mva lark hate gtoUcgp of Agticulture Jtliata, JJ. % Hibtara ffiayiO S ,rj ii(Jj!*--^ Tii^t) -"ri^e Library Bureau Cat. No. 1137 ?""-t*i"- Cornell University Library HG4921.H26 New York stock exchange manual, containin 3 1924 013 779 081 Cornell University Library The original of tliis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013779081 NEW YOEK STOCK EXCHANGE MANUAL 5 CONTAINING ITS PRINCIPLES, RULES, AND ITS DIFFERENT MODES OF SPECULATION: ilSO, A REVIEW OF THE STOCKS DEALT IN ON 'CHANGE. iwteramtut anit State ^wnritiw, RAILWAY, MINING, PETROLEUM, &o., &c. BY HENRY HAMON. NEW YOEK: PUBLISHED BY JOHN F. TBOW, 50 GREENE STREET. 1865. Entered, according to Act of Congress, in the year 1866, by HENRY HAMON, In the Clerk's Office of tlie District Court of the United States for the Soath ern District of New York. JOHN F. TROW, PBIhTBIt, SrEREOTVPER, AND ELECniOTrPEII, Ko. 60 Greene Street, New York. CONTEI^TS. PART I. PXQS CHAPTER I.— Stock Exchange 6 CHAPTER II. — Rules of the Stock Exchange. — Constitu- tion and By-Laws of the Stock Exchange — Constitution and By-Laws of the New Torlc Gold Exchange — Constitu- tion and By-Laws of the Open Board of Stock Brokers — The Evening Exchange — Constitution and By-Laws of the Mining Exchange — Constitution and By-Laws of the Public Petroleum Exchange — Constitution and By-Laws of the Petroleum Stock Board 9 CHAPTER TIL— Stock Jobbers 107 CHAPTER IT.— Stock Bkokeks Ill CHAPTER V. — ^MoDus Ofebandi 117 CHAPTEK VL— Financial Articles 124 PART IL CHAPTER L— United States Bonds — B's, 1881 — 5-20— 10-tO— 7-30.— Certificates of Indebtedness— 6'3, 1867— 6's, 1868— 6's, 1871— o's, 1874— Oregon War Debt 145 CHAPTER II. — State Bonds. — New York — California — Con- necticut — Georgia — lUinois — Indiana — Iowa — Kansas — Kentucky — Louisiana — Massachusetts — Michigan — Mmne- sota — Missouri — North Carohna — Ohio — Rhode Island — South Carolina — Tennessee — ^Vermont — ^Virginia — Wiscon- sin IBfl IV CONTENTS. FAGa CHAPTER III.— Bank Stocks.— General Banking in the United States— The Safety Fund System— The State or Free Bank- ing System — The National System 173 CHAPTER IV.— American Gold.— History of Gold— Causes of Depreciation 208 CHAPTER v.- Railroad Stocks and Bonds.— New York Central — Erie — Harlem — Hudson River — Reading — Michi- gan Central — Michigan Southern — Rock Island — Chicago and Northwestern — Cleveland and Pittsburg — Cleveland and Toledo — Dlinois Central — Pittsburg, Fort "Wayne, and Chicago — Milwaukee and Prairie du Chien — St. Louis, Alton, and Terre Haute — Chicago and Alton — Toledo and Wabash — Panama — Miscellaneous Railroad Stocks 211 CHAPTER VI. — Miscellaneous Stocks. — Canton Company — Cumberland — Quicksilver — Mariposa — Pacific Mail — ^Atlan- tic Mail — Delaware and Hudson Canal — American Coal — • Central Coal — Pennsylvania Coal 807 CHAPTER Vn.— MiNiNO Stocks 338 CHAPTER Vm.— Petroleum Stocks 362 CHAPTER IX. — Insurance Stocks.— Fire Insurance Compa^ nies — Marine Insurance Companies — Life Insurance Compa- nies 387 PART I. CHAPTEE I. THE STOCK EXCHANGE. The Stock Exchange is a place of which one hears every day in the year and every hour in the day, and yet very few know anything of it, beyond the single fact that it is the place where all the transactions in stocks occur. The modern institution of exchanges dates more particularly from the 16th century in Continental Eu- rope. The name Borse in German, Bourse in French, originated from the belief that the first gathering of the kind took place in the early part of the 16th century at Bruges, in Flanders, in the house of a family of the name of Van der Borse. According to another tradi- tion, the first exchange was had at Amsterdam, in a house which had three purses hewn in stone over the gates, thus accounting for the use of the word Bourse. Previous to the latter part of the 16th century, the London merchants used to meet without shelter in Lombard street. Sir Richard Gresham, having seen the covered walks used for exchange abroad, contem- plated erecting a similar building in London. The scheme was carried into efiect by his son, Sir Thomas Gresham, who ofiered to erect a building if the citizens would provide a plot of ground. The site north of Corn- 6 STOCK EXCHANGE MANUAL. hill, in the city of London, was accordingly purchased in 1566, for about $18,000. On January 23d, 1570, Queen Elizabeth caused it to be proclaimed the Royal Exchange. The structure was destroyed in the great fire of 1666. It was destroyed again by fire in 1838. The corner stone of the present Royal Exchange was laid in 1842 by Queen Victoria. It is an imposing edifice, embellished with many statues. The area appropriated to the meetings of the merchants is 170 feet by 112, of which 111 by 53 is uncovered. There, the English, French, German, and other foreign merchants all have their appropriate place and corner, and meet daily for the transaction of business. On Tuesday aud Friday an extra meeting for transactions in foreign bills of exchange takes place, previous to the regular board, which is attended by the principal bankers and merchants in London, and which derives great im- portance from the immense business transacted within about half an hour. The whole foreign commerce which centres in London is here concentrated in a hand- ful of bills of exchange. There is much less excite- ment than at the general exchange : a few brokers pass between the bankers aud merchants, and the bills are bought and sold almost in a whisper. The most celebrated Continental Exchange is the Bourse of Paris, which was inaugurated in 1824. The building has the shape of an ancient peripteral temple. The exterior measures 234 feet by 164, interior 108 by 59, exclusive of galleries, or 6,372 feet square, and is calculated to hold more than 2,000 persons. The Paris exchange is a combination of stocks and bills of ex- change, and confines itself chiefly to those branches of business. THE STOCK EXCHANGE. 7 The St. Petersburg Exchange approaches the Paris Bourse in splendor; it was built between 1804 and 1810. The Hamburg Exchange resembles also that of Paris in the shape and the grandeur of the building. The Exchange of Amsterdam was finished in 1613 ; it is an edifice of great magnitude. The Bourse of Antwerp, one of the oldest and most remarkable of Europe, was totally destroyed by fire in 1858 ; a large portion of the business of the world was transacted in it for a consid- erable time. At Madrid, Lisbon, Marseilles, Trieste, Vienna, Odessa, Smyrna, Frankfort, the Exchanges are numerously attended ; but the Exchange of London stands unrivalled in Europe for the magnitude of the transactions. Next to it in commercial importance rank the Exchanges of Amsterdam and Hamburg. Now in 'Sew York, in that metropolis of the West- ern Continent, as splendid a city as the oldest and moat renowned cities of Europe, when a foreigner asks for the Public Exchange, we have nothing to show him. Thou- sands of people in New York do not know where the stock brokers congregate every day to deal for the interest of the stockholders. The hall in which millions of dollars go from hand to hand every day, is located in a by-street, and can be found by the initiated only. While the produce merchants have erected a handsome hall, where the public is admitted, the stock brokers seem slow to understand it is proper that they should meet in a building erected for the especial purpose of being a Stock Exchange— a building that would be an honor to them and to New York City, and adequate to the importance of the business transacted by the stock brokers. Speculation has been increased to so large extent, a STOCK EXCHANGE MANUAL. that it has become necessary to provide a wider theatre. Besides the regular sessions of the Board at lOj and 2i, there are two other sessions at 1 and 3^, under the name of Open Board of Brokers. An association has been formed for the purpose of gold speculation, at the corner of Beaver and William streets, under the name of the New York Gold Ex- change, or Gold Room. On December 21st, 1863, was opened the Mining Exchange, especially devoted to mining stocks. In March, 1864, a new Exchange Room, for the evening sessions, was opened at the Republican Club, corner of 23d street, and these evening sessions have become a feature of the time. Mammon is worshipped from daylight in ISTew York till midnight. On February 1st, 1865, a Petroleum Board, corner of Broadway and Rector street, was opened for the petroleum concern ; since that time another petroleum association has been formed at 16 Broad street. CHAPTEE II. ETJLES OF THE STOCK EXCHANGE. We think it is proper to give in full tlie Constitutions and By- laws of the various Exchanges. Our readers will better understand all that we have to say about the speculation. I. CONSTITUTION AND BY-LAWS OF THE NEW YOKK STOCK EXCHANGE. CONSTITUTION. Article I. Title of the Association. The title of this Association shall be " The New YoKK Stock Exchange." aeticle n. Cheers'' Elections, <£c. A President, First and Second Vice-Presidents, Treasurer, Secretary, Assistant-Secretary and Roll- Keeper, shall be elected by ballot, on the second Mon- day of May, annually, and in case any vacancy shall occur in either of the said oflEices, by death, resigna- tion, or from any other cause, a new election shall be held forthwith, to supply such vacancy or vacancies. Aeticle III. Duty of the President and Vice-Presidents. It shall be the duty of the President to see that the 1* 10 STOCK EXCHANGE MANCTAl. several provisions of the Coustitution and By-Laws are enforced, and have a care of the general interests of the Board. He shall be entitled to preside over the Board during debate, whenever he may elect to do so. It shall be the duty of the first Vice-President to call the Stocks at the first, or morning Board, and in the absence of the second Vice-President, at the second, or afternoon Board. He shall also preside over the Board during debate, in the absence of the President, or when the President shall elect not to preside. He shall pledge himself not to operate in Stocks, directly or indirectly, for himself or for account of others. It shall be the duty of the second Vice-President to call the Stocks at the second Board, and, in the absence of the first Vice-President, at the first Board. He shall not be permitted to operate in Stocks, during the period he is presiding. The Vice-Presidents, while occupying the Chair, shall maintain order and enforce the rules. In the absence of both the Vice-Presidents, the members present may choose a Vice-President pro tern., to call the Stocks. Article IV. Duty of the Treasurer. It shall be the duty of the Treasurer to receive and take charge of all moneys, and render a statement of the funds, on the second Monday of May, annually, and at such other times as the Board may require. Article V. Duty of the Secretary and Assistant-Secretary. It shall be the duty of the Secretary, or Assistant- Secretary, to make a full and faithful record of the Time purchases and sales, which record shall be con- NEW YORK STOCK EXCHANGE. 11 sidered as binding on the members ; to record, in a book of Minutes, the proceedings of the Board, and to take care of the books and papers of the Association. Article VI. Duty of the Roll-Keeper. It shall be the duty of the Roll-Keeper to call the names of the members at the opening of the first, or morning session of the Board ; to record all fines, and report on the first day of May and November, respect- ively, the amount levied upon each member, and to collect and pay the same into the hands of the Treas- urer. Article VII. Election of New Members, (6c. The election of new members shall be by ballot, and every applicant for admission shall be proposed at least ten days preceding the election, and eleven black balls shall exclude. If rejected, he shall not be re-nominated within five days thereafter. The name of the applicant shall be posted in some conspicuous place in the Board room, from the day of nomination to the day of elec-. tion, and but one candidate shall be balloted for on the same day. No election shall be valid unless thirty or more votes are deposited in the ballot-box. Article VIII. Manner of Conducting an Election. At an election for a member, the ballot-box shall be placed in charge of the presiding officer of the Board, and the poll shall be open from half-past ten o'clock to the conclusion of the call of Stocks, when the 12 STOCK EXCHANGE MANUAI,. President shall request any member who has not voted, to do so. The President shall then declare the result of the baUot. The name of the candidate shall, during this time, be conspicuously placed in vieTV of the mem.- bers, at the desk of the Roll-Keeper. Article IX. Eligibility. Any person shall be eligible who has been a broker one year, or an apprentice or clerk to a member of this Association for two years, immediately preceding the date of his application for admission, or shall be a mem- ber of the Philadelphia Stock Exchange. Parties nom- inating candidates for membership of this Board, shall state to the Board the term of service to the broker- age business, of the candidate, and whether as broker or clerk. Article X. Initiation Fee. The initiation fee shall be three thousand dollars, except in the case of a clerk to a member of the New York Stock Exchange, who shall have been such clerk for three years immediately preceding his application for admission. The initiation fee for such person shall be fifteen hundred dollars. In aU cases when the initi- ation fee shall not be paid up within five days after tho election of a member, and his notification by the Sec- retary, such election shall be declared void. Article XI. Suspended Member's Re-JS lection, <&c. Any member who fails to comply with his con- NEW YOBK STOCK EXCHANGE. 13 tracts, or becomes insolvent, shall be suspended until he has settled with his creditors. On his application for re-admission, a committee of five members shall be appointed by the President, to investigate his conduct and the cause of his failure, which committee shall give notice of their meeting, for three consecutive days ; after which they shall report to the Board. The appli- cant may then, by consent of a majority of the mem- bers present, be balloted for forthwith, and thirteen black balls shall exclude. If rejected, he shall not be re-nominated until the expiration of five days, and his name shall be posted for the same time, and the elec- tion conducted in the manner prescribed in Article 8. Article XII. Quorum, &c. In aU cases a majority of the Board shall be present to transact busiaess, other than the calling of the Stocks ; and no firm shall be entitled to more than one vote, except for the alteration of the Constitution and By-Laws. Two or more members of a firm shall not transact business at the Board at the same time. aeticle xin. Questions of Order. The President, for the time being, shall settle all questions of order. Aeticle XIV. Fictitious Sales. No fictitious sales or contracts shall be made at this Board. Any member contravening this Article, shall, upon conviction thereof, be expelled. 14 STOCK ESCHAJSTGE MAITOAL. Article XV. Payments and Transfer, in Certain Gases, to be Simultaneous. In all sales of Stocks transferable in this City either party shall have the right to require the pur chaae-money to be paid at the time and place of trana fer, or delivery. Article XVI. Bond Committee. A standing committee of five shall be elected by ballot, on the second Monday of May, annually, whose duty it shall be to pass upon questions relative to se- curities dealt in at the Board; and said committee shall have power to consult counsel, and employ a Sec. retary. Article XVII. Commissions. No member shall charge a less commission than the following rates : One quarter of one per cent, on the par value of all Stocks, Securities and Gold, bought and sold, except for Bankers, Stock and Exchange Brokers, and Stock Jobbers : for whom the commission shaU not be less than one-eighth of one per cent, on the par value. The charge for buying or selling Stocks, Securities, or Gold, for sitting members, shall be one- eighth of one per cent., unless otherwise agreed upon. Any return of commission by a member, or any arrangement whatever whereby the commission paid, or to be paid, shall be less than that called for in the foregoing rule, shall be considered a violation of the NEW YOKK STOCK ESCHANGE. 16 same. A standing committee of five shall be appointed by the Chair, whose duty it shall be to report to the Board any violation of this Article which may come to their knowledge ; and any member so reported shall, upon conviction, be suspended for a period not less than sixty days, nor more than twelve months, at the pleasure of the Board ; and upon a repetition and con- viction, the party shall be declared no longer a member of the Board, and never after be eligible to membership. Aeticle xvni. Board takes Cognizance of all Debts. All debts, without distinction, are binding upon the members of this Board, and the Board may take cog- nizance of them upon complaints properly made and presented. Aeticle XIX. Altering Constitution or Jiy-Laws. No motion for altering the Constitution, or By- Laws, shall be acted upon until at least ten days after the motion has been submitted in writing, unless by the unanimous consent of the Board. Akticlb XX. Constitutional Vote. No alteration of the Constitution or By-Laws, shall be made unless by the consent of two-thirds of the members present. Aeticle XXI. Penalty for JVbn- Compliance with Constitution, By-Laws, t&c. Any member reported to the Board for refusing to 16 STOCK EXCHANGE MANUi-L. comply with the foregoing Rules, or with.the By-Laws, may have a hearing before the Board, and if the Board decide that the complaint is proved, two-thirds of the members present may, if he persists in his refusal, de- clare him no longer a member. BY-LAWS. Article I. FiEST Board — Order of Business. The hours of business of the First Board, or morn- ing session, shall be from ten-and-a-half to twelve o'clock, A. M., and the order of business shall be as follows, viz. : 1. Calling the Roll. 2. Reading the Minutes of the preceding day, other than those of the purchases and sales. 3. Notices of election. 4. Calling the regular list of Stocks. 5. Calling Stocks not on the regular list, at the request of members. 6. Reports, resolutions, motions, and such other business as may properly come before the Board, Article II. Placing Stocks on Regular List. E"o Stocks or Bonds shall be placed on the list regularly called at the First Board, except by a vote of a majority of members present ; and all applications for the placing of Stocks on the regular list, shall be NEW YORK STOCK EXCHANGE. 11 made directly to the Board, with a full statement of the capital, number of shares, resources, &o. Aeticle III. Stocks not on the Regular List may be Called hy Paying a Fine. After the regular list has been once called over by the presiding ofScer, any stock not on the regular list may be called up, the party calling it paying a fine thereof of twenty-five cents ; except such Stocks as shall be objected to by a vote of the Board. Should there then sufficient time remain, any Stock on the regular list may be called up a second time, the party calling it paying a fine of twelve-and-a-half cents ; and parties calling up Stocks having the privilege of making the first ofier. ISTo Stock shall be called up more than twice during the morning session. Article IV. Second Board — Time of Business., <&c. The Second Board, or afternoon session, shall con- vene at half-past two o'clock, P. M., and adjourn at three o'clock, P. M., when the bell shall be rung. It shall be the duty of the Secretary to have the doors closed at four o'clock ; and any member remaining in the room beyond that time, after having been duly notified to leave, shall be subject to a fine of five dol- lars. Article V. Duty of Roll-Keeper at Second Board. The Roll-Keeper shall be in attendance at the Second Board to record all fines imposed, and to dis- 18 STOCK aXCHANSE MAJSTUAL. charge the duties devolving on him under the rules governing the business of the morning session, which shall have full force and effect during the afternoon session, unless otherwise specially provided. Article VI. List of Stocks to he Called at Second Board. The President and Vice-President shall prepare a list :for the regular afternoon call, which shall include the leading active Stocks; the list, upon revisal, to be added to, or abridged, as their judgment may dictate. Article VII. No Roll Called at Second Board. No Roll shall be called, nor shall there be any fines for non-attendance, and no business, other than the call of Stocks, shall be transacted at the Second Board. Article VIII. Order of Business at the Second Board. 1. Call of the regular list. 2. Call of such other Stocks, not on the regular list, as may be desired by members : said members paying therefbr the usual fine ; but no Stocks shall be called not on the regular morning list. 3. Return to second call of Stocks ; but no Stock shall be called more than three times. Article IX. The Minimum Amount that may he Offered. Stocks and Specie shall not be offered at this Board in less sums than five hundred dollars ; and no offer be NEW TOEK STOCK EXCHANGE. 19 permitted under one quarter per cent., unless for sums of one thousand dollars and upwards. Aeticle X. The term " About." In all contracts when the term ahout is used, either as to the time or number of shares, the variation of the former shall not be more than three days, nor the latter more than ten per cent. ; and when no specifica- tion is made by the parties, before two o'clock of the same day ; the Minutes of the Board shall be binding, regardless of the term ahout. Aeticle XI. Stocks Falling Due on Solidays. AU sales made at this Board shall be settled for the next day, unless expressed to the contraiy ; and all contracts falling due on Sunday, or on such holidays as are observed by the Banks, shall be settled on the preceding day. Aeticle XII. Hour before xohich Stocks shall be Called for^ or Delivered. In all sales or contracts between members of the Board, the party to receive the same shall not be bound to take it after a quarter-past two o'clock, P. M., but may postpone the same, without being charged interest, to the following day ; and any member having a right to call on another for Stock, shall demand the same before the hour above specified, or be subject to a continuance of the contract until the following day. 20 STOCK EXCHANGE MANUAL. Article XIII. All Offers Binding. All offers for Stock, &o., made and accepted, shall be binding, whetber called by the President or not ; and in case there are two or more claimants for the purchase, or sale of stock, the President shall decide the same, or he may appeal to the Board for their de- cision. If an appeal be made from the decision of the President, and the appeal be seconded by two mem- bers, the question shall be put to vote. Abticle XIV. Contracts Maturing during the Closing, cBc. All contracts in Stocks falling due during the re- gular closing of the transfer-books of any Company, shall be settled at maturity, by the delivery of a satis- factory Certificate and Power of Attorney ; and con- tracts at the option of the buyer or seller may be notified for settlement, as if the books were open ; and in case the books are closed for dividend, the party entitled thereto shall receive a satisfactory due-bill therefor ; and in all transactions exceeding one hundred shares, the purchaser shall have the right to require the delivery in Certificates of not more than one hundred shares each. Aeticle XV. Contracts Over Three Dags. In all contracts on time over three days, made at the option of the buyer or seller, one day's notice shall be given before Stocks can be delivered or demanded, NEW YOEK STOCK EXCHANGE. 21 and sndh notice shall be given at or before two o'clock, P.M. Article XVI. JVo Interest on Saks Seller Three. No purchase ov sale, at the option of the buyer or seller, for three days, shall bear interest. All purchases and sales beyond that time shall be with interest, unless otherwise expressed. N"o offer of interest for purchase or sale of Stock at three days shall be allowed. Abticlb XVII. Seller and Buyer Three after Opening. On all purchases and sales made at the option of the buyer or seller, " three days after the opening," while transfer-books are closed, interest shall cease on the opening of the Books. Article XVIII. Interest on Contracts Passed Dice. When contracts on interest are not closed at raa^ turity, the interest shall continue until otherwise stip- ulated by the parties. Article XIX. Dividends Settled, die. "When dividends are settled, interest shall be de- ducted at the same time. Article XX. No Cognizance taJcen of Contracts Twelve Months after Expiration. The Board will take no cognizance of contracts 22 STOCK EXCHANGE MANUAL. after having expired twelve months, unless continued by mutual consent. Article XXI. JVb Contracts to he made over Sixty Days. No contracts for the receipt or delivery of Stocks, &c., beyond sixty days, shall be made at the Board. This rule shall apply to all contracts made in the room, whether the Board is or is not in session. Article XXII. Interest on Treasury Notes, <&c. In all cash transactions in Treasury notes, or debt Certificates, the accrued interest shall be paid by the buyer ; and in aU time contracts, the isremium and ac- crued interest, up to the time of entering into the con- tract, shall become a part of the principal, and bear interest at the rate of six per cent., and in all cases, the buyer shall be entitled to receive Notes or Certifi- cates, bearing interest from the date of contract, or the equivalent. Article XXIII. Interest to go to the Purchaser. The accrued interest on all Stocks and Bonds, not especially excepted in the By-Laws, shall go to the purchaser. Article XXIV. Sale of Dividends. No dividend on Stocks shall be sold at the Board. NBW TOEK STOCK EXCHANGE. 23 Article XXV. Hate of Interest. In all time bargains, the rate of interest shall be BIX per cent., to be calculated by days, according to Bank usage. Aeticlb XXVI. Specific Number of Shares to be Offered. In all offers to buy or sell, the offer shall be accom- panied with some specific number of shares, the par value of which shall not be less than five hundred dollars. Abticue XXVII. Transfer-Boohs Closed by Legal Impediment, how De- liveries sJiaU be Made. Whenever the Transfer-Books of an institution shall be closed by any legal impediment, so as to ren- der their being open again uncertain, then the deliv- eries of Stock of such institution, in satisfaction of con- tracts, shall be made by notarial power of attorney irrevocable, containing assignment, and bill of sale, and certificate ; the papers to be satisfactory to the re- cipients, or passed upon by the Board. Article XXVm. A Deposit on Contracts may be Required. In any time bargain, made at the Board, either con- tracting party may require of the other to make a deposit of not more than ten per cent., as security for the fulfilment of the contract, and notice of such re- quirement shall be given on or before two o'clock, P. M. 24 STOCK EXCHANGE MANUAL. On contracts made at the Second Board, such notice shall be given on or before ten o'clock, A. M., of the next day ; and in the event of the party so called upon refusing to comply by half-past two o'clock, P. M., of the same day, the party calling shall rejjort the same to some officer of the Board, whose duty it shall be to re-purchase, or re-sell the same (without commission), and collect any difference that may accrue, and pay over to the party entitled thereto. Aeticle xxrx. Deposit not to he offered as Principal. ~So sale of Stock shall be made on which a deposit shall be offered as j)rincipal. Aeticle XXX. When JPrincipal is surrendered, Deposit may he Re- quired. Whenever a principal is voluntarily surrendered, a deposit of ten per cent, shall be made, if required by the other party. Aeticle XXXI. Place of Deposit. Where there is a difference of opinion as regards the place of deposit, for the security of purchases and sales of Stock, the same shall be made in the New- York Life and Trust Company. Aeticle XXXII. Finance Committee. There shall be a Finance Committee, consisting of the President, First Vice-President, and Treasurer, -who NEW TOEK STOCK EXCHANGE. 25 shall have charge of the funds belonging to the Board, and invest the surplus funds in such Stock or Stocks as they may think advisable. Article XXXIII. Applications for Donations. In all cases of applications to the Board for charita- ble donations, the President shall appoint a comnaittee of three members, whose duty it shall be to inquire into the condition of the Treasury, and also to investi- gate the merits of such applications ; they shall then report the same to the Board, with such recommenda- tions as they may deem proper, the Board reserving to itself the power of confirming or rejecting the recom- mendations of the committee. Aeticle XXXIV. No Appropriatioti to be made unless Funds exceed Five Thousand Dollars. No appropriation to objects of charity (except to indigent members and their families) shall be made by the Board, unless the surplus funds shall exceed five thousand dollars ; and no appropriation whatever of funds of the Board shall be made (except for the ordinary expenses of the same), unless two-thirds of the members present shall by vote concur therein. Article XXXV. Mesolutions. No notice shall be taken of any resolution or resolu- tion?, unless submitted in writing. 26 STOCK EXCHANGE MANUAl. Artiolb XXXVI. Access to the Minutes. No person shall have access to the Minutes of the Board, except the members, or their partners. Aeticlb XXXVII. JVo business before Calling the Stocks. Except by unanimous consent, no business shall be transacted previous to the calling of the Stocks. Article XXXVIII. Introduction of Strangers. No member shall be jsermitted to introduce a stranger into the Board-room during the hours of busi- ness, until he shall have first written the name of the stranger, together with his own name, upon a slip of paper, and obtained the consent of the President. Article XXXIX. Communications Influencing the Market. No letters or communications, having a tendency to influence Stocks, shall be read publicly at the Board, without first being presented to the President, and duly authorized. Article XL. Using Indecorous Language — Punishment. Any member of the Board who shall be guilty of indecorous language, or conduct, toward another mem- ber, -while in session, shall, by a vote of two-thirds of the members present, be suspended from his seat at the Board, for not less than one week, nor more than one NEW YORK STOCK EXCHANGE. 27 month ; and a repetition of the ofEence shall subject the party so offending to expulsion, and he shall not again be admitted, unless by consent of two-thirds of the members present. Akticlb XLI. Discussions — 27'o Member allowed to Speak more than Twice. When any question is before the Board, no member shall speak more than twice without permission from the President, nor shall any member interrupt another while speaking. Article XLII. Presiding Officer not to Discuss Questions while in the Chair. In all discussions arising in the Board, the Presiding OiEcer shall not participate ; but, wishing to do so, he shall call some other person to the Chair. Article XLIII. Fine for Leaving the Room. Any member leaving the Board-room during the calling of the Stocks, without permission from the Pre- sident, shall be fined twelve-and-a-half cents. Article XLIV. Fine for Meceiving a Communication. Any member receiving a communication while the First Board is in session, or sending one away, shall be fined therefor twelve-and-a-half cents. 28 stock excuange manual. Abticlb XLV. Fine for JVon-Atteiidance at a Special Meeting. When any special meeting of the Board shall be ap- pointed, the fine for non-attendance may, by a vote of two-thirds of the members present, be increased to a sum not exceeding five dollars. Aeticle XL VI. Yearly Commutation for Absence. Any member shall be permitted to commute in fines annually, for absence from the Board, for the sum of ten dollars. Article XLVIL Soni-Anniial Fines for Active Members. The minimum fines for all active members of the Board shall be twenty-five dollars, semi-annually. Abticle XLYIII. Fine for Non-Attendanee. The fine for non-attendance at roll-call shall be six and a quarter cents, unless excused by the President. Article XLIX. Fine for Interrupting the President. Any member interrupting the President, while call- ing the Stocks, by speaking, or otherwise, shall pay a fine of not less than six-and-a-quarter, nor more than twenty-five cents for each oflfence, at the discretion of the President, from which there shall be no appeal ; and the levying of all fines shall rest exclusively vi'ith the Presiding Officer. new york stock exchange. 29 Article L. Fine for Standing on Tables or Chairs. Any member who shall stand on either the tables on chairs, or shall otherwise injure the furniture of the Board, shall be subject to a fine of one dollar. Article LI. Fine for Sinohing. Any member smoking in the Board-room, or in the aute-rooms, shall be fined five dollars. Article LII. N'eglect to Pay Fines for One Tear. Any member who shall absent himself from the Board for the period of one year, and omit to commute, or shall neglect to pay his fines for that period, shall no longer be considered a member. Article LIII. In Case of Default, Stocks to be Bought or Sold by an Officer of the Board. Should any member neglect to fulfil his contract on the day it becomes due, after having been duly notified, the party contracting with him shall employ one of the officers of the Board to purchase or sell the Stock (as the case may be), between half-past two and three o'clock of the same day, accounting with the member in default, for any surplus, or charging him with any deficiency. But should there be no second Board, by reason of adjournment or otherwise, then the purchase or sale under this rule shall be made on the first call 30 STOCK EXCHANGE MANUAL. of the Stock, at the next ensuing regular session of the Board. Article LIV. Closing Contracts in Case of Failure. In case of the failure of any member of the Board, all outstanding contracts with him shall be adjusted by the prices of the Board on the day they become due. Article LV. Black List. Each and every member shall report publicly to the Board the name of every person who shall violate his engagements with him as Broker. And it shall be the duty of the Secretary to keep a book for the purpose of registering the name of every person reported as a defaulter (together with his address), and the name of the Broker who shall complain : there to remain until the debt that may have accrued through the medium of the member, in his capacity as Broker, be liquidat- ed. So long as the name of said defaulter, or default- ers, continue registered upon the books of the Board, no member shall execute, or cause to be executed, any business for him or them, under pain of immediate sus- pension. Article LVI. Members Suspended for one Year, forfeit Seats. All members of this Board who have been suspend- ed for one year and upwards, and who have not made a satisfactory settlement of their contracts, during that time, shall be deprived of all pri\ileges of membership of this Board. new york stock exchange. 31 Article LVII. Ayes and Noes. The ayes and noes shall not be called for, upon any question, excepting at the request of five members of the Board. Akttcle LVIII. No Offers to make Bets, depositor. They give the depositor a check book (bJ.'