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"-• 4
AND
C OMME R C I A L
JULY,
R E V I E W.
1870.
THE PRINCIPLES OF FUNDING.
The active promoters and designers o f funding schemes seem to have a
notion that there is a magic power in legislation to fix the rate o f interest
at which money can be borrowed ; and that buyers have only to enact
a loan at four per cent in order to negotiate it.
Others, who see
clearly that the market for loans, as for everything else, is regulated
by the abundance of loanable funds and the credit o f the borrower, have
a notion that the length of time which a loan has to run is a primary
element of its value; and that the government can add indefinitely
to the desirableness of its bonds by giving them a great many years
before redemption, Bo strongly has this been stated recently on the
floor of the United States Senate, as almost to tempt a hearer to sup
pose that certain Senators consider no interest at all to be necessary, if
only the loan might run forever. It ought to be enough, in answer to
this suggestion, to point out that the most popular government bonds
in the world have no specified time to run at all, and are redeemable at
any day, at the pleasure o f the debtor. This is the case with the
English Consols, which pay little more than three per cent, and the
French rentes, which pay but four and a half per cent upon their market
price.
But since these examples, which are universally known, are not sufficient
for some of our financial theorists, it is worth while to examine the
principles on which the market prices of different classes of bonds, varying
1
2
TH E P R IN C IP L E S
OF
F U N D IN G .
[July,
in the length of time they run and in the rate of interest they bear, are
determined. These principles are important, because it is only by
carefully allowing for their influence, and eliminating them from the
calculation, that the comparative credit o f two borrowing nations can be
understood. The best general expression for the credit of any borrower
is the rate of interest which he must pay, in order to obtain a loan.
For example, if money is so abundant in New York that a strictly firstclass mercantile house can sell its paper at six per cent., any house
which commands so much less confidence that its paper, for the same
period, will only sell at nine or ten per cent must rank as decidedly of
a lower grade; and the comparison of the rates o f discount at which
different signatures are quoted affords the accurate test of their credit,
taking the lowest rate upon the paper of the very best houses as the
standard of absolute security. The same rule applies equally well to
nations as borrowers.
The standard o f absolute security in the most abundant money market
in the world, that of London, may be said to be the British consols;
which draw three per cent interest, and are quoted in round numbers at
an average price of ninety-four, so that the investor obtains three and
one-fifth per cent for his money. But this standard is a very high one
in all respects.
The loan is leld almost exclusively in Great Britain,
hence the interest is collected without delay or expense, and by citizens o f
the government that owes it, having all the authority of the nation
and the prestige o f sovereignty to support it. The accumulation of
money in that country is far greater than any other, so that the current
rate o f interest is almost always low ; and the market is always open for
negotiating sales o f the debt or loans upon it. N o foreign bonds can
ever be as desirable as home bonds; and British consols cannot be
regarded as a standard for the debts of other nations, in which the current
rate of interest is higher, because profits are larger; and in which the
accumulation of loanable funds is not only far less in amount, but far less
constant. F or instance, the rate o f interest paid in England on first-class
landed security is not far from the same as that paid by consols, although
the expense and delay of conveyancing give the latter some advantage.
But it is safe to affirm that the average rate upon the best mortgages could
not rise there above four per cent without a marked fall in consols ; nor
could that rate fall much below three per cent without bringing the price
of consols to or above par.
Now, suppose that the British government wished to negotiate a new
loan in place o f consols; with a definite time to run before redemption
at par. For instance, suppose it to issue a new three per cent loan
with ten years to run, what would be its market value 2 Since the credit
S87©]
T H E P R IN C IP L E S O F F U N D IN G .
3
•of the government is precisely such as to command three and one-fifth
per cent, it is evident thit the new loan must sell so that the purchaser
•will get this rate of interest; and since he will receive three per cent in
his semi-anmial dividends, he must have the equivalent of the remainder,
or one fifth o f one per cent per annum for ten years, in the form o f a
discount upon the par value of his bond. That is to say, he would pay a
aittle more than ninety-seven for the new loan ; so that, at the end of the
ten years, when it is paid, he will have just what he would have bad if
the full interest of three and one-fifth percent had been paid every year.
On the other hand, let us suppose the rate o f interest to fall, so that
the British government could command loans at the rate of two and a
half per cent per annum, its bonds would o f course be-above par ; and it
would be the privilege of the government to redeem them at par by the
issue of a new loan at a lower rate. Suppose the new loan to be issued
with ten years to run, at the rate o f two per cent per annum— at what
price must it be sold ? Obviously, at such a price as will give to the
purchaser, at the end o f the ten years, just as much as he would have
received by compounding his interest for that period at two and a half
per cent; that is, he must receive, in a discount from the par value, one
half o f one per cent, in addition to the proposed dividend o f two per
cent. The new bond would, therefore, sell at nearly ninety-four percent,
or the present piice o f Co isols. That is to say, when a bond, with a
definite time to run, sells for less than par, it is because the rate o f
interest which it nominally pays is less than the rate o f interest which
the borrower’ s credit will really command.
The opposite of this proposition is no less true. In 1855 and 1856
the United States owed money borrowed at six per cent. But its credit
had improved, so that these bonds rose in value, and for a long time sold
as high as 115. They had still eleven or twelve years to run, and the
purchaser at these high prices would receive six per cent, every year
until the bonds were paid, when he would only receive 100 for them
at their redemption. The premium o f fifteen per cent was paid by him
in advance, to be repaid only in the interest; so that if he held the bonds
until redemption, he would have only as much as if he had invested
his money at compound interest at four and a half per cent per annum.
In other words, the credit o f the United States, at this time, when its
debt was small and its treasury overflowing, was such that four and a
half per cent was a fair rate o f interest for it to pay; and this instance
exhibits the general principle that when a bond, with a definite time to
run, sells for mere than par, it is because the rate of interest which it
nominally pays is higher than the rate o f ii.terest which the borrower’s
credit will really command.
4
TH E P R IN C IP L E S
OF
F U N D IN G .
[Julyi
Putting together these indisputable principles we have the general rule
that if a bond, with a definite time to run, is to he sold neither at a
premium nor at a discount, but at par, the rate of interest named in it
must be neither greater nor less than the rate which fairly represents the
borrower’s credit in the market. Let that rate be once ascertained, and
we know to a certainty just what rate must be promised in order to find
a market for the bond. N othing can be added to its value by post
poning the time for its redemption. Nothing can be taken from its
value by limiting that tim e; provided it be not made so short as to take it
out o f the list of permanent investments entirely, and make it so uncertain
as to offer no inducements to those who wish a fixed revenue secured
to them.
It is, of course, understood that these are only general principles,
by which the values of bonds are governed, subject to the influence of local
and temporary circumstances in the markets, and to that o f particular
features in the bonds themselves. These special influences sometimes
prevent a security from being a trustworthy indication of the actual credit
o f the debtor. For instance, the five twenty bonds were long depressed
by the doubt whether they would be paid in real m oney; and they are
even now lower in proportion to the interest they pay than the ten-forties ;
which may arise in part from this old doubt as to payment, and in part
also from the fact that they are more abundant; but, probably, chiefly
because the margin for profit in buying them, in view o f their being
soon funded, is so much smaller. The five-twenties are, or soon will be^
redeemable at par in g o ld ; hence they cannot rise much above that
price, and the possible profit in buying them at 96 or 97 is less than
buying the ten-forties at 94. These incidental variations in price do not
affect the worth o f the general rule stated above.
In order to determine the rate o f interest at which the United States
could now fund its maturing or redeemable debt, therefore, we have
only to ascertain the rate at which they can command loans in the open
market, apart from the special privileges which give exceptional value to
such securities as the three per cent certificates. The best data for this
purpose are afforded by the ten-forty gold bonds and the six per cent
thirty year currency bonds issued to the Pacific railway companies. If
the former sell at 94 and the latter at 110, each in the currency in
which it is to be paid, it will follow that the United States can borrow
gold at 5^ per cent, and greenbacks at almost exactly the same rate.
It appears then that any attempt to fund the debt at present at any rate
lower than
per cent must needs fail, if it did not even disturb values
and unsettle credit so as to postpone the time when funding may be
hoped for. It appears also that the credit o f our government in the
LOW
TO LLS A N D
TH E
B U SIN ESS O F
TH E
CAN ALS.
5
world’s markets is now advancing, since the rate at which it can borrow
has fallen from above six per cent to about 5^ per cent, and that
another year of equal success in our financial administration would bring
a loan on consols at five per cent to par, and would then enable the
Treasury gradually to put the whole debt in a more manageable form,
and to save at least $12,000,000 a year in the interest. But since the
funding rate must necessarily be determined, not by act o f Congress, but
by the actual credit of the nation at the time it is done, it is plain that
any attempt to put the debt in a permanent form before that credit is
finally established, and the present growth o f it fully matured, would be
premature and injurious.
LOW TOLLS AND THE BUSINESS OF THE CANALS.
The policy adopted by the Canal Board in authorizing a materia)
reduction o f tolls on canal traffic, appears already to have produced mar
ked results in stimulating the shipment o f freight by the Erie and other
main waterways of the State. These indications, promising a large
increase o f business over that of last, year, are the more significant when
we consider the unfavorable circumstances attending the operation of the
canals during the first few weeks of the present season. The disastrous
breaks which occurred last fail compelled the greater part o f the boats
to winter on the Hudson, and it is said that the number laid up at this
city and at Albany was never so large during the winter months of any
previous year. W hile this fleet o f boats was moving westward during
the first few days of navigation, the serious break at Utica occurred,
causing a further detention of several days, during which navigation was
wholly suspended. The natural result of these successive accidents was a
scarcity of tonnage at Bnffilo for more than a fortnight after the first
fleet had moved eastward, and so great was the want of boats that the ship
ping business was almost at a standstill. Large quantities of grain conse
quently accumulated at Buffalo, and at the beginning o f the present month
the stock of wheat in the elevators at that point was reported at 933,200
bushels, against 110,000 on the 1st of June, 1869. Another effect of
the want of adequate tonnage accommodations was to considerably increase
eaaal freights during the first few weeks of navigation. In May, 1869,
the average charge on wheat, over tolls, was 7.07 cents, although during
the latter part of the month boats were abundant, and the competition
between the carriers was so active as to reduce freights half a cent lower
than the average for the season. This year rates are reported as ruling
strong without change at 8.04 up to the present time; but it is claimed
that, had shippers enjoyed the same facilities for moving grain this
6
L O W TO LLS A N D
T H j T B U SIN ESS O F TH E C A N A L S .
\Jufyr
season as last, rates would have been materially lower, competition between#
the carriers and the railroad companies would have been more animated,,
and the heavy stock of grain accumulated in the Buffalo elevators would
have been afloat for tide water, adding nearly a million bushels to the
amount already forwarded by canal.
Another serious obstacle to the success which should have attended the
initiation o f a more liberal policy on the part of the State with regard to
the operation and management of the canals, was the partial failure o f
the last corn and oat crops throughout the west, and the consequent light
eastward movement o f these cereals which, as the rule, constitute a very
considerable portion o f the business o f the canals. The total receipts o f
corn and oats at the five principal lake ports, Chicago, Milwaukee,
Toledo, Detroit and Cleveland, from the beginning of August last to tbe
close o f May were over 13,000,000 bushels less than the receipts for the
same period of 1868-9, and a similar falling off is reported in the receipts
of these cereals at Buffalo for shipment eastward, of which there were
over 850,000 bushels less during May last than for the corresponding
month o f ] 869. The receipts at New York also show a similar decline,
the total deliveries of corn and oats at this port for the five months ending
with May being nearly 3,000,000 bushels less than during the same period
ending with May last year. Indeed, the movement o f these cereals
throughout the country has been so light that a comparison of the
shipments by canal with previous years o f abundant crops would give
no trust worthy indication o f the effect o f a reduction of tolls on this
important branch of the carrying trade.
Under these extremely unfavorable circumstances, it cannot be expected
that the business of the canals would show a large immediate increase in
response to the liberal action o f the Canal Board, and yet there is much
to encourage the advocates o f a low toll policy in the results already
attained. The Buffalo Commercial Advertiser, reports the shipments o f
flour by canal from the 10th to the 31st of May, inclusive, at 2,395 bbls.
against 2,015 for tbe same period last year, and the shipments o f wheat
at 1,741,692 bushels, against 1,495,124 last year; an increase in flour
of 380 barrels, and in wheat o f 246,568 bushels. For tbe reasons
before mentioned no comparison o f the shipment of corn and oats this
year and last are given. In the shipments o f rye there has been a gain
this year, as compared with last, o f 7,795 bushels. The receipts of
lumber, staves, hoops and nearly all classes o f coarse freight at Buffalo,
are also reported to be largely in excess o f those o f last year; but it is
of course premature to attribute this increase solely to a reduction of
canal tolls, until it is ascertained what proportion of the total receipts at
that port are sent eastward by canal and what by rail. It cannot be
FOREIGN EXCHANGE AND PRODUCE EXPORTS.
<
questioned, however, that the receipts of wheat have not been as heavy
during any month of May since 1864 as they were this year, and that
the stock of coarse freights awaiting shipment was never larger than at
present. The deliveries o f wheat at Buffalo during the past month aggre
gate the large total of 3,239,158 bushels, against 1,758,048 last year; of
lumber, 31,962,143 feet, against 26,859,196 feet last year; o f staves
4,992,254 against 1,078,722 last year; of hoops, 4,814,371 against
3,734,700 last year. From the shippers o f westward bound freights
equally favorable reports are received. The movement o f railroad iron
by canal from this port is largely on the increase, and the shipments of
anthracite and other coals promise to be larger this year than last.
Judging from present indications, therefore, it is probable that, as
compared with last year, the volume o f canal traffic will show as great
an increase as was anticipated by the advocates of a reform policy in canal
management. It is not to be expected that their revenues will be greater,
but it may be confidently predicted that the increased trade and business
prosperity of the State attending the practical workings of a system of
low tolls will fully vindicate the wisdom of such a policy; and if such a
desirable result is attained, the necessity for permanently securing these
benefits would, doubtless, result in the ratification o f the Canal Debt
Funding bill at the polls next fall. It must be remembered, however,
that the low toll policy is still an experiment, and that, whether it. shall
prove successful in reclaiming for the canals any considerable portion
of the business directed into other and cheaper channels during the
past few years, depends in no small degree upon contingencies over
which the Canal Board can exercise no control. If, as has been feared,
the carriers take advantage of the lower tolls and increased business to
combine for a proportionate advance in freight charges, the practical
result will be to divert into the hands of competing railroad companies
and turn into other and less direct channels, a considerable part of the
traffic that should find its natural outlet to the seaboard through the
Erie canal.
FOREIGN EXCHANGE AND PRODUCE EXPORTS.
The exports of cotton furnish, during a considerable part of the year, so
large a portion of the commercial bills on the market, that the approach
of the season wbrti the supply from that source must diminish, has been
regarded by some as a period when an advance in the rates of exchange was
likely to take place. This is not necessarily a correct conclusion, as there
are some particulars in which the produce movement this summer will
differ from last summer’s movement. For the purpose of illustrating
8
F O R E IG N
EXCHANGE
AND
[July,
PRODU CE EXPO RTS.
this, we give the following statement o f the exports o f cotton, breadstuffs, and tobacco from the Atlantic and Gulf ports o f the United States
from June 1 to September 1, 1869.
Cotton............ 85,000 bales, valued a t ....... .
Flour.............. 850,000 bbisM
“
..........
Corn m eal.... 65,000 bbls.,
“
..........
Wheat............9,500,000 but*h.,
“
..........
Corn ............ 325,000 b a sh ,
“
.........
T obacco........ 77,500 hhris.,
“
..........
Tobacco ....... 24.700 other pkgs., valued at
Tobacco,m’fd.2,900,000 lbs., valued at.
Total value in go d
gold $8,500,000
. “ 3,825,000
“
3(0,000
, “ 30,075,000
, “
300,000
, “ 5,815,000
.
“
.
“
2 , 000,000
600,000
$30,415,000
W e have not taken into this calculation the important item of Petro
leum, nor the export of breadstuff’s from the Pacific coast; they are
not necessary to our present purpose, though they should not be lost
sight of.
From the above it will be seen that for the three summer months last
year the exports of cotton were 85,000 bales, with $100 gold per bale— a
lair valuation. A t the close o f May, 1870, there was a stock of cotton
in this country of about 302,000 bales, against 150,000 bales the corres
ponding date last year. It is very plain that the receipts of cotton at the
ports are for the remainder o f the season to exceed last year’s movement
during the same period, and will be in excess o f the wants o f our spinners,
leaving, in case crop reports continue favorable, the whole of tin stock
to be exported, which, at the reduced value o f say $80 gold per bale,
amounts to the sum o f about $24,000,000 in gold.
The exports of breadstuff's— of wheat and wheat flour in particular—
during the summer months of 1869 were unusually large, about two-fifths
o f the exports o f a year in which the shipping demand was much above
the average. But we see no reason to doubt that the export for the coming
summer will be fully as large. The demand from Europe is more general
and legitimate, and less speculative now than then ; while other foreign
markets which draw supplies from us are purchasing with great freedom.
Prices are now rather higher in gold than last Jun3; so that our shipments
of flour and wheat for the next three months may be estimated at
$15,000,000 in gold— an amount that will seem incredible to one who has
not fully examined the subject. But when it is remembered that during
the summer months o f 1869 from this market alone we exported 600,000
bbls. flour, valued at $2,700,000 in gold, and 8,720,000 bushels of wheat,
valued at $9,000,000 in gold, with supplies now coming forward in
excess of last year, the above estimate of fifteen million dollars from
the whole Atlantic seaboard will not be considered excessive.
W e now come to tobacco. The last crop of Kentucky tobacco is esti
mated at fully 30,000 hhds. short, and the deficiency may reach 40,000.
The short crop led to extreme prices. These have greatly retarded the
9
WHEAT----PAST AND FUTURE.
export o f this staple, and hence the shipments which should have been
made in April and the first half of May are now in progress. However
much therefore the falling off in the crop may contribute to a diminished
aggregate export, the movement for the next three months is likely to
equal in amount the corresponding period of 1869 ; and as it is going
forward at a great advance in gold prices, the value o f the tobacco to be
exported will exceed last years figures probably approximating ten millions
o f dollars. W e thus reach the following estimate of the gold value of the
exports of these three great staples for the next three months :
Cotton................................................................................................................... $24,000,000
Bread stufls................................ ......................................... .............................. 15,000,000
Tob .cco........ ........................................-................ ........................................ 10,000,000
Total...................................................................................................
$49,000,000
— an increase of nearly nineteen millions over the corresponding period
of 1869, or nearly one and a half millions dollars in gold per week—
an item of no small importance in estimating the future o f exchanges.
The exports of other articles of produce are liksly to rather exceed than
fall below last year, particularly in gold value. This is now true of
petroleum; while our imports from many evident causes are not gen
erally estimated at so large a figure as last season.
W e give these facts as they are of importance in connection with the
movement of exchange and gold during the summer. Last year (be
unprecedented and unexpected export of breadstuff's disturbed the calcu
lations of those who were looking for an outflow o f gold. This summer,
notwithstanding the bond movement is likely to be small, the increased
supply of bills from the sources above indicated may lead to a similar
result.
WHEAT— PAST AND FUTURE.
Since about the middle o f May 1869 the whole movement in Wheat,
including the course o f prices and the tone o f the trade, not only at this
but at all the leading markets, has been so contradictory, perverse and
unexpected, as to disappoint the oldest and most sagacious persons in
the business, involving many in severe losses. The wide fluctuations in
the quotations, under circumstances apparently not favoring such varia
tions, are best seen in the following summary of prices of W heat at
specified times, to which we add the stocks and rates o f g o ld :
May 20,
1869.
Highest
since.
Lowest
since.
June 9,
1870.
Price of No. 1 S p ring................................
$1 50
$1 72
$1 14
$1 37
G old R ate....................................................
1 52
1 62
1 11
1 14
W heat in sight, bush ............................... *5,000,000 11,349,000 2,705,000 6,700.000
♦Partially estimated.
10
WHEAT----PAST AND FUTURE.
[July,
From the foregoing it can be readily seen that the price o f gold and
the amount of stocks have not regulated the price o f W heat. The
highest figure of the year for W heat was reached August 16, 1869.
Gold was but 134 with No. 1 Spring $1 70 per bushel at that time.
The quantity in sight was below three million bushels, with an active
speculation ia Liverpool, where No. 2 Spring advanced to 10s. per cental.
A t the time o f the greatest accumulation of slock (the first week
in January 1870) No. 1 Spring was worth $1 28 in currency, with gold
at 122, showing that then, in spite o f all the adverse influences which
a close money market and vast accumulations in our own and the British
markets, (aggregating 28,000,000 bushels at the commencement o f the
current calendar year), the price of the best spring wheat remained above
a dollar per bushel in gold. The only occasion during the period in
question when it declined below that figure was on “ Black Friday,” in
September, 1870. Then there was scarcely enough spring wheat in
market to establish prices, the money market was practically closed, and
sterling exchange declined almost as rapidly as gold advanced. A t the
lowest rate of premium for gold, March 9th, N o. 1 Spring sold at $1 18.
The lowest price, $1 14, was made about the middle o f April, when the
navigation of the Upper Lakes had been resumed, and it appeared that
the vast stocks held West were to be precipitated upon this market, with no
adequate demand to meet them, as Liverpool accounts continued d u ll;
at the same time, flour was being pressed for sale, holders fearing lest it
should sour on their hands, and hence extreme low prices were accepted.
Gold then averaged the same as N o. 1 wheat, 114, and the quantity
of wheat in sight had been reduced only abouttwo million bushels during
more than two months, standing April 9, at 9,380,000 bushels.
In the spring of 1869. the fair stocks, greatly increased receipts at
the Lake Ports, and the favorable crop accounts from all quarters, led
to the anticipation o f lower rates. But the market was met by an
active export demand, so that there was, with some fluctuations, a gradual
improvement in gold prices till Aug. 16, when N o. 1 Spring sold at
$1 29, in gold. After that a downward movement began, which continued
almost without interruption till the middle of April, 1870, at which time
No. 1 Spring Wheat had declined to I I in gold. A t this point the export
movement set in again and about a month earlier than last spring ;
opening at $1 a bushel, in gold, for N o. 1 Spring, against $1 08 on the
21st of May, 1869, it has already advanced to $1 24, or within five
cents of the highest gold price in August, 1869.
There are indications that the irregularity in the Wheat market for
the past year or more, may continue for some time to come. Stocks are
very large. Receipts are liberal. Crop prospects are good, except in some
THE UNITED STATES MINT.
11
parts of California. The demand, however, is large, and if less specu
lative than last year, it is not without its unreliable aspects. A French
demand, such as we now have, is always exceedingly uneercertain.
Wheat may be salable to French buyers at most any price to day, and
to-morrow they may not be induced to touch it on any terms. The sub
sidence of the French demand checked the advance here on Wednesday.
But it does not look as if we ought to expect very low prices for Wheat.
Consumption has rapidly increased in the past few years, even more
rapidly than the production. The laboring classes abroad are better
employed than they were a year ago, and it is reasonable to presume
that wages are generally better in Europe, as trade reports have indicated
an upward movement in many departments for some time past. Full
crops, therefore, need not, necessarily, be followed by prices that would
be unremunerative ; while it is not pleasant to contemplate the results
that would follow any large diminution o f supplies.
Then again, we do not think that European crop accounts are, on the
whole, favorable. Our own well informed correspondent at London
inclines to the opinion that the crop o f Spring Wheat in the United
Kingdom will be short, although the winter wheat is looking extremely
well. From Russia the reports are not satisfactory, while French accounts
are somewhat contradictory, the weight o f evidence at present being
to the side o f some deficiency in the yield. In view o f these circumstan
ces and of the experience o f the past year, it does not appear to us that
we can anticipate very low prices for wheat during the coming season.
THE UNITED STATES MINT.
The Secretary o f the Treasury has laid before the Finance Committee
o f the Senate a bill prepared by Mr. Knox, Deputy Comptroller o f the
Currency, for the purpose o f consolidating and improving the laws of the
United States concerning the various mints and assay offices. The first
of these laws was passed in 1792; and from time to time new enact
ments and amendments have been adopted, but there has never been any
thorough and general revision o f the system, and it now contains many
anomalies, besides being scattered in so many acts, part in force and
part repealed or modified by later ones, that it is difficult to comprehend
it. Mr. Boutwell strongly recommends the adoption of the one general
law proposed by Mr. Knox, as a substitute for all previous legislation
on the subject.
This bill, besides condensing and arranging in one intelligible docu-
12
THE UNITED STATES MINT.
[July,
ment all the mint laws now in force, makes some changes in the present
organization and conduct of this institution. Some of these changes are
matters of detail, which have no general interest; but others of them are
o f national importance, and ought to be understood by those whose
interests they will, if adopted, affect.
lu the first place the control o f the mint as a whole, including all the
branch mints and the assay offices, is taken from the “ Director of
Mint” at Philadelphia, and vested in a “ Director of the Mint of the
United States,” to be the head of a bureau in the Treasury Department at
Washington. This bureau is to have general charge of all the business
of these institutions, including the collection o f statistics relating to the
precious metals— a work not now officially performed by any branch o f
our Government. It was by accident that the head of the Philadelphia
Mint became the head o f the whole mint system. That mint was first
established, and was long the only one in the country. W hen small
branches were founded in North Carolina and Georgia, without any
expectation that they would ever become important, they were naturally
placed under the supervision of the chief officer of the principal mint,
and in 1852 when a new mint was instituted in San Francisco, and in
1853 when the Assay office in New York was authorized, these were
also made branches of the Philadelphia Mint, in accordance with prece
dent. But each of these branches is now much more important than
the original mint, and the supervision over them is merely nominal.
The want of some more direct relations between them and the Treasury
Department has long been felt, and, in several instances, the Government
has suffered loss, because there was no proper and constant accountability
to the Treasury on the part o f their officers. This change seems to be
desirable, or even necessary, and will only assimilate the conduct of the
mint to that of other important interests connected with the Treasury, such
as the National Banks, the Internal Revenue and the Customs.
Mr. Knox proposes also the entire repeal o f the charge now made
for coinage, so that the mint shall at all times exchange coin for fine
bullion, gold or silver, at its full value, and meet the cost of coinage
by appropriations from the Treasury. The argument offered in favor
of this change is mainly that the charge for coinage makes bullion less
valuable for this purpose than for export, and therefore stimulates the
shipment of it. A man who has gold to the amount of $100,000 in bars
can only get $U9,500 for it at the mint; but England and France charge
nothing for coinage, so that it is worth there the full $100,000; and he
ships it, in preference to buying commercial bills, unless he can get
them at a greater discount. There are some reasons why a charge o f the
actual cost of coinage may fairly be made, but there is no doubt at all
1870]
H O R S E -P O W E R R A IL R O A D S
IN
TH E S T A TE
O F N S W 'T O R K .
13
that the present charge is much too high, and that, if it is entirely
repealed, as th e‘bill proposes, the export of bullion will be diminished.
Again, it is proposed to make all the “ token-coinage,” that is to say,
the coins for small change, which pass for more than their intrinsic value,
out o f one uniform material, an alloy o f three parts copper and one part
nickel, to issue them only at par, as they are demanded, and to redeem
them when issued in excess. This reform is of imponance. It will pre
vent a glut of these coins, resulting in their depreciation ; and, in con
nection with the plans given in the hill for keeping the accounts of this
coinage, will save some unnecessary expense.
The other changes are o f less general interest, but the various provis
ions of the bill seem to be, as a whole, wise, and many of them are of
much importance. W e trust that it will receive from Congress the
attention to which the great national interest with which it deals entitles it.
HORSE-POWER RAILROADS IN THE STATE OF NEW YORK.
A tabular statement for the year ending September 30, 18 >9.
Operating Net. Di iMiles
expenses, ear -d«*nds
Capital Fun ed of
Total.
etc.
ings i>. c
etock. debt. road.
$
$
$
$
$
56.850
51,467 . . . .
40,COO 5 75
78,317
Albany R r l w a y ..............
83, 67 .
ttleeck. & Fill. Ferry.............. ........... 900,000 (194,000 9.00 334,094 250,826
96,781
29,831 8
10 .000 5.-8 126,662
Broadway ( in <oklvn).............
Broadway ag 7th a v ............... ........... 2,100,000 1,500,000 8.00 713,423 480,690 2:2,733 4
37,973
Loss
___
30,153
80,000 7.( 0
B’klyn, Bath & C. Isl.............
Brooklyn C.ty......................... ______ 1,500,000 300,000 £6 00 1,282,132 954.666' 327,466 12
72,120
5,718
...
218,000
12.83
67,002
Bk’ln u ’yH .P t& P .P k........... ______ 261,400
4,00 5.50 134,615 1(2.616
21,999 . . . .
B’klyn City & Newt'n.............
(Not
yet
in
operai
on
,
B’klyn, Hat & C'y Isl.. ....... ............
10,(00 100.000 4.50
18,957
............ 50,000 316 500 8. SI 160,428 141,471
Buffalo street ..................
76,650 lo s s
2,000 4.00
67,2*. 7
Buehwicu.
............... ............ 292,000
15,025
3,229 7
18,254
6,0(0 1.62
Cent’ lCity, (Syracuse)............
13,997 . . . .
Cent. Park, > . <&E It............. ............1,068,40' 626,000 24.00 588,724 574,727
13,067 . . . .
Coney Isl ^ B io o H y n ........... ............ 5(0,000 214,000 10.20 144.047 130,9*0
I). Dock, E. r- ’y & hat.., .. . ............1,200,0(0 70-*,000 10 63 738, (k 0 558,496 180,104 8
4,162 ...
,318
........ -3.50
8,480
Dunkirk a F iv d o n ii............ ............ 84,825
27,413
4,(>M___
22.754
170,700
82,700 9.50
East N. Y. & Jam ica............ ..........
Eigth A ven u e................ ...
............1,000.000 2<3,COO 10 0.) 835,447 635,093 200,354 12
9.147
456 ...
29,* 85
10.403
10,000 2.60
Fifth W ad (Syracuse)............ ..........
260,(00 5.13 376,901 264,61 3 112,40 1U
4*2dst. & G’ u et. Ferry.............
545
.. .
12 00 8.00
12,598
12,053
............ 42,-00
Gen. & Wat st,(">yr.)
10,205 . . . .
27,685
37,890
190,000 6.00
G’dst Fer y& Mid.Vil .........
30.(00 3.00
82,066
74,973
7,093 . . . .
Grand si & Newtown............ .. . .
170,U00
72,802
6^,0 2
4,770 . ...
13U.00U 5 00
Harlem B'dge, M. &E.............
.. 3.35
2,4o5 . . . .
2.'',390
19,985
Kingston & rtondout.............. ............ 75,000
3,330 ..
Ninth Avei ue......................... .... - .. 797,31-0 167.000 6 10 110,179 1 6,849
35,000 9.00
Loss........
34,015
36,756
Roch’ r Cityfc Ihight’ n ............ ............ 60,000
Lo 8........
29,131
........ 3 tO
18,335
Sack. Hoyt &B rg sts.............
.......... 881,700 1 015,000 8 00 527,472 4IS. 638 108,834 . . . .
Second Ayduue....................
S.xtk A venue......................... ............ 7c0,0 0 250,000 4.0i 713,499 6j8,8 8 104 6.*1 *10
8.901
5,362 7
14,263
26,000 2.00
Syracuse & Ged es................
1 83
8,798
6,276
2.522 . . . .
Syracus & Onondaga------- ............ 31.001
249,225
12
Third Avene e ......................... ............ 1,170.000 1,500,(00 8 00 1,405,529 1,156,»4
15,436
13,191
2,245 . .
20,000 3.17
Troy & A b a .........................
(•,103 . . . .
