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T H E

ME R CHA NT S ’

MAGAZINE

AND

COMMERCIAL
M A Y ,

R E Y 1 E AY,

1 8 6 8.

ECONOMY IN TAXATION.
BY AM ASA W ALKER.

It is now nearly a century since Adam Smith announced as one of the
four fundamental principles on which all taxation should be based, “ that
every tax ought to be so contrived as to take out and keep out of the
pockets of the people as little as possible over and above what it brings
into the Treasury of the State.” W hile the entire correctness of this prin­
ciple has been universally admitted, but little attention has been practi­
cally given to it. Not economy, but effectiveness in taxation has been in
general the chief consideration with the taxing power— how to raise the
most money, not with the least expense, but with the least resistance, has
been the great problem of governments. When the age of brute force
had passed by, and exactions could no longer be enforced at the point o f
the bayonet, it became necessary to resort to some other method which,
while it should be less offensive, should be equally efficient, and thus indi­
rect was made to take the place of direct taxation. I f men might be taxed
without being conscious of it, so that they would neither know when they
paid, nor how much, if they could be made to contribute in such small




21

S30

ECONOMY

IN

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[May,

amounts that the drain, though large in the aggregate, would be small in
its several items, it was quite evident that a heavy taxation might he
enforced without occasioning public discontent. Hence the grand enquiry
was, not how taxes can be most economically imposed, but how can they
be made most productive of revenue.
Nor was it all important that equality in taxation should he regarded
in the new system. Whether each citizen or subject were made to fur­
nish his just share towards the public burdens was not essential, since few
men could have any very definite idea as to what they actually paid, and
no one could determine his own contribution as compared with others.
Hence the indirect system was found to work so satisfactorily to govern­
ments that it has been continued to the present day.
But the time must arrive, if indeed it has not already arrived, when the
justice and expediency o f our modern financial system is to he brought to
the test of a severe and critical examination. W hat taxes are the most
economical, the most equitable, the most productive ?
These are the questions that will be asked, and must be answered ; and if
it should be found that by one form o f taxation it costs one hundred and
twenty-five dollars to get one hundred dollars into the Treasury, while by
another it would cost but one hundred and five dollars to accomplish the
same result, the latter will most certainly be preferred; and it is equally
certain that in the long run this will be more advantageous to the State
as well as to the contributor.
National imposts in the United States are laid principally in two forms,
v iz.: by customs and excise ; but the latter may be subdivided into those
laid upon merchandize, that is, commodities upon which profits are charged
by those through whose hands they pars, and which o f course are finally
paid by the consumer, and those, like the tax: on income, stamps, &c., upon
which no profits can be charged.
Our present object is to ascertain, if we may, the comparative economy
of the two principal modes of taxation, leaving the questions o f equity and
productiveness in abeyance. To ascertain the actual taxation imposed by
Custom House duties, we first take the amount so paid, and to this (in
our present monetary condition) add 40 per cent for the gold premium,
and upon this aggregate the importer’ s profit, which we assume to be ten
per cent; upon this amount is charged the jobber’s profit, estimated at 7£
per cent, and the retailer’s at 12|- per cent. This estimate of the several rates
of profits may be regarded by some as too low, and we are aware that it has
generally been assumed that the importer’s profits are 15 per cent, then the
jobber’s 10 and the retailer’s 20 per cent, but to prevent any appearance of
exaggeration, we take the rates first mentioned.
If there be those who
think our estimate o f profit too high, we would remind them that a




1868]

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T A X A T IO N .

large am ou nt o f all foreign m erchandize sold in the cou n try passes th rou gh
the hands o f m ore than three different classes o f dealers, and th a t the
greater part is sold far from the grea t m arts o f trade, where th e profits
charged, both at w holesale and retail, are m u ch h igher than in th e im m e­
diate n e ig h b o rh o o d o f com m ercia l cities :
Duties collected in 1867........................................................................... ..
Gold premium paid at 40 per cent...........................................................

$176,417,810
70,567,124

Cost of duties in currency...............................................................
Importers’ profits 10 per ce n t...................................................................

$246,984,934
24,698,493

Jobbers’ profits, 7£ per c e n t .....................................................................

$271,683,427
20,376,257

Retailers’ profits’ 12| per cent.................................................................

$262 059,684
86,507,460

Tttal paid by consumers.................................................................
Duties collected.................................................

$328,567,144
176,417,810

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

$152,149,334

— equal to som ethin g m ore than 4 0 per cen t

o f the w hole am ount paid

by the consum ers, o r 86 per cen t u pon th e am ou nt

receiv ed b y the G o v ­

ernment.
This difference is a ccou n ted for as f o llo w s :
Lrss on gold premium by a defective currency......................................
$70,567,124
Importers’ profits............................................................
$24,698,498
Jobbers’
do ............................................................
20,376,257
Ketailers’
do ............................................................
36,507,460—
1,682,210
Paid in profits and gold p rem iu m ................................................

$152,149,334

W e now turn to the In tern al R eveu ue, and a pply th e sam e calcu lation s,
except that n o im porter’s profits are to be ch a rged.

A s A m erican good *

are gen erally o f a m ore staple ch aracter than foreign , th ey naturally pay
a smaller profit, besides th ey pass through few er hands and m an y o f them
for a com m ission o f on ly tw o and a h alf per c e n t :
Whole Internal Revenue..............................................................................
Ofti is Cotton Tax, Income Tax, Licenses, <fcc., pay . . . $143,465,879
Manufactures, iron machinery, <fcc„ pav............................. 122 ,454,595
Upon these last articles, amounting to ....................................................
The wholesale dealers charge ray 7J per cent........................................

$265,920,474
265,920,474
122,454.695
9,184,094

Retailers’ profit 1 2 £ per cent.....................................................................

$131,638,689
$16,4 64,836

T otal...................................................................................................
Deduct the original cost.............................................................................

$14 8,093,625
122,654,599

Paid in profits on taxes...................................................................

$25,638,930

Equal to an additional co s t upon the taxed com m od ities o f 2 1 per cent
or equivalent to about 9 ^ per cen t u pon the w hole Internal R even ue.




332

econom y

in

t a x a t io n

.

[M ay,

These statistics indicate clearly the comparative economy o f the differ­
ent modes of taxation.
Upon the whole amount collected through Custom Houses, the people
pay $1 86 for every dollar the Government raises, while upon the amount
collected by excise upon merchantable articles, manufactures, iron, &c.,
for each dollar paid into the treasury the people pay only $1 2 1 ; difference
to the consumer 65 cents cn every dollar thus added to the public rev­
enue.
But we have seen that upon a large part o f the Internal Revenue, as
the Income Tax, License Tax, &c., no profits are directly charged ; so that
the whole average advance is but 9-J- f cr cent.
Taken together, therefore, Custom House duties cost the people
86-9-J 76-| per cent more than the excise taxes upon the aggregate amount
so collected.
W e arrive then at the following result:
Extra cost o f customs to the people at present............................................. 86 per cent
Excise when indirect upon manufactuses, <tc..................................................21 percent
Excise when laid direct, as upon Income, Stamps, <tc..................................3 per cent

I f this view o f the subject is correct, and we think it cannot be dis­
puted, the question, other things equal, as to the manner in which taxes
may be economically assessed and collected can not be a matter of d ou b t;
we say, other things equal, because it may be urged that though there is
great economy to the direct consumers of the taxed articles in Excise as
compared with the Customs, still as the latter protect home manufac­
tures, and thus indirectly confer great benefits upon the general industry
of the country, they may nevertheless prove most advantageous. That is
a distinct question, upon which we do not propose to enter at the present
time. It would open a wide field of enquiry ; since, if the cost o f foreign
commodities were enhanced to the extent of 86 per cent., all home man­
ufactures, so far as they were protected, must have been raised in an
equal degree; because there cannot be two prices for articles equally de­
sirable, and hence it is absolutely certain that the price of the protected
fabrics must have been raised to so great an extent as the foreign, and
the taxation of the consumers must have been increased by that additional
amount.
Passing by this consideration, however, if we take notice only o f the
$80,000,000 paid in profits upon the duties, we find that this large sum
is to be divided amongst the mercantile and trading classes, whose num­
bers are thereby greatly increased, but without adding anything to the
wealth or productive force of the country. The $80,000,000 thus paid is
a total loss to the nation ; and is sufficient to support a standing army o f
80,000 men at $1,000 each, which is the average cost per man in limes of




180 8]

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333

peace, including all the expenses of military organization. A proposition
to increase the national forces to that extent and at such cost, would
doubtless be regarded as monstrous, yet the expense would be no greater
than the people now encounter in the profits they pay on Custom House
duties.
Or to take another view of the magnitude o f this subject, the amount
paid for the profits upon the duties and the gold premium together, as
before stated ($152,149,334) is equal to the entire annual interest on the
national debt.
W e have taken no account, it will be observed, o f the cost o f collect'
ing either kinds of revenue. W e omit this because it would considerably
complicate the subject and not essentially affect the final result. The
cost of collecting the Internal Revenue is known to average a little less
than ten per cent. The expense of Custom House collections is not so
definitely determined. An investigation made in 1850 (see Financial
Report of that year) showed that the cost to that date had averaged six
per cent. There has been, however, considerable difference of opinion as
to what expenses should be charged to the account, so that some have
estimated the cost as high as ten per cent. Mr. Calhoun, in his day, car­
ried it up to eleven per cent. W e, however, take no notice o f the differ­
ence whatever it may be.
This investigation brings us into contact with the effects of a depreci­
ated currency as seen in its influence upon the entire cost of our foreign
importations to the consumers :
The importation in 1867 was......................................................................... $t '2,2 ’ 3,322
Duties p „id ....................................................................
............................ 179.4 7,8 VO
Gold cost to importers .. .............................................................................. 691,651,131
Gold premium upon the same......................................................................... 236,6 4,528
Currency cost to importers............................................................................... 8 8,2 5.660
I f to this we add the same profits as before................................................ 274 7' 8,236
Total cost to ccnsumers ........................................................... . . . . . $',102,963,896

From this amount a deduction should be made on the consideration that
upon some o f the importations, as Railroad Iron for example, no profits
were probably charged. Making this allowance the cost would be re­
duced to about one billion of dollars.
W e see in this result one o f the w<»ys in which the people expiate in
part, the crime of allowing a false standard of value, and it is one o f the
modes too, by which much of the national wealth is transferred abroad
without an equivalent. W e do not say, let it be observed, that all this
vast difference is lost to the country, but give these facts to show how
large an amount of currency is required to pay for 412 millions of imports.
I f it be replied that these consequences, so far as they result from modes




334

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[May,

of taxation, are unavoidable, we answer, that these inodes exist only from
the false ideas which influence society. There is nothing in the nature of
things which makes it necessary that the people should pay so much more
in taxes than the government actually receives. The form of taxation
and the character o f the currency depend upon the public will, and hence
may be taken as a correct idea of the civilization and general intelligence
o f any community.
Under absolute governments, taxes are imposed and collected by the
arbitary fiat o f the ruler. In constitutional and representative govern­
ments such contributions are determined by legislative authority, and col­
lected in such forms as the wisdom of the people may dictate.
Those who so well understand their own interest as to see that the most
direct are cheapest taxes, that the most just are those which require all
men to pay “ in proportion to their respective abilities, that is, in propor­
tion to the revenue they enjoy under the State” will discard every other
form o f taxation but that which comes immediately upon income, since
that is the only kind o f taxation which fully secures the two great objects
to be aimed at, viz: equality and economy. Such a mode of taxation we
cannot immediately expect. It must, nevertheless, be sooner attained in
the United States than in any other country, because the people are bet­
ter informed, and have more freedom of thought and action than in any
other. Alrealy fifty-seven millions of the National Revenue is raised in
in this manner,.although the principle is only partially applied. Were it
made universal, were every person, male or female, employer or employe,
business man or professional man, proletaire or millionaire, required alike
to contribute just in proportion to actual income, impartial justice would
be secured and the taxes collected in the most economical manner.
In the meantime without awaiting for such a fiuancial millenium, it
seems desirable that the attention of legislators should be turned in the
right direction. In a government like ours, o f the people and for the
people, the question surely should never be asked : How can the greatest
amount of money be extorted in such a way that the public shall be the
most unconscious of taxation ? but, How can a proper revenue be secured
in the cheapest and most obviously equitable manner?
To achieve a system of taxation as unlike the indirect and oppressive
systems of European governments as possible would seem to be a proper
object of ambition to the American statesman.




1868]

TH E

E R IE

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CONTROVERSY.

335

THE ERIE RAILROAD CONTROVERSY AND THE W EST.
The “ Erie Railway War,” which is now apparently closed through a
settlement between the chief belligerents, has a double interest to the
business community o f the country. To our mind the commercial ques­
tion has been the one which for the time overshadowed all others, and yet
the controversy has exhibited a condition of official malfeasance and disre­
gard of private rights, which should not pass unrebuked. On a future
occasion we shall refer to this recklessness o f directors, and suggest checks
which legislation might put upon speculative officials. Their power for
evil is very great, and we trust that the present excitement will so indel­
ibly fix these evils upon the minds o f the community that some reform will
be the result.
But the commercial question which has been involved in this attempt
ed monopoly needs to be kept prominently before the public. Not simply
or principally in the interest of New York do we urge this, but rather as
due to the whole West, since we deem it their right that every avenue to
the seaboard should be kept open and as free as possible. The internal
commerce of the country needs increased facilities, and the fact that we
possess, as we suppose, special advantages, makes it more important that
we place no obstacle in the way of this free transit. The Erie Canal, with
its uniform slop9 toward tide-water; a great railroad, practically level,
upoa its banks; and another line of railroad of still greater tonnage through
the Southern portion of our State to Lake Erie ; acquire by reason of the
nearness of the Hudson to this lake,— an importance in carrying on our
internal commerce which cannot be over-estimated.
The tonnage of these great highways the last year equalled 10,000,000
tons. From an active and healthy competition the charges for transporting
this immense mass of freight has not exceeded two cents per ton per mile
or $10 per ton from Lake Erie to New York City, a distance of nearly 500
miles. Assuming 3,000,000 tons to have been through freight, tho cost
of its transportation, including of course the interest on the cost of the
works, was $30,000,000. A t the rate of 2|- cents a mile the charges
would be $37,500,000; at 3 cents $45,000,000, and at 4 cents (the rate
that prevailed only a few years ago), $60,000,000.
The only way in which the produce of the far distant interior has been
enabled to reach our city has been through the improvements that have
been constantly made both in the instruments and in the cost of trans­
portation. Only a few years ago, comparatively, the flour which supplied
the New York market was ground from Genesee wheat— a name the
synonym o f excellence. But Genesee wheat is now among the things of
t he past— not enough of it is raised to feed the people upon the territory




336

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CON TROVERSY.

[May,

that grows it. Ohio flour next took its place ; but Ohio has almost ceased
to be a wheat exporting State. Michigan still holds out. But the bulk of
this grain now comes from the great region lying west and northwest of
Lake Michigan— a boundless territory, admirably adapted to the culture of
the plant, and to which we must look hereafter for our supplies, not only
for domestic consumption but for our export trade.
The great interior entrepots of the wheat trade of the country are
Chicago and Milwaukee. The former is distant in round numbers 1,000
miles from New York c ity ; the latter some 80 miles more. At these
points wheat is collected from a region having a radius o f 500 miles. To
bring it to market from such an immense distance, at a rate which shall
supply it cheaply to the consumer, and at the same time leave a fair profit
to the producer, the cost of transportation must be at figures certainly not
exceeding one cent per ton per mile. Such rate amounts to one dollar
per barrel from Chicago to New Y oik— a rate at which a very large pro­
portion of the whole is now brought— by water a portion of the distance
in Summer, and by rail in the Winter season. As the distance from New
York at which it is grown increases, the cost of transportation must be
made to decrease in similar ratio ; otherwise we should soon reach a point
at which from its distance from market this staple would have no commer*
cial value.
W e have taken the case of wheat as an illustration familiar to all.
Commerce between different portions of a country so extensive as our own,
is possible only by reducing the cost of transportation to figures that were
regarded as impossible a few years ago. But as already remarked, the
reductions that are constantly being made in cost of transportation have
been very nearly in direct ratio to the progress of our people over our
vast domain. From whatever points we can bring wheat, we can transport
to the same nearly every kind of merchandise that goes into domestic
economy. Wherever may be the territory from which the Eastern mer­
chant and manufacturer can at a reasonable rate bring his food, he can
send to the same localities whatever he may produce or have to sell.
An element of cost of transportation, and often the most important one,
is interest on the capital invested. The public owe it to themselves, con­
sequently, to see that the charges shall not be increased by any extrav­
agant addition to the actual cost of our public works, i. e., that their capital
and their cost shall be the same. The people of this State have already
permitted an important and most injurious deviation from this rule. When
the New York Central Railroad was consolidated the several companies
were allowed to put their shares into the consolidation at some 89,000,000
more than the cost of their respective works. This sum was disbursed in
the six per cent bonds o f the new company. The interest on these bonds,




1868]

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337

amounting to some $550,000 annually, has been a direct charge upon
the commerce passing over this railroad— a tax annually levied upon the
public for which not the slightest equivalent has been returned.
This pernicious example has been lately followed by the Hudson River
Railroad Company which has doubled its stock, calling up, however, only
50 cents on the dollar, the stock-holders putting an equal sum into their
own pockets.
As it was alleged, and we assume correctly, that a large
sum was required to bring up the road so as to enable it to transact its
business economically and safely, there certainly could be no objection to
an increase of its capital, so as to represent the increased cost of the road*
But any excess of such capital over such cost is a great wrong upon the
public, which is to pay for such excess without the least equivalent in
return. The company henceforth, as it has doubled its capital, must also
double, or very largely increase, its charges; or if its traffic should corres­
pondingly increase must maintain them at old rates, instead o f reducing
them, as it would have done bad there been no needless increase of capital.
This railroad is a creation of the popular will. Those constructing and
owning railroads should not be allowed to use them as instruments o f
public oppression for their own advantage.
This outrage upon the public has paid so well that it is sought to be
repeated, not only again in the Hudson River, but in the Harlem and the
New York Central. It is now proposed to increase the capital of the
Hudson River by $6,000,000, the New York Central by $9,663,000, and
the Harlem by $3,200,000, or, in all, $18,863,000, every dollar of which
is to be disbursed as a bonus among stockholders, to be a perpetual addition
to the share capital of the companies without increasing by a single dollar
their capacity to earn. To make dividends on such increased cost will call
for an increase of earnings equal to at least $8,000,000 gross annuallyTo such an extent is a tax to be laid upon the commerce of the country
by self-constituted authority, who have no more right to make such levies
than a Barbary corsair has to impose a tribute upon the commerce of the.
high seas. Now, we protest against all such needless oppressions upon the
commerce o f the country.
But to enable the party now controlling the Hudson River, the Harlem,
and the Central to carry out their plans of increase of capital, and consequent
increase of charges, the control o f the Erie Railway is necessary. Hence
the struggle for its possession— the “ Great Erie War,” which we have so
long witnessed. W ith the personal quarrels between the chief belligerents,
we have no interest, but with the effect o f their acts, or the policy they are»
pursuing, we have a great and vital one. W e protest agaiast the addition
o f dead weight to the capital o f any o f these companies. W e trust that tha
Central and the Erie will, as they have hitherto been, continue to be opes~




338

IN F L A T E D

CN R R E N C F AND

IN F L A T E D

P R IC E S .

[M a y ,

ated as separate and independent lines, with a competition that should
compel the managers of each to be constantly on the alert for business,
and to study the economies of transportation so that the cost o f the same
shall be reduced to the lowest practicable limit.

INFLATED CURRENCY AND INFLATED PRICES.
Those persons who explain the late monetary panic by ascribing it
to the action o f the Treasury in selling gold and thus draining the banks
o f their greenback reserves, find some confirmation o f their opinion in
the fact that when the Treasury, a week ago, suspended the movements
complained of, and ceased to lock up currency, the money market imme­
diately recovered ; the revival o f confidence and the restoration o f ease
receiving an improvement with each successive day. It is gratifying to
find that the artificial scarcity of greenbacks during the panic has not
resulted in any general demand for a further inflation o f paper money,
but has rather given more intensity to the general opposition and dread
with which so suicidal a policy has been hitherto confronted among con­
servative thoughtful men.
W e have heretofore referred to the project for increasing the currency
by new issues o f greenbacks or National Bank Notes. The alluring
scheme is very popular with some of our paper money men for various
reasons. Some o f them believe that new issues o f irredeemable cur­
rency are a panacea for bad trade. The country they say is impover­
ished, its business is decadent, and its industrial population is suffering.
The near approach o f the Presidential election requires something to be
done, and that something is the outpouring o f currency. Thus, they
say, will a new impulse be given to the laggard wheels o f our financial
mechanism, so that the people may resume their good humor and dis­
satisfaction change into content. Another set o f the inflationists are
bent on making money. I f certain National Banks be made pensioners
o f State, and have distributed among them twenty-five or fifty millions
o f new currency, there will be a fine harvest for those who are keen and
shrewd enough to “ assist” in the distribution. And whether the new
issue consist o f National Bank Notes or of greenbacks, there will arise
such a violent speculation in gold and stocks and all kinds o f produce,
that fortunes will be made by shrewd men in a very short time and with
little risk or labor.
Such are some o f the motives urging forward the inflationists, and
other motives might be cited besides which we need not specify. W hat
is more to the purpose, is to trace out some of the consequences o f this




1868J

IN F L A T E D

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IN F L A T E D

339

P R IC E S .

agitation, and especially its effect on prices. W e have compiled for this
purpose the subjoined table which shows the wholesale market prices of
a number o f leading commodities at various times during the last two
years:
WHOLESALE PRICES OF LEADING PRODUCTS AT NEW YORK MARCH X, 1866, SEPT.
MARCH 1 , 1867“ JANUARY 1, 1868, AND APRIL 1, 1868.

Food Products.
Mar. 1.
1866.
Butter, N. Y . fair...................................
Cheer e. factory.......................................
Flour, round hoop O h io ......................
Wheat, Milwaukee C lu b ...................... ................. 1 65
Corn, m ixed W estern...........................
Beef, extra mess, n e w ..........................
Pork, mess, n e w ................................... . ............. 28 00
L a rd .......................................................
R ice, C arolina......................... ........... ................. 12 50
Sugar, granulated...................................
Salt, W orthington’ s ........................ . . .
Tea, Hyson, m e d iu m ............................
Coffee, Kio, piim e (gold )......................
Fish, dry cod
.....................................

1, 1S66,

Sept. 1. Mar. 1.
Jan. 1.
April 1.
1866.
1868.
1868.
1867.
$0 35
$0 34
$0 38
$0 55
18
15
16*
19*
9 40
11 00
10 70
10 60
2 00
2 40
2 10
1 08
i 24
80
1 40
24 00
22 00
18 50
19 50
25 12
32 75
20 75
22 25
12*
10*
19*
12*
11 50
9 50
13 25
10 3 " *
15*
26*
16*
16*
2 75
2 85
3 00
3 00
1 25
1 25
1 25
1 25
17
17*
18*
7 00
7 50
6 00
6 00

Clothing Products—
Cotton, m iddling uplands....................
W ool, >axony fleece.............................
Flax, Jt r s e y ............................................
Silk, Tsatlees, No. 1 .............................
........... 11 60
Brown shee iiies, s andards................. .................
28
Print cloths, 64x64.................................

32
63
21
11 CO
23
13*

32
58
19*
12 00
22
u *

27
65

16
65
11 50
15
6*

10 75
18
9

Metals—
Copper. Portage L a k e ..........................
Iron , Scotch p ig .....................................
“ American p ' g ...............................
“ Rails, A m e r ic a n .......................... ................. 85 00
Lead, Eng i h (g old ).............................
Spelter, p a es, d o m e stic.................... ...............
11
Steel, American s p r in g ....................
T in , English ( g o ld )...............................
Zinc, s h e e t ..............................................

47
49
87
10

31
50
00
50
75
11
ii*
21*
11*

43
45
84
6

27*
00
50
00
90
9*
13*
22
12

36
39
82
6

23
(0
00
50
75
6*
15
26
ii*

41
40
75
6

23*
00
00
00
S7*f
6*
14
23**
ii*

Woods—
Easte n s p r u ce .......................................
Southern p in e ..... ..................................
Cle ir p i n e ..... .........................................
Black walnut..........................................

22
45
90
110

50
CO
00
00

19
42
90
HO

75
50
00
00

20 00
40 00
70
125

21
40
70
25

00
00
00
00

Miscellaneous—
Ashes, i earl, 1 st....................................
Coal, anthraci c .....................................
Cordage, Ma i l a ...................... ........... .................
Feathers, P. W e s t .................................
Hair, R o G rande...................................
Hay, North R iv e r........... . .............
T erpentine, sp ir its ...............................
P it c h .........................................................
R osin, No. 1 ............................................
O 1, olive, in c a - k s ............................... .
“ whale, refin ed ................................ .
“ l a r d ..................................................
“ ker sene ...........................................
Petrol um, crude .................................
Rags, whi e, c i t y ...................................
..........................
Tallow , American
G o l d .........................................................

23

13 75
8 50
23
82
34
81*
69
3 25
6 00
1 75
1 52
1 92
62
27
10*
12*
146*

12 25
7 25
22*
86
33*
1 40
71
4 50
6 25
1 60
1 02*
1 13*
52
17*

00
24*
90
26*
1 20
51
3 25
6 00
1 70
80
1 18
47
10*

11*
139*

ii
133*

11 5C
8 00
22
90
25*
1 30
66*
3 50
4 70
2 55
78
1 4)
40
12
9*
12*
138*

It were an easy task to illustrate from the foregoing table the opposite
effects o f contraclion and o f enlargement of the volume of paper money.
The four first columns cover the period o f contraction o f the currency
from March, 1866, to January, 1868. The last column shows an antici­
pated inflation by new issues. Accordingl/ at each succeeding date o f




340

IN F L A T E D

CU RREN CY AND

IN F L A T E D

P R IC E S .

[M a y ,

the period while the currency was diminishing prices o f all descriptions
show a shrinkage. And now that an expansion is talked o f a reverse
movement has set in. W e can suggest few more instructive lessons in
finance than to take each item and trace out this general tendency,
together with the subordinate causes which in the different commodities
increased or diminished the average rise and fall, at particular seasons.
Another important inference from the foregoing table is the wayward
movements o f gold. Many persons have supposed that in any country
where paper currency is legal tender, the premium on gold would form
an unerring indication o f the extent to which the paper currency was
depreciated. That this opinion is erroneous, has been again and again
proved by the course o f our own markets during the paper money era
o f the past 5 or 6 years. The financial crisis when gold struck 2761in July, 1864, was by no means the time o f the highest prices in the
general market nor was that the time when we had the greatest amount
of currency outstanding.
The fact is, that when any nation allows its
financial barque to break loose from the safe moorings o f specie, the
fluctuations in values are subjected to a variety o f influences. The t de
o f inflation as it rises strikes the various commodities unequally. First,
gold advances in p rice; then stocks and other securities o f sensitive nature;
next domestic productions, food, clothing, and the necessaries o f life ;
later still ihe wages o f labor; and last o f all real estate. Conversely,
when the tide ebbs out, it leaves the different parts o f the field o f prices
with unequal rapidity. M oreover, the tide of prices ebbs and flows with
continual undulations, and these undulations are much more swift and
numerous in proportion as they belong to the more sensitive orders of
commodities, such as stocks and gold and exportable products.
Thirdly, it has been pretended that as prices do not keep pace with the
inflation and contraction of the currency, therefore, the currency may be
enlarged and diluted by new issues o( unredeemable paper without any
positive certainty o f disturbing current values. This opinion is contra­
dicted, however, b y all experience and by all authority. It is utterly
unworthy o f reply, for it defies argument, and opposes the most irre­
fragable evidence. It is too late in the history o f our own paper money
troubles to claim that new issues o f currency can be made without new
redundancy, or that that redundancy will not bring further depreciation
o f the standard dollar, and consequent derangement o f all prices esti­
mated in that standard. W e might as well deny the general theory of
the causation o f tides, because o f certain erratic deviations from uni­
formity in the Bay o f Fundy.
Fourthly, we see the absurdity o f the Treasury movements to put
gold down below the point where the pressure o f the natural laws o f trade




1868]

O U R F O R E IG N

341

CO M M E R C E .

tends at a given date to place it. During the English panic o f 1866 our
government sold gold at a great sacrifice, hoping “ to keep the price
steady,” as the government broker delighted to express it. Twenty
millions or more o f the Treasury gold was thus thrown upon the market
in the vain attempt to keep down the price below 150. The amount
of revenue which the nation has lost and thrown away in the last five
years by such futile contests with the law o f prices, one does not like to
think o f in the present and prospective state ot the Treasury and o f the
public feeling against taxation. If the schemes o f inflation now pro­
posed should in an evil hour be authorized by Congress, it is to be hoped
that no more o f our Treasury resources will be squandered in mis­
chievous attempts to regulate the market or to keep gold so low that it
shall be the cheapest article o f export.

OUR FOREIGN COMMERCE.
The returns of the Bureau ot Statistics, just published, reveal a change
in the course of our foreign trade. The last monthly report gives the
figures, up to the close of January, with an estimate of the imports and
exports for February ; the latter, though it may be slightly varied by
more complete returns, may yet be taken as approximately correct. W e
are thus in a position to give a statement of the foreign trade of the
United States for the four months from November to February, inclusive.
In presenting the statement it may be proper to remark that the imports
are entered on the official records invariably in specie values, while the
exports of domestic products, from the Atlantic ports, the precious metals
excepted, are entered in currency values. In order, therefore, to make an
even comparison between the imports and the exports, we have reduced
the items representing currency values to gold at the average price of
gold for each month. In this reduction we have to include the exports of
produce from the Pacific ports, which are entered in gold values, as the
returns do not give the ports of shipment; this under valuation will, how­
ever, be about compensated by reckoning at gold value that portion o f the
exports of foreign goods not taken out of warehouse. The following are
the statistics :
IMPORTS AND EXPORTS OP THE UNITED STATES POR THE MONTH OP NOVEMBER, DECEMBER,

1867,

AND JANUARY AND FEBRUARY,

1868,

IN BOLD VALUES.

Imports (Specie Included).
N ovem ber, 1867-8..
December,
"
January,
u
February,
“
T otal imports




$25,712,946
21,184,166
22,012,826
27,965,091
---------------- $96,874,529

342

OUR F O R E IG N

COM M ERCE.

[ M a y,

Exports.
1S57-8.
Novem ber
Decem ber.
January...
February..

Dom . p roduce. Dom . specie. Total.
$25,414,000
$2,061,272 $27,475,272
23,845,000
8,955,069 32.80 ,069
23,712,721
7,459,092
31,171,813
23,090,897
4,005,632
27,096,529

$96,062,618 $22,481,065 $118,543,683
T otals........... .................... . ................
F or merchandise and specie for the 4 months.............................
5,801,505
Total exp orts........................................................................................ ..........................$124,345,188
E xcess o f exports over im ports................................................................................

$27,470,659

We thus find that the exports for these four months exceed the imports
by $27,470,659, or at the rate o f $82,000,000 per annum. Although
these months are the most active period of the year in importing opera­
tions, yet the above total of receipts is at the rate of only $290,000,000
per annum, which is about $140,000,000 below the average of the two last
fiscal years. W e have no doubt that the result presented in this exhibit
is rather under than over the truth. As we recently had occasion to
show, the exports are generally understated in the manifests to a large
extent. W e think it may also be safely asserted that upon a large pro­
portion of the goods consigned to the United States for the Spring trade,
little beyond the advances made by the consignee has been realised; so
that the payments for this class of imports will fall below the value at which
they were officially entered. And, on the other hand, the exports o f cotton
will, on the whole, have realized much higher prices than they were shipped
at, under the late large advance in the price. The shipments of Upland
cotton in January averaged 15 cents per lb., and yet the amount realised
upon them in Liverpool was perhaps 30 per cent above that price; and a
similar rule would hold good with respect to the exports o f this staple in
February. To the extent of the consignments of cotton upon account of
home shippers, therefore, we shall be credited with an amount much in
excess of the value shown upon the official record. But while the actual
balance due to us upon the four months trade is probably higher than the
above figures indicate, it must yet be remembered that, in all these esti­
mates, the investment account requires to be taken into consideration. W e
have already given estimates showing that the annual interest payable to
foreign holders of our securities cannot be short o f $35,000,000 in gold.
On the 1st of January a considerable portion o f these interest obligations
matured; and this item must be set off against the trade balance in our favor.
W e do not think that, during the period under review, either the importa­
tion or the exportation of securities was sufficient to materially affect the
estimate.
The above figures clearly demonstrate that at last we have for the pres­
ent seen the end of a protracted and dangerous over-trading. W e have
repeatedly called attention to the fact that our importations have been,
within the last three years, enormously in excess o f our exports, and that




1868]

OUR F O R E IG N

343

C O M M ER CE.

we have been offsetting an immense adverse balance by the shipment of
bonds, liable to be returned upon us at a time when it was least conven
ient for us to take them, and which, upon many grounds ought to have
been kept at home. W e are not among those who regard large importa­
tions as, under any and all circumstances, a symptom of a healthy state o f
trade. So long as we have the commodities with which to pay for our
importations, we cannot import too largely. But when we buy abroad 50
to 75 millions worth of goods in excess of the value o f our surplus pro­
ducts, and pay for this excess with bonds which constitute a lien upon the
resources of the people and represent no productive interest, we are doing
an illegitimate business, which must bring ultimate disaster. For the last
two years our markets have been over-supplied with foreign goods; and
the result appeared last Fall in the failure o f several importers and in a loss
of capital to the whole importing interest; while the competition of an excess
of foreign productions with domestic had a discouraging effect upon home
manufactures. All this is essentially unsound and mischievous, but appears
now, however, to be working out its own cure. The importers, injured in
means and in credit by their late losses, have found it impossible to buy to
the same extent as formerly ; and foreign consignees, unwilling to risk a
repetition of their late losses in our markets, have shipped much less to the
United States than for the two last years ; and hence the heavy decline in
the Spring importations.
It is gratifying to witness this evidence of reaction from an era of national
extravagance. It indicates that the people are beginning to acknowledge
the necessity of regulating their expenditures by the reduced net result
of their labor, their capital and their trading operations; that, in short,
we are beginning to learn the economy which all great wars necessitate,
but which we have been slow to put in practice. Our large importations
in 1866 and 1867 have undoubtedly done much to sustain prices in
Europe against a natural tendency to a fall, growing out of the finanacial
crisis in Great Britain. And the reduction of our purchases abroad will
as naturally tend to foster the moderation of values across the Atlantic.
W e are the largest customers o f Great Britain for woolens, worsted fab­
rics and linens, and take ordinarily about 12£ per cent of her exports of
cotton manufactures; and in view of this fact it may be estimated from
the following comparison what effect the present course of our importa­
tions is likely to have upon the value of these important classes of products :
EXPOETS OF CERTAIN FABRICS FROM GREAT BRITAIN TO THE UNITED STATES FOR THE FIRST
TWO MONTHS OF THE YEAR.

