Full text of Commercial and Financial Chronicle : December 9, 1871, Vol. 13, No. 337

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HUNT'S MERCHANTS' MAGAZINE,
REPRESENllNG THE INDUSTUIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.

VOL.

NEW

13.

YORK, DECEMBER

W oeata per Iloe.

Umaaormoie
•

10
a

drawn

allowed.

3p%oe

mea«arei

a^ate

tjrpe,

Cooke

all

Uaea to tbe

Wlllliim St.,

.Ijiy

pai

at <Uick to

ALIO,

ronnERCiAL credits.

Co.,

Stock, Note, and Oold Brokers.
c. D.

BanfONO.

K. D.

Arallable

the world oa

Raymond &

No.

Co.,

Intereat paid

11.

BABNEV,

AND CIRCULAR
pavabU la all tii«
OK THE WORLD; slaA is »•

letters or Credit available and

PRINCIPAL

t;lTIK4

United Statee, Canada and Woat Indlea.

Current Aoconnta received on loch terma aa
agreed upon.

pP"'='»'-

Lon

Bay be

on Deposits snbjcct to cbeek.
n. N. BAKNEY,ir„.,.,.,
A.

New York Cltr,

St.,

Telecrapbic Trsnsfera of Money to and from
don, Paris, San Fraiielseo, Havana. Ac.

AND ALL OTBER

SBCURITIE:)

BROADWAY.

Naasan

ISSUE CIRCULAR NOTKS

WALL STREET.

STOCKS, OOLD. BONDS

Duncan, Sherman &Co.,

Bought and Sold on Coniintsslon.
94

In ai: parta of

roSTXK.

BANKEKS AND BROEKKS.
S

totlaitof

foi

TRAVELLERS,

.uU.

INTEREST ALLOWED ON DEPOSITS.

Financial.

Co.,

Commlaaloa>

LONDON,

Barney

free ol

Credit

(coke, McCnIIocb

u of Europe.

BABXCr.

Co.,

CIRCULAR NOTSa
(Ususd aid paid

Philadelphia and Dnluth.
DEALERS I.S OOVEKNMEST SECURITIES.

nANKlEllS,

MORTON, R08B A CO>

X. O.

LoCKWOOD

Bliss

BANKERS,

see

Sth pace.

Co.. on

W. Clark &

CO.,
PUBLISHERS,

ot Sabaorlptlon

.fc

Co., LoU'lon. In ntuil.

DANA &
n * 81

toruis

l>y .lay

available In

Adrertlia^nenU will hare a farorable plaeo when
llrae pat In, bat no promUe of oontinuoas Insertion In
the beat place can be Klven, aaall advertltera mutt
liara equal opportunliloi.

Cf Por

Oold, State,

CO.MMKRCIAL CKKDITS AND CIK'MLAR LETTKK8 FOIt TKAVELI.Kl.S 18SUKD,

Inch.

\rm. B.

UOTrmment SecMltles,
STERLING KXCUANOE.

•
••

Morton,

USUI

ContitT and City Honda, also

the aivartltamarit occqdIqs one colamn or up*
la, a dUoouat or 15 per cent oa tboie ratea will be

war

French,

Ooncress Street, BOSTON.

Dealers In

No.

18
14

337.

FlnanoiaL

BANKERS,

FooTE

A'lT«rtiMineiit« will be Iniertad (t the roltowlni
prtOM yar Una tor each Inseritan
**

NO.

1871.

FlnanoiaL

^boertiaementa.
U ordered lew (han 4 timea

(t. Chittick,
WALL STREET, NEW YORK,

No. 85

Tmnaaet • Oaneral Banlclns busi- Investment Secnrltles and Collections.
Bnyft aud SclU, on (;oiumli»slon.
purchase and aal*
Commorelal Paper, Sterllns Ezchaufe,
A. C.
of ttoveronaent and State Bond*. RailGowemment Securities, dee., JMm
BANKEK AND BROKER.
road Stocks and Bonds, and other
And Transocta a General Banking Baslaees.
S. O.
daarlUaa. wu (sWBiinlsatOB.
C^ Dealer In Soutuern State, CItr and Railroad Loans Negotiated aad Investments made os Fifer

Kaufman,

ncaa, includlas *'•«

CHARLESTON,

W. B. LIOKXZD.

W. n. POflTKB.

SHSLSOir.

Leonard, Sheldon&Foster
BANKKRS,
No. 10 \rall 8Cre«t.
Bnjr and
dtalrable

mU Coveniment, State, Railroad and otber

liberal advancM on
•ame, allow Intti rest on depoalta, deal In coaimerelal
BMMr, furnish to tr«vellers and others Letters ot
Credit corrent tu the principal clUea In Korope.
iiecaritteft,

making

Whittemore
ST

made promptly on

all

. JVDaox

CQtei.

despatch.

Bankers,
Ko. SO WALL STREET,
Hawlst,

New York

oonmssioN kierciiant.

NO. 2S

Issue Letters of Credit for Trawellera
Arallable In all part ot Europe, etc

CITT BANK, LONDON,
Sc

CO.. of Parte

KKDITH and DRAFTS on
on ConalfsaMnte. STOCKS aa4

COLLECTIONS made

on all arresslble polnU la Ike
United SUIaa, CaaaUu and Europe. Divldeads
and GonpoDSalso collected, and a] f moat promptly
aoconnlad for.
UKOKBS promptly executed, for tbe pnrchaae aad
Govsnmeat aad o4k«raae«ri.
othar •eari'
•ale of Gold ;..alao,
,
.

^—

—

Winslow, Lanier

Co.,

BANKERS,
n

on Coramlaalon.

R. T. Wilson
COMMISSION

PINK BTBEST.

aeeoasu o:
eorporatlosa sad Mer this l s
Ueci'lva Iha

Co.,

MERCBANTS

BROAD STREET.

Liberal cash adTsncea mada on cooslfnmesta ol
Cotton and Tobacco to oar addreea atoo to ear Mend*
In Ltrarpool aad tiondon.
;

•MVltlea, Gold, Stocks
New Orleaat OowenHHaM ana
Bonds
Sold on Comnitaalon. and
and
Bonjtlit
XXOHAMaK, COTTOH, XTO.
LOANS NEGOTIATED.
Fartlonlar atMDtlOB glrta M BsosItUc twBTM
Aeooanta recelTed and Interest allewad on tslaacet
lor at sluht.
which may b« checked

taraMhe*, sad Mrekaass
INroBMiffoH
rMa
••
changee of seeamiaa sMds for (nvaalora.
•KSOTIATIONSof LaaBa,aad Forslgs KxekaMa

(

ADVANCES maile
BONUS boujcht and sold

WUlporetaaas

of Cedar itreeto

D<CPOSlTB received from Indtvldnala, rirma, Baaka
Baokara and Corporations, snhjact to Atnt at
sight, and Inlareal allowed at the rata of Povaaar
cent per annum.
CKiiTlnCATES or DSfosiT Issued, haartag FovB
per cant Interest, [ arable on demand, or adar

LONIMJN. I'AUIS, and SCOTLAND,

AND

NASSAC STREET,

(Comer

aaeetad.

Co.,

tiaa.on commlaelon.

THBOrOB THM

Also CO.MMElti;IAI.

tied datee.

WALL STREET

nessrs.HOTTINGCER

4*v

KAVPnAN.

BANKERS,
»«

Lock Box 884.

wanllacBaUa.

Geo. Op dyke

Kounis<> ii'-otbera.

A. C.

BANKEltS

Charles G, Johnsen,

HAMKtNti HUCIkE

Nsw You CoBBxapOMnavTS

HenryCle%s A Co.,

OoTernment

eeoorltlea, Stocke, Bonds. Oold, EX'
ehaova and Mercantile Paper boajEbt aud sola <iN
COMMISblON, Intereil allowed on ueposlts, whieb
say be checked Tor at sljcbu

able Terms. Orden for Slocks aad Gold carefully
executed at tjo Rexular Boards. Promp4 atteatlos
gi ven to every Branch ol the bnaloeaa.

COUPON

prColloctions ol DIVIDENDS,
-, NOTKS,
HRAFT^.
Ac. upon all points iu the Sonltieril
States, partlcnlarly Soatb Carol<na,madeaad promptly ramltted for at corrt-nt r»tc ot Kxclmngo.
tST" Correspondents of tuls llotuo may rely upon
hanng their busluess attended to with fidelity and

parts of Canada.

Hawley & Co.

Ai.rBU> W. BaaTUirr,

James Robb, [Cing &Co.,

IKTBRE9T ALLOWED ON DEPOSITS.

E. Judson

Co.,

BANKBRM.
WILLIAM ST., NBW YORK.

Collection*

Securities, Uncuirt-nt Bank Notes. Coin, fc'xcnao^,
c, c, also uovernment Bonds.
taf luTOStmout orders boltcl.ed and carelnlly oxe'

Agrnts tar Ike sale

Bondg,
AOO.

yaa*' l..ti».. ot
J.

NEW TORK.

lalarior haaki.

Oooaty aad
Cr.^t far fofaigs tf»*i

ol City,

BBOWg.

Augustus J. Brown & Son
BANKRRN,
i9 Liberty Street, New York.
8PKCLAL ATTKNTIfm OJVKN TO THE ntOOTUTioN or

BAimOAD

SECrHITIBS

THE CHRONICLE.

754

Commercial Cards.

Foreign Exchange.

Walker, Andrews & Co.
No, 5» Wall Street, NEW YORK.
No. 10 JPL.ICE

Augustus
113

Co.,

TJKION

Co.,

PARIS, I.ONDON, ROSTON.
WILLIAM STREET,

Forivardlng Ageut.

-^ ^ *^

K. T.,

'fNKWYOKK:

68 'Wall Street, New Ifork.
TRAVKLLKRS and COMMERCIAL CREDITS
ISSUEn, avallahle In all pans of Barope. Ac. BILLS
OF EXCHANGE drawn in Bums to suit purchasers
also Cable trunsfersCountry Baiikcrs can be supplied with Bills of Exchanfte, in lar*:e or small aniountfj, on the principal
cities or !• uroiie, also » Ich Tickets for l'assai:e from,
or to. E'lrope.bv the OUIOX LIKK ol Mall l-teiinier».
UPON CON.-ilGNMEN TS (iF
ADVANCES
COTTON, and other Produce to Ourselves or Cor-

236

SOUTH

237

Of every

NO. S9 VVALI.

BONDED GOOD

Rfi

Europe on

FOR EXPORT AND

PHI'FC0TT,GH'^TR& CO. .Bankers, London,
W. TAPSCOTT & CO., Old HjII. Livccpool.
Order* or Governnien Bonds, ~ tocks and Merchandire executed, and Foreign txchange and i^raltB
bongbt.

1S3

G. C. Ward,

BliN,l. A.

Woodman,

BANKERS?

PINE STREET,

30
Dealers In

BROKERS IN

CtoTemmeat Securities, Stocks,
and Railroad Ronds,

SO.

State

BROAD STREET,

Bay and Sell on Commission

the

Bonds of the tallow-

ing Railroads

CHICAGO, BTTKLINGTON AND QUINCT BAIL-

rate of exchausre. Corr-snoiuleniB;
Messrs. W. P. CONVKKSE & CO.,

NKBIIASKA)—3 per cent.
KANSAS CITT, ST. JOSEPH AND COUNCIL

BLUFFS RAILROAD—8 and 10 per cent.

MISSOURI RIVER, FORT SCOTT AND GULF BAIL

BOaD— 10 per cent.
LEAVENWORTH. LAWRENCE AND GALVESTON
BAILBOAD-10 per cent.

;

Co.,

SUPER CARB. SODA,
Nev Vork.

Whether you wish to buy or sell, writ*

HA8SLER,
Wall Stre«tf New York,

CHAS.
Xo. 7

\r.

York.

'I'exan,

Bassett, Atty^s at I^aw,
Breniiam, Texas.

&C.,

coinmissioN
29 Rroadway,

NETT TORK.

Represented by

Walsh, Smith,
Crawford

COinniSSION nERCHANTS,
BBYAN, TEXAS.
O. R. JOHNS,
r. BTKBBTT,

J. C.
•W.

BAH14.

AUSTIN, TEXAS.

Co.,

Adams, Leonard

Mobile, Ala,'

Co.,
STREET.

Trice.

Qbobok W. Jackson.
Late Cashier Ist Nat. Bank
Gallipolis,

Fort

Jackson,

BANKERS,

BIO DE JANEIRO, BRAZIL.

M WALL

Co.,

TERMINUS OF CENTKAL BAILBOAD
Groe.beck, Texas.
M. A. JOBT,

Represented in the United States by onr House,

RANKERS,

Co.,
comntissioN itierchants

No.

Co.,

Purchase and sell real estate, pay taxes and adjust
rules, prosecute Land and money claims against th
State and Federal GoTerumeots; make oollections.
Receive deposits and execaie Trusts.

Late Fort

Wrlcht* Rrourn

C. R. Johns

Crawford, Walsh,
Smith & Co.,

Wright

KIRBT,

TON BOSBKBXBe

I^ANB AGBNCY
TBXASBANKING
& EXCHANGE,

NEW TORK.

W^all Street,

fig

Co.,

RANKERS AND

merchants

ROROTT & ROtrmAN,

Smith

Bowman & Co.,

W^ACO, TEXAS.
Rrtrrbnckb and Corrhspondbnoei— New York
A Co., Davlff Dows & Co. Clnciu-

WIdsIow, Lanier

NEW YORK

oatl

New

First National Bank, Merchants National Hank.
Urleans: Loulslaua National Hank, Wheless A
Galveston : T. H. McMahan A Co.

Pratt. Bankers.

Stephen
NO. 87
P. O.

SayJes

No. II Old Slip,

FOBT WAYNE JACKSON AND SAGINAW BAIL
BO AB—« oer oen

R AiLROAD Bonds.

New

BASSBXTBANKKllS.
& BASSETT,
Bronham,

(IN

tlN

BRYAN, TEXAS.

CoUfCtiona m.idc and promptly remitted for current

Houston— First Xatlonal Uaiik
Oorreapoiidenta:
Gtilvestovi— Hall, Hotchiaifs & Co; iiew Orleans— Pike,
New York— Duin an, Sherman & o.
Brotliei- A Ca.

l.iI.ERATli'S,

BOAU AND ITS BRANCHES— 8 per cent.
COMMISSION MEECHANTS,
BURMNOTON AND MISSOURI BIVBE BAILBOAD
IOWA)—3 per cent.
BURLINGTON AND MISSOURI RIVER RAILBOAD

MANUFACTUKERS OF

N. Y.j

Higginson,

Wilson,

(Saccesscrs to H. M. Mo()re*

BANKERS,

Sons,

DOItlESTIC (JSE.

D wight &

John

STOCKS, BONDS, and LAND WABBANTS

Chase

Moore

6MWALL BTREKT, NEW YORK,
STATE STREET, BOSTON.

BuTTS, Prtaident

Cashier.

;

9ARINO RROTHERS & COmPArTY,

WEEM!*,

A CO.,

FRONT STREET, KEW YORK

AOENTB FOB

all ac-

iiIiCECTOi;S: W.J Hntchins P. W. Gray, A.J.
Burke, Cor. Enuls, W. M. Rice, K. H. Cushlng,

Texas,

give special attention to collections on

cessible poiiite.

MANUFACTUBERS OF CORDAGE

Messrs.

Capital, $325,000.

B, F.

HEARD

Henry Lawrence

SOUTH PTRKBT, NEW TORE.

I»fJB* Sterling Kxchange and demand notes in sums
to suit purchasers, navnhic 1 all .tii ikoi *vre' t rtruain
«...!
I .lami, a d available for the Continent of

S. Jemlson, M W. Bauer, Lenn
Gen. Scuueldcr, 14. S. Willis, T. A. Gary, W. B.
Wall, R ib't. Mills, T. J. H. Anditrson.
given
to collections at all po'nts
Special attention
in tne State, and remittance a promptly mad,-, without
any charge except customary rates ot exchange,

Lubbock. M. Qnin, E.

chandlze.

Co.

$238,000

J. C. Wallis, F. K.

Houston,

Oy CHINA AND JAPAN.

Tapscott, Bros.

Casli Capital,
DIKECTOIiS: .1. M. Brandon,

Cashier,

Ins.,

THE CITY DANK OF HOUSTON,

Advances made on conslsnmenta of approved mer

the world.

description.

1B8U8

all parts ol

WALLis, Vice-Pres't

alphonbe lavvb.

Mum,

Commercial and Travelers Credits
Available in

J. o.

------

Street,

AtlCnSTINE

Vice-Pres't,

GALVESTON.

NEW YORK.

RostoOf
AGIiNTB FOB

Co.,

STREET,

Co.,

Ever ett & Co.
60 State

H. BBANDOJr, Pres't.,
o. LAUVB, aecretary,

Texas Banking

Insurance at Lowest Rates.

ic Co,
Liverpool.

Brown Brothers

ST,

TEAS, MATTING, LIQUORS, and

Gnlon

M. Petrle &, Co.,
London.

HENDLEY.

.IT

Storage for

MADE

Alex.

made on all accessible points.
M. KOPPEliLj President.

CHARLES F. N0YE8, Assistant Cashier.
kT
f^„
..o»^».i»nt.. /Amer. Ex. National Bank.
K. Y. Correspondents, j i„p ^ readers NaU Bank.

Bonded Warehouse

Snyder, Son

respondents.

GAIiTESTON,
J. J.

ANTHONY S. SNTDEB.
Edward N. Sntdke.

William B. Mobkwood.

Texas.

National Bank of Texas
Colleotiona

Credits for Travelers In Europe,

Williams &GuioNj

GAtVESTON,

We have prompt and reli!.ble correBjj.ndentB at all
the principal points tlirouKliout thii b'ate, and upon
allccoUtiCllons pavahlt; In his City or HoustO-i, make
no charge lor collecUug, and only aciual charge upon

TODNGS & Co.

1857.

Exchange on Paris and the Union Bank «t London, in
sums to suit.
Subscription agents for the Chbontcli in Paris.

Dealers in Foreign and Domestic E.xcbanKe,

Park Bank, Howes & Macy, ana Spofford Tileston &
Co., N. Y., 2d Nut. Bank, Busion.PiKeLepeyre & Bro.,
N. O., Drexel & 00 ,Pllila.

BOSTON:

Sstablished

ISSUK

And

interior collections. Immediate andiironiptattGmion
given to all bnsluess entrusted tons. Itefcr to Nai.

Gko. S.CoK,
G. H. Mackat, Ee<2,,
8. H. W AtLKr,
Pres't. Amer. Er. Bk.,
Mess. Mackat * Phillips,
PreEldent Kevere Bank.
"

Co.,

BANK OF LONDON

Bowles Brothers
.

Eefers by permission to

.-*

McMahan &

T. H.

Bankers,

STOCTP, WEIGHED AND INSURED.

slou.

Travelers' and Commercial Credits issued.
LouD3 ^eeotiated.
a
Money recelrea on deposit at interest,
Exchange drawn on the Paris house and on r

Floyd,

^ ^TMBRCHANDISE

VBNDOME, PA^IS.

Bonds, stocks and gold bought aod sold on commis'

Texas Bankers.

WATER STREET.

CastoMfHonse

Andrews

[t)eceDiber 9, 187lv

Box No.

Higginson,
REAVER STREET.

4,660.

NEW YORK

Bepresenting:
Messrs. DUM^ILER & CO.. Batavia and Padane.
"

CHAS. THOREL, 4

pLARKE, SPENCB

CO., Yokohama.
i CO., Galle'S Colombo

"SBT-

C APiTAL

State

Bank,

JACKSON, MISS.
E. HELM
VAN HOOK
A BANK OF DISCOUNT AND

SHOS.
:.A.

g»w rork Correspondents

President.
Cashier.

DEPOSIT,
M. ^orjan's Sou«

;

THE CHRONICLE

DeCfiml)er 9, 1871.J
•

Dry

Hunt's

Magazine

Fublloatlon.

Merchants'

Fnnklln

755

Traniportatioii.

NKW YORK.
BOSTON.

slraet

YEAR BOOK,

rOILADELPHU.

IM'ORnATION

CON TENT81
KNGRAVINQ

PI.ATK

HIRAM

Progreu

Apply

offlc-a

lOBroadwar.

it'

miU.

VA-M,

Jan. 6

Sal.,

Whits Btar Line

-"•«

Liverpool,;

(Via <|neaiaatuwn,)

;

CABRrise THE

MUSC0GE£

;

RIANCFACTVBINO COmPANr,
COL UMBOS, OA.
ut .'nirACTiiiixRs or

;

Sheetings Drllllnss, Tarns, Rope,4ce.
G P. SWlFTiPrest.
W-A-SWIFLRec. A Tr.

Debt and Finance* of each State.—

;

Brinckerhoff, Turner

Polhemus,

all

kinds 01

AWNING

Railroad Stocks In De-

tail.

European Progress In Wealth and Population;
Income Tax France. Income and Resources;
European Armies and Navies Germany Immigration into the United States Census of the United
;

;

Widths and Colors always

WIl LTAMg A OTTTON. No.

of the
Mercantile Failorcs Price* of Merehandlse; New York, Foreign Trade of, for 1910; For'
eign Imports, United Stales Foreign Exports
Cereals ; Average Factory Wages.

« Wall-et.

CUUPANYS

THHOCOH LiNB
California 8c China,

AND JAPAN.
TO
BAIT rRANCIBCO,

In stock

First Class
Steerage

15 Llspebard Street.

...
......

$125 to $1S0

(oo

According to local Ion of berth
These rates Include bertbs. board, aod al neoee
rles for the trip,

'TowNSEND

New York

CHANGE OF 8AILIN0 DATS.
line leave PI RK S
43 XORTH

Yale,

Fteamers of the aboTe

ItlVbtt, loolofCai.al A>reei. at

and Boston,

States.

;

P.»C.

o' at

THBcnoH PARF-s-mrw Ton*

;

Trade and Commerce.- Review

8TKIPK8."

Population, etc.—EntoPE and Axxmoi
British

.tJK

•

Also, AgePtS

all

77.

.... J
...I'j,.!

United Stales Bnntinc Company.
AluUiupply

7H A.M.

J n

N, Captain J.aPrlce,Jas. ll^atCabin pasaaKe. IflOifOid.
Steerace paaaavs. (Uniea No.
Broadway) HO can
rency.
For irel<tat or oabln paasace apply to

COTTON CAjrVAB, FELTING DCCK, CAR COVKHINO, KAGOnJO.BAVENS Dt'CK, SAIL TWIMBS
AC. "OMTAKIU' SKAMLIiSil BAGS,
"

t». at

Not
brc.

PACIFIC HAIL erSAMbHlF

COTTON SAILDUCK
And

...

'lire
Cspt. "lire

of Railroad Progress In
Europe and America for IBTO; New York Railroads; Ohio Railroads; Massachusetts Railroads;
;

r,e.

cataiD Porav h

Railroads.— Review

Railroad Bonds in Detail

Capt. Williams

IfltPP,::!^^^NHVAf>A.

WYOMING. 'apt. Wlilner y
MI\Vf8 TA.i api. Mormn

MannfActareri and Dealers in

Bank

Inc.—The National Banking System;
Comptroller of the Currency's Report ; Totals of
Quarterly Reports since 1863 : New York Savings
Banks : Clearing Boose Banks, Three Years European Money Market.

PIEK No.« NORTH RIVER, EVERT WKORKfcSAT

MAHUATr

;

Conuinin^' Complete Artldcs upon the Debt and
Floancial Condition of the Several Statea of the
Unlaa, vitb tbe moat Detailed SUIement of all tbeb
Bonds Outstanding.

THK trTKRPOOL AND ORKAT WKBTFRH
8TKAM

€• MP,vvV will d.sp.tcl. one of ihilr fln"
class fUll-power Iron screw itnaDitlilps from

IDAHO,

;

STATES MAIU.

C."«ITED

as follows

;

Year 1870

...

""""•''"' "«•">"••

J.H.8PAhK8.Ag,„t.

Cordis

n>r 1870.— National

Wealth Report of tha Macriitary of tbs
Report of the Treasurer o/ the United
Statea Ro|>ort of Coinmlaaloner of Internal Rerenne Internal Revenue Receipts for 'I bree Years
Dally Price of Gold for Nine Years; Treasure
Voremeut al New York for Twelve Years ; fteas
ure Movement at San FrancUco Range of Govffiv
ment Secnrliles, Monthly, for Two Years Highest
and Lowest Prices, Monthly of every Slock Sold at
the New Y'ork Stock Exchange for Five Years Paat
Forelg:n Exchange, Weekly. Four Y'ears Past ; Debt
of the U'nliud Slates in Detail, with Acts ; Director
of the Mints' Report; Gold and Silver Coins in
Different Countries; Receipts and Disbursements
of United States since 1791 American Shipping and
For«ign Commerce Purchases by Government
United States Bonds.
Treaiurjr

iitlriToM?""™?,'!*"''"

Tborndlke Co.,

WALBKrOQE.

PInancUl Review

Speed 6cCf m'ort.

WCBANIC

Laconla Co.,
Boston Dnck Co.,
Franklin Co.,

i.'LAXTIO

aecommodailoDa aarlrallea, eooiblatat

Safety,

Continental BUIla.,

"'"'ikn-^

ADRIATIC.

Colombia mg. Co.,
AndroscoKgln mils.

rassanffsr

Warren Cotton mils,.

•rer itmed In the Cultrd Statoii.

STKKL

"""Baltic.

Bates mfg. Co.,

ANNVAIi OF COntmKRriAI. AND

Liverpool.

iii*rr.tgeent BeUast-tallt

six larf a.t aSo.t.

Otis Companjr.

vuluino of 475 pigcs, forininK the nu>9t complo

York

Krw and

Pepperell Tlfk. Co.,

VI.NANCIAI.

New

AQENrS FOR

1871.

S.& E.Wright & Co.,

W * M Franklin itreet
DM

Ooodi.

Ml Cheatont street

;

SOI.B AGBNTS.]

1.^

o'clock, ooon.

Ou 15tu asA 80th

or Kacb Hontla

except when those daj

on Sunday, then the day

s fall

prevtoas.

hundred posn<ia banace Iree to rack adult
Medlclue aiid .tie dance IT'-e.
D'paitureol I5tb touches at KINO ^T<'N, Ja.
8traiuer will luavo Sau Fiaiidsco ttt erery muutb for
Cbtiia and Japan.
F< rfrelichi or passage ticket., ani all fnrtnar iniorma lou, "pply at the Company's ticket utttca on tha
wharf, foot ^f Canai at.
<

lie

F. B.

;

BABT,

AAOBt.

ORBAV

Southern Mail Route

Cotton. -Review

of 1870 and Prospects for
Crop of 18(»-70; Crop of Cotton each Tear
-incelMl; Weekly Receipu for Five Years Manufacturers' Association Report for 18C9-70; Consumption of United States MlUa Coninmption In
1871;

PJKW ORL.KAN8, RIEnPHIS, ANE
inOBLI.I{~AI.L. HAIL,.

;

Europe.

Commercial Reports.-Breadituffs;
baco

;

Coal

;

Petroleum

;

To-

New

k ark
Le re
At 8.10 ^.ll. lor KiCtiMoM'.iinti rot >tB oBtae Coast
Ate^flP-M. f'Om fc;t 01 CoiIUlldC IlrMt, «U .Nr»
Tork and PliJadt'phia lac ijr GKKaT biil'tll

Iron.

Biographical.— Hinm Walbridgo

; Robert L.
Joseph Wesley Harper James De PeyeOgden; Henry A. Wilnmdlng; Abraham ]{.

Maitland
ter

;

Blninger.

KBYBTONE,
I

NVBIAS,

MAIL

"til

KAiN.

U>T lllcUican<l

^•w

Orleans, Mobile. Mstupllls, <'lii>tlan»<».. Nuhvllla
Atlant.. Macoa. and liurrtne^l's'e imlnia.

eo'o eoiTB. so** aosra.
llm*.
TlSM.
Lr • u P.B- Ar. a.l> ajs,
*.m p-aa.
tM a.lD.

•TATIOXa.

NEW

TOItK
WABHISOTl)'.
0OriDON»VIl-LK

LACB BDOB,

Price $5.00.
On

receipt of which

sum

PBinCBSSZLO^ISB,

be mMed, free of
postage, to any part of the United States.

WILLIAIH

will

DANA *

CO.,

BEATBICE,

WUXUM

K.sOXV.LLE,.

LkVK. A D
a..TIANOUuA...

ASIIVIlLb,
5fi
I

OKIN

Clir»,4LteI«,

M
M

I.'VI

'JW

••J ,(;kso.<i.

ADBLAIDB,

kTLaNTA

MAC••^

STBXXT

I7«wT«ili,

MKlSli'L...,

jiiU^.M' JL'sct oNiitr:
11»
'iKMlHlS

Publishers of the

Comm«rcUl * Flnanelal

MU'4 l'l-UM£RY

CLABIUA.

»VUV

»
,

!«S
Ill
ISM

MOllaE..^....
SEw OKLEAN".. ."^

«1>«E.

.
.
"

tM) ..n

<•

l.ll B.BI.

iM .m.

1.10 p.ni.
9.ao a.111.

Ar .
Lv .sue am.

" IIJEI a.*.

I'.m.
».i:.i. p.s>.
t

M
-

* VkM P.SI
" 1J« pjik

UJ^i poi.

SJS m

ifi
•A)

i, M.

ni.

'M,

«.4»a,s>.

ejvpjB.

•

».« f.SL

' itM pa.
•

poi.

P.BI

ti I^

•

tja.

1.sra.
U^saaa.

i.«aja
V-il

XATB*,

PJB

—

THE CHRONICLE.

nr56
Financial.

[December
Financial.

Finaocial.

BANKING HOUSE OF
Agency of the
BANK OF nit IT IS 11 NOHTH KorjNTZF. Bp OTHERS,
AintEHlCA,

New

12 Wall street.

48 'Wall Street.
Commercial Credits Issued for nse Id Europe. Chlob,
Japan, Ibe £ast abd West Indies, aod South America
also circular Letters of Credit for Travelers available la all parts of tne World.
Demanu aud Time Bills of Ezchauge, payable hi
Loudon and elsewhere, boof^ht and sold at current

H. M.

OFrlCE OF THE

York.

Western Bond Board,

KANSAS

sold.

Broad

Street,

New

Vork.

Taussig, Gempp

Gempp

Mo.

:DE

Taussig,

BANKERS,
S4 Jangboff St., FrankiV>rt

On Main.

ALKRS IN

DESIBABIiE
Arents, Home
S ecurities.

miSCELLANEOCS SECCRITIES,

FIRST MORTGAGE

no.i9:new;street.

SEVEN PER CENT COLD BONDS

Particular attention given to the negotiation

Cammann &

a spe-

WALKILL VALLEY

Co.,

Bankers and Brokers,

olaltr.

or THE

Negotiated.

oaus

BROKER
Government Bonds, ExcUanee,
Uold and Stoeka,
No. 44 UXCUANUE FLACL'.

Kallway and other Corporate Loans.
Uuiou and Central Paclhc Bonds and Stocks

SAmVEI. nicKEE, Secretary.

SOUTHERN AND

John Pondir,
In

M. Weith

Wall Street,

Railway Company.

New York,

Gensral BAiiaiNO Busiksss, and give
attention to the PURCHASE ANl/ SALE
Sarticular
F GOVKRNMBNT.STATE AND itAlLliOAD BtCCKITIKS.
^^ Deposits received sublect to check at Bi£ht.
Transact a

OFFERED FOR SALE AT

ETT

Soutter
KO.

Co.,

BANKfiR»«
WILLIAM STREET. NEW

Mo.

Full statistics and every Information giveu upon
application to

DENIS'N WILLIAMS.
J. P. WII.IAMS,
Member of the
Member of ttic
York Stock Exchannc N. York Stock Kxchanffe,

Co.,

BANKERS,
323 North Tlilrd St., St. Lonla,

Street.

legality of their issue, and none are presented excep
such as we believe to be reliable In every particular.

Kow York.

Stocks and Bonds
BOUGHT ANU SOLD ON COMMISSION.

Co.,

BANKKUS,
3il

Co.,

STOCK BROKEHS,
40.WalI Street

Ao.

A. D. Williams

FUtb

C I

the Western Bond Board are
devoted specially to the Negotiation ot Western
County Bonds, Municipal Ponds, and the Bonds of the
several School Districts ef Missouri and Kansas. All
Bonds offered are thoroughly examined as to the

The operations

Demand Dralts on Scotland and Ireland, also on
Canada. British Columbia and San Francisco, Bills
Collected, and othej- iianklng business transacted.
J011^ FATOti,
1 Air. nta
A1*CU. McKlNLAY. I •**"""•

No. 17 \rest

Provinces and Europe.

Governments Securities uouiEbt and

rates, also cable Transfers,

Taussig, Fisher

ALLBN, Vtce-Prcs't Flrst Nat. Bank, President,
HOLOKS, Cashier FlrEtNational Bank Treasurer
uAHUBL MCKKK, Secetsry.

K. H.

Deposits received Itom Banks and Individuals, sub
ect to check at sleht, and Interest allowed thereon at
FOUR PER CENT per annum.
Collections made thronghoui the United States, the
Brl^U:h

18U.

Gibson, Casanova
BANKERS

YOUK.

no.

4>oaler8 la Bills of ExcbaQgc.GovernmeDta, Bonds
5tock8. Gold, Commercial Paper, and all NeROtlable
Securities.
Interest allowed on DepoBils subject to SlBlitDraU

or Check.

Advancee made on approved securities.

Special facilities l<ir piegoLlatlnp Commercial Paper,
Collections l»oih tulaua and foreign prompttymado.

Foreign aad Domestic Loans Negotiated.

NI N
AND ACCRUED INTEREST,

Co. mEAD &

IN CURRENCY,

BY
CLABK, Financial Agents,

HE"W TfOKK,

141 Broadway,

M EXCHANGE PLACE.

AND

E8TOCKS. BONUS, GOVKKNMKNT BECUK1T1E8,
FOKKION KXCHANUE and GOLD bouEht and Bold
on the most favorable terms,
INTKKF.ST allowed on deposits either in Currency
or Gold, subject to check at sight, the same as wltb
the City Banks.
ADVANCES made on all marketable securities.
CERTIFICATES ol Dsposit Issued hearing interest
COLLECTIONS nnd<^ at all poloH at tho UNIOW

»4 BRlTlSa PROVINCES.

ERASTVS

MEAD, Banker,

1340 Third Avenue,
Corner of Twenty-riith

Bv exohanginor United
the

SIrett,

NEW

Stati-s Honits

YORK.

fortbeTontlsol.

W ALKItL VALLEY RAILWAY COMPANY, ycil

you increase your iicorae over 40 per cent, and
vour prin'-ipa! woout 25 per cent, and get asicurltyi

SQUALLY SAFE.

A
V^llI Bank,
XHE City
XJ

IV.J

INCORPORATED BT EOTAL CHA,RTER, A.D,1855.
(Corner oi Finch Lane), Threadneedle Street
No. 34, Old Bond Street
N OS.159 & 160,Tottcnbam Court Boad
OFFICES. [No.liS,
LudgateHllI

HEAD OFFICE
BRANCH

Munroe

John

;

No. 8

Wall

Street,

Draw

iCl ,000,000

Shares of £30 each).
Pald-np Capital • • Reserved

S00,000
106,000

(50,(XX)

M. K. Jesup

Btlla

NO.

BUB

Veffotiate

Bonds and Loans

Co.,
dc

«
..
^ „
Cos.,
Railrovd

CO.,

LOMBARD STREET, LONDON.

iron or Steel Ralls, Loconi.otivoa,
Cars, etc.
and undertake
mil business

connected wltb Ralliray

W. H. PBEKINS.

SWINSOS.

AND
<164 22d Street,

Perkins, Swenson

CHICAGO.

& Co.

Neiv Orleans

ILLINOIS INVESTMENT SECURITIES

SPECIALTY.

Exchange sold on Texas and Louisiana.

made on

Collectioi

all accessible points.

TEN PBR CENT Registered town and Coanty Bonds
payable by State Treasurer.

TEN PER CENT Mortgage Loans, with wide margins.
^~Our " Hand Book of lUinols Securities" sent free

MANAGER—Alfred George Kennedy.
SBCRETART-C.

Cubbedge

Worth

I Accounts opened with approved American and oilier
Foreign Firms or Banks, at such moderate rates of
Commission as sliall be considered consintent with
sound mutual advantage. The Interest upon such
accounts Is calculated at current rst^-a on osllv balances, and is made up on the SOtli June and SIst Docraber In each year.
Di^mand Clitaaes and KTChange honored against
approved previous or slniultanpou!* Remittances.
Credits opened agaiiiBt First-class Securlti<'8 negotiable In Loudon. Mercantile and Msrginal Credits are
issued, as also Letters of Credit upon any leading
Commercial City.

Travelers' Credits
•DCaahed when issued by Clients, and every <lescrlp<
tlon of general Banking Business transacted. The
Otacers and Clerks of the Bank are pledged not to
IllieloM the trtuscUoM o( »bj ot tti Cnatoaten.

Hazlehurst

D«NKERS AND BROKERS,
AGENCY OF THE
Spanish Popular Bank ol' Barcelona.
The Capital of this Bank Is - - -$1,000,000

to this amount, the Bank has been
Itt addition
authorized, in accordance with their charter^ to Issue

—

..- -,
- -..
Til PS e bonds
cU awing of fiO.OOO,
«i,i Interest, by a »emi-anuuiil
?J,>J,mf.nclnK on the Ist December, 1871, and are made
in Burope or America at the option of the
-

paylblo

'"al^mited amount of these Kccnrities Is offered for
.»io at nar, in U.S. curreicy, with accrued Interest
and Trust Com
Irtdad bv tho New York i-tato Loan
are to be paid at maturity.
oany Where the Coupons
U'BBOAOWAY Corserol Cedar Bt,

MA'JOM

uak
"*^

OA.

and do a General Banking
Brokerage Business.

coUectlonr.

iUCFftU

'tt>

EAST lUVER NATIONAL BANK.

H. Castleman,
HUOCXSBOB TO
/k CASTLEMAN,
HAWKS BROKER,

COLUMBUS,

Georgia.

Honda
Estste bought ami so
every description; and Real
" accessible points,"
all
on
mad*
Colleetlom

Government

KKKNIOK(

D. L.

Tacob R. Shipherd & Co,
Swenson, PerkIns Co.;'
BANKERS.
24 Pine Street, NEW YORK,
80 TVall Street New Tork.

DIKECT0R8I

Wm. McNauiihtan, Esq.,

for

Oontractlor

SCRIBE, PARIf, and

ALEXANDERS CITNLIFFES

Company,,

LIBERTY STREET

John Jonep, Esq,, Chairman,
Henry Vigurs East, Esq., Joaquin De Mauchn, t>q.
William Sinipsun, Esq.,
John Rackblock, Esq.,
Jonathan Tliorp.Esq.,
Andrew Lawni\ Esq,,
James E. Vanner, Esq.,
Robert Lloyd, Esq.,
Wm, M''Arlliur,Es<i .MJ" George Yoang, Esq.

BANKERS AND mERCHANTS,

New York,

Munroe &
30

Fund-

Co.,

Issue Cltcular Letters of Credit tor Travellers, and

SntMcribed Capital

BANKliRS.

I.ONDON,- ENGLAND.

Securities, Gold. Stocks, and

ffitanrtat/

roniae
HUNT'S MERCHANTS' MAGAZINE,
REPRESEJfTING THE INDUSTRIAL

VOL.

AND COMMERCIAL

SATURDAY, D.M KMBER

13.

CONTENTS.
the

Money

Murkot
Debt Liquidation and Reduction
of Tales
Ciiarlc!! Snmncr and Specie Payments
Cottou Supply and Demand
The Debt Statement for Decem-

TlIK BANKERS'

Monov Market, Railway

English

ail

DepartmeuT Report-i
Commercial and MlsccUancouH

759
760

768
701

News

774

OAZKTTE AND RAILWAY MONITOR.

Slocks,

b. S. Securities, Hold Market,
Fore gn Exclianffe, New York
City ltanks,Phii^elphiaBauk9

National Banks, etc
Quotations of Stocks and Bonds

News

Rail w ay

775
778
77!)

THE COMUBKCIAL TIMES.
Commercial Epitome

780

goMo"

Groceries

783
785

780lDryaooda

Bre.idstuSs

78J

^\)t €l)ronicle.

Five milmore of called bonds will, it \3 supposed, be presented
ciish payment in ihis country, and 10 millions abroad,

bonds, their c:ilculalions are evidently at fault.
lions
lor

indicate

the

millions

cash

Government,

the

would

This

altogether.

accumulation

credit

Tbi GovvraaiAL »nd KimsciaL

which,

teem
London

»I0 00
'....'..'.".

nntU ordered

6 00

diiicnkUniieit by letUr.

i^-tlageitKctntiiwvtar.andU paid by l/u $ul>KfUier at Uf own uost-oMct.
WlLUill B. UAKA,
WILLIAM B DANA & 00., Pat,ll»h«ri,
10K» e. rLOTD, JR. (
79 and 81 William Street, NEW YORK.
I'OBT Office Box -l.SOi
Mr. Alex. Holmes Is onr only traveling agent in the New England States.
His address at present is P. O. Box 3,279, Boston.
I

_ •:^ The Publishers cannot he responsible tor '{emlttances unless made by
Drafts or Poat-Offlcc Money Orders.
A neat file for holding current numbers of the Chroniclb is sold at the
omce for 50 cont.s. V'oUiinos bound for subscribers at tl S5. The flr*t and
second volumes of the Cbbonicle are wanted by the publishers.

MMY

THE CiLLKD BONDS ANU THE
.MARKET.
The trouble yestertlay at tlie London Stock Exchange,

consequeDce of the precarious condition of the Prince of
Wales and the announcement of his expected death, has had
it

has given a slight upward

will

apprehension appears to

not

be allowed to

lie

there

perhaps be rnet either by the notice
Mr. Boutwell, or by some other means that

difficulty will

be hereafter adopted.
while

If a

the

part of these bonds are with

rest are

Europe, they can

and continental

OBKoi<icLi,>lulivered by carrier
toeltyiii>,scrlbers, ana mailed to all other*, (uxeliulre of postsie,)
to subtcrlbers

The

just given by

the Syndicat'3

TRBK8 or 8UBSCSIFTI0H-PATABLE IN ADTAHCX.

KorUne Year

week, ought

lost

idle.

Fin.yncial CnBONiCLE U iimued on Saturday morning, with the latest neiei up to midnight of Friday.

impulse to the gold market.

new

loan negotiation would be reduced simply to an exchange of

The Commkrcul and

here, except that

the Syndicate have

along declared that only 5 millions of coin would be

said

For Six .Months
Iht Chro- in,B wilt Ik itpt

paid out of thn Treasury, Hiid thit the remainder of the

making

Trea.<ury, of which

the

763

News

millions of these called bonds

millions have been paid for in coin.

Change* in the Kedeemlng
Agents of National Bank*.
Latest Monetary and Commercial

758

About 85

in.

have already reached

762

ber.1871
187

NO. 337.

1871.

be gathered

seem

THB CHRONICLE.
The Called Bimds and

little effect

INTERESTS OF THE UNITED OTATES.

scattered

Germany

be turned

all

cash, and thus the expense of sending the funds h^rfi will

obviated.

tiiis%

however, that there will be

r.o

for

dupli-

cation of interest in this second lot of called bonds as there

was

to the first lot of

regard

duplii-iiti'di of

100

Such a
by Congress,

millions.

interest w.ts not contempl.ited

but was virtually forbidden.

In the

people, and in view of their

demand

present temper of the
for greater

economy

would not be judicious to allow any reThe twenty millions of bonds
petition of such abuses.
just called miy, therefore, perhaps be accepted at onoe on
administration

presentation at the Treasury.

The drain of currency
\\p recently called

to the

attention,

and West, to which

South

si ill

continues, but

the declin.

ing legal tender averages were last week compensated by the
increase of specie, so that the percentage of lawful

money

re.

Much heavier sums were, however,
distarbaiice to our money innrket serve was thus kept up.
or to the arrangements now pending in London for closing paid out of the Treasury than found their way into bank,
up the new loan.
and as this outflow of gold from the Treasury is still going
prevail of

There

any

resiilling

some doubt as to tbe purpose and the probable
of Mr. Boutwell in giving notice for
20 millions more of the Five-Twentios of 1862, making

on, there

the aggregute

popular

effect

of the action

called

to this

date

120 millions.

will

some anxiety

know how

the bank statement

be affected thereby.

view of the
will, is

fact

ih'tt

about to

Congress,

make

obedience

to the

a heavy reduction of the rev-

urged that he will allow these 20 millions to be paid off enue from taxation, the question is asked whether after this
at the Treasury without waiting until the month Mr. Boutwell will not be obliged to stop his usual
expiration of the 90 days notice.
A part of these bonds purchases of bonds in order to accumulate funds for the pay-

on presentation

are probably in the possession of the

London Syndicate, as ment of these 20 millions of called bonds.
The question is, however, of no immediate

have agreed to exchange their new Fives for any other
Fivp-Twenties without limiting the privilege to tho*e bonds

to a

which were " called."

bonds, some of

th<>y

large

amount of these and other

have no doubt accumulated

in ihf.

d&<!criptions

of bonds

hands of tbe Syndicate,

and probably are deposited by them as security for tbe new
Fives until the "called^" bonds to tbe requisite amount cm

whom would

douceur for exclusive
really to

be adopted.

no dou'it

intf r^st

what policy is likely
more important practical matter

inforiiiation as to

concerns tbe movements of the hnnk* during

coming week.

except

Government
give a handsome

few of the foreign bankers and dealers

the pa.st and

irt^t^ttf* THE

753

The unoert;iiiily
movements might

suflic

some quarters as to how these the repeal of taxation it is evident that a tundanseTiU
money market has developed a change of policy is now demanded by the people, gwr
that we must adjust the National* revenue closely tc>
financial circles which was pniinently

process of locking up greenbacks

emly strong

clique should desire to

so.

we were

the evidence that

any

the

surplus to be devoted to the liquidation of the debt

same rumors hnve been
fun her

proofs of the

inclined to doubt the sufficiencv ol

was put

last

circulation

since,

with some

correctness of the cliarge

some years

the

that

some other moneyed

should

we doubt whether,

manipulation has been carried on at
been much exaggerated.

Tho stringency

money

sufficiently

the drain of deposits to the interior and
outflow

this

currency and

extent has not

its

all,

the

accounted for by

Ihe

fact

that

were not foreseen

funds

for

Mr. Boutvvell does not acquiesce
new movement. Still we are glad to

mind has now become permanent and refuses to be
For some years after the debt reached its maxi-

resisted.

mum

institu ions,

smaller

that he recognises that this change in the attitude of the

public

ss had really been in operation.
In spite,
however, of the fact that certain banks were mentioned and

locking up proc

come.

very cheerfully in the

The see

week.

in operation

much

expenses of the coveinment, leaving a

This

neuvre requires, iiowever, so many combinations to make
successful th

felt in

the

^^"^^

iDecember &,

affect the

seris-itive irritabiliij

favorable

CHUONICLE.

was

the country

under tho oppressive burden

restless

demanded

of the National obligations, and

done

for

Two

plans

were

proposed

One

was

paying

the

lessening

other, the

easing

the

off

lessen

the

the rate

plans were tried, but with

the

March

pres^^ure.

burden.

the

The

principal.

Both these

of interest.

only partial

cipal has been diminished since

that something

The

success.

prin-

1869, by no less a

These institutions, instead of contracting Bum than 277 millions, which represents an annual saving
nccommodations in harmony with the indications of of some 16^ millions of gold interest. It soon occurred to

the banks.

their

declinirg

averages,

continued to keep up their loans, and

the people and the press to question whether this sm.ill an-

nual relief was not too dearly purchased
and whether for
were compelled to conduct the process with more of spas- the promotion of the national credit and the public wealth it
modic activity than was compatible with the tranquillity of would not be better to leave the money to fructify in the
the monetary situation.
pockets of the people ; especially as capital has always been

consequently w hen the time for contraction

they

arrived

;

of this country, as of other young nations

the great need

DEBT

AND REDUCTION OF TAXES.

LIftUlliATION

issue

and as we have so recently

today our

The

double number of

usual

and

floating

fixed

capital,

;

prodigious masses of our

lost

which were annihilated by the

These arguments have been gradu.ally gaining power,

war.

Chronicle in order to give space for the report of the
Secretary of the Treasury with the accompanying financial

and were welcomed with more and more favor, until at

documents

length public opinion

laid

These reports are

Congress.

before

this

year unusually suggestive and for many reasons are worthy
of being placed on record. Mr. Boutwell has had the grati-

and the

fication

perils ever since he look office

of presiding

running very strongly adverse to

any further prepayment of the debt except to the small extent required for the ordinary

popular sentiment.

several times reduced, he has been steadily diminishing the
public debt, Appreciating the National Treasury notes to-

the erroneous apprehension

wards par with

specie,

home and

credit at

government have

and improving the Government

Never

abroad.

much of

the history of th's

material growth

and indus-

prosperity been as rapidly and conlinuoujly realized ss

trial

weak that
frequent payments on
ment

too low

rates far

achieved

ha^i

tlie

this turn in the current

has been too

over an ovei flowing Treasury, and while the taxes have been

influenced

that the credit of our Govern-

Accordingly, he

public debt.

the

success which iu

management of

in his

much

cannot be kept up without large
other directions he

the finances, and magni-

of his policy which are

the importance of those parts

fies

Mr. Boutwell

Sinking Fund.

has been very slow to recognize

of subordinate minor moment.
For years he has
The stupendous obstacles, in face of really
that 50 millions of the pu'ilic debt should be annually
urged
wonderful growth hns l>een efl^ected, may be inHd reiterates the same opinion now still he acferred Irotn the suljoined table, which presents in one view paid off.
the pressure of the d bt ai,d of the chief taxes since the knowledges that to carry it into action he would not keep up
a miscliievous system of needless taxes, wnich are oppressive
war, as conipured with
since the cluse of war.

which

this

;

the previous wliole period since the

dihcovery

i.f

gnve
development of

gi.ld in Aiistralia

to the the maieiiii!
Gro«s
9

first

great impulse

this country

Internal
,...v. .«.

Cnsto
}

Hevenue.

Agg-egatc
"0.
1)< bT
b

Interest
thereon.
c

652,1.95,463

268,71,8.523

2 6,270,<08

H8,096,!53

2,3W 211,332

125. 76,565

18TO....

69 ,783.973

SS ,i:iA9i

;94.53J374

2,1SD672,I27

129,235,198

1S69 ...

