"September 29, 1877 : Investors' Supplement, Vol. 25, No. 640 [Copy 1]," Commercial and Financial Chronicle (September 29, 1877). https://fraser.stlouisfed.org/title/1339/item/528328, accessed on April 22, 2025.

Title: September 29, 1877 : Investors' Supplement, Vol. 25, No. 640 [Copy 1]

Date: September 29, 1877
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image-container-0 F THE COMMERCIAL AND FINANCIAL CHRONICLE. PUBLISHED ON THE LAST SATURDAY OF EACH MONTH. - Furnished Gratis to all Subscribers of the Chronicle. [Entered according to act of Congress, in the year 1877, by Wm. B. Dana & Co., in the office of the Librarian of Congress, Washington, D. C.l i s m s a s m m & S ! * * NEW YORK SEPTEMBER 29, 1877. INVESTORS’ SUPPLEMENT OP THE Catmnerrial attfi jJ-matmal Cjjrnnicle. The Supp^ment is issued on the last Saturday of each month, containing a complete exhibit of the Funded Debt of States and Cities, and of the Stocks and Bonds of Railroad and other Companies. It is furnished without extra charge to all regular subscribers of The Chronicle; no single copies are sold at the office, as a sufficient supply is printed for subscribers only. Transient advertisements are inserted at twenty-five cents per line; adver¬ tisements by the quarter, six months or year, at special rates. INVESTMENTS IN SEPTEMBER. Tlie month of September has been marked by the quiet which usually pervades the market for investment securities at this season. The demand for money at the West and South to move the large crops in those sections has caused a heavier drain on our banks for legal tenders than for several years past, and with signs of an active money market during the next three months the inquiry for investment bonds has been comparatively limited. With the weakness in gold, government securities have further declined, and the four per cent bonds subscribe 1 for at par i n gold are now worth in the market about 99 in gold. The exchange of $50,000,000 of the new four per cent bonds, for five-twenties, according to the dates for which the latter have been called in, will be as follows: October 5, $10,090,000; Octo¬ ber 16, $10,000,000; October 19, $10,000,000; October 27, $10,000,- 000; total October, $40,000,000. November 3, $10,000,009. In State bonds, it is noticed that Tennessees have declined since nearly all the bonds wanted by solvent railroads have been purchased, and the support given to the market from that quar¬ ter has expired. In Alabama, the State authorities have already exchanged a good part of the $5,300,000 Alabama & Chattanooga State endorsed bonds for the $1,000,000 two to five per cents, offered in place of them. Nothing further has been heard of the Arkansas compromise scheme. City bonds are without material change, and command good prices. The theory that a city may tbe sued for debt, and that its bondholders have therefore a remedy in case of default, is a good one, but its practical working has not been very satis¬ factory, Although States cannot be sued at law, and cities have in that respect been considered better obligors, it turns out that when cities have become financially embariassed they have gen¬ erally compromised their debts, and bondholders have received no benefit from their right to. bring an action. At the present time, cities so prominent as Mobile, Memphis, Montgomery, Houston, New Orleans and Savannah, make compromises on their bonds of one sort or another, and in Missouri and other western States it is notorious that the decisions of the United States Courts against Cities, Towns and Counties in favor of the bond¬ holders have not been followed by prompt settlement of the debtsb ut evasions and compromises have been perpetuated ad nauseam. The conclusion from all these transactions is s'mply this—that the excellence of a city bond must greatly