Full text of The Merchants' Magazine and Commercial Review : August 1870, Vol. LXIII, No. II

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MERCHANTS’ MAGAZINE
AND

COMMERCI AL
A U G U S T ,

REVIEW.
18?0.

ON THE CLASSIFICATION OF THE PEOPLE BY OCCUPATIONS; AND ON OTHER
SUBJECTS CONNECTED WITH POPULATION STATISTICS OF ENGLAND.
BY T. A. WELTON, E SQ *

I .— Introduction.
It is perhaps natural, and certainly very usual, that in superficially
viewing things, a kind of inverted image presents itself. Thus the sun,
not the earth, was supposed to m ove; valleys are still considered by some
to have been ordained for the accommodation o f rivers; and the rural
population have been thought to labor, merely in order to supply the
towns.
The fact, that without any particular ordinance, the mere existence of
springs, coupled with the irregularities in the surface of the earth, would
necessitate the formation of rivers, is one to which some people think it
almost a duty to shut their eyes. It harmonises better with their habits
of thought to assume a providential decree for each individual fact, than
to consider that the brooks run where they must, not where it is specially




♦Deadbefore the Statistical Society o f London.

1

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ordained they should, descending by the most facile course from the high
to the lower land ; gathering into lakes if they fall into hollow places,
overflowing these, and again breaking awav, perhaps at a sharp angle
with their former course, receiving continually tributaries, which tend,
perforce, to the same low level; anon swelling into navigable rivers,
winding between level fields, but always keeping the same downward
track, and eventually, except in a few instances, falling into the ocean.
Then there are exceptions even to these rules. Sometimes even rivers
seem to have some choice which way they will run. Witness the wonder­
ful natural canal, which carries part of the waters of the Rio Negro into
the Orinoco; also the repeated instances o f islands, formed b y rivers
running through low lands and finding two courses nearly equally eligi­
ble, which may or may not speedily reunite. If they do divide, rivers
are still under a necessity: they must ever follow the easiest path, and
either form a natural canal, an island, or a delta, as circumstances may
lead them.
The force o f gravitation, which controls the course of rivers, is p a ra l­
leled in human society by the almost equally potent necessity of provid­
ing for animal wants; and just as the infiuite variety of natural phenom­
ena may be traced to the operation of a few great laws under diverse
circumstances, so the reasons which have impelled mankind to live
together in cities or in villages, or to migrate from one place to another,
will in general be found to be connected, if not with the instinct of selfpreservation, at least with that wish which cannot but be universal, to
obtain the most tolerable subsistence which seems to be within reaeh.
It were useless to endeavor to detail the steps by which, from the
most primitive ages down to the present time, the organisation of society
has been modified and rendered complex. It i3 certain, however, that as
each river has its valley, each town has its natural field of action, accord*
ing to tne circumstances which led to its foundation, or prompted its
extension.
Two motives, perhaps three, must have been early and powerful in their
operation, in promoting the aggregation o f dwellings. Men live together,
at first, because a place is pleasant and suitable as a residence, and there
is much fertile land near. Then the necessity of uniting for mutual
defence perhaps impels them to congregate in denser masses. Lastly,
trade seizes upon eligible spots for the forwarding of goods, and towns
arise thereon.
Even causes, themselves irregular and capricious, though frequently
operative in the formation o f towns, must first press with the rigor of
necessity on the mass o f the population before a town can be formed,
'thus the castie o f a prince has often been the nucleus of a town ; even




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the shrine of an adored saint, or the seat o f a powerful religious estab­
lishment has frequently drawn together a considerable population. The
services demanded by tbe prince, the pilgrims or the ecclesiastics have
compelled, or attracted, servitors and traders to reside at such places.
Then there has been a natural tendency to turn to account what other
resources the place might be found to have, and generally a trading town,
or even a seaport, has been formed, the latter ussually as an adjunct to
the town, on the nearest convenient spot, as Southampton was the port of
Wincnester.
Pilgrimages have ceased, at least in this country, hut the annual sum­
mer migration of the denizens of cities serves to attract a regular popula­
tion to places like Brighton and Scarborough. Medicinal springs, too,
have given consequence to various towns. With us, and in a loss degree
abroad, the growth of particular manufactures has raised certain towns
to greatness. Also where otherwise, there would not be a centre of sup­
ply. near enough for the convenient recourse of the rural population,
some place is sure to rise into importance, though without special advan­
tages. perhaps deriving its original impetus from the spirit of its traders,
but eventually acquiring additional claims to superiority, from being made
the seat of a bishopric, or o f a district tribunal, or particularly from the
creation o f a converging system of roads, such as is so strikingly exem­
plified at Norwich.
A mere county or assize town is by no means, for that reason alone,
apt to become a place o f importance. Frederickton, in New Brunswick,
could never vie with St. John’s, nor could Washington become a danger­
ous rival of Philadelphia or New York. Although we may fairly pre­
sume that places are usually pitched upon for such purposes, on account
of their already having become important, yet a change o f circumstances
will occasion even a capital city like Winchester to be almost deserted, if
no real advantages exist, such as without extianeous aid could give sup­
port to a large population.
This leads me to remark, that the fate of Winchester will soon be
shared by great numbers of smaller places. The difficulties o f transit
are no longer so great as to render it necessary to have a small town to
every five miles o f territory, and a larger place every twenty or thirty
miles; these local centres will therefore gradually fall into decay, and a
few large places, aided by railway coramuniettiou, will be found sufficient
for the supply of our rural population and for the sale of their produce.
After all, in a peaceful country like this, towns may be said to be
nothing more than aggregations of dwellings, and will not fail to increase
or diminish in proportion to the need there is for them, and the greater
or less attractions of other places. But as there are many groups of




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habitations dotted over the country, which are not easily distinguishable
from towns, and as the boundaries o f the recognised cities, boroughs, and
other towns are most frequently irregular, it becomes desirable to lay
down a definition by which to be guided, when speaking scientifically of
their magnitudes.
The old rule made use of by the citizens of London was, that the
outermost inhabitants should be able te call to each other from house to
house; and this, as far as I can judge, was a very proper rule in former
times. In these days, however, a few additions must be made to it ; as,
for example, Liverpool has extended itself beyond the Mersey, and many
populous places have arisen near the outskirts o f great cities.
If, then, we allow that a town should be held to extend so far as habi'
tations are found to reach from its centre without material interruption,
including places cut off by rivers, across which the traffic by ferry is as
easy and cheap, and almost as frequent as it would be by a bridge, and if we
further grant a margin o f say about one-fifth of the diameter rigidly
measured, so as to embrace such localities as may lie a little beyond the
regular line, but are in constant communication with the centre, by means
of railways and omnibus, we may flatter ourselves that very few places
will be unfairly used, at least out of the hundreds within the United
Kingdom.
It will still be necessary to stipulate that the boundary thus fixed shall
he regular in form (either circular or elliptical, as occasion may require),
and drawn so as to embrace, as nearly as possible, all the houses which
might be claimed as belonging to the town. Also, that a certain mini­
mum density o f population shall be attained within the limits fixed ; and
the smaller the town, the lower this minimum density must be, since
small places rarely possess a densely peopled central portion, correspond­
ing with the heart of a city.
In order to judge whether the place thus defined really is a town of
the old-fashioned sort, or is merely an aggregation of habitations for the
accommodation of miners or manufacturers, it next becomes necessary to
examine the census o f occipations.
In old fashioned towns, such as Salisbury, Bury St. Edmunds, and
Chester, a large proportion o f the population are engaged in what I have
denominated secondary occupations. In the other kind of places, those
engaged in secondary occupations are not much above the national
average, perhaps in some cases below it.
The secondary occupations are those connected immediately with the
consumption of articles of necessity, and with the supply o f the daily
wants of the population. The primary occupations are those which are
connected with the production and manufacture and traffic in articles,




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afterwards to fall into the hands of the secondary class, and in general
all occupations which do not subserve merely the supply or benefit of the
neighboring population, but also that of distant places, or which are
necessary for the fulfilment o f national requirements.
The secondary classes, such as bakers, butchers, publicans, grocers,
tailors, milliners, carpenters, blacksmiths, carriers, cab drivers, domestic
servants, clergymen, doctors, and schoolmasters, are a part of the popu­
lation with which every one must needs be familiar; but the primary
classes are not often resorted to by the general public, nor do their
productions or services reach]the consumer, as a rule, except through the
intermediation o f some o f the secondary classes.
The secondary classes exist everywhere, whether in towns or rural
districts, on the coast or in the interior, among the rich and poor alike,
though varying in their numbers. None of the primary classes exist
everywhere; in towns, agriculture cannot of course be carried on, and
there are many rural districts in which commercial, mining or manufac­
turing pursuits find no place; the unequal and partial distribution of our
mining, manufacturing and commercial population is, in fact, too obvious
to need more than a bare reference to it.
Where the numbers o f the secondary classes as a mass are few, each
class of which their total is made up, will usually be found to participate,
more or less, in the general scantiness o f numbers ; where they rise to
special importance, each class will in general be observed to share in the
augmentation more or less largely. But whether the populations engaged
in the primary occupations are in the aggregate great or small, it is
impossible to judge what ratio each particular class may be expected to
bear to the total number. The primary classes depend on the natural
advantages of the situation in which they are found, and may be in differ­
ent cases almost wholly devoted to agriculture, to mining, or to manufac­
ture; the secondary classes depend on the wants of human nature, which
are not so variable, hence the greater regularity of their numbers.
These distinctions are broad enough, and by keeping them in mind, it
is possible to devise a useful classification of the occupations o f the people*
Such a classification is indicated in my published papers on the Census of
1851, which I sent to the Census Commissioners o f 1861.
I wish here to express my sense of the courtesy and attention with
which my suggestions v'ere received by the commissioners, and to say,
that in the volume “ On the Ages, Civil Condition, Occupations, &c., of
the People in 1861,” I recognize many striking improvements in classifij
cation, which will facilitate future investigations. I observe, also, with
pleasure, a much needed rectification in the form o f the tables of birth­
places, and some important additional particulars as to the civil condition
f the population at various ages in the several registration districts.




86

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[ August ,

I must, however, take exception against the form of the tables on
occupations, which though improved is still at variance with the princi­
ples which I have just been describing. I am deeply convinced that
attention to those principles is necessary to a due understanding and
vivid conception of the organization of industry, and if I dwell upon the
subject with earnestness, it is because I feel how important it is that that
that organization should be distinctly shown and made obvious to all.
The full meaning of other population statistics can never be gathered, and
misconception of daily phenomena can never be guarded against until this
subject is thoroughly explored.
I am the more urgently impelled to comment upon the matter, because
the Census Commissioners have not merely disregarded my recommenda­
tions on this particular topic. In the appendix by our esteemed VicePresident, Dr. Farr, at the end of the “ Census Report,” he appears to set
up a different theory from mine, which must therefore be condemned by
default, unless I am permitted to say something in reply. I therefore
proceed to consider the appendix alluded to, which is entitled “ The N ew
Classification of the People according to their Employments.”
II.— Official Report on Last Census.
In the first place, 1 would urge that the elaborate introductory essay
contains no such comprehensive rules as ought really to form the basis of
a scientific classification such as this is meant to be. There is much that
is true, but also much tending to confuse the mmd, rather than to supply
a clue to the right method of reducing the chaos of occupations to an
orderly arrangement. Indeed, I think the natural conclusions derivable
from ibis essay are, that a scientific arrangement o f the ambitious kind
indicated is unattainable, and that even if attained, its practical value
might not be very great.
Secondly, when the actual classification is come to, the introductory
remaiks are almost entirely ignored, and the conclusions are rather given
on their intrinsic merits than deduced from what precedes them. Such
as they are, they might have been arrived at empirically, without any
attempt at a scientific introduction, and a new nomenclature; in which
case no objection could have been raised, except upon their practical
merits.
I have received an intimation that the two sections would not have
been thus connected but for an oversight in correcting the press. It will,
therefore, be proper to consider them separately, although I ain unable
to understand why they should not substantially agree one with the
other.
Reviewing the appendix more in detail, with a view to exhibit the




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grounds of the foregoing objections, we are first struck by the singular
definition of the word “ product” which it contains. For the sake of
uniformity, not only things, but also services,* are treated as products;
not only menial services, but the rites of religion, and the protection
afforded by the civil and military powers, are also treated as products.
Again, every change in the form or in the condition of a product does
not, it seems, make it a new product. It may be much changed, it mav
undergo several processes, but is still the same product, we are told, until
it changes hands. It then becomes a new product, even if not altered in
the least. To quote the appendix :
“ Some products are consumed in their first form. Many articles, com­
monly secondary products, such as potatoes, turnips, &c., are consumed
by the producers. Oftentimes the products are advanced a step further
than the list indicates, by the intervention o f the merchant or the shop­
keeper ; thus potatoes, & c., are sold in towns to the greengrocer, &c.,
in whose hands they become tertiary products.”
“ Articles undergo great changes without becoming new products; thus
grapes are converted into wine, apples into cider, thread into calico,
without changing hands.”
It is unfortunate that this very remarkable essay is buried in an appen­
dix ; I must not quote too largely from it, and yet I fear that few statis­
ticians will peruse it in the original. The subject well merits fuller
discussion than it seems likely to meet with.
I will not hesitate for a moment to allow, that for a scientific purpose,
a non-natural significance may be allowably given to an ordinary word,
such as “ product.” But some proof should be given o f the utility of
every such new definition.
Finding that great stress had been laid upon the definition of the word
“ product,” and also upon the successive rank of different products, I
naturally looked for some practical rule, deduced therefrom, and influen­
cing the mode of classification. But I looded in vain. A ll ends in the
uncomfortable assurance that there are some products, the exact rank of
which cannot be stated, since it depends upon the number of hands through
which the material for the manufacture of such products may have passed,
and which the very manufacturers themselves cannot always know.
If it were desired merely to prove that all the things called products
possess utility; if the object in view were only to demonstrate the fallacy
of the two doctrines, (1) “ That the land is the only source o f wealth, and
all persons not agriculturists are therefore unproductive;” and (2) “ That
manual labor is the only source of wealth :” if this were the object, it
* “ The men themselves rendering the-e services are indeed products.'




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[ August,

Again, if it were desired merely to prove the propriety of classifying the
people, so that the workers on successive forms of the same original pro­
duct should be placed together, and follow each other in their usual
sequence, it would hardly seem to have been necessary to go into an
argument so elaborate for that purpose only. Such an arrangement is
perhaps one o f the most obvious which could be suggested, although it by
no means meets the whole of the difficulties by which the process of class­
ification is rendered arduous.
Peihaps it will be argued that the enlarged sense given to the word
“ product” must be admitted, if we agree to the division of all mankind
into “ those who are unproductive, and those who create products.” But
I see no occasion to admit such a crude and brief definition as that, and
would recommend that it be superseded by one more suitable to the facts,*
allowing the usual meaning to attach to the words employed. To lay
down a short formula, and then twist everything into conformity with it,
seems to my apprehension a very unscientific mode o f procedure.
There follows a subdivision of the appendix, on the “ Naming of Pro­
ducers,” full o f information, and gracefully expressed, like everything else
from the pen of Dr. Farr, but which does not much advance the scientific
part of the design, and certainly does not contain the grounds for the
“ classification of producers,” which comes immediately after, introduced
by the paragraph commencing “ Men may be conveniently grouped as
producers in six classes and in eighteen orders.” Here, no doubt, the
section commences, which should have been printed separately.
Without laying much stress upon the matter, I must remark,that lean
see nothing in the whole of the introductory essay which should prepare
us for six classes and no more, and those the identical six which are after­
wards expounded. There are indications of eight classes of producers,
viz., of—
1* Mineral products.
2. Vegetable or agricultural products.
3. Animal products.
4. Products by traesfer or transport.
5. Services considered as products.
6. Intellectual products.
7. Defence (a product).
8. Government (a product).

But nothing to show the exact manner in which the classification is to be
accomplished. W e now find the first four of the above treated as the
commercial, agricultural and industrial classes, and the last three grouped
together as the professional class.
If we consider the six classes a little further, we shall see that they are

* E x .g r . “ Those w ho are employed upon objects o f real or supposed immediate utility,
and those w ho are not so em ployed.”




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89

absolutely based, to some extent upon principles not laid down in the
introductory essay, as, for example:—
The agricultural class is made to include all “ growers" of crops and
animals.
“ The industrial class is that o f makers ” or artisans. “ They deal in
matter that is either no longer living, or that never lived.
Now these classes are decidedly unlike the classes of producers of
things respectively vegetable, animal, and mineral. They indicate a new
idea, viz., the separation o f “ growers ” o f living things from those work­
ing on lifeless matter.
I do not profess to admire either classification. I believe I have been
right in regarding rather the actual relations of classes, than such abstract
notions as these. Enough, however, has been said concerning general
principles. Let us consider next the detailed classification in the second
part of the appen-'ix, with a view to ascertain whether its parts are
severally constituted in a proper manner.
The first class, consisting of three orders, corresponds with my Classes
V I I and V III, and seems unobjectionable in itself, although capable of
much subdivision.
The section o f the second class, comprising “ persons engaged in the
domestic offices or duties of wives, & c.” (Order 4), may be passed
without’comment. It has not much positive significance, as it is rather
the complement of the population, than a distinct class of workers, and
for that reason it might with much propriety be kept separate from the
second section (Order 5), which is a positive, if not a properly defined,
division of the actual working population.
Order 5 is made to comprise the incongruous elements o f trade and
menial service. Here we first meet with the fact, that the classification
we are dealing with is so arranged as to ignore the great and in general
well-defined class o f retail traders. Indeed, the point of divergence
between my plan and Dr. Farr’s is just this, that he considers it impracti­
cable to separate the traders from the rest of the population, looking, as
he does, for a perfect test by which to discriminate between each of the
several classes; whilst I am content to look chiefly to the practical results,
attainable even by means of a somewhat rough separation. I have
attempted to embody the process by which the mind naturally seeks to
disentangle from the ordinary elements o f the population of any place,
those other elements which constitute is essential and characteristic
features. A nd in proposing a more ambitious scheme than mine, the
framer is obliged to contend with various difficulties, on of which is, that
in many cases the same man has two or more occupations, as indeed was
fully shown, in the case of farmers, by the Census Commissioners them-




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selves. I f it be judged that the essay on which I am commenting, so far
from elucidating the grounds for a purely scientific arrangement, tends to
show that no such arrangement can possibly be reduced to practice, I am
the better entitled to claim a share o f attention for my scheme.
Menial severants correspond, of course, with the wants of the popula­
tions amongst whom they are found. Houses of entertainment for travelers
and temporary residents are trading speculations, mainly based upon the
wants of external populations. Thus the two classes do not become
enlarged or contracted in like measure, but according to the dissimilar
degrees of wealth and of activity in the populations which may be com­
pared. For example, taking males (all ages)—
Bath
Bradford
(City). (Borough). London. Dorsetshire.
36
82
467
359
Public:m......................................................... 125
66
5,9-4
149
Inn Berva t .................................................
.................
84
83
10,553
192
Innkeeper, hotelkeeper..................... .............................

T otal...................... .................................................
D om estic servants (except inn servants)....................
Proportion o f dom estic serva'.ts to each 100 inn­
keepers, & c .................................................................

245

221

16,944

700

G15

108

23,330

1,147

263

49

138

184

The extent to which domestic servants a n employed is evidently far
greater in Bath than in Bradford, when compared with the extent of inn
and hotel accommodation at the respective places. The innkeepers depend
upon a very different demand from that which gives employment to the
domestic servants.
If the sub-orders were a little altered, by transferring inn servants into
the same sub-order with innkeepers, the one would represent pretty fairly
the menial class, and the other would form a section of the trading class.
A circumstance which illustrates the necessity of handling such ques­
tions in a practical manner, occurs here. The denominations “ innkeep­
er,” “ publican,” “ beerseller,” are so variously applied in different places,
that in spite o f the class now under consideration being merely one
engaged in entertaining and performing “ personal offices for man,” it
has been judged expedient to include in one of its subdivisions the beersellers and publicans, as well as those who provide lodging and attend­
ance, viz., the inn and hotelkeepers. This is a breach of the scientific
rule, and might, of itself, have suggested the transfer of innkeepers,
beersellers, &c., to another part o f the classification. The class, if thus
curtailed, would have been composed entirely o f non-traders.
The third class is composed of two orders, and in the main is very
satisfactorily conceived. But, again, we find a section o f the trading
portion of the community interposed in a very awkward manner. I allude
to the second sub-order o f Order ti.
W h o can seriously maintain that pawnbrokers, marine store dealers,




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hawkers, costermongers, &c., ought to be included in the commercial class?
They are merely a local accommodation, or a supplement to the class of
retail shopkeepers, as the case may be. A t all events, if they are included
in deference to a scientific rule, why not bring in also the Manchester
warehousemen, greengrocers, &c. ?
Traffic is the soul o f commerce, and those occupied about inland traffic
are not improperly considered as appertaining to the commercial class.
But it would have been better to have placed them in a distinct sub-order
than in that which includes seamen and shipowners.
Thz fourth class is one so well defined by nature, that it would be hard
to err seriously in arranging its details. This, then, requires no comment.
The fifth class, I think, is too extensive. Can we call a tin or a
copper miner, a “ maker or artisan ?” It seems to me that the miners
should have formed a separate class.
I am glad that the Census Commissioners have now so far modified
their former classification, as to gather into a distinct order, “ persons
working and dealing in the textile fabrics and in “ d r e s s b u t I must
object to one or two of the details of this new order. Drapers, mercers*
tailors, and even boot and shoemakers would have been better placed
elsewhere. The title of the order would then have needed some alteration,
but we should not have been again troubled by a mixture o f the ubiqui'
tous trading class with the true manufacturing element.
By subdividing the fifth class into mining, manufacturing and trading
classes, and throwing into the last the kindred sub orders already pointed
out, my objections would be removed. A s regards the practicability o f
doing this, I have given some evidence in my papers on the Census o f
1851. I should have been glad to have had an opportunity of stating my
views as to the modifications required in order more completely to har­
monise the classification there described with the principles laid down in
this paper. They are set forth in another paper, lately read before the
Historic Society of Lancashire and Cheshire, and printed in the “ Trans­
actions” of that Society, vol. ix. A s to the usefulness o f my original
classification, an illustration will best show how far it is to be preferred
above that employed in the new census.
1851.

I.
II.
lit .
IV .
V.
V I.
V I I.
V I I l.

M A LE S A G E D T W E N T Y Y E A R S A N D U P W A R D S — A U T H O R 'S C L A S SIF IC A T IO N .

Agriculture..............................
M in in g ..........................................
Manufactures......... .......................
Retail trade..................................
Commerce and traffic............ ; .
Menial occupations
___ . . . .
Professional occupations........... ........
Gover mental occupations....... .. ..
U nclassified.................................. .......
Totals......................................




Herefordshire.

731
527
461
1,966

Cornwall* Lancashire.
27,862
57.S54
22,839
21,097
1,9)3
164.379
19,985
145,938
6,244
70,862
860
6,063
1,28-1
8,159
2,329
12,411
3,641
50,57J
85,209

539,075

England &
Wales.
1,248,430
206,058
624,838
1,406,064
454,804
105,829
95,344
158,723
416,873
4,717,013

02

C L A S S IF IC A T IO N

1861.

OF PEOPLE

O C C U P A T IO N S .

[ A u g u st,

M A L E S A G E D T W E N T T T E A K S A N D U P W A R D S — CEN SU S C L A S S IF IC A T IO N .

Herefordshire.
I.
TI.
III.
IV .
V.
V I.

BY

Professional..................................
Domestic........................................
C oT im p rcial.................................
A^ricul u r a l .................................
It duptrial.................. ...................
Indefinite, & c .............................
O f no specified occupation.......

Cornwall.
4,232
1,602
6,5('l
25,869
44,116
2,950
475

Lancashire.
24.000
15,343
82,838
64,008
402,734
40,545
5,381

85,745

634,851

T otals.................. ...................

Enefiand &
Wales.
339,207
183,597
468,804
1,286,960
2,580,425
323 524
48,066
5,930,573

I I I .— Summary.
Returning to the general principles of classification, I may be allowed
to summarise my ideas regarding the primary and secondary classes.
This distinction did not occur to me early enough to be adequately set
forth in my rearrangement of the census of 1851, but it was distinctly
indicated, towards the end of the first paper which I laid before the Society
upon that subject, and my classification was not such as to throw serious
difficulties in the way of a readjustment on the principle which had thus
early been brought to light. Its results were but scantily developed then,
but they already pointed to the necessity of including the surrounding
country, subserved by particular towns, in order to make reliable compar­
isons between one social organization and another; or that if this were
aot done, at least town ought to be compared with town, and rural district
with rural district (taking into consideration the proximity of large
towns) in forming just parallels.
I wish there were room to suppose ihat an investigation of the organi­
zation of complete systems o f town and country districts would meet with
the attention of this Society. I believe it can be clearly shown :
1. That the central town of every such system must contain a large
population of the secondary classes.
2. That if the central town be a manufacturing place, the proportion o f
the secondary classes will be found to be lower than otherwise, but
in nearly the same ratio as if to a non-manufacturing town adequate
in magnitude for a centre of supply to the district, a purely manu­
facturing town I i d been joined.
'3. That the outlying districts belonging to the special sphere of action of
such central town, by themselves, must contain a large proportion
o f population of the primary classes.
4. That, on the whole, the proportion o f the secondary population in
each entire system is very regular, but indicates, in a measure, the
degree of wealth and luxury in the system in question, subject to
the qualifica'i t that, the denser the population, and the greater the
activity and industry it exhibits the more efficient a given propor­
tion of secondary inhabitants may be presumed to be. On the other




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93

hand, among rude and scattered populations (and even among some
of a better character),the extent of homework is so much enlarged,
that the ratio of secondary workers may be comparatively small,
without being accompanied by unusual privation or inconvenience.
5. That besides central towns, places of summer resort are always dis­
tinguished by possessing an especially large secondary population.
6. That towns in general have much larger proportions of secondary
workers than country districts, with the exception o f some manu­
facturing and mining villages or towns, where no traffic o f any
importance exists with the surrounding country, and which therefore
contain only so many secondary workers as are required by their
own inhabitants.
I. That the principal classes into which the secondary portion of the
population may be divided, each of them bear a numerical relation
to the total number, sufficiently constant to arrest the attention of
the observer; but,
8. That the classes constituting the primary portion of the population
have nothing like a constant numerical relation to each other.
Nothing, therefore, but actual enumeration can give us the most
rudimentary idea o f the proportions each of these classes may bear
to their total number, in any particular place.
But, of course, the magnitudes o f the respective primary classes
indicate the necessities which have drawn the respective populations
together, and the advantages which the several places have been
found to possess.
Thus, returning to our opening illustration, we perceive, from consider­
ing the primary classes, the moral or physical forces which have com*
pelled the population to take a particular course; to inhabit the land
densely here, sparsely there ; and which forces are nearly as irresistible
p.s those by which a river is guided in its onward course. It remains but
to add, that by removing the cause, in either case, the effect ceases ; an
invention, a new facility, or a discovery elsewhere may supersede a town,
and cause it to fall into decay, whilst creating another in its stead, just as
a river may be turned into a fresh channel by the cutting o f a canal,
which offers it an easier outfall than its original bed.
It is not without diffidence that I submit these views, knowing the
keen criticism to which they will be subjected ; but I am even more
anxious for a thorough discussion and satisfactory settlement o f the
matter, than la m for the acceptance of my ideas ; believing as I do that
great progress may be made in depicting the organisation o f labor, with­
out waiting for the completion o f that exhaustive inquiry which Dr. Farr
has suggested.




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OF PEOPLE

BV

O C C U P A T IO N S .

[ A u ffU S t ,

I was led to contemplate the theoretical side of the question, by the
reflection how difficult it was to give a rational explanation of the exist­
ence and growth of this enormous metropolis. W e find many thousands
here who live by supplying one another’s wants; and the question arises,
whence come the original means by which such a state of things is
rendered possible? W nat, in fact, is the primary fund o f which these
persons manage to secure a share?
The operations of foreign commerce as carried on in London do not
require a copulation much exceeding that of Liverpool ; the expenditure
of the magnates ot the W est End will not account for the other two
millions, and even taking into consideration the Government establishments,
the courts o f law, and the various manufactures of particular districts, no
sufficient reason presents itself for such a vast aggregation o f persons.
But when the immense numbers of the trading classes are considered,
we are reminded that London is in effect the shop, not only of the greater
part of England south o f the Trent, but of a great portion of the civilized
world, and we perceive that the sums expended here in retail purchases
and in the employment of tradesmen must be enormous.
One source from whence the means of such expenditure are derived, is
the large share the inhabitants of London possess in the profits o f com­
mercial operations carried on at a distance. The shipping which enter
and clear from our port, carry but a part of the adventures of London
merchants. Capital belonging to residents in London is also lent to every
Government, and engaged in almost every enterprise throughout the
world. A ll these facts require to be contemplated, before the great fact
of the existence and continued growth of such a city can be felt to be
natural, and even then, the unlimited field there is here for every kind of
ability is not more evident than the painful uncertainty of the fortunes o f
individuals.
IV .— Suggestions as to the Forthcoming Census.
The near approach of the period when arrangements must be made for
taking another census, suggests the question, what new or altered inquiries
may advantageously be made?
It will be obvious, that supposing the doctrines advocated in this paper
meet with a favorable reception, it may become desirable to alter very
materially the fjrms of the schedules of occupations, so as to elicit the
facts with due regard to the distinctions proposed to be made.
With regard to the other portions of the last census, I would suggest
that it may be of service to distinguish not only the ages of foreigners
living in this country, but also the ages o f the Irish and Scotch, and even
the ages of the natives of other counties (taken collectively) who are
found in each county, or at any rate in each division.




1870]

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95

M y motive for recommending this is, that were we acquainted with the
ages of the strangers dwelling in each county, we could the more accu­
rately estimate the mortality which takes place amongst them between the
periods of the censuses. And an estimate of such mortality is indispen­
sable, if we would learn approximately the numbers of persons who migrate
into and from each county in each decennial peiiod. For example, it is
found that the number of Irish, Scotch and foreign inhabitants resident in
England w as:
In 1851 ................................................................................... ......................................
In 1861..............................................................................................................................

762,216 persons.
916,274

I believe it required an immigration of fully 340,000 persons in that
decennium to fill up the gaps occasioned by deaths, and bring about the
increase of 184,000 ascertained to have taken place. But I should be
glad to possess data for a more exact calculation.
The same returns of ages would be of service to us, in forming an
estimate o f the number of unregistered births, for they would allow how
many young children enumerated here were not born in England.
I have elsewhere gone into calculations, somewhat elaborate in their
nature, which tend to show that not more than three births in one hundred
now escape registration; but that the proportion approaches 10 per cent
in Liverpool, and 5 per cent in London, being in most other places con­
siderably lower.
I think it would be well if an effort were made on the occasion o f the
coming census, to rectify the areas o f parishes and townships where they
are found to be inaccurate, and to set out the areas of subdivisions with at
least so much detail as to allow of the total area of each registration
district being truly stated. A t present, the total area of a parish, e.
Eochdale, is returned in one district, whilst a large section of it is returned
as to population in another, without any area.
I am not aware of any improvement being needed in the tables o f
numbers, ages and civil condition of the population. But the suggestion
made by Mr. Caird, that houses of two or three rooms only should be
separately returned, appears to be valuable. There can be no doubt but
that great inequalities exist in the cottage accommodation of different
parts of the country, and by bringing this out in a striking manner, an
early and rapid improvement in the more backward districts might be
rendered more probable.
For an analogous reason, it might be well to show separately the num­
bers o f children who were found to be working in agricultural “ gangs,’
as distinguished from other children employed in agricultural work.
I do not think it will be found expedient to attempt a census o f religion
in 1871. If such a census were taken, however, I would suggest that




96

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O F PEOPLE B Y

O C C U P A T IO N S .

[August,

attention should be paid to sex and age, as well as to mere numbers; and
as the word Protestant is becoming unfashionable in some quarters, it
mio-ht be expedient to provide separate columns for Anglican Catholics
and Roman Catholics.
A s to education, it is incumbent on the Government to attempt to
obtain the fullest information possible, as that question will soon agitate
the whole country, and certainly affects its interests very deeply. In the
absence of any better method, pupils might be classified according to the
status o f the masters by whom they are taught, and formed into larger
groups according to the character of the schools in which they are educated.
The age and sex of the pupils would of course be shown, and if by any
means the numbers inefficiently taught could be distinguished, such infor­
mation would be of great value. A question might perhaps be put as to
the time each child had been at school, whether found at school at the
date of the census or not.
A difficulty has hitherto existed in justly apportioning the deaths in
hospitals and other public institutions amongst the reg:stration districts
whence their patients are believed to be derived. The best method o f
abviatiug this, would be to ascertain from the hospital authorities, in
every case ending fatally, where their patient had been last resident
before being received within their walls. I f such information cannot
easily be had, some advantage might result from the ascertainment at the
census o f the localities whence the living in patients had come.
For want of such information, Dr. Farr has had no choice but to
assume that every London parish participates equally, age for age, and
sex for sex, in the mortality which occurs in London hospitals ; and this
assumption is proved to be untrue by the impossible results to which it
leads in the case of the W est London Union, where the mortality among
females aged 15 to 20, is represented in his corrected tables at about onesixth of what is probably the truth.
It is unfortunate that so few writers really take an intelligent interest
in population statistics, that a habit has grown up of either receiving
such statistics with an unseemly readiness o f belief, or else o f seiz­
ing every occasion of discrediting the returns, which, on the whole,
are faithful and valuable. I am sure Dr. Farr must be equally disappoint­
ed, whether he sees his figures received with unreasoning acquiescence,
or undiscriminating scepticism ; and yet, until an entire change shall have
taken place in the spirit of the newspaper press, he may almost reckon
with certainty upon one or the other.
The uses of population statistics have, however, been as much to pre­
vent the circulation o f errors, as to promote the knowledge of facts, and
in both respects I trust the productions of the Census Office will continue
to be most valuable.




187 Oj

C H IN E SE

LABOR.

07

CHINESE LABOR.
The dearth c f subjects for political excitement, this hot weather, drives
a certain class of statesmen and popular orators to odd corners, in which
to find topics for lively discussion. The latest discovery made by these
gentlemen is that the country is in danger from the irruption of the
Chinese nation, and that three hundred millions of *' pauper laborers” are
about to swarm into the United States, bringing down wages to the
Asiatic standard, destroying the power of the American workingmen to
earn a decent living, and covering the land with heathenism and political
grievances. Legislation is loudly demanded, to keep the “ Coolies” from
coming here; and even the grave Senate o f the United States, after an
angry discussion, has yielded to the alarm so far as to insist on limiting
naturalization to white men, lest yellow ones should claim the rights
o f ciiizens.
Frightened men are in no mood to regard great principles, or we might
be tempted to refer in this conneciion to the fundamental ideas of the
republic. The proud boast that our nation has always made of l>holding
out a beacon peerless to the oppressed of all the world” is not to be
sacrificed for nothing. W e have hitherto welcomed to our territory
men of every nation and race, believing that our boundless resources
for rewarding labor, and our free institutions, together, afford opportuni­
ties which will make useful citizens of them and of their children. But
laying aside all generalities, and all considerations of humanity or brother­
hood, let us look at this question solely in its economical aspects.
The great want of this country is labor. W e have never yet had
enough of it ; and the demand is so great and the supply so limited
that every important addition to the number of productive laborers has
hitherto been a benefit to those already here. ’This must necessarily be the
case, so long as our lands are not all occupied, our water-power all utilized,,
our mines all opened, our whole country crowded with people. It is only
when a land is full of men that they crowd one another out o f employment;
it is only where there is not work enough for all that one, by obtaining
work, can keep it from another. This cannot be the ease in the United
States during our time, nor during that o f our children’s children.
It must then be admitted that the introduction of new laboreis into
the country is of itself a good. Every one o f them is wanted ; every
one is a contribution to the wealth and growth of the nation, and there­
fore to the common good. But it is argued that the Cuinese laborers
will be found adapted to peculiar occupations, and that, in these occupa­
tions, they will reduce the standard o f wages and turn out of employment
(he men now occupied in them. For example, it is said that Massa




98

C H IN E SE L A B O R .

[August,

clnisett3 shoemakers have introduced them, in place o f American workmen
on a strike, and that the demand of the latter for high wages has been
successfully resisted in this way. Is it not a hardship to the workmen to
be thus supplanted ? If the same example is followed in other trades, may
not a vast amount of idleness and pauperism be caused by it ?
It might be so, if there were nothing to control the wages of labor but
the cost of a bare subsistence to the laborer. The Chinese can live on
less than any American workingman can or ought to live on. In a
crowded country, like some parts of England and Ireland, where wages
are regulated by what will support life, the competition of an army o f
invading Chinamen might well be dreaded by the native workman. But
in this country wages never have been nor can be reduced to this
point.
The competition among employers for service, and m t that
among laborers for work, regularly controls wagsshere. Chinamen come
to this country just because it is so, and if wages were brought down to
anything like the Chinese or Irish standard, they would cease to come.
Their labor is worth as much, and will bring as much, as other similar
labor, that is as much as its productive power entitles it to receive; and,
so long as there is room for all, there is really no antagonism of interest
between one 1aborer and another.
But it is said that these low, imitative, unreasoning C inamen are about
to come in such immense numbers that they will fill up the entire
demand for unskilled labor, and leave the common workman here no
chance at all, in building railroads, digging cellars and canals, carrying
hods, and other employments of mere brute strength. In answer to
this, two things may be said : first, that it is not true; second, that, if it
were true, it would be the best thing possible for a superior class o f labor­
ers like our own.
It is not true, for many reasons. The total Chinese immigration into
this country for fourteen years past has been 78,81 V, the largest number,
12,874, having come in 1869. I f we suppose this number multiplied
by ten, it will still be less than one-third of the whole immigration;
and there would still be fewer Chinese than either German or Irish
immigrants. Now “ comparisons are odious,” and we shall not discuss
the comparative value to the nation o f these different classes. It is
enough to say that, whether the Chinamen are the poorest workmen
in the world, or the best, the number of them likely to come during the
present century could not add materially to the pauperism and crime of
the country on the one hand, nor seriously affect the gmieial market for
labor on the other. Moreover, the immigration from China cannot
possibly increase as rapidly as that from Europe, which ha~ much more
than doubled since 1860, and which increased last year 05,354, while the




18T0]

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99

Chinese “ irruption ” increased only 2,190. For it costs more to bring
a Chinaman from his home to America than it costs to bring a German
or an Irishman; and his resources at home are inc mparably smaller.
A t the lowest rate of wages in the west o f Ireland, a common laborer
who manages to live without spending money can earn his passage in
three months, while a Chinaman in Full Chow must work nearly three
years to do the same. It is therefore only the better class in the Central
Flowery Kingdom, those who have means of their own, or at least long
practice in saving, who can come at all. The Irish and Germans here
are constantly bringing their friends to this country, with their own
earnings, but whether the Chinese have no friends, or whether their
own ambition always is to return with their earnings, it seems to be true
that no Chinan an ever yet sent money home to bring another out. The
probability is that the number of immigrants from China will increase
but moderately, and will never bo so great as that of the Irish and Ger­
mans who now come every year.
It is true that large schemes for transporting the Chinese hither in
immense numbers have been brought before the public; and estimates
are made that a ship’s load o f them which will cost but 0,000 to
carry will repay the outlay with large profit in six months under a
contract for their labor. I f a thousand ships were at once chartered for
this business, and a million of Chinamen persuaded to embark in them
and landed at once six months hence at San Francisco, there would doubt­
less be a large addition to the laboring population of that city. But
we see no reason to expect a sudden rush of capital into such an insecure
speculation ; since no contract which could be made with the Asiatics at
hone could be practically enforced here, and the shippers would in the
end iiave to r. ly entirely on the good will o f their laborers to return
their money. The investment is too uninviting to divert much capital
from other employment.
But e en if the greatest emigration ever known in history should now
take place, we insist that the event would be a benefit not only to the
American people as a whole luit especially to the intelligent American
laborer. In every nation the introduction of abundant physical force
lias improved the condition o f the working man. The principle is the
same as when machinery is constructed to exercise the brute force which
has hitlnrto required human muscle. Tiie result alvays is that laboring
men are elevated in the nature of the work they do. So, if inferior labor
is 1relight here in abundance, the more active, fertile and dexterous brain
of the American ctizen will have this labor to dispose of, and will find
in the guidance and improvement of it a better work than that from
which it is relieved.




