January 25, 1873, Vol. 16, No

. . : turn HUNT'S MERCHANTS' MA.GAZINB,

REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE nNTTED STATES.

VOL 16. SATURDAY, JANUARY 25, 1873. NO. 39B.

C O N T E M r 8 MONETARY PRESSURE AND THE EXPANSION OP CREDITS. THE CHRONICLE. Two financial movements are just now httracting notice. Monetary PreJsnro and the Ex- Eni;ll9h News 108 The first is the ebsii^g up of the money market, which is pansion of Credits Chan<^6s in the Redeeming The Tlireo Hundred Million Agents of National Banks 104 making itself more visible in regard to mercantile paper. Loan Commercial and Miscellaucons Latest Monetary and Commercial News 104 Capital continues to accumulate here, as the bank statemeot THE BANKERS' GAZETTE. to-day will probably show. Last week the rise was five Money Market, Railway Stocks, Investments and State, City and 0. i3. Securities, Oold Market, Corporation Finances — 109 millions in deposits, and the tide is still flowing in. This Foreign Exchange, New York Canal and Miscellaneous Stock City Banks, Boston Banks, and Bond List 109 concentration of money in New York is checked in some Philadelphia Banks, National State Securities 110 Banks, etc 105 City Securities 112 degree by the stringency in the money markets of the inte-

Quotations of Stocks and Bonds 108 RaUroad Stock and Bond List . US rior, which is already causing an outward flow of currency THE COMMERCIAL TIMES. from this Commercial Epitome 124 I Groceries 12B city. Catton laslDryGoods 139 Breaostufla This pressure on the monetary movements all over the 187 j country is ascribed by some persons, on insufficient grounds, ®hf €\)xonxtit to the obligation of the banks to hold 25 per cent of rwerve. The Commercial and Financial Chboniclk is Utued on Satur- The banks, if they were not compelled by law to keep idle day the latest morning, with news up to midnight of Friday. so large a mass of greenbacks, could lend this money, wo TBBHS OF SDBSCSIPTION-FATABLE IH ADTANCZ. are told, and could thus relieve commerce and trade, which Tbx Commkhoial akd FiSTANctAL CiinoNtOLE, delivered by carrier to city subscribers, and mailed to all others (exclusive of postage). have been sorely distressed for the past three or four months} For One Year $10 00 For Six Months 6 00 As relief from other sources cannot be had, why, it if 7%« CuuoNicLE wUl be sent to subscribers until ordered discontinued by letter. asked, Postage is 20 cents per year, find /s p tid bij the .^ubicriber at his nw post-office, cannot this method be tried of letting loose the

WILLIAM B. DAHA, I WILLIAM B. DANA & CO., Publishers, greenback reserve 1 banks left to their JOIIS 8. FLOTD, JR. 79 and 81 William Street, NEW YORK. Why cannot the be ) Post Oryioi Box 4,592. they Subscriptions and Advertisements will be taken in London at the office of own judgment to bold less or more of reserve just as the Chronicle, No. 5 Austin Friars. Old Broad street, at the following rates please 1 The persons who thus argue forget the lessons of Aniuinl Subscription (including postage to Great Britain) £2 2s. " " " " 15s. Half-Yearly e.xperience which we have so dearly bought in this country. Advertisements. 9d. per line each insertion; if ordered for five or more i nsertians. a liberal discount is allowed. Experience does not show that the b.inks can safely be left THE RAIL, -WAY MONITOR—A Journal of general Railroad Intel- ligence, intended to supplement the brief railroad news contained in TuE free of restriction in this matter, or that the reserves of the Chronicle, is published monthly on the fifteenth of each month. Subscription price per year {including a file cover the first year) $4 60 banks are a source of weakness, or that the power of those '• " " to subscribers of the Chronicle 3 00 inslitations to give atisistance to commerce and industry is ^r~ The Publishers cannot be responsible for Remittances unless made by Drafts or Post-Office Money Orders. capable of enhancement in the way proposed. Since 1857 A neat file for holdintt current numbers of the Chrohiolb is sold at the CS'" our banks have been more free from panics than ever before, office for 50 cents ; postage on tlie same is 20 cents. Volumes bound for subscribers at 50. The first and second of the Chronicle are wanted (1 volumes and their freedom has been due chiefly to their ample by the publishers. reserves. To weaken the reserves of a bank is to place THE RAIL^ITAT inONITOR. that bank in danger, and to do this to our banks generally The first number of the Railwat Monitor (inontUy) was published is to undermine the foundations of the whole financial January 15, 1873. The characteristic feature of the Monitor consists in its furnishing the machinery of the country. most complete reports and freshest intelligence concerning every railroad The true sources of the general stringency which ha« per- in the country, so classified and indexed that eacli item of information can always be referred to with the utmost convenience. vaded the financial movements of the past year are not to

A Handsome File Cover or Binder for current numbers, is be sought in the excessive reserves of the banks, but in the furnished gratis to every new subscriber for one year. over-expansiou of our credit system. The banks have held A Standing Index is continued from number to number, so that all reserve during the last year than ever before in the railroad matters publlahed within the year can be referred to by the last less number issued. course of our banking history under the National Currency Tlie Monitor is in no respects Intended to take the place of the law. If the reserves are justly chargeable with being the Railroad Department of the Cbronlcle, but ia expressly inlendod to latter have decreased t* supply a want long felt by the readers of that department, in giving cause of the stiingency, the should numerous reports and details of railroad information, which could never the former fell. But the stringency has done just the con- be given in the limited space allowed in the columns of the latter. trary. With obstinate tenacity, it has been much more Terms of Snbscrlptlon—(Payable in Advance.) severe since the reserves were defective than in former The Railway Monitor for one year, (including File (Jover with first 6ub- scrintlon) $4 00 reserves were held. It is well known The Railway Monitor, to subscribers of the Commercial and Financial years, when ample Chronicle 3 00 that the chief cause of our banking stringency is over, The <'ommercial and Financial Chronicle alone (with Pile Cover first year) 10 00 of the reserves expansion ; and this being so, the weakening WILLIAM B. DANA & CO., Pdblishers, of the banks could give only a temporary ^ase. It would 79 * 81 William Street, Hew York. Specimen Copies S«nt on Appllcatloo, mock us with a destructive and disappointing relief. StiJJ 102 THE CHRONICLE. [January 25, 1873.

although these facts are generally acknowledged, «uch is the here ; and that the foreign part of the negotiatior. will not monetary pressu'e which obtains throughout the country comprise more than two-thirds or three-fourths of the whole. that a considerable number of persons ar« tempted to grasp In this anticipation a largu number of applications have at any «xpedient which promises miiigation. With the been already made by bankers in various parts of the growing ease of money they will not be so liablo to be thus coKntiy to be allowed to take a share. The presei't

led astray ; and, as has heretofore happened, the popular arrangement is, however, to confine the business to the

feeling on the subject will suSside. same central a£;encie8 by wl;ich it was managed before.

A second point is the rise in gold and governments yes The chief of these were, if we mistake not, Messrs. Fisk & terday. The advance in the Ten-forlies is doubtless duo to Hatch, Henry Clews, the Fourth National Bank, aiid the the announcement of the Syndicate operations, which are First National Bank. What compensation these agents discussed elsewhere. But the rise in gold has been pro- are to be allowed by the Syndicate has not trans- duced by a large complexity of causes. Prominent among pired, but we believe that on the last ocdsiun they gained these is the agitation for enlarged issues of cuarency. If about \^ per cent; though their profits depended, in the inflationists can only succeed in this scheme, the price of part, on their adroitness in taking advantage of the gold must inevitably go up. In regard to new issues of movements of the markel. The present Syndicate is the greenbacks, Congress does not seem so pliable as was ex- result of the union of two separate parties, that of Marton

pected. The chief hopes of the inflationists i est in the in- Bliss & Co. and that of Jay Cooka & Co., each of whom crease of national bank notes. This expansion they hope had been making proposals to the Secretary. If there is to

to obtain ; and the prospect, however doubtful, has exerteJ, be any Euch operation, the people are well satisfied that Mr.

with other forces, a noteworthy influence on the gold market Jay Cooke should be prominent in it, for two reasons. for some days past. First, he hss had more experience than any other individual

There are a'so indications of .in accumulation of bank in negotiating the loans of the United States from the first

notes, which are selling at a discount, but the influx is not five-twenties of 18G2 to the present time. Among the ser- so great as earlier in the month. The eccumuiation of hank vices which in some of the war loans he conspicuously ren-

notos at this centre gives us a foretaste of the effect of the dered to the country, it is not the least, that the Treasury

free banking scheme. This project proposes to flood the was, at a critical period of the war, almost wholly depend-

country with bank notes, and to remove the present limit ant on its receipts from Mr. Cooke's extensive agencies, for to their issues. At present 354 millions is the highest ag- the funds needful for the carrying ot the struggle to a sue gregate of notes allowed in this country. Till 1870, the cessful close, when other means for raising these funds had

limit was 300 millions, and since the increase to 354 mil disappointed expectation. It is also remembered that by HoLF, and the agitation for further expansion, gold has gone the one thousand millions of bonds or more which Jay up from 109 to 114. Cooke has at various times negotiated, the Treacuiy has