depend upon the per¬ manent ability of the municipality to pay its debts, and the in¬ clination of its people to meet their just obligations, and if these two are wanting it is doubtful whether a suit at law against the municipality will avail much. It is a trying situation when any community is loaded with debt held almost entirely by residents of another State or country. A large majority of the holders of the bonds of States and cities in the South and West have resided when ia this vicinity or abroad, and the question of paying arose there was no party in the community pecuniarily interested in having the obligations honored—the general interest was to escape taxation With municipal debts in the Middle and Eastern States the case is quite different, as the bonds are largely held within the States where they are issued; and if .the debt of New York city, for instance, should be repudiated to-day, by far the most numerous class of losers would be the savings bank depositors, whose security for their earnings consists in those bonds which consti¬ tute a heavy item in the assets of the banks. The savings banks of New York city alone held over $40,000,000 city bonds on the first of January, 1877. But in whatever shape the matter falls out, whether as to the holders of State, city or county bonds, or of railroad bonds, or of mortgages on western real estate, it is obvious that when all the creditors of a community are non-residents there arises an inducement among the dishonest portion of the population to legislate against the creditor, or otherwise to avoid their obligation if possible. The force of law where its effectual application is practicable, or a high sense of honor among the people, must be relied on in such cases. Attention is directed to the large increase in our list of city bonds in this issue of the Supplement. A number of cities are now represented in this list for the first time, and in the Eastern States particularly, nearly every city having $500,000 or more of debt is now represented by a full statement of its various issues In that section the local city bonds are held in highest esteem as investments for corporate funds, and we doubt not that our numerous subscribers among the officers of savings banks and insurance companies will appreciate the additions now made of bonds. to the list. The total investments of all financial corporations in New York city, as appeared by our article recently published in the Chronicle, was as follows: AGGREGATE INVESTMENTS OWNED BY EACH CLASS OF CORPORATIONS. Banks— No. Amount. No. Amonnt. No. Amount. National State 29 Savings Insurance— Eirp Marine Life 14 Trust companies Grand total , 47 32 73 9 8 1877. $51,499,041 5,603,099 173,367,303 34.638,782 17,146,978 171,769.022 26,751,160 $480,830,934 $479,463,378 $452,273,697 , 47 28 38 72 9 19 8 1876. , $55,475,229 4,548,200 175,089,972 33,755,673 15,733,212 163,016,822 25,941,270 /— - -1875. 43 27 43 71 9 20 9 * $52,702,695 3,640,882 172,197,958 31,616,696 15,197,593 154,130,069 22,737,799 AGGREGATE OF EACH CLASS OF INVESTMENTS OWNED BY ALL THE CORPORA- United States bonds. • State securities City securities • County and town bonds... , Company securities.. 1877. 1876. 1875. TIONS. $150,971,113 $136,629,322 17,595,122 19,364,820 19,985,917 62,856,586 60,205,972 61,291,13-3 6,634,103 8,566,171 7,373,255 14,397,832 15.562,173 12,640,980 R.E. bonds and mortgages . 192,672,525 205,962,345 200,118,977 Real estate Total State banks unclassified.. 420,603 Grand total . 35,233,103 32,800,291 31,645,013 .$480,410,384 $479,091,094 $451,374,629 $480 830,984 $479,460,378 $452,273,697 369,284 $118,319,354 899,068 In the relative amount of the different classes of securities held there were some important changes during the year 1876, the increase being principally in United States bonds and decrease in real estate mortgages.
