Full text of The Merchants' Magazine and Commercial Review : March 1868, Vol. LVIII, No. III

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T H E

MERCHANTS’

MAGAZINE

AND

C O MME R CI A L
M A RC H,

REVIEW.
1 8 6 8.

THE PROSPECT OF PEACE IN EUROPE.
W h ile the shadow o f the coming Presidential election deepens upon
the commercial and financial prospects o f the year on this side o f the
water, it is gratifying to see that the skies are brightening a little on the
other side of the Atlantic. A few weeks ago it seemed to be altogether
probable that the commercial world would be called upon to undergo at
one and the same time the confusion and uncertainty incident to a
heated political contest in America, and the catastrophe attendant upon
a conflict o f arms in Europe. It would be premature, perhaps, to say
positively that the second and more formidable o f these perils has
been absolutely conjured away, but there are very strong and significant
symptoms o f this happy deliverance, and it is our duty as well as our
pleasure to note them.
The extensive scale on which all Europe is now armed or arming, o f
course remains a chronic danger to peace until the burden shall become
too generally intolerable, and a concerted movement for relieving the
industry o f the old world o f its pressure shall thus be forced upon the
European Governments. But at both o f the two chief points in Ger.
11




170

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OF PEACE

IN

EUROPE.

[ March,

many and in Italy from which a military explosion seemed but a few
weeks since to menace mankind, we now observe an unquestionable
clearing away o f the clouds. The most important o f these was the
attitude taken up by France in regard to the consolidation o f Germany
as a single great Pow er around the Prussian throne. W h ile it con­
tinued to be believed on the Rhine, on the upper Danube and at Berlin
that Austria still meditated an attempt to recover her position in
Germany lost to her b y the disaster to her armies at Sadowa, and
that in this attempt Austria was likely to be abetted and supported by
France, the public feeling in Germany was kept at a point dangerously
near the war level. This angry German feeling breaking out in a hundred
provocative forms through the German press reacted in a sense favo­
rable to war from the public sentiment o f France. The French people,
and a probable majority o f French politicians, chafing under the fear
that France was no longer to be the unchallenged arbiter o f continental
policy, pressed upon the Em peror Napoleon for demonstrations threat­
ening to the Prussian supremacy and to German unity. A momentary,
but as now appears a most important diversion was made from this
pressure in Novem ber by the operations o f the so called “ party o f
action” in Italy. The leaders o f this party, really bent quite as much
on breaking down the Italian monarchy and substituting in its place the
Italian Republic, as upon achieving the liberation o f Rome from the
Papal authority, forced the Italian frontiers, and using General Gari­
baldi as their instrument, compelled the Italian Government to choose
between an open rupture with France, the co signer with Italy o f the
famous “ September Convention,” guaranteeing the peace o f the Pope,
and an apparent opposition to the will o f the Italian people, with whom
the desire o f R om e as the capital o f Italy is a genuine and general pas­
sion. Fortunately for the peace of Europe, and, doubtless, also for the
future o f Ttaly, the king, V ictor Emmanuel, had the moral courage to
stand b y his engagements with France at the risk o f his domestic
popularity. H e accepted the resignation o f the minister Rattazzi, who,
after manoeuvering the monarchy into this difficulty chose to escape
out o f it, and summoning to his side a soldier o f resolute character
and high spirit, General Menabrea, deliberately breasted the popular
storm. The decision with which Napoleon on this occasion asserted the
intention o f France to enforce respect for a treaty to which she was a
principal party somewhat soothed the popular irritation in France in
regard to what the French people considered the emperor’s excessive
“ forbearance” towards Prussia.
It was not so perilous a thing certainly to show an iron front to Italy
as to G erm any; but since all capable observers saw that, in risking a




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171

war with Italy, Napoleon also took the risk o f a war with Prussia as the
ally o f Italy, the French demonstrations o f N ovem ber undoubtedly pre­
pared the way for the better state of things which we now see in Europe,
by fortifying the popularity, then alarmingly shaken, o f theruler o f
France. Such, however, is the uneasy balance o f passions and inter­
ests in Europe at the present day, that in asserting his mastery over
the Italian question Napoleon excited a new danger in the animation
given by his fresh appearance as a defender o f the Papacy to the
extreme clerical party. The exiled King o f Naples, Francis II., now res­
ident in Rome, the exiled Italian dukes in Austria, and the extreme
Bourbonist reactionary party in Spain and Portugal at once plucked
up heart. Believing the emperor’s course to have been inspired rather
by fear o f the clerical power in France than by large considerations of
European policy, they seem to have gone so far as to recommence
intrigues in France itself in behalf o f the exiled head o f the Bourbons,
the so-called Henry Y . o f France, now living as Count o f Chambord,
under the protection o f Austria. In all this they, as now appears, made
a great mistake, and unwittingly contributed to a great general good.
Austria, under the wise premiership of the Baron Y on Beust, having
made her peace with Hungary by accepting the Hungarian constitution,
has ceased to be the focus o f the reactionary policy o f Europe. She has
become, on the contrary, the freest and most constitutional state o f the
continent, and abandoning forever all hope or intention o f contending
with Prussia for the division o f Germany, she accepts the unity o f the
German race as an “ accomplished fact,” and turns her own attention to
the building up o f her power in the East and on the Lower Danube in
alliance not only with France but with Italy also and with Germany, and
in opposition only to Russia. The deliberate announcement o f this great
change which Austria in many different ways has made, is now followed
by an emphatic warning from Napoleon addressed to the Pope and
the reactionary party, and by a renewed cordiality between the courts of
Paris and o f Florence. The Italians are given to understand that
Napoleon has no intention o f striking at that Italian unity which the
aims o f France made possible; that in protecting the Papal territory
from invasion by the revolutionary forces o f Garibaldi, he simply con
suited the interests o f Italian order as well as the dignity o f France and
her pledged word, and that as he proposes to recognize and make the
best o f the unification o f Germany, there is uo reason why Italy should
expect to see her opportunity for striking at Rome arise out o f a war
between the empire which Bonaparte has made, and the empire which
Bismarck is making.
Such, briefly, is the process b y which Europe has been brought out




172

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[ March,

o f the perilous position in which she found herself two months ago,
into her comparatively promising position o f the present moment. So
great has been the change, that Count Bismarck announces his inten­
tion o f making a journey tor the benefit o f his health, political affairs no
longer requiring his constant presence at Berlin. W ith friendly rela­
tions restored between France and Italy, with Austria frankly accepting
the work o f Prussia, with France and Prussia striking hands over a
policy intended to bring into harmony, if not alliance, the whole o f
W estern and Central Europe, but one great danger to the peace o f
the old woild remains. That is, indeed, serious ; but it is serious rather
by what it threatens in the future than by its proportions o f to day.
W e allude, o f course, to the attitude of Russia in the East. It is
scarcely possible that the crystallization o f Europe around the new
centres o f power which have been establUhed by the events o f the last
ten years, should go on without finally bringing Europe into collision
with Russia not only on the Lower Danube, the Black Sea and the
Bosphorus, but on the Baltic also ana the Vistula. A real alliance, a
real harmony o f action between a constitutional Empire o f Austria
and the German Empire, means inevitably the revival of Poland,
the exclusion o f Russia from the Baltic in favor o f Germany, and her
exclusion from the Black Sea in favor o f Austria. But these are event­
ualities comparatively remote. A t the present moment Austria and Ger­
many are not sufficiently sure of each other to bring the collision on,
while Russia is too weak to invite it. Unless, therefore, some new
unforeseen catastrophe should take place in the seething regions o f
European Turkey, hy which this collision o f Russia with the west shall
be precipitated, there is every reason to expect that the year 1868,
which seemed pregnant with war, will leave Europe unscathed on any
great scale by that most terrible o f national calamities.

THE ST. LOUIS AND ILLINOIS BRIDGE— ITS INFLUENCE UPON ST. LOUIS,
BY PROFESSOR S. W ATERHOUSE.*

The bridge will cross the Mississippi from near the foot of Washington
avenue to the dyke on the Illinois shore. The breadth and central
position of Washington avenue, the narrowness of the river at this point,
and the height of the banks, give this locality the highest advantages of
situation. The distance between the extreme piers will be 1,584 feet, but
the length of the bridge, including the stone approaches, will be about
3,700 feet. The bridge will cross the river on three arches. The central
span will be 515 feet between abutments, and the other two will be 497
* W ritten at the invitation o f the E xecu tive C om m ittee o f the Social Science A ssociation.




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feet eaeh. The piers will rest upon the solid rock which underlies the
bed of the river. No other foundation would, be secure against the action
o f the currents. O f the two central piers, one will be 170 feet high, and
the other 195 feet. A t the base the piers will be about 100 feet by 50 ;
at the spring of the arches 87|- feet by 37J, and at the top 75 feet by 25
feet. The piers will be faced with Eastern granite. The erection of
these piers will be a vast and arduous work. To construct immense
coffer dams in the middle of a rapid and powerful stream, to exeavate the
earth at the bed of the river to a depth o f 50 or 80 feet, and to build
towers of solid masonry nearly 200 feet high, will test the utmost re­
sources of modern engineering. The stone for the construction of the
piers will be procured from the quarries at Grafton, III. These quarries
lie on the bank of the Mississippi, 40 miles above St. Louis. A contract
has been made for about 200,000 tons o f stone. The material is a com­
pact and durable limestone. The superstructure will be supported by
arches of cast steel. Each span will be composed o f four arches, placed
side by side, with a lateral interval of 12|- feet between the arches.
Each arch will consist of two steel ribs, one above the other, with a
vertical distance of seven feet between them. Both arches and ribs will
be strengthened with diagonal braces of wrought iron and crucible cast
steel.
The height from the spring line to the crown o f the central arch will
be 5 l£ feet, and the height of the other two arches will be 47* feet.
The width of the superstructure will be 52 feet— from railing to railing,
50 feet. On each side o f the bridge there will be a raised footway seven
feet wide. A Nicolson pavement 36 feet in width will afford ample room
for carriages, and a double track for street cars will furnish passengers
with additional facilities for crossing. The railroad bridge will be
directly underneath the carriage way. Its distance from the upper works,
to which it will be attached, will be 16 feet. Two tracks, each having a
double gauge of 6 feet and 4 feet 8^- inches, will accommodate all the
railroads that converge at this point. The weight of the bridge will be
three tons per lineal foot, and its capacity o f sustaining burdens four tons
per foot. The bridge will be 50 feet above high water, but at the
ordinary stage of the river it will be from CO to 75 feet almve the water.
The city directrix very nearly corresponds with the curbstone at the
corner of the levee and Market street. In 1844 the river rose 7 53 feet
above the directrix ; and in 1803 it fell 33.81 feet below the directrix.
This is the extreme range o f high and low water. The ordinary differ­
ence of level is less than onedialf of this amount. The bridge will cross
each levee on five stone arches, each arch having a span of 28 feet. On
each side of the river there will be at the outward end of the stone work




m

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[March,

a spacious and elegant toll-house, containing the offices of the company.
On the west side o f the bridge the railway will enter a tunnel at Third
street, extend under Washington avenue as far as Ninth street, thence
curving broadly to Olive street, pass along under Eleventh street till it
emerges in the bed of the old Chouteau pond. On this spot it is pro­
posed to erect a grand central station for all the railroads that intersect
or terminate at this point. The average height of the tunnel will be 20
feet, its width 24 feet, and its length about 5,000 feet. The mean depth
o f the tunnel below the surface will be 25 feet, and the height of the
base above the city directrix 33 feet. Two tracks, each having a double
guage, will be laid in the tunnel. The estimated cost of the bridge and
its approaches, including incidental expenses, is :
A rch es............................................................................................................
Piers and abutm ents...........................................................................................................
A pproaches..............................................................................................................
T u n n e l..................................................................................
L a n d ................................................................................
T en per cen t. for con tingencies..................................... .. ....................•............ . . .
Grand tota l......................................................................................................... ...........

$1,565,639
1,387,163
457,568
668,292
705,736
48-',439

00
60
00
00
00
86

$5,372,S3S 46

These were the original estimates. Later changes in the plan of the
structure will probably reduce the aggregate to 15,000,000.
The company act under special charters, granted by the States o f
Missouri and Illinois. Their franchises are liberal and ample.
The time allotted for the completion of the bridge is three years. The
initial labor is already begun. The coffer dam for the western pier is
finished, and the excavations for the foundation are far advanced. The
work will he prosecuted with untiring energy. Under favorable condi­
tions of climate and river, active operations will be unremitting. The
architect of (his bridge lias undertaken a task of rare difficulty. He has
boldly attempted the solution of original problems in civil engineering.
The successful erection of the proposed structure would justly enroll its
author among the great engineers of all times. There is not now in the
world an arch of 500 feet span. Yet men of practical skill and scientific
eminence assert the feasibility o f arches o f 1,000 feet. This experiment
will determine whether such an immense distance between piers is con­
sistent with stability and economy in this style of bridge architecture.
For the first time in the history of bridge-building, the chief material of a
great structure will be steel. Our neighboring mountains o f iron invest
St. Louis with supreme facilities for using this kind of material. Crucible
cast-steel, which, it is alleged, is better for resisting compression than^
steel made by the Bessemer process, will be used in the construction o
this bridge. The greater strength of steel will permit the erection of less
ponderous arches. Such structure would possess the twofold advantage




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175

of greatest resistance and least weiglit. I f the actual equals the ideal, the
work will indeed be beautiful. Light and airy, the bridge will yet be strong
and durable. This colossal structure, spanning the most majestic river on the
continent, will bear upon its arches the freight of an inter-oceanic trade.
The massive piers will stand in these Mediterranean waters like Atlantean
giants, upholding with their sinews of steel the burden of a world’s com­
merce.
The necessity for this bridge is urgent and national. In 1866 the
number of passengers who crossed the Mississippi at this point was nearly
500,000, and the amount o f freight transported by our ferries during the
same year was more than 1,000,000 tons. The transit across the river a f
St. Louis is now enormous and rapidly increasing. If built with economy
and managed with prudence, the bridge cannot fail to be a profitable in­
vestment. In the movement of products and the distribution o f mer­
chandise, a vast amount of freight will inevitably cross this bridge and
enrich its stockholders. New York, Philadelphia and Baltimore are
deeply interested in the success of this undertaking. The great trunk
lines of travel will cross the continent on the parallel of St. Louis.
Economy of time is the supreme demand of commerce. The shortest
distance and the least obstruction are the conditions which will determine
the route of the main highway to the Pacific. A straight line from
Philadelphia to San Francisco passes very near St. Louis. In the mild
climate of this southern latitude, the snow which barricades the northern
routes will oppose no serious obstacle. The constantly increasing and
almost insuperable difficulties which would attend such an undertaking
at any lower point on the river, render it extremely probable that no
bridge wi.l ever cross the Mississippi below St. Louis. Hence the great
cities of the Atlantic frontier should be vitally interested in the erection
of a bridge, which, lying virtually upon their own parallel and at the
lowest available point on the Mississippi, will afford them the most direct,
least obstructed, and only unbroken southern route to Hie Pacific.
The construction o f this bridge will be a great benefit to St. Louis. It
will give employment to a large number o f workmen, attract artisans
from other cities, develop engineering talent, stimulate the growth of our
iron factories, and convert our quarries into populous workshops. After
its erection, the abundance o f accessible material and the cheapness of
transportation may inaugurate the establishment o f various manufactories
at this distributing centre of the West, and invigorate the whole industrial
and commercial life of the city. Any interruption of communication
with East St. Louis occasions a serious loss to this metropolis. Ice some­
times wholly obstructs the passage of our ferries. The delay o f merchan­
dise involves loss, yet the injury affects a class that is competent to sustain




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[March,

it. But the detention of coal has at times raised the price o f fuel five­
fold ; and, in this case, the hardship oppresses a class that is ill able to
bear it. The heavy assessments which these ice blockades levy upon the
necessities of the poor sometimes cause general distress. The bridge will
obviate these difficulties. It is estimated that the avoidance of these de­
tentions, and the reduction in the rates of transportation which the com ­
petition between the bridge and the ferries will insure, will be an annual
saving to St. Louis o f more than $1,000,000.
This bridge is another guarantee of the metropolitan supremacy of St.
Louis. Its construction will again attract the attention of capitalists to
the rare opportunities for investment which this city and State present.
Fresh impulses now quicken the popular life. A new spirit of industrial
enterprise animates the commonwealth. New works o f public improve­
ment are undertaken. The Southwest Pacific Railroad will doubtless be
extended from the Gasconade River to the rich lead mines at Granby
The Iron Mountain railway will soon connect with the Southern system
of railroads at Belmont. The North Missouri, now rapidly approaching
the State fine, will at an early day enjoy an unbroken railway communi­
cation with St. Paul. The work upon the western extension of the North
Missouri, from Moberly through Brunswick to Kansas City, is now actively
progressing. Two branches connecting with Omaha— one running from
Brunswick via Cbillicothe, and the other starting from Kansas City and
following the valley of the Missouri river, will be built within a few years.
This winter the Union Pacific Company will attempt to obtain Congress­
ional permission to change the location o f their road. Starting from
Pond Creek, they wish to extend their fine to San Francisco by the way
of New Mexico and Southern California. The obvious superiority of this
route will doubtless induce Congress to confer the requisite authority and
land grants. The work will then be prosecuted with ceaseless energy.
This vast system of public improvements, of which St. Louis is the centre,
offers to capitalists safe and profitable investments for their idle millions.
St. Louis enjoys unrivalled advantages for manufacturing. Reasons of
commanding importance urge Eastern and foreign manufacturers to
establish their factories in the vicinity of this metropolis. Illimitable
quantities of coal, iron, lead, plastic clay and saccharoidal sand are found
at our very threshold. Recently an addition, perhaps important, has
been made to our long list of mineral resources. Tin has been found in
a neighboring county in quantities sufficient to encourage the hope that
another source of public wealth has been discovered. Vast quantities of
mineral coal are found within 70 miles o f St. Louis. The comparative
freedom of this coal from sulphur justifies the belief that it can be used)
without coking, for smelting iron ore. Experiments are now in progress




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m

to determine this important question. But the probability of a successful
solution borders on certainty. The blacksmiths of St. Louis aie begin­
ning to use this raw coal in their forges. It gives an intense heat, and is
practically free from sulphur. The success of this experiment will affect
the iron interests of the world. The immediate vicinity of the raw
materials— ore, coal, limestone for flux, and refractory sandstone for fur­
naces— and this new faculty for the cheap conversion of our mountains
of ore into iron, constitute advantages that will compel St. Louis to as­
sume a commanding position in the manufacture of iron. If our iron
mills were equal to our deposits o f ore, this metropolis would be the
greatest machine-shop on the face of the globe. All that St. Louis lacks
in order to become the manufacturing centre of the continent is capital
and skilled labor. It possesses a rare combination of advantages. It has
a great variety of the most important raw material, an exhaustless source
of motive power, and unequalled facilities for the distribution of the
manufactured products. Consider for a moment the extent of the mar­
ket. There is no conclusive reason why St. Louis should not send its
wares in every direction throughout the Mississippi valley. But if we
restrict the market for our fabrics to the west side o f the Mississippi, the
field is still immense. An area of more than 500,000 square miles lying
west of St. Louis is naturally tributary to this mart. Regions which a
quarter of a century ago were trackless solitudes, whose silence the in­
vasive footfall of a white man had rarely broken, are to-day populous
States with well ordered governments. The discovery and lure of gold
have built upon the slopes o f the Rocky Mountains villages and cities,
which already begin to bear the appearance and the fruits of an older
civilization. The future development of this region will be incomparably
more rapid than the past. The millions who will soon people this vast
domain will be geographically dependent upon the markets of this em­
porium. The Pacific Railroad will strengthen this natural allegiance to
the Queen City of the West. Hence the near abundance o f raw material
and motive power, the large demand for domestic products, and the facili­
ties for their cheap distribution, the natural dependence of a vast territory
upon this market, and the mercantile convenience o f the valley and
mountains, unmistakably point out St. Louis as the manufacturing centre
of the continent. St. Louis should be the industrial as well as com­
mercial sovereign of the Mississippi valley, aided by capital and the prac­
tical skill o f European artisans, our city will yet achieve manufacturing
supremacy.
The prospects of St. Louis are now grand and exhilarating. Its
advantages o f geographical position are peerless. Located in that clime
which has in all ages been the zone o f highest development and civiliza­




IT 8

TH E

BREADSTU FFS TR AD E.

{March,

tion— in the centre o f a valley of exhaustless fertility, which embraces
more than one million square miles— on a river which traverses the con­
tinent, and, together, with its tributaries, affords more than 16,000 miles
o f water carriage ; on a railroad which will soon stretch from ocean to
ocean, and perhaps become the highway of travel between Europe and
the Orient, at the intersection of these two great thoroughfares, which will
in the near future transport a larger “ inland comm erce” thltn the
world has yet seen. St. Louis, thus situated, enjoys a matchless supremacy
of natural advantages. A metropolitan greatness is within the easy reach
of St. Louis, but only enterprise can grasp it. Thus far, this city has
perhaps relied too much upon the favorable accidents of position.
Hereafter it can only maintain its ascendancy by sagacious and tireless
effort. In other localities, energy has created great cities in defiance of
natural obstacles— here it has only to avail itself of physical advantages
to develop St. Louis with a rapidity of progress that shall defy competition.
In the achievement o f the splendid destiny o f St. Louis, our great
bridge will render efficient service. It will have no peers but its own. If
completed on the grand scale of the present plan, it will be at once a
work of national utility and a noble triumph of civil engineering. Such a
structure will be monumental— it will perpetuate the names o f its builders.
In classic times the building of a bridge was a sacred undertaking.
The beginning of the work was consecrated with pontifical rites and litur­
gies, and the completion was solemnized with stately pomp and ceremony.
Let this bridge be a votive offering to national unity and material
prosperity. Let litanies for civil peace and paeans for this conquest of
nature be chanted. Let ovations of the useful arts commemorate this
trophy c f mechanical triumph. Let festive processions and industrial
pageants celebrate the inauguration. Let this new bond of union between
Missouri and Illinois bind the East and the West in the indissoluble ties
o f common interests and genuine brotherhood.

THE BREADSTUFFS TRADE.
A n impartial survey o f the condition o f the grain trade warrants the
conclusion that the yield o f the last harvest has not been over-estimated.
It was generally conceded that our crops were unusually abundant; but
the question arose whether, in view o f the moderate average result
o f the European harvests and the depleted condition o f stocks both at
home and abroad, the new supply would be more than adequate to
bring up the stocks to the average standard and to supply the current
consumption. A negative view o f this question was very generally taken,




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TRADE.

and has prevailed until quite recently; and hence the high prices at
which breadstuff's have been held since the harvest. Now, however, the
grain movement is assuming an aspect calculated to modify this con­
clusion. The stocks o f wheat and flour at the grain centres are fully
up to those o f the same period o f the last two years, and yet there is a
large amount still in the hands o f the farmers. A t Chicago, our chief
grain entrepot, the present stocks are very largely in excess ot those at
the same time in 1867, as will appear from the following comparison:
elour

and

g r a in

in

sto re

Flour, b b ls .........................................................................
Wheat, b u sh ......................................................................
Corn, bush.........................................................................
Oats, bush..........................................................................
Barley, b u sh ......................................................................
Rye, b u s h .........................................................................
T otal grain..............................................................
In crea se..................................................................

at

Ch i c a g o .

;Feb. 1, 1868. Feb. 2,1867.
S2,70o
93,482
923,975
1,955,471
872,719
106,041
36,834
3,895,030
1,413,089

677,751
653,183
698,338
322,366
130,303

Dec.

10,777

I n c . 246,224
Inc . 1,302,288
I n c . 174,371
Dec. 216,325
D ec.
93,469

2,481,941
.............

There is thus an increase in the stock o f wheut o f 246,224 bushels ; in
corn, o f 1,302,288 bushels, and in oats, o f 174,371 bushels; while in
flour, barley and rye there is an immaterial decrease. The entire stock
of grain at Chicago is 55 per cent, above that of February, 1867.
A t the beginning o f this month there was 925,148 bushels o f wheat in
store at Milwaukee, which is largely in excess o f the stock at the same
date last year. It is estimated that the stocks o f wheat at the various
points between New York and Milwaukee inclusive, aggregate 5,200,000
bushels, against 3,500,000 bushels at the same period last year ; an
increase of nearly 50 per cent. A t New York the stocks are exception­
ally light, as compared with last year ; which circumstance has consid­
erable influence in sustaining prices against a condition o f supply which
would seem to call for lower values. The following shows the compar­
ative stocks at this p o r t :
G R A IN IN S T O R E A T N E W T O R E .

Feb. 3, 1868.
W h e a t................................................................................................ bushels. 1,560.030
C orn .................................................................................................................... 1,645,015
Oats ................................................................................................................. 2,167,082
R y e ...............................................................................................................
189.313
B a r le y .................................................................................................................
110,983
T otal.............................................................................................................
D ecrease.............................................................................................................

5,672,423
5,628,000

Jan. 31,1867.
2,200,000
3,900.000
2,700,000
600,000
1,900,000
11,300,COO
...................

Notwithstanding this large decrease at this this port, which, as w ill
he seen in the above statement, is chiefly in corn and barley, the stocks
at the several points combined largely exceed those o f last year. W h ile
in the item o f corn there is a decrease here o f 2;250,000 bushels, there
is at Chicago an increase o f 1,300,000 bushels.
It should be rem em b­
ered that the premature closing o f the canals kept back a large amount
o f grain en route for this city ; which will go far toward accounting




180

[March,

TH E BR EA D STD F7S TRADE.

for the present lightness of our stocks, and much of which will come
forward on the opening of navigation.
The severity of the winter
has been against the forwarding o f supplies b y railroad ; while in the
interior the excellent sleighing has enabled the farmers to convey to the
markets a liberal amount o f grain, making the receipts at the lake ports)
since the opening o f the year, nearly double the average for the same
period o f the two last years, the increase in corn being especially large
— an indication that the corn crop has been under-estimated.
The fol­
lowing statement shows the receipts of flour and grain at the ports o f
Chicago, Milwaukee, Toledo, Detroit and Cleveland from January 1st
to February 8, and for the same period o f the last two years :
R E C E IP T S A T L A K E P O R T S F R O M J A N . 1 T O F E B . 8 :

Flour.
W h eat
C o rn ..
O at1* ...
f arley

Bye...

T o ta l grain

1868.
315,020

1867.
416,872

1866.
208,275

1,311,632
3,815,976
812,661
206,148
75,591

1,187,683
1,112,897
612,972
184,916
107,805

1,334,587
860,018
851,996
58 123
95,898

6,222,008

3,206,273

'

3,200,622

The general tenor o f advices from the W est justifies the expectation
that this liberal rate o f receipts will be continued. It is admitted that the
farmers have still a large balance o f their crop on hand.
The high
prices th°y have received for their products have enabled them to hold
back an unusually large portion o f the crop, this reserve being variously
estimated at from 30 per cent, to 40 per cent., or even as high as 60 per
ce n t, o f the whole yield.
A n y indications o f a weakening o f prices
would be quite likely to bring this supply rapidly into the market.
N or are we to lose sight o f the California supply, which now has quite
an important bearing upon our market. Last year, that State exported
4,600,000 sacks o f wheat and 510,000 bbls. o f flour, Great Britain taking
about 80 per cent, o f the whole. The latest advices represent that the
surplus exportable from this source is likely to be more than w as
expected, and that, with a fair season, the next crop will be a large one.
Moreover, it is reasonable to anticipate that the high prices realistd
during the two last years for cereals will induce in all parts o f the world
an extensive preparation for the next harvest, that being the almost
invariable result o f high prices.
The present condition o f the British markets is not favor able to the
expectation o f a very large demand from that source. The millers are
represented as buying little, and the wheat trade as being very inactive.
The stocks o f wheat and flour at the ports are in excess o f those o f last
year and equal to those o f the preceding year, while the amount afloat
for Great Britain is stated to be about two million quarters.




The fol­

1868]

OCR

M ETH O D

OF

C O L L E C T IN G

181

TA XE S.

lowing shows the stocks o f flour, wheat and corn at the principal grain
ports o f the United Kingdom at the close o f the last three yea rs:
STO C K S O F E L O U E , W H E A T A N D C O EN IN T H E U N IT E D K IN G D O M .
W H EAT.

L on d on ........... .......................................................................... qra.
L iverpool....................................................................................."
Glasgow.................................................................................... “
H u ll............................................................................................. “
Gloucester.................................................................................. “
D u blin........................................................................................ “

1867.
299,000
184,000
134,000
62,000
62,000
104,000

1866.
230,000
109,000
137,000
60,000
49,000
60,000

1865.
341,000
34,000
254 000
120,000
89.'00
62,000

845,000

645,000

850,000

Total wheat.................................................................. “
FLOUR.

L on d on ...........................................
L iverpool........................................
G lasgow ..........................................

,----------1867---------- >
Sacks.
Bbls.
85,000
158,000
20,000
51,000
27,000
32,0U0

T ota ls......................................
T o ’ l s’ks & bbls. .........................

132,000
241,000
373,000
IN D IA N

,----------1866a
Sacks.
Bbls.
148,000 38 000
109,000
9,000
23,000
3,000
280,000 50,000
33 ,000

--------- 186?-------- n
Sacks.
Bbls.
81,000
17,000
217.600
15,000
15,000
8,000
313,000
40,000
353,000

CO RN .

L on d on ..................................................................'............................ qrs.
L iverpool................................................................................
G lasgow ............................................................................................... “
D u blin................................................................................................... “
T o ta l........................................................................................... “

1867.
1S66.
500
19,000
“ 42,000 14,000
700
39,000
4,000
7,000
46,000

79,000

1865.
5.000
62,000
19,000
15,000
101,000

Putting together all these considerations, it would appear that there is
a strong combination o f causes unfavorable to the maintenance o f the
present high prices o f breadstuff’s. These tendencies are strengthened
by the depressed condition o f industry in many parts o f the country,
enforcing a rigid economy o f consumption, and by the further fact that
in Great Britain and some parts o f the Continent a similar depression
exists. W e venture, however, no predictions as to the future course
o f prices, but simply present these naked facts for the candid consid.
eration o f those whom they may concern.

ODR METHOD OF COLLECTING TAXES.
If it be true that republics lack gratitude, it certainly cannot he charged
against them, judging from our own experience, that they are wanting
in patience. The ready acquiescence o f our people in a system o f
onerous taxation, after an immemorial exemption from such burthens,
is more than we presumed to expect from ourselves, to say nothing o f
the restiveness predicted b y our foreign censors; and still more re­
markable is the good grace with which we take to the arbitrary and
inquisitorial methods in which our taxes are collected. The Govern­
ment invests its tax gatherers with almost unlimited powers over our
taxable p rop erty; and we submit to seizures, confiscations and exac­
tions as passively as if we had no rights o f property and o f privacy
which even the law is bound to respect. That lack of regard for the




182

OCR

M ETH O D

OF

CO LLEC TIN G ! T A X E S .

[March,

rights o f the individual which is ever apt to characterise legislation
following a civil war has crept into our revenue system, and gives to
the-administration o f this branch o f public affairs a strong dash o f official
tyranny.
The principle upon which our Internal Revenue system is constructed
is that the people are essentially dishonest. Oaths, seizures, fines, con­
fiscations and imprisonment are invented to compel them to act with
fairness toward the Government. T o a limited extent, and under proper
checks something o f this kind is necessary; but it is clearly unwise and
unnecessary to assume that the average honesty which induces the
people to act justly as between man and man is not to be relied upon
as between the citizen and Government. Because experience has shown
that there is always an exceptional few who will cheat the State o f its
revenues, it does not follow that our revenue system must be framed
and administered so as to oppress and insult the large majority o f
honest people by dealing with them on the supposition that they are
actuated by fraudulent intentions.
This system we conceive to De wholly wrong. It implies that the
Government relies less upon the justice o f its claims than ils power to
collect them, and so far tends to suggest to the taxpayer the idea o f
evasion. It holds good in every case that to treat an upright man as
dishonest is to discourage every sentiment o f justice and to place him,
at least in feeling, in hostility to your equitable demand. A nd to deal
thus with a whole community, including many in whom the sense o f
right has been but partially educated, is certainly an indirect method
o f training them to injustice. 1 he employer who keeps a hired spy
over his hands is the first to be cheated. A nd the state which governs
most by the sword can least rely upon its people. N or is it less true
that the Governments most rigorous in their revenue systems have
always been subject to the largest frauds in taxation. Frederick the
Great had the sagacity to appreciate this principle; and hence his
reign was distinguished by the confidence he reposed in the honesty o f
his people and the consequent amplitude of his revenues.
M oreover, the law gives to the revenue officers powers susceptible
o f the grossest abuse. Backed b y the government, partaking o f the
spirit o f the law, and knowing that his superiors always sympathise with
him as against the tax payer, the tax collector becomes intrusive, in­
quisitorial overbearing, insulting and abusive. H e is bound b y no
consideration to observe the rules o f common respect between men o f
business ; he suspects all with whom be has to deal, and soon learns to
parade his authority in the most offensive manner. If a taxpayer has
the courage to resent these uncouth manners he is very likely to suffer




1868]

OTJR M ETH O D

OF

C O L L E C T IN G T A X E S .

183

for his temerity in being subjected to some o f the many forms of an­
noyance which a revenue officer has it in his power to inflict. This,
however, is the mildest form o f abuse o f the powers o f the revenue
official. H e is empowered to sGze goods, take possession of books and
papers, and to close the place o f business o f the tax payer at his dis­
cretion. H e institutes proceedings under such seizures at his pleasure,
and can keep the cases in court almost as long as he desires ; and all this
he can do upon bare suspicion. I f it should prove that the taxpayer thus
dealt with is innocent, he has no redress for the losses attending the
suspension of his business. I f he is guilty, it is very generally found
possible to escape the penalty o f fraud by a douceur to the officers.
There are few men who, in the event o f a seizure o f their papers and
property, even though entirely innocent, would not sooner, and who
cannot better afford to pay a handsome sum rather than have their busi­
ness indefinitely interrupted. The officers understand this, and therefore
make seizures for the purpose o f effecting private compromises, the pro­
ceeds o f which go into their own pockets. It is notorious that these
exactions upon the innocent and guilty alike are o f daily occurrince.
The officers are banded together in this business of mulching, and are
too well cognizant o f each others sins for the wronged taxpayer to hope
for any redress from appeal to higher authority.
This system is also productive o f the most gigantic frauds upon the
Treasury. The collector having the prerogative o f taking the initiative
in proceedings against evasions o f the law, has the power to permit frauds.
In the whiskey trade, for instance, the distiller finds it easy to make
arrangements for the manufacture o f whiskey to any extent without the
payment o f duty. The Government is annually defrauded o f fully forty
millions in this way on this article alone, the proceeds being divided be­
tween the distiller and the revenue officers. Thus the very means de­
signed to prevent evasions o f the law encourage fraud on the part o f the
taxpayers, and convert the revenue officers into public plunderers.
The revenue laws have driven nearly every honest man out o f the
whiskey manufacture. W hen whiskey sells at much below the amount
o f the tax, it is clear that those who pay the tax cannot continue in the
business; and the same rule applies more or less to other heavily taxed
products.
This condition o f affairs implies, first, a defective system o f imposts.
High duties naturally tempt to an evasion o f the la w ; and attempts
to evade the law naturally result in the bribing o f its guardians. W e re
the duties lighter, the temptations to dishonesty would be less influen
tia l; and it is essential to any well regulated system that its imposts
should not be so high as to tempt taxpayers and officers to fraud.