100

CROP PROSPECTS.

[Avgust,

A great many people however take a humanitarian view of this enter­
prise, and cry out against a revival of the slave trade in the form o f a
traffic In coolies. When capitalists ship thousands of ignorant Chinamen
to the guano islands, or to any other place where they are beyond the
reach of just laws, and where the contract can be enforced against their
bodies, there may be great severity used, and the laborers be compelled to
work out the terms of the contract. But there can be nothing at
all resembling slavery in the relations between capitalists and any China­
men whom they may import into the United States. In this country
employers are practically at the mercy of laborers. Employers may
engage them (either Chinamen or Irishmen), under contracts for five
years, at twenty dollars a month; but they will work at that only so long
as they cannot earn more. Let them once learn that their wages are
under the market rates and they will leave. W hat remedy has tha
capitalist in that event? It may be answered he can enforce the contract.
Imagine an employer sueing fifty Irishmen or fifty Chinamen for a breach
of contract for work or labor. The result of such suits would be fifty
judgments for damages which could not be collected out o f irresponsible
men, and fifty bills of costs, which the capitalists would have the pleasure
of paying, and the Chinaman or Irishman (as we do not imprison for debt)
would go to work for some one else at higher wages. In a word, then,
not until the fugitive slave law is re-enacted (a law which, we fancy,
no one fears will be on our statute books again), or until there is a
remedy against the body o f these laborers, can contracts such as those
which are now made with Chinamen be enforced. This whole cry,
therefore, o f the revival o f slavery is only a subterfuge, and shows the
weakness o f the cause of those who are opposing this movement when
their chief argument is based upon false premises.
There is, then, no danger that the mistakes o f the fearful or the cun ■
ning of demagogues will make much impression, in this matter, on the
sound sense of the Ameiican public. The people at large understand too
well that the great heritage nature has placed in their charge needs
nothing but faithful culture to supply the wants o f them and their
children. Laborers are wanted here, everything else is ready at hand
Let them come from every race, from every land; let each contribute
of his own strength, of hands or brains, to the general store, and no
one shall be disappointed of his fair share of tho common reward.

CROP PROSPECTS— BREADSTUFFS.
The time has arrived when the prospects o f the growing crops of
cereals, which are marketed under the general head of “ breadstuffs,” may




CHOP PROSPECTS.

101

be pronounced upon with some degree of accuracy. The probable yield
o f any crop is however in this country a question of doubt. At all times
the most contradictory reports are in circulation, and to arrive at a
correct conclusion involves the sifting and weighing of this evidence.
To commence with wheat, we find that east of the Rocky Mountains
the promise is fully up to the reality of last year. The season has been
all that could be desired. In the winter wheat districts, April and May
were of low temperature, checking the undue growth of straw. June
was warm and forcing, favoring the full development of the berry, and
its early ripening. From some parts of Maryland we have had complaints
that the results are not equal to expectations, and reports of this sort
from that quarter are not likely to be merely speculative clamor. Yet
the samples of new Maryland wheat leave nothing to be desired in
respect to quality. In this State and in Ohio, the prospects were never
better, and it may be safely assumed that we shall have a full crop of
winter red and amber wheat. For spring wheat, the sowing season
was most propitious, and the weather has since been generally favorable ;
many complaints have been made, however, of drought in the spring
wheat districts, and they are to a certain extent well founded; but
wheat is a dry weather plant; a drought must be very severe to exten­
sively injure it ; the straw may be small and stunted, without damage to
the berry. From California, supplies will undoubtedly be deficient as
compared with two or three years past, and it will not be wise to under­
estimate the importance o f this fac*. The crop in the United States
is nearly three weeks earlier than last year, and much earlier than the
average, though last year it was much later. This gives only about eleven
months consumption and export to the last crop, and accounts to some
extent for the vast accumulations in store, amounting to nearly thne
times as much as last year.
As regards Europe, we see no indication of serious deficiency. England
and Jhe south of Europe promise fully up to last year ; Germany and
the north o f France will undoubtedly show a considerable deficiency,
but this is no good ground for anticipating any very material increase
o f the demand upon us from Europe. France and Germany, it will be
born in mind, are peculiarly susceptible to the influence o f high prices,
decreasing consumption materially when rates are much above tlie average.
Corn promises invariably well in all the districts of the United States
where it is a leading article of growth. Last year the weather in June
was most unfavorable for this staple, and July and August did not fully
make up this loss; the crop was consequently deficient; but this year
June was especially favorable, it lias already attained a strong healthy
growth, and with a favorable autumn, the crop is likely to prove a large




102

DISTURBING THE CURRENCY.

\AugUSt,

one. The drought, of which some complaint is heard in wheat circles, i
in districts wheie, under any circumstances, but little corn is grown
Oats, which last year suffered with corn, now promise to share its pros
perity. With respect to rye aud barley, reports are not sufficiently
definite to warrant remark.
T o sum up, we may look for a good average crop of wheat, o f
superior quality, with a baryest three weeks earlier, and a foreign demand
not differing materially from the demand of last year; while the yield of
corn and oats bid fair to be largely increased.

DISTURBING TUB CURRENCY.
The Currency bill, as finally adopted by the Conference Committee
and passed by both Houses o f Congress, is not so important a measure
as in its original form. The whole amount of new currency authorized
by it is but $54,000,000 and if the whole of it were issued at once,
the inflation of prices would be but trifling, since the $45,000,000 of
three per cent certificates held by the banks must be redeemed. The
new banks created under it may ultimately add perceptibly to the inflation
of bank credits, but the process is a slow one, and will not be aided by
the general tenor of commercial affairs, which is decidedly against a
renewal of speculative fever.
The other provisions of the bill are for the removal of the privilege o
issuing currency from the Eastern to the Western and Southern States,
to the amount of $25,000,000 ; and for free banking in paper redeemable
in gold coin on demand. But the “ redistribution” of the national cur­
rency is not to begin until all the new bills authorized by the act are issued,
and may thus be said to be postponed indefinitely. And the demand for
a paper currency convertible into gold is too small to give importance to
banking on a coin basis, except as a very gradual growth. Such a plan
could have been much surer o f a fair trial five years ago, before confidence
in the ultimate value of our greenback was established, than it is now.
It may even be doubted whether the new currency authorized by this
bill will soon be taken up. There are eager demands enough for paper
money in some o f the States, if that were all that is necessary. But
banking is not a business, even under a national banking act, for which
a want of currency is a sufficient qualification. Capital is required, and
capital is not quick to enter a new business, unless its profits are greater
or its risks less than others. Now, banking in the Western States, and
even in New York, has been less profitable and more uncertain o f late
than many other occupations; and the prospects for the future are stil




D ISTU RB IN G TH E

CU RREN CY.

103

less favorable. W e shall not be surprised, therefore, if the power to
organize new banks o f issue in many o f the States should remain, except
to a very limited extent, an empty privilege; and if the whole act,
indeed, should prove to have, for the present, a very trifling effect.
But the passage o f it is none the less a mistake. The whole course
of debate on tins bill, both in Congress and in the press, has turned upon
the question whether and how far it is a measure of contraction or
inflation ; whether and to what extent it will put prices up or put them
down. The final form of the bill has been adopted avowedly as a com­
promise between the party who demand inflation and the party who
resist it, and is regarded as a “ moderate inflation.” But no one speaks
o f a “ moderate injustice” or a “ moderate robbery.” It does not seem
to occur to the disputants on this question that Congress has no right
to take money out of the pockets of one-half of the community and
put it into the pockets of the other half, and that it might just as fairly
do this directly as to do it indirectly by either inflating or contracting the
currency.
This act, too, is an assertion by Congress of the dangerous power to
increase, diminish and regulate the money of the country, according to
its own views from time to time, and o f the purpose to exercise the power.
It is a resolve not to let the currency alone, and leave it to be regulated
by the laws of trade, but to interfere with it by artificial measures for the
express purpose, or at least with the distinct expectation, o f affecting the
prices of commodities, the value of money and the relations between debt­
ors and creditors. In this point o f view it does not matter that the
particular measure adopted is directly of no great importance ; a principle
can he sacrificed in a small matter as well as in a large one. I f Congress
may then expand the currency it may expand it to any extent or
may contract it, equally without any limit but its own temporary views
in the interests of the majority of its members.
What the people want above all things is stability. The business of
the country needs to be free from disturbance and the apprehension i f
what may le done by tinkering daily at the basis o f trade, is a burden
upon the nation too heavy to ba long borne. There is now no earnest
general demand for unsettling the currency of the country, and therefore
no political excuse for passing such a measure. But. if its passage serves
to call attention to the dangers which lie in meddling, and in calling
out a general and imperative demand from the people that Congress shall
let the currency alone, some good may yet come out of what would else
be a serious evil.




104

R A IL R O A D

E A R N IN G S

FO R JU N E .

[August,

RAILROAD EARNINGS FOR JUNE, AND FROM JANUARY 1 TO JULY 1.
The earnings for June have goneially been good, and the comparison
with the same month of 1869 is favorable. There is, however, a lack
of uniformity in the reports of several of the leading lines, which it
might have been supposed would show similar returns in this month ; for
instance, the Sc. Paul road shows an important increase in earnings,
while the Northwest and the Illinois Central show a material decline, and
Rock Island stands about the same as last year. The North Missouri,
and the new roads, as the Central Pacific, Kansas, Pacific and St. Louis
and Iron Mounntain, all show a large increase over their earnings
of last year, natuially resulting from increased mileage, or the completion
of through connections.
The earnings of the Union and Central Pacific roads will now be
watched with some interest from month to month, as the year which has
elapsed since they were opened now allows a comparison with the
same months of 1869 to be made, showing what progress is making in
their traffic.
E A R N IN G S F O R

JU N E .

1870.
Central P aciflc............... ...............................
Chicago and A lton........................................... ...............
Chicago & Northwestern............................... ...............
Chicago, R ock Island & Pacific. ................
Clev , Col C n. & Indianapolis..... ................................
Illinois Central.......
.................................. ................
Kani-as i’ncific.................................................
Marietta & C incinnati.................................... .............
Michigan Central............................................. ...............
Milwaukee & 8t. P aul.................................... ...............
North M issouri................................................. ...............
Ohio & M ississippi.........................................
Paciflc o f .Vi sou ii...................... ..................
!St. i.ouis, Alton & Terre H aute.................. ................
St. Louis and Iron M ountain...................... .
Toledo, W abash & W estern.......................... .............
T otal.................. ........................................

411,986
1,154,5'5)
271,0-21
759,214
111,117
363,187
755,787
208,4''3
249,987
150,719
348,632

1869.
$556,<180
402, 854
1,258,284
523,641
259,408
778,260
188,417
118,648
366,623
678,800
150,416
223,236
249,349
154,132
80,019
348,890
$6,337,257

Inc.
$-.6,6 0
9,132

D ec.
$ ...
103,755

5,671
14,613
19,046
15*,345
7,531
3,436
76,937
58,077
26,754
13,979
3,413
36,223
258
$474,358 $137,439

The first six months of the year 1870 being now complete it is possible
to determine with greater certainty what the general condition of railroad
business will be for the whole year. B y the returns o f the last month
the total increase in earnings o f all the roads since January 1 is $336,919
better than it stood at the end of May, but the progress o f the year con­
firms the general opinion expressed by us at its beginning— that while
there might be some increase in traffic in particular cases, it could be
hardly expected that railroads would increase their earnings very largely
beyond those of 1809, which exceeded any previous year.
For the first six months of the year the net result in the total earn­
ings of the fifteen roads given below is an increase of $1,328,439, or




1870]

TH E R E SE R V E S

O F TH E

BA N K S.

105

about four per cent over the first six months of 1869. Allowance
must be made, however, for a very considerable increase in mileage,
naturally increasing the operating expenses, and adding to the interest
account, by expenditure of funds in construction. Prospects for future
earnings point to no decided variation from 1869, and the assumption
that the last half o f the current year will probably equal the last six
months of 1869 would seem to be a fair one.
E A R N IN G S F R O M

JA N U A R Y

1

TO J U L Y 1 .

1870.
Central P acific.....................................................
...........................................
Chicago & Alton
Chicago & Northwestern...................................
Chicago R ock Island........................................ ......... 2,679,155
Cleveland, Col., Cin & Indianapolis......... . . ...............1,141,497
Kansas Pacific .................. ..................................
Illinois Central ...................................................
Marietta & Cincin a ti.........................................
Michigan Central................................................
Milwaukee & St. Paul ...................................... ............... 8,085,564
North Mi e u r i ................................................... .........
1,385,452
Ohio & M ississippi......................................... .
Pac tic ot Missouri ............................................
1,58 ,347
St. Louis, Alton & Terre H aute..................... ............... 96',543
T oledo, Wabash & W estern.......................

I860.
2,1*0.662
6,483,977
2,833,034
1,378,887
981.702
3,879,312
632,948
2.273,365
2.974,2H
789,511
1.274,189
1.487,584
919, 86
1,810,541

Inc.
$511,431

D ec.
lejM o
807,930
152,879

71,110
601,908
135,078
15,541
34,310
111,3*18
595,941
161,084
94,663
41,757
31,625

....

T o t a l................................................................................88,038,975 $33,395,536 $3,355,915 $1,037,416

(
TIIE RESERVES OE THE BANKS.
The Comptroller has just published the returns o f the banks for the
9th June. Elsewhere we give our usual tabular summaries of the state­
ments which will be found extremely suggestive in many points of view.
W e can afford space to day for comment upon them in only one single
aspect, namely, the fundamental one of lawful reserves. To this Mr.
Hulburd has given his special attention ever since he took the office of
Comptroller of the Currency, and the re-ults show that his efforts to keep
the banks up to the high standard demanded by the law, have been
judicious, well-dir«cted and effective. The tables shew that o f the banks
which are required to keep 15 per cent, reserve, there are in the United
States 1,396. The liabilities of these institutions amount to 406 millions,
requiring a reserve of 01 millions. The reserve actually held is 92
millions, or half as much again as the law demands. A t first sight this
would seem to show an inexplicable and unusual eagerness on the part of
the banks to keep themselves in a strong position. A nd there is no doubt
that the large reserves held by conservative institutions all over the country
have been in part swelled by the laudable motive o f preparing for what




106

TH E

RE SE RVE S

O F TH E E A A K S .

\ A u g U $ t,

ever o f financial danger and trouble the future may have in store for us.
The lessons of last September and o f the preceding panicky perturbations
of the money market have not been lost on our judicious and careful bank
officers. It is gratifying to find that they are alive to their duties. The
hanks of this country constitute so important a section of its financial
machinery that we cannoc without grave anxiety see any falling off in
their efforts to multiply the safeguards of their solvency and strength.
Our Inferences as to the stability of the banks are somewhat modified,
though not to any very serious extent, when we analyze the reserves and
see what they consist of. The ninety-two millions of reserves o f the banks
we are discussing, are composed of 30 millions o f greenbacks, 3 millions
of gold and 3 millions of interest bearing certificates. The balance of 49
millions is on deposit with other banks which act as redeeming agents
in New-York and the other chief financial centres. These redeeming
agents are of course very anxious to increase their country correspondents,
and in many cases allow interest on deposits. Thus the temptation is
great which leads the country banks to keep as large a part of their
reserves as possible in the vaults o f their redeeming agencies where it
bears interest, and the same temptation of course lead these country banks
to lessen their greenback reserve. In face o f these facts it is a gratifying
circumstance that so large a sum as 46 millions of reserves is actually held
in the custody of the country banks themselves and that of this sum the
legal tenders amount to no less than $38,992,740.
Turning from the country banks which numerically make up the great
bulk of the institutions controlled under the National Currency law,
let us pass next to the banks of the chief cities outside of New-York.
These corporations are 162 in number, and are bound to keep a reserve
of 25 per cent. Their liabilities are 237 millions, calling for a reserve of
59 millions. The reserve actually held is 75 millions, of which nearly 45
millions is in greenbacks or in government certificates convertible into
greenbacks, while 5 millions of the reserve fund is in specie, and over
25 millions is on deposit with redeeming banks. Here again is a very
satisfactory exhibit, and to our national banks must be awarded the
honor of keeping up with fidelity their old reputation as the strongest
banks in the world in regard to this specific safeguard of a lawful money
reserve.
The last table to which we shall refer embraces the statistics of the
banks of New-York city. There are 54 in number, all the other incor­
porated banks here being disconnected with the national system. Our 54
banks have 223 millions of liabilities, which require nearly 56 millions
of reserve. The actual reserve is 72 millions, of which 26 millions are
greenbacks, 27 million greenback certificates, making over 52 millions of




18701

R E SO U R C E S

AND

L IA B IL IT IE S

OF TH E

107

N A T IO N A L B A N K S .

greenbacks toward the 55 million of aggregate reserve. Besides this the
specie held by the banks amounts to $18,785,301. How much of this
specie is on special deposit and how much is really the property of the
banks we are not informed. It will no doubt occur to Mr. Hulburd as
eminently proper that the banks should be required to state these facts
as to the ownership o f the gold they have in their vaults. In the pros­
pective changes in the banking system under the new law of July 8th,
this omitted information is absolutely indispensable. W e trust therefore
that in future reports from the National Currency Bureau the deficiency
will be supplied, so that the reports may be made more valuable and
complete.

TOTAL RESOURCES AND LIABILITIES OP THE NATIONAL BANKS.
The following is an abstract o f the reports made to the Comptroller
of the Currency, showing the condition o f the National Banks of the
United States, at the close o f business on June 9, 1870, and also on March
24,1870, the date of the last report:
RESO U RCES.

Loans and discounts......................................
Overdrafts ...........
....................................
United tates bonds to secure circulation,
United States bonds to secure d ep osits....
U. S. bonds and securities on hand.........
Other stock*, bonds a d mortgages...........
Due from redeeming a ents ......................
Due from other National b a n k s .................
Due fr m other banks and b a n k ers.........
Real estate, furniture and fixtures.............
Current expenses...........................................
Prem ium s........................................................
Checks and other cash ite m s ......................
Exchanges for <ie a r in g -H u is e ................ .
Pills of National ban k s................................
Bills o f other ban ks......................................
Fractional currency. ....................................
Specie................................................. ..............
Legal tender n otes.......................................
Clearing House Certifier es. .. .................
Three Per Cent Certificates.......................

March 24.
$707.b05, 84 04
2,94 >,'24 75
339,100,3 0 00
10,203,5 0 00
27,275,050 00
20.524,294 55
73,404,33? !0
29 505,088 11

10, 230,219 85

20,320, 0! 24
0,083, : 89 54
2,080,882 3 •
11,173,510 22
75,317,992 22
14,220,SI7 00
98,017 00
2,285,499 02
37,127, 75 10
SO. 379,978 00
19 911,000 00
25,765,009 00

June 9, 1870.
$710,087,288
3,253,897
33S 845,200
15,704,(00
2>,276,000
23,31 0,631
74,615,405
30.128.750
10,430,781
20,593,357
0,321,955
3,076,456
11,3'4,979
88,920,515
16.342,5S2
112,555
2,184,714
31,099,437
90.710.751
21.403.000
25.925.000

$1,529,147,735 85

$1,565,756,909

Cap'tal stock ..........................................
Surplus fund .........................................
Undivided profits.................................
National bank notes outstanding___
State bank notes outstanding............
Dividends unpaid .............................
Individual deposits
..............
United •tates deposits.........................
Deposits o f U. S. disbursing officers,
One to Na io al ban s.........................
D ie to oth r banks and bankers.......
Notes and bids re-discounted...........
Bills payable..........................................

March 24.
$427 504,247 00
90,229 954 59
43,109,470 02
29 >,509,150 00
2,279 469 00
1 483,416 15
516,05^,085 20
6,424,421 25
4,7 8,225 93
109,007,715 95
29,707,575 21
2,402,047 49
2,813,357 40

Ju^e 9.
$427,235,701
9I,6>'9,834
42,861,712
291,183,614
2,350.126
1,516,815
512.135,010
1 ',677,813
*2,592 967
115,456,491
33,012,162
2,741,843
2,302,750

T otal.....................................................

$1,529,147,735 85

$1,565,756,909

T otal............................................................
L IA B IL IT IE S .




BANKS

OP E A C H

S T A T E — T H E IR

a re in d e b te d t o th e C o m p t r o lle r o f th e C u rr e n c y fo r

r e d e m p t io n c it y a t th e c lo s e o f b u s in e s s o n

T h u rsd ay,

c lu d e d in t h e S t a t e s o f w h ic h t h e y a r e a p a r t :

th e

th e
9 th

CO N DITIO N JU N E 9, 1870.

fo llo w in g re p o rts
day

of

o f th e N a t io n a l B a n k s o f e a c h

June, 1870.

T h e retu rn s o f

th e c it ie s

S ta te

are

not

and
in ­

resou rces.

state.

[ August,




$24,808,270 92 $12,592,657 73 $16,750,584 48 105,974,954 24 $141,737/85 20 $43,866,766 50 $65,39S,252 73 $128,051,494 97

each

T o t a l .............................. . . . . . ..................

00 $4,835,000 00 $6,810,012 50 $39,172,000 00 $47,800,000 0 > $20,364.8 0 00 $ 2 4 /0 6 , 20 00 $36 /06,741 00
52
6 1,917 S2
993,599 65
9,359,084 63
9 ,9 1 9 /1 2 04
1,904,672 27
4,925,724( 5
6,38«,204 61
09
542.024 56
511,433 49
3,311,289 10
2.616,262 42
1.467,570 77
1,933,501 98
5.384,7u3 27
00
4,254,152 00
5,896,062 00 30,888/08 00
25,517,937 00 12,390/33 00
17,287.308 00
28,953,31 1 00
00
23,204 00
25,961 00
219,547 00
116,075 00
162.686 00
244,845 00
4 0,799 00
79
21,2 -5 63
6 / 0 4 69
13 ,952 26
6 ,1 0 5 90
84,836 88
1 1 .9 0 5 21
108.950 42
76
2,011,261 8s
2,150,891 01 20,504/60 26
£9,811.025 24
6 ,1 5 6 /6 0 06
12,980,759 85
43,004,860 84
80
188 416 20
1 3 ’,093 78
884,470 69
217,044 65
289,751 56
358,368 16
1,054.291 59
31
22,537 47
3n,177 36
1 2 6 /8 4 60
...
15,763 36
21,234 57
85,941 71
08
6,989 54
28,446 f2
1,075,025 53
13,740,708 41
71°,204 12
2,256,989 56
3,376,759 44
45
975 63
1 / 0 2 78
203,797 11
1,938,114 54
311,099 00
335,796 37
1,501,39143
12
....
160,000 00
42,782 63
----...
----7b9,124 06
00
...
..
37,602 43
....
....
176 000 00
4 8 8 /1 5 60

of

73 $16,750,584 48 105,974,954 24$141,737,085 20 $43,866,766 50 $65,398,252 73 $123,051,494 97
L IA B IL IT IE S .

$9,125,000
1,484,380
1,054,873
7,404,099
49.7 6
38,114
4,943,987
242,350
104,603
227,015
83 036
50,981
80

banks

T o t a l .............................................................. $24,SOS,27092 $12,592,687

n a t io n a l

INe,»
M assaC ity
R h ode
N ew
M ain e.
H am psh ire.
V e r m o n t.
chuseU s.
o f B o sto n .
Is la n d .
C o n n e cticu t.
Y o r k S ta le.
Loan® and d is c o u n ts ....................................... $11,3(12,534 88 $4,832,814 87 $ 6 /8 8 ,2 8 3 22 $49 898,104 73 $74,884,419 53 $ 3,423,742 80 $30,548,3' 0 61 $ 8 2 /8 0 197 60
O v e r d r a ft s ................ ................................... . .
14,475 7 3
21,373 88
107,234 30
10 -926 IS
9.4 07 22
2 ,744 21
1 8,460 23
499,954 73
U nited States b o n d s t o secu re c ircu la tio n
8,379,750 00
4,877,0 - 0 ( 0
6,706,000 0 ' 35, 32,350 Of)
24,980,650 00 14,19'',75ii 00 19,759,100 00
33,329,750 00
U n ited -ta te s h o u s to secure d e p o s its . .
470,000 00
525 000 04
300,000 00
1,250,0'>0 00
850.000 00
260 000 00
54 .000 00
1,620,500 04
U n ited States b o n d s & secu rities o n h an d
448,360 00
125,650 00
415,200 0 > 3,260,95 ■ 00
2 ,201,150(0
268 650 00
1,298,200 00
2,010/50 00
O ther s to c k s , b o n d s and m o r g a s e s ........
359,204 58
270,261 05
163.300 00
955,339 65
545,081 10
2S 9 /71 03
876,441 30
3.162,634 80
D ue from red eem in g and reserve ager.' s..
1,772,280 05
915,193 43
798,393 70
6,927,421 36
8,641,869 55
2,058,469 91
4,772,300 7 )
9,274,787 10
D u e fro m oth er i ational b a n k s ................
103,428 16
31,769 76
57,151 90
594.828 44
2,716,249 20
396,3*6 97
1,931,000 23
1,978/10 57
D u e from S tate han ks and b a n k e rs
..
2,407 77
11,006 64
36,932 40
211,916 04
94,819 10
88,013 80
257,945 75
807,462 61
R ea l estate, fu rn itu re an d f ix t u r e s ............
237,266 98
115,566 76
171,049 72
1,07'.342 37
1,591,514 76
5 6 4 /7 6 41
768,205 68
1,900,306 90
C u rrent e x p e n s e s ..............................................
(2,197 59
49,691 64
30,339 83
220,401 41
245,324 01
98,312 21
266,968 28
668,416 85
P r e m iu m s ............ .............................................
20,008 30
8,' 92 05
18,284 31
38,333 99
23 581 49
6,197 09
76.931 02
290,735 80
C h eck s and oth er ca sh it e m s ........................
237,011 06
89,573 92
2 1 4 /2 0 46
682,061 74
466,211 55
424,361 92
550,709 14
1,933,671 98
—
___
...
___
4 , 348,808 22
___
—
___
E x ch a n g e s fo r cle a rin g h o u s e ......................
B ills o f oth er national b a n k s .......................
235,055 00
173,818 fO
139,462 00
940,192 00
1,772,277 00
232,546 00
672,938 00
1,051,585 00
B ills o f State h a n k s...........................................
^07 00
36 00
13 00
33 00
144 00
2,273 00
1,521 00
6,137 00
F raction al c u r r e n c y ..........................................
35,714 29
11,326 00
18,253 27
182,567 87
127,964 55
54,573 87
74,804 38
198,304 96
S p e c i e ....................................................................
51,496 53
63,202 75
40,918 37
352,770 5 2
3,617,911 92
162,143 25
128,745 41
436,074 07
L ega l ten d er n o t e s ..........................................
1,021,733 00
452,111 00
769,948 00
4,032,415 00
5,350,272 00
1,391, 84 00
2,534,621 00
5,911,915 00
C o m p ou n d in terest n o t e s ................ .............
.......
......
....
....
—
....
...
....
C lea iin g h o u s e certificates . . . ................
...
----— '
...
9 0 ,0 '0 00
—
----T h re e p e r c e n t c e r t ific a t e s ..........................
5,000 00
20,000 00
95,000 00
215..000 00
4,200,000 00
80,(00 00
175,000 00
790,000 00

C apital s to c k .............. .........................................
Surplus f u n d ........................................................
U n d iv id ed pre f it s .......... . .............................
N a tion a l bank n otes ou tstan d in g..............
s ta te b a n k n o t e s o u t s t a n d i n g ..,- ..............
D iv id en d s u n p a id ..............................................
Individual d p o s i t s ..........................................
U n ite d States d e p o s its ................................
D e p o s its o f U. S d isb u rsin g o ffic e r s .........
D u e t o n a 'io .al b a n k s ....................................
D u e to State h a n k - and hankers ..............
N o te s and hills r e d i s c o u n t e d ......................
B ills p a y a b le ........................................................

108

N A T IO N A L
W e

41,561,550 00

'll. S. bonds to secure deposits..................
850,000 00
U. S. bonds and securities on hand . . . .
9,107, 50 00
Other stocks, bonds an i m ortgages........
7,4:16,639 55
Due from redeeming and reserve agents.
...
Due from oth r national banks
.. .. 12,9 5,766 50
Due irom Mate banks and "an kers.........
2,353,720 58
It al es ate, furniture and fixtures...........
7,726,744 32
1,702,750 31
Curr nt expenses..........................................
Prem ium s. ...................................................
1,482 319 88
Checks a. d other cash item s......................
1,901,118 18
Excnan es for Clearing H o u s e ............... 70.466,834 24
ills o f ther national banks......................
3,127,951 00
Bills o f State ban ks......................................
S,651 00
t racti nal cui rency.................................... .
328,001 04
S pecie.............................................................. 22,767,226 12
26,314,191 00
L gal tender notes.......................................
Clearing House reitificates........... ......... 17,510,000 00
1 hree per cent cert:
9,765,000 00
T o t a l ... .....................

Delaware.
$2,193,8 ’6 96
1,751 66
1,318,200 00
60,0 <0 (10
3,350 00
79,786 02
224,352 46
61,211 50
3-,051 45
122,633 94
20,951 42
3,014 50
41,367 16
36,420
1,730
11,461
10,377
191,252

00
00
52
75
00

70,*600 00

. . . $114,758,512 76 $17,131,789 81 $42,196,007 70 $79,207,873 74 $85,451,410 10 $29,173,059 62 $4,518,786 54

Maryland.
$2,896,342
25,969
2,008,250
250,0 0
232,150
2r9 553
819,326
132,53t
7 ,448
124.667
33 753
20,085
71,404
52,848
1,098
18,701
27,820
440,002
30,000
$7,425,958

8£SS8 SSSSSSSSfiSiggS

U . S. bon d s t o secure c ir c u la tio n ..............

Albany.
New Jersey. Pennsylvania. Philadelphia.
Pittsburg.
$6,234,968 93 $20,443,799 19 $34,7-8,895 S3 $38,903,651 89 $14,164,149 81
11,442 32
47,434 31
215,448 23
20,113 93
62,188 93
2,1S4 000 0 ) 10,619,450 00
23,482.600 00 13,066,700 00
7,704,500 00
355,i!()ll 09
200,000 00
90 2,000 00
3 -0,000 00
354,200 00
133,050 00
2,292,4u0 00
1,311,' 00 00
254,’ 150 00
631 2 1 21
374,5 (8 8 2
1,149,811 82
1,693,223 2-2
99 588 91
3,166 .o l - 6
4,N69,S8S 39
3,581 859 85
1 43 4,610 22
2,0 1,139 06
1,525,
00
1 285,917 66
1.943,251 31
2,01 ',353 90
393.355 42
150,772 33
368,927 85
783 259 17
1,05-C-96 70
280,426 44
185,973 12
868,172 88
1,131,922 27
l,69-i,'20 95
643.356 97
259,1>9 79
9,466 60
199,3' 1 99
161.63* 99
103,593 72
15,108 71
1,149 17
92,267 77
34 111 45
81,430 42
423,833 ;8
6 IS,052 78
475,948 34
394,350 77
193,286 96
80,258 1 2
4.8;0,8'0 08
377.242 72
332,842 CO
569,796 CO
691.591 00
1,151,970 00
262,330 00
2,751 00
989 00
9,760 00
11,729 0;)
1,281 00
148,189 93
31.547 76
74,783 86
173,497 93
47,440 82
200,211 80
125,722 31
7c9,142 63
10.547 21
127,177 41
1,470,425 00
4,545,129 00
7,617,566 00
1,956 838 00
2,041,740 00
3.380.000 00
345,000 00
240,000 00
725*000 00
5.590.000 00
425^6*0 00

8ls

N ow York.
Loans and discounts.................... ...............$177,262,401 54
Overdrafts............... .................. ..................
150,086 50

L IA B IL I T I E S .

T o ta l.................................................. ....$114,758,512 76 $17,131,789 81 $42,116,007 70




$79,207,873 71 $35,451,410 10 $29,173,059 62 $4,tlS,7S6 54

$2,348,217
378,S~4
279,958
1,721.396
12 517
40 693
2,550,851
44,357
47,006
66,35 *
35,700

S

$72,935,000 00 $2,650,000 00 $11,515,350 00 $24,1S5,240 00 $16,255,150 00 $9,000,009 CO $1,428,185 00
Capital s t o c k ....................
306,v ll 25
2.235,774 01
Bnrplns fund................................................... 28,657,321 66
990.000 CO 2,511,089 73
5,370,668 21
6,498,575 54
Undivided profits........................................
10.955,027 83
505,913 35
1,089,206 68
1,629,956 63
119,370 48
744,260 60
1.420,012 37
20,532,434 09 10,947,4 9 CO 6,6:93,142 00
> ationai bank notes^utstanding.............. 33,533,379 00
1,879,846 00
9,211,762 00
1,190,135 09
113,-55 00
65,356 00
State bank notes o_.S :a n d in g...................
236,4 0 00
21,966 <0
16,03! 00
165,682 00
83,480 00
3,398 60
8,v45 96
33,850 25
Divid nd-J nnpai ..........................................
177,900 53
116,672 07
198,360 83
36,481 52
8,C57,2C6
27
1,223,464 93
Individual deposits..................................
193,192.977 36
24,418,94b 02 42,415,563 67
14,288,415 04
9,344,468 99
U. S. D e p o r ts ....... .............................. . .
353,339 93
91,147 91
327,525 19
34.337 87
C00,:i63 52
71,956 94
25.4(H) 48
Deposits o f U. S. disbursing officers.......
......
47,857 89
9,408 01
4,697 i 7
Due to nat onal ban ks................................. 6^,262 226 <8
2.334,790 57
747,588 67
163,517 39
6,710,605 37
1,815,025 38
2,236,263 01
297 445 18
Due to State banks and bankers................
18,454,939 77
519,654 22
:-96,964 90
14,469 59
1,249,230 83
218,401 57
62,173 92
Notes and bills rediscounted......................
......
13l,0S9 73
9,000 00
8,’500 00
Bills p a ya b lj...................................................
10,000 00
.........
. . ...
....
17,500 00
47,981 30

$7,423,958 90

110

RESOURCES

T otal..................................$36,410,851 68

$1,748,537 53

$9,292,771 95 $6,961,611 41

Alabama.
N. Orleans.
$773,228 94 $l,702.2t;0 02
212 30
69,105 81
310,50 * 00
1,208,001 00
550 00
7,153 22
25,602 94
10,8*2 53
10,529 20
30.000 00
15,063 48
12 50
27,219 06
20,839 00

81,c02
196 234
143,674
99,761
187,121
58,669
67,500
139,716
164,025
8,902

98
14
96
52
47
40
00
99
85
00

1.631 95
6.880 54
53,777 00

3,888 03
222,498 01
380,161 00

$3,149,193 09 $2,911,680 08 $5,454,324 39 $1,594,021 66 $4,792,762 48

L I A B IL I T I E S

Total




$36,410,854 08 $4,748,537 53

$2,223,300 00 $2,116,400 00
195,248 10
302.638 36
282,972 96
134,010 78
1,886,756 00
2,067,927 00
596 00
3,929 00
3,094 00
8,526,557 91
1,995,826 60
348, 05 86
156.970 15
84,905 74
25,562 18
159,1 5 43
73,113 55
98,SOS 65
68,577 63
97,231 16
280,646 30
100,000 00
82.000 00
$9,2 2,771 95 $6,961,611 41

$850,000 09
65,165 93
138,646 87
398,550 00

$823,500 GO $1,750,090 00
95,952 98
212,000 00
124.904 22
378,978 94
247,500 00 1,147,120 00

326 20
1,274,696 08
127,20 - 38
19,350 23
170,188 45
30.613 61
37,955 34
3%500 00

60 00
1,497,966 66
26,974 16
83,578 C6

565
1,628,915
82,3 66
35,895
161,638
56,745

00
34
35
15
03
53

$400,000 00
13,873 15
60,597 41
254,818 00

$1,300,000
83,550
168,948
1,049,879

00
00
63
00

£51,711 40

1,260 02
2,000,780 45

1,545 14
11,477 56

87,881 39
100,462 99
.

_____ _____

11,250 00

$ 3,149,193 09 $2,911,680 08 $5,451,324 33

$1,294,022 66 $4,792,762 43

[ AllffUSt,

Capital F tock.......................... $10,801,985 00 $1,050,000 00
245,( 00 00
Surplus F un d.......................... 1,845,709 34
Undivided profits..................
1,(21,790 53
82.863 64
National bank notes ontsd’g 7,024,278 00
805,956 00
State bank notes ouistand’g
133,382 00
55,766 02
Dividends unpaid............ ..
39*23' 00
Individual d p osits.............. 12,032,503 70
1,834,966 55
U S. d e p o sits ........................
192,513 32
236,277 52
Deposits o f U. S. dis. officers
.. ..
Due o nat onal b a n k s ___ 2,713,917 50
451,218 26
Due to 8ta'e bnks & bankers
399,009 27
3,025 56
Notes and bills rediscount* d
100,060 00
Bills payable.....................................................

NATIONAL BANKS OP EACH STATE.

