..LIBRARY OF THE UNIVERSITY OF CALIFORNIA. OIKT OR Received Accessions J\ -,s>.r- " Shelf No... JL The Maverick National Bank of Hnstan presents its patrans and the representatives nf the leading financial interests through- out the United States with this vnlume of financial statistics carefully compiled by spscialists from, the very latest sources It has endeavored to present a readable volume as well as one valuable for reference. THE MAVERICK NATIONAL BANK MANUAL JULY 1, 1887. BOSTON: WRIGHT & POTTER PRINTING Co,, 18 POST OFFICE SQUARE. 1887. COPYBIGHT, 1887, BY THE MAVERICK NATIONAL BANK. CONTENTS. Paga THE OUTLOOK, 1-4 CHAPTER I. Page HISTORICAL SKETCH OF THE NATIONAL DEBT, . . 5-18 EARLY DEBTS. EARLY GOVERNMENT LOANS (1803-1837). DIVISION OP THE SURPLUS OF 1836. GOVERNMENT LOANS (SECOND PERIOD, 1837- 1861). FLUCTUATIONS OP THE DEBT (1837-1861). GOVERNMENT LOANS (THIRD PERIOD, 1861-1881). ANNUAL REDUCTION OP THE DEBT (1865- 1887). ANALYSIS OP PUBLIC DEBT. U. 8. BOND CALLS (1871-1887). BONDS OWNED BY NATIONAL BANKS. ANNUAL RECEIPTS, EXPENDI- TURES, INTEREST PAYMENTS AND SURPLUS OP UNITED STATES (1860- 1887). ANNUAL APPROPRIATIONS MADE BY CONGRESS (1877-1887). DEBT STATEMENT, JUNE 1, 1887. CHAPTER II. Page THE CREDIT OF NATIONS 19-26 THE RATE OP RETURN TO INVESTORS IN ENGLISH, FRENCH, GERMAN, SPANISH, AUSTRIAN, TURKISH, EGYPTIAN, CHINESE, AND JAPANESE GOVERNMENT SECURITIES. THE CREDIT OP THE UNITED STATES. ITS GROWTH IN POPULATION AND WEALTH. THE BURDEN OP ARMIES AND NAVIES TO EUROPEAN NATIONS. CHAPTER III. Page STATE AND MUNICIPAL INDEBTEDNESS 27-35 OENERAL NOTES ON STATE INDEBTEDNESS. STATE, TERRITORIAL, COUNTY, AND MUNICIPAL DEBTS IN 1880. STATE DEBTS AND VALUATIONS, JAN- UARY 1, 1887. APPROXIMATE CREDIT OP STATES. DEBTS, POPULATION, AND DEBT PER CAPITA OP FORTY CITIES OP THE UNITED STATES. AVERAGE RATES OP INTEREST PAID AND CREDITS OP LEADING CITIES OP THE UNITED STATES. GROWTH OP AMERICAN CITIES OP 50,000 POPULATION SINCE 1790. INDEBTEDNESS OP FOREIGN CITIES. CONTENTS. CHAPTER IV. Page WATER WORKS BONDS, . . . . . . . 36-48 THEIR SECURITY AS INVESTMENTS. THE HISTORY or WATER SUPPLY FOR CITIES. CONDUIT DATA. COMPARISONS OP LARGE GRAVITATION WORKS. LONDON'S WATER SUPPLY. HISTORY OP AMERICAN WATER WORKS. COST, EXPENSES AND REVENUE. FINANCIAL STATISTICS OF LEADING WATER WORKS. CHAPTER V. Page WHAT ARE SAVINGS BANK SECURITIES? . . . 49-56 ABSTRACT OP THE LAWS REGULATING THE INVESTMENT OF SAVINGS BANK FUNDS. THE GROWTH OP SAVINGS BANKS. SAVINGS BANK STATIS- TICS OF THE UNITED STATES. CHAPTER VI. Page BANKS AND BANKING, 57-78 EARLY BANKING IN EUROPE. THE BANK OP ENGLAND AND THE JOINT- STOCK BANKS. BANK OF FRANCE. PRICES AND DIVIDENDS OF EUROPEAN BANK SHARES. CANADIAN BANKS. THE INCREASE OF BANKING CAPITAL. HISTORY OP BANKING IN THE UNITED STATES. THE NUMBER OP NATIONAL BANKS. CAPITAL AND PROFITS. COM- PARATIVE POSITION IN RECENT TIMES. THE STATISTICAL RECORD FOR TWENTY-ONE YEARS. THE MAVERICK NATIONAL BANK. CHAPTER VII. Page COINAGE AND CURRENCY, ...... T9-89 ORIENTAL AND EUROPEAN COINAGE. COLONIAL COINAGE. THE SILVER DOLLAR. UNITED STATES COINAGE. VALUE OF FOREIGN COINS. LEGAL TENDER AND BANK NOTES STATISTICS. THE DISTRIBUTION OF THE CURRENCY OF THE UNITED STATES. GOLD AND SILVER PRODUC- TION. RATIO OP SILVER TO GOLD. CHAPTER VIII. Page BANK CLEARING HOUSES, 91-97 HISTORY. THE UNITED STATES CLEARING HOUSES. NUMBER OP BANKS REPRESENTED. MANAGERS. EXCHANGES, 1885 AND 1886. FOUR MONTHS OP 1887 COMPARED WITH 1886. NEW YORK CLEARANCES, BY YEARS. HISTORY OF THE BOSTON CLEARING HOUSE. ITS EXCHANGES, BY YEARS. CLEARANCES OF THE WORLD. CONTENTS. Vll CHAPTER IX. Page RAILROADS 98-117 THE DEVELOPMENT OF THE LOCOMOTIVE AND THE RAILWAY. STATISTICS OF UNITED STATES RAILROADS. SPEED OP TRAINS. RAILROAD CREDITS. STREET RAILWAYS OP THE WORLD. TH* INTERSTATE AND STATE RAILROAD COMMISSIONERS. CHAPTER X. Page FOREIGN EXCHANGE AND COMMERCE 118-129 STERLING EXCHANGE : ITS ORIGIN, AND INTRINSIC AND COMMERCIAL BASIS. PARITY OP EXCHANGE AND THE GOLD SHIPPING POINTS. HIGHEST AND LOWEST QUOTATIONS AND REVIEW OP THE MARKET FOR TEN YEARS. IMPORTS, EXPORTS, AND BALANCE OP TRADE, 1861-1887. SHIPBUILDING, TONNAGE, AND CARRYING TRADE OP THE UNITED STATES, 1882-1887. REMARKS ON AMERICAN SHIPPING AND EARLY STEAM VESSELS. THE PRINCIPAL OCEAN STEAMERS. RAPID TRANSATLANTIC PASSAGES. DISTANCES BY WATER FROM NEW YORK TO PRINCIPAL PORTS OP THZ WORLD. AMOUNT OP COAL CONSUMED BY OCEAN STEAMERS. DESIGNAT ING MARKS OP TRANSATLANTIC LINES. CHAPTER XI. Page LAND AND AGRICULTURE ....... 130-139 ACQUISITIONS AND TOTAL AREA op THE TERRITORY OP THE UNITED STATES. AREAS OP THE STATES IN SQUARE MILES. GRANTS OP PUBLIC LANDS BY CONGRESS TO STATES AND RAILROADS. FARMS OP THE UNITED STATES. TOTAL ACREAGE, IMPROVED AND UNIM- PROVED. IMMIGRATION. TOTAL ARRIVALS, 1820 TO 1887. ARRIVALS BY COUNTRIES. PROPORTION OP TOTAL EUROPEAN EMIGRANTS RECEIVED BY UNITED STATES. AGRICULTURAL PRODUCTS. TOTAL PRODUCTION OF STAPLES POR FIVE YEARS. HIGHEST AND LOWEST CHICAGO WHEAT AND CORN PRICES, 1877-87. WHEAT CROPS OP THE WORLD. COTTON. TOTAL UNITED STATES CROPS. EXPORTS AND CONSUMPTION, 1841-87. COTTON PRICES, 1826 TO 1887, BY YEARS. CONSUMPTION op THE WORLD. MANUFACTURE IN THE UNITED STATES. WOOL. PRODUCT OP THE UNITED STATES, 1882-86. Vlll CONTENTS. CHAPTER XII. COAL AND IRON IN THE UNITED STATES, . . . 140-149 DISCOVERY AND EARLY HISTORY OF COAL. EARLY PRODUCTION or PIG IRON. PROGRESS OP STEEL MANUFACTURE. MANUFACTURE OF IRON AND STEEL RAILS. IRON SHIPBUILDING. COAL STATISTICS, 1830-1887. PIG- IRON STATISTICS, 1854-1887. STEEL AND STEEL RAILS STATISTICS, 1880- 1887. IMPORTS AND EXPORTS, IRON AND STEEL, 1879-1887. FURNACES OF THE UNITED STATES. CHAPTER XIII. Page ELECTRICAL DEVELOPMENT 150-166 TELEGRAPH STATISTICS OF THE UNITED STATES AND OF THE WORLD. CABLE SYSTEMS OF THE WORLD THEIR CAPITALIZATION, LENGTH, ETC. TELEPHONE SYSTEMS OF THE UNITED STATES AND OB- THE WORLD. MILES OF WIRE, EXCHANGES, SUBSCRIBERS, TELEPHONES IN USE, ETC. THE ELECTRIC LIGHT. CAPITAL INVESTED IN MANUFACTURING AND IN LOCAL PLANTS IN THE UNITED STATES. GROWTH OF ELECTRIC LIGHTING SINCE 1880. ITS COST AS COMPARED WITH G-AS. ELECTRIC LIGHTING OF RAILWAY TRAINS, ETC. ELECTRIC RAILWAYS. SYSTEMS IN USE. ELECTRIC RAILWAY SYSTEMS or EUROPE AND THE UNITED STATES, AND THEIR PHYSICAL AND FINAN- CIAL DETAILS. CHRONOLOGY OF ELECTRICAL SCIENCE FROM 1600 TO 1886. CHAPTER XIV. Page BOSTON STATISTICS 167-177 VALUATION, DEBT, APPROPRIATION, AND TAX RATE, BY YEARS. BUILDING PERMITS ISSUED. PASSENGER TRAVEL IN AND our OF BOSTON. TRAVEL TO NEW YORK. TRAVELLING DISTANCES FROM BOSTON. SAILING DISTANCES. SHIPPING ARRIVALS. LEATHER AND WOOL STA- TISTICS. CONTENTS. IX CHAPTER XV. Pa*e MISCELLANEOUS STATISTICS, . . ... . . 178-194 COPPER. PRODUCT OF THE WORLD, CHILI, AND THE UNITED STATES. PRODUCT or LAKE SUPERIOR MINES. PRICES INGOT COPPER, ETC. PETROLEUM. ITS EARLY HISTORY. AMERICAN PRODUCTION. EXPORTS. PRICES, ETC. BUSINESS FAILURES, 1877-87. FIRE INSURANCE STATISTICS. LIFE INSURANCE BUSINESS. POPULATION OP CITIES OP THE WORLD ABOVE 200,000. INVESTORS' STOCK AND BOND TABLES. INTEREST. LAWS GOVERNING RATES, AND STATUTES OP LIMITATION. DAYS OP GRACE AND DAMAGES. LEGAL HOLIDAYS. RULES FOR CAL- CULATING INTEREST. INCREASE OP MONEY AT SIMPLE AND COMPOUND INTEREST. BUSINESS LAW IN DAILY USE. FRANKLIN'S BUSINESS MAXIMS. THE OUTLOOK. Rarely has the nation presented so peaceful an outlook in financial and industrial affairs as during 1887. But three features in the situation appear to call for public discussion : the inauguration of inter-state commerce legislation, the labor agitation, and the proper disposal of the government surplus. With the latter only has the Maverick National Bank to treat, but it cannot forbear the expression of opinion concerning the other two features, that in the end the wisdom of the American people will be justified and our ability as a nation to amalgamate all peoples and creeds will not be found wanting. Labor will have its due re- ward and its just share in our national prosperity, and capital, whether in lands or railroads, will have just pro- tection. We believe in the nation and the credit of the nation, and therefore believe in the people and a govern- ment of the people ; we believe in progress and in " good times " for all honest labor of brain and hand. The treasury surplus question presents to the Maverick National Bank patrons a problem of immediate interest. MAVERICK NATIONAL BANK. The tenor of the administration and of public senti- ment is to legitimately restrict the operations of the government ; to involve it in no new or hazardous enter- prises calling for public funds ; to maintain peace with all nations, relying upon the spirit of patriotism and national unity of a people now rising sixty millions in population, the richest, strongest, and most united nation in the world, rather than upon fortifications and idle armies, as security for its national peace ; to meet promptly the expenses of a past internal strife, including pension bounties and all just claims ; and to apply the swelling balances of the national treasury to the imme- diate extinguishment of the public debt. The United States is the only government in the world that pays its debts at a premium. After the Mexican war the government bought up its bonds some of which had sold at a discount in open market at the current rate of premium, and July 30, 1853, an offer was made to pur- chase loans not falling due until 1867 and 1868, at twenty-one per cent, premium. Up to 1857 the govern- ment paid eight millions premium in redeeming fifty-three millions of debt. Since the war the government has had two and a half billions of debt to readjust, and in refunding this debt it has been able to so arrange it as to make it within the power of the government to pay a large proportion of it at will. Now rises the question of paying the last billion of the debt, one-quarter of which, running at four and a half per cent., falls due in 1891, and three-quarters of which, MAVERICK NATIONAL BANK. running at four per cent. , does not fall within government control as to payment until 1907. We speak of the debt of the United States as in round numbers one billion dollars ; but is this really all ? Does not the government owe the interest as well as the principal ? The govern- ment is not a trading or mercantile institution. It has not even the advantage of an investor, who, with a loan running at a low rate of interest and on long time, can take advantage of a higher outside rate to make tempo- rary profitable investments. Here is really what the government owes : RATE. Principal. Years to Run. Interest to Redemption. Four and a half per cents, Four per cents, Totals $250,000,000 00 738,000,000 00 4 20 $45,000,000 0*. 590,000,000 00 $988,000,000 00 - $635,000,000 00 Principal owed, . Interest to accrue, Total to pay, $988,000,000 00 635,000,000 00 $1,623,000,000 00 ~It will readily be seen from this table that the main problem lies in the $738,000,000 of four per cent, bonds which have twenty years to run, and upon which the government is under contract to pay $590,000,000 of interest, or eighty per cent, upon each bond. Elsewhere in this volume we present for a series of years full statistics of the government surplus, its rev- enues, appropriations and expenditures, and from these it may be seen that the government surplus averages MAVERICK NATIONAL BANK. $101 ,000,000 a year. In the last seven years it was $707,- 000,000. A surplus of about $100,000,000 must accumu- late each year under existing laws. This is more than one-tenth of all the money in the hands of the people. Congress has provided for a sinking fund in which about $50,000,000 of this surplus must be invested by purchase of bonds. Future reductions in revenue may reduce the other half of the surplus, but so long as it accumulates it must be put back into the channels of business ; and there are only three ways for this : distribution by gift, distri- bution through government works, or distribution by payment of the debt before maturity. Our policy is, and will continue to be, PAY THE DEBT. It should not be forgotten that each $1,000 four per cent, bond represents a government debt of $1,800, or eighty per cent, of interest as well as the principal ; and any less price to the government is interest discount, of which the government has the advantage when purchasing its bonds in the open market. Not until government bonds sell above principal and interest can the govern- ment be a loser by their purchase for the sinking fund or for debt cancellation. The Maverick National Bank has sold more than $200,- 000,000 of the four per cent, bonds, and retains its faith in them as an investment. CHAPTER I. HISTORICAL SKETCH OF THE NATIONAL DEBT. Early Debts. Early Government Loans (1803-1837). Division of the Surplus of 1836. Government Loans (Second Period, 1837-1861). Fluctuations of the Debt (1837-1861) . Government Loana (Third Period, 1861-1881). Annual Reduction of the Debt (1865-1887). Analysis of Public Debt. U. 8. Bond Calls (1871-1887). Bonds Owned by National Banks. Annual Receipts, Expenditures, Interest Payments, and Surplus of United States (1860-1887). Annual Appropriations made by Congress (1877-1887). Debt Statement, June 1, 1887. EARLY DEBTS. The treasury department, under Alexander Hamilton, was established in 1789. A year later the government assumed debts as follows : Domestic debt of the confederation $40,256,802 Debts of the individual States, 19,962,219 "Foreign debts, 12,556,874 Total, $72,775,895 Until 1811, the government depended chiefly on customs revenues for support. There was also a nominal internal revenue tax for eleven years after the adoption of the Constitution, but the receipts from it during that time aggregated only about $6,000,000. The public debt, therefore, which on Jan. 1, 1791, stood at $75,463,476, rose to $86,427,120, on Jan. 1, 1804. From 1806 it steadily decreased, until, on Jan. 1, 1812, it amounted to but little over $45,000,000. MAVERICK NATIONAL BANK. EARLY GOVERNMENT LOANS (1803-1837) Meantime, the government in 1803, had placed a loan of $13,000,000 to provide for the purchase of Louisiana. In 1812, the war with Great Britain heavily reduced its revenue from customs, and at the same time greatly increased its expenses. To meet this emergency, the government borrowed, in 1813, $16, 000, 000 in twelve-year six per cent, scrip, at an average price of 88. The unfa- vorable terms were due to the fact that Congress did not lay sufficient revenue to insure prompt payment of interest, and that the Federalists were opposed to the war, and refused to loan money to its support. Internal taxes were resorted to as a war necessity, but were removed in 1817. The suspension of specie payment in 1814, owing to the reckless issue of circulation by the new State banks, forced the treasury to receive payment for the bonds, already issued at a discount, in State bank notes much depreciated in value. During President Jackson's administration, between 1829 and 1835, the entire public debt was paid off, leaving an available balance in the treasury, Jan. 1, 1835, of $5,586,352. In 1836, the government found itself in possession of a surplus of over $40,000,000, arising chiefly from the sale of public lands. After much debating, Congress m the same year passed an act pro- viding for the transfer of all moneys in the treasury over $5,000,000 to the several States, at a rate proportioned to their congressional representation. The sum thus designated, amounting to $37,468,859, was to be paid in four quarterly instalments, in January, April, July and October, 1837 ; provided the States authorized their treasurers to accept the loan, and promised to refund the money on demand of the government. Three instalments were paid, in January, April and July, 1837. In a few cases MAVERICK NATIONAL BANK. the States refused to accept the loan on the prescribed terms. The actual sum paid out was $27,063,430. The fourth instalment was postponed by act of Congress until Jan. 1, 1839, on account of the stringency of money following the panic of 1837, and of a deficiency of from six to ten millions between government revenues and expenditures for the year. The payment of the balance was afterward postponed indefinitely. The money act- ually paid the States has never been recalled, authority never having been given by Congress, nor has the last instalment been paid. GOVERNMENT LOANS (SECOND PERIOD, 1837-1861). In 1842, after five years of financial depression, the government issued a twenty-year six per cent, loan of $8,000,000, at par. In 1847, a loan of $18,000,000, for twenty years at six per cent, was floated at 100 to 102, of which Boston capitalists took $7,000,000; and in the following year a second issue of $16,000,- 000 on the same terms, 103.02 at 103.55, was made, Corcoran & Riggs of Washington taking $14,000,000 at the former rate. These two loans were on account of the Mexican war ; and the latter brought a higher price, because issued after peace was declared. In 1843 and 1846, small ten-year six per cent, loans were made ; and one called the Texas Indemnity Loan, of $5,000,000 fifteen-year five per cent, bonds, in 1850. Within a few years after these issues, treasury funds began to increase rapidly, and the government began to repurchase its securities, which had risen considerably above par, at a premium. Until July 1, 1853, these purchases were made at current market prices ; but on July 30, 1853, a public offer was made to redeem at the treasury between that time and Dec. 1, 1853, $5,000,000 8 MAVERICK NATIONAL BANK. of the 1867 and 1868 loans at twenty-one per cent, pre- mium ; and on August 2, to redeem $2,000,000 of the 1856 and 1862 loans at eight and a half and sixteen per cent, premium, respectively, with interest from July 1 . By various renewals of these offers at different rates of premium the debt was reduced from $78,797,816 in 1851, to $25,165,154, on Oct. 1, 1857. In addition to the pay- ment of $53,632,662 of principal, the government paid $8,000,000 in premiums, averaging from twelve to fifteen per cent., the only instance on record of a nation's redeeming its obligations at a bonus before maturity. The following table shows the amount of government indebtedness in each year from 1791 to 1850 : Year. Amount. Year. Amount. 1791, $75,463,478 1821, . $89,987,427 1792, 77,227,924 1822, . 93,546,676 1793, 80,352,634 1823, 90,875,877 1794, 78,407,404 1824, 90,269,777 1795, 80,447,587 1825, 83,788,432 1796, 83,762,172 1826, 81,054,059 1797, 82,064,479 1827, 73,987,357 1798, 79,228,529 1828, 67,475,043 1799, 78,408,669 1829, 58,421,413 1800, 82,976,294 1830, 48,565.406 1801, 83,038,050 1831, 39,123,191 1802, 80,712,632 1832, 24,322,235 1803, 77,054,686 1833, 7,001,698 1804, 86,427,120 1834, 4,760,082 1805, 82,312,150 1835, 37,513 1806, 95,723,270 1836, 336,957 1807, 69,218,390 1837, 3,308,124 1808, 65,196,317 1838, 10,434,221 1809, 67,023,192 1839, 3,573,343 1810, 53,173,217 1840, 5,250,875 1811, 48,005,587 1841, 13,594,480 1812, 45,209,737 1842, 20,601,226 1813, 55,962,827 1843, 32,742,922 1814, 81,487,846 1844, 23,461,652 1815, 99,803,660 1845, 15,925,303 1816, 127,334,933 1846, 18,550,202 1817, 123,491,965 1847, 38,826,534 1818, 103,468,633 1848, 47,044,862 1819, 95,529,648 1849, 63,061,858 1820, 91,015,566 1850, 63,452,773 MAVERICK NATIONAL BANK. ANNUAL REDUCTION AND AMOUNT OF PUBLIC DEBT, 1848-1857. Date. Debt. Reduction. Period of Reduction. July 1 July 1 July 1 July 1 July 1 July 1 July 1 Oct. 1 1851, 1852, 1853, 1854, 1855, 1856, 1857, 1857, $78,797,816 72,401,087 67,340,628 47,242,206 40,583,631 32.737,562 29,060,386 25,165,164 $6,396,729 5,060,458 20,098,422 6,658,574 7,846,068 3,677,175 3,895,232 Prior to July 1, 1852. 1 year. 1 year. 1 year. 1 year. 1 year. 4 months. After the panic of 1857, the debt began to increase again, with the following results : Balance of debt Oct. 1, 1857 $25,165,154 Issue of 1 year Treasury notes in 1857, 20,000,000 Issue August, 1858, and January, 1859, of 5# bonds due 1874, . 20,000,000 Issue 1860, 5* bonds due 1870, 7,022,000 Total debt Jan. 1, 1861, $72,187,154 The loan of $10, 000, 000 of August, 1858, brought from 104 to 107.03, and the $10,000,000 issued in January, 1859, an average of 102|. The 5s of 1860 brought 100 to 101. The Merchants' Bank of Boston took $300,000 between 100 and 100, and the Provident Institution for savings, $200,000 at 100*. In December, 1860, $2,000,- 000 of treasury notes were awarded, mostly at the rate of twelve per cent, per annum. GOVERNMENT LOANS (THIRD PERIOD, 1861-1887). On Feb. 23, 1861, $8,000,000 twenty-year six percent, bonds, due 1881, were issued at an average of 90.15. During the summer, $109,700,000 of the same bonds were awarded, with $139,315,350 7-30 three-year bonds, which were eventually converted into sixes of 1881, and $60,000,000 of demand notes payable in gold. Shortly afterward, $35,364,450 treasury notes, one-third for sixty days, balance two years, were issued at six per cent, interest. Then came the suspension of specie payments, Dec. 30, 1861, and the $500,000,000 5-20 loan in 1862 and 1863, which was subscribed for at par in denomina- tions ranging from $50 upward. From that time forward 10 MAVERICK NATIONAL BANK. to Jan. 20, 1871, numerous loans, for long and short periods, were effected. The following table gives a complete list of bonds and other securities issued on account of the war : BONDS AND OTHER SECURITIES ISSUED, 1801-1871. AUTHORIZING ACTS. Forms. When Redeemable. Rate per cent. Amount. Feb. 8, 1861, . Bonds. Dec. 31, 1880. 6 18,415,000 March 2, 1861, . Treas. notes. 2yrs. fra. dte. 60 days" " 6 6 22,46V 00 12,896,350 1 Bonds. July 1, 1881. 6 50,000,000 July 17, 1861, ! Bonds in ex- Aug. 5, 1801, f change for July 1, 1851. 6 139,321,200 J Treas. notes. July 17, 1861, ) Aug. 5,1861, [ Treas. notes. Demand. none. 60,000,000 Feb. 12, 1862, ) July 17, 1861, . Treas notes. 7-30'sof 1861. Aug. 19 and Oct. 1, 1864. 7 3-10 140,094,750 Feb. 25, 1362, ) March 3,1864,} Bonds, 5-20's of 1862. May 1, 1867. 6 514,771,600 Jan. 28, 1865, ) Feb. 25, 1862, ) July 11,1862,} Legal tender Demand. none. 915,420,031 March 3, 1863, ) notes. Feb. 25, 1862, } March 17, 1802, I July 11, 1862, f Temporary Loan. After 10 days' notice. 4,5, and 6. 150,000,000 June 30, 1864, J March 1,1862.) Certificates May 17, 1862, j March 3,1863,) of Indebtedness. 1 year after date. 6 561,753,241 March 3, 1863, ) June 30, 1864, f Bonds, 6'e of 1881. July 1,1881. 6 75,000,000 March 3, 1863, . Treas. notes 1 yr. fm. date. 6 44,520,000 March 3, 1863, . Treas. notes. 2yrs. fm.dtfc. 5 166,480,000 March 3, 1863, . . Coin cerUf's. Demand. none. 562,776,400 March 3, 1863, . Compound interest notes. June 10, 1867. May 15, 1*68. 6c'mp'd 266,595,440 March 3, 1864, . . . Bonds, 10-40's March 1,1 874. 5 196,117,300 March 3, 1864, . . Bonds, 5-20's of Mar. '64. Nov. 1,1869, 6 3,882,500 Juno 30,1864, . Bonds, 5-20's of June, 1864. Nov. 1, 1869, 6 125,561,300 .Tune 30, 1864, / March 3, 1865, \ Treas. notes. Aug. 15, 1867. June 15, 1868. July 15, 1868. 7 3-10 829,992,500 5-20's of 1S65. Nov. 1,1870. 6 203,327,250 Bondn, Con- March 3, 1865, ) April 12, 1866, | ' ] sols of 1865. Bonds, Con- solH of 1867. July 1,1870. July 1, 1872. 6 6 332,998,950 379,616,050 Bonds, Con- I Bola of 1868. July 1, 1873. 6 42,539,350 March 3, 1867, ) .July 25, 186S, 1 3 per cent certificates. Demand. 3 85,150,000 July 14, 1870, { Jan. 20, 1871, ' 1 Bonds, 5's of 1881. Bonds. May 1,1881. Sept. 1, 1891. 6 4^ 412,306,450 250,000,000 1 Bonds. July 1,1907. 4 738,768,550 MAVERICK NATIONAL BANK. 11 HIGHEST AND LOWEST PRICES OF UNITED STATES SECURITIES, 1861-1887. [Currency Values.] 6s OF 1881. 6s (5-20 YEARS), COUPON. i Coup. Keg. 1862. 1864. 1865. 1865, new. 1867. H. | L. H. L. H. | L. H. L. H. | L. II. | L. II. L. 107 1 87 1 118 104 1865, . 1 I2g 1034 _ _ _ _ _ _ 112 994 Ill 981 _ _ 1866, . 1143 1033 _ _ 1154 100 111 1018 1118 101 1 _ _ _ _ 1867, . 1134 1064 _ _ 1154 106 llOf 104} _ - _ 109 1064 1868, . 1869, . 1181 108 jj 125 | 111 125 109 115| 105 111 1123 1244 104J 124 J. 110} 1221 1073 1141 122J ioej 1870, . 1871, . 118] 119j| 112 no - : 1164 115J? 107 lid 1151 1063 10r,f 116| 116 1003 108 1143 115 107* 114? 11 5j? 107* 107} 1872, . 1873, . 1874, . 120j 123! 122 ff iir>3 1114 117 1174 119 1094 1158 116JJ 1181 118? 1093 1054 1164 1204 1203 106J 113 1161 1204 1213 110| 107j IHI 1174 120| 121 1091 1094 1184 120J 122 1114 110 115 1875, . 1876, . 1877, . 126. 124, 1151 1184 117 109 123J 123| 114J 118 1124 1183 ":' 121 1141 122| 1154 1084 1244 121 111! 105 1254 123^ 1141 118J 1144 106J 1878, . 1103 105 - _ _ _ _ 105J 1024 _ - 104} 1879 107S 103 1S80 1071 103 1881 106A 100 1 1882, . YEARS. 6s (5-20) COUPON. 5s (10-40 YEARS). 1864. 5s OF 1881. FCNDKD. CURRENCY 6s, 1898. 4^3 OF '91. FUNDED. 4s OF 1907. FUNDED. 1868. Coup. Rcff. . Coup. Reg. Coup. Coup. II. L. H. | L. 11. | L. H. | L. H. L. H. |L. H. |L. 1864, 1865, - - 1034 102| 924 89? - - - - - - - - - 1866, _ _ 1031 90 _ _ _ _ _ _ _ _ _ _ 1867, _ _ 104 971 _ _ _ _ _ _ _ _ _ _ 1868, 112| 107 1098 1004 _ _ _ _ _ _ _ _ _ _ 1869, 122J 107$ 120J 105 _ _ _ _ _ _ _ _ _ _ 1870, 115 108 114 1043 _ _ _ _ 114 109| _ _ _ _ 1871, 116 1071 114J 107| _ _ _ _ lie; no _ _ _ _ 1872, 1171 111] 1131 107J 111 106| 1135 1073 116 in _ _ _ _ 1873, 120j 1094 1164 105 115 1034 1161 106i 116 108 _ _ _ _ 1874, 121, 116 JIM 111J 115 1093 117 111 119 114 _ _ _ _ 1875, 125; 118 1193 113J 118 1133 119 113$ 1254 1174 _ _ _ _ 1876, 124, 1164 121J 1114 119 112 119 iio| 128 1201 _ _ _ _ 1877, 1878, 117i 111] 109JI 1 14J 10031 109g 1U7I 103| 114| 106i H2| 1073 1054 1023 126 122| 118 1174 112 1054 1034 loll 109 102J 101 J 993 1879, - - - _ _ _ 1074 1014 128 119J 108 104 1033 99 1880, _ _ _ _ _ _ 104$ 1014 130 125 112i 1064 1134 103 1.SS1, - -- - _ _ _ 105 1004 135 1274 1151 1103 1181 1113 1882, _ _ . m _ _ _ _ 135 131 116i 112J 1213 1174 1883, - - - - - - - _ 1364 1314 115 112g 125 1184 1884, _ _ w _ _ _ ._ _ _ _ 114| 110 1241 1184 1880, - - - - - - - - - - 1131 112 124| 121 g 1886, . ' ; ** *" "" ~ ~ ~" 114 109| 129 j 123 12 MAVERICK NATIONAL BANK. I860; Coupon 6s of 1868, H., 109J, L., 96; Coupon 5s of 1874, H., 104, L., 89 ; 1861, H., 98, L., 86 ; H., 97, L., 75; 1862, H., 107, L., 85; H., 97$, L., 78; 1863, Coupon 5s of 1874, H., 101, L., 85. 1882; 5s of 1881, continued at 3J%, H., 103|, L., 100; 3s, option, II , 103J, L., lOlf. 1883, 3s, option, II., 104, L., 100^ ; 1884, H., 10U, L., 100 ; 1885, H., 105, L.,~101 ; 1886, H., 102J, L., 100. On Sept. 1, 1865, the total debt was at its highest point, amounting to $2,757,089,571. Its retirement was at once begun, and the total amount on Dec. 1, 1870, had been reduced to $2,334,308,494. This reduction has since gone on steadily each year up to the present time, as will be seen by the following table : ANNUAL AMOUNT AND REDUCTION OF PUBLIC DEBT, 1865 to 1887. DATE. Debt. Reduction. Period of Reduction. Sept. , 1865, $2,757,689,571 Sept. ,1860, ' . 2,595.638,168 $162,051,403 1 year. Mar. , 1867, 2,530,763,889 64,874,278 6 months. Mar. , 1808, 2,528,113,575 2,6.')0,314 year. Mar. ,1869, 2,525,463,260 2,650,315 year. Mar. , 1870, 2,438,828,477 87,134,782 year. Jan. ,1871, 2,332,007,793 106,260,683 ) months. Jan. ,1872, 2,243,838,411 88,229,382 year. Jan ,1873, 2,162,252,338 81,58",073 year. Jan. ,1874, 2,159,315,326 2,937,011 year. Jan. ,1875, 2,142,598,312 16,717,024 year. Jan. , 1876, 2,119,832,195 22,766,106 year. Jan. , 1877, 2,092.921,241 26,910,953 year. Jan. , 1878, 2,045,955,442 46,965,799 '. year. Jan. ,1879, 2,028,648,111 17,307,331 year. Jan. ,1880, 2,011,798/04 16,849,606 year. Jan. ,1881, ,899,181,735 112,616,768 year. Jan. , 1882, ,765,491,717 133,690,018 year. Jan. , 1883, ,607,543,676 157,948,040 year. Jan. ,1884, ,498,041,723 109,501,953 1 year. Jan. 1,1885, ,418,518,371 79,493,352 1 year. Jan. 1,1886, ,344,776,204 73,772,167 1 year. Jan. 1,1887, *1,341, 984,495 *2,791,709 1 year. Actual reduction, $101,473,408, explained on next page. MAVERICK NATIONAL BANK, 13 The apparently small reduction of the debt during 1886 is due to the new form of official statement, caused by including the Pacific Railroad bonds, amounting to $64,623,512, as part of the public debt, and charging off the fractional silver currency in the treasury, which had hitherto been reckoned as an available asset. These changes make the debt appear nearly $100,000,000 larger than shown in the amount given above for 1885. The actual reduction for 1886 was $101,473,408. The following table gives full details of the national debt from 1860 to 1887 : ANALYSIS OF THE PUBLIC DEBT OF THE UNITED STATES, From July I, 1860, to July 1, 1886. [000,000 omitted.] Year ending June 30. 3 per cts. 3 1-2 per cts. 4 per cts. 41-2 per cts. 5 per cts. 6 per cts. 73-10 per cents. Total interest bearing debt. 1860, _ _ _ $43 $21 _ $64 1861, _ _ _ 33 57 _ 90 1862, _ _ $57 _ 30 154 $122 365 1863, _ _ 105 _ 30 431 139 707 1864, _ _ 77 _ 300 842 139 1,359 1865, _ _ 90 _ 245 1,213 671 2,221 Aug.3 , 1865, _ _ _ _ 269" 1,281 830 2,381 1866, _ _ 121 _ 201 1,195 813 2,332 1867, _ _ 17 _ 198 1,543 488 2,248 1868, $64 _ _ 221 1,878 37 2,202 1869, 66 _ _ _ 221 1,874 _ 2,162 1870, 59 _ _ _ 221 1,765 _ 2,046 1871, 45 _ _ _ 274 1,613 _ 1,934 1872, 24 _ _ _ 414 1,374 _ 1,814 1873, 14 _ _ _ 414 1,281 - 1,710 1874, 14 _ _ _ 510 1,213 _ 1,738 1875, 14 _ _ _ 607 1,100 - 1,722 1876, 14 _ _ _ 711 984 _ 1,710 1877, 14 _ _ $140 703 854 _ 1,711 1878, 14 _ 98 240 703 738 - 1,794 1879, 14 _ 741 250 508 283 _ 1,797 1880, 14 _ 739 250 484 235 _ 1,723 1881, 14 _ 739 250 439 196 _ 1,639 1882, 14 $460 739 260 - 1,463 1883, 318 32 737 250 _ _ 1,338 1884, 238 737 250 _ - - 1,226 1885, 208 _ 737 250 _ . _ 1,196 1886,* 158 ~ 737 250 ~ ~ ** 1,210 * Bee explanation of change in debt statement above. 14 MAVERICK NATIONAL BANK. ANALYSIS OF THE PUBLIC DEBT OF THE UNITED STATES Continued. [000,000 omitted.] Year ending June 30. Annual Interest charge. Debt on which In- terest has ceased. Debt bearing no Interest. Out- standing Princi- pal. Cash in Treas- ury July 1. Total debt less cash in Treasury. Debt per capita. Interest per capita. 1860, . $3 $64 $4 $59 $1 91 $0 11 1861, . 5 _ _ 90 2 87 2 74 16 1862, . 22 _ $158 524 18 505 15 45 67 1863, . 41 _ 411 1,119 8 1,111 33 31 1 25 1864, . 78 _ 455 1,815 106 1,709 50 21 2 32 1865, . 137 $1 458 2,680 5 2,674 76 98 3 97 Aug.31, 1865, . 150 1 461 2,844 88 2,756 78 25 4 29 1866, . 146 _ 439 2,773 137 2,636 74 32 4 12 1867, . 138 1 428 2,678 169 2,508 69 26 3 84 1868, . 128 1 408 2,611 130 2,480 67 10 3 48 1869, . 125 5 421 2,588 155 2,432 64 43 332 1870, . 118 3 430 2,480 149 2,331 60 46 3 08 1S71, . 111 1 416 2,353 106 2,246 56 81 2 83 1872, . 103 7 430 2,253 103 2,149 52 95 2 56 1873, . 98 51 472 2,234 129 2,105 50 49 2 35 1874, . 98 3 509 2,251 147 2,104 49 10 2 31 1875, . 96 11 498 2,232 142 2,090 47 44 2 19 1876, . 95 3 465 2,180 119 2,060 45 48 2 10 1877, . 93 16 476 2,205 186 2,019 43 31 2 00 1878, . 94 5 455 2,2g6 256 1,999 41 67 1 97 1879, . 83 37 410 2,245 249 1,996 40 42 1 69 1880, . 79 7 388 2,120 201 1,919 38 26 1 58 1881, . 75 6 422 2,069 249 1,819 35 22 1 45 1882, . 57 16 438 1,918 243 1,675 31 72 1 09 1883, . 51 7 538 1,884 345 1,538 28 41 95 1884, . 47 19 584 1,830 391 1,438 25 89 86 1885, . 47 4 663 1,863 488 1,375 24 14 83 1886,* . 49 9 536 1,783 492 1,290 22 09 84 * See explanation of change in debt statement on preceding page. NOTE. The annual interest charge ia computed upon the amount of out- standing principal at the close of the fiscal year, and is exclusive of interest charge on Pacific Railway Bonds. 1. Five and sis per cent, bonds issued under Acts of July 17 and August 5, 1861, March 3, 1863, July 14, 1870, and January 20, 1871, continued at thre and a half per cent. 2. The Temporary Loan, per Act of July 11, 1862, is included in the four per cento, from 1862 to 1868 inclusive, with the exception of the amount outstanding for August 31, 1865, this being the date at which the public debt reached its highest point. This loan bore interest from four per cent, to six per cent., and was redeemable on ten days' notice after thirty days, but being constantly changing, it has been considered more equitable to include the whole amount outstanding as bearing four per cent, interest on an average for the year. MAVERICK NATIONAL BANK. 15 The following table shows the amount of Government bonds owned by the National banks, including those pledged at the Treasury to secure circulation and public deposits : UNITED STATES BONDS OWNED BY NATIONAL BANKS. [000,000 omitted.] H.KLD AS SECURITY FOR CIRCULATION. Held DATE. for other Grand 6 per ct. Bond*. 5 per ct Bonds.* 4 1-2 per ct. Bonds. 4 per ct. Bonds. Total. pur- poses. TotaL July 1, 1882, $25 $202 $32 $97 $357 $43 $400 July 1, 1883, _ ( 7 ) 3*bonds | S9 104 363 34 387 ( 200 ) July 1, 1885, - 172 46 HI 330 31 361 Pacifies. July 1, 1865, 3 142 48 117 312 32 344 July 1, 1886, 3 107 50 114 275 31 307 Nov. 1, 1886, 3 69 57 115 245 32 271 May 1, 1887, 3 20 64 114 202 32 234 Continued at 3*. COMPARISON OF CAPITAL AND U. S. BONDS OWNED BY NATIONAL BANKS, 1866 AND 1886. Jan. 1866. Oct. 1886. Banks, Capital 1,582 $403,000,000 2,852 $548,000,000 Bonds owned Circulation, 440,000,000 213,000,000 291,000,000 228,000,000 16 MAVERICK NATIONAL BANK. ANNUAL RECEIPTS, EXPENDITURES, INTEREST PAYMENTS AND SURPLUS OF THE UNITED STATES, From 1860 to 1887. [Expressed in Millions.] Fiscal Years. Customs. Internal He venue. Miscel- laneous. Gross Revenue. Expenses. Interest. Surplus. 1860, . 53 - 3 56 60 3 *7 1861, . 39 - 2 42 63 4 *25 1862, . 49 - 3 52 461 13 *423 1863, . 69 38 6 113 690 25 *602 1864, . 102 109 53 265 812 54 *601 1865, . 85 209 39 334 1,220 77. *964 1366, . 179 309 70 558 388 133 37 1867, . 176 266 48 491 214 144 133 1868, . 164 191 50 406 237 140 28 1869, . 180 158 33 371 192 131 48 1870, . . 195 185 32 411 180 129 102 1871, . 206 143 34 383 167 126 91 1872, . 216 131 27 374 160 117 97 1873, . 188 114 32 334 186 105 43 1874, . 163 102 24 289 180 107 2 1875, . 157 110 21 288 171 ' 103 13 1876, . 148 116 23 287 158 100 29 1877, . 140 119 19 269 142 97 30 1878, . 130 111 17 258 134 103 21 1879, . 137 114 24 274 162 105 7 1880, . 187 124 23 334 172 96 66 1881, . 198 135 27 361 178 83 100 1882, . 220 146 37 404 187 71 146 1883, . 215 145 38 398 206 59 133 1884, . 195 122 32 349 190 55 104 1885, . 181 112 30 324 209 51 63 1888, . . 193 117 27 336 192 51 94 * Deficit. MAVERICK NATIONAL BANK. 17 ANNUAL APPROPRIATIONS MADE BY CONGRESS From 1878 to 1887. Fiscal Year 1878. Fiscal Year 1879. Fiscal Year 1880. Fiscal Year 1881. Fiscal Year 1882. To Supply Deficiencies, Legislative, Executive and Judicial Expenses, Sundry Civil Expenses, $2,547,186 15,756,774 17,079,256 $15,213,259 15,868,694 24,968,590 $4,633,824 16,136,230 19,724,869 $6,118,085 16,532,009 22,503,508 $5,110,862 17,797,398 22,011,223 Support of the Army, . Naval Service, No appro. 13,589,933 51,279,679 14,153,432 26,797,300 14,023,469 26,425,800 14,405,798 26,687,800 14,566,038 Indian Service, 4,827,666 4,734,876 4,713,479 4,657,263 4,587,867 Rivers and Harbors, No appro. 8,322,700 9,577,495 8,976,500 11,451,300 Forts and FortiticationB, 275,000 275,000 275,000 550,000 575,000 Military Academy, 286,604 292,805 319,547 316,234 322,435 Post-Office Department, 2,939,725 4,222,275 5,872,376 3,883,420 2,152,258 Pensions, 28,533,000 29,371,574 56,233,200 41,644,000 68,282,307 Consular and Diplomatic Service, 1,146,748 1,087,535 1,097,735 1,180,335 1,191,435 Miscellaneous, 1,425,091 2,226,390 2,995,124 4,959,332 1,128,006 Totals, 88,356,983 172,016,809 162,404,648 155,830,841 179,579,000 Fiscal Year 1883. Fiscal Year 1884. Fiscal Year 1885. Fiscal Year 1886. Fiscal Year 1887. To Supply Deficiencies, Legislative, Executive $9,853,869 $2,832,680 $4,385,836 '$3,332,717 $13,572,883 and Judicial Expenses, Sundry Civil Expenses, 20,322,908 25,425,479 20,763,843 23,713,404 21,556,902 22,346,750 21,495,661 25,961,904 20,809,781 22,650,658 Support of the Army, . 27,032,099 24,681,250 24,454,450 24,014,052 23,753,057 Naval Service, 14,903,559 15,954,247 8,931 ,856 21,280,767 16,489,557 Indian Service, 5,219,604 5,388,656 5,'903,151 5,773,328 5,561,263 Riverjs and Harbors, 18,988,875 No appro. 14,948,300 No appro. 14,464,900 Forts and Fortifications, 375,000 670,000 700,000 726,000 59,877 Military Academy, 335,557 318,657 314,563 309,902 297,805 Post-Office Department, 1,902,178 Indefinite Indefinite Indefinite Indefinite Pensions, 116,000,000 86,575,000 20,810,000 60,000,000 76,075,200 Consular and Diplomatic Service, 1,256,655 1,296,255 1,225,140 1,242,925 1,364,065 Agricultural Departm't, 427,280 405,640 480,190 680,790 654,715 Expenses of District of Columbia, 3 . 3,496,060 3,505,495 3,594,256 3,622,683 3,721 ,051 Miscellaneous, 5,888,994 1 ,806.439 7,800,004 2,268,383 10,184,571 Totals, . 251,428,117 187,911,566 137,451,398 170,608,114 209,659,383 1 Not including $6,150,062 appropriated for the Naval service for six months, ending June 30, 1885. ' For six months ending December 31, 1884. 8 NOTE. One half of this amount is by law paid by the U. 8. Government; the other half must be paid into the Treasury by District taxes, and Congress appropriates the full sum. 18 MAVERICK NATIONAL, BANK. THE PUBLIC DEBT, JUNE 1, 1887. INTEREST BEARING DEBT. Rate of Interest. When Redeemable. Interest Payable. Amount Outstanding. 