184

OCR

M ETHO D

OF

C O L L E C T IN G

TAXES.

[March,

Evasion o f any impost is possible ; and the only way to prevent its be
coming actual is to fix the -ate so low that the gains o f evasion would
not set off its risks. This principle, however, is wholly ignored in some
o f our most prominent branches o f revenue.
This severity in our revenue laws is in danger also o f producing
an ultimate revulsion against taxation in every form. , There is some­
thing so obviously just in the principle o f a Government collecting from
the people pay ment for its essential services, that no people can be con­
ceived capable o f rejecting reasonable taxation, if the imposts are
gathered with a due regard to the self respect of the taxpayers. But if
the people are insulted, embarrassed and injured in their business under
an oppressive system o f collection, they- will soon learn to acquire a
disgust at taxation, and in their exasperation may demand extreme and
dangerous measures o f relief. The rigor o f our present laws is utterly
inconsistent with the genius o f free institutions, and implies, on the part
o f its framers, a very low estimate o f the patriotism and honesty o f
its constituents. The system is an affront to the people, and an engine
o f political exaction and fraud.
Then, again, how important it is that our tax officials, both high and
low, should learn to execute all revenue laws in the interest o f the
people. If there is question with regard to the interpretation o f any
provision o f the law, the people should have the benefit o f the doubt.
The contrary, however, is, we regret to say, at present the practice, and
applications to headquarters for redress against the unbearable and
arbitrary acts o f the lower officials, and for relief under questionable
provisions o f the law seem to find little favor. This is clearly wrong.
An officer o f the Government should be in sympathy with the people, not
with the law maker. The great Frederick of Prussia, in giving instruc­
tions to his judges upon their appointment, was accustomed to s a y : “ If
a suit arises between me and one o f my subjects, and the case is a
doubtful one, you should always decide against me.” This is an en­
lightened view o f a courts duty, and as a revenue officer is for most
purposes both judge and jury, the rule o f Frederick furnishes a good
guide for his acts. H e is not appointed to make laws or to extend them,
but simply to execute them. If there is really doubt he should, as before
said, decide with the people, leaving the law making powers to add such
further legislation as it may desire. Since the close o f our civil war,
however, a contrary spirit appears to govern our officials. It is not
necessary to cite cases in p roof o f this position, for they are within
the experience o f every merchant. But the time has now come for a
change. A longer continuance o f this arbitrary way o f interpreting
laws and executing them must rapidly result in making our people
restive under taxation o f every kind.




1868]

ST A TIS TIC S

O F TH E

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

185

STATISTICS OF TIIE NATIONAL BANKS.
W e complete this month our tabular exposition o f the state o f the
National banks, as shown in their quarterly reports o f the 6th January.
The tables are all official, and though more exhaustive than those of
any previous quarter, they have been completed and placed in the hands
o f the public with unusual despatch. The chief facts for which these
voluminous masses o f figures are valued, are such as throw light on the
stability e f the banks. These institutions are so important apart o f
the financial mach'nery b y which their business is done by the most
intelligent, enterprising, energetic trading nation in the world. So great
are the privileges conferred on the banks with a view to make them
stable and effective, that the people want to know whether the banks are
a safe depositary o f the nation’s hopes, and whether our financial
barque may be relied on not only when the atmosphere is clear and no
special danger threatens, but in those tfoublesome times which may await
us when storms and tempests put it to a much severer trial. Once let it
be practically and thoroughly demonstrated that our banking system
is really more sound, more elastic, more adapted to the wants o f the
country than any other that we are likely to get in its place, and there
will be little danger o f the success o f any o f those plausible and mis­
chievous schemes which have been urged in Congress and elsewhere
for its destruction.
It is because o f the prevailing anxiety for the safety and strength off
the banking system that the reserves o f these institutions are so closely
scanned by the public. The belief is that if any directors allow them­
selves often or habitually to be short o f reserve they are otherwise doing
•bad business. It was on this account, we suppose, that the closing o f the
Farmers’ and Citizens’ Bank o f Brooklyn was so generally approved.
The offence charged against the institution was the failure to keep up its
reserves, though warned repeatedly by the prope officer o f the Bureau.
When at length, after patient delay the bank was closed by the appoint
ment of a receiver, everyon e anticipated the indications o f over expan­
sion, which were really found and reported, when the books were sub
jected to official examination. W e are glad to be assured, however, that
this case is an exceptional and isolated one. A ll such defaults should be
dealt with resolutely and firmly, for a terror to other evil doers, and
a protection to those who do well. It is a familiar principle o f juris­
prudence that penalties deter from crime not so much because they are
severe as because they are sure, relentless and not to be escaped. O f
course we do not demand that every bank which at any time and to
any extent is short ofits reserve should be subject to severe discipline, and




12

186

S T A TIS TIC S

O F TH E

N A T IO N A L

BAN KS.

[ J /a r c A ,

still less that every default shall he punished in the same way. W hat
is needful is to discriminate between the default which indicates bad
banking and that which is an unavoidable incident o f business. Such a
contingency the law contemplates as possible, and provides a way for
meeting it. The Comptroller is specially directed to notify the bank o f
any defect, and on receipt o f this official note the bank is prohibited from
making any new loans until its reserve has risen to the legal average.
Thus carefully has the law provided on the one side for the safety o f
the public who deal with the bank, and on the other for the recovery
o f a sound institution which from temporary causes may be subjected
to a drain on its reserve. But this is not all.
W eekly reports are to
be sent to Washington giving an exact statement o f the condition o f the
bank, duly attested by its responsible officers, and the directors, we be­
lieve, are usually very prompt in getting back again into a condition o f
assured strength and legal solvency. W herever a bank fails to do this,
and fails persistently, the presumption is very strong that there is some
reason for the shortcoming. T o meet this difficulty and to prevent
recourse being had to any severer measures than are absolutely necessary,
a special examiner is sent to investigate the condition o f the bank.
The powers and duties o f these officers are often misunderstood. In the
54th section, which authorizes the appointment o f such officers, we find
the following provisions :
And be it further enacted, That the ('ompt.rolh r of the Currency with the appro­
bation of the Secretary of the Treasury, as often as shall be deemed necessary or proper,
shall appoint a suitable person or persons to make an examination t f the affairs o f every
banking association, which person shall not be a director or other officer in any asso­
ciation whoee affairs he shall be appointed to examine, and who shall have power to
make a thorough examination into all the affairs of the association, and, in doing so, to
examine any o f the officers and agents thereof on oath; and shall make a full and
detailed report o f the condition of the association to the Comptroller. And the asso­
ciation shad not be subject to any other visitorial powers than such as are authorized
by this act, except such as ace vested in the several courts o f law and cbanrerv.
And eveiy person appointed to make such examination shall receive for hisservices at
the rate of five dollars for each day by hrtn employed in such examination, an i
two dolla’ S for every twenty five miles Le shall necessarily travel in the peiformauce
o f h's duty, which shall be paid by the association by him examineJ.

T o the wise use which the Comptroller has made o f this and the other
powers for checking bad banking, is largely attributable the success
o f our new' complex organism o f banks, which consists o f over 1,640
institutions, many o f which are new, while others were badly managed as
State banks, and stood greatly in need o f reform when they were con­
verted under the National Currency law. W e find from Mr. Hurlburd’s
last report that less than a dozen banks have failed in four years and a
half, and the total aggregate o f loss to the public from such failures has
not reached $250,000 a year for the whole country.




1808]

ST A TIS TIC S

OF

TH E

N A T IO N A L

187

BANKS

W e ventured to express the opinion last month that at present the
reserves o f the banks would be found more adequate than they were
15 months ago, when some 50 were reported deficient. In confirmation
o f this opinion we publish the subjoined table which shows the facts in
a compendious form :
LAW FU L, M ONET RESERVE

OF

N A T IO N A L B A N K S J A N U A R Y

6t H,

1S68‘

8TATE8.

In app.
Circulation f—------------ -R eserve.- ---------------, Reant
On
In approved A ggre- quir- On redeem.
ed. hand, agents. T ota ’ .
deposits.
hand. ledeem .ag’ ts. cate.
$
%
%
*
%
It
$
%
3,025,060 15 9 3-10 14 2-10 23 5-10
M aine.................
1,196,504 1,828,556
680,166 1,259,407
1,939,573 15 101-10 18 6-10 28 7-10
N I la in .............
1,668,714 15 30 4-10 10 4-10 20 8-10
Verm’ t ...............
832,667
836,047
13 4-10 24 4-10
Mass ................. ............. 52,216,507
5,755,905 7,020,862 12,776,767 15 11
4,350,394 15 10 2-30 11 9-10 22 1-10
2,003,404 2,346,990
It. I I’ d .............. ............. 19,606,344
3,154,830 3,766,403 6,921,233 15 10 4-10 12 4-10 22 8 10
Conn ...............
N. Y o r k .............
8,685,597 9,124,675 17,810,272 15 11 1-10 10 3-10 21 4-10
N e w J e r........
............. 21,028,436
2,797,006 3,649,085 6,448,091 15 11 6-10 15 1-10 26 7-10
6,552,979 3,939,386 10,492,365 15 32 1-10 8 5-10 20 6-10
Pennsyl ......... ............. 45,923,862
Delaw’ e .............
290,973
301,734
____ 2,514,876
592,707 15 11 5-10 11 9-10 23 4-10
747,205
366,627 1,113,832 15 16 9-10 8 3-10 25 2-10
MaryP d ............. ............. 4,406.632
206,528
39,451 15 13 1-10 6
191-10
I). o f C............... .............
27,008
12,443
1,048,724 15 14 3-10 4 9-10 19 3-10
V irg’ ia ............... ............. 5,451,793
7" 0,997
267,727
685,5&5
326,423 1,011,988 15 14 6-10 6 9-10 21 5-10
w .V irE ...............
263,488 15 14 8-10 12 8-10 27 6-10
N. Car................
141,025
122,463
S. C a r ...............
236,155
416,152
652,307 15 23 1-10 40 8-10 63 9-10
3,618,992 1,018,127
353,911 1,372,038 15 28 1-10 9 7-10 37 6-10
G eorgia ............. ...........
261,007 15 17 3-10 38 9-10 36 2 10
136.067
A la b a m .............
124,940
31,135
4,810
85,945 15 21 5-10 3 3 10 24 8-10
M ississ.............
227,794
664,-; 82 15 30 8-10 16 1 10 46.9-10
436,988
T e x a s ................
163,342 15 13 4-10 7 9-10 21 3-10
A rkan................. .............
102,944
60,398
765,683
664,564 15 13 8-10 9 2-10 23
399,047
265,517
K entuc...............
708.239
285,859
99 i,098 15 15 6-10 6 3-10 21 9-10
T e n n ..................
4,747,374 2,243,885 6,991,259 15 15 6-10 7 3-10 22 9-10
Ohio...................
S88,759 4,026,132 15 17 3-10 4 9-10 22 2-10
In d ia n a .............
3,137,373
Illin ois.............. .........
14,437,742
2,303,826 1,287,406 8,590,732 15 15 9-10 8 9-10 24 8-10
1,070,073
575,102 1,645,175 15 IS 5-10 8 8-10 25 3-10
Michi..................
995,516
536,063 1,531,579 15 18 2-10 9 8-10 28
W iscon ...............
652,504 2,382,698 15 19 1-10 7 2-10 26 8-10
Io w a ................... ............. 9,060,552 1,730,194
577,637
745,687 15 16 9-10 4 9-10 21 8-10
168,050
Minn...................
221,007
552,423 15 14 5-10 9 6-10 24 1-10
331,416
M issou...............
106,298
333,703 15 16 8-10 7 8-10 24 6-10
227,405
Kansas...............
344,695 15 15 5-10 1 7-10 17 2-10
309,928
34,767
N ebras...............
332,053 15 21 9-10 81-10 20
241,705
90,318
Col T e r..............
32,813 i5 14 7-10 2 4-10 17 1-10
191,859
28.213
Utah “ ............. .............
4,600
T o t a l ...............

53,089,566 43,728,125 96,817,691
C IT IE S O P R E D E M P T IO N .

B oston.............................. 70,773,263
ISt. Y o r k ............................ 207,410,561
Albany ............................ 12 264,359
P h l'a ................................ 52,442,792
Pittsb’ g ............................ 34,323,247
15a!tim............................. 18,696 021
W a s h ...............................
4,329,673
N ew O r ............................
2,077,464
L onisv..............................
1,341,633
Cincin................................. 30,093,627
Clevel1d ............................ 5,276,669
C hicago............................ 14,419,895
D etroit.............................
3,572,642
M ilwan...........................
2,671,975
St L o u is............................ 10,950,414

37,223,365
71,087,316
1,974,275
17,629,020
2,910,744
4,686,979
864,641
782,609
331,384
2,130,731
966,385
3,183,150
678,921
538.584
2,390,274

5,569,134 22,792,499
71,087,316
2,844,263 4,818,538
1,.831,361 19,460,381
1,335,644 4,246,388
1,489,743 6,176,722
338,670 1,203,311
44,487
827,096
68,200
399,584
490,475 2,621,206
540,608 1,5"6,993
1,640,034 4,823,184
683,028 3,361,919
337.510
876,094
518,861 2,909,135

25
25
25
25
25
25
25
25
25
25
25
25
25
25
25

24 3-10
34 2-10
36 1-10
33 5-10
20 3-10
25
19 9-10
37 6-10
24 7-10
21 1-10
18 3-10
221-10
19
201-10
21 8-10

7 8-10 321-3°
34 2 3<>
23 1-10 39 2-10
3 6-10 371-10
9 3-10 29 6-10
7 9-10 32 9-10
7 8-10 27 7-10
91-1" 39 7-10
51-10 29 8-10
4 8-10 25 9-10
10 2-10 28 5-10
11 3-10 33 4-10
191-10 381-10
12 6-10 32 7 10
4 7-10 26 5-10

T otal.............................. 430,644,235 127,378,378 17,1
732,018 145,110,396
R E C A P IT U L A T IO N .

Total

reserve.

.A m o u D t

Aggregate in all the States.............................................. $96,817,691
“
“
cities o f redem ption.................................. 145,110,396

required.
$6.-,809,270
107,661,056

E xcess.
$36,008,421
37,449,340

$241,928,087

$168,470,326

$73,457,76;i

Total




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In the foregoing table the banks are arranged in two groups. The
first group contains such banks as are situated outside o f the redemption
cities. These banks are required to hold 15 per cent, reserve, three fifths
o f which may be in the hands o f their redeeming agents in New York
or elsewhere. The other two fifths o f the revenve must be cash in hand.
The second group o f banks are in the redeeming cities, wnich are
compelled to keep 25 per cent, reserve, one-half o f which may be in New
York while the otner half must be cash in hand.
It will be observed that the foregoing aggregates o f deposits and
circulation do not agree exactly with the figures o f M r. Hulburd’s report,
as we published last month. The discrepancy arises from the circum­
stance that in these tables the net deposits are taken as the basis, while
in the former tables we preferred to take the gross deposits. Strictly
speaking neither is exactly correct, and the figures before us are cer­
tainly too low if all the clearing items o f 6th January are deducted from
the gross deposits o f that day. A t any rate the receipts b y the morn­
ing mail should have been deducted. W e give M r. Ilulburd’s tables
exactly as he has prepared them, and after making all the concessions
we have suggested, the exhibit affords very gratifying proofs o f the
results which the zeal, activity and intelligence o f a good administrative
officer is able to secure for a banking system which is neither exempt
from faults in its machinery, nor composed o f the best or most homogene­
ous materials.

L ITT E R OS THE FINANCIAL ECONOMY OF THE UNITED STATES, W ITH
“ SUGGESTIONS FOR RESTORING SPECIE PAYMENTS BY JAMES GALLATIN.
N ew Y

ork,

January 3, 1868.

His Excellency, Andrew Johnson, President o f the United States :
g IR__Your recent Message to Congress has made a profound impression
upon my mind, by the many truths in political economy which it enunciates.
Among these truths, peculiarly applicable to the present condition of our
financial affairs, I note the follow ing:
Equal and exact justice requires that all the creditors of the Government should
be paid in a currency possessing a uniform value. This can only be accomplished by
the restoration o f the currency to the standard established by the Constitution -r and
bv this means we would remove a discrimination which may, if it has not already
done so, create a prejudice that may become deep rooted and widespread, and
imperil the National credit. * * * * A disordered currency is one o f the
greatest of political evils. It undermines the virtues necessary for the support o f
•'he social system, and encourages propensities destructive of its happiness. It wars
^o-ainst industry, frugality and economy, and it fosters the evil spirits of extrava8ance and speculation. It has been asserted by one of our most profound and mo°t
^'fted statesman, that o f all contrivances for cheating the laboring classes of maiit'nd none has been more effectual than that wbicb deludes them with paper money




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This is the most effectual o f inventions to fertilize the rich man’s field by the sweat
o f the poor man’s brow. Ordinary tyranny, oppression, and excessive taxation—
these bear lightly on the happiness of the mass of the community, compared wi h a
fraudulent currency and the robberies committed by depreciated paper. Our own
history has recorded for our instruction enough, and more than enough, of the demor­
alizing tendency, injustice and intolerable oppression, on the virtuous and welldisposed, o f a degraded paper currency, authorized by law, or in any way countenanced
by the Government.”
THE TRUTHS OF FIN A N C IA L ECONOMY.

These truths which you have thus so clearly expressed, are beginning
to be recognized. The public mind, stimulated by painful experience, is
gradually learning, in the face of glaring deceptions aiming to prove the
contrary, that “ the standard established by the Constitution” comes nearer
to a true measure of value than anything yet discovered by man. Upon
these truths, in connection with the teachings o f science and experience, ^
found the following propositions :
First.— There is no authority in the Constitution for making paper
money the national standard or measure o f value.
Second.— According to the decisions of the Supreme Court o f the
United States, hitherto, the paper money now in circulation known as
“ legal tender,” if issued in time of peace, could not be considered the
standard of value provided for in the Constitution; and the power to
make it such standard o f value, or a compulsory payment, is to be sought
in the war power, outside o f any expressed constitutional authority.
Third.— The making o f an irredeemable paper money a legal tender, or
compulsory payment, is at any time an act o f questionable propriety, but
it is more than questionable when no provision is made for funding such
money in the public securities bearing interest.
Fourth.— Every government has an unquestionable right to use its
credit— for our modern civilization makes the credit o f a nation the chief
means of preserving its life— but no civilized government claims the right
to take the property o f its loyal people without compensation, and hence
the custom of enlightened governments, in modern times, of providing for
tbe funding of paper credits, hearing no interest, in the public securities
bearing interest.
F ifth .— A Government irredeemable paper money prevents the use or
active employment of the private credits o f the people ; or it takes the
place of private credits in the exchanging of commodities and property, to
an extent corresponding with its amount, and to that extent it tends to
place the business of the country exclusively in the hands of large capi­
talists possessing the power to obtain ready money ; yet young men being
prevented from exercising their energies on their own account by means
o f credit, must become employes o f the great capitalists ; and, in our own
case, the younger States of the frontier are prevented from applying their




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legitimate share o f that credit which belong' to them, and their develop­
ment is retarded, because the credit element in the exchanges o f property
and commodities is composed o f such Government paper money.
Sixth.— Money o f any kind, made a legal tender, creates prices in pro­
portion to its amount in use and the activity o f its circulation. One dollar
o f money creates an amount o f prices, varying with circumstances, which
ranges as high as eighty or a hundred dollars; as in our own case, illus­
trated in the census returns for 1860, when the amount of the legal tender
money in this country was about two hundred millions in coin, and the
price of the property o f the nation was sixteen thousand millions being
eighty' dollars of price for every dollar o f money.
Seventh.— As legal tender paper money is or may be created at will,
free from the intrinsic value o f coined money, the fluctuations which it
produces in prices are much more rapid than those peculiar to the move­
ments of the latter. Hence the great and violent expansions and contrac­
tions o f prices prevailing under legal tender paper money that is neither
redeemable nor fundable: in such expansions and contractions the capita!
o f people of limited means is swept away, and the whole nation in the
aggregate becomes impoverished, to the advantage of the people of other
nations having monetary systems based upon intrinsic values. Hence, also,
the economical phenomena we see around us at this time ; small farmers,
manufacturers and dealers are reduced to labor for the more wealthy
our exports go to other nations at declining values; our imports are to a
considerable extent, or have been, paid for by public securities transferred
at low prices to foreign holders ; our manufactures languish, shipbuilding
has ceased, and our industry is crippled by the great expense incident to
producing anything under our high paper money prices.
Eighth.— Governments which venture upon the issue of a legal tender
paper money always finally render themselves odious with the people,
because a violent expansion, no less than a violent contraction o f the
money and of prices falls disastrously upon some portion o f the people.
One man to day is made rich by an expansion which ruins his neighbor.
Hut this rich man may be ruined by a contraction to morrow. Society
is thus made discontented with the government. The law-making
authority which possesses such power is appealed to iu the most importu­
nate modes to expand or contract, so that wealth may be amassed by
individuals by the purchase o f property and commodities at low prices
and the sale o f them at high prices. History has pictured the insan
development of this passion during the paper money manias known as th
Mississippi Bubble and the South Sea Bubble, in Europe ; and in our own
country, since the law for funding the “ greenbacks” was repealed, as
eoommended by a late Secretary of the Treasury in February, 1862, and
enacted by Congress in 1863.




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Ninth.— The passion for gain saps the foundation o f public credit in
any nation which resorts to the prolonged use of legal tender paper money.
Already, in our own case, we see the astounding development of this
passion in public speeches and essays proposing to pay off the national
debt in “ greenbacks;” to pay out the coin in the Treasury for “ green­
backs,” and thus force premature resumption that must end in speedy
suspension and a prolonged term o f paper money inflation; to break faith
with the public creditors by paying the Five-Twenty bonds in paper instead
of coin ; to issue three hundred millions more o f “ greenbacks,” and stop
the issues of the banks, under pretence of paying off that amount of bonds
which the banks draw interest on, and concealing the fact that the banks
pay in taxes, and lose, indirectly from reserves and notes kept in, more
than they reeceive from interest on the bonds. Such are some of the
developments of the paper money mania. Its yictims are now in the
ranks of all our great political parties. No amount o f gain will satisfy
them. They discount the future with insane audacity. In their haste lo
be rich, impatient as children, they rend the veil o f the future, and grasp
the germs of boundless harvests o f wealth for a whole nation, substituting
their own hot-house devices for the Creator’s laws, so that they themselves
may reap an artificial harvest, the natural fruition of which would have
enriched millions of people, who are left to perish. To be made the victim
o f this awful mania is usually among the sad misfortunes o f a nation
scourged with war and paper money, or hurled into war to gratify the
frenzy for paper money.
Tenth.— The demoralization of society progresses steadily under the
blighting influence of an irredeemable legal tender paper money. Religion
virtue and honor decline. Vice becomes fashionable. Gambling prevails
in the marls of trade and the financial centres, from the very necessities
of the case, because the slow processes of honesty, prudence, forethought
and plodding industry are impracticable in occupations subject to the
licentious reign of such paper money'.
I
THE ORIGIN OF OUR FIN AN C IAL AND ECONOMICAL TROUBLES.

Turning from themes so melancholy, the mind naturally reverts to the
origin and progress o f our economical troubles, in anxious hope o f dis­
covering, through the errors of the past, some way to escape from im­
pending disaster. All we hold dear is endangered by any misfortune that
would again menace the national existence. A war upon the credit of
. the country is a war upon the life o f the nation as dangerous as that we
have recently passed through. As we met the one, so let us meet the
other, and show that the patriotic men of this generation, who have com­
pleted for themselves a history worthy of a noble past and a brilliant




1

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future, know how to be honest as well as h a ve! I assume that our
financial and economical troubles, originating primarily in the rebellion
itself, are mainly traceable to the following causes:
First.— W e departed from what you justly term the monetary
“ standard established by the Constitution.” I will no longer dwell in
censure upon those who counselled that departure. I am willing to bury
such memories. W e were struggling to preserve the life of the nation,
I thank God we succeeded. I will not count the cost o f success, nor
haggle about the price. That life is priceless. May it be imperishable
as time.
W e made a legal tender paper money, which, being boik irredeemable
and unfundable, is forced out and kept out in defiance of those natural
laws of trade and finance, that if permitted to operate by funding would
have checked redundancy, and slowly but surely helped us back to “ the
standard established by the Constitution.”
Second.— Not content with a large volume of government paper money,
we made it the basis c f another volume o f auxilary money in the form of
bank issues. W e built paper upon paper. Our paper house topples to
its foundation, yet we are advised to build it higher, with more paper!
Here I desire to do an act of justice to the late Secretary o f the Treasury
before referred to. He has recently been reported to have declared that
his policy was “ to withdraw the legal tender greenbacks nearly or quite
pari passau with the issues of the national bank notes, so as to preserve
the equilibrium of the currency at near the specie standard.” But this
policy was defeated by the action of his own immediate friends, and the
fact is a striking confirmation o f the uncontrollable tendencies of paper
money, as illustrated in the histories of such money in Europe and
America, during a hundred and seventy years, and in China some cento
vies ago. The old exploded dogmas of the John Law school, embraced
in the absurd political economies of the benighted ages, are revived .to-day
by the paper money theorists, as “ new and brilliant discoveries.” It
will, however, be difficult for our American writers in favor of these
theories, by any casuistry, to convince a person o f plain common sense
that the'measures they recommend can be reconciled either to the prin­
ciples of honesty and good faith, or to the most sound and obvious views
of expediency. The public and our public men can not forget the results
of the millions of assignats poured forth by those dabblers in the papes
money system, who for a time governed France, and the paper currency
of the American Revolution.
Third.— W e have augmented our financial troublps with a fierce
political agitation. Here, again, my desire is to bury the unhappy past,
and I fervently hope that “ an era o f good feeling” is indeed dawning
upon our distracted country.




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Fourth.— Revenue frauds and defalcation, inadequately punished, have
prevailed to a deplorable extent. These not only impair the revenue, but
injure our credit and character at home and abroad.
Fifth.— Reckless expenditure of the revenu
has been incurred and
fostered. Gen. Grant’s example, in saving a dozen or two of millions in
the W ar Department, by the reforms he has introduced, shows what may
be done. Admiral Farragut could doubtless do nearly as much in the
Navy Department, and I venture the opinion that such a work would be
more congenial to the tastes of that distinguished commander than the
useless and very expensive excursions which he has been compelled to
make by direction of the Navy Department. There should be also a
reduction in the foreign and domestic expenses of the Government.
Sixth.— Paper money theories have exercised a malign power over our
political as well as our social and financial affairs. Both the great
political parties o f the country are agitated by these theories. Public
men of integrity, of both parties, who resist the blandishments of paper
money, are denounced. All'this is very natural; for when people see the
magnificent fortunes that have been built up within the last few years
through the factitious influence of paper money, every public man who
has any power to bring about such a state o f affairs again, that another
circle may be enriched, is considered faithless to his friends if he does not
gamble with the national honor and enable them to become suddenly rich
like their neighbors. Paper money turns the whole country into stock­
jobbers and speculators— many have been enabled by these means to
amass fortunes— to become millionaires— they suddenly have splendid
houses, elegant equipages, give magnificent entertainments, etc. Seeing
all these dazzling realities issuing from the paper money wand of the
political magician— overpowered by all this splendor— some well meaning
people are inclined to view a “ national debt as a public blessing,” — to
say “ we cannot have too much paper meney,” — and it is certain that the
sharper always talks this language.
Seventh.— By a false system of taxation upon foreign imports, aiming
at the so called protection of home industry, we unduly stimulated
domestic manufactures, and the greediness for gain of those who urged
that false system, even at a time when we were struggling for our national
existence,— overlooking revenue for protection,— having thus overreached
itself, it is painful to read the humble confessions which these people are
now making. It is a remarkable phenomenon in economical science, that
the theory in favor of protection to home industry should be found to go
hand in hand with the theory in favor of paper money. These “ twin
relics of barbarism” continue to have their followers among our leading
public men, men who are leaders in legislation and literary culture. It is




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vain to argue with them that the increased cost o f production under an
inflated paper currency is certain to increase prices above any tariff or
duties that can be collected, and thus nullifies protection ; that a paper
currency unduly inflated drives away that proper reserve o f coined money
upon which the wealth and credit o f every nation forming a part of the
civilized commercial world are founded; and that the best protection
which home industry can obtain is that found in a uniform standard of
value composed of the world’s currency. Our incessant and injudicious
vacillations in currencies and tariffs have occasioned innumerable ills in
our favored land. But at last the cry of ruin and despair has been sounded
in the Senate Chamber by the successor o f a senator whose tariff on wood
screws immortalized that branch of industry, and the confession o f the
foremost manufacturer of New England is now published, that we are
closing the foreign market, as well as the home, against ourselves by our
persistent adherence to false theories.
Eighth.— Overtrading has had no small share in producing the recent
adverse turn in financial and commercial affairs throughout the com
mercial world generally. Our vast issues of paper money (concealing the
duties of industry and economy required to aid us in going through a
destructive war upon our own soil) stimulated overtrading in this country,
notwithstanding the war. Other nations felt the influence which our
paper money exerted in driving away to them our coined money.
England first, then France, launched out in great speculations, many of
them founded upon expectations of seeing us torn to pieces as a nation,
prepared to fall a prey to the first conqueror that should arrive here from
Europe, and the triple alliance o f the crowns of France, England and
Spain against poor distracted Mexico was deemed to presage our early
doom. The reaction in England has been terrible; and in France, the
vast credit system, composed of the Credit Mobilier and its proteges, is
shaken to its very foundation. The revulsion has extended far into Asia.
Northern Germany has been spared, thanks to her good sense in main­
taining a pure standard of value. She has even risen to great eminence,
reconstructing the unity of her people, and extending to us, through her
capitalists, most important aid in subscriptions to our loans, when we had
but few friends among the nations of Europe. I know nothing in history
more surprising than these economical phenomena of the misfortunes of
our kindred in Europe, whose enmity toward free government led them to
speculate upon our ruin; and the wonderful prosperity and vigor o f our
other kindred there, the Germans, who so effectually aided and sympathized
with us. These are new proofs of the steady progress which human
liberty, guided by Almighty power, is making in the world.




1368]

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RECONSTRUCTING

193

OUR

A FFA IR S .

Numerous measures, or plar.s, to restore our economical affairs to a
healthy condition have recently been promulgated.
The following brief recapitulation o f these plans embraces the most
important of those which have come to my notice :
First.— You have in your Message sounded the key note of al^
measures for restoring to the nation a system of sound financial economy ^
in these words: “ the restoration of the currency to the standard estab­
lished by the Constitution.” To this suggestion you have added the four
following :
Second.— A revision of the revenue system— suppression of frauds, and
the policy of looking more to the taxation o f luxuries.
Third.— Retrenchment and reform.
Fourth.— Eco nom y.
F ifth.— Restoration of the United States upon tth8 principles of the
Constitution.
The Secretary of the Treasury proposes measures of a kindred nature,
immediately connected with this department, v iz .:
Sixth.— The funding or payment o f the interest-bearing notes and a
continual contraction of the paper currency.
Seventh.-—The maintenance of the public faith in regard to the public
debt.
Eighth.— The restoration of the Southern States to their proper rela­
tions to the Federal Governmeht.
Ninth.— The creation o f a consolidated stock, or issue o f an omnibus
loan, for two thousand millions, at six per cent., one sixth o f the interest
to be kept back and paid half yearly to the States, according to popula­
tion, as a compromise of the new question of State taxation ; this new
stock to be issued to redeem the Five-Twenties, etc., as these latter mature.
The Comptroller of the Currency urges with great force this most
important measure as regards the circulating notes of the banks, viz. :
Tenth.— To have all national bank notes redeemed at a common centre.
Eleventh.— Hon. R. J. Walker proposes (in an excellent paper, full o f
r<search and important suggestions,) a two hundred and fifty million loan
in Europe, with which to procure gold enough to resume specie payments.
Twelfth.— Hon. John D. Van Buren, of this State, proposes to pay
seven and three-tenths percent, interest in paper on the Five-Twenty bondsi
instead o f six per cent, in coin, and accumulate gold in the Treasury to
resume specie payments with.
Thirteenth.— Senator Morrill’s bill proposes to require National Banks




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to accumulate the gold interest received on the Five-Twenties, but provides
for the sale of any gold in the Treasury exceeding seventy-five millions.
Fourteenth.— A pamphlet, entitled “ The National Banks and their
Circulation,” has been circulated anonymously, urging the withdrawal of
the bank notes and the issue o f more legal tender irredeemable paper?
“ to buy up and cancel three hundred millions of the debt.”
Fifteenth.— Another plan has been published, proposing the sale o f
Government demand notes redeemable in coin, and receivable as coin, at
the highest premium obtainable.
Sixteenth.— A plan, similar to the fourteenth above named, proposes to
contract the legal tender notes, when the bank notes are all withdrawn)
until gold becomes par in the legal tender paper.
Seventeenth.— “ A Board o f Currency” has been suggested, to be com­
posed of the Secretary of the Treasury and experts in financial affairs, to
regulate the currency and the debt.
REVIEW OF

TnE

FOREGOIN G MEASURES---- REASONS FO R A P P R O V IN G

SOME

AND REJECTING OTHERS.