.i.k form of draft upon the bank) ; and whenever one of t'lrise checks is presented, either by the depositor or by any one to whom he has made it payable, the bank hands the money over the counter. These banks are the principal feature of Wall street ; they are the re- servoir of the place into which flows the spare money of the nation, and out of which flow the monetary sti-eams which set going all the other operations of the place. But if the speculator wishes to profit by his money before investing it, he may place it in the hands of a broker, or may deposit it with an establishment that does business in such a line. The brokers do not receive on deposit as the banks do ; they do not issue checks, or undertake the man- agement of money for customers ; they receive mo- ney, not on dejposit, but on loan ; they take that loan for a week, for a fortnight, or at call, paying interest, of course, on all sums thus received. In this way they offer a good means of investment for sums which could not otherwise be employed with equal advantage, namely : for sums which the owner has on hand merely for a few days : for example, a man who has money invested in some particular kind of stocks or shares, and who thinks it advisable to sell out at once, with the view of reconverting his money in some other form, may have that money on hand for a week or two, wait- ing for a favorable opportunity of reconverting it ; in- 134 STOCK liXCIIAXliE JIAXTJAL. stead of keeping it on hand, he gives it to a hroker, and receives interest till he is ready to use it again. But if the si)eculator requires m one}', he may bor- row in two ways : firstly, he can apply to the bank : he will have to pay a greater or less rate of percentage, according to the state of the money market ; or else, instead of calling upon the bank, the speculator can borrow of the broker, who loans at the same rates as the bank itself, and often has on hand large amounts that he desires to invest. We have alluded to the professional powers of a sj^eculator, with resj^ect to loans ; now let us glance at those of banks and brokers. Any one who has an account with a bank may, at any time, Ijv tendering Government or other good se- curities, obtain a temporary loan on that security, to the amount of three-fourths of its current value. The principal part of business of banks is to recom- pense themselves for the management of their custom- ers' money, by employing at usury the balance of the deposit which is not likel}' to be called for by the de- positor. The balance in ordinary circumstances is about four- fifths of the whole money deposited with the bank. When trade is stagnant, this balance is at the highest amount. When trade is brisk or credit ia shaken, it is at the lowest. A bank, in short, must mark well the signs of the times, in order to know the exact amount of the deposit which may be safely lent out. If too much be lent out, the bank is embarrassed in meeting the demand of depositors. If too little be lent out, the bank loses the profit on the sum thus need- lessly kept on hand. Having determined what portion of the deposit is not likely to be called for, the bank FINANCIAL ARTICLES. 135 invests or lends out the sum at interest in various ways. First of al], it invests a portion in Government se- curities, which are of all others the most steady in value and the most readily negotiable ; in other words, which can be readily sold and reconverted into money. Next, the bank advances to its customers ; but the most ex- tensivekind of advances made bythebanks is in the dis- count of commercial bills. A customer of the bank has a bill or bills falling due, say three months hence ; but by taking them to the bank he deals with, he can get cash for the full amount of the bills at onpe, minus three months' interest on that amount. The brokers lend to any suitable parties without distinction, who may desire to have some money. It is the duty of the brokers to employ the sums at their disposal in loans at call, or for a week, or for a few days. Their vigilance must be unceasing ; they have to keep their eyes on the expiration of each of these brief loans, and find a new investment for it; and when a change in the rate of discount takes place, they are on the trot the whole day, altering their terms and making new bargains on the footing of the change. To lend money for three or four days, when the rate of interest is only seven per cent, per annum, may seem to an out- sider a very infinitesimal operation, one which would not repay the trouble and cost connected with it ; but sometimes these brokers have a few millions to dispose of, and interest for these sums for a short period amounts to a few hundred dollars. By neglecting those short loans, by holding the amount which can be safely em- ployed in this manner, the brokers would lose very many thousand dollars a year. 136 STOCK EXCHANGE MANUAL. Hence it is that paragraph in the financial article ■wliich is most closely studied, which relates to the sup- ply of money. The two brief lines which tell tho abundance or scarcity of money, are in reality the vital point of each day's monetary news. If money is de- posited largely in the banks, the dealers are all elate, and busuiess and enterprise go ahead. If much money is withdrawn from the banks, every one becomes uneasy; enterprise stands still. DISCOUXT AND COMMEKCIAL PAPER. To discount a bill is to purchase a debt falling due at a specified time. Ordinary commercial bills are ■as good as money, and the larger proportion of what figure in the return of the banks as deposit. The mo- ney deposited with a bank is employed in the purchase of these bills, and the rate of discount charged upon them is a chief source of bankers' profit. If a firm which has purchased a bill by discounting it, is in need of ready cash, money can be obtained by re-discounting the bill — i. e., selling it to a bank or another party which deals in that kind of business — and every time it is thus paid away, the more solid does its value become, l)ocause every party through whose hands it passes indorses it and becomes security for its ultimate pay- ..iL'tlt. Ill this way bills to some extent become part of the cirrency, circulating from hand to hand, and payment would otherwise have to be made in checks, or notes, or gold. But here, as elsewhere, the community is divided into two classes, which are very differently affected by FINANCIAL ARTICLES. 137 the changes in the rate. Trade and money are the great powers which together set going the whole busi. ness of Wall street. Traders and money lenders con- stitute its population. A high rate of discount is disad- vantageous for the trading and commercial classes ; hut on the other hand, it is very profitable to the banks and money dealers, and increase in the rate is virtually a trans- fer of a portion of the profits of the former to the pockets of the latter. Bankers like a high rate of discount ; the trading classes do not ; but both of them are interested in watching the movements of money, as productive of changes in the rate of discount, or, in other words, in the value of money or loans. BILLS OF EXCHANGE. A Bill of Exchange may be defined to be an order addressed to some person residing at a distance, direct- ing him to pay a certain specified sum to the person in whose favor the bill is drawn, or his order. In political economy, as at the Stock Exchange, the term exchange is commonly employed to designate that species of mercantile transaction by which the debts of individuals residing at a distance from each other are either partially or wholly liquidated, without the intervention of money. The priceof these bills is regulatedby two considera- tions : First, that in the length of time which a bill has to run : if it is payable three months after date, it is, of course, less valuable than one at sixty days, the dis- count or rate of interest having in each case to be de- ducted ; but the value of the bill is also afiected, like everything else, by the amount -of supply and demand. 138 STOCK EXCHANGE MANUAL. If the amount of the bills on London happens to be greater than the amount of money which requires to be sent there, the bills may be purchased at a fraction lower than nominal value ; but if the payment to be made in London exceeds the amount of the bills there, a competition for the bills arises, and their price i^ slightly enhanced ; but the range of variation never exceeds the difierence between the cost of postage, on the one hand, and the expense and inconvenience of transmitting specie, on the other. The nominal price of a bill, as we have said, is simply the amount of the bin, minus the discount on the time it has to run. Accordingly, by means of these Bills of Exchange, the whole cost and inconvenience of collecting and transmitting specie from one country to another is saved, and this saving is really an immense one. If the money had to be sent backward and forward from country to country, not all the sjDecic of the world would suffice to carry on operations so vast. If the agency of bills were suspended for a few months be- tween New York and England or France, the drain of currency would speedily produce a dead-lock in both countries. Without this simple and ingenious contrivance, com- merce could not have made any considerable progress. Instead of perpetual importation and exportation of gold and silver, necessarily attended by an immensity of trouble and expense, a few Bills of Exchange, pos- sessing little or no intrinsic worth, and which may be transferred with the utmost facility, suffice to adjust the most extensive and comphcated transactions ; but the mere setting free of an immense productive power en- gaged in a comparatively disadvantageous employment FllSrANCIAL AETICLES. 139 is only one of the many benefits we owe to the use of the Bills of Exchange. By cheapening the instruments, by which commerce is carried on, they have materi- ally reduced the price of most commodities, and have, in consequence, increased the command of all classes over the luxuries of life, and accelerated the progress of civilization, by occasioning a much more extensive intercourse and intimate connection between diiferent and independent countries, which could not otherwise have taken place. There are fictitious Bills of Exchange, or bills drawn on persons who are not really indebted to the drawer in the market. A merchant in New York may form a connection with a merchant in London, and draw Bills of Exchange upon him, payable a certain number of days after date, which the latter may retire by selling in London an equal amount of bills drawn upon his cor- respondent in New York. The merchant who pur- chases, or the bank which discounts those bills, really advances their value to the drawer, who, so long as they continue by means of this system of drawing and re- deeming to provide funds for their payments, continue, ia fact, to command a borrowed capital equal to the amount of the fictitious paper in circulation. It is clear fictitious bills mutually balance each other. Those drawn by New York on London are exactly equal to those drawn by London on New York, for the one set is drawn to pay the other. The second destroys the first, and the result is nothing. In New York, Bills of Exchange are bought and sold by the brokers, who go round to the principal mer- chants and discover whether they are buyers or sellers of bUls. A few of the brokers of most influence, after 140 STOCK EXCHANGE IIAXCAL. ascGrtaining the state of the supply and demand for bills, suggest a price at which the greater part of the transactions of the day are settled, with such devia- tions as particular bills, from their being in very high or low credit, may be subject to. The price fixed by the brokers is that which is pub- lished in the news2)apers. Very many speculate largely in the rise and fall of "the exchange, buying bills when they expect a rise, and selling them when a fall is anticipated. Exchange has hitherto been a favorite article on 'Change, inasmuch as the fluctuations are aS consider- able as those of gold. The losses and gains are equal to those on gold or stocks. Until July last, foreign exchange had been regu- larly quoted in its currency value. From that period the regular quotations are made at gold rates. PART II, The wisli of improving liis condition, of acquiring wealth, is deeply implanted in man. It is a passion which, duly regulated by sound principles, secures social improvement and national prosperity. Speculation may be the strength and vitality of the Stock Market ; but only on the condition that it bears on securities the valae of which is easily determined. When it has for its ob- ject securities imperfectly known, the income of which is a mystery, and the real value of which is a secret but to originators, it falls to the level of mere gambling, with all concomitant evils of swindling and sharping. In the speculation on Federal, State, or City securities, conditions are equal for everybody. The income is known, the basis is not a mystery, the titles can hardly be monopolized, and false rumors are impossible. Fluc- tuations in that case depend only on political and finan- cial events, which speculators can foresee in proportion to the acuteness of their intelligence. But the question changes when speculations bear on those mysterious securities which have so much attrac- 142 STOCK EXCHANGE MANUAL. tion for adepts in the Stock Market, and which are the objects of transactions the most astounding ; for in- stance, the purchase and sale of titles greater than real issues. Honest speculation has nothing to do here ; gambling supersedes it with its worst features. What is easier for unscrupulous capitalists, for instance, than to buy the half of the capital stock of a company, to make the titles scarce, and, through their scarcity, to puff extravagantly their value? Bona fide operators are always caught by such a practice, and they pay very dear for the glittering prospect of profit and premium never to be realized. Small capitalists should invest their funds in well-authenticated securities, but always for cash, for fear of being cornered and obliged to sell when their Stock declined, and keep cool in all circum- stances, that is to say, not to be discouraged when there is sign of depreciation, nor to be too impatient when the Stock is rising. Cool-headed men are the most fortunate speculators, because honest speculation is no- thing else than discretion applied to private or public securities. We are now going through a great series of rapid fluctuations in currency and prices. Under such great excitement as a vast inflation of currency, it may be literally said that speculation is universal. Paper money brought every one into Wall street, and interest- ed every family in the ups and downs of Stocks. It circulated like fertilizing dew throughout the land, generating enterprise, facilitating industry, developing internal trade ; the railways found their business in- crease beyond their most sanguine expectations ; divi- dend-paying roads had extra profits to divide ; em- barrassed enterprises cleared off their debts, and be- STOCK EXCHANGE MAKUAL. . 143 came lucrative to their owners ; everybody wanted to owji railroad property. It is keeping within bounds to say that $250,000,000 in paper money was realized as profit by the operations in Stocks between 1862 and 1864. Everybody seemed to be speculating in Stocks. Kothing else was talked of at clubs, in the streets, at the theatre, and in drawing- rooms. Ladies privately pledged their diamonds as margin with brokers, and astonished their husbands with the display of their gains. Clergymen staked their salaries, and some of them realized in a few months more than they could have made by a lifetime of preaching. One man, who had nothing in the world but a horse, sent him to a broker's stable, and persuaded the broker to buy him a hundred shares ; he drew from the broker, a few months after, a balance of $300,000. Speculative operations have become wild and ex- travagant. It is a certain and inevitable consequence, which cannot be avoided. It has always been, and al- ways will be so. It is an eifect. Many persons de- nounce the speculation and the speculator ; but that is entirely idle ; the thing to be denounced is the cause. Remove the cause, and you remove the evil ; preserve a sound currency, and speculative gambling will be al- most unknown. Speculation may, and often does, lead to fortune, but that is not the rule. For one successful speculator there are many unsuccessful ones. Men see the dis- play of the one, and, as the others silently retire into oblivion, his example becomes popular with youth and inexperience, leading thousands of noble geniuses to , sacrifice themselves in wild adventures, which terminate in cruel disappointment. 144, STOCK EXCHANGE MANUAL. Alternate inflations and panics are the cbaracteris- tics of paper-money eras. Never had such a dedine been witnessed in "Wall street as in April of last year ; and that decline was so rapid, that not only did speculators lose, but brokers, money lenders, and others who had no interest in the operations of the day, were involved in the general catastrophe. Very few had time to save themselves. Several thousands of individuals who had made, during the year preceding, fortunes varying from $25,000 to $250,000, found themselves stripped in a week. Speculation in stocks received a blow from which it has not since recovered. Speculation, as we have said, ought never to bear on stock imperfectly known. Our purpose is now to describe all those securities quoted at the Board, and to give all the information that may be required by those who desire to judge fully of the value of the stock upon which they would speculate. CHAPTEE I. UNITED STATES STOCKS. Official statement of the Public Debt, as appeared from the boots, Treasurer's returns, and requisitions in the Treasury Department on October 31, 1864, and March 31, 1865: DEBT BEARING INTEREST IN COIN. », . ., , AraonnlB- ^ IncroAas Denommntlon.. ^^^^ j,^ ^^^_ j,_^^^^ 3,^ ^^^^_ ^^ DecrM... 6 per cts., December 81, 136T $9,415,960 $9,415,250 — a " July ], 1868 8,908,842 8,908,342 — 5 " January 1, 1874 20,000,000 20,000,000 B " January 1, 1871 7,022,000 7,022,000 — 6 " December 81, 1880 18,415,000 18,415,000 — 6 " Juno 30, 1881 50,000,000 50,000,000 6 " JuneSO, '81 (exc. for 7-80s) 125,801,660- 139,146,400 +$13,344,750 6 " May], 1867-82 (5-20 years) 510,766,900 510,756,900 - 6 " Nov. 1,1869-84 (5-20 years) 87,781,600 86,789,000 +48,007,400 5 " Mar. 1, '74-1904 (10-40 y'rs) 81,680,000 172,770,100 +91,090,100 5 " Jan. ], '65 (Texas Indem.) 2,052,000 1,507,000 — 645,000 6 " Julyl, 1881 (Oregon War) 1,016,000 1,016,000 - 7-30-' Aug. 19 and Oct. 1, 1864. . . 14,145,900 615,260 -13,530,650 6 " JuneSO, 1881 74,176,150 75,000,000 + 828,850 Aggregate of debt Vnng coin infst $961,170,792 $1,100,861,242 + $139,190,450 DEBT BEARING INTEREST IN LAWFUL MONET. 4 per eta., tern. In. 5 " " 7-80" ylOdays notice. -< $543,224 1,611,125 45,989,626 certlicates (one year) ....'. 236.878,000 one and two years notes.. 120,519,110^ three y'rs comp. int. notes 102,829,680 three years treasury notes 76,668,550 $650,477 6,708,262 46,098,589 171,790,000 69,522,890 156,477,650 800,812,800 + $102,253 + 4,097,187 + 108,968 -64,688,000 -50,996,760 +54,147,970 + 224,144,250 Aggregate of debt bearing I. m. int. $554,039,815 7 $751,065,123 +$167,015,818 146 STOCK EXCHANGE MANUAL. DEBT ON WHICH INTEREST HAS CEASED. ^ . ,. , . — AmouDta, v Increaoo Oct. 31, ]8li4. March 31, 1S55. or Decreitae. Bonds and notes— ff-wrccate $856,720 Sf349,420 — ?7,800 DEBT BEAKING NO INTEREST. United States notes $400,000,000 $400,000,000 — " (n red. of temp, loan) 88,160,569 83,160.569 — Fractional currency 20,125,671 24,254,094 +$3,628,223 $45.3,886,440 $457,414,663 +J3,628,228 Unpaid requisitions 87,514,900 114,256,549 +76,740,649 Less amount in treasury 19,868,652 66,461,925 +86,618,273 Net floating debt 17,646,248 57,774,624 + 40,128,876 Aggregate ofdebtnot hearing int. . . $471,682,688 $515,189,287 +43,660,599 EEOAPITULATION. Pebt bearing interest in coin $901,170,792 $1,100,861,242 +5139,190,460 " " in lawful money. 684,089,315 751,056,128 +167,015,818 Debt on which interest has ceased.. 356,720 349,420 — 7.300 Debt bearing no interest 471,532,683 615,189,287 + 43,656,599 AaQREttATB DEBTS OF ALL KINDS.. $2,017,099,615 $2,866,955,077 +$349,865,502 ANNUAL INTEREST. Payable in coin $56,646,604 $64,016,632 + $7,870,028 Payable in lawful money 28,667,002 38,819,899 + 10,152,897 Agokegate INTEEEST $86,813,606 $102,836,631 +$17,622,925 — not, however, including interest on the three years compound interest notes, which is payable only at maturity. LEGAL TENDER IN OIECULATIOH. One and two years 5 per cent, notes $120,519,110 $69,622,350 -$50,996,760 United States notes (currency) 483,160,569 433,160,569 — Three years compound int. noWS. . . 102,.S29,630 166,477,660 +64,147,970 AQGEEGATe LEGAL TENDEE $666,009,859 $659,160,669 + $8,161,210 It may be said, that we shall after all be left, when the war is closed, with a great debt. True ; and it will be a national encumbrance which every sensible man will deplore. It is not a blessing, as some would make the people believe, but will be to the nation what a heavy mortgage is upon an individual estate. The only ques- tion is, wiU that burden be so great as to bear with oppressive weight upon the people — so large as to retard their industry, interfere with the natural increase of UNITED STATES STOCKS. 147 population, put a stop to immigration, and consume the capital of the nation ? Nothing like it. Wisely managed, it can be easily borne : there is not the slightest occasion to fear a repudiation, from inability to discharge the debt. Federal debt will be less per capita than that of England, while the ability to sustain taxation is proba- bly twice as great as hers. No people ever had so large a margin over and above their necessary expendi- tures, out of which to pay taxes, as the people of the United States. But the present population are not alone to pay the debt ; that will be done by a greatly aug- mented population ; nor is the debt always to bear six per cent, interest. Federal stock of every description will eventually be consolidated in one having an uniform rate of intei-- est, and the American Consols will be in general re- quest, at home and abroad, for permanent investment. A large part of the debt will eventually be held in Eu- rope, where capital yields a much less rate of interest than in this country. If the population of the country increase in the future as in the past, in twenty years we shall be sixty millions ; if the wealth increase as heretofore, it will, in the same period, amount to more than five milliards, or more than three times its present amount. Should public debt reach the improbable and extravagant sum of four milliards, it would not be as great a burden on the people as the debt of England was upon her popula- tion at the close of the war growing out of the French Revolution. There is no occasion for repudiation, or danger of it These securities have been a favorite subject for 148 STOCK EXCHANGE MAXUAL. investment. Into the public securities have been con- verted a very large portion of the accumulated capita' of the country. In them are invested the funds of chari- table, literary, and public institutions, and of persons who depend upon income from capital for their support, now a very large class in the United States, because it oifera the largest and safest interest. SIXES 1881. By an act approved February 8, 1861, the President was authorized to borrow at any time before July 1, 1861, a sum not exceeding $25,000,000, or so much thereof as might be required to meet current demands on the Treasury and for the redemption of Treasury notes outstanding at the time of the approval of the law, and to replace in the Treasury any amount of said notes which shall have been paid and received for public dues. For the amount borrowed, the law authorized the issue of stock bearing interest not exceeding 6 per cent., to be reimbursed within a period not beyond twenty years, and not less than ten years. No certificate of stock for a less amount than $1,000 was to be issued, and the attachment of coupons of semi-annual interest was authorized. $18,415,000 have been issued, and are redeemable after December 31, 1880, and interest payable in January and July. II. August 5, 1861, the President approved an act under provisions of which the Secretary of the Treasury was UNITED STATES STOCKS. 149 autlioi'ized to issue bonds bearing interest at 6 per cent. per annum, and payable at the pleasure of the United States twenty years from date. The Secretary was authorized, either at the time of maturity or before, to give in exchange for these bonds the 7-30 notes issued 15th August, 1861, it being stipulated that no such bonds should be issued for a less sum than $500, and that the Avhole amount of bonds should not exceed the whole amount of 7-30 Treasury notes. The Secre- tary was allowed to sell or negotiate for any portion of the $250,000,000 loan authorized by the act of July 17, 1861, bonds payable not more than twenty years from date, and bearing interest not exceeding 6 per cent, per annum, payable semi-annually, at any rate not less than the equivalent of par for the bonds bearing 7 per cent, interest. $249,977,800 have been issued, and are redeemable after July 1, 1881, and interest payable in January and July- Statement of the extreme prices, monthly and yearly, for the five years ending March 31, 1865. 1861. 1862. 1863. 1864. 1865. January February March April May June July 85}'@ m 86} @ 89f 89 @ 91} 91} @ 96} 9.5} @ 95} 89 @ 93} 87} @ 91} 88} @ 98 92S © 93J 93} © 98 97} @ 106} 106} © 107} 96} @ 103 98} @ 101} 99 ©102} 102 @ 104} 103 ©104} 102} © 104} 91} © 99 93} @ 102} 100} @ 106} 106} © 106} 107 @ 108} 107 © 108} 104 © 107 106} @ 107J 106 ©107 98 ©100} 98 ©100 98 ©100} 104} © 107 106 ©111} 111} ©113} 111 ©lis 113 ©115 110} @ 114 102 ©106} 104} © 110 105 ©111} 96} © 108} 103} @ 107} 106 ©110 108} © 112} 109} © lilt 111} @ 103} August September. . . October November. . . December.. . Year 85J © 95} 87} © 107 J 96} © 103 95} © 114 150 STOCK EXCHANGE MANUAL. FIVE-TWENTIES : 5-20. A gloomy period had been reached in 1862. The Treasury had been depleted by the constant demand made upon it ; and with the aid of laws thus far enacted, little could be done toward replenishing it. It was a solemn time for the country ; the press teemed with projects ; the Representatives in Congress were ab- sorbed with these all-important subjects, and op- pressed with the weight of the responsibility resting on them. The act of February 25, 1862, authorized the well, known 5-20 bonds, which have since found their way in greater or less quantities in almost every town in the Xorth, and have become a favorite investment with foreign peoples. "When such a sum of paper money was to be issued it was necessary to provide some means of withdrawing it, if necessary. The funding system of investment in the 5-20 bonds was therefore devised. It gave an additional means of support to the Govern- ment. The 5-20 bonds were authorized to the amount of $500,000,000, redeemable at the pleasure of the United States, after five years, and payable twenty years after date, whence their popular name. The in- terest was fixed at 6 per cent, per annum, which has always been paid in gold. The bonds being exempted from taxation under State authority, gave them pre- cedence over other securities. On March 3, 1864, was authorized an issue of 5-20 bonds to the extent of $11,000,000 to certain sub- scribers, notwithstanding such amount was in excess of the amount originally authorized. $10,780,500 have been issued, redeemable after April UNITED STATES STOCKS. 151 30, 186'7-'82, under the name of old five-twenties, with interest payable in May and November. On June 30, 1864, was approved an act by which the Secretary of the Treasury was authorized to bor- row $400,000,000 on bonds, which he might make either 5-20 or 5-30, redeemable at the pleasure of the Government after any period not less than five nor more than forty years from date. $85,V89,000 of them have been issued, and are redeemable after October 31, 1869-'84. These notes are known as new five-twenties, and interest payable in May and November. TBN-rOETIES: 10-40. On March 3, 1864, was approved an act supplement- ary to the one just passed one year before, viz., March 3, 1863. It allowed the Secretary of the Treasury to borrow not over $200,000,000 in lieu of the loan au- thorized by the act of March 3, 1863, during the fiscal year, issuing therefor coupon or registered bonds, re- deemable at the pleasure of the Government, after such periods as might be fixed by the Secretary, not less than ten, nor more than forty years from date — whence their popular name of ten-forties — ^bearing interest at 5 per cent, in coin. The subscription has been closed, January 1, 1865, and $172,7'70,100 have been issued. These notes are redeemable after February 28, 1874-1904, and interest is payable March 1 and Sep- tember 1. SEVBN-THIETIES : 7-30. June 30, 1864, the Secretary was authorized to 152 STOCK EXCHANGE MANUAL. issue $200,000,000 in Treasury notes, payable at any time not exceeding three years from date, and bearing interest not exceeding 7-30 per cent, in currency. The new 7-30 treasury notes are all dated August 15, 1864. They have three years to run from that date; they are in denominations of $50, $100, $600, and $1,000. Each note has five coupons, and the sixth half-year's interest is payable with the note itself on the 15th of August, 1867. A coupon is payable every six months, to wit, on the 15th of February and August of each year. The interest is two cents per day on every $100, and is in currency ; hence they are sometimes called currency 7 3-10 notes. When they mature, the holder can take the money, or he can convert them into the 5-20 six per cent, gold interest bonds. In revolution- ary and uncertain times like these, this ojition to take the money in August, 1867, or to take the 5-20 bonds, is a privilege not to be lost sight of These notes produce, in the three years they have to run, $21.90 in currency on every $100. A 5-20 bond produces $18 in gold. Then the uncertain question is, how high will gold range or average during the three years? If gold averages 200, a llOO 5-20 bond nets in cin-rency $36, or $14.10 more than a 7 3-10 note; but if gold shall average only 150 for the three years, then a 5-20 bond yields in currency only $5.10 more than the 7 3-10 note. The subscriptions, through the agencies of Jay Cooke & Co., have absorbed the whole of the first issue, say ,200,000,000. In forty-three days $161,000,000 have been disposed of The sale of the second series, au- thorized by the act of Congress, March 3, 1865, and designated as that of June 15th, will go on withoiTt in- UNITED STATES STOCKS. 153 terruption — the notes are precisely like the others, save in their date. The agents will now calculate interest at the rate of seven and three-tenths per cent, on all sub- scriptions from that date up to June 15 next, and will pay back the amount in money to purchasers at the time they buy. They are redeemable June 15, 1868. CEETIFIOATBS OF INDEBTEDNESS. On March 1, 1862, was approved the act authoriz- ing the Secretary of the Treasury to issue certificates of indebtedness, payable one year from date, in settle- ment of audited claims against the Government, bear- ing 6 per cent, interest in currency. The amount out- standing, March 31, 1865, is $1T1,V90,000. SIXES 1867. On January 27, 1847, was authorized a loan, issued to the amount of $9,415,250, in registered bonds, bear- ing 6 per cent, interest in gold, and redeemable after twenty years, say July 1, 1867. Interest payable in January and July. SIXES 1868. On March 31, 1848, was authorized a loan, issued to the amount of $8,908,342, in registered and coupon bonds, bearing interest at 6 per cent, in gold, and re- deemable after twenty years, say July 1, 1868. Interest is payable in January and July. 7* 15-t STOCK EXCHANGE MANUAL. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865: I860- 1861. 1SS2. 1863. 1864. 1865. Jan Feb .... March . . April.... Miiy . . . . June July Aug Sept Oct Nov Dec io6@ior 106 @ lOTi io7i@i6s 108} ""1091 ""i095 lOT} 95@,'i6o 97 @100 94 ©100 95 @ 95| 89 @ 96 80 @ 95 89 ©"90 87i© 90 88 © 90 90 .... 92 .... 97 .... 86 @ 90 90 © 92 m& 95 94 @ 97 971 @ 102 103i@107i 96i@100 961© 99i 96}©100 103 ©103,1 lOlJ @ 102 103 98 @ 99 96i©103 107 @108 105 ©107 106 ©106 106 ©106 105 ■© 114 105 @ 107i 101 ©106} lOH © 109 106i © 113i 105 @ 111+ 95+ © 108+ ]03i©107i 106 ©110 106 © no 125 .. 120 @ 180 Tear.... 95® 109! 30 @100 95 ©107} 96i@10S 95i@114 FIVES ISV*. On June 14, 1858, was authorized a loan, redeem- able after December 31, 18Y3, to the amount of |20,- 000,000, in registered and coupon bonds, with interest at five per cent, in gold, payable in January and JulJ^ Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : I860. 1S61. 1362. 1863. 1864. 1865. Jan 100i@100+ 92 ©97 88 © 90 96 ©101+ 101 @ 105 Feb... 100i@100} 85 © 93+ 85+© 97.V 96+ © 102} 100 March. 100}@102 85 ©90 94 © 98+ 100 © 103 94 © 103 April.. 102i©103} 75 © 89+ 95+® 98+ 101 ©103 May.... 103 ©lOSJ 76 ©79+ 89+ © 96 97 © 98 June.. 103 ©104+ 75 ©78+ 95+ @ 97} 97 @ 98 July... 102i@102§ 76 © 82 85 ©91 96 © 100 Aug... 102 ©108 78 © 81 85 @91 96+ © 101+ Sept... 102}@108i 79' ■ © 81+ 88 ©915 95 ©101 101 © 104 Oct.... 102+@103 81 ©86 91 ©94 98 ©100+ 94} © 104 Nov... 95 ©103 82 ©86 91* © 98 98 ©100 95 © 100 Dec... 85 ©104+ T9 ©83 91+ © 93 93 © 100+ 102 ©112 Tear.. 85 ®104+ 75 ©97 85 @97} 85+ © 101} 94} © 112 UmTED STATES STOCKS. 155 FIYBS 1871. On June 22, 1860, was authorized a loan, redeem- able after January 1, 1871, issued to the amount of $7,- 022,000, in registered and coupon bonds, with interest at 5 per cent, in gold, payable in January and July. OEEGON WAB DEBT. The act of March 2, 1861, authorized an issue of $2,800,000 in coupon bonds, bearing interest at the rate of 6 per cent, per annum, and redeemable in twenty years, for the payment of expenses incurred by the Territories of Washington and Oregon, in the suppres- sion of Indian hostilities during the years 1855 and 1856. 11,016,000 have been issued, and are redeemable after July 1, 1881. Interest is payable yearly. CHAPTER II. STATE BONDS. I. NEW YOEK STATE BONDS. N"oTWiTHSTANDiNG the pres^re of war upon the country, the resources, wealth, and income of the State appear to be but little affected. It will be seen that the State of New York is sound to the core, and though, as a State, it has about double the population of Hol- land, its whole debt, with a Canal revenue adequate to its redemption in ten years, is not one-thirteenth part of that of the former country, whose area of surface and production is but one quarter of that of ISTew York, its ancient colony. The entire debt of the State at the close of the fiscal year 1863-'64 was as follows : Canal debt $22,441, TYO 25 General fund debt 6,278,954 37 Total debt $28,720,724 62 The policy of paying the principal of the debt as STATE BONDS. 157 fast as it becomes due continues to be pursued. Within the last four years it has been reduced to the extent of $4,892,251 23. CANAL DEBT. The following is a statement of the Canal debt, showing each description of stock, the amount coming due in each year, and the amount of interest payable thereon annually : When due. 7 per cent. 1837. 1860. 1863. 1864. Interest ceased. — 1864 1,200,000 00 1865 — 1866 — 1868 — 1871 — .. 1872 — .. 1873 - 1874 - 1875 - 1876 — 6 per cent, s —160 00 63,800 00 63,960 00 1,544,224 76 743,000 00 . 3,050,000 00 . 6,000,000 00 . 2,250,000 00 . 500,000 00 . 900,000 00 Paying interest. . 1,200,000 00 14,987,224 76 Total 1,200,000 00 15,051,184 76 Annual interest.. 84,000 00 899,233 49 5 per cent. 10,000 00 40,000 00 50,000 00 192,585 49 1,212,000 00 236,000 00 4,500,000 00 6,140,585 49 6,190,585 49 307,029 2*7 The interest-paying portion of the above debt, as arranged by constitutional provision {Const., Art, 7), stands thus: 158 STOCK EXCHANGE MANUAL. Sec. Eate. Principal. Annual Interest. k L— 7s.. . . $1,200,000 00 . . $84,000 00 —63. ... 1,494,224 76 89,663 48 —5s.. . . 5,212,000 00 . . 260,600 00— $434,253 48 III.— 6s.. . . 11,000,000 00 . . 660,000 00 —63. . . 736,000 00 36,800 00 696,800 00 X— 63. . . 260,000 00 15,000 00 —53.. . . 192,685 49 9,629 28— 24,629 28 XII— 6s. . . . 