3* *y** 4% 4* W 6* Option, U. 8., Sept. 1, 1891, July 1, 1907, Refunding Certificates, Navy Pension Fund, . Pacific R.lt. Bonds, 1895-1899 A., N..F..&M., M., J., S., &D., J., A., J., &0., J., A., J.. &O., January and July $19,716,500 250,000,000 737,800,150 175,650 14,000,000 64,6-23,51-2 Total Interest Bearing Debt, . $1,086,315,812 The $19,716,500 of 3 per centa. are all registered. Of the 4^8, $206,482,750, and of the 4s, $621,815,550 are registered and the balance coupons. DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. Miscellaneous Interest formerly from 3 to 7 3-10$, DEBT BEARING NO INTEREST. Old Demand Notes, July 17, 1861 ; Feb. 12, 1862, Legal Tender Notes, Feb. 25, 1862; July 11, 1862; Mar. 3, 1863, Certificates of Deposit June 8, 1872, . . $9,400,000 00 Less Amount held in Treasurer's Cash, . 410,000 00 $6,541,295 26 $57,130 00 346,681,016 00 8,900,000 00 Gold Certificates, Mar. 3, 1863 ; July 12, 1882, $123,062,335 00 Less Amount held in Treasurer's Cash, . 32,101,358 00 Silver Certificates, Feb. 28, 1878, . . . $144,432,492 00 Less Amount held in Treasurer's Cash, . 5,289,16400 Fractional Currency, July 17, 1862; Mar. 3, 1863; June 30, 1864, .... $15,323,2563? Less Amount estimated as lost or destroyed, 8,375,934 00 6,947,322 37 Total Non-Interest Bearing Debt $592,779,773 00 94,960,977 00 139,143,328 00 RECAPITULATION. Interest Bearing Debt, $1,086,315,812 00 Debt on which Interest has ceased since maturity, . . . 6,541,295 26 Debt Bearing no Interest 492,779,773 00 Interest due and unpaid, 11,905,271 33 Total Debt $1,697,642,151 96 Total Debt IM Cah in Treasury, June 1, ... . $1,2%/281,462 19 CHAPTER II. THE CREDITS OF FOREIGN NATIONS. The Rate of Return to Investors in English, French, German, Spanish, Austrian, Turkish, Egyptian, Chinese and Japanese Government Securities The Credit of the United States. Its Growth in Population and Wealth. The Burden of Armies and Navies to European Nations. THE RATE OF RETURNS TO INVESTORS IN ENGLISH, FRENCH, GERMAN, SPANISH, AUSTRIAN, TURKISH, EGYPTIAN, CHINESE, AND JAPANESE GOVERNMENT SE- CURITIES. COUNTRIES. tS B |! 1 ft 1 it p KIRST FOUR MONTHS OK 1887. its' JN Argentine Confederation, per cent. per cent. Loan of 1868, .... 6 5.95 1889, 102.75 104 100 Buenos Ayres, of 1824, . 6 6.2 By pur- 97.5 97.5 97.5 chase. Entre Rios, of 1880, . 6 6.6 1919, 94.75 95.5 89 Austria, 2 Silver Rentes, . 5 6.85 Irredeem- 66 68 61 able. Gold Rentes, .... 4 3.77 Irredeem- 89% 90 84% able. Australasia, New South Wales, Loan of 1885, 3% 3.7 1924, 95% 96% 92% New Zealand 4 4.15 1929, 98 98^ 94 Queensland, .... 4 3.92 1913-15, 103 103 99% South Australia, inscribed, . 4 3.84 1916-35, 102% 105 99 rp i 4 3.91 1911, 103 103 99% Victoria 4 3.64 1913, 105% 106 103% West Australia, 4.11 1922, 106 x 107 104 Belgium, Loan of 1874 (Rentes) , 3 3.62 Rentes, . 93 94 90% Brazil, Loan of 1865, . 5 4.94 1902, 100% 101% 98 1 1 At price per ultimo April, including redemption. 1 Income tax, 180, is deducted from dividend coupon*. 20 MAVERICK NATIONAL BANK. RATE OF RETURNS, ETC. Continued. COUNTEIES. QQ 4 5 1 Sg st L FIRST MONTI ia FOUR is or r. 1 "3 HH sl 2 > >> i? 11 P oS per per cent. cent. Britain, Great, Consols, . 3 2.97 ... - 102% 99% New2>sl894, .... 2^ 2.81 1894, _ 89 88 Egyptian Loan, guaranteed 3 3.00 100 100 97* by England. 2 Bank of England Stock, divi- 9* 3.24 . . - 299 294 dend last year. 291 273 dividends. British Guiana, Scrip, 2 4 4.0 . . 100 100 98 Canadian Dominion, Intercolonial Railroad, British Guarantee, 4 3.25 1903-8, . 113 113 110 Canadian Guarantee, . 5 4.07 1903, lll>i 114 111 Cape of Good Hope, Consols, . 4 3.86 1936, 102% 102% 98> Ceylon (redeemable by 1# annu- 4 3.87 . 104 105 102 ally from 1886). Chili, Conversion Loan, 2 4* 4* 1887, 98> 101 100 China (red. by drawings fr 1891), 6 4.35 1895, 113 113# 108 Colombia, Defaulter, with Cou- 4.75 _ 1878, 26^ 31* 25^ pon for 1879 Costa Rica B Bonds, . . 5 7.81 1898, 65 66 &6> Danubian Principalities (Rou- 8 6.55 1890, 107 112* 106 mania), 1867. Denmark (red. at State option ; no business done in England) . 4 - . - - ~ Ecuador, Defaulter (new con- 1 _ . 11* 12 9* solidated). 3 Egypt, less 5# Income Tax, Uni- fied.* 4 5.36 . 76% 76^ 68* British Guarantee, 2 . 3 3.00 . 100 100 97* Fiji, Loan of 1881 (redemption op- 4* 4.42 . 104% 105 103 tional by 1% Sinking Fund). France, Loan of 1883 (Rentes), . t% 4.17 . 108* 108% 104% Redeemable 3 3.62 1953, 83% 84% 80^ Not redeemable, 3 3.8 79 82 75> German Empire, .... S^ 3* . _ 99.60 _ Greece. Independence Loan 5 7.31 1899,' ! 83 83K 76 Conversion, 1879. Guatemala, Defaulter, of 1869," 6 _ 1888, 37 37 22^ Hindustan Stock (payable in 4 3.95 After 1888, 103% 104 100% London) . Debenture Bonds (ditto), 3* 3.50 1889-91, . 100 100K 99^ Enfaced Paper (payable in 4 4.55 3 mos. no- 67% 71* 66 rupees in India). tice. Holland,* 2^ 3.47 . , 72% 75 71* Direct Government Issue, 4 3* 3.55 97% 99 97% At price per ultimo April, including redemption. Redeemable by purchase or drawings. Last dividend paid was that for 1867. Redeemable by purchase. 4-5jl Sinking Fund not applied. MAVERICK NATIONAL BANK. 21 RATE OF RETURNS, ETC. Continued, COUNTRIES. g J, i Wd 8 k FIBST MONT 18 FOUR H80I J7. if Q* ttt & per per cent. cent. Honduras R.R. Loan, Defaulter 10 1885, 9 19> 5% (no int. paid since July, 1872). Hungary, Gold Rentes, 4 5.06 Rentes, . 80% 84^ 73 Italy, less 13.2$ Income Tax, 5 4.45 Irredeem- 100>4 90% Rentes, 1861. able. Jamaica, 1881-82, . . . . 4 3.95 1927, 102 102 100 Japan, 1873, .... 7 4.68 1898, 116 1 17^ X 110 Mauritius, Consols, . 4 3.95 1922, 102 102 99 Mexico, 1851, Defaulter, 3 Irredema- 29 % 24 able. 1864, Defaulter, 3 _ Irredeem- 13*^ 13/^ ll>a able. Natal 1884 5 4.39 1924, 113 114 104 Nicaragua Scrip (all paid), Norway, 1880 6 4 6.77 3.77 1919, 1934 or ear- 92 92 105 88 102 lier. Orange Free State (repayable in 6 5.74 1905, 104> 105 102 20 annual drawings). Paraguay, Defaulter (June, 1874, 8 - 1893, 18>a 18>2 15 % unpaid). Peru, Consols, Defaulter (no 5 _ 1898, 13>a 14 10% payment since 1872). Portugal (irredeemable), . 3 5.37 56 56^ 91* Of 1882 5 5.42 1961," '. QQ I/ 94% Prussia, Consols, 1880, 4 3.86 After Jan., _ * 105 101 * 1885. Russia, Anglo-Dutch Loan of 1866. 5 5.27 1904, 97 x 99 92 Moscow Jaroslaw R. R. Loan, 5 4.96 1945, 103 103 99 San Domingo, 1869, Defaulter 6 1894, 16 17 13 > (no int. paid since July, '72). Spain, 1882, External Debt (irre- 4 6.16 64^ 66^ 59^ deemable). Quicksilver Mortgage, 1870, . Sweden, 1880, .... 5 4 4.62 3.8 1900, 1895-1930, 104 104 x 105 105 102 102 Trinidad, 1880, .... 4 3.89 1883-1939, 103 103 98 Turkey, General Debt, 1 7.69 It Sinking 13 14 12 Fund. English and French Guarantee, Ottoman Defence Loan, 1877, 4 5 3.76 5.9 1900, By p u r- 107 109 86}^ 106 chase. United States (in GoldinN.Y.), 3 2.91 By draw- 103 104 # 102% ings. U. 8. A., Funded, 1876,2 41^ 4.01 1891, 112^3 113^ 110> " 1877, 2 . 4/2 3.08 1907, 131* 132 130 Uruguay, Unified, 1883, 5 8.77 57 57^ 44 1 At price per ultimo April, including redemption. 1 Redeemable by drawings not before 1891. 3 New York quotation, May 14: highest, 11W^ ; lowest, 109^ * New York quotation, May 14: highest, 129^; lowest, MAVERICK NATIONAL BANK. RATE OF RETURNS, ETC. Concluded. COUNTRIES. Interest. ^ P Date of Re- demption. k if FIRST FOUR MONTHS OF 1887. i" s & Virginia, Defaulter (unpaid since 1867), p.c, 5 3 p.ct. 3.61 7.5 1889-91, ! By p u r- chase. 104 40 38 41 * 33 103 37 Massachusetts, 1871-72, Sterling, Venezuela, New Consols, . TIIE CREDIT OF THE UNITED STATES. United States four per cent, bonds stood between 129 and 130 at the date of the compilation of the above table. At 130.92, or, in round numbers, 131, with 20 years to run, they net the investor, according to the treasury department tables, just 2| per cent, per annum. The four and one-half per cent, bonds, with 4 years to run, also net 2 per cent, to the purchaser, at 109.94, or say 110 about the May price. The credit of the United States ranks highest among the nations of the earth, not because of the advantages given to national banks in permitting them the issue of bills against assets of government bonds, for national banks do not now hold a larger proportion of the interest- bearing debt than they did twenty years ago. Our credit, ranks first because we are now first in everything that should give credit, first in wealth, first in production of brain and hand, in invention, manufactures and agriculture, first in the excess of national revenues over expenditures, and first in the economy of our national defences. From the American Almanac we take the following tables, as fitly supplementing those we have compiled above. Of the forty-two nations whose debts and revenues are here recorded, just one-half have expendi- tures in excess of receipts, and the annual surplus of the United States exceeds the aggregate of all other nations. * At price per ultimo April, including redemption. MAVERICK NATIONAL BANK. 23 DEBTS, REVENUES, EXPENDITURES, AND COMMERCE OF NATIONS. [00,000 omitted.] COUNTRIES. Fiscal Year. 1 Public Debt. Reve- nue. Expen- ditures. Imports. 1 Exports.i Argentine Republic, 1885 $148,2 $34,6 $43,4 $87,6 $83, i Australasia, 2 1885 704,5 119,6 120,1 316,8 257,7 Austria-Hungary, 18S5 1,493,6 62,8 63,1 312,4 350,2 Austria proper, 1885 331,3 205,0 271,4 (InAustria- Hungary.) Hungary proper Belgium, 1885 1886 504,8 409,3 159,9 61,1 169,2 63,1 (InAustria- 283,6 Hungary.) Bolivia, 1885 21,9 3,4 4,7 6,1 " 9^3 Brazil, 1885 431,5 75,7 80,2 109,1 113,7 Canada, 1885 264,7 32,7 35,0 113,4 92,9 Chili, . 1886 63,4 40,2 39,8 52,8 68,0 China," 1884 39,4 121,5 110,2 134,3 98,1 Colombia, U. S. of, 1884 21,5 4,1 3,6 11,5 14,8 Denmark, . 1885 27,9 15,8 13,2 76,7 49,9 Ecuador, 1885 16,5 4,2 4,1 6,0 6,1 Egypt, 1882 518,6 45,0 47,6 41,8 63,3 France, 1886 6,148,9 757,3 763,8 905,1 670,0 Germany, . 1885 140,7 184,3 156,5 772,1 716,5 German States 1883 1,813,0 W2.4 471,5 (In German Empire.) Great Britain, 1886 3,711,2 448,4 461,1 1,950,0 1,479,8 Greece, 1884 90,4 16,2 17,0 27,2 18,8 Hawaii, 1885 1,0 3,2 3,2 3,8 9,0 India, British, 1885 834,6 358,4 355,3 347,9 425,3 Italy, . 1886 2,246,9 342,5 358,9 515,3 267,6 Japan, 1885 567,3 56,6 56,6 29,1 3:i,2 Mexico, 1886 156,1 31,7 26,3 36,2 41, S Netherlands, 1886 426,4 46,6 52,3 423,5 318,^ Norway, 1885 30,0 12,6 10,9 37,6 26,9 Paraguay, . 1885 4,5 1,2 1.1 1,3 1.4 Persia, 1885 No debt. 8,3 7,7 29,5 22,2 Peru, . 1884 242,5 7,0 9,6 10,5 7,4 Portugal, . 1885 476,4 35,4 38,4 37,7 24,0 Roumania, . 1886 140,0 27,6 17,1 59,6 36,9 Russia, 1885 3,669,9 559,6 489,4 304,4 394,1 Servia, 1885 52,5 9,5 9,2 10,5 7,5 Siam, . ' . 1884 _ 4,0 3,8 6,2 11,2 Spain, 4 1885 190,0 180,2 179,2 110,7 120,4 Sweden, 5 . 1885 65,2 22,6 21,9 83,2 60,2 Switzerland, 1885 6,5 9,6 9,2 151,9 132,2 Turkey," . 1885 744,8 59,2 76,6 87,2 58,2 United States, 1836 1,783,4 336,4 242,4 674,0 751,9 Uruguay, . 1835 62,3 12,1 12,0 25,2 25,2 Venezuela, 7 1885 21,8 5,8 7,8 17,2 19,6 Total debts, . &28,625,9 1 Including merchandise, specie and bullion. 2 Including New South Wak-s, New Zealand, Queensland, South Australia, Tasmania, Victoria and Western Australia '* Foreign debt only. 4 Spain being wholly unable to meet the interest on its debt, it was " con- verted " in 1881-82 from an aggregate of $'2,560,000,000 into new securities to the amount of $1,290,000.000 at four per cent. 6 The debt of Sweden is wholly offset by the value of the State railways, built by the Government. (i The Turkish Government, by arrangement with a committee of bond- holders, "scaled" its public debt in 1881 from $1,264,009,425 to $532,186,170, pledging its revenues for payment. * Venezuela's foreign debt, which had grown to over $54,000,000 in 1878, when interest payments were resumed, wag " consolidated " into new four per cent, bond* in 1881. 24 MAVERICK NATIONAL BANK. ARMIES OF THE WORLD. COUNTRIES. Popu- lation. Regular Army. War Footing. Annual Cost of Army. Cost to each Inhabi- tant. Per cent, of total Expen- diture. Austria-Hungary, 37,7 284,071 1,078,904 $49,116,248 $1 30 78.14 Argentine Republic, . 2,4 7,518 357,518 5,800,000 2 41 17.74 Belgium, . 5,5 47,084 224,637 9,208,046 1 66 14.08 Bolivia, 2,0 3,021 6,000 2,148,000 1 03 65.08 Brazil, 10,1 13,500 32,000 7,466,120 73 9.72 Canada, 4,3 2,000 700,152 3,840,000 88 13.36 Chili 2,4 13,926 65,752 16,326,095 _ 70.92 China, .... 434,6 300,000 1,200,000 75,000,000 17 68.03 Coiombia, . 2,9 4,000 30,740 _ _ _ Cuba, . 1,5 25,653 - - - - Denmark, . 2,0 35,727 50,522 2,461,955 1 17 16.62 Egypt, 17,4 10,900 43,000 - - - France, 37,4 529,269 3,753,164 121,061,600 3 23 16.99 Germany, . Great Britain, . 45,1 35,2 445,402 181,971 1,492,104 641,753 84,968,140 90,901,630 1 88 2 57 57.52 20.89 Greece, 1,9 29,368 35,188 3,312,140 1 67 22.12 Guatemala, 1,2 2,180 34,409 - Hawaii, - 400 - - - - India, British, . 252,5 190,476 380,000 87,201,250 34 24.52 Italy, .... 28,4 750,765 1,985,619 41,098,611 1 44 13.20 Japan, .... 36,7 37,790 120,282 9,263,713 25 14.78 Luxembourg, 2 377 - 75,680 36 5.65 Mexico, . 9,3 22,330 - 8,252,352 87 24.76 Netherlands, 4,0 65,113 165,010 8,464,000 2 08 15.12 Nicaragua, . 2 703 10,303 _ _ _ Norway, 1,8 18,750 241,600 1,628,440 90 14.89 Persia, 7,0 30,000 105,500 3,800,000 54 42.22 Peru 3,0 13,200 70,000 _ Portugal, 4,5 33,994 78,024 5,099,105 1 12 14.54 Roumania, . 5,3 19,512 150,000 5,463,550 1 01 20.90 Russia, 98,3 780,081 2,300,000 125,508,474 1 27 27.34 Servia, 1,7 18,000 210,000 2,072,890 1 21 29.80 Spain, .... 16,6 152,895 400,000 24,524,415 1 47 13.93 Sweden, 4,5 40,758 194,940 4,322,860 94 19.97 Switzerland, 2,8 117,500 215,000 3,341,260 1 17 39.00 Turkey, 25,0 160,417 610,200 23,841,064 95 33.81 United States, . 50,1 26,383 3,165,000* 39,429,803 78 16.15 Uruguay, . . . 4 4,500 27,700 - - - Venezuela, . 2,0 3,000 60,000 - - - NOTE. The last column shows the ratio which the military expenditure bears to the total annual expenditure of each nation. * Mllitta fore* plun the regular army. MAVEKICK NATIONAL BANK. 25 THE NAVIES OF THE WORLD. COONTHIKS. No. of Vessels. | No. of Men. Cost of Navy. COUNTRIES. No. of Vessels. No. of Men. Cost of Navy. $ $ Argentine Republic Austria-Hungary, 33 68 991 7,222 2,670,000 3,838,460 Italy, . Japan, . 72 31 15,140 5,551 10,310,741 2,024,552 Belgium, 10 172 _ Mexico, . 8 _ _ Brazil, 48 4,984 5,560,291 Netherlands, 166 3,436 5,170,886 Canada (Dominion) 7 Norway, 46 915 420,680 Chili, 10 2,225 4,359,893 Peru, . _ _ _ China, 56 _ _ Portugal, 39 3,200 1,607,411 Denmark, 44 1,122 1,575,577 Roumania, 10 530 _ Egypt, 13 _ _ Russia, . 373 28,975 19,911,580 France, 302 39,365 40,989,363 Spain, . 124 21,678 6,719,046 Germany, 91 15,200 6,752,094 Sweden, . 133 7,723 1,418,420 Great Britain and Turkey, . 49 40,392 3,000.000 Ireland, 246 57,250 53,643,905 United States 93 12,204 17,292,601 Greece, . 16 2,637 833,708 Venezuela, 4 200 ~ THE WEALTH AND POPULATION OF THE UNITED STATES. In 1850, the total wealth of the United States was but 88,430,000,000 [1,680,000,000] , while that of the United Kingdom exceeded $22,500,000,000 [4,500,000,000], or nearly three times that sum. Thirty short years sufficed to reverse the positions of the respective countries. In 1882, the Monarchy was possessed of a golden load of no less than eight thousand seven hundred and twenty millions sterling. Just pause a moment to see how this looks strung out in cold figures ; but do not try to realize what it means, for mortal man cannot conceive it. Herbert Spencer need not travel so far afield to reach the unknowable. He has it right here under his very eyes. Let him try to know the import of this, $43,600,000,000 [8,720,000,000]. It is impossible. But, stupendous as this seems, it is exceeded by the wealth of the Republic, which in 1880, two years before, amounted to $48,950,000,000 [9,790,000,000]. What a mercy we write for 1880 ; for had we to give the wealth of one year later, another figure would have to be found and added to the interminable row. America's wealth to-day greatly exceeds ten thousand millions sterling. Nor is this altogether due to her enormous agricultural resources, as may at first glance be thought ; for all the world knows she is first among nations in agriculture. It is largely 26 MAVERICK NATIONAL BANK. attributable to her manufacturing industries ; for, as all the world does not know, she, and not Great Britain, is also the greatest manufacturing country. In 1880, British manufactures amounted in value to eight hundred and eighteen millions sterling ; those of America to eleven hundred and twelve millions, nearly half as much as those of the whole of Europe, which amounted to twenty- six hundred millions. Thus, although Great Britain manufactures for the whole world, and the Republic is only gaining, year after year, greater control of her own markets, Britain's manufactures in 1880 were not two- thirds the value of those of the one-century-old Republic, which is not generally considered a manufacturing country at all. France, with her fertile plains and sunny skies, requires a hundred and sixty years to grow two Frenchmen where one grew before. Great Britain, whose rate of increase is greater than that of any other European nation, takes seventy years to double her population. The Republic has repeatedly doubled hers in twenty-five years. In 1831, Great Britain and Ireland contained twenty-four millions of people, and fifty years later [1881] thirty-four millions. France increased during the same period from thirty-two and a half to thirty-seven and a half millions The Republic bounded from thirteen to fifty millions. England gained ten, France five, the United States thirty- seven millions. Thus the Republic in one-half century added to her numbers as many as the present total popu- lation of France, and more than the present population of the United Kingdom. Think of it ! a Great Britain and Ireland called forth from the wilderness, as if by magic, in less than the span of a man's few days upon earth, almost "As if the yawning earth to heaven A subterranean host had given." Truly the Republic is the Minerva of nations ; full-armed has she sprung from the brow of Jupiter Britain. The thirteen millions of Americans of 1830 have now increased to fifty-six millions, more English-speaking people than exist in all the world besides, more than in the United Kingdom and all her colonies, even were the latter doubled in population. Carnegie's Triumphant Democracy. CHAPTER III. STATE AND MUNICIPAL INDEBTEDNESS. General Notes on State Indebtedness. State, Territorial, County, and Muni- cipal Debts in 1880. State Debts and Valuations, January 1, 1887. Approximate Credit of States. Debts, Population, and Debt per Capita of Forty Cities of the United States Average Rates of Interest Paid and Credits of Leading Cities of the United States. Growth of American Cities of 50,000 Population since 1790. Indebtedness of Foreign Cities. STATE DEBTS. The debts of the Northern States were contracted largely for war purposes between 1861 and 1866, and many of them have been greatly reduced or entirely extinguished. But the debts of the Southern States, although not changed much during the war, were reck- lessly increased during the reconstruction period. Several States have adopted one scaling process after another, and some have repudiated their bonds altogether. States are free from prosecution for payments of their debts under the interpretation by the United States Supreme Court of the Eleventh Amendment to the Con- stitution, and hence the bonds became debts of honor solely. Neither individual creditors nor other States can bring suit against a defaulting- commonwealth. Virginia has made a contract with its bondholders which cannot be annulled by legislation, in making bond cou- pons receivable for taxes ; but subsequent legislation has prescribed methods of making coupons available for this 28 MAVERICK NATIONAL BANK. purpose so vexatious as to almost annul their value. Suits on this point have twice been carried to the United States Supreme Court, and the validity of the coupons as a legal tender for taxes has been reaffirmed. The large body of Virginia tax-payers, however, still pay their taxes in money. The foreign holders of Virginia bonds have lately re- newed their resolution to maintain and push their rights before the United States courts, and still steadfastly resist the Riddleberger settlement. They are willing to accept a compromise based upon the available revenue, after providing for the constitutional appropriations for government, schools, etc., without raising the present rate of taxation. The question is whether such a compromise will be accepted by the people. Efforts are also being made to induce West Virginia to assume her portion of the old State debt, but the authorities of the two States differ as to the amount of the former's liability. NET STATE, TERRITORIAL, COUNTY, AND MUNICIPAL DEBTS OF THE UNITED STATES, WITH POPULATION AND DEBT PER CAPITA, 1880. 1880. [000 omitted.] Total Debt STATES AND TERRI- Net Net per TORIES. Net State Debt.* County Debt.* Municipal Debt.t Total Debt.* Popula- tion. capita, 1880. Alabama, $9,071 $1,703 $3,953 $14,728 1,262 $11.67 Arkansas, 4,039 3,135 763 7,938 802 9 89 California, 3,306 7,312 6,136 16,755 864 19.38 Colorado, 212 2,492 889 3,594 194 18.49 Connecticut, 4,967 101 16,932 22,001 623 35.33 Delaware, 889 44 1,421 2,346 146 16.01 Florida, . 1,134 435 1,055 2,626 269 9.75 Georgia, . Illinois, . 9,951 No debt. 181 14,181 9,548 30,999 19,681 45,180 1,542 3,077 12.76 14.68 Indiana, . 4,998 4,048 9,307 18,353 1,978 9.28 Iowa, 370 2,992 4,599 7,962 1,624 4.90 * The aggregate of debt, after deducting sinking fund. | Including township and school district debt. MAVERICK NATIONAL BANK. 29 NET DEBTS OF THE UNITED STATES, ETC. Concluded. 1880. [000 omitted.] Total Debt STATES AND TERRI- nor TORIES. Net State Debt.* Net County Debt* Net - Municipal Debt.f Total Debt.* Popula- tion. per capita, 1880. Kansas, . 1,087 7,950 6,967 16,005 996 16.07 Kentucky, 1,089 5,877 8,010 14,977 1,648 9.08 Louisiana,! . 23,437 1,107 18,320 42,865 939 45.60 Maine, . 4,682 451 17,272 22,406 649 34.53 Maryland, 7,627 1,377 1,891 10,896 935 11.65 Massachusetts, 20,159 1,371 69,753 91,283 1,783 51.19 Michigan, No debt. 896 7,906 8,803 1,636 5.38 Minnesota, 2,565 901 5,009 8,476 780 10.86 Mississippi, . 379 1,134 498 2,013 1,131 1.78 Missouri, 16,259 11,923 29,249 57,431 2,168 26.48 Nebraska, . 375 5,120 1,929 7,425 452 16.41 Nevada, . _ 891 133 1,024 62 16.45 New Hampshire, . 3,561 779 6,383 10,724 346 30.91 New Jersey, . 813 6,668 42,064 49,547 1,131 43.80 New York, . 7,536 12,399 198,787 218,723 5,082 43.03 North Carolina, . 5,706 1,524 963 8,194 1,399 5.85 Ohio, . 5,732 2,962 40,058 48,753 3,198 15.24 Oregon, . 511 211 125 848 174 4.86 Pennsylvania, 20,716 9,781 83,537 114,034 4,282 26.63 Rhode Island, 1,832 11,270 13,102 276 47,38 South Carolina, . 6,639 1,573 5,132 13,345 995 13.41 Tennessee, . 27,440 3,060 6,886 37,387 1,542 24.25 Texas, . 5,566 2,499 3,538 11,604 1,591 7.29 Vermont, 4 23 4,324 4,352 332 13.10 Virginia, 29,345 1,283 11,471 42,099 1,512 27.83 West Virginia, . No debt. 592 920 1,513 618 2.45 Wisconsin, . 2,252 2,292 7,331 11,875 1,315 9.03 Aggregate, . $234,257 $121,285 $675,348 $1,030,891 49,371 ~~ TERRITORIES Arizona, _ $353 $24 $377 40 $9.33 Dakota, . _ 961 37 998 135 7.39 Dist. of Columbia, _ _ 22,675 22,675 177 127.66 Idaho, . $88 143 a 235 32 7.22 Montana. 64 659 35 759 39 19.41 New Mexico, _ 84 84 119 .71 Utah, 9 15 91 116 143 .81 Washington, . _ 204 34 239 75 3.19 Wyoming, 17 169 .19 205 21 9.88 Aggregate, . $179 $2,591 . $22,921 $25,692 784 - Total Aggregate, . $234,436 $123,877 $698,270 $1,056,584 50,155 $21.07 * The aggregate of debt, after deducting sinking fund, t Including township and school district debt, t Old debt (1874), now being refunded. 30 MAVERICK NATIONAL BANK. NET DEBTS, VALUATION, AND TAXES OF THIRTY-EIGHT STATES. Latest Official Statement* to Jan. 1, 1887. STATES. Date of Statement Amount of State Debt Funded. Amount raised by Taxation last Year. AMOUNT OP TAXABLE PROPERTY AS ASSESSED. State Tax on $100. Real. Personal. [000 omitted.] Dollars. Dollars. Dollars. Dollars. Cents. Alabama, . Oct. 1,'86, 12,192 1,041 102,038 70,470 65 A rkansas, . Oct. 1,'85, 5,108 966 78,444 48,382 40 California, 1 July 1,'84, 3,203 3,861 558,373 167,338 49 7-10 Colorado, Dec. 1,'86, None. 534 130,000* 40 Connecticut, . Dec. 1, '84, 4,272 1,463 243,858 104,916 12 Delaware, 2 Dec. 22, '83, 864 117 _ _ _ Florida, Jan. 1,'85, 503 377 60,042* 40 Ueorgia, . Oct. 1,'86, 8,210 1,351 183,366 146,123 35 Illinois, . Oct. 1,'85, None. 3,000 578,229 218,111 42 Indiana, . Nov. 1, '85, 6,008 2,889 566,521 227,004 14> Iowa," July 1,'85, _ 1,148 489,660 135,045 25 Kansas, 4 . July 1,'86, 847 1,082 189,635 87,945 UK Kentucky, 6 July 1,'86, 1,174 907 294,194 98,371 52^ Louisiana, Jan. 1,'86, 15,100 1,567 149,145 63,579 10 Maine, Jan. 1,'85, 5,316 1,301 265,978* 40 Maryland, 6 Oct. 1,'85, 10,970 887 473,452* 18% Massachusetts, 7 Jan. 1,'86, 31,432 2,005 1,287,993 494,355 8 53-100 Michigan, . Oct. 1, '86, 243 1,202 849,921* 12 7-10 Minnesota, 8 Aug. 1,'86, 4,026 658 386,547 79,204 18 Mississippi,** . Jan. 1,'86, 3,178 605 87,282 35,454 25 Missouri, . Nov. 9, '85, 14,309 2,839 496,730 229,044 40 Nebraska, . Dec. 1,'86, 499 1,117 163,499* 76} Nevada, . Nov. 22, '86, 409 516 43,526* 90 New Hampshire, June 1, '86, 2,926 400 130,298 101,360 19 New Jersey, . Nov. 1,'85, 1,596 1,375 565,537* 25 New York, 10 . Oct. 1,'86, 9,327 9,512 2,899,899 324,783 29 6-20 North Carolina, Dec. 1,'86, 15,421 691 124,135 77,087 37^ Ohio, . Nov. 15, '85, 3,720 4,621 1,160,165 509,903 29 Oregon, . Jan. 1,'85, 110 239 77,188* 31 Pennsylvania, 11 Jan. 1, '85, 19,964 6,495 1,697,202 1,463,814 40 Rhode Island, . Oct. 23, '86, 1,341 391 243,658 84,872 12 South Carolina, Nov. 1,'85, 6,521 622 87,649 62,324 55 Tennessee, Jan. 1, '86, 17,000 954 256,456* 40 Texas, Nov. 1,'85, 4,237 1,538 347,846 214,256 37 > Vermont, . Aug. 1,'86, No debt. 371 107,264 49,927 10 Virginia, . Oct. 1,'86, 31,415 1,366 262,956 84,884 40 WestVirginia.ia Oct. 1,'86, _ 766 116,746 57,257 35 Wisconsin, Oct. 1,'86, 2,252 889 381,584 114,584 18 1-10 $230,247 - $21,387,437 - * Real and personal. 1 California holds in trust for her school and university funds $2,690,000 of her bonded debt, on which interest only is payable, reducing the net debt to $354,500. 2 Delaware has no State tax on property, and therefore no State valuation of taxable property. The State holds interest-paying securities of over one mil- lion, and la actually out of debt. 8 All of Iowa's debt is invested in the school fund, the interest only being payable. 4 Kansas holds $607,925 of its bonds in permanent school fund, besides $21,000 sinking fund. Kentucky had $530,650 in sinking fund, and Is practically out of debt. MAVERICK NATIONAL BANK. 31 APPROXIMATE CREDIT OF STATES. STATK. Bonds in Thousands. Average Rate of Interest Paid. Credit as represented by Kate of In- come realized by Holder at current Prices. Alabama, Arkansas,! 5,104 California,* 3,948 Connecticut,* 4,271 Delaware,* 901 District of Columbia,' . . . 14,981 Florida,* 1,067 Georgia,* 5,543 Indiana,* 5,584 Kansas,* Kentucky,* 674 Louisiana, 6 11,664 Maine,* . 5,157 Maryland,* 10,623 Massachusetts^ 31,432 Michigan . 231 Minnesota,* .... 4,026 Missouri," 10,201 Nebraska,* .... 449 New Hampshire, .... 2,926 New Jersey,* 1,396 NewYorkJ 8,302 North Carolina," .... 6,604 Ohio," 1,318 Pennsylvania,* 17,085 Rhode Island 1,367 'iouth Carolina, .... 5,277 Tennessee, 11 10,353 Texas,* 4,018 Virginia 31,415 4.33 6.07 3.66 4.00 3.73 57s 6.5 7.00 4.00 4.00 6.00 4.67 5.00 7.00 4.50 5.71 8.00 5.70 6.00 5.66 4.88 3.73 4.70 6.00 6.00 3.00 6.02 5.03 4.13 3.20 2788 4.00 5.40 3.00 3.80 3.18 3.00 2.52 4.26 2.69 4.28 4.50 7.57 * No quotations. f Massachusetts has a sinking fund of $23,000,000. In default. 2 None in market. The 3.65s of 1924 and funding 5s of 1899 only quoted. Total debt, |18,184,0. The 7s of 1890 and 4^s of 1915 only quoted. Total debt, $8,695,500. The stamped 4s of 1914 only quoted. Total debt, $1">,100,000. The fis, due on average in 1890, only quoted. Total debt, $11,551,000. The 6s, due on average in 1890, only quoted. Total debt, $9,202,000. The new Gs, duo 1919, and new 4s, due 1909, only quoted. Total debt, $12,27,0i5. "Basis is on outstanding bonds not to be redeemed this year. 10 The " Brown Consols," due 1893, only quoted. Total debt, $6,522,111; bal. ance to be funded into brown consols. Settlement 3s of 1913 only. Total debt, $12,500,000. a The State of Maryland held $4,518,799 in interest-paying securities of cor- porations, besides $27,723.2S7 in unproductive securities. Massachusetts held $20,237,498 in sinking fund. Of Minnesota's debt, $2,849,000 is held aa permanent investment by school funds. 9 Mississippi's debt was due the school fund to the amount of $2,404,566, on tthich interest only is payable, leaving net debt, less cash in treasury, $331,725. 10 New York held in sinking fund, October 1, 18SO, $5,051,073. 11 Pennsylvania held $2,077,074 in sinking fund; also in stocks of incor- porated companies, interest-paying, $7,900,000; net debt, $10,341,709. Debt forbidden by Constitution. 32 MAVBBIOK NATIONAL BANK. NET DEBTS, POPULATION, AND DEBT PER CAPITA OF FORTY LEADING CITIES OP THE UNITED STATES, JAN. 1, 1887, ACCORDING TO LATEST STATEMENTS. CITIES. Population.| Net Debt. Net Debt per Capita. [000 omitted.] Albany, Allegheny, . Atlanta, Baltimore, . 100 100 60 460 400 710 225 60 703 300 200 74 175 105 155 125 70 140 170 160 65 160 76 240 1,400 70 1,000 200 120 90 100 300 60 450 140 67 80 60 210 70 $3,024 1,321 2,223 36,733 25,600 33,624 8,050 4,000 12,592 24,468 6,500 1,920 1,907 1,405 16,000 851 2,451 9,356 2,966 2,231 2,100 11,750 844 18,491 84,835 1,100 62,068 11,800 7,834 5,073 6,515 1,457 2,000 22,000 4,030 1,165 3,228 752 21,162 2,188 $30 13 37 79 64 47 35 67 18 82 32 26 11 13 103 IT 35 67 17 14 32 73 11 77 61 16. 62 59 66 56 55 5 33 49 29 17 40 13 11 81 Brooklyn, . Buffalo, Charleston, . Chicago, Cincinnati, . Cleveland, . Columbus, . Detroit, Indianapolis, Jersey City, !!!!!'. Kansas City, Lowell, Louisville, . Milwaukee, . Minneapolis, Nashville, . Newark, .... New Haven, New Orleans, New York City, Paterson, Philadelphia, Providence, . Richmond, . ...... San Francisco, St. Joseph, . St. Louis, . St. Paul, Syracuse, Toledo, ! ! ! ! "Washington,* Worcester, . Population and debt of the District of Columbia. MAVERICK NATIONAL BANK. 33 AVERAGE RATES OF INTEREST PAID AND CREDITS OP LEADING CITIES OF THE UNITED STATES. CITIES. Average Bate Paid. Credit. Bate Realized by Investor. Atlanta, Ga., 6.70 Augusta, Ga., . 6.60 Baltimore 6.70 Boston, . 4.61 Brooklyn .... 5.46 Chicago 5.90 Cincinnati 6.53 Cleveland ..!,.. 5.60 Columbus, Ga., . . . . . ~ . . 5.14 Detroit, 5.70 Indianapolis . . . . 6.84 Louisville 6.03 Lynchburg, Va., 6.39 Minneapolis, 5.38 Mobile, - . . . 4.50 New York, . . . *:..;. . . . 5.68 Norfolk, Va., . . v . .. .* * . . 6.25 Omaha, - Petersburg, Va., . ' * . . . . . 7.35 Richmond, Va 8.05 Savannah 5.00 St. Louig, ... 5.00 St. Paul, . . . ..... . . _.. 5.41 Wilmington, N. 6.73 4.83 5.00 3.25 3.50 8.00 3.65 4.13 3.75 5.00 3.50 4.00 4.25 4.90 4.25 6.88 2.75 5.00 4.50 5.25 4.38 6.00 3.50 4.25 5..50 The cities of Massachusetts, outside of Boston, have credits ranging from 3.50 to 3.75 per cent. 34 MAVERICK NATIONAL BANK. GROWTH OP AMERICAN CITIES OF FIFTY THOUSAND POPULATION, 1790 fo 1887. [000 omitted, 1840 to 1887.] CITIES. 1790 1800 1810 1820 1830 1840 1850 1860 1870 1880 1887* Albany, . 3,498 5,349 9,356 12,630 24,238 33 50 62 69 90 100 Allegheny, _ _ _ _ _ . _ 21 28 53 78 100 Baltimore, 13,503 26,614 46,555 62,738 80,625 134 169 212 267 332 460 Boston, . 18,038 24,027 32,250 43,298 61,392 93 136 177 250 369 412 Brooklyn, 1,603 3,298 4,402 7,175 12,042 36 96 266 396 566 710 Buffalo, . mm _ 1,508 2,095 8,653 18 42 81 117 155 225 Cambridge, 2,115 2,453 2,323 3,295 6,078 8 4" 15 90 26 1 ftQ 39 OQQ 52 CAO 7AQ Cincinnati, _ 750 2,540 9,644 24,831 46 m 115 iuy 161 aQPQ 216 OUo 255 70.} 800 Cleveland, _ _ 547 606 1,076 6 17 43 92 160 200 Columbus, - - _ 1,450 2,437 6 17 18 31 51 75 Detroit, . _ 770 1,422 2,222 9 21 45 79 116 175 Indianapolis, . _ _ _ _ 1,924 2 8 18 48 75 105 Jersey City, . - - - - 3 6 29 82 120 155 Kansas City, . mm _ _ _ _ 4 32 55 125 Louisville, 200 359 1,357 4,012 10,352 21 43 68 100 123 140 6 474 20 33 36 40 CO 7ft Milwaukee, _ _ _ _ 1 20 45 71 oy 115 lu 170 Newark, . _ _ _ 6,507 10,953 17 38 71 105 136 160 New Haven, . _ 4,049 5,772 7,147 10,180 14 20 39 50 62 76 New Orleans, . 5,500 8,500 17,242 27,176 46,310 102 116 168 191 216 240 New York, . 33,131 60,489 96,373 123,706 203,007 312 7 515 H 805 19 942 33 1,206 51 1,400 70 Philadelphia, . 42,520 70,287 96,664 108,116 167,188 258 340 562 674 847 |U 1,000 Pittaburg, _ 1,565 4,708 7,248 12,542 21 46 49 86 156 200 Providence, . 6,380 7,614 10,071 11,767 16,832 23 41 50 68 104 120 Richmond, 3,761 5,537 9,735 12,046 16,060 20 27 37 51 64 90 Rochester, _ _ 1,502 9,269 20 36 48 62 89 100 St. Louis, - - 1,600 4,598 5,852 16 77 160 310 350 450 San Francisco, _ _ _ _ _ _ 34 56 149 233 300 Syracuse, - - - 1,814 6,929 11 22 28 43 51 67 Toledo, . _ _ _ , _ 1 3 13 31 50 80 Troy, _ _ 4,926 5,264 11,605 19 28 39 40 56 60 Washington, . - 3,210 8,208 13,247 18,827 23 40 61 109 147 210 Worcester, " 2,095 2,577 2,962 4,172 7 17 24 41 58 70 In 1830, only six and one-half per cent, of the popula- tion lived in towns of eight thousand inhabitants and upwards ; in 1880 the proportion had risen to twenty-two per cent. * Estimated. MAVERICK NATIONAL BANK. 35 FOREIGN MUNICIPAL INDEBTEDNESS. Mulhall gives the following figures illustrating the pub- lic indebtedness of fourteen European cities, in millions of pounds : CITIES. Debt (Millions ). Per Inhabitant. Valuation (Millions ). Debt to Valuation. London 20.6 5 7 689 3.0 Paris 85 3 34 5 320 26 7 Berlin, . 5 6 530 164 3 5 Liverpool, .... 21.6 39 12 66 32.5 Manchester, . . 6.2 10 18 62 10.0 Birmingham, 6.1 15 28 21.8 Leeds, .... 3 5 11 7 22 15 8 Rome, . . . 2 3 7 16 14 16 Buda-Pesth, . . 1.3 450 44 2.9 Bradford 3.4 19 18 18.9 1.3 560 Bristol, , 0.6 2 18 16 3.8 Munich 1.5 600 15 10.0 Newcastle, .... 