cfc_18800612.pdf

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HUNT'S

MERCHANTS

MAGAZINE.

REPRESENTING

_{THE COMMERCIAL}

_AND

_INDUSTRIAL

_{INTERESTS OP}

_THE

_UNITED

STATES

VOL.

30.

NEW

YORK,

JUNE

_12.

_1880.

_NO.

7^l.

FinancitU.

Phelps,

Stokes

&

Co.,

I.N. PIIRr^PS,

JAMES

STOKES,

BANKERS.

ANSON PHELPS

STOKES.

"^'•'•^••••'J

45 AVALI.

ST.,

NEW

VORK.

COMMERCIAL,

CREDITS,

hiBullars foruseinUntiedStates,Cuba,&c..

InPoundsSterltnff,availableInanypart oftheworld. Also,

TRAVELEKS'

CREDITS

and

CIRCUI.AR NOTES.

'

Banque

Centrale

Anversoise,

Antwerp.

Paid-Up

Capital, - •

9,000,000 Fraucs.

BOARS'

OF DIRECTORS

:

Fblii Grtsab,President.

AlfredMaqitimat (Grafl& Maqulnay),Vlce-Preu

J.B.

Vox

UER Becee(B.VonderBecice).

Otto(tUNThkr(Cornellle-Davld). KMILSDK GtTTAL.

Ad. Frank(?>ank.Model

&

Cle.)

Aro. NoTTEB>uM(NoiteboUmFreres). Fb.Dhanim(Miohlels-Loos).

JoH.Dav.Fuurmann,.Jb.(Job.Dan.Fubrmunn).

Lens Weber

(Ed.Weber

&

Cle.)

JtjLESKautensteauoh(C.Schmld

&

Cle.)

TRANSACTS

A

GENERAI.

BANKING

BUSUtiESS.

ASA

P.POTTEK,Pcest. J. J.

Eddy

Cashier.

Maverick

National

Bank,

BOSTON,

CAPITAL,

SURPLUS,

$400,000

400,000

COLLECTIONS

a specialty. Businessfrom Banks andBankerssolicited.

Satisfactory business paper discounted. Cor-respondenceinvited.

Lewis

H.Tatlob,Jb.

LiNDLBY

Haines

L.

H.

Taylor

&

Co.,

Bankers

and

Brokers,

138

SOUTH THIRD

STREET,

PHILADELPHIA.

Depositsreceived subject to checkat slKht, aad Interestallowedondailybalances. Stocks,Bouds,&c.,b(jughtandsold on commission

in Philadelphiaand othercities.

Particular attentionRiveatoinformation regard-ing InvestmentSecurities.

Clinton

B.

Fisk

&

Co.,

BANKERS,

No.

3

Broad

Street,

Drexel

Bnlldlns.

DEALERSIW

GOVERNMENT AND

INVEST.MKNT SECURITIES

BUY

AND

SELL

ON

COMMISSION,

Forcashoron margin,all securitiesdealtinattbe

Mew

York Stock Exchange. BrokersinState, Rail-way, Municipal, Mining andMiacellaneoua stocks andbonds.

^

R. T. Wilson

&

Co.,

AJfKEES

AND

COlEMISaiOK

MERCHANT8,

S

Kzcbamse

«oart,

M

ew

York.

Financial.

Jesup,

Paton

&

Co.,

BANKERS,

53

William

Street,

New

Vork.

Accnunts and Agency of Banks, Corporations, Arms andindividuals receiveduponfavorable terms.

Dividends andintoreat collectedandremitted. Actasagentsfor corporationsIn paying coupons and dividends;also as transfer agents.

Bonds,stocksand securities bought and1ioldon commission.

Soundrailroadand municipal bondsnegotiated. Sterling exchange bought and sold. Drafts on UnionBankofLondon.

John

S.

Kennedy.

J.

Kennedy

Tod.

J.

S.

Kennedy

&

Co.,

Bankers

and

Merchants,

No.

63

WILLIAM

STREET,

Nctv

Vork.

BUY

AND

SELL

RAILKOAD INVEHTUBNI

SECVlilTlES:

CollectCoitpons

and

Dividends;

negotiate loans

and

draw

bills of

EXCHANGE

ON

LONDON.

All business relating to the Construction and Equipmentof KaiHruudsundertaken.

Hilmers,McGowan

&

Co

BROKERS

IN

Foreign

Excliun^e, Stocks

and

Bonds,

63

Wan

street.

New

Vork..

(P. O.

BOX

2*t7.)

SpecialIntention paidtothenegotiationof Com-mercial blDs.

C.

I.

Hudson

&

Co.,

3

EXCHANGE

COITRT,

NEW

YORK,

Buyandsellon commission,forinvestmentoron margin, all securities dealt la at the

New

York StockExchange.

U. U.LEAK. C.I.HrOSON, T.H.CtTRTIS.

Member

N. Y.StockExch.

Buttrick

&

Elliman,

BANKERS

AND

BROKERS,

Noa.

37

&

39 Wall

St,

New

York.

BONDS, STOCKS

and

INVESTMENT

SECURITIES

BOUGHT AND

SOLD

ON

COMMISSION.

C.A. BiTTTRiCK,

Member

ofthe N.Y.Stock Exch'ge

Wm.

Elliman.

Member

ofthe N.Y. Mining Exch'ge JosephP.Lloyd.

W.

C.

McKean,

Member

of N. Y.StockExch'ge.

Lloyd

&

McKean,

34

W^ALI.

STREET, NEW^

YORK.

Buyandsell—on commission—Government, Rail-wayand MiscellaneousSecurities. Receivedeposits subject to check,andallow Interestonbalances.

Gwynne

&

Day,

fEstabUshed1834.]

No.

45

Wall

Street, Transact ageneral bankingand brokerage busi-nessinRailway Shares andBonds andGovernment securities.

Interestallowedondeposits. Investmentacaretallyattenledto.

Financial.

HowAUD

Laphlev; I),

sn

Mora

ben

N. Y.SUx-k K Cybl-h W.Field,Ju. Cviii

IABO,

clal.

Lapsley,

Field

&

Co.,

STOCK

BROKERS,

No.

15

BROAD

STREET,

__^

Wow

York

.

Coleman

Benedict

&

Co.

STOCK

AND BOND

BROKERS,

34

BBOAD

ST.,

NEW

YORK.

Stocks,RaHroad Bond*.OoremmenUi,andall

8^

curltlesdealt In atthe

New

YorkBtoekXxobaanf bought andsold forInvestment oreaiTled

odbm^

gin, strictlyon oommlsalon.

CoLEHAN

Benedict,(%M^—t^—

w

v

a.,..hK..k JAS.

McooYEBH,

Jb.,JMembersN.T.BtoekBxcb.

H.

R.

Prather

&

Co.,

REIL

ESTATE

AND

INSCBANCE,

88SI.XTHAVE.,

WEST

OF

KAN.

AVE.,

TOPEKA,

KANS.%S.

LoansnoKOtlated. Coltectloaamade. Taxespaid. MunicipalSecuritiesbought andsold.

P.

F.

Keleher

&

Co.,

305

OLIVE

STREET,

ST.

LOUIS,

fflto.

First-class Western Investment Socurltlea for

sale. St.LouisCityandStates of Mlsauurl,Kansaa,

Texas,Arkansas andOolorado Bondaaapeclaltv. Fullinformation givenIn refereooe tosameon

ap-plication. Couponsand dividendseolleeted.

WALHTON

H.

BROWN.

TtatD. A.BROWlt,

Walston

H

.

Brown

&

Bro.

BANKERS,

11

Pine

bireet.

New

York.

SPECIAL

ATTENTION OIVBN TO

THB

MBOO-TIATION

OF

RAILROAD

SECURITIES.