Your own suggestions— the first five— are indispensable to the restora­
tion of our whole economical system to a normal condition; and the next
three, Nos. 6, 7 and 8, proposed by the Secretary, being nearly or wholly
identical in spirit with the first five, are important. But the ninth, which
has been reproduced in part in Senate bill No. 207, proposes to distribute
among the States a part o f the interest, to be collected from the people in
taxes. The principle o f exempting the National debt from State taxation
has prevailed throughout our whole histor/, and for obvious reasons, once
admit that taxes may be collected by the States upon the National debt)
or that subsidies shall be collected from the people and paid to the States,
under a shadow o f right in these States to tax the National debt, and
there will be no end to projected National debts and projects o f wars to
create National debts; the admission will grow into a right, and one more
element of evil will be placed in that Pandora’s Box, which political
demagoguism opens and closes at will. State taxation of the National
debt implies State sovereignty, nullification, secession. Senate bill N o207 also proposes to maintain the issues of legal tender paper at a max­
imum of four hundred millions, of^vhich fifty millions may be kept in the
Treasury to buy in bonds for an equal amount, and the bonds may be
sold to replace the fifty millions, as the public may desire. This would, I
presume, in practice, keep the bonds about at par in the legal tender paper?
and maintain the inflation o f the paper money at a rate corresponding
very nearly with what it is now, preventing any approach to specie pay­
ments. As for the sinking fund system proposed in this bill by the




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Finance Committee of the Senate, we have already had one and discarded
it. W hy make ourselves ridiculous by enacting another ? Such systems
are becoming obsolete, from the fact that any nation having surplus
money on hand can readily buy up and cancel its obligations, as the ac­
cumulation o f such surplus may render practicable. But if any sinking
fund is instituted, why not that already on the statute book f W hy a
new one? A provision is inserted in this bill for a foreign loan, interestand principal payable in Frankfort or London, at a rate of exchange
equivalent to “ five francs for a dollar.” Now, if this provision is intended
!o control the rate of exchange for years to come, it is simply absurd,
because the natural laws o f trade are paramount to any law o f Congress;
and this determination of a rate of exchange for the future, may prove a
serious embarrassment until abolished by some future Congress. If we
are to borrow by means of a foreign loan, it would seem more dignified
to make our obligations in our own National currency, and leave the
Secretary of the Treasury to exercise his judgment in negotiating the
exchanges on the most favorable terms; (indeed, the interest should
always be made payable in the United States); and as to limiting the
amount of loans to be negotiated abroad, it should be remembered that
taxing our National loans in any form will tend to lessen the ability of
our own people to hold them, and act as a premium to foreign holders to
invest in them, so that if Congress thus taxes the loans and sanctions
foreign loans, sound policy would seem to dictate that a larger amount
than five hundred millions should be permitted to take that form. If we
tax our loans, we shall drive them abroad to foreign countries. As to the
contraction o f the currency, proposed by the Secretary, the House ‘of
Keoresentatives has already decided to oppose it, and Senate bill No. 207
evidently looks to a practical maintenance o f the paper money inflation
and the premium on gold at existing amounts. No immediate approach
to specie payments is possible, if these measures are to prevail without
any checks. W e shall continue to flounder on amid the storms and
wrecks of irredeemable paper money. The tenth measure, redemption of
bank notes at a common centre, would check redundancy of bank issues
to some extent, and tend to aid in keeping the banks from deranging
trade and commerce with expansions and contractions; and if Senator
Morrill’s proposition, which I have urged in former years,— that the banks
keep the coin received for interest on the bonds,— were adopted, it would
aid in preparing the banks fot resumption.
The eleventh suggestion would unquestionably give us speedy resump­
tion, if the gold could be obtained from Europe, which seems to be more
thaji questionable. So large a sum, drawn within a short period from
Europe, might prove very injurious to the financial systems prevailing




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there, now in a condition to require unusually large accumulations, so
great are the distrusts and apprehensions remaining from the late disasters
in economical affairs. As to the twelfth, I should not advise the slightest
deviation from the promises made to the public creditors; but the pro­
posed accumulation of gold in the Treasury, if possible without such
deviation, is very desirable. Senator Morrill’s bill proposes to sell any
gold that may accumulate over seventv-five millions, and I presume that
it is his intention to go on contracting the government issues, taking in
and destroying the “ greenbacks” received from gold sales, and compel­
ling the banks to accumulate gold, preparatory to resumption when the
•whole amount of the “ greenbacks” outstanding is reduced to seventy-five
millions, the amount o f gold in the Treasury. I assume this to be the
Senator’s complete plan, although I may be mistaken. It would bring
us to specie payments, slowly but surely. The fourteenth plan would
give us an inflation of three hundred millions more of legal tender, but
as the bank issues would first be withdrawn and destroyed, we would first
of all have a violent revulsion, analogous to, but more vast than that
which followed the removal o f the deposits from the old United States
Bank, enabling all who held ready money to buy up the property o f
unfortunate bankrupts, at low prices, during the revulsion, and then to
sell out again, in a year or so, at the high prices of the great inflation.
This plan would rob a great part of the people of their property, to enrich
another part. It would rob the debtor class first: then the small
dealers and the people in middling circumstances, and drive the poor
into almshouses. It would be one o f the most stupendous robberies ever
perpetrated by the diabolical enginery of an irredeemable government
paper money. The fifteenth plan would be impracticable, I apprehend,
from the fact that the Government notes receivable and payable as gold
would be very likely to degenerate into an irredeemable paper currency
no better than the ordinary “ greenbacks.”
A “ Board o f Currency ” might be so organized as to secure the expe­
rience and skill of experts, yet the ascendancy of partizan organizations
in all such bodies is so great, that it would, no doubt, degenerate into an
organized propaganda for visionary dogmatists in some false economical
science dug out of the antiquated and exploded theories of benighted
times.
OPIN ION S

AND

SUGGESTIONS

POSSIBLE---- THE

OF

THE

WRITER---- LEGISLATE

NATURAL LAW S OF TRADE THE

BEST

AS

LITTLE AS

LAW S-----PRESERVE

THE PUBLIC FAITH ---- ECONOMY---- RETRENCHMENT, ETC.

My own opinion is that we have more to undo than to do in legislation
upon our economical affairs. Our true policy is to legislate as littje as
possible, and to rely on the natural laws of trade and a firm support of




1868]

F IN A N C IA L

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OF

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U N ITE D

STATES.

199

the public faith, with economy and retrenchment, and a conciliatory
policy in restoring peace and encouraging industrious habits throughout
the country. W e are suffering from our past errors, as well as from a
calamitous war, and from a great revulsion which has spread throughout
the commercial world ; and we should be careful in our legislation not to
attempt too much, for if any one truth has been more triumphantly
established than another by the experience of modern society, it is that
the government which governs least is the best. Laissez fa ire should be
our motto. A people taught to look to their government, in managing
economical affairs, can never be contented or happy. Such government
undertakes too much. It exposes itself to censure for misfortunes
incident to natural laws which it cannot control. It exposes itself to
blame, also, for misfortunes which fall upon individuals from their own
errors of judgment or uncontrollable passions.
Every element of nature is working in our favor, and nothing but per­
sistent adherence to the great error o f attempting to force the laws of
nature to become subservient to the laws o f Congress, can repress our
recuperative energies, with the blessing of Providence. The natural
resources of the country will be best developed by leaving the people as
free as possible to apply their own skill and industry in that work. It is
the uncertainty of the future, when government undertakes to regulate
everything, that unsettles industry, trade, commerce and finance. A s to
the basis of our currency, we are producers o f the precious metals. One
or two years’ product of our mines alone would be a sufficient basis, with
the coin supposed to be already in the hands o f the people or in the
Treasury, to place our finances at par with the world’s currency. And
while it is universally admitted that it is a waste of capital to keep on
hand more o f the precious metals than enough to form that
basis, it is proved
by all experience that is the
highest
economy that a nation can adopt to keep a sufficient amount of
these metals to constitute that basis, which is the foundation o f a nation’s
economical system, as well as the measure of its credit. Our increase in
numbers and wealth will gradually restore our currency to par, if freed
from Government interference. I f the existing depreciation or discount
(twenty-five per cent.) on our paper money be accurately measured by the
current premium (thirty-three per cent.) on gold, the progress o f our
population being at an increase corresponding very nearly to three per
cent, per annum compounded annually, will in comparatively few years
work up the paper money to par with coined money; and the increase o^
gold throughout the commercial world is a powerful element in our favor
prices of commodities and property in real money being gradually forced
up in every civilized nation, by this increase of gold, toward our high




200

F IN A N C IA L

ECONOMY

OF

TH E

U N ITE D

ST A T E S.

[ « « « ,

paper money prices. It has been estimated that we have at this moment
hoarded within our own borders two hundred millions in gold and silver,
but this estimate is probably too high. Even if we have only a hundred
millions thus hoarded, with a hundred millions in the Treasury and the
banks, we are much nearer cash resumption than is generally supposed.
To get out this hoarded gold, the main thing wanted is confidence in
speedy resumption and in the credit c f the Government. Hence every
political measure,, as well as every economical and financial measure that
Congress can pass to inspire confidence, is an addition to the resources of
the country. The country needs rest. W e have passed through trials
and afUctions almost unparalleled. Let us hope that brighter days are
dawning upon us.
In venturing to submit the following suggestions to yourself and Con­
gress, as I have been urgently requested to do by members of both
Houses, permit me again to refer approvingly to those measures which
you have proposed, numbered one to five inclusive, in the foregoing
recapitulation. From these, with such modifications as experience has
dictated, I have drawn the following as substitutes for, if not embracing,
all the other measures to which I have alluded in that recapitulation.
1. Maintain the highest standard o f value possible in the Government
paper money by permitting it to be funded. In other words, if the
forcible contraction must be repealed, then repeal the law prohibiting the
funding of the legal tender.paper m oney: permit the funding of it in the
natural way, in some interest-bearing stock.
In all the funding operations o f the Government, when any loan is to
be negotiated, good faith would seem to require that publicity which
accompanies the receiving of bids for the loan. This was the custom
prevailing all through our history until the breaking out o f the late rebel­
lion. The sum of twenty millions is proposed to be paid by Senate Bill
No. 207 for the expense o f negotiating and printing. It seems a waste o f
money to pay for negotiating loans which could be disposed of by public
bids. The policy of private negotiation always exposes a government and
its officers to charges of favoritism.
As to any alteration in our coined money, to assimilate it to other
nations’, the A ct making such alteration should provide that it shall apply
only to contracts made or entered into after the passage o f the A ct, and
that contracts may be made in such new coinage, notwithstanding the
legal tender paper money act.
2. Instead of a two thousand million consolidated loan, as proposed in
Senate Bill No. 207, which appropriates twenty millions for negotiating
and the expense of issuing the bonds, I would vindicate the public faith
by correcting the error made in the unfortunate phraseology of the Five-




1888]

F IN A N C I A L

ECONOMY

OF

TH E

U N ITE D

ST A T E S.

201

Twenty bonds, exchanging new bonds exactly the same in all respects
payable in coin for the old ambiguously-worded bonds, precisely as an
honest man would correct an error made in the wording o f bis note, and
at the same time authorize “ A Specie Resumption Loan ” ft such rate o f
interest and such number o f years to run as the Secretary could dispose
of f o r gold, at not less than par, with the view of drawing out the hoards
of gold in the country into the Treasury, without fixing any limit as to
the time when specie payments shall be resumed, except when the gold
in the Treasury equals in amount the notes outstanding. My hope is
that such 'a loan would be readily taken, slowly, perhaps, at first, but
with very great rapidity as the opportunity approached its close. The
gold going into the Treasury would not, I apprehend, remain long before
resumption became practicable, easy, and beneficial to all interests. The
banks and the people would send to the Treasury and get gold for the
legal tenders they might hold, and these latter, as they went into the
Treasury, would be destroyed, the banks resuming, and Government
having paid for its notes in coin, would therefter cease to interfere with
the currency, and be freed from the most dangerous and seductive power
and influence of paper money. Our currency thus resuming its specie
basis, the bank reserves would be in coin, and no more legal tender paper
money would exist; and although the legal tender paper law might
remain unrepealed upon the statute book, it would have been practically
repealed by the operation of nature’s own laws. A ll other financial,
questions would thus be adjusted. Industry, trade and commerce would
arouse themselves with giant power all over the land. Our new States
would resume their career of rapid grow th; and the India and China
trade, now awaiting the completion o f the Pacific Railroad (which is
already open to the edge o f the great gold and silver mining regions),
would probably be crossing the continent immediately after, if not before,
our resumption of specie payments.
3.
As to our national banking system, it has been greatly improved
since it was first established, and it is unquestionably still susceptible of
much further improvement. Prompt redemption at one common centre)
as recommended by the Comptroller, will partially do away with that
most deplorable stigma of an irredeemable currency, which to some extent
now rests, and until we resume cash payments will continue to rest, upon
the system. W e must, I suppose, have a circulating medium in some
way, and although the banks get interest on the bonds they deposit with
the Government, they pay back in taxes, or lose by the reserves they keep
a full equivalent for the interest they receive ; but I do not see any
necessity for giving them large deposits of the public money without
interest, and in this respect, also, L would suggest an amendment o f the




13

202

F IN A N C IA L

ECONOMY

OT

TH E U N ITE D

ST A T E S.

[March,

law. Nor do I see any injustice, but great wisdom, in each bank being
required to prepare for resumption by keeping in hand the gold received
from interest on the public stocks, until the specie in hand amounts to
twenty per cent, of the capital, such specie to constitute part o f the reserve
required by law; and experience proves that serious abuses might be#corrected by provisions being put into the Banking Law for all the capital
stock of each bank, and every subsequent increase of capital to be paid up
in full before the delivery o f the circulating notes to which the bank may
be entitled, and for each bank to have double the paid up capital that it
has circulating notes; for it is evident that the law as it now stands fosters
the creation of banks to get the profits o f circulation without capital and
without any benefit to the country.
4,
The selling of gold from the Treasury should be public, as the secret
sales only enable individuals to speculate upon the community. Ten
days’ notice o f each sale should be given, and the sale should be by public
auction. Until cash payments are resumed, if the funding of the green­
backs and a resumption loan be authorized as suggested, it would be
advisable to leave it with the Secretary o f the Treasury to dispose at pub­
lic auction of surplus gold accumulating from customs, in his discretion
the amount received for the resumption loan, however, to be held intact
for the payment of the Government paper money.
In conclusion, permit me to observe that I have kept steadily in view,
in my suggestions, the release o f the Government and people from the
curse of an irredeemable paper money, and the release for active use and
to promote trade of the gold now hoarded. I grant, as before intimated,
that the keeping of a reserve o f coin in a public treasury is a waste of
capital in a certain sense. But such reserve in banking institutions, under
specie payments, becomes at once an available capital, accessible to the
people, a stimulant to every kind of economical progress and industrial
development, and the foundation of a nation’s prosperity. It is this
foundation that our national banking system provides for, and in order to
secure it, the only requisite is that Government shall put itself upon that
foundation by redeeming its own notes in coined money on demand.
Under a faithful adherence to the policy thus indicated, I am persuaded
that the credit of this Government would stand higher than that o f any
other on earth— making allowance for the higher rates o f interest prevail­
ing in a new country like ours, and that its loans could be negotiated
upon most favorable terms to meet all maturing obligations as they might
fall in to be redeemed, our long five per cents going to a handsome
premium (thus providing the means to buy up our maturing six per
cents), because the world would see that our political and financial affairs
were established upon the firmest foundation known among men.
I have the honor to be, with the highest consideration,




Your

obedien t servant,

J

am es

G a l l a t in .

186 8 ]

NEW

O R L E A N S, JA C K S O N

AND

GREAT N ORTHERN

203

RR.

N EW ORLEANS, JACKSON AND GREAT NORTHERN RAILROAD.
In the M a g a z i n e o f February, 1867, w e noticed at large the finances of
this Company for the year ending November 30, 1866. W e now give
an analysis of the report for the year 1866-67. This road extends from
New Orleans, La., to Canton, Miss., a distance of 206 miles. The rolling
stock in use at the close of 1865-66 and ’67 compares as follows:
,65.
L ocom otiv es............................. ..1 0
Passenger Cars..............................7

’ 66 .
21
19

’67. |
’ 65. ' 66 . ’ 67.
25 | Baggaee, & c., Cars........................ 3
9
11
26 | Fre ght. and Stock Cars............... 72 230 421

The increased capacity of movement, here shown, is very large. Since
November 30, 1866, four engines have been rebuilt in the Company’s
shops and ten thoroughly repaired. O f the additional freight and stock
cars, 137 were constructed on the line of the road by private manufacturers.
It is thus obvious that the Company are in a position to supply their
wants from immediate sources. The earnings and expenses for the past
two years compare as follows:
G R O SS E A R N IN G S.

O P E R A T IN G A N D M A IN T E N A N C E .

1865 66 .
Passengers..................'$426,760 - 9
F r e ig h t ....................... 1,090,953 02
M ails............................
15,329 02

1866-67.
1865-66.
$485,04926W a y ............................. $510,020 35
874,56074C ars............................. 81,247 69
28,32500M otivop ow er............ 249,815 92
Transportation......... 260,473 79
T o ta l......................... $1,533,042 53 $1,387,935 00 D epots and Stations. 22,825 77
E x p e n s e s ................ 1,146,774 64
757,782 98 Personal In ju r ie s .... 15,262 20
S tock Dam age...........
7,623 92
N et revenue............... $386,267 89 $630,152 02
$1,146,774 64

1866-67.
$282,568 49
62,100 09
213,727 66
176,122 27
15,476 62

7,787 95
$757,782 98

Both earnings and expenses, especially the latter, are less in 1866-67
than in the previous year; the net revenue gains in the meanwhile by
$243,881 13, or more than 63 per cent. This surplus has enabled the
Company to pay off a large portion of the debts outstanding at the com­
mencement of the year, and carry on with comparative ease their material
and financial operations.
The financial condition o f the Company as
per balance sheets of November 3 0 ,1 8 6 6 and 1867, is shown in the fol­
lowing abstract:
1866.
1S67.
Capital S L O C k ....................................................... $4,697,457 33 $4,742,157 91
F ir s t M ortgage B o n d s......................................... 2,741,000 00 2.741.000 00
Second M ortgage B o n d s ................................... 241,000 00 1.019.000 00
B ills p ay ab le !.................................................. 353,658 63
138,070 28
Sm all notes p ay able..........................................
127,488 20
112,339 80
Chickasaw School F u n d ............................
20 ,000 00
200,000 00
M ississippi T h ree p e rc e n t. F u n d ........
20,000 00
20,000 00
U. S . G overnm ent p u rch ases................... 100 144 01
IS,099 59
F oreig n R . R . B a la n ce s ...................................
42,067 35
41,214 33
Pay Koll A ccou n t.................................................
4,552 10
7,494 08
C itizens’ B an k Coupon A cco u n t..............................
6191 39
264,480 00
Coupons on C ity and S ta te Bonds........
264,480 00
R e n t o f E n g in e s .....................................................................
7,594 90
Su n d ries.............. ..........
18,355 80
Suspense A ccou n t.................................................................
*i,587 47
Railroad earnings from com m encem ent 8,256,435 97
9,616,045 97
T otal,




$ 16,866,649

Increase.
$44,699 58

778*666 66
................
................

Decrease.
$

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

” . ..
15,59S 35
15,148 40

.............
.............
2,941 98
6,191 39

S2,044 4 i
853 0*
...............

7,594 90
...............
1,587 47
1,359,610 00

................
18,355 80
..............
................

39 $18,935,275 72 $2,068,626 33

204

HEW

O R L E A N S , JA C K S O N

AND

OREA T NORTHERN

RR.

[ifa r c A ,

Against which are charged as follow s :
Road and appurtenances........ ............... $6,184,172 12
$6,240,681 55
$58,489 43
Locom otives, Cars aed T o o ls ...... 1,386,874
57
1,482,953 97
96,07940
Coupons on 1st Mortgage B onds........“i
f 1,828,440 001
C oupons on 2d Mortgage B o n d s ...
.V 927,449 83^
65,000 00 [
991,790 17
Coupons on Real Estate Tax Ponds. J
[
28,800 00 j
F irst Mortgage Bond Sinking F u n d .. .
470 00
470 00
...............
Discounts on b o n i s .................................
909,30 *34
909,300 34
...............
Interest and E xch an ge...................
715,088
66
825,363 07
110,27541
Advertising & Printing & Comm ission
283,149 11
291r097 23
7,S4812
Taxes, Contingencies & Legal E xp en’ s
168,574 02
217,428 03
48,85401
Slaves and Reduction o f S tock .............
26,093 22
34,690 32
8,59710
Foreign Railroad Balances & A c 1ts ... 1
f
49,596 651
U. S. Post Office Department............... f 1*7 a 0 os J
3,190 00 i
Cotton Purchases.................................... ( 10
~
1
28,486 89 f
...............
Sundry Accounts - .................................j
{
76,577 58 J
Road E xpenses................................ 4,777,016
61
5,534,799 59 757,782 98
Bills Receivable (partly for M iss.1
(
1
Stock subscription............................j315,682 41
230,565 01 )r
(
71.87» 46 J
...............
Current A ccou n ts................................. J
Confederate States’ Obligations...........
983,602 52
983,602 52
...............
Cash on hand N ov. 30......................
31,243
03
32,373 51
1,13043
T otal............................................ $16,866,649

39

7,948 12

81 SI

13,237 94

$18,935,275 72$2,063,626 33

The following shows the disposition of the mortgage bonds, o f which
3,000 of each class are authorized :
,------------- 1 st Series-------------* ,-------------2d Series------------- ,
1866.
1867.
1866.
1867.
S o ld ...................................................................... $2,741,000
$2,741,000
$241,000
$1,019,000
Pledged to State o O L j s b . .............................
200,000
2i 0,000
................
................
Pledged for n o te s ................................................................
................
68,000
66,OCO
Unsold and on h an d ..............................................................
................
1,191,000
415,000
Cancelled by Sin kin g F u n d ....................
59,000
59,000
................
...............
Cancelled & destroyed..........................................................
................
1,500,000
1,500,000
T o ta l.......................................................

$3,000,000

$3,000,000

$3,000,000

$3,000,001

’The floating debt at the same dates consisted of the following items and
1866.
B ills payable (ex cl. in t > ........................
Loan s from M ississip p i........................
In te re st on d itto to Oct. 1 ................... ..............
Sm all is s u e s ................................................ ...............
TJ. S. b a la n c e s ...........................................
Road b alan ces............................................
..............
Personal acco u n ts.................................... ...............

64,000 00
127,488 20
1,692 25
29,244 82

B an k Coupon A cco
............................
unt
T o ta l N ov. 30.

$724,300 18

1867.
$138,070 28
220,000 00
SO,000 00
212,339 80
12,974 59
37,754 10
10,800
4.000
2,735
6,191

23
00
97
39

$524,916 36

In crease.
$ ..............
16,000 00
_______
..............
9 r601 88
..............
...................
4r000 00
2,785 97
6,191 39
$

D ecrease.
$15,598 35
..............
15,MS 40
87,169 42
1,692 25
18,44459

........

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

$99,473 82

The amounts due on pay rolls, and for materials Nov. 30, 1867, are not
included in the above, as they are about covered by cash on hand and avail­
able credits.
Regarding the general financial status o f the company at the close o f
1866-67 the President remarks as follows:
“ The holders of our bonds in England and the United States are gradually
coming into the arrangement made with the English bondholders in 1866, to wit.:
To deposit with Trustees the matured coupons held by them of the first mortgage
bonds of the company, including the coupons due 1st July, 1856, and to reoeive in
lieu thereof the second mortgage bonds of the company at par. In case of failure on
the part of the company to meet their obligations in the payment of the interest of
the second mortgage bonds thus issued, or on the first mortgage bonds (commencing
with the coupons due Jan. 1, 1857), the bondholders to reclaim their first mortgage




1568]

IN V E STM E N TS

O F TH E

NEW

YOEK

S A V IN G S

BAN KS.

205

bond coupons and surrender the seoond mortgage bonds, which were issued for them ;
thus placing them in their original position, with their first mortgage lien on the road.
“ We have already funded (to Dec. 1, 1867) 28,920 coupons, •r $598,000 worth, in
this city (New Orleans} and the Trustees in London have funded to the extent of
10,640 coupons, or $266,000 worth; there remaining to be funded o f the entire
amount about $253,000.
“ The total amount of rolling stock purchased o f the Government, in 1865, is about
$200,000, which has been reduced to about $13,000 still due on the 30th Nov. last.
“ The floating debt is so arranged that we have no doubt of being fully able to pay
it without any inconvenience.
“ The debt due to the State of Mississippi {$220 000), and interest to Oct. 1, 1867,
on the same {$80,000) we hope to be able tof und or arrange in a satisfactory manner.
“ Nothing has yet been done towards the settlement of the snail note issue of the
company— $112,339 80 ; but we trust our receipts, during this season and the next,
will warrant its gradual redemption.
“ The total indebtedness of the cunpany (floating and bondel) including all «stimated interests on personal accounts and matured bills payable, can not now exceed
$4,7 50,000, and there can be no doubt that, with receipts moderately estimated at
$1,800,000 per annum, we can devote a large sum t .wards the ultimate liquidation
o f the entire amount, after paying running expenses and a liberal interest on the
debt, besides gradually increasing still more the rolling stock o f the road.”

INVESTMENTS OF THE NEW YORK SAYINGS BANKS.
The following summary gives the amount and the per ceut of each
class of investments o f all the savings banks o f New York State, as reported for the 1st of January, 1867 :
Bonds and mortgages..............................
U . S. Stocks and Treasury N otes......... ..
New York State S to c k s ...........................
City, County and Town Bonds................
Bonds of other States...............................
Other Securities...... ...........................
Deposited in Banks, Trust Co.’s, & c . . . .
Kept in vau lt.............. ..............................
Jjoaned on Stock on other Securities...
Otherwise invested ................ ........... ... . .

Amount.
$31,112,163
48,723,419
7,760,932
23,167,788
8,922,321
947,423
8,628,517
3,193,943
5,575,500
2,648,300

T o ta l................................. .....................
Due depositors................................. ..........

$141,680,313
131,769,074

Surplus.................. ..

$9,911,236

Per cent
22
34 4 - -10
6 2--10
16 3--10
6 3--10
7--10
6 1--10
2 2--10
3 9--10
1 9--10

6--96

Forty-nine million dollars in United States Bonds are now held by the
savings banks of this State.
There are in the State nearly one hundred savings banks— some of
them organized during the present month— and of this number twentyfive are in the city of New York and ten in Brooklyn.




206

P H IL A D E L P H IA

BANK

ST O C K

LIST

FOR

186'

[M arch.

PHILADELPHIA STOCK LIST FOR KH7.
The following table, prepared bv Bowen & Fox, of Philadelphia, shows the flucr
tuatiom of the stock market in that city for the year 1S67.
Stock s.
Philadelphia 6’s , o 'd .....................
do
6’s, n ew ..................
do
5’s ......................
Pennsylvania 5’s, tr a ils ..........
do
5’s, coup.................
do
6’s, coup.................
do
6’s, regia .............
Pennsylvania 6’s, 1st s e r ie s ___
do
6’s, 2d do
....
do
6’s, ad do
....
Alleghany Co. Coup. 5’s ............
d -'
Comp. 5’s ..............
do
Scrip .......................
do
City
s .............
P ittsb u rg 5’s .............. ....................
do
6 ’s .....................................
do
4’s ....................................
do
S c r ip .............................
New Je r s e y 6’s ...............................
Camden & Am boy R ailroad . . .
do
do
S c r i p ...........
do
do
6’s, 3870.........
do
do
6 's, 1875.........
do
do
6’s, 1883.........
do
do
6’s, 1889.........
do
do
M ortg., 1889.
Pennej'lvania R ailroad...............
do
1st ^mortgage___
do
2d
do
.....
d»
S c r ip .......................
Heading R ailroad............................
do
6’s, 3870..............................
do
6’s, 1871..............................
Reading R nlroad, 6’s, 1 S 80.. . .
do
6’s, 1886..............................
North Pennsylvania R a ilro a d ...
do
ao
S c r ip ...........
do
do
6’s .................
do
do
Chat. 10’s . .
Lehigh V alley R a ilro a d .............
do
P r e f.........................
do
8 crip ......................
do
6’s, 1870..................
► Philadelphia and E rie Railroad..
do
do 6’8 ............
Philadelphia and T ren to n R R ..
do
do
6’s
W illiam sport and E lm ira R R . ..
do
do
P r e f..
do
do
5’s
do
do
7’s
L ittle Schuylkill R a i l i o a d ..........
do
do
s?'13.................. •
C ataw issa R a ilro a d ............ ...........
do
P r e f ..................................
H arrisburg R a ilro a d ......................
do
6’s .....................................
W ilm ington R a ilro a d .....................
do
6’s ............ — .........
Camden and A tlan tic R a ilro a d ..
do
c o P r e f...............
do
do 2 d m o r t ....
N orristown R a ilr o a d ....................
M inehill R ailro ad ............................
N orth Central R a ilro a d ................
W est C hester R a ilro a d .................
do
7’s ............................
B altim o re Central R R . B o n d s ...
Bolvidere Delaware R R Bonds
Camden and Burlington R R . B ’ds
Connecting Railroad Bonds . . . .
Delaware Railroad B o n d s..............
Huntingdon and Broad T op 7’s ..
Philadelphia and Sunbury 7’s . . . .
Sunbury and E rie 7’s ......................
W arren and F ran k . 7’s . . . . . . --------




H ighest
Price.
.. oo
.. 100%
.. 103%
■■ 104%

..

77
BIX

..

9«%

. 98
. 68%
. 101

.

97

. 105%
. 89#
. 92
. sox
. 119
. 07%
. 62
. 40
. 96
. 31%
. 95#
. 132
.
.
.
.
.
.
.
.
.
.
,
.
.

80
42
02%
34
96
14
82%
S ax
91
56
95
9%
22
75
05%
69%
47X
15
9S
CO
86
86

90
sox
96X
100
85

Date.
8ep t. 12
April 30
Sept 12
April 29
A u g. 7
J an . 18
O ct. SO
D ec. 28
N ov. 16
O ct. 31
Mar. 14
Mar. 4
Mar. 18
Mar. 9
Mar. 19
Jan . 22
July 19
April 15
July 29
Mar. 29
Rept 7
D ec. 27
Mar. 9
duly 30
April 15
April 25
A pril 29
D ec. 31
Mar. 28
May 31
July 26
A n g. 5
M »y 10
F eb . 26
Jan . 29
Jan. 10
July 27
Feb. S
F eb . 27
dan. 5
D ec
5
D ec. 27
F e b . 19
Jan. 9
A u g. 6
June 26
Mar. 19
April 25
S ept. 23
May 3
F eb . 28
F eb . 13
F eb . 13
F eb . 15
Jan. 9
A u g . 13
April 15
June 1
O ct. 19
b cp t. 12
April 4
N ov. 14
A ug. 19
Ju y 5
F eb . 14
Mar. 12
June 2*
June 17
Feb. 12
D ec. 23
Jan. 15
May
6
May 81
Jaa . 21
A ug. 6
Jan . 9

Low est
Price.
Date.
93
June: 4
9SX June: 4
83
Mar. 13
92
Jan. 4
87% Jan. 24
100
Jan. 14
101V Oct. 30
101
April 3
101% April 16
102
May 31
72% Oct. 18
73
N ov., 23
72% A ug. 31
59
Mar. 9
10% t*ept . 13
90
F eb . 13
50
July 19
70% Mar. 21
99% Jan. 28
322% Oct. 30
46
Jan. 7
92
July 5
86
June 7
86
N ov. 20
83% D ec. A
90
Jan. 7
49% N ov. 13
97
July 3
98% N ov. 13
51
May 30
47% r ec. 24
April 27
93
% Feb. 25
89% July 16
100
April 17
31
N ov. 7
85
April 1
86
Oct. 30
no
N ov. 13
49% N ov. 13
62
Dec. 5
15
Mar. 30
9 0 # May 14
2-3% N ov 11
89% N ov. 7
Oct. 30
122
99
Mar. 19
Jan. •6
ao
42
F eb. 14
N ov. 9
60
91% July. 1
23
N ov. 5
May
93
4
18% May 30
N
ov.
19%
15
5l
N ov. 25
89% N ov. 15
52% June 21
95
Oct. 19
9
Mar. 8
17% June 6
N ov. 14
75
April 2
59
60% Mar. 29
4-'% Oct. 23
15
Mar. 12
96
Jan. !25
60
June :17
80
Feb. 6
86
D ee. :12
8S% N ov. 9
90
F eb . !*
30
July 10
91
April 25
96
Oct. 38
77% D ec. 15

Amount
Sold.
708,200
2,675,000
in i,900
286,802
302.525
189,250
500
374,400
134,925
591,800
103,050
40,000
7,950
2,000
25,2(0
13,000
1,700
573
193,0C0
6,4(;2
3,634
17,' 60
38,000
159,600
180,030
398,700
(3,968
350,000
206,000
73
553.247
S3,10O
125,500
5,000
2,884
9,422
161.600
39^000
23,755
5
3,814
314,80()
77,405
197,00/)
173
l,0(»o
66
2o3
8,50o
27v0£()
3,101
5.500
150
90.5 3
28,50b
0:37
2,000
2(>
f 03
13,000
1.990
2,379
4,549
85
14,500
1,000
36.-.00
14,000
12,000
9,» CO
11.700
54,000
54,100
73,100

1808]

*

PH ILADELPH IA

BANK STOCK LIST FOR

Price.
Stocks.
«*esf, Jersey Railroad 6’ s ......................
Western Pennsylvania HR. 6’ s ....... ... .................. S IX
Chester Valley 7’ s ................................. .................. 45X
Morris and E ssex 7’ s ............................ ................... %
Tioga Railroad Bonds...........................
Schuylkill Navigation Company.........
no
do
P r e f ................. ................... 35X
do
do
Im p. B onds........
do
do
6’ s, 1872 .............
do
do
6’ s, 1876 .............
do
do
6’ s, 1882 .............
do
do
Boat 6’ s ............... .................
80
do
do
B oa t7 ’ s ...............
Lehigh Navigation Company............... .................. C5X
do
do
S crip.................. ..
do
do
6’s, 1884.................
do
do
6’ s, 1897 .................
do
do
Gold L oan............. ................... 85X
Morris Canal Com pany........................
do Preferred.................................... ...................1S5X
d o 1st m ortgage............................ .................. 93
do 2d m ortgage.............................
do Boat loa n ...................................
Susquehanna Canal Company.............
do
S crip................................
do
6’ s.......................... ........
Union Canal C o m p a n y ........................ ...................
do P referred .....................................
do 0’ s ................................. ................ ................... 23X
Deleware D ivision Canal.....................
do
O’ 8..........................................
Ches. & Deleware C a n a l* ...................
do
6’ s ........................... ..............
W yom ing Valley Canal........................ .................
57X
do
6' b ............ .............................
W est Branch Canal............................... ................... 30
do
6’ s ...........................................
D laware & Rar. Canal Bonds ........ .................. 88
« ity National B ank...............................
Commercial
do ................................
Commonwealth do ................................
Corn Exchange do ...............................
Consolidation do ................................
Farm. & Mech. do ...............................
Girard
do .............................
Kensington
do .............................
................. 110X
Manufacturers" d o ............................ ...
Meehan cs’
do
....................
Norrh America d o ................................
Nortli.Liberties d o ...............................
Penn. National do ................................
Philadelphia
d o ................................ ................. 166
Southwark
do ................................
Un on National do ............................... ................. 63X
W estern
do ................................ ................. 97
N at'lExchange ^o .......................... .
.................n o
National Bank o f Com m erce...............
F ir t National Bank.............................. ................. 140
T hird
do
.............................. .................n s
F ourh
do
..............................
Seventh
do
..............................
Miner*’ Bank. P o tts v ille ..................... ................. 55
State Bank at Camden..........................
Trent'-n Banking Company................. ................. 60
2d and 3d Streets Railroad...................
4th a d 8th
ro
................. ............... 23X
do
do
b o n d s ........
.............. 90
5th and 6 h
do
................. .
..
.4 0
10th and 11th
do
...................
14th an4 15th
do
.................. ............... 22X
Union Pass. n<?er Railroad. ............. ................. 48
Green & Coates
do
...................
do 7’ s .................................................
Girard College Railroad...................... .............. 88X
R i,1ge Avenue
do
...................... .............. 13X
H estonvi’le
do
......................
W est Philadelphia R ailroad............... .............. 73
Ches. and W al. Sts. do
............... .............. 51X
Spruce and Pine Sts. do
............... ................. ‘ I
Academ y o f M usic.................................
Lehigh 7 A n c ....................................... .............. 44X

207

1867

Price.
Date.
May 23
85
Sept 18
75
April 6
45X
F eb . 5
96
Mar. 4
95
> eb. 6
9%
Jan.
2
20
Jan. 16
83
Sept. 11
ssx
F eb . 6
70
69
Jan 15
F eb . 21
76
Jan . 25
70
Jan . 5
24
Jan. 29
24
Jan. 4
80
92
O ct. 3
D ec. 31
85X
Jan. 29
35
Jan. 16
70
Jan. 29
88
May 23
89
Jan. 30
S9X
June 17
n x
May
4
60X
June 55
58
April 13
IX
A pril 11
3X
F eb . 16
15X
July 30
46
86
Jan. 10
29
D ec. 19
May
6
91X
Mar 21
37
75
F eb . 6
28
July 11
Jan. 16
80
July 20
88
N ov . 21
68
Oct. 14
51X
58
A u g. 28
66
July 30
June 10
43
A u g. 19 130
S ept. 24
55
July 10 110
30
April 23
F eb . 6
-9 X
O ct. 29 232
N ov. 26 10GX
S ept. 27
5>
Sept. 10 150
100
Sept. 26
A ug. 6
60X
8S
S ept. 4
J ;m . 11 110
70
O ct. 17
F eb . 14 135
May
3 111
Mar. 29 108
June 12 103
Mar. 8
55
Jan. 31
109X
60
Oct. 8
Jan. 5
71
Mar. 4
26
May 11
90
F eb . 7
40
Mar. 25
62
18
F eb . 12
N ov. 11
36
30
F eb . 2
D ec. 10
87
April 26
26
F eb . 19
7
Jan 21
9%
April 16
60
J <n. 31
44
F eb . 19
26
A u g. 23
52X
Sept. 27
36

Date.
Jan 13
D ec. 33
April 6
F eb. 5
Jan . 30
N ov. 8
N ov . 16
June 5
N ov. 21
July 1
D e c. 21
A u g. 2Y
D ec. 6
N ov. 12
June 12
N ov. 13
July 31
D ec. 31
N ov. 22
Sept. 25
July 26
May 22
M ay 15
N ov. 19
F eb . 35
N ov. 5
May 21
F eb . 6
D e c. 4
N ov. 15
May 15
June 13
Sept 10
D ee. 13
N ov. 14
May 3
N ov. 21
July 17
F eb. 6
Nov. 30
Jan. 26
June 5
N o v . 16
D ec. 8
May 11
June 1
D ec. 17
D ec. 28
A p n l 29
April 15
JLMiC. 31
D ec. 10
Mar. 15
May 15
* a y 11
Jan. l l
O ct. 17
Mar. 30
M y 24
Mar. 29
* p ril 5
Mar. 4
Jan. 31
Oct. 8
July 9
N ov. 23
May 11
F eb . 7
duly 31
N ov. 20
June 6
> o v . 27
D ec. 10
Jan. 19
July 9
N ov. 7
N ov. 7
June 14
N ov. 18
F> b. 9
June 12

* The par value o f this stock has been reduced from J3.C0 to fCO per share.




