M A R TIN' S T WEN T E1- 0TO 1NT X E AL =S IN THE Wixston Stohk Jatrhtt OR FLUCTUATIONS THEREIN FRO-M JANUARY 1835 TO JANUARY 1856. BOSTON: REDDING AND COMPANY, No. 8 STATE STREET. 18 5 6. PARTICULAR NOTICE. Grateful for past patronage, the Subscriber, A MEMBER OF THE BOSTON STOCK EXCHANGE, would respectfully tender a continuance of his services as a COMMISSION STOCK BROKER, To those desirous of purchasing or selling any of the securities current in the BOSTON, NEW YORK, or other markets. Having for several years given undivided attention to the STOCK MARKET, and prepared for leading Boston journals, WEEKLY, MONTHLY, and ANNUAL STOCK PRICE LISTS, he feels confident of being able to answer all orders to the advantage and satisfaction of those, in city or country, who may favor him with their patronage. PARTICULAR ATTENTION GIVEN to applications in person, or by letter, for information respecting any stock. APPRAISERS, ASSIGNEES, and others, can obtain reliable quotations as to the PAST OR PRESENT VALUE of all current securities. RAILROAD AND OTHER REPORTS forwarded gratis, when applied for. 0 Orders through Express Companies, or by mail, will be promptly executed at the current market value. Advances made on Consignments of Stocks for sale, which will be advertised free -of charge. JOSEPH G. MARTIN, NlTo 10, Stete Street, BOSTON. REFERENCE TO, TH:E FOLLOWING GENTLEMEN BY PERMISSION' FRANKLIN HAVEN, Esq., President Merchants Bank. CHARLES SPRAGUE, EsQ., Cashier Globe Bank. SAMUEL LAWRENCE, EsQ., Treasurer Middlesex Manufacturing Co. ISAAC LIVERMORE, EsQ., Treasurer Michigan Central Railroad. MESSRS. STEVENS, WALLACE & MORRIS, New York. [17F Statements similar to the Appendix of this work,-for each year since 1850,-can be obtained as above, and will be continued annually. TWENTY-ONE YEARS IN THE BOSTON STOCK MARKET, OR FLUCTUATIONS THEREIN FROM JANUARY 1, 1835, TO JANUARY 1, 1856; WITH THE SEMI-ANNUAL DIVIDENDS PAID FROM COMMENCEMENT OF THE BOSTON BANKS, INSURANCE, RAIL-ROAD AND MANUFACTURING COMPANIES; SAVINGS BANKS; STATE, CITY, AND MISCELLANEOUS STOCKS; CONSOLS AND BANK OF ENGLAND STOCK FROM 1730, WITH DIVIDENDS SINCE 1694, AND RATES OF INTEREST, QUOTATIONS OF EXCHANGE ON ENGLAND THE PAST THIRTYFOUR YEARS, THE BANK OF FRANCE, ETC.,'WITII COPIOUS NOTES. BY JOSEPH G. MARTIN, COMMISSION STOCK BROKER. BOSTON: REDDING AND COMPANY, No. 8, STATE STREET. 1856. Entered according to Act of Congress, In the year 1856, BY JOSEPH G. MARTIN, in the Clerk's Office of the District Court of the District of Massachusetts. DUTTON AND WENTWORTH, PRINTERS, No. 37, Congress Street, Boston. TABLE OF CONTENTS. Appendix, prices of Stocks for 1855, in detail,. 76-80 Banking and Finance, Notes on, 1835 to 1856, - - 7-18 Banking Laws of Massachusetts, Annual Meetings of Banks, 27-29 Bank of England, Remarks on,.- - 70 Stock, Fluctuations in, 1732 to 1856, 71 Dividends, 1694 to 1856, with notes, 71 Rates of Interest and Bullion, 1694 to 1856, 72 France, Rates of Interest, 1800 to 1856, with notes, - i 73 North America, (Phila.,) first in the United States, - 34 Boston Banks, Remarks on, - -. 19 Bank Stocks, Fluctuations in, 1835 to 1855, - 20 —21 Dividends, 1784 to 1856, with notes, - 22 —27 Insurance Stocks, Fluctuations in, 1835 to 1855, - - 38 —37 Dividends, 1815 to 1856, with notes, - - 38-41 Brokers' Board, Remarks on, - - - 29-30 "' Bulls " and "Bears," - 58 City Securities, Fluctuations in, 1835 to 1855, - 65 Consols, What they are, - - 69 Fluctuations in, 1730 to 1856, with notes, - - 71 Continental Money, its Origin and Depreciation, - - - 33 Copper Mining Stocks, Fluctuations in, 1846 to 1855, - - 66 "Cornering" Operations Explained, - - 58 Currency in the Colonies, - - -. 33 Foreign Exchange, Prices of, 1822 to 1856, - 74 Interest of Money, - - -. 75 Land Stocks, Fluctuations in, 1835 to 1855, - - - - 66 Dividends, 1826 to 1856, - - - - 67 Manufacturing Stocks of New England, Fluctuations in, 1835 to 1855, 42-43 Dividends, 1816 to 1856, with notes, - - 44-49 4 Table of Contents. Massachusetts Bank, First in this State, - 35 Miscellaneous Stocks, Fluctuations in, 1835 to 1855, 66 Dividends, 1831 to 1856, with notes, 67 Money Matters Abroad, Sketch of, 1824 to 1856, - 68-70 Products of Gold, 75 Railroads, Early History of, in England and America, - - 49 Railroad Stocks, Fluctuations in, 1835 to 1855, - - - 52-53 Dividends, 1834 to 1856, with notes, - - - 54-55 Bonds, Fluctuations in, 1848 to 1855, - - - 61 Description of, - - 60 Savings Banks of Boston, - - - 30-31 State Securities, Fluctuations in, 1837 to 1855, with notes, - 65 Stocks not usually Quoted, - - 58 Suffolk Bank System, how commenced, - - - - 31-32 United States Securities, Sketch of, - - - - 62-64 Fluctuations in, 1842 to 1855, - - - 65 PREFATORY REMARKS. IN the present work the compiler has aimed to furnish a full and reliable history of the several stocks in the Boston market offered to investors,-a large class, comprising not only capitalists so termed, but a host of persons of smaller means, who seek out some one of the various securities as an investment for their surplus means. The period included comprises the great BANK PANIC which commenced in 1837, failures, depression of Bank stock, with reduction of dividends, its reinstatement in public confidence, the subsequent RAILROAD PANIC, and the divers fluctuations which, during twenty years, most public stocks undergo. Copious notes have been added, with the view of relieving the dry details of figures, and imparting such information as was judged would prove useful and acceptable. In this compilation the utmost care has been taken to make it reliable, and thereby valuable for reference. The prices of Bank Stock, from 1834 to 1845, have been made up from actual public sales by auction, which afforded full quotations. The same applies to Insurance and Manufacturing Companies, as far as sales of the latter were made. Of Railroads, there were then comparatively few, and their stock was largely sold. From 1844 to the present time, we have consulted carefully prepared lists of prices made up by us, annually, for several years; also, when necessary, sales by auction, at the Brokers' Board, and for some of the earlier years, the carefully corrected prices of the day. It should be observed that some stocks, as the Freemans' and Hamilton Banks, for example, were seldom in the market in earlier years. Had they been freely offered, prices might have ruled higher 6 Prefatory Remarks. or lower, in certain cases, according to the tone of the market. Of late years, stocks being daily called at the Brokers' Board, quotations are obtained with fewer actual sales. We have omitted in some cases, small fractions, when not deemed essential in presenting the general rise or fall in the market. The dividends of the several companies, in which accuracy is so desirable, are official.* Although a very considerable outlay of time, and expense for publication, has been incurred, the price of this pamphlet has been put at 25 cents, in hopes of insuring it a wide circulation among the very numerous class in the community who have occasion, from time to time, to invest in the various securities offering; to whom, we trust, these pages will prove an acceptable work for consultation and reference. To the officers of the respective Institutions who favored us with the dividends of the same, (several of them at considerable outlay of time and labor,) and to other gentlemen who have kindly taken an interest in the work, our thanks are tendered. For valuable tabular matter, relating to prices of stocks in earlier years, notes, statistics, &c., we are especially indebted to Mr. C. G. Emmons, of this city. * The dividends of the Cocheco, New England Glass, and Salmon Falls Manufacturing Companies, could not be officially obtained, but they are from sources we deem perfectly reliable. NOTES ON BANKING AND FINANCE. JANUARY, 1835, TO JANUARY, 1856. 1835. A GOLDEN AGE FOR MONEY BORROwERS.-Financially speaking, the year 1835 was a golden one. In January, appeared the following and like advertisements, which would have read curiously enough a year ago, and would attract considerable attention even now:"; Money may be had at 5 per cent. per annum, on deposit of bank stock as security.";" $15,000 to loan on bank stock, at 5 per cent. per annum." The City Treasurer advertised for a five per cent. twenty years' loan, and-no bid to be accepted at less than five per cent. advance! Bank stocks consequently commanded as high prices as now, although their dividends were not up to the present high-water mark. Towards the end of the year there was a change, and by the spring of 1836 money was worth a handsome premium; and in the fall, good notes were offered in New York at three per cent. a month. Stocks sensibly declined, and the premonitory symptoms of the crash which came in 1837, were visible. UNITED STATES BANKS.-The Constitution of the United States was adopted in 1789, and the government was soon after organized. On the 14th of December, 1790, Alexander Hamilton, the founder of our system of finance, reported to Congress the plan of a government bank. The bill passed in February, 1791, and General Washington, after considerable consultation with his cabinet, approved it on the 25th of that month. Its capital was limited to $10,000,000, and the subscriptions were filled as soon as opened-the government taking five thousand shares, equal to $2,000,000; and the bank went into immediate operation. The stock, a large part of which was held abroad, soon rose considerably above par; and during the twenty years' continuance of its charter, the average annual dividends amounted to eight and a quarter per cent. Its charter expired March 4th, 1811, and a renewal was refused. Congress then appointed trustees to close up its, concerns, and 70 per cent. of the capital was paid to stockholders, 8 Notes on Banking and Finance. June, 1812; 18 per cent. in October; 7 per cent., ApY' 1813; and 5 per cent., April, 1815; making in all the par value. Since then, (up to 1834,) 9 per cent. more has been paid; but although stockholders eventually received 109 per cent., such was the delay in the payments, that they actually received net less than par if it had been paid at the time the charter expired, taking into view the loss of interest. The Second United States Bank.-From 1811 to 1816, the country was without any national bank. April 10th, 1816, the second United States Bank was established, with a capital fixed at $35,000,000! "It commenced operations Jan. 1st, 1817, with $14,000,000 United States stock, and $1,400,000 of coin. In 1815 the circulation of bank notes was about $47,000,000; 1816, $70,000,000; 1818, $89,000,000. The contraction of the currency caused by the revulsion of 1819, was so rapid and severe as to create general distress throughout the country. In 1820 the circulation had been reduced to $45,000,000, a contraction of one-half in two years. Bank capital in 1830, $145,192,268; circulation, $61,323,898. Banks failed or discontinued from 1811 to 1830, 193; capital $30,000,000."-Hayward's Gazetteer. Nicholas Biddle's U. S. Bank.-Previous to the expiration of the charter of the second United States Bank, (1836,) Congress had voted to renew it, but the bill was vetoed by President Jackson. The bank was re-chartered, however, by Pennsylvania, as a State institution, with its existing capital, $35,000,000-the new bank paying a bonus to the State of $2,000,000. 1836, February 14th, the stockholders of the bank voted to accept the new charter for thirty years, and transfer the interests of the old bank chartered by Congress, to the new one chartered by Pennsylvania. Nicholas Biddle, Esq., made a very flattering statement, to the effect that, after paying the bonus of $2,000,000, etc., etc., there would be $2,000,000 left from the reserved fund, besides the capital of the old bank. The services concluded with the tender of a splendid service of plate to Mr. Biddle! The new bank declared a dividend of four per cent. in July, the result of four months' business, with a large surplus left, as was stated. [This bank continued till 1841, when it failed, the stock becoming almost a total loss.] We give the following quotations of prices of the stock of this bank, as it was a sort of general concern, with stockholders throughout the Union: —1836, 129 to 109;'37, 120 to 941;'38, 125 to 113;'39, 123 to 70; 1840, 81 to 60;'41, 644 to 31! Closing up of the Second United States Bank.-The value of the shares of the second United States Bank, at the time of closing, was determined by the Commissioners appointed by the Secretary of the Treasury to estimate the value of the stock, to be $115.58 per share; and the shares belonging to government were proposed to be made payable in instalments, in 1837-8-9-40, which terms were acceded -to by the new bank. United States Branch Bank in Boston.-The second United States Notes on Banking and Finance. 9 Bank had a branch established in this city, located in Congress Street, rear of the late Exchange Coffee House. The present Merchants Bank building was erected in 1824 by the United States Bank, at a cost of $120,000, and the branch removed thither. Upon the closing up of the branch banks, the banking house was sold at auction for $80,000, and shortly after purchased by the Merchants Bank at $90,000. The estate was bid off at the auction by Henry Williams, and the current joke of the day was, " sold by old Nick, and bought by old Harry." $10,000,000 BANK.-A $10,000,000 Boston bank was petitioned for in 1836, one-half to be subscribed by the State in four per cent. bonds, the other half by individuals. Lost on its passage to a third reading. POST NOTES.-A bill passed the Legislature, March, 1836, [repealed Feb. 1, 1838,] allowing banks to issue post notes, to an amount not exceeding fifty per cent. of capital actually paid in, provided they issued no notes less than five dollars. The following is a copy of one of these documents:-" The President, Directors and Company of the - Bank, promise to pay H. H. or bearer one thousand dollars, in seven months, with interest at the rate of four and a half per cent. per annum, until due, and no interest after." Signed by the president and cashier. This privilege was principally used by certain weak banks, as the Chelsea, Franklin, Lafayette, Fulton, and Hancock, which needed all the props they could get to keep them on their legs, as they were in a fixed consumption. 1836. RALLY IN STOCKS.-Towards the close of the year, bank stocks rallied, the higher prices in the subjoined list being the ruling quotations. 1837. THE CRISIS AND ITS CAUSES. HEAVY FAILUREs.-This year opened gloomily enough in a financial point of view; stocks down, and money market tight as a drum head. In March, the Chelsea Bank, at Chelsea, failed. Circulation, $90,722; post notes, $20,600; visible assets, thirty-six dollars seventy-one cents; said to consist of a counter, iron safe, and bull-dog! The New Orleans mail brought accounts of great failures in that city, the precursors of the approaching crisis. The causes of this monetary crisis were attributed to the failure of crops, extinction of United States Bank, specie circular, (requiring payment for public land sales in specie,) speculation mania, etc. The following facts are significant. T1here was an importation in 1835 of $150,000,000, against an exportation of but $121,700,000, from which deduct for loss in goods shipped at an inflated price, perhaps $10,000,000. Prices were, however, sustained and advanced, the currency having increased from 1834 to'36 more than fifty per cent. In 1836, the imports were $190,000,000; exports something under $129,000,000. LAND SPECULATION was so rife, that in 1835-'36, government lands were purchased to the tune of $39,000,000, all payable in 2 10 Notes on Banking and Finance. cash; and for the first two months of 1837, the purchases amounted to $2,239,481; a total in twenty-six months of above $41,000,000 paid for new lands-equal to the whole amount, within $8,000,000, of the sales for forty years, from 1794 to 1834. Old lands, city and village lots, railroads, canals, cotton and negroes, became objects of speculation, and when the crisis came, the fall was great. In two days, houses in New Orleans stopped payment for an aggregate of $27,000,000, one house alone having liabilities stated at $15,000,000. Many can familiarly recall the Eastern Land speculation in 1834-5, which failed or crippled many of the banks in Maine, and caused much distress in this and other sections of the country. SUSPENSION OF SPECIE PAYMENTS by the New York Banks occurred May 10, 1837, after paying out $600,000 in specie to billholders and depositors the 8th, and $700,000 the 9th. Suspension followed by the banks throughout the Union, excepting the State Bank of Missouri. The amount of failures in New York from March 20th to April 12th, was for $40,000,000, and went on increasing up to time of suspension, amounting to 50 or 60,000,000 dollars, and the number of suspended houses in that city had reached 352 by the second week in May. This was the first general suspension, though all but the New England banks suspended during the last war, and many of them did not resume until after the revulsion of 1818 and'19. A large number of them also failed entirely. RESUMPTION OF SPECIE PAYMENTS.-The suspension of 1837 lasted about one year; specie payments being permanently resumed by the banks of New England and New York in May, 1838. The United States Bank of Pennsylvania, and others south, also attempted a resumption, but were obliged to suspend a second time, in October, 1838. These banks again resumed, in January, 1841; but, after a short period of only twenty days, stopped again. The United States Bank of Pennsylvania failed, and the Philadelphia banks resumed for the fourth time, March, 1842. Others of the banks south gradually resumed, and some went into liquidation, since which specie payments have been maintained. CASH AND CREDIT.-The difference between these, in the spring of 1837, before the suspension, was very marked, especially at the south and west, as the following incident will show:-A negro was put up at auction at Vicksburg-a cash sale-and $350 the best bid obtained. The terms were then changed to twelve months, with ample security, and the price was run up to $1625! BANK EXPEDIENTS FOR RETAINING SPECIE.-To avoid being troubled for specie, banks in certain sections resorted to various means to keep it, in the spring of 1837. At Charleston, (S. C.) the banks refused in April to pay silver, and turned out sovereigns.' One of them had an old man with spectacles, to weigh each one separately, at the rate of 100 per hour. A gentleman applied for $500 in gold, to carry with him to New York. The old gentleman commenced weighing and counting the sovereigns at 10 o'clock, and Notes on Banking and Finance. 11 continued very deliberately till 2 o'clock, when taking out about twenty dollars of the amount, he very coolly shoved back the other pieces as deficient in weight, and politely invited the gentleman to call the next day, as the hour for closing had arrived. IMMENSE INCREASE OF BANKING CAPITAL.-The period from 1830 to 1837 was marked by an extraordinary increase of banking capital, the largest during any period of our history. Hayward's Gazetteer states that " there were in 1830, 329 banks and branches in the United States, with a capital of $143,301,898; in 1840, 901 banks and branches, with a capital of $358,442,692; being an increase of $215,140,794 in nine years. " The loans and discounts upon the capital were, in 1837, $525,115,702; in 1840, $462,896,523. The financial revulsion in 1837 and 1840, caused an extensive failure among the banks, with almost the entire loss of bank capital in Mississippi, Illinois, Alabama, and portions of other states. The loss of bank capital during the transition, from 1838 to 1846, by failure or otherwise, amounted to $161,558,383, resulting in a contraction of the circulation of $54,088,755, and a reduction of 194 in the number of banks, from failure alone." SUSPENSION OF THE BOSTON BANKS.-The Boston banks suspended May 12th, 1837. A public meeting, at which the mayor presided, was convened at Faneuil Hall, evening of May 11th, in consequence of the suspension in New York the 10th. Resolutions were passed, deploring the necessity of the measure, expressing confidence in the Boston Banks, appointing a committee to wait upon the bank delegates then in session, to express the views of the meeting, etc., etc. The Boston banks formed themselves into an association called the " Associated Banks," composed of all excepting the Massachusetts Bank, which declined becoming a member. The Associated Banks adopted a code of regulations for mutual aid, and as a safeguard to the public during the suspension. The Legislature subsequently relieved the banks of the penalty of two per cent. a month for refusal of payment of their notes. RELIEF TO THE MONEY AND STOCK MARKETS.-Upon the suspension of specie payments, the market was relieved, and stocks rapidly rose. United States Bank shares, which had fallen to 95, went up to above par, and the market was suddenly inflated to a considerable extent, though prices fell off again in a few weeks. Boston and Providence Railroad stock went up from 95 to 101, Worcester, 78 to 92~, and Lowell, 87 to 96, which stocks at that time were among the leading ones of the market. Specie was worth from 10 to 13 per cent. premium, and by so much, therefore, the paper currency was a depreciated one. Specie payments, as before noted, were gradually resumed in the spring of 1838. DOWNFALL OF BANKS.-In the summer of 1837, the Franklin and Lafayette Banks, located at South Boston, failed-both rotten concerns. The excitement consequent upon specie suspension had 12 Notes on Banking and Finance. subsided, and confidence was in a good degree restored-bank stocks were recovering, money easier, and everything wore a more cheering aspect —when, in January, 1838, the Commonwealth Bank exploded, and, like a bomb-shell, threw consternation and dismay into the monetary circles. The high position it had enjoyed as a government deposit, or Pet Bank, so called, and the confidence reposed in it, made its failure a disastrous one. Its capital was $500,000. Debts due from directors, $630,958 71. Liabilities of president, as principal and endorser, $259,117. The security at the best, said the legislative committee, whose report filled the side of a newspaper, is entirely inadequate. The 16th, the Middlesex Bank at East Cambridge stopped. The failure of these two banks occasioned many rumors unfavorable to other really solvent institutions, which produced an unusual distrust and apprehension in the community. Scarcity of Reliable Bank Bills for Circulation.-What aggravated this distrust, was the almost entire absence from circulation of the bills of banks of undoubted credit, and the great increase of those of recent origin. By return to the Secretary of State, in October, 1837, the entire circulation of the Atlas Bank, with a capital of $500,000, was only $18,716, (reduced, February, 1838, to $16,524,) and of the Massachusetts, ($800,000 capital,) $27,587; whilst that of the Commercial, in March, 1838, with the same capital as the Atlas, was $515,000! The Associated Banks therefore agreed to withdraw from circulation the bills of the Commercial, Hancock and Fulton Banks, to the amount represented by them out, they agreeing to make no new discounts; and by February 1st, nearly $1,000,000 of the notes of these banks had been thus withdrawn. The Commercial Bank thereupon closed up, but its loan was so elastic, that in one year it had not only redeemed its enormous circulation, but declared a dividend of 34 per cent. to stockholders, and eventually returned them about 80 per cent. BOARD OF BANK COMMISSIONERS.-This board was organized, spring of 1838, and Julius Rockwell, Waldo Flint, and Jonathan Shove, were appointed by the governor as the first commissioners. The Fulton and Hancock Banks failed, as they could not stand the healthful curtailing forced upon them by the Associated Banks. The commissioners reported one half the assets of the former worthless, and much of the remainder doubtful. The directors felt confident of redeeming their liabilities to the public, and the commissioners inclined to the same opinion. In 1842, the Hancock had redeemed its circulation, and, as was stated, a dividend would be paid from the sale of its effects. American Bank dropped by the Associated Banks.-It was stated in the examination before the Legislature, that its capital of $500,000 was loaned to two houses —$300,000 to one, the balance to another. Its failure was charged to mismanagement. It redeemed its small bills in other current bank notes. The commissioners reported, in 1842, that it would return stockholders $297,500, equal Notes on Banking and Finance. 13 to about 60 per cent. The wheels of the Oriental Bank, with a capital of $750,000, got so clogged that it could not move on. Its charter was repealed, and in 1842 the commissioners stated that it had paid stockholders $210,000, and there would be a furthersdividend of seven per cent. The Suffolk also politely gave notice one morning, that the bills of the Kilby Bank would be no longer received. The Kilby had a capital of $500,000, but its career was short and not brilliant, as a sort of distrust hung over it. The banks received its bills, but paid them out the first opportunity; and just before its failure, if you presented a check, you were sure to be paid in Kilby bills-if there were any on hand. [The banks of Massachusetts were prohibited, in 1843, from paying out any but their own bills.] There seemed to be a presentiment that its day of probation was short. The commissioners reported its resources ample for discharge of liabilities to the public. LARGE IMPORT OF SPEcIE.-Specie was now constantly arriving in immense quantities. Three packet ships brought a million each to New York in one week, and thirty-two drays, each containing six kegs of $5,000, arrived in one day before the doors of the United States Bank at Philadelphia. The import of specie into New York alone, was estimated, June 1, at $10,000,000. American gold down to ~ per cent. premium. APRIL 16TH, 1838.-The MERCHANTS, COLUMBIAN and NORTH Banks of this city had the honor of being the first to resume specie payments in full, which they did from this date; other banks redeeming their small bills. The New York banks resumed soon after, in May; the Pennsylvania, in August. FRACTIONAL BILLs.-During the suspension of specie payments, the want of small change was such as to induce various devices to meet its absence. Among others, was the issue of fractional bills, for $1.25, $1.50, $1.75. The State and Oriental, of the Boston banks, issued a large quantity; also the Taunton and Providence banks. A certain hour of the day was appointed at the State Bank, when packages of fifteen dollars, Boston money, would be exchanged for fractional bills. The rush was immense for many days, and the large bank hall crowded with applicants. The Associated Banks discountenanced these issues, as contrary to the spirit of their charters; but the fractional bill banks were regarded as public benefactors, as they really were during the emergency. These issues were prohibited by legislative enactment in 1853, under penalty of $100 for each offence; and any person who circulates a fractional bank bill in Massachusetts, is liable to a fine of $25 therefor. SPURIOUS COPPER CoIN.-The manufacture of base copper coin was carried on, on a large scale, to supply the absence of cents. These bore all kinds of devices and caricatures, mostly levelled at Gen. Jackson's policy. In the midst of a brisk and lucrative business, orders came from the Attorney General at Washington to prosecute all makers, venders and circulators of the spurious coin, the 14 Notes on Banking and Finance. prerogative of furnishing the metallic portion of the currency belonging to government-and thus ended the fun and profit. 1839. MIDDLING INTEREST BANK.-On a pleasant August morning, the Suffolk Bank issued its card in accustomed form, to the effect that this bank had lost caste; whereupon the commissioners stepped down to Lynn Street, near the Chelsea Ferry, where it was located, and put the muzzle on. OCTOBER, 1839. A SECOND SUSPENSION BY PHILADELPHIA, BALTIMORE, AND OTHER BANKS, SOUTH AND WEST —New York and Boston banks stood firm. There was, however, necessarily a great stringency in the money market, and bank stock touched the low figures in our subjoined list; furnishing the only instance, we believe, of the Suffolk Bank selling below par. There was a stampede downwards after the October dividends. The scarcity of money at New York was said to be intense. The United States Bank had paid out, since resumption, $20,000,000 in specie and specie funds. Its stock fell rapidly. In the spring of 1840, it had fallen from 120 to 70. A writer, speaking of the financial condition of Philadelphia as an enigma, said that the real difficulty arose from the position of the United States Bank. " It is not to be concealed that this institution, with its enormous capital, has been actually run aground-and that, after the lapse of six months, it is still unable to get afloat." In February, 1841, after a second resumption of short duration, the United States Bank again suspended, and failed, followed by a third and partial suspension throughout the south and west. Bicknell's Reporter estimated the aggregate losses by stocks, within the two years preceding the spring of 1841, at $50,000,000. Since the 15th of January, when it resumed, up to February 5th, the United States Bank had paid out $6,000,000 in specie and specie funds. Capital, $35,000,000. Actual capital, $32,500,000. Estimated loss to stockholders, $28,000,000!! The bank having stranded, flat on its back, eyes closed, and pulse gone, a post-mortem examination was held. We have not space for a report; but in January, 1842, several of the directors were arrested on charge of conspiracy to defraud the stockholders, and gave bonds in $10,000 each, and among them was the president, to whom that beautiful service of plate had been presented. It was said that the carcass of the monster cut up fat, but the fees of the dissectors absorbed the richest part of the blubber. The carving up of the defunct took fifteen years, such was the magnitude of its proportions; and a final distribution was not to be made till the fall of 1855. FISCAL BANK QF THE UNITED STATES.-In 1841, the Secretary of the Treasury submitted the plan of a Bank and Fiscal Agent, freed from the constitutional objections urged against those heretofore created by Congress. Capital, $30,000,000. Vetoed by President Tyler. ANOTHER MONETARY PRESSURE.-The lower figures for bank stock were towards the close of 1841, when the pressure for money was severe —or, as a financial writer remarked, " The money mar Notes on Banking and Finance. 15 ket is as tight as the skin on a cat's back." The Eagle Bank declined in December, 1841, on account of a defalcation, estimated from $25,000 to $40,000. Passing two dividends made all right. 1842. IN JANUARY of 1842, the Girard Bank, of Philadelphia, caved in, and trouble followed at the Pennsylvania Bank, which held the $800,000 with which the February State interest was to be paid. A run was made upon it, and for the security of the public moneys, and for general interest, the governor interposed, and its doors were closed. Its stock fell to $50 offered for $400 par value, or twelve and a half per cent. LossEs OF PENNSYLVANIA BY HER BANKs.-The par value of the bank stock owned by Pennsylvania, and sold at auction in 1843, was $2,533,676. Its market value, $389,056! PRESBYTERIAN CHURCH FUND.-This fund amounted to $189,000. By the wreck of matter in the financial world, it was worth, in June, 1842, only $46,705-making a loss of $142,295. JUNE 1ST, 1842.-Most of the New Orleans banks again suspended specie payments. A panic set in, which caused a run upon them. A BANK COLLAPSE.-October 1st, 1842, the Charlestown " Bunker Hill Aurora" gave notice that a dividend would be paid at the Phcenix Bank, on Monday, the 3d; when lo! on arriving at the bank, instead of a dividend, the stockholders found on the door a notice, to the effect that the bank had failed! Speaking of this failure, the Post said: " Many are those who, in one short hour, have gone from comparative ease to poverty. Since the town was destroyed by the British, it has had no severer blow." Whole capital of $300,000 lost by a series of frauds. The enterprising proprietor of Oak Hall gave notice that $5,000 of its bills were wanted immediately, at par, in exchange for clothing. VALUABLE ASSETS. —$139,267 72 of the broken Lafayette Bank's assets sold at auction for 66 dollars 25 cents, for the lot! UNUSUAL PLETHORA IN THE MONEY MARKET.