6(19,631,828

23s,678,(.Sl

180,018,128

m.S99,756
158^6,460

2 a8S,«2,213

130,694,2J2

1388....1 030,719,5 6
1867.... 1,131,060 5'2J

C25,lll,«3

161,4615 9

191,087.-8»

2.611,1187 851

110,421,0 5

6 11,126,911

nO,ii7,SiO

2Cl,0n5TJ

2.678,1 '6.103

113.781,591

1861 ...l,i7, 834.17,1

713,51.553

179,0,6,651

80,226,813

2,773,23^173

l'S,0S:,624

1885....1,905,9.9,»».i

1,472,221,740

81,923,261

809,461,215

,',680,M7,869

77 305,090

liOl,..,1.3Ki,461,0:7

1,123,87,913

10.',31 ;,15'

101,141.131

1,8 5,781,3;0

5.3,085,'2

87,640,787

1,119,773,138

13<i3....

889,3. ,632

7 6,682 Sta

6D0:-9,64!

ma...

5Sl,6S0,.il

529,692,160

49,0Vi,39T

13 1...

8,3.1040

41,801,7-9

39,581125

90,580873

4,031 15;

1360

76, 41,407

20,770,*0

5 1,187,511

61,842,287

3,141,120

1859....

81773,965

2S,2J 7,500

40,365,824

5S,4«6,837

2,6.)7,W'I

1333 ...

70,S72..1',

23,717,301

4l.78;l,

44,911,881

1.652,055

13.7...

6S',9(i

,3:3

8,910

63,873 905

28,699,831

1,59.1,205

lJu6....

7 ,0S6.S90

201

64, 22.863

31,972,5

1,953,322

13J5. ...

6-),S31,8T4

8fl

.'3,023, igi

83.536,1196

2,311,461

1351

...

1833....

7S,8ll.,.'?13

3,4 4

521,17.1,412

24,T29,7
13,19.

,^4

2 001

61,2 4,',90

42.342,2:2

8070,926

11,330

53,9313 5

59,8.13,117

8,663,832

1<52....

49393,115

46.:W

47.339,386

66,10E,S41

4,000 297

1851....

52,76.',;04

803,400

49,017,567

68 304,796

3,096,71.0

1150....

47,6:9,3 8

950

39,668,186

6.3,452,778

8,78!,S93

4,04.5

H4a....

59,796,'«J

28,5-8.7M

28,34,738

1848....

66,992,479

21,')36,70J

31,757,070

In the reports before us these

87S

63,061,8 3

3,565,535

47,044,862

2,890,765

obstacles to

our citizens, paralysing to the buaines-s of the country,

Annual

Loans and

waiting to the public wealth, and obstructive to the growth

Receipts from

Kecelpts. Tieaa'y Notes.
1871...

its

the National

progress are the great central points around which gathers
the chief public intertsat, snd suj^iety,
Jn regar4 to

the national resources.

Accordingly, be proposes to

internal revenue taxes except thosa

peal all

the

t.ibacco,

malt liquors and stamps.

cise policy

which

fur several

years past.

stamp dull

will

lias

re-

spirits,

This

almost the pre-

been recommended

the Chronicle

And «e may add

that

could be with advi^ntiige got rid

many

of the

Congress

of.

doubtless comply wi h most of these recommendations,

and the d^cre

customed

ise of

to see

be expected

the public debt « hich

we have been ac

each successive monihly schedufe,

go on with

may

miicli less rajjidity ihau heretj-

fore.

The second

project for relieving

was by d^'credsing the rate of
Secretar\'s report

When

The

result

large part of tJio

and the course

.11

these

dis-ippoint-

new loan act was projected the
mass of the debt ft 4 per cent. If

the

to fund the

been watched with no

negotiations have

was

pressure of the debt

devoted to an account of his recent:'

efforts in this re-pect.

ment.

t'lie

interest.

intention
that

had

been deemed impogsible, tha popularity of the law would

have be?fl

jQgt,

assist jn the

placing of 1,000 millions

—
Doocinbor
,1

THE CHROXICLK

1871.1

oro authori/e(), with

769

300 have b«en already

their operttlon

tried,

known

l>«

The original unJerrtnnding was equally wholesome and rfT oti vo. Their •pedal fitness for the
millions of 4} ppr cents.
that nono of iho 4J or Fives were lo be sold, except the work of oontrartitm rests on the fact ihst if tulMtiiuted for
purchiwor would niso tnke at par a double amounl of Four greenbacks they enter when first Issued into the g*neral
per

With

cout.-<.

lliis

view 1,000 millions were authorized current of the circulation

of Fours, and but 500 millions in the aggregate of 4) and

tivity as the

;

and

move

with jimt »«

much

ec.

greenbacks themselves.

But this early activity
Like some youth who, aa he ((rows older,

from the pres'ure o( is soon lost.
!')!<•(
The whole becomes fat and Inzy, this compound int<'
20^
Ai
ex|)ensi< of the refunding process was forbidden to exceed its activity as its Accumulating value sW'
^^
one-half per cent, and the principal of the debt was not to inlertst accumulates on the notes, they gradually withdraw
be increased by the operation. Such was the original pro- themselves from circulation, and are seldom paid out
Fives".

were thus promised

inlert^st to the extent of

relief

millions a year.

•

gramme and

such the promises under which the funding act money.
was passed. The only change of importance which has and proved
since been

made was by

the act of 20ih of January last,

Sumner's

which increased the Five per cents from 200 millions to place.
500 millions. Id view of the saving of 20 millions a year

this funding

make

operation, the Secretary was permitted to

new bonds

the

free

all

taxes.

privilege

Tliis

not free from danger or difficulty, and on that account has

dice has

facts,

the sonndnesit of the principles on which

Mr.

bill is

ask,

measure.

have so oflen explained theaa familiar
based, that

we need say nothing more in

however, a patient, candid hearing for

It is

well

known
in

this

that an intense popular preja

been excited against contraction of

and that Congress,

this

tiie

currency

;

obedience to the general bidding of

The the whole nation, forbade, in the law of 1808, the reduction
opinion has been held, indeed, that the value of this exemp- of the currency below its then outstanding aggregate.
But
tion from taxes is greater than all the saving which is likely how was this popular alarm excited ?
The cause of it is not
never been conferred on any kind of property before.

be realized by the new loan.

Many
tion

unknown.

was due

to the

derangement and disasters which

of the National banks are already claiming exemp-

from some of their taxes nnder cover of this

The Loan

was passed

were projected into the financial and business circles by Mr.
mischie- McCuUoch's attempts at contraction t«>wards the close of

June, 1870,

For some purjpose
his term as Secretary of the Treasury.
be never yet explained, he reversed all his usual methods of
proclaimed a failure. Mr. Boutwell viitually acknowledges contraction, which had formerly worked well, and adopted
During the summer of
this when he asks that 2 per cent commission be offered to a totally new and perilous policy.
induce foreign bankers to negotiate the new bonds abroad. 1867, when the currency was plethoric, and he could sifely
vous provision.

and the experiment,

afler

act

18 months'

trial,

may now

commission was never paid by have contracted its volume, he poured out greenbacks from
money in the worst the Treasury, and added to the existing overstimulus of
Even the bankrupt Treasury of France speculation in gold and stocks. This mischievous plan was
period of the war.
has not been obliged to allow so much bankers' commission, carried on all the Summer, and was only stopped at the
Mr. Boutwell, under his approach of Autumn. Then he began to contract the curunless in an exceptional loan.
failure, may console himself with the reflection that the sale rency, imder the law which gave him the option of taking
of United States Fours at par is merely a question of time
in 4 millions a month of greenbacks, or of omitting the

Sucli a high rate of bankers'
this

country when most in want of

;

and that Mr. Chase attempted the very same task of prema. operation at his discretion. The people remonstrated, the
turely reducing the rate of interest, when he was Secretary press exposed the ruinous mischiefs which were being preBut all was to no purpose. He went on conof the Treasury, in 1864, and met with even a more signal cipitated.

The negotiation of the 200
Mr. Boutwell has just concluded,
has been attended with some grave irregularity, which is now
Mr. Boutwell's
the subject of special inquiry by Congress.
somewhat
more
a
in
matter
the
puts
explanation certainly
failure

than the present one.

millions of Fives, which

favorable

light.

But

tracting the currency

month

after

month, regardless of con-

sequences, until the public min<l was

filled

dread by the spectre of contraction

and Congress

;

with disgust and
finally

put an end to the Secretary's power to contract the greenback circulation under any pretext whatever. The growth

paying double interest he has of the country since then, the extension of the area

for the

evidently exceeded his powers, and if in this single case the use of currency by our increasing network of railroads, the
fault be overlooked, care must be taken that no precedent adoption of greenbacks in the South, and throughout the
vast continent from the Atlantic to the Pacifio—oil these
be thus established fur the future.
circumstances, and a multitude of others, have so increased
legitimate demand for currency that the supply is not

CHiBLES SUM.NEB AND SPECIE PAYMENTS.

the

and the average price of gold, which is the
we have, has declined in re^wnae
redundancy
of
duced in the Senate his new bill for promoting a return best index
part of this decline is aaoribed
largo
Still
a
forces.
and whatever we may think of to these
to the specie standard
exchanges, and a multiforeign
of
the
derangement
some to the
its prospects, there is no doubt that the scheme is in
deairs to seiae
Sumner's
Mr.
share
thinkers
best
our
of
tude
respects the best that has ever been presented to Congress.
is lower than at
gold
moment,
when
opportune
present
the
which
have
It is based on two distinct principles, both of
since 1863, to give permanency to theapproxima
been frequently expounded in these columns. Thes« princi- any time
to gold, and to carry on the movement
greenbacks
of
interest
tion
of
use
the
ples ar.» the necessity of contraction and
without delay to par.
As to the first
be.^ring notes as a means of contraction.
But there is another Impediment in Mr. Sumner's path
the
cirof
volume
the
lessening
contracting
and
the need of
He cannot tell
the financial besides this prejudice agiinst contraction.
it is now grcnerally admitted by all
culation
requires
circulatioa
the
of
volume
the
depletion
Depreciation of irredeemable ptpcr money how much
authorities.
estimate
on thia
No
coin.
of
standard
the
to
it
always follows and is caused by redundancj-, tl.ough the one to bring
moat
The
conjecture.
than
pure
more
much
is
Assuming
subject
di es n'lt 111 ways keep even puce with the other.
put forth on this
been
have
statements
conflicting
far
exwidely
and
thjit our 750 millions of currency is too much,
advocates of free banking tell us that little
ceeds the legitimate wants of the country, Mr. Sumner pro- subject. The
Another class think that from
is needful.
poses to lessen i^a volume ; and as compound interest notes or no contraction

On Monday,

according to promise, Mr.

;

—

Sumner

intro-

so redundant

;

—
THE CHRONICLE.

760
75

100 millions

the depletion of the currency that

is all

would be possible, and even this could not be endured with-

out harm.

third opinion

widely vary.

1871.

diminution of 750,000 bales or more

of good

supply

the

[December

Americm

stapled

cotton,

though

more conservative, and claims replaced by an equal number of lighter bales of poorer
exists it is uncertain in staples would work a great change in the relations of value,

much redundancy

that although

amount and grows less e\ery year, so that the evil had best and to a less degree in the comparative sufficiency of quanbe left. The greatest estimate we have seen is that of Mr. tity. But without going into the general question of the
George A. Potter, who, in his very instructive and ingenious world's supply of cotton we propose now to give simply the
treatise on the currency, argues that our circulation is three figures for the American staple in the supply for 1871-72,
times as laigc as it ought to be, and must be either depleted and of the demand upon it, both, of course, however, only
We do as esMmates. So far as practicable, up to 1st October, we
in conformity or its standard of value reduced.
views
to
controvert
them.
Our follow the figures of M. Ott-Trumpler in the statements we
not cite these opposing
object is to^show that Mr. Sumner cannot tell where his give, applying only such changes as are noted, with the
contraction process should stop, and how long his monthly reasons for them.
One of the changes from M. Ott-Trumpler's figures which
10 millions could be spared from the current volume uf the

circulation

producing a repetition of the trouble

thout

which ended Mr, McCuUoeh's unfortunate
and caused

his discretionary

last

experiment

powers over the currency to be

we make
gave

is in

the estimate of our

at 1,020,000 bales, the

home consumption

same

;

year, while he

last

appropriates the 80,000 bales, the surplus of our spinner's

stocks 1st of September, to the supply.
It would be easy to
scheme is its inflexibility in re- show, h.id we space for it, that our consumption will exceed
gard to time. Every ono knows that at some parts of the that of 1870-71 by about 15 per cent, and will therefore
year more currency is netded, and at others less. In sum- be 1,175,000 bales. Hence, besides using the 80,000 bales
mer less currency is wanted, because business is dull surplus, our spinners must take during the year about
throughout the country. In the autumn months the demand 1,100,000 bales ; or if they would not again run their stocks
for currency is enlarged, wit'i the enlarging activity of the 80 dangerously low as in September, 1870, they must take

taken away.

fall

third difficuUy in th's

The current of

trade.

the circulation

sys'em of currency arrangements has

and

under a good

tidal

its

movements,

rises or falls responsively to the rise or fall of tlie

to which

needs

bill

of the

supply

1871-72 M. Ott Trumpler
lefl over in European

was a surplus

For all these important movements spinners hands of 500,000 bales ©f the quantity delivered for
makes no piovision. Th-s grave omis- consumption in Europe last year, and by so much reduced

sion should be correcled at once.

objection

last

the apparent to the actual consumption.

which we have space

to mention, is

nothing and bearing no

new

interest,

and

liurdcn on the tnx-| aying

objection will not g ve

much

practical

In its greater part

wou'd make these

was correct beyond doubt. It is, however, to be
remembered that after the late war began, many mills on
the Continent " ran cut."
Such of these as started up last
True, the cotton so used was
year had to " fill up " again.

community.

not

the old complaint on the score of economy.
This scheine
would take n)auy millions of the public debt now costing

millions a

For a part

also fissumed that there

ministers.

Mr. Sumner's

The

more.

This

trouble, if the ether

this

in the

for the

usual sense consumed, that

market; but equally true

is,

is it

worked

that

it is

into fibrios

n^t ava 'able

we have referred to are fairly met. The country as supply for working into fabrics during the prest'nt year.
demands and Coi gress need-; earnest champions of a sound Information on this point is not as full as we couM wish, but
currency at the present ninment when so many schemes are from the facts we have obtained, we are led to e.sti:ii,it; the
objections

being pressed at Wafhington, which depend for their su cess
on inflation, thrive only in an atmosphere of corruption or

cotton so applied at 68,000 bales.

extravagmce, and would shrink and die

formed, that the spinners stocks there were overestimated

presence of cur-

likewise said in England, by parties usually well in-

Mr. Sumner's Congressional record on M. Olt-Trumpler, and some confirmation is found in a count
this question is such as to make him M'crthy to lead in the of bales held at the various railway stations as compared
agitation for monetary reform.
His present position is in with previous periods. This and other evidence would seem
entire harmony wiih his memorable words in the Senate on to justify a reduction then of 90,000 bales from the figures
the 12th Feb., 1862, vhen the legal tender law was on its of English spinners stocks as he gives them.
These dednc
p.-xssage.
Ho th n helped to pass that law as a temporary tions being made'we have the surplus, or unusual stocks of
expedient of war finance.
Now he would obliterate it from European spinners October 1 at 342,000, instead of 500,000
the statute book.
That
bales, as a contribution to the supply of 1871-72.
rency contrai

tion.

surplus

COTTON

When

SUPPLY AND DEMAND.

publishing the cotton circular

some weeks

ago,

to the readers of

American crop in the woil I's cotton supply for 1871-72.
That remarkable circular startled the commercial world by
tho

exhibit of a cotton sup;.ly beyond the consuming
dJLiand of Europe and America, even if our present crop
should not exceed 2f million hales.
lis statements were
its

worthy of its author, clear, convincing, and, except in some
minor points, indisputable. And still these minor points

statistics

employed were

cotton in their
quality.

common

Here was

bales

—

the problem,

For

bales

Taking the actual consumption

quantity delivered for consumption

surplus held

spinners,

find

Europe

less the

be the

342,000 bales

that during last

year,

ending September 30, Amsrican cotton was consumed in
England at the rate of 33,000 bales per week, and on the
Continent (including Russia, Spain, etc.), at 19,000 bales, or

1870-71 2,704,000
1871-72 to Europe ?

for the year

supply for

What

bales.

•.

stock in Biiropean ports Oct. 1.....
Spinners surplus, 342,000, of whlcl) amount American
3,5(tii,00fl
Sui)pose our crop to be

And

that

can be the

!i^2'XSX
i7S.0OO

I.IOO.COO

retain

instance, the
all

sorts of

aggregate, irrespective of weight or

possibility of an error of

supposed to consist mainly of Anaerican cotton

say 275,000 bales.

M. Ott-Trnmpler,

we stated it was our purpose soon to give
The Chronicle the statistical position of

appear tv us to be important conditions
we would reach a correct conclusion.

Tben Europe can

8,400,000

get

Total supply of American to Europe
our stock in ports as last Sept., and

(Tills leaves

The consumption,

no more

8,964,000

oormilU as

iu 1870).
2,704,000

tlian last year, will lie

magnitude, in
a comparison of two seasons, wherein
the proportions of
Which would leave hi Europe unconsumcd
But suppose any condition of trade should demand an
heavy and light bales, or of good and poor
per cent
staples might
of .\merioan, sny
if

260,000

increased use
13.V00.1

—
THE CHRONICLK

Decembers, 1871.]
Then

and mills of

ports

tlifl

Europe would be

all

TheM

125.000 bale*, or only about 2^ weeks supply.
The slock unooDsumed cannot b« reduced so low as that

several

761
amounts ihow

part the eontraals b«twe«n

years of poor, medium, and very good reaulu. 8ino« tha
price of middling upland cutton advanced above Od. laat

Long before it coulJ be reached, oonsumption summer, the difTerence between yam and cotton, of the kif.da
would be checked by high prices. It follows that if our crop above named, has ayeraged about 4fd. In November it
quantity.

shall prove to be only .'i.SOO.OOO bales, Europe, as a whole,
cannot inaterially exceed its last year's use of American
cotton, whatever may be the deman<l of trade or the con-

Passing by the question

dition of manufacturing interest*.

of our crop

3^ million

short

falling

with the

bales,

has been

ahout 4^4fd., or nearly tha same as In tha
average of 1869-70, when the profit was sufficient to bring
in the London Eeonomitf, and In trade circular*, glowing
aooounU of the " Revival in Lancashire." That difTereDca
must further diminish by more than Id. per pound from

out

obvious remark that whatever it lacks of that quantity
must nearly all be abated from last year's rate of consump-

we proceed

tion in Euro|)e,
in the question

to consider

consumption,

some

points

advance

of the

in cotton or

position they held in 1868-9.

upland shall be worth 10^

year opened new [spindles havo been set up

at the rate of

England

current prices of

If the

American can be maintained then cotton may advance

especially of

cotton.
Sinct) the

yams, or part from both,

decline in

before the English spinners can be in the poor and profitlesa

40,000 per week, or 2,000,000 for

yama

middling

until

without sinking the spinners'

I.,

on the average production. There may be an exceptional advance in American for the few months in which ita
profit

•

Within the same year 1,000,000 old spindles are supply must be inadequate to the demand which trade
There may be would make for it, if not deterred by excessive prices.
refitted and started up.
Will there be market for the full production of yarn, by
no further inorea<ie of Coatinenlal spindles as is assumed by
M. Ott-Trumpler, to whose good information we would all the machinery now in motion, at the prices now current t
the year.

said

hive been

always defer, but these 3 millions in England, perhaps
increased to 4 millions for the'averageof the current year

more than 10 per cent increase
September, 1870

—are

spinning capacity since

not to stand

idle,

nor

will

In the factory districts tliey begin to feel the

scarcity as well as the

power

This aggra-

of skilled labor.

accumulations of cotton goods in the

at the large

cluding the

last,

export that

other employment, are re-guthered but slowly and expen-

resorted

practice on which the operatives

;

but that

now have something

to say

in the

rapid

1806, each year marked

East that the fullowiog

progressing ratio

repeat the

India

the

;

and that the accumulation

same proportion

the

ye.ir's

has in the previous years, the inclination
prediction

explanation of this
to

in-

has shown, not reduction, but an increase

now bears only about

l<e

predict a falling cff In

year must show a reduction, and noting that each year
in a rapidly

may

Biit, again, looking at the

by predictions of such glut

©f a cotton mill, loss of interest, deterioration, and the cost
of startmg up. The hands once dismissed and scattered to

Short time

inclined

in the trade since

vates the loss and difficulty always attending the stopping

sively.

England's export of them.

any run- and vast increase

ning spindles be stopped, while either can be run without,
positive loss.

Looking

Eastern markets, one

gives place

an inquiry for

new and wonderful expansion

and China.

trade

has been suggested that the vast

So they have a voice as to the kind of populations of those countries, clad chiefly in cotton
In sjme mills the operatives, who make fabrics, have found it expedient to discard the native cloth
good wages on piecework when using American cotton, and adopt the cotton cloth of Europe, and that their ability
refuse to use any other, and will turn out (or strike) if it and inclination to buy the latter have been extended by the
be forced upon them without a corresponding advance in events of the last few years which have enlarged their
wages. The master spinner who would substitute Sural for knowledge of and facilities for trade and barter with the
American staple must raise wages, get less product, injure Western countries. If the suggestion has good foundatiun
the quality and price of his yarn, and incur other expense. in fact, we have seen but the beginning of a commercial and
He will not change while any profit remains in the use of economic change thit will amount to a revolution. When
American cotton, especially if he thmks he sees in the not the hundreds of millions of cotton-wearing people of the

as to

terms.

its

cotton to be used.

distant future an abundant supply and cheaper prices.

East depend on Western spindles and looms for tlieir yarns
raw cotton and for yams there and cloth for clothing and other uses, the demand so arising
unfavored pro- will be met by use of the staple that best combines the
is a fair profit on all but some exceptionally
mule
price
of
No.
40
yarn and requisites, "cheapest and best," and that will be our Amerithe
take
will
We
.duolions.

the present prices for

middling upland cotton

;

—not

that either

a true or

can cotton and no other.

constant measure of value for other sorts, but as offering a
and note for
fair comparative average for different periods;

future,

the last four years the difference between the price of one
and the other at Manchester (in pence).

There

—

Jan. Feb. H«r. Apr. Kaf. June. July. Aug. Sept

•Oct Not. Dec.
1887-68..
18IW-TO..
1810-71..

*ii

%%
4X
BX

iit

5«

5J<

8X
8«

Average* tor the jeut.

igg^mg'

Pounds cotton consnmed

I 1867-88
ye»r». f 1868-6S

InEn^nd
•

The great

8«

8'<

3
*\i

Mi
5X

8X
SX
4«

»« 5
S.Oei 1889-70
S.OSI 1870-71
l,aM,000,000 1869^70
1

916,000,000

1870-71

SX
in
8X
5X

»X
4X
4K

%%
%X
4X
i\
4.11

5.19
1,068,000.000
1,176,000,000

from one month to another !n thii table of d\ferchange* In the price of cotton chiefly, bnt In part hj

fiactttatloQ*

tne» were canted
fluctntlions in

bjr

yam

This thought reaches

more or less distant.
much as bears upon the present

shall

then

—

may

that

consider

into the

only so

visible or probable.

no apparent reason why the Eastern trade
its demand on England's factories thia

not continue

year to an extent nearly or quite up to that of last year,

not arrested by advanced prices.

slight concessions in price the

becomes

active.

It is

demand

Manchester

reasonable to assume that there will

be no material decline in the price cf yarns until made trom
cheaper cotton, nor any but a temporary check to the
activity which has prevailed during the last two years.

also.

of necessity that if our crop does not
and the cotton was l.Ottd. Then it follows almost
million bales the supply of American cotton to
exceed
3J
1868-9;
in
greater (or more profitable) in 1869-70 than
Its use cannot well be
all Europe in 1871-2 will be scanty.
applyinij that gain l'* the cotton nsed in 1869-70, it amounts
of
price,
and that need not
restriction
by
the
except
reduced
to i>*,703,750. The gain from 1809-70 to 1870-71 was 1.08d.,
point short of 10^. for midaling up
any
operative
at
be
which, on the cotton consumed in 1870-71, amounts to

The

ditTerence between th^

£5,292,000.

The

yam

contrast or gain, as between 1868-09 and

1870-71, was 2.14J., giving on the consumption of the Utter
year £10,486,000 increase of profit.

lands, if at that.

Economists and

statisticians

have said much of

late

years of the diminished purchasing power of gold and the

^ttt^t^

75S

THE CHRONICLE.

LDecember^,.^^''^

some quarters as to how these the repeal of taxation it is evident that a lundancje-xt*.
movements might affect the money market has developed a change of policy is now demanded by the people, £wr
that we must adjust the National* revenue closely tci
seiis-itivf irritabililj in fiiiarcial circles which was Piiiineiitly
favfirabie to the process of locking up gieenbacks if any the expenses of the coveinment, leaving a much smaller
The

uncert;iiiity felt in

enily strong clique should desire to do so.
This nia
neuvre requires, iowcver, so many combinations to make it

surplus to be devoted to the liquidation of the debt

sufllc

successful ih

we were

the evidence that

inclined to

was put

same rumors have been
further

proofs of the

doubt the

some years

The
with some

see that he recognises that this change in the attitude of the

week.

last

circulation

since,

correctness of the cliarge

that

mind has now become permanent and refuses to be
For some years after the debt reached its maximum the country was restless under the oppressive burden
of the National obligations, and demanded that something
public

resisted.

the

In spite,

however, of the fact that certain banks were mentioned and
institu' ions,

we doubt whether,

manipulation has been carried on at

all,

its

money

sufficiently accounted for

the drain of deposits to the interior
outflow

this

currency and

and by the

funds

fact

done

for

Two

plans

were

proposed

One

was

should

if th?

extent has not

been much exaggerated.

Tho stringency

for

Mr. Boutwell does not acquiesce
new movement. Still we are glad to

come.

very cheerfully in the

sufficiencv ol

in operation

locking up proc ss had really been in operation.

some other moneyed

paying

the

lessening

other, the

off

the

plans were tried, but with

that

lessen

the

only partial

March

pressure.

the

burden.

The

principal.

Both these

of interest.

rate

cipal has been diminished since

were not foreseen

easing

the

The prinby no less a

success.

1869,

These institutions, instead of contracting sum than 277 millions, which represents an annual saving
Hccommodations in harmony with the indications of of some IQ^ millions of gold interest. It soon occurred to

the banks.

their

declinirg averages, continued to keep up their loans, and
consequently when the time for contraction arrived they
were compelled to conduct the process with more of spas-

the people and the press to question whether this small an-

modic

would not be better

was compatible with the

activity than

was not too dearly purchased

nual relief

tranquillity of

the monetary situation.

pockets of the people
the great need

DEUT

issue

tod.iy

our

usual

double number of

and

floating

The

in order to give space for the report of tlie
Secretary of the Treasury with the accompanying financial

and

documents

length public

Inid

before Congress.
These reports are this
year unusu;tlly suggestive and for many reasons are worthy
of being placed on record. Mr. Boutwell has had the grati-

and the perils ever since he look

office

country, as of other young nations

were welcomed with more and more
opinion

tent required for the ordinary

of presiding

this turn in the current

has been too

much

influenced

that the credit of our Govern-

weak that it cannot be kept up without large
frequent payments on the public debt.
Accordingly, he
ment

and improving the Government

too low the

rates far

Never in the history of th's
government have so much of material growth and industrial

Mr. Boutwell

Sinking Fund.

has been very slow to recognize

the erroneous apprehension

specie,

any further prepayment of the debt except to the small ex-

several times reduced, he has been steadily diminishing the
public debt, Appreciating the National Treasury notes to-

home and

favor, until

running very strongly adverse to

over an ovei flowing Treasury, and while the taxes have been

wards par with

;

prodigious masses of our

lost

which were annihilated by the

capital,

popular sentiment.

credit at

to fructify in the

especially as c.ipital has always been

;

this

fixed

money

These arguments have been gradually gaining power,

war.

Chronicle

fication

to leave the

and as we have so recently

AND REDUCTION OP TAXES.

LiaUllJATIO.N

and whether for

;

the promotion of the rational credit and the public wealth

abroad.

ha^ achieved in his

the importance of those parts

fies

prosperity been as rapidly and continuouily realized ss

success which in

management of

other directions he

the finances, and magni-

of his policy which are

The stupendous obstacles, in face of really of subordinate minor moment. For years he has
which this won.^erful growth has l^een effected, may be in- urged that 50 millions of the public debt should be annually
Hi reiter.ites the same opinion now still he acferred (rum the sul juined table, which presents in one view paid off.
knowledges
that to carry it into action he would not keep up
the pressure of the d bt and of
chief taxes
since the cluse of war.

;

the

since the

war, us cumpHred with the previous wliole period since the
discovery i.f g.ild in Australia gave its first great impulse

a miscliievous system of needless taxes, wnich are oppressive

to the the maieriiil Hevelopment of this country

waiting to the public wealth, and obstructive to the growth

Receipts from
-i-oai'sand
t>?™''.
Keceipts.
Tieas'y Notes.

Annual
Gusto

Internal

Agg-egate

Kevenue.

Dibt.

Interest
tbereon.

1871....

652.(i9S,4C3

26S,:i,8,.-)2C

2 6,270,108

HS,098,153

2,3W211,S32

12,'S,-76,563

ISTO...

69 ,72a.9TS

Sa-,4:4,491

;94.638

134.899,756

2,430 672,127

129,235,498

1S69 ...

6ll!l,63

1,828

23>,678.CS1

1888....1 030,-19,5 6
1867.... 1,131,060^2)

62.),111,«3

161,4615 9

6ti,l26,91l

I:o,ii7,8i0

1861 ...l,i7

,934.t:.!

712,51.553

179,06,651

80,286,813

18ii5....1,S(B,9.9,»t3

1,172,221,740

81,923,861

HCJ....1,393.46I,0;7

1,123,8: ,915

lO-'.Sl ;,15'

059,64!

1SO,018,12S

15S 356,460

.^8S,4,-,a,^13

130,694,242

191,087,-8«

2.611,i«;S5l

110,421,0 5

2C-.,0J75Tr

2.678,; ;6.103

113.781,591

2,773,231,173

1!S,06:,624

209,461,313

-•,680,M7,869

77 305,090

10:l,;41.131

1,8 5,781,3:11

5.3,C85,i2.

S7,640,7«

l,U9,7Ti,lS8

1363....

8SU,31 ,653

76,682 361

{-9

Ijta ...

531,tlbCI,.il

529,692,160

49,0Vi,S97

581,17.1,418

13 1...

3,3,1610

41,861,7 9

39,r.8!125

90,580,873

4,031 15;

1360...

76. 41,4ir7

20,i76,«0

5!,!87,51l

61,842,887

3,144,120

1859....

81773.905

23,«;,500

49,:>65,821

5S,l!i6,837

2,6:17,649

1353...
I?7....

70,372,.,ir

23,717,301

(4,911,881

1.652,055

1.78:1,

e/,n.i:-l

8,910

63,875905

28,699331

1, 59.1,265

7 ,e)56.hm

201

04,22,863

81,9T2,5 7

1,953,822

6-,,S51,.374

.'3,025,194

S5,S36,9M

2,311,401

1351..

78,8U:,313

8001

6i.2 4,190

42,248,2:2

3 070.926

1853....

63,4 4

16,350

53,9313 5

59,8J3,in

3,665,832

1152....

49393,115

46,--W)

47,339,326

66,10!!,S41

4,000,297

IKl....

52,76.',;U4

203,100

49,017,567

68 304,796

8,696,700

1»0....

47.6:9,3 8

4,045960

39.063,186

U«....

R3 152 773

878'S93

59,796,'i92

28,5-8.7f.O

28,34-,738

1848....

6«,S92,479

21,i50,70J

31,757,1/70

In the reports before us these obstacles

63,061,8 8

8,565,53,

47,041,862

2,390,765

the National

progress are the great central points around which gathers
the Qhief public interest und »nxiet^,
}n regar4 to

re-

the internal revenue taxes except thoss on spirits,

t'lbacco,

malt liquors

stamps.

iind

This

almost the

cise policy

whicli lias been reooinrnended in the

fur several

years past.

stamp duti

And we may

add that

could be with adva^ntage got rid

pre-

Chronicle

many

of the

Congress

of.

comply wi h most of these recommi^ndations,
and the dcreise of the public debt which we have been ao
customed to see in each successive monthly schedule, may

24,r29.7

lJo6....

Accordingly, he proposes to

the national resources.

peal all

will doul)tless

13,19. ,Ji4

1335....

375

our citizens, paralysing to the business of the country,

be expected

go on with mucli

less rapidity than heretj-

fore.
I

The second
"as by

project for relieving

d'^cre.ising the rate

Secretarj's report

pressure of the debt

large part ofl.be

devoted to an account of his recent

efforts in this re-pect.
negotiati'in'*

tiie

of interest.

The

result

have been watched

and the cour?e

witii

no sm

.11

of these-

disippoint-

ment.
When the new loan act was projected the intention
was to fund the mass of the debt ft 4 per cent. If that had
been deemed impogsible, the popularity of the law would

have been

lost,

T'^ a&f'H. jn the placing of 1,000 million:^

—
Dooembcr

THE (HllOXrCLK

1871.1

759

(TO authori/et), with 300 liavu bt-en alro^idy tried, their operation !• known to b«
ori){inai
The
uni|pri>ti«nding was equally wholesome and cfT ctive. Their (peoial fitn#s« for the
pnr
cents.
millions of 4}
that nono of tho 'l.J or Fives wcro lo be sold, except the work of contraction rests on the fact ibat if subntiiuted for
purchaser would also take at par a double ainounl ot Four greenbacks they enter when first Issued into the g<>neral
1'.

With

per cents.

this

view 1,000 millions wore authorized current of the circulation

of Four?, and but 500 millions in tho aggregate of

Five?.

were thus promised

relief

and

4.J

from tho pressure

tivity as the
is

soon

and

move

with junt us

much

ac,

But this early activity
Like some youth who, sa he grows older,

lost.

Tho whole becomes

;

greenbacks themselves.

this compound interest currency loeee
nccumulating value swells and grows. As
one-hiilf per cent, and the principal of tho debt was not to iniertst accumulates on the notes, they gradually withdrew

the extent of 2ftJ

inleri'sl to

millions a year.

expcnso of the refunding process was forbidden to exceed

fat

and lazy,

activity as

its

Such was the original pro- themselves from

be inorenscd by the operation.

gramme and

its

such the promises uuder which the funding act

circulation, and are seldom paid out ae
have so often explained these familiar facts,

money.

Tho only change of importance which has and proved
made was by tho act of 20lh of January last, Sumner's bill

was passed.

the soundness of the principles on which

dinoe been

which increased the Five per cents from 200 millions to place.
millions.
la view of the saving of 2G millions a year

500

funding operatic!), the Secretary was permitted to

this

make

new bonds

the

free

taxes.

all

Tliis

privilege

not free from danger or difficulty, and on that account has

based, that

ask, however, a

measure.

It is

we need

patient,

known

well

candid

and that Congress,

hearing for

this

that an intense popular preja

been excited against contraction

dice has

Mr.

say nothing more in tUa

of •tiie

currency

;

obedience to the general bidding of

The the whole nation, forbade, in the law of 1868, the reduction
exemp- of the currency below its then cutstanding aggregate. But
the saving which is likely how was this popular alarm excited ?
The cause of it is not

never been conferred on any kind of property before.
opiuii)n has

been held, indeed, that the value

from taxes

tion

to be realized

Many

greater than

by the now

all

this

loan.

unknown.

of the National banks are already claiming exemp-

was duo

to the

derangement and disasters which

circles by Mr.
nnder cover of this mischie- McCulloch's attempts at contraction towards the close of
vous provision. The Loan act was passed in June, 1870, his term as Secretary of the Treasury. For some purpose
and the experiment, after 18 months' trial, may now be never yet explained, he reversed all bis usual methods of
proclaimed a failure. Mr. Boutwell viitually acknowledges contraction, which had formerly worked well, and adopted

tion

from some of

were projected into the financial and business

their taxes

this when he asks that 2 per cent commission be offered to a totally new and perilous policy.
During the summer of
induce foreign bankers to negotiate the new bonds abroad. 1867, when the currency was plethoric, and he could sifely
Such a high rate of bankers' commission was never paid by have contracted its volume, he poured out greenbacks from
this country when most in want of money in the worst the Treasury, and added to the existing overstimulus of

the bankrupt Treasury of France

Even

period of the war.

has not been obligod to allow so
unless in an

exceptional

This mischievous plan was
speculation in gold and stocks.
bankers' commission, carried on all the Summer, and was only stopped at the
Mr. Boutwell, under his approach of Autumn. Then he began to contract the cur-

much

loan.

mayconsolo himself with the reflection that the sale rency, imder the law which gave him the option of taking
of United States Fours at par is merely a question of time
in 4 millions a month of greenbacks, or of omitting the
and that Mr. Ch.ise attempted tlie very same task of prema. operation at his discretion. The people remonstrated, the
turely reducing the rate of interest, when he was Secretary press exposed the ruinous mischiefs which were being prefailure,

;

of the Treasury, in 18(54, and
failure

met with even a more signal
The negotiation of the 200

than the present one.

millions of Fives, 'ihich

just concluded,

Mr. Boutwell has

has been attended with some grave irregularity, which is now
Mr. Boutwell's
the subject of special inquiry by Congress.
explanation certainly puts the matter in a somewhat

was to no purpose. He went on conmonth after month, regardless of consequences, until the public mind was filled with disgust and
dread by the spectre of contraction ; and Congress finally
put an end to the Secretarjf's power to contract the greenback circulation under any pretext whatever. The growth

cipitated.

But

all

tracting the currency

he has of the country since then, the extension of the area for the
But in paying double
favorable light.
single
case
the use of currency by our increasing network of railroads, the
this
if
in
evidently exceeded his powers, and
precedent
that
no
taken
must
be
care
fault be overlooked,
adoption of greenbacks in the South, and throughout the
interest

—

all these
vast continent from the Atlantic to the Pacific
circumstances, and a multitude of others, have so increased
the legitimate demand for currency that the supply is not

be thus established fur the future.

CHIBLBS

On Monday,
duced

in the

to the specie
its

SU.'UiNER

iJID

SPECIE PAYMENTS.

Sumner intro- so redundant ; and the average price of gold, which is the
promoting a return best index of redundancy we have, has declined in response

according to promise, Mr.

Senate his new
standard

prospects, there

;

bill

for

and whatever

we may

no doubt that the scheme

think of to these forces.
in

some

respects the best that has ever been presented to Congress.

Still a largo

part of this decline

ascribed

multito the derangement of the foreign exchanges, and a
deaire
to
seize
Sumner's
Mr.
share
tude of our best thinkers

when gold is lower than at
two distinct principles, both of which have the present opportune moment,
to theapproxima
permanency
give
to
1862,
been frequently expounded in these columns. Thes^ princi- any time since
on the movement
carry
and
to
gold,
to
greenbacks
tion of
ples are the necessity of contraction and the use of interest

It is

based on

bearing notes as a means of contraction.

to the first

the need of contracting and lessening the volume

of the cir-

without delay to par.
But there is another impediment

Mr. Sumner's path

He cannot tell
besides this prejudice against contraction.
by
culation
it is now jjcnerally admitted
circulatioa
requires
the volume of the
authoriti<^s.
Depreciation of irredeemable piper money how much depletion
estimate
on this
No
coin.
always follows and is caused by redundancy, though the one to bring it to tho standard of
moat
The
conjecture.
pure
than
dies n'lt always kocp pvi>n p.ice with the other. Assuming subject is much more

—

that our

all

750 millions of currency

too much, and far ex- widely

ceeds the legitimate wants of the country, Mr.

poses to lessen

its

volume

;

the financial

Sumner

pro-

subject.

conflicting

statemenU have been put forth on

The alvocates of free banking

and as compound interest notes or no contraction

needful.

Another

tell

us that

class think (hat

this

little

from

THE CHRONICLE

764

;

[December

Eepayment of interest by Pacific railway companies
Homestead and other land fees

HDppartmmt Heporte.

9, 1371.
813.284 76
646.923 17
386.636 16
7,701,602 78
76,836 80
101,080 00

Steamboat fees and marine-hospital tax
'.
Proceeds of sale oi coiu-interest on sinking and special funds.
Judiciary— flnes. penalties, and forfeitures
,

Tax on seal-skins
Reimbursement to the United States for salaries of storekeepers
in internal revenue bonded warehouses

Treasury Department,
December

4, 1871.

567.236
580,366
686.887
211,721
1.140,120

Direct tax

Emolument fees

]'.'.'/.

—

country has been prosperous during the year now
finances have shared in the general prosclosing, and the public

Sm—The

Parting charges refining gold and silver bullion
Proceeds of Indian trust lands
Accrued interest on. and proceeds of sale of. Indian trust-fund
sticks, and interest on deferred payments on Indian trustlands

41
37

69
14
Q8

387,921-01
^*"During the fiscal year ending June 30, 1871, the reduction of the
decrease in the public Reimbursements to the United States for moneys advanced to
Dublic debt was };94,827,764 84. The total
meet
matured
interest on non-paying stocks held in trust for
was
$277,211,892
16
debt from March 1, 1869, to December 1, 1871,
various Indian tribes
36.536 00
charge has been re- One, two, three, and five-cent coinage
150,0li0 00
and during the same period the annual interest
Uuenumerated
746,441 43
duced »1 6,741,436 04.
_
,,
,
,
The revenues for the year 1871, and the receipts since the faret ot
t31,566,736 53
a considerable further
July last, show that the time has arrived when
in a
reduction in taxes can be made, and yet leave the Government
receipts for the first quarter of the present fiscal year were
The
position to pay at least fifty millions of dollars annually of the prin- From customs....
$62,289,329 37
pledged through the
cipal of the public debt, including the amount
From internal revenue
36,653,175 01
expressed
for
I
Congress
1870,
to
report
annual
602.6>-0 61
sales
of
public
lands
From
sinking fund. In my
contemplate
From
miscellaneous
sources
country
should
8.763,189 61
the
of
policy
settled
the
the opinion that
of the Government,
a revenue sufficient to meet the ordinary expenses
$107,198,374 60
pay the interest on the public debt, and from twenty-five to fifty
that
opinion
I adTo
annually.
principal
of
the
on
expenditures
for
payments
dollars
The
the
same
period,
of
excluding
millions
here, with even a stronger conviction that the payment annually upon account of the sinking fund, were
;

the principal of the public debt should not be less than fifty millions
of dollars.
,
,
^
Large as the revenues of the country have been during the last
three years, our system of taxation has not been oppressive to individuals, nor has it in any sensible degree embarrassed the business of
the country and while relief from taxation is desirable, it is yet
more desirable to maintain the public credit in its present elevated
position, not only as an example to other nations, but for its historical
value in enabling the Government to make loans for large amounts
upon favorable terms if, unhappily, in the future an exigency should

For civil and miBcellancous purposes
For War Department
For Navy Department
For Indians
For Pensions
For interest on the public debt

$16,579,732
12.690,663
6,613.040
3.4C4,133
8,090.698
36.726,124

;

require such loans to be made.
The power to negotiate a large loan at five per cent, interest, and
to enter upon negotiations for the sale of bonds bearing five, four-anda-half, and four per cent interest, is derived entirely from the exhibition of an honest purpose on the part of the people to maintain the
public faith, and the consequent ability on the part ot the Govern»ent to answer that expectation by large and frequent payments upon
the public debt.
The revenue from customs for the fiscal year 1871 was greatly in
excess of the estimates, amounting to |206.270,408 05, against $194,638,874 44, for the preceding year. The cost of collecting this
revenue was $6,n6i),672 61, for 1871, being three and eleven hundredths per cent., while the cost for the year 1870 was $6,287,137 26,

or three and twenty hundredths per cent.
The appropriation for the collection of the customs, with the additions derived from fines, penalties, and forfeitures, exceeded the expenditures by the sum of more than eight hundred thousand dollars,
and there is no doubt that the permanent appropriation will be ample
for the present year, and for the next fiscal year.
The reduction of the rates of duty on the Ist of January, 1871,
under the act of July 14, 1870, diminished the importation of many
articles during the last six months of the year 1870, but there was
consequently a large addition to the revenues for the first six months
of the year 1871.
comparison of the first six months of tlie calendar year 1871
with the first six months of the calendar year 1870, shows an increase
of fifty-five per cent, in the quantity of tea imported, twenty per cent,
in the quantity of coffee, fifty-three per cent, in the quantity of brown
sugar, one hundred and twenty per cent, in the quantity of pig iron,
one hundred and eighty-six per cent, in the quantity of raelaoo, one
hundred and thirty-nine per cent, in the quantity of spices, and a
large increase in many other articles.
The probability is that the customs revenue for the current year
will exceed that for the year 1870-'71.
The receipts from internal revenue were $148,098,168 63, being
$4,048,984 2 less than the estimates presented to Congress in December last, for the fiscal year ending Jnne 30, 1871. The estimates for
the current fiscal year were $126,418,000, and it is probable that the
receipts will be equal to the estimates.
The net receipts for the fiscal year ending June 30, 1871, were as

$83,903 382 92

The estimated receipts for the remaining three-quarters of the
present year, are as follows:
$148,000,000 00
From customs
80,l'00,000 00
From internal revenue
From
From

2.000.000 00
18.000.000 00

sales of public lands

miscellaneous sources

$2.">8.00n,000

The

estimated expenditures for the

ments on account of the sinking fund, are
For civil and miscellaneous purposes
For War Department
For Navy Department
For Indians
For Pensions
For interest on the pubUodebt

$60,000,000
31,000,000
13,600,000
6,000.000
24 000,000
86,000.000

These estimates show a balance applicable to the payment of the
principal of the public debt for the fiscal year ending June 30, 1872,
$71,794,991 C8.

The receipts and expenditures for the fiscal year ending June 80,
873, are estimated as follows
BEOEirrs.
$212,000,000 00
From customs
126,000,000 00
From internal revenue
3,000,000 00
From sales of public lands
18,000,000 00
From miscellaneous sources
1

$859,000,000 00

EXPENDrrUBES.
Legislative establishment

Executive esUblishmont
Judicial establishment
Military establishment
Naval establishment
Indian afiaira
Pensions
Public works under Treasury Department
Public works under Interior Department
Public works under War Department
Public works under Navy Department
Public works under Agricultural Department

$3,104,500
244,800
14.609.662
1.483.1U0
26.600

$388,323.944 89

The expenditures for the same period
Forci\-iland miscellaneous purposes

were
$69,408,710
*36,799,991
19,431,027
7.426.997
34.443.894
125.676,665

For War Department
For Navy Department
For Indians
Fop Pensions
For Interest on the public debt

97
82
21

44
88

$292,177,188 26

Postal service

Miscellaneous
Permanent appropriations
Sinking fund
Interest upon the capital of the sinking fund

••

for the

year ending June 30,

fiscal

1871, were derived from the following sources
Premium on sales of coin

Fees from United States consuls
Storage, rent, labor, &c„ at custom-houses
Fines, penalties, and forfeitures for violations ot customs laws.
Fees on letters patent
Tax on circulation, deposits, &c., of national banks

$8,892,839
666.663
414.310
962.679
620.319
6,003,684

96
24
61
86
11

the net amount after deducting $8,280,093 13 repaid into the Treaordnance, etc.
The true expenditurM were
$M,«80,084 96.

*This

ury

i«

as proceeds of ule« of

40
38
00
88
95
97
00

19,4«8.5«2
6,474,001
11.268,325
126.281,974
22,896,930
5,783.333

97
00
00
00
00
00

$301,705,036 99

These estimates show a balance of $57,294,963 01 applicable to the
of the principal of the debt, in addition to the sum of
$28,679,263 due on account of the sinking fund, or the sum of $85,974,226 01 in all.
In the estimates for the next fiscal year I have not included in the
receipts the premium on gold which may be sold, nor in the expenditures the premium which may be paid on bonds to be purchased in
currency.
In the suggestions I have the honor to make in reference to the reduction of taxes, I keep in view two important facts first, that the
ability of the nation to pav at least fifty millions annually of the
principal of the public deljt shall not be impaired and, secondly,
that in the change of tlie revenue system no violence shall be done to
the business interests of the country. While I do not undertake to
state precisely the causes which have contributed to the public prosperity, there is no substantial reason for questioning the truth of the
statement that the last few years have been the most prosperous in
the history of the country years without example in our own affairs,
and without parallel in the aflfairs of any other Government.
It is practicable to dispense with all revenue from internal sources
except that derived from stamps, spirits, tobacco, and malt liquors.
These sources should furnish for the year 1872-78 a revenue of about

payment

;

The miscellaneous revenues

$3,421,812
17,443,631
3,383,360
31,422,609
18,946,088
6,446,617
30,480,000

00
00
97
00
00

r^
$206,270,408 05
143,098,163 63
2,388,646 68
31,666,736 63

00
00
00
00
00
00

$209,500.0(10 00

follows

same period, excluding pay-

From customg
From internal revenue
From Bales of public lands
From miscellaneous sources

46
05
93
42
69
37

;

December
one hnitdrad

THE CiHRONlCLE

9, 1871.]

t«D mllUona of dolUn, making » ro'lK'^ii.o.
of sixtoon mllllona of Hollaro.
The revenue from ni
litlng Uw>, And from lands and mUcelUnnouD sourci'^

..r
'

««(«,

of additional

exiMiunt

l>e«n InHued.

about two liundroci and lliirty-throe nillliona more, uakiuv a totJU
rcvonno fur that year of tliroo hundred and forty-three mUllona of
to

dollarH.