Washington.
Baltimore.
Virginia.
W . Virginia. N. Carolina.
S. Carolina.
Georgia.
Loans and discounts.............$17,658,305 7*2 $1,412,853 16 $4,409,143 78 $2,845,679 93 $1,485 676 70 $1,785,0 '5 11 $2,234,741 88
29.776 12
Overdrafts...............................
2,8*5 07
70,483 66
40,704 72
17.103 79
11,291 14
39,091 88
970,( 00 00
U. S. bonds to secure circuPn 8,f 07,500 00
2.331,000 00
468.600 (0
1,283,500 CO
2,143.250 00
340,000 00
3< 0, CO ( 0
lx nds to secure deposits
400,000 00
252,000 f0
150,000 00
20i ,0( 0 0)0
10 ,000 Oft
U .S .b nd &■seeut’ s<>nhand
63* 00
1,000 00
288 650 00
185.450 00
145 100 00
*1,000 00
100 *00 00
9.882 00
Other stocks b n d s& m ort’ s
794,400 02
6*4,375 63
53.704 66
163.940 (0
176,976 45
20.250 00
210,426 17
Duefr-m i red & res agents. 2,391,849 92
403,991 0
184,291 23
283,185 79
362,674 16
115.25 12
Due from other nai1' banks.
3 0 ,1 4 09
175,547 05
274.715 36
18 ',870 i 9
27,986 46
111,454 89
16,187 41
Due f ’ m htute b ’ ks & b’ kers
109,751 86
26.u24 61
29,890 24
39,966 30
45.886 95
l l,9#54i 81
312,206 36
Deal estate, furniture, & c ...
496,898 68
294,763 39
59,749 18
310,137 81
391 627 15
99,836 61
106,966 81
45,191 61
29,709 93
Current exp en ses..................
143,219 43
92,679 41
24.104 82
36,022 0T
51,338 09
Premiums .............................
37,518 75
17,657 55
29,723 94
80,733 43
31,633 83
12,817 30
13,894 51
48,371 74
Checks and other cash item s
103,907 43
1S5, c03 87
20,084 30
90,467 86
82,930 89
49,516 17
E xch’ e s fo r C aring H ouse. 1,318,130 10
469,377 60
Bibs o f national banks.......
334.3S7 00
59,720 00
42,968 00
42 445 00
72,229 00
201,340 00
Bills o f State banks.......................................
2,139 00
791 (0
2,075 00
Fractional c u rre n c y .............
10,189 31
6,906 58
21,155 39
15,0*33 64
7,294 43
1,376 03
15,614 57
S p e c ie .......................................
117,815 30
23,682 46
26,885 23
70,098 55
10--,834 99
22,240 24
54,875 11
Legal tender n otes................. 2,706,092 00
282,097 00
565.169 00
438,633 00
237,130 00
169,747 0J
568,301 00
C earing House certificates.
393,000 00
Three per cent certificates..
900,000 00
225,000 00
5,000 00
25,000 00
75,000 00

12
19
00
00
00
90
27
14
71
45
46
92
92

46,109 00
10,230 77
311,723 03
172,201 10

....

....

...

5,000 00

325/00 00

70,000 00

190/00 00

3 5/0 0 00

>,123,954 91

$669,303 09 $5,707,986 40 $2,664,079 32 $7,930,451 85 $47,738,783 15 $13,271,403 57 $9,435,959 73 $37,444,252 19

$525,00000
40,290 29
38,198 25
380,237 CO
.................
fio 00
825.470 44
104.119 41
1 84 /11 5 0
7.892 23
9,006 79
.................
............... .

$"0fy 00
35,341
2,480
178,830

L I A IIL IT IE S .

..................
Capital stock.
Surplus fun d...........................
Undivided profits..................
National hank notes outsta’ g
State bank notes outxtanci’ g
D i v id e s unpaid...................
Individual d ep osits.............
United States deposits .......
Deposit o f U.S. Dis.Officers
Due to national ban ks.........
Due to State banks&bankero
Notes and bills rediscounted
Bills pnyab e ........................

T otal.................................. $2,123,954 91




00 $2,010,700 00
fit
220,727 22
78
222,185 99
CO
1,562,577 00

124,832 95
*9a 1*47 59
29,562 19
2,357 97
?,750 CO

494
1.443,433
80,865
2.623
35.708
98,241
24,450

00
08
26
74
70
41
00

$950,0r0 00 $1,975,300 00 $15,904 709 r0 $3,550,0'0 00 $3,300,000 00 $12,227,0C0 CO
3,139, 24 15
555,OCO CO
912,394 61
350,485 22
3,030.786 26
143.335 84
82,378 19
783,701 60
980.740 70
229,573 22
186,920 70
35.6V7 06
2,904,290 LO 1,836,215 CO 10,907 6*9 00
783.048 00
1,143,210 00 12,775,465 00
10,130 00
67.638 00
5,192 00
780 00
2.830 00
"2,238*50
3,368 tO
63,856 94
2,115 00
31, .’ 5 38
2,663,358 22
3,343,887 85
8/50,454 43
3 ,5 U /0 4 50 13,969.919 21
532,786 62
647,622 93
£65,061 55
125,212 43
147,433 17
526,629 70
64,711 55
76,135 10
6%427 55
93,138 51
2,346,81*0
18
139,884
00
340,528
28
'357,610
78
184,820 82
125,413 19
239 121 42
270 976 82
305,482 09
48,716 85
96 420 17
90,913 61
11,00') 00
270,410 07
109,250 CO
29,715 CO
25,000 00
3,000 00
682.000 00

$669,303 09 $5,707,986 40 $2,6C4,079 32 $7,930,451 85 $47,735,783 15 $13,271,403 57 $9,435,079 73 $37,444,352 19

NATIONAL BANKS CF EACH ST a TE,

L o r.s and discounts...........
O verdrafts...............................
U.S. bonds to secure circul’ n.
U.S. bonds to secure dei osits
U S. bonds, etc., on hand..
Other stocks, bonds& m ort’ s
Due from redeeming agents.
Due fr. m other nat’ l Thanks
Due from State bks & b ’ kers
Deal estate, furniture & fix’ s
Current expenses..................
P rem ium s............................
Checks a d other cist i ems
E xcl anges fi r Clear House.
Bills o f national ba» k e .........
Bill ot State banks...............
Fractional currency..............
S p e c ie ......................................
Le<ral tender notes ...........
Clearing House certiSc tes..
Three per cent certificates..

Arkar sas.
Kentucky
lenne?see.
Ohio.
Cincinnatii.
C eveland.
T ouisville.
Indiana
$159,3*3 19 $2,618,972 76 $1,137,516 46 $3,079,178 84 $21,S58, 3S 21 $5,718,62* 81 $4,662,021 59 $18,620,431 96
9,2! 8 59
21/79 99
54,246 61
2, *<77 91
19,658 07
8,184 47
241,068 65
185.484 OS
1,846.700 00
2,278,500 00
200,000 (0
917,0C0 00 1,488,200 00 14,507,000 00
3 428,000 09
12,505,8*0 00
350 000 00
744,000 00
300,00" 00
50,000 00
'535,* 00 00
50,000 00
50,' 00 00
576,500 00
2,650 00
7.950 (0
286,450 00
230,800 00
14/50 00
l,2l 8,85" 00
11 -.00 00
650 400 00
179.085 88
1,6(0 00
27/84 (0
454,032 18
41,246 77
2,000 00
5 >,690 90
260,641 79
468,916 38
624/32 23
28.346 00
396,217 59
170.818 10
1,313,717 67
3,4*0,690 71
1,940,260 56
34,149 57
389,767 96
70,602 42
628,954 78
171,704 17
196,740 89
29,297 29
665 59J 58
35,229 93
341,520 58
24,199 17
111,395 30
80,047 08
583,418 87
83.587 72
334,933 97
209.050 14
215,296 98
52,859 18
17,704 55
120.627 67
988/30 52
168 377 45
748,436 33
70,266 93
3,172 18
34.713 90
3,509 90
120,956 57
40,242 31
6,634 82
215,867 76
65,949 24
12,015 85
50,774 64
102 s2
5 73
8,<57 31
148,285 39
*2,274 41
111,099 49
336/04 99
51,225 57
97,192 07
7,271 82
14,923 66
67,413 55
36,429 25
40,861 50
296,334 00
18,264 00
410,007 00
65/87 00
44,431 00
167,363 00
274.813 00
21,143 00
3,597 00
36.016 00
543 (0
1,972 00
8,7*7 00
4,012 03
13,379 82
615 00
19 567 34
94.317 08
13,899 62
11,998 "1
58/84 21
75,589 95
10,246 36
1.256 32
8,701 30
68,722 96
217.648 47
1,85J 26
259/13 01
677,543 CO 2,862,032 oO
54,148 00
219,602 00
339,S ll CO
635,000 00
107,477 CO
1,978,611 09

18V0J

K 3 f OUI C Z S .

Texas.
$502,1S5
14,507
485,000
200.000
5,500
23,539
193,545
45,597
44,767
24,364
15,305
21,051
3,326

112

RESOURCES

Missouri.
$1,7S0 899 57
45,188 48
797,900 00
100,000 00
155,150 00
248,107 36
471,391 89
236,137 44
89,003 40
10 ,784 69
37,131 57
12,868 85
48,312 43

$0,380,469 65 $6,512,833 10 $3,619,603 5S $14,343,888 78 $6,869,487 26

$4,663,383 08

7,5v'7 68
42,968 67
344,349 00

banks

10,000 00

of

L IA B IL IT IE S .

00 $3,740,r00 00 $1,7SO,000 00
306,545 80
49
875,260 52
08
417,301 51
229,776 16
1,514,956 00
09
3,074,617 70
2,209 (10
1,100 00
5,739 09
4,168 03
1,322,867 56
5,795.211 03
2.513,340 S4
188.939 74
190,429 14
236,047 96
40, 68 47
71 593 95
81,897 04
262,952 83
72,475 50
40,051 19
101,445 54
177,135 44
119,316 92
12.500 00
*4,737 45
35,223 19

163 00
2,271,23: 72
120,453 53

T o ta l........... .................... ;$21,850,635 17 $35,SS7,t79 28 $12,801,011 82 $6,380,469 65 $6,512,833 10

$3,619,603 5S $14,313,8S8 73 $6,869 4S7 26

$4,663,3S3 C8




$750,000
166,461
66,080
601,780

$900,000
255,067
265,040
631,61 6

00
82
51
00

64,6*8 31
91,9:2 01
13.206 15

state

Capital stock ........................... $6,570,000 00 $5,920,000 00 $3,SS5,000 00 $1,750,000 00 $1,785,000 00
1,057,129 4S
1,840,416 13
1.937,600 00
380,000 00
427,l:l0 84
Surplus fu n d ...........................
239,777 76
242.886 64
694,064 31
8*4,070 95
381,740 2G
Undivided profits..................
N tionalbank notes outstd’g 5,381,895 00
4,436,330 00
2,840,856 00
933,181 00
1,579,358 00
State bank n te« outstanding
128,284 09
1,967 00
6,938 81
6 5 00
701 34
Dividends u n p a id .................
1 '.,200 00
150 00
9,177,326 29 14,661.532 52
2,257.251 38
Individual deposits . . . . . .
4,f 68,556 64 2,325,370 30
206,960 79
United States deposits.......
780,501 63
60,892 03
145,47* 94
73,408 43
189, 52 13
16,*48 12
Deposits o f U .S.i is. Officers
11,6*2 40
33,126 92
99,083 49
4,831,182 59
Due to National B anks.......
243,557 2 4
S 053 24
23,299 08
D ug lo State banks ^bankers
114.540 40
3,245,109 42
62,776 22
112,217 13
2!) 226 68
64,700 00
Notes and bids Rediscounted
123,697 SO
286.966 75
5,050 00
46,942 00
Bids payable...........................
5,507 21
....

each

T otal..................................121,850,635 17 $35,587,579 28 $12 801,021 f2

130,659 00

n a t io n a l

W isconsin.
Illinois
Chicago.
Milwaukee.
Towa.
Minnesota.
Michigan.
Detroit.
Loans and discounts.............*10,888,46!) 30 $18,18i,932 56 $6,355,703 79 $3,074,69s 15 S'),784,393 04 $1,224,466 09 $5,021,581 11 $2,823,139 56
113,476 30
243,*34 64
65,693 04
7 897 74
142,171 69
60,07S 34
12.938 75
Overdrafts.................................
122,560 93
1,731,400 00
5,090,000 00
1,8*3,550 00
691,000 00
3,575.750 00
U. S. bonds to securecircul’ n 6,210,850 00
3,279,800 00
1,193,800 00
531,000 00
10 C000 00
205.000.00
307,050 00
U. S. bonds to secure deposits
100,000 oo
250,000 00
300,000 00
27.400 i 0
358,350 00
82,500 00
250 00
246,750 <0
U. S bonds & secur’ s on lmnd
50.600 00
176,250 00
259,021 26
9.900 00
226,096 60
Other stocics, bonds & m ort’ s
344,937 28
168,209 81
32,359 39
67,133 90
544,618
87
989
114
12
2,456,38; 12
679 579 30
544,402 39
474,572 8S
593,513 40
Due from red’g & es. agents. 2,146,730 81
709.768 38
70,760 70
1»U,005 95
459,264 14
155,1-4 01
Due from other ra t 1 ban k s..
1,234,927 35
206 518 00
344,436 29
218,697 43
194 583 50
234,812 4
Due fr< m State b’ ks & b ’ kers
7S,718 13
57.155 46
15,3 4 71
40,60! 16
154,0*5 85
523,361 21
111,786 34
99,248 71
357,721 38
154,845 67
583,778 65
319,602 37
Real e tate, fur iture
fix’ s
113,434 85
140,687 48
352,519 66
22.350 45
135,106 90
70.141 97
95,7: 8 37
46,226 25
49,709 03
74 113 95
20,1-'5 37
11.946 65
25,01(5 17
26,683 04
5,827 71
16,080 84
9,963 81
Prc-miu •s . . . —
.
288,438 53
77,654 77
6:1,515 93
56 455 76
18.520 74
Che ks and other cash items.
100,631 28
70,463 35
176.931 12
212.246 84
7S,n72 15
Exchanges f >r Clear. House
1,704,605 02
342,529 09
589,138 00
73,642 00
269,761 CO
112,714 CO
164,864 CO
24,147 00
Bills o f other national banks
61,267 00
649 00
398 00
5,540 00
85 00
150 O')
Bills o f State ban ks................
48.156
57
60,404
70
35,964
99
23,219 7 4
22,656 92
2 !,103 17
22,123 63
11,668 53
Fractional cun ency
.........
141,019 06
2,491 18
128,067 97
22,325 CO
45,544 34
5 801 40
76,8S7 32
18,606 22
S pecie........................................
1,651,950 00
3,927,506 00
849,705 80
533,484 00
387,790 00
299,723 00
1,128,080 00
468,093 00
Legal tender n otes................
Clear. H ouse C ertifica tes...
90,000 00
420,000 00
40,000 CO
40,000 00
15,000 00
25,000 00
Three Per Cent Certificates..
150,000 00

Colorado.
$537,281 14
29,355 90
297,0*30 00
150,000 00
4,500 00
14,610 88
294,354 40
108.671 49
44,705 56
104,994 00
17,573 22
1,444 69
8,475 19

Montana.
$10J,79L 06
473 75
40,000 00
20,000 00
7,425 31
686 73
23,903 OS
5,786 37
3,732 20
49 68
21,099 94

83 20
131,519 24
23,744 41
2,123 OS
23,558 02
28 88

15,0.0 CO

27,826 00

10,357 00

2,315 00

218 00

4,985 58
32,367 63
90,344 00

3,400 82
19,605 76
233,528 00

2,055 60
17,238 97
63,850 00

77 61
281 35
8.825 00
....

11,289 80
7,922 00

$393,161 40

$223,410 75

each

$100,000
i,436
1,117
129,529

$100,000
5,300
1,967
62,815

St a Te .

Idaho.
$75,210 07
552 10
75,00u 00
...

Oregon.
$253,767 19
28,788 97
100,0011 00
50,000 CO
56,500 00
41,948 63
100,769 43
210 52
20,541 19
2,200 00
6,542 30
6.486 38
13,231 39

....

$1,897,21S 05

$327,449 63

179 71

....

....
....

cf

$3,060,816 23 $9,838,617 90

....

08
9!)
29
50
81
49

L IA B IL IT IE S .

Capital s to c k ........................... $6,810,300 00 $210,000 01
Surplus fund.............................
719,291 02
18,267 90
Undivided profit s .............. •.. .
594,395 00
38,466 03
National bank notes outstd g. 3,466,4S0 ( 0
153,195 00
State bank notes outstanding.
6,248 00
Dividends unpa d ...................
23,778 38
Individual deposits .. ........... 5 595,310 23
513,546 06
U. S. deposits...........................
135,847 00
Dep’ s ot U S . disburs’g oflic’ s.
71,449 07
Due to National banks........... 1,041,477 63
6.071 26
Due to S ate banks & bank’ s. 1,082,231 46
9,197 OS
Notes and bills rediscounted..
Bi.ls payable.............................
529,225 33

$200,030
60,359
65,307
177,900

00
10
79
00

$500,0 0
57,850
114,999
166,059

03
00
62
00

65,200
307,490
134,929
259.222
42,733
10,260

00
24
29
€6
87
22

6 0
1,402,424
379,400
178,101
47,766
113,672

00
4S
11
88
13
01

00
00
17
CO

$350,f00
72,51)0
61,462
254,000

00
00
43
00

$100,000
10,i 00
4,840
35,955

00
00
91
00

00
97
92
00

....

275,8i0 25
139,568 67
192,427 81

969,493
99,769
20,615
20,670
45,701

55
58
17
S9
43

91,S70
6,S61
57,617
1,751
18,550

64
48
10
43
07

$3,060,876 23

130.977J17

52,033 S3

316 14
26,239 60

1,204 00

3,244 50

...

$838,677 90

$1,897,218 05

$327,449 63

....

CO
00
82
00

$393,161

4.

...
$2)3,410 75

113

T otal.............................. $19,868,737 10$1,1G1,940 90 $1,313,407 57




$100,000
5,000
•-8,191
87,GS0

banks

....

....

937
1,20b
358
35,650
13,555
1,298

n a t io n a l

T o t a l................................ $15,868,737 10 $1,101,1)40 90 $1,313,407 57

Utah.
$41,693 86
8,9.1 72
150,000 00

18*70]

RESOURCES.

St. Louis.
Kansas. Leaienw orth.
Nebraska.
Loans and discounts............... $'.1,259,113 20 $334,751 2S $11)5,408 73 $1,044,652 00
40,878 68
13,034 05
9,623 40
36,206 97
Overdrafts..................................
U. S. bonds to secure circul’ n. 4,01S,350 00 184,000 00
200,000 00
235,000 00
450,00n 00
50,CO) 00
U.S. bonds to secure deposits.
20'\0'J) 00
571,Oik) 00
7,8 )0 00
U . S. bonds, etc. on band . . .
21,300 00
19,950 00
928,879 10
Other stocks, b o n d s* m ort's.
8,909 70
19,615 64
145,201 12
Due from redeeming agents. 1,673,593 68
76,150 30
198,437 84
519,786 25
458,804 39 11.6,256 88
148,993 76
Due irom national banks —
77.025 91
Due from State bks & b ’ kers.
164,066 36
72,228 39
5,527 31
37,311 26
23,970 47
Real estate, furniture & fix’ s.
351,628 73
43,356 67
114,636 40
Current expen ses....................
30,9<h 18
152,007 43
15,090 01
16,517 07
P rem ium s.................................
171,593 27
2,940 75
15,377 38
Checks and other cash item s.
11,129 07
5,620 38
105,337 16
24,759 42
JExc’ar ges for clearing h ou se.
287,461 35
47,911 CO
Bills o f national b a n k s .........
286,651 00
44,241 00
34,7ii 00
Bills o f State banks................
13,00tT 00
6,22 > 92
13,314 72
Fractional currency .............
26,176 53
29,120 53
3,947 08
Specie.........................................
99,605 19
577 55
16,457 81
Legal tender n otes..................
1,071,686 00 124,050 00
153,939 00
220,103 00
Clearing house certifica'es...
Three per cent certifica tes...
500,000 00
10,000 00

N

81
233
151
11

6

12

17
10
4
1
C o lo r a d o .... *......................
M on tana...............................
U tah.....................................
Idaho...................... ...............
T otal............................... . . . . l,"9ti




Liabilities
to be prote cted b y
reserve.
112,937,374
6,5(12,576
8,219,829
52,915 854
19,288,945
30,833,105
74,799,457
24,457,971
45,675,2:0
2,539,696
4,304,-04
5,942,548
“ 4,069,014
1,964,7 1
1,596,900
2,894,962
806,529
1,493,898
426,373
3,089,993
5.045.153
27,532,999
20,181,976
15,370,070
7,077,703
3,914,851
9,104,825
4,340,707
3,073,459
859,038
2,273,689
695,487
1,343,883
192,304
260,506
114,879

Reserve re­
quired 15 per
cent o f
liabil ties
$1,940,606
975,3S6
1,232,974
7,937,378
2,893,342
4,624,966
11,219,918
3,668.696
6,851 282
380,954
645,646
891.382
610,357
294,7(6
239,535
434,244
120,979
224,085
63,956
463,499
756,r. 73
4,129,950
3,027,296
2,305,510
1,061,656
587,228
1,365,724
651,106
461,019
128,856
341,053
1 104,323
201,582
28,846
39.076
17,232

Reserve
held.
$2,850,510
1,450,507
1,704,260
"11,527,107
3,591,697
7,660,667
16,412,776
5,978,910
10,265,739
404,982
1,317,148
1.075,995
770,451
422,044
3 0,926
813,379
86,261
682,469
83,750
746,275
1,215,182
5,713,313
4,213,185
4,0*9,700
1,591,609
947,907
2,219,' 81
1,080,212
868.710
204,147
756,347
223.481
547,489
81,089
9,106
20,421

Per cent
o f reserve
to
liabilities.
22
22.3-10
20.7-10
21 8-10
18 6-10
24.8-10
21 9-10
24.4-10
22 5-10
19.5-10
30.6-10
18.1-10
18.9-10
21 5 10
23.9-10
28.1-10
10.7-10
45.7-10
19.6-10
24 2-10
24.1-10
20.8-10
20.9-10
26.2-10
22.5; 10
24.2-10
24 4-10
24 9-10
28 3-10
23.8-10
33.3-10
32.1-10
40.7-10
42.2-10
3.5-10
17.8-10

$406,140,873

$60,921,131

$92,037,332

22.T-10

-Specie.
151,497
63,2< 3
40,918
352,771
(2,143
128,745
436,074
200,212
125 722
10,378
27,820
102,835
23,682
22,240
26,886
54,875
6,881
811,723
1,256
10,248
68,723
'5,590
259,313
141,019
22,325
45,544
76.887
18.606
44,969
3,917
16,458
32,363
19,607
17,239
281
11,290
$2,912,275

— Funds available for reserveThree per
Legal
cent
T ende’ S.
ceriificates.
$1,' -21,733
$5,000
452,111
2< ,< 00
769,948
95,000
4,032,415
21?,000
1,391.084
80,000
2,584,621
175,000
5,911,915
710,000
1,956 838
2 0,000
4,545,129
725,000
191,252
70,000
440,002
30 000
565,169
5,000
438,633
25,100
237,130
169,747
668,301
75,f00
53.777
172,201
54,148
339,811
677,543
2,862,032
325,000
1,078,611
55,000
1,651,950
90,000
8*9,705
40,000
387,790
40,000
1,128,080
25,000
468,093
341,349
10,000
124,050
220.103
90,344
233,528
63,850
8,825
7,922
$36,992,740

$3,115,000

Due from
rertee ’g
8gent“.
$1,772,280
915,193
798,894
6,927.421
2,0*8,478
4,772.3( C
9,274,781
3,581.867
4,S69,S80
223, 52
819,326
402,991
283,136
162,674
18 ,291
115,203
25,603
198.545
58,346
396,218
468,916
2,-<50,691
1,940.261
2,146,7 U
679.579
4^4,573
989,114
693,51 1
47
76,150
519 788
100 760
294,354

NATIONAL BANKS OF EACH

States and Territories.
M a in e .....................................
N ew Hampshire....... ............
V erm ont................. .............
M assachusetts......................
Rhode Is la n d ........................
C onnecticut...........................
N ew Y o r k ...................
...
N ew Jersey...........................
Pennsylvania....... ................. . . .
Delaware................................
Maryland.................................
V irginia..................................
W est Virginia......................
North Carolina....................
South Carolina ... .............
Georgia..................................
A labam a...............................
T exa s.....................................
Arkansas .............................
K entucky..............................
Tennessee.............................
Ohio . . . ...............................
Ind iana.................................
Illin ois................................. .
M ichigan...............................
W isco n sin ............................

Num ber
of
Banks.

114

Table o f the state o f the lawful money reserve o f the National Banks o f the United States, as shown by the reports o f their
condition at the close o f business on the 9th day o f June 1870.

S
►

3

1,2 9
$49,017,316

s:
s-

1870]

Redem ption Cities.
B oston .................................
Albany ................................
Philadelphia........................
Pittsburg................ .. .
Pail m ore............ ........ .......
W ashington ......................
N ew Orleans ..................
L o u i -v ii l e .............. ...........
Cincinnati...........................
Cleveland ...........................
(. hica o ..............................
D etroit.................................
M i w aukee............................
St. L o u is .............................
.Leavenwcrth......................
'Total................................ .
New Y o r k ...........................

162

$237,033,087
223,133,254

Peserve required, 25 per
cent o f
liabilities.
$18,531,507
2,777.5 0
13,472,009
4,013,867
5,162,398
719,151
692,473
365.720
1,999,457
1,319,438
5,887,151
928, <64
578,363
2,574,736
236,185
$59,258,269
55,783,313

Peserve
held.
$2\900 0 '4
4,99 ,221
13.860,319
4,598,056
6,503,757
787,622
75-8,893
404,121
2,3 8,343
1,45'1,583
6.931,956
1,2*5,377
865.143
3,344,890
363,004
$75,349,839
72,404,491

Per c°n t
----------Funds avaMable for reserve.— ■—
o f reserve
Clearing
Three per
to
Legal
cent.
H >use
Tenders. Cer ifioate
liab1 it:es.
Specie.
certificates
$5,350,272
25.5 10
$3,617,912
H»,C>00
$4,-'0w0'»
345/MM)
1 470.425
44 9-10
10,547
589,143
7.617-566
35.
3,3S0 000
5 :9: y 0>
28 6-10
2.0 4 740
4 5.0 H>
127,177
2,706.092
9- 0,(k 0
31.5-10
393,090
117,815
2'2.o'*7
27.4-10
70,' 99
*25,0i 0
38U.161
28.8-10
222.498
27.6-10
219,602
5 /0 0
8.701
28.9-10
217.648
707,477
7",coo
634,000
27.5-10
1,851
it o uoo
3, 27.506
29.4 10
4V0.0O0
128.06S
.....
33.3-10
2,491
538, 84
150, ''0
299.7.'3
37 4-10
15,00
5,801
1,071,686
500,000
32.5-10
99.6' '5
153.989
10,000
38 4-10
57S
31 8-10
32 4-10

$5 419,934
18,785,301

$27,103,820
26,314,191

$3,863/ 00
17,540,000

$13,045,000
9,765,000

Due from
r» de* m 'g
agen a
$8,641,870
3,1 ‘ -6,2 9
1.481 610
2,00,13»
2, !’l , w50
210,42'.
196,134
17 ',"18
1,3 3.718
624.732
2,456,382
544,402
544 619
1.673,599
198,437
$25,618,035

115




Liabilities
Number to be pro­
of
tected by
Banks,
reserve
$74,126,029
11,110,200
29
53,888,0-45
16
16,0*5 470
20,649,591
2.876,603
2,769,8143
1,462 881
7,997,829
5,277,753
23,548,604
3,713,059
4
2,313,453
10,298,946
944,741

NATIONAL BANKS OF EACH STATE.

Table of the state o f the lawful money reserve, of the National Banks o f the United Stales, as shown by the reports o f their
condition at the close of business on the 9th day o f June, 1870.

Z- 5 GC

GO

J10

COTTON MILLS.

Table showing Ihe average rat-s <-f wages paid to persons employed iu the Cotton Mills o f the several States in 1869 : the comparative rates in the respective <
d 1869 ; also the rates paid in Great Britain in 1:66 as compared with the average (gold) rates in the United States since 1861.
~

0Q M 5 CO

o* ©
O

c c u p a t io n

.

„.

N . H am p*- M a ssa ch u s e tts .

.

C A R D IN G .

N ew
Y ork .

$18
7
4
4
5
4
8
7

03
70
57
41
G»
<5
84
27

$23
8
4
4
6
5
9
7

40
25
28
44
50
80
80
70

$17
7
3
5
6
6
9
9

00
80
50
00
12
25
03
50

$16
7
4
4
6
4
9
7

60
00
60
66
00
00
50
00

$15
7
4
4
5

CO
87
50
40

16
11
3
5

83
64
21
20

21
11
3
6

00
75
14
75

15
9
2
5

60
50
85
00

17
9
2
3

50
30
50
25

15
10
3
3

00
78
10
50
75
10

17
10
4
5
6
11

60
66
64
61
24
43

21
13
6
6
6
14

00
10
50
10
00
00

13
9
5
5
5
11

75
00
00
75
00
25

16
14
4
4
6
11

50
40
55
68
00
80

13 50

00
00
00

15 52
6 23
4 62

2 2 £0
7 71
7 00

18 33
8 00
7 50

15 00
8 00
6 30

1 5 00

00
25
18

15
12
12
13
9
11

23
15
15
14
8
17

IS
15
13
18
9
15

17
16
11
9
8

00
25
75
00
66

15 00

11

no

87
96
13
80
03
67

66
80
27
30
75
75

00
00
16
00
33
00

00
00
00
00
50

8 00
6 00
00
00
50
50

P e n n s y lv a n ia .

D e la w are.

$ 2 5 CO
7 0J
.....

$ 1 2 00
7 95
4 20
4 72

7 CO
1 6 00
14 00
2 00

4 25

10
12
8
12

51
00
00
00

8 70
7 92
20
9
1
2

00
10
80
12

5 25
3 75
4 00

1 6 00
1 0 00

7 34

1 1 00
15 00
1 5 00
1 0 00
12 50

8 25
9 60

$17
8
4
5
5

61
22
51
00
96

9 37
7 86

$18
7
4
4
5
4
9
7

56
54
02
40
72
78
10
81

$16
8
5
4
5
4

50
84
75
16
16
50

7 50

$17 50
7 30 =
.......... I
4 10

18
10
2
4

CO
75
47
32

16
11
3
4

72
18
46
50

17
11
3
a

18
12
4
6
6
11

09
42
71
09
41
40

17
11
4
5
5
12

05
80
91
23
50
55

16
13
3
5
6
13

51
01
99
87
66
17

13 50

11
65
66
78
00
41

5
3
4
15

00
00
50
w

25
75
00
75

~-e s s
03 O ' -*

^

3

>

=T ~

P <*

1 6 08
6 85
8 00

15 00
8 72

17
14
12
13
8
13

17
13
14
18
9
11

13 00
15 0 0
12 50

(—1
=
5 CO £
go £
a

25
20
13
00
38
19

9 0J
11 05

(X

t=j
CXJ

3 " c*

CD*

17 50
7 75
6 23

44
87
95
49
75
37

fs-

■ 5.
- CH Ix
t?1
►
=3
— 3
“ =■ 3
Z.
H ~ | 3 S3
CD
^ § 5 H3
*=3
g - -1 2
— 3 CD
co " a IZ CD C2
P 3
p
~o
~
' O *-3
Z CD
03 **’
-5
tS
v? g
2

NOTE.—Hours of labor per week in the United States (generally) 66; in Great Britaiu, (.0. Average decrease in rates of wages in 1869 from 1867. 4 per
cent. Aveiage excess o f wages paid in the cotton mills of the United states »u j8uy
ov . me rausm Gre.t Britain, 39.9 percent. Omitting overseers
the average weekly earnings of operatives in the cotton mills of the United States in 1869 was $5 L6 gold, and in Great Britain 03 89.




t S 3 S'
s- ° |;TO

3

98
18
14
18

18
13
13
10
9
14

2
|
a.
®

ffiSiS

5 1 0 2 5
. . —•
8 35 - §
6 6 7 T. > i. >-» ~

16
10
3
5

17 84
7 80
G 65

n

6 ^
— Z.

O

O

CD

5©
H*1

? 5 » 3 (33
S 3 ^ ^
Q ©u
_
3 t ?3

_
g3

<3
3

g

3

^ 032". <q
<
'«

3
T

£ T . CD

[^lw<71/S/,

50
f-0
50
00
75
50
00
25

.
8 00
O v e r s e e r in c l o t h r o o m . . 1 7 5 0
-

C o n n e c t icu t.

£
_

WAGES FOR FACTORY LABOR.

$21
. 7
. 6
D r a w in g -fr a m e te n d e rs . 4
5
S p e e d e r t e n d e r s ............... .
.
3
. 10
S t r i p p e r s ............................... .. 7
SPINNING.
. 22
. 10
M u le b a c k s id e p ie c e r s ... 2
F r a m e s p i n n e r s ................. .. 4
DRESSING.
. 20
S e c o n d h a n d ...................... . 1 1
. 4
.
5
5
D r a w e r s a n «l t w i s t e r s . ...
D r e s s e r s ................... ............ . 1 1
W E A V IN G .
. 21
.
7
6
D r a w in g -in h a n d s . . . . .
R E P A IR SH OP, ENGINE
ROOM, E TC .
. 23
. 14
. 13

R hode
Isla n d .

.— C o m p a r a t iv e a v e r a g e s o f w e e k l y ' w a g e s
in t h e fo ll o w in g - s e c t i o n s .—n
' —N e w E n g l a n d . —,
/— M id d le S t a t e s .—,
1867.
186 9 .
186 7 .
1869.

7 33
*6 33
Carders..............
Spinners -- . . . . 11 50
"■ arp’rs& beam’ rs. 8 16
*4 76
14 66
10 25

$12
7
9
17

55
05
90
50

9 00
7 15
12 00
*7 31
6 00
17 50
6 37

7
*4
9
10
4
17
10

83
95
85
16
25
30
10

*7 50
*5 75
16 50

*7 30
*4 50
17 60

■jlO 10
8 66
8 00
16 50
7
6
9
10
6
18
12

16
32
00
00
00
19
00

ts 25
21 00
8
*3
10
12
*6
24
10

CO
50
80
00
50
00
50

W E vVlNG.

Weavers................ *7 32
Kiirlers.................. *4 59
Overseers............. 17 33

*7 66
*4 40
16 03

DRKSS'G &. FINISH.

Fullers..... ............
Dress rsorgigg’rs.
Finishers.................
Press ten d ers.....,
Drawers................
B rushers................
Packers................. ,
Overseers.............. ,
Assis’ ants..............

8
7
12
9

75
58
33
33

*4
9
20
10

50
37
25
00

8 40
16 50
9 75

9
7
8
8
6
5
8
19
9

24
80
15
24
00
00
62
06
40

8
6
6
9
6
10
8
20
12

40
00
75
50
00
00
75
25
00

50
50
50
50
50
00
.. .
16 50
12 00

10
16
9
10

14
15
9
17

60
37
20
00

10 00
16 50
10 G6
... . .

12 50
12 00
9 25
... . .

9
7
*8
10
6

96
80
90
50
00

E N G IN E ROOM,
Y A R D , ETC.

Engineers. . . . . . . .
Mechanics............. 12 33
Laborers................ 9 16
Foreman............... , 18 00

*8 16
*5 40
12 00

50
75
00
50

7
7
7
11
*7
6

03 75
10 25

$12 03
7 00
10 00

21 00

7
5
12
*6
*3

75
20
63
37
00

21 00

*5*16
8 33
10 00
*2 50
12 CO

11 00

$3 00

....
....

7
5
12
7

$G CO
5 00
13 50

00
00
00
00

....
....

10 50

8 00

*4 00
16 50

16 00

14*66

*7 75
*3 59
18 00

9 37

7 00

8 CO

6 00

10 00

*3 50

14*66

8 12

*5
3
9
12

7 50

25
00
00
00

17 25
15 00
11 25

30
16
25
50

$ 12
9
14
13

6 90
8 50
14 27
9 37
♦5 37

R
9
15
9

75
00
25
CO

$ 12 35
9 46
1 0 13.
1 9 13

$ 10
8
9
17

88
60
91
60

$9
8
14
18

50
50
00
00

$3 66
6 00
1 1 75

87
G5
60
53
10
27
80

6
4
9
8
3
14

00
25
06
85
33
25

6
5
9
7
2
12

33
06

-•...

7
5
10
9
5
18
9

*7 00
*5 49
15 00

* 7 50
* 6 00
13 00

7 73
* 5 31
17 7 5

7 60
*4 9 0
15 91

9 13
*4 0 5
16 00

9 50
*4 0 5
16 68

6 80
*6 25
16 0 5

11
10
13
9

10 50
7 50
10 50

8 77
7 34
8 73
9 82
6 37

7 00
1 0 00
12 50

7
10
9
7
5

1 2 60
9 00
10 50

75
50
50
00

10 00

9 00

7
9
15
9
6
15
6

03
96
34
04
4 62
18 4 3
1 1 10

8
8
9
9
7

88
81
00
00

5J

- ...

...
...

5 52

9 75

00
65
00
00

8
5
11
9

6 *00

18 00

...

$13
9
15
18

25
90
00
00
*4 5 0
19 5 0

8’o5

*8 00

12 00

$13
10
16
21

*66

15 00

21

11 50

15 00
18 00
10 50

y oo

io*66

-•...

...

25
03
25
62
92
00

...

49
00
83
81
25

6

to
20
00
00

66

3 CO

7 50
14 2 5
1 2 00

8 78
1 8 5L
10 63

9 *65
14 50

9 00
1 5 00

1 0 *50
18 00
10 50

00
98
50
00

1 1 90
14 59
9 45
15 17

12
13
10
10

1 3 TO
15 00
1 1 25
9 00

15 00
18 00
1 1 00

14
15
10
18

- ...

00
50
50
50

■■...

12 33
15 25
19 25
G 07
9 20
14 63
9 19
4 94
19 50
8 00

11 12
9 00
12 00

9 00
6 CO

i6*6o

18 00
9 00

13 23
18 00
10 25

N o t e — Hours of labor p e r week in England, 7 0 ; in the United States, 66. T o make them equal, 1 0 per cent has been added to the wages paid in England, and
the increased rates are given in the above table.
The average decrease in the rates of 1869 from those of 1867 has been nearly 4 per cent (3.92). Average advance o f wages paid in the United States in 1869
over those of England in 1867-8 (both in gold), 24.36 percent.




W AGES FOB FACTORY LABOR.

CARDING AND
SPINNING.
P ic k e r s .......................

00
GO
75
00

$n
9
11
15

I

P R E P A R IN G .

Wool sorters....... *12 CO
y 72
W ool washers ..
Dyers..................... u 68
O verseers
.......... 18 00

18Y<

W OOLEN MILLS.
Table showing1the average rates of wages paid to persons employed in the Woolen Mills of the United States in the respective years 1867 and 1869; also the rates
*.
paid in England, with the per centagc of excess in the rates paid in the United States over that country.
----- Average ..eek y wages in the following States in 1869.--------------------------------x ^-Comparative average weekly ^
wages in 1F67
Penn.
Wiconand 1869.—x
N. Hamp­
and
O c c u p a t io n '.
s:n Iowa —In New Eng- /- -In Middle «—In Western
shire and Massachu Rhode ConnectiMary­ Va. & Ind. & & Kan- land State-*.—.
New
New
States —x
States.—x
setts.
Island.
cut.
York.
land. W . Va.
J ersey.
sas.
1867.
1369.
Ohio
1:67. 1869
i. Vermont
1867. 1869.

WAGKS r

118

AVER
O c c u p a t io n .

FAI To A LABOR,
GE-— C O T ’ ON M I L S .

—General average
in
the e gut
1867.

Overseer..........................................
Picker tenders...............................
Railway t e n d e r s ..................................
Drawing-frame tenders.................
Speeder teuders.............................
Picker b oy ......................................
Grinders..........................................
Strippers..........................................
SPINNING.