Hatch

&

Foote,

BANKERS,

No. 13

WALL

STREET,

UT

AND IKU.

GOVERNMENT

BONDS.

STOCKS

AND

JaSCHI/.

LANEOU8

SECURITIES,

A.

H.

Brown

&

Co.,

BANKERS

AND

BROKERS.

f liraU St.,

Cor.

New,

New

Tork.

INVESTMENT

SECURITIES.

Special attention to business ofcountrybanks.

'

John

F.

Zebley,

_Jr.,

BANKER AND

BROKER,

5

BROAD

ST.,

NEW

YORK,

(DBExn. BUILDISO)

Dealer

In

iBTestkient

Seenritles.

Orders executedatthe Stock and MInlns Exohaacee. Special attentiongiventoDefanlted Bailrcedaod Mnniotpal Securitiea oflUlnoi*. Kaaaaa, MIhootI.

ova andNebraska.

Correspendence solicited and fnU inXotmatiOB given onalldaasesofbondiaadit<cki.

u

THE

CHRONICLE.

Vol.

XXX

Foreisn

Exchange.

Drexel,

Morgan

&

Co.,

WALL

STKBET,

CGKNBR

OP

BROAD,

NEW

YORK.

Drexel

&

Co.,

Drexel,

Harjes

&

O

No.84South ThibdSt., SIBoulevard UausBmaiiD

Phlladelpbia.

Paris.

DOMESTIC

AND

FOREIGN BANKERS.

Depoatte received subjecttoDraft. Securities,Gold,

Ac,DougtitandsoldonContmlseion. lutereft allowed

onDeposits. ForeignKxcbange. CommercialCredits.

Cable Transfers. Circular Letters for Travelers, ayaUableInallparts oftheworld.

Attor-sktsand AeSNTBOF

Messrs.

J. S.

MORGAN

Sc

CO.,

No. 82

OLD

BROAD

ST.,

LONDON.

Brown

Brothers

&

Co.,

No.

fi»

TTALI.

ST.,

X.

¥.,

BUY AND

SELL

BILLS

OF

EXCHANGE

ON GREAT

BRITAIN

AND

IRELAND, FRANCE,

GERMANY, BELGIUM

AND

UOLLAND.

Issue

Commercial

aiul

Travelers'

Credits

IN

SIERLINO,

AVAILABLE

IN

ANY PART

OF

THE

WORLD.

And

InFrancs,InMartiniqueand Guadaloupe.

HAKE

XEliEGRAPHIC

'rRAIVSF£RS

OF

OTONKY

Betweenthisand other countries,throughLondon andParis.

Make

Collectionsof Drafts drawn abroad on all pointsinthe United Statesand Canada, and

ofDraftsdrawnin the UnitedStates on ForeignCountries.

S.

G.

&

G. C.

Ward,

AOKNTS POS

BARING

BROTHERS

tc

COmPANY,

fi2

WALL

STREET.

NEW

YORK.

28

8TATK

STREET,

BOSTON,

t

J.

&

W.

Seligman&

Co.,

BANKERS,

59

EXCHANG'B

PLAOK,

COBNER BROAD

8TREKT.

NEW

lORK.

Issne

Letters of

Credit

for

Trarelerg,

Payableinanypart ofEurope,Asia, Africa, Australia

Bd

America.

DrawBillsofSxckange andmaketelegraphic

traoi-fersofmoneyonEurope andOallforBla.

John

Munroe

&

Co.,

No.

8IV^allStreet,

New

York,

No.

4

Post

Oflloe

Sqnare,

Boston.

CHEQUES AND

CABLE TRANSFERS

ON

raVNROE

tc

CO.,

PARIS.

BTKBLDta

CHEQUES

AND

BILLS

AT

SIXTY

DAYS'SIGHT

ON

ALEXANDERS

&.

CO.,

LONDON.

CnonULB

Noras uro CBSorra roB Tba'to.xks.

J.

&

J.

Stuart

&

Co.,

33

NASSAU STREET.

BILLS

OF

EXCHANGE ON

SMITH,

PAYNE

tc

SMITH'S,

BANKERS,

LONDON

j

HANCHESTEK

tc

COUNTY BANK,

"LIMITED;"

MANCHESTER,

PAYABLE

IK

LONDON

;

ULSTER

BANKINtt

COMPANY,

BELFAST,

IRELAND

AND OH THK

NATIONAL

BANK

OF

SCOTLAND,

EDINBURG,

AND

BRANCHES;

ALSO.

:;ablb

transfers

and

letters

of

credit

No. 25

Pine

Street,

New

York.

Purchaseandsell,on Commission,

GOVERNMENT.

STATE,

MUNICIPAL

and

RAILROAD BOND^

andSTOCKS,andallclasses of Securities dealtIn

attle

NEW

YORK

STOCK

E.XCHANGB,

or all

repui able Securitiesboughtandsold inthe

OPEN

MAIKET.

LOANS

and

COMMERCIAL PAPER

neifoiiated. Interestpaidon

DEPOSITS

subject to

ohecV.

WILLIAM

B.

HATCH.

THC

MAS

H.

BOUDKN.Bi

FEANK

JENKINS

ForeiKn Exchange.

iCnoblauch

&

Lichtenstein,

BANKERS,

29 William

St., cor.

Exchange

Place.

NEW

YORK,

dakeTelegraphicMoneyTransfers.

DrawBillsofExchange andIssueLetters of Credit

Dallprincipalcities orEurope. SPECIAL

PARTNER,

OEUXSOHK

HAIVK,

Berlin.

Canadian

Banks.

Merchants'

Bank

OF

CANADA,

Capital,

85,500,000

Paid Up.

President,theHon.

JOHN HAMILTON.

Vice-President,

JOHN MCLENNAN,

ESQ.

HEAD

OFFICE,

nONTRE.AL.

GEORGE

HAGUE,

GeneralManager.

WM.

J.

INGRAM,

Asst.GeneralManager.

BANKERS

:

LONDON,

ENG.—

TheClydesdaleBanking Comp'y.

NEW

YORK—

The Bankof

New

York. N.B.A. The

New

York Agencybuys andsellsSterling Ex-change, CableTransfers, issuesOeditsavailablein

allpartsoftheworld,makescollectionsinCanada andelsewhere,andissuesDrafts payableatanyof

theofficesofthe bankinCanada.

Demand

Drafts

issuedpayableinScotlandandIreland,andevery descriptionof foreignbankingbusinessundertaken.

Neur

York

Agency, 48 Exchange-place.

HENKY

HAGUE,

) _..rentB

JOHN

B.

HARRIS

JB.,S -*»™tB.

Bank

of

Montreal.

CAPITAL,

-SURPLUS,

-$12,000,000,

Gold.

5,000,000, Gold.

GEORGE

STEPHEN,

Preeiaent.

C. F.

SMITHERS,

General Manager.

yEW

YORK

OFFICE,

Nos.

69

ac

61

WALL.

STREET.

Walter

Watson,

) ao.pt,..

A.LANO, i

Agents. BuyandsellSterlingExchange, Francsand Cable Transfers;grantCommercialandTravelers' Credits

availableinany part ofthe world;issuedraftson and

make

collectionsin Chieugoand threughout theDominionofCanada.

London

Office,

No. 9

Blrchln Lane.

AGENCY

OF

THE

Bank

or

British

North

America,

No.

52

l«rALL

STREET.

BayandsellSterlingExchange andCable

Trans-fers. Issuedemanddraftson Scotland andIreland,

alsoon Canada,BritishColumbia,Portland,Oregon, and SanFrancisco.

Billscollected and other bankingbusiness

trans-acted. D.A.

MCTAVISH,

I.„„_,.1=

W.