Troy & Lansi ghur^h............ .......... 250,000 100,000 9.36 151,228 155,* 25
86,291
6-,725
17,566 . . . .
Utici Clin dt b rg l’n ............ ............ 121,400 200,000 13.00
20,051 . 16,56*
75,000
15,000 1.25
3,483 3x
Van Brum et &ErIe B......................
240.000 131,000 7.25 108,739
79,815
28,824 11
Wat’vl’ t lTjp’kKR,Alb........... ............
Railroads.
14
H OU SE A C C O M M O D A T IO N
O F ENGLAN D
AND
W ALES.
\July,
nOUSE ACCOMMODATION OF ENGLAND AND WALES, W ITH REFERENCE TO
TIIE CENSUS OF 1871.
BY ROBERT HARRY INGLIS PALGRAVE.*
Existing Information, Extent and Deficiencies—The Increase in House not Proportionate to
Other i'ro.ress—Information Contained in the Census Returns, 1861—Estimates Based on
Mr D. Baxter’ s Me hod—Information in Mr. Frazer's Report—Influence o f Dwellings on
Certain Dietricts-Summary.
Tlie social condition of the population o f this country has frequently
been investigated by many and competent observers.
Among other
names, those of Arthur Young, Cobbett, Miss Martineau, Chalmers, Por
ter, and Kay Shuttleworth, show how great and how varied has been the
abilitv employed in the task. All those just named may, in some degree,
be termed amateurs. Each one noted, and remarked on, the points of
special interest to himself. In more recent times carefully selected and
highly qualified official observers have been appointed by the Government
to the duty. Dr. Simon, Dr. Farr, Mr. Baker, and the Rev. James Fra
zer, to single out a few names, are worthy to be placed in the same line
with the best known of their predecessors. To the reports made by such
observers, the writer of the following pages has been greatly indebted.
In acknowledging this obligation, he desires also to mention that a wish
to give ^ complete authority for the statements made, has sometimes led
him to avail himself of the very words in which the statement was given.
In all practical cases a reference has been added. But, although much
information on many subjects connected with the condition of the popu
lation is to be gathered from these reports, and from other similar sources,
to which, from want o f space, it has been impossible to refer in detail,
there is one rather important point on which our information is deficient.
No adequate data yet exist for a complete and systematic investigation of
the condition of the population, as to house accommodation, when
regarded family by family.
To defer any attempt at investigation till this deficiency is supplied
might be altogether undesirable. “ An author who waits till all requisite
materials are accumulated to his hands, is but watching the stream that
will run on for ever,” And though Mr. Hallam’s fame rests mainly on
other grounds than ordinary statistical research, yet the social condition
of the population was far from being forgotten by him ; the early num
bers of the Statistical Society’s Journal show that the house accommoda
tion o f the mass o f the metropolitan population had not escaped his
attention, or failed to call out his sympathy.
* Read before the Statistical Society o f London.
1870]
H OU SE
A C C O M M O D A T IO N
OF
EN GLAN D
AND
W ALES.
15
I.— Existing Information, Extent and Deficiencies.
The materials on most points are abundant. The only difficulty at first
sight appears to be that o f selection. Yet, as mentioned, there is a por
tion o f the subject on which the information is very scanty. The quality
o f the house accommodation of the United Kingdom, is as yet but
scantily investigated. Existing statistics do not present any adequate
information on this part of the question. The general average for the
kingdom is given; the average for each county, each town, each village,
is easily ascertainable. But here the information stops short. It is
impossible to investigate further with any certainty, and to learn even
approximately how individual families are housed. Endeavors have been
made to unravel this point from the materials now accessible. And the
results of these endeavors will be found in the following pages. But the
best service which they can render is to show lo w little can yet be known.
And yet this subject is one of great interest. The important part
which it plays in the social condition o f the people cannot he doubted.
But, as far as can be traced, while a vast expansion has taken place on
many other points; while progress has been made in many other respects,
house accommodation has remained almost stationary. Down to the
present time it appears to have improved but slightly since the com
mencement of the century, even if there has been any real improvement
at all since 1801. That date is not chosen for any other reason than
because it is a convenient landmark, and the point whence authentic
information on the subject commences. Before that time many ingenious
estimates, like those of Sir William Petty * and the Rev. John H o»lett,f
were made, but these are at best uncertain grounds to base any calcula
tion o n ; and no reliable data exist before the actual enumerations which
commenced in 1801. It may, however, be observed in passing, that Mr.
Howlett’s estimate of 5 2-5 as the average number of persons in a house
inl870, was more favorable than the state shown to exist by the investi
gations of twenty years later. If Mr. Ilowlett’s estimate was correct,
the deterioration which followed 1870 may correspond with the depres
sion in the condition of the laboring population of this country at the
close of the last century, noticed by Mr. Porter,]; by Mr. Rogers,! and
commented upon by that indefatigable observer, Arthur Young.§
•“ Several Essays in Political Arithmetick,” by Sir William Petty, K n t: London, 1755.
+ “ An Examination o f Dr. Pr ce’s Essay on the Population o f England and Wales,” by
Rev. John owlett, A.B.: Maidstone, 1781.
t “ 'I he Progress o f the Nation in its various Social and Economical Relations,” by G. R.
Porter: London, 1851.
II “ A History oi Agriculture and Prices in Englad J, from 1259 to 1793,” by James E. Tbo
rold Rogers, M.A.: Oxford, Clarendon press, 18t>b.
§ “ Annals of Agriculture,” &c., Arthur YouDg: Bury lit. Edmunds.
16
H O U SE
AC C O M M O D A TIO N
OF
ENGLAN D
AND
W ALES.
\July,
Mr. Porter bas made the following statement in the opening o f the
chapter on Inhabited Houses, in the “ Progress of the N a tio n :” “ The
number of houses in a district will usually bear the same relative pro
portion to the number o f its inhabitants at one period that it has borne
at another.” This might certainly be expected to be the case where a
country has passed into a stationary state. In a country in which the
density of population, the relative proportion of wealth to individual
inhabitants, of imports and exports, of all the circumstances which tend
to form the life of a nation, remain unaltered. But is this similarity of
proportion between the number of inhabitants and their dwellings to be
expected to remain permanent in a society undergoing continual change?
It may be said, the place where a man lives and the style of his house
are both matters in which he is free to choose. That if more houses,
that if a better class of houses were required, they would be provided.
In short, that in this case the supply would be equal to the demand.
Few, perhaps, of the current phrases in use among economic writers have
been so frequently misinterpreted as those which refer to demand and
supply. Few have been more frequently misapplied. It is assumed, as
a matter of course, that the one will always be correlative of the other.
That, in short, the desire to possess any material object will not fail in
fruition. The many cases in which a natural limitation to indefinite pro
duction exists, are quietly overlooked or ignored. A little reflection will
show that houses are among the number of what are sometimes termed
“ excepted productions;” productions, in short, whose numbers are not
governed by the ordinary rules which apply to most other things which
can be increased in quantity at pleasure.
That a thing may have any value in exchange two conditions are
needed. It must be o f some use; and there must be some difficulty in
its attainment. It is even possible that, however useful an object may be,
the difficulty of attainment may be so great as to become a complete bar
to possession.
Mr. Mill, in the third book o f his “ Principles of Political Economy,”
has illustrated this point with the clearness of language usual to him.
Houses, he shows, are within the scope of limitation.
“ The difficulty of attainment which determines value is not always the
same kind of difficulty. It sometimes consists in an absolute limitation
o f the supply. There are things of which it is physically impossible to
increase the quantity beyond certain narrow limits. Among such may
be reckoned bouses and building ground in a town o f definite extent
(such as Venice, or any fortified town, where fortifications are necessary
to security), the most desirable site in any town whatever.”
Non “ desi:ability ” is a relative term ;— nearness to the docks and the
1870]
H O U SE
A C C O M M O D A T IO N
O F EN G LAN D
AND
W ALES.
17
building yards, is as desirable to the laborer and shipwright, as nearness
to the courts o f law is to the barrister and solicitor. A nd hitherto the
mass o f the population has had little power o f choice in many instances,
i f there has been a choice at all between a desirable or an undesirable
dwelling. There is little reason for doubt, but that if in many localities
more houses had been available, more houses would have been occupied.
It is true that the proportion o f houses to inhabitants has slightly increased
during the present century, but by no means in the ratio that might have
been expected. A considerable increase might have been expected for
three reasons. In the first place, the prosperity o f the country has
increased greatly. In the next, the burden o f taxation is by no means
so heavy as it was at the commencement of the century. In the third
place, the incidence o f that taxation bore very heavily on all building
operations whatever.
Bricks, tiles, timber, glass, were all subject to
heavy dues; and the house itself, when built, had to bear special imposts,
more onerous than those existing at present.
II— The Increase in Houses not Proportionate to other Progress.
A complete survey of the social condition o f the country, of the posi
tion occupied by its people, in comfort, in education and prosperity, would
be of the greatest service and of general interest. The difficulties, how
ever, of the task have apparently deterred any one since the death of
Mr. Porter, from undertaking to investigate so vast a subject in as com
plete a manner. This is much to be regretted. A paragraph in one of
Mr. Porter’s prefaces shows that the writer felt that at no distant period
his work must of necsssity become out of date
“ A book which professes to mark the progress o f this United King
dom, in which all the elements o f improvement are working with inces
sant and unceasing energy, requires to be from time to time brought
under revision in order to the fulfilment of the object which it professes.
“ It has been said that any work which should faithfully record the
outward progress of England must partake o f the nature of a periodical^
so great are the changes which occur, and so rapidly are they found to
succeed each other. This remark maybe applied with peculiar propriety
to the present time, in which the most zealous advocates o f progress may
see their hopes outstripped and their most sanguine wishes brought within
the reach o f accomplishment.” — Preface to Second Edition o f “ The P ro
gress of the Nation.”
The space over which a general inquiry would have to extend has
already greatly expanded since Mr. Porter’s death in 1852. And while
Mr. Porter’s works retain the value always due to a series of complete and
systematic observations, while they still form the most reliable basis o f
2
18
H O U SE
A C C O M M O D A T IO N
O F ENGLAN D
AND
W ALES.
[/« fy ,
information on many subjects, a wide gap of necessity exists between the
latest facts they supply, and the present day.
I therefore propose in this portion of my paper to avail myself of, and
to continue the investigations contained in the chapter on “ Inhabited
Houses.” *
The average number of inhabitants to a house in England at each census
in the present century was as follow s:
A V E R A G E N U M B E R O P IN H A B IT A N T S TO A H OUSE IN E N G L A N D .
.......................... .
.............................
5 67
5 68
11841............................ .........................
1 1851....... ................. .................. .
5.44
5.50
1821.............. ...........
1631........................
This table certainly gives reason for the belief that, as the excise on
bricks was abolished in 1800, the timber duties reduced in 1851, and the
window tax repealed in the same year, the effect o f the removal of these
drawbacks on building is, though dimly, reflected in the improvement
shown by the later figures. And on a general view, the population o f
England was at the date of the last census slightly less crowded for house
room than at the commencement of the century. But the advantage
gained is only slight. It merely amounts to this, that the position o f the
population in regard to house room was not worse in 1861 than it wras
according to Mr. Howlett’s belief in l^SO. This is certainly a far differ
ent result than might have been expected, if it is compared with the pro
gress certainly made on many other points. It is also probable that this
increase o f the number of houses bas rather benefitted the the few than
the many. If the condition of Middlesex as a county is investigated, a
different result is shown.
A V E K A G E N U M B E R C P IN H A B IT A N T S I N A HOUSE I N M ID D L E S E X .
1 8 0 1 .................. ................................
1811........................................................
1821........................................................
1831........................................................
7.25
7.29
7.48
7.52
11841......................................................... 7.59
|1851....................................................
7.88
I I M ......................................................... 7.90
1
A like tendency to a greater density of popu'ation exists in the case o f
London. But London, it may be argued, is a district, not a city with well
marked boundaries. The case o f Westminster, however, occupying a welldefined area, is not open to this objection ; and shows the tendency to a
greater crowding in a more marked degree.
A V E R A G E N U M B E R O F I N H A B I T A N T S TO A H OUSE IN ‘W E S T M IN S T E R .t
1821........................................................
18-31.......................................................
9.84 .1851......................................................... 10.04
9 79 I 1861............................................................10.01
This table assists us to understand how little light a general average
for the country may throw on the individual position o f each inhabitant.
* Chapter ii, section v, “ Progress o f the Nation.11
t “ There are no cata fr >m which to calculate th *proportion c f inhabitants to dwellings in
the m-tiopolio ea.lier than 1S21.” —G. JR. Poiter, statistical Society’ s Journal, voi. iv, p.'3?3.
1870]
H O U SE
A C C O M M O D A T IO N
OF
ENGLAND
AND
19
W ALES.
Sucli overcrowding may, in particular instances, be the result of want
among the local population. Westminster, it may be argued, has always
contained many miserable dwellings within a stone’s throw of magnificent
mansions. W ant may have had much to do with overpacking in W est
minster. But this cannot be the case generally. The increased prosper
ity of the country during the last twenty years is well know. The exports
and imports of the country are a sufficient test o f this.
It may be urged that a larger foreign trade only proves the greater
wealth among some classes, not among the population at large. The fact
however, that not only the absolute amount, but the proportion per head
are largely increased, would alone be sufficient to disprove this. It is
certain also that the people generally have earned more money, and have
been able to spend more money. They have not only bought more food,
but food of a more expensive kind than they used to do.
The following table is derived from one by Mr. Lawes, inserted in M r.
James Caiid’s very careful paper on “ Agricultural Statistics of the United
Kingdom,” in the Statistical Society’s Journal, March, 1809, p. G5.
E S T IM A T E D C O N SU M PTIO N OP W H E A T P E R H E A D P E R A N N U M .
England Scot- Great
■IreUnited
& W* es. land, Britain, land, Kingdom,
B irin ? the last sixteen years.
bn-hel. bushel, bushel. bushel. bu hel.
4.2
5 7
27
First eight yea s .....................................
5.1
4 2
6.3
33
Seconding t years..................................... .........
6 0
5.5
Average o f the whole period..............
4 2
5 9
3.0
5.3
“ Converting these figures into pounds, it appears that during the first
eight years each peison consumed at the rate of 311 lbs. of wheat, and
during the last period 335 lbs.” Meanwhile the consumption of other
articles of food than the staff of life, has largely increased. Taxation has
been lighter, and, as previously mentioned, the taxes on building materials
have been first lightened, and tliei removed.
Can it be doubted that if more houses had been obtainable, more hom< s
would have been occupied ? Can it be doubted that “ difficulty of attai mem” has limited and hindered the natural results of an increased deman 1
W hile the working classes have been earning more wages, have been
spending more on food and drink and clothing, would they not gladly
have obtained mere house room had they only been able to do so ?
III.— Information Contained in Census Returns, 1801.
I have endeavored, but without avail, to extract from the census returns
of 1861 some details as to the proportion o f inhabitants to houses in
different, classes of the population. But I have been unable to frame
any more exact statement of the proportion o f inhabitants to houses in
England than that given before. A s previously stated, the needful statis
20
HOUSE
ACTCO IMUOAT ION
O F EJJULAND AND' W A L E S .
\ J u b j,
tics do not exist. The average at the census of 1861 was 5.39 persons
to a house. That is to say, about 16 persons to three houses, taking
England all round. This is the general average, but there can be no
doubt that particular classes are by no means as well lodged. The
instances of the different proportion o f the increasing density of population
in Middlesex and in Westminster piobahly point to this. Westminster,
for more than forty years far beyond the average, increases more rapidly
in density than Middlesex. By referring to the comparative statement
of paupers relieved in the metropolis in the Christmas quarters for the
years 1866-67, it appears that the increase in number in the western
district (which includes the united parishes o f Westminister) was 34.7
per cent. Metropolitan Middlesex, comparing January 1st, 1866-67, had
only increased 26.7 per cent— the remainder of Middlesex but 6 9 per
cent.* These figures confirm the natural belief that the poorer population
has a tendency to a greater aggregation.
Tables 32, 33 and 39, given in the “ Appendix to the Report on the
Census of 1861,” f appeared to promise at first sight the means o f tracing
the subject further. These tables give the total number of families to a
house in fourteen selected sub-districts of England and Wales at that date.
They show very clearly how great the variations in the distribution o f the
population are. The general average o f these districts is 5.629 inhabi
tants to a house. This is but slightly higher than the general average for
England and Wales (5.37). But the tables show that, covered by this
general average, are great extremes, from 13.930 inhabitants to a house
in St. Giles to 4.041 in a sub-district in Cardigan. These sub-districts
being the only ones reported on with such completeness, it occurred to
me that it would be desirable to endeavor to ascertain some particulars
respecting the rentals of the houses within their limits, and thus investi
gate the quality o f the accommodation afforded to the inhabitants. This
endeavor entirely failed, much to my regret.
Most of the sub-districts are merely portions ef to vnships or parishes,
and therefore it was impossible for me to obtain any mo e detailed infor
mation about them. In one only, Bury St. Edmunds, was the sub district
exactly coincident in extent with the Parliamentary borough. I had
hoped that a return made to the House o f Commons in 1867 of popula
tion and rentals within the limits of each Parliamentary borough, would
have been of service for the purpose of analysing to a certain extent the
quality of the house accommodation in Bury St. Edmunds. But unfortu
nately for this purpose the principles advocated by Mr. Mill were not in
favor with the framers of that return. Had the numbers of all household
* “ Nineteenth Annual Eepoi-t of the Poor Law Board.” London, 1S07.
t “ Census of England and Wales, 1S61,” vol. i i i : London, 1363.
8*70]
H OU SE
A C C O M M O D A TIO N
OF
E N G L A N D AN D
W ALES.
21
ers been specified, some details would have been possible. But a limita
tion to “ male occupiers” only, frustrated all efforts at a correct analysis.
IV .— Estimates based on M r. D . Baxter's Method.
Though the census o f 1861 does not give any basis on which to
construct detailed statistics as to the country in general, it is possible to
carry the investigation further in some directions. If we apply the prin
ciples o f investigation adopted in Mr. Dudley Baxter’s work* on the
‘ ‘ National Income of the United Kingdom” to this subject, some further
insight may be obtained as to the distribution of the population among
the various classes of dwellings. Mr. D . Baxter divides the population
into what he terms the upper, and middle, and manual labor classes. In
the upper and middle classes, he includes all persons with incomes from
about £ 7 5 a year and upwards. In the manual labor classes are all working
people, and others with incomes from about £73 and downwards. The
total population o f England and Wales in 1861 was in round figures
19,900,000,f inhabiting 3,739,605 houses. Dividing the population on
the principle named above, there would appear to have been then about
4.700.000 of tbe upper and middle classes*, including those dependent on them*
15.200.000 o f the manual labor class, with the same addition.
Mr. D . Baxter checks his figures by the number o f £10 houses in bor*
roughs and counties o f England and Wales in tbe electoral returns of 186Cj
which was at that time given as 1,250,000. And he considers that about
140,000 of them were occupied by the “ manual labor classes.” The
annual rale of increase in houses appears to be far from uniform in this
country: but we may suppose that 1,100,000 houses were occupied by the
upper and middle classes in 1861, against 1,110,000 such houses in 1866.
The “ upper and middle classes of Mr. D. Baxter’s calculations are not,
however, the only inhabitants of these houses. The larger proportion of
servants, governesses, shop assistants, &c., must live with their employers.
The census of 1861 gives the number of these classes of persons, and it
may be safely inferred that fully l,360,000j attendants, in some capacity
or other, must be deducted from the lower” and added to the “ higher’’
classes, in the sense of forming part of the same households. W ith these
alterations the figures will be as follows :
6,060,010 “ upr.er and middle classes,” in 1,100 houses, £10 and upwaids, with
their servants, &c
13,840,COD “ manual labor classes,” in 2,639,505 bouses below £10.
The proportion o f inhabitants to houses is very nearly equal in both of
* “ National Income o f the United Kingdom,” by R. Dudley Baxter, M .A .: London, 1SGS.
t *•Besides 15i,Out) respecting whom nothing was ascertained.V Mi. D. Baxter.
+ Summary Tables, X IX and X X, Census 1861, vol. ii.
22
H OU SE
A C C O M M O D A T IO N
OF
E N G LA N D
AND
W ALES.
\July,
these two great divisions. But there can be no doubt that vast differ
ences in actual fact lie beneath this apparent uniformity.
Following Mr. D. Baxter’s method, the manual labor classes in 1861
would be distributed as follows:
Class rv.*
Higher fkilled labor and manufactures (net annual
earning-, £ .0 to £73)...................................... ........
Class Y.
Lower skilled lab r and manufactures (net annual
earning*, £46 to £ 5 2 )............ ...........................
Class VI.
Agricultural and unskilled labor (net annual earnings,
£20 to £41)..................................................................
Persons.
Dependent.
Total.
1,065,600
1,123,400
2,1SO,OCO
3,616,000
3,022,800
7,538,800
2,681,700
2,700,500
5,472,200
....................................
15,200,00)
On p. 92 of the third volume of the Census o f 1861, will be found a
table distributing, by calculation, the number o f inhabited houses into
various classes; this table assigning to no less than 659,124 houses a rent
of £3 and under £5. The lowest class on Mr. D . Baxter’s list N o. VI), is
that of agriculture and unskilled labor. The net annual earnings o f the
men in this class are estimated at from £20 to £41. May we take this
class o f labor to correspond with the 659,124 houses of the census table?
Can we imagine men earning such low wages able to afford more expen
sive dwellings?
I f we think they cannot, and it is difficult k> suppose they can, we shall
find that this class, in 1861, numbered, including those dependent on the
earners, about 5,472,200 persons. It is probable, however, that all these
individuals might not require to be housed in the 659,724 dwellings.
A considerable reduction must be made for those servants who are the
children of persons in this class, and who, being personal attendants, may
in the majority of cases, be reasonably conjectured to be housed by their
employers. T o arrive at the exact number is impossible, but a fairly
approximate estimate may be made. The total number of personal
attendants in 1861, probably so housed, was 1,360,000. It is also prob
able that most of them were the children of persons in Mr. Baxter’s
manuel labor classes. The majority of domestic servants are in all likeli
hood derived rather from the upper than from the lower strata of the
working classes. Assuming them, however, to have been evenly derived,
as the numters in Class V I form about five-fourteenths of the total in the
manual labor classes, the corresponding proportion will be 485,710 per
sons ; that is to say, it is probable that 4S5,710 individual among the
families in Class V I were, at the time of the census, servants in the houses
of persons in a superior station o f life. To make this deduction is, o f
course, to assume that Class V I is consequently far less cramped for
* The number affixed to each class refers to that by which it is designated by Mr. Baxter.
1870]
nOUSE
ACCOM M ODATION" O F
EN G LAN D
AN D
W ALES.
28
bouse room than as if all these persons remained with their parents and
friends. Yet even supposing the 485,710 were all lodged elsewhere, and
not in the houses which would appear to be their natural homes, the
average density of the population to this class would be, under these the
most favorable circumstances, more than 7.50 persons to a house; that
house, be it remembered, being o f a rental calculated at from £3 to £5
per annum, and given a proportionately inferior accommodation. This
would suppose a density of population in these cases half as much again,
roughly sneaking (house for house), as that o f the upper classes, while
the accommodation would probably be less than one fourth the extent.
The writer would hardly have ventured to put forward this hypothesis,
even though based on the figures given above, had not the information
obtained in Scotland, at the census o f 1861, enabled Mr. Caird to state,
“ that one-third o f the population of Scotland lived, each family, in
houses of one room only, another third in houses of two rooms ; twothirds of the whole people being thus found to be lodged in a manner
incompatible with comfort and decency, as now understood.” — Statistical
Society's Journal, March, 1869, p. 75.
V .— Information in M r. Frazer's Report.
Some information as to the state o f matters in the rural districts of
England is incidentally afforded in Mr. Fraz r’s* report on “ The
Employment of Children, Young Persons, and W omen in Agricul
ture.”
The details will be found in the Appendix, Part II, con
taining the evidence from the Assistant Commissioners. A t p. 216,
and also at p. 218, tables are given, stating the cottage population, and
the number of cottages in various groups of rural parishes. The number
of rooms in each cottage is likewise given. I f the first group is taken,
omitting the parish of Swaffham, which, being more a town than a
country parish, can scarcely be included in the category, it appears that
2,527 people inhabit 566 hpuses, a proportion o f 4.46 persons to each
dwelling. The proportion at first sight appears quite a suitable one. It
is considerably below the average of England and W ales generally. But
if we look further, another and a very different state o f things is found to
underlie this totally unobjectionable exterior. The table gives no particu
lars o f the number of families. If the number o f persons in each family
did not exceed the corrected proportion given in the third volume o f the
census of 1861— 4.38 to a family— the 2,527 persons would constitute
576 families. F or these 576 families there would be only 566 houses;
ten, therefore, or the equivalent of ten, families being lodged with their
• “ Commission on theEmp’ oymert o f Children, Young Persons, and Women in Agticulture, 1667/1 First hepdrt o f ttie Commissioners: London,
24
H O U SE
A C C O M M O D A T IO N
OF
ENGLAND
AND
W ALES.
neighbors. In this respect again the housing of these persons is consider
ably better than the average of England and Wales, “ twelve families to
ten houses.” “ Census 1861, Report,” vol. iii.
But the families themselves would be very differently and unequally
lodged :
123 f.mUies having cottages with one Ledroom.
323
“
two bedrooms.
130
u
three “
Or, taking the number o f persons—
BIO in cottages with one bedroom, ahont one-fif'h.
1,418
•*
two bedrooms, “
three-flfihs.
5119
“
three “
“
one-filth.
This proportion is more favorable than that of Scotland, according to
Mr. Caird ; but it shows how many persons are but indifferently lodged,
under an average which appears at the first glance to show an unusually
favorable condition.
The second group o f parishes, described on p. 218, differs slightly
from the one first investigated. It includes fifteen parishes, with a cottage
population of 4,151 persons, occupying 1,031 houses. The general
average is 4.60 to a house. This, though higher than the last quoted, is
yet considerably lower than the general average for England. There
would appear on analysis, however, to be 1,085 families (or their equiva
lents) to 1,031 houses. These families would, if equally apportioned, be
distributed thus:—
2^1 with one bedroom:
691 “ two be rooms.
143 44 three bedrooms.
Or, taking the number of the individuals—
1,100, about one quarter in cottages with one bedroom.
3,026 44 five- igbts
44
two bedrooms.
625 44 one-eighth
4*
three 44
Further particulars o f these families, in both groups, will be found in
the Appendix to Mr. Frazer’s Report. It will be observed that these two
groups are exclusively rural parishes; that they are not selected instan
ce s; that the tables exclusively refer to the cottage population alone;
and that, though in neither case the proportion of individuals with but
one bedroom is as low as Mr. Caird’s, in neithrf does the proportion o f
those with more than two rise as high as that which he gives for Scot
land.
Y I .— Influence o f Dwellings on Certain Districts.
It may be desirable to endeavor to ascertain how far the state o f the
house accommodation in various neighborhoods is reflected in the condi
tion of the inhabitanas.
Many individual instances o f the prejudicial
effect of a low class o f dwelling have been recorded, but it is difficult to
1870]
HOUSE
A C C O M M O D A T IO N
OF
ENGLAND
AND
W ALES.
25
exhibit the results in a tabular form. Professor Leone Levi* in his report
to Mr. Bass on the wages and earnings of the working classes, has col
lected a vast deal of information on many collateral subjects. A table is
given at p. 10 of that work, “ illustrative of the connection which exists
between the different occupations and house accommodation, education)
health and drunkenness, and the following is a general summary of the
information contained under each branch of occnpation.”
.—Education.
+o
Signatures by
—
/—Kent o f houses in Parlia- marus in the Mara
Industrial Districts
mentary ^orroughs—,
ria^e Heg.ster—*
Under
£10 and
£7
t
O
to £10. t pwards. Males. Females.
SI.
3
Q
per cent. per cent, per cent. per cent, p.r cent. per cer t. per cnt.
Eng!a d and Wales........... 30
2.38
0.50
17
53
23
32
2.63
Cotton districts............. .. 58
24
0.80
18
26
57
Woolen
‘ * ............. ... 65
51
0.92
2.7t
9
26
23
Silk
“
.............
2.31
19
0.47
26
26
37
2 91
Hosiery
“
.............
24
34
0.45
23
32
Collie y
“
............
0.56
2.61
18
34
47
16
2.61
1.02
Earthe ware districts..,... 60
27
35
45
13
2.69
Metal dis>rict3................
32
48
1.07
17
16
2.99
Iron mining d strict?....... 41
9
0.67
48
64
50
2.82
Hardware districts........ ... 33
0.46
34
33
29
43
2.78
Cutlery districts.............
0.53
36
18
26
22
The table will show the effect produced by the quality of house accommodation on the various populations more distinctly, if it is re arranged
according to the proportion of the poorer householders to the rest o f the
community.
Industrial districts.
Kent of houses ^ g
in Parliamen- b §
ta^y Borrongha £ a
under £ ..
q v
Hardware d's'ricts.................. ................
Iron mining
“ ...................................
Hosiery
” ......................... .......
Silk
“ ...................................
Cutlery
“ .......... ......................
Cotton
“ ...................................
Earthenware “ ...................................
Woolen
“ ...................................
Coliery
“ ...................................
Metal
“
....... ........................
p er cen t,
S3
41
45
48
56
58
60
65
66
67
p e r ce n t,
.46
.1*7
.45
.<57
.53
. 80
1.02
.92
.55
1 07
,--------Marks------- .
Morta'ity. Men.
Women,
per c e n t , per cent, p e r G e n t .
2.83
29
43
2.99
43
61
2.91
24
31
2.81
19
87
2.78
22
86
2 63
26
57
2.6L
31
45
2.71
23
51
2.61
84
47
2.69
32
48
When thus re-arranged the districts may be divided into two groups of
five districts each, with the following results :
First g r o u D . . .
Second group
3------- Marks------- »
£7 houses, Drunkenness. Men. Women,
per cent.
per cent.
p.r cent, per cent.
33 to 56
.51
28
42
.87
30
49
58 to 67
The rate o f mortality does not exactly follow the same proportion. It
is nearly equal in both groups, being slightly higher in the first group.
In both divisions the average is greatly beyond that of tli9 United KingWares and Earning? o f the Work ng Clas»e); with some Facts illustrative of their
Economic Condition, drawn f om Authemic nd Official Sources, in a Report lo Michael T
Hass, Esq , II P ,” bv Leone L e v i: Lond n, 1-67.
+ From the “ Report •f the Registrar-Gen ral of Birth", Deaths and Marriages, for 1864.”
- proportion o f persons proceeded a ’ ainst for drunkenness in 1865, from the “ Report on
Judicial Statistics. 1868.”
20
HOUSE
ACCOM M OD ATIO N-
OP
ENGLAND
AND
W ALES.
[July,
dom general!}’. Dr. Farr’s observations on the relation o f density of pop
ulation to the standard of health are most instructive. They are, however,
so well known, that it is not needful to do more than refer to them here.
The average rate o f wages, according to Professor Levi, is lower in the
first of these groups th in in the second. The more poorly paid portion of
the population in these contrasted districts has been, therefore, on the
average, willing to pay the higher rent, is the less drunken, and the better
educated.
The table given immediately above arranged the industrial districts
commented on by Professor Levi according to the relative proportion of
houses in Parliamentary boroughs under £ 7 . I f the houses rented from
£7 to £10 are combined with these, the arrangement is slightly altered.
The “ earthenware” district is found in the group with fewer small housesThe “ iron mining” district takes its place in the lower group.
The general results are as follows :
First g-onp .............................. ........................
Second group.......................................................
£7 to £10
,------- Marks------- ,
hou-is. Ernnkeuness.