image-container-1 STOCK AND BOND TABLES. NOTES. These tables are expressly intended to be used in connection with the information concerning Investment matters, published from week to week in the Chronicle—to which an index is furnished in the remarks at the foot of the tables. Annual reports are in black-faced figures. A full description of U. 8. Government Securities is published regularly in the Chronicle each month, as soon as the official “Debt State¬ ment” is issued. Prices of all Stocks and Bonds are quoted weekly in the Chronicle. The following will give explanations of each column of the tables below: Description.—Railroads leased to others will often be found under the lessee’s name. The following abbreviations frequently occur, viz.: M. for “mortgage,” s. f. for “sinking fund,” 1. gr. for “laud grant,” reg. for “ registered,” coup, for “coupon,” Br. for “Branch,” guar, for “guaranteed,” end. for “ endorsed.” Date of Bonds.—The date of issue on the face of the bond is referred to in this column. Miles of Hoad.—Opposite Stocks, this means the miles of road operated, on which the earnings are based; opposite bonds, the miles covered by the mortgage. ■ • Size or Par Value.—These figures are dollars, showing the denominations or par value. The figures “ 100, Ac.,” signify $100 and larger. Bate Per Cent.—The interest per annum is given for bonds, but the per cent of last dividend for stocks; g means gold; x, extra; s, stock or scrip. When Payable.—J. & J. stands for Jan. A July; F. A A., Feb. & Aug.; M. & 8., March A Sept.; A. A O., April A Oct.; M. A N., May A Nov.; J. & D., June & Dec.; Q —J., quarterly from January; Q.—F., quarterly from Feb.; Q.—M., quarterly from March. Bonds, principal when due; Stocks, last dividend —The date in this column shows the period when the principal falls due of bonds, but the tim e when the last dividend was paid on stocks. STATE SECURITIES. ' Subscriber* will confer a great favo* by giving Immediate notice of any error discovered in these Table*. DESCRIPTION. For explanations see notes above. Alabama— Substitution bonds (A) Substitute b’ds for RR. ($4,000 p.m. loan) (B) do for Ala. & Chatt. endorsem’ts (C). Educational funded debt Direct loan to Montgomery & Eufaula RR.... Railroad bond indorsements unprovided for.. Arkansas—Funding bonds of 1800 and 1870... Funding Bonds 1870 (Holford) *. Levee bonds (or warrants) Old unfunded debt, including interest Ten year b’ds, Act May 29.’74 Secured sinking fund bonds (Act. Dec., 1874) To Memphis & Little Rock Railroad To Little Rock & Fort Smith Railroad To Little Rock, Pine Blurts & N. Orleans RR.. To Miss.; Ouachita A Red River Railroad To Arkansas Central Railroad State scrip California—Soldiers’ relief State capital bonds Funded debt bonds of 1873 Connecticut—War bonds, 20 year ) Coupon War bonds, 20 year \ ’ or do not taxable, 20 year.. ) regist’d. New' bonds, coupon, 10-20 year Dist. of Columbia— Perm’t imp’t, gold, cp. or rg. Permanent improvement, currency Fund, b’ds (U.8. guar., Acts June,’74A Feb.,’75) Market house bonds, coupon Potomac water bonds, coupon Washington funding, gold Other Washington debt Corporation of Georgetown Florida—State bonds Consolidated gold bonds Loan to Jacksonville, Pensacola A Mobile RR. Georgia—Atlantic & Gulf Railroad bonds Bonds, act of Mar. 12, ’66 (renewal W. & A.).. Quarterly gold bonds, act of Sept. 15, 1870.. Bonds, act of Jan. 18, ’72 Bonds for funding (Act Feb. 19, ’73) \ Bonds to fund coupons on endorsed bonds... Bonds exchanged for RR. bonds endorsed Illinois—Interest bonds, inscribed stock Refunded stock bonds Normal University bonds Thornton loan bonds War bonds Indiana—Bonds, short loan Bonds, short loan School fund bonds (uou-negotiable) Kansas— Bonds, 1861 to ’69, funding, &c Bonds for various State purposes Military loan Louisiana - Bonds for relief of State Treasury . Bonds in aid of various railroads Levee bonds—Act 35 of 1865 do Act 115 of 1867 do special—Act 32 of 1870 Bonds funding coupons do to Boeuf A Crocodile Navigation Co... do issued to State Penitentiary Date of Bonds. Size or par Value. Amount Outstanding INTEREST. Principal when Due. Rate. When Payable Where Payable and by Whom. 1876 $100 Ac. $4,655,000 2 Ac. J. A J. New York. July 1,1906 1876 100 Ac. 456,000 5 J. A J. do Julv 1. 