-The spring of 1843 opened with an inactive money market. Large amounts seeking investment at lower rates. Operations quoted as low as four and a half per cent. per annum. Banks and insurance companies loaning freely on demand at four and a half and five per cent.; and one of our leading banks, as we have been recently informed by its president, loaned a portion of its capital, in 1843, at three per cent.; and by the cashier of another bank, that they made a loan of $100,000 at three per cent., to parties, who afterwards complained of a bad bargain at that.'The securities offering were wholly inadequate to the demand. The above will account for the comparatively high prices of bank stock, whose dividends, owing to the low rates for money, were small, compared with the fat returns since 1850. BANKING AT LOW WATER MARK. —In October, 1843, the stockholders of the South Bank voted to surrender the charter, and close up. Ninety-seven and a half per cent. was returned to the shareholders, although its stock had been selling down to 60 per cent. Banking business had become so poor in 1843, that several institutions 16 N\otes on Banking and Finance. were on the point of closing up. The Washington Bank, by a vote of 260 to 185, decided to surrender their charter; but this vote was not sufficient to make a legal surrender. The North Bank narrowly escaped closing up, at the time of its removal from North Market Street to the Merchants Exchange. It was urged that the bank could wind up, and return stockholders their capital to invest elsewhere, as it was not probable it could earn six per cent. over expenses. The result has proved otherwise. The president of the Atlas Bank spoke very discouragingly, at the annual meeting, of continuing the bank in operation, as the stockholders could probably find a better investment for their capital. Since 1843, but few incidents of bank note have occurred. The dividends have been steadily increasing, till they have arrived at a handsome mark, with large surpluses on hand; and some of the banks, meanwhile, have made extra dividends, as the notes following our tables will show. But such was the shock given to banking property, that it was fifteen years before it fully regained the favor enjoyed prior to 1837. In that year, our banks yielded to a stern necessity alone in suspending, and they were the first to resume, in the spring of 1838. In looking over the list, it is a matter of congratulation and pride that so many institutions survived the crisis with their capitals unimpaired, and maintained the payment of dividends to some extent. The banks that failed or stopped, were, with few exceptions, new banks, of but little standing; and, although stockholders suffered severely in individual cases, the public lost but little. Additional restrictions and safeguards have been thrown around our banks, by legislative enactment, which have placed them in higher confidence with the public as an investment. BANKS AROUND BOSTON.-Of the four banks at Roxbury-the Norfolk, Winthrop, Roxbury and People's-the last one alone survived the storm. The Norfolk had previously suffered by a robbery, and the disasters of 1837 finished it up. It, however, as well as the Winthrop, settled up all liabilities to the public, with a surplus left for stockholders. The Roxbury bank was a sort of swindle, as stated at the time of its existence. At Charlestown, the Bunker Hill Bank alone survived. The Charlestown Bank closed up, with some loss to stockholders; and the Phcenix afterwards blew up, as we have stated, and blew dowzon the fortunes of several un-fortunate stockholders. The Cambridge banks got through more comfortably than most of their neighbors. The Middlesex Bank, (East Cambridge,) before alluded to, eventually paid 42 per cent. to stockholders. The finarcial tempest of 1837 caused a sad shipwreck of banking institutions, and swept away many a fortune. People now talk about losses by railroads; but, take the country through, the latter have been small compared with those sustained from 1837 to 1843, by broken and crippled banks. SPRING OF 1844.-The increasing demand for money, required by a reviving trade, affected the stock market unfavorably. Interest rose to six per cent. From 1844, the demand for money, up to 1855, was almost constantly active-the spring and summer of 1852 Notes on Banking and Finance. 17 being the only exception-on account of the immense absorption of capital by railroads, and their being constant borrowers in the market at high rates of interest. For a period of ten years, there was hardly a time when money could be had outside of banks at six per cent., excepting in 1852, as mentioned above. RISKS OF BANKING.-According to a pamphlet on the credit system of France, England, and this country, published in 1838 by H. C. Carey of Philadelphia, it appears that from 1795 to 1831, the average amount of loss on commercial paper, by the Bank of England, was but -42r of 1 per cent. upon the capital employed. From 1811 to 1816, the loss on the loans of the Massachusetts banks were not over ~ of 1 per cent. upon the average amount of capital loaned. From 1812 to 1837, the Bank of America, in New York, on loans averaging $2,945,000 per annum, sustained but an average loss of $2,820, or less than 1, of 1 per cent. Stephen Girard, of Philadelphia, transacted banking business nearly twenty years. Average loan, $2,250,000; losses about $225,000, or an average of - of one per cent. per annum. The losses of the old Bank of the United States, for twenty years, averaged but T61 of 1 per cent. per annum. We learn officially that the Bank of North America, (Philadelphia,) has, within the last five years, discounted fifty-six millions of dollars, with a loss of only $1,370! The above will show that banking is far from being an unsafe business, when properly conducted. BANKS CHARTERED BUT NOT ORGANIZED.-Banks have been frequently incorporated, whose stock could not be disposed of; and it appears from official reports, that the following banks, chartered for Boston, never went into operation:CHAR- BANKS. CAPITAL. CHAR- BANKS. CAPITAL. ~~~~~~~TERED. ~TERED. 1824. Mechanics and Traders, - $500,000 1828. Merchants, - $500,000 1827. South Boston, - - - - 500,000 1836 Indlia, (seeor',), - - - 1,000,000 1828. Hamilton, - - - - 500,000 1836. Blacksto- - - - - 500,000 1828. India, - - - - - - - 500,000 1850. Haymarket Square, - - 150,000 Three other institutions, under the titles of the Hamilton Bank, (1831,) Merchants, (1831,) and Blackstone, (1851,) were afterwards chartered, which commenced business, and are in operation now. The Haymarket Square Bank was prevented from going into operation by an injunction being served upon it. BOSTON BANKS DURING THE WAR OF 1812.-The condition of the banks in Boston during the trying period of the war of 1812, and a short time prior, is shown in part by the following table, with the date of their charter: CHAR- BANKS. CAPITAL. DEPOSITS. SPECIE. TER. 1814. June, 1810. Jan, 1814. June, 1810. Jan., 1814. 1784. Massachusetts, - $1,600,000 $472,000 $2,404.000 $238,000 $2,114,000 1792. Union, - 1,200,000 562,000 910.000 223,000 657,000 1803. Boston, - - - - 1 800,000 672,000 98b7.000 238,000 1,182,000 1811. State, - - - - 3.000,000 - 1,t;77.000 - 660,OCO 1813. New Englalnd. - 50()00) - 542.000 - 284,000 Mass., (city and (oul, t\, - 12,140,000 2,671,000 8,875,000 1,561,000 6,393,000 3 18 Notes on Banking and Finance. The latter line includes also the statements of the banks in the then district of Maine. LARGE PREMIUM ON BOSTON CREDIT.-During the war, the banks of Boston maintained specie payments, although the banks of New York and of most of the Southern and Western States suspended. Consequently, exchange on the southern cities was at a large discount. We annex quotations at Boston and Baltimore, for August, 1815:BOSTON. BALTIMORE. Bills on New York, - - 12 to 13 pr. ct. dis. Boston Bank notes, -16 prem. " Philadelphia, - 16 to 17 " New York ". 7 " " "Baltimore, - - 18 to 19 " " Philadelphia," - - - 2 " Government Bills on London, 8 pr. ct. prem. Western " 74 disc. Private Bills on London, 9 to 9 "' " Specie, - - - - - - - - 16 prem. Government six per cents, 88 to 89 pr. ct. Government 6 per cents, - - - 99 pr. ct. It is a singular fact, that specie accumulated here to such a degree, that the banks not only declined to take it unless paid for so doing, but actually insisted, in some cases, on payment of checks in specie. BANKING PREVIOUS TO 1813.-The following were the banks chartered in Massachusetts previous to 1813:YEAR. BANK. LOCAT'N.I YEAR. BANK. LOCAT'N. YEAR. BANK. LOCAT'N. 1784. Massachusetts, Boston., 1803. Salem, - - - Salem. 1804. Worcester, ~Worcest'r. 1792. Union., - - - Boston. 1803. Boston,- - - Boston. 1804. Pacific, - -Nantuck't. 1795. Bk ofNantuck- Nan- 1803. Newburyport,"Newbu- 1804. Marbleh'd, Marbleet,* tucket. ryport. head. 1799. Essex,' - - Salem. 1803. Plymouth, - - Plymym'h. 1811. State, - - Boston. 1811. Merchants,- Salem.:i These Banks are not now in existence. Twenty-three banks were chartered-in the several States-previous to 1800, and since that time these institutions have increased in rapid succession. Up to 1812 one hundred and twenty had been chartered, but of these only seventy-two continued in existence in 1846, though others had been chartered in the mean time. The total number of banks in the United States now, is about 1,500. The date of the institution of some of the earlier banks in the several States of the Union, is as follows: New York, 1784; Maryland, 1790; the first bank of the United States, February 8, 1791; Rhode Island, 1791; South Carolina, 1792; Virginia and Connecticut, 1792; District of Columbia, 1793; Delaware, 1795; Maine, 1799; Kentucky, 1802; Ohio, 1803; North Carolina, 1804; Louisiana, 1811; and Georgia, 1812. Notes on Banking and Finance. 19 BOSTON BANKS. We herewith present, in the following pages, an elaborate series of tables, with explanatory notes, relating to the banks of Boston, which will be of interest, not only to the many hundreds who have invested their means in the stocks of the different corporations, but to the general reader, who takes an interest in financial matters, so far as success or failure bears upon the prosperity of the community. It is with pleasure and satisfaction that we are enabled to give the full history of our banks, commencing with the first institution of the kind in this State, (the Massachusetts Bank,)-which was also the second in the United States-and going through in detail with every dividend paid by each. We also present the highest and lowest market value of the different stocks, each year, for a period of twenty years, which will show that banking property has not always been the profitable kind it is at the present day. Within about ten years, strange as it may seem now, many of our best bank stocks were selling below par-some of them largely so-and at that time it was extremely difficult to obtain purchasers for them, even at the low price then current. The struggle for regaining the position lost by the disasters of 1837 and onward, was long and severe, but the triumph gradual and sure; so that the present position of the Boston banks which survived that severe crisis, as a sound, reliable property, needs no endorsement. A careful perusal of the columns headed "surplus," will convince the reader that all the profits are not paid out, in order to make large dividends. Some of the older banks have a reserve sufficiently large to warrant an increase in their semi-annual dividends, or the distribution of an extra one; but the policy of our bank managers has generally been conservative, and to this fact their present highly favorable condition is much indebted. rp The failure of the Cochituate Bank, in 1854, and the late stoppage of the Grocers,-however unfortunate in themselves,should not detract from the general soundness of other institutions, neither of the banks named ever having enjoyed the full confidence of the public. BOSTON BANK STOCKS. Presenting the Highest and Lowest Prices each year from 1835 to 1844, inclusive. 1835. 1836. 1837. 1838. 1839. 1840. 1841. 1842. 1848. 1844 BOSToN BANKS, 1835 to 1845. Par. Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. American,. - - 100 106 101 105 96 100 87 93 54 Failed, 1838..........................8..8................. Atlantic, - - 100 107 104 106 100 104 86 96 82 95 79 931 S 92 86 88 80 96 82 98 9 Atlas, - 100 109 1054 106 81 98 79 85 72 87 79 98 81 6 87 91 82 94 85 98 94 Boston, 50 56 544 55- 494 54 49 54 50 541 49 541 51 53 54 50 58 54 584 574 City, - 100 109 107 107 99 1044 93 101 90 103 83 95 84 97 86 88 77 95 79,3 97 95 Columbian, 100 108 106 1074 102 101 90 101 94 1044 96 103 101 105 100 100 98 1024 99 103 1004 Commercial,-. - 100 106 100 101 95 98 70 80 50 Stopid,1838. Commonwealth,.. 100 110 106 108 106 105 95 101 Failed, 1838. Eagle, - 100 109 106 107 102 1044 95 1024 100 104 911 04 1 4. 95 994.85 104.94 102 1004 F Franklin, -. - 100 107 103 103 98 92 70 Failed, 1837. Freeman's, - - - 100 - - New. 100 98 100 95 97 944 99 96 994 96 100 964 104 100 103 1024 Fulton, -. 100 102 94 101 81 98 69 75 Failed, 1838 Globe, - - 100 111 109 108 102 106 911 105 984 106 96 10...06 104 160 10I 4 11 11.. 9 51 Granite, - - - 100 108 98 100 84) 974 80 93 82 95 75 95 834 934 88 874 74 91 79 96 93 Hamilton -. - 100 1084 106 107 1024 100 95 101 90 103 90 1024 99 103 100 994 94 101 974L 1054 100; Hancock, 100 103 96 100 93 97 70 75 46 Stop'd, 1838. Kilby, 100 New. 90 75 85 Failed, 1838.... Lafayette, - -. 100 New. 96 80 Failed, 1837 Market, - -. 100 106 103 104 94 97 79-1 92 62 89 60 71.54' 05.57 62.594 72.60 3 71 Massachusetts, -. 250 1044 99 1024 96 101 941 101 94 100 92 101 930 100 97 96 94 98 93 97 95 n-0 Mechanics, - - - 100 New, (1836.) 100 87 97 91 91. 90 92 81 95 85 93 87 85 64 80 70 91 82 Merchants, - - - 100 112 107 109 101 107 93 103 95 107 90 1034 95 106 100 105 96 1054 99 1084 104 Middling Interest, - 100 - - New. 100 100 100 Failed, 1839. New England, - - 100 111 107 110 103 104 951 104 984 106 92 105 1004- 106 100 101 92 103 95 105 1004 North, - - 100 106 101 105 904 102 89 99 79 97 78 96 86 94 81 86 76 90 814 93 90 Oriental, - - - 100 107 103 103 90 100 61 67 50 Stop'd, 1838...................................................... Shawmut,. - - 100 - New. 98 78 93 764 96 71 91 80 90.83 84 75 89.83 93.90 Shoe and Leather, - 100 New, (1836.) 100 92 94 834 99 89 101 831 102 8921 105 9941 101 934,1 102 94 1034- 101 South, - - - - 100 105 100 102 92 98 81 90 86 85 60 83 64 86 79 80 76 Closed up. State,-. - - 60644 61 63 53 59 53 60 54 59 50 584 54 60 55 58 524160 56 61.57 Suffolk,.. - 100 118 1124 119 117 125 120 125 11141 110 *9 9 114 1074L 1214 116 116 112 1214 114 125 118 Traders, -. - 100 107 104 1054 97 102 90 97 90 97 761 96 84 95 70 734 65 96 72 94 894 Tremont, o- - 100 107 1034 104 934 1034 90 98 83 96 75i 98 874 100 90 92 79 90 84 96 92 Union, - - - - 100 106 108 104 95 103 92 102 94 1024 90 104 96 104 102 102 974 103 97 104 101 Washington, - - 100 105 102 103 06 102 92 96 9141 96 91 91 90 93 884 914 84 89 804 90 83 *The Suffolk sold at 993 in 1839, which is the only time it fell below par during the period of twenty years comprised in our tables. BOSTON BANK STOCKS. Presenting the Highest and Lowest Prices each year from 1845 to 1855. BOSTON BANKS, Com- 1845. 1846. 1847. 1848. 1849. 1850. 1851. 18,52. 1853. 1854. 1845 to 1855. meoc. Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and ed. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Atlantic, - - -1828 100 102 94 101k 89 99 96 101 88 103 95 113 102 112 l08* 114 108 116 110* 122 104*4 Atlas, - - - -1834 100 101 97 101k 92 98 90 96 90k 100 93 103 97 103 98k 107k 100- 108 101 107 99 Blackstone, - -15 10 ---- Nw 1851. - 97 109 97-1 109 103'- 109 96 Boston, - - -1803 50 60 57 60 53 58 52 54 50 58 52 59k 54 60 55* 58 551 59 55* 60 55 Boylston, - - 1845 100 New. 101 94k 104 97 100 971 104 98 108 2100 110 105* 117 108 2117 1061 118 109 Broadway, - - -1853 100 —22 - - - -- New, 1858. 100 105 ]00 City, - 821013 9~13 99 101 90 97 90 102 92 104 100 106 100* 108 102 108 102k- 107 100 Cochituate, - - 1849 100 -- -- - - New, 1849. 100 103 100 104 98 105 98 103 100 Failed. Colnmbian, - - 1822 100 103k 100 103 97 101 87k 96 85 100 93 103 97 104 99* 108 1000 106 100 108 100 Commerce, - - - 1850 100 - -2New, 1850. - 100 106 98* 109 99k 109 102* 107 95 Eagle, - - - - 1822 100 105k 101 106 100 103-k 95 96 91 1021- 91 106 100 109 10*18 103 110 105* 109 Ina Eliot, - -- 1853 100 - - - 90 96 - - - - - - New, 1853. 101 100 103 95 Excane,- -1847 100 New, 1847. 98k 0 6 90 102 93 106 100 109 101* I11 104~ 112 108* 112 lO5j Fanenil Hall, - - 1851 100-New, ~~~~~~~ ~~~~~~~~~~~~1851. - 97 108 97kt 108j 104* 108 100 Freeman's, - - -1836 100 108 102 106 102 105 103 103 100 107 100 109 10~10 16 1 0* 114 110* 118 12 Globe, - - - 1824 100 108 103~2 16 02 105 100 101 98 107 101 113 1413 10* 15 109* 115 110* 118 108 Granite, - 1833 100 101k 95 103 96 91 94 98 90 101 90 105 98 105 99* 108 101 1084 102 107 98 Grocers, - - -1848 100 - -- New, 1848. 100 86k2 102512 9 0k 9*10k 1018 0*17 9 Hamilton, - - 1832 100 103 100 103 100 101 93 101 96 100 95 1091 99 109 102* 114 108* 114 110* 113 108 p Howard Banking Co. - 1853 100. —- -- - - - - - New, 1853. 101k 99 103k 92 Market, - - -1832 70 78 70 77k 75 79 75 76~ 73 80 74 86 79 85k 82* 88 83* 88 84* 90 82 Massachnsetts, - -1784 250 107 95 102 90 98 95 96 94 98 90 103 93~ 103 96* 104 100 104 100 104 100 0z Maverick, - - -1854 100 New, 15.10 9 Mechanics, - - -1836 100 98k 75 98k 75 102 90 102 90 100 91 105-' 100 106 99* 112 103 112 108* 120 1044 o Merchants, - 1831 100 110, 105 106 101k 105 98 102k 98 108 101 iiol 106 112 107* 115 108 115 105k 112k 103 - National,- - 1853 100 - - -- --- -- — New, 1853. 102 100 105 98 New England, - -1813 100 105k 101 105 100 104k 95 101 97 107k 101 113 105 112 106* 114 108 114 109* 113 106* North, - - -1825 100 100 91 99 92 97 93 94 89k 97 90 103 94 103 99* 107 100~2 107 1(03 106k 98 North America, - -1850 100 - - - - - -New, 1850. 101 100 104 98* 109 101 109k 101* 107 100 Shawmut, - -- 1836 100 98 91 97 90 97 90 91 88 99k 91 106 98 106 104* 111 1054 112 106* 113 1004 Sho ad eahe, 1836 100 1041 99 110 98 110 103 110 101 113 106 t 115 107k114 17 114 109k 113 10k12 17 State, - - - - 1811 60 621 59 62 571 60k 54 58 54 62 572 644 60 65k 61'* 66 62' 65 62'1 65k 60 Suffolk, - - - 1818 100 128 124k- 128 120 126 119 125 120 130k 120 135 123 139 2134* 140 t1221 135 130* 133 127 Traders, - - -1831 100 100 91 100 90 99 90~ 96 85 101 93 105k 98 1064L 98* 111 99~ 107t 102 107 99 Tremont, 1814 100 101 93 101 94 100 93 94k 90~3 102 95 106 954t 107k 102' 114 1 07`2 113~ 108 112 105 Union, - - -1792 100 106 103 105 100k1 103k 99 100 95 1024 99 109', 100, 111 106' 114kL 1082 1131 109*, 113 106 Washington, - -1825 100 100 90 98k 93 97k, 88 93 88 961 9 100t 94 104 98- 106' 100 105 100* 104 98 Webster, -— 1853 100 - - --- -- - New, 1853. 105 101 1107 99 527- For prices in detail, during the year 1855, see Appendix. * Ex-dividend. t Suffolk stock fell in April, 1852, to 122 L, in consequence of the defalcation of over $200,000; bnt the price soon rallied again, as the same dividends (5 per cent.) were regularly continned. 4 The Atlantic Bank paid 10 per cent. extra dividend April, 1854; Boylston, 6, May, 1853; Mechanics, 12k, October, 1854, and Shawmut, 8 per cent. July, 1854, which accounts for the great variation in prices during those years. BOSTON BANKS. Semi-Annual Dividends, from their commencement to the present time, 1785 to 1856. [The following dividends are made up from the official records of each bank.] - BOSTox BAIS. New. 1785. 176.. 18. 7. 1792.I 1793. 1794. 1795. 1796. 1797. 1798. 1799. 1800. Massachusetts,........ 1784 4 5 0 2 3 34 3 4 31 31 5 *41 6 9 10i*6 4 *4 4 4 P4 41 4 4~ 41 4~ 41 4 41 41 4 Union....19.44455 5I441 e4w4 Unon............. 1792 I........{........[......[......{........{........{......../...... 4 4 4 4 {4 4 ] 5 5 5 ]4z 4 4~ 4: 4 4x Commenced. 1801. 1802. 1803. 1804. 1805. 1806. 1807. 1808. 1809. 1810. 1811. 1812. 1813. 1814. 1815. Massachusetts...... 1784, July5, 41 *41 414~ 4141 41 4 4 4 34 4 4 3I 341 344 4 34 4 4 4 3 24* 2 3 3 0 3 Union, 1792, October, 4 414 41462 6 41 41 4 3 4 31 31 3131 3 1 31 3~1 4 4 4 4 341 3 2 24 212 2 Z Boston.............. 1803, June27, 1 31 31 3 4 3 44 31 42 31 4 23142 31 4 4 4 34 0 4 2 2 2 2 New England. 1813, Oct. 5,.....I... 11 4 3 3 State. 1811, Nov. 4...............3............................../......3............................. 3 3 3 I 3 35 3 Tremont,............. 1:814, April].6, I......../....../....../........f........I......../......I........I......................I................. 2- 2-1 2-3 (c.....g.... e,................................,......I.....................................{4 2,3 3 3 3.................................. Trmot 1814, Apn....... 16.............2....4 2 88 2* 8 BOSTONq BANKS. New. 1816. 1817. 1818. 1819. 1820. 1821. 1822. 1823. 1824. 1825. 1826. 1827. 1828. 1829. 1830. Average. Atlantic.... 1828, April 2........................ 2 4 1424 14 4.6 Boston.......... 18031 3 3 4 4 3 33 0'24r102 2 2 2 2131 1 4 23 3 1 3 6 3 3 3 -10 ~~~~3-,3 J3- 8 1 2~1- 512 2 J 32~ 3 2- 215 city..........1822, April 29..2 314* j 122 2 2~. Columbian.1822, April2 3 23 3 3 8 3 3 24 3 3 8 3 2 2 1 Eagle................ 1825,A O.4 23 3 33 33 33 33 38 6.1 State................J1811 J2~ 2~j3 J3~8 J33 13 2~1 2ia )~J 2] 2 12~3 I3 3 3 3 J2~4 2~12~ 2~J 2~ 8 3 i O 2- 23 5.4 Globe,...... 1824, Sept.6 6.. 1....3~........... 2 3 24 24 3 24 3 3 242* 3 5.. Massachusetts,. 1784 3J.:5...333 3 3 3 2415 2 424 22 4 s~. NewmEngland. 1813 3 3 3 3 3 4 4 4 3 3 3 4 4 3 3 3 3 3 3 3 0 3 3 3 3 3 3 3 3 3 601 Uniort................J72J22 J2~. I ~~ } ~ 2 ~ ~ ~23J2 ~2J2t3j2 2I 5.2 Stash i ngte. 181 2O,............................................2......!...... 2 3 3 31 3 1 3 3 3 1 64. North. 1825, Oct. 6, ~~~~~~~~~~~~~~~~~~~~~3 4 14 1 3'i Stte 111 21213 3213 33 1 1 4 22 2233*.2 2124221243 2 424 5-.4 PW Suffolk. ~~~~~~1818, April3 14 3434 3k 342 3 2 1222 2 2 12132 3 3 3 3 3' 3 3 3I 5.7 Tremont........1814 I 3 3 ~2 23 31i 31 3 3 3 3 31 31 11 PI13 2 2 4a0 3 3 -1 11 1-1 11 4.5 Union. 1792 12 21421331 1RR313433 24 2 4 2 24 1 1 3 2121 2 01 21 222 52 Washington.......1825, April 30..............21.32... 34 8* -1 11 21 4 *Extra dividends have been made by the Atlantic, Boylston, Massachusetts, Mechanics, Shawmut, Shoe and Leather Dealers, State, and Suffolk banks, the details of which will be found in the notee, under the hsad of the respective banks. 11?- The dividends of the Boston banks are now all payable the first Monday of April and October, each year. SEMI-ANNUAL BANK DIVIDENDS-CONTINUED. I1831 to 1846. ]BOSTON BANKS. 1831. 1832. 1833. 1834. 1835. 1836. 1837. 1838. 1839. 1840. 1841. 1842. 1843. 1844. 1845. Av'ge. Atlantic. 0 3 3 3 3 3 3 3 3 3 3 3 3 3 0 8 3 3 0 2 3 3 3 3 3 2 2k 213 3 52 Atlas. New, June 4, 1834.......4 3 3 3 0 0 0 0 0 0 0 2 21 2'12 2.12 2 03 23 3 3.4 Boto..........3 3 3 8 3 31~ 31 31 31-3 3-13 33 31 31 31k3 3-k31 31 3* 31 31 31 31 3~3I 3 Boston 3 33 2 3 3 3 33 3' 2 2 2 2 1j 2 21 43k 682 city.3..3....33.33..... 3 3 2 33 3 0 00 223.22 Columbian,...... 2 421 3 3 3 33 3 3 33 3 3 3 3 33 3 3 33 3 3 3 3 2 2 2 2 3 5.7 ~ Eagle.......: 3 3 3 3 3 3 3 2 3 3 3 4 3 3 3 3 3 3 3 34j3 31 0 0 3 2 213 3 3-15.6 Freeman's. New, Sept. 1, 1836.................3 3 3 34 3 3k 31 31 3k1 3i 34 34 31 6:5 Globe......... 3 33333 33. 333 4 3k 33 33 33 33 3 333 33 3 333 3 6.1 b Granite.........New, Sept. 18,1833. 3 14 0 3 3 3 3 3 0 3143 3 2k218 3 2k12 3 2 2 33 3 5 Q Ha tn........New, Mar.7,'32 12k213 3 3 3 3 3 3 3 3 3 3 3 3 33 33 3 3 233 2 22-13 3 58 ZZ Market.~~..New, Oct. 8, 1832. 3 31 3 3 3 3 3 3 3 3 0 3 23 2 0 0 0 3143 3 3 3 33 24 4 5.2 Massacuets 2 2k)1 2 2-5 2k 3 21, 21 241 24 24 24 0 34 2k 2 24 21 3 24 2k 3 3'2 4-5 24-5 24-5 2 2 2424-5 3 MechanicsNew, Augl18,1836........''31 3 2k 3 3 3 3 3 3 3 3 2 2-1 3 3 3 3-131 6 Merchants,. New, Julyl 1 14 3 3 3 3k34 3k. ~j31 42 3 3 31 3k- 3k 3k- 31 34 3k 3k 3k 31 3 3 3 31 32! 68 New England,....::3 3 3 3 3 3 3 3 3 3 3 4 4 3 3 3 3 3 3 3 3 3 3 3 3 3 2k13 32 3 6:1 North. ~~~~341311 3*f31 31 313 0 3 3333 3 3k 30 3 21 210 2 22 3 5 Sorhawu....w..........3 2 j 2133 3 3 3 3 2 2k 2 2k21 3 3 5. 2 42 2 316 Shoe and Lea~ther.:: New, Ag. 1,1836.............::: 4 3 33 3 31 31 31 33 31 31k j 3 3'3 233 3 State........ 2k 2.12*12*2 3 2k 32 2-32 k212 3 2 3 2*3 2 3 24 3 2 3 2 2 21k3 3 5.3 Suffolk,.........3 3 3 3 3k13k14 4 4 4 4 5 5 3 4 5 5 3 4 4 44 44 44 4 4 44 4 7.8 Traders,........New, June I 42332 3 23 3 3 33 3 3 33 3 3 3 3 33 0 0 00 0 2 33 3 5 Tremont........3 3 23 213 3 3 3 3 3 3 3 3 2 3 3 3 3 3 3 3 3 3 0 2 2.12-12-13 3 5.5 Union........2124I2421 243 3 2.12 3 24 33 2k2k313 3 3 33 3 3 33 2iR2123 3 5.6 tZ Washington.....:'212 2 2124 2121* 2 13 3 2*31j2'2 2k3 3 2 2*1 2*1232 2*1k 2 412 k 3 49~ *The dividend paid in October, 1836, by the State Bank, was 7k per cent., 5 being extra for the proceeds of real estate sold, and 2k from the earnings of the bank for 6 months. DIVIDENDS IN 1837.-In the latter part of this year and in 1838 dividends were smaller in consequence of the suspension of specie payments, as the banks, even if they earned it, (which is doubtful,) did not think proper to pay higher dividends than at the legal rate of 6 per cent. per annum, while they were unwilling to redeem their bills at the counter. BANKING CAPITAL OF MAS5ACHUSETTS.-In 1803, it was $2,225,000. From 1803 to 1816, increased to $11 475,000; reduced the following year to $9,298,000. From 1817 to 1820, increased to $10,600,000; reduced the next year to $9,800,000. From 1821 to 1829, increased to $20,420,000; reduced within the next year to $19,295,000. From 1830 to 1837, increased to $38,280,000. From 1837 to December, 1844, reduced to $30,020,000. The reduction of bank capital from December, 1841, to December, 1842, one year, was $1,550,000. From 1844, the banking capital has steadily increased, until, at the present time, it amounts to $59,000,000, comprised in 135 country and 37 Boston banks. 2 SEMI-ANNUAL BANK DIVIDENDS-CONT1NUED. 1846 to 1856. Also presenting the year when each bank commenced, the original and present capital, with the actual surplus Oct. 1854 and Oct. 1855, after paying the dividends at those periods, and exclusve of unearned discounts, excepting the Columbian, National, and N. America, which include that item, equal to about one per ct. on the caital. When Original Capital, Surplus, Surplus, 1846.. BOSTON BANKS. new. Capital. Jan. 1856. Oct. 1854. Oct. 1855. 1847. 1848 1849. 1850. 1851. 182. 1853. 1854. Atlantic.............. 1828 $500,000 $500,000 $32,853 $32,192 3 3 3 31 31 4 4 4 4 4 4 4 4 4 4 4f 4 4 3 7.5 ~Atlas. 1834 500,000 500,000 45,658 49,860 3 3 3 38 32 33 3~ 31 3 43 31 31 3 31 33 4 4 4 6.9 Blackstone. 1851 250,000 750,000 25,048 23,653 New, Sept. 1851.' 3 4 4 4 4 4 4 4 8 Boston,(par.- 1803 1,800.000 900,000 86,752 98'347 83 321 3' 31' 4 4 4' 4' 4' 4 4 4 4 4 4 4 4 4 78 B~,t o.1845.150,000 400,000 30,190 28 882 - 5 4 4 4 41 4 4 41 41 4k 41 41 41 f4k5 5 4 4 8.9 Broadway........... 1853 50,000 150,000 500 703 New, Dec. 20,1853. i..... mos - 5 4 4 8 -. City.................. 1822 500,000 1,000,000 94,000 99,440 3313 33k 32 3 31 331 31 3 6.8 Cochituate.. 1849 150,000 Failed, Ap.15,1854. New, Nov. 10,1849....... 3 4 4 4 4 4 4 4 4 Failed. Colummern. 1822 500,000 750000 30,837 41,000 3 3 3 3 4 24 3 1 31 3 31 31 3 3k 31 3 6.7.. 1850 750,000 2,000,000 80,000 80,000 New, Aug. 2,1850. 8 mos. 5 4 4 4 4 4 4,4 4 4 8 Eagle.... 1822 500,000 700,000 61,000 66,000 31 3 1 3 32 3 31 3k 3k 3k 31 31 31 3 31 31 4 4 4 4 4 7. Eliot....... 1853 300,000 600,000 6,000 12,325 New, Oct. 6, 1853. 8.......................' 4 Exchange... 1847 500,000 1,000,000 126,685 135,436 New, Julyl5,1847. 41 4 4 4 4 4 4 4 4 4 4 4 4 4 4 Fane.l Hall. 1851 500,000 500, 000 28,555 36,526 New, Sept. 1851........................... 3 4 4 4 4 4 4 Freeman's.~ 1836 150.000 400,000 46,500 50,000 4 4 4 4 4 4.' 4'41 41 41 41 41 41 4 141 41 5 5 ~Globe.... 1824 500,000 1,000,000 156,000 165,000 3 3I 3' 3 2 38 4 4' 4 k 4 4ak 4k 4 4k 4k 4 4 4 Granite,....... 1833 500,000 900,000 53,000 58,800 31 3 3 3-1 3 31 3 4 3 41 341 3t 31 31 444 4 4 4 3 4 7.7 Grocers,.. 1848 250,000 750,000 27,500 31,000 New, Sept.12 1848. 4 4 44 4 4 4 4 4 4 4 4 4A 82 Hamilton. ~~~1832 500,000 500,000 80,500 87,000 34 3k) 31 31 3& 3 3k 3k1 3k 31 4 4 4 4 4 4 4 4 4 427.5~ Howard,. 1853 5001,000 500,000 6,O 12,998 New, Aug.23, 1853... 4 4 4 4 8 a Market, (par 70)....1832 500,000 560,00 96,040 91,400 4k 4k1 4k 5 5 5 5.5 5 5 5 95 8 Massachusetts, (par 250) 1784 300,000 800,000 40,405 53,459 3 31 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 1.5 3 1-5 3 1.5 3 1-5 6.1 Qe Maverick, (E. Boston,) 1854 400,000 400,000 New. 8,500 New, qept-. 14, 1854.......................... 3 3k 6.5 Mechanics, (S. Boston) 1836 150,000 250,000 5,000 10004 4 4 44 44~4. ~ 4 4 5 Mlerchants.......1831 500,000 4,000,000 265,000 281,099 3k 3k 3k1 34 4 4 4 4444 44 4 44 4 4 4 4 7.8 ~ National,........1853 300,000 750,000 11,935 21,090 NeAug.1 1853. 4 4 3k1 7.8. New England,. 1813 1,000,000 1,000.000 65,824 158,560 3 3 4' 4 4 4 44 4 4 4 2 7.8 North.........1825 500.000 750"000 62,815 66,009 3 31 3 3 3 3 3033 3 4t 131 3131 331 31 4 4 4 4 6 8 North America.....1850 500,0 70000 36,582 41,247 New, Oct. 7, 1850............. 34 42 4232 4 4 14. Shawnmut........1836 500,000 750,000 27,'620 28,266 3 3 3 4 3' 4fj44 444444 t4 4 76 I Shoe and Leather.. 1836 500,000 1,000,000 112,000 130,000 3k 4 4 4 4 4-' 4 4 4- 4 4 4 4 4 4 4t 4 42 4 7.62 Stt pr60....1811 3,000,000 1,800,000 192,718 211,428 3 3 3 2 34 31 4 1 4 3kI 34 34334 k3k 3k1 3k 3k 6.7 Suffolk.........1818 500,000 1,000,000 184,600 200,003 4 4 5 5 5 52 5 5 5 5 5 5 5 25 5 5 5 5 2 5 25 9.8 Traders,. 1831 500,000 600,000 43,364 47,624 3 3 341313 14 4 4444 44 324 444 4 4 4 7.6 Tremont,........1814 750,000 1,250,000 40.000 t.40,000 3 3 32 3'3 34 3j 34 4 4 4 4 4 4 4 4 4 4 4 4 7 5 Union,. 1792 1,200,000 1,000,000 96.098 93,582 3 3 3k 4 34 1 3k 34 44 4 4 4 4 4 4 4 4 4 4 7 5 Washington.......1825 500,000 750,000 40,239 50,317 3 3 3 3434 3 3 3 3 3 3 3 3k 3 3 34 4 4 I 34 8 6.5 Webster. 1853 1,500,000 1,500,000 21,143 39,332 New, Aug 15,1853.34 34 34 34 *The Boylston Bank commenced operations Dec-ember, 1845. First dividend for 9 months. t Extra dividends were made in the years marked thus (f). See Notes. INEw ENG.A.ND AND TREMaONT.-These banks have surplus invested in real estate, probably $100,000 each, in addition to the items above. The other banks include their real estate in the surplus, but generally at a low market value. Grocers Bank stopped by an injunction Nov. 30, 1855. Notes to Bank Dividends. 25 NOTES TO BANK DIVIDENDS. Atlantic Bank.-An extra dividend of 10 per eent. was paid by this institution in April, 1854. Atlas.-The omission of seven dividends) from 1836 to 1840, was in consequence of heavy losses by the failure of the Nahant Bank, which were all made up from the earnings of the bank. Blackstone-Original capital) $250,000. Increased $100,000 in 1853, and $400,000 in 1854. Beston —The dividends were paid June and December up to 1812, since which April and October. The original capital was $1,800,000, divided into shares of $100 each, and the State held one-third ($600,000). The first charter expired Oct., 1812, and the bank was re-chartered with the same capital. At that time, when a charter expired, the bank was obliged to go through the form of winding up and commencing anew; consequently no dividend was paid Oct., 1812. The bank purchased the State's interest, Feb., 1817, and reduced the capital to $1,200,000. April 1, 1817, 25 per cent. of capital was paid back to stockholders, reducing the amount to $900,000 in shares of $75 each, and April 1, 1830, one-third more was returned, making the capital $600,000 at $50 per share. June 15, 1847, $300,000 was added to the capital in 6000 new shares at $50, making it again $900,000, the present amount. Boylston.-The 5 per cent. dividend, Oct., 1846, was for the first 9 months' operation. An extra dividend of 6 per cent. was paid in May, 1853. Original capital $150,000. Increased $50,000 in each of the years 1847-'51 and'53, and $100,000 in 1854. City.-First capital $500,000. Increased $250,000 in each of the years 1824 and 1827. The omission of dividends in 1841-'42, was occasioned by large losses on loans to the Bangor and Piscataquis Canal and Railroad Co., the stock which was held as collateral having declined from par to almost nothing. Cochituate.