Overseer.........................................
spinners.........................
bach side piecers...................
Frame spinners..............................
M u le
M u le

DRESSING.

Over-eer..........................................
Second hand...................................
Spoolers................................. ........
W arpers.........................................
Drawers aDd twisters ..................
Dressers............... ...........................
WEAVING.

Overseer..........................................
W eave’ s .........................................
Drawing in hands..........................
REPAIR SHOP, ENGINE ROOM
ETC.

Foreman.........................................
Wood-workers...............................
Engineer.........................................
Laborers.........................................
Overseer in cloth room.................

$17
8
4
4
5
4
9
7

1869.

60
8
6L

^er ceut ot
-In Gold.increase +
Average
or decrease Average in Great
—since
Britain
in 1819.
1867.
in 1866.
+ 2.44
$13 87
$7 97
— 9.29
5 71
2 35
— 12.80
3 09
1 92
-11.83
3 27
2 75
6. 8
4 16
2 75
+ 6 .2 1
3 68
2 35
6.94
6 70
5 37
2.43
5 56
4 26

8i
50
37
41

$18
7
4
4
5
4
8
7

l>3
42
02
25
41
78
7i
23

16
10
3
4

90
14
09
7d

17
10
2
3

50
85
48
52

+ 3.55
+ 7.00
-19.71
-1.6.05

17
12
5
6
6
11

70
53
03
00
77
66

15
11
5
4
4
14

27
80
10
49
75
10

- 1 3 73
- 5.82
[ + 1.39
- 2.52
-2 9 .-3
+ 20.92

16 25
8 23
6 23

— 6.39
- 2.94
-13.59

12 50
6 33
4 80

15 22
14 H8
12 72
13 40
8 87
12 18

-14.35
+ 7 38
- 7.56
+ 1541
— 2.95
7.86

11
11
9
10
8
9

82

17 36
8 48
7 21
.........

17
13
13
11
9
13

77
95
6
61
i4
22

13 46

7
5
1
2

8 35

1 90
2 70
11
9
3
3
3
10

75
08
92
46
65
85

42
36
65
37

Per cent
excess in
U. 6 . over
Gt. Brit.
$74 03
142 98
61 45
38 9L
51 27
56 59
24 76
3d 51
81
55
15
13

40
78
15
92

2 47
3 85
3 30

58 70
10 13

10 00

25 00
39 42
83 91

4 54
2 61

70
52
79
31
26
37

7 42
7 42
6 6J

4 50

10 6 )

55 27
31 94
56 21
51 55

AVERAGE—WOOLEN MILLS.

.-------Average wages, gold value.-------.
O c c u p a t io n .

—General average in U. S.—
1867.
1869.

U. States in
1869 (rate
1.30.)

811 62 $10 85
9 21
8 «5
13 04 12 43
18 38 1C 59

$8 35
6 35
9 50
12 76

Eng, ia
1867.

P. c. exoe s
lu wages U.
» . over
England.

P R E P A R IN G .

Wool sorters.........................................
Wool washers.......................................
D y e r s ....................................................
Overseers..............................................
C ARDING A N D SPINNING.

Picklers.................................................
Carders.................................................
Spinners...............................................
Warpers and beamers.........................
Reelers........................................................................
Overseers................. ........................
Assistants..............................................
W E A V IN G

Weavers....................................................................
Burlers.......... .....................................
Overseers .......... ..................................
DRESSING A N D FIN ISH .

Fullers........... -- ............................
Dressers or giggers........ ......................
Finishers...............................................
Pi ess tenders........................................
Drawers.................................................
P-rushers...............................................
Tackers................................................
Overseers..............................................
Assistants............................................
ENGINE ROOM , Y A R D , ETC.

Engineers............................................
Mechanic#.............................................
3 aborers................................................
Foreman................................................




$6
5
5
9

15
50
50
OJ

23.70
15.45
7 3 .8 2

41.77

7 12
8 20
11 86
9 13
4 62
15 87
8 60

7 03
6 07
11 19
8 73
4 92
17 33
9 74

5 40
4 67
8 62
6 71
3 78
13 33
7 49

5 06
3 85
6 CO
5 63
2 75
9 00

8.00
25.30
43 67
19.18
37.45
48.11

7 92

7 88
*4 92
16 10

6 06
•3 78
12 39

67
2 43
10 00

29.76
30.16
23.90

9 47
9 27
10 66
9 75
7 50
5 -13
8 25
15 55
—

8 77
8 09
9 72
9 16
6 13
5 02
8 85
17 62

6
6
7
7
4
3
6
12

5
5
6
5
4
2
5
10

17.39
13.09
24.50
22.43
13.31
40.36
23 82
27.80

13 66

12
15
9
13

* 4 0.5

16 92

I S 67

75
14 25
lu

Females.

....

64
13
88
63

75
22

47
04
72
86
8L
78

—

9
11
7
10

72
64
60
42

....

4

75
50
(0
75
13
75
50
00

....

7
7
4
7

50
70
75
50

....

29.60
51.17
6 0 .0 0

3-.93

1870]

L IF E

A S SU R A N C E .

119

LIFE ASSURANCE.
It is only within the past century that the principles of Life Assurance
have passed out o f the domain of mathematical speculation and con­
troversy, and become accepted as established re ults o f practical science.
Men now living recollect when the subject, first began to attract attention
among prudent business men as susceptible o f general application, and
as likely to exercise an important influence on the wel I being o f society.
The oldest company issuing life policies in the United States was
organized in 1S35, nearly the time when the first railroad line was sur­
veyed. The growth of Life Assurance, however, was far slower than
that o f railways, until during the last ten years; since 1800, while both
have been stimulated enormously, the importance o f the former interest
has increased much faster than that o f the latter, so that now the amount
o f the insurances outstanding upon lives in th« United States exceeds
by one third the total amount of caj ital invested in railways; and the
income of the Life Assurance companies o f this .itate in 1869 was about
as great as the aggregate income of all its railways.
Such an interest demands the closest scrutiny on the part of the pub­
lic.
This is particularly necessary in a business which depends on
difficult scientific principles, and which, however perfect i s theory may
be, involves many practical considerations not at all obvious to a casual
observer. The general theory of Life Assurance indeeJ is as well estab­
lished ac the general theory o f astronomy. O f a large given number of
healthy persons at a fixed age, it may be predicted with great certainty
what proportion will die in each \ear until all shall have passed away,
and the greater the number tbe more closely will the result accord with
the nrediction. O f a given sum of money, inv stt-d at a fixed rate of
interest it may be predicted with equal certainty what it will amount to,
with its accumulations, at any future time. From these data, with a
little mathematical skill, it is easy to compute how much each person
must pay in cash at fixed times in order that an association o f them may
guaranty to each member to pay any sum desired at his death. By
estimating interest at a rate somewhat lower than is 1ikel\ to he obtained,
and adding an allowance, or “ loading,” for expenses of management or
for accidents, perfect security may be obtained ; and an expert actuary,
who knows what policies are outstanding in any such company, and what
funds it has in hand, can always test its security Any intelligent man
may easily satisfy himself on these points by a little attention to the
statistics of the subject, presented in abundance in all the numerous books
which treat o f it.
It is common for those who are concerned in the business to present
this unquestionable theory, and then to dwell on the beneficial nature




120

L IF E

ASSU RAN CE.

[August,

of Life Insurance, and to assume that they have proved the duty of eve'y
man in active Jife, with a family dependent on his earnings, to take out
a life policy for their benefit. And certainly the benefits of the business)
when carried on in strict accordance with its demonstrated principles,
cannot easily be exaggerated. Too many instances occur constantly in
which the income of a family is cut off by the death of its head, and all
its members are suddenly left in penury, not to produce a deep impres­
sion in every prudent mind.
This great interest ought to command
the confidence o f the entire public so completely that every such man
should at once recognize the duty in question, and that an uninsured life,
among those whose earnings are the support of others, should be as rare
as a homestead uninsured against fire, which is ihe sole property of its
possessor. But that this may be the case requires much more than sound
general theory, sustained by appeals to the feelings or the fears, on the
ground of the uncertainty of life.
Indeed, it may fairly be said that the business o f Life Insurance in
this country has reached a crisis at this time. There is more opposition
to it, or at least much more and severer criticism of its conduct, than
ever before.
This criticism grows rapidly in importance, threatens to
be a serious check upon the growth o f the business, and is already felt
in it, so that there are few companies for instance whose new business
is as large in 1870 as it was in 1869. That much of what issaidin the
public press, and still more o f what is said in the streets and markets,
against the companies, is unintelligent and carping, is true ; but that
there is a certain uneasiness and anxiety upon this subject in the public
mind, extending even to those who are well informed and well disposed,
cannot be denied; and the true friends of the system ought to meet it
with entire candor.
Such an immense trust as that held by these
companies requires the most complete publicity in its conduct, and must
be ready to give unanswerable proofs at all times of its just claim to the
confidence it demands.
Looking then to the practical features of Life Insurance as a business,
all considerations founded on its beneficial character must be laid aside.
Men do not enter upon the trade o f writing risks upon lives out of
benevolent motives. Considered as an institution for the protection o f
men against a grave danger, it lias every claim to the forbearance ol
society as a whole, and to whatever encouragement the law can give
it. It is regarded by the common consent of Christendom as entitled to
peculiar favor, such as exemption from the burdens of taxation . and the
fullest protection of courts of equity. But in its relations to the indivi­
dual citizen, who is asked to invest his money in the promises of a
particular corporation, it challenges discussion on strict business prinei-




L IF E

ASSU RAN CE.

121

pies, precisely as any other financial trust. Men enter into it as a pro­
fession, tor the purpose of making a living for themselves, and of accumu­
lating fortunes ; and their conduct in doing so is to be approved or con­
demned, according to the measure in which they earn the rewards they
receive by faithful services rendered by them to their clients. A business
that puts on the garb o f charity is justly suspected of having something
to conceal; of being unable to stand the tests of honest trade. Those
who really contribute to building up a permanent and truly beneficial
system of Life Insurance are those who give their lives to it with the
determination to win by their services a fair equivalent for their labor,
and to return to the insured, not charity nor the rewards of successful
speculation, but precisely the insurance they pay for.
Now there are defects in the system of Life Assurance as practised in
this country, which are familiarly known to all intelligent men in the
business, and are more deplored by them than they can be by those less
directly interested. But these defects are rarely stated at all by such men ;
and when they reach the public, it is commonly in a distorted and exag­
gerated form, from some ignorant or hostile source. It is better that
they should be fairly acknowledged and independently estimated, than
that they should be suppressed until they work great evils in the com­
panies themselves, or, what is still worse, permitted to be whispered and
magnified, until they largely destroy confidence in them. Let us briefly
state what they are :
1. It is said that the nature of the business affords peculiar temptations
to fraud and facilities for it. The accounts of the companies are com­
plicated, and so open to all the ingenious devices by which unscrupulous
bookkeepers know how to figure out showy and fictitious statements
of their condition. It has recently been proved in London that a Life
Assurance Society made official statements o f assets sufficient perfectly
to protect all its policies, at a time when it was actually unable to pay
one in a thousand o f them, and Lad long, perhaps always, been bank­
rupt. The great length of time which elapses before contracts o f this
kind mature adds to the danger. W ith large amounts of money in hand,
which will only be called for after many years, the temptation to extrava­
gance and rashness is too strong for many men, and when once a false
step has been made, means o f disguising it are found from year to year,
until the whole false fabric crumbles at last; leaving those who have
depended upon it helpless and destitute.
That there is some foundation for these fears will not be disputed by
any one who is familiar with the history of the two important Life Com­
panies which failed in Great Britain in 1869. But, on the other hand,
there are peculiar securities afforded to the policy holder by our Amer-




122

L IF E

ASSU RAN CE.

[August,

ican system, especially as it is conducted in New York. The laws o f
this State are very stringent in compelling the companies to keep their
reserve funds up to the point ot perfect safety; and they enable the State
officer appointed for the purpose, to exercise a watchful supervision over
them. It is not reasonable to put too much confidence in any guardian­
ship of private interests by public officers alone; but when, as has always
been the case here, the officers in question are men of ability and of
excellent business character, when they are sustained by an intelligent
public opinion, and when the affairs of every company are conducted with
al i ost absolute publicity, under the jealous scrutiny of all its rivals, this
supervision may be a very important guaranty of reasonable prudence
of m-najement. That it has been so in New York, Massachusetts and
several other States which have similar laws, is proved by the fact that in
an active insurance business, extending through a whole generation of
men, no life policy issued under these laws has ever yet failed to be paid
when it became a claim, through any default or bankruptcy on the part
o f the companies or their officers. These laws ac least make it in the
highest degree improbable that any important fraud could be carried on,
in the name of Life Insurance, for any long period o f time. Such a crime
would require a combination among a number of men, usually o f promi ence and responsibility in the community, involving, not only dishon­
esty, but petjury and forgery also; and would inevitably expose itself to
official scrutiny, and break down financially, in a very short time.
2. Much and increasing complaint is made of the agency system, by
which a large proportion of all the sums invested in Life Assurance is
paid to the middle men who negotiate the contract.
It is common to
pay the agent or solicitor who obtains a client for his company from onetenth to one-fourth o f the first premium payments for his personal services,
and to give him besides a considerable percentage of all later payments
as they fall due. In some instances far larger commissions even than
these are paid, but the rates named are those of old, standard companies.
There are associations in good standing which report that they have paid
one-fourth of their entire premium receipts for a year in agents’ commis­
sions. N ot to insist on the fact that extravagance in this direction indi­
cates extravagance everywhere, and that when the agents take so much
their superior officers are not likely to be contented without proportion­
ately excessive gains, these reports directly suggest several awkward
questions. What sort of investment is it that costs twenty-five per cent
of itself merely to buy ? I f we compare the investments made in these
companies with railway stocks or bonds or mortgages npon lands which
are negotiated a cost of from one eighth to one-half o f one per cent,
which of them in the aggregate must prove most profitable to the purchas-




187 0 1

L IF E

ASSU RA N C E.

123

ers?
I f one-fourth of a policy holder’s money is lost on its way to the
company, how can his policy possibly be worth more than the other
three-fourths, unless the company sells it at less than its value, in which
case it is likely one day to be worth nothing?
These questions put the agency sjstem in its least favorable light. But
the universal testimony o f experienced officers is that agents are indispensible in this business. They work faithfully, and ought to be liberally
paid. That they are paid enormously in excess o f what their services
ought to command results from a combination of evils, chief among which
is the fierce competition between companies for business and for the work
of successful agents. The corporations themselves have been unreason­
ably multiplied, and they send out representatives o f a score of them
into a small community in which one or two could easily do all the
necessary wotk. In consequence, it is a long and tedious labor for each of
them to win a client, and he must be paid in proportion. Fifty of the
hundred and twenty companies now issuing policies in the United States
might be consolidated into one, with a single set of officers and agents,
and that one would still be far from the largest American company. But
the saving o f expenses and commissions would be enormous.
But some of the best institutions are not waiting for this. They are
withdrawing from the competition which has injured their funds and are
limiting their agents to very moderate commissions, trusting to the
improvement in their condition, and, consequently, in public confidence
to remunerate them by large patronage. To the present expenses o f a
few of the companies on this score no reasonable objection can be made,
and the success they are winning by the reform will doubtless compel all
the rest to follow their example. Meanwhile, the public ought to
understand that companies which persist in paying exorbitant commissions
do so at the cost of their pol:cy-holders, and, by examining the official
reports, which every year show just how much is expended in this way,
and avoiding the associations which confess to extravagance of this kind,
they will contribute immensely to hasten the reform so well begun. In
this, as in all the other relations of every great public trust, the true
remedy for abuses is general intelligence and independent criticism.
3.
It is often asserted that agents have a direct pecuniary interest in
obtaining clients and issuing policies, regardless o f the soundness o f the
lives insured ; that they aim to earn their commissions, above all things,
and that they often force upon the acceptance of the Companies, som e­
times even with the connivance o f medical examiners, lives which are
not good, so that heavy losses are incurred for which the theory makes
no provision. I f some of the newspaper critics may be believed, this
cause alone is enough to make the security o f many Companies doubtful,
in spite of the excess of their reserve funds, as tested by the tables.




124

L IF E

ASSU RAN CE.

[ August,

That there are unscrupulous men in every great business may be safely
asserted, and that unsound or doubtful lives have very often been assured
through the greed or the negligence of agents may be true, but that this
has not been carried to any serious extent is sufficiently evident from the
actual experience of the Companies, neatly every one o f which has found
the actual mortality of its members to fall much short of any tabular
estimate they have dared to adopt beforehand. In fact, the small number
of losses has been the most remarkable feature in the experience o f
American Companies as a whole, and it thoroughly proves both the
wonderful vitality o f healthy men in this country, and the general care
and success with which lives have been “ selected” for assurance. The
evil in question, then, while it may exist in particular cases, has never
gone far enough to threaten any serious results to the system at large.
Yet it is wise in the Companies to adopt every safeguard against frauds
o f this kind ; and some o f them have found effectual means of preventing
them, by making an early loss upon a policy a cause for the forfeiture o^
commissions; and by offering a reasonable bounty to ag nts for the
lives which prove to be really o f selected value. Whether it is possible
to do away with every motive to increase risks by abolishing all commis­
sions and all agencies, except the salaried officers of the Companies, and
then giving to each policvholder the full value o f his premiums in
assurance, less a minimum deduction for expenses, is a question not yet
tested by experience in this county. It will become o f less practical con­
sequence if all the companies follow the example of the most economical
and most successful ones, some of which have within a few years reduced
their commissions more than onedialf, and have brought down their
total expenses, including their commissions, to about ten per cent of
their actual cash income, a lower rate than can easily be exhibited by any
other financial trust, requiring anything like a similar labor in management.
On the whole, submitting the business of Life Insurance in the United
States to a free and close criticism, we are satisfied that the following
facts may be confidently trusted. The enormous growth of the interest
of late years has been mainly sound and solid. The few large corpora*
tions, which do by far the greater part of all the insurance, are per ectly
safe to fulfil all their contracts, and some o f them justly rank among
the strongest and best managed financial institutions in the world. Most
of the cavils met with in conversation and in the press against the
conduct o f the business as a whole are the result o f ignorance or malice,
and are not entitled to attention. But there are defects in management
in some quarters which need watching; and while all companies which
are legally authorized to issue policies in New York or Massachusetts may
be presumed to be good for the risks they directly assume in their




18^0]

TH E

C A M P A IG N

IN

EU ROPE.

125

policies, it by no means follows from this that the advantages of policy
holders in all of them are equal. Most of the Life Assurances made are
on the mutual principle, in which the common surplus paid in by all, in
excess of the actual losses and expenses, is ultimately divided among the
members. There is no objection to this provided that no false represen­
tations or misunderstandings are permitted, b f which men are led to.
expect some charity or miraculous benefits from their payments, over and
above the insurance they pay for. The man who is about to select a
company in which to insure ought not to be influenced too much by the
earnest solicitations o f an agent, who is likely to plead the more strongly,
the greater the portion o f the premium that will g o to him, and the less
that which will be saved to secure the policy. But he ought to inquire
carefully for a company which is large, since numbers give stability,
cheapness, strength and safety ; for one which is managed by men of the
highest character, who cannot afford to be connected with a doubtful
scheme; for one which is vouched for by the authorities o f the State as
holding ample funds in reserve against its liabilities; for one whose
business is managed openly and without disguise or concealment; for
one which does not, as shown by the official reports of the State Depart­
ment, pay an unreasonable share o f its receipts away in commissions)
salaries and other expenses; for one whose policies are fair and liberal in
their terms ; and for one whose experience, as officially reported, indicates
care in the selection o f lives, and therefore a moderate mortality among
its members. There are companies enough within reach which meet all
these conditions, and issue policies at reasonable rates; and no man
ouAit to entrust the savings he makes for his family to any institution
which conspicuously fails in any of them.

TIIE CAMPAIGN IN EUROPE.
The civilized world has been filled with rumors of war, and preparations
for actual conflict between the two belligerent nations have been pressed
with the utmost zeal, but no engagement has occurred, no military
event which has any definite bearing on the result, and in these days in
which diplomacy is carried on by electric wires, and trade by steam, the
world actually seems impatient that great battles are not fought as fast
as railway journeys are made, and campaigns decided with the exchange
of telegraphic dispatches.
The military situation, at the time of writing, is obscure to all but the
minds that control it. France ana Prussia have continued to mass their




126

TH E C A M P A IG N

IN

EUROPE.

[August,

troops upon the narrow frontier common to both nations; the heads of
their governments have taken the head of their armies; and it is rumored
that the French, who appear to have been more nearly ready than their
opponents for active hostilities, are about to advance. They have certainly
succeeded in bringing together, in an unprecedentedly short time, one
of the finest armies the world has ever seen, prepared for movement and
aggression, not for defense; and it is not piobable that another week will
pass without an attempt to use it eflec ually. The preparations of
Prussia are less known, but It seems to be admitted that her army in
the Rhine district is smaller than the French, and that it must for the
present act on the defensive, relying for protection on the strong fortifica­
tions among which it is encamped
It is even relieved by m a-y that the
Germans will abandon the left bank o f the Rhine upon the first French
advance without a battle, and make that river their l’ ne of defense; but
it is difficult to see how they can do this without dispiriting their troops
and the nation behind them, almost as much as by the loss of a battle;
thus losing, not only the material resources of the rich Rhine provinces
and the Palatinate, but the patriotic support of their people.
On the sea the inferiority o f the Germans is less doubtful; and the
French evidently mean to make the most of their naval strength. An
expedition has already sailed from the northern ports o f France, and a
descent upon the German coast, either in Schleswig or near the mouth of
the Elbe, is expected at once. The cities of Bremen and Hamburg will
doubtless be defended, but no one would be surprised to hear o f the speedy
fall of either of them before the invaders. On the other hand, Denmark,
which was expected to declare for France, has, under British influence,
proclaimed her neutrality, and cannot be expected to aid in an attack on
the Prussian ports.
The principal excitements of late growing out o f the war, have
been of a political rather than a military character. The London Times
published on Monday the draft o f a propo-ed treaty between France and
Prussia, without date, or circumstances, except that it was said to have
been proposed by the French Government; and, from internal evidence,
would seem to have been devised after the victory o f Sadowa, in 1866.
The substance of it was a bargain between the two powers, that Prussia
should be permitted to take possession o f the whole of Germany, except
the Austrian provinces, while France should have her support in annexing
Belgium and Luxembourg, and the two nations should enter into an offen­
sive and defensive alliance to carry out these objects. The alarm and
anxiety which this publication excited throughout Europe have not been
equalled by any other event of the crisis. The English press and people
leaped at once to the conclusion that this proposition was an expression of




18701

TH E

C A M P A IG N

IN

EU ROPE.

127

the real and permanent designs of the French Emperor, and fierce denun­
ciations were poured out upon him as the ambitious schemer for a
European empire and as the enemy o f Christendom. The British Govern­
ment, challenged in Parliament to explain the matter, had nothing to
offer; and the accounts given of it by the French press are contradictory
and unsatisfactory. The French ministry, however, declared that the
treaty in question was originally suggested by Bismarck, and was never
seriously entertained by the Emperor; while Count Bismarck himself is
reported as asserting that it was the ] roposition o f C o u ih Benedetti, the
French minister, in the name o f his government, and that he has the
original manuscript o f it in Benedetti’s handwriting.
I seemed for a day that the popular feeling against Napoleon, already
strong in Great Britain, would be so much excited by this affair that
the government would be compelled to take part in the war; but the
excitement rapidly passed away, and the press began to discuss the matter
more coolly. It appears that Count Bismarck caused the publication of
the treaty, for the purpose of deciding Great Britain in Prussia’s favor;
but if so, it was too late. The sober sense of the English people had
already seen the benefits to be gained by neutrality, and could not be
blinded to them by a sudden impulse. The secret treaty will doubtless
be made the subject o f inquiries and explanations between the Court of
St. James and the two powers concerned in it ; but there is no reason at
all to suppose that the French Government will avow the purpose o f
carrying out any such scheme as the destruction of Belgian indepen­
dence, and unless it does so there is no immediate reason to apprehend
interference with the struggle on the part of Great Britain.
W hile Bismarck has made this clever but imperfect diversion on one
side, France seems to have been busy on the other. Austria, indeed, is
now fully committed to neutrality, in spite o f all the persuasions and temp­
tations the French can offer, and Russia is equally unlikely to undertake
any decisive action, unless she can obtain a larger price for her assistance
than either of the combatants would have to p a y ; but, if yeterday’s
cable reports are true, Napoleon has stolen a sagacious and formidable
march upon his opponents by securing the alliance o f Italy. It has long
been evident that the people o f R om e desire union with the kingdom of
which their history entitles them to be the capital city; and that the
occupation of Rome by French troops, in behalf of the Pope, is the only
difficulty in the way of a peaceful revolution, terminating the temporal
power of the Pope, and making V ictor Emanuel the king of a united
Italy. Napoleon has strengthed his throne, securing the support of the
church in France, by propping up that o f Pius IX . But the church in
France has always inclined to more liberal views and practices than




12S

TH E

C A M P A IG N

IN

EUROPE,

[August,

[hose in favor at the Vatican for the last twenty years, and has regarded
with favor the modern civilization, against which the Pope lias declared
war. The culmination of ultramontanism, in the formal proclamation of
infallibility, has now brought to Napoleon an opportunity o f withdrawing
from Rome without forfeiting the support at home of the Catholic priest­
hood ; and there seems to be little doubt that Italy would accept this
withdrawal, and permission to occupy Rome, as an equivalent tor the
best service she could render. According to the news reports, this
policy has been definitely adopted at Paris; and the French journals
claim that it will secure to Napoleon the active support of Italy in
the war. This is doubtful, but it will at least secure the moral support
o f the Italian government; and will be, among the people of late so
partial to Prussia, a good set off against the services rendered by that
power in obtaining Venetia from Austria in 1866.
N o new light has been thrown upon the various alliances which were
supposed to exist between the belligerents and other powers; and every
day makes it more likely that Prussia and France will fight out their
quarrel alone, at least for the present. "With regard to the future, there
never was a time when the prospects were more uncertain, even in the
leading features of political and financial affairs. The London journals
still insist that even now the last chance of peace has not disappeared,
but that in the midst of opening warfare, negotiations are pending,
not quite hopelessly. Napoleon, in his proclamation to his soldiers con­
fidently predicts a long and hard fought war; but his campaign o f 1859
and the German war of 1866 were both confidently expected to last many
times as long as they did, and in the former he himself made use o f his
first complete victory to grant acceptable terms o f peace. Nor is there
any means of predicting safely that other powers will or will not be ulti­
mately involved. Hence financial and commercial piospects are as much
confused as those of the political and military worlds; business halts
throughout Christendom, and speculation turns upon chance rather than
foresight. It is pleasant to see meanwhile that our national securities
which in the first panic suffered more than any others, aie now the most
strongly held of all, a fact which encourages the hope that, in any event
of the war, the credit and character of the United States will ultimately
be well maintained.




S E M I-A N N U A L D IV ID E N D S IN

1870]

BOSTON .

129

SEMI-ANNUAL DIVIDENDS IN BOSTON.
C om p iled b y J osep h G . M artin, C om m ission S tock B roker, N o . 10 S ta te street,
B oston . T h e fo llo w in g divid en d s p a y a b le in J u ly , at the d a te giv en in the m argin.
T h e y are p a y a b le in 1 his c ity — ex cep tin g in C onnecticu t S ta te S ixes at H artford ,
C a r e C o d R ailroad at H yann is, C h ica go, I o w a and N ebraska a t S alem , P rov iden ce
and W orcester at P rov iden ce, S u m m it Branch a t P h iladelph ia, and W o rce s te r and
N ashua R ailroad a t W orcester— at the T reasurer’s offices.
R ailroa d d ivid en d s run v e r y even . T h e O g d s. and L a k e C ham plain p a y s its first
sem i-ai nual on the com m on stock , under the new lease for tw e n ty y e a rs. T h e lease
is a t the rate o f six p er cen t for three yea rs, 7 p er cen t for three, and 8 p e r cen t
fo r fourteen years. Tire C om p a n y having a sufficient surplus b efore leasing, p ro p o se
m ak in g the first three yea rs equal to 7 p er cen t. T h e Boston and P rov iden ce p a y s
on $ 33 6 0 0 0 increased cap ital. T h e C a p e C o d increases from 3 j to 5 per cen t.
T he
V e r m o n t and Massachusetts passes. T h e H artford and N ew H a ven p a v s 3 p e r cent
(q u a rterly), and 1 ) per cent on scrip. T h e N e w Y o r k and N ew H a ven 5 p e r ce n t, and
1 ) on scrip, both in N e w Y o r k . T h e T reasurer o f the B oston and A lb a n y R ailroa d
C om p a n y w ill p a y, in cu rrency, for a ccou nt o f th e C ity o f A lb a n y § 1 5 1 ,0 0 0 bonds
o f that c ity m aturing J u ly 1.
M anufacturing d ividends foot u p sm all, b u t on the w h ole are q u ite as la rg e as co u ld
b e e x p e c te d under present circum stances. T h e B ates, Franklin, M assachusetts and
S alisb u ry, not y e t declared , are all ex p e c te d t o p a y d ividends. T h e ch an ges from last
Jan uary a re— A tla n tic 0 to 3 p er c t ., C h icop ee 10 to 8, C o ch e co 5 to 8, D ou glas A x e
5 to 6, G reat F a lls 0 to 8, H ill 4 to 5, L a n g d on 6 to 4 , M id d lesex 8 to 7, N a u m k eag 4
to 8, P a cific 12 to 6, S alm on F a lls 4 to 3, an d S tark 4 to 8 p er cent. T h e follow in g
p a s s :— Continental, D w ig h t, E verett, H a m ilton , M anchester Print, and W ashington.
T h e S ta te o f M assachusetts, and C ity o f B oston, p a y p rincip al and in terest in
coin as usual. T h e g o ld p a ym en ts are, U n ited S ta tes $ 4,628,730, M assachusetts
$ 2 4,676, C ity o f B oston $ 89 ,00 0 , C a m b rid ge $3,750, A tla n tic A P a cific and S outh
P a cific railroads §1 0 6 ,0 0, U nion P a cific $40 5 ,0 0 0 . T h e la tter tw o com p a n ies p a y
a b o u t the sam e am ou nt in N e w Y o r k on b onds h eld there. P a ym en ts on o th e r secu­
rities am ount to $ 62 ,48 2 , m ak in g a total o f $ 5 ,4 18 ,6 3 7 in g o ld . T h e B oston A
L w e ll R ailroa d p a y s g o ld on its 1873 bonds, and th e E astern on E sse x R ailroa d
gu aran teed bonds, b oth in a ccordance w ith the decision o f the U . S . S u p rem e C ourt.
T h e g old paym ents at the B oston S u b -T rea su ry w ill b e a bou t $ 4 6 2 8 ,73 0 the am ount
o f cou p on s being estim ated, b u t the reg istered bonds are the exa ct sum . T h e entire
issue o f $64,45 7 ,3 2 0 cu rren cy b on d s (to the P a c fic R a ilroa d s) are registered. T h e
total g o ld interest m aturing January and J u ly is la rger than a t any oth er p eriod , and
w ill am ou nt to $ 31 ,83 9 ,8 3 8. T h e p a ym en ts w ill be on C ou p on 6s o f 1881, F iv e T w e n ty 6s o f 1 86 5 -7 -8, an 1 5 p er cen t bonds o f 1871 and 1874.
Interest is p a y a b le in N e w Y o r k J u ly 1st on the fo llo w in g securities, w h ich are
h eld in this vicin ity to s om e e x t e n t : A lb a n y .C ity (e x c e p t m unicipal 6s, 1891, in
B oston), C h ica g o and B rook lyn C tiy B onds. A la b a m a and C hattanooga R . R . 1st
m o rtg a g e 8s (g o ld ), and cou pon s w ill also b e cashed a t the N ational S e cu rity B ank
here : C entral P acific R . R . bonds ( g o l d ) ; C h ica go, B urlington and Q uincy R . R . 8s ;
H artford and N ew H a ven R . R . 6s o f 1873 ; K a la m a zoo, A lle g a n and G ran d R ap id s
R . R . 8 s ; L a k e S u p erior and Missis ip p i R . R. 1st m ortga ge 7s ( g o l d ) ; N e w Y o r k
and O s w e g o M idland R .R . 7s (g o ld ), and S t. L ou is C ity (g o ld ) 6s (d u e Ju n e 26, 1 870.)

*3
® N ames

op

Capital
July, 1870.

Companies.

■8

f3
Railroad Companies.
11 Berb>hire Rai road.. ................... .. -.
1 Boston 8. A lbany.................................
1 Boston & Low ell.................... .............

t l%
5

..........
1 Boston & P roviden ce.......................... ......... .
1 Cape CoJ (p ir 6u)................................. ..........
1 Concord & Portsmouth guar’d ............ . ..........
1 Connecticut River............ ....................




,— Dividends__ , Amount
Jan.,
Jay,
J oly,
1870.
1870.
1810.

4

4 550,000
3,095,000
679.98'J
3E0.HO3

4

5
5
3Jf
3

■ »*
5
4
5

5

5

5

5

5

t*

$ 5,770
820,580
88 000
227,500
184,800
33,yy9
19 >,800
12,250
85,000

SEM I A N N U A L D IV ID E N D S

130

5 E x t e r n .............................................
5 Eas-te n (N . H ) .............................
1 Fite'" burg
....................................
1 H on-atonic prererred....................
15 Lateral Rivets (Pa ) ........................
1 Me ropol t n Horse........................
5 MUhije»n Centra'
....................
1 New B dlord & T a in to n .............
1 O^dens’ rg & L ke Cham. (com ).
1 Old Co ony & N ewport ...............
1 Phil d e'p iia , Wil. & B !
....
1 Pittsfield & North Adams—
* Portiaud, "aco & t'oris’ h (gold) .
1 Providence & W o r c e s te r ....... .
1 South Boston Horse (par 5C). .. ,
1 Taunton Branch
......................
1 W o ce ter & Nashua ..................

IN

4
4
4

. .

[August,

BO STON .

500,IX0

450,000
400,000

4
4
4
4

5
5
4
3
3
4
3
3
5

5
5
4
3*
3
4
3

tiX

ux

4
5

162,504
19,700
111,000

18,020
8,080
62,500
661,350
20,000

107,695
148,302
313,896
13,500
45,000

8
5

100,000
10,000
10,000

4
5

77,500
.$3,574,846

T ota l...............................................
Manufacturing Companies.
1
*
a
1
6
*
—
5
*
—
1
—
1
*
*
*
1
—
b
*
5
1
*
11
*
*
—

A ndroscoggin..................................
A ppleton............. ..................... —
At an t ic ............................................
B ates.................. ................... ........
C h icop °c............... ............................
C och tco............................................
Cont n. ntal Mills ..........................
C o n toocook ................... .......... . . .
D ug as A x e ....................................
Franulin..
............................... .
Great Falls (par 100).................... ..
Hamdton C o tto a .............................
Hill Mill ........................................ .
Jackson Com pany...........................
Lancaster M.lis (par 400)..............
Langdou M 0s ................................
Lowdl' Ble»cilery ...........................
Massachn-eits M ills........................
Middlesex M ills..............................
Nashua...............................................
Na m k e a g .................. .....................
Newmarket (par $500)...................
Pacific...................... ..........................
Sa iso-ir / ..........................................
Salmon Falls (par 300)....................
Stark Mi ls
.................... . . . . ,
Washington M ills.........................

..

1,500,003

4
4
0

3
10

400,000

6
0

0

3

6
10

5

8
0

50,666

0

36,000
80.000
80,000
30,000

10

4

t
7
4
3

5
4
4
4

45,000

5

10

12

5,6C0
24,000

0

3
4
4
3

$ 10,000
24,000
45,000
30,000
33,600
80,000

4

10

8

1 , 000,000
000,000

8

5
3
4
5
3

3
4

.

4
4
3
3

8

6

5
3
3

52,500
40,000
45,000
18,000
150 000
50.0 0
is, ino
37,500

0

.$981,210

Total,

a Payable June 30,1870. b June 29, 1870. *On demand. tQuarterly. JNot declared.

THE FUNDING AND CURRENCY BILLS.
Below we give the text of the Funding and Currency Bills as agreed on in
the Conference Committee, and passed by each House :
A N A CT TO A U TH O RIZE TH E REFU N DIN G OF THE N ATIO N A L DEBT.

Be it enacted, <ic., T h a t the S ecreta ry o f the T rea su ry is h ereby authorized to
issue, in a su u or sum s n ot ex ce e d in g in the a g g re g a ts '$200,000,' 0 0 , cou pon or
registered bunds o f the U nited S ta 'e s , in such form s as h e m a y p rescribe, and o f
den om in a 'ion s o f $ 5 0 or som e m u ltip ls i f that sum , red eem a ble in coin o f the
p resen t standard value, at the p lsa su ie o f the U n ite d S tates, after 10 yea rs from d ate
o f th iir issue, and bearing interest, p r y a b le sem i-annually, in such coin, « t the rate o f
fiv e per c>ntum p e r annum ; also, a sum or sum s n ot e x ce e d in g id the a gg rega te
$ 3 0 0 ,O' 0,000 o f lik e bonds, the sam e in all resp ects, but p a y a b le at the pleneure o f
the U n ited S tates a fter 15 yea rs from d a te o f their issue, and bearing interest at
the rate o f four and a halt p e r ceu tu m p er annum ; also, a sum or sum s n o t exceeding




1870]

THE FUNDING AND CURRENCY" BILLS.