Men. Women,
j er cent.
per cent.
per cent, per cent.
67lu 14
.58
25
3S
74t )01
.80
82
54
The rate o f mortality is slightly lower in the first of these groups than
in the second.
Whether the poorest class of houses is taken by itself, or that imme
diately superior in condition is combined with it, in either case it appears,
according to these tables, that a population, whether earning good wages
or not, if poorly lodged will likewise be at a low ebb of education, morality,
and heahh.
V II.— Summary.
The preceding remarks have been restricted as closely as possible to
the main subject. It is obvious that in many places a vast amount o f
inequality may and does underlie a general average which appears to
imply no marked disproportion between the numbers o f the people and
their dwellings. It is obvious, also, that the increase in houses since the
commencement of the century lias but slightly exceeded the increase of
the population, and has not kept pace with the progress In oLher respects.
Some facts have been mentioned which show that the qualiiy of the house
accommodation of particular districts lias iinpsessed its mark on the pop
ulation c f those distiiots. That a portion c f the populali in, at least as
well off as another portion in most respects, inferior only in the quality of
its dwelling places, is at a lower level in education and morality in propor
tion to that inferiority. More instances might be readily given.
There is in the metropolis alone a population equal in numbers to the
inhabitants of many large towns, whose house accommodation is anything
1870]
H O U SE
AC CO M M O D ATIO N
OF
EN GLAN D
AND
W ALES.
27
but satisfactory. Dr. Hunter’s report o f 1866 states : “ Fiist, that there
are about twenty large colonies in London, o f about 10,000 persons eack>
whose miserable condition exceeds almost anything he has seen elsewhere
in England, and is almost entirely the result o f their bad house accommo
dation ; and secondly, that the crowded and dilapidated condition o f the
houses o f these colonies is much worse than was the case twenty years
ago.” *
The large colonies alone are mentioned here; to take the smaller
examples at half of the large, is probably to understate their amount,
adopting that calculation it amounts to this, that the reason of one-tenth
of the population of London being miserable and in want, is their “ bad
house accommodation.” It is true that private liberality has done much
since that date, but it is probable that the condition of these particular
districts is not much ameliorated. Nor is the country at large free from
this misfortune, as shown by the statistics given from the appendix to Mr.
Frazer’s report, and many pages might be filled from the remarks of highly
qualified observers.
It is so usual to regard the course o f events in this country as one of
continued progress, that it requires some little effort to realize that the
progress though great, has been far from uniform. The history of the
social condition of the population shows many variations, frequently7 con
tinued over long periods. I f even no greater a length o f time than the
last century and a half is examined, it will be found to contain many
alternate successions o f welfare and o f want. “ The period of fifty years,
from 1715 to 1765, was characterised by a marked exemption from seasons
of scarcity, compared with the fifty years preceding.” ] This “ exemption
from seasons of scarcity” was accurately marked in the condition of the
people; so was the entirely opposite character o f the years 1765—75•
From the latter date to 1792 the seasons appear to have been irregular#
The twenty years, 1795-1815, were a period o f great depression. Since
that date there has been much improvement, folio ved by a check in quite
recent years. But it is impossible to compare the Great Britain of 1869
with that of 1765, otherwise than in the most general way, in these points.
If modern legislation has done much to alleviate the distress inevitable on
a series of “ seasons of scarcity,” it must be remembered that enlarged
facilities in other respects, and, foremost, increased freedom ofloeomotion
will for the future exercise a great influence at all periods o f depression.
Emigration st such times must be looked for. And it is possible that the
time may not be far distant when emigration may no longer be looked on
* “ Eighth R^po’ t o f the Medical Officer o f the privy Council.” London, 18fi6.
t u A • i to ry o f Prices, and o f the State o f the (Jircu’ation, from 1793 to 1337,” &c., hy
ThomLB Tooke : London, 1833.
28
H OU SE
A C C O M M O D A TIO N
OF ENGLAND
AND
W ALES.
[July,
as a panacea for all distress. Meanwhile it is scarcely likely that the
active, the intelligent, the pick of the population, will be retained, unless
they can obtain in this country those comforts which decent accommoda
tion in house room alone can afford.
The question also suggests itself, may not the generally indifferent house
accommodations o f the working classes be a main reason why the pros
perity of the last few years has left so few permanent results ? There
can b8 no doubt that the population at large earns larger wages than
twenty or thirty years ago. But the improvement in house accommoda
tions has not kept pace with impiovement in other respects, though it is
probable that the outlay in the shape of rent forms at least as large a
proportion of the general out goings now as at an earlier date. The
great increase in pauperism since 1866 shows a lamentable want o f thrift
among the wage-earning classes.
May not a deficiency of respectable
homes prevent the formation o f thrifty habits! What m aybe termed
the moral evidence on the subject is abundantly provided by the reports
of Mr. Frazer, Mr. Baker, and Dr. Simon.
The statistical evidence is
now required, and it is clear that no sufficient data yet exist, on which to
ground any satisfactory investigation.
This information might without difficulty be obtained at the census of
1871. There would be no need to go into details so minute as to cause
great additional outlay. A strict yet simple definition of a house is not
easily arrived at, but without requiring statements which it might be
inconvenient to give, much valuable information might be obtained. To
inquire whether each family inhabited one, two, or more rooms would be
sufficient for the purpose, nor would it be needful to specify any larger
number than two. It would be sufficient to assimila'e the householder’s
schedules for England and W ales with those of Scotland, of 1861, on
this point.
Should the cost of the investigation be thought a hindrance, I may
mention that I underst ind the expense of the Scotch census of 1861,
when this point was first inquired into, was, through careful manage
ment, reduced below the cost in 1851.
The desirability of a closer inquiry into the state o f house accommo
dation in this country was noticed both in Mr. Caird’s paper, previously
referred to, and in that o f M r. W elton. The President in bis inaugural
address o f this session, deprecated, for obvious reasons, any material
departure from the precedents of 1851 and 1861. The inquiry now
proposed can hardly be objected to on this score; while the information
it would afford, might materially assist in diminishing the waste of
“ energy, intelligence, and life,” to which Mr. Newmarch eloquently
referred at the close of his paper.
lo 7 0 ]
TH E
IS T H M IA N
CANAL
SCH I M E.
29
THE ISTHMIAN CANAL SCHEME.
The latest accounts from the Isthmus of Darien, relative to the progress
of the exploring expedition sent out some months since to discover a prac
ticable route for an interoceanic ship canal, are discouraging. Practi
cally, the expedition is a failure. No depression in the Cordileras had
been discovered up to the latest mail dates, and it is probable that, by this
time, one or both of the vessels engaged in the work will have left for
home. A ll the information gained by Commander Selfridge goes to show
what might have been ascertained from the records o f previous surveys,
that, owing to the existence of a practically impassible mountain range
extending the entire length of the Isthmus south of the line of the Panama
Railroad, no canal could be opened between the two oceans.
A s our readers will remember, when the scheme of an isthmian canal
first assumed a definite form and received the approval of the administra
tion, we gave many excellent reasons why such a work could not be un
dertaken in ar,y part of the Isthmus with the least prospect of being car.
ried to a successful completion ; and among the reasons we assigned were
the facts brought out by the survey now completed. The only practicable
pass through the mountains is that occupied by the Panama Railroad)
under a charter from the Columbian Government, which, grants them
the right to its exclusive use, except in case the projectors o f a canal
through this pass shall properly indemnify them for any damage which
the railroad might suffer by the rivalry or competition o f the canal •
and as the canal would virtually destroy the business o f the road, the
indemnity awarded would undoubtedly be the present value o f the road.
But this consideration need not deter capitalists from undertaking the
work.
Since the opening of trans-continental railroad communication
east from San Francisco, the Panama road as a property has suffered
materially, and it might now be purchased for a sum much nearer its
actual cost than would have been accepted two years ago. Besides, to
a company proposing the c nstruction o f an interoceanic canal, it would
be invaluable. N ot only would it give the right of way across the only
part of the Isthmus at which a canal could be cut, but its possession
would very greatly facilitate the progress o f the work— saving from fifty
to one hundred millions, at least, in the cost o f the canal when completed.
But even with these advantages, the work would not be without very
great difficulties which would be likely to prevent private capital from
undertaking it, until there was at least the promise o f larger profit than
could as yet be obtained from a navigable water-way between these two
oceans.
This difficulty of procuring an adequate supply of efficient
laborers is a serious difficulty, and one for which provision should be
made at the outset. The experience o f those engaged in building the
30
TIIB
IS T H M IA N
C A N A L SC H E M E .
[July,
railroad will be found o f much assistance in determining the source
from which such a supply could be obtained. A proper consideration
of this question will lead us to the impoitant conclusion that the difficulty
of procuring and keeping a sufficient force of laborers is, to a great extent;
peculiar to Darien— both Nicaraugua and Tehuantepec, which have been
surveyed at different times with a view to the discovery of practicable
canal routes, being more favorably situated in this respect. In Nicarau
gua a much larger number of natives could be employed on the work
than at Darien, while the salubrious and delightful climate of Tehuan
tepec would attract large numbers of Americans and Europeans who
could not be induced to venture even a temporary residence in either
Darien or Nicaraugua.
It must be remembered that the difficulties
experienced by the engineers of a canal with regard to labor would be far
greater than those encountered in building the railroad, as the work o f
grading the surface and laying a single track of less than fifty miles in
length is a mere trifle as compared with the cutting of a ship canal for
that distance.
According to trustworthy estimates furnished by those
thoroughly acquainted with the topography o f the country, and tlie diffi
culties of the work, it would require a working force o f 15,000 men to
build the canal in twenty years, or 20,000 men to build it in fifteen
years. To keep the number up to that point at Darien would require
the constant addition of recruits, making a total of fully 200,000 men,
allowing fur the probable sickness, mortality and desertions.
There is another difficulty in the way of making the canal a success
which should affect our selection o f a route. W e refer to the geographical
situation o f the Isthmus of Darien, it being peculiarly unfavorable, owing
to tlie prevailing calms in the Bay of Panama, which render that port
available only for steamers,sailing vessels being often several weeks in work
ing out to sea and into the region of the North and South East trades.
Both Tehuantepec and Nicaraugua are free from this oljection, as they lie
north of the Equatorial Calm Belt, and each possesses an especial ad
vantage over Darien in being more readily accessible from the Atlantic,
as well as the Pacific side. Iu fact, many eminent engineers have urged
that Nicaraugua presents numerous advantages for such an under:aking.
The San Juan, a navigable river o f ample width for sailing vessels^
extends from the Carribean Sea, at Greytown, to Lake Nicaraugua, from
which to the Pacific is a distance of less than fifteen miles. The soil is
said to be soft, and the surface generally level, and Captain Pym, an
accomplished naval officer and engineer, who conducted a survey o f this
route for the British Government a few years ago, expressed the belief
that communication between Lake Nicaraugua and the Pacific could b9
opened without difficulty, and at an expense not exceeding $20,000,000.
1870]
F IN A N C IA L
IN T E G R ITY ” H E R E
AND
ELSEW H ERE.
31
A v e r y important advantage claimed for this route is, that there would
be a saving in navigation o f from six hundred to a thousand miles for
ships on each side of the isthmus, which is a matter worthy of con
sideration. The distance from all the ports on the Gulf of Mexico, from
New Orleans and Galveston, to Sisal, would be reduced six hundred miles
by the opening of the canal route by wav of Nicaraugua, in comparison
with Darien. For the Tehuantepec route many important advantages are
also claimed, among which is the stiil greater saving o f distance than
by way of Nicaraugua. A canal across the Isthmus, however, would be
not far from two hundred miles in length, and considerable lockage would
be necessary to overcome the elevation of the interior stretches of table
land, making the estimated cost of such a work about $326,000,000. The
great expense thus involved would probably prevent the acceptance o f this
route, although the Isthmus o f Tehuantepec possesses topographical,
geographical and climatic advantages over the other isthmuses. What
we have said shows the importance o f a thorough survey of all these
possible avenues and a comparison of their respective advantages and
disadvantages. When the Government shall authorize such a survey
its results, with a fair statement o f the traffic likely to pass over the route
will furnish the data for correct judgment, as to the feasibility of the un
dertaking.
FINANCIAL INTEGRITY HERE AND ELSEWHERE.
The press dispatches this month by cable have stated several times
that the London Times is again making the management of our leading
railway corporations the text for publishing a series of articles of consider,
able severity against what it, terms the low state of financial integrity and
mercantile honor prevailing in this city. Our readers are well aware
that we have frequently spoken in no doubtful terms on this same sub
ject. Nor would we now attempt to excuse in the least the conduct or
acts which have thus brought a large class of our securities into disrepute
and in reality tainted all of them. But still, although we are sorry
not to be able to make any better reply to these charges, is it not true
that we are no worse than our neighbors.
Not only in this city, but throughout the world, men have devoted
themselves to the eager pursuit o f wealth. With many, to get money, by
whatever means present themselves, appears to be sole object of life, and
the extent of demoralization which has thus been produced among whap
we are accustomed to regard as the better elements of society, is truly to
be deplored. This is especially the case where men are able to hide their
individuality behind a corporate organization. A measure that will be for
32
F JN O A N IA L I N T K Q R ir r
HERE
AND
ELSEW H ERE.
[ July,
the advantage o f the management is readily adopted and without a thought
of its results upon others, or o f the moral questions involved. For these
reasons we cannot as stated above defend the genera! management of rail
ways in this country. The interests of the stockholders have often been
and are now not unfrequently wholly sacrificed or neglected to the selfish
ends o f the directors. But we think the London Times asserts what is
not true in stating that this city or this country is conspicuous for the
perpetration of the wrong to which it refers.
The history of the management of the railways o f Great Britain is
full of the most atrocious frauds, the less excusable for the reason that
her projectors o f railways have not had our incongruous 'element to deal
with, and coukl proceed with more regularity and ease. Within a very
f:w years, many of her leading railway lines, which were paying good
dividends, have ceased to do so, their earnings being absorbed in the end
less jobberies of directors and managers. In a recent case before the
English courts, it appeared that the director of a company who wa3 also
a stock broker, purchased shares for the company, paying 95 for them,
and turning them in at 98J, thus netting £12,000, besides his commis
sion of £5,000, by the operation. It is to the credit of the English Vice
Chancellor that he ordered the £12,000 to be refunded. In another case
it appears that a land company sought to recover from a bank and three
of its own directors the sum o f £5,000, which it was contended had
been illegally paid as commission to the bank. It appears that directors
of the land company took the sum in question as a bonus for the use o f
their induence as directors o f the bank, to induce it to open an account
with the land company. The English Vice Chancellor, in reviewing the
case, said that “ the facts were more discred. table to the persons engaged
in rhe transaction than probably anything that had before appeared
among all the disgraceful transactions which had taken place during the
past seven years in regard to limited liability companies.” The most
atrocious frauds which have lately occupied the attention of the courts of
Great Britain were perpetrated when our people were novices in all the
devious ways o f peculative finances. Our later developments in that
direction follow so closely in the line o f European precedents that they
seem the work of pupils o f old masters.
Let us not, therefore, seek to arraign any class or nationality as con
spicuous in frauds of this discription. But rather let us hope that they
are the result o f the.extraordinary material developments during the past
twenty-five years— a sort of sowing o f financial wild oats— which time and
a less rapid rate o f progress will remedy. In the meantime each nation
should strive to right itself. Public journals on this side are laboring to
do it for the United States, but as we are a borrowing nation, and Eng
land is not, we are at a disadvantage.
1870]
A D V IC E TO P E O P L E ABOU T TO SP E C U L A T E IA W A L L STRE ET.
33
ADVICE TO PEOPLE ABOUT TO SPECULATE IN WALL STREET.
When Mr. Punch undertook to give “ advice to people about to
marry,” he doubtless thought o f several volumes o f wisdom, and was
about to spread them before his pupils, when it suddenly occurred to him
that all he had to say on the subject, and, indeed, the whole duty o f man
respecting it, could be summed up in one word ; and accordingly, when
his article appeared it was shorter than the famous naturalist’s chapter
on “ snakes in Ireland.” It was simply, “ D o n ’ t .”
But the consequences were not momentous. The falling off in marri
ages, in consequence o f this impressive advice, was inappreciable, and if
we should simply reproduce Mr. Punch’s advice, with the heading of
this article, it is not likely that the whole or even half of the class
addressed would heed it. W e must therefore be more specific.
It is a common saying among bankers and brokers,when a “ new man’
brings his theories and his money into the stock market, that he is come
to be fleeced. Every house in W all street that keeps active speculating
accounts, knows well that nine out of ten of its customers lose more than
they win, and that more than half of them in the end lose all they have
Most bankers will candidly tell new customers s o ; and we have heard one
experienced broker and speculator urge his clients strongly if they had
money to thiow away in gambling to take it to a faro bank at once
and “ fight the tiger,” as on the whole a pleasanter and less dangeroi’g
way than depositing it with him. In a great many other walks o f life
there are losses, disappointments and wrecks to be seen on every hand
but there is no other business so thickly strewn as stock-jobbing with
impressive illustrations of the old Spanish proverb, “ many come ffr
wool who go home shorn.”
But these gloomy generalities do not affect the hopeful mind of the
confident youth, who has carefully studied out the stock reports in the
newspapers, an l has concluded that nothing but a little judgment and
self-control are necessary to make his future. The whole secret of specula
ting is to buy cheap and sell dear ; now what has he to do but to wait
until stocks are very low, and buy them ? Surely, if he buys only then,
he cannot fail to make large profits. In some form or other this notion
takes possession of scores of men, and they deposit money and give orders
accordingly. Only when a few bitter experiences have taught them the
impossibility of applying any general test o f “ cheapness” or “ dearness’’
to prices, do they begin to understand that the market price at the
moment is always the result of the combined judgments of many hun
dreds of men, applied to the subject with an intensity which only personal
interest excites, and with a shrewdness which nothing but long experience
can produce. H e who would predict the course of prices for a day mijst
needs be wiser than “ a multitude o f counsellors.”
34
A D V IC E TO P E O P L E ABOU T TO S P E C U L A T E IN W A L L STR E E T.
[July,
Besides, there are many special reasons why individual speculators
can never have an even chance in this game. A candid examination o f
them will convince any one that his neighbor, at least, ought to let it
alone. One of these is the fact o f occasional panics in prices, which
come sometimes from causes which can be traced afterwards, but some
times remain hidden always. W hen they do come, they affect the whole
body of speculators. A man can no more retain his cool head and
unbiased judgment at such times than he can keep dry in a heavy shower
of rain. Such a panic always ruins a number of men ; and every one
o f them will show you that his fortune was made, if only, at the critical
moment, he had acted on his own principles; or perhaps if he had not
acted at all. But men always do act, in such cases, and always do make
mistakes.
Again, the fluctuations in prices are not the results o f any one causej
but of many causes acting together. The cheapness or dearness of partic
ular stocks is one o f the elements of the problem, which will doubtless be
felt in the end; but for the purposes of speculation it is not even the most
important of these elements. It would be far more valuable to them to
know whether “ the managers” o f the road in W all street, its directors,
if they are o f the common, speculative kind, and if not, the clique o f
bankers who have nominated them, wish to buy the stock or to sell it.
If the managers want the stock, it is pretty sure to put on its worst
appearance before the public, and to g o down. I f they want to sell outj
its reports will be o f the most glowing and hopeful character, and it will
rise. But how is an “ outsider” to know what “ the managers” really
want to do ? He may be sure that if be investigates this question he
will be misled; for the great gamblers who hold the cards against him
are both able and eager to mislead him.
If stock-gambling were in all respects an even game, the final success
in it would belong, on the average, to the longest purse.
In every class
of business the advantage of large capital over small is immense; but
where the profits looked for are those of fluctuating values, all the advan.
tages of large capital are exaggerated enormously. When a man deals in
stocks “ on a margin,” let his general views be as sound as possible, he
is still limited in his power to wait by the amount of his margin ; and
many a speculator has entered on a career with sanguine expectations as
to prices, only to find that these expectations are far more than realizedf
indeed, but that he is ruined, simply because they were not realized quite
soon enough, and his “ margin” gave out on the way. There are games
o f cards known as “ bluff ” or “ poker,” played by the most rash and reck
less gamblers, in which a player loses all his stake unless he can keep on
increasing it as fast as his adversaries; and many a luckless wight has
18V 0]
A D V IC E TO P E O P L E A B O U T TO S P E C U L A T E IH W A L L STRE ET.
35
been “ bluffed” out of his savings on the Stock Exchange in the same
way, although his bet was really made on a winning hand. A very
large capital is needed, to enable the speculator to “ take the chances,’’
and await his harvest time.
But to the herd o f ‘ operators” stock jobbing never can be an even
game. These men do not speculate for themselves, but always pay
brokers to do it for them. On the supposition that these brokers are
always perfectly wise, able and honest, and in all these respects they will
bear comparison with any other profession, the “ operator” has always
against him the commissions he pays for brokerage and interest com
pounded monthly. It is evident that, in the aggregate, all the commis
sions of all the brokers, and all the interest accruing, must come out of the
pockets o f their customers, apart from any sums which these customers
may lose to one another, and which do not affect the general resulL.
That is to say, if one man owned all the speculative stock account in the
street, so that all his operations would check one another, he would lose,
besides the interest account, just the commissions paid on all the busi
ness. Each commission alone looks small, and the interest account wlieR
money is easy is not very large, but in the aggregate they are enough to
support and enrieh a large and thriving trade. And it is just because, in
the end, every speculator must on the average, lose precisely all he pays
for these purposes, that we find so very few exceptional cases in which
long accounts show a profit, and that the books o f every “ commission
house” are chiefly a round o f losses to the customers.
All these principles have been well illustrated on the Stock Exchange
this week. There has been of late a general disposition to expect a large
advance in prices. Hundreds o f persons whose business is elsewhere,
have been into Wall street to buy stocks on speculation with immense
amounts of idle capital seeking investment, and with large financial
schemes for railroad consolidation and paper dividends devised in vari.
ous parts o f the country, there was a prospect, it was claimed, of such
an inflation of stocks as has not been seen since the famous bubble of
April 1864. Now all this is changed ; the sanguine speculators are few.
many have sold out at a loss and disappeared, while others are hesitating
and doubting of the future, and ready to be panic-struck on a slight
provocation. And what has happened to produce the change ? Nothing
whatever, except that an unfortunate speculator, who had gone beyond his
depth, has failed in attempting to make good his retreat. This mau
1 indeed, has had an experience second in extent to none; and all who have
known him declare that his abilities are extraordinary. His general views
o f late have accorded with the general course o f the market. Surely this
combination of advantages ought to insure success, if success could be
TH E
30
CU RRENCY
SC H E M E.
[J u ly
insured in such a career, His utter and deplorable failure, involving
friends with him, ought to be enough to warn many from undertaking,
with a small part o f his great resources, that which he could not accom
plish.
But this is not all. The mere fact that this man’s stocks were sold out
on Thursday, on account of his losses in gold, changed the whole tone o f
the stock market, from firmness to weakness, from buoyancy to despon
dency. Nothing could show in a stronger light the unreality of the
business than this fact; and every man who embarks his future in the
treacherous ventures of the stock market ought to know that he is subjecting
himself to defeat and loss, as the results of trifles which no human fore
sight can avoid, and which, in any other business, would not be regarded
as worthy of a moments’ attention in the study of its prospects.
THE CURRENCY SCHEME OF THE HOUSE OF REPRESENTATIVES.
The bill of Mr. Garfield, which was passed by the House o f
Representatives, has attracted an unusual amount of discussion, and
has been interpreted in a singular variety o f ways.
As finally
amended and adopted by the House, it provides for the creation of new
national banks in the states which now have less than their proportion o f
banking capital, sufficient to add $95,000,000 to the present national
currency; for the removal of banks to the amount o f $25,000,000 of
currency from states which now have excessive amounts to those which
have less; and for the withdrawal by redemption of the three per cent
treasury certificates, now payable on demand, to the amount of $4 5,000,000,
as the new currency is issued.
The question which has seemed to divide the public, and Congress
itself, in respect to this bill is whether, if it should become a law, its effect,
on the whole, would be to inflate the currency of the country or to contract
it. Some wild and curious reasoning has been offered to show that it is
actually a measure o f contraction, and would have the same result as the
direct withdrawal of many millions of greenbacks from circulation. But
there is no real difficulty in understanding what the bill aims to d o ; and
every one who examines it candidly must perceive that Mr. Garfield, its
author, knew what he was doing when he declared in the House of Repre
sentatives that the one objection to his measure was that it expanded the
currency. This remark was made, indeed, before the adoption o f Mr,
Judd’s amendment, and when the bill still contained a clause which
provided for the withdrawal of forty millions o f dollars in greenbacks,
besides the three per cent certificates. But this clause was struck out^
1810]
TH E
CURKENCT
SC H E M E .
31
leaving the bill not only as strong an inflation mea ure as it was before,
but as much stronger as if the amount o f new currency contemplated by
it had been increased by forty millions of dollars.
The practical effect o f the measure would be as follows. New banks
would be created, in the remote and sparsely settled parts o f the country*
and national currency issued tc them in exchange for the pledge o f United
States bonds. As this currency is issued an equal amount of the three
per cent certificates would be redeemed until they had all been with
drawn ; and after that the national bank notes would be issued continu"
ously without any compensating withdrawal of other currency. Now
it is said by some that this redemption of the three per cent certificates
now held as reserve by the banks would seriously embarrass them and
[produce a pressure in the money market, which would last at least until
the new currency could find its way to New York. On the other hand
the reserve of greenbacks required to be held by the new banks would
be at least fifteen per cent upon the whole $95,000,000 of new circula
tion, or $14,250,000; and the reserve on their deposits must be at least
twice as much more, and the drain o f that amount of greenbacks from
the money centres of the country into the vaults of these banks would
produce, it is claimed, a most severe spasm, until the cui rents o f trade
could adjust themselves to the new arrangements.
There is enough foundation for these criticisms to justify the appre
hension that if the whole or any very great number of the new banks were
organized, their currency issued and their line of deposits fully started
during the autumn, or at any time when commercial causes produce a drain
o f currency from the business centres to the country, there might be a
serious temporary disturbance in the money market. But even this
prospect of disturbance, which is not contraction nor anything like it, has
been much exaggerated. In the first place, the whole amount o f the
three per cent certificates held by the banks even in this city, where most
o f them are held, is less than the excess of their entire reserve above
the minimum required by the law. If, therefore, the treasury should take
up every one o f these certificates, and give nothing for them, the banks
o f this city could surrender all they have, and still retain far more than
the legal standard of reserve. But it must be remembered that the
treasury can only redeem these certificates by paying for them in green
backs. It will have to obtain part of the greenbacks, indeed from the
market, either by sales of gold, or by suspending purchases of bonds; but
the banks will lose nothing by the very gradual process of paving a few
notes to the treasury and receiving many more back again ; but will
be left by it stronger than before.
.Again, the amount of greenbacks required for the reserve of the new
38
TH E
OURRENCY
SC H E M E .
[July,
banks is much exaggerated. This is a point but little understood, and
requires illustration. The reserve of country banks, such as it is proposed
to organize under this bill, consists of fifteen per cent o f all their demand
liabilities, to be held by them in greenbacks. But this requirement is
only nominal, since the law itsell permits these banks to hold three fifths
of their reserve in the form o f deposits in the banks of any largt city ;
and the banks of the large cities to hold half of their reserve in the same
form in New York. F or example, the Bunk of Little Pedlington has a
circulation of $250,000 and deposits of $750,000, in all $1,000,000 ; against
which it must hold a reserve of 15 per cent, or $150,000. But it has
on hand $50,000 in gold, held as a sort of insurance fund against a large
rise in the premium, and therefoie needs only to keep on hand $50,000
in legal tenders, and to have a book credit in a Cincinnati bank ot
$50,000, on which it receives five per cent interest. But this credit or
deposit is one of the liabilities o f the Cincinnati bank, agamst which it
must hold 25 percent o f reserve, or $37,500; and the considerate law
again allows half o f this to lie in New York, in the form of a deposit, on
which three or four per cent interest is paid. Against this balance o f
$18,850, the New York bank must have a reserve o f 25 per cent or
$4,687.50, which may consist, on a fair average, of one fifth gold two
fifths three per cent certificates, and two fifths, or $1,875 in greenbacks.
Now consider what this little sum o f $1,8 75 in greenbacks, in the vault
of a New York bank actually represents. It is the working two fifths
of the reserve actually held by the bank to represent a balance of just
ten times its amount, due to a bank in Cincinnati; and tbb balance is held
by the latter bank as its reserve against a balance of four times its amount
due to Little Pedlinglon B ank; and this Cincinnati balance is held by
the latter bank as its reserve against tbr< e fifths of all its liabilities, or
$600,000. This very respectable sum of more than half a million in
bank credit all rests, like an inverted pyramid, upon that little sum of
$1,875 in tbe New York bank.
It is evident, therefore, that we must not expect any such sum in green
backs as fifteen per cent upon the liabilities o f the new banks to be with
drawn from tbe markets to be tlieir reserve. The amount these banks are
really required to hold is but two fifths of fifteen per cent, or just six per
cent of their demand debts, and six per cent o f the $95,000,000 of new
bank notes will be but $5,700,000. The rest of their reserve will be
in tbe large cities in tbe form of balances, secured by a sub reserve o f
twenty-five per cent, or $2,137,500, in the form of deposits in New Y ork ;
and these secured again, by what may be called a fcypo-sub-reserve of
twenty five per cent, or $534,375, in greenbacks or coin, in tbe vaults of
the New York banks. If, therefore, every one o f the new banks was
T
E CURRENCY
SCHEM E.
39
created in a week, the whole amount of legal tender money necessary
to make their reserves against their circulation complete would be
$6,234,375, much less than one-fourth o f the excess above the reserve
required by law, now held by the New York city banks. If we suppose
the new banks immediately to come into possession o f deposits to the
amount o f $100,000,000, the additional sum in greenbacks practically
necessary for a reserve against these would be $0,562,500 more, so that
the banks in question can never draw from all the markets so much as
thirteen millions of legal tender money until they shall have added
$95,000,000 to the circulating currency, and more than $100,000,000 to
the book credits or deposits; and, apart entirely from the effect of the
deposits on inflation, the bill would amount in the end to an expansion
of the currency precisely as if $82,000,000 of new greenbacks had been
put in circulation instead of the $95,000,000 bank notes.
But the effect would be, in some respects, worse than that o f direct
government issues of currency; for these bank notes are liable to become
an element of special danger in a crisis, such as may very possibly come
upon the banks and private credit throughout the country. As the
extension o f the banking system increases the demand for greenbacks and
the supply o f bank notes, the danger o f a discrimination between them in
time of pressure is heightened ; and it ought to be borne in mind that
the establishment o f such a discrimination would put an end to the banks,
for it would drive their notes home by wholesale for redemption. There
is now no prospect o f such an occurrence, but a suspension of greenback
payments does not look more distant now than a suspension of gold
payment didin 1860; and there is at least this additional possibility
in the former case, that any pressure for gold could always be relieved by
importations in a month, while there is no power whatever in the laws of
trade to increase the supply o f greenbacks in the country, under whatever
demand may arise. O f course a general suspension o f the banks is an
extremely improbable event; but it seems inevitable that every increase
o f proportion which the bank notes bear to the legal tender money
o f the country must have its effect, at certain times and places, in giving
rise to difficulties and embarrassments, which a wise currency system,
regulating itself under financial laws, would never experience.
But there is literally no end to the absurd or inconvenient consequences
to which we are led by supposing such a bill as this to be the law o f the
land. I f we had an effective system of redemption, by which every bank
in the country would be checked in its inflating tendencies by the constant
expectation of the return o f its notes to its own counter, the authoriza
tion of new banks would do little harm, for they would only arise when
trade should demand their existence. But until some such system is put
40
P R E S ID E N T
G RAN T AND
CUBA.