1866.
C otton ..................................................................... yards. 37,953,266
W o o le n s .......................................... ............... ...................
1,644,981
W orsted s.................... ......................................................... 26,176,596
C arpets................................................................. , ...........
976,495

Shawls............................... ...................... number.




36,371

1867.
85,574,491
1,612,527
13,983,110
907,211

51,647

1868.
25,418,998
1,168,522
13,926,840
445,518

27,231

344

R A IL R O A D

E A R N IN G S

FOR

[M ay,

M ARCH.

It is not to be expected that the present very low rate of importations
will be long continued, nor is it to be considered desirable that it should.
The generally good profits o f importers will enable them to import more
freely next season ; while the European shipping houses will be naturally
anxious to do an enlarged trade with us. This more conservative move­
ment is calculated to moderate the apprehensions which have been very
generally entertained that in 1868 we should have to ship a large amount
of coin to Europe in settlement of our balances. W e can now see our way
clear to such an adjustment o f our imports and exports as will call for no
further export of bonds, and nothing in the way of shipments of specie,
beyond our ordinary production o f the precious metals. This being reali­
sed, one of the most important obstacles to the resumption o f specie
payments may be considered as removed.

RAILROAD EARNINGS FOR MARCH.
The gross earnings o f the under-specified railroads for the month of
March, in 1867 and 1868, and for the first quarter of each year are exhib­
ited in the subjoined statement:
GROSS EARNINGS FOR MARCH, AND FOR THE FIRST QUARTER OF

Railroads.
A tlantic an d Great XVestern............... .
C hicago and A lton ................................
C hicago and N orthw estern.................
C hicago, R ock Island and P a cific-----Illin ois C en tra l.......................................
M ri tta and Cincinnati........................
M ichigan Central . . . . . . . . ..•■••••••
M ichigan Southern & North’n I n d ...
Milwauke anrt St. Paul.........................
O h io and M is s is s ip p i. . ....................
Pittsburg, F ort W ayne and Chicago
T oled o, W abash and W estern ...........
W estern U nion................................—

1867

AND

’ 68.

.----------March----------, ,— Three Months— ,
1867.
1868.
1367.
1868.
$438,036 $318,219 $1,177,035 $1,108,276
235,961
261,599
037,580
817,634
$757,134
855,611 2,027,945 2,398,324
272,454
262,800
789,122
928,300
417,071
409,684 1,589,061 1,417,627
84,652
98,482
257,764
272,514
375,210
326,8s0
962,976
974,614
879.761
38!,497
996,706 1,092,274
262,031
3.33,281
9u3,817 1,052,649
279,647
265,905
741,501
709,229
621,960
681,189 1,695,874 1,779,637
270,630
263,259
709,097
807,764
36,392
39,198
103,739
126,316
$4,436,£49 $4,500,601$12,592,218 13,485,058

Total (13 roads)

The following table o f deductions from the foregoing shows the gross
earnings per mile of the same roads for the first quarter of 1 8 6 7 -6 8 .
GROSS EARNINGS PER MILE DURING FIRST QUARTER OF

R ailroads.
A tlantic & Great W estern ......... .
Chicago a n d A lt o n ......................
Chicago and N orthw estern.. .. .
Chicago. R o ck Island & Pacific
Jllin ofs Central..............................
Marietta and Cincinnati...........
M ichigan C en tra l........................
Milwaukee and St. Paul.
Ohio and M ississip p i.. . .

rillBUUIR, A’!/•"

‘ ‘ 7---- f

T oled o, W abash and W estern .
W estern U n ion ............................

1867

AND

1868.

-M ile s -Earnings—, ,—Differ’ e—,
1867. 1868. 1867. 1868. In cr. D ec.
507
507 $2,321 $2,1^6 $ . . .
$135
280
280 2,277 2,920
643
1,152 1,152 1,760 2,082
822
410
452 1,925 2,054
129
708
708 2,245 2,002
243
251
251 1,027 1,0S6
59
2S5
2S5 3,379 3,415
36
524
524 1,902 2,0S4
182
740
740 1,221 1,423
202
340
340 2,181 2,086
95
468
468 3,624 3,803
179
521
521 1,363 1,547
184
180
180
576
702
126

_,

6,366 6,408 $1,978 $2,104

$126

This shows an average gain for the quarter this year over 1867 of
$126 per mile. It should be stated that last year, owing to the unusual
Spring floods of 1867, there was a decrease in the earnings o f many of
the roads, so that if the comparison was now made with 1866 the gain
here shown would be somewhat less.




1868 J

V I R G I N IA

AND

K E N T U C K Y R A IL R O A D .

845

THE IMPORTANCE OP THE VIRGINIA AND KENTUCKY RAILROAD IN DEVEL­
OPING THE INDUSTRIAL INTERESTS OP VIRGINIA.
THE TRU E IN TE RN AL IMPROVEMENT PO LICY OF V IR G IN IA .

The Virginia and Kentucky Railroad extends the present system of
Virginia railroads from Bristol to Cumberland Gap. It is important in
its relations to the great continental line of railway of which it is a part.
It is no less important in its relations to the industrial interests o f Vir­
ginia, as an agency indispensably necessary to the development of the
mineral and mechanical resources o f the State. I shall speak first of its
general, and, after that, of its local importance.
1 . THE CONTINENTAL RELATIONS OF THE ROAD.

The Virginia and Kentucky Railroad is in part executed, and when
completed will connect Bristol with Cumberland Gap, and form an exten­
sion o f the Virginia and Tennessee Railroad from its present terminus at
Bristol to the extreme Southwestern corner of the State.
H istory o f the Road.
In 1853 the General Assembly of Virginia chartered a company for the
construction of this improvement, and testified its appreciation of its
importance to our general railroad system by appropriating one million
and a half of dollars to its capital stock. The appropriation was made
conditional upon the adoption o f such measures in Kentucky as would
ensure a continuation o f the line through that State to the Ohio and Mis­
sissippi rivers. This and other causes produced a delay in the organiza­
tion of the company until shortly before the commencement o f the war, at
which time the company had progressed in the work o f grading the road
a distance of from ten to twenty miles. The war, of course, put an end to
all operations, and it has been only within the past four months that the
company has been reoiganized; but reorganized under the disadvantage
of having to resume operations without the aid o f the million and a half
of dollars appropriated by the State— she being unable to pay her quotas
o f subscription.
Its importance to the railroad system o f Virginia.
As a part of the railroad system of Virginia, this road is o f indispensable
importance, in being the means of completing the system and bringing it
into connection with the roads o f the West, over the shortest distance, and
by the smallest outlay of money, now practicable. The whole system of
Virginia roads is more or less connected with the Virginia and Tennessee
road running from Bristol to Lynchburg. A t Lynchburg, this great artery




22

346

V I R G I N IA

AND

K E N T U C K Y R A IL R O A D .

[M ay,

of southwestern Virginia feeds witli its abundant and increasing trade, the
canal, the South-side Railroad, and the Orange and Alexandria Railroad ;
and these three works connect severally with the Danville road, with all
the roads wh>'*1- ’ eave Petersburg, with the several roads that diverge from
Richmor
with the Central road at Charlottesville and Gordonsville.
Therei
an important public improvement in Virginia that does not
derive, a greater or less benefit from the trade of the Virginia and Tennessee
road discharged at Lynchburg; and the Virginia and Kentucky Railroad
is simply an extension o f that road to the extreme soushwestern point of
the State at Cumberland Gap. A heavy trade from Kentucky and the
Ohio River, brought to Bristol, would disseminate itself in greater or less
proportion along all the great improvements of Virginia, and every inter­
est in the State would feel the benefit of this Kentucky connection.
Its connection with the railroad system o f Kentucky.
A system o f intimately connected railroads, similar to that in Virginia^
exists in Kentucky. Throughout the W est the population are as eager to
open communication with the Seaboard as we on the Atlantic slope are
eager to pierce through the mountain barriers with our public works to
the West. All the railroads in Kentucky will soon be in as direct connec­
tion with Cumberland Gap as all the public wmrks of Virginia are with
Bristol. Louisville now has a completed railway connection with Crab
Orchard, Lincoln County. The graduation is in progress for an extension
of the road to London, Laurel County, and the route thence to Cumber­
land Gap, fifty-four miles, is now under survey, and may be completed
before we in Virginia can reach Cumberland Gap. As Louisville will thus
be in railroad communication with Cumberland Gap at an early day, so
also will Cincinnati. There is already a railroad running from that city
through Lexington, Kentucky, to Nicholasville, near the Kentucky River.
Thence to Danville, Kentucky, the road is graded, and Danville lies only
five miles distant from the road running from Louisville to Cumberland
Gap. This five miles can be completed in any three months. So that
both Louisville and Cincinnati will probably be awaiting the Virginia road
at Cumberland Gap by the time we can get there. The link between
Bristol and Cumberland Gap is, therefore, the only one remaining to be
provided for in order to place Richmond and Norfolk in continuous rail­
way connection with Cincinnati and Louisville.
Comparative distances between great centres o f trade.
The distance from Cumberland Gap to Bristol can be accomplished in
ninety-three miles, but considerations connec ted w’iih the minerals o f the
country on the line, make it desirable to place the road on a route which




1868]

V IR G IN IA

AND

347

KENTUCKY" R A IL R O A D .

will lengthen it to ninety-six or ninety-seven miles. The distances of
Louisville, Cincinnati, Chicago, St. Paul and Cairo to different ports or.
the seaboard, are as follows :
Prom Louisville to—
Miles.
From Louisville to—
Miles.
New Y o m ............................................I,uti5 West Pont, on York River, via
Biltimore............................................ 730
Richmond and Air Line roa d .. . . 649
Virginia capes, via Baltimore......... 905 Newport News, via same line......... 685
Noiiolk, via Cumberland Gap....................714City Point, on James River............. 644

What is thus shown of Louisville holds true with reference to St. Louis
and all cities northwest and southwest of that point.
From Cincinnati to—

Miles.

From Chicago to—

Miles.

New Y ork .......................................... 958 New York .......................................... 958
590 Norf lk, vi i < umberland G ap........ 1,003
Baltimore...............
“ .........
928
Virginia capes, via Baltimore........... 765, City Point, via “
“ .......... 933
Norfolk, via Cumberland G ap.................. 721West Point, via “
969
City P oin t.......................................... 651 Newport N ew s...........................
West Point, via Richmond and Air
Line Railroad................................ 655
From St. Paul to—

Miles.

From Cairo to—

MileJ.

New Y ork..........................................
Norfola by Cumber and G a p ........
City Point, via “
“ ..........
West Point, via “
“ ..........
Newport News..................................

1,419 New Y rk .......................................... 1,200
1,464 Haltimore..........................................
835,
1,394 i Virginia capes, via Baltimore......... 1,010
800
1,399 Norfolk, via Cumberland Gap . . . .
“ ...
730
1,435 City Point, via “
West Point, via “
“
....
735

From Newport News to the Capes

12

An effort is now making for constructing a straight line railroad from
Bristol to Norfolk, near the line of 36 deg. 30 min., dividing Virginia and
North Carolina. This line would shorten the distance I have given to
Norfolk more than fifty miles. Thus the relations o f the lines of the road
from Bristol to Cumberland Gap are shown to be of the highest interest
and importance.

,

Advantages o f the Cumberland Gap line to the cities o f Cincinnati Louis­
ville and St. Louis.
These tables of comparative distances present to the eye, in the most
compendious form, the importance to the trade o f the West of the line c£
railway of which the Virginia and Kentucky road is part. In presenting
them, however, I must not be understood as advancing the proposition
that Cincinnati, or Chicago, or Louisville, 011 St. Louis will come to Nor­
folk as a market in preference to New York, merely on account of the
shorter route thus presented. But the importance of this southern line
will be primarily due to the fact that the great lines o f trade and travel
which now lead from the Ohio valley and the northwest to the northern
seaboard are so crowded with trade in the warm season, and so encuin
bered with trade and ice in the cold months, during which the rivers and




318

V IR G IN IA . A N D

KEN TU CKY R A IL R O A D .

[M ay

lakes and the New York and Pennsylvania canals are closed as greatly to
embarrass the cities o f the W est in forwarding their produce to market.
It has become a desideratum to Cincinnati, and to all the cities west and
northwest of her, to devise some means o f getting to New York by a side
entrance, so to speak. The opening of this line will give to Cincinnati,
Louisville and St. Louis the great advantage of access to New York over
a route which will never be clogged with ice ; which presents easier grades
than any of the great lines that cross the Alleghanies, and which, though
it also will be crowded with trade, yet will bear a trade in great part their
own. The respective maximum grades presented by the great lines of rail­
way that lead over the Alleghany range, are as follows:
Pennsylvania Central Railroad............................................................ 100 feet
Baltimore and Ohio Railroad.............................................................. 116 feet
Lynchburg, Bristol and Cumberland Gap Railroad......................
68 feet
Blue Ridge (South Carolina) Railroad...............................................
70feet

to
to
to
to

themile
themile
themile
themile

The cities in question will have the great advantage, over those on the
lakes, of monopolizing the use o f this line. A t first, indeed, our own cities
on the seaboard will derive ittle advantage from a trade passing rapidly
through their environs on its way to New York. But when once a vast
stream of trade begins to flow in this channel, it will not be long before
another step will be taken; before, instead o f going to Europe from Nor­
folk by way of New York, it will prefer to escape the high charges and
encumbered warehouses encountered in that city, and go to Europe by
the direct ocean passage.
Two direct connections in prospect from Cumberland Gap to the Missis­
sippi River.
The importance o f the Virginia and Kentucky Railroad is still further
increased by two enterprises, which I will here mention. One is, the con­
struction of a railroad which is about to be undertaken from Elizabethtown,
on the Louisville and Nashville Railroad, in Hardin County, Kentucky,
westward across the mouth of the Tennessee River, at Paducah, to the
mouth of the Ohio River, at Cairo. This road will be simply an extension
of the Louisville and Cumberland Gap Railroad to Cairo. The other enter­
prise to which I have alluded, is the construction of a railroad eastward
from Nashville into East Tennessee, which will touch Clinton and connect
there with a railroad running from Cumberland Gap to Knoxville. It may
not be known that the railroad from Hickman, on the Mississippi River,
near the Tennessee and Kentucky line, has been lately completed, or
nearly completed, to Nashville. Thus, the road which is about to be made
Irom Nashville eastward, connecting with Cumberland Gap, will afford a
second continuous railway line from the Gap to the Mississippi River,




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which will lie very near the parallel of 36 deg. 30 min. latitude. The
State of Tennessee has made appropriations amounting to about fifteen
thousand dollars a mile to this road, from Nashville eastward ; and a com­
pany has been organized to construct it, under the Presidency o f Mr. J. D.
D. De Bow, the able and eminent Southern statistician. There will thus
be two roads converging on Cumberland Gap from the two great cities on
the Ohio River, and from two points on the Mississippi River, central in
the Mississippi valley. The completion of these roads, and of the Virginia
and Kentucky Railroad from Cumberland Gap to Bristol, will give new
importance to Norfolk and our eastern Virginia harbors.
The Excellence o f our Virginia Harbors.
Norfolk is, beyond dispute, the most admirable seaport on the Atlantic
coast; and Cairo, in the same latitude, is the great trade centre of the
Mississippi valley. A study of the map will show that t le junction of the
Ohio and Mississippi Rivers, is the grand converging point of the Kansas,
Nebraska, Missouri, Des Moines, Mississippi, Illinois, Ohio, Cumberland
and Tennessee Rivers— the geographical centre o f their trade, and the
converging and diverging point of full five thousand miles o f inland steam­
boat navigation— a vastly greater amount of navigation than concentrates
at any other gathering point in the world.
So, likewise, Norfolk is the
great central seaport of the Atlantic, midway between the Canadas and
the West Indies, on the finest, most convenient, safe and capacious harbor
on this continent, open at all periods of the year, accessible from any point
with any wind, and better calculated for a mighty trad3 than any harbor
in the world.
But these are not all the advantages of Norfolk on the eastern harbors
o f Virginia, as receptacles of a continental commerce. The trade o f the
W est is growing into such immense proportions as imperatively to require
the opening o f the shortest and most direct lines of transit. In the infancy
of the West, and during the sparsity o f settlements and the scarcity o f
capital, its trade was susceptible of control, and could be diverted from its
natural and most direct channels by artificial means. But the case is now
changed. The shortest lines of transit must be sought and will be pre­
ferred, and this, not only with reference to the land transit, but to the
ocean passage.
In regard to the passages o f the ocean, it is to be observed, that the old
routes o f steam navigation have beeu modified with the progress of
improvement in steam naval architecture.
A t first, the narrowest pas­
sages of the Atlantic were sou ght; and as both Liverpool and Halifax
were British ports, British steamers enjoyed almost a monopoly o f ocean
steam navigation. But of late years ih s state o f things has changed.




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Steam naval architecture has been carried to such perfection that the great
vessels no longer hug the shore o f either continent until reaching the nar­
rowest passages before striking out upon the main ; but boldly steam
forth directly into mid-ocean, regardless of the breadth of the passage,
pursuing the most direct lines o f transit. The direct passage from New
York is preferred to the circuitous one which took Halifax in its way; and
the broad passage from Norfolk to Liverpool inspires no more awe than
the narrow one from New Foundland to the Irish cliffs.
But the case does not continue the same with respect to seaports south
of Norfolk. Indeed, the general course ol the ocean winds and currents,
renders a northward curve, even in the passage from Norfolk to Europe,
desirable, and sometimes necessary, for both sailing vesse s and steamers.
In the admir ble charts of navigation prepared by Lieut. Maury, and pub­
lished in his “ Sailing Directions,” the truth of this observation is plainly
presented to the eye, and it is made obvious that the trade o f all ports of
the United States, south of Norfolk, must coast the continent until it
reaches the latitude o f that city before striking out across the main. Even
if the trade of the Mississippi valley could reach seaports south of Norfolk
by a shorter overland route than the route to Norfolk, it would gain
nothing by going to those Southern ports, for the reason that, after em­
barking upon the ocean, it would still have virtually to pass Norfolk on its
passage to Europe. Norfolk, therefore, possesses over all northern sea­
ports the advantage of being nearer by overland route to the centres o f
Western trade ; and possesses over all Southern seaports the advantage o f
being nearer l>y the ocean routes to all European ports.
W hat is here
said of Norfolk, holds true o f any point on the waters adjacent to Hamp­
ton Roads; and applies as well to West Point, Newport News and City
Point.
Virginia possesses still another harbor which boldly disputes the palm o f
excellence with Norfolk. This is the harbor o f the River York. For sixty
miles Irom the Che-apeake Bay to West Point, does this beautiful and
classical stream presenta placid roadstead, admitting vessels of the deepest
draught. At the head of this harbor, on the peninsula formed by the
junction of the Pamunkey and Mattaponi rivers, stands West Point, 38
miles, by direct railroad, from Richmond. This railroad Richmond is now
taking measures to extend on a straight course to Lynchburg, by what is
called the Air Line Railroad, which will reduce the railway distance, now
123 miles, to less than 100. The depths of water afforded by the chan
nels of approach to the several principal ports of the United States, at liigh
tide, are as follows :
Feet.

New Y ork .............................................
Philadelphia..........................................
Boston....................................................
Baltimore..............................................
N o r fo lk ................................................
West Point, on York River...........
Newport News ..............................




_

F e e t.

27
I City Point, on James River..... 18
25
| Charleston.....................
15
23
Savannah.........................
17
22
| Pensacola......................
22
28
| Mobile............................
21
24 I New Orleans .................................
15
iO |

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I must here leave this interesting branch o f the subject, and pass on to
another even more important. I propose to explain—
II.

THE RELATION OF THE V IR G IN IA AND KENTUCKY ROAD TO THE INDUS­
TRIAL DEVELOPMENT OF V IR G IN IA .

Before speaking directly of its connection with this subject, I wish to
call attention to a few great truths of much significance in the industrial
crisis through which Virginia is now passing.
Ascendancy o f Machinery over the Power o f Sinew and Muscle.
Our age is characterized by the grandest development o f mechanical
power ever known in the history o f the human race. The machine power
of England and Wales is competent to perform the labor of nearly six
hundred millions of men; and is probably greater in productive capacity
than the labor power of all the world besides. The machine power o f the
United Spates, though growing with amazing rapidity, does not more than
equal the labor power of two hundred millions of men. It is owned, of
course, almost exclusively by the North.
This mechanical power, wherever developed and wherever possessed, is
placing the communities employing it far in advance of others in wealth,
population, and political and financial power. This form o f industrial
energy began to take growth in England about one century ago, when that
country was yet almost exclusively agricultural; when it exported largely
of grain and imported largely o f manufactures; when its industrial inter­
ests were all in a languishing condition ; and when, consequently, it was
too feeble to suppress a “ rebellion” represented by fifteen or twenty thous­
and soldiers under the command of George Washington. Abundant
statistics are available to show that the agricultural communities of Eng­
land have advanced since that time very slowly and inconsiderably, except
so far as they have been stimulated by the presence o f manufactures; and
that the wonderful development o f the island, in the intervening period,
has occured exclusively in its mining and manufacturing population. So
vast is the present capacity of Great Britain for protection and for the
execution of labor, that it can underbid the whole world in the sale of
merchandize; and even the enterprising and boastful northern States of
America, notwithstanding the aid derived from the highest tariff ever
enforced, are about to experience a financial collapse, in consequence of an
excess of imports over exports in their foreign trade ; an excess amounting
to several hundred millions of dollars per annum.
So completely does
this tremendous machine power secure to Great Britain the command of
trade and the tribute o f the world, that other countries will have to reverse
their previously received axioms of political economy, in order to protect




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their industrial interests from the crushing competition of so colossal a
power.
The south has recently sustained the loss o f the labor o f four millions of
slaves, equal to the labor-power o f perhaps a million and a half of men.
How inconsiderable is this loss compared with the power of hundreds of
millions of men, possessed by Great Britain and the North !
And how
suggestive are these facts of the means whereby we may repair the loss,
and of the proper line of development and industry now to be pursued !
Agriculture need no longer be an exclusive pursuit at the South.
In contemplating the miraculous advancement of England and the
North, we are almost tempted to rejoice at the loss of a species of labor
which compelled us in the South to adhere to agriculture as an exclusive
occupation. The possession o f millions o f slaves, unskilled and unteachable in the mechanic arts, inexorably fixed upon us as the yoke of agricul­
ture. This department of industry was, indeed, more productive with us
than it was in any other country in the world ; but its very profitableness
was a heavy misfortune. It led us to cultivate our soils too severely ; and
fixed us in the habit of investing the profits which we made in the purchase
of fresh lands and more slaves. There was a continual drain o f slaves and
capital to the new cotton and sugar states from older ones east and north
of them; and this very withdrawal of population from a comfortable,
happy, and therefore prolific, race o f people, rendered it more prolific stillThe owners of negroes in the Carolinas and Virginia could not repress this
reproductive tendency in a popnlation so well conditioned, by the process
employed with the brutes; and the very fact that the comfortable and
contented condition of the slave race resulted in a rapid increase of its num­
bers, entailed upon the older Southern States the reproach o f slave breed­
ing communities. The population of the negroes increased according as
their condition was comfortable ; and this very increase compelled us to
enlarge our agricultural operations, at the same time that i t prevented our
embarking in those mechanical enterprises and avocations which would
have enabled us to keep pace with other communities in the development
of power and wealth.
Machinery the means o f multiplying our productive power.
The case, however, is now changed. Hereafter, when a southern man
makes a profit of a few thousand dollars, he will be unable to invest it in
negroes, but will purchase a steam engine and build a factory. The same
capital which would have purchased five negroes will now build a mill o f
seventy-five horse power; and instead o f having, as formerly, the labor of
five men at his command, the same capitalist will now have the labor-power




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of five hundred men. W e have at last, therefore, a prospect of a great,
rapid, and most enriching industrial development. W e are released from
our bondage to agriculture— we are emancipated from our servitude to the
slave. W e are at liberty to choose from all the avocations o f life, and all
the pursuits of industry, those most inviting to our various predilections
and most promising of individual and public advancement. No longer
bound to agriculture as an exclusive pursuit; having now the free choice
o f industries, and full liberty to diversify our employments; it would be
strange if we did not turn our thoughts to those advanced methods o f
industrial production which have rendered other communities so wealthy,
so prosperous and so powerful; it would be strange if we did not
call into our service the agency o f steam and water, and those wonder­
ful mechanical instrumentalities which multiply the power of production
and of labor ten, twenty and a hundred fold beyond the capacity of sinew
and muscle.
The case o f the Spanish American republics.
If we fail to retrieve our misfortunes by efforts in this direction, we are
in danger of suffering a serious political, industrial and social relapse, from
the paralyzing shock which southern society has lately encountered.
Examples are not wanting on this continent of the fate that befalls com­
munities which have rashly struck down their labor systems, emancipated
their slaves, and reduced all colors o f men to the same social and political
level. On the achievement of their independence, the Spanish American
republics, in a blind enthusiasm for liberty, destroyed their labor power,
and converted a million of happy, prosperous and profitable slaves into a
va?t horde of squalid vagabonds. These states have never been able to
recover from the effects o f the enormous folly. The climate interdicts
the labor of whites, and voluntary black labor has proved less productive
in practice than in theory. For the want of labor, the very garden spots
o f the earth have been converted into a dreary and hopeless waste. Let
us be warned by their fate, and employ timely measures to escape it. Let
the people of Virginia rejoice that our commonwealth possesses all the
means, resources and conditions of industrial development which are neces­
sary, not only to compensate her re lent losses and misfortues, but in time
to place her abreast of the foremost communities in wealth, prosperity and
progress.
Permit me to inquire what are the conditions and resources requisite to
success in these highest forms o f industrial development?
The superiority o f manufactures in England due to superior ana abund­
ant coal and iron.
The machine power o f England is represented by her statistical writer




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[ MaiJ,
•
to amount in the aggregate to a horse power o f 83,000,000. As every
horse power of steam machinery gives a iabor power equivalent to that of
seven men, the machine power of Great Britain is equivalent to the labor
power of 581,000,000 o f men. All the other countries of the world
together, scarcely possess a power equal to this; and it is a most interest­
ing and important inquiry to learn what are the agencies which have
produced so great a power in that country. I will quote from late English
writers some extracts, which abundantly account for this extraordinary
development o f mechanical power. One of the ablest of these writers
(Jevons) ascribes the prosperity and material power of England to two
causes, v iz.: “ 1. The cheapness and excellence o f her coals. 2. The
proximity o f her coals, iron ores and fluxes (or limestones) to each other.
As the source of steam and iron, coal is all-powerful. This age has been
called the iron age, and it is true that iron is the material of our great
mechanical novelties. It is the fulcrum and lever o f our great works,
while steam is the motive power. But coal alone can command in suf­
ficient abundance either the iron or the steam ; and coal therefore com­
mands this age. It stands above all commodities. It is the material
energy of the country— the universal aid— the factor in everything.
With coal, almost any feat is possible, or easy ; without it, we are thrown
back into the laborious poverty of early times.” Another English writer
(Serivenor) says: “ The great superiority of the English iron manufacture
has generally been considered to consist in having all the materials neces­
sary to the manufacture found on, or immediately in the neighborhood of,
the very spot where the furnaces are erected.” And still another English
writer (Blackwell) while asserting that “ in no other countries does this
proximity o f iron ore and coal exist to the same extent as in England,” goes
on to describe how the railroad, which is itself the creation o f iron and
coal, fosters those two mighty interests by bringing the two minerals
together.
Professor Page, the learned English geologist, enforces these truths in
more elevated and eloquent terms : “ So long as man depends upon the
forests for his fuel his mastery over the metals is limited and his mechani­
cal appliances restricted. But when he has once learned the uses of coal,
and can obtain it in fair supplies, his metal working powers expand ; and
his forgeries, factories, steam engines, steamships, gas works, railroads and
electric telegraphs, become the necessary developments of this new
acquirement. Once acquainted with these and similar appliances, man
takes a stand on a higher platform, gains new ascendancy over the powers
o f nature, and overcomes in a great measure the obstacles which time
and nature oppose to his operations. A s a nation we cannot too highly
exalt the importance of our coal fields: our mechanical, manufacturing and




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commercial greatness is intimately bound up with their existence. A high
degree of civilization, as the histories of ancient nationalities demonstrate,
may be obtained without the possession o f coalfields; but the peculiar
phases of civilization, in all that relates to mechanical appliances, manu­
factures, locomotion and intercommunication, are the direct result o f coal
and iron. The fine arts, literature, philosophy, social refinement and poli­
tical institutions have existed and may yet exist, where coal fields are
unknown ; but that machine power which coal and iron put into the
hands of man to subdue the forces o f nature, and thereby promote the
wider advancement of his race, intellectually as well as materially, is a
thing dependent alone upon the existence o f a coal formation. There is
no artificial heat so compact, so portable, so safe and so readily available
as c o a l; no substance so adaptive, so strong and so enduring as iron.
These two substances, coal and iron, have been the main factors in all
recent progress, and that which most broadly distinguishes the Britain of
the present from the Britain o f the preceding centuries, is the extended
and extending use of these substances through the instrumentality of
the steam engine.”
I need add nothing to the utterances o f these eminent British authori­
ties, in enforcement o f the proposition that modern states cannot keep
abreast of the times in these wonderful movements without possessing in
quantity the finer qualities o f iron and coal, in accessible and favorable
positions for their employment. I will simply cite a few facts in support
o f their declarations. Before the successful use o f pit coal in smelting iron
the production of pig iron in England was (in 1788) 68,300 tons. Since
then, its production has been as follows ; In 1800, 258,206 tons; in 1854,
3,069,838 tons; in 1865, 5,000,000 tons. Before the impetusgiven to manu­
factures by this importantdiscovery, England was agricultural, and exported
grain ; since then she has imported grain. Her average annual exportation
of wheat in the decade ending with 1750 was 3,027,616 bushels. In the de­
cade ending with 1860 her average annual importation of wheat was 40,250,128 bushels; the miraculous growth of her manufacturing population
far outstripping her agricultural capacity of production. The prosperity and
wealth of England is now a proverb. But before she discovered the means
of turning her coal to account in the production of iron and the develop­
ment of manufactures, the languishing condition o f her industry was a
source o f constant complaint. W hen Andrew Yarranton went to Holland,
towards the close o f the seventeenth century, to seek out manufactures
suitable lor introduction into England, he said because it was in England
“ people confess they are sick, that trade is in a consumption, and the
whole nation languishes.” “ The Dutch,” says his biographer, “ were then
the hardest working and the most thriving people in Europe. They were




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manufacturers and carriers for the world. Their fleets floated on every
known sea, and their herring-busses swarmed along our coasts as far north
as the Hebrides. They supplied our markets with fish caught in sight o f
our own shores, while our coasting population stood idly looking on.”
In short, England, before she availed herself of her resources of coal and
iron, was in a condition similar to that of the South, though her misfor­
tune could not be ascribed to that convenient and stereotyped reproach o f
our critics— slavery.
Iron and coal in Southwest Virginia.
I am now to speak o f the supplies possessed by Southwest Virginia, of
these two important minerals. The whole o f that region, from the county
o f Rockbridge to the Tennessee line, and from the Blue Ridge to West
Virginia, abounds in iron ores, or what the geologists call ironstones, which
produce metals proved by the severest tests to be of the finest qualities*
There are other regions of country which contain larger deposits of the
coarser ores in single masses; but no country in the world exceeds South­
west Virginia in the quantity it possesses of the better iron ores. Of the
many mountain ranges which distinguish the topography of that country,
there is not one which does not embosom large deposits o f the most
valuable iron ores. They are found in all the usual forms of deposit
throughout the whole length and breadth of that region. The qualities
and quantities of these ores are attracting heavy investments from Penn­
sylvania and the north,
Take, for instance, the ores of the county of Lee. The road will pass
Wallen’s Ridge at Lovelady Gap, a distance o f about fifty miles from
Bristol, thence to Cumberland Gap, a distance o f about forty-five miles, it
will run parallel to a bed o f iron ore on one side of the mountain and a
deposit of bituminous coal on the other, for the entire distance; the coal
separated from the iron only' by the breadth of the mountain, and accessible
to it through occasional water gaps that penetrate the range. There are
two veins of the iron ore each two feet six inches thick. The most eligible
one for working, lies in a small ridge o f knobs which flanks th
mountain along its entire southeastern base, at a distance of half a mile.
The vein of iron ore lies near the northwestern surface of this small ridge
and slopes parallel with that surface; and is covered first^by the earth
forming the surface, and then by a stratum o f limestone several feet thick
thus present’ ng conditions for mining the most favorable that could exist.
General P. C. Johnston, a most studious geologist, says that “ this bed o f
ore differs from any I have met with, in being a perfectly continuous
stratum, two and a half feet thick, lying in a small flanking ridge of the
Cumberland Mountain, called the Poor Valley Ridge, and extending for a