On the methods for contracting the National Bank circula- never lost a dollar ; but the payments to the government tion we have often written, and discussion of this matter have always been made promptly according to his contract.

will become more important every year. Some pertl Such being the public view of the case, it is gratifying to

nent suggestions are made in the following letter from an find that if there is to be a Syndicate Messrs, Jay Cjoke & esteemed correspondent in Boston : Co. are to be in it, and that they are backed by such pow- Much has been said about making our National Currency more erful associates. elastic. Would it not be well to have the law give some ad- As to the 4^ per cents, the expectation is that they will vantage to those banks which will contract their issues in the dull eeason ? Thus the law might compel eacli national bank to be taken up next by the Syndicate, and that the four per pay taxes of two per cent a year, but only on the average amount p«nts will follow, a few months interval being allowed kept out by itself. Or the Government might charge at the rate of two per cent, a year to each bank on the amount actually in between each loan. The present loan, as we have said, is circulation, and nothing to each bank on the amount of its for three hundred millions, which exhausts all the fives authorized circulation kept in its vaults. This last plan would require law July a reorganization of the banks, I think, so for as to have authorized by the of 14, 1870, as amended Jan. frequent and perhaps weekly reports, and also that the country 20,1871. These laws authorize 300 millions of 4:^ per banks should become branches ot large banks in the redemption citits. The cents and 700 millions of 4 per cents, of wh-ch ihe former, head banks only might be required to make t'>e weekly reports as in Scotland, where each head bank has forty or it is supposed, can be negotiated during the year 1874, if fifty branches. the present loan is satisfactorily carried thl'oiigh. These are the main facts we have been able to ascertain THE THREE HUNDRED MILLION LOAN. as to the new Syndicate. There are, however, a number of A final agreement was made on Thursday at Washington, points on which information is wanted. The first, has re- by which Mr. Boutwell sold 300 millions of new fives to a gard to the rate of commission which Mr. Boutwell has | Syndicate of bankers. The purchasers are Jay Cooke & agreed to pay. The law specially limits the appropriation Co., and Morton, Bliss & Co. The former " firm are asso- to ^ per cent, which includes the expense of preparing, ciated with the Rothschilds and others, and the latter firm issuing, advertising and disposing" of the bonds. If the with the Barings and others. There is thus a broader combi Secretary of the Treasury has agreed to pay more than this nation than that of August, 1871, which was under t'le sole I per cent. Congress may refuse to make the appropriation control of Jay Cooke & Co. How long a term the new or to allow the disbursement. There are conflicting opinions Syndicate arh allowed in which to pay for these 300 mil as to what Congress is likely to do in the matter. The lions is not announced. But the report is that they expect recent report of the Committee of Wa>'s and Means leaves to complete the whoh negotiation in a year, and perhaps the question in some doubt. What is certain is, that the before. With this view it is said the legal 90 days' notice committee could not agree to affirm either the lawfulness of will be given by Mr. Boutwell, to expire in May, for pay- the Syndicate arrangement or the contrary. A non-com- ing oflT the first millions 100 of Five-Twenties; while a mittal resolution was, therefore, the '-nly alternative. second lot of 100 millions are proposed to be called in for Whether Congress will be equally divided in sentiment, 1st June, and a third lot for the 1st July. Of these 300 and what shape the matter will assume whn it comes up, millions of outstanding Five-Twenties, about 100 millions as it inevit ibly must, admits of great uncertainty. A large are believed to be held in this country. fact This seems to number of members of the House .vill, no duubt, agree with suggest thata part of the loan will have to be negotiated I tho YJew held by Tbb Chrokiclk, that the law;a8 it at present . .. : : ; : ,

January 25, 1873. THE CHRQNlCLEi 103 stands does not allow Mr. Boutwell to pay more than ^ per materially improved daring the last few yean, and it wm ganw- ally believed that the shares of the diridend-parlnn eompanlea cent for the expenses of this negotiiitios. Congress has were, in nearly all cases, at their legltlnut* ralna, that is to mj hitherto refused to enlarge this coininission. The Com- that the price had been forced np to a point which would redoea of and Means have refused to report in favor mittee Ways the dividend to 4^ or 5 per cent. But latterly, coal and irou have any such incre:^se. In view ot these facts, the question of become much dearer, and the rate of wages has been advaneed ; is whether Mr. Boutwell has really agreed, as reported, to and it is expected that as these additional charges will form a prominent feature in the half year's accoants, the divldrndi wbleb givo. besides the ^ per cent three months' interest as a which will soon be declared will, In some caaea, be disappointing bonus to the Syndicate, equal to 1^ per cent. If he has so This week, nearly all accounts which ware open for the riaa agresil, and th • agreement is ultra vires, what is to be done appear to have been closed, and rather an extensira "bear" accoant about it 1 has supplied their place. Ann' hjr question if, whether if ihesa difficulties can be The closing Stock Exchange settlament for 1872 witneasad remedierl, the present time is a favorable one for the rie- some fai'ures in the Erie market. The unexpected announcement of Jay Gould's restoration of so large an amount of property to gotiution. It has been argued that the recent stringency in the company embarrassed, as a matter of course, the "bears," of the European money markets is unfavorable to such an whom there appeared to be many ; but It is aatlsiactory to notice operation, anl that the French indemnity paymer.ts this year that the suspensions were only three, of whom only one waa of will increase the trouble. The Syndicate on the contrary importance. The letters delivered this week contain the dewila argue that the present time is nn unusually good one. They of the movement, and as there appears to be every indication that point to tho fact that the monetary stringency in P^igland the present directors will employ every effort to make the line a success, there is now as much confidence in the fntore of tha and G.-rmany is over. The bullion in the Bank of England undertaking as there was distrust in it before. is above 24 millions sterling. Letters from London capital- It would be a good thing for American finance, as far as the ists declare thit so favorable a time has not for years been raising of niouriy in Europe is concerned, if similar measures observed in Englaid fcr marketin>; American securities. could be adopted in regard to certain other enterprises. The As to Germany, the Syndicite declare that the situation has revelations which are now and then made naturally make In- wholly changed. France now agrees to make larger pay. vestors cautious of American railroad bonds, and militate against their succcs.^. A lo.in appeared some months back for the Ala- ments than were expected during the first five months of bama & Chattanooga Railroad Company. To the bondholders this year. In order to emancipate her territory from German the investment has been a great loss, and the following, which occupation Frsnce is to pay $40,000,000 a month from now has been communicated by the Conncil of Foreign Bondholders, till Msy next. This will complete the second milliard gives them but little hope of a satisfactory management of their almost a year in advance of the stipulated time of payment, interests and will release the whole of France except tho fortress o( The following is an extract from a letter of Mr. F. de Neufolllc, of New York, to Dr. I.cvita, agent of the Council of Fiirclgn Bondholders at Frank- " Belfort. With regard to these prodigious payments the fort, in relation to the Alabama and Chattanooj,'a Railway ; Tho prcMOt atjtie of tho company is the following: The first puichaxcr of the railway Syndica'.e argue that they vfill to enlarge the mass of capital under the decree of the Bankrnplcy tN>urt was the Sthl« «>f Alahsra* ttwelf. and ' ' " ' ""' It hils to pay about $.313,000; of this, however. It o: ? •^l.tte, seeking investment iis to offer us an opportunity for pi cing on its i)art, sold the railway to St«nton and collo i a llh which amount Alabama intended to cover the $li ..'lich our new bonds, which we ought not to lose. it still had to p«y. Slanton has. as yet, only paiil iii'Hut ^i".<"r i. miu it -;» very questionable whither he can or will pay the remainder of the purchase money. Meanwhile the railway is, as at the commenccmerif. still in bankruptcy, and hands of Judge Bustead, of the United States District C le that in the case a.\TE8 OV BXCH.«.I[email protected] ** short. 25.50 Paris 3 months. 2S.82>4.a25.87K' its normal state. There is at present no demand for gold for " Vienna 11.17X@;i.«SX 3 mos. 109.70 '* " export, and as the Australian mail steamer has arrived with Berlin f,.ny,m-^H 1 6.S0V '* Frankfort ii9)[email protected] short. inx £494,000, rather a considerable supply has been sent into the St. Petersburg .... 31X@31« Cadiz 42^S48>tf .... bank. Hence tho stock of bullion shows an increase of £347,441