LAWSON

, )Agents.U|

Imperial

Bank

of

Canada

Capital,

$1,000,000.

H,S.

HOWLAND,

President;D. K.WILKIK,Cashier

HEAD

OFFICE,

TORONTO.

Bbanohxs:

ST.

CATHARINES,

PORT COLBORNE,

ST.

THOMAS.

INGERSOLL,

WELLAND,

DUNNVILLE, FERGUS.

Dealers inAmerican Currency andSterlingExchange* AgentsinLondon: I Agents in

New

York

BosAifQUKT, Salt

&

Co.,

"

S3Lombardstreet.

Foreign Bankers.

Bank

orMontrkal,

59Wallstreet.

Promptestattention paid to collections payablein

anypart ofCanada.

Apnroved Canadianbusiness paper, payable In gold orcurrency, diguounted on reasonable terms, and proceeds remittedtoanypart oftheUnitedStates by gold orcurrencydrafton

New

York.

Foreign

Bankers.

Adolph

Boissevain

&

Co.

BANKERS

kST>

COMRIISSION

IHERCHANTS

AMSTERDAM,

HOLLAND.

N. T. Corr«*Pandenta.—Messrs.

BLAKB

BROS,ii

CO

Nederlandsche

Handel-Maatschappij,

The

Netlierland

Trading

Society

OF

HOLLAND,

ESTABLISED

1824.

Paid-up

Capital,

36,000,000

Florins.

($14,400,000,

Gold.)

Executeorders for the purchaseorsale of

Merchan-dise, Bonds, Stocks, and other securities, In the

UnlledStates,Europe andtheKast;makeCollections buy andsell Foreijfn Exchange, andgiveadvances upon MerchandiseforExport.

OLIVEl:S.

CARTER,

) Agents

STANTON BLAKE.

\ '»'

HENKY

E.HAWLEY',S America

Kew

Toek, January1,lb79.

Office,

142

Pearl

Street

New

York.

Nederlandsch

Indischc

Handelsbank,

AMSTERDAM,

HOLLAND.

Establishedin1863.

Pald-Up

Capital,

12,00^1,000

GnUders

($4,800,000

Gold.)

HEAD

OFFICE

IN

AMSTERDAM.

AgenciesiiiBatavia,Soerubayaand Samaran^. CorrespondentsInPadang.

Issuecommercialcredits,makeadvancesonship* ments of staplemerchandise,and transactothe* business ofafinancialcharacterinconnectionwitb the tradewith theDutchEastIndies.

BLAKE BROTHERS

&

CO.,

Agests

foh

Nokth

America, 14

wall

street,

new

york,

88

state

street,

boston

Hong Kong

&

Shanghai

BANKING

CORPORATION.

CAPITAL

(paid-up) »5,(K)0,00e

RESERVE

FUND

1,500,000

HEAD

OFFICE,

HONO

KONG.

The Corporation grant Draftsand negotiate or collectBillspayableatBombay,Calcutta,Singapore, Saigon, Manila,

Hong

KonK, Foochow,

Amoy

Ningpo, Shanghai,Hankow, Yokohama, Hiogo,San FranciscoandLondon.

A.

M.

TOW.vSEND,

A

sent,

59

TFallSt.

California

Banks.

The

Nevada

Bank

OF

SAH FRANCISCO.

New

Tork

A»««y,

62

Wall

Street

Surplait,

Invested

In

U.

S.

Bond*,

$3,500,000

Gold.

GEORGE

L.

BRANDER,

Agent. IssuesCommercialandTravelers' Credits available

Inanypartofthe world. Draw^Exchange, Fopeig andInland,andmakesTransfersof

Money

by Tele-graphand Cable. Gives specialattention toGold and SilverBullionand Specie,and to California Collections and Securities; and arrangesto pay Dividendson suchsecurities atduedates. Bankers,London,

SMITH.

PAYNE

& SMITHS.

do do

UNION

BANK

OF

LONDON.

do

NewYork.BANK

OF

NEW

YORK,

N.B.A. do do

American

Exchange

Nat.

Bank.

THE

Anglo-Californian

Bank

(LIMITED).

LONDON,

HeadOffice, 3AngelConrt.

SAN

FRANCISCO

Office. 422CaliforniaSt.

NEW

YORK

Agents,J.

&

W.

Selunnan

&

Ce.

BOSTON

Correspond'ts, Massacliusette N. Bit.

Authorized

Capital,

Paid up and

Reserve,

$6,000,000.

1,700,000.

Transact ageneralbankingbusiness. Issue

Com.

mercial creditsandBills ofExchange,availablein allparts ofthe world. Collections and orders fo* Bonds,Stocks,etc.,executeduponthemostfavor» ableterms.

FRBD'K

F.

LOW,

iMannocr.

IGN

ATX

STEINHART.

jManagers.

p.N.

LILIENTHAL,

Cashier.

Boston Banker§.

Parker

&

Stackpole,

BANKERS,

No. 68

DEVONSHIRE

STREET,

JUMK

12, 1880.J

THE

CHllONICLE

ili

Boitoii

Banker§.

Geo.Wm.Ballou&Co

ANKERS,

8

Tl'allStreet,

72 DeTonahlre

St.,

NEIV

YOHK.

BOSTON.

DEPOSITS Reciited

and

intibest

Aixowed.

Choice

RAILROAD

and

inrNICIPAI.

SECUlllXlES For

Sale. Geo.

Wm.

Ballou. Geo. B. Holt.

Brewster,

Basset

&

Co.,

BANKERS,

No.

35

OONURBSS

«iTRKBT,

noKtoui

inaiia,

De&leri In Stoclu. Bonds, Gold ftod Commeroln) vaper.

Ordersflxecatcdon'ComDiUvtoaat HroEen Board Aactloos.and PrlrateKale.

LDVestmentSTti'tttwHronntantlTonhand.

Chas.

A.

Sweet

&

Co.,

BANKKRS

40

STATE STREET,

BOSTON.

DEALERS

IN

GOVERNMENT

SECURITIES

State,Cit7,Connt7 andRailroadBonda.

F.

H.

Peck,

BANKER

AND

BROKER

No. 7

BXCHANGE

PLACE,

BOSTON.

Jackson

&

Curtis,

STOCK

BROKERS,

sinnioNS'

BriiiDiNG,

Boston,

mass.

Southern

Bankers.

Wilson, Colston

&

Co.,

BANKHKS

i.Sjj UUOKJtRS,

BALTinLORE.

MJVBSTMKNT

and

VIRGINIA BECURITIKS

I

ipeclaltv.

Correspondence BOlicUed and InforoLatlon far.

olahed.

N.1.COBBXBPONDKHT8—

McRlm

Brothers

*

To. B,S. BBBBU88,Prea't. A. K. W11.KXB, Cashier

First

National

Bank,

WILIfllNUTON,

N.

C.

CoUeetiona

nude

onalloarta nftbeUn.tedState* THOS.p.MILLEB, R. D.WII.LIAMS, JKO.-. UILLER

CHAS.B.MILLEU.

Thos.

P.

Miller

&

Co.,

BANKERS,

MOBILE,

ALABAinA,

Specialattention paid to collections,wM,hprompt remittancesutcurrent rates ofexchange on dayof pavment.

Correspondents.

—German

-American Bank,

New

York;LouisianaNationalBank,

New

Orleans;Bank ofLlTerpooI,Liverpool.

C. F.Pekzkl,

J

STAT

K

BANK,

>C.T.Watj^bb

FreBldent. \Incorporated 1H75.( Caslilbr.

German

Bank,

lilTTLR

KOCK,

ARK.

CAPITAL

(Paid-im)

97S,000.

StraPLDS

21,000.

