The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 T A X A T IO N . [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] ECONOMY IN 331 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] ECONOMY IK T A X A T IO N . 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 ECONOMY IN T A X A T IO N . [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 R A IL R O A D 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 TH E E R IE R A IL R O A D 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] TH E E R IE R A IL R O A D CO N TROVERSY. 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 CU RREN CY AND 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, 1868] V IR G IN IA AND KEN TU CKY R A IL R O A D . 349 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. 350 V IR G IN IA AND K EN TU CK Y R A IL R O A D . [May, 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 | 1868J V IR G IN IA AND K E N T U C K Y R A IL R O A D . 351 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 352 V I R G I N IA AND K EN TU C K T R A IL R O A D . [May, 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 1868] V IR G IN IA AND K EN TU CK Y R A IL R O A D . 353 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 354 [ 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 V IRG IN IA AND KENTUCKY R A IL R O A D . 1868] V IR G IN IA AND KEN TU CKY R A IL R O A D . 355 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 356 V IR G IN IA AND K E N T U C K Y R A IL R O A D . [M ay, 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 1868] V I R G I N IA AND K E N TU C K Y R A IL R O A D . 357 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 ; 358 V IR G IN IA AND KENTUCKY" R A IL R O A D . [May, 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 1868 ] V IR G IN IA AND 359 K E N T U C K Y R A IL R O A D . 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] SO UTH 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 M IS S IS S IP P I 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