131

n the a gg rega te |1,000,000,000 o f like bonds, the sam e in all respects, but p ayable
at the p leasure o f the U n ited M a tes after SO yea rs from the date o f their issue, and
bearing interest at the rate o f four p er centum p er annum ; all o f w hich s u d several
classes o f bonds and interest thereon shall be ex em p t from the p a ym en t o t all trx e s
or duties o f th e U n ited S tates, as w e ll as from taxation in a n y form b y or under
S tate, m unicipal or loca l a u th o rity ; and the said bonds shall h a v e set forth and
expressed upon their face the a b ov e specified conditions, and shall, with their cou pon s,
be m ad e p a ya b le at the T rea su ry o f the U nited States.
B ut nothing in this a ct,
o r in any oth er la w now in force, shall he construed to authorize any increase
w h atever o f the b ond ed d eb t o f the U n ited S tates.
S ec . 2. T h a t the S ecreta ry o f the T reasury is h ereby authorized to sell and d isp ose
o f any o f the bonds issued under this a ct at not less than their par va lu e for coin,
and to a p p ly the p roceed s th ereof to th e redem ption o f any o f the b m bs o f the
U n ited S tates outstand ing and know n as F iv e-T w en ty bonds, at their par value,
or he m ay exch a n g e th e sam e for such F iv e-T w en ty bonds, par for par ; b u t the
bonds h ereb y authorized shall be used for no other purpose w h atsoever.
And a su n
not ex ceed in g o n e-h a lf o f one per centum o f the bonds h “ rein a u th o riz 'd is h e re b y
a p p rop ria ted to pay the expen se o f prep aring, issuing and disposin g o f the sam e.
S e c . 3. T hat the p a ym en t o f any o f the bonds h ereby authorized after the e x p i­
ration o f the said severa l term s o f 10, 15, and 3 0 yea rs, shall be m ade in am ounts
to b e d eterm ined from tim e to tim e b y the S ecreta ry o f the I reasury at his discretion;
the bonds so to b e paid to b e distinguished and described by the dates and num bers
beginning for each successive p a ym en t w ith the bonds la st d a ted and nu m bered,
o f the tim e o f w hich intended p a ym en t o r red em p tion the S ecretary o f the T reaeurv
shall g iv e p u b lic notice ; and the interest on the particular bonds so selected at
any tim e to be p aid , shall cease at th e exp ira t.on o f three m onths from the d ate
o f such notice.
S ec . 4. T h a t th e S ecreta ry o f th e T rea su ry is h ereb y authorized w ith a n y coin
in th e T reasury o f the U n ited S ta tes, w hich he m ay la w fu lly a p p lv t o such p urpose,
o r which m ay be d erived from th e sale o f a n y o f the bonds, the issue c f w hich is
p rov id ed for in this act, to p a y at p ar and ca n cel a n y six p er centum bonds o f the
U n ited S tates o f the kind know n a3 F iv e -T w e n ty bonds, w hich h a ve becom e or shall
hereafter b ecom e red eem a ble b y th e term s o f their issue ; but the particular bonds
so to be paid and canceled shall, in all cases, b e indicated an specified by class, date,
and num ber, in the ord er o f their num ber and issue, beuinuing w ith the fiist num bered
and issued.
P u b lic notice is t o be giv en b y the S ecretary o f the Treasury, and in
three m onths a fter the date o f such pu b lic notice the iuterest on the bonds so selected
and advertised shall cease.
S ec . 5. T hat the S ecreta ry o f the T reasury is h ereby authorized, at any tim e within
tw o yea rs from the passage o f this act, to receiv e g o .d coin o f the U nited S ia fe s on
d e p osit for u ot lees than thirty d a ys, on sum s o f not less than $ 1 0 0 , w ith the T rea su-er, or any A ssistant Treasurer o f the U n ited S tates a u th o riz 'd by the S e cre ta ry
of the T reasury to receive the sam e, w h o shall issue th tr ifo r certificates o f d e p o sb ,
m ade in such f rm as the S ecreta ry o f the T reasury shall prescribe, and said certif cates o f d ep osit shall bear interest at a r a 'e not e x c e e d in ' 2£ per centum p er annun :
and any am ount o f g o ld coin or bullion so d ep osited m ay be w ith d ra w n from
d e p osit at any tim e after thirty d a y s from the d ate o f d ep osit, and after ten days
notice, and on the return o f said certificates, p rov ia ed the interest on all such d e p o sitshall cease and determ ine at the pleasure o f the S ecreta ry o f the T reasury ; and n ot
less than 25 p er cen tu m o f th e coin d ep osited for or represented b y said certificates
o f d ep osit shall b e retained in the T reasury for th e p a ym en t o f sai I certifiea t-s ; and
if the excess i3 b eyon d 25 p er centum m ay b e a p p lied at the discretion o f the S e cre ­
tary o f the l’ rea su iy to the p a ym en t or red em p tion o f such outstanding bonds o f the
U nited S ta tes h eretofore issued, and know n as th e F iv e-T w e n ty b ond s, as he m ay
designate under the provisions o f the fou rih section o f this act, and any certificate
o f d ep osit issued as aforesaid m a y be received at par, w ith the interest accrued
thereon, in p a ym en t for any bonds authorized to be issued b y this act.
S ec. 6. T hat the U nited S ta tes bonds purchased and now held in the T rea su ry in
a ccorda n ce with the provisions relatin g to a sinking fund, o f section fiv e ot the
a ct entitled “ A n a ct to authorize the issue o f U nited S ta tes notes and fo r th e
red em p tion or fun din g thereof, and foi fun din g th e floating d e b t o f the U n ited
States,” a p p rov ed F eb ru a ry 25, 1862, and all other U n ited S ta tes b onds w h ich




132

TH

FIN D IN G AND CURRENCY BILLS.

have b ?e n purchased b y the S ecreta ry o f the T rea su ry w ith the surplus funds in
the I'reasu y , and now held ia the T rea su ry o f the U n it e ! S ta tes, shall b e canceled
and d e stro y e d ; a detailed record o f such bonds so canceled and d estroy ed to be
first m a e in the books o f the T reasury D ep a rtm en t.
A n y bonds hereafter a pplied
to the said sinking fund, a n ! all oth er U nited S tates bonds red eem ed or paid
hereafter b y the U nited S tates, shall also, in like m anner, be record ed , canceled, and
d estroyed , and the am ount o f the bonds o f each class that have been canceled and
d estroyed shall b e d ed u cted re s p e ctiv e ly from the am ount o f each class o f the ou t­
standing d eb t o f the U n ited S ta tes. In addition to other am ounts that m ay be
a p p lied to the red em p tion o r the p a ym en t o f the p u b lic d eb t, an am ount equal to
the interest < n all the bonds b elon gin g to the aforesaid sinking fund shall b e
a p p lied , as the S ecreta ry o f the T rea su ry shall from tim e to tim e d irect, to the
p a y m en t o f the p u b lic d eb t as p ro v id e d for in section fiv e o f the a ct af< resa id ,
and the am ount to to b e a p p lied is h ereby a p p r o p r ia te ! annually for that p urp ose
t u t o f the receip ts for duties on im p orted g ood s .
•

THE CURREN CY BILL.

That $ 5 4 ,0 0 f t ,0 f 0 in nr tea f o r circulation may be issued to nat'onal barking associat ons, in addition to ihe $ 3 0 0 ,0 0 0 .0 1 )0 author zed by the twenty-second section o f the “ Ac&
to provide a national (urrency seemed by a pledge o f United States bonds, and t provide
for the circulation and redemption thereof.” approved Jun • 3, 1864; and the amount o f
notes so provided shall be furnished to banking associations organiz a, or to be orta iiz e d ,
in those States and Territories h a v n g le s s than their propoition under the apporti* nment
contemplated by the prov 6iocs ot the “ act to amend an act to provide a i aticnai currency
secured by a pledge o f United Sta es bonds, and to provide for the circulation and redemption
thereof,” approved March 3, 1865, and the bonds dt posited with the i reaeurer o f the United
States to secure the additio al circulating notes herein authorized, sha 1 be <f any description
o f bonds o f the United States be *ring in er« st in co n, but a new apportionment ot the increas­
ed circulation herein provided for shall b •made as soon as practicable, based upon census o f
1870 Provided, that if applications for the clrcu'ation herein authorized shall not b made
within one year after the passage o f this act by backing associations organize 1 or to he
organized in States having less than their proportion, it shall b e lawful for the Controller o f
the currency to issue such clrculition to ha king associations, applying for the same in other
States or Territories having less than the r proportion, giving the preference to such as have
the greatest deficiency; and provided further, that no bauking association hereafter organized
shall have a circulation in excess o f $ 5 0 0 , OUO.
S c. 2. And be it lurther enacted, That at ths end o f each month a'fter the passage o f this
act, it shall be the duty o f the Con roller o f the Currency t o r e x r t t j the Secretary o f the
Treasury the amount o f <im itating notes issued, under t e provisions o f the preceding sec­
tion, to national banking associations during the previous m on th ; whe eupon the Secre
tary o f the Treasury shall recce u and cancel an amount o f the three per centum t mporary
loan certificates issued under th ? acts o f March 2, 1867, and July 25, 1868, not lees than the
amount o f circulating notes to repor ed, and may, it necessary, in ord r to procure the pies ntation o f such temporary loan ceitificatts tor redemption, give notice to the holders
thereoi, by publication or otherwise, tt,at certain o f said cert’ flcates, (whicu shall bu desig­
n a te! by number, and they shall not be counted as a part o f t h ; rese.ve o f i ny banking as-ociatiOD.
S e c t i o n 3. And be it further enacted. That upon ihe dep sit o f any United States bond**,
bearing intereet payable in gold, with the T.easurer o f the United States, in the manner
prescribed in the nineteenth >-nd twenr eth -notions f ihe National Currency act, i r fh-* 1 h i
lawful for the Contro' -T t f the Currency to issue to the associate n n aking the suine, cumu­
lating not s o f dideient uen minations noi. les- than $5, n te.\« « e d iig i amount ti bty p r
centum o f the par value o f he bon l?> deposited, w ich note-* shall bear up< n thei f e e he
premise o f the as-ociation to which they a r ‘ b-sued, to p<y them up n jr .s e tation at, the
office ol the a s-oc a ion, in gold coin o f the Unite Statue, and sha 1 i e r« de< mab e upon su h
presentati n in such coin ; provi ed that n o banking association organized under ih s sect on
shall have a c rculation in excess o f $1,00U,( CO.
S u ctio n 4. And be it further enacted, That every national banking asscciation formed ULder
the provis:ons o f the preceding section o f this acr, sha 1, at all times, keep on hand nut less
than tweniy-fiveper centum o f its outsta- ding circu at;on in gold coi o f th United Statts,
and shall receive >t par in the payment o f di b s, the gold notes of every oiher such banking
association which an the tim e o f such payments shall be redeem i g i t s circuiatirg notes in
gold coin ot the United S ates.
s e c t i o n 5 . And be it lurther enacted. That every association org£»n:zed for the purpose o f
i su ng gold notes, as provide l in this act, shall be subject to all the requirements and pro
■visions o f the National Currency ac\ except th efiist clause o f section 22, which limits the
circulation o f national hanking associations to $300,100,0J0; the first clause o f section 32,
which, t ken in c n n e'tion With th preceding section, would require national banking asso­
ciations organized in the city o f San Fruncirco to redeem their circulating n o te -a t pur in
the'eity ot New Y o r k ; and ihe last clause o f section th rty- w o, w'hich requires every n t onal
banking association to receive in payment o f debts the notes o f e v o y <ther national banking
association at p a r; provided, that in ap iying the provisions and r quirem ems o f said act
to the b inking associations herein provided lor the terms “ lawlui m oney” and “ lawful
m oney o f he United States” shall b e h e ld and construed to mean gold or si ver coin o l the
United States.
S ection 6. And be it further en cted, that to secure a more equitable distribution o f the
S e c t io n 1.




1870]

R A IL R O A D

ITEM S,

133

national banking currency, there may be issued circulating notes to banking Associations
organized i i the States and Territories having less 'han their proportion, as herein set fo rth ;
and the amouut o f circulation in this s< ction shall, under the direction o f the Secretary o f
the Treasury, s it may be required for this purpos *, b - w thdrawn, as herei'i provided, lrom
banking associations organize i in States having a circulation exceeding ihat provided for
by the ct entitled “ An ».ct to amend n act entitled an act to prov-de for a na’ io ta l banking
currency, eecu ed by pledge ot United estates bonds, and to provide fo - the circulation and
redemption thereof,” approved March 3, 1865, but the amount so withdrawn shall not exceed
$25,0i.U,000. The Contro ler o f the Currency shall, under the direction o f the Secretary o f
the Treapury, make a statement showing the amount o f circul >tl>n in each State and Terri­
tory, and the amount to be retired by each banking as ociation m accordance wi h this
section, and shall, when such r distribution o f circulation is required, make a requisition
tor such amount unon such banks, com m enc ng with the banks bav ng a circulation exceedii g $i.O 0,000 in States having an exces* o f cir ulation, and withdrawing their circulation in
excess o f $1,000 000, and then proceeding pro rata with other banks having a circu ation
exceeding $300,000, in States having the largest excess ot c rculation, and reducing th • circu­
lation of s cu banks in States ha ing the greatest p oporti- n in excess, leaving undisturbed
the banks in >tates having a small r proportion until those in greater excess have been
reduc d t > the same grade, and continuing thus to make the reduction provided for by th;s
act uutil the full amount o f $25,000,0 0, herein provided fo , shall be w ithdrawn; and the
circulat on so withdrawn shal be distr outed among the btates and Territories having less
than their population, so as to equalize the sam -.
And it snail be the duty o f the Controller o f the Currency, under the direction o f the
Secretary ot the Treasury, forthwiih to make a requisition for the amouut thereof, upon the
banks above indica ed as here n described. Ai d upon failure o f such associations, or any of
them, to return the amount so required within one year, it shall
the duty o f the Cont o ler
o f the Currer.cy to sell at public auction, havi g given tv enty days’ notice thereof in one
daily newspaper printed in W ashington, and o e in New Y ork City, an amount o f b nds
deposit o by said as-ociation, as se utity for said circula'ion, equal to the circulation to be
with rawn Iruin said association and not returned in com pl ance w t h such requisition; an t
tne C:>ntrade o f th- Currency shall with the proceeds redeem eo many o f the notes t f s id
banking associations as th y com e into the Trea uryas will equal the amount required and
not so return* d, and shall pay the bdanc^, i f anv, to such banning association: Provided,
'J h it no circulation st all be witndrav\n under the p-ovistons o f this section unt.l after the
$54,Oou,000 grafted in the first section shall hiv e been taken up.
S e c t i n r< And be it farm er enacted that after the expiration o f six month fr^m the pas­
sage o f this act, any banking association locare in any State having more ihan its pro­
portion of circulation, may be removed to any ctate having less than Its proport on o f cir•u a ion, under such rules and regulations as the Contro.ler o f the C rrenc.v, wi h the approv­
al of tne Secretary o f the Treasury may r quire: Provided, That the amount o f the issue
ot said banks shall not be deducted from ihe amuun o f new i-sue provided for in this act.

RAILROAD ITEM S.
P o o r ’ s M a n u a l o f t h e R a il r o a d s o f t h e U n it e d S t a t e s f o r 1 8 7 0 —’71 h a s ju s t
been issued, containing, as usual, the m ost co m p le te intorm ation abou t the raihoads
o f the cou n try that can p ossib ly b e obtained . I t is unnecessary to com n ent upon
this book o f railroads as there is no rival to it, and any party seekin g in f -rm tion
abou t our railroads, in book form , need n ot inquire for any other publication.
T he fol­
low in g a ccou nt is given o f the progress o f railroads in the U n ited S ta te s during
1869, and ihe p rob a ble progress for the future.
T h e past y e a r lias been particularly distinguished for th e a ctiv ity d isp la y e d in
every portion o f the U n ited S tates, on the prosecution o f ra ilw a y enterprises, and
for the extent o f m ilea ge constructed, which h?a la rg e ly ex ce e d e d that for a-iy
previou s y e a r. This a ctiv ity is not lik ely, for the present, to receiv e any co n sid e r­
able ch eck (e x c e p t fio m extraordinary and tem p orary causes), till the railroa t has
com e to be the com m on highw ay o f the nation— till the p e o p le o f e ve ry section are
brougLt, » n the average, within five m iles o f bu h a w o rk — in other w o ds, till the
m ileage con structed shall be in ratio o f 1 m ile o f line to ten square m iles o f t< rritory
c a p t b le o f sustaining fifty iubab.tants to the square m ile. B ut such a ratio has been
already la rgely e x c e e d e d in several o f the States, and w ill soon he ia m any others.
There are now in operation in M assachusetts 1 m i-e o f railroad to e ve ry 5 .2 7 m iles o f
area ; in C onnecticut, 1 m ile to 7 .1 9 m iles ; and in N ew Jersey 1 m ile o f railroad to
8 .2 2 m iles o f a iea.
Iu Ohio, the ratio o f railw ay m ilea ge to area is as I to 1 1.5 9.
W ith a ratio for the N ew E ngland States eq u a l to that o f M assachusetts, the m ilea ge
for this g r o u p w ould equal 1 1.89 * m i es or nearly three tim es the p resent exten t.
A m ileage for the M iddle States, in ratio to area equal to that in N ew J e rs e y , w ou ld
call for 17,i 00 m iles o f line, or tw ice the extent now in o p e r a t io i.
Ih e ratio for
Ohi < w ou ld ca ll for 5 4 ,0 0 0 m iles iu the ten W estern S tates, or nearly three tim es the
am ount now in operation iu them . I t m ay b e safely assum ed that the const ruction




134

r a il r o a d

it e m s .

o f railroads w ill p rogress ra p id ly in each grou p o f S ta tes nam ed, till their a ggrega te
m ilea ge, in ratio o f area, shall e^ ual that o f the S ta tes having the greatest com p ara­
tive <xten t o f line.
W e m ay , therefore, ca lcu la te u p on the e tea d j p r o 2 rees o f railroads in the N orthern,
M iddle and W estern S tates till a m ilea ge o f 90,0 00 m iles, in p lace o f an existing
m ilea ge o f 35,0 00 m i es, is reach ed,
in the Southern States, the m ilea ge a lrea d y
constructed equals about 1 1,250 m iles n an area o f a bou t 780,000 squ are m iles.
T h e ratio c f m ileage to are in these S tates is as 1 t o 66.
i t U safe to assum e that
the construction o f railroads in these S ta tes w ill continue, w ithout m aterial interrup­
tion, till the m ileage in them sh ill reach three tim es its present extent, o r 35,0 00
m iles ; and that a still m ore rapid jr e g r e s s w ill be in the S ta tes in th e Interior, and
upon the Pacific slop e o f the Continent.
A s a lrea d y rem arked, rai roads are to b e ­
com e the co m u u n hig h w a y for the na ion. T h e y w ill b e sp eed ily con structed so as
to a ccom m od ate e very portion o f it now occu p ied , and w 11 fo llo w , ev e ry w h e re , the
line o f p opulation that is ra p id ly spreading its e lf o v e r the C ontinent.
V\ ith 100,000
m ilts in operation , lhe sam e necessity w ill be felt that is fe t to-d ay for the construc­
tion o f new lit os.
A m ilea ge f >r th e w h ole cou ntry (e x clu d in g the territory o f
A la sk a ) « qual to that for O hio, in ratio to area, w ou ld ca ll for nearly >00,000 m iles o f
line.
A sin i ar ratio for the S tates, exclu d in g the territories, w ou ld require 200 ,00 0
m iles o f line.
The progress o f railroad? in this country has had little or no referen ce to the am ount
c f it? p opulation.
T h ere is now in op eration one m ile o f railroad to 8 1 0 .8 9 i habit­
ants. T n e pop u la tion c f the cou n try is increasing, Buy at the ra e o f 1,000,010
annually. 'I he m ileage that w ill be con structed for several years to co m e w ill n ot
be likely to *al' short o f 3,000 m iles annually. T h e pop u la tion o f the cou ntry in i 8 6 0
m ay b : estim ated at 50,' o0 000 ; the m ilea ge o f railroads at say 7 5,0 00 m iles,
t u c h an extt ui ol line w ou ld g iv e one m ile o f railroad to 666 inhab tants.
cost

o r t iik r a il r o a d s ok t h e u n it e d s t a t e s .

I t is im possible to t iv e a statem en t o f the exa ct cost o f the railroads o f the U n ited
S tates from the incom pleten ess o f ih e returns o f a con siderable num b, i o f com p a n ies,
particularly in tht- Southern fctatep. A n estim ate o f §4 4,600 per m ile, it is b eliev ed ,
w ill fully equal their aver g e cost. T h a t o f the railroa 8 o f the N ew E r g L n d
S tates a vera g e § 4 ",5 0 j er m ile. T h a t o f the M iddle S ta tts is som ew h a t greater,
i eing about §5 5,0 00 fc.» the m ile. T he cost o f the railroads in the Southern s ta te s
w ill not »x ce e d 1 3 0 ,0 0 0 p er m le. l h e c« st c f roads o f the W estern States is abou t
equal to the general avera g e. T h e a gg rega te for the w h ole m ay be stated in round
num bers at § 2 ,0 0 0 ,0 0 0 ; 1 0 . Such cost is estim ated, for the m ost part, at the a m ou nt
o f their ca p ita l accounts, w hich con sid era b ly e x c eds, in am ount, the m oney actually
ex p e n d e d . I t is not p robable that the stocks and bonds issued b y all the com p a n ies
have p roduced m ere than 75 cen ts on the d ollar. T h e capital accounts o f m any roads
have been la»gely increased b y issues m a .e on the coim olidati n o f lines to equalize
values ; or from divid en d s p ti l in st' ck or bonds, to rej resent estim ated pr- fits, or
values over cost.
W h ere such h a ve been m ade, th ey have been usually b alanced b y
addin g an e q u a l sum to the <ost o f the li- es. On the other hand, net earnings, to a
con siderable •xtent, have been put into construction w ith ou t any c. rresponding in­
crease o f nom inal ca p ita l. T h e cost o f o ld lines, o f course, coi strn tly increases but
the a vera ge for the w h ole country is k ep t d ow n b y the new lines w hich are being
op en ed .
RAILROAD PROGRESS IN THE UNITED STATES.

A Tabular Statement o f the Mileage c f hailroads in each State and Groups o f States, at the
end o f each Year, 1860 to 1809, ten Years.
i860 1861. 1862. 1863 1864. 1865. 1S66. 1667 1868. 1859.
M aine........................................
471
472
5 5
505
50 i
521
521
621
5 6 1 680
r»‘ . h ’ n ip s h ire ............. ..
. 661
66 1
661
661
661
667
667
067
667
702
Verm ont
...........................
514
5 2
56 1
587
5b7
587
f 87
587
605 622
Massac u’ ts............................. 1,264 1,264 1,285 1,285 1,285 1,297 1,881 1,401 1,425 1,480
Kbod. Is a i d ...........................
10S
108
H'8
125
125
125
125
125
125 125
C onnect.cut.............................
601
631
630
630
630
637
637
637
637 692
N. Eg. States........... ............. 3,( 6 1 3,697 3,751 3,793 3,793 3,8 <4 3,868 3,938 4,019 4,301
N ew •o ik ............................... 2,682 2,7U0 *,728 2,792 2,821 3, 03 8,178 3,245 8,329 3,658
New Jersey..............................
56»
5?7
631
756
8*54
864
b79
942
973 1,011
P en n sy lv M a ........................... 2,5»8 2 802 3 ; 06 8,171 8,360 8/.2S 4,091 4,311 4,39S 4,898
D ela w a re.................................
127
127
1*7
127
127
134
147
165
165 210
Marv’ d & D C .......................... 380
335
405
403
408
446
484
527
535 5»8
W . V irg nia.............................
352
861
361
361
361
365
865
365
865 387
Mid. States............................... 6,706




6,963 7,263 7,615 7,911

8,539 9,144 9,555 9,765 10,752

1870]

R A IL R O A D

IT E M S .

135

O h i o . . . . .................-..........~ ~ 2,946 2,947 3,101 3,311 8,311 3,331 3,372
M ichigan................................... 779
810
853
898
898
941 1,039
Indiana...................................... 2,163 2,175 2,175 2,175 2,195 2,217 2,217
Illinois
............................... 2,790 2,917 2,993 3,156 3,156 3, 57 3,191
W isconsin..............~ ~ .............
905
933
961
990 1,010 1,010 1 036
Minnesota.......................................................
....
31
157
213
293
I o w a ........................................
655
701
731
792
8 5
391
998
K a n s a s ...................................................................................
40
40
240
N ebraska,etc......................................................................................
122
305
Missoni i ...................................
817
838
833
868
925
925
925
W est. States.....................

8,393 8,398
1 3*3 1,199
2,506 2,600
3. 24 8,440
1,036 1,235
482
572
1,283 1,523
494
643
554
920
1,08 > 1,354

3,448
1,325
2,353
4,031
1 512
795
2,095
931
1,059
1,712

,.11,061 11,320 11,657 12,22112,497 12,847 13,621 15,226 16 889 29,7C5

Virginia. ............................... 1,379
N. Carolina.............................
937
S. Carol n a ... ........................
973
Georgia...................................... 1,42)
F lorida......................................
4 2
A la b a m a ...................................
743
M ississippi...............................
862
Louisiana...................................
335
T e x a s.........................................
307
K en tu cky...........................
534
Tennessee.................................. 1,253
Arkansas....................
38

1,379 1,379
937
937
973
973
1,420 1,420
4»2
4<U
743
805
862
882
835
335
392
451
549
56?
1,253 1,253
38
38

1,379 1,379
9-4
984
973
973
1,420 1,4*1
<i01
402
805
8„5
862
862
835
335
451
451
5«7
567
1,253 1,236
88
38

1,401
984
1,007
1,420
416
805
898
335
465
567
1,296
3S

1,442 1,464
1,042 1,042
1,007 1,007
1,502 1,548
416
437
839
851
8*8
898
335
3l5
471
6i3
5^1
635
1,296 l,a58
38
38

South. S a tes............................ 9,182

9,283 9,422

9,463 9,511

9,6 2 9 / 67 10,126 10,683 11,272

C alifornia..................................
23
23
23
53
147
O regon.................................................
4
4
19
19
N e v a d a ............... ................................................................................

214
19

308
19
....

332
19
30

Pacific States ..........................

233

327

431

23

27

27

73

166

1,464
1,097
1.0 6
1,575
4V7
953
898
335
t l3
813
1,136
86

468
19
402

1,483
1,130
1,101
1,652
446
1,081
990
375
583
852
1,451
128

702
60
402

889 1,164

C onnecticut R iv e r R ailr o a d . — T he earniogs o f this road for the y ea rs ending
N ov em b er 30, 1868 and 1869, w ere as fa llo w s :
1868.
1869.
From passengers............................... ............................................ .... $274,363 34
$2J-7.494 81
“
f .e u h t ............................................................................................ 3 4,725 14
333/73 65
“
m ils ...........................................................................................
5,9 0 23
6,«68 49
“
e x p r e s s ................................. ............... .......................... . . . .
17,033 40
14,5 1 89
44 r e n t s .............................................................................................
7,1S6 58
7,7t2 65
$6*9,318 69
E x p en s es, viz. :
R pairs o f r o a d ........................................................................................$103,254 17
“
bridg s..........................................
7,363 01
44
b iild in g s ................
23,886 35
44
too's, &c
........................................................................
2,477 40
44
locom otiv es........................................................................
2 ,n45 68
36/5.145
44
ca rs.............................. .....................................................
Funning tra n s .............................................................................. . . . 8 *.474 64
Statio< "expe ses
....................................................................
4-‘,64'» 19
General expenses.......
...
1 ’.,540 70
Statio ery, e t c ........ .............................................................................
5,57 0 44
Gratuitie- and dam ages........................................................ .
8 /8 8 48
Rem ovinz snow ...................................................................................
2.784 2S
w ater w ork s........................ ................................................................
7,5 *9 SO
M iscellaneous..................................................................... . .............
11,223 51
Net earnings...........................................................................................
Surplus per last rep ort.........................................................................

$519,198 49
$104,284 75
1,723 99
11,1.2 83
3.672 91
24,9 5 98
43,628 77
106,0'8 96
58.191 35
17,117 19
4 *39 15
2.4i 3 05
3,059 93
2,772 73
9,660 13

$380,342 «1
249,000 08
192,055 13

$393,442 77
255,753 72
209,092 34

T o ta l...............................................................................................$431,051 26

$4 4,846 06

A g a in st which are ch a rg ed —
Interest p a id ...........................................................................................Z $15,911 55
Payment t o -in k in g Fund
....................................................
8,000 00
Government t a x e s ..............
45.047 37
Dividend January..................................................... ., ....................
68,000 00
4‘
J u ’y
.................... ............................................................
*85.000 00
Surplus N o*. 30 ..........................................................
209,092 34
Total, as above.................................................................................$431,061

$17,737 S8
8,o<000
52,91152
85,00 1 00
85.000 00
215,14665
26

$161,84606

C om p a red w ith th e p reviou s y e a r the g r o 8 earnings o f 1869 show an increase o f
$29 ,84 9 80 ; with an increase in exp en ses o f $ 13,100 16 — m aking the iucrease in net
earnings, $ 1 6 ,74 9 6 4.




136

R A IL R O A D IT E M S .

\Augwt)

C h ic a g o , R o c k I s l a n d a n d P a c i f ic R a il r o a d C o m p a n y . — A sn c a l R e p o r t . —
Since the d a te o f the last annual report, y ou r railroad was o p en ed fur business t o
th e Missouri riper at Coum il B lu ffy on the 7th d a y o f June, 1 8*9 , as p rom ised
therein, and has been con stantly op era ted since that tim e with a fair d e c r e e o f su c­
cess. T h e extrem e w e t su m m er and fa ll o f 1 869 has increased the exp en ses o f k e e p ­
ing u p the track on the new part o f th e roa d a b ov e w b a t m ay b e e x p e c te d in th e
future.
7 he new b rid ge across the M ississippi river, the b uild in g o f w hich is in ch arge o f
the U n ited S tates, has progressed slow ly , but it is ex p e c te d that it w ill be co m p le te d
within a y e a r from this tim e.
T h e C om p a n y have not been req u ired to e xp en d
any m on ey in connection w ith it, e x cep t for the purchase o f prop erty for right o f
w a y 'a b o u t $ 8 0 000 ), w hich has been ch arged to con struction accou nt.
T h e b onds o f the R ailroad B rid ge C om pany, the p a ym en t o f w hich w ere gu aran teed
b y the C hicago and R o ck Island R ailroad C om p a n y ,a n d by the Mississippi & M ssouri
R ailroad C om p a n y, becam e due on the lOtn o f January last, and have been p ro v id e d
fo r en tirely b y this C o t p a n y.
B y the term s o f a greem ent b etw een the t w o com p anies, the M ississippi & M issouri
R ailroa d C om p a n y should h a ve paid on e -h a lf the atm unt, and it is su p p osed that
this C om p a n y have a leg a l claim for that am ount against the Mississippi & M issouri
R ailroad C om p a n y , and i f so, under the ruling o f the C ircu it C ourt o f the U nited
States, in a case w h ere that C om p a n y w a s a p a tty, it is b e liev ed that it m ay b e
even tu ally c o l l e c t e d
T h e C om p a n y now op eta te 6 98$ m iles o f road, and the ton­
nage is and w ill continue to b e la rg ely increasing from y ea r to y e a r.
i he Superintendent states that th e general con dition o f the m o tiv r p o w e r is
m aterially im p rov ed , and the rolling stock fu lly m aintained. H is rep ort and th e
tables a tta ch ed th ereto are v ery full and co m p le te , aDd to them I refer for detail.

The gross receipts tor the year ending March 31, 1870, were........................................$5 9P5.266 20
The gross expenditures, properly chargeable to earnings, w ere................................. 3,456,701 24
Leaving net earnings.................................................................................................. $2,538,171 96
Intern st ou bonds, d m dends and rent Peoria and Bureau \ alley Railroad............ $2,006,951 57
Leaving surplus net earnings.............. .................................................................. $471,023 39
Balance o f Income account March 31, 1869...................................................................... 1, 91,244 01
Balance ct incom e account March 3 1 ,1S70....................................................................... $2,063,767 41
N in ety m iles o f track h a ve been relaid during th e p a st y e a r. T h e C u n p a n y
h a ve a bou t thirty m iles t f track laid w ith steel rails, au j it is the intention to co n ­
tinue to add thereto. T h e opinion o f the Superintendent in telation to the use o f
steel rails is fu lly indorsed b y the B oard o f D irectors from pa st exp erien ce.
LAND GRANT.

T h e land grant m ade b y the U n ited S tates and b y the S ta te o f Io w a to th e
M ississippi A Missouri R ailroad C om p a n y , and t o this C om pa n y has been all a d ju s ted ,
e x cep t in one land district in I o w a ,o f such lands as w ere acquired b y a ct o f C on gress
o f June, 1864 (estim ated at 15,000 acres), and it is e x p ected by the Baud C on m iesion er that this w ill be disposed o f at the G en era l Land Office very soon.
T hat
don e (a n d there b e ir g the am ou nt so estim ated , the C om pany w ill have o b ta n ed ,
under the grants and purchase, 552,649 acres t o w h ich the title is d eem ed clea r
from any difficulty. T h ere is also abou t 50,000 acres know n as “ R ejected S w a m p
S election s,” w h ich have been certified b , the U nited S la tes, but there is a q u e -tio n
a9 to w h eth er the C om pa n y can hold it.
Most o f the lands b elon gin g to th e C o m ­
pa n y are in the cou nties w est o f D es M oines, and are gen era lly o f good q u a lity .
T h e com pletion o f the roa d to C ouncil Bluffs has m ade the land a ccessib le for
settlem en t, and sales have been com m en ced . T h e p olicy o f the C om p a n y thus far
has been to sell only to those w h o desired actually to settle upon and cu ltiva te
them . T o such, in u icem ents are offered by fair prices ami liberal term s.
Ih ete
have been disposed o f u p to A p ril 1st, 1870, about 14 600 acres, and sales s ije e th a t
tim e have been increasing.
CHICAGO AND SOUTHWESTERN RAILWAY.

S om e tw o yea rs since a p rojest w a s Btarted to bu d I a railroad from L e a v e n w o rth ,
K ansas, in a northeast direction, to con nect » i t h the ra i'road o f this C om p a n y a t such




1870]

R A IL R O A D

ITEMS*

137

p oin t as m ight b e d eem ed m ost d esirab le.
A. c o m p a r y w as organized in Missouri,
under the la w s o f that S tate, and one su b seq u en tly in Io w a , un ter its law s, w hich
tw o com p anies w ere afterw ard s con solid ated , in accordance w ith the la w s o f the
tw o S tates.
W o rk was com m enced at the w est end, aDd had p rogressed to a
con sid era b le exten t b fore the consolidation.
A p p lica tion w a s then m ade to this
C o m p a n y to gu aran tee the bonds o f the con soli lat^d com p a n y to the e x te n t o f
$ 2 0 ,0 0 0 p e r m ile, and not to e x ceed $ 5 ,0 0 0 ,0 (0 , the p ro ce e d s o f w h 'cb , it was
a lleg ed , with the stock subscriptions that w ou ld b e obtained, w ou ld build a first-clacs
railm ao and com p lete every part o f it rea d y for the rolling stock .
It w as finally
d ecid ed to con nect the read w ith that o f this C om p a n y at W ashington, the present
term inus o f the branch from Muscatine, m aking the line from L e a v e n w o rth to
W ashington abou t 250 m iles in length. N egotiations c o m ' e n ce d , and w e re con­
tin ued until it w as a g reed that this C om p a n y w ou ld gu aran tee th e bonds to the
exten t heretofore stated.
A t about the sam e tim e a con tract w a s m ad e b y that
C om p a n y , w ith responsible parties, for the construction o f the entire line. T h e
con tract requires the com p letion o f the entire line by N ov em b e r 1st, 1871, and it is
the intention o f the contractors to finish it b efore that tim e.
ASSETS OF THE COMPANY WHICH DO NOT APPEAR IN THE TABLES ATTACHED TO THE REPOET.

S ev era l ears since, as a m atter o f p o lic y , the C om p a n y p urchased certain stocks
and b onds o f the Sterling and R ock Island, and W arsa w A, R o ck fo rd R ailroad C om ­
panies, at a cost o f abou t $ i 70,00*», w h ich w as paid from the earnings o f this
C om p a n y, and a fie r a tim e w as ch arged t o pr fit and loss accou nt. T his p ro p e rty
19 w orth now aii its cost, and p rob a b ly m ore, and from present ap p earan ces w ill
likely soon be disposed of.
T h ere is also, on the d eb it s id e e f the balance sheet, “ Securities io th e hands o f
the Treasurer as T rustee, ( f e e . $50 ,84 5 25, ou t o f which are to be paid 1 1 4 ,0 0 0
incom e bonds, and “ Sundry B alances,” $7,1 22 82, and the balance, a bou t $ 30 ,00 0 ,
w ill g o to p rofit and loss account.
T i ere are also certain securities held b y the C om p a n y , arising from item s h e re to ­
fore ch arged o ff lo p rofit and 1 ss, w h ich are now v a lu ed a t abou t $ 3 5 0 ,0 0 0 , a
porti< n o f wh ch are i
M ississippi R iv er B i l 'g e bonds, bonds o f this C om p a n y , and
b onds and stock o f the P eoria, Pekin & J ack son v ille R ailroa d C om p a n y .
In addition to these item s there is, as b efore stated , about 552 ,00 0 acres o f land .
T a k in g these item s together, it is b eliev ed that the C om p a n y has assets o v e r and
a b o v e w h at is show n b y the tables attached hereto, from w hich w ill be realized at
least f ur m illions o f dollars.
J ohn F . T r a c y , P resident.
REPORT OF THE GENERAL SUPERINTENDENT.

T h e m ovem en t o f passengers, w hen com p a red w ith th e p reviou s y e a r, sh ow s a
gratifyin g inc ense o f o v e r forty p e r cent, and the rev en u e d e riv e d therefrom an
increase o f t h iit y -uigh t p er cen t.
1 he freigh t traffic in const q u en ce o f th e partial failu re o f the grain cr o p in Io w a ,
and the d epressed state o f the m arkets has not f i l l y m et our exp ectations.
T h e gross receipts and exp en d itu res o f th e com p a n y for th e y e a r ending M arch
31, 1870, w ere as fo low s :
B E 03 PTS.

From passengers.................................. $1,786,956

“
“
“
“
“

U. S. government tax,

freight,...... ................................. 3,5. 7,002
50.931
m u ls........................................
ex rees.....................................
91,.351

N et earnings............
84,415 Kent o f P. & B. V R. K ..
391,608 Interest on bonds............ .
Dividends, including tax
T o ta l..................... , .....................$5,995,266
rents........... ............................... .
inte est on loans, & c................
E X P E N D IT U R E S .

Operating expens a..............................$3,276,267
Letral exp u ses......................................
19,231
Surplus earnings.
Taxes •-n real e fate ...........................
l!6,M 9
Percentage o f opeiating expenses to gross e a n i r g s ._
“
“
h cluuing legal expenses and taxes..
In explanation o f the increased p ercen ta g e o f op era tin g exp en ses
w ith the previou s ) e a r , it is p io p e r to state that the la bor a p p lie d




44,452
$3,456,791
$2,538,474
, $125,000
. 615,65(1
. 1,326,301
$2,066,951
$471,523
54 64-100
57 65-100
as c o m p a
and m a te r

138

R A IL R O A D

\Augusty

ITEMS.

used in repairs r f cars, track, brid ges, b uildin gs and fixtures, w as gre a tly in excess
o f that used in 1868 and ’ 69. T h e item o f new and rt-ro lle d rails alone sh ow in g an
increase o f 4,288 tons, am ou nting to $ 19 0 ,1 5 8 64.
T h e estaol'B hing o f n ew agencies in N ew Y o r k , B oston, C alifornia, C olorad o and
various other p laces, with the advertising, printing cou pon tickets, form s, <fec., &C.,
incident to a through business, has a d i d con sid erably to t e op eratin g expen ses.
There has been e x p nd ed during the y e a r on a ccou nt o f construction and eq u ip m en t
$2,581,663.
S t a t e m e n t s h o w in g t h e
R e c e i p t s f r o m P a s s e n g e r s , F r e i g h t , M a i l s , <s c . , f o r e a c h
M o n i h , f r o m A p r i l 1 , 1 S 6 9 , t o M a r c h 3 1 , 18 7 0 .

Months.
Passengers.
A p r i l .................... ................ $114,272 24
M y ........................
S7
J u n e ......................
76
July .....................
70
A ugust..................
47
Sept mber.............
95
O c io b e r ................
59
N o v t m 'e r ................................
152,055 £6
Deceri b e r .............
20
1370. January.................
75
February .............
76
M arch....................
88

Fr< ight.
$259,565 02
315,' 2: 06
346,751 04
273,158 25
297,397 15
878,00? 80
366.7-5'r 55
311 ^77 20
242,240 91
235,452 57
274,lb3 07
287,. 82 58

M ail-, &e.
$14,548 70
16 962 36
2 /9 7 34
27.3 7 55
167,708 72
155.554 77
: 8.423 18
35,903 57
17,312 27
16,5V4 81
54,980 02
59,093 98

$1,785,956 73

$3,587,002 20

$621,307 27

1869.