0.7 4 17 14 5.0 The cities of Great Britain in 1885 owed a total debt of 153,000,000 ($765,000,000), while the American cities, though possessing a greater aggregate population and wealth, owed but $75,000,000 (15,000,000). The total State and municipal debts of the United States only aggregate $865,000,000 (173,000,000). CHAPTER IV. WATER -WORKS BONDS. Their Security as Investments. The History of Water Supply for Cities. Conduit Data. Comparisons of Large Gravitation Works. London's Water Supply. History of American Water- Works. Cost, Expenses, and Revenue Financial Statistics of Leading Water- Works. As water-works bonds are rapidly growing in favor with conservative investors, the Maverick National Bank has made a specialty of these securities, and would be pleased at any time to hear from parties wishing to learn of desirable investments, or from cities or towns contem- plating water- works enterprises. This bank has placed many loans of water companies, and has yet to learn of a dissatisfied investor. Mortgage bonds of this class net the investor from four to eight per cent. , with probably less of risk or doubt than any other securities. In the first place, water-company bonds are a mortgage upon productive property, of which the productiveness is constantly increasing. The first distribution of water is to the heart of the city, but extensions are made until a large territory is supplied. Thus in a few years the first outlay has often been doubled, and the bondholders' security correspondingly increased, as the mortgage always covers all property owned and all that may be acquired. A sinking fund reduces the bonded debt, which steadily diminishes as the value of the security increases. Again, the property of a water company is not subject MAVERICK NATIONAL BANK. 37 to fire risk, but the fire risk upon other property gives it additional value. Usually the company has a supply contract for the fire department, the proceeds of which, known as "hydrant rental," often guarantee the major part of the bond interest. The system of advance payments effectually shuts out bad debts, which have crippled so many corporations engaged in manufacturing or mercantile pursuits. Col- lections are made without cost to the company, by requiring all customers to pay promptly at the office. Fluctuations and depressions in prices or profits are unknown to water companies. They furnish a universal necessity at fixed rates lower than customers can obtain it by any other method. General business may flag, but neither rich nor poor can ever economize on water ; there is no substitute for it. Many of the water companies of the United States have freed themselves entirely from debt. Competition is not a factor in the calculations of com- panies organized to construct water- works. No city has two water companies attempting to cover the same terri- tory, though a few cities have had different sections supplied by different companies. The legislative charter granted to water companies usually secures to them the exclusive privilege of supplying water, for a period of from twenty-five to fifty years, in order to encourage an outlay of capital in a manner so beneficial to any town or city. Furthermore, the community would not submit to have the streets torn up continually for the purpose of keeping two systems of pipe in repair. Should a municipality seek to compromise its funded debt, it cannot avoid paying its water obligations, as the company has a legal right to shut off the supply. If this extreme measure were resorted to, rates of insurance would be raised correspondingly to meet the increased 38 MAVERICK NATIONAL BANK. risk ; and in this case public opinion would compel the public officers to settle speedily with the water company. In the whole history of water-works there have been but three instances of foreclosure of first-mortgage bonds, and in these cases no loss was sustained by the holders. City governments have often defaulted, repudiated, or compromised without affecting the value of the bonds of the water companies supplying those cities. The city of Elizabeth, N. J., has been in default for a number of years, but the water company has paid seven per cent, interest on $400,000 of bonds since 1854. The works originally cost $1,000,000, yet the former amount is their only funded indebtedness. It is evident that no other class of securities can show such a record of immunity from risk. In conclusion, it only remains to be said that the security of a water-company bond is at its minimum when issued, and is augmented yearly by the inevitable growth of the plant and the consequent increase in net earnings. Hence, if the security is sufficient to justify a purchase at the time of issue, that security will surely be added to every year during the life of the bond. For example, Denver (Col.) Water Company bonds, issued at par and interest, are now $1.30 and interest, with none for sale ; Austin (Tex.) Water Company, sold at par and interest in 1877, have reached a premium of $1.35 for firsts and $1.16 for seconds; New Albany (Ind.) water bonds, floated at par, sell at $1.20 ; and those of the Fair Haven (New Haven, Conn.) Water Company, sold at par, are worth $1.20. Without exception, so far as is known, the old issues of bonds of water companies in all parts of the United States are held at large premiums. They have been purchased to the extent of over $1,000,000 by a leading insurance company of Philadelphia. A Massa- chusetts company also holds about $600,000 ; and they MAVEKICK NATIONAL BANK. 39 are being bought in large amounts by national, state, and savings banks, institutions, and investors throughout the Union. The difference between bonds of water companies and municipal water loans will readily be seen. The works are managed more effectively and profitably ; the citizen is relieved of taxation ; and the bondholder has a direct lien upon the entire property, whereas if it were conducted by the city he would have little preference over other creditors. His security is ever increasing, special, full, and absolute. EARLY HISTORY OF WATER SUPPLY. During the first century of our era the water supply of ancient Rome was so abundant " that whole rivers of water flowed through the streets." It has been estimated at 375,000,000 gallons per day, or 375 gallons for each inhabitant, and was conducted through uiue costly con- duits of masonry, in whose construction wonderful engineering skill was shown. Their aggregate length was 249 miles. The principal aqueducts were the Aqua Martia, erected 431 B. C., 38 miles in length, and partly composed of 7,000 arches ; the Aqua Claudia, a subter- ranean channel for 36 miles, for lOf miles a surface conduit, 3 miles a vaulted tunnel, and 7 miles on lofty arcades, with a capacity of 96,000,000 gallons daily ; and the Nova Anio, which was 43 miles in length. Some of these aqueducts rose in three distinct arches, which con- veyed water from sources of different elevations. In Constantinople, the capital of the Eastern Empire, the Romans left numerous subterraneous reservoirs covered with stone arcades resting on pillars. In France, also, the famous Pont du Gard aqueduct, which supplied the town of Nismes, is still an object of interest. It consists of 3 tiers of arches, the lowest of 6, supporting 11 of 40 MAVERICK NATIONAL BANK. equal span in the central tier, surmounted by 35 of smaller size. Its height is 180 feet, with a channel 5 feet high by 10 wide ; the capacity was estimated at 14,000,000 gallons per day. India is noted for numerous ancient impounding reservoirs of vast dimensions. The Poniary reservoir has an area of 50,000 acres and banks 50 miles in extent In Mexico and Peru the aborigines left water channels of wonderful length. The great aqueduct of Peru, built by the Incas, was 360 miles long. The works of the Romans left nothing to be improved upon in the method of transporting water from a distance until recent times ; but in the early part of this century it was found that by sinking artesian wells a supply could be obtained more economically. AKTESIAN WELLS. The famous well at Grenelle, France, was begun by the government in 1834, and after repeated failures water was reached at the depth of 1,798 feet in 1843. Its bore is 3J inches ; capacity, 600 gallons per minute ; height of flow, 128 feet; -temperature, 82 degrees. It cost 300,000 francs. The Passy well near Paris is in the same stratum, 1,923 feet deep, with a capacity of 5,582,000 gallons per day. Paris has two other wells, both started in 1866, the La Chapelle and the Butte aux Caelles. The Kent Water- Works of London is supplied by wells in the chalk formation, yielding 9,000,000 gallons daily. Liverpool has four wells, with a combined daily capacity of 6,000,000 gallons ; and Birmingham has four wells, supplying 8,000,000 gallons per day. The Desert of Sahara has a number of bored wells, some yielding as high as 1,500,000 gallons per day. In this country, St. Louis has a well 3,147 feet deep. Louisville has a three-inch well 2,086 feet deep, with a MAVERICK NATIONAL BANK. 41 capactiy of 600 gallons per minute. Charleston has two, one, 1,250 feet deep, discharging 25,000 gallons daily ; and another, 1,970 feet deep, of which data are not given. The State of Ohio has repeatedly failed in the attempt to supply Columbus in this way. Dubuque is supplied by a spring accidentally struck in tunnelling a neighboring drift. Cincinnati has nine wells, sunk by private enter- prise. The deepest well in the world is near Berlin, 4,194 feet deep, without reaching the salt formation. The Chinese practised well-boring two thousand years ago, the method being the percussive action of a tool suspended by a flexible rope. MODERN WATER SUPPLY. Aqueducts are now universally superseded by the plan of subterranean pipes as adopted by Hawksley at Liver- pool and Batoman at Glasgow. The last one built on the Roman plan is the Marseilles conduit, whose engineer imitated the Pont du Card, at a cost of three times that of a system of inverted sj^phon pipes. The Glasgow system has 13 miles in tunnels, 3 J miles iron piping across valleys and 9 miles of open cutting and bridges. The Aberdeen works has a 36-inch syphon, 1,200 feet long, across Cullen Burn, supported by*"granite piers. One of the syphons for supplying Madrid crosses a valley 4,560 feet in length, and consists of four lines of cast-iron pipes 3 feet in diameter. Dublin is supplied through 30,336 yards of 33-inch and 8,272 yards of two lines of 27-inch cast- iron pipes, with three relief tanks and an average fall of 20 feet per mile ; capacity, 20,000,000 gallons per day. The following tables, compiled from the best authori- ties, give details in regard to the construction and princi- pal physical features of the most important conduits and gravitation works of Europe and the United States : 42 MAVERICK NATIONAL BANK. CONDUIT DATA. LOCALITIES. Width in Feet. Height in Feet. Depth of Water in Feet. Daily deliv- ery at given Depth, U. S. Gallons. Total Daily Cavity, Gallons. Cochituate, Boston, Croton, N. Y., 5. 7.47 9 6.333 8.458 g 6.333 6.083 3 465 16,398,000 59,340,000 27 560 000 16,500.000 100,000,000 100 000,000 10. 8.667 5. 70,000,000 Sudbury, Boston,. Baltimore, .... Loch Katrine, Glasgow, Canal of Isabel III. ."Madrid, Vanne, Paris, 9. 9. 8. 7.052 6.6 2.3 7.667 9. 8. 9.184 6.6 3.5 5.3 6.85 5. 60,000,000 70,000,000 170.000,000 60,000,000 52,000,000 23,500,001) 5,500 000 Tout du Gard, Nismce, Pont Pyla, Lyons, Metz, .*.... 4. 1.833 3.167 3.333 1.833 2.167 - 14,000,000 COMPARISON OP LARGE GRAVITATION WORKS. Dis- Height of LOCALITIES. tance of Source in No. Acres of Water- shed. Capacity of Storage in Gallons. Source above City Level, Capacity of Aque- duct, in Gallons. Popula- tion. Miles. in Feet. Millions. New York, . 40 216,844 9 billions. 160 92 1,400,000 Boston, 16 100,000 _ 134 86 412,000 Baltimore, 7 _ 765 millions. 163 170 332,190 Liverpool, _ 10,000 4 billions. _ 17 600,000 Manchester, 18 19,390 6 " 790 39 750,000 Glasgow, . 25% 47,800 12 " _ 50 550,000 Dublin, . 21.6 14,080 2> " 692 20 330,000 London is supplied by eight water companies, which, however, are not in competition, each covering its allotted section of the city. The total statistics were, in July, 1875 : Population, 3,713,108 ; miles of pipe, 3,074 ; daily average consumption from Thames, 64,791,000 gallons ; other sources, 57,528,000 gallons ; total daily, 122,319,000 gallons. The total capital invested is about $51,900,000. MAVERICK NATIONAL BANK. 43 HISTORY OF AMERICAN WATER- WORKS. It is believed that the first public water-works in the United States were built at Bethlehem, Pa., in 1754. Between that date and 1801 only ten towns erected water- works. Among these were New York and Providence. New York was supplied in 1799, and Philadelphia in 1801 ; the water in both cases being pumped by steam, and dis- tributed through bored wooden logs. At present, according to the Engineering News' statis- tical tables, there are known to be 1,402 water-works in operation, or nearly complete, and a large number of pro- jected works are reported as likely to be soon built. The increase of works for water supply has not been regular, as will be seen from the following statement of works erected in each decade since the beginning of the present century : 1801-1810, . 13 1811-1820, 5 1821-1830, "... ..... . . . 14 1831-1840, - . .\ . ; . , . . . . 13 1841-1850, . . . , . ..... . . 26 1851-1860, ..' . ' i . ' * 52 1861-1870,' . . . . . . . -, . . . 79 1871-1880, ... 354 1881-1886, 623 In addition to these there are 212 works the date of construction of which has not been ascertained. Of the 1,402 towns supplied, seven have duplicate works. The supply in 544 towns is controlled by the public authorities and 675 by private corporations, the ownership of 183 works being unknown in consequence of the managers' neglect to reply to inquiries. As regards the mode of supply, the water is furnished to 421 towns by gravity, to 553 by pumping into reser- voirs, tanks, or stand-pipes, and to 260 by pumping directly into the mains without the intervention of any 44 MAVERICK NATIONAL BANK. apparatus for equalizing the flow or the pressure. From 168 towns no data could be obtained. New York was supplied with Croton water in 1842 by a brick aqueduct, 38 miles long, crossing Harlem River by High Bridge. The watershed of the Croton has an area of 338.82 square miles. The storage capacity is 9,000,000,000 gallons, and the capacity of the aqueduct 92,000,000 gallons daily. There are three distributing reservoirs with an aggregate capacity of 1,374,000,000 gallons, and one of 10,750,000 gallons for high service. Average daily consumption, 95,000,000 gallons ; number of taps, 77,000. All buildings are assessed by frontage tax beside usual water rates, which are 7 cents per 1,000 gallons. Philadelphia is supplied by water and steam power pumping. The available capacity is about 100,000,000 gallons daily. Capacity of the pumps, 72,000,000 gallons. There are 16 reservoirs, aggregating 200,000,000 gallons storage capacity. Miles of pipe, 746. Daily average consumption, 58,000,000 gallons ; largest, 80,500,000 gallons. Total receipts, 1880, nearly $1,500,000 ; ex- penditures, about $400,000. Laying of water pipes is assessed on abutting property. Total profits, 1855 to 1880, over $12,000,000. The Brooklyn system is pumping, with reservoir dis- tribution, water being gathered from a drainage area of 60j square miles on the southern slope of Long Island by intercepting ponds and conducted through masonry con- duit to the pump well, 7 miles from East River. The storage reservoir has a capacity of 1,000,000,000 gallons. The daily water supply is about 44,000,000 gallons ; miles of pipe, 351 ; average daily consumption, 30,750,000 gallons; taps, 60,000; meters, 859. Chicago is supplied from Lake Michigan by a system of MAVEKICK NATIONAL BANK. 45 cribs, and constant pumping through stand-pipes. There are 450 miles of pipe. The average daily consumption is about 58,000,000 gallons. The city has now outgrown the old system, and vigorous measures are being taken to increase the water supply. Boston has three sources of supply, a brick conduit from Lake Cochituate, 14.6 miles in length; a second of masonry, 16 miles long, from the Sudbury River ; and the Mystic River system, which is separate. The first two have reservoirs with a total capacity of 692,000,000 gallons, and can give a daily supply of 76,000,000 gallons. The miles of pipe are 500 ; the average daily consumption, 36,000,000 gallons ; and the number of water takers, 68,334. The New England States have 275 water-works, or one to every 240 square miles ; the Middle States about 400, or one to every 288 square miles ; in the South, the pro- portion is relatively much less, owing to sparse population. Massachusetts alone has 128 systems ; and Rhode Island, with but little over 1,000 square miles of territory and 300,000 population, has 15. In the United States there are about 1,500 water-work systems, and over 100 new ones are projected, many in the South and West. Within fifteen years over 1,000 have been built, and since 1880 the increase has been 623. The total capital invested is estimated at $300,000,000. COST, EXPENSE, AND REVENUE OF WATER- WORKS. The cost of constructing water- works varies greatly, according to local features, etc. In Great Britain gravi- tation projects cost from $10 to $13, and pumping schemes from $7 to $10 per inhabitant. 46 MAVERICK NATIONAL BANK. The following table shows the average cost per head for eight British cities : London, Bradford, Halifax (Eng.), Dundee, $20 35 25 Liverpool, . Glasgow, Manchester, . Sheffield, The average cost per head for a supply of 20 imperial gallons per day for 66 towns by gravitation was $8 ; for 48 towns, with pumping system, $5.80; 11 towns, both systems, $7. This table shows the comparative cost per head of con- struction of works in seventeen American cities : TOWN. System. Cost per Capita. TOWN. System. Cost per Capita. Detroit, . $23 11 Cleveland, . . $16 84 Newark, 19 08 52 74 Wilmington, Del., . 20 73 Boston, Gravity, 44 46 Buffalo, 18 19 Hartford, . Gravity, 35 60 Cincinnati, . . . 26 20 New York, . Gravity, 34 38 19 25 St Louis 26 07 18 14 17 49 25 14 The following table shows the receipts per mile of pipe per annum of the leading water companies of the United States, cost of maintenance, and comparative rates : MAVERICK NATIONAL BANK. 47 CITY. Receipts per Mile. Revenue in Cents per 1,000 Gals. Cost In Cts.; Main- tenance per 1,000 Gals. Rates per 1,000 Gals., in cents. $2,022 4.12 1.18 10 3,200 4.7 1.00 7^ Philadelphia Boston . . 1,932 2,730 5.77 1.28 15 10 to 40 Brooklyn 3,307 1,600 - - 15 Baltimore, 2,183 3,112 6.91 2.55 13^ Cincinnati, .... Cleveland Detroit . 2,647 1,611 1 821 7.01 5.43 4 09 2.6 1.5 .82 10.2 6 to 12 Buffalo ..... 2,060 3.50 1.00 20 to 30 Milwaukee, Indianapolis, . 1,500 1,746 1,128 7 to 20 Pittsburg, xVashington, . Toledo 3,556 397 618 - . - The average dividend paid by the water companies of Great Britain for 1880 was 7 per cent. FINANCIAL STATISTICS. The following table, condensed from statistics of the Engineering News, gives financial details of the principal water-works in the United States and Canada : UNITED STATES. TOWN AND STATE. Popula- tion. When r.uiit. Cost of Construc- tion. Debt. Rate of Interest. New York, N. Y., . 1,500,000 1842 $40,000,000 Philadelphia, Pa., . 850,000 1801 _ _ _ Brooklyn, N. Y., . 600,000 1859 12,858,000 _ _ Chicago, 111., . 525,000 1840 10,416,444 $3,955,000 4, 6 and 7* Boston, Mass., . 412,000 1848, '64, '78 19,829,911 14,056,474 3i,4and6* St. Louis, Mo., . 360,000 1867, '73, '83 13,000,000 5,200,000 6* Baltimore, Md., 350,000 1804, 1880 10,738,018 9,500,000 4, 5 and 6* SajLErancisco^CaL,-^ 250,000 1859 17,000,000 5,000,000 ~_^5j*^=? Ne\v OrTean8,La., . 217,000 1833 2,397,000 395,000 6* Washington and Georgetown, D. C., 160,000 1853 8,000,000 875,000 3* Buffalo, N. Y., . 160,000 1852 4,157,609 2,828,382 3, 5 and 7* Cleveland, Ohio, 161,000 1853 4,569,374 1,775,000 3ito7< t 48 MAVERICK NATIONAL BANK. FINANCIAL STATISTICS Concluded. TOWH AND STATE. Popula- tion. When Built. Cost of Construc- tion. Debt. Rate of Interest. Pittsburg, Pa., . 160,000 1824, 1876 _ $4,500,000 6 and 7 % Newark, N.J.,. 137,000 1800 _ 3,485,000 Jersey City, N. J., 125,000 1852 $4,950,000 4,838,000 , LouiBville, Ky., 125,000 1860 4,759,790 900,000 3% Detroit, Mich., . Milwaukee, Wis., 120,000 120,000 1827, 1875 1873 3,619,489 2,589,841 1,451,000 1,505,000 4, 6 and 7 % 4 to It Providence, R. I., 105,000 1772, 1870 6,234,672 5,500,000 5 and <'K, Albany, N. Y., . 91,000 1813, 1850 _ 1,089,000 4, 6 and 7* Rochester, N. Y., 90,000 1876 3,741,123 3,182,000 "% Indianapolis, Ind., 80,000 1870 550,000 6* New Haven, Conn., 65,000 1862 1,500,000 125,000 7* Lowell, Mass., . 60,000 1872 2,388,218 1,890,000 6* Troy, N. Y., . 57,000 1833, 1880 1,149,084 443,500 M Cambridge, Mass., 53,000 1855 2,087,378 1,747,500 Syracuse, N. Y., 52,000 1829 727,000 200,600 6 and 7* Columbus, O., . 52,000 1870 1,086,771 772,000 4 and 6 % Toledo, O., 51,000 1874 1,250,000 1,000,000 8* Minneapolis, Minn., 50,000 1867 953,119 615,000 4^?4 St. Paul, Minn., 45,000 1870 1,690,744 1,660,000 4, 5 and 8 % Hartford, Conn., 45,000 1854 1,623,485 912,000 _ Wilmington, Del., 43,000 1804, 1875 625,000 585,000 _ Lawrence, Mass., 40,000 1873 1,894,654 1,300,000 6% Lynn, Mass., . 40,000 1869 1,410,788 1,107,700 4 and 6 4 Denver, Col., . 40,000 1872 600,000 350,000 8 and 10 % Dayton, O., 40,000 1870 571,526 562,000 4* Atlanta, Ga., . 40,000 1875 450,000 440,000 It St. Joseph, Mo., 35,000 1880 908,000 400,000 6* Springfield, Mass., 35,000 1843, 1873 1,306,187 1,200,000 6 and 7 # Memphis, Tenn., 34,000 1872 500,000 100,000 6* Portland, Me., . 34,000 1869 _ 1,300,000 5 and 6 % Grand Rapids, Mich 33,000 1875 485,066 382,000 8% Savannah, Ga., . 31,000 1854 1,000,000 None. Peoria, 111., 30,000 1868 450,000 450,000 6* Evansville, Ind., 30,000 1870 500,000 300,000 7 3-10 % Covington, Ky., Trenton, N. J.,. 30,000 30,000 1870 1803, 1852 400,000 422,951 300,000 265,000 7% 5 and 6 % Elizabeth, N. J., 28,500 1854 1,000,000 400,000 1% Erie, Pa., . 28,000 1840, 1868 891,548 675,000 1% New Bedford, Mass. 27,000 1865 1,217,592 850,000 7 to 4* Fort Wayne, Ind., 27,000 1880 280,000 260,000 6* Terre Haute, Ind., 27,000 1873 345,000 100,000 8* Petersburg, Va., 22,000 1856 150,000 125,000 8* Pougbkeepaie, N. Y. Springfield, O., . 21,000 21,000 1870 1883 581,845 419,696 550,000 440,000 7* 5* CANADA. Toronto, Ont., . 87,000 1841, 1873 2,430,000 2,430,000 4, 5 and 6 Quebec, 63,000 1851 2,000,000 1,750,000 6 and 7 % Montreal, . . A 141,000 1801, 1856 6,131,888 6,000,000 4 and 6 * Halifax, N. 8., . 36,200 1848 741,000 741,000 5 and 6 * Hamilton, Ont., 36,000 1859 1,250,000 900,000 6% St. Johns and Port- land, N. B., . 32,000 1838 999,180 999,180 4, 5 and 6 * St. Johns, N. F., . 81,000 1847, 1862 412,000 412,000 6% CHAPTER V. WHAT ARE SAVINGS BANK SECURITIES? Abstract of the Laws regulating the Investment of Savings Bank Funds. The Growth of Savings Banks. Savings Bank Statistics of the United States. While in England no laws were passed affecting the organization of savings banks until 1817, in Boston, one was incorporated Dec. 13, 1816, and began business in the following spring. In 1818 this was followed by the incorporation of savings banks in Salem, Mass., and Baltimore; and one in Philadelphia in 1819. In the latter year they appeared in Hartford, Conn., Newport and Providence, R. I., Bristol, R. I., and Portland, Me. SAVINGS BANKS STATISTICS. Deposits Deposits Deposits iooe oo at close at close May 31, lOOtHoO. of i860. of 1870. 1880. 4 [00,000 omitted.] Number of Depositors. Amount of Deposits. to each Depositor. Maine, . $1,5 $16,6 $21,6 109,398 $35,1 $320 N"ew Hampshire, 5,6 21,5 28,2 121,216 47,2 389 Vermont, 1,1 2,3 6,9 49,453 11,7 237 Massachusetts, 45,0 135,7 199,3 848,787 275,0 324 lihode Island, 9,0 30,7 39,2 116,381 51,8 445 Connecticut, 19,3 55,3 73,5 256,097 92,5 361 New York, . 67,4 230,7 318,1 1,208,072 457,0 378 New Jersey, *4,ft 20,0 17,4 91,681 25,3 276 Pennsylvania, *8,0 *15,0 30,4 143,645 37,5 261 Maryland, . *6,0 *12,0 21,7 *77,212 30,5 995 Washington, _ _ 3 7,605 8 104 Delaware, _ _ 1,2 _ _ _ Southern States, _ _ 1,4 _ _ _ Ohio, . _ _ 9,6 *34,553 12,8 371 Indiana, _ _ _ _ 2,2 _ Minnesota, . - _ _ 14,361 3,6 254 California, . *1,0 36,5 44,2 *80,489 60,4 751 Total, . $168,8 $576,4 $813,3 3,158,950 $1,143,7 $361 * Estimated. 50 MAVERICK NATIONAL BANK. SAVINGS BANK SECURITIES. The following is a condensed statement of the laws of the New England States and of New York, defining the classes of securities in which savings banks may invest. . The limitations as to the amount of funds or proportion of deposits which may be invested in any one class of securities are not in all cases given. For these, reference should be had to the savings bank laws of each State, compilations of which usually accompany the annual reports of the savings bank commissions. New Hampshire has no restrictive laws regarding savings bank investments. Massachusetts Savings Banks May invest as follows : 1. Not more than seventy per cent, of deposits in first mortgages upon Massachusetts real estate not exceeding sixty per cent, of valuation. 2. In public funds of United States, any New England State or New York, or bonds or notes of any city, county, town, or incorporated district of Massachusetts or any city of New England whose net indebtedness does not exceed five per cent, of valuation for taxation purposes ; or of any county or town thereof whose net debt does not exceed three per cent, of such valuation ; or in notes of Massachusetts citizens with pledge of any of these securi- ties at no more than par value. In bonds of Pennsylvania, Ohio, Michigan, Indiana, Illinois, Wisconsin, Iowa, and District of Columbia, or any city in these States or in the State of New York (issued for municipal purposes) having more than 30,000 inhabitants and debt not exceeding five per cent, of valuation, and in notes of Massachusetts citizens with these as collateral pledged at not exceeding eighty per cent, of market value. 3. In the first mortgage bonds of any New England rail- MAVERICK NATIONAL BANK. 51 road company (not street railway) operating its own road and that lias paid regular dividends for the two preceding years ; in first mortgage railroad bonds guaranteed by such company ; in notes of Massachusetts railroad companies, with road located wholly or in part in Mas- sachusetts, unencumbered by mortgage and which has paid dividends of not less than five per cent, per annum for preceding two years, or in notes of Massachusetts citizens with above as collateral at not above eighty per cent, of par. 4. In stocks of Massachusetts banks or any United States bank located in New England, or in loans on bank stocks to citizens at not above eighty per cent, of market value and not exceeding par ; not more than thirty-five per cent, of deposits to be thus invested or more than three per cent, in stock of one bank. 5. May loan fifty per cent upon depositors' books as security. 6. One-third part of deposits may be invested in personal securities, not exceeding one year to run, with at least two sureties, and all residents of Massaclm- { setts. 7. Ten per cent, of deposits, but not more than $200,000 in lot and building for its own business. 8. In real estate acquired by foreclosure, but it must be sold within five years after title is acquired. Maine. The savings banks of this State may invest In public funds of any New England State, or county, city, or town therein ; in United States funds ; in any United States bank or Maine State bank. In bonds of cities (not less than 10,000 inhabitants) in New York, Pennsylvania, Maryland, Ohio, Indiana, Illinois, Kentucky, Michigan, Wisconsin, Minnesota, 52 MAVERICK NATIONAL BANK. Iowa, Missouri, Kansas, and Nebraska, and in public funds of any of these States, and in bonds of counties of these States having 20,000 population, when not issued in aid of railroads ; but where the city or county debt exceeds five per cent, of valuation (except the city of St. Louis) investment is forbidden. In first mortgage bonds of Jiny completed railroad of the above-named States or of New Jersey, and in the first mortgage bonds of the Central Pacific, Union Pacific, and Northern Pacific, and in first mortgage bonds of Maine railroads ; in stock of any dividend paying rail- road in New England ; in stock of any unmortgaged Maine road ; in first mortgage bonds of Maine water companies supplying for domestic use and fire extin- guishment purposes cities or towns of not less than 2,500 inhabitants. In the stock and bonds of any other Maine corpora- tions issuing and regularly paying five per cent, per annum. In first mortgages of real estate in Maine or New Hampshire not exceeding sixty per cent, of value. In notes with a pledge as collateral of any of the aforesaid securities, including Maine savings bank books and the stock of any railroad company at not above seventy-five per cent, of its market value. In loans to corporations having real estate and doing business in Maine. In pledge or mortgage of such other personal property as, in the judgment of the trustees, it is safe and for the interest of the bank to accept. Not exceeding five per cent, of deposits, or $100,000 in amount, may be invested in a bank site and building. Banks cannot be interested in more than one-fifth of the capital stock of any corporation, nor invest more than ten per cent, of deposit nor exceeding $60,000 MAVERICK NATIONAL BANK. 53 therein ; nor can they have more than fifty per cent, of deposits in real estate mortgages save in settlement to secure debts. Vermont Savings Banks May invest in First mortgages of unencumbered real estate ; loan not to exceed three-fifths the cash value of property. Not less than one-sixth of amount of such mortgages shall be upon real estate in Vermont, and not more than seventy per cent, of assets in real estate mortgages. Loans on unimproved or unproductive real estate not to exceed forty per cent, of value thereof. Not exceeding one-third of assets in personal security loans not exceeding a year's time, with two names of residents within the State or within fifty miles of the bank. Three per cent, of deposits in its own building. Public funds of United States or of New England States, or cities, towns, villages, or school districts of New England States. Bank or trust company stocks incorporated under United States laws or of laws of New York or New England States. Bonds of cities (except railroad aid bonds) of 5,000 inhabitants whose debt is not legally allowed to exceed and does not exceed five per cent, of valuation in New York, New Jersey, Pennsylvania, Ohio, Indiana, Illi- nois, Michigan, Wisconsin, Minnesota, Iowa, Nebraska, Kansas, Missouri, and California ; in public funds of these States, county bonds of the same (not in aid of railroads) where county debt does not exceed and is not legally allowed to exceed five per cent, of assessed valuation. In school bonds and school district bonds of these States (except California) upon same basis of debt. In notes 54 MAVERICK NATIONAL BANK. with any of these securities as collateral, including de- posit books or receipts of Vermont banks or trust com- panies. Not more than ten per cent, of deposits nor more than $35,000 to be invested in one bank or trust company, or more than ten per cent, of same to be held as loan security or investment. No loan to one person or firm to exceed five per cent, of deposits nor more than $30,000, and no loan on personal security to exceed $10,000. Rhode Island. " Institutions for savings in this State must invest their receipts in public stocks or bonds of any State or of the United States, or in any bank stock or in notes or bonds of any town or city, or in such corporate stocks or bonds as they may deem safe and secure ; or they ma} 7 discount notes, bonds, or drafts of individuals or corporations with two other responsible endorsers, sureties, or guarantors, or the notes, bonds, or drafts of individuals or corpora- tions secured by the public notes, stocks, or bonds of any State of the United States, or of any town or city, or by the stock or bonds of any corporation which may be deemed to be safe, or by mortgage on real estate." Connecticut. Savings banks may employ not over half their deposits in personal loans, and in public funds of the United States, New England States, or New York, New Jersey, Pennsylvania, Ohio, Kentucky, Michigan, Indiana, Illi- nois, Wisconsin, Iowa, Missouri, Kansas, Nebraska, District of Columbia ; in authorized bonds of any incor- porated New England city, of New York City, Brooklyn, Albany, Syracuse, Utica, Troy, Rochester, Buffalo, Phil- adelphia, Detroit, Cleveland, Columbus, Dayton, Cincin- nati, Chicago, Milwaukee, and St. Louis ; in the first mortgage bonds of any railroad company in the above- MAVERICK NATIONAL BANK. 55 mentioned States which has paid not less than five per cent, annual dividends regularly on its entire stock for not less than five years next previous to the purchase of the said bonds ; or in the consolidated mortgage bonds of any railroad company chartered in Connecticut, said bonds being authorized to retire the entire bonded debt of said company, provided such company has paid divi- dends as aforesaid; or in the bonds of any town or borough in the State ; or in the stock of any bank of Connecticut, New York City, or Boston ; or in the stock of any Hartford or New Haven trust company. All other loans shall be secured by mortgage of unincum- bered Connecticut real estate, worth double the amount of the loan secured thereon. New York. The savings banks of this State are authorized to in- vest 1. In the stocks or bonds or interest bearing notes or obligations of the United States or those for which the faith of the United States is pledged to provide for the payment of the interest and principal, including the bonds of the District of Columbia, commonly known as the three-sixty-five bonds. 2. In the stocks, bonds, or notes of New York State bearing interest. 3. In the stocks, bonds, or notes of any State in the Union that has not within ten years previous to making such investment by such corporation defaulted in the payment of any part of either principal or interest of any debt authorized by any legislature of such State to be contracted. 4. In the stocks, bonds, or notes uf any city, county, town, or village of this State issued pursuant to the authority of any law of New York State, or in any inter 56 MAVERICK NATIONAL BANK. est bearing obligations issued by the city or county in which such bank shall be located. 5. In bonds and mortgages on unincumbered real estate situated in New York State and worth at least twice the amount loaned thereon, but not to exceed sixty per cent, of the whole amount of deposits shall be so loaned or invested. 6. In real estate. (1.) A plot whereon is erected or may be erected a build- ing or buildings requisite for the convenient transaction of its business ; the cost of such building not to exceed fifty per cent, of the net surplus of such corporation. (2.) Such as shall have been purchased by the bank at sales upon foreclosure of mortgages owned by such bank, or upon judgments and decrees obtained or rendered for debts due to it, or in settlements effected to secure such debts. All such real estate shall be sold within five years, unless time extended by superintendent. CHAPTER VI. BANKS AND BANKING. Early Banking in Europe. The Bank of England and the Joint-Stock Banks. Bank of France. Prices and Dividends of European Bank Shares. Canadian Banks. The Increase of Banking Capital. History of Banking in the United States. The Number of National Banks. Capital and Profits. Comparative Position in Recent Times. The Statistical Record for Twenty-one Years. The Maverick National Bank. EARLY BANKING. Modern banking dates from the revival of civilization in Italy. The Bank of Venice (1171) was the first in Europe ; it was based on a forced loan to the state, and its original capital is said to have been 2,000,000 ducats ($4,500,000) . It was a bank of deposit, but in its early days deposits could not be withdrawn ; its credits com- manded a premium, with slight exceptions throughout its entire history. The bank was ruined by the French invasion of 1797. The names of Bardi, Acciajuoli, Peruzzi, Pitti, and Medici have been preserved to us in Italian art and literature, but in their time they repre- sented the greatest trading and banking houses in Europe. When in 1345 the houses of Bardi and Peruzzi failed, in- calculable distress followed. The people had deposited with them 900,000 florins ($2,025,000), but these houses had loaned Edward III. and the King of Sicily 1,700,000 florins ($4,075,000), which the latter were unable to pay. 58 MAVERICK NATIONAL BANK. The size of financial transactions in these times may be judged from these figures and from the fact that from 1430 to 1433 seventy-six bankers at Florence lent 4,865,000 gold florins ($9,946,250). The Bank of St. George at Genoa, for centuries one of the leading banks of Europe, was established in 1407 ; it continued in existence till its pillage by the French in 1800. Barcelona, in the middle ages, was one of the foremost commercial cities of Europe ; it is especially interesting as the place where bills of exchange were first negotiated. The Bank of Barcelona was organized in 1401. At the beginning of the 17th century, Amsterdam, then the chief port of entry in Europe, suffered greatly from the worn and clipped condition of its coin. To remedy this and to provide a standard for the currency the Bank of Amsterdam was established in 1609 ; it was for deposit and transfers of accounts. The managers were under oath not to lend any of the funds. About the middle of the last century they secretly lent part of the bullion to the East India Company and to the govern- ment of Holland. This, in connection with the French invasion in 1794, resulted in the ruin of the bank. The Bank of Hamburg (1619), a bank of deposit, based on fine silver bars, was always one of the best managed banks in Europe. It was merged into the Imperial Bank of Germany in 1875. ENGLISH BANKING. Banking began in England much later than on the continent. It had been the custom with the merchants of London to deposit their money in the Tower with the Master of the Mint. Shortly before the opening of the Long Parliament Charles I. seized upon 200,000 of this as a forced loan. Compelled to seek a new place of MAVERICK NATIONAL BANK. 59 security for their funds, the merchants, about the year 1640, began to make deposits with the goldsmiths, many of whom gradually gave up their old business to become bankers. This innovation in the affairs of the goldsmiths was vigorously attacked. It is noted that among the assailants was Sir Josiah Child, who afterwards himself became a banker, and founded one of the two houses now existing in London that were established before the Bank of England. The Bank of England was projected by William Pat- terson, a Scotchman ; it was chartered July 27, 1694, for a period of eleven years. It was founded upon a loan of 1,200,000 to the government of William and Mary, then in need of funds, in consideration of which it was to re- ceive interest at eight per cent per annum, besides 4,000 per annum for the management of the public debt. The charter has been renewed several times, the last in 1844, when the opportunity was taken to divide the bank into two departments, known as the issue and banking depart- ments. The issue department is allowed to put forth notes to the amount of 15,750,000 on government securi- ties but for all sums above that amount it is required to have a like amount of bullion. The bank suspended specie payments from 1797 to 1823. From the beginning, the capital of the bank and the loan to the government have been nearly identical in amount. The capital of the bank has risen as follows : 1694 1,200,000 1708 4,400,000 1746 10,800,000 1782, 1818, 1887, 11,600,000 14,500,000 14,500,000 60 MAVERICK NATIONAL BANK. CONDITION OF THE BANK O9 ENGLAND AT DIFFERENT PERIODS FROM 1780 TO 1887. YEAR. MILLIONS . Circulation. Deposits. Securities. Bullion. 