2,243,000 00 . . 134,580 00— 134,580 00 Total . $22,327,810 26 $1,290,262 76 $1,290,262 76 Of the above debt paying interest there was held on the 30th September, 1864, On home account $20,486,082 89 On foreign account 1,841,727 36 Total paying interest 122,327,810 25 The following statements from the Canal Depart- ment show the receipts and payments on account of the canals during the fiscal year 1863-'64 : Receipts during the year — Tolls collected on all the canals $4,308,781 20 Rents of surplus waters 1,511 82 Interest on current revenues 30,002 19 Miscellaneous 6,970 31 Total receipts $4,346,265 52 Payments during the year — Canal Commissioners for Repairs $166,069 98 Contractors for repairs 498,938 41 Superintendents for repairs 234,115 71 Collectors, for salaries, clerk hire, pay of inspectors, and expenses of officers 59,320 29 Weighmasters 9,256 88 Miscellaneous 61,208 18 Total payments $1,028,909 46 "Surplus Revenue" $3,317,856 08 STATE BONDS. 159 — from which there was paid to Sinking fund, under Art. 1, Sec. 1. .$1,700,000 00 " " " "2.. 350,000 00 " " " " S.. 1,116,242 66 Treasury, under Art. 7, Sec. 3, to de- fray expenses of government. . . 151,113 40— $3,317,356 00 By comparing the receipts with those of 1862-'63, which were $5,118,501 35, it will be seen that there is a falling off to the extent of $'i''72,235 83. GENBEAl FUNTI DEBT. The following are the details of the State debt chargeable upon the General Fund Debt Sinking Fund : state Stocks, viz. : Rate. Eedeemjible. Amount. Aster debt 5 .. pleamre. $561,500 00 Ithaca & Owego K. E. loan 5^ .. July 1, 1865. . 28,000 00 Hudson & Berk. K. R. loan 5i . . " " 150,000 00 Deficiency loan 5 .. May 1, 1868. .442,961 05 " » 6 .. Jan. 1, 1868.. 500,000 00 " 7 .. Julyl, 1870.. 700,000 00 " " 5 .. " 1875.. 900,000 00 " " 6 .. " 1878.. 800,000 00 " " 5 . . pleasure. 348,107 00 " " 6 .. " 1,189,780 77 Total Stock loans.. $5,620,348 82 Comptroller's bonds 5 .. demand. $28,697 34 " " 5i .. " .. 11,000 00 •< " 6 . . " .. 14,212 74 " " 6 .. pleasure. .. 36,000 00 " " 6 .. Julyl, 1866. 385",000 00 Total Comptroller's bonds $474,910 08 Indian annuities ($7,361 67) 6 122,694 87 Debt paying interest $6,217,954 37 Debt not paying interest 61,000 00 Total General Fund debt $6,278,964 87 160 STOCK EXCHANGE MANUAL. The sinking fund appropriated to the payment of this del)t and interest consists of $350,000 transferred under Art. 7, Sec. 3, from the " surplus earnings " of the canals or such moiety of that sum as may remain after satisfying the Canal Debt Sinking Fund. II. CALIPOENIA BONDS. These bonds, issued in 1857, to the amount of $3,727,500, in coupons, are redeemable in 1878, with interest payable in January and July. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : 1860. 18G1. 1862. 1863. 1864. 1865. Jan ... 83@88i 86i ©83 76}© 83 115 ©132 123 ©126 165 © 168 Feb.... 85® 81 86 ©88 80 @ 87 1.30 @13T 124} © 125 146 © 112 March . 87 @ 89} 8Ti @ 83 86 © 87} 120 © 139 125} @ 185 112 ©116 April.. 89 @, 90i 73} @ 87i 85 © 89 125 ©130 125 ©145 May. . . 90 @ 914- 71} © 75 89 @ 96} 1295 @ 132} 12l| @ 132} 181 ©135 June .. 91i@92} 76} © 78 96}© 98} 138} © 152 July... 89 @9D 741 © 78} 91 © 96 117 @ 132 169 @ 165 Aug... 89i@93 75 ©77 94}© 100 114 © 119 161 © 187 Sept... 98 @95 76 ©81} 99} © 109 116 ©121} 145 @ 159 Oct.... 92 ©94} 81 ©83 110 ©115} 119} © 127 Nov... 85 @ 96 81} © 82} 112 ©114 120 ©123 152 ' © 160 Dec... 85 ©89 77} © 88 111} © 119 122}© 126 163 @ 158 Tear.. . 82 @ 93 71} © 88 76} © 119 115 ©139 128 ©187 III. CONNECTICUT BONDS. $800,000 have been issued in July, 1861, at 6 per cent., redeemable in 1871 and 1881, and $1,200,000 in January, 1862, redeemable in 1872 and 1882, with interest payable for both in January and July. STATE BONDS. 161 Market price, 99^. $1,000,000 have been issued in January, 1863, at 6 per cent., redeemable in 1883, with interest payable in January and July. Market price, 99. IV. GEORGIA BONDS. 172,000 at 5 per cent., redeemable in 1872, with interest payable in January and July. $2,073,750 at 6 per cent., redeemable in 1880, with interest payable in January and July. Market price, 58. $525,000 at 7 per cent., redeemable in 1872, with interest payable in January and July. V. ILLINOIS BONDS. The following is a statement of the State debt of Elinois, all of which bears interest at 6 per cent. : Illinois Bank and internal improvement stock $31,000 00 Illinois internal improvement stock 42,000 00 Illinois improvement scrip 19,570 33 Liquidation bonds 234,650 21 New internal improvement stock 1,848,407 85 Interest bonds 1,206,836 96 Interest stock 701,404 75 Two certificates of arrears of interest 1,002 58 Refunded stock 1,837,000 00 Normal University bonds 65,000 00 War bonds 1,679,000 OC 162 STOCK EXCHANGE MANUAL. Thornton loan bonds (Act appr. Feb. 21, 1861) $182,000 00 Balance canal claims (under same Act) 3,624 B8 Illinois & Mich. Canal bonds (payable in New York).. 1,61:8,000 00 " " " ( " " London).... 1,631,688 89 Interest certificates canal stock not registered 17,661 83 Canal scrip signed by Governor 2,616 97 Total $11,121,564 45 Two years ago the State debt amounted to $12,- 222,388 20, and has consequently been reduced $1,- 100,823 75. VI. INDIANA BONDS. Deocrlplion cf Securitiei. State stock registered State Int. Imp. tjonds (not adjusted). State War Loan bonds coupon Canal Preferred stock " " " special stock. " *' Deferred stock ■" " " special stock.. " Amount OuUlaadiDg. 5,825,600 2,053, ITS 891,000 1,871,780 4,079,500 1,216,787 1,243,000 479,545 Interest Period. I When Dae. Jan. & July. May & Nov. Jan. »fc July, 1886 1886 d'm'd 1881 Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : 1860. 1861. 186!. 1863. 186-I. 1665. Jan 86 88 :'. 83 @90 90 91i .. 89 90 93 87i .. 85 @8S 85 @ 87i 88 @98 80 75 @78i 76 @82 78i ©81 m @. 79 79 79 75 ©77 76 @8Ci 78}® 79 77 @79 75 @S4i 79 @78i 76 ©82 78i ® 81 92 ®93 96 .. 99 !! 98 @ 100 96 96 @98 93 93 98 . 98 .. Feb March April May June July Aug Sept 94 .. 94 .. Nov Dec Year 88 @93 75 @ 93 76® 841 92 @ 100 95 @98 STATE BONDS. 163 vn. IOWA BONDS. State stock, coupon, $200,000, at 1 per cent., redeem- able in 1868, with interest payable in January and July. War loan, $800,000, at 1 per cent., redeemable in 1881, with interest payable in January and July. Bonds to school fund, $125,295 at 10 per cent. VIII. KANSAS BONDS. $200,000, at 7 per cent., redeemable in 1876-1878, with interest payable in January and July. IX. KBNTTJCKT BONDS. Description of Securltioa. State bonds coupon Amount Outstanding. Rftte. Interest Period. When Due. Msiket Priee. U,800,000 ■ 600,000 67,600 2,000,000 5 6 B 6 6 6 Jan. & July. '65-'75 •81-'91 '98-'96 1S91 ■91 -'96 1871 90 X. LOUISIANA BONDS. DeacriptioD of Securities. Amount Outslanding. luto. When Due. Market Price. State bonds (R. E., &c.) coupon " » (R. R., &c.) " " (banks) " " (warloftn " 616,130 8,902,000 6,898,588 670,000 6 6 6 6 d'm'd. '67-'99 60 164 STOCK EXCHANGE MANUAL. XI. MASSACHUSETTS BONDS. Deocription of Amount Riite Interest Socuritiea, Outstftuding. Period. Btate bMs (Western E. R ) . . . stg. 8,995,655 April & Oct. " (T. & G. E. R.).... " 508,880 6 U LI " " ( " '' ). .dollar 416,500 6 il t. " " } " " ).. " " (Eastern K. E).. " 800,000 .500,000 5 6 Jan. & July " (N. 4 W. R. E.). " 400,000 6 " " " (Cons. State sc). " 160,000 6 " " " " (Buildings sc.) ... " 200,000 6 June &Dec. 846,000 6 April & Oct. U tl ) u u \ u 200,000 5 May &} Nov. " " ( " ")...." 94,000 6 Jan. & July 200,000 247,000 53,000 6 6 5 June &, Dec. (t u Union Fund Luivn coupon 3,000,000 6 Jan. & July " " '' " 600,000 5 " " Bounty Fund Loan " Coast Defence Loan " 600,000 5 May & Nov. 1,000,000 5 " " Back Bay Loan " 168,000 6 when Msrkot Due. Price. 'es-'Ti '88-'90 '90-'91 1893 '65-'71 1870 1870 '68-'77 '65-'74 '66-'72 1874 '64-'66 '63-'72 '68-'72 '71-'76 '77-'78 1893 1888 1880 121 123i 150 128i ISCi 115i 119 118i XII. MICHIGAN BONDS. Deecription of Seenritiee. Amount Outstanding. Rate. lotereit Period. When Duo. Market Price. 216,000 100,000 667,000 2,000,000 1878 1879 1886 '68-'SB 100 Canal Loan, .(aink^g fund) " War Loan... ( " " ) " Redempt'n Vn ( '^ " ) " 6 7 6 !1 100 xin. MINNESOTA BONDS. Description of Securities. State bonds coupon " " (Indian war). . " " " (Railroads) .. " Amount Outstanding;. Rate. Intorest Period. When Duo. Market Price. 250,000 100,000 2,275,000 8 7 7 Jan. & July. 186T 1871 1888 100 STATE BONDS. 165 XIV. MISSOURI BONDS. The finances of the State of Missouri are daily as- suming a more encouraging aspect. The Hannibal and St. Joseph Railway Company has resumed the payment of the interest on the $3,000,000 of its bonds, and has so far relieved the State from liability. The recent legislation in favor of the Pacific Railway of Missouri will, in a very few months, insure the completion of that road, when its earnings will be ample for the pay- ment of the interest on the State bonds issued to it, to the amount of $8,500,000. The Platte County Road will soon be able to resume interest on bonds paid to it, to the extent of $800,000. The amount of bonds issued to these roads is $12,300,000, out of $23,800,000 — the whole issued by the State in aid of railways — all of which constitute first mortgages on the line to which they were issued. Bonds to the extent of $10,500,000 were issued to the Iron Mountain, North Missouri, and Cairo and Fulton. These roads will soon be able to contribute toward the payment on the bonds issued by them ; but without any help from these three lines, the amount of interest which the State can be called upon to pay on account of its railways will be only $618,000 after the opening of the Pacific Road — an inconsidera- ble sum for a State of 1,200,000, with resources certain- ly not inferior to those of any State in the Union. The completion of the Pacific Railway of Missouri will mark an era in the prosperity of the State. There can be no doubt of its being a -most productive work. It will connect with an important work in Kansas, the first section of which is on the eve of completion, and which 166 STOCK EXCHANGE MANUAL is pushing forward with rapid strides toward the gold region of Colorado. The State of Missouri, although it has suffered severely from the Rebellion, has very nearly emerged from its embarrassments, and has, in the process, thrown off the great incubus to its pros- perity — Slavery. The change is already most notable. A strong tide of immigration has set in from all the Free States. Capital, to develop its vast resources, is rapidly pouring in. The immense discoveries of gold in Nevada is giving the State the choice of two great markets — the best one lying, probably, to the west. The next ten years will place Missouri very nearly alongside of Illinois in wealth and population ; and her bonds, now discredited by unforeseen causes, will soon take rank with those of the latter State. The best feeling prevails among the people of Missouri, and we shall witness her political and financial revolution al- most at the same breath. The following table, jjrepared by the committee on finance at the late -Missouri State Convention, shows the financial condition of that State: Bonds issued for State purposes $602,000 State bonds issued to railroads (including guaranteed bonds) 23,70] ,000 Revenue bonds issued in 1861 (9 per cent.) now due. . . 431,000 Interest due on bonds issued to railroads January 1, 1865 6,008,240 Money borrowed by Governor Gamble to purchase arms 150,000 Amount of defence warrants outstanding December 1st, 1864 244,279 Amount of Union military bonds outstanding December 1st, 1864 1,771,030 Amount duo militia for active service, estimated by Governor Hall 1,000,000 $32,907,549 STATE BONDS. 167 Issue to Hannibal and St. Joseph Railroad.. .|3,000,000 Paid on bonds issued for State purposes 200,000 $3,200,000 Total, with the above deduction to Hannibal and St. Joseph Railroad ' |29,70'?,549 Of the above there is now due by the State on her own account : Balance of bonds due issued for State purposes $402,000 RcTenue bonds issued in 1861 431,000 Money borrowed by Governor Gamble 150,000 Defence warrants 244,279 Union military bonds 1,771,030 Due militia for active service, estimated 1,000,000 Total, exclusive of interest $3,998,309 The ordinance for the payment of the State and railroad indebtedness of Missouri, passed at the late Constitutional Convention held there, is a measure of considerable interest to the whole financial public, as well as other States, and one which will give rise to much discussion pending the adoption or rejection of the new constitution by popular vote, on the 6th of June next. In order to provide for the payment of the interest and principal of the entire debt, the ordinance referred to proposes a tax of one quarter of one per cent, upon the value of the real and personal property of Missouri, estimated at $480,000,000. A tax of ten per cent, is specially levied upon the gross earnings of the Pacific, North Missouri, and Iron Mountain Railroads, from the 1st of October, 1866, to the 1st of October, 1868, and after that a tax of fifteen per cent, until the principal and interest of the bonds have been paid. 168 STOCK EXCHANGE MANUAL. The scheme of taxation here outlined is the most radical financial measure ever submitted to the people of any section of this country or any other, and although its adoption would be immensely advantageous to the Missouri bondholders, it could not fail to prove onerous to property holders. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : I860. 18C1. 1862. 1863. 1864. 1865. Jan Feb March April May Juoe July August Sept Oct Nov Dec 78} @ 8ji 79} @ 81 80} @ 82} 81} ©84} 83} @ 84} S4J @ 84J 80| @ 82} 80| @ 82t 79} @ 80J 75 @ 79f 61 ©71 66 ©78 67 © 72} 64 © 70} 63} © 69} 37} © 66 35 @42 36 © 40} 37} © 46} 41 ©45 41} © 44} 4C} @ 46} 4C} @ 46 36 ©42} 40 @ 42J 40} @ 66} 51 @ 64} 43} © 62 60} © 64 61 @ 6:« 45 ©61 46} © 49} 49} © 60} 49} © 68 60} © 63} 52} @ 63} 59} © 68} 63 © 66} 60 © 64} 60 @ 62} 61} © 75 61 © 75 65} ©73 70 ©72 67} @ 71 67 @ 69 64} @ 68 59} © 68 66} © 70} 67} © 76} 71} © 74 67 ©75} 69} © 75 67} @ 71 66 ©70 67 © 695 64} © 67 60 ©64 60 ©62 60} @ 66 63 ©68} 65 ©68} 69 ©65 Tear 61 @84J 35 @ 72} 40 © 53 69} © 75 60 ©76} XV. NORTH CAROLINA BONDS. These bonds amount to $9,129,505. Statement of the extreme price monthly and yearly, for the six years ending March 31, 1865 : January.. .. February... March April May June July August.. . . September. October. . . . November. December. 934 @ 9i 94| @ 96 95i © 97 95J © 964 96 ©97i 97i @ 99i 95 ©97t 96 ©99 98 ©100 93 ©98} 76 ©95 m © 82 ©82 Year 76 © 100 44 © 82} ^60} >61 >6D 62 ©78 68i © 70 68 ©674 654 ©73} 72 ©74 644@72 65 ©67* 64} © 66i 68 ©71 69 @70J 68 ©70 CO m 74 18: 694 ©75 74 ©78 76 ©60 72 ©76 634 ©78 67 66 654 ©664 r,9 ©644 .59} ©61} 52 ©59 52 ©80 186 49 ©52 60}© 60 58 ©60 68 ©59 66 ©58 53 ©60 58 ©60 60 ©68 69 ©62 58 ©59 68 ©60 58 ©60 49 @ 68 STATE BOinsS. 169 XVI. OHIO BONDS. Description of Seourities. State bonds (foreign debt).. . .coupon ) ■ '■ ) -. ) . ) . ) ■ ) ■ (domestic debt) (war loan) coupon ( " " ) " Irreducible debt (school funds, &c.) is 1,258, 1,015, 379. 2,188, 1,600, 4,095, 2,400 126, l,i 279,; 2,920, Interest Periods. Jan. & July. Yearly. 1860 1865 1S68 1870 1876 1881 1886 1868 1866 1868 UOJ 95 100 101 102 105 108 XVII. EHODE ISLAND BONDS. State bonds (war loan), coupon, issued to the amount of $2,000,000 at 6 per cent., redeemalble in 1862, with interest payable in March and September. XVIII. SOUTH CAEOLINA BONDS. State bonds issued to the amount of $3,518,000, redeemable in 1868-1890. XIX. TENNESSEE BONDS. Holders of Tennessee bonds will be interested in the 8 170 STOCK EXCHANGE iEANCTAL. financial statement of the State of Tennessee, as contain- ed in the message of Governor Brownlow. The Staes debt is' reported to be 13,894,600, at an annual interest of $212,388 25. Besides this debt the State has bonds for internal improvement and railroads amounting to $16,211,000. The aggregate debt is $20,005,606, and the annual interest, $1,185,048 25. The arrears of interest since January 1, 1861, amount to nearly twenty- five per cent, of the principal. "The arrearages of interest," says the Governor, " amounting to nearly twenty-five per cent, of the prin- cipal, is more than the people can easily pay at sight, with the other burdenSj public and private, thrown upon them by the war. It will be necessary, therefore, to anticipate the means, so as at the same time to pre- serve the State credit by satisfying the creditors and to preserve the people from oppressive taxation. "Thousands of practical men have been here ; they have seen that a farm hand can earn about six hundred dollars a year in the North, while in our State a good farm hand can make five bales of cotton, worth two thousand dollars per annum, against six hundred dol- lars in a Northern State. If the tax of seven cents on the one hundred dollars to which our burdens had been reduced in 1860, shall be increased to a reasonable ex- tent, it is believed sufiicient revenue will be realized in the next three years over and above the ordinary ex- penditures to meet the arrears of interest on the debt and to pay the sum now due, and the further sum of $1,245,000 falling due in 1868." STATE BONDS. 171 Description of Securitlea. AmoUDt Outstanding, Rate, i B 1 $1,125,000 2,062,606 12,799,000 608,000 48,000 6 5 6 6 6 1882 Var. Var, 1890 1890 *' " (internal improvoment). " " " (vailroads) " " (capital) " " " (Hermitage) " 60 48 66 66 Statement of tlie extreme prices, montUy and year- ly, for the six years ending Marcli 31, 1865 : I860. isei. 1862. 1S63. 1864, 1865. Jan.... 84i @ 871 72 @76i 42 ©45 58 © 64 56} @ 68 56 ©68 Feb... 87i ® 88J 67 @76i 48 ©65 61 © 68 65}© 64 56 © 58} March, 884 @ 92 72 ©77 66- ® 62 60i@ 63 60 © 68} 50 ©56 April.. 90 @92 41 @76 53: © 63i 68 © 60} 67 © 61} May.... 91 @91i 40S @ 47 56 © 61 69}© 67} 68 @ 60 June, . 91f @ 93 84} ©44 68 © 61 69} @ 67J 58 ©■ 60 July... S9| @ 90i 87 ©45 47 © 67i 65 © 67} 57 © 59 Aug. . . 89} @ 90} 42 ©46 49 © 52} 65 @ 67} 55 © 60 Sept... 90i @ 91 41i©44 48; © 51 62 @ 66 66J@ 60 Oct.... 87 ©905 41 ©43 61 ©58} 60 © 68} 65 © 56 Not... 74 ©88 m © 46t 61 ©58} 59 © 65} 66}© 56i Dec... 64 ©79 40} ©45 66 ®56i 68 @ 60 56 © 57} Tear.. 64 © 93 S4i@77 42 © 65 58 © 67} 56 © 64 XX. VEKMONT BONDS. $1,000,000 at 6 per cent., redeemable in 1870, with interest payable in February and August. XXI. VIRGINIA BONDS. Description of Securltiep. Amount Outstanding. ■3 .C4 Interest Periods, i a 1 Inscribed certificates (civil) " " (railroad.. Btata bonds (railroad)... coupon " (sterllne)... " $404,000 18,264,642 12,624,500 1,866,000 5 6 6 8 Various. Jan. & July. Var. '88-'98 '86-'98 1892 BO 172 STOCK EXCHANGE IIANUAL. Statement of the extreme prices, monthly and year- ly, for the six years ending March 31, 1865 : 1860. 1861. 18CJ. 1862. 1864. 1865. Jail 90 J. © 921 74}® 7TJ 49 @ 61} 62 ©72} 47 @ 49 60 .... Feb .... 91t @ 93J 72 @ 80 51i@ 60 68 @76 47 @ 49 50 .... March . . 93 @ 95 74 @ 81 52}® 63J 62 ©69} 49 © 60 60® 52 April.... m& 95} 36 @ T6* 56} @ 60} 62 @66 49 @ 61 May.... 92 @ 94 43i@ 61} 56 @ 59} 65 @68 60}© 61 June 9-ii@ 94i 39 @ 48 52 @ 67 65 @68 62 .... July 90S @ 93 44 @ 60 51 @ 57 61 @65 52 ©63 Aug 90}® 92J 50 @ 66} 651® 69 60 @ 64 64 © 55i Sept.... 90} @ 93 6U@ 65 65}® 681 63} @ 60 65} @ e* Oct 85 @ 9IS 45 © 48 58J@ 69} 65 @60 50}® 61 Not TT @ 92i 47 @ 49 65 @ 65 62 ©55 60 .... Dec T8 @. 80s 46 @ 48} 60 @ 62 49 @65 60 .... Tear 73 @ 95} 86 @ 81 49 @ 65^ 49 ©75 47 @ 64 XXII. WISCONSIN BONDS. Amount • a .2 Deacr Ipllon of Securities. Outstanding. H Interest Periods. a 1 M 1 State bon ds (civil) coupon 100,000 6 April & Oct. 67-'68 100 200,000 100,000 1867 1R7T 11 i«cot»i< jDaj/s, Wednesday and Saturday. Market price, 104. 18. The Fulton Bank, corner of Fulton and Pearl street.', New York. C«/;j(la?, $600,000 ; Circulation, $36,000. President, Thora&a Monahan; Cas/«er, Robert H. Haydock; Assistant-Cashier, R. fi. Buchanan ; Notary Public, Oscar Smedberg. Directors. Thomas Monahan, Edwin Clark, Samuel L. Mitchill, Benjamin H. Field, Joseph S. Barker, 0. D. F. Grant, David Stewart, William Adams, James Hunter, William E. Dodge, Jr., George B. De Forest, Uriah J. Smith. BANKS OF NEW TOEK. 191 Bank Dividends. — 1861, 1862, 1863, and 1864, 6 per cent, semi- annually. Dividend Months, May and November. Discount Days, Wednesday and Saturday. Market price, 166. 19. The Greenwich Bank, No. i02 Greenwich street, New York. Capital, $200,000 ; Circulation, $17,000. President, Ben- jamin F. Wheelwright ; Cashier, William Hawes ; Notary Public, Washington Wheelwright. Directors. Benj. F. Wheelwright, Matthias Clark, Alexander McLachlan, Solomon Banta, Clinton Gilbert, Edward Green, Washington Wheel- wright, A. G. Bogeft, William Hawes. Bank Dividends. — 1861, 1862, 1863, and 1864, 6 per cent, semi- annually. Dividend Months, May and November. Discount Days, Tuesday and Friday. Market price, 160. 20. The Gkocees' Bank, No. 59 Barclay street, New York. Capital, $300,000 ; Circulation, $4,000. President, Edward Rowe ; Cashier, Samuel B. White ; Notary Public, B. E. Watson. Directors. Edward Kowe, Joseph W. Meeks, James M. Motley, William B. Putnam, Benjamin G. Clarke, Oscai Tibbals, Thomas Murphy, Samuel B. White, N. A. Baldwin, Wm. A. Seaver, Joseph Lee, George Quintard, George Underhill. Bank Dividend. — 1865, 5 per cent. Dividend Months, January and July. 21. The Hanover Bank, No. 33 Nassau street. New York. Capi- tal, $1,000,000; Circulation, $81,000. President, William H. John- son ; Cashier, John T. Banker ; Notary Public, John W. Pirsson. Directors. William H. Johnson, Edward Bridge, Nathaniel E. James, John 192 STOCK EXCHANGE MANUAL. F. Seymour, Charles A. Coe, James Stuart, James P. Wallace, Samuel H. Eokenbaugli, Curtis Noble, Robert Schell, Isaac N. Sey- mour, William Kumbel, Charles Stanton, William Boyd, Abel Deni- eon, Joseph W. Greene. Bank Dividends. — 1863, 3 and 3^ per cent, semi-annually; 1864, 4 and 5 ; 1865, 5. Dividend Months, January and July. Discount Days, Tuesday and Friday. Market price, 103. 22. The Importers and Traders' Bank, No. 247 Broadway, New York. Copito/, $1,500,000; CirraZaiion, $'72,000. President, Lucius Hopkins ; Vice-President, Aaron Arnold ; Cashier, Jamea Buell; Assistant-Cashier, William H. Hampton; Notary Puhlic, R. W. Townsend. Directors. Lucius Hopkins, L. B. Ward, D. S. Schanck, G. A. Conover, E. L. Trowbridge, J. S. Rockwell, Aaron Arnold, Samuel E. SprouUs, Russell Sage, A. S. Hope, George Cecil, Charles Rubens, John T. Bruce. Bank Dividends. — 1861, 4 and 3 per cent, semi-annually; 1862, 3 and 8|; 1863, 3J and 4; 1864, 4 and 4; 1865, 4. Dividend Months, January and July. Discount Days, Wednesday and Satur- day. Market price, 108. 23. The Irting Bank, No. 295 Greenwich street, New York. Capital, $500,000 ; Circulation, $39,000. President, John Castree ; Cashier, Daniel V. H. Bertholf ; Notary Public, Theodore Hinsdale. Directors. John Castree, Isaac Odell, J. T. Wilson, John Romer, V. L. Buxton, Harvey P. Farrington, Charles Burkhalter, Herman H. Brunjes, Hector Armstrong, William A. Thomson, David B. Moses. Bank Dividends. — 1864, 3| and 4 per cent, semi-annually; 1865, 4. Dividend Months, January and July. Discount Dayt, Tuesday and Friday. Market price, 100. BANKS OF NEW YOEK. 193 24. The Leather Manufacturers' Bank, No. 29 Wall street New York. Capital, $600,000 ; Circulation, none. President, Wil- liam H. Macy ; Cashier, Nicholas F. Palmer ; Notary Public, Jona- than S. Ely. Directors. William H. Macy, James Meinell, Jonathan Thome, John P. Nesmith, William H. Russell, Kichard P. Bruff, William Dep&w, E. A. Witthaus, R. Sands Tucker, Sidney Mason, Joseph V. Onativia, James Fraser, H. W. Gray. Bank Dividends. — 1861,1862, 1863, 1864, 5 per cent, semi-an- nually ; 1865, B. Dividend Months, August and February. Discount Days, Tuesday and Friday. Market price, 171. 25. The Manhattan Company, No. 40 Wall street, New York. Capital, $2,050,000 ; Circulation, $17,000. President, James M. Morrison ; Cashier, Jolin S. Harberger ; Assistant-Cashier, Edward A. Reid; Notary Public, J. Lawrence Slosson. Directors. James M. Morrison, George W. Blunt, Edmund Penfold, Edwin Hoyt, James Warren, Andrew Mount, G. D. H. Gillespie, George S. Stephenson, John K. Myers, William Hoge, William 0. Lambert. Bank Dividends. — 1861, 5 and 4 per cent. ; 1862, 4 and 4 ; 1863, 4 and 4 ; 1864, 5 and B ; 1865, 5. Dividend Months, February and August. Market price, 136. 26. The Manufacturers and Merchants' Bank, No. 563 Broad- way, New York. Capital, $500,000 ; Circulation, $2,000. President, Abram Ives; Cashier, A. Masterton ; Notary Public, J. K. Hackett. Directors. Abrara Ives, E. V. Haughwout, Wardrop J. Hall, John C. John- son, John S. Mitchell, Elias Howe, Jr., Henry E. Treadwell, C. B. Delapierre, Allan Hay, A. Masterton. Bank Dividends. — 1862, 1863, and 1864, 4 per cent.; 1865, 4. 9 194 stock; exchange manual. Dividend Months, July and January. Discount Days, Tuesdftiy and Friday. Market price, 101. 27. The MiKiNE Bank, No. 90 Wall street, corner of Water, New York. Capital, $400,000 ; Circulation, %i1,W0. President, James D. Fish ; Vice-President, Peter D. Collins ; Cashier, James Dela- mater ; Notary Public, William L. Taylor. Directors. James D. Fish, Thomas Williams, Jr., Oliver H. Jones, George Bulkley, Joshua Atkins, Jr., James W. Elwell, John S. Young, Peter D. Collins, Henry Barrow, Sidney Green, Hiram Benner, Ambrose Snow, J. Nelson Tappan, Dudley Haley, John N. Quirk, William Everdell, Jr., Fritz Brose, Edmund Titus, John W. Mott. £ank Dividends. — 1861, 3^ per cent. ; 1862, Si, and $1 per share; 1863, 4 and 6; 1864, 6 and 6; 1865,6. Dividend Months, February and August. Discount Days, Tuesday and Friday. Mar- ket price, 143. 28. The Maeket Bank, No. 286 Pearl street. New York. Capi- tal, $1,000,000; Circulation, $32,000. President, Eobert Bayles; Cashier, Alexander Gilbert ; Notary Public, Theodore H. Lane. Directors. Benjamin H. Howell, J)aniel T. Willets, Thomas Rowe, Abraham Leggett, Amos Bobbins, Henry Lyles, Jr., Joseph P. Wickham, Charles H. Rogers, Baldwin N. Fox, John M. Bruce, Jr., William H. Goodwin, George B. Whitfield, Henry Rowland, Thomas J. Owen, Robert Bayles, James L. Harway. Bank Dividends. — 1861, 1862, 3 and 3 per cent. ; 1863, 3 and 4 ; 1864, 4 and 4. Dividend Months, Januavy a,ni Julj. Discount Days, Tuesday and Friday. Market price, 106. BANKS OF NEW YORK. 195 29. Mechanics' Bank, No. 33 Wall street, New York. Capital, $2,000,000; Circulation, |B 1,000. President, Shepherd Knapp; Vice-President, Eichard Irvin ; Cashier, Wra. H. Cox ; Notary Pub- lic, W. Q. Riddle Directors, Shepherd Knapp, Thomas 0. Chardavoyne, Ambrose C. Kings- land, Eichard Irvin, Francis Hall, John BuUard, Jr., William Cham- berlain, Cyrus Curtiss, Henry F. Spaulding, George Mosle, Thomas F. Youngs, Hugh N. Camp, George Moke, George Palen. Bank Dividends. — 1865, 6 ; Dividend Months, February and Au- gust. Market price, 1 10. 30. The Mechanics' Bankino Association, No. 38 Wall street. New York. Capital, $800,000. President, Jamea H. Fonda ; Cash- ier, Franklin Chandler ; Notaries Public, Baldwin & Farnham. Directors. James H. Fonda, Wyllis Blaokstone, Nathaniel W. Chater, Ezra R. Goodridge, Melancthon M. Freeman, John T. B. Maxwell, Ralph Mead, John Randall, Mason Thomson, William M. Vermilye, Edward A. Quintard. Bank Dividends.— 1861, SJand 3 per cent. ; 1862, 3 and 3 ; 1863, SJ and 4 ; 1864, 4. Dividend Months, May and November. Dis- count Days, Tuesday and Friday. Market price, 98. 31. The Mechanics and Teadees' Bank, No. IBS Bowery, New York. Capital, $600,000 ; Circulation, $205,000. President, Eph- raim D. Brown ; Vice-President, Samuel T. Brown ; Cashier, George W. Youle ; Notary Public, George L. Walton. Directors. William Dennistoun, F. Haines, R. M. Field, D. B. Keeler, Isaac Walton, J. M. Mills, E. D. Brown, John Palmer, Eussell Dart, E. L. Walton, Stephen Valentine, William Forgay, Samuel T. Brown. 196 STOCK EXCHANGE MANUAL. Bank Dividends. — 1863 and 1864, 4 per cent. Dividend Months, M.iy and November. Discount Days, Tuesday and Friday. Market price, 98. 32. The Mercantile Bank, No. 191 Broadway, corner of Dey street, New York. Capital, $1,000,000 ; Circulation, $4,000. Pre- sident, Daniel H. Arnold ; Cashier, Eli J. Blalie ; Notary Public, Charles A. Davison. Directors. Daniel H. Arnold, Isaac N. Phelps, Joseph Stuart, Charles P. Burdett, Norman White, William H. Smith, George Merritt. Bank Dividend. — 1865, 5 per cent. Dividend Months, January and July. Market price, 125. 33. The Merchants' Bank, No. 42 Wall street, New York. Capital, $2,797,062 ; Circulation, $52,000. President, Augustus E. Silliman ; Vice-President, Benjamin B. Sherman ; Cashier, Jacob D. Vermilye ; Notary Public, Andrew H. Sands. Director s. Augustus E. Silliman, Benjamin B. Sherman, John Auchincloss, Robert L. Maitland, William H. Townsend, Gustav Schwab, Alex- ander T. Stewart, Edward F. Sanderson, William A. Hadden, Joseph Gaillard, Jr. Bank Dividends. — 1861, 3 and 3 per cent. ; 1862, 3 and 3; 1863, 3J and 3| ; 1864, 4. Dividend Months, June and December. Dis- count Days, Tuesday and Friday. Market price, 110. 34. The Merchants' Exchange Bank, No. 257 Broadway, New York. Capital, $1,235,000 ; Circulation, $20,000. President, James Barnes ; Cashier, Edward J. Oakley ; Notary Public, John Raymond. Directors. James Barnes, Daniel C. Kingsland, William A. Thomson, Dudley BAKKS OP NEAV TOEK. 197 S. Gregory, John J. Vaa Nostrand, Charleg F. Park, Edward EIs- wortb, Jesse Hoyt, John M. Davies, Gilbert L. Beeckman, Eugene O'Sullivau, Hermann Stursberg. Bank Dividends. — ]861, 3^ and 3 per cent.; 1862, 3 and 3; 1863, 3 and 3i; 1864, 3^ and 4 ; 1865, 4. Dividend Months, Jan- uary and July. Discount Days, Wednesday and Saturday. Market price, 98. 35. The Met'eopolitan Bank, No. 108 Broadwiiy, New York. Capital, $4,000,000; Circulation, 1176,000. President, John E. Williams ; Cashier, George I. Seaey ; Notaries Public, Varnum \, 3i and 3 per cent.; 18G2, 3 and 3^; 1863, 3i and 3^; 1864, 4. Dividend Months, May and NoTember. Market price, 107. 198 STOCK EXCHANGE MANUAL. 3'7. The National Bank, No. 36 Wall street, New York. Capi- ta?, $1,.500,000 ; Circulation, ,$18,000. President, James Gallatin; Vice-President, Adrian Iselin ; Cashier, Frederick D. Tappeu ; Notary Public, Ale.-cander R. Rodgers. Pirectors. James Gallatin, Adrian Iselin, 0. H. P. Noj'cs, Francis Tomes, Jr., W. R. Renwick, John Armstrong, J. Couper Lord, Ernest Caylus. Banh Plvidetid. — 1865, 5 per cent. Pividend Months, April and October. Market price, 100. SB. The New Tokk Cotjntt Bank, corner of Eighth avenue and Fourteenth street, New-York. Capital, $200,000; Circulation, |109,000. President, Francis Leland ; Cashier, Isaac G. Ogden ; Notary Public, Augustus Leland. Pirectors. Francis Leland, EIj' Hoppock, Paul Spofford, C. K. Sutton, J. Park, Jr., F. L. Leland, James Barnes, Edward Haight, L. H. Holmes, A. C. Kingsland, John Pettigrew. Bank Pividends. — 1 861, 3^ and 3 per cent. ; 1862,3 and 3; 1863, 3| and 5 ; 1864, 5 and 6 ; 1865, 6. Pividend Months, January and July. Piscount Pay, Tuesday. 39. The New York Dkt Dock Bank, corner of Avenue D and 10th street. New York. Capital, $200,000 ; Circulation, $23,000. President, William H. Hays ; Cashier, Thomas J. Lockwood ; Notary Public, A. C. Anderson. Pi7'ectors. George Law, William H. Hays, John S. Hunt, C. A. Waterhury, Jacob Hays, J. P. Cummings, James Murphy, William P. Buckmastcr. Bank Pividend. — 1865, 3 per cent. Pividend quarterly. Market price, 110. BANKS OF NEW YOEK. 199 40. The North River Bank, No. IS"? Greenwich street, corner of Dey, New York. Capital, $400,000; Circulation, $22,000 President, Levi Apgar ; Cashier, Aaron B. Hays ; Notary Public, William Apgar. Directors, elected July, 1864. Levi Apgar, C. V. B. Ostrander, Joseph Brokaw, M. T. Bunn, J. F. Pupke, Augustus Seeley, William H. Hays, Jay L. Adams, Allan Hay, G. W. Elder, William G. Sterling. Bank Dividends. — 1861, 4J- and S\ per cent. ; 1862, SJ ; 1863, 3i and 8| ; 1864, 3^ and 5 ; 1865, 5. Dividend Months, January and July. Discount Days, Wednesday and Saturday. Market price, 112. 41. The Ooeau Bank, corner of Greenwich and Fulton streets, New York. Capital, $1,000,000 ; Circulation, $32,000. President, David Randolph Martin ; Cashier, Charles Palmer ; Notary Public, Henry Palmer. Directors, elected August, 1864. D. Randolph Martin, John Boyce, Robert Haydock, Parker Handy, James M. Benedict, David Wagstaff, John Castree, Albert A. Martin, Philip Dater, Coe Adams. Bank Dividends. — 1863, 3^ and S^ per cent. ; 1864, 4 and 4 ; 1865, 4. Dividend Months, February and August. Discount Days, Wednesday and Saturday. Market price, 90. 42. The Oriental Bank, No. 122 Bowery, corner of Grand street. New York. Capital, $300,000; Circulation, $155,000. President, Joseph M. Price ; Cashier, Washington A. Hall ; Notary Public, W. T. Chapman, Jr. Directors, elected August, 1864. Joseph M. Price, Charles Tuttle, Stephen K. Halsey, Augustus Weismann, Jeremiah L. Sackett, Charles L. Stickney, Thomas 200 STOCK EXCHANGE MANUAL. Kennedy, George C. Lugar, James L. Jackson, Charles F. Goodhue, Samuel Tryon, William A. Freeborn, John Polhamus, Robert Bils- borrow, David H. McAlpin, W. A. Hall. Bank Dividends.— 1861, 3-i and 3 per cent. ; 1862, 3 and 3 ; 18C3, 3 and 3^; 1864, 3i and i; 1865, 5. Dividend ifonihs, February and August. Discount Days, Wednesday and Saturday. Market price, 103|. 43. The Pacific Bank, No. 4'?0 Broadway, New York. Capital, $422,700; Cii-cMtoiow, $80,000. Presjividends.—lS62, 3^ per cent.; 1863, 3^ and 4; 1864, 4 and4; 1865,6. Dm&nd J/b»(As, February and August. Discount Days, Wednesday and Saturday. Market price, 98. 47. The Shoe and Leather Bank, No. 272 Broadway, New York. Capital, $1,500,000 ; Circidation, $257,000. President, Andrew V. Stout ; Vice-President, Josiah Oakes ; Cashier, William A. Kissam ; Notary Public, John H. Stout. Directors Andrew V. Stout, Josiah Oakes, Leonard C. Dewing, Benjamin F. Beekman, William Seligman, Benjamin F. Breeden, John B. 9* 202 STOCK EXCHANGE MANUAL. Dickinson, Tlnomas Carlton, George M. Groves, Matthew Bird, Francis J. Clark, Nathan T. Porter, James L. Stewart. Bank Dividends. — 1864, 4 and 4 per cent. Dividend Montlis, April and October. Discount Days, Tuesday and Friday. Market price, 107. 48. The Usion Bank, No. 34 Wall street, New York. Capital, $1,500,000; Circulation, $20,000. President, 'Edward U. AHhur ; Vice-President, Henry Coit ; Casliier, James M. Lewis ; Notaries Public, Phelps & Knevals. Directors. Edward H. Arthur, Lewis Curtis, John Caswell, James L. Sturges, John H. Mortimer, Ephraim L. Corning, Henry Coit, William Augustus White, A. Le Moyne, G. G. Smith, William B. Isham. Bank Dividends.— 1S61, 3 and 3 percent. ; 1862, 3 and i ; 1863, 4 and B ; 1864, 5. 2>JDiAn(/jI/o)ii!/is, May and November. Discount Days, Tuesday and Friday. Market price, 115. NATIONAL BANKS OF THE CITY OF NEW YORK. 1. The First National Bank of New York, No. 140 Broadway, New York. Capital, $500,000. President, Samuel C. Thompson ; Cashier, James Curphey; Assistant- Cashier, George F. Baker; Notary Public, George F. Baker. Directors. Samuel C. Thompson, Frederick F. Thompson, George M. Snow, Charles Blondell, George F. Baker. Bank Dividend. — 1865, 10 per cent. Market price, 205. BANKS OF NEW YORK. 203 2. The Second National Bank of New Yokk, Fifth Avenue Hotel Building, corner Fifth Avenue and 23d street. Capital, $300,000, With privilege of increasing to $1,000,000. President, Henry A. Hurlbut; Cashier, Albert G. Allen. Directors. John J. Phelps, William V. Brady, Paran Stevens, John Caawell, Isaac N. Phelps, 0. DeForest Grant, Thomas Tileston, Amos R. Eno, Henry A. Hurlbut. Market price, 112. 3. The Third National Bank or New Yokk, No. 5 Nassau street, New York. Capital, $1,000,000. President, J. F. D. Lanier ; Vice-Presidents, C. T. Culver and Parker Handy ; Cashier, Conrad N. Jordan. Directors. J. F. D. Lanier, C. V. Culver, James Winslow, L. H. Culver, Charles Lanier, Peter MoMartin, Gaylord Church, Parker Handy. 4. The Fourth National Bank of New York. Capital, $2,000,000. President, Morris Ketchum. Vice-President, P. C. Calhoun; Cashier, Daniel W. Vaughan ; Assistant-Cashier, Anthony Lane. Directm-s, elected January, 1865. Morris Ketchum, Edwin Hoyt, Joseph Stewart, John M. Furman, C. L. Anthony, T. G. Churchill, Joseph B. Hoyt, Henry Swift, P. C. Calhoun. Bank Dividend. — 1865, 5. Dividend Months, M&rch&ndSeptem- ber. Market price, 90. 