-Original capital, $150,000. Increased $100,000 in 1852. Bank failed April 15, 1854. A first dividend of 50 per cent. and a second of 10 per cent. on all the debts has been paid previous to this time, (Dec. 1855,) and the court has fixed upon the first of April, 1856, as the time within which all claims must be presented for proof or allowance, or otherwise they will be forever barred. It is probable a farther division will be made of a small dividend. Columbian.-Original capital $500.000. Increased $250,000 July, 1854. The dividend of 4 per cent., April, 1823, was for the first 11 months of operation. Commerce.-Dividend April, 1851-5 per cent. for first 8 months of operation. Original capital $750,000. Increased $750,000 in 1851 and $500,000 in 1853. Eagle.-Original capital $500,000. Increased $200,000 in 1853. Eliot.-Original capital $300,000. Authorized in 1854 to increase $450,000, of which but $300,000 was paid in. Exchange.-Original capital $500,000. Doubled in 1851. First dividend (41) for 8 months. Freemans'.-Original capital, $150,000. Increased $50,000 in each of the years 1845-'49,-'51,-'53 and'54. Globe.-Original capital $500,000. Increased $250,000 Dec., 1824, and in May, 1827, to $1,000,000, the present amount. Granite.-Original capital $500,000. Increased $250,000 in 1851 and'52, and $150,000 in 1853 and'54. Grocers.-Original capital, $250,000. Increased $50,000 in 1850, $200,000 1853 and $250,000 in 1854. An injunction was served on this bank Nov. 30, 1855, and the decision of the Court is postponed to January 7, 1856. The bank will probably be wound ap. Hloward.-Original capital $500,00. Authorized to increase $250,000 in 1854, but not paid in. 4 26 Notes to Bank Dividends. MIarket.-Original capital $500,000. Increased to $1,000,000 June 1, 1836. Reduced to $800,000 April 11, 1839, and March 25, 1841, again reduced $240,000, making the present capital $560,000, divided into 8000 shares of $70 each. The last reduction of 30 per cent., when the par was cut down from $100 to $70, was a clear loss to the stockholders. M1assachusetts.-Original capital July 5, 1784, $300,000 (authorized), of which only 253,500 appears to have been paid in, according to the old records, and reduced to $100,000 the next year. Then increased to $200,000 June, 1791, $400,000 July 1792, $800,000 Dec. 1807, $1,600,000 June 1810, and reduced to $800,000 the present capital, April 1821, making the par value $250, which was originally $500. A short history of the early days of this bank will be found on the thirty-fifth page. The following extra dividends have been paid by this bank, and as some of them are out of the usual course we give them as described in the records of the bank. Nov., 1790, 11 per ct. on $100,000 capital, "arising on the purchase of withdrawn shares and former profits." July, 1792. 16 per cent. on $400,000 capital, "arising from old balance of profit and loss, sale of United States bank shares, funded 6 per ct. stock, &c. &c." June, 1793. A balance of $1400 from the same source as the last. Jan'y, 1795. $10,000 from sale of old banking house located in what is now called Hamilton Place, opposite Park Street Church. June, 1801. 24 per cent. extra dividend. Sept. 1*812. 2 per cent. was paid and the time of regular payment changed from January and July to April and October. Miechanics.-Located at South Boston. Original capital, $150,000. Reduced to $120,000 March 1844. Increased $30,000 in 1850, and $50,000 in each of the years 1853 and'54. An extra dividend of 160 per cent. was paid in May, 1850, and 12. per cent. iin October, 1854. Ml~erchants.-Original capital $500,000. Increased to $750,000 April 1832, $1,500,000 July 1836, $2,000,000 April 1839, $2,500,000 April 1845, $3,000,000 April 1846, and to $4,000,000, the present amount, Oct. 1853. The last $1,000,000 was added under the provisions of the General Banking Law of this State. The reduced dividends in 1843 and'44, not only of this bank but of most others, were in consequence of the great abundance of capital at cheap rates of interest. Discounts were made at three per cent., and the banks were troubled to obtain sufficient good paper even at that low rate. National.-Original capital $300,000. Increased $450,000 in 1854. North.-Original capital $500,000. Increased to $750,000 Oct. 1, 1828. An increase of $150,000 was authorized in 1853, but not accepted. North America. Original capital $500,000. Increased $250,000 in 1853. The dividend for April, 1851, (3.j) is erroneously reported as 3 per cent. in the "Bank Abstract" of that year. Shawmut.-Original capital $500,000. Authorized to add $200,000 capital in 1853, but not accepted. Increased $250,000, July 1854, when an extra dividend of 8 per cent. was paid. Originally chartered as the "Warren" bank, but changed to Shawmut, April, 1837. Shoe and Leather Dealers.-Original capital $500,000. Increased $250,000 Oct. 1849, when an extra dividend of 10 per cent. was paid, and again increased $250,000 July 1, 1851. State.-Original capital $3,000,000, at a par value of 100 per share. In April, 1-817, $1,200,000 was paid back to the stockholders, reducing the capital to its present amount, ($1,800,000,) divided into 30,000 shares of $60 each. An extra dividend of 5 per cent. was made, Oct., 1836, being the proceeds of real estate sold. Suffolk.-Original capital $500,000. Increased to $750,000 in 1826, and in 1838 to $1,000,000, by a stock dividend of 331 per cent., thus giving to each of its stockholders one new share for every three old ones. The Foreign Money Department of the Suffolk has made it a very profitable concern, and enabled it to pay 10 per cent. annually for a number of years. Previous to assuming that business its dividends were quite moderate. March 24, 1852, a defalcation Banking Laws. 27 was discovered, by which a loss of $214,500 was made, but the surplus was so large, that the usual dividend, due in a few days, was delayed less than three weeks, only until the accounts could be examined. Traders.-Original capital $500,000. Reduced to $400,000 in March, 1844, by cancelling shares, and increased to $600,000 in June, 1851. Trenmont.-Originally Manufacturers and Mechanics, but changed to Tremont, March, 1830, when the first capital, $750,000, was reduced to $500,000. This was doubled in 1850 and increased $250,000 more in 1853. Union.-This bank appears to have originated (1792) from what was called the "Tontine Association," and started with a capital of $1,200,000, one-third of which was held by the State of Massachusetts. This was paid back in 1817, leaving the capital $800,000, which was increased to $1,000,000 in 1850. It was the second bank in the State. Washington.-Original capital $500,000, and increased to $750,000 Oct., 1853. Webster.-"The Provident Institution for Savingrs," of Boston, took half ($750,000) of the capital, at the commencement of the bank, in 1853. [See note relating to Savings' Banks Investments, p. 31.] BANKING LAWS. The following, compiled from the statutes of Massachusetts, will be found of interest to the reader:State Tax.-The banks of Massachusetts pay the State a tax of one per cent. per annum, half in April and half in October. Banks are required to furnish the assessors of each city or town the names of residents, with shares held by each, and any person fraudulently transferring stock to avoid taxation, forfeits half of the par value. [The same law applies to deposits of $500 or over in Savings Banks, to Railroads, Stock Insurance, Manufacturing and other companies.] Relating to Directors and Cashiers.-No bank can have less than 5 nor more than 12 directors. No one director or other officer is allowed, directly or indirectly, to borrow more than 8 per cent. of the capital, (or more than $40,000,) and the whole board not more than 30 per cent., unless authorized by the stockholders at a legal meeting. No person whose whole stock is pledged, shall be a director in any bank; neither can any one be a director in two banks at the same time. No cashier or any officer under him is allowed to hire money of the bank in which he is employed, neither can a cashier serve as director. Individual Liability.-Stockholders are individually liable to the amount of stock held by them for any loss of capital from official mismanagement of the directors. Also liable for the redemption of the bills of any failed bank in proportion to the stock held by them. A fraudulent transfer of stock to avoid taxation, forfeits one half the par value of shares thus transferred. Bank Bills, Deposits.-Banks are not allowed to issue bills to a greater amount than 25 per cent. in excess of capital. If any bank 28 Banking Laws. refuses to pay its bills in specie, on demand, the holder has claim for damages at the rate of 2 per cent. a month until paid. Banks are liable to any bona fide holder for the original amount of their bills which shall have been altered to a larger amount. Also liable for all bills in circulation signed by either the President or Cashier, and not allowed to pay out any but their own bills. No bank is allowed to pay interest on deposits to individuals. Bank Commissioners.-No bank is allowed to discount any note, or bill of exchange, to which a bank commissioner is a party, either as principal, surety, endorser or otherwise. Privileges of the Commonwealth.-The banks are obliged to loan money to the State at 5 per cent., payable in 1 to 5 years, whenever asked for by the Legislature, not exceeding 5 per cent. of their capital at any one time, and all loans demanded shall not together, at any one time, exceed -I of their capital. [Penalty for refusal after 30 days' notice, 2 per cent. per month upon the amount, to be paid into the treasury of the Commonwealth until complied with.] The Commonwealth may subscribe for stock, in addition, an amount not exceeding 50 per cent. of authorized capital of any bank " when provision shall be made therefor by law." Mutilation of Bills.-Any person " wilfully and maliciously tearing, cutting, or in any other manner damaging and impairing the usefulness for circulation of any bank bill," is liable to a fine of $10 for each offence. Imitation Shop Bills Prohibited.-Any person who shall " engrave, print, issue, utter or circulate any shop bill or advertisement," having the appearance of a bank bill, is liable to a fine of $50 for each offence, or 90 days in jail, at the discretion of the court. GENERAL BANKING LAw.-All the banks in Massachusetts have special charters, and although a general law was passed by the Le. gislature in 1851, thus far no bank has been organized under its provisions. The Merchants Bank of this city was authorized in 1853 to increase its capital $2,000,000 under this law, $1,000,000 of which was paid up in October of that year. BANK MEETINGS.-The laws of this State require that the annual meetings of the stockholders of banks, for the choice of directors, shall be held in the month of October, and that in case there is more than one bank in any city or town, the meetings shall be held on different days, beginning on the first Monday in October, and continuing on successive days, taking the banks in the order in which they are arranged in the Bank Abstract, published by the secretary of the Commonwealth for the preceding year; and if from any cause the names of any banks are omitted in the Bank Abstract, such banks shall hold their meetings in the order of the dates of their charters, after the banks included in the Abstract have held their meetings. In Boston, the number of institutions being 37, a part of the meetings consequently run into November. SALES OF STOCKS AT AUCTION.-Stocks were sold at public auction in 1835, and subsequently by Stephen Brown, B. Winslow, and Brokers' Board. 29 occasionally by others; at a later day by P. P. F. Degrand, Cook and Gale, and at present only by Messrs. Brown. The sales by auction were formerly very large, especially of bank stocks, this class being pressed upon the market as railway property has more recently been. The Brokers' Board was established in 1834, but their transactions were not made public in the papers of the day, as now, until 1844. FORGED CKs.-Our banks have occasionally suffered by forged checks, but the precautions more recently adopted have rendered this game a hazardous and difficult one. Some five or six years since the North Bank paid a forged check to the tune of nearly $4,000, which, we believe, was never heard from. COUNTERFEIT BILLs.-Counterfeiting has received a check from the organization of a society for the detection of counterfeiters, and the circulation of counterfeit bills has a short run. Formerly, as soon as one got into the Suffolk Bank, it was recorded, as also the bank from which received and depositor of said bill, in order to facilitate the tracing of its future movements. This plan was found to work well for a time, but the number of counterfeit bills rapidly increasing, the labor of recording became burthensome, and a law was passed permitting any bank to stamp the word "counterfeit" on all such bills, adding the "name of the bank and the initials of its officer by which such writing or stamp shall be made." It is related that one of these bills unstamped, as the plan formerly was, made its appearance a second time at the Suffolk, when its history was given to the holder, who repaired to the individual to whom it had been previously returned, when it was immediately redeemed, although -it had passed through several hands. BROKERS' BOARD. The first meeting to organize the "1Boston Stock and Exchange Board,"1 was held October 13, 1834. Thirteen persons were present, and all but three (R. B. Schenck, James Dana, and P. P. F. Degrand) are now living; eight still continue active members of the board. In May, 1844, the number had increased from 13 to 36, and in 1855 to 75, of whom about 50 meet daily for the transaction of business. The balance are mostly those who were once active members and still continue their connection, (by paying $10 annually,) although now engaged in other business. The original members assessed themselves $100 each, and that was made the initiation fee; afterwards advanced to $200, and again increased, Jan. 19, 1853, to $400, the present rate. On removing from the old quarters in the Merchants Exchange to the present board room in the Union Building, March 26, 1853, a 30 Savings lnstitutions. collation was provided, and this pleasant feature has been kept up since, at the return of each annual election of officers in September. In the early days of the Board it was ot unusual for them to meet without transacting any business, and in 1844 the publishing of the sales in the daily papers was first commenced, ten years after the organization. Several of the members of the Board officiated as stock auction eers, and as this was considered to interfere with the business of the Board seriously, it was voted, in March, 1848, that "Any member of the Board who shall attend a public sale of stocks, or who shall, directly or indirectly, buy or sell at such sale, shall vacate his seat at the Board, unless it be done by special permission of the Board, or when the sale is made by order of executors, administrators, trustees or corporations." As a natural consequence the stock auction business became very much reduced, as members preferred retaining their seats at the Board, where the facilities for buying and selling stocks are of great value, forming as they do a complete system for transacting the business. BROKERS' CoMMIssIoNs.-The regular commission for buying and selling stocks is - per cent. on what is usually considered the par value, and any member who does business at a less rate, is liable to "suspension during the pleasure of the Board." SAVINGS INSTITUTIONS. The following statement of the five Savings Banks, of Boston, will show their past success, and may be deemed a fair criterion, we presume, of what other similar institutions in the State have realized PROVIDENT INSTITU- SUFFOLK SAVINGS TION FOR SAVINGS. BANK. Commenced operations, - - - 1816. May 1, 1833. Regular rate of' Interest, - - - 4 per cent. 4 per cent. Last five years, extra dividend and when paid, 20 pr. ct., July,'32. 20 pr. ct., April,'53. Amount of last extra dividend, - - - $430,000 $121,309 Total deposits, October, 1 833, - - - $3,128,080 $1,961,921 Number of depositors, October, 1835, - 27,381 7Y738 The East Boston' Savings Bank went into operation January 17, 1849, and made an extra dividend of 20 per cent., July 19, 1854. The regular rate of interest is 5 per cent. Deposits, October, 1855, $68,383; and depositors, 416. The Suffolk paid its first extra dividend (20 per cent.) April, 18481, and the Provident Institution - per cent. in 1822. In 1827, $46.05 on $500 for 5 years;'32, $45.85;'37, $47.57;'42, -,'47 and'52, 20 per cent. each. [The extra dividends could not be obtained from the bank.] The Foreign Money Par System. 31 The Provident Institution for Savings was the first of the kind in this State, and with one in Philadelphia, commenced the same year, the first in the country. The first in New York opened in 1819. FIVE CENTS SAVINGS BANKs.-These are a new feature and give promise of good success. By receiving sums so small they enable almost every one to save something for the future, and encourage abits of economy and prudence, especially in the younger portion of the community. An average of about one seventh of the depositors are under five years of age. The condition of the two five cent banks of this city, up to October, 1855, was as follows:DEPOSITORS. DEPOSITS. Boston Five Cents Savings Bank, - 8000 - $450,000 People's Five Cents Savings Bank, - 2006 - $102,311 The People's commenced April, 1854, and the Boston, May 1. Regular rate of interest 5 per cent. Extra dividends are to be made every five years, computing from May 1, 1854, for the Boston, and the first Wednesday of November for the People's. SAVINGS BANKS INVESTMENTs.-Savings Banks, in Massachusetts, are now allowed to invest but 10 per cent. of their deposits (and in no case over $100,000) in the capital stock of any one corporation. And any bank that may have so invested a larger amount, is required to reduce the same to the above limits, within twelve months from May 3, 1855. THE FOREIGN MONEY PAR SYSTEM, Now called the "1Suffolk Bank System," was begun early in 1825, by an "1Association " of five city banks, the Eagle, Globe, Manufacturers and Mechanics, (now Tremont,) State and Suffolk, which were then nicknamed the Holy Alliance. One person was chosen by each bank "1to be a committee with full powers to superintend and manage the operations, and regulate the compensation of those employed." This committee appointed an "1agent" to receive and credit the amount of foreign money taken by the "1Associated Banks," of their customers, and keep a distinct set of books for that purpose. All expenses and losses which might arise were to be borne by the five banks, in proportion to the amount that each should receive on deposit. At one time, the aggregate amount received by one of the five associated banks, had risen to $269,640, being more than a third part of its whole capital stock, ($750,000,) and a dead deposit, on which nothing was realized until collections began to be made from the country banks. These collections were then a slow process, not being made oftener than once in several weeks by special messengers. By means of the present railroad and express facilities, immense sums are exchanged daily. Had any one of the ?32 The Foreign Money Par System. above banks fallen back during the early days of the struggle, of which there was some fear, the experiment would have been aban. doned. There was great opposition to it from many quarters, both in and out of the city. The then president of the Suffolk Bank, among others, doubted the power of the association to go on, and sold out his stock in that bank. After the success of the system had been placed beyond a doubt, the Suffolk Bank assumed its exclusive-management, the other mem. bers of the association each agreeing to leave with that bank, a stip. ulated sum on deposit, without interest. The whole amount so deposited was $300,000; but from time to time, as the country banks came into the system, and made their deposits at the Suffolk, those of the associated banks were gradually very much reduced. The Suffolk redeems at par the bills of all New England banks, which make a deposit with them, (say from $2000 to $5000 each, according to the amount of their capital,) which is a great public convenience, and also a saving to the country banks, as they are enabled to transact business with a much smaller supply of coin in their vaults, than would otherwise be necessary. The Suffolk, also, reaps great benefit, as the plan furnishes that bank with more than $1,000,000 working capital, without any other cost than the salaries of the large number of clerks employed in counting and assorting the immense circulation which daily passes through it. In this connection we give a statement showing the great increase, since 1834, of the foreign money which is redeemed by the Suffolk Bank, now amounting to very nearly the immense sum of $350,000,000 annually. Suffolk Bank Redemption. 1834, $76,248000 1839, $107,201,000 1844, $126,225,000 1849, $199,400,000 1835, 95,543,000 1840, 94,214,000 1845, 137,977,000 1850, 220,932,000 1836, 126,691,000 1841, 109,088,000 1846, 141,540,000 1851, 244 311,000 1837, 105,457,000 1842, 105,670,000 1847, 165,487,000 1852, 239,177,544 1838, 76,634,000 1813, 104,443,000 1848, 178,100,000 1853, 291,019,206 1854, 333,717,970 Monthly Redemption for 1855. Jan $27,803,153 April, $28,779,325 July, $28,090,520 Oct., $34,164,493 Feb., 22,274,045 May, 30,562,365 Aug., 28,655,316 Nov., 32,604,767 March, 27,264,311 June, 28,107,764 Sept., 29,124,271 Dec., Total for eleven months, $317,430,330 The receipts of foreign money at the Suffolk, Oct. 26, 1855, (the 25th being observed as a holiday,) were $2,059,928, the largest sum received on any previous day, being $1,700,000. The circulation of the banks in the New England States is about $50,000,000, and the redemption by the Suffolk nearly $350,000,000; consequently the bank issues are redeemed about seven times every year at one point, besides ordinary redemption at their own counters. The " Bank of Mutual Redemption," designed to take the place, in part, of the Suffolk, was chartered in 1855, but has not yet commenced operations. G-urrency in the Colonies. 33 CURRENCY IN THE COLONIES. In the absence of gold and silver, the colonists were obliged to use other articles as a circulating medium, and corn and tobacco were employed in some of the States; but as the precious metals became more plenty, the barter custom was done away with, and was prohibited by Virginia in 1645. TI-E FiRsT MINT established was in Maryland, in 1652, and coined shillings, sixpences, and half-penny pieces. [The United States mint was established in 1791, at Philadelphia, being the only one in operation till 1838, when branches were established]. In all the colonies the money of account was English, but the coin was chiefly Spanish and Portuguese. The different colonies established different values however to the dollar, which have continued to this day. The first paper money was issued by Massachusetts, in 1690, amounting, in 1749, to ~2,200,000, and had then depreciated to eleven cents on a dollar, at which figure it was principally redeemed. Pennsylvania first issued paper money in 1723, and Virginia at a later day. ORIGIN OF THE OLD CONTINENTAL MONEY AND ITs DEPRECIAT[oN.-At the commencement of the war, money was issued upon the authority of Congress, called Continental money. The bills passed for nearly their declared value until towards the end of 1777, when the issue had increased from $900,000 to about $26,000,000. In April, 1778, it was $30,000,000, and the depreciation as six to one. About this time the alliance with France was made, and confidence being greatly restored, the depreciation was but four to one, although the issues had increased to $45,000,000; in February, 1780, as thirty to one,) the amount being $115,000,000, and in 1781, $1000 of this money would not produce one dollar in coin! In 1799, Washington said that "1the depreciation had got to so alarming a point that a wagon load of money would scarcely purchase a wagon load of provisions." Such, however, was the currency in which the men of the revolution were paid. The whole issue was about $360,000,000, and the largest amount out at any one time $200,000,000. May 31st, 1781, it ceased to circulate as money, but was afterwards bought on speculation, at various prices, ranging from 400 to 1 up to 1000 to 1. The effect of this failure of the currency was to bring into circulation specie which had been largely hoarded up, and to foster a strong prejudice against paper money. 34 Bank of North America. BANK OF NORTH AMERICA. The first institution chartered upon the specie basis, or conversion of bills into coin on demand, was the bank of North America,* at Philadelphia, which owed its origin to the genius of Robert Morris, Esq., then superintendent of public finances. It was chartered with a capital of $400,000, May 26, 1781, by Congress, which pledged itself to support the institution. Until October not more than $70,000 had been taken up, but soon after subscriptions came in more freely, and the government taking $254,000, (the balance then in the treasury,) the United States became the principal shareholder. In December, Congress created the subscribers a corporation forever, under the title of "The President, Directors & Co. of the Bank of North America," which was restricted from holding property exceeding in amount $10,000,000. The bank commenced operations Jan. 1, 1782, and afterwards received a charter from Pennsylvania, which was repealed in 1785, the bank continuing business under the original charter from Congress. In 1787 Pennsylvania renewed the charter, but restricted the holding of property to $2,000,000. It has proved a very profitable concern, and its earliest dividends ranged from 12 o 16 per cent. Difficulty of establishing the Bank's credit.-At the commencement of this bank the continental money experience was still fresh in the minds of the people, consequently great difficulty was encountered in giving currency to its notes. The people could not be made to believe that the hank had coin or could redeem its bills on demand. The bank, therefore, employed persons about town to go and get silver in exchange for its notes, made great public display of its specie, and during bank hours, kept men raising and lowering boxes, supposed to contain coin, from the banking room to the cellar, and vice versa. By the like contrivances it finally gained the reputation of having large quantities on hand, and after a time its bills obtained good circulation. SM~ALL LossEs.-LARGE DIVIDENDS.-During the last five years, (by official report,) this bank lost, from bad debts, but $1,370. The stock is now worth 50 per cent. advance, and pays nearly 10 per cent., even at this enhanced price. The present capital is $1,000,000.I We present, in this connection, the early history of the Old Massachusetts Bank-as it is familiarly called-which cannot fail to be of interest, commencing, as it does, the banking finance of this State. * A bank, not on the specie basis, was established in South Carolina in 1762. It issued ~48,000 to be let at interest, and sunk at the rate of ~C4,000 a year. Massachusetts Bank. 35 MASSACHUSETTS BANK. This was the second bank in America and the first institution of the kind in this State, receiving its nct of incorporation Feb. 7, 1784. During the whole period of its existence (seventy-two years) the number of different presidents has been but nine and cashiers eight, the present incumbent having been in office twenty years in succession. Among its original officers were some of the most eminent men of the day. The president was entitled to the honor of LL.D., and seven of the directors and the cashier were distinguished as Honorable in the printed lists. The following are the names of the presidents and cashiers of the bank since its establishment in 1784: Presidents. Cashiers. James Bowdoin, - 1784 to 1786 Saml. Osgood, - - 1784 to 1785 Win. Phillips, - - 1786" 1797 Peter Roe Dalton, - 1785" 1792 Jonathan Mason, - 1797" 1798 John Lowell, - - 1792" 1793 Sam~l. Eliot, - - 1798" 1804 James Thwing, - 1793" 1814 Win. Phillips, Jr., - 1804" 1827 Joseph Head, - - 1814" 1816 Win. Parsons, - - 1827" 1836 Chas. P. Phelps, - 1816" 1817 Jonathan Phillips, - 1836 "1840 Saml. Payson, -- 1817" 1836 Win. Parsons, Jr. - 1840" 1847 James Dodd, — 1836 " John James Dixwell, 1847"4 LOCATION OF THE BANK.-ITS COMMXENCEMENT.-The bank was at first located opposite Park Street Church, near what is now known as Hamilton Place, and was kept open for business during the hours from 10 to 1, A. M., 3 to 5 o'clock, P. M., excepting holidays. The bank was opened for business, July 5, 1784, and on that day the discounts amounted to only $19,645. The original charter was perpetual, but in 1812, by consent of the bank, it was changed to a specific term like all other banks in the State. In April, 1792, the bank purchased the property then known as the American Coffee House, in State Street, for the sum of fourteen hundred and fifty pounds, Colonial currency, (about $4,828,) and removed to the site it now occupies, on which the present edifice was erected, in 1836. Early customs.-In those olden days, banks were instituted by wealthy capitalists, to loan their money. The President, Directors & Co. were money lenders, not borrowers, and the bank parlor in which sat these financial potentates, was approached with all the respectful etiquette imaginable; whilst all persons doing any business with the bank remained with head uncovered. Punishment in olden times.-Forgery and counterfeiting were punished then in a different manner from that of the present day, and we find that in April, 1784, one James Trask, for passing counterfeit notes of hand, was sentenced "1to stand one hour in the pillory;" and for another fraud of the same kind, to be whipped thirty stripes; and being unable to pay treble damages, to be sold for the term Of four years. INSURANCE STOCKS. This class of securities is less known or familiar to the public than either railroad or bank stock. It has its special patrons who keep their eye upon it, estimate its value, and take up what little offers in the market. Insurance stocks rarely assume a speculative character, and are no particular source of profit to the gentlemen comprising the Board of Brokers. There is always an idea of extra hazard attaching to Insurance in the eyes of those not acquainted with the history of these institutions. It will be seen, however, in referring to the dividends paid by the Boston Companies, for the whole past 25 or 80 years, that it has generally been a lucrative investment. Fire Insurance-we speak of Boston risks-has decidedly improved of late years; and the Firemen's Co. of this city, which was below par In 1842, is now 100 per cent. advance, or 50 for 25, the par value. Marine Insurance, on the contrary, has been a losing business for many years, as will be seen by the note as to Insurance profits following the dividend tables. BOSTON INSURANCE STOCKS. Highest and Lowest Prices for ten years-1835 to 1844, inclusive. 1885. 1836. 1837. 1838. 1839. 1840. 1841. 1842. 1848. 1844. BOSTON INsUR. NcE COs. too 15...Par. Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Lowest. Lowest.' Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. 0 American. 100 130 128 131 122 120 115-1 126 114 144 114 108' 98' 1174 111411164 111i 130'. 122 1404 130 Z3 Atlantic...... 100 105 104 104 100 1011 871 84. 75 75 6618 1 8 6 0951 90 792 86 3]70 101 9.50 Closed.. Atlas.100 104 98 1044 100 101 89' 9 791 804 61 634 Closed................. Boston,100 128 125 126 124 118 1171 125 112 4.120 111 115 107' 105 113412 2 Boston Marine.............. 60 75 69 73 63 64 58 65 55 66 64 63 63 63 60 Closed. Boylston.................100 105 102 134 96 100 90 98 85 96' 90 1489310 91 95 38 Columbian,. s 100 120 103 110 100 97' 90 9805 9099C10e10. 19k.........0........ Commonwealth,.100 103 95 101 99 75 70 Failed................... Firemen's,_.25 264 224 25 19 23t 184 24 19 11 6121 7 24 1 24 2 28 6 80.28 Fishinge.e0 53 0 51 441 45 894 45 39 37 31 84 25 44 42 40 30. Closed.... Franklin,.100 113 107 117 108 113k 106 1021 100 88 68 68 65 90 79 93. 90 103' 871 Hope.................... 100 108 102 105 95 99 909 7584 57 74 88 81 82 7497 80 99 92 Manufacturersm.100.141.18 133 128 130 125 125 121.1 111.......... 1211 188 124 139k 112 135 1 1134 149 136 4 Mass. Fire and Marine,.._, 871 41 38 89 38 384 384 874 85 94* 70 91 891 934 884 884 771 89 85 102 95 Mercantile Marine. 100 103 93 1034 95 100 80 90 85.864 70 98 86 2100 95. 924 901 103 924 107 101k MTerchants,...A100 150 140 150 4 185 150 130 150 130 150 125 150 2 130 150 130' 155 135 160 1402 165 145 National,. 