Sold.
126,000
28,000 •
2,000
2,000
7,500
4,403
19,069
6 02.
30,116
1,217
160,460
9,800
51,050
89,759
646
345,571
22,500
2.000
1,361
755
21,000
5,000
23,700
20,011
8,10t
245,900
3,656
2,1-4
103,500
3,010
36,000
31
42,288
329
22,000
60
18,000
10,000
362
713
376
170
179
26S
1,427
52
735
2,786
160
37
91
243
84
227
70
10
37
130
55
15
19o
22
4

22
435
2,342
500
12
276
6,761
9-4
767
100
4^5
244
25,289
207
1,088
2,373
120
539

208

BOSTON

STOCK

\March,

FL U C TU A T IO N S,

BOSTON STOCK FLUCTUATIONS.
We are indebted to Mr. Joseph G. Martin, of Boston, for the following
tables of stock fluctuations at the Boston Board of Brokers :
BO STO N N A T IO N A L B A N K S .

,— D ividends.—
,—1865.—, ,— 1866.— *
,—1866.
/—1867
H ighest
H ighest
Apr. Oct. Apr. Oct. & low est. & low est.
5
5
5
A tla n tic ..........................
9 7 * 111
105 130
5
5
5
A t l a s ............................... ............... 5
97 120
104 120
5
5
5 105 117
B la ck sto n e.................... ............... 5
115 130
5
5
......... 5
5
B o ston ............................
9 6 * 103
102 120
6
(Old) B o s to n ................
5
5
6 0 * 71
60
t-3
6
6
6 117* 130
rioy lston ......................... ...............6
125 146
5
5
Broad w ay .................... ............... 5
5
98 103
100 n o
4
4
4
C i t y .......... ................. ...............4
» S * 103* 103 112
5
5
5 105 140
C olum bian ....................
106 119
5
................
5
5
5
C o m m e rce..................
105 116
110 123*
5
5
5
C o n tin e n ta l.................. ............... 5
101 110
102 120
4
5
4 108 *16S* 119 120
E ag le ............................... ................ 5
5
5
E l i o t ................................ ................ 5
103% 112
103
125*
3
E v e r e t t ........................
94% 103
3 * 3 # New 100
E x c h a n g e ....................
6
6
6 125% 134
128 144
5
5
5
F an eu ii . a l l ............... ............... 5
115 169
118 134*
6
6
6 120 136
F ir s t
....................... ............... 6
132 152*
5
6
8 104 130
F reem an ’s .................. ................ 5
110 121*
5
5
5
118% 150
G lo b e ............................
120 135*
6
5
6 112*4' 174
H a m ilto n .................... ............... 6
112* 125*
Hide & L eath er...........
7
7
7
115% 130
127 144
5
H ow ard ......................
5
5
93% 113
98 111
4
4
4
M arket ........................ ............... 4
98% 106
102 115
5
5
M a ssa ch u setts........... ............... 5
5
107 160
107 120
4
M av erick...................... ............. 4
4
4
92% 107
98 107
5
M echanics’ — ........... ............... 5
5
5
100 124
103 115
5
M erchants’ ...................
5
5
102 118% 106% 123%
M t. V e r n o n ................. ............... 5
5
0
6
101% 116
WO 125
B . o f Redem p.............. ............... 4
4
4
4
100% 108% 100 114*
5
N ew E n g la n d ............. ............... 5
5
5
110 125
129
115
5
N o r th ...........................
5
5
96% 105
100% 120
N . A m e ric a ................. ............... 4H 4 * 4
125
98 108*
4 * 9)
P aw ners’ .....................
+4
94% 102%
98 102
3* 4
R e p u b lic ...................... ............... 5
5
6
6 102% 115
112 1:30
6
6
6 113% 130
119% 139
R e v e r e ..........................
6 120 140% 133 153
S ec o n d .......................... ............... v s
7* 6
5
S h a w m u t.................... ............... 5
5
97% 107
103% 117
6
6 123% 150
6
141
Sh oe & Leath ........... ............... 6
127
4
S t a t e ................ ...........
5
0
103 114
67 £105
4
4 113 123
4
112 121
Su ffo lk .......................... .............. 4
4
4
4
100
........................ ............... 4
T hird
97 109
in *
T raders’ ...................... ............. S * 3 * 3 * 3 * 88% 105
92% 103%
5
5
5 10» 146
• e m o n t.......................
110% 125
U n io n ...........................
5
5
5 108% 140
112 128*
W ash in g to n ................. ............... 6
6
6 105 125
6
112 126
W e b s te r ...................... ............. 5
4
4
4 102 115
103 114*

ft

ft

1S67.-^
186S.
H 'g hest
& low est. Ja n . 2.
114 121% 121
108% 120
111%
119 129% 128
116%
108 118
67
63
63%
135
131
141
105 115% n o *
105
109% 105
113 120% 116
117*
112* 121*
110
107% 120
110
110 120
100
103 122
S3 114* 104*
142%
140 148
125 131
is 8 *
16)
144 l'O
121
120 131
120 131% 125
120
118 123
143
133% 145
103 110* 106
105 111% 105
115 125% 140*
100 109% 104
112
107 117
104% 122% 114
90 121% 109
103% 116% 110
123% 128% 125*
107* 117* 111
102 109% 104*
100
96% 104
139
125 136
134
128 136
12 * 151* 141%
110
12)% 105
130
121
133
80 112% 104
114
111% 120
108 112% 110
98
97% 105
113 133* 118%
117% 127
12 1*
119
118
128
101% 111
105

* E ag le, actual sale a t auction, Sep t. 23, 1S65.
t D ividends Ju ly and J a n .
X o tate, changed p ar from 60 to 100, in 1865.
R A IL R O A D C O M P A N IE S .

/----- D ividends.----- ,
Ja n .
Par. ’66. -1867
’68.
4
4
4
B o ston & L o w e ll............................................. 500 8
5
5
5
Boston & M ain e......................................
100 9
5
5
5
Boston & P ro v id e n ce ................................. 100 10
5
Boston & W o rcester.......................................100 10% 5
5t
3
3
Bo-«t., Con. & M o n treal.................................100 ..
Boston. Hart. & E r i e ..................................... 100 ..
Cambridge (h o rse)........................................ 100 9
4 * § 4*
p ape C od........................................................... 60 653 5
3% *3%
3
C heshire, preferred.................................. . . 100 2% 2% 0
5
5
° o n c o r d ................................ ............................. 50 S
4
4
4
C onnecticu t K iv e r...........................................100 8
3
3
3
Conn. & Passum ., p r e f....'.......................... 100 6
4
4
4
i a s t e r n ............................................................. 100 8
5
4
4
tc h b u r g .............................................
100 7




/—1866.—v
H ighest

—»
H ighest
1868,
& low est. Ja u . 2.
90
112
125
*121
116
115
125
138% *132
133
126% 112% 1 :0
143 * 4 8 1 *
139
150 £ 1 3 8 *
127% 148
60
70
80
75
70
5
19
8% 17
13*
85
96
86% 95
90*
*60
64
73
$63
70
43
66
52% 65
*60*
59
65
72% $ 7 2 *
70
102 112
105% 116% *112
81
69% 80% *78% 82%
98
112% 106% 113 *108%
104
119
114% 126 *120
& low esr.

f—1867

1868]

B O ST O N

STOC K

209

F L U C T U A T IO N S .

------- D ividen ds.------ , ^ 8 6 6 . - ^
Jan H ighest
r - 1 8 6 7 - ^ ’68. & low est.
50
60
4
4
8
*27**§ 46
4
4
104* 121
5
5
45
5
5
5
59*
5
5
5
9 * in *
39
0
0
0
50
112 129
5 t5
4
4
90 1 o *
3
0
36* 77*
4
4
90 106
3
3
'3 *9 6 * 108*
94 104*
3
3
3
3
26 *35
4
4
4 105 116
4
4
91 104
39
0
’i
70
w
5
+5
5 132* 149*
5
4
4
58* 62*
$4
4
4 ICO 122*

T a r .’66.
G ranite R ailw ay ............................................... 100 6
Indianapolis & C in n ....................................... 50 8
M anchester & L aw ren...................................100 S
M etropolitan ( h o r - e ) ..................................... 50 0
M ichigan C e n tra l.......................................... 100 10
M iddlesex (h o r s e )........................................ If 0 0
Nashua & l.o w ell.............. ........................... 100 8
N orthern (N. H .)............................................ 100 11
Ogdensburg & . Cham................................ 100 0
Ogds. & L . Cham ., pfd ...................................100 4
O.d Colony & N ew port................................ 100 8
P o rt., Saco & P o rtsm ..................................... 100 6
Sandusky & C in cin n ati................................. 50 6
Taunton B ran ch .................... . .............. 100 8
Ver<» ont & Canada............................
100 8
V erm . & M assach u setts.............................. 100 3
W estern ........................................................... 100 11
W ilm in g to n ....................................................... 50 5
W orcester & N a sh u a ..................................... 75$8

^-1867.-^
H ighest
& low est.
*40
55
28
44
112 123
50
58*
102
115
34
49
120 141*
102 112*
50
75
99 104
8 5 * 98
9 9 * 102*
3 2 * 34
1*8 112
8 7 * 101
52
58
134
149
52* 56*
111 1 1 «*

1868,
Jan. 2.
51
S8
123
*55*
*107
39
128
111
60
100
*85
*101
$33*
*108
95
*53
*138*
*52*
*114

* E x Dividend.
t Extra Dividends. Nashua & Lowell. 20 p. c. in stock, Aug 1. W estern, 30 p. c. in stoc k,
July 10.
X Boston and Wore. & W estern, consolidated as Boston & Albany, share for share, Dec. 1 ;
quotations o f the latter since. The B. & A. pays the W orcester 10 p c. extra, Feb. 1, 1868.
§ Camb. less State and Government taxes in October.
1866.—» ^-1867.^
Highest 1868
Hi,ghest
and
and
lowest.
lowest.
2.
93
9 7 * 98% 96
96
.. Jan. July
98 101 V 98 101
98
90
95*
»8V 92% 97
8831 98% 90
96 V 90
90
98
90
95V 92
93
102 100
105 V 105
99V 103 100 102% 102
. Apl. Oct.
95% M X 96 100
97
91
9i% 94 % 96% 93
Passed
S1V 60
59
88% 65
95
99V 97V 99% 99%'
95 100* 97
100
98*
88 SC 95 V 90
95
90
106V 114 108 112 *10S
91
100
94
95V 100
92
100
98*
9.8V 100
92
97
»8V 94
95*
92
97
90 100
95
97 100
98%
Divers.
94
100
97 mo
99
106% 113
108V 120 116
98% 105* 108%
98% 101
106**1 1 2* 107
118% 110
90
100
97 100
98*
Passed.
34
55
52
2 '-y, 45
91
96V 93
97
91%
91
100* 98 V
101 V 97
. . Mar. Sept. 97 % 98 V 93
97% 93
90
9 V 90
96 % 90
92
99
90V 96 V 94
90 100
97% 100
9 -V
67
l v 5 * 120
150 139
22% 61
40
35
60
84
S 9* 76 V 8 6 * 82
98
100% 90
.. Mar. Sept. 62
76% 14% 77 V 75
95
100
93
98% 100
79 t l2 1 * 54
76
62
23
42
25
•11V 25j,;
. May N ov. 100 104
96% 1 »«V 101
90
98
,. Jan. J 'lly
90
98
90*
94
100% 95
100% 97%
Interest.
W hen
payable.

Albany city (municipal) 6’ s, lo n g ..
Albany city (W estern Railroad) 6’ s
Augusta (Me) city. 6’ s, 1870...........
Bangor (Me) city, 6’ s, 1874...............
Boston city (currency int.) 6’ s. ’ 74-6..
Boston and Lowell Railroad, 6’ s, ’ 79.
Boston, Concord & Montreal, 6’ s, 89.
Boston, Hartford & Erie R .R , 7’ s,84.
Cambridge city, 6’ s, 1875.................... .
Charlestown city, 6V, 1P74..................

Han’ bal & St. Joseph I’ d g’ t, 7’ s, ’ 81.
Lynn city, 6’ s, 1887...............................
Maine St t.e, 6’ s, long ........................
Massach’ etts State (gold int) 6’ s, ’ 76.
Massach’ etfs State (gold int) 5’s,long
^ichiean Central Railroad, 8’ s, 1S82
N ew Hampshire State, 6’ s, 1874 .......
N. Y . <ft Bost R R “ A ir Line” 6’ s,73.

Passumpsic Railroad. 6’ s, 1876...........
Portl’ d city (pay’ e in Boston) 6’ s, ’ 77,
Rhode Island State, 6’ s, l o n g ........... .
Rutland Railroad (1st m ort.) 7’ s, 63..
Salem c i ‘y. b’ s, 1877 .....................................
Gandusky & Cincinnati RR., 6’ s, 1 90 0 ....

V t. Cent., & Vt. & Can.

* Ex-interest.
+ V erm ont Central Old, 1st m ortgage in 1866.
X Paid in bond scrip June and December, 1867.




210

TE N N E SSE E

R A IL R O A D

[March,

B O N D S.

TENNESSEE RAILROAD BONDS.
The Comptroller of the Treasury of the State o f Tennessee, in October
last sent to the Assembly a report on the financial and, incidentally, on
the material condition of the State. In this will be found, on page 12,
a recapitulation of the State debt in form as herewith transcribed:
State bonds loaned to railroad com panies.........................................................................
Interest on same to Jan. 1, 1866, funded............................................. $3,732,343
State bonds loaned to turnpike and plank road compa’ s .................................... ..
.
Interest on same to Jan. 1, 1866, funded..............................................
102,060
Bonds endorsed for HR. companies & city o f M em phis.................................................
State debt proper......................................................................................................................
Interest on same to Jan. 1,1866, funded................. ..........................
743,553
State bonds loaned to Agricultural Bureau......................... ! . ........................................
Interest on same to Jan. 1 ,1S66, m nded...................................... . . .
7,200

$21,465,000

$4,585,156
Total amount o f funded interest..................................................................................

$27,679,607
4,585,156

Total amount o f original and interest b on d s............................................................
D ed u ct: State bonds cancelled $71,000, endorsed bonds cancelled $143,000 ...........

490,000
2,350,0'0
3,^44,607
.............
30,000

$32,264,763
214,000
$32,050,763

Assumed by G ov ern or: Debt due United States by Edgefield and Kentucky, and
Memphis, Clarksville and Louisville railroad com panies............................... ........
Entire State liabilities, actual and contingent..........................................

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

.

511,561
$32,562,324

On the 1st October, 1861, the railroad debt was in gross $13,959,000.
Between March, 1866, and October, 1867, the State issued additional loan
bonds to the amount of $8,172,000. These issues, less unimportant can­
cellations, make up the $21,465,000 as given in the first part of the
above table. To this amount must be added the interest on the original
bonds up to January, 1866, $3,732,343 ; the bonds endorsed by the State
$2,350,000, and the bonds assumed by the governor for certain roads
$511,561. Including these the total railroad debt and liabilities in
October, amounted to $28,058,904. From this, however, must be deducted
$214,000 cancelled by the railroad sinking fund, leaving the actual railroad
debt at date $27,844,904.
The actual securities for these large sums o f money are the railroads
that have been benefitted by their issue. On page 18 of the Comptroller’s
Report, the length and cost o f the several works is summed up. The
length is there shown to be 1,390^ miles, and the cost $35,362,565. The
new loans when expended will bring the cost up to about $40,000,000.
This is the nominal cost. Whether they are worth this amount de­
pends chiefly on their productiveness, and this depends in turn on the
business activity of the country.

We give the above facts in relation to this State’s indebtedness in answer
to many inquiries, and we think they furnish all that is necessary for our
readers to form an opinion as to the value of the securities now being
offered.




18681

TH E

PARKS

OF

COLORADO.

211

THE PARKS OE COLORADO.
THE SAN LUIS PA RK .

The San Luis park is readily entered at the extreme north through the
Poncho pass, penetrating the Cordillera from the Arkansas River, This
park, of elliptical form and immense dimensions, is enveloped between the
Cordillera and Sierra Mimbres. It has its extreme northern point between
these two Sierras, where they separate by a sharp angle and diverge: the
former to the southeast, the latter to the southwest. The latitude of the
Poncho pass is 38 degrees 30 minutes, the longitude 106 degrees. It is
125 miles southwest from Denver, and 37 miles due west from Canyon
City.
Emerging from the Poncho pass, the waters begin to gather and form
the San Luis River. This flows to the south through a valley of great
beauty, which rapidly widens to the right and left. On the east flank the
Cordillera ascends abruptly and continuously, without any foot hills, to a
sharp, snowy summit; on the west, foot hills and secondary mountains,
rising one above the other, entangle the whole space to the Sierra Mimbres.
The Sawatch River has its source on the inner (eastern) flank of the
Sierra Mimbres, about 60 miles south o f its angle of divergance from the
Cordilleras, and by a course nearly east converges toward the lower San
Luis River. It enters upon the park by a similar valley. These two
valleys expand into one another around this mass of foot hills, fusing into
the open park, whose centre is here occupied by the San Luis lake, into
which the two rivers converge and discharge their waters.
The San Luis lake, extending south from the point of the foot hills,
occupies the centre of the park for 60 miles, forming a bowl without any
outlet to its waters. It is encircled by immense saturated savannas of
luxuriant grass. Its water surface expands over this savanna during the
season of the melting snows upon the Sierras, and shrinks when the season
of evaporation returns. From the flanks o f the Cordillera on the east, at
intervals of six or eight miles asunder, and at very equal distances, fourteen
streams, other than the San Luis, descend and converge into the San Luis
lake. The belt of sloping plain between the mountains and the lake>
traversed by so many parallel streams, bordered by meadows and groves
of cottonwood trees, has from this feature the name “ Los Alamosos.” It
is 60 miles in length and 20 wide. On the opposite (western) side, from
the flank of the Sierra Mimbres, similar streams descend from the west
into the lake, known as the Sawatch, the Carnero, and the Gfareta.
The confluent streams thus converging into the San Luis lake are 19
in number. The area thus occupied by this isolated lake and drained
into it by its converging affluents, forming distinctly the northern section




212

TH E P A R K S

OF

COLORADO.

[.March,

of the park, and being one-third of its whole surface, is classified under
the general name of “ Rincon.”
Advancing onward to the south, a’ ong the west edge of the plains, 10
miles from the Gareta, the R io del Norte River issues from its mountain
gorge. Its source is in the perpetual snows o f the peaks of the San Juam
the local name given to this stupendous culmination o f the Sierra Mimbres'
The Del Norte flows from its extreme source due east 150 miles, and
having reached the longitudinal middle o f the park turns abruptly south
and bisecting the park for, perhaps, 150 miles, passes beyond its rim in
its course to the Gulf o f Mexico. A ll the streams descending from the
enveloping Sierras (other than the Alamosos) converge into it their tri­
butary waters. On the west come in successively the Pintada, the Rio
del Gata, the Rio de la Gara, the Conejos, the San Antonio, and the
Pieda. These streams, six or eight miles asunder, parallel, equidistant,
fed by the snows of the Sierra Mimbres, have abundant waters, very fertile,
areas of land, and are all o f the very highest order of beauty.
Advancing again from the Rincon, at the eastern edge of the plain
along the base of the Cordillera, the prodigious conical mass o f the Sierra
Blanca protrudes like a vast hemisphere into the plain, and blocks the
vision to the direct south. The road describes the arc o f a semicircle
around its base for 30 miles, and reaches Fort Garland.

In the immediate vicinity of Fort Garland, the three large streams, the
Yuta, Sangre de Christo, and the Trenchera, descend from the Cordillerai
converge, unite a few miles west, and blending themselves in the Trenchera,
flow west 24 miles into the Rio del Norte. The line of the snowy Cor­
dillera, hidden behind the bulk of the Sierra Blanca, here again reveals
itself pursuing its regular south-southeast course and direction. Fourteen
miles south is reached the town of San Luis, upon the Calebra River;
17 miles further is the town of Costilla, upon the Costilla River; 15 miles
further the town of Rito Colorado is reached ; 18 miles onward is the
Arroyo Hondo; (between these is the San Cristova;) from the Arroyo
Hondo to Taos is 14 miles; 20 miles beyond Taos is the mountain chain
whose circle toward the west forms the southern mountain barrier which
encloses the San Luis park in that direction.
The San Luis park is then a n immense elliptical bowl, the bed o f a
primeval sea which has been drained ; its bottom, smooth as a water sur­
face and concave, is 9,400 square miles in area. It is watered by 35
mountain streams, which, descending from the encircling crest o f snow,
converge, 19 into the San Luis lake, the rest into the Rio del Norte. An
extraordinary symmetry o f configuration is its prominent feature. The
scenery, everywhere sublime, h a 3 the ever-changing variety of the kaleido­
scope. Entirely around the edge of the plain, and closing the junction o f




1868]

TH E

PARKS

OF

COLORADO.

213

the plain with the mountain foot, runs a smooth glacis, exactly resembling
the sea beach, which accompanies the conjunction of the land with the
ocean. From this beach rise continuously all around the horizon the
great mountains, elevating their heads above the line of perpetual snow.
On the eastern side the escarpment o f the Cordillera rises rapidly, and is
abrupt; on the western side the crest of the Sierra Mimbres is more
remote, having the interval filled with ridges, lessening in altitude as they
descend to the plain of the park. This continuous shelving flank of the
Sierras, completing a perfect amphitheatre, has a superficial area equal to
that of the level plain which it envelopes, and gives to the whole enclosure
within the encircling band o f snow an area of 18,000 square miles. At
an elevation of five or six thousand feet above the plain a level line upon
the . mountain wall marks the cessation of arborescence, above which
naked granite and snow alone are seen. To one who ascends to this
elevation at any point, the whole interior of this prodigious amphitheatre
is scanned by the eye and swept in at a single glance. Aided by a glass,
the smallest objects scattered over the immense elliptical area beneath are
discernible through the limpid, brilliant, and translucent atmosphere.
Two facts impress themselves upon the senses; the perfect symmetry of
configuration in nature and the intense variety in the forms and splendor
of the landscape. The colors o f the sky and atmosphere are intensely
vivid and gorgeous; the dissolving tints of light and shade are forever
interchanging; they are as infinite as are the altering angles of the solar
rays in his diurnal circuit.
The average elevation of the plain above the sea level is 6,400 feet.
The highest peaks have an altitude o f 16,000 feet above the sea. In the
serrated rim of the park, as seen from the plain, projected against the
canopy, are discernable 17 peaks, at very equal distances one from another.
Each one differs from all the rest in some peculiarity of shape and posi­
tion. Each one identifies itself by some striking beauty. From the
snows of each one descends some considerable river, as well within the
park as outward down the external mountain bank.
W e recognize, therefore, in the San Luis park an immense elliptical
basin enveloping the sources of the Rio Bravo del Norte. It is isolated
in the heart of the continent, 1,200 miles from any sea. It is morticed,
as it were, into the midst o f the vast mountain bulk, where, rising
gradually from the oceans, the highest altitude and amplitude of the con­
tinent is attained. This park spreads its plain from 36 to 3S deg. 30
min., and is bisected by the 106th meridian. Its greatest length is 210
miles; its greatest width is 100 ; its aggregate approximate area is 18,000
square miles.
Such being the geographical position, altitude, and peculiar unique




214

TH E

PARKS

OF

CO LO RADO .

[March,

configuration, these features suggest the inquiry into parallel peculiarities
of meteorology, geology, physical structure, agriculture, mineralogy, and
the economy of labor.
The American people have heretofore developed their social system
exclusively on the borders of the two oceans, and within the maritime
valleys of moderate altitude, having navigation and an atmosphere in­
fluenced by the sea. To them, then, the contrast is complete in every
feature, in these high and remote altitudes beyond all influence of the
ocean, and specially continental.
There is an identity between the “ Valley or Park o f the City o f
Mexico” and the San Luis park which ought to be here mentioned.
They are similar, twin basins o f the great plateau, classifying together and
alike in the physical structure of the continent. Mexico is in latitude'20
degrees, longitude 99 degrees, and at 7,500 of altitude. The width of
the continent is here 575 miles (from ocean to ocean), and the divergence
o f the Cordilleras is 275 miles, which is here the width of the plateau*
A t the 39 degrees the continent expands to a width of 8,500 miles be­
tween the oceans; the Cordilleras have diverged 1,200 miles asunder, and
the plateau has widened the same dimensions. In harmony with this
great expansion of the continent are all the details of its interior struc­
ture. The “ Park of the City of M exico” is but one-tenth in size and
grandeur as compared and contrasted with the San Luis park. O f identi­
cal anatomy, the former is a pigmy ; the latter a giant. The similitude
as component parts of the mountain anatomy is in all respects absolute,
as is also true o f the other parks, which1occupy longitudinally the centr®
of the State of Colorado.
METEOROLOGT.

The atmospheric condition of the San Luis park, like its scenery, is one
of constant brilliancy, both by day and night, obeying steady laws, yet
alternating with a kind of playfully methodical fickleness.. There are no
prolonged vernal or autumnal seasons. Summer and winter divide the
year. Both are characterized by mildness o f temperature. After the
autumnal equinox the snows begin to accumulate upon the mountains.
After the vernal equinox they dissolve. The formation o f light clouds
upon i he crest o f the Sierras is incessant. The meridian sun retains its
vitalizing heat around the year ; at midnight prevails a corresponding
tonic coolness. The clouds are wafted away by the steady atmospheric
currents coming from the west. They rarely interrupt the sunshine, but,
refracting his rays, imbue the canopy with a shining silver light, at once
intense and brilliant. The atmosphere and climate are essentially conti­
nental, being uninterruptedly salubrious, brilliant, and tonic.




1868]

TH E

PARKS

OP

COLORADO.

215

The flanks of the great mountains, bathed by the embrace of these irri­
gating clouds, are clad with dense forests of pine, fir, spruce, hemlock,
aspen, oak, cedar, pinon, and a variety of smaller fruit trees and shrubs
which protect the sources of springs and running rivulets. Among the
forests alternate mountain meadows of luxuriant and nutritious grasses.
The ascending clouds, rarely condensed, furnish little irrigation at the
depressed elevation of the plains, which are destitute of timber, but
clothed in grass. These delicate grasses, growing rapidly during the
annual melting of the snows, cure into hay as the aridity of the atmos­
phere returns. They form perennial pastures, and supply the winter food
of the aboriginal cattle, everywhere indigenous and abundant.
An infinite variety in temper and temperature is suggested as flowing
from close juxtaposition of extreme altitudes and depressions; permanent,
snows, running rivers, and the concentric courses of the mountains and
rivers. Storms of rain and wind are neither frequent nor lasting. The
air is uniformly dry, having a racy freshness and exhilarating taste. A
soothing serenity is the prevailing impression upon those who live per­
petually exposed to the seasons. Mud is never anywhere or at any time
seen. Moderation and concord appear to result from the presence and
contact of elements so various.
The critical conclusions to which a rigid study of nature brings the
scrutinizing mind are the reverse of first impressions. The multitudinous
variety of nature adjusts itself with a delicate harmony which brings into
healthy action all the industrial energies. There is no use for the practice
of professional pharmacy. Chronic health and longevity characterize
animal life. The envelope of cloud-compelling peaks, the seclusion from
the oceans, the rarity of the air inhaled, and the absence of humidity
disinfect the earth, the water, and the atmosphere of exhalations and
miasmas. Health, sound and uninterrupted, stimulate and sustain a high
tone of mental and physical energy. All of these are banished, as it
were, by the perpetual brilliancy and salubrity of the atmosphere and
landscape, whose unfailing beauty and tonic taste stimulate and invite the
physical and mental energies to perpetual activity.
GEOLOGY AND M IN ERALS.

As a geological basin, the San Luis park is in the highest degree inter­
esting and remarkable. It is found to contain, intermingled and in order,
a complete epitome of all the elements of which geological science and
research take note. Its intra-mural locality between the primeval crests
of the Cordillera, on the east, and the Sierra Miinbres (here called the
“ San Juan”), on the west, multiplies this variety indefinitely. These
primary Sierras, separated by the park, face one another in full sight, as




210

TIIJC P A R K S

OF

COLORADO.

[March,

they rear their Hants from the opposite edges of the concave plain. The
successive periods and stupendous forces which have expended themselves
to produce what is in sight, and then subsided to an eternal rest, each
particularly manifest itself. The comb of the Sierra presents the prodigious
plates of primeval porphyry driven up, as the subsoil of a furrow, from
the lowest terrestrial crust, and protruding their vertical edges toward the
sky.
This summit, yielding to the corroding forces, presents a wedge toward
the canopy ; is arranged in peaks resembling the teeth of a saw ; is above
all arborescence, and is either clad in perpetual snow, or is bald rock.
Against this is lapped perpendicularly the second stratum, less by
many thousand feet in altitude, its top forming a brim or bench. This
bench, being the rended edge of the erupted stratum, softer than the first,
and receiving the debris from above, has a deep, fertile soil, a luxuriant
alpine vegetation, forests of fir and aspen, and is the highest region of
arborescence and vegetable growth.
This is the region of rocks where the metals, especially gold and silver,
abound in crevices charged and infused with the richest ores. It is from
hence that the gold of the gulches is disintegrated and descends. Here
are springs of water and the sources of rivers. The timber is excellent,
and the pastures of various grasses luxuriant and inexhaustible. Swept
by ascending currents of vapor, irrigation is constant. This elevated bench
is a permanent characteristic of the mountain flank, continuous as the con­
tinent itself—a colossal staircase, whose steps are themselves of mountain
magnitude. It is here, at these surfaces of contact of the erupted plates
of the lowest terrestrial crust, that the thread of the “ gold belt” is
revealed and found. From this thread, as from a core outward, the
precious metals taper in quantity and become diluted in the immensity of
the rocks, as a hill of rock salt disappears to the eye, dissolved in the
immensity of the ocean.
The top of this continuous bench is undulating, broad, and occasionally
crossed by transverse ridges and the chasms of watercourses. The front
flank of this bench forms the stupendous escarpment of the mountains,
everywhere lofty and precipitous. It is cut through by innumerable
streams, up whose gorges access to the upper regions is attained, and the
internal contents, the intestines, as it were, of the rocks are revealed to
sight and search.
Forming the pediment of this stupendous mural escarpment is the
second brim or beach (being the lowest) in the general mountain descent.
Here the approaching elevation of the plain, the increase in size of the
streams, the accumulating debris from above, and the increased atmos­
pheric abrasion, all unite to obliterate the angularity of the rocks and




1868]

TIIK

PARKS

OF

COLORADO.