5. The Fifth National Bank of New York. (?(ipi 29} >43i 61J @ 60 57i @ 61 69} @ 70 66 @ 89 68 @ 94} 87i @ 151 122 @ 185J ISli @ 162 a5 @ 155 88 @ 129} 109 @ 160 llflj @ 143} 184|- @ 97} 116} @ 96} lOli @ 48} CHAPTEE Y. RAILROAD STOCKS AND BONDS. The well-known bankers, Jerome, Riggs & Co., publish a weekly circular, in which we often notice very sensible observations. We clip the following from one of their recent issues : "The value of every property must depend upon the degree of the necessity for its constant and general use. The instrumentality that supplies society with food, and with other articles almost equally indispen- sable, and is the sole medium for the movement of its members from place to place, must rank vastly higher as an investment than such as depend upon the faith of individuals or of political organizations, or of en- terprises which, while engaged in supplying human wants, are often injudiciously prosecuted, or are liable to push their production far beyond the ability of the public to consume. " Such an agent of prime necessity is the railroad. Although only about thirty years have elapsed since it came into use, it now includes all the operations of society. It has created by far the greater portion of the value of the property of the country. Without it there could be neither domestic nor foreign commerce 10 218 STOCK EXCHA^-GE MAKUAL. to any considerable extent. It brings together tbe pro- ducer and consumer, who could be united by no other tie. Every day increases its usefulness and power. Society cannot now put forth a single great effort in which the railroad is not the chief agent and actor. " Now this universal necessity for its use measures its value as an investment. In this country such use is not only universal, touching every industrial operation, but of its extent there can hardly be a limit, because no limit can be placed to the extent of its productions and commerce. These productions, whether of agriculture or manufactures, are necessarily dependent in geometri- cal ratio upon the new agencies that are constantly being brought into use. This fact should be constantly kept in mind; the commerce, for example, between IsTewYork and Chicago, is probably fourfold greater in volume and value than it was six years ago, when the latter city numbered a population of 85,000, against 1 70,000 at the present time. Such traffic now exceeds the capacity of all the lines opened for its accommodation, though these have been increased as fast as the shops of the various companies, aided by those of the whole country, would allow. It is well known that, were the capacity of all the railroads between New York and Chicago doubled, there would be more freight offered than all of them could move. " The railroads of this country, almost without ex- ception, were undertaken, not as investments, but as means for the creation of capital, by the development of resources. The soil a short distance from the sea- board was valueless, because its products could not be sent to market. It was to open outlets, alike for the benefit of the producer and consumer, that almost each EAILROAD STOCKS AND BONDS. 219 line was undertaken. All involved great pecuniary- sacrifices to their constructors. They were to create a traffic which in the end was to render them valuable as investments. But years were required for this purpose. The country they traversed was in a great measure un- inhabited. It is now teeming with population, supplied with whatever can make their labor in the highest degree productive, so that the chief concern of nearly any railroad in the country is, not how to develop a traffic, but how to accommodate that which is pressing upon it. " The great distance over which freight is moved over railroads is characteristic of this country alone, and adds vastly to the business of our lines. The great bulk of produce brought to market has to be transported from 1,200 to 1,500 miles. The reciprocal current must be equal either in volume or value. The interior devoting itself to agriculture must import by far the greater por- tion of what is consumed that the farms do not pro- duce. Hence the volume of business passing over our lines equals twice the value of their outward-bound freight. " From what has been stated, it will be seen that a rapid increase in the construction account of the rail- ways of this country is inevitable, and that such in- crease must always be in approximate ratio to their increased earnings. How shall the means for such in- crease be provided ? from capital or from the perpetual application of earnings to construction ? If the latter alternative should be adopted, the stockholders of many of our best managed and most productive and prosperous companies would never receive directly a penny on their investments, either presently or at any 220 STOCK EXCHANGE JIA^JUAI.. probable future period ; nor would sucli invcstmeuts have any considerable market value, no matter how productive roads were, provided such companies shall make any provision for the transaction of the legitimate business of their lines. ISTot to do this would be to re- fuse to carry out the object for which these roads were undertaken, and would inevitably lead to the construc- tion of more lines, and to ruinous com25etition. A rail- road is built to accommodate the traffic of the section it traverses. If that traffic increases, should not the original cajsital account be augmented ? There is just as good reason for the increase as there was for the first outlay. " The objection to such increase, if there be any, is based upon the distrust of the management of railroads rather than on any violation of a correct business jorin- ciple. From the inadequate provisions made in the outset for construction, nearly all our companies have at one time or another fallen into great embarrassments. With large earnings in many cases, no dividends have been paid, or if commenced, have been omitted from the constant and steady demand for construction, and from the inability of the company to borrow money except at ruinous rates. The hopes of the owners of railroad property have been disappointed so often, that it had come to be regarded as a difficult problem to tell whether or not a dividend had been earned. Necessity for a long time compelled the application to construc- tion of whatever was received. But, gradually, one after another of our companies completed their roads, and emerged from their embarrassments still with the same necessity as ever upon them to add to their facili- ties as their business increased. EAILEOAU STOCKS AND BONDS. 221 " We presume that no one objects that such increase of capital is not wise. The question is whether while it is going on it is expedient for the company to pay divi- dends. If they have been actually earned, and if such additional capital must increase instead of weaken the ability of the company to pay them in the future, we can see no possible reason why they should not be paid. If the road is actually earning eight per cent, on its stock, the latter is worth par, and the payment of divi- dends at this rate will cause the stock to be sought for at that price. No one questions that such earnings have been made. If so, the present stockholders are entitled to their benefit. The present generation as well as the future have some rights, and no duty is more imperative upon any body of directors than to adopt such a line of policy as will give to the securities of their roads a price which shall correspond as nearly as possible to their real value. If no dividends ai'e to be i^aid except by companies whose construction is fully closed, we must forego for all time dividends upon nine tenths of our roads, and among them many of our most productive and best managed lines, and virtually destroy the value of investments which have cost their owners nearly $1,000,000,000." The great decline in railway property has been a leading topic of remark in monetary circles for several months. Its suddenness and rapidity require a different explanation. The eagerness with which the new seven- thirty loan had been sought by the community, has probably had considerable influence. The rate of in- terest they pay far exceeds the average income to be expected from railroads, and as the utmost confidence prevails in reference to them, they are absorbing nearly 222 STOCK EXCHANGE MANUAL. the whole available capital of the country. While this feeling continues, railroad securities are likely to be ne- glected, except for speculative purposes. Their prosperity for the last three or four years has been depending upon causes of temporary operation. The foremost of these temporary causes was the closing of the Mississippi, which arrested an immense tide of Western business, and set it flowing across the conti- nent to the Atlantic seaboard. When the great Southern markets of the Mississippi valley are re-opened, and the business of the country resumes its wonted channels, there will be a great drain down the valley of the traf- fic that now feeds the railroad lines running East. But the cause operating with the greatest force pro- bably against the credit of the railroads is the manner in which they have been conducted for several years past. The parties having in charge many of these lead- ing railroads sought and wield their places for stock- jobbing operations, in which the interests of the own- ers of the property are quite as liable to be sacrificed as protected. This fact is notorious, and is calculated to weaken confidence that otherwise might be felt in these works. Other enterprises could not hope for suc- cess, managed upon the principles upon which many of these railroads are conducted. Till a radical revolution is efiected in this particular, we cannot expect to see a return of confidence in them for investment. Another tempoi'ary cause of the flushness of rail- road earnings is the vast amount of Government trans- portation, which will cease with the war. The roads have not only found a great and lucrative addition to their business, in transportation of men and supphes for the Government, but there has resulted a large addi- EAILEOAD STOCKS AND BONDS. 223 tional increase of passenger traffic. This profitable business will, of course, all stop with the war, and the railroads will depend for their incomes on the ordinary trade and traffic of the country. Besides these main causes which operate to depre- ciate the value of railroad property, there is another, which will diminish the dividends of the next two or three years. The condition of the railroads has been constantly deteriorating during the reign of high prices. The exorbitant cost of labor and material has operated here as it has to check the building of houses. Neither the roads nor the running stock have been kept up. We are beginning to witness the results in the alarm- ing and unwonted frequency of railroad accidents. Whether prices shall be high or low, the roads will be compelled to make the repairs and replenishments which have been too long postponed. The next two years will necessarily be an era of heavy expenses and light dividends. NEVir YORK CENTRAL RAILROAD. The New York Central runs from Albany to Buf- falo. No road is of more importance in this State and country than the New York Central, and its operations exert a controlling influence upon railroad management and business transactions aU over the country. From the epoch of the Consolidation Act of 1853, till the present time, it has been a power which could not be resisted. At the time of the consolidation the stocks of the ■2ii STOCK EXCHANGE IIAXUAL. several lines were rated at a premium, and it was pro- vided that their estimated value over par should Le paid to the shareholders in G per cent, bonds of the new company, the stock of the new company to be issued at its par value to the holders of shares in the several lines. The amount of the share capital of such lines, the percentage of premium paid, and the amount in each case, were as follows : Name of Companies. Share Capital. Eato of Premium. Amount. Albany and Schenectady.. . Utica and Schenectady ?1, 621, 800 4,500,000 1,575,000 2,700,000 600,000 5,608,700 2,155,500 673,000 3,000,000 150,000 650,000 17 55 55 50 50 30 25 25 40 25 $276,706 2,475,000 866,250 Syracuse and Utica Syracuse and Utica Direct. . Kochester and Syracuse. . . . Rochester, Lockport and ^ Niagara Falls j Buffalo and Lockport Buffalo and Rochester Rochester and Lake Ontario Schenectady and Troy 1,350,000 300,000 1,682,610 53G,GS4 108,750 1, 21.-0, nuo 37,500 .$23,235,600 .s8,894,500 The modest sum of $8,894,560, by vii'tue of the consolidation, the stockholders in the lines that made up the Central jDut into their pockets, in the shape oi bonds which had been selling at 115. But the Legis- lature had the firmness to stipulate, by way of p)rotec- tion to the people of the State, and as a sort of equiva- lent for what it had yielded, that the new company should never charge more than two cents per mile for the transportation of passengers : this stipulation was embodied in the charter, and was intended to be a per- EAILEOAD STOCKS AND BONDS. 225 petual 1-estriction upon the company. Thu attempt has been several times made (without success except in the single instance of way passengers for distances less than five miles) to remove this limitation, and it was renewed at the present session of the Legislature with undiminish- ed vigor and a greater hope of accomplishment. But a bill conferring the grant, passed 22d of April, was vetoed by Governor Fenton. And the question " Shall the bill pass notwithstanding the objections of the Governor " was decided in the negative in the Senate, by a vote of 17 to 14. The New York Central Railroad Company received the net earnings of the several corporations owning the line from Albany to Buffalo, from May 1, 1853. It went into the actual occupation and management of the roads, August 1, 1853. The first dividend was paid February 20, 1854. It was five jjer cent., and on earnings for the previous nine months. During the eleven following years, the company has made twenty-two dividends : the first ten were four per cent, each ; the next seven were three per cent, each; the next two were three and a half (3^) per cent, each; the next (in February, 1864) was five per cent. ; the next (August, 1864) was four per cent. ; the last (February, 1865) was three per cent. ; m.aking in all, for the whole existence of the company — eleven years and nine months, up to February last — eighty-five (85) per cent, in dividends, being seven twenty-three {1 23-100) per cent, a year. The length of the New York Central Railroad is 556 miles, of which 398 are covered with double track. The branch roads extend 258 miles ; the main track from Albany to Buffalo is 297f miles. The parallel and branch lines are as follows : From Troy to Schenectady, 10* 226 STOCK EXCHANGE MAITC^AL. 21 miles; the old road from Syracuse to Rochester by way of Auburn, 104 miles ; from Batavia to Athens, 11 miles; from Rochester to Suspension Bridge, 75 miles; from Lookport Junction to Tonawanda, 12 miles; from Rochester Junction to Charlotte, 7 miles ; and from Buffalo to Lewiston, 28 miles. The whole length of the first track laid on the main lines and branches measuring the length of the road is 556 ; the length of' the second track laid on the main lines and branches is 256-J, and the length of sidings, turnouts and switches laid on the main lines and branches is 141|- miles; 954 miles in all. The weight of the rails employed is from 57 to 62^- pounds per yard ; the number of locomotive engines reported for the year was 239 ; of first-class passenger cars, 197 ; of second-class and emigrant cars, 58 ; of baggage, rail, and express cars, 68 ; of freight cars, 4,006, comprising 2,693 wooden-box, 510 iron-box, and 803 platform cars; gravel cars, 350. So vast is the traffic of the road, that with the enormous load put upon it in the shape of bonuses and extra dividends paid, it has always been one of the most profitable enterprises in the country. The capital of the N"ew York Central is $24,386,000, and the funded debt $13,211,341. The gross profits have been in 1864, $12,997,890; the net profits $3,506,645. It has no floating debt. The following is a statement of the earnings and expenses of the company for the first six months of the present fiscal year : EAILEOAD STOCKS AND BONDS. 227 Earnings. Expenses. October, 1864 $1,196,435 22 1,157,817 56 1,039,902 14 899,478 12 581,372 41 915,600 00 $880,469 68 1,240,655 52 1,063,130 04 996,914 75 936,286 35 800,000 00 November, 1864 December, 1864 January, 1865 February, 1865 llarcb, 1865, es Total $5,790,205 46 $5,912,456 34 Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : Months. 1860. 1861. 1862. 18G3. 18G4. 1865. January... Febniai-y. March April May June July August... Sept October . . November December 71} ® 76} 70 @ 72 70 ©79 76 @80 78} ©83 81} @ 82} 81} @ 84} 88} © 881 88 ©92} 80 ©91 70 @84 69 ©76} 76} ©82} 76} @ 80} 75| © 80 68 ©78* 71} ©78} 71 ®T41 78} © 79} 72} © 77 72} @ 74} 78} © 79} 77 ©81} 75} @ 80} 794© 83J 82}© 86} 84J© 89} 88}® 95} 87}@ 93} 89}@ 94} 98 ©104 102}@107} 101 ©1065 101JO104 107 ©1245 116}@120 107 ©118} 113 ©117 116}@133 105}@126 116 @129 122}@139} 128 ©140 138i©188} 130 ©189} 131 ©188 107 ©140 130 ©138} 132; ©188 136i©145 129 ©144} 128 ©186} 130}©136 181i@185} 120 ©132 114 ©129 109 @128i 119 ©128} 112}@122} 102} © 119 114} © 116} 91} @ 1121 Tear.... 69 ©92! 68 ©82} 794@107} 109 ©145 New York Central Bonds. i, Amount h 6,917,598 1,398,000 6 T 668,000 6 78,000 155,000 6 6 190,278 7 46,550 6 604,000 2,925,000 7 6 When Payatle. Where Fa'ble. Premium (S. F.) Bonds... FnndingCS. F.) Bonds. ... E.'iclianged Stocks (3. F.) Bonds.... Excliangcd Stocks (S. F.) B. and TS.E Ecal Estate (S. F.) Bonds . Real Estate Bonds & Mort- gages Real Estate Bonds & Mort- gages Bonds of August, 1859, con- vertible Bonds of Oct. 1863 CS. F.). May & Nov. Feb. & Aug. May & Nov. Feb. & AuET. June & Dec. New York. 1888 1876 1888 1883 var. 1833 1876 1877 98} 100 100 HI 108} Transfer office in New Nork, 18 Nassau street. 228 STOCK EXCHANGE MANUAL. II. EEIE KAILROAD. Mr. Marsh served this road during the dark and troublous times of its greatest misfortunes, and the stock rose, under his superintendence, from 3 to 4 dollars per share to 130 and 140. When the railroad 'vvas in the greatest trouble, he was selected by the Supreme Court, with the recommendation of the largest stock- holders, and with the general approval of the business community most interested in its success, to be the re- ceiver of the road. After two years of a very success- ful administration, during which the payment of inter- est was resumed upon the bonds, all the old debt paid, and the stock of the company placed in a condition where the payment of dividends was probable, Mr. Marsh was elected president of the road January 1, 1862, and so long as he was able to be at his post, the management was excellent, both for the public and the owners of the road. After his death, Mr. Berdell was selected president for 1865. The property of the company consists of; Main Line from Jersey City to Dunkirk, 460 miles; Piermont Branch, 18 miles; Newburgh Branch, 19 miles; North- western Division, Hornellsville to Attica, 60 miles — total length of road owned by the company, 557 miles. The branch roads leased and operated by the com- pany are: Buffalo Division, Corning to Buffalo, 140 miles; Rochester Division, 18 miles; Canandaigua and EAILEOAD STOCKS AND BONDS. 229 Elmira, 66 miles; Hawley Branch, just comioleted, 18 miles — total 240 miles. The whole number of miles owned and leased by the company is 797. The Warwick Valley road, ten miles long, is operated by the company, but not leased. The whole number of miles operated by the com- pany is 807. There are on the main line and branches owned by the company 191.5 miles of double track, and 145 miles of sidings — making the entire length of track equal to 1,162.5 miles of single track. The equipment of the road consists of 276 locomo- tive engines and tenders; 114 passenger cars; 247 emigrant, baggage, and caboose cars ; 2,633 box freight, cattle, milk, and oil cars ; 1,180 flat-freight cars ; and 640 coal cars. The Buffalo, Bradford and Pittsburgh Railroad, con- necting with the Erie Railway at Carrollton Station, 405 miles from New York and 54 miles from Dunldrk, will be open for use during the coming summer. This road from its connection with the Erie Railway to Lafayette is about 24 miles in length, and will ultimately, and at no distant period, be carried into the very heart of the great bituminous coal region of the State of Pennsylvania. When opened to Lafayette it will reach a point where coal, iron, and lumber can be obtained in almost inexhaustible quantities. It will become the natural outlet for the coal and iron from that great mineral region to New York, Canada, and the Western States, and will be a source of largely inpreased business to the Erie Railway. The financial condition of the company is exhibited 230 STOCK EXCHANGE MANUAL. in the annexed balance sheet. The liabilities of the company on the 31st of December, 1864, were : Accounts payable $2,941,431 86 Dividends payable February 1, 1865 '. 906,631 08 $3,848,062 94 Means to pay the same : Cash and cash items $563,21'? 47 Accounts receivable 1,383,286 94 Long Dock Company 834,475 36 $2,780,979 77 Excess of liabilities $1,067,083 17 Contract for engines and cars deliverable prior to July 1, say 2,600,000 00 $3,667,083 17 To meet which the company has in reserve |2,800,- 000 of common stock, and $900,000 of fourth-mortgage bonds. The capital stock on the 31st of December, 1864, was as follows : Common Stock $16,400,100 Preferred Stock 8,536,700 ?;2J-,935,800 The gross earnings of this road for 1863 have been 110,469,481 29, and the expenses $5,949,085 70, making the net earnings $4,520,395 59. The gross earnings for 1864 have been §13,429,- 643 54, and the expenses $8,834,918 44, making the net earnings $4,594,725 10. Two dividends of 3 J on preferred stock, and 4 on EAILEOAD STOCKS AND BONDS. 231 conimou stock, have been declared in July, 1864, and January, 1865. The Erie railroad earned in March, 1865, $1,241,- 000; 1864, $1,114,508; increase, $126,492, and this in the face of nearly a whole week's idleness on the road. The quarter equals the traffic of the same time in 1864, and succeeding months will be much better. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : 1860. J861. 1865. 1863. 1861. 1865. Jan Feb March .... April May June July Aug Sept Oct Nov Deo Si @ 9 8i@ 9i 8} @ m 10} @ 18 Ifi ® 28} 17 @ 21| 19} @ 244 23 @81 26} @ 48 27} @ 48 26 @ 84J 24 ©89 84i @ 40i 30 @86 80 @8o 17 @ 82J 19} @ 28} 21 ©25} 22} ©29 24i @ 26} 24i@26i 25} © 84i 29J © 85^ 28} © 83 81} © 86} 83 ©85} 34} @ 83 86} © 87i 85} © 40} 85} @ 39} 38 @37 33 ©391 36} @ 49} 49 ©65} 59 ©64} 60 ©63 60 @ 85i 70 © 80} 74} @ 80} 76 @ 84} 84} ©105 90}® 98 92i ©103} 103 ©122 101 ©118i 106} ©110} 99}@110S 104} ©109 106}® 113 107}© 124} 113 ©126} 107 ©126} 107 © 117} 110}© 113 108}® 116 lllt®118J 1071® 109 86}© 99 93|@ 105} 82 © 96} 66} @ 82} 74 @ 78 56 ® 71} Tear 8i@48 17 © 40} 81} ©65} 66 ©122 82 © 126} Officers of the Road. T'reszcfew^— Robert H. Berdell. Yice-President — Alexander S. Diven. Directors — John Arnot, Robert H. Berdell, D. A. Cushman, J. C. Bancroft Davis, Alexander S. Diven, Daniel Drew, Wm. Evans, Thomas W. Gale, Dudley S. Gregory, Samuel Marsh, Ralph Mead, Ambrose S. Murray, Horatio N. Otis, Isaac N. Phelps, Henry L. Pierson, Wm. B. Skidmore, Cornelius Vanderbilt. Secretary — Horatio N. Otis. Treasurer — John Hilton. Auditor — B. E. Bremner. General Superintendent — Hugh Riddle. 232 STOCK EXCHANGE 5IANUAL Erie Railroad Bonds. DeacripUon. Amoiinl . Rnte. IntereBt Period. Where Fai-]. When Due. Market Priec. 1st Mortgage 2il Mortgage SdMortgagti 4th Mortgage oth Mortgage Buffalo Branch.... 3,000,000 4,000,000 6,000,000 3,634,000 1,002,500 180,400 T 7 \ 7 7 May & Nov. Marcli & Sept. .\pril & Oct. June & Dec. Jan. & July. New York. 1867 1879 1883 15S0 1833 1891 100 100 lOi 93 100 102 Transfer office in Xew York, 1 1 Pine street. III. HARLEM RAILROAD. The 'S&\Y Yorls .ind Harlem Railway from New York to Chatliam Pour Corners isl30.75 miles in length. At Chatham it connects with the "Western Railroad from Boston to Albany, which conveys its passengers to Al- bany, being a further distance of 23 miles, making a direct route from New York to Albany of 153. 75 miles. TLis road is an inland route, running through the rich and fertile counties of AVestchester, Putnam, Dutchess, Columbia, and Rensselear. A large business is done in iron and marble from the lower part of Columbia county, and the upper part of Dutchess. Im- mense and inexhaustible iron-ore beds exist, and are daily developing their riches to the enterprising capi- talist. The finest -white marble is brought from West- chester county. The Harlem brings more milk into the city of New York than any other road that enters it. The amount of milk brought in daily is over 70,000 quarts. EAILEOAD STOCKS AND BONDS. 233 The Harlem reports a capital stock of $8,000,000 by charter, of which $5,722,850 have been subscribed. The earnings of the road for the year ending Sep- tember 30, 1864, were $1,860,428. The expenses for transportation and construction were $1,409,820 ; and for interest, $432,439 ; total, $1,842,259; leaving a balance of $18,169. The floating debt is $14,260. No dividend has been declared. The preferred stock is $1,500,000, at the rate of 8 per cent. That stock is one of the features of the Stock Ex- change. It was selling in January, 1860, at 8^ ; in 1861 at 19 ; in 1862 at 12^, in 1863 at 27^. In May, 1863, the Broadway Railroad was granted, and it is asserted, in ordei* to adjust all difficulties relating to the Broad- way Hailroad, a sum was mutually settled upon besides an interest of 20,000 shares of Harlem stock. On the evening on which the ordinance grant- ing to the Harlem Company the right to lay rails in Broadwa)', Fulton, and other streets was passed, the stock was selling at 58 ; the next day it commanded 70, and rose steadily to 118. Having tasted the waters of the Pactolus, the city fathers longed for another draught. Thousands and thousands of dollars had been made ia a day or two by conferring a grant ; they could make as many, they believed, by rescinding it. So they went to work, and the rescinding resolution was passed. It appears that Commodore Yanderbilt, president of the Harlem, and holder of 50,000 shares of 80,000 forming the capital stock, was not at all discomfited by the action of the councilmen, who were selling Harlem shares all the way from 85 to 72, to which price the 234 STOCK EXCHANGE MANUAjL. Commodore had let it drop. They had contracted to deliver 35,000 shares of the stock, expecting that it would be pint down ; but here was their mistake, and their punishment commenced. Unable to furnish the 35,000 shares contracted for, the councilmen were cornered. The stock recovered steadily, and rose to 106, and then the councilmen sued for mercy. The Commodore required that matters be replaced in statu quo previously to giving up outstanding contracts, and the result was a third resolution passed on June 29, 1863, by which they reconsidered their previous action rescinding the grant. In October, 1863, the operators in Harlem suifered a fall of 65 per cent, in a week. In April, 1864, in the midst of the general collapse of railroad shares, it maintained its ground, and even rose to an unprecedented price, 285. This singularity is owing to what is called in street slang a corner. A measure was meted out to the Legislature and their friends for operating on the repeal of the Broadway grant. This was an operation in which feeling seems to have predominated over calculation. The severity of the punishment was unequalled. Many contracts to deliver Harlem at 110 were settled at 280. Prob- ably no less than $3,000,000 in money were taken out of the pockets of the hears in Harlem. Several houses went down in the struggle, and others which survive still wear the scars. But the end of the campaign sad- dled the bulls with the entire capital stock of the Har- lem, which, as it does not pay dividends, and may never do so, is not a cheerful load to carry. It has disap- peared from the regular quotations of the Stock Ex- change since August, 1864. EAILEOAD STOCKS AND BONDS. 235 Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : I860. 1861. 1862. 1863. 18S4. 1865. Jan ... 8}@ 9i 15 @16i 12|@ 181 "J® 12i 271® 40 861 a 108} Feb.... Si® 9 14 @n 33 @ 37}l 102} ® 187} • >• • March . 8 ©10 16i @ 16t 12i@ 131 86 @ 47 101 @ 152 April.. IOi@ 14 lU@16i 12 @ 13 42} @ 76} 180 @285 May... 12 @ 18 10* @ 12i 18 @ 15 79 @ 1161 86} @ 235 June .. 1U@12 8} @10i 14 @ 18i 971 @ 1095 224 ® 281} July... 12i@ ITS 9i @ m 13 @ 171 92 @125 260 ® 285 Aug... 16 @20 10} @ 11 14} @ 17 125 @179 — * @ — * Sept... I6i@24 lOi @ lOJ 15 @ 22 116 ©164} 65 ® — * Oec... 15 @28i 101 @ 14 20} @ 26} 80 @ 145 — * ® — * Nov... 13 @18 12 @14 18 @ 23 83 @ 110 — * @ — * Dec... 12 @ 141 10 @13 21 @ 281 871® 93 -* @ -* Tear... 8 @24 8} @1T 1H@ 261 271 @ 179 65 @ 285 Harlem Preferred Stock. 1860. 1861. 1862. 1863. 1864. 1865. Jan 82} @ 83} 36 @ 42 29}® 32 67 © 87 102 @ 112 Feb.... 32} @ 84} 84 @ 43 28}® 301 63} © 78 110}® 125 .... March . . 321 @ 36} 88 © 45} 30 ® 821 76} © 86 126 @ 188 .... April... 36} @ 40 28 @ 41} 80 ® 321 81 @ 94 May.... 87 ® 41} 25^ ® 311 821© 37 96 ® 120} June.. . 87 @ 40 20} @ 261 86}® 45 95 ©1201 July.... 88} @ 44i 22} @ 29 831® 41 94 @ 120 Aug.... 45 ® 51 24} ® 26 35 ® 42 119 @168 Sept.... 481 @ 55 25 @ 25 39 ® 43} 115 © 151 Oct 38} @ 68} 26} ® 35 46}® 53 i 107 @ 1821 Nov.... 82 @ 41 29} @ 85 44} © 63* 110 ©111 Dec... 27 @ 8S1 25 @ 80i|50 © 68 100 Tear 27 @ 55 201 @ 43 28} @ 67 67 ©158 102 ® 138 Harlem Bonds. Description of Securities. Amount. Kale. When Payable. Where Payable. When Due. UarteC Price. Ist Mortojaffe 2d Mortgage 8d Mortgage $8,000,000 1,000,000 980.300 T 7 7 May & Nov. Feb. & Aug. Jan. & July. New York. It It 1878 1864 1867 100 100 97 Transfer office, Fourth avenue, corner of E. 26th street. Officers of the Road, President — Cornelius Yanderbilt. Vice-President — Wm. H. Vanderbilt. Superintendent — E. A. Chapin. 236 STOCK EXCHANGE MANUAL. IV. HUDSON EITEB EAILEOAD. The Hudson River Railroad, from Albany to New York, is 144 miles long, of which 128 miles have a double track. The number of engines is reported as 64 and 3 " dummies." First-class passenger cars, 104 ; second- class, 11 ; baggage, mail, and express cars, 25 ; freight cars, 6*79. The capital is $4,000,000, of which $3,770,926 59 is subscribed, and $3,758,466 59 paid for. The com- pany in 1863 converted 8422,000 of bonds into stock, making the entire amount paid in 84,442,023 08. The indebtedness of the road was $8,942,917. The gross earnings of the road were $3,592,712 68, and the net earnings $1,844,287. The earnings for the first six months of the present fiscal year (October to March inclusive) have been $2,558,707, against §2,412,575 in the corresponding period of the previous year — showing a gain of $146,136. Two dividends of 3 and 4 per cent, have been de- clared in 1863 ; two of 3 and 4 per cent, in 1864, and one of 5 per cent. April 10, 1865. A bill for the consolidation of the Hudson and Har- lem Railroads has been introduced in the Legislature at Albany. Its chief pirovisions are : first, that the roads shall be consolidated, and that the terms of consolida- tion shall be fixed by the boards of directors of the two companies, and shall be ratified by them, and not by the stockholders. Accordingly it is provided that in case any stockholder of either of the two roads shall EAILEOAD STOCKS AND BONDS. 237 refuse to accept of the consolidated stoct, the board of directors shall have power to appoint appraisers to set the value of the old stock belonging to the reluc- tant stockholder, and the award of such appraisers shall be final. In July, 1863, that stock was cornered accidentally. In a dull, inanimate state of the market, the chronic bears were amusing themselves by " hammering," i. e., pressing down the price of Hudson, which did not hap- pen to have any particular friend in the Board. This pastime of theii's was not relished by a large holder of Hudson, then disporting himself during the dog days on board his yacht ; and chancing to revolve the mat- ter in his head as he lay with a friend on a pile of deals on a wharf on the North river, one morning be- tween four and five, it occurred to him that with proper ingenuity a rod might be set in pickle for these transgressors. Orders went that morning to confiden- tial brokers to take all the seller's options in Hudson. This was repeated for several days, until the buyers had a pretty large pile of options. Cash stock was then taken as quietly as possible, until the market was bare. A brief calculation showed that the buyers had secured either as cash or contract stock all the Hudson in ex- istence, -with the exception of a very few shares which were not likely to come on the market. A new ma- ncBuvre was then developed. Application was made to several leading bear houses to tur?i Hudson ; that is to say, to buy it for cash from the cornering party, and to sell it back to them on buyer's option for ten, twenty, or thirty days. This indicated, or was regarded as indi- cating -weakness on the part of the cornerers ; it looked as though they were short of money. The bears eagerly 238 STOCK EXCHANGE MANUAL. " turned " several thousand shares for the usual dif- ference, and instantly threw on the market the cash stock, which the cornerers privately bought. All being now ripe, the trap was sprung. There was no Hudson to be had. On that morning when the chief of the party lay on the deals thinking of his margins, Hudson was 112; it now rose to 180. On one hundred shares thoughtlessly sold the loss was $6,800. 'There could not have been less than 50,000 shares contracted to be delivered to the party which had cornered the stock, by members of the Board and others. Bear cries of anguish rose to heaven. In the course of a day or two the clique notified the parties who had turned the stock to deliver. They considered themselves very badly treated. They claimed to have turned the stock merely to oblige the bulls ; and now to be asked to lose 5,000 or 6,000 dollars on every 100 shares ! But the bulls were inexorable. They must have their property. They would lend stock at the modest rate of 5 per cent, a day. Enormous as this charge was, there were many who, believing that the corner was a mere spasm of a day or two, paid it and borrowed stock. They were the worst punished of all. The corner lasted many days — over two weeks. After paying 5 per cent, a day for several days, the victims despaired and bought the stock. Never in its history had Wall street been so cruelly scourged. But the natural end of such an operation is to load the bulls with the entire capital stock of the concern cornered, and no man wants to buy a stock which has just been cornered. ]SI"ow the clique in Hudson secured the services of a prominent bear broker, and directed him to sell all the stock he could on seller's option RAILROAD STOCKS AND BONDS. 239 during the heat of the contest. While the unfortunate bears were buying stock for delivery at 170 @ 180, the broker was selling at 140, or even lower, on seller's thirty-days option, which were taken by many in the belief that he was prosecuting the contest, and would fail in the end. Whereas when most of the stock really sold short bad been delivered, and the bears squeezed as thoroughly as they could be, the clique quietly delivered the stock apparently sold short by their broker, and found themselves loaded with an exorbitant amount remaining. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : Jan Feb March. . . April . . . May June July August- Sept October.. Nov Dec Tear. . 1860. 1861. 1862. 1863. 186-1. 