The rxpcnaoa of the Oovornmunt, not including the amount payable
on account of the ainkin^; fund, arc patimated at ^278,025,773 IKi.
If to thia suui bo added fifty nillliona of dollars for
pnvnu'nU on
aoconnt of the publlo debt, including the amount due on the alnklng
iiiTi.l
ili.io remains a balance of about
twenty millions, within which
Mluri
MS may bo made in the revenue from cusUiins.
This amount,
h.I.I.hI 1.) the reductions |)r()po«ed
under the inU-rnal rovonne laws,
.

total roiluitiou of thirly-aix uiillions.
In this view, I respectfully recoiuuiond to the
consideration of
^
Congress the reduction of the duties on salt to the extent of fifty
per
cent. ; the duty on bitumlnoiw coal to fifty conU
fjives

per ton

;

the reduc-

tion of the duty on raw hides and skins
and the removal of all dutlca
from a large class of articles prodnce<l in other oountrioe, which
enter
into the arts aud munufacturos of this country,
and which are

bank

766
and

eircqlatloa,

thM the

sorn'of

|M,)n8,M0

By virtue of the same act, the Treaanry ha* radoemed |1>,2>0,000
of the three per eeot. eertUleates then In circniatton, leaving lit* svn
of t23.48ii.0<ii) now ootsUndlnK.
inl.'. the liberty nt somatlng,
I
that it npnearH l« me to lie wis.'
diatribatloo of to* etmi'
•

lation HUiliori/.ed

by said a<-t aa v
la.
Should the SUtes that have already received their propnrtlon of
circulation be authorized to take what may remain, only a brief period
will elai>se before n demand will bo made from Statea with ifmlted
circulation for an increase.
It seems prudent therefore, to retain the
balance of the fiftv-fonr rolllions for dlitribntlon in those Htatea now
it, on the basis of equality of apportionment.
The details of the subscription to the I»an show that the National
lianks have, uijon the whole, acted llberallv— more than a hundrsd
millions of dollars having been subscribed for by them on their own

having a claim to

account

;

produced

not

in the luitoil .Stales,

and the revenue from which is inconwith the revenue derived from each article, Is
preparation, and will be submitted to Congress.
The removal of duties from a large class of nrticles used in manufactures, and the reduction of the duties upon coal, furnish
an opportunity for a moderate decrease in the rates of duties upon those products whose cost will be diminished by thc«e changes.
While nothing, as the consequence of legislation, conid be more
disastrous to the public prosperity tlian n policy which should destroy
or seriously disturb the manufacturing interest of the country, it is
still possible, by wise and moderate chnuges adaptod
to the condition
of business and labor, to reduce the r«tc8 of duties with benefit to
every class of people.
The average premium on gold for the year 1868 wag X9.M per
cent.
for the year 18«9 it waa 82 66 percent premium
for the year
187i> it was H.8.3 per cent premium
and for the first cloven months
of the year 1871 it was 12.1 per cent premium.
The value of the
paper currency of the country during the years 1869 and 1870 waa
apparently appreciated by the increased use of paper money in the
South, but chiefly by the establishment of the credit of the United
SUtes upon a hrm basis. On the first of January, 1871, the last
named fact was fully accomplished, and since tliat time the apprecintion of the paper currency has been due wholly to the increased deMiand for it in the business affairs of the country. The difference

siderable.

Such a

list,

m course of

;

It Is not nnressonable to tender to these instltations the opportaoHgr
to subscribe for bonds under the Aot of Joly 14, 1870. to an amooat
o<iual U> the deixwdta recpiired of them aa security for circuUtion, aad
to couple that offer with a provision that, after ninety days, to the

extent that the offer mav be declined, other banking associations may
be formed In the several States whore the existing tanks shall bavs
failed to make the required sabscriptlon, and the circulation transferred from such banks to the new aseodations.
The banks now organized cannot justly complain If, havinK an op
portnnity to pursue the business n]>on the new bonds, and declining U,
other associations shall succeed to their franchisee and rights.
The business of the Bnrean of Engaving and F'rintinK has been carried on with diligence during the year, and with satisfactory resolta.
Althoogh some efforts have been made at connt^rfeiling the speeia]
papers used by the Dcparlment, they have not been aurcesafnl, and the
specimens captured are so crude as not to excite serious apprehensioiM
as to their ultimate success.
Since the first of July, 1869, seventy million sheets of paper bare
oeen manufactured, all of which have Men accounted for on the books
of the Depsrtineot.
I reepectruUy recommend that an appropriation be made for a new
issue of national bank notes.
Those now in use are much worn and
very successful counterfeits of several denominations have appeared.'
The public building used aa a custom-house, court-house, and postoffice, at Chicago, was destroyed by thegre^t fire on the 8th of October
last
The exterior walls remain, and the bnilding conld be repaired,
but, anticipating the growth of Chicago, and the magnitude of its
public business, I advise the erection of a bnilding suited to the wants

lietween the value of paper money at the present moment and its
value on the first of December, 1870, may be attributed to the latter
cause, and lurnishes the best means which the country has yet had of a first class city.
for ascertaining the quantity of paper currency which can
It is important that a much larger piece of land sbonld be obtained,
oe used
and its value kept at par with gold.
either by addition to the present lot or by the purchase of another
The result of this test concurs with what seems to me to be the site. On the 1 8th of October last, I wrote a letter to Goventor Palmer,
best opinion upon the subject that the amount of paper money in asking him to recommend to the Legislature the passage of an act
circulation is still so great that it cannot be maintained in value at granting authority to the Courts of the State of Illinois to condemn
par with coin. There are two modes of relief one is to reduce the such land as might be required, in cose the Government should be
volunne of currency, as was recommended by me in my annual report unable to obtain it by purchase at a reasonable price, payment to be
submitted to Congress in December, 186a ; the other mode is to await made upon an appraisal. In every case, the site for a building erected
the growth of the country, and the increasing demands of business, by the Government for public uses should be larjce enough to separate
which in time will produce the desired result.
it from all other structures, thus furnishing sufficient liKbt for the
The chief means of securing the end sought, without a reduction prosecution of business, and adequate security also asainat tire and the
in the volume of currency, would be the use of paper money upon the
depredations of lawless persons.
It is hardly necessary to say, that
Pacific coa«t.
With this object in view, s: ,i» have already been in the existing condition of affairs nt Chica(;o. it is important that an
taken by this Department for the purpose of i, 'certain! ng whether it appropriation, available during the present fiscal year, should be made
is practicable to substitute paper for n 'i. and I have reason to anticiwithout unnecessary delay.
Since my last annual report, the Supervising Architect has compate that a change may be made in
o laws relating to National
Banks tending to that result, which will not affect unfavorably the pleted the custom-house, court-house, and post-office, at Portland,
general character of the systoni.
Maine
the court-house and post-office at l)es Moines. Iowa the
It is my duty to call the attention of Congress to the importance of court-house and post-office at Madison, Wisconsin ; the appraisers'
abolishing the system of shares in moieties, as far as the benelits inure stores at Philadelphia ; and the assay office at Bolce Clir, Idaho.
to revenue ofiicers, and other persons officially connected with the
It Is now expected that the custom-house and poet-office at St Paul,
Government. This measure was recommended in my last annual re- Minnesota ; the marine hospital at Chicago, Illinois the court-house
port, and a statement was submitted to Congress showing the amount and post-office at Astoria, Oregon ; the rustom-honse at Machias.
received by officers of customs, together with a bill increasing their Maine; the branch mint at San Francisco, California and thecuslomsalaries without any increase of appropriations from the Treasury
house at Cairo, Illinois, will be finished and ready for use by the first
;
the sum now paid from moieties being i|uite sufficient to place the day of July next
At that time there will remain, in an unfinished
entire force upon a satisfactory footing
condition, the conrt-house and poet-office at Columbia, South Caroregard to pay.
During the last fiscal year the office of collector and surveyor of lina; the custom-house at New Orleans, Louisiana; the customthe port of New York each received from moieties the sum of house at Charleston, South Carolina ; the court-house and post-office
149,215 «9, and the naval office the sum of »48,19r. :,9.
at Knoxville, Tennessee
the cnstom-house and poet-office at Portland,
In most of the cases the officers do not perform special ser^-icee en- Oregon the court house and J^oat-office at New York; the post-office
titling theiii to the amounts granted, and importers and others whose and independent treasury at Boston, and the custom-honae and postaou are made the subject of investigation, complain, and, I think, office at Omaha, Nebraska.
with just reason, that the agents of the Government h.ivo a pecuniary
The proseeuiion of these works fonr of which are of great! mportinterest in pursuing those charged with violations of the law.
connection with public buildings to be erected at Chicago,
The ance
Government ought to pay fair sahu-ies, and rely upon the good faith and the erection of marine hospitals at Pittsburg, San Francisco, and
of its officers for the performance of their duty.
One of the difficulties New York, will. In my opinion, sufficiently occupy the SapcnrWog
which the Depbrtment has to meet, frequently, is, that customs offic«ra Architect of the Treasury, and the force at his command. 1 oaaaot,
have an interest in proceedings for the discovery of fraud, the settle- therefore, adviae appropriations for other pnblic buildings ODtil tooM
ment of casea, or the proeecntion of them, which ia different from the of those in process of construction shall have been completed. The
real interest of the Government ; and, aa a necessary reanlt the con- points at whii'h t)ie erertion or repair of public buildinxs Is Boat
duct of such officers is open to suspicion, both on the part of those needed, are Hartford. Indianapolis. Cincinnati, and ^t. Loois.
who are pursued by them, and the Government that they oetcnsibly
Under an aot passed at the last session of Congress, appropriating
represent.
two hundred thousand dollars for the purpose of more effectually
It may be deemed expedient to leave the law as it now stands in securing life and property on the coasts of New Jersey and Loag
regard to iiifurmers who are not officers, making it a penal offense for Island, a careful exaini nation of the coast and of the Ufe-eaviogstatiaaa
any officer to enter into an arrangement with an Informer for any has been made by experienced officers of the revenue service. In acshare of the proceeds of the inlormaUon, and giving to the informer cordance with their report propoeals were invited and accepted for
perpetual right of action for the recovery of any money or other val- the erection of fourteen new hoosea on the roast of New Jersey and
uable thing paid or given to an officer engagc<l in the discovery or six upon the coast of Long Island. Repairs are also ""^"g upcsi the
prosecution of a fraud or legal wrong against the Government.
old booses on the Long luand coast.
The report of the Comptroller of the Currency shows that one hunThe operations of the roast surrey, which sre an4«r tb« admlDis'
dred and forty Hv.i banks have been organized under the act approved trative alrection of this Department, have been proMeaM with the
Jnly 12. 1871, providing for the issue of fifty four millions of^ dollars usual energy, as will be seen front the brief report of ptOftt«s mads
:

;

—m

—

THE CHRONICLE.

7(!6

the Superintendent, in «dT«ncB of the usual detailed report, with
maps. annuiiUy submitted to Congress.
The survey of the Atlantic coast is now rapidly approaching completion. hat of the Gulf coast is more than half finished, and the work
on the Pacific coast is being pressed forward vigorously.
The estimates submitted substantially conform to the appropriations
An increase is asked for the item of extending
for the present year.
the triangulation across the country to the Pacific ocean, great interest
having been manifested by the authorities of the States traversed in
the prosecution of the work.
The business entrusted to the Light-House Board is one of the most
important branches of the public service in the control of this Department, and I am able to state that it is conducted with fidelity and
with reference solely to the mariiime interests of the country.
The estimates made by the Light-House Board exceed the appropriations for the present year, but they appear to be necessary, and I

recommend them to the consideration of Congress.
Under an act of Congress, approved July 80, 1870, Dr. John M.
Woodworth has been appointed Supervising Surgeon of the Marine
respectfully

Hospital Service.
ment.

His administration

The average number

is satisfactory to

the Depart-

of hospital patients for the fiscal year ending

was one thousand and sixteen, and for the year ending
The total
30, 1871, one thousand one hundred and ninety-eight.
cost of the service for the first-named year was $406,624, being an
average for each patient of $1 09 per day; and for the latter year

June
June

«0, 1870,

$453,082 42, or an average of $1 04 per day.
In the first-named year the hospital tax was $168,163 70, and in the
latter year it amounted to $29.S,5»2 14.
The Supervising Surgeon is of opinion that pavilion hospitals are
better adapted to the successful treatment of the sick than the ordinary buildings of brick and stone, while the expenses are only onefourth as great.
In accordance with this suggestion, 1 recommend an appropriation
of fifty thousand dollars for the purchase of land and the construction
of a pavilion hospital at Pittsburg, Pennsylvania. The present hospital is situated in the vicinity of iron mills and railways, and as it
can be sold for about seventy thousand dollars, the Government will
be fully reimbursed for the cost of a new hospital, while the comfort
of the patients will be promoted.
An estimate has been made that the sum of fifty thousand dollars
will be sufficient for the construction of a pavilion hospital on Angel
Inland, in the Bay of San Francisco, sufficient to accommodate one
also hundi'ed and hfty patients, and 1 recommend an appropriation of
that amount for that purpose.
I also respectfully renew the recommendation, made heretofore, for
a pavilion liospital ni'ar the city of New York sufficient for the accom-

modation of two hundred patients.
The Revenue Marine Service employs twenty-five steam vessels and
eight sailing vessels. In addition to these, there are two large steamers
upon the Lakes, not in commission, and two schooners upon the coast

condemned as not fit for duty.
Of the six large steamers upon the Lakes, four only are in commission, and as the others are not needed, I have the honor to recommend
that authority be given for their sale.
During the last year four iron steamers have been built three of
two hundred and fifty, and one of three hundred and fifty tons burden.
Under the existing appropriation of two hundred thousand dollars,
the Department is about to issue proposals for four small iron propellers, two for the Pacific and two for the Atlantic coast.
A further appropriation of two hundred thousand dollars is needed
to enable the Department to carry into effect the recommendation of
the Commission, whose report was approved by the Department and

—

submitted to Congress May 26, 1870.
The plan recommenned by the Commission, when fully adopted, will
eflfect a reduction in tlie expenses of this branch of the service of about
five hundred thousand dollars, or about thirty-four per cent, of the
whole cost. The changes proposed contemplate the use of vessels of
less timnage, and a consequent reduction in the number of men employed.
The expenses of the Kevenue Marine Service for the year ending
June So, 1871, were *1,261,984 62, against $1,188,393 31 for the preceding year. The first quarter of the present fiscal year shows a reduction in expenses of $83,201 42, as compared with "the corresponding pi-riod of the preceding year.
At the date of my last report, a board of officers was in session
charged with the duty of examining the officers then in active service.
Tha report showed that five captains, ten first lieutenants, nine
second lieutenants, and ten third lieutenants, were not qualified for
duty.
The persons found to be incompetent have been discharged,
and their places have been filled by promotion and by the appoints
ment of additional officers, after a competitive examination.
There are several officers in the service who, on account of age, are
unfit for active duty.
For the supply of officers in their places, and
for the increase of the number of engineers, rendered necessary by
the substitution of steam tor sailing vessels, additional appropriations
are required ior the next fiscal year. This branch of the public service is, upon the whole, in a satisfactory condition.
During the third session of the 41st Congress, a bill was submitted
for the organization of a Mint Bureau.
The bill passed the Senate
but failed in the House of Representatives; though not, as I am informed, Irom any objection to the principles on which it was framed.
I urgently recommend the passage of a similar bill at the present session of Congress.
All the Mints and Assay Officers are nominally in
charge of the Treasury Department but there is not, bj- authority of
law, any person in the Department who, by virtue of liis office, is supposed to be informed upon the suljject and no one on whom the
Secretary of thi; Treasury can officially rely for information or aJvlce
in the management of this important branch of the public busines'!.
It is estimated that the internal commerce of the country is fifteen
times as great as our external comnjerce, but the statistics are not
;

;

[December 9 1871.

"~-'

trustworthy or complete; and I respectfully recoramand that provision be made for obtainina; such roturns as will show fully the trade
of the country upon the rivers, canals, lakes and railways.
The report of Mr. Charles Bryant, Special As;ent. who has bad charge
of tli» fur seal-fishery at the Islands of St. Paul and St. George, shows
that ttie business has been conducted by the Alaska Commercial Company in substantial conformity to the terms of the coniract. Mr.
Bryant suggests an approi>riation for the construction of a house upon
each island, for the accommodation of the agents of the Government,
who at present are dependent upon the company for board and shelter and, although I am not aware that any evil has resulted fi-om
the arrangement, it is manifest that it ought not to be continued.
It
is estimated that an appropriation of fivg thousand doUai-s will be snf
ficient for a suitable building on each island.
The agents charged with the management of the seal-fishery have
been detailed from the customs service. As the full number of agents
authorized by law is needed up(m customs business, I respectfully
recommend that autliority be given for the appointment of two agents
and two as.sistant agents, and that a suitable appropriaJion be made
The necessity of two agents at each
for their salaries and expenses.
island is apparent.
The agents will desire to return to th* States as
and, moreover, it is wise for thw Governoften as once in two j'ears
ment to have not less than four persons in its employment ojBnected
with the care of the people and the business of the islands.
Mr. Bryant also makes suggestions as to the further provisisii for
the care of the natives, which appear to me to deserve consideraliJmc
I again call the attention nf Congress to the importance of increasing the salaries of the Bureau Officers and Heads of Division in the
Treasury Department.
At present there is gi-eat inequality and injustice existing. TheFirst Comptroller receives a salary of five thousand dollars a year,,
while the Second Comptroller .and other Bureau Officers, whose duties are hardly less important, receive only three thousand dollars.
The Solicitor of the Treasury is upon a salary of three thousand five'
hundred dollars, while the Solicitor of Internal Revenue, whose duties
are less important, receives a salary of four thousand dollars.
The Heads of Division, in the Internal Revenue, receive salaries of
twenty -five hundred dollars per annum, while in every other branch
of the Treasury they are selected from fourth class clerks, whose salaries are fixed by law at eighteen hundred dollars a year although,
for several years an appropriation has been made from which the Secretary of the Treasury, in his discretion, has increased the salaries in
his own office to twenty-eight hundred dollars per annum.
It is not an exaggeration to say that the head of a Division in charge
of the loans of the warrants, or of the sub-treasury acoounts occupies a position in which the country and the world are more concerned
than in that of the Collector of Custums at New York yet the latter
officer receives more than fifty thousand dollars a year, while it it
with difficulty that the former is able to secure the inadequate sum of
twenty-eight hundred dollars.
The same remark might with truth be made of several l^ureau
Officers, and of persons in the office of the Treasurer of the United
;

;

States.
In this connection, I also recommend an increase of the salary of
the Supervising Surgeon of the Marine Hospitals.
duty to speak of the provisions of the act creating^
I think it

the Department of Justice, by which the Solicitor of the Treasury an*
the Solicitor of the Internal Revenue Office are made officers of that
Department. The proper and essential duly of the Solicitors is to
give advice to the Secretary and Bureau officers upon questions which
Under the existing
arise in the daily business of the Department.
system, the Attorney General is made nominally responsible, while,
in fact, he ought to be exempt from all responsibility for the advice
given by these officers, that, upon a reference to him of questions
which may have been previously considered by them, he may be free
These officers should receive- their
to revise or reverse their action.
appointments through the Treasury Department, and be responsible
to its head. It is a fundamental error in administration, to place in ene
of tlie Departments officers deriving their appointment from another

Department.
Should the Attorney General transfer these officers to the Department of Justice, as appears to have bteu contemplated by the act, this
Department would be deprived substantially of their services. I
earnestly recommend the restoration of these officers to their former
positions in the Treasury.
The examination of persona designated for clerical service, and for
promotion in the Treasury Department, has been contintjed, with
beneficial results and the examination is even more exacting in its
requirements than at che date of my last annual report. Means will be
taken to extend the system, with such modifications as the dififeTence
of duties may suggest, but with equal efficiency, if possible, to the
principal custom-houses, and to other branches of the public service
;

under the control of this Department.
On the 28th of February last, public notice was given that on the
6th of the following March, books would be opened in this conntry
and in Europe for subscriptions to the National Loan, under the act
approved July 14, ls70, and the conditions on which the subscription?
would be received were also made known. All the national banks,
and a large number of bankers both in this country and in Europe,,

The first preference was
given to subscribers to the five per cent, bonds within the limit of
two hundred millions of dollars. On the Istof August, the subscriptions amounted to sixty-five millions seven hundred and seventywere authurized to receive subscriptions.

five

thousand

five

hundred and

fifty dollars, chiefly

the national

banks.

Under date of July 14, 1871, a dispatch was received from Hon.
Williara A. Richardson, Assistant 8ecretar3' of the Treasury, then in
London, stating that certain bankers in Europe proposed to lake the
remainder of the two hundred millions of five per cents, upon certain
This proposition was considered and modified, and early
o<i(jditions.
with Messrs, Jfty Cooke A Co.,
In, August an agreement was made

;

December
r«prM«ntlng

THE CHRONK

25. 1871.]

l)«nkorii

t«fnia of tli« ii(trofn>ont, tV
4 Co. Iind the right to ^'

l^urope »nd In

mllllona of Mid Ixinds, l'\
to th« lir«l of April next, mikI by
•od for An nverago of it lc*»t live
monlh during; the intorvcnliiif time,

banks to

tlio

o^ rrtitp-ici

(iiibH<'ribo for lifiy niilliona

By tho
MoMm. Jny Cooko

by
nt

any time prorluiia

tpii inillionii

(lolliir* <>r

first,

during the war

U-rof Iho two hiindrod
*l once

honiU par

liK rii;ht of tho mtttonid
of (li>llan wltliln alxty daya from

tho '^.Mh (lay of August.

7«7

the deatrneiioa et Am«ri««a rtmiU by r«M wutowi
and. aaeoiHtly. th« labctitattoii of iroa tUaiiHMtM
fur transportation of freight and puMngan npon th* nriMn. la plaes
of Miilinf; rniceU and ateamahlpa built of wood.
V^
T opene<l, Rngllah buildanr of Iron (UMMkip* had ae<)"><
'>ble prortrlency, and alao* that psiiod IIm arthaa htm
carro"! lo nii;lior parfeolton Iri Uraat Britain than In any othar part
of the world.
It (a stalad that th« aapertority of Britiah unufcliw I
and knowledge of lh« boalnaaa by the Britiah meohanlei fiv*
aovanta^ orer Amerloaa ahlpballden eqaal at laaat to tan par east opo*
tho cost of construction. Thay poaaesa additional advaatacaa In tba
cost of labor, the cost of Iron, coal, and other materlala, and In the rata
of intereat npon the capital employed, eqoal in all to about twenty par
cent, more, ao that the difference in faror of Britiah ahlpbnlldarsla at
lesat thirty per cent.
In conaidering the means for the restoration of onr ocean eomnMrea,
two facta must be aceaptad : first, that It la oaeless to sttampt to ravivo it with wooden ships; and, secondly, that Iron ships roorad by
aails cannot compete with Iron ahlns propelled by steam.
RsD«a, the
only practical qnestlons for consideration are theaa: can the eonatme
tion of imnsteaimshipa be established in this country, and, if so, by
cansee

ITnltei] Statss.

I-E.

;

It waa alao aervr<l that the aubacriptlona ahould nil be made
through national Ennka, and ccrtifioatca of doi)nait tliprefor iaaned by
aaid banka to the Secretary of the Troaaury, bonda to bo lodged with
tho Treasurer of the United Slatea for llie amount of the depoelt. By
a printed circular iaaucd on the loth of Auguat, 1H7I, it waa announced that nntiiinal banka making or obtaining siiliscrlpllona, payable in coin, would be designated by the Secretary of the Treasury
as depositaries of public money, on the usual conJitlon of placing in
thi bands of the Treasurer of the United States bonds of the United
Statea for the security of such deposits and that, at the commence
ment of each month, notice would be given of the redemption of an J
amount of bonds equal to the amount of eubscriplions in coin for tho
preceding: month, mtercst to cense in ninety dnys from the date of what menus?
'
Tho trans-ocean commerce of the United States would employ about
such notice.
six million tons of shipping. If each vessel made bat one roand voyage
It was also stated in tho circular that, as tho bonds called should
mature, the deposits would be drawn from the several banks propor- in n year. The value of our exports and imports has already reaehad
the sum of nearly eleven hundred millions of dollars, and anring the
tionately.
present decade it will exceed fifteen hundred millions of dollars an
It was further agreed that the subscribers to the loan should reThe annual rotnrns for freight and passengers are about one
oeive as commissions whatever might remain of the half of one per nually.
cent, allowed by law upon the two hundred millions, after paying the himdrod milliona of dollars.
advertising,
deThe history of the loss of our commerce, aa shown in the statistics
eost of paper for the bonds, for engraving, printing,
already given, renders it certain that without some efficient action on
livery, and nil other cxpcnaos of the same.
Under this agreement the books were opened in this country and the part of the Government, the entire foreign trade of tha coontry
will soon pass Into the hands of onr rivals.
In Europe, and by the last of August subscriptions were obtained for
The monopoly of the trade between the United States and Eoropa
the entire amount, offered.
On tho first of September public notice ws-m given that certain by foreign merchants and shipbuilders carries with it the monopoly
five-twenty bonds, to tue amount of one hundred millions of dollars, of shipbuilding for the entire world, and, as a consequence, the Atlantic trade, the trado of the Pacific, and the seas adjacent thereto,
of llio issue of 1862, specified by number os nearly as was practicable,
according to the provisions of tl>e act of July 14, 1870, would be paid will bo carried on in English-built steamers.
A n alteration of tho law by which foreign-built vessels may be adon the first of December, and tliat the interest would cease on that
date.
Of the bonds so called, more than eighty millions of dollars are mitted to American registry will furnish no adequate relief. On the
now in the possession of the Department; ol which amount, seventeen contrary, the change would stimulate shipbuilding in England, while
millions of dollars have been paid in coin, and the remainder have the prospect of establishing it on this continent would diminish in
proportion to the prosperity of the business in the ship-yards of our
been received or deposited in exchange for the five per cent, bonds.
Previous to September, five per cent, bonds to tho amount of rivals.
The work
$62,1S9,.'>60 had been issued and payment made therefor.
In view of the facta of our extensive coast upon the Atlantic and
of delivering the bonds subscribed for at that date is now going on, Pacific oceans, and onr position with reference to Europe and Asia,
whole
and under such circumstances as to leave no doubt that the
the country ought not to be satisfied with any policy which does not
business will be concluded in a brief period of time.
look to the establishment and continuance of shipbnilding in the
Secretary
the
national
banking
system,
tho
tho
establishing
By
act
United States, the encouragement of our own seamen and merchants,
of the Treasury was authorized to make them depositaries of any pub
and the control of so much, at least, of the commerce of the world as
lie money, except receipts from customs; and tlio act authorizing the
is derived from the export of our prodncts and the importation of
refunding of the national debt directed the Secretary of the Treasury articles required for domestic consumption.
to give three months' notice of the payment of any bonds which, in
Tho removal of duties npon foreign articles used in the construction
such notice, might he specified and called for payment. In the same of iron steamships, or the allowance of a drawback equal to the amount
act it was provided that the money received for the new bonds should of duties paid, will not, in the existing condition of things, secure the
be nsed only in payment of bonds outstanding known as five-twenty re-establishment of the business. But were it otherwise, the removal
bonds. The statute proceeded upon the idea that tho holders of five- of duties or tho allowance of drawback raises practical questions of
twenty bonds should receive three months' interest upon their bonds great difficulty, while any concession by an indirect process la likely
after notice should be given by the Government.
Several
in tho end to prove unnecessarily expensive to the countrr.
As this notice could be given safely only upon subscriptions already of the existing lines of European steamers were established by the aid
made or secured, the general necessary result, even in case the money of Government subsidies. They are still encouraged by t)ie same
were paid into and held in the Treasury of the United States, would means; and it is unreasonable to expect that our merchants and
be a loss of interest for three months.
shipbuilders can successfnlly compete with this formidable comOn the Ist of August last tho demand for the new bonds had nearly bination, unless they are supported by the power of their own
necessary
loss
to
the
referred
to,
the
njjrecment
ceased but, by tho
Government.
Government incident to the refunding of the public debt was made
After careful consideration of the whole subject, I am prepared to
the means of securing subscriptions to the amount of about one hunadvise the passage of a law guaranteeing to persons who may employ
dred and thirty millions, of dollars.
in the foreign trade American-built first-class iron steamships of not
The banks, or those represent ;d by the banks, derived an advantless than two thousand tons burden each, an annual payment, for the
age in the use of the amount of their sabscriptions for three months,
period of five years, of the sum of thirteen dollars per ton. The
but this without other loss to the Government than what Was incident
subsidy should be proportionately less to ressels of lower classificato the negotiation of the loan under the law.
tion.
I am informed by Judge Richardson, and such is my opinion, that
In making this recommendation, I do not assume that there is ao
the most serious obstacle in the way of negotiating the four and fourrestoring onr commerce, but I present
and-a-balf per cent, bonds in Europe is the inadequacy of the commis- other practicable method of
When the circular of the 28th of February last was it as the method which appears to me to be the most efficient and
sions allowed.
issued, one or two loading European bankers declined to act as agents, oconomicaL
Connected with this pUn, it will be wise to consider whether the
and lam persuaded that others wlio accepted the agency failed to give
that attention to the business which would have been bestowed upon ships may not ba so costmcted as to be available for naval pitrpoaaa,
and, in case of war, subject to the right of the United SUtcs to taka
it had the commissions corresponded more nearly to those usually received by them for the negotiation of public loans. The credit of the them apon payment of their appralMd value. A similar sonestioa
cODOtry IS fully established in every financial centre of Europe, and was made by the SecreUry of the Navy in his report for Uw yaar
the bonds of the United States can bo negotiated at their market 1869. Thoy should also bo required to carry the mails upon moderata
Taloe in alarger number of cities than the bunds of any other country terms, or in consideration of tne subsidy.
The use of sailing vessels and steamers built of wood may be conUnder these circumstances, I think it my duty to aiiin the world.
ise such an allowance for commissions upon the four aud four-and-a- tinned sacoessfiillyTn the coasting trade, the trade with the British
balf per cent, bonds as will secure tho negotiation of them with the possessions, and upon the rivers and lakes of the country but aay
It needs no analysis of tho subject to show that effort to regain onr former position npon tha ocean by their agaaey
least possible delay.
the interests of tho country will be greatly promoted by the proceed- most end disastroualy.
ing, eyen though the commissions should seem to be unnecessarily
I enterUln the opinion that the policy snggestad will ba effBctaal,
large.
I also recommend that authority be given fur the payment of
and that In a oomparatively abort period our mechanics and artisans
interest in London.
This can be done without the least costorriak to will acquire equal akill with those of England, and that we shall not
tha Oovernment.
only have the aid of the best machinery now in usa elsewbara, bqt
Keturna for the fiscal year 187i>-'7I, show that the ocean commerce that important improTsmenU will be made, calcolatad to ptaea the
of the United States is passing rapidly into th« hands of foreign mercountry in a poaition of superiority.
chants and shipbuilders. In the year I860, pearly seventy -one per
Wo ahall also ba able to test practically tha ^naUty of Amarioaa
cent, of tho foreign commerce of this country jvas in American ships
iron, which, for the purpoae of shipbaildiog. Is rapraaaatad as batter
than that used in Great Britain.
in 1834, It bad fallen to forty.aU per cent; in 18tiS, to forty -four
percent
and io 1871, it Is reported it less than thirty-eight per
If it shall appear, aa is claimed, that American iron ia about tan par
oent. better than tho Iron used In Englsa^i an adraatag* will b« »*
Tb« )o«» of tba iblpplog pf ^t fJnltad ^tatas U das oblafly to tva i)Qr*d, not only In the dlmlnlahsd oost of (ha rsaaa)«, Ml llao la the
;

;

;;

THE CHRONICLE.

768

increased tonnage capacity of American ships of equal dimensions
over those constructed with inferior materials.
Accepting as a truth, established by experience, that the ocean
commerce of the world is to be carried on in iron steamships, we must
consider and decide whether the United States shall disappear from
the list of maritime nations, or whether, by a determined and practical
occupied previous to the
effort, we can regain the position which we
late Rebellion.

GEO.

BOUTWELL,

Secretary

the Trearury.

REPORT OP TUE COMPTROLLER OF THE CURRENCY.
Office of the Comptrollkk of the Curkenct,
Washington, November 10, 1871.

}
)

In compliance with the provisions of section 61 of the
National Currency Act, I have the honor to present through you
to the Congress of the United States the following report for the
year ending September 30, 1871
Since my last annual report, one hundred and fifty-five National Banks have been organized, making the total number to
October I, eighteen hundred and eighty-six. Of this number, ten
banks, to wit
The Central National Bank of Baltimore, Maryland
The First National Bank of Hightstown, New Jersey
The National Security Bank of Philadelphia, Pennsylvania
The Keeseville National Bank, New York
The Central National Bank of Hightstown, New Jersey
The East Chester National Bank of Mount Vernon, New York
The Merchants' National Bank of Newark, New Jersey
The National Bank of the Commonwealth of Boston, Massa-

SlB

;

chusetts ;
The National

Bank of Kutztown, Pennsylvania
Littleton National Bank, New Hampshire,
with an aggregate capital of $1,960,000, were organized by the
surrender and transfer of circulating notes for that purpose by existing National Banks, and did not increase the aggregate of
;

The

bank circulation.
One hundred and

^
forty-five banks have been organized during
approved
July
13, 1870, providing for the
the year under the act
issue of fifty-four millions of additional navional bank circula-

**«*»*««

tion.

The aggregate
approved July

capital of the banks so organized under the act
1870 is $15,996,000, and is distributed among

12,

the several States as follows
Alabama, 5 banks
Colorado, 1 bank
California (gold) t bank
Georgia, 2 banks...

banks
Iowa. 16 banks
Indiana, 6 banks
Kansas. B banks
Kentucky, 9 banks
Louisiana, 5 banks
Missouri. 11 banks
Minnesota, 7 banks
Illinois, S7

Capital.
$558,000
50,000
1,000,000
376,000
2,995,000
1,015,000
700,000
350,000
1,325.000
2,100.000
1,02.5,000

480,000

Capital

Michigan, 17 banks
Nebraska, 3 banks

North Carolina, 3 banks
New Mexico, 1 bank
Ohio, 2 banks
South Carolina, 4 banks
Tennessee, 2 banks
Texas,

bank

Virginia, 5 banks
.».
West Virginia, 3 banks
Wyoming Territory, 1 bank.
Wisconsin, 6 banks

1,155,000
250.000
.300,000
150,(X)0
300,'

280,000
160.000
100,000
620,000

278000
100,000
450,000

The total amount of currency issued under the ict of July 12,
1870, to October 1, 1871, is $32,333,990, some $20,000,000 of which
has been fu nished to new banks, and the remainder to existing
banks which find not received their full quota, or which had
increased their capital to meet the growing demands of business.
The condition of the Southern States since the passage of the
act has been such as to preclude the possibi ity of their taking
any considerable porti n of the circulation provided, and consequently the number of banks organized in the South is small.
This fact made it possible, after the expiration of the year specified in section one of the act of July 12, 1870, to organize additional banks in the Western States, and accordingly nearly all
of the really meritorious applications in those States were granted.
I estimate that the Western and Northwestern States can be fully
supplied and still leave from $20,000,000 to $25,000,000 for the
Southern States when they are in condition to take it.
Orleans a disposition has been manifested to adopt the
In

New

banking system generally, and while but two new banks
have been organized there, three of the old banks have re-organized
as national banks, and it is understood that several others are
national

contemplating a simi ar change. One obstacle in the way of such
changes is the limitation fixed by the act to the amount of circulation that can be furnished to any one bank, to wit, ,$500,000.
Quite a number of the New Orleans State banks employ a very much
larger capital, and could advantageously employ a much larger
circulation.
The propriety of removing this restriction in certain
cases is respectfully suggested.
Since my last report but one bank has been established on a
the First National Gold Bank of San Francisco with
jiold ba'iis
a capital of $1,000,000. It is presumed that the success of this
institution l-i not so flattering as to induce the organization of
otheis of a similar character, though, in view of the obstacles
and the opposition which it meets, it holds its own and is gradually winning its way into public confidence.
The tenacity with which the Pacific States adhere to a gold
currency is quite notable. Whetlier it is equally praiseworthy,
is another thing.
It is not clear that tliose States derive any sub'
Btantial benefit from the course they have pursued, and it is
beginning to be maniiest that the United Slates are not at all
benefited by it. The substitution of a papercurrency in California
and the other gold-producing States for their present hard money
would probably set free for tho use of the Government and the
whole country some thirty or forty millions of gold, nnd at the
same time provide those communities with a more economical,
active, and accommodating circulating medium.
I recommend that provision be made for the eitablishment of

—

[December

18/1.

National Banks in California and the other Pacific States upon a
legal-tender basis, and that the law be so modified as to enable
them to cope successfully with other banking institutions at
present doing business in those States.
There is nothing especial to note in the history or management
of the banks during the year. A few cases of dishonesty have
occurred, but none of any magnitude. The examinations made
under the provisions of section 54 of the currency act have been
instrumental in developing irregular and dishonest practices in
time to prevent loss to the bank in quite a number of cases, and
there is no doubt of their eflicacy in securing judicious management and general compliance with all the important requirements of the act.
Occasional complaint is made that National Banks are in the
ha.bit of charging higher rates of interest than the laws of the
several States authorize, but as the law itself provides a remedy
or a penalty for usury, and places it at the disposal of the complainant, I have not felt called upon to take any official action on
the subject. While nothing will justify a bank for violating any
provision of law, I desire, nevertheless, to call the attention of
Congress again to tlie very high rates of taxation that are imposed on National Banks in most of the States. It is asserted by
bank officers, and admitted to be true, that local taxation is so
high in some of the States as to make it impossible to lend money
It is probably true that,
at legal rates without loss to the bank.
in some instances, the object of the Legislature in imposing these
burdens is a hostile one, intended to drive national banks out of
existence, while, in other cases, onerous taxes are imposed under
the impression that the banks are making enormous profits, and
can afford to divide them with the State. I am of opinion that
the public good would justify some limitation to the power of the
States to tax the shares of national banks.
The average tax paid to the United States is 3+ per cent on the
capital of the banks, and it seems to me that the equivalent of
this tax ought to be sufficient lor the States in which the banks
are located.
of the Currency be clothed
capital of a bank has been
seriously impaired by losses or otherwise, either by requiring the
capital to be made whole by assessment of the shareholders, or by
requiring the bank to wind up its aflTairs within a reasonable time
Also to wind up the atTairs of any
if its capital is not made good.
bank which is not engaged in the transaction of a legitimate and
reputable business, or which has obtained an organization through
false or fraudulent representations.
I think it would have a tendency to check the circulation of
counterfeit notes, if national banks were required to stamp all
such notes, when presented at the counter of the bank, with the
word " counterfeit," and I suggest the expediency of legislative
provision for that purpose.
The circulation furnished to national banks has now been outstanding for an average period of about five years, and it is being
returned in constantly increasing amounts for new notes. Since
I

recommend that the Comptroller
power to act in cases where the

witli

the organization of the Bureau to September 30, the total amount
returned for de.struction is $54,546,345, of whi'-h $23,948,827 were
returned during the last year. The handling of these notes involves much care and labor, and requires an addition to the
present available force of the office.
Carefully prepared tables will be found in the appendix, as
follows
1. The number of banks, amount of capital, bonds, and circulation in each State and Territory.
2. The number and amount of each denomination of bank noteg
issued, redeemed, and outstanding.
3. The number and amount of each denomination of gold bank
notes issued and outstanding.
4. Statement of amount and difierent kinds of bonds held to
secure circulation.
5. Banks in the hands of receivers.
6. National Banks in liquidation which have deposited lawful
money to redeem their circulation and taken up their bonds.
7. National Banks in liquidation for the purpose of consolidating with other banks.
8. Reserve tables.
9. List of clerks employed daring the fiscal year ending June
30, 1871.

Expenditures for the fiscal year ending June 30, 1871.
SPECIE PAYMENTS.
The time when, and the means by which, specie payments may
be resumed have for some years been the subject of much anxious
consideration and of earnest public discussion. The problem is
one of general and pervading interest, closely connected with the
public welfare, and, like all questions of public importance, has
Writers who have made
called forth a great variety of opinions.
a study of this and kindred branches of political economy, with
few exceptions, agree that when in time of suspension of specie
payments there has been a very considerable increase of paper
money, there must be a corresponding decrease before specie
payments can be safely resumed.
Assuming the paper currency to be redundant, or in excess of
the normal demands of trade, the excess must be retired in order
This redundancy
to bring the currency up to a specie standard.
has been attributed to the currency of the United States by a
majority of those who have written and spoken on the subject
since the year 1864, and the remedy prescribed has been " con10.

traction."

So prevalent was this view of the case at one time that, in 1866,
Congress, in obedience to what was regarded as a sounil and correct principle of political economy, provided by law for a gradual
withdrawal and cancellation of United States notes to the extent
•f four million! m month bat, owing to the fancUng operation* of
i

DeoMiib«r

1871.1

THE

CIIROXfcr.l"'.

thu Tr<taiiur,r, this proriHion ws« not emrrli^ Into effpcl until tlm
Utter part of tlio yi<iir 1807. whon tlio proceiis of contrmrl ion wkb
commaooed. Ju«t at tbiM time, also, cominenc<-d a Mriuiriinry In
the taoaej niarkot, which incr«>asml in Hcrrrily na ronlrartion
went on. To the pitople the iitriD((pnrr nm'Mi<-<) to Im pioducvd
bjr the cnntrarlion, though it is now evident tliat other cauam
eouspired to aid in produoinK the result. 'I'hn liard limes, how
ever, wer« penerally attribute to the depletion of the money
inarke N liv the actual withdrnwnl ol ten niilli.ins of currency in
six montliri. and its coatinuud reducUoo at the rate of four millions
per month thereafter.
This opinion had all the force of oonviotion in the public mind,
and found it<j appropriuto expression in an net of CondreM, which
became a law. iu Kobruary, 1808, prohlbilinir any further reduction of the currency, and so the matter now stands.
If there in a
N\ip>erabiiniiance of currency, which must be retired lM>(ore a specie
luisi.s iiui li.^ reached, the Brst «tep toward specie pavmentN
must
1m. ih.' r.;).iil ot the act of I'ebruary, 1888.
If public sentiment
will nut iM-rmit or .sanciiun such action by ('oiiprress, it will be
IxH-ttusc till' people do not wish lor resumption nt the rxpense of
dutriulion. If this is the only road to specie payments, it remains
closed by the mandate ot the people.
In direct antagonism to the demand (or specie payments at all
hazards, and witliont rejEford to consequences, is the doctrine of a
currency permanently divorced from a specie basis. It is argued.
•nd with some degree of plausibility, that the convertibility of
paper money into coin on demand, has alwayo bei n an unsound
element of currency, because it has never been practicable when
actually required.
Under any system of currency of which credit
foims a part, amvertibility is but little more than a name, satisfactory enough as long as the times are easy and confidence proTails, but exceedingly dangerous and mischievous when the
money market is deranged, and distrust has taken the place of
confidence. The conversion of paper is seldom demandiHi in any
«on8iderabIe amounts until credit is wavering, and everything is
looked upon with suspicion. Then, the demmd is not limited to
the 35 or JJO per cent which the luinks may have iu reserve. Loss
of confidence, and the knowledge that provision lor payment is
only fartial, are precursors of panics, suspensions, failures, and
all the disasters incident to such a state ot affairs.
It is a maxim
in military science that a line of fortifications is just as .strong as
the weakest p'.ace in it, and no stronger. So, in finance, a system
ia never safe that is vulnerable at any point, or under any circumstances.
I'aoics are the weak places in sU theories or systems of
«ouveriible currencies, of which credit forms a constituent
element.

Absolute convertibility can be secured only by locking up the
Bpecie; and for each dollar under lock and key, issuing u paper
promise to pay a dollar on demand. In this case the note is only
the title to the thing, and there should not be more titles than
there an; things in other words, there must not be more paper
dollars than tliere are specie dollars. The convertibility hobbv
Las been ridden to death. The uniform failure pf all attempts to
secure it should admonish bankers and financiers that there may
be such a thing as progress and improvement even in banking
and currency. 'Ihe Bank of England may be regarded a* furnisliing the conditions most favorable to the convertibility theory,
yet in every time of real need its charter has been disregarded,
and the bank hos been obliged to suspend. The history of the
banks in the United States is but aseriesof suspensions, occurring
as often as conversion was demanded.
;

Ultimate solvency is of far greater importance to the comninnity
than convertibility, and the liberal and judicious use of credit is
of far more value in the commercial world than the instant
command of gold and silver. Credit is the great element of
modern progress. Notwithstanding the abuses to which it has
iHjen sul'jecied, it has rejuvenated the world.
The prosperity of
tlie Uniti^d Slates is, in great measure, due to this life-giving
Currency based on actual deposits of coin wouhl have
jKjwer.
given no opportunity for enterprise, no room for growth. Heterogeneous as the currency of this country has been, false and delusive as its promises have proved, yet the element of credit which
has entered so largely into its Cijmpr'sition has j)roved nn inestimable benelit. Specie has not been at the bottom ol this pro.s]>erity, for we have had but little of it, comparatively, and whenever the df-mand has been made for the redemption of currency,
the banks have been obliged to suspend. We owe our welfare
and progress to the liberal, aud not always judicious, use of credit,
more than to anything else. And particularly is tliis true of the
last six or eight years.'
During that period wo have had a cur
rency based exclusively npon credit. It has held out no false
promise; and, as a consequence, we have been exempt from all

caneDcy panics or disturbances.
Those who favor the views herein expressed, maintain and
believe that our currency system, as at present established, is the
Iiest and safest we have ever had.
They believe that the premium
on gold may be gradually reduced in the next few years, as it has
been in the past, until it shall become practicable to obtain coin
for paper, in such reasonable amounts as may be required in trade
merely nominal. They make a distinction
''.y nehangc at rates
l)etween " convertil)ility by redemption," which is tlie generally
accepted idea, and convertibility by exchange, which is their idea.
Thin, they affirm, would bring all the benefits of resumption,
without any of its attendant dangers. The plan involves the
recognition of bullion dea'ere, who shall be enti:led to regular
and legitimate commissiiins premiums, er profits. The assent ol
the public to this proposition relieves the banks and the (lovernment from the nw.es.sity and the burden of furnishing coin for
nothing. Trade would soon adapt itself to this basi.-f, would
calculate and allow these premiu3is or commissions, and would

769

inku out uf uur syttom a dangwrows. aanatmttrf, aad doluaivo
element.
ihat

'•'-•

•'

'•

th.'

unill "

•

interests of the country slinll re.
and until the natural growth in p
of enterprise, the increasisl farlliiien of trade, ar
of our bfirdors, shall rresie a legitimate use for
of currency now •
:" Just how long f

.1
,

not l)een stated,
!y is not susceptible
'•
but the idea is a |.
„.,; ,,, ,,.,|„,,ar
..ne, and en
favor, as aSbrdlng an ea'iy and graduul
to specie payments without any of the inconvenlen.
Ishlpa assoeiateil
In the public mind with contraction.
The fundamental idea underlying this theory h fhsi the mndl
tions necessary In growth exist alrc^ady.
',"
It pres'.
country may pro.iper that trade, industry, anu
y
nourish that labor may have a bountiful rewni.i luni mili
viduals and communities may grow rich and incrraso ia wealth
and substance, notwithstnn ling a nupernbundant, irredetmabie,
ilepreciated currency.
If this assumption is correct, it Is hardly
necessary to look forward to the time when natural growth shall
absorb iho surplus currency, and siwcio payments shall come in
the course ol nature.
If the currency, in its present condition, is so far conducive to
prosperity as to make it i>robablo that, at no distant day, the
country will actually need nil the paper currency now in circalation, the inference wouid go far toward destroying the force of
the usual arguments in iavor of early resumption, as it would
establish tlie lact that specie payments are not essential to the
growth and prosperity of the country. If the assumption is not
correct, the whole proposition fails
for without growth and
increase in resources aud trade, the currency would forever
remain in excess.
Granting, however, that the business of the country is likely to
attain such dimensions as to require the entire present volume of
currency for its accommodation, there is another aspect of the case
to l)e considered.
When the point is reached at which the currency ceases to be redundant, the supposition is that it will
rapidly appreciate to par with gold, and that gold will then
resume its functions as currency. When ihis takes place, one of
two things is likely to occur There must ba a very considerable
inflation, in consequence of the addition of gold and silver to the
currency, or there must bo a reduction in the volume of paper
money. In other words, if there shall not be inflation, there must
be contraction but it will be contraction as a consequence, not as
a cause contraction l>rouj;ht about by natural and self-acting
causes, not by act ol Congress, nor by the exercise of arbitrary
))ower in any quarter. This would bo a legitimate result, and, if
it should take place, would not be liable to the same objections
that are urged against contraction now.
But whether the coin shall be added to the paper, and so swell
the volume of currency and produce inflation, or whether a proportion of the paper shall be retired, as the coin comes forth to
take its place as n constituent part of the currency, the probabilities seem to be that, with a wise administration of the finance*,
paper and specie will gradually and (surely, though jierhapfl
slowly, approximate to an equality in value.
If it were po.s.sible, in considering the practicability of resnmption, to distinguif-h between circulation and deposits, making the
former payable in specie, while the latter should be payable in
kind, much of the difficulty and danger attendant on a return to
I'

•

;

8i)ecie

payments would be removed.

Although the legal obligation to pay coin or lawful money for
deposi'B, in the absence of any stipulation on the subject, is not
disputed, yet it is probable that the banks, by concerte<l action,
would have no difficulty in arranging with their custoiners to
receive for their deposits the same kind of money deposited
This understanding is quite general Mtweeu the banks and their
customers, outside of two or three of the large eiwtern cities. If
the banks in those cities would agree to settle their balances,
through their clearing houses, in current funds, much of the difficulty of making deposits likewise payable in current fuuds would
bo obviated. Ordinarily those very banks pay all <lcp<i^it» in
miscellaneous funds, and the obligation to pay specie or lawful
money only recurs to plague them when they are least able to

the demand.
would be practicable to place the currency on a specie basis
long before it would be possible to p'ace tiio entire demand
t

the ban'vs on a similar footing. In New York, provision could eriily bj made for thirty-four millions of bank mtcs
but, according to establi^lied M!<age there, specie |iayments would
involve provision for over $iO0,OC0,OC0 depo.-its. It is this practice which renders the finances of the country so unsteady and
unreliable, to wit, the falseprinciples which underlie the financial
management of t'.ie great centers of money and trade.
liabilities of

;

New York

cannot maintain specie payments according to
standard, they cannot l>e maintained soecenfulljr •!••
where for any length ot lime under any circumstances, and heow
it is a matti-r of vital importance t.» the country at large to semttni/.e carefully, not only the grounds upon wliieh this aasumed
obligation is based, but also the ability of the parties to carry It
During the last five years there hsTo been
into practical effect.
no apprehen.sions in any quarter of a currency panio. That
element of disaster has happily been wanting in the disturbanci-n
which have charncti-rized the money market from time to time
and yet it is au admitti-<I fact that -we have more than oace bees
upoii the verge of a panic which thri'atened the most diastroaa
consequences. There hayo been not leas -than three occaaiona
duiing th« last five years in which, if the New York banks had
If

her

own

THE CHRONICLE.

770

been pnying specie, according to tlieir interpretation of specie
paymente, they woulU have been obliged to suspend from inability
to pay, not their circulating notes, but their deposits and this at
a time when specie payments, if they had jirevailed throughout
the country, could have been maintained at every other point, as
;

far as the Currency was concerned,
To the peo, le the establishment of the currency on a sound and
It makes but little
(tclvent basis is the one important thing.
difference to them whether depositors in the large cities are
This is
entitled to receive specie for deposits made in currency.
not a vital point in public CEtimation, and it may safely be left to
equally
important
as
many
other
questions
are.
private contract,
The inquiry recurs, then, conceding the desirability of rcsum
ing specie paymcnt.^i, must all efforts in that direction be
retarded and imperiled by the undertaking of a few banks, few in
number, but povrerful by virtue of their central position, to place
deposits upon the same basis ? If any substantial interest were
sacrificed, or any valuable principle violated, by the abandonment of this dogma, there might be some reason for taking the
risk; but if deposits could bo made payable in kind, that is, in
current funds, lawful money, or gold, as the case might be, the

depositor could have no just ground of complaint, while one great
obstacle to the resumption and maintenance of specie payments

would be removed.
In the solution of these questions lies one of the most important problems of tho day
but, in view of the various theories
seems probable that tho true solution will Cj^ng jjji„
aaTaui<->l

[December

APPENDIX.

t£

ft<

Th^ doctri-jjof ^ontjajtjon jgameatis toan end for the purp6g6 of battening a return to specie payments has been condemned
by the people. It has been tried and rejected, and may be con-

JO
o

pjud

Ilarapshiro.

issued.