21V

i mpair the striking distinctness o f formation. Forests of pine and de­
ciduous trees prevail. The flora and vegetation is abundant and various.
The atmospheric irrigation becomes uncertain, and the rocks are covered
with soil or the fragments of their own superficial destruction. Imme­
diately following is the broad space occupied by the fusion of the moun­
tain base and the plain gently descending to meet it. Here is a profile
infinitely indented and broken ; alternately the sloping ridges protrude
their ribs into the plain, and the plain advances its valleys between them
to receive the streams. This is the region of the placers, where is checked
in its descent and lodged beneath the alluvial soil the free gold washed
down by torrents from the overhanging summits.
This sketch of the normal structure and configuration of the Cordillera
is illustrated by a chequered list of details in its minute details. The
primeval rocks, heated to incandescence, rest in their vertical positions,
unaltered from their original form ; they have been roasted but not
liquified. Original strata of limestone and gypsum, uplifted on high but
not destroyed, rest upon the summit as a torn hat. Gypsum, limestones,
slates, clays, shales, are thus found near the highest summits. The decay
o f the secondary rocks gives extraordinary fertility to the mountain
flanks and to the alluvial bottoms below. Hence the luxuriance of the
arborescence, the pastures, and the flora. The altitude of the summits
gathers and retains the snows, whose glaciers give birth to innumerable
rivers. These gash the precipitous flanks with chasms, up which roads
ascend ; the composition of the rocks is here revealed ; the mysteries of
their interior contents are unravelled, and the secretions o f nature sub­
jected to the human eye and hand.
Thus, then, erects itself the primeval Cordillera, constructed of hori­
zontal plates, vertically thrown up by stupendous volcanic forces, partially
altered or roasted by incandescent heat, but neither destroyed nor recast
in form ; the secondary rocks are tossed and scattered high in the upper
regions, but are not calcined by flame. The metallic ores are as various
as is the variety of the rocks, enriched by heat and exposed by upheaval
and corrosion. No lava, no pumice, no obsidien, nothing o f melted mat­
ter from the plutonic region is seen. This furrowing o f the terrestrial
crust has alone occupied and exhausted the stupendous volcanic throes of
the subterranean world of fire.
SIERRA MIMBRES.

The Sierra Mimbres, forming the western envelope of the park, is not
dissimilar to the Cordillera in its origin, composition, and configuration.
Rising from the level of the great plateau, it is of inferior bulk and rank.




14

218

tiie

parks

of

Co l o r a d o .

[March,

It forms the backbone from whose contrasted flanks descend the waters o f
the Rio del Norte, on the east, and o f the Colorado on the west.
Craters o f extinct volcanoes are numerous ; streams o f lava, once liquid
abound , pedrigals of semi crystalline basalt submerge and cover the val­
leys into which they have flowed, and ever which they have hardened.
This Sierra, then, has a general direciion from north to south, cor­
responding with the 109th meridian. It has all the characteristics in
miniature of the Cordillera, but is chequered and interrupted by the
escape of subterranean fires, having areas overflowed and buried beneath
the erupted current. Where the nascent springs of the Rio del Norte
have their birth the Sierra Mimbres culminate to stupendous peaks of
perennial snow, locally named San Juan.
The concave plain of the San Luis park, begirt by this elliptical zone
of the Sierras, thus capped with a ragged fringe of snow projected up­
ward against the canopy, is the receptacle of their converging waters. It
is a bowl of vast amplitude, which has for countless ages received and
kept the sedimentary settlings o f so prodigious a circuit o f Sierras, builded
up with every variety of form, structure, and geological elements else­
where found to enter into the architecture of nature. Hither descend
the currents of water, of the atmosphere, of lava. The rocks rent from
the naked pinnacles, tortured by the intense vicissitudes which assail
them ; the fragments rolled by the perpetual pressure o f gravity upon the
descending slopes; the sands and soils from the foundations of rocks and
clays of every gradation of hardness ; the humus of expired forests and
annual vegetation ; elements carbonized by transient fires ; organic decay ;
all these elements descend, intermingle, and accumulate.
This concave plain is, then, a bowl filled with sedimentary drift, covered
with soil, and varnished over, as it were, with vegetation. The northern
department of Rincon, elosely embraced by the Sierras and occupied by
the San Luis lake, is a vast savanna deposited from the filtration o f the
waters, highly impregnated with the mountain debris. Beneath this soil
is a continuous pavement of peat, which maintains the saturation of the
super soil, and is admirable for fuel.
The middle region o f the plain, longitudinally, displays a crater o f the
most perfect form. The interior pit has a diameter of 20 miles, from the
centre of which is seen the circumferent wall forming an exact circle, and
in height 500 feet. This wall is a barranca, composed o f lava, pumice
calcined lime, metamorphosed sandstone, vitrified rocks, and obsidien.
This circumferent barranca is perforated through by the entrance and
departure of the Rio del Norte, the Calebra, and the Costilla rivers, which
traverse the northern, western, and southern edges o f the interior. By
this and other forces of corrosion this barranca is on these three sides cut




1868]

TH E

PARKS

OP

COLORADO.

219

into isolated hills, called cerritos, o f every fantastic form, and of extraor­
dinary beauty of shape and tints. The bottom of the crater has been
filled up with the soils resulting from the decay o f this variety of material,
introduced by the currents o f the water and of the atmosphere. It is
beveled by these forces to a perfect level; is o f the fattest fertility, and
drained through the porous formation which underlies it.
From this crater to its southern rim, a distance of 65 miles, the park
expands over a prodigious pedrigal formed from it in the period o f vol­
canic activity. This pedrigal retains its level, and is perforated by the
Eio del Norte, whose longitudinal course is confined in a profound
chasm or canon, of perpendicular walls of lava, increasing to the depth o f
1,200 feet, where it debouches from the jaws of this gigantic flood of
lava, near the village of La Joya, in New Mexico. Such are the extraor­
dinary forms and stupendous dimensions with which nature here salutes
the eye and astonishes the imagination. The expansion o f the lava is all
to the south, following the descent toward the sea. Toward the north,
repelled by the ascent, are waves demonstrating the defeated effort to
climb the mountain base.
Such is an imperfect sketch o f this wonderful amphitheatre o f the
Sierras. Its physical structure, infinitely complex, exhibiting all the
elements of nature piled in contact, yet set together in order and ar­
ranged in harmony; its cloud-compelling Sierras, of stern primeval matter
and proportions ; its concave basin of fat fertility ; its atmosphere of daz­
zling brilliancy, tonic temperature, and gorgeous tints; its arable and
pastoral excellence, grand forests, and multitude of streams; its infinite
variety of mines and minerals, embracing the whole catalogue of metals,
rocks, clays, and fuel ; its capacity to produce grain, flax, wool, hides,
v, getables, fruits, meats, poultry, and dairy food ; the compact economy
of arrangement which blends and interfuses all these varieties; these
combine to provoke, stimulate, and reward the taste for physical and
mental labor.
Entrance and exit over the rim of the park is everywhere made easy
by convenient passes. Roads re-enter upon it from all points o f the
compass and every portion of the surrounding continent. These are not
obstructed at any season. On the north is the Poncho Pass, leading to
the Upper Arkansas river, and into the south park. On the east, the
Mosca and Sangre de Christo passes debouch immediately upon the great
plains. On the south is the channel o f the Rio del Norte. On the west
easy roads diverge to the rivers Chamas, San Juan, and toward Arizona.
In the northwest the Cocha-to-pee opens to the great Salt Lake and the
Pacific. Convenient thoroughfares and excellent roads converge from all
points, and diverge with the same facility.




220

TH E PA R K S

OT

COLORADO.

[ March,

The system o f the four parks, extending to the north, indefinitely
amplifies and repeats all that characterizes the San Luis park. Smaller
in size and less illustrated by variety, each one o f the three by itself
lingers behind the San Luis, but is an equal ornament in the same family.
Their graceful forms, their happy harmony of contact and position, makes
their aggregated attractions the fascinating charm and glory of the
American continent.
The abundance and variety o f hot springs o f every modulation o f tem­
perature is very great. These are also equalled by waters of medicinal
virtues. It has been the paradise o f the aboriginal stock, elsewhere so
abundant and various. Fish, waterfowl, and birds of game and song and
brilliant plumage frequent the streams and groves. Animal life is infinite
in quantity and abund>ntly various.
The atmospheric currents which sweep away every exhalation and all
traces of malaria and miasma have an undeviating rotation. These cur­
rents are necessarily vertical in direction and equable in force, alternating
smoothly as land and sea currents of the tropical islands of the ocean.
The silence and serenity of the atmosphere are ifot ruffled ; the changing
temperature alone indicates the motion o f nature.
All around the elliptical circumference o f the plain, following, as it
were, its shore, and bending with the indented base of the mountain, is an
uninterrupted road of unparalleled excellence. This circuit is 500 miles
in length, and is graced with a landscape o f uninterrupted grandeur
variety, and beauty; on the one hand the mountains, on the other hand
the concave plain, diversified with groves of alames and volcanic cerritos.
A t short intervals o f five or ten miles asunder are crossed the swift-run­
ning currents and fertile meadows o f the converging mountain streams.
Hot springs mingle their warm water with all these streams, which
swarm with delicate fish and waterfowl.
The works o f the beaver and otter are everywhere encountered, and
water power for machinery is o f singularly universal distribution.
Agriculture classifies itself into pastoral and arable, the former subsisting
on the perennial grasses, the latter upon irrigation everywhere attained
by the streams and artificial acequias. This concave configuration and
symmetry of structure is remarkably propitious to economy o f labor and
production, favored by the juxtaposition and variety o f material, by the
short and easy transport, and by the benignant atmosphere.
The supreme excellence o f position, structure, and productions thus
grouped within the system o f the parks o f Colorado, occupying the heart
o f the continental home of the American people, is conclusively discerni­
ble.
Here is the focus o f the mountains, o f the great rivers and o f the
metals of the continent. The great rivers have here their extreme sourc es




1868]

TH E

PARKS

OP

COLORADO.

221

which interlock and form innumerable and convenient passes from sea to
sea. From these they descend smoothly to both oceans by continuous
gradations. The parks occupy the line of the 4Cth degree, and offer the
facilities for a lodgment in force, at the highest altitude, where the
supreme divide of the continent exists, half way between the trough of
the Mississippi and the Pacific shore. Being immediately approachable
over the great plains, their mines of precious metals are the nearest in the
world to the social masses o f the American people and to their great
commercial cities. Their accessibility is perfect. All the elements of
a perfect economy— food, health, geographical position, innumerable
mines of the richest ores and every variety —erect, assist, and fortify one
another.
The San Luis park has 24,000 population. These people are of the
Mexiean-American race. Since the conquest of Cortez, A. D. 1520, the
Mexican people have acquired and adopted the language, religion and,
in modified forms, the political and social systems of their European
rulers. A taste for seclusion has always characterized the aboriginal
masses, heightened by the geographical configuration of their peculiar
territory. Upon the plateau, elevated 7,000 feet above the oceans, and
encased within an uninterrupted barrier o f snow, reside 9,000,000 of
homogeneous people. An instinctive terror of the ocean, of the torrid
heats and malarious atmosphere o f the narrow coasts on either sea, perpetually haunts the natives o f the plateau. To them navigation is
unknown, and maritime life is abhorrent. The industrial energies of the
people, always active and elastic, and always recoiling from the sea, have
expanded to the north, following the longitudinal direction of the plateau,
o f the mountains, and of the great rivers. This column o f progress
advances from south to north; it ascends the Rio Bravo del Norte ; it has
reached and permanently occupies the southern half o f the San Luis park.
At the same moment the column of the American people, advancing
in force across the middle belt of the continent, from east to west, is
solidly lodged upon the eastern flank o f the Cordillera, and is everywhere
entering the parks through its passes. These two American populations,
all of the Christian faith, here meet, front to front, harmonize, intermarry,
and reinvigorate the blended mass with the peculiar domes do accomplish­
ments of each other.
The Mexican contributes his primitive skill, inherited for centuries
without change, in the manipulations o f pastoral and mining industry, and
in the tillage of the soil by artificial irrigation. The American adds to
these machinery and the intelligence of expansive progress. The grafted
stock has the sap of both. As the coming cont nental railroad hastens to
bind together our people i ulited o i the teas, a longitudinal railroad of




222

E R IE

[Marc h,

R A IL W A Y .

2,000 miles will unite with this in its middle course, bisecting the Terri­
tory, States, and cities of 10,000 of affiliated people. This will fuse and
harmonize the isolated peoples of our continent into one people, in all the
relations of commerce, affinity, and concord.
S

an

L

u is d i

C

a lebra

,

July, 1867.

ERIE RAILW AY.
The following statement shows the length o f the Erie Railway, both the
main line and the branches:
M ain L in e......... Jersey city, N. J ., to D unkirk, N. Y ................................................................... m iles 460
( Suffern, N. Y., to Piermont, N. Y .............
18
B ranch Line. ■< Greycourt. N. Y ., to Newburg, N. Y ........................................................... 19
( Hornellsville, N. Y ., to Attica, N . Y ........................................................... 60
-----97
Total length o f com pany’ s ow n lin e s ....................................................................................

557

[It may here be observed that the line within New Jersey is not, in
reality, the property o f the Erie company, but is owned by three separate
companies (v iz .: the Paterson and Hudson, the Paterson and Ramapo,
and the Long Dock), and leased in perpetuity to the Erie, at rents based
on their cost as local lines. Additions and improvements made by the
latter company, however, have been so extensive as to constitute them new
lines, and in this light only can they be said to belong to the lessee.]
Besides the foregoing there are a number of roads leased and operated
by the Erie, the names and length of which in each year were as follows :
Lines.
Buffalo, N ew Y ork and Erie R . R .................. ...........
Rochester and Genesee Yalley R . R ............... ...........
Chem ung R a ilroa d .............................................. .......
Canandaigua and Elmira R ailroad................... ...........
H aw ley Branch Railroad...................................
Buffalo, Bradford & Pittsburg R . R .................

1863.
140.0
18.0
17.5
48.5

1864.
140.0
18.0
17.5
48 5
16 0

1865.
140.0
18.0
17.5
48 5
16.0

1866.
140.0
18.0
17 5

1867.
140.0
18.0
17.5

16.0
25.0

lfiio
25.0

Total leased lin e ............................................ ...........
Second track and sid in g s..................................

240.G

240.0
19 0

240.0
21.0

217.0
30.2

217.0
31.0

259.0

259.0

261.0

247.2

248.0

Total equivalent single track.................... ...........

The decrease in the mileage o f the leased roads in 1866 was occasioned
by the company sub-leasing the Canandaigua and Elmira Railroad, 48.5
miles in length, to the Northern Central Railroad Company. In the same
year the company leased that portion of the Buffalo, Bradford and Pitts­
burg Railroad extending from Carrollton Station, 54 miles east from
Dunkirk, to Lafayette, McKean Co., Pa., the centre of a very valuable coal,
iron and lumber region. The coal found here is highlv bituminous, and
already finds extensive markets in Western New York, Canada and the
States further W est. The gauge of the Elmira road has been altered to
that of the Northern Central Railroad, and a third rail has been laid on
the Chemung Railroad, so as to complete the connection.




1868 j

E R IE

22 3

R A IL W A Y ,

The aggregate of all lines operated by the company is shown in the following statement:
1863.

Lines owned as a b ov e...................................
Lines leased as abov e....................................

1864.
893.5
259.0

1865
919.0
261.0

1867.
935.0
248 0

1866.
924 0
247.2

Grand total in single tra ck ....................
1171.2 1188.0
1152.5
1180.0
The Warwick Valley Railroad, length 10 miles, is operated in connec­
tion with the Newburg branch, this company receiving payment in a fixed
sum for each mile run.
Rolling Stock.— The following is a schedule o f the locomotives and
cars on the main line and branches at the close of each y e a r :
Classification.
1863.
Locom otive engines and t e n d e r s ............. ......................
243
Cars—p a -se n g e r............................................
—emigrant, baggage, e tc......................
—b ox , cattle, m ilk and o i l ...................
—fla t .........................................................
—coal
......... .........................................

1864.
276
114
247
j 2,633
1 1.180
540

1863.
331
133
264
2 975
1,212
884

1866.
371
180
454
3,023
1,334
991

1867
371
190
450
3,104
1,299
984

4,714

5,468

6 005

6,027

T otal num ber o f c a r s ............................

The Buffalo, New York and Erie Railroad’s equipment in 1863, consisted of 28 locomotives and 459 cars. These do not appear in the column
for that year.
The “ Doings in Transportation” in each of the five years, from Jan. 1,
1863, are shown in the following statement:
1863.
1864.
1865.
Miles run by trains............................................ 5,858,687 6,916,324 6,839,028
Passengers carried
..................................... 1,236,506 1,785,606 2,534,791
■ions (2,000 lbs.) ca rr ie d ................................... 1,874,634 2,214,295 2,175,965

1866.
1867.
7,109,129 6,458,219
2,871,505 2,245,180
2,214,912 3,484,546

The following statement shows the gross earnings from operations, and
the expense on account o f transportation and repairs :
Specifications.

1863.

^

1864.

1865.

$

1866.

S

1867.

$

Passenger..................................... 1,850,984 49 3,002,197 70 4,401,354 86 3,148,290 08 2,931,833 45
F r e ig h t .......................... . ........ 8,476,810 18 10,243,397 61 11,920,540 14 11,261,641 58 11,204,688 73
M a il..............................................
101,052 04
101,352 04
101,352 04
129,455 93
130,71400
Miscellaneous ............................
40,634 58
83,196 19
32,981 36
57,025 50
49,97696
T otal ea rnings........................... 1U,469,481 29 13,429,643 54 16,462,227 90 14,596,413 09 14,317,213 14
P a ssen g er............................... . 1,390,855 42 2,320,171 76 3,369,084 27 3,088,859 02 2,210,793 70
F re ig h t........................................ 4,558,230 28 6,641,113 93 8,385,311 U6 7,764,281 02 8,100,423 50
T otal e x p e n se s ...........................5,949,085 70 8,961,285 69 11,754,395 33 10,853,140 04 10,31),217 20
Net rev en u e.................................4,520,395 19 4,468,357 85 4,607,&32 57 3 743,273 05 4,005,995 94
N et rev. p. et...............................
43.26
33.27
27.09
25.64
27.89

The Income Account for the same year, reads as follows :
Specifications.
1863.
1864.
1865.
1866.
1867.
Bal. from last yea r............................. $26 621 28 $777,817 76 $857,370 64 $620,554 551*356,608 69
Net re v e n u e ....................................... 4,620,395 59 4,468,367 85 4,607,832 57 3,743,273 05 4,005,995 94
Total resources............................. 4,517,016 87 5,246,175 61 5,465,203 21
4,363,827 60 4,362,60463
Interest on bonds............................. 1,406,405 00 1.231,806 34 1,399,769 6(1 1,631,073 07 1,621,551 90
Bents o f railroads ............................ 133,400 00
182,4n0 00 182,400 00
567,212 00 557,57877
Bent o f Long D ’ k . ..........................
113,551 84
l:a,163 46 165,690 00
165,690 00 17U.31000
Inter. Bev. T a x es.............................
113,504 98
823,803 74 561,250 42 300,814 60 H 0,565 06
Taxes on real est’ e ...........................
104,259 43 259,819 45 225,416 02
246,335 07 228,88867
Pavonia ferry.....................................
39,351 37
34,159 11
22,948 47
...
11,665 49
Interest................................................
5,242 69
.. .
49,329 51
95,180 84 252,260 72
Hire o f cars........................................
28,246 21
85,782 70
29,261 32
31,331 11
22,58544
Loss and damage................................
19,000 00
___
___
98,005 50
___
S kgfu n d —Buff. Br..............................
2,354 00
___
...
___
___
Loss on B .,N .Y .& E rie B B ., &c .
322,781 09 303,23659 388,69613
Total disbursm ’ t s . . ......................... 2,309,096 61 2,556,171 39 3,024.764 53 3,135,64219 2,965,412 10
Dividend fund ............................... 2,237,910 26 2,639.994 22 2,440,43^ 58 1,228,185 41 1,397,192 53
* Th ■fiscal year has been altered from Dec. 31 to Sept. 30, hence the difference in the bal"
ance o f incom e account.




224

E R IE

[March,

R A IL W A Y .

W hich was disposed of as follows :
D iv id en d s.......................................... 1,460,102 60 1,832,623 58 1,819,884 13
T a x on dividends.. ........................
...
..
----Balance to next y ’ r ............................ 777,817 76 857.870 64 620,554 55

567,304 85
----660,880 56

567,304 85
29,85815
600,029 53

The financial condition o f the company at the close of the years 1862—
1867, is shown in the following statement:
1863.
1S64.
1865.
1866.
1867.
Specifications.
$
$
$
$
$
Capital—com ............................. 11.569,500 00 16.40',100 00 16,570,109 00 16,574,300 00 16,574,300 00
44
p r e f . . . ...................... 8,535,700 00 8,525,700 00 8,535,700 00 8,536,910 00 8,536,910 00
Total capital............................. 20,1'5,200 O' 24,935,800 00 25,105.800 00 25.111,210 00 25,111,210 00
1st mort. b d s............... .............. 3,000,000 00 3. 00,000 00 3,000,000 00 3,000,000 00 3,000,( 00 00
2d
“
“ ............................ 4,000,000 00 4,0‘'0.000 0 1 4,000.( 00 00 4,000,000 00 4.000,00' 00
3d
“
44
6,000.000 00 6,000,000 00 6,000,000 00 6,000,000 00
6,000,00000
4th 44
“
5,020,000 00 3 634,000 00 4,441,000 00 4,441,000 00 4,441.000 00
6th 44
44
1,739.500 00 1,002,500 00
926,500 00
926,500 00
926,5*000
Buffalo B r.“ ............................
200,000 00
18o,4()0 00
186,400 00
186,400 00
186,40000
R ’l estate 44 ............................
1,500 00
500 00
500 00
51-0 00
59000
Sterling 44 ............................................................................. 3,816,5S2 19 3,875,520 00 3,875,520 00
T 'l fund, d eb t............................ 19,961,000 00 17,S23,400 00 22.370,982 19 22,429,920 00 22,429,920 00
Snk. fund Buf. branch bds. . .
4.554 00 ...................
..........................................................
851,597 18
2,941,431 86 3,551,980 56 4,894,452 04 4,C44,SS5 56
A ccounts payable....................
1,487,281 92 1,442,577 68 1,191,401 89 1,133,217 05
A ccr'd int. & divid’ s, & c ___ 1,141,400 46
777,817 76
857,370 64 620,554 55
660,880 56
800,02953
Incom e account........................
Total .................... ............... 42,841,569 40 48.0«5,284 42 53,291,894 98 54,2S7,874 49 54,319,262 14
R E . & Equip............................. 39,404.647 88 42,583,058 03 47,409,404 01 48,8S5,73S 73 49,247,769 70
Hawley Br’ c h ............................
103,297 55
233,294 53
236,946 99
236,946 99
236,946 99
L ’ n ? D ock C o ....................................................
834,475 36 ...........................................
303,087 02
L. D. Im prov.............................................................................
215,528 34
280,438 51 ........... ..
B .,N . Y. & E .R . R ...................
161,28161 ...........................................................................................
R . & G. Y. R .R s to c k .............
350 00 ....................................... ...................................................
Buf. Br. & Pit R. R ..........................................
76,792 92
40,358 09
60,073 09
72,578 09
467,785 00
502,575 77. ...........................................
U .S .W a rD e p .....................................................
N ias. B rg.stk.....................................................
4,140 00
4,140 00
4,140 00
4140 00
S3d St. prop’y . ...................................................................................................
32,425 24
34,340 24
Cash and cash item s............... 1,550,707 53
563,21717
905,158 88
994,150 73 1,110,623 97
Bills & a c’ t s ................................
486,860 47
675,469 31
617,509 59 1,187,416 21 1,027,310 16
Materials............................... . . .
823.888 82 2,234,099 00 2,176,823)35 1,759,485 18 1,642,494 31
F u e l.............................................
310,475 54
213,852 99
880,326 45
847,009 81
639,971 66
Hnajus’ d act’ s ....................................................
162,099 71
303,131 51 ...........................................
Total

42,841,569 40 48,045,284 42 53,291,894 98 54,287,874 49 54,319,262 14

The following table gives the fluctuations of price for the company’s
stock, monthly, in the same years :
COM M ON S T O C K .

1863.
J a n u a ry........................
F eb ru a ry ...................... .................. 70 © 8 0 #
M a rc h .......................... ................... 7 4 * @ 80%
A pril .......................... ...........
TO @ 84%
M » y ..............................
J u n e ..............................
J u l y .............................. .................
9>*@103%
A u g u s t ......................... .................. 103 @122
Septem ber..................
O ctob er.........................
N ovem ber
............ ................
9 9 * ® '1 0 *
D e c e m b e r....................
Y e a r ..........................

1864.
1(!6%@U3
107 ©124 &
113 @ 1 2 6 #
107 ©126
107 @ 1 1 7 *
H 0 #@ 1 18
108#@116
108%@113%
93 <0109
84 © 98
93%@104%
82 @ 96#

1865
6 6 * @86%
68# ©78
44#@ 73#
50# @85
69* @84%
70%@79%
,77>;@,'8X
76%@91%
86% @9I%
8 5 * @ 93%
!)0%©97
91%@97

1866.
S0%©97%
76 @ 8 5 #
75%@S7
72%@79%
5 7*@ 7 5%
57#@ 65#
62 @78
67 @74%
69%@80%
81 # @ 9 5
69*@ 86%
65 * @ 7 4 *

1867.
5 2# @ 58
55#© 61#
52 @ 6 1 #
53 @64
58#@ 65#
5S#© 67#
65#@ 77#
66#@ 76#
59 @ 7 1 #
63#© 76#

82 @ 1 2 6 #

44%@98%

57%@97%

52 ©80

1865.
90 ©101
90 © 93
70 © 90
77 @ 92
82 © 90
81 # @ 85
85 @ 8 8 #
80 © 8 7 #
82 © 86
82 @ 86
82 @ 8 4 #
8 4 # @ 86

1866.
81 © 8 6 #
80 © 8 2 #
80 @ 8 3 #
74#@ 80#
74 @80
72 @76
72#@ 78
72#@ 79
75 @82
79#@ 87
80 # @ 8 6 #
82 @86

1867.
69 ©79
70 ©75
69 @73
69#@ 72
71 # @ 7 3
72 @ 7 5 #
75#@7S
76 @79
74 © 7 6 #
75 ©SO
76 ©80
79 © Si

72 © 8 6 #

69 ©81

PREFERRED

1863. *
J a n u a ry......................
February......................
M a rc h ..........................
A p r i l .................... ..
M a y ..............................
J u n e ............................ ................. 100# @ 1 0 6 #
J u ly ..............................
A u g u s t........................
S e p te m b e r.................
O ctob er........................
N o v e m b e r ..................
D e c e m b e r.................. ................. 100%@1I3%
Year.




93 © 11 1 #

69%®S0

71 © 7 4 #

STOCK.

1864.
100#@ 104#
101 ©109
105#@ 115#
105#@116
106 @109
10Q# @ 1 1 3 '
407 @ 1 1 5 #
1 08 # © 112#
101 @109
100 @104
100 @1C6#
99#@105
99#©116

70 ©101

1868]

NEW

JE RSE Y

R A IL R O A D

AND

T R A N S P O R T A T IO N

COM PANY.

225

N EW JERSEY RAILROAD AND TRANSPORTATION COMPANY.
This road runs from Jersey City, N. J., to New Brunswick, N. J., 33.8
miles. The following statement shows the operations o f the road for the
years ending Dec. 31, 1 8 6 2 -6 7 ,both inclusive:
1S62.
1863.
1864.
1865.
1866.
1867.
M iles run by tra in s .......................................... 51'2,349 567,936 610,427 654,192 638,632 677,201
Passengers—th ro u g h ...................................... 432,712 5So,!)19 783,388 963,109 664,511 813.545
“
betw J .C & Ne’ k ........... ........... 1,245,7341,495,3871,440,8471,619,4821,685,4021,738,061
“
*• E lizabeth................................... 247,020 324,627 319.680 187,873 170,910 160,049
“
“ Rahway ....................................
67,244 79,330 97,924 139,374 150,101 163,067
“
“ U n'ontow n......................
..................
.........
14,991 16,788 18,38’?
“
“ N. Brunsw ................................
90,736 10^,986 120,653 124,582
36,077 136,697
“
“ all oth places............................. 311,183 396,929 548,449 635 582 738,402 827,173
T otal ( N o .) ......................
T ons —th rou gh ....................
“
betw J.C . & N ew ’ k.
“
“
& Klizabeth.
“
“
& Rahway .
“
“ N . Brunswick.
**
“ all other places.
Total (t o n s ) ....................
Earnings—p a ss e n g e r s'........
“
fr e ig h t..................
“
other .....................
T otal gross......................
Maintenance o f w a y.............
Repairs o f engines & ca rs..
F u e l..........................................
Transportation................ .
Office, salaries, & c ...............

2,394,625 2,9S9,178 3,319,9413,6S4,993 3.568,1913,656,979
4,203 23,334 31,119 36,634 20,099 55.888
..
49.660
56,144 43,701
39,487 41.813 42,738
19,547
5.634
3,935
7,486
8,314 12,974
14,"82
3,516
4,610
7.320
9,618 11,7°6
8.539
19,958 24,294 22,507 28,517 29,082
57,438 51,763 113,630 141,335 111,084
,.
.
.

110,216

278,407

1,111,0871,286,0001,363,6071,875,0811,770,8621,865,303
76,628 109,886 157,735 227,110 237 207 259,967
88,721 110,999 212,960 153,897 160,418
67,813
.
79,120 107,916 163.806 199.815 165,518 150,007
. 224,499 273,195 340,718 416,697 408,603 428,215
.
10,S91
11,968
12,722
16,623 20,546
16,076

.

Operating expenses.
N et revenue....................

167,118 165 773 230,280 256,534

>
$
$
*
$
*
793,815 956,6881,196,8531,451,7731,275,5C81 281,454
161,531 214 214 262,438 269 769 353,072
206,879 168,381 152,540 161,770 225,505 230,777

591,686
.

785.9801,072,658 981,8471,019,153

652,125 694,914 777.626 803,323

189,015

848,150

From which were disbursed the following accounts :
Interest on b on d s...........................................
Transit d u ty .....................................................
State tax on capital.....................................
Government tax. ..........................................
L oss b y lire at E. N ew ark.............................
Sinking fun d............................................ ......
Dividends Feb. & A u g ...................................
Surplus to profit & lo s s ............... ..................

55,629
59,674
44,317
51,086
33,799
37,883
53,630
43,611
21,989
23,020 2 *.000 28,438
54,591
68,305
65,000
68,717
53,917
20,002,
10,000 20,000
20.000
439,770 439,775 439,775 469,887 499,995 568,480
111,879 123,166 115,155 117,395
76,063
61,152
41.050
22,819
21,989
14,618

41,050
28,914
21,989
40,020

The financial condition o f the company is given yearly in the following
abstract from the general balance sheet:
1862.

1863.

1864.

1865.

1866.

1867.

Capital stock .............................................. 4,397,800 4,397,800 4,397,800 5,000,000 5,000,000 6,000,000
Funded d eb t................................................ 678,000 642,500 635,000
855,000 805,000
850,0’0
Bonds and mortgages................................................
....................................................
512,614
Floating d e b t................................................................................
145,000
........................................
Due other r o a d s .............................................................................................................................
194,010
P r o f i t s loss (earn’ s gone into property) 400.017 479,387 562,765
407,451 379,402
109,863
Dividend (February)................................... 219,887 219,887 219,887
249,998 249,997
293,750
T o ta l.....................................................
Railroad, & c ............................................. .
L ocom otives . ........................................ .
Cars..............................................................
Bridge, ferry, tumpitte & other stocks,
real estate, ferryboats, privileges
and fixtures (including the property
and privileges purchased o f the Jer­
sey Associates for $485,009 .............
Due for other roads................................. '
Cash and cash item s............................... .
Total,




5,695,744
.3,583,951
. 168,175
, 229,203

5,739,574 5.960,452 6,512,449 6,434,399 7,960,241
3,640,517 3,799,809 3,890,329 3,903,171 4,077,493
469,000
223,343 265,796 452.250 40",250
389,314
225,170 226,204 365,314 337,914

1,397,974 1,461,306 1,649,022 1,580,141 1,574,548 2,393,297

316*400

189,'239

19*62i

224,415

218,515

66,498
564,639

5,695,704 5,739,574 5,960,452 6,512,449 6,434,399 7,960,211

226

B O ST O N

AND

[March,

A L B A N Y R A IL R O A D .

BOSTON AND ALBANY RAILROAD— CONSOLIDATION OP TIIE BOSTON AND
WORCESTER AND THE WESTERN RAILROADS.
By the terras o f the consolidation the stock o f the Western Railroad
Company was exchanged for the stock of the Boston and Albany Railroad
Company at par. The Boston and Worcester Railroad Company received
in exchange for their stock, in addition to its nominal equivalent of the con*
solidated stock, a bonus of $10 per share in cash, paid by the consoli"
dated company. The length o f road brought into the consolidation by the
parties in interest is summed up as follows:
Miles.
B oston and W orcester Railroad—B oston, Mass., t^ W orcester, M ass................................. 44.63
Branches: Brookline, 1.55; N ew ton L ow erF a Is. 1.25; Saxonville 3.85; Miliord 11.97;
Framingham 2.06; Milburg 3.07.......................... ....................................................................... 23.75
Total brought in by Boston and W orcester Railroad Com pany.......................................