1780, 8.4 10.0 16.8 21.0 23.5 20.1 16.5 20.4 21.5 24.5 27.1 24.4 4.7 6.2 7.1 12.5 4.1 10.8 6.6 18.4 18.8 24.2 33.1 28.5 10.9 10.3 21.4 35.4 26.2 24.2 21.6 26.0 29.4 29.5 34.8 36.2 3.6 8.0 6.1 3.5 .4.9 9.2 4.3 16.0 14.0 22.3 27.9 18.8 1790, 1800 1810, 1820, 1830, 1840 1850, I860 1870, 1880 Jan. 1,1887 The Bank of Scotland was organized in 1695 ; the Bank of Ireland began business June 1, 1783. In 1708, copartnerships of more than six persons for the purpose of banking were forbidden, and the joint- stock banks were closed. In 1825, a bank act, allowing such organizations, was passed, and at first banking rapidly expanded and fail- ures were numerous ; but since 1844 the character of bank management in England has greatly improved. The lar- gest of the joint-stock banks, the London and Westmin- ster, was established in 1834 ; its present capital is 2,800,000, and it pays a dividend of fifteen per cent. Its deposits are 22, 217, 424. and its total liabilities foot up 27,948,991. The number of joint-stock banks in the United King- dom in June, 1882, was 186, of which 120 were English, 10 Scotch, 9 Irish, and 47 Colonial ; their business was as follows : MAVERICK NATIONAL BANK. 61 ] MILLIONS English. Scotch. Irish. Colonial. Total. Capital Reserve, Value of Stock, . . . 52 22 138 9 6 24 7 3 20 40 15 68 108 M 250 28 6 7 10 61 Deposits 279 79 23 132 513 82 14 . 6 33 135 Government Securities, . 52 12 2 12 78 Discounts, .... 225 62 20 251 658 Assets 398 105 32 250 785 The above shows a nominal capital and reserve of 154 millions, but the shares represent an actual value of 250 millions. The present market value of banking capital in the United Kingdom is as follows : England, 173 per cent. ; Scotland, 153 per cent. ; Ireland, 122 per cent. Total, United Kingdom, 165 per cent. The following table shows the increase of banking in the United Kingdom from 1850 to 1882 : Millions Capital and De- posits. Amount per In- habitant. 1850. 1882. 1*150. 1882. 207 36 17 660 103 43 11 12 3 26 28 8 23 260 806 10 The banks of the United Kingdom are owned by 88,000 shareholders, the average capital to each shareholder being 1,000 in Scotland, 780 in England, and 720 in Ireland. 62 MAVERICK NATIONAL BANK. BANK-NOTB ISSUE OF UNITED KINGDOM. 000 omitted. Per Inhabitant (Shillings). 1844. 1874. 1882. 1844. 1874. 1882. England, Scotland, Ireland, .... United Kingdom, . 28,400 3,000 5,900 31,200 5,900 6,800 28,900 5,600 7,300 34 22 15 25 35 26 22 30 29 37,300 43,900 41,800 27 27 23 THE BANK OF FRANCE. The Bank of France, second to the Bank of England in size and importance in Europe, was founded in 1800. The original capital was 45,000,000 francs ; increased in 1806 to 90.000,000 francs, divided into 90,000 shares at 1 ,000 francs each. The bank established branches from time to time, and in 1848 it incorporated with itself the departmental joint-stock banks at Lyons, Marseilles, Bordeaux, Rouen, and other large cities ; in 1879 the branches numbered ninety. The capital of the bank has been increased at various times ; it is now 182,500,000 francs. The Bank of France is the only bank of issue in the Republic. The following shows the situation of the Bank of France in May, 1887 : Assets. Liabilities. Coin and Bullion Gold, . " " Silver, Government securities, Private securities, 47,637,000 46,609,000 14,375,000 33,621,000 Notes, .... Government deposits, Private deposits, 109,341,000 9,698,000 13,626,000 MAVERICK NATIONAL BANK. 63 GERMAN BANKS. Up to the close of the Franco-Prussian war banking was carried on in Germany under laws peculiar to each State. Most of the banks were allowed to issue notes, the circulation in each case being confined to the neigh- borhood of the issuing bank. Dec. 31, 1873 there were thirty-three banks of issue in the Empire, with a circulation of 1,352,548,000 marks ($338,137.000). The unification of Germany made a general banking law necessary. Jan. 30, 1875, a law was passed establishing the Imperial Bank. With this the old Bank of Hamburg and the Royal Bank of Prussia were incorporated. The situation of the bank in May, 1887, was as follows : Assets. Liabilities. Coin and bullion, . Discounts and advances, 38,990,000 21,230,000 Notes in circulation, . Current accounts, 42,016,000 16,565,000 NETHERLANDS BANK. The Bank of the Netherlands was first chartered in 1814, with a capital of 5,000,000 florins. This has been increased at various times, and is now 10,000,000 florins ($4,000,000). The following was the condition of the bank in May, 1887 : Assets. Liabilities. Coin and Bullion Gold, . 4,909,000 Notes in circulation, . 17,324,000 Silver, 8,236,000 Deposits, . 1,548,000 Discounts and advances, 8,694,000 64 MAVERICK NATIONAL BANK. PRICES AND DIVIDENDS OF EUROPEAN BANK STOCKS. Paid-up Capital. Dividend Lastl2Mos. Am't of Share. NAME. Paid. Market Prices. Per cent. 14,553,000 2,800,000 10 15 Stock, 100 Baflfe of England, London and Westminster 100* 295 Bank, 20 64* 2,000,000 1,250,000 20 14 80 150* London and County Bank ing Co., . Bank of Scotland, 20 Stock, 84 318 2,000,000 Stock, Royal Bank of Scotland, 100* 215 2,769,230 - Stock, Bank of Ireland, 100* 273 Franca. Francs. Francs. Francs. 182,500,000 29tf 1,000 Bank of France, . 1,000 4,130 Marks. Marks. 120,000,000 6* 3,000 Imperial Bank of Q-ermany , 100* 136&* Florins. Flor. Flor. 10,000,000 Vi 1,000 Bank of the Netherlands, . 1,000 225 R>TES OF INTEREST SINCE 1850. 1851-60. 1861-70. 1871-80. Average of 30 years. Great Britain, France, . . . 4.17 4.30 4.23 3.55 3.28 3.94 3.89 3.93 Germany, .... Austria 4.05 5 26 4.56 4 77 4.30 4 79 4.30 4 94 Italy 6.35 5.69 4.85 5.30 Holland 3 60 3 98 3 40 3 67 3.62 3.59 3.60 3.60 4 27 4 30 3 71 4.09 CANADIAN BANKS. Paid-up Capital. Dividend Last 12 Months. Amount of Share. Paid. Market I'ricei. $12,000,000 6,000,000 5,753,883 $ 7* $200 50 100 Bank of Montreal, Canadian Bank of Commerce, Merchants' Bank of Canada, $200 50 100 $494 62J 132* 1.000,000 6* 60 British Bank of N. America, 50 68 MAVERICK NATIONAL BANK. 65 Since 1840 the banking of the world has increased about eleven-fold ; that is, three times as fast as com- merce, or thirty times faster than population. CAPITAL ENGAGED IN BANKING. MILLIONS . Amount per Capital. Deposits. Total. Inhabitant. United Kingdom, . 270 55 670 150 840 205 25 Germany, .... Russia 85 45 30 200 110 130 285 155 166 6 2 5 Italy, 31 60 91 3 Spain and Portugal, 12 7 10 20 22 27 1 5 Holland Q 20 26 7 Scandinavia, . . . . 11 24 35 4 Europe, . . , . United States, . . . Canada, ..... 558 145 17 1,294 386 18 1,852 531 35 6 10 g Australia, .... 19 66 85 30 TotalB, .... 739 1,764 2,603 7 BANKING AND CURRENCY IN THE UNITED STATES. Paper money was issued from time to time by the different colonies, Massachusetts taking the lead in 1690. During the Revolutionary War the distress attendant upon the depreciation of the continental currency (the amount of which had grown to $240,000,000) was so great that some public measure of relief was necessary. In May, 1781, Robert Morris made public his scheme for a bank ; the Bank of North America was incorporated Dec. 81, 1781. Its capital was $400,000, of which the government subscribed $254,000. At the expiration of its charter in 1787 it was rechartered by Pennsylvania, and it exists to-day as a national bank, with a capital of $1,000,000, and a surplus of $1,000,000. 66 MAVERICK NATIONAL BANK. In 1790, Hamilton urged the establishment of a bank, and laid before Congress a plan for such an institution. The bank was incorporated in February, 1791. Its capital was limited to $10,000,000, the government subscribing $2,000,000 ; the shares were all taken as soon as offered. The bank was a success, its dividends during the twenty years of its history averaging eight and one-fourth per cent, per annum. In 1811, Congress refused to renew its charter. The stockholders eventually received one hundred and nine per cent., but owing to the length of time between the payments their stock really netted them less than par. The number of State banks in the country at this time was ninety ; in 1813 their number increased to one hundred and fifty, with a circulation amounting to $62,000,000. The New England banks suspended specie payments in 1814, but resumed at the beginning of 1817. State bank notes having become very unstable in value, Congress, in 1816, chartered the second United States bank. The capital was $35,000,000, of which the government subscribed $7,000,000. The State banks, however, increased rapidly. In 1816 they numbered two hundred and forty-six, with $90,000,000 capital ; in 1830 the number had grown to three hundred and thirty, with $145,000,000 capital. In July, 1832, the bill to recharter the United States bank was vetoed by President Jackson, and the institution terminated its existence as a national bank in 1836. The following report was made to Con- gress at the close of its legal existence : Estimated value of all assets, $68,268,740 63 Debts dne by the bank 29,253,610 27 Estimated value of its stock $39,015,130 36 Equal to $111.47 per share. MAVERICK NATIONAL BANK. 67 The bank continued operations under a charter from Pennsylvania for a few years, but in 1841 its stock became worthless. The refusal to recharter the United States Bank led to the incorporation of a large number of State banks. The capital of many of these was fictitious or but partly paid up, and the power of circulation granted them was almost unlimited. In 1837 there wsre 788 State banks, with a capital of $291,000,000; $149,000,000 in circulating notes, $127,000,000 in deposits, and $525,000,000 in loans and discounts. The remarkable expansion and the wild speculations of this period resulted in the panic of 1837, the worst the country has ever known. Specie payments were suspended, values fell, and a period of distress followed which lasted nearly five years. From Jan. 1, 1837, to Jan. 1, 1843, the banking circulation of the country fell from $145,185,890 to $58,563,608 ; banks decreased in number ninety-seven, banking capital nearly $62,000,000, deposits $71,500,000, loans and discounts $270,500,000, and specie in bank nearly $5,000,000. The crisis of 1837 led to the adoption of the Suffolk Bank system in Boston. This was an arrangement by which the Suffolk Bank received the notes of all New Eng- land banks finding their way to Boston, and returned them for immediate redemption. The State of New York put in operation the New York safety fund system, under which banks were compelled to deposit securities with the banking department of the State to provide against failures. Jan. 1, 1847, the United States sub- treasury system went into operation, since which time the govern- ment has collected and disbursed its revenue without the intervention of the banks. In 1857 there was another crash, and all the banks in the Union suspended specie payments ; the depression did not, however, continue long. 68 MAVERICK NATIONAL BANK. The following table gives the number of State banks reported to the Treasury Department each year from 1837 to 1862, inclusive, together with their aggregate capital, deposits, circulation, loans and discounts, and specie : NUMBER OF STATE BANKS REPORTED TO THE TREASURY DE- PARTMENT EACH YEAR FROM 1837 TO 1862, INCLUSIVE, TOGETHER WITH THEIR AGGREGATE CAPITALS, DEPOSITS, CIRCULATION, LOANS AND DISCOUNTS, AND SPECIE. YBAB. No. of Banks. 00,000 omitted. Capital. Deposits. Circula- tion. Loans and Dis- counts. Specie. 1837, 788 $290,7 $127,3 $143,1 $525 1 $37,9 1838, 829 317,6 84,6 116,1 485,6 35,1 1839, 840 327,1 90,2 135,1 192,2 46,1 1840, 901 358,4 75,6 106,9 462,8 33,1 1841, 784 313,6 64,8 107,2 386,4 25,8 1842, 692 260,1 62,4 83,7 323,9 28,4 1843, 691 228,8 56,1 58,5 254,5 33,5 1844, 696 210,8 84,5 75,1 264,9 49,8 1845, 707 206,0 88,0 89,6 288,6 44,2 1846, 707 196,8 96,9 105,5 312,1 42,0 1847, 715 203,0 91,7 105,5 310,2 35,1 1848, 751 204,8 103,2 128,5 344,4 48,3 1849, 782 207,3 91,1 114,7 332,3 43,6 1850, 824 217,3 109,5 131,3 364,2 45,3 1851, 879 227,8 128,9 155,1 413,7 48,6 1862, 750 207,9 145,5 146,0 408,9 46,1 1853, 1,208 301,3 188,1 204,6 557,3 69,4 1854, 1,307 332,1 190,4 186,9 676,1 53,9 1855, 1,398 343,8 212,7 195,7 634,1 59,3 1856, 1,416 370,8 230,3 214,7 684,4 58,3 1857, 1,422 394,6 185,9 155,2 583,1 74,4 1858, 1,476 401,9 259,5 193,3 657,1 104,5 1859, 1,568 422,1 253,8 207,1 692,0 83,6 1860, 1,569 429,5 257,2 202,0 696,7 87,6 1881, . 1 496 419,7 297,1 183,9 647,6 102,2 1862, . . . 1,466 405,0 393,6 238,6 648,6 101,2 At the outbreak of the civil war in 1861 the paper in circulation in the United States amounted to $200,000,000, of which $50,000,000 represented Southern banks. The specie available for circulation was $275,000,000. The government borrowed $50,000,000 of the banks of the large cities on demand notes. In February, 1862, Con- MAVERICK NATIONAL BANK. 69 gross authorized the issue of $150,000,000 of legal ten- ders, $50,000,000 of which was to take up these notes. The national banking system dates from the act of Feb. 25, 1863, creating the currency bureau and establishing the office of comptroller of the currency. The act was for ^tire-- purpose of assisting the government loans. Under it the comptroller was authorized to permit the establishment of banking associations of not less than five persons, and a minimum capital, except in small places, of $100,000. The associations were obliged, be- fore commencing business, to deposit with the Treasury Department of the United States, bonds to the extent of one-third of the capital ; for which they were to receive circulating notes, equal to ninety per cent, of the mar- ket value of the bonds, but not beyond ninety per cent, of par. The issue of currency was limited to $300,000,000, to be apportioned among the States accord- ing to population and banking capital. A large portion of the State banks took charters under the new system. Specie soon went out of circulation. The general resumption of specie payments took place Jan. 1, 1879. The bank act provided for an existence not exceeding twenty years. As the charters of some of the banks organized in 1863 expired, or were about to expire, before the passage of the act of July 12, 1882, providing for extending the corporate existence of national banks, about fifty of them reorganized, and took new charters. Since this time, nearly all expiring bank charters have been renewed. 70 MAVERICK NATIONAL BANK. SUMMARY OF NATIONAL BANKS ORGANIZED AND DISSOLVED SINCE FEB. 25, 1863, AND THE NUMBER EXISTING Nov. 1, 1886. BANKS ORGANIZED. Num- ber. DISSOLVED. Nowexisting. In Liquidation, voluntary or by expiration. Failed. Total number dis- solved. Num- ber. Per Cent. No. Per Ct. No. Pr. Ct. Converted from State system, . . Other banks, Total, . 575 3,005 66 534 12 18 19 93 3 3 85 627 490 2,378 85 79 3,580 600 17 112 3 712 2,868 80 Of 600 banks which have gone into voluntary liquidation, 456 took that step for the purpose of winding up their affairs, 79 for the purpose of reorganization, and 65 went into liquidation by reason of expiration of charter, 38 of them hav- ing since been reorganized. BANK PROFITS. Year ending Sept. 1. No. of Banks. Millions Capital. Millions Surplus. Millions Divi- dends. Millions Net Earn- ings. Ratio of Divi- dends to Capital. Ratio of Div'ds to Cap. and Surplus. Ratio of Earn'gs to Cap. .feSurp's. 1870, 1,601 $425 $91 $42 $55 10.12 8.35 10.96 1871, 1,693 445 98 44 54 10.14 8.31 10.23 1872, 1,852 465 105 46 58 10.19 8.33 10.36 1873, 1,955 488 118 49 65 10.31 8.30 10.87 1874, 1,971 489 128 48 59 9.90 7.87 9.68 1875, 2,047 497 134 49 57 9.89 7.81 9.22 1876, 2,081 500 132 47 43 9.42 7.45 6.87 1877, 2,072 486 124 43 34 8.93 7.09 5.62 1878, 2,047 470 118 36 30 7.80 6.21 5.14 1879, 2.045 455 115 34 31 7.60 6.07 5.49 1880, 2,072 454 120 36 45 8.02 6.35 7.88 1881, 2,100 458 127 38 53 8.38 6.59 9.20 1882, 2,197 473 133 40 53 8.73 6.81 8.88 1883, 2,350 494 141 40 54 8.30 650 8.60 1884, 2,582 518 147 41 52 8.00 6.20 8.00 1885, 2,665 524 146 40 43 7.80 6.00 6.50 1886, 2,784 532 155 42 55 7.96 6.17 8.02 CONDITION OF THE NATIONAL BANKS, 1879-1887. The following table exhibits the resources and liabili- ties of the national banks in operation at corresponding dates for the last nine years, in millions : MAVERICK NATIONAL BANK. 71 . O^ $ tj| O eo . o~ *t O^ fl 00 ? *._ .,- .. , . .. f . Columbia. Coup. do. ... '. . . . Montana. U. S. Currency 6s, . . . . . . . Idaho. 76 MAVERICK NATIONAL BANK. Called Bonds, Nevada. Regd. District of Columbia 3-65s, .... Kentucky. Coup. do. do. .... Texas. PHRASES. At what will you sell, . . . . . . Europe. At what will you buy, Asia. At what can you buy for us, . . ' . . . . Rome. All right we take the at, Sweden. All right we sell you the at, . _ ., . . Norway. Answer by mail, ....... Canada. Buy for our account, . . . . . Ireland. Buy at best rate, . Belgium. Bonds held at Washington as security for circula- tion, ......... Egypt. Deposit at Washington as security for circulation, Palestine. Hold for instructions, . . . . . . Frankfort. How does market look, . . ' . . . . Toronto. If accepted immediately by wire, .... Glasgow. If bought, sell out again, . . . . . Paris. If sold, buy back, London. If unsold on receipt of your answer, . . . Pekin. Make best bid for, . Persia. Market is very active, Ontario. Market is very dull, France. Market unsettled. Can't name price to keep open, Portugal. Order good until countermanded, .... Malta. Scarce and in demand, England. Sell for our account, Italy. Sell at best rate, Scotland. Send by express, Berlin. Send by mail, Amsterdam. Telegraph us an order and we will do the best we can, Spain. Too late to do anything. . . " . . . Austria. We accept your offer, India. We are out of, Dublin. MAVERICK NATIONAL BANK, 77 We are full of, .... We are unable to draw. Please remit, We can buy for you, We decline your offer, . We do not wish to sell, . We do not wish to buy, . We have sold for your account, We have bought for your account, We hold for instructions, We raise limit to, . We reduce limit to, ... We send by express, We send by mail, .... We will sell, We will buy, We will give, AMOUNTS. Belle, . 1,000 George, Ellen, . 2,000 Fanny, Lottie, . 3,000 Jane, . Louisa, 4,000 Edward, Thomas, 5,000 Sally, . . 10,000 Laura, William, . . 20,000 Richard, Blossom, . 25,000 Miriam, Martin, . 30,000 Adolph, Luther, . 40,000 Mark, . Alexander, . . 50,000 Luke, . Stephen, . 60,000 Matthew, Joseph, . 70,000 Samuel, Henry, . 75,000 Peter, . Charles, . 80,000 Robert, Mary, . . 90,000 Gypsy, Emily, . 100,000 Choctaw, Edinburgh. Moscow. Russia. China. Japan. Denmark. Holland. Wales. Vienna. Syria. Greece. Brussels. Liverpool. Africa. America. Naples. . 110,000 . 120,000 . 125,000 . 130,000 . 140,000 . 150,000 . 160,000 . 170,000 . 180,000 . 190,000 . 200,000 . 225,000 . 250,000 . 300,000 . 400,000 . 500,000 1,000,000 78 MAVERICK NATIONAL BANK. RATES. ONE. FOUR. SEVEN. H Broad. 41 Green. 7i Pine. 1J Bank. 4J Gaskill. 7i Park. If Beaver. 4|Gay. 7| Pear. 14 Bond. 4i George. 7i Poplar. If Brook. 4| German. 7f Plum. If Brown. 4f Girard. 7f Prince. 11 Button. 4f Grape. 71 Prune. TWO. FIVE. EIGHT. 2i Chestnut. 6J Locust. 81 Race. 2 Cedar. 5J Laurel. 8i Rawle. 2f Centre. 5f Lemon. 8| Read. 2 Cherry. 5i Linden. 8i Ritner. 2 Church. 5f Lilly. 8| Rose. 2| Clinton. 5| Logan. 8| Rush. 21 Crown. 51 Lombard. 81 Rye. THREE. SIX. NINE. 31 Front. 6i Matron. 91 Spruce. 3 Federal. 6J Master. 9 Sansom. 3| Filbert. 6f Marshal. 9f Shippen 34 Franklin. 6i Melon. 9^ Small. 3| Fayette. 6| Minor. 9| Spring. 3| Farr. 6| Myrtle. 9| South. 31 Fulton. 61 Mulberry. 9 Summer NOUGHT. 01 Walnut. 04 Weaver. 01 Willow. Warren. 0| West. OA Pin. 0| Water. Of Wood. O^j Needle CHAPTER VII. COINAGE AND CURRENCY. Oriental and European Coinage. Colonial Coinage. The Silver Dollar. United States Coinage. Value of Foreign Coins. Legal Tender and Bank Notes Statistics. The Distribution of the Currency of the United States. Gold and Silver Production. Ratio of Silver to Gold. PRIMITIVE COINS. Gold and silver were in use among the Orientals as money long before the beginning of authentic history. It is said of Abraham that " he was rich in silver and gold, and bought a sepulchre for his wife Sarah for four hundred shekels of silver" ($250). The Lydians are said to have been the first to coin money. The standard money of Greece, down to a comparatively recent date, was silver. Gold coins were in circulation, but they were of foreign origin. Philip of Macedon was the first to introduce gold coinage into Greece ; later, the spoils of Alexander made the article common. The Romans for a long time used only bronze and copper coins. Their first silver money was made 269 B. C. ; their first gold coin not until 207 B. C. The study of modern coinage is somewhat perplexing on account of the frequent changes in the names of the coins. Of the mediaeval coins the Sequin, mentioned so often in the "Arabian Nights," is still in use. It origi- 80 MAVERICK NATIONAL BANK. nated in Venice and was called Zecchino, from the mint at which it was coined. It is still common in the Levant. The English guinea is perhaps the finest gold coin ever struck. It was so named because first made from gold brought from the Guinea coast in the reign of Charles II. The first coins made for American use were of brass, and were struck in the Bermudas in 1612 for the Virginia Company. In 1652 Massachusetts instituted the coinage of " pine tree" money. Although this coinage was not discontinued until 1686, the "pine tree shillings" all bore the date 1652. In 1785 Congress ordered the adoption of the decimal system. The United States Mint was organized in 1793. The first deposit of gold bullion for coinage was made Feb. 12, 1795, by Moses Brown, a merchant of Boston. It consisted of gold ingots, amounting to two thousand two hundred and seventy-six dollars and twenty-two cents ($2,276.22). OUR SILVER DOLLAR. Previous to July 6, 1785, the English coinage was in common use. On that date the Continental Congress established the dollar, although the exact weight was not fixed until Aug. 8, 1786, when it was made to equal about that of the old Spanish dollar. The dollar did not originate with the Spanish, but was first coined at Joa- chaimsthal, a mining town in Bohemia. A brief history of the standard silver dollar is as follows : Authorized to be coined, Act of April 2, 1792. Weight, 416 grains, standard silver; fineness, 892.4; equivalent to 371 ',4 grains of fine silver, with 4-1% grain* alloy of pure copper. MAVERICK NATIONAL BANK. 81 Weight changed, Act of Jan. 18, 1837, to 412% grains, and fineness changed to 900, preserving the same amount of pure silver = 371}^ grains, with 1-10 alloy. Coinage discontinued, Act of Feb. 12, 1873. Total amount coined, from 1792 to 1873, $8,045,838. Coinage revived, two million dollars worth of silver per month required to be coined, and issue made legal tender for all debts, public and private, Act of Feb. 28, 1878. Total amount coined, Feb. 28, 1878, to Nov. 1, 1886, $247,131,549. SPECIE IN THE UNITED STATES. The Director of the Mint estimated the gold and silver currency in the United States on June 30, 1879, the year of the resumption of specie payments, as follows: Gold, $286,490,698; silver, $112,050,985. Total, $398,541,683. June 30, 1885, the present Director of the Mint estimates that the coin circulation of the United States aggregated Gold, $542,174,636; silver, $278,824,201. Total, $820,998,837. COINAGE OF THE U. S. MINTS, FISCAL YEAR TO JUNE 30, 1886. Gold coinage, . . . ... $34,077,380 00 Silver coinage silver dollars, %i . 29,838,90500 halves, quarters, and dimes, . . . 183,442 95 Minor coinage five, three, and one cent pieces, . . 17,377 65 Total coinage, s > v i . . . $64,117,105 60 82 MAVERICK NATIONAL BANK. TABLE SHOWING THE LEGAL WEIGHT AND FINENESS OF THE COINS OF THE UNITED STATES, AND THEIR DlAMETER AND THICKNESS. Legal weight (Grains). Fineness ,500,000 10,000,000 63,500,000 Total 1,683,479,301 748,572,260 2,467,051,561 * From 1849 to 1858, estimated product $50,000 per annum t The silver mines of the United States were discovered in 1859. MAVERICK NATIONAL BANK. 89 GOLD AND SILVER OF DOMESTIC PRODUCTION DEPOSITED AT THE MINTS AND ASSAY OFFICES FROM THEIR ORGAN- IZATION, IN 1793, TO THE CLOSE OF THE FISCAL YEAR ENDING JUNE 30, 1886. Locality. Gold. Silver. Total. Alabama Alaska, .... $226,974 58 263,864 17 4.005,061 03 $64 02 2,195 01 13,515,770 65 $227,038 60 265,859 18 17,520,831 68 California Colorado 740,061,407 17 50,087,096 25 25,912,794 26 3,925,546 95 23,910,646 24 552,639 59 743,986,954 12 73,997,742 4 26,465,433 85 Georgia Idaho, 8,415,475 79 28,242,403 89 3,461 54 1,397,222 91 8,418,937 33 29,639,626 80 Indiana, .... Maine 40 13 5,638 20 22 00 40 13 5,660 20 Maryland, .... Massachusetts, . Michigan, .... Montana, . . .-.' . 4,848 57 23,029 71 57,942,047 01 3 24 917 56 3,629,325 39 13,588,327 90 4,851 81 917 56 3,652,355 10 71,530,374 91 Nebraska, . ... ,. Nevada, .... New Hampshire, New Mexico, North Carolina, . 651 63 23,402,999 35 11,020 55 2,434,412 84 11,063,347 20 18,747,932 24 6 18 92,818,836 47 5,555,100 10 49,179 87 60,386 62 657 81 116,221,835 82 11,020 55 7,989,512 94 11,117,527 07 18,808,318 86 Pennsylvania, 1,138 34 2,588 47 3,726 81 South Carolina, . 1,599,890 33 1,244 70 1,601,135 03 Tennessee, .... Texas, . . . . Utah 87,665 93 2,147 40 783 343 95 10 15 2,739 03 18 973 2^8 37 87,676 08 4,886 43 19 756 572 32 Vermont Virginia, .... 85,598 21 1,715,578 01 49 94 222 29 85,648 15 1,715,800 30 Washington Territory, Wyoming 398,181 95 753,768 86 1,772 97 12,126 16 399,954 92 765,895 02 Other sources, or not re- ported, .... 37,169,366 65 41,793,414 43 78,962,781 08 Total unrefined, . Refined bullion, . $1, 013,452,524 20 288,183,599 24 $219,797,048 75 165,984,502 64 $1,233,249,572 95 454,168,101 88 Grand Total, $1,301,636,123 44 $385,781,551 39 $1,687,417,674 83 90 MAVERICK NATIONAL BANK. GOLD AND SILVER PRODUCTION OF THE UNITED STATES, CALENDAR YEAR, 1885. State or Territory. Gold. Silver. TotaL Alaska, $300 000 $2 000 $302,000 880 000 3 800 000 4 680 000 12,700,000 2,500,000 15.VOO.OOO Colorado, Dakota Georgia, 4,200,0*10 3,200,000 136,000 1,800,000 15,800,000 100,000 3,500,000 20,000.000 3,300.000 36,000 5,300,000 Montana 3,300,000 3,100,000 10,060,000 6 000,000 13,360,000 9,100,000 New Mexico 800,000 152 000 3,000,000 3 000 3,800,000 155 000 Oregon 800,000 43 000 10,000 8]0,00 43 000 Utah Washington, . .... Texas, Alabama, Tennessee, Virginia, Vermont, Michigan, and Wyoming, 180,000 120,000 90,000 6,750,000 70,000 5,000 6,930,000 190,000 95,000 Total (Mint Director's Estimate), $31,801,000 $51,600,000 $83,401,000 THE RATIO OF SILVER TO GOLD. In 1687 the ratio of silver to gold was as 14.94 to 1. In 1702 the silver ratio, to gold as a unit, stood 15.52. In 1760 it was at 14.14, the highest silver value during the past two hundred years. The ratio in later years has been : YEA*. Ratio. VBAR. Ratio. 1800 . 15 68 1880 .... 18.05 1813 16 25 1881 .... 18.16 1874 16.17 18.19 1878 17 88 1883 18.04 1878 17.94 1884 18.67 1879 18.40 1885, 19.41 CHAPTER VIII. BANK CLEARING HOUSES. History. The United States Clearing Houses. Number of Banks repre- sented. Managers. Exchanges, 1885 and 1886. Four Months of 1887 compared with 1886. New York Clearances, by Years. History of the Boston Clearing House. Its Exchanges, by Years. Clearances of the World. HISTORY. The bank clearing-house system was first established in London in the latter part of the last century. We find that in 1775 the London banks used a room in Lombard Street for exchanging checks and securities, reducing thereby the amounts of actual money used in settlements. But as early as 1773 there is a record in the books of Messrs. Martin & Co. which reads, " Quarterly charge for use of clearing room, 19s. 6d" The record of the London clearing house is very meagre. Few data of the transactions previous to as late as 1840 can be obtained, though we know that in 1810 there was a London clearing house representing forty-six banks. The New York Clearing-House Association was organized with fifty-five banks, representing an aggre- gate capital of $47,000,000, Oct. 3, 1853, and it began operations Oct. 11, 1853. The perfect record kept by this institution has induced the London and other clear- ing-house associations to preserve details of their trans- actions. 92 MAVEEICK NATIONAL BANK. It is probable that the bank clearing houses in the United States (aggregating thirty-three and representing five hundred and thirty banks) exceed in number the clearing houses throughout Great Britain and Europe. It is a noteworthy fact that the New York clearing house has had, in an existence of thirty- four years, but two managers, Mr. George D. Lyman, manager until 1864, and Mr. William A. Camp, manager since that time. The clearing-house building is No. 14 Pine Street, and the property is owned by the associated banks. The largest exchanges ever settled here in any one day were on Feb. 28, 1881, and amounted to $295,822,422, and the smallest exchanges in any one day since the organization were on Oct. 30, 1857, and amounted to only $8,357,394. Feb. 28, 1881, one bank brought for clearing exchanges amounting to $31,772,391. The following table will show the number of clearing houses in the United States, the date of organization, the namber of banks represented, the managers, and the comparative exchanges in 1885 and 1886 : MAVERICK NATIONAL BANK. 93 No. Clearing House. When Organ- ised. Number of Banks. Manager. |f Exchanges in Millions, 1885. 1 New York, . 1853 64 William A. Camp, . $34,000 $28,000 2 Boston, 1856 52 N. G. Snelling, 4,095 3,490 3 Philadelphia, 1858 37 John C. Boyd, 2,912 2,380 4 Chicago, . 1865 21 A. P. Smith, . 2,604 2,318 5 St. Louis, . 1868 19 Edward Chase, 810 759 6 Baltimore, 1858 23 William H.Weils,. 616 582 7 San Francisco, 1876 16 Charles Sleeper, 642 562 8 Pittsburgh, 1866 19 J. M. Chaplin, 409 356 9 New Orleans, 1872 12 Isaac N. Maynard, . 387 385 10 Cincinnati, 1866 20 William D. Duble, 514 445 11 Providence, 1866 35 J. W. Vernon, 233 216 12 Louisville, 1876 21 Clinton McClarty, . 233 218 13 Milwaukee, 1868 10 F. L. Baker, . 196 186 14 Detroit, . 1883 15 F. W. Hayen, 106 142 15 Cleveland, 1858 10 Louis Smies, . 130 104 16 Indianapolis, 1871 7 W. W. Wolleu, . 91 66 17 Kansas City, 1873 10 Cyrus 8. Hawley, . 285 224 18 Hartford, . 1872 15 George F Hills, . 87 81 19 New Haven, 1872 10 J C. Bradley, 58 55 20 Columbus, 1868 15 John Field, . 92 69 21 Memphis, . 1869 6 E. Goldsmith, 83 68 22 Peoria, 1880 9 B B. Blossom, 40 41 23 Worcester, 1861 8 L. W. Hammond, . 44 39 24 Springfield, 1872 10 Arthur B. West, . 42 38 25 Lowell, 1876 7 G W Knowlton, . 27 24 26 Syracuse, . 1874 8 G. F L. Car, . 26 26 27 Portland, . 1865 6 W. H. Hobbs, 48 46 28 Omaha, 1884 6 W. H. 8. Hughes, . 188 123 29 St. Joseph, 1877 5 John T. Johnson, . 48 36 30 Denver, . 1885 7 William D. Dodd, . 171 New 31 Galveston, 1885 7 N. B Sligh, . 71 New. 32 St. Paul, . 1874 13 H P. Upham, 154 118 33 Minneapolis, - 13 W. E. Burwell, 164 125 533 $49,346 $41,461 The exchanges of 1886 increased over 1885 by $7,884,- 947,365, or by 19 per cent. The clearances of New York City were 66 per cent, of the 1885 clearances, and 69 per cent, of the 1886 clearances. For the first four months of 1887 the clearances of thirty-five cities aggregated $16,914,758,8C3 Same period in 1886 15,773,391,193 Increase, $1,141,367,660 Increase, per cent., 7.2 The yearly exchanges at New York, expressed in mil- lions of dollars, have been as follows : 94 MAVERICK NATIONAL BANK. NEW YORK CLEARING-HOUSE EXCHANGES. Year end- ing Sept. 30. No. of Banks. Exchanges in Millions. Year end- ing Sept. 30. No. of Banks. Exchanges in Millions. 1854 50 $5,750 1871 62 29,300 1855 48 5,362 1872 61 33,844 1856 50 6,906 1873 59 35,461 1857 50 8,333 1874 59 22,855 1858 46 4,756 1875 59 25,061 1859 47 6,448 1876 59 21,597 1860 50 7,231 1877 58 23,289 1861 50 5,915 1878 57 22,508 1862 50 6,871 1879 59 25,178 1863 50 14,867 1880 57 37,182 1864 49 24,097 1881 60 48,565 1865 55 26,032 1882 61 46,552 1866 58 28,717 1883 63 40,293 1867 58 28,675 1884 61 34,092 1868 59 28,484 1885 64 25,250 1869 59 37,407 1886 64 33,374 1870 61 27,804 From the resumption of specie payments in 1879, to Oct. I, 1880, $340,598,000 in gold coin was paid in balances, weighing about 559 tons of 2,240 pounds ; in the year ending Oct. 1, 1881, there was paid $372,419,000 in gold coin, weighing about 617 tons of 2,240 pounds; iu the year to Oct. 1, 1882, $250,550,000 gold coin, weighing about 424 tons. Since Oct. 4, 1882, the Gov- ernment has issued United States gold certificates, and little or no gold coin is now used in the settlement of daily balances. The largest amount of gold coin received in any one day since organization, in settlement of balances, was on the llth of November, 1879, viz., $8,315,000, weighing about 15 tons of 2,000 pounds. In January, 1887, there were forty-five National banks in the city of New York, with $45,150,000 capital and $37,693,100 surplus; net deposits, $319,212,100 ; loans and discounts, $254,161,800. There were also twenty- eight State banks, with $13,862,700 capital and $8,097,200 surplus; net deposits, $77,837,200, and loans $73,761,- MAVERICK NATIONAL BANK. 95 100. The whole number of banks in the city of New York is (73) seventy- three (National and State), with aggregate capital and surplus, $104,803,000 ; net deposits, $397,049,300, and loans and discounts, $327,922,900. THE BOSTON CLEARING HOUSE. The Boston clearing house was opened March 29, 1856. Messrs. Haven, Hall, Lamb, Bates, and other prominent bank presidents were instrumental in forming the association, which included twenty-seven banks. The first officers were Franklin Haven, president, and Wil- liam Thomas, secretary. Henry B. Groves was chosen manager. The first day's exchanges were $2,780,446. Mr. Groves continued manager until his death in 1877, when he was succeeded by Mr. Nathaniel G. Snelliug, the present manager, who had been assistant manager since 1861. The number of banks in the association is now fifty-two, representing a combined capital of $50,500,000. The operations of twenty-four outside banks in the vicinity of Boston are also embraced. The latter, under the constitution, must pay toward the expenses of the clearing house a sum to be annually fixed by the committee. No failure has ever occurred among the associated Boston banks, although the Metrop- olis discontinued business many years ago. The system is about the same as in New York. The clearing hour is 10 A. M. ; messengers complete the delivery of their packages in five minutes. Thirty min- utes are allowed for the proof and for delivering check tickets ; and for each delay of fifteen minutes beyond that time a fine of two dollars is imposed. Debtor banks must pay balances by 12.15 P.M. ; and the cred- itor banks receive them at 1.30. Balances are usually paid in certificates. Under the constitution one of the 96 MAVERICK NATIONAL BANK. associated banks is a depository of United States gold certificates, against which clearing-house certificates may be issued. Should a bank default in paying balances, any other bank responding to the manager's requisition for the deficiency may have its exchanges with the former bank cancelled, and be restored to its position before the exchange was made. Weekly statements are re- quired from all banks. Porters and clerks in the clear- ing house, as well as manager, must give bonds. The present officers of the association, elected April 11, 1887, are as follows: Chairman, James H. Beal ; Secretary and Manager, Nathaniel G. Snelling ; Com- mittee, Reuben E. Demmon, Charles O. Billings, George Ripley, George E. Bullens, and W. S. Blanchard. The following table shows the total yearly exchanges from March 29, 1856, to April 1, 1877 : April YEAR ENDING YEAR ENDING 1, 1857, $1,415,923,238 April 1, 1873, $2,674,943,559 1858, 1,288,618,000 1874, 2,569,657,757 1859, 1,263,557,000 1875, 2,516,166,339 1860, 1,454,313,000 1876, 2,449,279,426 1861, 1,504,697,000 1877, 2,300,099,683 1862, 1,170,478,000 1878, 2,313,884,072 1863, 1,555,774,874 1879, 2,243,804,716 1864, 1,840,718,000 1880, 2,953,818,031 1865, 2,445,984,000 1881, 3,455,987,062 1866, 2,257,356,000 1882, 4,128,524,974 1867, 2,199,979,715 1883, 3,632,853,311 1868, 1,870,339,804 1884, 3,442,688,762 1869, 2,051,791,420 1885, 3,312,459,804 1870, 2,139,143,244 1886, 3,721,676,952 1871, 2,168,974,696 1887, 4,128,333,964 1872, 2,495,774,858 The decrease in 1868 was due to the contraction of currency by the withdrawal of legal tender notes under the Act of 1866. This measure, as generally interpreted, had the effect of lowering values and lessen- ing the volume of business. MAVERICK NATIONAL, BANK. 97 CLEARING-HOUSE EXCHANGES OF THE WORLD. [Foreign money reduced to dollars.] STATB OR COUNTRY. Location. Date. Amount. New York, . Massachusetts, Pennsylvania, . Illinois, . New York City (63 banks) , . Boston (52 banks), . Philadelphia (37 banks), . Chicago (20 banks), . Other cities (27) of the United States (335 banks), Oct. 1, 1886, Oct. 1, 1886, Oct. 1, 1886, Oct. 1, 1886, Oct. 1, 1886, $33,374,682,216 4,008,565,266 2,785,875,450 2,560,369,272 5,482,151,567 Total U. 8. (507 banks), . Jan 1, 1886, $48,211,643,771 $26,816 871,486 London (country clearings), . Jan. 1, 1886, Jan.l, 1886, 2,072,916,000 543,975,979 Newcastle-on-Tyne, . Jan. 1, 1886, 155,843,382 France, 2 . Total England, . Paris Jan. 1, 1886, $29,589,606,847 $768,747,832 Austria, 3 . Jan. 1, 1886, $1,771,138,171 Jan. 1886, $1,249,070,196 Berlin Jan 1886 728,374 962 Frankfort, Jan. 1886, Jan. 1886, 481,658,688 133,711,018 Bremen, Leipsic Stuttgart Jan. 1886, Jan 1886, Jan. 1886, Jan. 1886, 165,311,706 83,122,666 72,212,128 53,730,713 Jan 1886 20 765 904 Total Germany . . $2,987,957 981 Italy B Milan Jan. 1, 1886, $70,395 481 Six other Italian clearing houses, Jan. 1, 1886, 35,461,306 Australia, 1 Total Italy Jan. 1, 1886, $114,856,787 $813,057,891 1 at $4.86, 6. Franc at 19.3 cents. * Mark at 23.8 cents. Lira at 19.3 cents. 