41 @42 44 @, i9i 87i © 40 82 © 98 127 @ 148 8T @4t m © 48} 35} @ 89J 91}© 99 139 © 162 S8i @ 40; 43 ©47 364 @ 87} 95 © 101} 148} © 161} m @ & 38 ©46} 36} @ 36} 102} © 117 120 ©164 41 @49 34 @ 87} 86 ©45 116 © 142} 181} © 166 46i @ 49 3Ii @ 84i 44 ©494 118 ©148} 188 © 147 47i @ 68 83 @ 88 43 ©47* 148 © 180 120 © 187} 66} @ 60 82J © 84i 44} © 54} 60 ©62* 141} @ 153 126 © 135 66 @66 82} © 84 128i@15D 107 ©127} 54J @ 64f 82* © 88 J 61 ©79 181 © 141} 108} © 126} 40 @60 36 @41jl72 ©79 121 © 184} 118 ©127} 86 @45 33i @ 39 |72} @ 77}jll9} © 129} 114 ©118} 86 @66 Sli @ 49} 85} @ 79 82 © 180 107 @ 164 95 © 115 108} © 1161 101} © 114} Hudson Hiver Bonds. Doscrlption of Securities. Amount. Rate. WlienPiyaWe. Where Payable. i a 1st Mortgage 2d Mortgage (S.F.).... 8d Mortgage Convertible .$4,000,000 2.000,000 1,840,000 1,002,000 7 7 7 7 Feb. & Aug. June & Dec. May & Nov. Hew Tork. (1 •( '69-'70 1836 1876 1867 102 107 104 98 240 STOCIi EXCIIANGK MANUAL. Officers of the Road. President — John M. Tobin. Vice-President — D. Thomas Vail. Superintendent — A. F. Smith. Transfer office in New York, 68 Wfiri-en street. V. READING EAn.EOAD. The Philadelphia and Reading Railroad, one of the most prosperous of the United States, was opened in 1842, at a cost of 87,112,292. It earned in 1843, $394,- 318. Its capital account had increased to $28,000,000 in 1864, and its earnings to $9,000,000. In the mean time, $15,000,000 of earnings have gone into construc- tion. The following tabular statement in detail, for each branch of traffic, shows the comparative results of the year : 1S63. ISGl. Travel, 211,972 Pass'rs, $666,520 842,253 Pass'rs, $909,882 Inc. $343,862=60^ Mdse., 647,863 Tons, 678,143 807,106 Tons, 963,776 " 280,633=41^ Coal, 8,065,201 " 4,897,200 8,065,677 " 7,203,775 " 2,306,575=47^ Mall, . 21,309 . 23,497 " 2,lS8=10i% Miscellaneous, . 94,730 178,411 " 83,6Sl=88iS; Gross Eeceipts, . 6,262,902 . 9,269,341 " 8,016,439=48,'5 Gross Expenses, . 2,916,169 4,961,191 " 2,045,032=70iij Net Profits, $3,330,743 $4,808,150 " 8971,407=29t\; The managers, on the 30th of N'ovember, declared a dividend of fifteen per cent, on common and jweferred stock, payable in stock, on the 31st December. This course was adopted as, by delay, the holders of the con- EAILEOAD STOCKS AND BONDS. 241 vertible bonds could have collected the coupons, due on the 1st inst., then converted the bonds into stock, and also have participated in the dividend. By the means thus pursued, no injustice was done to the bond- holder. The managers deem it proper to state their reasons for not making a larger distribution of stock, to repre- sent the value of the new property acquired. It has cost unusual prices, and it may well be questioned whether it should have a permanent representation in the capital stock, at the high rates paid for it. Other reasons have also influenced them. Many years ago, during the construction of the road, and subsequently, in extending the b«nded debt, large sacrifices were necessarily made to obtain the required funds, and these losses were charged to the cost of the works or capital account. The property acquired, during the last few years, in excess of the stock divided, reim- burses, to a considerable extent, the losses thus in- curred. At this date, the following lateral and branch rail- roads are worked by this company : Mine Hill and Schuylkill Haven, Little Schuylkill, Schuylkill Valley, Mount Carbon and Port Carbon, Mahanoy and Broad Mountain, East Mahanoy, Union, Good Spring, Mount Carbon, Lorberry Creek, Mill Creek, Locust Gap — all of which are in the Schuylkill coal region, and on nearly all of which passenger trains are run daily. Besides the above are the Lebanon YaUey Branch, Chester Valley, West Reading, Port Kennedy — all of which sixteen roads are operated by the company. The extent of that railway has reached 686 miles, being an increase of 171 miles over 1863. 11 242 STOCK EXCHANGE MANUAL. Statement of the extreme 23rices, monthly and yearly, for the six years ending March 31, 1865 : Jannary- .. February... Mai'ch April May June July August. . . , September. October . . . November December. Tear. ©42 @m ©48 ©44 ©44 @42i ©49 ©49 J ©49 @4Ti 'Hi 45 41 8li _ 30 ©86} 37 @4Si 3Si © 47} 39 ©46 29i © m 80i © m 3lli@33i 33 @89| .3.5 @37i 34i © 86^ 34i © 37 33i © 36J SOi © 33} 35 ®42i 40 @44i 41 ©41} 42 i^i 464 44 (U(49J 50 ©60 54} © 59} .56 @62i 56i @ 70 69 ©79 78i © 76 S 74J © 77i 30 © 49i 29i @ 4Si 85 @ 79 77}© 96 69i@ 92i S6i@ 90i 83 ® 95 94 ©120 94 ©120 95 ©111} 111 ©124 112 ©122 119 ©128 119 ©127} 111} ©122 HI ©118} 116}© 183} 130 ©164 126 @1C5 125 ©147 137 ©145 126} ©140 182} ©137} 117 © 134} 115 © 134} 183} ©140 112}© 137} 77}@128 111 © 165 102} ©118} 109} ©117 96 ©114} Heading JRailroad Sonds. Securities. Amount. Rate. When Payable. TThere Payable. i o d Bonas of 1S36, (uncon- yertible) 8408,000 5 Jan. & July. Philarlelpliia. 1867 ^' 1836, 182,400 5 .1 11 1880 103 '' 1849, " 2,950,600 6 Apr. & Oct. 187(1 98 " 1861, 110,000 « Jan. & July. 1871 100 11 1843, 1,631,800 6 u tt 1880 98} " 1844, 810,000 6 " " 188(1 98} " 1S48, " 101,000 6 " " 1880 98} »' isig, 67,000 6 u U 1880 98i " 1857, (con- vertible) 2,480,500 6 " " " 1886 114 (( 1856, " 1,442,000 7 " " *' 1886 183 Officers of the Road. President — Charles E. Smith. Managers — S. M. Felton, H. Pratt McKean, A. EAILKOAD STOCKS AND BONDS. 243 E. Borie, R. B. Cabeen, J. B. Lippincott, Moses Tay- lor. Treasurer — Samuel Bradford. Secretary — William H. Webb. Transfer office in New York, 56 Wall street. VI. MICHIGAN, CENTRAL EAILEOAD. The Michigan Central Railway, extending from Detroit to Chicago, forms one of the great connecting lines of communication between the East and the West. The extent of that railway has reached 329 miles. It has a branch commencing at Lake, 145 miles south- east of Chicago, and running to Joliet. The net receipts of the road for six months ending 1st December, after deducting operating, interest, and exchange accounts, but excluding the amount jDaid to the sinking funds, are $480,213 00. After deducting the amount paid to sinking funds, the balance is |395,'713 60. Adding the balance to credit of this account, June 1st, $1,002,894 06 less the July dividend, 10 per cent., $787,773, the amount to credit of income account is $600,834 66. A dividend of 6 per cent, has been declared, payable January 3, 1865, which leaves a balance to income account of $201,948 66. The company is free from floating debt. The earnings for the month of March, 1865, were $344,228 00 ; corresponding month of previous year, $348,802 00 ; decrease, $4,574 00. 244 STOCK EXCHANGE JIAXUAL. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : laco. 1S61. 1362. 1863. 1861. 1865. Jan., .. 34i ® ss 51} © 61^47 © 65} 91} © 9Sill8} © 140 IDS® 118} Feb.... 86i @ 375 in © 60i;4S4 ® 64J 95 @ 98} 131} ® 142 112® 116 March. . 36S ® 4iii 54 © 60 68| ® 58i 97 © 104il.36 @ 162 97® lUi April.. 44 @ i9i 40 © 55i 63} © 66} 99} ® 105 |186 @ 167 May... m © S4 40 ©46 66i @, C84 106 ® 124i ]29i @ 146} June. .. 4Gi @ 681 39} @ 44| 62 @6Sil05 @1241-1.'M © 166i July... 47i @ mi 41 @ 47J 6T @ 63} 107* ® 1161- 131} @ 141, 137 ® 140^ Aug.... Mi ® 7.3i 40i @ 43 69 ® 67} 112i ® 128 Sept... 67* © 72} 4tJ @ 48i 66}- ® 80* 116 @ 123i 123i ® 184} Oct 59^ © 70S'41 © 52 81} ® 92^116 @ ]23i 11 4i ® 130 Nov.... 45 © 64 47i © 54i 85} ® 97i 120}- fii 128} 124} ® 182} Dec... 41J © 501J4U @ 50J- 88;- @ 93 119} ©■ 123 116 ® 188 Year... 34J @ 734 39J © 61i 47 @ 93 1 91} © 128} 114* ©■ 157 Michigan Central Bonds. SecuritieB. Amount, 2 6 8 8 R When Pnyfible. Where Pnynble. Wlien Duo. .Mnrkel Price, 1st Mortgage Ster- 467,489 600,000 2,230,600 Jan. & July. Marcli &. Sept. April & Oct. London. N. Y. & Boston. 1872 1869 1869 1882 1882 9S 1st Mortga-s:e St'g (convertible).... 1st Mortgage (con- vertible) Dollar. 1st Mortgaiie (con- vertible) Dollar. IstMortga-re S. F. (convertible) 84 110 114 4,82-9,000 8 .. 114 Officers of the Road. President — J. W. Brooks. Superintendent — R. IST. Rice. Treasurer — Isaac Livermore. Transfer office in ISTew York, 56 "Wall street. BAILEOAD STOCKS AND BONDS. 245 VII. MICHIGAN SOUTHERN EAILEOAD. The Michigan Southern and ISTorthern Indiana com mences at three very important points, viz. : Toledo, Ohio ; Detroit and Monroe, Michigan, passing through a beautiful fertile country, and terminating at Chicago, Illinois. The length of the different lines owned and operated by this company is 523 miles. The capital stock is $9,'720,200, divided in 75,366 shares of common stock, and 21,836 of guaranteed stock, making a total of 97,202. The gross earnings for the 3'ear amounted to $4,289,465 "73 The operating expenses were ,. 2,408,352 17 Net earnings $1,881,113 56 The proportion of operating expenses to earnings was 56 14-100 per cent. The increase of earnings over last year was §905,171 50 Whereof the gain on passenger earnings was 630,932 25 And on freight and miscellaneous earnings 274,239 25 A noticeable feature of the traffic of the road will be seen in comparing the sources of receipts of the previous year with those of the year just closed. The earnings from passengers amounted to $1,875,- 061 50 ; while those of the previous year, from the same source, were but $1,244,129 25 ; showing a gain of 50y'V per cent. This increase is not alone due to the movement of Government troops, nor to the brief period in the inclement winter when the passport order 246 STOCK EXCI-lAXGJi MANUAL. unfavorably affected the trayel on comi^eting lines through Canada ; but is more truly an indication of the great prosperity of local towns along this line, giving to the road a large increase of way travel, and of the ac- tivity that pervades the entire Northwest in its rapid growth and development. The receipts from freight traffic were $2,242,972 10 ; and those of the precedmg year were $2,016,850 79 ; showing a moderate gain of 11.21 per ceut. Various causes have operated to produce this re- sult. The fluctuations of the market have afiected all products upon which the road is chiefly dependent for this class of business. The decline in prices soon after harvest greatly diminished the quantity of grain moved from the local stations, during the months which usu- ally yield the largest revenue from the transportation of the fall crop. It is believed, however, that the region of country tributary to this road still retains a considerable portion of the old crop, to be transported the ensuing season. Another cause is the complete inadequacy of the lines which connect with this road, and reach the sea- board, to transport the property which presses upon the road in the winter and during the close of navi- gation. The amount of net earnings, ^1,881,113 56, aflbrded income sufficiently large to meet the payments matur- ing during the year for rental, taxes, interest on the bonded debt, the year's contribution to the sinking fund, and the ten per cent, dividend on the guaranteed stock, in all 81,137,221 69, leaving a surplus of $743,- 891 87 ; equal to nearly ten per cent, on the common stock. EAILEOAD STOCKS AND BONDS. 247 Two dividends of 5 per cent, each, less the Govern- ment tax, were paid in August and February, on the guaranteed stock, and one of Si per cent, free of Government tax, in August last, on the common stock. The February dividend of 3i per cent, on the common stock was, in consequence of some contemplated settle- ments with holders of the guaranteed stock requiring time for the reception of their assents, postponed until March 1st, on which date it was paid, thus throwing forward the actual payment into the new fiscal year, though paid from the earnings of the past year. The amount of the two dividends on common stock thus paid is $555,328 40. Difficult questions have been pressed upon the consideration of the board, by the claims of a large number of holders of guaranteed stock for back divi- dends, under the obligations that, it is contended, were created at the period of its original issue, to guarantee yearly dividends of ten per cent. Under this pretext there is a default of over five years interest on said guaranteed stock, prior to the time when the pre- sent administration paid the first dividend on said stock. The persistent demands of strong and influential holders for such accumulated interest, were not re- sponded to by the board, and suits to recover the back interest were instituted. After careful examination of the intricate questions of liability involved, by eminent counsel, it was advised by them that while the claims would admit of a line of defence, yet they would lead to a costly and vexatious litigation, calculated to array the different interests in both classes of stock against each other at the risk of great and permanent detriment to 248 STOCK EXCHANGJi MANffAL. all concerned ; under such advisement, and after con- ferring -with a large number of stockholders controlling a majority of the stock, it was deemed best to conclude an amicable arrangement of compromise with the guaranteed stockholders, and such an agreement as was satisfactory to a large majority of them was effected in the month of January last. The terms thereof are set forth in the folloAving circular issued by the treasurer on the 12th day of January last, to the guaranteed stockholders : To THE Guaranteed Stockholders ; In order to reconcile conflicting interests in dispute, growing out of a claim made by a portion of the guaranteed stockholders for back dividends, this Company has consented, as a compromise, to accept of a proposition made by parties owning and representing a large majority of the guaranteed stock, and by parties who have heretofore brought suits for back dividends against this Company which suits are now on this settlement withdrawn. The Company, deems it but just to offer the same terms of settlement to the remaining stockholders as have been accorded to tlie majority above named, viz. : In addition to the 5 per cent, cash dividend, payable on the first day of February next, this Company is ready to issue to the guar- anteed stockholders, common stock at par, to the extent of 30 per cent, of the guaranteed stock held by them in full payment of all claims for dividends and interest accruing prior to February 1st, 1863, indorsing such payment upon the face of the guaranteed stock certificates. All common stock so issued prior to the closing of the common stock books on the fourteenth of February proxuno, will be entitled to the three aud a half per cent, dividend on com- mon stock, payable first of March, 1865. HENRY KEEP, Treasurer. By this measure it was hoped the last important question likely to arise from former embarrassments EAILKOAD STOCKS AND BONDS. 249 had passed away ; but in a short time certain parties procured a temporary injunction, restraining the direc- tors from proceeding with the settlement. A hearing in the case has been had before the courts, and their decision is pending. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 18G5 : I860. 1861. 1862. 1863. ISM. 1865.- Jan Feb March — April May June July Aug Sept Oct , Nov Deo 6 © 6i 7i ® 12 9} ©14 11} © 13 10} @ 14 13} © 19 17t @ 25 19} © 24} 15} © 28} 12} ©18 10| © 15 18J ©16 12i @ 15} 14} ®18} 12}®17- 19} @ 18 10}® 12} 12} ©154 12} @ 14 13} © 14} 13} @ 19} 17} ® 20+ IS ©18} 19 ©22 20i @ 24} 22} ©25 22 ©28} 28} @ 27} 24} © 88} 81 ©89} 87} ® 47 87} @ 43} 86, ® Hi 464® 67} 55 @ 63} 58}® 61} 5i!}@ 67} 67}© 88 67}® 88 74 ® 89} 88 ®118 77 ©108} 79 © 89} 78 @ 87} 77 © 89 84}® 89 884 ® 99 93 © 118} 84} ©118} 86} © 101 93} ® 101} SO}® 80} 84}© 92} 71 © 88 67 © 74 68}© 76i 68}© T4| 61 ® 76 66 @ 72 65} © 66} Tear 5 © 25 10} ® 20} 19 © 47 454© 113 57 © 118} Michigan Southern Guaranteed StocTc. 1360. 186!. 1862. 1863. 1864. 186 S. Jan Feb March Apvil Miy June July Aug Sept Oct 15 ©16} 12} © 16 17 @ 24} 19} © 26 22 @ 26} 28 ©30} 30 @44 43 ©60 42} @ 60} 35 © 60} 26} @ 42} 28 ©88 38 @S8 274 ©34 38 @ 89} 26 © 89} 24} @ 29} 22S @ 27} 26} © 834 27} © 30 28} © 31} 81 @ 40} 85} @ 41} 36 ©89} 39} © 42} 40} © 49} 46 © 49} 44} © 47} 47 © 68} 67 @64 62} @ 60} 65} © 64} 61} @ 74 72} @ 85 88} @ 87} 82 @ 85 86} @ 106} 102 @ 1065 94} @ 109 98 @ 110 108} @ 122} 108} © 122} 111 © 117 11.'!} © 140 124 © 136 M4} @ ISO 135 © 151 ISO © 1354 1.33 @140 132 ©143 148 ©160 127 ©166 180 ©148 139 ©142} 12Sj@140 140 @149J 1.34 ®147 181 @132 140 ©146} 141 ®146 185 @147 125 © 185 110 © 130 Not Dec Tear 12} @ 50} 225 @ 41} 39} @ 87} 86} @ 168 127® 165 n* 250 STOCK EXCHANGE MANUAL. Michigan Southern Bonds. Michigan Southern, 1st $2,000 Northern Indiana, 1st 21,000 Erie and Kalamazoo. 41,000 Nortliernlndiana, con- vertible i 10,000 Jackson Branch ' 77,000 Goshen Air Line 693,000 Detroit and Toledo, . . ■ 734,000 1st General Mortgage (S.F.) 4,512,000 2d General Mortgage . ' 2,1 91,600 When Payable. Where Payable. When Due. May & Not. New York. 1S60 Fel>. & Aug. March & Sept. W " 1361 1802 Feb. & Aug, u tt 1863 1865 1368 18T6 May & Not. 1885 18T7 Market Price, 100 81 88 100 93 Officers of the Road. Directors — Henry Keep, New York ; Le Grand Lockwood, New York ; Albert Havemeyer, New York; Milton Courtright, New York; D. N. B.arney, New York ; John P. Acker, New York ; Hamilton White, Syracuse, N. Y. ; Nelson Beardsley, Auburn, N. Y. ; William Keep, Lockport, N. Y. ; Wil- liam Williams, Buifalo, N. Y. ; John S. Barry, Constan- tino, Michigan ; Philo Morehous, Elkhart, Indiana ; M. L. Sykes, Jr., Chicago, Illinois. President — M. L. Sykes, Jr., office, Toledo, Ohio. Yice-President — Albert Havemeyer, office, New York. Treasurer — Heniy Keep, office. New York. Secretary — D. P. Barhydt, office, New York. General Superintendent — H. H. Porter, office, Tole- do, Ohio. Transfer office in New York, 18 William street. KAILEOAD STOCKS A3S[D BONDS. 251 vin. ILLII^OIS CBNTEAL EAILEOAD. This railroad runs from Cairo to Chicago and to Dunleith, YOG miles. The report for 1864 is very favorable, and much more so than its managers expected early in the year. There has been a very active demand for land — 3,501 purchasers for 264,432 05 acres, averaging $10 96 per acre, for $2,898,980 19. These sales are widely dis- tributed and in small tracts. On the majority of them one fourth of the purchase is paid in cash, and the balance payable in one, two, and three years, with six per cent, interest, payable annually in advance. A very thorough examination and adjustment of the sales made in pre- vious years has been carried out. The arrears of in- terest have been generally paid. The policy of the de- partment has been liberal to the party actually settled upon and working the land. Great care has been taken not to dispossess any man making an honest effort to work his farm, and this course has established con- fidence in the company. At the close of the year there were upwards of 15,000 individual accounts on the books of the office, and no suit or claim pending in the courts in relation to any one of them ; the balance of notes and contracts on band is $9,357,692 56. There are still 1,110,553.51 aci-es of land for sale. The collections were double those of any previous year — $2,575,928 45 ; of this sum $1,440,090 56 was paid for 1,200,000 construction bonds, which have been cancelled. " This property," says the report, " now consists of 252 STOCK EXCHAN-G-E MANUAL. 706 miles of railway, 105 of sidings and double track, of 133 engines, and 3,500 oars. The machine shops are well furnished; the facilities for building locomotives and cars are ample. A very large outlay has been made at Chicago and Cairo for depot and station accommo- dations. I do not know that the company will require any more land at any of its stations for many years ; two thirds of the structures on the road .are of iron or masonry; the cost of the property stands upon the books at $50,000 per mile, and besides the income from the railway, you will have for many years a large rev- enue from the laud. We have the right, by paying an annual rent, to run our freight trains over the Peoria road, which connects our main lino with the Chicago branch ; the comjjany has no other engagement involv- ing liability ; it has no interest in other railway lines, and has adhered thus far strictly to the policy of taking- no share in extensions by branches or otherwise, and is free at this time from htigation or controversy of moment. The first debt which matures is due in 1875, ten years hence." The gross earnings for 1864 have been $6,329,447 20 ; and the net earnings from the road and from the land, $3,547,387 97. A dividend of 5 per cent, has been declared, Feb. 1, 1865. Stockholders in 1865 may expect an increase in the rate of dividends, if its earnings are not devoted to l"iaying off some of the bonds. For the first three months of this year the earnings have been ll,6'ol,241, against |1,204,250 in the first three months of 1864 — showing a gain of $456,991. Of the 255,000 shares, 211,081 only have been is- sued and paid in full, $21,108,100. EAILEOAD STOCKS AND BONDS. 263 It will be observed that, the cost of the property of the company exceeds the amount of share capital and debt; if the shareholders desire that the amount of capital issued, in the form of debt and stock, shall re- present the cost of the property, and shall express this desire at the next annual meeting of the shareholders, the directors -will doubtless authorize the distribution among the shareholders of the requisite number of shares. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : I860. 1861. 1862. 1863. 1861, 1865. January.... February. . . Marah April.. May June July. August September. . October NoTember.. December. . 56}© 684 66 ©57 68 © 68 59}©62i 59 © 64} 61 © 64 62} ©77 74}© 89 83} © 89 70J © 86 51J @ T4 744 ©88} 69 ©344 754 ©-88 56i@81} 57 ©71 62 ©69} 62 ©69} 63 ©64 64} ©68} 64} © 694 69i © 66} 56 ©62 61 ©64, 67^ ©68 60 ©64 604 © 664 66} ©614 67 ©684 61} ©77 76} ©84} 74 ©81} 76} ©81 81} @ 97} 81} © 96 85 © 92} 87} © 95 924 ©116 924 ©116 102 ©116 116 ©138 1204@182 124 ©128} n3}@125 116 ©120 116 ©1884 126}© 1864 138 ©161 115 ©162 120}© 135 126 ©135 122}© 132 127 ©133 118 ©129.1 1104© 130 123 ©181} 121 ©1311 no ©129 1194©122 994@118i Year , 51} © 894 56}© 88} 66} ©84} 814 ©1884 1104 ©152 Illinois Central Bonds. Secui-ltiea. Amount, 1 P5 7 7 I When Pajnble, Whore Payable, Wlien Duo. Mnrkel Price, OptioualEigbt bonds Construction Constraction Eight per cent, bonds $33,000 11,432,600 2,896,500 287,000 Jan. & July, April &Oct. March A Sept, New York, London. New York. 1868 1876 1875 1865 iio Board of Directors. His Excellency Richard J. Oglesby, Governor of 254 STOCK BXCHANGE SIANl'AL. Illinois ; Henry Chauncey, E. H. Sheldon, John M. Douglas, Thomas E. Walker, Wilson G. Hunt, W. R. Arthur, James Caird, M. P., Cunningham Borthwick, H. H. Hunnewell, Abram S. Hewitt, Wm. Tracy, W. H. Osborn. Transfer office in New York, 31 Nassau street. IX. CLEVELAND AND PITTSBURG EAILEOAD. This road is located between Cleveland and Pitts- burg, a distance of 150 miles ; with some connections, the company has 203 miles of track. The financial condition of the company is sound and prosperous. The company has no floating debt which cannot be paid from the debts due, and all its engage- ments are promptly met. The payment of two divi- dends of four per cent, each has been made during the year. The earnings of the road for the year have been much larger than ever before, and indeed have exceeded the anticipations of the most sanguine friends of the company. The aggregate is over two and a half millions of dollars. The amount of business which has been done upon the road has taxed its capacity. The machinery and rolling stock, which were regarded as only amply sufficient for the amount of business done three years ago, with such additions as the directors have been able to make, have hardly been adequate to the enhanced business which has been imposed. If the company had had more cars and more locomotives the receipts of the company might easily have been largely EAILEOAD STOCKS AND BONDS. 255 increased, without a proportionate increase of ex- penses. The great increase of freight upon the road has come in a very important degree from two articles of traffic which may be considered the staples of the road, naturally and legitimately belonging to it. These articles are coal and the iron ore of Lake Superior. The coal interest was one of the principal agencies in planning and building this road, and those early pro- jectors of the enterprise have always looked to the development of the coal mines on the line of the road as a sure and steady means of remuneration. The coal trade has from the iirst held an important place among the various sources of revenue to the road. It has steadily increased with the progress of years, and as manufacturing has been more extensively undertaken, and as new demands for cOal from regions before un- supplied have arisen, the transportation over this road has been greatly increased in amount. The projectors of the road were not mistaken — the coal trade is a large, increasing and permanent source of revenue. The other item of freight, which has increased very largely, is the iron ore of Lake Superior. The city of Pittsburg has long been one of the largest manufacturers of iron in the whole country. No route ojffers so direct, conve- nient, expeditious and cheap a transit from the mines to Pittsburg as is furnished over this road. At other points too, besides Pittsburg, iron ore is demanded for manufacturing, and from the first opening of the mines, this item of freight has been looked to confident- ly to supply an important amount of revenue to the company. This too has been steadily increasing in importance, and for the last year rapidly, and seems 256 STOCK EXCHANGE MANUAL. likely to increase still more rajsidly in future years. Ita importance can hardly be over estimated, as the demand for materials of iron and the increase of iron manufac- tories abundantly testifies. When it is remembered that four years ago the gross receipts were only a million of dollars, and it is DOW shown that the road has earned a million of dollars, after paying all expenses, a correct idea of the growth of the business and the increase of its development may be obtained. Notwithstanding the increased price of materials for the repair and management of the road, and notwithstanding the increased cost of labor, the company still shows a net profit this year equal to the gross receipts of four years ago. Cleveland and Pittsburg Bonds. Sscuritlcs. Araouot, 1 Interest Periods. 3 a ]pt Mortsitffe (Main Line)... 2.1 Mmti:v_'0 (,U. L.) or Ist $800,000 1,189,000 1,166,000 1,059,023 20,000 7 7 T 6 7 Feb. Si. Aug. Marcli & Sept « 11 Jan. & July. 11 1S(30 1S75 1S92 ]Sb7 3fl Mortgage (M. L.) or 2(1 92 4tll Mortnago (M. L.) or 8d 11\ Hoard of Directors- President and General Superintendent — J. N". Mc- CuUough. Vice-President — James F. Clark. Secretary and Treasurer — Edward Rockwell. EAILEOAD STOCKS AND BONDS. 257 Superintendent — J. H. Devereux. Directors — J. IST. McCuUough, Cleveland ; James P. Clark, Cleveland ; C. A. Bead, Cleveland ; W. W. Holloway, Bridgeport ; P. F. Geisse, Wellsville ; David Gibson, Cincinnati; Charles R. Carroll, JN'ew York; George M. Ives, Hartford ; H. C. Kingsley, New Haven ; Noah L. Wilson, ISTew York; B. F. Jones, Pittsburg; Joshna Hanna, Pittsburg. Transfer office in New York, 56 Wall street. X. CLEVELAND AND TOLEDO EAILEOAD. The earnings and expenses of this road for the fiscal years ending April 30, 1863 and 1864, have been as follows : Earnings: 1863. 1864. From passengers $564,836 82 $784,059 41 " freight, mail, &o 797,000 44 907,206 42 $1,861,537 26 $1,691,265 83 Expen.ses $544,482 49 $797,870 37 Earnings less expenses $817,054 77 $893,395 46 Rents, interest on bond debt, etc 372,203 11 208,350 04 Netinoome $444,85166 $585,045 42 Dividend Oct. 26, 1863, 4 per cent. on $3,722,800 stock $148,912 00 Dividend April 23, 1864, 4 per cent. on $4,573,800 stock 188,610 30 337,522 30 Balance $247,523 12 258 STOCK EXCHANGE SIANUAL. Which balance is equal to a dividend of 5.3 per cent, on the present capital of the company, and has been appropriated as follows : Redemption of bonded debt $99,605 00 157 freight cars built by the company 85,418 12 5 new locomotives bought and constructed 62,500 00 $24'7,523 12 The earnings for the year ending April 30, 1864, show an increase over those of 1862-'3 of $329,728 57 ; with an increase in expenses, including interest, taxes, rents, etc., of $189,534 81 ; making the increase in net income, $140,193 76. The equipment of the road consists of 37 locomo- tives; 30 passenger, 8 emigrant, 12 baggage, 4 mail, 419 box and stock, 87 rack, 130 platform, and 8 board- ing cars. GENERAL BALANCE SHEET. Construction — cost of road to date $5,699,373 33 Union passenger depot at Cleveland 18,572 95 Equipment 693,257 60 Materials on hand 226,120 47 Keal estate 41,564 86 Stocks and bonds of other companies 65,025 00 Bills receivable 36,891 04 Cash and cash items 136,462 81 Due company on military and other accounts 22,598 06 Sundry book accounts not available 4,350 70 Sinking fund 172,790 89 $8,107,007 61 EAILROAD STOCKS AND BONDS. 259 Capital stock $4,654,800 00 Bonded debt 2,439,990 00 Construction fund, balance 1,928 60 Iron taken from Northern division, and charged roadniaster's dcp't 115,600 00 Billg payable 4^989 20 Unpaid approved bills 8,884 82 " pay rolls 1,608 21 Dividends not called for 9,383 00 Coupons not presented 9,118 95 Sundry unsettled accounts 10,141 72 Due other companies 7,602 96 Portion of May earnings used 73,019 66 Income account, balance June 1, 1864 769,940 49 8,107,007 61 No new report has yet been published. Three dividends have been declared since April 30, 1864, viz.: 10 per cent, in August; 5 per cent, in December, and 5 per cent, in April, 1865. Statement of the extreme prices, monthly and year- ly, for the six years ending March 31, 1865. 1860. 1861. 1862. 1863. 1864. 1865. Jan Feb March.. . April.... May June July Aus Sept Oct Nov Dec 19 © 201 18}© 20 19 © 25} 23} @ SOS 27} @ 31i 29 @ 321 80i © 38i 88} © 49 48} @ 49J 31 © 48 24} ® 85} ■20 © 31} 81}© 8TJ 27}© 38 38 @37 22} @ S^ m@ 25} 20}@2I} 23}@ 33 27}© 30? 29 ©30} 29}© 38} 83 ©38} 28 ©84 88i ® 42i 40| © 40 44i © 47} m ® 46 41} @ 47} 44} © 47} 46 ©49} 46}. ©64} 62} © 69} 67t © 78 66i © 70} 70 ©77i 77}© 97 86}© 96} 93}© 98} 92} ©106} 108 ©117 108 ©117 107 ©117 118 ©128 112 ©12U 114 ©120* 118 ©1194 109 ©121i 120 © 145 184 © 149} 14S © 152 185 © 157 145 © 164} 135J© 151J 1804© 137 126 © 185 108 @ 126} 95 © 117 108 © 116 107 @ 112i 108 @ 122 114 © 115 105 @ 111 Year 18} © 49i 20i©38} 8S}®7Ti 77} ©128 95 @ 157 260 STOCK EXCHANGE MANUAL. Cleveland and Toledo Railroad Bonds. Deacripliou of Securilies, Junction Ist Mortgage 1st Div Junction 1st Mortgage '2d Div Toledo, Nor. lV Cleve- land l.St Moi'tL'SlL' C. and T. Income .Mort- gage C. and T. Income (con- vertible) G. and T. Income (con- vertible). C. and T. Dividend (con- vertible) C, and T. Income (con- vertible) C. and T. (S. F.) Mort- gage • Amount. [§ $214,000 7 161,000 7 9,000 2.50 119,000 167,000 123,660 6,000 1,802,000 When Piiyable. April & Oct. June & Dec. Peb. &L AiTg. March & Sept. Jan. & July. April A; Oct. March. *fc Sept, Jan. & July. Where Paynble. New York. When Dne. 1S67 1S72 1863 1S63 1S64 1S64 ISGo 1870 1SS5 MarVet Price. lOlj- lOli 75 75 Board of Directors. President — John Gardiner. Directors — Joha Gardiner, Henry Keep, D. N. Barney, A. H. Barney, E. T. H. Gibson, James Mason, T. P. Handy, T. H. Hoag, S. M. Young. Superintendent — L. D. Rucker. Treastirer—'Q.. C. Luce. Transfer office in New York, Y ISTassau street. XI. CHICAGO AND NOETHWESTEEN EAU-EOAD. In conformity with general and special acts of the Legislatures of Illinois and Wisconsin, and of the affirmative vote of a majority of the stockholders of the EAILEOAD STOCKS AND BONDS. 261 Galena and Chicago Union Railroad Company and of the Claicago and Northwestern Railway Company, these two companies were by the action of their respective stockholders and boards of directors duly consolidated in one company under the name and title of thtf Chicago and Northwestern Railway Company^ on June 3, 1864. The basis and terms of this consolidation are sub- stantially as follows : For each share of Galena and Chicago Union Rail- road Company's stock the holder will receive one share of the preferred stock and one share of the common stock of the consolidated Chicago and Northwestern Railway Company, and three dollars in money. The preferred stock of this comjDany to be issued in exchange for the stock of the Galena Company is entitled to pre- ferences to the aggregate extent of 10 per cent, in the dividends which may be declared in any one year, out of the net earnings of such year, in manner following, to wit : First to a preference of V per cent., and after dividends of V per cent, on the common stock, then secondly to a further preference of 3 per cent. ; after, a further dividend of 3 per cent, on the common stock — both classes of stock shall be entitled to equal rates per share in any further dividends. The advantages which it is claimed, and we believe generally conceded, will result from this consolidation, are many, only a few of which we need stop here to notice. In the first place both roads can be operated with much greater economy, as but one set of ofiicers will need to be emj)loyed, thereby reducing largely the expenses of management. If a pressure of business occurs on one line, extra trains can readily be transferred 262 STOCK EXCHANGE MANUAL. from one to the other, and the rolling stock of tha company can therefore be made more effective and to earn a much larger percentage upon its cost. If, for instance, the crops are very heavy on the Dixon Air Line, and light above JanesviUe, or vice versa, the interest of both the road and the public will be promoted by transferring an extra number of freight trains to the place where their services are needed. A matter of more importance to the stockholders is the fact that ruinous competition will be entirely avoid- ed. Such was their location and mutual relations to each other, the competition was constantly reducing the price of jsassage and freight below the actual cost at which the roads could do the business. It may be said that the public will lose what the roads will gain by an increase of prices at competing poi'''ts ; but unless the new company adopt extortionate rates, the charge is a fallacy, for however it may affect individuals, if economically managed, it is the real interest of the public that all great thoroughfares like railways should pay a fair dividend upon their cost. Each of the old com- panies will also be prevented from building competing lines and extensions, and the whole energies of their consolidated strength can be directed to reaching those points which form the natural Northern and Western termini of the road. Three great points remain to be reached — Mar- quette, and perhaps also some place in the copper dis- trict of Lake Superior ; St. Paul, Minnesota ; and Omaha on the Missouri. With the prospective early commencement of the Great Central Pacific Railway, Omaha is at present the more important of the three ; and besides there is now less road to build to give the EAILROAD STOCKS AND BONDS. 263 company the control of the large trade of the Platte Valley. The line is finished to Boonesboro, on the Des Moines, leaving, if we mistake not, considerably less than one hundred and fifty miles of road to build to reach Omaha. The best interests of the company and of the country require that this most important line should be completed before the close of the year 1865. With so wealthy and so powerful a company, the time of its reaching St. Paul and Lake Superior need not be delayed many years. Eighteen hundred and seventy ought to see them fully completed. Thirty miles of the Pacific Railway northwest of St. Paul are completed and in operation, and as much more will be added during the present season. The sooner the Northwestern makes a connection with this road the better. The line from Little Bay du ISToquet north, to connect at the iron mines with the road south from Marquette will be finished by the first of September, leaving only the link on the west side of Green Bay to complete the connection with Lake Superior. The company now has 609 miles of completed road, and the leased roads add 220 miles more, making in all 829 miles virtually belonging to the company. The rapid development of the country through which the difierent lines of this road run will very soon make it, if in fact it is not already, one of the richest and most powerful companies in the nation. No enterprise is well placed before the American mind that does not meet the practical test of figures. " How does it pay ? " We have chosen to seek from official sources the proof that enterprises having to do with the material development of the West cannot be 264 STOCiC EXIJIIAXGE ^fAXLTAL, Otherwise than remunerative in good hands. The fol- lowing data are important as proofs of this nature : The bonded debt of the company is $10,093,000 The preferred stock is 8,430,500 $18,523,600 The common stock is 11,990,500 Total cost of the road $30,514,000 The bonded debt bears 7 per cent, interest, it requires therefore to pay it $706,510 Preferred stock is entitled to a dividend of 7 per cent. . 