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distance of forty-five miles known to me.” The length o f this vein, reach,
ing from Cumberland Gap through Lee into Wise, is known to others for
a distance of sixty-five miles.
But it is the quality of this ore which gives it peculiar value. It is an
argillaceous oxide, free from the sulphuret of iron, and also exempt from
other substances that would affect the purity o f the metal; and yields a
pure aud excellent iron, which is neither cold-short nor red short. The
metal has been shipped down the Cumberland river to Nashville, and down
the Tennessee river to cities on the Ohio. The manufacturers who have
tried it have in every instance pronounced it be of the first quality ; and
have made a standing offer of the highest market price commanded by
the best quality o f iron, for all that would be delivered to them. They
state that it is so well adapted by its toughness and purity to car wheels,
that it will bear transportation to New York city for that purpose. This
is but an example. All Southwest Virginia abounds in iron ores o f the
most valuable classes.
Turning to coal, it is unfortunate that its deposits are not distributed
as generally as iron over that much favored portion of Virginia. Although
iron exists in the coal districts of that country, it is not true conversely
that coal exists throughout the iron territory. A long the whole eastern
valley, from the county o f Rockbridge to the Tennessee line, in every
mile of the country traversed by the Virginia and Tennessee railroad, the
iron makers are obliged to depend upon wood for fuel. In all that stretch
of country there is no true coal ; there is nothing but a little accidental
coal Ij ing outside o f the true coal formation, in quantities serving only
the vicious purpose o f exciting great expectations which can never be
realized. The great coal basin of the trans-Alleghany slope does not extend
that far to the east, but is geologically bounded by the Cumberland
Mountain, running up from Cumberland Gap, and by the Stone Mountain
and Sandy Ridge, branching off into Virginia. These ridges form the rim
of a high plateau or table land lying in the true carboniferous formation
filled with coal. It is only in that great western coal basin that you find
the true coals in quantities and of qualities the same as are met with on
the Kanawha river, about Charleston, and in the region of Pittsburg.
West Virginia took with her 15,900 square miles o f these coal measures
In this connection I must call your attention to an important fact that
may have escaped public notice. It is the fact that the eastern boundary
of the new State of West Virginia was traced and fixed with the object of
including in that State the whole o f that portion of the great western coal
basin, 18,000 square miles in area, which belonged to Virginia. That
State does accordingly include all of Virginia’s portion of the coal basin ;




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except, fortunately, the triangle embracing the counties of W ise and
Buchanan, and parts of Lee, Scott, Russell and Tazewell, about 2,000
square miles in area. This triangle the new State was obliged to leave off
in order to secure a boundary presenting a round contour, and to avoid
the awkward appendage of a “ pan handle” in the southwest, simila’ to
the one which disfigures its form in the northwest. It is needless for me
to describe the quality of the coal found in that important triangle of ter­
ritory, or the quantity in which it abounds. It is enough to say that it is
within the great western coal basin, to give to persons intelligent on these
subjects all the information which they desire. There, as at Pittsburg,
you find the deep 14 and 10 foot veins; and the thinner veins above the
general surface of 5, 4, 3^ feet of cannel and bituminous coal.
This triangle o f territory is penetrated by the Virginia and Kentucky
Railroad.
The triangular territory of coal, which is in itself an iron region through­
out, is cut off from the great iron region lying on either side of the V ir­
ginia and Tennessee Railroad, from Bristol to the Blue Ridge and James
River, by a high ridge of mountains, known for the most of its course as
the Clinch Mountain. Through this barrier there is but one low gap l
affording easy passage for the coal, to wit: the Big Moccasin Gap, through
which the Virginia and Kentucky Railroad passes in its way from Cum­
berland Gap to Bristol, twenty-three miles west of Bristol.
The Virginia and Kentucky Railroad will thus be of incalculable value
to Virginia in developing the coal measures through and along which it
will pass, and bringing to the iron ores on the line of the Virginia and
Tennessee Railroad, coal of the best quality known to commerce and the
arts. It will pass through or near the counties of Lee, Scott, Wise
Buchanan and Russell, which contain the only true coal, lying in large
Quantities, within the present boundaries of Virginia, available for use in
smelling iron ores. I am not unmindful of the fact that much ore o f good
quality is mined from great depths in the counties near Richmond ; but
these deposits are too many hundred miles remote from the western iron
ores to be of any avail in developing them. The Chesterfield coal is o f
infinite value to Richmond as a manufacturing city, but can give no aid in
developing the iron of the southwest, without which Virginia can have no
considerable manufactures.
Our iron resources cannot be developed without the Western coal.
A t present the valuable iron ores lying along the Virginia and Tennes­
see Railroad from Bristol to the Blue Ridge, are dependent upon wood
alone as fuel. So long as this dependence exists we can never expect to




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manufacture more than a few thousand tons o f iron in the year. But
when we bring the coal to the iron, or the iron to the coal, or bring a
railroad to both where they lie contiguously, (as they do in Lee, Scott,
Bussell and Tazewell) capital and enterprise will embark extensively in the
manufacture, and instead of producing thousands o f tons, we shall produce
hundreds of thousands o f tons per annum. Although England now pro­
duces five millions of tons of iron a year, there are but two inconsiderable
furnaces that use wood as fuel. In Pennsylvania, where the production
of iron is a little short of a million of tons a year, the disproportion between
furnaces using wood and those using coal is almost as great. W e have
more extensive deposits of iron ore in Southwest Virginia than exist in
Pennsylvania; and if we were asked why, notwithstanding, we have so
few furnaces and so feeble an iroD interest there, the plain answer would
be, that we have not yet brought our excellent western coals into requi­
sition.
A principal xalue o f the Virginia and Kentucky road will he as a
coal road.
The Virginia and Kentucky Railroad will perform the important func­
tion of bringing the iron and coal together. It will bring the true coals
of Scott, Lee, Russell, Buchanan and Wise counties to Bristol, thence to
be distributed along the extensive iron region stretching in both directions
from that important centre. It will give a value to the iron ores of the
eastern valley, which they never had, and can never have without the true
coal. It will also develope the valuable iron ores o f the valley of Clinch
and Powell rivers— a valley fulfilling all the conditions which have been
shown to be essential to profitable manufactures in having coal, ironstone
and limestone lying everywhere in close proximity. This railroad will be
a coal road, which is one of the most profitable attributes o f a railroad.
The cost in Pennsylvania o f mining coal and delivering it to railroads, (to
the main stems of the railroads from their lateral branches,) is found to be
one dollar and seventy cents per ton. The charge for transporting coal
per ton per mile on several coal roads in the United States, is as follows :
Baltimore and Ohio railroad............................................................................
Pennsylvania Central Railroad.......................................................................
Reading Railroad.................................
Nashville and Chattanooga Railroad................................
A vera ge.......................................................................................................

1.9 2 cents.
i 89 ■*
1.50 “
158 “
1.41

“

These are the charges of the roads, and they average, say one and a
half cents per ton per mile. The cost o f transportation is not of course so
great; on the Reading railroad, for instance, it is stated to be a little less
than half a cent per ton per mile. Assuming, therefore, that the charge




360

V I R G I N IA

AND

K EN TU CK Y

R A IL R O A D .

[M ay,

for transporting coal on the Virginia and Kentucky Railroad, when the
business shall have been thoroughly organized, will be one and a half
cents per ton per m ile; and supposing the distance from Bristol into the
heart of the coal region to be sixty miles (coal is reached, however, in
forty miles), the charge for delivering coal at Bristol per ton will be:
For mining and loading................................................................................................ I t 70
For railroad and transportation..................................................................................
90
Total in B ristol....................................................................................................... 12 60

The charge for delivering in Lynchburg will be:
For mining and loading............................................................................................... SI 70
For railr, atl friight (264 mileB).................................................................................. 3 98
Total....................................................................................................................... 15 66

My firm opinion is, that the superior quality o f the coal from Stone
Mountain, its purity and excellence, will enable it to supersede all the
coals now in use in Lynchburg, and along the line of the Virginia and
Tennessee Railroad. In regard to coal roads, I think I do not exaggerate
when I say that both in Europe and America they are the most profitable
of all railroads.
Two great losses recently sustained by Virginia can be retrieved by the
addition o f one road to her railroad system.
Virginia, by recent events, has sustainod two great losses. She has lost
her agricultural system of labor, and she has lost 15,900 square miles of
the most valuable coal measures in the world— coal measures which she
had in years past expended many millions of dollars in misdirected efforts
to reach. The development of these coal supplies, in connection with iron
would soon have compensated the loss o f slaves, and placed her in the
formost rank of wealthy, prosperous and powerful States. But let us
rejoice that all is not lost. Let us felicitate ourselves that she still pos­
sesses boundless supplies of the two master minerals of modern civilization;
and that no further effort is required o f our still not exhausted common­
wealth, than the making, at an expense infinitely less than the advantages
it will bestow, o f a single additional railroad.
I have now endeavored to indicate the line of industry and enterprise
which Virginia must pursue, if she wishes to escape the danger o f relaps­
ing into the laborious poverty of an unprofitable agriculture ; and if she is
resolved still to claim that proud rank, and to possess the large control
among the States of this Union, which of right belong to her, and which
she has been wont to assert. I think I have not exaggerated when I have
maintained, on the highest authority, the necessity of coal and iron in
large quantities and excellent qualities to the industrial development of
the State. In insisting that the Virginia and Kentucky Railroad is an
agency absolutely necessary to the developement of her coal and iron
interests, I-feel that I have made good the claim of that road to all the
support which Virginia can possibly afford it.




1868]

TH E

COTTON T R A D E .

301

THE COTTON TRADE.
The recent advance in the price o f raw cotton is due to very obvious
causes. The long depression o f the Manchester cotton trade appears to
have begotten a violent reaction in manufacturing operations. F or
months the spinners had fruitlessly begged for orders, until the fall of
cotton to 7£d. per pound appeared to lay the basis for a large and
prosperous trade. Merchants were, consequently, willing to make large
contracts, and the spinners eagerly took orders guaranteeing them full
employment for several weeks ahead. The contracts, however, had to
be covered by corresponding purchases o f raw material; and it is this
very demand, at a time when stocks were small and shipments from
India falling off, which has stimulated the rapid advance in price during the
past few weeks. The recent purchases o f the Lancashire spinners are,
perhaps, unequalled in the history of the cotton trade. From the
beginning of the year to the close o f February, the quantity taken for
consumption at Liverpool and London averaged 68,950 bales per week ;
which is at the rate o f 3,580,000 bales per annum, or over 1,000,000
bales in excess o f the largest annual consumption in the history o f the
cotton trade, and is nearly double the rate at the same period o f 1867.
This extraordinary demand for covering advance contracts has very
naturally nearly doubled the price o f the staple within a few weeks; and
considering that, in A pril of 1867, Orleans cotton ranged at ll£ d ., with
much larger stocks than at present, it cannot be considered that the price
now ruling 12£d , is unreasonably high. The spinners have undoubtedly
acted with much rashness an l imprudence in making their contracts ;
and it would appear that they must have incurred losses which may
hereafter produce great caution if not embarrassment. The question
arises, therefore, whether, now that these contracts are mostly filled, there
will be a reaction in the demand and a consequent falling off in the
price, or are we to anticipate even higher rates.
This problem involves the question o f the probable demand for
goods, and o f the present and prospective supply o f raw material.
Recent indications favor the probability ot a gradual revival of the
trade o f England and o f the Continental States. Trade is more active
at Manchester ; European orders lor yarns and goods are increasing;
and bankers appear disposed to encourage an extension o f commercial
operations. The apprehensions o f a Spring war in Europe have sub­
sided ; and a movement has been started for securing a general dis­
armament o f the great powers which gives some promise o f success.
The upward movement in the rates o f discount in the open market at
London, the increased applications for discount at the Bank o f England,




23

362

TH E

[May,

CO TTON T R A D E .

and the reduction o f 17,000,000 francs in the specie o f the Bank o f
France within one week, very distinctly indicate an enlarged demand
lor money lor trading operations. These facts confirm the impression
that, at last, Europe is about to witness a reaction from the protracted
depression o f trade. To this extent, therefore, the probabilities are
clearly iD favor o f a healthy demand for cotton manufactures. And yet
this demand must necessarily be held in check somewhat by the increased
price. W e cannot anticipate that the consumption will be as free with
cotton at 12d.@ 13d. as it would be on the basis o f 7d.@ 8d. If the large
purchases on the part o f spinners during the past lew weeks have been
made to fill contracts for goods entered into while cotton was at the lower
figures, is it not well for those dealing in this staple to consider whether
new contracts to the same extent will now be put out at the higher
rates. There certainly is a point in the upward scale o f prices at which
consumption will be checked, and even now in the United States the
dry goods business has suffered greatly by the rise in the raw material,
manufacturers not being able to dispose o f their present stocks at prices
which will enable them to replace them.
Next as to the present stocks and the prospective supply. The
“ visible ” supplies at the latest mail dates may be thus presented, in
comparison with those o f last year at the same period :
Stock at L iverpool................................................................
“
L on d on ................................. .............
“ in A m erica .................................. .........
Surplus held by English spinners.................
.............
Afloat from A m erica..........................................
“
India..............................................
T o t a l.... ........................................................

1868.
Bales.
371,030

1867.
Bales.
407,7 iO
44,200
534,617
215,000
267,860

Dec.
Inc.
Dec.
Inc.
Dec.
Dec.

Bales.
96,170
27,150
203,300
135,000
75.000
107,960

1,529,597

Dec.

320,910

135,000

It thus appears that the stocks and supply in transitu were at these
dates 320,910 bales less than at the same period last year. H ow far
is this deficiency likely to be affected b y the supplies yet remaining in
the cotton regions 1 There is still some uncertainty as to the amount
o f this year’s Southern crop. Perhaps a fair estimate would fix it at
2,300,000 bales. Taking from this total 650,000 bales for domestic con­
sumption, we should have a balance o f 1,650,000 bales available for
export. From Sept. 1,1867, to latest dates, we have exported 1,280,000
bales ; leaving on hand 370,000 bales o f exportable surplus.
This, we
think, is about all that England and the Continent can reasonably expect
to get from the United States between now and September 1st, which
would be an average o f 17,600 bales per week ; and in order, therefore,
to keep up the consumption to 27,600 bales, which has been the average
for the first two months o f the year, the stock o f American cotton at
Liverpool would be reduced to about 120,000 bales, without allowing any­




1868]

PROSPECT

O F TH E B R E A D S T U F F S T R A D E .

363

thing for the Continent,
Besides, should our total crop be less than
the figures we give, or our own consumption more, there would be a
corresponding deduction to be made in the total we may have for export.
A s to the supply from other countries, the general estimates hereto­
fore made have shown a probable decrease o f about 100,000 bales. The
receipts o f Indian cotton at Liverpool for January and February were
about ] 0,000 bales in excess o f those for the same period o f last y ea r;
but the quantity afloat at the close o f February was 108,000 bales less g
This decrease is stated to be merely temporary, being due to the fact
that the Abyssinia Expedition is now giving employment to a large
amount o f the shipping at the India ports, thus, for the time, depriving
the cotton trade o f the means of transportation. But this difficulty
appears to be passing away, and the rapid advance in price is having
its natural effect, as seen in the largely increased shipments o f the last
two weeks. F or instance, the shipments from Bombay for the first half
o f March Were only 29,000 bales, but for the third week they reached
34.000 bales, and for the fourth week of March they amounted to
42.000 bales. It is evident, therefore, that if this rate o f shipments con­
tinues, the influence o f any expected deficiency in the American supply
would be effectually neutralized.
To sum up, then, the position would seem to be this: stocks in
England and America are light; there is but a small balance o f the
Southern crop remaining for exp ort; the India crop has finally felt the
influence o f high prices, and is now beginning to come forward rapidlyi
and will, if the shipments are continued at the same rate, go far to make
up any'deficiency in the supply. A s to the demand, trade at Liverpool
and on the Continent is improving, and yet prices may reach so high
a point (we cannot undertake to say whether or not they have as yet)
as to bring the consumption below the present rate. But with fair
prices for the raw material, the goods trade must partake o f and share
in any general improvement in business. W e venture no prediction}
but suggest that these facts should induce caution among dealers.

PROSPECT OF THE BREADSTUFFS TRADE.
From all parts o f the country we have encouraging accounts of the grain
crops. The seasons have been favorable to a second year o f abundance.
The very austerity o f winter, though productive o f much privation and
suffering, has sheltered and nourished the plants which promise to yield
usa plentiful harvest. In all parts of the West and South the winter croj s.
are represented as looking remarkably healthy ; and sLnil; r accounts




364

PROSPECT

OF

TH E

BREADSTU FFS

TRADE.

[M ay,

reach us from England and the grain countries o f Europe. Besides, as a
natural consequence o f the late high prices o f breadstuffs, the farmers have
generally placed an enlarged area under grain ; and the ample profits derived
from the last crop have enabled them to manure and otherwise till their
lands to the best advantage. Thus far, also, the Spring has been remark­
ably propitious to field operations, and there is a reasonable prospect that
the Spring planting will fare as well as that of the Fall.
1 Thfre appears to be, however, a liability in some quarters to over-esti­
mate these prospects in their bearing upon the future value o f breadstuffs.
In judging o f future prices, it is necessary to take into account not only
the supplies that are likely to be forthcoming, but also what we have now
on hand. Sufficient importance does not appear to be attracted to the fact
that there had been in the grain-growing countries at large three successive
years of deficient crops, and that even last year the crop in England and
France was considerably below the average. The consequent Jack of sup­
plies, therefore, was so general and extensive, that but for the fortunate
abundance of our own last harvest, we, in common with Europe, must
have experienced a general famine; indeed,in some parts of Europe much
suffering has actually been experienced during the winter from inadequate
supplies of food. It is not then reasonable to expect that after three years
of scarcity, during which the amount remaining on farmers hands were
everywhere run unprecedentedly low, one year of good crops would restore
prices to the normal level. It requires a succession of abundant harvests
to make up what has been lost in respect to stocks. The last season would
have done much towards bringing us back to a safe position had it not
been for the deficiency elsewhere. But that deficiency has had the effect
to leave the European markets in a worse condition than a year ago. A c­
counts from England and France state that not only is the supply in the
hands of millers and factors comparatively light, but the reserve usually
held by the farmers has been almost wholly drawn into the market by the
high prices. So that even should the supply from next harvest exceed
the average, the ordinary consumption is not likely to leave a surplus suf­
ficient to augment the stocks to the usual standard. It is a significant fact
that although the imports o f wheat into Great Britain in 1867 were
34,600,000 quarters, against 20,900,000 quarters in 1865, yet the stocks
at the close of last year were less than two years previous. In France as
well as England this condition o f things exists. The imports of grain into
the Empire last year were almost unprecedented, and yet the scarcity contines, so that wheat to-day rules even higher in France than in England.
The following figures showing the deliveries of wheat at 150 towns in
England and Wales for the week ending March 14 of the last five years
very forcibly indicate the greatly diminished stocks now remaining in the




1868]

PROSPECT

OF

TH E

365

BREADSTU FFS TR A D E .

hands of farmers in Great Britain.

It will be seen that the present extreme
prices can only induce a delivery of 43,000 quarters against 77,000 quar_
ters in 1864.
Price per
quarter.
40s. I d ,
3vs. 3d.
45s. 6d.
59s. 4d.
73s. Id .

Deliveries,
quarters.
.. 77,432
.. 70,688
.. 72,446
.. 57,584
.. 43,457

Years.
1864 ..
18«5 ..
1866 ..
1867 ..
1868 ..

In the United States, however, the exhaustion of stocks, owing to our last
abundant harvest, is not so great as in other countries. At the close of
navigation a large balance of the crop was left in the hands o f the farmers ;
and although the severity of the winter has facilitated the forwarding of
unusually large supplies to the Western centres, it is very generally reported
that a considerable amount o f the old crop still remains in the hands of
the farmers. Stocks at New York have been unusually light throughout
the winter, in consequence of the freezing up of a large quantity o f grain
in the canals; it must be remembered, however, that the supply thus tem­
porarily locked up must come into the market at an early day, though in
what sort of condition is a matter of uncertainty. For the purpose of
illustrating the present condition o f supplies, we present the following
stalement of stocks at the principal centres at the latest dates, and for the
corresponding period of last yea r:
STOCKS AT CHICAGO.

Flour, b b ls ...........................................................

March 21,
1338.
77,424

Wheat, b u s h ....................................................... 1,055,522
Ooru, h u s h ........................................................... 3,013,900
Oats, h u s h ........................................
1,099,220
Barley, hush.......................................................
67,2S8
E y e ,'b u s h ....... .....................................................
37,567
Tetal, grain, hush......................................

5,273,497

March 21,
1867.
65,316
541,267
875,071
743,278
168,518
104,605
2,432,739

March 21,
1866.
32,369

March 31,
1865.
85,000

1,103.053
532,6 0
999 932
219.140
112,521

1,454,000
369,700
1,893,000
177,000
109,000

3,019,715

4,087,700

STOCKS AT NEW YORK.

W heat..................................................................................................... bush.
C o r n ..................................................................................................................
O a ts ..................................................................................................................
E y e ..........................
B a r le y ..............................................................................................................
T ota l.......................................................................................................

Mar. 23, ’ 68. Mar. 23, ’ 67947.842
1,371,600
1,548,811
1 638,106
1,432,480
1,783,224
11,671
391,569
21,496
749,853
3,965,801

5,929,352

STOCKS AND AFLOAT AT BU. PALO.

w h eat...................................................................................................... bush.
C o m ................
O a t s ...................................................................................................................
B arley...............................................................................................................
R y e ....................................................................................................................
T o t a l ................................................... .......................................bush.

Mar. 23. ’ 68. Mar. 23, ’ 67.
263.000
167 442
31.000
256,954
29,000
292,892
10,000
6,511
6,000
29,700
339,000

743,409

A t New York the stock of all kinds of grain is about 2,000,000 bushels
less than two years ago, the supply of wheat being 430,000 bushels less




366

PROSPECT

OF

TH E

\May

B R E A D ST U F FS T R A D E .

than then. It may perhaps with safety he estimated that the quantity
detained in the canals will fu lly set off this large decrease. In order to
present an aggregate view o f the supply at these points, including also
Milwaukee, we present the following summary statement :
18' 8
.. .................. b u fh ........................... . 947,M2
C hicago...............................
B uffalo...........................
. 263,' 00
M ilw aukee............................................................ . 1,1*0,000

1867.
1,3 M.600
541,267
167 442
655.000

1868.
3,017,959
4,217.975
76,000

grain
6 1807.
4,557,'52
I ,- 91,472
5.5,967

T ota l.................................................................. . 3,386,364
A dd grain other than wheat................................... . 7,311,93*

2,735.309
7,025,191

7,311,934

7,025,191

Total breadstuff's............................................ .10,698,298

9,760,500

At New Y ork

It appears from this statement that the combined stocks of grain of all
kinds at these points is 10,698,298 bushels, against 9,760,500 bushels at
the same period o f last year. In the stocks of wheat there is a gain of
651,055 bushels, or at the rate of 24 per cent. If to these supplies be
added the amount detained in the canals of this state, it will be seen that
the increase in stocks upon last year is quite important. It may perhaps
be assumed, with reasonable certainty, that the amount of grain now remain
ing in the hands of producers is likewise larger than at this date last year.
The present supply also compares favorably with more abundant years.
A t this date of 1865 the total stock o f grain at Chicago was 4,087,700
bushels, or 1,185,797 bushels below the present quantity held there. Leav­
ing out of consideration then our relation to the British and Continental
markets, this condition of supplies, together with the prospect o f an abund­
ant harvest, would seem to justify the expectation of lower prices. But
taking into account the smallness of our surplus, compared with the prob­
able wants o f foreign markets, and the great reduction of stocks in producers
hands,both in Great Britain and on the Continent, it is very apparent that
there is little room for anticipating at present any important change in
prices, since the foreign demand will hold in check any downward tendency.
Nor even with an abundant harvest this season can the old level of prices
be anticipated. W e need a series of good years before Europe can recu­
perate its reserve stocks.
Under these circumstances there is good encouragement to our farmers
to make every exertion for producing large crops. There are no other pro­
ducts which, at present, will pay profits equal to those in grain. The fact
that even should the harvest in all countries prove unusually abundant, the
present low condition o f stocks abroad would not admit of prices returning
to the average level, makes the position o f the producer a safe one, ensuring
as it does a large profit; while if the result should fall below present hopes,
even higher prices might be realised.




180S |

IL L IN O IS

CEN TRAL

R A IL R O A D .

367

ILLINOIS CENTRAL RAILROAD.
The report o f tbis company for the year ending December 31,1867, has
just been issued, and shows a still increasing prosperity in its affairs. The
reports of the Illinois Central are prepared with greater labor, and furnish
more detailed and accurate statements of the financial condition and
business operations of the road than thoseof any other companies. This is
owing in part to the fact that the company is managed for the interest of
the stockholders, and its officers and directors are ready to subject their
action to the closest scrutiny o f the public.
In October, 1867, the Dubuque and Sioux City Railroad was leased for
twenty years, the Illinois Central agreeing to pay 35 percent, of the gross
earnings from the operations o f the leased line for the first ten years, and
36 per cent, for the last ten years, with the option of making the lease
perpetual at any time before the expiration of the term, at the higher rate*
No liability is assumed by the Illinois Central Company, but merely the
risk of making a profit or loss by working the leased road at 65 per cent*
of its gross earnings; for the last three months of 1867 the operations
resulted in a net profit of $81,804 63.
The whole line of the Illinois Central Railroad (708 miles) was com­
pleted and open for travel and traffic in 1856. Since then twelve annual
reports have been issued ; but, as the whole road has been in use less
than twelve years, the following statements, so fur as they relate to busi­
ness operations, cover only the results o f the eleven full years ending
December 31, 1867. The fiscal operations are given for the twelve years>
1856-67 inclusive.
EQUIPMENT— ENGINES AND CAES.

The following statement exhibits the amount o f rolling stock, in use or
otherwise, owned by the company at the close of the fiscal years lt-56-67 :
Cl eeof
yeais.
1>56...........
38 7 ______
1653 .........
1359 ...........
i8 6 0 ...........
i m ...........

Loco- /—Number o f Pars.— *
m tives. Pa-s. B a"., & j . Fre’ \
........ 91
62
18
3,610
75
........ 1*27
22
2.301
........ 129
24
72
2,30
... 1 8
73
23
2.362
........ :29
61
21
2.31'»
------ 128
71
23
2,347

CloS" o f
y ars.
lN«2.............
1863 ...........
18-4 .........
865 .........
11*66.............
1867 ...........

Lo^o- /—N um ber o f Cars.—,
r’ t.
m otives. Pass. Ba«r.. etc.
2.312
23
71
. . . . 112
72
29
2.955
. . . . 116
29
73
3,275
. . . 126
3, 37
79
33
. . . . 143
36
3,196
63
.. . 350
41
3.723
92
. . . 167

The locomotives on December 31, 1867, were classified as follows: 99
in passenger cars, 88 in freight trains, 5 in working trains, 17 in s itching,
1 in running pay car, 9 under repairs in shops. 1 on wood train, and 17
extra. Excepting 9 all the locomotives were coal burners.
OPERATIONS — ENGINE MOVEMENTS, PASSENGER AND FREIGHT TRAFFIC, ETC.

The following statements exhibit the in tin f atures of tlm operations of
the company yearly for the eleven years ending Dece uber 31, 18(57.




363

IL L IN O IS

C E N T R A L R A IL R O A D .

[M a y ,

The miles run by locomotives hauling trains were as follows:
Tears.
Pass.
1857 .............................. 958,443
1858 .................................... 899,925
1859 .................................... 953,288
1860 .................................... 926,843
1861 ................................ 807,386
1862 ..................................... 855,522
1863 ..................
952,875
1864 ..................................... 942,580
1865 ................................. 1,016,661
1866 .................................
977,801
1867
................................ 996,807

Freight. W ork 's. W ood .
165,921 160,765 71.(161
726,480 185,84.3 29,200
838,205 175,447 42,030
‘ 1,124,562 122,277 61,737
1,348.588
62,994 84,675
1,224,332
19,176
1,7S0
1.611,197 110,886
1,769
1,997,709
75,826
4,620
1,977,163
69,878
3,027
2,116,422 103,276
....
2,284,077
89,182
....

Switch’ s.
163,708
1 6,696
133,894
202 403
204,380
420,3-2
333,970
366,115
446, <37
406.363
395,150

Total.
2,229,898
1,998,144
2,142,864
2,4 7,822
2,458,023
2,561, 92
3,010,697
3 386.850
3,507,466
3.6(18,862
3,765,216

C ostp III26'22cts.
19 81 "
20-78 “
20'17 “
18-92 “
17 42 “
22-28 “
3362 “
S7'44 “
32'67 “
20'62 “

The number and mileage of passengers, &c., yearly, were as follows :
Fiscal
3 cars.
1857......................
1858......................
1859......................
I860...................... .............
1861....................
1862,.................
3863......................
1S64.....................
1865....... ............ .............
1866......... ............
1S67......................

Miles
run by
trains.

926,843

1,010,961

Number Passengers
o f i ass.-n- carried one
mile.
ger-.
714,707
53,248,800
568.670
32,812,259
3S,464,814
609,585
496,591
39,111.459
491.583
33,089,135
62,580.42'
674,767
852,659
73,078,'! 52
1,108 937
‘ 6,811,726
88,614.439
1, 14,054
995.169
56,812,936
42,492,795
1,077,550

A vera g e,,----------Eevenue.-------- *
Per pass.
m iles to
pas .
Am ount.
per mile.
2 '0 c t s .
71.7
$1,064,078
55.9
2-49 44
819,829
2-09 44
63 1
811,412
79.6
846.693
2-i6 4k
80 ,769
67.3
2 43 “
2*12 44
92 7
1,"29,766
85 7
2*6 44
1.797,972
2*44 44
87.3
2,36(1,398
73.0
2,722,-162
3-07 “
54 9
1,>81 329
3-50 44
39.4
3*c9 “
1,653,882

The number o f tons of freight carried, and the tons of freight carried one
mile, &c., are shown in the following statement:
Fiscal
years.
1857.................... ..............
1858.................... .............
1859.................................
1860.................... .
1S61 ............
.. . . . .
1862..................... .............
1863..................... .............
1864 ....................
1865....................
1866...................... ............
1867......................

Tons o f
freight
carried.
440,3 42
381,568
422,433
590,343
1,348,588
720,866
806,685
1,224,332
952.814
1.6)1,197
1,022,024
1,034,946
2,116,422 1,153,175
1,300,836
Miles
run by
trains.
865 921
736,480
838,205

T ors car- Average /-------- Reveiiue-------- ,
miles
ried one
P .ton .
p. ton.
mile.
Amount.
p. m.
__ cts.
$1,0 7,988
975.945
51 650,361
1,107.019
122.3
2:14
144 2
85,102,-39
1,623,711
1: 1 44
103,437,547
143 0
1.976,136
1:91 41
1 1,762,144
126.0
1,995.768
1:96 44
134,77 ,404
141.4
2,632.559
1 95 44
154.271,668
150.7
3 853,808
2 :1 44
136,494,661
132.3
4,211.172
3:10 44
35 i'28.783
117.0
4,314,160
3:19 44
171,206,986
2:90 44
131.0
4,965,402

FISCAL OPERATIONS— EARNINGS, EXPENSES, ETC.

The sources und amount of gross earnings, the expenses of operating
the road, and the amount of profits yearly for the twelve years ending
December 31, 1867, are shown in the following statement:
Fiscal
,------------------- Gros = earnings— — ----------, Operati’g , - ------- P rofits.--------- ,
yt-ars.
Passeng’ -. Freight. Other.
Total, ex p uses
Gross.
Nett.
1856............................... $1,112,4 2 $1,166,471 $207,162 $2,476,035 *1,459,966 $1,016.0( 9 $93-1,437
1857 .....
1,664,978
1,037 988 254.237 2,357,203 1 -2".OS4
5H7.H9
391,473
185-1...............................
819,829
975,94)
lcO.804 1,976,578 1.419,955
656,623
421,6 8
1859 ...............................
811,412
1,107,019
196,018 2.114 441 1,509,580
60I.8U9
492,765
1860 ..........................
S46 693 1.6'3,7 1 251.187 2,721,591 1,693.404 1,028,187
850 630
1891 ....................
604,769
1,976,136 218,707 9,899,612 1,584,344 1,315.268 1,150,9 3
1862 .......................... 1.329,768
1.995,767
220 291 3,41\S 7 1 6(5.256 1,830,571 1,610.571
1863 ............................. 1.797.972
2.566.759
272,097 4,635 828 2,151,787 2,485,041 2 ,' 8,847
1864 ............................. 2,390,393 3,709,632 262.417 6.329,(47 3.160.789 2,868,708 2.463,194
1865 .............................. 2,722. 62 4,040,587 41S.3 9 7,181.208 4,509.794 2,671,114 2.171,924
1868............................... 1.987,705
3,945,865
(13,171 6,516,74
3,94 ,218 2,602,52 ! 2,175,447
1867............................... 1,653,882
5,267,491
422,744 7,341,1,7 4,236,416 3,107,701 2,663,694

The lost column shows the profits less the charter tax o f 7 per cent, on




1868]

IL L IN O IS

the gross earnings, payable to the State of Illinois.
from land the net receipts have been as follows:
Profits
Fiscal
HS
Years.
a b ov e.
1856 ................. ............. $938,437
1357............. .
1858..................
1859..................
1S60...................
1861.................. ............. 1,150,903
1862..................
1863...................
1864 .................
1865.................. ............. 2,174,924
1866 . ...........
1807..................