8 Florin at 39.3 cents. CHAPTER IX. RAILROADS. The Development of the Locomotive and the Railway. Statistics of United States Railroads. Speed of Trains Railroad Credits. Street Railways of the World. The Interstate and State Railroad Commissioners. THE DEVELOPMENT OP THE LOCOMOTIVE AND THE RAILWAY. The first railway locomotive was built by Richard Trevithick in England in 1804. Its performance at the first trial was to draw ten tons of bar iron, besides its fuel, water, and the necessary carriages, for a distance of nine miles at the rate of five and one-half miles per hour. Amid absurd notions opposing the introduction of steam railroads the locomotive became a practical success, and at the opening of the Elexham and Newcastle road, in 1825, the number one engine was run, drawing six wagons of coal, a covered coach for directors, twenty-one coal wagons full of passengers, and after these six more loaded coal wagons. The act for the building of the Stockton and Darlington Railway was passed in 1821, it being the intention of the company to use animal power. It was opened Sept. 28, MAVERICK NATIONAL BANK. 99 1825, with a locomotive engine driven by Stephenson himself, a signal-man riding on horseback in advance. The locomotive drew thirty-four cars, weighing in all ninety tons, at ten to twelve miles per hour, and at a maximum speed of fifteen miles upon favorable sections of the road. In 1827, this railway had four locomotives of six horse power each, and two stationary engines, to aid in passing two hills. Each engine drew, besides tender, fuel, and water, twenty-four iron wagons, each weighing twenty-three hundred weight and each carrying fifty-three hundred weight of coal, a total train weight of ninety-five tons, at a speed of four miles per hour. The " Rocket, " which won the prize at the competition trial on the 8th of October, 1829, with fifty pounds steam pressure to the square inch in the boiler, drew about thirteen tons weight at an average speed of fifteen miles per hour, the maximum being twenty-nine miles. Its success was due to the introduction of the tubular prin- ciple in the boiler, an improvement by which the much- needed heating surface was greatly increased. Since this period scarcely any new principles of impor- tance have been introduced in the locomotive. In 1826, the year the Erie Canal was opened, the first railroad, or rather tram road, was built at Quincy, Mass. It was operated by horse power and stationary engines, and was used to haul granite for the building of Bunker Hill Monument. It extended from the granite quarries to the Neponset River, and was a little less than three miles long. It antedated the actual running of the first locomotive by about two years. Not until 1871 did it become a portion of an actual railroad. The first railroad constructed for the transportation of passengers and freight was begun by the Baltimore and Ohio Company, July 4, 1828. The South Carolina 100 MAVERICK NATIONAL BANK. road was begun in 1830 and opened in 1833, for its whole length of 135 miles, being at that time the longest continuous line in the world. The Mohawk and Hudson, since a portion of the New York Central, was begun in 1830, 17 miles being opened in 1831. The Saratoga and Schenectady, 21 miles, was opened in 1832. In Massachusetts, the Boston and Worcester, 44 miles ; the Boston and Providence, 41 miles ; and the Boston and Lowell, 26 miles, were opened in 1835. At the end of 1835 the total length of lines in the United States was 1,098 miles. Railroads have been built in different countries, as follows : In France, tramways were used in 1826, and plans made for the development of a railroad system in 1833, but not practically carried out until 1857 ; Germany built its first line in 1835 ; Austria-Hungary chartered a line in 1824 and opened it in 1828, but railroads were not encouraged by the government until 1838 ; Holland opened its first railroad in 1840 ; India, in 1845 ; Spain, in 1848 ; Brazil, in 1850; Chili, 1850; Russia opened its first important railroad, that between St. Petersburg and Moscow, in 1851 ; Peru, in 1852 ; Portugal, in 1853 ; Canada opened its first line, the Grand Trunk, between Portland and Montreal, in 1853 ; Australia, in 1855; Colombia, the Panama railroad, in 1855; Egypt, in 1856; Italy, in 1860; Turkey, in 1860; Switzerland opened its first line, the St. Gothard, May 22, 1882 ; Mexico, the Mexican Railway, in 1865 ; and China, in 1876. MAVERICK NATIONAL BANK. 101 THE RAILROADS OF THE WORLD, JAN. 1, 1886. COUNTRIES. Miles. COUNTRIES. Miles. 1. NORTH AMERICA. United 8tatea('87), Canada, Mexico, 137,615 10,150 3,703 I Portugal, . Roumania, . Russia, 1,039 1,045 16,502 ._ 4. EUROPE. I Servia, . 239 Total, . North America, . 151,468 Continued. Spain, . 5,600 1 Sweden, 4,091 Costa Rica, . 110 Switzerland, 1,879 Cuba (Spuuish) . 871 I Turkey, 920 Guatemala, . 112 . '. . Honduras, . 69 Total, Europe, 123,526 AnuniuA. ( Jamaica (British), 67 Nicaragua, . 99 r Ceylon (British), 178 Salvador, 54 i China, . 8 Trinidad, . 51 i India (British), . 12,376 nil 5 A at i ) Japan, . 346 Total, Middle America, . 1,433 . ASIA, . < Java (Dutch), . 3,498 Argentine Ilepub., 4,150 Phi lippines (Spanish), 279 Bolivia, Rra -71! 81 Q QAA I Turkey in Asia, . 250 linixijj . Chili, . OjOvU 1,414 Total, . Asia, . 16,935 3. SOUTH AMERICA. ' Colombia, U.S of, Ecuador, Guiana (British), Paraguay, . 151 76 21 45 f Algeria (French), Cape Colony, Egypt, . 1,049 1,646 1,276 Peru, . 1,600 6. AFRICA { Mauritius, - 66 Uruguay, 268 1 Namaqualand, . 95 Venezuela, . 102 1 Natal (British), . 116 I Tunis, . 258 T'rttal 11 708 1 Olill , . ooum ;vmoMCu, . Total, . Africa, 4,506 Austria-Hungary, Belgium, 14,301 2,711 r N. South Wales, 1,852 Bulgaria, 140 New Zealand, 1.591 Denmark, 1,208 7 A rra Queensland, 1,407 Finland, 1,132 . AUS- j South Australia, 1,211 France, 20,144 TRALASIA. | Tasmania, . 257 4.|EUROPE.< Germany, Great Britain and 26,287 I Victoria, . West'n Australia, 1,680 124 Ireland, 19,169 _ Greece, 324 Total, . Australasia, 8,122 Italy, . 6,167 Luxemburg, 249 Hawaii, 32 Netherlands, 1,407 1 Norway, 972 GRAND T'L, .... 317,098 102 MAVERICK NATIONAL BANK. COMPARATIVE STATISTICS OF AMERICAN RAILWAYS. 1871-1886. [From Poor's Manual of the Railroads of the United States.] M Miles Oper- ated. Capital and Funded Debt. (Stock and Bonds.) EARNINGS. Dividends Paid. Gross. Net. From Freight. From Pas- sengers. 1871, 44,614 2,664,627,645 403,329,208 141,746,404 294,430,322 108,898,886 $ 56,456,681 1872, 57,523 3,159,423,057 465,241,055 165,754,373 340,931,785 132,309,270 64,418,157 1873, 66,237 3,784,543,034 526,419,935 183,810,562 389,035,508 137,384,427 67,120,709 1874, 69,273 4,221,763,594 520,466,016 189,570,958 379,466,935 140,999,081 67,042,942 1875, 71,759 4,415,631,630 503,065,505 185,506,438 368,960,231 139,105,271 74,294,208 1876, 73,508 4,468,591,935 497,257,959 186,452,752 361,137,376 136,120,583 68,039,668 1877, 74,112 4,568,597,248 472,909,272 170,976,697 342,859,222 130,050,050 58,566,312 1878, 78,960 4,589,948,793 490,103,351 187,575,167 365,466,061 124,637,290 53,629,368 1879, 1880, 1881, 1882, 82,223 4,762,506,010 84,2254,897,401,997 94,4866,055,798,785 107,1586,745,579,147 529,012,999 219,916,724 615,401,931255,193,436 725,325,119,276,654,119 770,356,716310,682,877 386,676,108 467,748,928 551,968,477 506,367,247 142,336,191 147,653,003 173,356,642 202,140,775 61,681,470 77,115,411 93,344,200 102,031,434 1883, 110,4147,208,940,497 823,772,924 298,367,285 549,756,695 215,287,824 102,052,543 1884, 1885, 115,672 123,320 7,431,732,458 7,583,424,898 770,684,908 772,568,833 268,064,496 269,493,931 506,925,375 519,690,992 208,300,940 200,883,911 93,244,835 77,672,105 SUMMARY STATISTICS OF THE UNITED STATES RAILWAYS JAN. 1, 1886 AVERAGES. For each 100 miles of railroad operated in the United States there are 21.03 locomotives; 14.02 passenger cars; 5.30 baggage, mail, and express cars; and 653 freight cars of all kinds. The capital stock aggregates to each mile of completed road, $29,867. Bonded debt to each mile of completed road, $29,453. Total cost of construction and equipment, each mile, $55,059. Gross earnings per mile of road in operation, $6,265. Net earnings per mile of road in operation, $2,185. Interest paid on bonds per mile of completed road, $1,406.73. Dividends paid on stock per mile of completed road, $608.10. Ratio of interest paid to total funded debt, 4.77 per cent. Ratio of dividends to aggregate capital stock, 2.02 per cent. Average fare per mile, 2.20 cents. Average freight charge per ton, 1.05 cents per mile. Total number of passengers transported in 1885, 351,427,088. Total freight transported on all railroads in 1885, 437.040,099 ton*. MAVERICK NATIONAL BANK. 103 STATEMENT SHOWING THE NUMBER OF MILES OP RAILROAD CONSTRUCTED EACH YEAR IN THE UNITED STATES, FROM 1830 TO THE CLOSE OF 1886. YKAR. Miles in Oper- ation. Annual Increase of Mileage. YEAH. Miles in Oper- ation. Annual Increase of Mileage YEAR. Miles in Oper- ation. Annual Increase of Mileage. 1830, . 23 - 1849, . 7,365 1,369 1868, . 42,229 2,979 1831, . 95 72 1850, . 9,021 1,656 1869, . 48,844 4,615 1832, . 229 134 1851, . 10,982 1,961 1870, . 52,914 6,070 1833, . 380 151 1852, . 12,908 1,926 1871, . 60,293 7,379 1834, . 633 253 1853, . 15,360 2,452 1872, . 66,171 5,878 1835, . 1,098 465 1854, . 16,720 1,360 1873, . 70,268 4,097 1836, . 1,273 175 1855, . 18,374 1,654 1874, . 72,385 2,117 1837, . 1,497 224 1856, . 22,016 3,647 1875, . 74,096 1,711 1838, . 1,913 416 1857, . 24,503 2,647 1876, . 76,808 2,712 1839, . 2,802 389 1858, . 26,868 2,465 1877, . 79,088 2,280 1840, . 2,818 516 1859, . 28,789 1,821 1878, . 81,717 2,629 1841, . 3,535 717 1860, . 30,635 1,846 1879, . 86,463 4,746 1842, . 4,026 491 1861, . 31,286 651 1880, . 93,349 6,886 1843, . 4,185 159 1862, . 32,120 834 1881, . 103,145 9,796 1844, . 4,377 192 1863, . 33,170 1,050 1882, . 114,713 11,568 1845, . 4,633 256 1864, . 33,908 738 1883, . 121,454 6,741 1846, . 4,930 297 1865, . 35,085 1,177 1884, . 125,379 3,925 1847, . 5,598 668 1866, . 36,801 1,716 1885, . 128,510 3,131 1848, . 5,996 398 1867, . 39,250 2,449 1886, . 137,158 8,648 The mileage of new railroads built in this country in 1886 was 8,648 miles, as against 3,131 miles built in 1885. The construction of 1886 has only been exceeded by that of 1881 and 1882. The reports indicate that the con- struction of new roads during the year 1887 will amount to not less than 12,000 miles. 104 MAVERICK NATIONAL BANK. SPEED OF RAILROAD TRAINS. American. ' Miles. Time of Fastest Train. Average Speed, including Stops, Miles, per Hour. 202 6 hrs 20 m 31 9* Boston to New York, .... 217 6 hrs. 36.2 New York to Albany, . . . 143 3 hrs. 20 m. 42. 9f New York to Chicago (Penn.), . 912 24 hrs. 38. New York to Philadelphia, . go 2 hrs. 5 m. 43.3 New York to Washington, . 227 5 hrs. 30 m. 42.8 Philadelphia to Chicago (Penn.), - 822 21 hrs. 40 m. 37.8 English. London to Sheffield (Great Northern), 162 3 hrs. 12 m. 50.6 London to Manchester (Gt. Northern), 203 4 hrs. 15 m. 47.8 London to Glasgow, .... 440 10 hrs. 20 m. 42.8 * Heavy grades to surmount. t Practically level. Comparing American with English fast express trains, 14 trains by the Penn- sylvania Railroad have an average speed of 42.9 miles per hour, and 6 by the Bound Brook route, average 42 miles. Between London and Manchester, 20 expresses average a speed of nearly 41 miles per hour. Between Liverpool and Manchester there are 52 trains daily at a greater speed, 32 by the Manchester, Sheffield, and Lincoln Railway, 4 averaging 51$ miles, 28 averaging 45| miles, and 20 by the London and Northwestern, averaging 45 miles per hour. Fastest Railroad Time made. West Philadelphia to Jersey City, 1 mile in 50 seconds, 3 miles in 2 minutes 36 seconds, 5 miles in 4 minutes 50 seconds, Sept. 4, 1879 = 81 miles per hour. Hamburg to Buffalo, N. Y., 10 miles in 8 minutes = 75 miles per hour; Peekskill to Sing Sing, N. Y., 10 miles in 9 minutes, Feb. 17, 1874. MAVERICK NATIONAL BANK. 105 Locomotive "Hamilton Davis" and six cars on New York Central Railroad, 14 miles in 11 minutes, 1855 = 76 miles per hour. Special train conveying newspaper correspondents, 44 miles in 43 minutes and 30 seconds, the last 16| miles in 14 minutes, June 10, 1884, from Washington Junction to Washington, D. C. = 71 miles per hour. Jersey City to San Francisco, Cal., in 88 hours 39 minutes 16 seconds, combination passenger, mail, and baggage car, and a Pullman hotel car, June 1 to 4, 1876, 3,176 miles = 38 miles per hour average. RAILROAD CREDITS WHAT RAILROAD BONDS PAY INVESTORS. The following table is made by first obtaining the net rate of income, from the average market price of the last six months, if the bonds are held until the date of pay- ment. The average of different issues of bonds of the same company is next obtained, giving weight to each in proportion to the amount issued. The credit ratings will, of course, vary with the market fluctuations. Boston and Albany, 3.63 per cent. Boston and Maine 3.63 " Boston and Providence, 3.63 " Old Colony 3.63 " Boston and Lowell, 3.88 " Eastern, 3.88 " Fitchburg, 3.88 " Nashua and Lowell, 3.88 " New York Central and Hudson River, . f 4.13 " Chicago and Alton . ' ".j . 4.15 " Chicago, Burlington, and Quincy, 4.24 " Highland (Street), 4.25 " Metropolitan (Street), 4.25 " Maine Central, . . . , . . " . . , 4.30 " Pennsylvania ' . . . . 4.36 " St. Paul and Duluth 4.45 " Baltimore and Ohio, ........ 4.50 " Lynn and Boston (Street) 4.60 " 106 MAVERICK NATIONAL BANK. Michigan Central, 4.51 per cent. Milwaukee and St. Paul, 4.61 " Middlesex (Street) 4.62 " Lake Shore and Michigan Southern 4.67 " Central Pacific 4.73 " Manhattan Elevated (Met. and N. Y. El.), . . 4.84 " New York and New England, 4.88 " Erie, 4.90 " Missouri Pacific, 4.91 " Atcbison, Topeka, and Santa F6 5.01 " Oregon Navigation 5.10 " Union Pacific system, 5.11 " AtchiBon system 6.13 " Southern Pacific 6.14 " St. Louis, Cable, and Western 6.15 " St. Louis and San Francisco, 5.15 " Denver and Rio Grande 5.20 " Northern Pacific, 5.23 " Richmond and West Point Terminal system, . . 6 24 " Norfolk and Western 5.35 " Rutland, 5.40 " Wisconsin Central, 645 " Kansas City, Fort Scott, and Gulf, 5.50 " Mexican Central, 7.38 " Wabash system 8.09 " CREDIT OF RAILROAD COMPANIES IN DIFFERENT LOCALI- TIES OR GROUPS OF STATES. Approximate Highest Credit, shown by Lowest Rate of Net Income Yearly from their Bonds. 1. New England 4.00 per cent. 2. Middle, 4.50 " 3. Central Northern 4.59 " 4. Northwestern 4.79 " 5. South Atlantic, 5.03 " 6. Southwestern 5.16 " 7. Pacific 6.17 " *. Gulf and Mississippi Valley 6.25 " MAVERICK NATIONAL BANK. 107 URBAN RAILWAYS OF THE WORLD. UNDERGROUND, ELEVATED, SURFACE, CABLE, AND HOUSE RAILWAY SYSTEMS. Table showing the Passenger Transportation Facilities of Principal Cities. 1 d* I House. II nil Principal Means Quickest P. S S c ~ '& fl of Transit. Means. O I 1 c. d iilf 02 ^ c s* London, 122 1885 4,120,000 S 4,250,000 Underground R'y , Met. Un- 1863 Berlin, 25 1885 1,315,297 50 BusseSjHansoras 1,400,000 Horse R'ys and derground El.Viaduct, 1882 | El. Viaduct. Vienna, Paris, . 30 1880 1881 775,000 2,269,000 45 32 945,000 2,500,000 Horse R'ys, Horse R'ys and Horse R'ys, Horse R'ys, - Omnibuses. New York, 25 1881 1,243,000 134 ) f Horse R'y sand Man. EL, . 1872 Brooklyn, . - 1880 566,663 12,250,000 ] 1 El. R.R's. 1 Horse R'ys and El RR's. Brooklyn El. ' 1875 Philadelphia, Boston, 21 1880 1885 847,170 390,393 N 1,000,000 Horse R'ys, 600,000 Horse R.R's, . Horse R'ys, Horse R'ys, - Providence, 1885 118,070 _ 125,000 Horse R'ys, Horse R'ys, _ Chicago, . . . 1880 503,185 - 690,000 Cable and Horse Cable R'ys, 1882 S.Francisco, - 1880 233,959 -. .- ' R'ys, Cable R'ys, Cable R'ys, 1881 GROWTH OF CITIES. New York, 1870 to 1880 New York (including Jersey City and Brooklyn), 1870 to 1880, . Brooklyn, 1870 to 1880, . . '. . Philadelphia, 1870 to 1880, . . . Chicago, 1860 to 1870 Chicago, 1870 to 1880, .... Boston, 1870 to 1880, .... '<" Baltimore, 1870 to 1880, .... San Francisco, 1870 to 1880, ... " Kanga* City, 1870 to 1880, ... " Average of U. S., 1870 to 1880, . . " * Largely by annexation. Population increased 23> per cent. 43 25X 167 68 45* 24 57 73 30 After reaching a population of 500,000, the percentage of increase of population of cities decreases. 108 MAVERICK NATIONAL BANK. London Underground Traffic. YKAB. Number of Passengers. Gross Receipts for Passengers, Goods. Minerals, and Tolls. 1863 9,455,175 101,707 1864 11,721,889 116,489 1865 15,763,907 141,513 1866 21,273,104 210,242 1867 . 23,405,282 233,180 1868 27,708,011 284,243 1869 36,893,791 374,083 1S70, 39,160,849 385,3721 1871 42,765,427 396,068 2 1872, 44,392,440 401,390 1873, 43,533,973 408,382 1874, 44,118,225 411,550 1875, 48,302,324 448,3643 1876 52,586,395 475,792* 1877, 56,175,753 490,828 1878 58,807,038 494,873 1879 60,747,553 506,204 s 1880 63,759,573 526,213 1881 67,621,670 551,776 1882 69,357,183 656,999' 1883, 74,204,301 603,7688 1884, 75,926,262 603,751 1885 77,170,601 591,981io 1886, 80,474,550 616,269 Total, 1,145,325,276 9,931,037 District Railway opened to Blackfriars Bridge, . . May, 1870. District Railway opened to Mansion House, . . . July 3, 1871. Extension to Bishopsgate opened July 12, 1875. Extension to Aldgate opened Nov. 18, 1876. Extension Swiss Cottage to West Hampstcad opened, . June 30, 1879. And from West Hampstead to Wlllesden, . . . Nov. 24, 1879. 9 Extension to Harrow opened Aug. 2, 1880. * Extension from Aldgate to Trinity Square opened, . . Sept. 25, 1882. St. John's Wood Railway, receipts included as from . Jan. 1, 1883. 9 Inner Circle completion and extension to East London Railway opened Oct. 6, 1884. 10 Extension from Harrow to Pinner opened, .... May 25, 1885. MAVERICK NATIONAL BANK. 109 NEW YORK CITY PASSENGER TRAFFIC AS RELATED TO GROWTH OF POPULATION. TEAR. Population. No. of Kail- ways. Passenger Traffic. No. of Hides per Inhab- itant. I860 515,547 2 1853 6 835 548 1855, 629,810 4 1854 1855 6,817,197 18 488 459 31 I860. , 813 669 6 1856 1857 1858 1859 1860 23,153,050 22,190,431 27,900,388 32,888,794 36 455 242 37 43 47 1865, 726,386 12 1861 1862 1863 1864 1865 26,274,360 35,878,044 40,412,367 60,900,200 82,054,516 61 83 1870 942 292 12 1866 1867 1868 1869 1870 88,953,016 100,541,562 105,816,695 114,349,123 115 139 553 93 112 1875, . 1 045 223 19 1871 1872 1873 1874 1875 133,893,981 143,696,989 145,358,805 151,927,233 166 918 173 124 1880, ... 1885, . . , 1,206,299 23 25 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 168,413,971 163,936,298 170,189,502 187,983,792 211,222,348 231,386,771 252,871,646 268,749,877 284,115,862 297,116,690 325,149,075 133 175 186 198 204 220 213 232 NEW YORK CITY PASSENGER TRAVEL. NUMBER PASSENGERS. Per Cent, by each. Increase. Per Cent 1884-85. 1885-86. Elevated lines, Surface lines, Total, . . . . 103,702,729 191,319,523 115,109,591 210,039,484 35.4 64.6 11,406,862 18,712,961 11.0 9.8 295,022,252 325,149,075 100.0 30,119,823 10.2 110 MAVERICK NATIONAL BANK. The total increase for the year ending Sept. 30, 1886, was 30,120,819, or 10.2 per cent., and the total move- ment, 890,800 passengers transported daily. The following table shows the effect of increasing the facilities of travel upon the valuation of the city. Be- tween 1876 and 1879 the elevated roads were scarcely started ; between 1881 and 1884 the elevated roads had their full effect. YEA*. Valuation. Increase. PerCent. 1876 $892,428,165 1879, 918,134,380 $25 706 215 2.8 1881 976,735,199 1884, 1,119,761,597 143,026,398 14.0 Fifteen East River ferry lines and 11 North River ferry lines carry 80,000,000 passengers annually. The passenger traffic in and out of New York by rail- ways and steamers is about 200,000,000 annually. To provide increased facilities, an arcade railroad of four tracks, to be built through and under Broadway, is projected. The cost of six miles, extending from the Bat- tery under Broadway to Central Park, is estimated at $18,000,000, or $3 000,000 per mile, including equipment of $300,000 per mile. The two middle tracks are de- signed for rapid transit, and the two outer for local traffic, all tracks connecting with the steam surface rail- roads leaving New York. MAVERICK NATIONAL BANK. Ill ELEVATED RAILROADS. New York. Brooklyn.* 1886. 4 1886. 1 32 7 Length of track (miles) 84 266 13 30 Number of cars 770 115,109,591 90 10,158,665 92.6 17.9 Cost of roads (exclusive of equipment), . $24,318,000 $9,689,195 4,750,000 24,367,645 5,000,000 7,352,982 518,481 233,132 76,812 3,850,812 379,372 Expenses, percentage to gross earnings, . Net earnings Interest 52.38 $3,502,170 1,511,983 1,560,000 73.17 $139,108 6 * New road in process of building. BROOKLYN BRIDGE TRAFFIC. YKAK (ending Dec. 1). NO. OF 1'ASSENGEKS. RECEIPTS (TOLLS). Cable Railroad. Total. Railroad. Total. 1885, . 1886 17,023,237 24,029,267 20,625,326 27,047,984 $537,435 661,362 $618,915 743,539 Total since bridge was opened, May 25, 1883, .... 50,626,190 65,427,896 $1,679,404 $2,035,220 The total cost of the bridge was $14,200,000. 112 MAVERICK NATIONAL BANK. CABLE ROADS. Cable roads have an advantage over all other systems of transit, in ease and economy of operation upon heavy grades. The following are the maximum grades on the several cable railroads in the United States : Clay Street, San Francisco 16 in 100. California Street, San Francisco 18 in -100. Suter Street, San Francisco, . ' . . . , . i ? 8.7 in 100. Geary Street, San Francisco 9.8 in 100. State Street, Chicago About level Ninth Street, Kansas City 18.3 in 100. The cable system of traction was first used in San Francisco, lines being constructed by Mr. A. S. Hallidie up the Clay Street hill in 1881. Chicago, out of 57 miles of street railway track, has 10 miles of double track, or 20J- miles running upon the cable system, employing 240 cars and dummies. At Kansas City, 3.3 miles of double-track line have been in operation since July 1, 1885. The maximum grade is 19 feet in 100. The maximum grade for horses is 7 feet in 100. The total cost, including equipment, is $750,000, or $227,273 per mile of line. In 1886 this line carried 5,626,945 passengers; receipts, $281,347; expenses, $137,643. MAVERICK NATIONAL BANK, 113 I 8 W t S8i l-^OO^COOOj cT-^'oo'co i (CpS JHCSI< d*.s S|i^b8|aS*S *JLp ^I*i23ife3 Ja^S* s^is ^?S a o^^o CQ. |S |S III II |l! MAVERICK NATIONAL BANK. 115 1 1 Illls I| 11 o o o o a t> o .2,2.2.2 o o i $ > ^ >, .2,2555 o w f H |JH$H*-<*H _, 0) h- 2 2 -2 & 2 ^ .& ^* T3 2 E J H c . -a IS 11 11 l! 116 MAVERICK NATIONAL BANK. coVT - - MAVERICK NATIONAL BANK. 117 i!l!iijiii|ll|ii!.li|ii: 'f -1 8,0^.1 g S^rfH'S l3 8 ^ II ! 2'S ,0 ^ CHAPTER X. FOREIGN EXCHANGE AND COMMERCE. Sterling Exchange : Its Origin, and Intrinsic and Commercial Basis. Parity of Exchange and the Gold Shipping Points. Highest and Lowest Quotations and Review of the Market for Ten Years. Imports, Exports and Balance of Trade, 1861-1887. Shipbuilding, Tonnage, and Carrying Trade of the United States, 1882-1887. Remarks on American Shipping and Early Steam Vessels. The Principal Ocean Steamers. Rapid Transatlantic Passages. Distances by Water from New York to Principal Ports of the World. Amount of Coal con- sumed by Ocean Steamers. Designating Marks of Transatlantic Lines. STERLING EXCHANGE. A bill of exchange may be briefly defined as an order authorizing the transfer of money from a debtor to a creditor in a distant city or country. Such papers were in use to some extent among the Greeks and Romans long before the Christian era. The modern bills of exchange are said to have originated at the great public fairs held in Italy during the twelfth and thirteenth centuries, which rose to importance on account of the travel caused by the Crusades. At first bills were drawn only from one fair to another, but as commerce expanded they became common in all international dealings. Sicilian merchants drew on English debtors in 1255. The oldest copy of a bill extant is dated Milan, March 9, 1325, and is substantially in the modern form. In England, reference was made to drawing of foreign MAVERICK NATIONAL BANK. 119 bills in a statute of 1381 ; and in 1394 the magistrates of Barcelona, Spain, enacted that bills should be accepted within twenty-four hours after presentation, which shows that they formed part of the ordinary routine of business. The basis of exchange, of course, is a comparison of the intrinsic value of the coinage of two countries, and its reduction to a common standard in currency. In the early history of the United States, the pound sterling was valued at $4.44f , based on the bullion standard of the then current Spanish dollar, which was worth almost exactly 4s. 6d. English. From 1792 to 1834, our gold coinage was of the same standard as the pound sterling, or 22 carats ; making the dollar, at its legal weight of 27 grains, worth 97 cents, and the pound sterling about $4.56. In 1834, our bullion standard was so reduced that the dollar was intrinsically worth only 91 cents, and the pound sterling about $4.87. The custom-house valuation of the sovereign, however, was then fixed at $4.84, and so remained until Jan. 1, 1874, when it was fixed by act of Congress at $4.86 T 6 T ^ r , the current standard. The London Stock Exchange, early in the same year, valued the dollar at 4s., or about 97 cents. This valu- ation, being 2| cents below par, equals a quotable pre- mium of 2J per cent. ; for instance, American securities worth par are quoted in London at 102J. Sterling exchange is said to be at par when trade between the United States and England is so nearly balanced that there is no special demand for bills on either side, and the rate for sight bills is within a fraction of $4.86$^. The rate is lowered in London if the balance turns in favor of England, and correspondingly increased in New York. The fluctuations are further affected by the supply of bills in either market, or by daily transactions in American securities on the London Exchange. 120 MAVERICK NATIONAL BANK. While 4.8665 is the parity or par of exchange, and the total cost of importing or exporting gold does not as a rule exceed two cents per pound, the export point is usually considered 4.88 (sight bills), and the import point 483 (sight bills). The reason that the export point is so much nearer the parity of exchange lies in the interest question. The expense of ten days' interest at the Bank of England rate and of ten days at the Ameri- can rate must be added to the expense of gold importa- tions. All gold shipments must bear charges for freight, insurance, and abrasion by friction. The lower rate for time bills simply represents a dis- count to the debtor for the use of the money, as he pays cash for the 30, 60, or 90 day bill. The increasing use of cable transfers has materially reduced the volume of bills in some places during the past few years, as no paper appears in the transaction. An exporter simply ships his produce, telegraphs the fact to his London consignee, and if he chooses, sells the cargo at once " to arrive." The proceeds are remitted through a London banker. A kt banker's bill " is simply a bill drawn between one banking house and another, in two different countries. 44 Commercial bills" are drawn and sold by the exporter on either side against shipments of merchandise. They are usually drawn at 30, 60, or 90 days' sight, and are bought by the banking houses against their own bills of exchange. A large supply of commercial bills naturally lowers the rate of exchange. The following table shows the highest and lowest quo- tations for sight and 60 day sterling bills for the ten years ending Jan. 1, 1887, and the imports and exports of specie during the ame period : MAVERICK NATIONAL BANK. 121 HlGHJtST. LOWBST. 60 Day. Sieht. SODaj. Sight Specie. Specie. 1877, 1878, 4.88 4.88^ 4.90^ 4.90> 4.80^ 4.78^ .84 .84 $40,774,414 29,821,314 $43,134,738 27,054,985 1879, 4.88> 4.90 4.80K .83% 20,293,000 17,554,235 1880, 4.87 4.90 4.79 .81* 93,034,310 9,347,893 1881, 4.85 4.87 4.79 .81* 110,575,497 14,226,944 1882, 4.87^ 4.90^ 4.80 .84 42,472,390 43,480,271 1883, 4.86'^ 4.90 4.81 .83^ 28,489,391 21,623,181 1884, 4.8S' 2 ' 4.90K 4.80 4.84 37,426,262 50,225,635 1885, 4.88 4.90 4.81^ 4.85> 43,242,323 24,376,110 1886, 4.88^ 4.90 4.80 4.84 38,593,656 51,924,117 REVIEW OF THE EXCHANGE MARKET, 1877-1887. A brief review of the exchange market during the same period will illustrate the facts given above and explain the fluctuations. In 1877, exchange was steady during the early part of the year, but after the large crops began to come in and exports of produce became large, prices declined and ruled low throughout the year. But for the return of Un'ted States bonds from abroad more specie would have been imported. Heavy exports of produce influenced exchange during the whole of 1878. The homeward movement of governments continued for the first six months, causing a considerable demand for bills, which supported prices. For the balance of the year rates ruled lower. The return of bonds continued through the early part of 1879 ; rates were high, and groundless fears of large exports of specie were enter- tained. After July, exchange rates fell off to the importing point of specie, und held there until the end of the year. Early in 1880, heavy importations of foreign goods strengthened exchange, but after the first six months these declined, and rates fell below the specie importing point. Rates were unusually low at the opening of 1880, and after some fluctuation low prices ruled through the year. In 1882, much foreign merchan- dise was imported, and on the other hand there was a comparatively small surplus of the crop of 1881 for 122 MAVERICK NATIONAL BANK. export, causing large shipments of gold abroad during the first six months. During October, November, and December, however, cotton shipments restored the balance to this side, and moderate amounts of specie were imported. During the first half of 1883 imports fell off materially, while the exports showed a large increase as compared with the same time in 1882. In consequence, the balance in favor of this country was 8100,000,000 larger than the previous year. After three months of strong rates for exchange, the usual July decline came, admitting of a moderate importation of gold. Early in 1884 exchange was very firm, owing to the return of American securities and to the small crops of 1883, which left but a small surplus for export after January 1. This situation resulted in exports of gold to the amount of $32,000,000 up to the end of April, but the movement was checked by the May panic. After July 1 , imports of goods fell off, and there was a better feeling on Americans abroad. There was also a heavy autumn movement of cotton. Rates declined sharply in June and July, and moderate imports of gold followed. In September and October they again reached the gold importing point, but the advance of the Bank of England rate to five per cent, checked the shipments, and the rates permitted of no more during the year. Early in 1885 there was an investment demand 'or bills by persons who wished to take advantage of the higher money market in London ; and soon afterward the prospect of war between England and Russia strengthened exchange. After several months of unimportant fluctua- tions the August decline set in, and small amounts of gold were imported. The autumn exports of grain and cotton were light ; but a demand for American securities kept exchange fairly steady. During December a sharp demand for short bills put up prices, and a small amount of gold was shipped abroad ; but the market immediately MAVERICK NATIONAL, BANK. 123 weakened. For the first six months of 1886 imports were large, the demand for American securities abroad was light, and the exports low in value ; so that exchange ruled high, and over $34,000,000 of specie were exported. But during the balance of the year grain and cotton exports were heavy, American stocks and bonds found a good market abroad, and there were large imports of specie. FOREIGN COMMERCE OF THE UNITED STATES. [Fiscal years ending June 30, and seven months of fiscal year 1887. 000,000 omitted.] The phrases " net imports " and " domestic exports " indicate that all merchandise and specie imported and re-exported are excluded from the table. The column headed "Balance of Trade" shows the difference between the net imports and domestic exports of merchandise without reference to the movement of specie. A + mark before the amount indicates that the balance of trade was in favor of the United States ; when no mark occurs, the balance of trade is against this country. FISCAL YEARS. MERCHANDISE. (Gold Value.) Balance SPECIE. Specie Net Domestic of Tvudc. Net Domestic liillilllCG. Imports. Exports. Imports. Exports. 1861, $274 $204 $69 $40 $23 +$16 1862, 178 179 +1 10 31 20 1863, 225 186 39 1 55 54 1864, 301 143 157 8 100 92 1865, 209 136 72 6 64 57 1866, 423 337 85 7 82 75 1867, 381 279 101 16 54 38 1868, 344 269 75 4 83 79 1869, 406 275 131 5 42 37 1870, 419 376 43 12 43 31 1871, 505 428 77 7 84 77 1872, 610 428 182 6 72 66 1873, 624 505 119 10 73 63 1874, 550 569 +18 21 59 38 1875, 518 499 19 12 83 71 1876, 445 525 +79 9 50 40 1877, 438 589 4-151 27 43 15 1878, 422 680 --257 23 27 3 1879, 433 698 --264 12 17 4 1880, 656 823 --167 85 9 +75 1881, 624 883 --259 105 14 +91 1882, 707 733 +25 36 43 6 1883, 703 804 +100 18 21 3 1884, 652 724 +72 20 60 29 1885, 562 726 +164 25 24 +1 1886, 621 665 +44 18 51 33 1887,* 470 505 +35 54 33 +21 * Nine months ending March 31, 1887. NOTE. The Canadian reports of imports into the Dominion of Canada from the United States indicate that in addition to the above " Domestic Exports" there was exported in the fiscal year 1886 merchandise of the value of $17,027,875. 124 MAVERICK NATIONAL BANK. SHIPBUILDING, TONNAGE, AND CARRYING TRADE OF THE UNITED STATES FOR FIVE YEARS. 1880. 1885. 1884. 1883. 1882. Number of sea-going vessels, 6,102 6,284 _ 6,214 _ Tonnage, ... 2,060,258 2,138,880 - 2,099,218 - Vessels built, . 715 920 1,190 1,268 1,371 Tonnage, 95,453 159,056 225,314 265,429 282,269 Tonnage registered for foreign trade, . 1,088,647 1,262,814 1,276,972 1,269,681 1,259,492 Percentage of American foreign trade carried in American vessels, 16. 17. 17.5 16.3 15.9 Total vessels of the U. S., Total tonnage, 23,534 4,131,136 4,265,934 4,271,229 - - IRON AND STEEL SHIPBUILDING. Number of sailing vessels, 3 1 3 1 - Gross tonnage, 692 731 4,432 2,033 - Number of steamers, 23 47 31 34 43 Gross tonnage, 14,215 43,297 31,200 37,613 40,097 Total number, . 26 48 34 35 43 Total tonnage, 14,907 44,028 35,632 39,646 40,097 SHIPPING ADMEASUREMENT. Register ton. For register tonnage or for measurement of the entire internal capacity of a vessel : 100 cubic feet = 1 register ton. This number is arbitrarily assumed to facilitate computation. Shipping ton. For the measurement of cargo : / 1 United States shipping ton. 40 cubic feet= \ 31.16 imported bushels. ' 32.143 United States bushels. f 1 British shipping ton. 42 cubic feet = j 32.719 imported bushels. ' 33.75 United States bushels. MAVERICK NATIONAL BANK. 125 EARLT STEAM VESSELS. The United States is the second maritime nation. Our commercial fleet is about one-half that of Great Britain , but greater than those of France, Germany, Norway, and Italy combined. It has four times the carrying capacity of France and Germany respectively. American vessels had nearly twenty per cent, of the world's carrying trade in 1880 ; France and Germany about five per cent. each. The first commercially successful steamboat was Robert Fulton's Clermont, launched in 1807 on the Hudson River. The first on the Mississippi, the Orleans, was built by Fulton in 1811. In 1812, Henry Bell of Scotland built the first British steamer, the Comet (30 tons) , which plied between Greenock and Glasgow. In 1819 the Savannah (310 tons) crossed the Atlantic from America, and returned after a long cruise in the Baltic. The first British steamer to cross the Atlantic was the Great Western (1,340 tons), in 1838. The Sinus, a few weeks later, made the passage in eighteen days, probably being detained by rough weather. Two years later the Cunard Line was established. 