Total.
$388,885
449,932
523,841
455,6! 6
632 652
736,664
584,155
479,236
393,468
401,275
449,654
5C0 393

96
29
14
50
34
52
32
33
38
13
85
44

$5,995,266 30

T he C om p a n y ow n —
F rom Chicago to Miss u i river (main li n e ).... ............................................................ 493 m iles.
From W ilton to W athm gton (Washington branch)...................................................... 50&
“
543X m i es.
A n d lease—
Bn-eau to Peoria (Bureau Valley Railroad)......................................................................

4 6 # m iles.

Total miles op erated.................... ................................................................................. 590
Miles o f side track.......................... .. ............................................................... ............. 98

m iles.
“

Miles o f Main Line and sid io g s . . ............................................................................ . . . 6t>S

m iles.

N oth ing has occurred since the d a te o f the last annual re p o rt to ch an ge the
op inion therein exp ressed o f the econ om y and tx p e d ie n cy o f unrig steel rails, and
con tracts have been m ad e for the d eliv ery o f three thousand (3 ,0 0 0) tons o f E n g ­
lish B essem er steel rails, and one hundred (1 0 0 ) tons o f “ b o o th ’s S te e ’ - a p p ed
R a il,” the com in g season.
Tni% w ith the w o n - >ut iron rails re -ro lle d , it is anticipated w ill be sufficient to
maintain he track in its p resent g o o d con dition, and fully m eet the requirem ents
arising from wear and d ep recia tion .
D u ring the past y e a r—
The average cost per ton in currency for st^el rails. ..............................................................$132 70
“
“
“
44
n w iro . ra Is.........................................................
84 75
“
44
“
44
re-roliing ir*.n ra ils...............................................
35 07
I t is con fid en tly asserted that lo w e r rates w ill b e obtained for purchases o f rails
m ade for use the com in g season.
B a l a n c e S h e e t o f t h e C h ic a g o , R o c k I s l a n d a n d

P a c i f i c R . R . C o m p a n y , A p r i l 1 , 187C #

C redit Balances.
Cap'tal Stocv A ccou n t..- ................................................................................................ $15,999,900 00
Fractional Shari s c nvertib e into S t o c k ......................................................................
ICO 00
Bonds Chicago and R o c k Island R. R C o ......................................................................
1,397,0< 0 00
Incom e I ones C icago snd h o k Inland R R C o .......................................................
14,000 00
Mortgage Sin ing Fund B o n d -.........................................................................................
7,376,' 00 00
Fraciional Agu-emeins
nvertible into B end s...........................................................
613 37
Due Rauroati Bii ge Com pany..........................................................................................
£0,000 00
Sund y <alances.........
............................................................................................
7,122 32
Chicago, R o k I anu ai d Pacific R. R. C o. of Io w a ...................... , ...........................
4 9/5 2 75
Profit^ balance ot Income A c c o u n t.... . ........................................................................
2,008,767 41




$26,931,385 85

1870]

R A IL R O A D

130

ITEMS,

Debit Balances.
Cost ( f Road an Equipment......................... .............................................................. .. $25,095,9P6 34
Securit eB in hai n., <1 Tre surer as Trustee for Guaranteed B o n d s .............
10,845 25
Stanton, fcjliot and W I on Comm ittee.........................................................................
1,086 59
Trustee ! and Gran* LiviSion, M. & M. R R. C o .........................................................
19,084 22
Railroad Bridge B o ld Acc u n t .................... ............... ............................................
252,678 91
Chicago ai d Hi ck J la d Fond A ccoun t........................................................ ..............
38,987 00
Cash ai.d Loans in h n e ol A ssista n t Treasurer.........................................................
1,078.320 1 3
Balance iu hands c f Cashier, Chicago.............................................................................
566,477 4
$26,933,385 85
C in c in n a ti . H am ilton and D ayton R a ilr oa d R eport fo r the y e a r ending
M arch 31, 1870.
It w ill b e seen from the rep ort o f the S ecretary that the
Gross ean.inRs hav •b een ....................................................................................................$1,191,457 45
Transportation e x p e n s e s . . . . ................................................... ........................................
579,964 08
Leaving for interest n bonds, taxes and divid en d s....................................................

$611,493 37

Th3 w ork in g exp en ses have been 49 7 6 -1 0 0 per cen t, o f the gross earnings.
The e'rnings per m i!e have been......................................................................................
$19,857 62
N u m o e r i f p sse gers c r r ie i.............................................................................................
669,2 >2
Numb, r o f urns oi height m oved in narrow gauge cars...............................................
395,432
D u ring the past y e a r tw o d ividends h a ve b een paid to the stockholders, one o f
five, and the other of lour p e r cen t., free o f G ov ern m en t tax. T he n et earnings have
been a fraction o v e r eleven p er cen t.
T h e road has been op erated with its usual freedom from acciJents and loss o f life*
and m aintained in first class con dition.
in o o m s .

From passengers........................................................................
From ireight
...................... . . .................................................
From raa is a d express .........................................................
From rents to oth t companies ............................... ............
From miscellaneous
......................... ..................................
From Ui-e o f im m hiLery..........................................................
From inter<st
..................................................................
Fiom sunuries, profit and loss, etc . ..................................

$415,869
493.3*2
25,412
195.000
1,193
26 6-3
19 434
6,516

74
42
15
0)
71
17
38
88
$1,191,457 45

EXPENSES.

For operating..............
For taxes, St it < ___
F or taxes, Lational...
For insurance.............
F or interer t ou bonds

................................................... $579,931
............................. $41,083 74
............................. 30,667 50
---------------------73,951
.................................................
6 263
..............................
143,956

08
24
29
59
801,135 20

Leaving as net earnings far the j ea r..................................................... „......................... $387,322 25
A p died as f *11 »ws:
Dividend No. 2 3 - c r i p ................................................................................ $175,000 00
Dividend N o. 29—Cash................................................................................... 140,000 00
------------------$315,000 00
A m onot car ied to eurp-n* a c c o u n t .................................................................................
Making balance o f that account March 31, 187C.................................................... .........

$72,322 25
$375,924 94

CONSTRUCTION AND CAPITAL ACCOUNT.

Construction
Equip p e n t...
R e d » sta te...
Bal :n ce...........
Total

$3,974,401
995,750
339,180
693,588

73
36
34
91

$5,907,924 94

Capita1 stock ...........
1st mortgage boi.ds
2d
3d
Surplus earnings___
Total,

C i n c in n a t i , R ic h m o n d <fc C h ic a g o R a il r o a d
M a l c h 8 1 , 1870, as f o l l o w s :

$3,500,003
1,250.000
500,000
282,006
375,924

$5,91)7,924 94

C om pany. — R epo rt f o r th e

Y ear

e n d in g

INCOME.

From
From
From
From

passengers................................................................................................ $51,$85 77
46.965 10
Ireight .................................35,575 to n s ..............................................
mails a r d ex ,ress............................................................ ....................
6*84 45
rents &c ..................................................................................................
616 63
*’ ---------------$105,751 ° 5




00
0)
00
<0
94

140

R A IL R O A D

[August,

ITEMS,

EXPENSES.

F or o p e r a in g ................
For taxes—State...........
F or taxes—national...,

..................................................... $77,579 48
................................. $2,974 98
................................. I,2fc4 62

-------------

4,259 60

I n s u r a n c e ....................
Interest on b on d s........
In teres and exchange

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

319 63
43,750 00
148 63
$126,056 71
$20,301 79

Excess o f expenses over receipts,
BALANCE SHEET.
ASSETS.

Construe io n ........................
Eqaipm *nt............................
Real estate ..........................
Profit and lo ss ......... ...........
Total

LIABILITIES.

$ 826,733
120,151
7'0
82,109

29
98
00
62

$1,029,994 89 1

D a y t o n a n d M ic h ig a n R a il r o a d
M arch 31st, 1 8 7 0 :

$

Capital s to c k ............................
Fir-st mortg ige bonds ............
Second
.............
Int> rest on bonds unp d d .......
C. II.
D . R. t\. lessees.........

3S2,600
56",000
65,' 00
462
17,832

00
00
00
25
64

$1,029,994 89

Total

C o m pa n y . — A nnual R e po rt

for

the

Y ear

e n d in g

INCOME.

From
From
From
From

passengers............................................ ................................................. $347,487 55
freight (337 259 to n ).............................................................................. 669,334 83
mails and express ................................................................................
41,5*7 65
rents........................................... ............................................................
1,496 37
------------------ $1,051,855 45
EXPENSES,

F or O perating........................ ................................... . . .
F or taxes—S tite ...............................................................
For taxes -national..........................................................
For insurance....................................................................
F or interest on bonds ...................................................
F or general interest and exchanges. ..........................

.................. $640,579
$28,140 41
9,144 81
--------------------87,2F5
.............
4,641
................. 301,280

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

50
22
83
00

763 84

$984,550 39
Leaving as net earnings for the year....................................................................... . . .
$77,306 (6
The amount doe less es as per last report w as..............................................................
197,148 49
Operating expenses for the year were.............................................................................
640 579 00
Paid intere-n on bonds.................... ........................................................................ ........
287, ‘05 00
Total expenses ...................... ..................................................... .....................................$! ,042,338 39
$1,149,486 8S
B y amount o f gross receipts..................................................................... $1,061,856 45
By am unt o f real estate s o ld .. . . ............................................................
1,025 00
--------------------- $1,062 881 45
Balance due lessees, March 81, 1870..................................................................................

$86,605 4 3

T h e tw o bonds, N os. 22 and 2X due J u ly 1st, 1867, referred to in the last re p >rt as
p ro b a b ly lost, have recen tly beeu presented and p a id .
T here h a ve also been $ 5 0 0
in com e bonds paid.
T h e T ru stee o f th e S inLing F un d ha9 ca n celled 36 first m ’rtgage bonds during
the p ast y ea r, m aking in all to this d a te $23 4 ,0 0 0 , lea vin g a balance o f $*2,766,uOO.
N e w R oad F rom C incinnati to D ayton . — A m eetin g o f the officers and rep re­
sentatives o f the N ew Y o r k C entral, L a k e S h ore and M ichigan S outhern, C le v e and,
C olu m b u s, Cincinnati & In d ianapolis, C ncinuati, S an dusk y & C lev ela n d , and the
Indianapolis, Cincinnati & L a fa y ette R ailroa d s w as held in S an .'u ky on the 2d and
5th iost., to p erfect arrangem ents for the con struction o f a short line railroad from
D a yton to Cincinnati. T n e C om p a n y w as fu lly organized and d irectors e le cte d from
am on g the officers and d irectors o f the several com panies interested in the new rou te.
A rrangem en ts w ere also con clu d ed to secure the im m ed iate co m p le tio n o f the
railroad b etw een S prin gfield and C olu m b u s via L on d o n . T h e new roa 1 betw een
Cincinnati and D a y to n is d ou b tless inten e 1 to render the C levelan d , C olu m b u s,
Cincinnati & Indianapolis, and the Cincinnati, S an d usk y <fc C levelan d roads in d ep en ­
d en t o f the Cincinnati, H a m ilton & D ayton , w h ich now furnishes to them , as it does
to the A tla n tic <fe G reat W estern, their entrance into Cincinnati.




1870]

r a il r o a d

it e m s .

l t l

T o ledo , W abash and W e stern .— T b e S tock E xch an ge has been notified that the
T o le d o and W abash C om pany w ill issue thirty d a ys hence $8,0 00 ,0 0 0 or 8 ',()C0
shares r ew stock o f the com p a n y to represent the extecEion o f the line from Decatur,
III., to S t. Louis, and for other purposes. A lth o u g h this notice w as a surprise to
m any o f the brokers, it caused very little difference in the price o f the existin g stock,
as com p a red w ith y es terd a y 's quotation.
CoNCOk d , N . H ., June 3 0 '— T h e m ajority o f the L egisla tive S e le ct C om m ittee to
investigate the i ffairs o f the C o rco rd and N orthern R ailroa s, sustain the contract
betw een these roads, and recom m end its ap p rova l by the L egislatu re, and cot dem n
the r i j g for using savings hank funds to bring stock to con trol the C oncord board.
T h e m in ority con dem n the course o f the ring, but d eem it inexpedient to legislate in
regard to the con tract. T h e consideration o f the subject in the L e g id a tu re is m ade
the special ord er for the evening.
L ake S h o r e and M ichigan S outhern .— T h e directors o f the L a k e Shore & M ichigan
S outhern R a ilw a y C o m p in y have for som e tim e past had in con tem p lation ihe e x p i d iency c f p lacin g a n e w m ortgage on all their p rop erty and franchises (e x c e p t the
D etroit, Munroe and T o le d o branch), am ounting to $25,000,000. R ecen tly it has been
deci ed upon, and at the m eeting to-d a y the board authorized the issue o f $ 2 5 ,"0 0 ,0 1 0
con solid ated m ortga ge bonds, for the p u rp ose o f retiring the bonds Dow outstanding
as they m ature, for d ou b le track eq u ip m en t, <tc., w h ere tbe sam e is n eed ed , and
for other purposes, including the tak in g u p o f the floating d eb t. T h e bonded d eb t o f
the com p a n y
On June let w as......................................................................................................................... $-23,313,000
Less amount due June 1st, and which has been p aid .................. ..................... $400,003
Less debt o f Detroit, Munroe and T oledo branch, not included iu the new
m ortgage.................................................................................................................. 924,000— 1,324,COO
Total amount c f bonded debt to be i eiunded
A m ount o f new m ortgage........................... ........

$21,989,000
25,000.000

Leaving to be used f .r the purposes above nam ed............................................................. $3,011,000

— D aily Bulletin.
Mil w a u k e e an d S t . P au l R a ilr o a d , and S a b u h , A ck le y and D akota . — T h e
d irectors o f the S abula, A c k le y
D akota R ailroad C om p a n y m et at M arion, Io w a ,
June 9, for the p urp ose o f considering the p roposition o f the W estern U nion R uilroad
C om p a n y as to the extention o f that loa d from S abula to M arion, and thence W est
to A c k le y . T h e p rop osition o f the W estern U nion R ailroad C om p any w a s a cce p te I
and the con tract b etw een the t w o com panies com p leted . A cco rd in g to this, the
W estern U nion C om p a n y , or rather the M ilw aukee & S t. P aul, w ith w hich the W e st­
ern U nion is abou t to be con siid ated , a grees to iron an 1 e q u ip the road i f the
other com p a n y w ou ld g ra d e, b rid ge and tie it. It is eaid that the whi le road w ill
be put under con tract w ithin a very short tim e. T h e line is v ery near that o f a road
now m progress from C linton through M aquoketa and A n am os i w h ich w ill be a
feed er o f the N orlhw estern, as ih e S ab u la road w ill be o f the S t. P a u l.
Si u rn S h re R a ilr o a d .— A t sn adjourned m eeting o f th e stock h old ers o f this
C om p a u y held iu B oston on the 11th in st., the com m itte e ap p oin ted at a previou s
m eeting subm itted a rep ort, w h ich g a v e a thorough statem ent o f the condition and
a calculation o f the p rosp ects o f the r o a l under independent m anagem ent, in d closed
b y recom m ending that the road be p ut into the hands o f the O ld C o lo n y R a i'ro a d
C om p a n y.
T h e rep ort w a s accep ted , and b y it, stockholders can dispose o f their
stock at $11 pev share to the O ld C olon y and N ew p ort C om p a n y , w ith the p riv ile g e
o f tak in g h a lf o f their p a y in slo ck o f that c o m p a n y . T h e m eetin g also unanim ously
ratified the action o f the d irectois in subscribing for $12 5 ,0 0 0 w o rth o f stock in the
D u xb u ry and C ohasset R ailroa d , and then d issolved .
B oston H ar tfor d and E rie R a ilr o a d . — G o v . G a tlin ’s veto o f the B oston , H a r tfo id
and E rie A id bill was gen erally anticipated , as w as its elfect on the bonds and stock.
T he G overnor, in his v e to , says : “ It does n o t com p ort with the dign ity or the interests
o f the C om m onw ealth to maintain the relations in v olv ed in this bill w ith a corporation
which has sh ow n itself so in com p eten t and unfaithful to its trusts.” T h e b ill is dead
for this season.




142

R A IL R O A D

ITE M S.

[August,

H annibil and Ft . J oseph R .R . C ompany. — A t a m eetin g o f the B is r d o f D irec­
tors o f the H.innibal and St. Joseph R a ilioa d C om pany, h eld at B .stem, une 2 9 , 187i :
V o t e ! , T h a t wh reas the earnings o f the R oa d tor six m onths end ing J u ly 1st,
1 8 .0 , are sufficient f .r the d eclaration o f a d iv iie n d , all prior earning- havin g been
a p p lied to the im provem ent, m aintenance and w ork in g o f the roa !.
That there be distributed to the ow n e is o f Preferred S tock o f r c>rd J u ly 31st,
187*’, 7 p er cen t upon the am ount o f said S tock, p a y a b le A u gu st lo th 1870, bein g
the am ou nt o f p reference to which th ey are entitled for the y e a r 1870, as p er the
provisions o f the Indenture o f A p ril 1st, 1863 ; and that there be p ri I to the H olders
o f the C om m on S tock o f R ecord J u ly 31st, 1870, a D ivid en d o f 3| per cent, p a y a b le
A u gu st 15 h next, for the s x m onths en d in g J u ly 1st, 1S70 ; and that the earnings
o f the R oad for the rem aining six m onths be first applied to pav the further D iv id eud o f
p e r c e n t on said C om m on S tock , and that the books be closed from the 1st
to the l o i h d a y o f A u g u st, 1870, inclusive.
Mobil * A Montgomery. — The M obile Register learns from C o l. O . Jordan, General
S uperintendent ot this road, that con tracts w ere closed on the 24th ult. fo r co m ­
p letin g the entire w ork from Tensas into the city o f M obile.
G reat W estern of C anada. — A t a sp ecia l m eeting o f the stockh old ers in L ondon
on the 6 ib instant, ihe directors w ere authorized to subscribe all "lie s 'O 'k in the A ir
L in e lt a ii'o a d from G len coe to Buitato, and proceed im m ed iately with i s construction.
B y this line, it is said, there w ill be a saving o f th irty-five m iles in the d istance
b etw een n e w Y o r k and D etroit.
A lba - y and S usquehanna. — fu d g e Johnson’s decision, refusing to set aside the
ju d g m en t o f J u d g e S m ith, entered at R ic h e s te r , in favor o f the K t s ty D irectors
in the A lb a n y dr S usquehanna R ailroa d case, has been affirm ed on a p p e a l b y gen era l
term .
D dchssse and C olumbia.— T h e suits b rou gh t b y th e B oston, H artford & E rie C om ­
p a n y to ubiaiu possession i f this toa d have been w ithdraw n .
— N ew H aven , C on n ., J u ly 7 . — A grand excursion train, h avin g on b >ard about
2,000 persons, w ent from h e r e t o M id d letow n this afternoon to cs le rare the co m ­
p letion o f to e A ir Line R ailroad b etw een th e tw o cities. T h e S la te cffi era, m em ­
bers o f b 'th H ouses o f the L egislature, and m em bers o f the C ity G ve niuent partici­
pated.
A t ilid d le to w u they w ere entertained by the C ity G o v e n im lit.
S peech es
w ere m ane b y e x -G o v . D ou gla s, D a v id L ym a n , R . W . W rigiit, S p e a k e r B urnham ,
N . B . S p erry , and G en . S errell. T h e p a rty returned this even in g.
— D enver City , C olorado, J une 20. —T h e D en ver P acific R ailroad w ill be fo rm a lly
op en ed for busine s on the 24th o f Ju n e. T n e track is n ow la id to the suburbs o f
the C ity ol D en ver, and w ithin tw o m iles o f the d ep ot.
— Tile issue o f $3,000,000 o f Third M ortgage B onds o f th e M arie: ta and C ncinnati
R ailroad C- m pan y, is to raise the funds to p ut this road in a first class con dition—
com p letin g the bridge ov er the O h io at Parkersburg, shortening the line thence to the
B ig H ock in g , straightening the line through the tunnel on th e north si le . f A thens, <fcc.
T h e B a lti " ore and O hio R ailroad w ill m ak e its m ain line b y the way o f P arkersburg
io s tia d o f W heeli. g. T h e M arietta and Cincinnati R ailroad w i I also lay a track ou
the orid g e w hi h crosses the M uskingum , b etw een M arietta and H arm ar, to con n ect
w ith the Du k C reek road.
— A rra n gem en ts h a ve been m ade b y the Indianapolis, B loom ington and W e ste rn
R a ilw a y C om p a n y , as soon as the roa d is co m p le te d , w h ich it is e x e cte d w ill b e in
J u ly , 18 0 o run through trains fro u Cincinnati to O m aha. T o e s e train w ill pass o v e r
th e Cincinnati and Indianapolis, the In dianapolis, B loom in g ton and W estern, and
th e C h ica go, Buriiu ton and Q ui cy R ailroads. B y this route the distance from Cin­
cinnati to O m aha w ill be shortened a bou t s ix ty m iles.
M essrs. Turner B rothers, w h o
offer for sale the first m ortga ge b onds o f th e Ind ia n a p olis, B loom .n gton an 1 W e st­
ern R a ilw a C o m p in y , r e p o rt that the bonds are sellin g ra p id ly , anil that the loan
w ill b e closed at an ea rly date.
— T h e Lehigh V a lle y R ailroa d com p a n y w ill, until A u g u st 1st, 1S70, p a y o ff at p ar
and accru d interest, any o f their first m ortga ge bonds due iu l o 7 3 , on p .esen ta liou
a t their cffice, N o. 303 W alnut street, Philadelph ia.




1870]

R A IL R O A D ITEM S.

143

— T h e S t. P a u l Press g iv es the fo llo w in g as inform ation o b ta ire d from the P re si.
d ent o f the C h ica go and N orthw estern R ailroad C m ip a n y recen tly on a visit to
M innesota : “ i'lie new d irectory h a ve d eterm in ed to push to an im m ed iate con sum ­
m ation the schem e i f an extension o f the N orthw estern fr >m M adison to W inona,
thus con n ectin g it w ith d ie W in na and S t. P eter R ailroa d , w hich they ow n .
The
la tter road is to he com p leted to the M innesota R iv e r at S t . P eter, hut no further
extension o f it is p rop osed a t present. B eycn d this the p o licy i f the com p a n y in
regard to the Minni sota con nections has not been d eterm ined on, and the o b je c t c f
their visit to this city is to m ake som e personal observation s prelim in ary to a s e t:le ­
nient o f their p rogram m e, w hich, it is fair to su p p ose, em braces som e sch em e o f con ­
nection with St. P aul. T h e N orthw estern C om p a n y cannot if f i r d to d o w ith ou t a
d irect com m unication with the com m ercia l m etrop olis o f the N o rth w e st.”
— T h e Railroad Oazette gives the fo llo w in g :
S u r r a G o c o ia and F l o r id a . — This railroad, extending from the A tla n tic it G u lf
R a ih o a d at T h om a v ille, G a ., north t o A lb a n y , G a ., is co m p le te d , and w ill b e
op era ted in con nection w ith the A tla n tic & G u lf R a ilro a d , g iv in g a new ou tlet t o
S avannah to S ou th w est G eorgia . T h e part co m p le te d is nearly 60 m iles lon g. I t was
origiu ally intended to build it also south from T h om a sville a to u t 20 m iles to M onticello, F la ., in i rder to m ake a c o r n tctio n w ith the J ack son ville & T allahassee line.
P ort R o v a l i k d A ugusta . —T h e P resid en t c f the com p a n y says that this road
w ill b e in operation throughout its entire length, from P ort R o y a l, S . C ., to A u gu sta ,
G a ., b y the 1st o f next S ep tem b er w h ich w ill be in tim e fo r the earliest shipm ents o f
cotton.
— T h e offi ers o f the C h ica go and A lt o n R ailroa d have e x ecu ted a perp etu a l lease
o f the Louisiana an 1 M issot.it R ailroad, w h ich w ill g iv e Chici g o a d irect line to F ort
S co tt.
T h e com p any w ill construct a roa d from J ackson ville o r W hite H a ll, Illin ois,
to the M ississippi R iv er, w h ere the trail s w ill con n ect b y transfer boats w ith the
Louisiana an I Missouri road for K ansas C ity and S t. J osep h . B ranch es w ill also be
b uilt through G la sg ow or B oon ev ille to S eda lia .
— T h e n et earnings o f the M ariposa esta te during F eb ru a ry w e r e $ 1 6 ,0 5 0 , as co m ­
pared w ith $ 4 ,0 3 2 .0 3 in F ebruary o f last yea r, a gain o f $ 1 2 ,0 1 0 .0 7 . T h ere are now
9 0 stam ps at w ork on the estate, and th e m an agers are now p uttin g u p 60 m ore at
the O phir m ills to run by water. T h e gross y ield per d a y is nearly $ 1 ,0 0 0 , and the
cost o f redu lion is rep orted at the low figu re o f $1 per tun.
— T h e p rcje cte d ait-line road b etw een N ew Y o r k and P h ila d elp h ia is b e in g sur
v e y e d , and th e com p a n y p rop ose to com m en ce by con structing a line fio m T ren ton ,
through M ercer and S om erset counties, to m eet the N ew Jersey C entral road at RouDd
B rook , on th e Raritan R iv er, 31 m iles lrom Trenton.
— T h e C h illic o t fe a r d Om aha R ailroad has been leased b y the C h ic ig o and S outhW estern R ilroad C om p a n y, a branch o f the C h ica go, R o ck Isla n d and P a cific, and
w ill be com p leted and in operation ea rly n ext spring.
— J. C . Starton, S up erintendent o f th e A la b a m a & C h a tta n ooga R a ilro a d , now
built, nas sent to K oop m a n sch a a p it C o ., o f S an Francises, for 1,500 C hinese
laborers to take the p la ce o f n e g r o e s ; w a g es $ 1 6 a m onth, w ith b o a rd , and free
passage back when the w ork is done.

beiDg

— T h e w orks c f the S ch u y lk ill N a viga tion C om p a n y h a v e been leased to the R e a d ­
ing ra ilw a y fur 999 years, at an annual rental o f $655,( 0 0, o f w h ich $ 5 2 7 ,8 5 2 .5 2
is for interest on loans and bonds, $ 80,556 for d ividends on p referred stock, and $ 2 8 ,360 on com m tn stock.
— T h e loan 0f the D ela w a re and R aritan C an al, and C am den and A m b o y R a il­
road C om p a n ies,d u e J u ly 1 , 1870, w ill be paid in g o ld u p o n presentation at th e offices
o f the co m p nies in N ew Y o r k and P h ila d elp h ia .
— T h e Indiana division o f the G rand R a p id s it Indiana R . R . b etw een F o rt W a y n e
and S tu rgis, M ich ., has been form a lly op e n e d for business.
T h e co m p a n y have
eq u ip p ed the road w th first-class rollin g stock , and are increasing it r a p id ly in o rd er
t o m eet the u em a od e.




144

R A IL R O A D

ITE M S.

[August,

— T h e S outh Pacific R ailroa d (form erly th e S ou th w est B ranch o f the M issouri
P a cific R ailroad ) > as been successfu lly com p leted from S t. L ou is to S prin gfield , M o .,
an d w ill he ra p id ly prosecuted sou th ea stw a rd to the 85th p a ra llel o f north latitude,
w h ere the line w ill jo in the A tla n tic and P acific R ailroad. T h e S outh P acific C o m ­
pany is under an a id e B oston m an agem ent, w ith M essrs. S eligm au as their N e w
Y o ts an i F rankfort bankers.
In M ay the roa d re c e iv e d $ 9 1 ,00 0 traffic, alth ough
but v e ry recen tly op en ed to S p rin gfield .
— A t a m eetin g o f the stockh old ers o f th e M issouri P a cific R ailroa d C o m p a n y ,
h eld in S t. L ou is, M o ., on June 15th, a lease b etw een that C om p a n y and the S t.
L ou is, L a w ren ce and D enver R oad , and a branch to L exin gton, M o., w a s unanim ously
ratifi d . T h e fo r m e -r o a d is a cu t o ff b etw een P leasant H ill, M o ., and L a w ren ce,
K a n s a s , w hich w ill shorten the dis an e to D en v er a bou t tw e n ty m iles, and g iv e S t.
L ou is a shorter route to Southern K ansas.
__ T h e O g 'e n s b u r g and L a k e C nam plain R ailroa d has decla re i a d ivid end o f 3£
p er c u lt . T h e con tract w ith the other roads is 6 p e r cen t for throe yea rs, 7 p er
cen t for three years, and 8 p er cent for fourteen yea rs.
T h e extra 1 p e r c e n t is
m a d e from the surplus, w h ich is sufficient to enable them t o p a y th e extra 1 p er ce n t
for three years, m aking it a 7 per cent stock for the six first yea rs.
__ T h e E ast l’ennessee and G eorgia, and t i e E ast Tennessee and V irgin ia ra ilro a d s ’
w h ich have keen consolidated, have paid up their entire indebtedne s to the S ta te to
the fi st o f this m onth. T h e indebtedn ess o f these roa d s w a s as f o l l o w s :— Bond.s
issued to the E ast T ennessee and G eorgia R ailroad, 81,4 87 ,2 7 7 , and interest due
$88 ,81 2 ; bonds issued to the E ast Tennessee and V irgin ia R ailroa d , $2,4 49 ,0 8 8 .
and'interest due $ 1 1 4 ,8 3 2 . This m akes a total indebtedn ess ty the S tate on the p a rt
o f these com p anies o f $4,117,759, w h ich has been fu lly p aid in the bonds o f the S ta te.
T h e indebtedness o f th e S tate w ill therefore b e r e iu c e d b y that am ount . — Memphis

Avalanche.
__ T h e Evening Post s a y s :
“ T h e board o i C om m issioners o f th e S inking Fund ot P enn sylvania on June 22d
a d op ted the fo llo w in g resolution :
R esolv ed , T h a t inasm uch as the L egislature has ch an ged the la w on this su b je ct
sin ce the action o f the B oard on the 29th o f O ctob er 1 ist, and the circu lar there­
u p on issued o f N ov em b er last, therefore so m uch o f the action c f the B oard at
said m eetin g as au lioriz-s n otice to be giv en that the interest w o u ld cea se a fter J u ly
1 1871 b e and the sam e is h ereb y rescin eJ , and that n otice now be given, pur­
suant to existin g law , that said loan o f June 11, 1819, is on ly reim bu rsable at a n y
tim e after July i, 1870, at the o p t on o f the State, an I the treasurer is directed to p a y
the principal, i f d em an ded, in cu rren cy ; and i f i ot d em an ded, to p a y the interest
in g old as it accrues.
T his a p p ea ls to m ake the P ennsylvania fives o f 1870 hereafter a “ con sol,’
red eem a ble in coin at the pleasure o f the S tate, w ith interest p a ya b le in coin ; but
w ith the additional advantage that the S tate w ill a t any tim e g iv e p ar in cu rren cy
for the bonds. This arrangem ent accor s w ith the origin al con tract, and le a v e s no
room for any im pu tation on the credit o f the S ta te .”
— T h e Evening Express s a y s :
T h e Board o f D irectors o f W ells, F a rg o & C o .’s E xp ress C o m p a n y have re so lv e d
t o ca ll a m eeting o f the stockh old ers, to b e held in N ew Y o r k , on the 1st o f S e p te m ­
b er n“ xt, to vote up on the p rop osed reduction o f the ca p ita l f om $ 1 5 ,00 0 ,0 0 0 to
$ 5 0 00 ,00 0 , said red uction to b e effected b y the surrender o f the certifica tes o f
stock w hich m a y then b e outstanding, and the issue in lieu th e re o f o f n ew certifica ­
tes, in p rop ortion o f one share o f the p ar va lu e o f $1,0 00 for e v e r y three shares
o f the present stock .
__T h e D e s M oines V a lle y R a i'ro a d C om p a n y are r o w running their cars from
K eok u k to F ort Dodge, n ea rly 250 m iles u p the V a lle y o f the D ee M oines R iv e r.
T h e b u d g e o v e r the M ississippi R iv e r at K eok u k w ill b e co m p le te d ea rly in the
A u tu m n , furnishing another through line to C entral Io w a and O m aha shorter than
via C h ica go. T h e land sales o f the C om p a n y are increasing, h avin g a m ou n ted to
a b ou t $ 4 o,0 0 0 for the m onth o f June.




railroad

1870]

it e m s .

145

N orth C arolina R ailroad . — T h e A n n u a l R eport, for th e fiscal y e a r ending M ay
81st, 187'>, s h o w s 2
Receipts from all sources........................................................................................................$70,202 492
Total expe ires o f operating the road.................................................................................. 259,128 31
L e a v irg a s n t t p ofits over operating expenses....................
............................... $461,C74 18
T he Secretary’ ^ statement shows the profit over ordinary and extraordinary e x ­
pen-es t be ......................................
...................................................................... $327,073 55
Out o f t i's amount six per cent, divide d upon the capital stock was declared,
amounting t o ..... ...................... -.................
........................ . ............................... 210,Of0 CO
Thp balance........................................................................................................................ $37,073 55
was p id owarrts the old debt.
The to ai recei ts for this y< ar from all sou ces have been $62,085 07 in excess o f last year,
which inerea e is shown to be from —
P isscn ers ...................... . . . . . . ............................................................ $37,565 57
P l ights ............................................................ ...................................
40,925 73
Mile ge o f ca rs. . . .
.........................................................................
1,626 28
L essm 'n or sources.................... ........... .............................................

$80,117 58
18,032 51

Leaving as a b o v e .. ................................................................................$62,085 07
The total decrease in expenses as compared with last year has b e e n ................................ $3,434 S4
DEBT.

T he total debt as reported at the last annual meeting w a s............................................$677,059 04
Present debt o f the Company ......... ............ ............................. . . . ..............................$7S2 205 30
Take fro u this the assets on hand..................................................... .................................. 243,860 80
And it leaves a debt o f .............................................................................................................$538,314 50
ASSETS.

The above assets of $243,860 80 consists o f the f allow in g:
Cash n h in i ..........................................
..........................................................................$152,376 38
Amount due f om Agents, other Companies and in d iv id u a ls ..............................
53,210 95
D o.
do.
Freight exchanges.........................................
1,819 10
D o.
do.
U. S. Government and P. O. department ........................................
3,3 4 73
D o.
do.
Bills receivable and So. Express C o ....................................................
6,065 88
D o. Supplies on hand.......................................................................................................
27,013 81
$243,860 80
MORTGAGES.

Amount o f Bonds issued under the M ortgage...................................................................$7 j7,500 CO
Amount o f Bonos tin t has been paid into the Sinking F u n d ...................................... 217,010 00
A m o m» o f Bonds on h in d o f the $800,000 ordered issued at, your annual m eet­
ing in 1867, i s ........................................................ ....................................... ......................... $92,500 00
SINKING FU N D.

T he Company has paid during the year to the Trustee, in five year B onds...............
In ten year B onds......................... .........................................................................................
And in twenty year B ond s...................................................................................................

$45,000 00
30,000 00
500 00

M aking................................................. ..... ..................................................................................

75,500 00

OLD DEBT.

The amount due at the end ©f the last fiscal year on the loan o f 1357, whi h is
past due, was .. ................................................................................................................... $95,000 00
Paid the present year on this d eb t.......................................................................................
30,500 00
Leaving a balance due o f ..................................... . ........... .............................................. $64,500 00
The books o f the Company show that the increase from all sources for the last tw o years
has been gradual but sure, w hile the expenses o f ihe Company have decreased.
FINANCIAL CONDITION, N A Y 31, 1870.
PROPERTY AND RESOURCES.

Cost o f construction, equipments and real estate..........................................................$4,948,746 54
Amount o f Sinking Uund .................
$204,000 00
do. o f Chatham Railroad StOGk..........................................................
74,700 00
do. of North Carolina Railroad S tock ..............................................
21,500 00
do. o f N. W . N. O. R. R . s to c k ..........................................................
SO,000 CO
--------------320,200 00
Am ount due from Station A gents............................................................. $13,293 70
do.
do.
other Companies.........................................................
13,178 18
do.
individuals ...................................................................
21,739 07
do.
do.
Jo.
Freight E xchanges........................................
1,819 10
do.
United s ta tes......
56S 52
do.
( o.
U. S. P. O. departm ent...............................................
2,806 21
d o.
do.
B ills receivable..
.............................................. .
4,861 50
do.
do.
do.
Southern Express C o ...................................................
1,204 38
do.
Cash—Currency........................................................................ 152,>.76 33
do.
Supplies on hand........ ........................................................... 27,013 81
243,860 80




5

$5,512,807 84

146

R A IL R O A D ITE M S.

[August,

CAPITAL STOCK AND LIABILITIES.

Capital S tock........................................................................................................................
Loan 8 per cent., due March 1st, 1867....................................................... $64,500 00
1,620 00
Interest due on sam e............ ......................................................................
Amount o f 8 per cent. Mortgage Loan, due Novem ber, 1872........... 120,000 00
Interest due on sam e....................................................
280 00
Amount o f 8 per cent. Mortgage Loan, due November, 1877........... 193,000 00
Interest due on sam e.....................................................................................
440 00
Amount o f 8 per cent. Mortgage Loan, due N ovem ber, 1888........... 177,500 00
Interest due on sam e.....................................................................................
51u 00
Dividend Certificates fundable in 20 years, 8 per cent. Mortgage
Bonds ...............................................
2,524 00
Dividend No. 9, balance payable in 20 years, 8 per cent, Mortgage
B o n d s ....................
3,120 00
Amount due on nividend N o. 1 and 2 ....................................................
795 00
do. due on Dividend N o. 10............................................ . . . ____ 126,4E6 00
do. Tem porary Loans — ....................
1,200 00
do. due other C im panies....................................................................
4,268 56
do. due A gents............................
173 65
do. Bills payable............................................
7,700 71
do. due individuals...............................................................................
17,618 65
do. due on Pay Kolia....................................................
24,947 73
do. due on Negro Ronds, 1S64 and 1865........................................... 35,54 00
go . o f profit and loss a ccou nt.................. .......................................