[July,
in practice, the smallest increase o f the circulating money o f the country
would be a blow struck at the national credit, and a new obstacle put in
the way of a return to specie payments. W e look with great confidence
to the Senate to protect the country from the unfortunate results o f
such a law as this.
PRESIDENT GRANT AND CUBA.
W e cannot agree with those who think that the Cuban message, which
the President addressed to Congress on Wednesday last, was either ill-timed
or in any way offensive. On the contrary it strikes us as being simply a
proper and timely discharge of the duty which is imposed by the C on
stitution upon the Chief Executive, to communicate to Congress, from time
to time, information of public affairs, and his views respecting the proper
mode o f dealing with them. The Administration had adopted a certain
policy with regard to Cuba, the continuance of which it considered to be
o f the highest importance for the well being o f the country. The House
Committee allow it to be announced that they are about to urge the
passage of a resolution directly opposing that policy— in fact, a vote of
censure upon the President and his advisers. A t this juncture the message
is sent in, and appears to be a simple, fair and forcible vindication of the
Administration in the present instance, and is, we believe, acceptable to
the large body of candid, intelligent conservative thinkers.
The so called revolutionary movement in Cuba has scarcely exceeded in
character and efficiency the Fenian demonstration against Great Britain.
W e doubt, indeed, if the Cubans have ever raised as much money, or
put as many men in the field as have the Fenians. And, if the later
expositions of Greek Brigandage are to be credited, that excresence has
far more political significance than the Cuban “ Revolution ” can claim.
Our own position strongly demands prudence in the conduct of our
foreign relations. Glowing rhetoric, which represents us a pillar o f light
to other nations, and the hope o f the oppressed in all climes, however
agreeable to the ear, should obtain no hold upon the judgment. W e
have but just emerged from a gigantic and prolonged civil war, whose
debris— political, social, industrial, and financial— still encumbers our
action, and admonishes us that the flippancy with which, in former
years, we were accustomed to discuss our attitude towards insurrectionary
proceedings in other countries, is no longer tolerable, as it was never wise
nor dignified.
The extent of the “ sympathy” o f the people o f the United States with
this insurrection is greatly exaggerated. The condition of those Southern
American States, which have thrown off the rule of the home government,
is not such as to cause any great anxiety to see Cuba undergo a similar
1870]
R A IL R O A D
E A R N IN G S
IN
M AY.
41
process. Besides as stated we are busy binding up our own wounds; we
have reduced our army and navy to a peace basis; we are paying off
our public debt; and we are in no mood to reverse all this great and
good work to promote the schemes o f hair-brained enthusiasts and chronic
fillibusters.
The inconvenience, expense, and often severe loss, which may follow
the accord of beligerent rights to the insurrectionaiy Cubans, are well
stated by the President, and can scarcely be exaggerated. All our vessels
trading with the West Indies, with the Bermudas, with Panama, Central
America and Mexico, and even with Gulf ports o f the United States,
would be liable to seizure, search and detention. W ith no fault of man
agers or officers, but through treachery or accident, a Panama steamer
would be liable to be captured, taken into a Spanish port, and, with its
passengers, detained for months, many losing their lives from the insalu
brious climate, and the cargo damaged or irretrievably ruined by the delay*
Are we prepared for all this ? May we not, rather, with more safety, and
with no loss of national honor, adhere steadfastly to the established policy
o f the Republic, confident that those who would really be free, themselves
will strike the blow ?
RAILROAD EARNINGS IN MAY, AND FROM JAN. 1 TO JUNE 1.
As the year progresses the reports from our principal lines o f railway
show a favorable condition of traffic, compared with the same period
in 1809. It will be observed in the table of earnings for May, presented
below, that most c f the prominent roads show a decided increase in their
earnings compared with the same month of last year. The month has>
indeed, been quite propitious for a large railroad traffic. The higher
price of breadstuff's has stimulated the movement of grain at the W e st;
progress in railroad construction in most o f the Western States increases
the activity o f business in those localities, and adds an important item to
the freight traffic of the leading lines, while the passenger business is
probably larger than in previous years, fiom the marked attention which
has recently been given to dealings in railroad lands; from the large
immigration, and from the great increase in travellers for pleasure.
A number o f changes have taken place in the list of roads reporting
their earnings, within the past year. Several of the old favorites, as
the Lake Shore and Michigan Southern and the Fort W ayne Companies
have disappeared, and in their place we find new roads, as the North
Missouri, Pacific of Missouri, St. Louis and Iron Mountain, Kansas
Pacific, &c., whose stocks are hardly known at the Exchange, but which
are daily becoming o f more importance as leading lines in the West.
42
TH E
S rA N ISH
July,
CROWN,
A number of the reports here given are not published elsewhere
and have been obtained through the courtesy of officers o f the respective
companies, to whom we are indebted for being thus able to present the
most complete list o f railroad earnings which can be compiled under
the prevailing system of secrecy in corporate management.
EARNINGS FOR MAY.
Central Pacific............................
1 hicago and Alton .....................
Chicago & Northwestern ..........
Chicago, Rock Island & Pacific..
C lev, Col Cm. & Indianapolis...
Illinois Central...... ..................
Kansas Pacific......................... .
Marietta & Cincinnati.................
Michigan Central.............. .......
Milwaukee & St. Paul................
North Missouri..........................
Ohio & Mississippi....................
Pacific o f vii-souii......................
St. Louis, Alton & Terre Haute
St. Louis and Iron Mountain__
Toledo, Wabash & Western.......
1870.
$761,285
395,014
1,212,031
£07,900
260,169
695,253
341,737
110,213
406,2S3
730,700
259,000
246,2 6
283,00)
155,081
115,174
340,892
1869.
345,832
1,269,934
419,173
241,456
640,974
222,163
111,033
403,646
630,844
139,000
218,639
264,273
157,397
72,049
312,589
Total......................................
$6,820,078
$5,449,002
Inc.
$ .. ..
49,211
88,727
18,713 *
54,278
119,574
2,637
99,856
120,000
27,627
18,727
_____
43,125
28,303
Dec.
$ ....
57,853
. . . .
. . . .
820
... »
. . . .
. . . .
. . . .
2,316
. . .
$670,778 $60,989
F or the five months of the year which have now elapsed the roads,
as a general rule, show a fair increase of earnings compared with the same
time in 1869, and for the future their prospects would seem to be very
good, from the several causes remarked upon above as having influenced
to a greater or less extent the earnings in May. The condition of the
country is prosperous; the crops are in excellent condition, and the
various conditions upon which railroad business depends are apparently
such as to decidedly favor the anticipation o f earnings fully equal to those
o f the year 1869 :
EARNINGS FROM JANUARY 1 TO JUNE 1 .
1870.
1869.
Chicago & A l t o n . ........
...................... .............. $1,691,866 $1,717.80S
Chicago & Northwestern................................
Chicago # Rock Island....................................
Cleveland, Col.,Cin. & Indianapolis..............
3,101,‘ 52
514,300
1,90■‘,742
2,295,446
639,095
1,('50,953
1,238,235
765,654
1,491,651
Illinois Central ............................................. .
Marietta & Cincint ati....................................
Michigan Central.......... ................................
Milwaukee & St. Paul....................................
North Mi-sr u r i ............................................. .
Ohio & Mississippi........................................ .
8t. Louis, Alton & Terre Haute..................
Toledo, Wabash & Western.........................
Total
Inc.
....
66,769
56,497
445,563
154,123
....
34,38*1
537,864
134,333
80,684
45,170
31,883
Dec.
$25,948
704,175
....
....
8*010
40,880
....
. ...
$34,751,185 $23,943,014 $1,587,167 $779,008
TIIE SPANISH CROWN.
The Sub-Treasury in New York is not the only great public office in the
world which is now going about begging in vain for some fit man to
occupy it. The throne of Spain, supposed in former years to have been
one o f the most luxuriously comfortable arm-chairs upon the planet, is
1870]
TH E
S P A N IS H
CROW N.
43
not only vacant but five or six rich princes with long pedigrees and
nothing to do have politely but firmly declined the invitation to sit down
upon it. This seems at first sight to be a very singular phenomenon*
Even republican citizens are not always so perfectly contented with the
power o f voting and o f earning a livelihood as not to have thought
occasionally that a man born to be king has a nice plum from fortune)
and the power o f doing the whole voting for a great nation, and o f having
a splendid livelihood earned for him would be really enviable. But how
a person educated in kingly traditions, every drop o f whose blood moves
in the faith that monarchs rule by divine right, and all o f whose enjoy
ments and luxuries are precisely those which can only be increased and
assured by the added dignity o f royalty, can refuse the anointing when
ready for him, and let the septre fall ungrasped when it is held out
within his reach is not easy to comprehend.
Yet a little study o f the present condition of Spain throws much light
on the problem. The old fable o f the spider and the fly has been read
understanding^ by Marshal Serrano and the Duke o f Victoria, by ExKing Ferdinand o f Portugal for himself, and by K ing Victor Emmanual
of Italy for his son. The government o f Spain has the prettiest little
parlor in the world, all built o f marble, with guards on black horses at
the gates, and a remarkably handsome span o f pet donkeys ready with
their satin lined phaeton before the door; but General Prim certainly
looks too much like a spider in his invitations to the gay bluebottles o f
royalty to seem very charming.
Consider what the position o f a king o f Spain would be at this time.
Having been raised to his place by General Prim, at the head of the army,
he could only be supported there by the same power. He must be
merely an instrument in the hands o f that commander, and yet must
take the public and official responsibility for the government. Prim
would doubtless use him just as the monkey o f Esop used the kitten, to
pull his own chestnuts out of the fire. I f any perilous measures were
undertaken, the king must carry it o u t; and if then the whole fabric of
the state should be shaken by it, Prim could quietly throw the whole
burden on the King, and suppress him, disowning his acts; and then
look out for another monarch. On the other hand, if the army should at
any time find another leader, and break away from the ambitious general-in-chief, or if he should in any way lose his power to enforce his will
in the provinces, the king would fall with him, and would have to fall
with dignity and perhaps into his grave, while Prim could quietly slip
away to his old home in London, and await another opportunity.
In
any event, the man who should undertake to be a figure-head for the
present government of Spain would find himself a partner in a most hazar-
44
O U R F O R E IG N T R A D E .
\July,
dous speculation, the basis o f the agreement being that all the profits
should go to the other member, and all the losses to himself. Even the
private state of a retired ting, or the comfort of an idle gentleman of
title, seems preferable to this.
But even if a king is secured, were he the best— that is, the most
respectable and harmless kiDg in the world— the present prospects of
the government of Spain are anything but brilliant. The condition of
the nation is as nearly as possible that which prevailed in Israel before
there was a king there, when “ every man did that which was right in his
own eyes.” Even in the neighborhood o f Gibraltar, where British influ
ence is strongest, civil order is not preserved. An intelligent correspond
ent of the P a ll M all Gazette writes:
“ The whole country round here i9 in a most unsettled state— I had almost said in
The pay o f the soldiers, and even of the ‘ Guardia C ivile/ (the
men on whose vigilance, fidelity and morale the quiet and well-being o f the country
depend), is months in arrears. The contrabandistas, many o f them reclaimed brig
ands, are said to be rapidly taking to their old trade again, and we hear on all sides
so many reports o f outrages, assaults, and attempts at brigandage, that we have
becom e rather cautious in our walks abroad.”
a state o f anarchy.
And affairs are much worse than this in some parts o f the kingdom.
It is admitted on all sides that there is nothing which affords even the
nucleus of a government except the arm y; and that nothing holds the
army together except the personal ascendancy, which may be temporary,
of Marshal Prim . Meanwhile, tie agents and friends of the Bourbon
queen Isabella are busy alienating soldiers and people from the present
military despotism, and preparing the way for an effort by which, at any
time, the whole peninsula may be plunged again into civil war. None
but those who have seen the squalid peasantry o f Spain, with their
barbarous ignorance of the arts of civilized life, their narrow minds and
groveling superstitions, their delight in rags and filth, and their utter
incapacity for industry or for an earnest, hopeful purpose, can appreciate
the want of a strong, liberal government. At present the wealth o f the
nation is in a few hands and is rapidly taking flight to other lands; and
the people at large, in every aspect, whether economical, political or intel
lectual, possess the most pitiable remains o f their glorious past, and the
most unpromising prospect for the future, of any nation in Europe.
OUR FOREIGN TRADE.
The Bureau of Statistics have just published a statement of the value
of goods exported from the United States and imported into them, for
the first eight months o f the present fiscal year; the period for which
O U R F O R E IG N
1870]
TRAD E.
the accounts are made up ending February 28th. The following table
gives the aggregates, as compared with those for the corresponding period
in the previous year:
T O T A L E X P O R T S O P D O M E S TIC P R O D U C E , E X C L U S IV E O P S P E C IE .
C otton............................
T obacco......................... .
Petroleum ......................
Breadstuff's..................... .
Provisions .................. .
W ood and wc aden-wares
Other exports............... .
July 1, 1869,
July 1, 1868,
to Feb. 28, 1870. to Feb. 28, 1869.
. $156,70S,952
$95,008,446
17,334,970
14,190,658
20,991,942
20,060,324
54,743,820
35,674,256
21,029,829
19,198,693
8,530,944
10,144,197
38,803,446
33,455,852
Total in currency,
$293,146,903
$231,732,432
Equivalent in gold to
$239,033,985
$171,907,781
From the same source has been received by telegraph during the past
week, the totals showing the foreign movement, including one month
later, being the first nine months o f the fiscal year which show the
following result:
F O R E IG N T R A D E , U N IT E D S T A T E S — N IN E M O N TH S.
Imported Foreign G oo d s...............................................................................................$312,951,768
Re-exported, out of Bond, & c.......................................................................................
11,930,800
Total, as for United States markets...................................................................... $301,020,968
Goods in Bend, June 30, 1869..................................................................... $62,427,590
Goods in Bond, March 31, 1870................................................................... 51,491,252— 10,936,338
Foreign Goods taken for consumption......................................................................... $311,957,306
Expo.ted in Domestic Produce, gold value................................ .................................. 282,709,614
Balance...................................................................................................................... $29,247,692
Exported in Domestic Bullion, &c............. ................................................$29,138,584
In Foreign Bullion, & c................................................................................ 11,561,551
Together ...................................................................................................$40,700,135
Less Foreign imp >rted...........................................................................
20,352,567
Net outgo o f Specie.........................................................................................................
20,347,568
Apparent’ balance against United States...................................................... .......
$8,900,124
C O M PA R ISO N W I T H P R E V IO U S Y E A R — N IN E MONTHS.
1870.
July 1 to
March 3 .
Goods for consumption........................................................................$311,957,308
Produce exported................................................... .............................. 282,706,614
1869.
July 1 to
March 31.
$288,664,423
192,238,588
Balance, exclusive o f s p e c ie .................................................. ........... $29,247,292
Net outgo of specie
............................................................ ........... 20,347,568
$96,425,735
30,654,151
$8,900,1244
$65,771,584
Apparent balance,
The above shows that the total nominal balance of trade against the
United States, for the first nine months, was for 1870, $8,900,124, 1809?
$65,771,584, which was settled by shipments o f national bonds, or other
lorms of indebtedness. It thus appears that the nation was increasing its
46
O U R F O R E IG N
TRADE.
[July,
foreign debt last year, from commercial causes at the rate o f $87,695,445
per annum ; and has this year increased it at the rate o f only $11,866,832
per annum.
But even this rate of increase, if the present indications in the market
can be trusted, is not likely long to be maintained. The demand for
breadstuff's in Europe is increasing, and the prospect is that there will be a
market then for our entire surplus, at prices not below those o f last year.
Two weeks ago we estimated that the exports of cotton, breadstuff's and
tobacco for the next three months could scarcely fail to exceed those
of last year by at least $19,000,000 in gold value; and we can see on
reason to suppose that this was not a low estimate. I f it be justified by
events, it is fair to infer that the net result o f the foreign trade of this
country for the current year will leave an insignificant balance against us,
or possibly none whatever, to be settled by increasing on" indebtedness to
Europe.
The most gratifying feature in this exhibit is that it is not the product
of exceptional circumstances, but grows out of the natural development
of our national resources and of the gradual restoration of trade to its
normal condition. No war has made havoc in Europe, the work of which
we are called on to supply; no famine has produced distress, by relieving
which we obtain high prices for food. But the goods we export are
those which we can furnish to Europe cheaper and better than they can be
produced there, and our ability to do so grows more rapidiy than our need
o f the equivalents we receive in exchange. There is then a reasonable
prospect that the unfavorable conditions of our foreign trade, which have
so long seemed dangerous to the country, are passingaway, and that the
time is coming when, if our natic nal credit be improved by wise adminis
tration, we shall no longer need to borrow at high usury the capital of
older countries to meet our temporary wants, but shall find the owners of
that capital much more eager to send it to us for fairly remunerative
employment than we are to receive it.
A t the same time it must be remembered that the financial future is
governed by many considerations, o f which this gratifying improvement
in foreign trade is but one. Already our debt in Europe is large, and
the interest on it, which is omitted from the statistics of trade, can scarcely
be estimated at less than seventy-five millions of dollars per annum. This
sum is now added to our foreign indebtedness every year, apart from
the balance o f payments upon the exchanges of commodities, and the
dependence of our national credit and our money markets upon the
demand for our securities in Europe cannot be entirely destroyed unti[
our exports of domestic produce shall very largely exceed our commercial
imports. There is no prospect that this will take place during the
1870]
T O B A C C O -----P R E S E N T A N D
47
FU TU RE .
present generation ; so that it will long remain a prime condition o f the
undisturbed prosperity of trade in this country, tha. it shall be a favorite
place for the permanent investment o f foreign capital; and, above all^
that our national bonds shall be honorably maintained as a security of the
first class in unquestioned credit. Even the immediate future o f the
market for foreign exchange will frequently depend, as it does now^
upon the question whether our creditors in Europe prefer to accept cash
or bonds for their remittances.
TOBACCO— PRESENT AND FUTURE.
Probably the important staple o f tobacco has not in many years occu
pied a position attended with so many uncertainties as now, both with
regard to prices and the future demand at home and abroad. The natural
effect of reduced production, such as we have had the past season, is of
course to enhance prices; but how high the tobacco quotations can be
carried without so far curtailing consumption as to compensate for the
diminished supply, is a question upon which, during the next few months,
some new light may be thrown. A fair estimate of the crops of tobacco
which are now in process o f being marketed, are about as follows :
Hhds.
1868-P.
Virginia................................... - ...................................................................... 47,000
Maryland............................................................... ............................................ 80,000
Ohio : .............................................................................................. . ................ 16,000
Kentucky............................................................................................................. 00,000
Other Western.................................................................................................... 80,000
1869-70.
88,000
25,000
16,000
65,000
25,000
Total hhds......................................................................................................213,000
163,000
Cases.
Connecticut and Massachusetts.........................................................................
New York..................................................................
Pennsylvania........ .............................................................................................
Ohio and Western......................................................- ........................... .
31,000
50,000
7,000
14,000
30,000
6,0>.O
12,000
20,000
57,000
8S,000
Here we see a falling off in Kentucky, &e., of 44,000 hhds., with an
increase of 11,000 cases. Let us see how these facts have affected the
movement at the various Atlantic markets. The exports fr»m this port
(mainly new crop) from Jan. 1 to date, as compared with last year, have
been as follows :
1869.
Hhds. ........................................................................................................... 22,000
Cases.. —..................................................................
1870.
14,000
.. .
12,0004,200
The exports of hhds. from Baltimore from Jan. 1 to about the middle
of June were 9,200 hhds., against 14,900 hhds. for the corresponding
48
T O B A C N O -----P R E S E N T
AND
FU TU RE .
[July,
period last year. From New Orleans there is Jan increase in the exports
since the 1st o f September last of nearly one thousand hhds.; but this
is to be explained by the fact that the proportion of the Kentucky product
seeking that market is now greater than in previous years since the
war— the receipts at New Orleans since Sept. 1 having been 18,000
hhds. against 14,000 hhds. for the corresponding period of 1868-69, an
excess of 4,000 hhds. received and only 1,000 hhds. exported, resulting
in the stock on hand being raised to the very liberal figure o f 9,100 hhds.
It will thus be seen from these statistics for the three great tobacco
shipping ports o f the United States that there has already been a
falling off in the exports o f about 12,800 hhds to compensate for a
diminution in the crop of 44,000 hhds, and the export of cases from New
York alone are 1,800 less, notwithstanding an increase of 11,000 cases
in the growth. The total shipments thus far are 34,900 hhds. against
47,500 hhds. in the corresponding period of last year— a decrease of
about 28 per cent; while the growth has been 169,000 hhds. against
2 1 3 , 0 0 0 hhds. last year— a decrease o f only about 20 per cent.
It is
reasonable to presume that domestic consumption has also been effected
by the enhanced cost, to exhibit the precise extent of the upward move
ment in prices during the year we append quotations for light leaf, in
currency, for June 1869 and 1870, with the premium for gold at the
first of the month :
s
June 1869.
Common frosted lugs
Partly frosted lugs —
Bonnu lugs.................
Low leaf......................
Medium leaf.............
Good to fine leaf.......
Selections.................
Gold ......................... .
June 1870.
8 @ 8% c.
. 11%@13
. 14 @15
,133%
11K@13
13M@H
114%
W e have an instance, in the return of 1,727 cases of seed leaf from
Germany this Spring, o f that reversal of the usual course o f trade which
has been illustrated heretofore in Breadstuffs, Cotton and other staples,
when prices were excessively high. The above few facts should not be lost
sight of by those most interested in them. They certainly suggest cau
tion among buyers and the avoidance of Extreme views by holders, as
the only means o f preventing serious complications in the future.
Coupons P ayable .— The Comptroller o f N ew Y ork will pay the principal o f the
State Canal Loan o f 1858, due the 1st o f July, 1870, in gold coin, at the Manhattan
Company’s bank in this city, on July 1st next.
The amount is $700,000.
The July
interest on all the other Canal five and six per cents will be paid at the same time
and place in gold.
1870J
g
-orgxa
r ailro ad
and
b a n k in g
com pany
.
49
GEORGIA RAILROAD AND M A K I N G COMPANY.
The report for the year ending A pr,l 1, 1670, show s:
In gross receipts........................................................................................................... $1,35*2,029 55
Charged with expenses, ordinaly and extrao'dinary, and all othej payments for
and on account o f the road..................................................................................... 1,' 02,925 55
Net from road earnings, after all paym mis for or on account o f road.. ».............. $349,104 10
The profits of the Company, "roes and net, from all sources may
thus:
e stated
Gro?s earnings o f road.................... ..................................... .....................................$1,35*2,0-29 55
Divid. i d on stocks, interest, rent, & c.......................................................................
83,740 39
Earnings of bank........... ................................................................................................
**43,414 l l
Gross earnings and receipts from all sources............................................................ $1,436,18335
Charged with road expenses and expenditures on account o f road.. .$1,0^2,9*25 55
Bank « xp ns e, taxes. <tec
.............................................. ............ ..
9,724 33
Bank in liquidation, (circulation redeemed)..........................................
14,547 25-1,027,197 13
Net from all sources............................................................................................. .. $4 8,936 72
From this 2 dividends have been declared o f 4 per cent., free o f taxes............... 349,1(14 00
To credit o f profiit and loss account.................... .................................... ...........
$ 79,882 72
The President remarks: “ It is particularly fortunate for the stockholders
that the Company has had a very prosperous year’s business, when the
interest of the stockholders most required it. A more rapid progress in the resto
ration of property is rendered easy.without an increase ot debt, or any interference
with fair dividends. The supply c f new iron was suspended during the war, and
the rolling- stock was greatly reduced, and in fact, almost annihilated. The
rolling stock is still very deficient, and the entire main track o f road should
be re-ironed with convenient dispatch. H ence the stockholders will doubtless
approve the orders for an increased purchase of new iron, and the addition to our
stock o f cars, referred to by the Superintendent. H eavj expenditures have been
made on the main line track, since the war, and it is believed to be entirely safe,
but it is the present policy to re-lay the whole line with the same pattern
of heavy T rah, with a fish-barfastening. The work is in progress, and it is
hoped there will be no occasion to interrupt or delay it.
It is always true economy, for obvious reasons, to have a first-class road in
every respect, and a full and perfect outfit, when the means o f the cm p a n y
will afford it. N ot only is more business secured, but the business done with
more safety and economy.”
There are evils which beset this interest, as a productive property, which are
not very encouraging, and—
First may be noticed the crushing taxation to which it is subjected.
1. A tax of 2J per cent on the gioss receipts from passengers.
2. A tax of 5 per cent on the cost o f all engines, cars, tools and other equip
ment, with addilional excise and tariff charges on their component parts.
3. Under these burdens, if they have any net income, there is a tax o f 5 per
cent on that, before any o f it can go into the pockets o f the stockholders. A ll
this, too, is independent o f the State and county tax, which in some o f the States
is equally onerous.
Second— The dead head abuse is rapidly growing, and is becoming an intole
rable nuisance, and unless it can be checked, must, in the end, destroy the value
o f this kind o f property 1
Third— Another trouble that besets railroads, especially at the South, and
since the war, is the demoralized state o f society in some localities, and the
great number o f frivolous and vexatious suits stirred up against them, with
the Dope o f profiting by the prejudices against corporations. I t is only just
to say, however, that the unreasonable expectations o f parties are not always
satisfied, but in the most favorable result, the expenses o f litigation are heavy.
4
i
G E O R G IA
0
R A IL R O A D
AN D
B A N K IN G
[July, /
COM PANY.
T h e General Superintendent teport the earnings o f the road to have been as
fo llo w s ;
From Pass anger Receipts..................................................................................................... $399,689
Freight Receipts.................
931,302
Mail receipts.............................................................................................................. 21,(37
Gross Earnings.................................................................................................... $1,352,029
For Conducting Transportation............................................................................$182,149
Motive Power................................................................................................. 26',584
Maintenance o f W ay...................................................................................... 253,137
Maintenance of Cars..................................................................................... 44,210—$748,111
Earnings over and above Crd'nary Expenses..................................................
$603,917
E X T R A O R D IN A R Y EXPE N SE S.
Renewing Locomotive Engines (not ordinary repair.-) ......................................$32,078
New C<rs and rebuilding Cars ( or, ordinary repairs)...................................... 59,415
Government l ax on iarose Receipts.................................................................. 10,527—$102,020
Net Income........ ..............................................................................
$501,897
These results com par * w ith sim ilar ones for the fiscal year ending M arch 31st,
1869, as fo iio w s :
1868-’69.
1869-’70.
Increase $247,508
Receipts — ............................................................... $1,104,521
$1,352,029
Expenses and Payments, ordinary and extraordiIncrease 186 758
n&iy........... ........................................................... 836,167
1,002,925
Increase net Income,
$80,750
The increasing prosperity of the company, as shown by the foregoing state
ment, is highly pleasing to the officers, and I trust will be entirely satisfactory
to the stockholders.
Increase o f gross earnings, $247,508 51, for the year just closed, over the one
ending 31st March, 1869.
A gain, comparing the gross earnings of your road for the years 1859 and ’60,
and 1869 and ’70, the fiscal year just preceding the war, and the one just closed,
the former showing the largest receipts of any year previous to the war, and we
have the following result:
Mail.
18~9-’60.
$412,307
, 702,376
. 44,503
1869-’70.
$399,689
931,302
21,037
Decrease.
$12 618
23,466
35,084
increase.
$228,926
224,926
36,084
... $192,841
This result is reached notwithstanding the fact that, during the year 1859 anu
’ 60, there was transported over your road 21.0,774 bales of cotton, as against
138,567 tor the last year
Condensed statement o f the coi dition of the Georgia Railroad a d Banking
Company on the 31st of March, 3870, the end of the financ^l year.
DR.
The road and its outfit................................................................................
Real estate....................................................................................................
Banking house and lot............. . ........................................................ ...
Road expenses and expenditures for the road.................................. . ..
Incidental expenses and saarics ............................................ .................
Interest on bo ds........................... ~............................... .........................
Tax to State of Georgia........... ..................................................................
United States tax on Dividend No. 5 1 .................................................
United States t**x on Dividend No. 52....................................................
Materials on hand for ro d ........................................................ ................
Stoc* o f various companies .................. ................... . ......................
Bonds o f companies, cities, & c.................................................................
Discounted notes.....................................................................................
Assessment on stock..................................................................................
Bills receivable ..........................................................................................
Due by other corporations................................. ................................ .
Notes o f banks in Augusta........................................................................
Cash..............................................................................................................
Total. .
$4,156,000
114,323
35,000
$935,176
12,279
41,742
1,841
7,796
8,000—$1,056 336
98.449
1,103,564
79,401
1,747
207
16,' 64
23,115
194.591
223,409
$7,102,214
1SW ]
BONDED
D EBT
OE TH E S T A T E
OF
55.
LO U ISIAN A
UR.
<Cflpitf»l
ck .................................., ..............
{Profit and loss
..................................... ..
I' c me fmm lailrond................................... ■.
Tr n'p o ado o f Che mails.........................
Div dends o - st>ck
..................................
I terest, premium and discount accounts...
Bent acc unt
........................................
Bonds f th Company...................... .......
Divide d m paid............................................
D e to oth r corporations and asrents..........
Unite ! 8 ates tax retained-on coupons paid
Deposits .. .................................................. .
Uircnl tien............................
—
$4,156,000
$642,144
1,428,31*
20,878
71,187
32,502
50—$2,170,075
615,5i0
43,592
15,713
3,195
3,68®
96.447
$7,102,214
Totai
STATEMENT OF THE BONDED DEBT OF THE STATE OF LOUISIANA DUE IN 1S7G,
AND AMOUNT OF INTEREST DUE,
The folio vinor statement of the bonded debt of the state of Louisiana is taken
from the New Orleans B u lle tin 7
Total
No
Am’ i amo’ ntof
of
bods bond.
bond.
86,003
86 $ 1,000
a , 5 00
500
461
1,000
750,000
461,0.0
•884
i ,ocd
884,000
«50
1,000
6 5 1 ,0 0 0
298
1,000
293,000
160
1,000
160,000
i,ono
4,-000
326
192
738
590
1,000
1,000
1,000
500
100
1,000
1,000.000
4,000,000
326,000
96.000
78,800
500,000
60
1,000
80,000
4,000
500
134
S;090
1,009
1,000
100
1,000
P >R WHAT PURPOSE ISSUED.
Purchase of ground sfor the Charity Hospit d . .. ........................
Relief of he State Treasury fa)..
To aid iu the construction o f the
New Orleans and Nashville
Rai road ( b ) .........................
To aid in the construct’on c f tin
New Orleans, Jackson and
Great N rthern Railroad (c )...
To aid in the construction o f the
New Orleans, Opelousas and
Great Western R >ilro d (d ). ..
To aid in the cons'rnction o f the
Vicksburg, Shreveport and
Texas Ra lroad (e)....................
To aid in the construction o f the
Baton Rouge. Gross Tete and
Opelousas Railroad (f)— .......
To aid in building levees............
To aid in builiing levees ..........
■j In settle meet of past due coup’ s
In favor o f the Louisiana State
Penitentiary..............................
In favor o f the Boeuf and Croc>
dile Nav gation C om pany.......
2,006,000 To defray the expense o f building levies (q).............................
131,000 For the relief o ' P. J. Kennedy..
3,000,000 To fund the floating debt o f the
Mate..........................................
100,000 To establish a Charity Hospital
at Shreveport............................
14,598,800
When
due.
Rate
Interest.