126 MAVERICK NATIONAL BANK. d -* ^ 2 1 s 3 73 -a T) T3 -0 T3 ooooca a oSe3c4cScs3 tS gg.ag.s.s .a .2 .s .as a .9.2 8 .2.3.3.2.2.2.9 2335 335353350.3333353 'S 'S 'S "S 'C "C "S 'C 'C C 'C 'C y Pn'C 'G 'C 'C 'C 'C 'E 'C 'C C*r*G*G*r*rHr*T*r*r* rHrH i-T lllil ^ _ _ _ ^ co of of co TjT eo co M co eo co a in *n * OCKMOC* CO CO CO t- t- t- r-t O (?4 rj( O> CO iO O5 O O5 >O 00 rH (? CO D us D >O tO D rH i-t s II oo 86 lllljli g 81 1 rt 11 a "S a 9 G-2-S-3 2S--2 "--5*0200 3 2 2 Q rill JSSfffsaoo ra_rlofl^ 3 H^Mn^M :1i -- a MAVERICK NATIONAL, BANK. 127 e* t- ( co t- < co co ( weoi 333 '2 * GO O o flflflflflfr 222, > > > 1,, (M C *N CO CO O O 22^0000000 ancisco to Yo Hong Kong. 128 MAVERICK NATIONAL BANK. RAPID TRANSATLANTIC PASSAGES. r "IMP . DATE. Steamer. From To * | 1 Line. >, S, | % Aug.- | Sept., '86,\ Aller, Southampt'n, New York, . 7 1G 50 No. German Aug., '86, Trave, New York, . Southampt'n, 7 14 25 No. German. June, '86, La Bourgogne Havre, . New York, . 7 13 _ French. Aug., '86, '83, La Champagne Alaska, New York, . Queenstown, Havre, . New York, . 7 G 12 21 45 French. Guion. '83, Alaska, New York, . Queenstown, 6 '21 _ Guion. Aug., '85, City of Rome, Queenetown, New York, . 6 18 _ Anchor. Oct., '84, Alaska, New York, . Queenstown, 6 16 33 Guion. June, '84, America, New York, . Queen stown, (3 13 4 National. July, '85, Etruria, Queenstowu, New York, . e 9 _ Cunard. 85J Etruria, Queenstown, New York, . 5 41 Cunard. Aug. '85, Etruria, New York, . Queenstown, a 5 30 Cunard. May, '87, June, '87, Umbria, Umbria, New York, . Queenstown, Queenstown, New York, . 6 G 5 4 80 12 Cunard. Cunard. AVERAGE AMOUNT AND COST OF COAL BURNED BY OCEAN STEAMSHIPS, AND AVERAGE SPEED. The larger and swifter ocean-going steamships often exceed a daily expense of $2,000 for coal alone, as may be seen by the following table : KAXB. Line. Coal Consumed per Day, Tons. Average Knots per Hour. Cost of Coal per Voyage. Oregon (lost), City of Rome, Cunard, Anchor, Cunard, 337 304 300 17 9-10 16 18 $18,872 17,024 17,000 Cunard, 300 18 1-10 17,000 Alaska . . Guion 253 16 8-10 15,168 Scrvia Cunard 214 16 5-10 11,956 214 16 7-10 11,056 America Austral . ... National, Anchor, 182 115 17 3-10 16 3-10 10,192 6,440 Britannia (lit steamer, 1840), Cunard, 44 8 The round trip expenses run from $40,000 to $70,000 MAVERICK NATIONAL BANK. 129 DESIGNATING MARKS OP OCEAN STEAMSHIP LINES. LINES. FUNNEL MARKS. American, Anchor, Allan, Cunard, French, Furness, Guion, Leyland, Hansa, Hamburg, Inman, . Monarch, National, N. German Lloyd Red Star, Royal Netherlands State, White Star, . Warren, . Lower two-thirds red, with white keystone, black top. Black. Red with white ring under black top. Red with black top. Red with black top. Black. Lower two-thirds black, a red band and black top. Pink with black top. Funnel curved at the top. Yellow with white band and white Maltese cross with red centre. Black. Lower two-thirds black, white band and black top. French-gray and black top. White with black top. Black. Cream color, with black top with red star. Black, with band having green border. Lower two-thirds buff, red band under black top. Cream, black top. Black. DISTANCES BY WATER FROM NEW YORK TO FOREIGN PORTS. Country. | Miles. Egypt . . 5,095 Holland, .... 3,530 U Ttnudas, ...... West Indies 680 India, 11,555 3,334 Brussels, Belgium, Africa 3,418 6,840 South America, .... 7,000 Turkey, ..... 5,154 3,650 India, 12,510 China, 14,105 Spain . 3 290 Scotland, ..... 2,934 Halifax, Nova Scotia, .... Cuba, ...... '563 1,275 Lj ma Peru, 11,312 Lisbon Portugal, ..... 3,184 3,376 3,080 British India, .... 11,840 "NTanlfH Italy 4 327 Pekin 15,325 Brazil 4,926 Newfoundland, .... 785 Russia 4,431 Sandwich Islands, ... 7,150 r ?-, '. " California ..... 18,843 Ban i 1 raucisco, .... China 14,510 Sweden, ..... 4,075 Chili 4,813 2,185 Vienna ... . 4,196 7,523 CHAPTER XI. LAND AND AGRICULTURE. Acquisitions and Total Area of the Territory of the United States. Areas of the States in Square Miles. Grants of Public Lands by Congress to States and Railroads. Farms of the United States. Total Acreage, Improved and Unimproved. Immigration. Total Arrivals, 1820 to 1887. Arrivals by Countries. Pro- portion 01 Total European Emigrants received by United States. Agricultural Products. Total Production of Staples for Five Years. High- est and Lowest Chicago Wheat and Corn Prices, 1877-87. "Wheat Crops of the World. Cotton. Total United States Crops. Exports and Consumption, 1841-87. Cotton Prices, 1826 to 1887, by Years. Consumption of the World. Manufacture in the United States. Wool. Product of the United States, 1882-86. AREA OF THE UNITED STATES. The territory of the United States was acquired by cession, purchase or discovery as shown in the following table, which also gives amounts paid for, and several and total areas of, the successive additions : FKOH. How Acquired. Date of Acquisition. Amount Paid. Area Square Miles. 1 Great Britain Cession, Sept. 3, 1783, _ 819,815 2 France, . Cession and purchase, Apr. 30, 1803, $15,000,000 877,268 3 Oregon, . Discovery, . 1805, _ 222,948 4 Spain, 5 Texas, . Cession and purchase, Cession and purchase, Feb. 22, 1819, Mar. 2,1845, 6,500,000 10,000,000 54,240 262,290 6 Great Britain (Wash. Ty.) Cession, 1846, _ 58.88C 7 Mexico, . 8 Mexico, . Cession and purchase, Cession and purchase, Feb. 2, 1848, Dec. 30, 1853, 15,000,000 10,000,000 614,439 47,330 9 Russia, . Cession and purchase, Mar. 30, 1867, 7,200,000 531,409 3 488 6 9 Another estim ite makes the total area 3.501.409 MAVERICK NATIONAL BANK. 131 The amount paid to Texas was in consideration of her cession to the United States of territory not included in her present limits. Payment was in bonds, which were applied to the liquidation of her public debt. AREAS OP THE STATES AND TERRITORIES IN SQUARE MILES, 1880. STATE OB TERRITORY. Square Miles. STATE OR TERRITORY. Square Miles. Alabama, . . . Alaska, 51,540 531,409 Missouri, .... Montana, .... 68,735 145,310 112,920 Nebraska 76,185 Arkansas California, . . . . Colorado, .... Connecticut, Dakota, .... 53,045 155,980 103,645 4,845 147,700 Nevada, .... New Hampshire, New Jersey, . . . New Mexico, New York, . . . . 109,740 9,005 7,455 122,460 47,620 Delaware District of Columbia 1,960 60 North Carolina, . Ohio .... 48,580 40 760 Florida Georgia, . . . . Idaho Illinois, . . . . Indiana 54,240 58,980 84,290 56,000 35,910 69,830 Oregon, Pennsylvania, Rhode Island, . . South Carolina, . Tennessee, .... 94,560 44,985 1,085 80,170 41,750 262 290 55 475 Utah 82 190 Kansas Kentucky, .... Louisiana, .... 81,700 40,000 45,420 29 895 Vermont, .... Virginia, .... Washington, West Virginia . 9,135 40,125 66,880 24 645 Maryland, . . . . Massachusetts, . . . Michigan, . . Minnesota, .... Mississippi, 9,860 8,040 57,430 79,205 46,340 Wisconsin, .... Wyoming Total, .... 54,450 97,575 3,501,409 CONGRESSIONAL LAND GRANTS TO STATES TO JUNE 30, 1886. STATI Estimated Acres. STATI . Estimated Acres. Alabama, . Arkansas, California, Florida, . Illinois, . 3,729,120 3,940,272 3,400,000 2,360,114 2,595,053 6 795 527 Michigan, . Minnesota, Missouri, . Mississippi, Wisconsin, 4,712,480 9,992,041 2,985,160 2,062,240 4,808,486 Kansas, Louisiana, 9,370,000 1,578,730 Total, 58,329,213 132 MAVERICK NATIONAL BANK. CONGRESSIONAL LAND GRANTS TO RAILROAD CORPORATIONS TO JUNE 30, 1886. CORPORATIONS. Estimated Acres. CORPORATIONS. Estimated Acres. Central Pacific Railroad, 9,100,000 Sioux City & Pacific, 60,000 Central Pacific, Oregon Branch, Burlington & Missouri River Denver Pacific, Kansas Pacific, 3,000,000 2,441,600 1,000,400 6,000,000 Atlantic & Pacific, . Southern Pacific, . Union Pacific, Central Branch, Texas & Pacific, 25,000,000 11,930,000 245,166 27,520,000 Union Pacific, . 12,000,000 Total railroads, 143,297,166 Northern Pacific, . 47,000,000 Total grants to States and railroads, to June 30, 1886, 203,626,379 acres. DISPOSALS OF PUBLIC LANDS FOR Two YEARS ENDING JUNE 30, 1886. ACRES. 1885. 1886. Cash entries, . 3,912,450.49 7,415,885.53 3,773,498.03 9,145,135.76 Timber-culture entries Agricultural college scrip locations, . Locations with military bounty land-warrants, 4,755,005.57 961.83 26,833.18 9,181.10 5,391,309.38 159.18 28,016.05 Donation entries, ....... State selections (school, swamp, and internal im provement) Lands selected under railroad grants, Indian lands, sales of, Entries under Settler's Relief Act, etc., . 2,200.76 299,239.68 3,558,914.10 881,850.21 1,286.43 128,066.94 1,753.84 318,613.70 2,311,537.30 1,132,596.74 440.00 7,944 37 1 319.92 3,637.77 712.00 Total number of acres disposed of for the fls- 20,995,515.59 22,124,563.92 Moneyn received during the fiscal year, . $8,628,420.18 $9,031,084.34 MAVERICK NATIONAL BANK. 133 FARM STATISTICS. The following table shows the total acreage in farms, improved, land, etc., 1850 to 1880 : 1830. 1860. 1870. 1880. Total acres in farm, Acres improved, . 293,560,614 113,032,614 1,449,073 407,212,538 163,110,720 2,044,077 407,735,041 188,921,099 2,659,985 539,309,179 284,771,042 4,008,907 Average size of farms, . 203 199 153 134 IMMIGRATION. The following tables show the total immigrant arrival in the United States, by years and by countries, 1820 to 1886: Arrivals by Tears. YEAB. Total Im- migrants. YEAR. Total Im- migrants. YEAR. Total Im- migrants. YEAR. Total Im- migrants. 1820, . 8,385 1838, . 38,914 1855, . 200,877 1872, . 404,806 1821, . 9,127 1839, . 68,069 1856, . 195,857 1873, . 459,803 1822, . 6,911 1840,. 84,066 1857, . 246,945 1874, . 313,339 1823, . 6,354 1841, . 80,289 1858, . 119,501 1875, . 227,498 1824, . 7,912 1842, . 104,565 1859, . 118,616 1876, . 169,986 1825, . 10,199 1843,. 52,496 I860,. 150,237 1877, . 141,857 1826, . 10,837 1844, . 78,615 1861, . 89,724 1878, . 138,469 1827, . 18,875 1845, . 114,371 1862, . 89,007 1879, . 177,826 1828, . 27,382 1846, . 154,416 1863, . 174,524 1880, . 457,257 1829, . 22,520 1847, . 234,968 1864,. 193,195 1881, . 669,431 1830, . 23,322 1848, . 226,527 1865, . 247,453 1882, . 788,992 1831, . 22,633 1849, . 297,024 1866,* 167,757 1883, . 603,322 1832, . 60,482 1850, . 369,980 1867, . 298,967 1884, . 518,592 1833, . 58,640 1851, . 379,466 1868, . 282,189 1885, . 395,346 1834, . 65,365 1852, . 371,603 1869, . 352,768 1886, . 334,203 1835, . 45,374 1853, . 368,645 1870, . 387,203 1836, . 76,242 1854, . 427,833 1871, . 321,350 Total, 13,448,657 1837, . 79,340 * Fiscal year ending June 30. 134 MAVERICK NATIONAL BANK. Arrivals by Countries. GREAT BRITAIN. 894 444 Russia Spain 38,316 28 091 Ireland, .... Scotland "Wales .... 3,065,761 159,547 17 893 Sweden and Norway, Switzerland, . . . Turkey, . . . . 306,092 83,709 619 Great Britain, not specified, Total from British Isles, Austria-Hungary, Belgium, . . 560,453 4.698,098 .65,588 23,267 Total from Europe, SUMMARY. 8,746,921 8,746,921 48 620 228 047 France, . . . 313 716 Africa .... 1,631 Germany Greece, .... 3,002,027 385 British America, . * ' All other American coun- tries, 568,941 97,007 Netherlands, . . . Poland, .... 4,319 14,831 Pacific, .... Allother 10,474 255,778 Portugal, .... 9,062 Grand aggregate, . 9,908,799 Prior to 1820 no official records of arrivals of aliens were kept. It is estimated that the total number arrived in the United States from the foundation of the Govern- ment to the year 1820 was 250,000. The nationality of immigrants to the United States in the year ending June 30, 1886, was as follows : German, 84,403; Irish, 49,619 ; English, 50,803 ; Scotch, 12,126 ; Swedish, 27,751; Italian, 21,315; Norwegian, 12,359; Danish, 6,225 ; Swiss, 4,805 ; French, 3,318 ; European, not classified, 55,404 ; all others, 5,668. Of the whole number of immigrants arrived in the above-named period, 266,370 came through the customs district of New York, 25,046 through Boston, and 20,822 through Philadelphia. The records at Castle Garden, New York, for the year ending Dec. 31, 1886, show that 300,918 immigrants landed at the port of New York during that period, being 19,748 more than in 1885. MAVERICK NATIONAL BANK. 135 Proportion of Total European Emigration received by the United States, 1820-1882. Of the seventeen millions of emigrants leaving Europe between 1820 and 1882, eight and one-half millions were from Great Britain and Ireland, and four and one-half millions from Germany. Nearly twelve millions came to the United States, and almost four millions went to British colonies. British and Germans averaged sixty males to forty females; Spaniards and Italians seventy to thirty re- spectively. In thirty-three years preceding 1883 there were 2,412,- 000 persons evicted in Ireland, and 3,130,000 emigrants therefrom. The remittances by Irish settlers in the United States to their friends in Ireland between 1851 and 1881 amounted to $100,000,000, including $7,500,000 sent in 1881. AGRICULTURAL PRODUCTS OF THE UNITED STATES. The following table gives total production of leading staples for five years to Jan. 1, 1887 : . 1886. 1885. 1884. 1883. 1882. Wheat (bush.), 457,218,000 357,112,000 512,763,900 421,086,160 504,185,470 Corn (bush.), 1,665,441,000 1,936,176,000 1,795,528,432 1,551,066,895 1,617,025,100 Oats (bush.), . 624,134,000 629,409,000 583,628,000 571,302,402 488,250,610 Cotton (bales),. 6,550,215 5,669,021 5,714,052 6,992,234 5,465,845 Tobacco (Ibs.), 485,000,000 483,401,443 541,504,000 451,545,641 513,077,558 Wool, (Ibs.), . 322,205,000 329,600,000 337,500,000 320,400,000 300,000,000 Dressed hogs (est. 14 States, 1886), . 7,000,000 6,914,181 6,447,398 6,399,664 6,130,212 136 MAVERICK NATIONAL BANK. CHICAGO PRICES. Highest and Lowest and Average for No. 2 Spring Wheat, 1877-1886. ! i 00 I 1 fi fj % i t i j4 jj Low, . High, . 69% 85 73% 91% 69% 96 90 113 > 91% 140 95% 143^ 86% 132 81% 133% 77 114 101 x 17t5% Average, 77 82% 82% 101% 118 115% 105% 99% 96% 127% Highest and Lowest Prices of Corn, 1877-1886. I W $ i I 1 i 1 1 I ( Low, . High, . . 32% 45 34% 49 8* 46 63 48% 82% 36 76% 31% 44% 29% 48 29% 42% 37% 53% WHEAT CROPS OP THE PRINCIPAL GRAIN-GROWING NATIONS. COUNTRIES. Period. Average Annual Yield. United States, 1886 Bushels. 457,218,000 India Russia, Italy, Germany, Austria-Hungary, Spain, Great Britain Australia, Belgium Turkey, 1872-83 1884 1884 1872-82 1878-83 1874-82 1883 1884 1884 1882 1883 340,323,377 252,000,000 220,000,000 146,173,634 117,780,505 117,140,308 117,000,000 85,000,000 45,014,174 42,373,349 40,000,000 Rouraania, Mexico, 1884 1883 28,000,000 12,466,421 Netherlands, Portugal 1870-82 1877 1884 11,393,917 8,722,517 6,000,000 1874-82 4,483,333 Servia Norway Denmark, 1883 1884 1875-82 1884 4,000,000 2,750,000 2,428,415 2 000,000 MAVEKICK NATIONAL BANK. 137 COTTON. Annual Crops, Exports, and United States Consumption of Cotton, 1841-1886. [In thousands of bales.] SEASON. Total Crop. EXPORTS. HOME CONSUMPTION. To Great Britain. To Continent. Total Exports. Takings of Northern Mills. Takings of Southern Mills and Burnt. 1841-42, 1,684 936 529 1,465 268 1842-43, 2,379 1,470 540 2,010 325 1843-44, 2,030 1,202 427 1,629 347 * 1844-45, 2,394 1,439 645 2,084 389 1845-46, 2,100 1,102 565 1,667 423 1846-47, 1,779 831 410 1,241 428 1847-48, 2,423 1,324 534 1,858 532 75 1848-49, 2,840 1,538 690 2,228 518 112 1849-50, 2,204 1,107 483 1,590 488 107 1850-51, 2,415 1,418 571 1,989 404 60 1851-52, 3,126 1,669 775 2,444 588 111 1852-53, 3,416 1,737 791 2,528 650 153 1853-54, 3,075 1,604 715 2,319 592 145 1854-55, 2,983 1,550 694 2,244 571 135 1855-66, 3,665 1,921 1,034 2,955 633 138 1856-57, 3,094 1,429 824 2,253 666 154 1857-58, 3,257 1,810 780 2.590 452 143 1858-59, 4,019 2,019 1,002 3,021 760 167 1859-60, 4,861 2,669 1,105 3,774 793 186 1860-61, 3,849 2,175 952 3,127 650 193 1861-65,1 _ _ _ _ _ 1865-66, 2,278 1,262 293 1,555 541 127 1866-67, 2,233 1,216 341 1,557 573 150 1867-68, 2,599 1,228 428 1,656 800 168 1868-69, 2,434 989 458 1,447 822 173 1869-70, 3,114 1,475 704 2,179 777 80 1870-71, 4,347 2,368 800 3,108 1,072 91 1871-72, 2,974 1,474 483 1,957 977 120 1872-73, 3,874 1,920 756 2,676 1,063 138 1873-74, 4,130 1,852 959 2,811 1,192 128 1874-75, 3,831 1,833 841 2,674 1,071 130 1875-76, 4,632 2,005 1,227 3,232 1,220 134 1876-77, 4,474 1,994 1,034 3,028 1,302 127 1877-78, 4,774 2,047 1,309 3,356 1,345 151 1878-79, 5,074 2,053 1,413 3,466 1,375 198 1879-80, 5,761 2,554 1,310 3,864 1,574 223 1880-81, 6,606 2,832 1,733 4,565 1,713 230 1881-82, 5,456 2,295 1,256 3,551 1,677 287 1882-83, 6,950 2,886 1,838 4,724 1,759 313 1883-84, 5,713 2,485 1,432 3,917 1,537 346 1884-85, 5,706 2,425 1,495 3,920 1,437 318 1885-86, 6,575 2,565 1,771 4,336 1,781 385 * No estimate. f Civil war; no record of cotton movement. 138 MAVERICK NATIONAL BANK. New York Highest and Lowest Prices for Spot Middling Cotton, 1826 to June 1, 1887. YEAR. High- est. Low- est. YKAR. High- est. Low- est. YEAR. Highest. Lowest. 1826, . 14 9 1847, 12 7 1868, 33 16 1827, . 12 8 1848, 8 5 1869, 35 25 1828, 13 9 1849, 11 6 1870, 25% 15 1829, 11 8 1850, 14 11 1871, 2i# 14% 1830, 13 8 1851, 14 8 1872, 27^ 18% 1831, 11 7 1852, 10 8 1873, 21* 13% 1832, 12 7 1853, 11 10 1874, 1X 14% 1833, 17 9 1854, 10 8 1875, 17> 13 1-16 1834, 1835, 16 20 10 15 1855, 1856, 11 12 7 9 1876, 1877, 13# 13 5-16 io# 10 13-16 1836, 20 12 1857, 15 13 1878, 12 3-16 8 13-16 1837, 17 7 1858, 13 9 1879, 13% 9> 4 - 1838, 12 9 1859, 12 11 1880, mi 10 15-16 1830, 16 11 1860, 11 10 1881, 13 10 7-16 1840, 10 8 1861, 28 11 1882, 13 1-16 105 1841, 11 9 1862, 68 20 1883, 11^ 10 1842, 9 7 1863. 88 54 1884, 11 15-16 9% 1843, 8 5 1864, 1.90 72 1885, 11 5-16 9 1844, . 9 5 1865, 1.22 33 1886, 9 9-16 1-16 1845, . 9 4 1866, 52 32 1887 (5 mos.) Wi 9* 1846, . 9 6 1867, 36 15K Consumption of Cotton in Millions of Pounds. 1830. 1840. 1860. 1870. 1880. 250 454 1,140 1 101 1 404 United States 52 135 410 530 961 * 56 120 20 260 390 87 110 215 250 340 Various ...... 162 231 286 239 649 607 1,050 2,279 2,380 3,744 It appears from the above that the cotton industries of America have increased nearly three times as fast as those of the rest of the world. MAVERICK NATIONAL BANK. 139 Cotton Manufacture in the United States, 1881. | a i? w j 1 1 !} & L "S "" * t, , y *0 oa ai 0** s 1 2*1 ^ts fl 29 45,052 37,553 54,844 Tennessee, 137,602 133,963 134,597 161,199 199,166 Ohio, . 698,900 679,643 567,113 553,963 908,094 Indiana, . 10,000 9,960 2,568 6,634 16,660 Illinois, 360,407 237,657 327,568 327,977 501,795 Michigan, . 210,195 173,185 172,834 143,121 190,734 Wisconsin, 85,859 51,893 52,815 24,632 65,933 Missouri, . 113,644 103,296 60,043 51,408 74,523 Minnesota, 8,126 8,000 _ _ _ Utah Territory 57 _ _ _ _ Colorado, . 23,718 24,680 15,837 5,481 10,451 Oregon, California, 6,750 987 7,000 5,237 3,640 2,157 3,832 1,750 Wash'ng'nTer. - 2,317 540 1,857 2,842 Total, . 5,178,122 5,146,972 4,589,613 4,529,869 6,365,328 Our production of iron ore in 1886 was much larger than in any previous year, amounting in round numbers to ten million gross tons. The Lake Superior region still remains our most important source of domestic supply. In 1886 this district shipped 3,562,570 gross tons, an increase of 1,106,022 tons over the 2,456,548 tons shipped in 1885. Of the total production of pig iron in 1886, Pennsyl- vania produced 51.7 per cent. ; Ohio, 14.2 per cent. ; Illinois, 7.8 per cent. ; and Alabama, 4.4 per cent. No other State produced as large a percentage as Alabama. MAVERICK NATIONAL BANK. 147 Production of Iron and Steel and Iron Ore in 1886. IN COMPARISON WITH THAT OF 1885 AND OF 1876. PRODUCTS: Net Tons {except Nails). 1886. 1885. Increase per Cent. 1876. 6,365,328 4,529,869 40 2,093,236 Bessemer steel ingots, 2,541,493 1,701,762 49 525,996 Bessemer steel rails, .... 1,763,667 1,074,607 64 412,461 Open-hearth steel ingots, . 245,250 149,381 64 21,490 Open-hearth steel rails, 5,255 4,793 9 None. Crucible steel ingots, . 80,609 64,511 25 39,382 All kinds of rolled iron, except rails 2,259,943 1,789,711 26 1,042,101 Iron rails 23,679 14,815 60 467,168 Kegs of iron and steel cut nails, 8,160,973 6,696,815 22 4,157,814 Blooms from ore, pig iron, and scrap 41,909 41,700 ~ 44,628 Annual Production and Average Price of Bessemer Steel Rails in the United States since 1867, in Gross Tons, and Rates of Duty imposed on Foreign Rails. YEARS. Production in Gross Tons. Price in Currency. Duty. 1867, 2,277 $166 00 I 1868 6,451 158 50 (45 per cent. 1869, 1870, 1871, 1872, 1873, 8,616 30,357 34,152 83,991 115,192 13225 106 75 102 50 112 00 120 50 f ad valorem. $28 per ton 1874, 1875, 1876 129,414 259,699 368 269 94 50 68 75 59 25 to Aug. 1, 1872; $25.20 to March 3 1877, 1878, . . ... 385,865 491 427 45 50 42 25 1875; $28 from that 1879, 610,682 48 25 date to July 1880 852,196 67 50 1, 1883 1881, 1882, 1,187,770 1,284,067 61 13 48 50 1883 1884, . . . . . . 1,148,709 996,983 37 75 30 75 $17 per ton 1885 959 471 28 50 1886, 1,574,703 34 50 1883. 1887 (March) 39 50 The lowest average annual price at which Bessemer steel rails have been sold in this country was reached in 1885, namely, $28.50, but sales were made at still lower figures in both 1884 and 1885. 148 MAVEKICK NATIONAL BANK. Approximate Consumption of Hails in United States, 1867-1886. YEARS. Made in United States. IMPORTED. Approximate Consumption. Net Tons. Iron. Steel. 1867 462,108 506,714 593,586 620,000 775,733 1,000,000 890,077 729,413 792,512 879,629 764,709 882,685 1,113,273 1,461,837 1,844,100 1,688,794 1,360,694 1,144,851 1,094,215 1,792,601 163 250 313 399 566 381,064 99,201 7,796 1,174 287 None. None. 19,090 132,459 137,013 41,992 757 94 57 7 049 081 163 153 202 149,786 159,571 100,515 18,274 None. 35 10 25,057 158,230 249,308 182,135 38,220 3,074 2,395 46,571 625,157 756,795 906,749 1,019,153 1,341,935 1,530,850 1,148,849 837,724 811,960 879,916 764,744 882,695 1,157,420 1,752,526 2,230,421 1,912,921 1,399,671 1,148,019 1,096,667 1,839,179 1868, 1869 1870 1871, . 1872 1873 1874 1875 1876 1877 1878 1879, 1880 1881 1882 1883 1884 1885 1886 IMPORTS, MANUFACTURED IRON AND STEEL AND IRON ORE, 1879-1886. MANUFACTURED IRON AND STEEL. Years. Net Tons. Values. Years. Gross Tons. 1879, . 862,382 $33,331,569 1879 284,141 1880, . 2,112,341 80,443,362 1880, .... 493,408 1881, . 1,322,439 61,555,077 1881, . . 782,887 1882, . 1,335,371 67,075,125 1882 589,655 1883, . 777,650 47,506,306 1883, .... 490,875 1884, . 733,260 37,078,122 1884, .... 487,820 1885, . 647,895 31,144,552 1885, . . 390,786 1886, . 1,230,393 41,603,779 1886 1,039,433 IRON ORE. MAVERICK NATIONAL BANK. 149 EXPORTS, MANUFACTURED IRON AND STEEL, 1879-1886. YEAUS. Values. YEAES. Values. 1879, .... $14,223,646 1883, $22,716,040 1880, .... 15,156,703 1884, .... 19,290,895 1881 18,216,121 1885, .... 16,622,511 1882 22,348,838 1886, .... 14,865,087 The tonnage of the above exports are not given, nor statistics of our insignificant exports of iron ore. IRON FURNACES OF THE UNITED STATES. [May 1, 1887, compared with same date, 1886.] May 1, 1887. May 1, 1886. Increase. Anthracite : 137 119 18 Weekly capacity (tons), .... Bituminous and coke : In blast Weekly capacity (tons) 43,802 148 83,509 36,924 129 67,888 6,878 19 15,621 Total : In blast Weekly capacity (tons), .... 285 127,311 248 104,812 37 22,499 Compared with April 1, there is a decrease of two furnaces in blast, but an increase in weekly capacity of 1 ,930 tons. The production of pig iron during the first four months of 1887 is estimated at 715,234 tons of anthracite and 1,321,418 tons of bituminous iron ; total, 2,036,652 tons, or at the rate of 6,100,000 tons for the year, exclusive of charcoal iron. Another estimate for the year, embracing all classes of pig, puts the figures at 7,840,000 tons. CHAPTER XIII. ELECTRICAL DEVELOPMENT. Telegraph Statistics of the United States and of the World. Cable Systems of the World. Their Capitalization, Length, etc. Telephone Systems of the United States and of the World. Miles of Wire, Exchanges, Subscribers, Telephones in Use, etc. The Electric Light. Capital invested in Manufacturing and in Local Plants in the United States Growth of Electric Lighting since 1880. Its Cost as compared with Gas. Electric Lighting of Railway Trains, etc. Electric Railways. Systems in Use. Electric Railway Systems of Europe and the United States, and their Physical and Financial Details. Chronology of Electrical Science from 1600 to 1886. TELEGRAPHS. The power of transmitting electricity was discovered in 1727. Franklin and English scientists experimented twenty years later In 1758, Alexander Marshall in- vented a plan for telegraphic communication ; in 1774, Lesage, a Swiss physician, operated an apparatus. The discovery of galvanism in 1790 gave telegraphy an im- pulse, and two unsuccessful plans were devised. Morse invented the first practical system, in 1832, and con- structed a working model in 1835, which he patented two years later. Professor Weber built the first land line, 6,000 feet long, at Gottingen, in 1833. The earliest in England, built in 1839, extended from Paddington Sta- MAVEKICK NATIONAL BANK. 151 fcion, London, to West Drayton, thirteen miles. In July, 1844, a line was built from Washington to Baltimore, which was extended during the next year to New York and Boston. The first company was the Magnetic Tele- graph Company. Meantime several lines were constructed in England, but the first company was not incorporated until 1846. In 1880 there were seventy-seven distinct telegraph systems in the United States. The following table gives dates of earliest telegraph construction by the principal nations of Europe. The systems are all under government control. COUNTRY. Date. Boute of Line. 1845, Paris to Rouen. 1849, Mayence to Frankfort-on-the Main. 1851, Brussels to Antwerp. Switzerland, .... 1852, 1852, 1853, Stockholm to Upsala, 60 miles. Russia, . ... 1853, St. Petersburg to Cronstadt. Spain. 1854, Madrid to Irun. Norway 1855, 152 MAVERICK NATIONAL BANK. TELEGRAPH STATISTICS OF THE WORLD. COUNTRIES. Year. Miles of Lines. Miles of Wires. Number of Messages. Austria-Hungary 1883 1883 33,712 5,215 98,065 22,848 10,170,894 Belgium, ...... 1885 3,749 17 587 6 788 071 Brazil, Canada, 1885 1883 5,800 23,320 331,884 Cape of Good Hope, . Chili, . China Colombia, ... 1885 1885 1885 1883 4,219 7,625 3,089 2,357 5,482 740,791 478,289 288 876 Cuba Denmark, . Dutch East Indies, . Egypt France, Germany, 1882 1884 1883 1886 1884 1884 2,835 2,360 5, (62 2,701 56,545 49,728 5,987 6,532 5,221 205,470 180,000 1,297,434 383,501 29,452,708 18,849,855 Great Britain and Ireland Greece, 1886 1885 1884 28,500 3,720 2 880 158,568 4,570 33,278,459 627,693 223 994 India, British, . Italy, .... Japan, .... 1884 1884 1884 1884 23,341 17,816 5,000 19,000 68,694 13,481 58,800 1,837,048 6,778,717 2,731,810 1885 2,838 10,318 3,320,869 New South Wales, .... 1884 1885 10,000 4 264 18,681 10 474 2,334,052 1 654 305 Norway, ... . 1885 5 563 9 958 950,018 Persia, 1885 3,824 6,124 Portugal, ..... 1884 3,045 7 257 1 727,293 1885 6,979 11,300 1,012,255 1884 3,256 6 800 1,203 500 1883 65,394 146,690 10,222,139 South Australia, .... Spain, Sweden, ...... 1885 1883 1885 5,291 10,733 4,102 9,067 26,160 13,044 3,019,831 1,178,959 Switzerland 1885 4 300 10 386 2 942 767 Turkey. ...... 1884 14,617 26,060 1,259,133 United States . 1886 218 247 667 710 72 000 000 1885 4,020 8,055 1,594,296 Total miles of line for the world, including 22 coun- tries not given in detail above, 710,096. PROGRESS OF TELEGRAPHY IN GREAT BRITAIN. 187O-1887. When the British government assumed control of the private telegraphic enterprise in 1870, there were 2,932 telegraph offices in the United Kingdom, and at the end of March, 1887, there were 6,514 offices. In the finan- cial year 1870-71, the post office controlled 69,000 miles MAVERICK NATIONAL BANK. 153 of wire, over which 9,850,000 public messages were sent, bringing in gross receipts of 6 12, 000, -the working ex- penses being 350,000. This contrasts with the fiscal year 1885-86 of 170,000 miles, 39 millions of messages, 61,800,000 receipts, with expenditure in excess of receipts consequent on exceptional outlay. It is esti- mated that one result of the halfpenny per word tele- gram will be a great increase in the number of messages. This year it is anticipated that the total number will probably exceed 52,000,000. In London there are 255 miles of pipes containing telegraph wires, which represent a total of 12,212 miles. Beyond this there are 868 miles of what is termed 44 open " wire in the metropolitan area. The following is a comparative return, showing the mileage of line and wire in the United Kingdom : YEAR. OVERHEAD. UNDERGROUND. Line. Miles. Wire. Miles. Line. Miles. Wire. Miles. 1877, ...... 23,766^ 24,438% 25,001> 26,425 101,627% 102,074 111,811% 150,590 394% 445% 478% 677% 8,013% 9,023 10,993>i 19,605 1882 .... TELEGRAPHS OF THE UNITED STATES, JAN. 1, 1887. LINES. Miles of Wire. Miles of Poles. No. of Offices. No. of Employees. Western Union, . Baltimore and Ohio, United lines, .... United States Government, . 497,420 61,919 22,727 3,000 1 092 153,217 8,353 3,058 3,000 963 15,417 1,300 472 55 56 24,717 2,960 930 90 57 Smaller lines, 81,552 49,656 4,373 6,756 667,710 218,247 21,673 35,510 154 MAVERICK NATIONAL BANK. The Western Union Telegraph Company was organ- ized in 1851, -with a capital of $360,000. Its lines at first extended from Buffalo to Louisville. No divi- dends were paid during the first seven years, all earnings being devoted to the acquisition and construction of other lines. It has since absorbed many independent companies, and controls a number of others under lease or otherwise. The following table gives a statement of its mileage and operations for the ten years ending June 30, 1886 : WESTERN UNION TELEGRAPH COMPANY. YEAR. Miles Wire. Offices. Messages. Net Earnings. Surplus or Deficit. 1877, 194,323 7,500 21,158,941 $3,140,128 _ 1878, 206,202 8,014 23,918,894 3,551,543 _ 1879, 211,566 8,534 25,070,106 4,800,440 - 1880, 233,534 9,077 29,215,509 5,833,938 _ 1881, 327,171 10,737 32,500,000 5,908,230 _ 1882, 374,368 12,068 38,842,247 7,118,070 $1,852,408* 1883, 428,546 12,917 40,581,177 7,660,350 1,994,314* 1884, 450,571 13,761 42,076,226 6,610,436 498,916* 1885, 462,283 14,184 42,096,583 5,700,924 166,535* 1886, 489,607 15,142 43,289,807 3,919,855 14,169| 1887 (Jan. 1), 497,420 15,417 " " * Surplus. t Deficit. CABLES . Attempts were made to lay submarine wires in 1839. The first successful one crossed the Hudson River at New York City, in June, 1848. In January, 1849, a successful two-mile cable was laid in England. One was put down between Dover and Calais in the next year. It worked but a single day, and was renewed by a cable twenty-seven miles long in 1853, when another was laid between Dover and Ostend, eighty miles. A third cable, one hundred and twenty miles long, was laid the same year between England and Holland. From 1853 to 1858, thirty-seven cables, with a total length of 3,700 MAVERICK NATIONAL BANK. 155 miles, were laid. The first Atlantic Cable, 2,500 miles long, between Valentia, Ireland, and Trinity Bay, N. F., was finally completed July 29, 1858, after more than a year of unsuccessful experiments. The first despatch went over Aug. 12, 1858. The following table gives dates of construction, loca- tion, and length of the early c'ables of the world : DATS. Between Miles. 1850 25 Holyhead and Dublin, 69 1858 1866, Valentia, Ire , and Trinity Bay, N. F., Ireland and Newfoundland, 2,500 1,896 1869, . . . . '. 1869, France and West Indies, . France and St. Pierre, . . 2,584 1871 .... Singapore, China, and Australia 4,980 1874 6,840 TABLE SHOWING CAPITALIZATION OF THE CABLE COM- PANIES OF THE WORLD, JAN. 1, 1877. NAME. Capital. A.nglo-American Telegraph Company, ...... $35,000,000 18,485,000 9,985,000 6,500,000 950,900 2,125,000 6,500,000 7,692,200 1,691,125 1,100,000 874,045 7,500,000 760,000 6,666,050 Eastern Extension, Australasia and China, German Union Telegraph and Tiust Company, .... Western and Brazilian Telegraph Company Cuba Submarine, Direct Spanish . . ... West Indies and Panama, Total . . . $105,829,320 Eleven out of the fourteen companies paid dividends varying in amount from one-half of one per cent, to ten per cent, during 1876. There are now twelve submarine cables between Europe 156 MAVERICK NATIONAL BANK. and America, the longest being the French line from Brest to St. Pierre Miquelon, which is over 3,000 miles in length. TELEPHONES. The first transmittal of sound by electricity was made by Dr. Page of Salem, in 1837. A Mr. Farrar of New Hampshire, prior to 1860, made an apparatus by which music was transmitted, but failed to construct a transmit- ter for speech. Philip Reis, a German, invented the- dia- phragm transmitter about 1860 ; he used Page's receiver. In 1876, Professor Bell brought forward an entirely dis- tinct system ; but at first his instrument could only be used for twenty miles, and was not efficient. Elisha Gray, Thomas A. Edison, Professor Hughes, and others made improvements which put the system on a practical basis. The first telephone patents were granted in 1877 ; and twenty-two were issued before Jan. 1, 1878. The first companies were the American Speaking Telephone Company and the American Bell Telephone Company. The latter was organized in 1880, under a special charter from the State of Massachusetts. The Western Union Company transferred to the Bell Company the Gray and Edison patents under a contract giving it twenty per cent, of the latter' s net earnings ; and agreed not to engage in telephone business. Priority of invention over Professor Bell has been claimed by Edison, Gray, Dolbear, Daniel Drawbaugh, James W. McDonough, and others ; and the dispute has given rise to many legal suits against the Bell Telephone Company, some of which are not yet settled. Draw- baugh asserts that he perfected a telephone on the exact principles followed by Bell, as early as 1867, and oper- ating in the same way. Telephone statistics are meagre and difficult of access, excepting those of the American Bell Company, the principal organization in the world. MAVERICK NATIONAL BANK. 157 TELEPHONE STATISTICS OP THE UNITED STATES. The following figures, to December 31 of each year, were mostly furnished by the licensees of the American Bell Telephone Company : 1886. 1885. 1884. 1883. Capital stock and invest- ment, . Aggregate capital, . $54,186,1111 53,535,021* $54,320,554* 53.53V-64" $53,342,1418 51,490,751" $49,953,352 Totul gross earnings, Total expenses, 10,883,361* 6,838,171* 10,066,6405 6,462,843s 9,050,213'' 5,755,415" 7,981,079 5,017,141 Total net earnings, . 4,045,182* 3,603,796' 3,294,803" 2,963,506 Per cent, expense to gross earnings, 62.83* 64.20 63.69 _ I'er cent, net earnings to capital, .... 7.56* 6.73* 6.48 " 1 Sixty-two companies. 2 Sixty-three companies. ' Forty-seven companies. * Forty-six companies. 3 Sixty-four companies. 9 Forty-five companies. On the above basis, the entire telephone business of the United States is estimated as follows : 1886. 1885. 1884. $11 150 000 $10 440 000 $9 500 000 7,000,000 6,700,000 6,050,000 4 150 000 3 740 000 3 450 000 Aggregate dividends reported, . . 2,703,483 2,077,064 1,921,239 Gross ex-territorial receipts, . 557,293 544,716 512,034 Number toll stations 3,944 4,007 3,341 Number toll private line stations, etc., 16,121 13,994 12,868 Total stations 167,133 155,751 151,056 Length cables in use, feet, 1,059,731 738,678 582,443 Number extra-territorial lines, 911 931 826 Miles extra-territorial pole lines, . . . 31,143 31,395 25,766 Miles extra-territorial wire lines, . 43,767 42,461 35,631 158 MAVERICK NATIONAL BANK. AVERAGE CALLS IN EXCHANGES, AND AVERAGE COST TO SUBSCRIBER PER CONNECTION. 1888. 1883. 1884. Calls. Cost, Cents. Calls. Cost, Cents. Calls. Cost, Cents. Exchanges of 100 or lees subscrib- rxchanges of 100 to 200, Exchange* of 200 to 500, Exchangee of SOU to 1,000, . Exchanges of 1,000 to 1,500, . Exchangee of 1,500 or more, Total daily exchange connections in United States, .... Total per year, Average daily number extra-ter- ritorial messages, Total yearly .... 5.3 6.9 6.6 6. 6.8 8J 312,6( 2,7( $33,8< 1,6 2.6 2.6 3. 4.4 4.1 >6,454 >5,710 7,402 )1,730 55,061 6,316 4.76 5.41 6.8 6.56 6.51 7 272,4 2,5 31,1 1,1 2.8 2.4 2.6 8.4 4.1 16,515 78,705 6,933 *0,545 14,517 51,469 4.56 5.46 5.59 5.81 6.76 6< 251,2< 2,9S 28.2C 2,se 4.3 3.1 3.6 3.6 6.8 >7,966 $7,760 8,330 (8,800 9,866 13,787 Total construction and investment account, Jan 1, 188(5 (44 com- panioa), Added during year, Total $35,561,367 $32,266,469 $30,593,653 AMERICAN BELL TELEPHONE Co. , 1881-87. (ORGANIZED 1880.) March 31, 1887. Dec. 81, 1880. Dec. 31, 1883. 1884-83. 1883-82. Exchangee and branch offices, 1,182 1,175 1,203 1,325 1,070 Total miles wire, 128,231 114,046 101,592 85,890 68,571 Total Mibscribfra 147,068 137.7AO 134,847 123,625 97.72S Total employees 5,8-13 o,438 5,168 8,762 3,716 Total iiiHtruinontH _ 353,518 330,040 325,574 298.58D Total gross earnings, . Total net Income, - $3,097,000 1,973,350 $2,705,884 1,809,996 $2,295,594 1,475,431 $1,516,031 972,044 ELECTRIC LIGHTING IN THE UNITED STATES. At the beginning of 1887 there were about 40 ** parent " companies selling electric light apparatus in the United States. The total capital iu vested in producing electric light apparatus und in supplying electric light locally is estimated at from $100,000,000 to $125,000,000. There MAVERICK NATIONAL BANK. 159 are from 650 to 700 local electric lighting companies, and about 100 gas companies supplying electric light also. The demand for arc carbons is about 150,000 per day ; the production is over 200,000. The twelve companies made a combination in April, 1887, to maintain prices at $20 to $30 per 1,000. The growth of the electric (arc) lighting business has been very rapid of late years. It dates, practically, from 1881-82. The following table shows the status of arc lighting : YEAH. Thousands of Lights. YEAR. Thousands of Lights. 