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xmm
HUNT'S MERCHANTS' MAGAZINE.
aaPRESENTINQ THE INDUSTRIAL AND COMMERCIAL INTERESTS
VOL.
NEW
35.
YORK, DECEMBER
Financial.
AMERICAN
Note Company,
Bank
143
BROADWAY, NEW YORK.
BUSIXKSS ForNDKU 1795.
Incorporated under Laws of StaU of New Tork,
NO. 911.
1882.
Financial.
Financlal.
DIAMONDS.
Fred. H. Smith,
STOCK AND BOND BROKER,
18B8.
BROAD STREET, NEW YORK.
20
&
Alfred H. Smith
Reukoanizsd 18TU.
Enqbatxhs and pbintkks or
BOSDS. POSTAOB AND REVSNUB STAMPS,
9,
THE UNITED STATES
'OP
Co.,
182 Broadway, Cor. John
IMPORTERS OF
St.,
LBOAL TENDER <t NATIONAL BANK NOTES
DNIIBD STATES and for manv WorMta Diamonds, Fine Rubles, Sapphires,
Oovemment*.
and other Precious Stones,
Railroad Securities a Specialty.
Intimate knowledge of all for past fifteen jemiu.
Information cheerfully given. Investors or dealer!
wishing to buy or sell are Invited to commnnlcatM
All stocks dealt In at New York Stock Bzchanse carried on margins.
•/ Ott
BiVQRAVINQ AND PKINTINO
or BANK NOTES, STATE AND RAILROAD
EXCLUSIVELY.
BONDS, SHARE OERTIFIOATES. BILLS OB
XXCBANQB, DRAFTS, CHECKS, STAMPS, <te.
LONDON, 33 HOLBORN TIADCCT.
IN THE FINEST AND MOST ARTISTIC STTUl
LINDUIT HAINZS
Lewis H. Taylob, Jb.
FROM STEELi PL.ATE8,
special safOKuards to prevent OaimterfeUint
or Alterations. Special papers manufactured exclusively for use of tiie Company.
No. 140 Sontb Tblrd Street,
Executed In Fireproof Bnlldlnc*.
RAILWAY PRINTING A SPECIALTY
Railway Tickets of Improred
With or wUhoiH Colors, and Tiekets of
Styles,
all
PHILADELPHIA.
Deposits received subject to check at sight, and
Interest allowed on dally balances.
Stocks, Bonds, &c.. bought and »oid on commission In
Philadelphia and other cities
Fartloular attention given to Infomiatlon regarding
Jos. W. Drezel,
Vice- Prest., T. H. Porter,
A. D. Shepard, Vice-President, P. C. Lounsbnry.
Halo Smillle, Vice-l'rest., Chris. Meyer,
J. T. Robertson, Vice-President, A. V. Stout,
A. a. Ooodall, President,
a
W. SCKANTON.
James MacdonouKh,
Wm.
a. H. Uanforth,
G. H. Stayner, Treasurer,
Theo. II. Freeiand, Secretary.
Aug. NoTTKBOHiM (Nottebohm Freres).
FB. DHANIS (MichielS Loos).
JOH. DAN Fuuhsiann, Jr. (Job. Dan. Fuhrmum.;
Locis WSBSB(Bd. Weber & Cie.)
IVhaa Rautinstbacch (C. Schmid A Cie.)
A
GENERAL BANKING BUSINESS.
.
POTTKB.
Presi.
J. J.
Uddt, Cashier.
Maverick National Bank,
80i$T0K,
CAPITA!.,
..«..•-
8i;kpi.i;«i,
,vcoottnt8 of
«400,0«0
400,000
Banks and Bankers solicited.
made upon favorable terms.
Oovermnent Bonds bought and
Collections
Aug. T.
S6
Post,
lolii.
Banker,
NASSAV STREET,
A
i318
CHAPEL
ST.,
NEW HAVEN.
Barker & Tinker,
BAKTKERS AKD BROKERS,
FOBDTCS
Member
Ne-w York.
rHXNBT
D. BABKKB,
N. Y. Stock Ezclu
Henry
Bros.
TROY,
T.
N. v.. 14 i 15 HALL BUILDING.
Private Wire to Troy.
Seeurttiea carried on margin. Interest paid oo halanoei
&
29
BEAVER
NEW
Bill, of
&
Wilson
Co.,
ST.,
YORK.
ExehanKe and Letter, of
Credit on Ilexico.
&
C. Walcott
J.
Co.,
BANKERS AND BROKERS
No. 3 Pine Street, Neiv Tork.
and Chicago Stock Kxchanges.
BrancU Office, 320 Broadirajr.
Jos. C.
WALCOTT,
{
Fbank f. Dickinson,
i
Members of the N. T. Stock
and Mining Stock BzdiVias.
Schuyler N. Warren &
61
Warfield,
Chablbs Sbton hbnbt.
DOUOLAS Hbnbt.
Member N. Y. Stock Bz. Vn-wber N.Y. Min. Stock BzDanikl Wabfiku).
UBAHT
Y. Stock
B. 8CHI.BT
Bzohange
Groesbeck & Schley,
BROKERS,
Mo.
26
BROAD STREET, NEW YORK
JOHM
George Stark
&
SECURITIES.
Have constantly on hand and
F.
STABK
and MIsoellaneoQS
L. Grant,
No. 145
BMUAOWA«
WESTEllN
8
for sale
per cent interest.
.MUNICIPAL
BONDS
See quotations of City Railroads In this paper.
johnPondib. Bduard Mkbtxns. ado. Nathas
Pondir
&
Co.;
Bonds & InTestment Securities,
20 EXCOANUE PLACE. NEW YORK.
stocks.
Orders ezeonted on the London and Boropeaa
markets.
ICountze ^ brothers,
BANKERS,
130 Broadw^aj (Kqnltable Bnlldinff),
Co.,
WESTERN ClTV AND KAR.M MORTGAGES,
Bearing 7 to
Co
ExehanKe Place.
NEW YORK.
BROKERS IN
STOCKS AND BONDS, UNLISTED SB- CITY BAlLUUAi> S'rot'K.> A
OCRITIES AND MINING STOCKS,
BOUGHT AND .SOLD.
52 BROADWAY.
BBinST GBOS8BKCK,
Members N.
Buy and
Sell on Commission, for cash or on margin, all Securl.
ties dealt in at tlio New York, Philadelphia, Boston
H.
&
No. 33 Nansan Street, Ne%v Tork,
TRANSACT A QENER.VL BANKING BUSINESS
AND BUY AND SELL INVESTMENT
NEW
W.
27
TINKXB.
STOCK BROKER.
Lansdale Boardman,
BROADWAY*
J.
Stocks and Bonds.
C.
CORRBSPONDKNCB SOLICITED.
80
5
Opposite Htock Kxchange.
Member N. Y. Stock Bxchanse.
City, Railroad, Gas, Electric Uglit
BANKEBS,
NEW YORK,
on commission, or carry on marstn. all
New York Stock Kzcnang..
A. J. Bizbt.
INTESTBIENT SECrRITIES.
EXCHANGE COURT,
No. 2
aXOBQE STABK.
HUTS AND SSLIiS
State, City and County Sccurltlea.
sell
WM. Pollock,
Transact a Gcneml Banking Business;
BBOADW^AY, NEW^ ¥OBK,
No. 64
AND
FELIX Gbisar, President.
AJiFBCI) Maquina y (Uraff i Maqninay), Vice-Preo
J. B. VoN iiEK Bkcke (Von der Becke A Marallr).
Otto GDNTHi£B(Corneille-Davlil).
Ehili i>b Uottai..
AD. Fbank (Frank, Model & Cie.)
P.
Scranton,
Bonds and Stocks bought and sold on Commission.
Particular attention paid to Investment Securities.
ANTWERP.
ASA
&
BANKERS AND BROKERS,
816
Paid-Up Capital, -~^,000,000 Francs.
BOARD OF DIRECTORS
TRANSACTS
H. H. BUNmCLL.
Y. Stock Exchange.
Member N.
Bunnell
Banque
Anversoise,
NASSAU STREET. NEW YORK.
SS
Bny and
InTestment Securities.
Kindt
TKnSTKBS:
Centrale
Co.,
Bixby,
securities dealt In at the
(BANKERS AND BROKERS,
Safety Papers.
Safety Tints.
Work
&
H. Taylor
L.
With
&
Pollock
BANKEBS AND BBOKEBS,
BONDS.
Clroulars vith lull particulars mailed on appUcattoo-
N £ W V O » K
letters of ckbdit and
.
oirci;lab noxks
laned for the use of
traveler* tn
all parts of the world.
BUts drawn on the Union Bank of LodUqd
Telefnaphlo transfers made to London and to
various places In the United States,
Deposits received subject to check at slfcht. and interest allowed on baiances.
QoTemment and other bonds and Investmec^t mi^
oorltles booffbtand sold on eommlssloi.
THE CHKOJSICLK
& Co
Drexei, Morgan
,
B A N
WALI. STHKET,
CORNER OF BROAD, NEW YORK.
Dmxel &
Drexei, HarjesA Co
Co.,
Sos. 19
DOMESTIC AKD FOREION BANKERS.
,„. aiv.
bject t" Draft. S«curitle»
nil^lon. Interest alowed
ichaniie. CouimercialCredfor Travel> ircular Letters
i,:.rts of the worM.
-
.
«r«.»T»ll»t''»' n,
'.111
ATT(>BN»yS AND AGENTS OF
nctvra J. S. inOUGA> A C<»..
LONDO N.
NO. 22 OLD BR OAD STREET,
Brown
&
Brothers
WAl.l
No. S»
Co.,
N. \.,
^'t.,
BUY AND SKLL
or PXrHA!*OI
BILI.!^
0^ i.REAT
QKRMANY
AnSTERDAm, HOLLAND.
partaof the
IHES8R.S.
and their correspondents.
Also Commercial Credits and Transfers of Money
on California, Europe and Ilavana.
&
,
,1,1,.
all
BgTABLISHBD IN
BKlTAliN AiV]) ntELANU, KRANIJJS,
BKl.<Jli;>1. SWITZERLAND. NOR-
WAY. DENMARK, l-WUDKN AND HOLLAND.
TraTelers' Cretlits
Insn*- ('»miueniiil Hiirt
And
111
Jesup, Paton
issue commercial credits, make advances on ship
ments of staple merchandise, and transact otbex
Co.,
business of a financial character In connection with
the trade with the Dutch East Indies.
BANKERS,
ULARE BROTHERS &
New York.
52 fVllUam Street,
in
W
Accounts and Agency of Banks, Corporations,
firms and individuals received upon favorable terms.
Dividends and interest collected and remitted.
Act as agents for corporations in paying coupons
also as transfer agents.
Bonds, stocks and securities bought and sold
commission, at the Stock Exchange or elsewhere.
Sterling
(LIMITED.)
on
.ONDON, EN4.I.ANO.
Authorized Capital, .... - £4,000,000
Exchange and Cabla Transfers bought
3,'200,00Q
SnbMcribed Capital,
M00,006
Paid-IJp Capita
Reserve Fond, £330,000.
HEAD
Martinique and Ouadaloupe.
m
J.& W.Seligman&Co.,
BANKERS,
No. 23
BROAD STREET,
New
Tnuufers of Money on Europe and California.
&
BTBRUNQ
Co.,
PARIS.
AT 8HT^
AN!) BILLS
DAYS' SIGHT ON
ALEXANDERS & CO., LONDON.
CHJBQCTBS
OnOni^a NOTKS
AN1>
FOK
&
TlU.TrBT,B^t.-
&
Stuart
A. G.
Co.,
RAIUNU BK0TUEK8 & CO., London.
CO., Pnrlg.
PERIF.B FRERES
HBAD
iMENDEI.«iSOHN
8.
«;0.. Kri'ltn.
Kenkedt.
S.
J.
&
&
Kennedy
co and London.
Co.,
A. M.
WILLIAM STRKET,
No. 63
DRAW BILLS ON LONDON.
BUY BILLS OF EXCHANGE.
COUNTY BANK
"LIMiTKD:"
;
ULSTER BANKING COMPANY.
BELFAST, IRELAND
AJfD ON TBK
NATi«»NAL
BANK OF
lilCOTLAND,
ALSO.
CABLE TRANSFERS AND LETTERS OF CREDIT
HEW TORE:
LONDON:
PARIS!
^SEf^Sl-. W.RUSSItLWiSli. T.E. DAVIS.
William Heath & Co.,
(E8TABUBHKD ISfll.)
BANKERS AND BROKERS,
&
Co.,
10 Throsmorton Ave,, London, Enff.
Draw
Bills of
Elxchanee and transact a genera]
S?S?SSiSS?SS''fe^^
Particular atSntlon
William Heath
No. 10
Roe
&
1835.)
Lonilon, England.
Reserve Funds) £453,114.
Letters of Credit and Drafts issued on the 101
branches of the Bank in the Colonies of Queensland,
New South Wales, Victoria, r^outh Australia. Tasmania, and New Zealand. Bills negotiated or sent for
Collection. Telegraphic transfers made. Deposits
received In London at interest for fixed periods on
terms which may be ascertained at the oOice.
PUIDKAUX fiBLBY, Secretary.
Coupons and Foreign and Inland
,
C. J.
Hambbo & Son
Adolph
COIIKESPONDENTS OF THE
Hamburg.
Bills of
Commerdaland Travelers' Credits.
E xchan ge
J.
H.
GOADBY &
B. E.
JOINT AGENTS
WALKER,
& Co.
AND
I
International Bank of London
(Limited) London.
messrs. John Berenberg, Gossler dc Co.
Boissevain
BANKERS
oommssioN ihebchants,
AMSTERDAM, HOLLAND.
N. T. Correspondents—Messrs. Bi:.ake Bbos.
&
Co.
Gerhard & Hey,
R E V A E.
AT
OFFICES
LEIPSIO, BERLIN, OTOSCOW,
NIJNI-NOVGOROD, during the Fair.
Canadian Bank of C'ominerce,
& Forwarding Agents,
Commissioners
PLACE,
EXCHANGE
16
BUT AND SELL STERLING EXCHANGE, CABLt
TRANSFERS, ETC.
ISSUE COMMERCIAL CREDITS, AVAILABLK
IN ALL PARTS OP TUB WORLD'
SHIP BROKERS.
Undertake to cash
Amounts execute
:
all
Bills,
Advances and Freight*
orders In the line of Bankinic,
Commission and Forwarding Buainess on the most
moderate terms.
.
^ .
^^
^
..
Ship-owners are requested to address vessels bonua
for Reval unto the care of
.
Ho. 80 BBOADTVAY, NEW YORK.
Uemben of New Tork Stock Exchange.
FORBION BXCHANOB. CABLE TRANSFERS.
William Heath
St.,
PAID-UP CAPITAL, £1.200,000.
UNDIVIDED PROFITS (incli:ding Guarantee and
BUT AND SELL INVESTMENT SECURITIES
Cable Transfers.
KDINBURO, AND BRANCHES:
Austra'asia,
No. 4 Threadnecdlc
Issue Commercial Credits and li'oreign and Domestic
Travelers Letters of Credit in Pounds
Sterling and Dollars.
,
Agent, 47 William St.
(INCORPORATED
ACT AS AGENTS FOR BANKS, BANKERS AND
RAILROAD COMPANIES.
I4OSD0N connESPoxaBNTa:
Messrs. MBLTiixK, Evans * Co.: Messia.
TOWN8END,
Bank of
DOMESTIC AND FOREIGN BANKERS,
Collect Dividends.
8,850,(XK>
BONO
Shanghai, Hankow, Yokohama, Hiogo. San Francis-
Kennedy Tod.
J.
»5,0OO,00O
OFFTOE,
ICOITO.
The Corporation grant Drafts, issue Letters of
and
negotiate
or collect
Credit for use of Travelers,
Bills payable at Bombay. Calcutta, Singapore, Saigon
Manila, Hong Kong, Foochow, Amoy, NIngpo
<1-
;
MANCHESTER, PAT ABLE UH LONDON
Manager.
CAPITAL (paid-up)
KKSBRVE FUND
&
Sr
KENNEDT,
Hong Kong & Shanghai
J.
NASSAV STREET.
Ruckgaber,
Schulz
BILLS OF iicHANSE 0^
BANKERS,
SmiTH, PAYNE. & SiniTH^-^, 16 EXCHANGE, PLACE, NETY YORK
nANCHKSTER
London.
Old Stretjt, London.
Aldgsite,
The bank, while conducting the general business
London Banker:*, gives special attention to the
ANT
COHMKKCIAL AND TKAVELERS' ORBDITN.
S3
BANKERS, LONDON
Koad
Ooui*.
London.
Paddlngton, Loudon.
agency of Foreign and Colonial Banks.
;
J.
Tottenham
London.
London,
of
Drafts.
CaSDITa
Hi:i,
Vork.
H Si f.RH.
^.
Street,
Knightsbridge, London
Holborn, London,
OABI^ TRANSFERS, BILLS OF EXCHANGE
JOHN
No. 8 W^all Street, New YoY-k,
4 Post Office Square, Boston.
OHBQims AND CABLE TR&NSFKRS ON
CO.,
Bond
Ludgate
ST.
:
BANKING CORPORATION.
Payable In any part of Europe, Asia, Africa, AuskraJla and America.
Draw Bills of Exchange and make Telegraphic
mUNROE &
B
THREADNEEDLE
OFFICE,
BR4 ACHES
V0BXI1SP0KDENT8
Issue Letters of Credit for TraTclers,
No.
F(>REI<i»!«
Tork.
John Munroe
New
Cor, Wall and Nassan Sts.,
roil
The City Bank,
and dividends;
MAKKTEt.F,GKlPHIC SKANSFKK* Kidder, Peabody &. Co.,
OF MONKir
kuTWEEH TBIS AND OTRER OODNTBIES.
BOSTON, aiASS.,
drawi,
nAKB c:Ol.LECTION-» OF DRAFTSand
abroad on all i.oi.its In the United Slates
tne
Drafts drawn
f
Canada, an^:
Dnited StHtep'm Foreign Countries.
CO.,
North Auerioa,
WALL STREET, NEW YORK.
S»< STATE STREET, BOSTON
AUKNTS
and sold.
^IKRUfd.
ant pAbt of thb world.
BILLS ON THE UNION BANK OF LONDON.
in
Pranoa,
ir, Batavia, Soerabaya and Samarang
Correspondents In Padana.
Agencies
l.\
avah.ablk
1863.
Hald-Ilp Capital, 12,000,000 UaildeB*
($4,800,000 Oold.)
BEAD OFFICE IN AMSTERDAM.
»
.1
OB
21 Naraau Street,
Sl.
DE ROTIISCUILD
PAKI8.
Nederlandsch Indischc
Handelsbank,
Co.,
K EU 8,
Issae Traveleni' Credits, available In
world, throuKb the
Uaussmaim
Ko. 34 South Thirt Street 31 BouleTwd
PHIt.A0Kl.PUIA.
&
Belmont
.A^ugust
XXXV.
Foreign Baiikert,.
Exchauge.
Fereiitn
I'AcllHUKt-
ForclK»
fVoi,
Co.,
Scribe, Paris.
Ortera solicited for I>ondon and American markets
|or tnvestment or on margin. Railway, State and CltT
'
Xiomt Dwotlatcd.
^^
Anglo-Californian Bank
GERHARD
LONDON, HeadOfflce,. a Angel Coun.
SAN FRANCl^CO Office, 483 California 81
JiKW KORK Agents, J. & W. Selittman & C.
BOSTON Correspond'tB, Massaoliueetts N. B'k.
Anttaorlzed Capital,
-
Paid np and Reserve,
•
-
«6,000,000.
1,700,000.
Transact a general banking business. Issue Com.
merclal credits and Bills of Exchange, available In
all parts of the world. Collections and orders for
Bonds, Stocks, etc., executed upon the mostfavo^
FRED'K F. LOW, _ { Manaiier.
able terms.
P. N.
& HEY,
REVAL, RUSSIA.
(LIMITED).
I6NATZ STEINAART, J *"">»«»"
LTLIBNTHAL, Cashier.
Canadian Bankers.
Gzowski & Buchan,
Babesbs AND Stock Beoeebs,
TORONTO
CANADA.
Prompt attention given to Collection of Commer.
cial Bills and Canadian Funds on all points In Cana
da; American and Sterling Exchange, and Stocks
Bonds, etc., bought and sold.
„
„ ^ „
Correspondents— Bank of New Tork, Mew Tork.
and Alllanoa Bank. Londoc
,.
Decembeb
THE CHRONICLE.
0, 1882.]
New England
Canadian Bankers.
Merchants Bank
OF
-
PLUMMKU, Asalstunt General
BANKERS;
J. II.
LONDON, ENO.— The
NKW YORK—The Bank
New
of
soils SteillnK
Aacncy, 48 £xcbanKe
HENRY UAGUB.
JOHN
B.
I
UAUKIS,
JR.,
(
Baltimore Banker..
Water Hid,, cor, opp. P.O.
TON.
ami
other investments bought
Exchanycs, of which
ice
Bx-
&
Parker
&
Co.,
AMnt.
***°"*
CAPITAL,
-
eVRPIiVS,
•
C. F.
J.
&
No«, 59
Bay and sell
orricB,
61 JK&.I1V. STREET.
WALTIK WATSON, J A^Bntl
SterllBg Exchange, Francs
&
Co.
soiiolteJl and Informatloo far.
nlsiiud.
N. Y. CoBBinroNDINTS— MoKIro Brothers A Co.
Sonlliern Bankers.
THE CITY BANK OF HOUSTON,
CAPITAL, $500,000,
Houston, Texas.
,1,.,
p\vf special attention to eollcotlons on ail
••.:
•,!«.
,
New York an^i
&
\V.
f.
Bofton.
>r
FA. Rice,
Monjamin A. Botts. Pres't;
1
i.
K.
I
B. f.
THOS.
\S
P.
B. Botts. llDb't Brewster, 8. K.
BE.VJ. A. BOTTS, l>rei'f
Wcimis.
KEMS, CBsUler.
mtlXH,
R. D. VII.r.IAHS, ;XO.
B. HIIXUL
W. mtT.a^
CUAg.
&
Co., Thos. P. Miller
Co.,
BANKERS,
iniDDLETOAVN, CONN,,
Transfers grant Commerolal and Travelers Credits
and VIBUINIA BBCOBITISe a
Correspondence
Wo
iSTREET,
C. E. Jackson
and Cable
Collateral Xjoaai and Coai-
B.\LTmORB.
Dealers in Commercial Puper, Qovernmert end
other HrsL-cIasB Uund» uDd Securities aud FcrciKH
KxctiaiiKe.
Private Telecraph Wire to
/Iron to the neffottBti<m of For
OmOB.
INVESTMENT
provide:vce, r.
BUCHANAN, General Manager.
NEW YORE
Kouib Hu.,
spot^lulty.
BANKER3 AND BROKERS
WEYBOSSET
SMITHERS, Presiaent.
W.
Si>eolAl ifttteotioi:
Wilbour, Jackson & Co.,
3ii
<&;
BALTIHUUE. MD.
INUlCA'fOU^ AND TELltPQONB IN
Stackpole,
ciiables U. Siiiloon, Jb.,
Bk.n'jamis A. Jackson, Wii,lia.u BtMNiir, Jh.
913,000,000, Gold.
6,S0O,0O0, Oold.
Corner Uerman
:;.'!i7.
BANKERS AND BROKERS.
Joshua Wii.uouk.
Bank of Montreal.
Box
Wilson, Colston
DEVONSHIRE STREET,
BOSTON.
No. 60
W.
H,
ettfn Hills of Bxch inge.
uierclal I'atier.
BANKERS,
I'lace.
BANKRKH AND BK0KEH8,
P. O.
RANKERS.
& Co
MiddendorfjOliver
totd.
New York Stock
are members.
A. Hawley
F.
and
W. MioncvnoBr w. B. Omvkh, c. A. Albxbti.
Members Baltimore stock KxetaaDge.
J.
S
Con-es])ontteiice ineiteil.
Orders excciiied at ISoslon anil
Manager
chanj^e, <Nble Transfers, Issues CruUits uvailaule In
all parts of the world, makes collections In Canada
and elsewhere, and Issues Drafts [niyable at any of
the offices of the bank In Canada. O.-niiind Drafts
Issaed payable la Scotland and Ireland, and every
description of forelKabanklnif business undertaken.
120
tlfimsits suhjecl to check.
York, N. B. A.
The New York Agency buys and
New York
Botuts
I.V:
RO
oh
Tnteresl
Bank (Limited.)
Clyrto.idale
Bankers.
Bank of Deposit,
84 DcTouabli'o
CAJVADA.
§5,700,000 Paid Up.
Prosldort, SIB IIUGU ALLAN.
Vice-President, UOUKItT ANDKRSON, K»q
HEAD OPPICE, MONTREAI»
QROlKiB HAOUK, Oenorul Maiiaeor.
Capital,
iii
nfOBILE, ALABAIVA.
;
available in any part of the world
and make collections in Chicago
the Dominion of Canada.
issue drafts on
;
and throughout
Buy and
GoTemmcnt,
sell
State, Municipal
and
RuUroad Bonds and Stocks. Investments for 3a7
Banks a specialty. Correspondence solicited. •
inga
Special attention paid to collections, with prompt
remittances at ctirrent rates of excbance on day oC
payment.
Correspondents.— National Bank of State of
York, New York ; Louisiana .National Bank,
Orleans
liOndon OfDce, No. 9 Blrchln Lane.
Pennsylraiila Bankcr§.
Imperial Bank of Canada
CAPITAI., (paid-np),
.
.
K£:^ERVE
H. S. HOWLAND, Pres't. D. R. WILKI E, Cashier.
Buy
HEAD OFFICE, TOKONTO.
BRANCHES:
Bt. Catharines, Port Coll><:)rne. St. Thomas, lnc:ersoIl,
Welland, Fergus, Woodstock, Winnipeg, Man.,
Brandon.
Dealers In American Currency A Sterling Exchange.
Agents In London
Agents In New York:
:
& Co.,
BROKERS,
PITTSBURG, PA.,
J
damson of Western Pennsylranla
Correspondence solicited.
M. SHOKMAKEK.
UOUEKT
31.
remitted by draft on
New
York.
AGENCT OF THB
Ba n k
British
North America,
WALL STREET.
No. 53
Buy and &e!l Sterling Exchange and Cable TmnsIssue demand dra^son Scotland and Ireland,
CHARLESTON,
R.
also on Canatia, British Columbia, Portland, Oregon,
8an Franclscc and Chicago.
Bills collected and other banking business transD. A. MCTAVISU, f Agents.
acted.
&
No.
soi;tii
5
In Mnnlclpnl, State. Ilallroad
and
United States Bond^i.
CHAS. A. Sweet &
Loans negotiated and advances made on upproved
collaterals.
Co.,
Co.),
STATE STREUT,
BOSTON,
Torit attd Phila-
Correspondents.
descriptions of Stocks, Bonds and Securllies.
Deposits recelTed subject to check at sight.
Collootlons on ail jwlnta in U. 8. and Canada.
Robert Garrett
BANKERS AND BROKERS,
Deukrs
street,
Special Attention giTcn to InTestm'?nts
&
9IASS.
In Mnnlcliio], Stato^and Railroad
F. GT.KNK. Casb.
TUOm.AS BR.ANCH
&. CO.,
BANKERS AND COMMISSION MERCHANTS,
RICH3IOND, VIRGINIA.
pii!»sed
slftn.
Bonds fiaided under the Funding Act
by the
New
by lien
oil
last I.enislature, fi>r
W per cent cnmrols-
North Carolina 6 pcrcfnt bonds, secured
the Status stock in the North Carolina
Railroad, for sale.
WesScrn Bankcm.
Transact a General Banking Business.
Buy and Soil on Commission in this and other cltiM
a"l
ALSO,
No. 40
Co.,
Southern points on best
P. BRANCH, President.
KKni). U. Scott, Vice-I*rest.
I'LACE,
SpecM Wire with Ntw
liciithia
STOCK EXCHANGES.
Dupee
JOHX
all
JOHN
Virginia
BAL,TI»ORE.
Conntcted 6v
MEMBERS OF THE NEW YOB&, AND BOSTON
(i'ormerly
WALNUr
made on
Tnos. M. THOllNTOS.
w.
F.
Wm. W. TBonsTOS. Cosh
tiior:vto\
sos,
&,
(EstaiiUstaed 18jU.)
CONGRESS STREET,
Perkins,
RICHinO.\D, VIRGINIA.
A.Hambleton& Co BANKERS AND BROKERS,
Co., JohnBAKKERS
AND BKOICERS,
BOSTON.
Dealem
IN-
Bnltiinoro Bankers.
BANKERS,
No. 35
MERCHANTS' NATIONAL BANK,
PIIIL.ADEI.PaiA.
'Sew England Bankers.
Brewster, Basset
Boy and sell Government, State, Municipal and
Kailroad Bonds and Stocks. Ac. VlrRlnla State TaxReceivable C'>ui>nns bou4jht and sold. All orders
promptly attended to.
New York ('orreBpondent. TERMILTK &CO.
terms; prompt returns.
BANKERS AND BROKERS,
207
CO.,
6TOCK BKOICKRS,
Stocks and Bonds bouKlit and sold on Commission
No.
MAVRY &
II.
Collections
No. 33 Soath Third Street, Philadelphia.
'
W. LAWSON,
Co.,
D8ALERS IN CAR TRUSTS AND OTHER
VESTMENT SECURITIES.
&
S. C.
ATTCNTIOS OlVkX TO COLLKCTIOHIk
RICIOIOND, VIKGIMA,
Clark &
BANKERS,
A. P. Turner
States.
NATIONAL BAKKINO ASSOCIATIOX,
BANKERS AND STOCK BROKERS,
134 SOUTH THIRD STREET,
De:i!er3 in all Issues of United States Bonds.
Investment Securities a specialty. Correspondence
invited iiml full information uikju finai^ciul subjects
furnished.
fers.
Cashier.
BANK OF CHARLESTON,
BPICIAI.
W.
Walkbb,
Wh. C. COUBTNIT.Pres. KBNE8T U. PBlNOI.C.Catb
JANNEY.
P1I1L.ADEL.F1IIA.'
E.
A. K.
Tt'IIiiniNCiTON, N. C.
Collections made on all parts of the United
I
Promptest attention paid to collections payable In
any part of Canada.
Approved Oimulian business paper discounted at
the Uead uflice on reusoiiable terms, and proceeds
New
New
Liverpool.
National Bank,
First
M. Shoemaker & Co.
OS.
No.
sell all
Securities.
Jos.
I
BOSANQCET, SAI.1 A CO., BANK Or MONTKEAL,
59 Wall Street.
78 Lombard Street.
and
Bank of Xirerpool,
E. E. BcTKUL-ss. Prest.
Geo. B. Hill
81,300,000
460,000
.
:
Bonds.
No.
T
&
BHELBYVILXlE, ILLINOIS.
Collections made In Shelbyand adjoining Conntlef
and froceeds rortntte.l on l)!iy ot Payment.
Kl*:KKitK.NCK>— National Itankof Commerce.New
York. Union National Hank, Cincinnati. Third
National Bank, St. lA)uis. Tniders' Bank, Chloago.
Indiana Batikioii Company, Indianapolis.
F. F. Keleher
305
Sons,
BAL,TI9IOKE,
TRANSACT A GENERAX DOJIESTIC AND
FOREIGN BANKING BUSINESS.
Co.,
M^
LOIJIS,
Klrgt-clnss Western Investment Securities forsalft
St. Ixrais City .ind Stutos of Missouri, Kansas, Texas
Arkansas and Colorado Bonds a siiecialty. Full Infonnatlon given in reference to same on appllcatloa.
t^ouiions and Dividends collected.
___^
C. F.
PKNZIL,
President.
BANKERS,
SOUTH STREET,
&
OLIVE STREET, ST.
}
STATE BANK,
(Incoriwrftcd 1875.
IC.T.
WaUKB*
Cashier.
J
German Bank,
LITTLE R01<K, ARK.
C.VPITAI, (Pald-lu)
......
SURPLUS
alteni Ion glron to nil
N. Y.CoBKK»i'(i.\i>«.Nrs-I)t>npji
Prompt
tnd the Metiu;H>lau:j Nailoaal
srs.ooo
!J.%0«O
kusness Inpnr Una
iia:
.
Lawsctl
a.
«uo.
THE CHRONICLE.
Financial.
Wekteru Uaukers.
Sam'l A. Gaylord,
DEALER IN WESTERN SECURITIES
DafanlUd County. Township and Cltj Bonds ot
KMSuand
bongbtst best rates
InTutment Seenrltles for sale. Correspondence
IBaenrl,
Illinois
Financial.
TH08. A. VY»». THOa. a VY8E, JB. C. C. BHOUW
W. E. D. V Y8X, Member X. r. Stock JExchange.
&
Vysse, Sons
LOUIS,
ST.
No.
THE WESTERiy
Farm Mortgage
Co.,
LATTRENCE, KANSAS,
OBSrstolnTi'stcirsIhe boat necnrltlBs In the market.
riR.ST MOUTGAGB LOANS Ul'ON IMl'ROVED
FAKM8. IntercKt and prlnclpnl paid on cliiy of matintr In New Vork. ("nnls prciraptly pliioed. Large
No
•xperleDce.
BANKERS AND BROKERS,
3 WALL STREET, NEW YORK
Stocks. Bonds and Government Securities bought
and sold on commission. Interest allowed on deposlls subject to check at sight
M.
K.
Davisos Bkown.
Wm. Hahman Brown.
Geo. Alexander Brown, Memb. N. Y. stuck Kxcb
No. 38 PINE STREET,
NEW YOKK.
Gorernment Securities, Stocks & Bondg
BOrOHT AND SOU) ON COMMISSION.
PKRK
C^
COKNWKLL, Cashier.
Bank of
Buffalo,
CAPITAL,
8300.000.
BUFFALO,
N. Y.
This bank hax supertor facilltiea for making coU
lections on ;ill Hr-cessible points In the United
States, Ciinailmind Kiiropc. IJbenil terms extLDded
to BCCOuniR of bankers and merchants.
CoBUKSPONDENTS.— New Vork, National Bhoe A
liOatber Bank; l.ondoii, Union Bank uf London.
Wood,
&
Huestis
PINE
31
No.
Buy and
A. M. Kidder.
Foote,
BANKEIKS, No. 12 TTALI. STREBT,
^
Co.
K E R !«,
3S Brendway, cor. Exclinnge Place, N. Y
Branch Office, ViH La !<alle St., Chicngo.
TRANSACT A OKNKKAL BANKING BUSINESS.
iNCLUi>iN(; thk; pukciiask and salk of
STOCKS AND HONDS FOR CASH OR ON MARGIN. BUY AND SKI, INVESTMENT SECURITIES.
INTEREST ALLOWED ON DEPOSITS
SUBJECT TO CHECK AT SIGHT.
D. A. BOODT,
H. Bachem,
(Late limbeiit &
BANKER AND BROKER,
&
NASSAU
C.
P. O.
Box
21
Member
fnfV'S.'n^'!'?,
ST.,
of
NKW
VORK.
New
RinSEN
^
nuia BnUdlng, New York.
of the New York Stock Kxcbange
Checks and Cable Transfers on JAMES T. BATK8
CO., Geneva, Switzerland.
—
liXLAND.
Co.,
BA NKBR8,
«2 CEItAR STREET.
In addition to a General Banking
Bualness.buT
Md sell GOTernment Bonds and Investment
Secuil,
*
t
'
Mead &
F.
I.
Co.,
EXCHAN&E COURT, NEW^ YORK.
Office
Buy and
margin,
^^
15 Broad
"bankers^
St. (ITII1I«
^
John
A SPECIALTY.
u. HERTS.
B0,\ 1589.
s.
EjVI^INS.
all
Warren
T.
Jamm.
margin.
Wditely, h. CRtJOER Oakut
Uakkv C. Logan,
Mavnard c. Eybb.
W. R. Travers, Special Partner.
D. Prince, jas
Prince & Whitely,
BROADWAY, NEW^ YORK.
-
classes of Securities dealt in at the
or
.
NEW YORK.
No. 64
Purchase and sell on
and RAILROAD BONDS and STOCKS, and
STOCK EXCHANGE,
Co.,
Sloclt Itrokers,
STllKKT,
H. Nichols.
(Branch
l^euuYbRK;
Commission GOVERNMENT
§T.
BROAD
&
H. CuBin.
Stocks, Bonds, &c., bought and sold for cash or ob.
J.
y
James
S.
John S. James,
Member N. Y. Stock Exch.
P. O.
^LLi;^S,pOUDE|«f
F. MEAD,
T.
N. Y. Stock Exch.
Commission
No. 16
Cincinnati 7.S-10!i at 189 and interest.
Cincinnati Gold 6s at 110 and Interest.
E. H. Denslow, Member N. Y. Stock Exchange.
II.
I.
Member
Uuiiaiug), N. Y.
CINCINNATI CITY BONDS
D. A. Basto.v.
R. R. LILAB.
and Sold on Margins.
Stoclis Bonglit
with Private Wire at 23 West Twenty-
Third Street.
on comiaiasiun for Investment or on
securities dealt in at the New York Stock
sell
all
Exchange.
25 f iN£
&
York.
Members
W. McLKIXAN, Jb.
York stock Exchange
""""" bought and sold on commission
Gilinan, Son
WALL STREET,
5
1868,>
447.
C.
CO.),
10
Co.,
James T. Bates & Co.,
(ESTABLISHED
BANKERS AND BROKERS,,
3
^'"'-
LOANS NKUOTlATh'O.
INTEKK8T ALLOWBI»_o>f Dm'ORITS.
&
STOCK BROKBRS,
R. A. Lancaster & Co.,
BANKERS AND BKOKKR8,
«« BROADWAY, NEW YORK,
and Sold on Commission.
aXstfi^^.J,'"''"'^^"'''' Coupons Bought.
Lapsley
New
Branch
& MISCKLLANKOUS 8Bu(jKmK8
Bought
Railroad
liiTestors.
No.
1.ANK0U8 SECUBITIKS.
itAlLKClAI)
CHOICE
BANKERS AND BROKERS,
BUY AND SELL
OOVKIUIMKNT BONDS, STOCKS AND MISCBL
DEALKHS IN
nr«t-€lasii luveBiinent Secaritie*.
OOVKKNMKNT BONUS, STATB, CITY, CODNXy
line o(
bonds on desirable terms t»
Howard
W. C. HlLI-
I,
&
IN
Howard Lapsley,
Henkt Bowebs, jnd. 8. willard.
In-reMment Securities. Members
N. Y. Stock Exob.
P. O. BOX 2,647.
Wayland Tbask. H. J. Morsi.
BA N
Kzecnte ordHra In all securities listed at the New
York Stock Exchange, For Sale,
FIBST-CLASS UAILlIUAIi " 1ST MORTGAOB BONDS.
OEOROE C. WOOD. C. H. HUESTIS. L. M.8WAN
Hatch
Co.,
Sell
Co.,
DAVIS.
a large
offbr
PER CENT
buyera and
New York,
SUCCKSSORS TO
&.
&
Transact a General Banking Business, Including
the purchase and sale of STOCKS and BONDS for
cash or on margin.
BANKERS AND BROKERS,
WOOD
Beasley
BANKERS
AND DBALBBS
We
SIX
NEW YORK,
ST.,
W.
A.
No. 98 Broadway, Ne-w Yorlc.
Co.
BANKERS,
18 ^VALL STREET,
Ba«KMAWS.J»wnT, Prifs. JosiAn JKWETT.V-Pres
C.
Interest allowed on deposits, subject to eheok at
sight.
INTEST9IENT BONDS,
Financial.
WIIXJAM
or
I
L.
CHAB. W.GILLBTT.
Stocks and bonds bought and sold for casb
on margin.
H. I'KItKINS Secretary;
Treas. N. F. UABT Auditor.
WABN*,Vlce-lT<..t.;
Field,
BANKERS AND BROKERS,
No. ir New Street,
130 La Salle Street,
NEW YORK.
CHICAGO.
fur circular, references
N'S, I'rpsldent; J. T.
S.-iul
lossi's.
uaMnpIo forms.
Day &
Colbron,
Broun,
Stewart Brown's Sons.
oUoltwI.
XXXY.
tVoL.
Office,
ISO Fifth Ave.)
All classes of Riiilwayand
and sold on Commission.
Mining Stocks bought
w
I'rivate Telegraph
ires to Philadelphia, Wllmlnjrton, Baltimore, Washington, Boston, IJrtdgeoort
all
^4
...."«
New Haven.
NEW YORK
reputable Securities
bought and sold In the OPEN MARKET. LOANS
and COMMERCIAL PAPER negotiated. Interest
paid on DEPOSITS, subject to check.
Geo. H. Whipple,
No. 56
WALL
STREET,
NEW YORK.
Simon Borg
No. 8
&
EDISON, BRUSH, UNITED .STATES,
STOCKS FOR SALE.
WALL STREET, NEW YORK UNITED BANKERS,
BANK BUILDING,
DBALBHS
IN ALL KINDS OF
Railroad and Inyestment
Securities.
BOUTHERN gECPBITIEg A BP ECIALTY.
Cahoone
No. 3
ELECTRIC LIOHT STOCKS.
Co.,
New
street
&
&
Wescott,
TVall Street, Corner
STOCKS,
BOXDS
STOCKS
WM.D. HATCH,
Member N. Y. Stock Bxoh.
WU.
B.
NEGOTIATED
J4iiEin«e.
^-
^Mcorr,
and
BONDS
At Auction.
KSNDALL.
The Undersigned hold
SALES
No. 82 Broadway,
>NVE8T.VIEJJT SECURITIES.
Member K, Y. ai„a
<e
Stocks and bonds bought and sold on commission at
New York Stock Exchange. Advances made on business paper and other securities.
REGULAR AUCnoiT
of ail clasaes of
STOCKS AND BONDS
OOVERKniEKX BONDS
""'^'^J'^''
TIME LOANS
Broadway.
COMMERCIAL PAPER.
FULLER
No, 31
WALL
ON
STREET,
WKDNBSDATS AND SATURDAYS.
BANKERS AND BROKBRS, ADRIAN
B«f w to Uesan. Fiss
* Hatob.
J
Ho, 7
H. ]nUL,L,ER &, SON,
NEW YOBK.
PZNE STREHT,
Deobmbhr
9.
THE CHRONICLE.
1882.]
Financial.
Ftaianclal.
Bankers' Safe Deposit
Co
Financial
The New England
UNITED BANK BUILDINO,
Mortgage Security Co.
Oor, Wall Street and Broadiraf.
Offer for sale AT PA R and accrued Interest from
s aIFe s
July
X>r HOST APPROVED CONSTRUCTION FOR 5 per cent 20-year Bonds, $1,000 each,
SECURED BY FIRST MORTOAOES ON
Itankers, Brokers, Merchants, &c.
I
DEPOSIT YOUR SECURITIES
IN THB
WUIlam St.
Vnder tho
NiitlonaJ
Sc
A
Exchanffe Place,
Bank of the StAte of New York.
TillKD
CHARLICa
CUARLES L. FLINT,
J. F. F. BREWSTER,
ST.,
17 Nassau
Corporate and Private Investors.
for
Railroad Companies bavinfr lines under construetheir Bonds purchased or neKotiated.
PAID UP
THOMAS
IIILLIIOUSE.
WAI/l-BR
J.
FKEDKKIC
for
of Railroad Companies and other
Is
in the hands of
Corporations whose property
Becelrers or Trustees.
WILL BUY AND SELL INVESTMENT 8KCCBiTlBS on CommisBion.
or
«onTert them Into Interest-paying InTestments.
Circulars and other Information furnished on »p4>tloation.
JOHN
JOHN
SHORT, Prealdent.
NEW, Vlce-Frenldent.
C.
C,
TWM. P. AVATSON, Sec'y and Treaa.
Bonds of Surety ship.
FIDELITY A. CASUALTY CO.
OF
A,,«M
NEW
YORK.
noderate cliarKes.
^
^ ..
...
/he bonds ot this Company are accepted by the
of the state of New York.
Full information as to details, rates, &Cm can be
•btained on appiication to bead office. 179 Broad-
•ouru
liiCHABD.s, Prest. John M. Ckank. Sec'y.
H. Black and W. Uaiivey Lke, Inspectors.
DlKKcToKr*— Oeorjie T. Hope, O. ci. Williams, Geo.
fl.Cee, Charles Dennis, J. S. T. Stranahan. A. B.
Hull, A. S. Barnes. S. B. Chittenden, H. A. Hurlbut.
W. G. Low. David Dows. J. D. Vermllye, Alex.
Mitchell, Wm. M. Richards.
Wm! M.
T.
Oalt.
NEW YORK
No. 178
UKHBBRS OF THB
Walstoh H. Brown.
UIUBEKT
act as receiver, trustee, Kuurdlan executor, or admlDlatrator.
It can act as axent In the sale or raana«eraent of
real estate, collect Interest or dividundH, receive
CKlstry and tr!iti»ler kooks. ur nitike purchase And
ale of Guveriiiiieiit and other securities.
iiellgiouB and charitable Institutions, and persons
anaccustoiued to the transaction of busiue.is. will
find this Couipauy a safe and convenient depository
ClIAS. K. MVKVIN. Vlce-I'rea't.
ormoney.
Wm.
THUSTKKS:
B. Kendall, Henry SanKcr, Alex. McCue,
Chaa. it. Miirvin. A. A. Jjow.
John P. Holte,
B. F. Knowlton, Abm. R. Baylis, lienry K.Hheldon,
Picrrepctnt. Dan"! Ciiauncey. .John T.-Mnrtin.
&K.
ex.M. White
Io-<!ah <). Low, Kdmund W.Corlles
Kretleric ''romwell.
IIIPI.KV U"PKS. President.
WM. u. HUNKKK. eecrotarj,
ffKiniT N. BEUjf**. CooiptroUer fl
Street.
securities.
to.
REED & HURLBUT,
S2 IVILIilAin
FIRST-CLASS
Investment Bonds.
Bbown.
Geo. K.
.
IT
R.
SECITRITIBS.
&
Kimball
J.
Co.,
BANKERS AND BROKERS
NO. 40
BROADWAY, NEW YORK.
Thirteen Years' Membership in New York Stock
KxchanKe.
R. J. KIILBAI.L, A. B. LOUNHBERT, F. B. BAIXABI?
Members N. Y. Stock BxcbauAe.
FIRST-CLASS
Bkchaiige.
Interest allowed on daily balances.
Ail deposits subject to check at slffht.
Particular attention to orders by mail or telegraph.
J08KPH
P.
LLOTD.
Lloyd
Gillespie
E.
ST.,
S.
Bailey,
PINE STREET.
STOCKS
Cash paid at once for the above securities or they
on commission, at seller's option.
;
E. A. Mauriac
&
B.
DriR PIABL,
:MemberN.Y. Stock'
PBABL.
16
Pearl
Co.,
BANKERS AND BKOKEES,
BROAD STREET, NEUr TORK.
Stocks and bonds boosbt and sold on oommiartonInterest allowed on deposits subject to alsbt disit.
Letters of Inquiry cheerfully answered.
CITY OF MEMPHIS
B O IV I> S
.
Co.,
BANKERS AND BROKERS.
Railroad. Mining, and other Stocks, Bonds, eto.,
bouKht and sold on Commission.
H. A. MAURIAC, Member N. Y. Stock Kichange.
SYDNEY B1Su6p.
and mac«Ua*
&
Maritime Kxchange a.
will be sold
M. M. U0WLAJ?D.
ClonnCy, City Jt Tovrn Bonds ot Wcat. Stales.
> Wisconsin Central KR. Old l,and Urant Bonds
St. .loseph .V Western Itit. .Slock.
ii
McKean,
meona Securltlea.
NEW YOKK.
A SPECIALTY,
Joseph
&
UrALL STREET, NEW^ YOKK.
BUY AND 8KU/-ON COMMISSIOK
W.
St.
W. C. MCKSAIt
Member of N. Y. Stock Bxohia,
OoTeriuaeiit, Rallwajr
HANOVER
No. 4
IKVESTIHENT8.
Buy and Sell on Commission, for cash or on marKin, all secarlties dealt In at the Mew York Stock
No. 34
M.
J.
Sistare's Sons,
NASSAU ST., NEW YORK,
DBALERS IN
No. 20 Nassau Street, New ITork.
SPECIAL ATTENTION GIVEN TO THE NEGOTIATION OF
RAILROAD
8THEE1L
Fred. a. Bbown.
P.
No. 7 Wall Street.
to
WaU
Interest allowed on deposits.
Walston H Brown & Bros
N. Y.
TbisCompany Is authorized by special charter
No. 4t
Transaot a geaeral banking and brokerage btuiness In Hallway Sbare* and Bonds sad OoTemmea
Y STOCK EZCHANOB
N.
IIVSIJRA]V€£
The Brooklyn Trust Co.
*
Gwynne & Day,
(EatabUshed 1854.J
A strictly commission business conducted in the
purchase and sale of Stocks and Bonds on MarKin
or for investment.
Complete Financial Report Issued weekly to oar
correspondents.
DEALINGS IN
BROAD^VAY.
tH.
CBAB. B. CAI.I>WKI.I., late West i, Caldwell.
SILAg C. Hay, Member N. Y. Stuck Kxchance.
Lamsixo C. WAsnvDBM. late Wbitiinsbam
Waatabam.
STOCKS AND BOND&,
7
Kdwaki) Rawllngs.
OFFICE;
& CHnton8t8.,BroolLlyn,
Brondvrar and Wall
Transaot s general Banklnx Btuiness. Inoludlnx the
Puroha4M and Bele of all Securities dealt In at the
New York Stock Bzchanxa.
Interest allowed on deposits subject to slsht draft
NEW YORK,
ST.,
M ember of N. Y. Produce and
New York DiRErrous.— Joseph W. Drexel, A. L.
Sopklns, H. Victor Newcomb, Joiin Paton, Daniel
>rrauce. Edw. F. Wlnalow, Eraatus VViiujiu.
Transacts no other business.;
Cor. of Montacrue
BROAD
No. 21
Asseu over
Deposit with Insui ance Department
ManaRini? Director
President
Bnu Aluc.
BANKERS h BROKERS,
UNITED BANK BCILDING,
InTeetmenU osref ally attended
Coleman Benedict & Co.
$800,000
375.000
200,000
<"a»h
UOVt
OBO. n.
1864.
Co.
OF NORTH AMERICA.
OMh Capital
TAINTOR.
insuraivce: scrip, &c..
POSITIONS OF TRUST.
Tbe Guarantee
Vice-President
Secretary.
K8TABLISUKD
of Suretyship
FOB OFFICERS AND EMPLOYEES IN
Bonds.
Caldwell, Hat & Washbusv
BANKERS,
1400.00000
260.000 00
Capital invested in U. 8. Bonds
On deposit with Insurance Department.. 100.000 00
Officials of Bunks. Ifcilroads and Tninsportatlon
Companies. MunaKers, Secretaries and Clerks of
Public Compunies. Institutions and Commercial
Arms, can obtain security from this Company! at
Bonds
BRITTIN,
OOVBRNUBNT, MUNICIPAL sad
sell
Interest,
I^rosldent.
TAPPKN.
I).
WILL CONDUCT TUB FINANCIAL RB-OR-
WILL BUY OR SELL DEFAULTED BONDS
O. B.
Depository by order of Su-
IcKiil
act a.s fiscal or transfer uKent, or trustee for corporations and accept and execute any ICKal trusts from
persons or corporations on as favorable terms as
other similar oomi>anies.
allowed oa
Private telecnpb wlrea to ProTldenee and Boatoa
Neiv ITork.
CAPITAL, $1,000,000.
Designated as a
Counties. Tofrns and Cities, and for Railroad Com.panles and other Corporations.
••ANIZATfON
Buy and
RAILROAU
St.,
preme Court. Receive deposits of money on
Won. and
conducted
President.
Treasurer.
Metropolitan Trust Co.,
.
» 1, 000,000
BOUND INVESTMENT BBCURITIKS furnished
FINANCIAL NEGOTIATIONS
DEPOSITS rsMlved asd INTERIMT
balances.
L. Kl.lNT.
VICK-I'KESIDKNTS.
CAPITAL FURNISHED OR PROCURBD
WALL 8TKKKT, NEW TORK.
TRANSACT SOBNRRAL BANKING bnshlMS.
MOULTON,
8.
Holt,
Ns. 10
llAXTKit Ui'UAM.
OILMAN
TnOMAg WIOOLESWOKTH, (JED. ('. RirHAKDSON,
KusuA ATKINS.
John Weiihteh,
AMOR T. FROTIlI.VtHIAM.
Capital Stock, ~r".
•bo
J.
&
BANKERS,
I.I.,
PHILADELPHIA,
PORTLAND BLOCK, CUICAUO.
S.
Mat on
43 miLK STitEET, BOSTON.
IUKKCTOKS.
HBNHT SALTONSTA
Al'HTlN CoRBIN.
NEW YORK,
ST.,
Information wUl be
full
L U. FAUN8W01ITH.
FINANCE COMP'Y,
31
pamphlet with
B. ELI.KIITO.V I'KATT,
AMERICAN
NASSAU
$1,000,000.
application to the company's office.
BURGLAR AND FIRE PROOF.
6 Jk r
CAPITAL STOCK OF
its
Interest Coiipons pityiible Jan. 1 and July I.
Bonds rcKlstereU to order or payable to bearer at
option.
State Safe Deposit Vault,
Cor.
IMPHOVKI) FAU,MS.
Guaranteed, Principal and Interest, by
Taintor
PiiccBc Kit. Bonds.
City of St. Joseph Mo.. Old Bonds.
International Improvement Co. Subscriptions.
Brooklyn Elevated IIH. Securities.
American Cable Co. Subscriptlohs.
Mklliind Iluilroad of N. J. Securities.
ChiciiK'j 4 Grand Trunk ItH. Securities.
South Carolina ilK Socnrilies.
Urand Rapids & liulluua lilt. Stock.
Clnelnnati Richmond & Knit Wavue Stock-
BoUKlit by W.ll. K. IJTI.KV,
$5,000 Memphis Comproilftse Bonds.
$5,000 Memphis Old Bonds.
WANTED BY
TOBEY
4
KIRK,
&,
BROAD STREET.
(ROOM
To
9.)
Investors.
BROOKLYN AND NEW YORK
SECURITIES.
bonds.
FRANK B. BEERS, city
OAS STOCKS.
_.
16 Court St.
BROOliliYM.
o, n.
o.
31 Pine St.
MKW
TOBK.
k^^j^RoAD
STOCKS.
THE CHRONICLE.
0talanclal.
Fiiiuncial.
CHICAGO *COHIPANl.
COI.VinBrS RAILWAY
JSr^'ASl^
CKNTUAL
Louisiana Bonds.
nOTICB OF ASSESSMENT AND DEPOSIT.
.
(
or other
Sso of Union Trnst Companjr Biipplcmentiiry
CertlBoates. Issued for iialcl »1r.Ht Mortpwe Bonds,
for the Reorwho hayo subscribed tbc AKreemcnt
Kaolnitlnn of said Company, arc hereby notifled that,
Aureefn Bcoorduno* with the provisions of the
mM
mmLthej
are required forthwith to rtepos
t
the
Cortiacatos with the Union
S^lBt Company, at Its Offloe. No. 73 lirolldway. New
of Income
York City; and at the same time holders
Bonds and Capital .Stock, who have thus subscribed
tbe said Agreement, must nay the assessment of ten
110) percent on the oar value of the Income Bonds,
and are (5; per cent on each share of their Capital
Stock, to the Puroha.sing Committee, at Iho office of
tke ««W TrtMt Comijany.
.
,
,.
^
The last day allowed for making sncli deposit and
payment will be December SS7, 1882.
^
,,,,
Purchaslnx Committee's Keceipts. admissible at
the New York Stock Kxchange, are now ready for
SSd^onds, Stock and
.
,
delivery.
New
York, December
7,
„
I* SCOTT,
KKNNBDY.
1888.
S.
J.
In accordance with the provisions of Act No. 77, of
made by the bondholdera for a settlemeot of the bonded debt of Ix)ulBlaBa,
Interest will be paid by the Bank of New York on the
consolidated bonds of the State of Louisiana, at the
rate of
PEK CENT per annum, from January
1, 1880, to July 1, 188C, Inclusive, on the presentation
and surrender of the 7 per cent coupons maturing;
July 1,1880, Jaauary 1, 1831, 5uly 1, 18S1. January 1,
1882, and July 1, 1882, coupons numbered 13. 14, 15'
16 and 17.
Said payments will not Impair or novate any right
of thenoldersof bonds accepting; the same, or their
aasierns. In chro. the proposed amendment to the Constitution relative to the State debt ordinance. l>e not,
on submission to the people, duly adopted. The
coupons surrendered will not be destroyed or defaced,
but will be preserve*! and kept in packages for identifi-
Purchasing Committee.
^
of the amendment to the Conbe voted upon In April, 1884, said consolidated bonds will as presented be stamped—
"Intere.'tt reduced to two oer cent jior annum for
five yoai-s from January 1, 1880, and four per cent per
annum thereafter."
E. A. BUilKK,
ment.
tlio
Board of Directors.
R.
U
EDWARDS, President.
THE NATIONAI, BANK 'OP THE STATE OF
HKW YORK above-mentioned has been reorRanized
as a STATK BANKING ASSOCIATION under the
laws of the Stale of Now York, and will continue the
business heretofore conducted by the «ald National
Bank at the same place under the name of
THE BANK OF THE STATE OK
N12W YORK.
B. L. EDWAUI).S. President.
OCHESTER dc PIITSBURG RAILJ>
ROAD CO., New YortK, November SB, 1888.—The
HOLDERS of the INCOME BONDS of tha Rochester
&
Company
PM-taburg Railroad
will receive
Im-
their address
to the Treasurer of the Company,
FRED.
A.
We negotiate
Loans on Improved and productive
the best portions of Kansas and Missouri,
farms In
worth fr(»m three to five times the amount loaned.
Acknowledged to be the most SAFE and PHOKITAUIjK form of Investing money known.
In an experience of many years and loaning two
million dollars, not one dollar lost.
Wc a.ssume the responsibility of MAKING ONI-,Y
SAFE I/O.VNS; of collecting the interest and principal and remitting to invBstors, FREK (Jir CHARGE,
and in case of any trouble or delay in making such
AUUF.ICINO TO STAND ALL EXPENSK avd SUIELD INVESTORS FROM LOSS.
TITLES GUARANTEED. ALL FUNDS PROMPTLY PLACED. Writeforcircularandfullparticulars,
collections,
stating amount yon would wish to invest on satisfactory evidence as to securities, titles, &c. Address,
II.
WESTERIiT, H.
JARVI§, CONKI^I^V
18, 1882.
R. L.^BIiLKNAP,
Treasurer.
QNTARIO SILVKR MINING COMPANY,
IS
Wall
Btkekt,
New Youk,
Dec.
5,
1882.
DIVIDB.VD NO.
The
86.
Monthly Dividend of Fifty Cents per
share has been declared for November, payable at the
office of the transfer agents, Lounsbery & Haggin
'
18 Wall Street, on the 15th Inst.
Transfer books close on the 0th Inst.
reL-ular
L0UN3BEBY & HAGGIN,
Transfer Agents.
OF THE OREGON
OFFICE
LMPHoyjUBNT COMPANY,
IM-
NKW YOBK, beOemuer 4, tN52.
For lliu purposes of a Special Meetlnx of tbe Stockholders, t.. bo held ia Portland, Oretjon,
aO 18«2
tbostpok transfer books of thlscompan; Dec
be closod
Deo. 0, 188a,and remain closed until lie,-will
»6 1882
'^^- Ti-NDAl^E, Boirctaiy.
q^HE NATIONAL BANK Or
THE
-i-Kt UHI,Ui NKW YoUK. Deed,
Itw'-Th^n
Directors of this bank will be held
St
riSfl""^
'""J"^
the bankinK
house on Tuesday,
j,""-"^' 8
"e" "«». b^
tween the hours of 12 M.and 1 1- January
<&
Co.,
BaUroad Stocks and Bonds,
AND
ALI,
KINDS OT
BROOKLYN SECURITIES
DEALT IN.
SEE GAS QUOTATIONS IN THI.S PAPEB.
Geo. H. Peiujtiss,
Member N.
CTtnuuB. Staples.
Y. Stock Exchange.
Albert E. Hachfield,
NASSAU STREET.
Jollet
&
Northern Indiana
Ists.
Cincinnati Hamiiton & Dayton BondA.
Central American Transit Stock.
Mexican
(Corlies)
No.
Bonds.
NASSAU STREET,
21
DEALER IN
CITY RAILWAY STOCKS.
GAS STOCKS.
Tclegrapb and Cable Stocks.
TRUST COS.' STOCKS.
Ingnrancc Stocks.
Stocks.
Miami RR. Co.
To provide for payment of all of their present outstanding mortgage indebtedness, proposals are Invited
fay the directors of the Little Miami RaUroad Company (of Ohio) for the purchase of all or any part of
iSl,500,000 bonds of their road, dated November 2
1832, and running tldrty year?, with interest at FIVE
per centum per annum, payable in New York semi
annually, secured by mort{;age, which will bo the
llrst and only mortgage on the road and its appur
tenanees.
Bids must be made In writlnjr, and will be received
at the ofBce of the company. Lafayette Bank BulldItijf, Cinci:r.natl, until noon of FKIDAY, December
15. 1882. The bonds will bo in denominations of
MORTGAGE
^
o.
I
Mocks, Ac.,
NB W 8VUBBT,
NBW
YORK,
EOANS.
Indianapolis, Ind.; Columbus, miss.;
laoutsomerf, Ala.; Vicksburg, miss,
NORTHERN, 6 PER CENT NET.
BOUTUEUN, 8 PER CENT NET.
For 8aIe-*4,000 Eighth ATCnao Railroad Bonds.
J. P. wiktruvghah.
GAS, INSURANCE, BANK STOCKS,&0.
BECUBITIES BOUGHT AT THE
AU(mON SAUES.
36 PINE STREET, N. Y.
See adTertiscment
in the
JowmcH
o/ Cmnmerct,
'
Accrued interest must bo added to all
to reject any or all bide, or to accept
them to a part only of their amount, is reserved.
Puymeut must bo made by April 14, 1883, or may be
11,000 each.
bids.
The
^i^;ht
made earlier
ia Instalments, at the oonrenieQce of
the purchaser.
Further information, together with etatlstics of
the road, will be furnished upon application to S. K
Wright, 'JVeaauror L. M. RR. Co., Cincinnati, Ohio.
By order of tho Board of Directors.
HENRY HANNA,
Vic&-Pres*t L. M.
C.
RB.
Co.
Chew,
No, 7
Car Trust Bonds.
WK MAKE A
SPECIALTY OF THESE VBRl
3AFB SECUBITI KS, AND BUT AND SELL, SAMB
MARKET
PRICE.
AT
WK OFFER A LIMITED AMOUNT OP DKSIR*
ABLE CAR TRUST ISSUES, ADDITIONALLY
rtBCllRBl) BY TUB DIRICCT OBLIGATION OP
TukUAII-ROAD E<{UIPMENT CO.nPANY.
POST, MAitTlL^
CO.,
&
34
PINR STREET.
Sfiencer Iratk.
Fred. B. Koyet.
Geo. T. Peaboilj/.
Trask & Co.,
BANKERS AND BROKERS,
Spencer
70 Broadway,
New York
Miller, Francis
&
Co.,
Citj.
Transact a general Banking Business
Stocks
Bought and Sold on Margins.
Interest alloioed
iin.m
Co.
SEI,ECTED
Desirable Texas Securities for Investment con
stautly on hand
Br<M>Klrn ^ocnrUtes, City stontlH
&
Francis Smith
]TIISSOrRI.
J.
WALL 8TKEET. NEW YORK.
BANKEKS AND OOVMiaSIO-V MEECHAiJTg TEXAS UA1I.WAYS,
» lixfUangc Court, New Vorfc.
BONI>S» LANDS, &c.
oc
OAS SECURITIES,
Street
Bank
^i,soo,ooo
l'i)i.I.E^^. Cashier.
R. T. Wilson
AND
CO.,
FIRST MORTGAGE FIVE PER CENT
RENEWAL BONDS.
1^
""
I.,
OR
New York.
an. 1,1888.
,
nOROAIV,
LOAN BROKERS,
The transfer books .of the preferred stock will be
closed at three o'clock In the af tei'noon of Saturday,
the Otli day of December. I8-12, and reopened at ten
o'clock in thofoteuooh of Tuesday, the lethdayof
Janury, 18SJ.
P.
GENERAL AOEKT FOR NEW ENGLAND
iNo.
November
CAS STOCKS
IT
Seiui-Annual Interest to luTCstors.
P.ACIFIC RAILROAD Little
NORTHKRIV
CO-Mi'.VNY, THKAsrJlEli's OFFICE,
ITBroad
Street. .\ew York.
BROOKLTN.
208 1IIONTAGI7E ST.,
Kansas City Real Estate, Bonds and Investmcut SccoritieB
"WANTED:
Indlanapolla & St. Louis Ists.
NETTING SEVEN PER CENT
KANSAS CITY,
A Dlvkieiidof EI.EVii.N AND ONE TENTH Per
Cent has been declared on the Preferred Stock of
this Company, payable at this ofllee on and after
MOND.tY, the 15th day of January next, to the
holderiof said stuck of record Dec. 10. 1882, in flvo
Sears' 8 per cent obli;,'ations of the company, dated
NEW VORK,
AND
AND
BROWN,
20 Nassau Street,
Staples,
State Treaauer.
Mortgages on Farms
portAQt Information requiring prompt attention, by
either calling personally or sending
&
STREET,
1 1 YTAI,!.
TWO
AL BANK OP THE STATE OP NEW YORK, a
resolution was adopted at a meeting of the sharobolders of said bank, held on the 0th day of December, 1882, that the said bank eo into liquidation and
be closed as a National Banking Association created
under the laws of the United States.
The said Association is now closine Its .aflkirs, and
holders of its notes and other creditors are hereby
QOtlHed to present the notes and other cluhns held
by them respectively aeainst the Association for pay-
N«.
1883, accept! ncu proposition
Upon the adoption
Notice Is hereby Kiven that by the vote of more
than two-thlrda of all the shares of THE NATION-
order of
)
stitution, to
08B0KN,
q^HB ^ATIONAIJ BANK OF THE
STATE OF NEW YORK, Now York, Dec. 7, 1882_
By
Prentiss
Ptatb Treasurer,
Baton Rouge. Nov. 16. I8SB. s
cation.
WII-LIAM
JOHN
CHA8
XXXV
FiRancial.
OmcE
Income
HoMcra of OmsolWiitoil rinit Mortif Bonds,
ompany, and
Bonds and Stock of above-mentioned
[Vol.
on Deposits.
BBASeU OFFices,
Oonntettd by Private Wires,
BAKKEB8 AND BBOEEBS,
35 WALL. STREBT,
NEW YOUK.
CHAa.A. MILLBB. JAB. FKAKCIS. KSWIN 1. HASEI
Philadelphia, 132 S. Tliird St., C. P. Pox.
Albany,N..y.,65
& 07 State St., W.A.GitAVEa
Saratoga, N. T.,
QvMd
Vaioa Hot«i,
xmtk
HUNT'S MERCHANTS' MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES
.Entered, according to act of Congrosa, In tbe year 1882, by
VOL.
Wx.
B.
Daka
<k Co..
In the office of the Librarian of Congress,
SATURDAY, DECEMBER
35.
CONTENTS.
made
THE CHBONICLE.
Konort of the Secretary of the
659
Treasury
Report of the Comptroller of
Our Fiir.ij;ii Coimueice
the Currency
665
G50
Btulroiul Eiiniin^B iu NovemThe Debt Statement for Nober, and from Jan. 1 to Nov.
venibor, 1882
675
30....
C31 Unitt'd States Treasury StateCotton Consnmntion and Overment
676
land Movement to Deo. 1
653 Monetary and Cammerclal
The Cen3u.s Bureau and PbllaKnKliHb News
676
dulpbla
655 Coniniorolal and Miscellaneous
Investments, and State, City
News
076
and Corporation Finance*.. 056
647
notii Clrculntiun
NO.
1882.
9,
so in
harmony with the wants
C.J
911.
of the
money
market, that receipts and payments have followed one
Bond Rodemrtion and BaukTlic Financial Situation
work
to
Washington, D.
(iifi
another with almost absolute regularity,
it
being the Secre-
go to the extreme of the power
granted him in preventing Government operations from disturbing 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. "W3 now
THE BANKERS' GAZETTE.
Money Market, Foreign ExQuotations of Railroad Ptoeks
similar figures taken from the report of December
add
cbanee. U.S. Securities, Btato
and Bonds
680
and RR. Bonds and Stocks. 678 Railroad Earnings and Bank
1st, which further proves what we have said above, that
Ranso In Prices at the N. Y.
631
Returns
Stock Exchange
079
the Secretary's operations have not resulted in the accu-
THE COMMERCTAL
Commercial Epitome
TIMES.
6S2 BrcadstuBs
683 Dry Goods
mulation, but in the gradual reduction, of his holdings of
fiS?
I
Cotton
tary's aim, evidently, to
089
I
lawful money.