Am’ flt
of
Intere’t
1872
•1893
5 percent,
6 per c’nt
$4,300
45,000
1867
6 per c’nt
27,000
’93-’ 93
6 per c’ nt
51,000
’ 93-’01
6 per c’nt
39,000
’ 94-' 01
6 per c’nt
17,8C0
’94-’01
38S6
1907
6 per c’ nt
6 per c’nt
6 per c’nt
2 1 0 ,0 0 0
*86-’88
6 per c’ nt
19,560
5.760
4,4.8
1909
7 per c’nt
35,000
1890
8 per c’ nt
6,409
1910
1390
8 per c’ nt
8 per c’nt
150,090
10,72J
1910
8 per c’ nt
180,000
1899
7.80 p.ct.
9,600
80,000
7,300
991,988
N ote —From the above statement should be properly deducted the following Bonds which
have been redeemed by the State, viz: (a) 131 bonds for the relief of the State Treasury
$65,500. (b) 18 bonds in favor o f the New Orleans and Nashrille Railroad Co. $18,0 0 (c) 270
bonds in favor o f the New Orleans Jackson and Oreat Norihern Railroad Co. $270,000. (d) 79
bonds in favor o f the New Orleans, Opelousas and Great Western Railroad Co., $ 79,000.
(e) 51 bonds in favor of the Vicksburg, Shreveport and Texas Railroad Co., $55,000. (f) 80
bonds in favor o f the Baton Rouge, Gross Tete and Opelousas Railroad Co. $30,000. Total,
$513,500; (g) Act No 32, of 1870, provides for the is-ue of bonds 3,000,000. Only $2,000,0 K)
have been issued, the remainder to be issued uext year Total amount of bonds $14,598,800:
less amount o f bonds taken up up by the State $513,500.
Total amount of the bonded
debt of the State $14,085,300. Correct : a n t . D ubuclet Slate Treasure*.
52
leiiig h
coal
an d
n av ig a tio n
com pan y
[July,
.
LEHIGH COAL AND NAVIGATION COMPANY.
The Board o f Managers respectfully submit their report for the year 1869 as fol*
lows ;
The profits o f the year from all sources were :
Net profits on railroads, including car service........................................................... $907,895 36
Net profits on Lehigh Canal..........................................................................................
166,-260 29
Net profits on coal—
Summit Mines.............................................. - .........................................$436,951 64
Newport Mines................................................................................ .........
54,824 72
---------------- 491,176 36
96,968 86
55,120 86
80,432 08
Net profits on real estate s o l d .....................................................................................
...........................................................
Net profits from rent a. . . . ..........................
Miscellaneous receipts..................................................................................................
$1,197,453 81
Less general expenses.
..................................................................... $116,333 07
36,925 83
Taxes chargeable to railroad..... ...........................................................
Taxes cha geable to Lehigh Canal .........................................................
7,810 17
Taxes chargeable to Delaware Division Canal......................... .. ___
6,211 55
Taxes chargeable to coai..........................................................................
56,523 58
Taxes on interest and capital s t o c k ...................................................... lU4,182 98
Taxes on landed property and improvements............. ......................
6,100 80
Balance of interest account for 1869.......................... ............................
984,071 48
Loss on Delaware Division Canal................................... ...........
....... 143,692 81
Surplus to credit of profit and loss account,
1,462,752 27
$334,701 54
The floating debt incurred in 1863, in the purchase o f rolling stock and in adding
sidings, <fcc., to the railroad, was increased during 1869, by expenditures o f the same
character rendered necessary by the amount o f business pressing upon us.
The five year loan issued in 1868 was regarded as a temporary expedient, and
was used almost exclusively a9 collateral security for loans to the Company. When
the sale o f the Wilbesbarre Coal and Iron Company stock was made it became
necessary to retire a considerable portion o f this loan, and for the purpose o f funding
the floating debt and providing means for permanent improvements on our railroad
and coal lands, it was decided to issue a new loan o f two millions o f dollars,
secured by a first lien cn the newly acquired coal lands and on real estate in Phila
delphia, the value o f the properties being at least three millions o f dollars. The
loan matures in 1894, bears 6 per cent interest, clear of taxes, payable, principal and
interest, in gold. A sinking fund o f ten cents for five years, an J fifteen cents there
after, on every ton o f coal mined and carried away from the property, is payable
monthly to the trustees, and will provide for the loan before m a'urity.
T ie pay
ments on this account, were for October, $1,414 02 ; November, $1,269 44 ; Decem
ber, $1,253 92, and will increase to $3,500, or p rhaps $4,000 a month before the
close o f 1870.
The loin is convertible into the stock o f the Company until 1879. The Board
entertained the hope that the business o f the year would show puch satisfactory
results to the stockholders as to create a demand for the new bonds by reason of
this privilege o f conversion. The freshet in October not only reduced our receipts,
and rendered necessary heavy expenditures in repairs, but delayed the negotiation
o f the loan.
The loss o f receipts and increased expenditures amounts 1 to fully
$500,000, which sum and the proceeds o f the loan would have relieved the Com
pany o f floating liabilities. The Board look forward with confidence to the funding
o f this indebtedness at an early period.
In October, 1867, the stockholders were invited to subscribe to a 6 per cent ten
year convertible loan o f the Company, to the aggregate amount o f $3,300,000. The
subscriptions received amounted to about $1,200,000. During 1863 a small portion
of the remainder was issued in payment for equipm ent and purchase o f coal lands,
and there remains o f the amount originally authorized about $ 1 ,8 0 0 /0 0 available
for future use.
1870]
TEN N ESSEE
53
DEBT.
T E M E SSE DEBT,
A subscriber, who is faniliar with the financial affairs o f Tennessee, sends us the
following statement o f the debt o f that State as it stands at present, several o f the
items stated are necessarily approximate figures :
Debt as stated October 1, 1869.........................................................................................$39,212,243
Bonds issued since October 1 ,1S69, v iz :
To Tennessee and Pacific Railroad ............................................................$885,003
To East Tennessee ano Western North Ciro!ina RR .............................. 150,000
To Mineral Home Railroad ........................................................................ 100,000— 1,135.000
Inte est due January 1,1870, ab >ut..................................................... .
.................
3 500,000
Liability fo<- notes o f Hank o f 'i ennessee, as per recent d cieion United States
Supreme Court, about.................................................................................................
1,500,000
Total............................................................... ...................................... ................. $45,3±7 243
There is also seme floating dev t.
In this connection, the following, from the Nashville U n ion , is o f in terest:
S aturday,
May 21.— Senate met at 10 o’clock, and wa3 called to order by S peaker
Thomas.
T E N N E SS E E
A N D P A G F IC
R A IL R O A D .
Mr. Clementson, Chairman o f Joint S left Com * ittee on Railroad Investigation*
submitted the rep rt o f the Committee on the Tennessee and Pacific Railioad. which
report was received and ordered to be transmitted to the House. The Committee
find by records in the office o f the Secretary o f State that there have been issued
to said road eleven hundred and eighty-five thousan 1 d liars in the bonds o f the
State, being 1,185 bonds o f $1,000 each, 300 o f winch bonds were issued in ac - r<lance
with the act of May 24, 1866. The others were issued under an act passed Decem
ber 7, 1867.
The report shows that the 1,185 bonds m entijned were received by Gen. George
Maney as President o f sail roa and that 953 o f them ha^e been hypothec ted
as security for loars negotiated for construct o i and equipment, and that the remain
ing bonds are in possession o f the company. That 29^ miles o f road are prepared
for iron, and track is now beiDg laid ; that no work had b en done when ihe first
State bonds were issued, but that $51,000 o f individual stock had been subscribed
and $600,000 in county subscriptions ; that the 953 bonds were hypothecated for
loans falling due —$293,546, Julv 1, 1870, and $80,00<i 26th May, 1870, and to l e paid
before the 953 bonds can be released ; that $16,0< <» o f individual stock ha9 been paid
in, and that $300,000 in bonds o f Davidson, Wilson and Smith counties each, h .ve
been subscribed. In conclusion, the report sa y s: “ Ihe Committee would respect
fully call the attention o f the Legislature to the very limited security the* S ite
has for the large amount o f bonds issued to said road -$ 1 ,1 8 5 ,0 0 0 .
* * *
The
Committee would suggest that it is highly important ihat some legislation should
f e a t once enacted that would protect the large interest o f the State la sail load,
and secure the State fiom very great impending loss.”
EAST
'I E N N E SS E E A N D W E S T E R N
NORTH
C A R O L IN A
R A IL R O A D .
Mr. Clementson also submitted the report o f the Committee in regard to the E is t
Tennessee and Western North Carolina Railroad, showing that $400,000 in the
bonds o f the State had been issued to said road.
K N O X V IL L E
AN D CH ARLESTON
R A IL R O A D .
The report o f the Committee relative to the condition of the K noxville and Char
leston Railroad was also received and ordered to be transmitted to the House.
The report shows that 710 State bonds— $1,000 each— have been issued t< said
road, meet ot which have, m disregard o f law, be^n sold for less than their par
value; that all its property is worth about $574,250— $185,74 > less than the
principal debt o f the State. The Committee recommend such legislation as may be
beat deemed to secure the State against the danger o f further loss.
34
P A C IF IC
R A IL R O A D
|jttfy y
O F M ISSO U R I.
PACIFIC RAILROAD OF MISSOURI.
The Twentieth Annual Report for the year ending February 28,1870, is as follows t
© BOSS S a R N IN O S f o r t h e t e a r s
From passengers........ .
From reigi.t................ .
hromU. 8. Ej press Co,
1?rum mails..................
Total
1870 A N D Ib69.
1870.
. ... $1,399,363 2t
. . . . 1,699.016 S3
62,640 85
52,067 52
1869.
$ V 0 s 57
1,6:6,469
62,71 *
45,949
, $3,213,058 44
$3,0*1,591 7$
$119,939 68
Netincr ase.
G-ros* earnings for the year.
Less operating <xpenses...
31
1632
92
... $3,2'3,058 44
2,3.8,713 62
Net earn'ngs...................................
$894,344 82
Operating expenses, 1869 (per entage)
“
“■
18 8
“
The operating expenses for 1869 apparently exhibit an unravorable comparison
with the prevoiw year, 1868. It is Dot so in reality.
The difference is accounted for iu the purchase o f new iron and ties, exceeding
similar purchases made duriug the ;>ear 1868, and amounting in the aggregate to
$;S40,U00.
Equalizing these accounts, the comparison would stand as follows ^
Operating expenses la*t year, 1869 (p r rent>............................................................
“
“
previous y ar, lb68 (per tent)-...................... .............................
$64 90
63 40
Gross earni gs o f the Missouri River Railroad (26 miles between State line and
Leavensw orth)for ten months, ending 31st December, 1869, were:.
Passengers,................................................. .......................... ................ - ....................
P ie u h t .........................
Mails..............................................................................................................................
$4* ,570 5&
20,127 30
2, .66 60
Total........................................................................................................................
$63,864 43
Gross eaiDings o f the C^age V alley and Southern Kansas Railroad (between T ip ton and Boonville) fcr the year ending 28th February, 18 0, were :
Passengers...................................
$19,816 75
Freight.................... .....................................................................................................
8,^40 03
T o ta l......................................................
$28,056 78
At the date o f the last annual report, the change in the gauge o f the road, at an
e ir ly day, was in contemplation. The un fertaking was regarded as one o f serious
raomeut, involving, as it necessarily must, a break in the business e f the road, and a
protracted derangement in its operations. The labors and responsibilities involved
in this change were, aftei being duly considered, undertaken and successfully earned
through, in July last, within the time contemplated when the matter was under
consideration. The cost o f changing the gauge of the track amounted to, as follows :
Eastern Divi-ion................
Western Division..............................
Boonville Branch ................
$34,078 47
15,566 55
1,286 95
$50,931 97
A verage cost per mile, east and w<st divisions, including B ornville branch and
thirty-six miles o f sidings, $137 84. This may be regarded as satisfactory in its cost,
as it was prompt and successful in execution.
The total cost o f the change o f gauge or labor and material in the machinery and
track departments, up to February 28, 1870, amounts to $208,646 90.
A committee appointei to investigate the nutter o f the several leases o f other
roads by this company report very unfavorably upon them all, and conclude as fob
lo w s :
“ In conclusion, your committee express th-ir belief that it would have been just anl
proper that the stockholders of the Pacific Railroad should have had opportunity to express
their opiuions and wishes upon these leases the same as was accorded t.< the stockholders oi
1870]
R A IL R O A D
55
ITE M S.
the Miseouri River Railroad, and, in f»ct, so carefully guarded were the interests o ' the stock
holders o f the Missouri River Railroad by th r faithful birectors, that for want of their
acquiesce, ce with their first lease it was cancel ed, and in its stead another lease was lorced
upon the stockholder o f ihe t acific Railroad, without their conseut, of far more burdensome
character. Th y would also express their opinion that the actions o f the Board of D rectors
of the Pacific Railroad Company did not evince an anxiety to consult with the stockholders,
inasmuch as the effort made to obtain the sentiment of the stockholders upon ihe last anl
present lease was negatived b / the Board o f Directors in the most emphatic manner.”
FINANCES OF THE STATE OF ARKANSAS.
The taxable value o f the real estate o f Arkansas for 1870, is $120,000,000 ; per
sonal property, $30,000,000 ; total o f taxable property, $150,000,000.
The debt o f
the State is $3,480,000, less than 3 per cent o f the taxable valuation. T.-e debt is
funded in 30 years 6 per cent bonds, and a special tax o f £ o f 1 per cent is levied
to pay the interest.
O f 2,800,000 acres o f land owned by the State, 300,000
acres, worth from $10 to $40 per acre, are set apart for the gradual payment o f the
State debt. O f the other 2,000,000 acres, much o f it is rich in minerals and timber,
and includes some o f the best cotton land in the S:ate.
Arkansas is rich in iron,
lead, zinc, marble, cool, gypsum, salt, & c. The cotton crop o f 1869 was 309,000 b lies ;
o f other farm products, $20,000,000,
Arkansas has only 95 miles o f railway in
operation, and 1,200 miles pr jected, and most o f the lines are endowe > with land
grants from the General or State Governments, and a loan o f the State Credit not to
exceed in the aggregate 850 miles* The aid o f the State is pledged to the Memphis
and Little Rock Road and the extension to Fort Smith ; the Mississippi, Ouachita and
Red River R o a d ; the Little Rock, Pine Bluff and New Orleans Road, and the Cairo
and Fulton Railroad. A bout o re million o f State bonds have been issued as y et to
the companies, and the bonds are made payable to order or to bearer at the
request o f the companies. It is the purpose o f the State Treasurer, Mr. Heury
Page, to make the b^nds issued hereafter payable to bearer.
RAILROAD ITEM S.
T he W estern U nion R ailroad .— T h:s road extends from Racine to Port Byron,
on the Mississippi River, 182 miles, and by connecting lines, is in connection with
the cities o f Rock Island and Davenport, and at Fulton intersects the Chicago and
Northwestern RaiPoad. In the month o f Septem ber next, it will be connected with
this road by a branch from E khorn to Eagle, a distance o f about 16 miles. This
connection will open for the traffic o f this company, the business o f many thriving
cities and villages in Wisconsin and Illinois, and the richest coal and gram growing
districts in the latter Sate. In connection with our road, it furnishes the shortest
and most direct route to Fulton and Rock Island for the western and northern
par(8 o f Wisconsin. It will bring to us the transportation o f corn, coal and other
products o f that seclion o f the country, but little o f which has ever passed over
the line o f our road.
It will be seen that about 1,000 additional miles o f road will probably be brought
into use, or connected with our lines, during the y ear 1870, from all o f which we may
reasonably expect a larg* and profitable business.
Tiie stockholders, pursuant to a law o ft ie State o f Wisconsin at their annual meet
ing in June, 1869, divided their directors into three classes, to hold their offices
respectively for one, tw o and three years.
Comparative statement o f earnings and operating expenses for the years 1868
and 1869.
E A R N IN G S .
From freig h t...................
From pa sengers.............
From mails, express, &c
Total earnings
1868.
4,266,283
1,695,295
556,066
$6,517,644
1869.
4,9*9,525
1,781,134
5(0,008
Inc.
645,241
85,8,9
3,942
$7 250,667 $733,022
56
[July,
RAILROAD ITEMS.
EXPEN SES.
Kepairs o f road and machinery...............................................
Operating and extraordinary expenses — ...........................
Total expenses...........................
R E C A P IT U L A T IO N .
Gross earnings..............................
Total expenses... .........................
186S.
1869.
1,439,583
2,790,299
$5,033,040
$4,229,882
4,033,040
1869.
7,250,668
4,229,882
Inc.
733.022
196,841
$2,484,604
$3,020,785
$536,181
..
Net earnings................................
1S68.
1,390,590
3,642,450
Earnings and expenses, by divisions, for the year 1869 :
BARKINGS,
Totah
La Crosee. North’ n. Pra. duC’n. Iowa&M,,
From freight......................... .................... 1,546,533 491,211 1,784,390 1,087,389 4,909,525
154,836
529,882
508,719 1,781,134
From pass* ngers...... . ..
72,376
199,416
90,746
560,008
From mails, express, &c........................... 197,465
Total earnings................ ...................... $2,331,694 $718,424 $2,513,690 $ l,6t 6,858 *7,?50,668
$388,589 $1,415,915 $1 068.274 $4,229,882
Total expenses...................
$329,835 $1,097,775 $618,584 $3,(S0,78ti
Net earnings.....................
Detailed statement o f earnings monthly for 1the year 1869 :
Pascengers., Mai’s, Exps., &c.
Total.
69,753
35,712
454,590
Sl,2i9
34,0o0
330,400
132,398
37,173
420,951
156,427
52,635
460,287
630,844
162,849
68,820
678,923
181,837
65,983
168,810
45,',71
586,530
164,605
35,225
525,546
724,732
195,871
35,335
175 888
61,817
1,040,101
157.963
801,194
58,903
113,505
28,560
596,566
Freight.
Months.
January .............................. ............... 329,119
February............................. ............ 215,120
March.................. _ ......... ............... 251,374
April ..................................
May..................................... ............... 399,174
June.................................... ............... 431,097
July.....................................
August.......................... ...... ............... 325.714
September ......................... ............... 493.525
October.............................. ............... 802,396
November........................... ............... 584,327
December............................ ............... 454,500
$1,781,134
Total................................
G E N E R A L A CCO U N T,
Dr.
Cost of rond.......................
St ck o f mater al on la n d ........... .......................
U. S. Government Post Office Depar ment.......
Balance due from agents and oth r companies.
Miscellaneous accounts........................................
4 ity ot Hastings bonds........................................
Interest paid on bonds due January 1st, 1870..
Cash on hand.........................................................
DECEM BER
♦
$7,250,668
$560,00.8
81, 18G9.
,518,838 2!1
27,160
240, '89 5«
28,710 57
14,1100 00
11,829 82
963,984 02
$37,137,084 45
Total........................................ . ............................... .
Cr.
Capital stock, preferred...............................................
“
“
common.................................................
Bonds—First mortgage 7 per cent............................
“
“
K. Div P'lm er Mort. 8 t er rent..
il
“
Iowa& Minn. Div. 7 per cent. ..
“
“
Minn. Ce* t. ft’y 7 per cent............
“
1‘
Pra. du Chien. Div. 8 per cent
“
Second Mort.
“
7 3-10 per cent
“
“
“
7 percen t....,
“
Ircome 7 per cent............................................ .
“
Milwaukee City 7 per cent
......................
“
Milwaukee & Western 7 per cent..................
“
Heal Estate, Pur. Mouey 7 per c e n t ............
Incumbrances assumed...............................................
Unpaid Pay r olls and Bi Is .....................................
Due other ailways, Fr ight and i icket Accounts
Dividend No. 9, Pra. du C D iv.................................
Dividend No 4 . . ...................................... . . . . ..
Coupon Account.........................................................
ncome Account ................................................. ...
Total.
9,714,268 00
7,665,104 0;)
----------------817,409,372 00
5.487.0 '0 00
793.000 00
8.792.000 00
208.000 00
3.672.000 0 I
1.189.000 00
1,316,0* !0 00
20,000 00
234.000 00
247.0 0 00
148,500 00
48,341 00
17,154,841 €0
3 1,733 92
81,941 42
4,132 09
3,181 60
108.526 23
1,983,356 29
.$37,137,084 45
1870]
R A IL R O A D
57
ITEMS.
R ailway A id in Michigan . —The R a ilw a y R eview lists the following upon this
su b je ct:
“ We have already referred to the importance o f the ca*e, in relation to the Detroit
& H ow ell Railroad Company, pending in the Supreme Court o f the State, which
involves the constitutionality o f the special act, and the general railroad aid laws
o f that State. The judges o f the court, in view o f the interests involved, have
ordered a rehearing o f the case, that everv fact and principle may be before
them. From statistics given in the Detroit T rib u n e , we compile the following table,
showing with approximate correctness the financial statu* o f new enterpr'ses, so
far as they have received public aid, on May 1st. The total voted by towns and
counties may be roughly estimated at more than $6,000,000. O f this aggregate
$1,750,000 bonds were voted upon various conditions specified in their respective
enabling acts, to live corporations ; and the balance $4,250,000, in strict accord
ance with the terms o f the general law o f 1869.
O f the latter, $3 6 0 ',0 0 0 has
been deposited with the State Treasurer.
The company have thus far received
$1,744,955 in bonds. O f these $37,000 are paid; $118,00* remain in their posses
sion, the balance is in the hands o f third parties. This $1,589,955 has been taken by
capitalists and corporations, by contractors and employers, by people o f all classes
and sections.
The case was to-day decide 1 as we learn by special dispatch, adversely to the
constitutionality o f the law. It was held that railways are not public ob jects; that
the State cannot itself, under the constitut on o f Michigan, levy taxe^. for ihe aid of
railway enterprise; nor can it authorize municipalities to do what it cannot do itself.
The Legislature will probably, in extra session submit an amendment to the
constitution making valid the bonds.
Bonds deposited with State Treasurer
to May 1.
t-3
W
C3
S3
Roads.
CD
CD
2.
5’
<x>
O
j=
j
21
Mich’gm A;r Tine......................
4
Howeli & Lanai, g — * .............
8
Detroit 'illsdale & Indiana... .
11
Kalamazo.) & South Haven.....
13
Ch'cago & Michigan La«e Shore.
3
Allegan & Holland......................
3
Ft. W y e, .lac*son & Saginaw.
4
Elkar & Lake Michigan............
Lansing, St. Johns & Mackinac. 14
16
Jonesville, Mar-hall&Grand Riv.
1
Port Hur n & Lake Mi higan...
2
Ion a & L .using.........................
1
Peninsular..................................
1
Port Hur n & Owosso...............
9
Owos-so & Big rapids................
Michigan Lake 'b o r e .................
3
4
East Saginaw & Ann Arbor.......
Ionia & >tan ton ............ .............
1
4
Westphalia, Hubbard’ s & N'ern
5
Paw Paw Val e y ........................
Detro t & Cowell........................
1
Toledo, Ann Arlv r & Northern.
11
Grand Raj) ds & Lake Shore ...
3
Jack on, Lansing & Saginaw .
8
Tol.,Ypsilan i & S’^naw Air Line
1
Michigan Air Line Extension . .
1
Flint & *’ere Marquette............
Kalamazoo, Allegan & G. Rapids
From Wh te Pigeon to K’ la’ m’zoo
Port Huron & Lake Michigan___
Det o t & Howell.........................
Other Roans
...........................
Chicago & Michigan Lake Shore.
Fort W y e, Jack’on & Saginaw
Total.............................................
a
$
552,000
57,200
266,000
224,300
270,100
31,00.)
48,500
126,000
214,302
281,603
42,000
2 V 00
50,000
28,000
124.875
62,000
62,500
40,000
72,500
155.000
300.000
273,201
21,0 0
14 ‘,000
55,000
28,800
.......
Voted under spe
cial acts.
B®
*a
go [L
ft 3
«> a
Voted m ’ er
general law
a
*tf
ss J
crL
Sid
aa
<c n
Ca
?§■
: a
: S-
1 ” s
i ??
•§
$
85,500
85,50 J
CD CD
: a
: £5
25,000
: 1§
■* 25,000
..
36,000
36,000
.......
103,450
95,450
50.000
50,000
30,100
2S,100
208,CO)
203,000
.......
75,000
75,030
95,000 95,000
113,010 88,coo
117,200 117,200
48,505
48,505
201,200 289, <00
143 3,549,880
1,445,955 1,399,955
42,000
42,000
60,oho
97.500
48,500
50,666
13,500
23,500
299,000
190,010
58
RAILROAD
ITEMS.
LJuly,
N orth M i ; souri —The annual report of the condition o f the North Missouri
road has been submitted, by its pieeident, Barton Bates, Iroin which we learn
that they have at present sixty-three engines, with eighteen new ones under
contract, against forty-five last year.
THE EARNINGS
have been as follows—
From trails ortion o f freight...................................................... _ ......................... $1,113,269 83
From transportation o f passengers...........................................................................
81)6,572 56
Fr- m transportation o f txpress.................................................................................
61,358 25
From transpor ation o f mails............................................................. ........................
51,90S 33
From miscellaneous sources.............................................................. ....................
61,437 09
Total e a rn in g s......................................................................................................... $2,084,486 C5
Expenses........................................ ............................................ .............................. 1,653,362 07
Net earnings......................... _..................................................................................... $432,123 9S
THE GROSS EARNINGS
o f the previous year were $1,037,471 99 ; increase, $1,047,014 06, or a little more
than one hundred per cent.
During the year the number c f pounds o f freight moved was 607,929,392. T he
increase in freight earnings is $589,950 23.
THE NEW BRIDGE.
The bridge over the Missouri river, at St. Charles, is still incomplete, but it is hoped
that it will be finished by the end o f the present year.
THE LENGTH OF THE ROAD
is as follows :
St. Louis to Kansas City.................... .......................................................................... 271 mi'esMober y to Iowa line............................... ... ................................................................ 89 “
Centra la iO Columbia............................................... ...................................................... 2 2 “
Total.............................................................................................................................. 3S2 miles.
The company also operates twenty-three miles o f the St. Louis and Cedar Rapids
railway, from the Iow a State line to Bloomfield, which will soon be extended twenty
miles flirt her to Ottumwa, where it wib intersect the Burlington and M'S-ouri river
raihoad and the Des Moines V alley railroad.
Track is being laid on a branch from B unswick to Chillicotbe, tbirty--ix miles,
which i9 { art o f a lme to Omaha, and whicu will be the shortest line from St. Louis
to Omaha.
FINANCIAL AFFAIRS.
The capital stock o f the company is now .......................................................................$7,771,500
First mortgage................................................................ ................................................. 6,000,000
Second mortgage................................................................................................................ 4,0 0,000
Third mortgage................................................................................................................. 5,600,000
By agreement with the purchasers o f second mortgage bonds, the payment o f the
interest which matures prior to A pril, 1871, is postponed for five years.
O f the (bird mortgage, only $3,000,000 have >et been issued, and the interest for
the first five yeats from October, 1869, is ten per cent, payable in the stock of the
company, ard for fourteen years longer at seven per cent currency.
Milwaukee and S t . P aul R ailway C o.— A nnual R eport for Y ear 1869.— The
directors submit to the stockholders this, their Sixth Annual Report, showing the
condition and o; eration o f the Companj for the year eniin g December 31st, 1869.
The railway owned by this Company is in length, exclusive o f side tracks, 917
miles. On the let of January, 1869, the Company had 825 miles, which was increased
during the year, 92 miles, as follow s:
June 1st. .................................................
11 Miles*
Auoust 1st.......................................................................................................................... 27
“
September 1st...................................................................................................................... 29
“
October 1st................................................................
25
“
The average for the year, o f the number o f miles owned by the company is 858
miles.
1870]
RAILROAD
ITEMS,
59
The details relating to the distances are as follows :
Milwaukee to St. Paul, via Prairie du Chien............................................................ 405 Miles.
Milwai k- e o La Crosse, vi ■ Wateitown................................................................... 196
44
Mi waukee to Portage, via H ereon............................................................................. 95
“
Horicon to B er’n and v\inneconne................................................
58
“
Wateitowu io Ma icon............................................................................................. . 37
44
Mi t' n to on « e
.................................................
42
“
Calniar to Nora Springs....................................................................................
65
44
Go ov< r to Decor U ..................................................................... ..................
. . . . 10
44
Mendota to .mnneapolis.................................................................................................
9
44
Total.......... ................................................................................................................. 917 Miles.
The comparative earnings, expenses, and general condition o f the company are
as tol’ows •
1869.
1868.
Gross earning*...........................................
Inc. 733,023
$7,-50,669 $6,517,646
Inc. 196,841
Oper - mg expenses............... ...................
. 4,229,882
4,033,011
Net earnings ...........................................
Inc.
536,182
3,020,787
2 484,605
Ii tereston mortgage bonds.....................
Inc.
6,882
. 1,246,582
1,240,700
Miles of r>ad (exo usive of s’dings)........
917
825
Iuc.
92
Cost o f ro in (bona-1and ttoca)........ . .
34,541,872 32,552,341
Cost f r» ad per m i le ...........................
37,750
39,457
Inc. 200,793
’I ons of fi eight moved.............................
1,344,:;58
1,134,565
Passenger- c rried . .............................
810,903
791,583
11 c. 16,820
M ies unb frei. ht and passenger trains,
Inc. 613,398
, 3,010,685
2,397,287
C si of op ratine per n.iie........................
1 40
1 63 Dec. 28c.pm
Gro-s *ar ings per mile ........................
Inc.
550
8,450
7,POO
Dec. 186,810
Value o f supplies, Ac., Dec 31st.............
323,072
509,b82
The stockholders hivin g authorized the same, the directors declared a dividend
from the earnings o f 1869, payable February 15th, 1870, on the preferred stock o f $7
per share in cash, and $3 per share in common stock, and on the common stock $3
per share in cash and $7 per share in common stock. The dividend so declared
increased the capital stock $828,900 from February 15th, 1870, and, o f course, adds
to that extent to the present erst o f the radroad \nd property owned by the com
pany, making the present cost $35,370,772, cr say $37,800 per mile.
During the year ’ 869, the directors made large expenditures in eff eting improve
ments and in acquiring additional property, not charged in operating expenses, to the
amoun o f $1 631,533.18.
Th*se large expenditures were deemed necessary by the directors to give increased
permanent valu- to the road.
H iving com pleted certain improvements and paid therefor from the earnings of
the toad for 1869, the policy o f the directors in future will be to divide the net earn
ings in (ash to toe shareholders.
The Milwaukee & St. Paul Railw ay Company are not now engaged in the
construction o f any railroad, and they have no floating debt.
M acon a n d A ugusta R ailroad .— T he receipts and expenses o f tlvs roa d
in its unfinishid condition, lor the fical year just closed, have been as o llo w s :
R E C E IP T S .
From passnge...................................................................................................$21,921 97
F r o m I r e ig h t ..........................................................................................................
40,043 73
From mail......................................................................................................
2,350 00 -$ 64,315 70
EXPEN SES.
For conducting transportation.. . . .................... .......................................
For otive power..........................................................................................
For mainten nc o f way..............................................................................
For maintenance o f cats...............................................................................
7,608 31
13,963 72
25,363 55
1,034 82—$47,f 70 40
Net income................................................................... ...........................................$16,345 30
L ouisville and N ashville R ailroad .— Comparative statement o f earnings for
six months, from July to Decem ber, 1869, inclusive, and corresponding six months
of 1 8 6 8 :
868.
1869.
Increase.
July......................... ~ ............................................ . $147,077 96
$195,:i91 65
$48,313 69
August............ ............................................................ 182,41a 78
244,133 61
-61.714 83
September...................................................................... 2(6,083 66
279,216 15
73,132 49
October ......................................................................... *13 844 41
292.700 75
78,856 34
November...................................................................... 208,601 79
271,('55 98
62,454 19
December............................................... ....................... 217,283 82
254,140 11
36,856 29
Total..................................................................... $1,175,310 42
Increase, 30 74-1C0 per cent.