369

C E N T R A L R A IL R O A D ,

Including the income

N et rec. from L ’ d DJp’ t applic. to— ,
Interest Construe. Free I’ d Free I’ d Profits
fun»*.
b nds.
bonds.
fu. ds. &. loss.
|304,861 $116,104 $11,847
$ ....
$ ....
54,401
300,529
436,788
157,114
56.951
374,173
72,202
14,802
391,5*5
44.762
173,089
428.164
52060
319,922
223,853
72,376
212,526
192,9 1
57 627
660.244
466,706
251,084
73 ‘,971 1,440,090
290,620 62,604
432.905 1,212/62
288,910 59,862
452,982 1,273,170
258,963 71,0&5
546,938 2,022,123
560,729 66,-172

T otal
means.
$1,371,249
1,183,191
1.012,856
1,016.076
1,5 3,943
1,787,056
2,063,714
3.396/81
4.987,478
4,166,664
4,231,652
5,829,958

From which were disbursed the interest and dividend accounts as
follows:
Fiscal
Construe* Free
Years.
tion.
land.
1856..................
207,445
1&57..................
1858..................
202,860
1859..................
187,635
1860..................
119,497
1861..................
1862..................
1863.................. ...............
990.337
1 86 4 .................
1865 .................
1 86 6 .... .........
1867 ................. ..
....
608,285

__

Other
bonds.
* ...
58,590
27,527
44,820
38,560
30,827
28.732
25,790
23, 55
12,635
2,670
1,960

,
Redemp
tion.
$ ...

....
26,760
153,540
174,990
175,560

Interest Sterl- D ivid’ s Canceled
on lull in « exon b 'ds, scrip
stock. change, shares. divid’ s.
$ ....
$ .

111,271
319,062
1-57,610
194,500

....

77,670
118.718
128,537
80,539
73,472

779, 56
1,667,830 1,772,270
2.236.587
2,459,073
2,460,731

— and up to the close of 1857 interest was paid on the share stock. The
balance remaining after paying the above has mainly been applied to con­
struction.
CAPITAL ACCOUNT.

The following is an analysis o f the General Balance Sheet presented at
the close of each year:
Cancelled
Net
const uct.
/—Bonds canc. by float.
bonds
Funded
Land Depart-* li »bilscrip.
debt. Construe. F. l’ds. ities.

Close
o f y ’ r.

Capital
stock.

18’ 6 .
IS >7 .
1-58
185!)
18 .0 ..
1S61
1802 .,
1883
3861 .
1863 ..
18 k;
1867 ..

3,258,615
6,356,433

....
....

80, 181,210

11,117,090
....
15.654,980
15,829,095 1.884,500
16.824,360 1,772,270
17,213,700 1,772,270
20/08,100 169,010
23,374,400
37.160
23,386,450
29,33*
23,392,300
23,480

*

$

$

$

$

17,705,495
.................. 2,136,229
....
23.100,3S9
18,"03,650
.................. 2,307,042
....
26,S72,1<7
17,532,779
..................
396,167
. . . . +28,163,156
17,962,749
..................
675,603
. . . . +30,020,202
1-5,672.340
....
7,621
....
....
33,211720
15.277.500 2,086,500 138,000 172,929
. . . . 33,5*4,024
15.060.500 2,276,500 138,000
....
36,071,630
14,649,0'.*0 2,671,000 . . . .
. ..
36.335,970
13,23 ,000
.......................
3.871.000 38,080,110
12.331.500
.......................
4,9 5,000 40,668,060
12,144,000
.......................
5,918.500 41,478,2S0
10,544,5''0
.......................
7.602.00 ) 41,562,280

* Less amount in hands o f Trustee3.
+ & X lucluding Trustees Peoria & Oquawka R .R , bonds.




$

Bonds
del’ v’ d
Lan I
Total
Dept.* amount.

370

IL L IN O IS

j May,

C E N T R A L R A IL R O A D .

Against which are charged, viz.:
Fiscal
^ ears.

Permanent
e x pend it's.

Interest &
Dividend
account.*

1S56
$21,447,949 $1,623,538
1837 ............................... 23 437,t 69
2,82 *.053
1858
23,726,241
8,^6,733
l'f » 9 ................................ 24,166,782
4,72-,203
1860 ................................. 27,195,391
4. 96,214
1861 . ......................... 27,4)<2,9>'8
4,968,366
1862 ....................... . . . . 26.761.'71
6,2M.741t
18C3 .......> ................... 2S,610,229 5,283.920+
29,675 410
4,521,1(18
18 4 ..............................
18-5..........
............... 3t’,5! 9.844 7. 61,6. 8
1866 ................................ 30 9 4,4 2
7,659,9i 8
lc67 ................................ 31.328,472
7,467,552

8'undry
items.
$28,852
695,263
31,054

353,673
8'.7,967
221,590
174.611

N et assets W orking
in Chic. & s ock o f
N ew York. supplies.
$ ....
$
6' 5,405
551,182
429,954
479,121
509,940
544,565
488,103
1,49 ,031
616.136
1,826,3116
615.425
2.456,242 1,'>73,677
676.478
1,782,163
2,029,319
613.008
1,775,603
816,035

Total
ac-ount.
$ 3,100,339
26,872,127
28,163,156
3 -,0;0,202
33,211,720
33,504,024
39,971,680
86,335,970
38.08 ,110
40,668.060
41,478,2 0
41,562,280

Tiie following statement exhibits the amount of each series of bonds out­
standing December 31, yearly :
Construction F r e J land
Dec.
Optional Deben8 per ct.
b nds.
bonds.
bond-*.
right bonds lures.
31.
..................
$14,798,915
$2 0 9,877
$826,673
$ ....
1856 ...............
$ ....
1857................. .................. 15,192,5)9
700.-114
2.0 0,677
18>8 . . . .
. .................. 15,337 902
6\ 000
2,0*9.877
1859................. .................. 15 387,902
2,079, s77
61.000
433.970
38 00 1
332,100
6,b00
42,740
1*60 ...............
3 *<,000
326,0 0
181)1................ ................... 14,913,500
1862................. .................. 14,329,000
33,000
287,000
Redemp b ’ d^.
1863................. .................. 14,794/00
33,000
3U4.000
33,000 2,086 000
241,000
1864................. .................. 10.872,000
1865................. ..................
9,733,500
32.1 00 2,563,000
3,000
28,000 2,921,5-0
3,00»
1866 ...............
2 6,0JO 2,926,000
3,000
7,589 500
1867.................

Tot'll
amount.
$17/15.485
18,008,650
17,532.779
17,962,749
15,672,340
15,^7 i,50t)
14,649,000
15,131,500
13,232,000
12.33 ,50(1
12,141,000
10,514,500

PROPORTIONAL DEDUCTIONS.

The following, deduced from the foregoing statements exhibit the cost
to the amount of 8223,000, and 850,000 in bonds o f the corporation of
Bainbridge, the latter endorsed by the company. The general assets
applicable to the same end are the balance of the Bainbridge extension
bonds (about 8397,000), and 2,001 shares of retired company stock.
Togethi-r these assets amount, at par, to 8870,100. The funded indebted­
ness of tiie company is as follows, stated in the order ot the respective
issuis of b nils :
1S59—Iss u'd by Savannah, Albany and Gulf R .R . Co., and endorsed by the City o f
''M v a ii"a b ........................... .................... .. . ..
— ...............................
1859—Issueel by s- me for pnreha e o f d^pot s i t e ...............................................................
1801—Issued by ( Id) Ulan lie and G u lf R.K Co , l t t mortgage on the division from
No 7 i o ho nasville
—
......................................
—
1865—Issued by (new ) Atlau ic and G .ilf R .R . Co., 1st m oitg ig e on division from
>avannah to No. 7 ...........................................
. . . . ............................................
1 8 6 7 —Issued b. s me com pany, 1st m o it g ig f on the div sion from Thom asville io
D u nbrid e .. ..............................................................................................................

$300,000
41,260
500 000
500,OCO
500,000

Total amount o f all issu es............................................................................................... $l,8il,200

The issue last stated was authorized to take up the floating liabilities
incurred for ir»,n and stock in the construction and equipment of the new

* Interest and dividend account, less avail o f interest fund.
+ Including $1,772,270 canee led bonds scrip dividends o f October, 1858, and January, 1862.




1868]

A T L A N T IC

AND

G U L F R A IL R O A D .

371

lines. O f this issue only $103,000 have been sold, the remainder, except­
ing $85,000, having been deposited as coilateral.
The company have cow determined to issue consolidated bonds to cover
the several division mortgages. The bonds in question bear date July 1,
1867, are payable in 30 years, and bear interest at the rate of 7 per cent,
per annum, free of government tax. Principal and interest are payable at
New York or Savannah, at the option of the holder. Both are secured
by the whole railroad property, including the rolling stock o f the com­
pany, and present a security far superior to that of the bonds for which
they will be exchanged.
The whole issue will be $2,000,000, of which
$1,500,000 will be exchanged, and the remainder $5u0,000 reserved for
the future exigencies of the company.
The ability of the company to meet its liabilities is fully established by
the results of the business of 1867. It is not improbable that the earnings
of the current year will show a large advance over its predecessor, the
road having a more extended area to pay it tribute.

ATLANTIC AND GULF RAILROAD.
This company are successors to the Savannah, Albany and Gulf Railroad
Company, which owned and operated that part of the main line extending
from Savannah to Thomasville, a distance o f 200 miles. The present
company, which is a reorganization of the Atlantic and Gulf Company
existing before the late war, has added to the main line an extension to
Bainbridge on the Flint River, 236 miles from Savannah. This was
opened by sections as completed, between October 3 and December 15,
1867. They have also constructed a branch line from Lawton (131 miles
west of Savannah) to Live Oak, a station on the Pensacola and Georgia
Railroad, a distance of 49 miles. This line, which was opened through in
October, 1866, connects Savannah with Tallahassee, and St. Marks on the
Gulf, and Jacksonville on the Atlantic, affording to northern Florida a
new outlet to the great seaboard markets. Jacksonville is 83 miles east
and Tallehassee 83 miles west from Live Oak, and both distant from
Savannah 263 miles. To St. Marks is 21 miles further. It is the pur­
pose of the company at some future time to continue the main line to a
connection with the railroads having for their terminal points the ports o f
Pensacola and Mobile.
The rolling stock on the road consists at the present time of 21 locomotive
engines and 295 cars of all sorts. O f these 20 are used in the passenger
express traffic, and of the remainder 212 are freight cars, 15 service cars
and 4 8 construction cars. This amount o f equipment is found to be suf­
ficient for all the business wants o f the company. During the war this




372

A T L A N T IC

AND

GULF

\May,

R A IL R O A D .

road suffered more from neglect than from violent injury, and as a conse­
quence the renewals and repairs, although quite extensive, have with little
exception been effected without resort to outside credits. The road and
equipment are now pronounced to be in good working order. The earn­
ings of the road for the year 1867 were as follows;
From freight .
pas-age.
m a ils ...
Other.............

Main line.
$350,1( 5 23
157,59'J 12
13,114 31
199 96

Florida
$76,602
20,168
3,085

hr.
24
20
68

Total.
$425,707 47
177,767 32
16 200 00
199 96

Total in 1867 ....................................................................... $521,018 63 $98,856 12 $619,874 75
Total in 1866 ........................................................................ 426,639 42
19,810 22
446,449 64
Increase

$94,379 21

$79,045 90

$173,425 11

The increase o f business, as shown above, is not so much an evidence
o f increased production as of an addition through the Florida branch to
the area of country tributary to the road. The trade with Florida has been
gained with much labor, and only became fairly established in the Fall
season of 1807. The competition with the route from New Orleans via
St. Mark’s for the trade in provisions has, however, been successful, as is
evidenced from the quantities o f corn, baion, pork, sugar, tobacco, lard)
flour, &c., shipped from Savannah for the Florida Branch. These were
the staple articles of the New Orleans trade. A large share of the cotton
trade of St. Mark’s has also been diverted to the Branch road, and finds
a market in Savannah, whence it is shipped to New York, Philadelphia
and Baltimore by the regular steamship lines operating between those
marts and Savannah. The development of the business over the Florida
Central railroad, North Jacksonville and the St. John’s River has also
been considerable. By means o f low fares and through trains a large part
of the travel to pnd from this section has been diverted to this road. The
market farms established in East Florida for supplying northern cities
with early fruits and vegetables will also become tributary to it and a
considerable source o f revenue.
The operating expenses for the year have been $466,903 6a, leaving the
total profits at $152,971 12. Out of this was paid for new work and roiling
stock $34,287 67, and for expenses incurred in 1866 and prior $61,356 14,
or a total of $95,643 81, diminishing the profits realized on the business o f
1867 to $57,329 31. The cotton receipts at Savannah by this road lor
the year 1867 were :
Sea Island.
2,937
2,029

Upland.
20,831
14,954

Total.
18.588bales
18,983 “

Total 1887.......................................................................
Total 1886.......................................................................

4,988
1,606

35,5-5
19,899

40,551 “
21,505 •»

^ncrease, 1867 ........................................................................

3,369

15,686

19,846 “

From local station s.............................................................
From Live Oak, F lo r id a ....................................................




1868]

A T L A N T IC

AND

373

G U L F R A IL R O A D ,

The receipts from the crop of 1866, for the year ending September 1,
1867, were:
From local stations.............................................................
F rom F lorida.......................................................................

2,527
1,652

17,239
8,314

19,76<3 bales
9,962 “

Total 1866-67 .................................................................

4,179

25,553

29,728

“

The other principal articles transported over the road in 1866 and
1867 are shown in the following statement:
1866.
L u m b er.......................................................................... feet. 7,792,000
* o o d ...........................
cords.
1,004
Cattle.......................................................................... num ber.
3,';66
S h e e p ,.....................................................................
"
.
2,756
H id es................................................................................... lb s.
152,122
W o o l................................................................................... “ .
123,423
Naval stores.................................................................... bbls.
8,758

1867.
11,048,000
2,301
6,148
2,976
352,024
165,416
12,278

Increase.
3,256,000
1,297
2,482
1.2 2 0

199,902
41,993
3,520

The sources from which* the passenger earnings of 1867 were derived
are shown in the following exhibit:
From Savannah to Thom asville.............
654 From Thomasville to Savannah...............
785
“
“
to Live O ak.................... 3,573
“
Live Oak to Savannah .................. 3,453
“
“
to way stations............. 8,218
“ way stations to Savannah................ 8.-.60
F rom way stations to way stat’ s ........... 6,554
“ Thomasville to way stati’ s .............. 1 . 7 ?
“
“
to Thom asville. . . . ____ 2,149
“ Live Oak to way stations................ 1 , 0 7
“
“
to Live O ak..................... 947
*• way stations to way stat’ s .............. 5,468
T otal number o f passengers moved.

,42,905

The passenger earnings in 1867 were $177,767 32, and in 1866, $143,.
535 02 ; showing an increase in 1807 of $34,232 30. The improvement in
the passenger traffic, however, has not been as decided as in freight; for
while the latter has increased 44 per cent., the former shows an increase of
only 24 per cent. The total earnings from both these sources for the year
1867, were, freight 70 per cent., and passage 30 per cent. In 1866 freight
contributed 65 and passage 35 per cent, of the gross earnings. The
financial condition of the company on the blst December, 1867, is shown
in the official statement made to the Governor of Georgia to have been as
follows:
DEBTOR.

Augusta & Savan. R. st’ k .............
$700 00 Suspense a c c o u n t ..........................
1,619 50
Bonds o f the State o f G eo...............
7 5 ,7 9 0 91 U nited S ta te s .................................
11,S80 72
Construction account.................... 4,048,215 24 W . H. Bennett-outstanding bills
39500
Florida, A & O C t t R ..................
177 07 Administrative departm’ t .............
8,3s9 10
Florida or R R ., constr’n .............
442,686 04 Roadway department .................
187,151 90
Interest a c c o u n t ............................
6,135 38 Locom otive department...........
118,244 27
interest on b on d s..........................
116,295 19 Car department...............................
71,255 77
Int. on 7 p. c. guar, sto’k ...........
9,803 04 Transportation departm’ t .........
134,046 60
H . S. McUom b.................................
880 13 Forwarding department...............
5,725 05
Acconnts.due in Confederate cur­
Extraordinary exp en ses...............
6\192 40
ren cy.............................................
29,832 06 Supply department.................
10,748 91
Profit and loss.
......................
297,233 80 < ar h ire............................................
2,537 32
Pensacola and G . R . R .................
56 21 Post office d ep artm en t.................
3,596 30
Retired s t o c k .................................
200,100 On Forwarding agent..........................
332 30
Right o f w a y ...................................
301,816 76 C ash...................................................
72,572 82
R oiling s o c k ...................................
379,236 09
Real estate ............................... ..
70.001 2S
$6,474,014 63
Salary a c c o u n t ...............................
15,337 47
Bills p a y a b le ...................................
Capital s tock ...................................
Company’ s b o n d s ..........................
G u tiantecd7 p c. stock ...............
Mail service
..... ........................
Connecti g m a l s .......
.......
Freight a ic o u u t .............................
Passage account ............................
F lorida b ra n ch ...............................




$356,398
3.643,710
1,362,900
181,259
14,142
7,153
850,105
157,599
97,827

34 Incidental earnings........................
199
00 Steamship lin e s ..............................
260
00 Outstanding accounts lor rails,
48
m otive power, machinery and
88
supplies, on agreed credits and
36
incourse o f stated p a y m e n ts...
2,458
23
12
$6,474,014
56

96
60

10
63

374

SO UTH

C A R O L IN A

[ May,

R A IL R O A D ,

The floating debt of the company, less items appearing on the credit
side, amounts to $576,926 41 ; from which, however, should be deducted
$64,391 98 transient debts paid since the close of the year. The net
indebtedness of the company is, therefore, $512,524 43, the whole of
which was incurred for rails, chains and spikes for the new line, and for
rolling stock and machinery. To meet these liabilities the company holds
special assets, consisting of stock subscriptions to the Bainbridge extension
of the property, the amounts earned and expended in operations, and the
net earnings per mile of road ; the proportion of expenses to earnings, and
o f net earnings to cost of property, and the rate of dividends paid on the
capital stock for the twelve years closing with December 31, 1867:
Net
Cost o f
,------ Amount per m ile------ , E xperses. earn, to Div. on
Fiscal
property
Gross Operati’g
N et
to earn- cost o f stock,
years.
per mile, earnings, expenses.earnings.
in s. property, p. c.
185ti...................................
$30,294
$3,497
$2,172
$1,325
(.2.11
4.37
1857 ...................................
33,104
3.329
2,776
553
83.39
6.07
1858 .................................
33,5 2
2,792
2,l!>3
599
78.55
1 80
1859 ..............................
34,134
2,980
2,290
C96
70.09
2.04
1800...................................
38,412
3,8 4
2,643
1,2'1
68.97
3.13
1861 ...............................
38,832
4,095
2,470
1,625
60.32
4.19
1862 ..............................
39,217
4,867
2,606
2,261
5 3 .4
5.77
1863 ...............................
40,410
6,549
3,555
2,994
54.30
7.41
4
41 914
8,940
5,401
3,479
61.09
8.30
8
1864 ..............................
1865 ............
43,107
10,143
7,071
3,072
69.71
7.13 10 &10
l v66 ...................................
43,720
9,365
5,578
3,785
66 7
8.66
10
1867 ...................................
44,249
9,960
5,833
4,127
65 . 6
9.33
10
1868, Dividend in February........................................................................................... ... ............
5 J
PRICE OF STOCK AT NEW YORK.

The following statement exhibits the monthly range at which the com­
pany’s stock has sold for the last past five year? :
January...............................
F eoru ary.............................
March .................................
A p ril.....................................
M a y ......................................
Ju n e......................................
J u ly......................................
A ugust.................................
Septemu’ r ...........................
O c to b e r ...............................
N ovem ber............................
D ecem b er............................

1863.
83% @ 91
8S @ 93
91 @ 91
89 @ 90
94 @107
92 © 95
96 @106
106 @126
I l l @123
113 @116
115%@119%
112%@112%

1864.
112 @122
115 @125
123 @135%
121 @138
115 @129
129 @132%
124 @131
128 @ 1 3 !
116%@128%
110%@13U
123 @131%
121 @131

Y ea r......................................

83%@126

110%@13S

1885.
111 @127%
114 @122
90 @119
92 @118
113 @119%
116 @129
122%@13S%
118%@124%
123%@128%
130 @138%
13l%@138
131 @114

1866.
115 @131%
112%@116%
114>t@U9%
111 @124
115 @122%
117 @121
115%@123%
121%@124%
121 @123%
123%@i29
116 @126%
115%@120

1867.
111 @117%
114 @117
114 @117
111%@116
11 % @ 1 1 «
117 @122
116%@11»%
117%@122%
12u @122
121%@129%
121 @134%
129%@135

90 @138%

112%@131%

111 @135

SOUTH CAROLINA RAILROAD.
The South Carolina Railroad is worked in four divisions, v iz :
Charleston D ivision—Charleston to Branchville.................................................................
Columbia Division—Branchville to C olu m bia......................................................................
Hamburg D ivision—Branchville to H am burg.....................................................................
Camden D ivision—Kingsville to Cam den.............................................................................

62 m iles.
68 “
75 “
38 “

T otal length o f road.............................................................................................................. 243 m iles.

The company own 43 locomotives, of which 33 are classed as effective




186S]

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C A R O L IN A

R A IL R O A D .

375

and 10 as wanting repairs. O f these, 10 were new in 1860. The cars in
use number 377, of which 22 are passenger, 12 baggage and mail, 264
box freight, and 79 platform
W ith this equipment the business o f the road was done in 1867. The
results were the transportation of 112,043 passengers, and among the
freight brought to Charleston were included 155,455 bales of cotton,
10,948 barrels of flour, £3,662 bushels of grain, 11,912 barrels of naval
stores, 12,859 bales of merchandise and 6,187 head o f live stock. The
gross earnings in that year amounted to $1,316,006 50, and the operating
expenses $702,229 34, leaving a net earning of $613,777 16, or, deduct­
ing interest and other expenses, a net income of $353,613 98. This was
expended in reconstruction to the amount of $339,626 00 ; purchase was
also made of cars, tools, &c., to the amount of $424,499 94, and old claims
were paid to the amount o f $99,339 82. These expenditures were $170,225 78 in excess o f the earnings, and this deficit was made good by collat­
eral receipts to the amount of $42,532 80, and an increase of indebted­
ness amounting to $127,692 98.
In order to show the effect o f the late war on the business of this road
we hare prepared from the company’s report the following, showing the
total number of passengers carried and the amount o f freight received at
Charleston yearly for the last ten years:
Passeugera
carried
C olton,
on road.
bales

Year.

.

1858 ..................................
1859
1860
.....................
1861
.....................
1862..................................
1863
.....................
1S64..................................
1865..................................
1866
.................
1867
.....................

148,817
428,152
171,933 393,390
164,200
314,619
209,750
120,673
351,095
24,884
442,305
48,145
416,850
10,315
93,528
35.534
109,711
94,097
112,043
155,455

—R eceipts
Flour,
bbls.
140,069
73,529
23,216
32,840
49,710
28,508
26,965
2,495
10,948

o f Freight at Charlestor----------------- ,
Grain,
N a 'a l Merchdze live
bush, stores, bbls. bales. stocfc,h’ d
282,367
17,418
12,001
9,605
128.854
33,237
14,094
12,240
36,179
54,439
12,853
15,213
75,433
9,161
5,459
12,257
259,328
1,149
1,606
8,475
374,125
214
1,175
8,458
267,204
1.244
6,201
7 424
331
1^293
2,523
20,293
10.928
5,150
4,103
93,662
11,912
12,857
6,167

The gross receipts in the same years, and the amounts and rates of the
dividends declared by the company, are as follows:
1858 ...............................
1859 ...................................
1860 ...........................
1861 .................................
1862 ...................................
1863 ...................................
1864 ...................................
1865 ...................................
1866 ...................................
1867 ...................................

,----------- Gross receipts from transportation.----------- *
/—Dividend.—*
Passage. Freight.
Mail.
Other.
Total.
Amount. Rate.
$416,801
$1,017,421 $51 000 $15,786 $1,501,008 $320,067
8#
499,166
1.030.566
51.000
15,963
1,596,696
329.766 3>tf
461,084
' 968,673
51,000
18,8S0
1,499,634
407,358
7
514,751
589,552
40,178
17,260
3,161,724
349,164 6
986,758
807,833
32,500
13,123
1,840,214
465,552 8
1,525,544
1,355,571
32,500
76.387 2,990,0 2
698,328 12
2,445,052
3,573,806
32,500
40,765
6,097,123
931,104
10
465,559
1,128,596
4,062
2,764
1,600,982
...........
413,972
877,417
20,349
1,000
1,312,738
...........
355,600
940,549
18,947
910
1,316,006
...........

The year 1858 was the largest cotton year in the history of the com­
pany, excepting the year 1855, in which the receipts at Charleston amount­
ed to 449,554 bales, being in excess of the receipts in 1858 of 21,102
bales. In tbe year 1867 the receipts from Augusta and other stations on
he Hamburg division o f the road were 96,359, from Columbia and the




376

SOUTH

C A R O L IN A

R A IL R O A D .

L May,

Columbia Division 51,647, and from Camden and the Camden Division
7,449— total, 155,45 < bales. O f the total, 85,283, or more than one half
the shipments were made from Augusta, 42,027 or more than a fourth
were made at Columbia, and 5,293 from Camden. The total from these
terminal points was thus 132,603 bales; the remainder, 22,852 bales,from
way stations. The aggregate cotton business of the road depends largely,
indeed, on the navigable condition of the Savannah at Augusta.
The financial condition of the company on the 31st December, 1807, is
exhibited on the balance sheet of that date, is shown in the following
summary:
Capital s tock ...........................................$5,810,275
M eriing b o n d s ..................................... 2,275,311
Dom estic b on d s................................... 1,492,633
Certificates............................................
13,06
Change n otes.........................................
1,4 1 3
Bills p ayable........................................
317,186
Coupons—s te r lin g ..............................
169,164
do
—d om esiic............................
59,712
Current accounts ............................
97,658
N et incom e, June 1865 to Decem ­
ber, 1867 ...............................
938,431
T o t a l..............................................$11,184,450

Roadway, & c.......................................... $6,472,914
Lands..............................................
432,879
R olling s t o c k .......................................
647,697
Materials and supplies......................
191,472
Restoration o f property.................... 1,043,945
Loss o f p rop erly................................. 1,<5 >,742
Adj istm en t« f claims ......................
90,340
Bills receivab e .................................
28.663
S to c k s ...................................................
404,0 2
Current accounts.................................
317,197
C a s h .......................................................
89,534
Total................................................$11,184,450

The total unfunded liabilities according to the above showing amounts
to 1666,800, and the available assets (not including stocks $404,062)
amount to $435,399 ; the result is a net debt unprovided for amounting
to $231,401.
The sterliug debt bears 5 per cent interest payable semi annually, Jan­
uary and July, partly at London and partly at Charleston. The original
debt amounted to £425,500, and became due January 1, 1866. In that
year an arrangement was made with creditors so as to Tenew the bonds
and fund all coupons due up to July 1, 1866, consolidating the whole and
making thi debt payable by instalments of two per cent, of the principal
every half-year for the first five years from and including January 1, 1871,
and four per cent every half-year for the ten years from and including
January 1, 1876, thus extinguishing the debt by the 1st July, 1885.
O f the domestic debt (including funded interest) amounting in gross to
$1,492,633, there was due December 31, 1167, $65,906 ; and the remain­
der consisted o f 7s, $876,167, and 6s, $550,500, to mature on and from
January 1, 1868, to April 1, 1891.
The South Carolina Railroad was the first line constructed in the South­
ern States, having been opened for traffic from Charleston to Hamburg in
1832. The Quincy in Massachusetts, the Mohawk and Hudson in New
York, and the Mauch Chunk Railroad in Pennsylvania were its predeces­
sors. Railroads at this time, however, were not built so substantially as at
present, and the South Carolina Railroad was no exception. It was a mere
continuous string-piece overlaid with fiat rails. It is now one of the best
roads in the Union. Before and during the war it paid its stockholders
liberally.




1868]

O H IO

AND

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R A IL W A Y ,

377

OHIO AND MISSISSIPPI RAILWAY.
The Ohio and Mississippi Railway forms a continuous line of road, o f
the six feet gauge, from Cincinnati to St. Louis, a distance of 3 40 miles,
passing through the three States of Ohio, Indiana and Illinois. The Atlan­
tic and Great Western and Erie Railways continue this line eastward lo
New York, the whole making a grand through line of traffic between the
seaboard and the Mississippi River, in length 1,203 miles.
This great line was constructed under two independent companies. The
portion of the road in Ohio and Indiana, from Cincinnati to Vincennes
(now entitled the Eastern Division) 192 miles, was built under charteis
granted by Indiana, in the acts of February 14, 1848, January 15, 1849,
and February 15, 1851, and by Ohio in the aets o f March 15, 1849 and
January 24, 1851. Under the last named act the city of Cincinnati was
authorized to subscribe to the capital stock of the company to an amount
not exceeding 11,000,000. The Indiana act of 1849 authorized the coun­
ties which the road should traverse to subscribe stock, &c., and that of
1851 gave the company authority to borrow money, and provided that)
on their acceptance, the charters granted by the States of Ohio and Illinois
should become a part of the original act of incorporation. That part of
the line, now the Western Division, extending from the State line of Indiana
to Illinoistown (the terminus opposite St. Louis), 148 miles, was constructed
under a charter granted by the State of Illinois in the act of February 12,
1851. Under these several acts the road was located and built, and in
April, 1857, was opened for traffic between Cincinnati and Vincennes.
The line westward to the Mississippi was completed in the same year,
and the two under agreement were thenceafter operated as one line.
From the day of opening these roads the companies labored under finan­
cial embarrassments, and suits for foreclosure o f mortgages followed.
An agreement of creditors and stock holders, dated December 15, 1858,
placed the whole interests o f the company in the hands o f trustees. In
this position these interests continued for the next ten years ; the trustees
in the meantime having liquidated all the stocks and debts of the company
by the issue of certificates. Under an amendment of the original agree­
ment dated April 17, 1863, the trustees purchased with the same certi­
ficates all the stock and part of the bonds of the Illinois division of the load.
Thus to all intents and purposes the whole line of railroad between
Cincinnati and St. Louis, now known and operated as the Ohio and Missis­
sippi Railway, became the property o f the trust, subject only to the
mortgage bonds outstanding.
The final object of the trust created in 1858, was the capitalization o f
the stocks and debts of the extinct organization and its reorganization cn
a sound financial basis. To complete this design the eastern division
24




378

O H IO

AND

M IS S IS S IP P I

R A IL W A Y .

[May,

of tbe road was sold under the foreclosure o f the second mortgage on
the 9th of January, 1867, and bought in by the Trustees. A new com­
pany composed o f the holders of the Trustees’ certificates was organized
on the 18th of November o f the same year, under the corporate name
of the “ Ohio & Mississippi Railway Company o f Ohio and Indiana,” and
the Trustees having, as previously stated, purchased the property o f the
‘ Ohio & Mississippi Railway Company of Illinois,” extending from Vin­
cennes to East St. Louis, the two divisions were consolidated on the 18th
o f December under the general title of the “ Ohio & Mississippi Railway
Company.” The basis o f the reorganization and consolidation o f the
company is as follows:
Capital stock—Com m on stock .................................................................................................$20,000,000
do
7 per cent preferred s tock ................................................... ........................
3,500,000
T otal stock in $100 shares.................................................................................................$23,500,000
Consolidated 7 per cent mortgage bonds, due Jan. 1,1898................................................
6,000,000
Total stock and bonds ( = $86,765 per m i l e ) ................................................................ $29,500,000

Under this arrangement the certificates issued by the trustees were
re leemed in stocks at par. The amount of common certificates, however!
exceeded the total common stock issuable by 1226,604 44. This excess
i? to be provided for outside of capital stock.
On the other hand, the
amount of preferred certificates issued was 8145,875 38 less than the
airom t of preferred stock authorized. The balance or net excess of
certificates to be provided for is therefore 880,729 06, but rateably, or
according to negotiable value, this excess is only nominal, the greater
value of the preferred stock on hand counter-balancing the inferior value of
the common certificates in excess.
Of the consolidated mortgage bonds
provided for in the basis above given, $4,000,000 will be placed in trust
for the redemption o f the bonds of the company now outstanding. The
remaining $2,000,000 aie set apart for the improvement, &c., o f the
company’s propertv.
'Hie General Balance Sheet of January 1, 1868, shows the financial con­
dition of the consolidated company at that date, to have been as exhibited
in the following abstract statement:
Trustees’ com m on certificates converted or to be converted into com m on stock. $20,000,000 00
Trustees’ com m on certificates to be provided foroutside o f capital
Stock.................................................................................................... $226,604 44
Trust°es’ preferred certificates converted or to be converted into
preferred s to c k ............................... ........................................................... $3,354,124 62
Pref. stock authorized to b e issued $ 3 ,5 0 0 ,0 0 0 balance to be issued
145,815 3S
E xcess o f certificates to be provided for outside of capiial stock .............................
First mortgage bonds (E. D.) due July 1,1872...................................... $2,050,000 00
“
“
(W. D.)
“
“
.......................................
850,000 00
Second
“
(W . D.)
“
1874.........................................
750,000(0
Funded debt bonds (W . D.) due Oct. 1, 1882..........................................
16,500 00
Incom e bonds
( W .D . )
“
“
..........................................
221,500 00
Bills p a y a b le ................................................................................ , ..........
......................
Due on pay rolls, purchases an l other accounts— .....................................................
K et earnings siLCe N ov. 1,1867, the time the consolidated company assumed the
business, & c., o f the old organ ization s.......................................................................