Mr. Folger has therefore done
all
could under the laws as they stand to relieve the
Tub Commbbcial awd FnjANCUL Cheosicle
Neto York
[Entered at the Post OiUce,
ex>ery
published
is
in
Saturday vurrning.
New York, N. Y., as second-class mall matter.]
TERMS OF SUBSCRIPTiON-PAYABLE
For One
market from embarrassment, which has so often been produced by locking up funds in the Government vaults.
IN ADVANCEi
Year (Including postage)
UllO ^O.
For Six Months
do
6 10.
Annual subscription In Jjondon (including postage)
C2 7s.
Sixmos.
do
do
do
1 89.
Subscriptions will bo contlnaed until ordered stopped by n writlcn
wdtr, or at the pubticalion oSict, The Publishers cannot be responsible
for Keinitt*nce8 unless made by Drafts or Post-OHlce Monev Orders.
HOKETS HELD BT 17. S. TRXASURY.
WILI.IA.V B. DAh'A.
Total gold ccr: ific ites outBtandlns
Tctitl pold, less outataading certl-
JOHN
a.
FLOYD.
WILLIAM
79 k
i
)
DANA
B.
<c CO., Puhliiihers,
81 William Street,
YORK.
NEW
POST Office Bcix 958.
Gold coin and bulUon
Gold certificates Issaed.
Legs hell
SoVtmbtr
BOND REDEMPTION AND BANKNOTE
164 ,267,531
X>,408.540
15,950,270
14,090.170
148.439.473
Standard silver dollars
Sliver oertiflcatcs issued
.
Loss held
tary of the Treasury give expression to the best
senti-
144,609,314
99.414,977
92.940,562
73,607,710
7,987,860
79,01)5.660
6.758.»7t
Tot. silver oertiacato? outstandins
Total silver, loss outstikudlag cer-
07,31j,ev0
28,794 537
4,012,503
25,S97.89a
3.709.220
26,544,914
S6,74»,43V1
Legal tenders
Less certlflcatos of deposits...
29.im9,19(l
Sl>.'01.302
9,945,000
9.34'>,OO0
Total IcKal tenders, less deposit
certiacatcB
Bank notes
Total held In Treasury
1888.
1U,4S8.K70
flcates
It is seldom that the spirit and matter of public documents submitted to Congress at any opening session can
be 80 generally commended as those published this week.
Both the President's massage and the report of the Secre-
IXambtr 1,
1882.
S6,3e0,M0
Silver bulllor.
Fractional silver oola
CIRCULATION.
1,
159,805,743
flcates
We have added to onr issue to-day twenty pages, in order
that onr readers may have for reference the reports of the
Secretary of the Treasury and the CJomptroller of the Currency.
he
money
19,744,196
20.746,393
6,811,110
6.370.05
287.778,478
.
Of course the above totals will not be mistaken for
ments of the country upon the important issues of the
what
is called the available balance held by the Treasury.
civil
reform,
day.
An administration with
service
strictThat is obtained after deducting not only all demand liabilily enforced
with the tariff tending towards freer trade
;
;
with honesty and economy the rule and practice in
departments
;
all its
with every internal tax repealed except on
spirits, rooacco,
&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
It is only fair to say that so
far as
Folger the power, his
Congress has given
management
but also the
States
a decrease of nearly ten million dollars.
however
the people would be most profoundly grateful.
Secretary
fictitious item in the assets, of United
bonds paid but not charged oS. Making such
deductions, the balaLce appears to have been $125,904,366
on December 1, against $135,835,141 on November 1, or
ties,
of the
— which
is
"Disbursing Officers' balances"
still
Government
This decrease,
by a large transfer to
might t)e even larger, and
in part caused
—
receipts of lawful
money be
so in excess
Treasury Department has been in the spirit of his recom- of its actual disbursements as to disturb the rates of
Hence the necessity for the analysis above
mendations. We could never see any sufficient excuse interest.
for his issuo of silver certificates, but in all other par- given for measuring the effect of the Treasury operations
his course has been unusually free from any
voluntary act which could harm our industries or harbor
ticulars
scandal.
Even the cumbersome Sub-Treasury law has been
during the month on the money market.
But the portions of Secretary Folger's report of most
practioal
utility
are the
definite
data
it
furnishes
fgr
THE CHRONICLK
648
[Vol.
IXXT.
s^lua revenue, and therefore bond redemp- has of late generally supposed. Still, Comptroller Knox's
"We reviewed this 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 (1) to
figures that our statement aa to the amount of 3^ per reduce the interest on the 4 and 4^ per cents by paying
The popular under- or compounding the premium, and then issuing circulation
cents then uncalled was correct.
standing at that time was, that as fast as bond redemptions to the amount of 90 per cent of the par value; or (2) i£
•eatimating
tions.
were made corresponding deductions appeared in the
We showed in our article that,
monthly debt statement.
according to the system of book-keeping pursued by the
Government, none were charged ofi until the call which
covers the redemptions matured, and the report of the
Consequently, on the first
Secretary confirms that view.
December
of
the
amount
of
the 3^ per cents outstanding
uncalled would be as follows.
Fire per cents continned at 3^ p. c, as
$134,317,700
per debt statement of Dec. 1
125,000,000
117th call, maturing Dec. 28
15,000,000
118th call, maturing Jan. 18
15,000,000
I19th call, maturing Feb. 10
10,000,000— 05,000,000
120th call, matnrmg Feb. 28
that plan
may
is
rejected, that the
10 per cent of the market
value of the bonds, with a provision for an additional
deposit
case
in
received
of
depreciation;
with disfavor,
The above
millions of
for
debt
indicates that on Dec. 1
1
$69,317,700
there were only 69
the continued 3^ per cents
As
payment.
the reduction
has hitherto been
so
rapid,
not
yet called
Government
in the
that fact seems
to
or
if
(3)
that
too ia
that the
tax on circulation be
reduced to an amount sufiBcient to simply cover the
expenses of the Treasury incident to the issue of these
The adoption
notes.
would
any one of these suggestions
of
currency
the
relieve
question
of
its
present
embarrassment.
THE FINANCIAL SITUATION.
In some respects there
is a less buoyant feeling apparent
outlook than has prevailed during
respecting the future
Leaving uncalled of 3J^ per cents on Dec.
law be amended so that note*
be obtained to within
late
months.
mercial
This
due
is
and slower
added
smaller profits
many
the
to
the lower prices
circles,
for
all
collections
erally the complaint,
to
of January, settlement day,
failures in
com-
commodities, the
which are so gen-
the fear that with the
many weak
first
spots will be de-
imply a speedy absorption of this small balance. But veloped and many firms be compelled to succumb. To ua
figures gathered from the Secretary's report indicate that however, this solicitude seems excessive and in good part
such a conclusion is not warranted. In the first place, needless. Undoubtedly there have been failures and there
Mr. Folger states that t^e surplus income for tho whole will be more. But these are not necessarily signs of an
year ending June 30, 1883, cannot exceed 120 millions of unhealthy commercial condition, for in every active time,
dollars.
Accepting that as the
limit,
already appropriated, by the above four
there have
been of those that
start in the race
number succumb
a large
at
the slightest change in the surroundings.
is not impossible
but that is a mere change of
the form of the debt, and of no importance in this discus-
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
During the good
activity of late in that department.
times, too, we have been pushing to the utmost every productive enterprise, and as a protective tariff shuts us up to
home consumption, our power to manufacture has in maay
sion.
departments for the time being outstripped the country's
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 conversions into the 3 per cents are constantly in progress,
the disappearance of the old 53 from the debt statement
this year
;
should
added that the action of Congress at its
present session hiay in some measure modify the above
conclusion.
Our readers, are aware that bonds are called
in anticipation of revenue.
Hence it happens that some
©f the later calls in evcy year are made in one year
while their payment and maturity falls within the next
year.
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.
wants so, stocks of goods being a little in excess of the
demand, prices suSer. Then again this slackened inquiry
is perhaps in some measure assisted by the short crops of
wholly
last year, the effects of which can only be
obliterated with the promise of another harvest known.
Hence the above
estimate that $35,000,000
the agitation of the
can
during
It
be
Ije
issued
this
fiscal
year,
more
is
in calls
based
;
Also, and finally, a condition of production in the past has
These should have been
been extreme high taxes.
gradually reduced as surplus income increased, but they
have been left until the only cure is so radical that even
subject
paralyzes
production
in
on many departments.
This is all that is unfavorable which can be said of the
as much as 15 millions
thrown upon the next year's commercial condition. It is a slight temporary slowingwhat 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 ofi 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 that result is based on pres- this restorative and healthful operation is in process, splenent 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 conany measure. Our readers can speculate as well
Even a railroad war in the Northas we stantly increasing.
can on tbe probability of Congressional
action in those west
as may be seen in our monthly article on railroad
the supposition that at
least
(the last of above items) will be
(that is, 1883-4) surplus
and
;
—
—
particulars.
These
facts
—
—can scarcely make a mark in the general
earnings to-day
show
that the
necessity for making new
provision for continuing bank circulation
or for providing
« substitute for it, is a Uttle less imminent than the public
result,
so
abundant
towards consumers.
state of
is
the
And
our foreign trade
traffic
pressing
on top of
infinitely
it
all,
both ways
we have a
more promising than
DsemiBEB
THE CHRONICLE.
9, 1883.]
» year ago. Now, if there is any considerable room for
croaking here, we cannot find it.
In the 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
fear of a vague
surmise; what
March alone can
unfold.
will do, the fourth of
it
This week Wall Street has been
especially reminded of the disturbing power of Congress
by the references
Comptroller Knox's report to some of
in
We refer to the ques-
the crude legislation of last session.
bank
tion of
certification
and the decision of the Attorney.
649
carried the market prices
upward so rapidly aa
to effeetv
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 larg«.
ally
crops and a great portion of our surplus has yet to g»
forward, and after the first of January corn in considerable
quantity
other exports.
a
movement
steady
likely
is
There
to
thus a
is
added to
good prospect
be
th«
for
cotton and breadstufls for th*
of
remainder of the season, against a very limited snpply last
year, thus keeping the supply of bills continually in excess
demand. Then, again, the inquiry ftom importers
be much lighter than it was a year ago, for th«
This decision was some time since foreshadowed, but it is reason that business with them is dull, and therefore they
now officially promulgated. As a result, the National Bank will order goods more sparingly than they have done.
of the State of New York has perfected arrangements for Finally, in addition to the supply of commercial bills, w«
passing into the fe'tate system and at least three more of the may look for steady offerings of bankers' drafts mads
Clearing House institutions have taken steps in the same against outgoing securities. Altogether, therefore, the
General that " acceptances" are an evasion of the statute
and subject the ofBcers to the penalties imposed by the law.
direction.
York
It
is
claimed now, however, that
Legislature
think there
is
the
pass a similar provision.
will
no fear of
that, for
we
New
We
give our people the
credit of being too enlightened to attempt to cure evils
by suppressing business.
There is no doubt but that certification, as practiced by
a few of the banks, is objectionable. The past proves,
however, that it is not as unsafe as it appears. But
regardless of that point, it is a practice which is necessary
in several departments of business, one that does not admit
of remedy by legislation, but is primarily for stockholders
and directors to settle, while so far as it is a public question,
it is within the power of the associated banks to restrain
like this
when
they see
fit.
-As to the Attorney-General's decision,
that is, of course,simply the expression of a lawyer's opinion.
When
will
the Comptroller seeks to enforce
have
to
prove his case
first
and
it,
we presume he
after that confirm his
law by the decision of the court. Good counsel here say
that each of these points will be quite difficult to estab
The Comptroller seems to think that a Stock ClearingHouse can be brought into existence through an enforcement of this statute. If we do not greatly mistake the temper of the Street, he is in error there. Almost anything will
lish.
be done but
ested but
that.
dation anyway.
possible,
If,
Indeed, the larger capitalists are inter,
for they can get accommoenforcement of the law, if it were
little in certification,
An
would simply drive the smaller men out of business.
therefore, Congress wishes
tion of
money
to assist in the concentra-
hands of a few,
in the
no better than by further
it
can serve that end
legislation to the
same
effect as
of the
is
likely to
outlook in the exchange market seems to be very promising,
and
to indicate a fair influx of gold
during coming
weeks.
The stock market displayed some degree
early in the week, and there were
of strength
from the
indications
movement in the Granger stocks that a settlement of the
railroad war in the Northwest was expected.
A satisfactory advance was also made in the bouthwesterns, the
Northern
Pacifies,
and, indeed, in
almost
all
the specu-
and it was said that the leading operators
for a decline had covered their short contracts, and were
disposed to aid in moving the market upward. This
change of position was not lasting,
however, for
on Thursday the Grangers fell back, the speculators
for a decline again indulged in raids upon some of
the fancies, and reports were put in circulation that the
speedily
be settled.
The
railroad war would not
traders in the room who covered their short contracts early
in the week took advantage of the unsettled market caused
by the fall in the Grangers, and raided Denver & RioGrande, pressed Union Pacific for sale, and sought to
weaken the general list by the circulation of disquieting^
rumors. So far as regards the railroad war, judging from
the November earnings, it is probable that it wUl b»
settled before much real damage is inflicted upon any
of the roads, but, according to the judgment of the
lative stocks
majority
be
;
of
adjusted
and
it
is
the
speculators, the
certain
until,
of
course
differences
personal ends
impossible
to
will
are
not
served,
say
how
The question of
territorial rights, which has been raised by the President
of the Chicago St. Paul Minneapolis & Omaha, is by the
soon this result will
be accomplished.
Bank Extension Act.
The course of foreign exchange continues to be an element 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, and
porary movement and they fell again on Wednes- the matter of percentages of business can very easily be
this section in the
day, the tone of the market
a
further decline
now
being heavy, prefiguring
the near future.
adjusted at a conference
The trade ready
if
the parties to the fight ar«
The course
that has been pursued
which are commented upon at length in the matter is having a very unfavorable influence upon
in another column, exhibit an excess of merchandise exports 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.
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
still
in
for a settlement.
figures for October,
A
ket,' indicating that
Wiih
our foreign indebtedness has been
advanced.
must be borne
Money continues comparatively easy and there has
in mind that the conditions now are far different from been no attempt at manipulation for the purpose of inwhat they were a year ago. Then we had very short fluencing the stock speculation. Not even a flurry folcrops and very little left for shipment after January first, lowed the announcement of the decision of the Attorneywhile speculators, basing their operations upon these facts, General in the matter of bank ceitification.
It will b*
liquidated.
respect to the future
it
THE CHRONICLE.
€50
natural to look for some activity in loanable funds toward
preparations will be made
the close of th« year, as then
payment
of the usual half-yearly
the
for
banks
the
by
The Assay
£V0L,
OflSce paid
$y 0,353 through the Sub-Treasury
and the Assistant Treasurer received
the following from the Custom House.
for domestic bullion,
until about the 20th bankers expect a
moderately liberal supply of money unless there are accumulations in the Sub-Treasury. There appears to be no
dividends, '^but
for
interior
urgent inquiry from the
funds for crop pur-
Consisting
I}aU.
Duties.
17.
Gold
iff.
Ifotes.
7..
$411,361 49
506,548 77
525,160 62
620,238 57
401,696 21
406.198 36
Total.
$2,931,204 05
Dec.
and unless therefore the Government receipts exceed disbursements the banks ought to accumulate redegree
serve and be in a position to respond with some
poses,
1..
"
2..
"
4..
5..
6..
demands of their customers. The
of liberality
for bonds and interest during
Treasury
the
by
payments
to .$1,530,085 62.
The actual
amounted
have
week
the
to
XXXV.
the
$18,000
17,000
29.000
45,000
25,000
13,000
of—
Gold
Silver Cer-
Certif.
tificates.
$40,000 $263,000
36,000 357,000
33.000 381,000
35,000 479,000
31,000 334.000
36,000 276,000
$90,000
96.000
71,000
61,000
71,000
81,000
$147,000 $219,000 2,093.000
$473,000
by the Treasury during this period (as nearly as can
COMMERCE.
various figures furnished by the
Compared with previous exhibits of our foreign trade,
be made out from the
Sub-Treasury) aggregates about two million dollars. The the belated return for October, issued this week by the
following shows the interior movement.
.Bureau of Statistics at "Washington, is conspicuously fav-
OUB FOREIGN
loss
is evident -that we have passed the lowest
downward movement, and that henceforward
decided change for the better will be experienced. The
orable
XeeHpl* al and Shipmenlt from IT. T.
[old
Received.
Shipped.
$2,029,000
71,000
$1,232,000
132,000
$2,100,000
Total
$1,361,000
Last week's bank return was again made up on rising
Considering this fact, the following will indicate the character of this week's exhibit.
averages.
Into Banks.
$2,000,000
2,100.000
Bub-Treasury operations, net..
Interior
movement
$4,100,000
Total
audit
a
noteworthy features in the statement are
(1) an excess of
merchandise exports over imports in the considerable sum
of 10 million dollars, this being the first time in nine
:
months that the balance has been in our favor (2) imstill above those of last year, are
smaller than they have been for some months back
(3)
;
ports which though
;
Outof Banks
$.
;
stage in the
Ket Oain.
$2,000 000
736,000
..
1,361,000
exports fully 2\ millions above those of last October, and,
larger
with one exception,
than for any month since
March, 1881, notwithstanding our small shipments of corH
$2,736,000
and provisions and (4) shipments of gold to this coun-
$1,364,000
;
was an arrival of $50,0»0 gold by the try in even larger amount than in September, when we
Servia, and this may be the forerunner of still larger noted the first specie imports since last January.
Leading securities, with few
The fact of gold imports is especially interesting,
importations from Europe.
of the active discussion that is being carried on
rule
a
little
higher
in
London
because
than
exceptions, continue to
to our ability to command an influx of that
following,
reference
the
showing
relative
with
seen
by
here, as will be
Monday
there
metal, larger or smaller
prices at the opening each day.
Die.
liond'n
1.
Dec.
Dec. a.
Dec. 7.
6.
Dec. 8.
N.T. Umd'n N.Y. Lond'n N.T. Lond'n N.T. Lond'n A'.r.
vrtces.- pricet. price*.* prica. prices.* prictt. prices.* prices. prices.* prices
n.s.n.o. lia-79
n.s.sxs
101-22
3601
Erie
07 22
Cent. 14370
W. Y. C. 12062
2d con.
111.
120
119-;8
lOlH 100-98
KOH
12015 120X
lOVA 10122 1015«
of the fact that the movement 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
97 22
36«
86M
145-16
111
11119
141
130-81
131)^
130-55
130%
BO-K
52
27
25-OOt
26-91
51«
posed
27
25-97t
27-80
27
101
102-14
102)4
10146
lOOii
England's direction, to pay her balances here for purchases
In this way it
of food and other agricultural products.
12962
129>^
129-86
23-48t
27-30
5»«
'25-48t
26J<
27-80
60
St. Paul. 100-88
mi
z-jyi
100-08
100
36J<
101-22
Bxoh'ge.
1-85M
cables.
4-85!4
120M
102M
96
144
Reading 25-36+
Ont.W'n 2706
101-22
30-29
145M
130M
97 22
144-67
MH
120-40
101J«
97-22
38 85
38-29
»6!<i
38M
imi
14180
85J«
143
129
120-40:
101-58
in amount, the disputants being
unconscious
apparently
4-8i
36-80
97-22
m
37W
oea
1-85)^
4-S 6!-^
• Expressed In their New York equivalent.
^ BeadinK on basis of (50, par valae.
indebted to her, instead of sending gold to that country,
thence to be added to the home supply or otherwise disof,
are
now
shipping direct to this country, at
would appear we received in September $900,000 net and
in October 3 J "millions, and it is clear from the statistics
for the port of
New York
that the current
still
continues
from those countries, between three and
week, but there was a loss 5-16 in the proportion of reserve four hundred thousand dollars arriving here each week.
The Bank of France reports an increase of These importations, coming at a time when the merchandise
to liabilities.
francs
gold and a decrease of 3,825,000 francs movement has only just begun to change in our favor, are
5,175,000
silver, and the Bank of Germany, since last report, shows
very important, lending, as they do, encouragement to the
a gain of 9,840,000 marks.
The following indiactes idea that in future weeks England and the rest of Europe
TheBankof England gained £158,000
bullion during the
in this direction
the amount of bullion in each of the principal European
will also
banks
deed,
this
week and
at
the
corresponding
date
last
year.
be made to contribute to our supply of gold.
there
was a small
arrival
from the other side
Inthis
week, the Servia bringing $50,000 gold.
Smaller merchandise imports would, of course, aid such
Dec. 7, 1882.
Gold.
SiCoer.
Dec. 8,
Gold.
&
1831.
Silver.
i
Bank of England
Bank of France
Bank of Qennany
20,879,269
20,785,037
38.720.710 13,795.202 25,899,056 16,768,100
6,690,750 20,072,250 6,669,500 20,008,500
lotalthla -week
Total prev lous week
66.290,721' 03,867,-152 53,353,593 66,770,900
P5.S79.826 63,884.587 52,828,6r9 66,391,806
above ;soia and silver division ot the stookol coin of tUeBank
MX'
of Germany la merely popular estimate, as tUo Bank Itself gives no
Information on that point.
Tlic
a movement, and there
soon be on a
months.
The
is
reason to believe that these will
much more moderate
scale than in recent
aggregate for October
is
the smallest since
February; but aside from that it is clear that there are
In
forces at work that must tend to diminish the totals.
the first place, last season's crop failure increased our "importation 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
December
THE CHRONICLR
0. JS89.]
lower prices for railroad
our imports of
there
steel,
must operate to diminish
uialeiial,
iron and kindred articles; and finally
a smaller profit on business transactions than a
is
year or so ago, and people have not as
spend on luxuries as formerly, which
The
item in our imports.
much money
to
form quite an
latter
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, $4,753,885 above 1881, showing that though, as is
651
makes a very good showing
comparison with the heavy
in
New York
exports of last year.
falls considerably behind, the result wholly of the diminution in tke shipments
of com from this port, the valuo of the same for October,
1882, being only $289,431, while in October, 1881,
it
was
$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
customary at this season, stocks are being reduced, the the case of the figures for the ten months ended October
amount is being drawn down less rapidly than at the same 31 it is well to observe that the falling off in the value of
time a year ago may perhaps also be taken as evidence corn during that period aggregates as much as 30 milof a more sluggish distribution and a less active demand lion dollars, and that the recent large increase in the ex;
—
In the light of these
for goods.
facts,
we give
bo readily understood, and
will
table of the imports
BXPOIiTS
and exports
the October figures
the following
V.
1882.
S.
only about 12
I>ORT9.
October.
Since Jan.l.
Otlobcr.
Foreign.)
Since Jan.l.
Baltimore
Boston, itc
Pliilailcliihla...
San Francisco
.
AU otlier ports.
Total.
28,177,847 281,538,729
8,239,093 53,551,847
4,241,620 35,117,837
4,508,357 47,034,467
2,407,301 28,124,219
4,591,068 40,700,229
19,373,4S4 107,909,828
27.S55 .328 314,305,530
7,353: .091 73,344,903
2,703 .396 49.448,381
4,920: ,280 60,204,491
3,337 .905 34,837,438
4,792 ,427 34,837.111
16,996 .219 119,238,080
71,538,779|5U4,037,206
68,018,646 686,415,904
41,256.437 435,746,759
621.502
8,378,198
953.657 12,087,392
5,157,807 64,005,724
2,530,841 33,350,300
4,373,515 37,929,187
6,306,849 45.922,133
38,343.574 376,995,632
1,381,042 10,256,312
1,455,108 13,766,825
4,603,183 55,332,154
1,9.54,845 26,178.699
3.579.875 31,079,434
7,660,001 42,005,016
Imports.
New York
New Orleans
Baltimore
Boston, Ac
Pliiladelpliia
San Francisco
All otlier porta
61,260,6081637.980.193
Total.
As
to the export total,
it is
58,988.628 556,214.072
perhaps well
the present large aggregate embraces
ments
to reiterate that
much
smaller ship-
provisions and
Following
now show
from the
million dollars
is
a decrease of
the ten
total for
our usual table.
exports op breadstuffs during OCTOBBR AKD tIKCB JAK.
QnantUy.
October.
Barley
Corn
1882.
.
Coi-n-mcal
.
.
Oats
bush.
..bbls.
Kye
Wieat
.buSh.
.bush.
.bush.
Wheat-ftonr
.bbU.
1882.
21,549
19,678
55,246
7,340,702
335,497
Total
Since
Jan
. .
231,403
12,423,751
195,586
..bbls.
Wheat
.bush.
-bush.
.bush.
Wheat-flour
.
Kj'e
9
7,330
3,605,813
75,811
16,.508
9,78»
112,544
10,608,831
3,604,7»8
58,778
8.801.660
2,280,734
15,205,103
11,830,014
1.
.bush.
.bush.
Barley
Corn
Corn-meal
Oats
1881.
13,509
766,810
82,107
10,640
4,974,661
135,360
10,014,247
614,2^5
1.
Value.
|
1881.
19,809
1,005,775
20,448
32,126
.Ijush.
...
239,856
1.015.676
91,385,683
5,465,740
bbls.
167,055
58.227
105,099
9,419,418 39,353,34!>
66.074,082
347.052
748.391
1,044,817
140.271
219,013
476,805
795,825
889.131
851,194
100,106,840 104.058,033 116.741,005
83,416,661 84,024,947
5,827,864
149.737.960 192.292.552
Total
only nominal exports of corn.
The provisions exports were but little more than one-half
feature
those of October, 1881, the total being $4,600,000, against
all items,
of
they
year, so that
$
New York
Kcw Orleans...
reduce very mate-
to
recorded in those items in the earlier
months of 1881.
1881.
Exports {Domestic
and
and wheat has acted
Igss
months of the
at each port.
AND IMPORTS OP MKUCrtANDWE AT
ports of flour
lially the
In the provisions exports
we have
the same general
as in previous months, namely, a large decline in
both in quantities and values but the decrease
and hams is especially pronounced, amounting
were valued at less than $800,000, against $3,600,000, a to over two million dollars for October and to sixteen
loss of $2,800,000
or a total on these two items of over million dollars for the ten months.
Lard also shows a
seven millions, against which the breadstuffs and (lour 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
$8,900,000, a loss of $4,300,000
and
;
the corn shipments
;
in bacon
,
The question naturally
occurs, then,
overcome and an increase in
The answer is not far to seek.
The previous
amounts.
how was
this
loss
total exports established ?
Cotton went out in large
short crop, and the comparatively
high prices ruling, induced European spinners to draw
largely upon their reserves, which arc now being replenished, the mills taking advantage of the relatively low
prices
This led to the export of 516,310
prevailing.
bales in
October,
1382,
The
ment
is
at
each port
only
against
in October, 1881, the increase hero
in other staples.
breadstuffs
387,321
bales
making good the loss
and provisions move
set out in the subjoined table.
KxroRTS or breadstuffs asd provisioks from leabino ports.
1882
Breadstuffs.
New York
New Orleans...
Baltimore
Boston
Pltila<lelphin
..
San Francisco.
Other ports
Total.
Provisions,
New York
New Orleans
Baltimore
Boston
Pliiladclphia
San PraucUco
Other ports
Total
October.
5,693,212
1,135.986
1,016,861
1,003,120
759,007
3,419,979
2,516,872
small,
Since Jon. 1.
03,204,471
5,969.538
20.476,228
9,918,036
7,464,308
29,071,462
13,573,917
15,205,103 149,737,960
1881.
October.
6.765,235
41,558
1,296,506
1,019,202
985,809
3,552,555
1,178,933
ISince Jan.l.
85,003,187
9,622,732
31,810,146
but in percentage the diminution
than in any other item.
much
is
heavier
figures.
exports of PRongiOKS, Ac, in October and since ja».
Pounds.
October.
1881.
1882.
1.
YalHe.
1881.
1882.
9
Beef, fresh and
Bacon and hams
Lard
Pork
Tallow
Butter
Cheese
10,848.271
30,936,3o3
24,871.142
7,987,04 5
6,343.848
7,189,058
13,850,350
3,230,692
2,076.235
623,224
5,998,718
2,332,88.'.
1,060,619
6,672,537
Total
690,410
968.290
936,490
1,729.343
3.103,425
2,864.021
376,862
182,780
122,306
690,015
720.960
217,7«5
218,260
802.679
4,660,042
8,920,520
Since Jan. 1.
fresh and
Beef,
Bacou and hams
Lard
Pork
Tallow
Butter
Cheese
71,348,244
275,830,334
l^<5,153,4)•0
51.070.634
34,092,493
6,321,433
95,558,577
119.317,148
612,489,692
256,448,804
77,994.223
61,056.530
19.713,569
126,001,345
6.793,787
29.091.609
21.97(/.524
4.836.450
2.HX,").005
1,258,922
10.591,108
10.697,030
501,069
27,251,461
6.107,218
4,290.613
3.774.991
13.801,189
4.'i.
78.036,011 111.723,571
Total
13.392.S164
15,162,550
23.536,412
13,704,561
RAILROAD EARNINGS IN NOVEMBER AND
FROM JANUARY
14,339,914 192,292,552
3,356,532
8.217
31,252
755,070
135,284
42,610
331,077
54,063,863
61,805
641,051
12,507,369
6,270.602
329,773
4,101,548
6,351,591
12.873
53.144
1,649,287
4,660.042
79.036.011
8.920.520 111.723.571
76,017,580
158,592
4,316,760
20,899,350
5,965,341
309,332
3,456,610
It will be observed that New Orleans is taking large promi
nence in the breadstuffs exports, and that San Francisco
1
TO-
NOVEMBER
30.
months immesome change
this month,
cent
per
this
being
17
in the ratio of increase,
in Septemcent
14
per
and
cent
in
October
per
against 16
November earnings
tCc.
452,572
30,543
370,510
Below are the
diately preceding
are like those of the
— very favorable.
There
is
but whether the percentage be larger or smaller is really
little moment, the main fact being a steady and
continuous rise in the aggregates, month by month, over
ber,
of very
the same period in
1881.
At
this period
of the
year,
THE CHRONICLE.
when
all their
trade an Jl)usines8 in
progress, the
active
trafiSo
various branches are in
returns of the railroads
are
^aick to reflect any change iu the industrial condition of
the country, and
these returns
it
reassuring therefore to find that
in
Show no signs
of a diminution in the
[VOU XXXV.
almost doubled
its
receipts of last year.
of increase, however,
must
place
first
In the amount
month, as in
this
previous months, be assigned to a road in the Northwest
namely, the Chicago Milwaukee & St. Paul, which reports
volume a gain of over half a million dollars. The Chicago &
Northwest, in the same section, has only a small increase,
of business going on, notwithstanding quite general complaints of small
The cotton movement
profits.
in the
South during the month was quite full and free, but the
grain movement in the "West was not very large, though
General trade in
it compared favorably with last year.
that section, however, appears to have been good, stimulated by the excellent harvests, and there was a free in-
while the Chicago
St.
Paul Minneapolis
& Omaha, though
does not report as large a gain as in October, yet makes
a handsome showing, having an increase of $124,000, or
it
to the Southwest, only with more emphasis, that section
The Burlington Cedar Rapids i&
per cent.
Northern has a larger ratio of gain than either of these,
having augmented its earnings $76,000, or 38 per cent.
These four roads, together with the Minneapolis &
St. Louis and the Rock Island, are those engaged in the
getting the benefit not only of a large yield of cotton, but
present warfare in the Northwest.
The same remark
terchange of commodities.
yield of
also applies
about 32
It will
be interesting,
what influence the war is having upon
which is seen in the earnings of the Southwestern roads thear receipts. Passenger rates were reduced about the
particularly those in the Gould system
all of which
10th of the month, freight rates not till some time later,
record very heavy gains, as the following table, giving but the last week of the month may probably be fairly
«arning3 and mileage for each road, will show.
taken as a guide in measuring the effects of the strife.
&lso of a greatly
increased
cereals, the effect of
—
—
Now we
find that the St, Paul had an increase of $158,000 in that week, leaving the road none the worse appar-
0R08S EASNIN08 AND MILEAOB IN IfOTEHBEB.
Eaminas.
Gross
Kameofroad.
1881.
1882.
Bnrl. Ceil. Rap. & No.
Central Branch U. P.
Contral Iowa
Central Pacific
Char. Col. & Augiista*
Chesapeake & Ohio*.
ChicaKoA Alton*
CWc.<feEast«niTlI....
Chlo. & Gr. Tninkt...
Chic. Mllw.tfe St. Paul.
Chicaeo & Nonliwcst.
Chic. St. P.Minn. &.0
Chic. & West Mich.'..
Cleve. Ak. & Col
&
Columbia
Grcenv.*
Hock. Val.ATol*
Denr. <fe Eio Grande.
Des Moines & Ft. I).'
Col.
Detroit Lans'g
& No.
& Ga
£a8l Tenn.Va.
Evauav .t T. Haute
Flint & Pere Marq*
.
Gr.
Bay Win. &
Gulf
&
Col.
.
.
.
St. P.
Santa Fe*
Hannibal*
St.
Jos...
Illinois Central (III.)..
(Iowa lines)..
Do
Ina. Bloom. & West.
Interu'l & Gt. North..
.
Kan.CitjFt.S.&Gult*
Lake Erie & Wcftern.
&
Little Rock
Little Rk. M.
Lon^
Ft. H
K.&Tex.
Island
Louisville & Nashv. .
Mar<i. HouRh. & On.'
Mliw. L. 8h. &West..
Mo. Kan. & Texas....
Mlssonri Paciflc.
..
& Ohio
Metropol. Elevated..
H. Y. Elevated
N. Y. &New EuKl'nd.
JIorfolk& Western...
Mobile
Korthem
Pacitio
Ohio Central
Ohio Southern
Peo'ia Dec.&Evansv.'
Rich. &. Danv.8t.L. A.&T.H.m.liue.
Do do (brandies).
8t.L. IronMt. & So
8t. Louis & San Fran
.
St.
St.
Paul.t IJuluth
Paul Minn. & Man
Scioto Valley
Texas & PaclHo
Tol. DelphosiSt Burl
tJnhm Pacilic
VlrRiuia Midland'....
Wab. St. Louis & Pao
Wlaconsln Central'
"^"^^
',
.
therefore, to see
S
278,429
128.8«i
10l).353
2,242.000
54.3.37.0
'.^06,78
57«.I08
162,008
2J2,89.'5
2.072,000
2,069,287
5l7,59.=i
89,987
43.903
§60,904
192.38
512.965
23,507
138,810
343,173
I
59.44.5
136,340
44,323
190,063
219.252
579,419
172,725
256,998
371,379
110,119
133,297
90,34K
44,910
170,7TH
1,192.390
78,.528
78,518
694,169
731,258
295.110
215.665
315.874
276,183
246,468
761,324
103,463
36,625
33,917
5'-30,700
133,630
72,4 U
843.97;
33 .490
1
127,923
913,334
46,266
619,655
81,899
2,821,07
559.,53
1,525.71
06,22
$
202.180
4-76,249
80,387
91,573
2,297,971
§36,025
166 654
515,598
137,473
142,951
—55.971
3,167
2,775
-1-9,350
238
517
847
240
335
238
430
847
230
335
4,383
3,464
1,085
3,010
-f 50,249
-H124,67J
388
144
296
322
-t-9,012
-fo,9B3
-1-10,369
-t-10,789
—34,090
—2.970
1,160
110
226
902
157
345
225
482
292
919
402
6S4
774
365
385
168
170
328
-f-16,848
-1-38,936
-f7,5.56
4-19,930
•-)-2,60.1
95. .503
-f94,560
4-53,645
-f6.879
195,607
572,540
164,677
-1-8,048
-1-56,547
-1-68.373
200,151
303,006
92,549
103,370
65.366
32,036
141.335
+ 17,570
4-21,927
4-24,980
4-12,874
4-29,438
4-127,167
4-13,827
4-20,978
4-160,213
4-230,689
4-32,124
1,0()5,'223
61,701
57.540
533,956
550,569
262,986
228,502
259,449
240,764
228,995
475,611
81,935
30,414
35,585
§188,100
105,506
61,289
687,271
284,321
78,282
508,530
43.802
—12,837
4-56.425
4-35,419
4-17,473
4-285,713
4-21,528
4-6,2n
—1,668
4-42,600
4-28,124
4-8,121
369,521
65.000
2,723,608
§56,997
1,343,556
58,818
2,025
90
3,951
985
366
144
296
332
1,008
87
226
900
144
318
219
345
292
919
402
544
650
340
385
168
170
328
2,025
306
90
260
1,296
1,000
979
528
796
506
18
14
394
428
18
,
1,419
212
128
254
757
195
121
816
661
175
14
356
425
972
212
12s
243
757
195
565
121
636
643
175
855
132
982
446
3,750
3,650
4-156,702
4-47.169
4-49,646
4-404,804
4-2,464
4-250,134
4-19,899
4-97.462
1,020
4-2,538
4-182,159
4-7,406
353
353
3,423
3,300
310
340
132
1,390
25,638,827 2 1,878,424 -(-3,760,403146,636 42,160
^,**''* ""'y "' November in each yaar,
SJ""^
For the four weeks ended December
^
2.
§
It Will
573
300
225
-f24,535
-^89,744
-h502,403
38,000
550,536
181,594
547.055
26,477
121,992
301.237
51,889
116,310
41,720
1881
689
38S
241
-1-60,510
be seen from
this
the
for
it
Northwest a
the
decrease
of
in
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
week actually fell $12,000 behind. From
Rock Island and Minneapols & St. Louis we have no returns.
None of the other roads in the West and Northwest are as yet involved in the conflict, so their returns do
not have to be interpreted in that light.
The Illinois
Central for November shows a small gain on both its
Iowa division and the main line, while the Chicago &
year, in the fourth
the
Alton, Chicago
ville
&
&
Eastern
Illinois,
Central Iowa, Evans-
&
Joseph, and "Wabash,
Terro Haute, Hannibal
St.
November last year.
movement in the two years is
record larger earnings than in
all
The
influence of the grain
indicated in the following table.
RECEIPTS OF TLOUK AND GRAIN FOR FOUR
WEEKS ENDED NOT.
Flour,
Wheat,
Corn,
Oats,
bbls.
bush.
btish.
bush.
Barley,
bush.
25.
Rye,
bush.
Chicago—
188'2 .... 314.702
3,280,425 2,141,810
4,008,226 1,073,358
960,168 267,513
778,053 98,653
161,668
2,947,287
828,922
423,241
231,324
812,168
446,926
56,625
63,225
219.091
130,080
417,'200
73,520
44,705
224,466
124,715
1,869,116
504,66"
863,750
715,310
499,734
235,468
402,869
360,279
74,844
39,122
....
....
69,526
5,930
1,288,186
276,675
512.919
279,133
£70,349
92,316
9,116
78,008
27,620
2,566
1882....
1881 ....
Clevcl'd—
15,913
37,503
847,114
276,318
64,430
83,635
140,99
100,016
82.659
35,938
518
568
....
....
3,425
10,626
84,200
6,950
8,784
139,600
16,707
136,700
11,677
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
53,200
68,350
4.200
78,000
238.431
576,883
656.034
8,133,770
2,919,296
1881 ....
Mllw'kee—
1882 ....
1881 ....
St. Louis—
1882 ....
1881 ....
739,55
Toledo
1882
1881
Detroit
1882
1881
Peoiia
1882
1881
Duluth—
1882....
1881....
Total of all
1882
.
18-il
.
*
5,830,663 3,885,588 2,263.641 497,215
6,365.499 2.216.4881 1,826,653 256,464
1,061,023,
The roads
Freight eammgs only.
conflict;
had a decrease
some recent weeks even
before the war; the Burlington Cedar Rapids & Northern
$38,000, but
-1-48,477
-1-14,780
-f40,127
1,569,597
2,019,038
392,921
80,975
ently
Mileage.
[nerease or
1882.
Decrease.
affected
by the course
of trunk-line
which only a few minor ones are in our
table,
traflBc,
seem
that such roads as the Mis-
to
of
be
doing fairly well, while Southern roads, under the influSan ence of a large cotton crop, are recovering the ground lost
Francisco and St, Louis Iron
Mountain & Southern are by reason of last year's short yield of that staple. The
conspicuous for their large gains,
while some of the Texas Mobile & Ohio, especially, comes within this category.
roads do even better than these.
The Texas & Pacific, for Taking all the leading Southern outports, the cotton
insUnce, has an increase of over
$250,000 on earnings of movement exhibits a gain in receipts of 135,000 bales
last year of only $.369,000,
and the Gulf Colorado & over November, 1881. The gain is at Galveston, Norfolk
flouri Pacific,
fianta
Fe
Missouri Kansas
in the
first
&
Texas,
St.
Louis
twenty-three days of the
&
month and
New
Orleans, as the annexed table will show.
I
Dbobkbgr
9, 1883
THE CHRONICLE.
J
653
JUCBIPT8 OF COTTON AT BODTHERN POBTg IN NOV., 1882 AND 1881.
Gal vpHton
balen.
1881,
132,.'515
70,745
2,833
248,764
61,494
8,937
180,107
&0
Iiidiiinola.
2.:i(i9
New
283,849
54.937
3,897
157,713
Orleans
Mobile
Florida
Bavaniiah
BriiiiHwick,
8';2
(Sco
CliarleBton
Port Royal,
cSo
Wliiiiincton
Miircliead City,
&o
Korfolk
City Point, <to
Total.
For
1882.
the
1
Inc..
121,789
2,571
35,475
4,307
136,426
48,119
1,038.385
903,052
.
01,800
Ino..
409
.
Deo..
Deo..
35.()8,'5
.
6,557
5,040
2,a94
.
.
Doc
.
628
386
238
Doo..
Inc..
.
Doc.
Inc..
.
Dec.
.
Ino..,
.
Ino
.
..
2,196
1,8«9
51,249
1,812
Inc.... 135,333
eleven months of the year,
first
.
Dec.
,480
122,175
2.3S3
37,671
2.438
187,«75
49,931
1881.
we have
2,190,213
6,466,082
962,864
688.316
1,261,096
797,746
6.800.330
3,243,387
1,015,062
8,011,255
A
.
&
&
Pacitlo
Toledo Deiphos
<b Burl...
Union Pacillo
Virgima Midli^nd*
128,624
2,745.583
340.H84
80,230
187,357
!3.203,3.50
St. L. Iron Mt.
Soulh'ii.
8t. liouifl Si H. Praucisco
St. Paul
Duluth
St. Paul MInu. &Man....
.Scioto Valley
Texas
Dtm-tam.
Inertate.
•
Norfolk & Western-...
Northern Paottto
Ohio Central
Peoria Deo.A BvaDavllle*
Klclimond & Danvdle* ..
BC.L.A.AT. II. mainline.
Do do (bmncbfw)..
66,772
115,914
172,166
371,056
357979
3,6(!0,558
40J.254
00,100
4,.502,126
92.5,772
23.5,906
802,802
27,952,171
503,869
85,503
2.273.188
!1,237,123
15,406,406
WaboAh 8t.L.&Fao
54
roads, reporting gross earnings in 1882 of $257,172,130,
the corresponding period of last
against $224,980,851 in
1983.
Differetiet.
Total
257,172,130 224,930,351 32.579.284
Net increase
32.191.279
* Three weeks only of November In eaeb year,
;
383,eOS
Includes freight earnings only in November,
an increaseof $32,191,279, or 14 per cent. There are
Net earnings for October show the same characteristics
but four roads that fall below last year, and the aggregate as in previous months, being on the whole quite favorable.
decreaseof these isonly $388,005. Full particulars are given The Pennsylvania and the Chicago Burlington k Quincy
in the table below.
As to the figures of Union Pacific, an are very conspicuous for heavy gains. The former inBX[ lanation in reference to the change that has taken creased its net during the month over $685,000, and the
place in them will be necessary. .Our figures are always
latter $174,000.
The following table embraces the reofficial, and yet a month ago they showed an increase fo r
turns of all roads that will furnish monthly exhibits for
year,
the current year of
$97,000
to
over $2,100,000, while now, with
be added on for the gain in November, the
The reason for
this is that shortly after our last statement came out the
company issued a report of its receipts and expenses for
the first nine months of the year, from which it appears
publication.
GROSS AND HKT BARNINOS TO LATEST DATKS.
total increase is given at only $500,000.
that instead of a gain in gross earnings of
shown by the aggregates
there was actually a gain
of over $1,700,0001
only $422,600, a difference
Inquiry at the company's
office in
whence all the figures came, elicited the astou nding reply that these two irreconcilable statements were
both correct, that the one gave merely approximate
while
gave actual figures, but
that as the
latter
were
final
they of
course
superseded the others, and those should now be disre-
The
garded.
the
other
actual earnings for the
accordingly incorporated in
first
Do
nine months are
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
I
TO NOVEMBER
.1882
9201S
ISSl
68.18H
300,185
221.748
426.S0O
414.480
2.270.444
2.031 .001
81.595
40.061
•19.771
S2.84«
1.212.153
1,002.990
118.218
B50.2KI
449.604
435,808
71I.B;8
583,490
38,284
85,438
108.711
108,120
110.88H
98.838
844,111
370,3^2
288,112
3.672,971
2.619.343
2.817.940
IWl
do
.
.1882
Do
do
18S1
Cailo. Burl. *Qulncy.. .188a
1881
do
Do
DesMolnea AFt. D..
.1882
1881
do
Do
.1882
LonlBT. *Na»hv
1881
do
Do
Marq. Hough. &. On... .1882
1881
do
Do
Naab. Chat. « St. liouis 1SH2
1S81
do
Do
Norfolk 4 Western... .1882
1881
do
Do
.1882
Northern Central
do
1881
Do
Oregon Improve'mt Co. 1882
Do
do
Penn.
lOl,'!*)
180.319
172.121
872,318
.1882
1881
.1882
1881
Do
do
PhllBdelp'a* Reading. 18S8
do
liWl
Do
Phlla.& Read. 0.4 Iron.lSSii
Do
do
Do
do
18s;
.I3es
897.164
202.398
8,289.818
1,939.948
1.59?,217
1,441.874
EarMnQi Bominga
43.888
88.677
741.080
888. 44»
659.3118
124.016
Jl.OOS
2.878.188
1.884,&14
801.714
784,08T
496,851
173 '4,328
17,45J.-«2
l«i§?
241.348
Ui8.88»
l.S07,0S«
l,132.r.i4
2M6.7M
11.824
331.982
7,48;
603.322 10.eS2.781
419.480 9,I2S.»80
1882.
Burl. Cedar Rap. <fe No. .
Cent. Branch Union Pac.
1831.
2,5.54.6 17
8T5.91it
l,0G2.94il
Central Iowa
Central Pacitlc
Cbesapcalie <& Olilo'
ChicaKo A AltonChic. & Eastern Illinois.
23,709, I7ti
2,984,241
7,293,9'iO
Cbicago ife Grand Tniulct
Chicago Milw. & St. Paul
Chicago <k Northwest
Chic.St.P.Minn.AOmnha.
Chicago A WcHt Allch"...
2.',
Cleve. Alt. & Col
Col. Hoclc. Val. & Toi.»..
Denver & Rio Orande
Ues Moines i Ft. Dodge'
Detroit Lansing
Flint
& Pere
&
No.
..
Mar<|uette'.
Grand Trunk
of
Canada?
Gulf Col. & Santa Fo'
Hannibal & 8t. Joseph...
. .
HI. Central (Id. line)
Do (la. leased lines).
Indiana Bloom.
&
West.
Int. <St Ut. North
Kan. City Ft. 8. & Gulf*.
Lake Krie .& Western
Long
Island
1,637,21(1
2,044,3a(;
1.5,171,187
19,993.732
3.589,346
1,169,509
383,725
2,129,799
5,353,760
357,459
1,255,557
1,656,188
10.983,854
884,197
2.062,895
6,150,870
1,672,052
2,294,947
2,481,948
1,313,672
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
4,.599,84:i
1,32-^,6:1,'.
466,291
2,559,063
5,906.8.58
310,263
1,467, 6J4
1,881.809
ll,6I3.7(i3
1,332,933
2.063,4^;
6,371,77.5
1,762,155
2,136,463
2.941. 7J0
l.512.30,>
1.352.552
2,143,1.50
11,7.50,47:1
1,172,361
Mobile AOhio
Metroiwlltan Elevated..
*
t
J
809,.^ 67
5.753.651
7,301,524
1.876.13.5
2,485. 1'.fJ
3,034, .;77
3, 127,1 1 3
Thre« weeks oulv of November
January 1 to December 2.
To November
18,
1,487,338
1,423,302
110,591
Louisville* Nashville...
New York Elevated
New York&N. England.
6,7,54,146
1S,423,CHII'
Marq. Houghton it Out.*
Milw. L. Shore & West'n.
Mo. Kansas &. Texas
Missouri Pacific
2,026.224
881,683
865,491
21,868,920
2.434.271
in
Intrease.
do
18s;
(JroM
Rock 4 Ft. S
Do
do
Little
J888
190.848
83.366
1881
NAMB.
5,764
888.13S
1.946.931*
1.327,807
974,4ie
40.548 832 15,845.818
38 852.812 14,79033»
3.308.318 ijHasi*
898,011
2.887.439
1.123.551 17 788.478
889,832: 16,909,023 7!604,86S
147.949* 12371.464
830,181
146.434 11,233,363
96a,49»
82,514
1.233,811
726.819
93.033
8.040.711
1,335.031
80.401
158.840,
90.80S^
44.817
55100
Oroti
197,45P
489.808
881.454
968.098
861,714
88,037
20.529
45.3111
Jan. 1
to
Kov. 80.
Oroa
Operating
131.348
130.000
SI.9I-3
33,381
Set
£amit>0> Kamtntt
»
«
Jan. l«o Sept. 30.
Sfptember
528,393
B93.,^03
877.6W
2,801,903
Novemb^t
NAHB.
Deerease.
1,588.390
1.750.072
1.943.745
1,832.5»4
4.071.502
4.479.915
77,608
64.001
132.82W
147.994
808.114
79.312
133,356
ISamings Expenta. Bamino*
Name of Road.
89.S6e
18,70»
3.»92.68*
8.978,97«
808,396
438.38T
655,S4»
81.931
88.298
238,824
201,981
1,105.962
1.104,116
1.444 288
1.293.240
132.93S
187,830
81,187
71.839
1881,
1882
30.
n.
Ifet
M*s<\
do
Do
I to Oct.
OroaM
Ifet
east o t
(all lines
Pitta. Sl fiirie)
Do
Operaiino
Bxperuea.
46,S87
81.812
178,136
J 60.748
185,1S4
225.630
988.388
898,277
& No ..1888
Central of Georgia..
those for the nine months appear to have been, then they
are as worthless as they are misleading.
GROSS EARNINGS FROM JANCART
* West
do
Do
$2,138,203, as
this city,
figures,
SaminqM
Burl. Cedar Rap.
of the monthly estimated figures,
of
Qrott
Buffilo Pitts.
Jan.
October.
.
OptnUint
Wet
Eaminot Bjepensa. Bamins: Earnings Bamlngt
1,S39.'256
*
519.970
539,834
149,902
Gal. Har.
DO
do
LoulBT. N. A.
Oii 1,224
3,251,813
2,116,862
1,010.497
159,126
80,366
429,261
Do
Union
72.099
54,899
88,894
1882
3.170,815
1881
3.1111.440
1,260,302
1.329,407
4 Chlo. ...1888
do
Do
200,808
133,990
1881
1881
Paclflo
do
88,70;!
«
158.887
81.281
t
60S89
34.558
1.909.7 '8 I91.972.784 lO.401,7e»
1.790.048 21.390.164 9.719JM1
CONSUMPTION AND OVERLAND
MOVEMENT TO DECEMBER
COTTON
553,098
1.
47,196
212,067
225,621
629.909
448,736
We
are able to-day to bring
movement
to
the
first
of
down our overland
December.
cotton
This statement
first three months of the season.
OVERLAND MOVEMENT TO DECEMBER 1, 1882.
602
220,905
90,403
141,316
459,772
168,633
84,097
305.304
1,559,896
289,192
251. 1S4
816.222
1,230,676
covers the
The gross shipments overland during November show
an increase as compared with the corresponding month of
but for the three
1881, the excess being 15,656 bales
;
months the
figures
reach only 348,532
402,319 bales for the same period
268,273
190.663
389.702
657.234
bales in favor of 1881.
12.
bales,
against
being 53,787
The net movement for the month,
last year,
however, largely in excess of November, the figures
reaching 150,255 bales, against 94,827 bales in 1881, or
an increase of 55,428 bales. For the three months, the n*t
is,
each year,
and Including Great Testem since August
4 San An. ...1888
THE CHRONICLE.
654
totals are
now 244,112
December
this
1,
Since September 1 shipped—
From St. Louis
Over Illinol8 Central
Over Cairo A Vlncennes
Overtlie Mississippi River, above St. Louis ...
Over Evansviile & Tcrre Haute
Over JeffarsonviUe Madison & Indianapolis ...
Over Ohio 4 Mississippi Braacli
Over Louisville Cinelunati & Lexington
Keoeipts at Cincinnati by Oliio River
Beoeipts at Cincinnati by Cincinnati Soutliem.
Over other routes
mills, not included
1882.
1881.
141,152
4,896
43,131
49,948
1,516
12,619
20,452
21,729
5,399
27,682
18,745
123,226
3,145
67,068
39,438
2,232
40,136
10,376
38,455
16,877
53,013
4,902
1,263
3,421
348,532
402,319
01,705
120,985
1,236
3,865
50
37
4,684
1,821
45,313
above
Total gross overland.
Stock on hand oommoncement of year (Sept. 1, 1882)—
AtNorthom ports
98,892
At Southern ports
21,830—120,722
At Providence, &c.. Northern interior markets ..
3,510—
1.
Deduct—
Receipts overland at Ne-sv York, Boston, &o
Sliipments l)etween (or Soutli from) Western
towns
Shipments inlatid
terior
(noi otherwise deducted)
in-
from—
Galveston
New Orleans
Mobile
10,530
Savannah
Cliarlcston
264
598
1,249
3,492
101,420
181,409
244,112
220,910
Virginia ports
Total tobodeducted
total net overland*
This total includes shipments to Canada by
1882, amount to 10,623 bales.
*
BBCEIPTS, EXPORTS
rail,
which since Sppt.
1,
AND SPINNERS' TAKINGS.
Receipts at the ports, as our weekly statements have
very clearly indicated, show a gratifying increase
when
the lateness of the present crop is considered, the total
excess for the three months being 144,922 bales.
The
export movement has also been very free, the increase
during the month reaching 245,816 bales, the total for
three months being 1,361,161 bales, agaiast 1,040,961 bales
seasons
is
2^60)281
Sent to Canada direct from West
10,623
Burnt North .and South
3515
Stock on hand end of month (Dec. 1, 18821—
At Northern ports
bales 86,333
At Southern ports
678,503 764,836
At Providence, Ac, Northern interior markets..
11,727—2,147,283
Total takings by spinners since September
Taken by Southern spinners
1,
1882
712,998
90,000
Taken by Northern spinners since September 1, 1882
Taken by Northern spinners same time in 1881
022,998
689,787
Decrease in takings by Northern spinners this year, .bales.
The above indicates that Northern spinners had
66,789
up to
December 1 taken 622,998 bales, a decrease from the
corresponding period of 1881 of 66,789 bales.
Our
last
figures
year's
consumption
for
are
revised
in
City
at
Point, &c.
AMOUNT OF CROP NOW IN SIGHT.
In the foregoing we have the number of bales which
have already been marketed^this year and last year. An
additional fact of interest
was
in
We
reach that
sight on
held by them at
manner we
to
1
is
the total of
the crop which
December 1, compared with a. year ago.
point by adding to the above the stocks
remaining at that date
the
at
the interior
towns, less stock
beginning of the season.
find the result for the
In this
two years on December
be as follows.
1882.
Total marketed, as above
bales.
Interior stocks in excess of Sept. 1
for the corresponding three
months of 1881, or 320,200
bales more than for the same period a year ago.
Our
usual table of receipts, exports and stocks for the two
124,232
Total supply to December 1, 1882
Of this supply there h.as been exported
to fo«-eigu ports since Sept. 1, 1882. .1,361,161
liCss foreign cotton included
1,420—1,359,741
accordance with the revision in the receipts
North Carolina ports
Leaving
188,124 bales.
into the
:
OVEBLAKD FBOM SEPTEMBER 1 TO DECEMBER
Shipped to
in
season being 23,202
1881, the excess in favor
bales. The details of the whole
to
XXXV,
To determine the portion which has gone
hands of Northern spinners during the same
amount forwarded overland period, we have prepared the following.
Total receipts to December 1, 1882,;as above
year and last year, are as follows
bales. 2,736,019
and 220,910 bales
bales in 1882,
of this
up
fVoL.
Total in sight
hales
250,000
2,547,925
310,000
2,986,049
2,857,925
This indicates that the increased
date of the present year
is
1881.
2,736,019
movement up
to this
128,124 bales.
given below.
WEIGHT OF BALES.
Movement
from Sept.l,
1882,
Dec.
to
1, '82.
Galveston
.
Inft'n'la,&e
N. Orleans
Mobile
Florida ....
Savannah
.
Br'n8w.,&c
Charleston
Pt.Roy.,&c
1,
1882.
1,
1882, toStocks
Great
Britain.* France.
318,560
10,074
539,257
150,630
5,293
428,019
3,989
299,327
5,l«7
63,783
96,476
18,581
160,661 '85,798
33,180
46,271
16,628
'
'9,446
Continent.
Total.
32,410
147,467
'Dec. 1.
108,486
li6,75'4
383,2'l'6
251,272
20,476
103,683
153,491
91,921
66',40'3
lio','1'20
l6i',858
'12,199
"'i",5d6
"i3,699
19,558
126.093
10.882
190,214
52,137
50,912
26,983
"i',86'8
127,961
110,882
279,513
52,137
74,942
27,733
'8i",93'2
412,291 1,361,161
761,836
638,474 122,549 279,938 1,040,961
Great Britain exports Include to the
Channel.
937,006
WUmingt'u
M'rch.CiSto
Norfolk....
01tyPt.,&e
New York
Boston
Baltimore
Fhlla.,
Ac
.
4,827
350.034
100,172
22,662
46,252
4,650
18,141
Total....
2,401,937
Total 1881
2,257,0 lis
•
Exported since Sept.
Receipts
since Sept.
17,052
'72,217
'"i',2'9'4
22,706
750
800,071 148,799
56.076
1.431
13,648
15,178
of bales.
We
same time
last season.
Southern consumption since September
1
this
year and
last
1882.
December 1
bales
vSf
Net t'jPi'i?
Bfiipmenu overland durm« same
time .TT.'
. .
2,401,9
1,
Number of
Weight in
Average
Average
Bates.
Pounds.
Weight.
Weight.
520-92
490-60
500-00
487-87
486-66
477-31
476-78
511-50
508-17
465-00
495-00
472-50
462-90
475-13
467-55
475-00
2.736.049
1.354,173.532
491-93
475-50
.
North Carolina...
Total
2,257,015
2,616,049
90,000
2,477,925
70,000
period in
1881.
186,819,623
261,559,484
75,315,000
213,346,039
148,428,380
215,187,736
32,711,875
217,805,395
Georgia*
*
1882.
358,634
539,257
150,630
437,301
301,991
450,806
68,610
425,817
Alabama
Including Florida.
It will be noticed that the movement up to December 1
shows an increase in the average weight as compared v^ith.
the same period last year, the average this year being
lbs.
same time
211,1
to
Three Months ending December
Louisiana
494-93
—
up
give for comparison the figures for the
Tennessee, &c.-..
year, is as follows.
receipts
of the weight
Same
South Carolina.
"Using the facts disclosed by
the foregoing statements,
we shall find that the portion of the crop which has reached
a market through the outports and overland,
and the
at the ports to
To furnish a more exact measure of the
December 1, we give below our usual table
per bale, against 475-50
lbs.
per bale for the
in 1881.
THE COTTON GOODS TRADE IN NOVEMBER.
Trade has been quiet during the greater part of Novem1 ...
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
Brown goods and wide sheetings
-JOlc.
Total receipts
flouthem cousumption sinoe's^itoi'ber
»,„i,>.
220,910
December
THE CHRONICLK
9, 1883.J
are nominally
unchanged, but some makes have been purpose than a mere compilation of figures, and who can read
with the understanding that the lesson between the columns, is of the utaiust iutereat.
memorandum"
placed "on
they will be charged up below present prices. The stock
of print cloths is being materially reduced and prices close
upward
firm with an
look.
Cott'n Prinl- Hhett
low
ing
ingH,
mid-
cloths, aland-
ard.
dling. 0lJr64
1.
2.
3.
10^8
101,0
4.
5.
6.
7.
101,6
lOho
3-69
3tj9
3(>9
309
8I4
8 1.1
SI4
3-69
3-63
3-63
10
915,8 3-63
10
10
9.
10.
11.
12.
13.
iS""
lOhs
lOhe
17.
lO'ie
IQis
18.,
19..
20..
21..
22..
23..
24..
25..
26..
27..
28..
29..
30..
3-63
3-63
3-68
3-63
3-63
303
.
103,8
103,8
1018
1018
1018
101a
,.
lOifl
101,6
10
113,8
11»1«
4
4
inn
ings,
cloths, stand-
low
ings,
m
itl-
dliug.
ard.
8 '4
8I4
8I4
SI4
8>4
8I4
8I4
8I4
8I4
8I4
SI4
8I4
314
8I4
8I4
8I4
113 16
113,0
113,,
113,„
116,8
8,
4
8%
1
83j
1
4
8%
8%
.8...,
U7,a
1
ll''l6
4'l6
i'le
4'i«
11^10
lllfl
Uifl
119ie
4.1,6
3-69
8H
3 69
3-69
8 14
Holi (lay.
8%
8%
idij'
438
1014
107,0
lOia
1013
lOis
4 '4
10 ia
8
8
8
10>3
103,8
10",e
and in the special class which
was included by me under thtf head of special cotton manufactures, and after I had added the consumption of cotton in
woolen mills, furnished by Mr. George W. B(jnd, I fonnd 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
43,8
43,8
lO.'s
8%
Ills
im
Ilia
834
4118
.HoU
41,6
119l6
119,8
I19l6
8:\l
(Ia.V ..
8%
8%
8
1015,8
1013,6
8
8
4 '4
lUio
HoU
11»16
110,8
43,8
119,0
438
438
(lay
authority, to wit
..
4116
4h6
8^
8%
U9l8
;
THE CENSUS BUREAU AND PHILADELPHIA.
It seems to us that greater importance has been given
the charges of inaccuracy in the Census manufacturing
We
Philadelphia than the
of
could be easily convinced that in a
magnitude there were
errors; but
when
it
work
is
General Walker or Mr. Atkinson or Mr.
capable of intentional
perversions,
demands.
occasion
the
of such
stated that
Brown
are
charge refutes
good has been done by the discussion, as it
care was really taken, and how
many precautionary measures were adopted, to shut out
itself.
Still,
has shown
how much
the possibility of
error,
etptcially in the particular in-
stance which has been criticized.
this view,
is
matter, and
The following
letter, in
a welcome contribution to the history of the
we
gladly
make room
for
it.
Boston, Dec.
R a. Walker, late Sup't of the Census:
Dear Sir: —The personal charge.s made by Lorin
:
The New York
Financial Chronicle.
fore called for .^ second return of the cotton
I
there-
consumed
in the
commercial cotton year from so large a proportion of the prinNorth and Sonth, as to give me a rule by
which to compile the increase of consumption in the commercial year as compared to the;Census year.
With the assistance
of Mr. Bond I had been able to account for 1,705,012 bales ; Mr.
Bond afterwards found 5,540 bales more which were used in
woolen mills; and by the rule which I had established on the second return from the mills using more than one half the cotton
consumed in the United State.s for the commercial year, I was
justified in adding 30,221 bales, thereby reaching substantially
these conclusions, namely that in the Census year 1,710,000
bales had been consumed j and in the commercial year
cipal mills, both
The above prices are— For cotton, low middllug upland at New York
for printing clothe, m»uuf acturors' price!) for eheetin.g9, agents' prices
Which are subject to an average discount of 5 per cent.
statistics
So far as the returns of the cotton manufacture which were
to me are concerned, yoa will remember that they nerer
left my charge until you had ceased to be the Superintendent of
the Census ; they were then sent to the central olBce, where
they were subjected to the most minute revision by Mr. Williams, the able head of the Department of Hannfactnres ; and
I may here say that I became almost impatient at the delay ia
the final publication, which was caused by the careful revision
of ilr. Williams upon minute points which were not deemed by
me of any great relative importance, but were deemed essential by the Department.
Now, in proof of the main facte, both la the cotton and
woolen census, I beg to recall to your mind the course which
was pursued by me. The Census year ended Juno 30, 1880.
The commercial cotton year ended Sept. 1, 1830. After I had
received all the data for the Census year as to the consumption
made
of cotton in specific cotton mills,
8
S...
4>e
4I8
418
iOl-3
8^
8%
..
8
4I4
4 14
4i«
4I8
..
83,
83i
(Iny
S...
..
.
ard.
TC
8
8
8
8
43a
438
43g
4=8
8%
4
llij
8...
10>3
ID'S
IOI3
IOI3
4
.HoU day
64x64
Til""
..Hon
8^
8^
8%
4
,.
8...
3-63
3-63
3-63
3-63
3-67
3-69
ina
cloths, stand-
U3,a
113,8
.
..8...
14.,
15..
16.,
low
m id
dling. (>4j64
3-6'J
..Holi (lay
8.,
Cott'n I'rint- Sheet- Cott'n I'rint- Sheet-
4
..8...
Idle
1880.
1S3I.
18S2.
NOV'BER.
655
:
1,740,000.
The estimate of the Financial Chronicle for the commercial
year was that the consumption had been 1,7(50,000 bales. The
differenc* is 20,000 bales only as compared to this commercial
statement.but the estimate of, consumption by the Superintendent of the National Cotton Exchange of New Orleans was
I
1,705,334 bales in the cotton year ending Sept. 1, 1880.
accounted for 35,000 bales above this estimate.
(I understand from Mr. Bond that he acijounted for a consumption of wool equal to the largest commercial estimate.)
I accept the estimate of the Financial Chronicle as being
nearest the mark, because there is an admitted and very
large
4, 1882.
Gen.
Blodgett,
impugning the integrity of your Census work, may be with
perfect safety pas.sed by you and by your assistants in silence.
Bat 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
whose work has been questioned. It happens that the charge
of error has been made especially regarding the statistics of
the textile factories 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 Philadelphia was considered by me a place of special interest, and
that my own returns from that city were kept separate and were
tabalated separately, in order that I might be absolutely sure
of covering the ground. My reasons for this purely exceptional
«onrse 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 preeminence 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
use
furniture,
of
and
cotton
in
mattresses,
in other upholstery.
carriage
During the war
cn!>hings,
I
bought
the contents of the mattresses of two first-class hotels, and substituted hair for the cotton which was contained in tham, at less
The amount of cotton used in this way can hardprice.
It is, however, cotton which has been
ly be computed.
baled, which has been counted in the commercial crop, and
which was included in the statement of The Financial Chronicle.
I am of opinion that it accounts .for the difference in the
Census results and The Chronicle estimate. If this be so, you
will observe that the data of both the cotton and woolen census
are justified by this method of proof.
I need not say that this is but one of the 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 ofllee 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 yen, you may make
such use of
it
as
yon
see
fit.
Sincerely yours,
Edward Atkinson,
Late Special Census Agent on Cotton Manufactures.
Bales of cotton consumed In speolflc cotton manufactures In
1,570,314
Census year
40.597
Bales consumed In special worK
93,611
Bales consumed in woolen milla
Increased consumption in the commercial year ending Sept. 1,
30,221
as compared to Census year
Consumption of commercial year as proved by the Census. 1,740,773
Estimate New York Financial Chronicle
£attmate National Cotton Exchange
1,760,000
1,705,331
THE CHRONICLE.
666
AKD
STATE. CITY AND CORPORATION FINANCES.
INVB8T0B3' ScppLBMBST eorUaim a complete
exfiibit
of the
Funded Debt of Statet and Gitiet and of the Stocks and Bonds
Companies. It is published on the last
9f Railroads and Other
Saturday of every oiher month— vie., Febriiary, April, June,
August, October and December, and is furnished without extra
to ail regular subscribers of the Cheoiholb.
are sold ai f 2 per copy.
tharge
Single copies
ANNUAL REPORTS.
New York & New England.
(For the year ending Sept. 30, 1882.)
The annual report shows that the gross earnings of the companj for the year were $3,302,789, an increase of $610,415, or
a2'6 per cent, oyer those of the previous year. The average
nnmber of miles from which the earnings were derived the preions year was 325 and last year was 380. In addition to the
earnings as shown,, the company received for a portion of its
Hartford grounds f69,879, which sum was credited to property
account, and has been expended in improvements at other
points on the road. The revenue from local freight business
mcreased 2615 per cent, and from foreign freight business
31*58 per cent. The passenger revenues increased 16-01 per
cent from local and 85 per cent from foreign business. The
coal tonnage increased from 193,944 tons in 1881 to 274,335 tons
in 1682, or 41 '45 per cent. The expenses during the year have
been greater in proportion to the earnings than during the preTious y«ar, 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
freight carried during the fiscal year was 1'77 cents, while for
the previous year it was 220 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 transfer steamer William T. Hart, carrying twenty-four cars, and
costing $176,995, and business was thereby immediately opened
with that road and its connections. The report refers to the
increase of the through freight business of the road, and of the
necessity for holding back certain classes of freight in November until additional sidings and yards that were under way
could be completed. It says that " These sidings could pot be
built until after the sale of the State's stock in August.
