date of its establishment in 1863 to the present

of June 20, 1874, the maximum amouut was fixed at 382 mil¬
lions. Section 3, act of January 14, 1875, authorized an increase
of the circulation of national banks in accordance with existing

law, without respect to tLie limit previously existing, 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 millions, and no more.
Under the operations of this act, $35,318,984 of legal-tender
notes were retired, Raving the amount in circulation on
May 31,
1S7S, the date of the repeal of the act, $346,681,016, which is

the amount now outstanding.
In the following table are given

the amount and kinds of the
outstanding currency of the United States and of the uational
banks on January 1 of each year, from 1S66 to 1883, and on
November 1, 1883, to which is prefixed the amount on August

31, 1865, when the public debt reached its maximum:
l Initt <1 States 1

1 >atc.

Legal tenth T
notes.

tune, has been $5,610,660.

Up to Jan. 1, 1883, the date upon
capital and deposits ceased, there has been

which the tax on
collected on these two items alone from national banks the
of $68,705,048 00. In addition the amount collectedaip to

sum

July

1,1883, from the tax on circulation, which is still in force,
amounted to $55,385,524 07, making an aggregate of $124,181,-

479 87 paid in taxes on capital, deposits and circulation by the
national banks during the year ending July 1, 1SS3.
The tax
on circulation alone, paid for the last half of the fiscal
year,
amounted to $1,564,521 50.
The following table shows "the
total amount paid upon capital, circulation and deposits up to

July 1, 1883:

'

Years.
1864
1805
1806
1867
1808
I860
1870
187L
1872
1873
1874
1875
1876
1877
1878
1879

1880
1881
1882
1883

On Circulation.

On

$53,193 32

..

733,247
2,100,785
2 J 08.030
2,940,343

..

..

..

..

2,957,410
2,049,744

..

..

50
30

..

..

..

..

..

..

..

..

..

.

..

..

On

78
07
73.
13
00
03
13

87

$18,432 07

1.0x7,530
2,033,102
2.6 m, ISO
2,504,143
2,014,553
2,614,707
2,802,840

80

133,251
406,047
321,8x1
300,781
312,018
375,002
385,202
380,350
454.801

032,200 10

3,451,905 38

2,948,047 08

3,273,111 74

3,009,047 10
3,153,035 63
3,121,374 33
3,100,081 08
3,132,006 73

3,309,008 90
4,058,710 01
4,940,945 12
5,521,927 47
2,773,790 40

15
74
30
07
OS
20
13
27
51

100,048 02
507,417 70

3,514,205 30
3,505,120 04

*

Capital.

$1)5,011

77
00
44
58
01
85
3,120,984 37
3,100,500 20
3,200,007 72

2,087,021
3,103,570
3.353,180
3,404,483 11
3,283,450 80
3,e91,795 70
2,900,057 53

..

Deposits.

000,784 00
500,200 83
401,920 01
370.424 10
431,233 10
*

437,774 00
200,970 43

Totals.

$107,537
1,954,029
5,140,835
5,840,» 98

20
00
81

07
93
85
04.
50
81

05
07
43
55
35

0,175,773 02

Aggre¬
*

$7,855,887 74 $124,181,470 87

Six months.

The

following table exhibits the taxes upon the circulation,
deposits and capital of banks, other than national, collected by

th$_Commissioner of Internal Revenue from 1864




to

JJ at e.

07

'

gates $55,385,524 07 $00,040,067 10

:

5 817.208 18

0,175,154
0,703,910
7,001,040
7,083,498
7,305,134
7,229,221
7,013,707
0,781,455
0,721,230
7,501,770
8,403,552
9,150,084

Nov. 1,

$ 132,553,91
125,839,3 1 !)

....

23

5,884,888 99
5,940,474 00

*>

A ugust

1, 1805....
January 1, 1800
January 1, 1 s 07
January 1, isos
January 1, 1809....
January 1, 1870.../.
Januai v 1
1871
January U 1872
January 1, 1S73
January U 1874
January 1, 1875
January U 1870
January l, 1877
January 1, 1878
January 1, 1879
January 1, 18SO
January U 1.881
January U 1882
January 1, 1883
Novemlx r 1, 1883...

August 1

1. 1805...

!

j
i

357.500.000

j

358.557,90 7

378,101,70 2
3X2.000.000
37 1,827,22 0

!

300.055.08

j
i
!
•

1

349.943,77 0
340,081,010
340,081,010
340,081,01 0

i
■i
i
:

Old dem and

■urreney.

$402 9( ►5
,392.67 0

65,402
03.53 2

02,035
61.350
00,7'i 5

59,295
58.800

Notes of
national banks,

1

5,074,304

Gold
C urreney

including
gold notes.

Aggregate.

$170,213,955

$035 515,574

344,582,812
350,84«,230
354.128,250
340.479,750
321,595,000
321,072.505
323,791,074
342,387,330
344,355,203
302,421.988
301,8x2.791
351.528,421

1,597.583

3 1,215,715
3 (.702.001
3 >,995,089

1 5,523,404
1 5,451,801
1 5.398,008
1 5,300,237

59,920
l.

8.732,812

3

40.390,5984 !. 147,072
*2 0,348.200
I 7.704,109
10.108.159

69.61 2

1

O

40.707.877
4 5.722,001
4X 544,792

79,037
72,31 7

1

.-00,307,072
328,405.431

■

101. (80
92.801
84.3!; 7

340,081.010

299.747,509
299,029,322

•i •j 0,314,742
*>
0,000,420

-

221,61 2
159,11 7
128,098
11 3,15 IX

!

340,081,010

1* r; ictional

notes

340, Ox 1,010

January 1, 1869
January U 1870....'
January 1, 1X71
January 1, 1872....
January l, 1873....
January 1, 1874....
January 1, 1875....
January U 1870....

1878....
1879....
1880....
1881....
1882....
January 1. 1883....
November 1, 1883.J

!

350,OOP,000
350,Oi 0,000

230,(>30,098
298,588,419
299.840,200

1877....!

:

380,270,100
356,000,000
350, Oc 0.000

January U ‘St 0.... j
January 1, 1807....!
January 1, 1808... !

January 1,
January 1,
January 1,
January 1,
January 1,
January 1.

J

ues

088
707
087
090
095
702
720
748
777
782
702

867,907
819.023

602.916

091,382
505,084
403 847

826,109
947,167
874,367
591,105

523,690

714 004,358
143 922

089
086
704
700
721
724
713

042,884
804.000

020,428

614.785
021.110

034,474

price of

price of $100 cur$100 gold. rene.y.
$144 25
144
133
133
135
120
110
109
112
110
112
112
107
102
100
100
100
100
100
100

50
00

25
(0
00
75
50
00
25
50
75
00
87
00
00
00
00
00
00

$09 32
09 20

75
75
74
S3
90
9L
89
90
88
88
93
97
100
100
100

18

04
07
33
29
32
28
70
89

09

40
21
00
00
00
100 00
100 oo
100 00

jn

December 8,

THE CHRONICLE.

1888.]

The act of June 20, 1874, provided that any national
banking
association might withdraw its circulating notes upon the
deposit of lawful money with the Treasurer of the United States
in sums of not less than $9,000.
Since the passage of this act
$154,424,641 of lawful money have been deposited with the
Treasurer by the national banks for the purpose of
reducing
their circulation, and $120,156,046 of bank notes have been
redeemed, destroyed and retired.
*
*
*
*
*
*
The amount of circulation issued to national banks for the
'

ending November 1, 18S3, was $14,510,200, including
$7,909,150 issued to banks organized during the year. The
amount retired during the year was $25,112,880, and the actual
decrease for the same period was therefore $10,602,(580 and the
total outstanding'on November 1, was $351,264,803
During the year ending November 1, 1S83, lawful money to
the amount of $22,349,420 was deposited with the Treasurer to
retire circulation, of which amount $9,100,072 was deposited
by
banks in liquidation. •
The amount previously deposited under the act of June
20,
1874, was $122,769,668 ; by banks in liquidation, $42,0S6,1C8, 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 from the total the amount of circulating
notes redeemed and destroyed without re-issue
($155,262,564,)
there remained in the hands of the Treasurer, on November
1,
1883, $35,756,308 of lawful money for the redemption and

633

The circulation of the

Imperial Bank of Germany on January
$214,359,750, showing a decrease of $7,045,015 dur¬
ing the following year ; on January 1, 1879, the circulation was
$165,933,942, showing an increase during the four years pre¬
ceding January 1, 1883, of $41,380,793.
The following tablet gives the circulation
of the Bank of
France and its branches, with tlie number of notes
and the
1, 1882,

was

*

denominations in francs and in dollars

on

January 25, 1883

:

year

retirement of bauk circulation.
*

*

-x-

*

BANK

AND

LEGAL

CIRCULATING NOTES

OF

TENDER

THE

BANK

NOTES
OF

BY

*

DENOMINATIONS.

FRANCE

AND

IMPERIAL

BANK OF GERMANY, BY DENOMINATIONS.

francs.

5

2.752

0,812,23 t
4,725,149

1,212

1,060

1.000
500
200
100
50

621,757

22,801
190,473
170,024

Value of
each note
iu dollars.

5,040

1,263,286

200
LOO

40
20

10
5
4

25

20
5
Forms out of date.

Amount in
francs.

3,929.400

1

7,825,356

Amount in
dollars
(franc=
20 cents.)

25,000
5,000
1,263,286,060 252,657,200
312,378,500
02,475,700
550,100
110,080
1,081,223,100 210,244,080
230,257,450
47,251,490
1 14,320
571,000
785,892
170,024
84,640

883,120

423,200

--

2,899,528,13s 5.79,905,626

t London Hankers’

Magazine, September, 1883, p. 878.
The amouut. of circulation of the Bank of France

on

January

2,852,316,675 francs, or, say, $570,463,335, showing
an increase of
47,211,455 francs, or $9,442,291, between that
time and January 25, 1883, the date of the
foregoing table,
and, since January 30,1879, an increase of 608,557,300 francs,
or

In accordance with law, no national bank notes of a less
denomination than five dollars have been issued since
January
1, 1879, when the amount outstanding was $7,718,747. Since
that date the amount of ones and twos issued
by the banks has
been reduced $6,791,747, leaving the amount now

Denominations,

notes.

26, 1882,

*

i

NATIONAL

Number of

was

$121,711,460.

It will be

seen that the
Imperial Bank of Germany has in
circulation no notes of a less denomination than seven dollars
and a* half (ten thalers), and issues none of
less than twentyfive dollars (one hundred marks'; and that the Bank of
France

outstanding issues but little over a million of a less denomination than ten
period the legal tender notes of dollars. The Bank of England issues no notes of less than £5,
these denominations have been increased $17,075,827.
The or twenty-five dollars ; and the Irish and Scotch banks none of
total increase of the.amount of oin-s and twos
*
*
*
*
*
*
outstanding in less than £1, or five dollars.
national bank and legal tender notes is $10,284,080.
APPENDIX.
The following table exhibits by denominations the amount of
national bank and legal tender notes
Tables
will be found in the Appendix,
outstanding on October
exhibiting the reserve
31, 1S83, and the aggregate amounts of both kinds of notes at of the national banks as shown
by their reports, from October 2,
the same period in 18S2 :
1874, to October 2, 1883 ; the reserve by Stares and
principal
cities for October 2, 1883; and in the State* and
Territories,
1883.
1882.
in New York City, and in the other reserve
cities, separately,
Denominations.
at
$927,000, and during the

same

National
bank notes.

Ones
Twos

Fives
Tens

Twenties
Fifties
One hundreds
Five hundreds
One thousands.
Five thou-an ds
Ten thousands
j
Add for unredeemed!
fragments of mil'll
bank notes
Deduct for legal-ten¬
der notes destroy’d
in Chicago tire

Total

fc

A

amount

of

three dates in each year from 1878 to 1883,

ggregate.

$
*
$
!
$
573,768! 30,211/107 30.785,205 28,008,014
353, J 321 27.1 50,001 27.510,100 25,100,055
01,523,205! 72,091,415 101,517,02' 105,205,005
1 18,317,310
70,058,000 180,275,10n 104,725,471
83.08 1,160; 50,208,300 142,382,400
151,117,050
23,265,300! 23,012,815 40,278.14 7 47,802.045
32,550.700 33,431,800j 05,001,500 05,830.000
8O8.OO1»! 14,007 500 15.805.500 15,024,500
185,000; 15.2 14.500 15.420.500 12,307,500
255,000
255.00(i
2,3:15,000
120,000
120.000
230,000
10,701

10,701;
,000,000

1.000,000

-f 18,233

one

and

two

Special attention is called to the synopsis of judicial decisions
contained in the Appendix, to the numerous and
carefully pre¬
pared tables in both report and Appendix, and to the index of
subjects and list of tables to be found oil page
At the
end of the full volume of more than
eight hundred pages is an
alphabetical list of the cities and villages in which the national
.

banks are situated.
In concluding this report

the Comptroller gratefully acknowl¬
edges the industry and efficiency of the officers and clerks
associated with him in the discharge of official duties.
JOHN JAY KNOX,

Comptroller of the Currency.

Hon. George F. Edmunds, President pro tempore of the Senate.

1,000,000

350,770,43013 10.081,010 007,400,152 707,081.002

_

The

Legal-temrr|A
notes.

Brooklyn Horse Railroads.—The following returns for the
ending Sept. 30, 1883, are from reports filed at Albany :

year

dollar notes

outstanding is
Broadway HR. Co. or
one-fourth of one per cent of the whole circula¬
Brooklyn.—Stock, $350,000; funded debt
$350,01 0; floating debt, $6,88o; cost Of road and
tion of the banks; the fives constitute 26’1
equipment, $801,027
per cent, the tens taxes paid, $0,238; passengers carried,
7,455,101; operating expenses,
337 per cent, the twenties 23 7 per cent, and the fifties and $250,250; maintaining
.expenses, $15,125; receipts, $304,088;
pay¬
larger notes 16 2 per cent, of the entire circulation.
ments, $340,052; dividend, 12 per cent, $42,000.
Brooklyn City RR. Co.-Capital,
Of the entire amount of national bank and
$2,000,000; funded debt. $300,legal tender ( 0<-; Homing debt. $111,50.0; cost of road
and equipment,
notes outstanding, about 44
$3,126.420;
one
and passengers earned, about 40,000,000; cost of
per cent consists of
maintaining road and real
two dollar notes; more than 31
estate.
$208,005
(of
which
was
$07,200
for
per cent of ones, twos and
taxes); cost of
fives; 59 per cent is in notes of a less denomination than load, $1.530,059; dividends, 14 percent; receipts, $2,004,853.operating
Brooklyn City A Newtown IlR. Co.—Stock
(paid in), $1,000,000;
twenty dollars, and about 80 per cent is in notes of a lower
denomination than fifty dollars.
Of the entire issue, about
20 per cent is in denominations of
fifties, one hundreds, five
hundreds and one thousands.
There are outstanding 51
legal $200,585.
tender notes of the denomination of five
BisilWiriv RR. Co.- Capital, $500,000; funded
thousand, and 12
debt, $150,000; float¬

slightly

over

notes of the denomination of ten thousand.

The following table* exhibits by denominations the circula¬
tion of tlie Imperial Bank of
Germany on January 1, 1883, in
thalers and marks, which are here converted into our
currency:
THAI.
EllS.

Number of
notes.

Value of each
dollars.

Denominations.

80

500
100
50
25
10

2,130
1,667*2
8,492
8,8 18*2

i

note in

halers!

375
75
37
18
7

thalers.
thalers.
ihalers.
thalers.

00
00
50
75
50

Ain’t in clol’rs

(thaler=75c.)
30.000

159,750
02,531

159,225
66,363

—,

477,869

—..

MARKS.

Number of

Denominations,

notes.

253,084*2
158,199
4,904,349

5,376,232*2
*

1,000 marks.
500 marks.
100 marks.
-

Value of each
note in dollars.
250
125
25

...

London Bankers’ Magazine,
August, 1883, p. 756.




$129,001.
Grand

.

21,218

ing debt, $50,300; cost of road and,equipment, $1,077,275;
length of
road laid. 11*5 miles; taxes
paid, $10,305; operating, $204,708; main¬
tenance, $17,01receipts, $360,501;
payments, $347,005; dividends,
7 h per cent, $37,500.
Coney Island A Brooklyn
RR. Co.—Capital, $500,COO; funded
$281,000; floating. $16,840; cost of road and equipment,
$702,099;
operat ng, $158,350; maintenance, $9,530; length of road, 10*81
miles;
passengers carried, 4,048,108; taxes, $1,732;
receipts, $228,270; pay¬
ments, $218,899; dividend, 0 per cent, $30,000.
Grand Street A Newtown RR.
Co., Brooklyn.—Stock, $200,000 authorized. $170,000 subscribed and
paid in; funded
500; rate of interest, 7 per cent; floating debt, $26,600; debt,of$152,road
cost
and equipment, $378,358;
passengers carried; $‘2,120,151; expenses of
maintaining road and real estate, $7,121; operating road,
$35,928;
interest, $11,092; dividends, $8,500; total
expenses, $124,292, receipts,

Ain’t in dol’rs

(mark=25c.)
63,421,125
19,774,875

124,108,725
207,314,725

Street

Prosfect

Park

A

Flatwjsii

RIi.

$200,000; funded debt, $' 00,00(; floating debt, $15,370;Co.—Capital,
cost of road
and equipment, $097,290; number of
passengers carried, 2,350,469;
taxes, $1,217; maintenance, $3,911; operating,
$102,887; receipts,

$118, 572; payments, $122,074.
Jamaica A Brooklyn

$37,480; railroad
miles;

RR. Co.—Stock, $100,000; preferred stock.
obtained by foreclosure and consolidation;
length, 6

passengers carried, 73,957; taxes, $2 25;
operation, $9,337;
maintenance, $048; payments, $9,980; receipts, $10,584 ; no dividends.

New Williamsburg A Flatri

sii

RR.

Co.—Capital, $300,000; funded

debt, $200,000; -floating debt, $35,749; cost of road and
equipment,
$170,752; maintenance, $23,265; operating, $104,320; number
of
passengers carried, 3,073,700; taxes paid, $32s; receipts, $118,661;
payments, $142,316.

THE

634

CHRONICLE
Quotations tor foreign exchange are as
being the posted rates of leading bankers:

^Ixe fStetthers7 CSagjettje.
dividends.

Tliafollowlng dividends have
Name of Company.

Railroads.

Albany &
Boston &

Susquehanna

Lowell

Chicago Rock Tsl.

$15
1

& Pac. (quar.)..

4

Connecticut River
Missouri Pacific (quar.)
Rensselaer & Saratoga
Richmond & Petersburg
NEW

The

Money

YORK,

Market

1*4
4
2 *2

When

Books Closed.

Payable.

(Days inclusive.)

2 Dec.

Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.

I Dec.
1
1 Dec.
2 Dec.
2 Dee.
1

16 to Jan.
13. to
16 to
21 to Jail.
16 to Jan.

FRIDAY, DEC. 7, 18S3-5

and

follows, the prices
Sixty Days Demand.

December 7.

recently been announced:
Per
Cent.

[Vol. xxxvn.

Prime bankers’ sterling bills on
Prime commercial
Documentary commercial
Paris (francs)

2

Amsterdam (guilders)
Frankfort or Bremen (reichraarks)

United States
2
2

P. M.

4 8212
4 81 q
4 80%
5 22 ^
40 x8

London

4 85

5 19*8

9434

4014
95*2

Bonds.—Continued strength and advancing

quotations still characterize the market for government bonds.
The 4}<jS have been particularly strong, and record an advance
of % for the week.
The closing prices at the N. Y. Board have bean as follows:
Dec.
1.

Interest
Periods.

Financial Situation.—The

Dec.

Dec.

3.

4.

Dec.
5.

Dee.
6.

Dec.

7.

prominent fact in the general commercial and financial
114
114
114
*1137g *114
114
situation now—and for that matter for the last year and a 4*28,1891..:... reg. Q.-Mar. xll4
114
*114
114
113?8 *114
41^8,1891....
coup. Q.-Mar.
half—is that profits are exceedingly small in almost every line
*122
1221s A22i4 *122ia
*122
xl22
4s, 1907
reg. Q.-Jan.
123
123
123iS 123*2 12312
123
of business. This is not only true as regards every kind of 4s, 1907
coup. Q.-Jan.
100*2 *10012 *100 Sg *L0058 *100 •’8: 100%
Q.-Feb.
38,
option
U.
8.
.reg.
dealing in and manufacture of marketable commodities for
& J. *xl29i£ *12912 *12712 *12712 *12712 *127
6s,cur’cy, ’95..reg.
consumption, but is as true also in regard to the employment 6s,cur'cy,
J.
& J. *xl3iis *13112 *12912 *12912 *12912 *129
’96..reg.
of bank capital in loans and other forms of temporary invest¬ 6s,our’ey, ’97..reg. J. & J. *x133’-2 *13312 *13112 *13112 *13112 *131
*133
ments. There is but one exception to the general rule, in the 6s,cur’cy, ’98..reg. J. & J. xl34kj 134 *13334 *133% *13312
*13412 *134
*13430
1343*
J.
&
J.
net earnings of the railroads, which are larger, proportion¬ 68,our’ey, ’99..reg.
ately, than the net profits of other kinds of business.
This is the price bid at the morning board; no sale was made.
This general rule of small profits—and in many lines of
U. S. Sub-Treasury.—The following table shows the receipts
trade, no profits at all—is the result of the general decline in
prices of all commodities in the last two years, and the latter, and payments at the Sub-Treasury in this city, as wed as the
balances in the same, for each day of the past week:
in turn, is the result of what is called “over-production” or
Balances.
in other words, an excessive stimulation of commercial and
industrial enterprise in the several years previous to 1882.
Payments.
Date.
Coin.
Receipts.
Currency.
The fact that business now, being comparatively stagnant,
$
$
$
$
requires less financial aid from banks, makes the appearance
715,970 77 116,708,500 03 6,031.256 89
Dec.
1..
1,196,581
47
of a greater supply of capital as shown in the plethoric condi¬
3,004,736 92 115,762.193 27 5,586,311 37
3..
1,613,484 64
tion of the loan markets and the low rates for money, when
1,361,569 99 116,177.552 63 5,416,301 54
4..
1.609,918 52
5,402,833 50
in fact it is tiie decrease of enterprises and the cessation in
5.. *11,360,716 07 *11,534,389 29 11 6,017,355 45
1,561,743 51 115,736,230 01 5,337,989 40
6..
1.215,773 97
the further expansion of the scope of commercial transac¬
1,213,923 18 116,086.371 97 5,322,570 67
7
1,518,6 16 41
tions that leaves a larger proportion of capital unemployed.
Merchants and manufacturers are not making money, and Total
18,545,124 08 i 19,395,324 63
therefore have less surplus to invest in interest-paying securi¬
$10,000,000 in receipts and payments was transferred-from one ac¬
ties and investments; hence all such investments in the form
on the books to another.
of bonds and stocks are in less demand.
The railway earn¬ count
f Above payments include $523,000 gold certilleates taken out of cash.
ings have been kept up by the expansion of the general rail¬
State and Railroad Bonds.—The general market for
road system, the growth of population and its distribution
railroad bonds has been somewhat less active in the last week,
over a wider area; but the profits to all individual producers
and though prices have generally advanced, some fractional
and middlemen have been diminished.
In
In this general situation there have been no significant declines have taken place during the last day or two.
some cases, also, there lias been an active business at declin¬
developments in the last week, or, indeed, for the last several
The New York West Shore
weeks. There have been no important failures and scarcely ing prices for more than a week.
& Buffalo 5s, which sold several weeks ago as high as 77, sold
any changes to note in the commercial situation.
This fact this
week as low as 73;{^, but closed on Friday at 74. The North¬
seems to show that at least the depression of values may have
reached its lowest extreme. That the depression has pro¬ ern Pacific firsts have been very firm at lOG}^, 105105;f£.
ceeded so far without a panic and without great bank failures In this connection, also, we have information that the $15,is a strong point in favor of the present era as compared with 000,000 of the $20,000,000 second mortgage bonds which
were
taken firm by the syndicate of bankers, have been
former periods of inflation and expansion.
Advices from the West still show an accumulation of grain paid for and the
cash turned over to the Northern
Aside from those above, the more
and provisions at the principal primary markets, especially Pacific Company.
at Chicago, where money continues tight and New York important changes have been an advance of 3;l7 per cent
exchange rules at 50 cents per $1,000 discount, though at in Gulf Colorado & Saute Fe firsts to 119, 2f.< in Denver &
nearly all other Western points the domestic exchanges have Rio Grande consols to 91JA, l}£ in Atlantic & Pacific firsts to
9517, 1 Yi
this week been rather more favorable to New York.
New York Lackawanna & Western firsts to 120,
in Metropolitan Elevated firsts to 104*4, 1 per cent in New
Rates of interest in the New York market continue at the
York Elevated firsts to 120, 1*4 in St. Paul & Manitoba con¬
same low figures as last week, with no apparent decrease of
the supply of funds.
Call loans have ranged from 2 to 3 per sols to 103*4, and 1 per cent in Rochester & Pittsburg firsts to
cent, time loans on stock collaterals at 4 to 5 per cent, and 92. New York West Shore & Buffalo 5s close 1 per cent lower
Texas & Pacific incomes show an advance
rates for discounts of mercantile paper at 5 and 5}.< for first- Ilian last week.
of
1;*4 to 52.
class double names, and 6 and
for the best single names.
State bonds have not been dealt in to any extent, and the
The Bank of England weekly statement showed a loss of
£152,000 in specie. At the same time the reserve of notes and variations in prices have generally been unimportant.
specie in the banking department was reduced from 43 3-10
Railroad and Miscellaneous Stocks.—The stock market
per cent to 42]4 per cent. It is noted also that while the Bank was again depressed during the last week by rumors of a
rate of discount remains unchanged at 3 per cent, there is as
pending war in the Omaha pool between the St. Paul, the
much of a plethora of idle money in London as here, and
Rock Island and the Union Pacific on the one side, and the
that rates in the open market are about 2'3.
The stagnation Burlington & Quincy and possibly the Northwestern on the
in the Stock Exchange there also corresponds to that existing
other, the two first-named roads demanding that the two
The Bank of France reports for the week an increase of
here.
last-named should put all their Nebraska business into the
4,425,000 francs in gold and a decrease of 1,525,000 francs in Omaha
pool for division.. The market has also been disturbed
silver. The Bank of Germany for the week showed a gain of
bv rumors of the issue of bonds by the New York Central, and
18,100,000 marks.
of the sale of treasury stock by the Northwestern, both of
The following table shows the changes from the previous
which rumors have been officially and emphatically denied, as
week and a comparison with the two preceding years in the
also a variety of other rumors which were palpably false. The
averages of the New York Clearing House banks/
withdrawal of the New York Central from connections with
1881.
1882.
1883.
Differ' nces frym
the Fitchburg Railroad was interpreted as a .menace to the
Dec. 3
Dec. 2.
Dec 1.
previous week.
There were also reports
West Shore and the Grand Trunk.

most

*

*

*

*

*

*

“

“

“
“
“

.