Promptattention(^IventoallbaelnesaInourline.

N. T. COBBRBPONOBNTB.D'lnuell.Lawson

A

Co.and

FInaneial.

Dodge,

Potter

&

Co.,

BANKERS

AND

COTTON

COMMISSION

MERCHANTS,

34

FINE STREET,

Kf.w

kork.

Financial.

BONDS OF NVRETYSHIP

For

OIBcera

and

Kniployera

of

Bank

and

HaliWHya.

No

Bank

onRaii.iioamkmi-loyeeNeeiiaskhis tUIENUH TOBKCIIMKult

CONTINUE

Ills

Hl'uktikh,asthe

Canada

_{Guarantee Co.}

OKANTS

bonds

ok

SECfRITV

Foil All,

EU(;1III.K

MKN

IN.-1(11 l'<it<lTlllN!<

_{AT A}

TKlKI.IMi(IIAlKiK I'KK

ANN!

M. Thliconiimny';Suntyf.lili> Is uf,t.|.lL'(l l,ynianr of the urlnclpalt;.».UnllroadCompnnli-sutid i.(.m«

oftheBanks. In(uiiiidalinBondsarc n..w aliiiimt

unWersallr required by ihn (iuvenimi-uta,Bauta, HallwBTa,andr<)nimtTc:lnlInstitutions.

TlIK I'ANAIIA (ilAKA.VTKK

COMPANY

l»the onlu

(omiMiny on the

Amcrkan

_{Continent that has}

suiMwsstuly conductedthis buslncss.-a resultof whichlitthaiIthasbeenable to establish a lianiu sVKteni forthi.sowhohave been8ornii.reyoaraon

the bi.oks.whereby thesubsequent premiumsare

aniiunllyredueed.-(V rrdiulUmtliisl/rar li frum18

In'.aper rentonthr usiutlrnte.

XheadVRiitHKesoftran«aclln« businesswith this tolupanyarethat It 1« a woll.«atablUhed

Institu-tion,and has aiiinle reserves, over and aboveIts

capital, to provide »,(iiinst exceptional reverses.

Themost complete and reliableInformationIs

ob-tallludas to the anlrcnlrnl^i>fKmployoes.andthisIs

reairyofthetlrst linportunco to the Kmpio'er,as

alsothesystemofiierludlcalsupervisionand

revis-ion ofthose ontheCompany's Books.

Ovei-»IOO,OflOImvealreiiilybeenpaidbythis

Com-pany for tossesbyunfaithfulemployeua,witflouta

HnoUrnnlrnt

M

law.

The Available Assetsof theCompany(at

81st Dec,187S)overand aboveuncalled

Capital,were »110,04«

And

theGross Resources f47A

4m

(SeeReporttoGovernmenttoDecember30th,1S78,

just published.)

PiiospECTUs,FuHus,Ac,maybe had on applica-tion tothe

HEAD

OFFICE:

260

^t.

James

Street, Hl'-ntreal.

EDWARD

RAWLfNCiS,

MftuOKer. THEO. V.SAND.

MAI

E.Sand.

KuwAUD

A.petit.

Member

N.y.stockUxch.

Sand

Brothers

&

Co.,

BANKERS AND

BROKERS,

54

Wall

Street,

New

York.

STOCKS

AND

BONDS

BOUGHT

AND

SOLD

ON

COMMISSION.

COMMERCIAL PAPER NEGOTIATED.

WM.

C.

NOYES,

21

NASSAU STREET,

BUYS

AND

SELLS

GasllKht Stocks,

Trust Oompanlrs'

Stocks,

Tele:i;raph

Stocks,

Telephone

Stocks,

Railroad

Stocks

and

Bonds.

ALSO.

AW

classes of Investment and Miscellaneous Securitiesnot actively dealtInatthe

New

YorkStockExohanKe.

R. A.

Lancaster

&

Co.,

BANKERS

AND

BROKERS,

66

BROADWAY,

NEW

YORK,

. DEAI.KHS IN

First-Class luvesiiueiit Securities.

GUVEKN.MKST

BONDS, STATK. CITY.

COUNTY,

KAILKOADA

MlSCKLLANKillS

SBCOKITIBS

Bought andSoldon Commission. Virginia Var- UncHvahU Co-ipont Bought. SOUillliRS .SKCIJHiriKS A

SPKVIALIT.

I.OA.va NE(;oTIATRn. INTKUKST ALLOWL-nONDEPOSITS.

Sheldon

&

Wadsworth,

10

WALL

STREET,

BANKERS

AND

DEALERS

IN

BONDS

AND

STOCKS.

AH

classesof negotiable securitiesbought and soldlit the Stock Exchange on Commission. Ad-vancesmadeon bamo.

WM.

C.Sheldon.

Wk.

B.

Wadswobth.

New

York,

New

England

&

Western

INVESTMENT

CO.,

NOS.Sl

AND

S3

PINE

ST..

NEW

YORK,

No. 19

CONGRESS

STREET,

BOSTON,

UNION

BUILDING.

CHICAGO.

CAFITAI.

STOCK,

- - •

$200,000

Offers to investors C4irefully-8elected securities bearingfrtnu« to 8 per cent interest. Investment securitloe btjUKhtandsoldon commission. Settle-ments made u»rholders of defaulted securities.

Will act as agentsinfunding andreorganizingdebts of municipalities, railr«d companies, and other corporations. Correspoiniencesolicited.

JohnC.

SlloKT. PresKlentj (

New

York GEoiiGK

W.

DKiiKv.iisE,V.Pres.

1"^"

^''^^ Luciusl>.IIUHBAKI).AsHt.Vlce-Pres.,Boston.

WM.

P.

Watson,

Sec.andTreas..Ctuca«o.

Financial.

FIDELITY

_GDARINTEK

_BU1ID8

ARK

ISHUBD

BV

TIIM

FIDELITY

_A

CtfiVALTT

OP

\F.W

YORK,

ca.

ti. fpersonshr>ldias pnsl-ndrMpoaalblllty, tba# I

AHAimCKInliraot

rll» ufthu dttti faltbf.1l

I.,rr.,rtrftn*-i-allIM.nltb.ns'itIniat.

FullInfurmalion can be obtslnedatVk

RrtMulwav.

WM.

M.IlirilAHMs.I're.ldoot.

LYMAN

W.Bllllilis.VIo-PrMldmt.

JOHN

M

(HjINK, xerratary

la

nmlrsd

f-rIhm •aof saploysssla

UT

KliWAIlli IJTAUK,i;e'nrral

AMB*.

B. Hull.pV«.

I) lEfTOH»-<ieor«o T. llo,«.. A. B. Hull. O. Williams.W.(i.I..,w.A.M. Harne..11.A. llarlkBi. u'^'ii.'^J '.^''i!*J-»"anahan.Charlesll«nnls.

WZ.

M.Richard..II B.<laHln.JohnD. Malra.

Lymaa

Wl

Brlgga,)<.B.Chlllenden. /-.—.v.

The

Brooklyn Trust Co.

Cor.ofMonts«a«

k

Clinton tu.,Brooklyn, N. T. ThisCompanylaanttaonud byapsetal ehartsrto act as receiver, traates,uardlan,sxwnitur.or a«-mlnlatrstor.

Itososot as

usnt

In ths aslsorniaiianmsluf

rssi estate, oolleet lntei«at or dlrldenda, rseslrs

refflRtryandtransfer tHmks. or make porcDsassad

sale ofGovernmentand otherseeurlllaa.

Religionsandcharitable Inatltatlons.andmrioas nniiccustomed to the transaiTtli>nof bualnsaa.wilt

andthisCompanya safeandcmreoientdeuosltorr formoney.

HIPLKY

RI)I•K^<.President.