Since
that time 23 miles of sidings and yard-tracks have been completed at different points, while 11*01 miles are now under construction and will soon be completed. The management feels
confident that, when these are ready for use, it will be able to
transact promptly all the business that is offered ; but it is
clearly of the opinion that the business of the road cannot be
done in the best manner without the double-tracking throughout its whole length, certainly not without a double track from
Boston to Hartford. The directors, therefore, have resolved to
continue this work so long as the available means on hand will
allow, and as second mortgage bonds can be advantageously
disposed of for this purpose.
It is proposed to let the contract for the extension from Putnam to Willimantic, 24 6 miles, at an early day. Completion of
this section will give the company 78-4 miles of double track.
A compromise has been effected with the State of Massachusetts in regard to the purchase of South Boston Flats, by which
it is agreed that the sum due the State is $100,000. This amount,
the company is to pay in ten years, with interest at five per cent
from the date of the agreement. The increase in business the
past year required a corresponding increase in its equipment;
and it was decided to purchase this through what is known as
"The New England Car Trust." The railroad company agrees
to pay a rental of 6 per cent on the cost of the equipment, and
to pay for the rolling-stock itself in ten yearly instalments
of 10
per cent each.
The^ trustees under the mortgage made
by the Hartford
l-rovidence & hishkill have received a rental, and now have in
their hands about $90,000 belonging to this company,
to be paid
over to It as soon as the question of compensation
tha trustees
w disposed of, which will probably be at an earlyofdate.
Obe sale to the Boston & Albany of that part of the WoonsocKet division between Brookline and Newton
Highlands, about
6 mi es in length, was made for $416,000, the price determined
Dy Albert innk, to whom the question of valuation was
The sale of the State's stock in the road to
the company IS referred to
in the report.
The State
referred.
•f Massachusetts agreed to sell
its 34,750 shares of stock for
ntty cents on the dollar, and to
receive in exchanee therefor
at
par.
^''?'^«
It
,1,°*?.^^*?''
was also provided by the act
Jt.'i
Jork&New
England
stockholders should have
thr.i ... 'r
*''"^'' »" '^e proportion of the number of
bk!,^^v J u*'^*' 'I"'"
therefor
fifty dollars per share,
Tht!?,
tiTi/''*''^'.?"?'"^
ine stockholders
availed themselves of this privilege and bought
^^* °^ ^^^
^n„ .?(• r^
^H"^' '«*^'°& o"!/ 920 shares in the pos?es^•'^ ''^^""^ °f this sale was equivalent to
th. sale
«^l off i?'?.?,*^;m,W7,000 of the second mortgage bonds of the comFn.Lir''"' .i^fPr^ceedsof this sale, and also of five bonds
and are being used to pay
S«fl^A ""iJl*'^/"*!''^*'''''"^'^"
company, and for making permanent
ImnrLvi '^ f"^^
ImproTements
on "V^,'?
the hue of the road. The outstlnding unse1
^e
.
XXXV.
cured notes of the company September 30, 1882, amounted to
$422,900. These notes have since been reduced to $80,000, net
yet due, but which will be paid at maturity from funds in the
%nvtstmzuts
The
[Vol.
hands of the Treasurer, 'rhe last payment is due February 8,
1883, and after that time the company will have no floatinj;
debt. 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 its
entire unsecured floating debt, it would have had in its possession, available for making permanent improvements during th«
current year, funds to the amount of $250,000; due from tha
trustees under the Hartford Providence & Fishkill mortgage,
about $75,000; amount since awarded for that portion of Woonsocket division to be sold to Boston & Albany. $415,000; total,
It also has on hand, unissued, 3,258 of its second
$740,000.
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 the
expenditure of this amount will pay for are completed, this
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
last
expenses, and income account, during th«
two years, were as follows
KAKNING8 AND EXPENSES.
:
Earnings—
Fassenger
FrciKlit
Mall, exyrcss,
1880-81.
1881-82.
SI ,029,586
1,420,7,38
212,030
$1,171,621
1,837,S9»
293,278
$2,692,374
$3,302,789
$351,783
&c
Total gross earnings
Operating expenses—
MainteniiBce of way, &c
Motive power
(>26,T60
Miilntouance of cars
Transportation expenses
124,652
671,840
72,S17
66,403
$426,221
822,184
1^5,584
838, S2S
117.916
86,800
$1,913,815
778,559
$2,477, 53»
825,25l»
Taxes
General
Total
Net earnings
INCOME ACCOUNT.
1880-81.
$778,5.i9
ReceiptsNet earuings
Otlier receipts
Total income
—
Dishursements
Rentals paid
Interest ou floating debt
Interest on faudeU debt
MisceUuueous
Total disbursements
Balance, surplus
1881-82.
113 994
$825,259
152,169
$892,553
$977,42»
$74,296
52,518
537,025
12,010
71,96S
77,209
714,002
14,118
$677,049
215,501
$880,294
97,134
New York Providence & Boston Railroad.
{For the year ending September 30th, 1882.)
The report of Mr. S. D. Babeock, the President, says: "No dividends have been received from the steamship company, yet tha
gross income is larger than for any previous year in the history of the road, and is $107,f 32 in excess of last year. The
ordinary expenses of operating the road— including $5,228 for
extraordinary amount to $593,702, or 55% per cent of the receipts; and, in addition, a further sum of $96,868 has been ex-
—
pended for new engines, new cars and real estate. * * As was
suggested in our last report would be done, a provisory charter for
a bridge across the Thames River at New London was obtained
from the Connecticut Legislature at its last session, and during
to determine the best location for
bridge and the approaches thereto, was carried on, and
When
completed, plans and estimates
is still being continued.
will be made, and the former, in accordance with the terms of
the charter, will be submitted to a board of Government offifor their approval; after which, if obtained, th»
officers
work of construction may commence."
Below are the earnings and income for two years :
EAKNINOB AND EXPENSES.
the
the
summer preliminary work,
JSarningsPassenger
Freight.
Mail, express,
&
1881-82.
$562,000
432,808
63.>i82
70,843
$057,718
taxes. 602.473
$1,065,650
690,571
$355,245
$375,079
&0
Total gross earnings
Operatiug expenses, incl. construction
1880-81.
$522,764
366,072
Net earnings
INCOME ACCOCNT.
1880-81.*
Netearnlngs
Disbursuments —
Interest on debt
Dividends
$J55,245
1881-82
$375,079
$79,304
240.000
$78,402
240,000
Total disbursements
Balance, surplus
$319,304
$35,941
$318,402
$56,677
Northeastern Railroad (S. C.)
(For the year ending Sepi. 30, 1882.)
At the recent annual meetins in Charleston, S. C, a resolution
was adopted that the board of directors be authorized to execute a mortgage for $1,836,000, bearing 6 per cent interest, t»
be used for the purposes designated in the report of the President.
The annual report of the company's operations for the fiscal
year closing on the 30th Sept., 1882, contains the following
...$.i60,22*
The gross receipts bave been
354,083
The operatiug expenses
:
Balance
$206,140
Cboeuber
THE CHRONICLE.
9. 1862.]
Comparing these results with those of the preceding year,
the folluwiug results are shown :
1881-i?2.
1830-81.
Iwrtatt.
ReeeipU—
$.)Hti,14l
$333,«8U
itl32,4o3
FrelKhW
148.053
28,035
128.883
22,190
17,10!)
$3fiO,729
$184,759
830,950
9:s,4C9
23,127
Passcngors
Malls
334,083
Operating expenses
5,845
$153,803
$52,342
$208,146
The increa.s« in receipta over those of the preceding year is
«rplained, mainly, by tne larger volume of busine.ss controlled
by the road, through its close connections with adjoining
roads, together with the improved facilities for handling it, ana
not from any material advance on previous fares or freights.
The operating expenses proper, say $354,083, have been
heavier tnan usual, owing to the larger expenditures upon the
permanent improvements of the roadway and its superstructures, be»ide.s which, there was expended for steel lail.s, additional equipment, and further improvements at the Charleston
terminus, the sum of 1319,531. The preferred stock has been
Balances
retired.
To meet the floating obligations, held mostly by stockholders
who have advanced money for improvements, it is proposed
that the
company should
create one general or consolidated
mortgage to the extent of $18,000 per mile of its roid, to cover
an issue of $1,836,000 in 6 per cent bonds, to mature on the Isl
•f January, 1933. Of these bonds, $1,142,000 would be reserved
to meet that amount in the present outstanding first and second
lien bonds ef the company, due on the Ist of .January, 1899, the
balance of $694,000 to be appropriated to the liquidation of the
•listing floating debt, and to such further uses and improvenent« as might hereafter be deemed necessary and expedient.
Wilmington & Weldon Railroad Company,
(For the year ending Sept. 30. 1882.)
The annual report states that the receipts show an increase
•f $32,873, which is made up as follows: Through freight,
|1,033; through pas.sengers, $16,877; local pas^sengers, $24,042;
decrease in local
freight, $21,010; net increase, $32,873.
Large expenditures have been made during the year in betterments bridges, warehouses, new cars and engines amounting to $121,749. The road from Scotland Neck to Halifax has
been completed at a cost of $79,950, and was regularly opened
for the transaction of business on the 1st day of October, 1882.
The earnings, expenses, &c , for two years have been
mail and express, $11,930; total, $53,884;
—
—
657
mDUbunementt-
I880-81.
Interest ou debt
$a6,2t«8
1881-83.
$06,000
Dividends
57,6<K>
Total disbursement*
Balance, surplus
91&3.eOO
$06,288
$tS,80S
$3M
Mifglsslppl & TennesiMe.
(For the year ending Sept. 80, 1883.)
The poad of this company is 100 miles in length, from MemChis. Tenn., to Grenada, Miss. The fanded debt was increaaed
y $96,129 during the year.
The earnings were as follows
:
1881-82.
1880-81.
$289,020
106.441
11,190
$359,581
131.406
11,19»
$408,661
Expeu8es(62'SOp.o. iill882, aud60-5'.21nl881) 254,159
$192,188
207,840
Freight
Passage
MaU, io
Total
$152,492
$104,346
Net earnings
" The great falling off
Vice-President White's report says
in both our gross and net receipt* was caused by the partial
failure of the cotton crop in this section. We did not transport
half as much cotton last season as the year before. We are
91,137 bales short. While the receipts of the company are not
what we would like, we consider them good for the condition of
our country after such a crop. • * Since the date of the report the large debt due the State of Mis.si»sippi has been paid.
Receipts for the month of October this year are about $19,000
more than for October of last year. The present sea.son'8 boiiness is likely to be the largest the company ever enjoyed."
:
GENERAL INVESTMENT NEWS.
Allegany Central.— The stockholders of this comoany havt*
elected the following-named gentlemen directors for the ensninif
year: A. N. Martin, F. B. Jenkins, H. A. V. Post. C. E. Kimball.
C. C. Pomerov, M. Q. Post. H. L Lamed, A. J. Wellraan, A. H.
Mines, F. W.Higgins, M. P. Blair, Frank 8. Smith, George D.
Chapman. The directors subsequently organized by electing
the following officers: President, Frank S Smith; Vice-President, Archer N. Martin; Treasurer and Secretary, Charles K.
Kimball.
Canada Sonthern.—As to the alliance with Michigan Central
Evening Post said in its financial columns of Saturday,
the
December
2
" We are authorized by an officer of the Canada Southern to
say that there is no foundation whatever for the dispatch in
1880-81.
Earningt—
l«81-82. yesterday morning's papers in regard to some legal obstacle
PasseuRer
$210,912
$2.51,831
the Canada Southern
Freight
449,914
429,937 under the law of Canada to the lease of
Mail, express, &o
102,022 to the Michigan Central. The whole matter was consummated
80,090
and finally fixed at the meeting at St. Thomas on the 30th, and
Total gross earnings
$750,918
$783,790
question or doubt about it. The lease goes
Operating expcnsQs, including taxes
447,083
574,318 there is no more
into effect on January 1, and provides for the operation of the
Ket 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
Seceipts—
1880-81.
1881-82.
which is to be oaid, first, the operating expenses of both
Ketearulnga
$303,833
$209,472 of
third, the division of
Otlier receipts
1,202
12,519 roads; second, the fixed charges of both;
the remainder between the two, in the rate of two-thirds to the
Total income
$222,021 Miihigan Central and one-third to the Canada Southern; fourth,
$305,033
Diitbnrsem rn ts —
on the Canada Southern to double94,f>09 for the raising of $6,000,000
Intercstou debt
105,368
106,041 track its line, to build'a bridge over Niagara River, and also a
Dividends
87,138
Miscellaneous
181
5,245 cut-off at each end of the line, so as to shorten it by about thirtyincrease the Canada Southern engines from the
$205,795 miles. Also
Total disbursements
$192,687
and to about double the other equipment.
Balance surplus
$16,226 present 89 to 125,
$112,348
This will add about $300,000 to the fixed charges of the Canada
Wilmington Columbia & Augrusta Sailroad 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. 80, 1882.)
Michigan Central. The Michigan Central agrees to give the
The President's report states that the gross receipts for the Canada Southern all its business instead ol' 40 per cent as
year are $692,628, be'ing an increase of $51,672 over those of heretofore."
the preceding year, which is made up as follows:
Central Pacific— Union Paclflc— The annual report of the
Through freight, $6; local freight. $20,578; through passenthe Interior to Congress contains the following
gers, $9,704; local passengers, $8,272; mail and express, $13,- Secretary of
statements to June 30, 1883.
110; total increase, $.51,672.
EAIIKINGS
AND EXFKK8E3.
Contracts have been made for the thorough equipment of the
roads constituting the Atlantic Coast Line with new Pullman
sleeping cars, and this company's proportion of the cost of
same will be about $48,000, to meet which and to furnish two
additional locomotive engines and new passenger cars it will
become necessary to increase the floating debt or to suspend
dividends for a limited time.
The tonnage in freights has
largely increased, and but for a general reduction in rates
would have given much larger net receipts. The Central liailroad of South Carolina, which has been leased jointly by this
company and the Northeastern Railroad Company, was delivered to the lessees on April Ist, 1882.
The earnings and expenses, and income account, were
EABNIMGS AND EXFEK8ES.
:
Earning!—
1880-81.
Passenger
1881-82.
$169,9t;7
Freight
Mall, express, (&c
$151,990
404,152
84,814
Total gross earnings
Operating expenses, including taxes
$640,956
505,039
$692,628
553,036
$135,917
$139,592
Ket earnings
ISCOME ACCOTINT.
Iletr.iptt—
1880-81.
Vet earnirgs
Other receipts
$135,917
Total Income.
6,929
,
$141,346
424,737
97,921
LIABILITIES.
Central Paeifle.
rapltal stock
Subsidy bonds
*S2-1Z^S^
U 8
IntcreM ncirucd on same
Fmided debt
Interest accrued on debt
Floiiting debt
Dividends unpaid
33,539,512
29,074,313
82,935.054
ivSJo'SfiS
?„?,i2'noA
•*?'.^52'2?2
2.0.'>5,601
i'SSo'ScS
9,633,988
10,754,892
1.123.371
$219,965,743
$170,875,377
Total
ASSETS.
Central Paeifle.
Cost of road
Costot equipment
KeBl estate
Cash, materials and slnlflngfand
Land
contracts, oto
Kondsandstoclcs....
Miscellaneous ir.veatments
U. S. transportation
Bills and accounts
Lands sales
Total
''^"I'oSj'Jjt
o 'hq'? '<?,?•»
S'fl.V?!?,.
6,203,340
oii'lV'T
Vi%irk
.i-?ZS ,oa
j:*JZ,Ja5
vi^^'dno
Tlnion Paeifle.
$60.'<68,oOO
J
'
XJnUm
Paeifle^.
$157,092,858
6.3UI.U.i4
6.418,828
38,616.288
151,622
15.4.^9,449
2.761,500
_._—--
$169,303,733
f226,931,57»
And sinking fund.
Chesapeake & Ohio.- Messrs Fisk & Ha'ch, of No. 5 Na.vaa
giving the latest infor1S81-82. Street, have issued a neat little pamphlet
"The com$li9,.'59:i
mation regarding the Chesapeake & Ohio Railroad.
SionfJl14,294
pany has this year perfected connections to the West and
passengers and freight over its owa lin««
$153,886 west, and is now Uking
•
THE CHRONICLE.
658
Cincinnati and
and connections from Memphis. Lonisville,
these points, to the
Lexinirton, and all the coautry tributary to
these connections,
seaboard and to the North. The effect of
^e^vs and the
and of the completion of the docks at iSTewport
point has begun
extension of the road from Richmond to that
of the last few months.
to be reflected in the traffic returns
The output of coal by mines on the line of the road this year
increase of
In the period named above was 738,638 tons— an
'
135,663 tons over last year. In June the United States & Brazil
Mail Steamship Company' started its first steamer from Newport Nt ws for Brazil, 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."
The earnings this year from all sources will be about as
follows:
Grose.
$1,3»S;,118
June 30th
July l8t to *Deo. 30Uj
Jftn. 1st to
Total
Earninge
Jiin.
"to
2,020.000
bee. Inclusive, 1881
Increase In 1882
Net.
*335,Ji28
7o 0.000
$3,419,118
2,705,343
$l,085,22S
$713,775
$047,239
437,93!)
Hovcmber and December eatimated
The interest charges for the year 1882 are only $831,000.
Chicago Milwaukee & St. Paul.— A press dispatch from
St. Paul reports that t)ie deed conveying the Chippewa Valley
& Sqperior Road to the Chicago Milwaukee & St. Paul has been
The terms of the sale are as
filed with the Secretary of State.
follows: The St. Paul Road receives the Superior Road, which
runs from Heed's Landing and Wabasha to Eau Claire, itfl 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 Mi3^i3sippi, all rolling stock, rights and privileges belonging to the road, 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
The deed
the bonds is five per cent, payable semi-annually.
bears date of November 9, at which time it was acknowledged.
Clev. Col. Cin. & Indianapolis— S(. Lonis Alton & Terre
Y. < hie. & St. Louis.— The St. Louis Alton &
Terre Haute Railroad is about to pass practically into the hands
of the Cleveland Columbus Cincinnati & Indianapolis Railway
Company. Negotiations for the leasing of the property to the
new Indianapolis & St. Louis Company, upon the guarantee of
the " Bee Line," have been nearly completed ; some minor details are said alone to prevent the immediate signing of the
papers. The combination is of little importance, for in some
degree it is nothing more than a continuation of the former
lease, except that it gives Mr. Vanderbilt a line to St. Louis that
is virtually under his personal control.
large part of the St.
Louis business of the New York Central and Lake Shore roads
has gone over the "Bee Line," the Terre Haute and the Indianapolis & St. Louis railroads. The former lease was made
principally in the interest of the Pennsylvania Railroad, but
that company severed its connection Fome time ago. The Indianapolis & St. Louis Railroad was sold under foreclosure proceedings about sii months ago, in consequence of default of the
f*Tment of interest on its second and third mortgage bonds,
t has been reorganized, and the new company is about to lease
the Terre Haute road upon the guarantee of the Clev. Col. Cincinnati & Indianapolis Company, which is controlled in the Vanderbilt interest. The terms of the proposed agreement have
not been made public, but it. is understood that the minimum
rental remains at $450,000 a year. This was based, in the first
place, on gross earnings of $1,500,000, upon which the lessee
company agreed to pay 30 per cent. These terms were not
perfectly satisfactory to the new company, which agreed to pay
the same amount on gross earnings of $1,750,000. When the
earnings exceed that amount, the new contract provides for the
payment of only 20 per cent, whatever the gross earnings may
be.
Stevenson Burke, Vice-President of the "Bee Line,"
aaid recently that these terms would be adopted probably
by b'th companies.
Some further particulars in regard
to this are given in the following telegram of the
3d from
todranapohs.
The lease of the St. Louis & Terre Haute
Kailroad to the reorganized Indianapolis & St. Louis road is
guaranteed by the Cleveland Columbus Cincinnati & Indianapolis Company. This step is preliminary to
a consolidation
that shall include these three lines and the Nickel
Plate— the
new corporation to be known as the Buffalo Chicago & St. Louis.
Ihe details, it is understood, have all been agreed upon, and
as
Hnute— N.
A
[Vol.
XXXV.
—
Ilonston & Texas Central. ^Mr. A. C. Hutchinson, of New
Orleans, has been elected President of this company in place of
Air. Chas. A. Whitney, lately deceased.
A controlling interest
in the property is owned by Morgan's Louisiana & Texas Railroad & Steamship Company, of which Mr. Whitney was President and Mr. Hutchinson Vice-President.
Indianapolis Decatur & Sprlnglleld. —In the matter of the
a receivership, the hearing of the motion for such
appointment has been indefinitely postponed. This, it is said,
may enable the second-mortgage bondholders to carry out
their scheme to lic[uidate the floating debt, amounting to
petition for
$108,000.
Metropolitan EleTftted.— Judge Donohue has continued
the injunctions restraining the directors of the Metropolitan
Elevated Railroad Company from issuing stock of that company 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.
Mnlnal Union Telearraph. Judge Truai in Superior Court,
Chambers, has grantedf an order upon the petition of Leslie W.
Russell, Attorney-General, giving leave to begin a suit in the
name of the People of the State, on the relation of William H.
Cameron and Jay Gould, against the Mutual Union Telegrapk
Company, to vacate the charter of the corporation. This is'
merely a permission to bring such an action, and should not hi
regarded as giving an indication that the suit will be determined against the company.
New Orleans City. The press dispatches from New Orleans,
December 5, reported: "The first suit against the new city government 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 intercft and provide a sinking fund to retire the consolidated bonds when due."
New York City Horse Railroads. The following companieshave reported to the State Engineer for the year ending Sep-
—
—
—
tember 30f
Forty-second Street ahd Grand Street Ferry— Receipts
from passengers, $365,519; total receipts, $369,136; total payments during the year, $366,680.
Sixth Avenue Receipts from passengers, $801,103; total receipts, $836,059; total payments daring the year, $756,784.
Ninth Avenue- Iteceipts from passengers, $103,993; total receipts, $116,236; total pa.vments during the year, $108,463.
Eighth Ave.vue Receipts from passengers, $684,375; totaf
receipts, $734,206; total payments during the year. $706,164.
Brooklyn City & Newtown Passenger receipts, $243,500;
total receipts, $244,088; total payments during the year»
—
—
—
$249,196.
—
Northern Pacific. The land sale reported in the Chronicle
week is said by the company's officers to have been
announced a little prematurely. Assurances have been given,
however, by parties quite familiar with the subject, that the
sale was practically completed.
The preferred stockholders being enSt. Paul k Duluth.
last
—
per cent per annum out of the net income, the board
of directors, at a meeting recently held, considered the question of declaring a scrip dividend of 3^ per cent to the
preferred stockholdsrs for the balance due them July 1, 1882.
The matter was referred to the executive committee, with
power to act, after consulting counsel. A cash dividend of 3^
per cent upon the preferred stock was declared. The gross earnings of the company from the operation of the road for the three
months ending October 31 are the largest in its history, being
$467,504, against $209,510 in 1881 and $179,883 in 1880. This*
large increase is not due to any material increase in mileage
operated, which is now 209 miles, against 184 in the previous year.
Toledo Cincinnati k St. Lonis. K largely-attended meeting of the security holders of this railroad was held in Boston
Dec. 2. It was called for the purpose of interesting bondholders
in the effort to rais'i $800,000 to place the property in working
Mr. E. B. Phillips has consented to take the presicondition.
dency if the $800,000 is raised, and it must all be pledged by
Dec. 18th. Mr. E. B. Phillips, in response to an inquiry as to
the manner in which the $800,000 called for was to be expended,
said that a connection with the lake was absolutely necessary
many miles of fences must be built a large amount of ballasting must be done ; equipment for the fronton division sufficient
handle the large amount of business that will come to the
''*°. ^'^ »Tanged will be consummated.
This is to
!??i't*^w^!?!
^"^ t^^" mystery surrounding the company in that district must be provided, and the completion
?fnll^,»
, ?.,P"v?'P* T.?^^°
'^^t '^« consolidation might be of the St. Louis division must also be accomplished. It is propenected.— ^"•^"'^l^i*'*^'
posed to issue to subscribers the 8 per cent debenture bonds
CTizcaflTo Tribune.
titled to 7
;
£Sl^
UaiivnloOliicyAj Ohio River. -In Boston. December
7, a
'"^ ^7 'H?t'''J?.'^es of the holders of
bonds of the
n
n^f.^F'
rtl^ %
^'"''^
^
?^"'.
^'T" Railroad Company, was held.
receiver. Judge Edes, who
?.®/u,*'?"P°^">.'¥^»'»d8of a
TtSeSon*,hP'"r^'°"/''«'?,f>'^U""^'i States Circuit Court
'o lease the property, to be
oLr»La hi ".?'*^"'=^ "* ^ '"»°i''T^«
t^^'tees made a detailed
MDort of fh* '"''^/.•'"P°?*',''°««°^"'»" °f tlie road, expressing the opinion
that with .V,
coSldbeLe»^,•''P^"f•^"'^°t ^l'""' $30,000, the property
Sr h™r'T'.'V'
Seneeded
"'.'=°°4't'0" to be profitably operated.
The re*•''''* "P""°° that at least
$100,000
Sc^^l'rfo pul .rroTin"a"?ordS
.
rCXter."'^''^''^'''''"'^^^
^^^^^IZ
'^« property ^TlV'^con^dt
payable in five years, and redeemable after two years. On
motion of Mr. Hyde the following resolutions were adopted :
Jtcsoleed, Tliat we hereby ratify and aprrove tlie sustgestioua of that
eoniiiiittec, iind lecomniend tlieir adoption by tile board of directors,
namely; First, tliat Ibe liolders of the first luortjjase bonds surrender
coupons for two years and accept in exohaiiife therefor th3 sir
per cent scrip of the company; second, that the sum of $600,000 bo
raised l>y snlxcription to put tho property iu ihe condition reconi mended
by the committee, tlie comp.iuy to Issue to the subscribers its eisht per
cent (lebenliire bonds, sub.^tauiiaily In the manner recommended by tho
committee.
Kesihed, That Charles W. Pierce, Georse W. Morse and Willard Whita
be appointed a committee to call upon and personally present the claims
of this company to all the p.irties In iuleresl. obtain the conssnt of ttta
first mortKajre bonaholders to the funding of their coupons and solicit
tlieir
subscriptions to their fund.
For November the earnings were $84,899. against $55,000 last
year, a gain of $19,898; from January 1st to date the earnioga.
were' $862,802, against $626,896, a gain of $335,906.
DBCBHBEB
THE CHRONICLE.
0, 1882.]
in Custom
;
fees, $15.1,
fee*, $7,.';38 ZH
In Customs
SS in inariue hospital tax, $'22,155 89; In Indian trut<t funds, intnreat and premium, $5,7S3,3(>8 29
in deposits by indivldaals f r surveying public lands,
$248,100 81; in registers' and receivers' fees, $143,295 29; in
fees on letters patent, $' 41,788 72
in profits on coinage, $648,208 12, and in salts of ordnanc < material and small stores, $233,268 24. There was a decrease of $1,835,124 28, aa follows la
revenupsof the Uintrict of Columbia, $:!0I,022 82 in siokiog
fund for Pacific hail way c>mpanii-H, $8,900 12; in Customs fines,
penalties and forfeitures, $44,7l<9 19; in steamboat fees, $27,664
91
in sales of Indian lands and int. real on deferred payments,
$1,078^310 30, and in ml-c^llaneoHS iiemr, $374,421 94, making
a net iiictease in the receipts from all sources of $42,74'*,057 71.
The expenditures show a decrease over thn previous year of
$20,343,!)»3 30, as follows: In the Navy Department, $654,628
40 in interest on th- public debt, $11,431,534 39, and in ciTil
and miscellaneous, $8,257,822 61. The-e was an increase of
$17,012,534 38, as follows In the War IVpartment, $:i,104,033
for Indians, $3,222,580 81, and in pensions, $11,28.5.014 83;
64
making a net decrease in the expenditnres of $2,731,448 02.
FISCAL YEAn 1883.
For the present fiscal year, the revenue, actual and estimated,
is as follows
OM
Tkeasurt Department,
Washington, D. C Dec. 4. 1882.)
have the honor to submit the following report. The
)
—
,
eources for the
all
year ended
fiscal
From Customs
From Intermit revenue
Vrom »alcs of public lands
From tax tin circulatlim and depositB of national bankB
From repayment of InteroRt by I'acillc Kallway Companies
Fruui stnktnK fund for
I'acltlc
t220.,410 730
14H,,41(7 Ji«5
4..7S»,14U
8,,1'B«.794
84a,!»4
...
Uallwuy Companies
Paid
in
,»i:i,.'liM
,«!tN,l)liO
SH.OSli
from prcDts on colna«e, bullion deposits and assays..
From Indiiin trust funds
From depos'ts by Indtvlduila for survey lug
From revenues of the District of Columbia
From miscellaneous sources
:
,11(1 ei»3
;
,7l!5,«4S
U5:j,SU«
public lands
.718.178
.888,446
T«tal ordinary receipts..
:
;
;
70.l.li7l
From (^UHtonirt fees, tlnos, ponaltlef, Ac
From fees— consular, letters- patent and lands
From pr()ceeds of sales of Government property
;
;
AMOCHT.
80UHC«.
;
;
;
TREASURY.
Sir: I
ordlniry revenues from
June 30, 1882, were:
House
08
fees, $8,032
emolument
BEPORT^OF THE SECRETARY OF THE
659
t408.B26,860 28
:
The
ordinary expenditures for the same period were:
EXPKNDITCBK".
For civil expenses
For foreign Intercourse
For Indians
rotal ordinary expenditures
X,eaving a surplus revenue of
Which, with an amount drawn from the cash balance
1.31)7.5K3 II)
8,7:«1.747 40
ei,340.1Uil 05
15,032,046 36
50
3,330,543 m7
71,077,208 70
91,5,111,237
«257,9si,439 57
($146,543,810 71
Treasury.of
20.737,ti94
Makin g
Was
43,570.494 19
in thel
M
Itl86,281,505 55
applied to the redemption
From Customs
> roiu Internal
From
From
revenue
sales of public lands
tax on circula'lon and
deposits of national banks ...
From repayment of interest
and HinKiiiK lund.PacltlcItailway com,-atties
From customs fees, flnes, penalties,
Of loan of 1858
Of iiwn of Fet>ruary,
Of 5-21)3 of 1882
n;<
*
00
55
00
00
S?,184.,450 00
1 ,000 00
308.,000 00
$80,071), ISO
58,,705
62.572,,050
4,472,,1)00
fund
2.,100 (10
7,.400 OO
8,,500 00
ons-aos of 1«61
00
00
00
00
6751,250 00
18. 350 00
Z54,,550
86..450
408,,280
141, 400
Interest
and othsr
notes..
Total
tiaa,281,505 55
The reqairements
:
of the sinking fund for the past fiscal year,
iscluding a balance of $16,305,873 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 npplied during the first four months of the year the eum of
|31, 196,350.
There seems to have been confusion in some minds of the
sums paid to meet the lawful needs of the sinking fund, and
those paid for the reduction of public debt by direct payment
and redemption thereof. To my report of last year was appended
a table (Table L) of all the moneys paid for bonds for the sinking fund, and a table (Table I) showing the condition of ihat
fasd from the beginning of it in May, 1869, down to June 30,
18tl. It was stated in my report that there was a balance then
due the fund of |16,305,8i3 4r. It has been said that this was
erroneous. The report of my predecessor, Mr. Secretary Morrill, 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 1433,848,315 87; that the public debt had, however, been
reduced at that time by the snm of |656,992,226 14, or over
$3i8,000,000 more than those terms required. He did not say,
nor did he mean to say, that the reduction he announced was
aahieved through the operations of the sinking fund. What he
said, and meant to say, was that, though the sinking fund had
not been filled to the amount contemplated by the act of Con{fress which provided for it, and so the letter of the law had not
baen 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 intent 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 mora than a
strict adherence to the sinking fund act would have brought
about.
predecessor, Mr. Secretary Sherman, reported in
1877 a deficiency in the sinking fund, but a reduction of public
deht 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 $44,578,08199: In Customs revenue, $23,251,054 23
in internal revenue, $11,233,209 94
in sales of public lands,
f2,551,277 20 in direct tax, $158,624 80 in tax on circulation
and deposits of national banks, $940,678 73 ia proceeds of
sales of Government propertv, $52,785 85
in repayment of
interest by Paeifiq Bni]way compauieji, |20,730 57; in SQiWulai
My
;
;
;
1,638.880 46
977369
1.7SO.00O 00
1.400,000 00
SI
2,660,000 00
82234$ 49
1
113,996 95
888,004 05
3,15e.H80 61
1,000.000 00
4,200,000 00
891,128 04
1,606,871 Se
2400.000 00
194,814 88
840,717 28
4,0«9.$88
^
i.7!»,ooo no
6,870,000 00
1,040,110 30
...
:
1881
Of 5 20s of 1885
Of 10-408 of 1884
Of consols of 1865
Of consols of 1887
Of consols of 1868
Of Orepon war d9bt
Of old demand, compound
9,000,000 CO
114,819 66
oft'olumbia
»I13.7il0.e07 Sg $302.209.899
Total receipts
H)f bonds for the sinking fund
Of fractional currency for the sink
Of loan of July and August, 1881
Of loan of March, 1863
Of funded loan of 1881
4,492,426 89
42«,I40 09
From miscellaneous sources
Total fortb*
Yaar.t
Quarters.t
$64,908,876 71 $I?0.00I,124 29 $238,000,000 00
37,700,»U4 68
107J!a0.1l» 42
146,000,000 00
l.lH&.02lt 07
4.314.877 03
6A00.O0O 00
&c
Frotn foes— consular, letterspi tent and 1 nds
From proceeds of s les of GoTernment property
From profits on coinage, Ac
From deposits fo,' surveying
public lands
From revenues of the District
Amount.
•
IRcnslnins
Three
80, 1883.*
»18,042.3Sn 43
Forpensions
,.
For the military estublishraeDt.tncIudlDR river and harbor Improvements and arsenals
For the naval ostubllshment, Including vessels, machinery and
improvements at navy yards
For miscellaneous expenditures, iiicludinK public build ngs,
lighL houses and colIectlnK the revenue
For expenditures on account of the Oistrlct of Columbia
For tntarest OQ the public debt
For the Qnart4>r ended Sep.
80I7RCES.
AMOtlNT.
;
Actual.
t
The expenditures
are
for the
same period, actaal and estimated,
:
Bemalning
Three
For the Quarter endea Sep.
Objbct.
and
civil
expenses.
miscellaneous
Including public
and
buiidlUKs, IlKht-houses
collecting the revenue
For Indians
Forpensions
For military establishment,
cludinK
Total for the
Year.+
Quarters.^
80. 1882.
For
68 >416.C0O,O(IO 00
Estimated.
lortittciitiOBS,
$45,275,263 84
4.He(l.2«I 12
76,802,756 49
$61,800,000 00
7,600,000 00
100,000,000 09
33.318,971 31
47,600,000 00
8,571,431 88
11,928,508 17
15,800,000 00
1,415,882 20
17,219,248 10
8.084,117 80
42,280,753 81
69»0.0a« 00
$16,224,736 lOl
2.833.778 88
23,397.244 61
in
river
ane harbor improvement
and arsenals
For naval establishment, IncladinK vessels and machinery, and Improvements at
navy-yards
For e<petidltures on account of
the District of Columbia
For interest on the public debt
14,181,C
3.600.000 00
W
Total ordinary expend'tures $78,843,348 48 $210,l!80,<161 84 $296.000.000
$416,000,000 00
Total receipts, actual and estimated
890,000.000 00
Total expenditures, hctual and estimated
$120,000J)OO 00
«4,«»2.9B0
M
Estimated amount due the sinking fund
a balance of
Actual.
t BatUnated.
Ijeavlnff
'
$75,677,048 7*
•
FISCAL TKAR 1884.
the fiscal year ending June 30, 1884, estimated
upon the basis of existing laws, will be
The revenues of
:
From—
Customs
$888,000,000
—
146,000,00t
Internal revenue
6AM.00O
Sales of public lands
9,000.000
Tax on circulation and deposits of nntlonal banks
1.760,000
Kepayment of interest and sinking fund.Paclflo Railway companies.
1.400,000
Customs fees, fines, penult ies, &c
letters-p;ttent
lands
and
8,660,000
Fees consular.
Proceeds of sales of Government property
1.000J)00
4^800,000
Profits on coinage, he
1,400X00
Deposits for surveying public lands
1.7*0,000
Keveoues of the District of Columbia
8,870.000
Miscellaneous sources
—
Total estimated ordinary receipts
$418,000,000
of exp.'nditures for the same period, received
the several executive departments, are as follows:
The estimites
from
Leflslatlve
Executive
83,^4.049 30
IM08.696 7B
•
•
408^00 00
.ludicial
1,S»a,906 0S
88,901.445 »4
-83,481,078
.- - 64
^-.
ForeiKn intercourse.....
—
Military estiiblishraeat
Naval establishment
.^^TH
51
101,676.000 90
Indian alfHir
Pensions
Public works—
LcKlslatlve
Treasury Department
War Department
Navy Depart ment
Department
Department of Agriculture
Department of JusUoe
Interior
...^
.fS-HS
^
SS
B.31i.50O0O
l-JS-J*^ Si
.
*8''5.?if Sx
*"'iS9 22
*9'S2x SS ..»„.... .^
00-14.361.715
M
1.000
Miscellaneous
Columbli
Permanent annual approprtatlona-*
^^
$58,877,410 72
Interest on the public debt
46.07S.aM 54
Sinking fund
Kefundinff— Customs, Internal reTanae, lands. &o. 7^17,100 00
00
8,500,0
CoiiectinK revenue from customa
DIstrlcr of
Miscellaneous
*S-?;S'2S li
8,800,209 98
8.181.305 00-117.018,088 88
;
Total estimated ezpeaditures, Ino'.ndiog slaking fund
$340.280.162 ««
;
Orao9>tlmat«diarplajiOti
himi (iift-Ku »"<•••
$14,7t9,W7 7(
THE CHRONICLE.
660
(Vox.
XXXV.
estimated ^^Ver^f^Tenvr^\
Kicludin? ihe sinking fund, the
»n expected surplus of $119,793,$2W.807,939 68, showing
iM.
*^
^'
REDEMPTION OP CNITED 8TATB8 BONDS.
ernment
wM as
fallows:
»r..nf Jn'T«ndAu(ru.t.
1861.
onntlnued at
S« per cent
Mnrch
KlTo
during the year
alKjTe bonds there have been redeemed
following:
the
1883,
31,
October
ended
" Of'oie
''ao'SmsSo
^-"^fwi
tl41,5l0.ti60
Total
3i
PER CENT CONTINUED B0ND8 INTO
CENT BONDS.
PER
8
redeemOn July 1. 1882, the interest-beating debt which was
exclusive of |ll,]d7,U5U
ible at the pleasure of the Governmeiit,
and August,
31 per cent continued bonds of the loan of July
which became due on that day,
1861, wh ch had been called, and
^as as lollows
per cent
Actol March 8, 1863, continued at
f^TSJSS
401.5()3,900
W
Five PCT cent rinded loan ot 1881, at SSi per cent
»U9.324.00J
Total
Included in the above wrre |15.000,000 in bonds of the act of
March 3, 1863, which had been called, to mature August I, 1882,
and the amount of bonds available for exchange, as contemplated in legi.slaiion then petding, wns ttill further reduced by
the call issued July 10, 1882, for $16,000,000, to mature «ept. 13,
1882. By the eleventh section of the act approved July 12. 1882,
entitled "An act to enable national banking aesociations to
extend their corporate existence and for other purposes," the
Secretary was authorized to receive at the Treasury bonds of the
United dtates bearing 3i per cent interest, and to issue in
exchange thertfor registered bonds of the United States bearing
Inten st at the rate of 3 per cent per annum. These bonds were
to be redeemable st the pleasure of the Uftited States after all
bonds bearing a higher rate of interest and vrhich were thus
redeemable had been redeemed or called. There is also the important provision that the latt sf the bonds issued under the act
and the Bubgtitutes for tbem should be the first called for payment, and that this order of payment should be followed until
Thereby the bonds first issued, and
all should have been paid.
the substitutes for them made on the astignment and transfer of
them, were made more desirable, as likely to have a longtr lime
to run. This gave rise to the query, how the order of issue
of the Ss to the holders of tbe 3^8 should be determined. A
method was devised by the Department which gave the precedence to diligence in offer of surrfcder of the Sjs, and which
determined by lot. giving the same chance of prioiiy to ell having part in it, who of tbe equally diligent should have the first
It is believed that justice was done to all.
privilege in issue.
The provision that the substituted bonds should have the same
rank with the oriiiinals in the order of Ball for payment wes at
first thought to preclude the holder from a division of one bond
of larger denomination into two or more bonds of smaller denomination. To have maintained this would have incon venieuced
the transfer and division of pecurities amoLg several alike interested in a large bond. But as it was impracticabln to <?ivido one
bond into two or more, and give to the latter the number of the
former, and fo preteive the right to be deferred in calls for paymant, it has been determined to yield to a wish f r a division,
upon the holder waiving tUnt right in express terms in the instrument of assignment. This puts upon the register's office more
labor and tlie greater exei else of care, but, being a convenience
to the holder of the bond, they will be cheerfully undertaken.
On the day following the approval of the act the Secretary issued
a circular announcing the readiness of the Department to effe( t
the exchange thus provided for; August 1, 1882, being named as
the date upon which said exchange would begin. Under the
provisloi B of the act the exchanges of the 3^ per cent continued
bonds began on the date named and continued until September
20, upon which date tbey were temporarily suspended, in order
to allow the preparation of tiie achedules and checks f'r the
dirideod due Nov. I on the 3^ per cent bonds which had not been
exchanged, as well as upon the new 8 per cent bonds which had
been isrued.
From the beginning of the exchanges until the suspension, 3}
per cent continued bonds were received for exchange into 3^per
cent boiids ai follows
Act of March ». 1868. ooutlnned at 3!< per cent
f per cent funded loan or 1881. continued at 3}{4>er cant
:
Tot^l
tl3J231.680
S4e,lS8.850
$259,870,500
and 3 per cent bonds wei« duly issued theref»r. The interest on
the surrendered bonds -was ac'justed to August 1, 1888, and tbe
8 per cent bonds Is&ued in exchange therefor carried' interest
from that date. The exchanges were resumed November 1,
inoe which time there have been received $21,024,250 in 3i per
cent continued bonds, for irhich a like amount of 3 per cent
boadi have been isiaed, making a total issue to December 1
of #880.394,750. 'l-he reduc'.ion in the annual interest
charge by reason ol these exchaugea is $1,401,973 75.
The
Department knows no reason why it should not continue to afford
.every facility for these excbsnge.i so loig as
3 J per cent bond«
remain o»>tan<Iing ai.d uncall»d. The f. Uowinj; table shows
tk» ch»Dge« la lUe iateretit-bearing debt during the year
1JB88,
:
cont'd
..t
SW p. c.
3« per
loan, cont'd
113.926,350
;.»4I'.^
ct. J
4
Man p. c. 401.504.800
563,380,050 141.510.860 2593TO 6001168,499.600
Of the bonds above set down as outstanding, those embraced
in the loans of July and August, 1861, and March 3, 1863,
amounting to $7,143 250, are calkd, and have ceased to bear interest ; making a 'otal of bonds redeemed during the year or
which have ceased to bear interest of $148,654,100. Calls are
now out for conti: ued bonds of the 5 per cent funded loan,
amounting to $.55,000 000, and the bonds, will c. ase to heap
Interest during ihe months of December, 18S2. and January and
February, 1883. The reduction in the annual int'rrest charge byreason of these changes to Nov. 1, 1832. is as follows
On bonda redeemed or Interest ceased
*?'^-|So
i.»».BOi! au
On bonds exchanged Into 3 per cents
»6,499.746 00
Total
^^ 0*
Deduct for interest on 4 per ceflt bonda Issued, 4c
'^It'wbtoo
$563,380,950
BXCHANOE OK
1S61. cont'd at
.
3. 186.1.
p. c. fd.
Total
.,,„o.«™
been celled, but which had pot then
-Tl^ioloaing »18.038.a00 which h*a
at 3(ji per cent
Ixianof July »ndAuKU»t. 1861. continued
j25S2f M»r'^" 3 >8'>-V"n">'"«d»t3)iperoent
Five per cent funded loan
* Aug
JnlT
re,«.r. to Coneress. the interestAt the d.te of the last annual
at the pleasure of the Govredeemable
WH8
which
lM»ring deb.
:
S
»6,499,6!M 00
Net reduction
AND SILVER CEBTXFICATES.
BTANDAItD SILVER DOLLARS
There hnd been coined on Nnvf mber
28, 1878,
..f
There wore
And
In circulation
There were tn circulation November
1882,
...^..
1881,
1,
under the act of FebrUHrjr
*^^'n7S-sS
>^^,Ul0^fi*
—^
»85.^.78«
about
34.0o0.000
ll.SSS.TSS
Increase
The
t,
stanctnrdsllTerdoll-rs
Tieasury at that date
In the
increase in the circulation of standard silver dollars be-
tween Nov. 1, 1881, and Nov. 1, 18S3, was less than a million
and a half of dollars. The amount coned during tbe fame time
was $27,772,075, The supply in the aggregate, and furnished
Of the al-ove amount
yearly, is much more tban the demand.
held by the Treasurv Nov. 1, 1883, there were in the BubTreasury at New York about $19,000,000. and in the vaults of
the Assistant Treasurer at San Francisco nearly $14,009,000, and
in the mint at that place nearly $^7 ,000,000, making nearly
$41,000,000 in San Franc.sro. This large accumuli.tion at S.in
Francisco is useless the call for silver dollars for use os money
there is little. The reason f jr the accumulation there is this: Ihe
mints this fide the Mountains could tot do the needed coinage
of gold and coin also the minimum amount of si.ver dollars
required by the law. After the silver dollars had bf en coined
there, there was not good policy in bringing them away, for
there was no unsatisfied call for them on this coast, and the
expense of carriage is great, never less than 1 per cent. Besides
that, the vaults on this side are inconveniently taxed in the
storage of what is ber«. Indeed, the storage capacity of the
mints and other vault room of the Government is everywhere
There were en hand in the Sub-Treasury on
severely taxed.
Nov. 1, 1882. $26,884,337 62 of fractional silver coin. In all,
there were 2.400 tons of silver coin stored in the public vaults.
If the coinage of standard silver dollars is kept up and the
demand for them for circulation is as dormant as now. it will be
a serious question where the Treasury Department will find, in
public receptacles, s'.orage room therefor. Another reason
fur the coinage at San Francieco is that all the bullion
for the monthly coinage required by law could not be bought on
this side of the Mountains at the market rate as required by the
law, and that portion bouaht on the Pacific side waa coined
there because it would cost so much to bring it to this side for
The
coinage, even if there had been mint facilitis therefor.
amount of filvei certificates outstanding Nov. 1. 1881, was about
$66,000,000, and the amount outst.inding Nov. 1, 1882, about
$65,500. The Treasury holds nearly ali the standard silver dol;
The amount of
lars coined during the year ended Nov. 1, 1883.
silver certificates outstunding has lessesed during the same
time. Judging from past experienc- . we need not expect au inInasmuch as by recent legiscreased demand for silver dollars.
lation the Secretary is required to i^sae gold certificates, it is
will be
to be looked for that the place of the silver certificates
to a great extent supplied by gold certificates, as the latter are
furnished in convenient denominations; and it is just to suppose that a certificate T'ayable in a coin worth but 88 per cent of
nomiits nominal value will be displaced by one worth fully its
nal value. Is the idea vain that the continued coinag- of silver
dollars is not now required for circula'.ion of them, or as a
and that the
certificates,
of such
basis for the ifsue
policy of the Government, so far as it wes meant to increase
the price cf eiiver, has not been succ-ssfult As was stated in
the report of last year, the act requiriDg the issue of silver cerpublic
tifica es, making them receivable lor Customs and sU
the
(lues, was apart of the policy of Congress to maintain
etaudardof the silver dollar at or near that of tlie gold dollar.
This objections then urged to the ifsue of filver c-rtiticates, vii.,
that they form an inexpedient addition to the paper currency;
that thev are made a legal tender for the purposes named for
more than their real value; that there is no promise on the part
of the Government to pay the difference between their actual
nominal value; and the embarrassments which arise from
the endeavor to maintain several standards of value, still have
There is just now a seeminely greater demand for
thvir force.
The process is this Gold
It is only in seeming.
silver dollars.
an-l
:
deposited in New York. For that, by arrangement, silver
dollars are taken from the Mint at New Orleans. The? are not put
They are deposited at once in the Sub- Treasury
into circulation.
there, and silver certificates taken to meet immediate pressing
needs for currency. As gold certificates are now going into business hands in New Orh ans. the process above staled will probably cease, as it is not looked for that silver certificates will bo
is
Dbokmbbb
THE (milONlOLE.
9, 1882.1
Boaght rather than the gold certlficalei^. That proccsB keeps
the silver dollars out of the Treasury but a phort time, and does
I refer for a more full
Dot pat them Into geoeral circulation.
discussion of this subject to my report of last year, and repeat
my recommendation that the p ovirion for the cotnane of a fixed
amount of standard silver dollars each month be repealed and
the Department be authorized lo coin only so much as will bo
necesfiary to supply the demand.
The recommendation if renewed for the repeal of the act requiring the i«suo of filver certificates, and lor a 'aw authorizing measures lor Iheir early
retirement from circulation. The iLtemational monetary conference met in April last, on the day to which it had adjourned, and
adjourned again sine die. It ia not aoderstood that it effected
any important praoical result.
GOLD CERTIFICATES.
Under the act of the last session of Congress gold certificates
have been prepared and have been issued, as is shown in this table
:
Gold oertlflcntea Go'd certlflcnles
ready for laaue. Issued Nov. 27.'82.
Deoomlnatlons
....
asos
BOs
]00«
l.OOOa
50G08
10*,000s
Total..
$3.W20.000
6,000,000
7,600,000
10,000.000
12,000,000
20,000.000
bO.OOO.OOO
$2 240 000
tl38,S20,000
»31,2«0.000
2,200,000
3,0<X>.(K)0
6,060,000
4.,SU0.000
4.500,000
10,000,0;>0
CONVERSION OF REFONDINO CERTIFICATES.
At the date of the last report, rr funding certificates issued under
the act of Feb. 26, 1879, remained outstanding to the amount of
f589,050. There have been presented during the ye ir for cooversion into 4 per cent bondf, certificates amounting to $174,300,
In the language of the act,
leaving still uncorverted $423,750
these certificates are "convertible at any time, with accrued
interest, into the 4 per cent bonds described in the refunding
act." Prior to May !, 18'<2, it had been the practice of the De
partment to convert the princiral only of the ceriilicates into 4
per cent bonds, paying tue interest accrued on the certificates in
lawful money. A holder of refunding certificates having made
a demanai upon the Department to have the interest accrued on
his certificate.", as well as the principal thereof, converted into 4
per cent bonds, the question was referred to the Department of
Justice for examination. In the opinion of the Attorney-Oeneral
which was furn'shed tbis Department the claim thus made was
held to be justified by the language of the act, and on conversions effected since May 1, 4 per cent bonds have been isnued in
satisfaction of the interest accrued on the certificates, in lieu of
the payment of larwful money, in all cases where such interest
amounted to a sum sufficient to entitle the holder to a bond. Up
to November 1, 1883, $5,500 in 4 per cent bonds have been issued
in this manner, making an increase to that extent of the amsuni
of such bonds outstanding, but not iixreasing the total debt.
CONTINUED TRUST-FUND BONDS.
was slated
in the last report that $451,350 in bonds of the
5 per cent funded loan, lield by the fc'ecretary of the Treasuiy as
a part of the sinking fund tor the Pacific raiiroad.s, had been
continned at 3i per cent, and that $52,000 in bonds ef the Ba/me
loan, held in trust for the South arolina schoi)l fuud, had also
been continued in preference to allowing the bonds to bo redeemed and investing the proceeds in other b nds. For the
same reason the 3J per cent bonds have now been exchanged into
S per cent Irands of the act of July 12, 1882.
COINS AND COINAGE.
The report of the Direc'or of the Mint give'. In detail, the
transactions of the Mint and aspay otficea during the year, together with statistics and inquiries into the financial conditi nof
tpn own and foreign cnuntties. The imports of foreigu gold coin
*<u buUioo were during the previous year ninety-seven and onehalf millioos. During the last fiscal year the excess of imports
over exports was about one and three-quarter millions. 'Ihere
were during the fiscal year ended June bO, 1882, exports and imIt
ports as follows
Exports.
Gold bnlllon
* 1,800,436
(lold onin. AiQcrloan..
oolB. forel£a....
29,8115,281)
".,182,185
Qold
ToUI.
Imports.
IB. If 6.033
4.';3B.830
20.174,371
82,587,880
134,377,054
111,782,340
423,008
4.074.160
f2.1?l,733
oio.sr?
ToUl
»16.82».SU0
th,0«5.336
Total gold and gtlvcr.
140,417.479
SMTCTballlOQ
ftlrerawin. Amerioan
StiTer coin, foreign
6.0,i2,726
I
$42,472,390
There were df posited at the mints and assay offices $6(3, 75i>,653 of gold, which was $74,0 0,000 less than the prectding year,
because of the decrease in tlie imports. The coinage at the
mints during the fiscal year was
Sold
Standnnl
»f!9.413,447 50
silTiST dollars
KrMcttonal allTvr coins
Minor coins
ToUI
The coinage
,
,
.;
87,77i.075 00
11.313 75
644.757 75
1117,841,594 00
of gold was nearly $11,000,000 more tiian that of
any previous year in the history of the mints. About one-half
of tills was in eagles, one-thi.d in half-eagles aod the rest in
doable eagles. The pnrchase of silver fop coinage duiing the
yea* was 23,027,229-37 ounces of standard silver, at a cost of
$84,136,943 iO, an average of $1 03-15 per ounce standard. The
ayerage London price for silver was 51 13-16d. (.erouiieeof Briiii-h
s -'(lard fineneea, equivalent to $1 02-20 per ounce United States
661
standard, and the average New York price was $1 03-419 pep
ounce standard. During the year about $iV,Wj nl put.cliKl and
mutilated silver ooii s were purchased and melted for recolua|r«.
The silver coinage consisted of $27,772,075 in st mdard dollar«
and $11,818 75 in fractional coin, a total of $-27,783,;Wi 7.'>. Th«
profits on the silver colnaue amount to $8,440,887 15. of which
$3,438,829 41 were from the coinage of ti.e dollar and $-2,037 74
Irom fractional coin. When the financial rep ,rt of tMs Department was made last year, public queries were s'arted whether tba
profits on coinage were truly giv« n.
Toi-a'iBfy myself and pleaao
a proper public scrutiny, I called a fitting offiri^il pers >n from
the Assistant Treasurer's office at New York an! cliar.;ed hlnx
with a thorough inves igationof the matter.
Whai he did appears in his report appended hereto. I think It I. complete and
satisfactory, and puts at rest any douDt that the accountH hava
been accurately kept and truly reported. During the year tha
mints distributed 15,717,463 standard silver dollnrs, leaving in
their vaults 35,363,8 ?3 from the coinage cf thi^ and former
years.
Of the mini>r or base metal coins, 46,81(5,735 pi..-ces were
Btruck, in value $644,757 75. Of this, l,40l),77.'> plecef, in value
$230,038 75. were five-cent nickel coins, for which the demand
was large during the year. The rest of it wan principally of one<ent pieces.
Besides the coinage, $37,505,120 wor'h of gold and
$8,129,2113 worth of silver was madn into bars.
Up to October 1,
under the act of May 26, 188i, $6,583,000 06 in fin« go d bars fit
for export were changed for gold coin at the New York Asray
Office, thus saving the expense of coinage.
The coin circulation
of the country on July 1, 1881, is fBtimated, ftoaa the statistics of
coinage and net imports of coin, to have been
United HtateaROtd coin
United States silver coin
9180,7711
The
ISujHsiui
increase
was
of coin
TBS
171,4flo'7l]6
Total
oa the 30th of June
last
by coinage and Imports
:
United states gold coin
United States silver coin
9500,SR2 ]8o
199.67^.380
Total
1700,458.545
There was further increase by coinage and imports during the
next quarter of $11,308,851 in gold anU $7,0.J6,4l0 in silver. The
mints and assay rffices on the Isl of Oc'ober aUo held f.r coinage
$51,440,420 in gold bullion and $3,348,565 in silver bulior, making the stock of United Statts coin and bullion uvaiiabte fop
coinage on October 1
:
United
United
United
United
Stateagold coin
$812,191,09*
51.140.420
States Kuld bu lion
States silver coin
States silver ballton
floS.floO.TTO
8318,580
Total
e778,884,TM
TBB NATIONAL. BANKS.
The
the national banks during the current year are
treated of more fully in the report of the Controller of the Currency than space will permit herein. It gives an rbstract of
their resources and liabilities for each year fince th« national
bank system went into opc;ratton, t'>gether with »tati.-tiiVil inforof&<-ia1 sources, of the
mation for a series of years, drawn fr
affairs of private bankers, savings banks, and b-nking associations organized under State laws. The number of natioaal banks
organized during the year ia 171, wh ch is the g.-ea'.est number
orgauized during any year since 1872. The number of banks in
operation is 3,209 more than at any previous date. Th-y are
located in every Stute and organised Terii.<iry of the Union.
The returns mude by them show that on October .1 of the present
year they had as ac-gregata capital $483, I04.3I3; as surplns,
$131,977,450; as iudividual deposits, $1,122,472,682: had made
loans in amount, $l,238,'i86,524 and held in speeiH $102,8.57,778.
The number of banks whose corporate existence ei.her has expired, or would lave expired if no action had bL-^n taken by
The slockhold' r« of 51 ef tliem which
tlieir stockholders, is 86.
have been placed in voluntary liquidation, or wh<«sfl ebar-ie-s hive
expired by limitation, have orgaLized new b.tnki in 'he Siibim loThe storkholdtrs of 30 banks have ex en led their eicalities.
iatence under the act passed at the last session ef O-m^r. as. That
Th ) corporate
act was well adapted to ihs purpose intet.di-d.
existence of 303 other bsinks will expire befor* February 25,
Nearly all of these have given notio*; of au iuteiition to
1883.
1 he report
seek an extended reriod of existtnce under that act.
also tells the total amount of coin and currency in the country
and the riis'.ributiou of ticcin in the Treasury, ia the bai.ksand
among th' people. Since the day or' resump. ion hefirrtdayof
coin »»f $388,January. 1879 -there has been an iucrtase in g
795,030, in silver coin o' $U'5, 7.50,532, and IA national bank no:e8
The ag^reirnt cireula'of $y8,93t),0?3-in all, $i4.i,481,935.
tion of the national banks had steadily increased for a 8<,ries of
'Ihe action of txi ling anks in making deposi f'>r the
>ear3.
ultimate re 'emplion ol ih-ircirculaing noes les.s n.-d for the
year lUe amouni if those rots 'or «hioii h> e banki -re liabia
by tho sum of $5,478,-54. The na'in al b uk^ o .1 * 2 ».ii"i.iWO
u'r United Statts bond.-, wbicli are payabl<> at the pbaeure of
is more tfiaa one-half of
tho wkola
J his
the Q vernment.
amount out-tanling of this cUss of b^uds. Tf the public debt jftlto be pain a" rapidly as it has been of late, it is like y that all of
these bond-t will be paid during the next three years. Whenevee
they are called for payment, the banks boldin^ th-wn, to keep'np
tho circula'ion of their notis, must either dep-)sit ?iwful nriney
in the Treasury amounting in ihe aggregate to at Ua.st $2©^.,C0O,-000, or purchase and deposit there ot er United S'a'es bonds.
The cheap St of thote bondu are at a high premium i-n the
market. It is tstimnted th t the prfit froji the deposi- of thoae
bonds and the taking and issuing the circnla log noti a f jrnishod
thereon, when th- lawful rate of interest is as high as 6 per •nnt,
It is f |>ix sed that
is not moo than throe fifths of 1 per cent'
this is not enough to lead the banks to buy them largely lot the
affnirs of
m
—
—
I'',
'
THE CHRONICLR
662
[Vol.
XXXV.
States Revised Statutes.) The Department of Justice has mad e
The opinion of
reply to the communication of this department.
the Attorney-General is that to write the word " accepted " across
a check is to the eame eff'ect as to write the word " good " there
and that, though one maybe called a " certification " and the
other an " acceptance." they mean the same thing, and are like
acts that when the drawer has not with the drawee the funds
with which the check may be at once paid, the writing of one
word just as much as the writing of the other is for the same
forbidden purposi" to produce the same forbidden result that,
inasmuch as the liability is the same whether the the check be
marked with one ward or the other, either mark, if incurring
that liability, wou'd seem to be sufficient to bring the case within
the prohibition referred to. It remains to be seen wfcether the
which banks which have indulged in this practice will cease therefrom
deposits,
mends a repeal of the tax upon capital and
capital invested in on knowledge of this opinion, or whether the Controller of the
The
concurs.
Secretary
the
recommendation
The tates assessed upon them Currency, or the law offlcers of the Government, must enforce
national banks is |462,3U, 001.
States for the. year 1881 were the piins and'penalties incurred by violation of the l^w.
the
and
States
United
bT tlie
The amouut ascent.
CUSTOMS.
»17 189 080 being at the rate of 37 per
one-half of the whole. A
The revenue from Customs for the last fiscal year was $220.MFsed by ihe United States is near
those
banks
leave
it would still
410,730 25, an increase of $22,351,054 33 over that of the preTeneal of the laws providing for
States of over $8,000,000 per an- ceding year; an increase in the value of dutiable imports of $73,liable to an assessment by the
his
annual
completed
Currency
has
887,480, and in that of free goods of $8,087,400. There was colnum The Controller of the
bonds held by the lected at the port of New York tbe sum of $152,773,902 32; at
tables showing the amounts of United States
private
bankerci
banks
and
savings
The sum of $49,198,313 was colnational banks. State banks,
all other ports. $08,300,698 03.
banks held on lected
on the Ist of November, 1882. The national
on sugar, melado and molasses. $29,353,016 on wool and
and
for
pubcirculation
for
security
as
November 1, 1882,
its manufactures. $24,175,547 on iron and steel and manufaeturea
purposes, $390,528,400 of interest- thereof,
lic deposits and other
$23,033,137 on manufactures of silk, $13,327,103 on
nearly
lO,000
This
is
States.
$30,0
United
of
the
hearinir bonds
those of cotton, and $6,771,483 .on wines and spirits; in all, from
and
about
Nov.
$7,000,000
on
1,
1881,
held
amount
less than the
The table here given shows the
those articles, $144,258,598.
Banking associa- rate per centum of the cost of collection. It is '0294, and is less
less than for the corresponding date in 1880.
lo'lows:
as
State
these
bonds
hold
national
than
other
tions
than that of any year since 1876
hanks in twenty-one States, $8,739,172 trust companies in five AGGREGATE DITTIES ON 1.MPORT8 AND TONNAGE, AND RBCEIPT8 AND
States, $16,934,812; savings banks in fifteen States, $237,EXPENSES OF COLLECTION FOR THE FISCAL YEARS
1877, 1878, 1879, 1880. 1881 AND 1882.
786,442 total, $i63, 460,420. There has been during the past
year a decrease of about $2,000,0u0 in the amount held by State
Receipts.
Duties.
Expenses.
Cost.p.C.
Year.
banks and trust companies, and an increase of nearly $37,000,000
4-80
$6,501,037 57
in the amounts held by savings banks. The amounts he d in 1877
»190,95e.493 07
tl32,634,028 53
4-41
20
182,024,409
16
5,826,974
130,170,680
32
eeographical divisions by these associations in 1882 were as fol- 1878
3-94
138,97«,681 79
6.485,779 03
1.37,250,047 70
1879
188,608,690 »4
6,995,878 0«
lows Eastern S;ates, $42,087,248 Middle States, $197,135,-?39
186,522.064 60
8-W
18S0
8-20
200,079,150 98
6,419,345 20
198,159.678 02
Pacific 18H1
Southern States, $26^,350 Western States, $3,309,414
2-94
222,559,104 83
6,549,695 07
220.410,730 25
18p2
These
returns
have
to'al, $26J.400,436.
States, $20,020,175
I also ask the attention of Congress to tbe classification of sugar.
been compi ed from reports made to the officers of the different
as I know not whether it will be treated of. or, if it is, how it
States, which have been forwarded by them to the Controller.
The interest-bearing funded debt of the Uni'ed States was on will be treated of in any other document brought to the attenTbe total amount of bonds held by the tion of Congress; and the subject is one of practical importance.
Nov.- 1 $1,418,080,200.
national banks. State banks and savintrs banks at the nearest The Dutch standard of color is no longer a practical test of the
corresponding date that could be ascertained was $059,988,826, saccharine strength of imported sugars, or of their value for rewhich amount is not greatly leas than one-hulf of the whole in- fining. The Supreme Court, in a recent decision, has interpreted
Similar f >cts h^ve also been compiled from the existing law to be, that Customs officers may not look beyond
terest-bearing debt.
the returns made by Stite banks, savinas banks and private the appareat color, and must classify the invoices thereby,
bankers to tUe Treasury Department for the porpoje of taxation, though satisfied that the color is artificial and made ta get a
showing that the banks and bankers of the cauntry, exc'usive of lower rate of duty. That standard was adopted, doubtless bethe national banks, held an average amount of United States lieving that color showed value. The intention was to put upon
bonds during the six montls ending May 31,1882, as follows: sugar duties in effect ad valorem. As it has come about, howState banks and trust companies, ever, the grades of sugar highest in value, when thus artificially
Savings banks, $242,028,782
total, $280,110,957.
colored, come in at the lowest rate of duty. The purpose of
$28,211,430 private bankers, $14,870,74.5
The amount of bonds given in the returns to the Congress in adopting the Dutch standard is measurably defeated.
Commissioner of Internal Kevenue. wiiich 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 specifio duty, or by
as well as principal of the bojds, is $16,050,000 more than the authorizing some standard other than that of appareat color.
amount obtained liom the returns to State officers. The differ- Now, domestic producers do not get the incidental protection
ence is comparatively small, and the amoun's obtained from the meant to be given them. Importers, too. are subject to embarone source herve to corroboiale the general accuracy of the re- rassment in fixing the rate of duty on their goods, and otherturns obtained from the other. At the last session of Co igje>s wise. The importance of a new tribunal for the trial of Cuslegislation 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. (Sae chapter 290 of again presented to Congress. The bill now pending gives jurisIt seoms to this de1882, section 13.) That act is am amendmemt of section 5,30S of diction over them to the Court of Claims.
tbe United States Revised Statutes, which made it penal to cer- partment that this is a method economical and speedy, and heai^
It would relieve the detify such a check unless the drawer then Lai on dep isit 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 entertain
The recommendation of last year is reaiaki s it penal to resort to any device, or to receive any fictitious and properly act upon.
obligation, whereby to evade the provisions of section 5,208, peated, that the Secretary be authorized to refer to the Court of
above citel. Since the passage of section 13, in-stead of the Claims, in his discretion, any disputed claims against the GoTformal certification of checks, some national banks have made a ernment involving important questions of law or fact. This
formal acceptance thereof. They claim that this does not break would give to claimants and to the Government a proper judithe law. and plant upon section 5.136 of United States Revised cial trial and judgment, and ward off the requests for re-examiStatutes, wherein that eeetion allows the making of contracts and nations which are now urged upon every change of priacipal
the use of powers incidental and necessary to the business of officers of departments. It is also recommended that ihere be
banking and upon section 5.209, United States Revised Statutes, authorized the appointment of three additional General Apwhich makes it penal tor 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
trom the bank directors it is lawful and upon the absence from for the lack of a proper tribunal to determine disputes.
aection 18 of an express prohibition of making an acceptance.
INTERNAL BEVENUB.
From the various objects of taxation under the interaal reveShe question remains, however, is the makins; of the acceptance
» reMit to a dev'ce, or th'j receiving of a fictitious ob'.iiation, in nue laws the receipts for the fiscal year ended June 30, 18SS,
order to evade the provisions of section 5,308 ? For it is under- were as follows
stood at ibis department that these acceptances are not always Fram spirits
|Oe.8T»,408
47,381,9*8 »1
FromtobiCCO
made upon an amouut of money actually on deposit with the ac- From
16,1S3,»«0 4*
fermented liquors
ceptor equal to that of the check. Judging that Congress was From banks unci banRers
5,253,458 47
earnestly trying to stop a practice which it deemed fraught with From adhesive stamps (including bank checks, $2,318,455 14;
friction matche8,t3,272,25tii patentmediclnes,4o.,»l,978,30566)
T,569,108 70
•Til. 1 believed it well to eoncur with the Controller of the Cur199,830 04
From penattles. &o
81,559 00
lency In submitting the matter to the Department of Justice, for From collections not otherwise prorlded for
the olficial opinion of the Attorney-General whether, a national
$146,523,273 7»
Total
bank might lawfully make such acceptances
and, as the
The increase of the revenue from spirits during the last fiscal
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 $4,530 997 60;
the bounds of section 6,200, Revised Statutes United States, to the increase from fermented liquors was $2,453,079 31; the inthe 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 acoept- 350 40; the total increase
oi internal revenue from lUl 30Uicea
sacea ,or to a single acceptancet (See section 5,303. United was
$11,393,361 43.