3,500,000 00
80,729 06

3,888,000 00
41,405 42
476,558 73
122,225 26

T o t a l ..., ..................................................................................................................... $28,108,918 47




1868]

O H IO

AND

M IS S IS S IP P I

R A IL W A Y .

379

Per contra :
Construction....................................................................................................
$24,086,919 27
Mac inery and tools.............................................................................................................
141,740 98
Personal property, real estate, & c ......................................................................
1,680,632 18
Telegraph lin e ................................................................................
25,042 59
1,7 7,0' 0 00
Equipment.............. ................................................................................................................
Property..........................................................................................
$27,647,335 47
In hands o f Treasurer, &c ...........................................................................$154,20' 50
Materials at ehops ............................................................................................ 114,198 46
193,179 04— 461.583 00
Personal a cco u n ts........................................ ............ ....................................
T ota l................................................................................................................................$23,108,918 47

The rolling stock owned by the consolidated company on the 1st Jan­
uary, 1868, comprised 79 locomotives, o f which 48 were in use on the
Eastern Division and 31 on the Western Division. The number of cars
was 1,264, of which 875 were on the eastern and 389 in the Western
Division. These cars are described as follows— passenger (night 4, firet
class 32, and second class 3) 39 ; mail, baggage, &c., (mail 4, baggage 10
express 9, paymaster 2, and caboose 34) 59 : and freight, (Diamond line
84, box 440, box stock 47, rack stock 36, high flat 228, low flat 93, cotl
234, and tool and wrecking 4) 1,066.
The following statement compares the results of operating the road :
the two years ending December 31, 1866 and 1867:
1866.
1867.
Di
»nce.
Earning from Passengers............................... $1,615,596 43 $1,429,210 56 Decrease. $18£ —■* 87
Earnings from fre’g nt ......... ••••..................... 1,581,476 10 1,872,428 25 Increase. 290,1-*';' 15
Miscellaneous earnings....................................
183.570 97
157,680 46 Decrease.
25,t w 51
Total gross earnings....................................$3,3S0,5S3 50

$3,459,319 27 Increase .

$78,735 77

From which deduct ordinary expenses, viz :
$718,869 93 Decrease $326,716 'll
Maintenance o f w ay and structures.............$1,045,586 64
Motive power and cars.....................................
466,780 18 433.94185 Decrease.
32,838 33
Transportation.................................................... 1,138,928 87
1,011,1«8 23 Decrease. 127,760 b*
General................................................................
115.565 75
97,130 81 Decrease.
18.434 91
Taxes, mun’ pal & national...........................
109,790 82
81,486 55 Decrease.
25.304 27
Damages to property, & c.................................
52,671 94
50,193 *6 Decrease.
2,478 68
T otal ordinary expen’ s................................$2,923,324 20
Earnings less expen ses...................................

$451,259 30

$2,3'5,790 66 Decrease. $533,533 54
$1,063,528 61 Increase. $612,269 31

This increase of net earnings is encouraging for the future o f the com­
pany. But there is yet much to be done in repairs and improvements
which must delay dividends.
The extraordinary expenses on these
accounts were in 1866 $349,286, and in 1867, $777,073. The interest
on the $3,888,000 bonds now outstanding is $272,160, and the dividend
on the preferred stock ($3,354,128) $234,788, or together, $506,948.
The residue of the net earnings in 1867, $556,580, had it not been con­
sumed in extraordinary expenses, would have paid 2£ per cent on the com-




380

O H IO

AND

[May,

M IS S IS S IP P I R A IL W A Y .

mon stock. The Treasurer’s account o f receipts and disbursements for the
two years shows the following results :
RECEIPTS,

E arn in g s..............................................................................
E xp en ses.............................................................................

$3,285,457 32
2,607,309 25

Earnings less expen ses...................................................
Eeveni e o f previous years..............................................
T ru stees......................... . . . . .........................................
Other sources.....................................................................
Materials used in y e a r ..................................................... .
Cash on hand January 1...................................................

$678,148
4’ ,680
98 104
119,-26
233,620
262.017

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

07
37
58
87
75
81

$1,433,358 45

$3,331,258 07
2 115,291 92
$1 215,9 '0
97,924
14,6.5
115,999
113,803
2.5,148

15
07
46
88
49
46

$1,783,511 51

DISBURSEMENTS.

Ballasting, & c ...................... .............................................
Cars anil engines.......................................................................
la d . & Ci. ciunati 11R. Co. (use o f 3d rail).........................
Miami bridge (re-building)........................................... —
East o f rolling p ow er................................... ......................
Real estate..................................................................................
A r enrages....................................................... ........................
Materi i.s on hand............................................................ .........
Coupon- on b onds................................................................
Cash on hand Decem ber 31.....................................................
T ota l...................................................................................

49
11
66

$193,896 06
192,869 93
90,017 41
325,692 92
33,915 i 0
16,127 00
374,228 24
114, 98 46
287.860 99
154,205 50

$1,4:33,358 45

$1,783,511 51

$13'\497
129,968
29,162
8,318
45,220
4,700
316,775
113,803
390 7:4
225,148

73
51
66
31
00
00
18

It will be perceived that at least one-fourth of the disbursements in 1867,
were on account of the rebuilding of the Miami Bridge, destroyed by
f. eshet in the preceding year. The sum charged to this account is $325,692 92. While the building was progressing the track of the Indianapolis
and Cincinnati Railroad was used by the company’s trains, the rent
paid for which was 890,107 41. The disbursements on these two accounts
are equal to a dividend of 2 percent on $20,000,000 common stock. The
ollowing table shows the progress of the roads in their gross earnings
for the period they were operated together, being a term of 10 years:
185S .
1859
1860 .
1861 .
1862
1863 .
1864.
1865 .
1866.
1867.

Eastern Div.
$846,669 91
974,430 75
959,231 59
771, . 99 51
1,122,580 27
1,»63,70: 41
1,915,986 66
2,210,5 6 34
1,987,633 8J
2,034,079 72

W estern Div.
$626,640 90
698,315 01)
725,681 16
574,115 97
797,4- M22
1,162,126 49
1,365,084 16
1.548,607 11
3,392,949 68
1,425,239 55

Total
$1,413,310 81
1,672,745 84
1,684,9.2 75
1,3*6,115 <2
1,919,932 49
2.82-),823 90
3.311,070 82
3,759,1 3 45
3,3sO,5S3 10
3,459,319 27

The market value of the certificates or stocks of the company, as indi­
cated by the sales at the New York Stock Boards, lias fluctuated monthly
L r the last three years, as is shown in the statement which follows:
/----------Common Certificates--------- »/— Preferr d Ceitificates— *
1865.
1866.
1867.
1865.
1 66.
28i.7.
23 &-8% . . @
70@70
87 @89
24>$ @ 2t k 24k@".6
. . , @ ...
2r,k@2o% 2. >8@30
70 @70
-4 ^ 2 1
. . . Q),___
22 @27
@ • 7 @77
25k@-;f-% 22 @iSU
. . . <&....
M a y..........................
.
@
.
.
78@8C
2
;
m
s
y
,
J a n e .........................
24
S6>„@2:i
60@65 73@78
65 @67
J u ly ..........................
2f%@>3(lk 26 @ 28X . . @ . 7s@80
67 @«;9
A u gu st....................
25k<«.2r-K 7l@70 7E@80
September...............
28k@ 30
..
29^($35
October .................
2tk'@ 2 V i . . @ . . 8(‘@82
r% < m %
26 @36 >a SS*.® * U • © . . 7-@.vi>; 7: @75
N ovem be ...............
December ............. .................. 2
23k@3U k 2o % m % . . @ . . 79@b9
January....................
F thruary.................. .................
M irch.......................

Y e a r...................




24k @ 3 W

22 @30

60@70 7C@89

67 @S'J

1868]

N A S H V IL L E

AND

381

D E C A T U R R A IL R O A D .

NASHVILLE AND DECATUR RAILROAD.
Tbe Nashville and Decatur Railroad Company was organized under a
law of the State of Tennessee, passed April 19, 1866, whereby the com­
panies owning the line o f railroad from Nashville, Tenn., to Decatur, Ala.,
viz., the Tennessee and Alabama, the Central Southern, and the Tennessee
and Alabama Central, were authorized to consolidate their interests. The
articles of agreement required by the act of incorporation were signed on
the 21st day of November, 1866, and the consolidation took effect on tl e
1st day of January, 1867. The road,s8 now organized, is constituted as
follows:
Main line—Nashville to Decatur............................. . .........................................................
Branch line—Columbia to M ount Pleasant.........................................................................

120 m iles.
12% “

The roads composing this line were in possession of the United Slates
during the war, and operated by the military authorities. As most of the
other Southern railroads which fell into the hands o f the Federal or Con­
federate authorities they suffered much from hard usage, and when returned
were in a very delapidated condition. The surrender to the companies
was made on the 15th September, 1865. The roads, however, were bare
of rolling stock, but the officers having been able to purchase Government
engines and cars to the extent o f $304,195, they were enabled to com­
mence operations without delay. The following statement shows ihe earn­
ings and expenses of the line from the date of surrender to the 30th Sep­
tember, 1867:
T o Dec. 31, T 6 . T o Sep. 30, ’ 67.
Total.
1 X months.
9 m onths.
24X " onths
Gross earnings......................................................................... $7'4,H74
$374,039
$1,119,0 3
E x p e n se s.................................................................................. 420,313
263,607
6b4,120
N ett earnings........................................ ........................ $324,661

$110,232

$434,898

All these earnings were used in reconstruction, and in reducing the
indebtedness of the companies to the United States Government. Under
the consolidation the Nashville and D -catur Company assumed all the
indebtedness of the several companies. On the 1st October the bonds and
other liabilities of the Consolidation stood as follows :
Tenness e tateloan, in cu u in g int-rest funded u “>to Jan. 1, 1866 ............................... $ ‘2,115,176
205,000
Tenne see and \labam t Railroad incom e oonds, due 1 8 7 0 ............................... .. ...........
Franklin turnpike b o n d s ........................................................................................... .............
46,625
T o fal funded debt ........... .
.................................. ....................................................... $2,866,801
United -tate-* governm ent fo rolling stock, etc.................................................................
294,'.*27
Bill-* payable. ................................................................................................................................
2 2,852
..................
. . . .........................................................
9i.9f8
Sundry -cconntsdue .................
Tennessee a n l Alabama railroad debts unadjusted ...........................................................
47,422
T o t 1 bonds and d eb t........................................................................................................... $3,0

Against this

h

4

995

charged a> follows:

Valua ion o f railroad and other property ............................................................................... $ l,770,c9l
Tenne»se
tate loan bonds on hand ........................................ ....................................................6 T 920
Sundry a cou nt-*................................................................................................................... .
13,342
And cash on hand................ .
..............................................................................................
16,928
T otal property and asset-*
............................. ...................................................... ..
$5,175,081
Property and assets over liabilities................ ..................................................................$2, 30,ofc6




382

R A IL R O A D S OF N E W Y O R K , N E W J E R S E T A N D P E N N S Y L V A N IA .

[J /iz y ,

In this account the share capital has no place. The books o f record
were lost during the war, ane only a very wide estimate of the amount is
given. The President estimates it at $1,526,459. To relieve themselves
from their floating debt the company are now issuing new 6 per cent
bonds to^mature October 1, 1887, and payable in Nashville. The'amount
authorized by the act of March 8, 1867, is $500,000.

RAILROADS OP NEW YORK, N EW JERSEY AND PENNSYLVANIA.
The annual reports on railroads of the Sta'es of New Jersey and Pennsylvania
have receutly been published, and we have also obtained ftom the State Engineer’s
Office of New York an abstiact oi the forthcoming report upon the railroads of
this State. We present tc o r readers in the tabhs which follow a summary of
the statistics contained in these official reports. The roads of New Yoik make
returns for the year ending September 30, 1867, those of Pennsylvania for the
year ending October 31, 1867, and those ol New Jersey for the year ending
December 31, 1867 :
RAILROADS OF NEW JERSEY.
Company.
Belvidere Delaware........
C mden and A m boy___
Dei. & R-iri an c a n a l...
Camden & ButTn C o ....
Camden & Atlantic . . .
Cape May & Millville ..
Central o f N. J ersey----F em nut > * ....................
Freeho d & J axnesV g...
H ackensack & N. Y . . . .
Long p,r. & Sea S h ore...
M illville A G la ssb orot...
M illstone & N. B ru n s...
Morris and E ssex...........
N ewark & B loom field...
N ew Jersey......................
North rn ........................
Paterson & Hud. R .........
Paterson & tfamapo . .
P. Amhoy & W i,o d b ....
Raritan & Del. Bay$.
R o c y H U ......................
South Branch..................
Salem ..............................
S u ssex..........................
Y in ei town Bran h .. ..
W arr n ............................
W est J ersey......................

Cost o f
Capital
Pivid
road and
stock
Funded
EarnE x- paid.
equipm ’ t. paid in.
d bt.
ings.
pensee. p. c.
$
*
*
$
.
3,378,039
578 179
990.250 2,245,000
405,396 . . . .
.. 10,083,170 5,' <i0,( 00 j
3,120,511 2,440.56 i
10
19,913,
<
117
.. 4,5t>i ',160 4,? 00,613 ]
328.51a
:o
811.611
331.050
319,000
78.2(3
67,101 6&25s
... 1, Hfi?.090 1,103,(43 1.034.319
825,41 7
171,419 .. ..
701,033
4A7,0i 0
200.- 00
1(0.576
80,5 7 .. ..
. . 10.286,186 13 1 '8 ,Hi 0 1,51-0,(00 3,350.397 1,818.021
10
150,011
100,100
11,098
21.745 .. ..
230,844
( 5,511
44, 09
6
1 0 ,-oo
5 ,500
63.567
58,2:8 . . . .
178,231
49,345 . . . .
57,381
40\')20
59.319
22,846
13
113.01
15,128
10-4.365
10,038 . . ..
.. 10,403 6 7 3,61H,350 6, m , 137 1,382,840 1,118.292
3
118.! 31
1 3.850
50,880
44,137 . . .
.. 4,935.80? 6,0 0.01 («
850,000 1,865,303 1,019.153
10
159,100
300, OLO
252. 65
231.561 . . . .
630 000
Leased to )■rit R.
8
8 \000 Leased to Erie R .
248,000
6
57, 00
1»0,C1(X>
13,6^8 . . . .
16,099
. . 4,0 '8 592 2,530,7' 0 1,664,500
431,361
424.697 . . . .
45,654
8,495 . . . .
i : 36i
4U,7t)5
438, 00 Lea’ d t o C e n t o f N J . at rent <f 6p.c.
180,550
■*78,327
49,337
88,061
6
45 '.319
25',139
200,000
66 638
33,< 72 . . . .
25,0' 0
3,512
15 0(0
4.001 . . . .
1.547,050
511.400
302 680
I
458.106
802,6,0 1,018,000
283,240
150,677 ‘.&10S

* W o r k e d b y B elved ere D elaw are.




+ L ea sed .

X L e a se d to W . S Snedt n & C o.

186SJ
,
new
je rset and

Pe n n s y l v a n ia .
383




tore

* The report o f thi* road is made up b y giving the entire amounts for the entire roads (505.68 miles) in N ew York, Pennsylvania and Ohio* and allow ing 10
per cent, as the proportion belonging t«* th 49.14 m ile- in the St te o f N ew York.
t In N. Y . 49.14, in Pennsylva. 125.3(5 and Ohio 331.18—total 505 68 m iles.
t N ow “ .buffalo and Erie,” and includes “ Erie and Northeast” in Pennsylvania.

new

...* ..

of

Companies.
A diro uack.................
Albany
bu-quehan.
Atlai.t c & Gt W est..
A von. Gen. & Mt M .
Brooklvn & Jam aica.
B rook. & Kocka'v B.
Buff. & State Lin* $
Elmira & W ill amsp’ t
E iie R a ilw a y .............
Hudson R v e r ...........
L o g I s la n d ...............
N ew Y o k Oentra l ...
N . Y ork & Flushing .
N. Y o k & Harlem . . .
N . Y ork & N. Haven.
N orth ern ....................
Ogd’ sb’g & L Champ.
Osw ego & Syracuse..
Rensse ’ r & Saratoga.
R om e, Wat. & Ogd’ s’ g
htaten Is la n d .............
Syrac’ e, bing. & N Y.
Utica & Black R iver .
Cayuga & busquehan.

r a il r o a d s

RAILROADS OF NEW YORK.
Total Length ofPassengers
T ons o f
Earning
Paid
Paid
Cost of
Capital
Total
Total cost Earning
for
Divi11 ating road laid, carried 1 freight car-■ <f Transirom
from
^otal
funded
oa 1 , equip- stock,
in
miles.
mile
ried
1
m
le.
porta
tb
n
.P
ass
ngers
.
freight.
earnii
gs.
interest
raid.
debt.
debt.
dends.
m in t, et**.
22.457
18, 65
25 00
161.501
127,192
7.332
11,333
$2,07 1,068 $4.\-3,600 $915.0(0 $•418,711
6,872,741
196,92"
48-1,228
5,415,929 1,774,824 2,486,000
3,590,619
214,(03
217.668
1*59, i 12
239,767 It 8 .CO
CM.112
17,196,ill)
413,(66
111.899
445,481
9.122
6,871,375 *2,719,892 2,999,990
106,462 +49.14
3,2(4.717
8,829
27.513
217,*44
15.50
18,658
6,748
1.017
8,176
22,000
487,0 i 5
42,192
194,250
192.289
173,998
6,473
27,887
488.1(M
498, M0
47,303
14.60
182,920
995,-.83
15,085
6,7'4
12.V56
2.828
2,327
125,586
H 7,700
45,000
3.50
965,302 1.867,114 2.340,281
37,899 360,000
88 00
28,?05/C(i
40,132,108
1,815,836
6,109,982 5,000,000 l.oon.ooo
156.636
41 0,160
2,21 -.0! 0
7 '.0 0
: ,861.276
6.998,157
615,273
v41, (97
100,000 1.570,000
1,865,502 567.304
49.247,769 25,111,210 22.429.920 8,524,813 459 CO 128 494,241 649,888.422 11,3 2.245 2,931,833 11.204,688 14,317,21
2,841.258
485.220 572,083
17,5(15,037 9,9S!,500 6,394,550
6,2* 7,100
1,167 344.00
93.1 23,512 73.237,1 23 3,226,753 2,025,800
53,275
374.109
303,028
6! 3,016
19.437,1 28
243.827
117 00
5,720,8(0
4.206.820 3,0« 0.0(0
825.1 CO
9.151,750
13,97!
,M4
943,880 1,734,831
86,594,405 28,587.000 12,069,820
593.75 198,9s 5,143 362,180,606 10,653,692 4,032,023
113.080
23.753
111,180
2,500
125, 00
125,000
8 00
4,403,780
1,621.630 1.086,341
2,688.120
£95,086 556,374
1.167,621
12,055.381 6,785,050 5,993,6-5
ISO 75 29 430,713 36,156,300
357,489 2,330 849
97.200 000,000
7,720,846 6,000,COO 1,092.01 0
255,678 62.25
66,514,148
7,286,623 1,284,722 1,708.9(0
a: 2.3-5
159,100
88,441
2(i,lHl
237,561
493,707
300,000
62,144
5.072,883
405,520
169,Sol
21.25
86.215 135,626
172,824
713,755
908,6 4
5,009,432 26,654.145
685.463
4,954,718 2,993,500 1.182, 00
129,893 118.00
256,528
28,207
573,500
3,747,‘ 66
3 920,412
173.390
128.688
101,(61
38 016
1,800,714
4V2.4( 0
4,875
36 29
766,372 1,423,100
100,118
570,874
48.000
679,750
15.223 332 31,106.420 1,036,016
1,299,862
800,000
S5.22
127.454 238,550
638,783
472,339
596,512 1,146 471
4,600,724 2,400,0(0 1,577,2(3
21,076 189 63 13,75^.256
15,964,646
268,894
20,279
354, 32
75.241
66,100
156,979
2.771
660,000
20d,(i00
95.0C0
33.00
2.6v 6,176
108,519
2 2 591
324,165
522 314
3,182.489 1, >14,130 1,72,,513
6,689,623 20.419,' 02
174,148
35,9U5 81 00
656,074
65,924
71,069
69,5 6
149,783
1,882,* 70
66,796
952,731
34 94
831,300
127,041
53,019
3,300,519
176,013
94,674
30,628
4,206,820
589,110
34.61
762,167




Capital
stock
paid in.
$17,798,922
550,OC0
98 ,800
600,000
1,100,000
68,897
5,0i 0,0 i0
380,225
3,35'',500
871,900
120,650
8,750.(100
5,4 1,925
10 i.OOO
1,316,900
13,386,020
89, >00
392.550
6 4,600
1,000 000
664,300
178,750
300 000
107,400
118,000
116,850
1,182,550
1,015,000
1,81*9,565
685,130
400,000
611,305
15 .,250
1,33),(100
415,250
375,100
10,7 1,400
83,562
2,646 100
52.C50
6.0,000

Total
fin ded
debt.
$29,999,900
488,(100
135,1 00
99,0n0
1,766,000
100,000
l,lOO,OUO
262,500
500,000

Total
flo ting
debt.
$1,049,166

T otal expen-es
for year.
$3,5(4,931

Total rec ipts o f
the year.
$5,195,264

25,000
2,119

36,181
58,609

37,092
93,233

1,775,388
50,144
359,237

11.284
2,352,229
100.604
502,917

5,679
1,498,146
2,410.531

19,4 0
2,659.348
2,140,150

in

io ’

li

10
4

10
5

410,118
2,712,662

534,295
2,61. ,978

8
15

8
20

(0)7 & 5

8,561
....
....

2,500,( 00
3,964,1 00
1,090,000
356,100
3,308,000
1'8,000

708,205
2,000

574,900
1,(20,000
1,270, 00

___
578,250

278,538
3 ‘l,8l 1
413,235

538,531
395,1 9
640,768

200,000

56,478

171,235

267,770

22,529
31,408

*34,335
48,5nl

67,000
53,357
134,108
11,213

52 198
186,450
37,144

7 0,000
150.000
5**0,000
1,656,245
156,000

900,035

....
100,000
567 966

600,000
2,273,295
2Q0 0(‘Q
1,437.000
48,166
868,000
30,000

68,8S0
866.111
1,287
...»
....

546,485
2.1' 0,208
28,009
5,131
...

^-Dividends paid in 3 Years.1867
1865
1866.

25

6

io

25
6

6
(0)1 & 5

7.6
....
5
7
10

5
6
3>

8
10 & 7 5 (/
6
(0)i&

*7*
io ’

7
9

•r .
14X
’ io ’

20

....
3

62,500

6
3

....

75,263
790,8 8
73,0^5
8,580,764
58.288
5,733

6
2

6
io
7

‘ *2
9

*9*

RAILROADS OF NEW YORK, NEW JERSEY AND PENNSYLVANIA. [M ay,

Length
Cost o f
o f road
road and
Companies.
in Penn. equipm ent.
Atlantic & Great W e ste rn ...............
$58 8 2,8 ;3
Ba d Eagle V a lle y ..............................
1,050,0.0
Barclay oal Com pany...................... .. 16
Bell Ionte & Snow h o e ................... . . 21
440,598
B ffalo, Bradford & P ittsb u rg ........ .. 16
2,86(1,000
Bufl do, Corry & P i t t s b u r g .......... . .
180,691
Buftalo & E r ie .....................................
5. 00,032
Catisauqua & F o g e ls v ille ............... .. 20
678.537
Catawissa .......................................... .. 65
3,0*34,1 00
Chester V a lle y ................................ ..
Chestnut H .11....................................... ..
4
120,650
Cleveland, Paine-vi le & A sh abula .. 25X
4,808 2T
Cleveland & P ittsburg...................... .. lli
9 415,618
Connec in g ..........................................
2,03 .000
Cumber,and Val’ e y ............. .. ..
1,691,031
I) lawaie, Lackawanna & \Ve-tem . 113
12,88 M 05
East Braurtywiue & v\ a yn esb oro.. ..
259.0Q0
)•a-t M ahanoy............................. . . .
391 603
East Pen- svlvunia.............................
1,801,064
Elmira & W illia m sp ort....................
2,620,000
Erie & Pi t s b u r g ...................... ........
2,717,99S
Enterpr s e ..........................................
F arm ers....... ........................................ . .
612,317
7%
Fayette..................................................
130,000
Gettysburg
................................... .. 17
Hanover Branch ................................
233,710
Harrisburg, Portsmouth, etc...........
P azleton ............................................
H em p fieid ...........................................
1,657,798
Liun ingdon & Broad T o p ............. .. 44
2,192,814
Iro n to n ................................................
26S,t«iO
Jamestown & Franklin.................... .. 43X
1,029,846
J u n c tio n ...........................................
891.251
L ckawanna & B loom s b u rg ......... .. 80
3,753,130
i e igh Luzerne .
............... -57y,088
9.V
L 1high and l.ackuwanna - .........
Lehigh V a lle y ................................... .. 75
14,867,141
Littie 'n w All 1 Run . . .
3
91,011
L it lestow n ........................................ ..
7H,i (10
Little Schuylkill Nav , & c ............. .. 28X
1,460,062
Lorb rry « teek .................... ......... ..
82.050
5%
L i Lena Y a lley (a )........- . ........... . . .
600,000

384

RAILROADS OF PENNSYLVANIA.

1,676,915
59,479
323,. 75
3,775,< 00

203,259

2U0 000

36417
4( 8,533
11,315,510
319,631
6,517,345
2,51‘*,147
29,115.018
2 , 000.000

139,240
1,170,279
19,0)4,864
27,317,9 ,7
1,445,19 i
1.378.696
2,5is!066
25,118,926
2,036.778
1.308.696

975,868
1,085,875
3,465,137
3.571,580
2, i*76,329
393,230

63^940
233,300
4,648,900
300.1 >00
3,150.01:0
753,'50
21,045.750
3,200,000
25,150
21 i 000
5.996,700
23.856,101
1,535,550
1,09 '.120
9,058 3«0
1,7 6.129
11,497,402
f05.748
1,269,: 50
5'6,050
869.470
58,463
2,50'). 000
57<;,400
1,400, 00
165,000
684,035
1,022,450
317,050

250,0A0
154,500

210,925

10,000

106,377
(*>302,048
14,049

178,700
5.152.000
3,292.154
556.000
13,311.840
597.500
126,900
800.000
13,000,000
6,560,825
116,100
200.0 0
1.876.000
1.500.000
12,564,500

l,U0O,()00
97.000

4,000
647,507

1,556,538
4ii,940
514,840
523,476
591.555 (*>12,080,299
385,750
38, 00
62,500
125.925
2 , 688,112
22,473
4,6>>7.019
302,5 9
564,379
1,541.890
74.862
3->7,219
83,778
4,736,274
740,935
* 148.5^0
149 *18
121, 8)6

2 701.123
86,335
898.573
854,2."9
16,340,156

172,640

280.452

72.473
128, '98
184,181

164.453
2 2,569
387,180

700.000
559.000
250.500
1,93.,000

8,274
3 ,000
S89.-.87
133,965

962,600
1,283,600
52,000

630,918
24,332

149,347
2,334.731
9,1(6,496
634,717
86 4,74 5
2,432.531
608,596
7,278.897
172,642
146.8*0

10

(!

11

10

10

191,939
24,890

(a) Leased for 999 years to Summit Branch R R .
(b) Ope ated by R hi’adelphia & Reading RR
( c) Operated by Philadelphi & heading R R.
(f/> Leased to N r hern Cen ra R R .
(e) Leased to Philadelphia, W ilm ington & Baltimore 1<R
( / ) i er si are—scrip
(g ) On pr fer ed stock.
(*> ±\.ent o f road 8 per cent, o f capital stock.
(/> Scrip.
(*> Including extraordinary expen es.
(0 5 cash and 5 stock

385




10

RAILROADS OF NEW YORK, NEW JERSEY AND PENNSYLVANIA.

1,897,201
195,651

1868]

Ma^anoy & Broad M ou n ta in ^ )......... 1$%
Mifflin <fc • e n t -e C n n t y .
............. 12%
Mill Creek & Mine H 11 Nav. C o...............
Mine Hill & Schaylk.il H a v e n ........... 135
M ount Carb n(c) .. .
7
Mt. Carbon & Fort C a r b o n ........................
Nei-quehoning v alley...................................
N ewcastle & Be v r V a lle y ............... 14
Northern ce n tr a l..................................... 13S
N orth Lebanon...............................
8
N orth Pennsylvania ............................. 55
Oil Cr ek
........................................... 37
Penn-ylvani ............................................. 254
Pen a sylvan-a Coal C o ........................
47
P erk ion ien .....
.......................................
Philadelphia & Baltimore C en ta l . . . 31
Philadelphia & E « ie ..............................287>£
Philadelphia & Reading .................... 147
Phil d lphia, G rm. & N orristown .. 17
Philad Iphia & Trenton .................... 2§%
Philadelphia. Wilm. & B lt im o r e .... 18
P i 1 1 sb .rg & ConnellsviHe
............. £8
Pittsb irg, Ft. - avne & Chic g o ___ 49
Reading & C olu m b ia ............................ 40
Schuylk'l! & Susquehanna. ............... 54
Schuylkill Valley N a v ig a tion ....................
Snamokin Valley & P o.tsviile(rf)___ 28
South w ark(e)..........................................
2
Sum mit B ru n ch ...................................
21
T i o g a ........................................».............. 30
W arren & F ra n k lin .............................. 51
W estch ester............................................
9
W estchester & P h ila d elp h ia ............. 26
W estern Pennsylvania.......................... 42
W righ sville, Y ork & G ettysburg.. . . 13

386

[May,

BO ST O N B A N K D IV ID E N D S,

BOSTON BANK DIVIDENDS.
The following table, prepared by Joseph (J. Martin, o f Boston, presents (he
capital o f each o f the Boston banks, together with the last two semi annual div­
idends, the amount payable A pril 1, &c. The present dividends cannot fail to
be satisfactory to the shareholders, as the smallest is 3J per cent., ranging np to
7, the greater portion being 5 and 6 percent. Several ot the banks have advanced
on former rates, and six is becoming a popular figure, the Blacks',one and Broad­
way touching it lor the first time, advan ing from 5 per cent.

The Boylston

also gains from 6 to 7, Eagle 4 to 4J, and the Webster 4 to 5 per cent. T ie
Freeman’s recedes from 8 to 6 per cent., Hamilton 6 to 5, State 5 to 4 per centThe Everett passes.

O f the forty five banks in Boston, two pay 7 p r cent.’

eleven 6, twenty-one 5, two 4 p seven 4, and one 3-J per cent., averaging a frac­
tion over 5 per cent.

The National Security Bank commenced operations,

Feb. 1, at 83 Court street, and will not, o f course, mace a dividend at this time.
National Banks
o f Boston.
Atlantic. N ational...............................
Atl *s, National ...................................
Blackstonc, N ation a l.........................
B oston, N tion a l.................................
Old Boston, Nat.., par $50..................
Boylston, Nat o n a l..............................
Bioadwa , N ation a l............................
City (N ational)..................................... .............
Columbian, N ational..........................
Commerce (Nur. Bank o f ) ............. .............
Continental, N a tion a l............. .......... .............
Eagle (N a tio n a l)......... .......................
Eliot, Nat onal ...................................
Everett, N a tio n a l...............................
Exchange (Na> ion 1)..........................
Faneuil Hall, N a tion a l...................... .............
First National......................................
F n eman’ s. National ......................
G ’obe, Nati i a l ................................... ...........
Hami ton, N ational.............................
H ide & Leat er (N ation a l)............... .............
Howard National ........................ .. .............
Market. N ational.........
............... .............
Nassachus. Nat., par $250................. .............
Maverick, National ...........................
Mechanics’ N ational........................... .............
M ' rchants’ National ........................
M ount V e non. N ational....................
Nat. Bank o f Bed m p t io n ................. .............
N ew England, N a tio n a l....................
Nort*\ N a tion a l...................................
N . America (Nat Bank o f)............... .............
R epublic (Nat. Bauk o f ttie)...........
....
Revere (N a tio n a l)............................... .............
Second National................................... .............
Sbawmut, Nat on al....... ......................
Shoe ai d Leather, N ational------ . .............
State, N a tio n a l....................................
Sufto k, National •...............................
Third Na i o n a l .....................................
Traders’ Naii -nal ...............................
Trem ont, Na i o i.a l.............................
Union (N ation a l)............................... .
W ashington, N ational........................
W ebster (N ational)..............................
T( tal,
“
“
“
**

Capifal,
April,
1868.

1.0110.000
2,000,000
500,010

1,(00.000
1,000,000
1,000,000
75’ i.OOO
800,001)
t oo.ooo
250,000
1,000,000
1,000,000
1,000,000
1,010,000
1,(00,000
1,000,000

April, 1863 ............................
October. 1807 .................. . ........... 4 ,550,000
April, 1 8 .7 ........................... ........... 42,550 000
October, 1S66........................
A pril. I8 6 0 .............................