__^ ,, „

CHAH.

K.

MARVIN.

Vloe-Prsst.

BDOAR

M.CULLEN,Counsel.

TKLSTKKS:

Wm.

R.Kendall, Henry["anger, Alex.McCoa. JohnP.Kolfo, Chas.Jl.Marvin.A A. Ixiw. Th'ima^Sulllvan.Abin.II.Buylln HenryK.Sheldon U.E.I'lerrepont. Oan'l Chixincpy. .lohn T. Martin, Alex..M.White. Joslah o.I.<>w. KlpleyRopes,

AuatlnCorbln.

Edmund W.

Corllea.

WM.

R.

BUNKER.

SsefMarj.

Gilman, Son

&

Co.,

BANKERS,

62

CEDAR

STREET.

In additionto a General BankincBoalneaa,boy andsellGovernment Bonda andInTestmentSscurt*

ties

C.

U^ALCOTT

&

CO.,

BANKERS,

No.

42

Broad

Street,

tivsnd aell

.'t tbe

New

Kxchangea, ^peclal sttenuoa TransactaGeneralRanklni: H

on commissionall socurtii'

York, I'hlludelphlaand H-.-' either forcash oron margin, giventoMining.^tocka.

Jos.C.Wai*ott.

Frank

r. Dickinson. Members

N

Y.Stockand Mining Bxchaosea.

EDWARD

POMEROY, W.H.COX,JR.,OSCAR

IkSMmi

Pomeroy,

Cox

&

Smith,

BANKERS

AND

BROKERS,

No. 37

BROAD

STREET.

R.

tT.

Kimball

&

Co.,

BANKERS

and

BROKERS

4

Exchange

Co<ri, AViff i'ori, 11jrtartmimitrthiftit V. Y.Sl»ckSjtctMt^^

B»y »nd

Stll0nCtmmiui)n. /orCatk, t9am

Mmrgm,

S/ecis,Bondt,

mnd

aitinvtttm^mt S4<uritUt,inlaUfttniU

James

M.

Drake

&

Co*

BANKERS,

21

AND

22

DRE.XEL BUILDINO.

'WallSt.,

New

York.

BUY

and

SELL

RAn.ROAD

STOCKS

and

BONDi,

U.S.

GOVKnNMKST.

.HTATE. CITY, andallotkar

Negotiable Securities,

ON

("O.MMI.^SIO.V. Mr.J.M. Dnike has been a

member

ofthe

New

York Stock Kxchimge since IHM.andwillgive P«r» sonal attentiontoailbusinessentrustedto Ins flrB.

ISoodfft

«^

So*

BANKERS,

58 Broadway,

cor.

Exchange

Plaee,

TRANSACT

A

GENERAL

BANKING

BUSINKSS.

I.NCLUDING

THE

PURCHASE

AND

SALE

0»

STOCKS

AND

Bonds for cash or ox

mar-gin.

BUY

AND

SELL COMMERCIAL

PAPSB.

P.O.

Box

447.

D.A.

MOOT.

' '

""

w

Mci:juiAi,ak,

THE

(CHRONICLE.

iV.L.

XXX.

Financial.

Kountze

Brothers,

BANKERS,

130

Broadway

(Equitable

Bolldliis),

N

E

^V

YORK.

LETTERS

OF

CREDIT

AX

I)

CIRCUI^AR,

WOTES

Issuedfortliouseof travelersin

allpartsoftheworld.

Billsdrawnon theUnionBankofLondon

Telegraphic transfers

made

to London and to various placesinthe UnftedStates. Deposits receivedsubject tocheckatsight,and

in-terestallowedonbalances.

Qovemment

and other bonds and Investment

se-curitiesboughtandsoldon commission.

Trask

&

Francis,

BANKERS

AND

BROKERS,

70

Broadway

Ac

15

New

St.,

New

ITorb.

ALSO,

Cor.

Maiden Lane & James

St.,

ALBANY,

N.Y. TransactaGeneral BankingBusinese.

STOCKS

and

BONUS

Boufihtand Sold onCon.',

mission,andcarriedonMarjiins. UepositsreceivedandInterest

AUowed-Wm.F.

OWEVS,

Member

N. V.Stock Exchange.

Gku.a. Mercek.

Owens

&

Mercer,

B

A

?j

K

E

R

S

AND

COMMISSION STOCK BROKERS,

7

Excbanse

Court

aud

52 Broadivay*

Interestallowed ondeposits,to be drawnatwill

Also,Contracts made and carried in

Kew

York Cotton and Produce Exchanges.

We

issueaDaily

l#etterwhichwillbesentonapplication.

Daniel

A.

Moran,

27

PINE STREET,

NEW

YORK.

(MemberofN. Y. Stock Exchange.)

Neeotiates

First-CIass

Railroad.

Slate,

and

City

Loans.

Buysand sells for cash, oronapproved margin,

allSecurities dealtinatthe StockExchantfe.

A

choice lineof InvestmentBonds always on hand.

Correspondencesolicited.

*VAXTED:

Alabama,

Sonth Carolina

ic lionlnlaua Stale

Bonds;

Nevr Orleans

JackHon

&

Gt.

NortUern.

iflississlppi

Central,

and

ITloblle

ii

Obio Kallroud

Uonds

;

City

of Neiv Orleans

Bonds.

LEW

d£

BOKO,

14

WALL

STREET.

J.

H. Latham

&

Co.,

BROKERS

IN

FOREIGN EXCHANGE.

LnltedHtates;ChlcaKO,Clncinnnti,Ht.Louis. DistrictofColuitibifi Itonds.

AND OTHER

investiie:«t

securities,

52

WILLIAM

STREET.

J.H.

LATHAM.

F.

W.

PBRRT.

Fred.

H.

Smith,

BANKER

AND

BROKER,

No.52

EXCHANGE

PLACE, JJEW YORK.

RAILROAD

SECURITIES

(Anintimateknowledgeofallforthepast 10Years

A

SPECIALTY.

Investors orDealers wishingto buyorsellare invited to communicate. State, Municipal and RailwayBendsandCouponsboughtandsold at best MarketRates.

STOCKS

and

BONDS

At

Auction.

The

Undersigned hold

REGULAR

AUCTION

SALES

ofallclassesof

STOCKS

AND

BONDS

ON

WEDNESDAYS

AND

SATURDAYS.

ADRIAN

H.

HIJLLER

&

SON,

Ko.7

PINE BTaEET,

NEW

YOBK.

FInaiicfal.

Financial.

Geo.

H.

Prentiss,

19

BROAD

STREET,

NEW

YORK.

CiAS

STOCKS

Axn

GAS

SECURITIES,

STREET RAILROAD

STOCKS

AND

BONDS

AND ALL

KISD8 OF

BROOKLYN

SECURITIES,

DEALT

IN.

SEE

GAS QUOTATIONS

IN

THIS PAPER."

J.

C.

Chew,

No. 7

WALL

STREET,

NEW

YORK.

TEXAS RAILWAYS,

BONDS, LANDS,

&c.

Desirable TexasSecurities lor Investment con-stantlyon hand.

Albert

E.

Hachfield,

17

NASSAU

STREET,

BASEMENT,

Deals In

Investment

Securities

and

Bonds

Generally.

WANTED

: Toledo Logansport

&

BurlingtonBunds. Union

&

Logansport Bonds.

Rome

Watertown

&

Ogdensburg Bonds. Ind.Bloominct'n&West.

OU

and

New

Securities

New

Jersey Midland Bonds.

FOR

SALE

:

New

York

&

Greenwood Lake Bunds.

H.

L.

Grant,

No.

145

K

ROADWAY,

NEW

YORK.

IITY RAILROAll

STOCKS *

BO.M>!»