50 55 50 52 45 53 44 544 50 5J 46 54 48'3 594 55 56 50k 62 61 66 58 Neptune.100 102 98 101 98 95 90 90 85. 70 108 824 130 1144 1494 125 151 1484 168 1521 New England,.._100 103 98 109 90 100 82 85 83 90 79 921 81' 104 904 100k 95 Closed. Ocean.100 138 112 150 130 1264 105 90 75 804 40 56 0 79 61 86 71 Closed....... Mufl........... 33 354 34 36 833 334 3141 314 284'24 19 26 4 194 36' 23' 34 80 1 884 3041 843.341 Tremont...........100 102 95 100 89 104 90 99 80 92 78'1 100 88 122 108 122 1144L 150 130 159 1204 United fitates....... 50 51 50 51 471 484 44 45 2441 41 324 408k 433 52' 50 494 441 58 42, 61 561 Warren,. 100 100 96 100 80' 95k 78 35 58 73 60 85 65 93~ 71'1 1004 811 100 9341 104k 103~ Washington,.100 108 100 106 1 1 99 954 924 85 83 ill 1074 111 100 2 1124 1102 120 110 CommoNwxALrH INS. Co.-The capital stock of this concern ($300,000) was invested in the Commonwealth Bak, $250,000, and $50,000 in the Middlesex Bank. Of course, It failed when those banks bur~st up, and is practical evidence of the unwise policy of putting "'all the eggs in one basket." *The Massachusetts Fire and Maims changed its par from 374 to 100 In 1889. BOSTON INSURANCE STOCKS. Highest and Lowest Prices for ten years-1845 to 1855. _S C C1845.! 1846. [ 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. Par. Highest and Highest and Highest and Highest and Highest and Highest and highest and Highest and Highest and highest and Lowest. WLoest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. American.... 100 138 118 125 112 1351 112 1091 100 1101 1041 140a 1101 141 135 1501 140 145 120 135* 120 Boston......... 100 126 119 122 119 120 1081 120 98 105 1o00o 1031 100 105 100 106 102 102 90 96 Boylsto,. 100 106 90 94 80 993 85 100 95 106 90 130 105 140 124 1 1 178* 106 112 11 Cohituate.50................................................. New 1850.... 50 50 46 47 43 45 37 50~~~~~~~ ~ ~~~..........................I.... New, 18o.I. Eliot............................................... New, 1851.... 50 45 43 47 40 50 40 Firemen's.2 29 285 297 4 28 2944 28 29 844 40 4627 404 1 48 441 Franklin.. 100 106 85 94 80 90 84 90 80 961 80 1084 961 109 100 104 98 105 971 100 94 ~h~ope.. 100 96 811 80 65 811 75 861 66115 100 76 4 I4 120 105 109 99 103 80 80 35 Manufacturers.100 154 113 117 100 118 110 1121 90 115 98 145 120 155 137 175 160 185 165 170 150 Mercantile Marine.100 103k 94 1041 85 961 85 95 80 95 80 103+ 88 110 100 110 101 103 98 100 90 Merchants.. 100 140 139 139 2 t1041 130 104 130 120 130 125 130 125 140 130 140 130 140 130 135 130 ~Natioual. 50 60 50 54 48 56' 53 541 50 61 52 67+ 56 661 60 75 67 75 67* 69 65 Neptune................ 100 160 120 136X 100 1201 108 1294 120 155 125 190 145 160 135 150 130 140 95 110 70 Q North American,.......100.... 6......... ~.j 6 6 6......New, 1851.. 100 100 99 100 98 100 90* Suffolk............100 1094 9046 91 89+L 100 88+ 104 97+1 105 100 97 90* Tremont...........100 118 100 1051 88+ 96 78 92 85 100+ 90 1301 107 128 105 Closed.............. Q United States,. 50 56+ 50 501 45 58 50563 51 55 49 67' 50 67 50 46 40 43 3 8 3' Warren...........100 1012 75 95 75 83~ 75 80i 60 65 45 77+ 50 90 75 93 86 93 87 85 46 Washington,...100 110 108 120 100 iosl 100+1 101 9911 95 85 101+ 91+ 101+ 100 104 99 98+ 75 90 50 Insurance stocks were, some of them, badly depressed in the latter part of 1853 and 1854, in consequence of heavy marine losses during those years. This class of stocks is the most difficult of any to obtain reliable quotations of, and more especially within a few years past. They are seldom quoted in the market, and are liable to large fluctuations, even without a public sale being effected for months. A stock quoted at par one day, may not he worth more than 80 to 90 per cent. the next, if, in the mean time, a loss of several hundred thousand dollars should fall upon the different offices, to which they are of course liable at any moment. At one time in 1854 more than half a million losses in State Street, on marine insurance, were reported the same week. Fire Companies have been more fortunate in their risks of-late years, and the market value of the property consequently better sustained. *Ex-dividend. 127- The detail of prices each month of 1855 will he found in the Appendix. t Merchants, on the mutual plan, 1846. BOSTON INSURANCE COMPANIES. OD Semi-Annual Dividends from the Commencement, 1818 to 1856. INSURtANCE COS. Commenced. 1818. 1819. 1820. 1821. 1822. 1823. 1824. 1825. 1820. 1827. 1828. 1829. 1830. Total. American,.......1818, June13,......... 71 4k8 6 6 5 6 3 6 3 5 4 4 3 5 4 5 5 6 6 6 6 114 Boston,.......: 1823, Februaryll................................ 6 4 0 4 5 5 6 6 7 8 10 10 71 Bloylstoni..... 1825, Marchl16.....4 3 4 0 5 5 5 3 4 3 36.rnln,.. 1823, February 10................. 6 0 0 0 3 8 10 8 8 8 10 6 67 Manufacturers,. 1822, May 27,....................22.74k 6 0 0 0 0 0 0 2 4 0 5 0 5 37k Mercantile Marine,...1823, May1 6. 6, ~ ",6 _ 41 3 4 5 3 4 5 5 5 55 5 5 5 63k Merchants,. 1816, December 5, 2 10 0 20.6 12k 10' 10 10 3 4 5 5 7 10 10 121 5 7 10 10 237 Suffolk........:1803,rechart.1818. 10 5 6 6 6 6 6 6 6 6 6 6 6 6 3 4 4 4 4 3 4 4 4 4 125 United Stts 1825, Feb. 26............................7 0 10 3 3 4' 5 7 4 6 49'0 Washington.......1824, Feb. 7,.....4 4 4 4 5 5 4 4 3 37 0 INSURANCE COS. 1831. 1832. 1833. 1834. 1835. 1836. 1837. 1838. 1839. 1840. 1841. 1842. 1843. 1844. 1845. Total. C American. 6 5 5 5 6 6 6 6 6 6 6 6 6 5 5 6 5 5 3 3 5 6 8 8 10 10 10 10 10 10 194 91 Boston. 10 5 6a 610 10 10 8 8 6 6 7 7 7 5 5 5 5 4 5 5 5a 6 6 6 5 6 7 7 6 194;3 Boylston. ~~~4 4 2 44 3 4 44 44 4 3 3 44 3 33 44 4 4 4 0 0 5 44 5 106 Firemen's. New, 1831,Aug. 1, 3k35 4 5 00 0 0 54 40 00 4 5 5 5 55 5 5 55 5 87k1~1 Franklin"..... 8 0 4 0 6 58 6 8 610 8 12 55 00 0 0 00 03* 4 5 57 6 3 0 127 Hope,. New'31,July 14 5 5 5 5 5 5 5 5 3 0 0 0 0 0 0 0 04 5 5 5 5 4 3 3 0 81 Manufacturers,. 4 7*'8 10 8* 1012 57 45 9 5 66 6 6 85 6 10 10 33 65 6 10 106 3 246k i Mercantile Marine,...5 5 5 5 5 5 3 5 0 6 0 10 0 0 0 0 0 0 5 5 6 4 5 4 6 5 6 5 4 3 112 ~ Merchants,. 10 6 10 10 10 20 10 10 5 10 33j 10 10 10 25 8 6 10 5 10 10 10 20 12kb1 10 10 20 5 4 340 National,........New, 183'2,Mar3, 6 6 06 4 3 55 5 6 53 54 6 8 88 628 10 8103 3 141 Neptune,........New,1831,Feb.12 5 6 4 4 5 8 4 0 0 0 0 0 3* 8 10 10 10* 8 10 10 12* 20 4* 5 192 Suffolk,.........4 4 14 44 44 44 4 6* 64 4 3 00 04 4 4 44 4 4 4 5 55 5 117 Tremont,. New, 1833, Oct. 15,...6 4 4 4 10 6 6 5 5 5 5 5 5 10 10 25 10 12 20 120 3* 0 6 198 United tts 0 0 13 4 5 06 88 4 8 6 6 0 0 0 0 0 5 5 6 4 5 3 10 8 10 5 10 4 133 Warren.........New, 1835, May 4................. 6 0 7 0 0 0 0 6 4 5 5 65 5 3 9 3 3 0 65 Washington...... 4 3 13 4 5 57.6468 8 8 554 30 5 58 6 10 66 6 6 66 4 162 * The Franklin, Manufacturers, Neptune,'Suffolk, Tremont, and Warren (Companies have made dividends in addition to those in the tables, the years of which being denoted by an asterisk (*), and farther detail is given in the notes to the respective Companies. BJP The months when the regular dividends are payable will be found stated in the table on the opposite page. BOSTON INSURANCE DIVIDENDS-1846 TO 1855, INCLUSIVE; With the date of payment, when companies commenced, capital, par value, and legal time of holding annual meetings. When Capital~~~~~,, Pa Anul Dvded. 14 BOSTON INSURANCE Cos. Whn Ca8t6.l Par. | AnnU a l ividends. 1846! 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. 1855. For 10 Since new. 185. Meetings. Payable, years. new. American...... 1818 300,000 100 Jan., 2dTues. Jan. & July. 8 5 5 3 5 5 4 6 10 10 10 10 10 10 10 5 8 8 8 8 148 456..... 1823 300,000 100 Mar., 2d Mon. March & Sept. 5 5 6 4 6 4 4 0 4 8 4 5 5 5 5 0 0 0 0 0 70 335 Boston ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 1.......... 1823 3 15 /0 1010 a Boylston..... 1825 300,000 100 Mar., 2d Mon. April & Oct. 0 0 5 5 6 3 6 6 68 8 8 88 0 6 4 00 87 229.Cochituate.... 1850 150,000 50 April, 2dMon. April & Oct. New, 1850, Oct.15................3.. 3 4 0 0 4 4 4 3 25 Eliot.......... 1851 200,000 50 Jan., 2d Mon. April & Oct. New, 1851, Feb. 1, 3 4 0 0 0 0 5 5 17 Firemen's......... 1831 300,000 25 July, 2d Mon. Jan. & July. 5 5 5 5 8 5 810 0 101 10 10 10 10 10 10 10 10 171 2581 Franklin....... 1823 300,000 100 Mar. 2d Mon. Jan. & July. 6 0 6 0 6 0 7 6 6 10 8 54 5 5 45 6 102 296 ~.Hope.... 1831 200,000 100 April,2dMon. April & Oct. 0 0 3 0 0 0 3 7 5 5 5 6 5 0 00000 39 120 O Mnufcturer....s. 1822 400,00U 100 Jan., 2d Wed. April & Oct. 0 4 4 5 0 3 5 6 10 10 10 15 15 12115 15 10 10 5 5 159 4431 MercantileMarine. 1823 300,000 100 Mar., 2d Mon. May & Nov. 0 5 3 5 0 5 4 6 5 6 5 5 5 6 5 5 4 4 4 5 86 261 Merchants......... 1816 500,000 100 Jan.,lstTies. April & Oct. 0 6 | 0 10 10 10 10 10 15 20 15 15 15 10 6 10 4 4 8 8 196 773..National... 1832 500,000 50 Jan., 2d Wed. April & Oct. 3 4 5 7 3 6 6 8 10 8 10 10 8 8 665566 130 271 Neptune......... 1831 300,000 100 May, 1st Mon. April & Oct. 0e 0 4 0 10 6 6 8 10 50* 10 7 7 8 0 5 0 0 0 0 150 342.....North American 1851 200.000 100 Mar., 2d Tues. Jan. & July. New, 1851, April 1........... 41 4 4 3 5 5 5 4 341 341 Sffolkt...... 1803t 225,000 100 Jan., 2dMon. April & Oct. 3 4 3 4 00 4 4 4 5 5 5 5 5 4 4 4 Tremont....... 1833 Closed. 100 Closed up. May & Nov. 5 0 0 0 0 0 ( 10 10 10 5. 75 121 Clos'g up. 5...... 198 United States...1825 200,000 50 Jan., 2dMon. June & Dec. 6 6 5 5 5510101510 00 00 000 0 05 82 264 Warren, —1885 150-000 100 April, 2d Wed. April &Oct. 0 0 0 40 060 0 03 5 56 360 0 00 38 103 Washington.......1824 200,000 100 May,l1st Mon. April & Oct. 3 4 0 4 6 3 0 6 6 6 6 5 4 3 0 0 0 0 0 0 56 255 *Neptune, 20 per ct. extra, May, 1850. The 50 per ct. in Oct., stock. t Suffolk rechartered in 1818, since which only, the dividends are given. t From capital stock. ]FRANKLIN INS. Co.-This Company made an additional dividend of 3 per cent., in April, 1842, which, making three dividends in that year, could not be given in the tabular form, but is included in the total at the end of the table. EL-oT.-Originally incorporated, Feb. 16, 1849, as the " United Interest " Insurance Company, with a capital of $1 00,000, in shares of $1 00 each. Feb. 7, 1850, the par was altered to $50. The charter required their place of business to be "1located and kept south of Bedford Street," and operations were commenced Feb. 1, 185 1, in the "Liberty Tree Block," corner of Washington and Essex Streets. Feb. 11, 1852, the Legislature changed the name to Eliot, repealed the restriction as to location, and the office was removed to Kilby Street, July 1, 1852. MANUFACTURERS.-The dividends were paid June and Dec., up to 1829, when only 5 per cent. for that year was divided in October; and then 5 per cent., Dec. 1830; all since in April and Oct. Dividends, in addition to those in the table, were mnde, Dec. 1831, 4 per cent., and Jan., 1833, 6 per cent., both included in the total. April, 1842, capital increased from $300,000 to $400,000, by a stock dividend of 331 per cent., thus giving to every holder of three shares an additional one. This dividend was better than cash, (an unusual feature in most stock dividends,) as the new stock was worth about 20 per cent. premium, when first issued,-making the dividend equal to a cash one of 40 per cent.-and 40 Notes to Insurance Companies. advanced to 125 and 130 per cent. very soon after. Although so successful in late years, it will be seen that the first 81t years of its operation, the annual dividends averaged less than 4~ per cent.! Since, however, the average has reached nearly 16 per cent. MERCHANTS.-Conducted on the mnutual principle from Oct. 1, 1844, to Dec. 31, 1845, and in part mutual a portion of 1846, during which time the dividends were much smaller than previously or afterwards. Several other companies also adopted the mutual principle about the same time, but without success, except in the case of the Warren. In 1836, the capital was increased from $300,000 to $400,000 by a stock dividend of 333 per cent., and again in 1838, by a 25 per cent. dividend, to $500,000. NATIONAL.-Authorized capital originally $1,000,000, but only $500,000 was called in. The first dividend was paid November, 1833; all since, April and October. NEPTUNE.-Originally the Charlestown Fire and Marine Insurance Company, but removed to Boston and adopted the name of "Neptune" in June, 1831-less than four months from its commencement-and capital then increased from $100,000 to $200,000. The first two dividends (1834) were paid January and December; all regular ones since, April and October. Additional dividends, January, 1840, 6 per cent.; June, 1842, 10; May, 1844, 15; January, 1845, 15; May, 1850, 20 per cent.; and are all included in the total of the table to which they properly belong. In 1850 the capital was increased by a 50 per cent. stock dividend, firom $200,000 to $300,000. Previous to this, the shares were selling at about 190 per cent., and the new stock was worth 40 per cent. premium, making the 50 per cent. stock dividend actually worth $70 in cash-which, with the dividends of 10 per cent. in April, and 20 in May, gave the stockholders one hundred per cent. in dividends for the year 1850! NORTIi AIERICAN.-Commenced at East Boston, but removed to the city proper in March, 1853. First dividend, of 4t per cent., was for nine months. The July (1855) dividend was for five months, the time of making up the semiannual accounts being changed from the close of June to May 31. SHOE AND LEATHER DEALERS.-A new company, capital $100,000. Operations commenced Aug. 8, 1855, when $50 per share was called in. Located at 57 Hanover Street. SUFFOLK.-Originally chartered in 1803, but we have been unable to obtain the dividends paid previous to the re-charter in 1818. The first after that was paid Februtary, 1819; all since, April and October. An extra one of 2 per cent. was paid January, 1836, which made the dividends average exactly 8 per cent. for the previous ten years. Capital originally $300,000, at a par of $331. Cut down in 1840 to $225,000, and the par made $25, which was soon after changed to $100, by making every four shares into one. TREMONT.-TWO extra dividends were paid in 1844-10 per cent. in August, and 10 in December-making 35 per cent. divided within the year, although the table shows only 12+3, those being the amounts at the regular time of declaring, May and November. The dividend for 1846 was made in February. This company was conducted on the mutual plan from 1845 to 1849, which will account for the small dividends at that period. The company commenced winding up its affairs in 1851, and paid a dividend of 75 per cent. from the capital stock, Jan. 15, 1852; another of 121, Nov. 1st; and 5 per cent., October, 1854; making 92j per cent. returned to stockholders. It is probable that another and final dividend of 21 to 5 per cent. will be paid, the precise amount being uncertain in consequence of a pending lawsuit. UNITED STATES.-Original capital $300,000, but reduced to $200,000 in 1826. Dividends paid January and July, previous to 1840; since then, June and December, except the dividend for 1855, in November. WARREN.-The first dividend in the table was made Jan. 9, 1837; that of 1840, Nov. 6; the second of 1842 and 1843 in Sept.; the one in 1847, July; and 1849, Jan. All others, April and Oct. Dec., 1842, 4 per cent. extra was paid, making three in that year. Two cash dividends were also paid the assured on their premiums, in 1843 and 1844, of 3 and 6 per cent., when the company was conducted on the mutual principle; stockholders first receiving 6 per cent., the bal Notes to Insurance Companies. 41 ance being divided equally between them and the assured. Original capital, $100,000; but increased $25,000, May, 1843, and $25,000, May, 1844. INSURANCE PROFITS.-The profits of insurance companies are from two sources: the gains in their business, and the investment of their capital. For example, supposing an office to have its capital invested in bank stock paying 8 per cent.; the company would only have to earn 12 per cent. net, over office expenses, to make an annual dividend of 20 per cent. And, on the other hand, were it to earn only enough to pay office expenses, it could still pay 4 per cent. semi-annually firom investment of its capital, It is, therefore, a principal item with an insurance company to have its capital profitably invested. Large as the dividends have in some cases been, the profits on marine risks, taking three of our best Boston offices as a test, have not exceeded, for the past 30 years, Jbur per cent. annually on capital stock. The extra profits have been realized from investment of capital. Had the dividends on this class of risks depended on the profits thereon, they would have been exceedingly small, even with the best paying offices. A State Street office, which declared 20 per cent. dividends for several years, made but 4 per cent. on its marine, and 6 per cent. on its fire risksthe remaining 10 per cent. being earned by its invested capital. MARINE OFFICES. -The actual business of three of the Boston insurance companies, confined solely to marine writing, from 1826 to 1853, shows average dividends of 9 642-1000 per annum. Of this, 7 247-1000 per cent. was derived from interest on investments, leaving a net profit of only 2 395-1000 from marine insurance. Since 1853, the marine losses, as is well known, have been unusually severe, and had these years been included in the above statement, the profits from this source would have shown even a smaller percentage. It is stated that the enormous sum of $18,972,092 74 was absorbed in marine losses, by the insurance companies of Massachusetts and New York, during the disastrous year of 1854. DARK TIMES.-During the bank troubles in 1837 and following years, the insurance companies sustained a serious loss from bank failures, and reduction of capital consequent upon losses-the long period of very small dividends by the banks, and, in some cases, none at all; the capitals of these companies being very largely invested in bank stock. In 1843, the amount thus invested was $4,708,410, out of $7,170,000 capital. CLOSING UP OF CoMIrPANIES.-Several companies closed business between 1841 and 1844; and, generally, quite well. The Atlantic, in March, 1843, sold a quantity-of bank and railroad stock, and gave notice that a dividend of 80 per cent. would be allowed any stockholder purchasing, in part payment for the stock purchased. In April, the New England Insurance Company sold a large lot of bank and railroad stocks. Among the same were 400 shares of Suffolk Bank, which brought from 15J to 16 per cent. advance. Stockholders were reminded that a dividend of 65 per cent was due, which would be received in part payment for any stock purchased. [r5' The Insurance dividends, as well as all others, are from official recordls. 6 MANUFACTURING STOCKS. 4 This class of securities may be termed an exclusive one; r it is almost exclusively in the hands of certain capitalists, who have no desire to sell, when it is up, and can afford to hold it when down. It seldom finds itshares or in case of executors' sales, is the most variable stock of the lists, and exceedingly difficult to obtain reliable quotatioDs Of. We ear little said of the immense losses incurred by this class of stocks, although many now sell below 75 cents on a dollar and some would not bring 50 per cent. The small amount thrown upon the market and the strength of parties holding them, prevents even further depression, which would occur, if subjected to the same ordeal as rilrads ar, considering that many of them pass not only one or two dividends, but sometimes half a dozen in succession. The small number of shares, too, in each corporation, (as the par is generally $1000,) prevents the market from being supplied with what is technically called floating stock and completely exempts the securities from any speculative activity. ining our list of dividend returns made to stockholders for a series of ears. Manu-The value of this property as a dividend-paying security can be estimated by examining our list of dividend returns made to stockholders for a series of years. Manus been very lean indeed; whilst the former, in some cases, have been quite plumpfacturing companies have had their fat and lean periods, and the latter have sometimes been very lean indeed; whilst the former, in some cases, have been quite plump, as, for instance, in 1843 and'44. Hihest and Lowest Prices-1835 to 1844, inclusive. 1835. 1836. 1837. i 1838. 1839. 1840. 1841. 1842. 1843. 1844. MANUFACTURING STOCKS. -______________________________ 1885 to 1845. Par. Highest and Highest and Highest and Highest and Highest and Highest and Highest and Ihighest and Highest and Highest and Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Amoskeag.................1000 1450 1400 1440 1000 1100 810 1147 800 1138 960 972 785 1060 1000 1120 1035 1260 1065 1390 1100 Appleton.....1000 1145 11329 1145 1080 1028 700 1195 960 1108 995 1010 970 1020 940 950 900 1065 845 1100 950 Boott Mills.1000 1035 1030 1075 1035 1103 900 1083 945 1095 972 950 900 1035 955 1000 930 1075 927 1200 1000. Boston............750 910 830 830 750 700 600 680 590 690 645 7430 090 720 600 650 600 660 635 725 600; Boston and Sandwich Glass,. 500 455 450 465 460 420..380 290.............50-t 50k 54 44 73 591 O1q Chicopee,..........1000.............. 950 91jQ' kjQ.9600 950 920 900. 850 800 700 675 650 650 550 IC-00 540 Cocheco. 1000 ~~~~~~728 721 770 725 700 650 980 625 683 517 545 525 57 5 530 550 500 490 470 561 500 0 Great Fslls,*.........1000 1000 950 910 685 650 500 400* 350 300 250 200*..j200 190 200 185 302 225 305 260 Hamilton..........1000 1150 1097 1228 1118 1150 940 1135 1000 1025 855 1039 1030 1025 995 850 800 1008 955 1125 990 Jackson,...........1000 1010 950 990 960 1000 810 1065 975 1005 995 975 950 955 945 900 885 1035 890 900 890 Lawrence..........1000 1100 1030 1100 1000 1058 820 1080 880 1113 000 1025 940 980 908 950 800 10415 887 1170 1045 Locks and Canals, (Lowell,) 1000 1820 1450 1785 1555 1420 900 1150 1000 1030 900 945 870 885 785 800 754 960 700 1200 950 Lowell,.1000 1180 1020 1083 1030 1000 980 950 930 1100 935 1050 1000 1045 995 1000 795 1010 1000 1090 1010 Massachusetts Cotton Mills, 1000....................New, 1840. 995 857 1006 997 910 875 1028 940 1110 1000 Merrimack..........1000 122112135120138i6560 1140 1000 1155 1030 1178 1147 1100 1000 1260 1125 1450 1240 Middlesex..........1000..1130 1030 1280 1145 1275 1100 Nashua............ oo0.'74~Y...~6 &~~~ 666 51' 4'9'5 500 475 500 360 550 485 Nw England Glass,.....500........486 480 395 350 335 300 425 295 305 286 370 295 310 295 330 805 375 847k erkins............1000.....................................1000 980 11(0 1030 Stark Mills,.........1000.....1045.............27.......970... -~ 947..2 98'0 1075 1000 1120 1050 Suffolk,...........1000 18 1013 2010 1010 0- 1025 960 1050 1000 1095 1075 1070 1050 1075 1030 1200 1065 Tremont Mills,........1000 1115 1098 1148 1130 1100 1025 1105 1067 1110 955 935 930 1028 950 975 920 1090 104 1190 1060 York,.1000 1088 1078 1125 1010 1040 955 1070 955 1118 920 1000 900 1108 1087 1687 963 1135 920 1275 1097 * Great Fa~lls-pat $400 in 1838 and $200 in 1842. t Boston and Sandwich Glass-nar reduced to $100; stock uncurrent for some years, owing to heavy losses by fire. MANUFACTURING STOCKS. Highest and Lowest Prices for ten years-1845 to 1855. 1845. 1846. 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. MANUFACTURING STOCKS. Par. Highest and1 Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Amoskeag. 1000 1600 1310 1500'1170 1510 1045 1125 960 1180 992 1000 925 1000 900 1185 870 1185 1095 1105 1030 Appleton,... 1000 1040 950 1040 920 1000 930 1060 735 900 800 850 675 800 650 945* 650 945* 885 900 775 Atlantic Mills. 1000........ New. 910 900 675 650 700 500 750 600 750 550 945 575 975 900 880 730* Bates............ 10......................... I....... New, 1853. 100 90 97 80 Bay State Mills.......... 10.New. 933 920 60. 79001050810 900 700 900 750 802 525 Boott Mills). 1000 1298 1100) 1253 900 1090 910 910 750 975 750 940 800 1050 800 1030 830 1030 900 950 725 Boston..................... 750 803 727 785 725 845 650 650 475 600 475 550 500 577 500 675 575 650 515 625 500 Boston Gas Light,. 500.......................... 648 625 645 620 640 625 650 630 662 520 700 615 690 600 Chicopee.................. 1000 1100 920 997 800[ 990 600 660 500 650 450 650 500 500 400 500 400 600 500 530* 300 C ocheco................... 650 700 555 650 520 530 400 450 400 475 425 530 500 530 520 505* 475 530 500* 500* 475 D wight. 1000 1190 1080 1100 990 980 850 925 850 920 900 875 850 850 650 870 600 870 700 725 600 Grea. 200 329 292 325 215 230 190 210 165 210 185 206 180 200 190 215 185 220 208 225 200 Hamilton Cotton,........... 1000 1100 990 1050 900 982 600 835 600 900 600 830 700 800 735 1000 700 1025 960 990 800* ] Hamilton Woollen,.......... 3100............S............ | 1ee divid'd notes. 65 50 85 63 96 85 102 100 Jackson.1...............1000 925 850 900 810 850 800 820 800 845 785 850 830 800 750 700 600 650 500 600 375 Laconia....................1000 1093 1035 1040 1028 1028 950 780 700 950 780 800 725 800 550 1000 675 1900 820 820 650 Lancaster M...............450 New, 1845 350 4003 300 400 300 375 850 370* 315 375 345 350 385* l Lawrence.- 1000 1198 1052 1203 10 50 1000 950 745 1020 860 920 700 850 750 980 700 1020 890 900* 850 I. Lawrence Ha hine Sh 50.6 New, 1853. 30k 27 28-3 13;2 Lowell, (average par,).....690 116'0 jO-'11'60'. 9606 1000... 60055 5050 540 450- 590* 450 530* 510 5113* 437 O9Q Lowell Bleachery,.200........................... 240 220 260 225 250 215 260 200 260 235 245 210 Lowell Machine Shop,.. 500 New............. 650 625 608 500 500 400 475 290 425 275 437 425 400 375' Manchester Print Works'...1000 970 940 90 10 00 600 725 500 600 500 1080 950 1100 1050 1020 745 822 700 850 750 Massachusetts Mills,... 1000 1210 1080 1380 1100 1190 930 960 840 1010 700 930 700 865 680 1045 675 1045 960 975 825 Merrimack..........1000 1513 134: 1 1430 1200 1175 1200 1230 1170 1420 1150 1265 1100 1190 1140 1315 1120 1400 1350 1300 1200 Middlesex.-1000 156 1000 1300 1100 1250 1100 150 950 930 825 945 820 870 840 825* 715 825* 750 775* 525 Nashua...........500 610 505 618 520 631 550 590 425 4721 407k, 460 400 500 400 485 380 465* 380 400 300 New England Glass......500 450 400 437 390 425 400 450 410 450 2425 500 480 520 500 675 520 790 660 700 600 New England Worsted. 1f50 103 90 89 50 80 57k2 82kt 65 68 60 84 64 86 71 148 14 35* 25 35* 17 Otis.-1000 1,300 920 1250 995 1093 1010 1025 925 1050 950 1080 1000 1050 1000 1000 850 1085 990 1075 1090 Palmer............1000 1080 1000 1125 890 1000 890 900 700 850 700 875 650 875 600 700 550 650 600 630 475 Pepperell, ($400 paid in,)... 500.............................................New, 1852. 540 525 525 450 Perkins........... 0014 0016 5 0950 100 0 00 60 85 700 1030 600 750 690 810 790 7001* 500 Salisbury,.......... 1000 1500 1010 1350 1030 1298 1150 1300 1025 1140 1000 1150 1015 1060 1000 1050 990 1175 1000 1000 900 Salmon Falls,.... 500...W 3332 330 3456 402 3550 456 500 500 500 500 500 400 435 410 4,00 350 400 325 325 250 SAandwich Glass,.......100 70 55 86 81 92 80 86 83 86 83 1134 80 118 115 123* 117 123* 120 120* 101) Stark Mills,.........1000 1275 1030 1260 992 1090 850 970 700 925 7425 825 720 790 500 9313* 600 975 900 900* 750 Suffolk............1000 1350 1100 1253 1120 1250 1120 1010 1000 1000 950 900 850 900 690 1035 665 1025 900 925 750 Thorodike,... 1000 1070 930 1100 970 950 750 800 600 82 635 8`5 625 770 600 800 590 875 800 850 800 Tremont Mills,........1000 1250 1125 1160 11(15 1190 975 900 840 887 800 8,50 725 750 600 900 590 990 850 895 750 York. 1000 )~~~~~oo 1400 1203 1330 1080 1275 1120 1138 990 1125 9130 940 850 9,50 890 1000 800 1000 835 835 600 t ee dividend notes as to par of Hamilton Woollen, Jackson, Lancaster, and New England Worsted. Lawren1ceMachine, first par, $40; assessed $10 in 1855. Salmon Falls, par $300 In 1845, $490 in'46, and $590 since. Ull-1855-for monthly detail of prices, see A ppen-ix. 5Ex-Divideud. MAtN UFACTYURIANG U CMPANIlBS. k Semi-Annual Dividends, fromt their Comimencemzent to the present itime. Incorporated I MANUFACTURING COS. &omeci(1816. 1817. 1818. 1819. 1820. 1821. 1822. 18'23 1824. 1825. 1826. 1827. 1828. 1829. 1830. Appleton........ 1828 1828....... Boston, (Walchaw,).. note. 181.3. 17 2.12~. 121 10 5 10 10''15-12112k12j 12~ 121 71* 7~. 4 5 6 6 I5 2 2 5 Chicopee. 18I23 1824.... Hamilton Cotton,. 1825 1825. 0 0 0 6 Merrimack. 1822 18-23..............................1i0 7j 436 6 0 6 0 3 6 Nashua..........1823 1826.:...........................5 3 3f 0 0 0 COMPANIES. Incorporated j81 82 83 84 85 13. 1837. 1838. 1839. 1840. 1841. 1842. 1843. 1844. 1845. Amoskeag........ 1831lnote............. 6 0 150 84 0 03 540 03834 03 4 4 55110 Appleton.........1828 1828 12 12 8. 5 6 6 7 4 3 0 0 520s56 0 05 3 3 0 0 06 6 5 6 6 tlarlet..........1837 1838........................................ 13 0140 00 6608 36 3k Boott Cotton Mills,. 1835 1836.4 5 04 5 00 6 0 10 Bostn, (altam,) not. 183 5 60 Q 50$5060 $3 4 ~ 46~$3040.$0 00 $80 $30 30 0 $30 $30 30 0 0 0 $30 $40 40 $40 5 B~oston GastLight.....l823 notes..................... 55 55 55 55 5 5 5565 5 555 555 5 Bloston and Sand'h Glass, 1826 note. Div'd No. 14.4~1 1 ~~4j 4 45 5 00 0 000 00 0 03 0 033 3 3 3 Cbic~~~~pee.~ 1823 1824 10 0 95' 3553 3 7 5 5 0 5 50 5 0 00 3 0 0 0 00 3 4 606 Cocheco,...note. 1822........................... (Div'd No. 25) $21 21 0 0 $21 21 0 0 0 0 0 $21 $21 21 Dwight. 1841 1842..............................................3 047 81 10 10 1. Great Faill:.......1825 note..........(Div'd No.6.) 3 5 5. 0 0 00 0 0 4k 5 0 0 6 7k 10 10 10 ~ Hlamilton Cotton,.....18251825 6 12~,12~12 4 67 4 8610 3 004 520s 3 05 4 40 00067 6 6 8 Jackson Co........1830 1831.........$50 50 $70 0 $100 54 $54 50 $80 0 0 $50 $50 50 0 0 $2008s0 $30 20 0 $30 $60 64 $64 80 Lawrence.........1830'133,'34. W..W.4 4 6 5 550 045 5 03 4 32 02 58 7 68 Lowell,. 1828 1828. 510. 85 6 6 5 10 5 0 03 20s 5 00 6 5 4 0 03 4 5 6 8 Massachus's Cotton Mills, 1839 1840...........................................3 0 0 4 6 8 8 10 Meriimack,...... 1822 1823 8 10 6.46 7 1o. 33s 6 6 6 4 4 610 10 10 10* 10 Middlesex.........1830 note. S.......~. 6..`ee notes.... 4 6 3 6 4 25s 10 10 4 Nashua..........1823 1826 083 5 0'665 5 5 00 583 80 00 6 8 8 10 New England Worsted,-. note, note.....................................................10 10 25s 8 5 Otis...........1840 1840.....................10 10 10 7 5 Palmer..........1631 1832.1 0 1. I1. O6 0 3 6 8 8 10 15 Perkins,.1837 1838 550 0 53300360 361010 10 Salisbury........ l8)7 note.20.. 6 040-.40..6 —'~io WV 6 0-55 00 00 00 00 0 5 555 Stark Mills,.1838 1840......... 4 4 2 0 6 0 0 8 8 10 Suffolk,..1830 1832...12~104768.810.. 653 0 06881010 Thorndike. 1836 1838... 100 0 06 53 00 50687 8 Tremont Mills.1.....3832.645 67S1.22 5 6 53 453 2 0 06 8 8810 York,. 1831312,33'.............20s 6 6 4 66 0 06 6 10 012 54 4 33377*10 810 * Boston, 15 per ct. extra, Jan., 182-5. York, 10 Feb., 1844, and Merrimack, 10 July, 1845. Great Falls, 25 per ct., Oct., 1846, in table on opposite page. (a) denotes paid in stock. Dividends marked thus (:E), iu the above table, are in dollars per share; all otherrs in per et. on the par value. MANUFACTURING DIVIDENDS CONTINUED —1846 TO 1856. COMPANIES. Location of Mills. Present Par Annual Dividends, 1846. 1847. 1848. 1849 1850. 1851. 1852. 1853. 1854. 1855. Capital. Meetings. Payable. Amoskeag,............... Manchester, N.H. 3,000,000 1000 Last of July. Feb. & Aug. 10 25s 5 25s 0 3 3 20s 3 3 0 4 3 4 4 4 4 4 3 3 Appleton...............Lowell......... 600,000 1000 Jan., IstWed. June& Dec. 8 4 3 0 3 2 3 3 3 3 0 0 3 3 4 4 4 4 4 4 Atlantic MillsLawrence........ 800,000 1000 Jan., 2d Mon. June & Dec. New 1849.....3 4 4 4 4 4 4 )~~~~~~~~~~~~~~~~~~~~~~~ "iqew 4 3 Bates,................... Lewirton, Me..... 800,000 100 June,4thWed. Feb. & Aug....... 4 4 5 3 4 Bay State Mills........... Lawrence,...1.... 1,800,000 1000 May, 2d Wed. May & Nov New 1849.. 10 0 124 0 5 0 6 3 4 3 0 0 Bartlet Mils.Newburyport,. 350,000 500 May, 3d Mon. May & Nov. 3 43 4 0 0 3 3 3 3- 2 0 3 31 41 4 4 4 3 3 10 46 420 44 33 BoottCottonMills,........ Lowell,. 1,200,000 1000 May, 2d Mon. May & Nov. 10 6 5 3 3 2 2 0 3 3 3 3 3 4 4 4 4 4 0 3 Bostont................Waltham. 450,000 750 Oct., IstTues. April & Oct. $50 50 30 30 20 20 20 20 25 25 20 0 25 25 25 30 25 20 20 20 Boston Gas Light,........Boston.......... 800,000 500 Mar., 1st Mon. Mar. & Sept. 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 Boston & Sandwich Glass;.s Sandwich........ 500,000 100 June, 1st Mon. Jan. & July. 3 5 555333333333355 5 55 3 5 5 5 3 333333333 5 5 Chicopee................Springfield. 700,000 1000 J'e, last Wed. Jne & Dec. 6 0 3 3 0 0 3 0 3 2 0 0 0 0 2 2 0 0 0 0 Cochecot...............Dover, N. 8. 