/—D iv’ ds.—v A mount
Oct., A p il, Apr ,
1807, 1868.
18GS
5
5
$37,500
5
5
50,0( 0
5
6
60,000
5
5
37,500
5
5
45,or 0
6
7
35,(00
5
6
12,000
4
4
40,000
n
5
50,0 0
5
5
100,0' 0
5
5
25,000
4
45 000
4%
5
5
50,010
0
3%
0
G
60,000
5
5
50.000
6
60,000
6
8
6
21,000
5
5
50,000
6
5
37.500
7
7
70 010
5
5
37,500
4
4
32,000
5
5
40,000
4
4
lG.OuO
5
1,500*
5
5
5
150.000
6
G
12,000
4
4
40,000
5
5
5i *,000
5
5
50,0 0
45,000
4%
6
6
60,000
6
6
GO, "00
6
G
60.0 0
5
5
37,500
6
G
60 000
5
4
80 000
4
4
60,000
4
4
12,000
3*
21,000
3V<
5
5
100,000
5
5
50,000
G
6
45,000
4
5
75,000
2,1-*4,000
2,1 9,500
2,017,000
2,138,500
2,144,500

Stock,
D iv’ d o n ^
March
Oc
1867. 27, *68.
125
1*3
115
120
135
231
120
115
66
66
143
140
115
110
110
110
122
120
123
122
115
112
1*8
ISO
111
112
lo5
100
147
150
133
130
150
371
130
330
131
127
130
130
143
150
112
HO
110
110
122
120
111
107
115
135
l l « s ' 120
115
110
1 3% 1I6X
130
132
119
117
108
108
133
333
134
340
143
151
115
133
133
300
107
118
122
110
120
102
1)5
122
122
125
125
125
125
no
112

1868]

TH E

W IN E

P R O D U C T IO N

IN

881

C A L IF O R N IA .

T H E W IN E PRODUCTION IN CALIFORNIA.

In our remarks o f the grape production in California, we alluded casually to
the imports and exports of wine. The subject is, however, too important to be
dealt with so summarily. In less than ten years from the present time, the wine
interest o f the State will have overshadowed all others.

Indeed, there is scarce­

ly any limit to the productive power o f California in this particular.

W hen we

consider that thousands o f acres o f land that cannot be turned to any account in
the raising o f cereals can be made available by the viniculturist, and when we
consider the increasing inducements which are presented to this class as well as
to the wine manu acturer, we can form some idea o f the prospective character o f
the wine interest.

Looking on it, however, even in its present infantile condi­

tion, we find that the total production o f California wine is about $900,000.

Of

this the white wine absorbs the greatest share, amounting in va ue to about
$400,000. This article, which is manufactured in L os Angeles and Sonoma,
has now almost entirely disp aced Sauternes and the Rhine wine. It is not only
a much better, but a cheaner wine.

While the Rhine wine ranges from eighty

cents to two dollars a gallon, the white wine o f California sells at from sixty
cents to one dollar.

The total production o f the State is about 550,000 gallons,

10",000 o f which go to N ew Y o rk .

The probability is, however, that a much

larger quantity than this will be sent East the present year.

Next to the white

wine, champagne will this year take precedence. It is rather remarkable that
this should be so ; for the efforts hitherto made in this quarter have been exceed­
ingly unsuccessful. Five or six parties bave, one after the other, gone into the
production and failed. It was lelt to the Buena Y ista Yiniculturul Society, o f
Sonoma, to make California champagne a success.

This company will, we be­

lieve, manufacture, the present year, about 120,000 bottles, which they will be
able to sell at from $12 to $15 a dozen, whereas the imported article runs from
$15 to $25.

A c c o r ing to the opinions o f those qualified to judge, the Sono­

ma champagne is as good as either Heidsiek
fote, to en er rapidly into our exports.
will tPioh $14U, ■0.

Our last

or Clicquot, and promises, there-

The total production the present year

years importation o f

champagne came to

$3110,000. N e x t to the champigne, the p o it wine will, the ensuing season,
give the largest yield. This wim- is >apidly taking the place c f the imported
article, although there is very little difference in the p r ice —the former ranging
font $1 75 to $4 a gallon, and the latter from $1 80 to $4.

There is, however,

a great difference in the quality— the imported wine, which is manufactured in
the eouth o f France, ben g, generally speaking, wanting in that purity which
ch iracterises our California wines.

The t tal pro Action of port will reach

55.(100 gallons, the value o f which is about $ 1 3 3 ,0 0 0 ; o f this, $90,000, or
thereabouts, will go to New Y ork . N ext comes A ngelica, reaching about
4 .0 o gallons, the principal portion o f which, about 25,00 i gallons, is sent to
New Y o :k . Angelica runs from $1 75 to $2 50 per ga llon ; so that the total
va ne of the vintage may be set dowD at $90,000.

Red wine does not do w ell

in the southern portions o f the State, and is, then fore, manufactured principally
at Soil' inn, N a p a , and San J o s e ; it is the cheapest o f any o f the wines, sell ng
at from 40 to 8u cents a gallon.
equal to $42 000.

I he total production is about 70,000 gallon: —

The v lue o f that sent to N ew Y ork is $15,000 to $16,0 0




388

V IN E

CU LTURE

IN

CANADA.

This article, with Angelica and the white wine, is gradually nnding its way to
Germany, and is highly appreciated.
are to be met with in various hotels.

In Hanover and on the Rhine, these wines

Sherry is the only wine, so far, that does not excel the imported article.

It

is, however, rapidly improving, and gives promise, at no distant date, o f stOppit g
importat on. The production is about 50,000 gallons, which, at $1 25 per gal­
lon, amounts to 862,500. The muscatel, although rather backward in quantity
reaching but 10,000 gallons, is o f the very finest quality, surpassing the muscat
o f Fontignac. In the northern parts o f the State, however, the muscat grape is
beginning to t e extensively cultivated, so that there is every probability of our
being able, in a short time, to place this wine among our exports.

I t sells at

from $1 .5 to $2 per gallon.— S a n F r a n c is c o D a i l y T im e s .

VINE CULTURE IN CANADA.

A correspondent who appears to have paid great attention to the subject has
sent us a number o f part culars relative to the culture o f the vine in Canada,
and as to wine production in that country. It may be remembered that the
jurors at the Paris Exposition spoke favorably of the wines produced in Can­
ada, and therefore any information as to the new source of supply must prove
interesting

First of all, it may be stated generally that the vine-growers of

Canada assert that they have a more favorable climate than the growers of
many districts o f France, and that they can pro uce an excellent and exceed­
ingly cheap wine, which will in a short time rival the Continental wines. The
heat o f Canada during a season o f vine vegetation amounting to 135 days is far
superior to that of Burgundy with its 174 days, notwithstanding that the con­
trast between day and night is so much gre ter, because, accoiding to the most
reliable authorities, the best wine is made where the greatest heat is concen­
trated in th • shortest season e f vegetation, and whe e exist the great' st contrasts
o f temperature. Purity of atmosphere, the next greatest advan'age for a wine
climate, belongs to Canada in a much greater degree than to Burgundy, or to
any part of France. It may be asked, why have vine culture and wine-making
not been sooner developed in Canada, and abo in the United States? Although
in Ohio, Indiana, and California, the vine has been cultivated for wine o f late
years, the growers have gone to work

haphazard and made fatal mistakes.

Germans from the northern limits o f Europe have been treating vineyards in the
39th parallel of latitude as the 49th.
climate as in the other.

They have planted and pruned in th ■one

They brought from the State of South Carolina, lati­

tude 3 3 J, the Catawba and Isabella vines, planted them in latitude 3 9 ° or 4
near Cincinnati, and treated them as if growing in the 4<'th0 in G.rinany, 17°
north o f their native climate in South Carolina. One o f the chief leasons why
vine culture for wine-making

in Canada has been delayed, is, tli >t the earlier

French s ttlers were military c donUts, often at v\a- with Indians or with the
N ew England A nglo-Saxon colonists.

Moreover, the cultivators continued to

be, until quite recently, occupiers und

f udal tenure, which was not favor ble

t

for the planting and training of permanent vineyards.

But more especially the

cause of wine-making vines being ue lected in Canada his been that the most




V IN E

1868]

CU LTURE

IN

CANADA.

progressive)™ other respects o f agriculturists were Scotch, English, Irish, and
Norwegians, who knew Dot the culture of vines, except such ol them as were ) ro fessional gardeners, and then only in hothouses. The correspondent says: “ On
the 17th of August last, I proceeded from Hamilton by Great Western K ail­
way (Toronto branch) to Port Credit station. B y appointment, the resident
manager o f the vineyards had a carriage waiting, which conveyed me three
miles to his villa, Clair House, C ookesville.

M r. de Courtney, the practical

genius of the Canada W ine Growers’ Association, had gone to Amertsburg, on
Detroit river, to begiu for the Association new vineries and wine-making prem­
ises there.

I was received by Mr. Cooke, whose father, J a cob Cooke, founded

the village o f Cookesville over fifty years ago, aDd who still lives to enjoy its
prosperity. The property o f the Association here consists o f 170 acres, of
which 35 are bearing vines, 85 more are to be p anted this season, and all ihe
land is to be under vines in about two years hence.

Only ten acres were in full

bearing in 1866, ten being young. The wine obtained being 30,000 gal.ons,
with a proportion of brandy distilled from the reluse o f grapes. This year they
expect 60,' 00 gallons o f wine— probably more.

The locality is within the vi­

cinity o f the deep Ontario Lake, three milts distant.

The comparative high

temperature o f the water, which is too deep to fretze, modiBtsthe atmosphere all
W inter, aud in the Spring pro luces fogs in the sharp frosty nights, which benefi­
cially protect the vines by retarding vitality until the brilliant sun, becoming too
powerful to be restrained, bursts through and dispels the mists, vivifying the
bads, and compelling the plants to hasten forth with leaves and blossoms.

The

Association do not prune the vines in the fall, because to withstand the hard
W inter they require to be well strengthened and ripened.

They do not prune

at midsummer, as Liebig recommends for German latitudes, because the leaves
are then lungs to the plants; but they prune iu Spring, between the middle o f
March and the middle o f A pril.

The vines ‘ weep,’ but the climate o f Canada

is so pregnant with vital energy that any loss of sap by 1 weeping’ is soon re­
gained, and blossoms come forth instead o f superabounding leaves. T w o kinds
of wine are obtained— first, a red wine, with exquisite flavor, the true French
boquet, which is named and hereafter to be known us ‘ Ontario,’ and white wine

resembling the v in o rd in a ire o f France, called in Canada, and lenceforlh to be
known in trade as ‘ N iagara.’ Am ple cellars have been constructed underground.
The temperature being low, is, for some days before each four W inter moons is
full, raised gradually to near 80 ° Fahrenheit.

Fermentation is increased.

A fter

the full moon the temperature declines and fermentation ceases. When the
atmospber.cal influences o f Spring begiu to affect all things in natuie, the wine
renews its ferment without artificial heat, the temperature remaining as it was
in the cellar all W inter.

It was the red wine, the Ontario, which elicited enconi-

ums at the Paris Exposition. In all the unreclaimed wilds o f Canada native
vin s grow luxuriantly and in several varieties. Some are humble traileis on
the ground, avoiding trees standing in their way ; other.- display a bold ambit on
and climb to lofty tree tops. N o t being cheeked by pruning, these latter run to
wood, aud yield but little fruit. When, in 1«35, Captain Jacques Cartier first
asceuded the great river of Canada and named it St. Lawrenne, he found such
abund,.uce of grapes on what is now the island o f Orleans, six miles below
Q uebec, that lie called it B jcc us Island. Certain it is that many districts o f
C anada offer most splendid fields for wine cultivat o , and that they will shortly
be turned to profitable account there can be liitle doubt.”




390

COINAGE OF BRANCH MINT AT SAN FRANCISCO,

[M ay,

COINAGE OF BRANCH M IN T AT SAN FRANCISCO.

The following is a statement of Deposits and Coinage at the Branch Mint o f the
United States, San Francisco, Cal., during the year ending December 31, 1867.
Gold depos'ts........................................................................
$18,923,152 17
Silver deposits and purchases...........................................................................................
613,117 94
Total deposits ................................................................................................................. $19,586,270 00
GOLD COINAGE.

N o . P ieces.
Value.
920,750 $18,415,000 00
9,000
90.00 ‘ 00
145,000 GO
29.000
70.000 00
28.000

Denom ination.
Double Eagles .......................................................................
E agles........................................................................................
Half E a ^ e s ...............................................................................
Quarter E agles.........................................................................

986,750

$18,120,000 00

1,196,000
48,000
140.000
120.000
20

$598,000 00
12,000 00
14.000 00
6,000 00
20,534 92

1,504,020

$650,534 92

Gold Coinage
Silver.............

986,770
1,504,020

$18,720,000 02
650,534 90

T o t a l. . . .

2,490,770

$18,310,531 92

T o t a l...................................................................................
SILVER COINAGE.

H alf dollars.......
Quarter dollars.
D im e s ...............
Half D im es____
F ine bars...........
T otal ........
RECAPITULATION.

GOLD DEPOSITS.

United States bullion—
California......................
Id a h o..............................
O re g o n ..........................
M ontana........................
Nevada ........................
A rizon a..........................
Parte i from silver.......
Fine bars..........................
Forei n coin ....................
Fhreign bu llion ...............

, $5,7C0,871
1,144,488
319,6-0
309,843
49,030
48,797
168,901
$10,980,791
153 453
47.358

12
04
09
32
47
73
92— $7,741,548 50
94
31
42— 11,181,603 67
$18,923,152 17

Total gold
SILVER DEPOSITS.

United States bullion—
N eva d a .....................................................................................................
A rizon a ....................................................................................................
Id a h o.........................................................................................................
Parted from gold ........................................................
Pars ............................................................................................................ *
Foreign coin ...............................................................................................
F oreign bu llion ..........................................................................................

205,618
8,425
39,727
69,999
239,7 9
27,595
21,951

87
74
45
56—
25
31
76—

$323,771 62
289,346 32

Total silver............................................................................ ...................................

$613,117 94

Silver bars stam ped..........................................................................................................
Total gold and s ilv e r ........................................................................................................
F ine bars, total...................................................................................................................

20,534 92
19,536,379 11
20,584 92

The deposits o f gold show an increase of $1,643,253 82, and of silver a decrease of
$464,587 61. The coinage of gold was $1,348,000 more than last year.
The supply of coin is now good, and the demand for duties hts been as follow s:
Total January 1 to 28,1868....................................................................................................... $516,515 67
T otal January 1 to 28, 1867....................................................................................................... 396,824 23




1868]

RESERVE

O F BA N KS.

391

R E S E R V E OF BA SK S.

W e have received the following important circular from the Comptroller o f the
Currency :
T r e a su r y D epa rtm e n t,
O f f ic e of C o m p t r o l l e r of t h e C u r r e n c y ,
W a s h in g t o n , April 25, 1868.

Numerous inquiries having been received at this office as to w hit may constitute
the lawful money reserve required by sections 81 and 82 of the Nation 1 Currency
Act, a d it appearing that there is some misunderstanding on the subject, the fol­
lowing circular is published for the information and guidance o f the National Banks :
I. R

eserve

of

B anks L

ocated

in

the

C it ie s N

am ed

in

the

A

ct.

National Bai ks located in the cities named in section 31 o f the National Currency
A ct (approved June 3, 1864,) are required by law to keep as a reserve twenty-five
per cent, of the aggregate amount of their deposits and outstanding circulation, Na­
tional and State, two fifths of which twenty five per cent, must consist o f lawful
m u ey of the United States. That is, two-fifths of twenty-five per cent, o f the outet Hiding ci-culation must consist of plain legal tender notes or spe-ie. and two-fifths
of twi nty-five per-cent, of the aggregate amount of deposits may consist o f com: ound
intirtst notes, or plain legal tender notes and specie as the banks may prefer.
The whole of this twofifths c f twenty-five per cent, must be kept on hand in the
vaults of the Banks.
The remaining three-fifths of twenty five percent, may be constituted as follows:
one-half the reserve of twenty-five per cent, may be in actual cash balances due
from any National Banking Ass ciation in New York City, selected with the ap­
proval o f the Comptroller of the Currency, and the difference between this one-half
and the two-fifcbs in the vaults o f the bank (that i :, one-tentbjof the whole reserve)
may consist of three per cent, certificates ; or the who’e of the three fifths of twentyfive per cent may consist of three per cent certificate*, or legal tender notes and
specie, or of clearing house certificates, payable in lawful money, or of any combi­
nation of these ; or, if the bank has sufficient'of any or all o f the above items to make
the reserve required for its outstanding circulation, all or any part o f the threefif.hs of twenty-five per cent required for its deposits may consist of compound intere t notes, which, by the terms of the law authorizing their i sue (A ct approved June
30 186 4), are not a legal tender in redemption of any notes issued by any banking
association calculated or intended to circulate as money.
But no part of the twc-fifths o f twenty five per cent required to be kept on hand
1 1 lawful money can consist of the three per cent certificates, because the law author­
izing their issue and use as reserve (A ct approved March 2, 1867) expressly requires
that two fif hs of twenty-five per cent shall consist of lawful m oney; that is, o f
United States legal tender notes or specie.
The banks of the city of New York must keep on hand the whole or the twentyfive per cent of the ag; regate amount o f their circulation and deposits required for
reserve, two-fiths of which twenty-five per cent must consist of lawful money as
above.
The remaining three-fifths may consist, for deposits, o f compound interest or legal
tender notes and specie, o f three per cent certificates of clearing-house certificates
payable in legal tenders, or of any combination of these that may be preferred ; and
f ir cir filiation, o f any or all o f the above items, except compound interest notes, which,
as heretofore, stated, are not a legal tender for redemption of circulating notes.
I I. R e s e r v e o f B a s e s l o c a t e d o u t s id e o e t h e C i t ie s n a m e d i n t h e A ct .

Naiional b nks located in places other than the cities named in section 31 o f the Na­
tional Currency Act (approved June 3, 1864) are required to keep a reserve o f fifteen
per cent of the aggregate amount of their deposits and cutstanding circulation,
National and State.
Two-fifths of this fifteen percent must consist of lawful money of the United States,
and musr be kept, on han I in the vaults of the bank ; that i°, two-fifths of fifteen per
cent of the outstanding c rculation must consist of plain legal tender notes and specie
on hand ; compound interest notes, by the terms of the law under which they are




392

TH E

NEW

R A IL R O A D

LAW

O P P E N N S Y L V A N IA .

{May,

issued (Act approved June 30, 1864), not beings a legal tender for the payment or
redemption f any notes issued by any banking assoc ation intended or calculated to
circulate as money.
The r* n au.der of the reserve required to be kept on hand (two fif hs of fifteen per
cent of the aigiegate amount o f deposits) may consist of compound interest notes,
or plain legal tenders amt specie, or both, as the banks m >y prtfer; but no part of
the reserve lequired to be kept ■n hand can consist of I hree per Cent Cer t ficat* s,
because the 1 .w au horizing iheir issue and use as reserve (A ct app oved March 2,
1867) requires that two filths of the reserve of 11 Nf-tional Banks shall consi t of law­
ful money of the Unite States, thus excluding the Certificates themselves iro being
consioere lawful money for redemption pur poses.
The rem: iuing ihrte fifihs <f the resti ve may consist of balances due from a N a ­
tional Banking Association, approved as a redeeming agent, in any of the c ties named
in section hi ol the act, of plain legal tender notes ano specie, or any combinations of
them, oi of the Three p»r Cent Ceriifi<at< s ; an for deposhs <nly, all or any part of
the three-fifths may consist of Compound Imerest Notes in addition to the foregoing;
but no part of the reserve lor (iiculation can consist of ompound Interest N les, be­
came, as txplfained above, they cannot be used for the redemption of circulating
notes.
I l l It is hoped that the above will be c refully considered and fully understood
by tho>e ii teiest^d, and that no National Bauk will at any time be deficient in the
lawful m. nej res-.rve which the law requires shal be kept.
H . K . H ulburd ,

Comptroller of the Currency.

T1IE N EW RAILRO D LAW OF PENNSYLVANIA.

By the free railroad act, that became a law in Pennsylvania a few days ago, any
number of citizens not less than nine may form a company for the purpose of con­
structs g or runuing a railroad wherever one may be needed throughout the <"tate, ex­
cept within the limits of any incorporated city, in which case a special cliaiter is
required. To prevent the misuse of this general authority and perm:89 on by irre­
sponsible parties, he prospectus o f each new company, and the names o f its officers
and inc rporatnrs shall be filed with the Secretary of the Common weak h, wlun
nine-tenths of the capital stock, o f which $ 10.(100 per ndie of the proposed road is
the legal minimum, shrill have been subscribed in good faith, and secured by the co lectioD of 10 per cent of the subscription. When th s statement, properly attested,
shall have been acknowledged by the Secret iry of S ate, tie company shall possess
the following powers and privileges under the new a c t:
F ir t.—T o have succession b y its corporate name for the period limited in its articles o f
association.
Second.—T o sue and be sued, complain and defend, in any court o f law or equity.
Third —'I o make ?>nd use a com m on seal, and alter the same ar pleasure.
Foui th.—T o hold, purchase, a m convey such r<-ai and pen-on 1 estate as the purposes o f the
corp'oa ti n shall require not exceeding the amount limited in the articles o f association.
F ifth — o appo nt subordinate officers and agents as the business ol the corpoiat on shall
require, and to allow th m a suitable compensation.
S ixth .—T o make by-law.- n ot nconsisU-nt with any existing law for the management of
its property and regu.ation o f its affairs, and for the transfer o f its stock.

By this they are au’ hcrised to carry into effect the objects named in their pros­
pectus, as lully as any corporation c. eated by special act of the Legislature; and
such (O panies are entitled to all the rights and privileges, and are subjected to all
the restrict on-a and liabi ities granted or imposed in the old railroad law of February
19, 1849. Thus chartered, the companies are required to complete and open the
first fifty miles of the road within five years ; six months moie being allowed for
each additional twent> five miles. Branch roads, connecting with the main line, are
abo author z d und^r this a ct; and when the directors <f two companies canno;
agree on mutually satisfactoiv terms nspectng the junction of the roads, the Court
o f Common Pleas of the district in which the connecti »n is to be made shall I ave
the final arbitration of the question. Unrestricted competition is always better than
favored monopolies, and it would be well if every State in the Union would follow
the example of New York and Penns; !vatfia.




NATIONAL BANKS OF EACH STATE— 1T HEIR CONDITION APRIL 6, 1867.

GO

W e are indebted to the Comptroller o f the Currency for the following reports o f the National Banks o f each State
and redemption city for the quarter ending the first Monday o f April, 1868. A s will be seen we have grouped them
together in the following order :— First, the Eastern States, next the Middle States, then the Southern States, and last the
W estern States followed by the returns from the Territories. The reports o f all the Banks are included except one Bank
in Nevada, one in Oregon, one in Montana and one in Idaho, and they are so far o ff that the reports have not yet been
received by the Comptroller.

05

RESOURCES.

CONDITION OF THE NATIONAL BANKS

Ma'ne.
N ew Hump.
Loans and discounts................................$9,800,336 31
$3,059,477 23
U. o. bonds to secure circulation ___ 8,407,250 00
4,816,000 00
i . S. bonds t secure dep sits...........
740,450 00
828,850 00
U. S. bonds & securities on h a n d .. .
707,250 00
424,150 00
250,175 80
Ocher stocks, i on ;s & m ortgages___
61,800 0 0
Due from National Banks ............... 1,834,462 05
3,051,567 4)
Due from other banks and b nkers ..
0,23358
57,748 8 8
Leal estate, furniture, & c ....................
265,104 93
88,703 36
C unent exp en ses...................................
36,704 10
43,992 28
Premiums ..............................................
14,184 15
5,377 71)
Checks and other cash item s..............
205,233 36
79,952 37
Cn liills o f National Banks ......................
207,463 00
141,184 00
Bills o f other banks................................
l,5 i5 00
329 00
.Specie.....................
10,119 10
4,328 81
(fractional currency................................
19,335 83
8,602 78
Legal tender n otes..................................
932,943 00
383,316 00
Compound interest notes ...................
224,320 00
137,310 00
Three per cent certificates..................
35,000 00
9U,0C0 00
T o t a l................................

V erm ont.
$5,273,492 71
6,478,000 00
683,550 00
768,150 00
106.700 00
1,043,647 76
16,726 8 8
127,261 93
24,848 10
25,481 21
114,889 06
87,197 00
1,116 0 0
19,553 09
19,76c< 76
547,142 00
17S,060 00
60,000 0 0

$23,728,111 16 $12,182,780 04 $15,575,5S4 50

Massarhn’ ts.*
$41,371,446 97
35,293,050 00
2,984,250 00
8,722,350 00
S55,023 00
7,319,744 11
94,096 58
786,883 70
123,280 69
36,392 49
483,484 28
652,042 00
430 00
223,271 53
131,817 63
3,009,465 00
1,73 4,8U0 00
290,000 00

Boston.
$62,103,677
29,301,350
1.850.000
3,768^50
701,100
S,261,898
233,416
1,302,647
50,689
39,650
5,818,103
968,172
8,073
865,474
154,325
6,021,514
3,591,370
3.200.000

R h. Is'and.
Connecticut.
N ew Y ork t
54 $21,348,020 01 $28,046,478 47 $57,845,486 06
00
14,185,600 00
19,701,250 00
33 814,850 00
00
410,000 00
1,132,000 00
3,758,450 00
3,445,960 00
00
2,167,150 00
268,650 00
00
354,575 08
796.943 29
3,063,438 65
2,293,865 44
52
4,908,313 65
11,170,347 81
31
475.216 53
19,870 34
180,133 29
677.943 14
1,518,388 19
582,978 32
35
52
539,539 04
1 1 2 2 <2 06
213,730 60
217,926 96
34,733 92
59.959 28
43
660 241 08
l,4b0,533 45
69
702,240 89
991,561 00
253,458 00
00
277,440 00
11,735 CO
396 00
14,950 00
00
124.992 51
288,762 75
64
28,973 49
141,173 21
36,515 47
16
39,929 70
1,657,834 00
4,846,767 00
00
1,189 251 00
909,490 00
2,733,100 00
527,570 00
00
820,000 0 0
200,000 00
00
80,000 0 0

$99,111,827 98 $128,234,817 16 $42,467,124 75 $61,726,828 78 $127,165,955 65

LIABILITIES.

Capital s t o c k ........................................... $9,085,000 00
Surplus fund.
..................................... 1,056,065 71
U ndivided profits...................................
593,216 67
National bank notes outstanding___ 7,471,649 00
State bank notes outstanding.............
58,853 00
Individual deposit •...............................
4,822,923 49
U nited States deposit <..........................
295,207 27
D^ posits oi U. s. disbursing officers..
199.445 07
Due to national B a n k s........................
117,336 25
Due to other banks and bankers........
28,414 70

$4,785,000 0 0
450,249 90
361,305 59
4 223,399 0 0
' 44,091 0 0
1,713,93S 69
482,480 0 2
113,090 98
8,648 79
576 07

$6,560,012 0 0
499,693 72
400,630 80
5,674.562 0 0
40,861 0 0
2,028,944 2 2
280,625 52
72,870 6 6
17,297 08
87 50

T otal................................................ $23,728,111 16 $12,132,780 04 $15,575,58 1 50

—— * Exclusive of Boston.




$37,132,000 0 0
6,581,880 98
2 229,183 80
31,103,182 0 0
441,318 0 0
18,867,019 84
2,080,318 2 1
76,747 27
433,649 85
166,498 03

$42,750,000
8,188,504
1,112,091
25,592,456
197.484
35,862.133
1,136,830
31
12,234,667
1,160,613

00

52
:4
00
00

65
34
30
59
62

$20,364,800
1,200,427
987,422
12,412,874
199,151
5,783,843
398.071
29,307
704,975
386,852

$24,674,220 0 0 $37,245,241 0 0
4,774,305 8 C
3,614,150 89
3,959,045 24
1,659,337 33
29,677,325 0 0
17,3*8,881 0 0
00
559,373 0 0
331,0 6 0 0
00
12,214,745 84
45,233,606 71
37
2,123,495 0 1
701,146 8 6
13
92,650 39
44,757 r»7
52
979,769 52
2,106.617 63
53
118 773 57
1,394,295 87
23
00

GO

34
58

$99,111,827 98 $U8.234,S17 16 $42,467,724 75 $61,726,828 78 $127,165,955 65
t Exclusive o f cities o f .Albany and N ew York.

03
CO
CO

RESOURCES.

Total

. $394,46?,135 09

P ittsb lg.
.2,179,^9777
7,677,090 00
600,000 0 0
405 500 00
149,722 02
1,918,048 24
64,344 36
503,977 71
163 229 17
51.406 73
500,344 57
153,648 00
1,496 00
53,160 97
36,814 10
2,096,454 00
M l,240 00
550,000 00

Delaware.
$2,140,735 71
1,348,200 00
60,000 0 0
66,650 00
65,105 73
454,595 08
19,152 92
110,604 57
18,154 55
7,193 17
28,583 34
20,163 00
1,160 0 0
4.S82 74
5,258 35
167,379 00
104 810 00
15,000 00

Maryland. )
$2,841,713 T
2,058,250 0
200,000 00
391,250 00
198,511 91
649,433 56
49,481 92
128,009 40
24,420 22
26,299 01
152,303 92
87,173 00
2,979 00

$79,252,230 35 $27,445,631 64

$4,637,628 16

$7,503,848 95

$2,398,217
315,949
163,384
1,766,791
33,979
2,580,198
57,846
71,271
96,585
19,625

$7,503,848 95

New Jersey. Pennsylvania.* Phiia el phi a.
118,794.819 28 $32,379,270 55 $33,409,707 78
23,41 >,450 00
10,532,650 00
13,068,000 00
805,500 00
2,378.000 00
1,971,450 00
3,597.500 00
3,126,150 00
929,800 00
758,245 82
1,601,724 60
34 >,077 29
7,15*,809 10
4,137.018 48
4,670,170 69
356,684 27
738,255 48
791.745 40
1,016,465 01
1,426,491 80
644,870 89
409,1 60 77
126,594 95
407,017 53
143,172 01
50,494 43
201,190 8 6
752,543 6 8
688,051 14
4,710,415 25
904.017 00
376,192 00
342,250 00
10,904 00
15,554 00
19,345 00
238,115 89
65,715 71
96,128 90
50,997 64
113,622 37
169,470 76
6,810,066 0 0
1,666,272 00
5,413,437 00
3,181,570 00
1,363.180 00
*24,070 00
6(5,000 00
175,000 00
3,555,000 00

$19,967,045 43 $41,OSS,572 29

$81,289,60.2 69

8,791 70
446,592 00
166.400 00
20,000 00

LIABILITIES.

$3,000,000 09 $11,433,350 00
910,000 00
2,163,3 8 33
513,267 05
992,247 02
2,199,028 00
9,202,616 00
40,250 00
176,773 00
14,971,505 59
10,561,558 60
69,068 76
567,437 12
103,164 5
76,899 45
1,868,559 94
1,391.034 43
672,'48 93
110,381 30

$23,767,540 09
3,889,038 74
1,810,224 73
20,010,715 00
251,262 00
27.953,208 39
1,301,397 28
61,723 76
1,.-54,575 94
289,916 85

$16,517,150 00
5,580,472 85
1.901,271 26
11,006,370 00
109,567 00
35,354,1( 0 54
1,213,073 91

$9,000,000 00
1,852,545 56
723,956 40
6,679,130 00
189.626 00
7,797,179 49
356,S97 92

6,376,730 74
1,193,49 ) 05

699,897 13
196,449 14

$1,428,185 00
295,847 25
6 8 764 30
1,193,072 00
25,427 00
1,321,872 53
36,766 83
31,464 44
214,609 82
21,6; 8 99

$394,462,135 09 $19,967,045 43 $41,088,572 29

$81,289,602 69

$79,252,230 S5 $27,445,631 64

$4,637,628 16

Cap it l s to c k ......................................... $74,809,700 00
Surp us fu n d .........................................
18,381 654 94
Undivided profits ...............................
7,389,097 49
National Bank uoies outstanding . 35,163,327 00
State bank not 8 out la n d in g ...
289,318 00
Individual d p o s it s ............................ 190,085,377 11
U nited States deposits —
...
2,384,243 6 6
D eposits o f u. s . disbursing officers
996 70
Due to N ation 1 B a n k s .....................
54,755,150 39
Due to other banks and bankers . . .
11,203,269 80
T ;tal




t+ Exclusive o f Baltimore.

[M a y

* E xclusive o f cities o f Philadelphia and Pittsburg.

00
09
70
00
00
40
92
83
76
25

CONDITION OF THE NATIO NAL BANKS.

Albany.
City o f N . Y .
Loans and d isc o u n ts ..........................$154,399,014 08
$8,807,390 44
2,488,000 00
U. S. bonds to secure circulation ..
42,284,950 00
200,000 00
U. s. bon s to secure deposits .
4,649,(100 00
247,650 00
U. S. bonds and secur ties on hand.
14.250,000 00
1,237,931 57
Other stocks, bonds and n ortgages
5,054,5-0 37
3,516,044 57
.........
8,095,480 73
Due from National Banks
146,289 06
Due from other banks and bankers.
939,009 59
240.303 82
Real estate, furniture, e t c .................
6,790,884 76
3,631 6 8
1,371,414 57
Current expenses ............................
12,646 57
P re m iu m s .......................
1,138,066 34
91,306,391 37
687,191 46
Checks and ottr r cash i t e m s .........
215,591 00
Hill- o f N ati nal B an ks....................
1,714,805 00
B ills o f other ban ks............................
16,519 00
4,988 00
ecie ...................................................
11,623,221 03
16.678 65
23.123
61
Fractional cu ren cy............................
201,17u 25
Legal tender n o t e s ..............................
2 2 , 5 4 4 ,1 9 8 00
778,489 00
Compound in ierest n o t^ s .................
15,713.430 0 0
1,131,096 00
210,000 00
Three per cent certificates...............
12,200,000 00
Clearing house certificates...............
170,000 00

1868J

RESOURCES.

Dis. o f Col.*
$49,906 52
113,000 00
50,000 00
12,350 00

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

$32,643,116 01

$283,342 83

$5,932,703 74

U&Pital s t o c k .......................................
Surpius fund.........................................
Undivided p rofits...............................
National Bank notes out la n d in g ..
s at« b nk notes outstanding.........
Individual deposits...........................
United states deposits......................
D eposits o f U. S. disbursing officers
Due to National B a n k s ....................
Due to other banks ana bankers .. .