Lisbon 90 days. • • •• • .. 52>«,' compared with that given in the preceding return. Next week Milan 1 Genoa > :) months. J!8.C2>[email protected] • • •• the dividends on the public funds will be distributed, and it is Leghorn ( account will afford grounds for New y«rk .... Jan . 3. 60 days. 109'i anticipated that the next bank Rio de Janeiro Dec 7. 90 day«. 85X believing in an early reduction in the bank rate. There are eome_ Bahia Dec. 8. 25><©S«

Vatparaiao ...... Nov. 14. 85M indeed, who believe in a revival of the German demand for gold Pcrnambnco . Dec. 11. 25f.'®26X signs of it. Tho French indemnity Kingapore 80 days. 4». 5rf, though there are at present no ** Hong Kong... il. M. Dec. 27. 6mo». 6«. »X(i. operations will undoubtedly render the course of the money Shanghai .... Doc. S8. 6s. l)id. Ceylon market uncertain, and numerous changes in the official minimum Bombay 60 days. U. 10>i-ll-16

104 THE CHRONICLE. [January 25. l»78.

Bank Open Bank Open Liverpool Breadstu^s Market.—With the exception of a de- rate, market, rate, marke per cent, per cent. per cent, per cent cline of 3d. in corn, these prices remain unchanged. Pari* S i)i-S Lisbon and Oporto. 7 7 Hat. Mon, Tues. Wed. Thnr. Amsterdam 5 5 St. Petersburg 8 8 Frl. " d. B, d. B. d. B, d. Hambar^ 5 Brnssels 5 6 _, s. d, e. d. Flour (Western) ^ bbl 29 6 89 6 8!) 6 89 6 29 Berlin S 6 Turin, Florence and 6 89 6 Wheat (Red W'n. spr)..^? ctl 11 6 11 6 11 6 11 Frankfort B S Rome " 6 11 6 11 6 (Red Winter) " 12 2 12 8 18 8 IS 2 12 Vienna and Trieste.,., t}4 Antwerp 8 13 a 1i( " (Gal. White club) •' 12 10 12 10 12 10 Uadrld, Cadiz and Bar- Belgium U 10 12 10 18 10 Corn(W.m'd)new^quarter 28 28 88 28 28 celona 6 6 87 9 Barley ^Canadian) ^ bush 3 6 8 6 3 6 3 6 3 6 3 S • - - Excepting British railway shares, the stock market hag been Oats(Am. ACan,) $" bush" 3 2 8 2 3 2 3 8 3 8 3 3 Peas ^Canadian), ¥ ouarter 33 88 38 38 38 firm, and the quotations have had an upward tendency. The 8 Liverpool Provisioni Market.—Lard and cheese have ad- Talae of foreign stocks has improved, and American descriptions

vanced ; other prices exhibit a decline. have been inactive request at an advance, Erie shares have Sat. Mon. Tues Wed. Thnr. been in demand, and the quotations are firmer; and there has Frl- 8. d. B. d. B, d. B. d. B. d. 8. d. BBef(Pr. also been a better demand for Illinois Central. In the consol mesBjnew^ tee.. 95 95 9.1 9' 6 93 6 90 Pork (Pr. mess) new ^bb!. 63 63 6:3 C3 63 62 market there has been no important movement. Bacon (Cum. cut) new^cwt 31 34 3t 34 34 84 Lard (American) ..." 38 38 38 3 38 3 88 6 88 9 Tbere has been an active demand for foreign bills of exchange, Cheese(Amer'nflne) " 680 680 63 680 680 830 and the rates are less favorable to this country. Gold continues Liverpool Produce Market. —Common rosin and spirits petro- to accumulate in this market, but silver and dollars are rather leum have each declined, and spirits turpentine has advanced. firmer, the supply on offer being very limited. Sat. Mon. Tues. Wed. Thnr. Frl. d. 8. d. B. B. 8. d. The following statement shows the present position of the d. d. 8. d. Bank Ro8ln(com. N. C.)...f 1 9X 1 8X 1 9 1 9 1 9)< the average for " quotation English Wheat, the price of Middling (spirits) " 12 12 12 1 1 1 1 Tallowf American)... cwt. 43 43 43 43 43 43 Upland Cotton, of No. 40 Mule Yarn fair second qualiij, S Cloverseed (Am. red) 42 42 42 U 42 42 42 and the Baokers' Clearing House return compared with the pirits turpentine. ..¥ cwt. 45 6 48 46 46 48 48 four previous years : London Produce and Oil Markets.—Sugar has advanced 6d. 1869. 1870. 1871. 1872. 187.3. Circalatlon, Including £ £ £ £ £ since last Friday, and linseed oil has declined 10s. bank post bills 84,417,433 24,34. 577 24.942,S63 S6.10l.8n9 85.907.884 Sat. Mon. Tues. Wed. Thnr. Frl. Public deposits 6,4Bri 495 1II.-J4I7H2 fi.2Sfi,109 7.3f>7.001 11,035,6J9 £ 8. d. £ p. d. £ s. d. £ s. d. £ B.d. £ B.d. Other deposits 19,49,5.^05 18.287,743 2r>,2-s.?,2S3 25.024,5K8 21,481.8.12 Llns'dc'ke(obl).^tn 10 10 10 10 10 10 Government securities. l.'I.9S4.710 !6,,311,399 12 925,669 14.H%,440 13.270,3« LlnBend(Calcutta).... 64 6 64 6 64 6 &4 6 64 6 64 6 Other securities 20,646,496 20,2,53,219 18,902,267 80,05'J,2tt8 23,972,130 Sugar ;No.l2D'ohstd) Reserve of notes and onspot.^cwi 33 6 83 6 33 33 6 33 6 84 coin 9,4>J,8fi6 10.S5S46I) 13.234,919 14,646,351 13 45.3.093 Spermoil 8 ton 94 91 94 91 94 94 Coin and huUlon' 18,519,861 19.095.721 22..382,931 25.291,761 24,014.298 Whale oil " 40 10 41) 10 40 10 40 10 40 10 40 10 Bank rate 3 p, c. 8 p. c. 2K p. c, 3 p. c. fi p. c. Linseed oil.. .. " 33 10 33 5 S3 33 33 33 Consols 92Jid, 92>ixd. 925id, BlJid. Priceof wheat BOs. lid. 43s. 8d. 52s. 3d, 65s, 4d. 669. 4d. Mid. Upland cotton ., lid ll>fd. 7 15-16d, S lS-16d. lOKd, CIIANUmS li\ THE KBUtliiMINti A(iE.\n (IK KATIUi\itl "AU^ 1^0.40 mule yarn fair Sd The following are the changes in the Redeeming Agents of quality l9, 2Vd. U. 3d. Is. IXd. Is. iii&. Is. 3i. Clearing House return 93,041,000 U0,906,000:i30.057.000 National Banks approved since the 16th inst. These weekly changes are furnished by, and published in accordance * In both departments. with an arrangement made with the Comptroller of the Currency The opening corn markets of the year have shown Indications of considerablft firmness, especially for good wheat. The tend- LOCATION. HAMS or BANK. BSDBBHINO A6SNT.

ency of prices has been decidedly upward, and the stocks on hand Iowa- First National Bank First National Bank, New York City, Charles City.. approved SB ar additional Redeem- are only moderate. In France wheat continues to I be sparingly ing Agent. 1 offered, and the trade is firm, with an upward movement in the Minnesota— FlrBt National Bank Ninth National Bank. New York City,