Is there not reason for foreof securing
™rDO«e o'
pnrpo«e
s circulation.
s*^"
embarraesment, the bank circulation
<"'"-"^Ur^o^BO ageT"«i^ of forestalling a ^-i°f«
trout>l.sonie conTitTr Ways are suggested
abolition of the
.^Lnnf the circulation-one, a reductiontheorrate
of issue to 90
1"
!^l?Llatior ano her an ncrease of
of the bonds; another, that
^r?en of the cuVr"? m/rket value
be refunded into 3 per cents
Se 4 and 41* per cent bonds
thus bringing
the holders
to
iaUsfactory
at
a lower
market a class of bonds purchasable
Department
Treasury
the
that
««•
and another,
the 3-60
empowered to take, as a basis of circulation,
Controller gives statisbonds of the District of Columbia. The
baak-., and again recomSc8 of the taxation of the national
wn
;
;
"ma
X
—
;
S
m
:
;
;
•
;
;
;
;
;
;
;
.
;
;
:
W
,
.
;
De«kkbbr
THE CHRONICLE.
9, 1883.J
663
law to be answered, ard no convenience or preuiog ceal
REDnCTION OF TAXATION.
The Treasury Depariment was created by act of Congieas, of the Government to be met, unless there is a great emergency,
section
it
second
was
made
the
year
the
aad
general financial disaster is threatened, which only extreme
of
1789.
By
chapter 12,
the duty of the Secretary " to digfst and prepare plans for the
ot the revenue," The word iinproveraont meant
enlargement. The need waa for more revenue, and the lack was
of SttDJecta from which it might be taken. In that sense that
duty is now without care. iTie times have changed. What now
perplexes the Secretary is not wherefrom ho may get revenue
and enough for the pressing needs of the Government, but
whereby he shall turn back into the flow of business the more
than enough for those needs that ha.s been drawn from the people.
There are now in the Treasury unuKed assets to a large amount,
and the daily receipts into the Treasury from customs and interIt is
nal revenue taxation are about a million and a quarter.
plain from thie, and the statement with which this report begins
of the estimated expenditures for the next fiscal year, that the
receipts from revenue are, and are likely to be, in excess of the
needs of the Government. From the inequality between daily large
receipts and comparatively small daily disbursements there comes
an evil effect upon the business of tlie country. The collections
by Government are taken out of the money market in sums and
at dates which have little or no agreement with the natural
movement of money, and are returned to it with the same iuadaptation to commercial or financial requirements. Occasionally the large diabarsements of the Government have created a
plethora of money; more frequently its large and continued
withdrawals of money have caused such a scarcity of floating
capital as to check the proper movement of legitimate business.
It is not only that the amount in the Treasury is so much kept
from the use of community; the fact becomes an incentive and
improvement
an aid to men who,
for their
We
own ends,
conspire to keep from that
use other large sums.
have believed that the laws of the
States against primogeniture, the entail of estates, and the accnmulation of personal property, stood in the way of heaping up
wealth in single hands, and gathering in tingle hands the power
But so it is, that
over others that great wealth gives.
by conspiring toto-day there
are men so rich that
hand on near
gether they can at will put and hold
as much money as Government can lay hand to, save by the use
thus
had
is
from
time
its
credit.
The
power
used
to time.
It
of
results that violent and sudden contractions and expansions afflict
the businees community, and the Government is an unwilling
aider and abettor therein. It has come about that the Treasury
Department is looked to as a great, if not a chief, cause of recurring stringencies, and the Treasury is called to for relief. Every
Secretary of the Treasury for years past has had it brought
clearly to his mind, and official expedients have been used to
remedy the evil. Little of lasting value has been accomplished
thereby. There is no advisable and lawful mode of disbursing
an existing excess of assets but that of the payment of the public
debt.
That debt is substantially of two principal classes that
payable at the pleasure of the Government, that payable at a
The former is also of two kinds that
fixed date in the future.
bearing interest at 3J per cent and that at 3 per cent. The latter
may not be called in for payment while any of the former^is outBtanding and uncalled, fco is the law of its creation. Of the
former there are outstanding and uncalled over seventy millions.
The interpretation put by the Department upon the various laws
out of which that debt has arseu requires thatacallforit forpay.
ment must fix for the maturity and for the cessation of interest
a date three months oS. This somewhat hampers the department in so making calls as to keep up a timely succession. For
calls at three months oS there must eiiher be the funds in hand
therefor at the time when the call is made, or there must be a
To wait before
reliance upon the probable prospective receipts.
making a call until the funds are in fact in hand would be to
increase the evil of which I am speaking. To call in reliance
upon receipts to come needs caution, lest by changes in business
currents or business prosperity they may be lessened, and thus
embarrassment ensue so that, practically, the Department cannot with prudence work in this matter up to what may turn out
Whether the 3 per cent bonds wUl require
to be its fall ability.
the same length of call time has not yet been determined. Nor
is a call always effectual in bringing in the debt for payment.
The monthly statements of the public debt show that of matured
obligations on which interest has ceased there are outstanding
over $11,500,000, some of it from the year 1837. Doubtless some
of this has been lost or destroyed, and will never be brought for
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
payable at option of holders, without reba'e or interest, and
which were, in all, for $55,000,000, tliere is outstanding $35,000,000 and over. Bonds of the other principal class arrf of several
kinds, all payable at a future date, and all are now at a high premium in the market. If it were good policy for the department
to buy these at their premium, it could by so doing easily free
the Treasury from its excess of assets. Vaiious caures put these
premiums at a height almobt unexamjiled. It is true that capi
talists may buy them now, and they will, if the present state of
things continues, by the time they fall due and payable, and are
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
them that will be short of 3 per cent. Calcalaiions show that at
tbeee premiums a purchase will not have yielded at the end of
their term 8 per cent on the money paid for them.
The Government by the purchase of them might in effect take an equal profit.
Bat it can save to itself 3j per cent by calling bonds of that
clais.
Hence, I do not perceive how a [Secretary could justify
himself to the country at large in paying the Government
debt «t ruling premiums when there is uo requirement of
—
—
;
measures of governmental interference can turn aside. U la
trun that this Department has heretofore, and as late as March 30,
1881, purchased bonds and paid for them the face valae aad *
premium thereon. The purchases on that day were over $5,390,000, and the premium paid near $,VS,000.
But the purchase waa
for the sinking fund, and the law ot that fand required a parchase, and there were no Goveroraent bonds redeemable at pleasure to the payment of which an isseta might be applied. I«
former years there were large and continued purchases of bonds
at a premium, but they went hand in hand with sales of gold st
a greater premium, and the Government made a profit l.y the
transaction, and then, too, was for a time the requirement of the
sinking fund, and there were no bonds payment of which might
be made in invitum. The anticipation of payaent of called
bonds without a rebate of the interest up to the day named in
the rail rests upon a different basis. A prepayment of interest
upon the public debt is sanctioned by express provision of lav.
(See resolution No. 35, of March. 1864, and United States Revised
Statutes, 3,099.) A reference to the debates in Congress when
that resolution was under discussion shows that the motive for
the adoption of it was that the Treasury Department might at
any time break a tightness in the monay market by putting out
money idle in its vaults. The power thus given has of late besa
used for that purpose.
Though this does give a gain to
the holders of the bondp, it puts no loss upon the Government. The Treasury uses for the prepayment money that it
needs not for use in other ways, and which yields no interest,
and which it must at last use for paying just what it pavs in advance, and to no more than the amount that it must at last pij.
In paying a high premium, however, it pays what it is not bound
ever to pay, and it is not a certain event that it will ever make
itsel f whole again, and to the extent of some part ot the premiam,
it extinguishes no debt.
It ia doubtless good policy to extinguish
the long bonds of the Government, rather than those payable at
its pleasure, for the time is at hand when, with the present rats
of receipts and the present rate ot payment of the public debt,
all the bonds subject to optional time of payment will have been
called in. Then, if there be a surplus in the Treasury, there
will be no outlet for it save by purchase at large premium ot
long bonds, or the disbursement of it through appropriations tot
purposes beyond the ordinary and economical needs ot the Government.
It is,
therefore, for Congress to consiaer the proprietv
empowering this Department to buy the long bonds at a high
premium. If it shall deem it politic to make general purchases of
bonds at such premium for extinguishment it should by law, give
to this Department express authority so to do, and thus adopt that
policy. There have been other saggestions of modesof fneiog the
Treasury of an excess of assets. The National Bank Act,§ 35 (United
of
States Revised Statutes, section 5,133), provides for the designation of national banks as depositaries ot public moneys, security
being taken in a corresponding deposit of United States bonds.
All moneys received for Customs must be paid into the Treas*
ury, and no part of them can be placed in national bank deposiIt is seen that if they or any part of them were depostaries.
ited with national bank depositaries they would soon find their
way back into the currents of business in loans and discoanta,
as do now the receipts from internal revenue taxation. There
are in the Treasury over $50,000,000, being the 5 per cent fund
fcr the redemption of national bank notes, and the fand for the
redemption of notes of national banks that have failed. These
funds have not been treated by the Department as " public
of the sections above cited, and have
been kept in the Treasury. If Congress should give an interpretation to the words •'public monejs" which would take in
these funds, and they be put on deposit with the pubic deposit
taries, the same results would follow as are above suggesfi'd as
It is argued by those who contend for
to Customs receipts.
larger use of the banks as depositaries that all o'her civilised
countries hive an advantage over the Unittd States in the relations between their Treasuries and the money market; that their
Governments keep their accounts with the strong- st baaka ia
the country, and in this natural way of transacting business they
do not deprive their trade of the natural and nece.ssary services
of fioating capital that it is only in the United States that the
Government, chiefly by law and partly for want of the use of
moneys" within the intent
;
existing discretionury powers, deliberately disturbs the natural
currents of money, inflicting upon trade a prolonged or spaamodic stringency by locking up its receipts, or stimulating spec*
ulation by a sudden outpouring of its hoard that all business
is taxed by this system ot legal caprice, and that it is probably
no exaggeration to say that our Treasury statutes cause discounts in New York city to average 2 per c nt higher than under
the more natural system of employing the ordinary business
I
agencies for the Government's collections and disbursements
do not yield t'j this reasoning to the full extent that it is fonght
power
to
It may be well to give the Department the
to pus-h it.
make larger deposits in the public depositaries. I conceive that
the receipts from Customs, now to great ex eot pledged by law
to the payment of the bonded creditor, should be held in the
Treasury, lor in another course there are disadvantages that
might come to both Government and people, and which would,
It is safe to
if they came, outweigh all edvantages to either.
say that the country is never so sure of a continued course of
prosperity as that prudent forecast will not take heed of possible
;
If such should come, in such
financial disturbance and disaster.
magnitude as that the national bank depositaries should be
involved in common with al>, it would be ot the greatest
good that the Government had in its own hands the means t«
THE CHRONICLE.
664
meet the daily
calls
upon
it.
It
has chanced that, singly, nnlonal
« om of
«lerve
XXXVr
then, it is reoommended to retain a tax on spirits,
tobacco and fermented liquors, as legitimate subjects of needful
They are, in the main, the means of indulgence, and
taxation.
The tax
should come before necessaries as subjects of taxati jn.
from spirits for the last year was fO'J, 873,408 IS; that fro a tobacco, $47,39 1,988 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, $3,453,679 21. T'je total receipts from the taxation of these articles
wa>, for the last year, about $133,000,000. The estimated expenditures for this fiscal year are near three hundred millions. The
retention of this tax will still leave a Urge sum to be raised from
other sources, so that there is not a pressing need of a reduction
SbouU it, however, be deemed expedient to reduce the
here
ra'e of duties oa either of these articles, to obviate the inducement to fraud, or to render such duties more equal, objection ia
not BO strongly urged against a moderate modification as agiinjt
a total repeal of all taxes thereon. Propositions have reoeatly
been made to abolish the whole system of internal revenue, but
neiiher public sentiment nor political action indicates a d-sira on
the part of laxpiying citizens to strike out this class of taxes.
All the other subjects of internal revenue may hi 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
The am mot derived from it was $3,190,98193 the
taxation.
last year, yet as the banks are liable to a»sosiment by theSates,
and thus to bear a share of public burdens, it is advisable to
stiike off the Federal taxation on their circulation.
The whole amount of Internal revenue for the year ended June 30,
as
more so ^oaU
^"nt u7on them? to itTe'^raT^-mVntr'Greatly
fail together, and together should
so
should
miny
cr
U be if aU
have in ke.pW in «"">"•»»'« "^^^ ?' 'H 0^""^°';,
^^f
for the redemption of
ioUcyof theDipar.ment has beento ke.p
reserve of about 40 per cent of the
a
es
no
States
United
the
to H°ld money
iLountof tuem outstandin?, and besides that
I Is
oi demind
to meet all other obligations P-y^ble
^ougb
Vol.
itself hold ti.at
that policy that the Treasury should
" Yon must b- realy for the evil day, ani, bein? ready
almrjst never comes; not beins
for the 'evil day t'le evil day
For these reasons
leadv for the evil day. it is certain to come."
of the Treasury from this compUciI would not se-k a release
The radical cure for the evil is in the retion. in these modes.
taken from the
duction of taxation, so that no more will be
with economy
neople than enoujh to carry on the Government
must be met from year to year
to meet sll its obligations that
the part of the debt which it
to pay off with reasjnable celerity
fund
may pay at pleasure, and to provide through the sinking
will become payable by and by.
for the pa-ment of that which
holding
The evil comes from the liiselihood of the Government
nt
from time to time a large surplus to be poured out in volum'j
inopportune
uncertain and unforeseen t mes, ani at times often
There cjuli not ha tbat surfor the business of the country.
surely lot eo great a one, if the subjects of taxation were
'
;
;
plus,
The
leesened and the rates made smaller upon those retained.
figures are givjn above which show an estimated surplus of
public moneys for the fiscil year ending June SO, 1883, upin the
basis of exislinir laws and including the Mnking fund, of
1882, besides those from spirits, fermented liquors and tobacco,ts 113,073,056 81
175,577,013 75. Unless some disturbing cause comes in, not now The tax on circulation ani doposlts of national t>antcs for the same
8,956 ,791 66
the
inyear
yenr
as
perlodls
from
to
foreseen, that surplus will increase
terest on the public debt decreases. For without such causi the
Making
"i^,030,750 87
ravenues from all sources will not be diminished if the laws pro
Deduc. this amount from our surplus revenues and we have still
ductive thereof remain unchanged. As so great an annual sur- a surplus of about $98,000,000. To complete an eff ctnal raduowhat
will
revenue
iws,
existing
1
the
suit
of
direct
r.
plus is the
tlon of taxation it must be made on some principal souos of
be the financial condition of the coun'ry if these laws remain nu- revenue, and such a one is the duties on imp >rts collected under
connection
herewith,
reduced?
la
not
taxation
be
and
cha iged
the tariff laws, and an additional obvious method of avoiding a
hould be borne in mind the increasing espen iiture for pensions, surplus in the Treasury is a reduction of the revenues from
The
increase
surplus.
degree
the
of
in
some
affect
to
Ikely
•s
The subject of the repeal of the tax on circulation and
those.
Coicmissloner of Pensions has furnished to this Department aa deposits of national banks and those upon adhesive stamps, and
estimate based upon facts on his records which gives these figures: those derived from banks and bankers has been much discussed
817,':82
Numberof claims filed to June 30, 1682
in Congress. It will be seen, however, that the repeal of all
472,776
Mumber admitted
75,888
these taxes would relieve but a portion of the difficulty. Tile
Numtier on rejected flle«
8«9,e78—817,722
Wumber pending
revenues from Customs lor the current year are estimatied
Of the number pending, 197,623 are entitled to " arrears," and at $23>,000,0()0, and, under existing laws and without a
the first payment in the same, compiled from discharge or death disturbing cauie now unforeseen, we may expect that they
The remai ung will not diminish in future years. It seems, therefore, that a
to date, would not fall below |;200,0C0,000.
78,055 were filed subsequent to June 30. 1880, and pension, when reiuction should be made in the revenue from the Customs. lu
•llowed. would commence from date of filing. Last year he uti- reading the tes'imony before the Tariff Commission it is to be
mated tha the average value on the 1st day of January. 18S4, of obsorved that with scarcely an exception the representative of
each claim allowed out of the classin which are the 197,623 above, every industry, while conceding that a general red iction of the
would be f 1,350, and he then reckoned that about five-sixths of tariff is proper and necessary, has claimed that its peculiar prothat class would be found valid claims and would be allowed.
duct can submit te no reduction of the protection now afforded.
The amount of United States bonds which are now due and Wh'le the views of the manufacturers are to be weighed, it ia
pleasure
of the Goverment are as follows
payable at the
manifest that they will never be able to agree upon a reduction
FIvof contlnnea at SH per ce»t
$155,356,350
AU agree that a revision of the tariff is
of the tariff duties,
Tlir«eB
259,370.500
necessary. The action of Congress in creating a Commission
Total
t414,726,S50
that
for
purpose renders discussion on that point unThose which next become redeemable are the 4} per cents, necessary.
The action of that Commission in detail ia
which may be paid September 1, 189'., $350,000,000.
Whatever may be
is not yet know» to this Department.
lAStlr, the 4 per cents, redeomtible July 1, 1907
1738,929.600
its recommendations, they will no doubt receive respectful conTo wuioh add toe refunding certlQcates
423,750
sideration.
The Secretary of tha Treasury, however, cannot
Makiiw
$739,353,350
feel that he is relieved of responsibility because of thut CommisThe amount of the funded debt redeemable at any lime before sion. He deems it proper, therefore, to make some recommenSeptember 1, 18!ll, which will remain unpaid on the 30th June, dations upon the subject. The whole amount of revenue from.
1883. is about $30l),000,000, and upoa the foregoing estimates for Customs for the fiscal year ended June 30, 1883, has already
the fiscal year ended June 30, 1883, the whoU funded debt now been stated at something more than $320,li00,006.
The
redeemable cou'd be paid before Juae 30, 1836. This would classes of merchandise paying the largest amount of duties
leave as the surplus for more than five years the amount of |6.)0,- from Customs are the following, in the order named Sugar
000,000 UDdisposei of in the Treasury, unless, yielding to the and molasses, wool and manufactures from it, iron and steel
temptition of seaming wealth, expenditure! be Urgely increased. and tha manufactures from them, manufactures of s Ik, manuThe amount of tUe loin redeemable in 1891 is only $350,000,000, factures of cotton, amounting to about $137,500,000. A suband, us has been s'.ated, no other loan bscoaies redeem ible until stantial reduction upon each of the class of articles named ia
1907, so ihat the surplus under the conditions supposed will recommended.
And it is believed that the time has arrived when
rapidly increase until that date. The amount of the loan of 1907, a reduction of duties on nearly all the articles in our tariff is deaa already appears, is leas than $740 OO0,O0J, so that, were it all manded and is feasible. In addition to this a careful revirion of
redeemable, the whole public debt could hi paid from a surplus the tariff should be made with a view to placing upon the free
as great as estimated early in the fiscal year ending June 30, list many articles now paying a duty. It appears that tbe largest
It has not often occurred in public financial
1894.
history that amount derived from any class of products under the Customs
embarrassment has arisen through superabundance of revenues. 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 avenge duty on it Is equal to 2^
its almost boundless resources, and establishes
The
its credit beyond
cents per pound, and tb nea-ly 53i per cent ai valorem.
• question, presents difflcuUies of grave character. The accu
amount of cane sugar produced in this country is estimated at
mulatiOQ in the Treasury of a larje surplus, which must occur
11 per cent of the whole quantity consumed, and it is apparent
unless immediate meisures are enacted for
a reduction of the that nearly the whole amount of revenue from this source is paid
revenues, is not ti 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
BUggestion that the Goverument may go into the market a«d
in the production of suj;ar from sorghum and the beet is not forpurchase 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 mads
tively small amount, this policy might
be adopted.
But were it without injustice to the pr jducers of it in this country. Upon
"^ -^ '*" '"^ * permanent policy the long bonds, now at
!"^ I'
wool and iron and steel, and their manufactures, a arge reduc• high premium, would be so enhanced ia price as to render the tion must ba made to materially lessen the revenut'S derived from
pnrcnase of bonds impracticable within
reasonable bounds. A them, as the amount of imports will increase as tbe duties are
^•'^ "^i'onal banks as depositaries is treated
of lessened. It will probably bo found that in general the reduc^ °
fnrn^ ,^^^^1"- ^' *''*' ^^"""^^ »»« made: it would be but a re- tion can chiefly be made on the raw material or coarser manufac5°" ^..'''u •'"io^sB <>' moneys taken from them tures, rather than those upon which a greater amount of labor
wit ho .^ ni!i
has been bestowed.
The duties on manufactures of silk, it
to my last report for my views is believed, may be reduced without injustice to manufacturers
subject. They have not
., •pan aisubfeot'^The'J\'''"^
materially changed. Now, ' in this country. The cotton tariff is found to be complex and
_
:
:
fwh«~
Sirmw
:
Dbckmbkb
THE CHRONICLK
9, 1882.
it is no doubt true thxt in mo^t of thi coarser
f&brica our minufactur-rs can c mpete witli tlie
world without prot>-cion. Wines and sp'riis, wliich afford the
largest amount of duty nex' to the five cluB^esfnumi'ratei, bviug
articlm of luxury, may
b-'ar any rate of duty dfcin»-d nrcetiaary (or the rf venue. Wilhout going lurlher into dctailii, the
Secretary earnestly recommends a csrelul revieion of the tariff,
with a view to pubHtantial reductions. The accomplishment of
this is recommended to the present Congrens, which Itas been
fully aware of the approaching financiHl situation, as it in nonr
presented, and has fully discussed the «ubje.;t lu some of its
and
IncoriRistpnt,
classeri of rotto
i
wU
ment of the ooodition of the banks and savingH banks organized
under State laws. Ketums of capital and depo-dts are made
by these Institutions and by private bankers Hemi-annually, to
this Department for purposes of taxation.
From these returns
the following table has been compiled, exhibiting, in coocise
form, by geographical divisions, the total average capital and
deposits of all the State and savings banks and private blinken
of th e country for the six months ending May 31, 1888t
,
Btate
•••«*••
Dearlngs.
•
The Department
665
Banks and Trust
Divisions.
Ko.
is
N. England Btatea
Middle Statofl
Southern St»te«
Wiu^teni States
XerrUurie«.
BEPORT OF THE COMPTROLLER OF THE
..
WASMwaTON, December
24'no
220'51
48-47
1,014
25'37
71 ;t
8219
293
a 87
19-98
621
4254
153'Oa
1,080
38-56
153-14
1.012
116-79
45200
3.391
114-25
295-63
*»»***
<'0MPA8ATIVE 8TATEMEST9 OP NATIOSAL BANKa FOR ELEVEN TEAHS.
," he following table exhibits the resources and liabilities of
the national banks for teven years, at nearly corresponding
dates, from 1876 to 1882, inclusive:
Oct. 2,
Oct. 1,
1879.
18-0.
Oct. 1,
1881.
Oct. 3,
1877.
Oct.l,
1878.
Oct
1876.
2,080
2,053
2.018
2,090
2,13
2,269
2,089
liaiiks.
Resoorcks.
1882.
Banks Banks. Banks. Banks. Banks. Banks.
...
United States
891-9
8340
878-5 1,011-0 1,173-8 1,2132
337-2
336-8
45-0
34 5
129-9
347-«
452
40-7
30-7
64-4
357-3
71-2
39
167-3
47-8
42-2
69-2
16-9
82-4
16-7
18-2
17-7
20 7
113-0
121-1
189-2
208-1
Other U.S. bds.
•J78
34-4
146-9
43-1
21-4
84-2
Bt'ck»,bondB,<kc.
Due from l«uuks
Bcal estate
.
Specie
]>g'l tend, notes
Kat. bauk notet).
C. H. exchanges
U. 8. cenillcates
ifiifns
94T
36-9
1389
mwnt
Milt'ju Uilt'na
363-3
43 6
5-. -5
4"(-9
61 9
230-8
47-3
114-3
53-2
357-0
37-4
66-2
198-9
4K-5
1(.2 9
63-2
357-8
213-5
48-0
109-3
50-6
1000
22-7
66-9
15-6
74-5
29-2
33-4
32-7
26-8
7-7
6-7
8-7
16-'
16-0
28-7
16-5
24-9
17-0
22-1
17-1
17-5
26-2
17-2
28-9
15-ii
8.
TreaBorcr
Other resources.
TotaU.
19-1
23-0
1,827 2 1,741-1 1,767-3 1,868-8 2,105-8 2,358-4 2,399-8
LiAniLi-nKS.
Capital 8t<M-k.
BurpluBfnud...
Undlvid'd pr'ilts
499-8
132-2
46-4
Ciroultttion
,
2!t'2-2
,301-9
454-1
114-8
41-3
313-8
6662
6304
6R8-4
7.i0-9,
17!»-S
161-6
10-4
165-1
7-9
201-2
116 9
44-9
457-6
120-5
463-8
483-1
1281
1320
01-2
317-3 320-2 315-0
887-9 1,083-1 1,1349
294-9 259-9
267-«
40-1
5'i-4
8-5
11-9
1j-7
l,827-2ll,7'll-l 1,767 3 1,868 8 2,105-8!2,358 4
2.3998
Duetodepolt'rs
Due to banks
Other liabilltlca
. .
..
466-2
479-5
122-8
44-5
291-9
10-6
6-7
HiraiBEK, CAPITAL
AND DEPOSITS OF NATIONAL BANES, STATE AND
SAVINGS BANKS AND PRIVATE BANEERS.
United States re
Congress a state-
Secti'-n 333 of the Revised Statutes of the
Qtoires the Comptroller to present annually to
11308
Bavln/n Bank!
Without Capital.
Capital. 'Deposits
No.
UiUiont MlUloru
New Enfclnnd States
Middle Stiites
Southern States
West'u States and Territories
•09
-01
•53
2
8
6
22
2-B3
1"86~
IF"
United States.
•77
Depo«it\
UiUiont
507
123
3417
418
173
2
29
421-35
473-26
41-24~l
022
929-83.-
1-15
3407
The
capital of the 2,239 national banks in operatioQ on /air
1, 18S2. as will be seen by a table in thx Appendix, Was
$477,184,.
390, not including surplus, which fund at that date amounted to
more than 131 millions of dollars; while the average capital of
all the State banks, nt-ivate bankers and savings banks, for
the
six months ending May 31, 1882, was but $234,921,976.
The
tatter amount is less than two-fifths of the combined capital and
»
»
«
#
surplus of the national banks.
The following
table exhibits, for corresponding dates nearest
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:
to M-jy 31
in
National Banks.
State Banks. Private
Bunlicrs,
Years
No.
Capital Deposits
2091
2078
2050
2048
2076
1881. 2115
1876.
1877.
878.
1879.
1882.
2'.i39
Years.
Mill't.
MilV:
500-4
713-5
4810
7ti8-2
470-4
455-3
45-)-9
077-2
713-4
900-8
480-2
477-2
1.039-9
1,131-7
No.
3803
3799
3709
36 >9
3798
4016
4403
<fcc.
Capital Dep'sits
MilVi.
MUV:
214-0
480-0
470-5
413-3
218-6
202-2
197-0
I
I
3970
190-1
501-5
206-5
231-0
6275
i
747-6
Savings Banks
without Capital.
No.
Deposits.
1881
1882
691
676
668
644
629
629
022
No
Caplt'l Dap'ts
50
4-9
3-2
4-2
4-0
4-2
3-9
Miiri.
37 2
38-2
26-2
36-1
34-6
37-6
41-3
Total.
No.
ilillinns.
1876
1877
1878
1879
1880
SavlnKS Banks
with Capital.
Capital.
Il//><MW.
844-0
843-2
803-3
747-1
6C11
0579
6150
63t0
783 -O
6.^32
802-3
929-8
6790
7302
Deposit*.
MUiont.
719-4
704-5
2,075-S
6758
1,920-0
1.893-5
656-5
6.500
670-9
7121
2,1-20-1
2,2199
2,667-3
2.850-4
EXTEN3I0N OF THE CORPORATE EXISTENCE OF NATIONAL BANKS.
Section 11 of the national bank act of February 26,1863,
provides that
Every association formed pursnant to the provisions of this act maymake and use a oommun seal, and shall have succossioa >>7 the nama
dosiKnated in the articles of association, and for the i>enod limited
therein, not, however, exceeding twouty years from the passage of this
act.
Ninety-eight national banks organized under this act were «under their organization papers, to continue for nineteea
years only, and the corporate exl-ttence of 307 other ban ks will
expire on or before the close of business on February 24 next.
The Comptroller recommended in his last report
That an aot be passed dtiriu.g the present session, authorizing any
national bank, with the approval of the Comptroller, at any time withla
two years prior to the date of the expiration of lt« corporate existence,
to extend its period of sucocssion for twenty .years, by amending lt»
ai-tides of association. The bill may provide that such amendmenta
must be authorized by the votes ol shareholders owning not le.-is than
two thirds of the capital of the associdlion, the amendment to be certified to the Comptroller of the Currency, by the president or cashier,
veritled by the seal of the association, and nut to bo valid until tho
<bomptroller*s approval thereof shall have been obtained, and he shall
have given to the association a ccrtiflcnte authorising it to continue Its
business under such extension. Kcsi>ousil>iiity for the extension of tha
corporal* existence of tho banks will thus, in ,i niea.'iure, rest with tha
titled,
mWns
for circulation
Totals.
1,
931-3
Bonds
of depoHit
U.
Oct,
Mill'nt
Ix)an8
Due from
2,
104
and
No.
year and hare been succeeded by other banks, with the same
•«r nearly the same shareholders.
Three national banks, since November 1, have been placed
in the bands of receivers, making 87 in all since the establishment 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 bank^,
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 orfanized in every State of the Union and in every organized
largest
.at any one time.
4on«
2,
number in operation on October 3 last
number that has ever been in operation
Depoaiu
Okoobathicai, Drvuiows.
1882.
2.
,
)
I have the honor to submit for the consideration of Congress
the twentieth annual report of the Ccmptroller of the Currency, 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 $1.'),7G7,300. Circulating notes have been
issued to these a.«8ociation8 amounting to $6,500,680. This is
the largest number of banks organized in any year hince 1872.
* * * These banks are located by geographical divisions
as follows : Eastern States, nine banks, with a capital of ^9.50,000; Middle States, twenty-sii, with a capital of 12,517,000;
Southern States, twentT-nine, with a capital of $2,775,300;
Western States, eighty-sii, with a capital of $7,!<40.000; Pacific
Pfat.«sand Territories, twenty-one, with a capital of $1,585,300.
Nineteen banks, with an aggregate capita) of $1,855,000 and
_
cireulation of $1,440,800, have voluntarily discontinued business during the year. The number of banks organized and in
voliintary liquidation as given is exclusive in each case of those
banks which have gone into voluntary liquidation during the
was 2,269— the
Capital.
SavLnir* Banks with
Capital.
Treasukt Dkpartmbnt,
Officb of the CJomptroller op the Uureesct,
rcr, \
total
No.
40
80 ^
246
CURRENCY.
The
Capital. Deposits
UUlinru itUttont
pleased to report that as yet there is no
deficiency in the appropriations pl«ced by Congress at its disposal.
tHAS. J. FOLGER, Secretary.
To THE Speaker of thk IIousb ok Kepkebkntatives,
erritory.
Private Bankan.
Companies.
Obooraphioal
Comptroller; iind he can require such an examination of their aS'aira to
he mjule prior to gi-anting the extrusion, as may seem to him proper, la
order to aecertaiu if the capital stock is Intact, and all the aaaeta of tha
•
•
bank In a sati8fttotor.v condition.
If. for any reason, the legislation herein proposed shall not b« favorably consiilcred by Congress, the banks can still, under the present
laws, renew their exiHtenco If they so desire; and In the abeenoe of prohibitory legislation many of them undoubtedly will, on tho ezpiralloa
of their present charters, organize new associations, with nearly tha
same stockholders ox before, and will then apply for and obtain from
the Comptroller ceriiticates authorizing them to continue buaineM for
twenty years from the respective dates of their new organization cerSuch a course of procedure will Ik" perfectly legal, and. Indeed,
tltlcati-s.
under the existing laws, tho Comptroller has no discretionary power In
tho matter, but must neee-ssarily sanction the organization, or reorganization, of such associations as shall have conformed In all reapeota
to tho legal requirements.
The passage, however, of a general aot directly authorizing an extension of the corporate existence of associations whose oharters ore aboafc
THE CHRONICLE.
666
re IIcvp tho banks from embarrasst» expire would, In many Instances, sliarcliolders of an assooiation are
meut As the law now stands, if the
is simple; but If any of the
rcorKunizaiion
of
process
SlBCTeea, the
entiled to a comShalriroldrs object to si.eh reorKanizution, they arc
to a pro rn(a distrlliutnm of
and
affairs,
bank's
the
of
nlete liauidatioi
In many Instances executors and
all lt« assets iueludiUK Its surplus fund.
wUile
idministrators of estates hold national bank stock in trust: and
which
thev mitclit prefer to retain their interests in the association
for
subscribe
no
authority
to
have
perhaps
would
they
Issued the stock,
legislation asked
in the new organizations, ^hile, therefore, the
woxi
d
be
early
day
passage
at
an
Us
yet
essential,
absolutely
for 18 not
especially so
a great couvenieueo to many of tlio national banks, and
to.
referred
to the class last
^Mk
Some doubts having been expressed in reference to the right of
the shareholders of national banks whose corporate existence
had expired to organize new associations with the Fame names
as those which had just expired, the opinion of the AttorneyGeneral was requested on this point, and on the 23d of February, 1882, an opinion was given, in which he said—
The present national banking laws do not forbid the stockholders
anes
from
—
—
of
- Comptrolle. „.
..
,
that elTect, no legal obstacle to the foi-mation of a new association by
such stockholders, and the adoption of the name of the old association,
•would, in
,
,
my opinion, exist.
He
also said
1 do not know of anything to prevent a national banking association,
npon the expiration of the period limited for its duration, from being
converted Into a Slate bank under the laws of the State, provided it has
liquidated its allairs agreeably to the laws of Congress; nor after it has
thus become a State bank, to prevent such bank from being converted
back into a national banking association under section 5,154 of the
Ee\nse<l Statutes, and adopting the name of the exjiired corporation,
with the approval of the Comptroller of the Currency. To enable a
Btate bank so to reconvert itself into a national banking association,
authority from the State is not necessary.
In conformity with this opinion, fifty banks have been
organized to succeed other institutions whose corporate existence has expired and which had previously given notice of
liquidation. These banks have in most cases been organized
with the same title as that of the banks which had been placed
in liquidation and ty the same stockholders.
Soon after the a.ssembling of the present Congress a bill was
introduced for the extension cf the corporate existence of
national banks, embodying the recommendations of the CompIt was subsequently reported to the House from the
troller.
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 parsed
that body on June 22, 1882, by a vote of 34 to 14, and was subsequently 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
of all national banks for twenty years by amending their articles of association, which amendment shall be authorized by
the consent in writing of shareholders owning not lesa thap
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 condition, and authorizes him to grant his certificate for the proposed
extension, if the condition of the association is found to be satisfactory. It provides that any shareholder not assenting to
the amendment of the articles of association may give notice in
writing to the directors, within thirty days of the date of the
certificate of approval of the Comptroller, that he desires to
withdraw from said association, in which case he is entitled in
accordance with the method provided in the act to receive from
said association the value of the-shares ; that in the organization
of any association intended to replace any existing banking association and retaining the name thereof, holders of stock in the
expiring association shall be entitled to preference in the allotment of the shares of the new bank in proportion to the number
of shares held by them respectively in the expiring association
;
that the circulating notes of the association extending its
period of succession, which were issued to it previous to such
extension, shall be retired by redemption at the Treasury ; that
at the end of three years from the date of such extension lawful money shall be deposited by the bank with the Treasurer
for the redemption of the circulation then outstanding that
any gain that may arise from the failure to present such circulating 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
readily distinguishable from those previously issued,
and that
national banks whose -corporate existence has expired
or shall
hereafter expire, which do not avail themselves of the privilege
of extension, shall give notice of liquidation and
deposit lawful
money for the retirement of their circulating notes as required
by law. It also provides for the extension of the franchise
of
associations for the sole purpose of liquidation
until
tl^-"°S
their
attairs are finally closed.
The other provisions of the act
jeierence »o national banks are general in their
character,
.
and
do not exclusively apply to banks whose
corporate existence 18 extended by its provisions.
npon the passage of this act appropriate blanks
wer'^'^.^r^ifir'j
^
"^ °^ *^o«« banks whoSe corporate
TZt^
^J°^A^^
existence was
about to expire, and new circulating notes
were
institutions as confirmed to ^h^
law ''^The?„tl''7fJ°/"''^
^^'.^®^*'"°'"'°*t>«°of fl^e dollars has for its
•ir^otf .1,
faction.
Under the act of July 12, 1882, 30 banks have already
extended their corporate existence, and nearly all of the banks
which were organized under the act of February 25, 1863, have
already given notice of their intention to take advantage of the
act. The total number of banks whose corporate existence
either has expired, or would have expired if no action had been
taken by their stockholders, is 86, having a capital of $18,877,600 and surplus of $6,994,854. and circulation of $12,840,010.
Of these, 50 were placed in licjuidation by their stockholders
previous to the date of the expiration of their corporate existence, and all but two before the passage of the act of July 12,
1882. The stockholders of 45 of these liquidating banks organized new associations with the same name those of four organized 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. The united stockholders
of three of these banks perfected new organizations with the
same name, and in the case of two others a portion of the
stockholders 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
307, and their corporate existence will expire on the following
;
dates
December, 1882.
January, 1883...
February, 1883..
a distfnc^iv';
V^t^Z 'thrch;^
engraved six different times in the
Vw^J, '.80 fi,^.^"
""""H"'
iwrderj
that the name
of the bank issuing the note
maybe
''°^«''
No. of
banks.
10
3
294
Capital.
$1 ,420,000
400,000
69,793,250
Circulation.
$1,278,000
360,000
53,222,170
Section 8 of the act of June 3, 1864, provides that each association
Shall have power to adopt'a corporate seal, and shall have succession
by the name designated in its organization certilioate, for the period ot
twenty j'cars from its organization, unless sooner dissolved according to
the provisions of its articles of association, or by the act of its shareholders owning two-thirds of its stock, or unless the franchise shall be
forfeited by a violation of this act.
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 cf twenty years from the date of it* organization
certificate.
The Merchants' National Bank of Boston was the
first association to organize under the act of June 3. 1864, and
it« organization was followed by the conversion of 28 other
banks in the city of Boston and 22 in the city of Philadelphia
during the same year, and by the conversion of 38 banks in the
city of New York during the year 1865.
The provisions of the act of July 12, 1882, relating to the
extension of the corporate existence of national banking associations, have proved to be well adapted to the purpose for
which they were intended. They are simple in form and
appear to be readily understood by the banks.
The whole number of banks now in operation which organized under the act of June 3, 1864, whose periods of succession
will expire during each year previous to 1900, is 1,608, with capital and circulation as follows
Years,
1884....
1885....
1886....
1887 ....
1888 ....
1889....
1890....
1891 ....
1892....
No. of
Banks.
Capital.
249
734
S89,61 1,570
188,286,715
2,715,300
1,100,000
1,300,000
600,000
Circulation.
1899....
105
39
68
83
24
29
27
43
13.293,900
13.035,600
4,740.000
7,688,000
10,567,000
2,018,800
3,019,000
2.649,600
4,930,000
$60,526,825
126.635,450
1.758,250
976,500
719,100
540,000
6,419,950
9,180,280
8,441,270
3,819,400
5,864,150
7.740,180
1,552,500
2,151,000
2,208,600
3,910,900
Total
1,608
$354,845,985
$241,474,353
1893
....
1894....
1895....
18!16 ....
1897
1898
..:.
...
19
6
11
3
63
105
9,290,.=i00
One advantage in extending the corporate existence of associations under this law, over the only method possible previous
to its passage, is in the retention of the surplus fund.
Thus, in the case of the fifty-four banks which have been
liquidated, either under sections 5,220 and 5,231, or under section 7 of the act of July 12, 1882, by their stockholders, in order
to organize new associations, the surplus was reduced from
$5,540,067 to $2,559,252.
The aggregate surplus of the thirty banks extending their
existence under the act of July 12, 1882, has slightly increased.
f
*^ "«"
:
Date.
^'''^^''^' «*^fl-ld- ^he faces
oMhe
ot
tee notes
notes' of
T^^^^r
'^«>'fother denominations
are s'milar to those nre
'"
XXXV.
ascertained from fragments thereof. The charter number of
each back 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 photographer and counterfeiter, and are printed
upon the new dfistinctive paper, which has given general satis-
;
*
[Vol.
On
l^-^ve.'Is
1
COIS AND PAPER CIECULATION OF THE UNITED STATB3.
another page, tables similar to those which have been
'These banks were, however, revived for pnrpoe* of liquidation by
secUou 7 of the act of July 12, 1 883.
Dbobmxeb
THE CHRONICLE
9, 1881.]
given in the three preceding annnal reportfi are pablished, exhibiting theamoantsof gold and silver coin and paper currency
which wrere in the Treasury, in the banks, and in the hands of
the people at the time of the resumption of specie payments,
ajid on the 1st of November of each year since that date.
The total amount of the circulating medium of the country
on November 1 is given aa follows
667
probable that the addition to the coin of the eoantry, irinMthe resamption of specie payments, has been in advMio« of saob
demands.
There has been no complaint of icarcity of
money which cannot probably be traced to those engaged in
Hpeculative business, and however great the aggregate of the
circnlating medium may become, complainta of scarcity
always be heard from those who desire a rise in prices.
Treasury notna outstanding;
9346,681,016
No other nation economizes the nse of its circulating mediam
NaMonnJ bank notes outHtnn<lln«;
362,727,747 aa does this, and it is probable that but
a slight annnal inereaae
Gold In the Tictt«ury, less certificates held by the bonks.
148,»'t5.473
Standard silver dollars in the Treasury
92,414,977 in the amount of national bank notes outstanding will hereafter
Bubsidary silver eoin and silver IjuUIuu in the Treasury.
30,761,985 be required, provided that the exports of coin are not greatlj
Coin in the natiuuul banks
102,362,003 in excess of imports, and the receipts from our
increasing reveCoin in State and savluKs banks
17,892,.')00
nue, in excess of the requisite reserve, are kept in circalatioB
Estimated amount of coin held by the people
887,5(52,793
and not hoarded in the Treasury.
Total
$1,483,838,554
The interest-bearing bonded debt of the United States has
The estimated total currency of the country on November 1 been rapidly reduend since 1869, at which time the funding of
thns appears to have been more than fourteen hundred and the miscellaneous obligatioiis of the (lorernraent had been saoeighty-eight millions, which is four hundred and thirty-three cessfully accomplished. The reduction of this debt during the
millionH in excess of the amount held on January 1, 1879, and twelve yean ending June 30, 1881, has been more than six hunone hundred and eighty-six millions in excess of the amount dred and forty-eight millions ($648,403,668), and the amount of
held two years ago on November 1, 1880. The gain in gold interest paid more than one thousand two hundred and seveotj
coin since the resumption of specie payments has been two millions ($1,270,596,784); the average annual payment of the
hundred and eighty-eight millions, and in gold and silver coin principal being $64,033,639, and of interest, $105,883,065. The
three hundred and ninety-four millions. The increase in annual average redaction in the interest-bearing debt during;
the last three Tears ending November 1 has been $126,295,816.
national bank notes has been nearly thirty-nine millions.
No change has been made in the amount of legal-tender notes The reduction during the past year was $148,648,050.
The successful refunding of the five and six per cents as they
outstanding. It remains at $346,681,016, which was the amount
outstanding at the date of the passage of the act of May 31, matured, at first into four and four and one-half per cents, and
1878, which prohibited any further redaction of the volume of subsequently into three and one-half per cents, and during the
last year into three per cents, together with the rapid reduction
these notes.
The act of January 14, 1875, required the Secretary of the of the debt, has had the effect of renewing the di-scussion as to
Treasury on and after January 1, 1879, to redeem in coin these the permanency of the national banking system and its ability
notes, on their presentation at the office of the Assistant Treas- under existing laws to snpply the additional circulation which
urer in the city of New York, in sums of not less than fifty may be hereafter annually required. The banks hold 40 milldollars.
In order that he might always be prepared to do this, ions of three and one-half per cents, and nearly 180 millions of
he was " authorized to use any surplus revenue from time to three per cents as security for their circulation. If the debt
time in the Treasury not otherwise appropriated, and to issue, should hereafter continue to be reduced at the same rate aS'
sell and dispose of, at not less than par in coin," any of the during the last year, all of these bonds will be called for payfive, four and a-half, and four per cent bonds authorized by the ment in less than three years, and it will be necessary for the
act of July 14, 1870. This act is still in force, and gives the banks holding such called bonds either to deposit lawful money
Secretary unlimited power with which to provide for the re- for the purpose of retiring two hundred millions of their circudemption in coin of the legal-tender notes. He is thus enabled, lation, or to purchase four or four and one-half per cents, or
so long as the credit of the Government continues good, to Pacific Railway six per cents, which are now at a high premium
cheek, by the sale of United States bonds, any exportation of in the market.
coin which might endanger the redemption of United States
Many plans have been suggested for the purpose of supply^
legal-tender notes.
ing the deficiency in bank circulation, which it is probable wul
These notes were issued at a time when the expenditures of arise as these bonds are paid.
the Government were in excess of its revenue. Its receipts now
The systems of banking in operation previous to the estab80 largely exceed its expenditures that more than 148 millions lishment of the national banking system, and particularly thoseof the public debt was paid daring the past year. The only known as the "charter" and "safety-fund" systems, have beeit'
reason that can be advanced for the increase of these issues, brought forward for discussion, and opinions have been exwould be that they may be substituted for other forms of public pressed that under the general restrictions of the national bankdebt, 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 authori2e the issue of circulating notes based
are being paid from the surplus revenue at a rate unprecedented upon the capital, the assets, and the individual liability o£
the history of nations. It is evident that whatever difference stockholders, without requiring, as heretofore, the actual deof 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 lewi than the
18 needed for expenditures, there can be no sufficient reason for actual capital paid up, and if the billholder be entitled to a first
the authorization by Congress of an increase of these notes.
lien upon all the assets of the bank, and to the amount which
The act of July 12, 1882, has again inaugurated the policy of may be collected upon the individual liability of the shareissuing 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 banb. As suppletogether 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 countrjr, but, by saving the cost of trans- deposit ten per cent upon their capital in coin with the Treasporting specie from one point to another, will render the stock urer as a safety fund, and that they shall continue to receive
of specie more available for use by the banks and the people.
each other's notes in payment of obligations due them.
The Comptroller, in his report for 1881, in elaborate tables
It is not probable that the stockholders of those banks whicb
giving the receicjts of banks upon two different days, showed do not desire to issue circulation would be willing to continue
that the proportion of money required for the transaction of business uptn the condition that they should contribute so large
business throughout the whole country was about five per cent an amount to a fund intended to insure the public against the
of the total receipts, the remaining ninety-five per cent being issues of fraudulent or badly-minaged institutions. It is sugin checks and drafts. There has been during the current year fested, however, that the proposition would be improved if
an increase of 171 in the number of national banks in operation,
anks desiring to issue circulation be required to contribute to
and during the three preceding years the increase was 314. snch a fund a percentage upon the circulation issued, instead
During the current year 382 additional State banks and private of a percentage upon capital. If this fund, amounting to, say,.
bankers have commenced business. The rapid increase in these SO millions, be held in United States three per cent bonob instead
places of deposit brings into use a larger number of the small of coin, and the losses frem the circulation of insolvent banks
checks of depositors, and largely diminishes the use of the cir- be small, the interest, in the coarse of a few years, if retained
culating medium. These depositaries, and the amount of cap- as proposed, would amount to a considerable sum. The large
ital employed in
banking, notwithstanding the excessive fund on deposit in the Treasury for the purpose of redeeming
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 che-iks and drafts, shows the absurdity of the theory thus releasing it from the Treasury, the income might also be
that the money required for bn.siness purposes should bear
a added to the safety fund. The gain resulting from the failure
fixed proportion to the population or to the wealth of
the on the part of the public, to present for redemption national
country.
bank notes which are being reiired by an act of the present
The same causes which have operated to bring about a rapid Congress, accrues to the benefit of the Government, and it is
reduction of the public debt have also tended to increase the estimated will amount to not less than from three to five millcirculating medium.
The large imports of coin, in excess of ions during each twenty years. This gain might also properly
exports, together with the products of the mines, have filled the be included in the proposed safety fund, and in the course of »
channels of circulation. The circulation during the past year few yeais these funds, by reinvestmen'., would increase to so
has undoubtedly been much larger than at any period since the 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.
18 larger, and it is probable that its proportion to
The foregoing propositions have no precedents in any form of
wealth n*
greater than at any previous time. It is undoubtedly large general legislation heretofore known in this country. Circulaenough to supply the legitimate demands of business ; and it tion aathorized upon similar plans has heretofore been iaeaed t»
:
—
m
is
wH
THE CHRONICLE.
()6rf
banks which have been specially chartered, and not to banks
organized nnder a general law.
Nearly every State in the Union has had ita experience in
authorizing the issue of bank notes based excluMively upon the
and many
capital and assets of the banks issuing the same
States have required the acoumnlation of a safety fund for the
protection of the public from unsecured and nncarrent bank
notes. In most cases circulation was authorized to be issued by
Buch 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 good a system as could be desired to protect a bank
circulation not secured by bonds, by a prompt and vigorous redemption 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 banking system, were by no means inconsiderable. Notwithstanding
the restrictions then existing, banks of circulation were organized with but little capital paid in, and notss, either worthless
or irredeemable, were placed in circulation at points remote
from the places of issue. In New York, under the safety fund
vystsm, and previous thereto, losses to the bill holders frequently occurred, and in other States, almost without excepfion, such losses were large, and have usually been estimated
to have been, in the aggregate, not less than 5 per cent, anaually of the whole amount outstanding. It is true that there
are in England, Ireland and Scotland 119 private and jointstock banks, with many branches, which are authorized to i>sue
icirculation based upon their capital, but their authorized circulation 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.
Most of these are banks which have been in existeisce for many
years, and were organized under special charters, and the liability of the shareholders in many cases, particularly in Great
;
;
;
;
is unlimited.
State or nation has ever authorized the organization of
t>anks nnder a general banking law, with the right to issue cir•culating notes proportionate to capital, except under a restric•tion requiring the deposit with the government of securities as
the basis for the issue of such notes. Banks in this and in other
conntties, which have been authorized to issue circulating notes
without security, have been those organized under special charters, and in granting such charters the means and character of
the applicants and proposed stockholders are subject to investieation by committees and legislators. Propositions for the
issue of circulation without the fullest security cannot be too
Tsarefnily considered. The security of the national bank note
'nnder the present system is perfect. In twenty years not a
single bank note has failed to be redeemed at its face value.
Banks organized under a general law, located so often at great
distances from commercial centres, render a security for circulation 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, would 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 associations 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 irreparable injury would be accomplished before the worthless
character of the assets could be ascertained. Ic would be practically impossible for any Grovernment officer to prevent unprincipled men from organizing and controlling such associations fur
the purpose of benefitting themselves at the expense of the holders of their circulating notes.
There are in this country more than a thousand State banks
and trust companies, and nt-arly thirty-four hundred private
bankers. The temptatioa would be stronc, on the part of th^se
corporations and individuals, to organize banks of circulation,
if circulation cOuld be obtained without depositing bonds as
securiU therefor. The value of the different notes issut-d 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 bank
to pay Its notes would throw discredit upon the whole volume
of bank circulation and the system under which such banks
were organized. If the issue of circulation were confined to a
few banks, organized by men of character, integrity and means,
such associations would be characterized as a monopoly. Even
If corporations are organized upon the
condition that all should
contribute a percentage of the circulation to a safety fund for
the protection of the aggregate circulation, there is danger that
the issues of fraudulent or badly-managed banks would soon
consume the safety fund, and it is evident that the circulation
would be paid, if at all, at the expense of the depositor, who
would be, in some cases, stripped of the dividends which under
existing laws are distributed to
unfortunate creditors.
under the national banking system, it is
provided that the
«rculation issued shall first be paid from
the proceeds of the
bonds deposited to secure the same. The
proceeds of the KK^^hlA'^"^ "!"? distributed pro rata among the creditors,
Britain,
No
^'1 ^*^'°S *° aggregate capitri
of Slfl^J^p •®°°'
Rm°? '°"?^-^i'^i''*''
^*'''"^ ^°"°g ^^^ 'ast twenty years, and
2ln
i ;;^
^*'l''
Blnc«
the organuation of the system. The
amount of circula-
[Vnu XXXV,
tion to which these banks were entitled under existing laws,
namely, ninety per cent upon capital, is $17,336,340. which is a
less amonnt in the aggregate than the amount of dividends
which will 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
proceeds of their assets, and would also have paid small dividends to their depositors. The 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
are $9,043,605, and upon which dividends will be paid averaging,
it is estimated, sixty-eight per cent.
While these forty-three
banks would
the aggregate have paid seventy-five per cent
about one-half of this number would have
paid on the average from the avails of their assets not exceeding
fifty per cent of the 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 ia danger that the bank
circulation will be so rapidly retired as to cause a contraction of
the currency, which will affect the price of commodities and
create embarrassments in business ; but there is now no such
pressing necessity for a speedy payment of the public debt as
It ia bethere is for the reduction of the redundant revenue.
lieved that Congress will soon provide for so large a reduction
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, bon-ls for circulation, not payable at the pleasure of the Government, as follows:
in
to the bill-holders,
Four and one-balf per cent bonds
$33,754,650
3,536.000
104,917,500
Pacific Rallwa.v sixes
Four per cent bonds
Total
$142,198,150
None
of these bonds will be payable until nine years hence,
in the year 1891.
The total amount of bonds outstanding, held
by the banks and by the people, which are available for circulation and not payable at the pleasure of the Government, and
cannot be redeemed except by purchase in the market,
follows
Four per cents, payable July 1, 1907
Four and oue-half per cpnte, payable Sept. 1, 1891
Pacific Kailway 68, pavahle Sept. 1, 1895 $3,002,000
Pacific Railway lis, payable Sept, 1, 1896
8,000,000
Paoiflc Railway 6s, paj able Sept. 1, 1897
9,712,000
Pacific Rallwav 69, payable Sept. 1, 1898 29.383,000
Pacific Kailway 68, payable Sept. 1, 1899 '14,.'>26,512—
is
as
:
Total
*
$738,929,600
250,000,000
64,623,512
$1,053,553,112
$483,512 of this amo-^nt
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
In fact, one-fourth of
banking dniing the next twenty years.
this debt, exclusive of the 142 millions held by the banks, is
snScientto 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 j'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 givfs the total amount of the national b^ink ciiclation
outstanding on the 1st of June and Ist of November of each
year since 1873
Date.
June
June
I,
1,
.Tiuio 1,
National bank
notes.
1874
1875
$3M,850„502
Novemt)er
354,435.473
November
November
November
November
1876
33>s.6fi5,930
1877,
H19,096,212
.Tune 1,
1878
323,(^8^,085
June
June
June
June
1879,
1880,
1881,
1882,
3V9,539,4U
June
1
1.
1,
1,
1,
345,183,783
354,151,718
3.=i9.8 75.334
National bank
Date.
Novembt^r
Novemlier
November
November
1,
1.
1,
I,
1,
1,
1,
1,
1,
notes.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
$:15 1,077,216
34-i,^il6,902
323.241,308
3 1 -.207.231
322.4,60,715
337.1S1,418
343. -.34.107
360.314,250
362.727,747
The above table exhibits the total circulation actually outstanding, which includes the notes of the insolvent banks, of
those in voluntary liquidation and of those which have deposited lawful money for the purpose of reducing theircirculation.
The circulation of the banks in operation during the present
year has, however, by the payment of the bonds held as security
and the voluntary retirement of bank notes, been reduced from
$320,200,069 to $314,721,215, as will be seen from the table below, which gives, by geographicaldivisions, the amount, of notes
outstanding of the banks in'operatiou ia the month of October,
yearly since 1880
December
THE CHRONICLR
0, 1862.
iseo.
18S1.
Ststea.
oa
Circula-
Kcw England
Middle
Snuthem
Western
and
pBclflc
Territories
Clroula-
»5
may be retained by the Treasurer upon notice from the
Comptroller to make up the deficiency.
Such an amendtnent
has frequently been suggested, and, in fact, the original national bank act authorized the iasue of circulating notea to
the
amount of 90 per centam 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 amoant of the bonds at their
par value, or in excess of the paid-in capital stock. That law
also provided fcjrthe deposit of additional bonds or money upon
their depreciation, or tlie suspension of payment of interest
upon the bonds held, so long as the depreciation shoald coninterest
1892.
Circulation.
tion.
«;3
669
tlou.
550 121.460,013
657 1 10,76f ,0()-.'
554 1 23.704.682
6«m lll,fl39.6R9
179
COO
24,305,;13H
IS.')
24.0i)8,7O2
073
5U,26d,899
208
743
2.".,105 .7 03
57,048,701
3,770,322
52
3,828,097
74
4,540,002
658 110,6"8,618
109,039,214
50,370,988
tinue.
2,090 317,350,03Ul2,132 320,200,069 2,209 314,721,215
It is submitted that the issue of circulation upon four and
four and a-half per cents at ninety per cent upon their current
The redaction from Jana ary 1 to July 1 of the prt^enc rear market
value, under a restriction similar to that last mentioned,
was still Kreater, and amouDt<;d to more than 16 millionfl, bat is
equally safe with the issue of ninety per cent uix)n the three
the amoant has a^ain increafted, ha is nfiaal in the fall season of
per Cents now outstanding at par; or that a reouction of the
the year. Banks during the year hare been frequently called
upon to surrender their bonds to the Secretary fir payment. tax upon circulation to one-half of one per cent, or to an
amount sufficient to reimburse the Treasury for the whole exIn such cases the three and
three and one- half per
the
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, daring the year increased
more than 14 millions.
The banks hold, as has been
pense of the issue of bank circulation and all expenses incident
thereto, is not unreasonable in view of the fact of the large reduction upon the income derived from United States bondis,
amounting to more than two per cent since this tax was imposed.
seen, 220 millions of dollars of
Either of these plans is feasible and woald prevent a sadden
United States bonds which are subject to the call of the (JovernBient, and these bonds can be replaced only by other bonds contraction of the cnrrency, by briagiog into possession of the
banks a sufficient amount'of bonds to supply the circulation
bearing a high premium, and payable after a fixed date.
If
these latter bonds are not substituted for the former, the circu- which is needed, and is certainly greatly to be preferred to the
propositions for a large increase in legil-tender notes— if such
lation of the banks wiU be reduced about 200 millions.
The profit upon circulation upon the four and four and a-half issues were practicable or to the issue of bank circulation
per cent bonds, where the rate of interest is sii per cent, is not without a deposit of bond security under restrictions however
much in excess of three-fifths of one per cent, and where the stringent.
If, however, it shall be the policy of the Government to acrates of interest are above eight per cent the profits are nominal, and are not sufficient to induce the banks to purchase large cumulate the revenue instead of largely reducing it, thus ren-
—
amounts
as security for circulation. Where the profits are so
is a serious objection to the investment of so large
an amoant of capital in premium, which, in the case of four
per cent bonds, amounts to one-fifth of the face value of the
small there
bonds.
If the whole public debt were reduced to a uniform rate of
three per cent, the present high premium upon bonds would
almost entirely disappear, and the volume of circulation would
respond more readily to the demands of business. The temptation to sell such bonds for the purpose of realizing the premiam would no longer remain. A proposition for refunoing
all the bonds, not payable at the pleasure of the Government,
Into three per cents was suggested daring the last session of
Congress. The proposition is that inducements be offered to
the holders of the four and four and one-half per cent bonds
to surrender them to the Government, receiving in payment
therefor three per cent bonds having the same dates of maturity as the bonds which are to be surrendered. The new
three_ per cent bonds issued would themselves bear a small
premium, and it is believed that the holders of four per cents
would consent to such an exchange if accompanied by an offer
of not more than fifteen per cent premium. The amount of
the premium upon this class of bonds, say 700 millions, now
outstanding at fifteen per cent would be 1P5 millions of dollars.
and this premium could be paid, as the bonds are surrendered
for exchange, from the surplus revenue of the Government,
thus in effect reducing the debt of the Government 105 millions
by.a prepayment of interest which must be paid ata greater rate
each year until their maturity.
The benefits of this plan both to the holder and to the Government are apparent. The holders would receive, in the shape
of fifteen per cent premium upon the bonds, a portion of their
interest in advance, which would be available for loans at rates
greatly exceeding the borrowing power of the Government,
which is now less than three per cent. The Government would
be enabled by this use of its surplus to save a portion of the
interest which otherwise it would be compelled to pay hereafter.
dering
even if
it
nece.ssary to contirae the rapid reduction of the debt,
to be purchased at the price fixed by the holders, it
it is
of the-greatest importance that the basis upon which the
bank currency is issued should be enlarged so as to include some
other form of security besides Government credit.
The national banking system has been in operation nearly
twenty years, and may be said to have not yet attained Its majority.
It is part of the machinery of the Government.
Its
advantages have been well tested in good and in evil times, and
during the searching and acrimonious discus-sions of the Ust ten
years, the final result of which has been the legislation of the
is
present Congress authorizing the extension of the period of succession of each one of these institutions for twenty years from
the date of the expiration of its corporate existence. The
Comptroller, while he believes it is for the best interests of the
Government to continue the national banking system, subject
to such improvements as shall hereafter be authorized by Congress, is after all of opinion that it would be better that the circulation should diminish in volume, than that the issue shoald
be increased at the risk of placing in the hands of the poorer
classes uncurrent and irredeemabfe circulation, or of giving to
associations organized by unscrupulous men an opportanity to
use an excellent system of banking for bad purposes.
The national banking system was established with a view to
uproot other and evil systems, and nothing but the heroic legislation of taxing bad issues of circulation out of existence,
which was passed in the interests of the Government during a
great war, could have accomplished this purpose. By increasing the rate of issue upon the bonds pledged by the banks as
security for their circulation, or by reducing the tax u[k>u bank
notes, or by a proper refunding of the debt, and reducing the
revenue derived in many instances from unjust and burdensome taxation, the system may continue for twenty-five rears,
or until the maturity of the four per cents but it is far better
that the right to issue notes should be gradually discontinued
than that so good a system should be used to bring again aoon
the country the very evils which were experienced at the time
of its organization, twenty gears ago.
;
The market price of the four per cent twenty-five-year bonds
DISTRIBUTION OF COIJI ASD PAPER CnRRKHCT.
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.
In the reports of the Comptroller for the three years precedAt this rate the present value of one per cent of interest upon ing 1SS2, tables have been given showing the amount of coin
each $100 bond annually for twenty-five years, relinquished by and currency, and its distribution in the Treasury, in the banks
the holder, is |17 70. If the holder accepts fifteen dollars as an and in the hands of the people on January 1 1879, the date of
equivalent for these twenty-five annual payments, instead of the resumption of specie payments, and on November 1 of
>17 70— a reduction of |2 70 from the market estimate of the that and eaah succeeding year. The.se tables are again prealoe— the Government will practically purchase from the sented, the amount^s on November 1, 1832, having been added.
holder of the bond at a four and one-half per cent rate of interFrom November 1, 1881, to November 1, 18S2, the production
est instead of at 2-92 per cent. In other words, the present of gold by the mines of the United S'ates is estimated at $43,Talae of the twenty-five one dollar annual payments relin- 359,021, aud the amount of gold exported from the country, in
quished by the holder, when computed at the rate of 2"92 per excess of the amount imported, has been $36,122,536. The difcent per annum, is worth $17 70 ; but cumputed at the rate of ference, $7,236.4S5, is the increase daring the year. The
four and one-half per cent is worth only $15, a premium which, Director of the Mint estimates that $2,700,000 of this amoant
it is beli^^vod, the holders would be willing to accept ; and if
the has been used in the artM, leaving $4,536,455 as the increase in
Government be able to invest its surplus revenue at a rate so the stock of gold remaining in the country and available forcircafavorable to itself as f jur and one-half per cent, there would lation. The total excess of imports of gold over exports, from
seem to be good reason for Congress to provide the neces-iary the date of resumption to November 1, 1882, has been $161,legislation for authorizing an arrangement which can also be 311,57s, and the total gold product of the mines of the United
shown to be of advantage to the holders of the four per cent States for the same period is estimated to have been $147,609,bonds.
This is the first year since 1879 during which the expor021.
One alternative would be to reduce the tax upon circula- tation of gold has exceeded the importation. During the last
tion to one-half of one per cent per annum, and another two months (September and October, 1882) the imports have,
to amend section 12 of the act of July 12. 1882, so as to however, slightly exceeded the exports.
authorize the banks ta receive circulation at the rate of ninety
The amount of standard silver d lUars coined during the year
per cent upon the average current market value of the bondls has been $27,657,175, and the total amount coined up to Nov.
for the six months previous. If the bonds shall decline in the 1, 1882, since the passage of the law of Feb. 2$, 1878, aathorimarket, additional bonds may be required to be deposited, or the zing their coinage, has been $123,329,880.
THE CHRONICLE.
670
The following
table
shows the amount of coin and currency
and on Nov. 1 of the years
in the country on January 1, 1879,
1879, 1880, 1881 and 1882 :
Jan. 1,1879.'N0T. 1,1879. Not. 1,1880. Not.
Gold eoln*
Blirerooln*
188,009,53'
340.681.016
823,791.674
346.681,016
453.882.692
158,320,911
346,681,016
837,181,418
345,834,107
SS5.681,582
L«(1t«ndJiote>
Mat. bank
106.5T3.803
—
notn
t,
1881 Not.
1,
1882.
667,105,456
562,568,971
186.037,365
212,324,335
346,681,016
346,081,016
860,844,250
362,727,747
1,008,386,619 1.165,553,603 1,302,718,796 l,456,631,60S!h,48B,838,BM
Total!.
•Batlmat« ot Director of the Hint, which includes bullion in process of
eoinaxe.
There has been no change in the aggregate of legal tender notes
ontstanding, which remains as fixed by the act of May 31, 1878.
National bank notes have increased $2,383,497 daring the year;
the amounts of gold and silver coin nave increased $4,536,485
and .^26,280,970, respectively, making a total increase in coin
and currency of f 33,206,9.'>2.
The table below gives the portion of coin and currency held
by the United States Treasury, and by the national and State
banks. The amounts in the Treasury are for the same dates as
in the preceding table, and those in the national banks are for
the dates of the bank returns nearest thereto, viz., January 1
and October 2, 1879, October 1, 1880 and 1881, and October 3,
1882. The amounts in the State banks, trust companies, and
savings banks have been compiled in this office from official
reports for the nearest obtainable dates.
Jan.
1,
1879.
eoLD.
In the Treasury, less
certificates
In National Banks. Including certificates...
In State Banks, IncludiDg certificates
Not.
Not.
I,
1,
1880.
1879.
Nov.
Nov.
1,
1,
1882.
1881.
$
t
»
t
%
112,703,342 158,907,986 133,679,349 167,781,009 148.435,473
BILVBR.
In the Treasury, standard silTer dollars
In the Treasury, bullion
In the Treasury, fractional coin
37,187,238 1TO,851,032 107,222,169
94,127,324
10,937,812
12,171,292
17,102,130
17,892,500
19,901,481
17.249,740
32,115,073,
47,166,688
66,576,378
92,414,9:7
9,121,417
3,824,t31
6,186,000
3,424,675
4,012,503
?W1
26,984,687
26,749,482
6,496,477
7,112,567
8.234,739
8,048,194
In National Banks
17 854 327 0±
ft.<lK
6,460,357
4,986,492
38.879,908
58,780,823
84,472,626 103,098,207 131,411,701
44,426,655
21,711,376
18,221,826
22,774,830
26,224,248
In National Banks, Including certificates... 126,491,720 118,546,369 86,439,926
In gtate Banks, includ-
77,630,917
92,549,767
27,391,317
27,086,482
11,782,243
14,724,978
Total aUrer
CWEKKNCr.
In the
Treasury, less
ing certificates
25,944,465
25,555,280
In gaTlnga Banks
14,513,779
15,880,921
85,828,794
17,072.68U
Total currency,,.... 211,376,839 181,693,948 147,663,225 139,679,307 160,580,475
Grand
totals
XXXT.
in the hands of the people and the banks, leavin§f
$26,794,527 belonging to the Treasury. Of the $128,329,880
coined, $35,914,903 was therefore circulating outside of the
Treasury in the form of coin, and $65,620,450 in the form of
certificates. The remainder of the silver, $83,994,455, consisted
of subsidiary coin, trade dollars and bullion, of which •'530,761,935
was in the "treasury, and $53,232,520 was in use in place of th«
paper fractional currency for which it was substituted, as
against $55,955,398 similarly employed on November 1, 1881.
iTie increase of gold and silver coin and paper currency, outside of the Treasury, since the date of resumption is thus estimated to have been $289,964,414, and the increase during the
year ending November 1, $18,336,612 ; or, if the amount of
silver certificates in circulation be added, the total increase
since resumption would be $355,172,504, and during the past
year, $25,118,292.
by certificates
ILLEGAX CERTIFICATION OP CHECKS.