$4,000,000 00

782,205 30
730,602 04
$5,512,807 34

JJ', A. Stagg , Secretary.
N e w Y ork to C h icago . — W e see so freq u en tly m isstatem ents o f the distsn ces
b etw een N ew Y o r k and C h ica go b y th e different railroad lines, that we are tem pted
to m ak e a correct statem en t o f th em ,
i he last w e h a ve seen is given in a L ondon
pa per (HerapatlC s Railway Journal), in an a rticle intended to show that the Grand
Trunk R a ilw a y has advantages for traffic b etw een C h ica go and B oston eq u a l to those
o l the oth er lines, and that it has v ery little the disadvantage in distance. This
p a p er g iv es the distances from N e w Y o r k to C hicago as follow s :
Miles.
New York Central, through Canada............................................................................................. 1,019
Erie, via Atlantic and Gre t W estern............................................................................................ 985
Pennsylvania................................................................................................... .................................... 911
W e w ill g iv e the figures (and the rou tes) m ore correctly :
N ow York Ce tral. Great W estern o f Canada, and Mich'gan Central.................................
New York Central and Lake -hore and Michigan Southern...................................................
Erie and Lake Shore and Michigan Southern .................................. . ...............................
Erie, Atlantic and Great W este n, anu Fitt-burgh, Fort Wayne and C hicago.............
Penu ylvania and Pittsburgh, Fort W ayne and Chic go, v a Allentow n...........................
Ditto, via Phi'ade phia
.......................... ..................................................................................
Pennsylvania and Pan Handle Line, via a 1 entowu ............................. ..................................
D itto , v i a P h i l d e p h i a

Miles.
962££
980
962
973>£
899
911
9 ’8

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

950

New York Cen r. l, Grand Trunk (Buffalo to Detroit Junction) and MicMgaa C entral...
Erie, Grand Trunk and Michigan C e n t a l ......................
....... .
..................
Erie, Atlantic and Great * estern, and Lake sh re and Michigan Southern......................

982
9,;4
983

The distance to Boston b y the B oston and A lb a n y , the N ew Y o r k C entral, the
G reat W estern and the M ichigan C entral is 57 m iles further than to N ew Y o r k ,
or 1,020 m ile s ; b y the Grand T ru n k it is 1,226 m iles to B oston and 1,115 m iles
to P ortland. T o the latter p lace it is nearly as short as a n y other route, but P ortland
as y e t has not a g rea t trade with the W e s t.
It is try in g hard to gro w , h ow ever,
and as one o f the inttrume> ts is con structing railroad lines w h ich w ill dim irish the
dista* ce con sid era b ly . I f in any w a y C anada and its cities can b e m a l e p op u lou s
and fl "i idli n g , and a h ea v y trade institutecf betw een them and the W e st, the G rand
Trunk R tiiw a y w ill be sure to have a v ery la rge traffic, for it affords the b est con ­
nection to n ea rly all the C anadian cities.— Railroad Gazette.
F ore q s T ra ffic — I h ere can ha rd ly be said to b e a n y rates on w estw a rd bound
freights from N ew Y o r k , as they are c ange l a lm ost d a ily . E astw a rd rates rem ain
firm at the figu res fixed last M ay
Hoads leadin g w estw ard h a ve had grain ship­
m ents stim ulated b y the higher p rices < f the p ast tw o w e e k s ; but, on the other hand,
th e farm ers are so en gaged with their harvests that th ey are not able to bring forw ard
their ol 1 grain as fast as they w ou ld ike to do. T h e h a rvest is som e w eeks earlier
than usual, and the p rosp ect is that n ew grain w ill begin to com e in o v e r the N orth ­
w estern toad b y the m i Idle o f A u g u s t. I f prices con tinu e g o o d , w e m ay e x p e ct the
heaviest A u g u s t receip ts o f grain that w e have had tor y e a rs .— Railroad Gazette.




1870]

R A IL R O A D

ITEM S.

147

P h il a d e l p h ia and E r ie R a il r o a d .— P h il a d e l p h ia , P enn . J u ly 2 0 .— An e le c­
tion w as held t o -d a y b y th e stockholders o f the P h iladelph ia and E rie R ailroad, to
a p p ro v e the new lease o f the road b y the Penn sylvania R ailroad C o m p a n y . P rior
to the election a protest, w as p resen ted on b e h a lf o f the C levelan d, P ainsville and
A sh ta b u la R ailroad against a llow in g tUe P enn sylvania R ailroad to v o te od nearly
40,00(1 shares ow n e d b y that C om p a n y , on the ground that the new lease is in fa vor
o f the C om p a n y , and that the C om p a n y should not be perm itted b y its ow n v o te to
disch a rge th em selves from the obligations o f the form er lease ; 68,168 votes w ere cast
in fa vor, and 2,717 against d ecid in g the question o f the new lease.
L ake S u p e e io r and M ississippi . — Trains are now running to T hom p son , at the
d allas o f the S t. L ou is R iv e r, 128 m iles from S t. Paul. This w ill be the point o f
interseciion w ith th e N orthern P a cific. I t is ex p e c te d that the line w ill b e finished
to L a k e S uperior, a bou t th e 15th o f A u g u st.
S t . J oseph and D e n v e r . — I t is e x p ected that th e road w ill b e c o m p le t e ! to
S en eca , N em aha CouDty, 70 m iles w est o f S t. J osep h , b y , the 1st o f A u g u st.
N orth M issouri .— This line w a s com p leted to O ttu m w a , I o w a on th e 8th inst.
co u n ectm g there w ith the B urlington and M issouri R iv e r and the D es M oines V a lle y
R oads.
N e w J er se y C ental R a ilr o a d . — T h e fo llo w in g statem en t o f the con dition o f
the p ro p e rty , addressed t o the stockholders, w a s recen tly m ade : D u ring th e absence
o f the P resident in E u rop e, no rep orts h a ve b een m ad e to y o u for the years 1868
and 1869.
T h ey have n ow been p rep a red , and w ill be r ceiv ed from the printer
a bou t the let p rox im o, w h en th ey can be had on application to S am uel K n o x , Taeaeurer.
T h e follow in g is a short sum m ary o f the results o f the business for the
tw o years, as also o f the six m onths o f the present y ea r, June b e io g pa rtly estim ated :
Year 1863.
Gross earnings .......................................................... $1,129,412 56
E x p e n s e s ...........................................
2,319,192 10
Net earnings................................................................ 1,350,219 36
T h e n et earnings, <tc., a p p rop ria ted as fo llo w s :

S ix months
Y e a r 1869.
$4,010,121 73
2,642,163 37
1,367,958 36

1870.
$2,169,360 54
1,162,388 21
1,006,972 33

S ix months
Year 1368.
Y e a r 1859.
187'.
Interest........................................................................ $ 115,518 31
$508 481.74
$166,316 80
Taxes .........
134,225 S3
67.505 23
72 488 13
1) vidends........... ...................................
1,396,165 00
600,000 00
Redact on ot equipment accounts, <fcc...............
340,617 16
858,530'6i
surplus over dividend......................... ......... ................................
168,137 90
T h e assistance o f the le n e w a l fund w as required to p a y the d ividends o f 1868.
In 1869, though the accounts sh ow ed a surplus o f $ 85 8 ,5 3 0 61, no divid en d s e re
m a d e. T h e la rge purchases o f engines and cars required b y the gen eral business,
and also the u n ex p ected ly la rge advance required for the N ew a rk and N e w -Y u rk
R ailroa d had created a floating debt. T h e m on ey w as all spent, ai d it w as d eem ed
ju d iciou s b y th e B oard to suspen d d ividends and p a y o ff the d e b t. T h e C om p a n y
is now again free from d eb t and p rep a red to resum e the regu la r division o f w h at­
e v e r profits m a y b e realized from the business. T h e a ctual net profits o f th e six
m ouths w ere over five p er ceu t. A ll o f w hich is sig n ed b y John T a y lo r Johnston,
P resident.
I ndian apolis and S t . L ouis .— T h e la st rail w a s laid on this C o m p a n y ’s n ew
roa d b etw een T erre H a u te and Ind ianap olis on the 5th instant, near G reencaetle,
I n !,
T h e roa d is now here m ore than a few m iles from the o ld Indianapolis <6 T erre
H a u te R oa d , w hich is now under the con trol o f the S t. L ouis, V an d alia & T erre
H a u te C om p a n y . T h e n ew roa d passes close to severa l excellen t m ines o f the
fam ous Indiana b lock coal, suitable for sm elting iron, and a la rge m ineral business is
e x p ected .
S t . L ouis & S t . J oseph . — T he report that this roa d had been p urchased or leased
b y the N orth Missouri R ailroad C om p a n y is incorrect. A n arrangem ent, h o w e v e r,
has been m ad e b y which the N orth M issouri w ill op era te the S t. L ou is & S i. J osep h
R ailroa d , and b y which through trains w ill iu a few d a ys run to St. L ou is from S t.
Josep h . T his w ill form the shortest rou te b etw een S t. L ou is and S t. J o se p h , and
p ro b a b ly w ill b e the on ly one on w hich cars w ill run through, unless the Missouri
P a cific should m ak e an arrangem ent w ith the K ansas C ity , S t. J osep h & C ouncil
B luffs R a ilroa d .— Railroad Gazette.




148

R A IL R O A D

ITEMS.

[ August,

R ailroad B ond I ndebtedness of Counties in I owa . — T h e fo ilo w iu g is the am ount
o f ju d g m en ts ob ta in ed against cou nties in Io w a on railroad b on d indebtedness, a t the
recent term o f the U n ited S ta tes C ircu it C o u rt:
L e e . . . . ................................................ $49,115 83 Johnson.................... .
H enry........... ...................................... 45,373 86 iottaw atam ie...............
W apello.................................................
4,683 08 City ot Davenport........
L ouisa......................
5,807 62 City o f L n b n q u e .........
Des M oines..........................................
4,432 6 1 City of B u rlin g to n ....
Io w a .......................................................
2,683 96 City t f K eoku k............
R ow eebeik..............., ..........................
6,366 42 City o f Iow a C ity.........

4,402
1,255
1,037
64,985
17.989
47,112
4,075

40
05
43
64
09
00
60

O f these am ounts it is rep orted th a t L ee C ou n ty has b egun to p a y her bonds, a
surplus m ule being the first a rticle offered in liqu id a ion o f the d eb t. T h e m ule was
seized b y the officer, and alth ou gh a la rg e nu m b er o f persons w e re present, no one
b id on that m ule. O f cou rse, no bidd ers, no s a l e ; so the m u le w as rem anded to
the stable, to eat h im self u p a t the p u b lic exp en se.

R ailway B onds in K ansas. — A suit is pen d in g in the S tate S u p rem e C ourt in v o lv ­
in g the legitim a cy o f loca l ra ilw a y bonds. I t is an action b rou g h t b y the Missouri,
K . <St T . i t . C o. to co m p e l the authorities o f C offey and D a vis cou nties to d e liv e r to
plaintiffs certain b en d s v oted b y these cou nties in aid o f the construction o f said road.
One o f the p rincip al points o f the d efen ce (say s th e T o p e k a Record) is a gen era l
d enial o f the p o w e r and rig h t o f cou nties, under our constitution, to v o te aid to
railroads. T h e Record, in its com m en ts on the ca se, refers at len g th to that recen tly
d ecid ed by the M ichigan S u p rem e C ourt.
L ouisiana L oan— I t has b een annou nced that the n ew loan o f the S ta te o f L ouisiana
in am ount $3,000,000, has b een taken b y M essrs. S tern B rothers, the L o n d o n bankers
the price w as 7 2 j .
— F iv e hundred C hinese la borers arrived at C hatanooga, T e im ., F rid a y . T h e y
a re the first installm ent o f tw o thousand w h o are to b e e m p lo y e d on the A la b a m a
and C hattanooga road. I t is stated b y the L y n ch b u rg ( V a . ) News that the C hesa­
p e a k e and O h io R ailroa d C om p a n y intend em p lo y in g im m ed ia tely one thousand
C hinese to w ork on th o con struction o f that road.
T h e y are induced to tak e this
Btep, it is said, b ecause th e colored la borers h a ve le ft, and are still lea vin g the road
in la rge num bers.
— A n im portant railroad con tract w as con clu d ed in P hila d elp h ia on T h u rsd a y b y
A . K . M cC lu re, counsel fo r th e C en tra l Im p r o v e m e n t C om p a n y , w ith the Shenan­
d oa h R ailroa d C om p a n y , for th e con struction o f the S henandoah V a lle y R ailroa d from
S hep herd stow n, b y w a y o f C harlestow n, F ron t R o y a l, L u ra y , F ish erviile, L e x in g ­
ton, A c ., to the V irgin ia aDd Tenn essee R ailroa d , near S alem . T h e distance is 233
m iles, and the ro a d is to be com p le te d w ithin tw o years, re a d y for cars. T h e man .
a gem en t con tem p la te exten d in g the lin e throu gh C linch and H olston V a lle y s to K n o x ­
v ille .
— R ussia is the o n ly cou n try in the w orld w h ich now a p p roa ch es the U n ited S ta ffs
in the exten t o f railroads being built.
U n lik e th e U n ited S ta tes, h ow ever, it is
o b lig e d to im p ort m ost o f its rails, T h e C levelan d and T y n e district alone, in E n g ­
land , are said t o have ord ers from R u ssia to the am ount o f £ 3,0 0 0 ,0 0 0 for ra ilw a y
m aterials o f all kinds. T h e N ortheastern D istrict is p rod u cin g railroad m aterial at
th e rate o f 1.700,0u0 tons a y ea r, and increasing its furnaces, so g reat is the dem and
fo r railroads in construction on the continent o f E u rop e .
— T h e C h ica go and N orth w estern R a ilw a y C om p a n y h a v e ob ta in ed con trol o f the
ch arter o f the p ro je o te d lin e o f ra ilroa d from M adison to B arab oo, and th ey p rop ose
t o exten d it to W inona to con n ect w ith the C h ica go and S t. P aul and th e W inona
and S t. P eter R a ilroa d . A c c o r d in g to the B araboo Republic th e con tract secures,
under the m an agem ent o f th e B a rab oo A ir L in e R ailroa d C o m p a n y , the construction
o f the roa d from M adison to B a ra b oo b y the first d a y o f J u ly , 1871, and to R eed sb u rg
w ithin fiv e m onths thereafter, con d ition ed that $ 1 7 5 ,0 0 0 is v o te d b y th e tow ns
in terested , and the right o f w a y and d e p o t grounds d e e d e d to the com p a n y. T h e
s u rv ey w ill b e undertaken a t on ce.




1870]

140

M ISC E LL A N E O U S ITEMS,

— T h e N ew C onsolid ated M ortg a g e Sinking F und bonds o f the L a k e S h o re and
M ichigan Southern R a ilw a y C om p a n y are now offered in N e w Y o r k . T hese are the
only bonds w hich are secured b y a m ortga ge cov erin g the em ire p ro p e rty o f the
co m p a n y . T h e present funded d e b t ,o n m atu rity, w ill b e retired into these b o n d s ;
and th e am ount n ow offered for sale is lim ited to the surplus after reservin g an
am ount sufficient for retiring such fu n ded d eb t. T h e b on d s run thirty yea rs, are
issued in cou pon and registered form , in denom inations o f ¥1,000 cou pon s, and
¥1,000, $5,0 00 , and $ 1 0 ,0 0 0 ea ch , registered, and are offered at 91$ and accrued
interest.
— T h e ra ilw a y b etw een D u b u q u e and S iou x C ity , I o w a , w as co m p l-te d on the
15th inst., and traios w ere to com m en ce running on the 18th. T his m akes the fourth
railroad from C hicago now passing through the entire S ta te o f I o w a — one from
D u bu qu e, one from C linton, one from D a ven p ort, and one from Burlington.
The
road w estw a rd from M cG reg or is also n ea rly across the S tate, and m o vin g on liv e ly .
— I t a ppears that an alliance has b een effected betw een the I o w a C entral
w a u k ee and S t. P aul, w h ereb y the la tter ob lig a tes its e lf to m eet the form r
C ity in one hundred d ays. T h e com p letion o f this g a p w ill p lace S t. P aul
connection w ith the Io w a coa l fields, and w hen the Southern connections o f
C entral are com p leted , it w iil furnish a Bhort line o f com m unication b etw een
and S t. Louis.

and M il­
at Mason
in direct
the Io w a
St. P aul

— It is announced th a t the Penn sylvania C entral are to h a ve such a con trolling
interest in the C am den and A tla n tic R ailroa d C om pany and the P h ilad elp h ia and
T ren ton roads as w ill m ak e A tlantic C ity b y th e sea a p ort o f en try.
— T h e rep ort o f Mr. J uland Danvers, on Indian R a ilw a y s, for the y e a r 1869>
has ju s t b een issued, and states som e fa cts o f interest.
A lth o u g h there w as a m uch
la rger m ilea ge the n et rev en u e w as only £ 2,5 20 ,9 5 2 , or £ 1 ,6 7 0 lees than that o f
the yea r 1868. T h e gross traffic had, ind eed , increased from £ 5 ,8 2 0 ,7 2 3 in 1868,
to £ 5 ,7 0 9 , 82 in 1869, an increase o f £ 3 8 0 ,0 0 0 , but this additional traffic had on ly
been earned b y a corresp on din g increase o f w ork in g exp en ses, from £ 2,8 08 ,0 3 8 to
£ 3 ,2 0 3 ,1 7 1 , so that there is s igh tly less p rofit to sh ow .

MISCELLANEOUS ITEM S.
R evenues of the U nited S tates.— T he follow in g are the official figures o f the
reveuues o f the U nited S la tes f r the fiscal y ea r en ling June 3 0 :
CUSTOMS

r e v e n u e s o f u n it e d

states.

Fiscal Y ear.
June 30, 1870.
First q u a rte r..................................................................................... $52,598,922
S c o d g quarter................................................................................. 41,308,147
Third quarter....... ............................................................................ 48,196,911
Fourth quarter................................................................................. 51,630,366
T otal..............................................................

$193,934,346

Jane 30 1869.
$40,626,594
36.96",463
49.389,534
44,031,835
$160,008,426

T h e other revenues o f the T reasury for the sam e fiscal year, as com pared w ith
1869 :
I STERNAL REVENUES OF UNITED STATES.

Fiscal Year.
Jane 30, 1370.
First quarter............. . . . . ........................................................ $49,926.'52
Second quarter.................................................................................. 37.264.788
Third quarter....................................
37.980.411
Fourth quarter.................................................................................
58,044,718
T e t .l ......................................................................................... $183,216,219

June 30, 1869*
$33,751,402
31.18u.324
82,>02,840
56,581,674
$159,122,249

MISCELLANEOUS REVENUES.

Fiscal year.
June 30,18*0.
First qu rt r ..............................................
$6,222,941
second quarter................................................................................. 11 020,532
Third quarter ..................................................................................
6,850,4 '5
Fourth qua ter ................................................................................
4,304,575

June 30, 1869.
$6,250,036
7,838,219
5,706,854
7,963,676

T o ta l.........................................................................................$28,308,533

$27,752,785




150

[A U Q U S t

M ISCE LL AN EO U S ITE M S.
RECAPITULATION.

Fiscal year.
June 30,1870.
C ustom s............................................................................................. $193,934,346
T a x e s ...............................................................................................
183.216,219
Miscellaneous..................................................................................... 28,398,683
Lands............................................................................. ............. . . . .
3,282,274

June 30,1869.
$180 008,426
169,122,249
27,752,785
4,020,285

T otal.........................................................................................$408,831,372
Expenditures...................................................................................... 292,111,269
Surplus..................................................................................

$3 0,903,745
821.041,040

$116,720,103

$49,862,700

W ashington, J u ly 2 7 .— P " direction o f S ecreta ry B outw ell. an interesting s ta t e '
m ent has I een prepared at the T rea su ry D ep a rtm en t, sh ow in g in detail
and expen ditures o f the G ov ern m en t, from the 30th o f June, 1860, to
th e last fiscal y ea r.
T h e a gg rega tes are show n b y the follow in g table :
Expenditures.
1860 .........
$68,025,789 34
1861 .............................................................................................
66,367,127 20
1862 ...................................................................
474,744,781 22
1863 ...........
714.709,995 68
1864 ................................................................................................
865,234,087 88
ls65
......................................................................................... 1,220,312,982 41
1866 .............................................................................................
620,S09,416 99
1867 .............................................................................................
357,642,478 71
1868 ..................................
387,340,284 86
1869 .........................
321,490,597 75
1870 .............................................................................................
292,111,169 31
T otal........................................................................................$5,3C3,700,811 23

the receipts
the clo s e o f
Receipts.
$55,976.833 89
41.344,983 82
61,935,720 76
111,899,766 48
260,6*3,717 44
329,667,886 66
56,1,250.353 00
49.’,634,010 27
405.t38.083 32
370,943,747 21
408,831,372 42

$3,037,165,475 30

T h e p u b lic d eb t w a s in 1860 a bou t $ 1 0 0 ,0 0 0 ,OCC. I t is now $2,2 16 ,5 4 5 ,3 35 93.
T h e follow in g item s show how this $ 5,303,700,811 23 has b een disposed o f since the
fiscal y ea r com m en cin g June 3 0, 1859 :
F o r the execu tive, $ 5 6 ,0 0 0 ,0 0 0 ; fo r th e ju d ic ia r y , a bou t $ 1 5 ,0 0 0 ,0 0 0 ; for the
a rm y and volunteers, $ 1,1 40 ,6 3 2 ,0 60 9 4 — $32 8 ,0 0 0 ,0 u 0 o f this h avin g been exp e n d e d
in the y e a r 1865. F or the Quarterm aster’s supplies, engineer’s and m iscellaneous
su p p lies o f the W a r D ep a rtm en t aDd arm y, $ 2,1 4 6 ,7 7 6 ,8 9 6 5 3 ; for bounties from
1863 to 1870, $98,208,000 ; for the n a v y , $480,013,081 25 ; for pensions, naval and
m ilitary, $136,9 3 1 ,4 57 58, abou t $ 2 ,’ 30,622 63 o f w h ich w as e xp en d ed before the
rebellion c o m m e n c e d ; for th e Indians, $ 3 9 ,2 c6 ,0 1 7 7 8 ; fo r interest on the p u b lic
d eb t, $ 85 1,850,713 29, o f which $3,1 77 ,3 1 4 62 was exp en d ed in 1860, and $4,000,173 76
in 1861 ; for C ogres-', $ 8 6 ,96 9 ,6 4 9 7 8 ; for p u b lic buildings, o v e r $ 1 7 ,0 0 0 , 0 0 ; for
deficiencies in the Pi stal service, o v e r $25 ,00 0 ,0 0 0, o f which $ 8 ,1 96 ,0 0 9 26 was
exp en d ed in 1860, $ 4 ,0 64 ,2 3 4 44 in 1861, and abou t $ 4,9 50 ,0 0 0 in 187 ’ ; ior im p ro v e ­
m ent c f rivers and harbors, n ea rly $ 13,000,000, nearly $ 1 1 ,00 0 ,0 0 0 o f w hich has
been exp en d ed since 1867 ; for foreign intercourse, o ve r $ 2 0 ,0 0 0 ,0 ‘ 0, $7,2 00 ,0 0 0
for A la sk a being cou nted in this a g g reg a te ; for expen ses o f co lle ctin g the C ustom s
rev en u e, $52 ,59 1 ,8 1 1 93 ; ior expen ses o f cu llectin g the internal revenues since 1866,
$ 3 9 ,0 0 0 ,0 0 0 . T h e balance, o f o v e r $17 5 ,0 0 0 ,0 00 , is ch arged to various m iscellaneous
expen ses.
T he D ebts , R enf. nues an d E x pe n d itu r e s of F r a n ce and P r u . sia . — T h e iV. Y.
World, g iv es the fo llo w in g : F o r the b u d g et y ea r 1869 the revenue o f the French
em p ire w as £ 8 5 ,1 4 8 372, and t e exp en d itu re £ 8 5 183,626. T h e national d e b t w as
in that y ea r £ 5 5 8 2 68,928. In 1866, the last census y e a r o f the e m p ire, the p o p u la ­
tion W a s 38,067,094 ; the area w as 207,480 square m iles, or 177 p e o p le to each square
m ile.
T h e revenue o f Prussia ftr the revenue y e a r 1869 w a s £25 ,18 0 ,1 7 4, and th e e x p e n d itu ie was calculated at the sam e fig u r e ; the d eb t w as £ 6 5 ,1 8 6 ,3 5 8 , o r equal t o tw o
and a h a lf yea rs rev en u e. T h e p op u la tion o f P iu s s ia in 1867 w as 24,106,847 ; its
area, 137,066 square m iles, or 176 inhabitants to each squ are m ile.
F or five yea rs the rev en u e and expen diture o f Prussia is show n in this t a b le ;
/----------- Revei Que——— —i
Years.
Thaler*.
£.
1865................................ ...............150.714,031
2*2,6i)7,104
1866 .......................
26,090,2i0
1867.........................
25,339,480
1868.........................
23,96 J,559
1869 ........................
25,130,474




r ----------Expenc iiture----------- i
Thalers.
£.
150,599,164
32, *89,874
169,243,365
25,396,501
168,929,873
25,33^,480
159,757,064
23,763,559
16V 36,494
25,130,474

1870]

151

M ISCE LLAN EO U S ITEMS.

T h e follow in g s ta te m e rt sh ow s the e x p orts o f cotton , linen, silk, and w oolen
g o o d s to the U n ited States, to F rance, and to th e H anse T o w n s during the first five
m onths o f the present and last tw o y ea rs :

Cotton piece g o o d s ...
Cotton threat!............
Linenpiece g o o d s ....
Linen thread.............
Silk piece good s.......
W oolen c l o t h .............
Carpets and druggets.
W orsted stuffs............

TO THE UNITED STATES.
1863.
............................ yd s. 42,691,085
............................ lb s.
752,069
.......................... yds. 82,771,283
........................... lbs.
449,230
........................ yrta.
155,455
........................... yd s. 1,684,027
............................ yd s. 1,390,119
............................yds. 28,442,725

1869.
58.183,962
797,082
47,443,676
536,006
210,540
1,542,079
2,513,272
33,970,-60

1870.
58,042,782
674,453
43,543,626
493,722
287,119
1,694,218
2,539,008
33,088,401

108,335,993

145,167,077

140,363,329

Total,
TO PRANCE.

Cotton yarn.................................................................... lbs.
Cotton piece g o o d s . . .................................................. yds.
Cotton ihreaa...........................
lb.
Linen yarn......................................................................lbs.
Linen piece goods
................................................ yds.
W oolen ya rn ................................
lbs.
W oolen cloth ............................. .. ..........................yds.
Carpets and druggets..................................................yds.
W orsted stuffs.............................................
yds.
Total

1,696,477
12,661,562
68,499
930,115
1,617,982
3 401,736
829,012
272,252
6,991,424

661,067
18,414,619
84,130
1,511,009
1.983,337
1,541,984
870,40 ->
275,525
6,856,081

1,209,447
19,487,887
41,093
2.063,530
3,308,008
1,618,732
3,120.590
186.451
9,790,620

28,469,009

32,198,157

40,826,258

.................... .lbs. 4,437,801
.....................yde. 3,347,978
.................... lbs.
195,541
.....................lbs. 11,012,355
.................... yds.
195 541
.....................yds.
28,963
.....................yds, 15,852,135

13,631.099
30.830,649
3;357,992
4,661,184
113.740
7.995,309
294,024
33,157
24,211,111

13.045,693
26,965,263
4,254,231
3,792,532
51,737
8,982,807
339,965
46,305
22,107,874

85,427,777

85,168,270

79,586,410

TO HANSE TOWNS.

Cotton yarn.................
Cotton piece g o o d s ..
Linnen yarn...............
Linen piece goods —

Lrnen thread.............
W o len y irn .............
W oo.en cioth .............
Carpets and druggets.
W orsted stuffs...........
Total

...................... lbs. 20,417,780

...................yds. 30,093,481

S c h u y l k i l l N a v i g a t i o n C o .— A m eetin g o f the stock and bond holders o f t h e
S ch u y lk ill N avigation C om p an y , held recen tly , ra t'fied the lease o f the canal and
its lranchises to the R ead in g R ailroad C om pan y on th e term s form erly published.
T h ere i9 to he. a v ote tak en w ithin the n ext three days, but the v ote at the m eetin g
wa9 so nearly unanim ous that there can be n o d ubt o f the result.

— T h e new cu rren cy law , authorizing $54 ,00 0 ,0 0 0 additional circulation, apportion s
to the S tates and T erritories nam ed b e lo w , as follow s :
V irgin ia ...
$4,915,985 I G org ia ...........................
$4,6St,728
457,770 North Carolina...............
4,098,628
W est V irgitia
4,216,838
Illinois ..........
1,079,672 I South Caro in a ...............
4,081.212
Michigan......... .
786,776 I A1 bam a......................
161,273
W iscon sin.. ..
2.117,939 , Ore o n ............................
2,032,194
Io w a ..................
681.363 T ex a s...............................
1,455 519
174,712 Arkansas.........................
Kans s ........... .
58,332
M is s o u r i.........
3,000,412 U tah.. .............................
1,717.:- 83
K entucky.........
4,651,349 California.........................
546,442
Tenn ssee . . . .
4,331,759 Florida.............................
15.441
Louisiana.........
5,45,193 Dacotah ........................
277,939
Mississippi.......
2,980,470 New M exico ................
47,180
N ebrask.
6,576 W ashington Territory..
Total

.$54,0' 0,000

T h e I ndebtedness of T ennessee .— ^ n e N ashville American g iv es the follow in g
v ery hopeful view o f the finances o f Tennessee : “ A 9 the indebtedness o f Tennessee
has again becom e the su b ject o f discussion, w e have en d e a v o re d to p repare from
official sou ices a correct statem ent o f her liabilities up »o the 1st o f July last, with
a p robable e s t m te o f w h at has be^n a d d ed since.
W e confess ourselves ch eered
w ith the pn sp ect o f future relief from the mountain o f d e b t w hich has been w ei hing
upon us.
W e are not on ly n ot ban krupt, but have resources in hand which, if
p ru d en tly m an ag ed , w ill soon p a y o f f our entire indebtedness.
A s our C onstitution




152

M IS C E L L A N E O U S

[ August,

ITEMS,

prevents the issuance o f any further b onds fo r internal im provem ents, w h en w e once
g e t free from our p resent em barrassm ents, w e m a y h op e to rem ain free foreve: :
L IA B IL IT IE S OV T H E S T A T E

TO

JU LY ,

1869.

S late d eb t prop er (C o m p tro lle r’ s rep ort, p ? g e 18).............................................................. $4,573,159 66
O f th is am ount $1,471,899 66 is o n a c c o u n t o f tu rn pik es a t 5 p e r ce n t to
per cen t interest.
R ailroad lia b ilities, p a g e 21.......................................................................................................... 34,127,524 07
C laim - o f U . >s. v*. K. an d K . R . R ..........................................................................................
130,MR 53
Claim s o f U. S. v s . M em ph is an d C lark sville R a ilro a d ....................................................
3S0,756 24
A d o Bank T e n n . n otes ( e s t i m a t e d ) ....................... ..............................................................
1,200,000 00
F loa tin g de«t. .................................................... ......................................................... •.......... .. •
500,000 00
$40,912,244 56
F rom th is de^r.ct C laim s U . S. v s . R a ilroa d s, as it is b e lie v e d the R .
K . cla im s vs. U. S. w ill b e a l l o w e d ................................................................ $511,560 82
Bank T en n essee to be taken u p fo r debts d u e b a n k (e s tim a te d )............ 400,000 00
V a lu e o f s to c k in tu rn p ik es....................................................................................
50,Odd 00— 961,560 82
I t is estim ated that unpaid ta x e s fo r 1868-69 w ill pay flo a tin g d e b t ...................... ..

$39,95 ,633 78
£00,000 00

T o ta l lia b ilitie s.................................... .............................................................................
$39,4.0,683 73
T h e railroad lia b ilitie s as s h o w n w ith in te re s t fu n ded and co u n te d t o J u ly , 1869,
is th e su m o f
.................................................................... .................................................... $34,127,524 07
O u t o f this am ount, in ord er t o ascertain w h a t the State m u st p ro v id e fo r, m ust
be dedu cted the am ou n t loan ed t o and en o rs e d fo r th^ fo llo w in g railroads
that pay interest, v i z . : E. T . and V a ., E T . a d 6 a , M em ph is and C ., M iss,
an d r e n n ., M ob ile and O h o , M is s . C en tral, N . and D e ca tu r.................................... 13,907,039 04
L ea v in g sum t o t i l u n p ro v id e d f o r ...................................................................................... . . $25,543,644 65
— the in terest ou w h ic h is u n p ro v id e d f >r.
T o m eet whi<h, h ow ever, as w e ll as the p rin cip a l d e b t, the State has a lien on
the lo llow in g roads, v i z .: E . and K ., C in cin n ati and t u m b. G ap, K n o x , and
K y ., M cM m n v . and M anchester, M em p h is and C lark sville, M em phis and O hio,
b a s h v iile and N. W ., R o g e rs v i le and Jefferson , W in ch e st r and A la ., Kn»>xv
an d Charleston, E . T e n n . and W e st. N . C ., as w ell as their cars, lo c o m o t i v e s
& c ............................................ , ...........................................................................$19,524,435 03

B onds h a ve been issued to Tenn essee and P acific,
E va n sville a od H enderson, M em phis and L ittle R o ck ,
under the G en era l Internal Im p rov em en t law s o f the
o f these roads, it is con fid en tly b eliev ed , can b e eith er
the liab ility o f the S ta te at o n e 3 ten m illion dollars.
T h e value o f the S tate lien in the rem aining roa d s, i f
b y at least four m i lions.

S outhw estern, Mineral H o m e ,
fo r which the S tate has a lien
S ta te . T h e m ost im portant
sold or leased so a9 to red uce
so ld , w ill still further red uce,

U p on this estim ate, ded u ctin g fou rteen m illio n s from th e lia b i itie s o f th e State,
a - sh ow n a b ov e, v iz ................................................................................................. .............. $25,543,644 69
L e s s ................ .................................................................................................................................... 14,000,* 00 00
G iv e s a lia b ility J uly, 1869........................
...............................................................................$11,543,644 69
Add
B on d s is su ed s in ce that tim e , in terest fo r 12 m on th s (e s tim a te d )..............................
1,500,000 00

T h e S tate has a d eb t o f less ihan fifteen m illions to p r o v :d e for.
A ssum ing
a line o f p o lic y is ad op ted to b ring th e d e b t o f th e S tate to that am ount, ( nd it can
b e d en e), can the S ta te c f T en n essee, w ith ou t onerous taxa tion , m eet the interest
thereon ?
In terest o n $15,000,000 p e r a n n u m ..........................................................................................
C urrent e x p e n s e s ....................................................................................... ...................................

$900,000 00
450,0*0 10

$1,350,000 00
A n n u al assessm en t o n $300,000,000 a t 4 m ills o n the hun dred dollars,
w o u ld g i v e ................................................................• . ...............................................$ 1,200,000
P rom clerk s, ta x e s o n licen s ed p riv ile g e s , la w s u its ........................................
600,<'00
F rom B anks, Insurance C o ’ s., E x p r e ss Co-a , & c ..........................................
30,000— 1,830,000 00

I f law suits b efore Ju stices o f P ea ce should b e taxed one d ollar w ith a b ov e surplus
(a llow in g s om e o f the figures estim -t^d to fall short), a sinking fund o i am ount la rge
enough to soon extinguish the entire d eb t w ou ld soon ue c r e a te d .”
— T h e S ta te o f Indiana is ou t o f d eb t, o r w ill b e p ra ctica lly so, on the l e t o f
S ep tem b er. T h e S ta te T reasurer notified the holders o f th e S a te Bonds that he
w ou ld pay them on the 1st o f J u !y.
A p ort on o f th e bonds w ere p resented, and now
notice is giveD that after the 1st o f S ep tem b er, 1870, interest w ill cea se.




P U B L IC D E B T

1870]

O F TH E

U NITED

153

STATES,

C ost cf ? h pping F lour and W heat to L iverpool . — F rom a circular o f Mr. A le x ­
ander B. Moreau, flour and grain b roker. N o. I 3 B road street, w e e xtra ct the
fo llo w in g tabular statem ents, show ing the prices required for w h eat and flour e x
q u a y at L iv e r p o o l, to clea r a loss on shipm ents hence per steam er, at a cost ranging
from 100 to 15 c. p er bushel, and $4 65 to $ 6 per barrel, “ free on board,” with
freigh t at 6d. per bushel and Is. 6 d. p e r barrel (in clu d irg 5 per cent prim age),
exchange at rates ranging from 118 to 140 per cen t currency, and all L iv e r p o o l
ch arges d ed u cted . E x a m p le : W hat p rice p er cen tal, ex q u a y at L iv e rp o o l, is
required to cle r a loss <>o shipm* nts o f wheat at a cost o f 185 p er bushel, f. o . b .,
and 6 1. freight, w iih exch a n ge at 1 09£ per cent, and g o ld at 113^ per rent ? First
m u ltip ly the
o f exch a n ge b y the pr ce o f gold , and the result is the cu rren cy
e q u iv a le it, w h ich in the foregoin g exa m p le is 124 p er c e n t ; then turn to the table,
and where 135c. p e r bushel c o s t a n d 124 per cen t exchange intersect each oth er,
the required answ er w ill be found, v iz .: 9s. 8d. per cental.
p. -.o

H o u r p e r barrel.

ii =
o
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5

S

118
s. d.

124

p. d .

05 20 9

70

20

75 21
SO 21
85 21
90
95
00
05
10
15
20
25
30
5
40
45
50
00
70

21
22
22
22
22
22
23
23

23

23
23
24
24
24
25
5 SO 25
5 90 20
6 00 26

19 11
11 20 1
2 20 3
4 21) 6
7 20 8
9 20 10
0 21 0
2 23 3
5 21 5
7 21 7
9 21 10
0 22 0
2 22 o
4 22 5
7 22 7
10 22 9
0 23 0
3 23 2
7 23 7
0 24 0
9 24 8
3 25 0
8 25 5

130
s. d.
19 0
1 2
19 5
19 7
1* 9
19 !1
20 2
20 4
so 6
20 8
20 11
21 1
21 3
21 5
21 7
21 10
22 0
22 2
22 6
22 11
23 8
24 0
24 4

136
s. d.
18 4
18 6
18 8
18 10
19 1
19 3
19 5
19 7
19 9
19 11
20 1
20 3
20 5
0 7
20 9
20 11
21 1
21 3
21 7
21 11
22 8
23 0
23 4

140
s. d.
17 10
18 0
IS 2

18 4
18 6
18 8
IS 10
19 1
19 3
19 5
19 7
1!* 9
19 11
to 1
SO 3
20 5
20 7
20 9
•-1 1
21 5
22 2
22 5
22 9

W h e a t p e r cental.