$1,533,638 25
$361,327 83
ItAILItOAD ITEMS.
60
[July,
B altimore and P otomac.— Ten miles o f this road below Marlboro are under con
tract, an ' the portion in the District o f Columbia is to be let immediately.
The following shows the comparative earnings o f the Illinois Central Railroad
Company during the month o f May :
1870 ................................................................................................................................$579 308 06
1809.................................................................................................
529,026 73
Inert a ie .......................
$50,2S1 ?8
The earnings o f the St. Louis and Iron Mountain Railroad for the month ol May
w ere:
1870 ............................ . ...................................................... ............................................$ 15,174 96
1869...................................................................................................................................... 72.049 15
Increa e ......................................................................................
$43,125 8\
D onations to R ailways in C alifornia .— The San Francisco B u lletin publishes
a long communication from Governor Haight, on the constitutionality of the legisla
tion auth->riziiiij donations to ro ids by cities and c'unties. The Governor says that
he has c'iven it careful attention, an 1 reaches the conclusion, based upon an examina
tion o f judicial authorities and opinions in other States, that the Legislature has no
right ti> authorize gifts to railroad corporations, by towns, cities or counties, with or
without popular consent at an election.
Says the B u lle tin :
“ I f this opinion is sound, all the railroad aid bills o f the last California Legisla
ture are unconstitutional and void, and are liable to be so declared if the qu ^tion is
raised in the Courts. The Governor is led to this opinion by the convic ion that
taxation for the benefit o f a private corporation is not taxation in any legal or consti
tutional sense, but is an evasion o f the constitutional provision that ptivate property
cannot be taken except upon making full compensation.
It i* probable that the Governor has becom e alarmed since the adjournment o f the
Legislature, at the tendency o f the General Railroad Aid law. H e no doubt was
anxious from the beginning to protect the counties o f the State against heavy
accumulations o f indebtedness for the benefit o f railroad corporations, and yet, indis
posed to fight entirely all projects o f local aid. he suggested the passage o f a general
law with a limitation which was thought ample. It appears now, as in the case o f
San Francisco, that where only $1,000,000 was aske I under a special act, three, four
or five milfior s may be obtained under the general Act, while everv B-ard of Super
visors is subject to unhealthy, if nut corrupt piessm e, and moneyed influences are
carried into elections to a scandalous <x enti Seeing this, the Governor has proba
bly determin d to b re a k u p the whole business o f railroad donati n^. Mis letter
will doubtless have the effect which it was intended to have, o f prompting legal
resistance to all railroad aid schemes, and we take it for granted that none will now
succeed unless it can pass successfully the ordeal o f the Courts. In case the deci
sion is adverse, railroad construction in California at least In the southern h ilf o f
the State, where local eu sidies have been deemed most essential, will be much
retarded. W e presume that in a question of so much importance no time will be
lost in pressing the constitutional point to a decision in the highest Court.”
K ansas P acific .— W e gather the f Bowing fresh items from rtcent issues o f
the Lawrence J o u r n a l: Preparations are making f i r rapid track-lay ng west o f
C a ro n , tl e first o f June, to be pushed two or three miles per day. The denizens o f
Sheridan have mostly folded their tents, an 1 stole silently away to Carsons, where
a thriving town is building. The company have offered liberal premiums to those
engaged in planting gardens out on the “ desert” near Sheridan and Cirson. T hece
are looking very promising.
Large numbers o f Colorado stock are being shipped
from Carson. Last week there were 20 c rs.
1’he Denver Pacific will be completed
by the first c f July. Track laying will then commence on the K . P. from Denver
east. The K. P . w ill be in operation to Denver by the first o f Septem ber. The
ireight and passenger receipts during the last month v» ere the largest since the
road was in operation. The company have ordered 15 new engines, making 65.
1870]
RAILROAD
61
ITEMS.
W ilmington and M anchester R ailroad .— The following notice is of interest to
the holders o f the bonds o f this company :
M. K. Jessup, et al., vs. The Wilmington and Manchester Railroad Company, et
a ls .— Pursuant to an order o f the Superior Court o f New Hanover county, made in
the above entitled cause at the spring term, 1870, at presentation at the offi e o f
Cronly & Morris in this city, I will pay to the holders o f the first preferred bonds,
secured by the mortgage made by the defendant, the said Wilmington and Man
chester Railroad Company, to the plaint-ff, M. K . Jeeup, w ho have not already
Yeceived the same, a per centage o f $30.72 on said bonds and accrued i< terest on
the same, being dividend for distribution, as aforesaid, from net sales o f that portion
o f the railroad and other property covered by said mortgage, which was in the
State of North Carolina. In further obeJience to the order made as aforesaid, I
hereby notify all holders o f the bonds above referred to that unless the same are
piesented to n e as above for payment o f the dividend above stated on or before the
first day o f September, 187 >, they will be forever debarred from any participation
in the said fund in my hards for distribution as aforesaid.
M. O eonly ,
Commissioner and Referee.
Wilmington, N. C ., M ay 16, 1870.
T he B oston, H artford and E rie D ebt.— W e have received from Messrs. Parker
& Cobb, o f Boston, the following estimate o f the debt o f the Boston, Hartford and
Erie Railroad Company :
Ijtatep c.
Mortgage on Hartfd, P r o v /'’
& Fisn. RR., curreicy. $2,055,000
ther various mortgage y
b’ds und’ lying th Ber- nT
delle m’ gage (cur’ n’ cy) 45Q,0Q0
Berdelle mortgage.......... 20,000,000
Mortgage on flats at S.
Boston, held by Bost’ n
W huf Co., (currency). 1,200/00
Liability to State of
Mass.—note due July
1. ’80, t ecurel by mort.
o f flats m S. Jbostoo,
(cirreucy).................... 545,505
Floating debt, ai per re
port, Nov. 30, 1869.... 7,349,163
♦Liability to S. o f Mass ,
“ secured” by 1erdelle
mortgage bonds at par,
gold............................. 3,392,840
fi@7
■m..
When
paid.
Where <c
by whom.
Principal
payable.
Various
E artford
Various
Varions
B. IT. &E.R.
Jan. & July 1
“
May & Nov. ;’0
m
After July
1, 1872
5 gold
Jane- <&- July
“
Various
1900
18bS
388»
R em A'r.K^.—T W “ floating d^bt” *»s o f
dcubtful (legality,"or rather much of it is in that
conditccil, and
'lesal-c&argeonf the j'oj'd.’ - - *' « ••
4
The .bonds' o f tiie- H. P. and F.‘RR. are mostly held in Connecticut, and sell at about par.
Stock $20,000,000 issued pj. shares ojf.$lC0, jar. •,
T he R a il r o a d W
of.k o f
1810
in
C a l if o r n ia — The railroad system o f Cali
fornia has a good start. The.connection with the Atlantic States brings a large
number of travelers and muc,i height across the continent, and forms a main stem
with which other roads can connect. Our local roads are already numerous,
and have a large traffic. The Central Pacific has 105 miles in the State; the
Western Pacific, 155 ; the Southern Pacific, 80, the Sacramento Valley and
El Dorado, 45 ; the California Pacific, including the branches to Sacramento,
Marysville, and Calistoga, 138 ; the San Joaquin Valley, 12; the California
and Oregon, 50 : the Los Angeles, 19 ; and the Oroville, 26—making a total of
630 miles, all connected together save the Los Angeles.
Work is in progress now on the California and Oregon, and the San Joaquin
Valley Road. The latter is to be extended this year from the Stanislaus River
to the Merced, a distance of twenty-five miles. The Oregon Road is now
* The BoBton, Hartford and Erie Baihoad agre* to pay the interest on the State 5 per
cent, gold bonds issued in their aid, expressed ia £ . s. a.
62
RAILROAD
ITEMS.
\July,
com plete to a point twenty-five miles north o f Marysville, and a hundred miles more
will be built before winter-. The Stockton and Tulare Company, which has obtained
a donation o f $600,000 from local puulic ^"treasures, promises to commence work
without delay, and finish sixty miles as soon as possible. The agent o f the Copperopolis Company has contracted for 6 ,000 ties, and says there is no doubt o f t ie speedy
c< n truction o f the road, which is to be forty miles long. There is a rumor that the
Trustees o f the Central Pacific Company have bought the El Dorado Ro .d. from
Folsom to Sl.ing'e Springs, and will extend it about twenty-five miles, to tap the
lumber districts o f East Placerville.
A number o f other roads are projected, but their construction is made contin
gent upon the grant o f county aid under the general act passed by the Legislature.
The long opinion o f the Governor declaring the act unconstitutional, is not conclu
sive, but is strong enough to prevent any sale o f county railroad bonds ; so the
companies soliciting the bonds must carry the case to the Supreme Court. They
want to have a decision at the earliest possible moment. But h o w s all th -y get
i t ! The most natural way would be to wait until bonds should be issued under the
act. but that method would require a large expen liture to construct the first section
o f the road. The question must be raised in some other manner.
The Supervisors o f San Francisco have finally passed the order calling a special
election on the 7th o f June, to determine whether the city shall donate $ 1,000,000
in bon s to the Southern Pacific Railroad Company, in consideration o f the constructi n o f 20 i miles o f road southward from G ilr o y ; $250,000 to be delivered after
the completion a n ! stocking o f each section o f fifty miles.
On the 14th o f June Sonoma County will vote on a proposition to give $5,000
per mile to a road from Napa County to Healdsburg, v ia Petaluma and Santa R >sa,
with a bran h at Bloomfield, with the condition that if the aid is given the whole
road shall be completed within tw o years ; and with a promise that the company
will try to run their cars to Santa Rosa before Jaouarv next. It is expected that
the vote wdl show a large majority in the affirmative .— A l t a C a lifo r n ia .
N ew C onnections.— McGregor <fc Missouri River R lilway Com pany.— W e have
received from the McGregor ifc Missouri River Railway Company, previously known as
the McGregor A. Sioux Ciy Railway, under our contract with them dui log the past
year, about 65 miles o f railroad, v i z : from Calmar to Nora Springs, and expect to
receive from them during the year 1870, the road from the latter place to Algona,
about 63 miles.
It is not the intention o f this Company to accept or receive from the McGregor
Company, any further portion o f their line, beyond that already mentioned, unless it
shall appear that the badness {if .tfee adjacent country will foully ju stify its extension.
The West Wisconsin Railway, Company have extended thpir jpad from 'Tom ah
to Augusta, about 66 miles. W e continue- to operate the road undjjr’a '.ease, deter
minable at the will c f either parly. T he road, it is believpd, will be extended to Eau
Claire, 25 miles, during the present yea_r.; .
„
,
The Cedar Falls & Minnesota R iilio a d h a s been built froi.u a, point on the Dubuque
& Sioux City Railroad, to the Minnesota State ],ine„abput 75 miles, where it connects,
by the Minnesota Central Railroad at Austin,” 1J miles, with the line of this Com
pany, thus opening to us the interior o f Iowa, to which we will carry large amounts
o f lumber, and leceive by the return cars, coal and the products o f the country.
The Southern Minnesota Railroad Company have built, during the past year,
about 40 mi es o f road, commencing near Austin, on our line o f road, and running
westerly. They propose to continue the construction in the same direction and com
plete about 70 miles during the coming vear.
The Haetings <fc Dakota Railroad now extends westerly from Hastings, about 30
miles, crossing our lioe at Farmington. During the past year, 12 miles were built,
and the company expect to reach the Minnesota river, about 20 miles further, during
the year 1870.
s...The St. Paul <!s Sioux City Railroad Company, form erly known as the Minnesota
V alley Railroad, is understood to have been leased to the Lake Superior <fc Missis
sippi River Railroad Company
The latter com pany constructed about 95 miles o f
their line during the past year, and expect to com plete the remaining portion, about
65 miles, within the coming season.
1870]
RAILROAD
ITEMS.
63
The St. Paul & Pacific Railroad was extended northwesterly from Minneapolis,
during the y^ar 1869, to Litchfield, about 90 miles. It is being rapidly extended
to Breckenridge, on the Red River o f the North, a distance o f about 180 miles
from Minneapolis. The company are also extending their branch line from Sauk
Rapids to Crow W ing, about 60 miles, which they expect to complete within the
year 1870. From the latter point they propose to extend the line to the Winnepeg
District, about 300 miles.
The Northern Pacific Railroad will extend, when completed, from Lake Superior
to the Pacific Ocean. It is understood that this company has teen re i the means,
and propose, during the coming year, to build about 200 miles, which will carry
them to the west boundary o f Minnesota. It is also reported that the company have
reasonable prospects for securing the entire sum necessary to complete the mad to the
Pacific Ocean. It is unnecessary to epeak o f the additional value which the comple
tion o f this great line will have upon your property.
The St. Paul <t Chicago Railroad C impany are engage I in building their road from
St. Paul southerly along the west bank o f the Mississippi River. They built, in
1869, from St. Paul to Hastings, 20 miles, and expect, during the present vear, to
extend the line from Hastings to R ed Wing, about 20 miles, and from Winona to
Minnieska, about 12 miles.
T he A tlantic and G ulf.— The Atlantic and G u lf Railroad, o f Georgia, extends
from Savannah in a direction southwest and west to Bainbri Ige, on Flint River, a
distance o f 236 miles, with a branch from Lawton, Ga., to Live Oak, Fla., 48 miles.
The Superintendent’s report exhibits the following earniBgs:
From
From
From
From
1869.
freight............................................................$564 831 92
passage.............................................................,188,681 56
mails................................................................
18,804 00
minor resources............................................... 12,012 26
$734,329 74
1S6S.
$42s,301 89
157,406 40
16,200 00
1,147 71
Increase.
$1: 6,527 04
31,275 10
2,604 00
10,864 55
$603,059 00
$181,270 7
Showing an increase o f thirty per cent. W hile the gross earnings have increaseds
thirty per cent., the expenses have increased but fourteen per cent.
C incinnati and Z anesville.— The extension o f this road fiom Zanesville north
ward to Dresden, a station on the Pan Handle Line, has been put under contract
and " ill eo n be completed. It is but sixteen miles long. B y it the Cincinnati
and Zin tsville w ill have an outlet to Pittsburg, Philadelphia and the East a little
shorter than any olher route.
W ilmington and M anchester.— This com pany has been reorganized with the
name “ Wilmington, Columbia and Augusta Railroad Company.” Its road extends
from Wilmington, N. C., to a junction with the South Carolina Railroad near the
W aterree River, a distance o f 171 miles. In connect! n with the South Carolina
Railroad it forms a route to Charleston, Columbia and Augusta. Its chief competitor
for business from the North to the latter tw o places is the Charlotte, Columbia and
Augusta Railroad.
T he H arifort and E rie R ailroad — Boston, June 2 .— The House this afternoon,
by 16 majority, passed, with slight modifications,the new bill offered ny Mr. Goodrich,
extending State aid to the Boston, Hartford and Erie Railroad. Ti e important
feature o f the new bill is that it proposes that the State shall give np the Berdell
bonds it now holds as collateral, to be used with an equal amount contributedby the
other bondholders for the completion o f the road to Fishkill, the State and others
receiving instead an equal amount o f the bonds o f the second mortgage. The bill
also provides for the reorganization o f the Company to meet the approval o f the
Governor and C ouncil; for satisfactory contracts to finish the road within the amounts
already named ; for the settlement o f all claims and attachments upon the property,
with the interest accruing till July, 1872, by means o f the second m ortgage bonds,
and for the necessary ratification an i acceptance o f the act.— W. Y . T im es.
C ape G irardeau and I ron Mountain. — It is expected that this road will be
completed from O rpe Girardeau to an intersection with the lio n Mountain Railroad
early next month.
64
RAILROAD
ITEMS.
{July,
T he S t . L ouis and I ron Mountain R ailroad C ompany is preparing to build a
section twenty miles loner, from Pilot Knob, Mo., in a southerly direction toward
Bruno, W avne County. Tnis section has very heavy grading and rock work, end
it is thought that the preparation o f the road bed will co9t $)00,000. B y a law o f
the Missouri Legislature, in 1858, the road is to have a subsidy o f $15,UU0 per mile.
It ha9 also a land grant.
— The State o f Maryland has begun suit in the Superior Court at Baltimore,
against the Baltimore and Ohio Railroad, to recover the value in gold over currency
in dividends paid the State on preferred stock owned by it, amounting to nearly
$2,00'*,000. The claim is based on the recent legal tender decision o f tie Supreme
Court o f the United States.
— Suit h a ' been entered in the Superior Court at Baltimore, by the State o f
Maryland against the Baltimore and Ohio Railroad Company, under the resolution
passed at the late session o f the General Assem bly, directing said suit to be entered
if the claim ol the State for one-fifth o f the receipts from the passengers on the
Washington Branch was not satisfied witliin twenty days.
— One-third o f the capital stock o f the Rensselaer and Saratoga Railroad ha9 been
purchased by the Delaware and Hudson Canal Company, and one-9ixth by Com
modore Vanderbilt. Great improvements are contemplated in the rolling st- ck, the
road-bed, and in the erection o f new depots and docks on Green Island. The present
capital stock o f $3,000,000 will be increased by calls on the stockholders until a
sufficient sum is raised to make the desired changes.
— The ordinance recently passed by the Baltimore City Council and sanctioned
by the Legislature o f Maryland, authorizing the city to subscribe one ir iT o n dollars
to the stock o f the Virginia V alley Railroad Company, „^d a loan to pay such sub
scription, has been ratified by a vote o f the citizens.
— The General A ssem bly of Maryland has released the Baltimore & Ohio Company
from the further payn ent o f the capitation tax on the Washington Branch Rail
road, amounting to one-fifth o f the gross receipts from passengers, provided that all
arrearages due to the State by virtue o f the act o f 1S32, chapter 175, up to the
passage^of the act for release, shall be settled and paid up to the entire satisfaction
o f the Assem bly.
— The 25th annual report o f the Northern (N . H .) Railroad shows au income o f
§689,628, and an ordinary expenditure o f $434,470, leaving an unexpended balance
o f $257,390, which has been put into dividends and improvements. The number o f
passengers has increased during the year 10 per cent, and the amount o f freight 17
p ercen t. There have teen laid 685 ton9 o f new rails and 1,800 new sleepers, and
2,993 tons o f rails have been taken up, repaired, and relaid. A n average reduction
o f 8 per cent has been made in the passenger and freight rates.
— P o r t l a n d , M e ., May 25.— A t a special meeting o f the stockholders of the Port
land and Kennebec Railroad to day, the action o f the directors in leasing their
road for 999 je a rs to the Maine Central Railroad Company was unanimously ratified.
T he consolidation o f the Maine Central and Portland and Kennebec Railroads
necessitates a change o f gauge on the part o f the former road, as well as upon the
European and North American Railroad. The change is soon to be effected.
— The lease o f the Erie and Pittsburg Railroad having been formally transferred to
the Pennsylvania Railroad Company, President Thomson o f the latter company ha9
issued an order assuming control o f the road, and designating J . N . McCullough as
General Manager.
— $100,000 o f South Carolina bonds were bought by the State Agent, May
27 on sealed proposals, for the Sinking Fund.
T he offers amounted to $704,000.
The awards were as follows :
$5,000 Cammann & Co., January and July, 1867....................................... 80
S*5,000 Morton, Bliss & Co., Jan. and July, 1867......................................82
25.000 Mort n, Bliss & Co., Jan. aDd July, 1867....................................... 82#
25,600 Morton, blies & Co., Jan and July, 1867....................................... 82#
10.000 Kutter, Luckemeyer & Co., April and O ct.................................... 81#
10.000 Vibbard, Foote & Co., April and Oct............................................. 81#
$100,000 Total.
R A IL R O A D
1870]
ITEMS.
65
T eis P acific M ail S teamship C o — O fficial E xhibit of its A ssets and L iabilities .
— O ffice of P ag .fio Mail S teamship C ompany, N ew Y ork , May 26 ,187 0.— A special
meeting o f the Board o f Directors was held at the Company’s office, l'hutsday, May
26, 187<>, at 1 o’ clock P. M. The Special Committee o f the Board o f Directors, ap
pointed for the purpose, submitted the follow in g:
T o the B o a rd o f D ir e c to r s :
The undersigned committee, app inted b y the Board o f Directors to prepare a
statement upon the affairs o f the company, beg leave respectfully to submit the following, showing the company’s assets and liabilities, v iz .:
ASSETS.
Cash on hand and cal! loans................................................
Time loans....................................................................... .
$313,420 92
262,599 06
I n ve st e n t s :
$200,000 U. S. 5-208 c st........................................................
250,000 U. S. 10-40s cost................................................. .
27,149 *haies P. M. S. S. s o c k ........................................
3,063 shares Panama Railroad stock at $150.....................
Casli in hands o f agents and pursers...................................
Coal, 63,050 tons................................................................. .
Outfits an i supplies..............................................................
$•223,237 50
274,750 00
2,714,000 00
459,450 00— 3,672.337 50
t’0,785 82
1,221,560 62
297,444 97
R eal E state:
S m Francisco, including wharf and franchise...........................
932,269 51
Warehouses San Francisco.........................................................
127,530 78
1,668 shares F. F. Dry Dock........................................................
100,335 99
Pen cia ..........................................................................................
26,324
50
Oregon..............
2,367 75
Sa-i Diego..........................................................................................
1,215
00
Hong Kong, with wharf, g (downs, & c......................................
161,221 76
Yok hama, withgodowns and coal sheds..................................
62,317 97
Hiogo ...........................................................................................
991 34
Taboga Wa er Works, & c............................................................
40,000 00
Islands (Bay o f Panama).............................................................
25,000 00
Aspinwall Iron 'A harf. house, warehouses,«fcc..........................
350,677 94
Canal street wharf.............................
25,000 00
Spring street wharf.............................................................. ^ ....
10,000 00— $1,874,252 54
S team kk s:
Colorado............................................... ......................................... 750,000 00
hacramento......................................
600,000 00
Constitution............................................................................
600,000 00
Henry Chaunc^y.......................................
6uC,000 00
A rizon a..........................
600,000 00
Rising Star... ..............................................................................
600,000 00
Montana..................
600,000 00
New York ..................
500,000 00
Costa fcica.....................................................................................
400,000 00
Ocean Queen.................................................................................
380,000 00
Golden Age........ ...........................................- .............................
300,000 00
St. Louis........................................................................................
75,000 00
Northern Light...............................
75,000 00
A r ie ...............................................................................................
75.000 00
Ciara Clarita.......... .....................................................................
30,000 CO
Son ra............
20,000 00
Taboira .............
15,000 00
America..... ..................
1,017,842 22
Great Republic.........................................
1,058,234 72
Japan............................................................................................. 1,049,434 72
China............................................
1,006,282 42
A l i k a ............................................................................................
964,138 39
Oregonian............................................. •.......................................
500,000 00
A ncon...............................................................................................
167,502
Lighters............................................................................ ........................................
13—$11,983,53460
101,799 83
S team ers :
Ocean Queen and Rising Star voyages not yet completed................... . . . .
Unaett ed i cc’ ts with connecting steamship companies,&c.
..................
Balance to debit o f prefit and loss............................................ ......................
26,618 93
39,652 22
212,238 55
Total.............................................................................................................
$20,096,245 26
l i a b il i t i e s .
Capital stock ... ...................................................................................................... $20,000,000 00
Unsettled accunt with agents and pursers............................................................
84,711 69
Freights on coal in transit.............................
10,7S2 8)
Freight insurance..........................................................................................
750 77
Total.
0,096,245 26
The steamers have been kept well up by repairs as needed, the same being charged
to current expenses; they are valued below their original cost and the same a9 at the
66
R A IL R O A D
ITE113.
[July,
date o f the last statement presented to you, May, 1869, when they were all, either
in actual Bervice or reserve, profitably employed.
T he steamers are now em ployed as follows :
The “ A laska," “ Henry Chauncey” and “ Arizona" are running twice a month be
tween New Y ork and Aspinwall, tw o being in commission and one in reserve.
The “ Constitution,” “ Colorado,” “ Sacramento” and “ Montana,” three in commission
and one in reserve, twice a month, between Panama and San Francisco.
The “ Great Republic,” “ China,” “ Japan” and “ America,” three in commission
and one in reserve, once a mouth, between San Francisco and Hong Kong.
The “ Costa Rica,” “ New Y ork,” “ Oregonian,” “ Gol en A g e ” and “ Ariel,” four in
commission and one in reserve, four times a month between Yokoham a and Shang
hai.
The “ St. Louis,” as for several years past, is stationed at Panamaas a spare ship.
The “ Ocean Queen” and “ R i ing Star,” thrown out o f em ployment by the reduc
tion o f the Aspinwall line, have been placed temporarily in the European trade.
The “ Northern Light” is worth to the Company only what she will break up for.
The “ A ucom ” an i “ Taboga” are used as tugs in the Bay o f Panama. T he “ G o l
den C ity” was totally lost February 22. She has been written o ff the books. The
amount at which she was valued, $650,000, has been carried to the debit o f profit and
loss.
IN V E S T M E N T S .
The 8,063 shares o f Panama Railroad Company’s stock is valued on the books at
$459,450, being at the rate o f $150 per share.
The 27,159 shares o f its own stock, owned by the Company, stand on the books at
par, being also a liability for the same amount.
The loans and securities are perfectly good.
A ll our other property (such as real estate, warehouses, wharves, Jse.,) is in good
condition.
The property iu Japan and China is admirably adapted to our busine s, present
and prospective, and fully worth the valuation given ; so 6ilikewe that at San Fracisco, which includes a commodious wharf o f 700 feet in length, with a valuable ex
clusive State franchise for about twenty-four y e a rs; three large bonded warehouses,
from which income is d eriv ed ; also, 1,668 shares o f the San Francisco Dry Dock,
from which dividends are received.
The coal on hand, 63,050 tons, stands at less than cost.
The Committee find that at this time last year, the date o f the last published state
ment, the Company was em ploying four steamers per month on the route between
N ew Y ork and San Francisco, via the Panama Isthmus, and earning and p lying to
the stockholders therefrom a reasonable return on the capital invested. This service
has been reduced to two Bteamers a month, and has ceased, for the time being, to be
profitable.
This falling e ff in the Panama business has been mainly caused by general com
mercial depression, and by the construction o f the Pacific Railroads ; on the other
hand, it is a reasonable expectation to indulge that the China branch o f the service
w ill be greatly benefited by the operations o f the same railway route, in encourag
ing immigration, supplying markets, developing and stimulating production, and pro
viding by rail the means o f transit. The business o f the China line, including the
Shanghai branch, has continued to improve, emeting every reasonable expectation, and
is now earning a return over and above a moderate allowance for depreciation and in
surance.
Under a Government mail contract for ten years, with a subsidy o f $500,000 a
year, the first steamer was dispatched from San Francisco for Hong K ong on Tuesday,
January 1,1867. From that date till September departures were made once in three
mouths, thence twice iu three months, or six-weekly, till June, 1868, when we began
the full monthly service, which has since been regularly maintained.
Each increase o f the sei vice, though that o f the main line has been trebled, and
that ol the Shanghai branch augmented six fold, has resulted, after a short time, in
an increase o f the average business done and in improved rates, while the average
expenses have been reduced. W e think the time has arrived when the trade demands
aAemi-monthly line across the Pacific, and the Company is now seeking the assistance
o f the Government to enable it to provide such increased facilities. Should our
1870]
R A IL R O A D
ITEM S.
67
efforts prove successful we shall be able to utilize on that route some o f onr steamers
not otherwise e m p lo y ed ; future events will have to determine how many eteamers
can be thus provided for, as well as to the disposition o f any others which may become
unemployed.
A ll o f which is respectfully submitted by your Committee.
Whereupon on m otion—The statement o f the Committee was unani ously re
ceived and adopted by the Board, and ordered to be published for the benefit o f the
stockholders. Attest,
T heodore T. Johnson , Secretary.
C harlotte, C olumbus <fc A ugusta R ailrovd .— From the report o f the President
it appears that the earnings o f the road during the year ending Decem ber 31, 1869
w ere:
From passengers
$199,516 94
“ freight............
188,705 39
“ mails .............
14,167 48
“ minor sources,
1,035 68
And the expenditures were....................................................... ..........................
$403,785 49
2-26,536 59
Leaving f or payment o f interest and taxes, and account of Augusta Division
$177,248 90
The stockholders o f the Charlotte and South Carolina and Columbia and Augusta
Railroad Companies met in separate and general conventions, in Columb a, on the 7th
and 8th o f July, 1869, and agreed to consolidate their respective interests into one cor
poration— The Charlotte, Columbia an 1 Augusta Railroad Company. An amended
charter, with all necessary legislation for this purpose, was obtained from the States
o f North Carolina, South Carol na and Georgia. A ccording to the terms of con
solidation, the 6tock o f the Charlotte and South Carolina Railroad was valued at
par, while 11 ^ o f the Columbia and Augusta Railroad mada lUO in the new com
pany, or one share o f the former o f 10 was merged with 4£ shares o f the latter at
$25 each. These estimates were on account o f the different values o f the currency
according to which the two roads had been built. Each o f these corporations then
transferred to the Charlotte, Columbia and Augusta Railroad Company all their re
epective rights and property, upon condition that it should assume all their respec
tive liabilities.
The stockholders immediately thereafter, with the view o f fulfilling the conditions,
authorized the President and Dir ctors to i99ue bonJ9 o f this company (secured by
m ortgage) to au amount not exceeding $2,100,000, to be used for toe purpose o f
funding the floating debt, and retiring the bonds heretofore issued by the said two
companies, respectively, and now outstanding and for the purpose o f completiug the
construction and outfit o f the road to Augusta, and for other purposes.
For the purpose o f avoiding, in any reasonable contingency, the necessity in future
o f a second mortgage, the authority was made more ample as to the amouut of bouds
than the then existing lia b ilit y o f the company required.
In conformity, however, with the f.»regoi g resolution, your directors have caused
a mortgage ton e executed, with an authority to issue not exceeding $2,000, 00 o f first
m ortgage bonds. These bonds bear seven per cent interest, payable semi-annually
at the agency o f the company, in the city o f New York, and mature ou the 1st o f
January, 1895. They are handsomely engraved and well executed, and are very
freely received in exchange for the two classes o f bonds heretofore issued by the
former respective companies, for the reasons that they are more amply secured than
either o f these bonds, by the value o f the property mortgaged, and the increased
business of the road. In like n aoner the exchange and consolidation o f the stock o f
the late corporations is being cheerfully and freely made by the holders for the stock
o f this company
This brief outline o f the formation o f this company, and its subsequent acts in
aerrying out the directions o f the stockholders will enable you the better to under
stand the following statement o f receipts and expenditures to which your attention
is invited.
08
R A IL R O A D
[July,
ITEMS,
A s consolidation did not take place until the 8th o f July, 1869, the accounts o f the
form er companies were necessarily kept separate and d stinct, and were so continued
until the end o f that month, for obvious reasons.
T h ■*gross earnings are................................................................................ $403,785 49
The operating expenses are ....................................................................... 225,996 59
Leaving the net earnings .......................... ............................................... $'.77,788 90
Or about 44 per cent o f the gross earnings.
Y ou will, how ever, readily perceive, from the foregoing synopsis, that for on’ y
five months o f the fiscal } ear which terminated on the Hist o f December last, the
receipts o f this company were $218,798 08, or $83,810 57 more than the aggregate
receipts for seven months o f the two former companies.
The net earnings o f the company during the year have been applied to the payment
o f debts, interest, equipment and the completion of the bridge across the Savannah
river.
O h io
an d
M is s is s ip p i
R a il r o a d ,
— The annual report o f t e year 1869 shows the
following :
Eanrngs
Passengers ........................ ...........................
Freight ................................ ..............................
Express and Mail...................................................
1869.
$1,192,030 03
1,567,497 67
150,019 77
186S.