‘

would pass its dividend

$325,746,700 luc .$1,108,000 $305, 473,500 $315,321,700
55,316.800
f 8.131.600 Inc. 1,2'i5.800
52.179.800
20.133.200
18.557,600
Circulation...
15.306,600 Dec.
4, LOO
317,036.100! Tnc. 1,353,500 279,234.900 2 SO,437,500
Net deposits
15,SGI,700
19,109,000
11,100
27,326.400 Dec.
Legal tenders.
$71,609,375
$09,808,725
$70,259,025
Inc.
$339,625
Legal reserve.
7L,178,500
71.288.800
Reserve held.
85,458,000’Inc. 1,251,700

that the Oregon & Trans-Continental
next week, which had the effect to

$915,075! $1,480,075 clef. $130,875
Exchange.—The market for sterling has been dull during
the week, and posted rates are
cent lower on the £ than
a week ago.
O11 Friday, the 7th. the rates were 4 82^> and
4 85.
For actual business the quotations were as follows, viz.:
Sixty days, 4 81!£@481?£; demand, 4 84,4'@4 841>; cables,
4 84%'@4 85.
Commercial bills were 4 80@4 S0}£. In the
.ast few days Continental bills have also been lower.

Burlington & Quincy, ljg; C. C. C. & I., 1?4; Canadian Pacific,
1*4': New York Central, 1%: St. Paul & Omaha preferred,
13s': Milwaukee. & St. Paul, 1; Rock Island, 1; Louisville &
Nashville. J8; Texas & Pacific, %; Delaware Lackawanna &
Western, U, and Lake Shore, x/2.
Advanced—Denver & Rio
Grande, tg; Michigan Central,
Jersey Central, 1
Phila¬
delphia & Reading, U4. Unchanged—Erie, Western Union,

.Loans ana dis.

Speoie

•

.

Surplus




$6,198,975 I110

.

depress all the Villards,

though there has been no official discussion of the question of
the dividend yet.
The most important changes of the week
are as follows, viz :
Declined—Oregon & Trans-Continental,
Northern Pacific, 3*7;
7;*g; Oregon Railway & Navigation,
do

preferred, 5U; Union Pacific, 2L7;

Missouri- Pacific.

Northwestern, 2}^;

"

v

December

THE

8, 1833.]

NEW YOUK STOCK EXCUANUE
DAILY

635

FKICES FOK WEEK ENOINti DEC. 7, AND SINCE JAN. I, 1883.

HIGHEST

Monday,
Dec.

1.

Dec.

AND

Tuesday,

3.

railroads.
Atchison Topeka <fc Santa i?e.
Boston <fc N. Y. Air-L., pref...

82
85

Burlington Ced. Rapids & Iso.

82
85
59 H
5 i V
84 V
68

58*4
56*2

LOWEST

PRICES.

Wednesday. Thursday,

Dec.

4.

7934

7934

Dec.

5.

Dec.

Sales of
the Week

Friday,

6.

Dec.

25

100
24

59

58*4
56*4

V

57*4

58*4

o 1

57

55 34

56*2

84*4

57 *8

56

84
67 V
*16

8334

8334

83*2

16*2

83 7a'
67 34!

56 *a

67*4
"15*2

55*4
83*2
60 7s

83*2
67 V

27^4

2734

2734

*18bj
H3334 134
133V 133 V
Chicago & Alton
124 7a 125 7e 124 *8 126 *8
Chicago Burlington & Quincy.
98 5a 90 “b
98*4 9934
Chicago Milwaukee & St. Paul
118
118*2 118
Do
pref. 118
125
125
V 127*4
78 127 *.
Chicago & Northwestern
146
148
148
V
V
149*2
Do
pref.
122
121*2 122*,
Chicago Rock Island & Pacific 122
*12
13V
12*4
12*4
Chicago St. Louis & Pittsburg
40
•
Do
pref. *38 V 39 V *35
36
37
36*4 36 7a
Chicago St. Paul Minn. & Om.
9b
98 7e
98*8 99
Do
pref.
72
72
73
73
V
V
Cleveland Col. Cinn. & Ind
Cleveland & Pittsburg, guar..
Columbus Chic. <fc Ind. Cent..
Delaware Lackawanna & West. 1*18* V iYdv 118V H9V
23 V 24 V
23*4 24 *b
Denver & Itio Grande
7 *s
7 *8
7 *4
7*4
East Tennessee Va. & Ga.....
14
14V
14*4 14 V
Do
V
pref.
55
55
Evansville & Terre Haute....
*5
*5
6
6
Green Bav Winona & St. Paul
Hannibal'& St. Joseph

*17*2

84
67 V
*16 V

Chesapeake & Ohio
Do
Do

■

*27 V

lstpref..-2d. pref

68

*18

18*2

16 *2'

2734i *28*4

67
*15
*27
*17

18**

18

57 V
55*4

5734

iu

67 V
16 *2

*15

18*2|

78

84 V

67 V
*15

16 *2
29

35 J4

98

71

16V
28

13 V1
33 V 38 V
35 *2 36
97
97*4
70
71
137
137

*12
*35

13
38
35 V

3434
9534
70*4

97
71

IV

118

117 V 11878
23V 23 34
7
7
14*4 14 V

11834

23*4

23 34

7
14

7
14 V

23 V
7

*5

6

5 V

7

14*8

5 V

*634

7

14

14*8

52 *2
*5

.

IV

117 V 118*4
23 V 23 V

23 V
52 V

14

"5

6

0"

pref

Harlem
Houston & Texas Contral

*57" **6*i"

Illinois Central

133 V 134

--

Do
leased lino....
Indiana Bloom’n <fc Western
Lake Erie & Western

*

2*3 li

23

..

Lake Shore

2434 25
101*4 102 V
70

Long Island

Louisiana & Missouri River..
Louisville & Nashville
Louisville New Albany & Chic
Manhattan Elevated
Do
1st prof...
Do
common
Manhattan Beach Co

*45
*86
*45

Do

*86
*44

New York Elevated
New York Lack. & Western

40
24
i»8

24 V
97 V

11V
123

*57
118
10
21
105
86 34

..

21

*4*6" *40*.;

*90

*92

94

923a

94

24*8 24'
97*8 98
m*8
124 *2 124*
57 *2
9V
20

•378

30*2

1

48V
34

48V

*43 V **4*6V

34

U34

87
31:

*9
*105
87 V

*90

29

»

»

-

-

-

70

.

50
90
48
17

90
91

*9*6"

92

91V

20

30*4

87 V

105
87 34

3734

3U:,4

30*4

30 V

2»34

2834

6

*4o"|

27 V

283,

27*.

1,450
495
637
206
866

27V
60

V

3

V

49*2

Philadelphia <fc Reading.
Pittsburg Ft. Wayne* Cliic..
Rich.* Allegh.,st*ek trust ctfs.

53*2!

47 "a
17
52*4

*133

49 'a
17*2
53*2

64,526
72,855
764

1,100

.

134

Richmond & Danville...Richmond * West Point
Rochester * Pittsburg
St. Louis Alton & Terre Haute

TiV 43**4

48*4
17*4
a2q 5334
134
134 V

17
53 V

17 V

55 V
*133V 134

41V
16 V
54V

42 V
17
55
133*4 13 4

224*055
1,850
95,700
205
100
100

*57

32*4
16*4

32 V
10 V
*50

*50
*90
+26
*45 V
*91

pref.

St. Louis & San Francisco

pref.

1st pref.

32-a
16*2
54

32 V
16 V
*50
+90
*26
*44 V
*90

3,000
2,115
200
125
50
200

St. Paul & Duluth
Do

92 >2

pref

St. Paul Minneap. * Manitoba
Texas & Pacific
Union Pacific
Wabash St. Louis * Pacific...

99*2 101
22*4 23 >b
88 'a 89
22S, 22 3*
34 '2 3a 'a

Do

pref.
MISCELLANEOUS.

92 *2

94

94

9934 101*4

99

100*4
22 V
8734
22 -4
34V

23 '4

87
22

21V

83*2
22 V

*84V

34'e

35*4

33 V

22->a
34

63
American Tel. * Cable Co
63
62-V 02 V
Bankers’ * Merchants’ Tel... +118 34 139 38 118*4 118*2
Colorado Coal * Iron
*14*2 16
Delaware* Hudson Canal.... 105*34 1*0*5 V 106
106
Mutual Union Telegraph
*105 *a
New York* Texas Land Co..
73
73
73
73
Oregon Improvement Co

Oregon Railway * Nav.Co

*

*4*6

Pacific Mail

Pullman Palace Car

Quicksilver Mining
Do

prof

Western Union Telegraph
EXPRESS.
Adams
American

**2

* *4*1‘<8 *4*1*4 *4* lv

122*2 122**4
*5 *2
6 *2

122 *2 123

*30

+30

79*8

32

795a

130
133
*92 V 94
*58
60
116
118

United States

Wells, Fargo * Co

*534

7SV

0V
32

79*2

130*4 130*4
92
*58

92
60

21V
62
62
1LS ‘4 118 V

118*4 118'*4

16*6** io6’*4

*15
106

*17V
105 V

62

62
16
106

18

92

*57
115V 115V + 116

21V

21V

11,010

83 V

84 V

2134

21V

31

33 V

21V
33 V

131,725
6,170
18,525

62 V

62 V

118V 118V 118 V H8V

1,895

526
15

l05V 105 V

32

32

78V

79 V

133
130*4 130*4 *130
93
93 V
92 V 93 V

60

*109

*29

78V
130

9234

60

*58

117 V 117 V *116

117

117

355

4,803
48,645
1,419
100

32

79*8

Nov. 13

85 V

May

95V

-

34 V Oct. 17
12
Aug. 30
46 *4 A ug. 27

23,243

89
28

133

10
5
4
16!

51
18!
5

9|
May 28
A pr. 14
May 10
May 10
8

Jan.

32
Aug. 14! 4934 Jau. 20i
23*8 Oct. 171 53*8 J une 14;
56
Oct. 171 90 V J une 14!
2
Oct,
31 14*4 Apr. 13!
25 V Oct, 27
3634 Apr. 131
7
J illV 24
1434 Apr. 24:

17‘V
37V

109 V

"4334

33 *4
88 V
67
45
60 V
168
186
20 V 31V

16

21
Feb.
It
Aug.
35
Oct.
80
Oct.
20 V Oct,
41
Aug.
87
Oct.
33
Aug.
90
Nov.

It)
Oct,
83 V Dec.
15
Aug.

29 V Oct,

16

39
23
16 85
4 103

11

2

Apr.

4

3934

Apr. 11
36*4 May 31
14 59VJune 2
18 100 V Jan. 11
13 4078 Jan. 9
121 9734 June 16'
28,169 V Apr. 16
17! 43
Jam 18'
7:10434 Jan. l8i
Ill 36*4 Jau. 18j
IS 57 V Jau. lb1
17

14
Oct, 131 39'<8
102 V Oct, 171112*8
55
66
96
28
117
5 V
30

67 V
139
40
250
263
36V
50
94 V

June 19

59 7% Oct, 20 09-8 June15
118*4 Dec. 3 140 V Aug. 30

Ang. 3l| 25

Apr. 16
Apr. 14
Jan. 17

Mar. 131125
July 20
Oct. 18| 91V Mar. 5
150
Oct.
Juno 14

Aug.
Feb.

Oct.
Nov.

7134 Aug.

4434 Apr.

46 V
66 V
106 V
42 34

99 V
166 V
55

II934

39 V

71V
65
125
25

it

J une13
134
9 V Mar. 3
46 V Mar. 6
88*4 J uuell

5 133
Jan.
5 135
94*4June 9! 90
55 V May 17 65 V Jan.
6! 62

93*4
59 V
117

88

113

Mar. 16

Oct. 26 128

74

132
53 V
102*4 119 34
30
19 V
V
55
37

126 V May

130V

24

23 V
98 34

Jau. 19
Jan. 18 j

J une

!

44*4! 60

28 341 54 V
66 3, 100 V
25 V
42

61V Juno 15:
129*4 Sept.24 138 Jail. 16|
4 V Oct. 11
15 V Apr. < 6
47
Jau. 13
72
July 23

15

*58

60

100
999

15

71

*25

79

109
Jan. 16 183
19 V Nov. 271 29 V
4 V Oct. 15|
8V
14
Oct, 10! 2134
10
Apr. 26 18

15,266 t97*4 Nov.

22
85

11IV 1*08*’ 10*9 V
43
43 V
V 44
+12 L *4 122
121V122
*5 V
*5 *4
6 *4
6 V

6

93
60
117

1010

42

43*4
12134 122 V

131V 131V

21V

100

84 V
21-4
33 V

71
109

41

*29
78 V

IOI34

*16*9*’ i‘22

i'15" i’1’5"
6

200
99 V

80 V

60,890 112 V Oct, 18 129 V Mar.
230
7
Ang. 13j 15 V Jan.
400
1334 Oct, 17) 35 Jan.
90
Aug. 23 105
Feb.
i’, 1*7*6 8334 Oct, 19 j 89 V Mar.
121,950 27 *4 Nov. 2 40 V Jan.
72
Aug. 13 83 Jan.
19
3, *14*8
1! 52 *4 Jan.
Oct.

20 V
6
|
18 V

45*2
29-8
61 *2
3*2

June 14
May 3

44164*5

20
*45
23 V
90 V
*1 1 l8
123 V
*56
116 V
*9

30*8

45 V
29 V!
64 V
3

vj

10034;

*45
*86
*44
17

94

91*4

*105
87 V
86 V
30 V
30 V

82

23*2

41
24 V
97 V

10
20 V

*

30*8

22 341

"39" "39"

116*4 117 *8j

*19
*105
80 34

6*4

17 V

■

*11*8

19

Peoria Decatur <fe Evansville..

Do

94
92 V

69

101*4

Sept.24
Oct. 20

84 34
84 V
86
65 V
7 134
90
88

High

*

23

1

Oregon & Trans-Continental..

Do
Do

*90
91

124 V 124 V
57
57
i

116*2
10*4

9f
21

20V **2*i" *2*1*'

27

*ll’s
*123 *2
57

57 !

20 34

**4

50
90
48

39
23 V
9 6 34

97

117*2 118'

29 V

*44
29 V
64

*45
+86
*44
16 34

*19** "2*6*4

2334

—

29

*534

91*2

19
38

21
43

*81

18 34

V 10IV

*40** !**'-’.

*86

87

31*4

22 V
23

I

84*4

*22
22 34
99 V
70

23
23

*

94

91*2

*105

30*4

New York Lake Erie & West.
Do
pref.
New York & New England
Now Yoik New Haven * Hart.
New York Ontario* Western.
New York Susq. & Western...
Do
pref.
Norfolk & Western
Do
pref
Northern Pacific
Do
pref....
Ohio Central
Ohio* Mississippi
Ohio Southern

11V

90
48

**4*f* **4*3*

*19
*40

V

125
5S *4
118 V
10

90
48

V

*22
22 V
100
69

'*18**4 *49**8

49 *4

*86
*43

16*4

40

pref.

70

90
48

*53
59
132 V 133

59

133*4

84*4
22
23
99

23*2 23 34
101*4 102

48*2

*52

57

133*4 13334 *133

*22 7s *227a

*47*** *47**

16*4

pref.

Do

25

*52

**45** *50*

*"19** *2*6 *4

Kansas & Texas
Pacific
Ohio
Essex
Nashville Chat tanooga * St.L.
New York Contral * Hudson.
New York Chic. * St. Louis..

23

57

133*2

50

.

Missouri
Missouri
Mobile <fc
Morris*

23
24 ’-4

*53

133

’4934 *50*8 *49*8 *50'

42
100
91*4 93 V

Minneapolis & St. Louis

83 h

70

*90

Milwaukee L. Sh. & Western
Do
pref.

57
134

83*2

10l78 102 34

70

42

Memphis ifc Charleston
Metropolitan Elevated
Michigan Central

*52
134

Feb. 17
Mar. 28

Low.

i

Do

78 V
78
75
48 V
47 V

Highest.

lllv

118V 11934
143*4 144
119
120*4

+12

13*2
40
36 *2
98
71

35*4
90*2
69 34

3534

97*2
6934

...

*12
*35

13*2
42

Lowest.

Oct, 17
44
J ;1U. 19
"7*3 *’
68*4 Jan. 8
Oct. 13
63*4 97 V
61
Oct, 16
Jan.
82V 97 V
13
Oct, 17
2334 Jan. 20
19V 27
**7*9*7 23 Aug. 14 35 V Jan. 20 27*4 41V
100
14 34 Oct, 18 27
21
Jan. 22
29
322 128
Aug. 15 137*4 Jan. 22 127V 145 V
22,461 11534 Feb. 20 129 V Apr. 13 120 V
205,662
92 V Oct. 17 108 V Jan. 20
96 V
3,030 115
Oct, 17 122*4 Sept. 7 114 V 144*4
144,527 115 V Oct. 18 140*8 Apr. 13 124
150 a4
9,175 134
Oct, 17 157
175
Apr. 13 136
4,322 117 V Aug. 13 127*4 Jan. 5 122
140V
100
10 V Aug. 31
22
Apr. 21
100
33
Oct. 17 5734 May 16
5.400
30
Oct. 17 55
Jan. 18
2934 58 V
10,645
91
Oct. 17 113*4 Jan.
5
97 V 117
6,035
54
Oct,
3 84
Jan.
5
65 V 9234
124 V Aug. 13 142
Jan. 26 133
140
’*215
1V Dec. 7
7 *4 Mar. 5
3 V 21V
417,012 111 V Oct. 17 131V
Apr. 13 116*4 150 V
12,910
21*4 Aug. 21 51V May 3
38*4 74 V
2,148
4 V Oct, 17
8
11*4 Apr. 13
16
2,734
23
15 V 26 V
11*4 Oct, 17
Ape, 14
800
45
75
Jan.
Aug. 28
29
68
86*4
200
5
Feb. 9 10 V Apr. 12
6
16
38
Mar. 6 46a4 Jan. 17
45
110
72
Jan.
3
72
9734 May 5
111V
.90
00
Jan. 29 196
Aug. 281200
208
50
82
Nov. 2
61
V Apr. 5
92 V
1,225
24
Aug. 14 148 June 14 'I2734 150V
172
77
Feb. 17
84*4 Dec. 7
2,100
19
Oct. 17
35 V Apr.
49 V
9
2,525
13 V Oct, 16 33*4 Jan. 18
45
141,601
92 y4 Oct. 18 114 V Jan. 18
120 V
1,675
58
Oct. 171 86 34 J une 30;
65
13
25
21
Nov.
24
Sept. 18
j
40 V Aug. 27
58 V Jan. 201
10034
200
30*s Oct. 9 68 Jan. 5
78
100
38
A u g. 14
53 V Feb. 9
60 V
80
98 V
Aug. 18 90 Jan. 18
38
Feb. 10
56
Aug. 17 53
280
12 V Oct, IS 303g J une 30
37
500
34 V Aug. 13 55
Jan. 81
82 V
200
76
93
May 17 95 V Sept. 14
12,610
Oct, 17 100 V Jan.
105
19j
June 111 18
Jan.
41
21
*1*0*6 35 Oet. 19 48 V Jan. 20.
58 V
850
18
Oct. 17. 30a4 Jan.- lx
36 a4
1,100 35*4 Oct, 20| 63V Jan. 18j
77
5,500
19 V Oct, 17 i 34 V Jan. 131
42 V
24,500
90V Oct. 17.100 V Apr. 9!
112 V
100
10
Oct. 16
19 V Jan.
3534
5j.
460 120
Feb. 15 129 *4 June 11
128
600
50V May 171 64 V Jan. 22,
87 V

*17
18*4
132 V 132 V
124
121V
96 34 98
118
118

*132*2 133 *2!
124
124
124 *41
124*2! 1*24’’ i*2*5
97 V 98*2
97 V 99*4
97 V 983g!
118
118
118
118 I
II734 118
124 V 126
124*8 126
U19V 124 V1
148
148*2 140*2 148 V 1144 *2 14734;
121*2 122
121*2 121V 120*2 121 I
*12*2
*38*2

27,720
29,240
5,800
11,783

67 V

27*4

18*4

*133*2 134

57 V

56*4
8534

For Full
Year 1882.

Range Since Jan. 1, 1883.

(Shares).

7.

*84

57*2

Canadian Pacific
Canada Southern
Central of New Jersey
Central Pacific

‘

CHRONICLE.

STOCKS.

Saturday,

'"

June 21! 125

i’d’3V

48 34
145
14 V
62 V
93 V

149 V

97V
80V
132

INACTIVE STOCKS.

Albany * Susquehanna

127

Cedar Falls * Minnesota

Chicago & Alton, pref

Columbia* Greenville, pref..

Dubuque * Sioux City

80

Flint * Pero Marquette, pref.
Rensselaer * Saratoga
Rome Watertown * Ogdensb.
Texas * St. Louis in Texas
United Co's of New Jersey

80 V

80

66

80 V

2*6*34 **2*634

100

...

195

...

Virginia Midland

Homestake Mining Co
Maryland Coal

New Central Coal
Ontario Silver Mining

Pennsylvania Coal
*

1034
10

1034
10

*257*’ 270*

*10*4

12

195

'*1*6V * 16V
10*4

*10

11V

11V
4

10*4
11

*257" 270*

These are the prices bid and asked; no sale was made at the Board.




24 135
Oct,
5;
Nov. 15! 17 V June 18;
Feb. 10 150
Oct.
5
Feb. 26’ 68 V May 9
78
Mar. 12
Aug. 27' 92
99 V July 31 107 ' June 9|
139 V Jan.
3 145 V J line 4
15
Oct. 30 34
Mar. 8
13
Nov. 15! 27 V J une19
Nov. 21
87 V Jan. 23 197
9 31V A pr. 21
120
Jan.
8
Nov.
19
Jan. 19
10
Nov.
Jan. 15
17
9
Oct.
Jan.
4
14
18
Feb.
35 V J an.
8
260
Nov.
280 34 July 21

Aug.

10
140
31

*257

270

1,100
*10V

12

*10

12

300
100

‘2*5*7** 27*6*

t Ex-privilege.

±

Lowest price is ex-dividend.

135
30

146
1Q4
96 V

9134
144
40
31

188V
62 V

1934
20
23 *
40!

245

‘

THE CHRONICLE.

636

QUOTATIONS OF STATE AND RAILROAD

STATE

Louisiana.—Continued—

Alabama82 V 83
Class A, 3 to 5,1906 —1
83
I
Class A, 3 to 5, small...I
Class B, 5s, 1906
1 100
Class C, 4s, 1906
! 83 V

i

105

I

68, funded, 1899-1900
7s, L. Rock & Ft. S. jss.'j
7s, Memi>.& L.Roek Rll
7s, L. R.P.B. A N.O. Rlt
7s, Miss. O. Alt. R. RR.I
7s, Arkansas Cent. Itlt.j
Connecticut—6s, 1883-4..!
■-•
Georgia—6s, 1886
7s, new, 1886
j
j
7s, endorsed, 1886
7s, gold, 1890
1

16
22

1

6s, 10-20S, 1900
Arkansas-

j

7 s, 1890
Missouri—

;

|

i9

19
9 V
102 VI03

116

Louisiana—

K7s, consol., 1914

F78#sua&U

| Del. L. &

New

*|i(Stock Exchange Prices.)
Ala.Central—1st, 6s, 1918
Alleg’y Cen.—1st, 6s,1922 (

Atcli.T.&.S.Fe-4V1920:

Do
toW. N. C. RR.|
Do
Western ItR...|
Do
Wil.C.ARu.R.i
Do
W’n.&TarR.j
i
Consol. 4s, 1910
!
Small
i
j
Ohio—

Sinking fund, 6s,

DO

1911. ■‘91
1 J

29

Ni.

Minn.ASt.L.—lst,7s,gu

&West.—1st,7s
C.Rap.Ia.F.&N.—lst,bs
1st, 5s, 1921
j
lowaC.

Buf. N.Y. & Phil.—1st,bs
Can. So.—1st, int. g’ar. 5s

2d, 5s. 1913

-

Central Iowa—1st,7s, ’99
East. Div.—1st, 6s,1912
Char. Col. & Aug.—1st,7s
Ches.& ()liio—Pur. m’.vfu.
bs, gold, series A, DOS.

6s, gold, series B, 190S.
6s, currency. 1918

l*-o

!

1st cons., 6s, 1906
Rens. & Sar.—1st. coup.

- - --- -

i

j

103 jlto
---*;-i103
98 34
99
*85
|....
106 V
81
....

I----

1st, reg., 1921
>
Denv.A RioGr.—1st. 1900
1st consol.. 7s, 1910

114
115

,

Iowa

;if

I

Land

grant, 3 Vs, S. A..

jiE.T.Va.AG.—1st.7s,
1900 117 V
II

-----

1 st, cons., 5s. 1930
Divisional 5s. 1930.....
Eliz.C. A N.—S.L.deb.e.Os

,‘ '-1

Eli/,. Lex. & Big

jH
10*;
*’b “2 Jo V
1

1st, 6s, 1920

. -

1

"

Ext,—1st, 7s.
’'~ir''

10034

97

•

I
1100

-----

7.»

—

69V

Con. 1st, ex. 5s, 1922...
Roch.A Pitt.—1st,6s. 1921

91
68 V
97 V

100V101

1909) * 119 V
!'

S’tliw.Ext.—lst.7s.1910

2d, 6s, 1901
|
N. Y. Central—6s. 1887..I
Del), ceits, ox til. 5s ..
N.Y.C. & If.—1 st, cp.,7sj
1st, reg., 1903
j

!

91V--

1

*

61V

20 V

110V

104

Incomes, 1900...

62V

114
107

!

107

! 109
1 105*0

1
!

105

107

73 V

73

112

110
105
*117

103 V
103

110V

]03
■‘31 V
131V

ill*

103 VI08 V
108
103 V 103-V
108

!
j 129

115
107 V
108 V
110

115-4

I

120

102 V

"9 o'*

*

SciotoVal.—1st. eon
St. L. & Iron 5It.—1

------

107

70V
107
92
69
98

108

-10

Iluds. R.—7s,2d,s.f.,'85|
Harlem—1 st, 7s, coup..|

99 V LOIV

S.—6s...

’

2d. 7s, 1891

91V 5Iobile & Ohio.—New. 6s.
96 VCollat. Trust, 6s, 1892. J
7 0 V Morgan’s La. AT.—1st. 6s
90
Nash.Chat,&St.L.-lst,7s

gov

jiDet.Mac. A Marq.—1st,6s

—

90 1

It

,

*105

1921. j * 101 J101V!
! Mo.K.AT.—Gen.,6s. 1920i 81V1 8l4fi!
i! Cons. 7s, 1904-5-6
| s07V;108V
;
Cons. 2d, income, 1911. .67 V 67*2
‘j Jf. A Cent, 51o.—1st,’90; 103 1O0

90 8s

small

registered...!

Pitts. B.&B.

„

Pac. E x t.—1 st. 6 s,

,,

106V

I)o
Do

Minn.&St.L.—1 st.7s,l927Igo
"

131

Den.&

(

>*100V
10*99
11 ““
'

-

! Mil. A No.—1st, 6s, 1910.
V Mil.L.S. AW.--1 st,6s,1921

131

'

Small bonds

i

i| Jack.Lan.ASag.—0s,’91
I

113

11 Den v'so.P.&Pac.—1
st,7s.
RioG.West.-l st.Os

-

-

10384

2d, 7s, 1885

3-05s, 1924

Registered
Funding 5s, 1899

Cent.—Continued—,

Coupon,
5s, 1931
1
Registered, os, 1931

1st,coils.,guar.7s,19.06 *121V

Guaranteed
; •-*-••!
Bur.C.Rap. & N o.—1 st.os' 100 >4

81

RONDS.

Mich.

1st, Pa.
All). & Suso.—1st, 7s...

80 V
80

Os, coupon, 1893-99.. i..!