1881-82, .... 1882 6 12 1884, 1885 48 96 1883, 24 1886 (estimated), . 150 The business is increasing at the rate of 40,000 to 50,000 arcs per year. There are over 750,000 incandescents in the United States. In April, 1887, the Edison system was in use in, or under contract for, 90 central stations having a dynamo capacity of nearly 300,000 lamps, or 400,000 to 450,000 in use. In isolated Edison plants the growth has been as follows : YBAR. Thousands. YEAR. Thousands. 1881, 5 1884 93 1882 29 1885 132 1883 64 1886, 702 plants, . 181 The other incandescent systems are credited with 200,000 to 250,000 lamps. The New York rate for arc lights of 2,000 candle- power in 1886 was seventy cents per night. Competition has cut this to fifty cents in 1887. 160 MAVERICK NATIONAL BANK. In January, 1886, the central station capacity in sixty large cities was nearly forty thousand arc lights. In over eighty other cities and towns the average was one hundred and fifty arc lights ; and nearly seventy more ranged between fifty and one hundred. In the United States are over forty thousand isolated arc lights. America utilizes fifteen thousand to twenty thousand horse power from turbines in electric lighting. In the Equitable Building, New York, is a plant of five thousand 16 candle power incandescents and fifty of 100 candle power. It has seven 600-light dynamos. There are about thirty miles of cable and wire. About one hundred thousand arc lights are burning nightly in America. They burn about three hundred and twenty-nine nights yearly. The earnings average about forty cents nightly. This would yield $13,160,000 a year. Allowing seventy-five per cent, expenses, this would be $3,290,000 on a capital of about $35,000,000, or not quite ten per cent, per annum. Many commercial lights are not used steadily. The above applies to arc lighting. The local incandescent companies also gener- ally pay dividends of five to fifteen per cent. Authentic figures show that arc lights furnish at least four times the light of gas, at two- thirds the expense. Incandescents cost as follows: At the Anamosa, la., penitentiary, a 16 candle power lamp costs. 2451 cent per hour ; oil and candles, .552. At the School for the Blind, Lansing, Mich., ninety-eight lamps of 16 candle power, one hour, including interest, cost 18 cents. In the Pub- lic Printing Office, Washington, the cost per 16 candle power lamp (Edison) per hour is 0.67 cent. At the Missouri Institution for the Deaf and Dumb, Fulton, Mo., the incandescent costs about the same as gas, at $1 per thousand feet. Arcs of 1,200 to 2,000 candle power are generally used MAVERICK NATIONAL BANK. 161 on the street, but Edison " Municipal" and other incan- descents are being introduced. The Westinghouse Company has lately installed several thousand " alternating" system incandescent lights, with u converters," for which immense economy is claimed. At Plainfield, N. J., the charge for lights as operated by this system is $35 per year for eight 16 candle power in residences. Commercial incandescents are now made of to 150 candle power. Some lamps up to 400 candle power have been made and used. A 2,000 candle power arc light requires a trifle less than 1 horse power. In incandescent lighting, from eight to ten lamps of 16 candle power to 1 horse power are guaranteed. The life of incandescent lamps averages from 600 to 800 or 1,000 hours ; but they often last 2,000 and 3,000 hours. Incandescents, with suitable protection, are now run on the arc circuits. Thus at Hoboken, N. J., on the Thomson-Houston circuits 16 candle power incandescents are run on the arc mains at a charge of 50 cents per month per lamp. Train Electric Lighting. During 1886, incandescent lights fed from secondary batteries have been introduced on several railroads in New York and New England, and the work is growing. The cost per lamp of 16 candle power per hour is about one-half cent. From twelve to twenty-four lamps are used in a car, and the necessary batteries weigh only about one thousand pounds. ELECTRIC RAILWAYS. There are three systems of applying electric power to the operation of railways : 1 . Electric current conveyed from the dynamo to the cars by a wire overhead upou which rides a small metallic carriage connected with the cars by wires ; 2. Current conveyed by a third rail or by an underground conduit, reaching the motor in the car by 162 MAVERICK NATIONAL BANK. means of a collecting wheel or brush in contact with the electrical conductor ; 3. Current supplied by storage cells charged with electricity and carried in the cars. FOREIGN ELECTRIC RAILWAYS. Europe has now eleven electric railways. These have all been built within eight years. At Kew Bridge, London, the electric motor is employed upon the Acton tramways. Power is supplied by 50 storage cells carried under the car seats. With about 5 tons total weight, and about 8 horse power developed, 50 persons are carried at the rate of 6 miles per hour. At the Industrial Exhibition at Berlin, in 1879, Dr. Werner-Siemens built an electric circular narrow-gauge railway 2,700 feet long. Three cars now run, carrying 25 passengers, at a speed of 15 to 20 miles per hour. Mr. Reckenzaun has experimented successfully upon street cars driven by a storage battery. The estimated expense of this system is about one-half that of direct horse power. It was tested at Berlin in December, 1885. At Berlin an electric railway, 1 miles long, was built in 1884, having 2 motor cars, and carrying 100,000 passen- gers per year. At Vienna, a Siemens railway was built, 2.8 miles long, with 12 cars, which carries 340,000 passengers a year. At Breuil, France, an electric motor line has been operated since March, 1882. The train consists of an electric locomotive weighing 2,000 pounds, a tender with Faure accumulator weighing 1,500 pounds, and cars each of which when loaded weighs about 1,700 pounds, the total weight of train being about 7 tons. One mile of electric railway has been in operation at Brighton, England, since 1883. It draws 2 cars, and carries 250,000 passengers per year. Another, at Bess- brook, upon which are drawn 6 carriages, weighing 2 tons MAVERICK NATIONAL BANK. 163 each, hauls a train carrying 34 passengers, at a rate of 15 miles per hour. Power is supplied by dynamos moved by water power. At Blackpool, England, a line 2 miles long was opened in September, 1885. It is operated by two 25 horse power stationary engines, which develop a sufficient current to move 10 cars and 400 passengers. Cost of line, $55,000. It carries 300,000 passengers per year. At the Antwerp exhibition, in 1885, careful tests were made upon tramway motors of different kinds, and elec- tric motors obtained the highest prize. A road at Frank- fort, 4 miles long, hauls 14 cars, and carries 990,000 passengers a year; at Zankerode (mine), 1882, 2,370 feet double track, 16 freight cars, 300 tons daily ; Hohen- zollern (mine), 1884, 2,460 feet, 15 cars, 300 tons daily; Portrush, 1883, 6 miles, 4 cars, 100,000 passengers a year ; Besspool, 1885, 3 miles, 8 cars, 300,000 passen- gers yearly, and 30,000 tons freight. A road in the Austrian Alps, 15 miles long, to cost $350,000, has been chartered. Tram cars, run by accumulators, or upon the electrical storage system, are in use at Hamburg, Germany, built 1886, 2 cars ; Brussels, 1887, 5 cars ; also for handling coal at the collieries of Drybrook, England. ELECTRIC RAILWAYS OF THE UNITED STATES. The United States has also from ten to twelve electric railway systems. The first was put in operation at Chicago in February, 1883, length, 400 feet. A street railway 3,000 feet long was operated by electric motor at Toronto, Canada, in 1884. Others, at South Bend, Ind., 2 miles; New Orleans, 1885, mile; Minneapolis, Minn., 1885; Montgomery, Ala., 1885, 11 miles, 18 cars ; Detroit, at Highland Park, 1886, 3 miles, 2 cars, 164 MAVERICK NATIONAL BANK. 200,000 passengers a year ; Dix Railroad, Detroit, Sept. 1, 1886, 1 miles, 4 cars, 300,000 passengers; Win- sor, Can., 1885, 2 miles, 2 cars, 200,000 passengers yearly; Appleton, Wis., 1886, 4 miles, 8 cars, 400,000 passengers; Port Huron, Mich., 1885, 4 miles, 8 cars, 75,000 passengers yearly ; Scranton, Pa., 1886, 3 miles, 3 cars, 300,000 passengers; Philadelphia, 1886, 2,600 feet of street railway at Ridge Avenue, Schlesinger system; Baltimore, Md., 1885, 2 miles, 5 cars, 200,000 passengers carried in 1886 ; Denver, Col., 1886, 3 miles, 7 cars, 300,000 passengers; Los Angeles, Cal., 1887, 3 miles, 8 cars ; Lima, O., 3 miles, 6 cars ; Richmond, Va., 11 miles, 40 cars; Binghamton, N. Y., 1887, 4^ miles, 5 cars ; San Diego, Cal., 9 miles, 4 cars ; Ansonia, Conn., 3 miles ; St. Joseph, Mo., 20 cars. Orange, N. J. ; Harrisburgh, Pa. ; Woonsocket, R. I. ; Kansas City ; Pittsburgh ; New York City ; Mansfield, O. ; Wichita, Kan.; San Francisco; and Ithaca, N. Y., also have systems. The total of passengers carried in the United States by electric street railways now reaches over 3,000,000 yearly. The length of track operated approximates 50 miles, with over 75 motors and cars running. The roads in con- struction will double these figures during 1887. The total cost of furnishing power with direct supply of cur- rent does not exceed $2.50 to $3 per day per car. With storage batteries it is about $4 to $5. The total cost of horse cars per day is $6.50 to $9.50. Work is also being done outside of the street railway department. A road has been put in operation in a Boston sugar refinery, and another, 6,000 feet long, has been constructed in a mine, the train hauled being 15 to 20 loaded cars. MAVERICK NATIONAL BANK. CHRONOLOGY OF ELECTRICAL SCIENCE. 1600 to 1887. 10OO. Dr. William Gilbert published his book " De Magnete," marking the birth of the science. 166O. Otto Von Guericke, inventor of the air pump, made the first fric- tional electric machine. 172O-29. Stephen Grey, London, improved conductors and insulators. 1733. Dufay made the distinction between "vitreous" and "resinous" electricity. 1745. Discovery of the Leyden jar by Dean Von Klcist and others. 1747- Discharge of Leyden jar transmitted a considerable distance. Franklin began studying electricity. 1749. Franklin conceived the identity of the "electrical fluid" with lightning. 1752. Franklin's suggested experiment of drawing electricity from the clouds first made. 1753. The practicability of the electric telegraph first hinted at. 1783. Volta invented the condenser. 1786-89. Galvani's discovery of galvanic action. 18OO. Discovery of Volta's battery, producing current through chemical action. 1800. Coxe, of Pennsylvania, invented a rude system of telegraphy. 1801. Gautherot discovered that the electrodes through which the current of a primary battery had been discharged became capable of producing a current. 1802. Ritter made the first secondary battery. 18O8- Davy batteries gave the first display of the electric light. 1819- Oersted discovered the principles of electro-magnetism. 1820. Ampere enunciated the fundamental principles of electro-dynamics. 1821. Seebeck discovered the thermo-electric battery. 1824. Sturgeon made the first electro-magnet. 1829. Electro-magnet, improved, exhibited by Professor Henry. 1831. Faraday discovered "induction," or the production of electricity by magnets, on which all modern electrieal engineering is based. He made the first " dynamo." 1832. Pixii made the first practical magneto-electric machine. Baron Schilling showed a working of telegraph with thirty -six needles. 1833- Gauss and Weber set up a successful telegraph line at Gottingen. 1833. First rotary electric motor described. 1834. Davenport made and used the first American electric motor. 1835. Professor Henry worked a short telegraph at Princeton. 1836. Daniell, in England, invented his famous battery. Cooke and Wheatstone established a needle electric telegraph system in England. Stein- heil used the earth as a return circuit for telegraph. 1838. Jacobi propelled a boat by electric motor and primary batteries. 1839. Jacobi, Spencer, and Jordan describe methods of electrotyping. 184O- Wright's electrotyping process patented in England. Morse, reduc- ing telegraph to practicability, took out his first patent in United States. Pho- tographs taken by Prof. B. A. Sillim.in, Jr., and Dr. W. H. Goode by the electric (arc) light; current produced by a buttery of 900 cells. 1841. De Moleyns patented in England a lamp in which a platinum wire in an exhausted glass globe was coated with particles of plumbago. 1842. The celebrated Bunsen battery was invented. Grove made his well- known " gas battery " with platinum plates, giving a secondary current. Tele- graph poles first used In England. 1843. Morse obtained an appropriation of $30,000 for a telegraph. 166 MAVERICK NATIONAL BANK. 1844. Morse'* first line built, Washington to Baltimore. Foucault in- vented a practical form of arc light. 1845-46. Starr, of Cincinnati, invented an incandescent lamp in which a thin strip of graphite was held between clamps affixed to a porcelain rod ; the rod was suspended by a platinum wire sealed in the globe. He proposed to light cities by electric lamps on towers. Electric light (arc) used at the Paris opera. 1848. Archereau applied the important detail of the solenoid to arc lamps. 1850. First cable between Dover and Calais. 1851. Professor Page with his motor made a trip with a car from Washing- ton to Bladensburg. 1854-55. Hjorth, of Denmark, patented devices for augmenting currents by reaction of electro-magnets on each other. 1856. Werner Siemens brought out his armature for dynamos. 1857. De Changy invented a system permitting the divisibility of the cur- rent for lighting. 1858- First Atlantic cable laid. 1859. Plants finds lead the best metal for secondary batteries and covers the surface with the peroxide by the primary current. 1860. Pacinotti, in Italy, made continuous current dynamos, which he used as motors. 1861. Kirchhof, in America, makes secondary batteries of alternate plates of spongy lead and peroxide. 1862. Electric light installed in Dungeness (England) lighthouse, June 6. 1865. Second Atlantic cable. 1867. Siemens and Wheatstone enunciate clearly the principle of converting mechanical energy into electrical in the dynamo. 1869-71- Gramme invented his celebrated dynamo for continuous currents. 1872. Duplex system of telegraphy invented. 1873-76. Lodyguine, Koun Kosloff and Bouliguiue, in Russia, put in opera- tion crude incandescents, having carbons in vacuo, contained in glass globes variously sealed. 1873. At the Vienna Exposition a Gramme dynamo used as a motor worked a pump, the current being transmitted 1,400 yards. 1874. Edison produced his quadruplex telegraph system. 1876 A. G. Bell exhibited his telephone at the Centennial Exhibition. 1879. Edison's incandescent lamp patented. Sawyer showed an incan- descent in which the carbon was placed in nitrogen to prevent combustion. Notable exhibition of plowing with electric motors, six acres in six hours, power transmitted one mile. Siemens and Halske started a practical railway at Berlin in 1879. 1880. Swan exhibited his incandescent with a carbon filament. 1881. Faure produces his celebrated secondary battery, in which the active material is mechanically applied. 1882. The first Edison central station for general incandescent lighting started in New York City, September. Deprez at the Munich Exposition made the first long-distance transmission of power electrically, 37 miles. 1883. Prof. Fleeming Jenkin brought out his system of "telpherage," or electric transmission of passengers and freight, using suspended wires as tracks for the cars. 1884. Electric power stations (Daft system) established in New York and Boston, distributing current to motors widely scattered. 1885- The Julien electric car with storage batteries, at the Antwerp Exhi- bition awarded the first prize for railway service. 1886. The Edison and Phelps systems of telegraphing to and from moving trains brought into use. CHAPTER XIV. BOSTON STATISTICS. Valuation, Debt, Appropriations, and Tax Rate, by Years Building Permits Issued. Passenger Travel in and out of Boston. Travel to New York. Travelling Distances from Boston. Sailing Distances. Shipping Arri- vals. Leather and Wool Statistics. VALUATION AND TAX RATE. The following table shows the valuation of the city, gross funded del>t, annual appropriation, and tax rate since 1874 (county debt included with 1886) : Valuation. Gross Funded Debt. Annual Appropriation Order. Tax Rate. 1874, .... $798,755,050 $42,890,785 77 $12,146,643 $15 GO 1875 793,961,895 43,414,829 99 11,104,805 13 70 1876 748,996,210 43,848,835 73 10,180,887 12 70 1877, .... 686,840,586 43,590,497 30 10,267,258 13 10 1878 630,446,866 42,457,022 47 9,555,892 12 80 1879, .... 613,322,692 42,359,816 23 9,133,429 12 50 1880 639,462,495 42,030,125 36 10,190,387 15 20 1881 665,554,597 40,949,332 18 10,475,817 13 90 182 672,497,962 40,079,312 04 11,054,535 15 10 1883 684,432,671 41,184,358 12 11,214,269 14 50 1884, .... 682,648,000 43,185,669 07 12,666,095 17 00 1885, . . 685,404,600 42,962,180 02 10,608,100 12 80 1886 710,581,700 43,803,322 04 10,553,690 12 70 1887 46,774,962 00 11,229,094 168 MAVERICK NATIONAL BANK. BUILDING PERMITS ISSUED. Brick, Stone, and Iron Building Permits. Wooden Building Permits. Estimated Cost of Brick Buildings. Estimated Cost of Wooden Buildings. Estimated Cost of Additions and Repairs. 1871, . 245 272 . _ . 1872, . 974 1,051 7,043,318 3,147,535 _ 1873, . 646 903 16,001,225 2,000,440 - 1874, . 520 1,278 14,211,120 2,586,615 _ 1875, . 348 709 8,308,700 2,237,820 1,410,518 1876, . 200 532 5,343,575 1,383,555 1,355,446 1877, . 265 532 4,283,775 1,048,590 1,114,290 1878, . 187 473 2,628,225 819,430 852,333 1879, . 203 575 _ _ 1,606,768 1880, . 309 494 1,490,100 474,752 1,327,230 1881, . 308 787 1,521,852 686,643 935,765 1882, . 235 841 4,932,640 2,379,278 1,607,051 1883, . 236 1,005 5,864,577 1,670,806 2,386,226 1884, . 312 1,123 5,400,775 3,078,145 1,983,287 1885, . 348 1,372 0,218,800 4,552,538 2,560,212 1886, . 346 1,353 8,813,100 3,992,792 3,064,813 BOSTON PASSENGER TRAVEL, YEAR ENDING SEPT. 30, 1886. Passengers to and from Boston. NORTHERN ROADS. Inward. Outward. Total. Increase over 1885. Per Cent. Boston & Maine, Eastern, . Boston & Lowell, Filchburg, .... Revere Beach (narrow gauge) Total, .... 5,496,045 2,385,116 1,513,882 840,092 5,511,934 2,337,886 1,508,761 823,184 11,007,979 4,723,002 3,022,643 1,663,276 554,142 442,497 500,786 232,914 - 10,235,135 10,181,765 20,416,900 1,730,339 926 SOUTHERN ROADS. Boston & Albany, Old Colony, N. Y. & New England, . Boston & Providence, Total, .... Total for nine roads, . 2,944,147 2,501,309 1,156,751 2,269,165 2,944,546 2,528,734 1.142.8U: 2,3-21,323 5,888,693 5,030,043 2,299,563 4,590,488 319,251 341,774 251,845 366,018 - 8,871,372 8,937,415 17,808,787 1,278,888 7.74 19,106,507 19,119,180 38,225,687 3,009,227 854 The total passenger traffic of the nine steam railroads was 38,225,687; of which the northern roads carried 2,606,113 more than the southern roads. MAVERICK NATIONAL BANK. 169 Number of Trains in and out of Boston. NORTHERN ROADS. WINTER. SDMMKR. Average Number Passen- Daily. Sunday. Daily. Sunday. gers to a Train. Boston & Maine, Western Division, . 114 36 116 34 ) } 153 Eastern Division, 98 24 118 49 ) Boston & Lowell, 147 30 152 32 98 Fitchburg, .... 98 32 100 33 93 Boston, Revere Beach, & 53 26 65 43 85> Totals, .... 510 148 551 193 107.4 SOUTHERN ROADS. Boston & Albany, 135 32 135 32 134 Old Colony, 106 14 119 20 142K New York & New England, 51 10 51 10 140 Boston & Providence, 101 13 101 13 143 Total, .... 394 69 406 75 139.9 Total for nine roads, . 904 217 957 268 123.6 PAYING PASSENGERS BETWEEN BOSTON AND NEW YORK. Year ended Sept. 30, 1884, 673,000 Year ended Sept. 30, 1885 837,465 Year ended Sept. 30, 1886 990,000 The freight transported by rail lines between Boston and New York in 1885 amounted to 1,103,483 tons. The Metropolitan Steamship line also carried 220,000 tons. 170 MAVERICK NATIONAL BANK. TRAVELLING DISTANCES FROM BOSTON. Route. Miles. Albany, N. Y Atlanta, Ga P. & A., Pied Air Line, .... 202 1 085 At Coast L 1 207 Atchison, Kan Baltimore, Md., .... Bangor, Me., ..... C., B. &Q. Phil., W. &B. Eastern, ..... 1,505 403 245 Bar Harbor, Me., .... 294 Buffalo, NY., N. Y. Central 500 C B & Q 1 24 9 Cen. Vt 246 Butte City, Mon , . . N P 2 704 Charleston, 8. C., .... 1,021 U. P 2,043 Chicago, 111., Mich Cen 1,036 1,040 i Fitch., W. 8. & B , and G. T., . 1,003 N. Y., Ch. & St. L. (Nickel PL), Penn 1,023 , Cen. Vt and Gr Trunk, . 1,171 i Erie 1 204 ii n B. &O. 1,257 Cincinnati, O., .... Penn L. Shore, . . . 974 683 854 B & L 75 Denver, Col., &*.*: : : : 2,089 2,096 Des Moines, la., .... Detroit, Mich., .... C., R.I.&P., . . . . Mich Cen., 1,394 751 Dubuque, la Duluth, Minn., . i ii .... Fall River, Mass., ! Ch., Mil. & St. P., N. W. and Ch , St. P., M. & O., Wis. Cen. and N. P O. Col 1,221 1,458 1,543 51 Fargo, Dak., Galveston, Tex., .... N.W. andN. P., via New Or., . 1,721 2,005 Halifax N S . At. & G. Col and S. F., . E and Me Cen . . 2,443 736 Harrisburg, Pa. Hartford, Conn Penn., N.Y. &N.E B. & A. and N. Y., N. H. & H., N p 413 117 125 2,601 Indianapolis, Ind., .... Jacksonville, Fla CL, Col., C. & I , 966 1,294 Kaisas City, Mo. Law/ence, Mass., .... St. Louis & M. P., C., B. & Q B &M., 1,514 1,523 27 Leadvllle, Col., . U. P 2,261 Leavenworth, Kan Little Rock, Ark Liverpool, Eng., .... London, Eng., .... Loa Angeles, Cal Louisville, Ky., .... St. Louis & M. P Mem. & L. R., . from Boston direct, . via New York, .... from Boston via Liverpool, >., T. Santa Fe, . tin , L. & N. Or , B. & L 1,534 1,606 2,826 3,213 3,027 3,293 1,084 26 Rev. B 10 Manchester, N. n., B & L. 67 Mt-mphin Tenn., . . L & N ... 1 481 Mexico, City of At. & Mex. Cen., Houston & Mex. Nat.,* 3,887 3,243 Not yet completed. MAVERICK NATIONAL BANK. 171 TRAVELLING DISTANCES FROM BOSTON Concluded. Route. Miles. Milwaukee, Wis (I 4 Minneapolis, Minn.', Mobile, Ala Monterey, Mex., .... Montgomery, Ala Ch., Mil. & St. P., Ch. &N.W Ch. &N.W Pied. & W.Ala Mex. N., via Houston, Pied. & W. Ala., Cen. Vt., 1,121 1,121 1,455 1,450 2,523 1,270 334 Nashua, N. H. Nashville Tenn . . B. &L L. &N., 40 1,269 Newark, N. J., 226 New Haven, Conn., N. Y. & N. E B. & A. and N Y., N. H. & H., Pied. & W. Ala , . . . 153 161 1,591 Nev^York N. Y. & N. E. and Air Line, . Fall R. L. 217 230 , Shore L , ... 234 Omaha, Neb i it B.&A.,andN.Y.,N.H.&H.R., Ch., Mil. & St. P Ch. &N.W Ch. & R. I 236 1,526 1,528 1,539 Ottawa, Can. Paterson, N. J., . . Philadelphia, Pa C., B. &Q., Can.P N. Y., L. Erie & W Penn., Penn 1,544 454 234 307 661 Portland Me., .... 108 B. & M 116 Portland, Or , N. P., . . . . 3,358 B & P., 44 N.Y.&N.E 47 417 Queenstown, Ire., .... 2,740 Quincy,'Ill C., B. & Q R., F. & P 1,240 559 Rochester, N.Y., . Sacramento, Gal., .... Sail Lake City, Utah, . N.Y.Cen., Ch. & N. W. and U. P., . U. P 430 3,304 2,597 San Francisco. Cal., . . .H Santa F6, N. Mex., Savannah, Ga. Ch. & N. W. and U. P., . A., T. & S. F At. Coast L , N. P 3,393 2,358 1,122 3,689 St. John, N.B St. Louis, Mo., . . . . 1 ii Eastern and Me. Cen., Ind. &St. L., .... Penn. and Vandalia, . Ch. & Alton 458 1,231 1,282 1,319 ii B. & O 1,337 St. Paul, Minn Ch.&N.W Ch., Mil. & St. P Ch , B. & N., 1,445 1,446 1,467 it Syracuse, N.Y., .... Toledo, O., Topeka, Kan Trenton N J Wis. Cen. N.Y.Cen L. Shore, A.,T. &8. F., . . Penn . 1,498 349 796 1,555 274 Vicksburg, Miss Washington, D. C Winnipeg, Man. Worcester, Mass., .... via Montgomery, .... P., W. &B. andB. &O , . P.,W. &B.andB. & P., . Can.P. B. & A 1,548 443 446 1,757 44 Distances due west are reckoned by B. & A., N. Y. Cen., and Mich. Cen. lines. Distances south-west, by N. Y. & N. E. Air Line and N. Y., N. H. & Hart., via New York. 172 MAVERICK NATIONAL BANK. SAILING DISTANCES FROM BOSTON. Nautical Miles. Statute Miles. 2,600 2,870 2,712 3,082 2,748 2,967 2,765 2,740 2,810 2,860 3,000 3,060 3,290 3,430 3,560 1,960 2,650 3,240 5,020 6,820 4,832 1,500 1,480 1,380 685 567 1,657 2,341 2,994 3,305 3,122 3,519 3,164 3,417 3,184 3,155 3,236 3,293 3,455 3,524 3,788 3,950 4,099 2,257 3,051 3,731 5,781 7,855 5,564 1,727 1,704 1,589 786 659 1,908 2,696 Scilly Islands Glasgow, . Havre, Brest, . Cape Finistere, . Lisbon, Cape St. Vincent, Cadiz, . Gibraltar, . Carthagena, Valencia, . Madeira, . Cape Verde, St. Helena, St. Thomas, \V. I., St. John, Porto Rico, Bermuda, Cape Farewell, Greenland Ucikiaviig Road, Iceland, ARRIVALS AT BOSTON FROM FOREIGN PORTS. CALENDAR YEABS. Steam- ers. Ships. Barks. Brigs. Schoon- ers. Sloops. Total. 1872, 139 117 455 608 1,918 _ 3,237 1873, 160 76 386 537 1,768 _ 3,927 1874, 225 55 319 440 1,512 - 2,551 1875, 155 56 285 413 1,243 _ 2,152 1876, 169 32 206 316 1,311 _ 2,034 1877, 238 42 256 332 1,405 _ 2,273 1878, 296 28 215 335 1,300 _ 2,174 1879, 310 37 166 316 1,524 - 2,353 1880, 442 20 366 342 1,955 _ 3,125 1881, 462 37 324 333 1,959 - 3,115 1882, 481 22 353 336 1,770 _ 2,961 1883, 551 19 304 319 1,541 _ 2,734 1884, 576 12 240 243 1,450 5 2,526 1885, 522 20 224 204 1,492 8 2,470 1886, 580 21 257 210 1,571 8 2,647 MAVERICK NATIONAL BANK. 173 RECEIPTS OF LEATHER AT BOSTON. Sides. Bundles. 1877 1,788,902 780,565 1878, 1,851,059 794,203 1879, 1,899,435 996,889 1880 2,053,549 935,988 1881, 2,539,184 978,347 1882 2,853,042 1,021,926 1883, 3,287,036 1,057,033 1884 2,587,124 1,050,910 1885, 3,218,520 1,008,549 BOOTS AND SHOES SHIPPED FROM BOSTON. Cases. Cases. 1877 1 758 025 1882 2 413 531 1878 1,648,724 1883, ..... 2,556 033 1879 .... 1,959,577 1884, 2,516,048 1880 2 263 890 1885, 2 672 532 1881 2 307 731 1886 2,874,172 BOSTON RECEIPTS OF FOREIGN AND DOMESTIC WOOL. Domestic. Foreign. Bales. 262,169 Bales. 46,425 255,931 30,833 360,411 69,307 323,579 86,932 1881 394,142 43,625 425,300 57,168 1883 446,050 57,012 431,919 56,852 1885 488,558 66,536 1886 ... 472,954 96,024 174 MAVERICK NATIONAL BANK. THE BOSTON STOCK MARKET. Highest and Lowest Prices of Stocks and Bonds for Ten Tears Prior to Jan. 1, 1887. MINING STOCKS. 1877. 1878. 1879. 1880. 1881. Cal. and Hecla, . 1621 190* 174} 185 170* 295* 200 260* 201 258} Franklin, . 8 14} 5 8 4 31 10} 60 10} IK? Osceola, 17 30 9 17 10 35 30* 48* 40 Quincy, 32 49| 10J 41g 10 33J 22 46 3lf 61* 1882. 1883. 1884. 1885. 1886. Cal. and Hecla, 231* 255 230* 253 124 240 135* 225 210* 231 Franklin, . Osceola, . Quincy, Tamarack, . 10 30* 40* 17 38* 70 9 8j 15} 33 63* ? 26 111 in 48* ? S 1 13 15 55 90 I 8 o 45 85 S 1 iff * Ex div. LAND STOCKS. 1877. 1878. 1879. 1880. 1881. 1 11 .81 1 15 Boston, Brookline, . East Boston, Maverick, . Water Power, (M C-l O 1 T-l t j 14| 6J i.a N 1.03J P 24 P 5 1| ;P 8* 13i N 3* 7$ 2 6i 12 !? 4 1882. 1883. 1884. 1885. 1886. Aspinwall, Boston, Brookline, . 5 6 24 8 1 5 61 2.81J ii a lj 5.061 4 6 ' ? 34 9 East Boston, 8 10 5 8 5 5 5 6 5 51 Maverick, . San Diego, . Water Power, 1| 24 24 6| 1 2 2 41 1 4 1| :l 3 1 10 i 11 3 J 34 140 1 MAVERICK NATIONAL BANK. 175 RAILROAD BONDS. 1877. 1878. 1879. 1880. 181 119$ 100 30 103 116 110 8Gi 114 102 36 116$ 74J 89 75 45 11. 126} 1033 61 112 1244 119 95 1223 107* 77 123} 85 94 80 66 Atchisonlst 7s, . Atlantic & Pacific 6s, Atlantic & Pacific In- 85 93} 89$ 109} 109$ 115 112 124J Eastern 6 (3}s to Sep. Kan.Cy.8.J.&C.B.7s L. R. & Ft. Smith 7s, Mex. Central Ists, . N. M. & So. Pac. 7s, Og. 8s Lake Champ. 6s, Og.&LakeChamp.inc. Pueb. & Ark. Val. 7s, Rutland 5s, Sonora 7s, . Wis Central Ista 48J 77* 54 85 523 75 98$ 82 85 74f 92l 61 lOli 104} 63 65 80 42 100 95 103| 89 85 107 86J 104$ 100 109} 67} 82} 106 84 1041 98 35 107$ 57| 493 30 105 123 111 1163 103 88 118 80 80 57} Wis. Central 2ds, . - - - - - - 1982. 1883. 1884. 1885. 1886. Atchison 1st 7s, 116 121} 118 122} 117$ 1223 1211 126 123' 128 Atlantic & Pacific 6s, 91 98] 91 98 713 94 693 84} 8o| 89} Atlantic & Pacific In- come 6s, . . Cal. South'rn Incomes 70 37 87 173 50 36J 70 9} 20 23 42} a, 27$ 60 20 35 271 69* Eastern 6s (3}s to Sep. 79), Kan.Cy.S.J.&C.B.7s 1043 110} 118 1033 1093 113} 118 107 112 116} 120} 115} 123 124} 121} 122 135} 127} L. It. & Ft. Smith 7s, 106 112} 70 106 80 99} 99 113$ 113 118} Mex. Central Ists, . 65 89 56} 753 27 63! 33| 59$ 35$ oof Mex. Central inc., . 19 32 10$ 22} 6$ 16| 6 18* N 22 Mex. Cent. 10s, scrip, _ _ 51 89} 61 100} 55 92 M*x. Cent, deb 10s,. _ _ _ _ _ 65 97 53 86} N. M. & So. Pac. 7s, 110 116 111} 116} 1093 119 1183 124 123 1283 N.Y.&N.E.6s,2ds, _ _ _ _ 80 109| 108 117} Oregon Sh.Line 6s, . 97} 105} 903 90$ 65 95 84} 972 953 106 Og.& Lake Champ. 6s, Og &LakeChamp.inc. Pueb. & Ark. Val. 7s, Rutland 5s, Sonora 7s, . 103 25 ff 84 104 47 117 793 108$ 100 15} 112 55 96} 1033 35 116} 65J 105| 100 15 1103 60 80 1013 23 1191 72* 100} 101 14 118} 66} 94 106 36 123 84 104} 103 26 'S? 98} 107} 47} 127| 99| 107} Wis. Central Ists, . 75 80 773 84 76 83 743 88 86 95 Wis. Central 2ds, . 42 50 40 55 32 44} 33? 52} 35 59} 176 MAVERICK NATIONAL BANK. RAILROAD STOCKS. 1877. 1878. 1879. 1880. 1881. Atch.Top.&SantaFS, 10! 16! 81 94 81! 1241 113! 1521 92* 1541 Boston & Albany, . 1121t 128 117! 1321 129 141 138 165 158f 1751 Boston & Lowell, 60 751 561 801 58J 87 85| 120 100 1151 Boston & Maine, 87 100J 961 llOf 108| 1201 119 150J 145 165| Boston & Providence, loilt 1361 99f 113 101 128 126 153 153 1721 Chi., Bur. & Quincy, 95f 119 991f 113! 110J 137it 11311 1821 134{ 1821 Chi. & West Mich., . - - - 171 171 60 50 79! 721 96f 20 40 Cin., San. & Cleve., . 1 4| 11 51 31 20 91 201 18 34 Eastern, . 21 5! 4! 17 10 29 24 411 31 55 Fitchburg, . 103 117 iio| t 1211 112 124 121 145 1321f 154 Flint & P. Mar., com., - - - - 11| 131 131 26| 22 40 Flint & P. Mar., pref., - - - - - - 70 83 81 106 I. Falls & Sioux City, - - 50 541 47| 62 42 65 60 931 K. C., Ft. Scott & Gulf, - - - - 5 35 29 74 73 101 L. B. & Ft. Smith, . - - - 8 6! 37 271 661 59 911 Maine Central, . - - - - 26 401 26 381 34 54 N. Y. & N. Eng., com., 10 14 10 34J 29| 54 32i 551 51 86 Old Colony, 841 1031 87 1031 95 109J 106J 1281 1241 134 Ports. ,Gt.Falls& Con. 3 41 1* 11 5 13! 12 35 171 40 Rutland, com., . - - 75c. 2 1 10J 5 9! 4! 8.43! Rutland, pref., . 51 10! 5 91 6* 301 22 36! 24 33 Summit Branch, 10 20 61 11 6 29 8 24 8 18g Union Pacific, . 59! 73 611 73 651 941 81 2 1131 1091 181 131 on Wi. Central, pref., . - - - - - - 5 411 104 38 OV 50 * Stock div. 50 per cent. t Ex div. Ex right.. MAVEKICK NATIONAL BANK. 177 RAILROAD STOCKS Concluded. 1882. 1883. 1884. 1885. 1886. Atch.Top.& Santa Fe, Atlantic & Pacific, . Boston & Albany, . 78|* 160 96$ 1751 78 167 86$ 185 150 80$ 10 181J sr 168 891 Hi 181$* T 178 100 200' Boston & Lowell, 98 105 89 111$ 973 116 1001 1231 1181 136 Boston & Maine, 1391 1583 1483 167 145 167 1661 185i 181 212 Boston & Providence, 1561* 167 160 1673 159 173 165 185) 185 218 Chi. & East Illinois, . - - - - - - 55 671 80 105 Chi., Bur & North'n, _ _ _ _ _ _ f t 64 97 Chi., Bur. & Quincy, 1211 1403 116 129 1071* 127 1 116$ 138 129 141* Chi. & West Mich., . 59j 821 401 62 33 48 I 32$ 54 43$ 641 California Southern, . _ _ 1 7 4 ? 14$ 9 39 Central Mass., com., . 23 22$ 1 4 1 2 7 42 15; Central Mass., pref., . _ _ 10 19 io 5 23 20 40; Cin., 6an & Cleve., . 20 301 16 25 10 16 9 19 13 25; Cleve. & Canton, com., _ _ _ _ _ 21 7 3 Cleve. & Canton, pref., _ - - _ _ _ 161 25 18 29 Eastern, Fitchburg, . Flint & P Mar., com., 30 16$ 49$ 1351 26 85 112 20 129 331 10<3 511 122 301 43 1081 111 701 121$ 19 68| 115 17 129$ 145 341 Flint & P. Mar., pref., 90| 103 973 1061 84* 105 71 92 821 100 I. Falls.& Sioux City, 75* 96$ 75 891 69 84 60 83* 631 761 K.C., Ft. Scott & Gulf, L. R. & Ft. Smith, . 691 44 851 70 62 16 85 41 74 14 86 24 i 771 22| 951* 441 70 32 80 51 Maine Central, . 38 85$ 80 93 83 08 91 125 114 150 Mex. Central, . 19 33 10 22 6 17 6 15 4 143 N.Y.&N.Eng.,com., 43 64 171 53 9 17 | 12$ 37f 30 68 N.Y.&N.Eng.,pref., _ _ _ _ _ 95 111 1691 1514 Oregon Short Line, . _ _ _ _ _ _ 14J 28 21 371 Old Colony, 1231 139 131 144 131* 149 144$ 164 1591 184 3 Ports., Gt. Falls & Con. 16$ 341 20 411 16 86 33 53 54 118 Rutland, com., . 2 1 5 2$ 4J 23 3 6 4 91 Rutland, pref., . 17 28 14 21 14 21 15 5 23 39 Summit Branch, 8 164 4 8 4 If) 10 15 71 13 Union Pacific, . Wis. Central, com., . 98|* 120 21 71* 104| 253 281 84 14 41 1 103 62 24| 15 Si Wis. Central, pref., . 25 35 25 33 15* 86 19 37* 25 38 MISCELLANEOUS STOCKS. 1877. 1878. 1879. 1888. 1881. Am. Bell Telephone, _ _ 50 1,000 76 940 90 171 Maverick Nat'l Bank, Pullman Palace Car, . 145 65* 1503 80 140 93 1503 100 142 73$ 1903 108* 190| 1061 226i 145$ 2261 125* 255* 1511 1882. 1883. 1884. 1885. 1886. Am. Bell Telephone 124 190 1801 299 141 275 1691* 257 156 22.') N. Eng. Telephone, Erie Telephone, Maverick Nat'l Bank 220 245 62 225 171 135* 220 50 158* 225 25 181 220 36 32 2251 30 251 220 46$ 32$* 225J Mexican Telephone, Pullman Palace Car, 3 119* 6$ 145 n? 4 2.933 1161* 1 1063* 13 J J 1 130 2 1474* * Ex div. t New. CHAPTER XV. MISCELLANEOUS STATISTICS. Copper. Product of the World, Chili, and the United States. Product of Lake Superior Mines. Prices Ingot Copper, etc. Petroleum. Its Early History. American Production. Exports. Prices, etc. Business Failures, 1877-87 Fire Insurance Statistics. Life Insurance Business. Population of Cities of the World above 200,000. Investors' Stock and Bond Tables. Interest. Laws governing Rates, and Statutes of Limitation. Days of Grace and Damages. Legal Holidays. Rules for calculating Interest. Increase of Money at Simple and Compound Interest. Business Law in Daily Use. Franklin's Business Maxims. COPPER. America leads the world in the production of copper, the United States and Chili contributing nearly one-half of the world's supply. The product of the United States is now nearly double that of Chili, and has increased six- fold since 1860. In that year it was 5,388 tons; in 1870, 27,000 tons ; and in 1886, 72,848 tons. In 1850 it was 650 tons. A single mine, the Calumet and Hecla, yielded in 1886 over thirty per cent, of the entire product of the United States, or over 25,000 tons. It has paid its stockholders $28,500,000 in dividends since 1869. Copper-mining is carried on in twenty-one States and Territories ; ore has been found in several others, and the industry is being rapidly developed. MAVERICK NATIONAL BANK. 179 Copper Production of the World, 1879 to 18S6. 1886.* Tons. 1884. Tons. 1882. Tons. 1880. Tons. 1879. Tons. Algiers, .... Argentine Republic, . Australia, .... Austria, .... Bolivia, .... Cape of Good Hope, Chili, ...... Canada, .... England Germany, .... Hungary, .... Italy, . 9,000 7,000 37,000 1,000 3,000 15,000 1,000 260 159 13,300* 400* 1,300* 5,000 41,648 236 2,500* 14,782t 500* 1,325 600 800 8,950* 455 3,259 5,000 42,909 221 3,464 13,316 976 1,400 500 300 9,700 470 2,000 5,038 42,916 50 3,662 10,800 976 1,380 500 300 9,500 245 2,000 4,328 49,318 50 3,462 9,000 976 1,140 Japan, .... Mexico Newfoundland, . Norway 5,000 1,000 6,000* 291 668 2,706 362 2,800 401 1,500 2,590 440 1,900 400 1,500 2,426 600 1,900 400 1,500 2,412 600 Russia 5,000 4,000* 662 3,000 798 3,081 1,074 3,081 800 Spain and Portugal, . United States, . Venezuela, Cape Breton, Miscellaneous, . 45,000 70,000 3,000 30,000 8,000 43,664f 63,950 4,600 38,774 39,300 3,700 35,474 25,010 1,800 32,697 23,350 1,597 Total, .... 210,000 218,774 181,438 154,065 151,989 * Estimated. t Partially estimated. The new sources of copper supply discovered or opened up in 1886 are the Chief Boleo mines in Lower California, the Sudbury mines in Ontario, Can., and the Cape Breton mines in Nova Scotia. COPPER PRODUCTION OF TIT Eight Years to January 1, 188 B WORLD. f. In Tons. COPPER PRODUCTION OF ( Eight Years to January 1, 1887. 7HILI. In Tons. YEAR. Product. YEAR. Product. 1879, 151,989 1879, 49,318 1880 154 065 1880 42,916 1881, . 163 030 1881 37,989 1882 181 438 1882 42,909 1883 198 341 1883 41,099 1884, . 218,774 1884 41,648 1885, 223 427 1885, 38,500 1886 212,556 1886, 35,025 180 MAVERICK NATIONAL BANK. Copper Production of the United States. Six YEARS TO JANUARY 1, 1887. IN TONS. 1886. 1885. 1884. 1883. 1888. 1881. Lake Superior, . Arizona, Montana, Other States and Territories, Totals, . 39,298 7,143 25,067 1,340 32,207 10,137 30,267 1,439 30,961 11,935 19,238 2,574 26,653 10,658 11,011 3,252 25,439 8,029 4,044 2,956 26,500 4,000 875 4,475 72,848 74,052 64,708 51,574 40,468 35,850 Lake Superior Product, by Mines, 1870-1887. [Pounds Ingot Copper. 000 omitted.] COMPANIES. 1870. 1881. 1882. 1883. 1884. 1885. 1886. Calumet and Hecla,* Quincy,* .... Osceola,* .... Franklin,* .... Atlantic,* .... Pewabic,* .... Allouez,* .... 14,061 2,497 1,178 372 546 1,327 31,360 5,702 4,179 2,677 2,528 1,872 1,204 1,418 32,053 5,682 4,176 3,264 2,631 1,482 1,683 1,353 33,125 5,549 4,256 3,489 2,682 1,171 1,751 1,268 40,473 5,680 4,247 3,748 3,163 227 1,932 1,446 47,247 5,848 fl,939 3J582 2,135 2,169 50,518 7,102 3,944 5,606 4,830 2,174 Copper Falls,* . Hancock Mass 772 407 3 722 571 467 601 540 737 832 484 659 930 562 481 1,168 203 365 1,806 Phoenix,* .... Conglomerate, . Huron,* .... Ridge, .... St. Clair, .... Cliff, 999 ~84 245 444 409 386 254 235 125 79 537 734 364 102 87 66 512 222 720 60 125 10 572 1,152 1,927 74 175 37 344 2,258 63 2,598 Grand Portage, . Minnesota,. Peninsula Other mines,}: . 