Northfleld. .. I approved. quotations. The weather continues very wet and unsettled, bu* Indiana City National Bank. Third National Bf.nk, New York City, Go!*hen I approved. on light soils the wheat plant looks well, though perhaps it is Pennsylvania First National Bank First National Bank, New York City, too forward for the time of year. Glen Rock i and Niitlonal Exchange Bank, Baltl- more, approved In place of Union I The following is a return of the stocks of grain, etc., in the National Bunk. Philadelphia. I port of Liverpool Michigan- City National Bank, Fourth National Bank, Chicago, ap- Marshall. I proved as an additional Redeeming Dec. 31, Sept. 1, Dec, 31, Agent, t 1871. 1872. 1872. Michigan First National Bank Approval o( Commercial Bank of Chic- Quarters. Wheat 513,481 191.793 381,370 Grand Haven.. ago flp Redeeming AL'ent revoked. " '"" I Barley 6,453 2,000 6.889 DacotaU Terrl'y- First National Bank Ninth Niiional Bank, New York City, Malt'. 1,345 1,261 1,337 Yankton I approved. GaU 15,315 8,654 Beans 53,101 33,443 «2,.364 Nenr National Hauhii. Peas §,438 13,177 18,166 Indian Corn 152,191 231,474 832,775 The following is the only National Bank organized daring the Oatmeal Loads. 12,012 ,3,0;5 6,157 past week, viz. Plonr Sacks, 41,i54 26,695 23,206 Offloliil No. Flour Barrels. 82,949 24.849 86,144 2,075—The City National Bank of Griffln, Ga. Anthcrlzed capital, fSO.OOO Since I completed the above letter an important failure has paid in capital. $30,000. Gi'man J. Drake, Prefidert; J, G, Rhea. Cashier. Authorized to commence bnstness Jan. 20. 1873, been announced, viz., that of Messrs, J, F, Pawson & Co,, Ware, housemen, of St, Paul's Church Yard, The firm have conducted COMVIERCIAL AND MlSCliLL.VNEaUS NEWS. a large business for more than half a century, and the liabilities are estimated at from £600,000 to £700,000. It is believed, how. Imports and Exports for the Week.—The imports this week show an increase in both dry goods and treneral mer- ever, that on the realization of the assets there will be a surplus chandise. The total imports amount to |;ll,282,162 this week, remaining. against f5,348,106 :ast week, and |6,286,904 the pruvious week. The exports are $4,586,333 ihis week, against $4,454,423 last EusUah market Reports—Per Cable. week, and S3,513,906 tl\e previous week. The exports of cotton The dfjly closing quotations in the markets of London and Li ver- the past week were 12,163 bales, against 10,835 bales last week. poolforthe past week have been reported by submarine telegraph, The following are the imports at New York for week ending (for dry goods) Jan. 16, and for the week ending (for general as shown in the following; summarv: merchandisel Jan. 17: London Money and Stock Market.—American securities excited rOBEiaS IMPORTS AT NKW TORK FOR TBS WRKK. at the close, with a large business doing, and wide fluctuations. 1870. 1871. 1872. 1873. Dry goods 11,571,194 J2,045,948 t2,2«l,75S $3,435,699 It is reported on the Stock Exchange that prices have been General mercliandlse... 8,788,324 8,544,?'83 8,873,016 7,84<).4t;8 foroed to float tlie new loan. Total for the week. . J4,,357,5I8 16,590 S34 $6,734,788 $11,282,1151 The bullion in the Bank of England has Increased £433,000 the PreviouBly reported 4,552,895 6,641.792 13,741,8('8 11,636,010 past week. Since Jan. 1 $8,910,413 $11,231,326 $18,879,644 $»,gn.m

The Bank rate has been reduced \, and is now 4 per cent. In our report of the dry goods trade wUl be found the imports of goods for one week later. Bat. Mon, Tues. Wed, Tbnr. Frl. dry Consols for money 92 If 92 92X 92X 32X The following is a statement of the exports (exclusive of specie, *' 92X account 925i 92« 92X 92X 92i< 92V from the port of New York to foreign ports, foi the week ending U. S. 6b (5-20?,)1865,old... 93X 93X nn 93X 93;!i 92X Jan. 21 1867 9.3Ji 98« 92% 93 92Ji KXPORTB FROM D.8, 10-408 90 90X 91 90X 92 NIW TORK FOR THB WIKK Hew 5s 89X 89>i; 89X 89X 90K 1870. 1871. 1872. 1878. For the week $2,696,806 $5,131,499 $5,160,172 $4,586,333 The daily quotations for United Btatea 6a (1862) at Frank PreviouBly reported., .. 8,156,030 13,f69,683 9,41.%I77 7,968,329 fort were Since Jan, 1 $10,862,856 $18,704,188 $14,575,319 $12,554,663 Frankfort . ., 98X The following will show the exports of specie from the port of Liverpool Ootton Marh)t,—BM special report of cotton. New York for the week ending Jan. 18, 1873, and since the :

Januan 25, 1873.? THE CHRONICLE 105

of the year, with beffinning a compariaon for the correspondiog BANKING OFFICE OB" F18K & HATCH, date in previous years ; Nbw York, Jan. 24, 1873. Jiiu. 13—Schr. ChSB. Tliomp- Jan. 18—Str. Main, | Bremen— •on. Jacmel— The CHESAPEAKE and OHIO, the | American gold coin tlS.OOO CENTRAL and WE8T

American gold coin $S,000 I Jan. 18—Str. City of Merlda, ERN PACIFIC BONDS, all of which have been American silvor coin 1.1,000 Progreaao— negotiated by |

Ian. 13~Str..Java, I Liverpool— Mexican doubloons .1.9JS us, we believe to be among the bent and mo«t desirable lovast Sliver barn 494,830 ^ | ment Securities in the market, which in Total for the weeic f32B 155 time must beoome very Previously reported 8,517! 153 scarce especially ; as the Qoverument will probably, daring Total since Jan. 1,1873 |:i,88^308 this year, pay off In gold another large lot of FivkTwemtiiu, Hame time In Same time In and issue in their place Five Per Cent. Bonds. 1874 $94.5,892 18<18 J6,910,93t 1871 l,784.7;i:i 1867 I,8«9,0l8 The CHESAPEAKE AND OHIO SIX PER CENT. OOLD 1870 l,:ac.t;81 18«« 1,878,444 18«9 l,101,3i» 180.5 1,970.437 BONDS, the total amount of which is only $15,000,000, ar« The imports of specie at this port during the past week have secured upon a property worth |3.'5,O00.OOO to $40,000,000, and been follows as are fully eijual in intrinsic value to the Ckntbal PACiric Bonm, Jan. 13— Str. Columbia, Ua- Silver $S0,700 They are issued in denominationa of vana— Jan. 17—Str. Tybee, Porto $100, $600 and $1,000, cou- Sliver $4,n:.8 I'lata- pon or registered, and at their present market price, 86 and ac- Oold 500 SUv-sr 7,754 crued interest, are Jan. 13—Str. City of Mexico, Gold 5,009 very desirable. Vera Cruz- The CENTRAL .' PACIFIC SIX PER CENT. Total for the week $38,019 GOLD BONDS Previously reported 15,590 are too well known to reqnirn description or commendation.

Their total amount is $25,88.5.000 ; they Total since January 1, 1873 $53,(109 have for a long tlma Same time In Same time In ranged in market price near or alwve par. 1874 161.640 18(19 I $169,906 1871 1159,416 18«i8 95,049 The WESTERN PACIFIC SIX PER CENT. OOLD BONDS 1870 470,37711867 143,388 amount to $2,735,000. This road is now consolidated with the — In regard to the recent sale of stock of the South Side (L. Central Pacific, and the payment of its bonds, principal and I.) Railroad, the Secretary of the Company states, in a circular, that " the purchasers are anonymous clients of the Banking House interest, is assumed by the latter. Coupon Bonds, $1,000 eaeb. of Jacob K. SLipherd & Co., 24 Pine street, and include capitalists Their market price to-day is 90i to 90f As they have reoentl/ in New York and Boston, who believe the price stock cheap at the been introduced on the Stock Exchange, we expect to M* paid, and were offered, as it is reported, $200,000 bonus for their them rapidly rise to the price of Central PACirics, being stock within twenty-four hours after its transfer. The negotia- tions were only consummated by an agreement between ths princi- substantially the same in character and value. pal shareholders to sell each a bare majority of his interest and We buy and soil, as usual, Qovernment Bonds. receive deposits retain the rest. Not ' a single individual was bought out,' and the on which we allow interest, make collections, and conduct a gene- corixjration retains as large shareholders every capitalist hereto- ral banking businejs in all its branches. fore connected with it. » * « The rumor that Oliver FISK & HATCH. Charlick was at the bottom of the transaction is entirely without foundation. The effect of the transaction upon the Company's TO INVESTORS. new loan now on the market, has been to give a great impetus to sales." To those who wish to REINVEST JANUARY COUPONS OR —The Canada Southern Railroad is now finished, and it is DIVIDENDS, and those who wish to INCREASE THEIR IN- expected will bo in operation at an early day. The Chicago and from alreaJy'invested in less Canada Southern is being pushed as rapidly as possible, with a COME means other profitable securi- view to finishing it during 1873. Messrs. Leonard, Sheldon & ties, we recommend the Seven-Thirty Oold Bondii of the Northern Fo.iter, 10 Wall street, are offering the 7 per cent, gold bonds of Pacific Railroad the latter company at 90 and accrued interest. Company as well secured and unusually produc-