1906 1876 100 Ac. 650,000 2 Ac. J. A J. do July 1, 1906 2,810,670 1870 300,000 8 1870 to’71 3,405,000 8 1869 to’70 1,000 1,886,000 * 6 J. A J. N. Y., Union Trust Co. 1899 1870 1,000 1,316,000 6 1900 1871 100 Ac. 1,986,773 7 J. A J. do do 1900 1838 to ’39 1,985,955 1875 • • • • '258,300 10 1884 1875 .... 256,000 6 J. A J. New York, Latluirn, A. A Co. ^m . 1869 1,000 1,200,000 7 A. A O. N. Y., Union Trust Co. 1899 1870 1,000 1,000,000 7 A. A O. do do 1900 1870 1,000 1,200,000 7 A. A 0. do do 1900 1870 1,000 600,000 7 A. A O. do do 1900 1870 1,000 1,350,000 7 A. A 0. do do April, 1900 1863 1,353,120 5 A 8 1863 500 Ac. 95,500 7 g- J. A J. Sacramento, Treasury. 1883 1870 to’72 .... 500,000 7 g. J. A J. do do 1885 1873 500 Ac. 2,801,000 6 g. J. A J. do do 1893 1863 1,000 877,000 6 J. A J. Hartford, Treasury. Jan. 1, "1883 1864 1,000 1,318,500 6 J. A J. do do Jan. 1, 1884 1865 100 Ac. 1,741,100 6 A. A O. do do Oct. 1, 1885 1877 1,000 1,000,000 5 M. A N. do do May 1, 1897 1872 500 Ac. 4,000,000 6 g. J. A J. N. Y., First National Bank. July 1, 1891 1873 .... 677,300 7 J. A J. do do July 1,1891 1874 50 Ac. 13,743,050 365 F. A A. do do Aug. 1, 1924 1872 50 Ac. 152,400 7 J. A J. Washington, D. C. July 26, 1892 1871 to’73 1,000 476,000 7 J. A J. do Oct. 1, 1901 to ’03 1872 100 Ac. 1,812,300 6 g. Various New York and Washington. 1892 1S28 to’68 .... 1,235,824 5, 6, 7'3 Various Washington, D. C. 252,317 6 O.—J do 1871 350,000 . 7 N. Y., Importers’ A Tr. B’k. 1873 i.ooo 899,400 6 g. J. A J. do do Jan. 1, 1903 1870 1 000 4,000,000 8 g. J. A J. 1858 to ’66 500 '900,000 6 F. A A. N. Y., Fourth National B’k. 1878-’81 and 1886 1866 500 Ac. 3,600,000 7 J. A J. do do May, 1886 1870 1,000 2,098,000 7 g. Q.-J. do do Oct., 1890 1872 1,000 307,500 7 J. A J. do do July, 1892 1873 250Ac. 900,000 8 A. A O. do do April 1,1878 to’86 1876 1,000 542,000 7 J. A J. do do July 1, 1896 1877 .... 2,278,000 6 J. A J. do do 1889 1847 .... 913,164 6 J. A J. N. Y., Am. Exchange Bank. Jan., 1878 1,000 224,000 6 J. A J. do do Various 1,000 23,000 6 J. A J. do do Jan., 1880 1,000 86,000 6 M. A ,8. do do Jan., 1880 100 Ac. 142,300 '6 J. A J. do do Jan., 1880 1875 .... 200,000 7 A. A 0 New York. April 1,1878 1876 .... 510,000 6 A. A O. do April 1, 1879 3,904,783 0 Various 1861 to ’69 100 Ac. 101,175 6 July. N. Y., Donnell, L. & Co. 1883 to ’84 1861 to ’75 100 Ac. 739,000 7 J. A J. do do 1878 to ’99 1864 to’65 289,000 7 J. A J. do do 1884 to ’99 1853 boo 120,000 6 J. A J. - July, 1893 1,000 518,000 6 Various 1872 to 1906 1866 1,000 207,000 8 Various 1886 1867 1,000 526,000 6 M. A N May 1, 1907 1870 500 747,500 8 M. A S ... ....... March 1,1875 1866 100 Ac. 100,300 6 J. A J 1886 A ’88 1870 1,000 80,000 8 J. A J Jan. 1, 1890 1869 1,000 87,000 7 M. A S. March 1,1909 Alabama.—The State gives 30-year bonds, dated July 1, 1876, bearing 2 per cent for 5 years, 3 per cent for next 5 years, 4 per cent for next 10 years, and 5 per cent for last 10 years, for old bond-', with¬ out any allowance for past-due coupons. Alabama & Chattanooga endorsed bonds may also be ek changed (for $1,000,000 of the new bonds, class C. ) For railroad endorsements the bonds issued bear 5 per cent. An analysis of the debt and fund¬ ing operations is in V. 24, p. 28. The value of all taxable property is given at $160,000,000; tax rate, 7L/2 mills. The assessed valuation of real estate in 1875 was $83,851,232. (V. 22, p. 110, 157, 205, 521; V. 23, p. 30, 40, 397, 622; V. 24, p. 28, 420.) Arkansas.