The
practice of certifying checks had been in use for moi«
than thirty years previous to the organization of the national
banking system, and at least twenty years previous to the
establishment of the clearing house.
In the beginning, this certification was not considered aa
legally binding the bank to pay the check.
For many years it
had
little t-ignification
other than as giving clerical informa-
and the amount of the check, when certified, was not
charged to the account of the drawer until it was afterwards
Subsequently, after the year 1854,
presented for payment.
when the clearing house was organized, it became the custom
to present checks and also bills receivable or acceptances on the
day of maturity at the bank where they were made payable, for
certification.
The bills and chtcks which were certified were
then returned to the bank messenger who had presented them,
and on the following morning were transmitted to the clearing
tion,
house with other exchanges.
The
35,039,201
168,680,355 206.266,516 253,632,511 294.905,569 260 455 297
Total gold
(Vot.
408,935,902 444 741 2g5 485,668,362 537,583,083 552,447,473
If the amounts of gold and silver coin and of currency in the
above table —that is, the amounts of these items in the Treasuary and the banks— be deducted in each case from the
amounts of gold and silver coin and currency in the country, as
shown in the first table, the remainder will be, approximately,
the amounts which are in the hands of the people as follows:
Jxn.
1,
1879.
Not.
Not.
I,
1879.
1,
1880.
Nov.
1,
Nov.
1,
1881.
certification consisted of the signature of the paying
written 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
of the drawer at the date of the certification. 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 certified, even if the full amount was not to the credit of the account
to which it was subsequently charged. Bills or checks are
usually presented for certification during the first business
hours of the day, and the deposits of merchants and brokers
are not usually made until the later hours of the day. The
officers of the bank, who know the usual habits of their dealers
in making their deposits, as well as their responsibility, do not
hesitate to assume the payment of checks or drafts which they
feel assured will be provided for before the exchanges of the
clearing house are received. If these certifications were confined to mercantile and commercial transactions little objection
would have been raised to the practice, and it is not probable
that there would have been any legislation prohibiting it. It
would certainly seem to be advisable to leave to the discretion,
of a bank the right to accept bills drawn by correspondents at
a distance, or by merchants at home, whose standing is beyond
question, and whose deficiency in the account is known to arise
from delay in receiving remittances or making deposits.
refusal to certify or pay under such circumstances would be
likely to subject the bank to the loss of the accounts of its most
valuable dealers.
Such legitimate certifications in mercantile or commercial
transactions are for comparatively small amounts, and would
net attract attention as a large item in the abstracts of the condition of the banks in the city of New York, to which this practeller,
A
tice is chiefly confined.
large use of these instruments by which the banks in
guarantee the contracts of stock brokers with their customers has grown to be a great abase during the past few years,
and cannot be defended upon any correct principle of banking.
This business is chiefly done by nine or ten national banks,
although other banks, organized under State laws as well as
national, certify similar checks for considerable amounts.
Section 5,208 of the Revised Statutes makes itUnlawful for any officer, clerk or agent of any national lianWng association to certify any check drawn upon the aasociation, unless the person or company drawing the check has on deposit with the association,
at the time such check is certitled, ass. amount of money equal to the
amount specified In such check.
The
Gold
Currency..
119,620,771 149.415,016 200.250,181 287,663,402 306,650,1 59
67,693,695 67,228,714 73,848,2S5| 82,930,158| 80,912,634
459,097,051 502,168,488 642,951,898 567,J45,1'59 54S,828,28S
Totals.
646,420,717 718.812,218 817,050,364'918,04b,519i036,391,081
SilTCr
m
The gold
the Treasury, including bullion in the process of
coinage, has decreased daring the year
119,346,436, and in the
banks $15,103,846. The paper currency in the Treasury has
increased *3,449,418, and in the banks $17,557,650. The increase
outside of the Treasury and the banks has been
|38.So#?i^
»He,7C7, and the decrease of paper currency, exclusive
of silver
certificates, $18,617,671.
In the foregoing tables the silver cerUHcates issued by the Treasury have not been
included, but
the standard silver dollars held, for their
redemption on presentation form a portion of the sliver
coin in tlie Treasury.
Ihe silver certificates in the hands of the people
and the banks,
at dates corresponding with those given
in the ipreceding
°
o tables,>
were as follows
Januai
Noveni
n\Lr 1, 1879
i*ftnH70
'
November
^-...mber 1,1880
1, 1880.
...:.:
19
240
—
.
WO
65,620,450
-11
t1
It Will u
be
seen that the amount of these certificates in
circulation has increased only
$6,781,680 dating the past year. and
'^*",*
"^*"de of the banks^ it would
not offlT ti"^''*'*
l^^^
in other forms of paper
^rr^m-r in ,t, ^?"'f*^°^ $18,617,671
°^ *^^ people, for which coin has been
MbsUtuted.
"=0,°°"* "f standard silver dollars
cofnld^fn'tn n!,*/'i'^«o*o°**'
^^ ^^82, was $128,329,880, of which, as shown
/^°
fn nnr.7..,
tables, $92,414,977 w^U then in the
Treasnr^
ll^hou^h an
/n^."'"^
ury, although
amount e<iuai to $65,620,450 was represented
•
effect
There are many methods of evading
this law.
If certifica-
required in excess of the amount on deposit a demand
note is made, and the amount thereof -is entered to the credit of
the broker desiring the accommodation; or his check upon
another bank is received without certification, and a temporary
credit entered upon his account, and these temporary credits
are canceled at the close of business when the account has been
made 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 receiving 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
tion
is
discounts.
Section 13 of the act of July 12, 1882, provides:
That any otfioer, clerk, or agent of any national banking afifiooiatiou
who shaU wUUully violate the provislomsof au act entitled " An a«t iB
Decuibbb
THE CHRONICLK
9, 18S3.]
reference to ccrtifyiuK cheokn by national banks," approved March
third, eighteen hundred and Blxtynluo. being section fifty-two linndred
and elglit of the RevlBcd Statnte.i of the United States, or who shall
resort to any device, or receive any Uctltious ol>liKatlc)n, direct or
collateral. In order to evade the provislond thereof, or who shall certify
checks Imfore the aninunt thereof nhall have been rcRularlv entered to
the credit of the dealer upon the liiioks of tlu( bankuig assixiatlon, shall
be deemed guilty of a misdemeanor, and shall, on conviction thereof
In any circuit or district conrt of Mic United States, bo lined not more
tban five thousand dollars, or shall bo iinprUoued not more thautlvo
years, or both, in the discretion of tlic court.
Previous to the passaf^e of this act those oational banks which
are accustomed to make large advances to brokers for stock
transactions certified checks for large amounts under evasions
of the law, or such arranfcements or agreements as were deemed
by them not to be in conflict with section 5,208 of the Revised
fitatutes.
The latter act seems to have been passed for the purpose of preventing the evasions of the previous law to which
reference has been made. The language of the section is: "Or
who shall resort to any device or receive any fictitious obligation, direct or collateral, in order to evade the provisions
thereof."
Since the passage of this act the banks have accepted checks
which have been drawn upon them instead of certifying them,
•and have assumed that such acceptance is not in violation of
Jaw. In some cases these acceptances are made payable through
the clearing house, the eflfect of which form of acceptance is
that such checks are payable upon the following day; in other
cases the acceptance is made without any condition as to the
mode of its payment. The banks claim that they have power
to accept checks under the third and seventh paragraphs of section 5,136 of the Revised Statutes. The former authorizes national banks " to make contracts," and the latter provides for
the " exercise of all such incidental powers as shall be necessary
to carry on the business of banking." It is also claimed that
section 5,209 of the Revised Statutes, which provides that it
shall be a misdemeanor for an officer of a bank to make acceptances without proper authority, by implication authorizes acceptances to be made with the authority of the directois, and
that the act of July 12, 1882, does not, in plain terms, prohibit
such acceptance. The Comptroller being in doubt in reference
to the proper construction of the section, prepared a letter containing the following questions, which, at his request, was
submitted by the Secretary to the Attorney-Greneral for his
opinion:
Has a national bank the legal rlRht to accept checks drawn upon it
«nlc8s the drawer has the amount stated In the check actually on de-
bank 1
It a national bank has the power to make such an acceptance,
would
such acceptance at a time when the money was not on deposit to the
credit of the drawer be a liability to it for money borrowed, and as such
be required to be limited to one-tenth of the pald-lu capital of the bank
<ia provided by section .'5,200 United States Revised Siatutest
If a national bank has the power to accept such checks equal in amount
in any one case to one-tenth of its capital, would the acceptance of any
nnmber of checks to an amount exceeding, in the aKgregate. the amount
of its paid-m capital be in violation of section 5,202 United States Revised
posit in the
The violation of section 5,208, Revised Statutes, subjected a
«ational bank to the appointment of a receiver. The law was
not mandatory, and the appointment was left to the judgment
*nd discretion of the Comptroller. The proper ground for the
appointment of a receiver is insolvency, and It may be questioned whether the responsibility for taking a bank from the
control of its owners should be exercised in other cases than
insolvency, until the question of violation of law shall have
been brought before the courts for determination. No appointments of receivers have ever been made since the organization of the national banking system, except in cases of insolvency, although two large banks which had previously been
found to be insolvent, were placed in charge of a receiver for
illegal certification of cheeks.
ITie passage of the act of March 2,1869 (section 5,208, Revised
Statutes), and the examinations which followed, had the effect
to check and diminish the practice of certification. The practice has, however, greatly increased during the last three years,
and the
returns of the banks for October 3, the date of their
amount of certificates
or acceptances made on that day was nearly one-third greater
than for a corresponding date in the year previous; and that
tke amount of acceptances for stock brokers of nine national
-banks on that day was more than nine times the aggregate capital stock of those banks, as may be seen from the following
table, which exhibits the amount of capital and certified cheeks
or acceptances outstanding of all the national banks of New
York City for corresponding dates from 1875 to 1882 inclusive,
and like information in reference to nine national banks for the
last statement, discloses the fact that the
same
dates.
3m
Date.
June 30,
Oct.
30, 1876.
2.
June
Oct.
June
Oct.
1876
..
22, 1877.
1,
1877
..
29, 1878.
1,
Capital.
1875. 48 '68,500,,000
1, 187,'5 ..
June
"Oct.
-jg
1878
..i
Juno
14, 1879.
Oct. 2, 1870 ..I
.June 11, 1880.1
Oct. 1, 1880 ..'
JiBieSO. 18S1.
Oct. 1,1881
July 1,1882
Oct. 3. 1882
..|
..
..I
CerUfled
checks.
41 ,223,840
48 68,500 ,000 28 ,049,100
47 166,400,0(K)i 36,,98.i,391
44 l65,850,000: 88 ,725,100
47 157,400 OOOi 29,1,450,134
47 157,400 000 29i,199,900
46 155,600,,000 42i,576,24u
46 1.53,486,,300 40,1,296,100
47 50,750,,000 44 ,465,002
46 148,750,,000 58,,827,717
46 150,450, oooj 7.5 .737,938
45 |49,900,,000 61 ,791,510
48 ;51,150,,000 78, 142,179
48 51,150,,000 97, 522,120
50! 5 1,500,,000 65 .101,191
50 151.650,,000 137,,316.600
Certlfled
Capital.
18,300,000
18,300,000
17,100,000
17,100.000
14,300,000
14,300,000
13,750,000
12,700,000
11,700,000
11,700,000
11,700,000
11,700,000
11,700,000
11,700,000
11,700.000
11,700.000
checks.
671
The penalty
for the Tiolation of section 13 of the act of July
a fine of not more than $5,000, or imprisonment for
not more than five years, or both, upon conviction thereof in
in any circuit or district conrt of the United States; and the
penalty for the violation of other laws relating to the national
banks where the penalty Ls not specified is the forfeiture of the
rights, privileges and franchises of an association, to be
determined and adjudged by a proper circuit, district, or Territorial
court of the United States.
The Attorney-General, in answer to the questions labmltted
to him, has returned an opinion, in which he says
12, 1882, is
:
provisions together [section 5,208 Revised Btatutea.and Motion
.J''-**?
13 of the act of July 12. 188i:J prohibit the ctrtijtratlon of a check drawn
upon a national bank, where, at the time of cortliliatlon, the drawer baa
not on deposit with the l)ank, and regularly enueri-d to his credit
on iH
books, an amount of moiipy e<iual to the amount of the check.
\V hat, then, is certllication of a check J
It is an act on the part of the
bank upon which the check is drawn. Implying (as U observed by tb«
Supreme Court In the case of iterchunW Uunk r». Stalt Hank, 10 Wall
604). "That the check is drawn upon sulllclcnt funds in the hand* of
the drawee, that they have been set apart for its sallsfaotlon, and that
they siiall bo so applied whenever the check is presented for payment
It Is an undertaking that the check is good thou and shall continue
goed'
and this agreement Is as binding on the bank as its notes of circulation,
a certlllcnte of deposit payable to the oi-der of the depositor, or any other
obligation it can assume.'"
No particular form is required for the certlflcatlon. Ordinarily this \a
done by simply writing the word ' goon" upon ti.e face of the eheok, adding thereto the signature or Initials of the certifying oni<«r. But any
language euiploy<^d by such otHcer, importing that the check Is good and
will be paid, would seem to be sulllcleut. (See 2 Daniel on Ne«. Inst
"
See. 1,606.)
'
A
check being an order for the payment of money addressed to a bank
or banker, it is always pros nmed to l>e drawn against funds on depoalt
therewith. It is not, when considered with reference to Its i>uriiose, presentable for acceptance, but only for payment— that Is to say, payment
is the only acceptance which in contemi)lallon of law enters
into the
engiigemcnt of the parties. Hence, if the payee or holder of the check
presents It with the view of having it ccrtlllcd, Instead of paid, be doea
so at the poril of discharging the drawer. (First Nat. Bank r. Leacb, 52
£i , Y.,
ooo,)
In Security Bank vs. National Bank (67 N. Y., 462), the court ura" The manifest object of a certification is ts indicate the assent of
tba
certifying bank to the request of the drawer of the check that the
drawer will pay to tlie holder the sum mentioned; and this is
what an acceptor does by his acceptance of a bill." Whether such
assent is indicated by writing tlie word "good" or the word
"accepted" upon the check can make no difference as lietwecn
the holder of the check and the baiiK, the obligation assumed
by the latter is precisely the same In either case ; and tbua the
legal effect of marking a cheok " accepted " being the same as marUnr
It " good," the euiploynient of the former expression may, equally
wita
tliat of the other, well be deemed to Import a certlflcatlon tliercof.
Agreeably to this view, the acceptance of a check, other than for Immediate payment. Is not legally distinguishable fi-om Its cortilloation. la
fact and effect the words are equivalents tney are for the same forbidden purpose to produce the same forbidden results.
The aim of the statute. In prohibiting the certllication of checks by
natnmal banks where the amount thereof is not on deposit to the cre<iit
of the drawer, is obviously to provide a guard against the risks and evlle
attending such pledging of their credit without adequate securitv. The
mischief sought to be avoided Is the incurriug 0(^11.11)1111168 ijy these
banks on checks drawn upon them without sulllcleut funds; and ina»
much as the liability Is the same whether the check be marked by tba
bank '• accepted," or simjily " good." either of these modes of incurring
it would seem to be sutlicient to bring the case within the prohibition
referred to.
Each may properly be regarded as constituting a certification, according to the meaning and intent of the statute. To constnia
otherwise woiild be to allow a " device " to " evade the provision " of the
law, and such, too, as by express terms is prohibited and punished.
In answer to the first question I accordingly reply that In my opinioa
a national bank c.inuot lc!,'iilly ar«f;rf ciiecks drawn upon it, where the
drawer has not on deposit tlicrewith the amount stated In the check.
To do so renders the bank subject to certain proceedings on the part
of the Comptroller of the Currency (under section 5,234 B. 8.), and tba
otllcerby whom the acceptance is made becomes liable to the penalties
provided in the act pf July 12, 18S2.
The c.ise presented In the st^cond question is not, in my opinion, covered by the provisions of section 5,V!00 Kcvlsed Statutes.
The restrielioirthcn applies only to liabilities "for money borrowed."
The ncccptanc<: of a check, where the drawer has no funds on deposit,
would be a loan of the credit of the bank, rather than a loan of money,
and.ifotherwi8eunobjectionnble.lt could not properly ba regarded a*
within the terms of ihe restriction adverted to.
The third question presents the same case In ooiincctloB with section
5,202 Revised StaHites, which deel.ires that "no association shall at any
time bo indebted or In any way liable to an amount exceeding tlia
amount of its. capital stock actually paid in and remaining uHdlnilnished by losses or other otiierwise," e.xccpt on account of demands of the
nature therein described. Liabilities incurred by the acceptance of
checks, the drawers tlmreof having at the time no funds on dcjmsit wltk
the bank, do not appear to fall within any of the e\cevtiotu enumerated;
and assuming such acceptance to be lawful, 1 am of Ine opinion that the
limit Imposed by section 5202 extends to liabilities thus Incurred, and
that the acceptance of cheeks by a bauk, without tlie existence of fun da
on deposit therewith, to an amount exceeding in the aggregate the
amount of its paid-in capital, would tie a violation of that section.
;
Under
this opinion of the Attorney-Geaeral it will be th*
to bring such evidence as he caa obtain by frequent examinations to the attention of the proper
officers, in order that such violation may
be determined
by the courts, and the penalty enforced as provided by the
statute.
duty of the Comptroller
THB AMOCNT OF THE IirTKREST-BBARISQ FDlfDED DEBT OP THB UiriTD
STATES, ASD THB A.MODNT HELD BX THS NATIONAL BANKS.
The report for 1881 contained tables exhibiting a classifica25,889,826 tion of the interest-bearing debt of the United States, and of
the
bonds held by the national banks, for a seriee of years.
17,835,333
22,803,395 These tables are again presented, ancl now exhibit also the
20.723,766
19,191,192 amount of the outstanding bonds of the Govemmeat, and
17,576,591 the amount held by the banks on November Ist of the present
29,134.950 year.
20,147,765
The most important operations of the Secretary of the Treas30,274,422
42,875,636 ury, during the years which followed the close of the war,
54,521,170 were the funding of large amounts of temporary obUgations
43,396,496 then outstanding of the Government, chiefly into six per cent
53,820„573
71,635,693 bonds.
The six per cent bonds were gradaally reduced daring tha
45,563.450
105,481.705 year 1869, and the seven years £oUowui|r, by payment tad, le-
THE CHRONICLE.
672
The sii per cents, together with
per cents, were subsequentlv rapidly replaced by four
and a-half and four per cents, which" were authorized to be
year 1881 all of the
lusued by the act of July 14, 1870. In the
unredeemed five and six per cent bonds, amounting to
«579,560,050, were continued, payable at the pleasure of the
Go+ernment, with interest at three and one-half per cent, by
•Kreement with the holders, and (since that time $164,833,200
paid, and
of these three and one-half per cent bonds have been
during the present year $259,370,500 have been replaced by
three per cents, under the act of June 12. 1882.
fnndinff into five oer cents.
the
Total n. S. bonds U. 8. bonds held for
held as security other purposes at
for circulation.
nearest date.
Date.
five
2
PC
E.
c c B c c = c £.£=£. 5.£c.c
p p o a
00
oDCoxQOOoooaoxooxaciooQcooacQDoo
S S
i£c3pD<.»«>|'*M.K'.>-.0;-000;-laW
a>
p- c»g o
c«)
00 CD
to IC tC Ci -J OC 00
ct
5 » 3
rf*
moo ©•-•or'^MOiODft'-io 8g
'
^
*I
orj
,
X
c&ciio
w ^-
Qo'r
X CO w
o; to CO
Mi - locji
to
— X H'
B2
<**
0'*-XWMjO-
* " °
-
^ CiCO
yiOO'COOCO^
'S88fi oo o oo o 5 ococo COM
CO 05
8ff
Of
yiVio:accoccw>
..
ap CO Gc w co_fo
CC w'^ti•W0:')F^*^'^(*.M
I
tOtOtOtOi-o
en
m (K
76.603,520
42,831,300
63,849,950
43,122.550
37,563.730
488,400
357,812,700
358.964.650
3<iO
The banks also held |3,526,000 of Pacific Railroad six per
cents and $15,000 of five per cents, upon which interest tias
ceased.
AMOUNT OF UNITED STATES BONDS HELD BY THE RATIONAL BANKS,
BY BANKS OEGANIZED. UNDBE STATE lAWB AND BY PEIVATB
1,
:
WM--ICD'
©co:Dao:
#". 1*^ •-!
State banks
P O
wwQDOo;
CO
ca
National banks
Savings banks
5?
2
^-^©
W
o
*^
ccoDM©:
CO <&
t« ^
^ ^CO
©*jCD<ia:
to©ooaD:o
© 00
PCD
© ©
V
©©OO o© ©© s? oo
s s
trust co's..
1882.
$631,422,454 $679,322,290 $675,168,457
Totals
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
MM
-4X
to 3 XX
o,»^oo
©X
tn'b'^-roo b>co' too?
©Oh-MX xo OT©
10 u
^ WOO>QO CJIOO
"^h-'M'bVi
C50i
- rf*.w'
Ot©
a< © M yt
OO
and
Private bankers
1881.
$403,369,350 $426,120,950 $395,057,500
189.187,816 214,880.178 242,023,782
24,498,604
23,211,430
21,650,668
14,870,745
14,H66,884
16,670,494
"iH
CO©©:
to
416,518,300
403,214,700
386.565,050
386,028,650
418.397,300
430,858.120
401,483,350
424,338,350
400.935,250
396.528,400
1880.
© o
09
CO
416,134,1,50
25,347,100
26.900,200
45,170,300
47,315.050
68,850,9('0
361,652,0.iO
the same years
>(^
©©c©o:
o o
8
©
O i
25,72^4,400
55,102.000-
of United States bonds held by the national
1880, 1881 and 1882 were, repectively, $403,369,350, $426,120,950 and f 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
bankers of the country, during the six months ending May 31 of
CiO:0;XQDCDCi:iwCD
C;»
341,495,900
342,851,600
342,278.550
359,885.550
380,440.700
390,410,550
391.171,200
376,314,500
341.3*4,750
338,713,000
319.540.400
354,254,600
banks on Nov.
w
t
43,980.600
39,450,800
31,868,200
$391,744,850
448,463,300
421,610,150
422,418,400
397.953,600
386,259,150
399.336,350
412,808.900
^155,785,750
121,152,950
84.002,650
80,922,500
340,607,.'i00
Grand total.
The amounts
—M
O©O•CpC WW©
-©©©OOO'O'O
$235,959,100
327,310,350
July 1,1865...
July 1,1866 ..
July 1,1867...
July 1,1868...
July 1,1869...
Julyl, 1870...
July 1, 1871...
July 1,1872...
July 1,1873...
Julyl, 1874...
Julyl, 1875...
July 1,1876...
Julyl. 187'/...
Julyl, 1878...
July 1,1879...
July 1,1880...
Julyl, 1881 ..
July 1,1882...
Nov. 1,1882...
XZXT,
BANKERS.
B-i
*»»I^WtOtOtOl-'l-'r<I to to to CD to CD
rfk^fcrf^^MM^-'ODatCO
oi to i;" ui a* c;» c;< Vi
-j_;
[Vol.
is not greatly less than one-half
of the interest-bearing debt. 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"
8ions,the average amount invested by State banks, private bankers, trust companies and savings banks in United States bonda,
for the six months ending May 31 for the four years named
above was $675,168,457, which
o
55
'^
nccD
<&
»^
(p
I
The operations of the Treasury Department for a series of
Tears have largely reduced the amount of interest receivable
by the national banks on the bonds held by them. During the
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 have been de- Geographical Divisions By State Banks,
By Savings
poBit«d in place thereof.
Total.
Private B'nk'rs
Banks.
and Trust Co.'s.
Sixteen years ago the banks had on deposit as security
for circulation, 327 millions in United States bonds, of which
May 31, 1879.
$
$
$
amount 241 millions bore interest at six per cent and 86 mil- New England States ...
34,941,378
38,611,345
3,669,367
149,504,617
lions at five per cent. These bonds have now entirely disap- Middle States
25,686,409
123,818,148
86,021
3,679,200
3,593,179
peared from the list of securitjies held by the national banks. S(!Utlierii States
10,491,070
3,164,668
8,326,402
The average rate of interest now paid by the United States on Pacific States and Ter's.
1,372,845
6,388,793
5,015,948
the bonds deposited as security for circulating notes is about
208,675,02*
162,383,060
8'5 per cent upon their par value; but is equal to about 3-26 per
United States
46,291,965
cent oaly of the current market value of th« bonds. The banks
M.iy 31, 1880.
BOW hold 33 million* of four and one-halfs; nearly 105 mil- Ne/w England States
41,430.29»
37,693,200
8,737,003
166,865,989
146,301,155
ISona of fours; 40 millions of three and one-half per eents con- Middle States
20,564 834
1,000
2,.542,991
2,541,991
Terted from five and six per cents, and 179 millions of three per Sout hern States
10,612,111
1,474.557
8,137,554
Western 8tat*r8
cents, which have been refunded from three and one-halt per Pacific States and Ter's,
6,601,720
2,717,904
3,883,816
cenU during the present year. This will be seen from the fol228,053,104
189,187,816
United States
38,865,288
lowing table, which exhibits the amount and classes of United
States bonds owned by the banks, including those pledged as
May 31, 1881.
security for circulation and for public deposits on the first day New Euglaud States ..
39,626,291
36,640,795
2,985,496
190,525.752
168,617,049
of July in each year since 1865, and upon November 1 of the Middle States
21,908,703
1,729,391
21,689
Southern States
1,707,702
present year.
9,424,395
2,689,447
Western States
6,734,948
11,895,511
6,911,198
4,984,313
Pacific States and Ter's.
. .
United Steteo bonda held aa security for circulation.
Date.
6 per cent
6 per cent
Donds.
41a per cent
Bonds.
bonds.
Jnl7 1,
3uly 1,
July 1,
July J,
July 1.
July 1,
July I,
July 1,
Julyl,
July 1,
July 1,
JtUyl,
July 1,
Julyl,
Julyl,
Julyl,
Julyl,
lf65
186H
170,382,500
lf<«7
251,430.400
250,726,950
255,190.350
1877
1878
1879
1880
1881
87,890,300
82.421,200
56,042.800
58,056,150
61,901,800
Jnlr
1682
Continued at
S^ per ct.
2^,142,600
Vor.
1,
X,
241,083,50(1
1868.
18b9.
1870
1871.
247,3,T 5,3,^0
220,497.750
173,251,450
160,923,500
1872.
1873.
1874.
1870.
187H.
1882
1.=>1,370.700
136,955 100
109,313,4,50
C
2401.200
<
3 per cents:
(
7,788, 1(;0
4 per cent
bonds.
United States
May 31, 1882.
New England States
...
Middle States
Southern States
65.576,600
86,226,S50
89.177,100
90.708.950
87,661,250
94,923,200
139,3n7,800
Pacitto States
United States
314,880,178
253,201,340
2,614,895
20,576.823
1,862,946
7,099,874
5,897,637
37,016,625
189,775,842
39,691,520
210,352,666
1,862,946
2,354,716
9,454„-.84
12,851,605
18,749,242
38,082,175
242.028,782
280.110,957
The above table gives the average amoant of capital invested
in United States bonds, from which should be deducted tha
amount of premium paid at the time of purchase, which can-
207,lf(9,'J50
229,487.0.^0
23(i,HOO,500
239.359,400
232,081,300
206,651,050
199.514,550
144,616,300
139,758,650
172,348,350
Continued at
S^aperct.
202,487,630
38,505,750
3 per caiit«
171,b97,450
and Ter's.
38,321,162
44,372,2.50
48,448,6.10
>
35,056,550
37,7601950
32,600,500
19,162,000
118,538,950
126,076,300
93,637,700
32,752,650
97,429,800
33,754,650
101,917,500
not be ascertained.
Through the courtesy of State oflBcers the Comptroller ha»
obtained the official reports made to them, under State law.?,
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 foUoWr
ing table has been compiled
$8,739,l7t
Held by State banks In twenty-one States
1 6,9o4,8 13
Held by trust companies in live States
786,442
237,
Held by savings bunliS In fifteen States
-,
.-
Total
,..^
$^63,460,42*
Deokmbsr
THE CHRONICLE.
0, 1868.]
The amount
1880, 1881
held, by geographical
and 1882 was as follows:
daring the years
1880.
1881.
$40,468,340
9.18,470
1.073.460
8,735.518
14,874.332
2,672,242
7.240,835
Pacillc Btates
170,373,>)8U
1682.
$42,667,2 < 8
197,135,230
26H,350
3.360414
20,020,175
S213,665.102 8238.525,530 $263,460,426
Total
A
showing the national banks which have been placed
hands of receivers, the amount of their cupital, of claim*
proved, the rates of dividendx paid, and also skowing tha
amount of circulation of such banks ixsued, redeemed and oat*
standing will be found in the Appendix.
table
in the
845,230.on8
157,563,757
Qoograpliloal dlvlslonn.
Kiwt<im BtatdA
Middle Statofl
Boutheru Htatea
divigioDS,
LOAXB AIID BATES OF 15TSREST.
The following
in the city of New York, in Boston, Philadflpbia and
Baltimore, and in the other reserve cities, at correspondini^
dates in each of the last three years
States bonds held, as shown by the
from returns made by State banks, trust companies and savings baiiks to (^tate ofBcers, in twenty-one
States and Territories were, in 1882, $16,650,531 les-s than the
average amount Hhown 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 amonnts held at
ooo
n= a
TariouB dates in 1882, while the last gives the average amount
held for the sii months ended May 30, 1882. All hough obtained
from diflferrnt 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.
NATIONAL BANK FAILURES.
Three national banks have been placed in (he hands of reduring
the
year ending November 1, 1882, namely:
ceivers
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 suspension of the first-named two banks was
22, 1882.
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 impairment 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 president. ItM condition was discovered by the bank examiner when
making his annual examination, and a receiver was appoined an
before stated.
:
c mpiled
of the national banking system, 87
banks have been placed in the bands of receivers, and 420 banks
have voluntarily closea their business by the votes of shareholders owning two-thirds of their stock, under the provisions
of sections 5,220 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 settlement. The loss to creditors of naiional banks which have been
placed in the hands of receivers duiing the nearly twenty years
that have elapsed since the passage of the act •i February 25,
1868, as near as can be estimated, including dividends which
will probably be hereafter paid, has been about 17,000,000. The
average annual loss has been, therefore, about $400,000 in the
business of corporations having an average capital of
about $450,000,000, and which have been responsiblu for the
safe keeping of deposits in their hands averaging constantly
over $890,000,000, 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 rrfer
In many of these cases no conclusion
to the «ourt» for decision.
«*n be reached until the matter has been brought before the
The dockets of the supreme courts in
and that of the Supreme Court of the Unitsd
States are crowded, and wlien an appeal is made to these tribunals, 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 allouing offsets, and enforcing the
liabilities of stockholders, there is now no inducement to protract litif ation, either on the part of the ordinary debtors of
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 cas^s of failure of national banks
courts of laht resart.
most of the
States,
there are many claims presented to the receivers which, for
various reasons, do not appear to be properly liabilities of the
assoi'iatioD, audit is necessary, in order to protect the interests
of the genuine creditors, that such claims should be rejected
Hntil their merits have been properly investigated by a court ef
The
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jurisdiction.
directors for negligent discharge of their
duties, or for malfeasance, is not yet clearly defined by any
authoritative decision, but such decisions as there are bearing
Tipon this matter point to a complete remedy against them also.
The total amount paid to creditors of insolvent national banks
amounts to $20,945,090 upon proved claims amounting to
$29,586,553. The dividends so far paid thus equal about 70 per
cent of the proved claims. The amount paid during the year
liability of
- 2f
ills-
•
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o<^coto«
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commencement
Since the
competent
feOOO
h-a-b= O 3
£2.2^3
***«•**
•
table gives the classiflcation of the loans of tlie
banks
The amonnts of United
tables
67a
oitoxyi
to'-ici*»
QOCtOi»k
CM to
Utwl-'
3
acnoyt
ET
9:)*>Cffco
OOt0 3-.«
ODOW^fll
ceo 01 CO
co;09a»
S33
•^tOJOOO
Mioto"-'
SOI**
to dob
;
*i>COO»tO
•(^^tOOl^B
CD^OOtO
coo VC3
OCX
MO
JO;-lt
CO^wO
'co'^oi
V.V0^QD
35 wo
toco
uitocsca
cots CO <p
0)tOiOifk>
In the tat>le below is given a full classiflcation of the leans ia
city alone for the last five years :
New York
•October 2,
1879.
October
IbSO.
1,
Loons'and discoimts.
47 banks.
On Indereed paper
Ou Bingle-uaiue pap'r
on U.
8.
other
1881.
Ootot>er3r
18e2.
43 banks.
50 banks.
1,
81,520,129 107.05?.8'-0 112.049.00i 118,692.6^1
22,4» 1,926] 27,755,152 20,935,878 21,203,578
bouds on
demand
On
47 banks.
October
8,286,525
3,915,077
2,539,928
1,797,687
78,062,086
92,630,982
97,249,162
89,532,76B
670,021
1,336,513
236,100
304.732
4,821.216
»,731,917
7,7*7,587
7,600.487
fttock, &o.,
on demand
On real e«tate
secur-
ity
Payable In gold..
All other loans...
Totals
195,851,9021238,428,501 246,757,659 339.041,89«
The attention of Congress has previously been eal led to section 5,200 of the Revised Statutes, which places restrictions npoB<
In cilie*
loans, and to the difficulty of enforcing its provisions.
where large amounts of produce are received and stored, it ia
represented that it is impossible for the basks to transact this
class of business, if restricted to loans for an amount not exceeding in any instance one-tenth of their capital. It is true
that tae limitation does not apply to loans upon produce in
transit, where the drafts are drawn on existing values ; but if
produce is stored, instead of being shipped, large loans cannot
be made except in violation of law. In such case the Comptroller has no means of enforcing the law, except by bringing a
suit for forfeiture of chatter, and this course might result i«
great embarrassment to business, as well as loss to maay inno-
cent stockholders of the banks. It is evident that the law
should be so amended as to exclude from the limitation mentioned legitimate loans upon produce or warehouse receipts, and
some other classes of collateral security, as well as loans upon
was $2,28.3,392.
United States bonds.
Assessments amounting to $8,101,750 have been made upon
BAHI OF KWdthe stockholders of insolvent rational banks for the purpose o<, BATES OP INTEEEST IN BEW TOBK CITY, AND Of THB
LABD AND THB BASK OF FBASCB.
enforcicR iheir individual liability under section 5,151 of the
Revi-ied Statutes, of which about $3,200,000 have been collected,
The average rate of inteiest in New York city for each of the
Uid $634,080.70 during the past year.
fiscal years from 1874 to 1881, aa ascertained from data derived.
THE CHRONICLE.
«74
|f[VOL.
XXXV.
from the 'Journal of Commerce and Thb Cohkerciai, and note is wrongfully stamped, the officer thus stamping it can
immediately obtain a genuine note in exchange by forwarding
FlSMICIAL CHKOKICLB, W«8 (tS folloWS
the same to th« Treasurer for redemption, so that there is no
1874 call loans, 3-8 percent; commercial paper, 6-4 per cent.
risk whatever on the part of the offlcers of national banks, even
1875. call loans. 30 per cent; commercial paper, 5-8 per cent.
5-3
commercial
cent.
paper,
per
1876, call loans, 3'3 i>er cent;
if they should wrongfully stamp a genuine note.
ceni; commercial paper, .l^ per cent.
:
1877, call loans, 30 per
1878. call loans, 44 per cent; commercial paper, 51 jier cent.
1879. call loans, 4-4 per cent; commercial paper, l^ per cent.
1880. call loans, 4'9 per cent; commercial paper, 53 per cent.
1881 call loans, 3-8 per cent; commercial paper, 50 per cent.
1882, call loans, 4-4 per cent; commercial paper, 5-4 per cent.*
The average rate of discount of,the Bank of England for the
isame years was as follows
During the oalendjir year ending December 31. 1874, 3-69 per cent.
Daring the calendar year euiling December 31, 1875, 3-23 per cent.
During the calendar year ending December 31, 1876, 261 per cent.
During the calcndaryear ending December 31, 1877, 2-91 per cent.
During the calendar year ending December 31, 18T8, 3-78 percent.
During the calendar year ending December 31, 1879, 2'60 per cent.
During the calendar year ending December 31. 1880, 2-7G per cent.
During the calendar year ending December 31, 1881, 3-49 percent.
During the calendar year ending December 31, 1882, 4-01 per cent.
,
:
'Prom the Financial Chronicle only.
In the calendar year ending December 31, 1881, the rate of
discount of the Bank 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 t* 7 per cent, and on commercial paper
*
*
#
»
*
*
(from 7 to 8 per cent.
PRIVATE BANKEBS.
In the appendix will be found three comprehensive tables of
two pages each, giving by geographical divisions, and by States,
Terntories and principal cities, the number of State banks,
savings banks, trust and loan companies, and private bankers of
the country, for the present and two previous years, together
with the amount of their capital and deposits, and the amount
invested by them in United States Bonds. The first olBcial information of this character ever published in regard to the private
bankers of the country was contained in a table in the CompThe following information in refertroller's report for 1880.
ence to the private bankers in sixteen of the principal cities has
been compiled from the table in the appendix for the year 1882
'
Section 5,172 of the Revised Statutes provides that national
shall express upon their face the promise of the
association issuing the same to pay on demand, attested by the
signattires 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
pay such notes on demand to be signed by the president or
vice-president and cashier thereof, in snch manner as to make
them obligatory promissory notes, payable on demand at its
place of business, such association may issue and circulate the
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
they 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 th«
notes. The written signatures of the officers of the bank are
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
would, witheut question, determine the genuineness of the note.
A bill is now pending in Congress imposing a fine of twenty
dollars tor every circulating note issued by any national bank
without the written signature thereon of at least one of its
bank notes
offlcers.
National bank notes, with new designs, are now being rapidly
issued to banks whose corporate existence has been extended,
and to other national banks which are being organized, and it is
important that these new notes should not be issued unless
signed by the offlcers in accordance with law. The Comptroller
respectfully repeats his previous recommendations for the passage of the act referred tc, which act should also impose a
penalty on any engraver or lithographer who shall print the
No. of
Invested in
Citiee.
Capital.
Deposits.
banlcs.
U. 8. bonds. signature of bank offlcers upon such notes.
TAXATION.
Boston
64 $6,088,250 $5,980,391
In previous reports the repeal of the law imposing a tax
$871,395
New York City
S36 51,654,464 56,364,207
7,846,422 upon bank capital and deposits, and of the two-cent stamp tax
Albany
3
91.000
85,767
Philadelphia. .
50
2,040,877
6,097,791
77,738 on checks, has been recommended as a measure of justics to the
Pittsburg
10
785,754
3,278,514
54,712 banks, and as a benefit to the people, and_to the manufacturing
Baltimore
35
1,104,268
2,942,802
177,107 and commercial interests of the country. ' During the last sesAVashington
8
408,517
4,338,716
326,634 sion of Congress,
a bill including a provision for repealing these
New Orleans.
10
71,000
1,082
Xouisville
taxes was passed by the House by a vote of 127 to 79. The de3
180,500
709,290
Cinolmiatl
11
686,994
2,869,514
203,858 bate in the Senate, as well as some votes on preliminary quesCleveland
5
77,000
1,590,202
14,210 tions, showed that if a vote upon the bill had been
reached it
Chicago
27
8,604,618 10.916,243
235,787
Detroit
7
161,541
1,09.'>,923
5,750 would have become a law. The force of the reasons heretofore
Wilwaiikee
4
160.000
2,352,465
urged
for
the
3.812
repeal of these taxes is as great as ever. The
8aiutTx)Ui^
11
295,351
246,285
45,825 revenue still continues in excess of the amount required for the
San Francisco.
12
2,030,465 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 G-overnment, 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, stowing the amount of these taxes paid by
yffregate amount of their,oapitaI, deposits, and investments in banks located in each geographical division of the country:
tnited States bonds, for the six months ended May 31,
Ratios of
1881, and for the previous year :
Amount of Taxes.
:
.
Capital.
Geographical Divisions.
New
England State*
Middle States
Southern States
West. States
&
Territories,
tinitcd States.
No. ot
banlu,
Inrested
Capital.
Deposits.
in U. S.
104
7,130,196
9,417,712
[62,193,765 113,079,792
293
6,369,701 19,981,042
1,980 38,552,230 153,143,614
1,014
981.371
9,204,616
227,131
4,457,627
3,391 114,255,892 295.622,160 14,870,745
:
^rTteinS'™"l?t\Ts't1;e"{j;'"i^?'"'^«"5-^»t^^^^^
^™„ in ?'•*"> '«,"e'8 the word " counterlelt." " altered" or " worthless"
«'• »°d '-tended to circulate
L^money wWci\", n"?,"'," 'T^'^ 'P ?«**'"^
*''^"" r'*"® »' business, and If
mi'cholHcere shall ^n^.'fiw'**?*** any
.genuine note »f the United
Btate^ or^thon-itTo^.n*b^ P';!'"!'
*^^' "*°" Presentation, redeem
Sicrnot^s^It
the7,I^°valurtfe^^^^^^^
"^
''Ot on'y of every officer of
i,Tn^,-r^*«»°f'"*^f
i^*. ^"tJ"'
the United States charged
with the receipt or disbuVsement of
the national Unks, to
S±.' T.^^^' ^f ?^'^ °^*" officets.of
"^laUbe presented at their
^^^F»r •^^"V"''°'*°'°°**''^*=^
* '^'"'" *' '^*" thereafter prevent its circu'
S
that there has been
V
J?T„'!»'?°
^V"*^*
part
of national
bank offlcers to comply
great neglect on the
with this law
The
banknotes
whi^h have been
?s^^edisvirt°sm'lf'-^""''"°"?'
°'"?? *°,*^« """'"'« i^xied previous
to ?he
me estaD
Stab^shZi'"^?!?
10
ishment of the national banking
svstem but thn
increased"fuSthe kst
?eat%Xwv oww^.l"^/'^
'°^ *° *^» fact that the bank notes which are
fe^'w
Zt^'r,?^^*?
L
A.
fraudulent
ar^'J.oT-"'
^Uere(L"
Tsitereo, or "wortW«^
worthless,"
Divisions.
which are known to
stamped "counterfeit,"
as required by law. If a genuine
*'^^>^°,^^' """^
Capital.
U.S.
bonds.
COUKTERFEIT AKD tllfaiONED NATIONAL BANK NOTES.j
Section 5 of the act of June 30, 1876, provides
That all United States offlcers charged with the recetnt, nr diai.in-ao
-
GEOOnAPHICAL
State.
Total.
P.e P.e P.*
N. Engl'd States 166,014.968 2,323,301 2,911,280 5.234,481 1-4 1-8 3-2
Middle States.. 171,963,922 4,008,169 3,224.774 7,232,943 2-3 l-9|4-2
Southern States 31,258,422 538,209| 388,995
927,204 1-7 1-3 3-0
Western States
and Tenltor's 93,104,239 2,033,013 1,761,439 3,794,452 22 1-94-1
United States.. 462,311,601 8,902,592(8.286.488 17,189,080!l-9 l-8i3-7
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
same as it 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 percent during the year 1881, having increased one-tenth of 1 per cent over those paid in 1880, and onehalf of 1 per. cent over those paid during the year 1879.
The rates of United States taxation are the same in all sections 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,
deposits and circulation, the percentages given in the tables are
those of the total tax derived from these three sources to capiWhere the dejjosits are large in proportion to capital,
tal only.
the proportion of the United States tax, as measured by capital,
appears greater. The first table given belowjshows the percentages to capital of taxation paid by the banks in the principal
cities of the country.
Particular attention is called to the ineequality in State taxation show» by it. The second table gives
the States in which, the taxes, United States and State, are most
excessive,
MteBMBBR
THE CHRONICLE.
9, 1882.]
U.S.
New York
2.0
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
PhllndelplUa
Plttfibiirs
Baltinioro
WashlnKton
New
Oiipane
LoiiUvillo
Cluciunatl
Cleveland
ChicaKO
Detroit.
Milwaukee
6t.
Bt,
State! Total U. S. State Total
Louis
Paul
U.S. State Total
I
p. e.
Oititl.
Boston
81 X
1881.
1880.
1S79.
1.3
2.9
2.5
0.7
O.fl
1.3
0.1
0..'5
0.0
2.4
2.0
2.4
2.2
2.5
2.1
1.5
P.O.
2.0
5.4
2.H
2.0
2.5
1.8
2.2
2.1
4.3
3.3
5.8
4.0
5.3
3.9
3.0
March
OcOKTtuiblcal
1,
montbii ending-
p. c.
p. c.
D. 0.
1.0
1.0
2.0
3.2
0.7
3.S
6.0
0.3
3.1
2.4
2.9
1.9
2.2
2.3
4.6
3.0
2.4
1.7
1.4
07
1.5
0.4
0.2
1..5
2.0
1.7
2.3
1.4
4.8
2.2
4
2.4
1.7
0.(1
1.7
1.7
1.9
l.li
1.9
2.2
1.8
1.9
2.2
2.5
2.5
2.7
2.8
1.0
2.5
1.7
3.0
2-5
1.8
73
3.0
7.0
4.0
3.5
p. c.
1.7
p. c.
p. c.
1.8
3.3
8.5
2.6
1.8
1.5
1.8
2.4
1.7
2.3
1.6
5.0
2.5
35
3.5
0.8
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
2.7
0.7
0.8
1.6
0.4
0.3
0.8
1.9
1.0
2.6
1.8
2.4
2.7
i-^
2.5
14
'2.1
1.8
1.8
1.9
8r<i>.of
Capital.
Blu.
2.0
Wisconsin
1.5
1.5
1.4
1.4
1.5
1.0
Kansas
Nebraska
•J.l
2.7
2.6
2.(i
1.2
2.0
1.7
l.H
Olilo
Indiana
Illinois
South Carolina.
Tennessee
!.S
2.0
2.1
l.H
1.8
3.5
3.3
3.4
3.5
3.3
3.4
4.8
5.2
3.2
3.5
3.6
3.6
3.5
3.8
3.7
3.9
4.5
5.8
3.9
1.9
Middle Htates.
18
Hiiutheni States...
West. States it Tcr.
Totals
Totals
Totals
Totals
Totals
for
for
for
for
for
89
1882. 173
1881. 175
1880. 226
1870. 309
1878. 328
1.6
1.9
2.0
2.3
3.3
1.4
i.n
1.7
1.7
2.1
2.3
2.3
3.7
1.7
2.0
4.tS
1.9
2.0
1.8
2.0
2.8
2.5
2.4
2.1
3.6
3.8
3.0
3.7
3.0
4.3
5.1
6.2
4.1
4.1
i
;
deposits of national banks, at the rates heretofore specified,
to $118,005,706 25.
*
*
*
*
*
It
amounting
'it
DIVIDEXDS.
the serai-annual returns made to this ofHee under section 5,212 of the Reviled Statutes of the United States, the following table has been prepared, showing the dividends and total
earnings, and the ratio of each to capital and combined capital
and surplus, for each semi-annual period from September 1,
1869, the close of the period for which these reports were first
From
received, to September
1,
1,
1870.
Sept. 1. 1S70.
1871.
1S71.
1872.
Mar.
1.
Sept.
1
Mar.
1,
1, lt<72.
1, 1873.
1, 1873.
1, 1874.
1, 1874.
1, 187.).
1, 1875.
1, 1876.
1. 1876.
1, 1877.
1, 1877.
1, 1878.
1, 1878.
1, 1879.
1, 1879.
1, 1S80.
1, 1880.
1, 1881.
1, 1881.
1, 1882.
1. 18S2.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
«
11
2,200.000
60
8.725,000
21
2,337,000
12,812.730 104
1.778.00O
7,744 000
l,9S8,.'MO
10,121,015
233 20.334.1.50 230 28.370,67>
44..'>70,300 304 40,210.000'
357 58.736,950 313 53,707,425
171
19,354 AtO
173
18,387,5.50
291»
HI******-
Aver, for each year 242 34,110,760 85< 34,923,136 240 34, 460,951
'loosbs.
During the year ending September, 1882, losses in their business on every account, including losses on technical bad debts ,
under section 5,204 of the lievised Statutes, and preminins on
.United States bonds, have been charged oflf by the national
bank.s, amounting to $11,334,912 93. Of this sum $4,903,155 23
was charged off during the six months eading March 1, 1882^
and .'^6,361,757 71 during the six months ending September 1,..
by the
off
Capital.
1.481
1,571
1.601
1,605
1,693
401,650, S02
416.36G, 991
425,317, 104
428.099, 163
1881.
1880.
1879.
1,7.50
1,1552
450,693. 700
1882:
a
d,
•
I
.319 3.135..5.'i7 2.054,381 2.321,002 1,282,478
701.054
554,848
2,490,197 2,655,390 1,110831
561,070 491,,5.58| 399,943 400,240 580,092'
419.030' 333,022! 258,128
258,088 1,1 11, .58a
99,1791 137,164
368.9151 294,507, 211,329
no»ton
Philadelphia..
Pittsburg
naltinioro
338.496
Orleans
272,880
153,71W
74,920
118,080
SURPLDS.
In the following table is exhibited the gradual changes in the
surplus fund since Decerabiir, 1873, under the provisions cf Section 5,199, requiring each a.ssociation, before the declaration of
the semi-annual diviiend, to carry to surplus one-tenth of its
net profits for the preceding hatf-yettr, until such fund shall
amount to 20 per cent of its capital.
Scml annual
Increase oc
-
Surplus.
Amount.
28.i)90,934
26.813,885
27.213.162
27.315.311
27,502,539
December 17. 1875
June 30. 1876
29.221,134
403,076 o_';t.io 181.942,23, ,827,289
1,912 47o,l>lS, ,083 111, 257,2'^?121, 820,00
tS-'.lOO ,9.51 US U3,848|24. 823.029
l.i)ii7 189„510, ,323 12:i l6J,,-<59 23, 529.99^'
1.971 489.038, 284 128 ,:!(!1.03i|24, ,929,307
2,007 4!i3,50S, S3 1! 131, ,560.03724 ,750.810
2,017 497,-01, S33 131 1.'3, 619124. 317.78,-.
2.076 soi.'ioo, 401 134, ,467,595124, 811.581
1 13.', 251,07^ 22, ,503.82'l
2,081 .500,4 8-J,
2,080 190.0.51, S'^o 130, 872,105 31 803.90!!
117.116
2,072 186.324, 86( 124, 3 49,251
98:2,390
2,074 475,609, 51.122, 373,561
959.2J3
2.047 470,231,,S9l>ill8, 687,131
511,031
2,013 464,413,,996,116. 744,135
401,867
2,015 4.5o,132,,050 113, 119,351
121,273
2,040 454.080,,090lll7, 226,501
2,072 454,215,,0621120. 145.649il.8 29a,'-'0O
2,087 456,814,,803|122, 481.788'l8, 877,517
2,100 458,931,,48,51127, 238,394119, 499,694
2,137 460,354,,48.'i 131,!291,889 19, 915,375
2.197 473.947. 7151133. .570.931120, 876,553
30,.572,891
tl-'-J
Inereaie.
Dceemlier 26, 1873
.rune 26, 1874.
December 31, 1874.
$
,
decrcaoe.
Total not
earulnKs.
Total dlvi
dcuds.
82 103.045!21 767.831
86, 118,21021, 479,0.15
91 630,62021. ,080,313
94 ti72,401t22, 203,1.50
9-i,286,5!l
125,279
99, 43l,213!22, ,8.59 820
4l5.<19s), 261
natioDal-.
:
?|
New York
charged
of the coantry are girea for each-<
precedinjf tables
1878.
CrpiKS.
New
losses
1882.
No. of
mouths, eud'g banks.
Sept. 1, 18G9
C»I'lt»L
B'k«.
21U 20,080,730 100 21,032,115
Dates
Mar.
,
1882.
United States bonds. These taxes are paid semi-annually by
the national banks to the 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 Government, from the date of its stablishment in 1863, has been
on the other hand, the Government has, in about
$5,366, 90S
twenty years, collected taxes upon the capital, circulation and
si.x
,.
17,1S3..500
;
of
^
Capital.
20,321.530
30.407,200
53,843,700
48,797,900
The uniform rates of United States taxes are annually one
per cent upon their notes in circulation one-half of one per
In the following table the
cent upon their deposit.^, and the same rate upon the average banks in the prini^ipal cities
amount of their capital, in excess of that invested by them in of the years covered b.y the
Period
jnenr.
»
1 .3.511,000
14
6,703,000
62
1,610.000
7,430,500 118
8
58
.
•
1.11
B'k«.
$
N. England States.
States.
New York
New Jersey
A.rtnge for tb«
Sept. 1, 18g2.
1832.
UlvUfoua.
8.1
8.1
.'..5
675
31,920,178
33,122.000
29,544,120
30,036,811
J9,136.007
28.800.217
23.0:17,921
J0.510.23l
19, ,592.062
15,274.028
10,940.690
13,638,803
14.078.600
16.873.200
21,152.78 4
24.033.230
J4.452.0J1
29.170 H16
$120,961,263
129,230.308
130,485.641
133,169,095
Jimc30, 1875
94.113,8135,278,010
4,246,33»
2.683.451
Deereate.
133.0?5,422
131,897,197
131,390.665
121,714,073
Dceeuibcr 22;1876....
June 22.1877
Dooemher 28, 1877....
June 29.1878
.Tanuarv 1. 1879
June 14,1879
121..568,4.55
118.178,531
116,200,864
114,321,376
83.673
1,188.22.5
506,532
6,676,59a
3 145.618"
3.3S9,92't
1 ,977.667
1,879,488
Increase.
Dceember 12, 1879
June 11.1880
December 31, 1880
June 30, 1881
115,429.032
118,102.014
121.824.629
126.079.318
December
129,'^07.
July
1,
^1,107.65«'
2,672.983
#»#»»•
31, 1881...:..
I'.M
13l.O70.J31
1S82
S.722,615
1
8,-.t
8«<>-
:i'!-7.97«
i.jii.73r
In concluding this report the Comptroller gratefully acknowledges the efficiency of the officers and clerks associated with
him in the discharge of official duties.
JOHN JAY KNOI,
27,083,.599
26.v:37>W5
Comptroller of
ifie
Currency.
Hon. Joseph W. Keifer,
Speaker of the House of Representatives.
Period of Six
Mouiuseud-
.2
Ju»-
5"
Sept. 1,
Mar.
1,
1869
1870
Sept. 1, 1S70
Mar.
1,
1871
Sept. 1, 1871
Mar.
1,
Sept.
1
Mar.
1,
Sept.
1,
1,
,
Mar.
Sept
Mar.
1,
1,
Sept.
1
Mar.
1,
1872
1872
1873
1873
1874
1871
1875
1875
1876
reriod'of Six
.
as
= 52
Wis:
sag'
aftg-
Months ending—
THE DEBT STATEMENT FOR NOVEMBER,
t« rj
iris
Per at. Per CI. Per CI
5-42
4-50
604
5-16
4-27
577
5-19
4-96
4-08
5-21
5-18
4-24
5-02
4-96
4 07
4-16
500
5 07
5- 12
5-30
4-17
5-41
5-22
4-21
5-46
5-09
4-09
4-82
4-81
3-84
5 09
403 4-86
4-60
3-06
501
4-56
4'88
3-85
492 3-88 3-62
5""
Per
CI.
4.50
JIar.
1376
187
439
Sii>t.
187'
4-54
Mar. 1,
Bi'pt. 1,
1878
1878
187H
1879
1880
1880
1»81
1881
1882
1882
399
Sept. 1,
Jliir.
1,
8.>lit. 1.
Mar.
Sept.
1,
1,
1,
Sept. 1,
Mar. 1,
8ept. 1,
Mar.
3-81
3-78
3-82
3-99
4-03
4-13
4-25
433
4-40
Per
9
The
PerCt.
3-25
3.57
3- 12
3-47
2-50
3-(12
3-17
2 83
304 2-31
2-53
3-02
01.
303
17
3-18
3-26
3-33
3-37
3-44
3-
2 96
3-70
4-18
4-22
4-98
4-56
4-32
In the following table is given, by geographical divisions, the
number of national banks, with their capital, which paid no
dividends to their stockholders during the two semi-annual periods ending March and September 1, 18S2, to which has been
added the total number of banks, with their capital, similarly
pas.'iing dividends during the semi-annual periods of each of
the four preceding years, with the average for each year and
the average for the whole period of six years.
following
is
the
official
1882.
statement of the public debt as it
appears from the b-ioks and Treasurer's returns at the close oi
business on the last day of November, 1882:
INTEREST-BEARING DEBT.
Amount
When
A iilhor-
Character
of Issue.
izing
ScL
Ouislaniting.
fc-2
Payable.
^s;
Ssof lS81'.|julyl4,'70May 1,'81
38 of 1882.. Juy 12,'82 At option.
4>a8of 1891 July 14.'70 Sept. 1.'91
M
48 of 1807. July 14,'70 July 1,1907
.
Segislered.
Coupoit.
$131,317.700|
280.394.750
61.902.10O
188.097.900
571,092,900 167.847,800
$1,173,903,250 «22d.748,90O
$413,650
14.000,000
4», rcf ctfs. Feb. 26,'79
38,navyp.fd July23,'68
Aggregate of lntere8t-l)earing debt
oS°the""?ore*«o':?g1Lue°\he«,
over-due and not ret oaUed
date is *9,009,275.
for.
a total of $1,644,032 Interert
total current accrued Intereet to
is
The
$1,418,066,800
THE CHRONICLE.
670
DEBT OS WniCH
HAS CEASED
IJ»TEKI!3T
sr.VCE
MATURITY.
United States notes
National bank notes
National bank gold notes
Fractional euircncy
Deiwsits held by national bank depositaries
Amount.
Authorizing Act.
346.681,01 1;
9,815,000
35,408,540
73,095,660
;
.
I
Gold certilleivtes
aUrer certlflcates
March
.
3, '63
February 23, '78
July 17, '62; Mar.
3, > «t « <taQ ij.i)
*15.3- 8.0*»
'june 30, '64 J
21,'79
J'e
8,375,034
act
destr'yed,
Vaaa amt. est'd lost or
Fractional
1
cuncncyn
.g'g.
7,022,614
Inttretl-bearing debt—
,
^ „,
Bonds at 5 per cent, continued at 3'a.
Bonds at 41a percent
Buuds at 4 percent
'.
oerlilicates
Navy pension fund
Total Interest-bearinK debt
Debt <m which inl.has ccas'd ainee mal'rity
Debt bearing no interest—
Old demand and legal-tender notes...
3391.420.987 37
London.
$10,653,308
441,409
1.418,066,800
9,545,055
346.740,346
9,845.000
108,504,200
7,022,614
5.339
$11,100,058
$1,899,724,015
Total
Total debt, principal aad interest, to date
Total cash in Treasury
.,910.824.073
287,867.173
1882.
Decrease of debt during the past month.
Decrease of dol)t since June 30. 1882
$5,534,142
$65,957,561
Current l,iabilities—
Interest due and unpaid
Debt on which
$1,644,032
9,545.055
441,409
108,504,200
9,845,000
157.887,476
interest has ceased
Interest theieou
Oold and
V.
S.
Cub
silver certificates
notes held for redemption of certificates of deposit.
balance available Doc. 1, 1882
$287,867,173
Total
Available Assets—
Cash in the Treasury
$287,867,173
BONDS ISSUED TO THE PACIFIC RAILWAY COMPANIES.
interest payable by the united states.
Character of
Amount
Issue.
outstanding.
Interest paid
by U. 8.
Central Pacific. $25,885,120
Kansas Pacific ..
6.303,000
Duion Pacific
27,236.512
Central Br. U.P..
1,600,000
Western Pacific.
1,970,560
SlouxClty &Pao.
1,628,320
Interest
Balance of
repaid by
interest paid
transportat'n
by
IT.
S.
1,453,808
1,550,015
1,366,508
$3,827,979 $17,423,1(16
2,726,129
3,025,023
8,611,139
14,712.519
133,091
1,313,789
9,367
1,540,648
102.142
1,264,465
$55,344,682
$15,409,850 $39,279,632
$21,899,448
5,751,153
23,3-23,659
.
Ifon.
Sat.
peroz
d.
Liverpool.
Hon.
Sat.
Flour (er. State). .100 lb.
"
Wheat, No. 1, wh.
"
Spring, No. 2, n.
"
Winter, West., n
"
Cal. white
"
fTorn, mix., West.
Pork, West. mess.. ^ bbl
Bacon, long clear, new.
Beef, pr. mess, new,^tc.
Lard, prime West. ^ cwt
Cheese, Am. choice, new
s.
d.
12
8
8
8
3
9
4
9
«.
811
2
8
92
61
89
60
59
$64,623,512
The Pacific Railroad bonds are all issued under the acts of July 1
1862, and July 2, 1861; they are registered bonds in the denominations
of $1,000, $5,000 and $10,000; bear 6 per cent interest in currency,
payable January 1 and July 1, and mature 30 years from their date.
UNITED STATES TREASURY STATEMENT.
The
following statement, from the office of the Treasurer,
was issued this week.
It is based upon the actual returns
from Assistant Treasurers, depositaries and superintendents in
mints and a8.say
offices
1,
1882.
Poet-ofBce Department account.
Disbursing olHccrs balances
Fund fiir redemption of notes of national iiaiiks ''faUod,"
in lumulMUon,' and "reducing
circulation"
nndistributed asset* of failed national banks
'"'Fe'le'aptiou of uafl bank nbtei!
SM,°rt*S.r^^Vj'
'T'-'
re^emptiou
of national bank gold notes
Sl^l.^"
Currency
and
uunor-i-oin
redemption account
Fractional silver-coin redemption account
K'"l™-'<1» "ud L.&p;caniii Co
SS^r^rTi'"*'"Sei't
-^"^l""
for paying inteiest ou U-C. bonda
;
Treaanror s tiaiisfer
checks and drafts outstanding
™i,auuuii, ....
Trea«iu-er-» -.-iieral account -
T^Sr
•
due and unpaid
Matured boiMs and interest.......
*"" '""'*^'
0?d debt'"'''
Gold eertlfl(-ateV.
*4 ioi 072
* 762779
8,432,570
791.115
BUvercertSoaS;*:;:::
?3'o^?'660 00
Intci-est
Certificates of de.posii:
i:::;:."
::
$6,217,077 09
30,506,469 28
37,626,841 10
480,461 65
14,774.706 91
364,939 00
6,329
84,279
3,S10
186,550
13,302,349
14
60
00
OS
59
69
50
03
12 3
8 9
8 4
8 9
8 11
7 9
91
59
89
59
59
90
58
89
59
59
6
Wed.
s.
d.
12
8
3
9
4
8
9
8
811
7 8
90
57 6
-9
59
59
Thurs.
d.
«r.
12 3
8 9
8 4
8 9
8 11
7 7
12 3
8 9
8 4
8 9
8 11
7 3
90
90
58
s.
56
6
88
59
59
S-J
59
59
6
O
changes made during the month can be seen.
Description of Bonds.
S.
Bonds Held Dee.
ill
Banks.
1,
1882,
Bank
PublicDeposits
to
Secvre-
Total Held.
Circulation.
610,500
6,871,000
820,000
151.500
$188,820,400
3,526,000
15,000
34,761,650
105,806,300
27,524.000
1.720,900
$196,716,400
3,546,000
15,000
35,372,150
112,677,300
28,344,000
1,872,400
$16,369,000
$362,174,250
$378,543,250
Act July 12, 1882.
Currency 6s
$7,896,000
20,000
3.?,
5 per cents
412 per cents
4 per cents
58, e.xt. at 313
6s, ext. at 31a
Changes in Leqal Tendbes and National Bank Notes to
Dec. 1. The Comptroller of the Currency has furnished us the
following, showing the amounts of national bank notes outstanding 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 notes
—
,
up
to Dec. 1:
National Bank Notes—
Amount outstanding November 1,
Amount issued during November
Amount retired during November
Amount outstanding Dec.
1,
$361,949,353
1882.
$1,341,450
1,498,639
157,189
$361,792,169
1882*
—
39
Legal Tender Notes
Amount on
deposit to redeem n,itionaI bank
notes Nov. 1, 18S2
Amount deposited during November
Amount reissued & b'nk notes retired in Nov.
Balance, including bulUon fund'.... 'o'^^i^'SSS oo
155.764.903 48
Total'Treasurer's gencr.-il account
$788,502,440
Less unavailable funds
695,266
12 3
8 9
8 4
8 9
8 11
8
I».
Bonds held by National Banks.— The following interesting
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 Chbonicle of Nov. 4, page 505, and by referring to that the
Total
deceubbr
d.
s.
Thurt.
.statement, furnished
:
LiABn-rriES,
Fuel.
d.
Wed.
50'8
50%
50%
10oi3,e 1001316 lOOUi.
lOOSis 10119
1013,,
80-o-<;i2 80-40
g0-47»«
104H 10458 104 14
11519
11638
116!%
12314
124
1231s
105ifl
104
104>a
37!%
38
38
I48I3
149?i
1491a
2818
28
27%
6k: 19
Ol^a
61%
2638
2638
26%
133'8
135
ll34>4
t£/fst\ximtxciKl vaiH W^isczlXvLxitaxis^tvos,
Z7.
Total
Tuet.
51
oO's
Consols for money
lOOi^is IOO1618 100%
101 s.g 1013,fl 101%
Consols for account
80-52ia 80-35
Fr'ch rentes (in Parisl f r 80-25
1041*
IO414
U. S. 5s eit'u'd into 3'ss 104H
11531
4JflS0f
115% 116
S.
1891....
U.
123Jfl
123% I2314
U.S. 4s of 1907
105
IO313
Chic. Mil. & St. Paul
103
37i«
Hide, coimuon stock.
C714
37^
149 14
rilinois Central
148^1
148
2779
2779
N. Y. Ontarie & West'u. 28
6214
62
Pennsylvania
Philadelphia & Reading. 2614
'W^n' 26>4
New York Central.
133
13314
133*8
Silver,
$1,622,956,899
1,628,491,042
1882..
daily closing quotations for secarities, &c., at Iiondon,
and for breadstuffs and proviaions at Liverpool, are reported
by cable as follows for the week ending December 8:
$472,112,160
Totnl debt bearing no interest
Paciflo Railroad interest
Market Reports— Per Cable.
ISngllsIi
Interett.
Unclaimed
1,
1,
126,512 00
JUj^onzt'uviii&ammzvcinl J^ngltsTx ^cvas
$134,317,700
250,000,000
738.940,700
280,391,750
413,650
14,000,000
CertiHcates of deposit
Gold and silver ccrtiMcatos
Fractional currency
Debt, less cash in Treasury, Deo.
JOebt, less cash in Treasury, Nov.
38
119 25
Interest on District of Columbia bonds
The
percent
00
00
60
5,3o9
Outstanding.
at 3
55
10,000
126,699
29,860,536
Speaker's eertlHcatos
Paoiao Railroad interest paid
Antouiit
Refunding
5,639 58
12,622,796 68
490,925 49
2,050,000 00
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
EECAPITULATION.
Bonds
6,311,110 34
$172,112,160
AKKTCirate of debt bearing no Interest
TJnoliBmed Pacific Railroad Interest
00
43
77
00
00
30,.591,392 21
Minor coin
Now York and San Francisco exchange
$59,330
.July 17, '01; Feb. 12, '62
Fob. 25, '62 July 11, 02 ; Mar. 3,'63
l^gal-tender notes.
'72
Certllicatea of deposit June 8,
Old demand notes
9'2.940,5S2
26.544.544
3.769.219
15,950.270
5.752,970
cortifloatos
Silver certitliates
DEBT BEARING NO INTEREST.
Oharaeltr of Istue.
$113,364,279 43
50.903,305 21
Gold
6b of 18G3, coutiuutd at 3»a per cent, $2,260,200.
XXXT.
1S82.
1,
Fractional silver coin
Silver bullion
U
do 1865, $70,450;
10^408 of 1864, $289,850: funded loan
«817 3o6- do 1868.1150,500: *:..0(K>;
6» of 1861, con turned at 3 v, per
Jri881.$663.7(S); 3-« cert-.,
•inicirt-
;
DECEMBER
ASSETS,
Gold coin
Gold bullion
Standard silver dollars
which l^fjejer
total of over-<liie debt yet .mtjtanrtliis,
There
$9,.i4o.Oo5 pniu.ipal and, $*«l-^''f
iJen prewntcl for payment, of
J!Il^~i.
i>JiliUinl/iei<t Si77,4l8 8 ou the prinriiial of called bonds,
«i follnwV:' 5.20s of 18(V2, |3«5,.^30: do 1864,
*wh?.T ;.l. olplli
oouboIs of 1885. $368,900; do 18l>7,
U a
itat, «i3!007,200
[Vol.