590,100 To pay interest and dividend on preferred stock $1,296,610 The road has earned since the consohdation, June 1st, 1864, seven months 4,226,844 At the same rate per year its earnings would be 7,246,019 Its oper.ating expenses have been little less than 57 per cent, of its earnings $4,130,000 Expenses for rent of Iowa lines for six months ending Nov. 30, have been §252,637 ; at the same rate per year 505,274 To pay interest and dividend on preferred stock 1,296,610 Total expenses $5,931,884 Surplus applicable to dividend on common stock ftl,314,13D Dividend of 7 per cent, on common stock 839,350 Surplus after dividend $474,785 The increase of earnings of the consolidated road from June till January amount to the sum of $1,415,- 300, a sum of itself more than sufficient to pay its interest and a dividend of 7 per cent, on its entire stock, leaving the earnings as they stood before consolidation to pay the operating expenses of the road. EAILKOAD STOCKS AND BONDS. 265 At the time of the consolidation, the Galena and Chicago Railroad was represented by 60,305 shares of capital stock. This has all been converted into Chicago and Northwestern stock but some shares now held in Europe or the Southern States. Statement of the extreme prices of the Galena and Chicago Railroad, monthly and yearly, for the six years ending March 31, 1865 : 1860. 1861. 186'2. 1863. 1864. 1865. Jan..,. 5Si @ Ul 63 © T4i 65} © 69} 88} © 96} 104 @117J 61} © 7!i Feb... 66} @ 69J- 66i @ 74J 65} @ 69 89J@ 95 112} ©123} 61 ©63} March. 57 ©63 6BJ @ 74 G7i @ 70 89 @ 95 116} ©127 61 ©634 April. . 61i @ 63 55 ©73} 66} @ 63* 91}© 97 1184 © 145} May.... 62 @67 65i @ 61 66 j © 73 974 @ ii'H 111} © 140 June. . m&eih 56 @6U 69} @ 72} »7}@1IBJ 133 ©146 July... 62i@78i 60i @ 664 eej © 714 90} © 101 * Aug. . . 73 @82} 62i@66i 67} © 74} 100 ©117 Sept... 76i @ SI 66J @ 69} 70} @ 81} 105 ©1124 77 © 86} Oct.... 67J @ T8i 69 ©71} 79} @ 88 108} © 114} 674© 82} Nov... 55 @78 69i @ 74 SO ©86 104 ©1131 75} @ 86 Deo... 58 @67i 63 ©71} 80 ©88} 104} ©109} 69}© 78i Year.. 65 @ 82} 65 @ T4i 65}® 88 884© 117 674 ©146 * Northwestern preferred. Chicago and Northwestern Bonds. Chicago and Northwestern : Preferred Sinking Fund.... General 1st Mortgage Bonds Issued for coupons of do 2d Mortgage Appleton Extension Bonds. Green Bay Extension Bonds Fla.gg Trust Bonds Galena and Chicago Union : 1st Mortgage Coupon 2d Mortgage (S. F.) coupon Elgin and State Line $1,250,000 8,600,000 756,000 2,000,000 184,000 300,000 245,000 1,981,000 1,336,000 189,000 When Poy.ible. ^1 When DU8. Feb. & Aug. N.T. 1S85 1885 May & Not. Feb. k, Aug. Jan. & July. " 1883 1890 1885 1885 Feb. Sl Aug. May & Nov. Jan. & July. „ 1882 1875 1879 Market Price. 87} 95 994 93 95 100 12 266 STOCK EXCHANGE MANUAL. Directors — William B. Ogden, Chicago, Illinois, George L. Dunlap, do., do. ; John B. Turner, do., do. ; William H. Ferry, do., do. ; J. J. R. Pease, Janesville, Wisconsin ; P. H. Smith, Appleton, do. ; A. L. Pritch- ard, Watertown, do. ; M. C. Darling, Fond du Lao, do. ; Thomas D. Robertson, Rockford, Illinois ; George M. Bartholomew, Hartford, Connecticut ; Samuel J. Tilden, New York ; William A. Booth, do. ; H. H. Boody, do. ; Lowell Holbrook, do. ; James D. Fish, do. ; James W. Elwell, do. ; William B. Scott, do. President — ^William B. Ogden. Vice-President — P. H. Smith. General Superintendent — George L. Dunlap. H. H. Boody, Transfer agent in New York. Transfer office in New York, 8 Wall street. XII. CHICAGO AND EOCK ISLAND EAILEOAD. This road runs from Chicago to Rock Island, 181 miles. The earnings of this important line of railroad for the year 1864, compared with those of 1863, have been as follows : I Increase. s Months. 1863. 1864. Moutlily. Quarterly. January S140,024 Sl38,735 S18,7U Febrnary 130,225 1T5,482 45,257 March 122,612 242,150 119,638 SlS4,606 April 126,798 175,833 69,040 May 144,995 188,565 4.%570 June 170,937 205,866 84,929 187,639 July 139,142 196,103 55,961 August 160,306 271,141 110,885 September 210,729 331,494 120,766 287,661 Ictober 216,080 812,049 96,019 November 196,435 819,816 123,381 December 201,1.84 808,187 107,053 326,463 Tear il.959,267 $2,884,426 $925,169 $925,169 BAILEOAD STOCKS AND BONDS. 2(5V Which exhibit shows a constantly augmenting rate of increase, monthly and quarterly, and an aggregate rate of 47.22 per cent, for the year. Assuming for 1864 the net to be only 40 per cent, of the gross earnings, they would equal $1,153,764. The annual interest on the funded debt of the com- pany is $102,690 ; on the Bureau Valley lease, $125,- 000 — making a total of $227,690. Assuming taxes and extraordinary charges to equal $150,000, the amount left for dividend would be $786,076, which is equal to 13 per cent, on the capital of the company — $6,000,- 000. The company paid two dividends the past year of 3 per cent, each, which left about $400,000 to the credit of income for the year. Add to this the balance of income account for the previous year, and the sur- plus income on hand will equal the entire debt of the company. One cause of the extraordinary prosperity of this company is the valuable connections which it makes, particularly with the Mississippi and Missouri Railroad, which is already carried to the heart of Iowa. The latter road strikes the Missouri river at the eastern terminus of the Pacific Railroad, which is now being constructed under the auspices of the Federal Govern- ment. For this great enterprise the Rock Island is to be the trunk line out of Chicago. With the connec- tions already formed, the Rock Island road is earning 40 per cent, gross annually upon its cost. We see no reason why the earnings should not be doubled so soon as the connection with the Pacific Railroad is foimed. The earnings for the month of March, 1865, were $262,575 00 Corresponding month of previous year 243,150 00 Increase $19,425 00 268 STOCK EXCHANGE ItAXUAL. In January, February, and March, 1865, the earnings were $793,059 00 Against 577,368 00 A gain of. $215,692 00 The stock of the company is $6,000,000. A divi- dend of 5 per cent, has been declared, payable April 10,1865. The Rock Island came to be cornered in January, 1864. The bulls bought — counting cash and contract stock together — about 20,000 more shares of Rock Island than exist. Of course, when the deliveries were called for the bears were at the mercy of their oppo- nents, and the price rose from 110 to 150. In the mid- dle of the contest the bull leader suddenly sold out, with such surprising swiftness and dash, that none of the bears had an opportunity of disputing the market with him. Fully 40,000 shares were sold in a day, the price falling from 141 to 118. Had he hesitated, or at- tempted to rally the price, the bears would infallibly have pressed him with their options, and deprived him of a market in which to sell. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : I860. 1861. 186!. 1863. 1864. 186i. Jan ... . 61 i@ 63f mi& 62 60 ® 66f 82} @ 964 122 ©149} 88} ©109} Feb .... 621 (d 6-3} m® m 62i@ 5T 87t@ 95 117 @144i 97 ® 9SJ Mavcb .. C2i @ 66J 56 @ 61 56 ® 69} 89 @ 96 ii9j@ia8i April.... 63i @ 67J .34 ® 58 60i@ 684 88} @ 96 110 @ 135 May.... m® m 30i-@ 89 66 @ 66 94i ® 108 104 ©119 June.. . . m® fOf sum 86i 62{@ 69 94; ©108 110 ©1171 July TO^ @ TS 34 @ 49 60i @ 67Ji 98 @ 106 106} © 114} Aug..... 78} @ 84i m® 41 J 62^ @ 69il03i@107 108i @ 114} Sept 771® 821 41i@ 45i 66i@ 7Sf 103 ® 113 95 ©109} Oct 60 @ 77 S 61 @ 6Si 77i @ 86il0]i(?7) 123 65 © 100 Nov .56 @ 66 45i@' 54i in® 83i,102 ©lllj 99 © no Dec 42i@ 54 77i@ 82i-106i@ 112 101} @ 108} Year. . . . 42i CJ, 84J- 80f@ 62 60 @, 85J-' 82} @, 123^ 85 @ 149i RAILKOAD STOCKS AND BONDS. 269 Rock Island Railroad Bonds. $1,397,000 at 1 per cent, payable in January and July, and redeemable in 1870. Market price, 103. Officers of the Road. Directors — Thomas C. Durant, Francis H. Tows, David Dovvs, Charles W. Durant, E. W. Dunham, Thomas T. Sturgess, George T. M. Davis, Harvey Ken- nedy, Clark Durant, New York ; B. P. Learned, Al- bany, IsT. Y. ; John F. Tracy, Chicago, 111. ; Robert A. Forsyth, Neveburgh, N. Y. ; Ebenezer Cook, Daven- port, Iowa. President — Charles W. Durant. Vice-President and Superintendent — John F. Tracy. Treasurer — E. W. Dunham. Secretary — Francis H. Tows. Transfer office in !New York, 13 William street. XIII. MILWAUKEE AND PEAIEIB DU CHIEN EAILEOAD. The Milwaukee and Prairie du Chien Railway Company was organized January, A. D. 1861, and is the successor of the Milwaukee and Mississippi Railroad Company, by purchase of all its rights, franchises, and entire property, at a judicial sale made January 18th, 1861, in pursuance of the orders of the United States District Court for the District of Wisconsin. The property so purchased embraces 235 miles of main track, and 25 miles of side track, believed to be 270 STOCK EXCHANGE MANUAL. equal to that of any first-class single-track railroad in the country. In 1862 the road extended from Milwaukee, on Lake Michigan, through the city of Madison, the capital of the State, to Prairie du Chien, on the Mississippi river, and from Milton, on the main line, through the city of Janesville, in a southwesterly direction, to Monroe, in Green county, about 43 miles. It has since received several extensions. They have now two western termini. That of the main line at Prairie du Chien, on this side, or McGregor on the west side of the Mississippi river, taken as one. That of the Southern Wisconsin branch, at Monroe. The terminus at Prairie du Chien and McGregor has their earnest attention. The McGregor Western Railroad is in rapid progress of building, the heavy work and expensive cuts up the grade from the Missis- sippi river are overcome, and the track laid to about the summit. The great difficulty, the expensive work on the naturally least rentable part of the line, is over- come. It had repeatedly, in earler days, and in less able and energetic hands, been the cause of the failure of the enterprise. Now, this being overcome, further progress seems secured. The work on the McGregor Western, after reach- ing the summit, is mostly of a nature to be done quick and at little expense. Considerable grading and laying of ties have already been done thereon, and if the same energy and ability are displayed on this easy part of the work as have been shown in overcoming the heretofore insurmountable difficulty, the McGregor Western Railroad will stand as an important feeder to or extension of their line. After reaching the summit EAILEOAD STOCKS ANB BONDS. 271 it immediately strikes a productive country. Its suc- cess can by us, therefore, no longer be questioned. It would seem that, with the McGregor Western Railroad opened sixty miles out from McGregor, their annual traffic increase from it, under the influence of an average good crop, should be equal to $200,000 gross earnings; if not in the first year, at least within three years from its opening. The earnings of the Prairie du Chien Railway for 1864 were $1,723,381 ; expenses, $1,206,950 ; net prof- its, $516,431, or a little over 7 per cent, on the entire capital, common stock included. It is understood that several items are included in the aggregate of expendi- ture which are not chargeable to ordinary operating ex- penses, and which, if deducted, would leave a much larger surplus. A part of the outstanding bonds of the company, reduced at $960,000, have been exchanged for first pre- ferred stock. This will liberate the sinking fund of a large debt per annum, and allow of its application to dividends, an arrangement which would benefit the common stock, and place it over in the class of divi- dend-paying securities. The bonded debt has been so largely reduced that the first preferred stock has be- come a very desirable security. The road is doing a very good business, and the common stock is selling far be- low its value as a permanent investment. The capital stock of the company amounts to $7,- 280,800; the first preferred stock, at the rate of 8 per cent., to 11,051,000 ; the second preferred stock, at the rate of 7 per cent., to $1,014,000. Two dividends have been declared — one of 4 per cent, on the first preferred stock, payable February 272 STOCK EXCHANGE MANUAL. 10th ; and one of 3^ per cent, on the second preferred stock, by June 1st next. Directors — L. H. Meyer, JSTcw York ; John Catlin, Milwaukee ; William P. Lynde, Milwaukee ; Charles F. Ilsley, Milwaukee ; Adolph Rusch, jSTew York ; Al- len Campbell, ISTew York; George Smith, New York; William Scball, New York ; H. L. Dousraan, Prairie du Chien, Wisconsin. President of the Board — L. H. Meyer. Vice-President and Counsel — John Catlin. Secretary and Treasurer — William Fainter. Transfer office in New York, 48 Exchange Place. XIV. PITTSBtJEG, FOET WAYNE AND CHICAGO RAILROAD. The railway now known as the Pittsburg, Fort Wayne and Chicago Railway, forms a continuous line of 467 miles, from Pittsburg to Chicago, and is owned by one company, organized nnder several corporate franchises, granted by States within which portions of the work are situate. Prior to the re-organization, it had become one line, owned by one company, formed August 1, 1856, by the consolidation of three dis- tinct lines, owned by three distinct companies, to \vit : the Ohio and Pennsylvania, extending from Pitts- burg, in the State of Pennsylvania, to Crestline, in the State of Ohio, 188 miles, of which 47 are in Pennsyl- vania and 141 are in Ohio; the Ohio and Indiana, ex- tending from Crestline to Fort Wayne, in the State of Indiana, 131 miles, of which 112 are in Ohio and 19 are in Indiana ; and tlie Fort Wayne and Chicago, ex- RAILROAD STOCKS AND BONDS. 273 tending from Fort Wayne to Chicago, in the State of Illinois, 148 miles, of which about 126 are in Indiana, and about 22 in Illinois. At the time of the consolidation, the Ohio and Pennsylvania and the Ohio and Indiana portions of the road had been completed, and the Port Wayne and Chi- cago portion had been commenced. But a large outlay was required to finish, equip, and render adequate to the character and business of a road of the first class the portions which were in a condition for the running of trains ; and the completion of the section from Port Wayne to Chicago was essential to the general objects of the line and to the full development of the business of all its parts. That part of the work was constructed, to a large degree, by means of temporary credits, in a period when the negotiation of bonds was less prac- ticable than had been anticipated ; and the liabilities of the old company ultimately proved to be larger than was estimated at the time of the consolidation. It was thus that the embarrassments of the company arose from the inadequacy of the capital permanently at its disposal for the undertaking, and not from any miscal- culation of the utility, value, or productive capacity of the work itself. The first step toward compromise was in the union of the whole road in the possession of the Hon. William B. Ogden, of Chicago, who was agreed upon by all parties in interest as receiver, and appointed under an order finally entered January lY, 1860. The negotiations which followed between the nu- merous classes of creditors resulted in a general plan of adjustment : The financial theory of the new securities was, that U* 274 STOCK EXCHANGE MANUAL. they should be reduced to a simple and uniform classi- fication ; that the payment of the principal should be deferred to a distant period ; that the interest in arrear should be funded as principal ; and that somewhat more than two years of interest yet to accrue should likewise be funded, in order to enable the entire earnings for that period to be applied to the improvement of the road ; and that after that period the surplus earnings, beyond paying interest on the first and second mort- gage bonds, which are the only absolute obligations to pay interest, shovild be subject to such application as might be necessary to complete the road, to put it in high condition, and to provide it with all the equipment which might be necessary. For this purpose it was neXiessary to obtain system- atic and uniform legislation from the four States, ena- bling the new securities to be made liens upon the whole property as an entirety, including all future acquired property, equipment, and other personal property, the franchises of the company, and the franchise to be a corporation, and providing a mode for rendering the latter franchise available to the purchasers at a sale under any of these liens. All these objects are at last satisfactorily accomplish- ed. The obtaining of the necessary legislation ; the laborious negotiations with parties so numerous, resid- ing in this country, in England, and in Germany ; the conduct of the necessary legal proceedings to consum- mate a sale ; the purchase of the property ; the organi- zation of the new company ; the reception of the old securities ; the creation of the new, and their distribution to the parties entitled to them ; the adjustment of anomalous cases arising out of the peculiar complexity EAILKOAD STOCKS AND BONDS. 2^5 of the interests involved, have occupied a period of more than two and a half years of our industrious attention to this large and difBcult trust. The result has been that the holders of securities of even the highest class have been more benefited than they could have been by the absolute enforcement of their legal rights, while all the inferior interests have been rescued from total extinction. The earnings of the railway, since the consolidation of the three original corporations, have been from year to year as follows : In 1857 $1,660,424 89 1858 1,567,232 22 1859 1,965,98'? 80 1860 2,335,353 83 1861 3,031,887 42 1862 3,734,390 43 1863 5,132,933 74 1864 7,120,466 76 The operations of the year 1864 were as follows : Gross traffic $7,120,465 At an expense of 4,101,398 Net earnings 83,019,067 Sales of new stock at par 1,747,300 Previous insurance balance 97,055 Difference from Cleveland and Chicago Company . . 39,035 Total means of year $4,902,457 New construction $2,703,741 Interest on debt 990,002 Ten per cent, dividend 735,048 Advanced Akron Branch 179,829 Sinking Fund 104,100-4,712,720 Balance new year $189,737 276 STOCK EXCHANGE MANUAL. The increase of earnings for the year over the pre- vious year is $1,987,532 02, or 38yV per cent. Of this increase $1,133,076 94 was derived from the passenger business, $807,470 26 from the freight traffic, and $35,252 47 from express companies. The amount of earnings derived from military trans- portation was $706,240 81, of which $510,023 75 was from transportation of troops, and §196,217 09 for quarter-master's supplies and other freights. The whole amount of Government business it will be seen produced less than ten per cent, of the gross earnings, and it is believed but a very small proportion of the net receipts, as the business was done full thirty-three per cent, less than the commercial business of the road. The gross earnings are equal to Sl5,214 67 per mile for the entire length (4G8 miles) of the road, and the working expenses 57/5- per cent, of the earn- ings. The present equipment of the road, condition of the track, and station facilities are suiRoient to earn eight millions of dollars the current year, if the business offers, at the present prices ; and if the earnings should amount to that sum, on the conditions supposed, there will be left, afler paying current operating expenses, about $3,200,000 for interest, sinking fund, dividends, and such other disposition as the board may think for the interest of the company. To pay interest, sinking fund, and ten (10) per cent, dividends, will require less than $2,000,000 of net income. The following is a statement of the approximate earnings during the month of March ult., compared with the same period last year : RAILROAD STOCKS AND BONDS. 277 1805. Freights $474,524 27 Passengers.. 371,866 75 Exp. matter.. 16,740 93 Mails 7,825 00 Rent of K. R. 7,083 34 Miscellaneous 9,501 25 1864. Increase. $308,197 13 $76,327 14 190,987 27 180,879 48 5,400 00 10,340 93 7,825 00 7,083 34 1,804 80 7,696 45 Total $886,541 64 $611,297 54 $276,244 00 The earnings are largely in excess of the reported figures. The road has an excess of traffic at its own rates. The first quarter of the year shows a gain of $908,338. To comprehend fully the developments of the line, the annual increase of earnings should be compared with the increase of capital invested. The amount of capital in the railway at the close of each year since the consolidation, as shown by the accounts of the comptroller, was as follows : Shares. Bonds. Floating Debt. Total. Dec. 81,1857 $5,368,837 66 $7,371,000 00 $1,418,922 09 $14,048,769 75 " 81,1868 6.388,960 27 8,458,000 00 889,189 8£ 14,681,110 15 " 81,1859 5,861,761 84 8,289,500 00 1,916,617 04 16,567,778 83 " 81,1860 6,481,869 82 9,306,485 00 1,612,754 22 16,401,108 54 " 81,1861 6,480,865 64 9,660,826 00 1,860,430 87 17,002,121 41 " 81,1862 6,600,000 00 12,935,178 00 None. 19,435,173 00 " 81,1868 6.500,000 00 12.986,173 00 None. 19,436,178 00 " 81,1864 8,247,800 00 12.935,178 00 None. 19,435,143 00 A quarterly dividend of 2J per cent, has declaied in April, 1865. been 278 STOCK EXCHANGE MANUAL. Pittsburg, Fort Wayne and Chicago Railway Bonds. SecnriLies, AmouDt. 7 When Pftyable. "Where Payntle. When Due. II 1st Mortg. (scries A) $875,000 Jan. & July. New York. 1912 ]00 *' " (series B) 875,000 7 Feb. & Aug. u u 1912 '• " " (series C) 875,000 7 March & Sept. " " 1912 " '■ " (series D) 875,000 7 April & Oct " " 1912 " " " (series E) " (series F) 876,000 7 May & Nov. u u 1912 " 875,000 7 Jane & Dec. H 4i 1912 » 2(1 " (series G) 860,000 7 Jan. & July. U U 1912 90 (series H) " '* (series 1) 860,000 7 Feb. & Aug. " .t 1912 " 860,000 7 March & Sept. " " 1912 " " " (series K) 860,000 7 April A; Oct. " " 1912 " (series L) 800,000 7 May shire... .New Hamp- shire New Tork, Providence, and Boston. .Rhode Island and Connecticut New Tork and New Haven New Tork and Connecticut Northern (Ogdensburgh) New York New Jersey New Jersey Northern Central Maryland and Penn- sylvania North Pennsylvania Pennsylvania North Missouri Missouri Norwich and Worcester Connecticut Old Colony and Newport... .Massachusetts Portland, Saco, and Portsmouth Maine Providence and Worcester... Massachusetts and Rhode Island Pennsylvania Pennsylvania Philadelphia and Erie. Philadelphia, Wilmington, and Baltimore, Pennsylvania, Delaware, and Maryland Pacific Missouri Southwest Branch " Raritan and Delaware Bay^... -New Jersey Rutland and Burlington Vermont Syracuse and Binghamton New Tork Saratoga and Whitehall •' Sandusky, Mansfield, and Newark.. . .Ohio Sandusky, Dayton, and Cincinnati '' 3,540,000 1,648,501 2,350,000 2,000,060 7,553,836 1,689,900 407,200 410,600 1,299,571 1,015,907 1,281,779 1,852,716 6,627,050 2,981,270 514,433 1,194,587 2,800,000 1,050,860 1,800,000 10,379,554 4,940,000 2,700,000 1,158,800 600,000 3,068,400 1,508,000 3,572,800 3,077,000 4,397,800 3,344,860 3,155,875 2,594,100 2,122,600 3,015,100 1,500,000 1,650,000 19,860,000 5,013,054 8,657,300 3,364,631 68,41; 1,203,550 2,233,376 1,200,130 500,000 848,770 3,260,887 •a n a to R ins '17' 66i 217 30 9 100 8 m a 100 69 6 45 20 0(i 10 140 4 80 3 6B 36 7 103 35 7 116 8 125 4 82 ei 120 Tf. 120 30 10 160 4. 44 23 34 fi 106 7 106 6 106 R 140 10 64 17 6 120 66 '32' Net Earnin"! 328,043 377,476 886,219 160,702 420,026 230,834 117,941 860,525 268,166 91,487 62,260 1,462,154 79i;362 63,355 120,069 371,400 174,028 83,524 299,630 329,680 103,645 69,077 163,718 199,153 720,462 163,699 694,014 1,085,497 346,401 182,895 180,839 411,544 188,121 169,145 4,065,113 1,365,200 237,393 122,836 24,242 112,163 184,908 61,335 92,283 133,747 306 STOCK EXCHANGE MANUAL. CoDipADies. Share Cnpital paid Xet EiirDings. Troy and Boston.. New York and Vermont TeiTe Haute and Richmond Indiana Venuont Central Vermont Vermont and Massachusetts ilassachu- 8Ctt> and Vermont Warren New Jersey "Western MaMsachusetts 'W'illiamsport and Elmira Pennsylvania and New York Worcester and Nashua Massachusetts 606.911 .... 1,980,160 18 6,000,000 .... 2,214,226- 1,307,760 6,150,060 1,500,000 1,141,000 37 103 128 2i. 6 126,125 521,264 262,887 140,186 164,908 1,232,831 48,741 132,153 CHAPTEE VI . MISCELLANEOUS STOCKS. I. CANTON COMPANY. Toe Canton Company has been largely dealt with at tbe Stock Exchange for the last years. Shrewd Baltimore speculators, when they saw New York capi- talists and adventurers rushing to the Stock Exchange and eagerly purchasing every description of titles, availed themselves of the opportunity of increasing the list, and the Canton Company's stock made its appear- ance. People purchased without inquiry. Many be- lieved that it was a railroad concern — others, a well- paying canal somewhere in Maryland. Few knew the veritable nature of tbe concern and its objects. Now it it is pretty well understood that it is a land speculation, and the stock, it seems to us, is less appreciated by the public since it has lost the mercurial attraction of some of our railroad fancy stocks. It is not less than thirty-seven years that the Canton Company has been in existence, and we are assured, which is easily to be believed, that the objects of its originators were purely speculative. We suppose that 308 STOCK EXCIIAXGE MAXUAL. some smart men, who were the owners of marshy huids, which they did not know what to do with, obtained a charter from the Maryland Legislature, by means of which they sold the property to a company organized with a capital stock of $2,000,000, divided into 20,000 shares of $100 each. The original charter, procured in 1828, was several times amended — namely, in 1842 and 1853. In 1842, 12,300 shares only had been subscribed, and $65 per share only had been paid in ; but even it was difficult, it appears, for the stockholders to sell these shares when the par value was fixed at $65, and it was found con- venient to issue to the stockholders four shares for one, which increased the number of shares to 50,000, mak- ing the par value of each 16^. And such is the history of the amendments obtained in 1853. Moreover, another amendment to the charter was again procured in 1858, by virtue of which 3,700 shares M'crc cancelled, so that the outstanding number at this time is 46,300. The real estate which the company owns amounts in round numbers, to two thousand three hundred acres of land, of which one half is within the limits of the city of Baltimore, or immediately contiguous thereto. This would be certainly a valuable location if we did not know that the limits of our cities extend generally in an extravagant manner, even where there are not the slightest expectations of any urban residence before two or three centuries to come. In fact, the Ca.nton speculation can prove advanta- geous only when the 250,000 inhabitants of Baltimore have swelled, if ever, to 500,000. Then the great body of the company's property within the city will be well MISCELLANEOUS STOCKS. 309 adapted to buildings for manufacturing purposes. Al- ready the aim of those controlling the policy of the Can- ton Company has been to encourage the establishinent of factories, and of such business as will bring with it population. If the success, as the i-eport informs ua, has not been great, it is attributable to the events dis- turbing the business of the country. We apprehend that another cause has done more than our civil war to stop the progress in that respect of the Canton Company. That cause is the same which is candidly admitted by the directors, when they say they have built large warehouses for the storage of bonded goods; but the importation of foreign mer- chandise, instead of increasing, having dreadfully fallen off, the bonded warehouses are now vacant. They have put their entire property in an advanced state of preparation for market, but the trouble is that there are no purchasers. To make it really valuable, the tide of emigrants, who are now pouring on our shores on their way to the great and free West, should be turned to- ward Maryland. This brings under our consideration a question which was often addressed to us from persons who have become stockholders of the Canton Company. What is the value of this stock ? or, in other words, What is the value of the company's property ? The directors, in their report, confess that for such an esti- mate they are themselves at a loss for any rule or stand- ard to govern them. How, then, could we give certain data, when everything is subordinate to the more or less sanguine expectations of those interested in that concern, to the future development of Baltimore and Maryland itself? We have under our eyes an esti- 810 STOOK EXCHANGE MANUAL. mate, according to which the estate is valued at $2,116,- 683, which, divided among 46,300 shares, wonid give 45 per share. But in that estimate 1,000 acres of land are put down at $600 each, which seems rather enor- mous; the wharf of the property is valued at $125 per foot, which may be a correct value. But the question, after all, is to show if these properties can be sold. If purchasers cannot be found, their value may be fixed at millions of dollars on paper, without giving any divi- dends to anybody but to future shareholders. "We ap- prehend that such is the case for the Canton Company's property. The history of this stock is one of the curiosities of the Stock Exchange : we recur to its past history to show the changes since 1846 : 1846 27 @ 38 1847 28 @ 49 1848 281 @ 84+ 1849 38f@ 42^ 1850 38| @ 67J 1851 53| @ 82 1852 24i@ 123-1 1853 18 @ 28i 1854 21+ @ 23| 1855 18' @ 28,'. 1856 21i@ 23i 1857 13 @ 23i 1858 19 @ 25| 1869 16i@ 22i 1860 14 @ 23J 1861 8 @ 15 1862 8 @ 15 1863 I7i @ 34i 1864 29 @ 75 1865 30 (a 38i I)h-(:Clor«, ell I'tcd Jtnif 2d. 1864. John W. Randolph, William Fisher, Charles J. Baker, Joseph Reynolds, B. F. Gardner, of Baltimore ; Abm. B. Baylis, Charles A. Rapallo, George T. M. Davis, Orville Oddie, of 'New York. Transfer office in New York, United States Trust Company, 48 "William street. MISCELLANEOUS STOCKS. 311 n. CUMBERLAND COAL COMPANY. The estate of the company, in Allegany county, Maryland, comprises about 9,000 acres, or fourteen square miles of land, of which it is estimated that from six to seven thousand acres contain the great coal vein. A large portion of these vast fields, lying within the slope of George's Creek Valley, is yet unentered by the miner, but is capable of being advantageously worked, when the present openings are exhausted, or when they cease to furnish a supply equal to the in- creased demands of commerce. Or it may be subdi- vided and sold to other parties, should that be deemed the best policy ; in which event the company's railroad would become the common carrier for all. Some rev- enue is derived from the products of the surface of the lands, and from the rental of houses at the different mines. In the past year the aggregate from this source was 17,421 94, besides furnishing forage for the ani- mals of the company. The company has now two mines, known respect- ively, as the Astor Mine and the Hoffman Mine. The Astor Mine is worked horizontally, the coal being drawn by horses from the innermost point of the mine to the dumping ground, where it is discharged into the railroad cars. The drainage is also effected without pumping — hence the mine is worked more economically. It is now yielding about 300 tons a day; but the amount may be readily increased to 600 tons. The Hoffman Mine, which has so long been the sub- ject of litigation, having but recently come into posses- 312 STOCK EXCHANGE MANUAL. sion of the company, has not yet been entered upon. That mine is undoubtedly a very valuable piece of property, and will abundantly repay the company for all the expenses incurred in its recovery. As yet there is but one opening, which is worked horizontally, and although a stationary engine is placed at the mouth of the mine to work another opening, it is not probable that it will be required for some time to come. The foreman counts upon being able to deliver 1,000 tons a day from the present opening, and this amount may be augmented by another opening to 1,500 tons per day. The coal lies comparatively near the entrance, which not only reduces the cost of working, but increases the capacity of the mine. The whole length of railroad owned by the company may be summed up as follows : MILES. Road from Eckhart (Slope Mine) to junction with Mount Sav- age Eailroad, at Wills Creek, west of the Narrows 9.20 From junction with Mount Savage Railroad, east of Narrows, to Brown's wharf, at Cumberland 1.03 Astor Branch 2.23 Total length, single traclc road .■ • • • I'^'^S Sidings 2.89 16.35 Through the Narrows of Wills Creek, the company use the track of the Mount Savage Railroad to its junction with the Baltimore and Ohio Railroad, paying therefor two cents per ton — the distance used is 1.58 Distance used of Baltimore and Ohio Railroad, from Mount Savage road to Canal wharf of Cumberland Coal and Iron Company 1.19 The total distance over which coal is transported from the mines to the company's wharf at Cumberland, is — From Hoffman Mine 12.90 From Astor Mine 14. S7 MISCELLANEOUS STOCKS. 313 The company's railroad descends from the mine to- ward Cumberland, with an average gradient of 135 feet per mile, along the slopes of Braddock's Run and Wills Creek. The means of transportation from Cumberland to tidewater are the Chesapeake and Ohio Canal, and the Baltimore and Ohio Railroad. The former being the cheaper mode, is of course preferred, but as the George- town wharf limits the tonnage by canal, and as naviga- tion is suspended for two or three months of the winter, it becomes necessary to use the railroad to a certain ex- tent. In cases of interruption to canal navigation, by freshets or breaches, an outlet by railroad becomes a matter of convenience, if not of necessity. The president of the company has made the fol- lowing official statement of the sale of the company's Slope Mine for $617,000, which is a sum sufficient to pay off its bonded indebtedness and leave a surplus. The high price at which the conlpany's preferred stock is now selling, however, is not warranted by its affairs, and is due to speculative influences. The common stock has long been entirely out of the market, and is without price : Office of the Cuilberland Coal and Iron Company, ) New York, March 3, 1865. J Dear Sir : In reply to yours, making inquiries as to the sale of the Slope Mine, I have to state that at a meeting of the Board of Directors, held on the 1st inst., the contract embracing the terms of Bale was approved, and yesterday I signed the same and affixed the seal of the Company thereto, it having been previously signed by the purchaser. The tract of land sold contains about 600 acres. The whole estate of this Company embraces 9,000 acres, of which about 6,000 acres contain the great coal vein. 14 314 STOCK EXCHA>-GE MANUAL. The purchaser pays to the Company $017,000, which was the whole amount of its debt in June last, when the negotiation was commenced ; but by the operation of the sinking fund, $26,000 of the debt has since been paid by the Company. The purchase will, therefore, hquidate the whole debt of the Company, and leave $26,- 000 cash iu its treasury, in addition to the working capital already on hand. An important feature of this sale is the transportation contract, by which the purchaser agrees to transport upon our railroad all the coal mined from the lands sold, and from the Wright Farm adjoining said lands, and to pay therefor rates which will handsomely remu- nerate this Company for the use of its railroad. The amount to be paid for interest and sinking fund during the present year would be about $SO,000. By this sale the Com- pany is at once i-elieved from this obligation. The demand for Cumberland coal is increasing, and, if we have no interruption to canal navigation by raids, we look for favorable results during the present year. Yours, respectfully, ALLAN CAMPBELL, President. No statement of the alFairsof the company has been published since 1859. ' There are 50,000 shares of the preferred stock issued, at $100 each. Statement of the extreme prices, monthly and yearly, for the six years ending March 31, 1865 : 1860. 