$10,191,985 00
1,371,183 21
829.540 00
7,058,702 00
215.832 00
10,223,039 -1
510.557 31
749 73
1,995,072 51
239,788 58

$ 1 0 0 ,0 0 0 0 0
957 56
11,578 15
89,010 00

$1 250,000 00

$32,643,116 01

$2S8,342 83

Loans and discounts..........................
U. S. bonds to secure circulation ..
U. S bonds to secure d ep osits.......
U. S. bonds and securities on hand.
Other stocks, bonds and mortgages
Due from Nutiona Banks .............
Due from other banks and bankers.
Real estate, furniture, & c.................
Current expense •>...............................
P re m iu m s .............................................
( ’hecks and other cash item s...........
Bills o f National B a n k s....................
Bills o f other banks............................
S p e c ie ....................................................
Fractional currency............................
Legal tender n o te s .............................
Com pound interest n otes.................
Three per cent certificates...............

23,822
398
14,753
2,289

98
72
03
05

1,S01 59
3,802 00
951 2>
380 05
14,271 00
540 00

W ashington.
$1,367,175 70
1,205,000 00
1,050,000 00
350,400 00
210,028 78
304,857 14
125,275 39
247,985 28
34,487 90
73,594 8 4
100,592 79
73,923 00
32 00
30,958 26
1,014 00
192,038 00
532,010 00

V irginia.
$3,774,450 8 6
2,335,800 00
2 0 0 ,0 0 0 0 0

5,600 00
51,059 04
755.003 14
1OS,583 01
279,. 50 05
67,972 34
33,373 35
260,519 52
116,025 00
772 00
83,2,5 02
18,645 25
414,611 00
83,960 00
1 ,1,0 0 0 0 0

2 0 ,0 0 0 0 0

$8,601,126 78

W . Virginia.
$2,395,125 10
2,243,250 00
350,000 00
412,900 (-0
169,815 09
598.^60 24
86,0-6 OS
198,849 83
34,249 40
20,042 13
102,407 01
29,813 00
15,877 00
48,170 48
14.776 62
384,734 00
85,900 00
45,000 00
$7,242,063 24

N. Carolina.
$679,932 70
365,500 00
2 0 0 ,0 0 0 0 0

40,003
185,274
5,170
62.209
11,7 2
10,518
21,883
29,303

94
05
40
45
27
16
85
00

24,390 26
9,219 70
113,985 00
oyo 00

$1,729,802 78

S. Carolina.
$905,142 15
170,000 00
300
55,7(51
G»7,560
33,932
15,047
12.927

00
20
78
01
21
37

3,376 55
56,120 00
9,947
844
313,700
4,100

95
50
00
00

$2,229,419 78

Georgia.
$2,004,592 21
1,383,500 00
300,000 00
37,441
500,396
114,731
84,068
37,^40
0,786
258,745
300,257
645
21,214
23.172
907,7-3
111,770

58
31
52
08
5»
29
78
00
00
09
43
00
00

$0,158,685 04

LIABILITIES,

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

81,953 36
4S,057 01
5,988 72
198 03

2 2 0 .0 0 0 0 0

150,950 32
957.964 00
1,385,183
1,530,654
10.00S
213,241
199,701

14
89
72
07
60

$5,932,703 74

$2,210,400 00
210,597 01
87.304 97
1,970,387 00

$583,400
31,124
49,681
315,760

00
94
10
00

$585,000
10,033
101,349
146,530

450,701
203,604
74,802
4,946
15,781

31
28
91
57
6T

1,337,128 35

91
24

2,399,683 70
110,728 20
07.432 00
98,022 00
80,906 60

$8,601,126 78

$7,242,063 24

$2,400,000 00
147,272 39
185,'01 23
2,053,880 00
3,222.279
125,371
173.092
218,136
74,993

14
29

18

$1,729,802 73

00
57
71
00

26,362 9 i
16,415 19
$2,229,419 73

$1,600,000 0 0
119,100 00
218,220 79
1,223,935 00
2,505,021
206,914
158, S3
211.619
15,404

50
85
48
78
61

CONDITION OF THE N ATIONAL BANKS.

Ba'tim ore.
$15,024,235 24
8.007,500 00
800,000 0 0
07,700 00
505.884 92
1,574,544 71
189, 08 70
610,503 25
102.939 95
48,250 84
1,085,405 91
450,830 00
4,337 00
310,5d8 02
5,918 81
2,307,802 00
904,7S0 00
530,000 00

$6,158,685 01

* E xclusive o f the city o f Wa lvngton.

395




RESOURCE?,

Loans and discounts....................

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

Alabama

$459,005 93
310,500 00
..........
..........
52,500 00
51,871 03
57,627 36
33,979 50
14,033 37
..........
50,260 70
14,038 00
10,140 00
28,782 95
1,976 69
226,074 00
.........
.........
$1,290,789 53

Mississippi.
80,535 40
45,000 00

Louisiana.
$1,220,758 SI
1,208,000 0 0

1,189
7,100
17,301
1,238
2,396
622

2 2 ,2 0 2 00

323,509
167.547
262,199
20,90!)
48,698
475,264
16,316

8,019 32
31 48
21,751 00

243,379 54
10,766 43
962,986 80

$207,394 74

$5,030,428 41

Texas.
442.112 02
472,100 00
150,000 00
1,050 00
49,360 00
520,547 6 6
75,C91 89
18,410 57
11,759 02

4,100 00
6 6 ,0 0 0 0 0

61
50
33
63
99
48

81
34
71
95
75
27
00

14,300 51
29,696 00
149,870
4,218
245,200
350

72
32
00
00

$2,1S4.077 71

Arkansas.
$408,083 46
200,000 00
150,000 00
64,500 00
7.220 59
155,854 51
1,106 44
21,849 00
2,465 93
992 47
7,792 62
9,915 00
3,956 79
1,752 05
37,380 00

Kentucky.
$2,083,751 19
1.760.900 00
161,000 0 0
23,150 00
25,715 00
322,931 16
120,895 40
107,313 75
17,207 27
18,871 62
5,946 59
45,401 00
410 00
18,129 40
6,347 35
358,184 00
63,460 00
5,000 00

Louisville.
$956,942 12
005.000 CO
150.000 00
36.000 00
1,500 00
135,227 44
62,410 80
26.118 35
23,719 29
2,750 00
3,225 06
26,535 00
281 0 0
8,675 00
4,698 52
310,941 00
84,710 00
30.000 00

Tennessee.
$2,298,369 06
1,439,800 00
510,000 00
431,300 00
192,419 34
721,551 23
182,148 84
188,848 82
59,863 30
27,S15 53
55,691 07
282,204 00
28.673
13,788
674,737
87,860
15,000

53
98
00
00
00

$1,072,868

86

$5,144,613 73

$2,768,733 58

$7,213,070 70

$209,000
30,086
10,509
179,470

00
09
25
00

$1,885,000 00
104,398 36
136,885 85
1,538,638 00

$ 1, 000,000 00

$ 2,000,000
178.001
165,346
1,142,530

LIABILITIES.

Capital s to c k .......................................
Surplus fu n d ........................................
U ndivided profits...............................
National B an knotes outstanding..
State bank notes outstanding.........
Individual deposits.......................... .
U nited States d ep os'ts......................
D eposits o f U. S. disbursing officers
Due to N ational Banks........... .......
Dae to other banks and ban kers. . .
Total




$400,000 0 0
13,873 15
49,492 07
267,102 CO

$ 10 0 ,0 0 0 0 0
1,953 90
3,256 15
40,500 0 0

$1,300,000 0 0
62,000 0 0
87,940 41
1,061,688 00

534,551 0 !)
235 39

57,773 19

2,211,540 93

7,239 88
18,296 03

3,911 50

92,887 2 !)
214,371; 0 0

$1,290,789 53

$207,394 74

$5,030,428 41

$525,000 0 0
30,000 oo
69,038 09
397,380 0 0
748,53*5
225,195
151,303
19,608
18,016

73
75
37
02

15

$2,1S4,077 71

357,189 61
338,993 09
132 918 28
23,672 54
$1,072,868

86

124,546 15
64,703 17
788.195 00

00
08
9^
00

38
10
13
19
72

503,889 74
83,476 52
102,407*18
101,515 82

3,207,222*44
351,280 67
87.502 96
26,793 29
54,393 28

$5,144,613 73

$2,768,733 58

$7,213,070 70

1,20*1,011
141,668
13,143
42,427
101,411

CONDITION OF THE NATIONAL BANKS

U . IS. bonds to secure c irc u la tio n ...
V . S. bonds to secure deposits.......
U . S. bonds and securities on hand.
Other stocks, bonds and m ortgages
D u e from National B a n k s . . .........
D ue from other banks and bankers.
R eal estate, furniture, & c .................
Current exp en ses...............................
P rem ium s..........................................
Checks and other cash item s........
Bills o f National Banks....................
B ills of other banks............................
S p ecie ....................................................
Fractional currency............................
Legal tender n otes..............................
Compound interest notes .............
Three per cent certificates...............

1868]

RESOURCES.

T otal................................... ............. $49,235,262

20

Cincinnati.
$6,584,195 06
3,768,000 0 0
2,2. 7,500 0 0
571.200 0 0
10,5 0 0 0
89°.006 16
130.569 79
144.511 82
104,578 57
963 2 1
187,183 46
133,577 0 0
2,582 0 0
32,910 73
9,483 65
1,473,341 0 0
365,030 0 0
340,000 0 0

Cleveland.
$3,353,343 91
2,084.000 0 0
575,0(0 0 0
76,850 0 0
7,849 8 8
810,383 08
62,901 1 1
102,508 18
65,473 6 8

$17,022,132 45

$8,225,248 84

8 ,0 0 0 0 0

130,396 13
121,620 0 0
3,003 0 0
9,113 24
110,658 73
404,483 0 0
259,660 0 0
70,000 (JO

Indiana
$13,495,970 61
12,5 <8,750 0 0
1.1 <5,000 0 0
745,900 ( 0
263,846 0 1
2,192,849 !“9
387,672 84
549,323 1)0
151,180 98
28,610 25
200,140 42
315.278 0 0
11,558 0 0
72,279 61
42,062 74
2,101,438 0 0
664,620 0 0
65,000 0 0
$34,941,481 25

Illinois.Chicago
$9,820,168 1 2 $13,420,511 4S
6,129,750 0 0
4,665,700 0 0
925.000 0 0
4f 5,( 00 0 0
598,3(0 ( 0
198,100 0 0
293,160 43
61,• *<0 > 0
1,908,106 46
2,734,1x2 31
169,174 92
15*, 797 17
424,756 8 8
211,862 65
136,147 81
103,605 38
13,203 95
1,659 0 0
228,470 53
1,718,417 61
345,946 0 0
518,528 0 0
832 0 0
25 0 0
106,741 93
51,123 92
57,069 17
27,530 44
1,714,886 0 0
3,137,751 0 0
280,560 0 0
341,740 0 0
60,000 0 0
270,000 0 0

Michigan 4
$4,579,674 91
3,263,900 0 0
250,‘ 00 0 0
210.750 0 0
139,640 57
988,490 1 1
58,321 65
263,188 89
76,114 31
23,410 78
101,150 54
135,359 0 0
356 oo
20,104 33
32,950 16
672,028 0 0
270,090 0 0
15,000 0 0

Detroit
$2,737,463 07
1,' 93,800 0 0
150,000 0 0

$23,212,173 70 $28,085,484 96

$11,100,519 25

$6,015,861 87

10 0 , 0 0 0 0 0

36,652
951,883
50,314
56,739
18,495
7,386
149,446
85,682
3,739
3,748
10,203
366,887
189,420

96
36
38
15
45
86
66
00
no

40
58
00
00

LIABILITIES.

$12,767,000
1,897,517
711,548
10,986,515

2,1*90,979 87
374,981 34

$2,300,000 00
473,523 14
212,665 50
1,840,607 00
11,430 00
2,658,186 69
373,088 6 8
113,316 95
141,092 77
101,333 11

$17,022,132 45

$8,225,248 84

$31,941,481 25

Capital s to c k ......................................... $15,604,700 00
Surplus fu n d ........................................
1,965,05 *58
U ndivided profits.................................
1,238,657 98
National bank notes outstanding. . 13,189,511 00
f*tar.e bank notes outstanding..........
85,692 00
Individual deposits ....................
15,573,134 46
United States d ep osits.............
.
965,040 36
D eposits o f U. S. disburs. o ffice rs ...
125,622 18
Due o National B anks......................
266,871 21
Due to other banks and ban kers----220,974 43

$4,000,000 00
701,371 20
319,590 8 6
3,245,000 00

$49,235,262 20

Total

* E xclusive o f Cincinnati and Cleveland.




4,713,892 76
1,476,316 42

7,694,125
459,636
174,147
130,773
120,216

t E xclusive o f Chicago.

00
67
54
00
68

55
30
82
69

$6,420,000 00
1,012,592 13
625,812 36
5,401,999 00
2,662 0 0
9,039,696 36
378,392 52
175,202 38
60,576 37
95,240 58

$5,550,000
1,083 722
463,720
4,069,200

00
69
94
00

12,051,*589 72
339,302 8 6
3,191,269 65
1,331,679 10

$3,560,000 00
510,494 72
272,208 79
2,858 533 00
1,150 00
3,729,437 95
122,282 0 0
19,305 00
10,457 98
16,649 81

$23,212,173 70 $28,085,484 96 $11,100,519 25

$1,550,010
364,517
112,114
948,307
905
2,520,708
75,096
229,206
153,865
61,130

Oo
25
89
00
00
64
63
15
77
54

CONDITION OF THE NATIONAL BANKS.

Ohio.*
Loans and discounts .......................... $19,981,388 2 0
U. S bo ds to secure circu la tion ... 14,918,400 0 0
U. S. bonds to secu 'e deposit*
2,098,500 UO
U. S. bonds & securities on h a n d ...
1,645,400 0 0
Other stocks, bonds and m ortgages.
256,460 87
3,443,321 2 1
Due from National B anks................
• ue Irom other oanks and bankers.
597,020 70
Real estate, furniture, & c ...................
632,989 67
267,648 6 8
Cun ent expen ses................................
62,050 05
Prem ium s....... ....................................
Checks and other cash item s.............
358,868 0 0
Bills o f National ban ks......, ..............
675,329 0 0
Bi ls o f other b a n k s .............................
12,403 00
49,012 52
S pecie.......................................................
93,601 30
Fractional c u r r e n c y ...........................
Legal tender n t e s . . . ........................
3,124,639 0 0
Compound interest n o te s ...................
780.230 00
Three per cent certificates — . . . . .
235,000 0 0

$6,015,861 87

X Exclusive o f the City o f Detroit.

co
o
—
T

398

RESOURCES.

$11,518,334 25 $13,817,042 93 $5,306,S29

21

;$3,721,752 62 $19,935,S00

86

Kansas
$419,655
38-2,000
200.MOO
235,9(0
52,641
428,44
9,738
75,231
16,998
13,709
6,837
324,001

35
00
00
00

75
31
57
12

43
47
85
00

1,665 28
14,878 18
193,958 0 0
30,730 0 0
10 ,0 0 0 0 0

Nebraska.
Utah.
$5SG,943 79 $168,720
190,000 0 0 150,000
300,000 0 0
158,430 0 0
13,650
45,576 39
1,333,510 31
846
1,315
524 14
66,245 OS 14,068
25,687 99 11,205
2,2S9 74
10,008
82,313 63
1,272
179,430 0 0
2,550
9 00
19,890 51
972
23,376 97
2S4,358 0 0
25,613
18,280 0 0
5,000 0 0

\52,446,445 31 $3,321,865 58 $400,254

Colorado Ter
97 $411,885 48
207.00C 0 0
150,000 0 0
51, 00 0 0
00

00

90
37
S2
01

03
40
00
10

31
00

11

256,645
54,751
97,744
17,854
79
28,128
30,317

22

93
00
22

40
33

CO

9,606 09
9,379 40
108,065 0 0
550 0 0
$1,553,906 07

LIABILITIES.

Ca i'a l stock.
$2,960,000 0 0 $3,742,000 0 0 $1,600,000
fear lus fund.............................
513,584 79
456,916 0 0
130,007
Undivided profits ..
’ ’ .** *‘ ‘ ’ ’ ’ ’ **
240 4C0 71
385,644 06
2 2 1 ,2^4
National bank notes o u ts ta n d in g ..........
2,547,573 0 0
3,112,827 0 0 1,473,979
Star*- ban i i otes outstanding.................
3,063
310 0 0
4,976 0 0
Indivldnal deposits
4,511,445 13 5,638,034 19 1,64'),413
Uni ed S a e ~ deposits........... ......
214,103 45
220,0i)7 96
08,535
Deposit* o U. S. disbursing officers.. .
232,419 78
133,137 16
Due to National csanks ..........................
43.5-4 71
246,446 0
29,095
Due to other banks and bankers...........
52,051 09
73,225 85
70,245
$11,518,334 25i$13,817,042 93 $5,306,829




45
05
O'

2 1

$400,000 0 0
80,191 49
28,604 15
330.974 0 0
773,263
90,200
695,941
23,444
11,705

38
55
43
43
88

$250,000 00 $150,000 0 0
0,242 OS 1 2 ,0 0 0 0 0
139,303 1 0
2 0 ,0 0 0 46
107,7U0 (:0 135,000 0 0
1,425,129
131,049
1,100.037
11,170
91,233

99
35

65,897 45

12

58
30

1,^44 81
9,305 39

$350,000
58.(00
113,711
254,000

00
00
21
00

609,893
78.618
37. 39
51,844

09
55
16
06

;$3,721,752 62 $19,935,800 36 $2,446,115 31 $3,321,865 58:$400,254 11 $1,553,906 07

\Mfiy

* Exclusive o f the City o f St. Louis.

$SGO,000 0 0 $6,810,300 0 0
85,091 90
539,001 17
127,840 71
404,270 0 0
66",580 0 0
3.271.004 0 0
00
45,173 0 0
87 1.874,088 0 0
6,717,048 04
00
93,127 27
419,412 39
420 99
62
15,804 2 0
1,058.093 2 0
62
5.214 48
030,905 57

00

CONDITION OF THE NATIONAL BANKS.

Missouri,.*
Minnesota.
Iow a.
St. Louis
W iscon sin.
$4,478,085 42 $5,478,793 78 $2,242,835 17 $1,297,238 30 $9,759,404 77
3,008,150 0 0 1,682,200 0 0
797,900 0 0
3,770,150 0 0
2,893,750 0 0
U. s . bonds to secure deposits .............
150,000 0 0
500,000 0 0
389,950 0 0
10 0 ,0 0 0 ' 0
4S5,000 0 0
U.
b mda and secu rites on hand.......
131,550 0 0
39S.750 0 0
440,400 no
76,230 09
5 7,750 0 0
Oth^r stocks, b > ds and m ortga ge^ ....
68,031 34
148,793 8 t 1,189,228 29
148.773 83
47,552 07
Du •from N tional rtanks........................
453.814 24
381,413 05
1,835,392 08 1,105,200 0 2
939,447 17
Due from other b nk** a >d b in tiers.......
71,0 8 1 2
104,3=3 92
97.020 45
183,101 70
55,350 14
Kea e ttt.e, furniture, & c ........................
80.758 95
2 0 0 ,0 0 0 1 1
108,645 03
100,187 39
346,580 34
Curr-nt expen e s ......................................
45.431 33
23,871 03
51,543 77
83,706 72
S7,t)50 94
Prem ium s.....................................................
16,291 83
7,741 37
18,709 1 2
18 003 30
0 2 , 0 1 2 37
Checks tnd other cash item s..................
237,027 54
111,137 53
57,102 40
35,347 50
185,809 98
B Us o f National B in ks...........................
28,214 0 0
92,114 0 0
304,841 0 0
133,056 0 0
194,8^6 0 0
Bi Is o f other banks....................
......
36 0 0
1,850 0 0
7,479 0 0
3,892 0 0
5,407 0 0
Spe ie . .......................................................
5,546 15
39,702 83
81,359 40
2 1 , 1 1 1 20
47,481 73
Pm ct'nnnl cu rre n cy ..................................
9,021 79
5.7 2S 09
41,957 14
37,539 03
20,585 05
Leeal tender no e s .............................
332,120 0 0
875,325 0 0
297,853 ' 0
1,390,002 0 0
1,305,526 0 0
Compound ’ nterest notes..........................
193,940 0 0
85,330 0 0
42,400 0 0
485,49) 0 0
193,350 0 0
Three per cent certificates....................
5,000 00
5,000 0 0
70,000 0 0
345,000 0 0

1868]

P U B L IC

D EBT

O F T H E U N ITE D

399

STATE S.

PUBLIC DEBT OF THE UNITED STATUS.
A bstract statement, as appears from the books and Treasurer’s returns in
the Treasury Department, on the 1st o f A pril and 1st of May, 1868 :
DEBT BEARING COIN INTEREST.

April 1.
M a y l.
Increase.
Decrease.
5 per cent, b on d s.................................... $-214,464,400 00 $215,947,400 00 $1,483,000 00 $ ..........
6
“
167 & ’ 6 8 ............................
8,903,641 80
8,688,241 80
...............
215,400 00
6
“
1881. ................................... 283.677,150 00 283,677,200 00
50 00
...........
6
“
(5-201 s) ............................... 1,424,395,650 00 1,442,065,450 00 17,669,800 00
.............
Navy Pen. FM 6 p .c ......... .................
13,000,000 00
13,000,000 00
.......................................
T o t a l................................................ 1,944,440,841 80 1,963,378,291 80 18,937,450 00
DEBT BEARING CURRENCY INTEREST.
6 per et. (R R ) bonds.
3-y’ars com . in t.n ’ tes,
3-years 7-30 n o t e s ___
3 p. cent, certificates.

T otal

$ ........
00 $400,000 00
............. 1,436,850 00
00
............. 22,393.850 00
00
00 2.040,000 00 ....................

$23,5S2,000 00
46,010,530 00
185,884,!' 0 00
26,290,000 00

$23,982,000
44,573,680
163,490,250
28,330,000

281,766,630 00

260,375,930 00

21,390,700 00

MATURED DEBT NOT PRESENTED FOR PAYMENT.

7-30 n. due Aug. 15,’ 67..........................
p. c. com p. iut. n’ e s ...........................
B'ds o f T exa s ind’ t y ..........................
Treasury notes (old ).............................
B’ ds o f Apr. 15, 1842.............................
Treas. n’ s o f Ma.3,63............................
Temporary loa n .....................................
Certifi. o f indebt’ e s s ...........................

6

$1,303,550 00
5,393,030 00
256,000 00
158,611 64
6,000 00
616.192 00
1,284,00 )0 0
19,000 00

$227,600 00
747,750 00

$1,075,950
00$
4,745,280 00
256,0 0 00
155,461 64
6,000 00
616,192 00
1,0*2,400 00
IS,000 00

3,150 00
251,600 00
1,000 00

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

1,131,100 00

United States n o te s ............................. $356,144,727 00 $356,144,727 00
$ .............
Fractional currency..............................
32,58S,6S9 94
32,450.4*9 94
.............
Gold certi. o f d e p o sit..........................
17,742,060 00
19,357,900 00 1,605,840 00

138,200 00

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

9,036,383 64

7,905,283 64

DEBT BEARING NO INTEREST.

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

406.475,476 94

407,953,116 94 1,477,640 00

RECAPITULATION.

$

$

$

$

.................
Bearing coin interest...............................1,944,440,841 80 1,963,378,291 SO 18,937,450 00
Bearingcur ylncerest............................... 281,706,630 00 260,375,930 00
................. 21,390,700 00
Matured debt ............................................
9,036,383 64
7,905,283 6 4
...............
1,131,100 00
Bearing no interest................................... 406,475,476 94 407,953,116 94 1,477,640 60
................
Aggregate................................................... 2,641,719,332 38 2,639,612,622 38
Coin & cur. in T reas................................. 122,509,645 02 139,083,794 82

................. 2,106,710 00
................. 16,574,149 80

Debt less coin and cur............................. 2,519,209,687 36 2,500,528,827 56

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

18,680,859 80

The following statement shows the amount o f coin and currency separately at
the dates in the foregoing table :
COIN AND CURRENCY IN TREASURY.

C o in ..........................................................
C urren cy.. ................................... . . . .

$99,279,617 6 8 $ 1 0 6 ,9 0 9 ,6 5 8 00 $7,630,040 32
23,23 »,027 31 32,174,136 82 8,944,109 48

T otal coin & curre’ y .............................

122,509,645 02

$

139,083,794 82 16,574,149 80

...........

The annual interest payable on the debt, as existing A pril 1 and May 1;
1868, (exclusive of interest on the compound interest notes) compares as follows
ANNUAL INTEREST PAYABLE ON PUBLIC DEBT.

Coin—5 per ce n ts ........
“

6

“

67 &’

68

Ap il 1.
M a y l.
$10,723,220 00 $*. 0,5 97.370
5 4,218 16
52",294
17,020,629 00 17,020,632
85,463,739 00 83,523,927
78U,0 i0 00
780,000

Increase.
00
$74,150 00
;0
00
3 00
00 1,060,188 0 0
00

Total com in terest..............................$114,E21;-06 16 $1.5,642,2^3 50 $1,120,417 34
$1,414 92-) 00 $1,438,920 00 $24,000 00
“
7.30 “
............................
13,569.539 30 11,493,364 10
.............
“
3
«
............................
787,700 00
849,900 00
62,200 00

Currency—i\ per ce n ts ............................

Total currency inter’ t.




$15,772,159 £0 $13,782,184 10

D crease-

$

-----

13,923

$

66

........

,

2 076^17530
$1,989,975 20

400

IO W A

[Mat/,

R A IL R O A D S .

IOWA RAILROADS.
The following tables, made up from the R eport o f the State Treasurer fcr
the fiscal year ending Novem ber 2, 1867, (recently issued,) shows the length
o f railroad completed and in operation in the State o f Iow a on the 31st D e­
cember, 1 8 6 2 -1 8 6 6 :
Railroads.
Burlington and Missouri F iver....................................... .........
Cedar Rapids and Missouri R i v e r . ........................................
Chicago, Iowa aLd Nebraska..........................................
Dubuque t-outhwestern..............................................................
Dubuque and S ioux City ....... ................................... .........
M ississippi and Missouri River (since Aug. 20, I860, Iow a
D ivision o f Clvcago, R ock Is.and and Pacific)....... .........
D es Moines V alley............................................................. .........
Keokuk, Mt. Pleasant and M uscatine.......................... . . . .
Iow a Southern.................. ................................................. .........
Me- regor W e s te r n .......................................................... .
Cedar Palls and M in n esota ............................................ .

1S62.
75
70

1863.
75
83
82

1S64.
75
98
82

44
S7

44

44

97

97

143

157
90
18
7

157
114
18
7
35

305
329
38
7
50
3-i

181
163
18
7
50
14

653

727

847

1,060

00

18
7

Total length, m ile s ......................................................

1865.
75
322
82
54
131

1866
10 0

248
82
54
343

The gross earnings o f the same road3 in the same years, and the State tax
thereon, were as follows :
Railroads
Burlinrto >■ & Missouri R ____
Cedar Rapids & Missouri R . .
Ch:cago, Jowu & Nebraska.
Dubuqu Southwestern.........
Dubuque aud M oux City. ..
M. A M (C., R. Is. & P a c .)..
D es Mob es Val e y ___
K eokuk, Mt. Pleas & M u s ..
Iowa S uthern........................
McGregor W estern.................
Cedar Palls & M innesota___

1802.
$201,684
29,h95
168,178
21,014
229,341
265.426
170,120
21,303
2,3S6

1864.
1863.
$302,314 $390,237
236,190
103,062
£36,400
425.861
36,128
63,631
275,096
393.238
348.608
603.21 9
2^7,024
318,390
38,439 )
66,104
3,474 j
51,834

1865.
$466,283
451,311
681,384
120,247
640.9*. 7
730,114
486,654
72,296
181,639
40,878

1866.
$153,395
502,o39
651,183
135,555
814,856
635,290
580,271
73,831
213,032
58,353
4.118,066

Total gross earnings. . . .

1,109.346

1,570,564

2,553,7(0

3,871,783

Gross earnings per m ile . . . .

1,801

2,405

3,513

4, 71

3,885

T a x on gross ea rn in g s...........

31.093

15,705

25,537

38,718

41,180

These tabulations show a remarkable progress in the develops ent o f the Iow a
system o f railroads.

In the space o f four years from December 31, 1862, to

December 3 1 ,1 8 6 6 , the lengih o f railroad in operation increased from 616 to
1,060 miles, or 72.08 p e r c e n t ; and the gross earnings, which in 18(>2 amounted
to S I .109.346, were in 1866 § 4 ,1 1 8 ,(6 6 , showing an increase o f § 3 ,0( 8,720, or
271.22 per cent. The grost earnings per mile of road in the mean while were
more than duplicated, having been in 1862 § 1 ,8 (1 , and in 1866 §3.885, an
increase o f §2,084, or 115.77 per cent. The S ate tax throughout the term
under review was at the rate o f one mill on the dollar, and hence shows the same
rate of increase (271. 2 p. c ) us the gross earnings themselves.

O e half o f this

tax goes into the General Fund (or State purpose, and the other half is distrib­
uted to the counties through which the roads pass.
During the year 1867 there was great activity in the construction o f railroads
in this State.

The Burlington and Missouri was extended to Charlton, 30

m iles; the Cedar Rapids and Missouri to Council Bluffs, 25 m iles; and the
Mississippi and Missouri to Des Moines, 22 miles; and in the extreme west o f
the State there were opened the Council Bluffs and St. Joseph Railroad, 35
miles, and the Sioux City and Pacific Railroad, 70 miles.
1 8 6 7 ,1 8 2 miles.




T ota l new road in

1868]

CANAL

401

TRADE.

CAKAL TRADE.

The canals are now opeD, andjthe great inland lakes are once more in commu­
nication with tide-water. This event is a m a ter o f equal impo tam e to the
great W est and to N ew Y o rk . It inaugurates the season o f business activity,
and is usually looked forward to with intere-t to producers and consumers.

So

far, however, it is to be regretted that the caDal trade opens remarkably dull.
Freights are low and are scarcely remunerative to boatmen and forwarders. Thi3
is a tolerably sure indication that ihe quantity o f produce on hand at the great
distributing ports has been exaggerated. A t Syracuse, Rochester, Buffalo and
other ports the warehouses are doing a very limited business. In fact, so far the
canal forwarding trade seems to be limited to the transportation of the grain
and other produce frozen in during the winter months. The quantity o f wheat
is larger than all the other grain put together. The following table exhibits the
amount and descriptions o f grain that passed down the river to Monday last,
together with the estimated quantiti s that passed Fultonville during that period
on a total o f 140 boats :
WHEAT.

Fassed down the river.......
Passed Fultonville...............
Total

OATS.

hush.
986,600 Passed d ow n the river___
500,000 Passed F u lton v ille...........
1,540,600

court.
Passed down the river............................
Passed Fultonville.................................
T otal....................................................

hush.
375,700
252,000
627,7C0

Total
BAKLEY.

344,800 Passed dow n the river..........................
136,000 Passed F u lton v ille.................................

181,000
60,000

T ota l.............................

241,0000

480,800

I t is expected that canal transportation will improve as the season advances’
and that in a short time a remunerative and active trade will be in full operation.
B u t the condition o f the canals seems almost to preclude the hope o f a trade up
to the average o f former years. The canals all over the State are I n ow n to
be in a condition of unparalleled delapidation,

The locks are generally out o f

repair ; the beds are filled with deposits; the banks require raising, and the feed­
ers are choked up.

Indeed, the Canal Board has been obliged to issue an

order restricting the cargoes o f boats, so as to obtain a lighter draft of water.
There is very little probability o f this order being rescinded, so that we may
look for a some what limited trade. I t is estimated that several millions of dol­
lars would be required to restore the canals to an efficient staee.
W hen we consider that this condition of the canals is the result o f official cor­
ruption, the fact should excite the indignation o f the public. Here we see great
interests i jured by the venality o f parties. Enough money has been drawn from
the public lunds, ostensibly for canal purposes, to place and keep the canals in a
state o f the highest efficiency.

The c.iuses that led to this condition of affairs

operate to prevent aDy reform.

The Legislature has been in session (or five

months, and so far no action has been taken for the restoration o f the canals.
The opposing political parties see in the delapidated canals a meins of more
plunder, and are unable to a g n e with each other about the division o f the
spoils
time.

It matters not to them how the public interests may suffer in the mean­
The mmense importance of canals to the prosperity o f the State and

the entire country are ignored in order to serve the ends o f designing factions.




402

TR AD E

AND

CO M M ER CE

OF

BA N

F R A N C IS C O .

[May,

E R IE RAILW AY B ILL .