09
308,744
Amount on
deposit to redeem national
banknotes Doc. 1, 1882
16-$287.867,173 93
$391,420,987 37
$38,081,670
$1,829,113
1,520,369
*
$38,390,414
Circulation of national jrold banks, not Included above, $752,159.
December
9,
THE
1882.1
(.'HRONKJLE.
Of the above imports for the week in 1882, $110,)KK) went
American gold coin and $12,1S1 American stiver coin. Of th»
exports during the same time $4,000 were American gold coin,
a,Dd $2,118 American silver coin.
According to the above the amount of Ugal tendew on
deposit Dec. 1 with the Treaaarer of the United States to redeem
national bank note,i was $J8,390,414. The portion of this depoHit
by banks going into
by banks reducing or retiring their
aireulation, was as follows on the ttrst of each of the last ttve
made
by banks becoming
(1)
Toluntary liquidation, and
insolvent, v2)
(3)
months
Dtpotitt by-
Aug.
Kov.
Oct. 1.
Sept. 1.
1.
DtC.
1.
1.
8
$
act of 1874. 27,406,033 28,100,401 27,876.547 27,122,158 27,070,302
38.6.50,477 39.387,789'39,030,632 3'j.081.670 38,390.114
Total
CoisivctE BY United Statba Min ra.— The following statement,
kindly furni.shed us hv the Director of the Mint, shows the
coinage executed at the Mints of the United States during the
month of Is'ovember, 1882
Tahie.
Fiteis.
Deiwrninatioyi.
119,600
3,500
169.000
$2,392,000 00
35.000 00
845,000 00
292,100
2,300,000
$3,272,000 00
$2,300,000 00
15,200
1,260,000
3,800 o6
128,000 00
3,575,200
1,970,000
22,200
2,750,000
$2,429,800 00
$98,500 00
DoUars
Half
lat«ljr
;
Andrew Emcrlnc,
Prestdeut; J. C. F. Hull. Ca«lilur.
2,832— The Arkansas Nullonal Bank of Hot Hprliivs. Arkansas. Capital.
$30,000. John B. Koe, PreUdant Charles N. Klx. Caahler.
;
Railroad Constrnctlon (New).— The
the completion of track on new railroads
latest
information cf
as follows
Addison A Northern Pennsylvania.- Extended from WesliclU, Pa.,
southwest to tialues, 14 miles. QauiceS feet.
Chicago Burlington & (Jidncy. -I'he Jollet Bockford & Northern
Branch la completed from Herena, III., northwest t« Paw Paw, '<3 miles.
Chicago /c Northwestern. —The 8loiix River Branch U completed from
Brookings, Dak., north to (^asllowood. 34 miles.
Denver •& New Orleans.— A branch Is completed troth the lualu line
west to Colorado Springs. Vol.. 9 miles.
Jersey Hhorc Pino Creek & Buffalo.- Traek Is laid from Stoki'kdale,
Pa, southward, eighteen nUles, nu extension of 10 miles »l<u from
Williamspi>rt, Pa., northward S miles.
Milwaukee I.,ake Shore A Western.— Extended from Monlco, Wis.,
is
:
;
(iDllars
Dimes
Five cents
One cent
666
27,500 00
Total minor
4.742,200
$120,006 00
Total coinage
8,609,500
C:,66 882Sn
in
north to Khinelander, 14 miles.
Minnesota Central.— Extended from Cannon Falls, Minn., eastward 11
miles.
Norfolk <t Western.—Track on the New Blvcr Division is extended
from Glenlyn, Va., north by west 21 miles.
Northern Pacllic— Kxtendcd westward to Livingston. Mon.. 38 miles.
Owonshoro & Na.slivllle.— Extended from Bevlcr, Ky., south t') Ricedale. 4 miles
Gauge 5 feat.
Pensacola &.Atlantle.— E.vtended from Chafflu, Fla., west to Ponceae
I/Con, 45 miles. Gauge 5 feet.
Richmond & Mecklenburg.—Extended south by east to Chase City
Gauge 5 feet.
Rochester & Pittsburg.— Track is laid on the Buffalo Division from
Ashford, N. Y., northward 5 miles, aud from Buffalo south by east 5
Va.. 6 miles.
miles.
—
iMFOBTs AKD ExpoETa FOB THB Wbbk. The imports of last
week, compared with those of the preceding week, show a
decrease in dry goods and an increase in general merchandise.
The total import* were ^8,865,072, against $7,540,880 the preceding week and $9,660,842 two weeks previous. The exports
for the week ended Dec. 5 amounted to $6,287,181, agains t
$6,506,431 last week and $8,109,476 two weeks previous. The
following are the Imports at New York for the week ending
(for dry goo(is) Nov. 30, and for the week ending (for general
merchandise) Dec. 1; also totals since the beginning of first
week
National Banks.— The following national banks have
been organized
2.828—The Braddnck National Bank. Pa. Canltal. $60,000. Robert K.
Stt^wart, President John <J. Kflly, Cashier.
2,829—The CliaiiipalKH .Sutioiial Hank. III. Capital. $50,000. Edwar«
Bail<!y. Prciddciil
James C. .Mlllt^r. (.'.uihU r.
2,830— Th« I'lrnt Natioiiul Hank of C'aotou, U.ikota Tcrrltnrv. Capital,
$.50,000. F. A. (lalK, Piesldent; A. C. KaUm. Caiilili;r.
2,831— The Firxt National Dank of Fostorla, Ohio. C.'i|>ltul, 930,000.
;
1,035,030 1.035,030
9,924,482 10,284,782
Inaolvent bks 1.258,886 1,165,8(>9 1,110,175
IJciulrt't'K bks 9,985,538 10,115,519 10,003,010
Ecauc'K iind'r
fi77
January
St. Paul Minneapolis & Manitoba.—The Northern Division is extended
from Grafton. Dak., north to Bathgate, 32 miles. The Hope Branch is
completed from Kipon, Dak., northwest to Hoi>e, 29 miles.
Woodstown & Swedesboro.- Completed from Swedcaboro, N. J., soutlt-
ward to Oakland. 11 miles.
This is a total of 319 miles of new railroad, making 9.574 miles thms
far this year, against 7,353 miles repi>rtod at the eoi responding time In
1881, 5,624 miles in 188». 3.445 miles In 1879, 2,207 miles In 1878.
1,877 miles In 1377. 2.177 mileti in 187U, 1.237 miles In 1875. 1.767
miles in 1874, 3,507 miles in 1873, and 6,385 miles In 1872.— Kai/rood
Oattlte.
—Messrs. Fisk & Hatoh have issued one of their careful and
on government bonds, giving the facts of
the present market situation and their own views in re{[ard to
it.
They say " As to which of the remaining issues it is most
1882.
advisable for national banks to substitute for their tailed bonds
their circulation, we do not hesitate to reiterate
$1,418,916 as security for
7,446,156 our opinion, heretofore frequently eipieaied, that the fours,
having twenty-five years to run in which they cannot be dis$8,865,072 turbed, and paying at present market price nearly 3 per cent
unexpired term, will
$123,075,789 per annum on the investment for their
338,530.057 probably, in the long ran, prove the most advantageous and
intelligent circulars
NEW TOBK.
FOaSION IMPORTS AT
:
For Week.
1879.
Dry LOOcU
Qek'lmer'dUe..
Total
Since Jan.
1880.
1881.
$538,457
$1,164,181
7,191,007
4.322,403
$1,101,610
6.177,848
$S,355,188
$4,800,860
$7,279,494
1.
Dry gooUs
$?5,440.138 $113,508,381 11104.194,093
224,185,334 329,034,999 302,217,588
Gton'Imer'diae.
Total 48 weeks *309,6J5,472
M43, 143.280 $406,411,033
ii461,605.846
In our report of the dry gooiis trade will be found the imports
of dry goods for one week later.
The following is a statement of the exports (exclusive of
q>ecie) from the port of New York to foreign ports for the
week ending December 5, and from January \ to date
:
EXPORTS FROM NEW YORK FOR THB WBBK.
1880.
1879.
For the week...
Prev. reported..
$8,079,519
318,290,293
1881.
$7,878,042
376,373,197
1882.
$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
at the port of New York for the week ending Dec. 2, and
since Jan. 1, 1882 :
XPOKTS AMD IHPOBTS OF
SPBCIB AT
NEW
Exports.
YORK.
Imports.
Gold.
WUk.
Great Britain
$
Qennany...
West Indies
/Since
Jan.X.
$29,652,492
2,526,150
85,660
6,0S8
Week.
$
285',564
Since Jan.l.
$106,498
401
232
2,686,755
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
All information as to
IS necessarily turned. to the new threes."
the purchase of the threes is given, and every buyer should
have a copy of the circular.
&
—In the distinguished banking house of Dreiel, Morgan
Co. a few changes will be made on January 1. C. H. Grodfrey,
who has been a resident partner in Philadelphia, will remove to
New York. The business of the New York house has become
so great that the presence of another member of the firmhas been made neces.sary. At Philadelphia. George U. Thomas,
Thomas & Shoemaker, will join the firm, and E. T. Stotesbury and James \V. Paul, Jr., who have had an interest in the
busmess, will be admitted to full partnership.
of
—Mr. John R. Hatch, a son of A. S. Hatch, of Fisk * Hatch,
has been admitted as a member of the iNew Y^ork Stock Exchange. He will begin business on the first of January in the
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.
—
200,11)9
South America
i'.obo
All other couutrlea
Tatal 1882
Total 1881
Total 1880
264' 150
1,302,414
$4,000 $33,836,9r)4
440,066
2,186,023
'
s'oo
$286,064
428.313,574.288
822.160
91,516
$3,413,761
51,>'48.611
55,393,536
Silver.
Great Eiitaiu
$122,4.'jO
4,600
West Indc^B
Mexico
South America
2",il8
All other countries
Total 1882
Total 1881
Total 1880
$8,007,391
1,274.950
228.500
17,154
2,il8
817,217
$129, n;> * 10,347,333
44,00(1
195.001.
10.008, !i90
5,687,138
9
—The
National
$26,270
1,208
7.628
85,100
1,000
140,170
1,200,668
1,298,785
119.490
29,415
$93,728
61.992
161.366
$2,816,043
2.688.098
5.176.104
Bank
of the State of
New York
gives notio*
our advertising columns of its reorganization as a State Bank
under the laws of the State of New York.
Anctlon Sales.—The following, seldom or never sold at th*
Stock Exchange", were sold at auction this week by Messra.
Adrian H. Muller & Son:
in
Shares.
shares.
50
37 Columbia Oil Co., $50
First Nat. B'k of Colorao
00>4
141
Springs
oiich
SHi
10 Corn Exchange Bank,
30 Home Insurance Co
$100 each
176»s
142
do
50
do
SOI3 1 .600 Buchanan Farm Oil Co.
4 Republic Fire lus. Co
for$l
each
Co..
441
$1
Trust
10 Unite<18t.ite8
$775 CertlHcate of ludiuua
300 L.oulslana<te Missouri Rivfor $1
Canal stock
lOH
er RR. Co
2 Lvkens Vail- y RK. and
8 Atlantic Dock Co., $100
127
Coal
Co
100
each
. . .
•
THE CHROISriCLK
^78
[Vol.
IXXV.
Quotations for foreign exchange are as follows, the highest
prices being the posted rates of leading bankers:
DIVIDENDS.
Dee.
ThefoUoirliut aiTldends have reoently been aunoanoed:
Same of Company.
Per
When
cent.
Payable.
Books Olosed.
(Days inclusive.)
$3 50 noo.
SaTannnli
AuKiistn
Central KK ABanklugCo
Evansvllle A Tcrre Haute
.<!
4
6
3
Fltflbburft
3I3
& Eaex
Cent, i Hudson
Morris
Riv. (quar)
M. Y.
Norwich & Worcester
Union Pacific (quar)
NEW YOKK,
2
$5
1%
Deo.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
4 83^ «4 841a
4 82is»4 83
4 78
4 82
Paris (france)
5
1 Dec.
1
Dec
15 to
15 to
2 Dec.
9 to Jan. 2
15 Dec. 16 to Jan. J 9
IC Jan.
to
1 I Dec. 10 to Jan. 1
FRIDAY, DEC.
8.
4
8,
1882-3
P. IM.
lias
change this week in the commercial and financial
situation. The trade reports are not in all respects as favorable 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
l)een little
On
the other hand, the railroads and the
country at large wi,ll 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
arguments that home production is so stimulated by it that low prices ultimately ensue;
•while free-traders have always maintained that the tariff was
& forcing influence which was sure to be followed in time by
their chief
-al 78'fl
24%a5
39148
91i8«
(guilders)
Frankfort or Bremen (reiohmarks)
4
26
The Money Miirket and Financial Situation.—There
Always urged as one of
Demand,
791334 HOhi
4 78l2»4 79
Amsterdam
Maltroada.
legitimate trade.
Sixty Days.
Prime hankers' sterling bills on London
Prime commercial
Documentar.y ooinmeroial
22>s
39^
941-1
aias^a
5 211435 1818
39 '8 a
95 •a
4018
95^
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 their
annual statements, or to the idea that under tlie 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 nin. The demand has run heavily on the
3 and 3J,< per cents.
The closing prices at the N. Y, Board have been as follows:
Dec.
Dec.
Dec.
4.
5.
•Z.
58,
1891
1891
1907
1907
Dec.
Dee.
7.
8:
6.
1015s •101»8 -10214
•II214 •112!% 11278 *11278 •11318 ll?3g
MI214 11278 •113 •n2'-8 •llSifl •II3I4
119
II914 •11918 •11918 II9I4
120i« •I2OI4
I20I2 120
ni9»e •120
102
102
10218 10218 IO2I4 •IO2I3
•127 •127 -128
•127
•127
•127
•128
•123
"129 •128 •128
•123
reg.
41SS,
41SS,
4s,
4s,
lOlifl •lOlifl •lOlTg
continued at 312..
Dec.
coup,
•118=8
reg,
coup.
3s, option U. 8
reg.
Ss.oar'cy, 1.895. .reg.
6«, oar'cy, 3 896.. reg.
6a, cur'cy, 1897. .reg.
68, cur'cy, 1898. .reg.
•123
-128
128
88,oar'cy. 1899. .reif.
•12^*
•130
•131
*129
•130
'132
•129
•129
"I29I3 •130
•131
•130
•120
>130
'131
* Tills is the price bid at the mornms board
no sale was made.
In the present instance, it is to be
collapse.
U. S. Sub-Treasury. The following table shows the receipts
hoped that the radicals of both sides will be able to claim that
they were right, and in the meantime the agricultural and and payments at the Sab-Treasury in t'ais city, as well as the
balances in the same, for e<ieh day of th« past week:
mechanical producers of the country may have the full benefit
an unhealthy
of low-priced
;
—
Balances.
iron.
The importation
of gold into the United States in October
Daie.
Jteceipls.
Payments.
Coin.
Currency.
•showed an excess over the exports of about, ^3, 700,000, and,
$
%
$
2
1.902.198 31
2,823,323 34 105,629,705 29 4,820.678 84
taking a general view of the status at home and abroad, is Dec.
"
4.
1.838.729 33
2.411,780 12 105.046.619 87 4.830,707 20
1,110,570 55 107.093.419 02 4,91.'>,6';6 10
5. '3,242.329 20
there any reason now visible why the country should not
"
1,124.386 14
6.
1,492,020 98 107.008,297 99 4,633 132 89
import, say $30,000,000, of foreign gold from Nov. 1, 1883, to
885,251 31 1,049,460 42 103,717,594 65 4,759,641 13
7.
"
1,267,143 12 108,835,519 42 4,632,917 31
8.
1,258,674 07
April 1, 1883? Last year the exports of corn were almost
A nonentity, while other breadstuffs were much reduced in Total.... 10,231.568 39 10.154.012 53
• Includes $1,000,000 certificates transferred from PUiladclpuia.
4juantity, and the cotton crop was small. This year the large
crops are too well known to require comment. The imports
State and Ilailroad Bonds.—The Tennessees have been"
ot iron and steel manufactures must be reduced by the decline rather weak since our last report to-day the old Ixtnds sold at
in prices, while the prospect is excellent for a continued 41}^, Tenness'se 6s at 40^^, and new compromise bonds quoted
The reports from Nashville are various as to the
47(3'48}^,
export of American securities as soon as our markets assume
prospects that the compromise bonds will be allowed to stand;
a steady and healthy tone. It is entirely possible, of course, but outside parties looking at the policy of the State from a
that new phases may arise which will have a disturbing effect, politico-economical standpoint can hardly believe tliat the
but the above remarks are applicable to the situation of affairs late adjustment will be overthrown when there is so little to
be gained by it.
.as we liave it to-day.
Railroad bonds have been dull and prices about steady. It
The money market has become remarkably easy, and stock is apparently a good time for investors to purchase bonds
borrowers have had no difficulty in getting call loans at 4@6 while there is but little movement in them, as it is a rule with
per cent, while government Tbond dealers have paid 3@4 per few exceptions that prices advance between January and July.
.cent.
Prime commercial paper is quoted at 6@6)^ per cent.
Kailroad and Miscellaneous Stocks. The whole market
The Bank of England statement on Thursday showed a gain has been halting and variable from day to day, hanging on the
of £158,000 in specie for the week, and the percentage of re- one point as to what the railroad Titans would do at their
meeting in New York on Friday. Tlie condition of affairs has
.fierve to liabilities was 40 5-16 per cent, against 40=,^ last
been peculiar, and in the absence of other controlling forces
•week; the discoimt rate remains at 5 per cent. The Bank the whole attention of the Street has been concentrated on the
of France gained 5,175,000^ francs gold and 3,835,000 francs railroad war, so that not only tlie prices of the stocks directly
involved, but the whole market depended more or less on the
silver.
outcome of the managers' meeting. Here was an interesting
The New York City Clearing-House banks in their statement situation in which a variation of perhaps 5 to 10 per cent in
of Dec. 3 showed a gain of |3,551,275 in their net reserve, the quotable value of some hundreds of millions of railroad
resulting in au excess of $1,480,075 in their surplus above the property hinged on the possible agreement of four indivrefusal of
The
any one to make a settleiduals.
25 per cent limit, against a deficit of $3,071,300 Nov. 25.
would be enough to prevent it; some trivial ~
The foUowing table shows the changes from the previous ment
circumstance, a bit of ill-temper, a touch of dyspepsia,
week and a comparison with the two preceding years:
a failure to take his usual pill, on the part of a single individual, might postpone an adjustment for an indefinite length
of time. It is not desired to give an exaggerated or ludicrous
1882.
Difer'neesfr'm
1881.
1880.
Vec. 2.
previous week.
view of the matter, but the above is a true statement of the
Dec. 3.
Dec. 4.
case ; and the extent to wliich stockliolders' rights may often be
liOansanddls. $305,473,500 Dca $3,735,300 $313,321,700
$305,701,100 placed for a time entirely in the liands of their officers or
Specie
52,179,800 Inc. 3,934,300
55,316,800
54,534.600
Oroulation...
18.357,600 Dec.
33.100
20.138.200
18.471,400 directors is graphically sliown up by the events of this week.
Het depoeltD
279,234,900 Inc. 1,301,900 286,437,500 276,132,700 Finally, when the meeting took place to-day it was only an
Jjigei tenders.
19,109.000 Deo.
56,800
13,861,700
12,036,700 informal conference and it was adjourned until to-morrow.
I«gal reserve, $69,808,723 Inc. it326,225
$71,609,375 $69,033,175 The tone, liowever, was reported to be conciliating and the
fieserre held.
71,288,800 Inc. 3,877.500
71,178,500
66,571,300 prospect for a settlement was assumed in the Street to be good,
fiurplui
$l,180,073|lnc. $3,551,275 Def.$430,875 Df.2.461,875
so that the market became strong, and prices in some cases
•
;
•
—
.
Exchange.— Foreign bills are a trifle firmer than last week
:and the supply offering does not appear
to be large.
To-day
the actual rates for prime bankers'
60 days sterling bills
were
-^ ^^'*'@* 84; with cables 4 84^^®
i S^(ttffr,int?'"'i
" '^""ted on actual sales. Franck
.
i l^iriTon
•^r'^^P
reichsmarks,
81,':i;
W\^95}^@95ii; guilders, 39^V@
''"'"'
J^%@5
advanced materially.
Railroad earnings keep up remarkably well, and the full
November on another page is wortliy of close
examination. It is not a bad thing for tlie railroads that new
will not again be pushed for some years to
lines
competing
come as tliey have been pushed in the past three years. But,
on the other hand, the actual competition from new lines
opened will be felt more in the next year or two than it has
yet been felt.
exhibit for
NOVEMBBH
RANaW
THE
1883.1
9,
PRlCaS AT THE
INT
(CHRONICLE.
SrOOK BKOHA-tlOBS
N. Y.
ITOK
679
THE
WKffiK, ANCD
DAILY HIOHBST AND LOWKST PRICES.
STOCKS.
MondaT,
Saturday.
Dec. 2.
Dec.
Tuoaday,
Doc.
1.
Wednesilay,
Dec. 0.
o.
Thnrsday,
Deo.
7.
Sal en of
til*
Pnd»jr.
Ran** nine* Jan.
1,
1882,
WMk.
ttbWM.
DecTs.
3IN0B JAN.
Lowut.
1S8».
1,
Tear
I
—
r^w Kigk
Rlfheat.
KAIMtOAIlS.
Allegany Central
AtchlBoii Tnpekatt Santa Ke..
iJOHTuii A N. \'. Air I.iiiP, pref.
BniUnfrtoii Odar K»p. A No..
Oanada soiitli«^ru
Cedar FallH A Mlnuencita
Central Iowa
Oeotral of New Jersey
Oeatral t^aoltlc
Otieaapcake A Ohio
Istpret.
vo
D»
2(1
OblcagoA Alton
dilcago
Qilincy
Paul
& HI.
Do
prol
Northwestern
lb
pref..
1)0
Chicago Konk I»l. A Paomo...
OhlcaKO Ht. L & New Orleans
OblcagoSC. Paal Minn. A Om
pre!
1)0
ClDcluuHtl aandnsky ACIev...
ClevelKiid
IN>1.
A
Cleveland
Columbia
<fc
Cln. <t Inil
OO^j
OS^ 71
Oil '«
81) 's
2:1
;I4
A
OolunibuHCIilr..
—
—
pref.
J)o
pref
Do
Honston A Texas Central
Illinois Central
Indiana Blourn'u A Western
Lake Krle A Western
Lake Shore
..
Long Island
A Naehvllle
New Albany A Ohio
Uftuliattaii
DC
Istpret
common
Do
Manhattan Beach Co
A ChiiieBtun
Hetropolitan iOlevated
jBi\,liigau Central
Mtlwaukoe I,. .Sli.A West.,pre(
Uiuuoapolis A St. Louis
50
75
86 «»
22 T,
23
23
3»3,
3 3 '4
333,
75 Hi
73
Northern
pref
Pacific
Do
pref
Ohio Central
Ohio A Mississippi
Do
SS4
124 "4 125 «8
44>a 46i8
87
87
9'9
A
Saratoga
Ben!"i6L.ier
Allegli.,st'ck trust ctts.
Kich
Danville
Kiel! iioiid
A
Kiclinioud
A
A West Point
A Pittsburg
Kochestor
Kome Watertovvn A ogdeusb.
fit. Louis Alton A Terre Haute
Louis
A
9
Colorado Coal
A
1
09',
71 Hi
861.
87 'S
•22^1,
23
•33"4
34
34
3t
23 Hi •24 14 25 14 •'.'4 Hi
132^ 132 132- 132
124 Hi
125
12434 123
102 -V 100 14 102 14 1001,
11
88
77
46 1»
88
;o
5 '4
23
43
87
46
87
O'a
O'l
614
i'23i4
Viitu
43 Hi 46'1b
•85
88
10
10 Is
9'8
9'a
•18
18
183,
I8H1
SS»4
3338 34 Hi
3538 3OH1
34
31»»
6
•45
•45
•45
62
62
62
•72
78
78
78 Hi
78Hl •72
'7«
•70
•70
77
75
77
144- 144 Hi
144 14412 145 1431. 144 144
3234 S234
32
32
33
33 14
331,.
33
28 '8 39
28 Hi 30'a 293, 30 Hi 2334 9
113^4 11414 1143b115H! 11434 UoHi 114381131^
•57 Hi 69
-58
63
60
67 Hi 57 H: •67
5OI4 6136
5034 ol».
51 Hi 52'%
501a 6II4
•«9
65
70
75
76
70
46=8 4618
-42
42
42
43
43
43
•83
82
36
*SU
86
83 Hi 87
83
•40
•42
•42
42
43
45
•10 Hj 18
17
•16
17
72
72 »
Hi
,
62
73
75
144
31
•70
75
142 Hi US', 143
31
31
31Si
281
27 "a 28 Ki
28
113S) 114^8 II3I4II4IJ
5!1
51)
37 Hi 68
&0>4 51
49'a 51\
USia 45
42
*80
83
*43la 43
17
17
•80
•42
•I6H1
•83
88
»6"8 97 'e
47
47 Hi
27
2818
•84
97
•40
46
Hi
•14 Hi
15
14
SO
30
•90 105
35'4 36 V,
83 "-J 84 -V
47^4
4704
20 'a
27 >8
«
30
'
35 '8
84 >s
47
184 Hi
27
43 Hi
83
44
18
88
98 Hi
48
28 "s
63
Hi
31 'a
lOl^j
123
63
130
14 '1
50 '8 50 Hi
44 '8 46I4
U5Hi 97I3
1312
13Hl
83^8
41i',
133
56I4
25
19 >a
Wit
•42
86
25
51
136
•30
63
12918 130
14
14
*51ia 53Hi
13018 131»»
1434 1434
983,
47
28 Hi
63 'i
30 Hi
1U5
37
Is
'id Hi
60
23 Hi
Hi
19^4 2018
M
31
•90 105
363, 3714
Hi
United states
Wells, Fargo A Co
68H>
•127
130
94
63
129
133
95
63
129
Coal
•27
33
•37
S3
68H1
137
94
•134
95
63
•127
17"a
Little Pittabuig
*17
18
«17
14
13136
1434
BOH
86I4
37H>
Hi
84
•8 Hi
•3
•40
10
44
•40
•10
18
no"
4
40
2,910
1,300
30
33
14
31
363,
83
185
9338
1334
34
32
1334
•33
34
86 Hi 80 'a
107
23 14
36
833,
'167
25 Hi 25 Hi
511,
5934 52
134 4
135 136
143 Hi
143 143
15
Hi
143
38
142
38
10134
iofii i"o2»;
313, 3234
63 14 54 14
•32
94
36 Hi
45
87
33
54
94
36 Hi
15Hl
•36
25 »8
52
5II4
14
Sl"»
66
25
604
1934
204
23
14
43
87
(12
92
9034 91 Hi
142 Hi 141 14134 110414114
37I4 33=8
3634 334
33 Hi
ioi'^ ioiij
32 14 331,
52:<8 5IH1
67
30
10714
24
'•.34
138
93
67
129
•27
S3
•274
•17
18
36
•17
19
10
45
•8
•40
10
•93
67
127
10 i '4 10234
324 3314
52 »8 63 'a
67
67
30 4 304
107
107
•23
'34
36
123 'a •122
81
82
'127
'03
8434
63
•34" "iih
93 Hi
300
4,223
1.450
38,950
63,710
23.902
1,300
1,210
68.100
2,030
224
30
124
813^
131
138
95. 95
•65
70
'137
138
1,524
61,465
110,100
3,639
700
143 Hi 14334 14334
1534 1334
13Hl
133
95
70
129
131
93
8334
3;'
167
25 14 23
44 Hi '40
•35
88
33
•31
34
93 Hi
•42
•86
'31
•51
330
1,200
100
18,786
4,880
1344
02
26
26
1934 20 H»
100
800
66
300
45
463t
1334
300
6,030
3,800
4. 633
46.990
1,110
46,250
500
1301413m
14
•30
100
400
97',
13'4
18
•8
10
43
•40
19
•8
10
44
•40
6
Standard Conaol. Mining
100
233,160
72,033
89,150
4
Sobiiisou Mining
Silvercliff Mining
a
oi-niont
'
Mini OK
>19
18
16
16
'16
6
18
"I
*"
These uie lUe prices bid and a^kuil— no sale waa made at
44
63
BoartL
t
Lowest price
374
97 4
97 4
Mar.
i<
2
4S
69
80
July 31
Jan. 4
Feb. 20
July 28
ti"
Jaly22
414 8eptl9
39 8mt.I6
1464Ang. 16
141 An*. 9
1384 8«pt. 9
144 48«Pt 8
150^8ept.l2
16
31
82
1-.
113
804 109%
20'4
3SlC
32 >4
23
137
16«'
1384 I8S%
1014 IMit
I8»4 140
13«
117
AnV 16 1314 UTla
Nor. 34 1404 Aug.
4Jnne
e
Not, IS 60
37
Jan. 4
Apr. 10 175
itsf
11 129
84 Feb. 1 40
88
B34AaK.30 334 61
114% Aug. 10 81 108%
63 Oct. 19 414 68%
7 02>4 Jnly2« 81
01%
Jan. 7 140
Iuly37 1271, 143
Oct. 13 104
Feb. 2 82
96%
Nov. 2
6
21', Jan. 7 13",
33%
604 Nov. 17 03 Oct 30
II6I4 Apr. 24 1604Bept.I2 107
ISI
88 14 Nov. 22 74 •(Jan. 20 66 118%
83 Apr. 15 86 4 Aug. 3 784 88
8 June 12 18 JaiL 14 13
154June 7 364 Jan. 18 33
88
68 May 12 8834 Oct. 13 84
64
334 Not. 24 433, Oct. 18
6 Nov. 33 10 Jan. 18
47 Sept. 4 110 Feb. 8
330
73 Dec. 2 1114Jan.
131
94
61 Mar. 11 92 4 July 25 83
108
12734 Jan. 4 1.^04 0ct. 18 34
146%
30 Nov. 21 404 8ept.l5 38 <i 67%
334Juuel2 45 July 26 32
66%
n
93
June
4 Feb. 21
404 Nov. 9
40
67
40
82
40
15
1204 Mar. 30
112",
135%
63 Sept. 15
10034 Jan. 3
110%
117%
JUO') 5
Oct. 19
;D6C. 8
Oct. Ill
78
Sept20
004
4:
79
50
Fob. 11
13
77
77
Nov, 24
37
Nov. 9 93
27
Feb. 23
Oct,
25%Jan.
42
68%
Mar. 30
18
4
Apr. IS 105 8ept.23
4134 Mar. II 584 Aug. 13
19 Mar. 6 3334 Sept. 7
50 Feb, 2,^ 77 Sept. 11
26'^Mar. 11 424Au:t. 2
80»8 Apr. 21 11248ept.l2
13 June
33*4 Jan. 21
1934 Mar. 13 128
Aug. 14
47 Nov. 22 87 4 Jan. 14
1233, May 1 138 Aug. 4
104 May 25 1734001. 27
27
May 27 37% Aug. 30
100 May 15 1094Jail. 37
33 4 June 7 4334 Oct. :o
Mar. 8 8734acpt.l5
67
45 Nov. 23 004 Sept. 8
168 Feb. 17 180 Nov. 20
20 4 June 9 3 1', J Illy 28
Oct. 31 34
16
Feb. 37
44 '-4 Mar, 8 80 Bept.13
3334 Mar. fl 54%8ept.l3
8634 Fob. 23 100% Sept.14
113^Jnne 7
63
4
»84Jan. 23
50 Aug. 11
424 Nov. 25 823iJan.
14
July 18
Aug. 4
130%
06
30 3^
M\
96%
84%
1644 190
36% 48%
334 36%
80 4
60
63
32 "t
70
31
33
37%
61
844 88%
60
U ex-divldead*
Nov. 33 130 146
Jan, 6 35
80
Feb. 7 994 171
203 Feb. 13 123 174%
30 4 Mar. 22 33
60
40 July 25 33
60%
60 Sept. 14 39
77%
93 Jan. 16 33 143%
46', Jan. 35 39
66
66 >» Jan. 2' 55
81%
106 4 Jan. 1
90 116%
39 July 13 26
43%
98 8eut.21 70
89%
144
40
2.50
1064Sept.l2 884 113%
55 J1U738 414 73%
38
19 Jaly31 15
09 'a Nov. 25 11934 Jan. 16 1054 131%
Dec.
9
4
2338JunelO 39', Aug. 2
43'aJuue 9 71%Jau. 11
74 Sept,29
53'8%tar.30
67
35
93%SepL13 77
1
Hay
19 1494
Feb. 18 97 4
Nov. 37 804
Feb. 34 132
27 4 Not. 22
15"8Jan. 17
14 June
114 June
May
334 60
64 4 88%
11934 Aug. 15 38% 116%
304 Aug. 17
103 4 Sept. 35 134
180
4334 July 11 .38
68%
145 Jan. 13 130
161
4 Nov.
8
13
33
340
2
Jan. 16
Jan. 17
S Oct. 3
40 Oct. 17
440ct. 12
18 Oct. 2
4 Aug. 12
Nov. 8
4
4 Jan. 17
134 May 20
1
June 24
2
Mar. 2
1 1„ FbI.
tlie
73
30
July le
Nov. 32
Nov. J2
Mar. !•
Apr. 18
Mar. 9
Mar. II
Nov. 25
Nov. 25
Nov. 25
Mar. 8
2934 Feb. 23
87 4 Feb. 24
66 134
60 90
164 63
190 136
4
'is'
1144
100
Central Arizona l>flning
New Central Coal
23
400 65 Nov.
1,120 25 Nov,
4,076 10234 Mar.
430 20 Oct.
299 133 Jan.
3,110 3334 Nov.
1.185 117 June
933,033 76 4 Mar.
Cameron Coal
Deadwootl Mining
Kzcelslor Mining
10
Fall.
200 1314 July20
700 1 1 Nov. 22
900 52 Nov. 21
1,700 23
Nov. 21
7,000
174 Nov. 2:
20 Jan. 3
20 4 Mar. 8
410 55 Apr. 20
100 31 Nov. 24
200 43 Mar. 8
230 7»\ Feb 21
300 26 Fob. 13
664 68 Jan. 19
4.120 108 4 Jan. 26
53,690 34 Nov. 34
26
•16
120 4
00 4
124
1^6
123
68
June
34<,R«ptl6
OSIaSmt. 4
804 Bnt
85 4 Feb.
9934 Mar. 9 112
9734 136
12 June 3 23 4 Jan. 16 18
37%
as
33,935
60 Jan. 30 9334 Sept. 25 84
163 July 28 204 May 9 190 200
slobo 23 Nov. 24 3934 July 26 374 67%
75,090 4634 Nov. 22 67 4 Jan. 7 60
74%
334 130 Juno 27 139 Sept. 8 127
143
17Hl
36
pref
64
•64 4 65
3138 32
101 14 102
19
19
123 123
•52
63
46
33
13S
95
70
130
Hi
6O34 51
42»8 4314
9334 974
1318 I314
•43
87
53',
66H1
32»a
102
20 'a 27
44
86
34
52
94
37
32
233,
5034 6II4
44Hi 461a
961, 98
15 Hi
63
2434 25
1934 20
47
824 83 4
934 994
46
40
"27 4 28
26', 27
60 14
60
2714
26
20 14 20 »8
62
99»8
30
184
34
85Hl 88I4
167 ...
24 4 26 14
5OI4 61^
130
83
271*
26
I3I4
•3IH1
84
....
61
51
45 's 46=8
96 'a 98"
•42
•41
44
•83
86
86
•30
•31
34
•50
52
62
-94
94
96
•36
37 Hi •30
80
93
142
141
141
3718
36Hl 38I4
9
9
1001,10134 iod"
30
30
30 «8
62
51»B 6234
31
82 >8
46 Hi
"I'i'C,
60
25
103,875
i"i5
63 'b
31 3j
31
100a4l013<
19
19
1314
18
i'.oii
316',4(>d
si-ibV)
83
88
•S3
98
a8H> 99 '4
47 Hi 471-1 -46
28 Hi 2834
•65 Hi
65 Hi 66
3138
31 »a 32=8
101 '410214 101 14
I914 19Hl
2818
380 274
200 21
443 127 4
52
75
88
47
18
63I4
3.471
332.941
4,190
70.586
2,500
0,920
100
64,830
33,380
i>
Nov.27
823,
19 4
61.".
37^
32 Hi 32 Hi
83 "2
84 Hi
167
23
24 Hi
4»-'8
50 >a
133
136
66 "4
25 <
•80
98
30 '4 •2>IHl
•90
103
36I4
36 '4
84 >e 8218
47
46 Hi
182
185
26 's
27 H
61
SI
44^8 4334
95 "a 97 "s
13i«
37
•43
•72
•72
4UHl
•134
Mlulng
Mariposa Land A Mining
Maryland Coal
Ontario Silver Mining
Pennsylvania Coal
Quicksilver Mining
9'8
37
134
94
COAL ANI» nilMNU.
„
Consolidation
9',
38 la
8
62
72
72 ^j
"a
•5
i57"i53
Uomestake Mining
6H1
Nov. 21
18.(1112
116 133
60
37
18
Hi
33
"ssia so"
35
36
34 Hi 35 >4 •34" "35
123
124\ 123 14 12314 1231,1231s 124 134
81
81 "4
81% S3
80% 81 '4 80
8UH1 8I34
American
•5>4
Oct. 24
Jan.
107.155
1,440
139
tS
84
60
67
44
14
37
23
i25>4i26i^ ii'is i26'ii
42 14 46 '8 423, 443,
•85
86
86
'123
Adams
S>4
ii.is'ii
760
75 Hi 76 Hi •75
1331a 138 Hi 139
6>4
124 '8 12614
703,
871,
23',
3414
132
126
102 Hi
119 11934 118»,llUiS, lU'a 120 Hi
13034
tl3l'8l36
133
130H>132»|,
153»4 150
xlSl 152
132 I62I4
127 127 Hi lJ6ial27Hl 12034 128
•80
83
4734 48 14
401, 4711,
40 Hi 48
105 Hi 106 Is 104H>103Hl 103 106 Hi
133 Hi 13818 •13814 139
6=4
60»8
86-'^
2:1 Hi
67
80', OS's
09
67
67
69
30
30
30
SOHi 30H»
ice's 106's 100^10714 IO634 107-\ 107 107 "i 107
•22
•22
24
23
23
ron
Delaware A Hudson Canal
Mutual Union Telegraph
Oregon Uailway A .Nav. Co
PaciHc Wail
Pullman Palace Car
Western u nion Telegraph
fiutro Tunnel
Do
•73
68
•17
•30
•52
•94
•36 Hi
•9014
nilHC^KM.ANEOf'IS.
American Tel. A Cable Co
1",
1(1
07
17 '(
pref.
San Francisco
100
\
724
17 '«
44
84 Hi 84 Hi
35
1)0
pref . ..
62
Do
1st pref.
96
at. Paul A Daluth
37 Hi
Do
pref
93
St. Paul Minneap, A Manitoba 140
142
Texas A I'acllic
37 1« 38 =t
Toledo Delphus A Burlington .
Union Pacidc
ib'l"4 102^4
Wabash St. Louis A Pauitic ... 29=8 30^
Do
pref.
63 >8
61
Do
8t.
25
70Hl
87
•22 Hi
34
•24
13218
124 18
10114
>•
80
79
08
18
I314
Wayne A Chic.
Hi
67 Hi 68
'73
60 34
17'a
prel
Ft.
Hj
Hi
44^8
•83
0',
33 14 SB's
Ohio Southern
Oregon A Traus-Conttnontal.
Panama, Trust Co. certlUcatea
Peoria Decatur A l*)vansvLUe..
Philadelphia A UeadiUK
PlttEburg
75
'138'4U0
28
Mi^ 64I4 64
pref..
Do
30'4 3 I'm
Missouri Kansas A Texas
?0'8
lOUi^lol'e 100 Hi
Missouri Paoilic
18'4 IS"*
Mobile A Oliio
Moi'ris A Kssex
123
Kashville Cliiittanooga A St. L. *52
53 Hi •60
New York Central A iludson . 128"8 12934 129
Do
'23
]31Hj'.31Hi
124
124 Hi
60
Ueniphls
New York Chie. A St. Louis...
Do
pref.
New York Klevated
New York Lake Kris A West.
Do
pref.
New York A New Kuglaud
New York Now HavonA {iarl.
New York Ontario A Western.
Norfolk A Western
'4
UTt
88
A
Evansville A Terro Hnnte
Tort Worth A Denver City
Green Hay Win. A St. Paul...
Haunlhal A Ht. Joseph
71
70
86
118Hl 119
132;'4 134^4
lOl'alS.Ji.j 151
152Hi 152 Hi 134
124=4 123 14 123Hll2«
125»4lJU
•75
80
80
80
45^4 4l>>ii
46>4 48 >4
4U'8 47',
103 "a 104^1 104 105 -^ 103 103»(
Ind. Central
Tol.
Delaware LauKawanna A West
Denver A Itlo (Jrande
Daburiue A Sioux City
Sftat Tennessee Va. A tia
ISTa
22',
•33
24 "a 211.J 23
25
132"al3J'o 132'8l32l.
123 i-i lii4>« 124
124^
98 '4 100»8
OV-i 101
US'a 11!)
117 II8H1
133
'.:u^ 132
I33Hl
Plttal>iirK K'lar...
<*reeiivllle,iiret...
Columiius Hocking Va!
Louisville
Lonisvllln
"li3=i "67'<
>33
80
79
•7S
68
86 '8
23
pret
A
OhloaKO UuillnKton
Chicago Mllwaiilcee
8U
79
6
Jail.
3
Jan. 10
Fob. 35
Jan. 20
Sept.
94
%
8%
\
THE CHRONICLE.
680
XXXV.
Vol.
QUOTATIONS OF STATEAND RAILROAD BONDS AND MISCELLANEOUS SECURITIES.
STATE BONDS.
^Cl«r3to6.1906..
small
Cl«u A, 3
to
..<
S,
CUmB,
Cla«l
6a. 10
»s, 1906. ...
C, 4«. 1906
2011,
85
107
1900
22
18
mtol. 1899.1900
7»^ L. Roc« * It. S. IM.
'eJ."
Memu.* L.Rock RR
7»,
21
20
20
7E1..R.P.B.&N.O.RR
Artansan Cent. BR.
Connecticut—6b, 1883-4..
OeorKla— 68. 1886
78, new, 1886......
7b. enrtorBed, 1886
7»,Kolrt, 1890
7»,
SECUBITISS.
ABk.
Bid.
BXOTTRITISB.
25 "a
25 Hi
12
102»^
Mlchtiran—
6s, 1883
78, 1890
MiBBOuri—
6s, dne 1882 or 1888 ....
6s. due 1888
68, due 1887
68, due 1888
6», due 1889 or 1890.
Asyl'm or Univ., due '92
Funding, 1894.'95
Hannibal <& St. Jo., '86
'87
Do
do
New York—
100 110
107 "a
107 Hi
llSia
LouiHiauar—
7b, couBoU, 1914
69
65
62
7b. BTiiall
Sx.matnrecl oonpon
70
(fold, reg.,
88,
68,
6s,
6b,
68,
68,
BKClTBITIEa.
Bid.
J.*J
28
28
No. Carolina KR., J.<£J.
Do A.<tO
1.50
J».
102 "a
117
old,
A.&O
South Carolina—
68, Act Mar. 23, 1869
120
108 >a
108 "a
coup,
coup.
Do
class 3
Consol. 48, 1910
lOS
108
102 *j
119
120
121
Gs,
6
78
Small
1886
loe
3-658,1924
Small bonds
Registered
117
Funding
Rhode Island
6b,
coupon, 1893-99..
58,
Do
Do
,
64
40 >4
40
40
47
403«
4U>«
36
36
36
83
62
60
......
„.
Columbia—
District o(
Ohlo6s,
41
.
6s, new, 18G6
6s, new, 1867
6s, consol. bonds
6b, ex-matured coupon.
63, conaol., 2d aeries.
6s, deferred
6
.
new series, 1914
C'rap'ml8e,3-4-5.6s,1912
Virginia— 6 .. old
6'4
Special tax,class 1, '98-9
class 2 ..
Do
consol'u 68, 1893
Tennessee— Us, olil. 1882-8
68, new. 18»2-8.1900...
J.&J.
off,
B>*.
non-fundable, 1888.
Brown
160
130
off. A. &0.
130
Funding act, 1880-1900 10
1868-18'.>»
Do
10
New bonds, J.&J., '92 8 IS
15
Do
A.&O.. ..
Chatham RR
4
Do
Do
1091a
111
113»4
117
1887
Carolina—68,
68, old,
102
108
gold, coup., 1887
loan, 1883
loan, 1891
loan, 1892
loan, 1893
BBCtJRITIEa.
1899
small
registered
.
RAII.ROAD BONDS.
{Stock
* O.— lBt,Bs,Prk.Br.
& E.— Ist, 7b
Mlnn.itst.l..— l9t,78,gu
l8t, 58, 1921..
i>i
Bt. L. Jack. <S Chic— Ist
iBt, guar. (564),7s,'94
2d (360), 79, 1898
2d, guar. (1881,79,
116
Div.— S. F., 5b, 1919,
S.F.48,1919
Eenver Div.-4B, 1922..
128
128
101 '8
105 105 "a
100 "a 101 "a
88
C. M. & Bt.P.— l8t,88,P.D. 'ISO
"
"
Ill.Cent,— Sp.Div.— Cp. Os
Middle Div.— Keg., 58..
C.St.L.4N.0.-Ten. 1, 78
let consol., 78, 1897 ..
2d, 78, 1907
gold, 58, 1951
2d,7 3-10, P. D., 1898...
Ist, 7B,$g.,K. D., 1902.
Dub. & 8.
2d Div..
lBt,LaC.iJiT.,78, 1893.
iBt, I. & M., 78, 1897...
Ist, I. &D.,78, 1899...
Ist, C. & M., 79, 1903 ..
Coneol. 78, 1906
2d, 78, 1884
Ist, 78, I.& D. E.lt.,1908
e.W. Div., Ist, 68, 1909,
1st, 5B,LaC.«LDiiT.,1919
l8t,8.'Mlnn.Div.,«8,1910
Ced. F.
Ind. Bl.
1241a
C— Ist, 78,'83
7b,
1894
& Minn.— let, 7s
W.— 1st prf.
<6.
110
104
100
'116
P.— l8t,78,'87
2d, 78, 1907
lIll.&Miid.— l9t,6s,1905
C.C.CSilnd's— lst,7B,8.f. 120'a'i
Consol. 7a, 1914
C.St.P.M.&o.— Consol.,6s 104
est. P.&M.l8t,68,1918
Mo. WlB.— 1st, 6b, 1930. .110
Bt.P.4S.C.-l9t,68,1919 110
Chlc.&E.Ill.— l8t,8.f.,cur.
95
C0I.& Oreen.— l8t,68,1916
2d, 68,1026
Col. H.Val.& Tol.— Ist, 5b
Del. L.dtw.— 7b, conT.,'92
Mortgage78, 1907
88
76
95
lOlHi
103
811a
Cleve. P.
111
Buff.
1'20
104
84
Bjrr.BllM!.4N.Y.-l8t,7a
Nasliv.
1980
&
Dec.
— let, 78
40
115
2d, 78, 1891....
117
.
let, conaol., guar., 78
981a 100
Louiav.N.Alb.&C— lat,6e
Mauhat.B'chCo.— 7s,1909
106
91
98
99'4
N.Y.&M.B'h-lst,'78,'97
"
Marietta & Cin.— lat,
68,1909
Coupon,
'
lij
i»«.P»-Ja'v..cp^78,1917i 121
Sa-Dlv., reg., 78, 1917.1
126
Paeiflc of Mo.— Ist,
2d, 7s,1891
lOOHi
'103
106
bda., 8a, 1883.
98
981a
"91
99 Hi
100 Hi
10414
92"
99\
92
100i<
107 "a;
lor"
2d,7e,1893
A
r.-l8t, 78, 18'J0.
100
97 1«
30
99
40
100
lOOH 107
-96
»89
ibi"*
Han.&Naplea- Ist, 78
6t.L.K.C.&N.— R.e.73 105
Om. Div.— 1st, 7s... 107Hi
Clar'daBr.— 6a,1919
St. Chas. Br.— lst,68
90
No. Missouri- lat, 78. 120
West. Un. lei.— 1900, cp.
1900, reg
N.W.Telegrauh— 7s, 1904
Mut.Un. T.-S.P.,69,1911
Spring Val.W.W.— Ist, 68
Oregon KK.
& N.— 1st, 68
105it
109
100
95
115
66H1
108
109
INCOME BONDS.
(Interest payable ij earned,)
Ala. Cent.— Inc. 6s, 1918.
Alleg'y cent.- Inc., 1912.
.Vtl. dt Pac— Inc., 1910...
Central of N. J .—1908.
Col. C.
*
1.
.
.
C— Inc. 78,'90
Reorga'n Tr'st Co. Cert.
Cent. la. — Coup. debt ctf 8.
Ch.St.P.,tM.— L.g.iuc, 68
Chic.4 E. 111.— Inc., 1907
ii's'
96=<
97
91
90
l6t,08. PeirceC.
&0..
Equipment,
1895.
7e,
Income & Ld.
491*
60
Lake E. & W.— lnc.79,'99 30
Sand'kvDiv.- luc.,1920 '30
Laf.Hl.itMun.-Inc78,'99
30
Mil. L. S. & W.— Incomes -78
66H1
78I4 Mob.<fe O.— let prf. debeu.
81
78
60
92
gr., reg.
lBt,RloO.Div.,68,1930
2d pref. deoenrurea
3d pref. debentures
96 Hi
4tli pref.
o.
& Ch.— iBt
124
110
128
65
57
so'
PeoriaD.&Ev.— Inc.,1920
Evans. Div.— Inc., 19'20
Boch.jEPitts.- Inc., 1921.
Rome W.
So. Car.
2d, 78, 1898
2d, guar., 78, 1898.
'110
B.& B.— l8t,68,19Il
Home W.& Og.— Con., let 76"
RocU.dt Pitt.— lat.6s,1921 103
Og.— Inc., 78.
By.- lnc,68.1931
Ji
40
75
70
43 Ht
42i«l 431a
60
St. Louis I. lit. tt So.—
Ist, 7a. pref., int.accum.
2tl, 6a, int. accuni'lativo
115
*
Rich.& Danv.—Cou8.s.,68
•30
'
Mini Div.— lnc.7s,1921
Bt.L.V.&T.H.-.l8t,g.,
.t.L.V.&T.H "
1920
801*
48 >9
Ohio so.— 2il inc., Os, 1921
Ogdena.Ji L.C.— lnc.,19'iO
bmall
1909
l8t,Tr'8tCo.ctf8.,a88'd
2d,Tr'9t Co. ctf8.,a«a'd
iBt.Tr't Co.ctfe.auppl
•33"
..
N.Y.P.&0.-lstiiic.ac7s
Ohio Cent.— llicoinc, 1920
2d,78,1912
3d, 78, 1912
Clev. & Pitts.- Cons, s.f
4th, sink, fd., Os, 1892
Col.C.&I.C. l8t,COUSOl.
ilebeutures.
N.Y.Lake E.&W.-lnc.68
7s
1900
4 Al.— Ist, 78,
40%
Truat Co. certiilcatcs
Leh.A Wilkesb. Coal— '88
So. Pac. of Mo.— Ist.. 104 Hi
Tex.&Pac— let,6s,1905 103
Conaol., 68, 1905
39 Hi
G. BayW.&St.P.— 2d,iuc.
Ind. Bl. & W.— Inc., 1919
Consol. Inc., 68, 1921
Ind'a Dec.tfeSpr'<l— 2d inc
80
Sfgl.&Hy.-Ser.B.,iuc'94
Plain incomes, ti», 1896.
Sterling
Mt.Uy,— luc.,'95
St.L. A.&l'.H.- Div. bds.
80 Hi 8IH1 Tol.Del.Ji B.-Inc.,69,lyl0
Dayton Div 6a, 1910.
93 Hi 94 Hi
Tex..^ St.i..-L.g.,luc.l92.)
Fna»i— tueac an latest gaotationg made tlii« \
IO6H1
DeeM.&Ft.D.- lst,iuc.,88
lllv
*90
Rich.
&W.—
90
Det. Mac. & Marq.— Inc.
100
109 Hi E.T.V.& Oa.-Inc.,68,1931
68 10534
El. C.ct No —2d inc., 1970
Pitts.
1931
Registered, Sa, 1931
Jack.Lan.<K Sag.—68,'91
Uil & So. let, 68, 1910.
58,
98
1151.
3-68, class B, 1906....
•2d consol., 7s,
100
104
Bt.L.&S.F.-2d,6s,cl.A
3.6s, class C, 1906
2d, 78,1913
PittB. Ft. W.
1921....
Ind'polis Div,— 6a, 1921
Detroit Div.-68. 1921..
Cairo Div.— 58, 1931....
Wabash— M., 78, 1909..
Tol.
lst,.ext.,78
l8t, St. L. Div., 7s,'89
2d, ext., 78, 1893.
Equip, b'da, 7b, 1883..
Consol. conv., 7s, 1907
Gt. West.— let, 78, '88
cons., 68.
—
2d,&, 1899
86
Mex. Cen.— Ist, 7s, 1911.. *66'
85
Mich. Cen.— Con., 78,1902 1221a 123
Eqnipm't
'
Pac— lat
3d.7B, 1906
1st, reg., 78,
& W.— Ist, 6e,1919
Sandusky Div.— 08,1919
Lat.Bl. & M.-lat, 68,1919
Consolidated 5s, 190L
Oreg. Short L.— lat,6s
Vt. So.— Oen.,7s, 1909
Exten., Ist, 7s, 1909
Mo.
IokbDIv.- 6s,
Q.
84
•
100 Hi
104
West. Pac— Bonda,68 110 112
So. Pac. of Cal.— 1st, 68. 102 Hi
Union Pacitlc— 1st, 6... 116i8'115Hl
Laud grants, 78, '87 9 'lion's 110^8
Sinkiug funds, 8a, '93l 116=8
Hegistered 88, 1803 .. «
II8H1
Collateral trust, 6s
107 Hi
Kans. Pac— l8t,68,'95 lllHi
let, 68, 1890
107
Den. Div.,6s,aa'd,'99 IO6I4 107
let consol., 68, 1919
99 100
C.Br.U.P.-F.c.,78,'95 100
Pa.Co'a
Kegisteied, 1921
Pitt.c.& St. L.— let,
Leban'n.Knox— 69,1931 i'06"
Louisv.C.A L.— 6a, 1931 100
Metr'p'lit'n El.— let, 1908
l8t.,Ter'lTr., 68, 19'20
Kit.guar. 4 His.lBt c.
1st, sterling
Moirls & Essex.— l8t.7B
78
Pennsylvania
S.& N.Ala.— S.f.,68,1910
L. Erie
9.1.
Conaolidated 7a, 1898..
At.C.<fcP.— lBt,68,1905
At, J.(.'o.& W.— 1st, Os„L
127 ll'28ia
125 14
121
1221a
114
98
981a
1141a
2d, 78, gold, 1883
9934
Cecillan Brcli— 78, 1907
104 'e
N.O.&Mob.— Ist,6si930 90
94
l8t,68,
1919
E. H. <t N.—
92 ICO
General, 68, 1930
87 »8
Pensao'la Div.— 6s, 1920
St. L. Div.— let, 08, 1921
95
2d, 38,
Ohio* Miss.-Consol.
I'iO
Evan9.Div.,l8t, 68, 1920
1051a Pac. RR9.— Cen. P.— G.,69
San Joaquin Branch..
CaJ. & Oregon— 1st, 6s
State Aid bds., 78, '84
119
Land giant bonds, 68.
.
Peninsula— l9t,coiiv. 7s
Chicago & Mil.— 1st, 78
....
Si'^
1
104 Hi 104
104 104 14
86 la
*
101
117
117
120
121
1211a
113
114
96
92
PeoiiaDec.&Ev.— l8t, 68 103Hi 105
Consol. coup., Ist, 78.
Consol., reg., Ist, 78..
Consol., coup., 2d, 78.
Consol., reg., 2d, 7s.
Long iBl. B.— 1st, 78,1898
1st coneol., 5s, 1931
LouisT.A N.— Coua.78,'98
r>.S.—Ist, 6s.
::
1091a
lllia
Lake Shore— l>iv. bonds 12013121
Dos M. <Sl Miu's — l8t,78.
Iowa Midland— Ist, 88.
1921
1st, Min'l Div., 68, 1921
Ohio So.— let, 69, 1921 ...
Oreg'nACal.- lst,68,1921
Panama— S.f.,Bub. 6s, 1910
& W. Pigeon— l8t. 100
Det.M.<feT—lst,7 8,1906 120
,
6s,
4W.— G'l.,6s, 1931
OhioCentral— l8t,6B,19'20
971a
Kal.
Beg., gold, 7s, 1902....
einking fund, 68, 1929
Sinking fund, reg
Binking fund, 58, 1929.
Sinking fund, reg
Norf.
let, Springtield Div..
..
& Ash.— 7s ...
& Erie— New bds.
Registered
N.O.Pac— l8t,68,g.,1920
117
Keut'kyCen.— M. B». 1911
Lake Snore A Mich So.—
Mich.S. <fe N.I.— S,Jd.,78 1051a
Cleve. & Tol.— Sink. Id
107
New bonds, 73, 1886. 106
Ch. & Pac. Div.,68,1910
l8t,Chic.&P.W,.68,1921
Mln'l Pt. Div., 5s, 1910.
C.&L.Snp.DiT., 58^1921
C. & N'we8t^S.1d^'78,'85
Interest bonds. 79, 1883
Consol. bonds, 78, 1915
!Exteu9'n bouda, 7s, '85.
lBt,7B, 1885
Coupon, gold, 7s, 1902.
J. o itneii
63
I
m^
—
2dcou8oUdatcd7»,1911
78
Indianap.D.&fepr.— l8t,78
2d, 68, 1911
Int.& Gt.No.— l8t,B8,gold
Coupon, 68, 190S)
N.Y.C.<fcSt.L.-l8t,6sl921
Nevada Cent. let, 68
N. Pac— G. l.g.,lat. cp. 68
110>a
1st, 4-5-68, 1909..
2d, 4-5.68, 19U9 ..
Easfn Div.— 68, 1921
1910
Conp.,78. 1K1)4
Beg.,7B, 1894
lat.
Hous.E.iW. Tex.— l8t,7s
Am.D'k&Imp.— 5s,19'21
let,eit>,7B, 1891..
Waco&K.,
2d consol., mam line, 8a
2d, Waco & No.,88,1915
78
General, 6s, 19'21
Ist consol. assented, '99
Conv., aHaeut«d,78.1902
AmuBtmcnt, 78, 1903...
I.eli.&W.B.— Con.g'd,a9
_
i"07"
I
48,1921
C. R. I. & P.— 6b, cp., 1917
6»,reg., 1917
Keo. & Des M.— Ist, 68.
Central of N. J.— 1st '90.
Bonds, 7a, 1900
7B0t 1871, 1901
|
.
79
81
GuH C0T.& S.Fe— 78, 1909 108 »4 109
106
Uan.& St.JoB.— 88, conv
106
Oonsol., 68, 1911
H0U8.& T.C.— lst,M.L.,78 IIOI4III
1061a .
let. West. Div., 78
la.
St.
1
61
p.,7a,'97
-
Gal. Har.A S.Ant.— l8t,08
2d, 78, 1905
Gr'n BayW.&S.P.— l8t.6a
.
Win.*
1927
,
Miss. K. Br'ge— 1 st.s.f 68
C. B. & Q.—h p. c, let, '83
Consol. 78, 1903
Bs, sinking lund, 1901..
&
6s.
—
Mortgagees, 1911......
Chicago & Alton- Ist, 7b.
Income 78,1 883
einking lund, Ob, 1903.
o. Kiv.— Ist, 78.
La. &
2d,7B, 1800
Escaii'a
Danv.— Cont'd—
<fe
Debenture
Atl.&Ch.— lat,
,
Central luwa— Ist, 78, '99
Char. Col. & Aug.— Ist.Ts
Ch©8.& Olilo— Pur. m'yfd.
6s, gold, series A, 1908.
68, gold. Bevies B, 1»08.
68, cuneucy, 1918
D., 78,
98^81 Rich.
1151a
110
103
105
99
lucomea, 1900
96
SciotoVal.— Ist, cons., 78.
St. L. cfc Iron Mt.— lat, 78 llSHj
103 ipS't
2d, 7a, 1897
7914 82
Arkansas Br.— Ist, 78.. 104
lOUU 106ia Cairo & Fulton— 1st, 7s 107H>108
55I4
Cairo Ark. <Sc T.— let. 73 103 {lOiS
334! 74
Land grant, 3 1«8, S. A
H.& Cent. Mo.— l8t,'90|«106
Gen. r'v& 1. gr., 6s, 1931
Mobile & Ohio— New, 68. 104 14 105
St. L. Alfoutt T. H.— Ist. 116
IIT
E.T.Va. <tO.— l9t,78,1900 114
72
Collat. Trust. 68, 1892
105
107
Ist con9., 69, 1930 .,
2d, pref., 78, 1894
DivLsloual 5.8, 1930.
Morgan's
La.&T.
—
lat,
Gs
100
921a
2d, income, 7s, 1894 ....
Na8h.Chat.<ftSt.L.-l8t,7B
EIiz.C.& N.— S.t.,deb.c.68
Bellev.& S. 111.—l8t,88
2d, 68, 1901
St.P.Mlnn.&Man.- lst,78 109'4 ill"
Ist, 68, 1920
90
109 1»
Eliz. Lex. & Big S.— 68...
N. Y. Central- 68, 1883.. lOOHi
2d, 6a, 1909
*109
Erie 1st, extended, 78... 122
68,1887
Dakota Ext.— 6a, 1910.
107
2d, extended, 5b, 1919.. 1081a 110
68, real estate, 1883.... 100
Min's Un.— lat,69,19'22
108
102
10214
3d, 78, 1883
St. P. <fe Dul.— lst,59,1931
68, 9ub9cripti()ii, 1883.. 100
1071a
N.Y.C.d^H.— 1st, cp.,7B
4tli, extended, 5s, 1920
134
80. Car. By.- lat, 6a,1920
89
•
89 14.
6th, 78, 1888
lat. reg., 1903
134
2d, 6a, 1931
Ist cons., gold, 78, 1920. I27I2 130
Hnde. R.— 78, 2d, a,f.,'86 1083^
Tex.Cen.— l8t,8.f.,78,1909 102 Hi 104 "a
IstcouB., Id. coup., 7s..
Can. So.— l8t,int.g'ar,5s
96
Ist mort., 78, 1911
102Hi
Harlem — 1st, 7s, coup
Keorg., Istlien, 69, 1908
Tol. Del. A Bu[.— Main,6s '61
*126 128
I.oug Dock b'ds, 79. '93. 11612
iBt, 7b, leg., 1900
Ist, Davt. Div., 68, 1910
Buf.N.Y.&E.— l8t,]916 127
N.Y. Elev'd— l8t,78, 1906 116 118
1st, Tei'ltnist, 68, 1910
N.V.L.E.&\V.-New2d 6
Va. Mid.-M. inc,63.1927
961a N. Y.Pa.&0.-Pr.l'n,68.'95
56%
N.Y.C.&N.— Gen.,6s,1910 45
2d, consol., fd. cp.,
Wab. St.L.&P.— Geu'l, 6s 79
79 >»
Buf.&S.W.— M. 08, 1908
81
TniBt Co. Receipts
Chic. Div.— 5a, 1910....
82
Ev. & T. H.— 1st, cons., 6s
98 Hi N.Y. &NewEng.— lBt,7s
Hav. Div.— 6s, 1910....
90
M.68.1920
Fl't4P.M'rq.—
1st, 68, 1905
TOLP.4W.— l8t,79,1917 106
.
100 "a
Iowa C. & Wesl.- lBt,7s
C.Eap.Ia.F.&N.— l8t,b8 100
&
96
|Minn.<tSt.L.-l8t,78,1927 116
.
Guaranteed
Bnr.C.Rap. & No.— 1st, 58
H.
Mil.L,S.&W.-l8t,68,1921
I
106 110614
Iowa Ext.~l8t, 78, 1909
2d, 7b, 1891
lst,cons.,guar.78,1906 124ial26
S'thw.Ext.- l8t,78,1910
Ecus. <S Sar.- l8t,coup. 135
135
Pac. Ext.— lst,6s, 1921.
let, reg., 1921
Missouri Kan. 4 Tex.
Denv.& Rio Gr.— lBt,1900 109 109
95 1»
Gen. con., 69, 1920
1st coneol., 7s, 1910....
98
Deuv.So.P.&Pac— lat,79,
Cons. 78, 1904-5-6
9208
Cons. 2d, income, 1911
Det Mac. <fe Marq.— 1 st.Gs
1885
2d, 78,
BoBt. Hartl.
iBt,
I
•llOV
Alb.
Kxchnim Pricts)
Aia.Central-l«t 69,1918
Alleg'y ceu.-lst, 69.1922
Itch. T.&S.Fe-i "5,1920
Sinking fund, 69j 1911.
Atl.4Pac.-l9t, fe,1910
Bait.
& H.— Continued& Suso.— lat, 78...
Del.
Ballroad Bonds.
40
10
13
Dbobubbr
THE CHRONICLK
9, 1882.]
EARNINGS.
KAIIiKOAI)
The
New Torh
earnings and the totals from Jan. 1 to
latest date are given below. The statement includes the gross
-«aminge of all railroads from which returns can be obtained.
latest railroad
Laital Baminffn Reported.
Jan.
1 to
Roadt,
Week or Mil
1882.
1881,
9
S
.
Buff. rilt«li..<(W Octoher ...
Biir.Ced.K.&No IthwkN'v
Cairo & St. I,ouif 2(1 wk Nov
-Ced.Kap.AMo.R October.
Cent.Br.Un.fac. 1th wk N'v
Central of Ga... October
Central Pacific Nitvcmbcr
.
.
92.015
77.419
1881.
S
663.818
.
68,189
09,782
8,282
356,642
29.203
414,489
624.218
9,822,371
iii'.Oiiri
5.'59!3»6
2,026,221
370,598
43,.^ 17
875,910
42(!,r>00
2,24-2,00(1 2,297,971 23,768",i76
I14,(!.')(l
til, 2.50
'20(1.781
166,654 2,98i]2'lf
88 i '.683
I
wk N'v
wk N'v
4th wk N'v
3(1 wk Nov
«,), 891
Clilo. Mil ASt. P. 4th
Clilc.
Nortliw. 4th
62fi.OOO
<il7,500
Ch.St.P.Min.AO.
133,084
A
•Chlo.
A
W..Micli.
Cln.Ind.St.l/.AC. October'.
30,.'>70
2,'->o.ooo
Cincinnati Soiitlj Oct4)l)er
240.384
CleT.AkronACol 4th wk N'v
Ooluiub.AOrecii.
;i(l
Col. Hock. V. AT.
3(1
wk Nov
wk Nov
Connotton Val.. i wks Nov
Danbury A Nor. October ...
A Kio Gr. 4th wk N'v
A Ft. I}.. 3(1 wk .Vov
I)et. I.,an. A No.. 4th wk N'v
Dab. A Sioux C. 4thwkN'v
Denv.
DenT.A R.Gr.W. October
. .
Dos M.
Eastern
Octoher
E.Tenn.Va.AGn. November.
A B.8
A T. H.
Ell«. Lex.
Septeiuli'r.
EvanRV.
4th
wk N'v
wk Nov
wk Nov
Flint A P. Main. 3d
Ft.W. A Denver. id
Oal.IIar.ASan A Ang ASopt
Grand Tniiilc*.. Nov. 18. ..
Gr.ISayW.ASt.
4th wk N'v
GuIfColASan.Fe 3 wks Nov.
HannilialAat.Jo 1th wk N'v
Hous.K.&W.Tcx October...
Hcus.A Tex.Ceu ictober
Illinois Cen.( HI.) Noveml)er.
. .
Do
(Iowa) Novcnilter.
Ind.Blooni.A W. 4th wk N'v
A Gt. Noitli 4th wk N'v
Iowa Central
.N'ovember.
K.C.Ft.S. AGiiif 3d wk Nov
Ij. Erie & West'n 4th wk N'v
Int.
.
I^R.
.
November.
Novomber.
AFt.Siiiitlj
X,.Kk.M.Riv.AT.
lion^ Island
Ix>ui»a. A Mo. R.
IjOuisv.&Nasliv
4ih wk N'v
Septemb'r.
4th wk N'v
liOuls.N.A.ACli. October
Mar.Hoiigli.AO. 3d
Mexican Cent.. 2d
Do
wk Nov
wk Nov
So.IJiv 3 wks Nov
Nat'l.. 4th wk Oct
13,9.")0
117,874
.58,(!83
37,636
2,041, 52(1
1.123.302
468,'i21 18,423.000 15.171.187
656,'20O 22,110,591 19,993,732
145,46'
4,599,843 3,.'.89,346
24,070 1,328.635 1.109.5v)9
221,320 2,197,
1.988,549
2,091,610
'i2,436
466,291
335,725
tl4,59
54,492 2,559,063 2,l"29!'799
14,0.')I
20,.510
143,700
17,5?8
171.172
37, S6:
S,431
9,1C!1
44,039
22.859
322,700
343.173
57.35
1«.529
47,802
7,7H0
340,581
3(1.'),
440
12,913
1!)(),063
72,527
24,09(i
412,500
570,419
172,725
63,360
106,403
106.353
3S,'257
41,16
90,346
41,910
34,235
65.526
373,440
151,000
19.100
31.63)
12,087
5,906,858
5,353,780
310,263
1,467,624
1,058,576
3.57,459
1.253.557
1,003,914
Texas A
Tol. Dei.