115
Div.,cp.,7s, 1917 126

Atl. & Pac.—1st, 6s, 1910!
9b
Balt.& O.—1 st,6s, Prk.Br.j
Boat. Hartf. & E.—1st, 7»(—

yh

v

1891
Coup., 7s, 1894

11

District of Columbia—

I

6s, 1886
Rhode Island-

W.—Contin'd—

7s, 1891
1st, ext., 7s,

---

C’mp'mise,3-4-5-6s,1912;

Special tax,class 1, ’98-9!
Do
i
chiss 2

1

new, 1892-8-1900 ...
new series, 1914 ... J

Virginia—6s, old
6s, new, 1806
.-.
6s, new, 1867
6s, consol, bonds
6s, ex-matured coupon.
6s, consol., 2d series....
6s, deferred

1
1

Do
A.&O
Chat bam RR

1st, consol., guar.. 7s. 123's
I
N.Y.Lack.&W.—1st, 6s '119*8
1 Del. A Hud. Can.—1st, 7s 103 V

|i

6s,
6s,

1868-1898;
bonds, J.AJ., ’92-8

Do

RAILROAD

J Railroad 15onds.

6s, Act Mar. 23, 1869 \ I
2*4
non-fuudable, 1888. ) ;
Brown consol’n 6s, 1893; 104 V
Tennessee—6s, old, 1892-8.

Funding act, 1866-1900;

! 107
108
109
6s. «lue 1889 or 1890....! 111
Asyl'm or Ilniv.. due ’92 114
120
Funding. 1894-95
Hannibal & St, Jo., ’86. 110
Do
do
’87 110
New York—
108
6s, gold, reg., 1887
6s, gold, coup., 1887.... 108
112
6s, loan, 1891
115
6s, loan, 1892
120
6s, loan, 1893....
30
N. Carolina—6s, old, J. AJ.
30
6s, old, A. A O
t

6s, duo 1886
6s, due 1887
Os, doe 1888

Ask.

■South Carolina—

N. Carolina—Continued—!
No Carolina RR.,J.AJt|
Do
A.AO
....t;
Do 7 coup’s off, J.AJJ
Do 7 coup’s off, A.AO. {

117

Bid.

SECURITIES.

Ask.

Bid.

SECURITIES.

66

Ex-matured coupon — j
51 icliigan—

!

o <>

AND MISCELLANEOUS SECURITIES.
BONDS
BONDS.

Bid. i Ask.

SECURITIES.

Ask.

Bid.

SECURITIES.

[Vol. XXXVII.

2d, 6s, 1909
i Dakota Ext.—6s, U
! 1st. consol. 6s. 1933
i
5fin’s Un.—lst.6s.1922.
St. P. A Dill.—1st,5s, 1931
’So. Car. Rv.—1st,6s, 192l
2d, 6s, l{)31

Mortgage 6s, 11U1
100 «? 101 Erie—1st, extended.7s... 126
103V
Ches.o.&s.w.—51.5 0s...' »b >.1 2d, extended. 5s, 1919
97 V 100
Chicago & Alton —1st, 7s. -- -•• lfjV , 4151, extended, 5s, 1920. *
110 V
liSbcn’d’h V.—1st. 7s,19u',
112
5th, 7s, 1888
Sinking fund, 6s, 1903.
75
80
12SV N.Y. &New Eng.—1st. 7s'
General, 6s, 3921
La. & 51 o. Riv.— 1st,7s.
Hb-j
'1 1st cons., gold, 7s, 1920. 127
105
106
*90
l‘90'.:
Tex.Cen.—1st,
s.f.,7s,
!l
1
st
1st,
6s,
1905..;
cons.,
fd.
coup., 7s.. 125
2d, 7s, 1900
105
106
1st mort., 7s, 1911
117
'N.Y.C.&St.L.-lst,6s.l9211 8<
St. L. Jack.& (T.ie.—1st
Reorg., 1st lien, 68,1908. 125
25
(
Tol. Del. A Bur.—Maf
2d, 6s. 1023
1 88
Long 1 rock b’ds, 7s, ’93, 115
j
1st, guar. (564),7s,’91
10
73 V 74 V
N.Y.W.SI1.& But!.—Cl>.5s
Biilf.N.Y.&E.—1st,1916 7 30
2d (360), 7s, 1898.. ..
10
84
84V
94 V N.Y. Susq. vt W.—1st, 6s
N. Y.L.E.& W.-New 2d 6
91
2a, guar. (18S).7s,’08.
62
*62
I
Va. 51 id.—5f. inc.Jis, 1927
Debenture, 6s, 3897
Bilf.&.S.W.— 5i ,6s, 1908
95
Miss. R.Br’ge—1st, s.t.6>
73
94
1 95
1 02
i
Midland of N.J.—Ist.tlsl
Ev. & T. IL—1st, eons., 6s 101
j Wab. St. L. A P.—Gen'1,6
C.B.&Q.—Consol. 7s. 1903 128 'h i;; l
76 V 79
101
Cliic. Div.—5s, 1910
i
N.Y.N.U.& U.-ist.rg..<lsj
511.
Vein.—1st.
6s.
1
<123
★
6s, sinking fund, 1901..
84
OPT.1 <)>
100
Hav. Div.—Os, 1910
*' t»
8
FI‘t & P.5!’rq.--51.6s,1920 11 1
Nevada Cent.—1st, 6s
1
6s,debentures, 1913 ...
106 v
Tol. P.AW.— lst.7s, 1917 j i 05 v
’Gal. lliir.it S. Ant.—1st,6*
Ia. Div.—S. J*’., 5s, 1919
IjN.
Pac.—G. Lg., lst.cp.6s! 105V106
85
!
Iowa Div.—6s, 1921
! -s*
! Registered, 6s, 1921
2d, 7s, 1905
{ .105 V!
S. F.,4s, 1919
;<i
on
j 90
':N.O. Pac.—1 st, 6s, g.,1920
Denver Div.—4s, 1922..
88 V 89 V | 5!ex. & Pac.—1st, 5s. ..
Detroit Div.—6s, 1921..
i.Norf. & W.-G’l, 6s, 1931.j 103V * 04
2d, Gs, 1931
'
Plain 4s, 1921
---89*"
Cairo Div.—5s, 1931....
85
Gr'n BavW.AS.F.—1 st.Os
;
New liiv’r—1st,6s, 1932;
97V'-W-C. R. 1. & P.—6s, cp.,1917 : 128
129
*•0 Vi
218
•
117 V 'Ohio & 5riss.—Consol, s. f.
Wabash—51.,7s,
1909..
G
ulf
cioi.
&
S.
Fo—7s,
i>09
1
116V
6s, reg., 1917
| 1-8
2b 4 lliiu.it.St.J os.—Hs,
118
! 118 V
Tol. A W.—1st, ext.,7s 107 V 109
Consolidated 7s, 1893
conv.. 101V 10.) V ;
Keo.ft J)es 51.—1st, 5s.{
DH>
1st, St. I/. Div.. 7s, ’89 100
2d consolidat ed 7s, 1911' 120 V1
1
Consol. Os, 1911
110 V J 111
Central of N.J.—lst.’iio ; 115 V 2d, ext., 7s, 1893
| 98 V
1st, Springliehl Div., ?s,*H7 V113
1st consol, assented,’99 il3
113 v Ihms.it T.C.—lstf5LL.f7s 11 1 V 111V
Equip, b’ds,7s, 1883..
1st. West. Div., 7s
108 109 •Ohio Central—1 st, 6s, 1920! 66
Conv., assonte»l,7s,l 902. 112 V—...
'85 V *88* '
Consol,
conv.,
7s,
1907
3
Ter’l
st
Tr.t
6s,
1920...
7s.
1st, Waco A N.,
*110
Adjustment, 7s, 1903...: 104 V Ub\
Gt. West.—1st, 7s, ’88 105 V
1st 5f in’l Div., 6s, 1921.! -----2d consol., main line. 8s 120 V
Leli.&W.B.—Con.g’d.as! 102 V 102**4
98 V
81
11
Ohio So.—1st, 6s, 1921
2d, 7s, 1893
80
2d, Wiieo A Nq..8s,1915
Am.D’kAImp.—5s,1921' 90 ; 91 V
100
96*"
Q. A T.—1st, 7s, 1890.
General, 6s, 1921
Orcg’iivfeCal.—l st,6s,1921
91 *i>
CM.& St.P.—1st, 8s. P. D, 131 V
Han.A Naples—1st,7s
99 V
] I mis. 10.A W. Tex.—1st,7s
())■.&Trans’l—6s,’82-l922
84 V! 8.)
*
2d, 7 3-10, P. D., 1898..' 122 V 124
ibo**
1 ll.ASo. 1 a.—1 st Ex.,6s
Orog. Imp. Co.—1st, 6s...j
2d. Os, 1913..
8/ j 90
lst,*7s, $ g., R. J).. 1902.' 126V 12S
120
St.L.K.C.&X.— R.e.7s | ! 05
!;Panama—S.f.,sub.6s,1910i
l8t.LaC.Div., Ys. 1893. HSV ‘ 19 V I il.Cent.—Sp.Div.—Cp. Os
108
Om. Div.—1st, 7s
Middle Div.—Reg., 5s.i;
ji Peoria Doc.& Ev.—1st,6s 98V IO.j
let, 1. A 51., 7s, 1897... 119
85
Clar’da Br.~0s,1919
!| EVans.Div., lst.6s.1920! *99. j lol V
C.St.L,&N.O.-~Ten.1.,7s. 117
1st, I. & D.,7s. 1899...J 320 ,
SO v
St.
Cbas. Br.—1st,6s
Peoria & Pek. U’11—1st,6s*
1st consol.. 7s, 1897 .. H8
| 93
1st, C. A 51.. 7s. 11)03;.. 121V 126
122
No. Missouri—1st, 7s. 120
•>
124 V 124 V
!Pac. RIts.—Cen. P.—G.,6s U3V
2d, 6s, 1907
Consol. 7s. 1 'J05
113 V
07 V 107 V
West. U11. Tel.—1900, cp. ! 1 j :j
I02u 103
San Joaquin Branch.,
Gold, 5s, 1951
107*‘4j
2d, 7s, 1884
1
112 V 114
Cal. & Oregon—1st, 6s *103 V
2d Div., 7s, 1894
1st. 7s, l.&D. Ext.,1908 12JV 124
‘84
V 84 V
! N. W. To 1 egra p h—7s, 1904
State Aid tuts., 7s, ’84
Ccd. F. A Minn.—Isf. 7s
S. W. Div., 1st, 6s, 1909. 109V 111
83 V 85
1104V 5! ut. Un.T.—S. F.,6s,191 1
91
1 nd. Bl. A W.—1st prf. 7s
! 96
Land grant bonds. 6s. j 101
1st, 5s,LaC.&l)av.,1919
109
! Gri'gon RR. A N.—1st, 6s
West, Pac.—Bonds,Gsj HI
109-V 109 V
1st, 4.-5 (is. 1909
1 et, S. 51 inn. I)i v.Gs, 1910
1103 V i
1NCG51E BONDS.
So. Pac. of Cal.—1st, 6s. 103
2d, 4-5-tis. J909
let, H. & D., 7s. 1910 ..| 119 j121
---.---i
s. Pac.of Ariz’a.—1 st.Os
t
Eiist’11 Di v.—6s, 1921...
j I (Interest pa un b!e if ea rnc-t.)
Cb. A Pac. Div.,6s, 1910 112 V*
ji Alleg’v Cent.—Inc., 1912.
Union Pacific—1st, 6s.. 116 V
lbt.Cliic. AP.W.,5s,1921 [ 90 V' 96V Indiiina]).]). ASpr.—1st,7s
25V *2*6*'
93
;
-1 • Atl. A Pac.—Inc.. 1910...
Land grants, 7s, ’87-9.! 108
51in’l Pt, Div..5s. 19104
2d, 5s, 1911
95
97
119 V' Central of N. .1.-1908
Int.A Gt.No.—1st,6s,gold 109 V
Sinking funds, 8s, ’93.! 118
C.& L. Slip.Div.,ns,1921;
j
83 V
Cent, la.—Coup.debtctfs.
84 V'
Collateral Trust,6s...j
Wis.& 51111. D.. 5s. 1921
92V' 93V ; Coupon, 6s, 1909
do
5s, 1907
I..--.-! Ch.St.P.&M.—L.g. im\,6s
Kent’kvCen.—M.,Gs,1911
C. & N’west.—H.fd ,7s,’85; 305 V
'll 1
ijehic. A E. 111.—Inc., 1907
Kans. Pac.—1st,6s,’95! 110
L.Sli'iv-M.S. AN. 1 .,s.f.,7s 103 V
Consol, bonds, 7s, 1915.]’T30 j
107
107 V 11 )esM.A Kt. I).—1st,inc.Jis
V
1st, 6s, 1896
...j
Extens’11 bonds, 7s, ’85.
Cleve. A Tol.—Sink. fd. 105 V
I
305 V ii)Y>"
Den. Div.,0s,as’d,’99ll 107 V
1st, 7 s, 1885
j
New bonds, 7s, 1886.. -106 106 V
99 V i E.T.V.AGa— I nc.jis, 193 \
•:fr
99
1st consol., 6s, 1919.
*13 2
Coupon,gold, 7s, 1902.. 124’ 125 r Cle ve. P. A A sh.—7s
20
123 VI 24*0
Butt'. A Erie—New bds. *120
-..-.j G. Bay W. A St. P.—2d.ine.
C.Br.U.P.—F.c.,7s.’95
Reg., gold, 7s, 1902
92
...115
V
At.C.&P.—lst.Os.l 905
Sinking fund, 6s, 1929. 110 1112 ‘ I Kal. A W. Pigeon—1st.!
36 V "46“
90
At. .1 .Co. AW.—1st, 6s
Consol., Inc.. 6s, 1921..
Sinking fund, 5s, 1929.1 102V 103V j Det. 51. AT.—1st,7 s, 1900 123
35
95 V f nd’s Dec.A Spr’d—2d inc
95 V
125
Oreg. Short L.—1st,Os*
Sinkingf’d.dtd).5s, 1933! 93-V 93V I Lake8hore—Div. bonds 121
105 V
Trust Co. cortilieates..
Ut. So.—Gen.,7s ,1909 105
Escan’a& L.S.—1st,6s. ......!
Consol., cotip., 1 st, 7s.! 126 V 130 j
67 V
100 v Tieh. A Wilkesb. Coal—’88
126 V
Plxten., 1st, 7s, 19091 100
Des 51. & 51in’s—1st, 7s
;
Consol., l eg., 1st. 7s..' 125
32 V
38
103
1 Lake E. A W.—Inc.7s, ’99
Mo. Pac.—1st, cons., 6s. i
Iowa Midland—1st,8s..; 329
i
Consol., conn., 2d, 7s. 118V 120 j
31
113
i
35
sand’ky Div.—111c.,1926
3d, 7s, 1906
1 112
Peninsula—1st,conv. 7s! 121
■
1
Consol., reg.. 2d, 7s.... j 118 V 119V1
50
Laf. Bl. A Mun.—liic.7s,’99
Pacific of 51o.—1st, 6s 106 V
Chicago A 51 il.—1st, 7s. 123 1123 V ! Long 3si. U.—1st,7s. 1898; ...... 120 1
80
77
13
Mil. L. 8. A W.— Incomes
103 I
1st consol., 5s. 1931
Win.& St. P.—1st,7s,’87 108V 109V
t 100
2d, 7s. 1891
65
57
Mob. A O.—1st prf. deben.
119 j
;;Louisv.AN.—Cons.7s,’9H! 116V 117V St. L.& S.F.—2d,6s,cl. A 97
2d, 7s. 1907
96 V
2d prof, debentures
Cecilian Br’cli—7s, 1907) 103
3-6s, class C, 1906
Mil.AMad.—lst,6s,1905
27
3d pref. debentures
96 V
N.O.A Mob.—1st,6sl 930 *90
3-Gs, class B., 1906....
C.C.C.& 1 ml’s—1 st ,7s,s.f. 120V'
4tli pref. debentures
117 V 118 V
E. H. A N.—1st,6s, 1919; 100
1st, 6s. PeirceC.AO..
Consol. 7s, 1914
"78"
N. Y.Lake E. A W.— i nc,6s
117
Consol. 8. F.,7s, 1914
General, 6s, 1930..93 V
117
Equipment, 7s, 1895..
52V
N. Y.P.AO.—lstinc.ac.,7s
Pensae’la Div.—6s, 192()!
Gen. mort.,. 6s. 1931..
.<
O.St.P.M.&O.—Consol.,6s* 103
108 V109
13
13V
Ohio Cent.-—Income, 1920
1114
L05V
So.
Pac.
of
5Io.—1st..
tit.
L.
C.St.P.A M.-l st,6s,1918* 113
Div.—1st,Os,19211*105 j
51 in’l Div.—Inc.7s,1921
Tex.& Pac.—1st,6s, 1905 *105
N. Wis.—1st, 6s, 1930..i
,
2d, 3s, 1980
}
; 55
"2if" *24*’
Ohio so.—2d inc., 6s, 1921
Nasliv. A Dec.—1st, 7s.! 116V!
Consol., 6s, 1905
St.P.&S.C.—1st, 68,1919’ 115 !116
Income & Ld.gr., reg |
Chie.AE.Ill.—1st,s.f.,cur.)
Ogdens. AL.C.—Inc., 1920
97 !
j S.AN.Ala.—S.f.,08,1910!
j
5l"
75
45
V PeoriaD.A E v.— 1 nc.,192<'
1st, ItioG. Div.,6s,1930
Chic.St.L.&P.—1st,con5sj 85 j 90 ! Leban’n-Knox—6s,1931 j
Evans. Div.—Inc., 1920
Pennsylvania RR.—
1st, con,, 5s, reg.. 1932.1
'
| Louisv.C.A I-.—6s, 19311
96 V
PeoriaA l’ok. U11.—I nc.,6!Chic. A Atl.—Ist,i»s.l920>
Pa. Co’sgu ir. 4 Vs,1st c.
|I02 !L. Erie A W.—1st, Gs,1919 93V
45 V
Roch. A Pitts.—Inc ,1921
! SanduskvDiv.—6s,1919>
Cliic.&W.Ind—lst.sf.Gs' 105 V 107
Registered, 1921
1 97
*3*5
31
Rome W. A Og.—inc., 7s.
Laf. Bl.AM.—lst;0s,1919!
Gen. 5r.. 6s. 1932
! 100V 1021
95
Pitt.C.&St. L.—1st, c.7s
65
So. Car.Ry.—Inc.,6s, 1931
Louisv. N. Alb. AC.—1 st.Os! 101 V
1 st. reg., 7s, 1900
C5ol.&Green.—1st,6s,1916
95 ;
j
st.L.AI.M.- 1st,7s, pr.i.a
51 anhat. B’cbCo.—7s.1909 *
'
2d, 6s. 1926
i 70 • 87
2d, 7s. 1913
!
Pitts. Ft. W. A Cli.-lst *137 V
St’gLARy.-Se^ li.,inc.’94
' 80
Col.H.Val.&Tol.—1st,5s1
N.Y.AM.B’-h—lst,7s,’97i
j
go"
136" St.L.A. A T.H.—Div. bds "50*
.Marietta A Cm.—1st, 7s.
i
Del. L.AW.—7s, conv.,’92 112 V'
2d, 7s, 1912
1*133
Shena’h V — Inc.,6s.l923
51etr’p’lit’n El.—1st, 1908 104 V
3d, 78,1912
‘127
Mortgage 7s. 1907
j 126
Tol. Del. AB.-Inc. ,6s, 1910
Clev. & Pitts.—Cons. s.f. 123
1
89 V 90
| 2d, 6s, 1899
8yr.Bing.AN. Y.—1st,7s 126
135
! 51 ex. Ceil.—1st, 7s, 1911.1 60 1
Morris & Essex.—1st,7s' 134
4th, sink, fd., 6s, 1892.! 110 V 111
DayTon Div.—6s, 1910..
mmmmmJ
Tex. ASt.L.--L.g.,ine. 1920
115 V 51icli. Cent.—Con.7s,1902! 123 '!
St.L. V'.&'r.lL—lst,g.,7s*
2d, 7s, 1891
! 114
|120
1
Gen. L. Gr.A Inc.—1931
Consolidated 5s, 1902 ..! 103 ;
Bonds, 7s, 1900
2d. 7s. 1898...
.'.J
*110
mmmmO
Tex.ASt.L. in 5Io.AA.-2d
7s of 1871, 1901
6s. 1909
j
118 V
i
I
1
2d, eruar., 7s. 1898
-

-

•

-

•

!

-

I0134!i(>x

v «

e

.

,

....

......

...

1

*•

'

-

...

;

.

■

>

m

.

......

..

,,

,

.....

'

!

*

1-V

m

•

'

j

...

...

t-

******

,

......

....

r

....

......

.

•

L,v

m

rnmmm

......

»mm•••

-

..

*No price Friday—these are latest quotations made this week.




1 Coupons on since

1869.

1883.]

THE CHRONICLE

KAILKOA1)

EARNINGS.

New York City Banks.—The
following statement shows fcbe
condition of the Associated Banks
of New York
City for the
week ending- at the
commencement of business on Dec.
1:

The latest railroad earnings and the
totals from Jan. 1 to
latest date are given below.
Latest

Earnings Reported.

Roads.
Week

Mo

or

1883.

Jan. 1 to Latest Date.

1882.

!
1

$

*

1883.

Average

Banks.

1882.

if

.

New York

Union
America
Phoenix

E.Tenn.Va.&Ga.
Eliz. Lex. & B.S
Evansv. Si T. II.
Flint <fc F. Marq.
Flor. Cent. & W.
Flor. Tr. & Pen.
Ft.W. «fc Denver.

3d \vk Nov.
4tli wit Nov
3d \vk Nov.
3d wk Nov.
2d wit Nov.

Grand Trunk.,..

Hous.E.&W.Tex October...
Illinois Cen.(IlL) 33 wk Nov.
(Iowa) 3d wkNov.
3d wk Nov.

Ind.Bloom.,k W 3d wit Nov.
K.C.Ft. S. tk (fil l 3d wk Nov.
Kentucky Cent. November.
K. C. Law. tV S(» < October
L. Erie <fe West.’) 3d wk Nov.
L. R. tk Ft .Smith Octo! er...

w

429,506

Pulton

Merchants’ Ex..
Gallatin Nat
...

Butchers'A Dr..
Mechanics’ & Tr
Greenwich..
Leather Man’f’s
Seventh Ward..

227,506
63,631

160,50* ■
51,500

163,443

110,900
63,140
48,5 1 5
69,219

130,210
09,815
31,003
65,1 -3
I 50,774
27,592

3,1,//

£>

72.00

8,3 16
57,43v
32,3 29
14.192

11,500
17,700
3*>,550

kNov

WeMjltli wkNov

663,918

375,941

1,691,892
2,145,244

2 4,097

42,025

266.332

6,086,177
1,782.310
3,689,423
2,673,549

64.32-

420,384
31 1.488

34.170

2,535,852

19,065
i

People’s
North America.
Hanover

3,085,217

2

2

456,113
790,248

1,1 42,809
1,954,238
215,452
0,2)2,743
1,739,777
3,122,608
2,370,115

First National..I
Third National.
N.Y. Nat. Exch J

Bowery Nat’nab i
N. V ork County. (
ierm’n Am'c'n.,
j
Chase National.!

363,696
220,0 (4
2,322.486

953,013

Ogdensb.tkL.Ch. October
Ohio Central
! tth wkNov

Total

Specie

Ohio Southern. |.3d wk Nov.
Oregon tk Cal... |Oe*ober
.

..

Oregon Iibp. Co {September
Pennsylvania

..

5,14 2.-8.5

8,8-85,0 J3

29.516

i,3<M
74,090
2:),50.7

10,825

999,692

9,584

964,683

373,940

w'J

382,242
605.500
4,875.3 48
12,4 47
3 86,27 4

October.

Philu. tk Read.*
Do C. tk Iron

J

3,531,436
1,873,592
Richm.tV Danv. October...!
4 29,854
Chi Col. tk Aug. < tetober...
98,205
Column. tk Or.
86.247
{October
Va. Midland.. October..
176.167
West No. Car. October
|
44,01*6
Roeli. tk Pittsb’g ltli
39,939
wkNovj
Rome Wat. tk ug September
172,848
St. L.Alt.tk T.il. 3d wk Nov. |
29,709
Do
(brehs.) 3d wkNov.
17,530
8t. Louis tk Cam. :hl wk Nov.!
7,619
St. L. Ft. S. tk W. October...
135,398
Bt.L.tkSan Fran. 4th w7kNov
127.673
...

{

8t. Paul ik I)ul..
8t. P. Minn.tk M.
Bo. Pae.Cal. N.D September
Do So. Div. 1 August....!
Do Arizona i. August....
Do N. Mexl.

Scioto Valley...

South Carolina
Tex. tk St. Louis.
Tol. Cin. «k St. L.
Union Pacific...
Utah Central

33 330

248.781
127,374

344,904
207.i21
65,188
61,736

October
3d wk Nov. I
October
...

........

19

131,310

14 6.294

j
>.3071

4.783,487
6,275,404

841,-79
33
2,9 70,304
2,379.833
469.727
5,1 39,82 li 4,7 64,265
4,660,051! 42,709.255 10,5 4 8.832
1 1,000
637,94V
688,317
(
386.4 55 3.012.431
2.90!), 154
2,229.513, 24,317,040 17,782,478
1,592.2I7| 14.212,4 15! 12,371,401
421,766 3,140,80- 2,9:8,062
99,1 25
(>68,422
58!*, 178
113,806
602,1! >2
592,507
167,017 1,413,266 1,214,526
312,121
26,8971
200,510

11,368
175,7111
36,338

1,221,368

18,092

1,282.043

732,484

352,116

776,633
336.5‘96

105,367

3.483,592

39.680

1,230,111
7,695,121

3,243,386

9,552)

........

301,347
138,168

960,317

324.803
305.991

2.775,597
1,683,219

83,289
54.650
165,087

531.975
41 1,723

1,073,280

1,016,968
8.011,256
927.118

2,595.414
1,914,696
488.77-^

400,587

1,013,055

31,697
123,000
September 2.994.076 3,170,316 21,551,288
21,983.493
104.768
September
li 1.270
857,87;1,122,279
Vicksb’rgA. Mer. October
65,102
401.70(;
J>0.907
354.858
Wab.St.L.A P... ;4th wkNov 425,98.2 46*
>.564 15,390.177 15,406,405
West Jersey
October
88,231
83,194
1,071,1 55
963.093
Wisconsin Cent. 4th wk Oct
61.250
1.195.238
*
Since June 1st in 1883 includes earnings of
Cent. KK. of New
Jersey,
t Exclusive of transportation of
company freight,
i Included in Central Pacific earnings above.
k Mexican currency.
|| Includes Utah lines in 1883.
IT Includes 68 p. c. of earnings of N. Y Pa. &
O. RR. from
a Includes St. Louis
May 1, 1883.
Iron Mountain <!k Southern in both
years.
b Includes International <k
Great Northern in both years.




20U.000

81-5,300!
1,074. <100!

150,0001

N.Y

1,444,000
1,453,500

2.267,300
9i'9,200

The

ers

Deo.

599.100

t S3 3

*

*

“

Boston

449.200
9-5,400

157.100
230.800
2M.500
153.500
3(57.200
850.000
409.500
880,000
355.200

92! ,000

179,-00

542,000

1.434.400
345.000
1,841,000
40,-00
003.100
283.000

517,000
222,800

.

(530,000

1293.400
245,000

3,2-3,300

1,905.300

34,i 00

IB.OOO
174,800
-5,174.7i:0
.->21,000
059.000

1.5 >-*,200

140.000

751,5*00

082.200;
173.500,

79.100

101 .ooo
140,200

:{;*,8)'*
122,400

l-39,400
17 ,900

Loans.
*

58.131.600

27.320,400

Specie.