— Messrs. Jay Cooke & Co., financial agents of the Northern tive. Pacific Railroad Company, report that there is a good investment The bonds are always convertible at Ten per cent, pretciam demand for the First Mortgage T 30 gold bonds of the road, and (I'lO) into the Company's at that the sales since the first of January amount to nearly Lands Market Prices. The Rate of fl,000„000. Interest (seven and three-tenths per cent, gold) is eqaal now to —The annual statement of The New York Mutual Insurance about SJ- currency yielding an income more than onethird Company will be found in this numi)pr of The Chronicle, — showing assets amounting to $794,337 40. The Trustees have greater than U. S. 5-20's. (jtold Checks lor the semi-annual inter- directed the payment of six per cent interest on all outstanding est on the Registered Bonds are mailed to the Post Office addroea scrip on and after Feb. 11th, and have al.so declared a scrip dividend of 40 per cent on the net earned premiums for the year, cer- of the owner. All marketable stocks and bonds are received in tificates for which will be ready for delivery Marcli 1. exchange for Northern Pacifies ON MO.ST F.WORABLE TERMS. —The Pacific Mutual Insurance Company.—By the annual state- ' JAY COOKE & CO., ment of this company, which appears in «.nother part of this paper. Ne-vy York, Philadelphia, and Wsshington, It will he observed that during the year just closed its receipts for premiums on Marine risks were $673,30.') 08, and on January 1 its Financial Agents Northern Pacific Railroad Co. total assets were $1,021,091 59. Interest on the outstanding cer. tificates of profits, at the rate of 6 per cent, will be paid on and after Feb. 4. ®l)c ©ankera' (Ba}titt. —The thirty-ninth semi-annual statement of the Home Insur- » I VI D E N D N . ance Co., which is given in our advertising columns, shows the The (ollowlns Dividends have been declared dortnc the past assets of the company on the 1st of January to be $4,446,858 78, while the liabilities (consisting of claims foi losses and dividends PiB Whkm COMrANT. CasT. Faslb. Books Obsao. unpaid) are only $,590,914 19. Such a showing, after the experience of the last fifteen months, reflects great credit on the Railroads. officers of the company, and is proof of the strong confidence Terre Haute ife Indianapolis « Jan. ao. Conn. & PastJUmpsIc River pref .1 Feb. 1. which the public has in this staunch old institution. Dry Dock, E»»t Broadway & Battery Feb. 1. Jan. tS to Fab. S. Baaka. —The coupons of the First Mortgage 8 per cent gold bonds of Oerman American 4 free. Feb. 1. Jta. n toF«b. *. the Logansport, Crawfordsville, and Southwestern Railway Com- Loaners' 3X fiee. Jan. SO. pany, due February 1, 1873, will be paid on and after that day at Insurance. Fire 8 Feb. 1 the office of Messrs. Jones & Schuyler, Financial Agents, 12 Pine Rutsfcrs Rutgers Fire, extra 3 Feb. 1. street, N. Y. Peter Cooper Fire 10 Feb. 1 msrellniieoiia. Delswore &, Hudson Canal 6 Feb. 1. Jan. 18 to Feb. S. BANKING AND FINANCIAL. F»fm*n' Loan & Trust Co 3 Feb. 1.1 Kimb'« Coal A Iron 5 Jan. S2.'jan. Uto Feb. 1 CeuLrrt, Xew .Jersey I.an(l Improvement Co. SMS. Feb. S.'Jan. «l to Feb. 5 Bankiko House Si ok Henky Clkws Co.,) Amerl'can Coal Co.' of AUeghaay Co., Hi.. 88. M«h. lO.IPeb. » to Mcb. 11 32 Wall street. N. Y. f Oulncy Xflnlng s& Fab. »•. Feb. 13 to Feb. *4 Fire Arms Mauuf. Co 1 Feb. 1. '.Tan. as to Feb. 1 Bills of Exchange, Circular Notes, Travelers' and Commercial Berdan FaiDAT ETBHiNa, Jan- M, IWS. Credits issued available In all parts of the world. The Money market. The money market has been slightly Deposits received, subject to check on demand. Interest — irregular at times during the week, and closed this evening quite allowed on all Daily Balances, every accommodation and facility active at the highest point made, namely, 1-32 per day. in addition afforded usual with City Banks. to 7 per cent, interest. This rate, however, is quite exceptional, and only took place on a sharp tum late in the afternoon, when it was developed. Regular rates for money RAII.ROAD BONDS—Whether you wish to BUY or SELL no apparent cause for have l>een 6@7 per cent., with exceptions as high as 7 gold, and write to down to 4 and 5 per cent, on several days In the alternoon, when HASSLER & CO.. brokers' accounts had generally been made up. No, 7 WsU street, New York. The experience of former years has encouraged an eipecUUon X : . . ;

106 fM CHRONICLE [January 25, 1873 Q that money will continue easy for several months after the first Kallroad and Mlacellaneons Stock*. The general market of the year, and the sharp advance in call loans thiB evening has moved with more buoyancy, particularly on Wednesday and is not considered as having any special significance. Thursday, prices on the latter day having made quite a sharp For prime commercial paper the demand continues good at 8@ advance, with large transactions in Ohios, Lake Shore, 10 per cent., while some very choice paper has been sold as low Kock Island, New York Central, and Pacific Mail. as 7 per cent. The highest point of most stocks was touched on Reports from the London market are quite favorable, bullion Thursday afternoon and this morning, but subsequently there in the Bank of England showing a further incre&se this week of was some reaction, and prices close this evening lower than yes- £432,000, and the discount rate having been reduced to 4 per cent, terday in consequence of some considerable sales made to realize from ii. the advance. The movement here noticed in the market is said The Bank of France shows a decrease in specie this week of to be without the assistance of the leading stock speculators, and 500,000 francs. the support of outside purchasers is considered an important ele- The last statement of our New York city banks (January 18) ment. No new developments have transpired affecting the value

showed an increase of $809,075 in the excess of reserves. The of particular stocks ; the Toledo and Wabash Company have total liabilities stood at |240,130,400; the total reserve at $65,531, authorized $5,000,000 of new bonds for the purpose of laying