Pacitic
A
Uiiil.
Union P:u,ilic...
Utah Contiai
24';
l,88i',80'9
1,656,188
,972
Va. Midland...
Ont
i
{it
wk Nov
50.907
159,535
I
36).080
83,137
22.588
139,292 1,013.055
984.915
107,457 4,502,126 3,576,334
13.519
862,802
626,896
2,723.608 27,952,171 27,443,302
137,650 1,255,211
52,76
357,931
136.997 1,!J37,123 1,151,620
332,162 15,406,406 13,133,2i20
71.839
969,08'i
861,714
19.369
||
Coins. The following are quotations in gold for varioas coin.s:
Boverelgng
Silver Ufi and »s8.
$4 81 a$4 87
99H9 par.
Napoleons
— 92 •8 95
Five franca
3 83 •a 3 87
X X Reichmarks. 4 74 a 4 78 Mexican dollars.. S.5'3a 86^i
Guilders
Do uncorainerc'l. — S4Hia
3 96 a 4 00
9!\'a
8pan'hl)(i(iblo(ins.l5 55 •ala 70
Enjrlish silver
4 75 » 4 83
Mex. Doubloons. .15 50 ®15 65
Pius, silv. thalers. — 68 9
70'9
Pine Bilvor bars .. 1 10 ? 1 11
U. 8. trade dollars
99^4 <»
9H%
Pine gold bars
par?»i4 prem. U. S. sUverdollars
99% a par
Dlme« A I4 dimes. — 9Htv9 par
X
Chatham
People's
North America..
Uanover
Irvlnff
Metropelltan
Nassau
Harket
Nicholas
Shoa,k leather..
Corn Hlxchange.
•
Continental
Oriental
k
Tr..
Park
Wall 8t, Natlon'l
North Illver
Bast KWer
Kdiirth National.
Central Nat
Second Natlon'l
Ninth National..
I.'lrat National..
—
—
—
—
1838.
t
25....309.20-l,8n0
8. ...305.173,500
Nov.
Dec.
Boston Banks.
t
«
«
48.'i45.500
52,l?U,iiOO
19,195, 500
19,109.000
277.930.000
Nov.
"27
—
—
—
—
—
2;u.'231.UO0
»
»
lK.59n.700 1.8lfl.»BS,5<>7
18,5&7,600 l,ia0.08S.S»»
—Following are the totals of the Bo.stun banks:
SwcU.
L. Tendert.
5.9U3.T00
S.H3 1.400
3.882.200
9I.7S7.I00
SO.IOT.-VOO
71.717.13»
4,'JS».300
9«,0>U,!S0O
30,137,700
M.loa,l»9
Loans.
i8sa.
Depnaitt.* Oirculation, A.g$. Cltar
*
118.';'i4.800
Dec. 4.
113.071..300
* Including the item
*'
due to other banks."
PItiladelpllia Banks. —The totals of the Philadelpkla banks
are as follows:
Loam.
L.Tmdnn.
DepoMU. Otrculotbi-. Ait.OUar,
1888.
N..V. 'i7
Dec. 4
t
t
71.9UB.S85
74.070,693
»"»
t
65.218.811
61.021.611
18.38,1.043
ie,<6<t,0S.i
«.7I0,8«O
•1.4SI.IIM
5i.SAS.ie4
9.78.'.530
New Street:
Bid. Atkt€
N.Y.t,.AW.-5p.0.g,»tk 83>«
83
"Ist mort
110
....
Unlisted Secaritlcs.— Following are quoted at 3S
Bid. ±$ked.
Am, Railw'y Imp.Co—
ex bonds and stock..
A Pao.—6a,
Incomes
Blocks. 30 p.
Atl.
1st,...
7^
93
10
102
17'a
98
Cent. Branou.
Incomes
18
'8
Bost.H.A E.— New st'k
Old
B'klyn Kiev.— Asa'tpd.
Scrip stock
Ist mort
Buff. N. Y.
do...
do...
2m
Guar. 1st
Ill
92i«
Certs, of Indebt
Ind. Deo. A Springf. ..
2
Ist mort. fund
Lehigh A Wilkesb. Co. 5
Mas'<achusetts Cent
Mexican. Nat
8
Istmort
48'a
MIoh.AO.- Siibi(.45p.o 73
3
N. J. A N. Y.— Com...
N Y.W.Sh.ABuir.—Stk 29
72%
5s
5s ox-Jan. '83 coup. 09's
Subs. O. A W..55 p.o 69
Subs.(old80p.o.ex-b) 33
N.Y. Bus. A West-— Ist 71
Debentures
45
No. Klv. Coust.—8OP.0I02
Subs. 100 p.
Ohio
Ex bd. A stk.
Klver Div. 1st mort.
Incomes
Pitts, vt Western
Istmort
C—
1021a
34
Coutln'l'lCons,-S5 p o 40
Den.A K.G.R'y— Cons. 91
Denver .tHio. Gr. West
Istmort
68
Georgia Central
103
78%
»0
issued.. 27>fl
Or.'l'rana-('.-3ub.60p.o
6I4
SO
1
when
ered
APhUa...
A Can. South
N.Y.Pa.AOhlo
1\
Oregou liiiprovem't... 77's
Istmort
89
Oregon Sh. Line delivSubs. 70 p. c
105
Hubs, ex-bd. A st'k.. 49
6%
Istmort
Great Western Koail since Aug 12,
t Freight eiiruiuus.
Northern Divisiou,
luolmluil in Central Paoitlo eariiings above.
—
,
Meroaatile
PaclBo
Hepubllo
Chic.
• Includes
i
State of N. i'ork
A.merioaQ ISxob
Commerce
Broad war
Istmort
1,914,696
132,1.35
wks Nov
Wab.St.L.APac IthwkN'v
West Jersey
October...
WlBconsin
11488,778
2,821,070
O(^tobor
Vicksli'i^'A Met- (October..
Seventh Ward..
,
112,593,444
192,63-1
2il,9l3
Butcliors'ADcoT
MechanlCH' A Tr.
Qreenwicli
Leather Man'f'rs
312.965 11,613,763 10,983,854
13,789
95,503 1,332,933
884,197
National
58,588 2,063,497 2,062,895 Third
N. Y. Nat. Rich.
18,861
215,385
125,399 Bowery National
371,634
N.York County
572,540 6,371.775 6,150'870 Jerm'n Amerlc'n
164,677 1,762,455 1,672,052 Chase .National..
47.532 2,436,463 2,291,947 Fifth Arenne..
04.54^ 2,911,720 2,481,948 German Rxch.
Germanla
91,573 1,062.949
865,491
U.S. Nat
t4t300
29,874 1,512,305 1,343,672 LIn(x>ln Nat
*nao»
35,284 1,332,552 1,'268,435
Total
05,3S6
iiv,28i.»M> iai',7.saa
32.036
29.560 2,143,1,50 1,837.846
The deviations from returns of previous week are as follows :
52.463
3i5,408 Loans and disooants
383,86:
Dec. %3.-n-),S00 NetdeposlU ...
Inc. |1.S(M.9M
310,552 11,750,479 I0,19u.o83 Bpecle
Inc. 3,8.3 1.HOO Ctroulatlon
SS,10*
Dec
99,571
ueaal tenders
Dec.
5«.800
19,100 1,172,361
833,169
The
following
are
the
totals
for
two
weeks
857,759
LoaTu.
SpecU.
L. Teiuieri. DepnftiU. Circvlntion. Am. OUmr<
IH3,289
165,088
tthwkN'v
IthwkN'v
Qallatln Natlnn'i
Importers'
362,752
12,335
38,001
11324,803
11305,991
."Vovembe.'.
Kulton
Chemical
Marine
. .
Bo.Pac.ofAr.. .\UKHSt...
8o.Pac.ofN.JI. .\.Utf ust. .
flouth Carolina October.
rljcBnlx
City
Tradflunea'i, .
St.
38,470
24,034
307,574
304,237
. .
So. Div. Auj^ust...
Amerle*
CItliens'
Slexican
22,842
Mll.L.Sh.AWesr 4th wk N'v
22,828
16,690
809,367
558,383
Uinn.ASt. LouiH Scptemb'r.
138,41
137,544
ilo. Kan. ATf.x. 4th wk N'v
209.285 1.59,131 5,755,65^ 4,939',436
Missouri Pacilic 4th wk K'v 251,684
166,292 7.301,524 6,070,848
Mobile A Oliio. November, 295,110 262.986 1,876,135 2,144.408
Metropol. Elev November.
215,665 228,502 2,483,192 2,294,529
».Y. Elevated.. November, 315,874 259,449 3,054,277 2,664.575
Kasliv.Cli.ASt.L October ..
180,319 172,121 l,5ii5,359 1,7,50.072
M. Y.AN. Engl'd 4th wk N'v
62,731
55,848 3,127,113 2.569,8-9
Korfolk A West. November.
246,468 228.995 2,190,213 2.061,589
Kortliern Cent.. October
550,225
449,664 4,971,502 4.479.915
Kortlicrn Pacilic 4th wk N'v
162,341
128,583 6,466,082 3,720,499
Ohio Central
1th wk N'v
29,505
23,093
962,864
621,980
Ohio Soutiiern.. 4th wk N
9,379
346,705
8,444
Oregon Imp. Co. October
435,668
2,801,908
OreKOnR.AN.Co October
507,200 464,732 4,213,800 3,566,611
Oregon A Cal... Septemb'r. 125,730
Pennsylvania .. October.. 1,660.051 3,672,971 40,548,832 36,552,212
Peoria Dec. AEv 3(1 wk Nov
11,096
12,064
685,316
608.036
Philadelii.AErie October...
397.164
192,39
3,306.318 2.887,4.59
Fhlla.A Keadin); Octoher... 2,229.513 1,989,948 17.782,478 16,909,623
Do Coal A Ir. October... 1,592.21 1,441,674 12.371,461 11,233,363
£lohiu. A Dan V. 3d wk Nov
174,300
t56,800 3,203.3.50 3,015,993
fit. L.Alt. A T.H. tthwkN'v
42,683
32.463 1,261,096 1,327,863
Do (brclis.) 4th wk N'v
23,090
17.103
797,746
631,832
«t.L.Iron.Mt.AS. 4th wk N'v
250.390 209,32
6,800,330 6,623,164
8t.I.i.ASan Fnin. 4fhwkN'v
10,^,367
86,911 3,243.387 2,872,331
8t. Pani A Dul.. 4th wk N'v
35,797
24,08
1,015,062
657,033
«t. P. Minn. A M. 4th wk N'v
1'22,942 8,011,255 4.350.697
301,347
ficloto Valley.. 1th wk N
14,299
11,330
493,254
403,134
:48o. P.ic. Cal.... August...
124,772
789,2,50
Do
Merohanii
MeohanioB'
Morch'ntH' Rxoh.
21.868,926
•Charl.Col.AAiif;. ;^d wk Nov
Cliesap. A Oiilo. .1 wks Nov
2,434,27i
Chicago & A ton id wk Nov
2(l0.ri3i»
165,597 7,293,980 6,754,146
Clilo. Iliir. & Q.. October ... 2,270,141 2,031,001 17,324,323 17,454.832
Clilo. & Kast. III. 4th wk N'v
36,212
32,578 1,637,2411 1,487.338
Chic.AOr.TnuiK Wk. Dec. 2
New Tork
Manhattan Co
Union
2,554.617
327,042
7,78 :t
342, .'.2.'.
City B«nk».—The tollowinif statenirtnt shows the
condition of the Associated Baoks of New York Cit7
for Ut*
week eadmir at the oommenoemHnt of business on Dee, t-
Latest Date.
1882,
Ala.Gf.Bontlieni Octobfir
88.074
80.875
l,40>.(i23 1,263,023 11,814,821
Atc)i.Toi>.*8.lV Octnlier
Salt. A. Ohio.... .Sei)tisnib'r. l,7.59.2i)l 1,642,634
.
091
Peusao.
93 >a
25
Rlch.AD.Ext.eabg.6tX
Debea.subs
let btmds
St. Jo. A West
63<a
St. Jo.
Kans.
70
70
72 !«
idi^
13
15
Paul rights
9
Ex-bond
31 ii
72ni
4I«
60
16
23
90
79
'rex.ACol.luip.— BOp.o 88
li" Texas ASt. Louis
51
100
20
91
90
A Pacitlo Ist 52
A Neb., let... 30
2dmort
St.
58 •
15
A .\tlan. — Ist. 74
.52"
110
114
95
4
100
20
....
3Hi
Incomes
4
do
& .Merid. stock
mt mort
2d mort
Incomes
1\
40
9
Istmort
Incomes
Valley KB. of Ohio
Istmort
Viok.
65
12*t
Det
Tol. Ci n. So.
Tol. Cln.
St. Louis..
A
15
(i
1st mort., >I.AA. dlr
.
r
.
100
4
53
2S
10
4*
H
>
/
CHROi^ICLE.
682
[Vol.
xxxfi
^fiMBi^bMi^^iaiaM
ItSg" Items relating to Investjients ahd State, Citt akb
Cv)BPORATioN Finances, have this week been transferred to
th£ front part of the paper.
(Quotations in Boston, Philadelpliia and Baltimore.
Sid.
8BCC1UT1K8.
SjeCCBITtES.
Atk.
Cam.
Attb.
6s, coup.,
.Mort., Oa,
118'.
Topekft— let,78
<ft
Lain<l|;rau',78
AilaiitKJ lit Puolflc— 68..
IS '4
Income
'Boston & Main*— 7fl
BoMon & Albany— 7s...
6b
Xoatou
Cs
Bottton
I.oneU— 78
A
ProTlrtence.
jrn— l.fl.
4;osi]i.
A
CoDgreR.'i
Delaware— 6s, rg.&cp.,V
Del. & Bound Br.— Ist. 7i
East Pcnn.— l8t,7.s, 1S88
7*»
115
Ex. 112
VcbritHbiu, 48
«y — D. Ex
<fe
Feiday Nioht, Dec. 8, 1882.
reassembled on Monday, and at once measures were
taken Icoking to the reduction of internal revenue taxes and
import duties, which naturally tends 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 ocea n freights.
The following is a statement of the stocks of leading articles
of domestic and foreign merchandise at dates given
New
gr., 78.
ircTnwka, Cs
Cfcic. Bnrl.
COMMERCIAL EPITOME.
Cons., 6 p. c
Canr. .t Burl. Co.— 6s, '97
Catawlssa- Ist, 7fl, con.c.
t hat. M., 10s, 1888....
78, reg. (S coi.p
Ctiarfrs v.— lKt,7.s. 1901
Conricct'g 6s, ep.,1000-04
<fc
BtiTl. it
Amb'qy— 68,
c.,'83 101 "4
Ig83
103
1889 ....
Cam. * Atl.— lst,78,g.,'93
2(1,68, 1901
BOSTON.
<fe
82 '<
Pasitumpsic- 7t
Kaston&Amb'y— 5s,lP20
El.&\Vm8p't-lst,68,1910
5b, perpetual
Hamsb'g— Ist, Os, 1883
100
H.&B.T.- If t,7s, g., 1890
Cnnnotton Valley— 68
Cons. 68, 1895
8s.
68
Ithaea&Ath.— 1st, gil., 76
Junction— 1st, 6s, 1882
Si^l'u, Mas8.-^H8, iiev 109 « 110
IOI5
2d, 68, 1900
f^t Scott & Gulf—78.. llQi* 47
Lehigh v.— lst,68, reg.'!
47
"s
atartJurd & Erie— 78.. ..
iBt, 68, coup., 1898...
K. City Lawr. & So.- 68 103 -2
2d, 78, reg., 1910
K. City St. Jo.dtC. B.— 7e 113
Cons. 68, reg., 1923 ..
UttlcB. <t Ft. S.— 7b, 1st 106
Cons. 68, cp., 1923
3iaa». Central— 68
69
SVH Little Schuylkill— let, 7s
JCexican Central— 78
105
N.O. Pac— 1st, 6s, 1920.
Hew York & N.Eng.—86 104=2
114ii
No. Peun.— l8t,6s, op.,'85
7s
2d, 78, cp., 1896
». Mexico <fc So. Pa' .— 7i
Gen., 78, reg., 1B03
Ogdeneb.i&L.CIi.- Con.6:
Gen., 7s, cp., 1903
Income
debenture 6s, reg
Colony— 78
Norfolk&West.— Gen., 6h
6a
Oil Creek— Ist, 6s, coupPneblo A Ark. Val.— 78. 113
Pennsylv.— Gen., 69, reg
Jtotlanfl- 6s.l8t
Gen., 68, cp., 1910
103 'i 104
Sonora— 78
Cons., 6s, reg., 1805....
T. ClDD. <t St. L.— l6t, 6f 40"*
Cons., 6s, coup., 1905 ..
Income
9
Cons., 58, reg., 1919
Dayton Division
Pa. &N.Y.C.-78, 1896..
Main WfP
CaWornla tjo.-68
'.
11512
lat!'.J.
i.sax,
.,
86
85 'i
^u£,tka
•173
174
Boston & All>any
Boston Clin. AKtclib....
Boston & l.owell
991.
147 H
BOSI0U& Maine
^Boston & Providence
IBOH 161
Cheshire, preferred
Chic. <fe W. Michigan. ...
Oinp. .'^oniiusky & Cleve.
-«5«B0(ira
K..o..i.tcilk;Ul
»24i..
& Paestimpsic
Connotton Valley
Xastern, Ma.s8
103
125
125
121
1141a
•98
Prelerred
Ton Scott & Ou I-Piel.
Common
Iowa i alls & Sioux City
little Kock & Ft. Smith
SB
Maine Central
Mant-hester »fc Lawrence
Mar. Hiiughton ct Out..
I
.
.
.
110
112
117
112
1121a
119
108
106
.
|
103
115
',
88
107
891a
.
K
Preferred
northern Central..
North Pennyslvania
69I2
<ft
Eile
57
65
59 1\
Pbila. Ger. ANoirisfwu
Fhila. Newtown
K. Y.
.
&
Philadelphia
&
Heading.
25'i
Phlladeljilila & Trenton.
Plill. WifiniiiK. Ji Bait...
PittB.Cln.
bt PanI*Dul.KR.— Lom
Preferred
Jnlted N. J. Companies.
West Chester— C0U8. pret
We«t Jersey
-
^»vltalioM
Pennsylvania
BehuylkiUNaTrgatou!!!
S3k
122
118
43
3d,6»,
ISS.-i......
3<1. Bi>.
1»S7
ioi'
•
M1X.UI « luOUU.
60
&N
&J
A
1
anv.-.Gold,68
Union RR.-lst,goa.,J<)iJ
Canton ndorsed
Virginia
1211..
Pot
&
(&
Tenn.— 6s
Wll.
Wei(iouJLGoid,"'78
WllMi, C, Aug.— fia
IrilUNii
80
101
104
75
T2'2
109
128
U9
00
129
10114
1
66
941a' S15I4
101
116
105''
612
63,600
9,600
1,900
25,000
6.000
10,000
300
20,100
28,300
15,000
The 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.
Other provisions have been quiet. Pork sold on the spot today at $19 25 for mess. Lard was dull for prime Western on
the spot at ll'uOc; refined for the Continent ll'37?^c., and all
December 1162J^c.; South America 12'25e.; contract Westera
for December sold at ll-07?^@ll-10c.; January 10 97^@llc.;
February lie; March ll-02>6@1105e.; April ll-07J^@ll'10c. j
May 1110@ll'15c., closing stronger; December 11'12J^@11 150.;
05@U-07^c.; March ll-07)6@
January ll-02^c.; February
11-lOe ; AprU ll'12}^@n-15c ; May 1117;;^@ll-20e.; June
11 20e.; July 11-22^0.
;
H
Bacon was dull and nominal at 10c. for long clear. Beef
at $]8@$18 25 for Western. Beef quiet at $26@.$2S
for city extra India mess. Tallow steady at 7%c. for prime.
Stearine dull at 1154@ll%c. for prime. Butter is very firm,
and fancy creameries are higher. Cheese is held firmly, and
the fine grades have some attention from shippers.
Rio coffee has been dull on the spot at 7^c. for fair, closes
with rather more demand, and 7/i@7/^c. quoted for that
grade; options have been less active, but have, nevertheless,
advaneetl, and to-day there were sales at 5 50c. for January,
5-85e. for March, 5-95c. for May and June and 5'85c. for July,
hams quiet
while fair sold at 7 35e. for February, 7 '450. for March and
7'50c. for April; mild grades have been quiet as a rule, but
Maracaibo eloses more active at steadier prices. Rice has been
New Orleans molasses has
moderately active and steady.
sold more freely, and as high as 61c. was obtained to-day.
and standard "A" B%@8)ie.
Kentucky tobacco meets with some demand
to fill Regie conbut nothing of moment has been accomplished in the
way of transactions, and sales for the week are only 196 hhds.,
about equally divided between export and consumption. Lugs
quoted at 5^@6^e. and leaf 6?^@13c. Seedleaf was quiet early
in the week, the only sales being 100 cases Pennsylvania, crop
18S0 at 10c. 100 do. Ohio crop 1881, 53^c., and 300 do. Wisconj^Iore recent sales are
sin Havana crop 1881, on private terms.
150 cases 1881 crop Ohio at 3>^@7c.; 100 cases 1880 crop Penn;
109 14
•
104
t
70
1114
II6I2
II6I2 II712
107 12
M.
920
61,600
11,700
tracts,
in6'4
105 lo
iiic-lim.
78, K. ext., 1910......
Inc. 78. end., c. 1891.
:^^
60
6s, I'JOO, A..S. o
6s, gold, 1800, J. ct J
Cen. Ohio— 6a, 1st, M.&S.
W.Md'.-6a, Ist, g:. J.&J,
1st, 1890, J.
J
8a, 3d, J.
bales.
bales,
bales.
2,627
858
22,620
8?ic.
91^
No. Central-Gs,-85,J.JiJ.
'2d,
Preferred
tcs.
170,'299
24,1 0»
I712
N.W.Va.— 3d,
&
47,980
7,77a
496,287
57
74
103
&
&
''*'• STOCKS.
T.,.*^;?
teiiigh
.lvM'eDel.-l8t,6a,19L2
Inc
Balt.&Ohio.— 68,'85,A&0
'Jolumhia&Greenv.— Ista
2ds
2d, guar., J.
J
2d, pref
2d. gr. by W. CO..J..SJ
6a, 3d, guar,, J.
J
Mar. iitCin.-78,'91 , F.dt A.
Atlantic!!!!
JllItROAD BONDS.
fclluKiii V.-7 3108, '96.
RAILBOAD BONDS.
Atlanta* charl.— 1st
guar.J.ttJ
!'itteb.<tCou'eU8.-78,J4J
&Sl. r,.-Com
W. Jersey Jk
812
141,2'29
Raw sugar has fallen to 6J^.
for fair refining and 7?ic. for 96 deg. test Centrifugal, with
small sales even at the decline. Refined sugar has been quiet
at a decline, but the close is rather more active at some recovery; crushed is quoted 9Mc., powdered S@9)is., granulated
l',i3ia
56 »4
and
2,'295
42,539-
Foreign fruits have been quiet.
20
il28i4
PiltsburgdiConnellSTille
.!..
Pennsylvania
rhiladelphia
199
128
264,000
bags.
bags.
bales
hemp
Sisal hemp
1
.
bbls.
BCanila
.
164,000
52,293
32,041
4,178
1,448
39,760
lilils.
Jute
'
.
181,600
60,430
20,677
1,650
866
48,100
891
65,100
12,800
300
26,900
31,096
bags.
Jitte butts
62
I'rererred
114
KasJiua <t Lowell
144
I^ew Yoik & New Eitp..
47
463,
108
Kortliem of N. Hampsh.
Texas APacilic— Ist. 68,g
Jiorwich <fe Worcester...
BloOr. Div.— 1930
Ogdensb. & L. (.hanipl'n
Cons., 68, gold. 1905
Old Colony
1361s
Inc. <fcL. ar.,78, 1915
Portland Sacodt Porlsm.
Uniou & Titusv.— 1st, 7a
Pullman Palace Car
,1125
United N.J.— Cons, 68,'94
Itutland— Prelerred
23
Warren * F.— Ist, 7s, '96
Kevcre Beach A Lrnn
West Chester— Cons. 7s..
Tol. Clu. * .^t. Ltiils
i^ West Jersey— 68, deb. cp.
"Verm'ttfe Maspachnittts
l8t, 68,coup., 1896
"Worcester A Nashua
68
1st, 7a. 1899
Wisconsin Central
143j
Cons. Bs, 1909
Preferred
W.JerseyJiAtl.— l8t,68C
Western Pcnn.— 68, coup
PHTI,ADEf,PHTA.
68, P. B., 1896
RAILROAD STOCKS, f
Gen., 7a, coup., 1901...
Allegheny Vallev
7
CANAL BONDS.
Bullalo Pitts. <St Wesl'n
17=8
Chea. di Del.— I st, 68, '86
Preferred
Lehigh Nav.— 6s,ieg., '84
Camden <fc Atlantic
Mort. EK.,rog., 1897..
Preferred
Cons., 78, r« g., 1911
Catawi sa
20 >a
Greenw'd Tr., 78, reg..
l8t preferred
S3
Morris- Boat l'au,rg.,'85
2d preferred
Peunsylv. — 68, cp., 1910.
Delawato & Bound Bi'k.
Schuylk. Nav.— lst,68,rg
£ast Pennsylvania
51V.
2d, 6s, reg., 1907
Elmlra &. WilUamsport.
40 1.
PrereiTCd
58
BAT.TI9IORE,
Har. r. Mt. .Toy & Lanc'r
74
RAILROAD STOCKS. Pat.
Hnntlngden & Broad T'p "i6H 1B1< Baltimore ,& Ohio
100
Preferred
33 H
let pref
lehigh Valley
64
'.!dpref
J'relerrert
100
Wash. Branc.-!
Xittle Schuylkill
581)
Pari'ersbnrg Br
60
Minehill....
63
Northern Central
50
"Neeqiichouing Valley..
521.
Maryland
Western
50
orfolk <fe West'u— Com
Central Ohio— Com
50
No.
3W,9'27
53
bales.
bblsbbls.
BaJtpetre
58
1,828
1.000
Mids.
Linseed
90
Conv,78, K. C, 18f,3..;
66
Couv. 78, coup. ofr,1893
Ph l.Wil.&Baii.— 4H,tr.ct P2is 9314
Pitt8.Ciu.dtSt.L.— 7a, reg 118
120
7s, coup., 1900
Puts. Titus. <fc B.— 7s, cp.
94=4
ttich.&Dan.— ConB.int,68
Shamokin V. cfel'ott8.-73 113
Suubury & Ei it— Ist, 78.
Suub. Haz. & W.— 1st, 58
2d,es,1938
Syr, 'jen.A Corn.— Ist. 78
2,031
1,500
boxes.
bags, &c,
Kice, E. I
Rice, domestio
91
100
3,291
2,000
hMs.
fkr
1.
lihds.
bbls.
mats.
Spirits titrpeutine
Dec.
122,234
85,640
33,627
7,959
480,069
bags.
bags,
&c
1.
27,601
45,342
147,1S»
54,875
hbds.
Java
18S1.
Dec.
4,931
1,986
12,331
26,524
27,212
88.585
101,429
84,401
29,310
7,959
464.431
tea.
Hides
Cotton
Rosin
Scrip, 1882
191,
and
4,568
1,685
16,843
26,36!
30,476
53,209
bbls.
bbla.
bales.
Sugar
Sugar
Melado
126
Income. 7s, coup., 189C
Debenttvre coup., 1893J
Deb. coup, off, 1893
New Haiuiish..
tc8.
Molasses, foreign
Molasses, domestic
Cons.,68,g.,i.B.c.l91]
Imp., 68, g., coup., Ib9',
Gen,, 6a, g., coup,, 1908
32'.,
Ktchburg
Mint <ft Pel e Maniuetle.
Coffee,
Btigar
Cons., 68,1920...... ..
Cons., 58, 1920
103
Phila. Newt. &N.Y-.— 181
Phil.&R.— 1st, 6s, 1910., 118
2d, 78, coup., 1893
122%
Cons., 78, reg., 1911
12212
Cons., 78, coup.. 1911 .-
<!onn.
JEastern,
Tobacco, foreign
Tobacco, domestic
Coflfee, Rio
1'22
l'r'il..itErle-2d,7s,cp.,'8t
165
Itiver
106
106
Peikiomeu— lft,U8,cp.'87
62
Pork
Beet
Lard
Ck)ffee, other,
108
100
102
122
79,1906
'VT<iCKS,
Atchiso..
120
119
125
da
jYov. 1.
sylvania, 9@17J6c., and 100 cases sundries, 6@18c., making sales
for the week 850 cases; also, 800 bales Havana, 8Se.@.tl 15.
Rosins have continued very slow and common to good
strained are now quoted entirely nominal at $1 75@fl 80.
Spirits turpentine is the feature of the naval store market;
liberal sales were reported to-day at 5l!4@52e. for Southerns,
Refined petroleum for export was
and 52/^e. for New Yorks.
better to-day in sympathy with crude certificates; 110 test
quoted here at 8c. and 70 test at 8>ic. Crude certificates were
very irregular to-day and finally closed at |1 12^, after selling
at |1 16.
The movement in ocean freight-room of berth^ description
has been small, owing to limited supply of tonnage. Rates flria.
Deckmber
THE CHRONICLK
9, 1883. J
COTTON.
Feidat, p. M., December 8, 1882.
Crop, as indicated by oar teletframs
from the South to-night, is ^ven below. For the week ending
ihia evening (Dec. 8) the total receipts have reached 247,017
bales, against 2.55,097 bales la«t week, 242,169 bales the preTiona
week and 259,154 bales three weeks since ; making the total
receipts since the Ist of September, 1882, 2,689,334 bales, against
3,584,038 bales for the same period of 1881, showimr an increase
The Movbmbnt of thb
BiBce September
BeceipU al~
Mon.
Tues.
7,503
3,020
QalTestou
Thuri,
Wed.
3.512
4,016
2,675
FtH.
Total.
4,792
25,548
658
03,871
11,333
1,013
31,099
658
Indlanola, &o.
New Orleans...
Jloblle
BaTaunah
4,724
5,835
6,23
5,073
2,014 13,887
1,484 2,196
1,013
5,289
6,011
Brunaw'k, &o.
Ciarle.ston .
Pt. Royal, &c.
3,014
7,833
1.781
6,812
3,310
7,512 17,642 13.4G8 13,718
938
2,176 2,051 2,185
TTorlda
703
C75
Wilmington
Moreh'd C.Jtc
6,515
Norfolk
6,721
1,659
1,068
1,113
5,885
5,9 BO
6,390
Boston
Baltimore
PMladelp'a, Ac.
338
1,307
1,001
1,293
1,784
2,193
913
1,596
2,365
635
836
213
521
9
76
30.603 50,71'
On
NewOrleans
5.'i,801
Mobile
Unaritston
4,200
8,000
0,000
32,120
43,843
5.200
4,000
Savannah
8alve»ton
Sorfolk
Kew York
743
718
1,006
6,221
213
213
37,701
11,667
8,330
C,893
1,11
1,143
917
266
2,386
40,S32l 41.373 27.721 55.7111217,017
For comoanson, we give the f ollowmg table showing the week's
total receipts, the total since Sept.l, 1882, and the stocks to-night,
«ud the same items for the corresponding periods of last year1881.
1882.
Beeeipti to
Dee. 8.
Galveston
25,518
Indlanola, &c
New Orleans...
65S
68,871
11,333
1,013
31,099
Mobile
Florida
Savannah
Brunsw'k,
<fec
300
Charleston..
Pt. Royal, Ac.
Wilmington....
30,086
748
6,224
M-head C, Ac
213
Horfolk
City Point, Ac
37,701
11,667
8,330
0,803
New York
Boston
Baltimore
917
Phlladelp'a,Ac
.
Total
2,386
1
Stock.
I
Since Sep.
1, 1882.
This
Week.
This
Week.
Since Sep.
1881.
1882.
1,1881.
251,015 118,616
9.476
651,320 275,581
152,536 22,722
14,930
436,621 99, IS';
5,666
333,513 110,158
13,551
3.J1
85,587 20,098
9,370
334,819 79,874
112,857
29,336 60,286
81,030
2,310
15,605 14,74'
379,613 23,519
833
11,468
616,963 60,554
164,015 17,759
2.992
6,306
468,214 31,389
300
4,503
331,599 23,996
262
6,118
9,002
70,985
1,066
5,602
393,922 29,765
8,161
115,272
6,523
31,123
53.658 12,232
6.235
2,735
4,726
20,713
103,4iS
309,843
47,093
2.541
06,622
105,624
325
20,565
76,605
191,331
4,600
42,801
19,033
8,195
23,501)
217.017l2.689.354 233.81412,584.058 812.128 1,020,197
In order that comparison may be made with other years,
give below the totals at leading ports tor six seasons.
Beceipis
at—
Galvest'n.Ac.
New Orleans.
Mobile
Savannah
Charl'st'n.Ac
WUm'gt'n, Ac
Norfolk, Ac.
All others
Tot.thlsw'k.
1882
1S81.
26,206
68,371
11,333
34,039
30,831
1880.
49,368
19,869
60,531
17,759
31,339
21,258
10,063
37,926
29,503
26,113
59.161
16,813
40,885
29,727
7,360
47,452
15,321
247,017
233,811
243,137
21,38;;
6,43
1878.
1879.
we
1877.
The
None.
None.
7,6.J0
8,600
34,647
32.636
40,104
Great
Now
Brit'n.|«-anfj
—
8,22i
Orleans.
18,167
G&lveston
Conti-
nent.
Total
10,549
63,763
22,300
290,941
521,287
51,110
38,365
30,248
66,766
10,749
21.316
174,082
816,418
274.80*
03.1.301
Week.
2,303 To.528
3,ais
9,3d7
69,5 12
Britain.
101,702
208,801
18.581
8»,718
31,712
128,121
NEW ORLEANS.
Mon Tuea
UPr.,AND.?.
Dec. 2 to
Sat.
Dee. 8.
'/
IHou Toe* Sat.
'a
7l»j
86„
9»8
G'd Onl 9»16
tx)w Mldd's 10
Str.L'wMid lOM
9>»,
713
8 '4
up
week
this
81*18
939
9>«
913,8
7l3io
I
Good Ord..
STAINED.
Sat.
Good Ordinary
Strict Good Ordinary,
middling
103,8
•
q6,„
" 9'"
.."".!! 9IB,,
li«,728
9»,e
9^
ia»4^ 103,8 I0»i&
10%
lUi«
ll»a
iiH
ii'ia
12M
12*4
13»ia
ll»i
11>«
12H
Fri. W^ed Til. JBWB.
Xll.
81,*
8»a
9&I8
8>g
8>s
?^«
SV«
9^
103,8
103,8
103,8
10%
10%
10%
8h«
9%
r4«
r4*
10»18
10»l«
10%
10»,« 109,8 10»,6
10».,
10l3,e 1013,8 lOli.!.» 0.J,
ii4„
1013,8'10I»i«
11
11
11
111
im,
I'.Js
ii>«
12U 12>4 i2i4 I2I4 '12>4
im
iim
dIOD Tans \red Til.
7I0
^i ft.
Tvea
10?14 10% lO>k
108,8 10»,« lOIg 10»,8
lOiSie lOii,, 10^8
lOiSig lOli,.
713
T-Hb 81,8
8i4
8-4
8>3
8M
9S,f,
S'la
91i«
SI"
9i«
Oii
Str. G'd Ord
91a
9%
Low Mldd'g 915,8 9i5,e
Str.L'wilia 103,8 103,, 103,8 1104"
Mlddlinir... 10%
11
10% 10% 7.0»i8
[Id.. IC
Good Mfd..|]0%
10% 10% '1OIS18
Str. G'd Mid 1013,8 1013,8 1013,, 11
1U> |11»3
Mldd'g Fairill5,6 1116
Fair
1131,8 '12li« ii2«; '12>4
Ordln'y.ijllb
lO'ia
10%
iWed
Strict Oi-d..
i'4«
9l»i«
10>4
103 18 103i8 107,8
Middling... 107,8 10'*
1038
10=8
Good Mid.. lO'lu 10B9 10=8 lO'a
Str.G'dMld lO'a 10"l8 101316 111,8
Mldd'g Fair 11%
lli-ie ll»ia
12'i,8
I2ie
Fair
121,. 121,
Frl.
i"4«
9%.
9iri,8
Wed Tb.
TEXAS.
Sat. lOao.
8>8
8>s
9l„
Low Middling
157,9i)5
the week are 516,600
doli.very the total sales foot
—
—
Total.
(13,81«
5,780 bales, including 100 for export. 2,100 for consamption,
130 for speculation and 3,450 in traasit. Of the above,
bftles
The following are the official quotations and
were to arrive.
sales for sach day of the past week:
to
Continent.
17.1S2
82,»S3
0«,787
72.075
145,057
For immediate
1832. to Dtc. 8, 13d2.
Great
iei,(Vie
102,22D
Exports
*rom~
625
total sales for forwjurd delivery for
Dales.
202,805
Exported
3,800
10,667
111.530
5,000
28,025
29,400
S4.800
45,227
52.'5
To-day there was furt Jier business in transit, but othersold.
wise the market was quiets middling uplands closing atlO %c.
220,291
1.
6.683
None.
We
234,876
Bept.
29,716 22,250
None.
1,400
3,200 16,300
1,600 15,000
4,301
7,709
Nono.
734
300
2,150
None.
1,600
Stock.
Total.
volee.
way for home consur/iption.
are still without
stocks to attract buyers. Quo'»-ationB were reduced l-16c. oa
Monday. Yesterday there w,-« a large line in transit reported
8tr.
1,427
Ooait-
a small
20,091
23,881
25,813
10,451
19,050
Other
Foreign
France.
The speculation in cotton for future delivery was quite dull
early in the week under review, and prices, though variable, made some decline, under the dull foreign advices, weak
Southern markets and increased receipts at thet. ports. There
had', however, been some speculation for the r',se, based on the
statistical position, and when, toward the clor>e of Wednesday's
business, there was a steadier closing at Li yerpool, there was
a brisk advance, and tlie upward tendency continued down to
the close of Thursday, favored by an '.mprovement in the
Southern markets, a comparatively sma'.l crop movement and
much confidence that prices had " touc'iied bottom." To-day,
weak accounts from Liverpool at the close, especially for the
early months, and increased receipt i at the interior towns,
caused some selling to realize, undf^r whish the advance of
yesterday was lost, but there was r/)me recovery at the close.
Cotton on the spot has been dull, the demand being mostly in
Ordln'/.!S*
Strict Ord..
Good Ord..
From
8.
1881
1880
21,251
62,835
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, 18S2.
Mndinn Deo.
Bxportui to—
Total 1882
Total
Total
26.577
75,162
26,923
26,197
23,032
3,861
22,591
15,922
BInoe Sept. 1. 2689,331 2531,053 2781.194 2536.011 2171,273 1876.637
Galveston mclivle.s India: lola; Charle.stou lucUidoa Port Koyal, Ac;
Wilmington includes Morehead City, *c.: Norfolk includes City. Point, Ac.
Wuk
Other ports
21,951
61,851
20,689
32,513
25,510
3,980
37,227
29,143
1
Great
Brttain.
300
Shipboard, not cleared—/or
Leaving
AT—
Dec. 8,
30,080
91
Total." this week
In addition to above eiporta, oar telegrams to>ni^ht alao fdr*
as the following am'>unts of cotton on shiptMsrd. not olearHd. at
the ports named. We add 8imi)sr figures for New York, wbioh
are prepared for oar special use by Messrs. Carey, Yale h
Lambert, 60 Heaver Street.
300
11,107
York
wUeh
4,277
6,2*i7
aty Polut,*c.
New
17* In January ami Fuliniarr, 1882, Urge adiUtlons ta aur port
ecoipts were niiwle, for oin uloos ilarlnjt previous week* of a por*
tlon o( the Olty Point, dec, morement. CoaMqaontly we have now
revised our weekly and monthly tallies of receipts from Sept. 1, 1881>
t« Fob. 1, 18:32, and IniMirporated the omissions In the weeks to
hoy belong Instead of lusertlns them In balk In Dooomber and Jaaaarx
1882, of 105,2!)6 bales.
1,
Sat.
683
i
I
'0
'18
8I4
81618
979
8>4
Sl'l«
97a
rtxe
8>4
77,8
Sl'i«
SiSie
97b
VrU
978
MAEKBT AXD BALS3
Mobile
FloridK
Barannah
...
4,177
Charlestoi,
*..
5.518
Wllmlncton..
Korfolk+
1.811
1,111
20.805
13,950
29,205
New York
Boston
11.404
20,411
37,«57
21.158
8.950
20.911
15,88(i
19,0 r&
15,789
13,813
171,633
201,230
3,931
56,01p8
7,023
2.300
63,15'
3.a31
BtUtlmoro.
.
.
Pbllailolp'a,&c
Total
4,530
e,443
....
Total lesi..
9,2 10
2,413
8,300
121,
IM
69.774
14,904
750
30,533
1,500
1.888
77.025
1,291
29,733
8.VI.K3
SPOT V,.liKET
OJ-'yiKD.
Mon
111,635
IAil,«8
3.?2.0-8
i.iM.ry,
Total!
KO
.
.jcjulot
„.
and steady
OF SPOT AN
Oott-
Si>ec-
tump. lirfn
1:1
TR.ANSIT.
Transit.
179
474
485
^ jursiQulet and steady
183,793
926,
port.
.jS'.eady at 1,8 doc
and sto<idy
iJ'cs -. fillet
WfV', . Ciiilct
129!tS3 "719.272 131 19S
175,310
EX'
Sat..Qii'y<t
frl
orports from Port Rf^yal, Ac.
t Inciades axporta from W03t Puiut, Jtc
• Inolades
23,110
173.002
131.031
13.313
173,393
299,350
58,063
82,605
113.087
B3,3j3
100,
Total.
Sales.
179.106,700
474
100
3:>(>'
130
3091
297|
....!l,800
4S.
2.1C1'
....jl.liiO
2,o^;,i.ii,uoo,
100 2.100'
....
ertet.
l,80O
1.200
1,100
7QQ
80O
600
130'3, laOl .^.78ol51.5.600^ 0.509
The dally doUverlei given above arn lustaally delivered iA» day pro*
vioiu to Uiat on wUoli tlioy are reported.
THE CHRONICLE
j84
are shown by the follomstatement wiU be found the
ing eomprehenmre Uble. In this
each month each day, and
daily market, the prices of sales for
and total sales
daily
the
to
addition
in
bids,
ihe dosinff
Th« StLES ASO Pbictm of FDTnBua
[Vol.
XXXV.
Thb Visiblb Supply of C!otton, as made np by cable an*telpgraph, is as follows. The Continental stocks aie the figures
of last Saturday, but the totals for Great firitaia and the afloat
for the Continent are this week's returns, and consequent! jr
brought down to Thursday evening; heDse. to make the totals the
complete figures for to-night (Dec. 8), we add the item of export*
from the United States, including in it the exports of Friday only
1882.
1881.
1880.
1879.
Stookat Liverpool
4.')3.000
bales. 'Sl.'b.ooO
50>,obo
332,000
Stock at liondou
75,200
35.200
-10.400
iil,i3a
,.
T->lal Great Britain stock
StookatHavre
Stock
Stock
8u)ck
Stock
Stock
Stock
Stock
Stock
at
at
at
at
540 200
590.200
135.000
2.600
28.000
3,000
25.000
7,100
.
at Marseilles
at Barcelona
at HaiuDUTK
Bremen
Amsterdam
IS.Oi'O
4P.500
10,800
700
Rotterdam
Antwerp
493,400
101.000
123.000
3.500
ia.8O0
380.43g
S6,290
5.9(50
1,213
3i.400
2.400
18.S00
8.70O
1,400
10.
11. OHO
ISO
15,100
1.600
970
2 090
4.780
7,910
5.510
2.909
981
at other oonti'ntal ports.
1,400
15.500
Total oentinental ports....
218,300
224.570
182.531
97.363
Total European stocks.- ..
ladla cotton atloat for Europe.
Araer'n cotton afloat for Eur'pe
EKypt.Brazll.&c.aflt forE'r'pe
Stock In United States ports .
Stock in U. 8. interior towns..
United States exports to-day.
808.500
96,000
558.000
761.770
86.000
382.000
37.000
675.931
43.000
540.000
4 3.000
908.119
205.276
29.000
477,801
76,168
652,878
52.109
753,421
317.468
34,000
.^8.000
812.128 1,020.197
370,-247
256.975
4-2.2 00
H.IOO
Total visible supply
2.631.S03 2,671.614 2,504.326 2.,363.84V
Of the above, the totals of American and other deHcrlption^ are as follows
Amertean
Liverpool stock
391.000
267,000
343,000 223.000
Oontinental stocks
103.000
ICO.OOO
110,000
39,000
3S2.000
American atloat for Europe
558.000
540.000
652,878
United States stock
812.128 1,020,497
908.1 19
753.421
370.'.'47
265. -276
United States interior stocks.. 256.975
317.468
11,100
riulted States exports to-day-.
42,200
29,000
31.000
—
Total Attierloan.
Kast l7idlan, Brazil, etc.
Llven'ool stock
London stock
Continental stocks
India afloat for Europe
Egypt, Brazil, &c., atloat
Total East India,
Total American
2.039.303 2,274,844 2,195,395 1,987.767
—
248.000
75.200
115,300
H«,000
58,000
&0
Total visible supply
Prloe Mid. Upl., Liverpool
114.000
35.200
121,570
86.000
37,000
110.000
40.400
72,531
43.000
43.000
109,000
48.438
68,363
76,168
52.109
.592,500
3!)8,770
308.931
344.078
2,039,303 2,274.814 2,195.395 1,989,767
2,631,803 2.671,614 2,504.326 2.363.845
5i»ied.
6»i«d.
6i6ied
6'>e\tSir'The imporia into Continental ports this week hare beea
71,000 bales.
....
The above figures indicate a decreane in the cotton in sight
to-night of 39,811 bales as compared with ftie same date of 1881 ^
an increase of 127,477 bales as compared with the corresponding date of 1880 and an increase of 2(57,958 bales as compared with 1879.
the movement
At the Interior Towns
—that
the receipt*
is
siace Sept. 1, the shipments for the week, and
the stocks to-night, and the same items for th- correspondingperiod of 1881 is set out in detail in th-j following statement:
for the
week and
—
C:c=t-r';jW2!
C t X- O
» b a ai
b-5''5S.2c£.s-=£o:Ba-is£ =
0) ;c a>
-: .ir-
a*
o
^
Qi
u
J'
a<
^
-1
Ci
03 t-
WlO-^Of-»
CXi
CO tC
f^^;'!
iL.|--0ia:C*)»lCCO-ll-'C
MC^O'»---Jt
Z3t-'-sj«ico)Qoafc3tccoti;H'^ij>--qo
1--
^
w
CT-
C5
CO
o
^
CO
1^
-1
O
t-c
0^
O Ot h- *- OS 00
CJi
ro ao
OS
w
oi
X
i-'O'-.rr
jc
c_— 50^^;J_iC wic^p^y"
Q-.i^^^ct^<c:cc. coco-
>— *- Iv
(f*- CI
;^' I* »F^
en i*k
00 Oi <^ it> tw
ii>^»oo;w M--o;03 m_k w coerce p»
"^V •-'Oap'*4tD>** CC r^ K: *!• IC ai ^ -1 CO r.
*- C Ot- 0> C- *- or. ^» — O — tt.
rf* O: C: W C>5 31 *4
OQ0^COC0»-'0'0'CiO*^CDCJrf^XU'-^Cl
W ;C CO -O
c.toc)'C:OOi''--i3DM>-c-. ^6:c;ii-'Cocoa:
c*;^^o•t'CD-l»-'C•J^lCCeoi-':;'*.C:'Orc
o
o
oo
^O
*-*
COXCJtCOCOO)
If*
6>
!0
«-•
O:
rfi"
m O to
Q ** *i CO ^ H"
01
c;f
o' 'x
5 ^, ^ vi
5; ;:
to
03
^OlXWOt'Csp
CO
toot
cotS-yao — — CO
O'
-a
— Oi (c c w
*^
^
CO
U
The foUowinK exchanges have been made durinir the week
•02 pd. to exch. 100
foi
•47 pd. to exch. 800 Dec. for May.
03 pd tuekch. Ml iiec. for Jan
Jan
•38 pd. to exch. 400
!),•(-,
'2.
•10 pd. to exi h 300 Jan. for Feb.
'02 yd. t» «xt]i. 3U0 l>co.reK.tot«.n.
Dec. for Apl.
•46 pd. to exoh.
600 Jan. for May.
01
CO
CK
CO
CJ*
CO
I
Ot
Aroooc 099
10
kOtOCCODiCo^CO
-sC
-^
o oi
'1 10
M#»_^ coo-toti'to
wccof a' to
c Oi w o -» 05
-J-
03M*-OC**C0
»b0Te
?rS-
<i c: 31
b cc CO V o; M
'-»
k>w-c;»^*^'^o
io c c. 'a. '*j
b U » wV
'*-
CD-loS*.XttUfcC0tCD***-*JCQnC*'O3
J 01
Is
f -• ^ M CO ^o ^
b-Vo: o ^S.O'O'C'Xvro — wo:cX'0;co
uroc r-KJ
C:coo too>
,.iM
»1
WXMM
kOM
cbtcc'-VjciKi
rma year 8
^yi
cr.
I^o^a'0ototo^^^1•*»
pcc_
^aesday
tt>
w
35
tt*
TnuMferable Order»-Saturday, 10-25e.: Monday,
10 2'5o-:
10-25«.; Wednesday. 10-300.; TUursday,
io-40c.- Friday lO*-"*''
we Have Included In the above table.and sliaU continue t'
to glre, the average prloe of futures each
Will
day for each month.
"^"'
he found under ewh .lay f .Uowin? the
abrovlation '• Aver." Tue a
*gofor eaeh month for the week 1, also given
at bottom of table.
*»' 1-; rf^
ob5'wco'cc<ioo^co^'''-occ'u-'o.'
M
-4 -^
Ki !0
O:© >00X
3
O tc Cf O; Oi CD
oooi'-'C'o;'-"-'tvpco
c^^JOio-iHicn
tD Ci H-
€
10
CO
en ;o
to
(to-
C;i
•Includes sales In September. 1882, for SeDtamb,^''- 50<.,' '^"11= September-October lor October, 8l5,B0or8eptember^™Tem»'« f-'"" N^^e"" »«'•.•
Otrt-CC®
cfo
-
OOCQfCOi^-CrCng-CC.JgiO*^
tobvls
^
I
,
ntiuies estimated.
show that thb old ^t«ri«'
^*
^*^« <?:
Dbcembeb
THE CHRONICLE.
9, 1883.J
<han at the same period Isat year. The receiptsjat
the seme towns have been 3,1.54 bales /e«s than the Harae week
last year, and since September 1 the receipts at all the towns
«re S2,137 baleu more than for the same time in 1881.
Quotations for Middliwo Cottox at Other Markbts. In
the table below we give the cliwin/r qao'^ations of middling
'«otton at Southern and other principal cotton markets for each
•daj of the past week.
'iMlea less
—
Week
Satur.
Uon.
Tuet.
Wednes.
TAur*.
9'9
978
979
979
9%
9%
909
9»8
Oalveston
Mew Orleans.
Mobile
9%
9%
9»8<»%
g!Ss^%
9%
9%
SavannaL
10
WiiminRton..
Korrolk
Boston
ir-
.
Augusta
Momiilils..
9%
911,9
18""
u%
Ids
9%
9%
10%
10%
1014
1014
10%
938
9=8
9S8
908
10%
lOH
10%
IOI4
10%
10%
lOH
10%
10%
10%
93g
9»8
938
9»8
9%
9%
938
908
93a
9»8
9^8
97e
..
9 '9
9%
P''8
9%
8t. Louis
Cincinnati
LouiavUle
JW.
10
978
18""
8%
10
Charleston...
Baltlmoi-e .
PhiladolpUia.
KIDDUNO OOTTOK OH—
CLOSINO QUOTATIONS FOR
etiding
JDee.fi.
. .
9 'a
9%
978
9%ffi7g
9%
978
97g
10%
10%
913,8
10>4
9%
9%
9%
9%
9%a7g 9%a7a 9%a78
Bbcbipts from thb Plantations.—The following table is
prepared for the purpose of indicating the actual movement each
week from the plantations. Receipts at the outports are sometimes misleading, as they are made up more largely one year
than another at the expense of the interior stocks. We reach
therefore, a safer conclusion through a comparative statement
like the following. In reply to frequent inquiries we will add
that these figures, of course, do not include overland receipts or
•Southern consumption;
they are simply a statement of the
movement from the plantations of that part of the crop
'which finally reaches the market through the out-ports.
rboeipts fsoh plantations.
.__
••weekly
Wetk
S€CHp
1880.
:S«pt.li£
"
'Oet.
"
"
Wot.
«
13S.413
8t*k atlnttrior
1881.
U
1882,
2.243
77,223
1880.
77.868 !10S.779
124.526
*»
8
13
98,331
199,094 174,810 1T9.883 1*«.509
210.387 1 9 1.05(1 20«,13« 147,013
839,341 1^2.531 242,929 179.702
»;
S
l«
•iM,830 210,587
as 1.768 225.286
219,842 2.1.%S«i
268.615 JSS.ilM
M
''
W
"
»i
I>«1.
I
"
•
17a,i!21 1S4,7»6 138.471)
Tmtms. Rec'ptsfram Plont'm
1882.
1881.
166,559
198.561
228.7S5
ail,73S 209,5'
1880.
:
-
I
1881.
1883.
29.986 18?,607H0.620 88,098
48 622
155.503 163.118
190.684J
76,882 229,272 205,843 210,123
95,675 231,77l|i32.05M 221,049
125.039 i68.220 224,755 271,693
139,317 S!84.6l:i|283,334 266.018
175,092 282,755 263,888 293,898
251,532
256.623 240,562 280,140
282,251 i63.258 322. 1 11 211.740 238.5S8;2»5.341 2«8.,S89
259,154 ^81,562 345.706 244,163 ^74,C22:25-:,007 291,537
205.193 232,216 242,ie!< 281,476 367.060 259,175 208,106.263,570 257,221
218,341 232,170 263.097 1J87,717 393,080 275.700
,582 218,106;271,62a
«43.I3< 238,844 217.017 303,003 415.599 391878 258,423.261,367 202,693
The above statement shows
—
1.
That the
total receipts
from the
plantations since September
1, in 1882, were 2,964,345 bales; in
1881 were 2,954,232 bales; in 1880 were 3,045,359 bales.
3. That, although the receipts at the out-ports the past week
were 247,017 bales, the actual movement from plantations was
362,693 bales, the balance going to increase the stocks at
the interior towns.
Last year the receipts from the plantations for the same week were 261,357 bales and for 1880 they
were 258,423 balas.
Amount of Cotton
in sight Decbmbbr 8,—In the table below
we give the receipts from plantations in another form, and
«dd to them the net overland movement to November 1, and
«lso the takings by SoutUern spinners to the same date, so as to
j^ive substantially the amount of cotton now in sight.
685
Texas.—Then baa been no rain during the
formed in this vicinity on two nighta. The thermometer has ranged from 30 to 72, averaging OO.
Wealherford, Texas.— "We have had no rain during the
week, but the weather has been very cold, interfering somowliat with picking. The thermometer has averaged 4S, tha
highest being 70, and the loweet 17.
Beltun, Texas.— No rain during the week. The thermometer has ranged from 32 to 79, averaging 56.
Luling, Texas.— There has been no rain during the week.
Average thermometer 53, highest 75, lowest 80.
'New Orleans, Louisiana.— It has rained on two days of the
week, tlie rainfall reaching sixty-one hundredths of an inch.
The thermometer has averaged 58.
Shreteport, Louisiana.— We have had clear weather during
all of the week.
The thermometer lias ranged from 28 to 72,
Vicksburg, Mississippi.— It has rained on one day of tho
we< k. Tho weather is now bright and cold.
Columbus, Mississippi.— It has rained on one day of the
Buntsville,
week.
Ice
week,
tlie
inch.
The thermometer has averaged
rainfall reaching thirty-seven hundredtlis of
66.
46,
aa
ranging from 21 to
—
Little Rock, Arkansas.
It has been cloudy on two days of
the week, with light rain on one, the rainfall reaching twohundred ths of an inch. Average thermometer 42, highest 65,
lowest 15.
Memphis, Teunessee.—lt 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 ia
being made in marketing the crop. The thermometer liaa
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 thermometer ranged from 39 to 81, and average 52.
Nashville, Tenne.isee.
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 68
and the lowest 11.
Mobile, Alabama. It has been showery on three days of
the week, but as the week closes there is a favorable change in
the weather. The rainfall reached thirtv 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 haa
averaged 50, ranging from 24 to 67.
Montgomery, Alabama. We have had rain on three days
of the week, the rainfall reaching twenty-six hundredtlis of
an inch. Since yesterday the weather has been too cold, with
plenty of ice. The thermometer has ranged from 23 to 68,
—We
—
—
averaging 48.
Setma, Alabama. ^We have had light rain on two days of
the week, the rainfall reaching twenty-five hundredths of an
inch. Ice formed on one day this week in this part of tb»
—
Average thermometer 44. highest 64, lowest 15.
Madison, Florida. Telegram not received.
Macon, Georgia. It has rained on one day of the week.
The weather has been cold, with ice. Average thermometer
43, highest 64, lowest 26.
During the month of November the
rainfall reached two inches and seventy-five hundredths.
Colutnbus, Georgia. We have had rain on one day of the
week, the rainfall reaching forty hundredths of an inch. Tha
thermometer has ranged from 23 to 67, averaging 50.
Savannah, Georgia. It has rained very lightly on one
day of the week, the rainfall being too small to measure. The
thermometer has averaged 53, the highest being 68 and tha
State.
—
—
—
—
lowest 34.
—
Augusta, Geotgia. The early part of the week was clondr
and threatening, with light rain on two days; but the week
Receipts at the ports to Dpcember 8
bales.
2.689.3,'54
2,584,05S closes clear and cold. The rainfall reached thirteen hundredths,
Interior stocks in excess of 8ept. 1 on Deo. 8
274,891
370.174 of an inch. Cotton picking is drawing to a close. Planters
Total receipfiS from plantations
2 954 2^2 are marketing their crop freely. The thermometer has averaged
2,964,245
244,112
220,910 48, ranging from 29 to 65.
S0,f0O
70,000
Atlanta, Georgia. It has rained on one day of th*
Tha
Totalinsif;ht Dcoeralier 8
3,299,3,57
3.215,142 week, the rainfall reaching six hundredths of an inch.
thermometer has ranged from 19 to 62, averaging 43.
It will be seenliytUe above that the increase in amoimt in slglit
Charleston, South Carolina. We have uad rain on one
to-Blebt, as compared witlilast year, Is 53.215 bales.
"W«ATHBR Reports by Telegraph. —Generally clear weather day of the week, the rainfall reaching three hundredtha of
ias prevailed at the South during the week. The tempera- an inch. Average thermometer 50, highest 64, lowest 36,
The following statement we have also received by telegraph,
ture has, however, been considerably lower,
1882.
1881,
.
—
—
especially as the
closes.
Picking still continues to make satisfactory
progtess. except so far as the low temperature interferes with
week
the work.
Galveston, Texas. "We have had showers on two days of
the week, confined in the main to the coast. The rainfall
readied two hundredths of an inch. Picking still progresses
favorably. Prospects are still unchanged. The entire crop
will never be picked. Average thermometer 58, highest 71,
lowest 4.5.
Indianola, Texas. We have had rain (mere drizzles) on
three days of the week, doing no harm. The rainfall reached
ten hundredtlis of an inch. Tlie thermometer has ranged
from 35 to 77, averaging 60.
Dallas, Texas. We liave had no rain during the week, but
some frost and ice. The thermometer has averaged 45, the
highest being 73 and the lovcest 17.
Brenham, Texas. There has been no rain during the week.
Ice formed in this vicinity on three nights. The tliermometer
has averaged 53, i-auging from 35 to 80.
Palestine, Texas. We liave had no rain during the week,
but we have had ice half an inch thick. Picking makes good
progress. Average thermometer 49, highest 71, lowest 87.
showing the height of the rivers at the points named at 3 o'elook
December 7, 1882, and December 8, 1881.
—
—
—
—
—
Dec.
Feet.
New
Below high-water mark
Al>ove low-water mark.
NasUviUe. ....... .....Above low-water mark.
Shreveport
Above low- watermark
.Above low- water mark
Vloksburjc
Orleans
Memphis
11
7
7,
'82.
Jneh.
H5
Dee. S, '81.1
Feet.
6
''\
5
22
12
3
4
lU
I»ek.
7
9
•
7
llnr.
New Orleans
reported below high- water mark of 1871 until
the zero of gauge was changed to high-watoc
mark of April 15 and 16, 1874, whioh is 6-lOths of a foot abova
1871, or 16 feet above low-water mark at that point.
Sept.
9,
1874,
when
—
Jutb Bdtts, BAOGiNa, &c. There has been a good denumt
for bagging since our last, and parcel-t are moving freely, "nia
orders are principally for small parcels, and large lots continne
neglected. Prices are steady, and holders are quoting !%«,
for 1J6 lbs., 754e. for 1% lbs., 8^0- tot 2 lbs. and 9^0. foe
standard grades. Butts are not active, and the trade doing is
of a jobbing character. SoniS sales are rep irted, about 1,500
bales being t^ken la lots aa wanted. Prices have not ohanged.
THE CHRONICLE,
686
bagging
at 2 7-16®2 9-16c, white
and paper grad«scan be had
qnaUties are held at 25/6@2 II-I60.
have daring
ISDix Cotton Movbxbnt from all Ports.—We
India service
She past year been endeavoring to rearrange o«r
and at the same time
»o as to make our reports more detailed
impossible
to keep
more accarate. Hitherto we have found it
out of our figures, as cabled to us for the ports other than
Bombay, cargoes which proved only to be shipmentH from one
we
India port to another. The plan we have now adopted, as
lave reason to believe, will relieve us from the danger of this
We first give, the
inaccuracy and keep the totals correct.
Bombay statement for the week and year, bringing the figures
down
to
December
Great
Srit'n.
1882
1881
1880
1879
Oontt-
Continent,
Great
Britain
Total.
iieiit
Since
Jan.\.
This
Week.
Total.
I
'
Great
Continent.
Britain.
Total.
400
400
3,000
2.100
9i)0
Great
Britain.
Continent.
109.S00
115,900
33,500
148.300
4.1,100
15/, 000
8,500
74.500
24,100
Uadras—
2,900
2,900
1,200
1,200
66.000
23,500
600
All others—
1882
1881
19,100
6,500
7i5.20D
re. 100
48.200
298,000
213.100
56,100
25,500
^talall—
1882
1881
4,500
3,000
4,500
900
2,100
32,000
.
231,900
164,900
The above totals for the week show that the movement from
the ports other than Bombay is 1,500 bales more than samtweek last year. For the whole of India, therefore, the total shipments since January 1, 1882, and for the corresponding periods
of the two previous years, are as follows:
EXPORTS TO EUROPE FROM ALL ISDIA.
leeek.
Since
Jan. 1.
14,000 1,425,000
4,500 293,000
20,000
3,000
918,000
213,100
18,500 1,723,000
23,000 1.161,100
This
week.
trojn—
Sombay
AU other p'rts.
Total
1880.
1881.
1832.
la all Snrope
This
Si7iee
Jan.
1.
This
week.
Since
Jan.
1.
0,000
2,000
893.0O
235. lo
12.000
1,12«.1<!'
i
statement affords a very interesting comparison of the
total movement for the three years at all India ports.
Alexandria Receipts and Shipments. Through arrangemeatB
we have made with Mes.sr3. Davies, Benachi & Co., of Liverpool
and Alexandria, we now receive a weekly cable of the movement"
t>f cotton at Alexandria, Egypt.
The following are the receipts
ad shipments flor the past week and for the corresponding we^k
of the previous two years.
This
Tear Beginning September
Monthly
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of 7,000
bales, and a dearease in shipments of 6,000 bales, and the
shipments since January 1 show an increa-^e of 477,000 balss.
The movement at Calcutta, Madras and other India ports for the
last reported week and since the 1st oE January, for two years,
has been as follows. " Other ports" cover Ceylon, Tnticorin,
Kurrachee and Coconada.
Shipments since January 1.
Shipments for the week.
1882
1881
E^
Receipts.
4.000 10.000 14.000 789,000 035,000 1,425,000 14,000 1,711,000
11,000 11.000120,000 3.')6.000 .192.000 948.000 21.000 l,293.00<j
3.000 8,00010,000 367.000 520.000 893.000 14.000 1,151.000
4,000 260,000 363.000 628,000 7,000 357,000
4.000
Calcutta—
1882
1881
—
Comparative Port Rbcbifts and Daily Crop Movb.mbnt.
corapari-ion of the port movement by weeks is not accurate
as the weeks in different years do not end on the same day of
the month. We have c jusequently added to our other standing
tables a daily and monthly statument, 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 Suptember 1, 1882, has been as follows:
In January aud Pebiuary. 1832, larjii aildItion.i to oar port
receipts were made for omissions duriuii previous weeks of a portioa of
the City Point. &c., luuvemeut. Consequently we have now revised oar
weekly and monthly tOilos of receipt! from S.'ipc. 1,1881. to Feb. 1,
1882. aud iiioorporatcd the omissions in the weeks to whleh they belong
instead of inserting them in bulk In December and January.
A
7.
OMBW
RBCBIPTg AND gHIPMEVT-S FOR FOPR TEARS.
Receipts.
Shipmentt this week. Shipments since Jan. 1
Xmi
last
1882
1881.
429,777
853,195
326,656
930,534
Sept'mb'r
October..
Novemb'r 1.0?4,6
1880.
JUaeandria, Egypt,
December 7.
18H2.
Tot al year 2.40 1.937 2,257,015 2,433,207
PttTo'tago of tot. port
41-42
47-81
i->w«lpt«. Nov 30.
170.000
1. 016,000
1
flluoe Sept.
This
Since
week. Sept. 1.
Snorts (hales)1& Liverpool..
?n»Ooatlueiit
Total Europa.
This
Since
week. Sept. 1.
This
ijas
»
week. Sept.
This statement show.-< that the receipt/* siuue Sept. 1 up to
to-night are now 15;i,200 bales more tlian they were to the same
dav nf the month in 1881 and 7.652 bales less than they were
We add to th^ table
to the same day of the month in 1880.
the parceatages of total port receipts which had been received to
December 8 in each of the years named
The lixFORTs of OurroN from New i'ork this week show aa
increase, as comp-ired with last week, the total reaching 19,07&
Hulow we give our usual
bales, against 16,.t17 bales last week
table showing the exports of cottou from New York and their
direction, for each of the last four weeks ; also the total exports
^nd direction siuca September I, 1SS2, aad in the last column
the total for the same period of the previous year •
BXPORTSOF COTrON (BALES) PROM NEW YORK 8IN0B 8aPT. 1. 1382.
7.000
4.077
75 ,00:
17.000
8i.000h2l.958,119.387 11.077
9e.2.n
«•
'•»W
Kov.
Kov.
Hov.
Dec.
16.
23,
30.
7.
Total
since
Sept.
1.
period
previ'us
year.
200
9,372 13,356 201.074 101,027
3,12ii
600
3,408
Total to Great Britain 16,366 14,115
9,372 13,Dou 204,200 104,435
16,36d 13,945
Liverpool
Other British ports
012
300
7,.
17,125
12,748
83.500
36.8371
—
24,231
Total to North. Ebrope
62
300
G42
73
17,123
12,748
3.699
1,810
26,028
19.122
11,500
1,001
2,607,
912
948
•2,089
3,090
1.300
3,147
3.181)
26,8S.s
1,740
6,412
7,513
5,443
5,016
72,035
23,197
400
700
::::::
1,891
3,09o
737
i'.cf.s
4,990
737
624
Spnln, Op'rto, Glbralt'r.&i411 otiier
Total Spain, &o
1,100
1,055J
9,9.57
22,840 23.088 16,517 19,075 298,350 141,117
Grand Total
of Cotton at New
Philadelphia and Baltimore for the past week,
Thb Following arb the Gross KscEipra
m!a7
Hs»7
988 5 11>s»7
17
5 J0» 7
24 2i'«*
6 5 »7
8^1 9
6 3 »7
8
a 3 «7
since September
New
Receipts
1.
I'orlf.
1882:
Boston.
Since
This
week. Sept. 1.
S. Orl'ans
Savannah
6,003 84.0-11
2,875 78.750
4,673 116,102
2,507
8
»ubile...