145,580,900

L.

*

5.86 4.100

6,899,400

5,5 27,200

..

.

.

$ -•

Including tiie item “ due

6,001.100

600,000
449,900

2(h272.7.‘t5

looq

72

.

40

....

2m

....

-

30

...

•

....

85
74

51
12
70
100

67
155
55
8 2 if?

....

8212

6

5
8

855*

86ki

12
3
11
2 8 It

15
4
25

-

28U)

InUj
11
Mich. & 0.sub8 full

pd.

.

35

Comm’c’lTel Co.-Pref.125
Den. A lt.G.R’y—Cons.
841i
Subs
71 u2
5s
4!)Uj
lOUj

Ga. Pac. 1st, 6 p. c...

-

....

7538

180,000

2.215.500
5,0 '8,200
2.305.800
2,245,9 '0
2.327.700

45,066

5.103.300
2.852.300

450,000
44,500

7:0.400

173,000
135,000

1,123,000

are as

follows:

A

Clear.

a

*

7-3.05)4,622
6-2.451,400

15.400.700
15.393.600

502.817,072

*

97.7(5,300

20.265.8(0

j;

71,090,372

....

....

83^

75.464.635
05).7OO,20O
58,582,731

Philadelphia haul

8

Circulation. Agg.Clear
j

$

9,273.332
9.279.320

55.533.432
53,867,778

9,208,608

43,395,530

other banks.”

9S1a

209,700
223,600

*

Securities.—Following'are

3d mol t
1st mort. inc
Chic. At Can. South
1st mort

45,000

5,721 800
l,05o,700
1.938.900
2,0*53,400

27,155.100
27,009.00 0

70.5511.1-9
70.373.145

151.90 I.S05)

Did. Asked.
Am. Railway Imp.CoEx liomls and stock
24
Atl. &. Pac.—0s, 1st
05
95 V
Incomes
‘24
2G
Blocks 35 per cent.. 10L
105
Cent. Branch
85
87
Aceum’d I’d gr’t Ixls 20
2.3
Cost. 11.,k E.—New st’k
1
7o
Oid
H
Bos. IIcOs.Tit West st’k
25
Debenture
07 Uj
Gdq
1 st mort
2d mort,

222,800
300,000

13,5*95,500

5)7.5-49.100
5*7,75)0.-00

Deposits.*

19.573.015

to

266,000
1,3 *7.900
45,000

Deposits.* Circulation. Agg.Clear,
*

totals of the

Lawful Money.

$

Unlisted

■

’

15,147.100

317,030.100

0.531.300

76.71*5,510
7 \5 (5,11 I
76,392,265

4,000

Inc. $1,358 500
Dec.
4,100

*

*

follows:

“

450,000

450,000

297,000

.:

315.021.700
315.077.000

5,5)73,500

Philadelphia Banks.—The
1883.
Nov. i9
20....
Dec.
3

429,900

27,3 0.400 317.036.11)0 15,35)6,600

deposits.

0,15)5,400

Loans.

2.190,000
268,000

are-the totals of the Boston banks:
Tenders.

*

140.• 63,700

■

8,443,000
3,953,000

Circulation

2*5.502.100
27.337.500

140,817.100

26
3

are as

Ne

90,000
390,000

,

914,300
17,344,900

1 41).000

1,140.000
;

lBO.OOO
45,0)0
5,100

4,340,0'0
22.335.700
20,58.8,(500

550,' (V
2-4*‘.0(H)
203,700

533,500
14,800

S.i 99,000
3.328.500
2
7.135.700
2,024.900

2I0.1*)i)
5 *.9,7 00
i >3.200

f)t> 000
!*.”),Si 0

769,300
232.000
45,000
2,000

3.30 1,800

449.400

2.790. nOo
1,077,<*00
59,500
27 4,200
is, 4 00
201,2 )0
710,30 )
423,000

281,700

862,000

1.499.200
1.402,000

132,000
158,000
1,279,200
J ,3*’9,0i)0
320,000

789,100

2.6851,000
3.455.500

2(7,000!I
401.200

111 .boo

1,100

270,000

4.237.900
1.350.200

313,0001

1.712.400

|355,066

899,200
200,000

10,2(59.7 00
2,933,400
8,392.000
3,< 03,000
IIP ,000
2.750.700
128,100' 2,455.000
r'2.900
2.420.300

004,000

55.5)26.500
5t»,805.300

Brinks.—Following

1883.
Nov. 15)
Doc.

*

I
458,400

6.728.300

are the totals for several weeks
past :
Loans.
Specie.
L.'lenders. Deposits, (’in-mation.

Nov. 17... .323,620.300
24... .32 J,‘5.58.700
Dec. 1....325,74(5.700

“

11.10.)

following

tion.

9.831,000
11.201.700
5,022.200

400.200

1,142,900

325,740.700'53,131,000

discounts....Inc. jG.’OS.ODO
I in;.
1,20',8('O

...

...

2,*'nri
4,7*4,50 >!
2,317.200!

HOn.OOd

1,694.000

2.519.700
2,014.* 0 I
2.762.300
2.723.800

3,507.500 j
2,: 42.9001
1,936,500!

100.0; 10
200.000
200,000
500,000

01.312,700

.

Legal ten

1.078. 44 1
1,74 -,513

527.7 1 t

...

080.400

1,772.100!
2,*’02.000!

OiretUa-

*

The deviations from returns of
previous week
Loans and

Nasli.Ch.tkSt.L {October...
20 1.3-0
201,712 1,913,231
N.Y.L.E.AW.. IJ.September 2,613,13 i
L.880,21 i! 17,473,009! 14,874,231
N. Y.tkN.
Euglhijoctober...
346,251*
297.030!
N. Y. Susq.tk W.lOetober...
91.042
71,373;
8 13,048
58 1,593
Norfolk tk West L'l
dys Nov
178.78!*
160,293 2,487,533 2,101.040
Shenandoah Vi26 dysNov
66,95)8
49.207
779,731
4**4.772
590,74s
326,90.

3.083,-()0
4,(526,700
1,74s,too
1,002.000

5,147,-00 j
1,417,500!
1.942,00*) i

3>'O.oOO

.

*■

Northern Cent.. {October...
Northern Parifi, -idd wk Nov.

500.0! ip
1,000,0 (f
300.0"0
250.000
200.000
75 i.OOO

Fifth Avenue...
German Exch.
Germania
U. 8, Nat
Lincoln Nat.....
Garfield Nat
FLth National..

',s2793,268
Mmu.ckSt. Lont.-jSi-ptember
137.027
138.112
1,106.4 18
1,(*59.0 »6
Missouri Pae. a November. 1.54
8,165 t ,625,73 1 i 1 5.5 16,000 1 4.101,85 1
Mo.Kan.tk T. b November.
Tex. ,k Paeiiic. November. 1,280,12.-i 1,1 13,830 10,COO.( 09 9.0 {9,-85
(510,905
610,6. 5j 5 *.745,393 4,599,5-89
Central Br’eh. No\ ember.
1 28,805
159,296
1.367,032
875,91!)
Whole System November.
3,599.0! 0 3,48 7,58 1! 33,25s).39 1 28,617.2 l /
Mobile 'k Ohio...November.
279,5)53

........

I ,(549.-00

13,IS .200

...

1.0,737

1,91)8.390!

3,211.OOOi
6,520,100!
3,047,;.00!

000,000
500,000
500,000

other

than U. S.

710,000
8.088.000
1,018.000
410.000
5,973.000
1,021.500
707.500
0,830.800
US 1.000, 1,10 7.000
0.(520,000
V 6,r,00!
242,300
3.516.500
774 100!
50s,500
8,084,300
573,000
209,4n0
2,938,000
4.598.100
014.000
9.281.500
421.900:
125.800
1.974.100
358,s00
120,* 00
1.30 4,900
3,03 5,500
078.700 13,259, ?00
5(53,400,
454,(500
2.917.200
80s,TOO
150,000
2,170.000
315,600
103,SOI)
1.597.700
153,000!
112,900
954.000
23,100
140.200
944,900
177.000
387.200
2.273.300
163.9 )0
121.200
1.159.800
405,700|
291,700
3.900.100

,700!

11.28

500.00C
500,000
3.183,000
1,000,000
4.6-0,000
Continental
1,000,000
0.029,000!
Oriental
300.000
2,131,800!
Marine
400.00G
3,978,000!
Importers’ & Tr
1,500,000 £0,2-5, mo!
Park
2.000,oooi 10,860.000
Wall St
500.000
1,7 4,200
North River.
240.000
1,515,000
kCust River
250.000
1,129. 00
Fourth Nat’nal.,! 3.200.(100 15,551,500
Central Nat
I 2,000.000
7,827,000
Second Nation’ll
300.000
3,352.000
Ninth National.
750.000

1.889,580
357,495
353,795

!) 1 1.008

30 L. 295

...

Citizens’
Nassau
Market
3t. Nicholas
8hoe ,fc Leather.
Corn Exchange.

2.886,863

•

1,127,*.26
1,402,891

Pactic

Metropolitan

65,500
-l!) 1.300
383,300
373,977 12,86 1,835 11,4 17,150

36,43

Mercantile

Irving

1,389,657 •; 1,053,320

35), 687

Broadway

990,853

4,128,(500

Net depots

Legal
Tenders.

Specie.

1,1 ll',000

000,000
8.091.200
300.000
1,210,: 00
800,000
4.172.700
5,000.00(il 12.145.000
5.000.000 10.410,200
1,000.000
6,171,900I
1,000.00(1
ti,2 0,300;
422.700
2,370,500
1,500,000
4,0*55,400
450.000
8.720.300
200.000
1.524.700
700.000
3,46 >,200
1,000,000
9,1570.000
500.000
3,112,>Oo|
3,000.00(1 11,302.000

Commerce

1,419,534

7.4 5(5.000

1,200,000
3.000.000

300.000
200,000
200,000

State of N. Y...
American Exch.

5,906,199
310,263

2,000.000

300.000
1.000.000
1.000,000

Republic
Chatham

380.441 16,029.642
15,048,3 17
12,913
376,121
355.389

2(53,436
49,842
37,429

7<*,7»>>
-

No.Divi lth wk On
wkNov

Mil.L.Sh.tk

11,681
7,701*

55,207
39,300

er..

LouisriSv.ckSr.L, September
Mar.IJough.tk o 3d wli Nov.
Memp. tk Cliarl. 3d wk Nov.
Mexican 0’eyir.. id wk Nov.
Do

15,028
10,000

30,212
62,500

t !i w it Nov
La. tk Mo. River. September
Louisv.tk > as t\ It'll wkNov

Mex.Nat.,No DS’ith
Southern Div^-l1 !i

2,272,798

188.252

...

Oclol

17,073
17,803
8,938

15,763

...

L.Rk.M.Riv.tkT
Long Island

52.458
9.7 44

383,878

4th wit No y
Gulf Col,k San. Fe October
Hanuibal&St.J( 1st wk Nov

So. Div

28,053
205,450
290,267
15.095
14,700

Gr.BayW.tkSt.lv

Do
Do

21,673
20,510
143,700 6,807.050
8,431
301,934
31,807 1,436,883
25,968
980,961
188.389 3,285,417
237,584 3,641,583
12,12618,012

9,814,000
7,187,000
7,(577, 0)0

1.000,000
1,000,000
000,000

Chemical...

amount or—

*

1.000.000

...

City....
Tradesmen’s..

'

35,027
21,109
19 4,700
8,896
28,141

Loans and\
discounts.

2,000,000
2,(450,000
2,000,000

Manhattan Co.
Merchant 8
Mechanics’

.

Denv.<fe Rio Gr.||i 1th wkNov
Des Mo.& Ft.
I>.[3dwkNov.
Det. Lan. <k No.. 3d wk Nov,
Dub. <fc Sioux C. 3d wk Nov
Eastern
|3 wits Nov.

Capital.

*

112,117
S8.71-J
845.063
663,837
1,361,582 1,430,22* 11,670,769 1 1,965,353
21)8,35;2ll,i24
71,905
66,061
2.495,592 2,-477,170
117.00(
85.001
4,955,534 2,305,3 45
Central Iowa
November, !- 143,244
106,3 >3 1,1 88,80(
1,062.929
Central Pacific. Octolu
!2.50,3.00. 2,12 1,52! 2* ‘,677,311
21,503,150
Chesap. & Ohio.;3d wkNov. j
75.207
67.* *11 3,486,413 2.987,071
Chicago <fc Alton 4th wit No
178,571
172,485 8.003,82 t
Chic. Bur. & Q.. lOetober
2,7 12,48C 2.270,44 4 21,37t).677 7,514,430
Chic. & East. lll.j-ith wkNov
17.324,323
33.765
36,354 1,522.2 8 2 1,011,725
72,137
55,005 2.627,750
1,978.635
| 733,000 625,744 21.509.00; 18,452.011
Chic, & Nor! hw.' Lt h wkNov
7-.
747,300
657,600 23,168.105 22.150,706
130,000
123.700 4,871,621
4,466,6 46
|
27,316
30,570
212,675
223,303 2,319,70S 2,385,539
Cincinnati South October
2 40.384
260,673
2,126,561 2,115,494
Cin.Wash.&Balt 4th wkN
44,465
5 4.919
1,715.200 1,622,‘98 L
Clev.Akronife Col! 41 h wkNov
1
12,315
4 90.046
13,950
466,29 L
Clev.Col.C.tfe Ind September
405,246
452,246 3,218,661 3,182,491
Connotton Val.JOctober

Danbury & Nor. .October

637

j

December 8,

quoted at 33 New Street:

Bid. Asked
M. K. A. T. inc.
scrip. 41
4Iia
Missouri Pac., old st’k
Cowdry Cert I s
4
io"
Milt, U. Tel. st’k. 64
63
N.Y. VV.8h.ik Bull’.—Stk

del.wh.iss.ou any sub 19&s
W.S. rcc’pts iss. by N.
R. Const. Co
17*2
5s

20
20

72-14

North Rac. div. bonds. 85J4
No.
Rlv.Const.—lOOp.c 60
Riglits

86H
71

Newb. D’tch&Coim—

Incomes
Ohio C.—Riw Div. inc.
Pensac. <k Atl

20
5 l8

1st mort
75
Pitts. & Western
21
1st mort
84
Postal Tel. stock
542
1st mort., 6 p. c
391-2
St. Jo. ik West
Kans. & Neb., 2d— 18kt
Texas Pac. old scrip.. 33
New
30
IV x w St. L
M. & A. Div. as. pd. 10 ">8
M.ifcA.div. 1st mort. 55
do
Incomes as. pil

28

514

20
77

25!fl
87

53*
424

....

•

•••

25

4

....

13q

gra’t ik i n c. b (Is as’t p d 11
U. .V Elec. Light
112
Vicksb’g tfc Meridian
3
Prof
10
1st moi t.
94
2d mort
65

33
-

-

■

•

14
67
-

•

•

•

mm
••

118

.

Incomes
Vick sfc’g Shreve&Pac.

Incomes

m

.

-

15

mm

67

25
.

m

971*
•

-

•

19

•

•

638

1 Vol. XXXVIL

CHRONICLE.

THE

Liabilities—
Stock, common
Funded debt (see
Mortgage notes.,

Jmrestwjcwts
AND

INTELLIOENCE

RAILROAD

Supplement contains a complete exhibit of the
Funded Debt of States and Cities and of the Stocks and Bonds

(For the year

road, viz

1883.)

$1,036

[Repairs of buildings, including new

17.703
63.600
36,636
42.295
76,133
10,414

tenders

and 109 tons iron rails

*

stations

112,107
$360,887

Making a total of special expenditures of—
Our interest account is now at its highest

point; and we are
glad to chronicle that it has been met without difficulty, not¬
withstanding extraordinary expenditures in maintaining the
value of the property.
The experience of the year has demon¬
strated the fact that the road can easily meet its fixed charges
“

present revenue.
“Negotiations between this Company and the
Railroad Company for a lease of the property

from its

Boston & Maine
of this road to
the Boston & Maine resulted in an agreement therefor, which
has been ratified by the stockholders of both corporations.
Pending a suit which has been brought to test certain ques¬
tions arising therefrom, this lease has not been executed.
Meanwhile the road continues to be operated as before.”
The comparative statistics for three years have been com¬
piled for the Chronicle as
Miles owned
Miles leased and
Total

operated

Locomotives

Passenger, mail and express cars..
Freight cars (S wheels)
All other cars (8 wheels)

Passenger and extra
Freight
Mail, express, Ac

..

baggage

283

283 ’

285

00
205

102
217

10(5
2 1 7

1,880

2,1(51
75

7413

1880-81.

1 881-82.

5,705.150

<5,604,087

Passengers

1-031 cts.

1*881 cts.

1,257*699
68,479,129

2*058 cts.

2*035 cts.

$
1,61 1,184

$
1,770,345
1,303,606
230,037

$
140,778

1,267,005

Transportation expenses

60,614

Taxes

Total

j

.$1,6/ 0,603
1,134,872
101,460
75,486
.$2,091,430

$2,850,730

1,064,384

1,861,281

$1,027,046

$089,449-

Expenses
Net earnings
The income account

1*822 cts.

1,368,332
75,041,220
1*023 cts

$

in 1882-83 was as

$106,376

Improvement account
Rental of leased lines,
Interest on bonds
Dividends, 8 per cent

560,000

3,534,506

$
408,486
241,804
680,628
70(5,448
63,22 L
102,201

$
430,460
158,430
718.000

$6,021,274
3,500,000

slui's).

500,000

payable

Leased lines, improve¬
ments, etc
Bills and accounts re¬

226,260
1,636,202

Accounts and balances.'
Profit and loss

ceivable...*
Materials

Cash

$12,783,737

Total

etc.

condensed,
is as follows
Road and equipment..$10,820,900

(received from

sale of 70,000
Funded debt

990,673

$27,372
the credit of improvement ac¬

tlio year
This surplus has been placed to
count, for extension of second track,
The general account,
Stock

$1,027,C46

88,206
245,000

Balance, surplus for

1,454,878
304,57p

05,784
82,404

follows :

Net earnings

1.825,053

1381 82.

,$1,593,117
1,079,425

7,257.20(5

3,403,078
.

403,000

Ac

Rents, Ac

Notes

3,094,273

earnings
Operating expenses—

1882-83.

5,984,0i 0
81,641,541
904,966
44,882,394

8 [>,216,181
916,006
48,736,777

earnings for the year were as 1882-83.
follows :

The

93,871,712 100,003,<505

1,124,286
>3,099,873

1881-82.

6,488,756

carried

Passenger miles
Tons freight carried
Ton miles

185
100

118
465

1,208,148
181,641

Total gross

Maintenance of way,
Maintenance of cars
Motive power

Passengers

1882-83.

118
165

:

1882-83.

FISCAL RESULTS.

mile

mile

issi-s£

56 L

Operations—

follows

Mail and express

1,70Si 3

OPERATIONS

Freight (tons) mileage
Average rate per ton per
Earn itigs—

suit is still pending.”
The traffic for the year was as

Freight.

EQUIPMENT.
1880-81.

controlled

Passengers carried
Passenger mileage
Bate per passenger per
Freight (tons) moved

miles of
to
equip¬
ment was increased by 6 locomotives, 1 combination and 13
passenger cars and 175 freight cars, bought or bnilt in the
shops. The report says : “ A lease of the Eastern Railroad to'
this company upon terms agreed upon by your directors and
those of the Eastern Railroad Company was ratified by both
corporations at meetings held on March 28, 1883, to take effect
when duly authorized by the laws of New Hampshire.
Such
authority was obtained at the session of the Legislature of that
Meantime on May 1, one of the trus¬
State held last summer.
tees appointed under the mortgage of the Eastern Railroad
Company, presented to the Supreme Judicial Court of Massa¬
chusetts a bill in equity praying the court to enjoin that com¬
pany from executing the lease, substantially on the ground that
it does not provide for the sinking fund established under that
mortgage for the benefit of the holders of the certificates of
indebtedness secured by it.
The remaining trustees have
refused to join in the bill as plaintiffs. The existence of this
suit has hitherto delayed the execution of the lease, and the
freight track in Lowell; over two

sidings; four iron bridges and one wooden bridge
replace old ones, and a number of new buildings. The

follows:

KOAD AND

below,

comparison with the previous fiscal year.
Improvements during the year included the construction of
five miles of second track on the main line and 5^ miles on the
Lowell & Andover branch ; filling in the trestle over the Scar-

in

new

lmilt

1,324 tofts steel rails

11.084

123,026

129,090

10,051,802 20,034,515 10,969,379

boro marshes; a new

:

125,982 tics
Kenewal and repairs of bridges
Water-stations

74,635

(For the year ending Sept. 30,1883.)
report just issued supplies the information

(Mass.)

spare

15,817
83,054

122.46 7
0,387

The annual

states that

Two eight-wheel caboose-cars
Paid towards reduction of car trust
Paid for live new locomotives and two

15.817

684,300
425,377

Boston & Maine.

included in operating expenses
are,‘in addition to the ordinary expenditures on that account,
the following amounts for improvements and additions to prop¬
erty of the

4,997,600
13,627,321

15,817
99.765

Total liabilities

REPORTS.

ending Sept. 30,

4,907,600
13,624,006
684,300
450,948

Miscellaneous

published oivthe
April,
with¬

The annual report

306,070
116,700

Accrued interest.
Credit balances...

of Railroads and other Companies. It is
last Saturday of every other month—viz., February,
June, August, October and December, and is furnished
out extra charge to all regular subscribers of the Chronicle.
Single copies are sold at |l per copy.

Eastern Railroad

Supplement)— 13,624.006
687,200

Unpaid dividends.

The Investors’

ANNUAL

$

4,007,600

Current accounts.
Rentals

1882-83.

1881-82.
$

1880-81.

Total

1,187.290
224,421
281,894
260,160
$12,783,737

Worcester & Nashua.

75(5,013
71,1 10
118,003

Sept. 30, 1883.)
their
report of the doings of
2,292,908
1,0(>0,(570
1,0(50, (570
Total
gratified
in being able to show a
1,273,676
1,110,110
1,124,603
steady increase of earnings, and they see no reason why they
64*47
67*33
63*65
Per cent of oper. expenses to earn.
may not reasonably expect it in the future as well as a general
ACCOUNT.
prosperity of your road. When we take into consideration,
1832-33.
1881-82.
18S0-81.
however, the extremely low rates at which nearly all our New
$
$
$
1,273,(57(5 England roads are hauling freight, however short or long the
1,110,110
1,124,603
haul may be, and pro-rating our earnings^ to and from the
Disbursements—
218.330
218,330
218,330
extreme West with roads many times the length of our own,
Bentals paid
857,686
674,430
661.550
Interest on debt and other interest
getting no more per mile for our hauls pf a few miles than
100,267
[Note paid
the longer roads of hundreds of miles in length, we perhaps
1.076,016 should not
802,7(50
083,156
expect a better showing of net earnings than we
Total disbursements.
107,660 are now able to present to. you, and we will assure you that
217,341
141,147
Balance, surplus*
nothing short of the strictest economy will give us even these
Of this surplus, in 1880-81, $131,418 was expended in new construc¬
results ; but we believe that true economy consists in keeping
tion, equipment and investments; in 1881-82, .$181,538 was expended
all your property in the best possible condition,- for making it
for the
purposes; in 1882-83, $67,331.
earn the most monejq and to that
end we have endeavored to
GENERAL R A LANCE AT CLOSE OF EACH FISCAL YEAR.
97,364

General.

2,310,830

•

(For the year ending

The report says : “ In making
the past year, the directors are

*

same

1880-81.
Assets—

Railroad, buildings, Ac

[Equipment

.

Real estate
Stocks and bonds owned, cost
Bills and accounts receivable .

Materials, fuel, Ac
Cash on hand
Debit balances

Total assets




.

1881-82.

1882-83.
*

$
7.764,7 27

7.828,63(5

0(53,700

1,043,696

1,048,(506

605,450

95,4 50

96,450

870,383
200,(552
271,010

1,258,508

1,260,3 0

$

7,080.883

110,500
04 505

105.700

210,131

347.401

31 9,656

124,412
112,370

248,531
(54,2 84

0,087,653

8,802,665

19,051,802 20,031,515 10,960,370

work.”

*

*

*

earnings over last year $21,earnings $8,214 ; and notwithstanding some
unusual or extraordinary expenses during the past year, the
proportion of expenses to the gross earnings has not increased
“

We have

increased

our gross

432, and our net

*
believing it to be for the best interests of the
stockholders of this corporation to unite or consolidate it with
the Nashua & Rochester RR., which is now under a lease to
this corporation for a long term of years, having yet some
last year.
“Your directors,

over

42/&

THE CHRONICLE.

December 8, 1888.1

years to ran, after conferring- and agreeing with the directors
of the Nashua & Rochester RR. that such union would be for
the best interests of both corporations, procured the necessary
legislation for the purpose, both in Massachusetts and New
Hampshire, and the union is now being effected, the details of
which have been furnished by mail, or otherwise, to all stock¬
*
*
holders.”
*
The comparative statistics of traffic and income for three
years are as follows :

the

1880-81.

Passengers carried
Passenger mileage
Freight (tons) moved
Freight (tons) mileage...
Earn ings—

....

13S1-S2.

402,239
7,222,999

433,732
7,467,524
541,036
16,919,003
$
233,462
398,520

514,226

...

16,153,062
$

The increase in our
passenger receipts has been
due, almost exclusively, to the greater number of through pas¬
sengers conveyed this year, the excess having been 9,372; while
no

material increase in the number of local
passengers can be
shown.”
Gross and net earnings for three
years have been as follows :
Earnings—
1880-SI.
1881-82.
1882-S3.
Passenger
$128,883 v
$146,052
$164,086

Passenger department..

220,054

442,637

17,844,586

368,717

Total gross earnings
Operating expenses
Taxes

588,771

631,982

416,305
17,269

459,070
15,919

653,541
471,519
16,687

474,989
156,993

488,206
165,335

74*36

74*70

1881-82.

1SS2-S3.
$

Total expenses

Net

earnings

Per ct. of oper. exp. to earn’gs.

155,197
73*64

419,739

INCOME ACCOUNT.

1880-81.

Jieceipts—
Net earnings
Rentals and dividends..
Total income

$
155,197
22,103

156.993

177,300

179,526

Disbursements—

$
22,533

$

Rentals paid
Interest on debt
Dividends
Rate of dividend

$

74,274

74,437
51,117

49,186

53,694
(3)

Total disbursements.

53,694
(3)

177,154

179,248

346

278

Balance, surplus

165,335
22,405

187,740
$
74,300
54,831
53.694
(3)

182,825
4,915

Providence & Worcester Railroad.
(For the year ending Sep>t. 30, 1833.)
The report of the directors for the year ended
Sept. 30, says :
“It has been for some time apparent to
your board that wre
wrere in a very poor
position to properly manage and handle our
immense coal tonnage, being somewhat at the
mercy of a for¬
eign corporation for wharf facilities, and they decided that

333,686
22,191

-

386.141

28,035

415,828
38,833

Total gross earnings...
$484,760
expenses and taxes.
346,896

$560.-28
37S,110

$618,747

Net earnings...

$182,118

$184,824

express,

Ac...,

Operating

7,592,458
556,733

freight department

.

Freight

Mail,

18S2-S3.

$
233,802

uninterrupted prosperity of the country during the period

referred to.

OPERATIONS AND FISCAL RESULTS.