700, being $5,499,100 more than 25 per cent, of the liabilities. steel rails ; reports have been current that the Erie Company The following statement shows the changes from previous week may be successful in placing their new bonds in London at par and a comparison with 1872 and 1871: Union Pacific is unfavorably influenced by the Congressional -1S73. 1872. tSTl. investigation and the possibility of adverse legislation ; Pacific Jan. 11. .Jan. 18. DUferences. Jan, 20. Jan. 21. Loans and dla. ... f2;5.55!.SflO 1278.209.61)0 Inc.. »2.656,80O 1279,032,900 |270,S.t3,7»'. Mail has been strong, notwithstanding the telegram that the Specie aSiW.lOJ 2l,ll'.',8a) Dec. 1,428,910 27,693,800 28,520,495 steamer Alaska was four days overdue at Hong Kong. Circulation 27,461.600 27,5.I2.200 Inc.. 80.600 28.371,200 S1.9S8.274 NetdeposIM 207,441,500 212,558.200 lie. 5,116,;0O 220,361JiO« 211,690,030 The following were the highest and lowest prices of the active Leeal tenders ... 40.876.700 44.420.900 Inc. 3,5(4,200 45,419,500 49,774,557 list of railroad andmiscellaneoasstocks on each day of the last week: United States Bond*.—The market for governments has been Saturday Monday, Tuesday. Wednesd'y Thursday, Friday, quite active and buoyant. The higher range of gold and the Jan. 18. .Jan. jO. Jan. 21. Jan. 22. Jan. 23. Jan. 21. K.T.CeniH.K :02X I'SK WHiWHi 103X 104S< lC4>i lli5X 105M I06X 105k 10« more definite information in regard to the syndicate operations Harlem 117 122X 119^122 122 122H ISO I21H 120 121 r.9M120i< have been favorable to higher prices. A Washington despatch Erie 603< 81X 61 eiH 61X 63X iiH 68)i 63 64« 61;^ 65H do pret •73X 77X *.... 78 77 77 '.... 78 17 78>J to the Herald gives the following in regard to the agreement Lake Shore.... 92X 92K 92H 92V 92K S^V 93X 91 94 95 « 35 93V Wabaah 71X 72H 72 73>4 11% '.SH 'JaX 73 ;SM T3V ISV made with the two syndicates : 74H Northwest 81 81 81 81 81 81 SIX 8SH 83 84 ** The parties to the two proposals which have been pending before the Sec 8Q>i 30>i do pref. 88 SS sea iS'A aa% SSH 88K SS% 89 SOK 90 91K retary of the I'reasury having united, the Secretary has completed a cuntract Bock Island.. . IIOX UlJi HI HIV 111)» 112 112 llSJi U2« 114H IlSJtf 114V for the negotiation of the remaining $300,000,000 five per cents funded loan, St. raul 52 !2 52 S2K 52V S3X 5SH 53V M}i 33V 53« SSX with Messrs. Jay Cooke & Co., representing N. M. Rotlischlld & Sons, Jay do pref... T7X 77>i 77X 7TX "X 77H n% 77v 7-M T»V WV 79H Ohio&MlBSlp. 46J4 i6% W'.'i )6« 4;« 47X 49X 48J< 4'.IX Cooke McCulloch & Co. and themselves ; and with Messrs. Morton. Bliss & 46K 46V 46J< Centralof N. J 1(2 I03K lOSX 103 103 103 103 103 103 Co., Drexel. Morgan & Co., representing Messrs. Baring Brothers & Co., J. S. 104X 102V 103H Bostou.H&B. 8 HH SW SH 8K 8V 8J| 9 9 »ii 85< 9 Morgan & Co., Alorton, Rose ^ SSii Panama 125 125 •125 139 •.... 127« 125H 128 •1S7X 130 128K 128H the 5 per cent bonds, and both 10-40s and the funded 5s are ma- West. Un. Tel. 82!^ 83j4 82« 84X ia% 84k 8.3X S4X 84k S5 B35i 84J4 terially higher than last week, 10-40s having been quoted to day Quicksilver... 43M 44X *I3V .... "43X UH 43H 43V 43H 43V 43X 43X do pref.. 63 53 '.... 5t •.... 54 ".... 64 at 114| against 111^ last Friday, and funded 5s at 114i@115 PaolfloMall, ... 69H 70J< 70M n% 70V 71X Ilk ''3% 73 WX '2X MV 96 96 .... •• '^VA .... "98 against 111^ last week. This is a remarkable advance for gov- Adams Exp •95X •96V Am. Merch.Ex •69k «9k '69 69X •.... 69k '69 e9k 69>i 69k 69k mn ernment bonds, and has ftrengthened the whole market. Trans- United States.. 79 79^ X76V 16» 76 76 73k T6 76X 7Ik 77^ 73k "63 85 "fS •83 actions have been large, and the amount of sales yesterday and WollB, Fargo.. 85 •S3>i 85 86 "84k S5k 84 85 Canton 101 101 100« lOlM lOOX lOUk lOUk 100>< 100>i lOOX to-day at the stock exchange were the largest recorded for some * This iB the price bid and asked, no was the Board time past. sale made at The range in th«se stocks since Jan. 1 has been at follows : At the Treasury purchase of 5-208 on Wednesday the ofTerings . -Since Jan. 1. Slnc« Jan. 1. , amounted to $666,400, and the bonds accepted to $.546,400. ^Lowest.-^ ^Highest.-. -Lowest.-, ^Highest.—. NTCenJkHK. Jan. 6106?4Jan.2S Honn. ASt.Jos 46 Jan. 14 SOk Jan. Closing prices daily, and the range since Jan. 1. bnvBjbeen: 99H Harlem H4X Jan. 6 122k Jan. 18 do do pref 70 Jan. 2 H}i Jau. o Jan, Jan. Jan. Jan. Jan. Jan since Jan. 1. \ Erie 63kJan.l3 65« Jan. 24 Union Pacific. 34 Jan. IS 39k Jan. 4 U. 20. 21. 22. 23. 24. -Lowest.-^ .—Highest.^ do pref 77 Jan. 22 73k Jan. 24 Col, Chlc.& I.e. 36V Jan. 2 39>i Jan. 23 58. fund, 1881, cp.. in<4 UiK'llSit 113M ilia ''.ilji 112 Jau. 11 113X Jan. 23 Lakeshere 91% Jan. li 97 Jan. 6 Panama 125 Jan. 18 1.30 Jan, 6 reg 68,1881, 115^ "IISX "IIS^' 116 115X '.16X 114XJan. 4 1161i Jan. 24 Wabash 71k Jan. 18 75V Jan. 2 West U Teleg'h SK Jan. 7 85 Jan. 23 6a, 1881, coup HEX I17V} inji m% inx iisx \\ii4 Jan. S 118)4 Jan. 24 Northwest 80k Jan. 18 84 Jan. 24' Quicksilver.... 4Sk Jan. IS 46k Jan. 2 5-20'8 1962, coup... '114 114« '1145i 'lUX IH^ !HJ< Wffi Jan. S 114K Jan. 24 do pref. 673^ Jan. 10 9;kJan.24 do prel. 53 Jan. 18 E3 Jan. 18 S.2'rs 1864, coup... 'lUK'lMX lUfi'lUH 115 Jan. 6 Jan. 24 115X 113X 115K Rock Island. .. . 109k Jan. 7ill4V Jan.24 Pacific Mail,... 69k Jan. 17 75k Jan. 28 6-20'»1865, " ... 115« Jan. 2 J: n. 24 ~ I15X •115X 116>i i;6X U6X U3>i 116H St. Paul 51k Jan. Ill 54k Jan Adams Express 94 V Jan. 7 96 Jan. 20 5-2l'8l8M,n" ... Ul'< 114K 114K 114S, 114H H5X 112SCJan. 4 115H Jan. 24 do pref Jan. 11 79.k Jan. 21 Am Merch Un. 68k Jan. 8 70k Jan. 8 " 76X B-20'B 1967. ... 115H 115N 115H 115M 1165i l!5)i US^i^Jan. 2 lie Jan. 24 Ohio & Miss... 45k Jan. 11 49X Jan. 24 U.S. Express... 75k Jan. 2i 8i Jan. 6 " »116 5-20'8lS68, ... 1I5X USX U5X 115X 1155< USJfJan. 2 115H Jan. 22 Central of N.J. 99M Jan. 6 104k .Ian. 18 Wells, r. & Co. 85 Jan. 21 Jan. 21 10-40's, reg 'lux mix •ii2;i ni2H ;i2*' 'iisx 109>i Jan. S ::S)i Jan. 23 Boston, H.&E Jan. 6 Jan. 23 Canton 100>^ Jan. 22 :02k Jan. 4 6K ""9k ia-40'B,conpon....ia-40'B, coupon. ... •UIX•Ul)( 112 USX USX 113>i 111« 109J« Jau. 2 114?^ Jau. 24 Del.. L. 4 W. 33 _Jan. 7 Jan. 17 Currency 6*8 *114 •iliJi 114 'IISX '114 IU% 112>i Jan. 6 n4>i Jan, 24 Lapsley & Bazley. Brokers, 47 Exchange place, quote stock "privHeges'" (sie led by responsible parties), 1 per cent premium for 30 days, and lk(S2 per cent lor 6 I days. * nale This 18 the price bid, no was made at the Board. at prices varylug from the market as follows

Closing prices of securities in London have been as follows : Puts. CallB. Puts. Calls. Below. Above. Below. Above. Jan. Jan. Jan. Central* Hudson.. V«l Miml Ohlo& Mlsslselppl. X®1 lk@2M 10. 17. 24. Lowest. 1 Highest. Lake Shore >,91 lk®2 Union Pacific 1 ®1>4 2 ®2k Bocklsland lk(»' 2k®3 Wabash v»l lk«2k MX 92 91'^ Jan. 2 93« Jan. 93K X 10 Erie 2kffl! 3 @4 eol., Chic. & I.e.... I ®lk ' ®2H U. 8.68,5-208, '61 9SX 93 92^ Jan. 2 Jen. 10 93H Pacific Mall 4 @5 7 ®9 Gold k P c for 30 ds V®1 lH®lk V S 58,l0-40s 89 X 92 39 Jan. 2 92 Jan 24 NorthweBtern X@l New 58 90K 89H 90K B914 Jan. 1« iO% Jan. 24 Gold was pretty strong early in the state and Kallroad Bond*.—Southern State Bonds have been The Gold market.— week, but was checked for a time in its advance by the Syndi more active than last week, and some considerable transactions cate reports from Washington and the prospect of a further nego- have taken place in Tennessees, North Carolinas, Virginias, Mis- tiation of 5 per cent, bonds. The check was temporary, however, and souris, and to-day several sales of Alabama 8s were recorded at to-day the price was again buoyant, touching at 1141 and closing at 83 to 84. There is no further intelligence from the Southern 14. In addition to the influence of speculative purchases the mar- Capitals beyond that which we have previously given in regard 1 received support the large amount put up for ship- to the various messages and financial reports. ket from

to-morrow, which footed up ; though, exchange Railroad bonds have been quite active both for the old bonds ment $2,000,000 being weaker, it is possible that some of it may be withdrawn. and the new issues. Sales at the stock exchang;e show a large loans the rates paid for carrying to-day were 3, 4, 1, 2^, and 5 business in the bonds of Central and Union Pacific, in conse- On 4i per cent. At the Treasury sale of $1,000,000 on Thursday the quence of proposed legislation in Congress, and as to the latter, bids to at prices from 112.51 to the excitement attending the Credit Mobilier investigation. The amounted $3,963,000, 113.63i. receipts for the week amount to $2,632,000. income bonds of the Union Pacific, depending lor their value Customs table will the course of the gold premium upon the current earnings of the road, have been particularly The following show the past week: sensitive and fluctuated considerably. There has been a well each day of . (Quotations. . distributed business at for the Board the railroad bonds sold Open- Low- High- Clos- Total , —Balances. , Ing. Clef.rlngB. Gold. Currency. there, and the miscellaneous list, embracing a large number of ing, est. est. Saturday, Jan. 18 ;'.2X I12X !!3k 118k 147,352,000 »2.24;.790 t3.0.'!6,246 bonds sold only by brokers, has received much attention. In regard Monday, " 30 U3 112X USX IISK 57.213,000 Tuesday, •' 21 1I3X 113« 11S« 65,201,000 to this latter class of bonds, the best information as to prices, &c., i;3k Wed'day, " 22 V.SH 113H IISV llSH 107.992,«)0 can be obtained by addressing reliable brokers and dealers in Thursday, •' 23 IIIH 113k I13» USv 62,945,000 stocks and bonds. Erlday. " 24 llSV 113H tl4k 114 51,177,000