The following is a copy o f the Erie Railway Bill as passed by the Senate and
Assembly of this State during the past week, and approved by the Governor cn
the 2 1 st instant:
S e c t io n 1 . It shall not be lawful for the Erie Railway Company to use any money
realized ftom the convertible bonds issued by said company on the 19th day of Feb­
ruary, 1868, and on the 3d day of March, 1868, the said bonds amounting in all to
| 10,000 00 (>, except for the purpose of completing, furthering and <perating its rail­
road, and for no other purpose. Nothing n this section contained shall affect any
right o f action of any person against any officers or agent of the Erie Railway Com­
pany, nor shall it affect any action or proceeding now pending, save as herein provid­
ed ; nor shall anything herein contained be held or construed to affect any liability,
civil or criminal, of any officer or agent of the said Erie Railway Company or of any
other person. I he use of the moneys in this section mentioned by any officer or
agent o f said railway company for any other purpose than is herein mentioned, shall
be a feiony, punishable, upon conviction thereof, by imprisonment in a State Prison
for not less t^an two nor more than five years.
S e c . 2 . The future guaranteeing by the Erie Railway Company of any other rail­
road corporation necessary and proper to secure a connection of said Erie Railway
with other railroads so as to form a continued line of communication between New
York and Chicago, f r the purpose of securing better facilit es for the traffic of said
Erie Railway Company, and# contracts hereafter made for that purpose, shall be
deemed and taken to be within the power of said Erie Railway Company. N< r shall
any stockholder, director, officer or agent o f the Hudson River, Harlem or New
York C ntral R dlro id Company enter into any agreement with any stockholder, di­
rector, officer or agent of the Erie Railway Company to fix the price for carrying
freight or passengers through, or to or from any point in this State. Any stockholder,
director,* fficer or agent, or other person authorizing, aiding or consenting to such an
agrpemerit shall be deemed guilty o f a misdemeanor, and upon conviction thereof
6hall be punished by fine or imprisonment, or both, in the di-cieti. n of the court.
S e o 3. No stockholder, director or officer in either the New Y- rk Central Rail­
road Company, the Hudson River Railroad Company or Harlem Radroad Company,
shall be a director or officer of the Erie Railway Company ; and ro stockholder,
director or <fficer <>f the latter company shall be i director or officer of either of the
three first-named companies.
S e c . 4. it shall not be lawful for the Erie Railway Company t conso'idate its
stocks, cr any part thereof, to divide its earnings, or any part thereof, with the New
York Central Railroad Company, or with the Hudson River or Harlem Railroad
Companies: and any contract made between the E ie Rai way Company and either
o f the above companies for such consolidation or division shall be void.
S e c . 5 . T h is a c t s h a l l t a k e e f f e c t i m m e d i a t e l y .

TRADE AND COMMERCE OF SAN FRANCISCO.

The San Frarcisco Bulletin of Ap il 10, has an elaborate r view of the trade and
commerce o f that port for the first quarter ending March 31, from which we
extract t' e following items :
Thp foreign imports for the first quarter show a value of about $4,000,000,
while the estimated value of the eastern goods received by tin steamer via the
Isthmus is given at $11,500,000. In addition we received 61,000 tons of merchan­
dize from the East via Cape Horn, the value ot which can only be guessed. The
value of our merchandise shipments f r the quarter was $5,448,00'> and of
treasure $10,54:0,<'00. The receipts of coin and bullion from all s urces for the
same period were ten million dollars.
The number c f vessels entering the
port during the quarter was six hun 're i, representing -234,00 tonsjof tonnage. The
passenger arrivals by way o f th sea numbered 12 ,000, over half of the number >epresenting net gain as against the departures. One of the most gratifying features o f




1868]

C O M M E R C IA L

C H R O N IC L E

AND

4C3

R E V IE W .

our export trade is the steady increase in the shipment of articles of domestic pro­
duction. These now form from 70 to 80 ner cent of the total merchandise exports.
Thus, of the $5,4l8,0G0<f merchandise ship, ed, $4,316,000 was for some BO articles
of California produce. The shipments of fluur and wheat from this port for the n ne
months ending March 81, reduced to wheat, aggregate over 230,000 tons, valued at
about $10,00o,000. The g. Id deposits at the San Francisco Branch Mint during
the last quarter amounted to 60,000 ounces, and the coinage to $1,31 ',0 " ('. The
duties on imports aggregated over $2.00 ,000. The amount collected for Internal
fievenue in the San Francisco District for the quarter was $898,000. The amount
disbursed fcr army purposes on this coast during the same period was $.', 000,000.
The dividends disbursed by about a dozen local incorporations during the quarter
reached $9 9, 00. The sales of the mining and other st cks at the San Francisco
Stock and Exchange Board for thethree months amounted to about $S0,t)00,Oe0.
The sales of real estate in the city and county of San Francisco for the first quarter
of the current year exceeded $7,000,000, while the mortgages for the Fame quarter
foot up $2,600,000, and the releases $1,600,000. The disposition of tonnage for the
quarter embraced 128 vessels, registering in the aggregate 86, 0 n0 tons of tonnage, of
which 19,000 tons left the port in ballast or with a nominal freight. The import
trade for the past quarter has beeu fully up to the average of corresponding periods
in previous years.

COMMERCIAL CHRONICLE AND REVIEW.
The M oney Market—Prices o f Government Securities at N ew Y ork —Course o f Consols and
American Securities at L on d on -S h a res Fold at N ew Y ork Stock Exehanre—Opening,
highest, and lo w e ;t pricts ol Railway and M scellaneous S ecnnti s a t N ew Y ork Stock
Exchange— Bonds sold at the N ew Y ork Stock Exchange Board—General Movement o f
Coin and Bullion at N ew Y o rk —Course o f Gold at N ew Y o r k —Course o f Foreign Exchange
at N ew Y ork.

A p ril opened with a continuance o f the extreme stringency in money note 1
in our review o f March ; nor was the relief experienced which was expected to fol­
low the completion o f the quarferly statements o f the banks.

On the contrary,

up to about the middle of the month, money was so scarce to call borrowers,
that outside th“ banks the rale was very generally 7 per cent in gold, and not
unfrequeutly

per ceut per day.

Money came back from the country banks

quite promptly alter the s ateinent-day ; but as rapidly as it came, it was taken
out o f the bands of the banks into the Sub-Treasury through sales o f coin
without corresponding purchases o f Seven-Thirties.

A fter this process had

produced a very general break down in securit es, the Treasury suspended tem­
porarily its sales o f gold, and bought Seven-Thirties quite freely.

This afforded

the banks an opportunity of recruiting their currency reserves, and there being
at the same time a steady influx o f funds from the W est, the market at the close
of the month was in a comparatively easy condition, the rale on call loans b ing
6 @ 7 per cent, and commercial paper, lor some weeks almost impos-ible o f nego­
tiation, was in good demand at 7 @ 8

per cent for prime names.

The extreme

derangements o f late weeks appear to be directly traceable to the large with­
drawals o f curreuey into the Treasury at a period when money is in demand for
the Spring trade, and when the banks are subjected to material inconvenience
in preparing for their A pril statement.
The general trade o f the City has scarcely realised expectations.

The condi­

tion of the money market has encouraged doubts in the minds o f buyers sug­
gested by oiher causes; and but for the moderately stocked condition o f the




404

C O M M E R C IA L

C H R O N IC L E

AND

[May,

R E V IE W .

markets there would probably havebeen considerable fluctuations

in prices.

Trade with the agricultural sections has been upon a very fair scale ; but otherwise there has been a depression which bespeaks an unsatisfactory condition o f
things in the retail trade, apparently the result o f a general economising of ex­
penditures

The advance on the price of cotton goods, consequent upon the rise

in the raw material, but checked the trade in that cla s of manufacture^ and
the importers o f dry goods complain that they are unable to realise the prices
which the extreme moderation of the imports s emed to warrant them to expect.
In financial affairs the most remarkable feature o f the month has been the
extreme firmness o f U n it'd States Securities.

Prices generally remained steady

through a stringency in money, whicbwas forciug down the value o f all other
securities; aud so soon as the Tieasury relaxed its hold upon the banks, quota­
tions advanced with unusual strength, until at the close o f the month the market
ranged 2 @ 4 per cent above quotations at the same period o f last year. This
advance appears to have been due chiefly to the purchases o f Seven-Thirties by
the Treasury, and partially to

an

anticipation among dealers

that a large

amount o f bonds would be required for the investment o f May interest.
The daily clo-ing prices o f the principal Government securities at the New
Y o rk Stock Exchange Board in the month o f A pril as represented by the latest
sa e officially reported, are shown in the following statem ent:
PRICES OP GOVERNMENT SECURITIES AT NEW YORK.

Day
W ednesday
Thursday
Friday
Saturday

^-6’ s, 1881.-- ,-------- 6
o f m onth.
Coup. Reg. 1862.
1 ............................... I l l
.......... 109%
2 ............................... I l l
111% 109%
3 ................................ 111% .......... 109%
4 ............................... 111% 111
109%

M o n d a y .... 6 ! " . ” ’. " . " ! ” ” ! "
T u esd a y.... 7 ................. .............
W ednesday 8 ............... .............
Thursday
0 ................. .............
Friday
10.................
Saturday
11................. .............
Sunday
12................
Tuesday
1 4 ...............
W ednesday 15................. .............
Thurs ay 1 0 . '.............
Friday
17................. .............
Saturday 1 8 . ..............

i l i % .'! ! ! !
112%
112%
112%
111%

111%
112%

111%
H i%
112

s, (5-20 yrs.JCoupon—---- . 5’s,10-40 7-30.
1864. 1865. uhw. 1867.yrs.< :’ pu.2d sr.
....
107%
106% 107
100% 105%
107% 107% 106% 100% 10 % 105%
108% 108%
106% 1"7% 100% 105%
108% 108% 107% 107% 101
105%

110% 108% i6s%
107% i07% l6 i ‘
111
109% 109# 108
108% 102%
111% 110
110
108% 108% 102%
111# 109# 109# 107# 108
102%
' (G ood Friday—Holiday )
110% 108% 109% 107% 107% 101%
M9%
109%
109#
109%
109#

106%
106#
107
106#
106

iio %
m%
110#
nu %
110%
111%

108%
109
103#
109#

H 7#
107%
107%
107#
107%
108

ioT%
101%
101#
101%
101#
102

106#
106#
105%
106
106%
106%

iTT%
m%
u i%
112#

109% i u T
107% io s%
110% 110% 108
108#
110% 110% 108# 108%
110
110% 108# 108#
110
110# 108% 108%
100% 110% 108% 109

i0 2 #
102%
102%
103

107%
107%
107#
107%
107%
107%

:

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

102%

1~%
106#
106#
106%
107
107%

113%
113%

112
112#
112#
112%

no%
i't '%
110%
no%

iio %
110%
110%
111

108#
108#
10S#
109

109%
109%
109%
109%

102%
102#
102%
102%

107%
167%
107%

111%
111
113%
2%
113%

109%
109#
112%
3%
112%

107%
107%
110%
3#
110%

107%
107%
111
3%
111

106%
106%
109
2%
109

107
10b#
109%
2%
109%

100%
100%
10'%
2%
102%

105%
105%
107%
1%
107%

:
•

Sunday
5 6 . . . ...........
Monday
27.................
Tuesday
28.................
W ednesday29................. ..............
Thursday 30....... .........

113%

:
• •d

M onday
20.................
Tuesday
21 ...............
W ednesday 22................. .............
Thursday 28........... ..
Friday
24.................

111

113%

113%
113%

%

vm

The closing prices o f Consols for money and certain Am erican securities
(viz. U . S . 6 ’s 5-20’s 1862, Illinois Central and Erie shares) at London, on each
day o f the month o f A p ril, are shown in the follow ing statem ent:




1868]

C O M M E R C IA L

C H R O N IC L E

AND

405

R E V IE W .

COURSE OP CONSOLS AND AMERICAN SECURITIES AT LONDON.

Date.

Oonsl Am . securities
for U. S.| Ill.C. Erie
mon. 5-20s ah’ s. shs.

W edne ............ ... 1 93
93%
Thurs ...............
F rid a y ................ . . . 3 93%
Sat’ day................ . . . 4 93
Sunday................ .. 5
M onday...............
93%
T u es.................... . . . 7 93%
W edne............... ... 8 93%
Thurs ............... . . . 9 93%
Friday .............. ...1 0 Good
Sat’ day................
Sunday............. ...1 2
M onday ............ ....1 3
93%
Tuesd y ............
W edn’ y ........... ...1 5 93%
T hu rsday........... ....1 6 93%
93%
Friday ............
S at’ d i y ............ ... 1^ 93%
Sunday ............. . . . 19
Monday —
....2 0 93%

72% 89%
72% 90%
72% 91%
72% 91%
72%
72%
73%
72%
Fn
Holi

92%
94
95
94%
day.
day.

IIo’l day.
72%' 93%
72% 94%
Z70V 93%
x'Oli 93%
70% 93%
70 V

48%
43%
47%
48%
48%
48%

4S%
47%

Cons Am. secur ities.
for U.S. Ill.C. Erie
mon. 5-20s sh’ s. sh’ s.

Date.
...21
...2 2
...2 3
. .24
....2 5
....2 6
....2 7
...2 8
....2 9
....3 0

T u s’ day..................
W ednesday...........
Thursday...............
F r i d a y ..................
Saturday................
Sin d a y ..................
Mond -y..................
ITuesday.................
W ed n esd a y ..........
Thursday...............

Low est...................
H igh est..................
46
R an ge.....................
46%
45% L o w ) 0 th...............
46% H i g h g s ...............
46
K n g ) S t ? ...............
L a s t . ......................

93%
93%
93%
93%
94

70%
7U%
79%
741%
70%

93%
93%
93X
93%
93%

46%
46%
46%
46
46%

94%
93%
94
94

70%
70%
70V
70%

94%
94%
95
95

441%
47
46%
46%

70% 89% 45%
94%' 731'« 95% 48%
3
5%
1%
3%
91%
94%
3%
94

93% 46%

70%
73%
3
70%

84% 41%
95V 50%
10% 8%
95% 46%

The closing prices of Five-Tw enties at Franklort in each week endi: g with
Thursday, were as follows :
April 2.
75*

A pril 9.
75%

April 16.
75%

A pril 23.
75%

April 30.
75%

Month.
75%@75%

The stock market has been unusually fluctuating. The disappointment at
the non-relief o f the money market, after the making up o f the quarterly bank
statement, caused a very general realizing upon stocks. The banks at the same
time became cautious as to collaterals and insisted upon margins being kept
close up to agreement. The result was a general break down in the maiket,
which fell upon certain stocks with especial severity. The discussion o f the
bill in ihe legislature relative to the issue o f new stock by the Erie Company
kept holders o f Erie and N ew Y ork Cen'ral in somewhat protracted suspense
and caused a large amount o f realizing on those shares by casual holders, which
helped the downward tendency of prices. Upon the passage o f the Erie b ll and
a simultaneous easing o f money, there was a general improvement in the tone o f
the market, and prices advanced steadily up to the close o f the month. The trans­
actions at the stock boards have been large, and as will be seen from the follow­
ing comparison exceed those lor the same period of last year.
The following table will show the volume o f shares sold at the N ew Y ork
Stock Exchange Board and the Open Board o f Brokers in A pril, 1867 and 1868,
comparatively :
Classes.
1867.
3,518
Bank s h a r e s ...............................
1,388,205
Railroad “ ..................................................
Coal
“ ......................................................................
8,308
Mining
“ ......................................................................
30,050
Im prov’ n t “ ...................................
30,000
57,275
Telegraph “ .....................................................................
Steamship11 ..................•................................................. i
78,037
Expr’ ss& c“ .....................................................................
12,128

1S68.
2,532
1,511,803
2,908
33,530
15,975
74,039
176,831
95,109

T otal—A p ril................................................................ 1,013,581
“ —since January 1 ............................................ 7,838,430

1,913,327
7,856,224

Increase.
.....
123,598
.....
.....
.....
17,364
98,794
82,981

D ec.
9 :6

5,460
2,520
14,025
....
....

299,716
17,794

The following table will (-how the opening, highest, lowest and closing prices
of all the railway and miscellaneous securities quoted at the N ew Y ork Stock
Exchange during the months o f March and A p ril, 1868
,--------- —M arch.---------------,
Railroad Stocks—
Open. Ilieti. L ow . Clos’ g.
A lton & Terre H a u t ................................... 47
49% 41
41
do
do
prer.............................. 73%
73%
6!)
69
Boston, Hartford & E rie........................... 16
16
13%
14%
Chicago & A lton
................................. 130
181
129% 129%
do
do p r e f ............................... 133% 133% 132
132
Chicago, Burl. & O u m cy............................ 150
150
149% 150
do
& N orthwest’ n ............................ 69
69% 63
66
do
do pref.............................. 73% 76%
72%
75%
do
& R ock Island............................. 98
98% 91
93%




,--------------- A p ril.----- --------,
Open. H igh. L ow . Clos.
40
45
40
45
6S
63
68
63
15
15
14%
14 %
120
123%
120 128
127
129
125 129
150
150
150 150
63
64
60
63%
74%
76% 68
75%
92%
97
85
93%

406

C O M M E R C IA L

Cleve., Col. & Cincinnati . . .
do Painesv. & Asbta.......
do & Pittsburg................
do & T o le d o ....................
Del., Lack & W estern.........
E r i e ..........................................
do pref...................................
Hannibal & St J o s e p h ........
do
do p ref.......
Hudson R iv e r ........................
Illinois Central ....................
Ind. & C ineiunati.................
Lehigh V a lle y ........................
Mar. & Cincin., 1st p r e f.....
Michigan C entral.................
go
S . & N . Ind............
Mil. &■ T. du Ch’ n, ls t p r ___
dr.
do
v d p r .___
M i rv '.k ce & S t. P aul.........
il.>
do pref......
N *»v J ei0e y ............................
do
C en tra l...............
N ew Y ork Central.................
do & N .H a v < n ................
N orw ich & W orcester.........
Ohio & M ississip p i...............
do
do
p r e f .......
Panama ........... .......................
Pittsb., Ft. W . & Chica....... .
Reading ......... ...................... .
Rensse aer & Saratoga...........
R om e & W a tertow n .........
S to n in g to n ............................. .
Toledo, W ab. & W estern........
do
do
d o p i e t .......
Miscellaneous—
American Coal . ....................
Central
do
....................
Cumberland C oa l....................
Del & Hud. Canal C oal.........
Pacific M a il..............................
Atlantic do .............................
Union N a viga tion ......... .........
B oston W ater . o w e r .............
C a n ton .......................................
M a rip osa ...................................
do
p r e f............................
Q u icksi'ver...............................
Citizen’ s G a s............................
M est. Union Telegraph.........
E xpress—
American...................................
A dams
.................................
United States............................
Merchant’ s U n io n ..................
W ells, Fargo & C o..................

C H R O N IC L E

101% 100
. . . . 104
105
. . . . 94%
94%
. . . 107% 103#
114
.. . 66%
81%
80%
. 76%
77
. . . 74
85%
. . . 142% 145
140
. . . 140
. . . 5!)
59
107
32
. . . 20
114
. . . . 113
92%
99
. . . 99
92
. . . 91
61%
69%
75
133
. . . 117% 118
. . . 128% 131%
141
. . . 94
94
31%
. . . 77
77
. . . 345
846
103%
94%
. . . 84%
84%
. . . 317
117
90
- • 46%
55 %
74
. . . 40
.. 33%
. . . 148
...
.. .
.. .
.. .

93
21/
20
64

.. .

11

...

34%

..

73%

..

4U%

AND

101% 105
9»% 101
8 '%
92%
102% 104
113% 114
65%
74%
74
75
74
77
80
85
130
141
136
137
i9
59
107
107
29
29
112% 113
S7%
89%
97
97
91
92
59%
51
74%
66%
132
132
117
117%
117% 123%
140% 141
94
94
31%
29%
76
76
330
330
99% :PlOO#
90!*
88%
82
83
117
117
90
90
51%
46%
70
70

45
45
45
48
46
48
32%
35%
30%
152% 147
152%
111% 102% 103
85#
88
99%
26%
26%
18%
20%
19%
19%
48
01% 45
6
6
6%
11
10
10
23
20%
22%
140
140
140
36%
33%
36
70%
76%
73%
35f*
41

67
70
69%
32%
35

[May,

R E V IE W .

69%
76
71
31%
35%

105
106%
100
102#
92
9*2
103# 106#
115%
114
75
73%
75
71
76%
77%
84%
85%
140
140
137
147%
54
54

104%
99
x80
97%
114
65%
69
73
81
122%
137
54

104%
102%
83
105#
114%
71%
74
73
84
137
147%
54

25
115%
91%
99
93
64#
77

25
113
85
99
93
56
68%

25
115
90%
09%
93
64
75%

25
113
89%
99
93
59
74

118% i i i i j 115%
117 #
110% 128%
122% 130
142
142
137
139
94
94
94
94
28%
32%
31%
31
78
78
76
76
295# 307
316
316
99
103%
10 % 115
86%
90
89%
M%
84
86
so
85
92
50%
72

92
52
72

92
46
70%

48
40
32%
157
103#
8.%
26%
19%
46%
6
9
23

48
40
33
104
87%
30
21%
49%
6#
12%
28%

48
40
29
155#
86
28
*0#
19
45
6
9
23

48
40
t2%
1 '8
92%
35
30
21#
49#
6
11#
27%

35%

38%

31%

36%

69%
75%
71
35
35%

69%
70#
71%
35
35%

49
52
45%
25
26

61#
62
61
31#
26%

10 0

92
51
71

The amount o f Government bonds and notes, State and city and company
bonds, sold at the N ew Y ork Stock Exchange in the month o f A pril, 1867
and 1868. comparatively, is shown in the statement which follows :
BONDS SOLD AT THE N. Y . STOCK EXCHANGE BOARD.

Claeses.
L . S. b o n d s................

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

St’ e & city b ’ d s .................................
Company b ’ d s ............................... .
Total—A pril..............................
“ —since Jan. 1 . . . _____ _

1867.

1868.
$17,109,650
5,778,600
4,086,500
67u,200
$27,644,950
90,994,600

Inc.
$6,990,850
4,656,450
1,969,100

Dec.

$ ...........
10,200

$13,606,200
42,360,420

The course o f gold has been comparatively steady. The market has been
from the Treasury, the total amount placed on the
market in that way being about $9 000,0(10 for the month ; which has nearly
oflset the demand for customs duties. The receipts from California, the imports
of com and the interest payments o f the Treasury amount tooetlier to about
the same figure as the exports. There has been some . isposition to hold up
the price until the result of impeachment is known; otherwise, the predominant
tendency has b en lo discount a lower premium.
s i addy supplied by sales




1868]

COMMERCIAL

CHRONICLE AND

407

REVIEW,

The following formula furnishes the details o f the general movement o f coin
and bullion at this port for the month o f April, 1867 and 1868, comparatively :
GENERAL MOVEMENT OF COIN AND BULLION AT NEW YOBK.

In banks, near fi r s t .........................................
Receipts from California.................................
Imports o f coin and bullion..........................
Coin interest paid.............................................

1867.
ise a
Increase. Decrease
. $S,522,009 $17,097,399 $8,574,690 $ .............
.
3,149,654
3,455,382
305,728
777,538
265,67 L
511,867
247,629
276,100
28,471
. $13,185,563 $21,606,319 $9,420,756 $ .............
. $2,103,(87 $5,487,619 $3,383,932 $ .............
.
9,511,075
10,249,419
738,344
. $11,614,762 $15,737,038 $4,122,276

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

.

$570,801
7,404.304

$5,869,281 $5,298,480
14,934,547
7,530,243

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

Derived from unreported sources............................

$6,833,503

$9,064,266 $2,230,763

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

Specie in banks at en d ...................................

The following statement exhibits the fluctuations o f the N ew Y o r k gold
market in the month o f A pril, 1868 :

W ednesday.....................l
Thursday.................... 2
F riday........................... 3
Saturday...................... 4
Sunday*...........................5
Monday............................ 6
Tuesday...........................7
W ed n esd a y................. 8
T hu rsday..................... 9
Friday .......................... 10
Saturday.......................11
Sunday .......................12
M onday..................... 13
Tuesday.........................14
W ednesday................... 15
Thursday.......................16
F riday............................17
Saturday.........................18
Sunday.......................... 19
M o n d a y.........................20

138% 138% 138%
138% 137% 138%
138 137% 13s
138% 138% 188%
138%
137%
138%
138%
(G
138%

137%
137%
138%
138%
ood
138%

138%
137%
-37%
13SX Friday .

.21
.22
.23
.24
.25
.26
.27
.28
.29
.30

1381s 137%
138% 13s%

138% 1
1:8% 138%

Tuesday .

Frid ay.)
138% 138%

CD
tD

s

138% 138% 139%
13'% 131'% 14'1%
140% 139% 140%
140 139 140
138% 138% 139%

Closing. [

Date.

Lowest.

Date.

Openi’g

COURSE OF GOLD AT NEW YORK.

139%
139%
140
139
139

138)6
139
139%
139%

138%
139
139
139%

139% 139
139%: 139%
139% j139
139% 139%

137%
137%
125
143%
166)6
M5%
101%

140% 1139%
141% 135%
129%: 125%
154% 146%
1-4% 173%
157% 150#
102% 102

138% 138% 139
138% 138% 188%
138% 138%ll38%
138%
138%
-------138
' .......
1381s 138% 138%
138% 138% 138%

138%
138%
138%

A p ril.. 1868..
1867..
‘
1866..
4 1865.,
‘
1864..
1 8%
‘
1863 .
138%
4
1862..
138%

138%
138%
:s s\
151%
167
157
102

138% 138% 139

139

133% 133% 144

139%

The following exhibits the quotations at N ew Y ork for bankers’ 6u days b ills
on the principal European markets daily in the month o f A pril. 18SH :
COURSE OF FOREIGN EXCHANGE (60 DAYS) AT NEW YORK.

Days.
1.................... ...........
2 ....................
3 ....................
4 ....................
5 ...
6 .................... ...........
7....................
8 ....................
9 ....................
10....................
11....................
13....................
14....................
1 5 ...................
1 6 ................... .........
17.................... .........
18....................
19 . .
20.................... .........
21....................
22....................
23....................
24.................... .........
2 5 ...................

London.
cents for
54 pence.
109% @109%

Paris.
cetim es
for dollar.
516>6@5!5
516)4 @515
516 ^ @515
516)4@515

Amsterdam . Bremen.
cents for
cents for
rix daler.
florin.
41 @41% 79% @79%
41 @41% 79%@78%
41 @41% 79%@79%
41 @41% 79%@79%

Hamburg.
cents for
M. banco.
36 @36)6
36 @36)6
36 @.36)6
36 @36)6

Berlin.
cents for
tlialer.
7i% @ 72
7t% @ 72
71% @72
71%@72

109%@109%

516#@515
516)4@515
516)4@515
515 @512)4
515 @512)4
515 @512)4

41 @ « %
41 @41%
41 @41 %
41 @41%
41 @41%
41 @41%

79%@79%
79%@79%
79% @79%
791, @79%
79%@79%
79% @79%

36
36
36
36
36
36

@36%
@36)6
@36%
@36)6
@36)6
@36)6

7l% @ 72
71% @72
71% @72
7i% @ 72
71% @72
71%@72

513%@512% 41 @41%
513%@512% 41 @41%
513)4 @512)4 41 @41%
513%@512'% 41 @41%
513%@512% 41%@41%
513%@512% 41%@41%

79%@79%
79)6@ 79#
79%@79%
79%@79%
79%@79%
79%@79%

36 @36)6
36 @36%
36 @36%
36 @36)6
36%@36%
36% @36%

71%@72
7!% @ 72
71% @72
71%@72
71%@72
71%@72

513%@512% 41%@41% 79%@79%
613%@512% 41%@41% 79% @78%
513)4 @512)4 41%@41% 79%@79%
513%@512% 41% @41% 79% @79%
513%@512% 41%@41% 79% @79%
513%@512% 41%@41% 79%@79%

36%@36%
36%@36%
36 >8@36)6
36% @36%
36%@36%
36%@36%

72%@72
71%@72
71% @72
71%@72
71% @72
71%@72

1 0 H # @ ....
109%@110%
llo

@H 0#

HO @110 yt




408

rMay,

COMMERCIAL CHRONICLE AND REVIEW1

26......... ......... ...................................................................................................................................................
27 .......................... 109%@110
513%@512% 41% @41% 79%@80
36%@36% 71%@72
28
.......................... 109%@110
513%@512% 41%@41% 7 9% @ '0
36%@3H% 71%@72
29
.......................... 109%@110
513%@5L‘% 41%@41% 79%@80
36%@36% 71%@72
30
.......................... 110 @110% 513%@512% 41%@41% 79%@80
36%@36% 71%@72
A pl., 1868.................
Apl., 1867.................

109%@109%
108%@109%

516%©512% 41 @ 41%
522%@512% 40%©41%

79%@80
78% @79%

36 @36%
35%@36%

71%@72
71%@72

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 o f the three cities since Jan. 1 :
NEW YORK CITY BANK RETURNS.

Date.
Loans.
January 4 ..- $249,741,297
January 11.
254,170,723
January 18 „ . 256,033,938
January 23
. 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
March 7 ....... . 269,156,636
March 14........ . 266,816,034
March 21........ . 261,416,900
March 28........ . 257,378,247
April 4........... 254,287,891
April 11......... . 252,936,725
A p iil 18.......... , 254,817,936
April 25......... . , 252,314,617
May 2 .......... 257,623,672

Specie.
$12,724,614
19,222,856
23,191.867
25,106,800
23,955,320
22,823,372
24,192,955
22,513,987
22,091,642
20,714,233
19,744,70 1
17.944.308
17,323,367
17,077,299
16,343,150
16,776,542
14,943,547
16,166,373

Circulation. Deposits.
$34,134,391 $187,070,786
34,094,137
194,835,525
34,071,004
205,883 143
34,0-2,762
210,093,084
44,062,521
213.330,524
31,096,834
217,814,5 8
34,043,296
216,759,823
34,100,023
209,095,351
34,0 6,223
208,651,578
34,153 957
207,737,080
34,218.381
201,188,470
34,212,571
191,191,526
34.190,808
186,525,128
34,227,108
280.956,846
34,194,272
179,851,880
34,21S,581
181,832,523
34,227,624
180,307,489
34,114,843
191.206,135

L. Tend’ s. A g. clear’ gs.
$62,111,201 $483,266,304
553,884.525
64,753,116
619,797.369
66,155,241
528,503.223
67,154,161
637.449.923
65,197,153
597,242,595
55,846,259
550,521,185
63,471,762
452,421,592
69,86«,930
705,109 784
58,553,607
619,219,598
57,<>17,044
691,277,641
54,738.866
649,482,341
52,261,086
557,843,908
52.123,078
567,783,138
51,709,706
493,371,451
51,982,609
623.713.923
50.^33,660
8 2,784,154
53,866,757
588,717,892
57,863,599

PHILADELPHIA BANK RETURNS,

Legal Tenders.
Date.
January 4 .. .................. $'.6,782,432
January 11.. ................... 16,037,995
January 18.. ................... 16,827,423
January 25.. ................... 16,836,937
February 1 .. ................... 17,064,184
February 8 .. ................... 17,063,716
February 15.. ................... 16,949,944
February 22.. .................. 17,573.149
February 29.. .................. 17,877,877
March 7....... .................. 17,157,954
March 14.. . . .................. 16,662,299
March 2 1 ___ .................. 15,664.946
March 28....... .................. 14,348,391
A pril 4 ____ .................. 13,208,625
A pril 11.. . . .................. 14.194.385
A pril 20....... .................. 14,493,287
A pril 27 .. . .................. 14,951 106
M ay
4 .. . . . ................. 14,990,832

Loans.
$52,00 ',304
52,593,707
53,013,196
52,325,599
52,604,916
52,672,448
52,532,946
52,423,166
52,459,757
53,081,665
53,367,611
53,677,337
53,450,878
52,209,234
52,256,949
52,989,780
52,812 6v3
53,333,740

Specie.
$235,912
400,615
320,973
279,393
248,673
287,878
263,157
204,929
211,365
232.180
251,051
229,518
192 858
215,835
250,240
222,229
204,699
314,366

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
10.633,713
10,631,399
10,643,613
10,643,606
10,642,670
10 640,932
10,640,479
10,640,312
10,631,044

D eposits.
$36,621,274
37,131,830
37,457,089
37,312,540
37,922,287
37 396,653
37,010,520
36,453,464
35,798,314
31,826,861
94.523,550
33,836,996
32,428,390
31,278,119
32,255.671
33,950,952
34,767,290
35,109,937

BOSTON BANK RETURNS.

(Capital Jau. 1, 1866, $41,900,000.)
Legal
Loans.
Specie.
Tenders.
D eposits.
January 3 ...............$34,960,249 $1,466,246 $15,543,169 $40,856,022
1,276,987
15,560,965
January 13 ............. 97,800,239
41,496,320
926,942
41,904,161
15,832,769
January 20 ............. 97,433,463
841,196
January 27 ............. 97,433,435
16,349,637
43,991,170
16,738,229
777,627
42,891,128
February 3 ............. 96,895,260
652,939
16,497,643
February 10 ............. 97,973,916
42,752,067
16.5614 1
605,740
February 17 ........... 98,218,828
41 502,550
16,309,501
616,953
40,387,614
February 2 4 ............. 97,469,436
March 2.................... 100,243,692
633,332
16,304,846
40,954,936
867,174
March 9.................... 101,559.361
39,770,418
15,556,696
14,5^2,342
March 16.................... 101,499,6 H
918,485
39,276,514
March 23.................... 100,109,595
793,606
13,712,560
37,022,546
March 30.................... 99,132,268
685.034
13,736,032
36,184.640
April 6 .................... 97,020.925
731,510
13,004,924
36,008,157
April 13.................... 97,850,230
873,487
12,522,035
36,422,929
805,486
11,905,603
36,417,890
April 20.................... 98,906,805
April 27............
98,002,343
577, 63
12,21.8.545
36,259,946
May
4 .................... 97,624,197
815,469
12,656,190
37,635,466




,-------Circulation------- ,
N ational.
State.
$24,636,559 $228,730
24,757,965
227,953
24,700,001
217,372
14,564,906
226,258
24,628,103
221,560
24,850,926
221,700
24,850,055
220,452
24,686,212
216,490
24,876,089
2 5,214
24,9S7,700
210,162
25,062,418
197,720
25,094,253
197.289
24,983,417
197,079
25,175,194
168,023
24,213,014
167,013
24,231,058
166,962
25,231,978
164,331
25,203/234
160,385