Mafsac-hueette
Khodc lEland

4i!

aiu

t>2

Connetticut

New York.
New Jcreey..

...

rcnnBylvnuia

illH

!(7

!«

'iU'l

JJaiyland

Delaware

District of Coliunb

Virginia
West Virginia

Ohio
Indiana
lUinoia
Michigan..-

4iJ

Vermont

Wiscunein
Iowa
AUnnesota
Kansas

8,411.346

4,91U,0t0
7,171,400
06,616,760
14,c5t,400
20,078,400

4,8:M,84->

7,910,012
00
80,864,800
«1 25,C5U,820
Wl 113,140.741
67 12,580, i 50
1M8 61,780,2.10
32 13,590,202
JI
l,6i8,185
8
1,.550,000
2;i
3,870,000

SOT
tw

2,62U>00

HI
",1

'y
a
3
3
5
7
a

VM)
16
115
61
41
60

S-).3457!00
13,032,0110

.-streoHTl

15
'4

iiti

Louisiana

1
2
7
4

Miseissippi

Nebraska
Colorado
Georiria

;
ti

7
M

ference.

Montana

The

discrediting of National Bank currency, whicli is the conof their present regulations in this respect, is unwiee
injurious, and creates a distinction between bank currency

sequence

and
and lawful money which

unnecessary and which ought not

be a wise measure to provide for the extension of the
national banking system wherever capital and trade may invite,
withdrawing, if it should seem desirable. United States notes, as
fast as bank notes are issued.
A well-managed National Bank, with a bona fide paid-up capital,
is not a dangerous institution in any comrannity.
A deliberate,
legitimate investment of capital in banking by men who, in a
majority of cases, have had tho sagacity, the enterprise, and the
prudence to make their own money, men whe are usually the
most reliable members of society, can hardly be considered unwise, certainly not injuaoua to the interests of the people in whose

it is

916,275
S'0.000
250,000
625 000
aco.too
250,000
100,000
100 000
75.000
150,000

1
1

New

made.

bank affords a safe place for the deposit of all the
hoards and savings which otherwise would be unemployed.
It aggregates these into a fund which becomes useful and powerful in stimulating trade and enterprise.
There is reason to believe that tho national banks organized
during the last year in places previously without banking facilities have had no little instrumentality in helping to bear the
strain that comes with every autumn.
They have paid out in
their several localities the currency furnished to them, while
they have co,lled out and utilized for the public good large sums
of money previously distributed among and held by the people in
small amounts and in thig they have contributed to the annual
supply of money required in the West, and which otherwise
would have been drawn from the Eastern cities.
I therefore do not hesitate to recommend that provision be made
for the organization of national banks wherever they may be
needed.
If, with each million of bank notes issue ', a million of legaltenders is withdrawn, the time will come when the circulation to
be redeemed will be so much larger in proportion than tlie funds
for its redemption, that the latter must appreciate in value, while
the enhanced cost of redemption will be a wholesome check upon
national

little

;

bank issues.
If free banking is made practicable upon the basis suggested,
Any further increase or inflation of the currency will be rendered
impossible, and every hundred thousand dollars of bank notes so
issaed will have a tendency to accelerate the resumption of specie
payments, while, at tho same time, it will mane the process
gradual, and throw the responsibility and the burden upon the
banks and the capital of the countries where they legitimately
belong. These are agencies which can tell with unerring certainty
when and how to act, and tho precise moment when it will be
safe and wise to re-establish tho bu.sines8 and finance of the conntry on a specie basis. Respectfully submitted,

nU.AND

R. nULBXTRD,
Comptroller of the Currency.

1.3,.7**,825.

5,909,210
3,539,650
6,146,873
2,325,500
741,800
6,401,6-0
5..v?,5io
2,666,170
2,813,020
66,000
681,100
383,490

5,310,360'

Sfi»3,26%
4,452,9991

2,104,600

M9.«>0

648.30CI

200,iHXl

192,500
176,520
90.000
94,300
27,000
135.000

132,881
90,000
89,500
27,000
1:B,000

8-i2.150
100,00.)

150,000
100,000
100,000
30,000
150 COO

2,041, .300
1,:»5,.300
1,24.5,340

IciO.OOO

Kractioual redemptions reported by

Tieaeurer U. S..
Total
1,6M 100 1,784 462,618,601 365,444,.360 380,009,679
OOIJl BANKS.
120,000
160,000
1
300,000
Massachufictte ...
1
..
l,OiiO,000
375,000
500,000
1
California
1
..

Total.

680,000

l,.'i00,0«0

3-i2,952,0.3O

495.000

BTATEMENT ExillBlTlNO THE KUBB£R AND AMOt-'NT OF NOTES
REDEEMED, AND OUTSTANUINO SEFTEMBER 30, ISIl,
No. of notes.
Amonnt.
Ones.
No. of notes.
Amonnt
'

Issued

12.537.657
5,276,057

Redeemed..

$12,587,657 00
5,276,057 00

Fifties.

Issued

Outstanding. 7,261,000

Outatnuding.
4,195,791
1,493,326

8..391,582 00

Outstanding. 2,702,465

6,404,930 00

Hedcemed...

82.972

7,261,600 00

'J'wos

Issued

21,671,300 00'
4,148.600 00

4.33,426

Redeemed.

exist.
It would

midst

1,895 4(i0

]

Wyoming

560 000

l,-),245,650

22.357,Cr.E

626,000

640,000
404,000
2,156,400
1,515,100
1,380,000

2,858,000

40O,0OJ

14,095,405

1,081,570
3,312,400
2,175,540
19,3:8,976
12,524,942

884 100
146.200
186,000

ii6O,0o6
2.,384,400

10,032,5!10

2,')0.000

17,80a455
64,018,348

h,679,7is
5,071,730
2,443,171
2,555,489
a3,776
561,500
358,990
1,942,7)3
1,362,300
1,840,150
766,783
72,486
135,000
557,500

5,'^25,l.'i0

2,700,1.^0

payments are to be resumed, let the effort be concentrated
upon the currency, and leave deposits and ttU other curri ncy debts
to be adjusted by private contract. As the first step in this direction, the associated banks in all cities should be required to settle
balances, through their clearing houses, in current funds.

6,191,7.50

2,817.,300
3,500. Ol'O

2
2

specie

785,000

2,413,or;o

I'J

Oregon
Texas
Arkansas
Utah

9,18\.306.
1,303,475.

IL'

Idaho

40,357,046

10,7S9,2IO
1,477,873
1,471,8OT
3,481,680
2,452,510

200

Alabama
Nevada

46,5:j7,lil0

10,296,750

North Carolina
South Carolina

6,41)8,720

57,480,866
13,236,805

4.'j,7.31,760

1,834,000
3,711 600
2,504,750
51,401,400
14,333,500
15,5i7.200
6,896,300
3,314,660
4,764,000

3,400,000
4.907,750
8,432,025
850,000
8,896,300
6,168,240

7.1!(l,;i'J0

68,2:a,9tH)

ll.a7t.8!)0

],45:j

7,36,1,800

7,^38,600
4,341,695

15,081,565
20,443,410
8?,960,388
11,422,575

7:i,,i>l5,!)

n,]2?,000

i-i

1'^

itexico

88,07-',(

Kentucky

e.sw.sso

4,fW),0()0

it;

tiV

9,li5,0(0

sidered as abandoned.
The proposition to wait until the business of the country shall
expand to such an extent as to require whole volume of paper
money in circulation, involves no immediate action, meets the
views of the public more fully than an} other plan, and is probably safer than any scheme which requires legislative interIt is also very evident that the undo-taking, heretofore conbidered, us place tho entire currency debt of the country on a
specie basis, by the payment of deposits in coin, would be an unwise and miscliievous thing, a vain and futile attempt, which
would lead to panics and failures in the future as in the past. If

lation.

lit

IIH
64
46

;

circu-

,lion

deposit.

in.

^tainc

New

Bonds on

Capital

torU'S.

In actun:'

Clrcula-

States and Tcrri-

Teline^eoe

with time.

1871

STATEMEKT BnOTTIKO THE KrMBER Of BANKS, AMOUNT OF CAPITAL, AMOtmT
OF BONIM DEPOeiTED, AND CIIIUUI-ATION, IN KACB BTATB AND TKRHITOBT,
ON THE 30TU DAY ©C 6EnT.MBER, lSi71.

.'*"

0»

350,434

17,528,700

321, 163

32 116,.800 Orf
7,628,700 00'

One hundreds.

2,986,n52 00

Issued

Redeemed.

76,287

Fives.

Issued

28,174,940

Ontstanding.21,898,666

Outstanding.

9,3;34,450 00

Issued
55,587,840 00
4,907,220 00

Outstanding. 2,534,031

60,(«0,620 00

Redeemed.

Outstanding.

amount

6,017

7,321,000 00'
3,008,500 OOi

8,623,

4,312,500 00)

4,843
4,005

4.»»8,000 OO
4.005,000 00

838

838,000 00

14,1)42

denominations outstanding on theSOtb
day of Heptember, 1! 71
Add for fragments of notes outstanding, lost, or destroyed,
portions of which have been redeemed
'I'otiil

One thousand!^

87,919,300 00

245,361

24 4.^7,600

244,876

97,283,750 00

Outstanding. 8,791,9.30
Twenties.
Issued
2,779,392
.

Five hundred's.
Issued
Kede.raed...

124,492,8.80 00

Tens.
Issued
9,738,375
Redeemed...
93.3,445

Redeemed.

Outstanding.

140.874,700 00
16,:«1,870 00

Redeemed... 3,276,374

of all

322,950,080 00.
1,95) 30<

$322,952,030 iO

Totjil

STATEMENT KXKIBITINO THE NCMEER AND AMOUNT OP BOLD BANK NOTES
ISSUED AND 0UT6TAND1NIJ SEPTEMBER 30, 1871.
Amount.
No. of Notes.
No. of notes.
Amount.
Fives.
One hundreds.
I

Issued
Outstanding.
Tens.
Issned
Outstanding.
Twenties.
Issued
Outstanding.

16,000
16,000

$80,000

J^„7;^^rtV-;

Five

05,000

fi\

62,600.

100,000

J;-^,„„„.
One

4.000

UuiidrettK.

10.000 (
1',000|

4.1

|«l

(

80,000

thoHbaiuls.

Outt^tanding.

75,000'.
f

Fifties.

Issued
Outstanding.

0601

Total am'nt outstanding Sept. 30, 1871....

S2,500

650f
finOWINO THE AMOtT^TS

495,000

AND KINDS OP T7N1TED STATE** BO?)I>«
nELB BY THE TREASUREU OP TKK UNITET) STATES, TO aEClTlE THE
RKDEMPTION .OP THE CIIICULATINO NOTEB OP NATIONAL BANK8, ON THE
80th DAT OP 8EPTE«RER, 1871.
RegiHtered bonde, act of June 1^, lRf»8
$640,000
fiT.VTKllB^'T

do
do
do
do
do
do
do

do
do
do
do
do
do
do
do
do
do

do
do

<k)

Ao
do

do
do

cent funded loan
Tolftl.

February
July

8, 1861.

Augu

February

July

25, 1662.

1862,

July

IsTO,

1864

Jannary

20,

102.8.82,450

March 3, 1864—6 per cent
March 3, 1865, 5-20- 1st series
March 3, 1866, Consols, I6<i5— 2d scries.
March 3, 1865, Consols, 1867— 3d series.
March 3, '65, Console, '68--lth series.
14,

3,929.000
61,488,700
16,524,860
33,14«,«50

t6, 1861

March 3, 1863
March 3, 1864-5 per cent
June 30, 1864

July
.

17,

17 686,600
15,176,000
2,243,000

13, 286, .WO

7,5%,5SO
12,201.850
2.8St,000

1871—5 per
77,118,600

$966,094,360

•

December

CIIKONK'Mv

Tin;

1871.

Tablr or TUK Rtatk or

Tiric

KrKTYc

l.l»t)ilitlr»

Nninb<«r
or

...t.

l&l
11

a,M2.-l74

VtitflnlJi..,

7
in
1

Tixiw

ArkuiiKan

Kcnlmky
Trnnt'sHi'o
Oliio.

UKlii|;itn
Wiscciiisin
li'wu

.."....

;

M iMu^Kita.. ..-.«... .,
Mlfit*oiiri

'J..J...'..

Oregon
Now Mexico

1
1

Oolonulo

Utah

1
,

Idaho

3«a,«io

W,«7

t,v»,mo

9.«,8B4
964,049
4,665,804
3,S3S,B6D
S,99a,9a8
1,64<l,3tH

683,081

181,48i)

1,897,184
4!»,448

No,

:..^

^ewTork

held.

5,036,38".

4,674,911
8,319,198

716,433
1,755,081

6
18

6,889,981

8
4
8
J

l,351,7-l«

1,(;77.096

IMLTM

17t,671

487.M0

I13.W7

188,146

«J*T
ai»«n

11,408
1<.34«
18,368
$1,386,000

"li

aw
16,359
7,510
84,399

radeemiDi;
st«.

a,OB^>00
3418,000

165,003
3,005 000

1,787,M7

88,000
366,000
185,000

1.8K,«a6
l,04aiaT

8,1«T,I36

«43<«
(88^488

H0,>18

isiflob'

13,070

KO.OOO

t,6H788

55.000
3=8,000
60.000

8.48<>.On

mooo

848,168

179.515

941.749

195,'S5

SO 8-10
7-10

9,400
33,533
158

1,841.379
64,743

10.000

833,817
l,aiM,4(»
Sl.StO

363,384,487

65,563,623

75,330,997

38 7-10

1,433,092

84,804,080

3,437,070

8.335.000

S1>I1,7M&

231,937,487

66,484,871

89,181,514

36 7-10

8,713,181

33,044,183

17,895,000

5CO.60Q

plates, paper, printing,

11,054

18 4-10

61,516

$361,961 52

81,518

on dividends declared upon stock owned by th»
This Was the largest claim ever allowed by the Bureau,
and was referred to the Attorney General for his advice,
My estimate of the receipts for the current fiscal year ondcr the
present laws is |12.'i, 000.000.
State.

30, 1871.

$160,651 53
101,400 00

410,M3

tftxei collected

465

9,819,850
1,837,(97
6,503,839
3,433,354
3,831,389
833,974
999,907
354,871
1,944,830
987,830
4,995,870
637,116

8,851
119,588
40,731
92.713
84,113
116.741

5-10
33 6-10
80
85 6-10
39
81 7-10
38 6-10

cent
ceniflcate*.

3,788,411
146,340

THK nSCAl TEAR EKDINO JIJ»«

Total

$877,0(8

Dae -(rasa

Three per

ccrtlllcatea.

759,325

443,158

37 1-10
1-10
4 10
8-10

r«*crT»..

House

Leeal
tenders.

$86,(86,8)4

Statrp, as phown by th«

S,2fi«,767

• XPENDITURES Of TBS OTTICE Or THE COJJPTR01.1.*lt Of THK CURRENOT POR

For special dies,
For salaries

8at.8tft

lW.Ke9

37,400

Specie,

36
37
38
36
37

7»),>n
l,460.«l»

80,800
138.180
a6,968
11.063

liabiliticK.

$33^835,506
4,368.638
14,180.493

7^8:3

470.90)

388

reserve to

a.1^
v,vUl01§
i,on,i9»

R ESEIIVE OP THE National Banks op the United

830,684
4,687,931
1,906,064
8,733.840

San FrtukCisco

1,047,915
S«7,9S9
1.17«.83a

$40,139.4.33

440,873
3,374,159
1,640,315

Cincinnati

ToUl

IS.OOO
30.000
.%.0IW
lo.ooo
10.000

$1,814,937

681,
1,937,971

)40,«0

l.ftiS.flOT

reports of their condition at the close of business on the 3d day of October, 1871.
K«Berve reFiinda available for
quired, 35pcr
RefKTTe
Per cent of
Clearing

43.1V.

2,444,.S«li

313-10

13 939,901
4,310,105

Loai«
^eavcnwortlL

1M.'«>'|

.'i.S.ill.IO',

$98,»I6,184

83 819

sti
41.<M

8b'.obb

liMi.l^:

4.1,870

34
36 4-10
19 5-10
33
24 9-10

s^
SS

s&i,«;o

55,

16
}4

St,

5-10
34 4-10
33 3-10

(BOOO

S4;,07»i
31, ih:

1,817

4t1B8M

MtMVI

lati.ooo

5I0.0WI
187.8tt

•

$70,143,8->4

Milwaukee

36C.c:i)

It>

8,885
IW,300
S8,6AS
67,001
75,894

6 10

^4«8,8^«
4,498,364
3,683,018
1,311,884
3,786,438
1,646,638
888,880
S73,38j
633,733
347,831
51,G83
588.393
64,903

VMMM

118,000

IS,C87

870 4V7

510

321, (HI

15,496

88
30 6-10
SS 8-10
10
31

J7''

S7.0M
»7.

48.000
1U.600
80,000
86,600

9,.1ta

1 10
19 9-10
IS 8^10

•i5k

VII Ml'

19.381

Philadelphia
Pittsburgh
Baltimore

Iiu-'IKU

3i;,37l
71,1

Hgifc

$t,o«

MOM)

3,881

18
30

1,438,771
1.140,483
6,716 (38

'.'

Da**
'"^"'^'ff

tlHcadt,

3,ll«,968
4.848,641
3n,8.j«
489.3 >0

11,601
6.992

3,918,6.35

Uctror.

7H,9iJ0

107.043
10,081

40
30 8-10
15 8-10

5-10
4-10
7-10
6-10
17 8-10
80 3-10

43,IS1
87,645

liibiUtlei,
$31,038,058

I'lcviii.ud

33
10
13
39

M»,147

1«,S<W
31,917

Baakjt.

30
30

Thru* par
rraiMT-

MrUtcklM,

:'.».

i,4(K.

38134

Orleana

4,5«1.0!K

89,184

74'.1S1

BoDtoa
Albany

New

UH,»n

tlO

12 6-10

cent or

Loaievillc

73MM

80 7-10
18

»hnw» bj lh«

38 4-10
38 3-10

WaahineCoa

Wt-iO

541

aos^io

op the L\wifoi. Money

8T.\tb

|l,0a8,6«

13,813
86,471

15,766
30,841
6,866
9.411
96,018

tl5,.'i17

(467,619,031

-.110
'

10 354
49,396

686,011
364,300
376,660
173,361
37,333
3H«.&78

i.<»t,<>6a

t«Ba«r«.

l,7i)J,m
<n 1.867

3,904,399
1,148,408

81,WB

or RSDBalTTION.

4t&,09«
MiU,08l
186,831
880,809

8ia,78a

1,586

OITISa

a,7<n,«»

Total

thb

a.')3,S45

UoDtana

Ta,blb of

8,&S«,8SG

Mft,a7a
64I.TF8
ts7,4aa
768,007
194,761
710,838
74,788

10,8a8,S&H
6.880,S07
11,6S1,6(»
6,479,115
4,873,404

..*

1,MS188

693,6 11

Vt
87
87
aa
ai

Wyoming

1.400,174

I,8<&,m0

4,aw,075

i').95a.7ai

NflirrtJ-Ka

6,ei«,8aT
»,4at,88»

4,78M80

KunsAP

6,410,884
llV,7R8,«(e

4.4ia,7)w

9,IOa.lM6

e,»so,a8i
81,088.696
a8,g03,703

4,781.340

4t8,(ni
100,070

i,«ae,8(ie
1,87a, r«a

no
,

llllliul'

1,080

ll.rllU.4'U

7.»W,70U

a,tm.mi

laHuiua

ail,4IH,MI0
48.01 1.8V3

uroUiia.
Houtti t-'uroUm.,
C'Vorg.u
Alabaitui

t,08v,4»r

«,081,«78
898R,>I8

n.I'Va.m

Vlrctiiitt.

Ncirili

1,47a, i-ia

«.'&,%>

ao.K<.i,4.-ij

Mnr\'ittnil

Wt'H

88 1-10

.VI.I7H,0<)IJ

»rkll«hl<>

UOUM

«W

l.OM.mt

r»Bd«

lo
IKhllllli-o
81 7. 10

Btatm

rc««rT«
Rriifnri>
lield
»2,I)I8,(MI«

>a,OI4.70l

Titu ITnrrao

ot October, 1^71.

Per e«nt of

r«-

liablllllro.

7, U'>,7iiO

cloM of buataoM on th«%l lUy

red IB

cm, of

ii3

«^:JJt"^^;::::::::::: i^
NcwJvreey
57
l>t4:ivvurc'

ri>#<»rvi\

ItiO
,

I'l'iuiKjlvaiUa

l><r

«,H90,KH.1

Vcmmiit
,,

11 II

liy

CI
41
41

N6W IlkmpmUrs
MAUAchiiiwUs
Khoda Ultnd

pro

h«'

lrct€<l

Baoka.

MatDA

771

MoMKv RcacnvK of thk NATioifAt Rankm 09

I.vwKir

itiportH of the!ir roiHlition kt tbo

Btatu and Thuutomm.

spiRrrs.

of the office were paid out of the gene- The number of distilleries (other than fruit) registered daring the last
1.043
fiscal jcarwss
appropriation for contiogfent expenses of the Treasury Depart7.14»
ment, and as separate accounts are not kept for the diflerent Number of frait-distUleriei registered
Bureaus, the amount cannot be stated.
•'••
Toul
Of the dlsinierles (other than frnit) .^17 were operated during
the year, and of the fruit distilleries. 4,007.
REPORT OP THB COMMIgSIONBB OF IKTBRN.U REVRNDB.
The returns to this office for the last «sral year show a total prt>TREASXTnY DErAUTMENT,
1
ductloh In taxable gallons, from material other than fralt, of
»J-8™..V?

The contingent expenses

ral

. . .

Office of Internal Rbvenxtk, [
»«*'' '^
From fruit
Washington, November 21,1871,)
86,776,179
Total jearljr production
8m Du(iog the fiscal year covered by the following report
The following Ubular sutement shows the distribuUon of difr
Hon, C. Delano was Commissioner from July 1 to November 1, 1870,
and Hon, A Pleasouton from January 3 to its close. During tilleries iu the varions States and Territories
November and December, 1870, and until January 3, 1871, I was 8TiT«M««T Snownio Tn« NtjuarR or ^nTU-Laniu Bmmtjbbd ajh»
OrERATSO ODRI-NO IIUI FiSCiL YB*R KNDBO JinHt 80, MH.
Acting Commiesioner by reason of the vacancy caused by the
.Total TMad
..
Fruit.
-Molasses.
resignation of Mr, Delano,
Na Ne
Vo.
No,
No,
No.
No.
No.
'

;

—

have the honor to transmit herewith the tabular statements
made up from the accounts of this ofiice, which the Secretary of
»
»
•
*
Treasury is re<iuired to lay before Congress.
These tables exhibit the full result of the operations of this
present
time.
Bureau from its organization to the
The aggregate receipts from all sources, exclusive of the direct
tax upon lands, and the duty upon the circulation and deposits
of national banks were, for the fiscal year 1871, !|144,0U,17G 24,
This sum includes the amounts refunded aud allowed on draw1

Slates aad Terri>
tori.a

Alabama

Arkansas

Conaeetlcnt
Delaware
(»eor(»ia

Idaho

Illinois

54
53
31
8

Indiana

9i.a

MarjUnd
allowed for the fiscal year 1870, on account of the adjiidieation of MawMachusc ts
old claims for drawbacks on cotton goods, rendered admissible by Michigan
Mlnneeota
joint resolution No. 78, approved July 14, 1870.
MlsalMlppi
There was refunded during the past fiscal year, for taxes illegally Missouri
assessed and collected, the sum of (617,581 07, This large increase Montana.
over the year preceding was due to the adjustment of claims that Nvbratka
had been suspended during former years, lor more complets con- NrvsdA
Ni'W llampeaira
(or in,'<tance, the claim of one of the States, which was N.'W Jersey
sideration
for
aggregate,
and
amounting
to
(he
above
(45,tk>(i,
New lUxic*
in
embraced
,

8i
I
3

4
7
35

8
a

—

registered.
75

I
1

54
36
3
3
138
3

'"9
1

rcRl*

ati'd.

tered. ated.

•Ml
170

T!W

a
318

188
(7
109
14
5«

ua
V»
•z
tM.
1

n
s

8M
a

H
48

»7

1
i

M
4

8
181
1

W
1

IK
1

RS
S4>
a

IS
a
a

84
43
858

-US

oper-

,,
,

operated.

Kansas
Drawbacks have been allowed on general merchandise, under Kentuck)
section 171, act ol June 30, 1864, limited by the act of .March 31, Louisiana
This amount is larger than that Mslne
llidS, amounting to $22,887 07.

;

6
,

registered.

California

Iowa

backs.

registered.

operated,

•

u»
1

;

THE CHKONICLK

772
New York

75
18
81
3
180

Korth Carolina
Ohio
Oregon
Penn83'lvania
Bhode Island
Soutli Carolina

203

106

1,218

1.775

1,284

48
2
47

172
8

113

256

142

5
74

5
48
5

Tennessee
Texas
Utah
Vermont

IM
1,757

67
524

380

72
572

53
402

A'irginia

W'aahington
West Virginia
M'ieconsin
Total

4
7

t«
1,795

l-l

1,015

505

7,149

4
188
13

57
8

4,007

8.192

4,534

T'ac quantity of spirits in bond July 1, 1870, was
The quantity entered in bond for the year ended June ;J0, 1871, was
Tbe quantity withdrawn from bond during last period, was
in bond June 30, 1871, was
quantity remaining in bond July 1, 1870. aa per present report.
less than quantity stated in the report for 1870, shown by corrected
reports of collectors received subsequent to the publication of the
report for 1870, was

Theqoantity remaining

11,671,886
54.576,446
59,503,972
6.744,360

The

total quantity of spirits in the
warehouses, on the Ist of May, 1871,

was

in internal revenue
41,185,713 proof gallons, showing a

decrease in the quantity ou the market since
gallons.
The receipts

from

10,572

United States, not

spirits for the fiscal

November

15, 1870,

year ended June

of 4,452, .80

30, 1871,

were as

follows
Spirits distilled
Spirits dislillcd

from apples, grapes and peaches
$1,236,005 67
from materials other than apples, grapes and

peaches

39,921,308 48

Ditttilleri es,

per diem tax on

and

Distillers' special

1,901 .602 93
31

barrel tax

Rectifiers

5,683,077
959,800
3,651,484
3.151,281

18
73
06
I.!)27 49
3,240 00
753.427 00
13,693 20

Dealers, retail liquor
Dealers, wholes Ic liquor

Manufacturers of stills (special tax)
Stills or worms, manufactured
Stamps, warehouse, rectifiers' and wholesale liqaor dealers' ..
Excess of guagera' fees

Total

$46,281,&48 10

8UB\'BTS OP DISTILLERIES.
fEL'niformity in estimating the spirit producing capacity of diHlilleries being
indispensable to a just and equal assessment of the tax. a classification of
distilleries has been arrived at based upon tiie different kinds of material
used and the modes of operating; and rules have been given for estimating
the capacity of each class, which experience has shown to be equally just to
the Government and the distillers.
The local surveyors having been thoronjrhly instnicted in their duties, the
expense of making surveys will be materially lessened in the future,
SriRIT METEICS
By the annual report for 1870, page 7. it will be seen that Tice's Sample
Meters, theretofore adopted and prescribed for use in distilleries, were then
biing tested for the purpose of determining their utility. The period within
whicn distillers were reij[uired to procure meters was extended from time to
time until the 8th day of June, 1371, when Circular No. 96 was issu-jd discontinuing their Uic.
GAiroiNG INSTRUMENTS.
Correctnc?s and uniformity in the weiijhing and gauging of spirits are
necessary to a just collection of the tax and to avoid unnecessary detention of
spirits in transit. These objects can only bu attained by the use of instruments of the same standard.
To accomplish these objects, in addition to the hydrometer pr»>Hcribed for
use in 1867, there has been adopted what is known as the " Prime and McKean's
Combination Gauging Rod," which is required to be used for determining the
capacity of casks.
To secure accuracy in these instruments, arrangements have boon made by
which all hydrometers and gauging rods are inspected and tested in this ofllce
before being sent out for use.
Internal revenue gaugers are furnished with hydrometers at the expense of
the Government, but are required to supply 'themselves with the combination
rod at their own expense.
These instruments, distributed under the present system of inspection.
seem to give j'eneral satisfaction, and their accuracy and uniformity have
relieved the trade of the embarrassments resulting from errors in gauging.
PKKMENTED LIQUORS.
The amount of tax received oa-fcrmented liquors at $1 per barrel was, for
the years—
1866
1867
1868

$5,115,140 49 1869
5,819,345 49 1870
5,685,6(>:} 70 [1871

Chewing-tobacco, snuff. &c., class 32 cents
Smoking-tobacco, scraps, shorts, &c., class 16-cent3
Add to this the quantity exported
And excess remaining in warehouses June 30, 1871, over June

Giving a

;

i.'j

30, 1871,
30, 1870,

Showing an increase
Year ended June
Vear ended Juue

$968 937 23

tobacco, smoking, scraps, shorts, Ac.
tobacco, smoking, scraps, shorts, &c.
in class 16-cent8 of

30. 1871, cigars,
3U, 187D, cigars,

cheroots,
cheroots,

$4,882,831 83
4,'591,'703 81

$391,119 02

&c
&c

$6.598 173 24
5 718,780 04

Showing an increase on cigars, *fcc., of
ended June 30, 1871, reccivel from sale of export stamps.
Year ended Juiic 30, 1870, received from sale of export stamps.

$879,-393 20

Y'.'ar

$(16,147 00

Increase from sale of export stamps
Year ended June 30, 1871, received from dealers in leaf tobacco.
Year endud Juue 30, 1870. received from dealers in leaf tobacco.

$18,049 50

$331,661 98
SOoUos 54

Increased collection from dealers in leaf tobacco
30, 1871, from dealers in manufactur'd tobacco
30, 1871, from dealers in manufacturM tobacco

$31,456 44
$970,017 96
929,892 64

Year ended June
Year ended June

Increased collection from dealers in manufactured tobacco.
30, 1871. from special taxes of tobacco and
manufacturers
Year ended June 30. 1870, from special taxes of tobacco and
cigar manufacturers

4B.097 50

SALE OP LEAP TOBACCO TO CONSUMERS.

$10,125 33

Year ended June
cii^ar

Increased collection from special taxes of tobacco and cimir
mauutacturers

$163,367 33
158,248 74
I

9.118 59

product for the year, of
105,828,963
&c., on which taxes were collected,

total number of cigars, cheroots,
1,333,844,357.

RESULTS OP A UNIPOIIM TAX AT DIPPEUKNT KATES.
From the tables presented in this report it will be seen that more than
two-thirds of the manufactured tobacco which reached taxation during the
last fiscal year paid the tax of 33 cent* per ponud, yielding four fifths of the
revenue which was collected directly from the article by stamps. Had a tax
been collected at a uniform rate of 33 cents per pound on the entire product of
manufactured tobacco which reached taxation during the last fiscal year, the
receipts therefrom would have boeu $3.),44:^,361 28. Adding to this sum the
taxes collected ou cigars, the special taxes of manufacturers of tobacco and
cigar.', of dealers in leaf, and dealers in manufactured tobacco, Ac, the total
receipts would have been $38,461.738 79.
Similar calculations show that a
uniform tax of 24 cents per pound on the same quantity would have realized
the sum of $30,851,838 47, and that a uniform rate of 16 ce.its per pound would
have realized the sum of $3;i,240,048 15. Thus, it will be seen that on the assumption that the same number of pounds would have reached taxation had
the rate of tax been uniform, either at 16, 21, or 32 cents per pound, a nnifonn
rate of 3i cents would have increased the revenue by the bum of $1,882,831 61,
while a uniform rate of 34 or 16 cents would have diminished Ihoso receipts in
the sums respectively of $2,728,018 71 and $10.3;t<,839 03. I am aware that it
is contended by those who advocate a reduction of the t:ix to a uniform rate
of 16 cents per pound that the increased consumption which would result
from such a reduction, and the greater number of pounds which would reach
taxation, would nearly, if not qiUte, compeu.«ate for the reduction in the rate.
I am uuabi *, ho \ ever, to see any well-grounded reason for such a conclusion
—first, because such a reduction would have little, if any. tendency to increase
the consumption of smoking tobacco, as nearly ail smoking tobacco now pays
but 16 cents tax secondlj', such a reduction alone would not ten to diminish
the quantity of rawer leaf tobacco cons jmed, for most of the leaf tobacco sold
directlv to consumers is used for Gmokin" purposes, and the motive to smoke
untaxed leaf would not be removed or lessened by diminishing the tax on
chewing tobacco thirdly, because whatever increase in con^-umption there
might be from such a reduction in the rate must necessarily be of chewing
tobacco, of plug, twist, fine-cut, &c., and of enufif, and of these the consumption would have to be doubled, muking it one hundred and twenty-eiglit
millions of pounds, where it is now only sixty-four millions of pounds, in
order to obtain the same amount of revenue as was collected the last fiscal
not to be
year. Such an iucrease in the consumption of chewing tobacco
expected.
inlo-icconnt
taking
the
My own opinion is, that with the tax at 24 cents,
natural increase of the revenue as shown between the collections of succeedhereinafter
recommendlegislation
ing years, and with the advantage of some
ed", we shall be able to keep the collections on tobacco up to those under the
present rates.
This recommendation, however, is made without regard to its rclnlion to
future total revenue results. If it ehonld be the opinion of Congress that the
yield of revenue from iuteroal taxes should not be materially decreased, then,
to accomplish the desirable results exi)ecti^d from a consolidation of the tax
on tobacco, and to compensate in part to the revenue the expected large loss
from the expiration of the income tax during the current fiscal year, and the
further material loss from ' Articles and occupations formerly taxed but now
exempt" (a rapidly decreasing item, of cours ), I would advise a consolidation
cents per pound.
of the tobacco tax at
riiODLKKS OP TOBACCO.
I am satisfied, from the evidence which has accumulated at this office, that
much of the fraud above referred to is cfl'ected through the instrumentality of
peddlers.
In order to put an end to this illicit traftic some additional legislation is required. I would, therefore, recommend that every person who sells or off'ers
to sell manufactured tobacco, snufl', or cigars from wagons in the manner of
peddlers traveling from place to place, be required lo pay a special tax of flfteei), twenty-five, or fifty dollars, according as they travel with one, two, or
more horses or mules, and to comply with t-uch regulations as may be prescribed by the Commiaaiouer of Iniorual Revenue.

TOBACCa
from tobacco for the fiscal year ended June 30, 1871. were
Aa compared with the receipts from the eame source for the
preceding
year, the accompanying tables show the following results
Year ended June 30, 1871, tobacco, chewing, &c., and snuff"..... $20,677,717 84
Year ended June 30, 1870, tobacco, chewing, &c., and enuff.
19,70^,780 61
increase in class 33-cents of

04,617,869
30,5l7,<j^
10,631,082
72,377
39, '70

classifications.

18.
fiscal

Showing an

The ateady and uniform increase, from month to month, in the revcnncfl
derived from manufactured tobacco, cigars, &c., since the present law went
into operation, by which the mode of collecting taxes on these articles was
changed from an assessment after removal from the m*inufactory and sale, to
a prepayment, by means of suitable stamps, before the goods are reiroved
from the place of manufacture, has fully demonstrated the superiority of the
present system over the former. Fewer frauds are possible where the taxes
are required to be paid at the manufactory, and before the goods are allowed
to go upon the market, and where every package is required to bear upon it
the evidence that the tsx has been paid. But, notwithstanding the encouraging progress that has been made toward a thorough and complete collection
of the revenues from this source, 1 am forced to the conclusion that, during
the last fiscal ye-.ir, much tobacco has escaped taxation through the refilling of
empty stamped packages, the second use of stamps, the use of counterfeit
stamps, the removal of small quantities from the place of manufacture without
stamps, and stamping as class I6-cents, tobacco which, under the law, should
have been stampi.d at the rate of 32 cents per pound.
UNIPOKM RATE OP TAXThe present law imposes ou all chewing tobacco a tax of 32 cents per pound,
and the same rate on all smoking tobacco from which any portion of the stems
has been removed. But practically all smoking tobacco, with alight exceptions, is claimed to be taxable only at the rate of 16 cents, and no one except
the manufacturer knows, or can know, whether it contains all the stems which
are natural to the leaf, or a less quantity. The natural leaf, cut with all the
stems in, is, previous to being so cut, put through a process of sweetening, to
fit it for chewing purpose.?, thus makiug it actually chewing tobacco,
though
sold under the name of smokini; tobacco and stamped class 16 cents. By tue
manipulations of some manufacturers the fine-cut shorts, " which have passed
through a riddle of 36 mcahes to the square inch by process of sifting," constitute the bulk of their products and are used as chewing tobacco, though
paying a tax of only 16 cents per pound, while sweetened scraps, a product of
plug manufacturers, arc cut up in large qnantitiis and sold under the 16-cent
tax for chewing purposes. A uniform rate of tax, while it would allow every
manufacturer to manipulate his products in las own way without restrictions
being placed upon his modes of manufacturing, would effectuallv close the
door to tlie perpetration of fraud or the evasion of taxes by their improper

total receipts

Year ended Jnne
\ear ended June

total

The
was

the year 1871, as shown in the above statement, is believed
to be due, in piirt at least, to the greater attention given to that subject by
internal revenue officers during that year. This attention has revealed some
defec;8 in the law, which call for early remedial legislation.

The

amount

Pounds.

The increase from

133,578,907

of receipts

ANNUAL PnODUCTION.

$5.8R6,400 98
6 0^1 520 64
7,159,740 20

amount

The total amount of manufactured tobacco, represented by the
collections for the fiscal year cnded>Tunc 39, 1871, was as follows

Gallons,

total increase of $2,233,199 30 over the total
fiscal year.

1371.

from the same soarces for the preceding

885

1,845

181

8
864

Showinga

[December

For the last three years this office has been in possession of information
that a large and increasing amoiin': of raw or leaf tobacco, in portions of the
country, was bcinj^ sold at retail directly to consumers without the payment of
tax.
Evideaces of this traffic have, from time to time, been furnished by assessors and collectors, and more especially by supervisors, who, in taking
transcripts from the hooks required by law to be kept by leaf dealers, have reported that they find sco.cs of pages of these books where entries were made
of sales from one-half pound to four pounds each ; and I am constantly in receipt of letters from mMUufacturers of tobacco, complaining of the injury to
their business arising from such sales, and informing me that in some localities where they formerly received frequent and large orders for manufactured
tobacco they now make no sales, the same parties who used to make these orders now ordering instead supplies of natural leaf from the wholesale leafdealers. Against this traffic, grown lo such larijc proportion-*, so injurious lo
their business as manufacturers, and prejudiclaf to the interest of Ibc Qovcmment reyeuuc. they ask to be protected.

December
IM». ml

T.I

t
>

THE (ilHONrcUv

1871.1
Inn !W

iif

fhr «rf of

,Tii1v in,

known

ixi,.-

773
ttnit ihi»

ills* »<trtnn>)v «n«f*»f«*i

rw.-

'•"

hMolattndr.

aMOf

•[-

rtieii

ha
"llrrlf Wllh'
>t p*rtlM to ri'-nvv iKcnj, Of
..mnnl lo tiMI
.•A nndir lh« coaMOUalto b«

mm.
«ppl t «

tax

idbsatve

rami

rr\.lMli' in'Ill UH?« pinin

-I

exjx'
St«i.
poruiMi'ii

'I At Ally p<H
-'bAcoii 'aiuI

or aiiall of alio that p«ii
=•11,

Ilk.

arv

thi-ri!

now

rtnrln? tho lint (l«ral

I'KtahlljIicrt

>'i>«r,

vli.:

Fourth

III;

III.'

M'Hv

li-' III

juiH* HI, isti,

I'iKiiiig

wilt*

Thii
n

n«

inn

s,oao,aM
8,Ra8,eM

disirirt, T.oniKinns
Klr»t illsiriri, Oilif.iiiilA

Oregon

uuiiiinii of
nuuici number
ui
The
>uo whole

S6.in9.tW

-J

Flriit di

!.r

rict. Loiiriilans

First district, California

Total quantity e.TportwI

lQ,6SI,0e3

WITHDRAWS FOB CONSClfPnoM.
Tbe quantity withdrawn for consumption on payment
bonded warehonse*.

several
follows

p,„,,.i. .i:.,.;„.

of tlio tax from the
80, 18T1, was as

ended June

for tbe flscal year

Ponnds.
6»l,»r

v„.,»,.|,„^itg

New York

•Di

Ivaiila

Tliii.i

,,,

Third

di'irici. \ Irsrinia

First (listriii, I.oiiifiiiua
First difirirt, faliforuia
First district, Oregon

3,464,979
2,688,786
a,46S.B08
SS,78t
.t...
1,431,187
1,980.161
S4,9fi9

Total for cousnmption

11,499,689

fli^ires show that less than lialf tbe tobacco, &c., removed In bond
nmiHifnrtoriftfl is actually exported.
From the eight bonded ware' '
'il at tbe neveral ports of Pblladelpbli,
Baltimore.
Orlt-r
iiici*»co, anil Portland, Oregon, in which were stored during
led June :IU, 1H71, 9,4X7,257 pounds of manufactured tobacco,
the r.
nils dnrinK thin period were withdrawn for exportation, while
only 1.. t'
8,t8t>.t''''
;:. > wore wltliilrflwii for rnn.auniption on payment of the lax.
Nc;ii-\ nil., tfiiilisof a'l the loharcfi exported from the country is sblpiHid
York and Richmond, Viriiinia: and of
throiiuU tile bunded warehouses at
this a large portion Is never stored in the bonded warehouses. The shipments
the
factories,
from
the gootls being carted by the warearc made directly

Tbese

from the

hon-i-

New

•-

"ly entered therein, though tbe owners thereof
orage.
arc charged witFt
iiis system of bonded warehon"ea liltherto has
The practical ii;
..
.n-ii. .u.ials and firms, more particularly to the propriebeen to trive to :i
tors of tile waroliouses, the same facilities for storing tobacco without the
prepayment of ttie tax as were given by the former system of Class B, bonded
warebonsi s. ali<ilisheil hy the act of July 20, I8fi8.
It Is my own opinion, and, so far as T have been able to ascertain, it Is the
opinion of manufacturers of tobacco generally, that the present system of
-. - .Mil,
I
Kiir.'lv abolished, to the interest both of
exp^'" H,..,,i,.,i v.«r..i
the
ii'co bonded at tbe warehouse In
Kill
'• . nterlng the warehouse, and the
Ricii
New York.
sam"'
iiled warehouses, and providBy
". snuir and cigars, as other
ing f'
'Irawback
of
the tax paid npoii proof of
mer<
CO to be loaded under the snpeirlsion of
land
~
nips
lie
destroyed
to
by said officer to urean i
Urge port on of the expenses now incurrea by
veni
their goods would lie saved, the (Government
the II
;iM)ds when removed from the place of maoawon'
houses, and onlv

t*.

'-:

factii

the

privii

tobacco would be placed on

|>aid goods, and the special
ii'lividuals and firms would be

removed.

would recommend

provide that evidence of the loss at sea
Bevenne shall have all the force
' drawback.
to remedy the evils of the present'
bonil'
Kted, but they Involve the mnlUpWof tax.
Ingof b'liKls III
A multiplication of snch bonds
lo the flovemment. The recwds of the
would result in .ii
'ii-j of the country are largely oecupli'd by
ttnlted Siiifi il
petroleum, under similar systems
suit-'
I'f the cases,
to
the principals being
lit. the sureties have either not been
insitl
found on xri^inal jirornsi. or, it rixind. a return of no goods on final process
has realized to tbe Government a total loss of Its supposed security.
'TAWrs.
Siiii
contracts have been
mail
A ith Mr. Joseph K. Carpent
-tamps; with the Con"
u lurlv Iiir (iiiiii
tin,
distilled
spb
I'- National
Bank
nyof New
lips.
\orl
These central
dedtotlie
lai iiities for doing the worK. arirr line pnbUcalow>{iOBals In the newspapers of tbe various Irauling
tion
sstisrii

of a
Oi

TV I"

111

Internal

ri.iiii

provided under section

Jane 30,

lOt, let

waa THl

1871.

t349.7W

and

Specific penally in lieu of fines, penalties

W.a7Sli
•4s.««ao

forfeltnrws..

Total amount received by compromises

(8l8,4t> 98

ABSTRACT OF REPORTS OF DIBTRfCT ATT0RNKY8 FOB THB ri8CAI<

TBAB

40,818
118.916
3,630.179
10,386
167,687

ili-trict Marvlaud
ili-tricl. Vir'^iiila

inlscd, ss

Assessed penaltv fixed by law

wIthdrawD for rxpwtatlen from the wraral export bonded
wAn-honsce dnrtng the BkaI year endM txme M, 18T1, wu >s follows
Ponnda.
'
8KS,TM
Fourth ili-iiriit. ^'
Vork
Thim-e.icn.l ili
6,699,888
Third
Third

^sl« coinmoiiiscii.

'
i

of July 20, 18«8, during tbe lUcal y'var ended
Amonnt of tax accept.d

Thi- tiuantitjr

ttecon'd di-irict,

*n-

6«,l«7

ToUiUmonnt

mav be

cost of tbe present series of stamps la caathat of the previous Issue.

iige

slderably Ic-

1.5«7,flB6
«,lB8,«8!i

authority uf

a,a08.A8a

Kirn

Klr«ldi»trlct,

of Ibis

1«,T»'»,«1J

Thir.l .ii-'n.

iiiiM.n.IitlW.ii

'i.ils,

ivAoU

illm-o

Ponndt.
LBOlLgn

N>w York

Tliiri

:l..-

as loiiowi*;

Vn-snctiuMtt*

iK'tri.t.

d«««-

iiar»d

idopled especially for that

'uded w»r»-

Tli.

iiipanvprlni the tints onir nf certain *t»mp$,
ii.ii rvriiiifii. nni-hes and ilellvrrs Itien tonlii

ihlleoneof

bond-

thohouHvi* (tun

lie

In 0|>rratlou nixteeii rxport

hMbasB

i'>'>>i

...i..,i.

pruvlnloii nf Uw

I'diKt tlilA
rd wnr.hm;?c'», twci hnrliu- hrn\

one

...-, say
would i wtr aj

KXPnilT HOXIICD WAHICnoUtU.
In thr ith-pnro of nnv jirfivUInn f>f Inw nrovidlnij for rtrnwbnrfe nn mftntifnr'hv l«w h*t|>i'
tnr.'ii

tl— «*

rolsotlao

1871.

Number of Indictments
Number of proceedings in rwH
Nnmberof other suits (n personam

1,7U

Whole number commenced
Number of convictions on indictiuents
Number of judgments recovered in other

Nnmberof judgments
Total

number

•,977

1.8t2

I.IM

suits l«/>«rsoii(lm

recovered In proceedings fnrsm

814

of suits decided In favor of United Stales

Number of acquittals
Number of other suits

4.217
l,t)48

...

1,1H
«B8

in perionam or in

rem decided against the U.

4M
Total number of suits dccide<l against the I'nited States
t.SO(
Number of suits settled, not prosecuted or dismissed
6,I76
Number of suits pending July 1, 1871
Amount of jndgments recovered in suits in wrsonom, including
fines, 4c... .:.
»M19,0»4
Amount collected and paid Into rxmit In suits In nfnonam (includ9M.3W 97
ing indictments) on account of Jndgments, tines, Ac
146,288 61
Amount collected and |uild Into court as proceeds of forfeiture.
ABSTRACT OP SZtZURISSeizures of property for violation of internal revenne law during the laosl
year ended June 80, 1871, were as follows
27.S.7.'<7 gallons of disUlled spirits, valued at
tn9,8W 7*
1,3<>6 barrels of fermented liquors, valued at
9.869 On
2,907 pounds of enuir, valued at
887 10
281,28>l pounds of tobacco, valued at
100,284 44
88,810 64
2,094.876 cigars, valued at
Mlscellaneons property, valued at
897,m 86

Total value of seizares

•OlS.ttO 14

BTATSJtEHT SHOWIKO TBI 0R0S9 PROCZnW BXALUEZU TKOH SALXS DmiXe THB
FISCAL TEAR 1871, ITigiER SacTlOH 68. ACT OP JCt.T. 13, 186H, TOOITBn
wrru KXPXNSxs and a jaoinrr DBrostTao ; also the peb cemt op xxpnian
TO OROSS PBOOEKDS.
Gross proExpenses
Amount dePat
States

and stsmpe.

ceeds.

$97176
118 86
MM 07

<241 46
67 96
844 88

niluols

4188

S77«

Indians

188 16

California

Connccticnt
Georgia

16
43
202
7
316
6

48(9

Iowa
Kentucky
Maine

882 08

NcwJersey
New York
North Carolina
Ohio
Pennsylvania

00
99

29
82

68.

in.o
100.0
60.8
100.0
60.1

129 90

46 90
608 07
1.17> 80
134 80

286 18
688 40

388 49
608 10

1,288 41

MOSS

Tennessee
Texas

170 81
228 26
649 06
80

...

728 88

TOM

44
77 86

129 81
128 (6
88 61
9 84

$8,881 44

$8,(07 84

98 00

11.

48.9
88.6
81.6
41.8
71.$
IB.l
48.8

1'649

{48 81

184 44
48 03

9.8

....

814 61
40 70

«B

Wisconsin.

94.8
80.0

67
160
3
143

aonlhCaroUna
Virginia

cent.

$780 80

80
94
20

7 80
1,08186

,....

Missouri

posited.

».(
88.7

i.'i

Total.

$7,799 28

ADUITIOEAL RBCOlUmniATIOIfS.
I fully apntave, and would here renew, the following rvcommaadatioa i
in last year's report by the then Commissioner, Mr. Delano:
" The act of July 14, 1H70, exempted from taxation, under scbedalaCcsa^
and preserved fish, leaving pretiarifl mustard, sauces, simps. Jama, and JeUifla
Thf ii' srtirl.i ^eln^ either coDdlmeots or emtstill liable to the stamp tax
Ion. never having b««a a
serves, and gencrall
ilie tax thereon sTwsvs atfmitful source of ri
-ird vrxatlcm. I would retended ^vlth no In'
ip lai now <mpo«ed
i

iiitl

1
,

lies
i

•

wssmannfai'
the present

cmi.,,

neeetserT stamps. Thia tohacco
"imped.
Csdat

nr offered f'
'H "f law iii

•t.snijM"!, sii'

citi.