Closing prices daily, and the range since Jan. 1, have been Currentweek IU% 112X l!4k 114 311,880.000 1, .-HieheBt. Jan. 1, 1S73, to date 112k lUK I14K 114 e«Tenn.,oia nsx •78« 79X 80 80K 79« Jan. 21 s: Jan. 9 Foreign Excbange. The exchange market has been pretty 68Tenn.,new 80 80 80V 79^ Jau. 22 80V Jan. 24 — '33 "33 ««N. Car., old...... 'Six .UK 33>pi Jan. S 34 Jan. 10 active, particularly on Thursday, when prices were quoted up to 6b N. Car., new... '16 "17 •17 •17 "IT 17H U% Jan. 24 19 Jau. 4 sight. The high «BVlrg.,old "45 .... -45 •45 •45 •45 109J for 60 days' sterling, and llOi for short " " 55 "55 consolld'd 'ibii "SSH 55X J< •55V 9i; 64 Jan. 6 66 Jan. 16 prices made and the prospect of specie shipments, as noticed " " deferred.. 15 15 'UX •14W •i4V •UK IS Jan. 10 Jan. 2 15)4 checked activity, and today the market was more quiet, ess. C.,n, J.* J. "22 22X 22K 22X •22 •22 21X Jan. 4 23 Jan. 20 above, •a Missouri 92X 92g 93 93 93 93 92XJan. 8 93 Jan. 4 though rates were nominally maintained by the leading bankers. Cent. Pac. gold.. "Sax 99 X •99X MX 1(10 99 K 99 Jan. 2 100 Jan. 23 bills the market, but there Un.Paclsf. 86X eeii 87 87 hB 85 85 Jan. U) i1% Jan. 4 There have been some borrowed on Un. PacL'dBr't 7SK '78 7SX r,x 77 S 17 74 Jan. IS 80 Jan. 6 has also been a demand for short sight to pay back 60 day bills Un. P. Income... 78^ 79 •16 75 73 Jan. 13 78M H 83y Jan. 6 transactions are now prob- N.T. Cen,68, 1888. •92K "92 •92X •B2H 93 •92 H 92 Jan. n 93 Jan. 10 previously borrowed, and the latter Brlelstm. 78 'loi^ "lOlx 'iniK ' loix 10(1 •101 101 Jan. 6 lOlX Jan. 16 ably quite equal to the former, as there is little inducement to N.J. CcnlBtmlB 105;^ -105 •ia>X 106)i 106 105H 106 Jan. 4 !06X Jan. 22 "105 Ft Wayne iBtm 7b '104 105 !(ffi •105 102X Jan. 6 105 Jan. 21 borrow sterling when money is easy. Ohio & NW. 8 f 7b '102 "irau •102k ' m" I02i< •ics House and Sub- Bocls iBid l8t 102 The transactions for the week «t the Custom n> 7a 'lOlH 102 101 lOlX 102 liKJ Jan. e m jau 17 • Tnu U the prlct bid, so ««(< wM lB«d« *t the Bo»ra, TreaBuiy have been as follows; : . . : , —. H X . . ..