—Rate of taxation, 10 mills. The State is in default for interest, except on the ten per cents of 1^74 and secured sinking fund bonds, issued under the law of December, 1874. Assessed valua¬ tion of taxable property, $94,095,243. The total interest overdue July 1, 1876, was $4,127,682, making total bonded debt, $15,905,310. (V. 20. p. 161; V. 23, p. 174; V. 24, p. 88, 42', 466, 564; V. 25, p. 161.) California.—The State holds in trust for School and University funds the $500,000 Capitol bonds and $2,063,000 of bonds 1873. Total valuation of property, 1876, was as follow's: Real estate, $454,- 990.351; personal property, $139,217,693-total, $594,238,046. This amount appears smaller from the deduction of “solvent debts” in 1876, but otherwise would have been much higher. Tax, 73# cents per $100. Connecticut.—'The debt of Connecticut was all created originally for war purposes. Assessed va'ue of real ana personal property, 1877, $344,406,977; rate of taxation, mills. (V. 24, p. 387.) 4 District of Columbia.—The total assessed value of taxable real estate in 1875 wras $93,452,684. The interest due Aug., 1S76, and Feb., 1877, on the 3-65 bonds was provided for by the Sundry Civil bill. (V. 20, p. 289, 446; V. 21, p. 63, 417, 465; V. 22, p. 181; V. 23, p. 542; V. 24, p. 39.) Florida.—Lesstue sinking fund of $97,900, and J. P. and M. loan, the total debt is $1,161,700, which does not include $132,000 bonds of 1357, held by Indian Trust Fund. Real and personal property are valued about $35,009,000; tax rate; 7 mills. The Jacksonville Pensacola & Mobile RR. is in litiga¬ tion. (V. 21, p. 466, 591; V. 22, p. 158, 233; V. 23, p. 576; V. 25, p. 212.) Georgia.—'The constitutional amendment in 1877 declared void several issues of bonds and railroad endorsements. The So. Ga. & Florida RR. has $464,000 of bonds endorsed, but the Company pays interest and the road is estimated to be nearly w’orth the bonds. The total State debt is $11,109,509, and there are assets valued at $8,050.0(0. Assessed value of property in 1876 was as follows: Lands, $91,855,772; city and town property, $54,186,037; personal, $99,811,941; tota'1, $245,853,750, against $261,755,884 in 1875; rate of tax in 1877, five mills. Governor’s Message, V. 24, p. 89. (V. 22, p. 440, 590,614; V. 23, p. 622; V. 24, p. 89, 152; V. 25, p. 1S8, 162.) Illinois.—The Illinois Central Railroad charter tax on earnings contributes pver $300,0u0 per year to the State revenue. For 1877 the total assessed value as equalized was: lands, $491,704,984; town and city lots, $208,521,067; total, $892,342,308. State in 1876, 2‘8 mills. (V. 24, p. 40.) Indiana.—There are also $139,000 of war bonds. There has been some question as to the State’s oblb gation to pay the Wabash & Erie Canal debt. Tax¬ able valuation, 1876—real estate, $633,246,860; per¬ sonal, $ 22.36>,781; railroads, $38,208,935; corP?ra- tions, $4,900,811; total valuation, $864,720,440, against $897,739,783 in 1875, and $933,531,067 in 18.3. Tax rate, 13 mills. A law permitting towns to issue bonds was passed in 1875. A similar law was passed for counties. (V. 19, p. 493, 52o; Y. 21, p. 85; Y. 22, p. 1C4, 209, 615.) - Kansas.—Kansas has but a small State debt, but the issues of municipal bonds have been large. The valuation of real and personal property in 1877 was $136,019,113, against $132,144,580 in 1876. Tax rate, 5 V mills for State purposes. State funds hold f 610,925 of the bonds. (Y. 20, p. 14; Y. 24, p. 40.) * Louisiana.—The fundiDg bill passed Jan. 24, 1874, ' scaled the debt down to 60 per cent of the face value. t
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Date: September 29, 1877
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