68.38

—on which w e r e : 2d track 44.63, and sidings, & c., 22.01 miles.
W estern Railroad—W orcester, Mass., to N. Y . State l i n e .....................................
117 81
Albany and W est Stockbridge Railroad—Massachu etts State line to Albany,
N . Y ....................................................................................................................................
38 20
Hudson and Boston Railroad— Hudson City, N . Y ., to Chatham, N ew Y ork. ..
17.33
Total brought in by W estern Railroad Com pany................................................................ 173.34
— on which w ere: 2d track 148.02, and sideiugs, &c , 36.16 miles.
Total length o f consolidated railroad...................................................................................... 241.72
—on which are : 2d track 192.65, and sidings, &c., 68.17 miles.
Aggregate length c f equivalent single track....................................................................... miles 492.54

The stock of locomotives and cars (equiv. 8-wheel) owned by the com­
panies individually and consolidated, was at the date of consolidation
(December, 1861?), as follows:
B. & W. RR.^ .—Western RR . —Consoli'on -

L ocom otiv es...........................................................
f Passenger................................................. 6 2^
T a rs J B ag ga ge.................................................... 11
M erchandise........................................... 410
(G ravel, coal, & c ..................................... 12^ —

40

496

103

47
..
1.703
112—

1,S62

143
109>£
11
2.113
124>4— 2,358

The B. & W . Co. also owned in the New York and Boston Express Line
their proportion (44-234) of 32 passenger, 15 baggage and 13 express
cars; and in the steamboat (Norwich) line their proportion (44-110) of 6
passenger and 2 baggage cars.
The Western Company also owned in the New York & Boston Ex­
press Line their proportion (54-234) of 24 passenger, 13 express, and 3 postoffice cars.
The business in passenger and freight traffic on the roads severally for
the seven years preceding consolidation is given in the following table :
/— Passengers carried 1 mile.-----* r—'Tons o f freight carried 1 m ile.—%
B .& W .R R . W .R R .
C onsol. B .& W .R R .
W .R R.
Consol.
1860 61..................................... 23,239,178 23,009,035 26,248.233 13,403,IttM 47,9.4.408 61,328,017
1861- 62................................ 24,542,655 23,779,686 48,322,341 14/76,747 51,994,206 66,870,953
1862- 63................................ 29,425,029 31,949,707 61,474,736 16,090,305 53,808,561 69,898,866
1863- 64 ............................... 29,901,252 42,0 3,314 71,944,566 17,823,785 57,749,666 75,573,451
1864- 65................................ 40,499.-166 43,926,4^8 84,425,954 16.05o.097 54,190,069 70,240,166
1865- 66............................... 42,008;S25 44,953,843 86,959,668
20,383,961 75,650,824 96 031,785
1866-67. ................................. 44,117,376 43,036,674 87,154,050 21,976,025 84,534,424 106,510,449

The gross earnings and nett revenue of the separate toads in the con­




1868]

R A IL R O A D

C O M P A N IE S

OF N E W

227

YORK.

solidation, and the dividends (p. c.) paid on capita! stock o f each in the
same year are shown in the following statement:
,---------Gross Earnings.---------.,--------- Nett Revenue.-------- . ,-D iv .—,
B. & w . W estern. Consol. B. & W W estern. ( onsol. B .& W . W .
1800-61......................................
186162 ...............................
186263 .......
186364 ............................
18646 1 ..............................
186566
186667 ...............................

*928.933 $1,894,568 $2,833,501
1,006,130 2 095,922 8,102,052
1.202,654 2.435,712 3.638,366
1,471,985 2,996,853 4,468,838
1.697,164 3.431,584 5,128,748
1,914,729 3.932,017 5,846.746
1,942-502 4,086,708 6,029,210

$408,594
490,304
488,3 '7
487.464
537,058
490,201
781,421

$812,996 $1,521,690
984,564 1,474>68
729.693 1.2:8,050
1,178,712 1,666 176
1,226,659 1.763,717
1,406,791 1,896,992
1,249.296 2,031,717

8
8
9
10
10
10
10

8
8
9
10
10
10
10

The financial condition of the roads at the period o f consolidation was
as follows:
Capital stock.
Funded D e b t .
Floating Debt

B . & W . HR.
$5,000,000
’

W estern R R.
$8,725,100
5,764,520

36,352

Coneolid-i.
$13,725,100
5,764,520
36,352

T otal stock and d e b t ..................................................... $5,036,352

$14,489,650

$19,525,972

Cost o f road, e tc............... ............................................ $4,434,640
Cost o f rolling stock ...................—.............................
565,360

$11,108,521
1.583,840

$15,543,161
2,149,200

R oad and rolling s tock ................................................. $5,000,000
Other property and assets............................................ 1,244,616
Sinking fu^ds (value o f ) ..............................................................

$12,692,361
1,088/57
3.611,165

$17,692, >61
2.333,073
3,611,165

Total property and a ssets............................................ $6,244,616

$17,391,983

$23,636,599

$2,902,363

$4,110 627

$73,222
35,501

$73,193
35,921

Property and assets in excess o f stock and d e b ts .. $1,208,264
Cost o f road, & c., per m ile (rou te)............................
do
do
do (single tr’ k ) ............................

$73,121
37,031

R EPO R T OF THE RAILROAD COMPANIES OF NEW YORK.

Mr. Barnes, the late Deputy State Engineer and Surveyor, has presented a report
o f the condition of the railroad companies o f this State for the year ending September
30, 1867, as follows :
Roads operated b y steam :
Amount o f capital stock by charter and acts o f the legislature................................. $139,903,910 10
“
“
“
subscribed f o r ................................... ........................... ......... 115.677,088 88
98.098,221 61
“
“
“
paid in b y last rep ort.....................................................
“
“
u
now paid in ............................................................................ 113,530,395 74
74,003,927 69
“
o f funded debt, as by last r e p o r t ........................ ..........................................
72,217.691 26
“
now of funded d eb t................................................................ ...........................
“
o f floati' g debt, as by last rep ort....................................................................
4,947.483 55
“
now o f floating debt...........................................................................................
5,817,116 39
Total amount now o f funded and floating d eb t............................................................
78,034,807 65
“
cost o f construction and equipm ent.................................................................... 182,015,749 92
3,663.45
Length o f roads in m iles..........................................................................................
2,948.74
“
“
la id ............................................................................................................
1,293 29
“
double track, including s id i n g s ....................................................... ..........
“
branches la id ..... ................................................................................................
704.64
43 43
“
doub e track on sam e.......................................................................................
4,990.10
“
equivalent single tra ck........................................... . ...............................
1,075
Number o f engines.............................................................................................................
“
first-class passenger ca rs...................................................................... ..........
927
“
second-class cars............................... ............................................ .............
187
“
baggage, mail and express ca rs..............................................
! . . ___
352
“
freight cars.........................................................................................................
16.525
Miles run by passenger trains.........................................................................
8,745,089
Number o f passengers, all classes, carried in cars ..................................................
17,377,465
dum ber o f m iles traveled by passengers, or number o f passengers carried
one m ile ..............................................................................................................................
656,524,676
EXPEN SES.

Allotted to passenger transportation..............................
Allotted to freight transportation.................................
Exnenses not classified.................... .................................
Roads operated by horse pow er, & c ...............................




$5141,277 52
9,990,782 09
269,12S 96-$15,401,137 67
......................
6,161,582 77

228

BLUE

F R E IG H T

[ March,

L IN E ,

E A R N IN G S .

Roads operated with steam—
F rom passenger bus'ness .......................................................... .................................
F rom freight bus " ess.....................................................................................................
From other s o u rce s ............................................................................................. ..............

$16,167,655 87
30,852,452 29
2.641,472 14

Total earnings.......................................! ................................................-.................. $49,661,572 30
Roads operated with horse p ow er—
From passenger b u s in e s s .................................................................................................
$7,673,795 83
From freight bus ness.........................................................................................................
9,859 91
From other s o u r c e s ............................................................................................................
797,193 23
Total ea rn in g s..........................................................................................................

$8,480,848 97

PAYM EN TS.

Roads operated with steam—
F or transportation e x p e n s e s .................. .........................................................................
For interest........... ............................................................................................................
F or dividends on s to c k s ....................................................................................................
Am ounts carried to surplus fun ds..................................................................................
Payments not included a b o v e ................................................................................... ..

$34,874,173
5,207,111
5,057,427
889,560
2,323,914

22
31
69
57
15

Total p aym ents.................... ................................................................................... $48,352,186 94
Roads operated with horse pow er—
F or transportation e x p e n se s ...........................................................................................
$6,527,590 17
F or n terest..................................................... ....................... .......... ..................................
548,899 44
F or dividends on s to c k s ...................................................................................................
810,870 00
A ll other payments ............................................................................................................
303,021 06
Total payments............................. „..........................................................................

$8,196,200 67

A C C ID E N T S .

Roads operated with steam. H orse pow er.
175
42
203
68

Total number tin e a .
Total number injured.

BLUE FR EIG H T LIN E.

This institution had been in operation one year on the last day of 1867 .
and now reports the following results :
Tons.
Freight m oved East............................................ 91,501 or 62 28 p. c.
Freight m oved W e s t.............
.................. 55 462 or 37.72 p. c.

Earning \ p. ton p. m
$1,609,939 16 or 1.83 cts.
1,082,675 99 or 2.18 “

Freight m oved both w a y s........................... 147,053 orlOO’OO p. c.

$2,692,615 15 or 1.96 cts.

The number of miles run by cars was 18 565,386, and the number of tons
moved one mile was 137,^58,819.
The property carried consisted of; flour, 27,733 tons; barley, 474 tons;
corn, 9.706 tons; oats, 556 tons; wheat, 3.563 tons; cotton, 3,943 tons;
dressed hogs, 3,563 tons; wool, 3,154 tons; provisions and merchandise,
88,442—total, 147,t 53 tons.
The num er of cars owned by, and the freight paid to the several companies
over whose lines transportation was done, and also the specific earnings made
by each from freight passing over the Albany Bridge are shown thus :
Cars in
Railroads.
line.
Boston and Albany................................................ ................. 49
Hudson R iv e r .........................................................
New Y ork Central. . . .
...................................
Great W estern (C an )............................................
Michigan Central .................... ...........................
Chic ago, Burlington and Q uincy.......................................... 50
Chicago and A lt o n .................................................................. 25
Illin ois Central......................................................
T o t a l................................................... ..............




Freight over
Freight paid
Companies. Albany Bridge.
$240,117 85
$239,696 78
180,240 97
179,463 82
873,674 31
737.908 52
552,102 08
658,056 47
544 3 9 88
647,597 35
17,856 92
17,392 35
64,459 22
58,666 19
11,389 21
10,445 24
$2,692,615 15

$3,310,762 61

1868]

229

COIN AND BULLION MOVEMENT,

The tolls paid for passing the Albany Fridge amounted to $33,621 48,
or 1.43 per cent. The central office operating expenses were 1.11 per cent, of the
gross earnings.
The line enters upon the second year’s business with very fair prospects of
success. There are now 613 Blue Cars in the line, including twenty “ Refrigera­
tors” for the carriage of perishable merchandise.

COIN AND BULLION MOVEMENT— JANUARY, 1567 AND 1568.
The receipts and shipments of coin and bullion at New York in the month of
January, 1867 and 1868, comparatively, were as follows. This table usually ac­
companies our Monthly Review, but we were unable to obtain last week some
of the figures necessary for its preparation :
R E C E IP T S

AND

S H IP M E N T S O F

C O IN A N D

B U L L IO N

AT

NEW YORK.

1867.
1868.
Increase. Decrease
Receipts from California................................................. $2,-172,895 $1,941,169 $ .............. $531,726
Imports from foreign p orts............. ........................
126,719
124,720
............
1,999
T otal receipts.......................................................... $2 599,614 $2,065,889
.............. *5 3,725
E xports to foreign p orts.................................................. 2,551,356 7,330,131 $4,778,775 .............
E xcess o f exp orts.......................................... .............
E xcess o f im ports.............................................................

$5,264,242 $5,312,500 $ ...........
.......................................................

48,258

The following statement shows the receipts and shipments in the same month
of the last eight years :
1868....................
1867.................. ..................
1866...................
1865 .................
1S64................... ..................
1863.................. ..................
1862................... .................
1861...................

, E xp orls to E xcess o f E x cc.-so f
Total. foreign ports, receipts,
exports.
$2,065,889 $7,330,131 $
$5,264,242
2,599,614
2,551,356
48,258
1.558,085
2,506,336
1,148,251
2,095,525
3,184,853
1,089,128
5,459,050
l,08i',991
4,358,088
2,439,588
4.624,574
2,184,986
2,658,214
2,363,101
295,153
11,447,334
58,894 11,388,440

Cab torn’ a. •Foreign.
$124,520
2,472,S95
126,719
72,771
52,268
939,201
141,790
2,337,682
101,906
163.568
2.199,533
7,262,229

The following formula furnishej the details of the general movement of coin
and bullion at this port in the month of January, 1867 and 1868, compara­
tively:
GENERAL

MOVEMENT

OF

C O IN

AND

B U L L IO N

1S67.
$2,472,895
126.719
.
7,485,945

AT NEW

TOEK.

Receipts from California...............
Im ports from foreign p orts..........
Coin interest paid bv C. 8 ............
Coin for bonus o f 1847......... ... .

.

1868.
$1,941,109
124,720
11.577,951
4,468,550

Increase. Decrease
$513,726
$ ............ .
1,999
4,092.806
4,468,550

T otal reported s u p p ly ...........
E xports to foreign p o rts ___ . . . .
Customs duties........ .................

. $10,085,559 $18,112,330
. $2,551,356 $7,330,131
.
9,520,385
7,204,590

$8,026,771
$4,778,775 $ .............
2,315,795

T otal w ithdraw n....................

. $12,071,741 $14,534,721

$2,462,980

Excess o f reported su p p ly......... .
Excess o f withdrawals..................
Bank specie increased..................
Bank specie decreased..................

. $ ...............
. ' 1,986,182
.
3,147,762

$3,577,609 $ ................

Bal. derived from unrepo’ d sou’ s,

.

$9,405,742

$5,133,944

12,983,35i

9,835,589

$ ..
1,986,182

$4,271,798 $ .............

The amount of specie in banks at the opening and closing of J a n u a r y , 867
and 1868, was as follows :
At o p e n in g ............. .....................
At c lo s in g ....................................
Increase on the month.




1867.
$13,185,222
16,332,984
$3,147,762

1868.
$10,971,969
23,956,320

Increase.
$ ..............
7,622,336

$12,983,351; $9,835,589

Decrease.
$2,218,253
...........

230

L O U IS V IL L E , C IN C IN N A T I A N D L E X IN G T O N R A IL R O A D S .

[March,

LOUISVILLE, CINCINNATI AND LEXINGTON RAILROADS.
An act of the General Assembly of Kentucky, approved Jan. 19, 1867, pro­
vides that the Louisville and Frankfort and the Lexington and Frankfort Rail­
road companies, in their united capacity shall be known as •the Louisville, Cincin­
nati aDd Lexington Railroads, and by that name may sue and be sued, contract
and be contracted with, touching all their joint business and undertakings.
'I’he facts relating to the business connection of the two companies abovenamed are briefly as follows: On March 30, 1859, an agreement was entered
into between these corporations whereby it was proviued that the whole road
lrom Louisville to Lexington should be run as one road under the control of an
executive committee of six persons, four of whom should be chosen by the direct­
ors of the L.uisville and Frankfort and two by the directors of the Lexington
and Frankfort Railroad Companies. It was f rther provided that the receipts
and expenditures of the road should be apportioned between the two companies in
ratio of the mileage of their roads respectively—65 parts to the Louisville and
29 parts to the Lexington company, and the agreement was made indissoluble
unless by the consent of the stockholders of both companies.
An act, approved Feb. 2, 1866, authorized the united companies “ to construct
a branch1railroad from some point on the line of their railroads above La Grange
to the Ohio River, at or near the cities of Covington or Newport.” In order to
raise money to build the branch, the two companies were authorised to issue
and sell their joint bonds to an extent not exceedmg $3,000,000, bearing interest
at a rate not exceeding 7 per centum, and to secure the payment of the principal
and interest of tl e same by a deed of trust upon their railioads and branch rail­
roads. By the same act the Louisville Company was authorized to increase its
capital stock by $700,000 and the Lexington Company by $300,000 and the two
companies were declared to be the joint owners of the branch in the proportion
fixed by the operating agreement (65 and 29), and the entire management and
control of the branch during its construct on and after its completion was vested
in the executive committee.
The act of January 19, 1867 (referred to) provides that the additional stock
authorised by the act of February 2, 1866, instead of being issued as the stock of
the separate companies, may be issued as the joint stock of the two companie?]
upon which dividends may be guaranteed to an extent not exceeding 10 per
cent, per annum.
It thus appears that while each company retains its separate organizations, the
two companies, under the-name of the Louisville, C ncinnati and Lexington Rail­
roads, are partners in operating the railroad from Louisville to LexiDgton, and
joint owners of the Cincinnati branch to be built with moneys raided on their
joint credit. Both lines will be operated under the direction of the Executive
Committee, and the entire profits of both will be divided between the wo com
panies in the adopted proportions.
It is easy to see that this organization is cumbrous and would be greatly
simplified by a consolidation of the stocks of the two companies. Hitherto
this has not been practicable, from the fact that there has always been a mate­
rial difference in the market value of the two stocks. This difficulty is likely to
disappear with the extinguishment of the separate debts of the companies. In­




188 8]

M ASSACHUSETTS

231

R A IL R O A D S .

deed the interests of the two are becoming so intimately blended that it cannot
be long before the present connection between them must give place to one of
simpler form.
On January 11, 1867, the route for the branch was finally located, and on Feb­
ruary 19,1867, the grading and masonry were put under contract. The road, as
locate I, extends from LaGrange to Oincinuati, a distance of 81 miles. The con­
tract time for its completion is two years from dale.
As i ow existing and being operated the Louisville, Gin innati and Lexington
Ra Iroads consist of the Louisville and Frankfort Rail oad— Louisville, Ky., to
Frankfort, Ky., 65 miles,and Lexington and Franklort Railroad—Franklort, Ky.
to Lexington, Ky., 29 miles—the total line now in operation being 94 miles, in
which are 8 8 mi'es of side track. The rolling stock consists of locomotive
engines 14, ai d cars 238, viz.: passenger 13 and baggage 5; freight (house 24,
stock 74 and platform 51) 149 ; and service (construction 18, ballast 2(1, hand and
dump 32 and boar, ing 1) 71.
The earnings and expenses on all accounts show as follows : Stock of supplies
July 1,1866, $114 641; nett earnings 1866-67, $153,217 ; bonds sold $833,000 ■
due to individuals $16,681.
Per contra : Cincinnati Branch $143,649; interest on bonds $17,576; discount
on bonds $124,950 ; due from individuals t40,154 ; real estate $19,750 ; mat rials on hand $ 4,929; division of profits io Louisville and Frankfort and Lex­
ington and Franklort companies $122,749; cash on hand $593,782— Total,
$1,117 539.
General Balances— Funded debt $833,000; preferred stock $48,638; due con.
tractors $11,001: other accounts $7,105; credit of income $96,470.
Per contra: Cincinnati Branch $143,649; interest and di count $142,526 .
dues from individuals, &c , $41,579 ; real estate $19,750 ; supplies $54,929 ; cash
on hand $593,781—Total $996,214.
The following shows the gross and net earnings of the line for the ten years endng June 30, 1867 :
185758...................
1858-59 ...........................
lt>o9-60 ...............................
186061...................
186162 ............
186263.
186364 ...............
1864- 65 ...............................
1865- 66 ...............................

,----------- Gross earnings----------- , Current N ett r -E m 's p m—.E xp’ s
Pas’g's. Freight. Other. Total, expen’ s, eam ’ a. oross. N et
n c’
200,777 103.249
10,185 374.211 20-1,752 169,459 3,981 1,803 65 10
191,771 186,384
10,078 388,233 210,142 178,091 4,130 1 894 6 4'l2
212,134 165.982 12,261 396.377 211,234 179,143 4,153 1 900 54 '11
153,897 181,304
19,0 4 354,855 212,998 141,947 3,775 1 570 5o'99
97,770 141,439
19,022 258,237 169,022 89,215 2,747
949 65'45
1111,899 201,132
19,198 322.229 188,272 133,957 3,428 1,425 58'43
142,928 277,212
19.170 439(310 234,609 204,731 4,674 2 178 53 40
374,985 204,746
29,794 609.525 411,186 198,339 6,484 2,110 6 t'4 «
374,492 165,308
23,002 562,802 403,696 159,106 5,9S7 1,693 71 >,3

jS 66-67 ..............................

283,813 202,138 24,368

510,319

357,102

153,217

5,429 1,930

70 00

MASSACHUSETTS RAILROADS.

The reports of the steam railroads of Massachusetts for 1867 show the following results :
Capital s tock ....................................... $S9,663,900
D e b t...............! ....................................
t ost o f roads and equipm 't.............
T otal earnings...................................
W ork in g exp en ses...........................

29,496,706
95^046,319 Freight carried, ton s...... ...............
21,561,060 Passengers carried
....................
15,111,047 M en employed ................................

6 113’ 44 *
23,660’ 401
9’ s38

Passenger cars...................................

65J

Interest p a id .......................................

915,670

Surplus No‘v. 30 .................................

5,830,208




Length o f rail (as single track)

232

P U B L IC

D EBT

OF

TH E U N ITE D

[M arc h,

STATES.

PUBLIC DEBT OF THE UNITED STATES.
Abstract statement, as appears from the books and Treasurer’s returns in the
Treasury Department, on the 1st January and 1st February, 1868 :
D E B T B E A R I N G C O IN I N T E R E S T .

January 1.February 1.
Increase.
Decrease
5 per cent, b o n d s ................................... $204,0-29,800 00 $207,739,260 00 $2,809,400 00
$ ..........
6
“
’ 07 & ’ 6 S ...........................
14,(590,94180
9,458,391 80
............... 5,232,550 00
6
“
1881.......................................
283,67(5,000 00
283.676,600 00
....
.
...........
6
“
(5-20’ s ) ................................. 1,373,814,750 00 1,398,488,850 00 24,584,100 00
.............
N avy Pen. F ’ d 6 p .c .............................
13,000,000 00
13,000,000 00
.......................................
T o t a l................................................ 1,890,102,091 80 1,912,363,041 80 22,260,950 00

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

D E B T B E A R IN G C U R R E N C Y IN T E R E S T .

6 per ct. (R R ) b ond s............................
3-y'arscom . int. n’ te s ..........................
3-years 7-30 n o t e s .................................
3 p. cent, certificates...........................
T otal

$20,713,000
46,244,780
2^8,268,450
23,265,000

00
00
00
00

$22,470,000
46,244,780
214,953,850
25,020,000

328.491,230 00

00 $1,757,000 00
$ ........
00
.............
.............
00
............. 23,314,600 00
00 1,755,000 00 ....................

308,708,630 00

............. 19,782,600 00

M ATU RED D EBT NOT PRESEN TED FOR PAYM EN T.

7-30 n. due Aug. 15,’ 67
6 p. c. com p. int. u’ es
B 'ds o f T exa s ind’ ty.
Treasury notes (old)..
B ’ ds o f Apr. 15, 1812.
Treas. n ’ s o f Ma. 3,63
Temporary loa n .........
Certifi. o f indebt’ ess.

$2,022 950
9,952,810
257,0 0
162,811
54,061
716.192
2,674,815
31,000

T o ta l.................................................

00
00
00
64
64
00
55
00

$1,742,650
6,900,390
256,000
162,311

00 $.
00
00
64

6,000 00

716.192 00
2,474.625 55
30,000 00

15,871,640 83

12,288,169 19

$280,300 00
3.052,420 00
1,000 00

500 00
48,061 64

.

.

200,190 00
1,000 00

$ ................

8,583,471 64

D E B T B E A R IN G NO IN T E R E S T .

United States n otes.............................. $356,159,127 00 $356,159,127 00
$ .............
Fractional currency..............................
31.597,583 85
32,246,438 51
648,S54 66
Gold certi. o f d ep osit............................
20,104,580 00 29,619,280 00 9,514,700 00
Total .............................................

407,861,290 85

4:8.0^4.845 51 10,163,554 66

R E C A P IT U L A T IO N .

$

s

s

$ ...........

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

$

Bearing coin interest...............................1,890,lea,091 SO 1,912,363,041 80 22,260,950 00
.................
Bearing c u r y Interest............................... 328,431,230 00 308,108,630 00
................. 19,782,000 00
Matured debt ............................................
15,871,6.0 83
12,288,169 19
............... 3,583,471 64
Bearing no interest................................... 407,861,290 85 418,024,289 51 10,163,554 66
.................
A ggregate................................................... 2,642,326,253 48 2,651,384,686 50 9,058.433 02
Coin & car. in T reas................................ 134,200,603 38 134,069.313 31
.................

.................
131,290 07

D ebt less coin and cur............................. 2,508,125,650 10 2,517,315,873 19 9,189,723 09

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

The following statement shows the amount of coin and currency separately a
the dates in the foregoing table :
COIN A N D C U R R E N C Y IN T R E A S U R Y .

C o in .......................................................... $108,430,253 67
C urrency.. ............................................
25,770,319 71
T otal coin & cnrre’ y ...............................

$98,491,162 70 $ ................. $9,939,090 9?
25,578,150 61
.................
192,199 1°

134,200,603 38

134,069,313 31

............... $10,131,290 O7

The annual interest payable on the debt, as existing January 1 and February
1,1868, (exclusive of interest on the compound interest notes) compares as follow s
A N N U A L IN T E R E S T

PAYABLE

ON

January 1.
Coin—5 per cen ts..................................... $10,246,490 e0
“
6 “
’ 67 &’ 68 ..............................
881,456 51
17,020,596 00
u
6 “
1881.....................................
“
6 “
(5-20’ s )...............................
82,4.8,285 00
“
6 “
N. P . F ................................
780,000 00

P U B L IC

DEBT.

February 1 .
Increase.
Decrease.
$10,386,960 00 $140,470 00
$ ...............
567,503 51'
.............
313,953 00
17,020,596 00
.....................................
83,909,331 00 1,481,046 00
.............
780,000 00
......................................

Total coin in terest............................... $111,356,827 51 $112,664,390 £1 $1,307,563 00
Currency—b per cen ts.............................
$1,242,7.-0 00 $1,348,200 00 $105,42u 00
“
7.30 “
............................
17,393,596 85 15,091,631 05
.............
“
3
“
............................
697,950 00
750,600 00
52,650 00
Total currency inter’ t ...............................
aggregate interest...................................




$19,331,326 85 $17,790,481 05
130,691,154 36 130,454,821 56

$ .............
$ ............
1,701,965 80
...............

............... $1,543,895 60
.............
236,332 80

1868]

233

PUBLIC DEBT OF THE UNITED STATES,

PUBLIC DEBT OF THE UNITED STATES.
Abstract statement, as appears from the books and Treasurer’s returns iu the
Treasury Department, on the 1st February and 1st March, 1868 :
|
D E B T B E A R I N G C O IN I N T E R E S T .

February 1.
March 1.
Increase.
Decrease.
5 per cent, b on d s................................... $207.739,-200 00 $212,784,400 00 $5,045,200 00
$ ............
6
“
’ 67 & ’ 68 ..............................
9,458,391 80
9,3i8,19l 80
...............
80,200
6
“
1881. ...................................
283,676,600 00 283,676,600 00
6
“
(5-20’ s ) ............................... 1,398,488,850 00 1,407,321,800 00 8,832,950 00
.............
Navy Pen. F ’ d 6 p .c .............................
13,000,000 00
13,000,000 00
.......................................
T o t a l................................................ 1,912,363,041 80 1,926,160,991 80 13,797,950 00
D E B T B E A R I N G C U R R E N C Y IN T E R E S T .

$22,470,000
46,241,780
214,953,850
25,020,000

6 per ct. (R R ) bonds.

3-y’arscom . int. n’ tes,
3-years 7-30 n o t e s ___
3 p. cent, certificates.

00
00
00
00

308,708,630 00

T otal

$22,470,000
>.46,244,780
202,951,100
25,585,000

$ .........

00
00
00
00

565,000 00

297,250,S80 00

$
12,002,750 00
11,457,750 00

M ATU RED D EBT NOT PRESEN TED POR PAYM EN T.

7-80 n. due Aug. 15,’ 67 ........................
6 p. c. com p. int. n’ e s , ........................
B’ ds o f T exa s ind’ ty.
Treasury notes (old )..
B’ds o f Apr. 15,1812.
Treas. n ’ s o f Ma. 3,63.
Temporary loan..........
Certifi. o f indebt’ ess.
T o ta l......................

$1,742,650 00
6,900,390 00
256,000 00
162,311 64

$1,519,600 00 $
6,163,000 00
256,0 0 00
159,661 64

6,000 00

6,000 00

716,192 00
2,474,625 55
30,000 00

616,192 00
1,890,700 00
19,000 00

12,288,169 19

10,630,153 64

$223,050 00
737,390 00
2,650 00

..

100,000 00

.

583,925 56
11,000 00

$

1,653,015 55

D E B T B E A R IN G NO IN T E R E S T .

United States n o te s ............................. $356,159,127 00 $356,157,747 00
Fractional currency....... ...................
32,246,438 51
32,307,947 51
Gold certi. o fd e p o sit............................
29,619,280 00
25,699,360 00
T otal ..............................................

418.024.845 51

$ .............
$1,880 00
61,509 00
............. 8,919,920 66

414,165,054 51

¥,859,791 00

R E C A P IT U L A T IO N .

Bearing coin interest...............................1,912,363,041 80 1,926,160,991 SO 13,797,950 00
.................
bearingcur'yinterest............................... 308,708,630 00 297,250,880 00
................. 11,457,750 00
Matured debt ............................................ 12,288,169 19
1 ',630,153 64
............... 1,658,015 55
Bearing no interest......... ......................... 418, 024,280 51.; 414,165,054 51
................. 3,859,791 00
Aggregate..................................................... 2,651,384,6-6 50 2,648,207,079 95
134,069.313 31
128,377,457 11
Coin & cur. in T reas..............................
Debt less coin and cur............................. 2,517,315,873 19 2,519,829,622 8 4 2,514.249 65

8,177,606 £5
5,691,856 20
.......... ~

The following statement shows the amount of coin and currency separately at
the dates iu the foregoing table :
COIN A N D C U R R E N C Y IN T R E A S U R Y .

C o in .......................................... ..............
Currency.................................................
Total coin & curre’ y.

$98,491,102 70 $106,623,374 75 $8,132,212 05 $ ...............
25,578,150 61
21,754,082 36
3,924,068 25
134,069,313 31 128,377,457 11

$

The annual interest payable on the debt, as existing February i and March 1,
1868, (exclusive of interest on the compound interest notes) compares as follows :.
ANN UAL

Coin—5 per
“
6 “
“
6 “
“
6 “
“
6 “

IN T E R E S T P A Y A B L E

ON

P U B L IC

DEBT.

March 1.
Increase.
February 1.
cen ts..................................... $10,386,960 00 $10,639,220 00 [$252,260 00
’ 67 &’ 68 ..............................
567,503 51
562,691 £0
1881.....................................
17,020,596 00 17,030,596 00
(5-20’ s ) ................................
83,909,331 00 84,439,30S 00
529,977 00
N .P . F ................................
780,000 00
780,000 00

Total com interest..
Currency—6 per cents.
“
7.30 “
“
3
“
Total currency inter’ t,




$112,664,390
$1,348.200
15,691,631
750,600

£1 $113,441,815 50 $777,424 99
00 $1,348,200 00
$ .............
05 14,S15,430 30
........
00
767,550 00
16,950 00

$17,790,481 05 $16,931,180 30

Decrease.
$
4,812 01

........

$ ...............
$ .............
876,200 75
$859,250 75

234

[March,

M A S SA C H U SE T T S R A IL R O A D S .

RAILROAD EARNINGS FOR JANUARY.
The gross earnings of the under-mentioned railroads for the month of January,
1867 and 1868, comparatively, and the difference (increase or decrease) between
the periods are exhibited in the following statement:
Railroads.
A tlantic and Great W estern ..............................................
E r i e ..........................................................................................
Ohio and M is s is s ip p i..........................................................

1867.
1868.
$361,137 $394,771
918,556 1,031,320
211,973
242,795

Increase. D ecr’ se
$33,634
$ ....
112,764
30,822

$1,622,488 $1
$1,638,064
Broad G auge..................................................................$1,522,438
243(7S7
C hicago and A lt o n ...............................................................
243,787
259,539
741,926
C hicago and N orthw estern................ ...................
.
686,147
C hicago, R ock Island and P a c ific .......................
.
292,047
283,600
Illin ois C en tra l........ ................................................ - . . . .
66
66.',438
519,855
M arietta and C incinnati......................................................
:“ 94,136
92,433
343,319
M ichigan C e n tra l..................................................................
304,097
804,097
371,041
M ichigan S o u th e r n .................... ............................
.
305.857
.
340,511
368,487
Milkaukee and St. Pauli......... ..............................
Pittsburg, F ort W ayne and C h ica go................................
542,416
492.694
T oled o, W abash and W estern ...........................................
237,674
278,712
39,078
46,415
W estern U n io n ..............................— .....................

$115,576
15,752
45,779

$5,278,676 $5,436,085

$157,409

Total (14 roads) January...................................

$ .......
8,447
140,583
1,703

39,222
65,184
27,976

49,722

41,038
7,337

$ ....

The gross earnings, per mile of road operated, are shown in tte subjoined table
of reductions:
Railroads.
A tlantic & Great W estern .................................
E rie .........................................................................
Ohio and M is s is s ip p i........................................
Broad G a u g e................................................
C hicago and A lt o n ..............................................
C hicago and N orthw estern............................... ...............
Chicago, R ock Island & P a cific......................
Illin ois Central...................................................
M ariettaand C incinnati..................................... .............
M ichigan Central...................... . .....................
M ichigan S o u th e rn ....................................... .
M i waukee and St. P a u l.......................... .........
Pittsburg, F t. W ayne and Chicago..................
T oled o, W abash and W estern ........................
W estern U n ion ..................................... ...........
T otal (14 roads) January............................

,— M iles— ,
1867. 1868.
507
775
340

i—Earnings—\ r-D iffer’ e—*
1867. 1868. Incr. Dec.
$712 $778
$66 $ . . .
1,185 1,344
159
714
623
91

$938 :$ 1,010
280
871
927
1,152
604
644
452
712
627
708
933
734
251
375
368
285 1,066 1,204
583
524
708
825
460
447
468 1,160 1,052
535
521
456
180
217
247

1,022

1,152
251

7,268

$739

$746

$72 $ . . .
56
40
85
199
7
138
125
13
108
59
30
$7

$ ...

The aggregate result for January, 1868, as shown in the above tables, gives!
a small increase over the returns for Ja'uary, 1867. On the increased mile. ge
this is about $7 per mile operated, or in gross about $50,000 Illinois Central
Fort vVayne, Ohio and Mississippi and Eock Island are largely behind in their
earnings as compared with the same month last year; but this falling off is
counterbalanced by the increased earnings of the Erie, the two Michigan?,
the Northwestern, the Toledo and Wabash, the Milwaukee and St. Paul, and the
Chicago and Alton. Taking the New York St. Louis line as a whole, not­
withstanding the decreased earnings of the Ohio and Mississippi, the increase
is $72 per mile. Such results were unlooked-for, and are therefore the more
acceptable. It is undoubtedly a good beginning, and augurs well for the results
of the current year.

RAILROADS OF MASSACHUSETTS FOR THE YEAR ENDING NOVEMBER 30, 1807
The following is an abstract of the Massachusetts Kailroads made up from
their returns to tte authorities of the State, showing their condition on the 30th
of November, 1867, and the receipts, expenses, income, &c , for the year ending
cn that day:




235
MASS ACIIUSSKTTS RAILROADS.

1868J

C o r p o r a t io n s .