Florida
S.Car'lina
3,.''i85
5HS
50711 79.150
»
N
1881.
lbs.
8.
atd
Siiiee
This
week. Sept. 1.
Shirtings.
d.
Vorii, Boston,
from—
d
" 27 9>« a 9^ 6 l>sa7 9
6 0isa7
Jlur. 3 9'i6a 94, 5 ll>aa7 7's
6
"
IB
Same
Week ending—
Jtxported to—
1
71,000 1.5.000
14,000 6,958
8H
6
6
1877.
2,689,351 2,538,154 2,697,00:j 2,130,447 1,976.543 1,699,855
nroenia H Of total
48.';9
41'41
39-12
53-73
45-f>l
port ec' M-I>ec. 8-
bales.
95,8-91
1878.
I'otal
Bremen and Hanover
Sinn
12.000
5,000
1882.
OsL
" 13e
• 80
34-50
39-.51
1879.
1880.
1881.
1882.
1.245. .-.OO
MAH0HB3TBH Markbt.—OuT report received from Manchester
»;iiight states that the market is quiet with limited business.
W« give the prices of to-day below, and leiv« o-ivious weeks,
pncea for compariaon. The prices of shirtings have been revised.
s.
43-27
rot.Nv.30 2,401.937 2,257,015 2,433,297 2,161.407 1,757,319 1,499,517"
52,479
36,8C7
26,047
8.
21,387
40.400
Dec.l....
•'
51.:t32
29,216
30,836
39,978
S.
30,603
2....
••
23,110
34,006
48,897
40.891
8.
40,703
3....
" 4,....
30,316
25,075
23,5:)2
8.
27,179
50.717
49,6i8
" 5....
8.
51,131
30,938
20,768
40,832
" 6 ...
63,166
3G,01'J
58,291
36,219
31,799
41,373
r^
41
S.
25,563
36.171
31,300
30,136
27,721
43,236
" 8....
29,263
8.
22,784
40,803
55,741
160,000
190,000
1.517,550
This statement shows that the receipts for the week ending
Dee. 7 were 170,000 cantars and the shipments to all Europe
a.
,161,407 1,757,347 1.499,517
.
62
* A.otuitari9 98 1bs
TwitC
95,272
583,637
822,493
Other French ports
Beoelpts (oantars*)—
This week
32* eop.
1877.
288,848
689,261
779,235
This statement shows that up to Nov. 30 tke receipts at the
ports this year were 144,922 bales more than in 1881 and
By adding
31,360 balas less than at the same time in 1880.
to the above totals to Nov. 30 the daily receipts since that time
we Hhall b-! able to reach au exact comparison of the mjvemeut
for the different years.
1380,
1881.
1878.
333,643
888,493
942,272
974,0i:i 1,006,501
17
1.
1879.
458,478
968,318
—
W«» 17.000
XXXV.
fVoi,.
6
4!
9
9
9
rexa.s
.
.
Car'lius.
firgluia..
S'oreljirn
.005
,742
Baltimore.
Phitailctphia.
This
week.
252
"""96
This
Since
Se2>l.l. week. Sept. 1.
Since
8,144
3,258
44,33S
12,375
4,315
47,591
0,553
2.123: 24.016
5,SS2j 90 37i
210
72
2.325
,336
24"25
•i-4^2o3
3,627
8,336
9.822:
5,174!
,223l
,7651
2,03.4
18,352
Sorth.ptK
reus.. Ac.
j
.
rhivjeax-. 35,525
si'.i'as
205
5,278
1,211
503,693 19.828 141,076
114,100
5,406 56,252
Laytyear. 46.336l50S.572i23.348llA7.2P9i 4^693 J3.842
:
100,510
Deovmbkb
THE CHRONICLE.
9, 1882.]
SmppiNa Nbws.
—The
exports of cotton from the
States the past week, aa per latest
mail
retarn.s,
tTnitod
have reached
So far as the Soatkera ports are concerned, these
are the same exports r<;ported by telegraph, and published in
the Chrosiclb last Friday. With regard to Ne\T York, we
inclade the manifests of all vessels cleared up to Tharsdsy
182,428 bales.
6S7
LinoESOAi.E, steamer (Br ), from New Orlaan*, Nov. 19, for Reral, ran
ashore at Bt. BliolOi. near Trepouey, N. F., at 4 A. M. ol Dec. 4,
and will prokably bucomo a total wreck. A deute fos aad a Mvere
f;ale from thesoiithwust prevailed at the tliun. Tlio stoBiDer wo*
alien with 1,100 bales of cotton. The crew wore saved.
SruATiiMoitii, steamer, from Havauaah, Nov. 16, for Bremen, ranathorft
at Calaudsoog, Netli(<rhmds. Deo. 4, Bbe has Jettlsoood part of her
oarico. Asslstaueu has reached her.
Cotton freights the past week have bena as follows:
night of this week:
—
New Yonic—To liiverpool, per
Talat
Ari-
baU*
steamers Adriatic, 1.097
zona. 1,324... Urltanulc, 1,601. ...City of Monlroia, 2,333
...Enyiit. 1,884. ...Oallla, 630 ...Lake Winnipeg, 2,100..
IS.a.'iC
Pl,.l... 2,324.
600
To Hull, per steamer Roiiinno, HOO
73
To fluvre, per steamer Amerique. 73
912
To Hri'iueti, per sleame.r Douaii. 012
Wlelaud, 23"
1)18
To Hamburj.'. per atcamurs Gellcrt, 711
330
To Aiii6terdiim,per (itciiracr iScliifdam, 350
1,190
To Rotterdam, perattMiiier Lfcirdiiin, 1,190
Nederlaud, 9li5 1,016
To Antwerp, pcrHteanicrs DcRuylcr, 681
Nbw *>rti.B\MS— I'd liivorpridl, pur «tii. liners Alava, 4, SIS ...
Fiiisbiiry, 5,27.')....C}aiIiermo, l,0«l....LttleUam, 6,133... 20,912
4,473
To Havre, i>er steamer Pawnor, 4.175
Tn Uri-m-jn, por steainor.H KrlHdriili, 5,2iJ5...Kowlaud, 3,000 9,193
5,<i00
To Itfval, per steamer Botlial, 5,000
I,6i0
nrctlona, per stramir Jofe are, 1,650
ffj. To
To Malaga, per bark Si ate Uubrov.icki, 2,159
2,150
To Oeiioa. per steamer Jose Bare, O.'iO ...per bark GuiUo E.
Cldm-iiiza, l,34'>
1,903
OHABLKsros— To Liverpool, pur »t<?am.^r8 Fdrflcld. 4,335 Upland
.Mayaguez, 2,')50 Upland ..par bark
aiul 100 8 'a lalaud
Sliial. l.OOS Upliud ...:
8,S30
To ll;ivre. pjr bark Aeiilm. l,5.''i Uidauil and i>0 .4-ia Uland 1,536
To BroniBU, i>or stmimnr Wuotan, 4,2DU Upland ...par bark
Colimi iiMS. 1 ,930 Upland
6, 1 30
To Kircelona, per stoamer.s Ca^tl Hill, 4.7.i0 Upland ...
V.d), .J.SO'.i Uplanl ...pur hark Nulllo X. aueat, 3.000 Upland
per brlg-i Julito. 4i)0 Upland .. roinu, 470 Upland 12,510
Bavan.naii—I'o Liverpool, par steiuicrs CLlutoula, 6,003 Upland
.
l
]
Von.
Satur.
Vedna. Thtin.
Tutt.
Uverpool, steam d.
Do
'4»»I«
»i»*
•«*
»ii'
•ir*
•ii'
»li*
e.
sail
Do
•is*
e.
Seemea, steam,
.c.
sail
«.
aamburg, steam.ti. iBsaSV
Do
>5ja»'s*
Do
Do
»1«»'»8'
saU...d.
steam
v'
d.
sail
v'
V
Do
v"
v'
•l8»»B«
V*
e.
Barcot na, stoam.e.
*
»»aa»V
sall...d.
vmst'd'm, steam.;.
Baltic,
FH.
>4»»U
aaU...if.
SUvre, steam
Do
"a^is
"v
v"
sail...«.
Compressed.
—
By cable from Liverpool, we have the following
statement of the week's sales, stooks. Ste ., at that port:
Iiirsapooii.
•
....
To
To
Upland
porsteamar Endymioii. 7.025 Uidaiid
Dorset, 7, 043
lirejnen,
Ki^val. j)ur
13,018
7,023
steamers Friary, 0,500 Upland. ...Hartlugtou,
4.407 Upland
1«,9C7
To
Ootlienber);, per bark CalKl), 1,019 Upland
Texas— To Liverpool, per bark Liberto, 1,GJ0
To Havre, per barks liialJla. l,3.i ...lleurlk Ib^on, 1,762
l,6l>t
.
i
ToBremen,por8teamrtr Ohio, 4,417
WiLSiis iTo.N—To Liverpool, per barks Ujemmet, 1.305
fov. 24.
week
bales.
69 000
Of which exporters took....
Of which speculators took..
8ale8 American
8,300
2,800
43.000
8,500
11,500
481,000
Sales of the
\ctnal export
l,rt'>0
Forwai-dod
3,0.)2
Fatal stock 'hlstlmatod
4,417
Immnnni?!, 1,734
3,039
HOBPi'i ,:< — To Liverpool, per aleamors Nuord Br.iband. 6,583 ....
Kivjrdale. 5,41)8
per ships SUulburae. 4,70)
Van
Couver, 5,343. ...per barks JoUn LeCurgey, 1,7.38. ...Maria
A.l,-.laidc, 1,570
25,459
BALTIviukk— To Liverpool, iter siaaui-.n-a Jan Kensall, 1,050...,
Oraminore, 4,588
Tbnnemore, 2,J01
7,839
To lireiiien, par steamer Heiiuaun, (additional) 1,602
1,602
BosTi>.>i~ I'll Liverpool, per steamers Iliyrian, 2,46 i. Palestine,
:;,362....PBrlbia, 887
5,714
PHlLAiiKi.iiiiA— I'o Ijvnrpool, per steamers British Prince,
2,300.... Illinois, 800
3,300
Of which American— Bstim'O
Total Import of the
20 .'.000
week
103.000
67,0)0
278,000
Of whlon Amerlcau
Amount a&oat.,
O" whloU American
The tone
81,000
2 10,000
1
,.500
1
2.900
51,000
8,100
11,300
483,000
220,000
90.000
75.000
288,000
223,000
Dee.
Dre. 8.
I.
62.000
0,400
56,00O
4,800
I,I8U
490
41.000
11.000
1<,000
505,000
252,000
101,000
91,000
289,000
233.JOO
41.090
14,500
22,50O
51.S,00O
2«7,00O'
97.000
77.000
313,000-
260 000
market for spots and futures each day of tlia
and the dally closing prices of spot cotton, Iiave
of the Liverpool
iveek eudlns; D20. S,
been as follows:
. .
:
The
182,428
particalars of these shipments, arranged in oar USUI'
form, arn as follows:
Bremen
LiverDooJ.
d-
Havre,
Bam-
burff.
ParceGathen- loiia cfi
Reeal. burg. Malaga. Genoa.
New York.. l'3,336
73 1,880
Orleiiiis. 20.912
4,475 9.1:i5 5,000
CharlesioQ.
8,890 1,586 6,1.30
Bavauuali.. 13.018
7,023 10,967
Texas ...
1,630 3,09.2 4,417
Wllmlnj^tou 3,039
Nortolk .... 23.4.')!)
7.839
Ballimoin.
1,602
Boetou
5,714
FUladelp'a
3,300
19075
3.809 1,U93
12,310
N.
1,619
.
103.207
Total..
9,226 30,279 15.967
Total..
1,619 16,319
43,381)
29.136
32.6S9
9.1M9
3.039
23.439
9.441
5.714
3,300
1,993 182,423
Inclad d in the aljove totals are. from N.:\v York to Unll, (iOO bales;
to Amstrnl^un, 350 bal'^s; to Itotterdam, 1,190 balc3, and to Antwerp,
l,64ii Imlis,
we add the clearances
B-ilow
from United States
mail
12:30 F.M
{
and un-
5
cli:Lrlued.
oar data down to
7,0;)C
8peo..feejci>.
1,030
M.irket,
4—
Koyal Crown, 4,550.
F.M lliivrc— Dec. 5— Sbip Virginia, 3. :i48.
Market,
5
p.
M.
5— Bark
Flat.
4,477.
1.700.
For Uoi lenburg- Dae.
vur, 6,785;
•
Trtday.
d^mind
Steady.
met freely met
51S|«
6>9
10.009
2,000
12.000
2,000
S'4-
i'4-
12.000
2,000
10,000
1,00»
Steady.
Quiet.
but
Flnff.
steady.
/
Barely
{
sie.-idT.
Ool).
Tub Fluctuations.—The
Quieter.
Barely
stoady.
Firm.
(Jniet,
opening, highest, lowest nad closing prices
each day of the week arc given below. These
prices are on the basis of Uplanls, Low Midd ing olauia, unless othor-
of futures at Liverpool for
wise stated.
X^
r/ie pri'iws
tUKi 6 03
are given in penee
and
Uhs, thus: 5 63 mt^n* 5 62-0 id.
meoiw 6 3-64d.
,
MoBday.
Saturday.
d.
Cloi.
d.
d.
Dco-mber.. 5 54 551 6S2 5 52
I>ec.-Jan... 551 5 54 6 53 BSS
Jiu.-Fob. .. sou 5 53 B 53 533
.
5 53 5 54 555
Feb.-.\tar... 5 Mar.-Aprll. 5 5-t 568 '605 5 51
BOO 560 '533 558
.Vprll-May
May-June.. 5 0i 6 03 8 61 5 01
Jane-July.. 6 00 eoojses 663
jH.y-\nR... 6 03 eo3|<a8 602
.
AUK..S9PI..
WiLMixuToN-For Liverpool— Uoo. z— Hark
i)
ateaar.
,
Dec.
For Vila (Jruz- Deo. 2-3tcamor Cliy of Mexico, 1,199.
1— Hark Hil.la, l,15ii.
I ma, 1,614,
NoaroLK— For Liverpool— Deo. 5— .St(^,^lUo™ Bust lu City,
demand
fr03ly
5
;
Ktisvit a, 1,348.
ST.K-ForKonen-Deo. 5— Itaik Vasa.
Fair
Dull
>
.2:30P.M.
d.
BiiMini'rrt Rila. 3,0.i3;
ol
!>
6 'a
10.000
1,0 JO
Open nu/h Low.
Savannih- For Liverpool— Den, o--8i.i-ainer Pimtiao,
For li *:aiou — Deo. 3— .Stejmor El*?iu^hiro, 6,;i34.
lAitrtd't/.
Fair
Butures.
oai.-.^:
For ..rt-aien— Dec. 2— S:eaui'.M' Uia8.ibi-o'.k, 5,804.
For iiaivaloma— Doc. 2— Sieamur Vldiil S.ila, 1,156
ir«<fn««.
Tuesday.
the' latest
2— Steamer GalTeston, 5,730.
OiiLiiiNS— For Liverpool— Deo 1— Steamer Vueatau, 7,241
IJ-r 2 -Steamers Federleo, 3,434; Statesman, 3,175
Deo.
CnAUi.i
freely
supplied
6X5,6
5i5,a
I'4-
OAi.vi:sr<).v-For Liverpool— Deo.
New
Easier.
Mld.Upl'ds
»jii.Orl'u8
Sales
of all vessels carryio? eot1»n
ports, bringing
Mod. luq.
Dull
Market,
Total
Monday. Taeiday.
Siilurdtij
9pot.
6,G0O; Straits
Open Btgh Low.
C!o».
d.
d.
d.
d.
554
664
664
553
657
569
663
564
554
664
653
6B7
BBS
563
6 51
6 51
5 31
5 32
5 61
5 51
5 52
5 6J
554 651
657 5 57
6 61
5 61
662 562
003 603 602 8 08
6 01
6 01
....
....
Sopt.-Oat...
,,..
OiMn nifk^Low. CUa.
d.
i.
1
d.
d.
BB2 954 BBS
653 5 54 5 52
{651 5M 652
BB3 6 SB 5 53
6» 661 6»
558 BSD 5SS
560 BSS 505
B«3 802 56:1
5S<
6S3
SBi
BS4
BBO
• 04 • 04
eoe 608 603
• 04
8 08
....
•••
01
....
630'
563
6 01
barks Kjiiu 8aiictou, 2,411; Lticce, 2,688....
o -.ilcamerKlvaia, 6,071.
c.
Liverpool- Nov. .;9 Sieamcr Sarmatlan, 901
Deo. 2—
Iowa, 2,970 ...Dec. i— 8t ainer ISul;; irian.
.
Liverpnol— Njv. 30-8teamer Meutmi>re, 1,463
D II 1 —Steamer Caribbean, 3, 748
F.ir It-i
rdum— Dec. 6— 8teaiai;r vladrld, 1,050.
I*nii.Am;i.p iv-For Livorpool— Due. 1— Steamer British Qaeen, 2,800.
BOBTO.v— !
.Steam
BALTi.M.mii
Bsjio*
r
news recciive.l to dite of disast-ers
from Uuitad 3ta ei p jn.s, &c
give
wrt
all
carryi.1/ e itton
Asaua >i)it steamer, Iroia
tit" ,-.1
->
28.
gii o
.
FiNsui ur
a
;
Q ilvestoa
Havre. Two hundred balcj
ex steatu.^hlp Asbli:-oiika, which arrived at Havr *, Nov.
u Oalvoiton, tooli ttro. but tue dro <ras allturwards oxtlufor
t
steamer (Br ), at Gaive.^ton, loadln» for Liverpool.
discovered night of D.c. 6 in the fore hatch of steamer
cargo of cotton will have to be bcokuu to iuic«r-
,cit.
V
lii.
Aifl.t
lai.
X.I,
to vessels
t.
Aboa.nchi
.
II
Dec
.
Tharadny.
Weilnesilay.
.
Friday.
F..r
.«
orrHoti; her
r daiiiage.
cnincr (Br), from New Oileann for Liverpool, which cleareil
roLiirnaii to lh« city »x.i1n on arcumit of hax'iu.; loo .i^re.it
die dlsohargod 100 baios of uottou and left again prior to
Op«n BiQK Low. ClM.
d.
d.
d.
d.
Oeoarabsr. 5B3:S5» 552 5 51
noc.-Jaa... 5 8 653 SS2 653
Jsm-Fab ... 5 52 6 52 6 62 5 52
Keb.-Ma ... 593 S51 6 53 554
Mar.- April.. S55 655 555 655
B86 568 BBS 658
Uay-l>oia.. B02 BS'i 6 01 6 61
inns-July.. suo ttUl 668 600
la y-Auhf... 603 a 04 6 03 603
Aa^.-iept.. 80B S0« • 00 609
Ap
ll-Mty..
»»p».-Oilt...
....
....
....
0pm
<J.
664
564
663
554
565
5SD
364
554
CB4
568
567
ioi
6 Hi 96i
....
d.
554
554
5G3
554
BBS
S60
5S4
654
6 54
554
6 57
• oe • 07 • 08
....
-.
.or 1,
d.
BS)
5 6J 662
• 01 6 02 «0I SOS
6»3 60S 606 606
• OS
--
Low. dos.
Low. Got. 0|>«l
d.
....
d.
d.
d.
55i 356 664
656 6 51 564
666 BBS 554
6 67 B67 555
sas SB» 5 57
a«i 6 61 5«0
600 600 563
aos tM • 02
400 • 07 SOJ
....
....
....
«.
6B«
S51
SB4
6B»
6 5T
&«a
663
80S
• 07
»••
•
—
THE CHRONFCLE
eS8
B^-^EADSTUFFS.
w
.
'''
market was dull for the
aold well
;
prices,
howeTer, were
time, both for export and
Wheat has been quiet most of the
very
fair trade for foreign
a
yesterday
on speculation, though
advanced
one cent, and
has
wheat
was done. Cash
Red winter, No. 2
Wliite
White No. 1
IO8I3SI
Com— We?t.
S8>aai 13
White
Yellow
60
60
72
(?Vo»i the "
Receipts of flour
r the
OhleaKO
ae&Toiif of ocean
eiport
tride,
and there has been
either here or at Chicago.
slightly.
to restrict the
speculative
little
demand
is beiner
marketed at a
nevertheless largely in
rery moderate rate, but the supply is
indications, therefore,
The
requirements.
present
«zces8 of the
point to a large supply at the close of the year, though it will
consist mamly of winter wheat, spring being comparatively
There has been some business
scarce.
Chicago on French
in
account, but nothing very important, and
we
are, in fact,
feeling the effects 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 current at any of the ports on either the Atlantic or the Pacific
seaboard of the United States.
lar,
To-day the market was irregu-
cash and December being slightly higher, while later deliv-
ories declined a trifle
;
there was a slight decrease in the visible
08%@|1 08J^ for December, f 1 lOM
@$1 10% for January, $1 14%@$1 14% for February, and
Hard No. 1 Duluth spring is
$1 14%(a.$l U% for March.
supply
;
No. 2 red sold at $1
scarce and wanted
;
the quotation
$1
is
20.
Indian corn has been fairly active for speculation, with a
Cash corn has fallen 12 cents
during the week and old for December 8 cents, while the later
moderate business for export.
deliveries have
advanced
declined 2 cents.
the
2 cents
;
new
There have been large
sharp decline,
the bulls
1 to
and
at times
for this
sales for
month has
December
even excitement,
at
some of
showing anxiety to unload, while bears put out
iBOntiderable 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
had
litlle, if
any, effect.
arriving at Chicago,
it is
(196
Toledo
Detroit
20O
Cleveland
LoiUs
Peoria
Duluth
A
considerable portion of the corn
noticeable, is below the contract grade,
ToUl
Same time
Ibf.)
63,089
106.887
885
2,129
Milwaukee
63,970
901
20,000
8t.
The crop
71
70
74
week ending Dec.
bbl».
A
have declined
«
»
a
White
40
44
No. 2 mixed
No. 2 white
4414 »
a
69
70
49
SO
44\
47
BarleyCanada No. 1
Cana3» bright...
Canada No. 2....
'
«
9
9
90
102
86
90
81
State, 4-rowed...
State, 2-rowod...
97
"87
93
82
Kew York Produce jSxehange Weekly.")
and grain at Western lake and river portr
Flour,
At—
room has continued
10>4
West. mix. No. 2.
figures of a week
Decen^ber has not varied materially from the
freiifht
1
67
OatsMixed
90 «1 12
08 »I 09
43 9 72
mixed
66
State
....
108 ®1 OS
account
ago, while the later deliveries
Kye— Westfcm
»
Spring No. 2
Red wiuter
Buckwheat
weai.
still
97
Bprinff. per bash.
8, 1882.
less depressed of i&te, the sales beins'
Flour has been more o»
^
i.
^ u
j i.
Winter
wheat
brands
have
J ,_ 'ome.
mall and the supply burdeiu
^
o^
.v
wheat
grades.
To-day
the
J ^1.
o.,.tn
'
»
sprln^
been more depressed than
bat
the
cheaper
brafijls
better grade./
,
OB4IN.
Wheat—
Fbidat, p. M.. December
'
[VoL.X XXV.
2,
1882
Wheat,
bush.
(60
:
Corn,
Barley,
bush,
Oats,
bush.,
btith',
(56
lbs.)
(32
lbs.)
Ihg.) (4,8 lbs.)
Rye,
busk.
(56 lbs.
446,674 158.649 39,266
66.325 189.086 29,410
2G,2iJ8
2,000
3,477
17,760 11,516
403,315.1,385,538
192,498
43.510
174,352
87.292
93,053
6,991
1,200
2,500
371,866 778,580
4,150 315,500
1,800
98,793 74,816
136,150 13,200
297,506
18,792
19,000
248,061 1,537,940 2,619,911 793,800 449,297 109,945
125,947 661,665 1,618,135 638,912 463.408 80,089
Tot*l receipts at same ports from Dec. 26, 1881, to Dec. 2>
'81.
1882, inclusive, for font years
1880-81.
1881-S2.
7,982,275
8,269,603
bbls.
Floor
bush.
tVheat
Ooni
OatB
Bailey
Rye
Total grain
....
1879-80.
1878-79.
6,458,798
6,371,030'
70,474,165
73,666,323
43,292.440
11,543,792
3 ,274,588
52,228,192
125,723,913
33,977.849
9.995,221
3,465,070
81,681,880
144,732,658
37,266,667
9,114,734
3,662,406
94.380,137
102,655,148
29,414,908
9,529,017
4,575,903
202,251.308
230,390,245
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 previous three years
Flour
bblB.
Wheat
bush.
Com
Oats
Barley
Elye
;
45.129,511
24.475,247
21,242,555
6,725.284
2,060,889
99,622,186
Total grain....
1880.
3,101,668
1879.
2,713,859
48.732.156
55,050,410
19,239,255
6,608,998
2,271,052
53.386,252
36,790,931
12,352,811
7,090,280
2,663,362
131,901,871
113.283,666
1881.
3,151,452
1882.
3,712,631
i
99, 619,119
Comparative shipments of flour and grain from the same
ports from Deo. 26, 1881, to Dec. 2, 1882, inclusive, for four
years:
Flour
bbls.
Wheat
bush.
Com
Ca^s
Barley
Kye..
1881-82.
8,078,168
1880-81.
8,144,233
1879-80.
5,415,918
1878-79
6.973,399
52.430,226
63,635.776
34,433,672
4,843,731
3,059,981
46.887,275
106,543,016
32,278,222
4.406,374
2,219,918
67,777,589
121,436,924
30,189,637
3.978.877
2,968,740
78.934,401
83,039,304
20,806,334
5.351,300
3.961,870
..158,403,339 192.334.803
Rail shipments from Western lake
Total grain
229,351,767 190,093,219
river ports for tha
and
weeks ended
1882.
bbU.
Plonr„
Wheat
bash.
Week
Dee. 3.
232,116
118,731
241,099
300,787
268,273
1,038,236
259,893
189,117
59,712
186,783
541,539
438,541
121,507
68,502
1,017,545
Corn
Oats
Barley
1880.
1881.
Week
Dee. 2.
609,663
181,941
50,351
Week
Dec.
4.
and here some of the ungraded new has sold at as low as 43a.
New yellow has been quoted here at 60@70c. for white and Rje
60@70c. for yellow.
Most of the receipts of new have
2,835,233 1,316,872 1,366,546
4,160.290
Total
been
from
Southern
Ohio,
Missouri
and
Kentucky,
Rxil and lake shipments from same ports for la.st four weeks:
though there have
Oals,
Barley,
Wheat,
Corn,
been arrivals
Flour,
Rye,
also
Week
from Marybush.
bush.
bush.
bbls,
bush.
Mtsh.
ending—
land,
Tennessee.
Virginia, Delaware
and Pennsylvania. Dec. 2...32i.3U9
6^0,405 1,332.356 633,991
182,644 50,351
961,638 1,449,995 6-29,726 181,181 43,556
The aggregate receipts, however, have been moderate. To-day Mov. 25. ..285,857
Nov IS. ..280.744 1,414,879 1,312.017 731,396 234,450 131,178
prices opened hupi-ts. lower, but afterward recovered the Nov. 11. ..254,595 1,210,953 1,194,703 779,621 253,665 128,307
decline;and advanced \i@lc.; No. 2 mixed sold at 70c. for new for
851,940 356,392
5, 289,101 2,771,737
Tot., 4 w. 1,145,763 4,270,875
December; 68^@66%e. for oldfor January; 64M@65%c. for Feb- iw'kg 81. .519,380 2,320,116 6 ,179,439 1,317,330 660,467 226,163
ruary, and 63}^@64ysc. for May; old No. 2 mixed for December
Receipts of flour and grain at seaboard ports for the week
was held at 1S%c. with 73i^c. bid, and at the last call 10%e. ended Dec. 2:
Com,
Oats,
Barley,
Flmtr,
Wheat,
Rye,
was bid for new for this manth.
bush.
bush.
btish.
bush.
bush,
bbls.
At—
Ryehas declined, but barley has advanced somewhat. Oats
were quiet until yesterday, when a good business was done,
bat
-prices on the spot have shown a decline. To-day,
however,
there was an advance, with liberal Bales of options
at 44M@45c'.
for December,345^@46)4c. for January
and
New York
February.
Total week... 346,519 2,341,060 1,203,621
908,452 1,065,666
Oor. week '81.. 212,105
The
46M@47c. for
following are closing quotations:
FLOUE.
»o.2sprlng...»bw.$2 30a 3 00 City shipplns extras.
33 30» 5 75
No. 2 winter
2 75ai3 50 ooutliei'ii liiiKerBand
S"I>«H1»«
3o0« 3 80
family
5 3,1'» 6 75
liniiK wheat extras.. 3 75a 4 50 8 jutli'u hranda
siip'K extras. 4 ^5 a 5 20
doUak.18'
4 7.-,a 50,-, Hye Hour, superttne..
3 40® 3 So
AMii
n.oiuilx.
4
>JI«.
7oa 6 50 Corn mealIf uiii. c'liar ami Htra't 4 TiQa (j 00
Western, Ao
3 859 40c
yuiter»lilpp'i5 extras. 3 80a 4 2
Braudywiue, ,%o.... 4 10a 4 15
Fatents, BpiliiK
5 75a
fSSZU'/i't'lr.-:.::; naii8^,'^"^"'''''"»'^'i«oii''»" ^^o^lhl
Boston
Portland
Montreal
FhUadelphla...
Baltimore
New
166.090 1,546.634
90,675 111,150
Orleans...
930
11,856
19,424
25,396
31,528
2,400
87,328
133,800
336,700
83,423
Total receipts at same
1882, Ai
887,536
107,1."jO
53,500
136,400
16,613
176,650 259,700 171,2.50
68,050 46,925
975
1,500
15
1,000
62,030 10,200
300
16,411
1,500
28,237
332.913 317,825 174,225
286,269 371,909 84,194
ports from Dec. 26, 1881, to Dec. 3
compared with the previous three years
:
1878-79.
1881-82.
11,711,879
1880-81
11,848,636
1879-80.
10,302,918
bash. 83,321,741
121,527,782
131,303.733
5,389,972
1,999,266
86,733,699
99.388,356
23, 706.688
5,143.000
2,011,505
5,112.211
2,670,640
161.414,743
100,319,915
20,936.797
5,821,493
4,550,457
Xotalgraiu ....117,335,063
219,016,253
219,016,258
293,893,409
Flour
Wheat
Com
Oats
Barley
Rye
bbls.
30,671.434
26,149,6'27
2'2, 296,3
11
10,444,156
BaOEMBSR
1882
9,
THE CHRONICLE.
|
Bzports from Onitud States seaboard ports for week endioK
Dec. 2, 1882, have been as follows:
Xxporlt
from —
Com.
Wheal.
Flour.
Oaf.
X»e.
Peon.
Bush.
120
25
Bush.
91,131
Bush.
Bufh.
JJi(»A.
New York
104,4iP
.'>46,194
140.43S
Boston. ..
Portland
Montreal.
60,4011
48.14&
B58
Ptalladol..
8,47.-.
9.5.<i90
Baltiiu're
5.20(1
&17.2-,8
300
N.Orl'us
7.17:'.
l,J5i)
4,897
176.148 1,208.207
155,193
504
91,134
003
127.013 1.220.005 1.050,317
1,020
42,063
15,196
Bhlt.
393
Total w'k.
The
..
419
destination of these exports are giran in the table below.
We add
the corresponding period of last year for comparison
Flour.
18S2.
Week,
W.
7,():i4
IU(li<!H
19,080
BrIt.CorB
8,3.'>7
OUi.o'ut'8
315
176,148
Total.
1881.
Week,
1882.
Week,
1881.
Week,
Dee.
Dec. 2.
Dee. 3.
Bush.
701,873
390,066
Bush.
131,850
16,503
211,918
20
580
2.4.^(i
l.onii
3,948
14.530
8,05(1
127,466
40
300
127,013 1,208,207 1,220,005
135,193
l,0.'j0.317
Bush.
73.520
1.880
ll,63o
17.108
21,372
1,437
Ib3,471
e.&C.Am
1882.
Week.
Dee. 2.
Bbta.
Bbls.
Uo.Klng.
Contln'ut
728,39.")
400,861
18,048
900
3,
Bush.
811,7.'.3
60
By adding this week's movement to oar previous totals we
have the following statement of exports since September 1, this
season and last season.
WTKOf.
Flour.
Kxports alnti
Sept. 1, to-
1888-83.
1881-S2.
Sfpt. 1 to
Seitt. 1 to
Dtc.2.
1,678,240
Continent
8. 4 C.Am...
ias,700
.
.
Indies.
Brit. Colonies
Otb. countr'a
Total
The
Stpf. 1 to
Sept. 1 to
2.385.fl2B
1SS2-83.
Sept.
1881-8-3.
1 to
Sept. 1 to
Dte.3.
Dec. 9.
Decs.
Bush.
Bush.
Bmh.
878,ai0
64,198
105.400
170.S8a
16,887,680
14,403,508
1,183,703
10.833,(107
13,650,101
4,891.36i
2,1.S4.881
li'S.sao
2:)
is.ioi.mj
Dec.
a.
2.
li,875
138.681
170,068
185.8««
76,706
11«,289
32,100
13,679
1,514,772
3n,r41.717
10,880,W0
1,611.320
1B7,419
ajs.bss
219,K5S
12,724
West
1881-82.
BW».
Un. Kingdom
Corn.
1882-83.
Bmh.
Dec.
Bbls.
44.550
2,270
20.879
10,642
172,K9-,
144.088
C0.304
20,889
supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by rail and water, Dec.
1882, was a.s
visible
follows:
Do. afloat
(eat.)
Albany
"
afloat
Ohlcago
Milwaukee
Duliitli
Toledo
Detroit
Oawepo
186,000
26.000
162.523
1,610.0.10
34,199
420,000
235,000
438,253
91, .100
60(1.000
1,240.733
8,435
25i'.267
313,15.^
7,913
147,180
43,971
68.000
256,517
33,431
5(i4.720
207.!'88
67,619
2,673
IIO.OOO
594,719
53.725
4',.506
9,974
16.6-13
15.061
1.050.000
94,371
34,426
244.693
26,460
906
2.1 0.000
Boston
Toronto
Montreal
253.446
191,065
10,^:66
233,41 !4
34.>,199
29,43.-.
48,411
34,400
272.175
58.153
40,765
1,286.732
488,171
5.i46
233500
278.694
1,312.7;'5
10.".
.850
On rail
On lake
On canal
457.211
430,124
Deo.
2, '82.19.993.9.59
25, '82.20,1 18. :")42
Argentine Republic, 203 to
2.000
58,780
181,093
69,542
99,503
78.124
60,100
13,791
The tone of tb»
Standard sheeting*,
which have ruled steady for many months past, were reduced t».
per yard, and slight concessions were made upon Tariov»>
8o.
makes of wide sheetings, bleached goods,
materially increasing their distribution.
ticks,
Ac, without
Cotton flannels and
and cheviots ruled quiet, but some fair-sized lots of camlets wer«placed "on memorandum."
Print cloths were in moderat«
demand and steady at 3 ll-16c. and 8 6-16c. for the respective
qualities.
Prints and ginghams moved slowly from first haods,.
but there was some business
in plain
and fancy seeraucken for
future delivery.
Domestic Woolen Goods.— There was a limited
cassimeres at
more
first
hands, and the jobbing
Spring
active.
call fjr heavy
trade was a
mostly quiet as regards new business, but agents continued to
make fair deliveries on account of orders on record. Cloakings and repellents ruled quiet, but sackings were in fair request by jobbers and retailers.
Satinets continued dull, and
there was a light andun'^atisfactory business in Kentucky jeans.
White and colored flannels were in moderate r^^qnest at steady
prices, but blankets were mostly quiet.
For seasonable worsted dress goods there was only a limited call, but agents continued to book fair orders for such spring fabrics as men's vestings, lace buntings, &c. Woolen hosiery diagg'd heavily, and'
the demand for knit underwear, and fancy knit woo' en i was
ba.-ely
up
to expectations.
PoBEiQN Dry GoeD.j.— Aside from a few descriptions adapted'
to the holiday trade foreign goods have been qniet with importers, as is usually the case between seasons. 'I'he jobbing trade
was fair for the time of year, the activity of the retail branches
having stimulated the demand for small reassortments.
Importatloaa of Dry Good*.
The importations of dry goods at this port for the week
ending Dec. 7, 1882, and since January 1, and the ssae facto
for the corresponding peric^ids of 1881. are as follows:
Si
g;
93,000
35,221
:
Pi
:
;
:
I
g
3
s;
§:
i
?i
iii!;
g'
=
e;
:
l,'-88
I
2.491
2,19:;
8,747
83'.703
!,412
18.300
17,002
709.0(13
181,941
50,351
15,496
700
*3M
8.835
I
© — u ri
QO-S — CD
t-
-tcjaoa
ooio
c; to .
cr. (-i :r-
-^
«*^
>
C-
—
* eg toe: to
*- 2; -J t."^l
fO-J
Tot.
Tot.
Tot.
Tot.
Tot.
Tot.
Nov.
Nov. 18, '82.20.216.624
Nov. ll,'82-19.l-9.I6S
Nov. 4. •82.17,742,833
Dec.
3, '81.18,870,127
6.460 699 3.312.152 3,278.333 1,199.192
4.679..M1 3.197.843 3,3.">1,00.) l.l.'iO.EOl
4.39i!,888 3.809,90J 3.li70.43'J 1,221,470
4.0(17.168 3.772.1.54 2.8.'i6.957 1.138.023
4.003.361 4.173,772 2.572.329 1.084,0(8
18,817,521 2,820,045 3,165,974 1,253,216
*-csco~a)
CA to
M o& oa
—
XM
OC3
p*-,-Jjop
JiOC —
cw
(DVi'o»- t CO
O" Ci >K 00 ;;«
"i-
to «^ 0*1^00
<I'-_--lpp
ODW
<S>
'
tueo
I
restricted in
the
dry goods trade.
p
in
regards seasonable goods, but some fair orders were placed for
low
certain spring fabrics to be delivered hereafter.
%
CO
;'4
1
bi tn
I
w*i
I
cot-*
>i-C3
j
p;^
and department goods by personal
of orders,
^oiH-toto
*-0DX3:-l
c: CO to
I
coming holidays,
The cotton goods market con-
COOK,
to >»
a&
— o: to
W
00
I
I
Vjo
CHQO
oco
—
"-•
" &i
xcc
w'tD to
(o -J » 00
CM 00
CC'-C
t-'0;;-Otw
Viro'— '-•i*
W
-
.
J«
^ to
CM
— wt
oDWtt-o:>"^
M-XCtWOO
cr.
-«•
0x00^0
-r-uiow
croots
oj Jt "^
ooxoDOaao
ccto
00
V| *:£ -D
H> 10 CO
;^
03
0*^ifep^tO
0*0-
toot
:;
tinues unsettled, with a drooping tendency, but other values are
cto
03M
OtO
and a considerable
distribution of fancy goods, adapted for the
some quarters.
^
OO^UWIO
QD Oi
tt-
in
S*
t
e9)(>-ao*>ao
to
09 -^ to
en 1-0 10 CO
rfk
was made
V
=
10 1- Si
•-•100:1: to
The general
jobbing trade was somevrhat quiet, and yet there was a steady
and through the medium
:j.
UOOOXf-*
o:tox^-i
O
to
selection
io'^'V-tc"^
Business has been
volnme with commission houses and importers as
call for small lots of staple
tt
M tO'-*OiO
•-*
00
the condition of
©O-slp^
OP to 03
C|Dit*00->HO
1882.
Th9 past week has not developed any material change
*-•
w'-oV-Vob
;
8,
•.©
^ *»
—c
r. o X w
iF^MOrOM
C-T
toco
THE DRY GOODS TRADE.
Fridat, p. M., December
trifle
and worsteds were
cas.simeres, suitings
37,(lO0
3,=i3,0(iO
50.',43d
Baltitnore
Down Mississippi.
99,000
Sye,
bush.
172.645
272.000
4,060.670
216.801
475,414
LoulB
Philadelphia
Peoria
Indianapolis
Kansas City
Barley,
bush.
62,431
Oatt,
bush.
httsh.
1,192.869 1,460,843
14.600
1,387.723
Buffalo
at.
Com,
Wheal,
hush.
6.443.327
tn ttort o<—
Kew York
to
satteens remain unchanged.becanse stocks are light. Cottonades-
Corn.
Wheat.
1881.
Week,
Dee. 3.
Dee. 2.
Chili, 267
:
Xxporlt
for wee*
Qreat Britain, S18 to
eotton-goods market was quiet and easier.
B'me time
1881.
and stocks of both foreign and domeati*
goods are in pretty good shape as a rale.
DoMEBTic CkxTTOH GooDB.—The export* of cotton goods for th»
week were 3,203 packaged, Incladiog 1,150 to China, 660 to
United States of Colombia, 92 to Brazil, &o.
400
.
fairly maintained,
68a
tCOCCTCC*^
toooVibtia
cc'^oo:,-!
<otO^»^c':0
Cfl
w'
^ o: 03
•-•cototo
9
i cooc#--oiM-qxi^
^
^
PI cooc —
1
1
b<w^jt;co
1
a, 'j>
•-"
OP
1
^
THE CHRONICLE.
690
Commercial Curds.
Financial.
&
A. H. Brown
•T
OFFICE OF THE
Dan Talmage's Sons & Co
epeclal attention to baslneu of country banki.
8TAYSEK
WM. M. V.Attl,. A. H. DATTOK. GIO. H.
Special.
Member S.Y. Stock Exch.
Dayton,
BANKEBS AND BBOKERS^
TO
CS
New
Vork.
AND SOLD
STOCKS AND BONDS BOUGHT
COMMISSION
ON
STRICTLY
&
Randall
50 EXCHANGE PLACE,
brokers in Railroad Stocks ami Bonds,
anvEitNsiEirrs * roREiG2> BxcuAyoE
OTTO C. WIBRCM
Chas. K. Randall.
Member N. Y. Block ExchBnse
9IiNceIIaucou§.
Farmer,
and Attorney.
Solicitor
New
ITEW YORK, January 25, 1882.
The Trustees, in conformity to tbe Cliarter of
the Company, submit the following Statement
Practices In the District Circuit and Sapreme
'Courts of the United States aud of tlie State, in
All classes of cases, lias no other business, and de''.TOtfis his personal attention and all his time exclusively to his profession. Refers to Bank of Mosroe.
Street,
Vari(,
&
Joy, Lincoln & Motley,
SUCCESSORS TO
E. R. mUDGH, SAWYER & CO.,
43
MONROE, LOUISIANA.
Counselor,
Mutual Insurance Co.,
14 East Bay, Charleston,
IDS Bay Street, Savannah,
41 & 43 North Peters St., N. Orleans.
10, 1'2
Wierum,
W. W.
RICE,
OS Wall
DREXEIj BUIU)1N"G,
69
&
45
WHITE STREET,
YORK,
15 CILAITSCET
NEW
STREET
BOSTON
AGENTS FOR
Ocean MIUm Co., Atlantic Cotton nilUa,
Pcabody Mills, Cblcopec Jnig. Co.,
EUertou New Mills, AVlitte Mfg. Co.,
Saratoga Victory Mi'g. Co.,
Uoslcrjr aud Yarn Mills.
Bliss,
&
Fabyan
Co.,
New York, Boston, Philadelphia,
SPECULATION AND INVESTMENT
SELLING AGENTS FOB LEADING BRANDS
IN STOCKS AND SHARES
BKOWN AND BLEACHED SHIRTINGS
TFITH A JHINimiJin RISK.
AND SHEETINGS,
EXPLANATORY BOOK,
^flnd post free
upon
OPERATORS
published, gratis
Just
application.
EXCHANGE 8ECURI-
IN STOCK
PRINTS, DENIMS, TICKS, DUCKS, &C.
Towels, Quilts, White Goods and Hosiery
"TIES should test this
.
system, by which large profits
are realized, and the posstbility of losses reduced to
A minimum.
Drills, Sheetings, de., tor
OPINIONS OF THE PRESS.
&
An
This system comCivUl'tn~''Av .nterestlng book.
luAuds itself as being a very safe one." A'e-ws oj the
WorW—" This book is well worth reading. One cuntaot do better than retain their services."
.
*
W, GUTTEBIDGE &
CO.,
•~*WOKN BROKERS, No. 7 DRAPERS GARDENS
I/Andon E. C. Enslaud.
TXTEBSTEB'S
UNABRIDGED.
^
In Sheep, Russia
Turner
"AWNING
STRIPES."
Also, Agents
UNITED STATES BUNTING COMPANY.
full^supply, all
Widths and Colors, always
Duane Street.
in stock.
No. 109
Columbia
Bicycles.
Thousands in daily use by doctors,
lawyers, ministers, editors, merbants, &c., &c. Send 3-cenl stamp
for elciianlly Illustrated SO-pat-e
catalogue to
fOlCrWNA/f^ppLEilEHri
Total Marine
Premiums
Premiums marlied
off
$.5,627,02157
from Ist
Janu.ary, 1881, to Slst December, 1881
$4,110,176
Losses paid during- the
perioa
$1,775,882 80
Returns ot Premiiuns and Expenses
$924,227 02
The Company has the following
United States tind State of
York Stock,
City,
72
suue
Assets, viz.:
New
Bank and
other Stocks
$8,965,758 00
Loans secured by Stocks and
otherwise
Real Estate and Claims due the
Company, estimated at
Premlom Notes and Bills Re-
1,729,500 00
491,118 13
1,631,294 23
347,765 99
ceivable
Cash In Bank
$13,165,466 40
SIX PER CENT INTEREST on
And all kinds of
COTTON CANVAS, FELTING DUCK, CAR
COVERING, BAGGING. RAVENS DUCK, SAIL
TWINES, &C., "ONTARIO" SEAMLESS
:
lat January, 1881, to 3l6t Becember, 1831
$4,039,487 10
Premiums on Policies not marked
off Ist January, 1881
1,.587,534 17
Amount
COTTON SAILDUCK
BAGS,
on the 3l8t December, 1881
Premiums on Marine Risks from
of Its affairs
Co.,
Manufacturers and Dealers In
.V
and Turkey Btndino s.
Export Trade.
Brinckerhoff,
Civil Service Gazette^" The system recommended
t»y Messrs. GutteridKe & Co., is easy to comprehend
And safe." John _BuW— "An eiisy and apparently safe
system, worthy of public confidence.'' CourlJ»umai~~
*•
exceIle,iL way of speculating, ably set forth "
•
ATLANTIC
laiLLERS, FACTORS,
AND COMMISSION MERCHANTS IN
&
Earl
Iiisiiraucc.
Co.,
BACKERS AND BROKERS,
Wall S«., Cor. Netv, New ITork.
INVESTMKNT SECURITIES,
XXXV.
IToL.
the outstand-
be paid to the holders
thersof or their legal representatives, on and
after Tuesday, the Seventh of February next.
certiticates of profits will
,
THE OUTSTANDDJQ CERTIFICATES of
the Issue of 1877 will be redeemed and paid to
the holders thereof, or their legal representatiyes, on and after Tuesday, the Seventh of February next, from which date all interest thereon
will cease. The certificates to be produced at
the time of payment and canceled.
A DIVIDEND OF FORTY PER CENT
declared on the net earned premiiuns of the
Company, for the year ending 31 st December,
1 SSI, for which certificates wUl be Issued on
»nd after Tuesday, the Second of May next.
(
"A LIBRARY
jf^LX'T'
VTf^A
""'
The Pope
IN ITSELF.'
''^''"''
Worils,
fd'tio!!
(:iui«)
»i!l>
more
118,000
any
By order of
Mlfe. Co.,
J.
the Board,
II.
CHAPMAN,
Secretary
St., Boston', Mass
New York Riding School.
214 E. aiTH St., Nzak Tuiiu) Avb
042 Washington
tbsjn
other English Dictionary.)
T^'ly'P Biographical Dictionary which
A J M Jj contains eives brief tacts conit
^^
Til fT'C'Il
Jt^-^MSJL
ceriiine 9700 noted pcr.ions.
in Illustrations— 3C»00 in nnmI'CT,
(about three times as
as found in
any
many
otiier Dict'ry.)
HOLIDAY CIFT.
Most
Parent, Teachacceptable to Pastor,
er, Child, Friend ; for Holiday, BirthUay. Wedding, or any other occasion.
Herring's Safes.
THE
IN
CIIAIVIPIO^
RECORD
ALL GREAT
FIRES.
an rier-prcsent and reli.tble school
master to the wliole family S. S. JleralJ.
6. & C. MERRIAM & CO., Pub'rs, Springfield, Mass,
Wire Rope.
^''^~-
flf.
J.
lenglha
are cut.
FLAT 8TKKL AND
ROPES for Mining UtON
pur-
D.
J0NK3,
Edmimd W.
Corlles,
Charles H. Marshall,
George W. Lane,
Edwin D. Morgan,
Robert L. Stuttrt,
James G. De Forest,
Bamiiel Willetts,
Charles D. Leverioh,
William Bryce,
William H. Fogff,
B. Coddiugtou,
Horace K. Thurber,
WUllam Degroot,
Thomas
Henry Collins,
JohnL. Rikcr.
President.
CHAF.IJiS DENNIS, Vice-President.
poses manufactured to or.
W. U. U. MOORE, 2d Vice-Presidect.
CO.,
Nriv lurk.
*i^.
Sturgis,
aharlos P. Biu'dett,
Marge stock constantly on
_
Raven,
Wm.
John D. Hewlett,
William H. Webb,
Charcoal and
Uig«inc, Sus.
Jpenslon Bridges, Deriicli
JGuys, Ferry Hopes, Ac. A
JOHN W. MASON &
43 Uroadivar,
A. A.
rhomas F. Youngs,
C. A. Hand,
MBB for Ships'
hand from which any
Lewis Curtis,
Jjsiah O. Low
William E. Dodge,
Royal Phelps,
\ Inclined Planes, Trassmisaslon of Power, 4c. Also,
sired
John EUiott,
Adslph Lemoyne
Bobt. B. Mintum,
Beijansin H. Field,
STEEL AND CHARCOAL
IRON of Buperlei quality
•uitable for MINING ANi)
HOISTING PURPOSES
UGalvaniied
W. H. H. Moore,
James Low,
David Lane,
Gordon W. Bumham,
e'rtant,— iondoa Quarterly Utriew.
U
,
Horace Gray,
Charles H. Russell,
It U the hest practical English Dictionary
It
TRUSTEES!]
D. Jones,
Charles Dennis,
J.
251
& 252
BroadiT.iy,
New
York,
A. A.
RAVEM, 3d
Vlof>Pre8lde«t.
Dbobmbbb
-tlHI
THE CHKOJSICLE
0, 1883.]
liisun»nco.
^»!
UNION
¥
H. WAHX.
... poutland
mains.
ORGANIZED 1840.
-....-.
$6. 264. ills
Aueta
67
678,545 53
Death liosaen Paid - - 6.876,901 76
JDlTldenda Paid ...
3,996,441 27
18,725 Polleles In force, InaurinK
»84, 083, 551
8arplus(IV. V. standard)
NKAHLV
And
DANIBT, BHARP,
DOLLARS,
Co.,
Seml-annoal Statemeni
M. ETAN8,
CO.,
&
Gwynn,-
Cash Asseta
CHAS. FRANCIS BlIBI
&
00
00
97
10
Post
Beebe,
$6,838,719 07
WALTER & KROHK,
United States, available for the PAYof L088KS by KIKK and for the protection of Polley-Uolders of FIRE INSUKAKCK:
Cash In Banks
{160,816 00
Bonds and mortgatfes. bein^ first lien on
real estate (worth »3.168,500)
1,803,737 4«
United states stocks (njarket valae)
3,0H-.3,750 00
Bankjk ItR. stocksAbds. (market Talne) U3t,S50 00
State and municipal b'ds (market value)
128,500 00
Loans on stocks, payable on demand
(market Talueofcollnter'ls, |1,B05,912). 1,007 450 00
Interest due on 1st July, 1H^2
80 07-191
Premiums uncoll'ot'd & In h'nds of agts.
82,143 23
Real estate
86,499 4V
In the
MENT
$8,838,71907
niARTIN, President.
WASHBURN,
Secretary.
MUTUAL LIFE
63
B. F.
Receive consignments or Cotton and other Prodnce
and execute ortlprs at the Kxcbangealn Liverpool.
Represented In N,iw York ut the olUce of
BABC<><;K B110THK!(8 dl co..
W Wall
Gumming &
Baily,
COTTON FACTORS
AND COMMISSION MERCHANTS,
No. 89 Pearl Street, New York.
ASSETS, $95,000,000.
Only Direct Line to France.
GENERAL TRANSATLANTIC CO.
Between NEIV YORK and HAVRE,
From Pier (new) 42 North
River, foot of Morton St.
Travelers by this Une avoid both transit by English
Railway and the discomforts of crossing the Channel
In a small boatCANADA. Frangeul
Wed., Dec- 13. 7 A. M.
PICARDIK, Fortler
About Dec. 14
FRANCK, I'. I)- lluuterlve
Wed.. Dec 20, 12 M.
ST. I.AUilKNT. Scrvun
Wed., Dec. 27, 6:30 A.M.
Pkioe of Passaoe— (Including wine): To HavreFirst cabin. tlOO and $80; second cabin, J60: steerage, »20— Including wine, bedding and utensils. Ratum tickets at very reduced rates. Checks drawn on
Credit Lyonnais or Paris In amounts to suit.
FOR
niARSIi:il.l,E8,
TOCCHIMO AT C'Amz, OlBKALTAR * BARCELONA.
The following steamers
will
leave
for Cadiz, (iibniltar. Barcelona
freight and pusscn^ers
and
New York direct
Marseilles,
taUDg
Rates of passage— For Cadlx and Gibraltar—
and $90
for Barcelona and MaraeUlM
steerage, »82.
of lading Issued to Mediterranean
Ports. Including Barcelona, Algeria. Tunis, Genoa.
Leghorn, Naples. Messina ; also, for Trieste and Con;
— Mrst cabin. $M0 and $100.
Uken
for Gibraltar.
No. 6
Bo^Ume Green.
COTTON BROKER",
117 Pearl street,
New York.
Fntarei promptly
&
John C. Graham
(Bucoesaors to R. M.
WATERS A
Coi,
(X).).
No. 18 WUllana Street, Neiv York*
8ELMA, ALA„ PnocNIZ BUILDINO.
MONTOOMHBY, ALA., .MOHUIfl BANK BrmfOcni
Orders for i^tiwe Contracts Executed In New Yotk
-
.
and Liverpool.
Henry M. Taber,
.
m
&
25
WILLIAM 8TREKT, NEW YORK.
Stock. Cotton and Produce Exchanges.
Orders in " Futures" executed ut N.' Y. Cotton Eich.
HYMANS & DANCY,
Dancy,
Hyman
be
Advances raade on ConsiKnmeDts of Cotton* Ckm*
for Fatare Delivery of Cottoo buojibt wmA
floldpn conunlBalOD.
triiots
J
NoaroLK. Va.
Co.,
ames F. Wenman & Co.^
4« Pearl Street, near W«l|,j|,-ir,
1
Kstabllshed
(XITTON COMMISSION MERCHANTS,
97 Pearl St., New York.
Geo. Copeiajid
6c
PEAKI. orKEET,
Wm.
Bulkrd
mven
Co.,
NEW YORK.
CoVroN
NBW
Campbell,
Cotton Factors.
vickmbcru,
ntiss.
Orders to purchase Cotton In our market solicited.
Refer to Messrs.
;aaSTILLlIAN
Nav York.
WOODWABO
YORK.
I
TIES,
(FOR BALING COTTON.)
Agents for the following brands of Jute BaaalHr
"Eagle MUls,'"'Brooklyn City." "«eorgla,"-C!«iro8n5
*Nevins O," "Umoa 8tar," "ftaiera," "Uorteon kHw
"Jersey Mills" and "Dover Mills."
•
TIBS.
BAGGING.
1'
:
&
Wheeler,
IMPORTERS OK IRON
ItOKR for SPXNSKRK and KZPORTEB8
(^oRKvepoHuuroR SouoiTan.
jfteferences ;— Natloaal Bank of Augusta, Oeorv
Henry Hents A Co.. Commission Mercliants Nev
York William B. Dana A Co., Propriston Couta^
uiAL vjfi' KiK*i»oiAi. <;HBON)t.nx. and other No
York Houses.
Parisot
&
BAGOING AND IRON
liROKE:.,
to purchase or
1840.
119 ItlAIDEN I<ANJB,
AVOVSTA, OEOROIA
entire attention
Tnntlne Building)
Hiscellaneons.
Felix Alexander,
COTTON
(In
and sale
COTTO.S BROKERS,
136
BROK-rKS,
.".JlTON
No.
WARREN, JONES
ST.
&,
GRATZ
LOUIS, Mo.
M
annfaet nrei'a' A<ents for the sale of Jute Ba(w
gtng. Furnish oorartng annnally for one-flfth of the
entire Cotton CMv.
Correspondence from lain
dealers soUaltad.
Chronirle Volumes
W4XTED.
Tolnmea
1, 2, 4i 8, 9, 10, 12, 18, 15,
16, 17, 18, 19, 22 and 26.
Apply at PublloaUon OfDse. TB A 81
i
.
PEARL 8THEET. NEW YOKEL.
No. 141
bills
LOVIS DE BERIAN, Agent,
AND
uce Kxclumges.
Special attention given to the purchase
of contracts for future delh ery.
steamships.
Co.,
OOTTON COMMISSION MERCHAKIB*
No. 10 Old Slip, Now York.
Special attention given to the purchase and sale of
contracts for future delivery on the Cotton and Prod-
LIFE& ENDOWMENT POLICIES
184-.J.
&
BANKERS
COTTON COMMISSION MEBCHANT8,
Stsmt-
Members of
14TH,
Place,
nkw yobk.
Orders (or Spot Cotton and
executed.
COMMISSION MERCHANTS,
17 Water !Street, LIVBRPOOI.,
F. S. WIMSTOM, President.
ISSUES EVEItr DESCRll'TWi OF
ORGANIZED APRIL
IM KxehaBKe
E. S. Jemison
BABCOCK&CO
H. Tileston
Co.,
COTTON, STOCKS, BONDS, &e.,
Rates Lower than other Companies.
dc
BmLPnro.
Jemison, Groce & Co., Galrestoii, Texas.
COTTON BROHi RS,
BEAVER !nRREET, NEW YORK. Dennis Perkins & Co.,
INSURANCE OMPANY
OF NEW YORK.
'
MRR0HANT8
C0MMI88101
Nos. 42 dc 44 NEUr STREET.
SPECIAL ATTENTION TO
Parohaae and 8alo of Contraeta lor Fatnrr
OP ASSETS
Total
COTTON FACTORtl
Y. Cotton Bzohange.
Delivery.
S'lRSI
$3,000,000
Reserve for Unearned Premiums 1, 967,087
Reserve for Unpaid Losses
209,459
Net Surplus
1,661,572
SViTIinARV
NBW YOKE
Evans
BROADWAY,
CASH CAPITAL
tantinople.
N. B.-No treight
mviR *
18 Excbanice Place,
dc
111
CONDITION OF TUB COMPANY ON THB
DAY OK JULY, 1888.
Through
'
CALCUTTA AND BOMBAY.
CONTRACTS FOB FUTURB DBUYWIT O0*.
TON bought and sold on oonmlsalon
In New York
""*"' ^""""^ >*«~^
ag.Bei tgtr.!;j^';''^i.'"*
Fielding
Special kttentlon given to the Purchaae ani Salt
of Contracts for fntnre deliv ery of Cotton.
Member N.
HUUWI^O THI
First cabin, $75
neaara. FINI.AY,
ON
'08T BUILDING,
HINRT
OF NKW VOUK,
J.
Nor. 10
Compan
OFFICE, 119
H.
I
York.
Also aieonte orders for Marebandls* ttaroacb
.
VI. <.-Pre»lrtent.
Insurance
J.
T
O O
Prealdeiu.
HOME
OH AS.
&
New
Ht.,
Advances made on Cunslgnnxnts to
tlgnmeota.
Billups
Nunth WUllan
8
nessra. JAlHEtl FINLAV * OOmLIVKRPOOL. LONDON AND GLA800W.
dpeclal attention paid tu the exaoutlon of order-
P.
Co.,
connmsioN mEBCHAHTa,
York.
for the paroharo or sale of contracts for fntar*
a.
llrenr of cotton- Liberal k.lvnncn made nn t^r,,..
J.
HKNKY D. 8MITJI, Secreury.
NICHOLAS 1)K laioOT, Assl Sec'T.
THOMAS A. FosTKU. Medical director.
Held
COMMIKHION MEKCHANTh
New
&
I
m II, L I O N N COMMISSION MERCHANTS
KOIIU
Ifcbtb
OBKK AL
fur OlTidonds,
JOHN E"~liieWlTT,
Flltjr-I-
Henry Hentz
Schroeder,
111 Pearl Ntreet.
Paid D«atb Losses, sinoo Or^anlsallon,
SEVEN MILLION
4'Mllon.
OILLUT HCIIBOSnil
&
Ware
Mutual Life Insurance Co.
COTTON
OF n A I N E.
omcTOBs' orrici
'Cotton.
:>M')!
HnrUT
TO
WUUaa St.
THE CHRONICLE.
?1U
Cotton.
Cotton.
Woodward &
Stillman,
MKBCHANTS,
FOBt BnUding, 16
&
S
COTTON EXCHANGi- BUILDINa,
New
OifA Adtanee* Made on Ootingnmenta.
PaCIAL ATTBNTIOK to 0BDEB8 FOB COKTBAOTS
»OR FUTUBB DEI.ITBBT 0» COTTON.
COTTON, AliL OBADBS, SniTABLB TO WANTS
of spinners,
Oftkbid on Tkbhs to
W. T. Hatch &
—with
interest upon balances.
Special attention paid to INVESTMENTS
aocounUof
$)ECURIT1ES.
Suit.
64
&
strictly Brokerage
&
BBOADTirAT.
V So. TriUlam St,
66 Stone
&.
Street,
Utwvnr
'"*=**
QWATHMET.
A. B.
-rnnK
KOBK..
CHESTNUT 8TEEET,
PHII.ADEI.PHIA.
VlLlfOHB. H.W.HANBMANN. CLBmNSFlSCHIB
Mohr, Hanemann & Co.
New
ST.
1S«
GRATIBR
New
Tei'k.
Spboiai. Attention
of obders fob
Orleans, La.
Oitbn to the kxeodtiop
futube contraotb.
D wight & Co.,
COTTON
Hopkins,
COMMISSION MERCHANTS,
~~^
PEABI. STBEET,
Ro. 184
NEW YORK.
Obdebs »ok Futube Contracts Bxxoutxd in
New Yobk and Ltvebpool.
I iEHif A
,
Abrahak a Co.,
New Orleans,
La.
Lehman, Dueb A Co
Montgomery, Ala,
LEHMAN BRO'S,
Cotton Factors
AND
oonmissioN hiebohants.
No. 40
EXCHANGE PLACE,
OfwtOWH OmcB, NOS. 89 A
;
.
New
Walkeb
York.
41
&
Woods
Stbzxt,
OF HARTFORD.
MUBFHY
Murphy,
and
& 18 Exchange Place.
COTTON, STOClA§ AND BONDS.
North
&
NEW YORK.
British
Mercantile
Co
Ins.
OF
0RDEB3 IN FUTUBXl CONTRACTS
EXECUTED IN NEW YORK AND LIVERPOOL
2342.
1,774,849 74
4,000,000 00
NET BUBPLUS
$3,137,422 00
No. 2 Cortlaiidt St., New York.
JAS. A. ALEX.INDEB, Agent.
16
Box
$8,902,272 04
1882
1,
for unpaid losses
le-tnsuranoe fund
Capital
(POST Bcildino.)
P. O.
Company
Liabilities
1^
G.
Street,
MTNA
Assets JanuaiT
Special attention given to the execution of
orders for tlie purcliase and sale of Cotton for future
delivery. Iiil)erai advances made on consignmenta.
8.
33 Broad
Insurance
Co.,
Street,
NEW YOBK,
And NOBFOI.K, TA.
WM. HINBT WOODS
&
Noa. 31
NEW YORK.
SLIP,
LONDON AND EDINBIJROH.
Board of Manaef^nenti
I'nlted States
NSW FORK
:
F. Orumbie,
J.
New York.
114 Pearl St., COTTON,
SOLON HtTMPKREYS, Ch'r'n,(B. D.Morean * Oo
DAVID DOWS, Esq. (David Dows & CoO
Special attention given to orders for the bnylng
and selling of Cotton fob Futubx Deutebt.
Member of Cotton Exchange.
J
Rogers
&
NO. 97
PABBRl,
K. P.
Esq. (Drexel,
Morgan
<fcCo.)
Hon. B. B. CHITTBNDBN.
r:ZRA WHITE, Esq.
.
J.
A8TOB,
Esq.
GHAS. E. WHITE, SAM.
P.
BLAGDEN,
MANAGERS,
Pendleton,
Office 54
COMMISSION MERCHANTS.
WlUlam
St.,
New
ITorlL.
PEARL STREET, NEW YORK.
Adv&Dces made on consignmenta of Cotton, Gralc
and other Produce.
Buy and sell contracts for future deliverr or
Grain and Provisions.
Geo. Breniiecke
&
Co.,
COTTON BROKERS,
No. 110 Pearl iitreet,
Otders executed at the Cotton Exchanges In New
Tor* and Liverpool and advances made on Cotton
other produce consigned to us, or to our corre
nioadents In Liverpool, Messrs. B. Newgass A Co
and Messrs. L Rosenheim A Sons
Dd
OLD
EiriN.
Brothers,
COTTON BROKERS,
BLOBS.
Water
ST.
SuBiAYUs C. Hopkins. Lucius Hopkins Shith.
CBABIJ8 D. MnUSB.
•'
No. 12
JOBN M.
JB.
Ewen
COTTON COMMISSION MERCHANTS
Cor.
No. 116
WABBIN EWIN,
Bloss,
&
sale of
COTTON BROKER AND AGENT,
BUE »E I.A BOVBSE, BATBB.
fiRCH ANTS,
Street, New York.
No. 123 Pearl
and
Hoffmann,
II
Rountree
CO.,
COTTON COMMISSION MERCHANTS,
PEARL
J8
Special attention ^iven to the execDtlon of orders
for the purchase and sale of contracts for ratore
delivery in New York and Liverpool.
8UCCKS80BS TO
133
J. O.
Gwathmcy &
NEW YORK
Special attention given to the purchase
Future Contracts.
Special attention given to orders forttie bnylnR
and selling of Cotton fob Futube DELirzBr.
COTTON
Edward H. Coates& Co.
CIiAQHORN HERRING k
& Co.
COTTON BROKERS,
PEABI. STBEET.
COTTON BROKERS,
63
and Commission.
No. 114
Zerega & White,
6
Cotton Commission Mercliantg,
Uotton EzchanKB Bnlldlns,
Co., William H. Beede
TJboral advances made on cotton consignments.
Bpecial attention 0Ten to orders for contracts for
ftrtore delivery of cotton In New York and Liverpool.
obdebs pbomptly Exeodtbd.
F,
COMMISSION MERCHANTS,
No. 47
X^OBK.
OOTTOrV
Solicited.
Sawyer, Wallace
Tainter,
Robert Tannahill& Co.,
Special.
NEW
STONE tSTBEET,
Conalsiunents or Cotton, Naval Store*
HXKCUTKS ORDERS FOR THE PURCHASE
AND BAL.B OF FUTURE CONTRACTS IN THE
COTTON AND PBODUCB EXCHANOSa
and
STABER,
GEO.
PEABI. STKEET,
and otber Frodnce
&
Waldron
" Fdtitiui '
ALBERT KROHN,
YORK.
COUNTRY BANKERS.
COTTON COmmSSION mEBCHANT
97 PEARL STREET, NEW YORK.
H. PARKER,
COnniSSION nERCHANT,
NBW
Sons,
'''
BaANOHOFricKsi.l2H
/i,^"„•'^JJ"T"'
l^Zfin Chnpel
Ml., >ew ?;
il&Tea
J.
No. 140
Benry P. Hatek.
ArtXur M. BaIeK
Personal attention given at the BXCUANQKi o
toe purchase and sale of 8 rOCKS and BONDS for
cash or on margin.
DEPOSITS RECEIVED—subject to check at sight
Y ork.
LOANS MADE ON
SOVTHERK
Waiter T. Hatek.
Sath'l W. T. Hatch.
BANKERS.
14 NASSAU STREET, NEW YORK.
COTTON MERCHANTS,
NBW YORK.
„
9, 1883.
raiscellancous.
lNMAN,SWANN&Co
Bxchan^e Place
LOAMS MADK ON ACCKPTABLB SKCUKITIBS.
'
[[Dbobhbkb
FUTUBK CONTBACTS A
.lOUN
Kow
Union Ins. G
VorU..
<Or
SPECIAI.TV.
CULS^liY &.
OOITON BUYERS,
II.
MONTGOMERY,
K^ommercial
Cit
LOSDOKh
ALFRED
.
AL,A,
PUBCHASB ONLY ON OBDEBS. FOB A COHUISSIO.^
PELL,
Resident ilanager.
S7
&
?(?
l^cUl Street.
@FedFRASER