1861, Jan ... 18J @ m S} @ 0} Feb.... 16i @ 16i T @ SJ March . 13i@16i 7 ©7} April . . May. . , 18} @ 15 6 @ 7} 14i @ 14i 4 @5} June .. 12} @ ISi 4f @4} July... 12+ @ 16 6}® Aug... 12} @ 16 4} @ 5 Sept... 14i @ IT} 4i@ 5} Oct.... 10} @ 13} 6 @ 6} Nov... 8 ©11} 4i @ 5 Di'c... 8 @ 9 a Year... 8 @17} 4 @ 9} 181 6i 5 @ 9 7}@ 8} 8 @ 8} S}@ 9} 8}@ 9i 7}@ 7} 7 @ 8 81 @ Ib^ 9j@ n 11 @ 13i 1'2 ©, 14i 14} S 19 i 16 a 17 « 22 i 22 C 18} « 26} (J 27} (! 80f(j 34 (i 30 6 ,25 46} ©61} 20} 61 © 69 J 20 27 35 ,35 31 . 30} ,38 ,40 i41} 147} 5 ® 17 14} ©47} 41} © 95 j|©96 GO © 87 61 ©82 66} © 89 66 @ 68 65} © 6-'} 54 © 69} 41} © 62 48} @ 56 88} © 58} 40} © 47} 44}© 68i 35 ©40} Transfer office in New York, 90 Broadway. MISCELLANEOUS STOCKS. 315 III. QUICKSILVBE MINING COMPANY. This company has been incorporated by an act of the Pennsylvania Legislature, March 28, 1859. The New Almaden quicksilver mines are situated on a range of hills subordinate to the main coast-range, the highest point of which at the place is twelve to fifteen hundred feet above the^-valley of San Jose. Southwest of the range which contains the quicksilver mines, the coast range attains a considerable elevation, Mt. Bache, its highest point, being over thirty-eight hundred feet in height. New Almaden is approached by the railroad run- ning from San Francisco to San Jose, a distance of forty-five miles. In the course of it there is a rise of one hundred feet, San Jose being of this elevation above the ocean. From San Jose to New Almaden the dis- tance is thirteen miles. A successful termination of all the litigation invoU- ing the rights and interests of the company, resulting in an undisputed possession of the lands upon which the New Almaden and other quicksilver mines are located, and a successful development of the mineral resources of the property of the company, with results exceeding the most sanguine expectations, are the two prominent features of the year. The title of the company to the land and mines so long claimed by it, is now believed to be perfect against all claimants, and the mines, as now developed, yield an abundance of ore, easily and cheaply mined and reduced. 310 STOCK EXCHANGE MANUAL. The landed estate of the Quicksilver Mining Com- pany consists, therefore, of seven thousand eight hun- dred acres, or a fraction over twelve square miles, of which more than one third is mineral ground, traversed by veins of cinnabar which have been traced for miles, and tested in more than a dozen places, and of which the celebrated New Almaden mine, which has pro- duced, prior to its possession by this company, more than fifty thousand tons of ore, yielding about twenty- four million pounds of quicksilver, is but a single de- velopment. The total production of quicksilver from the mines now owned by this company since July, 1850, during a period of twelve years, exclusive of the time the New Almaden was closed by injunction, have been as fol- lows : Flasks New Almaden, to August 30, 1863 308,856 Enriqueta, 1860 to 1863 10,571 New Almaden and other mines of the Company, from Sep- tember, 1863, to December, 1864, inclusive 52,456 Total 371,883 Total value of the product equal to about fifteen millions of dollars in gold. Statement from ISTovember 1, 1863, to December 31, 1864: G-old. Currency. Total product of mines, value 81,776,058 61 ^171,539 04 Total mine and general expenses... 738,222 38 96,508 27 Apparent surplus ftl, 036,836 23 75,030 77 Deduct amount expended for pros- pecting and permanent improve- ments 237,086 97 430 00 Actual surplus $799,749 86 $74,600 77 MISCELLANEOUS STOCKS. 317 The board has made a definite appropriation of these earnings as follows : For the payment of a 5 per cent, gold dividend, in March, on 98,590 shares, stock outstanding, gold $492,950 The balance $306,799 36 gold and $74,600 77 cur- rency, together with $62,202 52 (balance of currency in treasurer's hands from sale of bonds), amounting in all to $136,803 29 currency, was appropriated to the extent necessary to make the payments for real estate, mining claims, and settlement of old claims, which amounted to $359,374 66 gold. Product from January 1st, To March 1st, 1865, 7,230 flasks— Gold value. . . $291,200 To March 1st, 1864, 4,655 " " "... 186,200 Increase 2,625 " " " ...$105,000 The capital stock of the company consists of 100,- 000 shares, of the par value of $100 each: of this num- ber 98,590 shares have been issued, and 1,410 shares are owned by the company, but placed in trust to respond to the option of conversion by the holders of 141 bonds of the company issued as convertible bonds. Capital Stock— 98,590 shares, at $100 each $9,859,000. Funded Debt, First Mortgage Bonds, convertible $141,000 First Mortgage Bonds, unconvertible 354,000 payable June Ist, 1873, with interest at 7 per cent. Second Mortgage Bonds, outstanding, payable July 1st, 1879, with interest at 7 per cent 500,000 Mortgage to E. Barron & Co., payable Septnmber 1st, 1865, with interest at 5 per cent, yearly 250,000 Mortgage to E. Barron -GE MANUAL. 1864, with a capital of $1,000,000, in 100,000 shares of $10 ; has paid 2 per cent, dividend for January and Februai j ; market price, $3. American Petroleum, 10 Pine street, organized in Sep- tember, 1861, with a capital of ¥-"00,000 in 5,000, shares of •SlOO. American Oil and AIinixg, 23 "William street, organized in May, 1864, with a capital of $1,500,000, in 30,000 shares of $50 ; has paid 1 per cent, monthly dividend. Anderson, 71 Broadway, organized in September, 1864, with a capital of $1,000,000, in 100,000 shares of $10 ; it has a reserved working capital of $100,000. Anticlinal, 11 Wall street, organized in February, 1865, with a capital of $250,000, in 25,000 shares of $10 ; it has a reserved working capital of $90,000. Atlantic, 36 Pine street, organized in July, 1864, with a capital of $300,000, in 30,000 shares of $10 ; subscription price $2. AsnBTJETON, 30 Pine street, organized in April, 1864, with a capital of $2,500,000, and a reserved working capital of $200,000, in 50,000 shares of $50 ; subscription price $25. Aladdin, 229 Broadway, organized in October, 1864, with a capital of $100,000, and a reserved working capital of $10,- 000, in 50,000 shares of $2 ; subscription price $1. American Illuminating, 71 Broadway, organized October, 1804, with a capital of $1,000,000, in 100,000 shares of $10. Albert Gallatin Amber Oil, N. Y., 155 Broadway, or- ganized in February, 1865, wish a capital of $500,000, and a reserved working capital of $G2,000, in 100,000 shares of $5; subscription price $2. Beech Tree, 22 Pine street, with a capital of $300,000, and a reserved working capital of §75,000, in 60,000 shares of $5. Beekman, 20 Broad street, organized in September, 1804, with a capital of $1,000,000, and a reserved working capital of $25,000, in 100,000 shares of $10 ; subscription price $5 ; market price $2. PETROLEtJH STOCKS. 369 Bekhtthoff Reserve, 67 Wall street, organized iu July, 1864, witli a capital of $1,000,000, and a reserved working capital of $25,000, in 100,000 shares of $10; subscription price $3. Bebgeit Oil anb Coal, 4 Broad street, organized iu Juno, 1864, with a capital of $2,000,000, in 200,000 shares of $10 ; market price $2 10. Blood Fauii, 10 Pine street, organized in June, 1864, with a capital of $5,000,000, and a reserved working capital of $500,000, in 50,000 shares of $100 ; subscription price $100 ; market value $18. Brevooei', 128 Maiden Lane, organized in July, 1864, with a capital of $500,000, and a reserved working capital of $80,- 000, in 50,000 shares of $1.0; market value $20. Bkookltn, 74 Broadway, oi-ganized in December, 1864, with a capital of $500,000, and a reserved woi'king capital of $100,000, in 100,000 shares of $5 ; market value $2 50 ; 2 per cent, dividend in March, 1865. BucHAJsrAN Faem, 8 Broad street, organized August, 1864, with a capital of $4,000,000, in 400,000 shares of $10; sub- scription price $5 ; market value §1 35 ; 1 per cent, dividend for September, 1864. Buckeye State Petroleum, 01 William street, organized in December, 1864, with a capital of $600,000, and a reserved working capital of $100,000, in 800,000 shares of $2 ; sub- scription price $1. BENNTnoFF AND Sahm, 1 Oortlaudt street, organized in December, 1864, with a capital of $300,000, and a reserved working capital of $30,000, in 00,000 shares of $5 ; subscrip- tion price $3. Black Oeebk, 13 Broad street, organized December, 1864, with a capital of $800,000, and a reserved working capital of $40,000, in 150,000 shares of $2. Bunker Hill Petroleum Company, 25 Vesey street, or- ganized in January, 1865, with a capital of $1,000,000, and a reserved working capital of $100,000, in 200,000 shares of $6. 18* 370 STOCK. EXCHANGE MANUAL. Boston, 152 Broadway, organized in February, 1865, with a capital of $2,000,000, and a reserved capital of $100,000, in 20),000 shares of $10 ; subscription price $3. Bennyhoff Run Petroleum, 8 Pine street, organized in September, 1864, with a capital of $500,000, in 5,000 shares of $100; subscription price $25; 1 per cent, dividend for February, first dividend. Black Eivee Eock Oil, 8 Pine street, organized in Feb- ruary, 1865, with a capital of $800,000, in 150,000 shares of $2. (Stock not yet issued.) Barry Oil, 81 John street, with a capital of $200,000, and a reserved working capital of $20,000, in 40,000 shares of $5. Central, 10 Pine street, organized in April, 1864, with a capital of $5,000,000, in 50,000 shares of $100 ; dividend 1 per cent, monthly. Cherry Efn Oil, 137 Broadway, with a capital of $100,000, in 10,000 shares of $10. Oheret Run Petroleum, 71 Broadway, with a capital of $500,000, and a reserved working capital of $85,000, in 250,- 000 shares of $2 ; market value 68 cents. Olifton, 81 John street, organized in August, 1864, with a capital of $000,000, in 50,000 shares of $10 ; market value $3 ; dividend 1 per cent, for December. Commercial, 159 Front street, organized in June, 1864, with a capital of $3,350,000, in 33,500 shares of $100; sub- scription price $100 ; market value $4 ; dividend 1 per cent, for September, 1864. Commonwealth, 7 Nassau street, organized September, 1864, with a capital of $1,000,000, and a reserved working capital of $25,000, in 100,000 shares of $10 ; subscription price $5 ; dividend 1 per cent, for September, 1864. Consolidated, 40 Broad street, organized in May, 1864, with a capital of $1,000,000 in 100,000 shares of $10 ; sub- scription price $5 ; market value $2 50 ; 1 per cent, divi- dend for December. Olaeion Coal and Oil, 81 John, now organizing. Chemical, 117 Wall street, organized in January, 1865 PETKOLEUM STOCKS. 371 with a capital of |250,000, and a reserved working capital of $50,000, in 50,000 shares of |5 ; subscription price $3. Columbia, 42 Oedar street, organized in May, 1862, with a capital of $2,500,000, in 50,000 shares of $50 ; 3 per cent. dividend March 15, 1865. Cotter Faem of Pennsylvania, 42 Pine street, with a capital of $1,000,000, and a reserved working capital of $50,- 000, in 200,000 shares of $5 ; subscription price $2 50. Cascade, 80 Broadway, with a capital of $500,000, and a reserved working capital of $50,000, in 100,000 shares of $5. Cheeky Eun and Chenango, 39 Nassau street, organized February, 1865, with a capital of $600,000, and a reserved working capital of $40,000, in 120,000 shares of $5 ; 2 per cent, dividendfor March. Cattaeausfs Oil, 4 Cedar street, organized November, 1864, with a capital of $1,000,000, in 100,000 shares of $10. Cmteeion, organized March, 1865, with a capital of $50,- OOO, in 2,000 shares of $25. Columbia Coal and Oil, 24 "William street, organized in February, 1865, with a capital of $1,000,000, and a reserved working capital of $100,000, in 200,000 shares of $5. Columbiana County Peteolbum, 24 William street, organized in March, 1865, with a capital of $500,000, and a re- served working capital of $25,000, in 100,000 shares of $5; subscription price $2 50. Cheeey Ceeek Faem Petroleum, 8 and 10 Wall street, organized in December, 1864, with a capital of $2,000,000, in 200,000 shares of $10. Devon, 81 John street, organized 'in December, 1864, with a capital of $150,000, and a reserved working capital of $25,- 000, in 150,000 shares of 11. Dutchman Run, 71 Broadway, organized with a capital of $1,000,000, and a reserved working capital of $200,000, in 100,000 shares of $10 ; subscription price $3. De Kalb, 30 Broad street, organized February, 1865, with a capital of $350,000, and a reserved working capital of $50,- 000, in 35,000 shares of $10 ; 1 per cent, dividend for February. 372 STOCK EXCHANGE MANUAL. Delta, il Pine street, organized with a capital of $200,000, and a reserved working capital of $50,000, in 20,000 shares of $10 ; subscription price $5. Dawk Petroleum, Canada West, 22 Broad street, organized in March, 1865, with a capital of $350,000, in 175,000 shares of $2. Duck Cp.eek Petkoleum, organized -irith a capital of $1,000,000, and a reserved working capital of $20,000, in 200,- 000 shares of $5. Empike City Oil, 69 Wall street, organized with a capital of $400,000, and a reserved working capital of $25,000, in 100,000 shares of $4; subscription price $2; market value $2 SO. Empire City Peteoleum, li Broadway, organized Deoera- ber, 1864, with a capital of $1,000,000, and a reserved working capital of $100,000, in 200,000 shares of $5 ; 2 per cent, dividend in March, 1865. Enteei'eise, 30 Broad street, organized with a capital of $100,000, in 10,000 shares of $10. ExoELSioE, 74 Broadway, organized in October, 1864, with a capital of $500,000, in 100,000 shares of $5. Subscription price $3 ; market value $4 50 ; 4 per cent, dividend Decem- ber, 1864. Eteeett, 74 Beaver street, organized in January, 1865, with a capital of $3iiO,000, and a reserved working capital of $25,000, in 80,000 shares of $10; market value $S 60; 1 per cent, dividend March 10, 1865. EuEOPEAN Peteoleum, 54 "William street, organized iv'o- vember, 1864, with a capital of $100,00(1, and areserved work- ing capital of $80,000, in 10,000 shares of $10. Eleanio, organized in March, 1865, with a capital of $75,000, and a reserved working capital of $10,000, in 15,000 shares of $5. East Beanch, organized February, 1865, with a capital of $500,000, and a reserved working capital of $50,000, in 6,000 shares of $100. EKNiskiiLEN Peteoleum and Kefineby Company op PBTEOLEUM STOCKS. 3^3 OiNADA West, 27 "Wall street, organized in February, 1865, with a capital of $500,000, and a reserved working capital of $160,000, in 50,000 shares of $10 ; subscription price $8. EuBEKA Ambbb Oil, 155 Broadway, organized January, 1865, with a capital of $600,000, and a reserved working capi tal of $20,000, in 120,000 shares of $5. Flowing Oil, 17 Water street, organized July, 1864, with a capital of $50,000, in 1,000 sliares of $30. Fountain Oil, 74 Broadway, organized December, 1864, with a capital of $1,000,000, in 100,000 shares of $10. Sub- scription price $5 ; 1 per cent, dividend January and February, 1865. FouNTAiff Petboleum, 81 John street, organized November, 1864, with a capital of $250,000, and a reserved working capital of $10,000, in 50,000 shares of $5; dividend 1 per cent, monthly. Fkost Petboleum, 74 Broadway, organized January, 1865, with a capital of $250,000, and a reserved working capital of $20,000, in 25,000 shares of $10. First National, 100 Broadway, organized in January, 1865, with a capital of $1,000,000, in 200,000 shares of $5 ; subscription price $3 ; dividend 3 per cent. March 20, 1865. Feb Simple, 1 Hanover Square, organized with a capital of $600,000, and a reserved working capital of $60,000, in 300,000 shares of $2; subscription price $1. Faie Fakm, 30 Broad street, organized January, 1865 ; with a capital of $350,000, and a reserved working capital of $25,000, in 70,000 shares of $5. FowLEK Fabm Petboleum MiNixa, 82 Broadway, organized in February, 1865, with a capital of $300,000, and a reserved working capital of $21,000, in 30,000 shares of $10. Geemania, 33 Pine street, organized September, 1804, with a capital of $3,000,000, in 600,000 shares of $5 ; subscrip- tion price $1 ; market value 82 cents ; dividend 1 per cent, for November, 1864. Geeat Westeen Consolidated, 27 Wall street, organized August, 1864, with a capital of $4,000,000, and a reserved 374 STOCK EXCHANGE MANUAL. working capital of ITSjOOO, in 40,000 shares of $100; sub- scription price $25. Great Northep.n, 67 Exchange Place, organized witli a capital of $2,000,000, in 200,000 shares of $10. GniLD Fakm, 290 Broadway, organized with a capital of $1,000,000, in 100,000 shares of $10. Green Island Oil Ceeek CoMPAjrr, 74 Broadway, organised August, 1864, with a capital of $300,000, and a reserved working capital of $50,000, in 60,000 shares of $5 ; subscription price $2. Great Shaft, 112 Broadway, organized with a capital of $500,000, and a reserved working capital of $50,000, in 2,500 shares of $200 ; subscription price $100. General Grant Oil, 23 and 25 Nassau street, organized October, 1864, with a capital of $500,000, and a reserved working onpital of $26,700, in 100,000 shares of $5; sub- scription price $1. Governor Chase Oil, 23 and 25 Nassau street, organized January, 1865, with a capital of $1,000,000, and a reserved working capital of $22,000, in 200,000 shares of $5 ; subscrip- tion price $1. Garland PETEOLEni, 52 Cedar street, organized in No- vember, 1864, with a capital of $500,000, and a reserved work- ing capital of $20,000, in 100,000 shaves of $5 ; subscription price $1. Hammond, 195 Fulton street, organized in June, 1864, with a capital of $500,000, in 20,000 shares of $25 ; market price $25 50 ; 5 per cent, dividend January, July, and August. Hktdeiok:, 80 Broadway, organized in January, 1865, with u capital of $500,000, and a reserved working capital of $25,- 000, in 50,000 shares of $10 ; dividend 5 per cent, monthly. IliOKOKY Faem, 92 Maiden lane, organized October, 1864, with a capital of $500,000, and a reserved working capital of $50,000, in 100,000 shares of $6. HiQHGATB, 33 Pine street, organized August, 1864, with a capital of $1,600,000, in 300,000 shares of $5 ; subscription PETROLEUM STOCKS. 373 price f 1 ; market value 84 cents ; dividend 1 per cent. Novem- ber, 1864. Home, 10 Pine street, organized June, 1864, with a capital of $5,000,000, in 50,000 shares of $100. Hudson Rivee, 99 Maiden lane, organized December, 1864, with a capital of $600,000, in 60,000 shares of $10. Henet Oamp, T1 Broadway, organized November, 1864, with a capital of $600,000, in 60,000 shares of $10. Hoffman, 10 Pine street, organized December, 1864, with a capital of $5,000,000, in 500,000 shares of $10. Hamilton Oil and Coal Company, 78 and 80 Broadway, organized January, 1865, with a capital of $1,000,000, in 100,000 shaves of $10 ; subscription price $5. Henry Bend, 14 Wall street, organized with a capital of $300,000, and a reserved working capital of $30,000, in 30,- 000 shares of $10 ; subscription price $5. Haemon, organized with a capital of $400,000, and a re- served working capital of $50,000, in 80,000 shares of $5. Homestead, 17 Broadway, organized with a capital of $250,000, and a reserved working capital of $25,000, in 50,000 shares of $5 ; subscription price $2 50. Httide Kopee Pbtrolbtjm Oil, 22 William street, organized November, 1864, with a capital of $200,000, in 200,000 shares of $1 ; dividend 3 per cent, for April. Indian EooE, 71 Broadway, organized September, 1864, with a capital of $1,000,000, in 10,000 shares of $10. Indiana, 4 Broad street, organized September, 1864, with a capital of $1,000,000, and a reserved working capital of $50,000, in 10,000 shares of $100. Inexhaustible, 10 Wall street, organized October, 1864, with a capital of $2,500,000, and a reserved working cap- ital of $100,000, in 500,000 shares of $5 ; subscription price $3. Island, 36 Pine street, organized June, 1864, with a capi- tal of $500,000, in 50,000 shares of $10 ; subscription price $2 ; dividend 1 per cent. June, 1864. Independent, 42 Pine street, organized November, 1864, 376 STOCK EXCHANGE MANUAL. with a capital of $760,000, and a reserved working capital of $100,000, in 150,000 shares of $5. Ievins, 88 Wall street, organized Februarj^, 1805, with a capital of $500,000, and a reserved working capital of $50,000, in 100,000 shares of $5. Ironsides, 71 Broadway, organized February, 1865, with a capital of $350,000, in 35,000 shares of $10. Jonjr AsDEESON, 106 Broadway, organized January, 1865, with a capital of $2,000,000, and a reserved working capital of $100,000, in 300,000 shares of $10 ; subscription price $3. KANAwnA Petroleum, 154 Front street, organized with a capital of $500,000, in 50,000 shares of $10 ; subscription price $3 50 ; market price 81 cents. Kniokeebockee Petsoleum, 73 Broadway, organized July, 186i, with acapital of $1,000,000, in 100,000 shares of $10; market value 63 cents ; dividend 1 per cent August, 1864. Kentucky and West Virginia Oil and Coal, 7 Rector street, organized December, 1864, with a capital of $1,500,000, and a reserved working capital of $100,000, in 150,000 shares of $10 ; subscription price $5. Latonia Town and Oil, G AVall street, organized Decem- ber, 1864, with a capital of $1,000,000, and a reserved work- ing capital of $100,000, in 100,000 shares of $10; subscription price $5. Little Kanawha and Elk River, 61 Cedar slreet, organized January, 18G4, with a capital of $6,000,000, and a reserved working capital of $150,000, in 60,000 shares of $100 ; subscription price $13 50. LowBE McEliient Faem, organized with a capital of $400,000, in 200,000 shares of $2. Laweence, 2 South street, now oi'ganizing. LooMis, 81 John street, organized February, 1865, wiili a capital of $150,000, and a reserved working capital of $20,000, in 150,000 shares of $1. Lloyd Petroleum of jSTew Toek and PiiTaBUEa, organized with a capital of $300,000, and a reserved v.-orking capital of $20,000, in 300,000 shares of $1. PBTEOIJEUM STOCKS. 377 MoOlintook Farm and Oheeet Teee, 7 Nassau street, organized September, lg64, with a capital of $1,000,000, in 10,000 sliares of $100 ; subscription price $25. MoOlintook and Ooenwall, 48 Broadway, organized with a capital of $500,000, in 5,000 shares of $100. MoFate, 7 Nassau street, organized January, 1865, with a capital of $300,000, and a reserved working capital of $30,000, in 60,000 shares of $5; subscription price $3 ; market price 4.25. MoKiNLBT Oil Company, 81 John street, organized August, 1864, with a capital of $250,000, in 25,000 shares of $10 ; dividend 3 per cent, monthly and 10 additional Novem- ber, 1864. McKiNLET No. 2, Atlantic Bank, Broadway, organized October, 1864, with a capital of $250,000, and a reserved working capital of $50,000, in 25,000 shares of $10; market value $2 50. Manhattan Petroleum, 73 Broadway, organized August, 1864, with a capital of $500,000, in 250,000 shares of $2; market value 52 cents. Maple Gkove, 41 Fulton street, organized November, 1864, with a capital of $250,000, and a reserved working capital of $50,000, in 50,000 shares of $5 ; market price 50 cents; 1 per cent, dividend March, 1865. Maple Suadb of New Yoek, 67 Wall street, organized with a capital of $500,000, in 50,000 shares of $10 ; 3 per cent, dividend August, 1864. Marietta, 51 Broad street, organized May, 1864, with a capital of $1,000,000, in 100,000 shares of $10. Meechants and Bankees', 66 Beaver street, organized January 1865, with a capital of $400,000, and a reserved working capital of $25,000 in 80,000 shares of $5 ; subscrip- tion price $2 50. Meecantile, 20 Broad street, organized with a capital of $500,000, and a reserved working capital of $30,000, in 100,000 shares of $5 ; subscription price $1 50. Michigan Oentee, 8 Pine street, organized April, 1864, with a capital of $500,000 in 50,000 sliares of $10. 378 STOCK EXCHANGE MANVAL. MiLLEE Faem, 36 Pine street, organized July, 1864, with a capital of |300,000 in 60,000 shares of |5. Mount Vernon', 154 Water street, organized October, 1864, with a capital of |300,000, in 100,000 shares of $3. MosKiNGTTM, 137 Duane street, organized January, 1865, with a capital of $500,000, and a reserved working capital of 130,000, in 100,000 shares of $5 ; subscription price 3. Mutual Benefit Pbtkoleum, 130 Pearl street, organized January, 1865, with a capital of $500,000, and a reserved working capital of $100,000, in 200,000 shares of $2 50 ; market value $i 60. Marietta Peteoleum Oil, of Ohio, 4 Cedar street, organ- ized December, 1864, with a capital of $100,000, and a re- served workmg capital of $50,000, in 100,000 shares of $10. Mineeva, 4 Cedar street, organized February, 1865, with a capital of 500,000, in 100,000 shares of J5. Mineral Point Petroleum, Oil, and Iron, 71 Broadway, organized February, 1865, with a capital of $1,000,000, and a reserved working capital of $25,000, in 100,000 shares of $10 ; subscription price $5. MoNONGAHELA AND Kanawha Oil, 78 and 80 Broadway, organized March, 1865, with a capital of $1,500,000, and a re- served working capital of $75,000, in 300,000 shares of $5. Mahoning Valley Petroleum, 3 Rector street, organized December, 1864, with a capital of $1,000,000, and a reserved working capital of $60,000, in 100,000 shares of $10; sub- scription price $3. National, 2 Exchange Place, organized with a capital of $200,000, in 40,000 shares of $5. Newark, 27 Park row, now organizing. New England, 60 John street, organized with a capital of $150,000, and a reserved working capital of $40,000, in 75,000 shares of $3. New York City Oil, 102 Maiden lane, now organizing. New York and Alleghany, 184 Maiden lane, organized with a capital of $250,000, and a reserved working capital of $50,000, in $50,000 shares of $5. PETROLEUM STOCKS. 379 Nb-w Yoek and Liveepool, 71 Broadway, organized with a capital of $1,000,000, in 100,000 shares of $10. New Yoek and Beak Run, Cooper Institute, organized in February, 1865, with a capital of $20,000, in 20,000 shares of $1. New Yoek and Maeietta, 61 Broad street, organized la May, 1864, with a capital of $200,000, in 20,000 shares of $10. New Yoek Oil Oeeek, 106 Broadway, organized in Au- gust, 1864, with a capital of $500,000, and a reserved work- ing capital of $75,000, in 100,000 shares of $5 ; subscription price $5. New Yoke and Boston, 11 Wall street, organized Octo- ber, 1864, with a capital of $500,000, and a resei-ved working capital of $22,500, in 100,000 shares of $5 ; subscription price $3 ; first monthly dividend H for March. New Yoek and Oonnbcticut, 69 Broadway, organized February, 1865, with a capital of $750,000, in 100,000 shares of $7 60. New World of West Vieginia, 262 Broadway, organ- ized February, 1865, with a capital of $500,000, in 50,000 shares of $10 ; subscription price $3. Noble Faem, 30 Pine street, organized December, 1864, with a capital of $600,000, and a reserved working capital of $30,000, in 120,000 shares of $5. New Yoek and Peotidenoe, 52 Cedar street, organized March, 1865, with a capital of $300,000, and a reserved work- ing capital of $20,000, in 100,000 shares of $8 ; subscription price $2. New Lebanon Oil, 6 Wall street, organized February, 1865, with a capital of $150,000, and a reserved working capital of $18,000, in 30,000 shares of $5. New Yoek and New England Petroleum, 155 Broad street, organized with a capital of $120,000, and a reserved working capital of $25,000, in 24,000 shares of $5. Neshannock Creek Oil, 68 Cedar street, organized Feb- ruary, 1865, with a capital of $1,000,000, and a reserved 380 STOCK KXOHANGE MAXUAL. ■working capital of §-10,000, in 200,000 shares of $5 ; subscrip- tion price $1. Kbw Yoek Maple Shade Oil, 67 "Wall street, orjjanized August, 186 J-, with a capital of $.500,000 in 50,000 shares of $10. New Toek and PniLADELPniA, 52 Williaui street, organ- ized with a capital of $1,500,000, and a reserved working capital of $100,000, in 300,000 shares of $5 ; subscription price $3. Xkw York, Philadelphia, asd Baltihobe Consolidated, 71 Broadway, organized with a capital of $1,500,000, and a reserved working capital of $50,000, in 300,000 shares of $5 ; subscription price $3. New Yoek and West Vieginia, 137 Broadway, organized August, 1864, with a capital of $300,000, and a reserved work- ing capital of $12,500, in 50,000 shares of $10; subscription price $1 25. New Yobc and Pennsylvania Oil, 67 Wall street, organ- ized August, 1864, with a capital of $1,000,000 in 100,000 shares of $10; market value $1. Noble and Delamatbr of New Yokk, 67 Wall street, organized October, 1864, with a capital of $300,000, and a re- served working capital of $10,000, in 100,000 shares of $3 ; market value $3 25. Noble Well, 7 Pine street, organized May, 1804. with a capital of $500,000, in 20,000 shares of $25 ; subscription price $10 ; it has paid 5 dividends ot 1 per cent, and 2 of 2 per cent. NoEMAL, 71 Broadway, organized with a capital of $500,- 000, and a reserved working capital of $50,000, in 100,000 shares of $5 ; market value $9 ; dividend 3| per cent, quar- terly, December, 1864. Nor.Tii A^iEiacAN, 74 Broadway, organized October, 1864, with a capital oi $1,250,000 in 125,000 shares of $10. NoKTHEES Light, 181 Pearl street, organized November, 1864, with a capital of $1,000,000, and a reserved working capital of $75,000, in 100,000 shares of $10; market value $4 50, dividend 3 per cent, for February. PETEOLEUM STOCKS. 381 National Oil Speinss, 86 Broadway, organized February, 1865, with a capital of $1,000,000, and a reserved working capital of $100,000, in 200,000 shares of $5. New World Petroleum, 41 Pine street, organized February, 1865, with a capital of $800,000, and a reserved working cap- ital of $50,000, in 80,000 shares of $10. Old Dominion, 172 Pearl street, organized with a capital of $750,000, in 76,000 shares of $10 ; subscription price $5. Oceanic, 134 Maiden lane, organized September, 1864, ■with a capital of $2,000,000, and a reserved working capital of $100,000, in 200,000 shares of $10 ; subscription price $5 ; market value $2 35 ; dividend 2 per cent, for January, Feb- ruai-y, and March. Ohio, 4 Broad street, organized September, 1864, with a capital of $1,000,000 In 10,000 shares of $100. Dividends 3 per cent, for November, 2 per cent, for December and January. Oil City, 8 Pine street, organized June, 1864, with a cap- ital of $500,000 in 50,000 shares of $10. On, Oebek, 7 Nassau street, organized October, 1864, with a capital of $1,000,000, and a reserved working capital of $75,000, in 50,000 shares of $20 ; dividend 3 per cent, quarterly. Oil Run Peteoleum, 66 "Wall street, organized March, 1865, with a capital of $1,000,000 in 200,000 shares of $5; subscription price $2, Pacieio, 17 William street, organized October, 1864, with a capital of $1,000,000, and a reserved working capital of $50,000, in 100,000 shares of $10 ; subscription price $3. Phillips, 18 Broad street, organized December, 1864, with a capital of $2,500,000, and a reserved working capital of $40,000, in 250,000 shares of $10; subscription price $4; dividend 1 per cent, for April. Pacific Coast, 71 Broadway, organized with a capital of $5,000,000 in 50,000 shares of $100 ; subscription price $20 ; market value $4 85. Pebsjdent, 71 Broadway, organized November, 1864, with 382 STOCK EXCHANGE MANUAi. ■a capital of $5,000,000, and a reserved working capital of $100,000, in 200,000 shares of |25 ; subscription price $5 ; mar- ket value $15. PiTHOLE Okeek, 49 Exchange Place, organized with a capi- tal of $1,000,000 in 40,000 shares of $25. PowEL Oil AND OoAL, 132 Maiden lane, organized January, 18C5, with a capital of 300,000, and a reserved working capi- tal of $25,000, in 100,000 shares of $3 ; subscription price $1 50. PiTHOLE Oeeek asd ALLEGnANY RivEH, $62 William street, organized October, 1864, with a capital of $500,000 in 50,000 shares of $10. PiTHOLE Mutual, 16 Front street, organized with a capi- tal of $300,000, and' a reserved working capital of $100,000, in 30,000 shares of $10. Pleasants Cotjnty Oil, 12 Pine street, organized March, 1865 with a capital of $500,000, and a reserved working capi- tal of $30,000, in 100,000 shares of $5. Philip Sheeidan Oil, 23 and 25 Nassau street, organized November, 1864, with a capital of $2,000,000, and a reserved working capital of $50,000, in 400,000 shares of $5 ; subscrip- tion price $1. Point Pleasaxt Peteoleum, 82 Broadway, organized March, 1865, with a capital of $300,000, and a reserved work- ing capital of $50,000, in 60,000 shares of $5. Pebsoott Peteoleum, 62 Cedar street, organized February, 1865, with a capital of $300,000, and a reserved working cap- ital of $25,000 in 100,000 shares of $3 ; subscription price $2. People's Mutual Oil and Mining Company of "West ViEGiNiA, 6 "Wall street, organized February, 1865, with a capital of 2,000,000, and a reserved working capital of $100,000, in 200,000 shares of $10 ; subscription price $5. Eainbow Oeeek, 175 Broadway, organized December, 1864, with a capital of $500,000, and a reserved working capi- tal of $40,000, in 100,000 shares of $o ; subscription price $2. Eathbone of "West "Vieginia, 38 Pine street, organized December, 1864, with a capital of $450,000, and a reserved PBTKOLEUM STOCKS. 383 working capital of $30,000, in 150,000 shares of |3 ; sub- scription price $1. Ebtenub Oil Company, 30 Broad street, organized with a capital of $250,000 in 5,000 shares of $50. Eathbonb Oil Teaot, G9 "Wall street, organized with a capital of $5,000,000 in 50,000 shares of $100. Rtnd Faem, 8 Broad street, organized July, 1864, with a capital of $2,000,000 in 200,000 shares of $10 ; market value $3 60 ; dividend 4 per cent, quarterly. Eesolute, 41 Fulton street, organized November, 1864, with a capital of $250,000, and a reserved working capital of $100,000, in 50,000 shares of $5 ; subscription price $2 50. EiTOHiB County (Vieginia) Oil, organized November, 1864, with a capital of $600,000 in 60,000 shares of $10. Sboueity, 30 Broad street, organized February, 1865, with a capital of $200,000, and a reserved working capital of $15,000, in 100,000 shares of $2; subscription price $1. Shesman, 17 Water street, organized January, 1865, with a capital of $500,000, and a reserved working capital of $12,500, in 100,000 shares of $5. Seneca Eeseevation, corner of Maiden lane and Pearl street, organized with a capital of $1,000,000 in 20,000 shares of $50, Shaffeb Faem, 101 Chambers street, organized October 1864, with a capital of $300,000 in 50,000 shares of $10. Sheevb Faem, 20 Pine street, organized with a capital of $500,000, and a reserved working capital of $10,000, in 100,000 shares of $5 ; subscription price $2. Standard, 108 Broadway, organized December, 1864, with a capital of $600,000, and areserved working capital of $25,000, in 120,000 shares of $5 ; subscription price $2 50. Stoey and MoClintook, 13 Pine street, organized July, 1864, with a capital of $500,000 in 50,000 shares of $10 ; divi- dend 8 cents per share for December, 1864. SircoESS, 137 Broadway, organized June, 1864, with a cap- ital of $100,000 in 10,000 shares of $10 ; subscription price $7; dividend 9i per cent, on capital stock to January 1st. 38't STOCK KXCIlA^Gi; MA>;UAL. ScN, 8 Wall street, organized October, 1864, with a capi- tal of $200,000, and a reserved working capital of $40,000, in $100,000 shares of $2. Sheeman and Baensdall, 43 Pine street, organized with a capital of SY50,000 in 300,000 shares of $2 50. Stella, 74 Broadway, organized February, 18G5, with a capital of $500,000, and a reserved working capital of $75,000, in 100,000 shares of $5. Second National, 100 Broadway, organized February, 1865, with a capital of $3,000,000 in 200,000 shares of $15 ; subscription price $7 50. Story and Jason Fabm Petroleum, 1 Hanover Square, organized with a capital of $350,000, and a reserved vrorkmg capital of $30,000, in 70,000 shares of $5. Taok, 5 William street, organized with a capital of $500,000 in 100,000 shares of $5 ; market value $2 50 ; dividend 2 per cent, monthly. Taliman Petroleum, 54 William street, organized May, 1864, with a capital of $500,000, and a reserved working capital of $50,000, in 50,000 shares of $10 ; subscription price $2. Tabr Farm, 61 Oedar street, organized October, 1864, with a capital of $3,000,000 in 30,000 shares of $100 ; subscription price $50 ; market value $28 ; dividend 1 per cent, monthly. Taeragenta, 3 Hanover Square, organized October, 1864 with a capital of $500,000 in 100,000 shares of $5 ; market value $2 50. Titus Oil, 17 Wall street, organized October, 1864, with a capital of $630,000 in 63,000 shares of iSlO ; market value $4,25 ; dividend 3 per cent, on March 15, Titus Estate, 13 Pine street, organized October, 1864, with a capital of $1,000,000, and a reserved working capital of $22,000, in 100,000 shares of $10 ; market value $2. Taeentum Oil, Salt, and Coal, 132 Maiden lane, organ- ized October, 1864, -with a capital of $500,000 in 6,000 shares of $100. United Republio, 74 Broadway, organized February, 1865, PETEOLEUM STOCKS. 