$1,230,981 92
1,586,818 96
110,239 79
Decieaee.
Total........................................................................ $2,915,517 47
$2,964,040 67
$18,493 20
Showing a decrease o f only $48,493 *20 in the earnings, v h ile the operating ex
penses were reduced for the same period the- sum o f $313 462 85. The following
statement, in detail, shows the expenses incurred, and paid, (both ordinary and ex
traordinary,) charge! under the following heads :
Maintenance of Way and Siructares........................................................................... $558,778 91
Motive Power and Cars................................................................................................
301,727 18
Transpo'tation Expenses.............................................................................................. 888,234 64
General Expenses..........................................................................................................
118,708 65
Taxes, Municipal and Government..............
74,191 50
Overcharges, etc......................................................................
45,510 06
Ballasting Road ted, etc..............................................................................................
54,105 01
Bridges.............................................................
43,386 02
De ot Buildings and Engine Houses.....................................
3,500 77
F e n cin g ........................................................................................................................
13,167 42
Materials for Shops
.................................................................................................
51 696 56
Real Estate purchase..... .................................. ......................................................
15,894 00
Interest on Loans, Legal Expenses, etc.....................................................................
21,643 20
Rebuilding Passenger and Freight Cars......................................................................
97,177 89
Coupon^ of Int.ert st on Bonds.....................................................................................
367,405 50
Interest on Prefe.red Stock.................................................................... ..................
153,278 08
Total
$2,917,905 39
O H IO A N D M IS S IS S IP P I R A I L W A Y
1867,
C O M P A N Y , G E N E R A L L E D G E R ACCOUN T F R O M
TO D E C E M B E R
31, 1869,
t.o}d property, road bed, superstructure and bridges from Cincinn.iti to East St Louis................................................................$21,068,830 89
Charged this account in 1869............................................................
6,350 54
Real Estate, depot grounds and buildings on the line..................
Amount charged account in 1869....................................... .............
1,440,673 12
18,494 00
Storrs township improvement, with tracks and transfer station ......................
Equipa.ent a n d r o l l i n g p o w e r a n d f o r l o c o m o t i v e s cars v a l u e d . . 1,707,000 CO
A m o u n t c h a r g e d t o a c c o u n t in 1S69...............................................
347,988 43
Telegraph line Cincinnati to St. Louis......................................................................
I linoib Southern Hailro d purchase................................. .....................................
Shop tools and m chinery........................................................................................
Ordinary operating expenses account...........................................
2,801,288 84
Amount charged to account in 1869........................................
1,987,150 94
Extraordinary expenses account........................................ .........
Amount charged to account in 1869............................... ............
844,941 96
£07,393 2J
Mortgage bonds, coupons and interest on the same paid........
Amount paid in -869 ........................................................................
Amount paid Sterling coupons.................................................... .
360,081 92
364,350 CO
3,C55 50
NOVEMBER
1
IN C L U S IV E .
$24,075,181 43
1,459,167 12
28,265 44
2,054,98S
25,042
279,819
141,740
43
59
17
93
4,788,439 78
1,152,335 16
727,487 42
R A IL R O A D
1870]
69
ITEMS*
Interest paid on preferred stock.................................. ..............
.amount paid in 1860.......................................................................
461,70105
253,278 08
Inventory of materi-il on hand......................................................
Additional to shops inlb69...................................
............
154,964 03
51,696 56
714,979 13
206,660 59
L O U IS V IL L E D IV IS IO N .
Construction w ork.......................................................................
Iron rails for track...........................................................................
fieal estate and depot ground ......................................................
1,047,419 51
472,381 84
65,281 35
Running accounts to be settled.....................................................
Accouut due from agents and others for uncollected revenue..
11,730 01
109,124 30
120,754 31
37,360,444 20
265,994 39
Cash balance on hand January 1, 1870.
Cr.
$37,626,438 59
Common capital stock certifi ates...................................................$19,813,313 07
Trustees ceitiflcat'. s, unconverted............. ..................................
186,GS6 93
$20,000,000 CO
Trustees common certificates, to be provided for outside ol the
capital stock.........................................................................................................
62,2640 44
Preferred capital stock..............................................................
3,345,930 89
Amount charged in 1869...................................................................
260,000 00
Amount converted in 1869..........................................................
4,734 23
“ Trustees” certificates, unconverted ...................................—
3,419 50
3,714,124 62
2,050,000 00
First mortgage bonds, E. D., due July 1, 1372..
“
“
«
W.D., due July 1, 1872..
850.000 00
Second “
“
“
due July 1,1874 ^
546.000 CO
Income “
“
“
due Oct. 1,1882...
221,500 t'O
nridArl uioi
deht.
14
44 uue
dnpuu,
flpl. 1i, 18X2..
rWauucu
icn<...................................
16,500 00
Consolidated
14
due Jan. 1, 1898............................
1,270,000 00
Issued and sold in 1869.....................................................................
1,087,090 00
Exchanged for second mortgage bonds in 1819............................
10,0C0 10
2,367,000 00
Sterling consolidated mortgage bonds
101,350 00
30,093,579 06
Earnings ered:ted this account.......................................................
“
“
lor 1869 .............................................................
Arrearage account, pay rolls unpaid.................. . ....................
“
bills o f supplies, etc........................................ .............
Open accounts to be settled with contractors and others.............
Floating debt, maturing in 1870, 1871, 1872 and 1873.................
Temporary loan-, principally for aid o f construction ol the Louis
ville division, anticipating sale of securities, $500,000 o f which
has been paid since the close of the year..................................
3,572,159 32
2,915,547 47
-------------------112,024 56
89,592 86
78,399 68
212,301 30
552,831 31
--------------------
6,487,706 79
1,045,152 74
Total................... ................................................................................................ $37,626,4:38 59
C O M P A R A T IV E
S T A T E M E N T O F M O N T H L Y E A R N IN G S ,
S H O W IN G
TH E
D IF FE R E N C E
BETW EEN
1S69 A N D 1868.
1868.
1869.
1868.
1863.
1869.
1869.
M»ii & Mail &
Passeng
ers.
Freight. Freight. Express.
January .........
$98,V54 $1 ('4.888 $13,517
............$68,594
February........
10,518
11,550
.......... 89,161
128.761
116,400
March.............
10,22L
11,284
144 331
............ 100,291
109,883
April...............
12,716
101,876
139,496
13,067
14,002
14,283
87,646
103,996
.................
303,016
113,826
11,617
11,987
Julv
10,632
91,74 >
11,106
97,210
A nu nst................................................ Itn'lOT
11,746
162,533
181,581
11,560
9,661
158,162
September....
162,983
32,126
October..........
382,741
12,750
156,286
14,802
181,538
N ovem ber__ ........................
16,250
13,402
356,647
December.......
111.074
129,4*5
16.166
13,572
Total
$1,192,030 $1,230,981 $1,567,497 $1,586,813 $156,019 $146,-.39
1,192,030
l,t 67,497 146,239
$38,951
$.9,321
$9,719
Decrease in Freight
$38,951 89
19,31 29
Increase in Express and Mail
$58,273 18
. 9,779 98
$48,493 20
?0
[July,
R A IL R O A D ITE M S .
R ock I sland R. R . E arnings.— The ea nings o f this company for each month o f
its fiscal y ar ending April 1, 1870, are now published in the annual report, and vary
quite materially from the figures which have been made public from month tc month
during the year. The following table shows a comparison o f the figures given out each
m nth, and the figures for the same months as contained in the annual report.
Earnings for
Earnings reported sam* months
monthly durgiven in the
1S69.
iug the year. Annual Report.
April.........
362.900
388,385
May
419.000
449,932
June..
508.000
521,841
Juy
---440,300
455,606
August___
480.900
632 652
September,
735.664
' 579,000
October...
581.000
584,155
November.
475,600
479,236
December.
3fc7,700
393,468
1870.
Janu ry ...
401,275
36*2,800
February...
449.664
398.209
March.......
443,700
500,393
5,439,100
5,995,266
— The Railroad G a zette gives the follow in g:
P acific o f M issouri.— The company have lately leased the Lawrence and Pleas
ant Hdl R .ilroad, 68 miles long and not yet completed, for 30 years with privilege o f
renewal. By the terms o f the lease the Pacific company are to equip and operate
and guarantee a rental o f $60,000 in g o ll and §15,000 in currency. They are to
pay 35 per cent of the gross earnings for the first ten years, and 33$ per cent for the
balance. I f this percentage o f the gross earnings does oot come up to the guaranteed
amount o f §75,000 the deficiency is to be met out o f the gross earnings when in ex
cess.
P y means o f this leased line the Pacific railway company will secure connection
with th*-Missouri River, Fo t Scott, the G u lf liaiIroad at 01 ithe, and the Leaven
worth, Lawrence and Galveston and Kansas Pacific load-^at Lawrence, shortening the
line from St. Louis to Lawrence and Denver by 18 miles.
T h y have also leased the Sedalia and Lexington Railroad, 54 miles long, at a ren
tal o f §64,100 per je a r, for a term o f thirty years. The Pacific agree to operate it.
N orfolk and T ennessee. — A bill has passed the Virginia Legislature whi h pro
vides for the consolidation o f the three railroa *s which form a line between Norfolk,
V a ., and Bristol on the East Tennessee line, ami have been for some time un ler the
man igement o f General Mehone. These are the Norfolk and Petersburg, fro u Nor
folk to Petersburg, 81 m’d es long, the S ut.h Side Railroad, from Peter" bu> g t o Lynch
burg. 1*23 miles, with a branch from Petersburg to City Point, ten miles ; anrl the
Virginia and Tennessee Railroad, from Lynchburg to Bristol, 204 miles, with a
branch from Glade Springs (28 miles from Bristol) to Saltville, 8^ m iles. These
form a trunk line 408 miles long, entirely across the southern part o f Virginia, with
connections to Mobile, Memphis and New Orleans. The capital represented by the
entire line is about § 18 ,0 0 0 ,1)0 0 .
S t . I. ouis and A rkansas.— The Mississippi V alley R eview says : Althrugh the Iron
Mountain Railroad is being rapidly pushed southward from Pilot Kn->b, we believe
no definite location has nntil now been named as its southern lermi us. Arrange
ments were consummated by Mr. Allen and the directors o f the Cairo an I Fulton
Railroad o f Arkansas, by which the St. Louis and Arkansas and the Iron Mountain
Railroads are to be simultaneously constructed, and that a junction o f the two will be
formed near the State line. Twenty miles o f each are being rapidly built, the Cairo
and Fulton northward from Little Rock to be done by December, and the Iron Moun
tain southward from Pilot K n o b ; these divisions done, the whole line from Little
Rock to Fulton will be built as speedily as possible. The length of line in Arkansas
is 300 miles, and in Missouri S9 miles. Total disiance from Pilot Knob via Little
Rock, and Little Rock to Fulton on Red River, about 475 miles. The distance fiorn
Pilot Knob to Little R ock is about 250 miles. A t Little Rock connection will be
made with the Fort Smith road, and also with the Pine Bluff road. Iu Arkansas the
1870]
R A IL R O A D
1l
ITE M S.
State grants a subsidy o f ten thousand dollars a mile for each o f those roads, and two
o f them have had grants from the federal government. The c unties through which
the lines run generally subscribed about $100,000 each. In Missouri there is a land
grant from the United States, and while Iron county contributes nothing, it is expect
ed that the counties o f Wayne, Butler and R ipley will subscribe liberally. E n
gineering parties for the surveys and final locations are alreadyr ordered into the field.
C hicago R ock I sland & P acific R ailroad.— The President o f this Company at
the recent meeting o f the stockholders at Chicago submitted his annual report, from
which we extract the follow in g :
R E C E IP T S .
$1,736,956 75
3,537,002 20
50,931 51
91,351 51
81.415 44
394.608 79
From passengers.................
From freight.......................
From mails.........................
From e x p re ss ...................
From rents.........................
Fr m interest on loans, &e
$5,995,266 20
Total.
E X P E N D IT U R E S .
Operating expenses......................... .......... .......................................$3,276,267 20
Legal expense
.................................................. .............................
19,221 25
Taxes on real estate.............................. ..............................................
116.S49 94
U. S. Government tax ...........................................................................
14,452 85
-------------------$3,4!6,791 24
Net earnings...........................................................................................................$2,538,474 96
Rent Peoria & Bureau Valley Railroad............................................... $125,000 00
Interest on bond-1....................................................................................
615,650 00
Dividends, including tax..... ................................................................. 1,326,301 57
------------------ $2 066,951 57
Surplus earnings ................................................................................................. .
Surplus earnings from 1868-9................................................
$171,523 39
............................... $1,597,244 02
Total surplus on hand........................................................................................... $2,058,767 41
This shows that the expenses were 59 per cent o f the receipts, and the gross earn
ings very nearly $10,000 per mile.
B A L A N C E S H E E T O P T H E C H IC A G O , R O C K I S L 1 N D A N D P A C IF IC
R . H. COM PAN Y, A P R IL
1, 1870.
Or.
Capital stock account.................................................................................................$15,999,900 00
Fraction’ll shares convertible into stock.............................. .................................
100 00
Bonds Chicago and Rock Island R. It. Go ............................... ..............................
1,397,000 00
Incoma Bonds <hicago and Rock Island ft. It. C o ..................................................
14,000 CIO
Mortgage Sinking Fund bonds............................................................ ....................
7,376,000 00
Fractional agreements convertible into bonds........................................................
643 37
Due Kailroai Bridge Company..................................................................................
20,000 (0
Sundry balances................................ .. .................................................... ..............
7,122 32
Chi'-ago, Rock Inland and Pacific B. R. Co. o f Iow a.............................................
49,852 75
Profit, balance o f Rcome account ........................................................
2,068,767 41
D r.
T o til........................................................................................................................$26,933,385 85
Cost o f road and equipment....................................................................................... $25,025,905
Securities in hands of Treasurer as Trustee for guaranteed b’ d s.............
50,845
Stanton, Elliot and ilson Committee....................................................................
1,086
Trustee lan1 grant division, M. & M. R. R Co ....................................................
19,084
Railroad bridge bond account....................................................................................
152,073
Chicago and Rock Island bond a count ...................................................................
88,987
Cask and loans in hands o f Assistant Treasurer.....................................................
1,078,320
Balance in h.nds o f Cashier, Chicago.................
566,477
34
25
69
22
91
00
12
42
Total .....................................................................................................................$26,933,385 35
A SSETS O F T H E C O M P A N Y W H I C H DO N O T A P P E A R IN T H E T A B L E S A T T A C H E D TO T H E R E P O R T ^
Several years since, as a matter o f policy, the Company purchased certain stocks
and bonds o f the Sterling <fc Rock Island and Warsaw & Rockford Railroad Com
panies, at a cost i f about $170,000, which was paid from the earnings o f this Com
pany, and after a time, was charged to profit and loss account. This property is
worth now all its oost and probably more, and from present appearances will likely
soon be disposed of.
72
R A IL R O A D
ITEMS,
[July,
There is also on the cebit side o f the balance sheet, “ Securities in the hands o f
the Treasurer as Trustee, <fcc. ” $50,845 25, out o f wh ch are to be paid $14,' 00 In
come Bonds, and “ Sundry Balances, $7,122 32, and the balance, about $30,000, will
go to the profit and loss account.
There are also certain securities held by the Company, arising from items hereto
fore charged off to profit and loss, which are now valued at about $350,000 ; a por
tion o f which are in Mississippi River Bridge Bonds, Bonds o f this Company, and
Bonds and Stock o f the Peoria, Pekin &, Jacksonville Railroad Company.
In addition to these items there is as before stated, about 552,000. acres o f land.
Taking these items together, it is believed that the Company has assets over and
above what is shown by the tables attached hereto, and from which will be realized at
least four millions o f dollars.
INCOM E ACCOUN T O P T H E CH ICAGO, R O C K IS L A N D A N D P A C IF IC R A IL R O A D C O M P A N Y , F O R T E E
Y E A R r-1 D IN G M A R C H 31, 1870 !
1869.
April 10, To Dividend on U. S. Tax..................................
May 1. “ Interest on Income Bonds
......................
1, “ Interest cn Siukng Fund Bonds.................
“
10 , “ Inter< st on C. & R I Bonds........................
Aug. 1, “ 6 months rent P. & B. V . K. K C o............
Oct. 18, “ Dividend on U. S. T ax..................................
Nov. 1, “ Interest on Income Bonds............................
1870.
Jan. 1, “ Interest on Sinking Fund Bonds.................
.................
“
10 , “ Interest on C. & H. I Bonds
Feb. 1, “ 6 months rent P. & B. V. K. R. t o ............
M a r . 31,
“ Operating expens 6 for the year.................
“ Taxes on Real Letati............................ .
“ U. S. Tax on receipts...................................
“ Legal Expenses.............................................
tt
“ B alance........................................................
July
Total...............................................................
1869.
Aprils 1, By Balance...............................................
1870.
Mar. 31, “ Receiets from Passengers...............
“
“ Receipts from Freight
...............
“
u
Receipts from a'ails..
.
“
“ Receipts from Rents, etc
...
“
“ Kece pts for Iote;est on Loans, etc,
“
“ Receipts frem Express Earnings ..
$736,831 57
1,015 CO
258,160 00
48,895 CO
62,5 0 (0
5Sy,470 00
£25 00
258,160 CO
48,895 00
62,500 00
3,276,*07 20
116,849 94
44,452 85
19,221 25
2,068,767 41
$7,592,510 22
$1,597,244 02
11,786,956 73
3,587,002 20
e0,931 £2
84,415 44
394,608 79
91,351 52
Total........................................................................................ ........................... $7,592 510 22
1870.
Mar. 31, “ By Balance..............................................................................................$2,06S,767 41
V i c k s b u r g a n d M e r i d i a n R a i l r o a d . — The annual communication o f the President
and Board o f Managers giving a statement o f the business o f the company for the
fiscal year euding the 28th o f February, 1870, shows that the gross earnings were :
From freight............................................................................................................................ $254,627
F rom passengers.................................................................................................................... 198,168
From mails... ........................................................................................
40,798
From United States for transportation o f men and property..........................................
15,094
From in cidental receipts. . . . ..............................................................................................
5,847
T o ta l....................................................................................................................
Expenses...............................................................................
$483,536
321,057
The gross earn ng9 o f the previous year were $390,403 29, showing an increase o f
$93,403 27, or an advance o f 23 11-13 per cent over the previous year.
D IB T
OF TH E
COM PANY.
T he following amount o f 7 per cent coupon bonds, secured by the three million
mortgage, have been issued to date :
First class, red endorsement....... .................................................................................... $683,500
second class, blue eudort e l..... ..........................................................................................
849,600
Third class, black endorsed...............................................................................................
129,000
Fourth class, unendorsed.................................................................................................. 1,102,000
Payable January 1, 1890................................................................................................$2,763,500
1870]
R A IL R O A D
ITEM S.
73
bondholders’ loan — ( a debt of honor).
The debt o f next importance 13 one in the form o f a loan generoualv made to the
company in its time o f trouble and gloom, by the bondholders o f the '-'orth and
Europe, and subsequently increased until it is now estimated at $250,000. The oh
je c t o f this loan was to aid the company in placing the road in a safe condition, and
in the purchase o f engines and cars. This debt bears 8 per cent interest, payable
semi-annually in January and July. The instalments payable in July, 1869, and
January, 1870, were punctually paid— the time for paying the principal has not as
yet been stipulated.
FLOATIN 'G D E B T .
The outstanding floating debt o f the company consisting o f bills payayable and
other acknowledged claims, not included in the above statements o f Lite debt o f the
company, amounted, on the 28th o f February, 1869, to $199,0 5 15 ; amount settled
and cancelled in the past year, $100,597 80 ; leaving amount due 1st of March, 1870,
$98,417 35; $77,573 66 o f the above amount is on account o f bills payable, and
$20,843 69 is due on miscellaa eous accounts.
Until the company can pay the full interest on its mortgage debt, and can pay
in full the principal and interest o f its loan debt which is regarded strictly a debt o f
honor, it w ill not be in its p ow tr to pay off this floating debt, except upon teims o f a
reasonable compromise.
The net earnings o f the past year amounting to 8159,976 47 has been applied to the
payment o f interest on the 7 per cent coupon bonds, in compliance with the terms
proposed by the company in the latter part o f 1868, to apply its entire net earnings
to the payment o f interest, both on its loau debt and on the 7 per cent coupon bonds
secured by the three million mortgage, irrespective o f class. The full 8 per cent
interest on the loan debt, to be paid in money.
Iu regard to the interest instalments on the 7 per cent mortgage bonds, as the
net receipts o f the road would not justify the full payment o f 7 per cent in money, it
was proposed by the com pany, and very generally agreed to, that the bondholders
should receive 4-7 o f each interest instalment in m ney, and 3-7 in preferred stock,
with the understanding that as fast as the increase o f business would enable the com
pany to increase the cash, and diminish the preferred stock per centage. it should
be done.
R utland R ailroad .— In order to settle the outstanding claims under the firs
mortgage o f the Rutland and Burlington Railroad, to relieve the Company from all
incumbrances and place it under corporate management the Directors are authorized
to issue a preferred 7 per cent stock, free o f Government tax, which is offered to the
holders o f both the preferred and com m on stock on terms which render it equal to a
10 per cent investment. W e understand the holders o f the preferred stock have
almost unanimously subscribed for their proportion, and a similar subscription on the
part o f the holders o f the common w ill enable ihe directors tosettle all claims under
m ortgages and give the corporation the entire and ab olute control o f the property.
A circular has been issued to the holders o f ccmmon stock which sets forth the con
ditions on which the subscriptions will be received, aod by which they can secure one
o f the most desirable investments in the market for t ie m oney advanced, and also pro
tect and secure the ultimate value o f their stock. W hen all outstanding claims are
settled tiie preferred stock will not exceed 84,300,000 on 120 miles o f road, with
its equipment, machine shops, wharfs, <fec. Tho Company has hitherto been embar
rassed by expensive litigations, but the property once under a corporate management,
cannot fail to show largely increased earnings.—-B o s to n Jou rna l.
N orthern P acific R ailroad — The Executive Committee o f the Northern Pacific
Railroad Company have awarded the contract for the construction o f the Minnesota
division o f the road, two hundred and thirty miles in length, extending from the Falls
o f the St. Louis river to the Red river o f the north. The contractors are Ross,
Pay son C o., an old Canadian firm, an i Brackett, Morrison <& C>., o f Minnesota.
Both o f these firms are well known as experienced railroad builders, and are also
known to be strong financially. The comm ittee have also contracted for twenty
thousand tons o f rails, and for the requisite amount o f spikes, ties, & c., and for
engines and cars necessary to prosecute the work. The entire division referred to is
to be com pleted by July 1, 1871.
u
R A IL R O A D
[July,
ITEMS.
W est W isconsin.— The Eau Claire F r e e P r e s s says the engineers for the W est
Wisconsin Railroad have declared the route via River Falls to Hudson or Prescott
impracticable, hence the road will cross just above Menomonie village, and continue
on direct to Hudson. This route is almost an air line, making twelve miles north in
going sixty-five miles west.
C entral P acific .— The company have finally purchased the California Pacific
Railroad, and will take possession in June. This will reduce the passenger time
overland several hours. The Central now controls the railroad system of the Pacific
coast.
A tlantic and G reat W esrern R ailroad .— A reference to the new plan pro
posed for tne benefit o f the bond and debenture hoi lers will be found in our Loudon
letter on a previous page.
L ong I sland R ailroad .— The Sag Harbor Branch o f the Long Island Railroad
has been completed. It joins the Long Island road at M amr, and is about thirty-five
miles in length.
S outheen P acific of C alifornia .— San Francisco voted recently by a small maj
ority in a very s i all poll to subscribe $1,000,000 in aid o f a railroad from that city
down the coast to San Diego or a point near oy . The road is to be built by the same
parties who own the Central Pacific Railroad and the other railroads o f California.
The constitutionality o f such a subscription is questioned. I f the road is built the
Central Pacific will command all the land approaches o f San Francisco.
T he T ennessee R ailroad B onds.— K noxville , Tenn., June 2 .— A special dis
patch from Nashville says that the bill in favor o f the repudiation o f the 100 bonds
issued to the Mineral H om e Railroad has passed to a second reading.
T he
bill to stop payment o f 885 bonds to the Tennessee and Pacific Railroad also passed,
and both are made the special order for W ednesday. The report o f the Judiciary
Com idttee advocates repudiation, because the bonds were illegally issued and sold
below ja r .— N . Y . T im es .
I ndiana , B loomington and W estern R ailroad .— The formal opening o f this road
from Danville to Pekin was celebrated at Bloomington recently, on which occasion a
gold watch was presented to Dr. H . Conkiing, a director o f the company residing in
Bloomington, for his services in securing the location o f the road.
— The Chicago and Aiton Railroad Company have executed a perpetual lease o f
the Louisiana and Missouri River Railroad, which w ill give Chicago a direct line
to Fort Scott. The com pary will immediately commence the construction o f a
road from Jacksonville or W hite Hall, Illinois, to the Mississippi River, where the
trains will connect, by transfer boats with the Louisiana and Missouri River load for
Kansas City and St. Joseph. Branches will also be built through Glasgow or Boonville to Sedaiia.
— The stockholders o f the U tica, Chenango a n i Susquehanna Railroad Company
have ratified the lease o f their road to the Delaware, Lackawana and W estern R ail
road, and voted to increase the stock to $3,000,000.
— The bill o f Congress confirming the large grant of lands to the Northern Pacific
Railroad, has becom e a law by the signature o f the President.
— A W estern paper gives the following as the statement o f earnings ings and ex
penses o f the Lake Shore road for the past year, as presented to the directors at
their recent m eetin g :
Grass receipts from ail sources ................................. ............................................... $12,945,598
O p e ra t in g e x p e n s e s ..................................................................................................$7,419,165
9 a x e s , a t a te a n d N a t io n a l........................................
492,361
---------- —
7,911,527
Net earnings. ....................................................... ........................ ........................ $5,G34,G70
The disbursements have been for interest or funded debt, and divide, ds of June
and December, each 4 per cent respectively, and taxes........................................
4,317,698
Leaving a surplus of.
$716,372
1870]
P U B L IC D E B T
O F T H E U N ITE D
15
STATES.
THE DEBT STATEMENT FOR JULY, 1870.
Th> following is the official statement o f the public debt, as appears
from the books and Treasurer’s returns at the close of business on the last
day of June, 1870 :
DeDt b earin g interest in Coin
Am ount
O u ts ta n d in g .
A ccru e d ,
In te re st.
$500,000 CO
175,550 00
7,022,000 00
18.415.000 00
552,150 00
28,850 00
945,000 00
189,318,100 00 5,679,513 00
5,147,716 00
514,771,600 00
2,250,000 00
75.0
0,000 00
3,242,;83 33
194.567.300 <0
38,825 00
3,8S2,500 00
1,255,613 00
125.561.300 00
2,033, '72 50
203,327,250 00
9,989,968 50
332.998.950 00
379.602.950 00 11.388.07" 50
1,276,180 50
42.539.350 00
C h a ra c te r
Of Issu e.
W h e n P a y a b le .
5’ s, B o n d s . . . . ... A f t e r 15 ye a rs fro m J a n u a r y 1,1859......
5’ s, B o n d s ........ A f t e r 10 y e a rs fro m J a n u a r y 1,1861........
6’s o f 1881........... A ft e r D e ce m b e r 31,1880 ..........................
6’s, O re g .W a r,’81.Redeem able 20 y e a rs fro m J u ly 1,1861..
6’s o f 1881........... A t pleas, a fte r 20 y e a rs fro m J u n e 3 0,’61.
6’s, 5-20s.............. 20 ye ars fro m M a y , 1,1862*...................
6’s o f 1881........... A ft e r J u n e 30,1881.....................................
5’ s, 10-40’s ........... 40 ye ars fr o m M a rc h 1, 1864+..................
6’ s, 5-20’s .............20 ye ars fro m N o v e m b e r 1,1864*...........
6’s, 5-20’s ............ 20 y e a rs fro m N o v e m b e r 1, 1864*............
6’s, 5 2"’s ............ 20 ye ars fro m N o v e m b e r 1, 1865*............
V s , 5-20’s .............20 ye ars fro m J u ly 1,1865*......................
6’s, 5-20’s .............20 ye a rs fro m J u ly 1, 1867* .....................
6’ s, 5-20’s .............20 y e a rs fro m J u ly 1, 1868*......................
$ 20,000,000 00
A g g re g a te of d e b t b e a rin g in te re s t In c o i n ................... ........................... $2,107,950,700 00 $43,5‘ 8 3:7 33
C o up o ns due, n o t pre se n te d fo r p a y m e n t..................................................................
6,083,70 >05
$19,647,032 38
T o t a l in te re st,
D ebt b earin g interest in L a w fu l M on ey.
3’s, C e rtifica te s. .O n d em and (in te re st e stim a te d )......................................
S’s .N a v y pen. fd .I n t e r e s t o n ly a p p lic . to pay. o f p e n sio n s...........................
A g g re g a te o f d e b t b e a r in g in te re s t in la w f u l m o n e y.
l$45,5-5,C00 00
14,001,000 00
$277,993 57
219,000 00
$59,545,000 GO
$487,993 57
Debt on w liic li interest lia s ceased since m a tu rity .
6’ s, B o n d s ........... M a tu re d D e ce m b e r 31,1862 ................................................
6’s, B o n d s ........... M a tu re d D e ce m b e r 31,1867...............................................
6’s, B o n d s ........... M a tu re d J u ly 1, 1868 ...........................................................
5’s, T e x a s in d e m .M a tu re d D e ce m b e r 31,1864...............................................
V a r., T r ’y n o te s.M a tu re d a t v a rio u s d a t e s .................................................
3@ 5K’8 ,T r ’y n ’e s.M a tured M a r c h 1,1859 .......................................................
6’s, TYeas. n o te s.M a tu re d A p r i l a n d M a y , 1863............................................
7 3-10’s ,3 y e a rs.. .M a tu re d A u g u s t 19 a n a O c to b e r 1,1864...........................
5’s, 1 & 2 ye a rs. ..M a tu r e d fro m Ja n . 7 to A p r i l 1,1866...............................
6’s, C e rtif. o f in d .M a tu re d at v a rio u s d ates in 1866......................................
6’s, Com p. in t. n .M a tu r e d J u n e 10,1867, a n d M a y 15,1868...........................
4,5 & 6’s, Te m p. 1.M a tu re d O c to b e r 15, 1866 ..................................................
7 3-10’s, 3 y e a r s .. .M a tu re d A u g u s t 15, 1867, and J u n e 15 and J u ly 15,1868
A g g r ’te o f d e b t o n w h ic h in t. has ceased sin ce m a tu rity .
$6,000
12.350
43.700
242.000
CO
00
00
00
89.025 35
2,000 00
3,200 <0
29.700 00
248.272 00
5,000 00
2,152,910 00
181,310 00
631,30J 00
$3,647,367 85
$363 00
741 00
1,811 00
12,100 00
2,9:18 76
103 (0
195
1,084
12,266
313
410,568
7,501
23,042
O')
06
23
48
61
91
47
$472,530 57
D ebt bearing n o interest,
A u t h o r iz in g acts.
C h a r a c te r o f issue.
J u ly 17,1861 a n d F e b . 12,1862........... D e m a n d n o t e s ..............................
F e b . 25 & J u ly 11, ’62, & M a r. 3, ’63 .. U . S. le g a l-te n d e r n o te s..............
J u ly 17, 1862....................................... F r a c t io n a l c u r r e n c y .....................
M a r c h 3,1863 a n d Ju n e 30,1864....... F r a c t io n a l c u r r e n c y ......................
M a r c h 3,1863......................................C e r tific a te s fo r g o ld d e p o s ite d ...
A g g re g a te o f d e b t b e a rin g no in t e r e s t ................................