BOUGHT

AND

SOLD.

Seequotations of City Railroadsinthispaper.

ETROPOLITAN

ELEVATED

RAIL-WAY

CO., No. 71

Broadway.

New

York, June 11, 1880.—The Quarterly Dividend of (4]4l

TWO

AND

A-HALF

PER

<'ENT upon the

Capi-talStockof thisCompanywill bepaid onandafter theIstday ofJuly next, atthe CentralTrustCo.,

15NapsauStreet.

New

York,tothestockholders of recordonthe 18thinst.

The Transfer Bookswill beclosed on the 18th instant at 3 o'clock P.

M

,and reopened on the 2d

ofJulynext.

JOHN

E.

BODY,

Treasurer.

KJ

OBINSON

COMPANY,

OFFICE,

CONSOLIDATED

115

BROADWAY, New

MINING

York. June5,1880.—The BoardofTrustees have to-duy declared a

DIVIDKND

(No.1)of

THREE-QUAR-TERS OF

ONE PER CENT

(«)on the

TEN

MIL-LION

DOLLARS

(»10,000.000)

CAPITAL

STOCK

of

this Company, amounting to

SEVKNTY-FiVE

THOUSAND

DOLLARS,

orThirty-Seven and One-halfCents(37><ie.)per share,outofthe net earn-ingsof theCompany, payable on the 10th day of June.lf?80.atthe office oftheMining Trust Com-pany. No.115 Broadway.

New

York. Thetran.sfer

bookswillcloseonthe Hth,and re-open on the

nth

inst. D. F.

VERDENAL.

Secretary.

OFFICE

OF

THE

ONTARIO SILVER

MINING

CO., 18

WALL

STREET,

New

York,

June7,1880.

DIVIDEND

No. 56.

TheRegular Monthly Dividendof FiftyCentsper share has been declared fox May, payable at

theofficeofthe transfer agents, Wells,Fargo

&

Co.,

No.65Broadway, on the15thinst.

Transferbookscloseon the10thinst.

H.B.

PARSONS.

Assistant Secretary.

/

VFFICE

OF

THE

DEADWOOD

MINING

'-'company,

No.18

WALL

Street,

New

York,

June9,1880.

DIVIDEND

No. 6.

Themonthly dividendofTwenty-Five Centsper share has been declared forMay. payableatthe

office ofthe Transfer agents.Wells,Fargo

&

Co.,

65 Broadway, on the 2l8t inst. Transfer Books closeon the15thinst.

H.B.

PARSONS,

Assistant Secretary.

WESTERN

UNION

TELEGRAPH

COMPANY.

New

York.June9.1880.

DIVIDEND

No.52.

TheBoardof Directorshavedeclared a quarterly dividendofOneand Three-Fourths Per Centupon the capital stock of thiscompany,fromthenet earn, ingsofthet^reemonthsendingJune 30th inst.,

payableattheofficeoftheTreasurer,onandafter the15th day of July next, to shareholders of recordon the19thdayofJuneinstant.

Thetransferbookswillbeclothedatthreeo'clock on the afternoonofthe 19thday ofJune instant, andwill be openedon the morningofthe16thday ofJulynext.

B.H.

ROCHBSTBB,

Treasurer.

The

Pelican

&

Dives

miNINO

COMPANY.

OrganizedunderthelawsoftheState of

New

York, Silver mines situated at

GEORGBTOW.V.

in

GrimthDistrict,ClearCreek County,Colorado. Capital stock, $5,000,000; 500,000 shares; par

value.»I0.

STOCK

FULL

PAID

AND

NON-ASSESSABI,B. Registrars of 'I'ransfers:Farmers'L(»an

&

Trust Company. Bankers; The is'ational Bunkof the

State of

New

York.

Ol'FICERS: NORVI.V

GREEN,

President.

HENRV

S.

RUSSELL,

Vice-Pre.sldent.

THEO.

N.VAIL.Vice-President. R.H.

ROCHESTKR,

Treajiurer.

GKOKGK

C.

WILDE,

Secretary.

CLARENCE

CARY.

New

York, 1_{r„,,„.„.}

JEROME

F.

MANNING,

Worcester, M»8S.(

^'OUO'O'-A

limitedamountofstock for saleby

CHAS.

UNGER

&

CO.,

No.

46

Exchange

Place,

Neiv

York.

Prospectuses and information furnished upon applicationtoabove.

New

York

New

England

&

Western

I \

VESTMENT

COMPANY,

31

AND

33

PINE STREET.

NEW

YORK,June11.1880.a Noticeishereby given thatsubscriptions forthe

FIRST

MORTGAGE

BONDS

ofthe

KANSAS

CITY

BURLINGTON

&

SANTA FE RAILROAD

to the

required amounthaving^beenmade,noadditional subscriptiocscan bereceived untilfurthernotice.

JOHN

C.

SHORT.

President.

W.AN

TED

:

Flint

&

Pere MarquetteRailroad Certificates Central Rjiilroad ofIowa Bonds andStock. PortHuron

&

Lake MichiganRR.Co.Certitlcates. St.Joseph

&

WesternRailroadCo. Securities. DesMoines

&

ForLDo-igeRailroadBonds.

New

Jersey Midland RailroadSecurities.

New

York

&

OswegoRailroadSecurities. Indianapolis

&

St.LouisRailroadBonds. South

4

NorthAlabamaRailroad Stock. SouthCarolina Railroad Securities. Kansas

&

NebraskaRailroad Securities. Greenville

&

ColumbiaRiiilroadSecurities. Vicksburg

&

MeridianRailroad Stock.

City.County and

Town

BondsofWesternStates. City ofSt.Joseph,Mo..7and10Per Cent Bonds. CityofAtchison.Kansas. Old Bonds.

Scioto Valley RailroadBondsandStock.

W.TT.

R.

UTLEY,

31

Pine

St.. N.

V

.

FOR

CHO-CE

7

Per

Cent

Mortgages,

SMITH

&

HINNAMIX,

Indianapolis,

Ind.

A

SS*I.CI.*LTV.

Southern, Western, Northern and Eastern Railway Bonds and Stocks; also. St,ite,Municipal andall classes of reputable irtvestmentsecurities,bought andsoldatbestmarketrates. Investorsanddealers wishingtobuyorsell are invited to communicate withus. Loansnegotiatedforbankersandbrokers.

CHARLES

B.

OKEE.XE,

BANKER

AND

BROKER.

Room

24.

30

Hroad

St.

Ifew

Vork.

WANTED

:

City,

County and

Taivnslil|>

Ronds

OF

THE

STATES OF

.\IISSOURI,

K4NS.4S

and

NEBR.ISKA

ALSO,

All

Classes

of Railroad Bonds.

TOREV

&

KIRK,

No.

4

Rroad

Street,

Nenr

ITork.

W.4NTED

:

All kinds of

MISSOURI

and ILLINOIS

DE-FAULTED

COUNTY

BONDS.

Highest market price paid for them. Give full description,autf

address.

_

L. A.

COaUARD,

BANKER

AND

BROKER,

124

N.

Tblrd

street,St.

Louis,

mo.

N.

T.

Beers,

_Jr.,

BROOKLYN

SECCRITIES,

CITY

B051DS,

Gas

Stocks,

dee..

No.

I

NEW

STREET,

NEW

YORK.

xmm

HUNT'S

MERCHANTS'

_MAGAZINB,

REPRESENTING

THE

INDUSTRIAL

AND

COMMERCIAL

INTERESTS

OP

THE

UNITED

STATES.

lEntered,accordingtoact ofCongrees,Intheyear 1880,by

Wm.

B.Da!«a

&

Co., luthe oBice of the

Ubmriau

of Con»treM,

WMhlngton,

D.C.\

VOL.