January 25, 1873.] Tffi CtitKuNICLli 107

caatom -Bnb-Trflaaory.- House Recelyti.' Paymenta llDOTATIO^rs IN BOmn. PHIIIDELPHU, BUTUIIB. kt. Receipt*. Oold Currenny. Oold. Currency. Jan. 13. •5 n 28.... 3S5,onu S89.iVI 70 6w5.4il 7) m.'l'K! Ul ThursUay, 744.975 01 BOSTON ,100 955,400 2,700 Lahlgh NarlgaUon ••, "^l vc Greenwich 964 Boston ft Providence 148 14IX «H Leather Mannl tOO.OOO 2,931,100 34i)',o5c 419.700 3.323.300 262.100 Cheshire preferred Tl do KR. t;... 218.31)0 )80,400 do eonT..*n 7»H »2 SeveDtn Ward. 500.000 MIVOOO 62.80C 160.600 Chic, Bur. ft Qnlr.cy. 119 do COOT., .... M SUteol New Srort 3.00C.OOO 4.654.10O 480,600 461.400 3,822,600 514,300 cm., Sundoaky ft CleT.ttock. 18 18X f,'94. American BxchauKe 5.000.000 9,»03,7'lfl 461.200 I.OSI.SOO 4,671,600 993,900 Concord 90 do gold« 17 NttlMX Oommcrce lO.OOO.OOO 20,005.700 663,800 2.21)8,900 6,71'',90C 8.145.90l< Connecticut Klver MorTlt,l8tM., 6,187$ 621.300 do 3d M., 1871 Broadway l.OOO.OCO 9.094,000 1S9J00 3,287,300 8 888.CU1 Connecticut ft Passumpsic, pf. 1 19.9J0 do boat, 'Its •.. Mercantile , 1.000.0CO 4 021 910 896.3(<0 3.721.70(i 4,5.900 F.astern (M a88.5 105V. 108X 423.700 16.100 ,6;;o,5jo :u3 Pennaylvanla 6a, 1910 7« PaclSo ; 1,438,800 ST7,.10C 1 Eastern CNew UampBhIre) .... Bchoylklll Kav. lat ni.l«,*n. 81 Bepubllc 3,000.000 5.162 200 1.257.600 297,000 3.87S,31iO esi'.coo FItchburoi m" 12»X 131.000 2,957.600 lao do 3d m.. •«.... 7SK Otaatham 450.000 2,237.100 720,400 128,500 Manchester ft Lawrence 5.600 1, 113" do 6a.t3 People's 412.500 1.4i;,!«0 308,900 270,600 5,600 Northern of New Hampshire. 112H 77' North America 1.000.000 8,451.100 201.900 310,000 3,139,200 Norwichft Worcester 12SK 126 do 6a. Inip., *8t.., 6a. host. . 79 ttanover 1.000.000 2,175.200 112.900 846,200 1,229*10 29V.2tlO Champlain 64 6S ()o *8B. OBdens; ft L. do 7s. boat. If... St irvlnR 500.000 2,140.000 22.6'JO 4>2.omi 1,962,(H0 la7.50O do do pref.... too lUl tletropoUtas 4,000.000 e,657,0'J0 791,600 693,000 4.1.53.100 l,179,30lf 1I2X lt2M Snuiaetaauna 6a, '*4 7»M Old Colony, do Coal Co. bond*. Citizens 400.000 1,446.800 24,100 316,300 1,42.1.600 130.100 Portsmouth.. 136 Port.,Bacoft Tli Nassau 1.000.000 1.968.300 81.200 296.600 3,045,1U) 8,900 Union 1st mon. 68, Rutland common lit 6<,'7<< l.OOO.OOO 2,952,600 76,300 742.1W 2,137,900 3=6..5»1 West Rranih m. MarKet do preferred 6a, 62,100 1,147.900 74ii.7i» Wyoming Va ley Ift in. T$. St. Nicholas 1.000.000 2.553.000 427.500 Vermont ft Canada 193,300 2.3;e,;oo 783,51)0 HALTIiflOKIt. Shoe and Leather 1.000.000 3,807.300 515,000 Vermont ft Maasaohnsetta.. 6a, A., J. A U.. Corn rfichange 1.000000 2.657.600 59.700 139,000 <,194,300 5.(00 PHILADEEiPHIA Maryland Jan., 128JOO S8C,(nO 1,854,000 581,100 do $a, Dfltence Continental 2.000.000 3.527.600 BT\TK A.VI) CITT BOKP9. "^ 32,800 1.602.300 Baltimore 6a of *7S Oommonwealtli 750.0UO 1,965,100 45IJ00 330.2U0 5s. coup PennBvWanla do 1884 Oriental 300,000 1.556,800 5,600 1.250.S00 4,100 '«7, 5-10, Ist 101 (Jo ts, lOOX do (s-.toe Marine 400.000 1.991,900 2!8,30a 2S7,500 1.621.400 880.000 do do 10-15, 2d... li'4>» 38,600 96.4110 do 1890 Park 6a Atlantic 800.000 801.300 I59,«)0 540.200 do do 15-25. 3d. 107 12.5)5.306 476,500 2,922,800 12,519,600 496 500 Baltlmora A Ohio 4 » Blackstonc 1,500,000 9,72 •..9C0 52.800 261.500 l,73:),6Cfl 739.800 Westchester Xenla.lsl M.,7._'90. M IS -do pref Colum..ft Boston 1.000.000 3,215.400 10.700 198,700 1.005.600 571^01 Dayton A Mich., lat M.. 7 81.. !S M Boylston 600,000 1.661,600 33,400 391.2(0 816.700 442.000 WestJorsev JdM..7,'84.. •1 « 2i>8,500 STOCKS. do do Broadway 200.000 535,300 53,01.10 ns.-.oo CANAL SdMM7,'88.. H Chcsapeakeft I'elaware do do U l.OOO.OOO 2,986.000 36.400 283,000 1.072.000 791,610 dep. hds, i, 91-'»4. 8* Columbian Division do To'do M 1,000.000 1,9)8,700 100 215,200 796.700 968.50.1 Delaware Ist M.,7, 1908, 88 W Continental Navigation Dayton A West., Eliot 1,000,000 8.010,300 62.000 119.300 : ,086.200 783,000 Lehigh "do do IstM., •,1905, 73 M 779.300 1.500 82,100 645,0(0 116.700 Morris » 80 Everett 200.000 Ind., Cln.A Laf., Ist M.,7.... ;;_^ 143.200 304.000 1,853.700 509.600 do pref VaneuUHall... 1,000,000 3,129.200 d<; a.AC)IatM'.,7,lW' »$ M 1.619.10J 2.;oo l;6.0)0 623,000 S4!.;i00 Schuylkill Navigation Freeman's soo.ooo JnncCIn. ft Ind..Ist MmI.-JB. « 89 do pref. .. (llohe 1,000.000 2,177.900 199.000 "50..500 349.700 Miami, 1st M., «, I8W ... 84 «t pref Little 1,69)300 7i'.i65 82,200 1,008,700 240 800 Union stock. . . 9t 90 BamlltoQ.. 750.000 RAILROAD BONDS. Cln. Ham. A Dayton Howard 1,000,000 2,294.500 6U.500 141,100 746.900 446.500 ft Xrnia stock ex d lj.,4 :09 Valley 7 8-lCa, lf»6^ Colnmbos Market 800,000 1,512,900 3.5.600 73.800 909,000 352.800 Alleghany Dayton A Michigan stock ei d 41 800.000 1,838.400 96,100 96.500 905.700 393 8)0 Belvldere Delaware,lst m,«, st'k guar iniH It Massachusetts 3a M., so do 8 p c. 400,000 1.071.600 7,500 88,600 537.200 •242 100 do do stock...... ex. d. 104)4 !.» Maverick Sd M.,'87 H«83 Little Miami Merdhante' 3,000,000 8,-286.600 338,200 774,700 4.295.2110 1,560,500 do do 68, 75 97 K.OOISVILLK. Mount Vernon 200,000 599,100 95,800 471,600 176.000 Camden * Amboy, 81 8i 7;9.8(iO do 68,'88 93K LoolaTUle6a,'Wto;m Kngland 1,000,000 2.593.1)00 10l',9i)6 177,100 1,021,000 do «a,'»7to'98 .„. CO n New do 6s, '89 do North 1,030,000 3,316.300 220,200 102,(100 1.643,100 785,30) do wattrfc.'gJto'W.. .<$ H domort. 68, '89... is" do Old Boston 900,000 1.949.9il0 150,100 379.400 1.022.OC0 857,100 do Watar Stock la, 't7 7»H do consol., 68, '94... do Bhawmut 1,000.000 2.;i2.6O0 8,800 219.310 1.128.800 596.200 98' Wbarfta so n ft Allan. I»t m, 7s, 78. do ft Leather 1,000.000 3.045,200 312.400 1,509,300 696.000 Camden tax 6a of 89. 81 M Shoe 78. '80.. 90 do Bpeclal 3.726,400 Ki'.OOO 207.900 1,192,610 977.210 do 2d m, State 3,000,000 '83 18 Jeff., Mad. * I,lBtM.(I*M)7. V 9* M Catawlsaa, 1st M. conT. , Suffolk 1,500,000 3.:i29.4llO 90.000 323.200 1,143.400 746.800 2d M.,7,....;..... 7» •» chat. m. do '83.... n% do do Traders 600,000 1,5X1.500 82,900 27,700 1,187 900 17.1600 do do Ut M., 7,1906... b7 M do new7s, 190O .01 do 3.532,700 103,600 391.800 1,365.900 676.700 .. 7, •«. :• St Tramont 3,000.000 liOillaT. C . ft Lex., I8t M 533.000 Connecting 6« 190O-I9W... Washington...~ 7SO.00O 2,167,700 3.200 188.700 I,-.:95.7;» Fr'k.. l»t M .. 6. ho-r^ 87 as ist mori. 78, ^.;^. lSS. ft First 1,000.000 4,258,200 130,5(10 3111.500 1,891,7(0 790.100 Kaat Penn. ^^ LonlBv.Loan,«. 81 «T Ist 78. '80, do m 6.12.0(10 781,000 El. ft W'mBport. m. I* Second (Qranlte) . . 1,600 000 4.9.32.200 152.900 2.421.100 (ra. s.) !7 L. * Saab. Isi M. ., 172,70(1 do do 5a..., ^^ 84 1.513.700 68,200 83J0C 1.431.700 ( •.)«. 'i-'~^- Third 300,000 mort.6«^_;8S... do Lor. Loan n » of l,76l,70J 1,000 627.31)0 1.691.400 752,400 Harrlsburg '.8t i-lM fJH Bank Commerce 2,000,000 78, do do (Leb.lir.)6.'9« B. T. Ist mon. '90. . . Bank of N. America 1.01)0,000 2,019,400 5.700 295,400 5;r7.2O0 591JC0 H. ft IstM. (Mem. Rr)7,'7i^'T5 96 96 do 3d mort. 78, "TS... '87)i do B'k of Redemption. 1,000,000 6.!61,30J 153.300 591,900 1.451.200 783,400 latM.(Leb.hr"x)7.1«>-2 91 do 3d m. cons. 7a, 'W, do Bank of RepuDltc... 1,500,000 3.010,500 50.000 H3,-200 77*.S0O 794.501 do Lon.L'nd.eb.br.ex)*,* «x na Junction Ist mort. 6b. 'S3. . . City 1,000,000 1,9S5,'200 3,700 349,8(0 1,J31,0(I0 419.700 Conaol.lstM..7,18«.... x*l 2d do '.900.... 91S' do Kngle 1,000,000 1,9 12,300 4,500 110.41 7in.S00 SST.7:lO do ft Ind^. Lehigh Valley, let M.. 6b. 1878. 99S Ieffar8on.,Mad. Exchange 1,000.000 4.7(13.100 131,200 572,900 3.451,200 796.900 Cln. ft Lex., pref. .. 7714 do do new 68, '93... *IH 95), LonlsT., Hide ft Leather 1,.500,000 3.503,500 8.100 3->2.30O 1,423 900 78S.:cO ^ do common. :3 do do do reg... Jo Revere 2,000.000 4.3i2,UO 9.400 435 6i0 2,541.100 7 If. .000 A Nashville 7S 71 do new 7s. reg.. 1910 loi' Loalavllle Socnrlty 200,000 321,600 3,000 50.6110 599,600 177.000 do toiTm. Little Schnylklll.lst M..7. 1"". 98 ST. Union 1,000,000 3.613,300 75.200 117.900 l,241,-.00 583.100 68. Long Bondt Northern Central 2d m, 6s, 'SB. 93 31 LooU Webster 1,500.000 2,656,000 60J 837 200 1 107.600 486,(100 68,8^03 do do do 2d m. K. 6a, 1900 91*- do OommoQwealth 500.000 2,402,600 190,000 152.800 1.937,300 35U.000 37 io Waur«B,gold do do2dm. Is. 1*XI... do do (new) North Penn. Ist m, 6s^ do Total $48,890,000 $131,115300 13,798,9110 $11,051,500 $55,781,900 $25,568,400 do Parkta gold do 2dm.7B,T6...„.. 95J< BewerSpeclalTaxle do 10s. chat, m., "17 Io total amount "due to other Banks," as per statement of Jan. Is lat M. 7s. . .. 91 The 20, $19,660,100. Al. R., con. 7s, "U North MliBonrl, Oil Creek A do MM. 78.... Hi Oil Creek ist m. 7b, '82.. ^.... The deviations from last week's returns are as follows ,|o iki M.Ta.. . Pern, ft HIghtstown .«, W..^ is' PaclBc (of M> 5 181 M. gld.. Penn ft N.V. Canal 78 9W906 •0 Increase. $887,1001 Deposits Increase. $10,300 Kansas Pactflr stock ; i: JLoans Pennsylvania, Ist M., 6, li«i. 99 •9V specie Increase. 60,200 Circulation Deoreaae. 21,900 1879.. 98 p. r RR. of Mo. Stock I io 2d M.. 6. LagalTenders Increase. 173,1001 ...... X" . —...... ——. . ..