1,300,000 650 June or July. Jan. & July. $21 21 21 21 21 2126 26 26 21 0 026 2630 3030 018 Columbian,........... Mason Village,. 200,0001000 Feb.,2dWed. April& Oct. 12 12 75 6 03 5 5 7 3 3 0 3 3 5 7 6 5 3 Dwight.................Springfield...... 700,000 1000 May,lastWed. May & Nov. 8 5 4 3 3 4 4 4 3 2 0 3 3 0 4 3 2 0 3 Great Falls..............SomersworthN.I 1500,000 200 InJuly. Feb.&Aug.*1210 5 5 5 3 3 3 3 3 3 3 3 3 4 5 6 5 4 Hamilton Cotton,.........Lowell. 1200,000 1000 Je, last Tues. June & Dec. 6 4 3 3 3 2 3 3 3 3 0 3 4 4 5 5 5 4 4 4 Hamilton Woollen~.Southbridge. 600,000 100 J'ly, 3d Thur. Jan. & July. See note...... 3 4 5 5 5 Jackson Co............ Nashua, N.. 600,000 note In June. Jan. & July. $80 80 70 40 32 32 32 32 32 24 24 0 0 0 0 0 0 0 0 0 James Steam Mills,. Newburyport. 250,000 100 Nov. See note. May & Nov. 5 7 6 0 0 0 3 3 0 0 0 0 3 3 4 4 4 3 0 3 Laconia,................. Biddeford, Me. 1,000,000 1000 Jly,4th Thur. Feb. & Aug.......3 3 3 0 2 0 0 3 0 0 3 0 4 4 4 0 4 0 3 Lancaster Mills,t......... Clinton,....9.... 900,000 450 In July. Jan. & July. New 1845. $13, 0 130 10 131 13118 18 18 10 0;t Lawrence,- - - -.. Lowell. 1,500,000 1000 April, IstTues. Mar. & Sept. 10 5 6 4 0 3 3 3 4 3 2 & 3 4 4 5 4 4 3 4 Q'q Lowell,t................ Lowell,. 2,000,000 note. Jan., lstWed. Jan. & July. 0 6 4 4 0 $25 0 20 20 20 20 0 20 0 20 30 30 30 20 0 tz, Lowell Bleachery,....... Lowell,.......... 300,000 200 July, 3d Mon. Jan. & July. 10 6 6 8 5 5 5 721 8 5 5 5 5 5 5 55 5 5 k Lowell Machine Shop,.. Lowell,.......... 600,000 500 July, 2d Mon. In May. 12 0 15 10.20... 10 6.. 4.. 3.. 6.. 8.. 0.. r Lymb~~~~~~~~~~~~~~~~n~ ~'3"a' 4 4 tQ. Lymn Mills.. olyoke. 1.470,000 100 Feb., 1st Wed. Feb. & Aug. New 1854.e......4 Manchester Print Works,.. Manchester, N. l. 1,800,000 1000 See note. Jan. & July. New 1846. 4 4 4 020s 3 0 MassachusettsCotton Mills, Lowell........... 1,800,000 1000 Jan., 4th Mon. Jan. & July. 10 10 15 4 3 3 3 3 3 3 3 0 2 4 4 4 4 4 2 3 Fz., Merrimack.............. Lowell.......... 2,500,000 1000 June,3dWed. June & Dec. 10 6 5 4 4 3 25 4 4 4 4 4 5 5 5 6 5 5 5 Middlesex,..Lowell,...... 1,000,000 1000 See note. Jan. & July. 10 5 8 4 0 3 0 0 2 3 3 3 3 0 3 3 4 3 0 0 Nashua.................Nashua,N. H. 1,000,000 500 InJune. Jan. & July. 1010 86 25s 3 0 4 4 3 3 0 0 3 3 3 3 300 Naumkeag Steam Cotton,. Salem....... 700,000 100 Jan., 3d Wed. Jan. & July New 1847.4 4 4 3 3 0 0 4 5 5 5 4 44 New England Glass,.....Cambridge,. 500,000 500 Mar., ltWed. April & Oct 10 10 8 8,62510 10 1010 25s 5 5 5 5 6 6 5 5 4 NewEng. Worsted, (old)... Saxonville....... 225,000 50 July, 2d Tues. Jan. & July. 4 0 30151 3 05540 00033200 Otis....................Ware............ 500,000 1000 Feb.,2dTues. May& Nov. 8 0 8 5 6 810 144 63 3 4 68 66 34 8~~~~1 5' "/3"~"/3' 3 o Palmer,....'almer.160,000 1000 Sep., 3d Thur. Feb. & Aug. 13 8 5 4 0 3 0 0 3 0 0 0 0 0 0 0 3 0 0 0 Pepperell ($400 paid in,). - Biddeford, Me.... 800,000 500 J'ly, 4th Thur. Feb. & Aug. New 1852. 4 4 4 4 4 4 4 Perkins,.... Spriogfield.......1,000.000 1000 Jle, last Wed. June & Dec. 5 5 5 4 3 3 2 3 0. 3 3 2 2 3 0 2 2 PortsmouthCo. South Berwick, Me. 183 200 400.............. Jan. & July. 5 5 5 5 5 5 4 4 4 0 0 0 0 0 0 4 4 4 4 4 Salisbury................ Salisbury........661,000 1000 July, 2dWed. Feb. & Aug. 10 5 6 6 5 0 0 3 5 25s 5 5 O 6 20s O OOO Salmon Falls............ Rollinsford, N.. 1000,000 500 June or July. Jan. & July. 12 10 4 4 4 4 4 3 0 0 0 0 2 2 3 0 0 0 0 Stark Mills,.............. Manchester, N H. 1,250,000 1000 Last of June. Jan. & July. 10 10 5 3 0 0 0 3 2 0 0 0 3 3 4 4 3 3 4 1 i6"10 8 3 0 0 0 3 2 41 Suffolk............... Lowell,.......... 600,000 1000 Mar.,lstTues. Feb. & Aug. 10 8 5 3 3 3 2 3 30 00 3 4 4 4 4 3 0 4 ThordikePalmer. 450,000 1000 Feb., 2d Tes. Feb. & Aug. 9 6 4 3 0 3 3 3 5 0 5 0 0 0 0 5 4 2 3 Tremont Mills...........Lowell.600,000 1000 Mar.,lstTues. Feb. & Aug. 10 6 4 3 0 2 0 3 3 0 0 0 0 3 4 4 4 4 0 3 York......SacoMe. 1,200,000 1000 Jly,4thThur. May & Nov. 10 10 5 6 3 3 20s 3 3 3 3 3 3 3 4 3 3 0 0 0 * Note, p. 44. t The Boston, Cocheco, Jackson, Lancaster and Lowell dividends are in "' dollars per share;" all others per ct. on the par. (s) denotes paid in stock. Crr 46 Notes to Manufacturing Dividends. NOTES TO MANUFACTURING DIVIDENDS. ANNUAL MEETINGS. —These are held at the location of the mills, when out of this State; and those of the Massachusetts companies are all held in Boston, excepting the Bartlett and James at Newburyport, Naumkeag at Salem, and Salisbury at Salisbury. Amoskeag. —This was originally a Land and Water Power Company, and did not commence manufacturing until some years after its incorporation. The concern has generally been very successful, and has a large surplus, besides having invested considerable amount of earnings in the erection of mills, and otherwise extending its business facilities. Original capital, $600,000. Increased at different periods up to $3,000,000. Stock dividends were made in 1846,'47 and'49, of 25, 25 and 20 per cent. Appleton.-Original capital, $500,000, and increased $100,000 in 1839, by the 20 per cent. stock dividend in the table for 1838, which was not actually paid until Jan. 7, 1839. Bartlett.-Original capital, $90,000. Increased to $200,000 in 1839, and to;$350,000 in 1840. First dividend paid in January. Bates.-Originated by a 40 per cent. stock dividend from the Lewiston Falls Company. First capital $400,000. Increased to $800,000 up to July, 1854. Bay State 3ills. —Original capital, $1,000,000. Increased to $1,600,000, April, 1850, and to $1,800,000, March, 1851, Boott Cotton MTlls.-Dividends paid February and August, until Nov., 1851. Boston.-Established at Waltham in February, 1813, with about 1700 spindles, and a capital of $100,000. This mill, still in operation at Waltham, was probably the first one in the world that combined all the operations necessary for converting the raw cotton into finished cloth. The mills in this country then were spinning mills, only; and in England, though the power-loom had been introduced, it was used in separate establishments, by persons who bought, as the hand-weavers had always done, their twist of the spinners. The original capital, when fully paid, was $400,000, at a par value of $1000. At present it is $450,000, par $750. Several changes in the capital and par value have been made from time to time, which we have been unable to ascertain in detail. Up to 1830, the dividends are a per cent. on $1000 par, and in "dollars per share" since. The first three dividends were paid annually. An extra dividend of $150 per share was made, January, 1825. Boston Gas Lqht.-The first company organized in Boston for the manufacture of gas was the " City Gas Company," a joint stock concern, formed August 15, 1822, and located on Sheafe Lane, now Avery Street. In 1823, the "Boston Gas Light Company " was incorporated. Both these companies failed, the stockholders of the latter receiving $3 30 each, in 1824, as the proceeds of the property sold at auction! In 1826, the present works were commenced, by parties who had purchased the charter and property of the old concern; and, in 1835, the company was established on a firm basis, with a capital of $75,000. This was increased $175,000 in 1836, and $250,000 in 1837. In 1852, an increase of $500,000 was granted, making the authorized capital $1,000,000, of which but $800,000 has been paid in. From 1826 to 1835, the property was in the hands of a few individuals, and no dividends were made. Since then, it has been a regular ten per cent. stock, the dividends being usually paid March and September, until D)ecember, 1851, when the payment of quarterly dividends (2J per cent.) was commenced. The works are now in a complete state of efficiency, and managed with great skill and economy by W. W. Greenough, Esq., agent of the company. Boston and Sandwich Glass Company.-We have been unable to obtain the history-of this company previous to 1833. At that time the. capital was $200,000; January, 1836, $250,000; 1849, $300,000; July, 1854, $400,000; and now, $500,000. In December, 1835, the company sustained a severe loss, by having a large amount of goods burnt at the " great fire" in New York, and no dividends were paid for five years. During this period the par value was changed from Notes to M1anufacturing Dividends. 47 $500 to $100, and the shares were uncurrent in the market. Regular dividends were paid from 1826 to 1833, previous to those given in the table, averaging about 10 to 12 per cent. per annum. Clicopee.-Original capital, $500,000. Increased to $700,000 in 1835. Cocheco.-The original investment of $1,000,000 was all lost. We have been unable to obtain the dividends paid previous to 1839, and those given are not strictly official, but from a reliable source. Columbian.-In the hands of a few individuals, up to 1846; the earnings being generally expended in building new mills, and otherwise increasing the value of the property. Five dividends were made previous to 1846, and some of them large, being in stock, as an offset for earnings put into the business. Dwight.-Original capital, $500,000. Increased to $700,000 in 1844. The dividends are paid the last Wednesday in the month. Great Falls.-Par value of shares originally (1825) $1,000. New shares were issued in 1838 at $400, and in 1840 at $200. In October, 1846, an extra dividend of 25 per cent. ($50 per share) was paid, and the capital increased from $1,000,000 to $1,500,000. Five dividends were paid previous to 1835-in June, 1825, March, 1826, March, 1828, and March and December, 1832 —amounting to $133,800; but the percentage could not be ascertained. The first three dividends in the table were made on $1,000 par, and the fourth on $400. All since on a par of $200 per share. HIamilton Cotton.-Original capital, $600,000. Increased $200,000, May, 1828; $100,000, August, 1832; $100,000, June, 1836; and $200,000, June, 1839. Previous to 1846, the time of paying dividends was irregular; now, the last of June and December. Hamilton Woollen.-Incorporated 1831. - Stock held by a few individuals. Mannfactured broadeloths. No dividends declared, profits having been added to the capital. In 1843, machinery added for manufacturing De Laines. July, 1845, capital increased to $500,000, divided into 500 shares. The ad valorem tariff of 1846 gave such peculiar advantages for the importation, among other articles, of broadcloths, that it became impossible for the American to compete with'the foreign manufacturer; and within a very few years, the business, which hitherto had been one of the most important branches of American industry, was entirely destroyed. This company, in common with others who made the article, although conducting the business under every advantage of capital, skill, and long experience, after suffering very heavy losses in 1849, abandoned the business, and changed the remainder of their machinery to De Laines. Scarcely had the mill been put into full operation, and the company commenced doing a profitable business, when, in December, 1850, the mill was destroyed by fire, causing a heavy loss, and a serious delay in business. The mill was rebuilt, and operations again commenced, in eight months. Since then, the business has been successful, with regular semi-annual dividends from January, 1853; previous to which, but a single dividend had been declared, of 5 per cent., January, 1846. January 1st, 1851, the capital was increased to $600,000, and the par changed from $1000 to $100 per share. A cotton mill for manufacturing De Laine warps, and a large printery, capable of finishing 5,000 pieces of De Laines per week, are connected with this establishment. Jackson.-Original capital, $315,000. Increased to $600,000, from profits; and in 1841, $120,000 of this ($200 per share) was paid back to stockholders, reducing the par to $800. October, 1853, $100 per share was re-assessed, and a like amount in October, 1855, to meet the wants of an enlarged business; and the capital again became $600,000, par $1,000. James Mills.-Incorporated January, 1842. Manufacturing commenced in 1843. The first two dividends were made in January and July, 1845, and not included in the table. In 1847, the time of payment was changed to May and November. The annual meeting is held " on Wednesday next after the second Saturday of November." Laconia.-Incorporated February, 1841. Commenced June, 1845. Capital, $500,000. Increased to $1,000,000, February, 1844. Lancaster Mills.-Original capital, $500,000, at a par of $500. Increased $400,000 at $400 per share, November, 1847; making the par $450. 48 Notes to Manlufacturing Dividends. Lawrence.-Original capital, 1,200,000. Increased, March, 1836, to $1,500,000. Dividends payable second Thursday in the month. Locks and Canals.-This company controlled the land and water-power at Lowell, and manufactured all the machinery used in the mills. In 1837, the property rapidly declined, and the shares fell from $1,000 (par) to $700. It recovered its value again, however, principally in consequence of large and profitable contracts to furnish locomotives for the lReading Railroad, making large annual dividends, and closed up in 1845, by dividing nearly $1,600 per share. It passed out of the hands of individuals, and was bought by the various corporations, in proportion to their water power. They now hold it, and carry on the corporation by special act of the Legislature. Lowell.-Up to July, 1847, the dividends were paid on a par of $1,000. New shares were then issued, at $750 per share, and in 1849 and'51, at $500, making the capital $2,000,000, and present average par about $690. Since 1847, the dividends are given in "dollars per share." Lowell Bleachery.-Commenced in 1832. Dividends previous to 1846 were somewhat irregular, and we have been unable to obtain them. The time of payment has been changed from February and August to January and July. Lowell Machine.-Original capital, $300,000. Increased $200,000, March, 1847, and in May, 1848, $100,000, by a stock dividend of 20 per cent. Dividends payable annually. LmyVnaan Mlills.-Set off from the Hadley Falls Company, May, 1854. Each holder of one share HIadley, (par $500,) paid $100, receiving three shares Hadley, (new,) and three shares Lyman, each par $100. 2Manchester Print Works.-Originally Manchester Mills, with $1,000,000 capital, divided into 200 shares of $5,000 each. This company was nominally closed up and sold out to the Merrimack Mills, in order to adopt the charter granted that company, by which means the privilege of an increase of capital was gained, without assuming the personal liability clause in the laws of New Hampshire governing corporations. The name of the corporation was again changed, from Merrimack Mills to Manchester Print Works. Capital increased $200,000 in 1848, $300,000 in 1850, and in 1852, $300,000 by a 20 per cent. stock dividend. The mills were partially destroyed by fire, September, 1853, and again, July, 1855. (Loss each time about $150,000 above insurance.) They are being rebuilt, however, and will be ready for occupation early in the summer of 1856. The annual meeting can be held either in June, July, or October, but will probably be in the latter month for the future. Massachusetts Mills.-Not in full operation until 1842. Original capital, $1,200,000. In 1847, the Prescott Company ($600,000) was joined to it, and the dividend at that time was partly from the reserve fund. The dividends are paid the latter part of the month. Mlerrimack.-Original capital, $600,000. First dividend paid on $1,200,000; then increased $300,000 in 1827, $500,000 in 1837, and $500,000 in 1849. An extra dividend of 10 per cent. was paid, July, 1845. Previous to 1845, dividends usually paid May and November. The latter dividends for 1825 and 1837 were not actually paid until the following January, but properly belong to the years as in the tables. Middlesex.-In the hands of private individuals, from 1830 to 1841. January, 1844, capital increased from $600,000 to $750,000, by a dividend of 25 per cent. from reserved profits; and August, 1848, to $1,000,000. The annual meeting is held the "Wednesday next after Christmas." Naumkeag Steam Cotton.-Works started in January, 1847, but all the machinery was not in operation until January, 1849. Authorized capital, $1,000,000; paid in, $700,000. The company have a reserve fund of $210,000, which will soon enable them to complete the capital by an extra stock dividend. New England Glass. —We have been unable to obtain all the dividends paid by this company, but those given are reliable, though not official. The previous dividends were also large, many of them, and the company has generally been successful. It is the oldest Glass Company in this State, having commenced in 1818, and probably the first of the kind in the country. In 1845, the capital was $400,000, and increased to $500,000 by a 25 per cent. stock dividend in1851. Railroad Companies. 49 New England VForsted.-In private hands previous to 1842, and unsuccessful. Up to 1850, the dividends were paid April and October. Twelve and a half per cent. of the dividend, October, 1848, was in stock. In 1852, preferred stock was issued at $50, and the par of tile old made the same. Dividends of 4 per cent. on the preferred, July, 1853, and January and July, 1854-none since. Otis.-The 14~ per cent., in 1850, was 3 per cent. cash, balance stock. Pepperell.-Authorized capital, $1,000,000, of which only $400 per share, or $800,000, has thus far been called in. Perkins.-Original capital, $450,000. Increased 850,000 in 1840. November, 1852, the Cabot Company ($500,000) was united with it. [There is another Cabot Company, (at Brunswick, Me., capital $104,000, new in 1853,) which sells in the market occasionally.] Robbins Cordage.-Located at Plymouth. Capital, $60,000. Commenced April 1, 1838. Dividends, annual, in Feb. 1839,'40 and'42, each 6 per ct.;'45,:3;'46,'47 and'48, each 6;'50,'51, 52 and'53, 8; Aug.,'54, 5, and Feb.,'55, 5 per ct. Annual meeting 1st Monday in February, at Boston. Salisbury.-Original capital, $208,000. Increased by appropriation of profits to $300,000, up to 1830; $100,000 added in 1833, $100,000 in 1850, and $100,000 in 1853; the last two by stock dividends. Since 1853, 61 shares were issued at $1000, making the capital $661,000. The dividends in the table commence with No. 4, the first cash one; previously, in stock. Those for 1850 were both in July, but could not well be expressed otherwise than as in the table. Salmon Falls.-The dividends given are all that this company has paid, and are made up from reliable data; but the company declined furnishing them officially. Stark LMills.-Original capital, $1,000,000. Increased $250,000, October, 1847. This mill was destroyed by fire, March 16, 1850; loss $75,000. Suffolk.-Original capital, $450,000. Increased to $600,000, August, 1838. Dividends payable fourth Thursday in the month. Tremont.-Original capital, $500,000. Increased in 1837 to $600,000, by a stock dividend. Dividends payable same as Suffolk. Yoik.-Original capital, $1,000,000. Increased $200,000 by a stock dividend, in 1849. Ten per cent. extra was made in cash, February, 1844. Dividends usually paid February and August, until May, 1852. RAILROAD COMPANIES. Thomas Gray, the author of the Railway System, was born in Leeds, England, about a century ago. He talked and wrote upon his project for "A General Iron Railway," but the people declared him insane. He petitioned Parliament, sought interviews with the lords and other great men, and thus became the laughing-stock of all England. This was in 1820, but he succeeded at last, and the world was benefited by the madness of Thomas Gray. We do not know what became of him, but up to 1846 he had been neglected, and forced by poverty to sell glass on commission for a living! It is a singular fact, also, that in the days of Robert Fulton, the hall of the United States H-louse of Representatives was refused him, for the purpose of a lecture on steam navigation, on the ground that it was a discussion of a visionary scheme. FIRST FREIGHT AND PASSENGER RAILROADS IN ENGLAND.-In 1828, the British Parliament authorized the construction of a railway, 34.2 miles in length, between Liverpool and Manchester, which, 7 50 Railroad Compcanies. was opened for passenger and freight traffic in 1830, after the invention of' the improved locomotive engine by GEORGE STEPHENSON, in 1829. The object of the construction of this railway, was to countervail the canal monopoly in freight transportation. It was not till after the act of incorporation was obtained, that the idea of transporting passengers upon this railway-and thus competing with the stage-coach monopoly-came to be considered as a prospective and feasible item of the new scheme. George Stephenson was the first to suggest the possibility of introducing locomotive engines upon the new railway, as the most economical motive power. He found no echo, however, among his professional brethren, who, to a man, opposed his evidence before Parliament, when he modestly stated his belief that such a machine could be made to carry freight at a rate of ten or even twelve miles per hour. A few months after, his engine, the ROCKET, was running upon the new railway at the rate of twenty miles per hour. This was the modest commencement of the English railway enterprise; in which, fifteen years afterwards, (1845,) about ~100,000,000 sterling bad been invested, at an average cost per mile of not less than ~35,000, or $175,000. These, with the roads to be constructed, for which sanction had been obtained, in January, 1847, were not short of ~300,000,000 sterling, or $1,500,000,000, at an average cost of ~30,000, or $150,000, per mile. FIRST RAILROAD IN THE UNITED STATES.-The first railroad in this country was the Granite Quarry Railway at Quincy, Mass., built in 1827. The inauguration of the great railway movement in New England, was the construction of the Worcester, the Providence, and theLowell Railroads. The experiment was regarded with distrust, and Boston and Worcester stock at one time went a begging.at 60 per cent. At the time of the bank panic, attention was turned,to the new enterprise, then in successful operation, as a class of se-:curity more exempt from hazard than monetary institutions; and the stock of the existing roads advanced in price, though temporarily affected by the stringency of the money market. THE RAILROAD MANIA.-Railroads soon multiplied in every direction, and became the favorite investment of the day. The enterprise now assumed a speculative character, and a railroad mania supervened, the results of which are too fresh in remembrance to need being recited. A revulsion came; and, from being the favorite security of 1840-7 inclusive, railway property has come to be regarded very much as bank stock was during the panic alluded to, and the long years Of distrust of these institutions which followed. Railroads are now passing through their day of trial. WILL RAILROAD PROPERTY BECOME VALUABLE AGAIN?-It is sometimes asked if railroad property will ever again become a paying investment, and regain its lost position? The same question was often put in regard to bank stock, during its long period of depression. Many thought it never would: and, discouraged by small dividends, or none at all, sold out at a great sacrifice, leaving to others lo reap a rich harvest from their fears. A comprehensive view Railroad Companies. 51 should be taken of the subject. Almost every species of property is liable to panics and revulsions; and in every enterprise, however profitable and promising in the aggregate, individual cases of unsuccess and failure will occur: and whenever banking, railroad building, real estate investment, or any other undertaking, assumes a speculative character, disastrous results follow. Railroads have, in many cases, been built where they were not wanted; in others, diverged from their proper course by unwise or interested counsels. Large sums have been foolishly expended, and there have been errors in calculation and management. But because of here and there a failure to meet the expectations that were formed, it does not follow that the whole railway property of New England is valueless. Our principal roads pass through a rich and populous country, and the passenger and freight movement is immense and increasing; whilst those interested are awaking to the necessity and justice of adopting a remunerative tariff, in place of the ruinously low prices that have ruled, from a foolish rivalry and competition for business. Taking a just and comprehensive view of the subject, we believe that, in due time, railroads will be re-installed in public confidence, and be classed among our safest and best investments. It should be remembered, that the present depression in railway stocks and bonds is not peculiar to this class of property. Bank stock, as we have seen, and Government and State stocks, even, have not been exempt. New York 6 per cents. fell from 126 (in 1835) to 78 (in 1841); Ohio 6 per cents., 123- to 484; Penn. 5 per cents., 1094 to 40; Indiana, 105 to 16.; Illinois to 14, and Massachusetts sterling 5 per cents. from par to 844; whilst the United States 6 per cents. would not at one time bring par; and yet Ohio, New York, Massachusetts, and Government, have always punctually paid their interest. FLUCTUATIONS OF ENGLISH RAILWAYS.-Previous to 1849, railway stock was at a premium in England; but subsequently a ruinous reaction took place. The tide, however, again turned in their favor, although there has been a decline in prices for a year or two past. We give the following few quotations to show that fluctuations in this class of property are not peculiar to the United States:Par. 1848. 1850. 1852 1855 Highest. April 16. April 16. December. Great Western, - - - 100 115A 47 107 51 London and Brighton, - 100 941 764 110o 95 London & Southampton, - - 55 102 - London and York, - - - 51 18 Midland, - - - - - 100 117 31 79. 64 Northwestern, - - - - 100 134 95 Southeastern, - - - - 100 984 12.} 78 57 York and Midland, - - - - 14 554 45 We were unable to find quotations to fill the blanks in the above, but enough are given to show the great changes. The average amount of capital absorbed by the English railways is given at ~35,000 or $150,000 per mile. Constructed with the wide guage about ~40,000 per mile or $200,000. RAIL-ROAD STOCKS. Highest and Low'est Prices for ten years-1S35 to 1845. 1835. 1836. 1837. 1838. 1839. 1840. 1841. 1842 181i3. 1844. RAILROADS.-1835 TO 1845. Par. Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest arid Lowest. Lowe~st. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Boston and Lownell.5..... 00 1................................... New. 431 80 74 86 75 106 82 109 1023 Bosonan Lwel.......50 15 9- 161 8640 863 104.90* 109 104 115' 108' 122 105 119 114 * 130 1183 132 124' Boston and Providence.....100 127 1094 122 96 110 83 100-1-9 0 4 0 90 9 6 2 82* 0 86 - 110 104 Boston and Worcester'. 100 114 90*1 107 81*1 100 74 104i 92 109 100) 111*, 1032 1104 104i 1131* 109 119 107 121 110'L Concord........... 50...New. 52 51 60 51'1 67' 60* Eastern,.100....... Nie~w- 90- 8 8'7'9* 8 6 iOk 103Z 99 101 873 108 85-1 1l6' 1041 Fitchburg..........100................................................... New. 100' 931 110 99 Long Island,.......... 50.......................................... New. 54 49 44i 35* 42-3 305 Nashua and Lowell,.. 100....New. 99 98)1 1061 102'L 120 108'I 116-1 113 130 1191 1961 194 Norwich and Worcester,. 100................ New. 76 60 70, 60' 09 38*i 381 7 29*1 is, 84 4 82 Portland, Saco and Portsm. 100........ New. 95 931 93* 70 87' 65 105 87-' Stonington..........100... Ne 64'.0..0...3 12- 57 l23 51 124 18 11 07 7 54 32 Taunton Branch,.. 100 New. 105 82 92 75 9441 86* 1003 86 103*1 964 112 105 112' 1091 112* 1111 125 118 Western,. 100 New. 83 81* 83* 74 80 77 84 84 78 78 85 75 8090* 424 92 51 NoawicH AND WOacEsTEa, AND STONINGTON.-Scattering quotations of the Norwich were given provious to 1839, as high as 102*, and of the Stonington up to 109*-. 2 2~~~~~~~~~~~~~~C IIIGH PRICES OF RILRn~OAD STOCKS-By reference to the above and the table on the opposite page, it will be seen that some of the leading New England Railroads reached prices, in their days of prosperity, which at the present time might seem fabulous. For instance, Concord (par 501 so'd at 70 or 140 per cent., the highest of any railroad stock in this market. Boston and Lowell, 135; Fitchburg, 135; Nashua and Lowell, 130; Boston and Providence, 127, and private sales reported as high as 135; Boston and Worcester, 126; Boston and Maine, 119; Bichigan (Central, 118; Eastern, 116; Western, 114*; Northern (private sales), 108; Vermont and Massachusetts (private sales), 102; Old Colony, 107*; Cheshire (old stock), 103*; and Vermont Central, $97 per share. SPECULATIVE PRICES.-The higher prices of railroad stocks, in 1835, were generally speculative, as the roads were unfinished, and their success simply theoretical. The Harlem road, out of New York, which was not opened to Harlem till October, 1837, sold as high as 190 and then fell to 65,-all in five or six weeks, Owing to a'corner" which was made.-regular quotatiors ruling from 160 to 71. Norwich and WVorcester, which sold at 102*, was -not opened till 1840; and Long Island sold at 105 per cent., nine years before it was opened. The prices of the Worcester, Providence, and Lowell', in 1836-7, were depressed by the stringency of the money market. THE: NEW YOaK. MARKET -Tn 1837, the New Vork elock market was even more seriously affected than our own by the financial crisis. The M1echanics Bank, from 133 fell to 74)3; Phoenix, 130 to S0; Union, 125 to 91; Manhattan, 134 to 90; Dry.Dock, 165 to -, failed Delaware and Hudson Canal, 122 to 51; and a like stampede downward of almost ev-err -stock ott the list. In Phifladelphia the decline of prices we-i subsequently most ruinous. The Bank of Pennsylvania declinled from $540 (par 400) to $100 or 25 per ct: ~50 or 123 per cent., at one time (18142), beiong the hi-'hest offer. RAILROAD STOCKS. Highest and Lowest Prices for ten years-1845 to 1855. 1845. 1846. 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. RAILaOADs.-1845 TO 1855. Par. Highest and Highest and Highest and Highest and Highest and Hig-hest and Highest and Highest and Highest and Highest and Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Boston and Lowell,......100 124 116'1 118 114'1 124 108 11441 108 11843 1084 116'1 111 115 106 110 105* 106 913 *92 73 Boston and Maine,. - - - - 100 117 1071 1144 1074 1184 108 119 106 1094 100 1071 101 1061 102 110 102 109' 102 1051 92Boston and Providence. 100 1144 107 4115, 106 110 98 100 86 96 88 90 791 92 83* 94' 84 921 85 844 57 Boston and Worcester. 100 1224 1164 118 1104 126 1114 118 1061 107 931 104 914 1061 98* 1074 98 105 2100 102 4 89.................../ New. 70 6041 65 421 404 38I 40 35 40'* 3' 40 38 454 37 Cheshire...................100 103 951 984 844 1031 84 85' 66 79 65 2 65 40 634 4541'f654 55* 584 40 39 244 Concord................. 50 70 644 68 621 691 624[ 631 594 62 56' 564 624 56 51 56 51 57 514* 564 50 Concord and Montreal.....100. New. /89 50 841 471 564 30 47 341 474 36 454 30 33 12 Connecticnt River.........100...... 1984 86 100 88 1001 90 99 902 904 80 81 55 70 51 624 524 554 50 Ea-stern.100......2 1...109 103 113' 103 105 99 105 98' 104' 9304 4 90 90 43 Ei,100 36 251 111190 41 83' 78 77 57 64 582 90 561 93 693 82 29 Fall River.......100.......... 100 961 85 90 821 88 75 88 74 98' 901 1061 98 1071 104 *102 90t Fitchburg.......... 100 132 1084 134 113 135 1174 118 110 1164 107 1134 1054 1122 103i 1051 102* 1044 93 933 744 Grand Junction,. 100..........2 New..... 59 75 50i 74 504 5Q4 20 65 30 48 20 Hartford and New Haven, 100 101 "90 95 91. 106 97 105 99 107 994 1244 1054 132 120 130 120 *130 116 131 107 Long Island,.... 50 41 224/ 30 224 314 131 16 104 13 8 2 8 5 2 12 61 28 82 1 134 171 104 Manchester and Lawrence,.100.............. New. 924 75 91 70 96 75 103" 8'91 60 Michigan Central........... 100 New. 97 93 90 75 104 66 109 91' 1131 954 1182 104 108 4 80 Nashua and Lowell.....100 126 1 127 124 1294 1174 124 112 117' 112 1114 105 1084 104 2 1091 101 112 107 10813 100 New Bedford and Taunton, / 100 115 1.0 115 100 118 113 120 111 116 I1 116 110 116 110 118/ 113* 110 106 103 100: Northern, (N. H.)......100 100.... 100 95 104 99 101 864 894 584 75 63 75 6313 6841 5941* 65 444 634 35 Norwich and Worcester,. 100 94 6314 66 47 6541 35 40 251 39 4 32 2 69 35 70 441 572 502 5841 51' 60 33 Ogdensburg, (Northern N.Y.) 50....... New. 50 474 431 321 32, 20 414 20 401 261 31'1 24' 31' 1 1 165 3 ~ Old Colony..........100 109.991 10741 991 1034 954 24 8 8 04 75 68 50 694 624i 78 2 601 952 778 1oo4 t71* Passumpsic.........100............. New. 90 83 89 70 83 65 86 50 65 SO4 51 33' 30' 19 Philad., Whining. and Baltl 50 24tj131 32 22 31 22 28' 26 284 22 32 24 31'r 24' 393 28' 401 351 40 294 Portland, Saco and Portsm. 