B erk sh ire...........................
Boston, Clint. & F itchb’g.
Boston. Hartford & E .ie ..
Boston & L o w e ll...............
Boston & M a in e ...............
Boston & Providence.......
Boston & W o r c e s te r ........
Cape C od .............................
Cape Cod Central...............
C h e s h ire .............................
Connecticut R iv er.............
Danvers...............................
Dorchester & Milton B r ..
E a stern ...............................
Easton B ra n ch ...................
Fair'naven B a n c h .............
Fall Kiver, War. & P rov..
F itch b u rg ............................
Fitchburg & W orces ter...
Hartford & New Hayen ..
Horn Pond Branch ..........
Lexington & A rlin g ton ...
Lowell & L a w ren ce.........
M iddleboro’ & Taunton ..
Nashua & Lowell ...........
N ew Bedford & Taunton .
N ew buryport......................
N ew Haven & Northamp.
N ew London N orthern ...
N orw ich & W orcester. ..
Old Colony & N e w p o rt...
Pittsfield & N orth Adams
Providence & W orcester .
R ock p ort.............................
Salem & L o w e ll.................
South Reading Branch . . .
South Shore........................
S tockbridge & Pittsfield .
Stonebam B ranch.............
Stony B r o o k ......................
Stoughton B ranch........... .
Taunton Branch .............
V erm ont & Massachusetts
W e s t e r n .............................
W est S tockbrid ge.............
W orcester & N ash u a .......

Cost o f Road Length No. ofP ass.
Capital paid in.
Debt.
& Equipment. ol Road, during year.
None.
21.14
$600,000 00
$600,000 00
420,784 25
28.97
99,794
624,600 oo
940,278 25
93S,335
14,884,(00 00 10,326,406 79 19,242,081 02 *84.97
1,019,104 90 2,653,599 47
1,801,560 00
26.75 1,068,405
4,076,974 52
None.
4,715,114 16 *36.61 3,143,108
3,360,000 00
3,360,000 00 *47.00 2,128,246
44.62 2,887,244
5,000,000 00
36,352 26 5,009,000 00
721,925 94
6,134 00 1,031,625 15
46.01
193,482
188 195 19
337,647 79
1 8.SO
53,647
145,848 46
2,0S5,925 00
672,200 00 2,689.307 06 *10.73
120,596
1,700,600 00
250.000 00
50.06
730,602
1,936,970 87
9.20
67,500 00
178,197 68
244,456 02
3.25
73,340 00
136,372 77
58,418 07
3,883,300 00
5,238,609 97 *44.11 2,935,313
2,433,600 00
49,662 50
56,144 27
3.78
____
15.11
60,782
234,659 62
72,899
150,000 00
248,649 99+ *3.66
227,450 00
51.00 1,535,097
3,540,000 00
N one.
3,540,000 00
13.90
81,771
248,000 00
25,421 50
333.8S4 69
3,000,000 00
401,459
927.000 00
*5.87
3,129,047 20
2,000 00
13,248 46
0.66
241,200 00
6.63
213,956
36,000 00
258,707 75
19.35
200.000 00
75,159 99
363,158 1 ?
None.
8.54
149,092 90
152,839 34
34.868
*9.24
4F0,017
720.000 DO
15,000 00
774,603 23
20 13
180,899
500,000 00
174,000 00
500,000 00
375,S02 19
26.98
220,340 02
597,3S6 33
1,334,000 00
792,166 73 2,551,142 23 *33.00
54,393
318,518
895,000 00
707,000 00 1,402.266 76 *44.00
638,671 60 2,613,694 21
17.54
336,836
2,363,600 00
4,848,320 00
2*998,000 00 7,618,306 40 *124.75 2,035,709
18.65
106,157
450,000 00
N one.
443,677 67
1,800,000 00
5,000 00 1,802,246 69 *25.51 1,219,720
88,400 00
91,657 28
3.60
102,000
243,305 00
16.88
227,386 99
464,013 22
209,532 73
25,980
95,547 25
299,468 36
8 15
501,592 96
259,685 00
11.50
275,0S7
170,147 50
448,700 00
None.
448,700 00
21.93
33,255 00
87.992 45
2 37
54,737 45
267,300 00
N one.
267,383 57
13.16
S5,400 00
N one.
110,253 19
4.04
95,719
250,000 00
4,291 90
347,779 89
11.10
202.519
2,860.000 00
553,172 50
3,466,429 51 *67.00
205,936
8,725 100 00
5,764,520 00 12,692,361 46 *117.80 1,028,221
39,600 00
2.75
1,522,200 00
293,581
69,906 12 1,522,200 00 *39.06

T on s o f
Freight.
38,228
102,314
424,099
318,717
2S7,373
597,400
53.627
4,764
225,523
198,036

Gross
Incom e
$42,000 00
99,971 10
369.577 00
998,068 64
1,603,167 04
1,066,147 35
1,942.501 CO
197.980 87
32,525 76
688,499 89
629,165 01

250,450

1,447,046 68

15,403
511,488
51,612
202.753
15.000
16.858
19.029
190.536
56,018
39,806
143.906
189.579
369.685
42.867
295,180
9,6C0
38,528
3,418

32,647
61,680
173,914
934,605
213,819

Expense: o f
Interest
W orkin cr
Paid.
$ ....
81,237 58 $29.? 85 84
31S,S07 17
11,687 67
763,263 97 41.830 96
1,121,696 63 Nothing.
788.844 89
1.350 00
1,161.080 46
136,729 69
1,356 10
28,001 54
1,714 92
560.038 17 39,664 57
460,001 39
16,689 97
901,416 25 124,563 70

56.4‘ 0
30.898
1,101,413
90 294
1.685,334

41
16
83
73
59

37,742
40.507
746.699
71,948
1,141,337

38
14
53
99
70

38.718
21.780
45,389
44H,2ll
1S2.954

23
44
33
67

33,076
3,791
41,112
365,561
139,893

26
76
39

*82,195
382.914
680.437
1,381,0*4
108.893
702.946
17,376
17,500

00

23
22

86
69
72
59
59
00

11,122 23
85,508 60
31,409 00

17,700
16,294
317,996
461.423
4,080,707

*98,881
289,049
476,35!
841,427
81,111
542,517
15,360
811
19,793
57,681

18
90
81
63

3,581
16,301
191,123
398.829
2,837 411

449,883 28

298,022

00

10,440 00
10,610 98
1,572 51
48,285 81

88

46

4,272 00

Net :Per c t .
o f div.
Incom e. <
7
$18,733 52 6
192,973
481,470
275,952
781,421
61 251
4,521
88.797
169,163

71 8
41 10
46 10
14 10
18 6K

22

15
62

3

396,851 68

8

8

8.568 03
Nothing.
354,744 30
9
16,773 23 6
543,996 89 14
5,641
13.716
4,277
74,679
43,061

97
24 6 *
05
45 10 *
21

8

62 48,662 13
2
74 33,126 17
8
60,768 31
64 3 .411 23
173,674 99 8
24 137,670 29
336,310 58
51
ft
27,782 21
35
N one.
160,429 24 8
13
2 ,' 16 46
6
3.113 16
99
13,574 85
09
Loss-8.852 49
29 12,789 01
27,827 31
31,409 00 7*
900 00
87
14,118 13 5
07
8
51
28 04
26,845 35 8
34,114 37 1X
13 28,480 31
895.753 52 10
77 266,397 44
1,895 50
72
151,360 56 8

ft

Total ............................ $74,900,953 80 $29,496,706 59 $95,046,319 01 1,223.80 23,660,401 6,113,442 $21,561,060 96 $15,111,047 90 $915,670 06 $5,492,565 64 +7.99

* Within the lim its of Massachusetts.
+ In Massachusetts.
X Percentage of $4,665,517 00, dividends on $58,373,150 40 paid capital stock of d i v i d e n d p a y i n g Railroads included in this table.




236

P H IL A D E L P H IA

AND

R E A D IN G

\Marth,

R A IL R O A D .

PHILADELPHIA AND READING RAILROAD.
The length of the Philadelphia and Reading Railroad and branch is as follows:
Philadelphia, Fa., to Heading, P a .............................................................................................. 93 m iles.
Branch—Lebanon Valley HR. (Reading, Pa., to Harrisburg, Pa........................................ 54 “
Total length o f route (main and branch lin e?).......................................... .................117 m iles.
Including second track, branches, siding?, & c., the equivalent single track i s ........... 418.10 “

The railroads named below are also leased and operated in connection with
the lines owned by the company :
Track Sid’ gs.Equiv
& Br. etc. single
Railroads.
Railroads.
M in eH ’ l& S '-h .H ............. 93 33 51.93 145.26 Union.
Little Schuylkill............... 32.83 17. M) 50.33 Lorbery Creek.
East Y a h o n e y .................. 11.38 3.05 14.43 Good Spring
16.154 9.53 26.17 i hester Valley.
Mill Creek ................
Schuy kill V alley............. 29.8S 3.18 33.06 Port Kennedy..
4.73 13.33 W est R ead in g.
M ount C arbon. ............... 8.65
illt*
W X Ui
•••• X.■
"w
. -XI* |
Total length o f line leased and operated (miles) ..

T rack Sid’gs.E quiv
& Br. etc. single.
0 66
4.13
0.89
7.51
1 94 16. S2
. . . 14.88
2.06 23.56
0.78
6.89
2.63
. . . 1.74
105.62 352 50

The total length of road (equivalent single track) being operated by the company at the close (Nov. 30) of each of the last six years is shown in the following
statement:
Railioads
Philadelphia and Reading
Lebanon V a lle y .................
O w n ed ..........................
M ine Hill and Schuylkill H aven..
Little Schuylkill...............
East M aboney....................
Mill U re e k ..........................
Schuylkill V alley...............
Mount Carbon....................
M t. Carbon and Pt. C arbon.........
U n io n ............................. .
Lorberry C reek.................
Good Spring (Swatara)..
Chester V alley..................
Port K en n ed y ........... ..
W est R ea d in g ..................
L ea sed ..............................
T otal (m ile s )...............

1862. 1863.
1865.
1864
261 13 266 15 283.35 289.03
79.17 82 27 92.29 97.99
'310.30

348.42

15.30
26.28
9.83
11.85
3.91

48.39
9.11
18.14
26.72
9.83
12.18
4 08
6.51
7.47
23.80

6.68

23.80

97.15

375.64 387.02
132.90 136.33
49.20
49.48
11.61
14.51
19 70 23.13
26.94 33.31
9.90
9.90
12 98 14.15
4 08
4 .(8
6 51
7.51
10.82
12.26
23.30 23.30
0.78
0.78
1.74
1.14

165.73 310.46

437.45 514.15

626 10

1866.
1867
306 75 315.78
101 09 142.32
107.84 418.1 9
142.14 145.23
49.95
50.36
15.65
14.43
24.48
26.17
33 90 33.06
9.90
13.38
14.44
14.49
4.13
4.13
7.51
7.51
12.68
16 82
23.51
23.56
0.78
0.78
2.63
1.74

330.48 340.81

352 50

717.50 748.65 770.6J

The Rolling Stock of the Road is as below: Locomotives (1st class, 201 •
2d class, 25; 3d class, 5, and 4th class, 4), 235. Also (1st class, 23; 2d class,
9, and 4th class, 1), 33 in use on Mine Hill Railroad—Total, 268.
Passenger Train Oars (8 wheel).—Passenger, 79 ; baggage, 20, and mail and
express, 11—Total 110 ( = 4 wheel, 220).
Freight Train Cars (8 wheel),— Box, 381; Cattle, 38; platform, 647, and lime
20; and (4 wheel) box, 109; cattle 2; platform, 41; sand and ore, 10, and lime
130. Also, one 16 wheel platform gun car—Total, 1,379 ( = 4 wheel, 2,468).
Coal Train Cars (8 wheel).—Iron, 3, and wooden, 4,081; and (4 wheel)
iron, 2,834, and wooden, 2,114—Total, 9,032 ( = 4 wheel), 13,116.
Mine Hill Railroad Cars (not included above).—All sorts, 71 ( = 4 whee^
72). Transportation Department Cars.— All sorts, 94 (= 4 wheel, 109.) Road­
way Department Cars.— All sorts, 310 wheel, 370).—Total of rll cars reduced
to 4 wheel cars, 16,356 The number of locomotives aud cars (= 4 wheel) iu use
at the close (Nov. 30) of each of the last six years was as follows:
lo c o m o tiv e s ........................................................

do.

1882.
143

18t3.
106

(M. H. R. R . ) ............................................................




1884.
J83

,83

1805.
221

33

18"fi.
x<4

33

1861.
285

83

1868]

P H IL A D E L P H IA

AND

R E A D IN O

237

R A IL R O A D .

Cara reduced to 4 wheel:
Passengers, & e..................................................
139
Freight ................................................................ 1,673
C o a l........................................................................ 7,613
Mine Hill Railroad Cars,..............................................
Trans. Dep’ t . .................................(in clu d ed j
____
Roadway Dep’ t . . . . ........... above, ( —
T otal (4 w h e e l).......................................

9,420

134
1,386
10,188

174
2,140
11,499
80

102

151
342

2,0S6
11,425
80
134
449

12,200

14,336

210

220

2,323
13,193
72

120

111

378

402

2,408
13,116
72
109
370

14,391

16,311

16,355

In the following statements the business of the Road and the results of opperation, for the year 1867 and the five previous years, are summed up :
I . — M IL E A G E

OF

1867 :

E N G IN E S I N

Reading Railroad (M am Line):
Transportation Dep’ t .................... 2,136,756
R oa way Departm ent......................
60,096
Renewal, &c., D ep ’ t ........................
63,780

Branch and lateral Lines:
Leb. Valley R a ilroa d ........................... 592,487
Lateral Railroads..................................1,427,177
Ches er Valley R ailroa d ....................
42,681
East Pennsylvania Railroad...............
33,408

Total on Reading Railroad................. 2,260,632
Aggregate miles run by Engines on all Roads..........................
T ons <2,000 bs.) hauled one mile (including weight o f cars.

...4,356 885
.997,152,429

Average weight o f loaded coal trains, 779 9, and empty, 266.6 tons, and o f passenger trains
76.2lO'is. The total mileage o f engines was, in 1861, 1,695,927; in 1862, 2,088,166; in 1803
2,721,689; in 1864, 3,328,229; in 1865, 3,688,309; iu 1866, 4,261,336, and in 1867, 4,356,385 m iles

2.—

PASSEN G ERS AND

TONNAGE

IN

1867 :

Classification.
Number.
Passengers...........................................................................................................
1,273,644
Merchandise (tons o f 2,200 lb s .).....................................................................
1,185,896
Coal (tons o f 2,240 lb s .)...............................................................................
3,416,826
Materials (tons o f 2,000 lb s.)........-..............................................................
242,526
Passengers and freight (tons o f 2,0C0 lb s .)..............................................
5,421,538

M ileage.
32,175,181
49,796,202
360,295,752
...............

The following shows the same for six years :
1862.

$

1S63.

$

1864.

1865.

$

$

Passengers........................................
396,466
576,861 1,048,501 1.481,632
Merchand’ e (tons 2,600 lb s .).........
451,732
652,203
807.106
846,105
Coal, tus. (2,2240 lb )........................... 2,310,990 3,06 ,261 3,065,577 3,090,814
Material-, tons (2,n00Hbs.).............
171,499
234,071
242,90S
249,863
Pas’ gs and freight tons (2,000 lbs). 3,260,953 4,391,877 4,606,286 4,712,016
8 . — E A R N IN G S A N D

EXPEN SES

Passeng’ r eam ’ g s............................... 403,564
566,520
Merchand’ e “
523,416
673,143
Coal
“
2,S79,419 4,897,200
U .m a il
“
........................ .
19,618
21,309
Miecellaae’ s “
85,813
94,730

FOR

S IX

1866.

$
1,444,257
1,037,121
3,714,684
226,896
5,574,907

1867.
$
1,273,644
1,185,896
3,446,826
242,526
5,421,533

TEARS.

909,882 1,065,847 1,026,217 1,005 647
953,776 1,165,277 1,421,539 1,525,551
7,203,775 8,627,292 8,245,696 6,401,879
23,498
28,871
27,7W
33,085
178,411
255,232
181,647
137,334

Gross earnings................................. 3,911,830 6,252,902 9,269,840 11,142 519 10,902,818 9,106,496
Expeu’ s, rents, & c............................ 1,536,f 83 2,540,002 4,584,818 5,905,864 6,221,500 5,707,858
Earn’ gs less exp ’ s ............................ 2,375,247 3,706,900 4,684,492 5,236,655 4,681,318 3,338,638

From this must be deducted the followng, viz.:
R enewal F ’ d (5 e. pr ton pr 100 m .) 279,472
370,158
376,342
424,384
517,247
498,576
Int. on b on d s....................................
706,969
653,464
467.534
378.264
359.709
356.844
“ b ’ d s & m t g .............................
35,412
33,972
34,620
80,941
36,941
38,337
“ div. scrip ................................
17,826
.........................
................................................
Sinking funds ...............................
386,5S1
210,830
392,021
481,230
68,60 )
68,600
New works, & c ................................................ 1,066,775 2,022,662 1,339,264 1,169,234
330,520
State ta x on tap’ l . . . . ....................
28,375
43,137
............................
...........................
T otal p a ym 'ts.............................. 1,454,635 2,378,336 3,293.179 2,604,089 2,151,731
Bal. o f earnings...............................




1,298,877

920,612 1,328,564 1,391,313 2,632,566 2,529,587 2,039,761

238

P H IL A D E L P H IA

AND

R E A D IN G

[March,

R A IL R O A D ,

The “ Reserved Fuiid,” made up from net earnings and other revenues, and
liable for dividends, drawbacks, &c., is epitomized in the following statement:
1862.
$
Balance to credit.............................. 780,142
N et earnings..................................... 920,612
Sink, fund st k in lieu o f b’ ds can’ d
.........
Schuylk’l Nav. Co. bal. o f accounts,
rents, & c........................................................
Profit on b oa ta, & c ...........................................
Old debts p aid ...................................................

1864.

[1863.

$

1S65.

$

1866.

$

S

1867.

$

990,955 2.171,959
372,050 3,305,739 2,920,118
1,328,564 1,391,313 2,632,566 2,529,f 87 2,039.761
320,000
370,000
104,000 .............
288,307
112,335

234,067
68.677
26,605

116,192

Total resources.............................. 1,701,354 2,319,520 3,666,572 3,333,965 6,605,868 5,396,071

From which were disbursed the following accounts, viz. :
D iv. on pref. s tock ...........................
Dividend on com m on s to c k ........
U.S. & State taxes on dividends..
Credit dueS. F .’ 61___
Total disbursem ’ s .........

108,626

108,628 j►2,945,145

28,228

1 308,9Srt

18,452
555,947
27,373

39,635

40,397

3,198,735 2,329,998
296,817
434,759
52,356

..........

710,398
148,261
990,956 2,171,259

3,294,522
28,226 3,685,850 2,626,815
372,050 3,305,739 2,920.118 2,769,256

The rate of the dividends paid on the stock for the several years was as fol­
lows :
Pre'erred stock..
Com m on stock ..

years.
7

years.
7
7

years
15
15

1863.

1864.

years.

years.
10

10
10

years.
10

10
—the payment of the January, 1868, dividend and tax reduced the balance of
Nov 30,1865, by $1,315,224, or to $1,454,032.
The financial condition of the company, as shown on the general balance
sheets of November 30, yearly, for the six years 1862-67, was as follows :
1862.
Stock—com m on......................
“
p referred ...................
1 onds
.................................
Ponds & mortg’ e s ..................
Skg fund stk & b d ..................
R eseived fund ........................
Dividend fund.........................
Liabi’ s over assets..................

$$

$

10

1865.

1866.

$

1867.

. 9,997,129 11,661,428 18,520,524 18,698,873 21,191,067 22,304,301
. 1,551,800 1,551,800 1,551,800 1,551,800 1,551,800 1,551,800
.11,545,900 10,071,300 6,675,:i00 6,365,300 6,084,300 5,902,300
. 590,200
590,028
596,579
535,363
635,363 658,525
. 857,712
............................
161,000
195,C00
. 990,956
562,013
372,050 3,805,739 2,920,118 2,769,256
................... 2,171,259
...................................................................
94,467
.......................................................................................

■ T otal............................................25.528,164 26,613,828 27,716,253 30,608,075 32,575,548 33,186,182

Per con tra :
Railroad, & c....................................... 14,449,398 14,449,398 14,449,398 14,790,575 15,258 597
D epots.................................................
477,699
477,699
477,699
477,699
685,045
Engines a n ! cars.............................3,765,774 3,765,T74 3,765,774 3,765,774 3,765,774
Real estate ...................................... 1,493,006 1,493,006 1,493,006 1,729,007 2,086,156
Lebanon Valley R ............................ 4,598,999 4,548,878 4,548,878 4,548,878 4,584,431
W illow -s r e e t R .R ............................
100,000
100,000
100,000
100,000
100,000
Stocks & b ’ d -, & c ......... .................. 643,288
634,783
634,789 2,457,428 3,4*9,486
A ssets over liub’ s ............................................. 1,144,284 2,246.709 2,738,714 2,648,108

15,529,463
1,032,964
3,705.774
2 405.275
4,584,431
100,«00
3,90,536
1,977,739

T o ta l............................................25,528,164 26,613,822 27,716,253 30,608,075 32,575,548 33,186,182

The funded debt at the close of the years as above, stood thus :
18G2.
5 p. c.
5 p . c.
(ip .c .
“
“
“
“
44
“
14
7 p . c. $
7 p. c. £

$

1863.

$

1864.

s

1865.

s

1866.

s

1867.

$

£ bonds, 1836-67 .......................... 408,000
408,000 408,1)00 408,000 408,000
....................
£ bonds, 1836-80.......................... 192,000
1S2,400 182.400 282,400 182,400 182,400
$ bonds, 1849-70 .......................... 3,-84,6002,950,6002,856,6002,695,6002,661,600 2,656 bOO
$
“ 1861-71..........................
273,000
111,000 106,000 106,000 106,0C0 106,000
£ “
1843-80
976.800
976,800 976,800 976,800 976,«n0 916,800
$ 44
1843-80...........................
554,500
549,000 549,000 549,000 549,000 549,000
$ “
1844-80
63,000
810,000 804,000 804,000 804,000 804.000
$ “
1848-80...........................
124,000
lul,000 101,000 101,000 101,000 10 ,000
$ “
1849-80
83,000
67,000 67,000 67,000
67,000
67,000
$ 4;
1857-86........................
3,417,000 2,48 ,500 564,500 415,500 228,500 171,500
(LV) bdsl856-86 .......................... 1,570,000 1,442,000 60,000 60, 00 ..........................
bonds, 1836-72....... ........................................................................................................
288,000

Total N ov. 30 . . . .




. . . . 11,545,900 10,077,300 6,675,300 6,365,3006,084.300 5,902,3Uo

1868]

COLU M BU S, C H IC A G O

IN D IA N A

CEN TRAL R A IL W A Y .

23

Priceg of Stock.—The stocks of the company hare fluctuated monthly in
the New York market as showed in the following statement:
1862.
1863.
January............................. 85 -42
77% - 96
February........................... 40 -44% 89% - 92
M arch................................. 41 -41% 8 6 % - 91
A n ri]................................... 42 -45% 88 - 95
May..................................... 45%-49% 94 -120
June.................................... 50 -60
89 -114%
J uly.................................... 54%-59% 95 -111%
August ............................. 56 -62% 113%-124
Septem ............................... 56% 70
112 -122
October.............................. 69 -79
119 -128
Novem ................................ 73%-78% 119 -127%
Decern.................................74%-77% U l% -122
Y e a r............................... 35 -79

77%-123

1864.
111 -U S X
115%-133%
1?0%-154
125 -165
125 -147
138%-145
125%-139%
132%-137%
117%-134
115 -134
132%-140
U2%-137%

1865.
102%-118
103 -117
83 -114%
8 0 % -lll
89%-107%
88 - 98%
97%-108%
98 -107%
106 -116%
112%-118%
U3%-117%
105%-107%

1866.
93 -107%
97%-101%
96%-103
99 -106
105% -lU W
108%-110%
104%-111%
110%-U7%
112%-117%
115 118%
110%-U7%
108 -112%

1867.
99%-105%
10S%-106%
100%-103
97%-104
102%-104%
103%-10D%
103 -108%
102%-107%
101%-104%
95%-102%
95% - 98%
91%- 96%

80%-US%

96% -llS %

91%-109%

111 -165

COLUMBUS, CHICAGO AND INDIANA CENTRAL RAILWAY.
The Columbus, Chicago and Indiana Central Railway is a consolidation (Feb.
12, 1868) of the Columbus and Indiana Central Railway and the Chicago and
Great Eastern Railway. The lines of which it is composed are as follows:
( Columbus, O., via U nion Junction and Richm ond to Indianapolis, In cl......... 188 m iles.
T.___ j Union Junction (83 m iles west Columbus) via Logansport, Ind., to State
Lines*i Line, 111................................................................. .................................................175
“
(R ichm ond, Ind. (119 m. west Columbus) via Logansport, Ind, to Chicago, 111. 225
“
Louisville Branch : (Cambridge City (135 miles west Columbus) to Rushville, Ind.,
24 m iles) built conjointly by Columbus and Indiana Central Railway Co. and Jefersonville, Madison and Indianapolis Railway C om p any................................... half. 12
“
Total length o f railroad owned by con solidation..................................................... 600 m iles.

The rolling stock owned by the consolidated company consists of—locomotives
120; cars, 1,895, viz., passenger (1st class 60 and 2d class 10) 70, mail, baggage
and express 25, an 1 freight 1,800.
The financial standing of the two companies at the date of consolidation is
shown in the following statement:
LeDgth ot roa d s...................................
Capital s tock ..................................... .
Funded d e b t ......................................
Float, debt (incl. past-djie coupons)

C. & I. Ceil. R R . C. & G. E. R R .
Consolidat.
. . . . (375m .)
(225 m .)
(600 m.)
. . . $6,520,(00
$4,900,000
$11,420,000
. . . 8.150,000
5,750,000
13,900,000
..................................................... 1,350,000 1,350,000

Total
.................................................................. $14,670,000
Cost per mile o f roa d ...................................................
39,120

$12,000,000
53,333

$26,670,000
44,450

The Columbus and Indiana Railway is a recent consolidation of the following
railroads—
Columbus and Indiana Central Railroad and b ra n ch es..................................................... 219 m iles'
Union and Logansport R a d r o a d ..... ........................................................................................ 94>£ “
Toledo, Logansport and Burlington R a ilroa d ...................................................................
61>£
Total length o f Columbus and Indiana Central Railway.

376 m iles.

Their securities now outstanding are as follows :
1st M ort. 7 p . c . bo-'ds (C ol. & I n d . Cent. R R .)............................. S$3,200,000, or $14,612p . mile.
1st M rt. 7 p. c. bonds (Union & L o g a n sp .R R .)............................. 1,834,000 or 19,407 do
le t M ort. 7 p . c. bonds (Toledo, Logansport and Burlington R R.)
800,000 or 13,008 do
Total amount o f 1st Mortgage b o n d s ........
............................$5,834,000 or $15,557 p. m ile.
2d M ort. 7 p . c. bonds (C ol. & Ind. Cent. R R .) ...............................
818,900 or
3,726
do
Incom e (7 p . c . bonds (
do
do
) ............................. . 1,500,000 or
6,849
do
Total amount o f all bonds outstanding............................................$8,150,000 or $21,773 p . m ile.




240

W E S TE R N

U N IO N

TELEGRAPH

[March,

COM PANY.

The Chicago and G;e t Eastern Railway (225 miles) has the following bonds
outstanding :
1st Mortgage 7 p . c. b o n d s ................................................................................ '$5,600,000 or $24,858
Incom e 8 p . c. b onds...........................................................................................
150,000or 600 do

p . m ile.

Total amount o f all bonds outstanding.. . . _ ........................................... $5,750,000or $25,555

p .m ile .

Aggregate o f consolidated com p a n y ........................................................$13,9^0,000or $23,166

p . m ile.

It is proposed that the consolidated company shall execute a first mortgage ’
covering the whole road and property (600 miles, to secure filteen million dol­
lars of bonds, payable in 40 years, at 7 per cent, interest, with a sinking fund
Of these bonds, 511,434,000 are to be set apart to be exchanged forand redeem
the outstanding 1st mortgage bonds above described, leaving $3,560,000 of the
issue to be negotiated. The total would then be as follows :
1st Mortgage (consolidated) bonds
..... ........................................|$15,000,000 or $26,000 p . m ile.
2d Mortgage (Columbus & Indiana R E . ) ..........................................
816,000
Income (no mortgage) b o n d s ..............................................................
1,650,000
Capital s to c k ............................................................................................ 11,420,000

I---------------------

Total stock and b on d s....................................................................$28,886,000 or $48,143 p . m ile.

The new bonds are offered to subscribers at 85 per cent, i f their nominal value
and accrued interest; and payment will be received in whole or in part, at the
option of subscribers, in the Chicago andGieat Eastern Company’s coupons due
in 1867 and 1868 in equal amounts, interest beiDg equated, balance in cash.

WESTERN UNION TELEGRAPH COMPANY.
We have received the past week the statement of the earning's of the West­
ern Union Telegraph Company for December. It will be seen that the net income
for the month is $16,843 84 in excess of the amount estimated in their report
published in the Chronicle of January 18, page 72. Below we give the state­
ment from July, 1866 :
STA TE M E N T

18 M O N TH S
1, 1868-

O F IN C O M E A N D E X P E N S E S F O R

1866.
J u ly ...........
A u gu st___
September
O ctober.. . .
N ovem ber.
December .

..

1867.
January.
February,
March .. .,
A p ril........

..

May........

Ju n e........

FROM JU LY

Gross
Receipts.
$562,292 97
548,716 96
556,955 95
623,528 31
571,036 02
551,971 40

W orkiug.
E xpenses.*
$410,3S2 40
346,742 31
298.931 99
344,245 07
322,508 66
302,596 41

$3,414,501 61

$2,025,406 84

$580,560 53
483,441 77
530,642 66
545,586 30
525,437 94
48',754 55
$3,154,423 75

1868.
J u ly ...........
August
September.
October —
N ovem ber.
D ecom b er.

.

Grand Totals

1, 1866,

$536,156 89
570,676 85
601,548 79
628,836 74
588,723 66
576,135 19

$341,104
314,617
297,076
320,869
326,829
318,100

71
26
59
41
83
99

$1,918,698 79
$360,917
375,970
375,041
393,459
370,429
379,291

53
17
50
92
57
35

Net.
Profits.
$151,9i0
201,974
258,023
279,283
248,527
249,374

57
65
96
24
36
99

$1,389,094 77
$239,455
168,824
233,566
224,716
198,608
170,653

82
51
07
89
11
56

$1,235,824 96
$175,239
194,706
2:5,907
235,376
213,294
196,813

36
68

29
82
09
84

$3,497,078 12

$2 255,710 04

$1,241,368 08

$10,066,003 48

$6,199,715 67

$3,866,287 81

* Including paid other lines, rents, taxes, reconstruction, etc.




TO J A N U A R Y

1868]

ALABAM A

STATE

D EBT.

241

ALABAMA STATE DEBT.
On the 7th January, 1861, the debt of the State of Alabama stood as follows:
Five per cent, dollar bonds, due in N ew Y ork May 1, 1863.............................................. $1,889,000
“
“
“
“
May, 1, 1865 ................................................
52,000
“
“
“
“
May, 1, 1872................................................
16S,000
Five per ce n t sterling bonds, due in London July 1, 1866...............................................
648,000
S ix “
“
“
“
June 1,1870
688,000
Total outstanding Jan. 7 ,1 8 6 1 .................................................................................... . $3,445,000

During the war growing out o f the act of secession, the State issued other debt8
chiefly for war purposes to the amount of $3,844,500. This war debt under the ad*
vice of President Johnson, was repudiated in the Convention of 1865, and of course
remains invalid. Interest on the deot proper was paid regularly; on the New York
bonds up to and including November 1, 1861, and on the London bonds up to and in­
cluding January 1, 1865. Subsequently (in 1866) both classes o f bondholders agreed
to fund all the coupons past due, and those to become due up to and including Jan­
uary 1, 1867. Including these funded coupons and a few 8 per cent, bonds ($55,500,
issued under an act o f legislature, approved December 15, 1865, the total present
(Nov. 1, 1867) funded debt of the State amounts to the sum total of $4,175,110. This
debt is described in the following summary :
Five p. c., due in New. York, 1863—principal $1,839,000; 10 coupons........................ $472,25^
“
“
1865“
52,000; 10
“
. . . . ..................
13,000
“
“
3872—
“
168,000; 10
“
4.>,000
P rin cip a l................................................................$2,109,000
Ten cou p on s..................................................................................................................................

527,250

T o t il principal and coupons, N ew Y ork b o n d s ............................................................. 2,636,250
Five per cent, due in London, 1866—principal $648,000; 4 coupons ...........................
$64,800
Dix
“
“
1870—
“
688,000; 4
"
............. ..............
82,560
P rincipal.................................................................. 1,336,000
Four cou p on s........... ..................................................................................................................

$ 147,360

Total princiDal and coupons, London b onds.................................................................. $1,483,360
Eight pei cent, bonds o f 1865 .....................................................................................................
55,500
Total funded d bt N ov. 1,1867...............................................................................
. . . . $4,175,110
The tate is al>o in debt to the sixteenth section trust fund........................... $1,710,000
And to the University trust f u n d ..........................................................................
300,000 2,010,000
W hich, added to the funded debt, makes a total indebtedness o f ...................................... $6,185,110

The bonds which fell due in 1863, 1865 and 1866 were twenty year bonds. These
under the agreement o f 1866 with the bondholders, were extended for a further
term o f twenty years, and will be due respectively in the years 1883. 1885 and 18S6
The coupons funded will be due at the same dates as the principal to which they were
attached.
Owing to defects in the State revenue laws, and also, in a measure, to the prostrat
condit on of the country the usual sources of revenue were found almost unproductive
and iu view of an indefinate continuance of this state of affairs the last Legislature
authorized the issue of anticipation notes, or certificates of indebtedness to the
amount o f $400,000. These are now being issued by the State for Government ex­
penditures. They ire receivable for taxes, and will form in the shape o f 5s, 10s, 50s
aud 100s, a ready circulating medium through >ut the State. Under the ruling of
Mr. McCulloch these notes are exempt frera the tax of 10 per cent., ordered to be lev­
ied by the act of Congress of March 26. 1867, on municipal notes, & c . We have, as
yet, no information as to the amount of these certificates already issued. The follow ­
ing resolution was adopted by the State Convention, held on the 13th November :
Resolved, That it is the determination o f this Convention to recognize all legitimate indebt­
edness o f the State o f Alabama, and w e hold that said indebtedness should ever be held sacred.
In this list o f obligations we enumerate :
1st. The entire bonded debt due Januaiy 10th, 1861.
2d. •he bonded debt created since 1865, in funding coupons due and unpaid.
3d. Bonds issued in extending matured debts o f 1866.
4th. Bunded or other indebtedness created during the last two years, together with “ tax re­
ceipts,” or “ certificates,” by a utho.ity o f law for paying legitimate expenses o f the Provis­
ional Government.
Provided^ However, that no indebtedness (bonded or otherwise) created b y the State o f A l­
abama during the late rebellion, or indebtedness created during the last tw o years for the ben .
efit, directly or remotely, o f any interest ot the rebel State or Confederate Governm ent shal
in any manner be recognized by this Convention.