&S
c.

s

124
139
118
d . s . d . 8. d .
9i 7 5 i 7 2

7
7
105 8
107 8
309 8

100
103

310
112
13 4
li5
117
118
120
22
124
125
127
128
130
183
135
1-10
345
lo 0

3

8
8
8
8
9
9
9
9
9

IU
1

3
4*
54
7
8»
9
11
0
n

7 8
7 »*
7 11

8
8
8
8
8
8
8

8

3 8
4* 9
5* 9
9 7 9
9 8
9
9 9* 9
9 11
9
10 1
9
10 5* 10
10 H 10
11 34 10

0

333
8. d
6 11
7 4 7 1
7 •
?4 7 2

7 7
7 81

7 94
7 104
8 0
H 1
H 8 2*
8 3
7
9 8 4i
104 8 6
0
8 74
8 8
1
2
8 9.
3
8 10
9 0
4
9 H
6
9 34
8
9 7
0
4
9 11
8 10 3
1
2*
4
5

7

140

e. d .
6 9
6 11
7 0

8* 7 14

7 5
7 5$
7 7
7 84
7 9
7 104
7 11
8 0
8 2
8 34
8 4
8 54
8 6
8 74
8 9
8 11
9 2*
9 6
9 94

7
7
7
7
7
7
7
7
7
8
8
8
8
8
8
8
9
9
9

24
34
5
6
7

8
9
10
114
1
2
3
4
5
6
84
K
3
64

T1IE DEBT STATEMENT FOB AUGUST, 1570.
T h e follow in g is the official statem ent o f the pu blic debt, as appears
from the book s and Treasurer’s returns at the close o f business on the last
day o f J u ly , 1 8 7 0 :
D ebt b earin g interest in Coin.
Character
ot Issue.
When payable.
5’8, Bonds..........Jan. 1,1874.....................
5’s, B o n d s ........ Jan. 1,1871.....................
6’s o f 1881........... Jan. 1. 1881....................
6’s,B ’dsOreg.,’81.July 1,1881...................
6’s o f 1881............ July 1,1881....................
6’s, 5-20s, 1862...... May 1,1*88....................
6’s o f 1881........... Ju y 1,1881....................
5’s, 10-40’s ...........Mar. 1,1904....................
6’s, 5-20’s, 1864....N ov 1.1884 ...................
6’s, 5-20’s, 1864... .Nov. 1,1884...................
6’s, 5 20’s, 1865... .Nov. \ 1835 ...................
6’s, 5-20’s , ’65,new July 1,1885 ...................
6’s, 5-20’s, 1867... .July 1, 1887...................
6’s, 5-20’s, 1868... .July 1,1888 ...................

Registered.
$5,250,000
6,074,0f:0
13 252,000
.....
118,982,050
114,485,350
51,695,000
129,654,800
3,13',100
76,360,700
57,457,950
73,883,350
81,273/ 00
9,085 500

Coupon.
$14,750 0* 0
948,000
5,163 000
945,000
70,336,050
£84,185,400
22,305,000
64,912/10
3?,055,250
132,465,107
208,627,850
269,190 850
80,679,850

Aggregate of debt bearing inter, in coin $740,584,300
$1,237,563,8:0
Interest due and unpaid....................................................................
T otal in terest............................................................................................................................




$33,679,311 16

154

P U B L IC

D EBT

O F TH E U N ITE D

[August,

STATES,

D ebt bearing Interest In L a w fu l M on ey.
3’s, Certificates..On demand (interest estimated)......................................
3’s, Navy pen. Fd.Interest only applic. to pay. o f pensions...........................

$45,450,000 00
14,000,000 00

$338,684 98
35,000 00

Aggregate o f debt bearing interest in lawful money............................

$59,420,000 GO

$373,684 98

Debt o n w h ic h in terest h as ceased since m atu rity.
6’s, Bonds........... Matured December 81,1862 ................................................
6’s, Bonds........... Matured December 31,1867...............................................
6’s, Bonds........... Matured July 1,1868 ...........................................................
5’s, Texas indem.Matured December 31,1864...............................................
Var., Tr’v notes.Matured at various d a tes.................................................
3@5X’s .'fr’y n,es.Matured March 1,1859 .......................................................
6’s, Treas. notes.Matured April and May, 1863............................................
7 3-10’s,8 years.. .Matured August 19 and October 1,1864...........................
5’s, 1 & 2 years.. .Matured from Jan. 7 to April 1,1866...............................
C’s, Certif. o f ind.Maturea at various dates in 1866......................................
6’s, Comp. int. n.Matured June 10,1867, and May 15,1868...........................
4,5 & 6’s, Temp. l.Matured October 15,1866 ..................................................
7 3-10’s, 3 years.. .Matured August 15, 1867, and June 15 and July 15,1868
A ggr’te o f debt on which int. has ceased since maturity...................

$360 00
741 00
1,281 00

$6,000 00

12 350 00
38,700 00
242.000 00
89,625 35

12,100 00

2,938 76
108 (0
195 03
1,082 24
12,266 28
313 48
405,514 64
7,501 91
23,389 12

2,000 00

3,200 00
2!»,<550 00
241.0 2 00
5.000 00
2,126,860 00
181,310 00
613 40J 00

$466,791 43

$3,591,117 85

D ebt bearing: no interest.
Amt. outstand.
...
$106,026 00
... 356,000,000 00
•l 39,757,684 48
38,780,480 00

Authorizing acts.
Character o f issue.
July 17,1861 and Feb. 12,1862........... Demand notes ..........................
Feb. 25 & July 11, ’62, & Mar. 3, ’63 . .U. S. legal-tender notes...........
July 17,1862....................................... Fractional currency................
March 3,1863 and June 30,1864........ Fractiona1cu rren cy................
March 3,1863..................................... Certificates for gold deposited,

,$434,614,190 48

Aggregate o f debt bearing no interest

R eca p itu lation .
Debt

b e a r in g

I n terest

in

C o i n — Bonds

at 5 p. cent.
Bonds at 6 p. cent.

Total debt bearing interest in coin........................
Debt

b e a r in g

In t e r e st

in

Total debt bearing interest in lawful m o n e y __
on w h ic h

In t.

Debt

b e a r in g no

Interest

$1,978,148,150 00 $33,679,371 16

Law fu l Money—

Certificates at 3 per c e n t .................................... .
Navy pension fund, at 3 per cen t.... ................
Debt

Amount
Outstanding.
$22 .58 *. 00 00
1,756,55'',850 00

h as c e a s e d sin c e m a t u r it y .

$45,420,0"0 03
14,000.' 00 00
$59,120.000 00

373,631 98

3,591,117 33

466,791 43

In terest—

Demand and legal tender notes...........................
Fractional cur ency.............................................
Certificates o f gola deposited............................

$356.106.255 00
39.757,684 48
88,780,4 0 00

Total debt bearing no interest.............................

$434 614,190 48

T o t a l.................................................................................................... $2,475,803,457 83 $34,519,347 57
Total debt, prin. & int., to date, including interest due not presented lor payment. $2,510,323,305 40
A

mount

*n

th e

Treasury—

Coin...............................................................................................................................
Currency.....................................................................................................................

$102,930,206 20
33,068,623 20

Total.............................................................................................................................

$140,99 ,823 40

Debt, less amount in the Treasury....................................................................................
Debt, less amount in the Treasury on the 1st ultimo.....................................................

2,369,824,476 0C
$2,386,358,599 74

Decrease o f debt during the past month...................................................................
Decrease o f debt since March 1, 1870..........................................................................

17,034.1 3 74
$69,004,001 17

B o n d s issued to tlie Pacific R a ilro a d C om panies, Interest payable in
L a w fu l M oney.
Character o f Issue.
Union Pacific Co.......................................
Kansas Pacific, late U. P. E. D ...........
Sioux City and Pacific..............................
Central P a cific..........................................
Central Branch Union Pacific, assignees
o f Atchison & Pike’s P ea k ................
Western Pacific..........................................
Total issued,

Interest
Interest
Interest Balance o f
Amount
accrued
paid by
repaid by inte’t paid
outstanding, and not
United translation by United
yet paid.
States, o f m ails.&c. States.
$27,236,512 00 $‘136,182 56 $2,713,371 05$1,322,770 62 $2,39\600 43
6,303.000 00 31,515 0) 1,212,998 01* 703.7S3 34 509 209 75
1,628,320 00
8.141 60 194 207 89
396 .)8
193,81181
25,881,000 00 129,405 00 3,261,767 84 217,321 77
3,044.44607
1,600.000 00 8,000 00
1,970,0.0 00
9,850 00

301,808 26
131,197 36

7,401 92
...........

294.406 34
131,197 36

64,618,832 00 3.3,094 16 5,815,345 49 2,251,673 73 6,563,671 76

~ * The bonds cancelled in accordance with the provisions o f the A ct o f July 14, 1870, are not
included, as heretofore, in the amounts outstanding.




C O M M E R C IA L C H R O N IC L E

1870]

AND

155

R E V IE W .

COMMERCIAL CHRONICLE AND REVIEW

M on etary A llairs—R a te s o f L oans and D is c o u n ts — B on ds s o ld at N e w Y o r k S to c k E x ch a n g e
B oa rd —P rice o f G overn m en t S ecu rities at N e w Y o r k —C ou rse o f C o n s o ls and A m e r ic a n
S e cu ritie s at N e w Y o r k — O pen in g, H igh est, L o w e s t and C lo s in g P rice s at the N e w Y o r k
S to ck E x ch a n g e —G eneral M o v e m e n t o f C o in an d B u llion at N e w Y o r k C ou rse o f G o ld
at N ew Y o r k —C ou rse o f F o r e g n E x ch a n g e at N e w Y o rk .

July has been remarkable chiefly for its beinga period of extraordinary excite­
ment in the markets, growing out ol the outbreak of war between Prussia and
France.
The possibility of European war has always been regar ed as a
ser ous danger to our foreign exchanges; for our ptculiar dependence upon
Europe not only retaining our securities held there, but also taking some $75,000,000 to $100,000,000 per annum in addition, c'early made such an ev nt a
serii us test o f the condition o f our finances. The first news o f war, therefore,
induced aD expectation o f a return ol a large amount o f securities from Germany
and E ngland;

and under the expectation o f such a deranging

exchanges, both gold and securities general'y fluctuated widely.

course o f

The amount

o f bonds actually sent home, however, has not at all equalled expec ations*
Indeed, we hear o f no heavy paicels having been received. The price of gold
has advanced and the price o f bonds declined, so that the gold value o f bonds
has kept generally lower here than abroad, making the European markets the
best to realize in. Under the circumstances, however, there has been a rapid
se tlirg up of accounts between New Uork and Par s, and Frankfort and Berlin,
resu ting in frte remittances t ■ tnose cities, and the result has been that the
expor s of specie have been exceptionally heavy, amounting to $15 00 i'0 0 0 .
In the. produce markets there has been considerable irregularity. Gold and
freights have advanced rapidly, but there has been some disappointment in the
actual purchases on foreign account, and the fiist advance consequently has been
only partially maintained. Cotton has declined, notwithstanding the rise o f 10
points in the price of gold, tl e assumption being that, while we shall have an
increased crop, the war will necessarily curtail the consumption.
These changes, however, must be regarded as only the first effects o f the serious
struggle which has broken out in Europe. It is felt that if the war should
prove ol short duration its bearing upon the finances and trade of the United
States cannot be seriously detrimental; but that if, on the other hand, it should
draw in other powers and as-ume the dimensions o f a great war for the ascend­
ancy in Europe, it may prove to be a matter of the most serious consequence
to us.

The results we have already experienced may perhaps be considered as

due to a discounting o f the foimer ot these contingencies; so that the late
semi-panicky condition of things may be expected to assume a more serious form
in the event o f the war running on and extending its dimensions.
The money market has been rather irregular. The large export of specie has
affected the specie portion o f the banking reserve, which tact wa3 made the basis
o f artificial operations for making money temporarily scarce, and the rate con ­
sequently advanced to 6 @ 7 per cent on call loans.




Later, however, it was found

C O M M E R C IA L C H R O N IC L E A N D

156

[ August,

R E V IE W ,

that the demand for money from the West was exceedingly moderate for the
season, and the rate constquently fell otf to 4 @ 6 per cent at the close.

The fol­

lowing statement shows the condition o f the associattd banks of this city com*
pared with one year ago :
J n ly 30,1870.
L oa n s and d is c o u n t s .......... .............................
$281,000,000
S p e c ie ........................................
80,200,000
C ir c u la tio n ........................................................................................................
31,000,003
D e p o s e s ...........................................................<............................................... 227.500,0'K)
Legal le n d e r s
.......................................................................................... 54,800,000

J n ly 31, I860.
$260.500,000
27 800,000
34,000.000
196.400,000
56,100,000

Ti e market for Government securities has Veen subject to wide fluctuations,
owing to the outbreak of war in Europe
A t first, the expectation was general
o f a large leturn o f bonds, and prices consequently decliued heavily, sixty-sevens
at one time touching 1 "7 £
The price of gold, however, advanced materially
and the market consequently reacted 1 @ 1£ per cent, from the lowest quota­
tions. The home market has been protected, on the <ne hand, by an unexp cted steadiness in five-twenties in Europe, er ^riripared with other national secu­
rities, and on the other hand l y

Le disposition o f gold to advance fnl'y to

the extent o f the lau in bonds abroad.
The market has from these c u s e s
been steadier than might have been expecte 1 under such extrao dinary circum­
stances, and probably not more than So,000,<H)0 of onds have been sold here
on foreign account, including not only stock actually he'd abroad but
held here on European account.

Iso that

The extent of transactions in Government and other bonds during the month
is shown in the following statem ent:
BONDS SOLD AT THE N. T . STOCK EXCHANGE BOARD.
C la sses.
U . S . b o n d s ..............
S tate & c it y b on d s.
C om p a n y b o u d s .

1869.
$32,950,100
6, 92.0 >0
1,134,500

1870.
$11,941,800
6.379,000
991,500

In c.
$ ..........
...........
...........

D e c.
$21,0 >S,3' 0
213 000
143,0C0

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

$>1 3-4,300
45,660,014

T o ta l— J u ly ....................................................$40,676,600 $19,312, 00
S in c e Jan uary 1, 1870 .......................................... 210,140,321) 161,480,276
P R IC E S

D a y o f m o n th .

1 .......
2 .......
4 ..................
5 ..................
6

... ........

7.......

8...........
9 .......................

11.....................
12.....................
1 3 .. . ..........
14 ....................
15 ................
1 6 .. . .........
18.....................
19 ............... ,
20 ................
21....................
22........ ...........
23....................
25 .................
26 ................
27 ................
28 .................




O P G O V E R N M E N T S E C U R IT IE S

AT

6’ s '-’ pn

1891.
115*
vs*
115

11^*
U4%
115
H43£
1HK

1862. 1861.
114K 112
...... 112

111K .......

lll%

111%

iio *
110%
111
H4% 110%
114
1119%
109%
109*
m v.
109*
113
109
m % ios%

108*
109%
108%
108%

109%
109%
109

109%
109

109%

109%

113

.. ..

113

110%

NEW YORK.

T cw ,

10-40

1865!

1868. c’ pns. cnr’ cy
1"8% 113%
108* 114

1867iu %
........ 111* 111*
(H liday).
. .•• 110* 110%
112
110* 11"%
i i % 110%
l ’ 0%
10%
iio % 109% 109%
110% 109* 109*
110% 109% 109%
109*
l f'9% 108% 101%
108% 109
107% 108%
108% 108*
107* 107*
107* 107*
108% 107* 107%
109
107% 107%
10.1% 107* 108%
109
108
101%
109% 107% 108%
109% 108% 108%

1865.

m%
111

110%
10.%
109%
100%
109*
100%

6’ s

... •

108%
108%
io i%
108

114
114
114

113%
114*

107%
108%

1H%

107%
106)6
106%
10S* 106%
106*
108
108% 106 V
10--% 106%

110%

ios%

100%
10i%
107

.....

111%
110*
110%

.....

110%

iio%

1870]

29
30

C O M M E R C IA L C H R O N IC L E A N D

................................................ 113X
..................... .......................................

O pening.....................
H ighest..........................................
L o w e s t ..............
C losing............................................

R E V IE W .

110% .................................
110% ........ 110
....

115%
115%
112%
113%

112%
112%
118%
110%

112
112
108%
109%

112
112
108%
110

111%
111%
107%
108%

157

109)*
109%

------- 107)*
109% 107%

11!% 111%
111% 111%
107% 108
109% 109%

108%
108%
106%
101%

113%
110
111%
10:%

COURSE Off CONSOLS AN D AM ERICAN SECURITIES AT LONDON.

Cons Am . securities.
for u . s. Ill.C. Erie
mon. 5-20s sh’ s. shs.

D a te.

Friday . . . „ .......
Saturday ...........
M onday................
T u e s d a y .............
W ednesday..........
Thursday............
F rid a y ................
Saturday .............
M o: day ...........
Tuesday..............
W ed n esd a y .. ..
T h u rsd a y ..........
F riday..................
Saturday...........
M onday .............
T u e s d a y .............
W ednesday........
T h u rsd a y ..........

92%
. . . . 2 92%
93
92%
92%
92 *
. . . . 8 92%
92%
,...1 1 92%
92
93
92%
91%
92%
99
89%
89*
. . . 2 1 89%

90%
90#
90%
90%
90%
90%
90%
88%
b8*
8T%
89%
87%
86%
85
83
81
80%
81

114
114%
114%
115
115
114%
113%
113
m
at
112%
111%
101
106
100
101
102
101

19#
19%
19
19
19
18%
18%
18%
17%
17
18
17%
11%
16%
16
15
15%
15%

D ate.

Cons Am. eecu "itics
for U.S. Ill.C. Erie
mon. 5-20s sh’ s. sh’ s.

F r id a y .................
90#
Saturday...............
90
M onday................ ...2 5 89%
Tuesday................
89%
a eanesday.........
8!) V,
Thur-day ...........
89%
rmay...................
89%
Saturday............... ...3 0 88%

82%
83
81%
81
62
82
83
83%

104
105
103
102
102
103
104
104

16
16#
15%
.15
15
15%
15%
15%

L ow est..................
H igh est................
R an ge...................
L ast.......................

89# 80% 100
93
9(1% 115
3% 19% 15
89% 83% 104

15
19%
4%
15%

L ow est) o ^ .......
H igest y a &.......
R^nge ) i o i ? ...........
Last,
..............

89% 80 V 99% 15
94% 91% 118
22%
5 # 10% 18%
7%
89# 83#|10l
15%

I d the stock market there has been some weakness, but less than might have
been expected from the threatening circumstances of an outbreak o f war in
Europe.
A t first some apprehension was felt that certain stocks held in Europe
might be sent hom e; and this fsar caused a free selliog on these specialities,
with a fall in prices with which the general market sympathised.

Subsequently

the market reacted and at the close o f the month was quite steady. Stocks are,
lor the most part, in strong hands, and the larger holders appear disposed to
carry them steadily through whatever may occur in the way of foreign derange­
ments.
The following table will Bbow the opening, highest, and lowest closing prices
o f all the railway and miscellaneous securities sold at the N ew Y o rk Stock
Exchange during the months of June and July, 1870 :
Railroad Stocks—
A lton & Terre Haute............
“
“
“
p re t...
Boston, Hartford & E r ie .. . .
Chicago & A l t o n ..................
do
do p ref............
do
do scrip...........
Chicago, Burl. & Q.uincy___
do
& Northwest’ h . .. .
do
do p ref.......
do
& R ock Island.......
Oolumb., Chic. & Ind. C.......
Cleve. & P ittsburg...............
do C ol.,C in. & In d .........
Del., Lack & W estern..
Dubuque & S ioux c i t y .......
B rie........................................
H a rlem ........—.......................
do
p r e f............. ...
Hannibal & St. Joseph —
do
do p r e f ....




/---------------June.----------------- 1 ,---------------- J u ly.-------Open. High. Low. Clos. Open. High. L ow . Close.
35
35
35
,v „
4
4
......... 4%
3%
6%
3%
4%
3%
119
117
117
117
118
114?* 115
119
114% 116
......... 118% H8X 118% 113% 113
112
114
111% 112
103
10S%
......... 112% 114
160
156
160
162
162
156
156
84
85%
82
81%
83%
79%
82
88
89%
88#
88%
......... 83%
92%
83%
85
......... 119% 122% 115% 116% 116% 118% 109% 113%
22#
20#
22
19%
21%
.......... 19%
16%
17%
......... 109% 110% H‘9% 209# 109% 110
104% 110
82
82
83%
......... 79%
7a%
81%
79%
79%
104
105
106# 101% l o g #
i i i % 104
107% 106# 107
107
107
102
102
25%
23
21%
23%
2 0#
22%
21%
46
45
45
44%
44%
44%
44%
145% 137% 140
140
142
129
135
....

118

121%
122

117%
117%

118%
121

118%
120%

119
108
12(1% xl09%

110
115%

158

COMMERCIAL CHRONICLE AND REVIEW .

Illin ois C e n tra l.................. .....................
Joliet & Chicago........................................
L ong I land Railroad............................... .
Lake Sho. & Mich, s ou th ......................... .
Mar. & C in c in .,ls t ...................................
do
‘-id.................................... .
Michigan C entral..................... .
Milwaukee & St. Paul............................. .
AO
do p ref............................ .
Morris & E ssex.......................................... .
N ew Jersey ............................................... .
do
C en tra l....... .............................
N ew Haven & Hartford...........................
N Y Ceil. &
H .C s t k ..............................
do
certificates............................. ..
do
& N . H aven........................... .
do
do scrip .................... .,.
N orwich & W orcester.............................
Ohio & M ississip p i............. ................. .
do
do
p rel............................... .
Panama........................................................
Pitts., b’ .W . & C hi. gaur.......................... .
Reading ...................................................
Ron e, W . & O ........................................ ,
St. Louis & Iron Moun. ......................... .
Sixth avenue.............................
...........
S to a icg to n ................................................. ..
T oledo, W ab. & W estern ........................ .
do
do
d o p ie t . ........................ ..

142

[ A u g u st,

139

139

140%

142

62
97%
19
8
121%
65
80
83%
119
107%
170
96#
92#
155
150

62
93%
20
8
125
66
81
89#
119
108%
170
91%
93%
155
152%

....
99%
20

102
20%

S8%
20

91
20%

120% 120%
66%
67%
81%
82%
90%
89%
119 ■120
109
109%

118
53%
71%
88
115
99

11S
60
76%
88%
115
100%

98#
94%
155
146

166%
96%
155
146

90%
85%
145
140

93%
88%
150
140

42
35%
36%
36%
35%
75%
75
75
74%
74%
110
106
106
141% 110
97%
94%
95%
96% 96
96%
109% 106
1 7
107
107% 103
120
120
120
120
49
47%
46%
48%
46 %
48%
....
....
90
90
90
90
55%
56%
55%
58%
59
61%
75
74#
71%
74*

33
74
80
92%
93%

34#
74
85
95
97%

45

45
....
.. •
49%
....

62
100%
20
8
6
125
125%
65%
68%
83%
31%
84
95
121
121
109% 110%
173# 173%
10J% 102
95%
96%
159
159
150
152%
62
97%

40%
75%

129

46%

130%

M iscellaneous—
Cumberland C o a l...................................... . 40
40
29
Consoli ated C oal....................................... 25
31
Maryland roal C o ...................... ............... . 31
Pennsylvania C oal.................................... . 225
225
W ilkesharre Coal..... ................................ .
Del. & Hud. C a n a l..................................... 123% 125
Atlantic M ail................................................ 30
Pacific M a il............................ ............... . 43%
45%
B oston W ater bovver............................... . 16%
16%
69
C a n ton .................
.......... .................... . 69
Brunswick City Land................................
7
M a rip osa ........................ ..........................
do
1st pref......................................
do
p ref............................................ • 16%
17%
41
41
do
10s certif...................................
Q uicksilver........................................ ..... .
8%
8%
do
pref .
3 5#
W est. Union Telegraph........................... ■ 31%
< itizens G as...............................................
Manhattan..................................... .. —
Bankers & Brokers Ass. ..
........... ...........

40
26
31
225

40
30
31
225

123
29%
40
16%
67
..

30

222
68
125
125
30
30%
41%
4%
15%
16%
69
63%

26%

26%

222
222
70
68
127 x ll9
30
30%
44 *
37%
15%
15%
70
64

30%

222
70
119
3L
40
15%
64

.

7

7

7%

7%

5%

5%

ir,
40
7%

15%
40
7%

16
44%
7%
12%

31%

33

15%
44
7%
9%
34%

oj

10
39
4%
9
33#

io k
44
5
9%
34#

45%
69
47%
16%
3%

42%
64#
43%
13%
2%

42%
67
44
14
2%

....
....

*

44
63%
45%
16
2%

44%
69
46%
16
2%

E xpress—
American M . U n ion ............... ........... - .
Adams
..................................................... .
U nited States.............................................. .
W ells, Fargo & C o.................................... .
do
do scrip ............................ .

43%
64
45
16
3%

47%
69
46
17
m

43
63%
45
15%
2%

The effect o f the war upon gold has been to put up the price from 111J to
122J. A considerable amount of European balarces held here had to be prompt­
ly settled, with the result o f a shipment o f about §15,000,000 ot specie during
the month. These balances, however, were materially increased by the collec­
tion o f the July coupons by foreign bondholders.
A t the close of the month the price ranged aboat 121@ 12'2; but this figure
is to be regarded as representing quite as much the possible extension of the
war as the effects already resulting from its present phases.




JOURNAL

1870]

O F B A N K IN G , C U R R E N C Y , A N D

F IN A N C E ,

159

F riday..................
Saturday..............
M on d a y...............
T u e s d a y .............
W ednesday.........
T hursday.............
F r id a y ................
Saturday..............
M on d a y...............
T u e-d a y ...............
W e d n e sd a y ........
T h u rsd a y............
Friday ...............

- 1 112% m % 112% m %
112% m % 119% 112

... 4

ili*
m%
,u %
m *
112
...1 1 115% 113%
...1 2 113* 113
.. 18 112* 112
....1 4 112* tl-2%
...1 5 114% 114
.. lfiiUtiK 116V
M onday................ ...1 8 ! I l l * 117*
Tuesday ............ ...1 9 121*1120%
W ednesday.........
.21 121-k- 120^
Friday *........... . . . . 2 2 119 118 k;
n i«
. . . 6 11!%
. . 7(112%
... 8 1 1*

The loluwinsr

have

iii%
111*
112%
112%
112%
115%
114*
112*
118*
115*
116*
122*
122*
122*
121*
119*

. ...2 3 119%
129%
....... 26 121%
....2 7 121*
. ..28 121*
......... 29 121*
120*

m%
ill*
H I*
m%
112%
1870.... ........
U8% July
44
1869....
113%
“
186 8 ....
112%
44
1867....
113%
44
18 6 6 ....
115%
44
1865....
116%
44
1864 . . .
120%
122%
44
1863....
“
1862....
122%
120%
119
S’ ce Jan 1 ,18'0.

119%
120
120%
121
121%
120*
12 %

Closing.

Date.
Saturd <y..........
Monday............
Tuesd y ...........
W e d n e s d iy ....
T tu rsd ay.........
Fridav . . . . ..
Saturday...........

Lowest.

Openig.

Closing.

H igh’ st.

Date.

Lowest. J

Openi’g

COURSE OP GOLD AT NEW YO RK .

120% 123
121% 120*
121% 121%
I 2 i*
22 121%
1 -1 * 120*
111 ,126%

112* 111% 122* 120%
134* 137* 136%
4 0 * ,i n ;* 145* 145%
140* 140
154* 147
155* 149
222
12!
28- 255
H 4 * 121% 145 128*
109 108% 120* 115
12 % !n n% 123* 120*

bem the quotations •> Foreign Exchange;

C O U R S E O F F O R E IG N E X C H A N G E (6 0 D A Y S ) AT N E W Y O R K .

L ondon.
cents for
Days.
54 pence.
1 .................................109%@110
1!...........................................@110
4

...........................@

....

Paris.
Amsterdam. Bremen. H amburg,
Berlin
centim es
cents for
cents for cents for
cents for
for dollar.
florin.
rix da ler. M. banco.
thalers.
516%@515% 4 1 % @ ll% 79%@79% 36 @36% 71%@71%
51614@515
41% i l l * 79%©79%
36% @36% 71%@71%
... ®

___

H oliday.

©

.... 0 __

5
........................@10 HI 516%@5!r,% 41>^@41 ^ 79%©79%
36%@36%
« .......................................... @ 1 m9% 51614@515
41% @ tl% 79%@79%
3 i%@36%
7
........................@109% 516V@515
4 1 % @ l'% 79%@79%
36% @ 6 %
8
........................@109% 51614 3)515
4 % @ i l % 79%@79%
36% @36%
9
...................... @109%
516%@515
4I%@11% 79%@7:l%
36% -36%
11
................ !09%@110
515%@515
4 %@41% 79%ra71)% 86%@ 6 %
12 ............................... 110 @ . . . 51o%@515
4H4@I1% 79%@79% 36%@3S
16.......................................... @109% 515 @510% 4Us@41% 79>4@79%
36%@36%
14
......................... @109% 515 @513% 41!, @41% 79%@7W%
36% @36%
15
................ 109%@llO
515 @513% 41%@41% 79%@?0% 3i% @ 36%
16
..................... ..................... 110 @ . . . 515 @513% 42 @42% 8937@80%
@37%
18
......................... @110
514%@513% 41%@41% 7L%@80%
36% @36%
19 .........................................@110% 514%@518% 42 @43
81 @^2
37 @ 37^
20
......................... @110% 513%@512% 42 @43
81 @32
37 @37%
21
......................... @110% 513%@512% 42 @43
f l @82
37
_ 7%
22
......................... 0110% 513%@512% 42
43 81 @82
37 @37%
23
........................ @110% 513%@S12% 42 @ 43
81 @82
37 @37%
23...........................................@110% 513%@5!2% 42 @13
81 @32
37 : .%
26 ......................................... @109% 513%@312% 42 @43
81 @82
3 7 @37%
27
................109%@Ln9% 513%@512% 42 @43
si @81% 37 @37%
28
................ 109%@109% 513%@513% 42 @42% 81 @81% 37 @33
29
................103%@109% 513%@513% 41%@42% 81 @81% 37%@38
30
..................... ..................... 109%@109% 513%@513% 41% *42% 81 37%
@81%
@38

71%@7I%
71%@71%
7I% @71%
71%@71%
7l% @ 71%
7l% @ 71%
71%@72
H % @72
72 @72%
72%@73
73 @73%
72%@73
75 @77
75 @17
75 @77
74 @77
75 @77
75 © 7
75 ©77
77 @79
77 @78
76 @79
74 @79

July, 1870................... 109%@110% 516%@512%
July, 1869................... 109%@U0% 517%@513%

71%@79
71 @71%

41%@43
40>,@40%

79%@82
7S%@79%

36 @38
35%@36%

JOURNAL OF BANKING, CURRENCY, AND FINANCE
Returns o f the N ew Y ork , Philadelphia and Boston Banks.

Below we give the returns o f the Banks o f the three cities since Jan. 1 :
N E W YO R K C IT Y R A N K RETU RN S.

Date.
J an. 8 ... ..
Jan. 1 5 .... ..
a an. 22 .. . ..
Jan. 29 — ..
Feb. 5 . . . ..
Feb. 12 . . .
Feb. 1 9 ... ..
Feb. 27 .. .
Mar. s-5___ ..
Mar. 12___ ..
Mar. 19 . . . ..
Mar. 2 6 .... ..
Apr. 2 ___ ..
Aj.r. 9 ___ ..

Loan?.
253,475,451
259,101,106
259,592 756
260,3/4,271
264,514,119
26.5,864,652
267,327,36S
268,435,642
68,634,212
268,140,603
270,001,682
270,807,768
271,756,871
272,171,383




j-pecie.
35,664,830
37,510,467
<9,454,003
40,475,714
38,997,246
38,072,184
37,264,387
25,094,289
35,898,493
33,390,135
32,014,747
72,271,252
29,887,183
28,787,692

Circulation.
34,132,280
33,966,823
33,806 721
33,712,282
33,746,481
33,703,572
33,694,371
33,820,905
33,783 942
33,835,731
33,699,565
33,674,394
33,676,564
33,754,253

Deposits.
190,169,262
2"2,396,331
297,479,823
210,150,913
214,739,170
213,192,740
212,188,882
211,132,943
213,078,341
219,831,225
208,816,823
203,910,713
206,412,430
201,752,434

L. Tend’s. A g. H ear’gs
48,537,735
093,170,114
52,248,475
596,783,681
54,619,4 >3
5'0,665,911
56,782,168
549,133,655
58,348,384
541,240,204
56,603,000
510,842,824
55,1^4,066
511,151,875
53,771,824
459,584,815
54,063,933
C03,182,501
53,3'2,004
648,015,727
52,774,420
525,079,551
52,685,063
481,253,0%
50,011,793
516,052,09*
47,570,633
476,845,35“

160

JO U R N A L

Apr IB.
A pr. 23.
Ai r. 3 i.
May 7.
May 14
May -21..
May 28..
June 4.
June 11.
June 18.
June 25.,
July 2..
July 9 ..
July 16..
July 23 .
July 30..

239,981,721
269 016,279
269,504,285
275,246,471
278,383,314
230,261,077
279,550,743
279,485,734
276,419,576
276,6S9,004
277,017,367
276,496,503
277,783,427
2<s5,377,318
286,090,793
281,939,843

O F B A N K IN G , C U R R E N C Y , A N D

26.879,513
25,310,322
23,-17.596
31,4' 8,999
32,453,906
34,116,935
32,729,035
30,949 490
28,528,819
28,895,971
28 228,985
31 611,330
35,731,434
41,13\6W
8
34,258,612
30,263,890

33,698,258
33,616,928
33,444,641
33,293,9^0
33,191,648
33,249,818
3 <,285,083
33.142.188
33 022,613
33,094,: 13
33,070,365
33,100,357
82,027,786
32,999,3 7

“

- 13

F IN A N C E .

202,913,989
203,583,375
20*,789,850
217,362,218
222.442,319
226,552,926
223,039 3:5
2:6,191,797
220,699,290
219,932,852
217,522,555
219,083,423
2'9,725,468
234,332,355
233.965,513
227,555,701

\Au0USt,

50,180,040
53,119,646
54,944,865
56,108,922
57.941,0)5
59,021,306
61,618.676
61,290,310
6 ,159,170
58.120,211
57,215,5 5
56,815 254
53,348,070
53,461,341
53,978,7 1
54,837,951

429,468.971
444,605,309
653.515.115
701.060,925
659,260,661
6v5 678.320
576.625,521
613,452,668
57 -',13 ,050
4oS,872 684
537,223,270
562,736,404
490,180,962
623,349.499
759,349,499
502,709 742

Deposits.
38,990, 01
38,877,139
39,855,133
39,504,792
39,53 ,011
39,512,(49
38,831*94
39, 55,165
39 279.859
39,03 >042
39,382,352
39,7-1.153
39,781,153
38,771.237
39,279,143
41,033,306
41,677,500
42,997,076
43,429,317
44,988.042
41.233,016
45.117.172
45,122,720
44,957,979
44,398,340
44,351,747
44,609,623
44.024.172
43,835,846
42,639,473

Circulation.
10,568,681
10,5 6,( 29
10.583,506
10,577,215
10,5'3,468
10,568,(81
10,573.383
10,-72,973
10.508,905
10,576 852
10,565,909
10,57^,484
10,586,611
10,575 771
10,571.749
10,571,794
10.575,120
10,57’ ,535

PHILADELPHIA BAN K RETURNS.

Date.
Jan. 3 ....... ......................
..............
Jan. 10 —

Loans.
51,661,662
5 ,4'’2.570

Jan. 2 4 ........
51,709.658
Jan. 3 1 ....... ...................
F eb. 7 ........ .................... 61, 26,res
Feb. U .......
Feb. 21.. ..
Feb. 28......... .................... 51,523, "24
Mar. 7 ......... ...................... 51,400,381
M*r. 14 .. .. ...................... 51,417,645
Mar 21......... ...................... M.f 87,837
Mar. 28.........
Apr. 4 .........
...................... 52, 41.533
...................... 51,9v8,431
..................... 5v,019.535
May 9 . . . . ......................
May 16. . .. ......................
......................
May 30.........

52.413,398
52 234,603
52,500,343

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

53,588,296
53,647,408
54,283,879

......................
July 18......... ..................
July 25.................................

54,667,170
64,2114,123
53,942,152

Specie. Legal Tenders.
1,2911,0*46
12,670,198
1,358 919
12,992,812
1,25*772
12,904.924
1,063,406
13,327,515
995,463
13,752,537
957,5 0
13,741,867
1,090,955
13,339,610
1,202,456
13,236,144
1,343,173
13,406,658
1,429,80 7
•13.192,282
1,677,218
12,704,279
1.58 .272
13,125,658
1,599,517
13,094,295
1,5S0,747
12,769.911
1,494,429
14,052.827
1,314,127
13,882,761
1,063,741
14,827,013
1,247,820
15,441,522
1,222,629
15,851,265
1,164,012
16,244,785
1,049,943
16,450,837
923,948
16,789,102
869,597
16,926,682
841,56)
16,702,115
743,285
16,309,340
728,844
15,S05,568
917,270
15,401,749
1,320,947
14,595,06)
1,266,800
14,225,980
1,214,016
14,007,749

10,563,357\
582 404
10,561,075
10,56 ,378
10,561,684
10,567,356
10,569,852
10,562,859
10,556,277
10,5-6,100
10,553,981
10,548,456

BOSTON BAN K RETU RNS.

Date.
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
ffeb 7

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

F e b ! 1 4 .........................................

Loans.
105,985,214
107,895,263
107,948,017
108 387,459
107,875,-79
109 683,On!
1 0 9 ,9 9 7 ,0 2 7

Feb. 21 ............................... 109,651,272
F e b . 2 8 .............- ........................... 1 0 8 ,9 0 5 >89

Mar. 7 ............................... 108,367,431
Mar 1 4 ............................... 108.dl4,(i28
Mar. 2 1 ............................... IOJ.884,86.
Mar. 2 8 ...............................
Apr. 11............................... 106,166,094
Apr. 18 .............................. 106,569,372
A pr, 25 ............................. 106,012,527
May 9 ................................. 107,001,304
M a y lS ................................. 108,949,539
May 23................................. 103.840.256
May SO ............................... 107,097.074
June 6.................................. 107,151,710
June 13.................................. WS.90 .486
June 20.................................
jS ly 11................................. 108,997,278
J u l y .................................... 107,817,458
July 25................................. 107,714,221




S pecie. Legal T enders.
3.765.348
11,374.559
4,977,254
10,941,125
6.418.001
10,794,881
5,542,674
10,962.102
5.231,785
10,992,962
5,0>5,00 i
10,433,107
4,884,147
9.386.266
4,634,776
9.356.266
4.457.1 <3
8,918,129
4,929,867
8,765,874
5,024.691
8,510,573
5.170.700
8,352,261
5.190.348
8,499,444
5,163,494
8,470,455
5,057,341
8,162,080
4,851,954
8,276,721
4,536 884
8,872,670
4.551.701
10,081,661
4,792,968
9,814,428
4,545,690
9,584,703
4,058,744
9,684,654
3,875,717
9,721,708
3,475,528
9,776,281
3,534,343
9.560,009
3,397,S73
9,186,032
3,177,413
9,332,858
4,298,219
8,810,494
5,494,539
7,897,616
8,362,919
5,411,963
4,841,322
8,958,724

D e p o sits. C irculation.
40 007,225
25,280,893
42,1'7,6 0
25,298,365
42,377,002
25,191,545
41,593,558
25.255,818
40.696,016
25,206,094
40,003,823
25,160,684
89,918,414
25.212,614
38,47-,853
24,230,S66
37,688.842
25,225,629
37,681.933
55,260,868
37.708,082
25,280,027
37,093,533
25,270,487
37,123,211
25,265,004
38,851,613
25,278.442
39,504.080
58,285,003
89,532,827
25,29 -.205
39,920,142
25,231.847
41,042,250
25,209,619
41,205,597
2%207,464
41,675,369
25,203,203
41,160,009
25,199,719
40,056,344
25,15'',808
40,218,620
$5,139,278
38,901,202
25,146,390
38,647,292
25,175,753
38.899,529
25,135,659
40,360,389
25,130,686
40,723,035
25,189,796
40,224,979
25,178,208
29,722,324
25,149,754