100 1034 98 4 99 894 104 89 100k 94 100 924, 100 93' 1011 93 4 i00t 938 1024 962 984 *914 Reading........... 50 30 4 20 38 284 33 27 291 13 184, 11 37 15' 392 244 48 2 2841* 49 4 36 40' 311 Rutand& urlngtn,(ol,)100. New. 91 884 904 734 74 67 69 401 60 354 40 294, 42 10 1i1 3 Rutland 6 per ct. preferred,. 100........................................... New. 6841 60 70 15 23 5 Rutland 8 do. do... 100.................................... New. 100 90 922 85 94' 40 35 6 South Shore,........1125.....New. 3 2 16-1 7 1741 13 13 7 iol 84 91 7 Stonington.........100 48 27 9.. 6 0 601 44 554f 46 ssl 40 57 40 160 50 66 55 71 59 -Sullivan,. 100. New. 101 100 90 75 72 50 22 2 12 31 15 2045 6 21 10 15 44 Taunton Bra'nch.,'100 120 116' 11741 1114 11341 110 112' 110 112' 106 112 106 112 106 117 110* 112 106* 108 *101 Vermont Central. ~50 93 91 29 78 97 804 841 5042 574 4443 454 27 38 2241 25a4 14 2141 1241 134 14 Vermont and Canada. ~100................... New. 1001 100 1(3 100 106' 93 105 98' 107 9 99 50 Vermont aind Massachusetts, 100 100 95 88 76 94 72 773 41 571 28 344 224 83 24 27 9 22~ 16' 24 8 Western...........100 1044 904 100 85 11443 99 110 9643 107 1004 1054 10041 1071 99'1 107'L 991 102' 974 1004 89 Worcester and Nashua,.... 100.................... New. 52 49 542 38 514 422 612 501 632 54 62 50 * Ex-dividend. 1 Worcester and Nashua, Stonington, and Cheshire, (old stocks,) were each preferred in 1852-the latter, by each holder of three shares paying $100 and receiving four shares preferred stock. I Old Colony and Fall River. These two Companies were " consolidated, July 1, 1854, the Fall Rtiver being merged in the Old Colony, and in October a stock dividend of $13.092 paid on the former, and 822.919 on the latter. 11 South Shore, par changed from 50 to 25 in 1850. ~ Vermont Central-original par 100; reduced to 50 by issues of new stock. (Ill Erie, 2 sh. made into one. G2Y- 1855-For monthly detail of prices during the year, see Appendix. C4 RAILROAD C, OMPAN[ES. Semi-Annual Dividends-1834 to 1856-(Official'. RAILROAD COMPANIES. Opened. 1835 1836. 1837. 1 1833. 1839. 840. 1841. 1842. 1843. 1844. Average. Boston and Lowell,.. 1835, June 24,1 33 0 0 2 0 43 34 414 4838.4 4 4 4 84 4 6.4 Boston and Maine43 July.............. 3 6 183~,Ju~~~~~~~~~~~~~e24, ~ ~ ~ ~ ~' 4' 0' 0' 32 63 Boston and Providence,.. 183 June10.43 3 Boston and Worcester,. 1835, Julyo 2 4 0 5 3 3 33 34 3 3 3 3 4 4 3 3 3 31 5.9 Concord.1842, Set. 7.......5 4.51......5................ Eastern........................l1,S40O Nov. 9...................................'......2 2'0 23... 3. 3 3 3 33 383 3 5;2~~~~~~~~~~~ - 5.9 Hartford and New aven,........................ p......... 3 2[0 00 14I'.2 2 2.6 Nashua and Lowell-. 108o, Oct........................3 4 34 4 4 4 4 4 4t 4.4* 4 7. 8 New Bedford and Taunton,. 18-101 July 1,..........1................... 5 PortlandS'aco and Portsnmouth,. 182INv i. -,3 I 0 ~,~r.~~~~~~~~~~~~82 No. 1...........I............ 0o.................:................ 2]0 6 4.8 ~ Taunton Branch..New.Ha.e....... 183.. An.. 8............ 2 0 3 3 0 6 4.8 ~ ~/334 4J 4 3 5 4 6. RAILOADCOMPNIE. n Stock Funded New Annual Dividends 1845. 1846. 1847 1848. 1849. 1850 1851. 1832. 1853. 1854. 1855. Av'RAILROAD COMPANIES ~~ Capi tal. Debt. Meetings. payable. age. Boston and Lowell,. 1008,18"30,000.150,000 11835 Jan., Ist Wed. Jan. & July ~4 ~4 4 4 4 44~ 4 4 ~4 4 44 4 34 31 3 333 0 3 7.1 Boston and Maine'.. 100 4,155700 150,000 11843 Sept., 24 Wed. Jan. & July. 311 31L 31 31 34 4 5 44 4 0 54 3 2 34 31 3- 1 4 4 4 4 3 7.1 C Boston and Providence,. 100 3,160,000 183,000 1835 Jan 2d Wed. Jan. & July. 31 3i 42 42 4 4 31 3~ 3 3 3 24 33'3232 21 3 34 3 0 0 6 ~ Boston and Worcester,....100 4,500,000 500,000 1835 Feb., lot Wed. Jan. & July. 42 4 4 4 4 5 5244 43 3 8 34 343 34 31 334 3 3 33 7.46 Cheshire. a 100 2226,300 769 500 1847 May, 2d Wed. Jan. & July 7s..................3........... 2 Concord,. 501,500,000 None. 1842 May. (Note.) May & Nov. 6.4 i Connecticut River......100 1,591,110 235.,000 1846 Jan., 3d Wed. Feb. & Aug........3 4 4 4 3 3 24- 0 03 2 2 2 2-12 21424 4.9 Eastern...........100 2,853,400 2,410,000 1840 July, 2d Mon. Jan. & July 4.4 4 4 4 4 4 44 4 4 42 4443- 3 3 3 2f4 002 7 y~~~~~~~~~~~~3 2 Fall River.100 1,050,000 Merged in the Old Colony. Jan. & uy.......333 3000344 444411 5.7 Fitchburg,.100 3.540,000 100,000 1845 Jan.,lastTues. Jan. & July... 4 5 5 5 -5 42 4 4 4 4 4 4 33 3 3 3 3 00 6.9 Hartford and New Haven,.. 100 2,350,000 939,000 1838 Sep., 3d Wed. Apr. & Oct. 3 3 34 341 34 4 4 5 4 5 5 5 5* 5 5 5*5 5 5 5 5 5 9 Manchester and Lawrence,. 100 800,000 200,000 1849 In February. Jan. & July.3..... 3 3 3 34 341 34 341 34 00 5 I~~~~~~~~~ 2....2 Michigan CentralN. 100 6,032,000 5,465,000 note Jue, 4thMon. Jan. & July..8.. s 9. 1 1 81. 82. 6s4 9 NBhuaandLowell. 100 600,000 None. 1838 InMay. May &iNov....150 4,155'5543 New Bedford and Taunton'. 100 500,000 None. 1840 Feb., 1st Mon. Jan. & July. 34 34 31 34 4 4 43 33 3 3 4444 34 I3 31 34 33 7.4 New York Central...... 100 24,200,600 14 200,240 1853 Dec., 2d Wed. Feb. & Aug..5 4 4 4 8.5 New York and New Haven, 1001 3,000,000 2,126,000 1849 In May. Feb. & Aug...3 3413'3434' 34 341i -34 34t 34 0 0 0 0 0 4.5 Northern,. 100 3,068,400 400,000 1847 May, last Thrs. Jun. & Dec...............34 0 02 22 224222 222 24 241 20 0 0 3 Norwich and Worc. (pref'd) 100 2,122,300 677,100 1840........Jan. & July......242442 2 223302b4 Old Colony.........100 3,015,000 200,000 1845 Jan., last Ths. Jan. & July... 3... 3 3 343 3 0 03 0 2 00 0 0 0 0 33 Passumpsic.........100 1,000,000 800,000 1848 In July. Jan. & July.... 26s 0 0 6s 3 3 3 02 2 0 0 0 0 0 3 Philad., Whining. and Bait. 50 5,000,000 2,500,000.... In January. Apr. & Oct................. 3 14 2 2142 2 2 3 30 0 12s 4 Portland, Saco and Portsm. 100 1,390,000........1842 June, lst Mon. Jun. & Dece.3 3 3 3 3 3 3 3 3 3 3 3 3 3 33 3 33 33 6 Providence and Worcester,. 100 1,550,000 300,000 1847 Feb., lst Mon. Jan. & July........ 43 0 0 0 03 353 3 4 3 0 3.7 Reading,. 50 6,461,663 9,707,800.... In January. Jan. & July.......................6 03412 *4 3 34 0 ls 47 Stoughton Branch,.........100 85,400 None. 1845 May, last eu. Jan. & July.... 0... 4...0 3. 32 3 2 32 32 3 33 1 3 444 44 Taunton Branch...........100, 250,000 None. l833June,last Mo.Jan. & July. 4 4 4 4 4 4 4 4 4 4 4 4 444 4 4 4 44 4 4 8 Vermont and Canada..1001 1,100,000 None. 1850 In December. Jun & De.............. 4 4 4 0 0 0 5 6 Western...................100/ 5,150,000 5,319,520 1841 Feb., 24 Wed. Jan. & July. 3.....4 4 4 4 4 4 43' 33 31 31 34 31 1 1 41,000 1. 200,000 1848 In January. Jan. & July...... 2. 2t24 2.2-1 2 i 2 02 aExtra dividends in hece years. tEastern,paidinFerrystock. Cheshirepreferred. I FalRivernergedintoOldCol. (s)denotespayableinstock, and (b) in bonds, Notes to Railroad Companies. 55 NOTES TO RAILROAD COMPANIES. Berkshire Railroad.-Capital $600,000. No funded debt. Leased to the Hionsatonic Railroad at 7 per cent., payable quarterly, in January, April, July and October. Boston and Lowell.-One of the most permanent 8 per cent. stocks among the railroads, until within a year or two. The par value of the shares is $500mostly held by rich capitalists-and they are seldom offered in the market. The stock was at one time current at 135 per cent., ($675 per share,) with private sales some 5 per cent. higher, and has lately sold for 60 per cent. Boston and llaine.-Incorporated in 1833, as the Andover and Wilmington Railroad, and opened to Andover, Sept. 1, 1836. April 10, 1837, extended to Haverhill; in 1839, to New Hampshire State line; and to Dovcr, Sept. 24, 1841. In 1841, united with the Boston and Maine Railroad in New Hampshire, and the whole line was then called "The Boston and Maine Railroad." Opened through to Great Falls, July 24, 1843. The Boston and Maine extension, from Wilmington to Boston, was opened July 1, 1845. Shares in the Boston and Maine Railroad (so called) were sold, in 1839, at 65 dollars. The average cost of the same was about 85 dollars; some being sold by the company to stockholders for $60, $75 and $100. Boston and Procidence.-Original capital, $1,000,000. First dividend paid on $1,250,000. The bonds mature in 1861 and 1862. Boston and Worcester.-The first train of passenger cars which ever left Boston, was on the morning of April 7, 1834, for Davis's Tavern in Newton, to which i)lace the Boston and Worcester Railroad was then opened. It was further opened to Needham, July 8th; to Westboro', Nov. 15th, 1834; and through1out its entire length to WVorcester, July 3d, 1835. Original capital, $2,000,000. The bonds are due in 1860, and $400,000 of them convertible into stock at p al In 1846, a proposition was made to unite the Western and Worcester roads, rating the stock of the former at par, and the latter at 120. This was declined by the Worcester. Cape Cod.-Opened to Sandwich, 1848, and extended to Hyannis, July, 1854. A dividend of- per cent. was paid January, 1849; 2j, January, 1853; 2 in July; 2, January, 1854; 3 in July, and 3 per cent. in stock, March, 1855. Calpital, $600,000. Funded debt, $180,000; due in December, 1857, 1859 and 1861. Annual meeting, second Wednesday in July; usually at Hyannis. Clheshire.-The old stock was preferred in 1852, by each holder of three shares paying $100, and receiving four new shares. A very few shares of the old stock still remain out. The company have adopted the policy of reserving their income to pay off the maturing indebtedness, and issue bonds payable in 20 years as dividends to the stockholders. (Concord.-Tlhis stock has sold the hilghest (140 per cent. public sales, 144 private) of any railroad in New England, and was never below par until 1855. Tlihe annual meeting is held the "Tuesday preceding the last Wednesday in May." Concord and Montreal.-Interest dividends, in stock, have been made on the old shares up to 1855, and regular dividends on the 6 per cent. preferred, until November, 1855, when it was passed to the credit of shareholders, but not paid. A new issue was made in 1854, on which $1 per share was paid, May, 1855, arnd a like amount credited in November. Cbonnectictt sicer.-iOpened to Northampton, December, 1845; to Greenfield, latter part of 1846, mmd to South Vernon in 1848. Of the bonds, $5000 n-mautro in 1856; $15,000, 1857; $15,000, 1858; S135,000, 1862; and $65,000 in 1863. Ten semi-annual dividends, of 4 per cent. each, have been paid, from February, 1851, to August, 1855, inclusive, on the preferred stock; after February, 1861, this preferred becomnes common stock b)y limitation. Capital, $307,500. E'astern.-F irst opened to Salem, Aug. 27, 1838, with a grand festival to stock 56 Notes to Railroad Companies. holders and invited guests. Opened to the public, Aug. 28, with 6 passenger trains and 1000 passengers first day, which was then considered a great number. Opened to Newburyport, Aug. 28, and connected with the Eastern in New Hampshire, Nov. 9, 1840. Eastern in New Hampshire.-A distinct corporation, but leased to the Eastern in Massachusetts, Feb. 18, 1840, for 99 years. The stockholders receive the same dividends as the Eastern, which are given in the table. In January, 1839, however, none was paid on the New Hampshire part, which was before the lease. The annual meeting is held the "first Tuesday after the second Monday in July," at Portsmouth, N. H. Fall River.-Merged into the Old Colony, July, 1854, by act of "consolidation," and called "Old Colony and Fall River Railroad." A stock dividend of $13.092 per share was paid October, 1854. Fitchburg.-This stock has sold among the highest (135) of any of the roads leading out of Boston, and at one time was considered a safe 10 per cent. investment. Railroads in Massachusetts are prohibited from dividing over 10 per cent. among their stockholders, or probably some of the companies would have made even larger dividends in their days of temporary prosperity. Hartford and New Haven.-One of the few New England roads, the stock of which now sells at a premium. Extra dividends, of 5 per cent. each, were made in 1851 and 1853, and another of 5 per cent. is payable January 15, 1856. The bonds mature in 1873. Lexington and West Cambridge.-Opened in 1846. Capital, $240,000, half six per cent. preferred, and half common. Debt, none; the bonds having been changed into preferred stock, first and second class, $60,000 each, on which dividends have been regularly paid from July, 1853. First dividend on the common stock, July, 1854, of 2A per cent., and same since. Annual meeting, first Wedncsday in August. Lowell and Lawrence.-Capital, $200,000. Funded debt, $100,000. Dividends payable annually. Five per cent., January, 1850, for 15 months; 4 per cent. in each of the years 1851, 1852 and 1853; an(d 6 per cent., 1854-'55. Michigan Central.-The Detroit and St. Joseph's Railroad was originally chartered in 1832, with a capital of $1,500,000. Work was not actively commenced until 1837, however, when it was pushed forward under the auspices of the State of Michigan; and, up to 1845, the road had been opened from Detroit to Kalamazoo, (143 miles,) constructed with wooden rails, covered with flat bar iron. In 1846, the Legislature chartered the Michigan Central Railroad, and sold this 143 miles, with the franchises of the company, to Boston and New York capitalists, for $2,000,000, or about $14,000 per mile. This company came into possession, Sept. 23, 1846, and immediately determined to extend the road, which spirit of progress was actively kept up until the connection with Chicago was completed. Although located in Michigan, the road is managed principally by Boston men, with the Treasurer's office here, and is practically a New England corporation, but with resources immensely superior to that of any of our roads. The income of the road in 1850 was $691,972; in 1855, it exceeds $2,500,000. The dividend in 1852 was 10 per cent. stock and 4 per cent. cash. They were formerly paid yearly in January, but are now semi-annual. Nashua and Lowell.-Original capital, $250,000, and increased from time to time up to $600,000. An extra dividend of 4 per cent. was made in November, 1843, and another of 2 per cent., November, 1844. New Bed(fbrd and Taunton.-Original capital, $400,000. Increased $100.000 from earnings, in October, 1852, by a stock dividend of 25 per cent. New York Central.-Formed in 1853, by a "consolidation" of all the roads fromn Albany to Buffalo. The largest railroad corporation in this country. New York and New Hacen.-The Norwalk accident caused a stoppage of dividends; and, more recently, the Schuyler firauds, by which the company was robbed of $2,000,000 stock, have completely paralyzed its prosperity. The shares fell from 128, the highest quotation ever reached, to 105, in consequence of the accident in 1853; and its present value is about 30. Northern.-The dividend for 1854 was passed to the credit of holders May 27, but has not yet been paid. It probably will be in June, 1856. Old Colony.-Consolidated, July, 1853, with the Fall River. The capital and Notes to Railroad Companies. 57 bonds are those of the new company. The previous capital of the Old Colony was about $1,600,000. In October, 1854, a stock dividend of $22.919, per share, was paid in the new consolidated stock to holders of the old shares. Pittsfield and North Adams.-Leased to the Western Railroad at 6 per cent., for 30 years from January, 1846, and 5 per cent. forever thereafter, or the purchase of the stock at par. When the tIoosac Tunndel is finished, the Troy and Greenfield Railroad is obliged by its charter to take the road off the hands of the Western, at cost, ($450,000,) if the latter so elects. Portland and Saco.-Leased perpetually to the Eastern, and Boston and Maine Railroads, April, 1847, at 6 per cent., with a penalty of $200,000 on each party for a breach of contract. The lease is a source of profit, besides being indispensable to the roads in question. Providence and Worcester.-The $300,000 bonds mature Aug. 5, 1860. An interest dividend of 6 per cent. was paid in stock, March 14, 1848. Reading.-A stock dividend of 12 per cent. was made January, 1848, and an extra one of 8 per cent., in stock, January, 1853. South Shore.-Capital, $259,685, paid in. Funded debt, $150,000. Leased to the Old Colony, at 6 per cent., from April, 1849, to April, 1854. Now run by the company. Dividends, 3 per cent., October, 1851, and 3, April, 1852; none since. Annual meeting, second Wednesday in January. Stockbridge and Pittsfield.-Capital, $448,700. Debt, none. Leased to the Housatonic Railroad, at 7 per cent. on cost. Dividends, 3A per cent., semiannually. Stony Brook.-Capital, $266,900. Debt, none. Completed July 1, 1848, and leased to the Nashua and Lowell Railroad for 12 years, at $300 per annum, and 6 per cent. on the cost.; also, half the net profits in excess of the above, payable in February and August. Semi-annual dividends of 3 per cent. have been paid regularly, except one of 34 in 1852. Vermont and Canada.-Leased to the Vermont Central for 50 years from 1850, at 8 per cent. The last interest payment was made June 1, 1854, and the company have since taken possession of the Vermont Central, for non-payment of interest, according to the terms of the lease. The first regular dividend was paid June, 1851. Interest at the rate of 8 per cent. was paid on the amount paid in previously. Western Railroad.-This road was opened to Springfield, Oct. 1, 1839, and through to-Albany, Dec. 21, 1841. It has one grade 83 feet to the mile, for about a mile and a half; one of 79 feet, for four miles; one of 78 feet, for two miles; and one of 74 feet, for five and a half miles; in a word, it has a grade of from 60 to 83 feet per mile, for more than eighteen miles. At Washington, near the State line, the road-bed is 1,456 feet above the level of the depot in Beach Street, Boston. A single mile of the mountain section cost $220,000. Worcester and Nashua.-The $200,000 bonds mature May, 1860. The old stock was preferred in 1852, by each holder of five shares paying $100, and receiving six new shares; and only fifteen shares of the old stock are now outstanding. Railroads in New Hampshire.-In 1850, a railroad fever raged in New Hampshire, and a railway ruin was predicted-but too truly. The amount thus invested, in that State, was $25,000,000. Number of miles of road, 834; estimated to cost, equipped, $30,000 per mile, on an average. Camden and Amboy Railroad, and Delaware and Raritan Canal Company.-This road, upon which the lamentable accident occurred in 1855, has been a profitable concern. In 1850, an extra dividend of 20 per cent. was made in improvement bonds, amounting to about $830,000, (payable in 1870,) which sold at from 91 to 95 per cent. New Jersey's share was $40,000, she holding 2,000 shares of the stock. About ten years previous, (1840,) the company made a similar dividend of $8 50-100 per share; the regular dividends, in the mean time, averaging from 10 to 12 per cent. The road enjoys a monopoly. We may remark, in this connection, that the New Jersey Legislature of 1814-15 chartered the New Jersey Railroad Company; but the authors were ahead of their times, and its construction fell through. Railroads in Early Days.-The following is a railroad report in the days of their primitive simplicity:8 5S Stocks not generally Called at the Brokers' Board. BOSTON & PROVIDENCE R. R., Dee. 1, 1835. For about six months' business:Whole receipts,... $112,000 Expenses,.....28,000 Net,.......$84,000 Dividend, 4 per cent.,..... 50,000 - Surplus,......$34,000 How beautifully simple, compared with the voluminous reports in pamphlet form, of modern days. CuRious NOTICES.-In 1834, the Worcester Road gave notice that "Passengers are not sent for by the Company, but seats are provided for all who apply at the Ticket Office." It had been customary for stages on the different routes to call for passengers, and the public expected the railroad company would send for them. ANOTHER.-" In consequence of the shortening of the days, the evening trip is discontinued." Another road gave notice that, in consequence of an accident to the engines, there would be but one trip a day; and another, that, for a similar reason, the trips were discontinued for the present! BENEFI TS OF RAILROADs.-The increased value of property on the lines of our New England Railroads has been immense, and is steadily increasing. In the Western country this is still more marked, and we find by the official tax statistics of Michigan, that, through those counties where railroads have been built, the taxable property has, within three years, increased 400 to 500 per cent.; while in those counties where no railroads have been built, the ratio of increase in value has not been over 100 per cent. BULLS AND BEARS, OR BUYERS AND SELLERS.-The buyers, or bulls, technically termed, wish to toss everything up, as they are anxious to sell at a profit; the bears, to break them down, they having sold stock deliverable in 30 or 60 days, and therefore wish to buy in the stocks they have to deliver, at a price less than they sold them at-the difference being the profit or loss on the transaction. The bulls, or buyers, are therefore willing to listen to any favorable rumors of improvement in the money market, in the receipts of the company whose stock they hold; while the sellers, or bears, are apt to exaggerate in their imaginations the difficulties of the country or money market; each taking a view thereof in harmony with his interest, and acting accordingly. The brokers of the London Board are obliged to give bonds when elected, and are forbidden to speculate on their own account; the jobbers alone, on the outside, being the bulls or bears. CORNERING.-A term given to a system of buying up all the floating stock of any particular company, and then buying on time as much more as possible; so that those who agree to deliver at a specified period, cannot obtain the stock to complete their contracts. The seller is therefore cornered, and must submit to the buyer's terms. STOCKS NOT GENERALLY CALLED AT THE BROKERS' BOARD. BOSTON SUGAR REFINERY.-Sales in 1835, from 685 to 575, for 800 paid, (par $1,000.) Advanced to 1,455 ill 1844, and receded to 762k in 1852. In 1853, 850 to 960; 1854, 952i to 1,055; 1855, 970 to 1,105. Subsequent sales at 1,045 to 970. Last sale at par. SHAWMUT SUGAR REFINERY.-1854, 86k to 98j; 1855, no sales. BOYLSTON MARKET.-Par, $100. 1835 to 1845, 173 to 140; 1845 to 1855, 182 (in 1851) to 150. WILLIAMS MARKET.-1854, 30 to 16; 1855, - to 9. U. S. HOTEL.-1845, 116 to 103. Advanced to 120 in 1846; receded to 90 in 1849, and 52 in 1855. WINTHIROP HOUSE.-1851, 80k to 65; 1854, 55 to 35; 1855, 35 to 24. BOSTON ATHENAEUM.-Par, $300. 1835 to 1845, 190 to 150; 1845 to 1855, 211 (in 1846) to 90 in 1854; 1855, 96k to 60. BosToN LIBRARY.-1835 to 1845, 20 to 13; 1845 to 1855, 13 to 5j. BOSTON MUSIC HALL.-Par, $100. 1851, - to 50, and ranged from 50 to 40 up to 1855. Sales in 1855, 40 to 35. BosToN THEATRE.-Par, $1,000. 1854, 795 to 600; 1855) 550 to 495. Defalcations and Embezzlements. 59 SPECULATIVE BUBBLES. BUBBLES.-In England, the "South Sea Scheme" commenced in 1710, and exploded in 1720. Shares rose to 1,000 per cent. advance. LAW'S BANK.-Projected by John Law to pay off the French national debt. Declared a royal bank in 1718, and shares rose to 2,000 per cent. advance. Exploded in 1719, and nearly upset the French government, ruining families by thousands. GUM ELASTIC.-In 1834-35, the India Rubber speculation inflated, shares in the Roxbury Company selling at 100 per cent. advance. Collapsed in 1836, and tumbled from $200 to $5 per share. EASTERN LAND SPECULATION.-Culminated in 1834. The seat of operations was at Bangor, which the pilgrims in quest of fortune's favors so thronged, that hardly a shed was to be had for a night's repose. When the bubble burst, it scattered ruin all around. NEW YORK CRYSTAL PALACE.-This stock rose in 1853 to upwards of $160 per share, and dropped in 1854 to $5. Some, who thought the stock a transparent affair, sold out on the top of the wave, at 60 per cent. advance. DEFALCATIONS AND EMBEZZLEMENTS. From time to time, the community has been surprised by alarming fraudulent operations, which have shaken public confidence, blasted the character of the perpetrators, and indirectly ruined the fortunes of many an innocent party. THE NEW YORK LIFE AND TRUST COMPANY lost, by a series of frauds commenced in 1837, $349,000, or more than one-third of its capital. The stock fell to 62, but regained par the next year, 1842. Other instances of a similar nature have occurred from time to time in past years; and, more recently, we have the embezzlement at the SUFFOLK BANK of $214,500, (1852); the $2,000,000 SCHUYLER FRAUD (1854) on the NEW HAVEN RAILROAD; KYLE'S frauds on the HARLEM; the CRANE over-issues (1854) on the VERMONT CENTRAL; and the defaulting Treasurer of the EASTERN RAILROAD, (1855,) by which that company suffered a loss of some $200,000. In themselves, these various depredations would be comparatively of little importance; but the influence they naturally have upon the stock and money markets, has caused an immense amount of mischief, from the evil effects of which the community are suffering to a greater or less degree, by the sadly depreciated condition of many of the railroad and other securities, which have heretofore stood high in the public estimation. ENGLISH DEFALCATIONS.-The Bank of England lost by the Fauntleroy forgeries, ~300,000, ($1,500,000,) of which about 25 per cent. was afterwards refunded by Fauntleroy's partners, to settle with the Bank. Young Fauntleroy was executed in 1824. The English bankers, Strahan, Paul & Bates, heretofore of the highest respectability and reputed wealth, failed in June, 1855, for an enormous amount, and were convicted of gross fraud, having embezzled over haff a million of funds and securities deposited with them for safe keeping. They were sentenced to fourteen years' transportation, the heaviest infliction provided in the statute, and sent to Gibraltar to work with the ordinary convict gang at that station. This house, originially founded by a Mr. Snow, and bearing his name until a recent date, was one of the three private banking houses established before the Bank of England, which have continued in existence ever since. The New York Evening Post, after noticing the trial of this case, adds, with much truth:"No one can rise from the perusal of the foregoing brief statement of one of the most impressive and exciting trials which ever occurred in England, without feeling an increased respect for her judiciary, and the public sense of justice which sustains it. No American can read it, without a painful doubt crossing his mind, whether offenders possessing such wealth and influence as these, could be brought to punishment so promptly, if at all, in the United States." 60 Railroad Bonds. RAILROAD BONDS. This modern class of securities has been in high favor, as our list of prices will show. The first bonds, representing but a small part of the cost of the respective roads, the earning and prompt payment of the promised interest was deemed certain, whatever might be the fate of the common stock. The Ogdensburg, and Rutland and Burlington first 7 per cent. bonds were therefore regarded as a desirable investment at par, and touched higher figures. The interest on these, as also on the Vermont Central, was for a time promptly met; till, in the case of the former road, a large issue of second bonds, and an attempt to pay interest on both classes, resulted in suspending payment on both. The Rutland endeavored to keep up payment on a large issue of 8 and 6 per cent. preferred stock in addition to bond interest, and was brought to a stand still; whilst a complication of difficulties forced the Central Road into the same position-all three failed, and passed into the hands of the trustees for the bond holders. The Ogdensburg has already resumed payment of first bond interest, which, in the case of the Rutland, has been retarded by the outlay required to put the road in good working condition when the trustees took possession; this having been done, as per last report, resumption of first bond interest payment will not probably be long delayed. The Vermont Central has passed into the hands of the Canada for arrears of rent, and its first bonds being, in fact, but a second- security, payment of interest thereon, in its present complicated position, cannot at present be expected. There is another class of bonds which have always maintained interest payment; the low price of which, compared with other 6 and 7 per cent. paying securities, can only be accounted for from sympathy with the state of the market for all railway property, however unexceptionable. What has been remarked in regard to railroad stock, applies with still greater force to most of these bonds; for the bondholders are the real stockholders till their claims are satisfied. They hold the young and growing roads, passing through productive sections of country, with valuable connections, at one half or third of what they could be economically built for and equipped; and if they cannot yield 6 or 7 per cent. on this small sum, our best roads, at their twofold or triple cost, must be poor property indeed. Comparing the earnings of these new roads with those of our best railways at the same age, they are found to be highly satisfactory; and we opine that the day is not so very distant, when it will be as much a matter of surprise that they ever fell to the quotations in our annexed table, as it now is that the bonds of the wealthy State of Ohio would not a few years ago bring 50 per cent., or that those of Indiana and Illinois fell to the pittance of 16, and 14- per cent. Railroad Bonds. 61 RAILROAD BONDS. Highest and Lowest Prices-1849 to 1855. 1849. 1850. 1851. I 1852 1853. 1854. RAILROAD BONDS. 1849 to 1855. Highest Highest Highest Highest Highest Highest & Lowest. & Lowest. & Lowest. & Lowest & Lowest. & Lowest. Bost., Cone. and Mont. 7's................... New. 993 971 1001 99 971 90 t ".... 66's, New. 87 85' 90 87 931 88 9 3 93 87 80 Cheshire 6's, 1860,......... 90 871 93 80 92 85 992 86 993 95 75 Grand Junction 6's........New. 100... 101 100 78i 721 85 73 84 66 Michigan Central cony. 8's, New. 102k 100 106 102 111 104 114 106 106k 100 " incony. 8's,.................... New. 1107 102 104k 100 100 93 New York Central 6's.................................... I New. 100.... 941 82 N.Y.& Errelstmort. 7','86, 104 91 109 100 110 107 117 109 118 1091 i15 103 " " 2d mort. 7's.'59, 92 83] 105 83 106k 96 109 1031 111 99 106k 93 Norfolk Co 6's.................... 2 61k 56 71 50 I 77 60 85 70 80 50 Ogdensburg 1st mort. 7's,.. 86k 82k 100 821 991 90 1023 91 102k 89 91 45 2d mort. 7's,...................... New. 89 85 93 62 67 20 Rutland 6's,.............. 87 85 94 81 91 83 95 84 951 90 90 20 Rutland 1st mort. 7's,...........................New. ]99 88 101 87 911 47 " 2d mort. 7s................................... New. 74 67 671 21ij Sullivan 1st mort. 6's,......... 85 81 72 81 70 77 60 67 50 61 30 Vt. Central 6's, 1852...... 891 851 92 78 961 84 100 92 Paid.......... Vt. Central 6's, 1856...... New. 100 932 80k! 85 65 85k 641 70 20 Vt. Central 1st mort. 7's........................ New. 93] 87 97 83' 871 40 a " d 2d mort. 7's, 1........ New 81 73 854 64] 70' 20 Vt. and Mass. mort. 6's,.... 81.8 78 89 82 861 81 87 80 84 65 RAILROAD BONDS, Showing the amount, nature of bond, rate of interest and when payable, with the time of issuing, and when the principal is due. Amount. Names of Companies. Nature of Bondsnt When Payable. Issued When Due. $850,000 Bost., Conc. and Mont. Mortgage. 6 &7 Jan. & July. 1853 1870, July 1. 500,000 Bost., Cone. and Mont. Mortgage. 6&7 Feb. 15 & Aug.15 1850 1860, Aug.15. 500,000 Boston and Worcester. No mort.-conv. 6 Jan. & July. 1850 1860, July 1. 550,000 Cheshire,........... No mortgage. 6 Jan. & July. 1850 1860, July 1. 450,000 Eastern,............. See note. 6 Feb. & Aug. 1854 1874, Aug. 1. 750 000 Eastern,...I......... P'ble fr. income. 6 June & Dec. 1854 1855-64. Dec. 350,000 Grand Junction,...... 1st mort on land. 6 Jan. & July. 1853 1870, July 1. 17,000.000 Illinois Central,...... Mort. (Construc.) 7 April & Oct. 1852 1875, April 1. 3,000,000 Illinois Central,...... Mort.(Free lnds.) 7 March & Sept. 1855 1860, Sept. 1. 1,475.000 Michigan Central,.... No mort -conv. 8 March & Sept. 1855 1869, Sept. 1. 1,428,000 Michigan Central,.... No mort.-cony. 8 April & Oct. 1850 1860, Ap.Oct. 1,442,450 Michigan Central,.... No mt.-not con 8 Divers... 1856 to 1859. 9,735,600 New York Central,....No mortgage. 6 May & Nov. 1853 1883 May 1. 3,000.000 New York Central,.... No mort -cony. 7 June 15 & Dec. 15 1854 1864, Jun 15. 