•

*H.lngpro' s»iy

'nml'sloaer of
fnralah
ands of

•

Inc
Her.
glec.iii..

.IJ...I,

iiMiM,.

By the chai
prlntlu;;.
paper, and ncmilts tbe

auUiunri' in."
"nulns.*i»intT. upOD Om
thecaatodjraBdooatroljfaMb todacm, l»
attacM aa« caatoM b«fi!)re tk« laaM

^rf-i.1.
'

to b«

;

mIMudp* uaUbtprlsuu

.», .^... w.<.is,

vusivu iv

Ac.
marshals, sterad
ni«>ats,'

lanic iiuantiiles of condeaaed,
.led la nine that it raaaal b«

!^. '<
in noniit-d \(ait-ii<>it-e>. im
forfeited, and abandouni laliaci
sold for enough to pay char;-er

—

THE CHRONICLE.

774

It troonecOy happfin that tax-paid «t»mr>s are lost from packages of spirits
*y nnavoidabk- actident, withoiit fanlt on the part of the persons Interestod,
The present law
tuiBplrita helDtr thus (xpOf^ed to seizure and detention.

jnak.'B 110 prevision for re-stamping ench packace", except on the re-pavment
cf the tsx. Iniiemiich as the stamp is a device to protect alike the interests of
the Govtriirai'ut and the tax-payer, U is considered that authority should be
civin to complete that p otcition by re-ftam ins.
It was recommended last year by Mr. Commissioner Delano that Consress
provide, by joint ri'solution or otherwise, for the remission of all taxes
assessed on Bliip-bullders under the fourth section of the act of March 31,
No action, however, was taken upon the
186S, as had net been collected.
snUjcct, and not feeliug at liberty to allow further delay, I have ordered their
collection.
Secilon 44 of the act of June BO. 1804, sives to the Commissioner, "subject
to regulations prescribed by the Secretary of t'cTreasur}'," authority to abate
and refund taxes and penalties in certain classes of cases. One of these regnUitions (Circular 19) provides in effect that no claim or application for the
refunding of taxis will be entitled to consideration by the Commissioner,
unless It shall be filed with him either prior to August 4, 1871, ^Circular 19
taving been issued August 3, 18B9.) or within two years from the date of the
payment of the tax.
It will be observed that this simply affects the qnestion of the consideration
\>y the Commissioner of claims thus barred, but does not, it is claimed, limit
anv right of action upon them.
One of my predecessors, Mr. Rollins, in his report for 1808, remarks upon
thl'i subject, as follows
" The authority vested in the Commissioner of Internal Keveuue to refund
tales erroneously collected has been the means of preventing ranch expensive
litigation, and has rflbrded speedy and iuexpeusive relief to many persons
who have been compelled to pay more than was legally due. While a witirdraival of this authority would be productive of great hardship in many cases,
I am satisfied that a etatutoi y limitation of the tmio within which such claims
mast be jn-esented would tend to prevent much abuse. When the legality of
an assfssment is not "eriously qnesiioned at the time it is made, the evidence
In its support is very apt to disappear with a change in the officers of the
district ; and it is not then difflcnlt for a skillful attorney to jiresent reasons in
Bupport of a claim for refunding such as are hard to be set aside."
I would recommend that the Commissioner be prohibited from considering
:

or allowing any claim not presented within two years from the time the tax
was paid and that all claims be barred in the courts after six years from the
date of payment of the tax.
Section 44 of the f.ct of Jnly 20. 1868, should, in my opinion, be amended by
making the minimum penalty smaller, such penalty being now a fine of not
l3sa Than $1,000, with net less than six months imprisonment. Tlie undue
Ee\erlty of this pnuishment would seem to be obvious as applied to the
offences of carrying on the business of a retail or wholesale liquor dealer,
rectifier, or manufacturer of stills, "without having paid the special tax," in
cases wherein no intent to d( fraud exists the omi sion arising from ignorance
of the law or other circumstances not fraudulent, yet constituting no legal
excuse under the terms of the section. The praetii al effect of providing so
disproportionate a punishment for these offences is to discourage complaints,
defeat convictions, and induce suspensions of sentence, in many cases in
whlcli some reasonable punishment sbould be enforced, as well as to vindicate
the law as to secure future compliance with its requirements.
Section I..3 of the act of July 13, 1866 (p. 81 of Compilation of 1867), should be
amended to make it ajiply to cases arising under any internal revenue act. As
it is now, it applies only to offences under that act of 1866. and previous act,
;

to which it was an amendment. I would also recommend that the limitation
of amount shcmld be extended from $300 to $500, as con'ained in the parallel
provisiuns of the custom laws (section 11 of act of July 18, 1860, 14 Stat, at

Large,

p. 180).

I wouid call attention to the report of last year in relation to the subject of
"direct taxes," and would renew the recommendation of early legislation for
the final disposition of all lands which have been acquired and are now owned
by the United States under the direct-tax laws.
COLLECTORS' ACCOUNTS.
The complaint which has heretofore existed of delay in the settlement of
ex-collectors' accounts has been, it is believed, entirely removed by the operation of the regulations of this ofilce now in force.
Prior to Api-il, 1670, it app/ared tliat the accounts of 61 ex-collectors had
bean closed, which number, nowever, has since been increased to 434, leavinoa* the present time 2-30 accounts still open. Of this number 11.5 have been
in the hands of United ^^tates attorneys for suit on the bonds of the
Slaced
eliuquent collectors, the residue being in course of adjustment at this office.

Respectfully,

W. DOUGLASS,

Oommissioner,

Hon. Geoiwe

Boutwell,
Secretary of the Treasury.

t'(?MMKRClAL AIND MISCELLANEOUS

week, and $4,653,683 the previous week.
exports are $3,947,436 this week, against $5,043,547 last week,
$5,059,308 the previous week. The exports of cotton the
week were 12,019 bales, against 14,354 bales last week
following are the imports at New York for week ending
dry goods) Dec. 1, and for the week ending for general mer-

afrainst $6,891,411 last

and
past

The
(for

chandise) Dec.

FOBEleN XUPOBTS AT

1869.

1870.

1871

$1,S8-.6S7
4,233,872

$1,788,120
4,159.559

$1,223,810
4 421116

228,103,117

$5,521,559
268,446,751

$5,947,679
276,161.015

$5,644,926
319,8 2,064

$233,002,3J4

$273,967,290

$283,108,694

$355,456,990

Pry Roods

$981,508

General merchandise...

3,917,729

Since Jan.

(-99.2.3:

In our report of the dry goods trade will be found the imports of
goods for one week later.
The following is a statement of the exports (exclusive of specie)
from tlio port of New York to foreign ports, for the week ending
dr.v

December 5
For the week

P.-eTloa6ly reported....

Since Jan.

The

Kew

NEW TOBK TOR THE WEEK.
1869.

1868.
$4,020,901
152,871,864

$4,41.3.422
181,214,57.3

$155,892,265

$185,627,995

show the exports of
the week ending December

following will

York

for

$312,558

Not. 29— Str. Ocean Queen,

Dec

Asplnwall—
ailverbars.
.,,
.American tUver coin.

aeopatra, Ha-

vanaAmerican silver
Spanish ounces

G"ld bars
Silver bars

9,810
66,100

Total for the week
Previously reported
Total since Jan.

Same time

$556,614

.69,600,668

1871

Same time

1870
180^
1808

$60,157,277
in

1867
1866
1865

$56,7.38,294
80,346..340
69,123,685

$45,060,999
68,568.448
27,814,593

The imports of specie at this port during the past week have
been as follows:
Nov. 28- Str. Norway, MalagaSilver
$1,218
Gold
Nov. 29— Str. Rising

Gold

$271
Star, As-

2— Str.

Dec.

plnwall
Total for the week
Previously reported

Nassau555

$6,901

.,
.'

Total since January
Same time in

1871

$11,387,557
14,876,852

National TnEAsiniY.

8,422,001

$8,428,905

Same time

18TO
1869

1868
1867..

$6,701,115
s! 032,610

—The following forms present a summary

weekly transactions

of certain

4,890

Missouri,

Gold

at the National

Treasury and Cus-

tom House.

—

1,
Securities held by the U. 8. Treasurer in trust
banks and balance in the Treasury

for National

Coin cerFor
Week
For U. S.
^Bal. in Treasury.—, tificates.
ending Circulation. Denosits.
Total.
Coin.
Currency. outst'd'g.
Nov. 4. 361,398,350 15,274,900 8&1,673,250
94,668,545
7,874,924 17,081.900
Nov. 11. 367,702,450 15,279,000 382,981,460
96,242,490
6.022,725 lf,7]5,40O
Nov. 18. .367.948,950 ].".,279,n00 333,227,950
6,676,9S8 19,0-;9,»06
93,061,448
Nov. 25. 368,288,200 15,278.000 .?83,.^fi6,200 92,756,575
7,055,507 20,354,900
.

Doc.

868,605,700

—National

15,229,000

.:83,834,700

bank currency in circulation fractional currency
received from the Currency Bureau by U. S. Treasurer, and dis
tributed weekly also the amount of legal tenders distributed
Week
Notes in ^Fractional Currency.—, Leg. Ten.
3.

;

ending
Nov. 4
Nov. 11
Nov. 18
Nov. 25
Dec. 2

Circulation
324 722 827

Keceived.

Distributed.

853,600

324,946,862
325,884,497
826,605,600
326,004,550

774,.30O

348,200
819,000
651,449

780,200
786,600
655,600

—

Distrib'd.
1,402.500
1,168,000
284,756
1,071.607
789,896

60.5,795
278.6!

Referring to the card on another page of Mr. James A. Cot
tiugham, a prominent shipper of locomotives, cars, railroad iron
steel rails, &c., we are informed by Mr. Cottingham that during
the twenty years of his business in this line he has never lost an
engine overboard, or had one of his vessels sunk with one on, and
has never had any damage done to cars amounting to over twenty
dollars his house has never lost a cargo of steel or iron rails,
although during the past year they have shipped more rails than
any other house in this city. They have had the exclusive shipment of all steel rails from this port East for the New York and
New Haven, and other Eastern railroads, for several years.
Within the past four years they have shipped over $5,000 000
worth of machinery for the various iron works, together with
heavy guns and boilers for the United States Government.
One of their vessels, tlie barge James Cottingham, which was
built expressly for their business, at a cost of sixteen thousand
dollars, will carry five hundred gross tons all on deck, when
;

loaded. The particular attention of purchasers of railroad iron,
locomotives, cars, &c., i.i called to their card on another page.

Messrs. Aug. J. Brown & Son, bankers, formerly of 73 Broadway
have removed to their new office. No. 59 Liberty st. They offer
in our financial column a limited amount of the eight per cent,
first-mortgage bonds of the Sioux City and St. Paul Kailroad.
These bonds are free of Government tax, and are issued only at
the rate of $14,000 per mile of road completed and in operation.
We notice the announcement of a new copartnership for the
purpose of transacting a general banking business, both domestic
and foreign, under the firm name of Heidelbach, Frank & Co.
The gentlemen comprising this firm are well known in financial

—

circles,

including Messrs.

Max

Heidelbach, late of Heidelbach,

Seasongood & Co., E. L. Frank, and Adolph Gans, late of Frank
& Gans, and Mr. Louis Heidelbach of the house of Espy, Heidelbach & Co., Cincinnati.

89,885
B,OdO

BANKING AND FINANCIAL.

Banking House of Hbnbt Clews &
33 Wall
Letters of Credit for travelers
available throughout the world.
Bills of

Bank

;

Co.,}

N. Y.
f
commercial credits issued,

street,

also,

Exchange on the Imperial Bank of London, National
Provincial Bank of Ireland and all their

Scotland,

branches.

West

1870.
$7,077,229
173,091,626

220,742,387

$180,168,855

$224,689,828

1871.
$3,!)47,436

specie from the port ot

3, 1871
For Bremen-

No7. 29-Str. Scotia, Liverp'l—
Silver bare

a—Str.

Deo.
24,666
16,800
12,000

Drafts and Telegraphic Transfers on Europe, San Francisco the
Indies, and all parts of the United States.

BXPpBTS PROM

DeutschlaDd,

Southampton—
Mex. silver dollars..

1871.

KZV TOBK FOR THE WEEK.

1868.

Total for tae week.
ProviouBly reported. ..

2— Str.

Dec.

[December

—

NEBS

Imports and Exports for the Week.— The imports this
week sliow a decrease in both dr.v goods and general mercliandise. Tlie total imports amount to |5,644,930 this week,

The

Deposit accounts received in either Currency or Coin, subject to
check at sight, which pass through the Clearing-Houseas if drawn
upon any city bank 4 per cent interest allowed. on all daily
balances; Certificates of Deposit issued; Notes, Djafts and Cou
advances made on approved collaterals and
pons collected
against merchandise consigned to our care.
Prders execute^ for Investment Securities and Bailroad Iron.
;

;

Foreign Bllver coin.
City of Londop,
Liverpool—
Silver ban,.

9— Str.

$1,000

»M9

Qh'EWS.
Jl

HABICHT &
Old Bkoap

Co,,

Bt»ri5T,

tOWDOS

December

THE CHKONICLE

9, 1871.]

8r JOSEPH AND DENVER CI lY RAILHOAD CO'B
riRiT noRrGAUB, sinki!<io fvmd land grant

775

TBB RBoanpTiAN oy FiTB«'nrBiirT
TRK aoTBBWHB^T

BOirra

Was coXMBNoeD Dwicmber 1. sod Is rspldly going on, releasing
BEARINQ EIQIIT PER CENT (8 p. c.) INTEREST, PAYABLE a large amoun*. of invested capital, a largo pmporttrm of which
must seek reinvMtment in snlistantlal srcurltins.
IN GOLD. FREE OF TAX,
Ws fiffer and reoomDiend the Si
r Ont.D DoMM Of
And in DENOMtNATiONs Oif 91,000, |500 AMU $100, mil b« obBO?(DS,

tained from

tlie

underaigrned, or throogh

THE CimsAPEAKa axdOhiu

principal banki

tlie

and

bankers throngbout the United States.
Tlie attractive features of these secarlties are recognised In the
fact, that,

although they have been but a short time on the market,

they are nearly

absorbed, and bot a small

all

amount

are

now

for sale.

perfect security with

This Interest account

Company through

made

liberal rate of interest.

and

light (or

easily borne by, the

Fund

the operation of the Sinking

Company's

Bales of the

which

land,

interest at the rate of ten (10) per cent per

many

annum.

created

canes

The

draw

security

behind them

is ample in every particular, as they constitute a
and only mortgage on a trunk Hue of railroad, which will

first

soon connect the City of

rially

Joseph, Mo. (an important railway

sUortoning the distance between

fact that there is

tlie

Atlantic and

Pacific

bonds have a further security

lu addition to this, the

coasts.

the

St.

with the Union Pacific Railroad at Fort Kearney, mate-

centre),

FISK & HATCH.

Harvet
A. S.

realised exceeds the entire

amount

and leaves the road, property and franchises
'oonds

have thirty years

free of tax, payable

OF THE
ST. PACI.

The amount thus

Free of Government Tax.
Pamphlets on application. A limited amount

free.

AUG.

to run, with interest at 8 per cent,

New

York.

The

interest in either

ISaukcra'

€lie

OoKPAinr.

They are coupons or registered.
Trustees — Farmers' Loan and Trust Company.
present price of these Bonds

currency, from August 15, 1871.

payment

But they are receivable

The

reserved to advance the present selling

for lands sold

documents, and

full

CXHT.

tbs past

Wnnt
Fabu.

week

Books Closzs.

ID«c

«).Dec.»toDec

Friday Evenlsu. Dec.

The Money market.—There

SI.

1>**1.

has been some irregularity In

money market during the week, owing, in part, to speculaprice without tive manipulations. The legitimate business demand for currency
has recently been on the increase, and 6@7 per cent, was a fair
quotable rate for money, when parties operating for a decline la

notice.
circulars,

at par

by the Company.

interest in

Feb

niacellaneons.
ConaoUdttlon Coal

97^ and accrued interest in

and accrued

®tt;ctte.

The followlnK SlTldends have been declared daring

they are prasented.

Maps,

offered at 90,

& SON,

DIVIDENDS.

New York

without notice, and in the gold currency of the country in which

BROWN

Bankers, 69 Liberty street.

London, or Frank fort-on-the-Main, at the option of the holder,

right

Febraary and August in each year.

BOTH PRINCIPAL AND INTEREST ARE PAYABLE IN

The

RAILROAD.

$14,000 per mile of completed road.

GOLD.
principal in

Hatch.

SlOrx CITT AND

bonds which can be issued,

FI8K.

EIGHT PER CENT FIRST MORTGAGE BONDS

under the mortgage, for the clear

to the trustees

May

known to be
The mortgage indenture

and express purpose of retiring these bonds.

The

.xras among iIm
In the market for

included in the mortgage the company's

the best in the United States.

and payable

The

lia>l

and principal payable in gold in New York City. Is.
1 and
November 1. Denominations, $1,000, fMOuid
$100, coupon or registered.
The popularity of, and demand for, the Centhal Pacitic
Cent Gold Bonos, originally put on the market by nt, and now
in demand at 1081, afford an Illustration of the high standing
which this clase of Bonds, amply secured on well-managed and
productive Trunk Lin«s of Railroad, must always uiaintain.
We buy and sell, as usual. Government and Centiiai, Pacific
Bonds, and receive them in exchange for CnESArK.VKE asd Ohio
Bonds.
Accounts of Banks, Bankers and others received, on
which we allow interest.
Orders for Investment Stocks and
Bonds executed at the Stock Exchange.
terest

prohibits the sale of these lands at less than four (4) dollars per
acre,

Raii.u

securities to Im

the secure Investment of capital.
A small proportion only of the loan now muain* onaold, and
the reinvestment of the proceeds of redesmed Flv«.Twentle«
honld absorb them within a short time.
Present price, 94, and accrued interest.

magnificent lands, amounting to 1,500,000 acres,

among

and most desirable

Interest

They combine a

from

safest

information furnished on

the

stocks " locked

up" a considerable amount of legal tenders and
advanced the rates on call loans to brokers to 7 per cent, gold,
Though acting aa agentt for the tale of thit loan, our firm buy witli a commission also paid in some cases. The most severe
and »M in their regular businets the bonds of the St. Joseph and stringency was on Wednesday, when the rates above named were
was an extreme relaxation in
Denver City Railroad Company, those of the Eastern Division paid on Thursday, however, there
the money market in the afternoon, with offerings at very low
cent
recently
placed
by
us
being
eight per
at 97^,
note quoted
(8*),
rates, though it is hardly necessary to state that these were qnite
at from 101^ to 103i and accrued interest.
as artificial as the previous stringeucy had been. To-day muncy
TANNER Sl CO.,
was 6@7 per cent., and late in the day as low as 5. Tiie Treasury
programme for December includes the purchase of $1,000,000
Bankers, No. 11 Wall street.
tx>nds and the sale of $1,000,000 gold each week, but as the bonds
are not bought above par in gold, it seems probable that the sales
TO INVBSTORS.
of gold may considerably exceed the amount of bonds pnrcha-ed,
WINSLOW, LANIER 4 CO., BANKERS,
and to that extent diminish our supply of currency. On the other
ban I, the large disbursements of gold by the Iressury in payNo. 37 Pine street. New York,
ment of bonds of 1863 should increase the amount of epede in
OFFER FOR SALE
bank, which makes a part of the 25 percent, reserves rrqnired by
any part of $1,000,000 Grand Rapids and Iitoiaka Railroad law. The result of such a movement was reflected In tl.c last
-j
Company's Fikst Mortgaob Bonds, beating seven per cent statement of our city banks, which showed a loss of
y
interest, payable in gold, free of Government tax, being the and increase of specie, leaving the excess of legal r
$509,025 less than the previous week, the whole i'>.<-f».-< i»iiig
balance remaining unsold of the $8,000,000 first mortgage bonds
Details of the changes were aa follows: Loaoii, in
$7,078,250.
which are also secured by a land grant of 1,160,000 acres of choice crease. $8.918,200 Specie, increase, $1,H51,900; Orcnlaiiuo, in
These lands are now being sold under the crease, $17,400; DeposiM, Increase, $4,384,700; Loual Tenders,
fine timber land.
su|>crvision of Hon. W. A. Howard of Michigan, and the proceeds decrease, $1,386,000.
The following; statement shows the present eondltioa of the
thereof applied to the redemption of the bonds. Two hundred
associated banks.eompared with thesameoate in the last two years
and twenty (320) miles of the railroad are now completed and
iSt
earning sufficient money to pay the interest on the whole issue of Lotni tDddlMoaaM..
:I,|R4,W
BptOlo
mjmim
bonds. Price ninety and accrned Interest. We recommend these CireuUtlon
application.

;

bonds t«

Inrefitori us

» perfectly safe and de«ln»hl9 pecurity.

Net

'l'*»oi1tt.... ......

l^Sl TtadMf'f»t»rff^»?f»*»

»f»f»f

WMMT

THE CHRONICLE.

776

Business in commercial paper has been slightly checked by the
irregularities in money on call, though rates remain about the same,
the best sliort-date endorsed paper i^elling at 7i to 8i per cent.
Quotations are as follows:
class

•'

endorsed

montnH.
6 months.

first

••

banks

names

single

that an upward movement has taken place in December, while on
the other hand stocks appear to be lield with some strength, and
the recent attempt to depress prices was not successful to any important extent. The market closes strong.
Jhe following were the highest and lowest prices of the active
list of railroad and miscellaneous stocks on each day of the last week
Saturdav,
Krlday.
raeeday, Wednesd'y rhursday.
Dec. 2.
Dec. 4'.'
Dec. 5.
Dec. 8.
Dec".
Dee. 6.
N.y.Cent&H.R 'Jlii MX «t% 9i3i 9ax 9!X 92
H2X 92 X 92 Ji

9XS10X

60 days.

*•

4tD6niontU8.

10)4Qil2X

60 days.

oUifs lorolgn

domestic

8 to

months.

following statement in regard to the Chicago national
is

of interest

capital of eighteen uational banks in Chicago is $7,800,000 their anrfundi-' $j,135,000: the undivided profits are |705,800. Their dlBcounts
to $lti.5(i4.170, and of tiiis sum the banks lose, in consequence of bad
debts, occas oued by the fire. $830,000. They also lose in buildings, furniture,
andfixtur s $175,000. making' the entire loss sustained by the Lhicago national
banks by the fire $1,005,000 leaviug tliem with an unimpaired capital and over
$1,800,000 of surplus still available. This result is ascertained by recent otficial iuvcstigatiou."

The

1871.

;

60 days.

The
"

first

[December

at least, on Thursday it is possible that there may be a renewal
of the effort hereafter.
Apart from the special inHuences here
noticed, there has been no general moveiiient in stocks, and prices
have as a rule been tolerably firm. It is comparatively seldom

percent.

Commercial,

"
Bankers,

;

pltiB

scrip

114X115)4

1!4X1!5}<

90
83 JC

114-4

scrip

Pittsburg

of the week
in the Government bond market has been the notice by the Treasury, t.i-day, calling in $30,000.00 more of the bonds of 1863, to
be paid March 7, 1872. The notice says of the bonds
" That is to say, ecu ou bonds, known as the second series, act of February

114X

68X 89
S\% gi)i
63X 63^

30X

Wabash

United States Douds.— The most important event

8!
98^
118X119
31
31X

'118

Brie
Roiidlng
Lakesliore....

*l'i4x

Northwest
do
pret

HSX

ttock iBlan.!...

103X

8-.>i

123

•118X

88V

S3%

Alton.

86X

119X

SIX

nsx

ii4j(
S'-K

90X

11I3X

>>%

:04X

96X

....

55H 5X
73X 78V
42J4 4;X

.i4X

W«

•I-9X
10.<X
•96,s
54

78;<

77X

"iVA
7.:^

12K

"111
112^
....'116X117
•r.9X ....

111*

....

•116V

"96

42X 42X
....

117

10.iX 104

96X

96X
5JX 54X
....

••.•

X 54X
78X ^3X
42X 43X
64

)2X
mx

M2V iWH :nx ui

61X 61V
90
»1X

a« UI3X

126X

126

8»X 89X

W3X

>S%

83 X

63X

125X 126
60V 61X

61X

9I>%

89X

88X 89K
82X ....
63X 63V

....

119?i

SIX 8 )i
115X

115

114X H">

sax
82^ S3X
63X oSX

•1251,

B^ SK
S7X

87
119

....

..." lis
31

I03X 103X

90
'.U3X

OhlcS

e9x wx
eSX 83X
63 X 64X

sex

118X

125^126
61H 6i

...

Ki^ ....
73K 784
prel'.... *i8X
rSX
d
Ohio, MisslsslM
42X ''in
Oentralof N.J. UIX lUX

....

64«
laSM 125X
Sin 62X
911
90K

60V 61X

Fort Wayne...
St.Paul

97^

3\%

86k

Harlem

amoant

l\i

inx

....

!17X

•
125
•119
do prel •
.... •120
dated May 1, 1862 as follows
do
'56
'50
59
•50
....
60
•.... 58
66
Panama
67
56
....
$50 from No. 1 to No. 5,460, both inclnslve.
67
Clev..(; ,C.& I
87
8;
s:x S7V ....
86X ....
87H 87
87X
"
"
1
13,093,
$10 J
...
Col.Chlc.ft l.C '189^ 19
19
.... •;8x
18X
18K
18X
•18X
18X
'•
"
1
7.981,
$500
Del.,Laok.,&'r lOSX 108X 108X108;^ 108X 103X 108V 109
10«X .... 109 109X
"
" 11,120,
1
$1,000
SOX 5IX 'H)H 51
49)4 52
Hann., St. Jos. 49X y.'A
BOX 60K 50X SOX
And registered bonds of the same act as follows
-60
61
....
pref 58X 61
61
60
do
59X 61X •mu 53
60x
•
*
•134
'131
....
133
$50 from No. 596 to No. 697, both Inclnslve.
niln.,ls(entr'l'132
•1S2X 136
119
"
" 5,079,
•118
.... •X1I8 120
Mich, ('ontral. '118 ll.l
....
120
4,104
$100
•117i^ 119
'96
96
*:i6
Essex
96
U6X
...
....
Morrl9&
" 2,483,
96X
"
96J4
96X ....
1,'.KX)
$600
"
B.,Hart.&Erle
2% ....
2ii ....
•2H i% 'iH JX •2X 2V •2H 2«
" 11,C0S,
"
8,907
$1,000
"
Unl'in Pacific.
J6X HJi
'il-K 2;h
26J( 27X
26X 26".' 2f.X S6X *'^ ll¥.
"
" 3,402,
2,666
$5 000
6;>^ 67X
er.Ti 68X
«re8t. t'n. lei.
6S» 693< MX 68X
68X 68V
67X €9
"
" 3,899,
2,907
$10,000
-1%
Mariposa prel..
1« '....
'....
2
IX .•• •IX
1J< *....
H\ 25X 25X 25X 25 .... 21 K 25
2J
24 X
2IX 24X
Quicksilver....
t>t the amount outstanding (embraced in the numbers as above) sixteen mil46i< 47
PaclBcMali....
46\ 47X 4BX «X
47X I7X
46X 47X
46X 47
lions ($16,000,00(1) dollars are coupon bonds and four million ($4,000,000) dolAdamsKxpr-SB 86X .... 87
S7
i:% 87X 88
';>* 2i
8-,V 88X
lars are regisli'red bonds.
•39
61
....
59« .WX 60
...
....
Am.Meroh.Un 59
69X 60
Siii
Coupon Donds of the act of February 25, 1862, were issued in four distinct Oillted States. 57X .... •57X 58X '.iS
58', 59
....
59
58
57
..7.
Bon Is of the first series (all of wliich have been previously called for Wells, fargo. "Sex 5SX "56
series.
Sl% •66X 58
S7
66X 56V
•56X 57X •56X
redemption) do not bear the series designation upon them, while those of the
• This Is the price hid and asked, no sale was made at thu Board
second, third, and fourth series are distinctly marked on the face of the
bonds.
Gold Market.— Much interest has centered in the gold
United States securities forwarded for redemption should be addressed to the
*Loan Bivision,' Secretary's Ofllcc, and all registered bonds should be 'as- market, and the premium declined to 109|, but reacted to-day in
signed to the Secretary of the Treasury for redemption.'
consequence of the disturbed feeling in London caused by the
Geo. S. Bootwell, Secretary."
in

95, iSa-i,

TUe

This notice by the Government is the most conclusive answer
to all the doubts and queries which have been indulged in by
parties, either at home or abroad, as to the ability of the United
Slates to pay the amount of gold which would become due on the
Whatever doubts had been exfirst amount of " called" bonds.
pressed ou this subject, however, it is but justice to say, were not
founded upon the slightest distrust of the resources or credit of
the United States or the integrity of her financial officers, but
upon other considerations connected with the negotiation of the

new loan.
The new

Prince of Wales' critical condition. The Assistant Treasurer
this city has thus far paid out $14,300 000 gold for the redemption
of five-twenties, and this amount, together with the prospective
disbursements for gold interest in January and the regular sale
of $1,000,000 per week this month, has thrown a very large
amount of gold on the market and forced down the premium to
the lowest point touched since July, 18G3. The future course of
prices is quite uncertain, in view of the calling in of another
$30,000,000 of five-twenties for March, 1872.
Ac the Treasury sale of $1,000,000 on Thursday bids amounted
Customs receipts for the week are $3,363,000.
to $3,865,000.
Cash gold has been easy, and the rates for carrying have been
as high as 7, gold, but to-day were 5, 6, 6^, 5+, and 7 per cent.
The following table will show the course of the gold premium

5 per cent, bonds have been put on the Stock Exchange list, and are quoted to-day at 109^(31 09f.
Ai the Government purchase on Wednesday $517,450 were
taken, from a total offering of $813,950. The calling in of an additional $20,000,000 of five-twenties is probably done in view of
the fact that it may not be possible to make the regular weekly Saturday, Dec
"
purchases at or under par in gold. Notwithstanding the decline Monday,
Tuesday,
n gold prices of bonds have been, pretty firm.
Wed'day, "
The following were the highest and lowest prices of leading Thursday, "
"
government securities at the Board on each day of the past week: Friday,

2
4
5
6
7

•'

Monday,

Sfttarday,

Uec.

nee.

Tuesdny, Wednecd'y Thnrsday,
Dec.

Dec.

6s, 1881, reg...».\llo
....
113^ ....'I'.SJi ...."USti
• o.iaMcoui,.... 117i<117X'i;7Kinx •117>sll7X I17K
5 W'8,1862o.mp W.
IIU IIOJC'II
'.UX .... 1;0)(
5-2J8.HM " "I'.OK lU'4»li0XltlX 'llOJilll
llUX
"
5-W8,i-iij5
•i)i}4iU% ntH ....
:iim
S-W's, 181)5 n"
113X ....''113JfiU3X'll'Xll3X"113X
•
S-iOs. 181)7
'.Ux;i4H 114H .... 114XII4H 114X
SiO's, IS68 "
'llIX 114V n4X
''lllx:i45,'
l!i% .... •Ii4xi;4x
•114>«i;4« 'IHX
114X
•!09« .... 109X .... *109X .... !09X
10-4J8. reg... .
"
ID-lJ's,
110
I09X .... •109V I'O
1U9X
Correacye's
113X .... us IISX '113 113X 113

manix

'wm

Dec. 7.
....•118*114)5
....
117H .....
U0« llOK

.... 'llOJj 111
....
iiiK
...
....
r.3X
1I4X il*H ....
....
114X 114K

USK

lUX

109V

'.:o

109X 109X

113X

113

....

Friday,
••
Dec.
S.
114X ;i4x

U7X
uov
111
UIX

•

....

...

i!3X ....
I14V ....
'114X113
•109

109V
113X

....
....
....

i'lils Is the pi-lce bid and asked, no aale was made at the Board.
State and Railroad Bonds.—In the Southern State Bonds
there have been few new features, and the range of prices below
•

that is of speciiil interest. The Legislatures of several
Stales liiivc recently convened and are now in .session, but the
financial propositions before them will take no definite shape till
Railroad Bonds are in active demand, both
later in tlie nession.
for the old Imixls and new loans the first mortgages of old roads
are becoming scarce.
The following are the highest and lowest prices:

gives

all

;

tfs

Tenn.,old...

Ss Tenu,aetv...
6a N. Car., old..
8p "-J.G ir.,

now.

68 VlrK.,o!d....
6« 8 C, n, J & J
68 M «< iiii-l
C«iit.P<c.'loUl

Pic. 1st....
n. P. L'd a....
U. P. lueoiuL'..
(Jn.

Saturday,
.MondAV, Tuesday. Wednesd'v, Thursday,
Dec. 2.
Dec. 5.
Dec. 6.
^Dcc. 4.
Dec. 7.
..
63X 65X
•66X 66V
66X ....
67X
67
...
....
66
67
65X
6«X ....
8«
"35X 36
36V .... •35
•35X 36
•33X 36X
"
• ...
"15
•.... 19
18
l^V •61
'63
"61
'63
62
"62
64
65
63
61V
2J
33
29
33X 2<
30X
29X 29X 30X 31X
'97
»i
9JX 'J*
9JX '.... 98X
98X
97X ....
•1031«103X 101, .... 103X
103X .... 103X ....
SIX ....
....
SIX ...
91X 91X
91X
91X 91X
79
...
.9X
79X
79X 79X *79X 79V "79
81
82
SIX •SO
•.»1X 83
31X ....
•81V S3

•

Krlday
Dec. 8.
'65

65v
35K

67
....

Open-

low-

ing.

est.

lllghesl.

ClOB-

iiox

llOX

Total
Clearings.

KOX
IIOX
UOX

llOX

UOX

S(l,7i5,0

IKIX

lOUX
109V
.109X

109V
109X
109X

110
109 X

110X
109X
109?;

30,105,000
43.6»2,000
45,283.000

UOX

43,604,0(10

IIOX

110!,-

-Balances.
Jurreney.

Gold.

»2,465,n.57

»2 987.252

2,ilS.'50
1,453.751

2,675.203
1.619,968
2.678,396
2,174,521
2,688.899

2,;;95,7.w
1,919,211)

1,666,148

2,68'<,899
l,6r.fi,14S
UOX »18,94.1.000
111
IIOV UOX
UOX 156,308,000 3,086,973 3,434,729
UOX 1U9X 115X UOX
Jan. 1,1871, to date
The following are the quotations in gold for foreign and American coin

Current week
Previous week

I'.OX

IIOX

109X

American gold (old coinage)

American

Sovereigns

Dimes and

4 p. c. premium.
t4 88 ®»l 92
3 82
3 fS
Napoleons
7 80
7 95
Gorman thalers
thalers .... 7 95
8 10
Prussian
6 50
6 60
German Kronen
3 90
4 00
X guilders
16 35
15 !<0
Spanish doubloons
15
55
16
70
Patriot doubloons
American silver (new)..
97X«
98X

O
®
®
@
@
®

sliver (old coinage)

1^2
hall dimes..

Five trancs
Francs
•nglleh silver
Prussian thalers
Specie thalers

Mexican dollars

V® 108 J«

I(«X®109X
..
r«5S6W
a5.36X
-

Swiss

5.22Xe5.23V

63X

Amsterdam
Hamburg

98X

....
....

par

.5
5.35

30'

'81

premium

3 days.
1095<®109V
109X'«109X
®.-..
5.27X<s5.28Jf*

60 days.

108X®109
108

29V

91X

p. c.

London prime hankers
Good bankers
*'
commercial
Paris (bankers

throughout the week at 109(9109^ for prime 60 days' sterling, but declined i to-day to 108|(al09. There are more cotton and other
commercial bills coming on the market, and these;, together with
the export of Oovernment and Railroad bonds have had the effect
of depressing prices.
Quotations are as follows

'.... 18

•78X T^V

2®3

Spanish dollars

5.2SV(S5.M

103X

premium.

— 96
— ;9X
84
—4 72
104 ® 106
MX
03X®

—
—
South American dollars
Foreign ExcUange.— Exchange has been rather dull

Antwerp

...

p. e.

— MX®
—95 a
— 19 @
4 75 @
—70 @

.:.

5.I8V'"5.20
6.17X«S.18Jf

40V««)K
86XS36V
HH'S*\%

Kranklort

e41X

36>t(aS6X

41X<S41X
79XI»7»X

—

Bremen

78V879
72V®72X
..
72X&<*X
transactions for the week at the Custom House and SubTreasury have been as follows
Custom
Sub-Troasury.-^
-Payments.House
-Recelpts.Prussian thalers

The

•

rhl4

the price hid and asked, no sale

was made

at the Boaril

—

Railroad and miscellaneous Stocks. One of the principal
events of interest in the stock market was the report of the possible purchase of the Western Union Telegraph lines by the Government upon the strength of which, aided by the PostmasterGeneral's report and President's Message, tlie stock was advanced
in price to 69|, but subsequently fell off again. There was an attempt made early in the week to depress prices by locking up
legal tenders and creating an artificial stringency in money, but
the attempt had little BuccesB, and was discontinued, temporarily
;

Kecelpts.

Saturday, Dec.
"
Monday,
"
Tuesday,

Wednes'y,
Thursday,

371,0011
28<l.0OO

250.000

443,1100
493.0(10

Friday,

Total

Balanoe.Dec.

»4i7,O0O

Gold.
»l,6n4.814
848.477
611.216
1.417.530

'39

»45\1 2

622,216 21
l.S2'2,131 63
S61.562 43
10S,0^ 72

93
OS

2.569.9,'7 18
2,8211,992 06

1.3ai,44'.'

t7,l7aM4

»2,2«S,1I00

Balauce, Deo. 8

««9,7M#i8 19
»6«,719,!n7 84

Gold.

Currency.

(3,712,451 SI
551.182 87

tiViJ 3i 38
;i.S,39» 04

Currency.

(8,99»,«M

80
^61.8-8 97
1,411.172 67

2,9i7,2'.3

.^14

^':

'".'.)

41
9S 36
09
:01.421 65

,.5S9

62ti.

sp^2,903

:: :

Deoombery, 187 1.]

ATlkAtta AMOUNT OW-

Loam anil

Bakkm.

OnliitJ

VorK

fSilxM

MiiiiImKitn

,.,,,,,,..

MtTi'Iiuiitd* ...

K»l

LOITAI
I)«nn>ll«.T«nil<irii

III.,.,

a.W''

S.W".

Mfctmaloii

'ii'i.aio

ll.il.m

l«>.0<l

tiiTlca

Pdu'iiU

jJOtjIulKl

'100.000

tjj'j.ooo

I.'I'll.'Kl

K»ilf.-*!i
'

I'lonui

900,000
soo.ooo
coo.ooo

Tr»(l(>ri'.

uitil

ir,l,

aru^.-livjl

YorX

^,»T!lMf

'If*.

!•-

:•>,(

.14.

\l...

...

..,

i.i'Aihor
u^iiKe...

C.»!iilii._Mi[;vl

Cjinuion^veaUll,,..

riniToo

:m.ioo

SKMD

saft,ioo

4^17.1(10

III.WI.AIO

1*7 All

937.100

S.OtS,40U
9.901,100
».IS3.100

4.OTi,aoo

ll.aN.40U

4,4W,4(»

1,419,400

231,400

ias,iMi
t4,!Wl

47<l.7t«

4,7M)IOO

l,»43.'.tn

B43.)I0(I

93U0
IJM,700

m.ioo

1,000,000
1,000.000

3,:as,8uu

303AO

i«i.aoo
9.900
4,U0O

900,000

2,>«00UO
U,098.'M>
1.4M.900

193.400
14.300
845,300
58,500

1.99;.luO

atJOO

Nortli Iliver

Bill Ulv.r
irmfa'*tnrer8& Mer

S.tO.OOO
51X1,000

ia4 900

1.716.400
3,S3.SAI0

g.4lO

3,«1I,'^0U
4.3!iS,(00

MOAOi
io.9e9.«0

38'',50U

18.204.700
1.212,000
«39,6U0
l,«;i.400
B«6,n00

418,800

1.6W.900

CouDljr

aiiO.0a0

Onrinan Americas

1,000,000
1,000,000

Dry .iood*
_
„
"
Biirn Head
^NrinanlA
Klovo ilh «rard
Blih'.h National
Aiierlcan Vatlnnal
'

Maaaractaren^Bolldert
Totals

The

53.W
tJMO

W.MO
S.90O
tajm
7S8.1IO
!J8,;oo
5.U0O
579JXI0
210,100
4,400
360,000
97,900
»9;,«00
980JXI0
80S,4IO
1,900
10,900
234,300
•

10,60; ,1100

3«*,a»

1,430400
373.030
4'<3I0
90,100
4.200
19,600
1.100

4,1.VI,000

«,098.«00
1.249,100
2,901,900
i.ai:.50U
l.:99.4U0
3.425,900
1,991,400

....

964.0I»
392,200
792,!(C

901,100
911,100
7Ut,100
821.900

911

1,117,400
4,074.>«0

3<3,400
4.'I7,10U

1,111,900
2,739.700
1,3 3,200

13lj3,w

mo (100
3S;,4O0
49«,roo

1,771000
7.048,800
1,817,800
1,908.400
1.731 .900

1,399,800

91O,9'0
391,i»0
4»',400
483,700

1.:i7AjU
2,301,500
l,424,iU)
3,593,'00

244JXI0
540X100

V>4*J>m

971AI0

1.018,400
l,9«».90O
i00,900

218 500

10,291,5I«)

1,915,1100
.„

18J«,90O
l,0!9,tOU

4*i'i,400
281.000

838,9(10

I«3)0

!i47,3(lO

197,800
177,900
3»2,80O

726,7110

494.000

r.ijxn

610,800

J.029JW)
898,900

deruktions from the returns ol previous
Inc. $3,913,210
1,891 900
[nc.
11.400
Inc.

Specie
(Circulation

)

ifiUMi

353,100
173,200

l,343,;0O

9,300

l,9W.2tO
t,0ll,««

330.000
447,000

883^00

101,800
199,900
809,300

785,i«0
991,900

Nov
Nov
N .V
Nov

Dec.

J...

Tenders.
5il,0 4,7(10

2-ii.ris.iiou

49,670.500

12.912.900
13.99I.y)B
11.2 19.310

30,325,000
80.131,100
30,138,900
30 089.100
30,109,900

203,31i,a«)
207,42., (00
214,375,400

51,492,!I00

Sll ,3:5,830

2I9,:39,9I)0

5>.181 SCO
93,<»4,gOO

5l» 834,145
537,94S,>52
533,533,«56

52,4111,2110

219,229,800
333,514,300

93,408,0(10

C'learliiiTM.
73!I.OK!,286

6««,li4,0R0
600 811.42!

the average condition
Philadelphia Banes, The
of the Philadelphia National Banks for the week preceding Mon.
is

Specie.
t5,>09.000 «S3,000
3,983,1)7
9331
53)4,'.00

91,400
1,000

339:,000
3,23.-,00O

67U

Bin ic N LIbertlea.
gonthwark

500,000

:,t30,000

350jno

1,4W,300

Kensington

390^0

:,a»4,3ai
1.899,884

1,000
31,300
4.310

Penn

600,000

400MO

Western
llanufaomrers*

Bank

,,..

1,000000

Commerce

290,010

C.jrainoiiwealtU.

Corn Exchange
Unl .n
Fist

800,000
400,000
800,000
500,000
300JJ00

L. Tender. Depoelts.ClrcnIat'n.
t»t3300
«S^300 tl.000.000
7in.o;i
33193ia
799300

Loans.

«i9

4,7»4.7(W

199300
318300
5IS30C

1.742300

13IU30O

9S83t«
l.»l,(«l
13SM.791
8n,.'>98

154384

25:.I0I

6>4,IH0

1.771,000
1,310.910

498 ODO

1,443300
1.418300
8.170300

371300
1.090300

570.000
968,000

194.000
179.000

7:>o,ooo

3,^0,000

IJBOOfiO)
350,000

8,3M),00O
537,000

1,000300
924,000
410,790
439.000

3'l.llS

135300
97300

9M.70S
989318
193300

998300
181329
310300
834393
31I3C5
490.000
33131)0

79830O
3(3371
179.100

136300

3I93N)

'n>3D0

1.731000
;59300
2.O;C300

233.000

339130O

800 000

12<300

31O30O

180.0DO

(11,976,919

237.400

S8U300

(44398389 111,419330

deviations from last week's returns are as follows
1519348
8361

Deposits

Clrcnlatioa.

31 7311
Lxal Tenders,,
The annexed statement shows the condition
Banks for a series of weeks

Loais.

W3H.V9

Increase
Increaaa

(968 9(a

Oct. »)

9».»«J3t0

09,t«3n

9».I98.«95

NOT.,30

S'?&!2

Nov.
Nov.

^"- "
Pec. 4.

.-•

5*^g^

.2003M
I879M9

Legal Tender.

lMn.18t

iOMO^B

aSO.VH
9»<3rt

R'gte

2*9.153
»71,l9a

838839a

....

1903(0

1.729343

3(.3'3

13«3aB

lltm
mUMl
:»31S
ttim
IK3N
8823CI

(A
Un39(

• 1.100

981319
1380O
9403*;

1«.»8
3308
3379
73371

1384.199

7743W
aM,4«;

I3a»3»«
1391. r(t

17.158

m.M9

473, •81

1-9389
gBt,"*

843331
911318
9 S3 «
7910(0

189380
4i«3IJ
KiJITl

7H,n4

4381
843<«
93*4

MHI

*>'374

7)i>38l

4,9>83«J

9.499

488.970
2l93ti3
»l.a317

13<«l,74«

3.'214.«4

SecurUy

2,000300
300300

710.330

S378

r«3(0

43I3W)

11(368

Union..
Wi-h»ter

1.000.000

3.4003n
2319.688

1,390397

mt.m
4m3»

1,489,107

31S

28137'.
12IX120
iMJOI.0

8793141

1,900300

19.Tlf
89,691

1,111.(28

]au,008

Exchanee
Hide & Lealher
Revere

Conunonwealth

4334,(4

900300

Total

2.VUHt

(114,148381 (1310354 »10387,63S

(48360,000

Loans.

30
6

ct.

573,414

are as follows

DoposlU.

Inc.
Inc.

Circulation,.

llx,7a°.

M0.9M
ttJtK

903331

following are comparative totals for a series of weeks paot

Dafe,'
Oct. -23
<

Inc.
Inc.
Inc.

34301

(44341,4:2(29,71(311

The deviations from the returns of previous week

Nov.
Nov. 13
Nov.30
Nov.»7
Dec. 4

Legal Tender,

Specie.

Deposits. ClrcolatloD.

983.a99

in3II.T23

4).I70,k72

Xl,18139*

99(328

10,2«.1M

1,199389
13n(.73(

10.lll>i;
10.216321

403i('37,
413.1).4 5

'.5,KFIJG(9

13 8318

*.934,ii5

41,181.004
4i.'9',«14

2S,-.0i'38«

11(384.411
111,457383
118399,900
113349.013
113308,787
114.19i.411
114,148,081

139131s

1033.301

44348M22

1,(10384

10387.933

44,^41.413

SOCTHKBN

39.73

,(»

39.1I4.40(

2534(,*4t
25.11(317

SECI7BITIES.
Bid.

sb(ji;kitixs.

Mississippi Centnl, I't m~ 9s
do
3d m., »..
Mississippi 4k Tenn., lstm..1s

Lynchburg 6e
Macon 7h, nonds

of the Philadelphia

new

boDds.Oe
end.,M. *C.B.B..,.

Mobiles*
8*

•

43,738,914

11,490,^^
11312,3:8

411,979
460'/7l
459,7f2

103a,n3

43,494330

103;4,5»l
11,49830)

44,4601393

ll!o33l

4435,143

11,469.404

9K321
M9S««

1I.»433D
U,91(,M>

«33i3*1

1M15.49(

443M,43S

58
97
(1
SS
80

«H

Nashville 9s, old

6e.new

94
90
IS
(4

New Orleans 9*
00
do
do
do

consol.9*

do
do

bonds,

10)

to railroads, 9

Ask.

Wilmington, N, C, 9e

•

m
K
(0
m
a

do
do

ft Cliatt..

Ist.M, 8s, end.,

ATenn.R, 1st M., 3s,..,
do
3dM„7s

* Gnit

eon*o1
do
do
end Savan'b
stock
do
do
do
do
do gnaran.
Central Georgia. 1st M.. 7s
stock
do
do
Atlantic

Charlotte, Col.

A., Ist m., 7s.

do
stock
Charleston 4k Savannah 6s, end.
Savannah and Char., lit m.. Is.
Cheraw and Uarlincioo Is.
KastTenn.4kU«orgta(*
East Tenn.a Va. 8s. end. Tenii
do

Va *

li.

99
43
SO
39
60
too
lltx
80
4S

Selina.

Is, oertf..

Macon and Aogutsbotids
do
eadoned
do
do

*toek

Memphis a Cliarl*8«m, Isfh..
^o
do
8dK..
do
do
••oek.
Memphis a Ohio, 10*.
do

UAtSm M"nnMs »

Little K.

l>..lat

(s.

M..1s..

(dm..Is
4thm..8*

_
:.

Southwest. RR.. Oa.. Ist mig.
do
slock
Spartenabur.ft Union Ts. gnar^
8. Carolina KR.*s (new)

do
do

do Is(ncv)
do stock

Va.*Teno.

Isls.ls

do
do

ads.6a
Ol* (s

iWaat AU.,0(«Sff..
I

WUBlnitoa aSdWehkHi 1*.
do
Cb* Bath. 1st m. tad
. .

Itt

M,. a*.

"^•t Bas Coopos
Ts«B»*i*» BlaU ConpoBs
VIrslnIa Cosmos*

MtBBktsCtqri

70
8«
(0
88

»
90
(«

80
(3

(1
IS

8*
IS

g^
(0

»H
68
91

88
81

ao
80
(4

(0
IS
(S

m
tn

(0
89
«U
89
90
83

H'i

IsU. 8s

Komeft

do
do

Bronswlek*nd.1*...

Piedmont

6s,

Southalde, Va., 1st mtg. (i. . .
do
8d m., nart'd (s.

* CoLls, gnar..,..

do
d>

M„ 1*..

K..1s
slock

Rich, and Danv. 1st coiu'd

stock

Macon

Ua., let

»,»...,

Rlch..Fre'kab'g* Poto.(a....
do
do
do COOT. Is.

. .

do
Georgia
do

1st

Is
Bs

do
3dM.,8«
Onnge and Alex., Ists, «s
do
3ds, 9a
do
3ds, 8s
do
4ths.as
Orange* Alex, ft Man. Ists. ..
Blchm'd ft Peierb'g 1st m.. Is
do
do
Sd m.. 9s.
do
do
Sd va., 8*.

Railroads.
Ala.
Ala.

do
do 2d mo.,

Northeastern, S.C..

14
80

Nashville ft hattanooga. 9s..
Norfolkft Potenbnrg 1st m.3B (1

as
81
9^

Macon* Weaunistoek
Deposits. ClrenUtlon.
44 538.U8
lt.4Vt,llt

Memphis old bonds, (s
do
do

do
do cottsold.. 8s.
Mon tgomerr ft West P., let. 8a..
do
do 1st end.
do
do Income
Montgom.ft Knfanla 1st Ss.gid
end by State of Alabama...
Mobile a Mont.. 8s gold, end
llobUe ft Ohio sterling
do
do
do excite,
do
do
8s, Interest...
do
do
3 mtg.as
do
do
Income
do
do
stock,.
N. Orleans ft .lacks., 1st M. 8a.
do
do
2d
do
do
eerfs.Sa.
N.Orleansft Opelous. IstM.Os
North ft S. Ala. 1st M.. Ss. eud.

13
19
SO
66
10
to
99
70

8«
do
Augusta, Ga., 7s, bonds
Charleston stock 6a
CharlcBton.S.C.Is.PX.bds.
Columbia. S. C, 6B
ColiiinliuH, Ua., Is, bonds

Greenville

Specie.

r>:375

1300300
1300300
I3OO3OO
1300300

E. Tenn.,

Date.
Oct.33

8.'20»39»

4,T<7,289

Savannah K, old
do
7B,nev

1336,000

Decrease
Decraasa
DecresMc

lUioi

(7>3I)I

3JOO.00O

1300.000
130(1300

Rlcbraon(r(a

I30A'0

Specie

NO.il

l(l'3<l

n'kn! Redenipllon..
Bank Ol Republic...
City
.

171 ,7«

ria,coo
315,000

Loans

»9,1«

139'.

9tnM

114,969
491,786
310,113

3IM3S1

I116JC6

33311

l.2l3,.-04

4373304

33I,4K3

747314

»1<,439.000 »S7383,0ff7

II7*,18U

3,!i4,<«S

90O3OO

4,980390
1300.1*9

891399

fixth
Seventh
K(<htb
Central

aE8.«7

«WM
»3n
t^,:*

800300

131.993

i,ass,s«
900 000

The

•N,li4

43.198
11,149

1,900000

134T,1«3
1,;«3380

3,71.1.000

Total

I,t8)/«1

•», Og

I5<01

Bank of Commerce. 3300300
Rank of K.America l.Onn.OOO

164.485
390.688
253.000
2JI.801

800,000
300.000

Republic.,

379.9>t
IIO.lOl
301.111

3341,494
23)0,149
8396,408

Third

308 000

1,000,000

Becailty

V-4.',43

13M31t
13N33S

M^jlfl*

ifi«MI

1300000
1300300
8300300
1300300

Second (Granite)...

do
Norfolk6*
Petersburg 6s

Third
Foarih

Bank of

*ri03M
R1 4 9

8(8.480

3U,100

381.603
:S3.4«1

5.000
9,000

S7S,ia

ij'a

3,129300
1,4(4300

1.080300

17,000
8,2«4

8,3fi,00O
1,493.991
1.192.404
1.363.143

1.313.700

4-24.100

\JX»
3399

1,360,484
3,071,000

M13a

1*344
18318

Montgomery 8s

Total net

Cautui.
Banks.
PhtUdelpbla.
North America .... 1,OUO,OUO
Parni.;rs and Mech. 3,000,000
810.000
Commercial
800,000
Mechanics'

3«3(l

9 ,»4I

1871

....

Atlanta, Oa., 7s

Jl)3.7-)l,00O

dav, Dec.

11338

2I13W

609311

Cities.

30,49.>3IX)

—

«1,4(S
1379,609

Alexandria 6s

30,291.300

following

400000

aiOTntrrm.

UircuUtlon. Denosits.

18,074,700

9«tM
tn3'l
W3I*

1,2<|6.100

Specie.

I6,2,!2,800

13M3'1
**}9S

K*"

X30030O
300300
1360300
1300300

3,418304

911,141

Inc. |4,28«.T00

Dec.

10.7t>2.1l«

iSl,'l7l),900

194>«
l««3n

J3M
Ol/oa

I3H30I

»ia3U
I,:ait3

are as follows

10.101.400

28 l.lil !,;'«)
386 204,100
28I,<U«,700
2«!,819,100

IJM

:39ljn4

»nM\

9f,Ii8

I5'3n>
H«I>MI
n«,1ll

1,110311

28OMI0

Loans.

.
.

*ynO

B3M
134*
,^

52.408,900

;;«.3so,;0!i

Oct. •X

*»/»*

8.974.789

The
2ii<l,2llO

ugjm

190.000

5,737,10J

291.1.00

Sffl

3.z)i,ii4

1300000

Specie
Letai Tender Notes

839,300

.nS?.

First

8:o.ioo

««.0(O

r.^a

10 383
i4,T4D
!,l«l,1ll

Washington

351.300
1,321,000

:.-l2.10a
(31.800
991,-00

7l«n(

JSS^

33'329
i93»3

4.(i;.',.(«»

LOffal

Tremont

are the totals for a series of weeks past

The following
()r(

State
SnO-nlk
Traders'

*m,^

I344.M0

W0300

l,iai,00O
5,<9S.U0O

2(17.700

week

Korlh

Shawntnt
Shoe * Leather

iu,iw
'<ii3»

T39B3W

OliBoslon

Loans

Net Deposits
Legal Tenders

Ni'W Knuland

IjM

23I2JM

mSK
800.000

Mount Viriion

tarn

1300300

W300

Merrhanta-

9,ii>1

9«4,rj

1,494310

(,449,i«l

1390.5)8
1,4311X7

Market
MaaaachusetU
Maverick

Mon
HI MS

I993IH
n».»-l

tim/rn
I3M,IK

1300300
800300
1300300

Hamilton

4,093,(100
8,0.l9,000

89,03«,300 ^93,319.900 13/)74,70O 30,109,9.0 333,514,900

Lotns

Preeman's

I0,039AO

S79.200

200
33.300

918,100

899,200
219,000
180,000

S!4.900
11,700
5,100
6,100

:,408000

3in,a00
189,000
200,000
250,000
500,no9
300,000

l!"l,8«
.904.900

14,910
8,200
2,eOO
100
913,000 2,9(«JOO
151,000 1,.'»1,9

1.2.M.fll0

7,097,000

Nev Yor«

37,m
4,sa'
129.000
29.000

Nimli Vnrionai
1.397,OM
Klrst N' linual
500,000
Tuird N'i'.loaal
1.000.000
Kew farlc N. ExchaaKe SOO.OOO
Teoth Sation il
1,000.000
Bow«ryN"atlonRl
2S0.000

;

51.100
74,600
2O1.30O

i,ll(.90O
1.S8T.3U0

ISOS.iO!)

»}M0

iM-WO

5,000,000
3,000,000
300.000

itlon-ll

4,300

IAJO

i.3l 1,1(10

I.90O.OOO

500,000
"
300,000
400.000

7,1

«.I

a.0OO.MO

1,1123

7»l.aao

GrocorH'

Pouf.'i

00
in.ioo

911,

B«».1(0

3,109X10
839 JOO

Meohanlcs'OaDklnK Am,

Oeaf.'a' N^llonal
8<i:imn Si.;|OQjl

129,30)

auo

Uarliio
A,tUntIo
P'lrlt

Howard

Lifiriim
I.IK.k'O

300.000
400.000
aOO.OOO

mporcers and Traders',,

230,110

lOTJOO

Orlpiitiil

l.'WjMU

:i.;lw.'j<iii

mM}

Kan-'Ull flail
"llolHi

>9i,aiiu

imm
»l03aD

Rveratt..

i9DAn
m.Tuo

>WO,00(I

13,«MAW

Kiiut

Itm.mi

DnaOM.

itsjM

Ii3iijn

I3DO30O
i3W3Si>

D'x'nn

9«a.uoo

.vw.ooo

7i.l!J0,'«U

riwno

tJMm

Bm4I)«,L.T KolM.
II7U7I

Loaat,

Capital

Alias
iiiackitono

«.2M.aoa

i,n!i.aoo
•wi.doo

ia:i.:«i

Baaka.
Atianuo

IAB.IOO

w,-oo

4,000,000
400,000
1.000.000
1.000.000
1.000.000
1.2)0.000
1.000 000
«.UOU.0OO
790,000

'i-na

91l>0

;3».aao

'."'MHl

infi.iou

4M,S00

."*u
.

50.1100
.

.i,«ia.aoQ
3,783.9110
1.1111.000

IrvinK

IIM'AU

4MI.UU

A the Boatoa
Uoum, on Moodaj

..>..

Dec. i. 1871

a.iui,7ui

give a

National Baaka, «• rttornad to the ClMirinc

:-..::::
I

VtJ.'AlO

4H,100

'irapolllMl

Mn.«>

'.WIJ.OOO

480,000

Baaover

I'll.l.sm

Bahkb.—Balow w*

Bovroir

. ...

777

»,KM.IIIU
a,iii,a<i

1.S 7,-,oo

lO.UOO.OOO
1,000.000
1,000.000
l,000,00g

r
Nurlii Amerlean,,.

VUO.luil
ii,r.»«u

«.OOOJMO

3U-.»)U

|e«;.iu:

.s*-i.;ou

/MO.iJOO
5.l«IO,000

...

O.'OIill

4S1JU0

ID.WD.IIIIO

1<i»,ioo

Kxohanxtt.... 1.^'>.0U0

1,3110

.iX),000

'
'

l.VTI.tu)
,

Trit<ti«>*iiK>ii'i

THK CHRONICLE

Nbw York Citv Banks.—The foUowini; tuumtent iboir* th«
ooQditioa ol the Awoclated BuA» of New York City tor
the week
eii(liii|[ at the oommenoemeot of busiueea on
Dec. 3. 1871
fli«w

«*fWTa«_.
^OBS

N aahVfflaClfr Conpow

.' .".'.'
.

9«
(4
81

—

——

. ...

THE CHRONICLE.

778

.. ., .

[December

1371,

GENERAL QUOTATIONS OF STOCKS AND BONDS.
Active StockR'and Bond* given on a Previou* Page are not Repeated bere. Quotations in New Tork are made ot tha
I'er Ceut Value, 'Wliatever tUe Par may be. SoutUern, City and Uailroad Securities are Quoted In a Separate LUt.
AKD

STOCKS

STOCKS AND SBOrBITIBS,

SSOITRITIBS.

NK\F VOUK.

Clove.

State KondR.

Tennessee t>a, old
do
do uov? bonds

es
65 V
63

Pitts.,

do
do
do
Alton

do
do

(U. B. bonds quoted before.)

8T00K8 AMD OKCtTfilTlES,

Cousol, 9. F'd.

100
96

95
l-5,?i

Sinking Fund.
&
do ist Mortgage...
do
do
do Income
Ohio & Miss., 1st .Mortgage....
Consolidated
do
do
do
2d
PenlninlaRR Bonds
St. L. & Iron Mountain. 1st M.
Chic.

93
* Erie 7s
Buiit'ury 78,187!
97
& Ual., ist M.,6, '84 lu9
Westch.* Phil. .IstM., conv, 7. iSK
b6
6,1878...
do
do
2d M.,

91K Wallklll Valley

91
ti

2dMort
SdMort
4th Mort

93
103
es

106

West

Bid.

STOOSS AlO) SKOTBITIXa

Snnbnrv

Ist M., gold. 78
U'isconsin, 7's gold

Pblla.

Railroad Stocks.

Phil.. Wllni.

(Not previously quoted.)
Albany A Snsqueiianns

93)4 West Jersey, 6, 18S8
90X
& Pacific, pref
Wilming. &. Read., ist M.,7, 1900 94H
Bur&(4uincy
ma
do nevv bonds
101
149
lOJ"
do
do 2d Mort 19(K. 65)4
51
do rcKlstered old
96
96 >, Clev., Col., Cln. & Indlanap ..
Chesa.A Dclaw.,l8t M..fi, 's6. iS
OOi. Chic. & Ind. Central
1368.... e;
do
do
do
83
.'SX.
32
Del aware Div., Ist M ., 6. '78
Dubuque & Sioux City
isei.... 63
do
do
do
91
83
Lehigh Navigation, 6, '73
Erie Railway preferred... .... 63"
do consol. bonds
do
do
Loan of 1864, 6, '84 >A
Hartl'ord & N. Haven
deierred do
IS!
do
10r>4
10-t
Ss.
1st
Mort.
Mil. 4 St. Paul,
do
Loan
of 1897, 6, 'S7 93
Joliet
( bicago
&
Georgia bs .._
96
93H
do
7 3-10
do
do
do Gold Loan of '97. 6, '97 !i3>4
7s, new bonds
do
94 X Long Island
do
do Ist Mort
do Convert.ofl877, 6, '77 8;
Marietta & Cln., 1st preferred
Ts.eiidorsed
do
HO
do I.&M. d
do
901
Morris, 1st M..
1876
do
do
pref.
2d
78, Gold
do
do 2dM
do
86X
do
Boat Loan, B. r..7, 'SS 63
Morris
&
Essex
S4X 85X Marietta & Cln., Ist Mort
North Carolina 68, old
96« Schuylkill Nav., 1st M.,6, 18T2 bO
M><.
New .lersey
do
do Fuudini< Act, lKfi6,
!32k
Uhlc. & .Milwaukee 1st Mort...
18"2..
(0
do
SdM.,6,
do
1863
V3
New York & Harlem, pref.....
do
do
do
lollet & Chicago. 1st Mort
34
do
do Improv., 6, 1870.. 78
^8
New York & New Haven
do
do new bunds
Chic. & Gt Eastern, Ist Mort..
;3o)4 137
Camden
*
Amboystock
do
do
scrip.
do Bpecial Tax
14X Col., Chic. & Ind., 1st Mort....
do
26
Catawlssa Ftock
N.Y., Prov. & Bost (Stonlngt.)
42
Sontti Carolina s
do
2d Mort
do
do
preferred stock
8X spji
Jaii.& Jaly... 2as so'
Ohio & Miasl^slppi, prelerred. -ii% -i% Elmira
do
do
Tol., Peoria & Warsaw, E, D.
55
& Wllliamsport
27
90'"
Rensselaer & Saratoga
April & Oft...
do
do
W. D.. 90X
do
do
Rlmira ft. Wllliamsport pref..
Rome, Watertown & Ogdens..
MlasonriSs
93K
2dM..
do
do
120
Valley
ii9iLehigh
Han. & St. Josepli. »i« %
St. Louis, Alton & T. H»nte...
do
New
York
&
N. Haven 6b
91
Little ScJiuylliill
68
do
do
pref.
Louisiana 6s
Boston. H. & Erie, guaranteed
Mine Hill & Sclmylkill Haven. li;6 107"
newbords
St. Louis & Iron Mountain
do
Cedar Fi.lis& Minn.. 1st M....
76)4 77
Northern Central
South Side. L.I
do
68, new tloatlng debt.
Detroit. Monroe & Tol bonds.
96
North Pennsylvania
6j*, luvoc boiicls.
I'oledo. Wab & v\ estern. nref.
do
63X
Lake Sliore l>lv. bonds
98)<
Oil Creek & Allegheny Klver. bS
83
do
8s
do
Ifllscellaneons Stocks
Cleve.& ToL.n-'W bonds
ll6>i
116
Pennsylvania
1875..
do
89
do
AmerU;an Coal
Cieve., P'viUe & Ash., new bds.
:0
Philadelphia
Erie
50K
do
7s, Penitentiary
Consolidated Coal
do
do
old bds.
129
Philadelphia & Trenton
of 1310.
88
do
Cumberland Coal
Rnffalo & Erie, new bonds ...
Phlla., (ierman. & Norristown 171
Culilorula 7b
Maryland Coal
St. L. .Jacksonville & Chic, 1st
Plilla., Wllmlng. & Baltimore. 116
78. large bonds
do
Pennsylvania Coal
South Sid L.I, 1st Mort
110
West
Jersey
Oonnecticut 6s
Spring Mountain Coal.
Morris & E.-sex, convertible...
Chesapeake & Dela. Canal.... 77
Kbode Island 6s
Wllkrsbarre Coal
do
do construction.
36
Delaware Division Canal
Alabama 58
Nortii Ml88o.irl, Ist Mort.-age. 88.>< sax I'anton Co
78)4
Lelilgh
Coal and Navigation.. 72
102
8s
do
Delaware & Hudson Canal..
do
do
2d Mortgage.
50
49
Morris (consolidated)
Ss Mont *Ent'laR..
do
Atlantic
Mail
Steairinlp,..
.lefferson RR, 1st Mort. bonds.
122
do
prelerred
Cbat.
K..
Ss. Alub. &
do
Mariposa Gold
N. J. Boutbern. Ist M.,78
Schuylkill
Navlgat'n
(consol).
16H
Arkansas '68, fnnded,
do
Trustees Certll
E. enn., Va. & Qa., 1st M., 7s
do
pref. as
do
L. K. & l"t. 8. 188.
do
Quicksilver preferred
.\m. l)ock& Im.Co. 7. '86. ...
14
Snsqnehanna & Tide-Water.
78, Muniphis & L. U.
do
Wells Fargo scrip
W
Union 'I'olp I«lM..7 1875.
West
101
.Jersey
July.
78,
Jan.
&
101
do
7b, L.R.,P. B.&N.O
Winona & St. Peter. Ist M ...
iix.
94
Pennft N. Y. (Janal
BOSTON.
78. M'88. 0.& U RlT
do
Bond* not yet Quoted
Maine 6s
7s Ark. Cunt K
do
(
BALTI.nORK.

Virginia

o\d

6s,

4o
do

Atlantic

Chic

. .

t;,

Texas,

i;»,

1375
1881
1S86
K*>ntnct(y 6s

IlUnoU

c
68

106H
107X
»8

101
11 '2

Mlc'ilRan 68,1873
6s, 1878
do
68,1983
do
78,1878
do
iNsw Torlt bounty, rOK
do
do cou
6s, Canal, 18 '2
do
1873,
do
68, do
1871....
do
68,
do

l'J2X

do
do
do
do
do

do
do
do
do
do
do

56,
5s,
59.

Jif

do
do
do

1873....

18n....
1878.. .
1871....
l-i.5...
1876....

a%
do
Erie

68, subscription
78. 1876
78, coav. 1876...

1st

78,1365-76

Mortgage Kxtended.
Endorsed.
do
1879,
do
1S8:!..
do
18S0..
do
1888
do

do
do
do
do
do

1st
78, 2d
7b, 3d
7s, 4th
7s, 5tii

liuir.

N. V.

99
9i'

91
87
82
89)i
90

Boston

Gold
Gold

98>,

95
105

California Pac.

RR.

Central Pacific,

.'gold
State Aids, 6's.

7's,

gld.

7'8. 188

107

1115

10".

Eastern Mass.. conv..

7, '77.
6, 18'(4..,

()gdensburg& Lake

h. Ss

;;i
lis'
do
Harlloi d& Erie, Ist ^l (new)l.
Western Pacific, 6a, gold
92>i 9SX
do
do
certificates...
il6
Kansas Paelllc Ist M., (gold) 7. 9.1
Old Col. it Newport Bds, 6, '76.
83
M.(gld)
Ist
82M
do
6, J.&l).
do
do Bonds, 7, 1877..
81
85
do
let M.(gld)6, F. &A
Rutland, new, 7
83
lstM.(Leav.Br)7,cur 81
do
Verm't Cen., 1st M.,con8.,7, *66
85
Land Gr. M., 7, 18S0, 84
do
do 2d Mort., 7, 1891
•ii'^
25
105
do
Inc Bocds,7, No. 16.
Vermont & Can., new. 8
35
ilo. U
do
do
38H Vermont & Mass., 1st M.,6,*83.
Denver Pacific RR & Tel 7«.
90X 92M Boston & Albany stock
97
California & Oreg-m. 6'h, gld.. 91
Boaton & Lowell Block
St. Jos & Denver E. D., 8s. gold
102M Boston & Maine
Danville & Urbana, 1st. 78 gld. S.V'
Boston & Providence
Indianapolis & West. I9t.7sgld ua
Cheshire preferred
St. L.. & >it. Joseph. Ist. 68, gld 65M
Cin.,Simdusky d: Clev. stock.
Concord
ifwui Lake Sup. & Miss. Ist 7's, gld.
'>«>»!iSoiit,hctrn Minnesota. *«
SIK Connecticnt River
50
Rockfor 1, U I. i St. L. "s, eld
Connecticut & Passumpslc, pf.
102
Chic. Bur. &, Quincy 1st M.78,.
Kastern (Mass.)
98
Keokuk & St. Paul. 8s,
FItchburg
16
Carthage & Bur. 8s
Indianapolis, Cln. & Lafayette
98
Dixon. Pporlatfc Mnn.,88
Manchester & Lawrence
(•5
O.O.&Fox R. Valley 8s
Nashua & Lowell
100
QnlncyA Warsaw, 8s ..,
Northern of New Hampshire..
100
III. Grand Tr ink
Norwich & Worcester
90
Chic, Dub.&Minn.,8s., Si
Ogdensi d; L. Champlain
93
Burlington & M.. Laiid M
do
do
pref....
:oi
•2d 8., do 78..
do
do
Old Colony & Newport
do
do
3d S., do 8s..
Port.. Saco & Portsmouth
do
4th S.,doe8..
do
Rutland common
5th S..do89..
d»
do
do preferred
do
6tta 3., do 8s..
do
Vermont & ('anada
93X Burl,
M. (in Neb.) 1st conv.
Vermont & Massachusetts
lulncy * Palmyra, Ss.
liek

K. l8t M., 1377....

Long DocicBoude

Uad. B. 7s, Jd M.S. F. 1833
7b, 8d Mort.,187T
do

103
l;iox

101
.aarlem, 1st .Mortg-iKO 7*
Con. M. & S^kg F'd 6s. 90
do
Albany & Susiib'a, Ist bjnds.. :oi
2d do .. «x
(to
do
3d do ..
do
do
ill
Mich. Cent., Ist M.Ss, 188^
'ansasClty & Cms.
Chic, Bur. t Q. 8 p. c. 1st M.. nil lUH St. Jo. SC.Bl.MM., 108
97
Ittch. tso. 7 per ct. -^d Mort
Mo. R., Ft., S.& Gulf, stock... 10
Mich.S. & N I. S. F. 7p. c... ,01
do
do
18t. M.lOs 92
Pacillc R, 78. Kuart'd by Mo... ,o:
do
do
2d M., lOs
ll.«x loan
Central Pacllfcgold Bonds
2G
Leav Law. & Gal., stock
Union Pacillc l»t .M'ga Bonds, 91
91
do
do
IstM., 108., 91
Land tyrants, 78. 78)4 78* Michigan
do
Air Line, 8s
10!
BIX JackBon. Lansing & S..
do
Income :0s
100
8s
.fe

Xlllnois Central 7 p. ct., 1875. .
Beilevne ft S.Ills. K. Isc .\i. S's,

Alton
do
do

T. H., 1st

i66'

97
83
74

do
RI pref
do 2d M. Income.,
ghlo. * N. Western 8. Fund... I'-'.H
ilo
do
Int. Bonde 93
do Consol. bds 91K
do
do
do
Extn. Bds 88
do
iBtMort..
ilo
Ha'i. & Bt. Jo. Land Gants..
do convertible
do
93)<
•,.'('

Lack,

i>5i.,
ito

Tol.

ffi

Western,

tiannlbal

IstM.StLdlv.

99
95
31

2d Mort

Bds
Cons. Convert

80
87

Nap-,'*8
IV •astern, l«f

IstM..,

Tol., IstM.. 1890....

94 ><

e5x
87

(Purchasers pay accru'd int.)
Atlanta & Rlclim Air Line, ^'s,
Atlantic & Pac.. 6s, gold guar.,
dur. C. R * M. RR, 1st M3(g.l)
Central of Iowa, Ist. Vs, go id

FittB.,

ao
do

new hds,
W. iChic, istM...,

Cbes.&OhloRR,

93X

Klizabethtown & Padncah, S's.
Evansvll e. T.H. & Chlc,7'sgld
Grand Rapids ,v Ind. 7s, gold.
Houston .V TeX'ts Cent. 7'8 gld

do
do

Mobile & Montgomery
Monlclalr lill ol N.J. 7s. gold
Montlcello & P. .1 ervlB. 7'8 gld
Minnesota* Northwe8t.7'8gld
96H Northern Pacific RR. 7-30 gold

!'»>< i03

2d Mort. 101
Sd Mort.

''* .ceq'tbds
r._,?"..„.
Bnb.
A Sloojt c, Ul Mort
91X

'8tM.,6,(gd)

Indliinapolls & Western ad, 8'8
Lake Shore I'onaolidated, 7
Midland Pacific, 1st, gold, 78

I't.

2d.7'8, gold.

96
87),

S'l Mort...
do
95
Chlo. R. island * Pacific
UWX Ul3
Morris & Essex, lat Mcrt
'.0114 102
do
do
2d Mort
99>i 100
Clave. & Tol. Sinking Fund.. 102
Mew Jersey Central, 1st M., n, 103 liii'
do
do
2d Mort. 100

Wayne, .lackson & S., 8t...
Grand Rapids & Ind, guar, 7'8.
Grand River Valley, Ss

do
do
do

N.y &08W.Mid.R.l8tM.7(gd)

N.O..Moblc&TexRRlsthr.88

New Jersey Midland Vs gold.
Peoria * Rock Island
Port Huron & Lake Mich end.
d'>
do
78 plain
Portland * Og.. ist M.. gold. 6s
Rondoul& Os.RR.lst ^r,7s|r'd
St. J03.4 Denver W.D) gld,88

97k Belma

Gulf,

Ist. 8'i

gold.

So. Car.. 1st 's of 1868
W»re BlTer,7«, gold

5b. 1877

'J7K

lOlH

102>4
S4)4

14:«
144

I4S>S
145

Stock Loan,
do

Philadelphia

68,
6s,

9SH
107X
134

146

i:*

HO),118

do
do

Funded Debt

do
do
do

do
do

8U
90
95
8o
91
90
90
90
90
80
99
90
95

98X
35

96 X

T2H
90
90

??^

15^

Ilo

do
do

'.4

6, 'SO

6, *86
6.
7. •0.1

SdM.,

89
102
11

do 7,gcn. M.C1910 101
do 6, iCglB'd l«10;li)0
do 8, golii,1910.. 1"0

Phlla. *Krle,l8tM.(i,oid)6,'8i 89
do
ist M. (our.) 6, '811 B8)i

lia"

so"

85
91
OS
92

(LAC

97
101

82
05
93

8, 77...

M.,7
2d M.. 7, 1877..
Xenia, Ist M.,7, "90.
l8t

list II.,

& lnd.,l8tM.,i,'85.
Little Miami, 1st M., 6, 1888
Cln, Ilam. & Dayton stock..
(Tolumbua * Xenia stock
Davton A Michigan stock

.Tunc, Cin.

. .

Miami stock
6s. 'S!i to '8'
6s, '97 to '98
68, '87

Water
to '89.
Water Stock 68, '97,
Wharf 68
special tax Ss of '89.
I,latM.(IftM)7, '81

Mad. ft

Lonlsv. C. * Lex.. 1st M., 7. '97..
L^nls. & Fr'k.. 1st M.. 6. *J0-'7S..
do
Loul8v.Loan.6.'81.
L. * Nash. IstM. (m.s.) 7, '77..

Debentures,

Indiana,

do
do
do
do
do

do
do

lOOv
Hunt. & Broad Top, 1st M.. 7.
do
2d M., 7, '75... 86
do
do
Cons. ]tr., 7, '95,
do

..41H

'85,..

Jeff.,

Debentures, 6, '69- '71 94
Philadelphia & Reading, 6, 71. 96

98 )<

7, 80...

2d M.,7,

90X
87s

63K

77
73
94
93
87
S5
t5
87
70
fO
65
85
90

100
83

78
9S
15
88

W
86
90

82
70
87
92

:07>« •.06H
40
88
;0»
lOS

I>OUISVII.I.E.

,Tunc.,Phila.,lstM.,gnar.6,'82
96)4
Lehigh Valley, Ist M., 6, 1873..
do iBt (new) M., 6, '9-. li%
do
Little Schnylklil.Ist M.,7, 1877. 93^
North Penn8yl.,lst M., 6, 1880.. 101 103
9-1
do
Chattel M., 10, 18SJ. 1(9
35
87«
do
2d Mortirage, 7
90
Oil Creek & Allcg. R., 1st M., 7.
S5H
too
Pennsylvania, Ist M., 6,1 80... >«;«
100
do
2d M., 6, 1875.
90
95
90
90

D.. Ist M.,

do
do

do
do
do
do
do

97K

7B, 1880

do
do

LItlle

93^

OIIVCINNATI.

Wlch., Ist M.,7 81..
do
do
2d M.,7, '84..
do
do
3d M.,7, '88..
do To'do dep. bds, 7, '81.'94,
Dayton & West., 1st M., 7, 1905,
do
l8t M.,6, 1903.
do
Ind.,Cln.ftLaf.,l8tM.,7...

76 «

95
99
SO
75

93)4

do
6s
7-308
do
Ham.Co.,Ohlo6p.c. ongbds.
do
do 7 p.c. 1 to5vr8
do
do Ig bds, 7 & 7.308
Covington & Cin. Bridge

Dayton*

Catawlssa, Ist M., 7
Elm.& Wll'ms, 5s

do
West Md, IstM., endor8ed,6, '00
do
l8tM.,nnend., 6, '90.
do 2d M., endorsed, 6, '90,
Baltimore & Ohio stock
Parkerabnrg Branch
Central Ohio
do
preferred

Colnm.,

vi<H

ad M.,

Co., ist M., 6

Pitts.

Lonlsvllle

6of'83
6 of '89
consol., 6 of '89..

Cam. * Bur. &

iT. &C)6.'77
do Cons, (gold) 6. 1"00
Connellsv.. 1st
,7, '98
do
Ist M., 6. isSf

Camden & Amboy. 6of '75
87X

do 2dM., S. F.,1,'85,
do SdM..S. F.,6,190i

doSd M.

6s...

Alleghany County, 5
do 68, '85
do
Belvidere Delaware, iBt M.,
do
do
2dM.,

lOO
101

do
do
do
do

Cin.

103
11

91
86
97

3dM.6s

Cln,, Ilam.

old

96"'

Cincinnati 5s

I39H

6s, 1871 i'O
68, '72 '77 102 >5 IIISX
6s, '77-'8'.i 10^>.

new

MJi

Park 68
Ohio 6s of '75
do 68 01 '90
do 6sol'83
(N. W.V».)2dM.(i«
l>!9(i.

Central Ohto.lst M..6
Marietta&Cln., 1st M.,7, 1891
do
do
2d M.,7, ISKfl.
Northern Cent., Ist M. (guar) 6

1U^

7H
136

Loan

Military

Pittsburg Compromise 4KS.

NeWt or Recent Loans

...

M..1SW
2d M. 1893....

So. Iowa, l8t Mort
ilena ilr <;lilcago Extended

III.

i7X

piiii.adx:l,phia.

Pennsylvania

Ft.

Chic* Mich. Lal<e, S., 8s
Detroit, Lansing & L, M, 8s

lOOH I'lS

F.qaip.

Onlnov*

1st

do
2d M..
Wab'li, l8t Mort. exfd.

do
do
do
do
OreaC

102

68,'.90O

do
do
do
do

Chesti Ire. 6
Cln., San. & Clev.,lBt M.,

106

18S4

Baltimore

Portland 68
Burlington & Mo. L. G.,7

[•

Marylandes, Jan.. A.. J.& O..
do
6s, Detence
Baltimore 68 of '75

do
do
do

68, 1383

63,1887
68, real estate.,

,do

100),

Currency.

68,
6s,
5s,

108

Railroad Bonds
T. Central

do 58, gold
Chicago Sewerage 78
do
Municipal 7b

St. Paul, Minn., 68
do
do 78
do
do 8s
St. Joseph, Mo, 7s
San rauclsco, 6s
do
do
78

UOX

ampablre, 68

do
do

Cook

'77

1879

Vermont

6's various,
do
do 7'8 various...
County, Ills, 7's
Detroit City, 7's

War Loan

Indiana

New

Massachusetts

Cleveland, Ohio.

bonds, 1870

coupon,

do
do

at tlie N. Y. Board.
Minnesota 7's, repudiated
Albany City, e's

of 1976

uutu tjS,
do 63,
do 6a,

do 2dM.,7. 1S7S
do iBt M.,7, 1906...,

80
79
79
78
94
94

Lor.Loan (m.s.iB.'sit.'fr:
do
(Lcb.Br.)6,'8«
IstM. (Mem. Br)7,'7(V'75.

84
86
87
85
94
fO
fO
96

l8tM.(Leb.br.ex)7, -m-'K
Lou. L'n(Leh.br.ex)6,'9S
Consol.lst M.,7, 1898....
Jeflerson., Mad. & Ind. stock..
Lonisv., Cln. ft Lex., pref

!0
to
90
65
86

common.

.18

do
Louisville

Nashville

so
78
81
SO
SI

7»
99
95
85
87
90

H
96
ei
81

97
91
81
93
67
87
68

ST. LOITIS.
81 Louis

68.
68,

Long Bonds

Short do
Water68,gold
do
do (new)
do
do
Park 68 gold ... ...
Sewer SpecIalTax 88
Jo
North Missouri, Ist M.78
do
2d M.78
do
8d M.78

do
io

Pacific (Of Mo.) l8tM.,gld,««.
North i^IlsBourl stock..,
Kansas Pacific do

Ki« lUssonrl FacUtc ds

••:

•-

87
90
99
98

SO
95
tfl
ICO

97
90

lax

V/'

Deoetnber

THE CHRONICLK

9, 1871.]

^l)t

Roilu)ay iHonitor.

LATKarilNTBLLinK^OR OF STATE, CITT AND
lt.lll.KOAD FINANCES.

ty EXPLANATION

OP STOCK AND llONO TABLB9.
"'.'?" *,«"• •Jock* and Bonds arc Klvan

\:. ^Jl'^'T
uthe
Bjiikeri Oiu.lU', prcvlonaly. Full quouilont of ill other "ccn rl!«• Will D* foiimi ou the two precodtnj{ page?.
•i. Onveriiiaeal Necurlllea, with full Infoinnailon In reirard to
each
l»«na, the periods of Interost paymont, «l.i« or tloiiomlaatlon u'bondi.
and
aaioeroin other deulU, ar« given in the V 8. Debt •tatemvnt pabll»b«d In
Tb« Curomiclk on the Brut of each mouth.

8.
T<: -

ThP ComplMp Table* of Stale Seenrltlea, CHy SeenrlRailroad and ninioellaneuaa Siocka and iloiida
Ti

iriy piilil|»hed ou the Inal y iliirduv tu etch month,
with an Inlrole r.'Uilii){ to
luvestmciin Iti iho Bev.-nil iliileri'iii clanei of
iibracid In thc»« liata. The publication of these tnblc». occupylnir
res
rofliilres tho iisaa of a supplement, .vhlch will bo iioutly
ivlth the rcgnlar edition
The Curonicle coutalnlus this «npi,...„r..u „..l be printed In sufllclcnt numbers to supply regular subacvibeta
:

*'!^^^^«''of

Bauk

Storks, losurance Stock*, City Ball>

roa
oad Securltle*,«;a* Stock*,
«rUl
111

be puijlished the
1

flrat

and

CItjr Houd*,' with quotatlona,
throe weeka of eaoh month

RAILBOAD AND FINANCIAL N

BITS.

Ashtabula. Toungrtmen and PUtiimrgh Railroad: Qn.A\na
nearly completed.
Atchison and Topeka Railroad : Grading betwi^en Topcka and
AtchiBou is nearly Bnisbed
now in operatiou from Topeka to
;

Newton.

Atlantic and Ortat Western Railroad: Will bold a [stockholder'a meeting Dec. 11 to vote on tbe consolidation of tbe New

Tork and Ohio companies.

Alexandria Canal : Closed by ice.
Boston and Maine Railroad : Extension South Berwick to Portlaud under contract. 2,000,000 extension stock to be divided pro
rata amoag present stockholders.
Boston and Albany Ruilroad will issue but 1,500.000 seven per
cent bonds, instead of 3.000,000, as advertised.
Burlington, Cedar Rapids and Minnesota Railroad : Work
begun on branch line. Cedar Rapids to Potfsville.
Chicagn, Dancille and Vineennes Railroad : Completed from
Chicago to Danville also the Evausville and Terre Haul' Railroad completed to Danville. These roads open the Indiana Block
coal fields to the Northwest.
Connecticut Western Railroad : Track laid except Canton to
New Hartford, five miles.
Chicago and loica Railroad : Completed from Oregon to Illinois
Central at Forreston.
Chicago and Southern Canada Railroad: About 900 miles
graded, and bridglnt; well under way.
Cincinnati, Sandusky and Cleveland Railroad : Earned for the
<iuarter ending Oct. 1, |185,005.
tJame time 1870, f 100,811.
Central Pacific Railroad : The San Joaquin Valley Branch to
Bear Creek U being pushed rapidly. The Oregon branch is
nearly ready. This is building a branch of the Southern Pacific
from Qilroy to Watsonville in Santa Cruz County. Also a branch
of the Western Pacific from Oakland to Antioch. The San Francisco Chronicle says " This company now operates fourteen hundred miles of road."
Chesapeake and Ohio Canal : Frozen up.
Lake Erie and Louisville Railroad : Sold under a decree of
United States Court new compaiiy formed capital $3,000,000.
;

779

PainMtU!* and TcungtUtm RiaOnttt : Track

laid toCltardoa.

13 miles.

Reading Railroad

!•

prsparioK an sxlsMivs coal depot at Perth

Ani)x>y.

Louis and Bouthtatttm Railroad

St.

""^ .?'••

Completed

to Erantvllle,

100 miles.

Southern Pacifie Railroad
pany.
."^M^ar i?iv«r iZai/fvad
village, 20 miles.

Now owned

by T«xa* Paclfle Com*

Completed from Bradford

Newport

Superior and Northtrn Pacific Railroad
Ooarlss Conntjr.
voted $800,000 lor an extension uf this road eastHatd to
Superior City.
Stonington and Protidene* Railroad is now laying a seeood
track between Providence and Oroton, 62 miles.
Texas Railuayi : The N. 0. Timet sutes that a compromise bss
been effected between tbeOpelousas R llroad a d the N. 0., Mobil*
and Texas RlJlroad, which wilt Insure the completion of both
roads to Texas.
Virginia : Legislature met Deo. 0. Oorernor
Iker endortea
tho funding system of last Legislature, and reoromendi equalU
zatioii ot taxation as a measure calculated to induce iinniigra ion.
West Wisconsin Railroad : Trains running to Hudson. 8t.
Croix bridge progressing rapidly.
Wellington, Orey and Bruce Railroad Is graded to Paisley.
.

Wis has
,

Port Huron and Lake nichlKan Kallroad Compaiiy,—
The annual re[H)rt Hiutes that
"Uuring tho \»x.^i yi;ir wo Uaco
;

laid Sa miles ot rails, of which 23 miles have Ijeen' allied lo our
main line. Tho ballasting has been coiuplctea botwo'Mi Pjrt
Huron and Division station, 9 miles east of Flint, and tliu rest of
the track has been put in gDod condition, so that the rotd will be
opened (or tralDc to Flint City on the 8th day of Docember."
The report of the Treasurer shows the toul fiscal operations
for the year to have been $852,008 35.
The gross earningi of the
road were $143,580 10; operating expenses, $.50,417 83; net earnings, $92,162 28.
The operating expenses have thus been 83

SO^lOU per cent ol the earnings.
TBIISUBIB'S nXFORT.
1870-71.

Dr.

To Caab on

liand laat report.
Sales of bonds
Stock subscriptions
Earnings of road
Sundries (sales of old material, etc.)

l-rtivTl.

Equipment account
lOJ.Stl
Coupons, Interest and dlfC't. M.7:t
Port Huron dock and grooada 14,139
Statiou butldln;^
Machinery aniT toola.

s,8as
Sa.$rT

Floating indebtednesa

cr.
$108,180

By Constnictinn account

$7,019
SSl.OOO
8S.3J9
143,680

8,IIM

Port

HuroMshops

S7T

Operating expense*.
S0,41T
Cash on hand
$<S,:M
BlUa receivable.
I3,M(>— 7n,B'IS
.

$^58,863

EARNINOS FOB FISCAL TEAR EXDIMO

OPERATUIIi EXPEXBEa FOB FItCAI. TZAB
BNDl.tO OCT. 31, la7l.
Fuel aud supplUs
$8.S73

OCT. 81. 1871.

Freight

traiuportatlon

(55,-

OMXtop-i

Malntemince of way
C^r and eugine repairs
Repairs aud alterjitioaa to

$106,403

Passeu^-er transportation

9^ passengers

(41,-

Car aud engme service
Express, dockage and sto'ge.
U. 8. mail

38,S83
523

MS
i

$143,580

t,H1

tion .'Uildin^'S

453

General offlcea and contlngsat
espouses

•MH

U,443
ata-

Wagea, &c
Lost and damaged freight

»i;4^J
til

$30,117

Toledo, irabaali aud Weeterm Ral]road.^An evening
" The President of the Toledo, Wabash an*
newspaper says
Western Railroad, informs us that the company have not Issued
and do not contemplate issuing any preferred stock or bonds. The
company some time ago leased the road from Bloomiugton to
Lafayette, Bloomington and Mississippi Railroad : Complete Lafayette, which is 130 miles in length. It will cost $l,lOO.OOOto
from Blnomington to (iibson.
give this road the equipment necessary, and tho same is to be
Lyncliburg and Danville Railroad: At annual meeting of stock- furnished by friends of the road, who will get their pay from the
holders, act of 1871, consolidating; the Danville and Lynchburg usual inileaLte' allowed for car services." The transfer books
with tbe Orange, Alexandria and Manassas, under the name of of the Wabash Company are to be moved to the Union Bank.
Virginia and North Carolina Railroad Company, was accepted.
Western Union lelezraph and Other Line*.— An official
Louisville, New Albany and St. Louis (Air L'ine) has contracted
letter from the President of the Western Union Tele^fraph states
for tbe use of New Albany and Louisville Railroad and Ohio
that tho company " is inttexibiy opposcil to any interfereiica ot tho
Rjver Bridge, thus securing Eastern and Southern connections.
Lake S/iore and Tutearauias Valley Railroad : Complete from Government with its business A meeting otthe Board of Directors has just been lield, which was largely attended, and a resoCleveland to Seville, 43 miles.
lution was unanimously passed protesting against the right and
Morris Canal : Closed by ice.
policy of any acquisition of their property and rights by the
MistDuri State : The Legislature met Dec. 6. Qovernor^Brown the
Ooverument.
recommendspayment ol State's interest in gold.
On the subject of telegraph lines, the New York Times says
Monroe, Wayne and Holly Railroad : Completed/rom Holly to
editorially
In the United Statis there are in operation eight
Wayne, and progressing rapidly toward Monroe.
Mount Tom and Easthnmpton Railroad is completed and run- telegraph companies transacting business in com|ietition with the
Wesiern Union Company, having about teu thousand miles ol
ning trains.
Nev! Bedford and Taunton Railroad : Net earnings for the line, and represented or nn aggregate capital of over sixteen millions of dollar.<>.
These companies have not cam id their current
last year, $42,278.
Jfeu York Elttated Railroad: Sold under third mortgage expenses, and some of them have already incurred debts lor a
greater amount than their property is worth.
Recently, one of
new company formed.
Neuiburyport and Amedrury Railroad : Under contract, 6} the best constructed and patronized of these lines that bvloncing
to
the
Bankers' and Brokers' Telegraph Company, whoso capital
miles,
Oshkosh and MUtiuippi: Track completed from Oshkoah to was $1,000,000 was sold at anctinu for the benefit of iu creditors,
and
brought less than the amount of dell incurred in it*
Ripon, 20 miles.
Omaha and Southtcestem Railroad : Track laid from Crete on operation. The Atlantic aud Pacific Telegraph Com(>any, having
3,744 miles of line, and a capital of ten millions o( dollars, has
the Big Blue to Beatrice.
Owensboro and RussiUvUle Railroad .'^Track laid to Llvermore, recently issued a circular to its stockholders, annoonciug that
the company has a floating debt of nearly $180,1:00, and calling
21 miles an;l 15 more graded.
Pennsyhania Ruilroad Company has leased the Hunbnry and upon each stockholder tu surrender and contribute onefourth part
Lewiatown Railroad 40 miles, connecting tlie Pcnn. and Northern 01 their stock for sale, at ten dollars per share, fur its vxiinguish:

;

—

•'

—

nient.

Central railroads.

Penn. Petroleum Railroad: Contract made for conttra'tlon
from Tidroute to Cambridge, 40 miles branch Enterprise lo Pit;

hole, 10 miles, also

let.

Port Huron and Lake Michigan Railroad
Port Huron to Flint.

completed irom

—Messrs. Bigelow

& Johnson

of 48 Pine strvet report the
month, 5,551 tons; since January 1
200,128; same Ume, 1870, 143,501. Old rails, since January 1
Pig iion since January I, 78,0(0
57,017; same time, 1870, 00,607.
same time, 1870, 4^287.

imports of English

rails this

—

<lt

mer

c i

H mc
i

COMMERCIAL EPITOME.

strong

In domestic products, such

sellers.

1871.

[The quantity

as have

taken place are due almost entirely to the falling off in re-

primary markets, indicating a check

ments through the

The following

1870.

tcs.andbbls.

Beef

bbls.
bales.

Pork"

China

1,U09
2.957
16,204

bags, etc.

.363,060

Suffar
'

8u?'ar

Mefado "
Molasses"

hhds
bbls.

Molasses'.:

No.

Hides
Oottou
Ko«in

bales.
bbls.
bbls.
bbls.

Spirits Taireitine
-I^r

bags.
casks.

Bice K'i"
Rice! Carolina
Gunny Cloth

OiinnvBacs

bales.
bales.

•.

Linseed

bags.
bags.

Saltpetre; ..:.'...

..;

bales.
bales.

Jute and Jote Butts

ManilaHemD

10.4U8
2,000
84,000
65,000
24,440
5,530
16,700
8,700

36,070
7,508
15,873
42,.323
9,.572

16,800
34.673
.54,180

207.56
3..'583

9,369

200
90,500
57,509
22,906
5,286
1,982

9,951

9,151

546

430

8,900

18,700
10,900
179,500
9,500
41.000
3,132

460
19 300

1.3,600

75,200
6,500
25,400
28,007

hog products have shown a

In Provisions,

slight,

8,400
207,367
9,600
43,300
1.100

Keceipls of swine, both here and at the West,

have

off materially,

thsir orders, paying rather

fill

The

bacon.
the

come forward and

more money,

especially for

New York

for

November aggregated twenty

six

exports of hog products from

four weeks in

first

million pounds against about six millions for the c irrespond
ing period last year, an increase. of

To-day the market opened firmer, but closed dull
weak; old pork, *13 50 for mess and *I1 12| for

mess on the spot; new pork, |14 88 for mess, seller
March. Lard, 9^@9fc. for prime steam Western. Bacon,
jn-ime

11^. for Cumberland, 7^c. for short rib,

and 8c. for short

33U

clear, spot

IDI
4,6il

7f c.

for

17,281

13.302

S9,5.j5

47,680
356,034
21.898
8,9.6

538,136
44,710
11,497
6,061

lM,m
666.679
7,991

"1
79I
*l

755

'850

456
1,614'

513
42

Furs
cloth

Hair

Hemp, bales....
mdes, &c—

^,777
4,539
6,0^0
1,8J7|

416,713

391,219

169

971,375
918,9vl
19,030
4,47s

687.887
871.802
48.516
1,8 12

2.175
2,30
1,824

155,092
113,116
78,213

12!,5S4
253.058

l,r.;i

by value—

S3.S62
4,6881
1,9*)!
!4,6.-ial

7.61'.t

$53,430 1,731,951 1,395,491
3,412
S5,i35
Vi.tir,
33,089 1,503 fiSS 2,267.3r7
1,782
315,494
330.073

Fancy goods

9i,531,Fl8h
53.010,

Ac-

Fruits,

Lemons

873 9f«
809,179
556,846
38.547
Sil.144 1,031 l.S
207.423 115i5331 9.013,313
3,355
712.101
5bl.5S6
8,193
6,434 1 15.i,8lS
10,831, 1,016,5;6

Oranges
Nuts
Ualslns

Hides undressed

l(15,5U0Ulce

Ac—

Cassia
Ginger,

18.371

1,470.
28,1 9

461)
53'

38,538
5,7.6

30.890
Pepper.,
•
6.334 "
Saltpetre
....

....

81
41,299
2,606

4.075

4,7991
1,439

87T.b36
147,718

1.199

642,473
136.722

2S2 666

10,803

235,3»7

21.760
2,043

29'),r,2.'5

.....
..

I.IW

Cork
Fustic

Logwood

^sbogany.

Beselpts of Domestic Produce for

January

long

4('.2i6

8;!.

3"3

Woods-

298,721
253,581
144.636
56.503
285.785

55,436
821.978
92.183

1161

Ab.o fVeelc

183 610

391.095

4,730

•

Ac-

Jewelry
Watches

36,9 1«

Articles report'd

Cigars
3S,873Corks
336

Oil
901

'll

2.1IS
10,754
29.IS9
2,47rt

Champag*e,bkB
Wines
Wool, bales

Spices,

iirlstles

Hides, dressed
LUdla rubber

7,224 Waste
3 2e9|Wlne8,4c-

105.091
57,116
44,691
11,756
6,«59
10,530
6.629
113,589

and

15(1,019

alnce

The receipts of domestic produce for the week and since Jan.
for the same time in 1870, have been as follows

This
Ashes. ..pkss.
Breadstufi's—

Flour .bbls.

Wheat
Corn

.bus.

Uats

«ye
Barley.

Ac.

beans
Peas
C. meal. bbls

Jotton. bales
tiemp.. bales.

Leather .sides
Molasses bbls.

Same

Since

week. Jan.
204

time

6,433

This
Since Same
week. Jan.l. time "JO

'70.

7,322

Oilcake, pkgs....

3,400

Peanuts, bags..
Provisions—

4,107

35
7-1,378 3.463,361 3,893.319
660,331 26 391,583 23,-.69,977
6^2,69026.363 6!7 8,463,791
681,46|!l2.303,ll8 9,160,4 i3
.'i31,03;
89,1X19, 1.0.5,3!1
330,44-.! 3,491,608 4.B31.S5I
370,'538
38.953
i8,133
3 3;7
146,731
101,753
111,812
2,530
193,004
116,123
177,<73
3,715
904.080
782,851
24,613,
26
2,945
3,771
406,951
14,576
310,991
549
52,344
5j,712
75,569 8,327,230 2,351,893
3,083
19,611
36,018

Siava: StoresSpirits turp.

Rosin
Tar

2',365

10,7.5

387

8.411
65,141
473,868
18,473
1,011

Pitch

6,5<>l

66.485
486.641
46,873
2,342

itutter.pkgs....

Cheese
Gutmeats
Eggs
Beef, pkgs

Lard, pkgs
Lard, kegs
Rice, pkgs

Stearins
Sugar, hhds.,

Ac.

Tallow, pkiis
Tobacco, pkgs...
Tobacco, hhds...
Whiskey, bbls....
Wool, bales
Dressed hogs No.

67.991
6.616
51,713

104,8-38

71,480

655,193 493,553
14.897
27,562 1,431J00 1,4.3.956
153,819
8.5.713
5.62 i
2.-i3,(K15
397.511
5.790
161, ISO
104 9S0
1,326
1S2.601
103,573
10,369
224,666
73,417
7,332
1,193
31, ai
24,115
333
16.338
19,9^9
354.131
3,499
315
18,082
9.150
13,311
67
1,124
1.855
87.S10
16,303
231.173 271,1 ;4
4,865
68,116
436
91,«96
2,300
LW .'.56 176,088
674
116,884
109,637
541
60,033
93,685

COTTON.

clear,

Beef has sold more

and future.

£bbls

20,i.8:Tobacco..

I7;0

Linseed
UoUB«t»s

Tin slabs, lbs..

Rags
Sugar, hhds, tcs

bags
15,Ti6
19.63(i|Tea

5,166
6,087
2.499
536
38,395

Opium
Soda, bi-carb..
Soda, sal
Soda, aali
flux

ivory
lewelery,

Spelter
Steel
Tin, boxes

4i3!

Oils, essential.
Oil, Olive

1870.

time

4,836
107
6.962
11,812 1,166,13
815.314
8.359' 516.320
5i5,s80
209.817, 8,0S8,231 7,863,*92
4.187
217,359
134,573
13,701
994,571
1-97,684
12.000 6.J0;,58-i 6.047.797
1,185
138,855
100,786

_..

bars.

Lead, pigs,

Sugars, boxes

Madder

1871.

6,869
5,623

Iron,

26.19:>

^9,221
25,8^8
40,333
IU.657
2,516
13.690

Since
Jan.l,

Same

the

Ac-

Hardware

5,r""

142,83-i

Indigo

Gunny

For
week.

time
1870.

2i,06S
13,430 1,052,319
4,991

Gambler
Gums, crude...
Gum, Arabic.

that three hundred

per cent.
and

U»

and shippers who were holding

prices have been compelled to

for lower

for the

specified.]

upward acd

tendency.
fallen

Glassware
Glass plate
ftuttons
Coal, tons

Ac-

53,70»>

46,096
61,392
286.005
5,285
5,623
2,200
260,200
45,776
37,856
3,629
3,218

742

hhds.

lllass

Drugs,
Bark, PeruvIaEi
btea powders..
Brimstone, tous
Cochineal
Cream Tartar.
.

Dec.

18,93*
46,940
7,263
18,265
25,110
8,017

15,83.3

hhds.
bags.
bags.
mats.
hhds.
boxes.

Coffee Java

Nov.

26,756
13,63;
19,788
42.018
49,203
32,126
30,039
89.023

Tobacco, foreign
Tobacco, domlsUc
Coffee,Rio
Coffee other

1871.

Same

Cutlery

Cocoa, ba^s

a statemetit of the stocks of leading arti-

Dec.

and

1871,

when not otherwise

Metals,

Cotfee, bags
L'otton bales

and domestic merchandise at dates given.

cles of foreign

Sn'ar

to ship-

higher prices.

effect of

given in packages

Cama, Olass and
Earthenware—
*Carthenware..

ceipts at the

For Since
the Jan. 1,
week. 1871.

in favor of

improvements

9, 1871.

corresponding period in 1870

and prices have almost uniformly ruled

—the greater portion of the changes being

week, since January

at this port for the last

The volume of trade during the past week has been very
fair for the season,

[December

Import! or laeadlng Article*.
The following table, compiled from Custom House returns
shows the foreign imports of certain leading articles of commerce

Fbidat NiaHT, December 8,

—

THE CHRONICLE.

780

Friday, P. M., Dec. 8, 1871.
by us to-night from th«
Southern ports, we are in possession of the returns showing the
out essential olianse.
receipts, exports, &c., of cotton for the week ending this evening
Freights ruled very dull. The higher prices demanded Dec. 8.
From the figures thus obtained it appears that the
total
receipts
for the seven days have reached 105,839 bales against
have
checktd
their
shipments,
of
export
articles
most
for
bales last week, 104,743 bales the previous week, and 101,494
and with room accumulating on the berth, lower rates have 122,126
bales three weeks since, making the total receipts since the first of
been accepted. To-day, wheat to Liverpool by sail at T^d.,
September, 1871, 998,051 bales against 1,212,545 bales for the same
and cotton, by steam, 5-16d.@f d.
period of 1870, showing a decrease since September 1 this year
Cloverseed declined early in the week, but closes rather of 314,494 bales. The details of the receipts for this week (as per

freely, but

the desire

reduce the large stocks

yard operates in favor of buyers.

now

Butter and cheese with-

ll|@llfc. Tallow has declined, with free sales
prime at 9^c. Whiskey has been scarce and advancing

better at
o(

dull.

The severe weather has pre-

vented bui-iness; besides, buyers and sellers are quite apart
The sales of Kentucky were only about
in their views.

150 hhds. at 7^08^0. for common lugs to good leaf. Seed
bids are generally below the views
leaf has aUo been quiet
of sellers, and the transactions have been only 400 cases
;

and wrappers, at 15@55c.

bacco in moderate request and firm
bales

new Havana

on private terms.

received

week of 1870 are as follows
BBOKIPTS

BKOEIPT8

Tobacco has been very

lols, fillers

telegrams

telegraph) and the corresponding

closing at $1 01.

sundry

special

98c.@81

15,

;

sales

Spanish

to-

embrace 500

andJlOO bales new Yara

ttec'd this

Sew

week at—

Orleans....

Charleston
renne&aee,

The

bales

1871.

35.446
12.563
13,791
18,633
7.956
6,013

week at—

1870.

Rec'd

57,114
19.485
14,593
2T,S0S'
7,3o6
7,915

Florida
North Carolina
Virginia

this

bales.

Total receipts
Decrease this year

1871.

870
1,033
10.52(1

1870.

-J

4,094
13.879

105.819 152,331
46.482

week ending this evening reach a total of
which 85,330 were to Q reat Britain, 1 1 ,974 to France,

exports for the

55,623 bales, of

and 8,398 to rest of the Continent, while the stocks as mada
Below we give the ex
np this evening, are now 411,888 bales.
ports and stocks for the week, and also for the corresponding week
Of last season, as telegraphed to us from the various ports to-night

December

B<|iort«d

to—

CooUn

Franco

weak

law.

mi.

48 AM)

M.TTI

It'.TM

8.IM

n.4M
M.WI
77.W

b«l«t.

1170.

Thr

barleiton
Oil*

tt.MO

IMt

so«

...

9.IM9

tail*

ii,*7l

4,4W

York...
Otharporu...

7.8M

BtraoDab
Texaa

ToUl

Law

IMU

4JISI

NaT

rite

4,1187

8.4M

auo

tho foregoing Rt&tt^tupnt It will be M«n tliftt.comparfd
wltb the corresponding; week of Innt bpsrod, there Is n (lecresne in
the exports this week of 4l),933 bales, while the itoeks to-night are
93.248 bales lets than they were at this time a year ago. The
following is our usual table showing the movement ol cotton at
«U the ports from Sept. 1 to Dec. 1. the latest mail dates. We
do not include our telegama to-night, as we cannot insure the
•ecaracy or obtain the detail necessary ,,by telegraph.

iSn.

iSlB.

to-

Coa»t-

Oraat

Other

Britain Franoa

For'n TOUI.

rorta.

241J48 398,a«
ic«.08«| iia.»a

Mobile

U«.7M
n»,t»i

Texas

New Vork
Florida
North Carolina
Virginia

Total laatya-

The market
tendency

aspr.l

wtoe

!l7.n9

».s;8

l'.441

asi

14.211

118.1198

tejS7

•5.718

a8o.»9o
48.471

K.01

28,C8I,

SSIM

i4-.,r.8

2.8B
a.011

1,950
34.»4»

107,81

thl>]rear

S0.St7

«.'>78
81,749
38,680
144,775

8,817

r.S79

9,^

19.S08

415,828

15,3«7

89S.81S;

....

1S7.3M

to.m

33.419
S1.IS5
81.483

18.93

•It

48,5M

899.187

98,188

8.9^5
!8.788
!00,9I8

9' ,240

S5.aS7
.18,1

8.863
8,99;
ItfiOO

381.590

8;8,«73

484,499
1.494
80 jm .126,8:; 884,003. SrO.SiS
week has developed a gradually improving

....:060.ai

....

the past

have advanced and coiifidence in the future has
strengthened.
This upward movemen; finds it.s more immediate
eaose in the late cold weather and the decreased receipts, which
latter are interpreted as indicating a smaller yield than the pre
yailing estimates of a few weeks back. We thick, however, aside
from thes<' facts there has been a growing inclination to consider
American cotton not dear at present prices. The world's consumption has increased so rapidly and its wants are so large while
the disposition to use largely the American staple has become so
general and the expense of going back to the poorer sorts is bo
great, it is felt that our supply, even if it were to reach the larger
figures current, would be none too great notwithstanding a moderate advance in price for the supply of spinners' wants. Holders
therefore show no anxiety to dispose of their stock while our
own spinners appear to be taking hold more freely, and there is
an increased movement on foreign account. Today the transact
ions have been moderate middling uplands closing to-night at
lOfc., against 19c. last Friday.
For forward delivery the business
has been large and prices have fluctuated somewhat, closing for
low middling at 19ic. for December, 19 3-16c. for January, 19Jc.
for February, 19 9-16c. for March, 19Jc. for April, and 19^c. for
May. The total sales of this description for the week are 122,100
bales, including 500 free on board.
For immediate delivery the
total sales foot up this week 22,673 bales, including 7,684 for
export, 6,532 for consumption, 1,289 for speculation, and 7.168 in
transit.
Of the above, 1,057 bales were to arrive. The following
prices

;

are the closing quotations

He. inM to ixehanre
Sllc.
"

Ordinary

pet lb.

eoodOrdlnarr

Florida.

Mobile.

•.8X4....

16X*....

Middling.

10X«....
19»«« ...

Orleans.

m::

t9X«....
19»<»....

»xS....
31

Below we srive the total sales of cotton and
market each day of the past week

this

a....

19XS..
!0X»..
_il)«»-

price of Upla7id»%x

Total
salea.

Satnrday,..,

.Monday
Tueaday

...

Ordinary.

UlddllnK.

illddU (

;2**-

1RS«....
:8*«....
«....
18X»....

l9~»T7

"W<»....

1.708

4je5

18M«..

8,991

Thnriday...
Friday

ajjj

18X«....
18H«....
18X«....

Low

Oood

Ordinary.

Wedneaday

a..

ft:::

I9«®..,
19H«....

isxa...

I»)4«....
i9sta....

I9XS....

19XM...

For forward delivery the sales (including .500 free on board)
have reached during the week 123,100 bales (all low middling or on
the basis of low middling), and the fallowing is a statement of the
sales and prices
For December,

bales.

LOO

cts.
18 9-li

\Sff>
3.800

900

I8K

«?

9J(0

,19K

9JJt»
4,«X>
l,8t»

19 8-14

18 13-1)

I8K

18 19-i«
19
loaahtdal... 19
i:,9a)
19 8-16
18,300
19>(
19 8-16
3,100
191«

51,«!0 total Bec-r.

lary.
Januai

eta.

IfXO

19 7-16

800

19X

19W
19 5-18

28,890 total

Jan.

For Febmary.
lOJ

isu

1..10I

II 19-lt

900.

lOO
au)
900

ism

1B1II6

100

4.1W
s.«w

19
19 1-16

15,700

toUl Feb*y.

For March.
lOJ

S.40i>

.IV
19 l-W
i-ra

lJ(xruitJi-r lur ItU \Ui(lt. \i-. tltiTrifn"'

l>eeember tor

IW April, Sr

1>.

dllferenr''

WKATnEii Repouts bt TRLKORAPn.— The

cold weather of the

week n pilars to have extended ovsr almost the enlim roilon
growing States. Our telegram from (lalveston says that in
Northern «nd Middle Texas the frost wan severe, killing vpgetatinn.
From New Orleans onr correspondent Ptiiles tlint the
weather hits been very cold, and that they have had a killing
frost, with two days showery.
Our .Selma telegram slates that
on Monday and Tuestlny it was very cold at Montgomery it has
been cold, but today is warm and pleasant again. At Macon and
Columbus they liave bad a " severe freeze, with two days' rain
past

;

at Macon, and one day's rain at Columbu!>.
The Mobile telegram
says they h:ive had an unusually severe storm at that point. At
Charleston it has been very cold, and at Memphis it has " been
cold and cloudy. There has 'been no picking ot Mempliis the past
week rain and sleet to^lay snow threatened." The thermometer has averaged at Memphis 31, at Charleston 42, at Savannali 4«,
;

Macon

at
at

;

Columbus

41, at

Galveston

Selma

44, at

47, at

Montgomery

vious page.

—

Stock op Cotton in New York. ^The Cotton Exchanges
through Mr. Charles A. Easton, the Chairman of the Committee
on Slatistic?, reports the stock of cotton in New Vork, Dec. 1, at
57,609 bales. a.s follows: In warehouse, 35.871 bales; on whsrven.
3,638 on shipboard, (not cleared,) 18,000— making in all, as stated
above, 57.509 bales.
;

—

Ounnt

Bags, Bagoing, 4c. There has not been much doing
during the week but the feeling is rather stronger.
210 bales liglit weights having been sold at IS^c, cash. There
has been a t>ood demand for doinestic, and we notice sales of 2,000
rolls "Ludlow" at 1.5}c., 60 days deliverable, 200 a month for ten
months, froin the first of January, and 1,000 bales same for short
delivery at 14c., cash. Bags have been fairly active and the close
is very strong with the tendency upward.
Sales on the spot are
l,.'iOtJ bales at 15c., and .500
bales to arrive at ICc, gold, in bond.
Ill Uo.sion 400 bales sold at 15c.
Manila hemp has been inactive
and quite nominal in price buyers seem well supplied for the
moment and are making no bids. Other kinds of hemp are equally
dull,
.lute butts have been actively dealt in, and the close is
firm and the demand continues. The sales are 1,800 bales to
arrive per "Qeo. H. Warren," at 3jc., cash, less one per cent 675
bales on spot at Sic. 60 days, and tc-day fully 3.000 bales on spot
and to arrive on private terms. In Boston 500 bales sold at 3|c.,
in native cloth

;

all

currency, per

VisrnLK

lb.

StiPi'i.Y

of Cotton.

— The

following table shows the
each
of the two past sea"

juaiitity of cotton in sight at this date of

:v.-llK

800
900

.19 9-11

t/m

i9 9.ii

IJOO.
100.

iiii-B

IJOO
1,900

200

1* 18-18
\»)i
19 11-16
.20

5390 total May.

UMd

814,101
411,888
66,329

139,000
484.186
95,613

'370,381

1,491,880

in sight to-night

1870.

—

5,896

1384
2,189

6.143
1,488

— Below we

2,511
2,977
12.152
2,602

1,925
1,549
2.618
15.992
3.502

8»300

83;il3

Stock. Receipu. Shipoienta. Slock.

1,.377

8,993
4,180
4.881
4.648
8.696
23.454
8,782

60,880

58.078

13,253
7,867
10,665
9.992
6,7.58

18.083

7.123
1,51,S
.S.5.55

3.336
3,756

13,000
o,oeo

ajm
10.»46

2.9ft';

9.7M
38,0M
3.0W

46.460

96.613

253^7

• A recount of stock at Memphla Ihla wsak slum s t,m balaa mnrv'than tba
hp
mnnine count Onr Mempbls telegram also suics thai op
-<r.
Memphis receipts are MI,Rtt balaa leaa than for the aome p'
holra
short
of
lota^
wew
the
rerelpta
are
Il.tn
the
the
tmr
lor
and
week last year.
<

i<».ii

:tH

920

4 60S

give the movements of cotton at the interior ports receipts and
shipmen's for the week, and stock to-night and for the oorraepooding week of 1870:
^Week ending Dec. 8, 1871 .^ ^Waek endlnc Dae 8. Mm.> I

Nashville
19H
IM<
19V

250
187,570
19,288
14,600
90,000
174.000
42,705

Movements of Cotton at nis Interior Ports.

Selma
Memphis*

For May.

aOO

IO,XDUKal March

19)2

13.K-0 total April.

860
100

Total

1870.
371,000
51,456
1.100
70,800
8,000
6,300
20,000
270,000

445,000
150,066

These figures indicate an inereate in the cotton
of 879,052 bales compared with the same date of

n\ Montgomery....

4.180

19K
19?

bales.
in Liverpool
in London
in Glasgow
in Havre
in Marseilles
in Bremen
rest of Continent
Afloat for Great Britain (American)
Afloat for France (American and Brazil).
Afloat for Bremen (American)
Total Indian cotton afloat for Europe
Stock in United States porte
Stock in inland towns

Raealpta. Snipmenta

19,S
19 ll-fi

and

Cotton Suppi.t \txt> Demand.— We would call tho attention
our readers to some editorial remarks on t'iis subject on a pre-

Augusta
Columbus
Macon

19x

4H,

.50.

eta.
19 7-18

BOO

HW.
8.aOU

April,

4011.

1X0

!9X

19».R
I9H
xtiSk

For
balaa.

800.

18 IS-I*

tax

bales-

19 1-16

isy

MOO

For

cts.
18 19-1(

IS 11-18

S,«00
3,900
12.900

400.
880.

•

1871.

i?)_

Middling....."

600

•

ini

Stock
Stock
Stock
Stock
Slock
Stock
Stock

New

aoodMtddllnt

no pornnt
JiOKrrpw'

Upland and

1.000.

atWMc.

Kavaonah, al tni'.
C)urlt»tnn.barfiL.M..»'llt. b«%tit. attfMr.

Stock.

S83S7

Ui^m a»u

W.f7»

ToUl

zpoBTSD amoa

aioairra
•iDoaaapT.l.

PORTS.

bales.

...iMriion,

on bowd b««« T*Mb«d >«»
are •• bi-lnw

Sls1.M1

From

Low

fr«>a

wtli-ii

!M> total.

10!i,!lM
4JI,1*!
41IJW
apt. 1
9S,B07
ttl.llH
471.148
W»,871
wcro
rrrora
There
our
In
exports
from Mobile and Bavannnh laat week,
19
canecd by hmerllni; the flirurc* nt a very late hoar, aoma of onr teletrraina
not reachlnR us until after i o'clock Sattmlay momlnK. and Icavlns but Mule
Ume before we were compelled to go to preaa. Tho correct dsnroa will bo
fonnd in onr shippInK news to-day.

IBM

thiMK)

Th<t rnllowloK excliuigw liAvn b«oii nuul* during lb* wp«<lt

S.»J

ii,'n4

wmIc of
..f

Mj
IN

ISO

"»iM~

....

?',n

;

»L
Orleana.l v.yti

;

781

ThsMlen .!'--

Bioak.

amavli

Total tlila

THE CHRONICLE.

1871.]

'^*t.«.°?.'°'ionrit.

Mobiia

—

1 1

THE CHRONICLE.

782

[December

1871.

The above totals show that the interior stocks have decreased dur- 109 J, and Commercial, 108i@108|. Freights closed at .5-16@fd. by
ing the week 1,763 bales, and are to-night 29,283 bales iess than steam and 7-32@9-32d. by sail to Liverpool, Ic. gold by steam and
The receipts have also been 23,388 fc. by sail to Havre, and ^d. by steam to Hamburg.
at the same period last year.
bales less tlian the same week last year.
Bt Telkqbaph from Livbrpooi..
The exports of cotton this week Irom New York show a deLivEHPOor., Dec. 8—4:30 P. M.— The market onened strong and closed firm
crease since last week, the total reaching 12,019 bales, against to-daj', with sales footing up 15,000 bales, including 5,000 biilee for export and
Below we give our table showing the speculation. The sales of the week have been 115,000 bales, of which 20,000
14,354 bales last week.
exports of cotton from New York, and their direction for each of bales were taken for export and 19,(100 bales on speculation. The stock in port
The stock of cotton
is 445,000 bales, of which 41,000 bales are American.
the last four weeks; also the total exports and direction since at sea bound to this port is 422,000
bales, of which 171,000 bales are American.
September 1, 1871 and in the last column the total for the same
Doc. 8.
Dec. 1.
Nov. 17.
JSov. 24.

—

;

period of the previous year

Exports

New Tork since

Cotton (bales) troxa

WEBK ENSINa

Total

Nov.

Des.

to
date.

29.

EXPOBTSO TO
Nov.

Nov.

15.

LlTerpooI

:3,10i

13,341

13,104

13,341

11,401

13,943

American

prev.
year.
154,486
5,538

141,873

159,964

Havre

Price Mid.

Bremen and Hanover.

Hamburg
Other ports

300

791

'143

536

443

1.311

Total to N. Europe,

2,308

399
S03

2,927

3,847

6,866

618

1,6.31

Spain Oportoifc Qibraltnr&c

Grand

1-2

14.354

13,713

019

Manchester are more

—

^Fair

^Ord.&Mld^
Sealsland
Stained

Dpland
Mobile

7Ji
7?i

N.Orlcans&Texas

145,773

22
20

l«-,847

B^i
S^i
9

^Same

g'd falr.^ ^G'd&fair.38
44
50
30
25
28
80
34

Mid. G.Mid.M.F.

Ord. G.Ord.L.Mid.

1,017

&c..
13,104

show the daily closing prices of cotton for the week:
Fri.
Tues.
Wed.
Thurs.
Mon.
9Ji@...
9.'.®-.- ^%®9^l 9?i®... 9%®...
10@10'. I0@10'„'
10®.. W,'®...
9JimO 9J.(g>10

EtJROPEAN AND Indian Cotton M.\RKETg. In reference to
these markets our correspondent in London, writing under the
date of Nov. 25. states
LiYERPOOL, Nov. 23. The following are the prices of American
cotton, compared with those of last year

Total....

41,000
422,000
174,000

Sat.
TTplands. 9>„S»-..

1,015

All others

Total Spain,

41.5,000

.17.000

382,000
142,000

2,745

61S

486,000

22,000

table will

Orleans..

2;J,000

115,000
20.000
19,000

12.3,000

" Up.toarrive. ...@
Trade Report.— The market for yarns and fabrics
favorable, but do not affect the market.

Other French ports.

Total Frencb..

afloat

The following

949

other British PortB.

Total to Gt. Britain

Total alloat

lime

111,000
12,000
20,000
526,000
74,000
369.000
134,000

98,000
14,000
13,000
639.000
88,000
371,000
94,000

Stock of American

Same

140,934

11,401

12,943

Total sivles
Sales for export
Sales on speculation
Total stock

Sept.1,1871

9 9 16 9Ji.
9 13-16
9fi
9%
lOii

916

date 1870Mid. Fair. Good.
15
15

26
20

17
17

Mid.

G.Mid.

9 7-16

M.F
9 9-16
9?i

9?.

10>i 9 7-16

9«

9r,

BREADSTUFFS.

are the receipts of cotton at New York, Boston,
Philadelphia and Baltimore for the last week, and since Sept. 1, 1871

The following

Friday

P. M.,

December

8. 1871.

Wg have had

a very unsettled market during the past weekReports by cable have been contradictory gold has declined

BALTIMORB.

NEW TORK.

PHILADBLP lA

This
Since
week. ISept. 1.

Since
This
This
Since I! This Since
week. Sept, 1 week. Sept. 1 week. Sept. 1
I

New

Orleans..

Texas
Savannah
Mobile

3. 369

41.039

906)
1,943

14.492!
39,219;

[

679

'4761

S'th Carolina.!
N'th Carolina.
Virginia

s'lROi

2,355

3,355

1,782
122

i.m\

50,676

2. .3.351

655

Tennessee, &ci
Foreign

3,545

32.5031
1,163,

863

Total this yearj

21.091

North'm Ports
I

Total last year!

6,416

48,

3,327

414

511
1,839

have been irregular, and inland navigation has definitely
closed for the season, but the quantity of grain which was prefreights

vented reaching its destination
early iu the week.

3081
3,346' 18,.362

15,120,

67,729

361,

7001

3,147
373'
3,281
1,201 15,537
1

14,183
15,087
128

estimated

much

smaller than

rail, and we have had a very variamarket the trade bought very fairly on Monday and Wednesday, but on succeeding days was quiet a few lines of shipping
extra State eold at $6 65@$6 75, mainly the lower figure but
the market has really been without important feature. Rye flour
has improved a little. To-day was quiet but firm, and good
baker's brands brought more money.
Wheat has been firm, but very dull. As is customary at the
close of inland navigation, the views of buyers and sellers have
been wide apart. On one or two days the sales have been limited
The most pressing demand
to carloads and broken parcels.
appears to have been for choice white and spring red wheat. The
feeling of holders generally has been strengthened by the
marked reduction in receipts at the Western markets, as shown
in the statistics below. To-day holders were firm, and for such
quantities as buyers must have, full prices were realized No. 3

ble

;

9361

8.28bi

'650

i,m

743

268,110

9,7211 63,645

l,4Sf. 18,861

3,685! 32,33!

359,.'i50:

9,827

65,169

1,5181 16,301

4,001

40.760

—

Shipping News. The exports of cotton from the United State„
the past week, as per latest mail returns, have reached 74,16
bales.
So far as the Southern ports are concerned, these are th_
game exports reported by telegraph, and published in ThbChrgn'
ICLE last Friday, except Galve,ston, and the figures for that port
are the exports for two weeks back. With regard to New York,
we include the manifests of all vessels cleared up to Wednesday,
night of this week :
Total bales.
New York—To Liverpool, per steamers City of London, 760...
Spain. 2,215.... Oceanic, 827.... Colorado. 2,707. ...Algeria. 3,042
per shins Strathoarn, 1,077. .Calcutta. 1,187. .Wm. Tapscott, 586. 11,401
618
To Bremen— per steamer Deutschland, 618
Nrw Orleans -To Liverpool, per ships Theobald, 2,727... Arcturns,
Sea
bags
3,- 30. ...Waterloo,
and
13
3,420... Expounder, 3,361,
12.842
Island
7,161
To Havre— per ships Crescent City, 3.596. Francis P. Sage, 3,565.
6l!0
To Barcelona - per bark Herminia, 600
000
To Malaga— per bark Herminia, 600
Latoha,
Mobile -To Liver. lool, per ships City of Brooklyn, 4,693
10,675
3,212 ...per barks Amoy, 770... Wetterhorn. 3.001
per brig
Charleston— To Liverpool, per bark Brazil, 1,750 Upland
3,504
Carlota. 754 Upland
384
To Barcelona- per brig Ysabellita, 284 Upland
John
Savannah— To Liverpool, per ships Universe, 4,475 Upland
per barks
Mann, 3,510 Upland
Ironsides, 4,527 Upland
Eiilalia. 1,313 Upland. .. .Harriet P. Hussey, 2,033 Upland
15,887
I,6ii3
To Cork for orders— per bark Goethe, 1,603 Upland
675
To Falmouth for orders— per brig Cieana, 675 Upland
To Havre— per bark Daniel Draper. 3,000 Upland
3,0
400
To Barcelona— per brig NeuvitJis, 400 Upland
Caroline, 1,949
Tbxas— To Liverpool, per barks FiUe de L'Ait, 1,100
.

Flour has arrived freely by

2,7871

5,0761
1,168
4,525.
78!

3961

3,343

...1

1,047

Florida

;

BBOS'TS FROH-

;

. . .

—

....Atlanta. 1,616

4,665

To Amsterdam- per sehr. Kvik, 893
Baltimore— To Liverpool, per steamer North American,
o Bremen —per steamer Lcipsig, 715
San Francisco— To Panama, per
,86

393
217
715
26

217

sold at $1 55, but our quotations are mostly nominal.
Indian corn has been fairly active and prices generally firm
There is better supply, both of yellow and white, and these de.

Milwaukee

•

have been weak, but prime mixed has ranged higher
There is a moderate quantity of new corn comTo-day there was a moderate shipping de.
rail.
old mixed, with some demand for white
prime
mand at 79c. for
Western at 82c.
Rye has been in fair demand and firm. Barley has been less
advance
active, with some fluctuations in prices— the extreme
continue
peas
Canada
sustained.
fully
not
being
last
in.our
noted

sci'iptions

than last week.
ing forward by

very dull.
Oats have been in speculative request, and prices have advanced
Boat loads of prime Western sold yesterday at 55c. in
with white
store and SGAc. afloat, and to-day the market was quiet,

ll@2c.

oats very scarce.
Total

The

74,106

are closing quotations
Grain.
Flour.
Wheat-No.2spring,bnBh,tl
Superfine State and West1
No. 1 spring
ern
^ bbl. to 00® 6
1
Red Western
6 60® 6 85
Extra State, &c
1
Amber do
Western Spring Wheat
1
White
T5
6 50f
extras
7 00® 8 60 Corn— Western mixed
do double extras
WhiteWcstern
do winter wheat extras
Yellow Western
7 00® 9 50
and double extras

particulars of these shipments, arranged in our UBoal form
Liverpool.

New York
New Orleans..

Bre- Amster- BarMaPalCork, month, Havre, men. dam. celona. laga.
618

11,401

12.842

Mobile
10,675
Chirlaton.... 2.504
Savannah
15,887
Texas
4,666
Baltimore
217

1,603

S76

7,161

600

S,000

281
403
3^3

The following

are as follows

Total.
12,019
21,103
10,675
2,788
21,565
5,058

—

City shipping extras. ...
City
trade and family

715

brands
Southern bakers' and family brands
Southern shipp'g extras.

Total
,500
74,166
393 1,284
58,191
1,603
675 10,161 1,3.33
Included In the above totals are from San Francisco 26 bales to Panama.

—

70®

Southern white, new...

6 80

Kyc-State
Western
7 50®
..
Oats -Black Illinois,
Chicago mixed
8 00®10 00
State...
White Ohio and
7 25^!* 7 65
4 50® 5 20 Barley-Westera
9 25

Gold, Exchange and Fueiohts. Gold has fluctuated the
flour
week between 109f and llOf, and the close was IIO4. For- Rye
State
Corn meal— Western, &c. 3 7.'VW, 4 15
eign lEJxchange market is lower. The following were the last Corn meal — Br'wine, &c. 4415@435j
Canada...
15<^ 4 35
~
quotationg; London bankers', long, 108|@109; Bhort, 1091® JJuckwlieat flour, p.IOOlb, 8 80® 8 80 Peas— Canada

past

52®

5(«8) 1

jj
™

'«>

-''',4

M"
•

«-•
E!l'

-"J

,?JS
5
1

'"v'-

58® 1 ""
65® 1 g
i'-^lJi
7 1® 79>4
82® 88
80® 8|
82® 88
95® 97

^
10®
1

1
1

gg
»

Deocmlior

1871,]

Tho moveuK'Ul

THE CHEONICLE.

in breadBtiifTn at this

-Hicnrra at niw tork.'
Same
c :"">•
For Iho

C. meiil.

time

Jnn.

V.V^TO

3,.|ra,S60

Floor, bhl».
MThcat,
Corn,

Since

w.ck.

1871,

iho
Wei'k.

8 8n«,ll4(i

been

»,0(fl

For

1870.
Hliife

The general market baa ratbrr lacked anliiiaiinn during tb«
past week aod indeed buduvss at liinosapiM-ared t<i Ih* at an almoet
complete atand-ntlll on many of tlin I<-adin(f articlri. Value*

,1 •2.781I19TT

^*».m
_
.J,

Nt,44a ai,7i7.;xi

.Mill.',*

4?<)VQ»i

320,383 11,807.753
2,555
492,956
98.744
l,fiGS
42 544

Ilia

wrrk.

Jan.

56,150
2.70a
866.964
4.196

lll,Hii7

OROOERIES.

Hlnco
,Un. 1.

M.va i,y,%;m

tiiiK

u followa:
—

tXPOKT* moil KIW TOHK.—

—

.Ian.

)R7o

nuttket

rFor

768

l,8«a.452
15.190
17,251,245
8in,7«8
92,431
184
26.122

FnioAT Bfiiniie, Dec.

t, IVTI.

under tbe«e cireumatancefl have naturally been a little lame aod
tbe few buyers in attendance occasionally gained slight advantsfw,
but there was no decided doprtssion and an abaeocn of any po«L
j.on
tlve manlli'Statlon of a desire to realize.
Tbe shutting off ol la^""^ ^"'^ ^"'^"^^ Excbange. sbow the Grain
land navigation and tbe drooping tendency of gold have contriInBicht
Bipht and tb^
tbe 1'
in
tnoveui«nt of BrcadHtuffB to tbS latest mall dates
buted somewhat to Increase tho indllTereDco of buyers, but as the
RKCKHT8 AT, t^AKE AND RIVER POKTH KOB THE
WEEK KNDIKO end of
the year approaches a alow busineM Is always looked for.
DECKMBER 3, 1871.
Floor. Wheat.
Cora.
0»t».
Barley. Rye. There appears to be no idea tliat the present aesalon of Congrew
bbla.
hn»h.
bash.
bnab.
hueh. boib, will make any further changes in the tariff on the article* oorerad
(l!)6lhi..i («nih" )
„
(6filb".)
()l4lb<.i (4Rlh»
(«« Mf'
".'''^"
157..W5
68.1,M0
183 411
by our review.
,rfr*R" ••
89.470
18.705
MllwBukea
B,557
B3 a<H
»5,IOO
14,661
6.2)'6
9,986
Tb9 entries direct tor consumption, and tho withdrawals fttm
10.4flfl
^"|<"1"
31,S68
283,867
24,248
2,104
1,140
ID'"''","v
3n.367
".«9«
42,252
82,466
11,971
bond, showing together the total thrown on the market for the
Clcvelnnd
5,500*
17.930
13.660
10.200
9.080
St'.I-o""'
27,TO4
61,495
weeli were as follows
66,875
48,586
4,730
4,242
Duluth
No report.
Tea, black.... S.'.t7 pkm.
Lai
LaKUsyra..
mo bi««. Baiar, Drasll. IjOO bSff.
Z,
h *..»

Rjo,

B'lrley.Ac "
0»l»,

,
i,.i-';
J. 11.,

.t,

3«>.445

•

uroc.i

„Totals
Previous w.-ck
CorroBpond'g week,

86,196
120.964
'70.
'69.
'08.
'67.

875,861
787,982

150..375 1.228,7.->1

136.l7r 1,138,<28
119,427
660.70.3
ia3,18S
450,457

l,064,-.64
1,41.3,900
9.B.8.37

29^472

12\341

30 378

823.527

4H»i9

,327.1(14

131,528
101,418

l.'.n..W7

2.39.51.1

lno.8<l3

4(18.410

219.130
199,393

42,240
55,641

3S5,670

—

pktts.

Cuba

(jrii

sags.

Porto Rico
Other

000

.Inv.T

4M4m«M.

Mnrncatbo..

3,IU» bugs.

(1A3

Withdrawn from warcbonse

12',630

1st to

1870.
2,480,212

Wheat, bush

2*..5"0,286

26,275,018

2.t,079,2ll

Corn.

20,!)f!8.99fi

18,9.^4,697

18.99S.fil8

10..'>84,230

4,242.637
],7S0.909

4,-M8,872
938,284

18,602,122
8,557,067
2,371,673
964,gll

24,609,463
11,420,062
14.148,412
4,185,898
1,715,860

68,.^79.466

6D,911,09«

53,627,914

56,074,695

1868,
2,597,655

pkgs. tea, and 2,780 bags

bus.

Otlicr
8,7!"
Buifar, Cuba.. 8,517

.Vil

1869.
2,515,548

5,U:iS

.32

1871.
2,296,439

Flour, bbla

Vartims
Coffee Rio...

pkgl.
p^cs,

Id
85

» Estinmtcd.

OoHi-AKATivK RECEIPTS at tbe same ports from Angnst
DcccmbiT 3, botb inclusive, for four years

lapan

;.8<8
1,(52

!)iefl.

'lilids.
.Xrl -hi..'•
l,e(a
l.l>2<<

Mantla. Ar
nins'ei.i.tilo

I'on Ulco.
('•m.Tara..
.

biffa.
I

lio

'Midi.

!0 "tihils.
SS 'lilKla.

« •hhda,

u. snil tcs. redncM
iiterlor In bead 10

'IIIj

for transportalioi
of coffee.

Imports this week have included 16,910 bags Rio, and 9JSU
bags of otlier kinds of coffee 3.233 boxes and 603 lihds. of sngar
1,3(18 hhds. of molasses, and 1,646 bbls. New Orleans do.
The stocks in New York at late, anc imports at tbe five leading
'•

;

porta since Jan. 1. 1871, are as follows
Stocks In y ew York Imports at leading porta
at date
sincf Jaoiarrl.
:

liiiBh

Oatx. hush
Bnrlcv. hush

Kjc, hu«b
Total grain, bosh

SliiP.MENTS of Flour and Grain from Chicago, Milwauk^e,
Uuluth, St. Louis, Toledo, Cleveland and Detroit ior tbe yteek
pndii'c Dec. 2, 1871 :
Floor, Wheat,
Com,
Oats,
Barlej-,
Rye,
bhlK.
'71.. 87.937

^Veck ending Dec. 2.
Week ending Ni)v 25. 71. RMSi)
ending Dec. 3, '70... 128.8.34
"Week endin;; Dec. 3, '69.
83,4M

Week

bn«h.

148 480 1,029.612
317.747 1,311.872
192,877
588 251

110,8m

bnab.

bn^h.

bnnb.

2.39.713

77,876
104,092
38,825

12,710
17,171

29,!I01

5,781

256.891
101,760
149,380

5!),422

,36

CoJiPAUATivE Shipments from tbe same ports from Jan.
December 3, inclusive, for tbree years.
bbls.

1871.
4,220,416

boeh.

85,809.517

Jiour
•Wbeat

Corn

1 to
1868

1869.
4,340,375

1870.
3,930,815

48,785,.304
l«.5i.3,542

Data
Barley

3,237.498
1,861,312

Rye
Total

105,727,233

61,789,917

74,824,174

AND GRAIN AT SEABOARD PORTS FOR THE
WEEK ENDING DECEMBER 2

RECEIPTS OF FLOUR
At

Flour,

Wheat,

bh't*.

hnch.

Corn,

95.878 1,178.317

Boston

33,fl»3

1.083

Portland....;
Montreal.../
Philadelphia

26.411

Baltimore
Orleans*

23.S33
17,025

28.700
65.713
91.000
35,100

New

Total

Week endtnj; Nov. 25
Week ending ov. 18.
Week ending Xov. 11.
Week ending Nov. 4.
3 day?,

And

2.^5.1^:3

S,63:J,810

Com,
bnsh

from Jan.

Oats,

Barley,

bush.

huh.

Marcb
Rye,
ouch

20.711,778
3..575,535
bushels. 108.371,7H1

Total Grain

1,354,079

The VrttBLE Supply of Grain,

ineludiuK stocks in store at
tbe principal points of accumulation, and tbe amount in transit by
rail and on lakes and on New York eanals, Dec. 2, 1871
:

Wheat.
bush.

In store at New York
In store al Albany
In store alXliiffiilo
Instoreatcliieago..
In store at Milwankea
In store at Pulnth
In store nt Toledo
In store at Detroit
In store at Oswego
In store at St. Louis
In store at Boston
In store at Toronto
In store at M^tntreal
In store at P".tilndelphia
In store at Baltimore

4,074.2.57

88,000

Amount on New York
Rail nhinnients

Lake shipments

f.)r

for

week

,35,531

46,065

75,000
401.266
119.930

13ft'26o

245.'86i
188..^33
an.flon

!T-.-.nn

(

219.000
260.900

80.0

715,000
863.678

4(K.8<H
21.801
26,498
S-H.6K4

(»nals...

week.

bni»h.
1,.3;«.4.50

Oats.
bnsh.
2,9na.l«

824,4.30

2150.000

Corn.

897.215

4')9.fl00

IJM.MS
M7,«l

bags.
bags.
boxes.
hhds.

.vi.ait

41.401

8 1.110
Kt.124

M.IS?
MJ)IS
a8e«2

baiigS.
hhiIds.

WJ.l«3

386.(!;«

iJS'.ni

9.183

UMl

2S8,Ki«

40 15!

BU.'va
•.s,ii;

IMC.

»jM.:ti

r.tn
i,NiaB
4oi,as

Ml .as

}Mai
'•ai»»
najm

TEA.
BuslncsB In general has continued rather moderate and the market *• a role
presented a dull and tame appearance throughont the period under review.
A few calls for Invoice* have been made, but »s noted In our last Jobbers are
inclined to handle nothing on fresh purchase except through actual necessity,
the majority having secured enough to arrive to probably satisfy their wants
upon the revival of the distributive trade, an event It Is thought not likely to
occur until after the opening of the New Year, when the expected fresh
supplies will be due. On prices about former quotations are retained, as tbcfe
is at present no really good basis for an alteration, bnt the general ton* l»
weak, and to «'ll freely a concession would be necessary, especially on Black
and Japans. At the close there Is an Indication of more life, especially on
Greens. Sales of 4,900 Greens; 1,400 Oolongs; 1,200 Sonchongs, and 770
Japans. In a speculative way there baa been quite a large movement in
Oolongs, embracing 36,600 packages in bond on spot and to arrive. This is
based on a belief that Congress will take up and pass tbe bill abollsbing the
duty, but has not greatly agitated the market as yet, and the majority of Iho
trade do not participate. Values remain as before, thongta natorally some.

Black.
1«.(BMIJ
1J101.8U

Gresn.
lil.T-nsrS

l«.So.i09

Japan.

vs.*

Total.

Mjnjra

9J1««4

COFFEE.

New Orleans

41.408,907

i»:i.
S«.I0J 175
!f5.»J«

WJ«6,t4l
The indirect Importations, including receipts by Pacific Mall steamer* via
Aepinwall, bnve'beec 165.933 pkgs. since January 1, agalnat 97,807 last year.

29.

41,321.492

1870.

....

pkgs.

1,190.0.36

since Jan. 1 (excepting

24. inclusive). 1871
Wheat,
Flonr,
bush.
obis.

Uolasses

1(171

269.031 1.283.0.30
.269,208 1,352,171

ending Nov.

Sugar
Sugar
Sugar

1810.:!!!";

240,580 1.401.913
226.345 1.270.6^0

H»s.

(Indirect Import)
C>ir.e Uio
Coffee, other

what firmer.
There have been no imports this week. The receipts indirectly have been
1,21^7 pkgs. by steamer and 182 by rail overland.
ThofollowingtauleBhows the imports of Tea Into the United States (not
Bcludlns San Francfaco), from January 1 to date, in Irtll and 1-70;

Now York

2.5.451
18.0.i7

1871.

Tea
Tea

0.1

,„

jo«

,
ii:',*;^!

Sg6..599

19.757
ino.ooo

214.851
382,480
84,517
11.118
190,000

.52.105

117.102
i.fion
21.'>.6;2

Barley.

bnsh.
247,588
87.000
156.284
427,937
33,925
86.' 15

8R.173
65.000
61.468
64.9R3
80.218
10.

165.000
125,000
1.033,812

5.5,000

160.000
45.000

828,075

«»,aa4

1,029,612

239,713

77,878

Total In store and In transit Dec.
"
NOV.8.V71. 9.326.697
"
Dec. 8, T'l. 8.4SS.857

2. '71. 9..««6..576

-"•
6 rir

.87jyM^

6,1^
!.(;•-

Nov. ia'71. »,50e,776 6,0)18....: n..li.i.4^^TJBi?Hp
NoT,ll,'71.10,m,WI »,»78,737 «,a09,8M «,«n,«M

Business has been comparatively dull on this market throughout the greater
portion of the past week, neiiher buyer or seller Khowing any great anxiety to
hurry matters, and generilly awaiting sorae now deve opments. Fair supplle*
on hand and a rather moderate diEtribntive call baa kept Jobbera rather quiet,
and few negotiations have been opened on fresh invoic.-s, except through
necessity or where something specially attractive was offered. Holder* In the
meantime finding few additions making to the stocks acccmulated, an<l but
little trouble experienced in carrying them, have refrained from arglag a
movement, and as a rule expressed their confidence In an nltimale gain of stlU

shown on the present position. On Brazil-, two
or three Infinences have tended to keep trade In rather a quiet cODdlttoo. the
most Im: ortant of which probably was the anticipated receipt of a later and
quite important telegram from Klo Janeiro. The eiiiected adrlrv* wonld be
likely to show the effect upon the market at thj sonrce of supply of the fvretit
greater advanU.ije than that

serlons break at this point, and all classes of operators naturally were in a
somewhat anxious mood. Again, the pretty free movement noted Id ou UuI
stocked up Jobbers very well, considering the smaller amoanii waotwl at
present on Interior account, and a* the goods cost full rate*, owaer* were
Inclined to realize to some extent before again becoming porebaasT*. Boldera
in the meantime have assumed that the resnila were likely to be Ifevetabic for
their Interests, and though asnsnalon a dnll laarkst. then wa* at ttmt* an
appearance of »omo tamene^s. It has hardly been posdbia to obUIn aay Important concession. A few sales hive been nude at th* ontport* at taU l(are«,
but there, as here, the disposition has been to hold off for later adrlces. Java
has sold to some extent from second bands, bnt tbe movnanit of lavolces was

moderate, and buyers complain of the price* asked as being oat of f)«roi1toa
when compared with the clo<ely competing grade*. Of W«at tadia Iker* has
been some Increase of stock, bnt also a little demand, and for tbe deairable
•ample* the *skl]« rates wef« pretty fall in all caae*. and Importer* BaaUVsted

no great incUnation

to harry forward aale*,

even

at the val««* tkey pliwsd

THE CHRONICLE.

784

December

—

lb71

& Molasses at leadlOK ports since Jan. 1,
The imports of 8a<;ar {includln? Melado). and of Molasses at the leading ports
rom January I, 1871, to date, have been as follows
-Molassee. —
-Sugar .-

Importn ot Sugar

and
There have been reported some 5,893 bags Eio from stock,
bags Maracaibo, 65 bags St. Domingc
5,314 bags as sold before arrival 5,800
At New Orleans'
and 8,247 mnt« Singapore. At Baltimore, 6,193 bags Rio.
ports.
,,
5 700 bags Rio, and 1.050 bags Rio at other Southern
o
oon
" Thetis "
3,980
imports thii week have included 4,300 bass Rio per
"
496 do. do.
do do. per " Eliz.i Sherris," 4,6(iG do. do. per" Elizabeth Brown,"
the
sorts
ner " Westphalia," and 3,548 do. Santos per lunisfail." Of other
" Ilva" 2,742 do. dp- P"
iinports have included 3,931 bags Maracaibo per
.i. r.
" Jenny " IVX) do St. Domingo per " Trait d' Union, 65 do. do. per
"
of sundries.
bags
Treat,"
and
1,918
Albert
per
do.
do.
130
Auger,

their goods.

;

Sew York

...

Boston

41,28-1

Philadelphia..

SO,;;;
44.818

Baltimore

New Orleans..

1871.
652,476

1870.
•J98,5 13

3V.,319
83.5o4

— 'Htds.

-Bags.-

•Htlrt8.1871.

1870.
277,402
21,023
30.541
5i,522
49,750

1871.
3n5,071

(5.8 19
115,010
9,760

J2,S22
62.S59
S5,S07
5.432

626,18"l

334,923

57!i,.903

83,012
a>.50i)

501,562
224.208
31,704
25,741

1871.
140,412
47 695
7S.818
21 5-^5

376

1870.
127.415
54,821
78,62:
22,328
7,312

780,218

288,826

290,557

1870.

•

The stock

of Rio Dec.

New
Vork.

InBaKS.
Stock •
SamedatolSTl
imDOrts

52.8'3
4t,(»4

7,900
25,5:4

.:..

4.500
14,805

6123S6

!i05,0'4

Of Other sorts the stock at New York, Dec.
follows
ports since January 1 1871. were

'.>A<ti

8,850

13.980
171,597

70 511

In bags.

Import.

tS,617

-ifl.OtO
17,679
96,005
36,686
43,275

"51.692

600
2.127

Total
time, 1S70

211.7:0

Same
•

Ktock.

9,426

50,198

indisposition of bnyers, a concession would be necessary in order to realize
npon the various styles of goods. From jobbers' hands there has been a fai r
orders,
distribution in the way of very small lots as required to fill pressing
fully equal
but nothing like activity, and the stocks in store are fonnd to be
from pressure,
to tho call, while prices, as a rule, are easy. Holders refrain
before
there are a good many odd parcels they are aniiout to get rid of

'..'.'.

233
722

2,242

7,665

2,242
4.176

7,891
i,gi;

20.719

59,156
70,2:4

397,940
809,201

SPICES.
have again to note a dull and uninteresting market in a wholesale way,
genervery few invoices changing hands either here or at Boston, and operators
allyappearing to have withdrawn until .ifter the opening of the new year. On
most of the leading parcels here comparatively full prices aie asked, and there
does not appear to be any inclination to force business, but, with the present

•1,962
1,030
n',005

1'..7.'.7

Includes mats, &c., reduced to bags.

431,2.38

77,475
99,050
,39^,553
1,263,395

Phlladel. Bait. N. Orle's.
import, import. Import.

3.220
2.244

70,«5

4.n00
6,U00
22,220
2U,112

i.m

311,903

Including tierces and barrels rednced to bluls.

and the Imports at the several

-New York—, Boston

Java and Singapore
Ceylon
Marncalbo
LaKuayra
St.Tlomlngo
Other

Total

1, 1871, are as follows:
Oal
New Savan.
Phlla- Balttvcston. Total.
&c.
delphla. more. Orleans.

and the imports since Jan.

487.955
401,825

bat

the end of the year, and to attract buyers' rates are toned

Also, 9,798 mats.

SVGAR.

FRUITS,

The market for raws during the best portion of the week has again shown a
generally dull tone, and not only have sales been slow and uncertain, but at time"
interest enough
it waa a somewhat difficult matter to induce any buyer to take
The want,s of the trade are small— probably more so
to make a reasonable bid

demand. As a further influence holders threatened to
withdraw their stocks on account of the low prices ruling, and these facts
prices realized
together had the effect of creating a fme demand, and the
were 16@.20c per box above the lowest point of the season. Currants were
soon became
eased a little by fresh arrivals early in the week, but the market
strength. Sardines
rather bare again, and prices at the close show considerable
are firmly held. Layer figs
are in very light demand, and prices generally
pmnes
have been in rather improved favor at a shade higher prices. Turkish
Almonds and nuts are in more
are more active. Citron is rather firmer.
for the usual holiday

most part somewhat nominal in the absence of leading transactions.
we do not And any decided loss of confidence, or
that much of a desire to realize has been developed. The stocks on hand are
not very large, and can be carried with comparative ease. The new crop Cuba
promises to be late, and after reflner.s have conclndcd their usual repairs to
machinery, clearing up of refineries, &c., it is thought that a good, steady

for the

jobbing at

Imports this week

3.222
since Jan. 1. 355,071
same time, '70 277,402

•'

Stock

in first

hands.

1809

S7,!ii'4

279
58,200

3i,7T2

84,109

591,180
4U,-23»

43,536
18.730

202.''63
3-26.016

3,107

742
576

204.581

IMPORTS

may

been extremely

dull,

and

feel a little hopeful that a portion of present sup-

find a fair sale before the

new crop

appears, no one

confident,

lbs.

Tea

New

The receipts
Imports

this

New

York, and etock in first bands. Dec. 7, were as follows
Demerara.
Cnba,
P. KICO,
Other
N.O.
•hhds.
•hhds.
•hhds.
•hhds
bhl.

week

32
77,506
80!D2«

same time "70
same time '69

1,236

34,954
26,300

3;236

i6,506
16,151

4.S61

1.646
41,963
20.235

1.387
6,596

4,0«

3 643

.-iWI

512

10.;il3

1,746
3,587

400
400

Doc.

135.300,6ii7

Inc. 24,699,1188
Inc. 20,259,321

Cofl'ee

-.Ihs.

115,948,394

146,2tf:.715

Unrefined sugar

tons.
lb"

n,l,'!8

26,742,938

10,091
33,426,007

Tea

27,200

Dec.

1,1147

Inc.

6,683,063

20,114,880
527,009
104,030,339

Inc.
Inc.
Inc.

5,664,311

HOME CONSUMPTION.
Ihs.

Coffee

Unrefined sugar

25,726,775
514,1»6
98,366,028

Ihs.

388,105
12,5'2S

STOCK
73,688,755
151/105

69,606,881

tons.

ll9,-)36

Dec.
Dec.

ihs.

73,219,2M

76,363,672

Inc.

lbs.

Cofl'ee

Unrefined Bogar

Tea

4,081,924
31,769
3,149,437

PRICES OI7RRENT.
Following are Ruling Onotatlons In First Hands.
On the Parcl.ase of Small Lots Prices are a Fraction
HiKtaei.

Tea.

—

Hyson.Commou to

40 <a
60
do
80 @1
do
Yountr Hyson. Com. to fair. 40
60
to
fine.
Super,
do
Kx.flnetoflnestl 00 ®1
do
58
to fair
Qonp.& Imp.,
Sup. to fine.. SO ®1
do
do Ex. fine to finest.! 10 @1
Hyson 8k. ATw.C. to fair. SO
Sup. to fine. 45
do
ilo
fair
Superior to fine
Ex. flne^o finest....

@
@
@

Rio Prime, duty paid
do Kood. ....:.
do Fair....

doordnary
Brown

Java, mats and baas

gold.
gold.
gold.
gold.
gold.

Duty palrtH. Sk. & Tw'kyKx. I. to fln'st 55 (« 60
60
Uncol. Japan, Com. to lair.. 55
Sup'r to fine... 65 <» 70
do
Ex. I. to finest. 75 ®1 00
do
4.1
H 35
Oolong, Common to lair
00 (4
do Superior to fine

Cuba,

do
do
do
do
do
do
do

ln(.

18
23
25

good

refining.

di
do

do
do

fine to finest

Cong., Com. to lair, 46
San'r to fine, 60
do
do
Kx. f. to finest. 60

a
W
M

25
5.^

73
13

Come.

820>.'

gold. .7

Jamiiloa

@26X

el9X

gold. IJXeSO
Maracaibo
Laguayra. .......... go.d. 7 ® 9X
SV Domingo.In bond....go d. 2 g 2X

@18«

a24!,

gold. 17

Native Ceylon

®18X

]

& bis.

Melado

do
Soue.

—

fair to good grocery....
pr. to choice grocery...

moiasses
Hav'a, Box, D. 8. Nos. 7 to

30
TO
00
45
40
IW

. . .

prime
centrifugal, hhds.

55
90

Snear.
19to20.. 12W@12J<
8X® 8K Hav'a. Box.D.S.Nos.
llxai2X
9>i® 9X Havana, Hox, white
BK® 9X
Porto Rico, refining grades...
fe 9X
9i<@I01i
grocery grades
do
9«® 9«
IU® 9K
bags
Brazil,
10 ®1C!<

to com. refining.

fair to

55
75

19!.4®19K
18H®185i^

••

®11

i!*i

S*<

JH®
8\® ^^
9K

9...

bags
White Sngars.A

7"K® 8V
11X@11X
iixaiix

jylanlla,

ao B
do
di,i> C
^
uu extra
do
uo
do
Yellow sugars
Crushed and granulated

do I0tol2.. 9K910
13 to 15.. 10X@U)%
do 13tol5..
do 61 tol8.. 111<®I2

HXallX
',n^.^',','

S>«f J.
12s®12S

miH

Powdered

Molasses.
New

Orleans

new

gall.

Porto Rico

Cuba MuscoyiidO.....

Orleans.

1871.

Inc. 22,3S6,4M

173,041,899
53; ,088

EXPORTS.

and

the general tone may be written as tame and unsatisfactory. On the first of
the month the supply was found to be a little larger than anticipated, and in
several cases the asking rates were further modified, but no concession seems
to be attractive to buyers this season, and the outlet failed to increase. The
distilling qualities are never mentioned, and it is quite difficult to say what they
would bring; grocery stock can only he worked off in small odd parcels, and
the refining grades are not in favor for the present, boilers reducing their production as the end of the year approaches, in order to entirely cease work, repair machinery, clean up, etc, and get their establishments in shape for the
next season. Domestic has shown less general depression, and on some of
the fine grades holders were inclined to a little firmness, but still buyers have
not found the turn very much against them, and the supply available waa at
all times equal to the call, there being no desire to permit an accumulation of
stock at this early jiortlon of the season. Syrups of fine quality in fair demand and steady. Sugar-house molasses in rather better request at 18@19c. in
hhds., and 22@s!3c. iu hbls. We note sales of 550 hhds. Porto Rico and 2,996
bbls.

tops.

Unreflnet sugar

18:1.

1870.
160,656,488
564,288
110,660,779

Ihs.

Cofl^ce

Com

for foreign grades of all kinds has

though some few holders
plies

FKOM PRODUCINO MARKETS.

trade returns
the London Produce Market Eeview we take the following
ending Oct, 31, 1871
for the ITnited Kingdmn for ten months

hhds.

MOiiASSES.
The market

50 per box.

<-Duty pald^
61,196
67,794

32.124
32,662
59 212

49,152
82,013
98.471

Bametlmei87U
••

414
203,085
217,337

The finer class of
demand for the

in active

From

Tlie

$3@3

ADVICES

Melado.
Imports at New York, and stock in first hands, Dec, 7, were as follows
Other. Brazil. Manlla,&c.MelacIo
Cuba. P. Rico
Cuba.
bags.

and quarter boxes of layers are

Lemons

and, as compared wilh the opening, the week closes quite strong. A number
of the transactions of late made public are old sales, some consummated two
or three days previous to our last. We learn of •1,.354 hhds. Cuba, 280 lihds.
Porto Rico, 875 hhds. Martinique, 675 hhds. Demerara, 30 hhds. Jamaica, 67
hhds. New Orleans, 4,737 bags Brazil, 12,360 boxes Havana, and BOO hhds.

•hhds. bags.

also half

holiday trade.
supply, especially of West
In foreign green, oranges are in rather better
per bhl.
India descriptions, and prices are low. Havana are jobbing at $7@8
are more plenty and moderately active. Malaga and Palermo are

Tea

•hhds.

and

raisins

business will set in. Reports ot large piuchases by refiners of the new crop
to arrive during the early portion of ihc incoming year have attracted attention, but have produced no decided change in the bearings of the present
position. A small amount of the new crop domestic has come to hand, but no
large arrivals are anticipated for the present. Ite&ned have met with a moderate demand, and even the current small production proving more than enough
for all wants, prices gave way somewhat upon every grade yesterday, and
to-day th(!re was a firmer feeling shown on raws, and all the concessions made
during the early portion of the week were recovered, with the greatest strength
shown on the finer qualities. This was dne to the rather sudden appearance
of a number of refiners as buyers, most of whom, having held off until the
latest possible moment, were finally compelled to come forward and secure a
supply. Thfc soiling interest were of course enabled to secure an advantage,

•hhds.

Valencia raisins continue quiet.

request and prices Ann,

holders, however,

bxs.

down somewhat.

ice.

There is rather more activity in the foreign dried fruit market, the demand
time been
principally for layer raisins, the prices of which have for some
until
ruling below the cost of importation, and dealers rather holding off
prices had touched bottom. In the meantime the jobbing distribution has
been free, and stocks have run rather low, thus forcing them to lay in supplies

than usual, eveu for this season. Rellners are consuming but little stock, and
complain that they have no margin on their production at present, while the
are
rate is rather declining than advancing, and thus the outlets for raws
The continued shrinkage on the
reduced to a very small compass.
gold premium also has some effect to indnce buyers to show greater caution,
and, taken altogether, there has probably been few, if any, purchases, made
daring the past week where a positive and immediate nse for the goods was
With the dull condition of business there was to
not already fully provided
be noticed the usual lameness on prices, and moderate concessions could occasionally be obtained, quotations i-ather favoring buyers on all gi-ades, though

Among

1,352.291

50®

53
42
30

'28®

28®

Cnba Clayed
Cuba centrllugal

'27

Kngllsh Islamfs

829
©24
a.M

Bloe.
Rangoon, dresaed, gold ln*ond 3)i® 3H

Carolina

Spices.
Cassia, In cases... gold*!* lb
CasKla Inniats....
(fc
UliiKer.Raceand Af (gild)

....@

SU®

Pepper, In bond .....(gold) 13M®
18 ®
iIo Snma ra & Singapore
Pimento, Jamaica,... (go d)
-i«®
Jo
In bond
142
do
....(a
do
Cloves
1 CO
lOH

140®
le
Nutmegs, casks
A... 97K®
do
cases Penang.'.....- 1 0S®1 02H
Mace

bond

6X(il

11
19

9V
4J<

December

THE

9, Ibtl.]

—

. .

HROK

(

785

THE DRY GOODS TRADE.
FiiiD*r. P. M.. Due

Appletoo

IK71

Thora haa betn vary little doing in the market this week, either
with af^ontfl or jnhhem. Tlie deoiand l« mninly from tbe Woatern
liocal buyorH take
trade mid is conlined aliiioal wholly to ordnrn.
such limited amuuiitii aa are ro.|uired to muot thoir immediate
wtnts. aud near-by dealers come in occasionally, but are purchas'
\ag sparingly. The retail movement here and in the interior is
very satisfactory, and has Increased considerably since our last
review, in consequence oi the cold weather which has prevailed In
the meantime. Retail stocks have become well broken and need
frequent replenishing, but in view of the lateness of the period
dealers purchase with marked caution, and only take such
amounts as they are certain of an outlet for. Still the current
trade is reported by wholesale dealers as being considerably in
excess of that of the corresponding period last year, and there is
more than the ordinary degree of firmness in quotations. The
natural tendency of prices, is, of course, toward a decline, and in
some instances quotations are shaded a little to eflect current
A few quotable changes are reported in bleached fabrics,
sales.
and some weakness is apparent in the market for brown cottons.
Collections are coming in fairly from all quarters, with no more
frequent calls for extensions than are usually made at this season
of the year. No failures have been repotted since our last review,
and the fact that the trade so generally were able to pull through
the losses attending the Chicago fires, and the subsequent stringency in money, may be considered indicativo of a much sounder
financial condition than was supposed to exist.
Domestic Cotton Goods. The movement In brown cottons
is confined to medium and low-priced qualities, for which there
Fine goods and standard
ij a limited demand at full prices.
weights continue slow of sale, though the range of prices is with,

—

out material variation.

medium and

In bleached fabrics the trade

though not very animated
IjOw grades are off a shade, with a continued weak,
in any line.
There
ness, which may extend to the similar grades of browns.
is very little doing in colored cottons, and prices are steady.
Printing cloths are steady but quiet at 7|c. for spot and contracts.
Prints sell fairly in desirable patterns, and prices are maintained
with a good degree of firmness. Canton flannels are dull, with
prices weaker and, in some cases, nominal.
Domestic WooI/EN Goods. There has been but very little
animation In the market during the past week, and sales have
been small. The cold weather creates a better retail demand for
goods, but retailers generally are already well supplied and do
not find it necessary to replenish their stocks to any great extent.
A large auction sale of Waterville shawls was made on Wednesday with very satisfactory results, over 1,800 casus being placed
The
at as good prices as were asked by the agents io store.
goods were nearly all purchased by large dealers on speculation,
there being no prospect of closing them out this season for dis.
Some inquiry for flannels is reported, though the
tribution.
movement is not large. Bepellants sell fairly, with a marked
scarcity of gold mixtures. Heavy woolens are dull and entirely
unchanged. Some spring weight cassimeres are selling to clothiers

active in the

finer counts,

—

at private figures.

Foreign Goods.

—The

rics rules

very dull.

amounts

for

market

Heavy

for all classes of

imported fab-

dress fabrics are jobbing in moderate

immediate distribution, and the aggregate transac-

tions are sufficiently large to effect a perceptible reduction in job
bers'

Importers are well sold out of really desirable

stocks.

goods, and are doing comparatively little in consequence. Some
spring goods are arriving, and it is thought that the importations
will be large, although the advance in prices here have not been

proportionate with those abroad, and the prospects of establishing
a profitable advance are not encouraging. Prices on most descriparticles of domestic
manufacture, our prices quoted being those of leading Jobbers
:

BBOWK eHEETINOS
width. Price,

Agawam

F... 36

Amoakcag A
B. 36
do
.

Atlantic A... 36
do D... 36
36
do H.
Appl«ton A. 36
30
do
N.
36
Auguita.
Bedford R... 80
84
Boott
40
do 8
48
do
.

Commonw'ltb

O
ContlnnUl

*J
C. 36

PwightX...

JlXO

Width.

•HlRTIXOt

Width

Pirice.
11

Price.

Lawrence J. 40
do
Y. as
Naaboa flne O 33
do
.. 36
R.
13
}!«
do
E
40
llAf lad'u Orchard
do
W..
48
A
40
nx
13X
7-4
do
C. 37
as
13
l*H Pepporell
...8-1
do BB 31
do
ao
11)4
lOJi
do
do
30 la-lOX
.. .IM
UH
.10-4
Laconlu O. .. 39
do
13
10
...11-4
do
B ... 37
do
11
1»W
do
do
..lJ-4
J5
E... 36
UH
as
36
ll)f ntica
16X Lawrence A
do
10-4
JO
do
D.. a6
l»V
w
do
do
XX S« 13 1«
U-4
6«
do
LL. 86
do ftne iron 60x 19
u

l*«

Dwlght T.... St
do
Z....36
IndUn Bead. 36
do
.48

13J4
19

aaowa dmlls.
n-nslPacMc
OamllUin hlua
.

Aiuotkrag

du
A.
AudroHcoggln L.

BartletU'..

2
M

Loom

do
do
do

18X
ItH

XX.

do
do
do

86
36
83

Umadaia... 86
do Cambric 86

UH
UM
IT
UM

HB..
B.

N.T.

Milla 86
Pepparell .6-4
7-«
do
do .... 8-4

Blackttono

Boott B.

9-r

.10-4

16
do
do baarj 86
.

Waiaaatu 46
do .... 40>i
to
do ... 86
do XX 86 ltX-60
.

*T«
aiM

.,,.

do
do
do

IIX

5
Neap

Ullca

t>-4

IMe easaat

U 86
Stl
A at

.KM

So
do

..86

Or't Falls

Bate*

It
lljt

'"* -17

4 mi

Booli ('
S3
do r).
ao
KllerUin
8S
Frull of iho

isirr

A.
l^S
auiariaaa.

17
16
10

MaMachi'.ii

Mauahr'h
LSATCm •ITIII**

Hamilton

naten.

Amoskeac

Oarner

Bedford
Cocheco.

Manchester
IIM
Merrlmac D dk.
11^
pk and pur. 13
do
do SUrttDf... 11

It
11

& Co

UM
UX

.ruing. 11
(!•> nil' K .ic orange II
Hpragoe's faacie*. . IIW

Gloucetter

Price.

Price
iif
Olooce'r monmlng. lOM
II
Lodl

Price.

American

^inlltou

oLAZio cAaauci.
Amoakcag.

Oamer

S>i
8)(

IIarmon7

Manvllle

AKXBIOAjr DBBM aOOIM.
38)<
Royal Cords ...
riH
Roubalx Poplins
to
Alpacas 8-4.plaln
do 6-4. do ...3»)i-K
Pacific MlllaDelalncs

Manchester If IliaPrinted Dolalnea

Reppn

Delaines
Sattcen Stripes,
do Diagonals.

90
as

AAA..

Red Cross

8«

Victory

7>4

do mourntn]*
Annares
do pi. A Olacr.

Steel Loatraa.
I

Ticxnoa.
tB
Cordis ACS..
do
Nu. a. l3X-*4
No. 3. aox-ai
do
No. 4. 17X-18
do
No. 5. 152-16
do
No. 6. 14X-15
do

Amoak'g ACA. 29X-30
do
A.. MK-X6
do
B.. >0X-«1
C. 18jJ-19
do
17
do
D.
Cordis

ti<
»J<

Peqaot

Broche

corda..

Elastic

8ertH4t-M

Cordis No.
Eastun A
.

B.
do
Lewlston A
do
B... ao -tl
Hamilton
11

STBIPIS.

Albany
Algodoa

Arkwright
Eaaton

7X
i*H
llJf-HX

American. ....
Amoskeag.. ...

do
do

la.
8..

ll-UX

Wblttenton A.
do
BB..
do
C,

lax

Park, No. 80..

6
14

18-19
Hamilton
CBKCKS.

18-19

Caledonia, 70.
50..
do

19
14

....

Haymaker

Caledonia, 11.

83
SI

asx Park, No.
do

«x

15.
60.
70.

16
18

do
do

90..
100..

DRfms.

Mancbeater

Albany
Amoskeag. ....

Beaver Cr,

Chester D'k

Arlington

Everett.

Haymaker Bro

13X

doCC

MX
nx

Bedford
Boston

B lOX-H

Otis

ao
aa
ao

AXA...

Hamilton.

conazT jXAXa.
Androscog'n aat
Bates

18X Berkley
Ciinoe River.
•s^ HaUowell Imp

Lonsdale

Amoskeag

IIX Ind. Orch. Imp
lOX! Laconla
13X Nomkeag.

»x

13X
16X

rAPZB CAKBBICS.
8. S.

Sons...

High colore

11
Ic higher.

Warren

SurkA.

BASS.

American

31 00

Amoskeac

8150

Great Falls A.

33 SO

IKelley

do
X....
XX..
do
XXX
do
Nashua A
do
XX...
Ellerton

H ...

.TO

SAOO

Brown.

TremontH.
T...
do

87 50

87 50
OnUrios A...
CANTOM rLAKKBtS.
81
Ellerton N.
.

Amoskeag

ISX

do
do
do

15
19

aa
as
15
ta

AA
A
B
H

18X

SUaclud.

do
T..
do
A...
Hamilton P..

16X
17X

»x

Everett

Amoskeag,
do
do
do
Ellerton

TremontH

do
ao
do

lax
iix

i»
19

»....

^n..
H...

IMPOUTATIONS Of D&V U00D8 AT THE POUT 0I>' HEW VOKK,
The importations of dry goods at this port for the week ending
Doe. 7, 1871, and the corresponding weeks of 1870 and 1868
have been aa follows
nrrxBSD for conniapnoN roa rm vibk anma Die. T, 1871.

do
do

silk
flax

4.14

1870
Valne.
"
81St.l90
"

119
179

168,061
118,549

870
610
a>7

<sa

1«^

•m
IM

ItMS?

$688,10 «t,886

1866,866

t,4Tt

tM0,8Bl

1869

Manufactures of wool...
cotton..
do

Value.

888
507
336

$117,478
115.794
187,351
185.117
ltl.S14

8,161

Miscellaneous dry goods.

646
5,800

Total

TBB

Manufacture* of wool.

Pkjp.

mtBDBAwa raoH wABaaouai amd

weaker and generally nominal.
annex a few particulars of leading

tions are

14
14>i

Anoekwg

do
do

Pkgs.

1.000

SAHB raaioo.
810
166
68
880

»1W.843
St.lM

a.189
for consnnpt'n. 6.800

$115,816
680,160

$844,640
886.8C4

Total thrown upon mrk't. 8.108

$104,655

8,818 $1,111,815

cotton.
sUk...

ttax

MIscellanoona dry goods
Total

Add ent'd

45
40
1.906

do
do
do

141

cottOD..

silk

88
890
886

Sax
Miscellaneous dry goods

$81,464
46,791
61,468

445
101

14S,8n

1,811

54,881
96,874
18,846

IS
43
>l&
401

1.474

lanaBD roa WARaaooanM omua* vai aaaB
Manufactures of wool....

Vain*.
(148,806

i<7,ns
iio,7n
188,170

thbowii laro raa HABaiT Dcaiaa

»85,901
9.SB0
43.040
58.506
8.100

do
do

1871

—

Pkgi.

$150,361
68,507
07,8ns

16,496

110

148.101
88,815

$aM,4«

Mti

$«U|BH

686,MO

t,MR)

8t6,8W

l.m

miU
tt,7n
«,4e4
a8,tM
17.110

$106,186

Mtjm

8.3M $l,t0t,*T6
pbiuod.

Its

*7
tST

$78,180

aijis
n.str
4&ffn
16,160

Addrnfdforconsnmpt'n,

MU
5,606

Total mtcred

tm $t,OU,-no tmtimJH \uim^»i^

ToUl
it tbe port,

708
a.474

$tlll478

840,m

)

THE CHRONICLE,

T86

& Co.,

BANKERS,
TO State

Boston.

Street,

STATE OV ALABAIHA.

Tlie Cltv bank,
AND

OF
Capital

)

^liONaON.

Bobert Bcuson &. Co,,
JUunroa & Co.
AND

RIarcuard. Audre

J-FAKIS,

& Co..,(

Dlroalar Notes available tor Travelers ia all parts ol
Eurapo and tae Kaat.

Parker
BASKBP.S.

Bay and

Orleans.

This Bank, organized under the general law ol
greSB with its capital of

Assistant Cashier.

Intact, is

now fully

prepared for Business.

M. M. SIMPSON,

Perkins,

ot Directors:

VAM BENTHUYSBN,
WALTER PUGH,

VICTOH METER,
IjA. V1LLRBEDVRB-. B. M. PON II,
H.W.FAKLEr,
W.HAItTWELL
LEON GODCUAUX,
IR.
VRNAHLE^,
CARL KOHN. Pre-ident
THEO HELLMAN, Vice Pres't,
vof Seligman Hellman & Co.)
JAMES CHALARON, Cashier.
.T.

EXCHANGE, BANK NOTES AND COIN BOUGHT

AND

Collections

made on

SOLD.

accessible points in the

all

Southern Slates.

Wm. Fowlib.

R. H. SOMUBBYILLB.

BANKERS

OF NEW ORLEANS,
l!'ormerIy LOUISIANA STATE BANK, Incorporated

BROKERS,

Bank

National

Sommerville, State

Fowler

Philadelphia Bankers.

18 18.

MONTGO.HEKT,

ALA,'.
Special attention given to purchase of Cotton.

Capital. .$500,000

lilmlt,.. $1,000,000

Prompt attention Riven to Collections upon
Pres't.

Merchants & Planters
NATIONAI. BANK,

BANKEK8.

PHII.ADEJLPHIA.
Transact a general Banking aiin Exchange hiisliiess
ncludltig I'arcliase and Sa;e oi Stocivs, iiouda, Gold

Jos. 8. Bbib
Cash'r.

T. P. Branoh,
Vice-Prea't.

CHA8. J. Jenkins,

8tc.

B. F.

EDFAVI.A, AliABAMA.

STIIUKT,

respectfully solicit

(of Salo- T.

mon & Simpson,)
JOHN PHEI.P.-i,

J.
BANKER.

interest accrues to our people
a portion of your Buaiutss

Board

Con

$000,000
As the flrst of the Old Inetitutioiis ol the State to
Improve the opportunity of furnialiinsr our population
with the facilities of a local circulation on which the

ARMSTRONG, Cashier.
IJauk,

Western Cltf and Conu-

sell

1100,000

N.T. Correspondent— Importers and Traders National

bonds.

JNU. W. LOVE,

Cobb,

DKVONSHIUK
BOSTON,

JAS. ISBKLL, Of Talladega, President.

WM.

„

Ull,]

Orleans Cards.

New

SEI^mCA.

.....

Union National Bank

The City Bank

of Exohansro, and Commerciiil and Travelers
Credits iaaued on

Bll

mew

Southern Bankers.

Boston Bankers.

Page, Richardson

December

Coniiulasioii.

r^Kxcbanice purchasd

......

points

»nrt sold

unnn

all

points.

SAMUEL HKENNKDY.I'res't
K.

CHAS.L.C.DUPUY

AUGUSTA, GA.

Cash Capital,

all

Southern States. Collections free of ctiarKQ
other than actual cost upon distant pliices.
Remittances promptly made at current rates oC
exclianRe on the day o( niaturltv
In the

HIGNEY,

Vlce-Pres't.

Cashier.

$200,000

Special attention paid to Collections.

108

110 West Fonrlta

<k.

Co.,

.'Street.

Commission

oiivciiVi'VA'ri,<M«io.
Dealers in «01,t>, SILVEU
aoVKItVMEMT KONOS.

and

ALEX. WHELKSS,

Merchant,

Sr.v&nnalif Ga»
klade of

all

Special attention Rlveo to cor.3lp:nmenta of Cotton.
Gold, stocks, Honda and Foreign and Domestic

COCliECriO-XS itIADE

8cce«elb;e

all

points and remitted lor OB day 01 payment.

Bank

NE^r ORLEANS, LOfJISIANA.

BANKER, FACTOR AND

Gilmore, Dunlap

National

Edward C. Anderson, Jr.

Western Bankers.

President,

JAS. N. BEADLES, Vice-President.

RICHARD JONKS, Cashier.
Particular sttentirn given to Collections, both In
the City and all points in connection with it. Prompt
letnrns made sit best ra'e of Exclianee, and no charge
made, excepting that actually paid upou any aisiant
point. Correspondence solicited.

New Touk Cobbrspo^dbnt

and sold.
CoUecilona promptly remitted for
Orders solicited lor the purchase oi feAies of Product
ind Securities. Prompt attentioi? Kuaranteed,
New York Correspondents Lawbknck Ueo8,&

iticUaiiffe, boufriit

NINTH NATIONAL BANK

GHECliS ON l.6sot>S A.\U

F.ACttS

Publication.

W. Wheatley &

(TOR SAfifS

Samuel A. Gaylord & Co,
BROKERS IN "WESTERN SECUBITIES,
NEW IfOBK.
33 Wall Streer,
AND

St.,

ST. liOITIS.

BANKERS AND BROKERS,

MORE THAN

AMERICUS. «A.

ONE HUNDRED VOLUMES OF

a general banking business. Cotton purchased
Collections made and promptly remitted

lor.

New York

Correspondents

Second National Bank,
Deposited with U. S. Treasurer to secnre Ciroulatloii
and Deposits 900,000.

HYDB,

CHAS.

Cashier.

HYDS

EBTABLISHED

LTMAN.

BANKERS
»KW

BROKERS,

ORLEANS.

attention given to business of Correstw Particniar
Collections remitted lor at currentrate ol

Sondents.

iXchaiige.

at current rates.

The Nation, N. I'., pronminces It,—
" The best of all our eclectic publications.*
Tlie Philadelphia Prext says,—
"Frankly speaking, we aver that 'The Living Age
has no equal In any country."
The Advance, Chicago (September, 1870), soys—
'•Eveiv wei-kly nuinlier oi •Littell's Living Age
now-a-days is equal to a first c'ass monthly, tor solid
u.erit, it is the cheapest magazine in the land.
a year, free of postage.
Published weekly at 18
An '-xtracopy sent gratis to any one gelling up a Club

DEPOSIT,

vicKSBURO, miss.

N. Y, Correspondent:— Bank of the Manhattan Co.
OBO.

I..

albz. uaobbth.

HOLXSS.

Holmes

Macbeth,

LITTELL

CHARLESTON,
Key box

at
For Tto Dollars

P. C 17 R R Y,
EXCHANGE BANK AUGUSTA, QA

F. Hewson,
STOCK BnOKER,

Osiss toi

WvOU

>U Omolnnati
New

Co.,

YorK,

Bsalu, aua MeBin.I<O0S-

—,

Boatb Carolina Bad remitted lor on day
t|gn,

—

... all parts -.
.-.- State
ol this
Collections made In
,.,•M,oov.^/u»».—
.

M ourreal r»W e«

ant
-«.

ot oollao-

H»W YMk Bi-cliaoge.

Literature

Club Prices.
1

ittell's Livixo Aos, weekly

liie cre*'m of Foreign Pei-lodicai LUcr/
either one of the Leading , agazines of
Home i,iteraturc n >meii below, will be seni to one
ad' reas lor oi.e year, viz.:

tare

current

Cincinnati, Ohio,

GAT, Boston.

conta'nipg

Bouthein Securities ot CTcry description, y\/,.' Un
State, City & Railroad mocks.

Bank Notes;
Bonds and Coupons:

The Best Home and Foreign

S. C.

44.

O..

str-jet,

offlveNewSubsciihers. Aitdress,

STOCK AND BOND BROKERS,

Street, Louisville, Ky., dealers In

W. M.

who wishes

Valley Bank,

A BANK OF DISCOUNT AND

Co.,

indispeiimile to every one

to keen pace with the events 01 iiiteilectualprigresB
of the time, or to cultivate in himself or bis family
general Intelligence and litersry taste.

Mississippi

Special attention

Foreign and Domestic Exchange, Government Bonds
sndaU Local Securities. Give promiJt attention to
eoUeoUous and orders lor investment ol funds. I* §

llWest Third

ABLEST LIVING W^KITERS.

Klkiit, C. C. Flowbbbbb. Gbo. M. Klbik
Cashier,
Vice-President.
President.

John A.

•3,410.800

BANKERS,

JIo,

Reviews, C.itlclsms, Tales, Poetry,
nhlcal, Hiatorlcal, and Polltionl Information, from the
entire bony of Foreign Periodical Literature, and
from the pens of the

/( Is therefore,

OtBce

Three Thousand Double-Column Octavo
Pages
of ren.Ilng matter yearly: and is the ONLY COMPIACTORY
LATION ih«t presents, with a SAIISf
the best ^ ssays.
COM PLETENESS as well as freshness,
Sclcntiflc, Blonra-

New York Correspondents Trevor & Colgate, Mor& Cw*

given to collections ttironghout the West
AKBs H. Bbitton Pres. Chas. K. Diojcbon, V Prest
Edwabd p. CiTBTis Cashier

Morton, Galt

gives fifty-two numbers of tixty-four pages each
or mure than

t(JU ti^lf6

Government Securities, Coin, Gold Dust and BuUIol

West Main

O rAZBKDB.

Issued every Saturday.
It

parts ol the United States.

Townsend, Lyman & Co.

This Bank, having reorganized as a National Bank
now prepared to do a general banking business.

ISO

iasned, and it admittedly " con' inaes to stand at the
head of its class."

1831.

Capital paid In .'7ZZ

bought and sold

made on aH

a. TOWISBItD.

n St. Louis.

Collections

Prest.

NATIONAL BANK OF THE STATIs
OF ITIISSOUUI.

Living Age
havbeen

Bank,

W^ILiniNGTON, N.

taoO.Oflll

Bryce

A. K. Walkkb, Cashier,

Pres't.

National

First

TITU$VII.I.E, PKNN.,

— Messrs. ,„
Wm.

&Co.

E. E. BuBBUSs,

Capital

Littell's

on order.

323 Nortb Third

Co.,

HaKPBR'S MoKTHLT (ok WkEELT, OB PAZAf), Thb
AXLANTIO MONTHLY, LlPPNCOTl'S M- NTHLY, THE
Galaxt, Ol» ako Nkw, or applbtun's Jocbkai.
(weekly); or, for tS Sn, Thb Livisa Aea end Ov»

Xoc»a r«i.s», AdArew a«

akoYe,.

December

THE OHRONTrXK.

1871.]

Insuraaoe

Iiisaranoe.

OFriOJE or TRK

Mutual

rho Trnstocs,

OK SAN

Jiinuary

o tho Charter of

January,

December, 18W..

1870, to 3lBt

Policlea not

marked

Thl«

and

i>itiM

MeMia.

A
'

ki 1

December,

1st

tS,aaa,'HB 59

91.003,913 5T

and State of

States

Bank and other Stocks
Loans secured by Stocks, and otherwise.

$8,343,740 00
2.377,350 00

Estate and Bonds and Mortgages

Company, estimated

Premium Notes and
In Bank

BUlLDIKO,

Bills

339,3!Q 03

Becelvable

2/189.915

316.135 45

Total amount of Assets.

Yoax, January

December 81,

,•

i.o......

inclusive 484,840 (T

1870,

a esime period

$14,18S.»3S 48

Six per cent Interest on the outstanding certMcates

be paid to the holders thereof, or their

representatives,

on and

Tuesday, the

after

Companr ha* the

wlU

be redeemed and paid to the holders thereof, or their

and after Tuesday.the Seventh

of February next, from which date

all

Interest there-

The certificates to be produced at the
payment and cancelled. Upon certiflcates

will cease.

time 01

which were Issued

(in

Receivable

Bills

Suiiscrlpiion .Noiea in

Premiums

year ending
will

3!st

THIBTY-FIVK Per Cent

declared

Company, for the
for which certificates

of the

December, 1870,

be Issued on and alter Tuesd'^, the Fourth ot

*4>rll next.

By order of Ui« Board,
jr.

V,
'

Charles Dennis,

W.H.H. Moore,

James Low,
B.J. Howland.

Colt,

Bem. Babcook.:
Robt. B. Mlntnm,

C. I'Ickengllt,

tewls Curtis.
Civics H. KuaseU,
Lo fell llolbrook,
B. Warren Weston.
Uoyal Phelps,
Caleb Uarstow,

A.P.

in cash to tli'' holders
representatives, on ana

ILbSUAT. the7:h(l>iyorKehr;isry,rrora which after
dale
Interest
t!',';'[S?f(PC.'!'"'"L'<'t«'

on the portion redeimed will cease. Ihe
certihcates to be ntodnced at the time Oi nsvment
and caniiellcd to the extent puld.
A DIvld. nd in ^crii t ot 1 rttNTT PER CENT, Is
declared on the net amount of Karned Premiums for

the year rnrtlng December Slst. l-7u,for whlcti Cerbe issued on and atter TUESDAY,
««.»*'».», the
.ug
day of April next
By order or tbe Board.

tificates will

4th

TR17»TEBS

William E. Dodge,
David Lane,
James Bryce,

Francis Sklddjr.
Charles P. Burdett
Bobt. C. Ferguasoo,

Dulsi

WlUlam K, Banker,

Wm.

Samaal L. MltchlU.
Jamea O. DeForest,
Bobert L. Stuart.

S. Miller
Sturgis,

Benrr K. Bogert.
D«aalS PerUxs,

Alexander V. Blake.
J,

D. J0.VB8, President.

CHARLES DENXIS, Vice-PreA.

W.H
f,^^,

MOORE,

B, W.BiJl,

Horace B. Claflln,
W. M. Richards,
A. S. Barnes,
Kgbert Starr.
A. Wesson.
Jehu A Bartow.
Oliver K. King.
Alex, li. Earle.

JOHN K, MrEKS^esldaBt,
„„WILLIAM LECONEY, Vlce-Prertden.
,... HALE, Secreury.
THOUAS

Imperial

VkM-rres^

OF LONDON.
$8,000,000, Gold
CHIEF OFFICE IN THE C. 8.
!Voa. 40 and 43 "Ine Mtreet, New Tork.

....

The Liverpool &" London

& Globe

Ins. Co.

AJfetsGold^%2 0,000,000
AJfetsinthe
U. StateSi%^ ,000,000
4.5 William St.
'orfS^r//tJ^
o^^tmcf<m ant/.

^apUa^

&€^t'n/fttTyi^.^

Co'tv^/O.OOQOOtty

2^i^9S/aifj'

/jeoa ooo.

North American
Fire Insurance Company
OFFICE

193
Branch

Cooper Inatltnte

BROADWAT.

Wlliam

Offices,

$500,000 00
395,337 98
8i;RPI.t79 •
Caah Capital andSnrpIna, Jnlf 1,1S69,
$796,237 93.
-

•

Insures Property acatnst Loss or Daasate by Fire at
osnal rates.
Policies issued and Losses paid at the ngiee of tbe
Compa-<v or at lu varloss AjgeBOtes In the principal
oltlo of the I'nited States.
R. W. BLEECKKR, President,
r. H.

WTLLIS BLACKSTOSnC, YUe-rrWl,
CARTED, ••orMary,

J •lit|Y0L9,t«a«r»lAf«at.

NaVBANCB

ICBIP,:C

Ain>

1833.

Fire and marine

CASH CAPITAL

Oilman,

C.
oaaLSB

1430 Broadway.

IMCOBPORATSD

3d Vlce-BrelU

SBWI«nb>»

James K. Taylor.
Adam T. Bruce.
Albert B. Strange.
A. Angnstns Low,
Emll Heineman.
Jehial Read,
John R. Waller.
William A. Ball,
Francis Moran,
**w. *. Morris,
SteDuaa C. Sonthmara

Uoses A. Hoppock.

Shoppard Oandy,

Plliot,

Acent.

William Leconey,

C. E. Mllnor,
Martin Bates,

Gordon W. Bambam,
Frederick Chaunoey,
B. L, Taylor,
Geo. 8. Stephenson.
William fl. Webb,

ALEXANDER,

Wm. T. Blodgett
H.C.Southwlck.
Wm. HegemanT^

A. C, Richards,
G. D. Ii Ulllesple,

FIBB ITISOBAirOB.

Joseph Qalllud, Jr.
C. A. Hand.

Henry

JA8. A.

BIX PER OKST INTEREST on the ouutaading

CHAPnAN, SecreUtrje

fire.

:$l,0lo.,00 40

Certificates of Profits will be paid to the holden
reprejentatlves, on and after
SPi^lli,'.",lUKsDA\. V."^'C.L''H'''
tlif 7th il y ot Febrnary.
^TJfy^-J'''-'} '^^V O"' IHK OU iSTANDING CBR-

TBUBTBESi ^
!.v.3one»,

19^75 83

John K. Myers,

dividend of

and ("amage by

eaatled to

an anlmpalred capital agalast

Policies Issned sod losses adjnsted

Aaaeta
S6J)00 00

red scrip) for gold premiums,

gold.

^175.133 84

advance of

Reinsurance and other Claims due
the tjompany, estimated at

•uch payment of interest and redemption will be la

on the net earned premiums

lo.'s

eUli are

FIRE INSURANCE COMPANY

and paid

of the Issue of 1987

CHICAGO,

oarer the aecnrllr af

rolloivloc

|7»Ji13 85
Uul ed States and other Stocks.... 417 919 as
Loans on blocks Drawing Interest. 3;3,510 00

Premium Notes A

Oct. », 1871.

43.670 03

COMlANr,OFTHK ISSUE OF
?LJ"'l^.\''*"i
1-66,
Will be redeemed

Seventh ot February next.

iegal reprcsent-atlves.cn

losses sustained at

IHl.;

The outstanding certificates

NEW YORK,

The above-named Cooipaaies, after peytag the baavy

iajnavi

.i^.u.uu!S

TIra

.(600,000 00

13, 1871.

OF TH«

Total Assets

legal

CORIPANT.
Capital

Ca«hlnBank

Cash

will

BROADWAT,

170

Prp'nlum<> marlvedoff as Karned, during the
ve
,1
|SM,793 79
i'-'
aiid hxpenses, less Savings,

317,900 00

and sundry notes and claims due

FIRE AND MARINE INntRANOB

COMPANY.

No RUks have been taken upon Time
or upon Holla or VosMle.

via.:

New York

Stock, City,

|)rollt8

Springfif.id

puullshed In oonCormltT
with tho requirements of Section 13 of Its cnarteri
Ontitandlng Premiums. January 1,
'>*•»,
,•••
$106,93104
Premiums received from January
1

$S,0OO,0O0 00

London.

Total amonnt of Marine Premiums
f59I,1«l 71
This Company has issued no Policies, except on Cargo
and Freight for the Voyage.

The Company has the following Asseta,

Capital

AK«nU.

Mutual Insurance

affairs of the

(3,aS3,9M3»

and Expenses

the

CO.,

J^THR FOLLOWING STATEMENT
Companr

Janaarf,

ISTO

period

Interest

iry.
O., UankerH In

mON *

Naw

marked Off ttom

Returns of Premioms

liaal

USB H0WK8.VIee-Pres.

Comp'y,

OF HARTFORD.

OFFICE OFTIIK
HOWARD

paid during the same

United

London, or San Frao-

2,IS5,7» «l

il.tx.iii 73

WALL STBRKT.

JEtna. Insurance

VrnHclH, KlolsbtS.

i»n

AHMurod.

KOU\

hare been Issued upon LUa

JOT), to Slst

\ ork,

flif*

with Marine Bisks.

ijas^ca

U.SCU,> I,
K. » ii

nor upon Fire Risks disconnected

I>rcmluius

l'nlU'l»-il

nlralu.
•

lit

Pacific
Risks

rni

LOHVC
OlSi-U.

|5,?it),690

19TO

Policies

111

8 00,000, Cold.

We.

Agency,

stbcbt.

Itlaroniieclcd wilhlBarlu* Tiikou bf (bin Uumpaar.

off l>t

Total amount of Marine rremlunu.

m wau.

*•••».

tliu

subuilt tlio following ^tfttoraoat of its offairi

January,

l8t

Fire Insurance

KUAM:lHi,<». Cal.

orricB, ^o.

50. ISIl.

*
oa tlio Slst December, ISTO
Prcm'ams received on Marina RlBln, from

I>romiam

'Me RCHANTS

No Fire RIaka

Yon,

conformity

lii

XnaoraiwM.

nrTIIAI. IHARINB INStJRANGB CO.

Co.

Insurance
Niiw

Company,

«i

LANTI

787

4«

Inanranee

atecli,

Plae Street.' corner of Winiam Strael, H.T

Bailey,

• 5 irALI.
•ays

MTRKBT,

w* Sails

Ineoranre Rtoeka and Serlpa
alae.
Bank Sto«ke aadaelMr ecnriUea.
;

" WPSCIALTTX

THE CHRONICLE.

7^
Co'toa and Soathern Cards.

Rignev

Rees^,'

MOXrOOMERY,

Railroads.

Co., James

[December

AL.i.,

Rai>road8.

Cottingham,

TIES.

rkOHy.

Old

AND

SCHOONERS, BABGES,

RAILWAY EQUIPjnENTS.
LIGHTEBB.
JOHK

CO.,

FORWARDING

W^all Street.

KJtNHKDT. HSXRTM. BAKXB. JOHK 8.BABRZS

Graham

and

Co., Iron

Buyers of Cotton

CEDAE

Buy and

Specialty.

sell

UNUSUAL INDOCEMENIS

Feterabnre, Va.

to the trade, and to ensure safety and despatch In
shipments of the above.
Below we furnlBh a brief statement of our business
for the p;,8t ten year?.

Dnrlns tbat time we have shipped
not leia than 1,300 Locomotives valued at $12,000 each $15,600,000

Arnold,

GENERAL

12,000 Cara, average value
at $1,000 each •
. . $13,000,000
90.000 tons Steel Rails, at
• • • .
$110 per ton
9,900,000
60,000 tons Iron Ralls, at
$70 per ton
3,500,000

ooninissioN inEBcaANT,
AND
Cotton Pactor,

MOKTOOME P.Y, ALA.

.....

Leach Brot hers

Total

BVITEBS OF COTTON,

104 West, corner Liberty

Tho

CommUflion.

HUbttcrlber

locate,

CJRSER'MtJLBEaRr AND WASHiiiQTON

He will
STB.

M. KLEIN, Cashier, Mississippi Valley
Baulc, VlcKsburK.

KDWABD

also

&
1 :

In operation In

aa be believes, to

Having had twenty-five years* expe-

.St.,

eflort will

be made

Q N

value of secnritles proposed.
,

COTTON BVTEB. A\\\^

Freret,

consalted, the subscriber will be aided, by

ALABAMA. &c.
m ST. CUAKLES ST., NEW OULEANB, LA.

tilPPI.

IVonipt attention triveu to buyinif, selling and l3aB.
of plantations and other real estate, paying of
xfs, collecting rents, etc.

n.r

•

Iron.

In Ports ot Nenr York and Neiv
Orleans.
Eienange on London and circular Notes
amounts to suit remittors or travelers.

Bills of

Morris, Tasker

Oaaand Steam
capitalists coe.

be presented. Office over the Pe^plee

Co.,

rivll EiiKlnArtr.

HAMILTON KPKNCKs,

Attorney anrt Counselor.

Edward W.

Serrell,

CIVIL ENGINEER,
78 BroadTvay

New

York.

EAILEOADS, BRIDGE8 AND EXPLORATIONS,
SERKELL'B PATENT WROUGHT
IRON VIADUCTS."

Partlcnltr attention given to tbe parchaee of goatberu

IVFarticulsr attention given

•'

rnbltc

Work!

(or

Fitters' Tools,

*c.

OFFICE AND WAREHOUSES:

GOLD STREET, NEW YORK.

Illinois.

ALLAN LINE
LIVERPOOL
STEAIDEBS.
NORFOLK, Ta.
froduoei

BROADWAY, NEW YOKK.

Railroad

ZW Satlsfac'ory references given.
RICHARD P. inORGAN, Jr«9

William Lamb,
AGENT

Co.,

AND
NO.

templatlng Western invcetments, desirable opporta*

MISSIB-

tlio

BABTHOLOMEW HOUSE, BANK, LONDON

Manufacturers of Wrought Iron Tubes, Lap Weldi
Boiler Flues, Gas Works Castings and Street
Mains, Artesian Well Pipes and Tools,

may be

Bank, BloominKton,

Davis

York. Agent

questions connected with the matters about which he

nitles will

UEAli ESTATE BROKERS,
CJENER At. t.ANI> AGENTS
AND StiUoa
ol LOUISIANA, TliXAS,
Kor

Co.,

Pascal Iron Works, Philadelphia.

To mechanics, manafactuters and

Georg^ta.

New

In deciding all legal

competent advice and assistance already secured.

niACON*

St.,

accurate Information to parties contemplating the

of railroads, which will aid them in determining the

Pine

Gilead A. Smith

to furnish

investment of capital either In the stocks or securities

W A^t

P. Converse
54

farnUh economical and satisfactory

Every

Co.,

PHILADELPHIA.

plans and systems of construction, and also correct

lines.

M. Baird

any of the

and intelligent opinions as to the value q/ proposed or

17 Sontb ITilUam

NEW TOEK.

BALDWIN LOCOMOTIVE WORKS

probable earnings of proposed road?, or of those

eompleted

St.,

and other engineering work.
examine and make reports of cost and

States.

dec.

and also to furnish plans,

Mlroads, chiefly In the Western States he will be able,

COTTON BEOESBS'
S3 Stone

SPELTER, TIN, LEAD,
NICKEL, BISMUTH,

Wm.

rience In the construction and actual operation of

OBATZS,

& Graves,

SLASH

cost,

graded and bridged, or

Weitarn

KDWXir

FLA.fia.

Pig Iron,
RAILS. COPPER,

prepared to 8Qpervl»« aurreys,

lines to railroads,

VICKSBITRO, miss.

liefer to 0.

and eitimste

Bro.,

Y'ork.

All work accurately fitted to gauges and thorout;b
interchangeable. Plan, Material, Workmanship
Finish and Efficiency fully guaranteed.
M. Baird,
Clias I. Pairy,
Wm. P. Ilenzey
Geo Burnhani. Ed w. H. Williams. Ed. Longitreth,

peclflcatlons and forms of contract, lor proposed

FULKER«>N,

COTTON BROKER,

New

Street,

Railroads.

NOJlPOIitf, VlttOINIA,

Pope

292 Pearl

Street,

Re5'nord»J '^\ Btoth^rs,
&c., on

Thos.

COTTINGHAM,

NETF YORK.

Duy Cottou, Grain,

ton Kngland.

Supply all Railway Equipment and undertake
Railway business generally.

J ARIES A.

CaroUita.

The Bowling Iron Company, Bradford England.
The West Cnmbcrland Hematl'e Iron Co., Worklii"-

invite the attention of the trade, and particularly
shipments or RAILEO
IRON.

BOllOlt

RALEIOH,
North,

extend our business, and

shall

with increased fuclUtlcs lor transacting the same,

FOB A coxanssiox.

Iron Ralls, steel Ralls, Old Ralls,
Bessemer Pis Iron, fcrap.
Steel Tyres, boiler plates, Ac.
AGENTS FOR

$41,000,000

The coming year we

SATISFACTOKr EEKKEENCS8 FUBII18HED.
'

Eallway Bonds and Negotiate Loans to
Hallways.

Having lor many years been Identified with this
business, our great exoerience enables us to ofl'er

Bfo.,
BROKERS,
TOBACCO
COTTON &
•>-

Co.,

COB, OF WILLIAM ST.

IMPORTERS OF

Young

ST.,

Rails GENERAL RAILWAY AGENTlil AND
MERCHANTS.

Steel

For a Cominlsalon.

R. A.

Kennedy

[ohii C.

Rails,

AND

ON FIBST CLASS

"ARROW," "BUCKLE" AND "ANCHOR" TIHS

gWEKSON, PERKINS

Iron Rails,

RAILROAD

NEW TOEK FOE SALE OF

FISKB

Steel RaiJs,

AND

COTTON
SOLE AGKNCY IN

Locomotives, Cars

mSBOHANTS.

OUACNOKY TIBBA.BD.
iLKX.
HMKH80K FOOTK.

Vibbard, Foote & Co.,
40 BROADWAT, NEW YORK.

SHIPPER OF

OOTTUiN BUYING,
GO.TI3IISSION

1871.

to the examination of

csplUUiM Beeking taTeatment,.

NAYLOR &

NEW YORK,
99

John

street.

CO.,

BOSTON,
80 State street.

PHILA.,
208 So. 4tb sin e

OAST STEEL RAILS,
CAST STEEL
Cast Steel Frogs, and

all

other

Railway Use.

HOUSE

'IV HEM,

Steel Material lor

LONDON

NAYLOR, BEN ON
-Z

34 Old Broad Street,
who give ipedal attention

to orders for

Railroad Iron,
M weu Si Old RsUi, Bcnp Iron and Metsii,

CO.

Full text of Commercial and Financial Chronicle : December 9, 1871, Vol. 13, No. 337

FRASER