30.

SATURDAY,

JUNE

12,

1880.

_NO.

_781.

»

CONTENTS

THE

CHRONICLE.

RevivingContlclencc 609

BaukB—

TheirNature

aud

8er-viceB 610 Cotton ConeuinptioninEurope611

The

New

BUI TaxingBanks... 612

Railroad

EamlngB

InMay, and fromJan.1 to.Tune1 613 LatoKt Monetary and

Commer-cial JCiiKliiih

News

014

ConuiiercialaudMlHcellaneoug

News

015

THE

BANKERS' GAZETTE.

Money

Market. U. S.

Securi-ties,RailwayStocks,Foreign

Exchange,

New

York

City Banks,etc 617

QuotationsofStocksaiidBonds 020

Now

York Uioiil8t«urltieH 631 luvestnientB. and State, City

andCorporation Finances... 622

THE

COMMERCIAL

TI.ME8. Commercial Epitome 626I

Cotton

626

BreadstnilB 631

Dry

Goods 632 lmi>ortH,ExportsandReceipts633

%ht

CItrcrnicIe.

The

CoMMEKaAL and Financul

Chronicle

i»issuedeverySatur

day morning,

withthelatest

news

up

tomidnight of Friday.

[Entered

atthe

Post

OfBceat

New

York, N.

Y., a.s second-class

mail

matter.]

TERMS OF

SUBSCRIPTION-PAYABLE

IN

ADVANCE:

For

One

Year(including postage) ^1020.

ForSlxMouths

do 610.

Annualsubscriptionlu

London

(including postage)

£2

78.

Sixmos. do do do 1 88.

Subscriptionswill be continued until or<Iered stopped bya written order,oral thepublicationofflce.

The

Publisherscannotbe responsible forRemittancesuuless

made

byDrafts or Post-Odlco

Money

OrderB.

AdTerllsementB.

Transient adverti.acments are published at25cents perline foreach insertion,but

when

detlniteorders are givruforfive,ttrmore,iuscrtions, aliberaldiscount is made. Si>ecial Notices In Banking audFiuaucial column 60centsperliue,eachinsertion.

WILLIAMB. DANA, )

WILLIAM

B.

DANA

b

CO., Pnblishers.

JOHN

o.FLOVD,JK.i 79ft 81 WilliamStreet,

NEW

YORK.

POST

Offick

Box

4592.

^p°

A

neatfilecoverIsfurnished at50cents; iwstageonthe

same

Is 18cents. Volumes boundforsubscribers at$1 20.

ly

For a completeset oftheCo.MMERciAL

and

Financial

Chroni-cle—

July, 1865, to

date—

or Hunt's

Mercuants'

Magazine. 1839to 1871. inquire at theoffice.

REVIVING

CONFIDENCE.

This

week

seems

to

furnish

evidence

that

we

have

about passed

through

the

temporary

cloud

produced

by

excessive

speculation,

and which

for

a

time has overcast

all

our markets.

The

depression

we

have

suffered

under

has

been, as

we

have

several

times

stated,

the

result of

a

necessary

and

healthy

reaction.

We

had begun

to think,

with regard

to

merchandise,

that

there

was no

limit to

consumption

in this

country,

and

with regard

tostocks,

that

everything bearing

the

endorsement

of

a

railroad

must

continue

hereafter to

show

a

monthly

rise in value.

These

fancies

no

longer

prevail.

Of

course,

during any

such

reaction,

reason

does not

govern

the public

mind.

"We have

seen the

best

illustra-tion of this at

our

Stock Exchange.

There,

all securities

have

declined,

from

week

to

week,

almost

regardless

of

comparative

merit

or value.

Our

monthly

railroad earn-ings,

published

to-day,

show what

a

foolish

panic

thie

has

!

been.

Beyond

a doubt,

bonds and

stocks of

eeUbluhed

roads

are

worth

more

than

they

were

a year

ago.

The

roads

are

earning

much

more,

and

there is

every reason

to believe

that

they

will

continue

to

earn

much

more

during

the

coming

year.

We

gave

our reasons

for this

opinion

two weeks

since,

and

it is

not

necessaiy

to repeat

them

here, especially as the

public

seem

to

have

realizedthis fact

now,

and

a

better feelingprevails.

In

our merchandise markets

the

recovery

will

be slower

because the

disease

was

deeper.

And

yet

there are

evi-dences

that

a

change

has begun.

In

referringlast.Saturday to the large increase that

has

taken

place in

our imports

under

the stimulus

ofthe

recent

high

prices,

we

stated

that

the

low

values

now

current

and

the

large stocks

held here

must

soon

have

the

effect of

checking

the

movement,

and

that the

present

month

would

witness

a

reaction.

This

reaction, it

would

appear, has already

setin.

The

imports

last

week

at this

port

—

which

usually

receives

about

two-thirds of the country's entire

imports

—

.were

smaller than

in

any

other

week

since the

middle

oflast

January.

Compared

with

the

preceding

week,

the total,

$7,316,695,

shows a

decrease

of

$2,065,802,

and

compared

with

the

week

before

that,

a

decrease

of

$4,362,004.

But

the

falling

oS

in the

movement

will

be

more

clearly

seen

by

bringing

together the

totalsfor

a

number

of

weeks

past, asis

done

inthe table

below,

showing

the

weekly

figures since

the

beginning

oflast

February.

Wfekenttinff

—

'

Value. Weekenttinff

—

raltie. Feb. 6 $8,469,472 8.207,346 y,273,0(X) 7.848.877 13.878.046 9,910.917 11,724,181 8,532.763 11.503.695

AprU

9 fA.938,079 IS.iK3,708 10,908.843 • 13 " 23!!"!"!!!!! •' ₂₀ " 27 " 30 11,489.090 11.872,362 Mar. 5

May

7 " 12 •• 1*!"!!;;:!::; ».480,4&5 11.678.680 " 19 " 21 •' ₂₆ •' _{28 a,982,4»7} 7,316.690 April 2

June

4

We

cite these figures,

not

as

showing

that

the

excep-tional total of last

week

may

bo

taken

as

a

measure

for

subsequent

weeks

—

on

the contrary,

from

data

in

our

pos-session it

seems

not

improbable

that thetotal for the

cur-rent

week

will

be

larger

by

several millions

—

but

as

an

indication that

there

are

already evidences

of

a

smaller

movement.

Undoubtedly,

there

will

continue

to

be

fluctua-tions in

the

volume

of

our

imports,

but

the

tendency

must

be

downward.

The

country

is in

an

excellent condition; but,

through

the

speculative prices

prevailing

here,

we

have

flooded

ourselves

with

foreign

goods.

It

was

necessary

that

im-ports for

a time should

be

checked,

so that the

people

could begin

to

absorb

the

accumulated

stocks.

As

the

first

condition

is

now

being

realized,

the

latterwill

soon

be

in process,

and

itwill

not

be

long before

oui

import trade

610

IHE

CHRONK^LE.

[Vol.

xxi.

BANKS—

THEIR

NATURE

AND

SERVICES.

One

is

frequently surprised

at

the extent

of

the

literary

work

which

some

of

our

active

business

men

are

able

to

accomplish.

Our remark

applies to

no

one,

whom

we

can

at the

moment

recall,

more

fully

than

to

Mr.

Edward

Atkinson.

Quantity

of

course

would

cause

no

surprise, if it

were

not

that

the

qualityis so

admirable.

He

is

one

of

those

thoroughly

useful writers

who

think

it is

no

objec-tion

to

an

Economic

Essay (which

is

usually

as-dry-as-dust)

to

have

it interesting

and

practical.