3,000.000 New York and Erie,.. 1st mortgage. 7 May & Nov. 1847 1867 4 000,.000 New York and Erie,. 2d mortgage. 7 March & Sept. 1849 1859 1,500,000 Ogdensburg. 1 Ist mortgage. 7 April & Oct. 1849 1859, July 1. 3.000,000 Ogdenshurg,. 2d mort.-conv 7 April & Oct. 1851 1861, April 1. 5.50,000'Passumpsic,. 1st mort.-conv. 6 June & Dec. 1849 1855-59, Dec. 250 000 Passumpsic,.... 2d mort.-conv. 6 June & Dec. 1851 1859, Dec. 1.1,800,000 Rutland & Burlington, 1st mortgage. 7 Feb. & Aug. 1851 1863, Feb. 1. 1,200.000 Rutland & Burlington, 2d mortgage. 7 Feb. & Aug. 1853 1863, Aug. 1. 1.200,000 Rutland & Burlington, 3d mortgage. 7 Feb. & Aug.....1863, Feb. 1. 2,000,000 Vermont Central, lot mortgage. 7 May & Nov. 1851 1861, Nov. 1. 1,500.000 Vermont Central. 2d mortgage. 7 Jan. & July. 1852 1867, July 1. 956,800 Vermont & Massachus. Ist mortgage. 6 Jan. & July. 1849 1855, July 1. BOSTON, CONCORD AND MONTREAL BONDS, 1870.-Not all issued; $500,000 reserved to redeem those of 1860, when they mature. EASTER.N 6's.-The $1.500,000 authorized is to have a priority in any mortgage or lien hereafter made by the Co. iTse incomes are payable, 875,000 each year, in December. ILLINOIS CENTRAL.-Secured by a pledge of lands, the sale of which will probably fully redeem them before maturity. NON-INTERRST PAYING BONDS.-The Ogdensburg Co. passed the interest due on the Iet and 2d mortgage bonds, Oct. 1, 1854, but have since paid that coupon on the 1st mortgage, and the one due April, 1855. The Vt. Central passed July 1, 1854, on the 2d mortgage, and Nov. 1854 on the first. Rutland, Aug. 1,1854, on thel1st and 2d,and no interest has been paid on the 3d mort. The rule in selling bonds in this market is to charge the purchaser with the interest which hag accrued since the payment of the last coupon, but in N. York it is included in the market value. When interest is not paid, the seller retains the first coupon passed and interest accruing aftr.. A ards Is included in the price of the bond until cll arrearages are fully paid up. 62 United States and State Securities. UNITED STATES AND STATE SECURITIES. During General Jackson's administration-1829 to 1837-the existing public debt was extinguished, and a surplus of $40,000,000 accumulated in the Treasury which was disbursed among the States; furnishing, as was said, the only instance of a government's distributing money among its citizens, out of its overflowing coffers. This $40,000,000, apportioned among the States, was differently disposed of. Massachusetts distributed it among the towns, and these towns resorted to various methods to give each citizen his portion. In one case, a cash distribution was made pro rata, based upon taxation. It was said that an old lady, an inveterate snufftaker, received 62 cents as her portion of the $40,000,000 which she immediately invested in maccoboy! Financially speaking, the old lady was "up to snuff." TERMS OF THE SURPLUS DISTRMBUTION.-In one or two cases the States declined to take their portion upon the Government terms, which were, that all over $5,000,000, in the Treasury Jan. 1, 1837, should be deposited with the several states, pro rata-in proportion to their respective representation in Congress-provided they should authorize their Treasurers to receive it and agree to repay the amount if called for. In case any State refused to receive its proportion, the same was to be divided among the others as above. The share of Massachusetts was $1,784,231, and the total to be distributed $37,468,859, payable in quarterly instalments, January, April, July and October 1, 1837. The last instalment was never distributed, however, as the wants of the Government rendered it impolitic. None of the money has yet been called for, and probably never will be; though, according to the law authorizing tie distribution, the Government probably has the right so to do. GOVERNMENT LoANs.-In 1813, the United States Government borrowed $16,000,000, at 88 per cent., or 12 per cent. discount, the scrip to run 12 years and bear 6 per cent. interest. In 1842, a 20-year 6 per cent. loan of $8,000,000, was issued at par. In 1847, another of $18,000,000, 6 per cent., which was taken at ] to 2 per cent. advance, $7,000,000 being awarded to Boston capitalists. In 1848, $16,000,000 was issued at 3.02 per cent. advance, the lowest, to 3.55 the highest, Messrs. Corcoran & Riggs of Washington city taking $14,000,000, at the former rate. These last two 20-year loans were on account of the Mexican War, and that of 1848 being just after peace, a higher premium was obtained. Other loans had been made in 1843 (since matured) and 1846, but not to a large amount. United States 6 per cents. had previously sold below par, as the tables of prices will show, but they remained there a short time only, and rapidly rose to 20 per cent. advance, and afterwards touched 124. REDEMIPTION OF PUBLIC DEBT.-Within but a few years after United States and State Securities. 63 these heavy loans were issued, money began to accumulate largely in the Treasury, and the policy was adopted of the Government buying its own loans at a premium. Up to July 1, 1853, the redemption was effected by purchasing in the market at the current price, but this mode was abandoned, and July 30, 1853, a public offer was made to redeem at the Treasury, between that time and Dec. 1, $5,000,000 of the loans due 1867 and'68, at 21 per cent. premium, and Aug. 22, another offer was made for $2,000,000 of the 1856 and'62 loans, at 8$ and 16 per cent. premium, with interest from July 1. These offers have been renewed from time to time at different rates of premium, and are still continued; consequently the debt has been materially reduced as follows:Public debt, July 1, 1852, $72,401,087 27 Redeemed from July 1,'52, to July 1,'53, 5,060,458 49 67,340,628 78 Redeemed from July 1,'53, to July 1,'54, 20,098,422 73 47,242,206 05 Redeemed July 1,'54, to July 1,'55, 6,658,574 40 Balance of public debt, July 1,'55, $40,583,631 65 Since July, 1855, the redemption has still been going on, and the amount of indebtedness farther reduced. In addition to the payment of some $32,000,000 principal within three years, about $4,500,000 has been paid as premium on the same, thus presenting the only instance on record of a government redeeming its obligations before maturity, at a bonus of 21 per cent. on a portion, and averaging from 12 to 15 per cent, on the whole. In 1854, the Government also disbursed $7,000,000 towards the $10,000,000 to be paid Mexico on account of territory ceded by the "1Gadsden Treaty," so called. STOCKS HELD ABROAD.-The United States and State stocks are largely held abroad, where the usually low rate of interest makes them a desirable investment. As far back as 1838, it was estimated that $130,000,000 of securities (now probably $300,000,000 including railroad bonds) were held abroad, parcelled out amongst the States and divers corporations, the interest on all the State stocks having been paid in specie or its equivalent during the suspension, excepting those of'Pennsylvania,'Virginia and Mississippi. STArE LOANS.-Of the New England States, Maine and Massachusetts alone have any public debt, and that of Maine, a very small one, bearing 6 per cent. interest, is chiefly held at borne. The present loans of Massachusetts have been principally made in aid of her railroads, and all bear 5 per cent. interest, none of which date back of 1837. It is a gratifying fact to every New Englander, and especially to every citizen of Massachusetts, that 64 United States and State Securities. her bonds have always commanded a higher price in London than any other State security, or the United States 5 per cent. stock. In 1849, Massachusetts 5 per cent. sterling bonds reached 109 in London. The lowest price ever touched at home was 843, in December, 1842, when the Western Railroad sold ~100,000 (called $480,000) at auction. This was a period of great depression in State securities, owing to the non-payment of interest by some, caused by the financial. embarrassments of that pexiod, and the fear of repudiation. REPUDMATIoN.-The only repudiating State in the Union is Mississippi, a disgrace to the confederacy, as she still persists in refusing to acknowledge her indebtedness, though able to liquidate it. A large portion of this same repudiated debt was issued to its unsuspecting victims at thirteen per cent. premium, all of which went into the coffers of her treasury. It should be stated, however, in justice to her citizens, that they subsequently voted in favor of paying the debt, but were overruled by the Courts. GREAT ADVANCE IN STATE Srocics.-The rise in State securities from 1842 to 1844, was exceedingly large. Ohio 6's rapidly advanced from 48k to 1023; Illinois 6's, 14J. to 45; Indiana 5's, 16k1 to 491, and so with others. Pennsylvania 5's and Maryland 6's, which had been down to 40 and below 50, respectively, rose in one year to 68 and 73! More recently we find Pennsylvania 5's selling at 97 ex-dividend (Jan. 1853), equal to par, and Indiana S's at 101k, March, 1854. The same Iliinois bonds which fell to 14k in 1842, touched par for the first time in their history (after being issued) about July 1, 1855, " a cheering fact for every sucker," as said a Western paper. Sept. 1, they had still farther advanced to 106k1, the highest point. CITY, STATE, AND UNITED STATES SECURITIES. Highest and Lowest Prices-1835 to 1855. 1835. 1886. 1837. 1838. 1839. 1840. 1841. 1842. 1843. 184 CITY, STATE, AND U.S SW Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and EITIES. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Boston City 5's...........107 991~ 1061 95 102~ 991 102 97~ 97 95 99~ 98 100 100 102 100 104~ 100 105-~ 101~1 Illinois 6's,................................................... 62 1~ 20 14~ 45 20~1 45 40 Indiana 5's.................................................... 73 17~ 22 16~ 3LW 41 3 Kentucky 6'............. 5 72 84~, 72 214 82 106 99' 1 Masacustt 5s.............................10-192 103 100 100 97~ 99 97-~ 99 8.6 92 843 104 86j 104-i ol Ohio 6's, 1860......... 97 7'7 92 44 101~ 61 102k 94~~~~~~~~~~~~~~~~~~~~~9' 7 9 41 111 10 Pennsylvania S's......................................................... 40... 44 80 65 Unoited States 6's, 1862................................ 100.. 1181 105 115 1 13~ CITY, STATE, AND U. S. SEC. 1845. 1846. 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. Albany City 6's, Western R. It....105 100-1 105 100 106 100 104 96~, 103 98 10 108~- 109 1084 112 110 113 1074 106 102 I Boston City S's...........106 100 105 98 103~ 9 97~ 91 961 92 100 95' 100 97 101 100 101'- 99 101 94 Illinois 6's,.......... 441 35 39 34 50 7041 0 4 8146 45~ 70 61~ 87 67 91 8- 2 8 Indiana S's,.40 33 42 37 51 3 8 5J 70 5 1 70 85~ 78 102 82~ 102 96'101 75 Kentucky 6s103~1 100 102 97~1 105 9 6~J 0 95 107 100 1091 102~, 109~1 104~ 113 106 111 102 108 93 Massachusetts 5's.......:::104 103 103 97 4 98 90 934 88~ 95 92 100 95 100 97~, 100~ 98 100~ 99~1 100~ 95 Ohio 6's, 1860,.100~ 9....::: 100 00 90 10 I9' 0 94' 110 102 113 105 1l1 107 1121 10 210 0 108 97 Pennsylvania 5's....... 78 68 2 3 8 66 791 70 91 78 98 87~ 96 90 99 89 99 90 90'79 Portland City 6's, payable in Boston. 100 I101'1 99 102~1 98'1 104 101' 104'1 100 United States 6'Is, 1862 and 1868,.. 114 105~ 112...... -.7~jj 8 122* 112~, 124 114 121' iis4 124 120' 124j 116 United States 6's of 1862 are quoted until 1850, when those due In 1868 (issued in 1848) are substituted, in order to show the highest point reached by any of the govThe Indiana debt comprised eight classes in 1850; we quote the loan for which the State faith was pledged and interest provided for, by taxation. For the other portion,. called "1Canal Loan," the Wabash and Erie Canal lands, &c., were pledged. The higher quotations for Illinois 6's, in latter years, are for "1Improvement Bonds," so called. In July, 1848, Illinois paid $6 interest on each $100 of debt, being the third like semi-annual payment. Indiana had also partially resumed interest payment,. and both States have since resumed in full. The various State securities have touched high figures at different periods. New York 6's, in 1835, were up to 126; in 1842 down to 78, and rose to 121 in 1850. Pennsylvania S's were at 109~1 in 1835, and Ohio 6's 123~; quotations in the table are for 6's of 1860; those due in 1870 sold as high as 116~1 in 1850. Maryland 6 per cents, iss ted in 1835, payable 1870, brought 117.6 per cent. Indiana 5 per cents, issued in 1835, payable in 1855 and'60, brought 104~ and 105 per cent. Mississippi and Pecnnsylvania Bonds, brought large premiums, and like bids were obtained by other Southern and Western States, issuing loans at that period or prior thereto. On the contrary, April 10, 1837, the State of New York asked proposals at not less than par for $460,000, S per cent. stock, and $150,000, 6 per cent. payable in 8 years, but no bids were received. Other States would have undoubtedly met the samne fate, had they asked for loans at that period, so great had become the change in the finances of the country within two short years. In 1847. $1,000,000 City of Boston 5 per cent. stock was taken at an average of 94 per cent.'Various loans have since been made, (mostly on foreign account,) at hand- 0s some premiums, and In some cases at the low rate of 4~ per cent. interest.. AMISCELLANEOUS COMPANIES. Highest and Lowest Prices-1835 to 1855. 1885. 1836. 1837. 1838. 1839. 1840. 1841. 1842. 1843. 1844. MISCELLANEOUS. 1835 to 1845. Par. Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Highest and Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Lowest. Boston Exchange Co. 500.... (Opened 1842.) 450 425 426 306 394 333 405 377 Bloston Water Power Co. 124 70 92 90 90 77 77... 80 71 75... 75 70 75 70 85 Canton Land Co., (Baltimore,)..220 60 98 54 80 28' 56 2' 5 2 1 2 3 0 2 1k 2k 16 6 1 East Boston Land Co.,.185 102 132 68 57 33 321 74 42 121 16k 12 121 10 5i 4 6k 44 19 8 Winnissimmnet Land, (Chelsea,) 50380 273 88 50 58k 381 44 23k 40 20 25 16 24 16 19 13 161 154 40 24k1 1845 to 1855. - Par. 1845. 1846. 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854.. Atlantic Wharf,...............New. 4' 3 31 2 clt Augusta Water Power, 7..6..... 1~ Boston Excange Co. 50 455.... 399 490.450 450 420 *470 420 510 475 510 490 520 495 525 500 625 51 Boston & Rtoxbury Mill Corp......19 134 22 20 71 47 44 42k 44k 42 45 42 40 39 43 40 55k 40 54 50 Boston Water Power C. 245 210 125 100.........265 145.........245 225 275 55 50 69 52k 70 54 Canton Land Co., (Baltimore,). t 62 35 67k 25 48 27 35 28k. 41k 33k 57 37k 96 51 124 68'1 119 t27 27k 20 Q Cary Improvement Co.,....10......................................New, 1852. 124 41 141 74 1o 5) 9 East B,)ston Land Co.,....... 17k 9-k 18 11 3 1 4 10.. 1i2 23k 14k 33ka 17k 251 181 26k 171 23' 11I Co Edgeworth Land Co.,.... S.......New. 7 5 74 6 8k 5 121 6 41 6 7 2' 44 it Essex Land & Water Power Co., 100........ 20.... 17 15 14 2 12 10 11 80 122 80 114 80 95 68 Had. Falls L'd & Wa'r Pow. Co., 100............................ New. 75 65 65 60 83 70 80 69 70 30 Lewieton F. do. do. do. do. 100.... New. 100 911 951 85 90 60 Saco Land & Water Power Co., 300 400 30 2............. 0-40 35. 5 250 220 205 196 225 200 230 iSO at Waverley Land Co.,5..................................... New. 5k 4 Si 2k 4~ 14 e. Winnissim. Land Co., (Chelsea), 50 45 30 50.388.72k 46. 76.65 95.671 110.91 163 140 190 13&5 20 122* 150 90* t Copper Falls Mining Co.,(pd. in) $24...................................... 23 8 62 27' 65 24 Forest Copper do. do. $20......................................10 5 25 41 141 5 Isle Royale Cop. Min. Co. do. $12................................................ 6k 6 20 6j 24 8 Minnesota do. do. do. do. $22..............................................:200 150 220 170 195.140 National do. do. do. do. $6.................................................12 6 32 18 31k 8 N. Amer. do, do. do. do. 21k.....45 25 72k 45 75 40 Phoenix do. do. do. do. $8 9k 5 19 8 104 4 Pittsburg & Boston do. do. 18k.................... 81 68 105.7 1015.8 12S 90 124 95k 195 125 1534 105 Toltec do. do. do. do. $............................................... 6 44 18k 6 121 3 * WiNNissnWmzT.-Ex-dividend of 15 per ct. in 1853 and $100 per share, payable in land (equal to about $SO cash) in 1864. t CANTON Co.-In 1863 the shares were divided, giving four new shares for each old one, and making the par 26, it having been altered a year or two previous from 65 to 100. This stock was formerly very active here, but is now entirely out of the market, New York taking control of it. It has been subject to the most violent fluctuations, frequently advancing or receding $10 to 25 per share in a single day. Previous to 1835 it sold as high as 280. It consists of Land and Wharf property in Baltimore, somewhat similar to the East Boston Company. BOSTON WATER POWER.-Very difficult to obtain reliable quotations of, but we give such as could be found. The nominal par~, in 1836, was 120. In 1851 each share was divided into five, and it is now proposed to issue 7500 new shares, at $40, in proportion of one new for every two old. HADLEY FALLS.-The quotations are given as so much per ct. Par originally $00, but changed in 18S4 to $100. MISCELLANEOUS COMPANIES. Semi-Annual Dividends, from their commencement to the present time. (Official.) Incorporated 1831. 1832. 1833. 1834135. 1836. 1837. 18 1839. 1842. 1843. 1844. 1845. Mi.CELLA..NEOUS Cnoos i. I1& com1.c 0. 41. 2. 1. 1. 1. Boston Exchange Co.... 181................................................................ 52 2~ 2 Boqt. and Rox. Mill Corp. 1814 note. 25ct. 25ct. 26ct. 25ct. 40ct. 40c t 0 0 0 0 0$1 0 0 0 0 0 Oct. 50ct. S0ot. 0Oot. 0 50Ot b0t. 0 Oct. 50 ct 0 0 East Boston Land Co..... 1833 note.5 0................. 5 300 0 12~ 00 00 00 30 0 0 0 0 0 $10 0 0 0 $12 0 8aco Water Power Co.... 1837 1841............6 33......................................... 6 3 United States otelCo. note. 1840...................................................... 5 5 5 4 4 4 4 Winnisimmet Land Co... note. 1831 4 04 00 0 0 0 0 0 0 0 0 0 0 0 Incorpornted Capital. Pr Annual Dividends 1846. 1847. 1848. 1849. 1850. 1851. 1852. 1853. 1854. 1855. &commeno'd Jan. 1856. Meetinge. payable.18 Boston Duck Co........1845 1848 $350,000 700 Feb., 2d Wed. Feb. & Aug.......... 3 3 3 3 3 3 $24 31140 35 28 35 30 22 Boston Exchange Co.....~1842 335,000 500 Last of Dec. Jan. & July. 2- 3 3 3.3 3 3 3. 3j 3~1 31 31 31 3 3 3 34 31. 3.. Bost. and Rox. Mil Corp. 1814 note. 7,000 eh. Jan., last Mo. Divers. 0 $2 0 0 0 0 0 0 0 $4 0 $2 0 0 $1 $1 $11 $2 $1 $7 East Boeton Ferry Co.... 1852 183 225.000 100 In July. Feb & Aug.4 44 40 0 East Boston Land Co.... 1833 note. 20.000 sh.... May, let Mon. Divers. 0 Vo 0 $1 0 0 0.0 s 0 0 0 $ $5 0 10 0 0 0 Lawrence Gas Co..... 1849 1849 100,000 100 May, 1st Mon. Feb. & Aug...... 4 0 10 3 4 4 5 10 5 4 3 0 Q Lowell Gas Co........... 1849 1850 200,000.... July, last Mo. Jan. & July......................... 5 5 5 5 5 5 5 - 5 5 - Minesota Cop. Min.Co.. note 1848 See note. 50 In March. Not set................ 6..Y.....$. i..30.. $15 $15 li Pittsburg & Bos. Min. Co note 1844 6,000 sh....Mar., 3dWed. Feb.& Aug....$10 7 $7 $5 $. $.5 $5 $7 $71 $10 $8 $5 $8 Portsmouth Steam MillsC. 1846 537,000 50 Sept., Ist Tue. Annual. Divides annual 8 09 4 0 0 01 Saco Water PowerCo... 1837 1841 670,000 500 J.ly, 4thThrs. Feb.& Aug. 3 3 3 3 3 3 3 0 0 0 0 0 0 0 $10 0 0 0 $10 Suffolk Lead Works..... 1841 1848 100,000 100 Feb., lst Tues. Feb. & Aug...3.... 2j 3 4 5 5 5 30 3 3 35 3 3 0 0 United States Hotel Co.. note. 1840 208,500 note Jan., 2l Wed. Jan. & July. 5 5 5 3 3 3 0 0 2 1 2 2 2 2 2 2 2 2 Winnisimmet Co. (Chel.)8 note. 1831 200,000 50 June,4thTue. Jan. & July. 0 0 0 0 10 0 0 0 0 6 3 4 4 6 9 15 $100 0 0 $50 e..1.~ BOSTON AND ROXBU~Y MILL CORPORATION. —No regular time of declaring dividends. The last six were paid Jan. 6 and Dec. 28, 1853; June 23 and Oct. 20, 1854; Feb.. 6 and July 16. 1855. Dividends not included in the table were made Feb. 14, 1825, (No. 1), 50 cents; February, 1826 and'27, 60 cents each; May, August and November,;: 1830, and October, 1831, 25 cents. c CoPPER MININO`TOCKS.-We give a few of the most prominent stocks; quotations for which go back a few years only, excepting the Pittsburg. Some years since the mining fever raged to a great extent, but as most of the companies then on the list have faded out, we do not give the speculative prices of those times. The Minnesota at C4 first sold at low figures, like others, in their commencement, but the stock was not publicly operated in here until 1853, when it had become exceedingly valuable. Pittsburg (sometimes called "Cliff Mine') was at one time almost valueless, and some parties forfeited their shares, in preference to paying further aosessments. It was the first Copper Mining Company in this country, and has now become a very valuable and regular dividend-paying property. The Minnesota was originally only 3000 shares, on which the dividends given were paid. In July, 1855, the shares were increased to 20,000, at a nominal par of $50. Only $22 has been paid in, or 3.30 on the 20,000 sh. WINeIsIMMET,Co.-The dividend in the table for 1854 was made Sept. 1853, payable in land, and worth about $50 cash. The dividend in 1855 was equal to cash. The shares were originally $300, but each divided into six in 1835, making the par $50. EAsT BOSTON Co.-The dividends in 1833 and 1835 were in cash for land sold, and that in Aug. 1838, 3 shares in Eastern Railroad stock for every 10 of the East Boston; and the one in 1853 in East Boston Ferry stock at par, then worth about $80 per share. All others in land. EssEx LAND Co.-The stock of this Company has reached very high prices in former years, large sales being made at 100 per cent. prem. Jan. 1853 a dividend of 40 per cent. was made, payable in Lawrence Machine Shop stock, and another of $6 per share, cash, June 1854. LEwIsTON WATER PowER Co.-A dividend of 40 per cent., payable in Bates Manufacturing Co. stock, was made May 1, 1852, and one of 10 per ct., April 1, 1854, payable in Hill Mill stock. Previously, interest dividends at the rate of 6 per ct. were paid in cash. SAco WATER PowER.-Authorized capital, $2,000,000. Up to 1847, only $1,000,000 paid in, and since reduced to $670,000, by charging off to profit and loss. UNITED STATES 1O1TEL.-Par $20 to 1843, then changed to 40, and in 1845 to $100 per share, on which the dividends are rated respectively. l 68 Money Matters Abroad. MONEY MATTERS ABROAD. CONSOLS AND THEIR FLUCTUATIONS.- THE BANK OF ENGLAND, ITS DIVIDENDS AND RATES OF INTEREST.-BANK OF FRANCE.The year 1824, in England, was marked with heavy undertakings and great excitement among the stock operators of the day. A decline in the rate of interest had occurred, which was followed, as it always is, by speculative movements, so that the newspapers of the day could scarcely contain the announcements of the new schemes. Shares were issued at high premiums and advanced enormously. This highly inflated state of things could not last long, however, and in May and June, 1825, a reaction took place which resulted in enormous losses to individuals, and in the suspension of many firms previously considered solvent and strong. Immense reduction of Bullion and rapid increase.-On the 17th of December, 1824, the coin in the bank of England was reduced to ~1,027,000, (in 1852 it had increased to over ~22,000,000), and a belief on the part of many of the leading firms was, that the bank must soon stop. But the worst had come; and by the 29th of that month the loans of the bank reached ~15,000,000, while two weeks before they had amounted only to ~7,500,000. Such was the pressure of the times, that sixty-seven country banks failed in England during the preceding summer. Another inflation,-American stocks at a high premium.-For some four or five years following, an improvement gradually took place in the manufacturing and commercial channels of that country; and about the year 1833 speculation again rose. The new 4 per cent. stock was further reduced to 3~. Foreign loans, joint stock banks and railways came in vogue during 1834-'36. Individual States of this Union, particularly Louisiana, Mississippi, Maryland and Pennsylvania, negotiated heavy loans, large portions being taken by the Rothschilds; among which, $3,000,000 of Maryland 6 per cents. at sixteen per cent. premium, or 116! About this time, $1,500,000 Mississipi State Bonds (afterwards repudiated) were taken by Messrs. Prime, Ward & King, and others, at a premium of thirteen per cent. A sudden reaction, however, following, a large portion of the American securities negotiated in Europe were sent back, with orders to sell at any price. The financial troubles and disturbances of that period, followed by a general suspension of specie payments throughout the Union, are noticed at len th in our article on banking and finance. MONEY EASY AGAIN. — Railroad mania, American Stocks down. — Passing on to 1844, however, we find that England had recovered from this revulsion and money had again become a drug. In April of that year, two schemes for railroads were published in London, inpvolving.an outlay of ~4,000,000 to X5,000,000 capital. Money Matters Abroad. 69 In September, 1844, the Bank of England reduced the rate of interest to 21 per cent., having, what was then considered, the very large sum of ~15,158,000 bullion. Speculations in cotton were rife, whilst the subscriptions for railroads, mining companies &c., in England, reached the enormous sum of ~200,000,000 sterling. Such, however, had been the discredit of American State securities, that in 1843 Maryland six per cents. sold at 50 cents on the dollar; and Louisiana five per cents. 57 per cent. in September, 1843, although money was comparatively abundant in Europe, MONEY TIGHT.-Bank charter violated.-In England, during the year 1846, a dearth of corn took place —the potato crop failed-corn was largely imported, and coin consequently exported. ~8,000,000 was granted to Ireland in March following —7,000,000 in gold was withdrawn from the bank for export-money became dearthe bank refused discounts to its best customers-and on the 25th October the bank charter was violated with the assent of the ministry, which enabled that institution to extend facilities to the public, at an interest of eight per cent., an enormous rate when we consider that the price of money there does not average above half that figure. The Bank of France extended its aid to that of England during these severe times. Since then the monetary affairs of Great Britain have not been subject to any marked peculiarities, aad although engaged in an enormously expensive war, very little obstruction to the ordinary course of trade had been experienced, up to the latter part of 1855. CONSOLIDATED ANNUITIES, OR " CONSOLS."-In 1751, by act of the British Parliament, several separate government stocks were consolidated into one general stock, called in the act, "Consolidated Annuities," and commonly quoted, for brevity, "Consols," bearing 3 per cent. interest, and then amounting to only S9,137,812. This stock, from its present large amount, (about ~400,000,000 or $2,000,000,000), and the immense number of its holders, is more sensible to financial influences than any other, and is therefore the favorite stock for the operations of speculators and jobbers, being considered the "barometer" of the market. Omnium, signifies the whole of the stocks of which a government loan consists, when two or more descriptions are given for ~100 in money. English mode of Borrowing.-Instead of borrowing money as private individuals do, at the current rate, it was from an early period customary with the English government to fix the rate of interest, generally at three per cent., and, as the market rate was high or low, to promise to pay a larger or smaller amount of prin. cipal. Hence the mass of the debt was contracted into a three per cent. stock, and the amount was augmented nearly two-fifths more than the sum actually lent to the government. Enormous Fluctuations of the Funds.-The funds have undergone some fearful vicissitudes. In 1700, on the death of the King of Spain, they fell to 50 per cent. After the peace of Utrecht, in 1715, they rapidly rose; and between 1730 and the rebellion in 70 Bank of England. 1745, were never below 89; but during the rebellion, sank to 75. They fell to 53 in 1782, at the close of the American war; and, mounting afterwards to 97- in 1792, fell in 1798 to 471. This was the lowest they ever reached. Between that and the highest point, 107, attained in the year 1737, the difference was equivalent to 127 per cent., sufficient to annihilate many fortunes, or to confer great wealth on those who purchased when the funds were at the lowest. From 1755 to 1844, a period of nearly 90 years, Consols were always below par. The most trying periods of the present century to Great Britain were in the years 1802-'3, 1814-'15, 1819, 1825, 1830 and 1847, as will be seen by reference to the prices of Consols for those years, in the table. Causes of the Depreciation.-The rapid depreciation in 1802-'3, was the result of the war with Napoleon. In 1814-'15, that of the hundred days and the battle of Waterloo. In 1819 the commercial and bank failures were greater than ever before known. In 1825 a reaction took place after great expansion; eminent banking and mercantile firms failed, and credit was shaken. In 1830 the French Revolution caused a severe disturbance of the commercial circles of Europe; and the fall of 1847 was caused by the critical condition of the Bank of England, the famine in Ireland, and general distress among commercial men. It was greater than had been known during the prior eighteen yearsexceeding that which followed the declaration of war by the French Convention, the first bank suspension (1797), and the Irish Rebellion of 1798. On the other hand, we see, in 1853-'4 and'5, Great Britain and France engaged in an expensive war-their grain resources materially cut off from the East-an immense export of gold, and yet three per cent. Consols are higher than during the peaceful periods of 1846-'7. BANK OF ENGLAND. This immense engine of finance is now so intimately connected with monetary matters in our own country that the slightest throb of its quickening pulse has a controlling influence on movements in State or Wall street. In view of the interest now felt in its past, present or future movements, we have taken considerable pains to prepare a statement of its dividends from the commencement (1694) -more than 160 years-and in connection give the highest and lowest price of the stock, as also the different rates of interest charged by the Bank, with each time when a change was made, and the amount of bullion then on hand. These tables form a complete history of the Bank's movements from the beginning, and cannot fail to be of interest to all who are in the least interested in financial affairs. Bank of England and Consols. 71 BANK OF ENGLAND AND CONSOLS. Dividendsfrom its commencement-1694 to 1856, with the highest and lowest prices of the Stock, and Consols, each year from 1730. Yr. P. ct. Yr. P. ct. Yr. P. ct Yr. P. ct. Yr. P. ct Yr. P. ct. Yr. P. ct Yr. P ct. Yr. P. et. 1694 8 1698 7 1702 12 1706 18~ 1710 71 174 8 1718 8 1722 6 l726 6 1695 8 1699 9'11703 16 1707 7i1711 721715 711719 71~1723 6 1727 6 1696 81700 1041704 1541708 1211712 8 1716 81720 71724 1728 5 1697 8 1701 91705 15~ 1709 8 1713 8 1717 8 1721 6 1725 6 1729 5 Y'r. Div. B'k Stock. Consols. Year Div. Blk Stock Consoel. Year. Div. B'k Stock. Consols. 1730 5..... 172 153 144 95 87 1814 10 266 234 7 61 1731 5.. 99 94 1773 -1143139 8 86 1815 10 262 219 65 53 1732 5 152109 101 96 1774 15 146 13 89 86 1816 10 262215 64 ~9 1733 51 151 130 103 92 1775 4 146 141 90 87 1817 10 294 220 84~ 62 1734 51 140 132 94 90 1776 5- 143 134 90 81 1818 10 292 207 82 73 1735 5 146 138 98 92 1777 5 138 128 80 76 1819 10 267 210 79 6 lZ36 4 151 148 103 100 1778 4 120 107 72 61 1820 10 226 215 701 65 2 40 1737 51 151 142 107 105 1779 5 118 106 04 59 1821 10 240 221 78~ 68] 1,33 5I 145 140 106 102 1780 5- 116 109 63 60 18~2 10 252 235 83 4 751 1739 1 144 1151105 97 17815 119 105 59 56 1823 8 246204 85 72 1740 5~ 144 138 101 98 1782 6 124 109 61 53 1824 8 245 227 94 84'3 17415 143 135101 98/178361 314 112 68 58 182518[299196 94] 754 1742 5 143 136 102 98 1784 6 118 110 57 54 1826 8 223 193 841 73' 1743 4 148 145 103 100 1785 6 142 111 71 55 1827 8 217 200 89 76'1744 54 148 116 9990 1786 6 158 138 * 1828 8 215 203 8( 801 1745 5 147 133 92 85 1787 6 160 145 78 69 1829 8 218 208 94 5 17465 136125897517887 178158 * 18308203 194 94 77 1747 5 129 119 86 81 1789 7 191 169 81' 71' 1831 8 204 189 84] 74 1748 5 129117 91 76 1790 7 188 164 80 7 1832 8 208 185 85 1749 5 140 128 102 91 1791 7 204 178 894 75I 1833 8 213 1901 91 841 1750 5 136 131 101 98 16792 7 219 1 719 974 72 1834 8 225 211 934 87 1751 5 142 135 103 97 1793 7 180 161 81 708 1835 8 225 208 932 897 17521 5 149 141 106 101 1794 7 169 153 725 62a 1836 8 219 199 92~ 861753' 4'1 144 13.5 106 104 1795 7 180 152 704 61 1837 8 212 203 93~ 874 17541 4'2 135 130 104 102 1796 7 180 142 70i 531 1,3 8 208 2 5 0 185, 4 162 119 101 9 1797 146 15 56 472 1839 7 206 177 9 8 i;55 42162 119 101 90[] 791 61 2556 22B 7 -I- 121 114 90 471-b.... 91 6 0t Is 12'i9,2 1756 121114 90 88 1798 7 138 118 58 470. 