A m t . o n tsta n d .
...
$106,-56 00
... 356,000,000 00
• J 39,878,634 48
34,547,120 00
.$430,532,060 48
R ecapitu lation ,
A m ount
O u ts ta n d in g .
D e b t b e a r in g I n t e r e s t i n C o in —Bonds at 5 p. c e n t ..........
B o n d s at 6 j). c e n t.........
T o t a l d e b t b e a rin g in te re s t in c o in .................................... .
$221,58",900 00
1,836,361,400 00
T iitp v p ^ t
ln t e r e s t
$2,107,950,700 00 $19,647,032 33
D e b t b e a r in g I n t e r e s t i n L a w f u l M o n e y —
C e rtific a te s a t 3 p e r c e n t ...................................................
N a v y p e n sio n fu n d , a t 3 p e r c e n t...... ...............................
$45,545,0^0 01
14,0009 00 00
T o t a l d e b t b e a rin g in te re s t in la w fu l m o n e y ...................
$59,545,000 00
487,993 57
3,647,367 35
472,530 57
D e b t on w h ic h I n t . h a s c e a se d s in c e m a t u r it y . . . ......... .
D e b t b e a r in g no I n t e r e s t —
D e m a n d a n d le g a l te n d e r n o te s.........................................
F r a c t io n a l c u r e n c y ...........................................................
C e r tific a te s o f g o ld d e p o site d ..........................................
$356,106.^56 00
39. 78,684 48
34,547,120 00
T o t a l d e b t b e a rin g no in te r e s t............................................
$430,532,060 48
T o t a l .................................................................................................... $2,601,675,127 S3 $50,607,556 62
T o t a l deb t, p r in . & in t., to date, in c lu d in g in te re s t due n o t p re se n te d lo r p a ym e n t. $2,C52,282,684 8 5
16
C O M M E R C IA L
C H R O N IC L E
AND
\Juiy,
R E V IE W ,
A m o u n t tn t h e T r e a s u r y —
C o in ...............................................................................................................................
C u r r e n c y .....................................................................................................................
S in k in g tund in U . S . c o in in t ’st b ’ds, and a c c r ’ d in t. th e re o n ............................
O th e r U . S. c o in in t. b ’ds p u rch a se d , and a c c r ’d in t . th e re o n ............................
$112,776,043 88
2^,945,067 19
37,665,191 63
86,537,176 91
T o t a l.............................................................................................................................
$265,92 4,0 i 4 61
D e b t, le ss am o u n t in th e T r e a s u r y ....................................................................................
D e b t, less am o un t in th e T re a s u ry on th e 1st u lt im o .....................................................
2,886 353,599 74
$2,406,562,371 78
D e cre a se o f d e b t d u rin g th e p a st m o n th ...................................................................
D e cre a se o f d e b t sin ce M a rc h 1, 1870 .................................... .....................................
‘ 0.203,772 04
$51,969,877 43
B o n d s issued to tlie Pacific R a ilr o a d Com panies, Interest payable in
L a w fu l M on ey.
C h a r a c te r o f Issue.
U n io n P a c ific C o .......................................
K a n sa s P a c ific , la te U . P . E . D ...........
S io u x C it y and P a c if ic ..............................
C e n tra l P a c if ic ..........................................
C e n tra l B ra n c h U n io n P a c ific , assignees
ot A tc h is o n & P ik e ’s P e a k ................
W e ste rn P a c if ic ..........................................
T o t a l issued,
In te re s t
I n te re s t
I n te re s t B a la n c e o f
Am ount
a c c ru e d
p a id b y
re p a id b y in t e ’ t p a id
o u tsta n d in g , a n d n o t
U n ite d tra n s p ’ tio n b y U n ite d
y e t p a id .
States, o f m a ils,& c . States.
$27,075,000 00 $812,250 00 $2,891,729 85$1,2'9,576 87 $1,6 2,152 68
6,303 000 00
1S9 090 00 1,023,‘ 03 ( 9 634,35!) 12 839 543 97
1,628,320 00
48.849 60 145.358 29
396 J8
144,96221
25,881,000 00 770,605 78 2,491,744 26 161,054 17
2,327,69009
1.600.000 00
48,000 00 253,808 26
1.970.0 0 00 57,966 40
73,288 76
7,401 92
...........
246.40634
73,2S8 76
64,4.7 3.0 00 1,926,761 78 6,879,832 51 2,145,788 16 4,734,044 35
* Th ese b o nd s a re re d e e m a b le a t a n y tim e a fte r 5 y e a rs fro m th e d ate h e re g iv e n and p a y
a b le a fte r 20 years.
1 Th ese b o n d s are re d e e m a b le at a n y tim e a fte r 10 y e a rs fr o m th^ d a te h e re g iv e n and p a y a b le
a fte r 40 ye ars.
COMMERCIAL CHRONICLE AND REVIEW
Monetary Affairs—Rates of Loans and Discounts—Bonds sold at New York Stock Exchange
Board—Price o f Government Securities at New York—Course o f Consols and American
Securities at New York—Opening, Highest, Lowest and Closing Prices at the New York
Stock Exchange—General Movement o f Coin and Bullion at New York—Course of Gold
at New York—Course of Fore’gu Exchange at New York.
The month of Jane has been devoid of any special features of interest in
either trading or financial circles. The failure of Congress to reach any conchsion on the questions of funding, currency, or taxation has kept affairs in Wall
street in continued suspense and produced a generally droopiDg condition of the
markets. The merchandise markets have presented no special cause of complaint.
Stocks of goods appear to have been generally well reduced by the spring and
summer trade, and toward the close of the season there has been perhaps less
sacrificing upon the balance of stocks than usual.
Some excitement was caused in the grain trade by an active demand for Wheat
from France, the effect being to produce temporarily a material advance in the
grain market and to partially depress foreign exchanges. Money has remained
very abundant, the rate on call loans having ranged at 3@5 per cent, although
some consideraole amounts of currency have been sent to the West for the pur
chase of Grain and Wool.
The indefinite course of Congressional legislation relative to the finances has
kept the market for U. S. bonds in an unsettled condition, but without any
other effect than keeping the market dull, prices having advanced as estimated
upon a gold basis. A t the close of the month there was corsi ,'erable specula
tive buying connected with the preparations of dealers for the active investment
demand which usually attends the payment of July interest and dividends. The
C O M M E R C IA L C H R O N IC L E A N D
1870]
11
R E V IE W .
extent of transactions in Government and other bonds during the month is shown
in the following statement:
BONDS SO LD
AT T H E
N. Y .
STOCK E X C H A N G E B O A R D .
Classes.
1869.
U .S . bonds............... ..................................$15,029,700
State & city bonds......................................
6,003,750
Company bonds...........................................
1,707,500
1870.
$11,411,250
7,993,500
1,763,200
Inc.
$ ........
1,989,750
55,700
Dec.
$3,618,450
Total—Tnne............................................ $22 740.950 $21,167,950
Since January 1,1870............. ..................... 187.7S6.070 145,167,976
....... .
.........
$1,573,000
42,618,094
P R IC E S
D ayol month.
1......................................
2 ......................................
3 ....................................
4......................................
6......................................
9......................................
10. ...................................
u ...................................................
O P G O V E R N M E N T S E C U R I T IE S A T
6’ s c’pn
1881. 1862.
112*
112%
......... 117* 112%
112*
112*
112%
112 '
112*
......... 118*
112*
112
112
1 3 .....................................
14......................................
15...................................... ........
16......................................
17......................................
18......................................
20.....................................
21......................................
22......................................
23...................................... .........
24......................................
25......................................
27......................................
23......................................
29......................................
80......................................
O p e n in g ........................... .........
H ig h e s t ...............................
L o w e s t ............................ ........
C lo s in g ...............................
118* i i ‘i *
112*
112*
1861.
in *
in *
in *
in *
.......
111%
111%
in *
in *
in *
in *
iii*
ill
in
no*
ii2
m *
in *
113*
113*
113*
118*
ill
113*
110* 113
n o * 112*
n o * 113
no*
111% 113*
112
114*
in *
in *
110*
111*
i n * 114*
111!* 1 1 2 *
114*
112
112*
112*
117*
112*
111*
117% 112*
117*
NEW YO RK .
1*cw.
1865. 1865.
113*
i n * 113*
i n * 113*
114*
118*
iii% 113%
m % 113%
i n * 113*
i n * 118*
118*
i n * 113*
118*
i n * 113*
113*
112*
111
112
in *
m *
m i*
no*
113%
1S67. 1868.
114
114* 114
114
114* i i i *
114
113*
113%
113%
114"
113* 113*
113*
113*
113*
114
114
113* 113*
11-3% 114
114
114
114
114
113* 113*
113*
113*
113
113
1 1 2 * 113*
113
113*
H I*
10-40 6’s
c’ pns. cur’cy
108* 113
105% 113*
113*
io s * 113%
108*
10S% iii%
103* 114%
io s * 114*
114*
io s *
108% 114*
108*
108% . . . . .
.....
108*
108%
108
107*
101*
I ll*
113*
108
108% 113*
114
108% 113
114% 114* 108% i n *
107* 113
112* 113
114* 108* 113*
C O U R S E O P CONSOLS A N D A M E R IC A N S E C U R IT IE S A T L O N D O N .
Date.
Cons Am. securities.
for U. S. Ill.C. Erie
mon. 5-20s sh’ s.
Wednesday................ 1 93x.d 89% 110
89% 109%
Thursday.................. 2 93
Friday .......
3 92% 89% 109%
Saturday .................. 4 92% 89% 110
(Holi day).
Monday...................... 6
Tuesday...................... 7 91% 89% I l l *
Wednesday................ 8 921 x 89% 112
Thursday.................... 9 92% 89 112
Friday........................ 10 92% 8915 MX
S a tu r d a y ..................... 11 92% 89% 112
Moo day ..................13 92% 89% 112
Tuesday......................14 92% 90% 114
Wednesday................15 92% 90 113%
Thursday...................16 92% 90% 113*
Friday........................ 17 92% 90% 114
Saturday.....................18 92% 90% 113*|
Monday ................... .20 92% 90% 113*
Tuesday.....................21 92% 90% 118*1
18*
18* Thursday..
18*
IS*
18*
IS *
18*
17*
17*
17*
lb *
18*
18*
Cons Am. securities
for U.S. Ill.C. Erie
mon. 5-20s sh’ s. sh’ s.
Date.
Monday.......
Tuesday......
Wednesday.
Thursday. ..
92*
92*
92%
92*
92*
92*
.29 92%
.30 92*
.23
.24
25
.27
90%
90*
90V
9»V
99*
99V
90*
90*
113
112*
1.3
113
112%
113*
114
114
19*
18*
19V
19*
19
19
19
19
Lowest..
Highest.
R ange...
Last.......
92* 89* 109% 17*
20
94* 90* 114
IV 3 * 2 *
‘2 *
19
92* 90* 114
IS* Lowest) « ’H..
92* 86% 99* 17
22*
94* 91V 118
2*
4 * 18* b%
19
92* 90% 1114
18* Higest t a g . .
19* Range.)
20 L a st..............
The stock market has been dull, and devoid of any special interest beyond the
failure of a prominent broker understood to be a long of about 40,000 shares of
stock, which resulted in a temporary fall of
per cent in prices. The
generally satisfactory earnings of the roads and the ease in money have been
favorable to a steady and well-sustained course of prices.
The following table will show the opening, highest, lowest and closing prices
C O M M E R C IA L C H R O N IC L E A N D
78
[July,
R E V IE W .
of all the railway and miscellaneous securities sold at the N ew Y ork Stock
Exchange during the months o f May and June, 1870 :
Railroad Stock e—
Alton & Terre Haute.. .
“
“
“ pref..
Bos ou, Hutford & Erie.,
Chicago & Alton
.....
do
do p re f......
do
do scrip.
Chicago, Burl. & Quincy,
do
& Northwest’ n.
do
do pref..
do
& Rock Island..
Columb., Chic. & Ind. C,.
Clev . & Pittsburg.........
do Col., < in & In d ...
Del., Lack & Western...
Dubuque & Sioux city
Erie...............................
do preferred .................
H ar'em ............................
do pref....................
Hannibal & St Joseph ..
do
do p ref..
Illinois Central ..............
Joliet & Chicago.............
Long I ia d Railroad....
Lake Sho. & Vlirh. '•outhMar. & Cincin., 1st .......
do
d .........
Michigan Central — .. .
Milwaukee & St. Paul...
,lo
do p re f..
Morris & Essex...............
New Jersey .................
do
Central ........
New Haven & Hartford.
N Y C en. &
R. C stk ..
do
sv’p
.. . .
do
& N. H av-n..
do
do scrip.
Norwich & ^ orcester...
Ohio & M ississippi........
do
do
p re f....
Panama............................
Pitts., b\ W. & Chi. guar.
Reading ........................
Ko'< e, W. & O
........
St. Louis
Iron M ou n ...
Stxih a v e n u e ....................
S ton in gton.................
T oledo, Wab. & Western.
do
do
d o p i e f ..
Miscellaneous —
Cumberland C o a l.............
Con8oli ated C oal...........
Maryland
■mosa
l-d pref........
dc
pref...............
do
do
1 is certif...
Quicksilver....................
...
..
114*
155
35
65
4
116
116
n o *
158
b0*
90*
121*
19*
105*
79*
111
107
23*
46
114
110*
It is
138
91
in *
116%
1 4 '*
91
1011%
1)
96
13*
97*
19
135*
08*
33
<4
121
110*
123*
03*
77*
92
120
108
121*
04*
78*
94
1 2 '*
1 09
101*
9S
1 55
149
96*
93*
151
139
100*
6 *
117
1 16
110%
158
83%
92*
126
20
109*
79*
113*
10'
24%
50
148
.
...
l-s *
19*
...
I ll*
_
H 2
liii*
...
...
142*
91
143
91
ns
...
...
92%
91*
1U 0H
SB*
72*
1 40
94*
107
...
44%
123
46*
123
41*
128
46%
123
...
54*
59*
73
51*
72
55%
73
...
32*
27*
45
28*
32*
25*
32*
25
225
65
122*
25
35*
17
69
...
...
35*
94*
m
i
35*
72
140
93%
155
1 49
78
154
91*
107*
...
...........................
United States.............
Wells, Fargo & Co___
do
do scrip
35
35
35
4 *
1 17
u s *
112*
156
81*
SS*
119*
19*
109*
79*
111
l«i7
23*
45
144
6 *
119
118*
114
160
85*
91*
122*
22*
n o *
3%
1 17
U S *
H I*
1 56
1 1%
107*
25%
46
145*
S i*
88
115*
19*
1' " X
79*
104
106%
21*
45
187*
4 *
117
U S*
1 12
160
82
88%
lib *
20%
109*
82
104
1 07
23
45
140
n ir
117*
139*
121*
1 22
1 42
in *
in *
139
U S*
121
1 39
62
97*
19
8
125
65*
81*
84
121
109%
173%
109*
95*
159
150
62
100*
X0
8
125*
68*
83*
95
121
110%
173*
102
9H %
159
152*
<2
97%
19
8
1 2 '*
65
80
n o
107*
170
9 t%
92%
155
150
62
98*
10
8
125
66
81
89%
119
40*
75*
143
95*
1 07
1 20
46*
4 2~
75^
141*
97%
109%
120
49
3~%
75
111*
94*
06
liO
46*
35*
75
110
96*
H 7
120
47*
90
65*
74%
90
56*
74*
35
90
65*
74*
b2
90
« i*
75
S '*
108*
170
91*
93*
155
152*
225
65
1 3 *
29*
41*
17
71*
40
26
31
225
40
29
31
2 25
40
26
31
225
40
30
31
225
123*
50
43*
16*
69
1 25
30%
45*
123
29*
40
16*
69
16*
67
125
30
4 '*
16%
69
8%
8*
....
18
7 *
4b*
14
42
9
12%
S3*
003/
u° /4
31*
9 *
46*
15*
48%
10*
16
32*
...
no*
235“
110*
...
...
38%
63*
44
19*
...
...
...
...
...
225
65
1 24
26
...
17 %
...
...
...
...
8 *
4b*
15*
...
10
7*
pref
West. Union Telegraph,
Citizens Gas............
Manhattan.....................
Bankers & Brokers Ass.
Express—
Amer can M. Union__
Adam s
35*
60
4
113*
113*
It .7
154*
79
88%
lib *
m s
105%
79
n o
1 04
23%
46
138
88
65
oal C o..........
Pennsylvania Coal...........
W ilkes 'arre Coni.............
Del.
Hurl. C a n a l.........
Atlantic M ail....................
Pacific M a il......................
Boston W aier ovver ., .
C a n ton ...............................
Brunswick City L a n d ... .
do
--------------May.--------------- , ,-------------- June.-----------—*
Open. High. L w. Clos. Open. High. Low. Close.
...
...
...
228
65
121*
2 «*
44%
13*
73
8 *
9 *
49%
18*
49
10%
44*
63
49*
18
3 *
235
107
88*
63
43*
14
2 *
7
7
15*
41
40
8*
17*
41
8% '
81*
35.%
.3 1 *
43*
64
45
16
3 *
47*
69
46
17
6 *
43
63*
45
15*
2 *
7
ir>
7*
7
is *
40
7 *
35
235”
107
88*
63*
44*
17%
3 *
44
63*
45*
16
2 *
C O M M E R C IA L C H R O N IC L E
1870]
AND
19
R E V IE W ,
The gold market has been dull and the general cour-'e o f the premium dow n
ward, the price having declined from 1 1 4 f at the opening to 110J near the tlose.
The anticipation ot the payment of the July interest on the public debt has as
usual had a depressing effect, and appears to have been the main cause con
ducing to the] decline, although the large exports o f breadstuff have had the
efiect in that direction. A t the close o f the month, however, there was a
stronger feeling, in anticipation of a liberal export o f specie during July and
August.
Wednesday..........
114% 1 4% 114% 114%
Thursday............ ... 2 114 v, 114% 114% 114%
Friday. . . . . ___ ... 3 in % 114% 111,% 114%
Saturday.............. . . 4 114% H1% 114% 114%
Monday..............
114% 113% ■14% 113%
Tuesday............. ... 7 113% 1135$ 1 4 113X
Wednesday....... .. ... 8 13% 118* U3% 113%
Thursday.............
113% 118% 113% 1135$
F r id iy .................
USX 113% ii s x 113%
Saturday,........ ....
113* 113% 118* 11314
Monday..............
113% 112* 118% 112*
Tue d a y ............... ...11 112% 112* 113 112%
W ednesday.......
112% 112% 1 3% 118%
Thursday...........
113% 1113% 113% 118*
F riday................
113% 112% 113% 112*
Sat relay............. ...18 112% 112* 113% 112*
Monday.. ..........
112* 112% 112% ii %
112* 112* 1 2% 112%
Tuesday.............
Wednesday... .. ...22 112% 112% 112% 112%
T h u r s d a y ...................... . . 2 3
F r i d a y .......... .............
S a t u r d - y ........................ . .2 5
M o n d a y .........................
T u e s d a y ........................ . 28
W e d n e s d a y .................. . . 2 9
T h u r s d a y ...................... . . s o
•June
“
“
“
“
“
“
“
“
1 8 7 0 .................
1 8 6 9 ...............
1 8 6 8 ...............
1 8 6 7 ...............
1 8 6 6 ..............
1 8 6 5 ..............
1 8 6 4 . ............
1 8 6 3 ..............
1 8 6 2 ..............
S ’ c e J a n 1, 1870.
111%
m %
m
m %
111
in *
in *
-*U
02
Ii
s
111% 111%
1 11 % 1 1 1 %
111
111*
1 10% 111%
1 1 0 * 111%
1 11 % 1 1 1 *
1 11 % 1 1 1 %
C lo s in g .
D a te.
JL o w e s t -
O p e n ig .
02
Id
bfl
a
Closing.
Date.
Lowest.
Openi’g
C O U R S E O P GOLD A T N E W Y O R K .
H i%
u i%
U !%
1H X
lu x
m %
,1 1 1 %
1 1 4 .*
t ' 0 % 114% m %
1 3 8 * 1 3 6 * 1 3 9 % 137 %
3 9 % ,1 3 9 %
1 4 1 % 14(1%
1 3 6 * 11 3 6 * 1 3 8 *
140% 137% 1 67 %
138
135* 1 47 *
193
194
2 0
1 1 6 % ,1 4 0 %
103%|103%
12
138*
1 53%
in
147*
148% 1 4 7 %
1 0 9 % 109
* | u n x 123% 1 1 1 *
The following have been the quotations o f Foreign E xchange:
C O U R S E O P F O R E IG N E X C H A N G E (6 0 D A Y S ) A T N E W Y O R K .
London.
Paris.
cents for
centimes
Days.
54 pence.
fordollar.
1...................................... @109* 515 @513%
i!........................... 109%@ .... 515 @518*
515 @513*
3 ......................... 1;I9%@110
4 ......................... 109%©ll(l
515 @513%
6 ..................................... @109% 515 @513%
7 ...................................... @109% 515X0514%
s ............................... 1C19X@10.IX 515X0514X
9 .................................. 109x0109% 515X0514%
Amsterdam. Bremen. Hamburg.
Berlin
cents for cents for cents for cents for
florin.
rix daler. M. banco.
thalers.
41X<@H* 7»X@TOX 8HX@30X 71%@7i %
41 % @ U * 79%@79% 36%@36% 7:% @ n %
4(%@11% 79%@79% S0%@ie% 71* "71%
41%@41% 79%@79% 3S%@36% 71%@71%
41X041X 79%@79% 3 %@Sli% tlX@ 71X
41 ©11% 79%@79* SH%@-«Jf 71%@71%
4!
© JlX 79%@,9% 36 @36% 71%@71%
41
@41% 79%@79% 311
(«36% 71%@71%
10 .......................... 10:»X@109X 515X0514% 41
11 .............................109XO109X 515X0514% 4t
@41% 79 X 07 9* 36
@41% 79%@79% 36
@ 6% 71%@il%
@36% H%@71%
13
14
15
..............................109% @109% 515X0514%
..............................109% @109% 515X0514%
....................................... @109% 515%@514%
41
41
41
@41% 79%@79%
@11% 79%@79%
@41% 79%@79%
36
36
34
@36% 71%@71%
@36% 71%@71%
@36% 71%@71%
16 ................................... @109% 516@ 515
17 ................................... @109% 51«x@515%
18 .......................................@109% 516%@515%
2 0 ...,.....................
@104% 516* @515%
41
41
41
41
@ 4IX
@41%
@41%
@41%
79%@79%
7'%@79%
79%©79%
79%@79*
36
36
36
36
@36%
@34%
@34%
@36%
21
.......................................@109% 517%@516%
41
@41% 79 @79%
36
@36% 71% @7l%
25.................................. 109%@109% 517%@516%
27 ..............................10!'%@109% 516%@515%
41
41
@41% 79%@79% 36
@41% Kl%@79% 36
@36% 71%@71%
@36% 71%@?1%
109%@109% 618%@515X 41
@11% 79%@79% 34
@36% 7I%@71%
@41% 79 @79%
@36% 71%@71%
71%@71%
71%@7l%
71%@71%
71%@,1%
22 .................................. @109% 517%@518% 41
w 41 % 79%@79% 3(1 @36% 7l% @ 71«
23 .....................
©109% 517X@518% 41
@41% 79 % @ »% 84 @36% 71%@71%
31..............................109%@ 09% S17%@51«% 41 @11% 79X@79% 36 @ 6 % 71%@;l%
28
.............
29
.......................................@109% 610%@5l5%
30
.........................109%@ . ... 516%@51o%
41
41 @41%
79 @79%
34
36 @36%
71%@71%
June,
1 8 7 0 .......... ............................1 0 9 % @ 1 1 0
517% @ 513%
41
@41%
79
@79%
36
@36%
7I% @ 7 2 %
Jne,
1 8 6 9 ...................................... 1 0 9 % @ 1 0 9 %
518% @ 515%
40% @ 40%
78% @ 78%
35% @ 35%
70% @ 71%
80
JO U R N A L
OF
B A N K IN G , C U R R E N C Y , A N D
F IN A N C E .
[July,
JOURNAL OF BANKING, CURRENCY, AND FINANCE
Returns o f the New York, Philadelphia and Boston Banks.
Below we give the returns o f the Banks o f the three cities since Jan. 1 :
N E W Y O R K C IT Y B A N K R E T U R N S .
Date.
Feb 5 ........
Feb. 12........
Feb. 19.........
Feb. 27 ...
Mar. 5 ........
Mar. 12.........
Mar. 19 .......
Mar. 26.........
Ap-. 2........
Aer. 9 ........
Apr. 16........
Apr. 23.........
Arr. 3 '........
May 7. ...
May 14 .......
May 21.........
May 28........
June 4........
June 11.........
June 18........
June 25.........
Loans.
264,514,119
265,864,652
267,327,368
268,485,642
68,634,212
268,140,603
270,003,682
270,807,768
271,756,871
272,171,388
269,981,721
269.016,279
269,504,285
275,246,471
273,383,314
280,261.077
279,550,743
279,485,734
276,419,576
276,6S9,004
277,017,367
Specie.
33,997,246
38,072,184
37,264,387
25,094,289
35,S93,493
33,390,135
32,014,747
72,271,252
29,887,183
28,787,692
26,879,513
25,310,322
28,817.596
81,498,999
32,453,906
34,116,935
82,729,035
30,949 490
28,523,819
28,895,971
7,985
Circulation.
33,746,481
33,703,572
33,694,371
33,820,905
33,783 942
33,835,739
33,699,565
33,674,394
33,676,564
33,754,253
33,693,258
33,616,928
33,444,641
33,293,980
33,191,648
33,249,818
31,285,083
33,142.188
33.072,643
33,094,113
Deposits.
214,739 170
213,192,740
212,188,882
211,132,943
213,078,341
209,831,225
208,816,823
208,910,713
206,412,430
201.752,434
202,913,989203,583,375
208,789,350
217,362,213
222,442,319
226,552,926
228,039,315
226,191,797
220,699,290
219,932,852
217,522,555
P H I L A D E L P H IA B A N K R E T U R N S .
Date.
Jan. 10 ...
Jon, 17 ...
Jan. 24 .. . . . . . . . . . ..........
..........
Jan. 31 ...
Feb. 7 . . .
Feb. U ...
Feb. 21.. ..
Feb. 28___
Mar. 7 ....
Mir. 14...
. . .
Mar. 2 1 ....
Mar. 28---Apr. 4 ---Apr. 11---..........
Apr. 1 8 ....
..........
Apr. 2 5 ....
May 2----..........
May 9 .. ..
..........
May 16... .
..........
May 23.......
May 3 0 ....
..........
June 6—
..........
June 13....
June 20----June 27-----
Loans.
51,635,095
51,709,658
51,587,837
51,928,431
52,019.535
52.413,393
52,234,603
52,500,343
63,098,534
53,588,296
Specie. Legal Tenders.
1,290,096
12,670,198
1,358.919
12,992,812
1,253,772
12,994,324
13,327,515
1,063,406
995,468
13,752,537
957,510
13,741,867
1,090,955
13,339,610
1,202,456
13,236,144
1,343,173
13,406,658
1,429,80»
13.192,282
1,677,218
12,704,279
1.58 <,272
13,125.658
1,599,517
13,094,295
12,769,911
1,510,747
1,49 >,429
13,052,827
13,882,701
1,314,127
1,063,741
14,827,013
1,247,820
15,441,522
1,222,629
15,851,265
1,164,012
16,244,78 >
1,049,943
16,450,S37
923,948
16,789,102
869,597
16,920,632
841,56)
16,702,115
743,285
16,3i 4),3 40
728,844
1-\S05,5C8
L. Tend’s. Ag. Clear’gs
58,348,384
541,240,204
56.603,000
510,842. S24
511,151,875
55,134,066
459,584,815
53,771,824
84)3,182,507
54,063,933
53.302.004
548,015,727
525,079,551
52,774,420
52,685,063
481,253,035
516,052,093
50,011,793
476,845,358
47,570,633
429,468,971
50,180,040
444,605,309
53,119,646
653,515,115
54,944,865
701,060,925
56,108,922
659,260,661
57.947.005
625 678,320
59,023,306
576.625,521
61,618,676
513,452,668
61,290,310
6 ‘.159,170
57^,132,050
58,120^11— 40^872,684
57,215,525
537^23,270
Circulation.
Deposits. 1
10,568,681
88,990,< 01
33,S77,139
10,6'6,029
39,855,433
10,583,606
10,577,215
39,504,792
10,573,468
39,530,011
■39,512,149
.*>,568,181
' 10,573.383
-38*83 4J9439, 55,165
10,572,973
39,279,859
10.508,905
10,576.852
39,033,042
10,565,909
39,382,352
10,578,484
39,7bl,:53
10,586,611
39,781,153
10,575,771
38,771,237
10,571,749
39,279,143
10,571,794
41,033,306
41,677,500
0.575,120
42,997,076
10,571,535
43,429,347
10,563,357
1 ',562 404
4 i, 438,042
10,564,075
41 213,016
10,56 ',378
45,117,172
45,122,720
.0,561,684
44,957.979
10,567,356
1' ’,569,852
44,898.340
44,351,747
10,562,859
BOSTON B A N K R E T U R N S.
Loans.
Date.
Jan. 3 ............................. 105,985,214
Jan. 10 ............................. 107,395,263
,»an. 17 ............................ 107,948,017
Jan. 2 1 ............................. 108.387,459
Jan. 31 ............................. 107,875. . 79
Feb. 7 .................... ........ 109 683,0,1
Feb. 14 ............................. 109,997,027
Feb. 21 ............................. 109,651,272
Feb. 28 ............................. 108,905,389
Mar. 7 ............................. 103,367,431
Mar. 14 ............................. 108,014,028
Mar. 21 ............................. 107.884,867
Mar. 28 ........................... 107,043,309
A ir. 4 ............................. 106,722,659
Apr. 11............................. 106,1505094
Apr. 18 ............................ 106,569,372
Apr, 25 - ........................... 206,012,527
May 2 ............................... 106,245,609
May 9...........................
107,001,304
May 16............................... 106,949,539
May 23............................... 106.840.256
May 30 ........................... 1 7,097.074
June 6.......
107,151,710
June 13.......
106,91)1,486
Jur.e 20.............................. 106.454,436
June 27 ............................. 106.416,187
Specie. Legal Tenders.
765,34s
11,374.559
4,977,254
10,941,125
5,418.001
10,794,881
5,542,674
10,962.102
5,231,785
10,992,962
5,085,000
10,433,107
4,884,147
9,386,-66
4,634,776
9,386,266
4,457,113
8,918,129
4.929,867
S,7H5,S74
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
10,081,661
4.551.701
4,792,968
9,S14,428
4,545,590
9,584,703
9,684,054
4.068,744
3.875,717
9,721,708
3,475,523
9,776,251
3,534,343
9 560,009
3,397,873
9,186,032
3,177,413
9,332,858
Deposits. Circulation.
(
25,280,893
40.007,225
25,298,p65
42,177,610
25,191,545
42,377,002
25.255,818
41,593, ?58
25,206,094
40,696,016
25,160,664
40,003,823
25.212,614
89,918,414
24,230,866
38,475,853
25,225,629
37,688,842
55,260,863
37,681,983
25,289,027
37,708,082
25,270,487
37,093,533
25,265,004
37,123,211
25,278,442
38,851,613
58,285,003
39,504.080
25,291'.205
39,532,827
2. ,231,8*7
39,920,142
25, a09,619
41,042,250
2 ,207,464
41,205,597
25,203,203
41,675,369
25,199,719
41,160,009
25,15(',808
40,056,344
25,139,278
40,218,620
25,146,390
38,901,202
25,175,753
38,647,292
25,135,659
38.899,529
@FedFRASER