242

C O M M E R C IA L

C H R O N IC L E

AND

[March,

R E V IE W .

COMMERCIAL CHRONICLE AND REVIEW.
A ctivity o f the Money M arket.—Rates o f Loans and Discounts.—V olum e c f Shares sold at
the Stock B oards.—Opening, Highest, L ow est and c'osin g prices o f Railway and M iscel­
laneous Securities.—Closing quotations at the Regular Board.—Government Bonds and
Bonds s o ld a t N. Y . Stock Exchange B oard.—Prices o f Government Securities at N ew
Y ork .—Prices o f Compound Interest N otes at N ew Y ork.—Course o f Consols and A m eri­
can Securities at London.—Course o f G old at N ew Y o rk —R eceipts and Shipments o f C oin
and Bullion at N ew fo r k .—General M ovem ent ot Coin and Bullion at N ew Y ork.—Course
o f Foreign Exchange.

February has been characterized by a steady conservative business. The
extreme severity of the weather has naturally somewhat delayed Spring pur­
chases ; but there has been a fair representation of merchants from the interior,
and all the indications favor the expectation of a healthy trade. The political
excitement in Congress has had less effect upon trade than might have been
expected ; apparently for the reason that business is conducted upon such a
conservative basis as to be little sensitive to extraneous influences. The goods
markets have been generally quite steady. During the monetary depression of
last Fall there was considerable compulsory realising upon merchandise, and it
would appear that the consequent decline in prices went beyond the limit required
by the condition of supply and demand ; for since the opening of the year there
has been an upward tendency in many kinds of merchandise.
Contrary to the general expectation, the money market has exhibited a marked
increase of activity. In the West and South there has beeu a general scarcity
of money, which has induced a sharp withdrawal of country deposits from the
banks, resulting in an advance of one per cent, in the rate of interest. The
following comparison will show the effect of this process upon the condition of
the associated banks:
Feb. 29.
Loans and d.scoun ts............................................$261,240,000
S p e c ie ...................................................................
22,i 9 i,000
D eposits................................................................ 208,651,000
O ircu lation ..........................................................
34,086,000
Legal tenders.......................................................
58,553,600

Feb. 1.
$266,415,000
23,955,000
213.330,000
34,0S2,000
65,197,000

In c..
$825,000
D ec.
1,864,000
D ec. 4,619,000
In c..
4,000
D ec. 6,641,000

Wall street movements have been fitful and irregular. The speculative opera­
tions of prominent directors in Brie and other stocks, and the extreme expedients
resorted to for aiding their movements, have induced wide fluctuations in the
value of stocks. These irregularities have a very injurious effect upon railroad
stocks as a means for investments, the public being naturally disinclined to hold
securities the dividends on which depend upon the speculative caprice of the
directors. The total transactions in stocks during the month, at both boards
amount to 1,937,024 shares, against 1,475,363 fur the same month of last year.
The following are the rates of loans and discounts for the month of February.
BATES

OF

LOANS

AND

Feb. 1.

Call loans.....................................
Loans on Bonds and Mortgage...
A 1, endorsed bills, 2 mos.........
Qood endorsed bills, 3 & 4 mos..
“
“
single names.
Lower grades.............................




4 @ 6
—@ 7
6 @ 6J6j@ 7i
S@9
10 @20

D IS C O U N T S .

Feb. 7.

F eb . 14.

4@ 5
4@ 5
—@ 7 —@ 7
6 @ 6-J 8 @ 61
6^@ 7-J 6-J@ 7-J
8@ 9 8 @ 9
10 @20 10 @20

F eb. 21.

F eb . 28.

4 @ 6
—@ 7
6 @ 6^
6-J@ 7-J
8@ 9
10 @20

4@ 5
—@ 7
6 @ 6-£
7f
8( 5) 9
10 @20

1868]

C O M M E R C IA L

C H R O N IC L E

AND

243

R E V IE W .

The following table shows the volume of shares sold at the New York Stock
Exchange Board and the Open Board of Brokers in February of the years 1867
and 1868, comparatively :
V O L U M E O P S H A R E S SOLD A T T H E S TO CK B O A R D S .

Classes.
Bank s h a re s ..............................
Railroad “ .................................
Coal
“ .................................

1867.
. . . . 1,282,251
___

29,980

Telegraph “ ................................
Steamship41 .................................
235
A t N . r . Stock E x. B’ d ............
A t Open Board ...........................
T otal—January.......................
“ —February....................

1868.
4,951
1,585,255
7,275
15.060
45,637
79,6S4
116.480
77,632
5,ISO

Increase.
3,022
302,904

77S,276
1,158,748

144,155
317,506

1,937,024
2,553,889

461,661

26,687
45,827
24,862
71,458
4,915

Dec.
3,094
14,920
....

29,021

The following table will show the opening, highest, lowest and closing prices
of all the railway and miscellaneous securities quoted at the New York Stock
Exchange during the months of January and February, 1868 :
Railroad Stocks—
A lton & Terre H a u t.............
do
do
p r e f... .
Boston, Hartford & E rie----Chicago & A l t o n ................
do~
do p ref.. . .
Chicago,, Burl. & Quincy.
& N orthwest’ n.
do
do p re f..
do
& R ock Island..
do
& M ilw aukee..,
do
Cleve., Col. & Cincinnati
do Painesv. & Ashta.,
do & P ittsb u rg...........
do & T o le d o ...............
Del., Lack & W estern ..,
do
do scrip..
Dubuque & Sioux C ry
do
do p r e f..
E r i e ....................................
do pref.............................
H arlem ..................
do
p r^ f........................
Hannibal & St Joseph .
do
do p r e f..
Hudson R iv e r ..................
Illinois C entral.................
Ind. & C in cinnati...........
J o iet & Chicago...............
Lehigh V a lle y ...................
L on ? Island ....................
Mar. & Cincin., 1st p ref..
do
do
2d do .
Michigan C entral.............
do
S. & N . Ind. . . .
Mil. & P . du Ch’ n, ls tp r .
do
do
vd p r..
Milwaukee & St. P a u l.. .
do
d o p re f..
New J e r s e y ......................
do
C e n tra l.......... .
New Y ork Central............
do
& N. H a v en ..,
Ohio & M ississip p i......... .
do
do
p r e f...
Panama .................. ........
Pittsb., Ft. W . & C hica...
R ead in g..............................
Rensselaer & Saratoga___
Rome & W atertow n .........
S ton in gton ..........................
Seconcf A v e n u e ..................
S ix'll A venu e....................
Toledo, W ab. & W estern ..
do
do
d o p i e f ...




— January.—
Open’g . High. Low .
64*
50
76*
70
... 13*
13*
17*
130
136
. . . 131
140
131
143* 133
... 68*
62*
5 *
76
70*
100*
93*

ioi

...

87*

...

72*

...

..

97

6*

.. 117*
. 133

.

» '*
80*

114
98*
114*
112
107*
50

98*
101
87*
97*
110
107*
39

78*
83
130
123
61
73
147
136*
60
97

71*
72
112
123
51
62
132*
130*
60
97

41
27*
6*
112
89*
103
100
52*
67
135
117*
132*
140
34
74*
310
104%
97*
80*

40
15
6*
106*
85
99*
9J
47
63*
130
114*
117*
133
29*
70
290
97
91*
80*

84
..

42*

120
47
67

84
120
42*
64

",,----------- Febi n a r r .CloB'g . Open. High,. L ow .
51
50
51*
51*
72
74*
74
72*
14
16*
16*
16*
134
136
128
133
1.38
138
138
138
143* 144
153* 144
60
59*
58*
61*
72
74
74
75*
96*
100* 101* 102*
72
72
72
101
101
106
106
111
110
98*
98
97*
93*
105*
112* 113
114
112
114
115
107*
58
*50"
50
50
75
75
75
67%
74*
74*
78*
75
83
83
83
129* 129% 131* 129
123
74
58*
60
61
72
72
82
71*
140
149
146* 147
133*
134* 133% 139
60
95
95
95
97
104
104
104
43
43
45
41
25
25
25*
35*
11
16
6*
ii*
114
112
111%
in *
88*
94
88*
88*
99
99
100
100
92
93
98
92
4
6*
5
1
*
47*
47*
64
65*
68
64*
132
132
130
132
115
116* 116
117
129* 129* 134* 125
138*
138
138* 141
29%
33*
33
32*
75
78
74*
76
315
315
310
315
99*
It 3
103
103
S6
92*
95%
96
81
80*
60*
83*
117
111
117
84
45
45
45
120
46
46*
45
47*
66*
68
74*
68

no
no*

no*

Clos.
50*
74
14
130
138
149
61
73*
90*
72
102
106
94
108*
114
58*
75
67*
78
129
74
81*
142*
138
95
104
45
29
11
113*
91
99
93
51*
67
132
117
129*
I4u
30*
75
345
100*
93*
83*
117
45
46*
70*

244

C O M M E R C IA L

C H R O N IC L E

AND

[March,

R E V IE W ,

M iscellaneous—
American C o a l.............................
Cameron do ............................
..........
Central
do
.......................... .............
Cumberland C oa l.......................... .............
Del. & Hud. ( ’anal Coal............... .............
P nnsylvtmia C oal........................ .............
Pacific M a il................................... .............
Atlantic do ................................... .............
Boston W ater : o w e r ................. .............
C a n ton ............................................
N ew York Guano..........................
M a rip osa ........................................ .............
do
p r e f................................. .............
Q uicksilver....................................
Citizen’ s G as.................................
Metropolitan G i s ......................... .............
W est. Union Telegraph............... .............

50
5
5
40
40
88*
33*
148.* 148*
173
173
112
115*
115
115
90
23*
60*
12
8*
8*
15*
13*
27*
135
141
141
39*
37*

49
50
5
5
4(7
40
37*
32*
147
147
173
173
106% 114*
95*
98*
19
21%
48%
58*
12
3*
8*
8*
14%
1 3*
21
23*
132
135
141
141
36*
36*

52

53

52

19

41
36
148
180
1 '4 *
98*
21
59
12
8*
14
25
140

46
37*
150
180
114*
99
21*
64*
13
8*
14*
25
140

41
33
145*
180
108
95*
20
56*
11
7
10
23
140

46
P4
148*
180
110*
9H*
20
62*
11
7
ii*
23
140

37

37

33*

34*

72
76*
75*
36*
45

73*
77
76*
36*
45

66
71*
71
30*
40

70
73*
73
35
40*

E xpress—
American................................... .
-Adams
...................... ...............
United States.................................
Merchant’ s U n io n ........................
W ells, Fargo & Co........................

77*
80*
80*
39*
49*

73
76
74*
36
44*

73*
76*
76
36*
44*

The following are the closing quotations at the regular board Feb. 28, com­
pared with those of the six preceding weeks :
Jan. 17. Jan. 51. Jan.31. Feb.7. Feb 14. Feb. 21. F eb.58.
Cum berland C o a l ......................
33*
36*
Q u ic k s ilv e r ................................. .............. 2 5 *
24*
20*
27
23*
Canton C o...................................... ............... 6 3 *
60*
68*
61
61
63*
58*
M ariposa p r e f ..............................
10
12*
11*
N ew York C entral...................... .............. 123*
128*
129*
1 31 *x d 129*
128*
133*
E r i e ................................................ .............. 74%
68
74
75*
74*
69*
74*
Hudson R iv e r ..............................
145
14 *
145
147
148
146*
R ea d in g .......................................... .............. 9 2 *
9
2
*
9
3*
95*
9
4
*
95*
94*
Michigan S o u th e rn .................... ................ 8 7 *
89
91*
91*
88*
91*
9 0*
112
114
M ichigan C entral........................
94
Cleveland and P itts b u r g ......... ................ 9 4 *
94*
97
96*
96*
97*
101*
107*
Cleveland and T o le d o ...............
11A
112
1 1**
59*
60*
N o rth w e s te rn ............................
60*
60*
G>
72*
7 2*
73*
64
74*
“
p referred .........
7 4*
ICO*
99
98*
96*
S o c k I s la n d ................. ...........
91*
91*
102
100*
100*
F ort W a y n e ..................................
104*
102*
102*
137
136*
i Minois C e n tra l........................... ................ 135
1 7*
32%
30*
82*
32*
81*
O hio and M is siss ip p i................
*1*

United States securities have sympathised with the course of the money mar­
ket. The banks have sold bonds held for the purpose of employing idle balances,
and other financial institutions have realised freely. The introduction of the
Sherman funding bill into the Senate, followed by the author’s exposition of its
purport, together with the impeachmentpnovement, have had the effect of unsett­
ling bondholders and weakening the market. Under these influences the price
of securities has fallen off 1@2 per cent.
The amount of Government bonds and notes, State and city bonds, and com­
pany bonds, sold at the New York Stock Exchange in the month of February,
1867 and 1868, comparatively, is shown in the statement which follows :
BONDS

SO LD

AT T H E

N. Y .

STOCK E X C H A N G E

BOARD.

1867.
$6,150,300
1,764,850
2,425,600
752,200

1868.
$13,9:'0,700
1,361,450
5,464,600
2,065,900

Inc.
$7,750,400

Total—February.........................................$11,090,150
“ —January........................................... 12,108,800

$22,792,650
26,066,850

$11,702,500
13,958,050

Classes.
V . S. bonds . . .
U. S. n o t e s ___
St’ e & city b ’ ds
Company b ’ ds




3,041,800
1,313,700

Dec.
$

.......

403,400

186 8]

C O M M E R C IA L

C H R O N IC L E

AND

245

R E V IE W ,

The daily closing prices of the principal Government securities at the New
York Stock Exchange Board, as represented by the latest sa e officially reported
are shown in the following statement:
P R IC E S O P G O V E R N 3IE N T S E C U R IT IE S A T

Day o f month.
Saturday
1 .................. .
Sunday
2 ..................
Monday
3 ..................
Tuesday
4 ...............
W ednesday 5 ....... ........ .............
Thursday
6 ..................
Friday
7 ..................
Saturday
8 ...................
Sunday
9 .................
M onday___10...................
Tuesday__ 11................... .............
W ednesday 12............. . . .............
Thursday 13 .................
Friday
14.................. .............
Saturday
1 5 ..................
Sunday
10..................
M onday
17.................. .............
Tuesday
18.................. .............
W ednesday 19..................
Thurs ay 20..................
Friday
21.................
Saturday 22 .................
Sunday
23..................
Monday
24.................. .............
Tuesday
25.................. .............
W ednesday 26................. .............
....
Thursday 27........... .......
Friday
28..................
Saturday 29...................

...........

F irs t...................................
L o w e s t ............................ .............
H ig h e s t............................. .............
Range . . . . ..................
L a st....................................

NEW YORK.

,—6’ 8,1881.—., -------- 6’ 8, (5-20 yrs.JCoupon-------- . 5 ’s,10-40 7-30
1864. 1865. new. 1867.yrs.(- ’ pn.2d sr
Coup. Reg. 1862.
m % 109* 110
107% 108
104% 107%
i:i%
m%
iu %
111% m %
m%
iu %

109* iio % 108
ios% 104% 103
109* 110
li'8
104%
108* 109* it'7% 107% 104% 107%
109
10/% 107% 101% 107%
109
l i o " 107% 107* 104%
108* 109% 107% 107% 104% 107%

iu %
m%

109% 107% 5 5 5 io5 ~ i07%
108% 109* 107% 108
104% 107%
1*'9
107% 108% 105
107%
109
107* 108
104%
108% 109% 107% l'>7% 104% 107%
108*
107% 108% 104%

I ll*
n i%

112%
112%
112
112
112

m%
m%
m %
I ll

110%
112%

ili%
:ii%
m%
m%
m%
m%

iii%

.....

109*
109%
109%

107%
107%
107%
107%

io5
105% 107%
105%
105*
105% 107%

109%
109
108*
108*
108*

107% 107%
107
107%
107%
107
106% 107%
106* 107
106* 106%

ios*

iio%
no%

108*
108
108
107%
107%
107%

in %
110%
iu %
i%
110%

111% 109* 110
110
107% 108*
111% 109* 110%
2
1%
1%
110
107% 108%

107% 108
106% 106%
108
108%
i%
1%
106% 106%

104% 107*
104% 105%
105% 108
1
2*
104% 105%

m % 109**
i n % 109%
m % 108*
m%
m%
(W ashington’ s
m%
m%

m % in %
ih % m %
m % 111
110%
110
110

108%
108%
108%
108%
108*
Birthday—Holiday )

107*
104* 106*
104% 106*
104% 106*
104*
101% 1C5%

The quotations for Three-years’ Compound Interest Notes on each Thursday of
the month have been as shown in the following table :
T R IC E S O F CO M PO U N D IN T E R E S T N O T E S A T N E W Y O R K .

Issue o f
Feb 6.
F eb. 13.
Feb. 20.
F eb. 27.
May, 1865............................................................ 117%@117% 117%@117% 117%@117% 117%@117%
A ugust, 1865....................................................... 116%@116% 116%@116% 116%@U6% 116%@116%
September, ’ 65....................................................116 @116% 116 @116% 116 @116% 116 @116%
O ctober, 1865.............................................. ...,1 1 5 % @ 1 1 6
115%@116 115%@116 115%@116

The closing prices of Consols for money and certain American securities (viz.
U. S. 6’s 5-20’s 1862, Illinois Central and Erie shares) at London, on each day of
the month of February, are shown in the following statement :
C O URSE O F CONSOLS A N D A M E R IC A N S E C U R IT IE S

Date.
Sat’ day.................
Sunday.................
M onday...............
T n e s ....................
W ed n e.........
Thurs ...............
F rid a y .................
Sat’ day................
Sunday................
M onday..............
T u e s ....................
W edne................
T h u rs..................
F riday..................
Sat’ day................
Sunday................
M onday...............
Tuesd y ............
W edn’ y ..............

Cons A m . securities
for U. 8. Ill.C. Erie
mon. 5-20s sh’ s. shs.

AT

LONDON.

Date.

. . . 1 93% 72% 86% 48% Thurs ..................... ...2 0
Friday....................
9 3 * 72% 86% 48% S a t’ d a y.................... ...2 2
. . . 4 93% 72
87% 48% Sunday..................... . 23
48
M onday....................
. . . 5 93% 71% 87
...2 5
. . . 6 93% 71% 87% 47
93% 71% 87% 47% W ednesday............. .. 26
. . . . 8 93% 71% 87% 47% Thursday................. ...2 7
F r i d a y ........ ..........
.... 9
...10 93% 71% 8774 47% Saturday................. ...2 9
47%
...1 1 93% 71% 88
...1 2 93% 71% 88% 48%
...1 3 93% 72
88% 48%
....1 4 93% 72% 89% 49% R ange.......................
4S%
. .15 93
71% 89
...1 6
92% 71% 88% 49% trig I g o .........................
...1 8 92% 71% 8854 49%
" ........... ..............
92% 1.72% 8 8* 49% L a s t .




Cons Am . securities.
for U.S. Ill.C. Erie
mon. 5-208 sb’ s. sb’ s.
93*

93*

72% 88% 48%
72% 89
46%
71% 88% 45%

93

71%

83% 45%
71% 87% 43%
44%
71%
71%
44
71% 88
41%
71%
41%

93*
92*

72% 89% 49%
71% 86% 41%
0% _2% 8

93*
93*
93
93
93*

_0%

91% 71% m
41%
72% 89% 50
i% 1% 4% 8%
93% 71% 88
41%

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

246

ANB

\March,

R E V IE W .

The extreme prices of U. S. 6’a at Frankfort in each week endirg with Thurs­
day, were.as follows :
F eb. 6.
75%@76%

Feb. 18.
75%@76

Feb. 20.
75%@76%

F eb. 27.
75 @76%

Month.
75 @76%

The course of gold has been fluctuating, in sympathy with the political situa­
tion at Washington, the price during the month having ranged between 139J@.
144, against 135-J@140f in February, 1867. At the close of the month there
was less disposition to attach importance to the impeachment proceedings, all
apprehensions of any resort to violence having been dismi sed. There is a dispo­
sition to hold gold firmly upon commercial considerations, the conviction being
very general that the course of our foreign trade and possible occurrence of polit­
ical complicatiors in Europe in the Spring may induce a large export of specie
within the next two or three months. The receipts of treasure from California
have been large, being 8-2,385,969 in excess of those of February, 1867 , but on
the other hand the exports have exceeded those of last year by $1,135,539. For
the mouth, the supply from all reported sources aggregates $6,212,164, while the
evports and payments for customs duties amount to $12,995,1 s5; as shown by a
subjoined table, however, $4,919,283 has been derived from Treasury sales and
other unreported sources, so that the net loss of supply is only $1,505,347.
The following statement exhibits the fluctuations of the New York gold
market in the month of February, 1868 :

40% 14 *% 140% 140% F riday..................
Saturday...............
141%
141% M on d a y...............
141% T u e s d a y .............
141% W ednesday.. . . . .
142% Thursday.............
142% Friday . .............
Saturday .............
143%
Jan___1868............
14*2
141%
“
1S67.........
“
1866.........
140%
140
“
1865.........
“
1864.........
141%
“
1863 .......
141%
“
1862.........
141
“
1861.........
140%
140% S’ ce Jan 1,1863..

Saturday___
Sunday.......
M onday.......
Tuesday —
W ednesday
Thursday ..
Friday ___
Saturday .. .
Sunday . .
M onday......
Tuesday ...
W ednesday.
Thursday..
F rid a y........
Saturday—
Sunday .......
M onday —
T u esd a y. . .
Wednesday.
T hu rsday...

. 8 141 140.%, 141%
4 141% 14 % 141%
. 5 m y , 140% 141%
. 6 141% 141% 142
. 7 141% 141% 142%
. 8 142% 142
142%
. 9
10 142% 112% 143%
.11 142% 141% 142%
.12 141% 141% 141%
.13 141% 14U% 141%
.14 140 139% 140%
.15 140% 140% 141%
,1G
.171140% 140% 141%
.18,141% 110% '4 t%
.19
.i 'l 141%
.’ ./s ; 140% j 140%
201140% 1140 1140%

H igh’ st

Date.

Date.

Lowest.

Openi’g

C O U RSE O F GOLD A T N E W Y O R K .

.9
'Sa
O
O

140% 110% 141V 141%
(Holiday.)

. .

24 143% 142% 144
...2 5 142% 141% 142%
...2 6 141% 141% 141%
149% 14u% 141%
...2 8 141% 141% 141%
. . . 2!) 141% 141% 141/8

142%
142%
141%
141%
141%
141%

144
149%
140%
21*.%
161
172%
104V
100

'41%
139%
186
202V
159%
172
102%
100

140%
135%
140%
204%
157%
157%
133%
100

139%
135%
115%
196%
157%
152%
102%
100

133% 133% 144

141%

The receipts and shipments of coin and bullion at New York m the month of
February, 1867 and 1868, comparatively, were as follows.
R E C E IP T S

A N D S H IP M E N T S

OF

C O IN A N D

B U L L IO N

AT

NEW YORK.

1867.
1868.
Increase. Decrease
Receipts from California............. ............................... $1,740,109 $4,122,078 $2,381,969 * .
Im ports fr im f-renin p orts............................................
136,491
210,000*
74,509
........!
T o t 'l receipts........................................................$1,876,600 $4,332,078 $2,455,478 $
E xports to foreign p orts................................................. 2,124.461
3,200,000* 1,135,539 .
E xcess o f exports.
E xcess o f Im ports.




$247,861
...........
* Approxim ate.

......... $ ..............
1,072,078 1,319,939

C O M M E R C IA L

1868]

C H R O N IC L E

AND

R E V IE W .

247

The following statement shows the receipts and shipments in the same month
of the last eight years :
,------------------- R eceipts------------------- « E xports to E xcess o f Excess o f
California. Foreign.
Total, foreign ports, receipts.
exports.
1868........................................ $4,122,078 $210,000* $4,332,078 $3,200,000* $1,072,078
1807...................................... 1,740,109
130,491
1,870,000
2,124,401
..
247,861
1S66 ...................................... 3,603,000
172,122
3,775,122
1,807,030 1,968,092
1805 ....................................
944,735
100,904
1,021.639
1,023,201
...........
1,562
1804....................................... 1,250,069
88,150
1,338,219
3,015,307
.
1,677,148
1863........... ..........................
951,823
213,971
1,105,794
3,965,604
...........
2,799,870
1862 ...................................... 2,250,795
62,007
2,312,802
3,770,919
..........
1,464,117
5,896,900
1,102,926 4,794,034
1861...................................... 3,622,893 2,274,067

$ ......

The following formula furnished the details of the general movement of coin
and bullion at this port in the month of February, 1867 and 1868, comparatively .
G ENERAL M OVEM ENT OF

C O IN

AND

B U L L IO N A T N E W

1S6S.
$4,122,078
210,000*
1,880,086

YOBK.

Receipts from California.. . .
Imports from foreign ports.
Coin interest paid by J . S ..

1867.
$1,740,109
136,491
521,882

Total renorted new supply...............................
E xports to foreign p orts..........................................
Customs duties..........................................................

$2,398,432 $6,212,164 $3,813,732
$2,124,461 $3,260,000* $1,135,539 $
’ '
11,453,204
9,735,125
.......... 1,717,079

T otal withdrawn................................................$13,576,665 $12,995,125
E xcess o f reported new supply....................
E xcess o f withdrawals....................................
Bank specie increased...................................... .......
Bank specie decreased..............................................
Bal. derived from unrepo’ d sou’ s . . . . .........

11,178,233

6,782,961

4,753,603

*1,863,678

6,424,630

$4,919,283

Increase. Decrease
$2,381,969 $ .
74,509
1,358,254

$ ...............

$581,540

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

4,395,272

$ ............ $1^505^47

The amount of specie in the Clearing House Banks at the opening and closing
of February, 1867 and 1868, was as follows :
1867.
1868.
A t opening............................................................ $16,332,984 $23,955,320
A t closin g............................................................. 11,579,381 22,091,642
Increase on the m on th ............................. ‘ $ ...........
Decrease on the m onth............................. 4,753,623

Increase. Decrease
$7,622,336 $
10,512,261

$ .............
1,863,678

$ .............
.............

2,839 9 5
.....

Throughout the month foreign exchange has ruled close upon the specie ship­
ping rate, there having been a steady demand for bills with but a limited amount
offering.
The following exhibits the quotations at New York for bankers’ 60 day3 bills
on the principal European markets daily in the month of February, 1868 :
London.
cents for
54 pence.
109%@110

(60 D A Y S } A T N E W Y O R K .
Paris. Amsterdam. Bremen. Hamburg. Berlin,
centim es
cents for
cents for
cents for
cents for
for dollar.
florin.
rix daler. M. banco.
thaler
515 ©513% 41%®41% 78%@78
36%®3G% 71%@71%

109%@110
109%@110
109%@110
109%@109%
109%@109%
109%@109%

515 @513% 41%@41% 78% @79
515 @513% 41%@41% 78%@79
515 @513% 41%@41% 78%@79
516%@513% 41%@41% 78%®79
516%@513% 41% @41% 78%@79
516%@513% 41%@41% 78%@79

36%@36%
36% ©36%
36% @36%
36%@36%
36%@30%
36% @36%

71%@71%
71%@71%
71%@71%
?1%@71%
7 '% @71%
71%@71%

109%@109%
109% @109%
109% @109%
109%@109%
109%@109%
109%@109%

516%@513%
516%@515
51G%@515
516% @515
516%@514%
516%®514%

78%©79
79%@79%
79'* @79%
79%@79%
79%®79%
79%©79%

36%@36%
36%@36%
36%@36%
36%@36%
3 % @36%
36%@36%

71%@71%
7l% @ <2
71%@72
71%@72
71%@72
7l% ® 72

109%@109% 516%@514% 41%@41% 79%@79%
109%@109%
516%@515
41%@41% 79%@79%
109%@109% 516%@515
41%®41% 79%@79%
109%@109,% 516%®515
41%@41% 79% @19%
109%@110
515 @513% 41%@41% 79%@79%
{Holiday.)

36%@36%
36%@36%
36%@36%
36%@36%
36 @36%

71%@72
71%©72
71%@72
71%®72
72 @72%
”

C O U R SE O F F O R E IG N E X C H A N G E

Days.

1 ....
2 ....

...

3 ..

..

4 ..

..

5 ..

..

6 ..

..

7..

..

8 . ..

9 .. .

10....
11-..
12

..

1 3 ..
1 4 ..
15 . . .
16 . . .
1 7 ..
1 8 ..
19.. ..

20 ..

21....
22 ...,

..
..
..
..

..




41%@41%
41%@41%
41%@41%
4l% @ 41%
41%@41%
41%®41%

248

JOURNAL

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

515 ©513K
514K@ o13X
514%@51314
515 @51334
515 @ 5134
515 @51334

4134@4134
41J4@41?4
41*@4134
41>4@4114
4 1 )4 @ li x
4134@4134

F IN A N C E ,

79X@7934
79>4@7934
7934@79X
79%@7934
79y„@7934
79)4@7934

[March,

2 4 ......................
25 .............................
...................................
27
..........................
2 8 '. ! ..........................
29 ...........................

10BKO110
HO @ U 0 X
HO @110&
109!4@109%
10934@109%
10934@109%

36 @3614
36 @361<
3B}4@3614
36)4 83634
3n>4@3634
363S@36)4

72 @72>4
72
72 @72>4
71%@72
71%@72
71%@72

Feb. 68.....................
Feb. 67....................

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

Below we give the returns of the Banks of 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.

Linana.
Date.
.'■49,741,297
January 4.
354,170,723
January 11
January 18 . 256,033,938
January 25 .. 258.392,101
February i . . 266,415 613
February 8 .. 270,555,356
February 15.. 271.015,970
February 21 . 267.763,643
February 29 . 267,240,678

Specie.
Circulation.
$12,724,614 $34,134,391
19,222,856
34,094,137
34,071,006
23,191.867
25,106,800
34,0-2,762
44,062,521
23,955,320
34,096,834
22,823,372
24,192,955
34,043,296
34,100,023
22,513,987
22,091,642
84,0:6,223

Deposits
$187,070,786
194,835,525
205,883 143
210,093,084
213.330,524
217,844,5*8
216,759,823
509,095,351
208,651,578

L. Tend’ s. A g. clear’ gs*
$62,111,201 $483,266,30*
64,753,116
55S,8S4,52“
66,155,241
613,1
797,36®
528,503,22®
67,154,161
637,449,92®
65,197,153
55,846,259
597,242,59“
63,471,762
550,521,186
452,421.59®
69,868,930
705,100 ;78*
58,553,607

P H I L A D E L P H IA B A N K R E T U R N S .

Date.
January 4.
January U .
January 18.
January 25.
February 1.
February 8.
February 15.
February 22.
February 29.

Legal Tenders.
.. $ 6,782,432
. . 16,037,995
.. 16,827,423
.. 16,836,937
.. 17,064,18*
. . 17,063,716
.. 16,949,944
.. 17,573,149
.. 17,877,877

Loans.
$52,00 ’,304
53,593,707
53,013,196
52,325,599
52,604,916
52,672,448
52,532,946
52,423,166
52,459,757

Specie.
$235,912
400,615
320,973
279,393
248,673
287,878
263,157
204,929
211,365

C irculation.
$10,639,000
10,639,096
10,641,752
10,645,226
10,638,927
10,635*926
10,663,328
10,632,495
10,634,484

D eposits.
$36,621,274
37,131,830
37,457,089
37,312,540
87,922,287
37.396,653
37,010,520
36,453,464
35,798,314

B O S TO N B A N K R E T U R N 8 .

January 3 .
January 13 .
January 20 .
January 27 .
February 3 .
February 10.
February 17
February 24 .

(Capital Jan. 1, 1866, $41,900,000.)
Leg*
Legal
Tenaeers.
Loans.
Specie.
D eposits.
$34,960,249 $1,466,546 $15,543,169 $40,856,022
97,800,239
1,976,987
15,560,965
41,496,320
97,433,463
926,942
15,832,769
41,904,161
97,433,435
811,196
16,349,637
43,991,170
96,895,260
777,627
16,738,229
42,891,128
97,973,9:6
652,939
16,497,643
42,752,067
98,218,828
605,740
16.561 4 1
41 502,550
97,469,433
616,953
16,309,501
40,387,614

CONTENTS
NO.

PAGE.

1 . The Prospect o f Peace in E urope___ 169

2.
3.
, 4.
5.
i 6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

The St. Louis and Illinois B r id g e .... 172
The Breadstuff's T ra d e ....... ...................178
Our Method o f C ollecting T a x es........ 181
statistics o f the National B >nks.. .. 185
Letter on the Financial E conom y o f
the United States...................... . . . 188
N ew Orleans, Jackson and Great
Northern Railroad.................
203
Investments ol the N ew Y ork Savings
B an k s................................................... 205
Philadelphia 8'tock List for 1867....... 206
Boston s tock Fluctuations................... 208
Tennessee Railroad B on d s.................. 210
Tne Parks o f C olorado............................ 211
Erie R ailw a y.......................................... 222
New Jersey Railroad and Transporta­
tion Company ................................... 225
Boston and Albany R a ilr o a d .... . . . . 226




OR

,-------Circulation------- ,
National.
State.
$24,636,559 $228,730
24,757,965
227,953
24,700,001
217,372
14,564,106
226,258
24,628,103
221,560
24,850,926
221,700
24,850,055
220,452
24,686,212
216,490

MARCH.
PAGE

16. R eport o f the Railroad Companies o f
New Y o r k ............................................ 227
17. Blue Freight Line................................... 228
18. Coin and Bullion M ovem en t............... 229
19. L ouisville, Cincinnati and Lexington
R ailroads.............................................. 230
20. Massachusetts R ailroads.................... 231
21. Public Debt o f the United States .. 232
22. Public Debt o f the Un’ ted States....... 233
23. Railroad Earnings for January...........234
24. Railroads o f Massachusetts. .” ............234
25. Philadelphia and Reading R ailroa d .. 236
26. Columbus, Chicago and Indiana Cen­
t a l R ailw ay........................................ 239
27. W estern Union Telegraph Company. 240
28. Alabama 8tate Debt............................... 241
29. Commercial Chronicle and Rev e w .. 212
30. Journal o f Banking, Currency and F i­
nance............................................
248