401 $1,281 26 24 369 757 10 318 735 6 849 756 255 1 1,223 786 12 802 1,422 Total, in pounds, 24,622 54,414 57,186 59,268 69,201 72,139 80,000 * The returns of these mines are all official, t Mill running only six months. \ Fifteen different mines of small products. Of this the National produced 162,252 pounds, Tamarack (one month) 181,669, and Wolverine 328,610 pounds. The Calumet and Hecla during five months of 1887 produced 12.968 tons of copper against 13,249 tons for the same period in 1886. MAVERICK NATIONAL BANK. 181 Product of Lake Superior Mines. [In Ingot Copper and ita cash value, 1845 to 1886, inclusive.] YBAR. Tons. Value. YBAR. Tons. Value. YEAR. Tons. Value. 1345-58, 18,772 $9,333,380 1867, 8,764 $4,442,841 1877, 19,513 $7,327,888 1858, 4,580 2,129,235 1868, 10,467 4,940,424 1878, 20,846 6,920,540 1859, 4,464 2,239,591 1869, 13,312 6,230,016 1879, 21,426 7,327,350 1860, 6,034 2,654,960 1870, 12,311 5,096,752 1880, 24,869 9,947,673 1861, 7,519 3,487,995 1871, 13,373 5,728,485 1881, 27,270 9,971,702 1862, 6,793 3,6"4,255 1872, 12,277 7,979.400 1882, 28,578 10,522,416 1863, 6,493 4,415,600 1873, 15,046 8,726,100 1883, 29,836 9,457,853 1864, 6,246 5,870,300 1874, 17,167 8,009,356 1884, 34,600 9,494,306 1865, 7,179 5,635,515 1875, 18,020 8,120,626 1885, 35,649 7,942,596 1866, 6,875 4,629,375 1876, 19,135 7,998,430 1886, 40,000 8,760,000 Ingot Copper. Highest and Lowest Prices for Ten Years to Jan. 1887, and Average Price for each Year. Y EAR. Low. High. Av. Price for Year. 1877, 1TK 20% 18.80 1878, 15K 17& 16.42 1879, 15^ 21% 1735 1880, 1881, 18 16 24% 20J 20.18 18.27 1882, 1883, 1884, 17* 14% 10K 2QX 18 15 18.41 15.85 13 72 1885, 1886, 1887 (5 months), 10^ 10 9.90 11% 12% 11.85 11.14 10.95 10.87 Chili Bars. Price per Ton for Ten Years to Jan. 1, 1887. YEAR (Jan. 1). London Prices. American Equiva- lent. YEAR (Jan. 1). London Prices. American Equiva- lent. 1877, 76.10 $382.50 1883, 65. $325.00 1878, 65.15 328.75 1884, 58. 290.00 1879, 58.5 291.25 1885, 47. 236.25 1880, 65.15 328.75 1886, 41. 205.00 1881, 61.15 30875 1887, 38.10 192.50 1882, 71. 355.00 182 MAVERICK NATIONAL BANK. PETROLEUM. Petroleum was known to exist in New York and Penn- sylvania long before it was practically utilized. The name "Oil Creek" was given to two branches of the Alleghany River in Alleghany County, N. Y., and Ve- nango County, Pa., because of the oil which, forcing an outlet through springs, was found on the surface of their waters. In 1845 it was struck in comparatively large quantities while boring for salt near Tarentum, thirty- five miles above Pittsburg, on the Alleghany River. The first movement toward obtaining a supply of it for illu- minating purposes was made in 1854 by Eveleth and Bissell of New York, who secured one of the springs on Oil Creek, Pa., and organized a company to work it ; but no progress was made until December, 1857, when one Bowditch and Col. E. L. Drake of New Haven began to search for oil. The latter moved to Titusville, Pa., and in the winter of 1858-59 began to bore through the solid rock. His apparatus was so defective that it was not until Aug. 26, 1859, that he struck oil at a depth of seventy-one feet. The honor of the discovery of the boring process has been much disputed, but a majority of people acquainted with the early history of the oil country agree in giving it to Colonel Drake. A boom was immediately started, and in 1860 there were two thousand wells, seventy-four of which produced 1,165 barrels per day. The Cuba field, in Alleghany County, N. Y., was opened up Jan. 1, 1861. Petroleum has since been found to have a wide geographical distribution. It is found in West Virginia, Ohio, and in smaller quanti- ties in various Western States. In Russia and in most of the countries surrounding the Caspian Sea there are extensive fields, and oil is also found in India and Egypt ; but none is produced anywhere equal in quality to that MAVERICK NATIONAL BANK. 183 of the original Pennsylvania fields, and the frequent ad- ditions which have been made to them. The yearly and daily average production of petroleum from Aug. 26, 1859, to Jan. 1, 1877, were as follows : YEA*. Total Barrels. Daily Average Barrels. TEAK. Total Barrels. Daily Average Barrels. 1859, . 82,000 _ 1868, 3,583,176 9,816 1860, . 500,000 1,369 1869, 4,210,720 11,536 1861, . 2,113,000 6,789 1870, 5,673,195 15,343 1862, . . . 3,056,000 8,372 1871, 5,715,900 15,660 1863, . 2,611,000 7,153 1872, 6,531,675 17,895 1864, . . . 2,116,000 5,797 1873, 7,878,629 21,585 1866, . 2,497,000 6,841 1874, 10,950,730 30.002 1866, . 3,597,000 9,854 1875, 8,787,506 24,075 1867, . 3,347,000 9,169 1876, 9,175,906 25,139 The following table shows production, pipe-line deliv- eries, and export charters of petroleum, in barrels, from Jan. 1, 1877, to May 1, 1887: Production , Shipments, and Charters of Petroleum. YEAR. Total Production. Daily Aver- age. Total Shipments. Daily Aver- age. Total Charters. Dally Aver- age. 1877, 13,940,171 38,192 1878, 15,164,462 41,546 13,750,000 37,700 9,538*400 26,100 1879, 19,741,661 64,086 16,036,000 43,900 12,401,800 33,707 1880, 26,562,000 72,772 15,765,800 43,112 8,785,000 24,017 1881, 28,447,115 77,934 20,240,121 65,320 14,921,300 40,858 1882, 31,059,165 85,093 22,094,300 60,563 14,349,600 39,355 1883, 24,385,968 66,093 21,967,636 60,131 13,791,189 37,707 1884, 23,691,264 64,880 24,053,902 60,697 14,469,107 39,481 1885, 21,225,203 68,145 24,086,104 66,006 15,374,490 42,080 1886, 21,036,765 57,635 26,213,852 72,157 13,801,746 37,817 1887 (4 months), 6,554,313 54,619 8,144,082 67,788 4,205,825 35,048 "Rune" are receipts of the pipe lines, practically representing production; " shipments " are deliveries by the pipe HUCB to refiners, etc. ; " charter* " are equivalent to actual exports. The following table gives the fluctuations in market price per barrel of pipe- line certificates for nine years to Jan. 1, 1887: 184 MAVERICK NATIONAL BANK. Petroleum Certificates. YEAR. Month. High. Month. Low. Fluctu- ations. Average for Year. 1878 Feb., .87 Sept., .78 1.09 1.17 1879 Dec., .28 June, .63 .65 .86 1880 June, 84% April, .70% .53% .95 1881, . . Sept., 01% July, 72> .28% .85% 1882, 1883 Nov., June, .37 24% July, Jan., .49J .83^ .87% .41 M .79 1.06 1884, Jan., .15% June, .50% .64% .84 1885 Oct , 12>2 .68 44/2 .88> 1886, Jan., .92% Aug., .59% .32 "^ .71% The increase in the Russian petroleum exports during 1885 and 1886 has been felt to some extent by the American oil trade. The shipping facilities at Batoum are good, but additional means of transportation is re- quired between that port and the Baku fields. A i^pe line has been discussed, but the government forbade the use of any material excepting Russian. The immense well reported at Bibi-Eibat, which opened with a flow of 25,000 barrels per day, has entirely ceased to produce. The table below shows exports of petroleum products from Batoum in gallons, as follows : YEAH. Total. Net Increase in 1886. 1885, 31,639,925 1886 54,236,320 25,959,010 BUSINESS FAILURES, 1877 TO 1886, INCLUSIVE. YEAR. Number in Business. Number Failures. Liabilities. Average Liabilities. Proportion of Failures. 1877, 652,006 8,872 $190,669,936 $21,491 in 73 1878, 674,741 10,478 234,383,132 22,369 in 64 1879, 702,157 6,658 98,149,053 14,741 in 105 1880, 746,823 4,735 65,752,000 13,886 in 158 188l| 781,689 6,582 81,155,932 14,538 in 140 1882, 822,256 6,738 101,547,564 15,062 in 122 1883, 863,993 9,184 172,874,172 18,823 in 94 1884, 904,759 10,968 226,343,427 20,636 in 82 1885, 919,990 10,637 124,220,321 11,679 in 86 1886, 969,841 9,834 114,644,119 11,703 in 98 MAVERICK NATIONAL BANK. 185 FIRE INSURANCE. The following table shows the American business of the home and foreign fire insurance companies in this country : , v'o a *-* t,* 5 o o 3 3 Fire Risks Fire Premiums Fire Losses Is JS| a 21 *S Written. fl)> O g END OF YEAR. YEAB. fit ^g a S H S x 11 H 3^g H W P No. Amount. f- 1879, 1880, $53,977 55,249 $79,929 79,739 $59,289 55,020 $9,547 10,963 $70,604 69,418 694 902 $1,515,574 1,578,904 $431.614 453,241 1881, 58,781 84,083 55,703 12,135 70,806 1,069 1,676,926 461,058 1882, 64,131 89,755 55,800 12,9' 1 71,354 1,335 1,798,148 480,127 1883, 69,894 97,466 59,447 15,404 77,798 1,657 1,959,567 501,639 1884, 75,603 101,924 61,216 16, li B 81,811 1,895 2,093,492 519,674 1885, 83,879 112,303 64,447 17,912 86,205 2,170 2,300,070 551,742 186 MAVERICK NATIONAL BANK. CITY POPULATION ABOVE 200,000. [According to the latest censuses.] London, England, . . . 3,832,441 Buda-Pesth, Hungary, . 365,051 Paris, France 2,269,023 Marseilles, France, 360,099 Canton, China (est.), .1,500,000 Jangtschau, China, 360,000 New York, United States, . 1,206,577 St. Louis, United States, 350,518 Berlin, Prussia, . . . 1,122,330 Baltimore, United States, 332,313 Vienna, Austria, . . . 1,103,857 Amsterdam, Holland, . 328,047 Techantehau-fu, China (est.), 1,000,000 Cairo, Egypt 327,462 Singau-fu, China (est.), . 1,000,000 Milan, Italy, .... 321,839 Biangtau, China (est.), . . 1,000,000 Leeds, England, 309,126 Tokio, Japan (est.), . .1,000,000 Rome, Italy, .... 300,467 Saitama, Japan, . . . 962,717 Hamburg, Germany, 289,859 Tientsing, China (est.),. . 950,000 Lucknow, India, . 284,779 St. Petersburg, Russia, . . 927,467 Sheffield, England, 284,410 Philadelphia, United States, . 847,170 Osaka, Japan, .... 284,105 Tschingtu-fu, China (est.), . 800,000 Breslau, Prussia, . 279,212 Moscow, Russia, . . . 748,000 Shanghai, China, . 278,000 Calcutta, India, . . . 683,329 Rio de Janeiro, Brazil, . 274,972 Bombay, India, . . . ^ 644,405 Copenhagen, Denmark, 273,727 Constantinople, Turkey (est.) , 600,000 Ning-Po, China, 260,146 Bangkok, India (est.), . . 600,000 Wntschang, China (est.), 260,000 Tschungking-fu, China (est ), 600,000 Cincinnati, United States, . 255,809 Hankow, China (est.), . . 600,000 Turin, Italy, .... 252,832 Foochow, China (est.), 600,000 Melbourne, Australia, . 252,000 Brooklyn, United States, . 566,689 Weihein, China (est.), . 250,000 Glasgow, Scotland, . . 555,289 Taijuen-fu, China (est.), 250,000 Liverpool, England, . . 552,423 Leinkong, China (est.), . 250,000 Chicago, United States, . . ,603,185 Seoul, Corea (est.), 250,000 Sutschau, China (est.), . . 500,000 Dublin, Ireland, . 249,486 Schaohing, China (est.), . 500,000 Barcelona, Spain, . 249,106 Peking, China (est.), . . 500,000 Lisbon, Portugal, . 246,343 Pekalongan, Java (est.), . 500,009 Palermo, Italy, 244,991 Naples, Italy 494,314 Mexico, Mexico, 236,500 Nangkin, China (est.), . . 450,000 Taiwan-fu, China (est.), 235,000 Birmingham, England, . . 400,757 San Francisco, United States, 233,959 Hangtscheu-fu, China (est.), 400,000 Munich, Bavaria, . 230,023 Fatschau, China (est.), . . 400,000 Tengtschau-fu, China (est.), 230,000 Yamanashi, Japan (est.), . 400,000 Eiota, Japan 229,810 Madrid, Spain, . . . 397,600 Edinburgh, Scotland, 228,075 Madras, India, . . . 397,552 Bordeaux, France, . 221,305 Manchester, England, . . 393,676 Bucharest, Roumania, . 221,000 Boston, United States, . . 390,40ft Dresden, Saxony, . 220,818 Warsaw, Poland, . . . 383,973 New Orleans, United States, 216,690 Brussels, Belgium, . . . 377,084 Belfast, Ireland, . 207,671 Lyons, France, . . . 370,613 Bristol, England, . 208,503 MAVERICK NATIONAL BANK. 187 RATE OF INCOME Realized on Bond Investments if Purchased at the Following Prices and Held to Maturity, at 5, 6, and 7 per Cent. 1 YEAR TO RUN. 2 YEARS TO RUN. 3 YEARS TO R0N. PRICB. Five Six Seven Five Six Seven Five Six Seven per Cent. per Cent. per Cent. per Cent. per Cent. Cent. per Cent. Cent. Cent. 8 87 9 94 95, ... _ _ _ 7.74 8.78 9.81 6.87 7.90 8.94 98, ... 7.11 8.12 9.14 7.11 7.09 8.11 5.73 6.75 7.76 101, 3.97 4.96 5.96 4.47 - 6.46 4.64 - 6.63 103, ... 1.97 2.93 3.91 3.43 4.42 5.40 3.93 4.91 5.90 105, - - 1.93 2.42 3.39 4.36 3.24 4.21 5.18 107, - - - - 2.39 3.35 2.56 3.52 4.48 110, - - - - - 1.88 1.57 2.52 3.46 115, . . - - - - - - - - 1.84 PRICK. 4 YEARS TO RUN. 5 YEARS TO RUN. 6 YEARS TO RUN. Five per Cent. Six per Cent. Seven per Cent. Five Cent. Six per Cent. Seven Cent. Five Cent. Six per Cent. Seven per Cent. 9.44 85, ... 9.60 _ _ 8.77 9.87 _ 8.22 9.32 _ 90, ... 7.97 9.03 - 7.43 8.50 9.56 7.07 8.14 9.21 95, ... 6.44 7.47 8.50 6.18 7.21 8.24 6.00 7.04 8.07 98, ... 5.56 6.58 7.59 5.46 6.48 7.49 5.40 6.41 7.42 101, . . . 4.72 5.72 6.71 4.77 5.77 6.76 4.81 - 6.79 103, ... 4.18 5.16 6.14 4.33 5.31 6.29 4.43 5.41 6.39 105, . . 107, 3.64 3.13 4.62 4.09 3.31 5.59 5.05 4.26 3.89 3.47 2.84 4.86 4.42 3.79 5.83 5.38 4.73 4.05 3.69 3.10 5.03 4.65 4.10 6.00 6.61 5.05 110, . . . 2.37 115, . . . - 2.07 2.99 1.84 2.77 3.69 2.31 3.23 4.15 120, ... - - 1.80 - 1.80 2.70 1.50 2.40 3.30 125, ... - - - - - 1.76 - 1.61 2.49 130, ... - - - - - - - - 1.72 188 MAVERICK NATIONAL BANK. RATE OF INCOME Realized on Bond Investments if Purchased at the Following Prices and Held to Maturity, at 5, 6, and 7 per cent. Con. PRICK. 8 YEARS TO RUN. ID YEARS TO RUN. 13 YEARS TO RUN. Five per Cent. Six Cent. Seven C P e C nt. Five per Cent. Six per Cent. Seven Cent. Five per Cent. Six per Cent. Seven per Cent. $71, . . . 75, ... 78, ... 80, ... 85, ... 9.54 8750 7.53 9.65 8.63 7.70 6.82 6.32 5.84 5.53 5.23 4.93 4.50 3.81 3.15 2.53 1.93 1.37 9.74 8.77 7.85 7.34 6.84 6.51 6.20 5.89 5.44 4.73 4.15 3.40 2.79 2.20 9.57 8.81 5.26 7.94 7.12 6.E7 5.66 5.26 4.87 4.62 4.38 4.14 3.79 3.23 2.70 2.20 1.72 9.45 9.09 8.23 7.44 6.70 6.27 5.87 5.60 5.35 5.10 4.73 4.15 3.60 3.08 2.58 2.10 9.34 8.51 7.73 7.28 6.86 6.59 6.32 6.06 5.68 5.07 4.49 3.95 3.43 2.94 9.00 8.34 7.87 7.57 6.86 6.19 5.58 5.34 4.89 4.89 4.46 4.25 3.95 3.46 3.00 2.57 2.15 9.54 9.04 8.72 7.96 7.26 6.61 6.24 5.88 5.65 5.43 5.21 4.89 4.38 3.90 3.44 3.00 2.59 gTss 9.08 8.34 7.64 7.25 6.88 6.63 6.40 6.17 5.83 5.30 4.79 4.31 3.85 3.42 90, ... 95, ... 98, ... 101, 6.63 5.79 5.31 4.85 103, 105, 107, 4.55 4.26 3.97 110, 115, 120, 125, 3.55 2.89 2.25 1.66 130, 135, PRICE. 14 YEARS TO RUN. 18 YEAK8 TO RUN. 20 YEARS TO RUN. Five Cent. Six Cent. Seven per Cent. Five per Cent. Six Cent. Seven per Cent. Five C^nt. Six Ce C nt. Seven Cent. $71, . . . 75, ... 78, ... 80, ... 8.60 8.00 7.58 7.31 9.87 9.21 8.76 8.47 7.78 7.14 6.55 6.22 5.89 5.69 5.48 5.29 5.00 4.54 4.11 3.70 3.31 2.93 9.95 9.63 8.90 8.22 7.59 7.23 6.89 6.67 6.45 6.24 5.94 5.45 5.00 4.56 4.15 3.76 8.09 7.57 7.20 6.97 6.42 5.91 5.44 5.17 4.92 4.75 4.59 4.43 4.20 3.84 3.49 3.17 2.86 9.36 8.79 8.39 8.14 7.53 6.98 6.47 6.19 5.91 5.73 5.56 5.39 5.14 4.75 4.38 4.03 3.70 3.39 9.59 9.31 8.66 8.06 7.51 7.20 6.91 6.71 6.52 6.34 6.08 5.66 5.27 4.90 4.54 4.21 7.91 7.42 7.07 6.85 6.33 5.86 5.41 5.16 4.92 4.92 4.62 4.47 4.25 3.91 3.59 3.29 3.00 9.20 8.65 8.27 8.03 7.46 6.93 6.45 6.18 5.91 5.75 5.58 5.42 5.19 4.82 4.48 4.15 3.84 3.54 9.47 9.21 8.58 8.01 7.49 7.19 6.91 6.73 6.55 6.38 6.13 5.73 5.36 5.01 4.68 4.36 85, ... 90, ... 95, ... 98, ... 101, 6.66 6.07 5.52 5.20 4.90 103, . . . 105, 107, 4.71 4.51 4.33 110, 115, . . 120, ... 125, ... 130, ... 135, 4.06 3.62 3.22 2.83 2.45 MAVERICK NATIONAL BANK. 189 RATE OF INCOME Realized on Bond Investments if Purchased at the Following Prices and Held to Maturity, at 5, 6, and 7 per cent. Con. PRICK. 26 YEARS TO HUN. 3O YEARS TO RON. 35 YEARS TO RUN. Five per Cent. Six per Cent. Seven Cent. Five per Cent. Six Cent. Seven Cent. Five per Cent. Six per Cent. Seven Cent. $71, . . . 75, ... 7.57 7.13 8.81 8.31 7.98 7.76 7.26 6.81 6.39 6.15 5.93 5.78 5.63 5.51 5.31 5.00 4.71 4.43 4.18 3.93 9.25 9.01 8.43 7.91 7.44 7.17 6.92 6.75 6.60 6.44 6.22 5.87 5.54 5.23 4.94 4.66 4.40 7.43 7.01 6.71 6.53 6.10 5.70 5.34 5.13 4.94 4.81 4.' 57 4.40 4.12 3.87 3.63 3.40 8.75 8.27 7.93 7.72 7.23 6.79 6.38 6.15 5.93 5.79 5.65 5.52 5.33 5.03 4.74 4.48 4.23 3.99 9.16 8.93 8.38 7.88 7.42 7.16 6.92 6.77 6.62 6.47 6.26 5.93 5.62 5.32 5.05 4.79 4.54 7.31 6.91 6.62 6.45 6.04 5.66 5.32 5.12 4.94 4.82 4.71 4.60 4.44 4.18 3.94 3.72 3.50 8.64 8.18 7.85 7.65 7.18 6.75 6.36 6.14 5.93 5.80 5.67 5.54 5.37 5.08 4.81 4.56 4.33 4.11 9.09 8.86 8.33 7.84 7.40 7.16 6.92 6.78 6.63 6.49 6.29 5.97 5.68 5.40 5.14 4.90 4.67 78, ... 80, ... 85, ... 90, ... 95, ... 98, ... eT62 6.17 5.75 5.36 5.14 101, 103, . . . 105, 4.93 4.93 4.67 107, 110, . . . 115, 120, . . . 125, 130, . . . 4.54 4.35 4.06 3.78 3.52 3.28 140, - 40 YEARS TO RUN. 45 YEARS TO RUN. 50 YEARS TO RUN. PKICB. Five Six Seven Five Six Seven Five Six Seven (fent. per Cent. per Cent. per Cent. per Cent. Cent. per Cent. per Cent. Cant. $71, 7.23 8.58 _ 7.17 8.54 _ 7.13 8.51 _ 75, 6.84 8.12 _ 6.79 8.08 _ 6.75 8.06 _ 78, 6.56 7.80 9.05 6.52 _ 9.02 6.49 7.74 9.00 80, 6.39 7.60 8.82 6.35 7.57 8.80 6.32 7.55 8.78 85, 5.99 7.14 8.30 5.96 7.12 8.28 5.94 7.10 8.26 90, 5.63 6.72 7.82 5.61 6.71 7.81 5.60 6.70 7.80 95, 5.30 6.35 7.39 5.29 6.34 7.39 5.29 6.33 7.38 98, 5.12 6.14 7.15 5.12 6.13 7.15 5.11 6.13 7.15 101, 94 5.94 6.93 4.95 5.94 6.93 4.95 5.94 6.93 103, .83 5.81 6.78 4.95 5.81 6.79 4.95 5.82 6.79 105, .72 5.68 6.64 4.73 5.69 6.65 4.74 5.70 6.66 107, .62 5.56 6.51 4.63 5.58 6.52 4.64 5.59 6.52 110, .46 5.39 6.31 4.48 5.41 6.33 4.50 5.42 6.34 115, 4.22 5.12 6.01 4.25 5.14 6.03 4.27 5.16 6.05 120, 3.99 4.86 5.72 4.03 4.90 5.75 4.06 4.92 5.77 125, 3.78 4.62 5.46 3.83 4.67 5.50 3.87 4.70 5.52 130, 3.58 4.40 5.21 3.64 4.45 5.25 3.68 4.49 5.29 135, 4.19 4.97 4.25 5.03 _ 4.29 5.07 190 MAVERICK NATIONAL BANK. INTEREST RATES AND STATUTES OF LIMITATIONS IN EACH STATE AND TERRITORY. INTEREST LAWS. STATUTES OF LIMITATIONS. STATES. 1 -S *$ 1 L fill 1*6 Kl fl J *4 .2 " o H &! r* ei^j ^ a " t ~i SJH 1 to f gig l sa fill o 8>3 1* Alabama, 8 8 20 6 3 10 IK 6 Arkansas, 6 10 10 5 3 5 2 * 3 Arizona, 10 12 5 4 4 4 10* 3 California, . 7 _i 5 4 2 4 10* 3 Colorado, 10 _i 6 6 2 6 1 6 Connecticut, . 6 6 17 17 6 17 1 6 Dakota. . 7 12 10 6 6 6 _ 6 Delaware, 6 6 20 6 3 20 1 3 Dist. of Columbia 6 10 12 3 3 12 3 Florida, . 8 _i 20 5 3 20 2 3 Georgia, 7 8 20 6 4 20 1 4 Idaho, . 10 18 5 5 4 5 _ 3 Illinois, . 6 8 20 10 5 10 2 5 Indiana,. 6 8 20 10 6 20 1 6 Iowa, 6 10 20 10 5 10 1 2 to 5 Kansas, . 7 12 5 5 3 5 3 2 Kentucky, 6 6 15 15 5 15 5 Louisiana, 5 8 10 5 3 5 _ _ Maine, . 6 _i 20 6 6 20 2/i 6 Maryland, Massachusetts, 6 6 6 12 20 3 6 3 6 12 20 2 3 2 to 6 Michigan, 7 10 10 6 6 10 4 6 Minnesota, . 7 10 10 6 6 10 2 6 Mississippi, . 6 10 7 6 3 6 1 6 Missouri, . 6 10 20 10 6 10 2 3 Montana, 10 _i 6 6 3 6 2 Nebraska, . 7 10 5 5 5 1% 3 Nevada, . 10 _1 6 6 6 10* 4 New Hampshire, New Jersey, 6 6 6 6 20 20 6 6 20 16 3 6 New Mexico, . 6 12 15 6 6 2 New York, . 6 _3 20 6 20 1 North Carolina, 6 8 10 3 10 1 Ohio, . 6 8 15 15 6 15 _ Oregon, . 8 10 10 6 6 10 _ Pennsylvania, Rhode Island, 6 6 6 20 20 6 6 20 20 3 6 4 South Carolina, 7 10 20 6 6 _ 6 Tennessee, . 6 6 10 6 10 7 3 Texas, . 8 12 10 2 10 _ 2 Utah, . 10 _i 5 2 4 1 3 Vermont, 6 6 8 6 14 _ 6 Virginia, 6 8 10 2 20- _ 5 Wash. Territory, 10 _i 6 6 3 6 1 3 West Virginia, Wisconsin, 6 7 6 10 10 20 10 6 5 8 20 20 - 5 6 Wyoming, 12 5 5 4 5 1 4 1 Any rate. 2 No usury; but over six per cent, cannot be collected by law. * New York has legalized any rate of interest on call loans of $5,000 and up- ward on collateral security. * Months. iL-r p rnri? N^/Bn-Ri MAVERICK NATIONAL BANK. ^^gUE! DATS OF GRACE AND DAMAGES. STATB. Grace. Damages. Alabama, 5 per et. Arizona, Arkansas, . Usual, except sight drafts. Usual 2 per ct. California, No grace, ...... Colorado, Connecticut, . Dakota, . Usual, except light drafts, Usual. 3 per ct. 2 per ct. Delaware, Dist. of Columbia Florida, Usual on all, except payable without time. Usual on all. Georgia, Idaho, ' . Illinois, Indiana, Iowa, Usual, except sight papers. Usual Usual, except sight or demand, On all bills grace allowed, Usual on all, ..... 5 per ct. 5 per ct. 5 per ct. 3 to 5 per ct. Kansas, . 6 per ct. Kentucky, Louisiana, Maine, . Maryland, Usual on all Usual on all, except sight or demand, Usual on all, except demand. 5 per ot. 8 per ct. Massachusetts, Michigan, Minnesota, Mississippi, . Missouri, Montana, Nebraska, Nevada, . New Hampshire, New Jersey, . New Mexico, . New York, . North Carolina, Usual on all, except on demand. Usual on all, except on demand. Usual on all, except on demand, Usual on all Usual on all, except on sight, . Usual on all, except on sight. Usual on all. Usual on all. Usual on all, except on demand. Usual on all, except sight on bankers, No grace. Usual, except on sight, Usual on all, ..... 5 per ct. 5 per ct. 4 to 10 per ct. 6 per ct. 3 per ct. Ohio, Oregon, . Pennsylvania, Rhode Island, South Carolina, Usual, except bills on bankers. Usual, except sight or demand. Usual, except sight and on bankers, Usual, except sight, .... Usual on all, .... 5 per ct. 5 per ct. 10 per ct. Tennessee, Texas, . Usual, except sight, .... 3 per ct. 10 per ct. Utah 2^ per ct Vermont, Virginia, Washington T'y> Usual, except sight or demand. Usual, except sight. 3 per ct. West Virginia, Wisconsin, Usual, except sight. Usual 5 per ct. Wyoming, Usual on all. LEGAL HOLIDAYS IN THE STATES. JAN. 1. NEW YEAR'S DAT : in Alabama, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New York, 192 MAVERICK NATIONAL BANK. Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia, and Wisconsin. JAN. 8. ANNIVERSARY OF THE BATTLE OP NEW ORLEANS : in Louisiana. FEB. 22. WASHINGTON'S BIRTHDAY: in California, Colorado, Connecticut, Florida, Georgia, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mich- igan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia, West Virginia, and Wisconsin. FEB. 22, 1887. MARDI-GRAS : in Louisiana and the cities of Mobile, Mont- gomery and Selma, Ala. MARCH 2. ANNIVERSARY OF TEXAN INDEPENDENCE : in Texas. MARCH 4. FIREMEN'S ANNIVERSARY: in New Orleans, La. APRIL 8, 1887. GOOD FRIDAY : in Louisiana, Maryland, Minnesota, and Pennsylvania. APRIL 21. ANNIVERSARY OF THE BATTLE OF SAN JACINTO : in Texas. APRIL 26. MEMORIAL DAY : in Georgia. MAY 30. MEMORIAL DAY: in California, Colorado, Connecticut, Iowa, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont. JULY 4. INDEPENDENCE DAY : in all the States. FIRST MONDAY IN SEPT. LABOR DAY : in Massachusetts and New York. Nov. 8, 1887. GENERAL ELECTION DAY: in California, Florida, Maryland, Missouri, New Jersey, New York, South Carolina, Texas, and Wisconsin. Nov. 24, 1887. THANKSGIVING DAY : in all the States. DEC. 25. CHRISTMAS DAY : in all the States. Sundays and Fast Days (whenever appointed; are legal holidays in all the States. SHOUT METHOD FOR CALCULATING INTEREST. Multiply the principal by as many kundredtks as there are days, and For 4 per cent., Divide by 90 5 "72 6 " "60 7 " "51? 8 " "45 9 "40 10 " "36 12 " "30 EXAMPLE. Interest on $50 for 30 days at 4 per cent. : 50 X 30=1,500, which divided by 90=16$ cents ; which is the required result. MAVERICK NATIONAL BANK. 193 WHEN MONET DOUBLES AT INTEREST. RATE PER CENT. Common Interest. 2, 50 years, 35 years 1 day. !;:::::::: 33> years, 25 years, 20 years, 16% years, 23 years, 164 days, 17 years, 246 days. 14 years, 74 days. 11 years, 325 days 7,. . ' 14 years, 104 d ays , 10 years, 89 days 8, ... .... 12% years, 9 years, 2 days 9, 10, 11 years, 40 days 10 years, 8 years, 16 days. 7 years, 100 days. Compound Interest. BUSINESS LAW IN DAILY USE. The following compilation of business law contains the essence of a large amount of legal verbiage : If a note is lost or stolen, it does not release the maker; he must pay it, if the consideration for which it was given and the amount can be proven. Notes bear Interest only when BO stated. Principals are responsible for the acts of their agents. Each individual in a partnership ia responsible for the whole amount of the debts of the firm, except in cases of special partnership. Ignorance of the law excuses no one. The law compels no one to do impossibilities. An agreement without consideration is void. A note made on Sunday is void. Contracts made on Sunday cannot be enforced. A note made by a minor is void. A contract made with a minor is void. A contract made with a lunatic is void. A note obtained by fraud, or from a person in a state of intoxication, cannot be collected. It is a fraud to conceal a fraud. Signatures made with a lead pencil are good in law. A receipt for money is not always conclusive. The acts of one partner bind all the rest. "Value received " is usually written in a note, and should be, but is not nec- essary. If not written it is presumed by law, or may be supplied by proof. The maker of an " accommodation " bill or note (one for which he has received no consideration, having lent his name or credit for the accommodation of the holder) is not bound to the person accommodated, but is bound to all other par- ties precisely as if there was good consideration. No consideration is sufficient in law if it be illegal in its nature. Checks or drafts must be presented for payment without unreasonable delay. Checks or drafts should be presented during business hours; but in this coun try, except in the case of banks, the time extends through the day or evening. 194 MAVERICK NATIONAL BANK. If the drawee of a check or draft has changed his residence, the holder must use due or reasonable diligence to find him. If one who holds a check as payee or otherwise transfers it to another, he has a right to insist that the check be presented that day, or, at farthest, on the day following. A note endorsed in blank (the name of the endorser only written) is transfer- able by delivery, the same as if made payable to bearer. BEN FRANKLIN'S WORDS OF WISDOM. Want of care does us more damage than want of knowledge. For want of a nail the shoe was lost, and for want of a shoe the horse was lost. For age and want save while you may, no morning sun lasts all the day. Experience keeps a dear school, but fools will learn in no other. Lying rides upon debt's back ; it is hard for an empty bag to stand upright. Creditors have better memory than debtors. Women and wine, game and deceit, make the wealth small and the want great. What maintains one vice would bring up two children. Plough deep while sluggards sleep, and you shall have corn to sell and to keep. Work to-day, for you know not how much you may be hindered to-morrow. Fly pleasure and it will follow you. The diligent spinner has a large shrift. Now I have a sheep and cow, everybody bids me good-morrow. Keep thy shop, and thy shop will keep thee. If you would have your business done, go; if not, send. Who dainties love shall beggars prove. Fools lay out money and buy repentance. Foolish men make feasts, and wise men eat them. He that by the plough would thrive, himself must either hold or drive. The eye of the master will do more work than both his hands. Silks and Satins, Scarlet and Velvets, put out the kitchen fire. Always taking out of the meal tub and never putting in, soon comes to the bottom. Drive thy business, let not that drive thee. Sloth makes all things difficult, Industry all easy. Early to bed and early to rise makes a man healthy, wealthy, and wise. If you would know the value of money, try to borrow some. When the well is dry they know the worth of water. Not to oversee workmen is to leave them your purse open. If you would have a faithful servant, and one that you like, serve yourself. By diligence and perseverance the mouse eat the cable in two. Diligence is the mother of good luck, and God gives all things to industry. Industry needs not wish, and he that lives upon hope will die fasting. There are no gains without pains; then help, hands, for I have no lands. Buy what thou hast no need of, and ere long thou wilt sell thy necessaries. At a great pennyworth pause a while, many are ruined by buying bargains. -guly, 1587, to June, 1555. JULY-1887. JANUARY 1888. 8 M T W T F S S M T W T F S 3 10 17 24 31 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 30 1 8 15 22 29 2 9 16 23 30 3 10 17 24 31 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 AUGUST. FEBRUARY. 7 14 21 28 1 8 15 22 29 2 9 16 23 30 3 10 17 24 31 4 11 18 25 5 12 19 26 6 13 20 27 5 12 19 26 6 18 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 3 10 17 24 4 11 18 25 SEPTEMBER. MARCH. 1 8 15 22 29 2 9 16 23 30 3 10 17 24 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 30 3 10 17 24 31 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 OCTOBER. APRIL. 1 8 15 22 29 1 8 15 22 29 2 9 16 23 30 3 10 17 24 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 1 2 9 16 23 30 3 10 17 24 31 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 NOVEMBER. MAY. 6 13 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 30 3 10 17 24 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 30 3 10 17 24 31 4 11 18 25 5 12 19 26 DECEMBER. JUNE. 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 1 8 15 22 29 2 9 16 23 30 3 10 17 24 31 3 10 17 24 4 11 18 25 5 12 19 26 6 13 20 27 7 14 21 28 1 8 15 22 29 2 9 16 \ 23 30 INDEX. AGRICULTURE In the U. 8., 135-9. Products of, in United States, 135. American Bell Telephone Co., 158. Appropriations of Congress, Annual, Area of United States, 130-1. Armies of the World, 24. Artesian Wells, 40-1. BANKS Bonds, U. S , owned by, 15. Canadian, 64 Clearing-houses, 91-7. Condition of, 71. France, Bank of, 62. German Bank, 63. Maverick National, 1, 73-8. Statement, March 31, 1887, 74. Statement, March 26, 1874, 75. Statement, March 30, 1864, 74. Telegraph Code, 75. Netherlands, Bank of, 63. National, Capital of, and Bonds owned by, 15. Profits of, 71-2. Rates of Interest of Foreign, 64. Savings-banks, 49-56. Connecticut, 55-6. Maine, 51. Massachusetts, 50. New York, 55-6. Rhode Island, 54. Vermont, 53. Securities of, 50. Statistics of, 49. State Banks, 66-8. Stocks of Foreign Banks, 64. BANKS AND BANKING, 57-8. Capital engaged in, 65. Early History, Banking, 57-8. English Banking, 58-62 United States, in the, 65-78. Banking and Currency, 57-78. BONDS Government, United States, 3, 5, 12, 15. Issues of, 1861-71, 10. Highest and Lowest Prices, 11. Owned by National Banks, 15. Pacific Railroad, 13-14. Rate of Income on, 187-9. Water Works, 36-9. BOSTON Building Permits issued, 166. Clearing-house, 95-6. Commerce of, 172-3. Credit of, 33. Distances from, Land, 170. Water, 170. Railway Travel of, 168-9. Statistics of, 167-76. Stock Market and Quotations, 174-7. Valuation and Taxes of, 167. BROOKLYN Credit of, 33. Bridge Traftic of, 41. Building Permits issued in Boston, 168. BUSINESS Failures, 184. Law in Daily Use, 193. CABLES, SUBMARINE, 154-6. Capitalization of, 155. Cable Roads of the United States, 112. Calendar, 1887-8, 195. Calumet & Hecla, Mine, 178-80. Canada, Banks of, 64. Capital engaged in U. S. Banking, 65. CHILI, Copper Product of, 179. Bar Copper, Prices of, 181. Chronology of Electrical Science, CITIES Credits of (U. S.), 33. Debts of (British), 35. Debts of (U.S.), 32. Per Capita, 32. (British) per Capita, 35. Rate Interest paid on, 33. Growth of (U. 8.), 34-107. Population of (U.S.), 32. Of World over 200,000, 186. Urban R. R.'s of the World, 107. Naw York City, R. R.'s of, 109-110. London, Telegraphs of, 153. CLEARING-HOUSES, BANK, 91-7. Boston, of, 95-6. Exchanges of, World, 97. History of, 91-2. New York, of, 91-2, 94. United States, of, 93. COAL In the United States, 140-4. Great Britain, 145. Ocean Steamers, burned by, 128. 198 INDEX. COINAGE and Currency, 80 . Of U. S. Mints, 1886, 82. COINS Foreign, Value of, 83. Legal Weight and Fineness (U. 8.), 82. Primitive, 79. Storage. Space required for, 82. COMMERCE Of Boston, 172-3. Nations, of all, 23. United States, of, 123. Commissions, R. R., of U. S., 114-17. CONNECTICUT Credit of, 31. Savings Banks of, 54. CONSTRUCTION R. R., in United States, annual, 103. Telegraphs in U. 8 , annual, 151. COPPER, 178-181. Product United States, 178, 180-1. World, 179. Chili, 179. Lake Superior Mines, 180-1. Calumet & Hccla, 178, 180. Prices, Ingot, 181. Chili Bars, 181. Corn Product of United States, 135. COTTON In the United States, 137. Consumption of, World, 138. Manufacture, in United States, 139. Prices in New York, 138. County Debts of United States, 32. CREDITS Cities, of, 33. Nations, of all, 19-21. States, of, 31. United States, of the, 22. CURRENCY (Banking and), 57-78. Bank-notes (Legal Tenders and), 84. Distribution of, in U. S., 86. (Coinage and), 80. Legal Tenders and Bank-notes, 84. United States, of the, 65-9, 72. Damages, 191. Days of Grace and Damages, 191. DEBT All Nations, Debts of, 23. Cities, British, Debts of, 35. Foreign, Debts of, 35. United States, Debts of, 32. British, Debts per Capita, 35. U. 8., Debts per Capita, 32. United States, Rate of Inter- est Paid on, 33. County, Debts of U. S., 28-9. Early National Debts, 5. Public Debt, the, 18. State (United States) , 27-34. Territorial (United States), 28-9. U. S. National, 2, 3, 5-18. Analysis of, 1860-86, 13-14. Annual Amount of, 8, 9-12. Reduction of, 8. Debt per Capita, 28-9. Rate of Interest on, 3. Designating Marks, Ocean dteamship Lines, 129 DISTANCES From Boston, by Land and Water, 170. From New York to Foreign Ports by Water, 129. ELECTRICAL DEVELOPMENT, 150-168. Science, Chronology of, 165-6. Electric Lighting, 158-161. ELECTRIC RAILWAYS, 161-4. In United States, 163. In Europe, 162. Elevated Railroads, 111. EXCHANGE, STERLING, 118-23. N. Y. Quotations, 10 Years, 121. Review of Am. Market, 121-23. EXPENDITURES -Annual, All Na- tions, 23. United States, 17. EXPORTS Petroleum, U. 8., 183. From Russia, 184. Failures, Business, 184. Fire Insurance, 185. France, Bank of, 62. Franklin, Ben, Words of Wisdom of, 194. Germany, Bank of, 63. GOLD AND SILVER Production of the United States, 88-90. Production of World, 87. United States Coins, Legal Weight and Fineness of, 82. Ratio of Silver to Gold, 90. Grace, Days of, 191. GRAIN Crops of the U. S., 135. Wheat, World, 136. Chicago Prices, 136. Hog Products, United States, 135. Holidays, Legal, in U. S., 191-2. Horse Railroads, United States, 113. Immigration, 133-5. Income, Rate from Investments, 187. Ingot Copper, Prices of, 181. INSURANCE Fire, 185. Life, 185. INTEREST Legal Rates of States, 190. Rules for computing, 192-3. Tables, 187-9. Investments, Rate of Int. on, 187-9. IRON AND STEEL Furnaces in United States, 149. Imports and Exports, 148-9. Pig Product, United States, 145-7. Rails, 143. Bessemer, 147. Shipbuilding, 124, LAND In the United States, 130-3. Grants to Railroad Co.'s, 132. To States, 131. Public, Disposal of, 132. Law, Business, in Daily Use, 193. LEGAL Rates Interest, 190. Tenders and Bank-notes, 83-4. Life Insurance, 185. Limitations, Statutes of, 190. Loans, U S Government, 6, 7, 9, 22. MAINE Credit of, 31. Savings Banks of, 51. MASSACHUSETTS Credit of, 31. Savings Banks of, 50. INDEX. 199 MAVERICK NATIONAL BANK History of, 73. Statement, March 31 , 1887, 74. Statement, March 26, 1874, 75. Statement, March 30, 1864, 74. Telegraph Code, 75. Money, Paper, in United States, 85. Navies of the World, 81. Netherlands, Bank of the, 63. NEW YORK City, Clearing-house of, 91-2, 94. Credit of, 33. State, Credit of, 31. Savings Banks of, 55-6. Outlook, The, 1-4. Paper Money in the United States, 85. PETROLEUM, 182-4. Certificates, Prices, 184. Production, and Trade in United States, 183. Russia, in, IS I. Pipe-line Certificates, Prices of, 184. POPULATION Cities of U. S , of, 32. European Cities, 186 United States, of, 25-6. Primitive Coins, 80 Profits of Banking, 70. RAILROADS American, 102. Cable, 112. Commissions of, State, 114-17. Construction of, Annual, 103. Credits of, 105-6. Electric, Europe, 162. United States, 163. Elevated. 111. Ilorso, 113. Land Grants to, United States, 132. New York, City, Traffic of, 109-10. Time, Fastest, 101-5. Trains, Speed of, English, 104. United States, lu4. Travel on, Boston, 1G8-9. Underground, London, 108 Urban, of the World, 101. World, Statistics of, 101. RAILS, Bessemer Prod of U. 8., 147. Consumption of, 148. Rapid Transatlantic Passages, 128. Rate of Interest Tables, 187-9. REVENUES Foreign Nation*, of, 23. United States, of the, 18. Water-works, of, 47. RHODE ISLAND Credit of, 31. Savings Banks of, 54. Russia, Petroleum in, 184. SAVINGS BANKS Of United States, 64. Connecticut, 54. Maine, 61. Massachusetts, 50. New York, 55-6. Rhode Island, 54. Securities of, 60. Statistics of, 49. Vermont, 63. SHIPPING of United States, 124-9. Admeasurement, 124. Shipbuilding, Tonnage and Carry- ing Trade, 124. Shipbuilding, Iron and Steel, 124, Steam Vessels, Early, 125. Steamers, Principal Ocean, 126-7. Amount and Cost of Coal burned by, 128. Ocean, Designating Marks of Lines, 129. Rapid Transatlantic Passages, SILVER, Dollar, Our, 80. and Gold, Production, 88-90. Ratio of, to Gold, 90. Specie in the United States, 81. SPEED Of Railroad Trains in U. 8., 104. England, 104. Average of Ocean Steamers, 128. STATES Banks of, 66-8. Credits- of, 31. Debts of, Net, 28-9. Legal Holidays in, 191-2. Legal Interest in, 190. Limitation Statutes in, 190. Taxes of, 30. Valuation of, 30. Stock Market and Quotations, Boston, 174-7. Storage Space required for United States Coins, 82. TELEGRAPHS, 150-6. Cables, 154-6. Code, Maverick Bank, 75. Construction, Early, 151. Great Britain, of, 152-3. London, of, 153. United States, of, 153. World, of the, 152. Western Union Co., 154. TELEPHONES, 156-8. Am. Bell Co., 158. