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HUNT’S
MERCHANTS’
MAGAZINE,
Ijkwspaper,
representing the industrial and commercial interests of the united states
Entered, according to act of Congress, in the year 1882, by Wii. B. Dana & Co.,
VOL. 35.
THE
Railroad Earnings in Novem¬
ber, and from Jan. 1 to Nov.
30
651
Cotton Consumption and Over¬
land Movement to Dec. 1
653
The Census Bureau and Phila¬
delphia
655
Treasury
659
Report of the Comptroller of
the Currency
665
The Debt Statement for No¬
vember, 1882...-.
675
United States Treasury State¬
ment
676
Monetary and
Commercial
English News/
676
Commercial and Miscellaneous
Nows
676
Investments, and State, City
and Corporation Finances..
656
THE BANKERS’
Money Market, Foreign Exchange, U.S. Securities, State
andRR. Bonds and Stocks.
THE
GAZETTE.
Quotations of Railroad Stocks
678
Range in Prices at the N. Y.
Stock Exchange
679
Epitome
made to work
CHBONICLE.
Report of the Secretary of the
Bond Redemption and Bank¬
note Circulation
G47
The Financial Situation
648
Our Foreign Commerce
650
and Bonds
Railroad Earnings
Returns
COMMERCIAL TIMES.
6S2 I Breadstufts
683 | Dry Goods
680
and Bank
681
688
689
(ftlxrouiclc.
The Commercial
Financial
Chronicle is published m
New York every Saturday morning.
[Entered at the Po3t Oilice, New York, N. Y., as second-class mail matter. J
TERMS OF
and
SUBSCRIPTION-PAYABLE IN ADVANCE:
For One Year (including postage)
$10 20.
For Six Months
do
6 10.
Annual subscription in London
(including postage)
£2 7s.
Sixmos.
do
do
do
1 8s.
Subscriptions will be continued until ordered stopped by a written
order, or at the publication office. The Publishers cannot be
responsible
for Remittances unless made
by Drafts or Post-Ollice Money Orders.
WILLIAM B. DANA. )
WILLIAM B. DANA & CO., Publishers,
JOHN 0. FLOYD.
j
79 & 81 William Street, NEW YORK.
Post Office Box 958.
We have added to
our
issue
to-day twenty
pages, in order
have for reference the reports of the
Secretary of the Treasury and the Comptroller of the Currency.
that
our
readers may
BOND REDEMPTION AND BANKNOTE
CIRCULATION
It is seldom that the
spirit and matter of public docu¬
ments submitted to
Congress at any opening session can
be so
generally commended as those published this week.
Both the President’s
message and the report of the Secre¬
tary of the Treasury give expression to the best senti¬
ments of
Congress, Washington, D. C.J
SATURDAY, DECEMBER 9, 1882.
CONTENT8.
Commercial
Cotton
in the office of the Librarian of
the country upon
the important issues of the
day. An administration with civil service reform, strict¬
ly enforced ; with the tariff
tending towards freer trade ;
with
honesty and economy the rule and practice in all its
departments ; with every internal tax repealed
except on
spirits, tobacco, &c.; with the silver dollar
coinage sus¬
pended, and an open, careful management of the finances
maintained ;—would
certainly bring in an era for which
the people would
be most profoundly
grateful.
It is
only fair to say that so far as Congress has given
NO. 911.
in
harmony with the wants of the money
market, that receipts and payments have followed one
another with almost absolute
regularity, it being the Secre¬
tary’s aim, evidently, to go to the extreme of the power
granted him in preventing Government operations from dis¬
turbing business movements. A month ago we gave a table
made up from the
Treasury statements issued on the first
of August and November,
showing the amount of lawful
money held by the Government at those dates. We now
add similar figures taken from the
report of December
1st, which further proves what we have said above, that^
the Secretary’s operations have not resulted in the accu¬
mulation, but in the gradual reduction, of his holdings of
lawful money.
Mr. Folger has- therefore done all he
could under the laws as they stand to relieve the
money market from embarrassment, which has so often been
pro¬
duced by locking up funds in the Government vaults.
so
MONEYS IIELD BY U S. THEARUItY.
November 1,1882.
$
Gold coin and bullion
Gold certificates issued
Less held
Total gold cer; iflc.itcs outstanding
Total gold, less
159,805,713
*
164,267,584
20,360,440
14,090,170
35,408,540
15,950,270
11,370,270
19,458,270
§
outstanding certi-
ficates
148,435,473
Standard silver dollars
Silver certificates issued
Less held
Tot. silver certificates outstanding
Total silver, less outstanding cer-
92,940,562
73,607,710
7,987,260
73,095,660
5,752,970
.
.
es,020,450
ficates
67,342,090
26,794 527
4,012,503
Silver bullion
Fractional silver coin
29,689,196
9,945,000
Less certificates of deposits
Total legal tenders, less deposit
certificates
Bank notes
Treasury
25,597,892
3,709,220
20,544,544
20,149,432
Legal tenders
Total held in
141,809,314
92,414,977
..
Of
$
December 1,1882.
30,591,392
9,845,000
19,744,196
6,370,05!
20,746,392
23.M00.182
227,778,472
6,311,110
above totals will not be mistaken for
what is called the available balance held
by the
course
the
That is obtained after
Treasury.
deducting not only all demand liabili¬
ties, but also the fictitious item in the assets, of United
States bonds paid but not
charged off. Making such
deductions, the balance appears to have been $125,904,36$
on December
1, against §135,635,141 on November 1, or
a
decrease of nearly ten million dollars.
This decrease,
however—which is in part caused by a large transfer to
“Disbursing Officers’ balances”—might be even larger, and
Secietary Folger the power, his management of the still Government receipts of lawful money be so in excess
reasury Department has been in the spirit of his recom- of its actual disbursements as to disturb the rates of
mendations. We could never see
Hence the necessity for the analysis above
any sufficient excuse interest.
for his issue
of silver
certificates, but in all other par- given for measuring the effect of the Treasury operations
mulars his course has
been unusually free from
any during the month on the money market.
tary act which could harm our industries or harbor
But the portions of
Secretary Folger’s report of most
Vandal. Even tne
cumbersome Sub-Treasury law has been practical utility are the definite data it furnishes for
THE
t548
CHRONICLE.
xxxT*
ComptroUerTno?"
*Btimating surplus revenue, and therefore bond redemp¬
tions.
We reviewed this subject very fully two weeks suggestions with reference to this question are timely a
should command serious consideration. He proposes (\\
sinee, and our readers will find from the Secretary’s
reduce the interest on the 4 and 4£ per cents by pa •
figures that our statement as to the amount of
per or
compounding the premium, and then issuing
«ent« then uncalled was correct.
The popular underto the amount of 90 per cent of the par value- or (2) if
itanding at that time was, that as fast as bond redemptions
that plan is rejected, that the law be amended so that note*
were
made corresponding deductions appeared in the
Monthly debt statement.
We showed in our article that, may be obtained to within 10 per cent of the market
value of the bonds, with a provision for an additional
according to the system of book-keeping pursued by the
Government, none were charged off until the call which deposit in case of depreciation; or (3) if that too *
received with disfavor, that the tax on circulation be
•overs the redemptions matured, and the report of the
reduced to an amount sufficient to simply cover the
Secretary confirms that view.
Consequently, on the first
•f December the amount of the 3£ per cents outstanding expenses of the Treasury incident to the issue of these
notes.
The adoption of any one of these suggestions
uncalled would be as follows.
would relieve the currency question of its preient
Fire per cents continued at 3/£ p. c., as
per debt statement of Dec. 1
$134,317,700 embarrassment.
has of late
%
[Vol.
generally supposed.
Still,
circiUtfoJ
$25,000,000
THE FINANCIAL SITUATION.
15,000,000
In some respects there is a less buoyant feeling apparent
15,000,000
10,000,000— 65,000,000 respecting the future outlook than has prevailed during
$69,317,700 late months. This is due to the many failures in comLeaving uncalled of 3}£ per cents on Dec. 1
mercial circles, the lower prices for all commodities, the
The above indicates that on Dec. 1 there were only 69
smaller profits and slower collections which are io genmillions of the continued 3£ per cents not yet called
erally the complaint, added to the fear that with the first
for payment.
As the reduction in the Government of
January, settlement day, many weak spots will be de¬
debt has hitherto been so rapid, that fact seems to
veloped and many firms be compelled to succumb. To us
imply a speedy absorption of this small balance. But
however, this solicitude seems excessive and in good part
figures gathered from the Secretary’s report indicate that needless. Undoubtedly there have been failures and there
such a conclusion is not warranted.
In the first place,
will be more.
But these are not necessarily sign* of in
Mr. Folger states that the surplus income for the whole
unhealthy commercial condition, for in every active time,
year ending June 30, 1883, cannot exceed 120 millions of of those that start in the race a large number succumb it
dollars. Accepting that as the limit, there have been
the slightest change in the surroundings.
Nothing bnt
already appropriated, by the above four calls, 65 millions,
constantly rising prices could save every merchant
and by the 115th and 116th calls (which were issued July
This does not mean, however, that all condition# ire as
10th and August 29th, respectively), $19,693,200 more,
propitious as in some of the past years. We are projecting
making $84,693,200 in all to be paid out of this year’s
fewer railroads, and that is reflected in all those market*
surplus, and leaving only about 35 millions for further which have been fed and over-stimulated by the extreme
bond redemption up to July 1st, 1883. Of course, as con¬
During the good
activity of late in that department.
versions into the 3 per cents are constantly in progress,
times, too, we have been pushing to the utmost every prethe disappearance of the old 5s from the debt statement
ductive enterprise, and as a protective tariff shuts ns up to
this year is not impossible ; but that is a mere change of
home consumption, our power to manufacture has in maiy
the form of the debt, and of no importance in this discusdepartments for the time being outstripped the
«to*.
wants ; so, stocks of goods being a little in excess of the
It should be added that the action of Congress at its
demand, prices suffer. Then again this slackened inquiry
present session may in some measure modify the above is
perhaps in some measure assisted by the short crops
conclusion. Our readers are aware that bonds are called
last year, the effects of which can only be
in anticipation of revenue.
Hence it happens that some obliterated with the promise of another harvest known.
•f the later calls in eve^y year are made in one year
Also, and finally, a condition of production in the past
while their payment and maturity falls within the next
been extreme high taxes.
These should have been
year.
Thus, on the first day of this fiscal year a call for
gradually reduced as surplus income increased,
$11,137,050, and on August 1 a call for $15,000,000 have been left until the only cure is so radical that even
matured, both of which calls were issued prior to July 1. the
agitation of the subject paralyzes
Hence the above estimate that $35,000,000 more in calls
many departments.
can
be issued during this fiscal year, is based on
This is all that is unfavorable which can be said of
the supposition that at least as much as 15 millions
commercial condition. It is a slight temporary slowing
(the last of above items) will be thrown upon the next year’s up in many departments, enough to jerk some
(that is, 1883-4) surplus ; and what that surplus, will be heedless passengers off the train, but giving no sign
is as yet mere surmise.
It may be less or it may even be whatever of a general break-up. In the meantime,
more than in 1882-83.
Mr. Folger estimates it the same
this restorative and healthful operation is in process,
as for the-present year, but
that result is based on pres¬ did
to
crops, everywhere raised, are being
ent taxes and full appropriations.
Congress has been
the interchange of commodities, though at lover
117th call, maturing
118th call, maturing
119th call, maturing
120th call, maturing
Dec.
Jan.
Feb.
Feb.
23
18
10
28
country’*
of
wholly
has
but they
production in
the
of tliemor0
0
sp^n
hurried mir'e
Pnce^
put into an economical mood by the recent elections,
very active, and railroad earnings—a good index o
while the question of tax reduction hinges simply upon
condition in those particulars—are very large an(V^
whether during this short session there is time to mature
stantly increasing. Even a railroad war in the x 0
any measure.
Our readers can speculate as well as we
may be seen in our monthly article on rai
the probability of Congressional action in those
earnings to-day—can scarcely-ma^e a nurk in the
bothg® ^
particulars.
west—as
can on
These
fuels
show
that the necessity
for making new result,
provision fur coirinning bank circulation or for providing
a substitute for it, is a little less imminent than the public
towards
state
abundant is the traffic
consumers.
Ami on tup
so
of our foreign
pi'os.m _
of it all, ve
trade iuiinitoly more
have
*I
proiniaiufi j
THE
—
*
year *g°-
Now if there
»
Soaking here, we
In the
is
any
cannot find it.
considerable
for carried the market prices upward so rapidly as to effeetmally check the export movement and consequently them
was no supply of commercial bills with which te meet the
as the
room
financial perspective Congress stands out
threatening object. What it can do, is known by
the past; what it may do, is present only in the form and
most
surmise; what it will do, the fourth of
unfold. This wfeek Wall Street has been
especially reminded of the disturbing power of Congress
by the references in Comptroller Knox’s report to some of
the crude legislation of last session.
We refer to the ques¬
tion of bank certification and the decision of the AttorneyGeneral that “ acceptances” are an evasion of the statute
and subject the officers to the penalties imposed by the law.
This decision was some time since foreshadowed, but it is
now officially promulgated. As a result, the National Bank
of a vague
March alone can
fear
of the State
649
CHRONICLE.
of New York has perfected arrangements for
demands of
bankers and
importers. Now we have large
crops and a great portion of our surplus has yet to g®
forward, and after the first of January corn in con¬
siderable quantity is
likely to be added to the
other exports.
There is thus a good prospect for
a
steady movement of cotton and bread stuffs for the
remainder of the season, against a very limited supply last
year, thus keeping the supply of bills continually in excess
of the demand.
Then, again, the inquiry fiom importers
is likely to be much lighter than it was a year ago, for the
reason that business with them is dull, and therefore they
will order goods more sparingly than they have done.
Finally, in addition to the supply of commercial bills, we
may look for steady offerings of bankers’ drafts made
against outgoing securities. Altogether, therefore, the
outlook in the exchange market seems to be very prom¬
ising, and to indicate a fair influx of gold during coming
passing into the State system and at least three more of the
Clearing House institutions have taken steps in the same
direction. It is claimed now, however, that the New
York Legisiature will pass a similar provision.
We
think there is no fear of that, for we give our people the weeks.
The stock market displayed some degree of strength
credit of being too enlightened to attempt to cure evils
like this by suppressing business.
early in the week, and there were indications from the
<4,
but that certification, as practiced by movement in the Granger stocks that a settlement of the
banks, is objectionable. The past proves, railroad war in the Northwest was expected. A satisfac¬
a few of the
however, that it is not as unsafe as it appears.
But tory advance was also made in the fcouthwesterns, the
regardless of that point, it is a practice which is necessary Northern Pacifies, and, indeed, in almost all the specu¬
in several departments of business, one that does not admit lative stocks ; and it was said that the leading operators
of remedy by legislation, but is primarily for stockholders for a decline had covered their short contracts, and were
and directors to settle, while so far as it is a public question, disposed to aid in moving the market upward. This
it is within the power of the associated banks to restrain change of
position was not lasting, however, for
on
Thursday the Grangers fell back, the speculators
whentheysee fit. As to the Attorney-General’s decision,
that is, ef course,simply the expression of a lawyer’s opinion. for a decline again indulged in raids upon some of
When the Comptroller seeks to enforce it, we presume he the fancies, and reports were put in circulation that th®
There is no doubt
first and after that confirm his railroad war would not speedily be settled. Th®
court. Good counsel here say traders in the room who covered their short contracts early
in the week took advantage of the unsettled market caused
that each of these points will be quite difficult to estab
lish. The Comptroller seems to think that a Stock Clearing- by the fall in the Grangers, and raided Denver & Ri®
House can be brought into existence through an enforce¬ Grande, pressed Union Pacific for sale, and sought t®
ment of this statute.
If we do not "greatly mistake the tem¬ weaken the general list by the circulation of disquieting
So far as regards the railroad war, judging from
per of the Street, he is in error there. Almost anything will rumors.
be done but that.
Indeed, the larger capitalists are inter, the November earnings, it is probable that it will b®
ested but little in certification, for they can get accommo- settled before much real damage is inflicted upon any
dation anyway.
An enforcement of the law, if it were of the roads, but, according to the judgment of th®
possible, would simply drive the smaller men out of business. majority of the speculators, the differences will not
If, therefore, Congress wishes to assist in the concentra¬ be adjusted until certain personal ends are served,
tion of money in ttie hands of a few, it can serve that end and
of
it
is
course
to
impossible
say
how
no better than
soon
this
result
will
be
The
accomplished.
question of
b) further legislation to the same effect as
this section in the Bank Extension Act.
territorial rights, which has been raised by the President
The course of foreign exchange continues to be an ele¬ of the Chicago St. Paul Minneapolis & Omaha, is by th®
ment of strength in the general situation.
To be sure, the majority of the people regarded as untenable. Outsido
rates were advanced on Monday, but it was only a tem¬ this question there are no radical points of difference, and
porary movement and they fell again on Wednes¬ the matter of percentages of business can very easily b®
day, the tone of the market now being heavy, prefiguring adjusted at a conference if the parties to the fight ar®
* still further decline in
the near future.
The trade ready for a settlement. The course that has been pursued
figures for October, which are commented upon at length in the matter is having a very unfavorable influence upon
in another
column, exhibit an excess of merchandise expoits the stock speculation by inducing outsiders to refrain from
over
imports of $10,278,000; and this is the first time since operating, and thus the market is left to the control of
last January that the
apparent trade balance has been in our the professionals, and commission houses are complaining
favor. A further favorable indication, is the fact that of an almost entire absence of orders. Yesterday, though
during the same month the imports of gold exceeded our the managers adjourned to to-day without doing anything
exports in the amount of $3,730,794. This latter item with the questions in dispute, the stock market evinced
abowg a very satisfactory condition of the exchange marquite a little strength, and prices in some instances
ket, indicating that our foreign indebtedness has been advanced.
Money continues comparatively easy and there has
liquidated.
With respect to the future it must be borne
111 mind that
the conditions now are far different from been no attempt at manipulation for the purpose of in¬
they were a year ago. Then we had very short fluencing the stock speculation. Not even a flurry fob
croP® and very little left for eh pment after January first, 1 >wed the announcement of the decision of the Attorneywhilt speculator*, baaing their operation* upon these facts. General in the matter of bank ceitifination.
It will b®
will have to prove his case
law by the decision of the
HUNT’S
MERCHANTS’
MAGAZINE,
Jk WjehIg IMwgpape*,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES
.Entered, according to act of Congress, in tlie year 1882, by Wm. B. Dana & Co., in tbe office of the Librarian of Congress, Washington, D. C.J
SATURDAY, DECEMBER 9, 1882.
VOL. 35.
NO. 911.
-
CONTENTS.
TTTE
CHRONICLE.
Report of tlie
Bond Redemption and Bank¬
note Circulation
647
The Financial Situation
648
Oar Foreign Commerce
650
Railroad Earnings in Novem¬
ber, and from Jan. 1 to Nov.
651
30
Cotton Consumption and Over¬
653
land Movement to Dec. 1
The Census Bureau and Phila¬
--
655
delphia
Investments, and State, City
and Corporation Finance5!..
656
and RR. Bonds .and Stocks.
The Debt Statement for No¬
675
vember, 1832..
.United States Treasury State¬
ment
676
Monetary
and
Commercial
Euglish News
676
Commercial and Miscellaneous
News
676
GAZETTE.
•
678
and Bonds
Railroad Earnings
Returns
630
and Bank
631
679
■
THE
-
659
Report of the Comptroller of
the Currency
665
Quotations of Railroad Stocks
Range in Prices at the N. Y.
Stock Exchange
Secretary of the
Treasury
THE BANKERS’
Money Market, Foreign Ex¬
change, U.S. Securities, State
made to work
COMMERCIAL TIMES.
Commercial Epitome
682 I Breads tuft a
683 I Dry Goode
Cotton
633
689
%lu Chronicle.
The Commercial and Financial Chronicle is published in
New York every Saturday morning.
(Entered at the Post Office, New York, N. Y., as second-class mail matter.!
TERMS OF SUBSCRIPTION—PAYABLE
IN ADVANCE*
For One Year (including postage)
For Bix Months
do
Annual subscription in London (including postage)
Six mos.
do
do
do
market from
duced
1
8s.
Subscriptions will be continued until ordered stooped by a written
order, or at the publica tion oplct. Tlie Publishers cannot be responsible
for Remittances unless made by Drafts or Post-Office Money Orders.
WILLIAM B. DANA. 1
WILLIAM B. DANA & CO., Publishers,
JOHN 0, FLOYD.
j
79 & 81 William Street, NEW YORK.
Post Office Box 953.
We have added to our issue to-day twenty pages, in order
that our readers may have for reference the reports of the
Secretary of the Treasury and the Comptroller of the Currency.
MONETS HELD BY U.S. TREASURY.
Gold certificates Issued
Less hoi 1
Total gold ccr: ifio ites
outstanding
Total gold, loss outstanding certi¬
ments
submitted to
spirit and matter of public docu¬
Congress at
opening session can
generally commended as those published thi3 week.
Both the President’s message and the report
of tho Secre¬
tary of the Treasury give expression to the best senti¬
ments of the
country upon the important issues of the
day. An administration with civil service reform, strict¬
ly enforced j with the tariff tending towards freer trade ;
with honesty and
economy the rule and practice in all its
departments ; with every internal tax repealed except on
spirits, tobacco, &c.; with the silver dollar coinage sus¬
pended, and an open, careful management of the finances
maintained j—would certainly bring in an era for which
the people would be most
profoundly grateful.
It is only fair to
say that so far as Congress has given
Secretary Folger the power, hi3 management of the
Treasury Department has been in the spirit of his recom¬
mendations. We could never see any sufficient excuse
lor his issue of silver
certificates, but in all other par¬
ticulars his course has been
unusually free from any
be
so
$
Less heiil
Tot. silver certificates
85,408,540
11,370,270
10,458,270
outstanding
silver, les3 outstanding cor¬
03,940,582
73,607,710
7,987,260
73,095,660
5,752,970
65,020,450
67,342,000
26,794 527
4,012,503
26,149.432
Fractional silver coin
Legal tenders
Loss certificates of deposits
29,689,196
0,945,000
above
3.769,220
26,544,514
V-
Total held in Treasury
tlie
9“ *.07 RO<*
30,*01,892
9.84~>,000
Total legal tenders, less deposit
certificates....
Bank notes
course
144,609,314
92,414,977
oa
Of
$
15,950,270
Silver bullion
any
$
104,287,581
148,435,473
Silver certificates issued
nea*
December 1,1882.
26,360,440
14,990,170
ficates
Standard silver dollars
BOND REDEMPTION AND BANKNOTE
CIRCULATION.
November 1,1SS2.
$
159,805,743
Gold ooia and bullion
Total
It is seldom that the
embarrassment, which bas so often been pro¬
by locking up funds in the Government vaults.
$10 20.
6 10,
£2 7s.
~3»
in
harmony with the wants of the money
market, that receipts and payments have followed one
another with almost absolute regularity, it
being the Secre¬
tary’s aim, evidently, to go to the extreme of the power
granted him in preventing Government operations from dis*'
turbing business movements. A month ago we gave a table
mad8 up from the Treasury statements issued on the first
of August and November, showing the amount of lawful
money held by the Government at those dates.
We now
add similar figures taken from the report of December
1st, which further proves what we have said above, that
the Secretary’s operations have not resulted in the accu¬
mulation, but in the gradual reduction, of his holdings of
lawful money. Mr. Folger has therefore done all he
could under the laws as they stand to relieve the
money
so
IP,744,196
6,370 05
20,746,392
23^,106,183
227.778,472
totals will
not
6,311,110
be mistaken for
what is called the available balance held by the Treasury.
That is obtained after deducting not
only all demand liabili¬
ties, but also the fictitious item in the asset3, of United
States bonds paid but not charged off.
Making such
deductions, the balance appears to have been $125,904,366
on December
1, against $135,635,144 on November 1, or
decrease of nearly ten million dollars.
This decrease,
however—which is in part caused by a
large transfer to
a
“Disbursing Officers’ balance's”—might be even larger, and
still Government
of
its
actual
interest.
receipts of lawful
disbursements
Hence
the
a3
to
money be so
disturb the
in
excess
rates of
necessuy for the analysis above
given for measuring the effect of the Treasury operations
during the month on the money market.
But the portions of Secretary
Voluntary act which could harm our industries or harbor
Folger’s report of most
scandal. Even the cumbersome
Sub-Treasury law has been practical utility are the definite data it furnishes fqr
t>48
THE CHRONICLE.
[rot jxxr.
*«stimating surplus
and therefore bond redemp¬ has of late generally supposed. Still,
ComptroUerKn^T
tions.
subject very fully two weeks suggestions with reference to this question are
timely and
since, and our readers will find from the Secretary’s should command serious consideration. He
proposes nVtA
figures that our statement as to the amount of 3J per reduce the interest on the 4 and 4£ per cents
by payin
cents then uncalled was correct.
The popular under
or
compounding the premium, and then issuing circulation
standing at that time was, that as fast as bond redemptions to the amount of 90 per cent of the par value; or
(2) if
were made
corresponding deductions appeared in the that plan is rejected, that the law be amended so that
notea
monthly debt statement.
We showed in our article that, may be obtained to within 10 per cent of the
market
-according to the system of book-keeping pursued by the value of the bonds, with a provision for an
additional
Government, none were charged off until the call which deposit in case of depreciation; or
(3) if that too ig
covers
the redemptions matured, and the report of the received with
disfavor, that the tax on circulation be
Secretary confirms that view.
Consequently, on the first reduced to an amount sufficient to simply cover the
of December the amount of the
per cents outstanding expenses of the Treasury incident to the issue of
these
uncalled would be as follows.
The adoption of any one of these
notes.
suggestions
Fire per cents continued at 3/£ p. c., as
would relieve
the
currency question of its present
revenue,
We reviewed this
per
debt statement of Dec. 1
$134,317,700
117th call, maturiDg Dec. 23
118th call,
119th call,
maturing Jan. 18
maturing Feb. 10
120th call, maturing Feb. 28
15,000,000
15,000,000
THE
10,000,000—
65,000,000
*
Leaving uncalled of 3}£
per cents on
The above indicates that
-millions of
on
the continued
Dec. 1
$69,317,700
Dec. 1 there
only 69
cents not yet called
were
3£ per
payment.
As the reduction in the Government
debt has hitherto been so rapid, that fact seems to
imply a speedy absorption of this small balance. But
figures gathered from the Secretary’s report indicate that
such a conclusion is not warranted.
In the first place,
Mr. Folger states that the surplus income for the whole
yrear ending June 30, 1883, cannot exceed 120 millions of
dollars.
Accepting that as the limit, there have been
already appropriated, by the above four calls, 65 millions,
and by the 115th and 116th calls
(which were issued July
10th and August 29th, respectively), $19,693,200 more,
making $84,693,200 in all to be paid out of this year’s
surplus, and leaving only about 35 millions for further
bond redemption up to July 1st, 1883.
Of course, as con¬
versions into the 3 per cents are constantly in progress,
the disappearance of the old 5s from the debt statement
this year is not impossible ; but that is a mere change of
the form of the debt, and of no importance in this discus¬
for
sion.
It should be
added that the
present session may in
conclusion.
in
action of
Congress at its
modify the above
some measure
Our readers are aware that bonds
anticipation of
revenue.
are
called
Hence it happens that
some
the1 later calls in eve’-y year are made in one year
while their payment and maturity falls within the next
-of
Thus, on the first day of this fiscal year a call for
$11, 137,050, and on August 1 a call for $15,000,000
matured, both of which calls were issued prior to July 1.
year.
Hence the above estimate that
be
issued
embarrassment.
$25,000,000
$35,000,000
more
in calls
In
FINANCIAL
respects there is
SITUATION
less buoyant feeling apparent
respecting the future outlook than has prevailed during
some
late months.
This
is
due
a
to
the many
failures in
com-
mercial
circles, the lower prices for all commodities, the
profits and slower collections which are so gen¬
erally the complaint, added to the fear that with the first
of January, settlement day, many weak spots will be developed and many firms be compelled to succumb. To us,
however, this solicitude seems excessive and in good part
needless. Undoubtedly there have been failures and there
will be more.
But these are not necessarily signs of an
unhealthy commercial condition, for in every active time,
of those that start in the race a large number succumb at
the slightest change in the surroundings.
Nothing but
constantly rising prices could save every merchant
This does not mean, however, that all conditions are as
propitious as in some of the past years. We are projecting
fewer railroads, and that is reflected in all those markets
which have been fed and over-stimulated by the extreme
activity of late in that department.
During the good
times, too, we have been pushing to the utmost every pro¬
ductive enterprise, and as a protective tariff shuts ns up to
home consumption, our power to manufacture has in many
departments for the time being outstripped the country’s
wants ; so, stocks of goods being a little in excess of the
demand, prices suffer. Then again this slackened inquiry
is perhaps in some measure assisted by the short crops of
last year, the effects of which can only be wholly
obliterated with the promise of another harvest known.
Also, and finally, a condition of production in the past has
been extreme high taxes.
These should have been
gradually reduced as surplus income increased, but they
have been left until the only cure is so radical that even
the agitation of the subject
paralyzes production in
many departments.
This is all that is unfavorable which can be said of the
smaller
during this fiscal year, is based on
the supposition that at least as much as 15 millions
(the last of above items) will be thrown upon the next year’s commercial condition. It is a slight temporary slowing*
(that is, 1883-4) surplus ; and what that surplus will be up in many departments, enough to jerk some of the more
is as yet mere surmise.
It may be less or it may even be heedless passengers off the train, but giving no sign
more than in 1882-83.
Mr. Folger estimates it the same whatever of a general break-up. In the meantime, while
as for the present
year, but Jbat result i3 based on pres¬ this restorative and healthful operation is in process, splen¬
ent taxes and full appropriations.
Congress has been did crops, everywhere raised, are being hurried to market,
put into an economical mood by the recent elections, the interchange of commodities, though at lower prices, is
while the question of tax reduction hinges simply upon very active, and railroad earnings—a good index of the
whether during this short session there is time to mature condition in those particulars—are very large and con¬
any measure.
Our readers can speculate as well as we stantly increasing. Even a railroad war in the North¬
can on the
probability of Congressional action in those west—as may be seen in our monthly article on railroa
particulars.
earnings to-day—can scarcely make a mark in the general
These facts show that the necessity for making new result, so abundant is the traffic pressing both ways
provision for continuing bank circulation or for providing towards consumers. And on top of it all, we have a
a substitute for
it, is a little less imminent than the public state of our foreign trade infinitely more promising thftfl
can
pgfSMfiEB
^^0.
9,
THE CHRONICLE.
1882.]
Now, if there is any considerable room for
croaking here, we
cannot find it.
financial perspective Congress stands out as the
most threatening object. • What it can do, is known by
the past; what it may do, is present only in the form and
In the
surmise; what it will do, the fourth of
unfold. This week Wall Street has been
especially reminded of the disturbing power of Congress
by the references in Comptroller Knox’s report to some of
the crude legislation of last session.
We refer to the ques¬
tion of bank certification and the decision of the Attorney.
General that “ acceptances” are an evasion of the statute
and subject the officers to the penalties imposed by the law.
This decision was some time since foreshadowed, but it is
now officially promulgated. As a result, the National Bank
of the State of New York has perfected arrangements for
passing into the State system and at least three more of the
Clearing House institutions have taken steps in the same
of a vague
March alone can
fear
direction. It is claimed now, however, that the New
York Legisiature will pass a similar provision.
We
think there is no fear of that, for we give our people the
credit of being too enlightened to attempt to cure evils
by suppressing business.
doubt but that certification, as practiced by
The past proves,
a few of the banks, is objectionable.
however, that it is not as unsafe as it appears.
But
like this
There is no
regardless of that point', it is a practice which is necessary
departments of business, one that does not admit
of remedy by legislation, but is primarily for stockholders
in several
carried the market
64£
prices upward
rapidly as to effect*ally check the export movement and consequently there *
was no supply of commercial bills with which to meet the*
demands of bankers and importers.
Now we have largecrops and a great portion of our surplus has yet to ge
forward, and after the first of January corn in considerable quantity is
likely to be added to the*
other exports.
There is thus a good prospect for
a
steady movement of cotton and breadstuffs for the*
remainder of the season, against a very limited supply last
year, thus keeping the supply of bills continually in excess
of the demand.
Then, again, the inquiry from importers
is likely to be much lighter than it was a year ago, for the
reason that business with them is dull, and therefore they
will order goods more sparingly than they have done.
Finally, in addition to the supply of commercial bills, we
may look for steady offerings of bankers’ drafts made
against outgoing securities. Altogether, therefore, - the
outlook in the exchange market seems to be very prom¬
ising, and to indicate a fair influx of gold during coming
so
weeks.
The stock market
displayed some degree of strengthearly in the week, and there were indications from the
movement in the Granger stocks that a settlement of the
railroad war in the Northwest was expected.
A satisfac¬
tory advance was also made in the feouthwesterns, the
Northern Pacifies, and, indeed, in almost all the specu¬
lative stocks ; and it was said that the leading operators
for
a
decline had covered their short contracts,
and
were
public question, disposed to aid in moving the market upward. This
it is within the power of the associated banks to restrain change of
position was not lasting, however, . for
on
when they see fit.
Thursday the Grangers fell back, the speculators
As to the Attorney-General’s decision,
that is, of course,simply the expression of a lawyer’s opinion. for a decline again indulged in raids upon some of
When the Comptroller seeks to enforce it, we presume he the fancies, and reports were put in circulation that the
will have to prove his case first and after that confirm his railroad war would not
speedily be settled. The
traders in the room who covered their short contracts early
law by the decision of the court.
Good counsel here say
in the week took advantage of the unsettled market caused
that each of these points will be quite difficult to estab
lish. The Comptroller seems to think that a Stock Clearing- by the fall in the Grangers, and raided Denver & Rie
House ean be brought into existence through an enforce¬ Grande, pressed Union Pacific for sale, and sought to
ment of this statute.
If we do not greatly mistake the tem¬ weaken the general list by the circulation of disquieting;
So far as regards the railroad war, judging froia
per of the Street, he is in error there. Almost anything will rumors.
be done but that.
Indeed, the larger capitalists are inter, the November earnings, it is probable that it will bo
ested but little in certification, for they can get accommo¬ settled before much real damage is inflicted upon any
dation anyway.
An enforcement of the law, if it were of the roads, but, according to the judgment of tho
possible, would simply drive the smaller men out of business. majority of the speculators, the differences will not
If, therefore, Congress wishes to assist in the concentra¬ be adjusted until certain personal ends are served,
tion of money in the hands of a few, it can serve that end and
it
is
of
course
impossible
to
say how
no better than
by further legislation to the same effect as soon this result will be accomplished. The question of
this section in the Bank Extension Act.
territorial rights, which has been raised by the President
The course of fureign exchange continues to be an ele¬ of the Chicago St. Paul Minneapolis & Omaha, is by the
ment of strength in the general situation.
To be sure, the majority of the people regarded as untenable. Outside
rates were advanced on Monday, but it was only a tem¬ this question there are no radical points of difference, andporary movement and they fell again on Wednes¬ the matter of percentages of business can very easily be
day, the tone of the market now being heavy, prefiguring adjusted at a conference if the parties to the fight are
a still further
decline in the near future.
The trade ready for a settlement. The course that has been pursued
figures for October, which are commented upon at length in the matter is having a very unfavorable influence upon
in another column, exhibit an excess of merchandise
expoits the stock speculation by inducing outsiders to refrain from
over
imports of $10,278,000; and this is the first time since operating, and thus the market is left to the control of
last January that the
apparent trade balance has been in our the professionals, and commission houses are complaining
favor. A further favorable indication, is the fact that of an almost entire absence of orders. Yesterday, though
during the same month the imports of gold exceeded our the managers adjourned to to-day without doing anything
exports in the amount of $3,730,794. This latter item with the questions in dispute, the stock market evinced
shows a very satisfactory condition of the exchange mar¬
quite a little strength, and prices in some instances
ket, indicating that our foreign indebtedness has been advanced.
liquidated. Wiih respect to the future it must be borne
Money continues comparatively easy and there has
mind that the conditions now are far different from been no attempt at manipulation for the purpose of in¬
what they were a year ago. Then we had very short fluencing the stock speculation. Not even a flurry fol¬
crops and very little left for shipment after January first, lowed the announcement of the decision of the AttorneyWhile speculators,
It will b*
basing their operations upon these facts, General in the matter of bank ceitifioation.
and directors to
settle, while so far as it is
a
650
THE
natural to look for
CHRONICLE.
activity in loanable funds toward
the close of the year, as then preparations will be made
by the banks for the payment of the usual half-yearly
dividends, but until about the 20th bankers expect a
moderately liberal supply of money unless there are ac¬
cumulations in the Sub-Treasury. There appears to be no
some
urgent inquiry from the interior for funds for crop pur¬
poses, and unless therefore the
ceed disbursements the banks
Government receipts
ex¬
ought to accumulate, re¬
serve, and be in a position to respond with some degree
of liberality to the demands of their customers.
The
payments by the Treasury for bonds and interest during
the week have amounted to $1,530,085 G2.
The actual
loss by the Treasury during this period (as nearly as can
be made out from the various figures furnished by the
Sub-Treasury) aggregates about two million dollars. The
following shows the interior movement.
Receipts at and Shipments from N.
$2,029,000
71,000
Gold
$2,100,000
Total
Last week’s
was
again made
up
Considering this fact, the following will indi¬
averages.
cate the
bank return
character of this week’s exhibit.
Into Banks.
net...
Bub-Treasury operations,
Interier movement
Total
$2,000,000
Out of Banks
The
Assay Office paid $y 0,353 through the Sub-TY^^
domestic bullion, and the Assistant Treasurer
received
following from the Custom Pouse.
for
the
Consisting
Date.
u. s.
Gold.
Dec.
1..
“
4..
$411,361 49
506,548 77
525,1G0 62
“
5..
620,238 57
“
0..
464,696 24
“
7..
406,198 36
Total.
$2,934,204 05
“
'
of—
1
Duties.
2..
Notes.
$18,000
17,000
29,000
45,000
25,000
13,000
Gold
Cert if.
Silver Cer¬
tificates.
$40,000 $263,000
36,000
38.000
35,000
34,000
36,000
357,000
384,000
479,000
334,000
ffidn
aaa
ftfi
AAa
71 aaa
276,000
81,000
$147,000 $219,000 2,093,000
$473^000
OUR FOREIGN COMMERCE.
Compared with previous exhibits of our foreign trade
the belated return for October, issued this week
by the
Bureau of Statistics at “Washington, is
conspicuously fav¬
orable ; and it is evident that we have passed the lowest
Shipped.
stage in the downward movement, and that henceforward
$1,232,000
a decided change for the better will be
experienced. The
132,000
noteworthy features in the statement are : (1) an excess of
$1,364,000
merchandise exports over imports in the considerable sum
on rising of 10 million dollars, this
being the first time in nine
Received.
Y.
[VOL. XXXV.
Net Gain.
,
$
2,100.000
1,304,000
$2,000,000
736,000
$4,100,000
$1,364,000
$2,730,000
months that the balance has
been
in
our
favor ;
(2) im.
ports which though still above those of last year,
smaller than they have been for some months back ;
are
(3)
exports fully 3£ millions above those of last October, and,
with one exception, larger than for, any month since
March, 1881, notwithstanding our small shipments of corn
and
Monday there was an arrival of $50,0§0 gold by the
Servia, and this may be the forerunner of still larger
importations from Europe. Leading securities, with few
exceptions, continue to rule a little higher in London than
here, as will be seen by the following, showing relative
prices at the opening each day.
-
Dec. 4.
Dec. 6.
Dec. 5.
Dec. 7.
Dec. 8.
Lond'n N.Y. Lond'n N.Y. Lond'n N.Y. Lond'n N.Y.
prices.* prices. prices* prices. prices.* prices. prices.* prices. prices.* prices
Lond'n N.Y.
U.S.4b,c. 119*79
U.S.3%s
101-22
3604
Erie
120
119*18
101%
35%
96%
1C O '98
30-29
97 22
•
120%
101%
36%
96%
120 15
3665
120%
101%
36%
97-22
98
101 22
con.
97 22
III. Cent.
143 70
143
144-67
144
14480
N. Y. C..
12962
129
129-62
129 80
Reading
2536t
50
2b-48t
Ont.W’n
27-06
St. Paul.
100-98
27%
99%
129%
50%
26%
100
101 22
2d
27-30
100*98
25-481
27*30
145%
130%
50%
27
101%
120*40^ 120 %
101%
36-89
37%
9722
96%
101*58
120-40
101*22
36*29
9722
120%
102%
36%
96%
145*16
144
14419
144
139-84
131%
13055
130%
51%
25'97t
27
26-94
102%
101-46
27-30
102-44
25*601-
52
27
100%
Exch’ge,
4'85%
cables.
*
4*85%
4*85%
4*85%
4-85%
Expressed in their New York equivalent.
basis of $50, par value.
+ Reading on
The Bank of
England gained £158,000 bullion during the
week, but there was a loss 5-16 in the proportion of reserve
to liabilities.
The Bank of France reports an increase of
5,175,000 francs gold and a decrease of 3,825,000 francs
silver, and the Bank of Germany, since last report, shows
a
gain of 9,840,000 marks.
The following indiactes
the amount of bullion in each of the principal European
banks this week and at the corresponding date last
year.
Dec. 7,
7151,111? of
Rngln/nd
Bank of France
Bank of Germany
Total tliis week
Total previous week
1882.
Dec. 8,
1881.
Gold.
Silver.
Gold.
Silver.
£
£
£
£
20,785,037
20,879,209
38.720,710 43,795,202 25,899,05G 46,768,400
6,069,500 20,008,500
6,090,750 20,072,250
00,290,729 03,807,452 0t>io53j093 00,770,900
05,879,826 03,854,587 52,828,6c 9 06,891,803
|3gP The above gold and silver division of the stock of coin of the Bank
merely popular estimate, as the Bank itself gives no
ef Germany is
information
on
that point.
provisions ; and (4) shipments of gold to this country in even larger amount than in September, when we
noted the first specie imports since last January.
The fact of gold imports is especially interesting,
because of the active discussion that is being carried on
with reference to our ability to command an influx of that
metal, larger or smaller in amount, the disputants being
apparently unconscious of the fact that the move¬
ment is already in progress.
They have their eyes fixed
upon the British Isles and the Continent of Europe,
while Mexico and the “West Indies, especially the latter,
which trade freely with England and are usually largely
indebted to her, instead of sending gold to that country,
thence to be added to the home supply or otherwise dis¬
posed of, are now shipping direct to this country, at
England’s direction, to pay her balances here for purchases
of food and other agricultural products.
In this way it
would appear we received in September $900,000 net and
in October si;'millions, and it is clear from the statistics
for the port of New York that the current still continues
in this direction from those countries, between three and
four hundred-thousand dollars arriving here each week.
These importations, coming at a time when the merchandise
movement has only j ust begun to change in our favor, are
very important, lending, as they do, encouragement to the
idea that in future weeks England and the rest of Europe
will also be made to contribute to our supply of gold. In¬
deed, there was a small arrival from the other side this
week, the Servia bringing $50,000 gold.
Smaller merchandise imports would, of course, aid such
a movement, and there is reason to believe that these will
soon
be
on
a
much
more
moderate scale than in recent
for October is the smallest since
February; but aside from that it is clear that there are
forces at work that must tend to diminish the totals. In
the first place, last season’s crop failure increased our im¬
portation of certain articles of food, which the present
season’s excellent yield will enable us to dispense with this
year; then the contraction in railroad building, and the
months.
The aggregate
railroad material, must operate to diminish
our imports of steel, iron and kindred articles; and finally
there is a* smaller profit on business transactions than a
year or so ago, and people have not as much money to
spend on luxuries as formerly, which latter form quite an
item in our imports.
The increase over last year in the
stocks remaining in warehouses—having been on Sep¬
tember 30, $2,732,413 above, and being now, on October
31 $4,753;SS5 above 1881, showing that though, as is
customary at this season, stocks are being reduced, the
amount is being drawn down less rapidly than at the same
time a year ago—may perhaps also be taken as evidence
of a more sluggish distribution and a less active demand
for goods.
In the light of these facts, the October figures
lower
prices for
readily understood, and we give the
table of the imports and exports at each port.
will be
EXrORTS AND
(Domestic
and Foreign.)
Since Jan.l.
$
4,241,626
4,503,357
$
281,538,729
53,551,847
35,117,887
47,034,467
Orleans....
Baltimore
Boston, &c
New
'
Philadelphia....
San Francisco ..
2,407,304
28,124,219
All other ports..
Total.
Imports.
8,239,093
October.
good showing 5n comparison with the heavy
exports of last year. New York falls considerably be¬
hind, the result wholly of the diminution in the shipments
of corn from this port, the value of the same for October,
1882, being only $2S9,431, while in October, 1881, it was
makes
31 it is well to observe
3,337,905
during that period
lion dollars, and that the
ports of flour and wheat
rially the less recorded
months of the year, so
49.448,381
60,204,491
34,837,438
34,837,111
119,238,080
4,591,068 40,700,229
19,373,484 107,969,828
4,792,427
16,996,219
71,538,779 594,037,206
68,018,646 686,415,994
41,256.437 435,746,759
38,343.574 376,995,032
1,381,042 10,256,312
1,455,108 13,7 66,825
4,608,1S3 55,332,154
1,954,845 26,178.699
3,579,875 31,079,434
7,666,001 42,005,016
621,502
953,657
Baltimore
Boston, &c
Philadelphia ....
San Francisco ...
Allother ports...
5,157,807
2,530,841
4,373,515
6,366,849
8,378.198
12,087,392
64,065,724
23,350,800
37,929,1871
45,922,133'
61,260,608i637,980,193|
Total
As to the
o8,988,62S 556,214,072
export total, it is perhaps well to
off in the .value of
aggregates as much as 30 mil¬
recent large increase in the ex¬
has acted to reduce very mate¬
in those items in the earlier
that they now show a decrease of
EXTORTS OF BREADSTUFFS DURING
the ten
reiterate that
OCTOBER AND SINCE JAN.
1881.
1882.
Barley
Corn
Corn-meal
Oats
1.
Value.
Quantity.
October.
1882.
1881.
$
$
13,509
7,330
766,816
82,107
16.508
3,605,813
75,811
9,788
112,544
10,608,831
3,604,788
8,801,660
2,280,734
•
hush.
19,809
10,640
hush.
1,005,775
20,448
4,974,661
21,549
32,126
19,678
135,360
10,044,247
014,235
55,246
7,340,702
335,497
15,205,103
14,839,914
5S.227
39,353,349
1,044,817
219,013
851,194
116,741,005
.hbls.
.hush.
.bush.
Bye
.hush.
Wheat
Wheat-hour .. hbls.
.
New York
New Orleans
that the falling
corn
$
$
27,855,328 314,305,530
7,353,091 73,544.963
4,920,280
very
$1,926,005.
There is nothing especial to be said about the individual
items of breadstuffs exports in October, beyond what has
been said above with respect to corn and wheat; but in
the case of the figures for the ten months ended October
Since Jan. 1.
2,763,396
a
only about 12 million dollars from the total for
months of 1881. Following is our usual table.
1881.
October.
28,177,847
York
New
following
IMPORTS OF MERCHANDISE AT U. S. PORTS.
1882.
Exports
651
THE CHRONICLE.
9, 1882.J
December
j
Total
Since Jan. 1.
.hush,
.hush,
Corn
Corn-meal... .hbls.
.hush,
Oats
.hush,
Rye
hush.
Wheat
Wheat-hour.. hbls.
Barley
.
231,403
105,099
167,055
12,423,751
66,074,082
347,052
476,805
795,825
9,419,418
195,586
239,856
1.015.676
748,391
140.271
888,131
91,385,683 100,100,840 104.958,033
33,416,661
5,827,864
5,465,740
53,778
34,024,947
149,737,960 192.292,552
Total
present large aggregate embraces much smaller ship¬
In the provisions exports we have the same general
ments of provisions and only nominal exports of corn.
The provisions exports were but little more than one-half feature as in previous months, namely, a large decline in
those of October, 18SI, the total being $4,600,000, against all items, both in quantities and values ; but the decrease
$8,900,000, a loss of $4,300,000 ; and the corn shipments in bacon and hams is especially pronounced, amounting
to over two million dollars for October and to sixteen
were valued at less than $800,000, against $3,600,000, a
Lard also shows a
loss of $2,800,000 , or a total on these two items of over million dollars for the ten months.
seven millions, against which the
breadstuffs and flour heavy diminution. In butter the decrease is not so large
exports gave an increase of only about three millions. in amount, since our exports of that article are as yet
The question naturally occurs, then, how was this loss small, but in percentage the diminution is much heavier
overcome and
an increase in total exports established ? than in any other item.
Below are the figures.
EXPORTS OF PROVISIONS, &C-, IN OCTOBER AND SINCE JAN. 1.
The answer is not far to seek.
Cotton went out in large
the
,
previous short crop, and the comparatively
high prices ruling, induced European spinners to draw
largely upon their reserves, which are now being replen¬
ished, the mills taking advantage of the relatively low
prices prevailing.
This led to the export of 516,310
bales in October, 1882,
against only, 387,321 bales
amounts.
The
October, 1881, the increase here making good the loss
in other staples.
The breadstuffs and provisions move ment at each port is set out in the subjoined table.
in
EXPORTS OF BREADSTUFFS AND
PROVISIONS FROM LEADING PORTS.
18S2.
Breadstuffs.
October.
$
New York
New Orleans
5,693,212
1,135,986
1,616,861
1,063,126
759,067
Baltimore
Boston
Philadelphia
San Francisco
Other ports
Total.
3,419,979
1,516,872
Since Jan.l.
1881.
October.
$
63,264,471
5,969,538
$
6,765,235
20,476,228
9,918,036
1,296,566
1,019,202
7,464,308
29,071,462
13,573,917
3,552,555
1,178,939
15,205,103 149,737,960
41,558
985.809
Since Jan.l.
$
85,063,187
9,022,732
31,810,146
13,392,964
15,162,550
23.536,412
13,704,561
14,S39,914 192,292,552
Value.
Pounds.
October.
1881.
1882.
1882.
1881.
*
$
Beef, fresli
and
salted
Bacon and hams
Lard
Pork
Tallow
Butter
Cheese
10,848,271
6,343,848
30,936,3u3
24,871,142
7,987,045
2,332,885
1,060,619
6,672,537
7,139,058
13,856,350
3,230,692
2,076,235
629,224
5,993,718
Total
Since Jan. 1.
Beef, fresh and
salted
Bacon and hams
Lard
Pork
Tallow
Butter
Cheese
71,348,214
275,830,334
135,153,490
51,076,634
34,092,493
6,321,433
95,558,577
119,317,148
512,489,692
256,448,804
77,994,223
61,656,536
19,713,569
126,001,345
590,410
968,296
1,729,343
376,862
132.780
122,306
690,015
$
'
936,490
3,103,425
2,864,921
726,960
217,785
218,260
802,679
4,660,042
8,920,520
6,793,787
10.697,030
45,501,069
27,251,461
6,407,218
4,290,613
3,774,991
29,691,609
21,978,524
4,836,456
2,885,605
1,258,922
10,591,108
13,801,189
7S.036.011 111.723,571
Total
RAILROAD EARNINGS
FROM JANUARY 1
IN NOVEMBER AND
TO NOVEMBER 30.
months imme¬
There is some change
158,592 diately preceding—very favorable.
12,873
61,805
8,217
53,144
4,316,760 in the ratio of increase, this being 17 per cent this month,
Baltimore
641,051
31,252
Boston
1,649,287 20,899,350
755,070 12,567,369
5,965,341
452,572
6,270.602
Philadelphia
135,284
San Francisco
309,332 against 16 per cent in October and 14 per cent in Septem¬
30,543
329,773
42,610
Other ports
3,456,610
370,510
4,101,548
331,077
ber, but whether the percentage be larger or smaller is really
Total.
8,920,520 111.723,571 of
4,660,042 78,036,011
very little moment, the m$in fact being a steady and
It will be observed that New Orleans is taking large promi
continuous rise in the aggregates, month by month, over
nence in the breadstuffs exports, and that San Francisco the same period in 1881.
At this period of the year,
November
Provisions, <£c.
New York....
New Orleans
3,356,532
.
54,063,863
6,351,591
76,617,580
earnings are like those of the
<552
THE
CHRONICLE
•when trade and business in all their various branches are in
active progress, the traffic returns of the railroads are
quick to reflect any change in the industrial condition of
the country, and it is
reassuring therefore to find that
these returns show no signs of a diminution in the volume
•f business going on,
notwithstanding quite general com¬
plaints of small profits. The cotton movement in the
South during the month was quite full and
free, but the
jrain movement in the "West was not very large, though
it compared favorably with last
year.
General trade in
that section, however, appears to have been
good, stimu¬
lated by the excellent harvests, and there was a free in¬
terchange of commodities. The same remark also applies
to the Southwest,
only with more emphasis, that section
the
jetting
benefit not only of a large yield of cotton, but
also of a greatly increased
yield of cereals, the effect of
which is seen in the
earnings of the Southwestern roads
—particularly those in the Gould system—all of which
record very heavy gains, as the
following table, giving
♦arnings and mileage for each road, will show.
Name of road.
1882.
*
r
Burl. Ced. Rap. A No.
Central Rrancli U. P.
Central Iowa
Central Pacific
■Char. Col. & Augusta*
Chesapeake A Ohio*.
Chicago A Alton*
Chic. A Eastern III
■Chic. A Gr. Trunk!...
Chic. MilwvA St. Paul.
Chicago & Northwest.
Chic. St. P.Minn. AO.
Chic. A West Mich.*..
Cleve. Ak. A Col
•Columbia A Greeny.*
Col. Hock. Val. A Tol*
Denv. A Rio Grande..
Des Moines A Ft. I)/.
Detroit Lans’g A No..
East Tenn.Va. A Ga..
Evansv. A T. Haute..
Flint A Pere Marq*
Gr. Bay Win. A St. P.
Gulf Col. A Santa Fe*
Hannibal & St. Jos...
Illinois Central (III.)..
Do
(Iowa lines)..
fnd. Bloom. A West...
Intern’l & Gt. North..
Kan.City Ft.S.A Gult*
Lake Erie A Western.
Little Rock & Ft. s...
Little Rk. M. R.ATex.
..
Long Island
Louisville A Nashv...
Marq. Hough. & On.*
278.429
128.864
106,353
2,242,00O
§45.375
206,781
$
202.180
80.387
91,573
2,297,971
§36,025
166 654
576.108
162,008
232,695
515,593
137,473
142,951
2,072,000
2,069,287
517,595
1,569,597
2,019,038
89.987
43.963
80,975
38,000
392,921
§60,904
§50,536
573
300
225
3,167
2,775
+9,350
+ 40,127
+ 60,510
+24,535
+ 89,744
238
517
847
240
335
238
430
847
230
335
+ 502,403
+ 50,249
+ 124,674
4,383
3,464
1,085
3,010
+9,012
+ 5,963
+ 10,368
+ 10,789
388
144
296
322
985
366
144
29 b
322
3,951
—34,090
1,160
1,008
110
226
226
343,173
—2.970
+ 16,848
304.237
59.445
+38,936
51,889
116,310
136,240
44,323
190,063
249.252
579,419
172,725
256,998
371,379
110,119
133,297
90,346
44,910
170,773
1,192,390
78,528
72,410
843.973
331,490
127,928
913,334
46,266
619,655
84,899
2,821,070
§59,535
4
lo
66,224
157
345
225
482
292
919
402
684
77-i
365
385
168
170
+94,560
318
219
345
292
919
402
544
650
340
200,451
+56,547
+ 68,373
+ 17,570
+ 24,927
+ 24,980
+ 12,874
+ 29,438
328
168
170
328
+ 127,167
2,025
+ 13,827
+ 20.978
2,025
90
90
306
260
1,296
1,000
65,366
32,036
141.335
1,065,223
64,701
57,540
228,502
259,449
240,764
228,995
475,611
81,935
30,414
35,585
§188,100
105,506
64,289
687,271
284,321
78,282
508,530
33,917
§230,700
133,630
900
144
303,006
92,549
108,370
215,665
36,625
902
572,540
164,677
Metropol. Elevated..
246,468
761,324
103,463
87
+ 53,645
+ 6,879
+ 8,048
262,986
315.874
276,183
+ 7,5c6
+ 19,930
+ 2,603
41,720
95.503
195,607
295,110
Wab. St. Loik.s a Pac
Wisconsin Central *...
689
38a
244
26,477
121,992
533,956
550,569
Virginia Midland*....
<g
+ 76,249
+ 48,477
+ 14,780
-55.971
181,594
547.055
78.51K
694,169
781,258
Norfolk A Western...
Northern Pacific
Ohio Central
Ohio Southern
Peo'ia Dec.AEvansv.*
Rich. & Dauv.’
-Bt.L. A.&T.H.m.line.
Do do (branches).
St. L. Iron Mt. A So...
St. Louis & Sail Frau..
St. Paul A Duluth
St. Paul Minn. & Man.
Scioto Valley
Texas & Pacific
Tol. Delphos & Burl..
Union Pacific
1881.
192,38 i
512.965
23,507
138,8 40
Milw. L. Sh. A West..
Mo. Kan. & Texas
Missouri Pacific
Mobile & Ohio
N. Y. Elevated
N. Y. & New England.
Mileage.
i
+160,213
+230,689
+ 32,124
-12,837
+ 56,425
+35,419
+ 17,473
+ 285,713
1,419
+ 21,528
212
+ 6,211
128
—1,668
254
757
195
121
816
661
175
+ 42,600
+ 28,124
+ 8,121
+ 156,702
+ 47,169
+ 49,646
+ 404,804
+ 2,464
+ 250.134
+ 19,899
43.802
369,521
65,000
2,723,608
+97,462
+ 2,538
+ 182,159
+ 7,406
§56,997
1,343,556
o8,818
receipts of last year! Fn the
amount
increase, however, first place must this
month, as ia
previous months, be assigned to a road in the
Northwest—
namely, the Chicago Milwaukee & St. Paul, which
reports
a
gain of over half a million dollars. The
Chicago &
Northwest, in the same section, has only a small
increase
while the Chicago St. Paul
Minneapolis & Omaha, though
it does not report as
large a gain as in October, yet makes
a handsome
showing, having an increase of $124,000 or
of
about 32
per cent.
Northern has a larger
having augmented its earnings $76,000,
.
St. .Louis and the
979
528
18
14
394
'796
428
425
506
18
14
356
565
972
212
128
248
757
195
121
686
643
175
855
132
982
446
3,750
3,650
1,020
132
1,396
•
353
353
3,423
3,300
340
340
25,638,827 21,878,424 +3,760,403 46,636 42.160
Three weeks only of November in each
year,
t For the four weeks ended December 2.
§ Freight earnings only.
seen
from this that such roads
as
the Mis¬
souri
Pacific, Missouri Kansas & Texas, St. Louis & San
Francisco and St. Louis Iron Mountain & Southern are
conspicuous for their large gains, while
roads do
even
instance, has
better than these.
an
increase of
over
$250,000
last year of
only $369,000, and the
Santa Fe in the first
twenty-three
some
of the Texas
The Texas &
on
Rock
Island,
present warfare in the Northwest.
are
Minneapolis
&
those engaged in the
It will be
interesting,
therefore, to see what influence the war is having
upon
their receipts.
Papsenger rates were reduced about the
10th of the month,
freight rates not till some time later,
but the last week of the month
may probably be fairly
taken as a guide in
-measuring the effects of the strife.
we
$158,*
appar¬
ently for the conflict; the Northwest a decrease of
$38,000, but it had a decrease in some recent weeks even
before the war; the Burlington Cedar
Rapids & Northern
a gain of
$7,500, which is considerably smaller than for
any other recent week; while the St. Paul& Omaha, which
for a long time past has been
gaining regularly on last
year, in the fourth week actually fell $12,000 behind. From
the Rock Island and
Minneapols & St. Louis we have no re¬
None of the other roads in the West and North¬
turns.
west are as
not
yet involved in the conflict, so their returns do
have to be
Central
interpreted in that light. -The Illinois
for
November shows a small gain on both its
Iowa division and the main
line, while the
Chicago &
Alton, Chicago & Eastern Illinois, Central Iowa, Evansville & Terre Haute, Hannibal & St.
Joseph, and Wabash,
all record larger
earnings than in November last year.
The influence of the grain movement in the two
years is
indicated in the following table.
RECEIPTS OF FLOUR AND GRAIN FOR FOUR WEEKS ENDED NOV.
25.
385
*
It will be
or 38 per cent.
These four roads, together with the
Floiir,
Pacific, for
earnings of
Gulf Colorado &
day3 of the month
Wheat,
bbls.
Corn,
bush.
bush.
Oats,
Harley,
bush.
bush.
Rye,
bush.
Chicago—
1882
314,702
1881
161,668
Miiw'kee—
1882
423,241
1881
231,324
St. Louis—
2,947,287
1882'.... 224,466
....
$28,922
....
1881
Toledo
1882
1881
....
842,168
56,625
63,225
219,091
446,926
124,715
1,869,116
504,667
863,750
715,310
499,734
235,468
69,526
5,930
1,288,186
512,949
276,675
279,133
847,114
64,430
83,635
....
....
....
'
....
15,913
....
37,503
276,318
Clevel’d—
1882
739,552
417,200
73,520
44,705
402,869
360,279
74,844
39,422
270,349
9,116
27,620
92,316
78,008
2,566
140,997
82,659
100,016
35,938
518
568
130,080
'
3,425
84,200
8,734
10,626
16,707
11,677
6,950
139,600
136,700
99,925
2,200
5,550
6,268
17,265
31,950
1,043,700
1,076,370
596,900
448,550
57,600
56,650
68,350
....
1881
Peoria—
1882
1881
Duluth—
1882
1881
....
....
....
4.200
238.434
78,000
576,888
Total of all
*
1832
1881
656,034
8,133,770
2,949,296
....
....
....
*
960,168 267,513
.778,6531 98,653
—
Detroit1882
1881
3,280,425 2,141,810
4,008,226 1,073,358
....
....
Total
The Burlington Cedar
Rapids &
ratio of gain than either of these
find that the St. Paul had an increase of
000 in that week,
leaving the road none the worse
Increase or
1882.
Decrease.
1881.
almost doubled its
Now
GROSS EARNINGS AND MILEAGE IN NOVEMBER.
Gross Earnings.
[Vol. XXXV.
......
5,830,663 3,885,588
53,200
■•••*•
2,2o3,64lj 497,215
6,365,499 2.216,4881 1,826,65$ 256,464
1,061,023.
The roads affected
of trunk-line traffic, of
only a few minor ones are in our table, seem to be
doing fairly well, while Southern roads, under the influ¬
ence of a
large cotton crop, are recovering the ground lost
by reason of last year’s short yield of that staple. The
Mobile & Ohio, especially, comes within - this category.
Taking all the leading Southern outports, the cotton
movement exhibits a
gain in receipts of 135,000 bale*
over
November, 1881. * The gain is at Galveston, Norfolk
and New Orleans, as the annexed table will show.
which
by the
course
9,1883 J
Dbobmbeb
SOUTHERN PORTS IN NOV.,
COTTON AT
Galveston. - - • - - —bates.
Indianola, &o
New
1881.
Difference.
132,545
70,745
136,426
48,119
Ino..
61,800
Dec....
469
Inc..
35,085
Dec....
6,557
Dec....
5,040
Dec....
2,394
Dec....
628
386
Ine....
Dec....
238
Inc..
2,196
Dec....
1,8-9
Ine.... 51,249
Inc....
1,812
903,052
Inc ....135,333
283,849
54.937
3,897
157,713
v
Savannah---.-*Brunswick, &c
Charleston -----port Royal, &c
wSeCdcVtyV&o:::::
852
1.480
122,175
2,333
37,671
2,438
121,789
..
4,307
1,038,385
Total.
..
2,571
35,475
187,675
49,931
^CUyPoint, &c
..
2,838
248,764
61,494
8.937
160,107
earnings in 1882 of $257,172,130,
against $224,980,851 in the corresponding period of last
year, an increase of $32,191,279, or 14 per cent. There are
but four roads that fall below last year, and the aggregate
decreaseof these isonly $388,005. Full particulars are given
in the table below.
As to the figures of Union Pacific, an
exflanation in reference to the change that has taken
place in them will be necessary. Our figures are always
official, and yet a month ago they showed an increase fo r
the current year of over $2,100,000, while now, with
$97,000 to be added on for the gain in November, the
total increase is given at only $500,000.
The reason for
this is that shortly after our last statement came out the
company issued a report of its receipts and expenses for
roads,
reporting gross
nine months of the year, from which it appears
that instead of a gain in gross earnings of $2,138,203, as
the first
by the aggregates of the monthly estimated figures,
there was actually a gain of only $422,600, a difference
of over $1,700,000!
Inquiry at the company’s office in
this city, whence all the figures came, elicited the astound¬
ing reply that these two irreconcilable statements were
both correct, that the one gave merely approximate
shown
gave • actual
were
final they
other
figures, while the
figures, * but
of course
superseded the others, and those should now be disre¬
garded. The actual earnings for the first nine months are
accordingly incorporated in our figures for the current
year to the 1st of December. The crowded condition of
our columns this week does not permit us to dwell upon
this most remarkable discrepancy, but we will say that if
all the company’s preliminary figures are as reliable as
those for the nine months appear to have been, then they
are as worthless as they are misleading.
that
latter
the
as
GR08S EARNINGS FROM JANUARY
Name
of Road.
Burl. Cedar Rap. & No...
Cent. Branch Union Pac.
Central Iowa
Central Pacific
Chesapeake & Ohio*
Chicago & Alton*
Chic. & Eastern Illiuois.
Chicago & Grand Trunk!
Chicago Miiw. & St, Paul
Chicago & Northwest....
Chic.St.P.Minn.&Oraaha.
Chicago & West Mich*...
Cleve. Ak. & Col
Col. Hock. Val. & Tol.*..
Denver «fe Rio Grande....
Des Moines & Ft. Dodge*
Detroit Lansing & No.
Flint & Pere Marquette*.
Grand Trunk of Canada*
Gulf Col. & Santa Fe*
..
...
Hannibal & St. Joseph...
HL Central (Id. line)
»
P° ila* leased lines).
Indiana*Bloom. & West
Int. & Gt. North
Kan. City Ft. S. & Gulf*.
Lake Erie & Western
Long Islaud
1881.
Increase.
$
$
$
2,554,6 17
875.911)
1,062,949
23,708,176
2,981,241
7,293,980
1,637,240
2,044,526
18,423,000
22,110,594
4,599,843
1,328,635
466,291
2,559,063
5,906,858
310,263
1,467,624
1,881.809
1,512,305
1,352.552
2,143,150
7,301,524
.
Metropolitan Elevated."
New York Elevated
New York & N. England.
1,172,361
809,567
5.755,658
1.876,135
2,485.192
3,054,277
3,127,113
*
1,169,509
385,725
2,129,799
5,353,760
357,459
1,255,557
1,656,188
608.086
80,230
*3,203,350
*3,015,993
187,357
1,261,096
1,327,868
797,746
6,800,330
3.243,387
1,015,062
6,0.8,164
2,872,331
66,772
115,914
172,166
371,056
681,832
657,083
357.979
3,600,558
862,802
27,952,171
4,350,697
403,154
3,576,354
626,896
27,443.302
*1,237,123
15,406,406
*1,151.620
13,133,220
503,869
85,503
2,273,1S6
]257,172,130 224,930,951
32,579,284
32,191.279
493,254
& Burl...
90,100
925,772
235,906
as
earnings for October show the same characteristic*
previous months, being on the whole quite favorable.
in
Pennsylvania and the Chicago Burlington &v Quincy
very conspicuous for heavy gains.
The former in¬
creased its net during the month over $685,000, and the
latter $174,000.
The following table embraces the re¬
turns of all roads that will furnish monthly exhibits for
publication.
The
are
GROSS AND NET EARNINGS
TO LATEST DATES.
Jan. 1 to Oct.
October.
namb.
Net
Gross
Operating
Earnings Expenses. Earnings
!
$
Buffalo Pitts. & West .1882
1881
Do
do
Burl. Cedar Rap. &
Do
do
92.015
63,189
No..1882
300,155
221,743
1882
1881
non
1881
'
414 439
30.577
124,0191
559,360
2.276.188
Louisv. & Nashv
Do
do
.1882
1SS1
1.212,155
1,002,950
.1882
1881
118,218
101,736
St. Louis 1882
1831
do
Norfolk & Western... ..1882
1881
do
Do
180,319
172,121
272,318
240,530
.1882
1881
550,225
449,664
Improve’mt Co. 1882
435,608
Penn, (all lines east o f
.1882
Pitts. & Erie)
1881
Do
do
4.600.054
2.619.343
2.317.940
Marq.
Hough. & On...
do
Do
Nash. Chat. &
Do
Northern Central
Do
do
Oregon
•19.771
11.824
280.750
32,594
711.678
583,490
7,407
503,322
419,460
333,982
10,552.731
58.284
01.934
35,438
102.711
108,120
66,298
64,001
1,565,359
1,750,072
119.689
152.629
147.994
1,832,594
888,13*
370.322
206,114
79,342
4.971.502
4.479,915
282,112
153,550
2,801,908
1,946,939
1,827,80?
974,41*
98,530
344,111
9,125,360
77,608
1,943,745
.1882
do
Do
1881
Philadelp’a & Reading. 1882
1881
Do
do
Phila.& Read. C.& Iron.1882
1881
Do
do
1881
do
Do
West Jersey
do
Do
3,072,97a
397,104
292,392
2 229.513
1,989,948
1,592.217
1,441,674
132.935
Utah Central
1882
18K
137,650
83,137
71.839
NAMB.
Gross
18^2
1881
do
$90 346
65,360
Gross
$
Louisv. N. A. & Chic.
Do
do
Union Pacific
Do
3.306.318
1,228,84*
201.584
90,8081
2,887.459
1,105.902
1.104,110
1,123,5511
17 782.478
892,911
7,883,891
238,824
1.444.268
1,295,240
50,401
44,0 L7
55100
45,310
158.340
885,832 10.909,623 7,604,98*
830,121
147.949 12,371.464
950,499
140,434 ll,2373.303
725,81982,534
1,255,211
93,033
429,30*
28.037
968,0921
•
26,529
Operating
$31 346
8L9c5
...1882
do
200,696
135,990
146,843
98,255
1881
1882 3,170,315
1881 3,119,449
#59 000
33,’ 381
289,192
251.184
816,222
1,230,676
268,273
190,663
389,702
557,234
12.
54,699
86,554
63,703
1,200,592
1.329,407
•
•
80.
Net
Earnings Earning*
$
Jan. 1 to
Gross
Net
•
381,454
Gross
Net
$
Sept.
SO.
Net
Earnings Earnings
$
1*28,637
81,291
00,289
34.552
1,909,7,3 21,972.704 10,491,78*1.790.042 21.550,164 9,7-9.24.1.
aie
the first three
overland cotton
This statement-
months of the season.
MOVEMENT TO DECEMBER
1, 1882.
overland during November show
with the corresponding month of
1881, the excess being 15,656 bales ; but for the three
months the figures reach only 348,532 bales, against
402,319 bales for the same period last year, being 53,787
bales in favor of 1881.
The net movement for the month
is, however, largely in excess of November, the figures
reaching 150,255 bales, against 94,827 bales in 1881, or
increase of 55,428 bales. For the three months, the net
The gross shipments
an increase as compared
84,097
$
72.059
•
Jan. 1 to Nov.
able to-day to bring down our
movement to the first of December.
We
OVERLAND
305,304
1,559,896
including Great Western since August
Operating
861,7141
• •
CONSUMPTION AND 0 VERLANH
COTTON
MOVEMENT TO DECEMBER 1.
covers
602
220,905
90,403
141,516
459,772
168,633
436,38?
655,34*
693,803
877,619
2,040.711 40.548 8.32 15,045,21*
1,355,031 30 552.212 14,750,837
November.
Gal. Har. & San An.... 1882
Do
do
1881
225,621
3,970,979
.606,556
1881
Phila. & Erie
•
8,290,68*
8,664,651
89,539
15,70f
3,992,08*
241 340
188 859
40,061
& Ft. D..
1,307 056 17,3 >4,323
1,132,724 17,454,832
185 1"4
225 630
963.388
784,02?
496,951
71,003!
898,277
$
802.446
201,714
1,824,014
150.745
1881
Des Moines
Do
Earning*
31,612
170,130
.1882
1881
do
Do
Earnings
$
741.080
do
& Quincy.. .1882
Net
$
45.628
2,270,444
2,031,001
31.595
Chic. Burl.
31.
Gross
$
46.387
Earnings Expenses. Earnings.
47,196
383,005
Net
Name.
212,067
.
Three weeks only of November in each year.
Includes freight earnings only in November.
Do
Three weeks only of November in each year.
IianSary
* to December 2.
5 io November 18, and
*
688.316
4,502,126
Total
Net increase
340.884
621,990
8,011,255
Virginia Midland*
Wabash St. L. & Pao
Decrease.
2,116,862
1,010,497
159,126
80,566
429,264
553,098
448,736
Milw. L. Shore & West’n.
Mo. Kansas & Texas
Missouri Pacific
Mobile & Ohio.
621,224
3,251,813
884,197
2,062,895
6,150,870
1,672,052
2.294.947
2.481.948
1,343,672
1,268,455
1,837,846
10,190,583
883,169
558,383
4,939,436
6,070,848
2,144,408
2,294,529
2,664,575
2,569,879
11.750,479
..
*1,423,302
1,332,933
2,063,49 7
6,371,775
2.941,720
Scioto Valley
Texas & Pacific
Toledo Delphos
Union Pacific
2,74 5,583
962,964
Earnings Expenses. Earnings
549,970
539,834
149,902
11,613,763
1,762,455
.
197,458
1,839,256
629,909
2,436,463
..
528,393
15,171,187
19,993.732
3,589,346
¥
123,624
2,061,589
3,720,499
September.
10.983,854
Louisville 4c Nashville..-
Marq. Houghton & Out.*
2,026,224
881,683
865,491
21,868,920
2,434,271
6,754,146
1,487,338
DeireaM.
$
2,190,213
6,466,082
Norfolk <fe Western
Northern Paoiflo
Ohio Central
Peoria Dec.& Evansville*
Richmond & Danville*
St.L.A.&T. H.mainline.
Do
do (branches)..
8t. L. Iron Mt. & Soutli’u.
St. Louis & S. Francisco
St. Paul & Duluth
St. Paul Minn. & Man
1 TO NOVEMBER 30.
1882.
Increase.
1881.
1982.
1882 AND 1881.
1882.
2,369
Orleans
Mobile
Florida
653
THE CHRONICLE.
an
654
totals
THE CHRONICLE.
fVoL. XXXV.
244,112 bales in 1882, and 220,910 bales in 188,124 bales. To determine the
portion which has
gone
1881, the excess in favor of this season being 23,202 into the hands of Northern
spinners
during
the
bales. The details of the whole amount forwarded overland
same
period, wre have prepared the following.
up to December 1, this year and last year, are as follows : Total receipts to December
1,1882,fas above
bales. 2 735 04
Stock on hand commencement of
OVERLAND FROM SEPTEMBER 1 TO DECEMBER 1.
year (Sept. 1, 1882)—
’ * 49
At Northern
are now
ports
1882.
Since September 1
From St. Louis
shipped—
..
141,152
123,226
4,896
43,131
49,948
1,516
12,619
20,452
21,729
5,399
27,682
18,745
1,263
3,145
40,136
10,376
33,455
16,877
53,043
4,902
3,421
348,532
402,319
Over Illinois Central
Over Cairo & Vincennes
Over the
Mississippi River, above St. Louis
Over Evansville & Terre Haute
Over Jeffersonville Madison &
Indianapolis
Over Ohio &
Over
Mississippi Branch
Louisville Cincinnati & Lexington
Receipts at Cincinnati by Ohio River
Receipts at Cincinnati by Cincinnati Southern....
Over other routes
Shipped to mills, not included above
Total gross overland
......
67,068
39,438
2,232
Deduct—
Receipts overland at New York, Boston, &c
Shipments between (or South from) Western in-
91,705
120,985
1,236
3,865
terior towns
Shipments inland (not otherwise deducted) from—
Galveston
New Orleans
Mobile
9S.892
At Southern ports
21,330-1.20,722
At Providence, &c.‘, Northern
interior markets
3,510-
1881.
.
50
4,684
37
1,321
45,313
10,530
Savannah
Total supply to December 1, 1882
Of this supply there has been
exported
to
Less
Stock
Charleston
>
hand end of month (Dec. 1, 1882)—
At Northern ports
;
hales 86,333
At Southern ports
678,503
Providenee, &c., Northern interior markets..
264
598
Total to be deducted
101,420
1,249
3,492
220.910
244,112
Tliis total includes shipments to Canada
by rail, which since Sept. 1,
18S2, amount to 10.C23 bales.
*
353
—
764,836
11,727—2, 147,283
712,998
90.000
Taken by Northern spinners since
September 1, 1882
Taken by Northern spinners same time in 1881
622,998
639,787
Decrease in takings by Northern spinners this
year, .hales.
The above indicates that Northern
December
up to
decrease from the
taken
1
last
year’s
figures for
with
consumption
the revision
in
the
In the
have
foregoing
OF
we
CROP
NOW
IN
bales.
Our
revised
are
in
receipts at City
Point, &c.
AMOUNT
66,789
spinners had
622,998 bales, a
corresponding period of 1881 of 66,7S9
181,409
Leaving total net overland*
10,623
Total takings by spinners since
September 1, 1882
Taken by Southern spinners
.
Virginia ports
860,281
1,420—1,359,741
on
accordance
North Carolina ports
2
foreign ports since Sept. 1,1882. .1,361,161
foreign cotton included
Sent to Canada direct from West.
Burnt North and South
At
*
;
124 o32
SIGHT.
have the number of bales which
already been marketed .this
additional fact of interest is
in
sight
year and last year. An
the total of the
crop which
December 1, compared with a year ago.
point by adding to the above the stocks
Receipts at the ports, as our weekly statements have
remaining at that date at the interior towns, less stock
very clearly indicated, show a gratifying increase when
held by them at the
beginning of the season. In this
the lateness of the
present crop is considered, the total manner we find the result for
the two years on December
excess for the three months
being 144,922 bales. The 1 to be as follows.
export movement has also been very free, the increase
during the month reaching 245,816 bales, the total for
1882.
1881.
three months being 1,361,161
Total marketed, as above
bales.
2,736,049
bales, against 1,040)961 bales Interior stocks in excess of
2,547,925
Sept. 1
250,000
310,000
for the
corresponding three months of 1881, or 320,200
Total in sight...
bales
2,986,049
bales more than for the same
2,857,925
period a year ago. Our
This
indicates
that
the
increased
movement up to this
usual table of
receipts, exports and stocks for the two date of
the present year is 128,124 bales.
seasons is given below.
was
RECEIPTS, EXPORTS AND SPINNERS' TAKINGS.
on
We reach that
WEIGHT
Movement
Exported since Sept. 1, 1882, to—
from Sept.l, Receipts
since
Sept.
1882, to
Great
Conti¬
Dec. 1, ’82. 1, 1882. Britain.* France.
Total.
nent.
Galveston
.
Ind’n’la,&c
N. Orleans.
Mobile
Florida
Savannah
....
.
Br’nswc,&c
Charleston
Pt.Roy.,&c
Wilmingt’n
M’reh.C,&c
348,560
10,074
539,257
150,630
5,292
■428,019
3,989
96,476
18,581
32,410
147,467
103,486
160,664
85,798
116,754
363,216
254,272
33,180
16,623
103,683
153,491
91,921
9,446
60,403
110,120
101,858
299,827
40,271
5,167
63,783
4,827
CityPt.,&c
126,093
100,172
22.662
10.882
.
Pliila., &c..
”1.500
12,199
350,634
Boston
Baltimore
46,252
4,650
18,141
190,244
52,137
50,912
26,983
1,868
17,052
72,217
1,294
22,706
750
13,695
127,961
110,882
279,513
52,137
74,942
27,733
receipts
up to
December 1, we give below our usual table of the
weight
of bales.
We give for comparison the
figures for the
same
time last
season.
Same
Three Months ending December 1, 1882.
19,558
81,932
56.076
1,431
13,648
15,178
Texas
358,634’
Louisiana
539,257
Weight in
Average
Weight.
Pounds.
*
186,319,623
520-92
503-17
490-60
465-00
49500
Alabama
150,630
75,315,000
500-00
Georgia*
437,301
South Carolina...
304,994
487*87
486-66
450,806
47734
Virginia
,633,474 122,549 279,938 1,040,961
Great Britain exports include to (he Channel.
937,006
North Carolina...
68,610
Tennessee, &e....
425,817
2,736,049
1,354,173,532
Using the facts disclosed by the foregoing statements,
shall find that the
Total
*
Average
Weight.
261,559,484
764,836
800,071 148,799
period in
1881.
Number of
Bales.
412,291 1,361,161
2,401,937
'Pbtal 1881. 2,257,015
we
exact measure of the
a more
213,346,039
148,428,380
213,187,736
32,711,875
217,805,395
Total
*
BALES.
20,476
Norfolk....
New York.
To furnish
Stocks
Dec. 1.
OF
472-50
.
462-90
476*78
475-13
467-55
511*50
475*00
494 93
475-50
Including Florida.
portion of the crop which has reached
It will be noticed that the movement
through the outports and overland, and the
up to December 1
shows an increase in the
Southern consumption since
average weight as compared* with
September 1 this year and last
the
same
year, is as follows.
period last year, the average this year being
a
market
494*93 lbs.
1882.
Receipts at the ports to December 1
bales.
Net shipments overland
during same time
....
Total
receipts
bales.
flouthern consumption since
September 1
2,401,9"—
244 ’ 1**12
2,646,049
same
2,257,015
220,910
per bale,
time in 1881.
THE
COTTON
Trade has been
against 475*50 lbs.
GOODS
TRADE
IN
per
bale for the
NOVEMBER.
quiet during the greater part of Novem¬
ber, and the tone of the market weak, with a drooping
Total to December 1
bales.
2,736,019
2,547,925
tendency. Medium grade bleached goods were marked
The increase in the amount of cotton
marketed during down £c. per
yard in some cases, and some tickings
the first three crop months of 1882 is
thus seen to be declined from
-J@lc. Brown goods and wide sheetings
90,000
2,177,925
70,000
December
THE
9, 1882. J
CHRONICLE.
nominally unchanged, but some makes have been
placed “on memorandum” with the understanding that
they will be charged up below present prices. The stock
of print cloths is being materially reduced and prices close
firm with an upward look.
are
1880.
1831.
3 8S2.
Print¬ Sheet¬
CotV n Print¬ Sheet¬ Cotrn Print¬ Sliect- Cotrn
low
ing
ings,
low
10*8
3*60
8*4
like
IU‘ig
O
10^16
10116
3*69
3 09
S...
3-69
1.
2.
3.
4.
5.
6.
7.
8.
9.
lie,..
x i
uio
C <7
like
like
like
8*4
34
..
3-69
3 0,3
3-63
3-63
S...
3-63
10
10
10
10.
11.
12.
13.
14.
15.
16.
17.
18.
91316
84
day
8*4
8 Li
84
8^
..
91516
8 Li
8 Lt
10
101,6
10*16
1 O' 16
io*8
19.
20.
21.
22.
23
24.
25.
26.
27.
28.
29.
30.
ings,
low
ing
4
4
Sk
10k 6
44
4
4
634
834
ings,
ing
mid¬ cloths, stand¬ mid¬ cloths, stand¬ m id- cloths, stand¬
ard. dling. 64x64 ard.
ard.
64x64
0
1x04
dling.
dling.
^OV’BER.
-
m
m
•
.
..
lO^iA
10*8
ids
10*3
10*3
10*3
10
8*4
8*4
8*4
8*4
3 03
3 03
3*G3
363
8...
3*63
3*63
3*63
3*65
3*67
3*69
"
*8 Li
8*4
3*4
8 Li
8*4
84
3*69
3 69
3*69
Holi
..
S...
4
8k
..Iloli day
like
4
1
Ike
like
like
11^16
4
i
4
4
4
like
like
4-ke
4*16
11*3
44e
Ike
4ke
1 1*3
like
•Ike
84
like
.
..
.
8...
..
4*8
4*8
44
10kc
4ke
4*16
lOl^iR
43) 6
44
4*16
4*16
4
8k
8 34
8k
8
S
8
8
16
..s!
4:* to
8...
8
8
43 is
to»lG
10°g
..
8
8
8
8
8
S...
104
i04
104
8 34
8\
8
4%
4.4
44
44
4*3
4*8
104
104
104
8k
8k
8 34
8k
834
day.. like
.
10 * k i*
..
llkrt
.
104
104
44g
4*16
84
.
438
like
.
Holi
like
7-
lb
8
8
8
day
U»IG
4° IQ
iiko
43s
8
ll»10
433
8
!
..
8
1
prices are—For cotton, low middling upland at New York
printing clotlis, manufacturers’ prices; for sheetings, agents’ prices
which are subject to an average discount of 5 per cent.
The above
for
THE CENSUS
purpose than a mere compilation of
the lesson between the columns, is of
So far
made to
BUREAU AND PHILADELPHIA.
that greater
as
figures, and who can read
the utmost interest.
the returns of the cotton manufacture which
me are
concerned, you will remember that they
were
never
left my charge until you
the Census ; they were
had ceased to be the Superintendent of
then sent to the central office, where
they were subjected to the most minute revision by Mr. Wil¬
liams, the able head of the Department of Manufactures; and
I may here say that I became almost impatient at the delay in
the final publication, which was caused by the careful revision
of Mr. Williams upon minute points which were not deemed by
of any great
relative importance, but were deemed essen¬
by the Department.
Now, in proof of tlie main facts, both in the cotton and
woolen census, I beg to recall to your mind the co'urse which
was pursued by me.
The Census year ended June 30, 1880.
The commercial cotton year ended Sept. 1, 18S0. After I had
received all tlie data for the Census year as to the consumption
of cotton iu specific cotton mills, and in the special class which
was included by me under the head of special cotton manufac¬
tures, and after I had added the consumption of cotton in
woolen mills, furnished by Mr. George W. Bond, I found that
the total consumption in the Census year fell considerably short
of the most reliable data respecting the consumption of cotton
in the commercial year, as given by what I considered the best
authority, to wit: The New York Financial Chronicle. I there¬
me
..
8
8
8
8
43s
i'-'ke
8k
8k
8k
..Holi day
114
L14
8 Lt
8k
8k
Sk
8k
S...
..
114
114
114
.
..
S...i
..
11ke
43s
4°8
10*3
!04
104
10*3
834
4
..
7k
day
RSk
655
tial
fore called for
a
second return of the cotton consumed in the
commercial cotton year
from so large a proportion of the prin¬
cipal mills, both North and South, as to give me a rule by
which to compile the increase of consumption in the commer¬
cial year as compared to the[Census year. With the assistance
of Mr. Bond I had been able to account for 1,705,012 bales
Bond afterwards found 5,540 bales more
woolen mills; and by the rule which I
ond return from the mills using more
which
;
Mr.
used in
were
had established on the sec¬
than
one
half the cotton
I was
consumed in the United States for the commercial year,
importance has been given justified in adding 30,221 bale.s, thereby reaching substantially
charges of inaccuracy in the Census manufacturing these conclusions, namely: that in the Census year 1,710,000
statistics of Philadelphia than the occasion demands. bales had been consumed; and in the commercial year
We could be easily convinced that in a work of such 1,740,000.
The estimate of the Financial Chronicle for the commercial
magnitude there were errors; but when it is stated that
year was that the consumption had been 1,760,000 bales. The
General Walker or Mr. Atkinson or Mr. Brown are
It
seems
to
us
the
difference is 20,000 bales
only
as
compared to this commercial
capable of intentional perversions, the charge refutes statement, but the estimate of, consumption by the Superin¬
itself.
Still, good has been done by the discussion, as it tendent of the National Cotton Exchange of New Orleans wa3
has shown how much care was really taken, and how 1,705,334 bales in the cotton year ending Sept. 1, TS80.
I
accounted for 35,000 bales above this estimate.
many precautionary measures were adopted, to shut out
(I understand from Mr. Bond that he accounted for a con¬
the possibility of error, especially in the particular in¬
sumption of wool equal to the largest commercial estimate.)
stance which has been criticized.
The following letter, in
I accept the estimate of the Financial Chronicle as being
this view, is a welcome contribution to the history of the nearest the
mark, because there is an admitted and very
matter, and we gladly make room for it.
large use of cotton in mattresses, carriage cushings,
Boston, Dec. 4, 1882.
Gen. F. A. Walker, late Sup't of the Census:
Dear Sir.*—The personal charges made by Lorin Blodgett,
impugning the integrity of your Census work, may be with
perfect safety passed by you and by your assistants in silence.
But in regard to the charge that the Census data of Philadelphia
are incorrect, a
reply is perhaps expedient; and inasmuch as it
is made by one whose statistics have heretofore been received
with some consideration, irrespective of character, an answer
may rightly appear from both yourself and your assistants
During the war I bought
first-class hotels, and sub¬
stituted hair for the cotton which was contained in them, at less
price. The amount of cotton used in this way can hard¬
ly be computed.
It is, however, .cotton which has been
baled, which has been counted in the commercial crop, and
which was included in the statement of The Financial Chroni¬
cle. I am of opinion that it accounts tfor the difference in the
Census results and The Chronicle estimate. If this be so, yon
will observe that the data of both the cotton and woolen census
whose work has been questioned.
of error has been made especially
justified by this method of proof.
that this is but one of tlie methods adopted to
justify our figures ; and I may add that had I been aware of
the close attention to minute details which the acceptance of
the office of special agent imposed upon me, you would hardly
have been able to obtain my consent to do the work.
If this communication is of any service to ycu, you may make
suck use of it as you see fit. Sincerely yours,
the textile factories of
It happens that the charge
regarding the statistics of
Philadelphia; and it happens that the
Census data respecting textile fabrics, especially cotton, have
been subjected to a proof of
their accuracy to which perhaps
no other branch of
industry could be subjected.
Before giving the proof of substantial accuracy both in respect
to the cotton and woolen census,
permit
me
to say that Phila¬
furniture, and in other
upholstery.
the contents of the mattresses of two
are
I need not say
Edward Atkinson,
delphia
was considered by me a place of special interest, and
that my own returns from that city were kept separate and were
tabulated separately, in order that I might be absolutely sure
of
covering the ground.
My reasons for this purely exceptional
course with
regard to this particular city were as follows : The
system of selling land upon terminable ground rents; the vast
extension of building societies; and the exemption of tools and
machinery from local taxation, have given Philadelphia pre¬
eminence in many branches of manufacture, and in the diversity
of her work she excels most other cities of this
country. It is a
place which, to one who compiles statistics for some other
Late
Bales of cotton
Special Census Agent on Cotton Manufactures.
consumed in specifto cotton manufactures in
Census year
-
1,570,3-14
special worn
Bales consumed iu woolen mills
Increased consumption in the commercial year ending Sept. 1,
as compared to Census year
Bales consumed in
Consumption of commercial year as
Estimate New York
40,597
93,611
30,221
proved by the Census. 1,740,773
1,760,000
Financial Chronicle
Estimate National Cotton
Exchange
f,705,334
656
THE CHRONICLE,
[Vol. xxxv.
cured notes of the company September 30, 1882,
amounted to
$422,900. These notes have since been reduced to $80,000
Jmresttwjents
net
yet due, but which will be paid at maturity from funds in tho
hands of the Treasurer. The last payment is due
February 8
1883, and after that time the company will have no
floating
AND
STATE, CITY AND CORPORATION FINANCES.
debt.
The Investors* Supplement contains
a
complete exhibit
At the close of the fiscal year, September 30,
1882, if th®
company had received from the subscribers for the State’s
stock
the amount of their subscriptions, and had paid
therefrom it*
entire unsecured floating debt, it would have had in its
of the
Funded Debt of States and Cities and of the Stocks and Bonds
,
posses¬
of Railroads and other Companies. It is published on the last
Saturday of every ciher month—viz., February, April, June,
August, October and December, and is furnished without extra
charge to all regular subscribers of the Chronicle. Single copies
are
sion, available for making permanent improvements
daring the
current year, funds to the amount of
$250,000; due from the
trustees under the Hartford Providence
& Fishkill
mortgage
about $75,000; amount since awarded for that
portion of Woon¬
socket division to be sold to Boston & Albany,
$415,000; total*
$740,000.
It also has on hand, unissued, 3,258 of its second
mortgage bonds, which at par would amount to $3,258,000*
making the means of the company available for permanent
improvements $3,998,000. * When the improvements which th®
expenditure of this amount will pay for are completed, thi*
company will have mortgages on its property to the amount of
$15,000,000, the annual interest on which will amount to about
$1,000,000.
The earnings and expenses, and income
account, during th®
last two years, were as follows :
sold at $2 per copy.
ANNUAL
REPORTS.
New York & New England.
(For the year ending Sept. 30, 1882.)
The annual report shows that the gross earnings of the com¬
pany for the year were $3,302,789, an increase of $610,415, or
22*6 per cent, oyer those of the previous year. The
average
number of miles from which the earnings were derived the pre¬
vious year was 325 and last year was 380. In addition to the
earnings
as
shown, the
company
received for
a
EARNINGS AND EXPENSES.
Earnings—
portion of its
acqpunt, and has been expended in improvements at other
points on the road. The revenue from local freight busines-s
1,420,758
242,030
Total gross earnings
expenses—
Maintenanee ol way, &c
Motive power
Maintenance of cars
Transportation
have
$426.22*
<>26,760
124,652
'.
671,840
72,317
66,463
Total
322,184
1^5,584
838 32*
117,916
86,80®
.$1,913,615
$2,477,539
778,559
825,259
Net earnings
freight carried during the fiscal year was 1 *77 cents, while for
the previous year it was 2*20 cents, or a decrease of *43 of a
cent. In January last, connection was made with the New York
Lake Erie & Western (Erie) Railroad at
Newburg, by the trans¬
fer steamer William T. Hart, carrying
twenty-four cars, and
costing $176,995, and business was thereby immediately opened
293,276
$351,783
Taxes
General
during the pre¬
vious year, owing largely to the late destructive war of rates
between the trunk lines on all through business to and from
the West. The average rate per ton per mile received for the
1,837|89®
$3,302,789
*■.
expenses
1881-8*’
$1,171 621
$2,692,374
Operating
coal tonnage increased from 193,944 tons in 1881 to 274,335 tons
in 1882, or 4T45 per cent. The expenses during the
year
$1,029,586
Mail, express, &c
increased 26T5 per cent, and from foreign freight business
31*58 per cent. The passenger revenues increased 16*01
per
cent from local and' 8 5 per cent from foreign business. The
been greater in proportion to the earnings than
1880-81.
Passenger
Freight
Hartford grounds $69,879, which sum was credited to
property
INCOME ACCOUNT.
Receipts—
1880-81.
Net earnings
Other receipts
$778,559
Total income
$892,553
113 994
Disbursements—
Rentals paid
Interest on floating debt
Interest on funded debt
with that road and its connections. The
report refers to the
increase of the through freight business of the road, and of the
$74,296
.
52,518
537,625
12,610
1881-82.
$825,259
152.169
$977,42 £
74,965
77,209
714,002
necessity for holding back certain classes of freight in Novem¬ Miscellaneous
14,119
ber until additional sidings and yards that were under
way
Total
disbursements
could be completed. It says that “These
$677,019
$880,294
sidings could not be Balance,
built until after the sale of the State’s stock in
surplus
215,504
97,134
August. Since
that time 23 miles of sidings and yard-tracks have been com¬
New York Providence & Boston Railroad.
pleted at different points, while 11*01 miles are now under con¬
(.For the year ending September 30th, 1882.)
struction and will soon be completed. The
management feels
The
confident that, when these are ready for use, it will be able to
report of Mr. S. D. Babcock, the President, says: “No divi¬
dends have been received from the steamship company, yet the
transact promptly all the business that is
offered; but it is
clearly of the opinion that the business of the road cannot be gross income is larger than for any previous year in the his¬
done in the best manner without the
double-tracking through¬ tory of the road, and is $107,£32 in excess of last year. The
out its whole length,
certainly not without a double track from drdinary expenses of operating the road—including $5,228 for
Boston to Hartford. The directors,
therefore, have resolved to extraordinary—amount to $593,702, or 55% per cent of the re¬
continue this work so long as the available means on hand will ceipts; and, in addition, a further sum of $96,868 has been ex¬
allow, and as second mortgage bonds can be advantageously pended for new engines, new cars and real estate. * $ As was
suggested in our last report wrould be done, a provisory charter for
disposed of for this purpose.
It is proposed to let the contract for the extension from Put¬ a bridge across the Thames River at New London was obtained
from the Connecticut Legislature at its last session, and
nam to Willimantic, 24 6 miles, at an
during
early day. Completion of
this section will give the company 78*4 miles of double track. the summer preliminary work, to determine the best location for
A compromise has been effected with the State of Massachu¬ the bridge and the approaches thereto, was carried on, and
setts in regard to the
purchase of South Boston Flats, by which is still being continued. When completed, plans and estimate*
will be made, and the former, in accordance with the terms of
it is agreed that the sum due the State is
$100,000. This amount
the charter, will be submitted to a board of Government offlthe company is to pay in ten
years, with interest at five per cent
from the date of the agreement. The increase in business the officers for their approval; after which, if obtained, the
past year required a corresponding increase in its equipment; work of construction may commence.”
Below are the earnings and income for two years :
and it was decided to purchase this
through what is known as
“The New England Car Trust.” The railroad
EARNINGS AND EXPENSES.
company agrees
to pay a rental of 6 per cent on the cost of the
1880-81.
1881-82.
Earnings—
equipment, and Passenger
1
to pay for the rolling-stock itself in ten
$522,764
$562,00®
instalments
yearly
of 10 Freight
366,072
432,80*.
per cent each.
Mail, express, &c
'
6s,o82
6s,a82
70,842
The trustees under the
mortgage made by the Hartford
Total gross earnings
Providence & Fishkill have received a rental, and now have in
$957,713
$1,065,650
Operating expenses, incl. construction & taxes. 602,473
690,571
their hands abont $90,000
belonging
to this company, to be paid
over to it as soon as the
question of compensation of the trustees Net earnings
$355,245
$375,079
is disposed of, which will
probably be at an early date.
INCOME ACCOUNT.
The sale to the Boston &
Albany of that part of the Woon¬
1880-81.
1881-82
socket division between Brookline and Newton
Highlands, about Net earnings
$355,245
$375,079
5*3 miles in length, was made for
Disbursements—
$415,000, the price determined
by Albert Fink, to whom the question of valuation was Interest on debt
$79,304
$78,402
Dividends
v
‘
referred.
The sale of the State’s stock in the road to
the company is referred to in the
report.
The State
•f Massachusetts agreed to sell its
34,750 shares of stock for
fifty cents on the dollar, and to receive in exchange therefor
second mortgage bonds at
par.
It was also provided by the act
that the New York & New
England
stockholders should have
the right to take this stock in the
proportion
of the number of
shares held by each,
paying therefor fifty dollars per share.
The stockholders availed themselves of this
privilege and bought
33,830 shares of the stock,
leaving only 920 shares in the
sion of the
company. The result of this sale
the sale of $1,737,000 of the
second mortgage
posses¬
equivalent to
bonds of the comPany^t par. The proceeds of this sale, ana also of five bonds
in addition sold at
par, have been and are being used to pay
the floating debt of the
company, and for making permanent
improvements
on
the line of the road.
The
was
outstanding
unse¬
Total disbursements
Balance/surplus
240,000
240,000
$319,304
$35,941
$318,402
$56,677
Northeastern Railroad (S. C.)
(For the year ending Sepi. 30, 1882.)
At the recent annual meeting in Charleston, S. C., a resolution
was adopted that the board of directors be authorized to exe¬
cute a mortgage for $1,836,000, bearing 6 per cent interest, t®
be used for the purposes designated in
dent.
The annual report of the company’s
on the 30th Sept.,
The gross receipts have been
year
The
closing
operating
Balance
expenses
the report of the Presi¬
operations for the fiscal
1882, contains the following
:
—$560,22(9
354,085
$206,146
December
THE CHRONICLE.
9,1863.]
Comparing these results with those
Ihe following results are shown :
Operating expenses
The increase in
1880-81.
Increase.
$333,686
$52,455
1o§n??
2o,ujd
128,883
17,169
22,190
5,845
$560,229
$184,759
$75,469
141
passengers
Mails
..
-
receipts
over
^Disbursements
Interest
1880-81.
-
354,083
330,956
$206,146
$153,803
$96,288
$96,000
57,600
Total disbursements
$96,238
$153,600
$45,558
$28$
Balance, surplus
Mississippi & Tennesssee.
23,127
$52,342
those of the preceding year is
explained, mainly, by the larger volume of business controlled
by the road, through its close connections with adjoining
roads, together with the improved facilities for handling it, and
not from any material advance on previous fares or freights.
The operating expenses proper, say $354,083, have been
heavier than usual, owing to the larger expenditures upon the
permanent improvements of the roadway and its superstruc¬
tures, besides which, there was expended for steel rails, addi¬
tional equipment, and further improvements at the Charleston
terminus, the sum of $319,534. The preferred stock has been
retired.
1881-82.
debt
on
Dividends
1881*82.
Reseiots—
iS5
Balances
of the preceding year,
657
(For the year ending Sept. 30, 1882.)
The road of this company is 100 miles in length, from Mem¬
phis, Tenn., to Grenada, Miss. The funded debt was increased
by $96,129 during the year.
The earnings were as follows :
1881-82.
$289,020
106,441
11,190
1880-81.
$359,581
121.400
11,199
Total
$406,651
Expenses (62 50 p.c. in 1882, and 60 52 in 1881) 254,159
$492,186
*
Freight
Passage
.
Mail, &c
Net
earniugs
$152,492
297,840
$194,346
Vice-President White’s report says : “ The great falling off
in both our gross and net receipts was caused by the partial
floating obligations, held mostly by stockholders failure of the cotton crop in this section. We did not transport
is proposed half as much cotton last season as the year before. We are
consolidated 91,137 bales short. While the receipts of the company are not
mortgage to the extent of $18,000 per mile of its road, to cover what we would like, we consider them good for the condition of
an issue of $1,836,000 in 6 per cent bonds, to mature ou the 1st
our country after such a crop.
* * Since the date of the re¬
of January, 1933. Of these bonds, $1,142,000 would be reserved port the large debt due the State of Mississippi has been paid.
to meet that amount in the present outstanding first and second Receipts for the month of October this year are about $19,000
lien bonds of the company, due on the 1st of January, 1899, the more than for October of last year. The present season’s busi¬
balance of $694,000 to be appropriated to the liquidation of the ness is likely to be the largest the company ever enjoyed.”
•listing floating debt, and to such further uses and improve¬
ments as might hereafter be deemed necessary and expedient.
GENERAL INVESTMENT NEWS.
Wilmington & Weldon Railroad Company.
Allegany Central.—The stockholders of this comoany have
(For the year ending Sept. 30,1882.)
elected the following-named gentlemen directors for the ensuing
The annual report states that the receipts show an increase
«f $32,873, which is made up as follows: Through freight, year: A. N. Martin, F. B. Jenkins, H. A. V. Post, C. E. Kimball,
C. C. Pomeroy, M. G. Post, H. L Lamed, A. J. Wellman, A. H.
$1 ,033; through passengers, $16,877; local passengers, $24,042; Mines, F. W. Higgins, M. F. Blair, Frank S. Smith, George D.
mail and express, $11,930; total, $53,884; decrease in local
Chapman. The directors subsequently organized by electing
freight, $21,010; net increase, $32,873.
the
officers: President, Frank S. Smith; Vice-Presi¬
Large expenditures have been made during the year in bet¬ dent,following
Archer N. Martin; Treasurer and Secretary, Charles E.
terments—bridges, warehouses, new cars and engines—amount¬ Kimball.
ing to $121,749. The road from Scotland Neck to Halifax has
Canada Southern.—As to the alliance with Michigan Central
been completed at a cost of $79,950, and was regularly opened
the
Evening Post said in its financial columns of Saturday,
for the transaction of business on the 1st day of October, 1882.
December 2:
The earnings, expenses, &c, for two years have been:
“We are authorized by an officer of the Canada Southern to
EARNINGS AND EXPENSES.
say that there is no foundation whatever for the dispatch in
1881-82.
Earnings—
1880-81.
Passenger.
$210,912
$251,83 L yesterday morning’s papers in regard to some legal obstacle
Freight
449,914
429,937 under the law of Canada to the lease of the Canada Southern
Mail, express, &c
90,090
102,022 to the Michigan Central.
The whole matter was consummated
and finally fixed at the meeting at St. Thomas on the 30th, and
Total gross earnings
$750,916
$783,790
The lease goes
Operating expenses, including taxes
447,083
574,318 there is no more question or doubt about it.
into effect on January 1, and provides for the operation of tho
Net earnings
$303,833
$209,472 Canada Southern by the Michigan Central, also for the placing
INCOME ACCOUNT.
of the total earnings of both roads in a common treasury, out
Receipts—
1880-81.
1881-82.
of which is to be paid, first, the operating expenses of. both
Net earnings
$303,833
$209,472
Other receipts
1,202
12,549 roads; second, the fixed charges of both; third, the division of
the remainder between the two, in the rate of two-thirds to the
Total income
$305,035
$222,021
Michigan Central and one-third to the Canada Southern; fourth,
Disbursements—
Interest on debt
105,368
94,509 for the raising of $6,000,000 on the Canada Southern to double¬
Dividends
106,041
track its line, to build a bridge over Niagara River, and also &
87,138
Miscellaneous
181
5,245 cut-off at each end of the line, so as to shorten it by about thirty
Total disbursements.
$192,687
$205,795 miles. Also increase the Canada Southern engines from the
Balance surplus
$112,348
$16,226 present 89 to 125, and to about double the other equipment.
This will add about $300,000 to the fixed charges of the Canada
Wilmington Columbia & Augusta Railroad Company*
Southern, but as all fixed charges are to be paid ahead of any
dividends the arrangement is practically guaranteed by the
(For the year ending Sept. 30,1882.)
The President’s report states that the gross receipts for the Michigan Central. The Michigan Central agrees to give the
Canada Southern all its business instead of 40 per cent as
year are $692,628, being an increase of $51,672 over those of
heretofore.”
ihe preceding year, which is made up as follows:
Central Pacific—Union Pacific.—The annual report of the
Through freight, $6; local freight. $20,578; through passen¬
gers, $9,704; local passengers, $8,272; mail and express, $13,- Secretary of the Interior to Congress contains the following
statements to June 30, 1882.
110; total increase, $51,672.
LIABILITIES.
Contracts, have been made for the thorough equipment of th'e
Union Pacific.
Central Pacific.
roads constituting the Atlantic Coast Line with new Pullman
$60,868,500
Capital stock...
$59,275,500
sleeping cars, and this company’s proportion of the cost of Subsidy bonds U. S
33,539,512
27,855,680
same will be about $48,000, to meet which and to furnish two
29,074,813
Interest accrued on same
23.449,463
82,935.054
49,258,090
additional locomotive engines and new passenger cars it will Funded debt
2,055,601
1,352,656
become necessary to increase the floating debt or to suspend Iuterest accrued on debt
10,754,892
Floating debt
9,633,988
dividends for a limited time.
1,123,371
The tonnage in freights has Dividends unpaid
largely increased, and but for a general reduction in rates
$219,965,743
Total.
$170,875,377
would have given much larger net receipts. The Central Rail¬
ASSETS.
road of South Carolina, which has been leased
Union Pacific.
Central Pacific.
jointly by this
company and the Northeastern Railroad Company, was deliv¬ Cost of road
$137,763,154 ?
$157,092,858
ered to the lessees on
Cost of equipment
8,224,14o 5
April 1st, 1882.
Real
estate
2,687,363
The earnings and expenses, and income account, were :
6,301,044
6,203,340
Cash, materials and sinking fund
To meet the
who have advanced money for improvements, it
that the company should create one general or
„
-
EARNINGS AND EXPENSES.
Earnings-
1880-81.
1881-82.
$151,990
$169,967
404,152
84,814
424,737
$640,956
505,039
$692,628
553,036
.$135 ,917
$139,592
..
.
..
..
.
INCOME ACCOUNT.
Receipts—
1880-81.
..
Total income.
.
$135,917
5,929
$141,346
97,924
Land contracts, etc
Bonds and stocks
Miscellaneous investments
U. S. transportation
Bills and accounts
Lands sales
Total...
A
And
*7,170,129
4,167,738
6.448,828
38,616,288
151,622
15.459,449
2,761,500
$169,503,753
$226,831,579
'
24koAU7
1,576,605
1,471,802
sinking fund.
Chesapeake & Ohio.—Messrs Fisk & Hafch, of No. 5 Nassau
1381-82.
Street, have issued a neat little pamphlet giving the latest infor¬
$139,592 mation regarding the Chesapeake & Ohio Railroad. “The com¬
14,294
pany has this year perfected connections to the West and Bouth$153,886 west, and is now taking passengers and freight over its ows lines
fHE CHRONICLE.
and
connections
[Vou xxxv.
*
from
Houston & Texas Central.—Mr. A. C. Hutchinson, of
Memphis, Louisville, Cincinnati and
New
Lexington, and all the country tributary to these points, to the Orleans, has been elected President of this company in place of
seaboard and to the North. The effect of these connections, Mr. Chas. A. Whitney, lately deceased. A
controlling interest
and of the completion of the docks at Newport News and the in the property is owned by Morgan’s Louisiana & Texas
Rail¬
extension of the road from Richmond to that point has begun road & Steamship Company, of which Mr.
Whitney wa3 Presi¬
to be reflected in the traffic returns of the last few months.
The output of coal by mines on the line of the road this year
in the period named above was 738,63S tons—an increase of
135,663 tons over last year. In June the ‘United States & Brazil
Mail Steamship Company* started its first steamer from New¬
port News for Brazil,
dent and Mr. Hutchinson Vice-President.
Indianapolis Decatur & Springfield.—In the matter of the
petition for a receivership, the hearing of the motion for sueh
appointment has been indefinitely postponed. This, it is said,
may enable the second-mortgage bondholders to carry out
their scheme to liquidate the floating debt,
amounting to
$108,000.
Metropolitan Elevated.—Judge Donohue has continued
the injunctions restraining the directors of the
Metropolitan
Elevated Railroad Company from issuing stock of that com¬
pany stamped with the memorandum of a guarantee by the
Manhattan Railway Company of an annual dividend of 10
per
cent.
The fact that the Metropolitan stockholders
recently
obtained control of this company in the election of their
directors does not of itself abrogate the modified lease of
1881,.
and the validity of that agreement must remain to be settled.
Mutual Union Telegraph.—Judge Truax in Superior
Court,
Chambers, has granted an order upon the petition of Leslie W.
Russell, Attorney-Gfeneral, giving leave to begin a suit in tilename of the People of the Slate, on the relation of William
H.
Cameron and Jay Gould, against the Mutual Union Telegraph
Company, to vacate the charter of the corporation. This is
merely a permission to bring such an action, and should not b*
regarded as giviug an indication that the suit will be deter¬
mined against the company.
New Orleans City.—The press dispatches from New Orleans,
December 5, reported: “The first suit against the new city gov¬
ernment was filed to-day in the Civil District Court,
applying
for a mandamus compelling the city to levy a tax of $650,000 to
pay interest and provide a sinking fund to retire the consoli¬
taking 3,500 barrels of Richmond flour.
This company was organized to trade between the United
States and Brazilian ports, and makes regular monthly trips,
with Newport News as its initial port.”
Tke earnings this
«
year
from all
sources
will be about
as
follows:
Gross.
Jan. 1st to June 30th
July 1st to *Dec. 30th
Total
..I
Earnings Jan. to Deo. inclusive, 1881
Increase in 1882
*
Not,
$1,300,118
$335,*228
2,020,000
750,000
$3,419,118
2,705,343
$1,085,228
$713,775
$647,2S9
437,030
November and December estimated.
The interest
charges for the year 1882 are only $831,000.
Chicago Milwaukee & St. Paul.—A press dispatch from
St. Paul reports that the deed conveying the Chippewa Valley
& Superior Road to the Chicago Milwaukee & St. Paul has been
filed"with the Secretary of State. The terms of the sale are as
follows: The St. Paul Road receives the Superior Road, which
runs from Reed’s Landing and Wabasha to Eau Claire, its branch
from the mouth of Red Cedar River to Menominee, and the four
mill branches, 75 miles in all, together with the bridge across
the Mississippi, all rolling stock, rights and privileges belong¬
ing to the Toad, and pays therefor $1,575,000 in negotiable
bonds of the St. Paul Road, secured by a mortgage on the
property conveyed and on the St. Paul Road. The interest on i dated bonds when due.”
the bonds is five per cent, payable semi-annually.
The deed
New York City Horse Railroads.—The following companies
bears date of November 9, at wdiich time it was acknowledged. have
reported to the State Engineer for the year ending Sep¬
Clev. Col. Cin. & Indianapolis—Si. Louis Alton & Terre tember 30:
Haute—N. Y. ( liic. & St. Louis.—The St. Louis Alton &
Terre Haute Railroad is about to pass practically into the hands
of the Cleveland Columbus Cincinnati & Indianapolis Railway
j
j
Forty-second Street and Grand Street Ferry—Receipts
from passengers, $365,519; total receipts, $369,136; total pay¬
ments during the year, $306,680.
Sixth Avenue—Receipts from passengers, $801,103; total re¬
ceipts, $S36,059; total payments during the year, $756,784.
Ninth Avenue—Receipts from passengers, $103,993; total re¬
Company. Negotiations for the leasing of the property to the j
new Indianapolis & St. Louis Company,
upon the guarantee of
the “ Bee Line,” have been nearly completed ; some minor de¬
tails are said alone to prevent the immediate signing of
the ceipts, $116,236; total pa3rrnents during the year, $108,463.
Eighth Avenue—Receipts from passengers, $684,375; total
apers,
The combination is of little importance, for in some
egree it is nothing more than a continuation of the. former j receipts, $734,206; total payments during the year, $796,164.
Brooklyn City & Newtown—Passenger receipts, $243,503;
lease, except that it gives Mr. Vanderbilt a line to St. Louis that
is virtually under his personal control. A
large part of the St. total receipts, $244,088; total payments during the year,
Louis business of the New York Central and Lake Shone roads $249,196.
has gone over the “Bee Line,” the Terre Haute and the In¬
Northern Pacific.—The land sale reported in the Chronicle
dianapolis & St. Louis railroads. The former lease was made last week is said by the company’s officers to have been
principally in the interest of the Pennsylvania Railroad, but announced a little prematurely. Assurances have been given,,
that company severed its connection t ome time
ago. The In¬ however, by parties quite familiar with the subject, that the
dianapolis & St. Louis Railroad was sold under foreclosure pro¬ sale was practically completed.
ceedings about six months ago, in consequence of default of the
St. Paul & Duluth.—The preferred stockholders being en¬
payment of interest on its second and third mortgage bonds.
titled
to 7 per cent per annum out of the net income, the board
It has been reorganized, and the new
company is about to lease of directors, at a
meeting recently held, considered the ques¬
the Terre Haute road upon the guarantee of the Clev. Col. Cin¬
tion of declaring a scrip dividend of 3% per cent to the
cinnati & Indianapolis Company, which is controlled in the Van¬
derbilt interest. The terms of the proposed agreement have preferred stockholders fcr the balance due them July 1, 1882.
The matter was referred to the executive committee, with
not been made public, but it is understood that the minimum
A cash dividend of 3/£
rental remains at $450,000 a year. This was based, in the first power to act, after consulting counsel.
place, on gross earnings of $1,500,000, upon which the lessee per cent upon the preferred stock was declared,. The gross earn¬
ings of the company from the operation of the road for the three
company agreed to pay 30 per cent.
These terms were not months
ending October 31 are the largest in its history, being
perfectly satisfactory to the new company, which agreed to pay
$467,504, against $209,510 in 1881 and $179,883 in 1880. This
the same amount on gross earnings of $1,750,000.
When the
earnings exceed that amount, the new contract provides for the large increase is not due to any material increase in mileage
payment of only 20 per cent, whatever the gross earnings may operated,which is now 209 miles, against 184 in the previous year.
Toledo Cincinnati & St. Louis.—A largely-attended meet¬
be.
Stevenson Burke, Vice-President of the “Bee Line,”
said recently that these terms would be adopted
ing
of the security holders of this railroad was held in Boston
probably
by b th companies.
Some further particulars in regard Dec. 2. It was called for the purpose of interesting bondholders
to this are given in the following
telegram of the 3d from in, the effort to raise $800,000 to place the property in working
Indianapolis.
The lease of the St. Louis & Terre Haute condition. Mr. E. B. Phillips has consented to take the presi¬
Railroad to the reorganized Indianapolis & St. Louis road is dency if the $800,000 is raised, and it must all be pledged by
guaranteed by the Cleveland Columbus Cincinnati & Indian¬ Dec.*18th. Mr. E. B. Phillips, in response to an inquiry as to
apolis Company. Thi3 step is preliminary to a consolidation the manner in which the $800,000 called for was to be expended,
that shall include these three lines and the Nickel Plate—the said that a connection with the lake was absolutely necessary;
new corporation to be known as the Buffalo
Chicago & St. Louis. many miles of fences must be built; a large amount of ballast¬
The details, it is understood, have all been agreed
upon, and as ing must be done ; equipment for the Ironton division sufficient
soon as they can be
will
consummated.
This is to handle the large amount of business that will come to the
arranged
be
said to be the principal reason for the
mystery surrounding the company in that district must be provided, and the completion
of
of the St. Louis division must also be accomplished. It is pro¬
Ni^ke' Plate, that the consolidation
might be
posed to issue to subscribers the 8 per cent debenture bonds
perfected.—Chicago Tribune.
Danville Olney & Ohio Iliver.— In Boston, December 7, a payable in five years, and redeemable after two years. On
motion of Mr. Hyde the following resolutions were adopted :
meeting, called by the trustees of the holders of bonds of the
Resolved, That we hereby ratify and approve the suggestions of that
Danville Olney & Ohio River Railroad
Company, was held. committee, ami recommend tlieir adoption by the board of directors,
The road is now iu the hands of a receiver,
Judge Edes, who namely: First, that the holders of the first mortgage bouds surrender
has obtained permission from the United States Circuit Court their coupons for two years and accept in exchange therefor the six
per cent scrip of the "company; second, that the sum of $300,ObO'be
of the Southern District of Illinois
#
to lease the property, to be raised by subscription to put the property in the condition recommended
operated by another corporation. The trustees made a detailed by the committee, the company to issue to the subscribers its eight per
report of the condition of the road, expressing the opinion cent debenture bonds, substantially in the manner recommended by the
that, with the expenditure of about $30,000, the property committee.
Resolved, That Charles W. Pierce, George W. Morse and Willard Wnita
could be placed in condition to be
profitably operated. The re¬ be appointed a committee to call upon and personally present the claims
ceiver, however, gives it as his opinion that at least $100,000 of this company to all the parties in interest, obtain the consent of tne
llrst mortgage bondholders to the funding of tlieir coupons and solicit
will be needed.
A vote
was. unanimously passed requesting subscriptions to tlieir fund.
the receiver to put the road in a condition to
operate it, and
For November the earnings were $84,899, against $65,000 last
•pro^esHnfir against the leasing of the
property on any condi¬ year, a gain of $19,898; from January 1st to date the earnings
tions whatever.
were
$862,802, against $626,896,
a
gain of $235,906.
December
THE
9, 1883.]
CHRONICLE.
fees, $8,922 98
§*prtmetti imports.
"REPORT of
THE
SECRETARY OF
TREASURY.
honor to submit the following report. The
from all sources for the fiscal year ended
30, 1882, were:
Amount.
Source.
From
From
nfiVfini
iTrnm
From
From
From
$220,410,780 25
140,497.595 45
4.753,140 87
8,1-56.794 45
840,554 87
Customs
internal revenue.
sftlcs of public lands
• ••••••
circulation and deposits of national banks
repayment of interest by Pacific Railway Companies
sinking fund for Pacific Railway Companies
tax on
.
790.271 42
00
97
85
73
1,848.848
2,088,990
814,959
4,116 693
5,705,243
2.052,306
1,715,176
3,888,445
fines, penalties, &c
From fees—consular, letters-patent aDd lands
From proceeds of sales of Government property
Paid in from profits on coinage, bullion deposits and assays.
From Indian trust funds
...
From deposits by individuals for surveying public lands ....
Customs fees,
From revenues
From
of the District of Columbia
miscellaneous sources
Total ordinary
The ordinary
receipts...
—
expenditures for the
same
period
22
36
41
43
$403,525,250 28
; in deposits by individuals for surveying public lands,
$248,160 81 ; in registers' and receivers’ fees, $243,295 29; in
fees on letters patent, $141,788 72 ; in profits on coinage, $648,208 12, and in salts of ordnance material and small stores, $232,268 24.
There was a decrease of $1,835,124 28, as follows: In
revenues of the .District of Columbia,
$301,022 82 ; in sinking
fund for Pacific Railway companies, $8,909 12 ; in Customs fines,
penalties and forfeitures, $44,789 19; in steamboat fees, $27/664
91 ; in sales of Indian lands and interest on deferred payments,
$1,078,316 30, and in miscellaneous itemp, $374,421 94, making
a net iuciease in the receipts from ail sources of
$42,742,957 71.
The expenditures show a decrease over the previous year of
$20,343,982 30, as follows: In the Navy Department, $654,625
40 ; in interest on the public debt, $11,431,534 39, and in civil
and miscellaneous, $8,257,822 51.
Tlie»e was an increase of
$17,612,534 28, as follows : Jn the War Department, $3,104,033
64 ; for Indians, $3,222,586 31, and in pensions, $11,285,914 33;
making a net decrease in the expenditures cf $2,731,448 02.
FISCAL YEAR
For the present
is
as
follows
fiscal
year,
Amount.
$18,042,386 42
1,307.583 19
9,736,747 40
61,345.193 95
■
Including river and harbor im¬
43,570.494 19
provements and arsenals
For the naval establishment, including vessels, machinery and
improvements at navy yards
For miscellaneous expenditures, including public buildings,
light houses and collecting the revenue
.•
For expenditures on account of the District of Columbia
For Interest on
31,539,237 50
8,330,543 87
71,077,206 79
the public debt
Totalordinary expenditures
iLeavlng a surplus revenue of
Which, with an amount drawn from the
Treasury, of
$257,981,439 57
$145,543,810 71
cash balance in the
20,737,094 84
$166,281,505 55
Making
Was
15,032,046 20
From
From
From
From
Customs
internal revenue
sales of pHblic lands
tax on circulation
:
and
$60,079,150 00
Of bonds for the sinking fund
Of fractional currency tor the sinking fund
Of loan of July and August, 1861
Of loan of March, 1863
..
Of funded Joan of 1881
Of loan of 1858
Of loan of February, 1861
Of i-20s of 1862
Ofl5-20s of 1864
Of 5-20s Of 1865
Of 10-408 Of 1864
Of oonsols of 1865
Of consols of 1867
Of oonsols of 1868
Of Oregon war d9bt
*»
Of old demand, compound interest and other notes.
58,705 55
62,572,050 00
4,472,900 00
37,194,450 00
From profits on coinage, &c
From deposits for surveying
.
86,450 00
408,250 00
141,400 00
675,250 00
18,350 00
977,859 91
1,400,000 00
822,842 49
1,827,157 51
2,650,000 00
113,995 95
1,040,119 80
880,004 05
3,159,880 01
1,000,000 00
894,128 04
1,505,871 90
2,400,000 00
194,314 88
840,717 28
1,535,085 12
4,529,282 72
1,790,000 00
5,370,000 00
public lands
...
*
Actual.
The
9,000,000 CO
„
1,750,000 00
4,200,000 00
$112,790,007 82 $302,209,392 68 $415,000,000 00
+ Estimated.
expenditures for the
same
period, actual and estimated,
are:
For the Quartfr endeu Sep.
Object.
30,1882. *
803,000 00
2,100 00
6,500 00
254,550 00
1,635,380 45
422,140 09
From revenues of the District
of Columbia
1,000 00
7,400 00
114,019 55
i
property..
Total receipts.
Amount.
4,507,573 01
alties, &c
sources
Quarters.*
4,402,420 89
From repayment of
interest
and sinking fund, Pacific Rail¬
way comoaoies
From customs fees, fines, pen¬
From fees—consular,
letterspatent and lands
From proceeds of s les of Gov¬
Total forth©
Year.t
Three
$64,008,875 71 $170,091,124 29 $235,000,000 00
37,760,804 58 107,239,195 42 145,000,000. 00
4,314,377 03
1,185,622 97
5,500,000 00
deposits of national banks....
ernment
actual and estimated,
^Remaining
30, 1882.*
From miscellaneous
applied to the redemption
1888.
revenue,
For the Quar¬
ter ended Sep.
Sources.
For civil expenses
For foreign intercourse
For Indians
For pensions —.
For the military establishment,
the
:
were:
Expenditures.
in Customs
;
308 29
THE
)
Washington, D. C, Dec. 4, 1882.)
June
in Custom House fees, $7,538 35
;
emolument fees, $155,083 98; in marine hospital tax. $23,155 89; in Indian trust funds, interest and premium, $5,753,-
Treasury Department,
jgIR; i have the
ordinary revenues
659
Total for the
Year.*
Remaining
Three
Quarters.*
For civil and
miscellaneous
expenses,
including public
buildings, light-houses
collecting the revenue
and
fortifications,
$01,500,000 06
7,500,000 0Q
100,000,000 (XI
14,181,028 69
33,318,971 31
47,500,000 0*
8,571,431 83
11,928,568 17
15,500,000 06
1,415,882 20
17,219,246 19
2,084,117 80
42,280,753 81
8,500,000 00
69,500.000 00
2,033,778 88'
,
cluding
23,897,244 51
$45,275,263 84
4,806,221 12
76,602,755 49
$16,224,780 16
For Indians
For pensions
For military establishment,
in¬
river
harbor
improvements
and arsenals
For naval establishment, inolading vessels and machin¬
ane
$106,281,505 55
Total
The
requirements of the sinking fund for the past fiscal year,
balance of $16,305,878 47 from the preceding year,
have been fully met.
It is estimated that the requirement for
the present fiscal year will be $44,422,956 25, of which there has
been applied during the first lour months of the year the sum of
$31,196,350.
including
There
a
seems
to have been
confusion in
some
minds of the
paid to meet the lawful needs of the sinking fund, and
those paid for the reduction of public debt by direct payment
nnd redemption thereof. To my report of last year was appended
•a table (Table
L) of all the moneys paid for bonds for the sink¬
ing fund, and a table (Table I) showing the condition of that
fund from the beginning of it in May, 1869, down to June 30,
1881. It was stated in my report that there was a balance then
due the fund of $16,305,873 47.
It has been said that this was
-erroneous.
The report of my predecessor, Mr. Secretary Mor¬
rill, made in 1876, was relied upon as so showing. He said that
the terms of the sinking fund act required that the public debt
should be reduced by the close of the fiscal year in 1876 by the
sum of
$433,848,215 87; that the public debt had, however, been
reduced at that time by the sum of $656,992,226 14, or over
$223,000,000 more than those terms required. He did not say,
nor did he mean to
say, that the reduction he announced was
athieved through the operations of the sinking fund. What he
said, and meant to say, was that, though the sinking fund had
oot been filled to the amount
contemplated by the act of Con¬
gress which provided for it, and so the letter of the law had not
been observed, yet that, by other modes, the public debt had
been reduced by more than the sum which the
sinking fund act
contemplated, and so the spirit and iqjent of the law had been
met and the faith of the Government with its creditors
kept.
And so, after his
time, though the sinking fund has been a
creditor, the public debt has been decreased by more than a
strict adherence to the
sinking fund act would have brought
My predecessor, Mr. Secretary Sherman, reported in
1877 a deficiency
in the sinking fund, but a reduction of public
<lebt near $221,000,000 more than the
sinking fund act, literally
carried out, would have effected.
Compared with the previous
fiscal year, the
receipts for 1882 have in the following items
increased $44,578,081 99: In Customs revenue, $22,251,054 23 ;
“
totepai revenue, $11,233,209 94 ; in sales of public lands,
$2,551,277 20; in direct tax, $158,624 80; in tax on circulation
-'md deposits of national
hanks, $840,678 73; in proceeds of
sales of Government
property, $52,785 85; in repayment of
interest by Pacific Bailway
companies, $29,720 57; in consular
and improvements
navy-yards
ery,
at
For e <penditures on account of
the District of Columbia
For interest on the public debt
Total ordinary
expenditures
$78,043,348 46 $216,356,651 54 $295,000,000 00
$415,000,000 00
Total receipts, actual and estimated
Total expenditures, actual and estimated........
5305,000,000 00
sums
°
r
Estimated amount due the sinking fund.
Leaving
*
a
Actual.
.
$120,000,000 06
44,422,060 25
$75,577,048 75
balance of
+ Estimated.
i884.
ending June 30,1884, estimated
FISCAL YEAR
The
upon
revenues
of the fiscal year
the basis of existing laws, will be :
From—
$235,000,000
145,000,000
5,500,006
of national banks
9,000,000
Repayment of interest and sinking fund,Pacific Railway companies.
1,750,006
Customs fees, fines, penalties, &o
v
1,400,000
Fees—consular, letters-patent and lands
0,660,006
Customs
Internal revenue
Sales of public lands
Tax on circulation and deposits
1,000,000
Proceeds of sales of Government property
Profits on coinage, &c
Deposits for surveying
4,200,000
2,400,000
public lands
1,780,000
5,370,000
Revenues of the District of Columbia
Miscellaneous sources
$415,000,000
Total estimated ordinary receipts
The estimates of expenditures for the same period, received
from the several executive departments, are as follow?:
Legislative
$3,274,040 80
Executive
18,608,596 78
408.800 00
Judicial..
1,880,906 00
Foreign intercourse
Military establishment
28,901,445 94
23,481,078 54
Naval establishment
Indian affairs
Pensions
Public works—
6,725,781 54
101,575,000 QQ>
.
$6,500 00
5,817,500 06
4,758,602 64
;
3,855,518 00
417,100 00
10,500 00
1,000 00—14,861,715 04
Legislative
Treasury Department
War Department
Navy Department
Interior Department
Department of Agriculture
Department of Justice
20,925,003 14
3,550,299 OS
Miscellaneous
District of Columbia
Permanent annual appropriations—
Interest on the public debt
Sinking fund
$55,877,410 72
45,072,222 54
Refunding—Customs, internal revenue, lands, Ac.
Collecting revenue from customs
Miscellaneous
7,417,100 00
5,500,0 O 00
8,151,305 00-117,018,038 20
Total estimated expenditures, including sinking fund
Or UQ estimated
surplus
iim.k.mm imommoimihi
$340,280,162 2S
f7V?19,8$7 7$
THE CHRONICLE.
660
W«. XXXVr
:=
rr;
Excluding the sinking fund, the estimated expenditures will
he $295,207,939 68, showing an expected surplus of $119,792,-
Amount: Redeem’d Erch’hg’d
Outst’d’g
During into 3 per Ontstand,
Nov.l.W&l the Yean ct. Bonds. log Nov. L
Loan.
1888.
060 82.
$
REDEMPTION OP UNITED STATES BONDS.
At the date of the last annual report to
.
Congress, the interest-
bearing debt which was redeemable at the pleasure of the Gov¬
ernment was as
follows:
Act* of July and August, 1861, continued at 334 per cent
Act of Ma«rch 3,1863, continued at 3^ per cent
■lye per cent funded loan, continued at 334 per cent....
July A Aug 1861, oont’d at 334 p. c. 113,926,350
March 3,1863, cont’d at 334 per ct.. 47,040,700
Five p. c. fd. loan, cont’d at 334 P» c. 401,504,900
*1113,026,350
47,940,700
401,504,0*0
,
llOtfts.SOO
80,878.850
9,700
$
^18,281,660
8,^8,550
8,£*9,700246,188,850 156,350,850-
563,380,950 141,510,850 259,370.500
Total
*
162.499^00
Of the bonds above set down as outstanding, those
embraced
of July and August, 1861, and March 3, 1863
in the loans
amounting to $7,143,250, are called, and have ceased to bear in!
terest ; making a total of bonds redeemed during the year
or
Including $12,035,500 which had been called, but which had not then
which have ceased to bear interest of $148,654:,100. Calls
are
matured.
now out for continued bonds of the 5 per cent funded
loan
Of the above bonds there have been redeemed during the year
to $55,000,000, and the bonds, will e< ase to bear
amounting
ended October 31,1882, the following:
interest during the months of December, 1882, and
January and:
,$110,622,800
Loan of July and August, 1861, continued at 334 per oent
30,878,350 February, 1883.
The reduction in the annual interest charge by
Loan of March 3,1863, continued at 334 per cent
9,700
Five per cent funded loan
reason of these changes to Nov. 1, 1832, is as follows :
$503,880,950
Total
*
,
$141,510,860
Total
EXCHANGE OF
3i PER CENT CONTINUED BONDS INTO 3 PER
CENT BONDS.
On
$5,202,883
Total
Deduct for interest on 4 per cent bonds issued,. Ac
$6,499,746
July 1, 1882, the interest-bearing debt which was redeem¬
of the Government, exclusive of $11,137,050
3^ per cent continued bonds of the loan of July and August,
1861, which bad been called, and which became due on that day,
follows:
Net reduction
00
222 00
$0,499,524
CERTIFICATES;
November 1,1882, under the act of February
$47,^20,100
401,503,900
$140,324,000
Total
Included in the above were $15,000,000 in bonds of the act of
March 3, 1863, which had been called, to mature August 1, 1882,
and the amount of bonds available for exchange, as contem¬
Q0
STANDARD SILVER DOLLARS AND SILVER
There had been coined on
28,1878, of standard silver dollars
Treasury at that date
$128,829 880
There were In the
Act of Maroh 3,1863, continued at 834 per oent
Five per cent funded loan of 1881, at 334 per cent
50
1,290,852 50
..
able at the pleasure
was as
On bonds redeemed or Interest ceased
On bonds exchanged into 3 per cents
And In circulation
There were in circulation November
92,946,094
$35,883 786
r.
1,1881, about
34,0o0,'00O
Increase
$1,388,786
The increase in the circulation of standard silver dollar© be¬
tween Nov. 1, 1881, and Nov. 1, 1882, was less than a million,
and a half of dollars.
The amount coined during the same time
plated in legislation then pending, was still further reduced by was $27,772,075. The supply in the aggregate, and furnished’
the call issued July 10, 1882, for $16,000,000, to mature Sept. 13,
yearly, is much more than the demand. Of the above amount
1882. By the eleventh section of the act approved July 12, 1882, held
by the Treasury Nov. 1, 1882, there were in the Subentitled “An act to enable national banking associations to
Treasury at New York about $19,000,000, and in the vault© of
extend their corporate existence and for other purposes,” the the Assistant Treasurer at San Francisco
nearly $14,000,000, and
Secretary was authorized to receive at the Treasury bonds of the in the mint at that place nearly $27,000,000, making nearly
United States bearing 3$ per cent interest, and to issue in
$41,000,000 in Sau Francisco. This large accumulation at San
exchange therefor registered bonds of the United States bearing Francisco is useless ; the call for silver dollars for use a© money
interest at the rate of 3 per cent per annum.
These bonds were there is little. The reason f >r the accumulation there is this: The
to be redeemable at the pleasure of the United States after all mints this side the Mountains could not do the needed
coinage
bonds bearing a higher rate of interest and which were thus of
gold and coin also the minimum amount of silver dollars
redeemable had been redeemed or called.
There is also the im¬
required by the law. After the silver dollars had been coined
portant provision that the last of the bonds issued under the act there, there was not good policy in bringing them away, for
and the substitutes for them should be the first called
for pay¬
ment, aad that this order of payment should be followed until
all should have been paid.
Thereby the bonds first issued, and
the substitutes for them made on the assignment and transfer of
there
was no
unsatisfied call for them
on
this coast, and the
of carriage is great, nevor less than 1 per cent. Beside©
that, the vaults on this side are inconveniently taxed in the
storage of what is here. Indeed, the storage capacity of the
them, were made more desirable, as likely to have a longer time mints and other vault room of the Government ia everywhere
to run.
This gave rise to the query, how the order of issue
severely taxed. There were on hand in the Sub-Treasury on.
of the 8s to the holders of the 3^8 should he determined. A Nov.
1, 1882, $26,884,337 62 of fractional silver coin. In all,
method was devised by the Department which gave the prec¬ there were
2,400 tons of silver coin stored in the public vaults.
edence to diligence in offer of surrender of the 3£s, and which If the
coinage of standard silver dollars is kept up and the
determined by lot, giving the same chance of priority to all hav¬ demand for them for circulation is as dormant as
now, it will be
ing part in it, who of the equally diligent should have the first a serious question where the Treasury Department will find, in
privilege in issue. It is believed that justice was done to all. public receptacles, storage room therefor. Another reason
The provision that the substituted bonds should have the same for the
coinage at San Francisco is that all the bullion
rank with the originals in the order of call for payment was at for the
monthly
coinage required by law could not be bought on
first thought to preclude the holder from a division of one bond this side of the Mountains at the market rate as
required by the
of larger denomination into two or more bonds of smaller de¬
law, and that portion bought on the Pacific side was coined
nomination.
To have maintained this would have inconvenienced there because it would cost so much
to bring it to this side for
the transfer and division of securities among several alike inter¬
coinage,
even if there had been mint facilities therefor. The
ested in a large bond.
But as it was impracticable to divide one amount of silvei certificates outstanding Nov. 1, 1881, was about
bond into two or more, and give to the latter the number of the
$66,000,000, and the amount outstanding Nov. 1, 1882, about
former, and so preserve the right to be deferred in calls for pay- $65,500. The Treasury holds nearly all the standard silver dolmant, it has been determined t© yield to a wish for a division, lars coined
during the year ended Nov. 1, 1882. The amount of
upon the holder waiving that right in express terms in the instru¬ silver certificates
outstanding has lessened during the same
ment of assignment.
This puts upon the register's office more time. J udging from past experience, we need not expect an in¬
labor and the greater exercise of care, but, being a convenience
creased demand for silver dollars. Inasmuch as by recent legis¬
to th© holder of the bond, they will be cheerfully undertaken.
lation the Secretary is required to issue gold certificates, it is
On th© day following the approval of the act the Secretary issued
to be looked for that the place of the silver certificates will b#
a circular announcing the readiness of the
Department to effect to a great extent supplied by gold certificates, as the latter are
th© exchange thus provided for; August 1, 1882, being named as
furnished in convenient denominations; and it is just to sup¬
the date upon which said exchange would begin.
Under the pose that a certificate payable in a coin worth but 88 per cent of
provision© of the set the exchanges of the 3$ per cent continued its nominal value will be
displaoed by one worth fully its nomi¬
bonds began on the date named and continued until September
nal value.
Is the idea vain that the eoDtinued coinage of silver
20, upon which date they were temporarily suspended, in order dollars is not now
required for circulation of them, or a© a
to allow the preparation of the schedules and checks fer the
basis for the issue
of such
certificates, and that the
Aividend due Nov. 1 on the 3i per cent bonds which had not been
policy of the Government, so far as it was meant to increase
©xchaaged, a© well as upon the new 3 per cent bonds which had the price of silver, has not been successful? As was stated in
been issued.
the report of last year, the act requiring the issue of silver cer¬
From the beginning of the exchanges until the suspension, 3$
tificates, making them receivable for Customs and all public
per cent ©ontinued bonds were received for exchange into S^per dues, was a part of the policy of Congress to maintain the
-cent bond© as follows :
standard of the silver dollar at or near that of the gold dollar.
Act of March 8,1868s oontinued at 334 per cent
$13,231,650 The
objections then urged to the issue of silver certificates, vi©.,
9 per oent funded loaa of 1881, continued at 334 per cent
©46,136,850
that they form an inexpedient addition to the paper currency;
Total........
$259,870,500 that they are made a legal tender for the purposes named for
and 9 per cent bond© wer© duly issued therefor. The interest on more than their real value; that there is no promise on the part
the surrendered bonds was adjusted to August 1, 1882, and the of the Government to
pay the difference between their actual
8 per oent bond© Issued in exchange therefor carried interest and nominal value; and the embarrassments which arise from
from that date. The exchange© were resumed November 1, the endeavor to maintauTseveral standards of value, still have
since which time there have been received $21,024,250 in 3J per their force.
There is just now a seemingly greater demand for
cent continued bonds, for which a like amount of 3 per cent silver dollars. It is
only in seeming. The process is this : Gold
bead© have been issued, making a total issue to December 1, is deposited in New York. For that, by arrangement, silver
1$82, of $280,394,750. The reduction in the annual interest dollars are taken from the Mint at New Orleans. They are not put
charge by reason of these exchanges is $1,401,973 75.
The into circulation. They are deposited at once in the Sub-Treasury
Department knows no reason why it should not continue to afford there, and silver certificates taken to meet immediate pressing
•very facility for these exchanges so loag as 8| per cent bonds needs for currency. As gold certfjicates are now going into busi¬
remain outstanding and uncalled. The following table shows ness hands in New
Orleans, the process above staged will prob**
th© change* in the interest-bearing debt during the year :
bly cease, as it is not looked for that silver certificates will #9
-
expense
December
9. 1883*1
THE OHRONIOLR
661
standard, and the average New York price was $1 02*419 per
ounce standard.
During the year about $29,000 of punched and
mutilated silver coius were purchased and melted for recoiuage.
The silver coinage consisted of $27,772,075 in standard dollars
and $11,313 75 in fractional coin, a total of $27,783,388 75. The
mV recommendation that the piovieion for the coinage of a fixed
•mount of standard, silver dollars each month be repealed and profits on the silver coinage amount to $3,440,887 15, of which ’
41 were from the coinage of toe dollar and $3,057 74
the Department be authorized to coin only so much as will be $3,438,829
from fractional coin.
When the financial report of this Depart¬
necessary to supply the demand. The recommendation is re¬
ment was made last year, public queries were smarted whether the
newed for the repeal of the act requiring the issue of pilyer cer¬
tificates, and 1 or a Jaw authorizing measures for their early profits on coinage were truly given. To satisfy myself and please
a
public scrutiny, I called a fitting official person from
retirement from circulation. The international monetary confer¬ theproper
Assistant Treasurer’s office at New York and charged him
ence met in April last, on the day to which it had adjourned, and
with a
inves’igation of the matter.
What he did ap¬
adjourned again sine die. It is not understood that it effected pears inthorough
his
report
I
it
is complete and
appended
hereto.
think
any important practical result.
satisfactory,and puts at rest any doubt that the accounts have
GOLD CERTIFICATES.
been accurately kept and truly reported. During the year the
Under the act of the last session of Congress gold certificates mints distributed 15,747,463 standard silver dollars,
leaving in
have been prepared and have been issued, as is shown in this table : their vaults 35,365,672 from the coinage cf this and former
Of the minor or base metal coins, 46,865,725 pieces were
years.
Gold certificates
Gold certificates
Denominations
struck, in value $644,757 75. Of this, 4,400,775 pieces, in value
ready for issue. issued Nov. 27,’82.
$220,038 75, were five-cent nickel coins, for which the demand
$3,920,000
$2,240,000
|20s.
was large during the
2,200,000
5,000,000
The rest of it was principally of oneyear.
60s.
7,600,000
3,000,000 cent pieces.
100s.
Besides the coinage, $37,505,120 worth of gold and
5,050,000
10,000,000
800s.
$8,129,202 worth of silver was made into bars. Up to October lr
4,300,000
12,000,000
1,000s.
20,000,000
4,500,000 under the act of May
5,000s.
26, 1882, $6,588,000 06 in fine goid bars fit
10,000,000
80,000,000
10,000s.
for export were changed for
gold coin at the New York Assay
$31,290,000 Office, thus
$138,520,000
Total.
saving the expense of coinage. The coin circulation
of the country on July 1, 1881, is estimated, from the statistics of
CONVERSION OF REFUNDING CERTIFICATES.
coinage and net imports of coin, to have been—
At the date of the last report, refunding certificates issued under United States gold coin
$139,770,75ff
171,459 766
the act of Feb. 26, 1879, remained outstanding to the amount of United States silver coin
Total
$589,050. There have been presented during the ye^r for con¬
$611,838,519
version into 4 per cent bonds, certificates amounting to $174,800,
The increase on the 30th of J une last by coinage and imports
leaving still unconverted $423,750
In the language of the act, of coin was :
these certificates are “convertible at any time, with accrued United States
gold coin
$500,882,185
interest, into the 4 per cent bonds described in the refunding United States silver coin
199,573,360
act.” Prior to May i, 18*2, it had been the practice of the De
Total
$700,455,545
partment to convert the principal only of the certificates into 4
There was further increase by coinage and imports during the
per cent bonds, paying the interest accrued on the certificates in next
quarter of $11,308,851 iu gold and $7,036,410 in silver. The
lawful money.
A holder of refunding certificates having made mints and
essay offices on the 1st of October aho held for coinage
a demand upon the Department to have the interest accrued on
$51,440,420
in gold bullion and $3,343,565 in silver bullion, mak¬
his certificates, as well as the principal thereof, converted into 4
ing the stock of United States coin and bullion available for
per cent bonds, the question was referred to the Department of coinage on October 1 :
Justice for examination. In the opinion of the Attorney-General
United States gold coin
$512,191,036
which was furnished this Department the claim thus made was United States gold bullion
51,440,420
rather than the gold certificates. That process keeps
the silver dollars out of the Treasury but a short time, and does
not nut them into general circulation.
I refer for a more full
discussion of this subject to my report of last year, and repeat
aonffht
,
held to be justified by the language of the act, and on conver¬
sions effected since May 1, 4 per cent bonds have been issued in
satisfaction of the interest accrued on the certi6cates, in lieu of
the payment of lawful money, in all cases where sueh interest
amounted to a sum sufficient to entitle the holder to a bond. Up
to November 1, 1882, $5,500 in 4 per cent bonds have been issued
in this manner, making an increase to that extent of the amount
of such bonds outstanding, but not increasing the total debt.
CONTINUED TRUST-FUND BONDS.
stated in the last report
that $451,350 in bonds of the
cent funded loan, held by the Secretary of the Treasury as
a part of the sinking fund lor the Pacific railroads, had been
continued at 3J per cent, and that $52,000 in bonds of the same
loan, held in %trust for the South arolina school fund, had also
been continued in preference to allowing the bonds to be re¬
deemed and investing the proceeds in other b: nds.
For the
same reason the 3$ per cent bonds have now been
exchanged into
3 per cent bonds of the act of July 12, 1882.
It
was
5 per
■
United States silver coin
United States silver bullion
Total
206,609,770
3,343,565
$773,584,791
TBE NATIONAL BANKS.
The affairs of the national banks during the current year are
treated of more fully in the report of the Controller of the Cur¬
rency than space will permit herein.
It gives an abstract of
their resources and liabilities for each year t-ince the national
bank system went into operation, together with statistical infor¬
mation for a serks of years, drawn fr m official sources, of the
affairs of private bankers, savings banks, and banking associa¬
tions organized under State laws. The number of national banks
organized daring the year is 171, wh.ch is the greatest number
organized during any year siuce 1872. The number of banks in
operation is 2,269—more than at any previous date. They are
located in every State and organized Territory of the Union.
The returns made by them show that on October 3 of the present
year they had as aggregate capital $483,104,213; as surplus,
$131,977,450; as individual deposits, $1,122,472,682; had made
COINS AND COINAGE.
loans in amount, $1,238,286,524 and held in specie $102,857,778.
The report of the Director of the Mint gives, in detail, the The number of banks whose corporate existence either has ex¬
transactions of the Mint and assay offices during the year, to¬ pired, or would have expired if no action had been taken by
gether with statistics and iDquirie's into the financial conditi nof their stockholders, is 86. The stockholders of 54 ®f them which
atjhowa
and foreign countries. The imports of foreign gold coin have been placed in voluntary liquidation, or whese charters have
wibullto» were during the previous year ninety-seven and one- expired by limitation, have organized new banke in the same lo¬
half millions. During the last fiscal year the excess of imports calities.
The s otkholders of 30 banks have extended their ex¬
over exports was about one and three-quarter millions.
There istence under the act passed at the last session ®f Congress. That
were during
the fiscal year ended June 80, 1882, exports and im¬ act was well adapted to the purpose intended. The corporate
existence of 305 oidier banks will expire before February 25,
ports as follows:
1883. Nearly all of these have given notice of an intention to
seek an extended period of existence under that act. The report
Exports.
Imports.
alho tells the total amount of coin and currency in the country
told bullion
f 1,600,436
$9,406,053
laid ooln, American.
29,805,289
4,786,630 and the distribution of them in the Treasury, in the banka and
rOld ooln, foreign
1,182,155
20,174,371
among the people.
Since the day of resumption—die fir*t day of
Total
$32,587,880
$34,377,054 January, 1879 - there has benn au increase in g Id coin ef $238,Silver bdlllon
$11,732,340
$2,121,733 795,330, in silver coin of $105,750,532, and in national banknotes
940,877
■ilrerooin, American.
of $38,936,073—in all, $443,481,935. ~ The aggregate circula¬
423,098
Stiver ooln, foreign....
4,674,160
5,0<2,726 tion of the national banks had
steadily inc eased tor a series of
Total.
$16,823,599
$8,095,336 >ears.
The action of existing banks in making deposit for the
ultimate
redemption of tli« ir circulating no'es lessened for th®
Total gold and silver
$49,417,479
$42,472,890
year
the
of those not.s for which 'ho « banks are liable
amoun
There were deposited at the mints and assay offices $66,756,by
the
ot
The natiooal bmks uoid $220,030,000
mm
$5,478/54.
653 of gold, which was $74,010,000 less than the preceding yew,
of Unite t States bonds, which are payable at the pleasure of
because of the decrease in the imports. The coinage at the
the Government.
This is more than one-half of the whole
mint* during the fiscal year was—
amount outstanding of this class of bends.
If ‘.lie public debt fb
gold....
$89,413,447 50 to be paid a* rapidly as it has been of late, it is like.y that all of
Standard silver dollars
27,774,075 00
Fractional silver coins
11,313 75 these bonds will be paid during the next three yeats.
Whenever
-Minorcoin*.....
644,707 75
they are called for payment, the banks holding them, to koepdip
Total
$117,841,594 00 the circulation of their notes, must either deposit lawful money
Thecoiusge of gold was nearly $11,000,000 more than that of in the Treasury amounting in the aggregate to at least $28J,C0O;i
*ny previous year in the history of the mints. About one-half 000, or purchase and deposit there ot. er United States hongs.
of this was in
eagles, one-tbi;d in half-eagles and the rest in The cheapest of tliohe bond4 are at a high premium in the
eagles. The purchase of silver for coinage during the market. It is estimated th*t the profit from the deposit of thoae
Rouble
yew was 23,627,229*37 ounces of standard silver, at a cost of bonds and the taking and issuing the circula ing notes furnished
$84,186,942 20, au average of $1 02*15 per ounce standard. The thereon, when the lawful rate of interest is as high as 6 per «*nt,
average London price for silver was 5113-16d. per ounce of British is not mote llian three fifths of 1 per cent" It is sapptaed that
standard fineness, equivalent to $1 02 26 per ounce United States this is not enough to lead the banks to buy them largely for the
662
THE CHRONICLE.
'
[Vol. XXXV.
a,.,.. Rpvisnd Statutes.)
The Department of Justice has mad «
of securing circulation. Is there not reason for fore •
the communication of this department. The opinion
thought whether, with this embarrassment, the bank circulation
Attorney-General is that to write the word “ accepted » acres,of
will not be so largely retired as to trouble the business commu¬
IrWkUto the same effect as to write the word - good-* there;
nity? Ways are suggested of forestalling a troublesome con¬ tnd that
though one maybe called a “certification".nd thi
traction of the circulation—one, a reduction or abolition of the
MWan “acceptance,” they mean the same
thing, and are like
tax on circulation; another) an increase of the rate of issue to 90
acts • that when the drawer has not with the drawee the
fundi
per cent of the current market value of the bonds; another, that
With which the check may be at once. paid, the
the 4 and 4$ per cent bonds be refunded into 3 per cents
one
word Tust as much as the writing of the other is writing
for theofsame
upon terms
satisfactory to the holders, thus bringing forbidden parpose—to produce
the same forbidden result; that,
into
market a class of bonds
purchasable at a lower
as the liability is the same whether the the check
be
and
Department inasmuch
rate;
another, that the
Treasury
marked*with one word or the other, either mark if incurring
be empowered to take, as a basis of circulation, the 3-65
tbftr lfflhilitv would seem to be sufficient to
bring the case within
bonds of the District of Columbia. The Controller gives statis¬
the proWbiUor referred to.
It remains to he seen whether the
tics of the taxation of the national banks, and again recom¬
wb. which have
Indulged in this practice will cease therefrom
mends a repeal of the tax upon capital and deposits, in which
on knowledge
opinion, or whether the Controller of the
recommendation the Secretary concurs. The capital invested in
national banks is $462,341,601. The taxes assessed upon them Currency o?the law officers of the Government, must enforce
the
incurred by violation of the law.
by the United States and the States for the year 1881 were
CUSTOMS.
$17 ,189,080. being at the rate of 3*7 per cent. The amouut aseessed by the United States is near one-half of the whole. A
The revenue from Customs for the last fiscal year was
$220,repeal of the laws providing for it would still leave those banks 410,730 25, an increase of $22,251,054 23 over that of the pre¬
liable to an assessment by the States of over $8,000,000 per an¬
ceding year; an increase in the value of dutiable imports of
purpose
“to
-
Tth“s
pSns’andlpenalties
'
his annual 887,486, and in that of free goods of $8,087,460. There was$73,col¬
tables, showing the amounts of United States bonds held by the lected at the port of New York the sum of $152,773,962
32;
at
national banks, State banks, savings banks and private bankers all other
ports, $68,300,698 03. The sum of $49,198,312 was col¬
on the 1st of November, 1882.
The national banks held on lected on sugar, melado and molasses, $29,253,016 on wool and
November 1, 1882, as security for circulation and for pub- its manufactures, $24,175,547 on iron and steel and
manufactures
’lie deposits and other purposes, $396,528,400
of interest- thereof, $22,633,137 on manufactures of silk, $12,227,103 on
bearing bonds of the United States. This is nearly $30,0;j0,000 those of cotton, and $6,771,483.on wines and spirits; in all, from
less than the amount held on Nov. 1,1881, and about $7,000,000 those
articles, $144,258,598. The table here given shows the
less than for the corresponding date in 1880. Banking associa¬ rate
per centum of the cost of collection. It is *0294, and is less
tions other than national hold these bonds as follows: State than that of
any year Biace 1876 :
banks in twenty-one States, $8,739,172 ; trust companies in five AGGREGATE DUTIES ON IMPORTS AND
TONNAGE, AND RECEIPTS AND
States, $16,934,812; savings banks in fifteen. States, $237,EXPENSES OP COLLECTION FOR THE FISCAL YEARS
1877, 187S, 1879, 1880, 1881 and 1882.
786,442; total, $263,460,426. There has been during the past
year a decrease of about $2,OOO.OUO in the amount held by State
Duties.
Year.
Receipts.
Expenses.
banks and trust companies, and an increase of nearly $27,000,000
Cost.p.c.
in the amounts held by savings banks. The amounts he’d in 1877
$132,634,029 53
$130,956,493 07
$6,501,037 57
4-90
132,024,409 16
5,826,974 32
130,170,680 20
4-41
geographical divisions by these associations in 1882 were as fol¬ 1878
1879
138,976,631 79
5.485,779 03
137,250,047 70
3-94
lows : Eastern Siates, $42,667,248 ; Middle States, $197,135,239;
1880
188,508,690 34
5,995,878 06
186,522,064 60
STS
1881
200,079,150
98
6,419,345
20
108,159,676
02
8-20
Southern States, $268,350 : Western States, $3,369,414 ; Pacific
1882
222,559,104 83
6,549,595 07
220,410,730 25
294
States, $20,020,175 ; total, $263,460,426. These returns have
I also ask the attention of Congress to the classification of sugar,
been compi’ed from reports made to the officers of the different
States, which have been forwarded by them to the Controller. as I know not whether it will be treated of, or, if it is, hew it
will be treated of in any other document brought to the atten¬
The interest-bearing funded debt of the United States was on
Nov. 1 $1,418,080,200.
The total amount of bonds held by the tion of Congress; and the subject is one of practical importance.
national banks, State banks and savings banks at the nearest The Dutch standard of color is no longer a practical test of the
corresponding date that could be ascertained was $659,988,826, saccharine strength of imported sugars, or of their value for re¬
which amount is not greatly less than one-half of the whole in¬ fining.
The Supreme Court, in a recent decision, has interpreted
terest-bearing debt. Similar facts have also been compiled from the existing law to be, that Customs officers may cot look beyond
the returns made by St te banks, savinas banks and private the apparent color, and must classify the invoices thereby,
bankers to the Treasury Department for the porpose of taxation, though satisfied that the color is artificial and made to get a
showing that the banks and bankers of the country, exclusive of lower rate of duty. That standard was adopted, doubtless be¬
the national banks, held an average amount of United States lieving that color showed value. The intention was to put upon
bonds during the six months ending May 31,1882, as follows : sugar duties in effect ad valorem.
As it has come about, how¬
Savings banks, $242,028,782 ; State banks and trust companies, ever, the grades of sugar highest in value, when thus artificially
$23,211,430 ; private bankers, $14,870,745 ; total, $280,110,957. colored, come in at the lowest rate of duty. The purpose of
The
amount of
bonds
given in the returns to the Congress in adopting the Dutch standard is measurably defeated.
Commissioner of
Internal Revenue, which is the amount Provision should be made for just classification. This may be
invested in United States bonds, and may include the premium done by putting on an ad valorem duty by a specific duly, or by
as well as principal of the bonds, is $16,650,000 more than the
authorizing some standard other than that of apparent color.
The differ¬ Now, domestic producers do not get the incidental protection
amount obtained from the returns to State officers.
meant to be given them.
ence is comparatively small, and the amounts obtained from the
Importers, too, are subject to embar¬
rassment in fixing the rate of duty on their goods, and other¬
©ne source serve to corroborate the general accuracy of the re¬
turns obtained from the other.
At the last session of Congress wise. The importance of a new tribunal for the trial of Cus¬
legislation was had to stop the over-certification by national toms cases, or of the transfer of them to an existing tribunal, is
banks of checks, in form drawn upon them. (See chapter 290 of again presented to Congress. The bill now pending gives juris¬
1882, section 13.) That act is an amendment of section 5,208 of diction over them to the Court of Claims. It seems to this de¬
the United States Revised Statutes, which made it penal to cer¬ partment that this is a method economical and speedy, and heme
It would relieve fhe de¬
tify such a check unless the drawer then Lai on deposit with the good for the disposal of these cases.
drawee money to the amount of it.
Section 13, above ci«ed, partment of business which it is not fully organized to enlertaiu
makt s it penal to resort to any device, or to receive any fictitious and properly act upon.
The recommendation of last year is re¬
the
be authorized to refer to the Court of
peated,
that
Secretary
obligation, whereby to evade tke provisions of section 5,208,
above cited.
Since the passage of section 13, instead of the Claims, in his discretion, any disputed claims against the Gov¬
formal certification of checks, some national banks have made a ernment involving important questions of law or fact. This
fermal acceptance thereof. They claim that this does not break would give to claimants and to the Government a proper judi¬
the law, and plant upon section 5,136 cf United States Revised cial trial and judgment, and ward off the requests for re-exami¬
Statutes, wherein that section allows the making of contracts and nations which are now urged upon every change of principal
the use of powers incidental and necessary to the business of officers of departments.
It is also recommended that there bs
authorized
the
appointment
®f three additional General Ap¬
banking ; and upon section 5,209, United States Revised Statutes,
which makes it penal lor a bank officer to accept without author¬ praisers. The necessity for this addition has long been felt, the
ity, whence, it is claimed, the implication is, that with authority interests of the Government having suffered in some sections
from the bank directors it is lawful; and upon the absence from for the lack of a proper tribunal to determine disputes.
INTERNAL REVENUE.
section 13 of an express prohibition of making an acceptance.
From the various objects of taxation under the internal reve¬
The question remains, however, is the making of the acceptance
nue laws the receipts for the fiscal year ended June 30, 18S2,
a resort to a device, or ths receiving of a fictitious obligation, in
order to revade the provisions of section 5,208 ? For it is under¬ were as follows :
stood at this department that these acceptances are not always From spirits
91
From tobacco
made upon an amouut of money actually on deposit with the ac¬ From fermented liquors
1.920 43
,453 47
banks and bankers
ceptor equal to that of the check. Judging that Congress was From
From adhesive stamps (Including bank checks, $2,318,455 14;
ins 70
earnestly trying to stop a practice which it deemed fraught with
friction matches,$2,272,253; patent medicines,&c.,$1,978,805 50)
From penalties, &c
evil, I believed it well to concur with the Controller of the Cur¬ From collections not otherwise provided for
rency in submitting the matter to the Department of Justice, for
Total
$140,528,273 73
the official opinion of the Attorney-General whether, a national
The increase of the revenue from spirits during the last fiscal
bank might lawfully make such acceptances; and, as the
amount of them is supposed to be large, whether, if the bank year was $2,719,433 30; the increase from tobacco in its various
might lawfully make them, it should be held in so doing within forms of manufacture for the same period was $4,536 997 60;
the -bounds of section 5,200, Revised Statutes United States, to the increase from fermented liquors was $2,453,679 21; the in¬
the one-tenth of its paid-up capital; and, if it might be so held, crease of revenue from taxes on banks and bankers was $1,491,*
whether that limit applied to the gross amount of the accept¬ 250 40; the total increase of internal revenue from all iwurcai
ances ^or to a single acceptance?
(See section 5,202, United was $11,293,361 42,
num.
The Controller of the Currency has completed
Dekbmber
THE CHRONICLE.
0, I860.]
REDUCTION OP
The
Treasury
Department was created by
himter 12 of the year 1789.
dntv of the Secretary ** to
.
TAXATION.
act of Congress,
By the second section it was made
digest and prepare plans for the
663
law to be answered, and no convenience or pressing need
of the Government to be met, unless there is a great emergency,
and general financial disaster is threatened, which only extreme
of governmental interference can turn aside. It in
that this Department has heretofore, and as late as March 39,
measures
true
improvement of the revenue ” The word improvement meant 1881, purchased bonds and paid for them the face value and a
fltarffement
The need was for more revenue, and the lack was premium thereon. The purchases on that day were over $5,250,f subiects from which it might be; taken.
In that sense that 000, and the premium paid near $55,000. But the purchase was
Sutv is now without care. The times have changed. What now for the sinking fund, and the law of that fund required a pur*
Tiftrolexes the Secretary is not wherefrom he may get revenue chase, and there were no Government bonds redeemable at pleas¬
and* enough for the pressing needs of the Government, but ure to the payment of which an assets might be applied. Ia
whereby he shall turn back into the flow of business the more former years there were large and continued purchases of bonds
than enough for those needs that has been drawn from the people.
at a premium, but they went band in hand with sales of gold at
rrheye are now in the Treasury unused assets to a large amount, a
greater premium, and the Government made a profit by the
and the daily receipts into the Treasury from customs and inter¬ transaction, and then, too, was for a time the requirement of the
nal revenue taxation are about a million and a quarter. It is sinking fund, and there were no bonds payment of which might
nlain from this, and the statement with which this report begins be made in invitum. The anticipation of payment of called
of the estimated expenditures for the next fiscal year, that the bonds without a rebate of the interest up to the day named in
receipts from revenue are, and are likely to be, in excess of the the call rests upon a different basis. A prepayment of interest
needs of the Government. From the inequality between daily large upon the public debt is sanctioned by express provision of law.
receipts and comparatively small daily disbursements there comes (See resolution No. 25, of March, 1864, and United States Revised
an evil effect upon the business of the country.
The collections Statutes, 3,699.) A reference to the debates in Congress when
by Government are taken out of the money market in sums and that resolution was under discussion shows that the motive for
at dates which have little or no agreement with the natural
the adoption of it was that the Treasury Department might at
movement of money, and are returned to it with the same in¬ any time break a tightness in the money market by putting out
adaptation to commercial or financial requirements. Occasion¬ money idle in its vaults. The power thus given has of late been
ally the large disbursements of the Government have created a used for that purpose.
Though this does give a gain to
plethora of money; more frequently its large and continued the holders of the bonds, it puts no loss upon the Govern¬
withdrawals of money have caused such a scarcity of floating ment. The Treasury uses for the prepayment money that it
capital as to check the proper movement of legitimate business. needs not for use in other ways, and which yields no interest,
It is not only that the amount in the Treasury is so much kept and which it must at last use for paying just what it pays in ad¬
from the use of community; the fact becomes an incentive and vance, and to no more than the amount that it must at last pay.
an aid to men who, for their own ends, conspire to keep from that
In paying a high premium, however, it pays what it is not bound
use other large sums.
We have believed that the laws of the ever
to pay, and it is not a certain event that it will ever m&ko
States against primogeniture, the entail of estates, and the accu¬ itself whole again, and to the extent of some part of the premium,
mulation of personal property, stood in the way of heaping up it extinguishes no debt. It is doubtless good policy to extinguish
wealth in single hands, and gathering in single hands the power the
long bonds of the Government, rather than those payable at
over others that
great wealth gives.
But so it is, that its pleasure,
for the time is at band when, with the present rat®
to-day there are men so rich that by conspiring to¬ of receipts and the present rate of payment of the public debt,
gether they can at will put and hold hand on near all the bonds subject to optional time of payment will have been
as much money as Government can lay hand to, save by the use
called in. Then, if there* be a surplus in the Treasury, there
of its credit. The power thus had is used from time to time.
It will be no outlet
for it save by purchase at large premium of
results that violent and sudden contractions and expansions afflict
long bonds, or the disbursement of it through appropriations for
the business community, and the Government is an unwilling
purposes beyond the ordinary and economical needs of the Gov¬
aider and abettor therein. It has come about that the Treasury ernment. ’It is, therefore, for Congress to consider the propriety
Department is looked to as a great, if not a chief, cause of recur¬ of empowering this Department to buy the long bonds at a high
ring stringencies, and the Treasury is called to for relief. Every premium. If it shall deem it politic to make general purchases of
Secretary of the Treasury for years past has had it brought bonds at such premium for extinguishment it should by law, give
clearly to his mind, and official expedients have been used to to this Department express authority so to do, and thus adopt that
remedy the evil. Little of lasting value has been accomplished policy. There have been other suggestions of modes of freeing the
thereby. There is no advisable and lawful mode of disbursing Treasury of an excess of assets. The National Bank Act,§ 35 (United
an existing excess of assets but that of the payment of the public
States Revised Statutes, section 5,133), provides for the designa¬
debt. That debt is substantially of two principal classes—that tion of national banks as
depositaries of public moneys, security
payable at the pleasure of the Government, that payable at a being taken in a corresponding deposit of United States bonds.
fixed date in the future. The former is also of two kinds—that All
moneys received for Customs must be paid into the Treas¬
bearing interest at 3} per cent and that at 3 per cent. The latter
ury, and no part of them can be placed in national bank deposi¬
may not be called in for payment while any of the formers out¬ taries.
It is seen that if they or any part of them were depos¬
standing and uncalled, fco is the law of its creation. Of the ited with national bank depositaries they would soon find tneir
former there are outstanding and uncalled over seventy millions.
way back into the currents of business in loans and discounts,
The interpretation put by the Department upon the various laws
as do now the receipts from internal revenue taxation.
There
out of which that debt has arisen requires that a call for it for pay¬
are in the Treasury over $50,000,000, being the 5 per cent fund
ment must fix for the maturity and for the cessation of interest
for the redemption of national bank notes, and the fund for the
This somewhat hampers the depart¬
a date three months off.
of notes of national banks that have failed. These
ment in so making calls as to keep up a timely succession.
For redemption
funds have not been treated by the Department as “ public
calls at three months off there must either be the funds in hand
therefor at the time when the call is made, or there must be a moneys” within the intent of the sections above cited, and have
kept in the Treasury. If Congress should give an inter¬
reliance upon the probable prospective receipts.
To wait before been
pretation
to the words “public moneys” which would take in
making a call until the funds are in fact in hand would be to these funds,
and they be put on deposit with the pubic deposi¬
increase the evil of which I am speaking.
To call in reliance
taries, the same results would follow as are above suggested as
upon receipts to come needs caution, lest by changes in business
to Customs receipts. ,It is argued by those who contend for
currents or business prosperity they may be lessened, and thus
embarrassment ensue ; so that, practically, the Department can¬ larger use of the banks as depositaries that all other civilized
countries h tve an advantage over the United States in the rela¬
not with prudence work in this matter up to what may turn out
tions between their*Treasuries and the money market; that their
to be its fall ability.
Whether the 3 per cent bonds will require
Governments keep their accounts with the strongest banks in
the same length of call time has not yet been determined. Nor
the country, and in this natural way of tracsac‘ing business they
is a call always effectual in bringing in the debt for payment.
The monthly statements of the public debt show that of matured do not deprive their trade of the natural and necessary services
of floating capital ; that it is only in the United States that the
obligations on which interest has ceased there are outstanding
over $11,500,000, some of it from the year 1837.
Doubtless some Government, chiefly by law and partly for want of the use of
of this has been lost or destroyed, and will never be brought for existing discretionary powers, deliberately disturbs the natural
currents of money, inflicting upon trade a prolonged or spas¬
payment. But bonds which are in late calls come in slowly. Thus,
of the calls preceding the last, all of which have been some days modic stringency by locking up its receipts, or stimulating spec- ,
ulaiion
payable at option of holders, without rebate or interest, and is Uxedby a sudden outpouring of it3 hoard ; that all business
by this system of legal caprice, and that it is probably
which were, in all, for $55,000,000, there is outstanding $35,000,000 and over. Bonds of the other principal class are of several no exaggeration to say that our Treasury statutes cause dis¬
counts fn New York city to average 2 per c nt higher than under
kinds, all payable at a f uture date, and all are now at a high pre¬
mium in the market. If it were good policy for the department the more natural system of employing the ordinary business ,,
I
to buy these at their premium, it could by so doing easily free agencies for the Government’s collections and disbursements
the Treasury from its excess of assets. Various causes put these do not yield ta this reasoning to the full extent that it is sought
premiums at a height almost unexampled. It is true that capi to push it. It may be well to give the Department the power to .
talists may buy them now, and they will, if the present state of make larger deposits in the public depositaries. I conceive that
the receipts from Customs, now to great ex ent pledged by law
things continues, by the time they fall due and payable, and are to the
payment of the bonded creditor, should be beld in the
paid to them at their face, have realized some interest upon the
purchase price. At the present premium on most if not on all of Treasury, tor in another course there are disadvantages that .
them that will be short of 3 per cent. Calculations show that at might come to both Government and people, and which would, .
these premiums a purchase will not have yielded at the end of if they came, outweigh all advantages to either. It is safe to
their term 3 per cent on the money paid for them. The Govern¬ say that the country is never so sure of a continued course of
prosperity as that prudent forecast will not take heed of possible .
ment by the purchase of them might in effect take an equal profit.
If such should come, in such
But it can save to itself 3* per cent by calling bonds of that financial disturbance and disaster.
class. Hence, I do not perceive how a Secretary could justify magnitude as that the national hank depositaries should be r
nimaelf to the country at large in paying the Government involved in common with all, it would be of the greatest ,
debt at ruling premiums when there is no requirement of good that the Government had in its own hands the means to
664
meet the
THE CHRONICLE.
daily calls
upon
it. It has chanced that, singly, national
bask depositaries have failed to meet the drafts of the Govern¬
them, to its embarrassment.
Greatly more so would
should so fail together, and together should
have in keeping, in main, the assets of the Government. The
policy of the Department has been to keep for the redemption of
the United States no* es a reserve of about 40 per cent of the
amount of them outstanding, and besides that to hold money
enough to meet all other obligations payable on demand. It is
a part
Of that policy that the Treasury should itself hold tbat
reserve.
“ You must be ready for the evil day, and, being ready
for the evil day. the evil day almost never comes ; not being
ready for the evil day, it is certain to come.” For these reasons
I would not seek a release of the Treasury from this
complica¬
tion, in these modes. The radical cure for the evil is in the re¬
ment upon
it be if all
or
many
duction of taxation, so that no more will be taken from the
people than enousrh to carry on the Government with economy ;
to meet all its obligations that must be met from
year to year ;
to pay
off with reasonable celerity the part of the debt which it
may pay at pleasure, and to provide through the sinkiog fund
for the payment of that which will become
payable by and by.
The evil comes from the likelihood of the Government holding
from time to time a large surplus to be poured out in volume at
uncertain and unforeseen times, and at times often
inopportune
for, the business of the country.
There could not be that sur¬
plus, surely Dot
so great a one, if the subjects of taxation were
those retained. The
figures are given above which show an estimated surplus of
lessened and the rates made smaller upon
Sublic
moneys
for thelaws
fiscalandyearincluding
ending June
1883, upon
asis of
existing
the 30,
sinking
fund, the
of
$75,577,043 75.
Unless some disturbing cause comes in, not now
foreseen, that surplus will increase from year to year as the in¬
terest on the public debt decreases. For without such cause the
from all sources will not be diminished if the laws
pro
ductive thereof remain unchanged. As so great an annual sur>lus is the direct result of the
existing revenue laws, what will
the financial condition of the country if these laws remain uu
changed and taxation be not reduced ? In connection herewith,
should be borne in mind the increasing expenditure for
likely to affect in
pensions,
degree the increase of surplus. The
Pensions has furnished to this Department au
some
Commissioner of
estimate based upon
facts on his records which gives these figures:
umber admitted
5umber
of claims filed to June 30,1882
472,770 817,722
Number on rejected files
Number pending
75,208
209,078—817,722
Of the number pending, 197,623 are entitled to “
arrears,” and
the first payment in the same, compiled from
discharge
or death
to date, would not fall below
$200,000,000. The remaining
72,055 were filed subsequent to June 30,1880, and pension, when
allowed, would commence from date of filing. Last year he
esti¬
mated that the average value on the 1st
day of January. 1884, o !
each claim allowed out of the class in which are the
197,623 above,
would be $1,350, and he then reckoned that about five-sixths of
that class would be found valid claims and would be
allowed.
The amount of United States bonds which are now
due and
payable at the pleasure of the Goverment are as follows :
Fives Continued at 3^ per cest
Tlureea
,
$155,350,350
259,370,500
Total..
Those which next become redeemable
”$414,720,850
are
the
whlteli may be paid September 1, 1891.,
$250,000,000.
Hotly,
r, t
the 4
per
cents, redeemable July 1,1907
41
per
cents,
$738,929,000
423,750
To whici
3h add tne refunding certificates
Making
$739,353,350
thft fiscal year ended June
redeemable could be paid
foregoing
30, 1883, the whole funded debt now
before June 30, t888. Thi3 would
leave as the surplus for more than five
years the amount of $6 )0,000,000 undisposed of in the Treasury, unless,
yielding to the
temptation of seaming wealth, expenditures be large^ increased.
The amount
of the
1
then, it is recommended to retain a tax on
spirits
tobacco and fermented liquors, as
legitimate subjects of needful
taxation.
They are, in the main, the means of indulgence, and
should come before necessaries as
subjects of taxation. The tax
from spirits for the last year was $69,873,403
18; that fro n to¬
as
bacco, $47,391,988 91; that from fermented liquors, $16,153,930
43,
The increase over the year 1881 was, on
spirits, $'3,719 *
433 30; on tobacco, $4,536,997 60; on fermented
liquors, $2]453*.
679 21. The total receipts from the taxation of these
articles
was*, for the last year, about $133,000,000. The estimated
expend¬
itures for this fiscal year are near three hundred millions.
The
retention of this tax will still leave a large sum to be raised
from
other sources, so that there is not a pressing need of a
reduction
here. Should it, however, be deemed expedient to reduce
the
rate of duties on either of these articles, to obviate the
induce¬
ment to fraud, or to render such duties more
equal, objection is
not so strongly urged against a moderate modification as
against
a total repeal of
all taxes thereon. Propositions have
recently
been made to abolish the whole system of internal
revenue, but
neither public sentiment nor political action indicates a
desire on
the part of tax-paying citizens to strike out this class of
taxes.
All the other subjects of internal revenue
may be released from
taxation, unless bank circulation be retained. It is a franchise, a
privilege to furnish that, and it is of profit to the banks, and of
expense to the Government, and hence is a preferable
subject of
taxation.
The amount derived from it was $3,190,981 98 the
last year, yet as the banks are liable to assessment
by theSrates,
aud thus to bear a share of public burdens, it is advisable
to
strike off the Federal taxation
on
their circulation.
The whole amount of Internal revenue forthe year ended June 30,
1882, besides those from spirits, fermented liquors and tobacco, is $13,073,950 21
on circulation and
deposits of
The tax
national banks forthe
same
period is
8,950,794 00
Making
revenues
as
Vol. XXXV.
Deduct this amount from
$22,030,750
87
surplus revenues aud we have still
a surplus of about
$98,000,000. To complete an effectual reduc¬
tion of taxation it must be made on some
principal source of
revenue, and such a one is the duties on imports collected under
the tariff laws, and an additional obvious method of
avoiding a
surplus in the Treasury is a reduction of the revenues from
those. The subject of the repeal of the tax on circulation and
deposits of national banks and those upon adhesive stamps, and
our
those derived from banks and bankers has been much
discussed
In Congress.
It will be seen, however, that the repeal of all
these taxes would relieve but a portion of the
difficulty. The
revenues from Customs for the
current
year are estimated
at
$231,000,000, and, under existing
disturbing cause now unforeseen, we
laws
and
without
a
that they
therefore, that a
may expect
will not diminish in future years.
It seems,
reduction should be made In the revenue from the Customs. In
reading the testimony before the Tariff Commission it is to bs
observed that with scarcely an exception the
representative of
every
industry, while conceding that
a
general redaction of the
tariff is proper and necessary, has claimed that its
peculiar pro¬
duct can submit te no reduction of the
protection now afforded.
While th8 views of the manufacturers are to be
weighed, it is
manifest that they will never be able to agree upon a reduction
of the tariff duties.
All agree that a revision of the tariff is
necessary. The action of Congress in creating a Commission
for
that
purpose
renders discussion on that
point un¬
The action of that Commission in detail is
is not yet known to this Department.
Whatever may be
its recommendations, they will no doubt receive
respectful con¬
sideration. The Secretary of the Treasury, however, cannot
feel that he is relieved of
responsibility because of that Commis¬
sion.
He deems it proper, therefore, to make some recommen¬
dations upon the subject. The whole amount of revenue from
Customs for the fiscal year ended June
30, 1882, has already
been stated at something more
than $220,000,000.
The
classes of merchandise
paying the largest amount of duties
from Customs are the
following, in the order named: Sugar
and molasses, wool and manufactures from
it, i^on and steel
and the manufactures from
them, manufactures of silk, manu¬
factures of cotton, amounting to about $137,500,000. A
sub¬
stantial reduction upon each of the class of articles named
is
necessary.
loan redeemable in 1891 is
only $250,000,000,
and, ns has been stated, no other loan becomes redeemtble until
1907, »o .that the surplus under the conditions supposed will recommended. And is
it
believed that the time has arrived when
rapidly increase until that date. The amount of the loan of 1907, a reduction of duties on
all the articles in our tariff is de¬
a*already appears, is less than $740,000,003, so that, were it all manded and is feasible. nearly
In addition to this a careful revision of
redeemable, the whole public debt could be paid from a surplus the tariff should be made with a view
to placing upon the free
aa great as estimated
early in the fiscal year ending June 30, list many articles now
paying a duty. It appears that the largest
1824. It has not often occurred in
public financial history that amount derived from any class of products under the Customs
embarrassment has arisen through
superabundance of revenuesf tariff is that from sugar.
Sugar is a necessary of life for all
The condition of the country in that
respect, while it illustrates classes in this country. The aver*ge duty on it is
its' almost boundless resources, and establishes its credit
equal to 24
beyond cents per pound, and to nearly 534 Per cent ad valorem. The
a question, presents difficulties of
grave character. The accu
amount of cane
sugar produced in this country is estimated at
mo 1 at ion in the
Treasury of a large surplus, which must occur 11 per cent of the
whole quantity consumed, and it is apparent
wflefls immediate measures are enacted for a reduction of the
that nearly the whole amount of revenue from this source is
paid
revenues, is not to be placidly contemplated, and the question by the consumer, the
competition by home production not being
confronts us, in what manner
may it beet be prevented ? The sufficient seriously to affect the price.
The progress of industry
atiggestion that the Government may go into the market and in the
production of su^ar from sorghum and the beet is not for¬
purchase its bonds, not yet redeemable, at the market rates is
gotten. It is entitled to consideration. It is believed, however,
noted in another place. As a
temporary expedient, or for a rela¬ that a substantial reduction of the
duty upon sugar may be made
tively small amount, this policy might be adopted. But were it without
injustice to the producers of it in this country. Upon
established by law as a permanent
policy the long bonds, now at wool and iron and
and their manufactures, a large reduc¬
a high
premium, would be so enhanced in price as to render the tion must be made steel,
to materially lessen the revenues derived from
purchase of bonds impracticable within reasonable bounds. A
them, as the amount of imports will increase as the duties are
greater use of the national banks as depositaries is treated of
lessened.
It will probably be found that in general the reduc¬
elsewhere herein. If that should be
made, it would be but a re- tion can chiefly be made on the raw material or coarser manufac¬
Mtvn to the channels of business
of moneys taken from them tures, rather than those
upon which a greater amount of labor
uAthout need, and with the
charge upon the people of the cost of has been bestowed.
The duties on manufactures of silk, it
collecting. I respectfully refer to my last report for my views is believed,
may be reduced without injustice to manufacturers
*£an this subject. They have not materially changed.
Now, in this country. The cotton tariff is found to be complex and.
*
9,1883. J
Sbgiubkr
Inconsistent,
classes
and it is no-floabt true th«t in most of the coarser
fabrics our manufacturers can compete with the
of cotton
worhPwithout protection. Wines and spirits, which afford the
largest amount of duty next to the five classes enumerated, being
articles of luxury, may well bear any rate of duty deemed neces¬
sary for the revenue.
Without going further into details, the
Secretary earnestly recommends a caretul revision of the tariff,
with a view to substantial reductions. The accomplishment of
ihis i« recommended to the present Congress, which has been
fully aware of the approaching financial situation, as it is now
presented, and has fully discussed the subject in some of its
hearings*
*
*
#
#
#
.
ment of the condition of the banks and
under State laws. Returns of capital
Speaker of the
OF
£EP OUT
THE
House of Representatives.
OF
COMPTROLLER
THE\
*
as
twenty-nine, with a capital of $2,775,300;
eighty-six, with a capital of $7,940,000; Pacific
States and Territories, twenty-one, with a capital of $1,585,000.
Nineteen banks, with an aggregate capital of $1,855,000 and
circulation of $1,440,800, have voluntarily discontinued busi¬
ness during: the year.
The number of banks organized and in
voluntary liquidation as given is exclusive in each case of those
Southern States,
Western States,
liquidation during the
year and have been succeeded by other banks, with the same
nearly the same shareholders.
Three national banks, since November 1, have been placed
in the hands of receivers, making 87 in all since the establish¬
ment of the system. The total number of banks which have
voluntarily closed their affairs by vote of shareholders owning
two-thirds of their stock, under sections 5220 and 5221 of the
Revised Statutes, has been 414; 72 of this number have gone
.into liquidation within the past year, of which 53 were closed
by their stockholders for the purpose of organizing new banks,
and all but three of this latter number in anticipation of the
near approach of the expiration of their corporate existence.
The shareholders of six banks permitted their corporate ex¬
istence to expire, and these associations are in liquidation under
^section 7 of the act of July 12,1882. National banks are or¬
ganized in every State of the Union and in every organized
Territory. The total number in operation on October 3 last
was 2,269—the largest number that has ever been in operation
at any one time.
* *
*
*
*
*
into voluntary
OF NATIONAL
153*06
1,980
38*56
15314
452*00
3.391
1*4-25
295-62
25*37
48*47
521
42*54
United States..
1,012
116-79
BANKS FOR ELEVEN
YEARS.
and liabilities of
corresponding
The following table exhibits the resources
the national banks for eeven years, at nearly
dates, from 1876 to 1882, inclusive:
Oct. 2,
1876.
Oct. 1,
1877.
Oct. 1,
1878.
Oct. 2,
1879.
2,089
2,080
2,053
2.048
2,090
Oct. 1,
1881.
Oct. 3,
1882.
2,132
2,269
Without Capital.
No.
Capital. Deposits
New England
Middle States
States
Southern States
West’n States and
Territories
United States.
The
Deposits
2
8
6
22
•09
*61
•53
•77
507
1-23
418
173
2*63
3417
29
Millions
421-35
473-26
1*15
3407
38
3-86
41*24
622
929*83
Millions Millions
capital of the 2,239 national
2
banks in operation on July
1,18S2, as will be seen by a table in the Appendix, was $477,184,390, not including surplus, which fund at that date
to
than 131 millions of dollars; while
all the State banks, private bankers and
more
amounted
the average capital of
savings banks, for the
ending May 31, 1882, was but $234,929,976. The
latter amount is less than two-fifths of the combined capital and
surplus of the national banks.
*
*
*
*
The following table exhibits, for corresponding dates nearest
to May 31 in each of the last seven years, the aggregate
amounts of the capital and deposits of each of the classes of
banks given in the foregoing table:
six months
Bankers, Ac.
Years
No.
1876.
1877.
No.
Capital Deposits
Mill's.
500*4
481*0
2091
2078
1878. 2056
1879. 2048
1880. 2076
1881. 2115
1882. 2239
470-4
455*3
455*9
460*2
477*2
Banks, Private
State
National Banks.
Mill's.
713*5
768*2
677*2
713*4
900*8
1,039-9
1,131-7
Capital Dep’slts
Mill's.
214*0
480*0
218*6
470*5
3709
3639
202*2
197*0
190-1
206*5
413*3
397*0
501*5
3798
4016
4403
231*0
6275
747*6
1876
1877
1878
1879
1880
1881
1882
676
668
644
629
629
622
26
26
23
MiU't.
SO
4*9
3*2
29
29
36
38
Mill's.
37*2
38 2
26*2
4*2
4*0
4*2
361
3*9
41*3
34-6
37-6
No.
Deposits.
Capital. Deposits.
Millions. Millions.
844-6
843*2
803-3
747-1
7830
862-3
929-8
6611
719-4
6579
6450
63.30
6532
6796
7302
704-5
675 8
656*5
6500
670-9
712-1
2,075-3
2,1201
1,920*0
1,893*5
2,219*9
2,667*3
2,850-4
OF NATIONAL BANKS,
CORPORATE
of
February 25,1863,
bank
act
11 of the national
EXTENSION OF
Section
Capit’l Dep’ts
Capital.
Millions.
691
No.
TotaL
Savings Banks
No.
Savings Banka
with Capital.
Mill's.
3803
3799
without
Year8.
EXISTENCE
THE
provides that—
pursuant to the provisions of this aot may
succession by the name
designated in the articles of association, and for the period limited
therein, not, however, exceeding twenty years from the passage of this
Every
Oct. 1,
1880.
Savings Banks
with
Savings Banks
or
•COMPARATIVE STATEMENTS
293
113*08
19*98
246
No.
9*42
7*13
62*19
6 37
205
40
.
Geographical Divisions.
i
Office of the Comptroller of the Currency.
)
Washington, December
I have the honor to submit for the consideration cf Congress
4he twentieth annual report of the Comptroller of the Cur¬
rency, in compliance with section 333 of the Revised Statutes
of the United States.
The number of national banks organized during the year
ending November 1, 1882, has been 171, with an aggregate
authorized capital of $15,767,300. Circulating notes have been
•issued to these associations amounting to $6,500,680. This is
the largest number of banks organized in any year since 1872.
* These banks are located by geographical divisions
follows : Eastern States, nine banks, with a capital of $950,000; Middle States, twenty-six, with a capital of $2,517,000;
banks which have gone
Millions Millions
1,014
Middle States
Southern States....
Western States and
Territories
England States
104
24-06
225*51
8*32
40*56
N.
Capital. Deposits
No.
CapitaL Deposits
No.
Capital.
ct,
2,1882.l.
*
Private Bankers.
Companies.
CURRENCY.
Treasury Department,
*
Trust
State Banks and
Geographical
Divisions.
Millions Millions
pleased to report that as yet there is no
deficiency in the appropriations placed by Congress at its disposal.
CHAS. J. FOLGER, Secretary.
tTo the
banks and private hankers
deposits of all the State and savings
*
*
savings banks organised
and deposits are mad*
by these institutions and by private bankers semi-annually, to
this Department for purposes of taxation. From these returns
the following table has been compiled, exhibiting, in concise
form, by geographical divisions, the total average capital and
Department is
The
666
THE CHRONICLE.
association formed
make and use a
oommon
seal, and shall have
aot.
Banks. Banks. Banks.
Banks. Banks. Banks. Banks.
MiU'ns MiU'ns MiU'ns
Mill'ns MiU'ns MiU'ns MiU'ns
Resources.
878*5 1,041*0 1,173-8 1,243 2
834*0
891*9
;Loans
931*3
Bonds for circu¬
357*6
363*3
357-8
357*3
347*6
336*8
lation
337*2
37*4
56*5
43-6
71*2
94*7
45*0
Other U. 8. bds!
47-8
66*2
61 9
48*9
39
7
36*9
34-5
34*4
St’eks,bonds,Ac.
1989
230*8
213*5
167*3
138-9
129*9
-Due from banks
146*9
46*5
47*3
480
47-8
46*7
Real estate
45 2
43*1
102-9
114*3
109*3
42*2
30*7
22*7
21*4
Specie
63*2
53*2
56*6
69*2
64*4
66*9
84*2
Leg*! tend, notes
207
17*7
18*2
16 7
16*9
.Nat. bank notes.
15-6
15*9
208*4
189*2
121*1
113*0
82*4
C. H. exchanges
74*5
100*0
U* S. certificates
8-7
6*7
7*7
26*8
32*7
of deposit
33*4
29*2
Due from U. 8
17*2
17*5
17*1
17*0
16*5
16*0
Treasurer
16-7
28*9
26*2
23*0
22*1
24*9
Other resources.
19*1
28*7
2,358*4 2,399*8
1,8272 1,741*1 1,767*3 1,868*8 2,105*8
Totals
Ninety-eight national banks organized under this act were en¬
their organization papers, to continue for nineteen
years only, and the corporate existence of 307 other ban
expire on or before the close of business ou February 24 next.
The Comptroller recommended in^his last report—
That an act be passed during the present session, authorizing any
national bank, with the approval of tne Comptroller, at any time within
two years prior to the date of the expiration of its corporate existence,
to extend its period of succession for twenty years, by amending its
articles of association. The bill may provide that such amendments
titled, under
ks will
the votes of shareholders owning not less than
of the association, the amendment to be certi¬
Comptroller of the Currency, by the president or cashier,
verified by the seal of the association, and nut to be valid
the
Comptroller’s approval thereof shall have been obtained, and he
have given to the association a certificate authorizing it to continue its,
must be authorized by
two thirds of the capital
fied to the
untilshall
business under suoh extension. Responsibility for the extension of the
corporate existence of the banks will thus, in a measure, rest with the
Comptroller; and he can require such an examination of their affairs to
made prior to granting tne extension, as may seem to him proper, in
order to ascertain if the capital stock is intact, and all the assets o.t th»
bank in
satisfactory condition. * * *
be
a
Liabilities.
Capital stock.
Surplus fund
Undivid’d pr'flts
reason, the legislation herein proposed shall not be favor¬
considered by Congress, the banks can still,
laws, renew their existence if they so desire; and in the
pro¬
hibitory legislation many of them undoubtedly will, on the
of their present charters, organize new associations,
If for any
underabsenoe
the present
of
expiration
Circulation
with nearlythe
6304
deposit’rs
stockholders as before, and will then apply fer and obtain from
259*9
294*9
267*9
201*2
165*1
161*6
13-7 the Comptroller certificates authorizing them to continue business tor
5?®banks
11*9
8*5
Other liabilities.
10*4
twenty years from the respective dates of their new organization cer¬
tificates. Such a course of procedure will be perfectly legal, and, indeed,
2,399
8
2,3584
under the existing laws, the Comptroller has no disoretionary power in
totals
1,827-2 1,741*1 1,767*3 1,868 8 2,105*8
the matter, but must necessarily sanction the organization, or reor¬
CAPITAL
DEPOSITS OF NATIONAL BANK*, STATE AND ganization, of such associations as shall have conformed in all respect*
the legal reauirements.
SAVINGS BANES AND PRIVATE
Jk US V AAM BANKERS.
11 W a X r •
The passage, however, of a general aot direotlv authorizing an extenoeeti'm 833 of the Revised Statutes of the United States re
of associations whose charters are about
®uire* the Comptroller to present -annually to Congress a state- | gion ofthe corporate existenoe
_
..
..
Due to
...
499*8
479*5
132*2
46*4
292-2
666*2
179*8
10*6
122*8
44*5
291*9
463*8
483*1
132*0
454*1
457*6
44*9
301*9
668*4
114*8
41*3
313*8
736*9
120*5
61*2
46*1
315*0
320*2
317*3
887*9 1,083*1 1,134 9
7*9
6*7
466*2
116-9
128*1
56*4
ably
same
AND
fm
.
V AAi VsO
»»M n rv p
to
^
'
^
tenoe
THE CHRONICLE.
666
to
expire would, in many instance*, relieve the banks from embarrass¬
As the law now stands, if the shareholders of an associatioh are
all agreed, the process of reorganization is simple; but if any of the
shareholders object to such reorganization, they are entitled to a com¬
ment.
plete liquidation of the bank's affairs, and to
a pro
rata distribution of
all its assets, including its surplus fund. In many instances executors and
administrators of estates hold national bank stock in trust; and while
they might prefer to retain their interests in the association which
issued the stock, they would perhaps have no authority to subscribe for
stock in the new organizations. While, therefore, the legislation asked
for is not absolutely essential, yet its passage at an early day would be
a great convenience to many of the national banks, and
especially so
,
to the class last referred to.
[Vou JXXV_
ascertained from fragments thereof. The charter
number of
each bank is also printed conspicuously in the centre
of the"
reverse or back of each note.
The brown and green
colors of
the back of the new notes are said to be a
protection against
the arts of the
upon
the
new
faction.
Under
photographer and counterfeiter, and are printed"
distinctive paper, which has given general satis¬
the
extended their
which
act of
July 12, 1882, 30 banks have already
corporate existence, and nearly all of the banks
were organized under the act of
February 25,1863, have
already
given notice of their intention to take advantage of the
8omedonbt8 having been expressed in reference to the right of
act. The total number of banks whose
the shareholders of national hanks whose corporate existence
had expired to organize new associations with the same names
as those which had jnst expired, the opinion of the
Attorney-
General
ruary,
was
1882,
requested on this point, and on the 23d of Feb¬
opinion was given, in which he said—
an
The present national banking laws do not forbid the stockholders of
expiring corporation from organizing a new banking association, nor
froin assuming the name of the old corporation, with the approval of the
Comptroller of the Currency, and, in the absence of any prohibition to
that effect, no legal obstacle to the formation of a new association by
such stockholders, and the adoption of the name of the old association,
would, in my opinion, exist.
an
He also said—
I do not know of anything to prevent a national banking association,
upon the expiration of the period limited for its duration, from being
converted into a State bank under the laws of the State, provided it has
liquidated its affairs agreeably to the laws of Congress; nor after it has
thus become a State bank, to prevent 6uch bank from being converted
back into a national banking association under section 5,154 of the
Revised Statutes, and adopting the name of the expired corporation,
with the approval of the Comptroller of the Currency.
To enable a
State bank so to reconvert itself into a national
authority from the State is not necessary.
In conformity with this opinion,
,
banking association,
corporate existence
either has
expired, or would have expired if no action had been
taken by their stockholders, is 86, having a capital of
$18,877,500 and surplus of $6,994,854, and circulation of
$12,840,010.
Of these, 50 were placed in
liquidation bv their stockholders*
previous to the date of the expiration of their corporate exist¬
ence, and all bat two before the passage of the act of
July 12,
11882. The stockholders of 45 of these liquidating banks organl
ized new associations with the same name ; those of four
organ¬
ized new associations with different names, and those of
one
did not perfect any new organization, The
corporate existence
of six of the 86 banks first mentioned
expired* without having
been previously put into liquidation. Tne united
stockholders
of three of these banks perfected new organizations with
the
same name, and in the case of two others a
portion of thestockholders organized new associations with different
names,
while those of one took no action. The stockholders of
the
remaining 30 of the 86 banks mentioned, which are all of the
banks whose corporate existence has expired since the
passage
of the act of July 12, 1882, have extended under this act.
The number of national banks yet in operation at the date
of
this report, organized under the act of
February 25, 1863, is
fifty banks have been
organized to succeed other institutions whose corporate exist¬
and their corporate existence will expire on the following
ence has expired
and which had previously given notice of 307,
dates ;
liquidation. These banks have in most cases been organized
with the same title as that of the banks which had been
placed
No. of
in liquidation and by the same stockholders.
Date.
Capital.
Circulation.
banks.
Soon after the assembling of the present
Congress a bill was
introduced for the extension of the corporate existence of
national banks, embodying the recommendations of the
Comp¬
troller. It was subsequently reported to the House from the
committee with important amendments, and, after continued
discussion, passed on May 30,1882, by a vote of 125 to 67. The
bill was amended in the Senate in many particulars, and passed
that body on June 22, 1882, by a vote of 34 to 14, and was sub¬
sequently passed in the House July 10, upon the report of the
conference committee, yeas* 110, nays 79, not
voting 101, and
received the approval of the President on July 12, 1882.
The act provides for the extension of the
corporate existence
December, 1882
January, 1883
February, 1883
10
3
294
Section 8 of the act of June 3,1864,
ciation—
$1,420,000
400,000
69,793,250
$1,278,000
360,000
53,222,17a
provides that each
asso¬
Shall have power to adopt’a corporate seal, and shall have
succession
by the name designated in its organization certificate, for the period of
twenty years from its organization, unless sooner dissolved acoording to
the provisions of its articles of association, or
by the act of its share¬
holders owning two-thirds of its stock, or unless the franchise shall
be
forfeited by a violation of this act.
of all national banks for twenty years by
amending their arti¬
cles of association, which amendment shall be authorized
by
the consent in writing of shareholders
owning
not
than
less
two-thirds of the capital stock of the association. It
provides
that the Comptroller upon
receipt
of
the
application
of the
bank and the amendment certified by the association, shall
cause a special examination to be made to determine its condi¬
tion, and authorizes him to grant his certificate for the proposed
extension, if the condition of the association is found to be sat¬
isfactory. It provides that any shareholder not assenting to
the amendment of the articles of association may
give notice in
Under the previous act, banking associations were entitled to
succession for twenty years from the date of the
passage of the
law ; but under the act of 1864, each association was entitled to
an existence of twenty years from the date of its
organization
certificate. The Merchants’ National Bank of Boston was the
first association to organize under the act of June 3,
1864, and
its organization was followed by the conversion of 28 other
banks in the city of Boston, and 22 in the
of three years from the date of such extension’ law¬
ful money Bhall be deposited by the bank with the Treasurer
for the redemption of the circulation then
outstanding; that
anjr gain that may arise from the failure to present such circu¬
lating notes for redemption shall enure to the benefit of the
United States; that new notes shall be issued to the
banks
thus extending, bearing such devices as shall make them
1886
1887
1888
1889
1890
city of Philadelphia
during the same year, and by the conversion of 38 banks in the
city of New York daring the year 1865.
The provisions of the act of July 12,1882,
relating to the
writing to the directors, within thirty days of the date of the extension of the corporate existence of national banking asso¬
certificate of approval of the Comptroller, that he desires to ciations, have proved to be well
adapted to the purpose for
withdraw from said association, in which case he is entitled in which they were intended.
They are simple in form and
accordance with the method provided in the act to receive from appear to be readily understood
by the banks.
said association the value of the shares; that in the
The whole number of banks now in
organization
operation which organ¬
of any association intended to replace any
ized under the act of June 3, 1864, whose
existing
banking
asso¬
periods of succession
ciation and retaining the name thereof, holders of stock in the will expire during each year
previous to 1900, is 1,608, with cap*
expiring association shall be entitled to preference in the allot¬ ital and circulation as follows:
ment of the shares of the new bank in
proportion to the number
of shares held by them respectively in the
Years.
No. of
expiring association ;
Capital.
Circulation.
that the circulating notes of the association
Banks.
extending its
period^ of succession, which were issued to it previous to such 1884
249
$89,611,570
$60,526,825
extension, shall be retired by redemption at the Treasury ; that 1885
734
188,286.715
125,635,450
at the end
19
6
11
:
1891
3
63
105
1892
105
1893
1894
39
68
83
2,715,300
1,100,000
1,300,000
600,000
9,290,500
13.293,900
13.035,600
4,740,000
7,688,000
1,758,250
976,500
,
719,100
540,000
6,419,950
0,180,280
8,441,270
3,819,400
5,864,150
readily distinguishable from those previously issued, and that 1895
10,567,000
7,740,180
1896
24
national banks whose corporate existence has
2,018,800
1,552,500
expired or shall 1897
29
3,019,000
2,151,000
hereafter expire, which do not avail themselves of the
1898
27
privilege
2,208,600
2,649,600
of extension, shall give notice of liquidation and deposit lawful 1899
43
4,930,000
3,910,900
money for the retirement of their circulating notes as required
Total
1,608
$354,845,985
$241,474,355
by law. It also provides for the extension of the franchise of
expiring associations for the sole purpose of liquidation until
One advantage in extending the corporate existence of asso¬
their affairs are finally closed. The other
provisions of the act ciations under this law,
over the only method possible previous
in reference to national banks are
general in their character, to its
passage, is in the retention of the surplus fund.
and do not exclusively apply to banks whose
corporate exist¬
Thus, in the case of the fifty-four banks which have been
ence is extended
by its provisions.
under sections 5,220 and 5,221, or under sec¬
liquidated,
Immediately upon the passage of this act appropriate blanks tion 7 of theeither
act of July 12,1882, by their stockholders, in order
were prepared for the use of those banks
whose corporate to
organize new associations, the surplus was reduced from
existence was about to expire, and new
circulating notes were $5,540,067 to $2,559,252.
subsequently issued to such institutions as conformed to the
The aggregate
law. The note of the denomination of five dollars
of the thirty banks extending their
has for its existence under thesurplus
act of July 12,1882, has
vignette the portrait of the late President Garfield. The faces
slightly increased.
*
of the notes of other denominations are
s:milar to those pre¬
viously issued, but all the new notes have, as a distinctive
feature, the charter number engraved six different times in the
«K>rder; so that the name of the bank issuing the note may be
COIN AND PAPEE CIRCULATION OF THE UNITED STATES.
Ou another page,
tables similar to those which have been
*
These banks were, however, revived for purpose of
liquidation
section 7 of the act of July 12,1882.
bf
9,188*.]
THE
CHRONICLE.
667
is probable that the addition to the coin of the country, since
the resumption of specie payments, has been in advance of such
demands.
There has been no complaint of scarcity of
people at the time of the resumption of specie payments, money which cannot probably be traced to those engaged in
the 1st of November of each year since that date.
speculative business, and however great the aggregate of the
The total amount of the circulating medium of the country circulating medium may become, complaints of scarcity wil
always be heard from those who desire a rise in prices.
on November 1 is given as follows :
No other nation economizes the use of its circulating medium
362,727,747 as does this, and it is probable that but a slight annual increase
bankVotes outstohdin*
nnid in the Treasury, lees certificates held by the hanks.
148,435,473 in the amount of national bank notes outstanding will hereafter
flwSrdrilver dolhu* in the Treasury
..
92,414,977 be required, provided that the
exports of coin are not greatly
fiSmidarv silver coin and silver bullion in the Treasury.
30,761,985
rnbiintiae national banks
102,362,063 in excess of imports, and the receipts from our increasing reve¬
£ State and savings banks
17,892,500 nue, in excess of the requisite reserve, are kept in circulation
Estimated amount of coin held by the people
387,562,793 and not hoarded in the Treasury.
the
and on
Total
estimated total currency of the country on November 1
thus appears to have been more than fourteen hundred and
eighty-eight millions, which is four hundred and thirty-three
millions in excess of the amount held on January 1, 1879, and
one hundred and eighty-six millions in excess of the amount
held two years ago—on November 1,1880. The gain in gold
coin since the resumption of specie payments has been two
hundred and eighty-eight millions, and in gold and silver coin
three hundred and ninety-four millions. The increase in
national bank notes has been nearly thirty-nine millions.
No change has been made in the amount of legal-tender notes
outstanding. It remains at $346,681,016, which was the amount
outstanding at the date of the passage of the act of May 31,
1878, which prohibited any further reduction of the volume of
The
these notes.
The act of
January 14,1875, required the Secretary of the
and after January 1, 1879, to redeem in coin these
notes, on their presentation at the office of the Assistant Treas¬
urer in the city of New York, in sums
of not less than fifty
dollars. In order that he might always be prepared to do this,
Treasury on
he was 44 authorized to use any surplus revenue from time to
time in the Treasury not otherwise appropriated, and to issue,
sell and dispose of, at not less than par in coin,” any of the
five, four and a-half, and four per cent bonds authorized by the
act of July 14, 1870. This act is still in force, and gives the
Secretary unlimited power with which to provide for the re¬
The interest-bearing bonded
been rapidly reduced since 1869,
the miscellaneous obligations of
debt of the United States haa
at which time the funding of
the Government had been sue*
cessfully accomplished. The reduction of this debt during the
twelve years ending June 30, 1881, has been more than six hun¬
dred and forty-eight millions ($648,403,668), and the amount of
interest paid more than one thousand two hundred and seventy
millions ($1,270,596,784); the average annual payment of the*
principal being $54,033,639, and of interest, $105;883,065. The
annual average reduction in the interest-bearing debt during
the last three years ending November 1 has been $126,295,810.
The reduction during the past year was $148,648,550.
The successful refunding of the five and six per cents as they
matured, at first into four and four and one-half per cents, an£
subsequently into three and one-half per cents, and during the
last year into three per cents, together with the rapid reduction
of the debt, has had the effect of renewing the discussion as to
the permanency of the national banking system and its
ability
under existing laws to supply the additional circulation which
may
be hereafter annually required.
The banks hold 40 mill¬
ions of three and one-half per cents, and nearly 180 millions of
three per cents as security for their circulation. If the debt
should hereafter continue to be reduced at the same rate as
during the last
all of these bonds will be called for pay¬
three years, and it will be necessary for tne
year,
ment in less than
banks holding such called bonds either to deposit lawful money
for the purpose of retiring two hundred millions of their circu¬
lation, or to purchase four or four and one-half per cents, or
Pacific Railway six per cents, which are now at a high premium
in the market.
demption in coin of the legal-tender notes. He is thus enabled,
so long as the credit of the Government continues good, to
check, by the sale of United States bonds, any exportation of
Many plans have been suggested for the purpose of supply¬
coin which might endanger the redemption of United States
ing
the deficiency in bank circulation, which it is probable will
legal-tender notes.
These notes were issued at a time when the expenditures of arise as these bonds are paid.
The systems of banking in operation previous to the estab¬
the Government were in excess of its revenue. Its receipts now
lishment
of the national banking system, and particularly those
so largely exceed its expenditures that more than 148 millions
of the public debt was paid during the past year. The only known as the 44 charter ” and 44 safety-fund ” systems, have been
brought forward for discussion, and opinions have been ex¬
reason that can be advanced for the increase of these issues,
would be that they may be substituted for other forms of public pressed that under the general restrictions of the national bank¬
debt, and the only method by which they can now be disbursed ing system, or with increased limitations, it would be advisable
is in payment of United States bonds, at a time when the bonds for Congress to authorize the issue of circulating notes based
are
befog paid from the surplus revenue at a rate unprecedented upon the capital, the assets, and the individual liability of
in the history of nations. It is evident that whatever difference stockholders, without requiring, as heretofore, the actual de¬
of opinion may have heretofore existed upon the subject, so posit of securities in the Treasury for such issues. It has been
long as the revenue shall continue to supply more money than suggested if the circulation issued be considerably less than the
is needed for expenditures, there can be no sufficient reason for actual capital paid up, and if the billholder be entitled to a first
lien upon all the assets of the bank, and to the amount which
the authorization by Congress of an increase of these notes.
The act of July 12,1882, has again inaugurated the policy of may be collected upon the individual liability of the share¬
issuing gold certificates. These substitutes for coin are here¬ holder, that the people would be abundantly secure from any
after to be issued against deposits of coin in the Treasury, and, loss upon the circulation so issued by the banks. As supple¬
together with certificates for silver deposited in like manner, are mentary to this proposition it has also been suggested that the
authorized to be included in the reserves of the banks, and to banks be required to hold not less than the minimum amount
be used as clearing-house certificates in cities where clearing¬ of bonds now provided by law, which is estimated not to exceed
houses are established. They will not increase the amount of 100 millions of dollars, and that in addition they be required to
the currency in the country, but, by saving the cost of trans¬ deposit ten per cent upon their capital in coin with the Treas¬
porting specie from one point to another, will render the stock urer as a safety fund, and that they shall continue to receive
each other’s notes in payment of obligations due them.
of specie more available for use by the banks and the people.
It is not probable that the stockholders of those banks which
The Comptroller, in his report for 1881, in elaborate tables
do
not desire to issue circulation would be willing to continue
giving the receipts of banks upon two different days, showed
business upen the condition that they should contribute so large
that the
‘
an amount to a fund intended to insure the public against the
issues of fraudulent or badly-managed institutions. It is sug¬
in checks and drafts. There has been
gested,
however, that the proposition would be improved if
during the current year
banks desiring to issue circulation be required to contribute to
an increase of 171 in the number of national banks in
operation,
and during the three preceding
years the increase was 314.
During the current year 382 additional State banks and private
bankers have commenced business. The rapid increase in these
places of deposit brings into use a larger number of the small of coin, and the losses from the circulation of insolvent banks
checks of depositors, and largely diminishes the use of the cir¬ be small, the interest, in the course of a few years, if retained;
as proposed, would amount to a considerable sum.
The large
culating
medium.
These
depositaries,
and
the
amount of cap¬ fund
on deposit in the Treasury for the
ital
purpose of redeeming
employed in banking, notwithstanding the excessive
taxation imposed upon this business, nearly keep pace with the the notes of national banks retiring circulation now amounts to
advance in the population and wealth of the country ; but the more than 38 millions. If it should be thought expedient to
increase in the receipts and
payments of banks and bankers, invest a considerable portion of this fund in three per cents,
made by checks aud drafts, shows the absurdity of the
releasing it from the Treasury, the income mignt also betheory thus
that the
added
to the safety fund. The gain resulting from the failure
money required for business purposes should bear a
fixed proportion to the
population or to the wealth of the on the part of the public, to present for redemption national
bank notes which are being retired by an act of the present
country.
The eame causes which have operated to bring about a
Congress,
accrues to the benefit of the Government, and it is
rapid
reduction of the public debt have also tended to increase the estimated will amount to not less than from three to five mill¬
circulating medium. The large imports of coin, in excess of ions during each twenty years. This gain might also properly
be included in the proposed safety fund, and in the course of a
few years these funds, by reinvestment, would increase to so
large an amount that the securities required to be deposited by
organization of the Government. The per capita of circulation the banks could be largely diminished.
is
The foregoing propositions have no precedents in any form of
larger, and it is probable that its proportion to wealth is
greater than at any previous time. It is
undoubtedly large general legislation heretofore known in this country. Circula¬
enough to supply the legitimate demands of business; and it tion authorized upon similar plans has heretofore been issued to
THE CHRONICLE.
668
banks which have been
specially chartered, and not to banks
organized nnder a general law.
Nearly every State in the Union has had its experience in
authorizing the issue of bank notes based exclusively upon the
capital and assets of the banks issuing the same; ana many
States have required the accumulation of a safety fund for the
protection of the public from unsecured and uncurrent bank
notes. In most cases circulation was authorized to be issued by
auch banks equal to the capital; sometimes the amount issued
was less; sometimes it largely exceeded the capital.
The Suffolk system in the New England States, which was
perhaps as gooa a system as could be desired to protect a bank
circulation not secured by bonds, by a prompt and vigorous re¬
demption of the notes, kept them in a healthy state; but the
annual losses upon bank circulation, even in the New England
States, up to the time of the organization of the national bank¬
ing system, were by no means inconsiderable. Notwithstanding
the restrictions then existing, banks of circulation were organ¬
ized with but little capital paid in, and notss, either worthless
or Irredeemable, were placed in circulation at points remote
from the places ot issue. In New fork, under the safety fund
system, and previous thereto, losses to the bill holders fre¬
quently occurred, and in other States, almost without
exception, such losses were large, and have usually been estimated
to have been, in the aggregate, not less than 5 per cent, an¬
nually of the whole amount outstanding. It is true that there
:
in England, Ireland and Scotland 119 private and jointstock banks, with many branches, which are authorized to it-sue
circulation based upon their capital, but their authorized circu¬
lation is only about 100 millions of dollars. Thirty-five banks,
with numerous branches in the Dominion of Canada, are also
authorized to issue circulation in a similar manner, but the
total circulation of these banks does not exceed 35 millions.
Host of these are banks which have been in existence for many
years, and were organized under special charters, and the lia¬
bility of the shareholders in many cases, particularly in Great
are
"
Britain, is unlimited.
No State
nation has
tion
ever
authorized the
a
requiring the deposit with the government of securities
the basis for the issue of such notes.
tion to which these banks were entitled under
existing laws,
namely, ninety per cent upon capital, is $17,336,340, winch is a
less amount in the aggregate than the amount of
dividends
which wiil have been paid to the creditors of these
insolvent
institutions. Forty-four of these banks, having a
capital of
$10,094,000, would each have paid in full their circulation if
ninety per cent had been issued upon their capital, from the
ends to their
of their
assets, andThe
also have
paid small
diviSroceeas
would
depositors.
remaining
forty-three
insolvent
banks, having
a
capital of $9,168,600, would in the aggregate
have paid, it is estimated, seventy-five per cent only, from the
avails of their assets upon the circulation authorized;
entailing
a loss upon the bill-holders of over $2,000,000, and
leaving no
assets whatever for the benefit of the depositors, whose claims
$9,043,605, and upon which dividends will be paid averaging,
it is estimated, sixty-eight per cent. While these forty-Uiree
banks would in the aggregate have
paid seventy-five per ceit
to the bill-holders, about one-half of this number would have
paid on the average from the avails of their assets not exceeding
are
fifty
per cent of tne amount of their circulating notes.
The losses which the holders of the
notes of insolvent banks
would have experienced under the national banking system, if
securities had not been required to have been deposited, would
have been small in comparison with the whole circulation. But
the fact that such losses would have occurred in so many
banks,
and that, too, at the expense of the depositors under a system
with so many safeguards and restrictions, is an argument from
experience against any proposition to issue notes for circulation
under any general system, without requiring sufficient
security,
which cannot easily be answered.
If the pubic debt is to be paid hereafter as rapidly as
during
the past three years, all of the interest-bearing bonds will soon
be surrendered and canceled, and there is danger that the bank
circulation wiil be so rapidly retired as to cause a contraction of
the currency, which wiil affect the price of commodities and
create embarrassments in
business ; but there is now no such
a speedy payment of the public debt as
there is for the reduction of the redundant revenue.
It is be¬
lieved that Congress will soon provide for so large a redaction
of the revenue that a sufficient amount of bonds will remain for
the security of the bank circulation.
The national banks held, on November 1, bonis for circula¬
pressing necessity for
organization of
general banking law, with the right to issue cir¬
culating notes proportionate to capital, except under a restric¬
or
'banks under
[Vou XXIV.
as
Banks in this and in other
countries, which have been authorized to issue circulating notes tion, not payable at the pleasure of the Government, as follows:
without security, have been those organized under special chart¬
Four and one-half per cent bonds
$33,754,650
ers,-and in granting such charters the means and character of Pacific Railway sixes
3,526,000
the applicants and proposed stockholders are subject to investi¬ Four per cent bonds
104,917,500
gationof by committees
and legislators. Propositions for the
without
issue
v
.
circulation
the fullest
security cannot be too
carefully considered. The security of the national bank note
under the present system is perfect. In twenty years not.a
.single bank note has failed to be redeemed at its face value,
blanks organized nnder a general law, located so often at great
■distances from commercial centres, render a security for circu¬
lation of uniform and positive value an absolute necessity. It
is evident that the authorizing of more than three thousand
banks, under a general or free banking law, to issue circulation
-without security, located in a country having such extensive
.territory as our own, wonld result disastrously.
Under the present banking system it is difficult in all cases
to prevent the organization of banks with deficient capital, but
if such banks are organized, at least no injury can happen from
the. issue of their circulating notes. The failure to pay the
capital is almost certain soon to be ascertained, when such asso¬
ciations can be summarily closed, or required to make good the
deficiency. If under the proposed system, banks should be
organized with deficient capital and receive circulation, an irrep¬
arable injury would be accomplished before the worthless
■character of the assets could be ascertained. It would be practi¬
cally impossible for any Government officer to prevent unprinci¬
pled men from organizing and controlling such associations for
the
purpose of benefit ting themselves at the expense of the hold¬
ers of their circulating notes.
There are in this country more than a thousand State banks
and trust companies, and nearly thirty-four hundred private
bankers. The temptation wonld be strong, on the part of these
corporations and individuals, to organize banks of circulation,
af circulation could be obtained without depositing bonds as
security therefor. The value of the different notes issued would
•depend upon the management of the bank and character and
standing of the different stockholders. Many notes would be
at
a
discount in exchange for coin, and the failure of
one
banks, organized by men of character, integrity and means,
cuch associations would be characterized as a monopoly. Even
if corporations are organized upon the condition that ail should
contribute a percentage of the circulation to a safety fund for
the
the
protection of the aggregate circulation, there is danger that
issues of fraudulent or
badly-managed banks would soon
.consume the
safety fund, and it
is
evident that the circulation
$142,198,150
None of these bonds will be
payable until nine years henoe,
1891. The total amonnt of bonds outstanding, held
by the banks and by the people, which are available for circula¬
tion and not payable at the pleasure of the Government, and
caunot be redeemed except by purchase in the market, is as
in the year
follows:
$738,929,600
Four per cents, payable July 1,1907
Four and one-half per cents, payable
Pacific Railway 6s, payable Sept.
Pacific Railway 6s, payable Sept,
Pacific Railway 6s, pay able Sept.
Pacific Railway 6s, payable Sept.
Pacific Railway 6s, payable Sept.
Sept. 1,1891
1,1895 $3,002,000
1, 1896
8,000,000
1,1897
9,712,000
1,1898 29,383,000
1,1899 *14,526,512—
1
Total
*
250,000,000
64,623,512
$1,053,553,112
$483,512 of this amount is payable in 1900 and $4,680 in 1902.
These bonds,
including the Pacific sixes, amount to nearly
1,054 millions, and are abundantly sufficient as a basis for
banking daring the next twenty years. In fact, one-fourth of
this debt, exclusive pf the 142 millions held by the banks, is
sufficient to supply a basis for the bank notes now outstanding.
The law provides that any bank may reduce the amount of its
bonds held as security for circulation, to an amount not less
than $50,000, and, by an act of the present Congress, banks
having a capital of $150,000 or less can reduce their bonds to a
minimum of one-fourth of their capital.
The aggregate
amount of bank circulation outstanding has not been reduced
for a series of years, as may be seen from the following table,
which gives the* total amount of the national bank circulation
outstanding on the 1st of June and 1st of November of each
since 1873:
year
bank
to. pay its notes would throw discredit upon the whole volume
of bank circulation and the system unaer which such banks
were organized.
If the issue of circulation were confined to a
few
Total
Date.
National bank
notes.
1,1874
$351,850,502
junel, 1875
Jane 1,1877
June 1,1878
354,455.473
336,665,930
319,096,212
323,988,085
June 1,1879
June 1,1880
329,539,411
345,183,783
.Tun a
354,151,718
359.875.334
Jane
June
1\1876
1,1881
June 1,1882
Date.
Novemoer 1,1874..
November 1.1875..
November 1,1876..
November 1,1877..
November 1,1878..
November 1,1879..
November 1,1880..
November 1,1881..
November 1,1882..
The above table exhibits the total circulation
National bank
notes.
$354,077,246
34 S 216,902
323,241,308
31^,207,231
322,460,715
337431,418
343,834,107
360,344,250
362,727,747
actually out¬
of the depositor, who standing, which includes the notes of the insolvent banks, of
those in voluntary liquidation and of those which have depos¬
ited lawfnl money for the purpose of reducing their circulation.
•existing laws are distributed to unfortunate creditors.
The circulation of the banks in operation daring the present
Under the national banking system, it is provided that the
circulation issued shall first be paid from the proceeds of the year has, however, by the payment of the bonds held as security
■would be
paid, if at all, at the
wonld be, in
some cases,
expense
stripped of the dividends which under
'
bonds deposited to secure the
„
same.
The proceeds of the re¬
maining assets are distributed pro rata among the creditors.
Eighty-seven national banks, in all having an aggregate capital
of $19,262,600, have failed daring the last twenty years, and
4dnce the organization of the system. The amonnt of circula¬
and the voluntary
retirement of bank notes, been
reduced from
$320,200,069 to $314,721,215, as will be seen from the table be¬
low, which gives, by geographical divisions, the amount of notes
outstanding of the banks in operation in the month of October,
yearly since 1880:
T December
®
•States.
6S
England.
Middle.
Southern
Western
Pacific
ana
Territories..
Circula¬
Circula¬
tion.
$
550 121.460,013
657 110,765,602
179 24,305,338
660 57,048,761
44
3,770,322
c
§
»J8
tion.
o
®
6 9
a
554 123,764,682
668 111,639,689
185
673
24,698,702
56,268,899
52
3,828,097
Circula¬
tion.
$
558 119,658,618
686 109,039,214
208 25,105,793
743 56,376,988
74
669
interest may be retained
1832.
1881.
1880.
:
New
THE CHRONICLE.
9, 1862.
4,540,602
I 2,090 317,350,036 2,132 320,200,069 2,269 314,721,215
reduction from January 1 to July 1 of the present year
still greater, and amounted to more than 16 millions, but
the amount has again increased, as is usual in the fall season of
the year. Banks during the year hare been frequently called
The
wad
by the Treasurer upon notice from the
Comptroller to make up the deficiency. Such an amendment
has frequently been suggested, and, in fact, the original na¬
tional bank act authorized the issue of circulating notes to the
amount of 90 per centum of the current market value of United
States six per cent bonds deposited, provided that such 90 per
centum
was
not in
excess
of the amount of the bonds at their
value, or in excess of the paid-in capital stock. That law
also provided for the deposit of additional bonds or money upon
their depreciation, or the suspension of payment of interest
upon the bonds held, so long as the depreciation should con*
par
tinue.
It is submitted that the issue of circulation upon four and
four and a-half per cents at ninety per cent upon their current
market value, under a restriction similar to that last mentioned,
is equally safe with the issue of ninety per cent upon the three
upon
per cents now outstanding at par; or that a reduction of the
tax upon circulation to one-half of one per cent, or to an
amount sufficient to reimburse the Treasury for the whole ex¬
In
pense
to surrender their bonds to the Secretary for payment.
such cases the three and the three and one-half per cents
have usually been substituted or the circulation surrendered.
The amount of four and four and one-half per cents held as
security for bank notes have, however, during the year increased
more than 14 millions.
The banks hold, as has been seen, 220 millions of dollars of
United States bonds which are subject to the call of the Govern¬
ment, and these bonds can be replaced only by other bonds
bearing a high premium, and payable after a fixed date.
If
these latter bonds are not substituted for the former, the circu¬
lation of the banks will be reduced about 200 millions.
The profit upon circulation upon the four and four and a-half
of the issue of bank circulation and all expenses incident
thereto, is not unreasonable in view of the fact of the large re¬
duction upon the income derived from United States bonds,
amounting to more than two per cent since this tax was im¬
posed.
Either of these plans is feasible and would prevent a sudden
contraction of the currency, by bringing into possession of the
banks a sufficient amount of bonds to supply the circulation
which is needed, and is certainly greatly to be preferred to the
propositions for
without
a
a
large increase in legal-tender notes—if such
practicable—or to the issue of bank circulation
deposit of bond security under restrictions however
issues were
cent bonds, where the rate of interest is six per cent, is not stringent.
much in excess of three-fifths of one per cent, and where the
If, however, it shall be the policy of the Government to ac¬
rates of interest are above eight per cent the profits are nomi¬ cumulate the revenue instead of largely reducing it, thus ren¬
nal, and are not sufficient to induce the banks to purchase large dering it necessary to continue the rapid reduction of the debt,
amounts as security for circulation. Where the profits are so even if it is to be purchased at the price fixed by the holders, it
small there is a serious objection to the investment of so large is of the greatest importance that the
basis upon which the
an amount of capital in premium, which, in the case of four
bank currency is issued should be enlarged so as to include some
per cent bonds, amounts to one-fifth of the face value of the other form of security besides Government credit.
4j
bonds.
The national banking system has been in operation nearly*
If the whole public debt were reduced to a uniform rate of
twenty years, and may be said to have not yet attained its ma¬
three per cent, the present high premium upon bonds would
jority.
It is part of the machinery of the Government. Its
almost entirely disappear, and the volume of circulation would
advantages have been well tested in good and in evil times, and
respond more readily to the demands of business. The tempta¬ during the searching and acrimonious discussions of the last ten
tion to sell such bonds for the purpose of realizing the pre¬
years, the final result of which has been the legislation of the
mium would no longer remain. A proposition for refunding
present Congress authorizing the extension of the period of suc¬
all the bonds, not payable at the pleasure of the Government, cession of each one of these institutions for
twenty years from
into three per cents was suggested during the last session of the date of the
expiration
of
its
corporate
existence. The
Congress. The proposition is that inducements be offered to
Comptroller,
while
he
the
best
interests
believes
it
is
for
of the
the holders of the four and four and one-half per cent bonds Government to continue the national
banking system, subject
to surrender them to the Government, receiving in payment to
such improvements as shall hereafter be authorized by Con¬
therefor three per cent bonds having the same dates of ma¬
gress, is after all of opinion that it would be better that tne cir¬
turity as the bonds which are to be surrendered. The new culation should diminish in volume, than that the issue should
three per cent bonds issued would themselves bear a small be increased at the risk of
placing in the hands of the poorer
premium, and it is believed that the holders of four per cents classes uncurrent and irredeemable circulation, or of giving to
would consent to such an exchange if accompanied by an offer
associations organized by unscrupulous men an opportunity* to
of not more than fifteen per cent premium. The amount of
use an excellent system of banking for bad purposes.
the premium upon this class of bonds, say 700 millions, now
The national banking system was established with a view to
outstanding at fifteen per cent would be 1P*5 millions of dollars, uproot other and evil systems, and nothing but the heroic leg¬
and this premium could be paid, as the bonds are surrendered
islation of taxing bad issues of circulation out of existence,
for exchange, from the surplus revenue of the Government,
which was passed in the interests of the Government during a
thus in effect reducing the debt of the Government 105 millions
great war, could have accomplished this purpose. By increas¬
by a prepayment of interest which must be paid at a greater rate ing the rate of issue upon the bonds pledged by the banks as
each year until their maturity.
The benefits of this plan both to the holder and to the Gov¬ security for their circulation, or by reducing the tax upon bank
notes, or by a proper refunding of the debt, and reducing the
ernment are apparent. The holders would receive, in the Rhape
revenue derived in many instances from unjust and burden¬
of fifteen per cent premium upon the bonds, a portion of their
some taxation, the system may continue for twenty-five rears,
interest in advance, which would be available for loans at rates
or until the maturity of the four per cents ; but it is far better
greatly exceeding the borrowing power of the Government, that the
right to issue notes should be gradually discontinued
which is now less than three per cent. The Government would
than that so good a system should be used to bring again upon
be.enabled by this use of its surplus to save a portion of the
the country the very «vils which were experienced at the time
interest which otherwise it would be compelled to pay here¬
of its organization, twenty gears ago.
after.
The market price of the four per cent twenty-five-year bonds
DISTRIBUTION OF COIN AND PAPER CURRENCY.
per
^
is now 119*20, which indicates a market estimate of a borrowing
rate of interest of 2 92 per cent per annum to the Government.
At this rate the present value of one per cent of interest upon
each $100 bond annually for twenty-five years, relinquished by
the holder, is $17 70.
reports of the Comptroller for the three years preced¬
ing 1882, tables have been given showing the amount of coin
and currency, and its distribution in the Treasury, in the banks
and in the hands of the people on January 1 1879, the date of
the resumption of specie payments, and on November 1 of
that and each succeeding year. These tables* are again pre¬
sented, the amounts on November 1, 1882, having been added.
From November I, 1881, to November 1, 1882, the production
of gold by the mines of the United Srates is estimated at $43,359,021, and the amount of gold exported from the country, in
excess of the amount imported, has been $36,122,536.
The dif¬
ference, $7,236,485, is the increase during the year. The
Director of the Mint estimates that $2,700,000 of this ^amount
has been used in the arts, leaving $4,536,4S5 as the increase in
the stock of gold remaining in the country and available for circu¬
lation. The total excess of imports of gold over exports, from
the date of resumption to November 1, 1882, has been $161,311,573, and the total gold product of the mines of the United
In the
If the holder accepts fifteen dollars as an
equivalent for these twenty-five annual payments, instead of
$17 70—a reduction of $2 70 from the market estimate of the
value—the Government will practically purchase from the
holder of the bond at a four and one-half per cent rate of inter¬
est instead of at 2*92 per cent. In other words, the present
value of the twenty-five one dollar annual payments relin¬
quished by the holder, when computed at the rate of 2*92 per
cent per annum, is worth $17 70; but cumputed at the rate of
four and one-half per cent is worth only $15, a premium which,
it is believed, the holders would be willing to accept; and if the
Government be able to invest its surplus revenue at a rate so
favorable to itself as f jur and one-half per cent, there would
seem to be good reason for Congress to
provide the necessary
legislation for authorizing an arrangement which can also be
shown to be of advantage to the holders of the four per cent States for the
bonds.
One alternative would be to reduce the tax upon circula¬
tion to one-half of one per cent per annum, and another
to amend section 12 of the act of
July 12, 1882, so as to
authorize the banks ta receive circulation at the rate of ninety
per cent upon the average current market value of the bonds
for the six months previous.
If the bonds shall decline in the
.
market, additional bonds may be required to be deposited,
same
period is estimated to have been $147,509,-
This is the first year since 1879 daring which the expor¬
tation of gold has exceeded the importation. During the last
two months (September and October, 1882) the imports have,
021.
however,
slightly exceeded the exports.
The amount of standard silver dollars coined during
has been $27,657,175, and the total amount coined up
1, 1882, since the passage of the law of Feb. 28,
zing
their coinage, has been $123,329,880.
or the
the rear
to Nov.
1878, authori¬
THE CHRONICLE.
670
-
[Voi. XXXV.
■
the amount of coin and currency by certificates in the hands of the people'and the banks, leaving
January 1,1879, and on Nov. 1 of the years $26,794,527 belonging to the Treasuiy. Of the $128,329 880
coined, $35,914,903 was therefore circulating outside of *the
1870,1880, 1881 and 1882 :
Treasury in the form of coin, and $65,620,450 in the form of
certificates. The remainder of the silver, $83,994,455* consisted
Jan. 1,1870. | Nov. 1,1870. Nov. 1,1880. Nov. 1,1881. Nov. 1.1882.
of subsidiary coin, trade dollars and bullion, of which $30,761,935
$
$
f
$
$
was in the Treasury, and $53,232,520 was in use in place of
the
Gold coin*
978,310.120 855,081,532 453,882,002 502,568,971 507,105,450
paper
fractional
currency
for
which
it
was
substituted
as
Silver coin*
212324335
158320,911
186,037,365
100.573308 126,009,537
Leg’ltend.notes 840,081,010 840,081,010 340,081,010 340,081,010 346,081,010 against $55,955,398 similarly employed on November 1, 1881.
The increase of gold and silver coin and paper currency, outl
Nat. bank notea 823,701,074 887,181,418 848,834,107 300344,250 862,727,747
side of the Treasury, since the date of resumption is thus esti¬
Totals....... 1,005350.010 1,105,553.508 1,302,718,720 1,455,631,602? fl,488,838,554
mated to have been $289,964,414, and the increase during the
Wjtlmate of Director of the Mint, which includes bullion in prooess of
year ending November 1, $18,336,612; or, if the amount of
coinage.
silver certificates in circulation be added, the total increase
There has been no change in the aggregate of legal tender notes
since resumption would be $355,172,504, and during the past
outstanding, which remains as fixed by the act of May 31,1878.
National bank notes have increased $2,383,497 during the year; year, $25,118,292.
ILLEGAL CERTIFICATION OF CHECKS.
the amounts of gold and silver coin have increased $4,536,485
and $26,280,970, respectively, making a total increase in coin
The practice of certifying checks had been in use for more
and currency of $33,206,952.
than thirty years previous to the organization of the national
The table below gives the portion of coin and currency held banking system, and at least twenty years previous to the
by the United States Treasury, and by the national and State establishment of the clearing house.
banks. The amounts in the Treasury are for the same dates as
In the beginning, this certification was not considered as
in the preceding table, and those in the national banks are for legally binding the bank to pay the check.
For many years it
the dates of the bank returns nearest thereto, viz., January 1 had little signification other than as giving clerical informa¬
and October 2,1879, October 1,1880 and 1881, and October 3, tion, and the amount of the check, when certified, was not
1882.. The amounts in the State banks, trust companies, and charged to the account of the drawer until it was afterwards
savings banks have been compiled in this office from official presented for payment. Subsequently, after the year 1854,
when the clearing house was organized, it became the custom
reports for the nearest obtainable dates.
to present checks and also bills receivable or acceptances on the
The following table shows
in the country on
....
,
*
Jan. 1,
•
1870.
Nov.
1,
1879.
Nov. 1,
1880.
Nov.
1,
1881.
Nov. 1,
1882.
GOLD.
In
the
Treasury, less
certificates
$
$
$
8
1
112,703,342 150,907,986 133,679,349 167,781,909 148,435,473
In National Banks, in¬
cluding eertifioates...
85,039,201
37,187,238 102,851,032 107,222,169 94,127,324
10,937.812
12,171,292
Instate Banks,includ¬
ing certificates
Total gold
17,102,130
19,901,491
17,892,500
158,680,356 206366316 253,632,511 294,905,569 260,455,297
day of maturity at the bank where they were made pay able, for
The bills and checks which were certified were
then returned to the bank messenger who had presented them,
certification.
on the following morning were transmitted to the
clearing
house with other exchanges.
The certification consisted of the signature of the paying
and
across the face of the paper inside of a stamp
bearing the date of the certification and the title of the bank.
This form of certification was regarded as a legal obligation of the
bank, and the amount of the check was charged to the account
teller, written
of the drawer at the date of the certification.
SILVER.
If the maker
or
acceptor of notes or bills was in good standing at the bank at
which it was made payable, such bills were not unfrequently cer¬
ard silver dollars
17,249,740 32,115,073, 47,150,588 60,576,378 92,414,9 «7
In the Treasury, bullion
3,824.031
9,121,417
0,185,000
3,424,575
4,012,508 tified, even if the full amount was not to the credit of the account
to which it was subsequently charged.
In the Treasury, fracBills or checks are
tional coin
6,048,194 17,854,327 24,635361 25,984,687 26,749,482 usually presented for certification during the first business
In National Banks
4,980,492
6,400,357
6,495,477
7.112,567
8.234,736 hours of the day, and the deposits of merchants and brokers
The
Total silver
88,879,908 58,780,823 84,472,020 103,098,207 181,411,701 are not usually made until the later hours of the day.
officers of the bank, who know the usual habits of their dealers
OOBBIKCY.
in making their deposits, as well as their responsibility, do not
In the Treasury, less
hesitate
to assume the payment of checks or drafts which they
certificates.
44,425,655 21,711,370 18,221326 22,774,830 26324348
feel
assured
will be provided for before the exchanges of the
In National Banks, inIf these certifications were con¬
oluding eertifioates... 126,491,720 118,546,309 86,439,925 77,630,017 02,549,707 clearing house are received.
fined to mercantile and commercial transactions little objection
In State Banks, includ¬
ing eertifioates
25,044,485 25.555,280 25,828,794 27,391,317 27,080.482 would have been raised to the practice, and it is not probable
In Savings Banks
14,513,779 15,880,921 17,072,080 11,782,243 14,724,978 that there would have been any legislation prohibiting it.
It
Total currency...
211375.639 181,093,946 147,563,225 139,579,307 100,580,475 would certainly seem to be advisable to leave to the discretion
of a bank the right to accept bills drawn by correspondents at
Grand totals
408,935,902 440.741385 485,668,362 637,583,083 552,447,473
a distance, or by merchants at home, whose standing is beyond
If the amounts of gold and silver coin and of currency in the question, and whose deficiency in the account is known to arise
above table —that is, the amounts of these items in the Treas- from delay in receiving remittances or making deposits. A
refusal to certify or pay under such circumstances would be
uary and the banks—be deducted in each case from the
amounts of gold and silver coin and currency in the country, as likely to subject the bank to the loss of the accounts of its most
shown in the first table, the remainder will be, approximately, valuable dealers.
Such legitimate certifications in mercantile or commercial
the amounts which are in the hands of the people as follows:
transactions are for comparatively small amounts, and would
not attract attention as a large item in the abstracts of the con¬
J*n. 1,
Nov. 1,
Nov. 1,
Nov. 1,
Nov. 1,
dition of the banks in the city of New York, to which this prac¬
1879.
1879.
1880.
1881.
1882.
tice is chiefly confined.
8
8
8
8
8
The large use of these instruments by which the banks in
Gold
119,020,771 149,415,010 200,250,181 207,003,402 306,650,159 effect
guarantee the contracts of stock brokers with their cus¬
Silver
07,003,895 07,228,714 73,848,285 82,989,158 80,912,634 tomers has
grown to be a great abuse during the past few years,
Currency
459,097,051 502,168,488 542,951,898 507,445,1)59 54S,828,28S
and cannot be defended upon any correct principle of banking.
Totals
040,420,717 718312,218 817,050,364 918,048,5191936,891,081 This business is chiefly done by nine or ten national banks,
although other banks, organized under State laws as well as
The gold in the Treasury, including bullion in the process of
national, certify similar checks for considerable amounts.
coinage, Ba's decreased during the year $19,346,436, and in the
Section 5,208 of the Revised Statutes makes it—
banks $15,103,846. The paper currency in the Treasury has
Unlawful for any officer, clerk or agent of any national banking asso¬
increased $3,449,418, and in the banks $17,557,650. The increase ciation to certify any check drawn upon the association, unless the per¬
of gold outside of the Treasury and the banks has been $38,- son or company drawing the check has on deposit with the association,
at the time such cheek is certified, an amount of money equal to the
986,757, and the decrease of paper currency, exclusive of silver amount
specified in such check.
certificates, $18,617,671. In the foregoing tables the silver cer¬
There are many methods of evading this law. If certifica¬
tificates issued by the Treasury have not been included, but
the standard silver dollars held for their redemption on pre¬ tion is required in excess of the amount on deposit a demand
sentatioh form a portion of the silver coin in the
Treasury. note is made, and the amount thereof is entered to the credit of
The silver certificates in the hands of the people and the banks, the broker desiring the accommodation; or his check upon
at dates corresponding with those given in the preceding tables, another bank is received without certification, and a temporary
In the Treasury, stand¬
were as
credits
follows:
January 1,1879
November 1,1879
November 1,1880
November 1,1881
November. 1,1882
$413,360
1,604,370
19,780,240
58,838,770
65,620,450
that the amount of these certificates in circu¬
It will be seen
lation has increased only $6,781,680 during the past year, and
if -this whole increase were held outside of the banks, it would
not offset the decrease of $18,617,671 in other forms of paper
currency in the hands of the people, for which coin has been
substituted.
As before stated, the total amount of standard silver dollars
coined up to Nov. 1, 1882, was $128,329,880, of which, as shown
in one oi the foregoing tables, $92,414,977 was then in the TreasWJ, although an amount equal to $65,620,450 was represented
credit entered upon his account, and these temporary
are canceled at the close of business when the account has been
good. Brokers asking for such over-certifications keep
large balances to their credit, on which the bank pays no
interest. Certification is made without charge, the bank receiv¬
ing its compensation in the large deposits which stand to the
credit of the broker. The banks justify the practice upon the
ground that it is of great convenience to the community, and
that stock transactions, particularly, could not be carried on
without some such arrangement.
They insist that for many
years only trifling losses have arisen from the practice—very
much less than the losses incurred by them in ordinary
made
discounts.
Section 13 of the act of
July 12,1882, provides:
That any offioer, clerk, or agent of any national
who shall willfully violate the provisions of an act
banking association
entitled “ An act in
t
671
THE CHRONICLE.
9, 1883.]
DECEMBER
penalty for the violation of section 13 of the act of July
a fine of not more than $5,060, or imprisonment for
not more than five years, or both, upon conviction thereof in
Tp«ort8to any device, or receive any fictitious obligation, direct or
Collateral, in order to evade the provisions thereof, or who shall certify in any circuit or district court of the United States; and the
rheck8 before the amount thereof shall have been regularly entered to
anks where the penalty is not specified is the forfeiture of the
the credit of the dealer upon the books of the banking association, shall
he deemed guilty of a misdemeanor, and shall, on conviction thereof
rights,
privileges and franchises of an association, to be deter¬
in any oircuit or district court of the United States, be fined not more
mined and adjudged by a proper circuit, district, or Territorial
than five thousand dollars, or shall be imprisoned not more than five
court of the united States.
years, or both, in the discretion of the court.
The Attorney-General, in answer to the questions submitted
Previous to the passage of this act those national banks which
to him, has returned an opinion, in which he says :
are accustomed to make large advances to brokers for stock
These provisions together [section 5,208 Revised Statutes, and section
transactions certified checks for large amounts under evasions
13 of the act of July 12,1882] prohibit the certification of a oheck drawn
of the law, or such arrangements or agreements as were deemed
upon a national bank, where, at the time of certification, the drawer has
by them not to be in conflict with section 5,208 of the Revised not on deposit with the bank, and regularly entered to his credit on its
Statutes. The latter act seems to have been passed for the pur¬ books, an amount of money equal to the amount of the check.
reference
checks by national banks,” approved March
and sixty-nine, being section fifty-two hundre d
1 Statutes of the United States, or who shall
rtifying
to ce.hundred
third, eighteen
hun
'
The
"
*
12, 1882, is
Eenalty for the violation of other laws relating to the national
the evasions of the previous law to which
of the section is: “Or
any fictitious obliga¬
evade the provisions
pose of preventing
reference has been made. The language
who shall resort to any device or receive
tion, direct or collateral, in order to
What, then, is certification of a check f
It is
an act on
the part of the
which the check is drawn, implying (as is observed by the
Supreme Court in the case of Merchants' Bank, vs. State Bank, 10 Wall.,
604), “That the check is drawn upon sufficient funds in the hands of
the drawee, that they have been set apart for its satisfaction, and that
they shall be so applied whenever the check is presented for payment.
It is an undertaking that the check is good then and shall continue good,
and this agreement is as binding on the bank as its notes of circulation,
a certificate of deposit payable to the order of the depositor, or any other
bank upon
thereof.”
Since the passage of this act the banks have accepted checks
which have been drawn upon them instead of certifying them,
it can assume.”
and have assumed that such acceptance is not in violation of obligation
N o particular form is required for the certification. Ordinarily this is
law. In some cases these acceptances are made payable through done by
simply writing the word “ gooa” upon tne face of the oheck, add¬
the clearing house, the effect of which form of acceptance is ing thereto the signature or initials of the certifying officer. But any
that such checks are payable upon the following day; in other language employed by such officer, importing that the check is good and
will be paid, would seem to be sufficient. (See 2 Daniel on Neg. Inst.,
cases the acceptance is made without any condition as to the
Sec. 1,606.)
mode of its payment. The banks claim that they have power
A check being an order for the payment of money addressed to a bank
to accept checks1 under the third and seventh paragraphs of sec¬ or banker, it is always presumed to be drawn against funds on deposit
tion 5,136 of the Revised Statutes. The former authorizes na¬ therewith. It is not, when considered with reference to its purpose, pre¬
sentable for acceptance, but only for payment—that is to say, payment
tional banks “ to make contracts,” and the latter provides for is the only acceptance
which in contemplation of law enters into the
the “ exercise of all such incidental powers as shall be necessary engagement of the parties. Hence, if the payee or holder of the check
to carry on the business of banking.” It is also claimed that presents it with the view of having it certified, instead of paid, he does
so at the peril of discharging the drawer.
(First Nat. B ank v. Leach, 52
section 5,209 of the Revised Statutes, which provides that it N.
Y., 353.)
shall be a misdemeanor for an officer of a bank to make accept¬
In Security Bank vs. National Bank (67 N. Y., 462), the court says:
The manifest object of a certification is t© indicate the assent of the
ances without proper authority, by implication authorizes ac¬
bank to the request of the drawer of the check that the
ceptances to be made with the authority of the directois, and certifying
drawer will pay to the holder the sum
mentioned; and this is
that the act of July 12, 1882, does not, in plain terms, prohibit what an acceptor does by his acceptance of a bill.” Whether such
such acceptance. The Comptroller being in doubt in reference assent is indicated by writing the word “good” or the word
to the proper construction of the section, prepared a letter con¬ “accepted” upon the check can make no difference as between
the holder of the check and the bank, the
obligation assumed
taining the following questions, which, at his request, was by the latter is precisely the same in either case; and thus the
submitted by the Secretary to the Attorney-General for his legal effect of marking a cheok “ accepted ” being the same as marking
it “ good.” the employment of the former expression may, equally wit*
opinion:
that of the other, well be deemed to import a certification thereof.
Has a national bank the legal right to accept checks drawn upon it,
Agreeably to this view, the acceptance of a check, other than for imme¬
unless the drawer has the amount stated in the check actually on de¬ diate payment, is not legally distinguishable from its certification. In
fact and effect the words are equivalents; tney are for the same forbid¬
posit in the bank !
If a national bank has the power to make such an acceptance, would den purpose to produce the same forbidden results.
such acceptance at a time when the money was not on deposit to the
The aim of the statute, in prohibiting the certification of checks by
credit of the drawer be a liability to it for money borrowed, and as such national banks where the amount thereof is not on deposit to the credit
be required to be limited to ODe-tenth of the paid-in capital of the bank,
of the drawer, is obviously to provide a guard against the risks and evils
as provided by section 5,200 United States Revised Statutes!
attending such pledging of their credit without adequate security. The
If a national bank has the power to accept such checks equal in amount mischief sought to be avoided is the incurring of liabilities by these
in any one case to one-tenth of its capital, would the acceptance of any
banks on checks drawn upon them without sufficient funds; and inas¬
number of checks to an amount exceeding, in the aggregate, the amount
much as the liability is the same whether the check be marked by the
of its paid-in capital be in violation of section 5,202 United States Revised bank “ accepted,” or simply “ good,” either of these modes of incurring
Statutes ?
it would seem to be sufficient to bring the case within the prohibition re¬
The violation of section 5,208, Revised Statutes, subjected a ferred to. Each may properly be regarded as constituting a certifica¬
tion, according to the meaning and intent of the statute. To construe
national bank to the appointment of a receiver. The law was otherwise would be to allow a “ device ” to “ evade the provision ” of the
not mandatory, and the appointment was left to the judgment law, and such, too, as by express terms is prohibited and punished. ‘
In answer to the first question I accordingly reply that in my opinion
and discretion of the Comptroller. The proper ground for the
a national bank cannot legally accept checks drawn upon it, where the
appointment of a receiver is insolvency, and It may be ques¬ drawer has not on deposit therewith the amount -stated in the check.
tioned whether the responsibility for taking a bank from the
To do so renders the bank subject to certain proceedings on the part
control of its owners should be exercised in other cases than of the Comptroller of the Currency (under section 5,234 R. 8.), and the
officer by whom the acceptance is made becomes liable to the penalties
insolvency, until the question of violation of law shall have provided
in the act of July 12,18 S2.
been brought before the courts for determination. No ap¬
The case presented in the second question is not, in my opinion, cov¬
pointments of receivers have ever been made since the organi¬ ered by the provisions of section 5,200 Revised Statutes.
The restriction then applies only to liabilities “for money borrowed.”
zation of the national banking system, except in cases of in¬
The acceptance of a check, where the drawer has no funds on deposit,
solvency, although two large banks which had previously been would be a loan of the credit of the bank, rather than a loan of money,
found to be insolvent, were placed in charge of a receiver for and, if otherwise unobjectionable, it could not properly be regarded as
within the terms of the restriction adverted to.
illegal certification of cheeks.
The third question presents the same casein connection with section
The passage of the act of March 3,1869 (section 5,208, Revised
5,202 Revised Statutes, which declares that “no association shall at any
Statutes), and the examinations which followed, had the effect time be indebted or in any way liable to an amount exceeding the
to check and diminish the practice of certification. The prac¬ amount of its capital stock actually paid in and remaining uadiminishtice has, however, greatly increased during the last three years, ed by losses or other otherwise,” except on account of demands of the
nature therein described.
Liabilities incurred by the acceptance of
and the returns of the banks for October 3, the date of their checks, the drawers thereof having at the time no funds on deposit with
last statement, discloses the fact that the amount of certificates the bank, do not appear to fall within any of the exceptions enumerated;
and assuming such acceptance to be lawful, I am of the opinion that the
or acceptances made on that day was nearly one-third greater
than for a corresponding date in the year previous; and that limit imposed by section 5202 extends to liabilities thus incurred, and
that the acceptance of checks by a bank, without the existence of run da
the amount of acceptances for stock brokers of nine national on deposit therewith, to an amount exceeding in the aggregate the
banks on that day was more than nine times the aggregate capi¬ amount of its paid-in capital, would be a violation of that section.
tal stock of those banks, as may be seen from the following
Under this opinion of the Attorney-General it will be the
table, which exhibits the amount of capital and certified checks
duty of the Comptroller to bring such evidence as he can ob¬
or acceptances outstanding of all the national banks of New
tain by frequent examinations to the attention of the propnr
“
York City for corresponding dates from 1875 to 1882 inclusive,
and like information in reference to nine national banks for the
same dates.
of banks.
Date.
No.
Capital..
Certified
checks.
$
June 30,1875. 48 68,500,000 41,223,840
Oct. 1,1875
48 68,500,000 28,049,100
$
..
June 30,1876. 47 66,400,000 36,983.391
Oct. 2.1876
44 65,850,000 38.725.100
June 22,1877. 47 57,400,000 29,450,134
Oct. 1,1877
47 57,400.000 29,199,900
June 29,1878. 46 55,600,000 42,576,240
Oct. 1,1878
46 53,486,300 40.296.100
June 14,1879. 47 50,750,000 44,465,002
Oct. 2,1879
46 48,750,000 58,827,717
June 11,1880. 46 50,450,000 75,737,938
Oct. 1,1880
45 49,900,000 61,791,510
June 30,1881. '48 51,150,000 78,142,179
Oct. 1,1881
48 51,150,000 97,522,120
50 51,500,000 65.101,191
July 1,1882
Oct. 3. 1882
50 51,650,000 137,316,600
..
..
..
..
..
..
..
..
CO
©£)
II
Capital.
$
9 18,300,000
9
9
9
9
9
9
9
9
9
9
18,300,000
17,100,000
17,100,000
14,300,000
14,300,000
13,750,000
12,700,000
Certified
checks.
$
25,889,826
17,835,333
22,893,395
20.722,766
19,191,192
17,576,591
29,134.950
26,147,765
11,700,000 30,274,422
11,700,000 42,875,636
11,700,000 54,521,170
9 11,700,000 43,396,496
9 11,700,000 53,820,573
9 11,700,000 71.635,693
9 11,700,000 45,563,450
9 11,700,000 105,481,705
officers, in order that
by the courts, and the
statute.
such violation may be determined
penalty enforced as provided by tha
*
OF THE INTEREST- BEARING FUNDED DEBT OF THE UNITED
STATES, AND THE AMOUNT HELD BY THE NATIONAL BANKS.
THE AMOUNT
The report for 1881 contained
tion of the interest-bearing debt
the bonds held by the national
tables exhibiting a classifica¬
of the United States, and of
banks, for a series of years.
These tables are again presented, and now exhibit also the
amount of the outstanding bonds of the Government, and
the amount held by the banks on November 1st of the present
year.
*
*
1
#
important operations of the Secretary of the Treas¬
during the years which followed the close of the war,
the funding of large amounts of temporary obligations
outstanding of the Government, chiefly into six per cent
The most
ury,
were
then
bonds.
yea*
5
cent bonds were gradually reduced during
1869, and the aeyen year* following, by payment
The six per
,
the
IHE CHRONICLE.
672
Total U.
funding into fire per cents.
The six per cents, together with
the fire per cents, were subsequently rapidly replaced by four
and a-half and four per cents, which* were authorized to be
issued by the act of July 14,1870. In the year 1881 all of the
unredeemed fire and six per cent bonds, amounting to
July
|S
.
0*3
®
Nov. July July July July July July July July July July July July July July July July July Aug.
1,
©
•a
p
p fo a a ®
«*■
aJ*i m»
® rt ^
®
qd
5
)
\
31#
Six
per per
Per
Bonds. Cent
C
o
n
t
i
u
e
d
c
e
n
t
.
13,2 650cents. 58,97150 196,3780 235,7804 310,925 738,6190 854,621 0 984, 650 1, 8650 1,236470 1,283650 1.74830 1.638970 1.649320 1.8340 1.84520 1,4 079 1.8,3469$08,51 9 Five
246,13850 cents. 15,360) 41.5039 cent. Contiued 439,8150 48.690 46,905 703,2(56073,26 50 71,6850 67,132.50 1,6280 41,56730e 41.56730 24,3650 21.58930 21,58930 21,5840 198.534 198.5243$19,720 Bonds. Cent
3
si
iig&ijp
Date.
1,82. 1,82. 1,8. 1,80. 1.879 187. 1,87. 1,876. 1,875. 1,874. 1,873. 1,872. 1,87. 1,870. 1,869. 186. 1,867. 1,86. 31,865.
a
•3 E.
1,
fIf.I
o"
-g-
B®
5fS
3
per
250, 250, 250, 250, 250, . 240, 140,
6
7
9
,
8
739.5 0 739.4 50 739,480 739,480 98,50
l|
1§
fe
Is
gi
g
o
fs
Is
f»
p
July 1, 1879.
July 1, 1880.
July 1,1891
July 1, 1882.
Nov. 1,1882.
g
crq
d®
»
5 ®
o
gr5
e—
®
£33
0*0 -*
t2j«HCO
Bonds. Per
a
h*
2
P
B
S|
S’!S.§|
b;
M®
Total.
39,450,800
31.868.200
25,724,400
25,347,100
26.900.200
45.170.300
47,315,050
68,850,900
76,603,520
42.831.300
63,849,950
43,122,550
37,563.750
e—■ 'Tj
e—
P'S p*“
BY THE
ORGANIZED. UNDER STATE
396.528,400
LAWS
NATIONAL BANKS
AND
BY PRIVATE
BANKERS.
The amounts of United States bonds held by the national
banks on Nov. 1, 1880, 1881 and 1882 were, repectively, $403,-
369,350, $426,120,950 and $396,528,400.
In the following table these amounts have been combined
with the average amount of United States bonds held by the
savings banks, State banks and trust companies, and private
during the six months ending May 31 of
bankers of the country,
the same years :
1880.
National banks
1881.
1882.
$403,369,350 $426,120,950 $395,057,500
Savings banks
State hanks and trust co’s..
Private bankers
Totals
1*39.187,816
24,498.604
14,366,684
214,880.178
21,650,668
242.029,782
16,670,494
14,870,745
23,211,430
$631,422,454 $679,322,290 $675,168,457
The interest-bearing funded debt of the United States was, on
November 1 last, $1,418,080,200.
The total amount of, bonds
held by all the banks and bankers in the country as given
above was $675,168,457, which is not greatly less than one-half
S'K* of the interest-bearing debt.
S^B*©
397.953.600
386.259.150
399.336.350
412,308.900
416.134.150
416.518.300
403,214,700
386,565,050
386,028,650
418.397.300
430,858,120
404.483.350
424.338.350
400.935,250
43,980,600
358.964.650
_o
o tJ*
p o CD ®
M» CT'
o
BY BANKS
«1P-
oT O'
4 2£’61°>150
£22,418,400
The banks also held $3,526,000 of Pacific Railroad six
cents and $15,000 of five per cents, upon which interest
ceased.
_
g 51 o g
PjS- P
Cent Four
1
o
opRS.
P
a-
1,4082 X,49810 1.62570 1.930 1,8760 1,78350 1,69850 1,69.85401,7.9830 1.7245 01,6958 0 1.78450 1.8 37501.98620 .179306 2,310. ,61945 1,2069 4$1,083 9
B
y p, et*
gB2.~
B
sr
c*-
P
«
El
Bonds. PerCt. and
ILO
eg
O,
5O
ET
*
half Four
9
m
®
M
Per
$
o
fL*
c§ g ®!b*
°-CR3
at
)>
S8
e»-
July
July 1. 1877.
July 1,1878.
Grand total.
^3?1,744^850
448.463.300
$155,785,750
121,152,950
84,002,650
80,922,500
55,102,000
327,310,350
340.607.500
341,495,900
342.851.600
342.278.550
359.885.550
380.440.700
390.410.550
391,171,200
376.314.500
341,394,750
338.713.600
349.546.400
354.254.600
361,652,050
360.488.400
357.812.700
AMOUNT OF UNITED STATES BONDS HELD
3^1
per
S* cr
2s.®
at
g
o*
$235,959,100
1, 1865.
1,1866
1, 1867.
1,1868.
1,1869.
1, 1870.
1, 1871.
1.1872.
1.1873.
1, 1874.
1.1875.
1.1876.
July
July
July
July
July
July
July
S. bonds U. 8. bonds held for
other purposes at
nearest date.
held as security
for circulation.
Date.
^579,560,050, were continued, payable at the pleasure of the
Government, with interest at three and one-half per eent, by
agreement with the holders, and since that time $164,833,200
of these three and one-half per cent bonds have been paid, and
July
during the present year $259,370,500 have been replaced by July
three per cents, under the act of June 12,1882.
July
t?
[▼Ob. IX*T.
The amounts for the banks other
than national have been obtained from the semi-annual reports
made by them to the Commissioner of Internal Revenue for
purposes of taxation.
The table given below has also been
compiled from these reports, and shows, by geographical divi¬
The operations of the Treasury Department for a series of sions, the average amount invested by State banks, private bank¬
ers, trust companies and savings banks in United States bonds,
Tears have largely reduced the amount of interest receivable
by the national banks on the bonds held by them. During the for the six months ending May 31 for the four years named:
present year, ending November 1, the three and one-half per
Amount Invested in United States Bonds.
cents have been reduced more than two hundred millions ($200,-
769,200), and $179,685,550 of three per cents
posited in plaee thereof.
Sixteen years ago the banks had
on
®
*5
®
V
have been de¬
deposit
as
Geographical Divisions By State Banks,
security
for eirculation, 327 millions in United States bonds, of which
amount 241 millions bore interest at six per cent and 86 mil¬
lions at five per cent. These bonds have now entirely disap¬
peared from the list of securities held by the national banks.
The average rate of interest now paid by the United States on
the bonds deposited as security for circulating notes is about
**5 per cent upon their par value; but is equal to about 3*26 per
cent only of the current market value of the bonds. The banks
mow hold S3 millions of four and one-halfs;
nearly 105 mil¬
lions of fours; 40 millions of three and one-half per cents con¬
verted from five and six per cents, and 179 millions of three per
sente, which have been refunded from three and one-half per
cents during the present year. This will be seen from the fol¬
lowing table, which exhibits the amount and classes of United
States bonds owned by the banks, including those pledged as
security for circulation and for public deposits on the first day
of July in each year since 3865, and mpon November 1 of the
present year.
May 31,1879.
New England States
Middle States
Southern States
Western States
...
X
Pacific States and Ter’s.
United States
6 per cent
Date.
bonds.
as
5 percent
bonds.
security for circulation.
4*2 per cent
bonds.
United States
...
United States
$
170.382.500
241,083,500
l, 1866
1. 1867
1808
i:
1.
1,
3,
1:
1,
l,
i;
i,
i,
i,
1869
1870
1871.
1872.
1873.
1874.
1875
1876.
1877.
1878.
1879.
1880
1881
251,430.400
250,726,950
255.190.350
247.355.350
220,497.750
173.251.450
160.923.500
154,370.700
136,955,100
-
109.313.450
87,690,300
82,421,200
56,042,800
58,056,150
61.901,800
Continued
at
3*2 per Gt.
July 1, 1882
25,142,000
(
Nor.
1,1882.
<
(
2-101,200
3 per cents:
7,788,100
$
65.570,600
86,226,850
89,177,100
90.768,950
87,66 L,250
Eugland States
...
172.348,350
Continued at
3 ha per ct.
44,372,250
48,448,650
35,056,550
5,015,948
2.164,668
1,372,845
46,291,965
162,383,060
208,675,025
3,737,093
20,564 834
37,093,200
146,301,155
2,541,991
8,137,554
3,883,816
2,474.557
2,717,904
41,430,293
166,865,989
2,542,991
10,612,111
6,601,720
38,865,288
189.187,816
228,053,104
2,985,496
21,908,703
1,707,702
6,734,948
4,984,313
30,640,795
168,617,049
21,689
2,689,447
39,626,291
190,525.752
1,729,391
9,424,395
6,911,198
11,895,511
38,321,162
214,880,178
253,201,340
86,021
1,000
2,844,895
20.576.823
1,862,946
7,099,874
5,897,637
38,082,175
37,046,625
39,691,520
189,775,842
210,352,665
•'
2,354,710
1,862,946
9,454,584
12,851,605
18,749,242
242,028,782
280,110,957
37,760,‘950
32,600,500
Through the courtesy of State officers the Comptroller hat
19,162,000
118,538,950
126,076,800
93,637,700
202.487.650
38,505,750
32.752.650
97,429,800
3 per cants:
33.754.650
104,917,500
171,897,450
8,326,402
$
38,611,345
149,504,617
3,679,200
10,491,070
6,388,793
The above table gives the average amount of capital invested
in United States bonds, from which should be deducted the
amount of premium paid at the time of purchase, which can¬
not be ascertained.
207,189,250
229,487.050
236,800,500
239,359,400
232,081,300
206,651,050
199,514,550
144,616,300
139.758.650
Southern States
Western States.........
Pacific States and Ter’s.
United States
94,923,200
139.387,800
$
34,941,378
123,818,148
May 31, 1882.
New
Middle States
1, 1P65
$
3,669,967
25,686,469
3,593,179
Total.
Banks.
May 31, 1881.
New Eugland States
Middle States
Southern States
Western States
4 per cent
bonds.
By Savings
May 31, 1880.
New England States ...
Middle States
Southern States
Western States
Pacific States and Ter’s.
Pacific States and Ter’s.
United State* bonds held
Private B’nk’rs
and Trust Co.’s.
obtained the official reports made to them, under State
laws,
by State banks in twenty-one States, by trust companies in
five States, and by savings banks in fifteen States, at different
dates during the year 1882, and from these returns the follow¬
ing table has been compiled :
Held
Held
by State banks in twenty-one States
by trust companies in live States
Held by savings banks in fifteen states.....
Total.....:
......
v
$8,739,172
J 6,934.812
237,786,442
$263,460,420
December
The
iftftO.
THE- CHRONICLE.
9,186S.]
amount held, by geographical
1881 and 1882 was as follows:
1880.
1881.
$45,230,098
157,563,757
958,470
2,672,242
$40,468,340
176,373,889
1,073,460
5,735,518
14,874,332
Geographical divisions.
a/iddln
divisions, during the years
7,240,835
Total
1882.
$42,C67,248
197,135,239
268,350
3.369.414
20,020, L75
$213,665,402 $238,525,539 $263,460,426
of United States bonds held, as shown by the
tables c< mpiled from returns made by State banks, trust com¬
A table showing the national banks which have been plaqe<T
in the hands of receivers, the amount of their capital, of claim*
proved, the rates of dividends paid, and also showing the-'
such banks issued, redeemed and out~
standing will be found in the Appendix.
amount of circulation of
LOANS AND RATES OF INTEREST.
gives the classification of the loans of the*
New York, in Boston, Philadelphia and!
Baltimore, and in the other reserve cities, at corresponding'
The following table
banks in the city of
dates in each of the last three years :
The amounts
savings banks to State officers, in twenty-one
States and Territories were, in 1882, $16,650,531 lees than the
average amount shown by the table compiled from the reports
made to the Commissioner of Internal Revenue which were
received from similar institutions.
The first-named table shows the actual amounts held at
various dates in 1882, while the last gives the average amount
held for the six months ended May 30,1882. Although obtained
from different sources and based on data that are not equally
complete, the amounts obtained from the one source serve to
corroborate those obtained from the other.
panies ana
NATIONAL
BANK
•ago.
© g ©
^
pro
annual loss has been, therefore, about $400,000 in the
of
the
safe keeping of deposits in their hands averaging constantly
over $800,000,000, or about one-twentieth of one per cent of
annual loss to depositors. The time required for liquidating
the affairs of insolvent banks depends chiefly upon the amount
of litigation which may arise, as in any case it is impossible to
tell in advance what questions it may become necessary to refer
W the courts for decision. In many of these cases no conclusion
•an be reached until the matter has been brought before the
courts of la^t resert.
The dockets of the supreme courts in
most of the States, and that of the Supreme Court of the United
States are crowded, and when an appeal is made to these tribu¬
nals, years often elapse before the case can be reached. Owing,
however, to the decisions already made, the forms of procedure,
under the laws governing national banks, are better understood,
and in collecting assets, in allowing offsets, and enforcing the
liabilities of stockholders, there is now no inducement to pro¬
tract litigation, either on the part of the ordinary debtors of
business of corporations having an average capital
about $450,000,000, and which have been responsible for
the bank or of the stockholders who become such debtors when
assessed under their liability, as provided in section 5,151 of the
Revised Statutes.
In all cases of failure of national banks
there are many claims presented to the receivers which, for
9
33
33
.
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On indorsed paper ..
On single-name pap’r
en U. 8.
bonds on
demand
On other stock,
nn
47 banks.
47 banks.
s*
of the loans in
October
1882.
October 1,
1881.
48 banka.
,
3,
50 banks.
8,286,525
3,915,077
2,539,92&
1,797,687
78,062,085
92,630,982
97.249,162
89,532,762
670,021
1,336,513
236,100
304,732
4,821,216
5,731,917
7,747,587
7,600,48T
On real estate secur¬
ity
9
$
$
$ ,
$
81,520,129 107.058,860 112,049,004 118,692,651
22,491,926 27,755,152 26,935,878 11,803,57*
<fcc.,
demand
1880.
•3
0
b*to®ci
In the table below is given a full classification
New York city alone for the last five years :
Loans[and diecounte.
o
©
o
CO Mm O
C3 tO WOO-6©
Ootober 1,
F4
to
M
CO 03 M
October 2,
1879.
IB
OB
00
33
gff
&
to
to
OOMM
to
00
o»
©
M.
JO
w
gj?
33
M
03 03 OM
BT
9®o
0
w*
to
to
3
CO
a
33
2
3
9
0*0 HOI
03-3 MCC-93
MCC -1 to
cow to-*
w
0
CO
00
o
H|
©0*00-3
O tO tO-3
CO-3 0t3 to
MOO to00
to
o
03 CSM
o
8|j
.
.
to to 00
00
OO
SB:
.
u*
O'
p*©
00
3-: :
—*• •
M
P
os
p*©
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9
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00
S3:
9
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si
©
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rt
9
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03
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A
1AS
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2
Was
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^
tpgop
PP53
o
E°
Since the commencement of
average
9
03
o-
national banks have been placed in. the hands of re¬
ceivers during the year ending November 1, 1882, namely:
The Mechanics* National Bank of Newark, N. J., on November
2,1881; the Pacific National Bank of Boston, Mass., on May 22,
1882, and the First National Bank of Buffalo, N. Y., on April
the national banking system, 87
banks have been placed in the hands of receivers, and 420 banks
have voluntarily closea their business by the votes of share¬
holders owning two-thirds of their stock, under the provisions
of sections 6,220 and 5,221 of the Revised Statutes of the United
States. Of the banks so placed in voluntary liquidation by
their stockholders, 7 failed to pay their depositors, and in these
cases receivers were appointed by the Comptroller to wind up
their affairs. Of the 87 banks placed in the hands of receivers,
51 have been finally closed, leaving 36 still in process of settle¬
ment. The loss to creditors of national banks which have been
placed in the hands of receivers during the nearly twenty years
that have elapsed since the passage of the act of February 25,
1863, as near as can be estimated, including dividends which
will probably be hereafter paid, has been about $7,000,000. The
Sf*
■gtfS
FAILURES.
22,1882. The suspension of the first-named two banks was
mentioned in the report of the Comptroller for the year ending
November 1,1881, and the causes which led to both these
failures were then fully discussed. The directors of the Pacific
National Bank of Boston undertook to make good the impair¬
ment of its capital stock in the manner authorized by section
5,205 of the Revised Statutes, but, as they failed to do so within
the time fixed by law, a receiver was appointed to take charge
of its affairs. The failure of the First National Bank of Buffalo
was the result of the misappropriation of its funds by its presi¬
dent. Its condition was discovered by the bank examiner when
making his annual examination, and a receiver was appoined as
before ********
stated.
©p£o
© MO
ps sc o a
©
f
—
”
a
O
*
o
E 15.19“
H
^
1
•
H
2.0 M
So £•
O
►3
»—
CP P P
0 0
5
^
► ooo
>ooo
^ooo
Three
-
673
Pftvfihlft in cold
All other loans
Totals
195,851,902 238,428,501 246,757,659 939,041,892
previously been* called to sec¬
which places restrictions upon,
loans, and to the difficulty of enforcing its provisions. In oitieswhere large amounts of produce are received and Stored, it ia
represented that it is impossible for the banks to transact this
The attention of Congress has
tion 5,200 of the Revised Statutes,
to be properly liabilities of the class of business, if restricted to loans for an amount not ex¬
assoeiation, and it is necessary, in order to protect the interests ceeding in any instance one-tenth of their capital. It is true
of the genuine creditors, that such claims should be rejected
♦hat the limitation does not apply to loans upon produce in
until their merits have been properly investigated by a court of
transit, where the drafts are drawn on existing values; but if
competent jurisdiction.
produce is stored, instead of being shipped, large loans caimot
The liability of directors for negligent discharge of their
be made except in violation of law. In such case the Comp¬
duties, or for malfeasance, is not yet clearly defined by any troller has no means of enforcing the law, except by bringing a
authoritative decision, but such decisions as these are bearing suit for forfeiture of charter, and
this course might result in
upon this matter point to a complete remedy against them also.
business, as well as loss to many inno¬
The total amount paid to creditors of insolvent national banks great embarrassment tothe
banks. It is evident that the law
cent stockholders of
amounts to $20,945,090 upon proved claims amounting to
should be so amended as to exclude from the limitation men¬
$29,586,558. The dividends so far paid thus equal about 70 per tioned legitimate loans upon produce or warehouse receipts, and
cent of the proved claims. The amount paid during the year
some other classes of collateral security, as well as loans upon
was $2,283,392.
United States bonds.
Assessments amounting to $8,161,750 have been made upon
the stockholders of insolvent national banks for the
of RATES OF INTEREST IN NEW YORK CITY, AND IN THE BANE OF ENG¬
various reasons, do not appear
purpose
LAND AND THE BANK
OF FRANCE.
enforcing their individual liability under section 5,151 of the
The average rate of interest in New York city for each of the
Revised Statutes/of which about $3,200,000 have been collected,
and $534,080.70 during the past year.
fiscal years from 1874 to 1881, as ascertained from data derived
THE CHRONICLE.
674
from the *Journal of Commerce and The Commercial and
Financial Chronicle, was as follows:
1874, call loans, 3 8 per oent; commercial paper, 6*4 per cent.
1875, call loans,
1876, call loans,
1877, call loans,
1878, call loans,
1879, call loans,
1880, call loans,
1881, call loans,
1882, call loans,
commercial paper, 5*8 per cent.
commercial paper, 5'3 per cent.
commercial paper, 5*2 per cent.
commercial paper, 5*1 per cent.
commercial paper, 4*4 per cent.
commercial paper, 5*3 per cent.
3*8 per cent; commercial paper, 5-0 per cent.
4*4 per cent; commercial paper, 5*4 per cent.*
3*0 per cent;
3*3 per cent;
3*0 per oent;
4*4 per cent;
4*4 per cent;
4*9 per cent;
The average rate of discount of_the Bank of England for the
years was as follows ;
During the calendar year ending December 31.1874, 3*69 per cent.
came
During the calendar year ending December
During the calendar year ending December
During the calendar year ending December
During the calendar year ending December
During the calendar year ending December
During the calendar year ending December
During the calendar year ending December
During the calendar year ending December
'From the Financial Chronicle
31,1875,
31,1876,
31,1877,
31, 1878,
31,1879,
31, 1880,
31,1881,
31,1882,
3-23 per cent.
2*61 per cent.
2*91 per cent.
3*78 per cent.
2*50 per cent.
2*76 per cent.
3*49 per cent.
4*01 per cent.
note is
wrongfully stamped, the officer thus stamping it can
immediately obtain a genuine note in exchange by forwarding
the same to the Treasurer for redemption, so that there is
no
risk whatever on the part of the officers of national banks
even
if they should wrongfully stamp a genuine note.
Section 5,172 of the Revised Statutes provides that
national
bank notes shall express upon their face the promise of the
association issuing the same to pay on demand, attested
by the
signatures of the president or vice-president and cashier and
section 5,182 of the Revised Statutes provides that after
any
association receiving circulating notes has caused its
promise to
such notes on demand to be signed by the president or
vice-president and cashier thereof, in such manner as to make
them obligatory promissory notes, payable on demand at its
place of business, such association may issue and circulate the
pay
same as
money.
There can be no doubt as to the meaning and intention
of
these sections. The law requires that national bank notes shall
be signed by the president or vice-president and cashier, before
are placed in circulation, and every bank issuing notes not
thus signed by these officers subjects itself to a forfeiture of its
charter. Notwithstanding this plain provision of law, various
banks have issued their notes with printed signatures, and in
some cases with lithographic signatures, which are so
badly
executed as to excite suspicion as to the genuineness of the
notes. The written signatures of the officers of the bank are
they
only.
In the calendar year
discount of the Bank of
ending December 31,1881, the rate of
England was increased four times, and
only twice reduced. During the fiscal year ending June 30,
1882, the rate was increased four times and decreased three
times. The present rate is 5 per cent.
The rate of interest in the city of New York on November 28
was, on call toans, from 4 to 7 per cent, and on commercial paper
frofh 7 to 8 per cent.
*
*
*
*
*
*
PRIVATE
IHTol. XXXV.
BANKERS.
In the
necessary as an additional precaution against counterfeiting.
The signature of at least one bank officer is necessary as a check
between this office and the issuing bank, for if the question of
an overissue of notes should arise, the signature of such officer
appendix will be found three comprehensive tables of would, without question, determine the genuineness of the note.
two pages each, giving by geographical divisions, and by States,
A bill is now pending in Congress imposing a fine of
twenty
Territories and
principal cities, the number of State banks, dollars for every circulating note issued by any national bank
savings banks, trust ana loan companies, and private bankers of without the written signature thereon of at least one of its
the country, for the present and two previous years, together officers.
with the amount of their capital and deposits, and the amount
National bank notes, with new
designs, are now being rapidly
invested by them in United States Bonds. The first official infor¬
issued to banks whose corporate existence has been extended,
mation of this character ever published in regard to the private
and to other national banks which are being organized, and it is
bankers of the country was contained in a table in the Comp¬
troller's report for 1880. The following information in refer¬ important that these new notes should not be issued unless
signed by the officers in accordance with law. The Comptroller
ence to the private bankers in sixteen of the principal cities has
been compiled from the table in the appendix for the year 1882 : respectfully repeats his previous recommendations for the pas¬
sage of the act referred to, which act should also impose a
penalty
on any engraver or lithographer who shall print the
No. of
Invested in
Cities.
Capital.
Deposits. U. 8. bonds. signature of bank officers upon such notes.
hanks.
'
Boston
Now York
City
1
„
Albany
Philadelphia
64
536
3
50
10
$6,088,250
51,654,464
91,000
Baltimore
35
Washington
8
30
3
11
5
27
7
2,040,877
785,754
1,104,268
408,517
71,000
180,500
686,994
77,000
8,604,618
161,541
4
11
12^
295,351
2,030,465
Pittsburg
New Orleans
Louisville
Cincinnati
Cleveland
Chicago
Detroit
Milwaukee
Saint Louis
San Francisco
160.000
$5,980,391
56,364,207
85,767
6,097,791
3.278.514
2,942,802
4,338,716
1,082
709,290
2.869.514
1,599,202
10,916,243
1,095,923
2,352,465
246,285
TAXATION.
In
previous reports the repeal of the law imposing a tax
upon bank capital and deposits, and of the two-cent stamp tax
'**77,738 on checks, has been recommended as a measure of justice to the
54,712 banks, and as a benefit to the people, and^to the manufacturing
177,107 and commercial interests of the country.- During the last ses¬
326,634 sion of
Congress, a bill including a provision for repealing these
taxes was passed by the House by a vote of 127 to 79. The de¬
$871,395
7,846,422
203,858
14,210
235,787
5,750
3,812
45,825
bate in the Senate, as well as some votes on preliminary ques¬
tions, showed that if a vote upon the bill had been reached it
would have become a law. The force of the reasons heretofore
urged for the repeal of these taxes is
The
required
the
for
10,863,554
152,956
expenses of the Government, including interest on the public
Totals
796
74,440,599 109,741,746
10,016,206 debt which is being rapidly reduced ; and the taxes imposed
upon banking capital by the Government, State and municipal
*
authorities are larger than during any previous year. The
The following table shows, by geographical divisions, the Comptroller presents herewith the following condensed table,
number of private bankers in the United States, with the for the year 1881, showing the amount of these taxes paid by
aggregate amount of their capital, deposits, and investments in banks located in each geographical division of the country:
United States bonds, for the six months ended May 31,
Ratios of
1881, and for the previous year :
Amount of Taxes.
Capital.
revenue
still continues in
excess
as
great as ever.
of the amount
■
Geographical Divisions.
New England States
Middle States
Southern States
West. States & Territories.
United States
104
1,014
293
1,980
Capital.
Deposits.
7,llo,196
Invested
in U. S.
bonds.
$
9,417,712
981.371
[62,193,765 113,079,792
9,204.616
227,131
4,457,627
6,369,701 19,981,042
38,552,230 153,143,614
3,391 114,255,892 295,622,160 14,870,745
Geographical
Divisions.
U. S.
Section 5 of the act of June 30, 1876,
provides
Total.
S
$
$
$
N. Engl’d States 166,014.968 2,323,201 2,911,280
Middle States
171,963,922 4,008,169 3,224.774
Southern States 31,258,422
538,209 388,995
Western States
and Temtor’s 93,104,289 2,033,013 1,761,439
3
P.c
1*8
1*9
1*3
P.c
3*2
4*2
o
H
$
5,234,481
7,232,943
927,204
P.c
1*4
2*3
1*7
3,794,452
2*2 1*9 4*1
462,341,601 8,902,592 8.286,488 17,189,080
1*9 1*8 3*7
..
..
Stae.
3*0
NOTES..
:
That all United States officers charged with the receipt or disburse¬
ment of public moneys, and all officers of national banks, shall stamp or
write in plain letters the word “counterfeit,” “altered” or “ worthless”
upon all fraudulent notes issued in the form of, and intended to circulate
as, money which shall he presented at their place of business, and if
ouch officers shall wrongfully stamp any genuine note of the United
Btates, or of the national banks, they shall, upon presentation, redeem
such notes at the face value thereof.
This section makes it the duty, not only of every officer of
the United States charged with the receipt or disbursement of
public moneys, but also of all officers of the national banks, to
stamp every fraudulent note which shall be presented at their
counters, in such a manner as shall thereafter prevent its circu¬
lation.
State.
XI
United States
COUNTERFEIT AND UNSIGNED NATIONAL BANK
^
Capital.
-
No. of
banks.
It will be seen that the percentage of State taxation during
the year 1881 varies from 1*3 per cent in the Southern States
to 1:9 per cent in the Middle and Western States, and that the
average
percentage throughout the United States remains the
was during the year 1880, but has increased one-tenth
of 1 per cent, as compared with that paid during the year 1879.
The total of United States and State taxes paid by national
banks to capital is 3‘7 per cent during the year 1881, having in¬
creased one-tenth of 1 per cent over those paid in 1880, and onehalf of 1 pe^ cent over those paid during the year 1879.
The rates of United States taxation are the same in all sec¬
tions of [the country. The inequality in the percentages of
United States taxes to capital arises from the fact that while
the United States tax is imposed on the three items of capital,
same as
it
There is no doubt that there has been great neglect on the
deposits and circulation, the percentages given in the tables are
part of national bank officers to comply with this law. The those of the total tax derived from these three sources to capi¬
number of counterfeit national bank notes which have been tal
only. Where the deposits are large in proportion to capital,
issued is very small in proportion to the number issued previous the
proportion of the United States tax, as measured by capital,
to the establishment of the national banking system, but the
appears greater. The first table given belowjshows the percent¬
number in circulation has largely increased during the last few ages to capital of taxation paid by the banks in the principal
years, probably owing to the fact that the bank notes which are cities of the country. Particular attention is called to the in¬
presented at the counters ot the banks, and which are known to equality in State taxation shown by it. The second table gives
t>e fraudulent, are not immediately stamped “ counterfeit,” the States in which the taxes, United States and State, are most
Altered,” or “worthless,” as required by law. If a genuine excessive, ^
***&
—
^
^
.
9. 1882.]
pgCSMBEIt
York....
Philadelphia.
Pittsburg....
Baltimore....
Washington..
Orleans.
Louisville-.-.
New
Cincinnati
...
...
Chicago
Detroit.
Milwaukee....
St. Louis
St.
Paul
State 8.
.
New
New
York
Jersey.....
Ohio
Indiana
Illinois
Wisconsin
Kansas
—
Nebraska....
South
p. e.
p. c.
---
Carolina.
Tennessee
U. S.
State Total U. S.
p. c.
1.9
1.9
1.9
1.9
2.2
1.8
1.9
2.2
2.5
2.5
2.7
0.5
0.6
2.4
2.0
2.4
5.5
5.4
2.8
2.0
2.5
1.8
2.2
2.1
4.3
3.3
5.8
2.2
4.0
2.5
2.1
1.5
5.3
3.9
3.0
p. c.
1.6
3.1
3.1
2.4
1.7
1.4
3.5
2.0
1.7
2.3
1.4
4.8
2.2
4.0
2.4
3.7
1.5
1.5
2.0
1.4
1.4
1.5
1.6
2.1
2.0
1.2
1.7
2.0
2.1
1.8
1.8
2.7
3.5
3.3
3.4
3.5
3.3
3.4
4.8
5.2
3.2
3.5
1.7
1.7
1.6
1.6
1.9
2.0
2.3
3.3
1.4
1.9
1.3
2.9
2.5
0.7
O.G
1.3
2.9
2.1
1.4
1.2
1.4
1.7
1.5
1.9
1.3
3.4
1.8
2.8
1.8
1.5
Albany.------
Cleveland
Statej Total
3.3
2.6
Boston-.-.
New
U. S.
p. c.
2.6
0.4
1.8
2.6
2.0
1.8
2.0
3.2
0.7
0.7
1.5
0.4
0.2
0.0
2.3
1.0
2.5
1.7
3.0
2-5
1.8
Six months
1881.
I860.
1979.
Citics.
675
THE CHRONICLE.
4.9
3.5
P- £
1.7
3.3
3.5
2.6
1.8
3.5
1.6
2.4
1.7
2.3
1.6
5.9
2.5
4.6
2.5
14
3.6
1.8
3.6
3.5
3.8
3.7
3.9
4.5
5.8
3.9
4.(5
1.9
1.7
1.7
2.1
2.3
2.3
3.7
u. c.
3.5
6.0
0.3
3.1
2.4
2.9
3.9
2.2
2.3
4.6
3.0
7.3
3.9
7.0
.
State Total
March
Geographical
6.2
3.3
2.0
3.1
2.0
2.7
2.5
4.2
3.2
8.5
4.3
7.0
5.2
3.5
3.0
3.8
3.0
3.7
3.9
4.3
5.1
6.2
2.5
2.4
2.1
4.1
4.1
$
$
11
00
21
8
58
18
89
1882.
1881.
1880.
1870.
1878.
173
175
220
309
328
17,183.500 219 26,080,730 196
20,321,530 171 18,387,550 173
30,407,200 233 20,334.150 230
53,843,700 299 44,576,300 304
48,797,900 357 58,730,950 313
242
34,110,766 256 34,823,130
Totals
Totals
Totals
Totals
Totals
for
for
for
for
for
6,703,000
1,640,000
7,430,500 118
'LOSSES.
During the year
12,812,730 104
219
.
1,778,0007,744 OOO
■
1,988,500
10,121,61521,632,115
19,354,540
28,370,675
49.210,000
•
-
.
53,767,425
34,466,951-
’
ending September, 1882, losses in their busi¬
account, including losses on technical bad debts ,
under section 5,204 of the Revised Statutes, and premiums on
United States bonds, have been charged off by the national
banks, amounting to $11,324,912 93. Of this sum $4,963,155 22
was charged off during the six months euding March 1, 18S2.
and $6,361,757 71 daring the six months ending September 1„
ness on
every
1382.
their notes in circulation ; one-half of one per
cent upon their deposits, and the same rate upon the average
amount of their capital, in excess of that invested by them in
United States bonds. These taxes are paid semi-annually by
the national banks to tlie Treasurer of the United States, and
subject the Government to no expense for their collection.
The whole cost of the national banking system to the Govern¬
ment, from the date of its < stablishment in 1S63, has been
$5,366,908 ; on the other hand, the Government has, in about
twenty years, collected taxes upon the capital, circulation and
deposits of national banks, at the rates heretofore specified,
percent upon
*
In the following table the
banks in the principal cities
of the years covered by the
losses charged off by the national
of the country are given for each
preceding tables
1879.
1878.
Cities.
*
*
*
*
*
*
:
1880.
1882.
1881.
S
$
$
$
$
5,147,319 3,135,557 2,054,381 2,321,002 1,282,475
554,845
701,054
2,490,197 2,055,390 1,110.831
400,249 589,092
399,943
491,558
501,676
258,088 1,111,5841'
258,128
333,022
419,030
137,164
99,179
211,329
294,507
308,915
153,716
74,920
272.8S9
118,080
338,490
New York
Boston
Philadelphia
Pittsburg
Baltimore
New Orleans
amounting to $118,005,706 25.
SURPLUS.
*****
*
$
2,206.000
8,725,000
2,337,000
14
62
25
3.350,000
Capital.'
B’ks.
N. England States.
Middle States
Southern States...
West. States & Ter.
*
*
Capital.
B’ks.
6.8
1.8
1.9
1.9
2.0
3.8
2.0
2.8
1.7
2.0
Capital.
B’ks.
year.
No.of
No.of
No.of
p. c.
3.5
Average for the
Sept. 1,1882.
1,1882.
Divisions.
P- c.
1.8
3 5
2.7
0.7
0.8
1.6
0.4
0.3
0.8
3.91.0
2.6
1.8
2.4
2.7
2.1
ending—
following table is exhibited the gradual chauges in ther
surplus
since December, 1873, under the provisions cf Sec¬
fund
From the semi-annual returns made to this office under sec¬
tion 5,199, requiring each association, before the declaration of
tion 5,212 of the Revised Statutes of the United States, the fol¬
the semi-annual divilend, to carry to surplus one-tenth of its
lowing table has been prepared, showing the dividends and total net
profits for the preceding half-year, until such fund shall
earnings, and the ratio of each to capital and combined capital amount to 20 percent of its capital.
and surplus, for each semi-annual period from September 1,
1869, the close of the period for which these reports were first
Semi-annual’
received, to September 1, 1882.
increase or
Amount.
Dates
In the
DIVIDENDS.
|
•
.
decrease.
Period of six No. of j
mouths, ehd’g banks. !
,
Surplus,
Capital.
j
$
1,481
1,571
Sept. 1, 18G9
Mar. 1, 1870.
Sept. 1, 1870.
Mar. 1, 1871.
Sept. 1, 1871.
Mar. 1, 1872.
Sept. 1, 1872.
Mar. 1, 1873.
Sept. 1, 1873.
Mar. 1, 187-1.
Sept. 1, 1871.
Mar. 1, 1875.
Sept. 1, 1875.
Mar. 1, 1876.
Sept. 1, 1870.
1,001
1,005
1,003
1,750
1,852
1,012
1,^55
Mar. 1, 1877.
Sept. 1, 1877.
Mar. 1, 1878..
Sept. 1, 1878..
Mar. 1, 1870..
Sept. 1, 1870..
Mar. 1, 1S80..
Sept. 1, 1880..
Mar. 1, 1881..
Sept. 1, 1881..
Mar. 1, 1882..
Sept. 1. 18-12..
earnings.
dends.
SB
s
82,103.84* 21,707,831 29,221,134
416,360.901! 80,1 IS,2 i 0 2L,479,005 23,99(5,934
!425,317,l04i 91,630,020 21,080,3 13 20,813,885
1428,000,105; 94,072,401 22.205,150 27,243.102
'445.090,204 98,280,501 22,125,270 27,315,311
•450,093,700 90,431,213 22,850.820 27,502.530
401,050,802
.
1465,070,023 105,181,942 23,827,280 30,572,801
475,018,083 114,257,2*3124.820,001 31,026,178
48^,100.951 118,113,848'24,823,0 29 33,122,000
1.007 480,510,323 123,460,859 23,529,99.8 29,544,120
1.971 480,038.284 128,301,03 >124,920,307 30,030,811
2,007 493,568,831 131,500,037 24,750.816 29,136,007
2,047 497,804,833 131,123.049(24,317,785 28,800,217
2,070 504.200,491 134,467,505 24,811,533 23.037,921
2,081 500,482,271 132.251,078!22,503,820 20,510.231
2,080 490,051,580 130,872,165 31 ,S03,909 19,592,962
2,072 480,324,800! 124.3 40,254;22,117,110 15,274,028
2,074 475,609,751! 122,373.501'18,982,3901 10,040,6.(0
2,047 470,231,896! 118,687,13 4(17,050,2231 13,058,893
2,043 464,413,006 116.744,135! 17,5 41,054 14,078,600
2,045 455,132,050 115,149,351(17,401,807 LO,873,200
2,040 454,080,090 117,220,501 18,121,273 21,152.781
2,072 454.215,062| 120.145.049:18.290,200 24,033,250
2,087 450,8 14,8051122,481.788! 18,877,517 24,152.021
2,100 458,93 1,485! 127,238,304'19,409,004 29,170 810
2,137 160,354,4851131,201,889] 19.915,375 27,033,590
,
2.107
Increase.
$120,961,268
December 26,1873
June 20, 1874
December 31, 1S74
June 30,1875
129,239,308
130,485,641
133,169,095'
>
December 17, 1875
June 30,
1876
December 2 >, 1870
June 22,1877
December 28, 1877.
J iilie 29 3 87®
,
January 1. 1879
June 14,1879
..
June 11,1880
December 31,
June 30, 1881
December 31,
1880
July 1, 1882.
Ditvdoens Capitl. tDivodens Caapnitadl Surpls. tEaronigs Caapnitdl Surpls.
ing-
t
Sept. 3, 1869
Mar. 1, 1870
Sept. 1. 1870
Mar. 1, 1871
Sept, 1, 1871
Mar. 1, 1872
Sept. 1, 1872
Mar. 1, 1879
Sept. 1, 1879
Mar. 1, 1874
Sept 1, 1871
Mar. 1, 1875
Sept. 1, 1875
Mar. l, 1870
ing—
DtivdoensCapitl. DtivdoensCaapnitdl Surpls. Etaronigs Caapnitdl Surpls.
1
I
|
Per Ct. PerCt. Per Ct
0 01
5 42
4-50
577
5-10
4-27
5-19
4*96
4-08
521
5-18
4-24
5 02
4-90
4-07
5 00
5 07
4*10
5*30
4*17
512
5:41
5-22
421
5*46
4-09
509
4*82
4-81
3-81
4*80
509
4-03
4*00
501
3*96
4*50
4-88
3*85
302
4-92
3-88
-
IVriod’of Six
Mouths end¬
Sept, 1, 1370
Mar. 1, 1877
Sept, 1, 1877
Mar. 1. 1*73
Sept. 1, 1878
Mar. 1, 187H
Sept. 1, 1879
.Mar. 1, 1880
Sept. 1, 1880
Mar. 1, 1»S1
Se.pt. 1, 1881
Mar. 1, 1882
Sept. 1, 1S82
1
I
j
Per Ct. Per Ct.
3*57
4*50
3*47
439
3*02
4*54
317
3 99
3 04
3*31
3*02
3*73
305
9*82
399
3*17
3*18
4*03
3*26
4‘13
4*25
3*33
3*37
4-33
3*44
4*40
124,714,073
6,676,592
506,532
3 145,013
3.389,924
1,977,667
1,8/9,483
Increase.
$1,107,0561
2,072,982
3,722,615
4,854,889
3.187,976
1,211,75T
-re¬
*
in concluding this report tfie Comptroller gratefully acknowl¬
edges the efficiency of th e officers and clerks associated with
him in the discharge of official duties.
JOHN JAY KNOX,
Comptroller of the Currency,
Speaker of the House
Period of Six
Months end¬
-33,673
Hon. Joseph W. Keifer,
RATIOS.
|
Decrease.
1,188,225
129,8(57,494
131,079.251
1881
5,27S,04(>
4,246,3332,683,451
131,897,197
131,390,665
115.429,032
118,102,014
3 21,824,629
126,079,518
December 12,1879
$1.113,SI 3
-3 33.055,422
121.568,455
118,178,531
116,200,864
114,321,376
;
473.947.715)133.570.931! 20,870,5531 20.237.035
RATIOS.
1
Total net
Total divi
PerCt.
3*25
3 12
2 50
2 83
2*31
2*53
2 90
3*70
-1*18
422
4*98
4*50
4*32
of Representatives.
STATEMENT FOR NOVEMBER, 1882.
The following is the official statement of the public debt asifc
appears from the books and Treasurer’s returns at the close of
business on the last day of November, 1882:
THE DEBT
INTEREST-BEARING -> DEBT.
Charactet'
Author¬
When
of Issue.
izing Act.
Payable.
Inter st Periods.
14,’70 May 1, ’81 Q,~F.
12,’82 At option, Q.-A.
O.-M
412s of 1 891 July 14,’70 Sept. 1, ’91
4s of 1907.. July 14,’70 July 1,1907 Q.-J.
5s of 188D. July
38 of 1882.. Ju y
Amount Outstanding.
Registered.
Coupon.
$134,317,700
280.394,750
188,007,900
571,092,900
61,902,100
167,847,800
$1,173,903,250 $229,749,900
$413,650
following table is given, by geographical divisions, the 4s, ref ctfs. Feb. 20,’79
14,000,000
number of national banks, with their capital, which paid no 3s,navyp.fd July 23,’08
dividends to their stockholders during the two semi-aDnual pe¬
$1,418,066,800
Aggregate of interest-bearing debt—
riods ending March and September 1, 1832, to which has been
added the total number of banks, with their capital, similarly
Continued at 3*2 per cent.
On the foregoing issues there is a total of
$1,644,032 interest
passing dividends during the semi-annual periods of each of
the four preceding years, with the average for each year and over-due and not yet called for. The total current accrued interest to
date is $9,009,275.
the average for the whole period of six years.
In the
*
676
THE CHRONICLE.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
There is a total of over-due debt yet
outstanding, which has never
been presented for payment, of $9,^45.055
principal and $441,409
interest. Of this interest. $277,418 is on the
principal of called bonds,
which principal is as follows: 5-20s of 1862,
$365,550; do 1864,
#50,400; do 1865, $70,450; consols of 1865, $368,900; Ho 1867,
$817,300; do 1868. $250,500; 10-40s of 1864, $289,850; funded loan
of 1881, $663,700; 3’s certs., $5,000; 6s of 1861, continued at
3^ per
cent, $3,007,300 ; 6s of 1863, continued at 3*s per cent, $2,266,200.
DEBT BEARING NO INTEREST.
^Character of Issue.
Authorizing Act.
Amount.
Old demand notes
July 17, ’61; Feb. 12, ’62
Legal-tender notes— Feb. 25, ’62; July 11, 62; Mar. 3,’63
Certificates of deposit June 8, ’72
Oold certificates
$59,330
346,681,016
9,815,000
35,408,540
March 3, ’63
•Silver certificates
Fractional currency
•Less amt. est’d lost
^
or
February 28, ’78
July 17, ’62; Mar. 3, 1
’63; June 30, ’64 5
destr’yed, act J’e 21,’79
73,095,660
-
ooo kjo
ASSETS, DECEMBER 1, 1882.
Gold coin.
Gold bullion'. .'.'.'.’.'.'.*.'.'..* ‘ ‘..' ‘.'
.'.V.'
Standard silver dollars
Fractional silver coin
.V.V.'.V.'.^50
903
Q‘/qja’*0o 21
Silver certificates
United States notes
National bank notes
National bank gold notes
Fractional currency
8,375,934
7,022,614
Outstanding.
250,000.000
738,940,700.
280,391,750
$10,653,308
441,409
$472,112,160
5,339
$1,899,724,015
$11,100,058
$1,910,824,073
Silver, per
$5,534,142
Decrease of debt since June 30. 1882
$65,957,561
$1,644,032
9,545.055
441,409
108,504,200
9,845,000
deposit,
157,887,476
Total..
Available Assets—
Cash in the Treasury...
Pennsylvania
Philadelphia & Reading.
New York Central
$287,867,173
$287,867,173
PACIFIC RAILWAY COMPANIES.
..
..
Total
$25,885,120
$21,899,448
Interest
repaid by
transportaVn
by U. S'.
1,600,000
1,970,560
1,628,320
5,751,153
23,323,659
1,453,808
1,550,015
1,366,508
$3,827,979 $17,423,196
2,726,129
3,025,023
8,611,139
14,712,519
133,091
1,313,789
9,367
1,540,648
102,142
1,264,455
$64,623,512
$55,344,682
$15,409,850 $39,279,632
6,303,000
27,236,512
The Pacific Railroad bonds
are
UNITED STATES TREASURY
STATEMENT.
following1 statement, from the office of the Treasurer,
issued this week.
It is based upon the actual returns
from Assistant
Treasurers, depositaries and superintendents in
mints and assay offices :
was
Cal. white
Post-office Department account
Disbursing officers balances
Fund for redemption of notes of
national banks “failed,”
“in liquidation,” and
“reducing
circulation”
Undistributed assets of failed national banks
/Five per cent fund for
redemption of nat’l bank notes.
Fund for redemption of
national bank gold notes
^Currency and minor-coin redemption account
Fractional siiver-coin redemption
account
Interest account, Pacific Railroads aud
L.& P. Caual Co
Treasurer U.S., agent for paying interest on D.
C. bonds
Treasurer’s transfer checks ana drafts
outstanding
Treasurer’s general account
Interest due and unpaid
$4,461,872 69
Matured bonds and interest
762,779 50
Called bonds and interest
....
-
$6,217,077 09
30,506,469 28
37,626,841 10
480,461
14,774.706
364,939
6,329
65
91
00
14
84,279 60
3,810 00
186,550 08
13,302,349 59
......
37
105
37h5
1483*
28
6214
791.115 39
104^4
10414
115%
12330
103 ifl
116
“
14914
27 7s
8.
12 3
8
9
8 4
8 9
8 11
8 0
91 0
59 0
89 0
59 0
59 0
held by
73,095,660 00
9,845,000 00
155,764.902 48
8.
12
8
8
8
8
7
90
58
89
59
59
Description of Bonds.
38, Act July 12,1882.,
Currency 6s
38
38
1493*
14918
s.
.
d.
3
9
12
8
8 4
8 9
8 11
7 8
90 0
57 6
>9
0
59 0
59 0
IO414 ”
1163^
12318
104 -
3738
148*2
2818
6213
203*
27%
HI 3.
263g
135
Wed.
II3414
Thurs.
8.
d.
12 3
8 9
8 4
8 9
8 11
7 7
90 0
56 6
88 0
59 0
59 0
Fri.
8.
d.
12 3
8 9
8 4
8 9
8 11
7 3
90 0
56 6
88 0
59 0
59 0
following interesting
PublicDeposits
Bank
in Banks.
Circulation.
$7,896,000
20,000
5s, ext. at 3Ls
6s, ext. at 3^
.
Total
Changes
in
$188,820,400
3,526,000
15,000
34,761,650
105,806,300
820,000
151,500
27,524,000
1,720,900
$16,369,000
$362,174,250
$378,543,250
610,500
6,871,000
4 per cents
Total Held.
$196,716,400
3,546,000
15,000
35,372,150
112.677,300
28,344,000
1,872,400
5 per cents
4*2 per cents
Legal Tenders
and
Dec. 1.—The
National
Bank Notes
to
Comptroller of the Currency has furnished us the
following, showing the amounts of national bank notes out¬
standing Nov. 1, together with the amounts outstanding Dec. 1,
and the increase or decrease
during the month; also the
changes in legal tenders held for the redemption of bank note#
up to Dec. 1:
National Bank Notes—
Amount outstanding November
1, 1882....
Amount issued during November
J
Amount retired during November
$361,949,353
$1,341,450
1,498,639
outstanding Dec. 1, 1882*
—
157,189
$361,792,169
bank
$38,081,670
$1,829,113
1,520,369
-
308,744
Amount
on deposit to redeem national
banknotes Dec. 1, 1882
695,266 16-$287,867,173 93
37
d.
3
9
4
9
11
9
0
6
0
0
0
80-4^1*
XT. S. Bonds Held Dee. 1, 1882, to Secure—
notes Nov. 1, 18S2
Amount deposited during November
Amount reissued & b’uk notes retired in Nov.
$391,420,987
503,
2638
1337q
Tues.
National Banks.—The
Legal Tender Notes—
Amount on deposit to redeem national
35,408,540 00
d.
503,
617«
2614
133&8
Mon.
5O70
28
62
d.
3
9
4
9.
11
2
0
0
0
0
0
12334
148
27 78
13334
Fri.
80-02l« 80-40
104*4
104%
11518
1163s
12314
124
104
10518
3714
257p
Thurs.
10013^8 10013,* 10013,8
1003,8 10118 1013,8
103
3713
2614
8
8
92
61
89
60
59
.
Wed.
statement, furnished by the Comptroller of the
Currency, shows
the amount of each class of bonds held
against national bank
circulation and to secure public moneys
in national bank
depositories on Dec. 1. We gave the statement for Nov. 1,
in Chronicle of Nov. 4,
page 505, and by referring to that the
changes made during the month can be seen.
Amount
8,432,570 03
Total Treasurer’s general account
$288,562,440 09
Less
unavailable funds
38
119 25
126,512 00
(tiommevcial and I^XisccHaucowsllewrp.
LIABILITIES, DECEMBER 1, 1882.
Oldaebt.
Gold certificates
Silver certificates
Certificates of deposit
Balance, including bullion fund
IO414
1153*
1231s
Sat.
are
The
51
133
Corn, mix., West.
“
Pork, West. mess..$ bbl.
Bacon, long clear, new..
Beef, pr. mess, new,$tc.
Lard, prime West. $ cwt.
Cheese. Am. choice, new
all
issued under the acts of July 1,
registered
bonds in the denominations
of $1,000, $5,000 and
$10,000; bear 6 per cent interest in
payable January 1 and July 1, and mature 30 years from theircurrency,
date.
1862, and July 2, 1864; they
afin’eo^
1
Tues.
5078
100l3lfl 10015,8 300 3*
1013jg 101316 101i«
80-25
80-52Lj 80-35
Flour (ex. 8tate)..100 lb. 12
Wheat, No. 1, wh.
8
“
“
8
Spring, No. 2, n.
Winter, West., n
8
“
Bonds
Balance of
interest, paid
Mon.
o07q
Liverpool.
INTEREST PAYABLE BY THE UNITED STATES.
Central Pacific
Kansas Pacific
Union Pacific....
Central Br. U. P..j
Western Pacific..
8ioux City & Pae.
d.
oz
s.
Decrease of debt during the past month.
paid
by U. S.
Sat.
Consols for money
Consols for account
Fr’ch rentes (in Paris) fr.
U. S. 5s ext’n’d into 3^8
U. 8. 4138 of 1891
U. S. 4s of 1907
Chic. Mil. &St. Paul....
Erie, common stock
Illinois Central
■»N. Y. Ontario & West’n.
$1,622,956,899
1.628,491,042
Interest
126,699 60
daily closing quotations for securities, &c., at London
London.
287,867,173
outstanding.
29
a
and for breadstuffs and provisions at
Liverpool, are reported
by cable as follows for the week ending December 8:
413,650
Amount
55 00
10,000 00
English Market Reports—Per Cable.
$134,317,700
Debt, less cash in Treasury, Dec. 1, 1882.
Debt, lessened in Treasury, Nov. 1, 1882.
Character of
Issue.
11 m
51
490 925
050 non XX
^050,000 00
3391,420,987
14,000.000
BONDS L8SUED TO THE
fioV-7q« ^
o
Pacific Railroad interest paid.
Interest.
Total interest-bearing debt
$1,418,066,800
Debt on which ini.has ceas'd since
maturity
9,545,055
Debt bearing no interest—
Old demand and legal-tender notes—
346,740,346
Certificates of deposit
9,845,000
Gold and silver certificates
108,504,200
Fractional currency
7,022,614
r
12
.
Intes'est-bearing debt—
Current Liabilities—
Interest due and unpaid
Debt on which interest has ceased
Interest thereon
Gold and silver certificates
1
U. 8. notes held for redemption of certificates of
Gash balance available Dec. 1, 1882
1,110 34
5 639
’ * '
Minor coin
New York and San Francisco
exchange
.One and two-year notes, &c
Redeemed certificates of deposit. June
8,1872
Quarterly interest checks and coin coupons paid
United States bonds and interest
Tr»f
Ki
V\An
Interest on T\tofwAf
of I^aI
District aI*
Columbia
bonds
The
interest, to date
2?
i?2
1
’
Deposits held by national bank depositaries
An
00
5
30*591 ’qqo
pXcruetavijl ©ommerctal guglisk 2|etos
Amount
Total
Total debt, principal and
Total cash in Treasury
.W* *''
5,339
RECAPITULATION.
Total debt bearing no interest...
Unclaimed Pacific Railroad interest
99
$472,112,160
Refunding certificates
Navy pension fund
3rr
*
Speaker’s certificates
Aggregate of debt bearing no interest,
aimi Pacific Railroad interest
■Unclaimed
Bonds at 5 per cent, continued at 3
Bonds at 4^ per cent
Bonds at 4 per cent
Bonds at 3 per cent
[Voi. xxxr.
*
$38,390,414
Circulation of national gold banks, notinoluded above, $752,159.
<1
9,1882.]
December
the amount of legal tenders on
of the United States to redeem
Sal bank notes was $38,390,414. The portion of this deposit
SSVTi) by banks becoming insolvent, (2) by banks going into
SSnntarv liquidation, and (3) by banks reducing or retiring their
circulation, was as follows on the first of each of the last five
According to the above
ITbec 1 with the Treasurer
,
Aug. 1.
Deposits by-
$
$
$
Dec.
Nov. 1.
Oct. 1.
Sept. 1.
1,165,869 1,110,175
Insolvent bks 1.258,836 10,115,519 10,063,910
9,985,558
Liquid’t’g bks
(57 7
CHRONICLE.
THE
1.
$
$’
1,035,030 1.035,030
9,924,482 10,284,782
222...88833910———TTThhheee
for the week in 1882, $110,900 were
$12,151 American silver coin. Of the
exports during the same time $4,000 were American gold coin,
and $2,118 American silver coin.
National Banks.—The following national banks have lately
Of the above imports
American gold coin and
been
organized:
Total
Robert E_
Capital, $50,000. Edward
First National Bank of Canton, Dakota Territory.
Capital,
$50,000. F. A. Gale, Piesident; A. C. Eaton, Cashier.
First National Bank of Fostoria, Ohio. Capital, $50,000.
Andrew Emerine, President; J. C. F. Hull, Cashier.
Arkansas National Bank of Hot Springs, Arkansas. Capital,
$50,000. John B. Roe, President; Charles N. Rix, Cashier.
Champaign National Bank,
Bailey, President; James
*
Reduc’g und r
28,106,401 27.876.547 27,122,158 27,070,302
act of 1874. 27,406,033
33,081,670 38,390,114
38,650,47739,387,789 39,050,632
*
Braddock National Bank, Pa. Capital, $60,000.
Stewart, President; John Q. Kelly, Cashier.
Ill.
C. Miller, Cashier.
(New).—The latest information ©f
completion of track on new railroads is as follows :
Addison & Northern Pennsylvania.— Extended from Westfield, Pa.,
southwest to Gaines, 14 miles. Gauge 3 feet.
Chicago Burlington »fe Quincy. -The Joliet Rockford & Northern
month of November, 1882 :
Branch is completed from Serena, Ill., northwest to Paw Paw, 23 miles.
Chicago & Northwestern.—The Sioux River Branch is completed from
Value.
Pieces.
Denomination.
Brookings, Dak., north to Castlewood, 34 miles.
Denver & New Orleans.—A branch is completed from the maiu line
$2,392,000 00
119,600
west to Colorado Springs. Col., 9 miles.
35,000 00
3,500
Jersey Shore Fine Creek ifc Buffalo.--Track is laid from Stoker dale.
845,000 00
169,000
TTolf PHirlPM
Pa., southward, eighteen miles, an extension of 10 miles; also from,
Williamsport, Pa., northward 8 miles.
Dollars
•
Milwaukee Lake Shore & Western.—Extended from Monico, Wis.,
$3,272,000 00
292,100
a.1 rrnl 3
north to Rhinelander, 14 miles,
$2,300,000
00
2,300,000
Minnesota Central.—Extended from Cannon Falls, Minn., eastward 11
miles.
3,800
00
15,200
Norfolk
Western.—Track on the New River Division is extended
126,000 00 from
1,260,000
Glenlyn, Va., north by west 21 miles.
Northern Pacific.—Extended westward to Livingston, Mon., 38 miles.
$2,429,800 00
3,575,200
Owensboro & Nashville.—Extended from Bevier, Ky., south to RiceTVitnl si Ivor
$98,500 00 dale, 4 miles. Gauge 5 feet.
1,970,000
666
Pensacola <fc Atlantic.—Extended from Chaffin, Fla., west to Ponce de
22,200
TJirf>A (*.p.nt.s
..................
27,500 00 Leon, 45 miles. Gauge 5 feet.
2,750,000
Richmond & Mecklenburg.—Extended south by east to Chase City
$126,666 00 Va.. 6 miles. Gauge 5 feet.
4.742,200
Tnt»l mi7inr
Rochester & Pittsburg.—Track is laid on the Buffalo Division from
££!,66 882£££ Ashford, N. Y., northward 5 miles, and from Buffalo south by east 5
8,600,500
Total coinage
miles.
St. Paul Minneapolis & Manitoba.—The Northern Division is exteuded
Imports and Exports for the Week.—The imports of last from Grafton, Dak., north to Bathgate, 32 miles. The Hope Branch is
week, compared with those of the preceding week, show a completed from Ripon, Dak., northwest to Hope, 29 miles.
Woodstown & Swedesboro.—Completed from Swedesboro, N. J., south¬
decrease in dry goods and an increase in general merchandise. ward to
Oakland, 11 miles.
The total imports were $8,865,072, against $7,540,880 the pre¬
This is a total of 319 miles of new railroad, making 9,574 miles thus
ceding week and $9,660,S42 two weeks previous. The exports far this year, against 7,353 miles reported at the corresponding time in
for the week ended Dec. 5 amounted to $6,287,181, agains t 1881, 5,624 miles in 188(9, 3,445 miles in 1879, 2,207 miles in 1878,
1,877 miles in 1877, 2,177 miles in 1876, 1,237 miles iu 1875. 1,767
$6,506,431 last week and $8,109,476 two weeks previous. The miles iu 1874, 3,507 miles in 1873, and 6j885 miles in 1872—Railroad
following are the imports at New York for the week ending Gazette.
(for dry goods) Nov. 30, and for the week ending (for general
—Messrs. Fisk & Hatch have issued one of their careful and
merchandise) Dec. 1; also totals since the beginning of first
intelligent
circulars on government bonds, giving the facts of
week in January:
the present market situation and their own views iu regard to
FOREIGN IMPORTS AT NEW YORK.
it.
They say ; “ As to which of the remaining issues it is most
1882.
1881.
advisable
for national bankvS to substitute for their called bonds
1880.
1879.
For Week.
as security for their circulation, we do not hesitate to reiterate
$1,418,916
$1,101,616
Mints.—-The following statement,
kindly furnished us by the Director of the Mint, shows the
coinage executed at the Mints of the United States during the
Coo^qe by
United State3
TV»f
Railroad Construction
the
-
.........
Dry roods
Gen’l mer’dise..
$1,164,181
7,191,007
$538,457
4,322,403
6,177,848
7,446,156
Total...'.....
$8,355,188
$4,860,860
$7,279,494
$8,865,072
Since Jan. 1.
Gen’l mer’dise..
$85,440,138 $113,508,381 $104,194,095 $123,075,789
224,185,334 329,634,899 302,217,588 338,530.057
Total 4 8 weeks
$309,625,472 $443,143,280 $406,411,683 $461,605,846
Dry goods
opinion, heretofore frequently expressed, that the fours,
having twenty-five years to run in which they cannot be dis¬
turbed, and paying at present market price nearly 3 per cent
our
per annum
on
the investment for
their unexpired term, will
probably, in the long run, prove the most advantageous and
satisfactory basis for national bank circulation. With many
banks, however, the large premium account involved in the
purchase of fours is so serious an objection that their attention
necessarily turned to the new threes.” All information as to
the purchase of the threes is given, and every buyer should
.The following is a statement of the exports (exclusive of have a copy of the circular.
specie) from the port of New York to foreign ports for the
—In the distinguished banking house of Drexel, Morgan &
week ending December 5, and from January 1 to date :
Co. a few changes will be made on January 1.. C. H. Godfrey,
EXPORTS FROM NEW YORK FOR THE WEEK.
who has been a resident partner in Philadelphia, will remove to
New York. The business of the New York house has become
1882.
1881.
1880.
1879.
so great that the presence of another member of the firm,
In our report of the dry goods trade
of dry goods for one week later.
For the week...
Prey, reported..
$8,079,519
318,290,293
will be found the imports
$7,878,042
376,373,197
$7,100,090
343,853,247
$6,287,181
311,806,284
Total 48 weeks $326,369,812 $384,251,239 $350,953,337 $318,093,465
The following
table shows the exports and imports of specie
York for the week ending Dec. 2, and
at the port of New
since Jan. 1, 1882 :
EXPORTS AND
IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Gold.
Week.
$29,652,492
Great Britain
France
85,660
6,088
West Indies
Mexico
South America
All other countries.
Silver.
Great Britain
France
j
Total 1880
401
oq*?
264,150
1,302,414.
’*500
206,169
322,160
91,516
$4,000 $33,836,954
$286,064
$3,413,7GL
$122,450
4,600
440,066
2,186,023
428,317
51,848,oil
3,574,288
55,333,536
$8,007,394
$......
$26,279
1,274,950
228,500
17,154
’
\
$106,498
2,686,755
German,
Total 1882
Total 1881
$-
Since Jan. 1.
285,564
4,000
Total 1882.
Total 1881.
Total 1880.
West Indies
Mexico
South America
All other countries
Week.
2,526,150
Germany
^
Since Jan. 1.
7,628
85,100
2,118
817,217
1,000
$129,168 *10,347,333
$93,728
2,118
44,000
195,000
10,008,(590
5,687,139
is
has been made necessary.
of Thomas & Shoemaker,
the
York gives noticereorganization as a State Bank'
—The National Bank of the State of New
in our advertising columns of its
under the laws of the State of New York.
Auction Sales.—The following, seldom
Stock Exchange, were sold at auction
Adrian H. Muller & Son:
Springs
$2,816,045
2,688,098
161,366
5,176,104
sold at the*,
Shares.
8
50 First Nat.
64,992
or never
this week by Messrs..
140,170
29,445
in the
bury and James W. Paul, Jr., who have had an interest
business, will be admitted to full partnership.
—Mr. John It. Hatch, a son of A. S. Hatch, of Fisk & Hatch,
has been admitted as a member of the New York Stock Ex¬
change. He will begin business on the first of January in
new firm of Hatch, Brooks & Hamlin, stock brokers.
Mr. Hatch
has had a long experience and business training in the banking
house of Fisk & Hatch, which is as good an introduction to the
public as a young man can desire to have.
—The Ontario Silver Mining Co. announces its usual monthly
dividend of $75,000, for November, payable at the office of
Messrs. Lounsbery & Haggin, 18 Wall Street, on the 15th inst^
1,208
1,2®>,668
1,298,785
119,490
At Philadelphia, George C. Thomas,
will join the firm, and E. T. Stotes-
B’k of Colorao
37
90 *4
30 Home Insurance Co
141
do
do
142
50
4 Republic Fire Ins.
10 United States Trust Co..441
300 Louisiana^ Missouri Riv¬
Co— 80*2
er RR. Co
8 Atlantic Dock
eacli
,
Co., $100
104*
100
Columbia
Oil Co., $50
each
10 Com
Exchange
$100 each
Bank,
5V
176*8
1,600 Buchanan Farm Oil Co,
for
$L each
$775 Certificate of Indiana
2
$1
Canal Stock
for $1
Lykens Valley RR. and
Coal Co
127
THE CHRONICLE.
Quotations for foreign exchange are as
follows, the
prices being the posted rates of leading bankers:
%\xz Daubers' ©alette.
DIVIDENDS.
Dec. 8.
The foliowins dividends have recently been announced:
Per
cent.
Kamt of Company.
When
Books Closed.
Payable.
(Days inclusive.)
$3 50 Dec.
4
6
3
Evansville & Terre Haute
Fitchburg
Morris & Essex
N. Y. Cent. <fc Hudson Riv.
Norwich & Worcester
-Union Pacific (quar)
NEW
3*g
(quar)
2
$5
.
YORK,
1%
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
FRIDAY,
4
26
1 Dec.
1 Dec.
2 Dec.
15 Dec.
10 Jan.
1
DEC.
iDec.
S,
15 to
15 to
9 to Jan. 2
16 to Jan. 19
1 to
ID to Jan. 1
1SS2-5
P. HI.
Tlie
Money Market and Financial Situation.—There has
change this week in the commercial and financial
situation. The trade reports are not in all respects as favor¬
able as might be desired, but it is not believed that a depres¬
sion among iron and steel manufacturers,
arising from special
.causes, is to be followed by depression in other branches of
legitimate trade. On the other hand, the railroads and the
country at large will have cheap iron and steel, which is
hardly less acceptable to the industrial world than cheap
bread itself.
The advocates of a high protective tariff have
;always urged as one of their chief arguments that home pro¬
duction is so stimulated by it that low prices ultimately ensue;
while free-traders have always maintained that the tariff was
a forcing influence which was sure to be followed in time
by
an unhealthy collapse.
In the present instance, it is to be
hoped that the radicals of both sides will be able to claim that
they were right, and in the meantime the agricultural and
mechanical producers of the country may have the full benefit
of low-priced iron.
The importation of gold into the United States in October
-showed an excess over the exports of about $3,700,000, and,
taking a general view of the status at home and abroad, is
/there any reason now visible why the country should not
import, say $30,000,000, of foreign gold from Nov. 1, 1882, to
April 1, 1883? Last year the exports of corn were almost
.a nonentity, while other breadstuffs were much reduced in
-quantity, and the cotton crop was small. This year the large
<erops are too well known to require comment. The imports
-of iron and steel manufactures must be reduced
by the decline
in prices, while the prospect is excellent for a continued
export of American securities as soon as our markets assume
a steady and healthy tone.
It is entirely possible, of course,
that new phases may arise which will have a
disturbing effect,
hut the above remarks are applicable to the situation of affairs
as we have it to-day.
The money market has become
remarkably easy, and stock
borrowers have had no difficulty in
getting call loans at 4@6
per cent, while government bond dealers have paid 3@4 per
cent.
Prime commercial paper is quoted at
6@6% per cent.
The Bank of England statement on
Thursday showed a gain
of £158,000 in specie for the week, and the
percentage of re¬
been little
14?
to
liabilities
was 40 5-16 per
cent, against 40% last
discount
rate remains at 5 per cent. The Bank
week; the
of France gained 5,175,000^ francs
gold and 3,825,000 francs
serve
silver.
The New York
City Clearing-House banks in their statement
a gain of
$3,551,275 in their net reserve,
resulting in an excess of $1,480,075 in their surplus above the
.25 per cent limit, against a deficit of $2,071,200 Nov. 25.
The following table shows the
changes from the previous
week and a comparison with the two
preceding years:
of Dec. 2 showed
1882.
Dec. 2.
;i
Loans and dls.
Specie
Circulation...
Met deposits.
Legal tenders.
Differ'nets fr’m
1881.
1880.
previous week.
Dec. 3.
Dec. 4.
$305,473,500 Dec.$3.735,300 $315,321,700 $305,701,100
52.179.800 Inc.
3,934,300
18.557,600 Dec.
33,100
279.234,900 Inc. 1,304,900
19,109.000 Dec.
56,800
$69,808,725 Tnc. $326,225
71.283.800 Inc. 3,877.500
Sixty Days.
Prime bankers’ sterling bills on London.
Prime commercial
Documentary commercial
55,316,800
20,138,200
286,437,500
15,861,700
54,534,600
18.471,400
276,132,700
12,035,700
$69,033,175
66,571,300
hitrtw
8 ^
Demand.
4 791-2
4 8OI2
4 78*2©4 79
4 78 @4 781-2
5 24^835 22 Uj
39*2 0 39 a*
9416 0 94*2
Paris (francs)
Amsterdam (guilders)
Frankfort or Bremen (reiehmarks)
Railroads.
Augusta A Savannah
Central RR &BankiugCo
LVol. xxxy,
4
4
8334®4 84^
S2*204 83
4 82
3>4 821q
5 211435
lgl
30 7g 0 40 la
®
95 38
United States Bonds—There has been a
good demand for
government bonds from financial corporations, and
two or
three of the larger ones in this
city have each purchased
$1,000,000 or upwards, this week. This may be due to the
fact
that they wish to have a large
showing of governments in thenannual statements, or to the idea that under the
reductions
proposed in the government revenues there will be less
surplus
with which to pay off bonds, and hence the
outstanding issues
will have longer to run.
The demand has run heavily on the
3 and
Tlie
3% per cents. "
closing prices at the N. Y. Board have been
Interest
Periods.
follows-
Dec.
Dec.
Dec.
Dec.
Dec.
2.
4.
5.
6.
Dec
7.
8
5s, continued at 3*2.. Q.-Feb. 10 L1* ‘lOllo
4*28,1891
r eg. Q.-Mar. *112*4 *11258
4*28,1891
coup. Q.-Mar. *11214 1)278
*
4s, 1907
reg. Q.-Jan.
11S®8 119
4s, 1907
coup. Q.-Jan. *11958 *120
3s, option U. S
102
reg. Q-Feb. 102
6s, cur’cy, 1895..reg. .). <fc J. *127
*127
6s, cur’cy, 3 896..reg. J. A J. *128
*123
6s, cur’cy, 1897..reg. J. & J. "123
*129
6s, cur’cy, 1898..reg. J. & J. *128
*130
6s, cur’cy. 1899.. reg. J. & J. *L28
*131
*
as
*101.'8 *10153 *10158
11278 *11 278 *113*8
*113
112~8 •11318
119*4 *119*8 *1 19*8
120*2 120
•120*8
102*8 102*8 *102*4
*102*4.
11?%
*
*128
*129
*129
*130
*132
*12?
*128
*129
*127
*128
*129
*129*2 *130
*130
This is the price bid at the morning board; no sale
was
*131
'
*113*4
119*4
*120*4
*102*2
127 ”
*
*123
*129
*130
+131
piade.
U. S. Sub-Treasury.—The
following table shows the receipts
and payments at the Sub-Treasury in this city, as well as the
balances in the same, tor each day of the past week:
,
Date.
Dec.
“
“
“
41
“
$
1,902,19S 34
2
4.
5.
6.
7.
8.
Payments.
Receipts.
Balances.
Coin.
Currency.
$
$
2,823,325 34 105,629,705 29
1.836,729 33
2.411,786 12 105,046.619 87
62
99
*3,242,329 20
•1,110,570 55 107.093,419
1,492,020 98 107.003,297
1,049,466 42 103,717,594
1,267,443 12 106,835,519
R124.386 14
885,251 31
1,258,674 07
65
42
3
4.820,073 84
4.330,707 20
4,91-W.tf 10
4.633 152 89
4,759,041 13
4,632,947 31
‘
Total....
*
10,251,563 39
Includes
10,154,612 53
$1,000,000 certificates
•
transferred from
Pliiladclpiiia.
State and Railroad Bonds.—Tlie Tennessees have been
rather weak since our last report ; to-day the old bonds sold at
41%, Tennessee 6s at 40%, and new compromise bonds quoted
47@48%. The reports from Nashville are various as to the
prospects that the compromise bonds will be allowed to stand;
but outside parties looking at the policy of the State from a
politico-economical standpoint can hardly believe that the
late adjustment will be overthrown when there is so little to
be gained by it.
Railroad bonds have been dull and prices about
steady. It
is apparently a good time for investors to purchase bonds
while there is but little movement in them, as it is a rule with
few exceptions that prices advance between January and
July.
Railroad and Miscellaneous Stocks.—The whole market
has been
halting and variable from day to day, hanging on the
point as to what the railroad Titans would do at their
meeting in New York on Friday. The condition of affairs has
been peculiar, and in the absence of other controlling forces
one
the whole attention of the Street has been concentrated on the
railroad war, so that not only the prices of the stocks directly
involved, but the whole market depended more or less on the
outcome of the liianagers’ meeting.
Here was an interesting
situation in which a variation of perhaps 5 to 10 per cent in
the quotable value of some hundreds of millions of railroad
property hinged
on the possible agreement of four
refusal of
any one
to make a
be enough to prevent
it;
some
indiv¬
settle¬
would
ment
trivial
circumstance, a bit of ill-tern per, a touch of dyspepsia,
a failure to take his usual
pill, on the part of a single individ¬
ual, might postpone an adjustment for an indefinite length
It is not desired to give an exaggerated or ludicrous
of time.
iduals.
The
view of the matter, but the above is a true statement of the
case; and the extent to which stockholders’ rights may often be
placed for a time entirely in the hands of their officers or
directors is graphically shown up by the events of this week.
Finally, when the meeting took place to-day it was only an
infprmal conference and it was adjourned until to-morrow.
The tone, however, was reported to be conciliating and the
71,178,500
prospect fora settlement was assumed in the Street to be good,
Surplus
$l,480,075|lnc. $3,551,275 Def.$430,875 Df.2,461,875 so that the market became strong, and prices in some cases
advanced materially.
Railroad earnings keep up remarkably well, and the full’
Exchange.—Foreign bills are a trifle firmer than last week
exhibit for November on another page is worthy of close
and the supply offering does not
appear to be large.
To-day examination. It is not a bad
the actual rates for prime bankers’ 60
thing for the railroads that new
days sterling bills were competing lines will not
again
be pushed for some years to
4 79%@4 80 ; demand bills, 4
83;%@4 84; with cables 4 84%@ come as they have been pushed in the past three years. But,
4 85. Continental exchange is
quoted on actual sales. Francs* on the other hand, the actual competition from new lines
5 23^@5 21}i; reichsmarks,
_94%@95%@95%; guilders, 39%@ opened will be felt more in the next year or two than it lias
39%. ■*■•••
yet been felt.
Legal reserve.
Reserve held.
if
w
$71,609,375
BA. NUB
THE
9, 1882.]
NOV-EMB-SR
HIGHEST
DAILY
It,* {LHOADS.
Allegany Cen tral
i **
Atchison Topeka &
N. V
.
Cedar Falla &
<te No..
80
65 34
67 *4
68
23
*33
24 V
132*8
Dec.
prer..
Isi. & Pacific....
Chicago St. L & New Orleans.
Chicago St. Paul Minn. & Om
Chicago Hook
pret
Do
Clev...
Cincinnati Sandusky A
*75
6 6 *4
79
66 34
67 *4
67 V
67 V
Evansville A Terre Haute ....
Fort Worth & Denver City....
Green Rav Win. A St. Paul...
Hannibal & St. JoHepli.........
..
Long Island
Louisville & Nashville
Louisville New Albany & Chic
Manhattan
Dc
1st pref
4 6 *8
87
*85
17*2
18
*9*3
17 V
37 *2
*5
38*2
37*2
"80
*43
O'a
8
52
86
87*s
23
23
3334 3334
*23V 25
131V 131V
*75
13S *8
70 V
87
*22 V
34
Memphis & Uha neston
Metropolitan Elevated
jiLiohigan Central
V
*33
96
47
27
83
V 97 V
47 *2
28 *8
64 *4
64 *4
-30 34
31 *2
ioov 101
18*4 13 *4
Milwaukee L. Kh.& West., pref
Minneapolis & St. liOnis
pref..
Missouri Kansas A Texas
Missouri Pacific
Do
*24
88
23 V
34
25 V !
80
79
.
pref.
New York Elevated
New York Lake Erie A West.
'
Do
pref.
New York A New England....
New York New Haven A Hart.
New York Ontario A Western.
Norfolk A Western
pref
Northern Pacific
pref
45
5V
si
44 V
95 *2
4534
33*4
Oregon A Trans-Continental..
83 V
13*4
Panama, Trust Co. certificates
Peoria Decatur A Evansville..
Philadelphia A Reading
Pitteourg Ft. Wayne A Chic...
Rennelaer A Saratoga
Rich A Allegh.,riL’cK trust etts.
Richmond A Danville
Richmond A West Point
Rochester A Pittsburg
Rome Watertown A Ogdeusb.
Bt. Louis Alton A Terre Haute
Do
pref.
St. Louis A San Francisco.....
I)o
pref
Do
1st pref.
St. Paul A Duluth
Do
pref
St. Paul Minneap. A Manitoba
Texas A Pacific
Toledo Delphos A Burlington
Union Pacific
Wabash st. Louis A Pacific
Do
pret.
.
..
97 *8
13V
33 V
85 V
*
*2*5 * * *25*'
49
135
V
15 *2
66*4
25
19 *2
50
135
V
*45
*72
*72
143
144
144
15V
56*4
25 V
20 V
*S
10 *8
18 V
*85
9V
*18
9V
18
36 V
**34** * *3*4 V
52
6
*4 5
6
52
52
75
78V
*72
75
*70
144
73 V
77
144
144 V
*45
*72
*70
145
145 V
59
42
*80
*42
*
1 6 *2
46 *a
*84
97
*40
42
*80
*40
17
42
85
0
32
85
44
18
46
83
98 V
43
28 V
Go *2
31 V
*58
51V
51V
*42
83 V
42
17
*80
88
93
47
9S34
23*8
65 V
23 V
65 V
3134
47
31
10034 10134
MISCELLANEOUS.
50 *2
51
51
46*4
97*2
13*2
45V
96V
13*4
46V
32 *2
32 *2
86
25*2
1934
25
51
*42** *4*4**
84 V
*30
84 V
35
52
*p2
*94
96
*36 V 37 V
*90*4 93
140
142
85 V
*167
24 V
50*4
136
16*2
60
25*2
20*8
37 *8
38 V
*41
*83
44
86
*31
34
52
*50
*94
*36
*90
141
36*2
9
10IV 102 34
29V 30V
51
53 *8
American Tel. A Cable Co
67
67
Colorado Coal A Iron
30
30
Delaware A Hudson Canal.... 106 V 106 V
Mutual Union Telegraph
Oregon Railway A Nav. Co
Pacific Mail
34*2 35*4
Bpilman PaJace jjar
*123
I2434
Weat era U niou Te:
80 3s 81*4
egraph.......
Tunnel
Butro
100*8
30
51=8
69
106*4
23
62
2434
1934
*42
86
*30
52
94
*36
96
37*2
141
142
37 V
38*4
9
101 s4
30 °8
523,
86*4
60
52 V
76
45
87
45
*83
98 V
47 V
28 *0
65 V
88
99*4
47 V
28 a4
66
31V 32 3e
101*4 102*4
19*4 19 V
*51V 53 V
130*8 131 att
1434
1434
O 1
31
105
*90
36 34 37*4
•mmmmm
......
_
Coal
Homestake Mining
Little Pittsburg Mining
Mariposa Land A Mining
Coal
Ontario Silver Mining
137*2 *134
94
94
65
68*2 68*2
129
'127
130
130V 133
42
*83
*42
ibo
30
52
46
97
46 V
93 V
34
34
V
13*4
85 V
20
20*4
1334
86 V
44
86
34
*42
87
33
52
94
37
20=8
......
...
94
36 V
45
87
33
54
94
33
*27
142
142 V
38
38
33V
ioiv
101*4
32
53
V
S3
98
*46
23
81*4
138
95
65
129
157
158
35
35
123 V 123 V
80 V 81V
*134
95
*65
*127
2,075
315.400
138
95
70
130
44 V
9V
18
2,910
1,300
33 V
34 V
3,400
52
78
78
77
144 V
*70
144
32 34
28 V
114 V
*57
33*4
29
100
800
55
82
45
18
98*2
46
46
*27 V
*64 V
31V
28 34
66 V
32
101*4 102*4
......
19
125
......
pref
Standard Consol. Mining....
33
18
*17
14
*30
36
3 6 =4
84
85
85
185
26V
26V
27
5034
42=8
95=4
51*4
44 V
46V
96*8
13 34
98 V
13 a4
*33
.
13 *8
32
34
8334
8234
36
1934
......
*42
*86
*31
*51
93 V
3134
53*4
107
*22
141
37*4
44 V
88
33
54
3234
54*4
66 V
107 V
24
U134
38=8
l0234
32*4
52V
33 V
54 V
67
30
67
30
107
*22
•
-
-
-
....»•
32 a4
700
*S
*40
10
44
25 V
2,000
51V
75,090
334
200
14334
15 V
700
900
56 V
1,700
7,090
25*4
20v
43
87
410
100
200
...«••
250
107*4
24
,
300
564
92
140 V 141V
4.120
38 V
55,690
101 V 102 34
233,460
72,033
3634
32 V
52^8
33*4
53v
67
67
30 V 30V
107
107
*22
22 V
82
*134
95
*65
*127
138
95
70
129
*134
*93
67
*127
*27
33
36
124
8134
100
89,150
490
1.120
4,075
450
299
3,110
1,185
9S3.633
100
138
95
67
*134
95
129
*127
*65
135
95
70
129
66
60
154
190
25
*17
18
06
36
*8*2
*40
10
*3
id
*8
*40
10
45
45
*17
19
-8
10
•
-••••
......
New Central Coau
Robinson Mining
12
47
6
June
6
Nov. 22
44
6
*16
18
*16*
250
*13* * *1*9“ *16** *16** ♦is” id”
19*
......
100
...
......
prices bid and asked—no sale was made at the Board.
*
.-••••
t Lowest price is
Mar. 30
••••••
ex-divi<leod«
59*
93
Oct
12S
126*a
Sept. 23
58*4 Aug. 15
3634 Sept 7
77
Sopt.ll
42*2 Aug. 2
112*2 Sept 12
35*4 Jau. 21
12S
Aug. 14
87 *2 Jau. 14
133
Aug.
1734 Oct 27
37®8 Aug. 30
647g
30*a
70 \
54
114*2
39*4
131
102
155
Jan. 27
96
Oct 10
Sept. 15
Sept 8
39 34
80*2
130*a
52 V
96*a
84 V
Nov. 20 164*4 190
Feb. 17* 136
9 317a July 28
Oct. 31
24
Feb. 27
44*4 Mar. 8 60 Sept12
60
43V
16
25<*8
23'a
2834 Mar.
63
32 34
70
51
64*8
88V
9 54*8 Sept.13
Feb. 23 1003a Sept.14
ll-VJune 7 25 ®8 Jau. 14
66 a4
27
90 34
12
60
165
23
Feb. 23
Mar.
9
3
Jan. 30
July 28
Nov. 24
June
4634 Nov. 22
130
26V
21
37V
35
60
97 34 126
23*2 Jan. 16 18
37 V
98 s4 Sept.25 64
83
204
200
May 9 190
42
112
July 18
Aug. 4
3934 July 26 27*4 57V
67*2 Jau. 7 50
74V
142
Sept. 9 127
June 27 139
131*2 July 20 144
14
Nov. 22
40
52
Nov. 21 250
23
Nov. 24 263
17 *2 Nov. 22 36 V
20
40
J an.
3
20 *a Mar. 8
50
55
Apr. 20 92
31
Nov. 24 46 V
43
Mar. 8
66‘a
79 3^ Feb 24 106 *2
26
39
Feb. 15
63
96
Jan. 19
Nov. 23 130
146
Jan.
5
35
80
Feb.
7
99*2 171
Feb. 15 122
Mar. 22 22
S7S-
July 25
Sept.14
Jau. 16
Jan. 25
Jan. 26
Jan. 17
July 18
Sept. 21
22
39
85
50V
77V
143V
39
55
55
81V
90
115V
26
42V
70
89V
88 *a 113V
108*2 Jan. 26 166*2 Sei>t 12
31
55
J uly 28 41*2 73V
Nov. 24
9
38
Dec. 4 19
July 21 15
99 7a Nov. 25 11934 Jau. 16 105*2 131V
23 5a June 10
39 78 Aug. 2 33*4
60
•
457aJune
9
71VJan. 14
64*4
96V
Nov. 25 74
Sept.29
Mar. 30 35
Nov. 20 53
67
10234 Mar. 13 11934 Aug. 15 89 ®8 115 V
20
Oct. 12
30*4 Aug. 17
128
Jan. 31 163*8 Sept.25
32 34 Nov 24 4834 July 11
Jan. 18
117
June 5 145
76 *« Mar. 11 933a Sept 13
1
Jan.
27
*8 Nov.
3.
65
25
%
134
90
62
125
May 19 149*2 Jan. 10 120
Feb. 18
97*2 Feb. 25 62 V
Nov. 27 80*4 Jan. 26 51V
Feb. 24 132
Sept. 6 112
15*8 Jan. 17
1 *8 J une 8
1 *4 J une 6
13
May 2
36 7e Jan. 16
1934 Feb. 4
2*4 Mar. 27
2 *2 Jan. 25
26
Jan. 20
40
Jan. 16
Aug. 14
Jan. 17 245
Jan. 16 \
Oct.
3
14*4 Jan. 14
4*2 Oct. 12
62*4 Jan. 19
1934 Apr. 5
Oct.
37*4 July 13
18
4
Aug. 11
82*8 Jan. 18
20*2June
Oct. 17
2
*2 Aug. 12
4
Jan. 18
56
37
168
240
S
40
......
Silver Cliff
Mining
.8 ormont
Mining
aie the
Fob. 25
33
*40
*40
Mar.
59
27 *2 Nov. 22
*27 6.
6
Deadwood Mining
Excelsior Mining
25,935
8434
35 V
92
*34
36
123 V *122
81
82
81V
97 V
13 *4
1,524
61,465
119,100
3,059
*34
19
11934 Mar. 13
4,880
51*4
45*4
53
35
123
81
*33
124
27
*51
......
35V
45
....
-
*40
*85
......
124
-
16
9
1,210
93 V
V
i
1934
20V
......
Jau. 14
123*8 May 1
10'2 May 25
27
May 27
100
May 15 109*2
58*1*0*6 33 *4 June 7 4334
67
2,050
Mar. 8 87 a4
300
45
Nov. 23 60*2
14
37 V
16
93
Apr. 18 105
Nov.
23.902
1,500
31
Central Arizona
Mining
These
500
......
36 V
84
Oct. 19
Nov. 24
263^ Mar. 11
86 n8 Apr. 21
58,710
**4*0*0
Nov. 23
4134 Mar. 11
1,450
38,950
17 1™
18
Cameron Coal
*
800
4,225
130V 131V
143,
30*i
77
77
18,785
19
125
53
*52
*51V 54
130 V 131V
8634 Oct. 13
42 =a Oct. 16
42*4 Nov. 25
100
28
65 V
31V 32-V
101*4 102 V
......
63
May 12
33*2 Nov. 24
15
1,200
82 V
99 V
1
26*2 Jan. IS
40
350
47
14
30
1,110
46,250
.
82 V
Feb,
Nov. 21
30
49 *2 Sept. 15
23*2 June 12 45
July 26
93
Juno 6 120*9 Mar. 30
49 >2 Feb. 24
65
Sept 15
46*« Nov. 9 100*4 Jau.
3
June 5
57
78
Sept.20
40
Oct. 19
60*8 Feb. 11
82
Dec.
8 98*2 Jan. 28
4,635
86
84
Feb.
S
Sept. 4 110
Dec. 2 111*4 Jan.
9
61
Mar. 11
92*2 July 25
12734 Jail. 4 150 *2 Oct. 18
300
46V 46=b
Nov. 24
Mar.
97*2 Feb. 20
97*8 July 28
27
July 22
41*2 Sept, 13
29
Sept15
145*2 Aug.16
141
Aug. 9
128*4 Sept. 9
144*4 Sept. 8
15034 Sept. 12
>175
Aug.16
140*4 Aug. 11
8
June 12
15 *2 June 7
6
47
72
5,080
2,600
46,996
„
56*4
Apr. 10
73
Nov. 13
30
July 21
37 *4 Jan.
4
11(5*4 A nr. 24 150*4 Sept. 1*2
38*4 Nov. 22 74'•-a Jan. 20
82
Apr. 15 96 *2 Aug. 3
115
32 a4
29
H5V
58
51=0
Jan
80*2 Sept.
85 *a Fet).
Jan.
140
July 27
Oct. 13 104
Fob.
2
Nov. 21
217a .Tan. 7
66*2 Nov. 17 68
Oct, 26
100
*45
9
*2 Sept. 15
133
50
5
40
18
Mar.
34
95 *2 Sept. 4
55*2 Aug. 30
97 *q Feb. 24 1143a Aug. 19
44
Mar. 9
02
Oct. 19
65*2 June 7 92 34 July 24
105,875
86
Coal
Quioksilver Mining
Do
Low. FTttffi
2934 Fob. 23
115
5V
42 V
86
9V
83
99 V
■
28
*65 V
1*0*2 V io
30 V
107*4 106=4 10734
17 U
*17
68
1,440
<
*27
21
127*3 Mar. 11
120 *2 Nov. 25
96 *3 Nov. 2:
114*3 Nov. 25
23,330
125 V 126 *4
July l 9
27*4 Apr. IS
54.850
139
*5 *4
9V
36 V
142
06 V
30 V
*75
139
42
85
181
27 V
Feb.
Nov. *2 7
.
100
46 V 48
105
105 V
......
27
June 10
44
3,471
352,941
4,190
70.595 124
2,500 136
6,920 122
152
152U
12 6 34 128
1143! 115 V
57 V 57V
5034 5l=b
70
70
*16V
*16
60
67
6:
Nov. 22
82 V Nov. 22
19 *a Mar. 9
515
380
200
442
100*4 102 V
*167
*167
*167
25 V 25=8
25 *4 25 V
25*4
26*4
51 *4
50 34
52
51V 52
51V
134 V 134V
*135
136
143 V 143 V 14334
143
143
15 a4
15 V 15V
15V 15V
56
62
62
60
60*4 *56
25
26
26
26
25
27*4
69
*34** **35
134
94
23V
34*4
18 V
EXPRESS.
Adams
American
United States
Wells, Fargo A Co
COAL AND MINING.
*22V
107.155
18,092
113 V 120 V
126V
45 V
93
123*4 123*4
80
33
2334
5034
93 V
13*4
m
.
...
50*8
44 V
95*2
13*8
■167
42*4
28 V
80V
100v101 V
60
70 V
87 V
**5*4
*85
10
13
*57 V
50 V
15*2
69 V
86 V
*33 V
*24 V 25
132
132
124 V 125
25*4
5 V
32
33
33*4
29V 30 V
30V
11334 114*4 114V 115 V
136
*24*4
75V 75V
138 V 138 V
31
28
114
113*4
57 V 53
50*4 51
28
24*2
4978
23
31
12 5 *4
**37** * *3*7 V *35 V
52
34*2
23
34
5 V
08 *4
75
75
64
71V
87 V
125*4 126*4
45 V 46 V
9 V
*17V
*70
75
28
69=8
86V
**
17 V
31
i-
46
87
87
5*3
61
Ohio Central
Ohio A Mississippi
Do
pref
Ohio Southern
Pennsylvania
2*1*8*55
68
14
1323,
124 V 125
100*4 102*4
118 V 119 V
*
*5*2’*
Nashville Chattanooga & St. L.
New York Central A Hudson
New York Chic. & St. Louis...
Maryland
Highest.
Oct. 24
Nov. 21
Jan.
6
725
67
68
132V 132V *132
138 *8 *138*4 139
19
19
*123
125
*50
*50
*53
53
V
3 23 V 12934 129
129 V 130
130
*14 V 15
14
14
14*8 14*4
30
30
30
30*4 *29 V 30 V
It
*90
lOo
105
*90
105
35 78 36*4
36*4 37 V
8534 36 *4
83 V 84 V
82*8 82 V
84*8 84*8
46 V 46V
47
47
4734 47 34
*182
*184*2 185
27
26V 26 V
267a 27 *8
27*8
Mobile & Ohio
Morris A Essex
Consolidation
Lowest.
27
71V !
77
5V
5~V
i24V 126*4
83
10
k
45
85
45
17
17
Manhattau Beach Co
Do
Week,
Shares.
8.
750
87
*43V
common
Do
Dec.
124 V
124 V 125
124*4 124
100^ 100
10lv 101*4 102 V
118*2 118 V 119
119
119 V
133 *2 13234 13434 113 L V 136
130 V 132 =h
152 *2 152V154
153 V 156
x!51
152
125
127
127
126
125*4
V 126
V
V 127 V
80
SO
80
*80
88
47 V 43 >4
48*4
46V 47V
46*8 47=8
105 *4 105
105°4 105 V 106 V 104 V 105 V
44*2
72
72
72 *2 72 V?
142
143*2
31
31V
27 *2 28 V
113 *8 114 V
59
59
49 78 Sl3^,
pref....
Do
33 34
25
124*2 125*2
4 4 ~8 4 6 *8
97a
Pref.
Houston A Texas Central
Illinois Cen tral
Indiana Bloom'u <ft western
Lake Erie *fc W esteru
Lake Shore.
22 <a
132*8 132*8
124*4 125 r,e
<fe Rio Grande
Dubuque «fc Sioux City.
East Tennessee Va. & Ga
Do
34
24 V
132 *a
*70*’ *7 £*i
71
86
68*4
86
22 V
*33
*23
"534 "534
& Tol.
West
„
*75
66 V
68 V
**
Denver
Do
69 *4
86 78
23
7 5 *2
133*4 140
Cleveland Col. Cin. A Ind
Cleveland <fe Pittsburg guar...
Columbia & G reenville, pref - - Columbus Chic. A 1 nd. <>entra 1
Columbus Hocking \ al
Delaware Lackawanna
Friday,
7.
13
84
SO*
123 la 124*4 124
99 *4 101
98 34
117
118*4 119
133
134 *2 132
15 1 *2 152 V *151
12434
125*4 126
*75
46 *4
453, 46*2
103*2 104*2 104
50
50
75
7 5 *2
75
Northwestern
Do
79
80*8
Burlington * Omncy
Milwaukee A St. Paul
Do
Thursday,
6.
Ranee Since Jan. 1, 1882. For Full
Year 1881*
Sales of
the
j
-
Chicago <fc
Dec.
Minnesota
Central Iowa
Central of New Jersey
Central Pacific
Chesapeake <fc Ohio
jjo
1st pret....
Do
2d pref
Chicago <te Alton
Chicago
Wednesday,
5.
PRICES.
’*
prof.
Air Line,
LOWEST
-
Santa Fe..
Burlington Collar Rap.
Canada Southern
Dec."
4.
Dec.
2.
AND
Tuesday,
Monday,
Saturday,
Dec.
Chicago
679
Iff PRICB3 A.1’ TUB NT. Y. St’OCK BXOHA.NGH5 BOR THE WEBS, ANT) SINGE JAN. 1, 1832.
STOCKS.
Boston <fc
CHRONICLE.
4
Nov.
8
*4 Jan. 17
13*2 May 20
1
June24
2
Mar. 2
1 *2 Feb.
6
l»gJan.
634 Feb.
278 Apr.
23
4
4
3
4
Sept.15
Jan. 28
234 Jan.
5
1 *2 Feb.
6
THE CHRONICLE.
680
QUOTATIONS OF STATEAND RAILROAD BONDS AND
BONES.
STATE
Alabama—
Class A, 3 to 5,1906.
Class A, 3 to 6, small
Class B, 5s, 1906
Class C, 4s, 1906
6s, 10-208,1900
85
6s, funded, 1899-1900 ..
7s, L. Rock & Ft. S. 188.
7s, Memp.A L.Rock RR
7s, L. R.P. B. A N.O.RR
7s, Miss. O. A R. R- Rg*
7s, Arkansas Cent. RR
Connecticut—6s, 1883-4..
Georgia—6s, 1886
28
26
22
18
21
20
20
25 V
25 V
12
102 34
7s, new, 1886
7s, endorsed, 1886
7s, gold, 1890
louisianar—
7s, oonsol., 1914
7s, small
Ex-matured coupon
l)n
102
108
109 V
111
6s, due 1882 or 1883 ....
fis( rtnfi 1886
6sJ due 1887
6h, <liift 1888
6s, due 1889 or 1890....
A syl’ra or U niv., due ’92
Funding, 1894-’95
Hannibal A St. Jo., ’86
...
107
Arkansas—
117
106
110
107 V
107 V
113 V
69
70
65
62
*6*4
1868-189*
New bonds, J.AJ., ’92‘-8
Do
6s, loan, 1883
6s, loan, 1891
6s, loan, 1892
6s, loan, 1893
(Stock Exchange
Do
Do
Consol. 4s,
Small
.'
Ohio—
"
'
Ala.Central—1st, 63,1918
Alleg’y Cen.—1st, 6s,1922
Atcb. T. ArS.Fe—4 V,1920
Sinking fund, 6s, 1911-
1st, cons., guar.7s, 1906
Rens. A sar.—1st, coup.
97
1st, reg., 1921
Denv.A Rio Gr.—1st, 1900
1st consol., 7s, 1910
(k
Atl. & Pac.—1st,
1910
Balt. A O.—lst,0s,Prk.Br. '110
46
£ost. Hartf. A E.—1st, 7s
Guaranteed
Bur.C.Rap. & No.—1st,
r
5s
Minn.&St.L.—lst,7s,gu
West.—lst,7s
Iowa C. &
C.Rap.Ia.F.AN.—1st,6s
120
....
87
51
100
Miss.R.Br’ge—lst.s.f.Gs
’83
6s, sinking fund, 1901..
Ia. Div.—S. F., 5s, 1919.
115a4
Buf.N.Y.AE.—ist,1916j 127
Gr’n
Gulf
Han.A St. Jos.—8s, conv..
83
S. F. 4s, 1919
Denver Div.—4s, 1922..
4s, 1921
----C. R. I. A P.—6s, cp., 1917
6s, reg., 1917
Keo. A Des M.—1st, 5s
85
85
127
128
127
128
101
101V
116*4
Central of N. J.—1st, ’90.
1st consol, asseuted, ’99
10934 HO
"
assented,7s.1902
Adjustment, 7s, 1903... i*05
Conv.,
Consol., 6s, 1911
Hous.A T.C.—lst,M.L.,7s
1st, West. Div., 7s..
1st, Waco A N., 7s..
2d consol., main line, 8s
105V
Consol. 78,1905
lsi 7s, I.A D. Ext.,1908
8. 'W. Div., 1st, 6s, 1909.
121V
120
108
110
l.,7s
1st consol., 7s, 1897
2d, 7s, 1907
gold, 5s, 1951
C.St.L. A N.O.-Ten.
12*4 V
Dub. A S. C.—1st, 7s,’83
2d Div., 7s, 1894
Ced. F. A Minn.—1st, 7s
Ind. Bl. A W.—1st prf. 7s
1st, 4-5-68,1909
2d, 4-5-6s, 1909
East’n Div.—6s,
1921
119
122
111*4 112
1st, Chic. AP.W.,5s,1921
Min’l Pt. Div., 6s, 1910.
92V
k
C.AL.Bup.Div., 5s, 1921
C. A N’west—S.fd., 7s, ’85
Interest bonds, 7s, 1883
Consol, bonds, 7s, 1915.
Extens’n bouds, 7s, ’85.
1st, 7s, 1885
Coupon, gold, 7s, 1902.
Reg., gold, 7s, 1902—
Sinking fund, 6s, 1929.
Sinking fund, reg
Sinking fund, 5s, 1929.
Sinking fund, reg
Escau’a A L.S.—1st, 6s.
Des M. A Min’s—1st,7s.
Iowa Midland—1st, 8s.
Peninsula—1st,conv. 7s
Chicago A Mil.—1st, 7s
Win. A St. P.—lst,7s,’87
2d, 7s, 1907
Mil.AM.id.—1st,6s,1905
C.C.C.AInd’s—1st, 7s, s. f.
106
105
|
110*4 111
106*2
110*2
117
92 V
92
107 V
*1(11 in!
*133 V
*102
1073* 108 V
*123 V 125
124
108
108
98 V *9*9 V
98*2 99
*111
115
•
128” i'32'
120
124
111
123
114
120*2 124
123
1 6s, consol, bonds
6s, ex-matured coupon.
68, consol., 2d series
6s, deferred
8
81
40 V
48V
50
***
*
3-65s, 1924
ice
Small bonds
117
Registered
Funding 5s, .1899
Do
Do
small
registered....
r
98 V
Rich. A Danv.—Cont’d—
Debenture 6s, 1927.....
115V
_
Atl.ACh.—1st, p.,7s,’97
Incomes, 1900
SciotoVal.—1st, cons., 7s.
St. L. A Iron Mt.—1st, 7s
_
105
61
103
2d, pref., 7s,
ibov ibov
*109
.
100
1894
2d, income, 7s, 1894
Bel lev. A S. Ill.—1st,8s.
115
>
.
100
134
104
*
St.P.Minu.AMan.—1st,7s
2d, 6s, 1909
Dakota Ext.—6s, 1910..
Min’s Un.—1st,6s, 1922.
St, P. A Dul.—1st,5s, 1931
So. Car.
.
97*2
;103Tt
1
:
107 V 108
103
il05
7334; 74
115
il IT
107
98
100
ib934 iii”
109**
107
108
99
Ry.—1st, 6s,1920
2d, 6s, 1031
10834
Tex.Cen.—1st, s.f. ,7s, 1909
1st mol t., 7s, 1911
96
Can. 80.—lst,int.g’ar,5s
Tol. Del. A Bui.—Main,6s
Harlem—1st, 7s, coup
*i‘26 128
1st, Dayt. Div., 6s, 1910
1st, 7s, reg., 1900...
113
N.Y. Elev’d—1st, 7s, 1906 116
1st, Ter’l trust, Os, 1910
Va. Mid.-M. inc.,0s,1927
N.Y.Pa.AO.—Pr.i’n,6s,’95
4*5
55
Wab. St.L.A P.—Gen’l, 6s
N. Y.C.AN.-G en.,6s,1910
Chic. Div.—5s, 1910
Trust Co. Receipts
llav. Div.—6s, 1910
N.Y. A New Eng.—1st,7s
Tol.P.AW.—1st,7s,1917
1st, 6s, 1905...
Iowa Div.—6s, 1921
94
94
N.Y.C. ASt.L.-lst, 6s 1921
V
V
Nevada Ceut.—1st, 6s
Ind’polis Div.—6s, 1921
Detroit Div.—6s, 1921..
N. Pac.—G. l.g.,lst, cl). 6s i‘o*4 v i*o*4v
104 V
104
Cairo Div.—5s, 1931
Registered 6s, 1921
86 V
N.O. Pac.—1st,6s,g., 1920.
Wabash—M., 7s, 1909..
101
Tol. AW.—1st, ext., 7s
Norf. AW.—G’l., 6s, 1931
Ohio A Miss.—Consol, s.f. 117
1st, St. L. Div., 7s, ’89
i*20
Consolidated 7s, 1898.. 117
2d, ext., 7s, 1893
121
2d consolidated 7s,1911
121V
Equip, b’ds, 7s, 1883..
114
113
Consol, couv., 7s, 1907
1st, Springlield Div.. 7s
Gt, West.—1st, 7s, ’88
95
Ohio Central—1st,6s,1920
92
2d, 78,1893
1st, Ter’l Tr., 6s, 1920..
Q. A T.—1st, 7s, 1890.
1st, Min’l Div., 6s, 1921
*8*4*
Ohio So.—1st, 6s, 1921
Han.ANaples—1st, 7s
1st. reg., 1903
Huds. R.—7s, 2d, s.f.,’85
68
115V
Arkansas Br.—1st, 7s..
Cairo A Fulton—1st, 7s
Cairo Ark. A T.—1st, 7s
Gen. r’yA 1. gr., 5s, 1931
St. L. Alton A T. H.—1st.
......
I
95
2d, 7s, 1897
89*4
134
-
■
102 V 104 V
102 V
*51
54
56V.
79V
79
81
82
r
90
10*6*
9*6”
—
—
—
.
82
106V
100
'*30
99
97 V
40
100
106*s 107
*96
*99
ioi”
k
110
104
100
115
105*2 Pac. RRs.—Cen. P.—G.,6s
119
88
75
95
101*2
70
103
81*2
104
84
105*2
Cleve. A Tol.—Sink. fd. '107
New bonds, 7s, 1886.. 106
111
Cleve. P. A Ash.—7s
Buff. A Erie—New bds. 120
Kal. A W. Pigeon—1st. 100
Det,M. AT.—1st,7s,1906 '120
Lake Shore—Div. bonds 120*2 121
Consol, coup., 1st, 7s. 127
128*2
Consol., reg., 1st, 7s.. 125J
121
Consol., coup., 2d, 7s.
122 V
Consol., reg., 2d, 7s...
Long Isl. K.—1st, 7s,1898 114
98
1st consol., 5s, 1931
98 V
Louisv.A N.—Cons.7s,’98 114V
...
.
......
9*9 34
2d, 7s, gold, 1883
Cecilian Brcli—7 s, 1907
N.O. AMob.—1 st,6sl930
E. H. A N.—1st,6s, 1919
General, 6s, 1930
San Joaquiu Branch..
Cal. A Oregon—1st, 6s
State Aid bds., 7s, ’84
Land giant bonds, 6s.
West. Pac.—Bouds, 6s
So. Pac. of Cal.—1st, 6s.
90
92
87 V
104 V
94
100
Pensac’la Div.—6s, 1920
fct. L.
ibT*
103 V 105
98
115V
106 V
104 V
100V
104
110
112
102 V
Union Pacilic—1st, 6..., 115*8 115*2
Laud grants, 7s,’87-9 *110Vill0V-
Clar’da Br.—6s,1919
St. Chas. Br.—1st,6s
Nq. Missouri—1st, 7s.
West. Un. Tel.—1900, cp.
1900, reg.*
"96*
100
95
120
115
N.W.Telegraph—7s, 1904
65V
Mut.Un. T.—S.F..6s,1911
Spring Val.W.W.—1st, 6s
108
109
Oregon Rlt. A N.—1st, 6s
INCOME BONDS.
.
Collateral trust, 6s...
107*2
Pac.—1st,6s,’951 111*2
1st, 6s, 1896
107
Den. Div*6s,as’d,’99|
1st consol., 6s, 19191
106*4
99
107
100
Ala. Cent.—Inc. 6s,
1918.
Alleg’y Cent.—Inc.,
1912.
1910...
Central of N. J.—1908—
Atl. A Pac.-Iuc.,
Col. C. A I. C.—Inc. 7s,’90
C.Br.U.P.—F.c.,78,’95 100
92
At.C.AP.—1st,6s,1905 *
Keorga’n Tr’st Co. Cert.
At. J.Co.A W.—1st, 6s>
Cent, la.—Coup.debtetfs.
92
99 V 100*4 Cli.St.P.AM.—L.g.inc., 6s
Oreg. Short L.—1st,6s
Chic. A E. Ill.—Inc., 1907
Ut. So,—Gen.,7s, 1909 107*2
DesM.AFt.D.—lst,iuc.,6s
Extern, 1st, 7s, 1909 102*2
Mo. Pac.—1st cons., 6s.
100
Det. Mac. A Marq.—Inc..
3d. 7s, 1906
109*2 E.T.V.A Ga.-Inc.,6s,1931
Pacific of Mo.—1st, 6s 10534
El. C.A No —2d iue., 1970
Gi Bay W.A St.P.—2d,inc.
111*2 i*l*5*
2d, 78,1891
St. L.A S. F.—2d,6s,cl. A
Ind. Bl. A W.—Inc., 1919
97
9634
Consol. Inc., 6s, 1921...
91
3-6s, class C, 1906
*90
Ind’s Dec.ASpr’d—2d inc
3-68, class B, 1906
90
Trust Co. certificates
1st,6s, PeirceC. AO..
Leli.A Wilkesb. Coal—’88
Equipment, 7s, 1895.
Lake E. A
So. Pac. of Mo.—1st.. *104*2
Tex. A Pac.—lst,6s,1906 103
W.—lnc.7s,’99
Sand'kyDiv.—Inc.,1920
Lai.Bi.AMun.-Inc.7s,’99
Consol., 6s, 1905
92
98
Income A Ld. gr., reg.
66*2
Mil. L. S. A W.—Incomes
78*4 Mob. A O.—1st prf. doben.
78
2d pref. debentures
3d pref. debentures—.
4tli pref. debentures—
95 *2
N.Y.Lake E. AW.— luc.Gs
N.Y.P.AO- lstinc.ae.7s.
Cent.—Income, 1920
Min’l Div.—lnc.7s,1921
Ohio So.—2d inc., 6s, 1921
Ogdens. A L.C.—Inc.,1920
Ohio
132
(small
124
1st, 7s, pref., iut.accum
2d, 6s, int. accum’lative
39 V
80
Plain incomes, 6s, 1896.
Sterling Mt.Ry.—lnc.,’95
St.L. A.AT.H.—Div.
bds.
81*2 Tol. Del. A B.-lnc.,6s,1910
Dayton Div.—6s, 1910..
94*2
Tex. A
40V
49 V
60
30
*30
30
*78
50
80 V
81
48V
*33
*30
65
’*3*6’
57
34
**25*
40
75
70
43V
42 V
43V
60
*74
St’gl.ARy.-Ser.B.,me.’94
*110
85
51
So. Car. Ry.—Inc..6s, 1931
St. Louis I. Mt. A So.—
115
70
103
80*2
93*2
80
'.
PeoriaD.AEv.—Inc., 1920
Evans. Div.—Inc., 1920
Roeli.A Pitts.—Inc., 1921.
Rome W. A Og.—inc., 7s
110
128
.
latest quotations made this week,
St. LK.C.AN.—R.e.7s
Om. Div.—1st, 7s ...
105
105V
107 V 109
Sinking funds, 8s,’93' 116 V1
I
Registered 8s, 1893
*
[118 V (Interest payable if earned.)
JKans.
Kent’kyCen.—M. 6s, 1911
Lake Snore A Micli So.—
Mich.S. A N.I.—S.fd.,7s
Ev.—1st, 6s
Evans.Div.,l8t, 6s, 1920
Peoria Dec. A
120
100
s-
Oreg’nACal.—1st,6s,1921
Panama^S.f.,sub.6s,1910
109*2
111 *2:
95
Div.—1st, 6s, 1921
1st, RioG. Div.,6s,1930
40
Pennsylvania RR.—
2d, 3s, 1980
Pa.Co’s guar. 4 *28,1st c.
Consol. 7s, 1914
Nashv. A Dec.—1st, 7s. 115
120
S.AN. Ala.—S.f.,6s,1910
CJ3t.P.M.AO.—Consol.,6s 104
104*2
Registered, 1921
C. St. P.AM. 1st,68,1918
111
Pitt.C.A St. L.—1st. c. 7s
Leban’n-Knox—68,1931 100
No. Wis.—1st, 6s, 1930. *iYo*
Louisv.C.A L.—6s, 1931 100
1st, reg., 7s, 1900
98 V ioo
St.P.AS.C.—1st,68,1919 110
L. Erie A W.—1st, 6s,1919
2d, 7s, 1913
95
Pitts. Ft. W. A Ch.—1st
Chic. AE.I11.—lst.s.f., cur.
97
98
Sandusky Div.—6s,1919
Laf.Bl.
A
Col. A Green.—1st,6s,1916
99 34
M.—1st, 6s,1919
2d, 7s, 1912
Louisv.N.Alb.AC.—1st,6s 104
105
2d, 6s, 1926
3d, 7s, 1912
A Pitts.—Cons. s.f.
Clev.
90
91
Manhat.B’cbCo.—78,1909
Col. H.Val.A Tol.—1st, 5s
Del. L.AW.—7s, conv.,’92
N.Y.AM.B’h—lst,7s,’97
4th, sink, fd., 6s, 1892
Marietta A Cin.—1st, 7s.
Mortgage 7s, 1907
Col.C.AI.C.—1st,consol.
2d consol., 7s, 1909...
1st, sterling
Syr.Bing.AN.Y.—1st,7s
Moxris A Essex.—1st,7s 135
lst,Tr’8tCo.ctfs.,as8’d
Metr’p’lit’11 El.—1st, 1908 100 100*2
*114
117
2d, 7s, 1891
80
2d,Tr’st Co. ctis.,ass’d
2d, 6s, 1899
Bonds. 7s, 1900
*60
Mex. Cen.—1st, 7s, 1911..
85
lst.Tr’t Co.ctfs.suppl.
7s of 1871, 1901
St.L. V. AT. H.—1st,g.,7s
121' Mich. Cen.—Con., 7s,1902 122*2 123
120
1st, consol., guar., 7s
'103
106
Consolidated 5s, 1902..
2d, 7s, 1898...
Del. A H.—1st, 7s, 1884.. 10534
2d, guar., 7s, 1898
Equipm’t bds., 8s, 1883.
Pitts.
7s, 1891
B. A B.—1st,6s,1911
116*2
6s, 1909
1st, ext., 7s, 1891
Rome W.A Og.—Con., 1st
98
115*2
Coupon, 58, 1931
Coup., 7s, 1894
114
115
Registered, 5s, 1931....
98*2 99*2 lioch.A Pitt.—lst.Gs,1921
114
Reg., 7s, 1894
Jaciik.L an. A Sag.—6s,’91
Rich. A Al.—1st, 78, 1920
1st, Pa. Div.,cp.,7s,1917: 121
1.26
Mil A No. 1st, 6s, 1910..
*91* 96 ‘ Rich. A Danv.—Cons.g.,6s
Pa. Div., reg., 7s, 1917.
-fco price I ndaj—these are
...
6s, newj 1867
*
..
Indianap.D. ASpr.—1st,7 s
2d, 5s, 1911
91
94 V Int.A Gt.N<>.—l8t,6s,gold
107V 108 V
Coupon, 6s, 1909
Div.,6s,1910
*8*i”
79
10834 109
Middle Div.—Reg., os..
..
i23
6s. new, 1866
6
9
jTnal
40
47
36
36
36
83
62
...
.
119
120
122
120
1st, 5s,LaC.ADav.,1919
lst,S.Minn.Div.,6s,1910
1st, H. AD., 7s, 1910 ..
107”
109 V
*130
*120
*130
....
98*2
Hous.E.AW. Tex.—1st,7s
88
Am.D’kAImp.—58,1921
St.P.—1st,88,P.D.
2d, 7 3-10, P. D., 1898...
lsi, 7s, $ g.f R. D.,1902.
1st, LaC. Dir., 7s, 1893.
1st, I. A M., 7s, 1897...
1st, I. A D., 7s, 1899 ...
1st, C. A M., 7s, 1903 ..
C. M. A
96*2
2d, Waco A No.,8s,l9l5
General, 6s, 1921
ioo v 101 v
Beh.AW.B.—Con.g’d.as
Ch. A Pac.
BayW.AS.P.—lst.Gs
Col. A S.Fe—7s, 1909
"IF
...
79 V 82
106 V 106 V
55V 56
Cons. 2d, income, 1911 .
H. A Cent. Mo.—1st, ’90 *106
Mobile A Ohio—Now, 6s. 104 V 105
105
Collat. Trust, 6s, 1892..
95
97
1914
District of Columbia—
Morgan’s La.AT.—1st, 6s
Nash.Chat. ASt.L.—1st,7s
2d, 6s, 1901
90
N. Y. Central—6s, 1883..
122
6s, 1887
108*2 110
6s, real estate, 1883 —
102
102*4
68, subscription, 1883..
107*2
N.Y.C.AH.—1st, cp.,7s.
115*2 120
new senes,
C’inp’mise,3-4-5-6s, 1912
J
Virginia—6 c old
Missouri Kan. A Tex.—
Gen. con., 6s, 1920
Cons. 7s, 1904-5-6
73
Reorg., 1st lien, 6s, 1908
ug JDock b’ds, 7s. ’93.
Long
100
Gs.
.
92 V
127*2 130
128
....
*V
BONDS.
7s
N.Y.L.E.AW.-New2d 6
2d, consol., fd. cp., 5s...
Buf.AS.W.—M. 6s, 1908
Ev. A T. H.—1st, cons., 6s
Fl’t AP.M’rq.—M.6s,1920
110
Gal. Har.A 8. Ant.—1st, 6s
103 V 103 V
2d, 7s, 1905
C. B. A Q.—8 p. c., 1st,
Consol. 7s, 1903
72
Ask.
6s, Act Mar. 23,1869)
non-fundable, 1888. >
T
—
92*8
gold, 7s, 1920.
1st cons.,
1910
Bid.
Tennessee—68, old,1892-8
6s, new, 1892-8-1900
96
Mil.L.S.AW.—1st,6s,1921
Minn. ASt.L.-lst,7s,1927 115
Iowa Ext.
1st, 7s, 1909 110
*103
2d, 7s, 1891
S’thw.Ext.—1st,7s,1910 105
99
Pac. Ext.—1st,6s, 1921.
114
1st cons., id. coup.,
116
(l68),7s,*98.
98
'122
101
101*4
11234 114
120
2d, 7s, 1900
St. L. Jack. A Chic.—1st
1st,
t, g
;uar (564), 7s,’94
s. 1898
2d (36v/,
;60), 7s
•
■*«
2d, guar.
1st, 6s, 1920
Big S.—6s...
Erie—1st, extended, 7s...
115
2d, extended, 5s, 1919..
3d, 7s, 1883
I 87V
4th, extended, 5s, 1920.
! 52
5th, 7s, 1888
105
Riv.—1st, 7s.
..
Eliz. Lex. A
107
6s, currency, 1918
Mortgage 6s, 1911.
Chicago A Alton—1st, 7s.
Income 7s, 1883
Sinking fund, 6s, 1903.
109
109
95*8
Divisional 5s. 1930
Eliz.C.A N.—S.f.jdeb.c.Gs
108
6s,gold, series A, 1908.
6s, gold, Beries B, ly08.
135
135
Den v.So. P. A Pac.—1st,7s.
Det. Mac. A Marq.—1st,6s
Land grant, 3 Vs, S. A..
E.T.Va. AG.—1st,7s,1900
1st cons., 5s, 1930
'100
- -1st, 6s, 1921
Central Iowa—1st, 7s, ’99
Char. Col. A Aug.—1st, 7s
Cbes.A Ohio—Pur. m’yfd.
Ea. A mo.
100 V
100
*124V125
100
class 2
class 3
6s, coupon, 1893-99
121
r
6*4
6
6
78
6s, 1886
Rhode Island-*-
119
120
Del. A H.—ContinuedAlb. A Susq.—1st, 7s... *110V
106
il06V
2d, 7s, 1885
Prices.)
.....
Special tax,class 1, ’98-9
RAILROAD
Railroad Bonds.
A.AO.'.
Chatham RR
108 V
103
108
102 V
coup,
coup,
Do
117
120
108 V
New York—
6s, gold, reg., 1887
6s, gold, coup., 1887
,^D
off, J.AJ.
off, A. AO.
Funding act" 1866-1900
Do
Do
......
113*4
’87
do
Do
A
SECURITIES.
South Carolina—
28
28
150
150
130
130
10
10
15
15
4
Carolina—6s, old, J. AJ
6s^old, A.AO
No. Carolina RR., J.AJ.
*
Missouri—
...
*
102V
Ask.
Bid.
N.
Michigan68, 1883
7s, 1890
84
XXXV.
MISCELLANEOUS SECURITIES.
SECURITIES.
Ask.
Bid.
SECURITIES.
Ask.
Bid.
SECURITIES.
VOL.
St.L.-L.g.,inc.l92.>
37
40
10
12
December
THE CHRONICLE.
9, 1882.1
The latest
New York City Banks.—The following statement shows tjh*
condition of the Associated Banks of New York City for the
week ending1 at the commencement of business on Deo. 2:
EARNINGS.
RAILROAD
railroad earnings and the totals from Jan. 1 to
below. The statement includes the gross
all railroads from which returns can be obtained.
latest date are given
warnings of
Earnings Reported.
Latest
Roads.
Weckor Mo\
1882.
1882.
$
$
$
624,218
9,822,371
80,875
88,674
559.366
43.547
29,203
875,919
881 *,6*8*3
Cent.Br.Un.Pac. 4th wk N’v
414,489
426,500
Central of Ga... October...
Central Pacific November. 2,242,000 2,297.971 23,708*176 21,868,9*2*6
til,250
114,650
Chari. Col.&Aug. 3d wk Nov
166,654 2,981,241 2,434,271
206,781
Chesap. & Ohio. 3 wks Nov
165,597 7,293,980 6,754,146
200,539
Chicago <fe Alton 3(1 wk Nov
Chic. Bur. A Q.. October... 2,270,444 2,031,001 17,324.323 17,454.832
32.578
36,212
1,637,240 1,487,338
Chic. A East. Ill. 4th wk N’v
65.891
37,636 2,041.526 1.423,302
Chic.&Gr.Trunk Wk. Dec. 2
468.221 18,423.000 15,171,187
626.000
Chic. Mil. & St. P. 4th wk N’v
656,200 22,110,594 19,993.732
617,500
Chic. & Northw. 4th wk N’v
145,467 4,599,843 3,589,346
133,084
Ch.8t.P.Min.&0 4th wk N’v
30.570
24,070 1,328.635 1,169,509
Chic. & W. Mich. 3d wk Nov
221,320 2,197,797 1,988,549
250,000
Cin.Ind.St.L.&C. October
240.384
2,091,610
Cincinnati South October...
*1*2,43*6
13,930
466,291
385,7*25
Cler. Akron* Col 4th wk N’v
Gr.Bay W. &St. I \
GulfColASan.Fe
Hannibal&St.Jo
Hous.E.&W.Tex
Hou8.<fe Tex.Cen
Illinois Cen.(Ill.)
Do
(Iowa)
Ind.Blooiu.& W.
Int. A Gt. North.
Iowa Central...
JBLC.Ft. S. & Gulf
X*. Erie & West’ll
L.R. &Ft.8mitli
L.Rk.M.Riv.&T.
Long Island....
4th wk N’v
3 wks Nov
4th wk N’v
October..
1
>ctober...
November.
November.
4th wk N’v
4tli wk N’v
November.
3d wk Nov
4tli wk N’v
November.
November
4th wk N’v
Louisa. & Mo. R. Septsuiib’r
Louis v. &N ash v. 4th wk N’v
Louis. N. A.&Oh. October...
Mar. Ho ugh. A O.
Mexican Cent..
Do
So.Div
Mexican Nat’l..
Mil. L.Sli.& West
Minn.<k St. Louis
Mo. Kan. A Tex.
Missouri Pacific.
Mobile & Ohio..
Metropol. Elev.
N. Y. Elevated..
Nashv.Ch.&St.L
M. Y.&N. Eugl’d
Norfolk A West.
Northern Cent..
Northern Pacific
Ohio Central.....
Ohio Southern..
3d wk Nov
id wk Nov
3 wks Nov
4th wk Oct
4th wk N’v
Septemb’r
4th wk N’v
4th wk N’v
November
November
November
October
4th wk N’v
Noveinber.
October...
4th wk N’v
4th wk N’v
4th wk N’v
October...
October...
..
117.874
tl4,591
58,683
54,492
14,051
20.510
143.700
37,862
2,129^799
2,559,063
17,5*88
5,353,76*0
5,906,858
171,172
*
8,431
*9,1*09
310,263
44,089
38,470
1,467.624
1.255.557
22.859
24,034
1,058,576
1,003,914
322.700
307,574
304,237
343.173
57.351
16,529
47,802
7,780
340,581
365.440
America
Phoenix
City
Tradesmen’s....
Fulton
Chemical.
Merch’nts’ Exch
Gallatin Nation
Butchers’AD-ov
Mechanics’ A Tr
Greenwich..
Leather Man’f’rs
Seventh Ward,.
13,789
95,503
58,588
18,861
90,346
44,910
34.235
29.560
106,403
106,353
33,257
41,167
1,656,1.38
11,613,763 10,983,854
371,634
572,540
164,677
47,532
94,547
91,573
29,874
35,284
65.366
32,036
1,332,933
2,063,497
2,062.895
215,385
125,399
884.197
6,37 i ,77*5
1,762,455
2,436,463
6,150,3*7*6
1,672,052
2.294.947
2,941,720
1,062.949
1,512,305
1,352,552
2.481.948
865,491
1.343,672
1,268,455
2,143,150
1,837.846
52.463
383,862
355,408
310,552 11,750,479 10,190,583
65,526
373.440
151,000
19,100
31,63 J
12,087
22,842
22,828
138,412
209,285
251,684
99,571
19,100
215,665
315,874
180,319
16,690
137,544
809,567
558,383
159,131
166,292
262,986
5,755,657.301,524
4,939.436
6.U70.8 48
2,144,408
228,502
259,449
2,485,192
3,054,277
1,505,359
3,127,113
2,190,213
4,971,502
6,466,082
1,876,135
172,121
62,731
55,843
246,468
550,225
228.995
449,664
162,341
29,505
123,583
23,093
9,379
8,444
464.732
3,672,9*7i
*
2,294,529
2,664.575
1,750.072
3,720,499
962,864
346,705
2,801.908
4,213,800
621,980
Peoria Dec.&Ev. 3d wk Nov
683,316
608,036
12,064
11,096
292,392 3,306.318 2,887,459
397,164
Philadelp.& Erie October...
Phila.<& Reading October... 2,229,513 1,989,948 17.782,478 16,909,623
Do Coal A Ir. October... 1,592,217 1,441,674 12,371,464 11,233.363
Richin.A Dan v.. 3d wk Nov
f74,300
t56,800 3,203,350 3,015,993
fit. L.Alt. A T.H. 4th wk N’v
32,463 1,261,096 1,327,863
42,683
Do
17,103
631,832
797,746
(brclis.) 4th wk N’v
23,090
fit.L.Iron Mt.&S. 4th wk N’v
250,390
209,327 6,800,330 6,628,164
fit.L.&San Fran, 4th wk N’v
105,367
86,911 3,243.387 2,872,331
fit Paul A Dui.. 4th wk N’v
24,087 1,015,062
657,083
35,797
fit P. Miun.&M. 4th wk N’v
122.942 8,011,255 4,350.697
301,347
ficioto Valley... 4th wk N’v
403,154
14,299
11,330
493,254
789,250
124,772
$60. P;W5. Cal.... August
Do So. Div. August
112,595,444
||324,803
8o.Pac.ofAr... August.... ||305,991
1,914,696
11488,778
1133,289
August....
984,915
139,292 1,013,055
October...
165,088
4th wk N’v
192,633
107,457 4,502,126 3,576,354
626,896
862,802
4th wk N’v
13,519
26,913
November. 2,821,070 2,723,608 27,952,171 27,443,302
October
132,935
137,650 1,255,211
52,767
50,907
357,931
Vicksb’rg& Mer. October...
Ya. Midland.
3 wks Nov
t56,997 1,337,123 1,151.620
t59,535
,Wab.8t.L.& Pac. 4th wk N’v 363,030
332,162 15,406,406 13,133,220
West Jersey
861,714
October...
71,839
968,092
83,137
Wisconsin Cent. 3d wk Nov
22.588
19,369
8o.Pac.of N.M.
fiouth Carolina.
Texas A Pacific.
Tol. Dei. A Burl.
Union Pacific...
Utah Central
*
Includes Great Western Road since Aug, 12.
t Northern Division.
t Freight earnings,
i Included in Central Pacific earnings above-
Coins.—The following are quotations in gold for various coins:
Silver %s and %s. — 994® par.
fiovereigns
$4 84 ®$4 87
Napoleons
3 83
IX Reichmarks. 4 74
X Guilders
3 96
^
-a>
3 87
4 78
4 00
fipan’hDoubloons.15 55 '<t> 15 70
Mex. Doubloons.. 15 50 ®15 65
Fine silver bars
? 1 11
1 10
*ine gold bars....
parffc% prein.
Dimes A % dimes. — 99%"® par
..
®
Five francs
Mexican dollars..
Do uncommerc’l.
English silver
....
Pru8. silv. thalers.
U. S. trade dollars
U. S. silver dollars
—
92 ®
85%
—
84^®
—
4 75
95
—
86%
—
3> 4 83
— 70*2
— 99 58
—
68 ®
99*4®
—
99 \
—
—
par
124.500
2.023 001
2.206.70
Irving
Metropolitan
450,000
1.375.200
700,000
1,000,000
500,000
2.447.900
8.649.500
1,232,000
2.910.400
11,553.000
19:,900
3,000.000
Citizens’
Nassau
Market
3t. Nicholas
Shoe & Leather..
Corn Exchange..
Continental......
Oriental
Marine
500,000
500,0001
500,000
500,000
1,000,000
1,000,000
300,000
400,000
1,500,000
2,000,000
500,000
240,000
250,000
3,200,000
2,000,000
300,000
750,0(X
500,000
Bast River
Fourth National.
Central Nat
Second Nation’i
Ninth National..
First National..
Third National..
N. Y. Nat. Exch..
2.635,00C
2.841.0QO
4.63>.70C
6.279.500
2.051.800
8.526.000
17,509.900
15.535.30(1
1.628.000
15.769.80C
7.261.000
Bowery National
2.641.20<r Lios.ooo
3.514.80
45,000
1.047.5OC
152.30(
406,000
249.000
2.H43,0J(
587,000
1.435,000
03,100
519.000
4,718.300
228.000
59.500
193.000
311.700
3.02 4.40C
0.075.401
1.054.901
8.845.00C
18.710,0- X
8,811,100
770.200
1S.081.4OC
4-0.200
142.400
190.30C
95.400
7)0.100
1.U47.101
1,981.2*
833.3:X
15.724,500
7.*31.000
S.l*4.00C
211.400
15.055,000
190.000
433.9(70
5.246.2)
4.714.500
454,100
1.391.400
1.815.500
843,000
147.400
4,741.401.
! .033.0-
200,000
750,000
1,658.000
2,547.700
4,733 300
1,792 200
W.l.OuC
224 000
29.7-70
315.800
735.000
332.00G
30 200
237.000
511 2 (
54 90
322.3 ((
150.0*
104 500
1.719.0001
2,030. mol
1.528,000
1.703.900
4,020,300
1,413,100
50.000
187.401-
975,200
174,000
250.400
117.200
00.962,700 305.473.500 52,179.800 19,109,00
420,000
2,583 801
300,000
250,000
100,00C
•80.000
2,250,000
209.400
2.404.40(|
1,125.000
300,000
8,400
2.404.60(
8,555.?0f
2.297.0O(
2.509.001
3,304.701)
800,000
2.296.10(
5.719.80C
14.105.000
3,034.000
200,000
200,000
500,000
300,0)0
..
900,000
370.000
409.000
793.500
S.539,3(X)
1,000,000
N. York County..
Germ’n Americ’n
Chase National..
Fifth Avenue....
German Exch.
Germania
IT. S. Nat
Lincoln Nat
•91,100
3.6l5,90(
5.170.70<:
127.800
lt’9.TX
1.040.100
8.803.O0(
2.548.201
8.519,000
17.2 0
1.444.900
9.689.000.
381,900
228.000
2 0.100
171.700
393.700
188.000
2,000
840,000
23,800
45,000
1.292.10(
3.4U.50<
380.800
J 40.000
175.000
8 27,500
109.000
881,700
770,200
845.400
651,00(
099.0O<
223.400
428.400
435,900
2,814,300
790.300
2,30O.3O(
594.000
083 500
129.3o<)
b70 8:)0
22 1.600
2.244 000
316.700
2.174.100
2 146 500
600,000
Wall St. Nation’i
North River
2,237.000
200,000
....
Total..
12.662.000
15,472.500
1,100
807,000
1,475.001'
105.100
87,000
180.400
151.700
7-1.000
221.500
304.800
5138 800
1.948.000
608.700
008.200
339 500
421.000
82 '..600
125.9,XJ
25't.OOO
Republic....
2.2 )2.*74
4 781.700
1.817,3 C
1.714.9K
l 852,2 '0
4.193.300
1,530,9 X
439,000
444.000
450,000
'
4.600
60O.8OO
270.000
1,324,500
45,000
220,000
640,000
297.000
90,000
000,070
435,000
070.000
275,000
180,000
9*1,809
279,234.970* 18.857,000
...
Inc.
Bpecie
Legal tenders
33,100
Dec.
Circulation
3,934. HOC
50.8OC
Dec.
HI
449,800
45,000
The deviations from returns of previous week are as follows :
Dec. $3,735,300 Net deposits
Inc. $1,304,900
Loans and discounts
1
The following are the totals for two weeks:
Loans.
18S2
S
Nov. 25....309,20X800
Dec. 2....305,473,500
Boston
L. Tenders.
S
S
48,245,500
19,165,800
19,109.000
52,170.800
Banks.—Following
Specie.
are
$
277.930.000
16.590.700 1.240.998,507
279,234.900
18,557,000 1,100.083,89®
the totals of the Boston banka;
L. Tenders.
$
Circulation. Ago. Clear-
Deposits.
Deposits.* Circulation. Agg. Clear
X
f
,
f
30,107,*00
30,137,700
3,882.200
5,993,700
9l.7S7.100
4,000,300
90,049,500
5,831,400
Including the item “ due to other banks.”
Nov. 27
4..
Dec.
*
Specie.
Loans.
$
1882
148,724,200
143,07b,300
71.717,159
00.108,10®
Philadelphia Banks.—The totals of the Philadelphia hanks
follows:
are as
L. Tenders.
S
Loam.
1882
Nov. 27
Dec. 4
3,566,611
40,548,832 36,552,212
38 i, lOO
410.900
197.800
11'0.000
21.700
People’s
2,569,879
2,061.589
4,479,915
14.224,00<
4.930.400
5.710.000
1.984.200
5.319.500
3.496.500
Mercantile
Pacific
833,169
1,172,361
300,000
1,000,000
1,000,000
300,000
832,0O<
56 t.500
000,000
0.189.000
3,530.300
5.208.000
2.040.000
0.208.570
1.529.800
1.250.7O<]
300.700
3,144,700
4.310.100
1.583,:'. 00
0.2.000
1,001.100
3.048 900
1.109.900
S.nS^OOC
T
496,000
5,744.000
5,159,400
3.721,300
360.100
5,000,000
5,000,000
1,000,000
1,000,000
422,700
1,500,000
North America..
Hanover
301.40C
2,-'26.600
800,000
Broadway
857,759
295.110
..
1,881,809
5.810.500
tion.
8.372,000
331.000
303.000
548.50C
786,000
388,000
4l >9.300
124.00(
873.000
0-<.0OO
lll.20<
1/47.000
State
Chatham
1,324.00(
814.100
79.00C
0G",6OO
610,400
730.000
2.448.500
2.801,000
200,000
Commeroe
7.232.000
7.521.000
4,3? 5 700
8.463,000
200,000
600,000
300,000
of N. York
American Exch
1.700.00(
6,578,600
Circula¬
*
9,296.000
I3.818.70G
...
Park
362,752
12,913
190,063
72,527
24,096
412,500
579,419
172,725
63,360
"Oregon Imp.Co.
435,668
507,200
Oregon R.&N.Co
125,730
Oregon A Cal... Septemb’r.
October... 4,660.054
sPennsylvania
357,459
12,335
247,972
312.965
Net dep'ts
other
than, U. S.
Specie.
600,000
...
Importers’ A Tr..
38,001
amount of
<
2,000,000
2,050,000
2,000,000
2,000,000
1,200,000
3,000,000
1,000,000
1,000,000
1,000,000
Manhattan Co..
Merchants
Mechanics’..*.
Union
•
Colurnh. &Green. 3d wk Nov
Col. Hock.V.&T. 3d wk Nov
Connotton Val.. 3 wks Nov
Banbury & Nor. October..
Denv. A Rio Gr. 4th wk N’v
Denv.A R.Gr.W. October...
DesM.&Ft, IX. 3d wk Nov
Del. Lan. & No.. 4th wk N’v
Dub. & Sioux C. 4th wk N’v
October
Eastern
-E.Tenu. Va. <feG a. November.
Elis. Lex. & B.S Septemb’r.
Evansv. A T. II. 4th wk N’v
Flint & P. Marq. 3d wk Nov
Pt.W. A Denver. Id wk Nov
dal.Har.&San A Aug &Sept
Grand Trunk*... Nov. 18
anc
$
New York
2,026,224
370,598
,
EBB
Loans
discounts.
$
663.848
.
Capital.
1881.•
Atcta.Top.&S.Fe October... 1,402,623 1,263,023 11,814,8£1
Balt. A Ohio— Septemb’r. 1,759,291 1,642,634
68.189
74i*,6*8*6
92,015
Buff. Pittsb.&W. October...
77.449
69,782 2,554,617
Bur.Ced.R.&No. 4th wk N’v
8,282
327,042
7,78
Cairo & St, Louis 2d wk Nov
342,525
356,642
Ued.Rap.&Mo.R October...
Ala.Gt.Southern October...!
Average
Banks.
Jan. 1 to Latest Date.
1881.
681
%
74.9h0.585
74,070,093
10.385,043
10,200,083
Deposits.
Circulation.
0
«.
*
05.218.211
9.710,800
04,021,011
9.72i,530
Unlisted Securities.—Following are quoted at 33
Bid.
N.Y.L.&W.—5p.c.g,stk 82H
Railw’y Imp.Co-
bonds and stock..
71*
Atl. & Pac.—6s, 1st— 93
Incomes
10
Blocks, 30 p. c
102
Cent. Branch
18 '
Inoomes
Bo8t.H.& E.—New st’k
'8
Old
ex
17%
98
Oregon Sh. Line deliv¬
ered when issued..
mort
N. Y. A Phila
mort
1
34
& Can. South
mort
102
5%
52
93^
21H
68
105
Guar. 1st
HI
Certs, of indeht
921*
Ind. Dec. & Springf...
2
1st mort. fund
25
68Lj
110
114
95
4
100
Lehigh & Wilkesb. Co.
Massachusetts Cent
5
20
Mexican. Nat
8
14
43*8
Mich.&O.- Sub8.45p.e 75
2
N. J. & N. Y.—Com...
Y.W.Sh.&Bnff.-Stk 29
•
mm
72%
5s ex-jan. ’83 coup. 69%
Subs. O. A W.. 55 p.c
Subs, (old 30p.c.ex-b) 3.?
N.Y. Sns.& West.—1st 71
45
Debentures
No. Riv. Const.—80p.c) .02
78%
90
271®
105
43
....
OhioC—Ex bd. A stk.
Den.&R.G.R’y—Cons. 91
Denver ifeRio. Gr.West
1st mort
83
Subs. 100 p. c
Contin’t’lCons.-85 p c 40
N
Subs. 70 p. c
Subs, ex-hd. A st’k..
Or.Trans-C.-Snh.60p.o
oh
do— 30
Georgia Central
89
1st mort
4
Asked
110
1\
-1st mort
N.Y.Pa.A Ohio
Oregon Improvem’fc... 771*
B’klyn Elev.—Ass’tpd.
Scrip stock
do...
1st
Buff.
1st
Chic.
1st
01.4*1.00®
54.3d3.184
New Street:
Bid. Asked.
Am.
Agg. Olsar.
S
51
100
River Div. 1st mort.
Incomes
584
15
20
Pitts. & Western
1st mort
Pensac. A Atlan.—1st. 74
Rich.&D. Ext. 8ubs.604
Deben. subs
1st bonds
St. Jo. & West
1#
St. Jo. & Pacific 1st. 52
....
Kans. A Neb.,
2d mort
1st... 50
15
St. Paul rights
Tex.&Col.luip.—60p.o 88
Ex-bond
9
Texas &S*. Louis
5
65
1st mort., M.&A. div
Incomes
do
12%
Tol. Can. So. & Defc....
Tol. Cin. & St. Louis..
74
40
1st mort
9
Incomes
....
31%
724
70
70
Valiev RR. of Ohio...
....
100
4
Vick. & Merid. stock..
1st mort
93%
53
2d mort
1st mort
72%
103
12
Incomes
28
13
m mm
mmm
mmm
10
49
11
••i
•
...
8
•
••
60
31
l\
THE CHRONICLE.
082
liSP Items relating to Investments
Quotations in Boston, Philadelphia and Baltimore.
1—
.
..
■»
-
BM.
SECURITIES.
AsJf.
Cam. A Amboy—6s,
6s, coup., 1889
BOSTON.
Bid.
c.,’83
18*4
Boston, A Albany—17s
6s
Boston A Lowell—7s
6s
Boston * Providence. 7s
7s.
Ex.
due. Burl. & Qy —D. Ex
Conn. A Passumpsic—7s
Connotton Valley—6b...
6s
California So.—6s
82
A Mn.—Ld. gr.,
-Nebraska, 6s
82 k
1101* 110k
47
47k
103’-z
113
106
25 k
69
63 k
104 k 105
114 k
City St. Jo. AC. B.—7s
Little R. & Ft. S.—7s, 1st
Mass. Central—6s
Mexican Central—7s
New York A N.Eng.—6&
78
N. Mexico A So. Pa- .—7s
Ogden8b.AL.Cli.—Con.6s
Income
Old Colony—7s
6s
.Pueblo* Ark. Vab—7 s..
Bntland—6s. 1st
Sonora—78
T. Cinn. A St. L.—1st, 6f=
Income
113
103 T 104
40k
9k
9
Dayton Biv.sion
Mam. Line
STOCKS.
Atcliison * Topeka
85 <fc 86
174
Boston A Albany
*173
Boston Clin. & Eitclib
Boston A Lowell
99 k
147 h
Boston A Maine
Boston A Providence.... *i(3()*k .61
62
Cheshire, preferred
65
C'hic. A W. Michigan
^in.
.
Sr nt.usky A Cleve.
*24\
32 k
Hint A Pore Marquette.
Preferred
Port Scott A Gu f—Pief.
19 k
Iowa Palls A Sioux City
little Bock A Ft. Sinitii
Maine Ceutial
Manchester A Lawrence
Mar. Hcnghton A Ont...
Preferred
Nashua A Lowell
New York A New' Eng..
Northern of N. Hainpsh.
Norwich A Worcester...
Ogdensb. A L. Chainpl’n
.
62
114
144
46 k
17k
58
74
Little Schuylkill
58 k
63
52 k
60
63
16k
333
53
56k
59 k
57
65
59*
Phlla. Ger. ANoiTist’wn
Phila. Newtown A N. Y.
25 k
Pitts. Cin. A St. L.—Com
et.Pau!ADul.KR.—Com.
Preferred
189
Companies.
West Chester—Cons, pro!
West J ersey
w.
Jersey A Atlantic....
50
CANAL STOCKS.
33 k
-
bags.
bags.
bbds.
boxes.
Sugar
Sugar
122 k
123
55
91
100
58
90
95
66
67
.
53,209
88.585
101,429
81,401
39,927
2,295
42,539
27,601
45,342
147,189
54,875
141,229
47,980
29,310
7,959
464.431
7,77 G
49G,287
52
2.000
181,600
60,430
20,677
-bbls.
866
2,031
1,500
164,000
52,293
1,828
1.000
264,000
170,299
32,041
4,178
24,108
2,627
1,448
39,760
22,620
858
bags.
48,100
.bbls. and tcs.
89 L
920
612
bags.
65,100
63,600
bags.
12,800
61,600
14,700
300
300
26,900
31,096
20,100
28,300
15,000
Jute
bales
Manila hemp
bales.
bales.
Sisal hemp
4,931
122,234
85,640
33,627
7,959
1,650
.
Tar
Saltpetre
12,331
26,524
27,212
3,291
Cotton
Linseed
16,843
26,361
30,476
486,069
hhds.
hhds.
bbls.
No.
Mel a do
Rice, E. I
Rice, domestic
1,986
9,600
1,900
25.000
6.GOO
10,000
speculation in lard during the week has not been im
portant or liberal; values have been irregular, but at the close
the feeling was better, in sympathy with the Western advices.
92 k 93 k
Other
provisions have been quiet. Pork sold on the spot to¬
Pitts.Cin.AJSt.L.—7s, regi 118 120
7s, coup., 1960
$19 25 for mess. Lard was dull for prime Western ou
day
at
Pitts. Titus. A B.—7s, cp.
94 k
94
the spot at 11 '50c.; refined for the Continent 11*37 5£c., and all
Hich.ADan.—Cons.lnt.6s
December ll‘62^c.j South America 12’25c.; contract Western
isbamokiu V. APotts.—7s 113
Suubury A Erie—1st, 7s.
for December sold at 11‘07^2@11T0c.; January 10 97^@llc.;
Sunb. Haz. A W.—1st, 5s *8*8
February 11c.; March ll'02^@1105c.; April ll’07^(g)ll,10c.;
2d, 6s, 1938
Syr. Gen.* Corn.—1st, 7s
May 11 10@llT5c., closing stronger; December ll*125£@1115c.;
Texas A Pacific—1 st,6s,g‘ 104
January ll*G25£c.; February 11 05@H*07/6c.; March 11*07/6 @
Rio Gr. D.v.—1930
1
92 k 92 k
Ccns., 6s, gold. 1905
llTOc.; April 11T2/£@11T5c ; May 11T7/£@11'20c.; June
*
Inc. A L. Gr.,7s, 1915
11 20c.; July ll*22>£c.
Union A Titusv.—1st, 7s
9*5
Bacon was dull and nominal at 10c. for long clear. Beef
112
United N.J.—Cons. 0s,’94| 110
Warren A F.—1st, 7s, ’96 i 112
112 k
hams quiet at $18@$18 25 for Western. Beef quiet at $26@$23
West Chester—Ccns. 7s.. 117
for city extra India mess. Tallow steady at 7%c. for prime.
West Jersey—6s, deb. cp.
1st, 68, coup., 1896
Stearine dull at ll%@ll%c. for prime. Butter is very firm,
119
1st, 7s. 1899
and fancy creameries are higher. Cheese is held firmly, and
Cons. 6s, 1909
W. Jersey* Atl.—1st, 6s C
108
the fine grades have some attention from shippers.
Western Penn.—6s, coup
106
Rio coffee has been dull on the spot at 7%c. for fair, closes
6s, P. B., 1896
i
with rather more demand, and 7M@7^c. quoted for that
Gen., 7s, coup., 1901...
CANAL BONDS.
grade; options have been less active, but have, nevertheless,
89
Ches. a Del.—1st, 6s, ’86.
advanced, and to-day there were sales at 5 50c. for January,
Leliigh Nav.—6s,reg., ’84 103
Mort. RR., reg., 1897.. 115
5*85c. for March, 5 95c. for May and June and 6*85c. for July,
Cons., 7s, reg., 1911
while fair sold at 7 35c. for February, 7*45c. for March and
Greenw’d Tr., 7s, reg..
Morris—Boat l'au.rg., ’85
88
7*50c. for April; mild grades have been quiet as a rule, but
107
Pennsylv.—6s, cp., 1910.
Maracaibo closes more active at steadier prices. Rice has been
Selmylk. Nav.—1 st,Gs,rg
89 k 90
2d, 6s, reg., 1907
New Orleans molasses has
moderately active and steady.
sold more freely, and as high as 61c. was obtained to-day.
BALTIMORE.
RAILROAD STOCKS. Par
Foreign fruits have been quiet. Raw sugar has fallen to 6%c.
'205
Baltimore A Ohio—100 199
128
1st pref
!l2Sk for fair refining and 7%c. for 96 deg. test Centrifugal, with
123 k
2d pref
small sales even at the decline. Refined sugar has been quiet
Wash. Branch
100
at a decline, but the close is rather more active at some recov¬
Parkersburg Br
50
Northern Central
50
ery; crushed is quoted 9%c., powdered 9@9M3-» granulated
Western Maryland....50
854c. and standard “A” 8%@8/6c.
'
Central Ohio—Com
50
Piti sburgAConnellsville
Kentucky tobacco meets with some demand to fill Regie con¬
RAILROAD BONDS.
tracts, bat nothing of moment has been accomplished in the
Atlanta A Chari.—1st—
Inc
way of transactions, and sales for the wreek are only 196 hhds.,
Balt.AOliio.—6s,’85,A AO
about equally divided between export and consumption. Lugs
ColumbiaAGrecnv.—lsts
2ds
quoted at 5/i@6/4c. and leaf 656@13e. Seedleaf was quiet early
in the week, the only sales being 100 cases Pennsylvania, crop
N.W.Va.—3d, gnar.J.AJ.
Pittsb.ACon’ells.-Ts.JAJ
1880 at 10c.; 100do.’Ohio crop 1S81, 5/6c., and 300 do. Wiscon¬
*2;
No. Central—6s,'85,J.AJ.
116 ksin Havana crop 1881, on private terms. More recent sales are
6s, 1200, A. A O
6s, gold, 1200, J. A J... 116k il7k 150 cases 1881 crop Ohio at 3/6@7c.; 100 cases 1880 crop Penn¬
Cen Ohio—6s, 1st, M.AS. 107k'
W.Mil.—Os, 1st, gr. J.AJ. 109 k
sylvania, 9@17^c?, and 100 cases sundries, 6@18c., making sales
1st, 1890, J. A J
for the week 850 cases; also, 800 bales Havana, 8Sc.@$l 15.
2d, guar., J. A J
Rosins have continued very slow and common to good
109 i
2d, pref
2d, gr. by' W. Co.. J.AJ.
strained are now quoted entirely nominal at $1 75@$1 80.
6s, 3d, guar., J. A J
Spirits turpentine is the feature of the naval store market;
Mar.ACiu.—7s,’91,F.A A. 128 i 129
29
2d, M. A N
I
101k
•
liberal sales were reported to-day at 51%@52c. for Southerns,
55
| 56
8s, 3d, J.AJ
and 52/£c. for New Yorks.
Refined petroleum for export was
94k 95 k
Richm. A 1 anv.—Gold,6s
Union ltR.-lst,gua.,JAJ
better to-day in sympathy with crude certificates; 110 test
Canton endorsed
quoted here at 8c. and 70 test at 8%c. Crude certificates were
101 1
Virginia* Tenn.—6s
-.-.-125
8s
*
very irregular to-day and finally closed at $11256* after selling
The
Scrip, 1882
Con v, 78, ID C., 1893.
Couv. 7s, coup.off,1893
Pli l.Wil.ABalt.—4s,tr.ct.
.
—
i
Preferred
12 k
RAILROAD bonds.
103
122 k
93 k
.
Spirits turpentine
118" *1*19*
Cons., 7s, coup., 1911
Cons., 6s, g., I.R.C.1911
Imp., 6s, g., coup., 1h97
Gen., 6s, g., coup., 1908
Lard
Tobacco, foreign
Tobacco, domestic.
Coffee, Rio
Coffee, other, &c...
Coffee, Java
Sugar
4,568
1,685
.
Philadelphia A Erie..
Ex-dividend.
103
102
tcs.
bales.
1881.
Bee. 1.
Bee. 1.
—
....
Inc. 7s. end., c., 1891...
H Ivid’eDel.—l8t,6«,19> 2
*M. 6-', ISP".
31, 6--, 1887
bbls.
Pork
Molasses, foreign..
Molasses, domestic.
Hides
3.14 k
Phil. AR.—1st, 6s, 1910..
2d, 7s, coup., 1893
Cons., 7s, reg., 1911
51k
40
64
-
Xov. 1.
—
63 7e
Pennsylvania
echuylkili n avigaton...
125
106
122
126
Phila. Newt. AN.Y.—1st
Preferred
D®high Navigation
103
125
121
Cons., 6s, 1920
Cons., 5s, 1920
18
Lehigh Valley
Philadelphia A Reading.
Philadelphia & Trentcn.
Phil. Wilming. A Balt...
106
100
102
122
Piil.AErie—2d,7s,cp. ,’8b
20 k
53
Preferred
Pennsylvania
125
Perkiomen—lst,68,cp.’87
; 136 k
15k
Norfolk A West’n—Com.
Preferred
Northern Central
North Pennyslvauia
i*l*9*
106
..
47
108
Joy A Lanc’r
Huntingdon A Broad T’p
Mesquehoning Valley...
S6
2d, 7s, cp., 1896
Gen., 7s, reg., 1903
Gen., 7s, cp., 1903
Debenture 6s, reg
Norfolk A West.—Gen., 6s
Oil Creek—1st, 6s, coup..
Peunsylv.—Gen., 6s, leg.
Gen., 6s, cp., 1910
Cons., 6s, reg., 1905
Cons., 6s, coup., 1905
Cons., os, reg., 1919
Pa. A N. Y.C.-7S, 1896..
7s, 1906
88
*87
1882.
32 k
120
Beef
Income, 7s. coup., 1896
Debenture coup., 1393;
Deb. coup, off, 1893..
Mar. P. Mt.
Minehill
132
Little Schuylkill—1st, 7s
N. O. Pac.—1st, 6s, 1920.
No. Peun.—1st,6s, cp.,’«5
7
Buffalo Pitts.. A West’n
Preferred
Camden A Atlantic
Preferred
Catawb sa
1st preferred
2d preferred
Delaware A Bound Br’k
East Pennsylvania
Elmira A Williamsport
Preferred
118
2d, 7s, reg., 1910
Cous. 6s, reg., 1923
Cons 6s, cp., 1923
20
Friday Night, Deo. 8,1882,
Congress reassembled on Monday, and at once measures were1
taken looking to the reduction of internal revenue taxes and
import duties, which naturally tenets to unsettle values and
retard trade. Severe winter weather throughout the Northern
and Middle States has hastened the close of inland navigation
even in middle latitudes.
An obstacle to export business has
arisen in the scarcity of vessels and higher rates of ocean freights.
The following is a statement of the stocks of leadin™
o
articlesof domestic and foreign merchandise at dates given
115k
Lehigh V.—1st,6s, reg.’OS
1st, 6s, coup., 1898
Portland Saco A Portsm. 112 k!
125
Pullman Palace Car
I 23
21
Bntland—Pi el erred
Kevere Beach & Lynn...
Tdl. Cin. A St. Louis
4k!
4k
Verm’t A Massachusetts
58
Worcester A Nashua....
13
14k
Wisconsin Central..
Preferred
PHILADELPHIA.
RAILROAD STOCKS, t
Allegheny Valley
90
..
*93
Colony
5s, 1895
2d, 6s, 1900
Common
*
100
IthacaAAth.—1st, g<l.. 7s
Junction—1st, 68,1882
102
Eastern, Mass
Eastern, New Hampfeh..
Fitchburg
-Allegii'y V.—7 3-lOs.’86.
7s, E. ext., 1910
118
5s, perpetual
165
Connecticut ittver
Conn. A Passunipsic
Connotton Valley....
United N. J.
106
..
Concord
Old
116
El.AWmsp’t—1st,68,1910
Cons.
68
K.
..
118
Hamsb’g—1st, 6s, 1883.
H.AB.T.—1-T,7s, g., 1890
109 k 110
E&st’n, Mass.—4ks, new
FortScottA Gulf—'78...
Hartford A Erie—7 s
K. City Lawr. A So.—5s.
117
State, Cut and
transferred to
^comj^ciaiT^epitome.
Cons., 6 p. c
Cam. A Burl. Co.—6s,
Del. A Bound Br.—1st, 7s
East Penn.—1st, 7s, 1888
Easton A Amb’y—53,1920
XVcUlH^Kd, tiS
Nebraska, 4s
112
’97
CatAwissa— 1st, 7s. con.c.
chat. M., 10s, 1888....
New 7s, reg. A co .p
CliartTs V.—1st,7s. 1901
Conncct’g 6s, cp.,1900-04
Delaware—6s, rg.Acp.,V.
of the paper.
XXXV.
Wxt Commerxial 3£imes.
105
Atl.—lst,7s.g.,’93
102
2d, 6s, 1904
114
18
115
112
the front part
Cam. A
118'e
Ateh. A Topeka—1st, 7s.
Land gran’, 7 s
Atlantic & Pucific—6s—Income
Boston A Maim —7s
AsTc.
101k
Mort., 6s, 1889
and
Corporation Finances, have this week, been
'
SECURITIES.
[VOL.
122
118
48
123
50
121k
104
U»1
t Per shtu*»
Wil." A We (i o ii*—G ol d
'Wi'lit. C. Aug.—6s
X In default.
*
7s
110
D>5 k j 08
at
$116.
#
The movement in ocean freight-room of berths
has been small, owing to limited supply of tonnage.
description,
Rates firm.
THE CHRONICLE.
9,18&2.J
December
In
COTTON.
Crop, as indicated by our telegrams
South to-night, is given below. For the week ending
this evening (Dec. 8) the total receipts have reached 247,017
bales against 255,097 bales last week, 242,169 bales the previous
week’and 259,154 bales three weeks since; making the total
receipts since the 1st of September, 1882, 2,639,354 bales, against
2 534 058 hales for the same period of 1881, showing an increase
since’September 1. 1882. of 105,296 bales.
The Movement op tae
from the
Moti.
Sat.
Receipts at—
7,503
Thurs.
Wed.,
Tues.
Galveston
Indianola, &c.
New Orleans...
7,512 17,612 13,463 13,718
938
2,176 2,051 2,185
Florida
....
5,835
4,721
—.
Royal, Ac.
Wilmington ....
Moreli’d C.,Ae
Norfolk
City Point, Ac.
....
....
675
703
V.-
1,001
913
Pliiladelp’a, Ac.
1,293
Boston
Baltimore
....
....
658
2,614 13,887
1,484
2,196
1,013
5,289
6,011
68,871
11,333
300
300
4,277
30,085
748
718
1,006
6,221
213
213
....
1,659
1,068
1,113
....
....
....
....
213
521
6,227
11,167
2.193
1,112
836
1,143
37,701
11,667
....
....
1,784
1,596
2,365
1,013
31,099
5,960
6,390
5,SS5
....
608
3,316
6,312
....
6,721
....
1,307
Vnrk
4.781
....
6,515
25,548
....
....
338
XT a-tv
5,973
....
7,853
3,014
Charleston
6,237
....
4,792
....
....
....
Total,
....
....
....
....
....
Savannah
Brunsw’k, Ac.
Pt.
....
3,512
4,046
2,675
3,020
Fri.
635
....
....
9
76
Totals this week 30,603 50,747 40,832 41,373
27,721
8,330
€,893
917
917
266
2,386
55,711 247,017
For comparison, we give the following table showing the week’s
total receipts, the total since Sept.l, 1SS2, and the stocks to-night,
and the same items for the corresponding periods of last year*
1881.
1882.
Receipts to
Dec. 8.
Sep.
1, 1882.
Week.
Galveston
25,548
Indianola,Ao.
658
Few Orleans...
68,871
11,333
Mobile
Florida
1,013
34,099
Savannah
Brunsw’k, &c
300
Charleston
30,086
Pt. Royal, Ac.
748
Wilmington....
M’head C., Ac,
6,224
Norfolk
City Point, Ac
New York
Boston
213
37,701
11,667
8,330
6,893
Baltimore
Total
Sep.
1, 1881.
Week.
23,519
115,272
31,123
8,161
6,523
12,232
2,735
4,726
2,386
1882
1881.
251,015 118,616
833
103,458
9.476
60,554
17,759
2,992
31,339
651,320 275,581
22,722
309,843
47,093
99,187
96,622
333,513 110,153
13,551
354
85,587 20,098
9,370
334,819 79,874
105,624
152,536
14,950
456,621
300
23,996
262
9,002
1,066
29,765
53,658
6,225
20,743
,
Since
379,613
11,468
616,963
164,015
6,306
468,214
4,508
334,589
6,148
70,985
5,602
393,922
917
Pliiladelp’a,Ac
This
Since
This
Slock,
2.541
5,666
325
20,565
76,605
112,857
29,336
81,030
15,605
23,806
60,286
2,310
14,747
8,195
191,334
4,600
42,804
19,033
247,017 2,639,354 238.841 2,534,058 812,128 1,020,497
In order that comparison may be made with other
years, we
give below the totals at leading ports tor six seasons.
1882..
1880/
1881.
Receipts at—
1879.
1878.
1877.
January and February, 1882, large additions td
«ur port
made, for oui ssions during previous weeks of a por¬
tion of the City Point, Ac., movement.
Consequently we have now
revised our weekly and monthly tables of receipts from Sept.
1, 1881,
to Feb. 1,1882, and incorporated the omissions in the weeks to which
hey belong instead of inserting them in bulk in Decomber and January
In addition to above exports, our telegrams to-night also giro
eoeipts
Friday, P. M., December 8, 1882.
68$
were
the following amounts of cotton on shipboard, not cleared, at
the ports named. We add similar figures for New York, which
us
prepared for
are
our
special
use
Lambert, 60 Beaver Street.
On
Dec. 8, AT—
Oreat
Britain.
New Orleans....
55,SGI
4.200
Unaneston
Savannah
Galveston
Norfolk
New York
Other porta
8*000
9,000
32,120
43,843
5.200
Shipboard, not cleared—for
Total 1882
Total 1831
Total 1880
1
Other
Coast¬
wise.
29,745
22,250
1,400
3,200
None.
6.683
None.
525
it1
Fi
/».
ance.j jroreign
Leaving
Slock.
Total.
1,600
4,304
15,000
7,709
3,300
10,667
None.
300
None.
754
2,150
625
None.
111,539
5,600
2-8,025
29,400
54,800
45,227
7,650
1,600
None.
5,600
40,104
22,300
290,841
521,287
'
4,000
by Messrs. Carey, Yale &
16,300
161,042
17,122
82,133
69.787
63,816
34,647
52.636
162,229
40,549
65,763
72,975
54,110
33,365
30,248
16,749
174,0S2
846,415
66,766
24.316
274.504
633,901
145,057
The
speculation in cotton for future delivery was quite dull
early in the week under review, and prices, though vari¬
able, made some decline, under the dull foreign advices, weak
Southern markets and increased receipts at the ports,. There
had, however, been some speculation for the rise, based on the
statistical position, and when, toward the close of Wednesday’s
business, there was a steadier closing at Liverpool, there was
a brisk advance, and the upward tendency continued down to
the close of Thursday, favored by an improvement in the
Southern markets, a comparatively
snj|Jl crop movement and
much confidence that prices had “ touched bottom.” To-day,
weak accounts from Liverpool at the close, especially for the
early months, and increased receipts at the interior towns,
caused some selling to realize, under whieh the advance of
yesterday was lost, but there was some recovery at the close.
Cotton on the spot has been dull, the dejnand being ^mostly in
a small
way for home consumption.
We are still without
stocks to attract buyers. Quotations were reduced l-16c. on
Monday. Yesterday there was a large line in transit reported
sold. To-day there was further business in transit, but other¬
wise the market was quiet, middling uplands closing atlO
The total sales for forward delivery for the week are 515,600
Doles. For immediate delivery the total sales foot- up this week
5,780 bales, including 100 for export, 2,100 for consumption *
130 for speculation and 3,450 in transit.
Of the above, — bales
were to arrive.
The following are the official quotations and
sales for saeh day of the past week:
UPLANDS.
Dec. 2 to
Dec. 8.
Sat.
NEW ORLEANS.
Moil Tues
Sat.
TEXAS
Mon Taei
Sat.
Mon. Tnet
'
Gnlvest’n,Ac.
24,382
26,113
60,551
17,759
59.161
New Orleans.
26,206
63,871
Mobile
11,333
Savannah....
All others....
34,039
30,831
6,437
49,368
19,869
31,339
29,503
40,885
29,727
7,360
47,152
15,321
Tot. this w’k.
247,017
233,341
243,137
Charl’st’n, Ac
Wilm’gt’n, Ac
Norfolk, Ac..
16,818
24,258
10,063
37,926
21,951
61,851
20,689
32,513
25,510
5,936
34,251
75,162
62;835
20,091
Strict Ord..
Good Ord..
Str. G’d Ord
23,881
Low Midd’g
Str.L’w Mid
29,113
26,923
26,197
23,052
3,861
22,591
15,922
234,876
220,291
37,227
25,813
10,451
19,050
11,427
The exports for the week ending this evening reach a total
of 175,610 bales, of which 121,134 were to Great
Britain, 14,994 to
France and 39,482 to the rest of the Continent, while the stocks
as made
up this evening are now 812,128 bales.
Below are the
exports for the week and since September 1, 1882.
Exports
Oreat
Brit’n. France
Galveston
New Orleans..
8,225
46,107
3,948
Conti-
Total
nent.
Week,
2,302
9,337
10,528
59,542
From Hept. 1,1882. to Dec. 8,1882.
Exported to—
Great
Conti-
Britain. Frame
101,702
206,861
18,581
S9.716
Middling...
Good Mid..
Str. G’d Mid
Midd’g Fair
Fair
202,805
Since Sent. 1. 2639,354 2581.058 2781,194 2586.041 2171,273
1876,687
Galveston includes Indianoia; Charleston includes Port Royal, Ac.;
Wilmington includes Morehead City, Ac.; Norfolk includes City. Point, Ae.
Week Ending Dec. 8.
Exported to—
Ordin’/.$tt>
26,577
Total.
nent.
34,712
126,121
157,905
422,728
7-a
3°18
71*,6
71*16
8*4
8*4
9116
8*8
8yio
8116
81,6
8*8
8*2
8*5
39,6
8l16
8*5
9*8
93s
9116
93a
9*16
9*16
95,6
9*2
9*5
9u16
9*4
9**16 9>\
91*16 9*4
10
915!6 915lft 10*4 - 10-1(1 103,6 10*4
10*16
10*4
103a
10316 10*16 10<i6 10 38
107,6s 103a
10
103Q
10*8
I0y,6 109,6 105a
lOTje
105a
101*16 105s
1078
101316 1013ie 107a
10 78
11
1013JQ l0i*ie 11116 11
llha 11
1138
11*5
H°16 1 lo]6 Hyi6 11*2
119,6 llh
12*8
121,6 121,6 12^,6 12 *u
12*4
12510 12*4
She
8*s
9&is
9%
10*16
103&
i°ohj8 10»|6
10**46
Wed
Th.
Frt.
Wed
11
11*3
12*4
Th,
Frt.
Wed
Th.
81,r
siu
8*5
She
8*s
Sh6
8*5
8*3
95l8
95,6
95ia
Fri.
'
Ordin’y.$fi>
7l3!8
7131G
7’*ib
8*4
8*4
81,«
She
Strict 01^1..
Good Ord..
Str. G’d Ord
Low Midd’g
Str.L’w Mia
8*4
8,*s
8*a
9*10
0116
9ll«
9*3
9*2
9*5
9°16
9B16
9%
9**
934
10*16
103a
915i6 9i5JG 9I316 io*,«
10*,6 10316 16*16 103a
103a
103a
Middling... 103s
10»i6
Good Mid.. 10%
10^8
105a
101*le
Str. G’d Mid I01ob6 10i3i6 101*16 11
11**
Midd’g Fair,11516
16
11-ig 11*5
Fair
121i6 12116 121,6 12*4
STAINED.
Sat.
lb.
Good Ordinary....
Strict Good Ordinary
Low Middling
Middling
.......
Mobile
9*t6
9%
9*4
103,6
9*1
1C*,6
10*16
io*ia
103a
10*8
1030
103*
109,6 10916 109,6 109,6 10®t6
10l3lb 101316 101S16 10*°i6 101*i5
11
11
11
11
11*3
12*4
11*5
11*5
12*4
11*5
12*4
12*4
Mon Tues Wed
11
11*0
12*4
Th.
Frt.
77ia
71-2
The
7h6
8*4
77,6
77,«
8°16
8*4
8*4
8*4
8*4
9
8i°ie
815j6
9!5lft
978
81^16
978
97a
Sijhe
8**1*
MARKET AND SALES
976(
97a
'
Florida
4,477
Wilmington..
1,611
29.205
13,953
3,931
5,210
2,800
....
Norfolkt
New York
Boston
Baltimore
..
.
Philadeip’a.&e
Total
Total 1881..
*
5.51S
4,530
6,443
••••••
73
11,404
8,950
•
•
•
•
•
5,046
•
•
•
•
•
2,413
....
.
20,411
20,011
1,614
29,205
19,075
3,93 i
7,023
2,300
13,813
21,158
15,889
......
171,525
204,200
50,033
50,152
29,733
17,125
115,087
69,353
1,500
173,902
131,031
1,838
173 393
77,025
298’350
SALE3 OF SPOT AND TRANSIT.
SPOT MARKET
CLOSED.
15.313
Sat..
Mon
Tues.
Wed
Thurs
Fri.
.
......
1,291
......
25,119
750
•
56,068
82,505
30,533
.
.
121,134
14,994
59,432 175,610
926,550 163,793
451,535 1,541,878
69,774
12,342
47 637 129.753
719.272 131,193
332 0*8 1,183.f;21
Includes exports from Port Royal, &e.
Mncludos exports from West Point, &c.
37,657
45,789
Total
Quiet
Steady at he dee
Quiet and steady
Quiet
Quiet and steady
Quiet and steady
Ex- 1 Con-
Spcc-
port. | sump. ul’t'n
....!
...J
.....!
....
179
474
485
356
Tran¬
sit.
Sales.
179 106,700
474
88.400
495
49,100
486 55,600
....
130
Deliv¬
eries*
1,800
1,200
1,400
1,650
2,109 103.900
2,047 111.900
700
800
690
2.100’
130 3,450
5.790 515,600
6,500
....}
309
1,909
100
297
100
Total.
FUTURES.
i
Savannah
Charleston #...
The daily deliveries given above are actually delivered th e day pr«A>
vious to that on which they are reported,
' *->
..
THE CHRONICLE
684
The Paijm and Prices of Futures are shown by the
follow¬
LVou XXXV.
The Visible Supply of Cotton, as made np by cable and*
telegraph, is as follows. The Continental stocks are the figure*
of last Saturday, but the totals for Great Britain and the afloat
ing ecmprehensire table. In this statement will be found the
daily market, the prices of sales for each month each day, and for the Continent are this week’s returns, and consequently*
the dosing bids, in addition to the daily and total sales.
brought down to Thursday evening; hence, to make the totals the
ou
complete figures for to-night (Dec. 8), we add the item of export*
3
OB 5*
I
Qttf® gf
from the United States, including in it the exports of Friday only
5$ QMODa
snag
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5*2®. fi* O
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Includes sales in September. 1882, for September. 500.2CP ; September-October for October, 815,600 : September-Noyember for November,
731,000.
* M M CC M
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The above totals show that
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3.0*25e.; Wednesday, 10*30e.; Thursday, 10*40c.; Friday, 10*35e.
BT We have included in the above table, and shall continue each week
Eo give, the average price of futures each day for each mouth. It will
be found under each <1ay f blowing the abreviation “ Aver.” Tae average for eaeh month for the week i t also given at bottom of table.
to
to
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Tuesday
The following exchanges have been made during the week:
*02 pd. to exch. 100 Dei*, for Jan.
•47 pd. to exoh. 800 Dec. for May.
*03 pd. to exi h. 2<m» I »ec. for jau.
*38 pd. to exch. 400 Dec. for Apl.
*10 pd. to ex< h. 300 Jan. for Feb.
*46 pd. to exoh, 609 Jap, for May.
T02 yd. if exoh. 30P Pep,reg.foru.n.
cc
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Transferable Orders—Saturday, 10*25c.; Monday, 10 23c.;
;< to p' x
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1 $: :
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76,168
imports into Continental ports this week have been
•-j
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8
*
43,000
48.438
58,363
2,274,844 2,195,395 1,989,767"
®Sirwi,S“
oil
Ol
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109,000
SjS.crp'S
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110,000
40,400
72.531
43,000
— ®®?.
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652,87*
753,421
317,468
34,000
114,000
35.200
124,570
8H.000
37,000
©
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223.000
39,000
110,000
540,000
908,119
265,276
29,000
©
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343,000
H
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3
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34,000
The aboye figures indicate a decrease in the cotton in sight
to-night of 39,811 bales as compared with the same date of 1881 r.
an increase of 127,477 bales
as
compared with the corres¬
ponding date of 1880 and an increase of 267,958 bales as tompared with 1879.
At the Interior Towns the movement—that is the receipt*
for the week and since Sept. 1, the shipments for the week, and
the stocks to-night, and the same items for th- corresponding
period of 1881—is set out in detail in the following statement:
©
{►
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coto
58,000
592,500
Upl., Liverpool
The
u-
i i
317,468
71,000 bales.
M
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Price Mid.
I ©•*:
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6 ~ ©6
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115,300
96,000
Total American
d
MM,
75,200
Egypt, Brazil, &c., afloat
©
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248.000
Continental stocks
India afloat for Europe
O
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i ©co:
391.000
100,000
382,000
1,020.497
370,247
11,100
42,200
London stock
S3
1
-
United States interior stocks..
United States exports to-day..
256.975
>3
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2,631,803 2,671.614 2,504.326 2,363,84*
558.000
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42.2 00
103,000
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370.247
11,100
256,975
267,000
© ©
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58.000
43.000
540.000
43,000
908.U9
205.276
29,000
812.128 1,020.197
Continental stecks
American afloat for Europe....
99
Mm^ M
66®o
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558,000
Liverpool stock....
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477,801
76,168
652,878
52.109
753,421
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675.931
OQ
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99
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2.900
—
761.770
86,000
382,000
37.000
96,000
b
©
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ted
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808.500
r—
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5,510
- —
Total European stocks.. ..
India cotton afloat for Europe.
Amer’n cotton afloat for Eur’pe
3
I
1
m—
7,910
1,600
97,363
Total East India, &o
£ o’* ® di I
■*4
©
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2.090
182,531
99®9
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15,100
1,400
15,500
4,780
981
American—
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970
Liverpool stock
►
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10,800
700
2,274,S44 2,195,395 1,987,767
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7.100
1,400
10,160
8,700
East Indian,Brazil, dte.—
M ©
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49,500
M
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25,000
3L400
2,400
18,500
224.570
o
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13,000
218,300
Total visible supply
*s4C3m^
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3,000
Of the above,the totals of Amerioan and other descriptions are as follows
s
a
M
MM
99
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M
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493,400. 380.43*
101,000
56,290
5,960
1,213
332,00043,43*
Total continental ports....
a
COD
mi
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28,000
540.200
123.000
3,500
3 3.800
—
s
MM
99
99
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*
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XM
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to
99
66
590.200
135.000
2.600
1879.
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40.400
Stock in United States ports ..
Stook in U. 8. interior towns..
United States exports to-day..
9®9
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35.200
Egypt,Brazil,&c.,aflt for E’r’pe
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Stook at Havre
Stock at Marseilles
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Scock at HamDurg..
8took at Bremen
Stock at Amsterdam
Stook at Rotterdam
8took at Antwerp
Stock at other donti’ntal ports.
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505,000
75,200
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515,000
1880.
453.000
bales.
.
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Stock at Liverpool..
Stook at London
1981.
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the old interior
fth« Wftftk 2.0.967
stocks have ito-
bflleS* ttd 1W tO-IUght
i&SSTless than at the same period last year. The receiptedt
^he same towns have been 3,154 bales less than the same week
iait year, and since September 1 the receipts at all the towns
are 52,137 bales more than for the same time in 1881.
Quotations fob Middling Cotton at Other Markets.--In
below we give the closing quotations of middling
^cotton at Southern and other principal cotton markets for each
the table
•day of the past
Week ending
Dec. 8.
Calves ton—
New Orleans.
Mobile
Savannah....
Charleston...
Wilmington..
Norfolk
Boston
Baltimore.
..
Philadelphia.
jLugusta
Memphis....
St. Louis
CLOSING
QUOTATIONS FOR MIDDLING COTTON ON—
Satin'.
Mon.
Tues.
Wednes.
Thurs.
978
970
970
97q
9%
9%
9%
978
97s
958tf':h
953®%
934
950
9%
9%
9%
9%
0U16
»lli6
10
10
91316
10
10%
10%
10%
930
95r
934
the
from
10
9%
10
'
97s
9%
9i%6
10
10%
9%
9%
9%
978
978
1034
10%
10%
930
958
9%
10%
30%
10%
930
10%
10%
10%
930
10%
10%
10%
930
95s
95«
950
9%
9%
9%
9%@78
978
9%
9%
9%® 7s
9%a7s
9«m
•
Plantations.—The
Fi'i.
10
9%
97g
9%vz/7e
978
934
Cincinnati...
Louis ville....
Receipts
week.
978
9%
10%
10%
10%
93s
9%
9% *
9%
....
following table is
prepared for the purpose of indicating the actual movement each
week from the plantations. Receipts at the outports are some¬
times misleading, as they are made up more largely one year
than another at the expense of the interior stocks. We reach
therefore, a safer conclusion through a comparative statementlike the following.
that these figures,
In reply to frequent inquiries we will add
of course, do not include overland receipts or
'Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the out-ports.
RECEIPTS FROM PLANTATIONS.
Receipts at the Ports.
Week
endino—
1880.
Oct.
29
6
13
1882.
136,413 112,293 77,223
172,221 134,756 136.479
Sept .22
M
1881.
SVk atlnterior Towns. Rec'pts from Plant’ns
1881.
1880.
77,868 103.779
96,331 124,526
1882.
1880.
1881.
1882.
29.985 102,007 140,020 88,093
40 022 190,684 155.503 153,110
199,034 174,810 179,883 120,509 155.559 70,862 229,272 205,843 210,123
210,367 191,050 206.136 147.913 196.561 95.675 231,771 232,058 224,949
236.341 192.531 242,329 179,792 228,785 125,039 268,220 224,755 271.093
Huntsville, Texas.—There has been ho rain during the
Ice formed in this vicinity on two nights. The ther¬
mometer has ranged from 30 to 72, averaging 50.
Weatherford, Texas.—We have had no rain during the
week, but the weather has been very cold, interfering some^
what with picking.
The thermometer has averaged 43, the
highest being 70, and the lowest 17.
jBelton, Texas.—No rain during the week. The thermome¬
ter has ranged from 32 to 79, averaging 56.
week.
Luling, Texas.—There has been
no
rain during the week*
Average thermometer 53, highest 75, lowest 30.
New Orleans, Louisiana.—It has rained on two dayu of the
week, the rainfall reaching sixty-one hundredths of an inch*
The thermometer has averaged 56.
Shreveport, Louisiana.—We have had clear weather during
all of the week. The thermometer has ranged from 22 to 72.
Vicksburg, Mississippi.—It has rained on one day of the
wetk.
The weather is now bright and cold.
Columbus, Mississippi.—It has rained on one day of the
week, the rainfall reaching thirty-seven hundredths of an
inch.
The thermometer has averaged 46, ranging from 21 to
66.
Little Rocky Arkansas.—It has
the week, with light rain on one,
hundredths of an inch. Average
lowest 15.
been cloudy
on two days of
the rainfall reaching twothermometer 42, highest 65,
MemphiSy Tennessee.—It has been showery on two days of
the week, the rainfall reaching fifteen hundredths of an inch.
The weather is now clear and very cold.
Good progress is
being made in marketing the crop. The thermometer has
ranged from 15 to 67, averaging 44. During the month of
November we had rain on eighteen days, and the rainfall
reached six inches and sixty-five hundredths. The thermome¬
ter ranged from 29 to 81, and averaged 52.
Nashvilley Tennessee.—We have had rain on two days of
the week, the rainfall reaching fifty-one hundredths of an
inch. 'The thermometer has averaged 41, the highest being 58
and the lowest 11.
Mobiley Alabama.—It has been showery on three days of
the week, but as the week closes there is a favorable ohange in
the weather.
The rainfall reached thirty hundredths of an
inch. Ice formed in this vicinity on Friday night. Picking
is making good progress.
Planters are holding on to their
crop.
The tributary rivers are lower. The thermometer has
averaged 50, ranging from 24 to 67.
Montgomery, Alabama.—We have had rain on three days
Mot. 3
of the week, the rainfall reaching twenty-six hundredths of
10
an inch.
Since yesterday the weather has been too cold, with
17
81
plenty of ice. The thermometer has ranged from 23 to 68,
Dec. I
averaging 48.
•
Selma, Alabama.—We have had light rain on two day* of
the week, the rainfall reaching twenty-five hundredths of an
The above statement shows—1. That the total receipts from the
inch. Ice formed on one day this week in this part of th*
plantations since September 1, in 1882, were 2,964,345 bales; in State.
Average thermometer 44, highest 64, lowest 15.
1881 were 2,954,232 bales; in 1880 were 3,045,359 bales.
Madison, Florida.—Telegram not received.
2. That, although the receipts at the out-ports the past week
Macon, Georgia.—It has rained on one day of the week.
were 247,017 bales, the actual movement from plantations was
The weather has been cold, with ice. Average thermometer
^262,693 bales, the balance going to increase the stocks at
43, highest 64, lowest 26. During the month of November the
Last year the receipts from the planta¬
the interior towns.
rainfall reached two inches and seventy-five hundredths.
tions for the spme week were 261,357 bales and for 1880 they
Columbus, Georgia.—We have had rain on one day of the
were 258,423 bales.
week, the rainfall reaching forty hundredths of an inch* The
Amount of Cotton in sight December 8.—In the table below thermometer has
ranged from 23 to 67, averaging 50..
we give the receipts' from plantations in another form, and
Savannah, Georgia.—It has rained very lightly oa one
Add to them the net overland movement to November 1, and
day of the week, the rainfall being too small to measure. The
••also the takings by Southern spinners to the same date, so as to
thermometer has averaged 53, the highest being 68 and the
•give substantially the amount of cotton now in sight.
lowest 34.
Augusta, Georgia.—The early part of the week was cloudy
1882.
1881.
and threatening, with light rain on two days; but the week
44
29
If
27
4
4
m
4%
254,830 210,587 241,738 209,575
251,768 225,285 256,023 240.562
215.842 233,320 202,251 203.258
256,61*> 233,402 259,154 281,562
205,192 232,216 242,169 284,470
218,341 222,170 253.097 287,717
243,137 238.844 247,017 303,003
•Receipts at the ports to December 8
‘Interior stocks in
excess
of Sept.
1
251,532 139,317 284,013 233,334 250,010
290,140 175,092 282,755 263,893 292,398
322,161 211,740 238,538 265.341 298,899
345.70d 244,123 274.822 257,007 291,537
367,060 259,175 208,106 253,570 257,221
393,086 2-5,700 221,582 248,106 271.622
415,599 291.376 258,423 201.357 282.693
bales.
Dee. 8..
on
2,689,354
2,584,058
274,891
370.174
closes clear and cold. The rainfall reached thirteen hundredths
of an inch.
Cotton picking is drawing to a close. Planters
are marketing their crop freely. The thermometer has averaged
48, ranging from 29 to 65. ^
90,'JOC
Atlanta, Georgia.—It has rained on one day of the
week,
the rainfall reaching six hundredths of an inch* The.
Total in sight December 8
3,298,357
3,245,142
thermometer has ranged from 19 to 62, averaging 43.
It will be seen by the
above that the increase in amount in sight
Charleston, South Carolina.—We have nad rain on one*
tio-night, as compared with last year, is 53,215 hales.
day
of the week, the rainfall reaching three hundredths o£
Weather Reports by Telegraph.—Generally clear weather
an inch.
Average thermometer 50, highest 64, lowest 36.
has prevailed at the South during the week.
The tempera¬
The following statement we have also received by telegraphy
ture has, however, been considerably lower, especially as the
showing the height of the rivers at the points named at 3 o’clock.
week closes.
Picking still continues to make satisfactory December 7,1882, and December 8, 1881.
progress, except so far as the low temperature interferes with
Total receipts from plantations
Met overland to December 1
Southern consumption to December 1
2,964.245
244,112
2,954,232
220,910
70,000
'
the work.
Galveston, Texas.—We have had showers on two days of
the week, confined in the main to the coast.
The rainfall
reached two hundredths of
favorably.
will
never
lowest 45.
•>
Dec. 7,
-
inch.
Picking still progresses
Prospects are still unchanged. The entire crop
be picked. Average thermometer 58, highest 71,
an
Indianola, Texas.—We have had rain (mere drizzles) on
*tlir©e days of the week, doing no harm. The rainfall reached
'ton. hundredths of an inch.
The thermometer has ranged
from 35 to 77, averaging 60.
Dallas, Texas.—We ha ve had no rain during the week, but
some frost and ice.
The thermometer lias averaged 45, the
highest being 72 and the lowest 17.
Brenliam, Texas.—There has been
New Orleans
Memphis
Nashville....
Shreveport..
Vicksburg...
Below
Above
Above
Above
Above
high-water mark
low-water mark.
low-water mark.
low-water mark.
low-water mark.
Feet.
11
7
5
22
12
’82.
Inch.
11
0
0
3
4
Dec.
8, ’81.|
Feet.
5
21
i
S4
Miss
Inch*
7
9
6
7
ing.
New Orleans reported below high-water mark of 1871 until
Sept. 9, 1874, when the zero of gauge was changed to high-water
mark of April 15 and 16,1874, which is 6-10ths of a foot above*
1871, or 16 feet above low-water mark at that point.
Jute Butts, Bagging, &g.—There has been a good demand
bagging since our last, and parcels are moving freely. The
orders are principally for small parcels, and large lots continue
for
no
rain during the week.
The thermometer
Ice formed in this vicinity on three nights.
has averaged 53, ranging from 25 to 80.
Prices are steady, and4 holders are quoting 7%c.
lbs., 7/4c. for 1% lb3., 8%c. for 2 lbs. and 9^4c. for
Palestine, Texas.—We have had no rain during the week, standard grades. Butts are not active, and the trade doing is
but we have had ice half an inch thick. Picking makes good I of a
jobbing character. Some sales are rep >rted, about 1,500
1
progress, Average thermometer 49, highest 71, lowest 27,
bales being taken in lots as wanted- Prices J*aye not ohaaged*
neglected.
for 1%
r
THE CHRONICLE
686
\
mud paper grades can be had at 2 7-16@2 9-16c, white bagging
qualities are held at 2%@2 ll-16c.
India Cotton Movement from all Ports.—We have daring
the past year been endeavoring to rearrange our India service
so as to make our reports more detailed and at the same time
Hitherto we have found it impossible to keep
figures, as cabled to us for the ports other than
Bombay, cargoes which proved only to be shipments from one
India port to another. The plan we have now adopted, as we
have reason to believe, will relieve us from the clanger of this
inaccuracy and keep the totals correct.
We first give the
Bombay statement for the week and year, bringing the figures
more
accurate.
out of
our
down to December 7.
SHIPMENTS FOR FOUR YEARS.
BOMBAY RECEIPTS AND
Shipments this week.
Shipments since Jan. 1.
Conti¬
Brit’n. nent.
Great
Tear Great
Total.
Conti¬
nent.
Britain
1882 4,000 10,000 14,000 789,000 636,000 1,425,000 14,000 1,711,000
948.000 21.000 1,298,000
1881 11,000 9.000 20,000 356.000 592,000
893.000 14.000 1,151.000
1880 2,000 8,000 10,000 367,000 526.000
857,000
628,000 7.000
4,000 260,000 368,000
1879 4.000
show a
compared with last year in the week’s receipts of 7,000
hales, and a decrease in shipments of 6,000 bales, and the
•hipments since January 1 show au increase of 477,030 bales:
The movement at Calcutta, Madras and other India ports for the
hurt reported week and since the 1st ol January, for two years,
haa_been as follows. “ Other ports” cover Ceylon, Tuticorin,
According to the foregoing, Bombay appears to
decrease
KMrraehee and Coconada.
Conti¬
nent...
Britain.
Conti¬
nent.
Or eat
fiTf*3 In January and February, 1882, large additions to our nnrf
omissions during previous weeks of a portion of
tlie City Point. &c., movement. Consequently we have now revised our
weekly aud monthly t tbles of receipts from 8epc. 1, 1881, to Feb l
1882, and incorporated the omissions in the weeks to whieh they belong
instead of inserting them in bulk in December and January.
Total.
Britain.
2,100
9J0
2,900
109,800
3,000
115,900
38,500
41,100
148.301)
157,091,
2,900
66.000
8,500
23,500
600
74,590
24.100
56P 00
25,500
19,100
6,500
75,200
231,900
164,900
66.100
43,200
293,003
......
1,200
1,209
1882
T881
32.090
.
Total all—
1882
4,500
3,000
4,500
900
1881
2,100
213.100
The above totals for the week show that the movement from
the ports other than Bombay is 1,503 bales more than saraweek last year. For the whole of India, therefore, the total ship¬
ments since January 1, 18S2, and for the corresponding periods
©f the two nrevious years, are as foliows.*
EXPORTS
tUi Europe
Since
Jan. 1.
This
week.
from—
INDIA.
1830.
1831.
1882.
Shipments
to
TO EUROPE FROM A EL
Bombay
-AU. other p’rts.
14,000 1,425.000
Total......
18,500; 1,723,000
4,500j 298,000
This
week.
Since
Jan. 1.
This
week.
Since
Jan. 1.
20,000
3,000
948,000
10,000
2,000
893.00
213.100
235.10
This last statement affords a very interesting comparison of the
total movement for the three years at all India ports.
Alexandria Receipts and Shipments.—Through arrangements
we have made with Messrs. Davies, Benachi & Co., of Liverpool
and Alexandria, we now receive a weekly cable of the movement.©f cotton at Alexandria, Egypt. The following are the receipts
®d shipments for the past
of the previous two years.
Alexandria, Egypt,
week and for the
coi responding we4.
429.777
458,478
333,643
930.584
853.195
968,318
888,492
288,84s
639,26)
Novemb’r
1,094.6 7
974,0 4 c 1.006,501
942,272
779.235
95,272
583,687
822,493
Tot al year 2,401.93: 2,257,915 2,433,297 2,164.407 1,757,347
1.499,517
Pero’tageiOf tot.
160,000
1.245.500
19^,000
1.517.550
170,000
This week....
Since Sept. 1
1.016,0 >0
This
week.
Since
This
week. Sept. 1.
Since
Sept. 1.
Snorts (bales)—
To Liverpool
32,000
71,000
15,000
82.500
To Oontiuent
5,000
11,000
0,953
36.837*
119 387'’
17,000
Total Europe
*
85.000r 21,953
This
week.
Sen
r
Sept.
7.000
4,077
11.077
1
75,00 )
24,231
99.2 U
to-night states that the market is quiet with limited business.
We give the prices of to-day below, and le*v* obvious weeks,
prices for comparison. The prices of shirtings have been revised.
1882.
|
OotVn
8^4 lbs.
Mi l
Shirtings.
Upl
'8
Coil
MUl
8j4 lbs.
Shirtings.
XTptd^
«
~
13 99® ®
20 99g 3
27 9*i ®
*OY. 3: 93i6»
ie ?Ji0»
17
«
f37«
d.
*.
41
«.
51
9^i 5 10a
6
9
4hc. l 87<9 ® 91* 6
8Te * 9h 6
24
d.
lisa>7
1^27
lkia7
0^a>7
5
11W
93s
6
9% 6
9k 6
9^ 6
7
d
8
9
9
73j
6
d
6®8
0*
(Pl6
630
<**!•
e
4**
d.
d.
s.
9*0 ® 93i a
d.
6
6
6
6
8.
®3
d.
0
0
9^ 6
9
9^ 6
9*8 ® 9?4 6
9*0 « 97q 6
6
9x4 etlu
3
914 *10
6
6
6
®S
14
6
6
®3
14
9
»
®
3
3
^7
9
9
8
9*8 dioi0 6
9% a 10^1 t!
3
®7
0
50*1*
930
0
8
@8
®8
0
0
0
d
67a
07Jf.
630
67 is
630
for the different years.
1880.
1881.
l»a
l\j
1878.
1879.
1877.
—
“
2....
30,603
51,332
29,2 i 6
30,896
39,978
S.
“
3...
S.
34.0J6
28,110
40,89 i
40,703
“
25,675
23,532
49.6
8
30,939
27,179
20,763
36,219
31,300
22,784
4....
50,747
8.
48,897
30,316
44
5...
40.832
54,13 4
8.
“
6...
41,373
36,046
7
31,799
30,136
40,865
63,166
44
36,i71
S.
58,293
25,563
29,263
43,236
S.
“
«...
27,721
55.741
8....
2,689,354 2,534,151 2,697,00
Total
preen• a
<»f
e
oc’o
port
-
f>4
611,0
6», „
2,130,4 47 1,976.545 1,099,855
>
r*>t *
This statement, shows
48 59
45*9!
53-73
Dec. .8.
44 44
39-13
that the receipts since Sept. 1 up to
are now 152,2) ) bales rn >re than they were to the same
dav of the month in 1831 and 7.652 bales less than they were
to the same day of the' month iu 1380.
We ad l to the table
to-night
the percentages of total port receipts which
December 8 m each of the years named
had been received to
table showing the exports of cotton from New York and their
direction, for each of the last four weeks ; als> the total .exports
and direction since September 1, ISS2, a il in the last column
the total for the same period of the previous year •
Exports of Cotton (bales) from New York since sept. 1. 1S82.
Same
Week ending—
Exported to—
|
j
Total
period
Dec.
since
prtvVus
7.
Sept. 1.
year.
2oO
9.372 13.356 *201.074 101,027
Goo
3,408
3,126
Great Britain 16.366 14,145
9.372 13,956 204,205 104,435
10,36 J 13,545
Liverpool
to
Nov.
30.
Nov.
23.
Nov.
16.
Other British ports
i
62
300
642;
73
17,125
12,748
62
30 u
642-
73
17,125
12,748
3.*'99
624
3,096
1,840
1,001
26,028
iu 122
Other ports
2,Os9
3,1 17
2,607
012
948
3 186
11,500
1.300
26,887.
1,740
Total to North. Europe
0,412
7,543
5,449( 5,040
72,035
23,197
ports
Total French
Bremen and Hanover
....
Hamburg
411 other
1,400
The Following are the (xrdi*
York, Bostou, Philadelphia an J
«Ld since September l, 1882:
N. OrTatn*
6,003
Texas....
Savannah
Mobile
2.375
Florida.
S.Oar’linaj
X Gar’lim*
569
5
Virginia..
5,-62
North, pts
Teim.. Ac.
..
This year.
Since 1
l.i
Sept
This
week.
84.0-1
78.750
4.673 116,D>2
4,990
737
c
737
3,7
2,507
Since
Sept,
l.j
|
5.005
27.". 12
T
r
1
.
m
|
•
„
.
•
•
.
.
90
!
......
^
2Ut
72
......
•
•
.
•••••«
44,336
m
5,406 56,252
46.33r.L%08.572
* C—
■jo
1j
9
4,31S
3,627
47,591
.
628
5,27 S
205
•
......
m m m
12,37 5
...
!
m
......
Of od3
35,525ja09,69 3 19.628 444,076
42 9.3147.299
......
.
••....
46,765: 2,0Js 18.352
.....
3..5S
6,114
2.425 24,2o3
19.3 10
45,229
„
......
m
252
1
2,32-5
!
i 9.822
8.330, 31.123 5,174
1,2 HI
90 37
,
m
......
85;
...
,
Since
Svicc \ This
Sept. 1. week. Sept. 1.
This
week.
•
24.016!
'
Baltimore.
-
.
Philadelphia. |
071; 79.I56|
2.123
1,055
•
j
..
.
1,89 i
3,U9o
Rboeipts of Cotton at New
Baltimore for the past week,
Boston.
Neio York.
This
week.
front—
1,07.5'
9,957
22,840 23.098 16.517 19,075 298,350 14L.117
Grand Total
I
i
400
7 00
Spain OpVtOjGibralt’r,*.
Foreign
l»fl
^8
34-50
Nov. 30 the receipts at the
this year were 141,922 bales more than in 1881 and
31,360 bales less than at the same time in 1880. By adding
to the above totils to Nov. 30 the daily receipts since that time
we shall be able to reach an exact comparison of the movement
...
JVf
a.
39 51
ports
is8l.
32* Cop.
2 wist.
43-27
This statement shows that up to
Total Spain, <feo
This statement shows that the receipts for the week ending
Dec. 7 were 170,000 cantars and the shipments to all Europware 17.000 bales.
Manchester Market.—Our report received from Manchester
OcL 6
■41-42
47-81
.
1
A c*ntar Is 98 ib«.
32* Gap.
Twist.
port
•'weeipr,**. Nov 30.
Other French
.Receipts (can tars*)—
1877.
326,656
1880
1881.
1878,
October..
Total
1882.
December 7.
1879.
The Exports of Cotton from New York this week show au
increase, as compared with last week, the total reaching 19,075
bales, against 16,517 bales last, week
Belov we give our usual
12.000 1.123.1 «V
23,000 1.161,100
1880.
Tot.Nv.30 2,401.937 2.257.015 2,433,297 2,164 407 1,757,349 1,499,517
52.479
8.
40.40* ■
36,867
26,6 47
21,387
400
400
Beginning September 1.
1831.
1882
®
Septhnb’r
Deo. 1
Calcutta1882
1881
Madras—
1882
1881
All others—
Tear
1882.
Total
—
receipts were made f.»r
Shipments since January l
Shipments for the week.
Great
Movement
comparison of the port movement by weeks is not accurate
as the weeks iu different years do not end on the same day of
the month. We have consequently added to onr other standing
tables a daily and monthly statement, that the reader may
constantly have before him the data for seeing the exact relative
movement for the years named.
The movement each month
since September 1, 1882, has been as follows:
Receipts.
Since
Jan. L
This
Week.
Comparative Port Receipts and Daily Crop
A
Monthly
Receipts.
Total.
itol. xxxv.
•mm
mm
7.795 114,100
33.8 43 14,<il6 100,510
THE CHRONICLE.
9,1889.]
December
6S7
Lidoesdale, steamer (Br), from New Orleans, Nov. 19, for Reval,
News.—The exports of cotton from the !%ited
States the past week, as per latest mail returns, have reached
182 428 bales. So far as the Southern ports are concerned, these
ar/the same exports reported by telegraph, and published in
the Chronicle last Friday. With regard to New York, we
Include the manifests of all vessels cleared up to Thursday
night of this week:
Total bales
Shipping
gale from the southwest prevailed at the time. The steamer was.
laden with 1,100 bales of cotton. The crew were saved.
Strathmore, steamer, from Savannah, Nov. 16. for Bremen, ran ashore'
at Ualandsoog, Netherlands, Deo. 4. She has jettisoned
part of her
cargo. Assistance has reached her.
Cotton
freights the past week have been
Satur.
Liverpool, steam d.
pi,.to. 2,324.
To Hull, per steamer Romano, (500
To Havre, per steamer Amerique. 73
To 13i emeu, per steamer Donau. 912
To Hamburg, per steamers Gellert,
To Amsterdam, per steamer Schiedam.
Do
—
600
73
912
948
i
-
711—Wieland, 237
Rotterdam, per
To
Do
sail
c.
Bremen, steam,
Do
1,190
Do
“
Sinai. 1,995 Upland
To il ivrc, p if bark Aeolus. 1,52t3
To Bremen, per steamer Wuotan,
Uplan l and >0 d ni I hand
4,2,00 Upland ...per bark-
3.650
Do
2,159
1,935
8,350
...
.
Bremen
t£- Ham-
3*092
J
1,602
9,441
...»
....
....
•
•
•
n
916'2>58+ 91<j'Sd8
....
....
•
•
•
•
....
....
m
m
m
m
....
....
V
....
....
....
69 00 •
8,300
2,80>
45,000
8,500
14,500
481,000
20 ’,000
103,000
67,00')
278,006
210,000
Tuesday.
and
Mod.
iuq.
freely
Easier.
un¬
supplied
5i5io
6j8
?
....
we have the following
&c., at that port:
Nov. 2 4.
Dec. 1.
34,000
11.500
2,800
51,000
8,100
11,500
485,000
220,000
90,000
75.000
283,000
225,000
Be. 8.
62.00c
9,40c
1,180
5
41.000
11,0 JO
41,000'14.500
6,000
4,800'*
490
16,000
505,000
22.500
515,000
252,000
101.000
91,000
289,000
235,000
267,000
97,000
77,000
313,000
260 OOO
7,000
1,000
Wednes.
IKnrsd’y.
Friday.
Fair
demand
Fair
d nnind
Steady.
freely met freely met
5i3i6
file
10,000
515jq
5151G
6*3
10,000
2,000
12,009
Steady.
Quiet.
1,000
J
Market,
)
Steady.
Flat.
6*8
12.000
2,000
2,000
G1®
10,000
1,000
Dull
but
Firm.
steady.
Barely
Dull.
steady.
\
Quieter.
Baroly
Firm.
steady.
Quiet.
opening, highest, lowest and closing prices
Liverpool for each day of the week aro given below. These
the basis of Uplanls, Low Midd ing clause, unless other¬
of futures at
3,300
prices
1,995 182,423
are on
wise‘stated.
l^°The prices are given in pence and G Wis Jhus: 5 62
and 6 03
means
Saturday
2-Steamers Federico, 5.454; Statesman, 3,175
Dec. 4—
Sh-mntTs Kit a, 3,025; Royal Crown, 4,350.
F.n Havre—Dec. 5—Ship Virginia, 3..'48.
For iviii;*ii-Dec. 2—Sceain r Grass h:o k, 5.604.
For .:.m*bma—Dee. 2—Steamer Vidal S ila, 1,156
Dec. 5—Bark
Eu■ ci'. a, 1 ,a48.
Fo! Vi r i ih-viz—Doc. 2—Steamer Ciiy of Mexico, 1,199.
Bavann ii—For Liverpool—De o 5--Steamer Pontiac, 4,477.
For
ennm—Deo. 5—Steamer Elginshire. 6, .34.
Ciiar
si\> ;
i-\>r Rouen—Deo. 5—Bark Vasa. 1.700.
Monday.
•
Forienourg—Deo. 1—Bark Hilda, i,i5.).
For Livorpool—Deo. 2—Bark I nut, 1,614.
Nouimla—F,.r Liverpool—Deo. 5—Steamers Boston City, 6,300; Straits
<».
over, 6,785; barks Kate Sauoton, 2,411; Lucco, 2,683
i- e. 6'LearnerElysia, 6,071.
BOSTo
i
Liverpool- Nov. 29 Steamer Sarmatian, 961
Dec. 2—
An a u r l
ava, 2,970 ...Due. 5—3t a m r iiulg trian. ——.
Balti.ii .ui F >r Liverpool—Nov. 30—Steamer
Muiumoru, 1,462....
D •>, i
Steamer Caribbean, 3,748
F...
.u,l tin—Doe. 6—Steamer Madrid, 1,050.
Philai>..i.i*.11For Liverpool—Deo. 1—Steamer British Queon, 2,S00.
High1 Low.
Clos*
d.
d.
d.
d.
d.
d.
cL
d.
&T
Deo^mber..
5 54
554
5 52
5 52
554
5 54
551
551
5 52
554
5 52
554
Dec.-Jan
...
5 54
554
5 53
5 53
554
5 54
5 51
5 51
5 52
5 54
5 52
5 5S
..
5 53
5 53
5 53
5 53
5 54
5 54
551
5 52
5 5i
554
5 32
554
5 5
>
550
5 54
Mar.-April. 5 5-i
5 00
April-Alay
May-Jine.. 5 03
June-July.. oco
July- \u^... 0 03
Aug.-Sept..
Sept.-Owl:...
5 58
....
-
Open
d.
.
—
ijpcn High Low. Clos.
d.
Feb.-Mar...
.
Tuesday.
a.
J m.-Feb.
.
5 62-6 id.
mzxns
6 3-64i7.
Open High Low. Clos.
>•;
....
....
...
3a*
••
•
Tiie Fluctuations.—The
5.714
D.,
Wilm
.
3a*
changed.
{
i 2:30 P.M.
5 P. M.
3.039
25.459
Galvls.on— For Livorpool—Deo. 2—Steamer Galveston, 5,750.
New O..leans—For Liverpool—Dec
1 —steamer Yucatan, 7,241
.
•
j532'2>3S+
iuiitreti.
LMarker,
......
1,619 16,319
?
Spec, ifc exp.
bare). Rival, burn. Malaga. Genoa. Total.
19 075
1,860
9,195 b'JjOO
3*80*:) ip >93 45,336
29.136
6,150
12,510
7,025 10,967 1,619
32.689
9.1 >9
4,417
9,226 30,279 15.967
Markot,
I2:30t.m
a.w>:
•
....
916'3>58*
Dull
cirrying- cotton
from United States ports, bringing our data down to the latest
mail
....
Saturday Monday.
ail the clearances of all vessels
we
9ia*
day of the
ending Deo. 8, and the daily closing prices of spot cotton, have
lid. Upi’dAiij.Orl’ns
Incl id d in the above totals are. from N w York to Hull, 60 ) bales;
to Aiusit i .1 mi. 35o bales; to Rotterdam, 1.L90 bales, and to Antwerp,
1.641. i - it s.
Bi’ow
....
....
sail.-.c.
8ale8
..
103,207
....
....
c.
Spot
BarctGothen- loan <6
...
Tot-
....
•>
been as follows:
follows:
73
....
•
The tone of the Liverpool market for spots and futures eaoh
182,423
4,475
1,586
91S*
....
•
Compressed.
week
The particulars of these shipments, arranged in our asuv
New Yoru.. 13.356
N. Orle ms. 2 >.9 12
Charleston.
8,89.)
Savati. n.
13.0*8
Texas
1.630
Wilinin rr »a
3,039
Norfolk
2 'i. 159
7 639
Balt in > >*
Boston..
5,714
Pliilad I ..’a
3.3; >0
9i«*
•
•
916*
—
-
Havre,
....
91Q"
•
....
Liverpool, per steamers Noord Brabaud, ’_>,5SS
Shelburne. 4.70 J
Van
Lefnrgey, 1,758
Maria
Aleiai le, 1, 370
25,459
BALTiw *kk - r<» Liverpool. per steamers Jan Kensall, 1,050....
Orammo-e, 4,588
Thanemore, 2,201
7,839
To Bremen, per steamer Hermann, (additional) 1,602
1,602
Boston—l\» Liverpool, per steamers Illyrian, 2,46 >.. .Palestine,
2,362
.
5,714
Fartbia, 867
Philai *ki.i*111a—To Liverpool, per steamers British Prince,
2, »00
Illinois, 800.
3,300
pool.
....
918*
•
3a,les of the week
bales.
Of which exporters took
Of which speculators took..
Sales American
Actual export
Forwarded
Total stock -Estimated
Of which American—Estnn’d
Total import of one week
Of whien American
Amount afloat
Oi which American
•
R v-nlale. 5,498
per ships
C • aver, 5,343
per barks John
Liver¬
®16*
Xov. 17.
3,039
Lula uia.9,1,734
form,
91(S*
...
.
are as
»16*
statemaut of the week's sales, stocks.
1,930 Upland
Total
916*
Livsrpool.—By cable from Liverpool,
1.536
—'
NOBFO's -T
918*
steam.c.
na,
Do
*
6,150
Ca-dL, Hill, 4,730 Upland
Vd », 1,300 Uplan l
per bark Nellie T. Guest, 3.000 Up¬
land
per brigs Julito, 490 Upland... roans, 470 Upland 12,510
Savannah—i o Liverpool, per steamers Cliutoaia, 6,003 Upland
....Dorset, 7, 045 Upland
13,043
To Orem eh, per steamer Endymion, 7.025 Upland
7,025
To Kevitl per steamers Friary, 6,500 Upland—Hartiugcon,
4.467 Upland
16,967
To G »tlteuberg, per bark Caleb, 1,649 Upland.
1,649
Texas—Po Liverpool, per bark Liberte, 1,630
1,630
To Havre, per haras Embla, l,33o
Houiik Ibsen, 1,762
3.092
To Bremen, per steamer Ohio, 4,447
4,447
Wilmi.n aoN—i’o Liverpool, per barks Hjemmet, 1 305
Coluin >us,
To liireeiona, per steamers
....
9ls®V
d.
sail.
Barcel
34®5I6
PH.
ii>32@1a* 1^32^ 1h‘ 15jjo
sail.-.d.
Baltic, s-teara
34®516
....
....
sail ...d.
Do
5,000
Thurs.
....
•
c.
Amst’d’m, steam.c.
Wednes.
....
.c.
sail
Tuts.
follows:
as
....
Hamburg, steam, d.
NEW
To tit-val, per steamer Botlial, 5,000
v
E To » aic« Iona, per steamer Jose t aro, 1,050
To Malaga, per bark Seste Dubrovacki. 2,159
...
To Genoa, per steamer Jose Bare, 650
per bark Guilio E.
C mu *,uza, 1,343
CHATtLH^ ro v — to Liverpool, per steamers Fairfield. 4,335 Upland
an,l too -3 a Island
Mayagaez, 2,350 Upland...per bark
Mon.
34^>616
sail...d.
Havre, steam....c.
350
350
steamer Leerdam, 1,190......
ran
ashore at 8t. Shott3. near Trepassey, N. F.t at 4 A. M. of Dec.
4,
and will probably become a total wreck. A dense fog aud a sever©
5 60
5 54
5 55
5 53
5 53
5 52
5 53
5 53
5 55
5 53
:
5 55
5 53
5 57
5 57
5 34
551
5 55
555
5 55
553
j
55S
5 53
5 59
5 59
5 57
5 57
5 58
5 59
5 53
5 5*
5 60
5 63
5 60
503
63
603
5 63
6 01
04’ 0 04
604
5 63
5 61
5 61
5 63
5 63
5 61
5 61
I
600
5 03
503
6 01
6 01
5 62
5 62
! 5
603
6 02
0 03
0 03
6 03
6 02
G 03
....
....
....
...
....
....
....
....
•
....
•
•
....
•
*
6 04
6
6 03
603
•
•
•
•
•
*
0 03
*
*
*
*
808
•
# *
..,
Thursday
Weiiuesday.
—
carrvd
Aauo ;
give all
.,ve
*
»ct »a
i; e
1
1
•
>
.r„m
g.
6
h
to
to vessels
Inmdrod bales
steamship Asbtmxjke, which arrived at Havr s Nov.
vxulvostoa, took lire, but tue lire was afterwards extiu-
*d.
>
steamer (Br ), at Galveston, loadlug for Liverpool.
uj^cavcied night of Dim. 6 in the fore hatch of steamer
.(i.rracli; her cargo of cotton will have to be broken to aaoer-
w
.s
A ii,;
tii<
ti t* carnage.
*1X8111 i. v
tramer (Hr.),
.
a >i
from New Orleans for Liverpool, whioh cleared
the city again on account of having too great
*liu discharged 100 bales of cotton and left again prior to }
K
ruiumu.i to
Dcrcmboi 1.
a.
d.
d.
553
554
5 52
3 54
Doc.-Jan
...
5
3
5 53
5 52
...
5 52
5 52
5 52
...
553
5 54
553
554
prll.. 555
555
555
5 55
5 50
5 02
558
Feb.-.Ua
..on.
,
*
<i.
December..
Jan.-F.*b
Two
i-x
23
Am>.\\c
received
-coauiar, from G dvoiton for Havre.
;.
•*.
»
due of disasters
from United States ports, &o :
news
Open} High
Open High Low. Clos.
I
Mar.-
Friday.
•
Low. Ci os.
Open High Low. Clos.
d.
d.
d.
cl.
d.
d.
d.
554
554
554
554
5 5»
5 56
554
553
| 5 54
5 54
5 54
5 54
556
5 51
554
5 53
1 5 53
5 54
5 53
5 54
550
550
554
55*
554
555
554
554
5 57
5 57
5 53
5 65
3 55
5 58 1 5 59
5 57
5 55
5 57
5 59
5 50
5 57
5 5T
558
5 59
5 59
5 5 •
5 61
5 61
5 tO
569
,
.
d.
554
5 54
Ap ll-lisy..
May-1 me..
June-July.. 000
5 62
5 61
5
61
5 63
5 03
5 63
000
563
503
5 62
6 00
6 01
6 02
601
6 62
6 02
600
0 01
003
603
0 03
July-Aug... 003
0 04
8 03
6 03
6 03
005
805
605
606
007
006
003
0 07
:.-Sept.. 606
Sept.-Oot...
600
600
600
6 0S
008
007
608
An
....
•
•
•
•
• •
»
....
*
'**
•
• •
*
*
•
*
•
•
•
•••
••
•
••I
__
‘
THE
688
[VouX XX?
CHRONrCXLE
GRAIN.
BREADSTUFF S.
Friday, P.
M.. December 8, 1882.
less depressed of late, the sales being
small and the supply burdensome. Winter wheat brands have
been more depressed than spring wheat grades. To-day the
■market was dull for the better grades, but the cheaper brands
prices, however, were
Red winter
Red winter, No.
White
White No. 1
®
®
Buckwheat
72
®
quiet most of
deliveries have declined slightly. A
scarcity of ocean freight room has continued to restrict the
^export trade, and there has been little speculative demand
either here or at Chicago. The crop is being marketed at a
very moderate rate, but the supply is nevertheless largely in
excess of the present requirements.
The indications, therefore,
point to a large supply at the close of the year, though it will
consist mainly of winter wheat, spring being comparatively
scarce.
There has been some business in Chicago on French
account, but nothing very important, and we are, in fact,
feeling the efifects of large crops in Russia and other parts of
Europe this year, not to mention the effect of the cheap wheat
from Bombay and the Persian Gulf, raised at a smaller cost and
transported to Europe at lower rates of freight than those cur¬
rent at any of the ports on either the Atlantic or the Pacific
«■
while the later
•
•
Chicago ....
Milwaukee..
Toledo
Detroit......
St. Louis
200
53,970
...
901
40
44
45
50
44*3 9
46^®
I7'
96
71
70
74
97
fJ
1 02
86
90
81
87
93
82
W7iea(,
Corn,
bush.
bush.
(56 lbs.)
lake and river
ports
Oats,
fe.
Barley,
bush.
bush.
(32 lbs.) (48 (6*.) (56 lb*.
446,674 158.649 39,266
66.325 189,086 29,110
26.298
2,000
3,477
17,760 11,516
1,800
98,793 74,81f 18,792
136,150 13,200 19,000
403,315 1,385,538
43.510
192,498
87,292
174,352
6,991
93,053
2,500
1,200
778,580
371,866
4.150
315,500
297,506
......
248.061 1,537,940 2,619,911 793,800 449.297
time’81. 125,947 661,665 1,618,135 638,912 463,408
Total receipts at same ports from Dec. 26, 1881, to
Total
8ame
inclusive, for four years;
1882,
loToI^
80^039
Dec. 2»
1881-82.
1880-81.
1879-80.
Flour.... ...bblfl.
7,982,275
8,269,603
6,371,030
6,458,798
Wheat... /..bush,
Corn.
Oats
70,474,165
52,228,192
125,723.913
33,977,849
9,995,221
81,681,880
144,732,658
37,266,667
9,114,734
3,465,070
3,662,406
94,380,137
102,655,148
29,414,908
9,529,017
4,575,903
...
Barley..
Rye.r...
73.666,323
43,292,440
11,543,792
3,274,588
1878-79.
276,458,345 240,560,113
Comparative receipts (crop movement) at same ports from
July 31, 1882, to Dec. 2, 1882, as compared with the pre¬
08%@$1 08% for December, $1 10/4
14%@$1 14% for February, and
March.
Hard No. 1 Duluth spring is
and wanted; the
showing anxiety to unload, while bears put out
considerable additions to their shorts. The receipts have de.
creased somewhat, partly owing to intense cold at the West.
The recent cutting of rates on the Northwestern railroads has
effect. A considerable portion of the corn
Arriving at Chicago, it is noticeable, is below the contract grade,
and here some of the ungraded new has sold at as low as 43c.
New yellow has been quoted here at 60@70c. for white and
<KX§/70c. for yellow.
Most of the receipts of new have
been
from
Southern Ohio, Missouri and
Kentucky,
though there have been arrivals also from Mary¬
had little, if any,
Tennessee. Virginia, Delaware and Pennsylvania.
The aggregate receipts, however, have been moderate. To-day
prices opened %(glc. lower, but afterward recovered the
land,
v
885
2,129
...
Peoria
Duluth
the bulls
'■
...
...
Cleveland...
quotation is $1 20.
Indian corn has been fairly active for speculation, with a
/. moderate business for export.
Cash corn has fallen 12 cents
daring the week and old for December 8 cents, while the later
deliveries have advanced 1 to 2 cents ; new for this month has
declined 2 cents. There have been large sales for December'at
the sharp decline, and at times even excitement, some of
scarce
Canada No. 1...
Canada bright..
Canada No. 2...
State, 4-rowed..
(60 lbs.)
(196 lbs.)
63,089
106.887
At—
69
70
Barley—
State, 2-rowed..
bbls.
supply; No. 2 red sold at $1
10% for January, $1
14%(«$114% for
White..
No. 2 mixed
No. 2 white
66
67
York Produce Exchange Weekly.”)
(Fi'om the “ New
Flour,
United States. To-day the market was irregu¬
lar, cash and December being slightly higher, while later deliveries declined a trifle ; there was a slight decrease in the visible
■:fl
Oats—
Mixed
Receipts of Hour aud grain at Western
r the week ending Dec. 2, 1882 :
seaboard of the
'
2
60
60
r'
State
....
®1 08
88*s®l 13
1 08*321 1C*4
90 ®1 12
1 08 ®1 09
43
®
72
72*a® 73*3
White
Yellow
on
ago,
®
1 06
Cora—West, mixed
West. mix. No. 2.
still weak.
the time, both for export and
speculation, though yesterday a very fair trade for foreign
account was done. Cash wheat has advanced one cent, and
December has not varied materially from the figures of a week
Wheat has been
97
Spring, per bush.
Spring No. 2
Flour has been more or
sold well;
Rye—Western
Wheat-
Total grain
....
202,251,308 230,390,245
vious three years
Flour
Wheat
1881.
1880.
bbls.
3,151,452
3,101,668
2,713,859
bush.
45.129.511
24,475,247
22,804,769
54,820,799
48,732.156
53,386,252
36,790,931
12,352,811
Com
13,524,235
21,242,555
Oats
6,003,933
2,465,683
6,725,284
Barley
Rye
2,060,889
years:
55,050,410
19,239,255
6,608,993
2,271,052
7,090,280
2,663,362
to Dec. 2, 1882, inclusive, for four
1881-82.
1880-81.
1879-80.
1878-79
....bbls.
8,078,168
8.144,233
5,415,918
6,975,399
bush.
52,430,226
63,635.776
34,433.672
46,887,275
106,543,016
67,777,589
124,436,924
30,189,637
3,978.877
2,963,740
76,934,401
83,039,304
20,806,334
Wheat
Corn
Cats
mmmm
Kj 6
t
99,619,119 131,901,871 113.233,666
of flour and grain from the same
99,622,486
Comparative shipments
ports from Dec. 26,1881,
Total grain....
Flour...
1879.
1882.
3,712,681
4,843.734
3,059,981
••■»•••
••••
32,278,222
4.406,374
2,219,918
5,351,300
3.961,870
*
190,093,219
158,403,389 192.334.805 229,351,767
Rail shipments from Western lake and river ports for the
Total grain
..
weeks ended:
Week
Dec. 2.
244,099
136,094
268,275
363,338
181.944
50,351
189.117
59,712
186,783
541,539
438,541
121,507
58,502
4,160.290
2.835,233
1,346,672
1,366,546
Wheat
Corn
Oats
1,058,236
259,893
\
Barley
.-«■
Rye
Total
Rail and lake shipments
Week
Flour,
ending—
obis.
2... 321.569
Dec.
Nov.
Nov
Nov.
Dec. 6.
Dec. 4.
118,731
232,116
....bbls.
Flour
1879.
Week
1880.
Week
1881.
Week
Dec. 3.
1882.
from same ports for
Wheat,
bush. '
bush.
bush.
680,405
1,332.356
1,449.995
1,312.017
964,638
25...285,857
18...280,744 1.414,879
11...254.595 1,210,953
“
‘
1,194,703
211,371
108,000
13,019
last four weeks:
Oats,
Corn,
665,768
633,991
629,726
731,396
779.621
Barley,
bush.
Bye,
bush.
182,644 50,351
181,181 43,556
134,178
234,450
253,665 128.307
1,145,765 4,270,875 5,289,101 2,774,737 851,940 356,392
decline[and advanced M@lc.; No. 2 mixed sold at 70c. for new for Tot.,4w.
Aw’ks 81. .549,380 2,320,116
6,179,459 1.317,350 660,467 226,163
December; 66%@66%c. for old for January; 64%@65%c. for Feb¬
Receipts of flour and grain at seaboard ports for the week
ruary, and 63%(564%c. for May; old No. 2 mixed for December ended Dec. 2:
Barley,
Bye,
Oats,
Corn,
Wheat,
was held at 73%c. with 73^c. bid, and at the last call 70Mc.
Flour,
bush.
bush.
bush.
bush.
bush.
bbls.
176,650
259,700
171,250
was bid for new for this month.
887,556
166.690.1,546,654
New York
975
68,050 46,925
111,150 107,150
90,675
Rye has declined, but barley has advanced somewhat. Oats Boston
1,500
2,400
950
Pnrtliind
15
1,000
87,328
were quiet until yesterday, when a good business was done, but
11,856
Montreal
500
62,050 10,200
53,500
153,800
19,424
Pliiladelphia...
1,500
16,411
136,400
prices on the spot have shown a decline. To-day, however, Baltimore
25,396 356,700
28,237
16,615
85,428
there was an advance, with liberal sales of options at 44%@45c. New Orleans... 31,528
352 913 317,825 174,225
for December,2 45 %@46%c. for January and 46%@47c. for
Total week... 346,519 2,341,060 1,203,621
286,269 371,909 84,194
Oor. week ’81.. 212,405
908,452
1,065,666
February.
Total receipts at same ports from Dec. 26, 1881, to Dec. 2,
The following are closing quotations:
1882, as compared with the previous three years :
FLOUR.
1878-79.
1879-80.
......
$2 30® 3 00 City shipping extras. $5 30®
2 75® 3 50 Southern bakers' and
family brands
5 35®
Superfine
3 00® 3 80 Soutli’u
sLip’g extras. 4 25 ®
Spring wheat extras.. 3 75 # 4 50
do bakers’
4 75® 5 25 Rye flour, superfine.. 3 40®
Ko. 2 spring...bbl.
lio. 2 winter
Vis. & Minn, rye mix.
Minn, clear and stra’t
4 73 ® 5 50
4 r>0® 0 00
Winter sliipp’g extras. 3
' 5
Patents, spring
Patents, winter
-5
Com meal—
Western, <fec
5 75
6 75
5 20
3 85
3 85® 4 00
4 10® 4 15
Brandywine, <fec
80® 4 25
75 ® 7 50 ! Buokw’t flour/lOOlbs. 3 10® 3 25
50® 7 00 j
1881-82.
1880-81
bbls.
11,714,879
11,848,636
10,302,918
10,444,156
Wheat..... bush.
83,321,744
30,674,454
86,733.699
-99.388,356
124,527,782
131,363,733
161,414,742
100,819,915
20,956,797
5,821,498
Flour
Com
Oats...
Barley
Bye
Total grain
26,149,627
5,389.972
1,999,266
....147,535,063
25,706,688
5,143.000
2,014,505
22,296,311
5,442.244
2.670,640
219,016,258 219,046,258
4,550,457
293,593,409
THE CHRONICLE.
9, 1883 I
DBOEMBER
66^
~
Biports from United States seaboard
Pec. 3,1882, have been as follows:
Exports
from—
Com.
Wheat.
Flour.
Oats.
Rye.
Bush.
Bush.
Bush.
Bush.
149,438
48,145
558
95,090
517,258
1,250
3C0
4,897
Total w’k.
176,148 1,208.207
155,193
564
91,134
393
g’nse time
1881.
127,013 1,220.005 1,050,317
1,020
42,66c>
15,196
New York
Boston. -•
Bush.
393
91,134
400
Portland.
Montreal,
pbtladel..
8,475
5,200
7,175
Baltimore
N.0rl’n8.
..
The
120
25
Flour.
1881.
1882.
1882.
Dec. 3.
Dec. 2.
Bbls.
Bbls.
Un.King.
COntiu’ut
S.&C.Am
W. Indies
Brit. Col’s
Otli.c’nt’s
133,471
Total...
176,148
73.520
1,880
6.98 o
11,636
7,934
19,086
8,357
17,168
21,372
1,437
315
Oo7'n.
.
1881.
Week.
Week,
WeeJc,
to-
Wheat.
1«32.
Week,
Week,
Week,
Dec. 3.
Dec. 2.
Dec. 3.
Bush.
Bush.
Bush.
Bush.
728,395
460,864
701,873
131,856
16,503
814,753
211,918
18,048
20
580
2.4 56
l,00o
3,943
14.530
40
127,166
8,056
300
60
900
127,013 1,208,207 1,220,005
155,193 1,050.317
By adding this week’s movement to our previous totals we
have the following statement of exports since September 1, this
season and last season.
Flour.
Exports slnct 1882-83.
Sept. 1, to- Sept. 1 to
Un. Kingdom
Continent...
8.&C. Am...
West Indies.
Brit. Col’nies
Oth. countr’s
Total
The visible
Wheat.
Corn.
1881-82.
1882-83.
1881-82.
1882-83.
1881-82.
Sept. 1 to
Sept. 1 to
Sept. 1 to
Sept. 1 to
Sept. 1 to
Dec. 2.
Dec. 3.
Dec. 2.
Dec. 3.
Bbls.
Bbls.
1,678,240
188,700
Bush.
Bush.
Dec. 2.
Dec. 3.
Bush.
Bush.
268,685
878,040
64,198
195,100
170,869
219,858
1^3.390
23
12,724
12,875
139,584
170,068
13,079
172,897
144,933
50,304
20,889
2,565,626
1,514,772
30,741,717
19,580,940
1,611,326
13,407,590
197.419
16.8S7.580
13,650,101
14,403,598
4,994,302,270
10,042
44,550
20,870
1,183,703
185,869
70,700
110,209
32,100
supply of grain, comprising the stocks in
10.833,697
2,184,881
granary
principal points of accumulation at lake and seaboard
ports, and in transit by rail and water, Dec. 2, 1882, was as
at the
Wheat,
New York
Do. afloat (est.)
bush.
6,443.327
1,640.010
Corn,
Oats,
bush.
bush.
1,192,869 1,460,843
186.000
99,000
Barley,
8c. per
makes of wide
sheetings, bleached goods, ticks, &e., without
materially increasing their distribution. Cotton flannels and.
satteens remain
bush.
37,600
43,971
14.600
26,000
91.500
235,000
1,387,723
353,000
4,060,670
162,523
34,199
438,253
afloat
Chicago
Milwaukee
Duluth
.
216,801
609.000
1,240,733
8,435
bush.
172,645
272.000
Albany
313,155
7,913
147,ISO
Oawego
564,720
207.888
250,000
St. Louis
503,436
Boston
Toronto
Montreal
253,446
191,965
233,4o4
345,199
5,246
Detroit
Philadelphia
Peoria
Indianapolis
Kansas City
Baltimore
Down Mississippi.
On rail
On lake
On canal
110,000
594,719
10,266
58,780
181,093
29,435
48.411
34.400
272,475
233.500
278.694
1,312.7 >5
10'.,856
457.2 41
430,124
53.725
4,500
16.683
15,061
2,000 1,050,000
67,619
2,673
future
more
active.
as
regards
make fair deliveries
35,22 \
1,2 88
244.693
2,491
2,192
8,747
83,703
1,412
18,300
17,602
-
488,171
15,496
Total Ent’d
-
-
o<
3,27 807
X
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spring fabrics to be delivered hereafter.
jobbing trade was somewhat quiet, and yet there was a steady
call for small lots of
staple and department goods by personal
selection and through the medium of orders, and a considerable
distribution of fancy goods, adapted for the coming holidays,
was made in some
quarters. The cotton goods market con¬
tinues unsettled, with a drooping
tendency, but other values are
M
too
M
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1,253,216
placed for
The general
coto
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Friday, P. M., December 8, 1882.
fair orders
Total
^
X
© to
©
The past week has not developed any material change in
the condition of the dry goods trade.
Business has been
some
Flax Silk
-4©
C © ©M-4
© to O'. <1 M
M
© 00
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.
regards seasonable goods, but
—
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certain
1
1,221,470
1,138.023
1,084,Ol8
restricted in volume with commission houses and importers as
;
CO
to
o
M
©to
50,35i
TRADE.
£
oi—
.
3.312.152 3,278,3*33 1,199.192
3,497.843 3,351,005 1,159,294
GOODS
Cloak¬
in
were
M
i
s
c
e
l
a
n
o
u
M
a
n
u
f
c
t
r
e
s
market. forcnsumpt.
on
M
DRY
record.
importations of dry goods at this port for the week
ending Dec. 7, 1882, and since January 1, and the same facts
for the corresponding periods of 1881, are as follows:
o
THE
on
The
r-
3.809,909 3.U70.439
3,772.154 2,856,957
4.175,772 2.572.329
2,820,045 3,165,974
agents continued to
moderate request at steady
prices, but blankets were mostly quiet. For seasonable wor¬
sted dress goods there was only a limited call, but
agents con¬
tinued to book fair orders for such spring fabrics as men’s vest¬
ings, lace buntings, &c. Woolen hosiery diagg ^d heavily, and
the demand for knit underwear, and fancy knir. woo ea* was.
barely up to expectations.
Foreign Dry Got D3.—Aside from a few descriptions
adapted
toHhe holiday trade foreign goods have been quiet with im¬
porters, as is usually the case between seasons. The jobbing trade
was fair for the time of year, the activity of the retail branches
having stimulated the demand for small reassortments.
03
Dec.
2, ’82.19.903,959 6.460.699
Nov. 25,’82.20,118.542 4,679,511
Nov. 18, ’82.20,216.621 4.396,888
Nov. 11, ’82.19.189,168 4.067.168
Nov.
4, ’82.17,742,853 4.003.361
Dec.
3, ’81.18,876,127 18,817,521
new business, but
account of orders
White and colored flannels
-<Ot
181,944
700
on
ings and repellents ruled quiet, but sackings were in fair re¬
quest by jobbers and retailers.
Satinets continued dull, and
there was a light and unsatisfactory business in
Kentucky jeans.
93,000
78.124
8.835
709.663
limited call f^r heavy
hands, and the jobbing trade was a trifle
Spring cassimeres, suitings and worsteds were
mostly quiet
58,153
40,765
was a
cassimeres at first
906
26,460
1,286.752
moderate
delivery.
Domestic Woolen Goods.—There
9,974
94,371
34,426
60,100
in
were
Prints and ginghams moved slowly from first hands,
but there was some business in plain and
fancy seersuckers for
256,517
33,431
69,542
99,598
13,791
Print cloths
ca
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•
were^
qualities.
68.000
251,267
light. Cottonades
are
demand and steady at a ll-16c. and 3 5-16c. for the
respective,
475,414
Toledo
Tot.
Tot.
Tot.
Tot.
Tot.
Tot.
unchanged,because stocks
and oheviots ruled quiet, but some fair-sized lots of camlets
Importation of Dry Goods.
Rye,
62,431
420,000
Buffalo
“
The tone of the
quiet and easier. Standard sheetings,
steady for many months past, were reduced te.
yard, and slight concessions were made upon various'
follows:
In store at—
to
was
placed “on memorandum.”
1881.
Dec. 2.
390,066
Republic, 202
which have ruled
destination of these exports are given in the table below.
the corresponding period of last year for comparison :
for iceeh
Great Britain, 513 to Chili, 267 to Argentine
United States of Colombia, 92 to Brazil, &c.
cotton-goods market
419
We add
Exports
Domestic Cotton Goods.—The exports of cotton
goods for the
week were 3,203 packages, including 1,150 to
China, 660 to
Pear.
546,194
Bbls.
104,429
50,469
fairly maintained, and stocks of both foreign and domestic
goods are in pretty good shape as a rule.
ports for week ending
THE CHRONICLE.
690
Commercial Cards.
Financial.
A. H. Brown &
BANKERS AND
INVESTMENT
Co.,
OFFICE
Dan
Wh. M. Eabl,
A. H. Dayton".
Member N.Y. Stock Exch.
BANKERS
TO 59
55
AND
AND COMMISSION
ON
96 Wall Street,
AND
BOUGHT
SOLD
COMMISSION
EXCHANGE
Mutual Insurance
NET/
New York,
10, 12 Sc 14 East Hay, Charleston,
tlie
41 Sc 43
of
North Peters St., N. Orleans.
PLACE,
GOVERNMENTS <fc FOREIGN EXCHANGE.
Randall,
Otto C. Wierum
Member N. Y. Stock Exchange.
miscellaneous.
Toy, Lincoln & Motley,
15 Chauncey Street
BOSTON
43 A 45 White Street,
Farmer,
Ocean Mills
Solicitor and Attorney.
Kllerton New
New
"EXPLANATORY
BOOK, just
*nd post free upon application.
York, Boston, Philadelphia,
SELLING AGENTS FOR LEADING BRANDS
BROWN
BISK.
MINIMUM
published, gratia
OPERATORS IN STOCK EXCHANGE SECURI¬
White Mljj, Co.,
Mills,
Bliss, Fabyan & Co.,
Refers to Bank of Monroe.
SPECULATION AND INVESTMENT
IN STOCKS AND SHARES
A
Cliicopee Mfg. Co.,
Saratoga Victory Mfg. Co.,
Hosiery and Yarn Mills.
Practices in the District Circuit and Supreme
Courts of the United States and of the State, in
mil classes of cases. Has no other business, and de¬
votes his personal attention and all his time exclu•
WITH
AND BLEACHED SHIRTINGS
AND SHEETINGS, .x„
PRINTS, DENIMS, TICKS, DUCKS, &0.
Towels, Quilts, White Goods and Hosiery
TIES should test this system, by which large profits
realized, and the possibility of losses reduced to
Drills, Sheetings, die., tor Export Trade.
minimum.
BrinckerholT, Turner
OPINIONS OP THE PRESS.
Civil Service Gazette—" The system recommended
tbj Messrs. Gutteridge & Co., is easy to comprehend
,-aad safe.” John Bull—“An easy and apparently safe
system, worthy of public confidence.” Court Journal—
**
An excellent way of speculating, ably set forth ”
OivUVinr-"An Interesting book.
This system com¬
mends Itself as being a very safe one.” News oj the
Wotitir—'** This book is well worth reading. One can¬
not do better than retain their services.”
<-
W.
GUTTEBIDGE
&
Manufacturers and
COTTON
CANVAS, FELTING
DUCK, CAR
COVERING, BAGGING, RAVENS DUCK, SAIL
TWINES, &C., “ ONTARIO ” SEAMLESS
BAGS, “AWNING STRIPES.”
London E. C.. England.
WEBSTER’S
UNITED
UNABRIDGED.
Sheep, Russia and Turkey
In
A
Bindings.
STATES
100
TttCTioM/?M{/ppa£afTM
Bicycles.
642
47
$5,627,021 57
during the
$4,110,170
72
$1,775,882
80
$924,227
02
same
Penoa
Returns of Premiums and Ex¬
penses
The
Company has the following Assets, viz.:
United States and State of New
York
Stock, City, Bank and
other Stocks
Loans
“
$8,965,758
secured
00
by Stocks and
otherwise
1,729,500 00
Real Estate and Claims due the
Company, estimated at
491,148 18
Notes and Bills Re¬
ceivable
1,631,294 23
347,765 99
Cash in Bank
v.$13,165,466 40
SIX PER CENT INTEREST
on
the outstand-
certiffcates of profits will be paid to the holders
thereof,
or
their legal representatives,
on
and
Tuesday, the Seventh of Fobruary next.
THE
OUTSTANDING
CERTIFICATES
the issue of 1877 will be redeemed and
of
paid to
the holders thereof, or their legal representa¬
tives,
on
and after Tuesday, the Seventh of Feb¬
ruary next, from which date all interest thereon
will cease. The certificates to be produced at
the time of payment
A
DIVIDEND
and canceled.
FORTY PER
OF
CENT
the net earned
premiums of the
Company, for the year ending 31st December,
1881, for which certificates will be issued on
ind after Tuesday, the Second of May next.
on
By order of the Board,
Mfg. Co.,
J.
H.
CHAPMAN,
Secretary
Washington St., Boston", Mass
New York Riding
Biographical Dictionary which
it contains gives brief facts con-
1,587,534
School,
214 E. 34th St„ Near Third Aye
corning 9700 noted persons.
in Illustrations—3000 in
JLJ
num-
JhdlJ JL ber, (about three times as many
as found in any other Dict’ry.)
HOLIDAY GIFT.
Herring’s Safes.
THE
Most
.
Losses paid
declared
The Pope
the latest edition with 118,000
Words, (3000 more than any
other English .Dictionary.)
.
,
Street.
Thousands in daily use by doctors,
lawyers, ministers, editors, mer¬
chants, Ac., &c. Send 3-cent stamp
for elegantly illustrated 36-page
catalogue to
“A LIBRARY IN ITSELF.”
I
Duane
Columbia
fmABWCQ$Tf?™?,
COMPANY.
BUNTING
full.supply, all Widths and Colors, always in stock.
No.
WEBSTE/r^hf MEYt
,
Also, Agents
10
January, 1881, to 31st Decem¬
after
And ail kinds of
.SWORN BROKERS, NO. 7 DRAPERS GARDENS
'
Dealers tn
$4,039,487
Premiums marked off from 1st
Amount
COTTON SAIL DUCK
CO.,
Policies not marked
Total Marine Premiums
Co.,
&
•
.
on
January, 1881
Premium
mxe
mk
Marine Risks from
Co., Atlantic Cotton Mills,
Peabody Mills.
MONROE, LOUISIANA.
elvcly to his profession.
on
ber, 1381
AGENTS FOR
of
January, 1881, to 31st De¬
off let
SUCCESSORS TO
MUDGE, SAWYER & CO.,
NEW YORK,
-
Premiums
Premiums
E. R.
tConnselor,
YORK, January 25, 1882.
Trustees, in conformity to the Charter
cember, 1881
f!ffxa. K.
Co.,
Company, submit the following Statement
its affairs on tho 31st
December, 1881 *
1st
"Brokers in Railroad Stocks and Bonds,
W. W.
The
108 Bay Street, Savannah,
Randall & Wierum,
50
THE
MERCHANTS IN
RICE,
BROKERS^
BUILDING,
York.
BONDS
AND
Geo. H. Stayner
Special.
DREXEL
STRICTLY
OF
ATLANTIC
FACTORS,
MILLERS,
Dayton,
New
STOCKS
Talmage’s Sons & Co
SECURITIES.
'Special attention to business of country banks.
Earl &
Insurance.
BROKERS,
St., Cor. New, New York.
* Wall
Uol. XXXV.
acceptable to Pastor, Parent, TeachChild, Friend; for Holiday, Birthday, Wedding, or any other occasion.
«r,
CHAMPION
IN ALL GREAT
RECORD
FIRES.
It Is the best
practical English Dictionary
«xtant.—London Quarterly Review.
It is an ever-present and reliable school
master to the whole family.—S. S. Herald.
^<5. & C. MERRIAM & CO., Pub’rs,Springfield, Mass.
Wire
TRUSTEES:!
J. D. Jones,
Charles Dennis,
Horace
W. H. H.
John Elliott,
Moore,
Lewis Curtis,
Charles H. Russell,
Adolph Lemoyne,
James Low,
David Lane,
Charles H. Marshal^
George W. Lane,
Edwin D. Morgan,
A. A.
Robert L. Stuart,
Raven,
Sturgis,
Benjamin H. Field,
.
Samuel Willetts,
STEEL AND CHARCOAL
Jjsiah O. Low
Charles D. Leverich,
of superior quality
suitable for MINING ANn
HOISTING
PURPOSES
William E. Dodge,
William Bryce,
William II. Fogg,
Royal Phelps,
Thomas F. Youngs,
Thomas B.
Inclined Planes, Transmis¬
sion of Power, Ac. Also,
Galvanized Charcoal and
C. A. Hand,
Horace K. Thurber,
John D. Hewlett,
William Degroot,
|BB for Ships’ Rigging, Sus¬
William H. Webb,
Henry Collins,
John L. Riker.
pension Bridges, Derrick
Guys, Ferry Ropes. Ac. A
large stock constantly on
hand from which any de¬
Charles P. Burdett,
J. D. JONES,
lengths
are
cutFLAT STEEL AND IRON
ROPES for Mining pur¬
sired
poses
der.
W.
James G. Do Forest,
Wm.
IRON
JOHN
Bobt. B. Minturn,
Gordon W. Burnham,
Rope.
Gray,
Edmund W. Corlies,
manufactured to
MASON
or¬
President.
CHARI.ES DENNIS,
HERRING
&
CO.,
W. H. IT.
Coddington
Vice-President.
MOORE, 2d Vice*Presideat
Ac
CO.,
43 Broadway, New York,
251 & 252
Broadway, New York.
A. A.
RAVEN, 3d Vice-Presides!.
@FedFRASER