Having

been a

merchant and

manufacturer, while

at

the

same

time being

a

close

student

and

observer,

he becomes

by

this

very

•combination

of

acquirements

best fitted for

an

instructor.

We

have

other

men

of

the

same

type

among

us

;

and

in fact

some

of

the

ablest

English

writers

of

the

day

on

political, financial

and commercial

subjects are

merchants,

for

in

applying

theories to

commerce,

they

modify

their

theories

soasto

accord with the

actual

conditions

of

com-merce

which

their

experience

has taught

them

exist.

Theirs

is

not

a

theoretical

world,

but a

practical, actual one.

The

latest

work

of

Mr.

Atkinson

—

at least

the

latest

we

have

seen

—

is

an

address, issued

now

in

pamphlet

form,

•delivered

before

the financial

club

of

Harvard

University.

His

subject

was

"Banks

and

Banking,"

and

his object

seems

to

have been

tofamiliarize

the

hearer or reader with

the

nature,

and

the

services to

commerce,

of these institu-tions.

There

could

be no

more

useful

or

practical

purpose

than

this, for there is

no

subject

about

which

greater

and

wider

ignorance

is displayed.

In consequence

ofthis

ignor-ance,

and

relying

iipon it, political

demagogues

are allthe

time

antagonizing

our

banking

system

:

—

not

showing

_its

defects

and

providing a

better,

which

would be

m

thelineof progress,

but simply

seeking

to excite

popular prejudice

by

callingit,

and

thus

making

the

many

—

who

do

but

little

•thinking

for

themselves

—

believe thatitis,

a

machine

organ-ized

by

capitalists to

crush

out

labor.

The

course

of legislation at

Albajiy

this "Winter, is

a

good

illustration of

this

spirit, the

ruling

idea

seeming

to

be

to tax,

without

regard

to

the

power

to

pay

it, all

banking

capital,

and

ifin

the process

it

goes out of existence

as such, so

much

the

better

for the people.

"We

are pleased, therefore, to

be

able to

welcome

Mr.

Atkinson's

effort.

All

thatis

needed

to

put

this

question

.«mong

the

settled, self-evident ones, isto

have

the

facts

re-.garding

it

known,

and

to

secure

that

they

must be

simply

told,so as to

meet

the

popular

comprehension.

For,

in truth,

the

bank,

instead of

being

inimical to

the

producer,

is his

chief

ally; itis

purely

the

great

distributer, as

necessary

to

•commerce

as

breath

isto

the

body.

The

old

country

store

is

the

original

bank,

or substitute for one, of

a

primitive

-community, where

the

one

farmer

who

raises eggs,

and

the

Other

who

raises

wheat,

and

the

other

who

raises sheep,

and

the

one

who

spinsthe wool, all

bring

their

products

to

have

them

exchanged,

which

in

the

absence

of

a

medium

•of

exchange,

can only be

done

by

entries in

the

merchant's

ledger.

Each

producer

makes

his deposit,

not

in

money,

bat

in

products valued

in

money,

receiving

a

credit;

and

then

these

farmers

(depositors)

exchange commodities by

simply

transferringcredit.

What

should

we

think

of the

farming

community

with

Buch

a

store in its

midst

and

doing

this

work

forit

—

what

should

we

think

if it

were

to

tax

the

store so excessively as to

drive

it into

another

county

or

State?

Such

in

miniature

represents

the

relations existing

between our

country's

commerce

and

its

banking

system.

The

railway,

the steamship,

the butcher's

cart

and

the

grocer's

wagon

are the vehicles

which

apparently

do

the

distributing,

but the

banks

are

the

power

back

of

them

that

keeps

their

wheels

in

motion.

Adopting

Mr.

Atkin-son's figures

and

illustration,

there

are in this

country

three

hundred

thousand

million dollars

worth

of

produce

transferred

from producer

to

consumer every

year.

Two

to

three

tons

of

food

on

the

average

are

moved

from

field

and

pasture

to subsist

each

man,

woman

and

child;

moved

not

once

only,

but

twice

or

three

times

or

more.

The

grain

must be

taken

from

the

field,

thence

to

the

country

store,

thence

to

the

railway,

thence

to

the

mill,

thence

to

the

baker's

oven; the

hay and

roots

must be

moved

about

until

they

are

turned

into butter, cheese,

meat,

and

exchanged

for sugar,tea, coffee, spices;

each

kind

must

be

distributed,

worked

over,

converted

from one form

into

another

and

at last

consumed.

Only

conceive, if it is possible, of

the

number

of

the

exchanges

involved

in

effect-ing

theseresults,

each

one

requiring, as

a precedent

condi-tion,

the

transfer of

a

credit,

or

payment.

And

yetallthisis

going on

constantly,

and

so

smoothly

and

silently as

not

even

to attract

observation;

infact,

we

doubt

if

one

person

in

a

hundred

has

ever

thought

how

extensive

isthe

mechanism

that

makes

itpossible.

What

the

merchant's

ledger

in

the

country

store

did

for

the

primitive

community,

convertible

bank

credits are

doing

fqr

the

nation.

The

store is

a

possible

instrument

only

within a

limitedterritory,

and

when

wants

are

few;

but

—

as

Mr.

George

S.

Coe

stated in

an

address delivered

last

year

—

no

sooner

does

a

community grow

into

commer-cial

importance

than

a

bank

becomes

a

necessity,

an

abso-lute

need.

Consequently,

we

find that

some

of

the

very

oldest institutions in this

country

and

in

Europe

are

banks.

There

can be

no

commerce

without

them

and

com-merce can

only

expand

as

they

multiply.

The

Bank

of

North

America

in

Philadelphia

was formed

by

Robert

Morris

the

Colonial

Secretary

;

the

Bank

of

New

York

was founded

by

Alexander Hamilton

; the

Manhattan

Company Bank

was

inaugurated

by

Aaron

Burr

;

and

all

of

them

are

over

one

hundred

years

old.

So

in

every

town and

in

every

village

the

firstexisting

banking

organiza-tiondates

back

to

the

period

of its earliest

importance,

its

very beginning,

as

a centre

of trade.

Itis of

course impossible

in

a

newspaper

article to

show

more

than

in this

general

way

how

banks, thus

generated

spontaneously out

of

commerce,

do

their

work.

But even

by

the

mere

casual

observer

it is

seen

that it

would

be a

physical impossibility to

make

all these daily

payments,

had

we

the

money

to

do

it with,

and

to

hold

sufficient

money would

be

utterly impracticable.

Furthermore,

even

if

we

possessed the

money

and

the

power, the

cost

of

actual transfer

of

cash

would

more

than

double

the

priceof

every

commodity

to

the consumer, while

it

would

shut

out

many

of

the

more

remote

producers

from a

market.

One

can

see clearly

the

force of

these

observa-tions

by

recalling

the

leading

features of transactions daily

occurring

between

the

Liverpool

merchant

and

the

West.

Substantially,

the

practice is

somewhat

like this.

The

merchant

cables

over

his order,

and

by

making

arrangements

with

a

Liverpool

banker,

he

cables

over

his

money,

too; his

agent

in

New

York

telegraphs

out

the

order

to

Chicago,

and

by

arrangement

with

a

bank

here,

has

the

money

also at

the

same

moment

there;

and

then

the

Chicago

merchant

repeats

the

process,

and

it

may

be

thatit is

again

and

again repeated

J

until

from

the

farms

of

the

West

the

grain

is

on

its

way.

Perhaps

not

a

dollar of

money

has

been

transferred

during

all thistime,

and

more

likely

than

not

the

whole

transac-tion

has

been

done

upon

a

bank

credit

obtained

at

Liver-pool,

which

is

discharged only

on

the

arrivalof

the

grain

there

and

its final sale

and

transfer to

the

actual

conj

sumer.