Operations—

639

$137,864

433,923

The financial condition of the
company may be summed up
thus :
“
In conformity with the resolution

passed at your last annual
meeting, we, forthwith, prepared 1,836 bonds of $1,000 each,
dated January 1, 1883, payable
January 1, 1933, bearing inter¬
est at the rate of six
per cent per annum, and secured by a
mortgage of the entire property of the company to the Metro¬
politan Trust Company of New York in trust. As provided
for in the

said deed of trust, 1,142 of these bonds have
remained in
the hands of the trustee
(unexecuted), to be
applied to the settlement, at their maturity, in September,

1899, of the present outstanding first and second

mortgage
bonds of the company, aggregating
$1,142,000—the remaining
694 bonds (or $694,000)
being subject to the disposal of the
company, for the general purposes therein described. These
bonds (with the exception of 17) were
subsequently sold, or
rather subscribed for, by the stockholders, who alone had
the

privilege of purchasing them ratably with their holdings of
*
*
*

the stock.”
“

Our lease

of

the Central Railroad

of South Carolina—

jointly with the Wilmington Col. & Augusta RR Company—for
ninety-nine years, has resulted satisfactorily, the.net earnings
to each of the lesses
having so far been $2,251,* This would
have been larger, but in view of the extended
period of the

lease, it was deemed advisable to appropriate a considerable
portion of the earnings of the road to the permanent improve¬
ment of its road-bed.
This is now in very good order.” * *
“A review of our past fiscal
year is not without its encour¬
aging features. Among them is the payment in April last of a
the time had arrived when it was for the-best interest of the dividend of three per cent upon the capital stock of the com¬
pany, the first (if we accept a small and nominal one in Con¬
road to own and operate a wharf of its own, either
by building federate currency), which has ever been declared since the
on its property in East Providence,
or, in case the parties over
A further dividend
whose pier we were doing business wished to sell on reason¬ completion of the road in the year 1857.
of three per cent has been earned and
able terms, by purchase of them. Accordingly,
might
have been de¬
negotiations clared at a later period, but, from various
were opened with the
considerations,
your
Lehigh & Wilkesbarre Coal Co., and an board has deferred its action in reference to it.”
offer made them for their entire property in East
Providence,
consisting of seventeen acres of land, with wharf, coal-pockets,
GENERAL INVESTMENT NEWS.
machinery, fixtures, etc., which they finally accepted, and the
same passed into our hands
by deed, and the road commenced
Atchison 'Topeka & Santa Fe.—The
earnings and expenses
running it April 1, 1883. We have also purchased a large for October, and for the ten
months, in 1882 and 1883, have
tract of land in the northerly part of the
city of Providence, been as follows:
near Charles Street, as a site for a new round
house. These,
October.
Jan. to Cct., 10 inos.—>
with several other small lots of land
1883.
1882
purchased at different Miles of road
1883.
1882.
operated
1,820
1,820
1,820
points on the line of road, and the cost of finishing the double
1,814
Gross earnings
track to Whitins, are what make up the amount
charged to con¬ Operating expenses $1,361,582 $1,430,226 $11,670,768 $11,965,354
struction, say $236,218. We have added to the equipment
(exclusive of taxes)
563,518
656,039
5,310,019
6,918,760
six passenger cars and 200 coal
dumps.” To the operating
Net earnings
$798,064
$774,137 $6,330,749 $5,016,594
expenses of the road have been charged the cost
(aggregating
some $125,000) of various additions and
improvements.
Baltimore & Ohio.—In the annual report of this railroad,
The traffic and income for three years has been as follows :
published in the Chronicle last week, the following statements
as to some of the
OPERATIONS AND FISCAL RESULTS.
companies embraced in the B. & O. system
/

•>

^

1880-81.

Operations—
Passengers carried
Passenger mileage

2,016,513

Rate per passenger per mile
Freight (tons) moved

Freight (tons) mileage
Average rate per ton per mile

Earnings —

Passenger
Freight
Mail, express, Ac
Total

gross

Operating

earnings

Total
Net earnings

2.335,823
19,977,254

2,502.739

20,585,077

2*12 ets.

882,133

22,211,710

801,021

25,023,982

23,174,410

2*78 ets.

2*96 ets.

$

$

2* 14 ets.

$
392,446

424,355

4 13 015

621,667

695,993

25,558

27,1(57

68(5,090
29,289

1,158,391

32,817

1,147,515
808,974
35,7 43

723,326

844,717

811,164

316,315

302,798

314,230

69*57

73*01

72*87

690,509

Taxes

1882-83.

2*24 cts.
7/1,77 9

1,039,671

expenses

Per cent of

17,439.529

1881-82.

op’t’g exp's to earn’gs.

802.059
42,105

INCOME ACCOUNT.

188C-S1.

1831-S2.
$

$
316,315

Net earnings...?
Disbursemcn ts—
Rentals paid

302,798

10,980

Dividends...
Rate of dividend

1882-83.
$

314,230

143.684

10,980
87,058

120,000
(6)
'

150,000
(6)

10.980
91,111
150,000
(6)

.

Total income

274,664

248.038

252,121

Balance, surplus

41,681

54,760

62,109

Northeastern Railroad

(For the

Company (S. C.)

ending Sept. 30, 18S3.)
The annual report says: “Our increased
receipt from freights is
to be explained by our
having moved, this year, an excess of
10,891 bales of cotton and 29,899 barrels of naval stores, over
the quantities of each moved the
preceding year, and also by
a
larger movement in miscellaneous freights, growing out of




year

were

crowded out:

PITTSBURG & CONNELLS VILLE RAILROAD.
Tim
Tlie

earnings for the year ended Sept. 30. 1883, were.
working expenses for the same period were (17*15

Showing net earnings

:

:...

$2,813,172
p.

cA

..

1,334,897

$1,478,274

The earnings were $166,616 less than those of the
previous year, and
the expenses decreased $102,766, showing net decrease
compared with
the preceding year of $63,850. The decrease in the ratio of

working

expenses has been 79-100 of 1 per cent, as compared with the
preced¬

ing

year.

Net earnings
$1,478,274
After paying interest on the funded debt and
$503,212 for
the construction of 25*1 miles of double track and 7 miles
of additional sidings, making

$1,189,938

There remains an excess of net earnings of
$293,336
which has been credited on account of cash advances and
interest
thereon made by the Baltimore A Ohio Railroad
Company to, the Pitts¬
burg A Connellsvillc Railroad Comnanv.
"
>
BALTIMORE Si OHIO AND CHICAGO RAILROAD COMPANIES.
The earnings of these companies, known as the
Chicago
Division of the Baltimore A Ohio Railroad
Company, for
the liscal year were
$1,878,1 G7
1 lie working expenses for the same
period were (GO 40 per
cent, being-1*15 per cent less than the preceding year)
1,304,604
The surplus for credit to the account of this division is
$573,503
The earnings were $186,160 more than in the
previous year, while tho
expei si's
increased $59,064, showing a comparative increase of

$127,096.

The Interest paid upon the live
per cent sterling loan of £1,600,000
taler n for account of these
companies, amounted during the year to
$388,956, and the taxes to +48,012.
The raxes

paid—$4S,012—being deducted from tlie net earnings—
$573,503—leave $525,490, which have been credited in the interest
account of the Main Stem, in which is
charged the interest paid for the
Baltimore A Ohio and Chicago Railroad

Companies’ loan of 1927.
PITTSBURG SOUTHERN RATLROAD.
During the fiscal year the Pittsburg Southern Narrow Gauge Rail¬
road, extending Irom Washington, Pa., to Pittsburg, 37hj miles, was
purchased. The gauge of that portion of the line in Pennsylvania be¬
tween Washington and
Finleyville, 17*4 miles, was increased in
width from 3 feet to the standard gauge, 4 feet 8 82
inches, and a new

THR CHRONICLE.

6 JO

in part to a change in the, method of
Up to and including last
year the management, assuming that the law so required,
charged to operating expenses all the cost of the large and
important improvements of the roadbed that were made.
New York City Horse Railroads.—From the reports tiled
at Albany for the year ending Sept. 30, 1883, the following re¬
$88,000; but this is due

line, 15% miles in length, constructed between Finleyville and Glenon the Pittsburg Division.
The work has been well and substan¬
tially done, the new portion of the line having been laid with steel rails
of 60 lbs. weight per yard.
This line has been open for traflic since 1st August, affording a.
short and effective outlet from Pittsburg and the Pittsburg Division
to the West via Washington, Pa.,
Wheeling and the Trans-Ohio

keeping the company’s accounts.

wood

divisions.

*

*

*

EXTENSION TO LEXINGTON.

VALLEY RAILROAD

turns

the Valley Railroad
has been com¬

All of the graduation, bridging and masonry on
between Staunton and Lexington, a distance of 30 miles,

pleted, and all but four (1) miles of the trade has been laid. Tuis, it is
expected, will be finished and the road opened for business before Nov¬
ember 1st. The line has been well and substantially built and laid with

passengers,

$895,127.

region to Lynchburg, Ac., will be transported,-in addition to a traffic,
in live stock, grain, merchandise and miscellaneous freights between
Southern and Eastern Virginia and Baltimore and places reached by
the lines of tlie Baltimore A Ohio Railroad Company.
The Valley Railroad as now constituted embraces the line from Har¬

changes.

RR. Co.—Stock paid in, $000,000; funded debt,
cost of road and equipment, $940,Ot)o; length of road,
2 53-100 miles; number of passengers carried, 3,338,321; taxes paid,
$7,199; maintaining road, $11,707; operating road, $121,211; divi¬
dend. 3

operation of

lead to much
important re¬

loan of $10,000,000, and have issued
of $1,000 each, payable in
January, 1904, in gold coin. The companies have executed to
the Farmers’ Loan & Trust Company a trust mortgage to
the bonds.

Cheasapcakc & Ohio.—The comparative statement of earn¬
ings and expenses for October, and since Jan. 1, were as follows:
Earnings
Expenses
Net earnings

Jan. 1 to Oct. 31.

/

1883.

1882.

.

$375,814
220,910

$351,309

$3,255,101

$2,760,889

2,129,771

1.912,348

$118,874

$128,203

$1,120,327

$808,511

223,100

Chicago Burlington & Quincy.—The earnings and expenses
of the Chicago Burlington & Quincy and the Burlington & Mis¬
souri River RR. in Nebraska for the month of October, and the
ten months, in the years 1883 and 1882, were as follows:

bf
[|f i

pi

rl

M

hi a it d:

Freight.

Pass'gcr.
Oct.
1883.

120*400

2,081,202
1,037,252

534,750
539,353

1882.

Gross

Miscell's.
93,838

Xct.

.

Earn'gs.

Expenses.

Earnings.

2,742,179
2,270,441

1,115,245
903,387

1.027,234
1,307,050
320,178

*4,590
444,010
32,021
472,035
151,857
Jan 1 to Oct. 31,
1883.4,429,275 15,920,354 1,021,047 21,370,077 10,700,792
1882.3,922.899 12,554,127
817,300 17,324,323 9,033.139

10,0(59,88 1
8,291,184

1,073,053

2,378,700

Inc...

s

Inc...
*

,

4,052,353

173,740

3,372,220

500.380

Denver & Itio Grande.—The

following statement includes

:

Gross earnings for 10

months ending Oct.

31

1883.

1892.

$0,107,749

$5,409,394

3,935,208

3,211,598

Operating expenses for same period
Net

earnings for 10 months

Operating expenses for 10 months
gross earnings.

$2,232,541
$2,248,790
03 8-10 per cent of actual
1883,

$720,4 11

earnings for month of October
Operating expenses for month of October
Gross

Actual net earnings for month

432,000

:

$289,378

of October

Operating expenses for October nearly 60 per cent of

actual

gross earnings.
Elizabethtown Lexington & Big Sandy.—The compara¬
tive statement of earnings and expenses for October, and since

January 1, is

as

follows:
/

1883.

October.
1882.

.

—Jan. 1 to Oct. 31.—1883.
1882.

$003,521

$121,010

$23,050
$19,752
$192,194
Fort Worth & Denver City .—For the year ended
the following exhibit is made :

October 31

Earnings
Expenses
Net earnings

$70,(594

$59,288

47,038

38,536

289,973

411,327

$131,007

..

Expenses

$110,374
219,090

Net earnings
Interest paid

$227,284
209,400

Gross earnings

$17,884

Surplus

Hartford & Connecticut Western.—The annual report of
the Hartford & Connecticut Western Railroad Co. to the Con¬
necticut RR. Commissioners gives the following figures :
1882.

Gross earnings
Operating expenses

1883

$307,107

$394,411

310,470

315,590

Ine. $87,301

Dec.

879

Surplus or def
def.
$9,393
sur. $78,820
Inc. $3S,l83
The Hartford papers say that while there was an apparent
deficit of $9,363 for 1SS2, there is this year a balance of net

earnings amounting to $7S,S20, making an apparent gain of over

IG




$144,090;

pay¬

4,287,412; taxes paid, $8,288; operating road, $159,083; maintaining
road. $14,788; dividends, 5 per. cent, $32,500; payments, $217,051;
receipts, $219,809.
Dry Dock East Broadway A Battery RR. Co.—Capital stock, $1,2,000,000; funded debt,, $840,900, 7 per cent; cost of road and equip¬
ment, $1,295,11(5; passengers carried, 17.020,827; maintaining road
and real estate, $74,932, including $13,345 taxes; operating expenses,
$199,002; interest, $01,877, dividends, 10 per cent, $192,000. Receipts,
$1,010,790; expenses, $979,472..
Eighth Avenue RR. Co.—Capital stock, $1.000,000; funded debt,
$140,000; cost of road aad equipment, $1,803,132 ; passengers carried,
14.253,225; mortgage on road, $53,290; taxi's, $27,741: operating,
$500,340; interest, $10,220; dividends, $180,4 00; total, $749,850; re¬
ceipts, $752,590.
Forty-Second Street A Grand Street Ferry RR. Co., Chartered
Fed. 10, 1883.—Capital stock, $750,000; capital stock paid in, $748,000;
funded debt, $230,000; Jloating dent, $19,09 4 ; cost of road and equip¬
ment, $1,009,872 : passengers carried, 7,848,032; taxes, $21,397; total
maintenance expenses, $2 4, 438 ; cost of operating, $244, 487; dividend,
13 per cent. $97,2 40; receipts, $119,275; expenses, $395,104.
IIarlem Bridge Morrisania A Fokdii vm RR. Cd.—Stock paid in,
$300,000; funded debt, $71,000; d ialing debt, $19,000; cost of .road,
Ac., $101,310;

length, 1 894-1,009; passengers-carried, 2,585,141:

paid, $2,015; maintenance, $31,046; operation, $97, 111; divi¬
dend, 5% per cent, $15,750; payments, $100,855; receipts, $157,402.
Houston West Street A Pavoxia Ferry RR. Co.—Capital, $250,000;
funded debt. $500,009; Hunting debt, $39,000 ; cost of road and equip¬
ment, $777,9 47; passengers carried, 4,273,800; taxes paid. $11,348;
operating expenses, $150,722; maiutaiuingexpenses, $21,583 ; receipts,
$224,708; payments, $219,404 ; no divid nds.
Ninth Avenue RR. Co.—Stock paid in, $799,200 ; funded debt, none;
floating debt, $2,500; cost of road and equipment, $170,080; number
taxes

of passengers

carried, 2,192,370; taxes, $932; operating expenses,

$118,088; maintaining expenses, $8,320; receipts, $133,094; pay¬
ments, $127,015; no dividends.
Second Aye. RR. Co.—Stock, $1 390,500 paid in; funded debt,
$1,343,000; floating debt, $35,000; cost of road and equipment,
$2,973,929; length of road, 8 miles; number of passengers, 17,912,965;
Taxes paid. $15,010 ; maintenance of road, $18,807; operation of road,
$013,012; receipts, $599,719; dividends 10 percent, $139,100; pay¬
ments. $893,140.
sixth
Avenue

Decrease.

leased lines

road, $502,109; dividends, 8 per cent,

$700,741; receipts, $799,900.
Christopher A Tenth Street RR. Co.—Stock, $650,000 paid in;
funded debt, $280,000; Heating debt, $18,935 ; cost of road and equip¬
ments, $081,470; length of road, 3 miles; number of passengers,
ments,

10,000 bonds of the denomination

\

$174,480; total receipts,

cent, $18,000; total payments,

,

Central Park North A East River RR. Co.—Stock, $1,800,000
paid in; funded debt, $1,213,000; iloaliug debt, $1,018; cost of road
and equipment. $2,105,211; length of road, 13 miles; passengers car¬
ried. 15,225,543; taxes paid. $24,014; maintenance of road, $45,459;

both in passenger and freight iuteiv

October.
1883.
1892.

per

$ 108 43.0.

have determined to procure a

,

$800,050; dividends, 8^ per cent, $178,500; expenses,

Central Crosstown

Bankers’ & Merchants' Telegraph,—This company in New
York, Pennsylvania, New Jersey, Maryland and tlie District of
Columbia, in order to further improve and extend their lines,

secure

:

$250,000;

risonburg to Staunton,‘JO miles, ami Staunton to Lexington, 30 miles,
being G2 miles, and by its direct line from Harrisonburg via Strasburg
to Winchester, thence continuing by tlie Winchester A Potomac Road,
leased and worked by the Baltimore & Ohio Company, to Harper’s
Ferry, and bv the main stem from Harper's Ferry to Baltimore, pre¬
sents a superior line of 243 miles between Lexington and Baltimore,
and by the Metropolitan branch of 217 miles from Lexington to
the National Capital.

gions traversed aud Baltimore,

obtained

are

Broadway A Sevenm avenue RR. Co.—Capital, $2,100,000; funded
debt, $1,700,000; floating debt, $92,005 ; cost of road and equipments,
$3,9j7,549; passengers carried, 17,2 5 3,120; raxes, $29,368 ; maintain¬
ing expenses, $93,493; operating 'expenses, $535,13 1; receipts, from

steel rails.
This line will form at Lexington a closely co-operativecornectionfwith
tlie Richmond A Allegheny Railroad for Lynchburg and Richmond, and
it is expected that a large traffic in iron ore from the Jann-s River ore
beds to Pittsburg and other points, and in Coke from the Connellsville

This line will doubtless command a large business and
closer relations aud more extended intercourse between

[Vol. XXXVII,

"'RR. Company.-Capital, $750,000; funded debt,
$500 000; floating debt, $93,750.; rust- of road. $.',012,053 ; passengers
carried, 10,510,211 ; taxes paid, $23,197; receipts, $350,850; payments,
$777,137; dividends, 10 per cent, $75,000.
Third Avenue RR. Co.—Stock paid in, $2,000,000 ; funded debt, $2,000,000 at7 per cent; no floating debt; cost of road and equipment,
$4,431,585 ; passengers carried, 29,481,444; maintaining road and real
estate. $105,730, of which $00,954 was for taxes; operating expenses,
$928,581; dividends, 17 per cent, $3 10,000; interest, $110,000; total
payments, $1,529,411; total receipts, $1,524,503.

Co.—Capital
Twenty-Third Street Railway
funded debt, $ 172,005; cost of road and equipments,

stock,

$600,009;

$1,079,4 41; float¬
ing debt, $34,023; number of passengers carried, 10,22',521; taxes
paid, $8,978 maintaining expenses, $28,712 ; receipts, $521,055 ; oper¬
ating expenses, $390,579; dividend, 8 per cent, $48,009; payments,
,

$509,574.

Co.—Proposals to sell to this company
outstanding scrip will be received at No. 2 Wall Street until
12 o’clock, noon, December 18.
Payment will be made in notes
which this company holds for lands sold. The company re¬
serves the rigiit to reject bids in whole or in part.
North River Construction Co.—Notice is given that the
North River Construction Company offers to the subscribers to
its stock whose subscriptions are full paid, the right to sub¬
scribe for first mortgage b mds of the New York West Shore &
Buffalo Railroad Company belonging to
the Construction
Company. Each recorded holder Dec. 8 will have the right to
subscribe for one bond of $1,000 for every twenty shares of
stock represented by such certificate, at the price of $900, re¬
ceiving also ten shares of the capital stock of the railway com¬
pany, belonging to the Construction Company, for each bond
All rights to subscribe will cease Dec. 14, 1883.
taken.
N. Y. & Texas Land

its

for October,
months, in 1882 and 1883, have been as follows:

Southern Kansas.—The earnings and expenses
and for the ten

October.
1883.

>

1882.

/—Jan. to Oct., 10 vios.—*
1883.
1882.

391
$1,055,318
70,034
493,843
00, ISO
042,133
Net earnings
$747,525
$501,475
$118,218
$90,593
Virginia State Finances.—Gov. Cameron, in his message
to the Legidature, refers to the public debt as follows ; “Now,
as for many years past, foremjst of importance of the JsubMiles of road operated

earnings
Operating expenses
(exclusive of taxes)
Gross

398
$183,252

398
398
$150,773 $1,389,658

December 8,

THE

lebfi.]

CHRONICLE.

jects which will demand

your attention stands the pubhc debt.
During the last session of the General Assembly the act ap¬
proved February 14, 1882, established a basis upon which the

creditors of the State

were

principal and interest into

invited to

XTxc (Fontwerei;il jinxes.

fund their claims for

bonds bearing 3 per cent, and
the supporting' enactment contained in chapters 7 and 41 of the
acts of Assembly, session 1881, have so fulfilled their
purpose
as to afford relief to
the treasury and to make
possible the
discharge of the Heating debt, while meeting promptly all cash
demands for the expenses of administration.
But these

COMMERCIAL

new

measures in no sense constitute a settlement of the debt.
The
total amount of old indebtedness of all classes,
principal and
interest, funded up to the 1st of October last was $2,492,707
19,
and the amount of bonds and certificates issued under the
act of February 14, 1882, to the same date, was
$1,527 803 30.
It is thus apparent that while the new bonds have been
ready
for delivery during a period covering more than twelve
months,
the amount funded under the
Riddleberger bill has been less
than 6 per cent of the entire debt, and of the
unfunded obli¬

gation, principal and interest, outstanding against the Com¬

monwealth, there remains the sum of $33,411,080 22. Within
a much shorter period, uuder the
McCulloch bill, more than
$8,000,000 of bonds were surrendered, and yet that measure
utterly failed to settle the debt. It is true that the Supreme
Court of the United States, in the case of
Antoni vs. Greenhow7, sustained the act of
January 14, 1882, as furnishing an
adequate and constitutional remedy to the holders of tax-recrivable coupons. But experience has shown that act to be
deficient in
several important particulars.
The enacting clauses omit any
reference to the coupons detached from bonds
of the Common¬
wealth under the act of March 28, 1819.
The eventual effect of
this omission must be either, to

Friday Night, Dec. 7. 1883.

partaking largely of a holiday character,
speculative transactions have been less active.*
Congress
met on
Monday, and elected Mr. Carlisle Speaker of the Lower
House—a choice which is the
pledge of ail effort to reduce the
burden of taxation 'which is now
weighing down the business of
the
and

country.
The following is a statement of the stocks of
leading articles
of domestic and
foreign merchandise at dates given :

and tax-payers conjoined.”
The message then points out
fact that thousands of dollars of
coupons have passed
through the courts without the needful scrutiny contemplated.
The Governor says: “Within the official
knowledge of the
Executive coupons have passed
through the courts upon the
sole evidence of persons who could
not, by any possibility, tes¬
tify with knowledge as to their genuineness and
legality. Judg¬
ments have been rendered
against the
ers

the

‘

'

1883.
Xov. 1.

Pork
Beef
Lard

Tobacco, domestic.
Tobacco, foreign
Coffee, Rio
•
Coffee, other
Coffee, Java, Ac
Sugar

'

1883.
Dec. 1.

hhls.
.tes. and bids.

11,811

•10,043

441

239

17,675)
lilids.
bales.

16.582
47,883
135,233
51,513

23,465
16,283
50,894

.

hags.
bags.
mats.

Sugar
Molasses, foreign..
Molasses, domestic..

..

Hides
Cotton
Rosin

No.

58,724
31,271

81

44.9,889

«

3.141

379,500
3,973

3,000

2.000

126.100
124,324
36,580

153,300
193,827
41,062
4,127

<

bills, and tes.

Jute butts
Manila hemp
Sisal hemp

45,040

31,314

bbls.
bids.

...

203,721

28,915

hlids.
boxes.
bags, Ac.
hlids.
bbls.

Sugar

exempt the holders of 10-40
Tar
coupons from the conditions imposed upon persons
presenting Ru.p., F. I
in payment of taxes coupons
produced by the bonds under the. Rice, domestic
act of March 30, 1871, or to force both the State
and the holder Linseed
of McCulloch coupons to
rely on the act of January 28, 1882, Saltpetre

notsufficicient to procure proper care of the State’s
interest in
the suits therein authorized to be
brought in corporation and
county courts by persons in whom the claims of coupon-hold¬

EPITOME.

General trade is dull,

Spirits turpentine

commonly known as “coupon-killer No. 2.” That act has not
been subject to the construction of
any court of appellate juris¬
diction—State or Federal. Experience has also
the requirements of Section 4 of the act of Jan. proved that
14, 1882, are

641

O

86

829

24,800
1,700

4,500
2,200

None.

None.

4,931
1,986
12,331
27,212

26,524
88,585
101,429

84,401
29,310
7,959
464,431
2.031
1,500
164,000

52,293
32,041
4,178
1,448
39,760
920

17,100

13,52 2

33,800

61,600
14,700
20,100
28,300

23,74 0

15,000

bags.!

10,300

12,000

bales.,

48,600

52,000

bales.)

1882.
Dec. 1.

The

speculation in lard lias latterly been more liberal and
prices have been better ui til Friday,when a realizing movement
depressed values. Pork has remained firm, though by no means
active.
To-day Western sold on the spot at S’b'Jc.; refined for
the Continent 9*12ic. and South American
9‘25(/fc9* 10c.; futures
closed dull at8‘7o@8*75c. for December, S'Sfi.rtS’SOc. for
January,
8,93(a,8'95c. for February, 9‘03@9 05c. for March, 9T0@9 14c. for
April and 9T8@9*24c. for May. Mess pork was linn at $14 25@
$14 50. Beef hams firm at $23 50@$24.
City extra India mess
beef, $23@$25. Tallow was quoted at 7|o. for prime, and
t-trurine 9jj@9?.e.
Butter is slow and cheese v<ry firm at 12f@
13c. for the

State Treasurer on
best creameries.
which had no number, and therefore were the
legal
Rie coffee has been dull and
product of no bond.” He says during the past six months,
declining; to-d-y fair sold at ll£c.;
owing to these causes, the funding under the Riddleberger bill options have been active, but at falling piices, though there was
a
has practically ceased. No
recovery of 20 points to-day, and the dose was strong at 10‘05
suitor, he alleges, during the period
(udOTOc. for December, 10'15@10‘20c. for January,
named has failed to establish his case
10-20@
against the State, except 10 •25c. for
where the Executive has
February, 10'25(d) 10’30c, for March and 10\25@ 10‘35e.
employed counsel to represent the for
April; mild grades have been dull and weak.
State."
/Tea has been
firm,
aud Formosa Oolong active,, the sales of this kind
“ The measure of duty which seems to apply to the execu¬
reaching
7,000 half-chests. Spices have beeu dull. Foreign fruits have
tive in this case is to seek absolute success
for the settlement
attempted. It cannot as yet be called in any true sense a set¬ sold more freely at rather lower prices. New Orleans moiasses
sold well within the range of 39@57c. for common to
tlement.
Remaining with the General Assembly is the duty or lias
and the close was rather steadier; foreign has hem dull.
choice,
privilege of making to live or letting to die the scheme of
Raw sugar has been active at a decline to 0 3-10e. for fair refin¬
funding known as the Riddleberger act. To be successful it
must be forceful.
The question now is not whether the Gen¬ ing ana 7 l-10@7-$c for 90-degrees test ce itrifugal; a depressed
London market lius had a
eral Assembly will give
negative support to an attempt which is fined closed firmer on the weakening effect on prices here; re.
no settlement,
spot at 9c. for crushed and cut loaf,
but whether the majority of that body
will sus¬ 8^c. for granulated and 7 9-l0@7|c. for standard
tain and advance the
“A”; pales of
present legislation of the debt question. standard
' A” for future delivery were made
Let the responsibility remain with the
to-day
at ?'5?^c. for
power. It is as true now
as it has
always been, that readjustment to be successful must January and February.
The business in Kentucky tobacco has continuel
be coercive, and that
small, the
every ultimate power residing under the sales for the
week aggregating 110 lilids., ot which 58 lilids.*
the constitution in the
Commonwealth of Virginia must be ex¬ were for
export; lugs are quoted at, 7@3c. arid loaf at 8^@10^c.
hausted to protect her from excessive and
unjust claims.”
Seedleaf is quiet but about
The Governor then recommends as follows :
Exports
for
the week 540 hlids.
That the act of
the sales for the week embracing 850 cases, including
January 14, 1882, be so amended as to require the services of steady,
attorneys for Commonwrealth ; second, to define the manner 350 cases crop 1882, Pennsylvania, 5$@25c.; 150 cases crop 1881,
do., 8(«;llc.; 100 cases crop 1882, Wisconsin Havana, 134@l»|c.;
and method of verification of
coupons ; third, demand witnesses 100 cases
crop L8S2, New England, ll(o)25c., and 150 cases crops
should be summoned from such
departments of the State Gov¬ 1881-82, Ohio, grille.; also 400 bales
ernment as would at least be
Havana, 85c.(d)$l 15 and
likely to know which
was
150 bales Sumatra $1 15@1 50.
genuine or which fraudulent; fourth, that the actcoupon
above re¬
Naval stores have been quiet, rosins remaining quite nominal
ferred to should be amended so as to include
coupons on the 10- at $1 50@$1 55 for strained to
40 issue of bonds; fifrh that in
good strained, and spirits turpenobedience to the constitution no tine
le
is a iritle better at 35|@35|c. in yard. Refined
to-niglit
~*e>j
money be paid out of the treasury under plea of
reclamation, petroleum was again advanced today in
sympathy with the
except by bills of appropriation.
foreign markets ; 70 test Abel sold at 9£c. for early January
West Jersey.—The report of the West
Jersey Railroad and delivery. Crude certificates recovered slightly from the rtcent
branches for the month of October shows
$88,231 gross earnings, depression, and yet conservative opinion places little faith in the
$01,017 operating expenses and $27,214 net
earnings, a advance; the closing figures were $1 15|. Ingot copper sold at
decrease of $822 as compared with the same womli
14£g!l5c. for Lake, and common lead was sold at 3*G0c.
of last
year.
For the ten months the
gross earnings were $1,071,155, There have been sales of 375,000 tons steel rails for all next year
an increase of
at $35 for delivery on
$103,032 as compared .with tlie
the cars at the Eastern mills, and $35@$37
corresponding
period of last year; the
operating
expenses were $048,132, an at Chicago, closing at the latter price for that delivery.
Ameri¬
increase of $109,347, and the net
earnings were $423,022, a de¬ can pig iron sold to the extent of 3,000 tons, No. 1 Thomas, at
crease of $0,285.
$20 50, and $19 50 for No. 2. Hops are steady, and wool dull
coupons

_

>

Worcester Nashua & Rochester.—At
Worcester, Dec. 1, the
■consolidation of the Worcester & Nashua
with the Nashua &
Rochester Railroad was effected at the
joint stockholders’ meet¬
The directors of the two roads were chosen directors
of the
Worcester Nashua & Rochester Railroad
Company.” At a
meeting of the new board Charles S. Turner of Worcester was
ing.

new “

elected President.




~

Oi.

vu

*

V

**

1

7

—

n

JL

and unset; led.

Ocean freights were quiet, and berth-room rates
ular.
Oil tonnage is not plenty, and therefore

wore irreg¬
steady. Grain to
Liverpool by steam quoted 4d.; Hour 15s.(3)16s. 3d.; bacon,
25s.; cheese, 30s.; cotton, 7-32d.; grain to London by steam,
5d.; do. to Avoumoutli by. steam, 5£d.; do. to Amsterdam by
steam, 8Jc.; crude petroleum to Cette, 4s.; refined to Amster¬
dam, 3s. (id.; case oil to Japan, 27@23c.; grain to Oporto, lO^c.

CHRONICLE.

THE

642
COTTON.

Friday, P. M., December 7, 1383.
Crop, as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening (Dec. 7) the total receipts have reached 265,484
bales, against 222,185 bales last week, 222,510 bales the previous
week and 242,078 bales three weeks since; making the total
receipts since the 1st of September, 1883, 2,685,768 bales, against
2,689,354 bales for the same period of 1882, showing a
decrease since September 1, 1883. of 3,586 bales.

Indianola, Ac.
New Orleans...
Florida

Brunsw’k, Ac.

Royal, &c.
Wilmington ....
Moreh’d C., Ac
Pt.

....

West Point,&e
985

1,556

Boston

1,522

1,370

Baltimore

6

Totals this week

32.561

3,632

20,695

l.Si >3 i

ha*

7,601

....

....

1,783
1,254

....

....

•

•

This
Week.

1, 1883.

Week.

1, 1882.

Indianola,&c.

11,468

New Orleans...

86,315

63,871

Mobile

616,963
104,015

Florida

19,711
2,370

782,092
151,356
19,872

1,013

Bavanuali

30,907

448,791

34,099

119

6,253

300

6,306
403,214
4,508

30,036

33 4,539

67,699
7,920
336,09 6

5,787
6*2

35,588

106

In order that

213

5,602
393,922

11,667
8,330
6,893

18,932
37,797

917

2,735
5,586

205,484:2.085,768

Total

0.143

70,935

37,70!

122,915

12,843
8,914
9,229
428

743

6,221

6,16.

275

Baltimore

11,333

289.590

20,095

Philadelp’a,Ac.

106

Stock.

1882.

379,613

Boston

428

-

100

and the stock to-night

658

Point, Ac

428

.

periods of last years.

25,548

West

-

the following table showing the week’s

7,073

New York

.

49,256 46,652 49,533 35,316 52,116 265.484

374,898

Norfolk

5,982
12,843

....

Since Sep.

Royal, &c.
Wilmington....
M’head O., &e

682

35,588
12,843
8,914
9,229

636

This

Pt.

682

2,102

216

Charleston

5,787

897

Since Sep.

Brunsw’k, Ac

275

1,102

2,009

31,299

Galveston

275

....

1,945
2,084

1883.

December 7.

830

6,878

total receipts, the total since Sept. 1,1883,
and the same items for the corresponding
Receipts to

2,370

....

....

....

....

For comnanson, we give

Vf‘4

3,235

....

....

Philadelp’a, &c.

119

1,071

4,730

....

New York

119

....

.

6,218

4,179

Norfolk

...

•

....

4,732

....

....

1,189

1,287

308

4,521

....

....

—

86,315

....

3,668

2,725

3,272

4,163

Charleston

8,054 11,875
3,160
2,235

4,518

....

....

...

216

....

5,356

6,865

4,915

Savannah

216

....

19,711
2,370
30,907

....

....

......

31,299

5,884

7,383 14,075 23,831 21,097
5,627 2,137 2,019
4,483

Mobile

Total

Fri.

1,862

....

....

....

....

7,295

2,655

8,986

4,617

Galveston

Thurs.

Wed.

Tues.

Mon.

Sat.

2,386

1883.

1882.

107,081 118,616
134

.

344,945 275,581
53,493

22,722

2,073

107,115
......

99,137
......

82,151 110,158

1,235
21,193
...

......

70,633

115,272
31,123
53,658
6,225
20,743

354

......

79,874
......

6,135

60,286
2,310

19,637

14,747

212,932

12,303

8,195'

comparison may be made with other years, we

give below the totals at leading ports tor six seasons.

New Orleans.

86.315

Mobile

19,711

Savannah....

Wilm’gfc’n, Ac
Norfolk, Ac..

30,907
20,970
6,469
48,131

Alfothers

21,166

26,206
0S,S71
11,333
34,099
30,834
6,437
49,363
19,869

265,484

247,017

31,515

Galvest’n.Ac.

Cliarl’st’n, Ac

Tot. this w’k.

24,382
60,554

17,759
31.389

26,413
59,161
16,818
40,885

21,954

26,577

61.851

75,161

20,689
32,513
25,510

5,986

26,923
26,197
23,052
3,86 4

I i'

Exports

Great

from—

France

RriCn.

0,734
37,813

Galveston
New Orleans..

Mobile
Florida
Savannah

From Sept. 1.1883,do Dec. 7, 1883.

Exported to—

K.t

Total

Great

Week.

Britain.

2,885

11,249

22,284

7,417

07,5 :o

Conti¬

:Franu

21,355

01,328

.

5,075

2,469

4,472

11,990

40,093

53.907

105,498

123,243

468.711
1.500

2.093

147,007
21,463

100

41,462

24,«:o
2,025

4,831

Philadelp‘a,&c

4,030

3,199
4.0G0
30.407

i«co
*

iin.iiiut.

1

1

op •'r.-

tJApuixs

t Includes exports

129,351
27,212

20,109

3 409

’

73,791

93.170

Boston

-

171,802

22,604

Baltimore

U 4,498

102,388
2,710
9,613
45,906

8.431

Total

8,08(5
14,5(L

-

2,044

•

i

*

o l

mm Port

22 02- 167,593
a

3.000

19.900

100

8,265

4,000

None.
750
None.

2,450
1,300
1,200

732
None.
None.

26,592
30,580
5,050
5,200

Total 1883.

117,012

44,229

30,634

15,160

207,035

831,127

162,229
72,975

40,549
54,110

65,763
30,248

22,300

290,841

16,749

174,082

521,287
846,415

Total 1882
Total 1881

promote an advance in prices of cotton for
delivery at this market, of which we have recently
seen some Indications, lias been defeated in the week under
review by the heavy receipts at the ports, exceeding for this
period all previous record.
The excess has been at New
Orleans, and is, no doubt, due to the rise of the lateral streams,
caused by the recent heavy rains in the Northern Belt.
The
Southern markets have been somewhat depressed, but at times
The effort to

future

Liverpool has shown some strength. The only marked decline
on Tuesday,
but Saturday and Monday were easier.
Wednesday and Thursday showed slight improvement.
To-day there was a, decline under the continued heavy move¬
ment of the crop, and in the distant months business was
dull.
Cotton on the spot has been quite dull, and although
quotations were not reduced, there was an increased disposi¬
tion to sell.
To-day the market was very dull, at 10 9-16e. for
middling uplands.
The total sales for forward delivery for the week are 330,500
bales. For immediate delivery the total sales toot up this week
1,712 bales, including
for export, 1,352 for consumption,
350 for speculation and
in transit. Of the above, 200 bales
were to arrive.
The following are the official quotations for
each day of the past week.
was

Sat.

Ordiu’/48ib

85ir,

~i 731■

Royal, Ac.

frua West Point, <Xo,

Moil Tues

Sat.

8916

S*io

8516

TEXAS.

NEW ORLEANS.

UPLANDS.
Dec. 1 to
Dec. 7.

Mon Tues

S9!6

8916

Ulon. Tu<

Sat.

89i6

&

j 89;3

J 89i«

9
9
9
9
9
9
8*4
Strict Ord..
8*4
8*4
91*16
9 >16
Good Ord..
91*16 91*16 91*16 91*16 91 *!
9^6
9*16
9 *016
8tr. G’d Ord
9*he 9**16 10*16 10*16 10*,6 10*16 10*16 j 10*16
1
1
O‘
16 i10<,6 fl07i6
071,,
Low Midd’g 10*16 10*16 10*16 10*16 10716
10*8 110*8
10*8
10*8
10*8
10*8
105*
10*8
Btr.L’w Mid 1.0*8

6!

!

Middling... lO*!* 109,6 109,6
Good Mid.. 101*16 101*16 101*,6
8tr.G’d Mid 101 * ! (j 10lui6 1 o i o,
Midd’g Fair ll’ie U71« 11 7m
Fair
12*16 12*16 12*16
Wed

Th.

Fri.

85,6

8*16

8°16

Ordin’y.$lb

101*16 101*16! 1013,6 101*16
H*Hi 11116 '11*16 j 11 * 16

101*16! 10^*16
11*16 11*16
11*16 111*16
U*!io ll’-Qfi

IE* 16

Ill-Will3,6

11*16

U**16 UHifi 1H*16 11**16
12~i6 127lb. |l27w 127,6

12 <16

12" 16

Wed

Til.

Fri.

Weii

Til.

Frt.

S°16

89j6

8»i«

89,6

89,6

i 8916

9
9
9
9
9
8*4
Strict Ord..
8*1
,8*4 1 9
Good Ord..
99,6 ! 91*16 91*16 91316 9**16 9*3,0 91316
99,6
99i6
Str. G’d Ord
91o16 91°i6 91;->,6 10*16 103ia j 11)3,6 10*16 10*ifl 10*i6
Low Midd’g 10*16 10*16 10*16 i 107,6 101,6
10716 j 107,0 l0716
10 5g
10*8 A0*8
10*8 1105s
llO^a
10 5q
10*8
Str. L’wMia 10*8

Ii071()

28,949

Middling... 109lb
10l*u
10l*16
Midd'g Fail 1171S
123,6

10910 109,6 1101*16
101*16 101*16 1U16
101*16 10-uir 11*16
11710 ll7i6 illnu
12*16 123,e T27,«

102.7*3
210.03 3
21,563
09,532
30,9(4

773,363 194,710

433,658; 1,400,731

9?6 3V> 163.“93

451.nrci 511 SIR

Sat.

STAINED,
lb.

Good Ordinary
Strict Good Ordinary..
Low

Middling
Middling

101316 101316 1013,6' 1013,6
11*16 11*16 H*16 11*1*
11*16 H*16 11*16 11*16
11**0 11**16 11**16 H**16
12716 Il271<4 127,6 127,6
Mon Tues Wed

101*16
11*16
U*16
11 *116
12716

Til.

Fri,

7*^16 71*16 71*16 7**16 71*13
8^8
8*8
8*8
8*8 j 8*8
85s
9° 16
9j16
9°16 1 9-^16
9*16
9&16
10*16 lO-’lB 10*16 10*16 10*16 10*16

7**16

MARKET AND SALES.

The total sales and future deliveries each day during the
week are indicated in the following statement.
For the con¬
venience of the reader we also add a column which shows at a

glance how the market closed on same days.
SALES OF SPOT AND TRANSIT.

Total.

7.712

24,502

...

5,000

nent.

1.500
5.151

15.(372




|

94,0171 17,574
238,260 137,233

2,000

New York

2,300
4,891

Fair

14,201

22,664

1,1 00

9,600
13,336
27,398
3,000

254,692
37,693
68,491
S7.213
80,489
40,053
207,682
57.612

220,291

....

Wilmington..
Norfolk!

5,950

15,800
13,660

234,876

1.070

-

90,253

213,137

7,712

Charleston

2,163
None.

23S.844

nent.

Stock.

200

15,922

Conti¬

Foreign

Leaving

Total.

14,434

22,594

7.

Coast¬
wise.

None.
None.

37,227

week and since September 1. 1S83.,
.

Other

36.283

.29,143

Exported to—

France.

37,368
15.600
6,710

29,508

37,926

Great
Britain.

Shipboard, not cleared—for

New Orleans....
Mobile
Cuarieston
Savannah
Galveston
Norfolk
New York
Other ports

Good Mid..
8tr. G’d Mid

Charleston includes Port Royal, Ac.
Wilmington includes Moreliead City, Ac.; Norfolk includes City Point, Ac
The exports for the week ending this evening reach a total
of 167,593 bales, of which 114,498 were to Great Britain, 30,467 to
France and 22,628 to the rest of the Continent, while rhe stocks
as made up this evening are now 1,041,162 bales,
Below are the
Week Ending Dec

Dec.

29,727
7,360
47,452
15,321

24,258
10,068

liucludes Indianola;

eiports for the

On
at—

also give

cleared, at
New York, which
by Messrs. Carey, Yale &

__

Sinoe Sept. 1. 2685,763 2689 354 2584 058 2781,194 2586,041 2171,273
Galveston

Lambert, 89 Broad Street.

1878.

1879.

1880.

1881.

1882.

Ib83.

Receipts at—

prepared* for our special use

are

20,098

47,017 2,689.354 1,041,162 812.128

2

In addition to above exports, our telegrams to-night
the following amounts of cotton on shipboard, not
the ports named.
We add similar figures for
as

The Movement op the

Receipts at—

[VOL. XXXVII.

SPOT MARKET
CLOSED.

■3at.
Mon

Quiet and steady
Quiet

.

.

TuesJEasy..
Wed
Easy
niura Easy
Fri.

Ex-

Con-

.jVery dull
I

TranTotal.
sit.

3 05
....

....

....

.

Total

1 Spec-

port. sump.' uTt'n

„

.

.

,

153'

ioo

473!
287

249;
35,

....

200
50
....

1

3,362i

.

350

....

....

105
253 j
473:

FUTURES.

Sales.

Deliv¬
eries,

41,700

2,100
1,4001,500'

4371

500

351

51,300.' 1,000

1,712'

7,600

04,700!
299j 09, i 00!

The daily deliveries given above are actually delivered tko
previous to that on which they a«e reported.

SdO

day

The Salks and Prices of Futures are shown by the follow¬
ing comprehensive table. In this statement will be found the
daily market, the prices of sales for each month each day, and
the closing bids, in addition to the daily and total sales.

December 8,

THE CHRONICLE.

1883.]

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1882.

1881.

1880.

515:000

505,000
35,200

453,000

551,000

540,200
13,000

493,400

51,200
46,000

590,200
3.600
24,000
6,900

48,400
10,000

1,500

1.000

680

20,000
9.800
5.000

4,100

2,090

981

127,000

1,800
138,000

120.000

97,000

6.000
41,000

28,000

8,000
9,000

9.200

3,500
16,200
3,^00

6.800
33,300
3,900

7,506

4,6 JO

2,050

Total continental stocks...

295.800

222,500

222,270

181,131

Total European stocks.

816.800
77,000
451.000
72.000

812,700
96.000
558,000

762.470
86.000
382.000
37.000

674 531
43,000

).

Total Great Britain stock
Stock at Hamourg
j
Btock at Bremen
8 ock at Amsterdam
8tock at Rotterdam
Stock at Antwerp
8luck at Havre
Stock at Marseilles
8took at Barcelona
Stock at Genoa
8took at Trieste

c g

-

1883.

500.000
51,000

b

.

PhIj®
>-

Thursday evening. But 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.

Stock at Liverpool

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pd. to exch. 400 Mar. for May.

•53 pd. to exch. 10<> nee. for April.
*15 pd. to exch. 40o Feb. tor Mar.
*30 pd. to exch. 400 Jan. for Mar.
•10
*00
•29

pd.
pd.
pd.
•50 pd.
106 pd.

to exch. 6(>o
to exch 300
to exch. 2 at
to excli. r^OO

July for Atur.

Deo. for .Ian.
Feb. fur April.
Mar. lor July
to exch. 300 Dec. for Jan.




during the week:

exch. 400 Feb. for Mar.
excli. 3,500 Jan. for Apr
exch. 5O0 Jan. for May.
exch. 200 Jan. for Feb.
exch. 100 Fob. for Mar.

Even—500 Feb. for Oct.
•23
30

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•61

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Septem-

to exch. 400 Jan. fur Mar.

to
to
to
to
to

©

OO
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no

Orders—Saturday, 10-65c.; Monday, 10 60c.; Tuesday,
10 53c.r Wednesday. 10-r*5c.; Thursday, 10-55c.; Friday, 10*55e.
Short notices for December.—Saturday, 10 60c.
t^jp1 We have included in the above table, and shall continue each
week to tfive, the average price of futures each day for each month.
It
will be found under each day following the abbreviation “ Aver.” The
average for each month for the week is also given at bottom of table.
pd.
•15 pd.
•45 pd.
•58 pd.
•16 pd.
15 pd.

k

C.MG'OHw

Transferable

•30

©

C © to © <1 M tc to <J C

10

309,800.

*15 pd. to exch. 100 Feb. for Mar.
•31 pd. to exch.. 100 Jan. for Mar.
•08 pd- to exch loo Dec. fur Jan.

MM,

CM

CM

L I

Ler-October, for October, 338,600; September-November, for November,

following exchanges have

to
©

©

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Includes sales in September. 1883, for September, 76,‘200;

been made

®
t*

•

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®

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00

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2,857.659 2,636,003 2,669,314 2,502 926
57gd.
S^ieu.
69i6<L
Os&d.

g.£SS'gis*ggf®

1 ^
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313,531

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396,470

43,000

period of 1881-82—is set out in detail in the following statement.

1 ©

HknM

g77

tH k
©©

►—* h-i © >—*

to

589.700

40,400
77,131
43,000

At the Interior Towns the movement—that is the receipts
for the week and since Sept. 1, the shipments for the week, and
the stocks to-night, and the same items for th- corresponding

H*M

H-t-

W

—

48S.800

110,000

indicate an increase in the cotton in sight
to-night of 221,656 bales as compared with the same date of 1882,
an
increase of 188,345 bales as compared with the corres¬
ponding date of 1881 and an increase of 354,733 bales as com^
pared with 1880.

1 S;
H*

M

H*

®

29,000

py The imports into Continental ports this week have been

»-*

•-1

%

540,000
908.119
265.276

51,000 bales.
The above figures

o«-

7 |
0: 1

C H*

00

©

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CO

343.000
104,000

2,368,859 2,046,303 2,272,844 2,189,395

Total visible supply
Price Mid. Upl., Liverpool

©to

©©

r—

to ©

<1©
1

t0©C>

<J

Total East India, &o

-4

:

W©<©

«

^Cw

©

®

IHCM

58,000

218,000

90,800

.

Total American

HhVh

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H* H* ^

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Hhc^
Hn^H

7

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77©

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1 ©

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M< (—1

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72,000

114,000
35,200
124.270
86,000
37.000

.

I ©>»■-:

hr

1

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1-

H* ►-» ©

C H*

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Ml

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to to
o? o»

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77
to id

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k-

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H*

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77.000

75.200
112.500
96.000

707

t—1 ►"*

©

.

H*

-00

7 7

©7
w© w

©

M H.

1

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^

*-1-*

© 10

193.000
51.000

.

London stock
Continental stocks
India afloat for Europe

®

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M Ml

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Liverpool stock

k

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77© 7

14

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29,000

265.276

East Indian,Brazil, dc.—
^

I

11,100

.2,368,859 2,046,303 2,272.844 2,189,395

'-i

H-

I

tc-

United States exports to-day.

©

t— ►-.

<

©

1

©

311,697
28.000

.

77© 7
—

(-• t~*

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H* H* *C-

.1,041,162

mIl. i-1

©c ©

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h-m^m
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43.000

908,119

267,000
391,000
110,000
98,000
558,000
382,000
812,128 1,020,497
256,975
370,247
42,200
11,100

205,000
451,000

.

<!

Cm O' |_i
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540,000

812.128 1.020,497
256,975
370,247

42,200

302.000

.

®

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58.000

28,000

.

Continental stocks

k

oc

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Liverpool stock

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® ©:

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2,500

Of the above.the totals of American and other descriptions are as follows:
American—

d

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1 £<>:

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2,300

2,857.659 2,636,003 21,669,314 2,502.926

1-1
i $u»:

t-*

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40,400

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341,697

.

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99

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75,200

2.000

.

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99
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by cable

to

.

® •

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Cotton to-night, as made up

oe

and telegraph, is as follows. The Continental stocks, as well as
those for Great Britain and the alloat, are this week’s returns,
and consequently all the European ^figures are brought down

M

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The Visible Supply

Stygg SSI’S Qhd®§o2.£g2
gfls
jrr

g- i-s ?o p.

643

pd. to excli. luO May for July.
pd. to exch. 70o Jan. for Mar.
pd. to exch. 300 Dec. tor Jan.
pd. to exch. 500 Mar. for Aug.

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The aDove totals show that the old interior Hooc&n have in¬
creased during the week 15,072 bales, and aie, to-night 84,722
bales more than at the same period last year.
Tiie receipts a fc

IriV;

lie

towns have been 2,901 bales less than the

same

ast year,

CHRONICLE.

THE

(514

week

same

and since September 1 the receipts at all the towns

50,365 bales less than for the same time in 1882.
Quotations for Middling Cotton at Other Markets.—In

are

the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week.
CLOSING quotations for middling cotton on—

Fee/: ending
Dec. 7.

Satur.

Galveston....
New Orleans.
Mobile
Savannah....

Mon.

Tues.

KHs
IOI4

10i8

10

1O016

10

10
10

103lb

loBe

Charleston...

10^8

Wilmington..

10J16

Norfolk
Boston
Baltimore.

10 >8
10 58

Philadelphia.
Augusta
Memphis....

Receipts

IOI4

10

978

at. Louis
Cincinnati...
Louisville....

91516
10
lol 18

10i8
10^8
1014
10*1

105g
9 3a

10
10

10

10310

10

10

10

9,5lb

97e
lO^ic

1018

I03|,j
915ia

10

10

10

97a
10
10

1058
10l4'2>38
10 34

-

911

9J116
97a

978

Fri.

10316

IOI4
10 34

7s

a

Thurs.
10

105s

10 I4 <w3q
10 34

978

to

10

10

ioq <*>38

10*4 rt3#
10^

..

Wednes.

1 <5

10®8
1014 W 30
11)%
9\

1018

1018

1018

1018

1018

978
978
Ida

10

10

10

10

10

10

10110

10

10

97e

915^

Plantations.—The

following table is
prepared for the purpose of indicating the actual movement each
week from the plantations. Receipts at the outports are sometimes misleading, as they are made up more largely one yea
than another at the expense of the interior stocks. We reach
therefore, a safer conclusion through a comparative statement
like the following. In reply to frequent inquiries we will add
that these figures, of course, do not include overland receipts or
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the out-ports.
from

the

of an
about

Receipts at the Ports.

Week

1881.

H£fit r

1881.

I

1882.

112,293

28...

Oct.

SVk atlnterior Towns.

1883.

77.223
96,819! 103.770
134,756 136,479 125 032 124,5^6
IT4.S10 179,883 165,461 155.559

Sept.2l..
“

1882.

5...

29.985

! 1883.

1881.

75.179 110,620

40,622 105,778

,

1882.

1883

88, 093

113.009

155.503! 153

Meridian, Mississippi.—Telegram not received.
Columbus, Mississippi.—It has rained on two days of the
week, the rainfall reaching one inch and seven hundredths.
Little Rock, Arkansas.—With the exception of three days
the week has been cloudy, with more or less rain on three
days. The rainfall reached one inch and seven hundredths.
The thermometer has ranged from 33 to 72, averaging 52.
Pine Bluff, Arkansas.—It has rained on three days of the
week, the rainfall reaching ninety-five hundredths of an inch.
Nashville, Tennessee.—It has rained on one day of the
week, the rainfall reaching ten hundredths of an inch. About
all the crop

232.058!

233,0341256

Not.

257.6C7|291,

232,216 242,169 222.510 367.060 259,175 359,74 ' 253,570'257, 221'238.329
222,170 255,097 222.185 393,086 275.700 374,564 248.196 271, 622.217,0ul
238.844 217.017 265,484 415.599 291.376 !3*45,477 2 ' 1.357 262, 693 277,397

Dec.

The above statement shows—1. That the total receipts from the

plantations since September 1, in 1883, were 3,023,089 bales; in
1882 were 2,964,245 bales; in 1881 were 2,954,232 bales.
2.—That, although the receipts at the out-ports the past week

were 265,484 bales, the actual movement from plantations was
277,397 bales, the balance going to increase the stocks at the

I'.' lie

interior towns.
for the

same

Last year the receipts from the plantations
week were 262,693 bales and for 1881 the\ were

of

Cotton

in

1883.

1882.

1881.

1880.

Receipts at the ports to Dec. 7. ‘2,085,708 2,089,351 2,584,05s 2,781,194
excess

stocks on Dec.
of September 1

7

in

«

337,321

271,891

370,174

204,105

Average thermometer 51,
was

pleasant, but during the latter portion it has been
showery on two days of the week, the rainfall reaching one
hundredth of an inch. Planters are marketing their crop
freely. The thermometer lias averaged 56, ranging from 37
to 71.

•

Montgomery, Alabama.—We have had no rain during the
week, but it appears to be trying to rain to-day. The ther¬
mometer has ranged from 34 to 71, averaging 54.
Selma,

Alabama.—We

The thermometer has
the lowest 32.

have had

no

rain all the week.

averaged 51, the highest being 64 and

Madison, Florida.—Telegram not received.
Macon, Georgia.—We have had no rain during the week.

During the month of November the' rainfall reached two
inches and five hundredths.

Columbus, Georgia.—We

week.
58.

The thermometer has

have had no rain during the
ranged from 40 to 68, averaging

Savannah, Georgia.—The weather has been pleasant during
week, with no rain.
The thermometer has averaged 57,
highest being 73 and the lowest 37.Augusta, Georgia.—The weather has been clear and

the
the

pleasant during the week, with no rain. Planters are maketing their crop freel/.
Average thermometer 52, the highest
being 72 and the lowest 35.
Atlanta, Georgia.—We have had no rain during the week.
The thermometer has averaged 51, ranging from 35 to 65.
Charleston, South Carolina.—It has rained on one day of
the week, the rainfall reaching five hundredths of an inch.
The thermometer has ranged from 38 to 73, averaging 55.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3 o’clock
December 6, 1883, and December 7, 1882.
Dec.

»

1, ’83.

Dec. 7, ’82.

-

New Orleans

.

Above low-water mark.

Memphis
Nashville

Above low-water mark.
Above, low-water mark.

Shreveport...

Inch.

Feet.
8
20
0
8
29

Feet.

Inch.

5

11

3

4

11
5
0
3
4

5

4
1
1

22

12

India Cotton Movement from all Ports.—We have re-arranged
India service so as to make our reports more detailed and

our

accurate.
We had found it impossible
figures, as cabled to us for the ports other
than Bombay, cargoes which proved only to be shipments from
one India port to another.
The plan now followed relieves us
from the danger of this inaccuracy and keeps the totals correct.
We first give the Bombay statement for the week and year,
bringing the figures down to December 6.

at
to

the

time

same

keep out of

more

our

RECEIPTS AND SHIPMENTS

BOMBAY

Tot. receipts from plantat’ns 3,023,089 2,90 4 215 2,954,232 3,0 45,359
Net overland to December 1..
201.252
24 4.1 12
220,910
199,944
Southern consumpt’u to Dec. 1
87,000
90,0m
70,000
55,000

been secured.

clear and

Sight December 7.—In the table below

give the receipts from plantations in another form, and
add to them the net overland movement to December 1, and
also the takings by Southern spinners to the same date, so as to
give substantially the amount of cotton now in sight.
we

Interior

now

Vicksburg

261,357 bales.
Amount

has

highest 70, lowest 31.
Mobile, Alabama.—The early part of the past week

116 155,631

76,802 137,536 205,843 210, 123 197,219
95.675 104,915
224, 94o! 256.276
192,53: 242,329 257,276 228,785 125,039 202,970 224,7551271 ,693-<95.331
0;0 286,861
210,537 241,738 252,845 251,532 139,317 236,986
225,285 256,623 241.921 290,140 175,092 276,734 233,893 292, ,39 3*281.669
233,320 262,251 267,604 322,161 211,710 313,249 265,311 298 899 304,119
233,462 259,154 242,07s 345,706 244,123 343,929
537 272,758
191.056 206,136 228,897 1»6 501

ninety

hundredths.

,

Rec'pts from Plant'nt

About all the crop
per cent of it has

has now been secured, and
been marketed. The ther¬
mometer has averaged 49, the highest being 77 and the lowest
40.
Rainfall for November, eleven inches and fifty-three

receipts from plantations.

endiTU}-

inch.

[Vol. XXXVII.

Shipments this week.

FOR FOUR

Shipmentsince Jan. 1.

YEARS.

Receipts.

.

Vear
•

Total in sight December 7..
I

3,371,3 41 3,298.357 3,245,14 2 3,300,303

It will be seen by tbo above that the increase in amount in sight
to-night, as compared with last year, is 72,98 4 bales, as compared
with 1881 is 126,199 bales, and with 1880 is 71,038 bales. -

-

Weather Reports by Telegraph.—Weather conditions
have continued to favor cotton picking during the week, and
the remnant of the crop is being rapidly gathered.
Galveston, Texas.—It has rained hard on two days of the
week, the rainfall reaching two inches and five hundredths.

Average thermometer 64, the highest being 74 and the lowest
64.

Indianola, Texas.—We have had light showers on two days
reaching eight hundredths of an
averaged 64, ranging from 50 to 78.
Palestine, Texas.—It has been showery on two days of the
wreek, the rainfall reaching one inch and eighty-two hun¬
dredths.
The thermometer has ranged from 45 to 75, averag¬
of the week, the rainfall
inch. The thermometer has

ing 60.
New Orleans, Louisiana

if
tp!

—

It has rained

day of the
The thermometer
on one

week, but the rainfall was inappreciable.
has averaged 63.
Shreveport, Louisiana.—We have" had fair to Cloudy
weather during the week, with unusually high temperature
for the season.
The rainfall reached two inches and
hundredth. The thermometer has ranged from 41 to 72.

one

Vicksburg, Mississippi,—The early part of the week was
pleasant, but during the latter portion we have had
rain on one day, the rainfall reaching forty-two hundredths
clear and




Great
Brifn.

Continent

_

.

Great
Britain

.

Total.

Conti¬
nent.

Total.

This
Week.

Since
Jan.L.

.

IS83

3,000 21,000 24,000
4,000 10, OOoj 14,000
1
1881
1.000
9,000 2<>,009
1880 2,000 ,8.000 i 1 0,000
1882

407,000
789,000
350,000
307.000

809,000 1,270,000
030,000 1,425,000
592.000
918,000
893,000
520,000

20,000 1.693,000
14,000 1,711,000
21.000 1,298,000
14.000 1.151,000

to the foregoing, Bombay appears to show an
compared with last year in'the weeks receipts of 12,000
bales, and an increase in shipments of 10,000 bales, and the
shipments since January 1 show a decrease of 149,000 bales.
The movement at Calcutta, Madras and other India ports
for the last reported week and since the 1st of January, for
two years has been as follows.
“ Other ports” cover Ceylon,

According

increase

Tuticorin, Kurrachee and Coconada.
Sh ipments for
Great
Britain.

Calcutta—
1883......
1882
Madias—
1883
1882
All others—
1883
1882

Shipments since January 1.

the week.

Conti¬
nent.

Great
Britain.

Total.

Continent.

10,800

2,800

86,200
110,500

33,900

3,700

3,700

37.300

1,000

400

400

72,000

5;000

7,000

54,000
49,200

27,400

2,000

"800

7,000

700

700

17,000

Total.

97,000
144,400
38,800
77,000

71,000
76,600

T

Total all1883
1882...,,-.

10,700
2.409

i.obo

10,700
3.900

,

178,000

28,800

206,800

231.700

66.300

29a.OOO

'•f'T

:

THE (TlllOMCLE.

8, 1883.]

Dkcembek

The above totals for the week show that the movement from
the ports other than Bombay is 6,800 bales more than same
week last year. For the whole of India, therefore, the total ship¬
ments since January 1, 1SS3, and for the corresponding periods
of the two previous years, are as follows.

“

The weather has been line since our last
report, and latest
advices from the Central Provinces and Berars
report that the
crops are recovering from the effects of the recent
heavy rains.
Considerable damage, however, will result, and the first arrivals
of Oorarawuttee are expected to show more or less
black-leafy

EXPORTS TO EUROPE FROM ALL INDIA.

1883.

1882.

alt Europe

This
week.

from—

Bombay
All other porta.

Since
Jan. I.

This
week.

cotton, though the defect may disappear in the second
pick¬
ings. The crops will also be a little later, but not more than a
fortnight or three weeks. Broach, it is satisfactory to report,

1881.

Shipments
to

Since
Jan. 1.

This

Since

:

| Jan.

week.

did not suffer

mated to be

14,000 1,425,000
3,900
298,000

20.000;

948,000

3,100;

205.000

34,700 1,482,800

17,900 1,723,000

23.100 1.153,000

This last statement affords

a

very

years

;

and the probable yield of this

crop is now esti¬
and, provided there is no
frost, and that sufficient dews fall about Dec.-Jan.—which
are essential to a
good crop of Broach—the quality will be quite
equal to previous years. The Dhollerah crops are said to be
making very satisfactory progress, and will come earlier to

1-

IL 24.000 1,270,000
10,700
200,800

total movement for the three

645

interesting comparison of the
at all India ports.

larger than last

year,

market than usual.”
The Failure at Liverpool.—The first
statutory meeting of
the creditors of Morris
Ranger was held at

Alexandria Receipts and Shipments.—Through
arrangements
have made with Messrs. Davies, Benachi & Co., of

we

Liverpool on Thurs¬
Liverpool
weekly cable of the movements day, Nov. 22, and it was resolved to liquidate the estate by
of cotton at Alexandria, Egypt. The
following are the receipts
and shipments for the past week and for the corresponding week arrangement, and not in bankruptcy. From the following
balance sheet, it will be seen that the dividend will be a
of the previous two years
very
and Alexandria,

we now

receive

a

small

Alexandria, Egypt,

1883.

December 6.

1881,

Unsecured creditors

190,000
1,372,000

1

This
week.

£32,180 12 7
Less estimated value of securities
32,180 12
7
Ci editors partly secured
;
100.922
3
0
Estimated value of securities.
S5,245 0 0— 81.077
Other liabilities.:
112,704
Creditors lor rout, rates, taxes and wages, £209 Els.
Id.;
liabilities on bills discounted, £30,040 Os.
5d.; of
which it is expected will rank
against the estate for

170.000

190.COO

1,010,000

Since

This
week.

Sept. 1.

1,517,550

Since

Sept. 1.

This
week.

Since

Sept. 1

Exports (bales)—
11,000
1,000

....

15,000

99,000

12,000

37,000!

5,0(0

130,OOoi

17,000

dividend

71,000 '15,000
14,000 i 0,958

82,500
30.887

A euDtar is 98 lbs.

receipts for the week ending
190,000 cantars, and the shipments to all Europe
were 15,000 bales.
Manchester Market.—Our report received from Manchester
to-night states that the market is quiet, with limited business.
We give the prices of to-day below, and leave
previous weeks’
prices for comparison.

328

Oop.

d.
“

5

d.
9

Shirtings.
d.

s.

'5

6
0
0
7
o
0
0
7
7
7

12

8”j(i ®
19 8"16®
20 3»i6 ®
Nov. 2 8 716®
9 8716®
10 8716®
“

“

“

“

“

23 8 hi ®

“

30
Dec. 7

8r,s di-

Ooti'a
Mid.

8H lbs.

Twist.

Oct.

1882.

9*8! 5
9^5

918|5

8.

®7
®7
@7
®7
®7
®7
a>7
®7
®7
111

32s

TJpl Is

d

d.

I

l^1 578

d.

llo;

0-43

1^

51^16 938

l^i
1L2|
1 roi

1

V 578

l^j
1

0

0
51

0

1

5

d.

[a.

93« 3>

78

d.

i

Mid

jjpid

s.

I

V®7
iq®7
l hi ®7
oq®7

9:U ti
9^,0
9*4 3) 9^2 0
93i(j® 93g 5 11V®7
9;*ih® 93815 11^7
91 16® 9 q 5 10
®7
®

■

51*16 87a

Lj

|I OotV

Shirtings,

9516 ®911ifi|0

®

8 7a ®
8 7s ®

9q'6
91<210

9

q! 6

3

®7

3

®7
®7

3

3
O

G
8

brought down to

Line Transportation
Company had honorably settled the claim
for non-delivery of 294 bales of cotton, wheD now
with much
regret we have to report a ease of the same kind, but of still
greater importance, greater because the amount involved, as
well as the number of
parties interested, is much larger, in
this instance the bills of
lading are signed by the Texas & Pacific

Railroad Company’s duly authomed
agent at Sherman, Texas,
and the agent is said to have absconded
The time for arrival

O
O
41 17 11
400
0
O

*

estimated

to

produce

3,214 17 10

Ditto at 8a ltumford place, estimated to produce..

178 17

Property

1,333 17

9,174 10

I

3
1

£3,904 17

2

Butts, Bagging, &c.—The market has not shown any
great activity and no changes are reported.
The demand con¬
tinues fair for jobbing parcels, but
large lots are dull, buyers
not caring to take
any supplies at the moment.
Holders are
steady as to price, and the orders being filled are at 91c. for 11
lbs., 9’fc. for 1$ lbs., 10.1c. for 2 lbs. and il]c. for standard grades.
Butts arc inquired for in
small parcels and the demand is
fair, with parcels moving on spot. To arrive there is no demand.
Ibices are steady,: nd paper grades are
quoted at2f(a?2 7-1 (Jc.,whilebogging qualities are held at 2^.d)2|c. Tlieie nave been sales the
past month of 15,000 bales, mostly to airive at2R22fc. as ta
quality, while the visible supply to the 1st inst. is 144,358 lbs.

the month.
We have consequently added to our other
standing
tables a daily and monthly statement, that the reader
may

constantly have before him-the data for seeing the exact relative
movement for the years

since

named.

September 1, 1883, has been

Monthly '
iieceipts.
Sept’mb'i

Year
1883

1882.

3 13.812

October.. 1,016,092

The movement each month
as

follows.

Beginning September 1.
1881.

1880.

326,05*

429,777

980,58

853,195
908,31974,013 1,006,501

458.47r

1879.

1878.

333,643
888,492

288,848
689,264

942,272

779,235

telegram, that the

Tot ul ye ai 2,420,281 2,401,937 2,257,015 2,433,297
2,161,407 1,757,347
Perc’tage of tot. port
receipts Nov. 30..
3990
47 81
41-42
13-27
3951

It may

there¬

shipped. It is to be
hoped that tile Texas & Pacific Railroad Company will not
long
delay in satisfying the just claims for advances which were made
in good faith on these bills of
lading, ftr until the obligation is

discharged there can be but little, if any, confidence in such
documents. Under all circumstances, it will be found
necessary
that transportation companies should
acknowledge at once their
responsibility fur .all bills of lading signed by their
agents, if
the regular course of business is not to come to
a standstill

;
neither merchants nor bankers can be
make
expected
to
advances on documents, the
security of which is uncertain.
The perplexities
arising fiom an interruption of the usual finan¬
cial facilities vviil be still more
aggravated by the effect this
second occurrence will have

.

-

This statement shows that up to Nov. 30 the
receipts at the
18,317 bales more than in 1882 and
163.269 bales more than at the same time in 1881.
By adding
to the above totalst o Nov-. 3J the
daily receipts since that time,
we shall be able to reach an exact
comparison,of the movement
for the different years.

ports this year were

1883.

for

upon negotiating foreign bills of
exchange, accompanied by through bills of lading, that is, for
shipments made from interior towns direct to
Europe. Bankers
had looked with some

these

disturbances,
easily imagined.

distrust upon such bills, even before
and what favor the bills will find now
may

As receivers of merchandise from
the interior are innumer¬
able, an early settlement of the vexed
question of liability of
carriers for the acts of their
agents has become indispensable.
That there should be
any question raised at all on so

subject is surprising indeed

doubt be made

to set

important

united strong effort will
this matter forever at rest.
;

a

no

East India Crop.—Messrs. Wallace &
Co.’s cotton, report,

dated Bombay, November 2, gives the




following

:

G
0

269 13

Deduct creditors for rent, rates, taxes, wages, &o.

Novemb’i 1,030.3So 1,094.697

course of
the cotton represented
by said bit's of
lading has passed, and on inquiry by telegraph regarding one
of the shipments to this
city, the company lias replied, also by

be

9

1,000

in regular

cotton had not been sent off.
fore be assumed that none of it has been

—

A

Liability Under Bill of Lading—It was
only last Satur¬
day that we had the satisfaction of announcing that the Blue

a

—

Comparative Port Receipts and Daily Crop Movement.—
comparison of the port movement by weeks is not accurate
as the weeks in different
years do not end on the same day of

Overland Movement to December 1.—In our editorial col¬
umns will be found our overland
movement
the first of December.

—

Jute

Q1
8
*4 lbs.

Oop.

heist.

7

at

Total assets
1883.

d.

7

£81
£817,055
7,055 11

trade, estimated

Cash in hand...
Kills of exchan' ;e, estimated to produce.

were

s.

—

Total debts
.Stock in

85,000 21,958 j 119,387

This statement shows that the

Dec. 6

572,074

Creditors fully secured

This week
Since Sept.

*

:

£

1882.

Receipts (cantars*)—

To Liverpool
To Continent

1

one:

1892.

1881.

1830.

1879.

1878.

Tot.Nv.30 2,120,284 2,401,937 2,257.015 '2,433.297
2,164,407 1,757 349
Dec. 1
32,561
40,400
36,867
20,017
52,479
8.
“
8.
2....
51.332
30,603
29,216
30,836
39.978
“
3....
8.
•49,256
34,006
48.897
“
“
“

“

4....
5....
G...:
7....

Total....

46,652
49,583
35,316
52,116

50,747
40,832
41,373
27,721

23,110
25,675

8.

30,346

54,131
31,799
30,136

8.

49.608

63,166

36,016

30,174

8.

40,894
23,532
30,938
58,291
25,563

2,683,768 2,633,613 2,195,239 2,007,743 2,387,211
1,976,545

Percentage of total

port ree’pts Dee. 7.1

This

statement

43-75

shows

52-96

that the

45-42

47-73

44-44

receipts since Sept. 1 up to
to-night are now 52,155 bales more than they were to the same
day of the month in 1882 and 190,479 bales more than they were
to the same day of the month in 1881.
We add to the table
the percentages of total port
receipts which had been received to
December 7 in each of the years named.

'

••

THE

6^6
The

Exports

with last week, the total reaching 20,409
bales last week. Below we give our usual
table showing the exports of cotton from New York and their
direction, for each of the last four weeks; also the total exports
and direction since September 1, 1883, and in the last column
the total for the same period of the previous year
Exports of cotton (bales) from New York singe Sept. 1. 1883.
increase, as compared

bales, against 12,529

If.

O'O

Nov.
29.

a
■

1

1.580

Liverpool

Other British ports

1

7,290

2,053

2,057

9,317

Total to Great Britain 14,870
Havre

Dec.

Total
since

period
previous

0.

Sept. 1.

year.

002

3,120

15,324;

2,044

17,120

17,125

492

2,044

17,120

17,125

780

1,378
1,315

10,203
15,862
15,483

26,028
19,122
20,885

2,693

41,548

72,035

492

1,299

Total French
Bremen and Hanover
Hamburg
Other ports

300

1G0
25
910

....

1,552

......

6C0

3,250

.

Total to North. Europe

1,010

1,095

2,932

All other

150

102

2,893
1,405

1,894
3,090

Total Spain, &c

150

102

4,358

4,5)90

17,420 11.119 12,529 20,409; 210,033 298,350

Grand Total

United

News.—The exports ot cotton from the
week, as per latest mail returns, have

reached
160,069 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph, and published in
States the past

the Chronicle last Friday.
Include the manifests of ail

m

With regard to New York, we
vessels cleared up to Thursday

night of this week:

Total bah*

New Y"ork—To Liverpool, per Rfearners

Barden Tower, 1,315

England, 414....Erl King, 2,329
Moranon. 953
Pavoiiia, (additional) 300
Repub¬
lic, 1,619.. .Servia, 909.: .Wyoming, 945.. .Venetian, 4,070
To Hull, per si earners Romano, 73
To Glasgow, per steamer Trinaeria, 529
To Havre, per steamers Amcrique, 1,434...St. Germain, 010
To Bremen, per steamers Donuu, 400
Neckar, 978
To Rotterdam, per steamer W. A. Scholten ,700
To Antwerp, per steamers Hermann, 200...Switzerland, 415
...

Bernard Hall, 0,259

Henry Aiming, 4,073...Navarro, 7,400...Texas,
ship Walter D. Wallett, 5,007
To Havre, per ship William Tapscott, 5,456
To Bremen, per steamer Racilia, 4,900

4,232

per

To Barcelona, per steamer Santiago, 2,244
per bark
Habana, 77G
To Vera Cruz, per steamer City of Mexico, 1,025
Mobile—To Liverpool, per ship Nortlmmbia. 4.111
Charleston—To Liverpool, per steamer Shadwan, 3,034 Upland
and 470 Sea Island
per barks Mod, 1,717 Upland

Poliona, 2,728 Upland
i t7c

,

Sagona, 2,031 Upland and 52

Sea Island
To Havre, per bark Amiral Cliarner, 1,242 Upland, and 32
Sea Island
To Bremen, per steamer Penslier, 3,751 Upland
To Sebastopol, per steamer Panama, 4,751 Udland
To Port Mahon, Spain, per bark Dueu, 850 Upland
Bavannaii—To Liverpool, per steamer Prinz Albrecht. 4.829—
To Bremen, per steamers Devonshire, 0,485 Upland —

Nymphaea, 6,125 Upland
To Heval, per steamer Fylgia, 4,020 Upland
To Trieste, per bark Lina, 1,570 Upland
# Galveston—To Liverpool, per steamers Prior, 4.114
Spark, 3,547
Tourmaline, 5,306
4,732

Chilian,

per hark

Anita, 781
To Christiana, per bark Dido, 630

/.
Sebastopol, per steamer Galveston, 5,350
Wilmington—To Liverpool, per barks Brazilian, 1,000
Hattie H., 1,053
'.
To

Ceres,

Inflexible, 0,911
per
ship Mary L Burrill, 5,989.
Baltimore—To Liverpool, per steamers Caspian, 593....Oranmore, 1,613
:
To Bremen, per steamers America, 1,200
Hohenstautfeu,

Norfolk—To Liverpool, per steamer

921
Boston—To

Liverpool, per steamer Samaria, 140
Philadelphia—To Liverpool, per steamer British
Tj Antwerp, per

Princess,

steamer Zeeland, 775

15,070
73
529
2,014
1,378
700
015

4,900

3,020

1,025
4,111

are as

follows:

pool.

liveHavre.

men.

iccrj).

2,044
5,450

1,378
4,900

1,274
......

and
Sebas¬

,

Port

topol. Mahon.

11,238
1.274

3,754
4,751
850
4,829

12,010
4,020
1,576
18.540
030

3,020

4,751

3,-54
12,010

4,020

5,350

4,753

12,900
2,200
Baltimore..

Philadelp’a
Total...

Dec.

30—Steamer Mentmore, 1,415

Philadelphia—For Liverpool—Nov. 30—Steamer Illinois,
Dec. 4—Steamer British Crown, 2,500.

2,121

140

775

1,800

102,018

Below we give ail news received to date of disasters to vessels
carrying cotton from United States ports, &c.:
Deepdale steamer (Br.), Sharp, from Galveston, Nov. 1 (reported
arrived at Liverpool, Nov. 2 1). took tire at that port Nov. 30, but
the tire was extinguished before much damage was done.
Mentmore, steamer (Br ). for Liverpool, from B iltimore, December 1,
returned to the latter port Dec. 2. with how stove and damage to

rigging, having been in collision midnight of Dec. 1 ofl' Point Look¬
out, with the schooner James D. Dewell, from New Haven. The
steamer repaired and sailed December 0.
Queen, steamer (Br.), White, from Charleston, Nov. 4, via Newport
News, Nov. 8, for Reval, stranded Nov. 30, on the island of Nargen,
12 miles from 'Reval. The forehold of the steamer was full of
water on Dee. 1 and salvage operations had commenced.
Racilia, steamer (Br.), from New Orleans for B emeu, was aground
Dec. 2, a short, distance above the jetties. The steamer was got
off Dec. 0 after lightering half of her cargo.
.

oho

1,025

!!!!'!

......

Mon.

Satur.

sail...d.

Do

Havre, steam

c.

sail

Do

c.

,

sail

Do

c.

....

....

....

716*

716*

716*

71£*

716*

....

....

...

....

716

716*

.

-

...

7ia*

sail...c.

21,807
23,035
24,5 20
4.753

sail...c

Do

d.

Reval, steam
sail

.c.

Barcelona, steam, c.
Genoa, steam
c.
Trieste, steam ...c.
Antwerp, steam..c.
*

....

....

....

...

....

....

v

Lj*

V

....

*•••

932*
....

....

....

932*

932*

....

....

1516*

1516*

V
^8® V
V

bringing

our

932*

932*

....

....

V
38*

....

151«*
V

1516*

5ga> 3i*
3a*

SgSV'
3a*

V

Liverpool.—By cable from Liverpool, we have the following
&c., at that port. We
Nov. 10.

55,000
3,000
67i

39,000

Nov 23

Nov. 30

83,000
3,000

71,000
4,600

2.300

0.200
41.000

59,000

3,300

7,20c

5,700

8,800
434,000
224,000
59,000

10,500
407,000
265,000

40,500

17,000
432.000
231,000
104.000
80,000

202,000

2*9,000

118.000
80,000
25)2,000

210,000

239,000

245,000

Dec. 7.

49.000
4 200

1,740
35,000
G,400
13,500
500,000

302,000
90,000

83,000
291,000
247,000

The tone of the Liverpool market for"spots and futures each
day of the week ending Dec. 7, and the daily closing prices
of spot cotton, have been as follows.
Saturday Monday.

Market,
12:30p.m.

bid

{
$

Upl’ds

kLia.Orl’ns
Sales

3pec.<feexp.

Dull

Dull

Tuesday.
Dull

Wednes.

Thursday.

Mod.

inq.
freely
supplied.

Easier.

and

and

and

easier.

easier.

easier.

5l5l6
(?,1G

515io
6*16

515ia
Che

51516

7,000
1,000

10,000
1,000

8.030

10,000

1,000

1,000

10,000
1,000

Quiet.

Steady.

Easy.

Quiet.

Easy.

Quiet.

In buyers’
lav. r.

Easy.

Dull.

6

Friday.
Tending

51516
dis-

down.

.

57s
tUie
8,000
1,000

futures.

?

140
2.575

12:30 p.m.

J

Market,

?
(

data down to the

*

statement of the week’s sales, stocks,
add previous weeks for comparison.

Market,

this week of vessels carrying

....

,

V

P. M.

Quiet.

2.090 14,121

Below we add the clearances
cotton from United States ports,
latest mail dates:

30k

....

932*

V

Sq*
Sa® V
‘V

....

....

1510*

58*

....

38'

....

1516*

5% 71 3**
V

716*

Compressed.

4,327

3.S70 1.025 160,009
York to Hull, 73 bales and
Trieste, 1,570 bales; from

716*

Amst’d’m, steam.c.

Spot.

4,11 1

.

718*

....

2,121

20,409
41,432

-

716*

....

Total import of the week......
Of which American
Amount afloat
Of which A merican

Total.

.

Hamburg, steam .c.
Do

....

....

Actual export
Forwarded
Total stock -Estimated
Of which American—Estim’d

I,8u0
775

Bri.

Thurs.

....

12,900
2,2Cp
140

Wednes.

Tues.

.

Liverpool, steam d. s16®?32* 3i6&732* 3I6®732* 316®732* 316«>732* 316®731>*

5

8,774 24,703

freights the past week have Ohbq as follows:

4,753

12.90"

Included in the above totals arc from New
to Glasgow, 5/9 bales; from Savannah to
Galveston to Christiana, 030 hales.




Bulgarian, 558.

Sales of the week
bales.
Of which export!rs took ....
Of which speculators took..
Sales American

5,350

Vera
Cruz.

1,315

Norfolk

Boston

Dec. 3—Brig

3—Steamer Oxenliolme, 2,084.

Barce¬
lona if

Rotter- Reval
dam if:
Aut-

Liver¬

New York. 15,070
N. Orleans. 27,031
Mobile
4.111
Charleston. 11,238
4.829
Savannah..
Galveston.. 18.540

Wilmington

3—Steamer

Baltimore—For Liverpool—Nov.

Do

particulars of these shipments, arranged iu our usual

The

2,409.
Foseolia, 4.C02

Dec.

Norfolk—For Liverpool—Nov. 29—Steamer Roxburgh, 0,710
Dec.
1—Sreamer Finchley, 5,440.
Boston—For Liverpool—Nov. 29—Steamer Bavarian, 912
Nov. 30—
Steamer Part hi a, 045
Dec. 1—Steamer Palestine, 2,710. ...Dec.

Sremen, steam, .c.

27,031
5,450

.100,009

Total

form,

Waterloo, 1,757

Nuevitas, 450.

Cotton

Britannic, 1,610

New Orleans—To Liverpool, per steamers

I»*3;

2.000.

-

Bpain,Op’rto,Gibralt’r,&<‘

Shipping

Annie Bingay, 3,602
Dec.
Bark Tikoma, 2,907
Dec. 0 —

1—Steamer Ardenrigh, 3,318.
For Havre—Dee. 4—Bark Eleanor,
For Barcelona—Dec. 1— Steamer*

.

Other French ports

v --K. •'••*3

For Antwerp—Dee. 1—Steamer Paris, 1.109.
For Barcelona—Dec. 1—Steamer Vidal Sala, 700.
For Genoa—Dec. 5—Steamer Plaiumeller, 3,047.

Charleston—For Liverpool—Nov. 30—Steamer

9,105 15,672 147,007 21)4,200

1,299

'> - -J V.'-• • •• l

[VOL. XXXVII.

1—Steamer Amaryllis, 5,031
Bark Arklow, 2,604.
For Havre—Dec. 4—Bark Svea,

8,445 15,070 131,083 201,074
600

- •

Savannah—For Liverpool -Nov. 30—Ship

j

12,823

f-.*

■

.

Taylor, 8,280.

'

Exported to—

:

•

Galveston—For Liverpool—Nov. 30—Bark Chapman, 1,540
Dec
4—Bark Maitland, 2,464.
For Cork—Dec. 3—Bark Hilda, 1,095.
For Havre—Dee. 4—Bark Disponent, 1.G70.
For Vera Cruz—Dee. 1 —Steamer Whitney, 1*200.
New Orleans-For Liverpool—Nov. 30—Steamers Legislator, 4,092;
Dec. 1—Steamer Californian, 2,0s9
Milanese, 4 400
Dec. 3—
Steamers Delambre,
2.565; State of Alabama, 2,841; Leonora,
6,500
Dec. 5—Bark Maria Sfoneman. 3,155.
For Havre—Dec. 1—Steamer Paris, 3,809
Dec. 3-Bark Deseti
Dubrovacki, 3,474
Dee. 5—Steamer Celia, 4,50.2; ship Fred. B.

Same

Week ending—

7e-

CHRONICLE.

York this week show an

Cotton from New

of

■'

The

opening, highest, lowest and closing prices

of futures at
These

Liverpool for each day of the week are given below.
prices are on the basis of Uplands, Low Middling clause,

otherwise stated.

The prices are given
and 6 03 means 0 3-64d.

in pence and QUhs, thus: 5

unless

02 means 5 62-61<i

^

December

THE CHRONICLE.

8, 1883.]

Sat., Dec. 1.

Mon., Dec. 3.

The

Tiicb., Dec. 4.

following

647

are

closing quotations

:

FLOUR.

Opm High Low. Cl os.
d.

d.

d..

Open High Low. Clos. Open High Low. Cl08.

d.

d.

d.

d.

d.

d.

d.

d.

December.. 5 55

5 55

5 55

5 55

5 54

5 55

5 54

5 54

5.53

5 53

5 53

5 53

Dec.-Jan....

5 53

5 56

5 55

5 55

5 54

5 55

5 54

5 51

5 51

5 54

5 53

5 53

tfan.-Feb....

5 57

5 0?

5 57

5 57

5 3d

5 55

5 54

5 54

5 55

5 56

5 55

5 55

Feb.-March 5 60
Mar.-Apr... 5 62

5 01

5 60

seo

5 59

5 60

5 59

5 61

5 59

5 59

5 5S

5 53

5 63

5 62

5 63

5 62

5 63

5 62

5 63

5 62

5 62

5 62

5 62

6 02

6 02

6 02

6 02

6 01

6 02

6 01

601

6 05

6 06

6 05

6C6

6 05

6 05

6 05

6 05

April-May..

...

May-June . 6 00
June-July.. 0 10
July-Aug...
Aug.-Sept..
Sept.-Oct...
Oet -Nov....

•

•

•

....

6 08

6 06

6 06

6 10

610

6 10

....

...

....

....

....

....

....

....

....

....

....

....

....

....

...

....

...

....

....

....

....

....

....

....

....

....

....

....

....

....

....

.

•

....

....

....

....

...

....

*

....

*

*

r

....

...

....

Spring,per bush.
Spring No. 2.....

90
......

Red winter, No. 2
Red winter
White
White No. 1..
Corn—West, mixed
West. mix. No. 2.
White Southern..
Yellow Southern.
Western white...

....

** *

1 12

97
95

...

Wednes

Dec. 5.

Thurs., Dec

Open High Low. Clos.

6.

Fri., Dec. 7.

Open High Low. Clos.

Open High

d.

d.

d.

d.

i

December..

5 53

5 54

5 53

5 54

!

Dec.-Jan...

5 52

5 54

5 52

5 53

5 53

5 53

5 53

5 53

5 53

Jan.-Feb....

5 56

5 56

5 56

5 56

j 5 53

5 56

5 55

5 55

5 56

Feb.-March

5 57

5 59

5 57

5 58

|5

59

5 59

5 53

5 53

5 58

Mar.-Apr...
April-May..

561

5 62

5 01

5 01 i

5 62

5 62

5 00

5 01

6 01

6 01

6 0!

6 01

6 02

0 02

0 00

6 00

6 01

0 01

0 04

0 04

|

0 06

0 00

0 01

6 01

6 03

6 0S

6 03

0 03

|

^ay-June

..

Jnre-July..
July-.\ug...
Aug.-Sept..
Sept.-Oct.;.
Oct.-N

jv...

d.

d.

d.

....

d.
....

....

|!

| Low.

Clos.

d.

d.

d.

5 53

5 53

5 52

5 52

5 53

5 52

5 52

5 50

| 5 54

5 54

5 58

5 r>6

5 56

5 01

5 01

5 60

5 60

6 03

6 00

5 03

5 63

601

6 01

6 03

0 03

6 07

6 07

0 07

o or

d.

....

....

....

...

....

...
...»

...

....

Friday. P. M.. Dec. 7, 1883.

the other hand,
Lave flue uated

has been

on

a

fair scale all lire

we

k.

Prices

frequently, hut within lathtr narrow limits, and
has been a decline of £ to lc. per bushel. The im¬
minence of war between France and China has been used
by
Chicago operators to push up prices, but New York speculators
have given but a cold
response, failing to perceive how a rupture
between the two countries mentioned could have
any very diiect
effect on the grain comm rce of the United States.
It is pointed
out, moreover, that there has been an increase la'terly in the
visible supply in this
country of 080,791 bushels, not to mention
an
augmentation of|flie quantity in transit to European markets
of 1,000,000 bushels.
White wheat has still bum sc uce, an l to
latterly tli<

re

great extent nominal in value.

To

day the market was him
but quiet on the epot, and
quiet and slightly lower on options;
No. 2 red sold at $1 12 in elevator,
$1
10£ fur December,
$1 12J(«$1 12f for January, $1 14@i 141 for February and
$1 19(Si|l 191|forMay. The closing prices were steady a* $1 10^ for
December, $1 12 for January, $1 14 for February and $1 19 for
May, being £ to l£e. lower than the figures of a week ago.
Indian corn lias been more active on
speculation, there being
considerable covering of contracts.- The
expott trade has beeu
moderate.
Prices have lisen here, following the lead of
Chicago
and last
evening showed an advance of £ to 1 cent. The poor
quality of much of the corn now being received at the Western
markets has

decrease in

favored holders of contract grades, as has also
the visible supply of 2G2,170

latter fact has

cause

of

Receipts at—

the

a

bushels, though

not

had very

......

54
64
58
58
58

Flour.

5 65

Southern

bakers' and
family brands
.4 62^® 6
South’n sLip’g extras 3 75 a 5
Rye flour, superfine.. 3 50 ®
Corn meal—
Western, &c
.3 00® 3
Brandywine. <feo
3 35® 3
Buckwheat flour, 39
100 lbs
3 50® 3

62^

.

G 00
7 00
7 00

50
90
35
40

75

Rye—Western

®1 IS
® 1 07
®1 12 34
®i 18 h>
®1 18
®
®

Oats—Mixed

73
75

®
®
®
®

38

White
No. 2 mixed
37k2®
No. 2 white......... 387s ®
Bariev —No. 1 Canada.
®
No. 2 Canada
85 ®

6412
65 k3

3
®
®
®

70
74
36
38

State & Canada

State, two-rowed
State, six-rowed

69
63

37^
39
90
86

63

®
®

72
80

Buckwheat

43

74

90

68

'

Wheat.

Corn.

Oats.

Chicago
Milwaukee..

97,215

8.91,090j

25,990

72,800
21,834

29.1051

53,373
6(5,986
14,530

ij

139,948'

Toledo

1,910

Detroit

1,790
2,86/

121,543;

37,508

262,07
10,070!

1,465

Duluth

Rye.

Tot. wk. ’88

175,370

25,783

8,260
7,754

244,310

1(5,510
78,489

201,040

105,500

219,310

9,000

1,264.932
793,800
038,912

748,136

871,COO!

10,500
1,071

31,876
18,910

.

•

2.187,057

1,580,SI9

Same wk. ’S2

223,(06
218,001

Same wk. "81

2,619,911

125,917

1,537,9101
601,665

1,618,135

-inceA ug.l—

•

•

403,403

1381.......

3.694,300

43,100,119, 14,203,899

3,712,(581
3,151,452

45,129,511

1 SSI....

21.475,2:?
22,801,769; 54,8'0,799

28 120,(56;21,242,555

0,725,284

4,540.716
2,060.880

13,524,235

6,003,933

2,465,683

9,249,063

comparative shipments of tiour and grain from the
from Dec. 25, 1882, to Dec. 1, 1883, inclusive, for
show as follows:

same

ports
four years,

1882-83.

1881-82.

1880-81.

bbls.

8,935.095

1879-80.

8,079,163

8,141,233

5,415,918

bush.

45.413,106
101,204,864
47,929.034
9.220,133

52.430,226
03,035,770
34,4 33.072
4,843,734

5,645,377

3,059,981

40,887.275
100,543,016
32,278.222
4,406.374
2,219,918

209,412,814

153,403,389

192,334.305

Flour
;Vheat
Corn

Cats

Barley
Kye

*-•

....

....

Total grain

Below

....

are

the rail

1883.

1882.
Week

Ree/f
Per. 1.

921,605

.

118,731

244,099

300,787

268,275

186,783

1,017,545

1,058,236
259,893
189.117
59,712

541,539
438,541

181.914
50,331

,

Total

..

2,971,842

1880.

232,116

Rye

weeks

1881.

609,663

The rail and lake

229,351,767

Week
Pec. 3.

Wheat..

Barley

3,978,377

2,968,740

Lee. 2.

Flour

.....

30,189,637

shipments from Western lake and river
'

Corn
Oats

67,777,589

124,436,924

2,160,290

shipments from

same

2,835,233

Week
Pec. 4.

121,507
58,502

1,346,872

ports for last four

were:

Week

Flour,

ending—

obis.
Dec.
1. 2 35,110
Nov. 24. 316,333
Nov. 17. 272,608
Nuv. 10. 283,687

Wheat,

Oorn,

bush.

bush.

823.690
1,012,807
1,163,425
890,136

1,382,736
1,252,804
2,074,372
1.192,493

Oats,
bush.

1,163,870
1,120,207
1,207,066
1,247,735

Barley,
bush.

426,388
501,231
356,451
471,275

Rye,
bush.
74,861
53,199

133,290
143,804

Tot.,4w.1153.033

3,995,059 6.202,410 4,7 38,878 1,755,345 405,154w'ka’82.1145,765 4.270,375 5,289,101 2,7 74,737
851,910 356,39.
The receipts of flour and grain at the seaboard ports for th(
week ended Dec. 1 follow:

much influence, partly be¬

Flour,

Wheat,

Corn,

Oafs,

Barley,

Rye,

......

/

>,




•

193,045
109,945
80,089

4451,297

obis.
bush.
bush.
bush.
bush.
bush.
comparatively slight diminution, and partly NewAt—
York
152.478
5 11,900
478,056
651,000 207,100
525,084
by reason of the neutralizing effect of an increase in the quantity Boston
14.100
79.893
254,450
98,499 27,675 21,500
afloat for Europe of 390,000 bushels.
Portland
The more distant deliv¬
2,307
69,865
580
Montreal
11.247
15,152
eries, it is noticeable, show the greatest firmness.
28,796
15,500
4,922
i.dud
the
To-day
83,600
Philadelphia... 24,203
16,000
43,400 78,600
market was £ to £c.
higher, and moderately active. Choice old Baltimore
24,909
157,007
70,027
30,105
9,500
white Southern sold at 69c. on the dock and
New Orieans...
31.490
17,400
good new at 03c.,
120,507
19,723
but dump was quoted at 5Si'®62c.
Old Western white in eleva
Total week... 312,437 846,255 1, 043.761
tor sold at 67@C3c., but
732,891 762.197 242,100
ungraded new ruled at 58(k02c. No. 2 Cor. week ’82.. 346,519 2,311,060 3, 203,621 352,913
317,825 1 4)22d
mixed sold at 01c. in
elevator, 03£@04|c. lor December, 0450
The
total
receipts at the same ports for the period from
Code, for January, 0o£@05|c. for February and
G7£@G7£c. for
May. The closing quotations were steady at G3£c. for Decem¬ Dec. 25, 1882, to Dec. 1, 1S83, compare as follows for four
years:
ber, 044c. for January, Ooc. for February and 07c. for
May, these
1882-83.
1881-82.
1880-81.
1879-80.
prices being £ to |c. higher than those of a .week
Flour
bble. 12,911.293
ago, except
11,714.879
11,848,636
10,302.918
for December, which is
quoted the same as then ; the Muv
Wheat...
bush. 59.133,620
86.733,699 124,527,732
option is the most firmly held.
83,321,741
Corn
30,939,296
30.074,45 1
99,338,350 13 1,363,733
Itye and barley have met with a moderate demand at lower Oats
29,784,387
20,149,027
25,700,083
22,296,311
prices. Oafs have been fairly active on
Barley...
5.389.972
5,206,4 60
5,413,0 JO
speculation,
5,442.214
though
the
tra ling for
Rye...,
immediate delivery lias been moderate. Prices have
6,324,840
1,999,200
2,0 i 1,505
2,670,640
advance!, however, in response to a lise at the West.
Total
grait ....180,383,603 147,535,003 219,016,258 219,046,253
Today
' 1?larket was dull ; Xo- 2 mixed sold at 37|c. for December,
The exports from the several seaboard ports for week
<>8|@38£c, for January and 39i@39|c. lor February.
ending
Pec. 1, 1883, are shown in tbs annexed statement:
-o

•

.

1SS2

The

Barley.

Bbls.imbs Bush.60 lbs Bush.5(Ubs Bush.32lbs Bush.<l8Ujs Bush.56lbs
81,001
830 170
807,970
1,010,100
346 100
130 60S

....

quiet, as a rule, both for Lome consumption
and for export.
The lower grades have sold most readily. The
receipts have been large and prices have in rome cas-\s declined.
To-day the market was dull and without man ri tl cli mga..
Wheat has been only m derately active at the b.-’st for
export,
and at times indeed the transactions for
foreign account h ive
dwindled to a trifling aggregate.
The speculative busin sj, on

this

1

Peoria.

Flour has been

a

i

Cleveland....
St. Louis

BREADSTUFFS.

City skipping extras$5 10®

The movement of breadstuffs to market is indicated in the
statements below, prepared by us from the figures of the New
York Produce Exchange. We first give the
receipts at Western
Lake and River ports, arranged so as to present the
comparative movement for the week ending Dec. 1 and since Aug. 1
for each of the last three years:

....

.

75
00
40
00
75
90

Wheat—

....

....

2
3
3
5
5
3

GRAIN.

....

...

....

.

No. 2 spring...
bill. $2 20 ®
No. 2 winter ..v.
2 50®
2 75®
Superfine
Spring wheat extras.. 3 75®
Minn, clear and stra’t 4 00®
Winter sliipp’g extras. 3 45®
Winter
clear
and
4 25®
straight
5 50®
Patents, spring
Patents, winter
5 50®

d.

THE CHRONICLE.

648
Exports

Corn.

Wheat.

Flour.

from —

Oats.

Domestic Cotton Goods.—The exports

Peas.

Rye.

Bush.

Bush.

57,840

205,700

25.002

13,000

396,394
8,062
61,505

147.600

75

120,020

29,840
150,042

15

486,380

010,534

787

90,022

13,707

170.148 1,208.207

155/93

564

91,134

393

Bbls.
'

..

1,807

Bush.
537
235

Bush.

Bush.

90.022'

13,707

The destination of these exports is as below.

corresponding period of last

year

|

Flour.

We add the

for comparison:
Corn.

Wheat.

Exports
for week

1883.

1882.

1883.

1882.

1883.

to—

Week,

Week,

Week,

Week,

Week,

Dec.

1.

Dec.

Bbls.
84.040
7,554

Un.King.
Contin’nt
S.&C.Am
W. Indies
Brit, Col’s
Oth.c’nt’s

Bbls.

11,841

Dec.

1.

2.

Bush.

Bush.

317,000

133,471
0,985
7,934
19,080

18,372

Total...

Dec.

2.

728,395
460,804

109,380

18,048

11,124
532

8,357
315

900

133,469

170,148

486,380 1,208,207

Fee.

1882.
Week,
Dec.

1.

2.

Bush.

Brish.

579,823
00,503

131,850
16,593

1,733

2.450

4,205

3,948

200

40

300

040,584

season.
Wheat.

1883.

1382.

1883.

Sept. 1 to

Sept. 1 to

Sept. 1 to

Dec.

1.

Dec.

Bbls.

Dec.

2.

Corn.

1882.

1883.

Sept. 1 to
Dec.

1.

Bush.

Bbls.

1,493,906
95,208

Un. Kingdom
Continent...

2.

Bush.

Sept. 1 to
Dec.

Sept. 1 tn

1.

Dec.

Bush.

2.

Bush.

1,078,240

8,293,558

10,887,530

9,395,210

188,700

5,384,103

13,050,101

2,551,460

44,550
20,879

370,175

76,700

138,404

1,183,703
185,859

100,407

197,419

375

229,297
218,195
9,608

268,085
219,858
12,724

10,583
10

23

(500

138,584

61,039
103,526

119,209
32,100
13,(579

2,212.801

2,565,626

13/95,229

30,741,717

13,119,820

1,011,320

Total

The visible supply ot grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard

ports, and in transit by rail and water, Dec. 1, 1883,

was a."

follows:
In store at—
New York
Do. afloat (est.)

Wheat,

Corn,

Oats,

Barley.

Rye,

bush.

bush.

bush.

bush.

bush.

8,107,052
705,000

Albany

9.000

Buflalo

1,079,098
9,573,320
1,030,112
1,750.000
1,934,953
232,432
143,000
1,892,153
185,043
190,403
74,198

Chicago

Milwaukee
Duluth
Toledo
Detroit

Oswego
8t. Louis

Cincinnati
Boston
Toronto
Montreal

212,505

Philadelphia
.*

Indianapolis
Kansas City
Baltimore
Down Mississippi.
On rail
On lake
On canal

1,160,903
7,587
192.700

534,581
2,304,512
450,120
74,000
50,000

3,088,399 3 ,129,037
852,000

150,000
53,000

9.000
431,774

1,328

1,101.533
34,018
13,710
154,750

474,119

6,835

252,803
057.000

skins

300,029
20,940
535,057

25,419

574,575
71,200

70.822

837,901
122,817

121,939
250,170
750
0,586
99.351
24.121

20,400
119,432
19.985
20.400

75,073
20,228
97,712
17,469

55,800
32,365

119.499
193.318
62,880

11,300
35.605

1,015,358 1 ,203”,670
72,000
02,000

2,329
46,000
96,425
43,203

23,894

396,830

69,615
19.100
39,934

sale

was

fair

was

very

dull.

dry goods at this port for the week
1883, and since January 1, and the same facte

thejcorresponding periods of 18S2,

H

H

o

P

i

.

r£ Hi

p

£=

ct

P*
5C

6

S

|

!

ct

'

&

-1

,—f

C

.

c

.

0

•

m

•

0

*

©

3

??
O

2^

3

2

3

3

Q

>~s

p

a

2,

vliscel Flax Bilk. Cot Wool Manuh
;

so:

3

a

Ci**
a •
,
*
C ’
i
*
p • • :
to *

*

ct

X

,

•

;

;

;

•

•

•

ct

•

so

*

o;
*

2;

|

•3:

o

i

r-t

±

p

p: S

o*

•

•

3
®

I

.

*
•

*

■

1*1

>

J

J

J

|

*

•

•

cc

Mise l Flax Bilk., Cotc Wool Manufi

H

uf

g: :

a,

Kt;

p:

•

0 *
CC •

no •

f-i

o

3;

•3;J

Mise l Flax Bilk Cot Wool Man
.

3

follows:

are as

1

E

i—1

83,661

3

» •

E

.

•

•

g: :

,

Tt

■

•

p

!

30

I

I

®

•

•

•

t

•

•

•

|i

.

55
H

ct

•

*

H

ts
3
ts

;.
I

Km?

•
•

e

*

......

114,000

67,050

2,569,803
2,343,056
1.199,192
1,253,210
913,011

GOODS

TRADE.

attracted

a

good' attendance of the

trade, and about 3,000 pieces were disposed of, but the bidding
la-ked spirit, and the prices obtained were low—say, from 15 to
25 per cent below agents’ net quotations.
Some additional
failures of clothing and silk manufacturers Lave occurred, but
the financial standing of the trade generally is considered
sound,
owing to the cautious policy pursued for a long time past.




distributed in

were

for

.

Although quietness lias been the prevailing characteristic of
the dry goods trade the past week, there was a better demand
for a few descriptions of spring goods, while a freer movement
in fine bleached cottons was stimulated by lower prices, and
altogether there was a slight increase in the volume of business
done by domestic commission houses.
The demand for imported
goods of a seasonable character was exceedingly light at first
bauds, but some fair orders for spring goods were occasion¬
ally placed.
The jobbing trade was irregular, and while
domestics, flannels, blankets, knit underwear, &c., ruled quiet,
a
fair distribution of prints, dress goods, holiday goods, &c.,
was effected by mo-t of the
principal jobbers. A feature of the
week was an auction sale cf indigo blue flannels and diagonals
The

part dull, and but little business

skirts.

The importations of

ct
.

most

Dry Goods

ending Dec. 6,

3

Friday. P. M., Dec. 7, 1883.

wear.

by agents on account
light and disap¬

was

Importations of Dry Goods.

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for men’s

made

were

but otherwise this branch of the trade

t-t-

14,596

13,194
29.558

dull week in
Fair deliver¬

very

quantities by
jobbers, but the demand at first Lands was conspicuously light.
Cloakings, plushes and velveteens were taken in small lo?s to a
fair amount, and fancy holiday goods were
moderately active,

ct

1,250

a

Staple worsted and all-wool dress
goods were in steady hut moderate request, and some fair orders
for spring dress fabrics, as cashmeres, etc., were
placed for
future delivery.
Carpets were in limited request at first hands,
but fair sales were made by leading jobbers.
Knit underwear
was dull and prices are
very unsatisfactory, while there was a
somewhat better demand for fancy knit woolen and
spring
hosiery.

©

DRY

the

done in shawls and

19,256

Dec.
1, ’S3. 33/231,949 8.021.99,> 5,912,4 17 3,503.486
Nov. 21.’83. 32.251,158 8.884.105 5.487,600 3.271.227
Dec.
2/82. 19.963.959 0,460.669 3,312.152 3,278,333
Dec.
3/81. 18.876.127 18,817,521,2,820.045 3,105,974
Dec.
4/80. 20,930,879 15,753,076 3,587,563 2,801.413

THE

for

were

Foreign

117,000
13,000
36,104
260,891
194,012 1,316,020
277,518
20,294

118,902
38,745

was

orders, but the current demand

12.336

40.901
297.000

Goods.—It

ies of cassimeres and worsteds

CO

Tot,
Tot.
Tot.
Tot.
Tot.

Woolen

pointing. Heavy satinets have met with some atteirion from
clothing trade, but no important transactions were reported.
Cloakings were in light and irregular demand, and Jersey
cloths and stockinettes remained quiet. Kentucky
jeans and doe¬

West Indies.
Brit. Col’nies

Domestic

nearly all kinds of woolen goods for men’e-wear.

the

1882.

S. AC. Am...

Oth. countr’s

to relatively low figures.
Brown
quiet, and a^o colored cottons, excepting tickings,
in which a fair business was done
by means of slight price con¬
cessions. The tone of the market for both plain and colored
cottons is easier, and suggestive to manufacturers that lower
prices
are
likely to prevail, unless they adopt the wise policy of reducing
production for a time. Print cloths have been quiet and weak,
closing at 8$c. less 1 per cent for 64x64 “ spots” and 3 1-lCc. for
--56x60s, against 3 ll-10c. aud 3 5-lCc. (for the respective grades) at
the same time last year.
{Shirting prints met with large sales,
but, other calicce3 ruled quiet and in
buyers’ favor, as far as
fancy prints are concerned.

of back

Flour.

Exports since
Sept. 1, to—

subsequently marked down

cottons ruled

155,193

By adding this week’s movement to our previous totals we
have the following statement of exports since September 1, this
and last

goods was led by Wamsutta 4-4 shirtings, which were
reduced to 104c., less a liberal discount, and other makes were

1

..

bleached

!

133,469

The market opened very quiet, and so continued until the
latter part of the week, when there was a freer movement in
bleached cottons as the result of lower prices.
The decline in

\

701

Total w’k.
B’nse time
1882.

Peoria

were

&c.
32,004
15,395

.

eason

for domestics for the
2,783 packages, including 822 to China, 475 to Great
Britain, 366 to Chili, 321 to Argentine Republic, 205 to Hamburg,
190 to Brazil, 111 to Uruguay, 74 to United States of Colombia,
week

New York
Boston.
Portland.
Montreal.
Philadel..
JBaltim’re
N.Orl’ns

[VOL. XXXVI],

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