385 ■with a capital of $2,500,000, and a reserved worliiug capital of $500,000, in 250,000 shares of $10. Uiriosr, 366 Washington street, organized February, 1865, with a capital of 125,000, and a reserved working capital of 20,000, in 12,500 shares of $10. United Petkolbum Faems, 10 Pine street, organized with a capital of $10,000,000 in 1,000,000 shares of $10 ; dividend 1| per cent, for February. United States, 47 Exchange Place, organized April, 1864, with a capital of $500,000, and a reserved working capital of $100,000, in 50,000 shares of $10 ; subscription price $5 ; mar- ket value $10 50 ; dividend 5 per cent, on March 15. Uppeb Duck Cebek, 249 Pearl street, organized January, 1866, with a capital of $150,000, and a reserved working capi- tal of $35,000, in 2,000 shares of $75. Union Pbtboleum, 37 Nassau street, organized December, 1864, with a capital of $500,000, and a reserved working capi- tal of $80,000, in 50,000 shares of $10 ; subscription price $5. United Seevice Peteoleum and Mining, 240 Broadway, organized with a capital of $500,000, and a reserved working capital of $155,000, in 100,000 shares of $5 ; subscription price $3. Venango, 12 Old Slip, organized with a capital of $400,000 in 40,000 shares of $10 ; market value $1 50. Vesta Peteolettm and Refining, 4 Oedar street, organized in August, 1864, with a capital of $500,000 in 50,000 shares of $100. ViEGiNiA AND Ohio, 51 Broad street, organized May 1864, with a capital of $1,000,000, and a reserved working cap- ital of $500,000, in 100,000 shares of $10. ViEGiNiA Peteoleum, 4 Broad street, organized Septem- ber, 1864, with a capital of $500,000 in 50,000 shares of $10. Wabun, 70 Wall street, now organizing. Walnut Bend, organized with a capital of $200,000 in 20,000 shares of $10. Webstee, 54 William street, organized December, 1864, 17 386 STOCK EXCHANGE MANUAL. with a capital of |500,000, and a reserved working capital of $50,000, in 100,000 shares of |5. West Virginia Oil and Coal, 71 Broadway, organized with a capital of $3,000,000 in 300,000 shares of $10 ; sub- scription price |1. "William Penn, 54 William street, organized October, 1864, with a capital of $250,000, and a reserved working capital of $25,000, in 25,000 shares of $10 ; subscription price $2 50. Woods and Weight Oil Oeeek, 66 South street, organ- ized October, 1864, with a capital of $650,000 in 6,500 shares of $100 ; dividend 2 per cent, monthly. Wtominq- op Canada West, 43 Broadway, organized December, 1864, with a capital of $250,000, and a working capital of $30,000, ia 25,000 shares of $10 ; subscription price |5. Wyoming Rock Oil of Canada West, 115 Broadway, organized January, 1865, with a capital of $1,000,000 in 100,- 000 shares of $10. Ward Farm, 71 Broadway, organized December, 1864, with a capital of $500,000, and a reserved working capital of $250,000, in 100,000 shares of |5. Winona, 5 William street, organized with a capital of $1,000,000, and a reserved working capital of $25,000, in 100,- 000 shares of $10; subscription price $6. Wolf Ceeek, 49 William street, organized with a capital of $200,000, and a reserved working capital of $25,000, in 40,000 shares of $5 ; subscription price $2 50. Watson Farm, organized with a capital of $500,000 in 100,000 shares of $5. CHAPTER IX. INSUEANCE STOCKS. Insubance is an agreement or contract entered into between two parties, by which the one, for a specified sum, undertakes to indemnify, secure, or, as it is termed, insure or assure the other against the occurrence of the consequences of some special risk, as, for instance, the burning of a house or property (fire insurance), the wreck of a ship (marine insurance), the death of a debtor (life insurance). These are the principal kinds of insurances. Gener- ally as regards insurances, the person insuring is the in- sured, the person who takes the risk is the assurer, the consideration paid is the premium, and the document setting forth the particulars as afiecting both parties is the policy. I. FIRE INSUEANCE COMPANIES. These stocks are of themselves valuable; but their value will be better appreciated by the statement of the actual price compared with that of last April, together with the profits and dividends of these companies. The 388 STOCK EXCHANGE ilAXUAL. ravages of fire during 1864, the non-pa3rment of divi- dends, mal-administration in occasional instances, and a general indisposition on the part of shareholders to stand in the gap, as between policy holders and the pos- sible repetition of last year's conflagration, have com- bined to cause the large decline at once noticeable in present quotations, as compared with those of April, 1864. In some cases the decline is of a character chal- lenging attention and inquiry. A fluctuation of ten, fifteen, or even twenty per cent, in the market price of a stock might not attract much notice ; but when the decline is equal to twenty-five, thirty, forty-five, or even fifty-five per cent., there would seem to be a partner- ship of bad luck and bad management. We will give the figures without further comment ; they are worthy of careful examination : Adeiatio, established in 1858, with a capital of $300,000 ; the par value of shares is $25 ; the actual price 107, and last April 107; two dividends of 5 per cent, have been de- clared in July and January. jSItna, 170 Broadway, established in 1824, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 100, against 115 April, 1864 ; a dividend of 31 and 30 per cent, scrip has been declared in January. Ameeioajt, 48 Wall street, established in 1857, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 135, against 135 April, 1864 ; two dividends of 3i have been declared in July and January, and 5 in May, 1865. Aeotio, 18 "Wall street, established in 1853, with a capital of $500,000 ; the par value of shares is $50 ; the actual price 100, against 101 April, 1864 ; two dividends of 5 per cent, have been declared in July and January. Atlantic, 14 Wall street, established in 1851 in Brooklyn, with a capital of $200,000 ; the par value of shares is $50 ; INSUEANCE STOCKS. 389 the actual price 160, against 140 April, 1864 ; two dividends of 6 per cent, have been declared in September and March. AsTOB, 16 Wall street, established in 1851, with a capital of $250,000 ; the par value of shares is $25 ; the actual price 100, against 1241 April, 1864; a dividend of 5 per cent, has been declared last October, and 5 per c ^nt. in March. Amebioan Exohangb, 128 Broadway, established in 1851, with a capital of $200,000 ; the par value of shares is $100 ; the actual price 95, against 95 April, 1864; no semi-annual dividend has been declared. Baltic, 650 Broadway, established in 1864, with a capital of $200,000 ; the par value of shares is $100 ; the actual price 100 ; this new company has not yet declared a dividend. Beekman, 10 "Wall street, established in 1853, with a capital of $200,000 ; the par value of shares is $25 ; the actual price lOT, against 107 April, 1864; two dividends of 4 and 5 per cent, have been declared in August and February. BowEET, 124 Bowery, established in 1853, with a capital of $300,000 ; the par value of shares is $25 ; the actual value 162, against 188 April, 1864; a dividend of 10 percent, has been declared in December. Beevooet, 70 Wall street, established in 1857, with a capital of $150,000 ; the par value of shares is $50 ; the actual price 80i, against llSj April, 1864 ; no dividend has been de- clared last year. Beoadwat, 2 Wall street, established in 1849, with a capital of $200,000 ; the par value of shares is $25 ; the actual price 135, against 139 April, 1864; two dividends of 6 per cent, have been declared in August and February. Beookltn, J 8 Wall street, established in 1824, with a capital of $153,000 ; the par value of shares is $17 ; the actual price 210, against 210 April, 1864; two dividends of 10 per cent, have been declared in January and July. Oenteai, Paek, 168 Broadway, established in 1860, with a capital of $150,000 ; the par value of shares is $50 ; the actual price 100, against 100 April, 1864 ; no dividend has been de- clared this year. 390 STOCK EXCHAKGE MANUAL. Citizens', 67 "Wall street, established in 1836, with a capita, of $300,000 ; the par value of shares is $20 ; the actual value 230, against 275 April, 1864; two dividends of 10 per cent- have been declared in July and January. City, 58 "Wall street, established in 1833, with a capital of $211,000; the par value of shares is $70; the actual price 150, against 165 April, 1864; two dividends of 4 and 31 per cent, have been declared in August and February. Clinton, 52 "Wall street, established in 1850, with a capital of $250,000; the par value of shares is |100; the actual price 113^, against 120 April, 1864; two dividends of 5 per cent, have been declared in July and January. Columbia, 161 Broadway, established in 1853, with a capital of $500,000 ; the par value of shares is $50 ; the actual price 106, against 107 Aprd, 1864 ; a dividend of 5 per cent, has been declared iu July ; no dividend in January. CoMMEEOiAL, 49 Wall street, established in 1850, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 131, against 134 April, 1864; two dividends of 5 per cent, have been declared in January and July. Commonwealth, 151 Broadway, established in 1853, with a capital of $250,000 ; the par value of shares is $100 ; the actual price 100, against 107 April, 1864 ; a dividend of 8 per cent, has been declared in July ; no dividend in January. Continental, 102 Broadway, established in 1853, with a capital of $500,000 ; the par value of shares is $100 ; the actual price is 171^, against 170 April, 1864; two dividends have been declared, 7 per cent, and 50 scrip in July, and 7 per cent, in January. CoBN Exchange, 13 "William street, established in 1853, with a capital of $400,000 ; the par value of shares is $50 ; the actual price 85, against 130 April, 1864; a dividend of 5 per cent, has been declared in July; no dividend in January. CoMMEECE, 27 Wall street, established in 1859, with a capital of $200,000; the par value of shares is $160; the actual price 105, against 105 April, 1864; two dividends of 5 per cent, have been declared in July and January. INSURANCE STOCKS. 391 Oeoton, 180 Broadway, established in 1863, with a capital of $200,000 ; the par value of shares is $100 ; the actual price 103, against 106 April, 1864; a dividend of 5 per cent, has been declared in July ; no dividend in January. Eaqlb, 71 Wall street, established in 1806, with a capital of $300,000 ; the par value of shares is $40 ; the actual price 175, against 175 April, 1864 ; a dividend of 7^ per cent, has been declared in October, and 7^ in April. Empire Oitt, 102 Broadway, established in 1830, with a capital of $200,000 ; the par value of shares is 100 ; the actual price 150, against 165 April, 1864 ; two dividends of 10 and 7 per cent, have been declared in July and January. ExoELSioE, 130 Broadway, established in 1853, with a capital of $200,000; the par value of shares is $50 ; the actual price 110, against 102 April, 1864; two dividends of 5 per cent, have been declared in July and January. Exchange, 170 Broadway, established in 1853, witli a capital of $150,000 ; the par value of shares is $30 ; the actual price 65, against 80 April, 1864; no dividend has been de- clared this year. Firbmek's, 33 "Wall street, established ia 1629, with a capital of $204,000; the par value of shares is $17; the actual price 138, against 143 April, 1864 ; a dividend of 5 per cent, has been declared in April ; no dividend in October. Firemen's Fund, 200 Broadway, established in 1858, with a capital of $150,000 ; the par value of shares is $10 ; the actual price 90|, against 90^ April, 1864 ; no dividend has been declared this year. Fiebmen's Trust, 7 Wall street, established in 1859, with a capital of $150,000; the par value of shares is $10; the actual price 110, against 110 April, 1864; a dividend of 5 per cent, has been declared in July ; no dividend in January. Fui.TON, 172 Broadway, established in 1853, with a capital of 200,000 ; the par value of shares is $25 ; the actual price 128, against 160 April, 1864 ; a dividend of 5 per cent, has been declared in July ; no dividend in January. Gebhaed, 1 Pine street, established in 1857; with a 392 STOCK EXCHANGE MANUAL. capital of $200,000 ; the par value of shares is $103 ; the actual price 100, against 103 April, 1864:; two dividends of 5 per cent, have heen declared in July and January. Globb, Greenwich street, corner of Fulton, estab- lished in 1863, with a capital of $200,000 ; the par value of shares Is $50; the actual value 115, against 110 April, 1864 ; a dividend of 5 per cent, has been declared in July, and 5 in April. Goodhue, 17 Wall street, established in 1857, with a capital of $200,000 ; the par value of shares Is $100 ; the actual price 105, against 100 April, 1864, a dividend of 4 and 5 scrip has been declared in July, and 4 in January. Gkeenwioh, 400 Hudson street and 8 Pine street, estab- lished in 1834, with a capital of $200,000; the par value of shares is $25 ; the actual price 165, against 160 April, 1864; a dividend of 7 per cent, has been declared in August. Groobes', 76 Wall street, established in 1850, with a capital of $,200,000 ; the par value is $50; the actual price llOJ, against 118 April, 1864; a dividend of 5 per cent, has been declared in September, and 5 in April. Gallavin, 96 Broadway, established in 1857, with a capital of 1180,000 ; the par value of shares is $50 ; the actual price 100, against 85 April, 1864; a dividend of 4 per cent, has been declared in July, 4 in January, and 6 in May. Geemaxia, 4 Wall street and 457 Broadway, established in 1859, with a capital of $500,000 ; the par value of shares is $50; the actual price 118, against 116 April, 1864; two divi- dends of 5 per cent, have been declared in July and January. Hamilton, 11 Wall street, established in 1852, with a capital of $150,000 ; the par value of shares is $15 ; the actual price 101, against lOl April, 1864; a dividend of 4 per cent, has been declared in July. Hauovee, 45 Wall street, established in 1852, with a capital of $400,000 ; the par value of shares is $50 ; the actual price 135, against 130 April, 1864; two dividends of 6 per cent, have been declared in July and January. Haemont, 50 Wall street, established in 1853, with a capital of $300,000 ; the par value of shares is $50 : the actual INSURANCE STOCKS. 393 price 120, against 125 April, 1864 ; two dividends of 5 per cent, have been declared in July and January. HoFrMAN, established in 1864, with a capital of $200,000; the par value of shares is $100 ; the actual price 102, ; it has not yet declared a dividend. HoMB, 135 Broadway, established in 1853, with a capital of $2,000,000; the par value of shares is $100; the actual price 185, against 200 April, 1864; two dividends of 8 per cent, have been declared in January and July. Hope, 64 Wall street, established in 1856, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 106, against 100 April, 1864; two dividends of 5 per cent, have been declared in July and January. Howard, 66 Wall street, established in 1825, with a capital of $300,000 ; the par value of shares is $50 ; the actual price 185, against 200 April, 1864; two dividends of 10 and 5 per cent, have been declared in July and January. Humboldt, 10 Wall street, established in 1857, with a capital of $200,000 ; the par value of shares is $100 ; the ac- tual price 100, against 85 April, 1864 ; a dividend of 5 per cent, has been declared in January ; no dividend in July. Indemnity, .207 Broadway, established in 1856, with a capital of $150,000 ; the par value of shares is $100; the ac- tual pi'ice 105, against 100 April, 1864 ; two dividends of 5 per cent, have been declared in August and February. Inteenational, 113 Broadway, established in 1863, with a capital of $1,000,000 ; the parValue of shares is $100 ; the actual price 100, against 105 April, 1864; no dividend has been declared. Impobters and Traders', 100 Broadway, established in 1859, with a capital of $200,000; the par value of shares is $50; the actual price 106, against 110 April, 1864; a dividend of 5 per cent, has been declared in July. Irving, 9 Wall street, established in 1852, with a capital of $200,000 ; the par value of shares is $25 ; the actual price lOOi, against 123 April, 1864 ; no dividend has been declared this year. 17* 394 STOCK EXCHANGE MANUAL. Jkffehson, 60 Wall street, established in 1824, vrith a capi- tal of $200,000 ; the par value of shares is $30 ; the actual price 190, against 197 April, 1864 ; a dividend of 10 per cent, has been declared in September, and 8 per cent, in March. Kniokeebookee, 64 Wall street, established in 1798, with a capital of $280,000 ; the par value of shares is $40 ; the actual price 118, against 130 April, 1864; two dividends of 5 per cent, have been declared in July and January. Kings County, 1 Nassau street, established in 1858, with a capital of $150,000 ; the par value of shares is $20 ; the actual price 70, against 91 April, 1864 ; no dividend has been declared this year. ' Lafayette, 14 Wall street, established in 1856, with a capital of $150,000 ; the par value of shares is $50 ; the actual price 98, against 100 April, 1864; no dividend has been de- clared this year. Lamak, 50 Wall street, established in 1856, with a capital of $300,000; the par value is $100; the actual price 111, against 120 April, 1864 ; two dividends have been declaimed in July and January. Lenox, 16 Wall street, established in 1853, with a capital of $150,000 ; the par value of shares is $25 ; the actual price 112, against 110 April, 1864; two dividends of 5 per cent, have been declared in January and Jnly. Long Island, 48 Wall street, established in 1833, with a capital of $200,000 ; the par value of shares is $100 ; the actual price 170, against 179 April, 1864; two dividends of 8 per cent, have been declared in July and January. Loeillaed, 104 Broadway, established in 1852, with a capital of $500,000 ; the par value of shares is $25 ; the actual value is 130, against 125 April, 1864; two dividends have been declared, 6 per cent, and 90 scrip in August, and 4 in February. Manhattan, 68 Wall street, established in 1821, with a capital of $500,000 ; the par value of shares is $50 ; the actual price 170, against 175 April, 1864; two dividends of 10 per cent, have been declared in July and January. INSURANCE STOCKS. 395 Makket, 37 Wall street, establislied in 1853, with a capital of $200,000 ; the par value of shares is |100 ; the actual price is 137, against 130 April, 1864; two dividends have been de- clared, 10 per cent, and 60 scrip in July, and 3iin January. Mechanios and Traders', 48 "Wall street, established in 1858, with a capital of $200,000 ; the par value of shares is $25 ; the actual price 150, against 150 April, 1864 ; two divi- dends of 6 per cent, have been declared in July and January. Mbohanios', 31 Wall street, established in 1857, with a capital of $150,000 : the par value of shares is $50 ; the actual price 150, against 139 April, 1864; a dividend of 6 per cent, has been declared in July. Mercantile, 186 Broadway, established in 1852, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 109|, against 123 April, 18S4; no dividend has been de- clared this year. Merchants', 106 Broadway, established in 1850, with a capital of $200,000; the par value of shares is $50; the actual price $200, against 109 April, 1864; two dividends of 10 per cent, have been declared in July and January. Metropolitan, 108 Broadway, established in 1854, with a capital of $300,000 ; the par value of shares is $100 ; the actual price 1301, against 125 April, 1864; two dividends have been declared, 5 per cent, in July, 10 per cent, and 50 scrip in January. MoNTAUK, 168 Broadway, established 1857, with a capital of $150,000 ; the par value of shares is $50 ; the actual price 125, against 129 April, 1864; a dividend of 5 per cent, has been declared in July. Morris, established in 1864, with a capital of $500,000 ; the par value of shares is $100 ; the actual price 100 ; no divi- dend has yet been declared. Nassau, 65 Wall street, established in 1852, with a capital of $150,000 ; the par value of shares is $50 ; the actual price 175, against 175 last year; two dividends of 8 and 7 have been declared in July and January. National, 52 Wall street, established in 1838, with a 396 STOCK EXCHAXGE MANUAL. capital of $200,000; the par value of shares is$37j; the actual price 148, against 202 April, 1864; two dividends of 8 per cent, have been declared in July and January. New Amsteedam, 26 Wall street, established in 1853, with a capital of $200,000 ; the par value of shares is $26 ; the actual price 105, against 106 April, 1864 ; no dividends have been declared this year. New Yoek Equitable, 58 Wall .street, established in 1823, with a capital of $20,000 ; the par value of the shares is $35 ; the actual price 160, against 210 April, 1864; a dividend of 6 per cent, has been declared in July. New Yoek Fieeand Marine, 72 Wall, established in 1832, with a capital of $200,000 ; the par value of shares is $100 ; the actual price 135, against 150 April, 1864; two dividends of 6 jjer cent, have been declared in August and February. New World, 151 Broadway, established in 1856, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 85, against 90 April, 1864; no dividend has been declared this year. Niagara, 67 Wall street, established in 1850, with a capital of $1,000,000; the par value of shares is $50; the actual price 120, against 180 April, 1864; two dividends of 5 and 6 per cent, have been declared in July and January. North American, 114 Broadway, established in 1823, with a capital of $500,000 ; the par value of shares is |50 ; the actual price 100 j, against 115 April, 1864; a dividend of 6 per cent, has been declared in June, and 4 in April. North River, 202 Greenwich, established in 1822, with a capital of $350,000 ; the par value of shares is $25 ; the actual price 112, against 135 April, 1864; a dividend of 3 per cent, has been declared ia October. Paoifio, 470 Broadway and 72 Wall street, established in 1851, with a capital of $200,000 ; the par value of shares is $25; the actual value 140, against 146 April, 1864; two dividends of 6 per cent, have been declared in July and Janu- ary. Pare, 237 Broadway and 50 Wall street, established in INSURANCE STOCKS. 397 1863, with a capital of $200,000 ; the par value of shares is $100 ; the actual price 102, against 133 April, 1804 ; two divi- dends of 5 per cent, have been declared in July and January. Pbter Coopek, li Wall street, established in 1853, with a capital of $150,000 ; the par value of shares is $20 ; the actual price 102, against 106 April, 1864 ; two dividends of 5 per cent, have been declared in August and February. People's, 393 Canal street and 66 Wall street, established in 1851, with a capital of $150,000 ; the par value of shares is $20; the actual price 90, against 109i April, 1864; two dividends have been declared in August and February. Phcenix, 62 Wall street, established in 1853, with a capital of $500,000; the par value of shares is $50 ; the actual price 150, against 148 April, 1864 ; two dividends of 5 per cent, have been declared in March and September. Eelief, 8 Wall street, established in 1855, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 135, against 140 April, 1864; two dividends of 7 per cent, have been declared in July and January. Republic, 16 Wall street, established in 1852, with a capital of $300,000; the par value of shares is $160; the actual price 107, against 115 April, 1864 ; a dividend of 8^ per cent, has been declared in July, and 3^ in January. Besoltttk, 3 Nassau street, established in 1857, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 112^, against 112 April, 1864 ; two dividends have been declared, of 5 per cent, and 40 scrip in July, and Zk in January. EuiaEBS, 180 Chatham street and 67 Wall street, established in 1853, with a capital of $200,000 ; the par value of shares is $25; the actual price 105, against 130 April, 1864; a divi- dend, of 5 per cent, has been declared in August. Sectjeitt, 31 Pine street, establis^ied in 1856, with a capi- tal of $1,000,000 ; the par value of shares is $30 ; the actual price 120, against 180 April, 1864; two dividends have been declared— 6 per cent, and 55 scrip in August, and 3 J in Feb- ruary. 398 STOCK EXCHANGE MANUAL. St. Make's, 67 "Wall street, established in 1853, with a capital of |150,000; the par value of shares is $25; the actual price 100, against 88 April, 1864; two dividends of 5 per cent, have been declared in August and February. St. ISTioHOLAs, 166 Broadway and 81 Eighth avenue, es- tablished in 1852, with a capital of $150,000 ; the par value of shares is $25 ; the actual price 98, against $100 April, 1864 ; no dividend has been declared. Stae, established in 1864, with a capital of $200,000; the par value of shares is $100 ; the actual price 100 ; no dividend has been yet declared. 8TEELi>rG, 6 "Wall street, established in 1863, with a capital of $200,000 ; the par value of shares is $100 ; the actual price 100, against 100 April, 1864 ; no dividend has been yet declared. Stdtvesant, 122 Broadway and 69 Wall street, established in 1851, with a capital of $200,000 ; the par value of shares is $25 ; the actual price 88, against 90 April, 1864 ; no dividend h.is been declared. Standakd, 11 Wall street, established in 1857, with a capital of $200,000 ; the par value of shares is $50 ; the actual price 120, against 120 April, 1864 ; two dividends have been declared — 5 per cent, in July, and 7 in -January. Teadesmen's, 153 Broadway and 14 Wall street, estab- lished in 1858, with a capital of $150,000 ; the par value of shares is $25; theactnal price 128, against 128 April, 1804; two dividends of 5 per cent, have been declared in July and January. United States, 69 Wall street, established in 1824, with a capital of $250,000 ; the par value of shares is $25 ; the actual price 120i, against 140 April, 1864: a dividend of 6 per cent, has been declared in July. Washingtoit, 172 Broadway, established in 1850, with a capital of $400,000 ; the par value of shares is $50 ; the actual price 145, against 145 April, 1864; two dividends have been declared — 6 per cent, in August, 10 in February and 60 scrip. INSUKANCB STOCKS. 399 ■WiLLiAMSBtjEOH OiTY, 165 Broadway, established in 1853, with a capital of $100,000 ; the par value of shares is $50 ; the actual price 105, against 126 April, 1861; no dividend has been declared in July — 5 per cent, in January. YoNKERs AKD New Yoke, 161 Broadway, established with a capital of $500,000; the par value of shares is $100 ; the actual price 105 ; a dividend of 5 per cent, has been declared in January. 11. MARINE INSURANCE COMPANIES. The success of marine insurance business, tlie past year, is almost beyond precedent. One knowing the effect of the war on commerce would have antici- pated a very different statement — that small business and large losses would naturally follow in the wake of the rebel privateers. Just the contrary of this, however, has been the result, for never have the earnings and dividcuds been larger. Extract from the Superintendents Annual Report. " No new marine insurance company has been or- ganized in this State during the last four years. One company — the Anchor — was examined by the Superin- tendent, March 1st, 1861, reported against, and dis- solved by the Supreme Court; and the ISTeptune — a company which was oi-ganized November 12th, 1859, with a capital of $240,700 — has recently applied to the court, by petition, for a voluntary dissolution, in conse- quence of very heavy losses. Only twelve domestic marine companies, therefore, are now in active opera- tion in this State, five organized under the general act 400 STOCK EXCHANGE MANUAi. of 1849, and seven incorporated under special charters, all located in the city of JSTew York except one — the Mutual — which is located in Buffalo. The following is a list of these corporations : Special Charters. xr ™^ r^et^^^r..,^^ Gross Assets at close Name of Company. of last Fiseal Tear. Sun Mutual Insurance Company $2,003,112 20 Atlantic Mutual Insurance Company 9,265,546 32 Mercantile Insurance Company 1,432,307 65 Commercial Mutual Insurance Company.. 971,442 44 New York Mutual Insurance Company 905,478 37 Mutual Insurance Company of Buffalo .... 527,462 03 Union Mutual Insurance Company 1,640,322 16 Organized undtr the Act of 1849. {Chap. 308.) Orient Mutual Insurance Company $582,813 60 Pacific Mutual Insurance Company 1,265,260 67 Great Western Insurance Company 2,902,145 01 Columbian Insurance Company 3,140,930 80 Neptune Insurance Company 844,618 32 Washington Marine Insurance Company . . 493,581 62 Aggregate $25,475,021 09 " The Superintendent begs leave to repeat his former recommendations, that all the marine companies should be required to make and file annual statements for the year ending December 31st, instead of at the end of their respective fiscal years, and the form of such state- ments should also be more full, explicit, and satisfactory. Complaints are now made by other States that our forms for marine reports are confused, unintelligible and indefinite ; a practicable form should be devised, containing all necessary information, arranged in such a manner as to be incapable of misconstruction. Under INSUEANCE STOCKS. 401 the provisions of the act of 1861, if marine companies should be compelled to make annual statements to this department for the calendar year, their fiscal years could be altered to correspond therewith. " The marine premiums and losses for the last four years are as follows : Tear. Premiums Earned. I860 $U,1'75,626 35 $8,648,'740 25 1861 12,693,684 6T 8,077,103 53 1862 12,59'7,063 11 7,009,330 78 1863 18,466,032 62 10,492,247 48" ni. LIFE INSHEANCE COMPASTIES. Life insurance is a system of incalculable benefit to tlie community, by which, for a certain consideration or premium, acertain sum of money — which seems to carry no objection in any of its features, while the advantages and blessings in connection with it may indeed be said to be immeasurable — ^the creditor may insure an amount due from a debtor, payable in the event of the death of the latter ; children may insure against the loss of means consequent upon the death of parents; heads of families may make provision for children or other rela- tives or dependants ; and by the liberal policy adopted by the leading respectable ofiices for the insurance of small or large sums, by small and frequent or occasional and large premiums, giving the option of sharing or not in the profits of the society, and in many other respects adapting it to the wants of all classes of the community. 402 STOCIi EXCHANGE MANUAL. Extract from the Superintendent's Antiual Report. " The following New York State life insurance com- panies are now engaged in the transaction of business under charters granted by our Legislature, either by special or general acts : Special Charters. Name of Company. Capital, New York Life Insurance andTruat Company. .$1,000,000 New York Life Insurance Company No Capita!. Mutual Life Insurance Company " Organized under the General Act of 1849. {Chap. 308.) United States Life Insurance Company $100,000 Manhattan Life Insurance Company 100,000 Knickerbocker Life Insurance Company 100,000 Organized under the General Act of 18.53. (Ohap. 463.) Equitable Life Assurance Society of tlie U. S $100,000 Guardian Life Insurance Company 125,000 Washington Life Insurance Company 125,000 Home Life Insurance Company 125,000 Germania Life Insurance Company 200,000 Security Life Insurance and Annuity Company. . . 110,000 Nortli America Life Insurance Company 100,000 " The New York Life Insurance Company was incor- porated before the .Mutual Life, but did not issue any life policies until more than two years later than the latter company. " The New York Life Insurance and Trust Company, although the oldest organization in the State, had out- standing on December 31st, 1863, only one hundred and ninety-three policies for the whole term of life, in- suring 1633,150, and forty-six short-term policies, in- INSUEAKCE STOCKS. 403 suring $124,000; and only eight new policies were issued during the year 1862, insuring $17,000. The company is strictly proprietary, giving no dividends to policy holders, so that, although offering the security of the largest stock capital of any company, its life business is almost nominal, and it can hardly be re- garded as one of our existing life insurance companies in active operation. Excluding this Trust Company, still leaves twelve companies in full and efficient opera- tion, which have policies in force, excluding annuities, ranging from fifteen thousand and forty-four in number, insuring $52,615,656 (Mutual Life Insurance Company), to eight hundred and forty in number, inauring $2,088,- 350 (ISTorth America Life Insurance Company), as per the following table : Policies in Force. Name of Company. No. Amount. Gross Assets. Mutual 15,044 $52,615,656 00 $10,611,148 90 New York 9,949 26,194,426 45 2,705,666 74 Manhattan 5,206 17,043,381 00 1,500,787 23 Equitable 3,264 9,260,450 00 684,713 51 United States 3,631 8,478,027 00 1,067,685 10 Home 3,423 7,166,450 00 418,329 23 Germania 3,040 5,020,501 65 335,342 13 Knickerboclier 1,556 3,905,813 00 394,309 83 Washington 1,057 2,945,800 00 267,462 79 Guardian 1,517 2,914,822 00 210,266 44 Security 1,005 2,238,600 00 160,092 31 North America 840 2,088,350 00 160,853 12 N.Y. Life and Trust. 239 757,150 00 1,845,848 50 Aggregate 49,831 $140,628,427 10 $20,262,505 83 " Xo new life insurance company was organized during the year 1863; the year 1864 will, however, 404 STOCK EXCHANGE MANUAL. probably record the incorporation of the largest num- ber ever organized in this State during any one year. Considering the vast number of insurable lives in the United States which are uninsured, there is undeveloped business enough for many more sound organizations, if placed under reliable and honest management." STOCK EXCHANGE MANUAL. 405 The best information about stocks and speculation can be found in the following daily, weekly, and monthly newspapers : Stockholder, 72 William street. Bankers' Magazine^ corner of Pine and William street. Merchants' Magazine, William street. American Railroad Journal, 9 Spruce street. The Petroleum Chronicle, 30 Broad street. Commercial Advertiser, corner of Pine and William. Insurance Monitor, Wall street. Wall Street Underwriter, 18 Wall street.