14 7 179 156 934 85] 1757~ 4~1 120 115 91 86 1799 7 176 134 69 52~ 1841 7 173 1,57 90~ 87 1758 4 123 116 98 89 1800 63 175 154 674 60 1842 7 173 165 95 88 1759 4- 123 109 88 79 1801 7 190148 70 541 1843 7 185 172 97 92~ 1760! 4 114 101 83 76 1802 207 178 79 66 1844 7 211 185 101' 96 i 2 76 y 1Jn,., 2 1 3 17 8,0 1761 4 116 98 88 66 1803 7 193 111 36 ]73 501 1845 7 215199 19 0(9 i 914 16" 41 119 91 87 63 1804 7 169 146 587 53. 1846 7 211 199 7 93 1763 4 15 12 1 8 191 2 22 63 81 112196 6210 4 D1768! 5 190 18 91 82 180 02 73 71863 1847~6 1 180 94 789 1 764'p 4[ 127 112l 86 80 I] 806[ 72232 11 16481 58~ ~ 1~ 848 71202 183 90 -9~ 1765 ] 136 126 91 85 1811 10 235 229 66' 57 1853 8 230 20810 901 17665 139 135 90 8717 1812 10 243 22 63' 554 1854 8 21 204 96 85 1767! 5-] 159 142/ 91 87 1I 809 10 8 2215 "01 63 16 ~80,, 7 216 1210 99[ }95] 1768' 5~ 190 158/ 93 88 11810 1 27 27 16I15 1 3 2151 0 1769 5 ] 175 149/ 89 84 II1811 1 21 229 66361 18153 - 230~ 208 10Ol 90 775 155 134 88 81 1831 4 1 7 4 1855 8 218 207' 934 86 Prices of Consols for the years 1786 and 1788, could not be obtained from any published records. Fluctuations in Consols each month for two years past, as also the bullion in the Bank of England, by the return nearest the 1st of the month. Mnh.High.Dt Low- DaeBullionlIst of Mots High- DasLow- Date. Bullion 1st of Months. est. Date. est. Date. the month. Months. est. Date. est. the month..an..93 2 891 24 X15,25,899 Jan. 92 10 90' 6 ~13834657 Feb..... 997 6 901 1 16,223,214 Feb. 5 90 16 12,799,624 March,: 911 2 852 30 15,908,903 Mar...: 934 - 5 91 1 13,189,834 April,... 89~x 10 85 1 14,449,718 April,. 93 2 88' 30 15.205 527 May, 91~ 29 87 5 12,618,079 May. 92[ 31 88] 2 15,499,409 June,.. 94 6 91 1 12,750 148 June 12 904 23 17,789.102 July,.. 93 17 90~ 13 14,215,608 July,.... 91, 10 90~[28 18,018,575 August,. 95 31 92 2 13,299,500 Aug...... 911 18 90 1 16,385,392 Fept.... 95 12 94~ 30 13,468,371 Sept.. 91 1 88 27 147939,118 October, 95~ 2 94' 26 13,059,870 Oct... 88~ 1 86' 9 12,938,928 Nov..... 95 3 91 17 13,425,026 Nov.... 89 30 871 19 11,299,634 Dec.....93 8 91 21 13,970.023 To Dec.15190] 6 894 1 | 11,227,107 72 BcBank of England. A marked feature in the prices of Consols, is their unusual steadiness in the months of June, July and August, 1855, during which time the extreme variations were only 1 per cent.; as, in comparison, there should be deducted from the price, June 1, the 1 per cent. dividend paid in July. The profits of the Bank of England in its early years were larger than at later periods. In 1797, the bank suspended specie payments. From that period until the resumption in May, 1821, the profits were larger than they had been immediately previous. Extra Dividends.-Bonuses were paid to the proprietors, in addition to the ordinary dividends, viz.:1799, 10 per ct. 1802, 2t per ct. I 1805, 5 per ct. 1816, *25 per ct. 1801, 5 " 1804, 5 " 1806, 5 " 1847, 1 " * Payable in stock. The prices of the bank stock have fluctuated largely, according to the commercial affairs of the country. In 1761-62, sales were made at 91 to 98-the only period when the stock was below par, subsequent to 1732, previous to which no quotations could be obtained. In the speculative times of 1806 to 1825, the shares advanced largely, but with great fluctuations during each year, especially in 1825, when the stock reached the highest quotation on record, as will be seen by reference to the table of prices. RATES OF INTEREST Charged by the Bank of England from 1694 to 1856, with the amount of bullion on hand since 1821, and when the several changes in the rate were made:Rate Rate Date. Class. per ct. Date. Class. per ct. 1694, Aug. 8. Foreign bills, 6 1716, July 26. Bills and notes, 5 1694, " 30. do. 4j 1719, Apr. 30. Bills, 5 1694, Oct. 24. Inland bills, 6 1720, Oct. 27. Bills, 4 1694, Jan. 16. Foreign bills, 6 1722, Aug. 23. Inland bills, 5 do. (Cust'rs of b'k) do. 3 do. Foreign bills, 4 do. Inland bills, 41 1742, Oct. 18. Foreign bills, 5 1695, May 19. Foreign bills, 4 1744, Dec. 12. do. 15 days to run, 4 do. do. not payable at do. Inland bills, 5 bank, 5 1746, May 1. Foreign bills, 5 1704, Feb. 28. Foreign bills, 5 do. Bills & notes, 95 ds. 1710, June 22. For'n & inland bills, 4 to run, 4 In the following table the " minimum " rate of interest is given, since March 13, 1845; previous to which it was on "bills and notes ninety-five days to run," excepting "60 days bills," Jan. 23, 1840; "bills," simply, Sept. 5, 1844, (at 2k per cent.); and notes, (3 per cent.,) the same time:Date. Per ct. Bullion. Date. Per ct. Bullion; 1822, June 20. 5 ~11,000,000 1845, Mar. 13. 2k 15,900,000 1825, Dec. 13. 5* 2,500,000 1845, Oct. 16. 3 14,100,000 1827, July 5. 4 10,400,000 1845, Nov. 6. 3j 13,700,000 1836, " 21. 4k 5,500,000 1846, Aug. 17. 3 16,000,000 1836, Sept. 1. 5 5,250,000 1847, Jan. 14. 3k 13,900,000 1838, Feb. 13. 4 10,400,000 1847, " 21. 4 13,440,000 1839, May 16. 5 5,500,000 1847, April 8. 5 9,800,000 1839, June 20.' 5 4,500,000 1847, Aug. 5. 5 9,252,000 1839, Aug. 1. 6 3,000,000 1847, Sept. 23. 6 8,780,000 1840, Jan. 23. 5 4,000,000 1847, Oct. 25. 8 8,312,000 1840, Oct. 15. 4 4,250,000 1847, Nov. 22. 7 10,000,000 1841, June 3. 5 4,500,000 1847, Dec. 2. 6 ~11,000,000 1842, April 7. 4 7,000,000 1847, " 23. 5 12,236,000 1844, Sept. 5. 2k 15,200,000 1848, Jan. 27. 4 12,900,000 do. 3 (on notes.) 1848, June 16. 3j 14,100,000 * The rates are repeated Dec. 13, 1825, and July 11, 1852, in order to show the extremes of bullion. The latter amount was the largest ever held by the bank, being equal to $111,160,690. Banks of England and France. 73 Date. Per et. Bullion. Date. Per ot. Bullion. 1848, Nov. 2. 3 13,390,000 1853, Sept. 29. 5 15,612,000 1849, Nov. 22. 3J 16,300,000 1854, May 11. 54 12,608,000 1850, Dec. 26. 3 14,900,000 1854, Aug. 3. 5 13,299,500 1852, Jan. 1. 2' 17,500,000 1855, April 5. 44 15,078,818 1852, Apr. 22. 2 19,500,000 1855, May 3. 4 15,619,219 1852, July 11. 2' 22,232,138 1855, June 14. 34 18,060,716 1853, Jan. 6. 2.L 20,527,000 1855, Sept. 6. 4 14,217,376 1853, " 20. 3 19,148,000 1855, " 13. 44 13,698,455 1853, June 2. 3J 17,453,000 1855, " 27. 5 12,938,928 1853, Sept. 1. 4 16,962,000 1855, Oct. 4. 54 12,339,281 1853, " 15. 44 15,862,000 1855, " 18. 61 11,220,207 * See note on preceding page. t The rate, Oct. 18, 1865, was on sixty days bills, or less, and 7 per cent. from that to ninety days, longer paper not being discounted. In 1836, the pressure in the money market was severe, and the rate of interest advanced to 5 per cent. It was soon after this, (May, 1837,) that the paper of the American bankers in London was rejected by the Bank, and three of them failed on the first of June following. It was during the years 1844-45, when interest was so low, (24 per cent.,) and capital so abundant, that such large subscriptions were made to railroad schemes, and other undertakings, producing in 1847 a commercial crisis, whereby the Bank of England came near a second suspension. Exchange between New York and London was then 105 per cent. The events in the latter part of 1855, and the rapid advance in the rates of interest, are familiar to every reader. The notes or bills of the Bank of England are never re-issued, after being once returned to it. The highest number of any note is 99,999, and, when that figure is reached, they return to No. 1, with a new date. Since April 5, 1829, the bank has been restricted from issuing bills under ~5. In one of the rooms about 100 clerks are employed, whose business is to examine the notes by register, and so minute and accurate is the concern, that it is known in the bank what notes are out, and who received them, and it is the practice of all bankers, in town or country, to take the number of each note before it is paid, and to whom paid. This is a work of time, but it gives great security. Every department of manual labor connected with the bank, (except the manufacture of paper,) is carried on within its limits. The whole extent of the bank is surrounded by a parapet wall, on which thirty-four private soldiers and an officer keep watch every night. Beside these guards, there are fourteen men constantly employed, day and night, who are familiar with the labyrinthian mazes of the building, and who have fire engines at comm'and, in case of any alarm of fire. Several families reside in the banking building; and there is a bank kitchen, as well as parlor, for the accommodation of the directors on duty, who may wish a cup of coffee, or sirloin steak. BANK OF FRANCE. The following are the rates of interest charged by this bank, from its commencement:Date. Per et. Date. Per ct. Date. Per ct. Date. Per ct. 1800, Feb. 20, 6 1814, Aug. 1, 4 1820, Feb. 1, 4 1853, Oct. 7, 4 1806, Nov. 14, 5 1814, Sept. 1, 5 1847, Jan. 14, 5 1854, Jan. 20, 5 1807, Aug. 5, 4 1819, June 1, 4* 1847, Dec. 27, 4 1854, May 12, 4 1814, Mar. 1, 5 1819, June 1, 5*11852, Mar. 3, 3 1855, Oct. 5, 5 1855, Oct. 19, 6 * Above thirty days, (in 1819), five per cent., and four per cent. for thirty days. All other rates were for " any time." 10 74 Exchange on England. We have been unable. to obtain a full list of the Bank of France dividends, lbut give such as could be found, which will show in general terms the success of its operations. In 1846 the dividends were 159 francs for the year, and in 1847 larger still, 177 francs. Prior to the revolution, 1847 was the greatest business year. In 1852 the dividends were 58 and 60 francs, on a par value of 1000 francs, or very nearly 6 per cent. each, the latter being published as an " extraordinary dividend"; and at that time the stock sold for 2,995 francs per share, equal to nearly 200 per cent. premium. In 1853, the dividends were 70 and 84 francs, and 1854, 112 and 82 francs. Most probably some change had been made in the par of the shares, or otherwise the payment for 1854 was nearly 20 per cent. Capital of tile bank, in 1848, 67,900,000 francs. FOREIGN EXCHANGE. Exchange between England and the United States for thirty-four years. Showing the rate of Exchange on England, at New York, on or about the 1st of each month, fromn Jan. 1, 1822 to Dec. 1, 1855. Years. Jan. Feb. Mar. Apr. May. June. July. Aug. 8ept. Oct. Nov. Dec. 1822 3 124 144 18 13 12 8 10 10 11 12 13 1824 7X 3 81 9 8 10 9 8 9' lo0 1825 91 1 91' 8 5 54 5 77 4 14 9' 9 1826 8 t 8 8, 74 10 9 10k 10 11 121 11i 111827 11 10 - 10 Ii1o 1 10 I I I 4 Ii1 1828 11 10 1 11 10 11 l0 10 1 11 11 4 11 i829 1 10~ 11~ II 11 10~ 9 10 4 9 9 il 1829 8i 8 81 81 9 9'34'9 3 99 1830 91 s 8 8 7 6 61 6 7 68 18831 61 6'1 7 9 3 7t 10 10 10!P 101 10 1i832 10 94 2 4 10 I 93 91 7 84 8 8 8 1833 8 8 8 8 8k 8 83 8-t 81 7 7 5 1834 2 99 99' 1 3 2 2a 5 63 71 6 1835 7 741 71 7813 8 94 9s 94 91 9 94 1836 - 8 104 7 7 7 7' 71 814 8 4 18s7 7- 94 8A 114 11 13 18 19 21 14 16 14 1838 9' 9 7l 42 6 8 81 71 9k 97 9 10 1839 9 9 81 9 8 9'- 94 9 9 10 9 9 -s4o 8 8 T s4 l T 28 8 1810 8 841: 8' it.4 72 7 81 87 8-4 1841 8 8 8 74 74 1 8' 9 94 10 9k 1842 8- 8' 8' 6' 7' 8 74 61 73 81 6!845 8 sb 1843 5 54 6 5 71 8' 8i 91 9k 94 8k 81 1844 84 81 9 84 8 8 94 94 9 t 10 10 10 1845 10 10 9 9 9I 94 10 10 93 91 81 18;46 84 81- 81 10 10 91 8 91 6 6-1 1847 51 67 5- 4' G61 7 6-4 61 71 9 10 10' 1848 10 10) 10 10 2 o0 1 i lo0l 9 9- 9 t o 8 1850 8'698~ U 4 9 9 10 101850 81 9 81 i 6 9s 10 1 9 104 10 RI4 94 1860 83- l b 8 _ 10 1() 0 lo!t 1 1 (. 1851 10; 9$ 1 10 1()5 4 10 10 1(D o1 10 10o 1852 10 10 1( 9 9 10 1 10 10 10 9 10 1853 9: 91 1l 9 9 f 9 9q 1854 9 9 81 8 9 91 9 9 9 91 9 91 1855 I7- 9 9~1 91 10 9 94 9. 9 1 84 8k The prices quoted in the above table are for No. 1 bills, or what are termed bankers' bills. Good commercial bills can generally be obtained about 1 per cent. less, especially when a heavy tendency prevails. The extreme fluctuations are from 99 (Feb. 1834) to 121 (Sept. 1837). The latter, however, was during the period of the specie payment suspension. Since 1850 the variations have scarcely exceeded 2 per cent., ranging from 108X to 1104, with the single exception at the opening of 1855, when the best bankers' bills were heavy at about 107k, and produce bills were sold full 1 per cent. lower. This state of things was of short duration, however, as we find the rate 109, Feb. 1st, below which it did not again fall until the latter part of the year. Products of Gold. —Interest of Money. 75 In England the ~ (pound) sterling is rated at $4.44, and in America $4.80, represented by the coin called Victoria or Sovereign. This difference in value makes what is termed foreign Exchange. With the ~ at $4.80, Exchange is called 8 per cent. premium; that is, 8 per cent. above $4.44, the English value. $4.81 is represented as - - - - 81 per cent. 4.82' ". 8 " 4.83 " - - - - 8 " 4.84 " ". - 9 " The rise or fall in Exchange has an important bearing on the finances of the country, as its price regulates the movements of specie, the basis of all true banking. When Exchange is below 109, specie cannot usually be shipped to advantage, but the fact of its having ruled above that figure, all of the year 1855, except for the first few weeks, and the latter part, will account for the very large amount of specie drawn from us during that period. PRODUCTS OF GOLD. The annexed statistics in regard to the product of gold, are of interest: Previous to the California discoveries the gold in the U. S. was $80,000,000 From California, in years 1849-1854, - 298,000,000 Product of 1855, 58,000,000 Imported in six years from elsewhere, - - - - - 38,000,000 Total, -.$474,000,000 Remitted abroad in seven years, - 234,000,000 Left in the country, - - - - $240,000,000 The total exports of specie from this country, 1821 to 1836 inclusive, were but $100,954,975, while those from New York and Boston, for the past five years, amounted to $194,270,658, as follows:1851. 1852. 1853. 1854. 1855. Total. Boston, $3,822,163 $3,495,006 $4,509,934 $7,217,601 $14,859,470 $33,904,174 N. York, 43,740,318 25,096,255 26,753,356 37,169,405 27,607,150 160,366,484 It will be seen that the specie exports from Boston, in 1855, were very much larger than in any previous year, a considerable portion being on New York account, at times when no steamer left there for the week. INTEREST OF MONEY.-It was twenty per cent. in Europe, in the twelfth century. Fixed at twelve per cent. in Spain, Germany and Flanders, by Charles V., in 1560. Till the fifteenth century, no Christians were allowed to receive interest on money, Jews being the only usurers, and, therefore, often banished and persecuted. Interest was first settled by law in England at ten per cent., in 1546. This law was repealed by Edward VI., but was restored by Elizabeth. In those days, the monarch could not borrow without the collateral security of the metropolis. Interest was reduced to eight per cent., and that word first used instead of ustury, in 1624. Reduced by the "Rump Parliament," (so designated at the period of the civil war in England,) in 1649, to six per cent., and so confirmed at the restoration, in 1660. Reduced to five per cent. in 1714, at which rate it remains. The rate in Ireland is six per cent., regulated in 1773. In the United States, by law, from six to twelve per cent. in the different States. In England, all interest above the legal standard is usury, and punishable by the English statute. The law, however, does not now apply to bills having only sixty days to run. APPENDIX. STOCK FLUCTUATIONS FOR 1855, IN INSURANCE, BANK, MANUFACTURING, AND RAILROAD STOCKS, AND THE PRINCIPAL BONDS, LAND AND COPPER COAPANIES, SOLD AT THE BOSTON BROKERS' BOARD. WITH THE SEMI-ANNUAL DIVIDENDS PAID BY EACH. Compiled by JOSEPH G. IARTIN, Stock and Exchange Broker, No. 10 State Street. The following Tables give the prices of the various Stocks at or near the first of each month, and care has been taken to have the quotations as accurate as possible. Manufacturing and Insurance Stocks are so seldom publicly sold that it is very difficult to obtain prices always reliable. ~~~~~~~~~~~ 1855. 3 - - ~ 1855. -d a.clDividends. BOSTON INSURANCE r e0 COMPAN.IES. High- Low- 0C'' n ~ w- Shares Jan e est est ce 1855. Jan PI ~~~~~sold.?- Z American..............100 143 125 1 125 130 135 140 140 140 33* 135 135 135 142 140 *133 8 8 8 Boston................100 70 53 5 59 60 60 58 55 53 55 60 60 60 65 70 72 0 0 Boylston....... 0...... 100 110 100 None. 100 103 105 107 1102 I05 104 104 105 105 106 107 108 0 0 Cochituate............. 50 43 40 None. 42 43 43 42 41* 41 41 40 41 41h*40 40 40 43 Eliot................. 50 57 47 98 47 47 50 *481 49 49 52 53 54 56 *55 53 55 5 5 Firemen's............. 25 *50 44 20 47 *441 45 47 48 49 50 *50 50 50 50 50 50 10 10 12 Franklin............ )100 102 94 9 94 100 100 100 97 100 96* 98 100 100j 101& 100 *95 6 6 4 Hope..................100 48 35 1 40 40 45 471 431 43 43 44 45 45 40 35 40 0 0 Manufacturer's........100 155 130 61150 150 155 150 140* 135 130 130 135 140 135* 135 135 5 5 Mercantile Marine..... 100 97 80 None. 90 8 7T 90 95 92 *90 90 95 96 96 90 80 87 4 5 National...............50 73 65 1065656870 67*6770707172*7067 70 6 6 Neptune.............. 100 115 85 17 85 85 90 95 95 90 90 95 103 105 110 113 113 0 0 North American..... 100 103 90 15 *90 95 95 96 98 1021 99* 100 100 100 101 103 *100 5 4 Suffolk........... 100 97 85 None. 95 95 97 97 95* 95 95 95 93 891 90 90 85 4 0 United States.......... 50 43 33 None. 35 33 35 40 45 37~/ 37~l 38 40 40 43 *41 42 0 5 Warren...............100 72 40 None. 40 40 45 45 60 60 62 65 70 7063 68 71 00 Washington............1100 53 41 None. 50 41 45 45 47 50 50 50 45 40 50 51 53 0 0 - u3 O C q Div'nds. ~,-.... *i B oSTo ~x B..m s. C;t f r jP h. 5 ~.~ a~ B~ r Q Z o r Apl. Oct. Atlantic.............100 $500,000 $32,192 158 104 106 1084 104411044 104 105 1042 104 100 974 97 96 4 3 Atlas..............1100 500,000 49.860 40 99 104 106 103 105 105 105 107 1074 104 104 103~ 104 4 4 Blackstone......... 100 750,000 23,653 456 97 101~;103+ 101 1024 104 104~ 104] 106 103 103~ 103 102/ 4 4 Boston.............. 50 900,000 98,147 216 56 57 582 57 574 59 60 60 60 58 60 584 59 4 4 Boylston............. 100 400,000 28,882 73 110 109 111 108 110 109 1094~111 114 1104 111 110 1104l 44 44 Broadway........... 100 150.000 703 None 100 102 104 100 101 101 101~L103 104 101 102 101 102 4 4 City................10011,000,000 99,440 641100 103 10521103k1105 106 107 106 107 104 104 104 1052/ 34 34 Columbian..........100 750,000 41,000t 23 100 104 105 103 104 104,1105 106 106 1032 104 104 105 34 34 Commerce..... 100 2,000,000 80,000 1604 95 100 104 100 100~ 103 103 103 105 101 102 99 31004 4 4 Eagle.............100 700,000 66,000 891103 106 107 104 106 1074110841084 109 106 106 106 107 4 4 Eliot......... 100 600,000 12,325 1109 95 98 102 100 1014 102. 102 102 104 100 101 95 984 4 4 Exchange. 1.... 100 1,000,000 135,436 146 106 109 111 10921110 111 112 112 113 1104 111 1110 111/ 4 4 Faneuil Hall.........100 500,000 36,526 55 103 1054 107 105 106 107 108 I08 110 106 109 109 110 4 4 Freeman's...... 100 400,000 50,000 51112 113 115 112 115 117 118 118 118 114 116 116 116 5 5 Globe.............. 100 1,000,000 165000 351110 112 116 113 1114 115 116 116 117 114 114 114 116 4 4 Granite............. 100 900,000 58o800 266 97~'2100~103 100 101 102 1102i 102 103 100 I 101 100 99 34 34 Grocers............. 100 Stopped. 31,000 604 92 98 102 98 9724 974] 98 99 1014L 98 99 4.. 4 3 Hamilton........... 100 500,000 87,000 241110 113 114 111 113 115 115 115 116 112 114 114 114 4 4 Howard.............100 500,000 12,998 597 92 96 100 97 98 984 99 100 103 994 99 93 95 4 4 Market........... 70 560,000 91,400 75 82 85 884 85 87 88+ 89 884 89 86 86 82 84 5 5 Massachnsetts....1250 800,000 53,459 321250 255 257 250 252 257 257 258 260 253 255 255 260 31.5 31 5 Maverick...........100 400.000 8,500 293 93 95 98 96 9411 93 [ 944 95 99 t954 94 93 90 3 4 Mechanics' 100 250,000 10,000 None 104 1054 108 105 105. 107 10711108 110 108 110 110 110 4 4 Merchants'..........100 4,000,0001 281,099 1942 10341107 110 106 10621108 1094 108~ 109 105 11044 104 1041 4 4 National...........1100 750,000 21,090t 2401100 101 1024 100 102 102 1024 1024 104 101 101 100 100 4 34 New England........ 100 1,000,000 58,560+ 1581107 108 110 108 110 111 111 111 112 109 1081 109 110 4 4 North............. 100 750,000 66,009 245 99 101 10241100 102 102104 104105102 103 02 102 4 4 Nortfi America.......100 750,000 41,247t 1501100 1024 1042 1001102 1034 104 1044 106 102 103 102 1024 4 4 Shawmut...........100 750,000 28,266 199 100 101411064 104,10441 1054 l 1054 1064 103 104 104 104 4 4 Shoe and Leather.... 100 1,000,000 130,000 291107 108 110 108 110 1114 112 112 1124 109 111 110 1104 4 4 State................ 60i1,800,000 211,428 756 61 65 654 64 654 66 65 65 654 644 634 64 65~ 34 34 Suffolk.............100O 1,000,000 200,093 1061127 128 1304 129 130 1291 129 1264 130 126 124 122 12-4 5 5 Traders........... 100 600,000 47,624 121 100 103 105 102 104 I05 105'1044 105 102 103 103411034 4 4 Tremont.......1001,250,000 40,00 1 1051105 108 112 110 1101114112 112 113 110 109 109 110 4 4 Union.............. 1001,000,000 93 582 1131106 109 112 110 110 1112L12 113 113 110 110 110 111 4 4 Washington.......... 100 750,000 50,317 32 98 101 102i 100 102 1003 1044105 106 103 103 103 103 3I 34 Webster............. 1001i1,500,0001 39,332 486 99 103106104 10 103105 106 1034 10241102 103 34 34 tUnearned discounts included in these three, all others not. tNew England and Tremont real estate (say $100,000) besides. ed ao~ ~ ~ r ~ r P: A D~ividends. i.... Ii MANUFACTURING. u3 0t b R a Q Con;14 112 1~jjhC O 56. Amoskeag......... I1000 3,000,000. 82 1030 1025*,1045 1065 1030 1045 1060 1020' 10251020 1000 980 9901 3 $. Appleton.......... 1000, 600,000/ 3 750 725 775 825 800 830 820* 800 810; 800 780 800 *775; 4 4. Atlantic............ 1000,800,000! 8 750 725 775 7S0 810 850 830: 850 810i 800, 755 775,7501S 4 41 Bates..............I100 800,000 741 801 81,"1 80 85 83! 88 go0:89r8721 90 87 87 90 3 41 i 505 620; 510 500 ~~~47545.. Bay State..........10001,800,000! 65 525 600 575 550 625 500 500 505i 520 510 500 475 4251 0 0 Boott Mills......... 1000 1,200,0001 4 750 777 8001 840 800 760 775 775 775q 750i 745*; 750 7501 O 3. Boston............. 750 450,000 None. 500 500 500*470 475 i4755 50 b500 530*530 575 b 530 550 520 $20 $20 Boston Gas Light.... 600 800,0001 27 600 605 1*607 630 645 4.635 640 645'635; 640 647'637 640 Chicopee..... 10001 700,000 None. 300 300 310! 300 300 300 250 275 275 300 300 30001 Cocheco............ 500 1,30 0,000 None. 47 5 475 475 480 485 500 485'! 485 485 485 475 480'460 0'$18'520 Dwight........... 1000i 700,000 None. 600 550 600 550 550 550 525i 530 535 5501 565 *550' 575' 0 3.. Great Falls......... 2001500000' 171 202 200* 203 206 2062 207 210 200'! 202 205 202 1 203 2051 4 4 HIamilton Cotton.... 10001,200,000] 41 875 890 875 000 885 900 890' 885 885 87 5 9 00'850 *865 4 4 Hamilton Woollen... 100 600,000 12/ 98* 100 97o: 1oo; 97 98 98* 98 98 100 100 ]00W *100i 5 5 5 Hill Mill............I100 350,000: 26 New..!. 31it 82 811 80I 82t, 82~I 83 83 83" 831 0 0. Jackson............ 1000 600,000None. I75 375 375 375 3 75 ~75) a5 375 7 5t475, 465 465 4751 0 Oi O Laconia............ 1000'1,000,000 3 675 675 675 675 650 645 675 650* 675 650 655 655' 700 1 0 31. Lancaster Mills.....1 4501 900,000 20 285* 286 260 275 300 300 300 295 295 2901 285 285 280S101 0 Lawrence........... 1000 1,500,000 17 850 875 *845 845 860 850 875 870 1*830 825 830 8Y 0; 850 3 4 Ct Law. Machine Shop.. 50 1,000,000 339 19 22 20 20i 18 18 15 15 15i 15 20 ]5 III 01 0. Lowell (average par). 690 2,000,000 26 425* 430 420 415 410 405 410 4]0 430 450 460 45 2 0$30 Lowell Bleachtry.... 200 300,000None. 215' 210' 2101 225i 225 230 230 220*i 225 230 2SO 225! 220i 5 51 5 Lowell Machine..... 500 6000001 2 375 37 5 375 5350 342 345 340' 3353 335 3 5 3221 325 0,annual. Lyman Mills........ 100 1.470,000 3661 60 67 757 76 6 85 83' 78 761 72 70 731 1 4 4 Manchester Print...!10001,800,0001 7 750 800' 780] 725 700 700 650 500 5 50 56 5 75 5075 3 0 0 )O 7 5 1 550! 5050055056 Massachusetts Mills.:10001,800,000. 1 825 775 775 80 800 800! 800 750'1 501 750 750 i 760' 8001 2 3 Merrimack..........1000 2,500,000! 18:1145 1200 1197 1200 1200 1200 1175' 1200 12001225'1180!1200'11701 5 5 Middlesex.......... 10001,000,000None. 450 550 550 550 525 525 500 500 500 495 475! 450 0 0 0 Nashua............ 500 1,000,000! 4! 300 300 275! 275 300 300 300 -00 300 300 305 /305! *290 0 01 3 New England Glass. 500 500,000 I 600 610 620 *600 620 6201 615 615 615'*600 575 550' 550 51 4 N.E. Worsted, pref'd. 50 225,000 60 30 30 20t 25 30 201 20 20 20 15 15 17 20 01 0 0 Otis...............1000 500,000 None. 1000 1030 1080 10851030* 1050'1050 11050 1050 1030'G*10401 1040 3 4 Palmer............1000 160,000None. 460 460 460 425 400 380 380 380 350 300 300 S00' 300 0. Pepperell($400pd in)! 500 800,000! 1 450 450* 460 475 490 500 500 550' 550 530 530 525' 525 4 4 Perin....10 1,00,0'oe 500 500 500 475 500 500* 550 550 550 575 600!'5001 0 2 2 Perkins......... i100A000 1000 OONone. )0 500 0 Salisbury..........1000 700,000None. 900 900 900 850 800 750 600 700 00 750 700 650i 500 0 0. Salmon Falls........ 500,1,000,000 None. 250 200 250 250 250 250, 250 250 275 275 275 300'3001 0 0 3 Sandwich Glass.....I 100 500,000i 24 100' 102 103 104 102 104 1o0' 99 98j 98~ 95 96~ *95 5 5 4 Stark Mills......... 10001'250,000 14 720* 730 730 730 25 750 720' 720 720 725 725 l 735 *730 3 4 4 Suffolk............. 1000 600,000, 5 750 750;00 100 720 735 700 725 *710 760 750 1 740 750 4 Thorndike..........!1000 450,000None. 750 750 i'730! 700 675 650t 650 650 650 600 575:j 540 540 2 3 Tremont Mills....... 11000 600,000 I 750 750i 700 7007 725 7300 7251 725 725 7301 i 31 1 750 750 j 700i 700 7t25 135 700~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1 59 9050 75 6565 0 York..............!10001 200,000; 6 625 600 615 600 575 550 590 5 90 590, 575 565 525 5001 0. PJackson assessment $100 per share paid Oct. 1855. The Dividends of the Boston Gas Co. were 2j per cent. quarterly. C~~~~~~~~~ —---— ~ —mji-~-',~j 1 855. l ii In' -. ~ 4 Dividends. - 1 — 1855. r-4 cq RAIL ROADS. { l igh- Low- 0 0 h Shares Ai P... ce a.56a est est sold 0 c 1855. - - Isold. - Boston and Lowell.... 500 80 60 83 75 77 76~ 76 74 724 72* 72 704 68 60 62 *63 0 3 3 Boston and Maine.... 100 1014 831 4,241 96 100~ 97 98 984 101 *944 94 934 834 87 874 *84 4 3 3 Boston and Providence!100 75 61 1,593 61 694 68 694 674} 67. 68 73 704 6814 65 64 64 0 0 0 Boston and Worcester. 100 95j 86L 2,723 88 95 914. 934 94 94 92* 91 894 884 86 90 *85 3 3 3j Cheshire (preferred).. 100 274 16 274 26 27 27 27 27 27 27* 264 25 23 20 16 18 0 2 0 Concord............. 50 53 40 1,722 50 52 51~{ 524*49 484 464 454 454 44 *41 40 424 3 3 Con. and Mont'l.(pref) 100 58 40 258 58 58 56 56 51 53 50 50 48 48 45 40. 37 3 3 Connecticut River.... 10O 60 50 162 50 *55 60 57 56 5557*56 57 56 55 53 52 24 24 Eastern............. 100 58 46 2,657 50 56 54 524 51 564 504 544 52 50 46 48 46 0 0 0 Erie..(New York).... 100 56 39 None. 39 46 46 50 50 49 53 514 52 56 42 40 50 0 0 0 Fitchburg...........100 86 71 2951 794 86 82 80 80 80 794 794 774 754 731 734 744 0 0 0 l Grand Junction...... 100 37 18 143 22 35 35 37 33 35 ~3 23 33 33 20 18 25 0 0 0 Illinois Central....... 100 98 92 443 91 97 96 97 95 98 98 964} 96/ 93 93 94 97 0 0 0 Manchester and Law.. 100 73 55 379 62 73 69 67 67 65 70 60 60 60 60 60 *61 0 0 4 Michigan Central..... 100 104 71 3,867 80 *79 78 83 83 89 *97 98 100 96 89 98 *91 6s 4 6 Nashua and Lowell... 100 103 80 91 100 102 103 102 *99 99 95 90 89 87 *83 80 82 3 3 New York Central.... 100 103 82 27 82 *89 94 939 931 934 101~ *98 994 95 85 89 91 4 4 Northern (N. HI.).....100 46 35 1,372 35 46 43 40J 38 414 41 38 374 394 374 38 391 0 0 Ogdensburg.......... 50 6 2 16,708 3 6~ 54 54 4 4] 54 4 31 44 34 24 24 0 0 0 Old Colony & F. River 100 904 71 2,627 71 78 75~ 764 80 84 *854 844 85 87 90 854 *844 3 3 a Passumpsic........ 100 25 12 None. 20 20 25 25 25 20 17 15 15 15 13 12 12 0 0 0 Portland and Saco.... 100 94 85 218 90 93 94 94 93*90{ 90 90 93 93 86 *87 90 3 3 Reading............100 48 35 15 36 364 384 42 43 444 464*45 474 464 394 44 46 10s 4 South Shore.......... 25 8 7 378 8 8 748 8 8 848 8 8 7 7 7 0.. Stonington..........100 60 45 None. 59 5 50 53 55 534 58 594 57 54 50 45 44 0 24 Vermont Central..... 50 4 1 36,536 1 3 2 2 3 2' 221 11 000 Vermont and Canada. 100 77 49 442j 51 77 62 66 56 65 0 57 56 56 49 49 484 0 0 Vermont and Mass.. 100 22' 8 14,619 84 16 15 21 124 114 114 11 114 12 10 94 10 0 0 0 Western............ 100 98 87 2,508 88 98 953- 94 94~ 911 *92~ 924 91 87 90 88 *89 34 34 34 Wilmington......... 50 4 19 3,055 29 34 31. 324 324 343 *26 27 25 23 19 24 0 Worcester and Nashua}100, 55 45! 55{ 50 53 I 53 638 52 [ 52 1*52 50 50 49 45 45 1*4510 $2 $2 52 2 52 0 0 4 4 4 1"5 O j2 ~J RAIL ROAD, CITY.l 0 ___ Int!ereIt.0 AND J' STATE BONDS. High- Low- t o In,h:H o. We est est w We~ rhen pay-;st est e ~ Hk C~ C) q — e Laable. Boston City 5's............. 100 94 $2,000! 94 100 99 994 994 991<10o 100 994 99 97 98 99 Jan.. July Cheshire 6's, 1860.......... 88 75 2,600 75 80 80 88 87 87 85 85 85 85 80 80 75 Jan.. July Con'd & Mont'l Mtg. 7's, 1870 90i 80 37,100! 85 90 901 88 85 86 86 854] 85 841 83 80 83 Jan.. July Eastern 6's, 1874........ 87 75 13.300 75 80 85 85 86 87 86 83 86 86~J 84 83 85 Feb. Aug. Eastern Income 6's, 1860... 93 80 10,500 80 85 90 90 91 92 9141 90 90 91 89 89 90 June. Dec. Grand Junction 1st 6's. 1870. 82 67 18,000 67 70 75 80 79 81 804f 79 80 80 78 76 76 Jan.. July Illinois Central 7's.1875..... 88. 65 3,000 65 72 75 *78 75 79 86 87 851 *80 73 773 814 Ap'l. Oct. Michigan Central 8's, 1869... 103 90 128,200 99 95 95 954 98 100 100 101 103 102 100 100 99 Mch. Sept. New York Central 6's, 1883.. 2 81 21,100 83 87 874 92 *89 881 913 911 911 91 82 85 854 May Nov. New York Central 7's.1864.. 104 95 12,750 95 96 99 101 1014 103 1023 1031 1021 104 1004 1034 *994 Jan. July Ogdensburg lst Mtg. 7's,1859 70 46 87,200 46 60 63 69 65 66 67 60 574 67 *63 611 61 Ap'l. Oct. Ogdensburg 2d Mtg. 7's, 1861 33 15 319,500 22 30 30 3041 29 23 23+ 161 17/ 21 17 15 151 Ap'l. Oct. Portland City 6's, 1877......103 100 27,500 100 1007 101341011 1021 103 103 103 103 103 102 101 100 Jan. July Rutland 1st Mtg,. 7's, 1863... 70 40 109,000 52 65 66 67 65 60 63 50 48 49 45 40 394 Feb. Aug. Rutland 22 MRtg. 7's, 1863... 391 104 115,200 231 37 33 334 314 26 26 20 161 18 18 15 12 Feb. Aug. R]utland 3d Mtg. 7's.Is1863... 194f 3 28,400 10 19 17 164 10 11 11 10.10 9 7 3 5 Feb. Aug. Vt. Central Ist Mtg 7's, 1861 60 204 113,100 40 55 48 441 42 39J 36 30 28 30 25 22 21 Nfay Nov. Vt. Central 2d Mtg. 7's, 1867. 291 6 120,200 20 29 20 20 16k 15k 14 12 11 13 11 61 71 Jan. July Vt. and Mass. Mtg. 6's, 1855.! 95 68 9,000 70 75 76 90 90 80 80 77 71 72 72 70 68 Jlan. July 1.55. 1855..q Cq Div'nds LAND AND COPPEa MINING U 1 ) X t i COMPArNIES. High- Low-'. -- ~ Go Cs est est, 1855. Boston Water Power........ 70 15 851 55 55 53 53 64 55 46 45 45 35 25 16 15 0 0 Cary Improvement Co.... 10 8 5 3,284 5 7 61 8436 * 546 45 5 6 5 5 541 $3 East Boston Company...... 154 114 6,842 127 144 14 15 144 144 14 131 13I 134 1241 114 13i, 0 Edgeworth Company...... 5 3 i 1 9,508 14 4 21 2j 24 24 2 24 2 1 4 14 12 0 Essex Company.......... 100 S3 65 3,189687776 7 8278 70 068e 65 67o 7017568 0 0 Hadley Falls............ 100 40 27 347 30 356 39 40 37 35 36 38 36 33 30 29 27 0 0 Lewiston Falls Company.. 100! 60 40 44 60 55 63 60 55 55 57 55 53 49 45 40 40 0 0 WaverlyLand Co....... 51 4 24 8542 17 24 34 34 3 34 3 24 3 24 24 24 24 0 0 Winnissimmet....!....... 50, 90 *50 None. 90 80 50 85 70 55 65 65 90 90 *50 50 50 0 $50 Copper Falls,....(paid in) $17 00 45 [ 4 4,191134 45 39 414 743 35 324 28 18 14t 116 +5 t74 0 0 Forest Copper......do... 1300 8 1 1,037 5 7 84 7 t3i 14 54 3 t34 34 3 2 1 0 0 Isle Royale.......:o.. 14 00 174 7 11,527 8 ll 9 8 8 8 I 144 134 141 174 12 134 124 0 0 Minesota............do... 3 30 ~T464 138 950140 140 150 197 185* 200 *30Il 371 404 464 45 42 42 $15 $15 Phoenix...........do... 850; 5 2 659 3 441 2 2 24 t22 2 22 44 5 4 3 0 0 Rockland...........do... 2 00 154 9 1,810 9 9 9 91 941104 Il 13 144 154 15 124 134 0 0 Pittsburg, (Cliff)....do... 18 50 181 115 189 115 195 130 137* 137 145 154 158 165* 182 175 170 180 $5 $8 Toltec.............do... 11001 12-4 3! 22,10 34 f8~ 64 9t 81 941 114[ 12 11 9ki 8 54 6 0 0 *Ex-dividend, which applies to all the tables tCoppers assessment paid. +Shares doubled. TEvery 3 shares made 20.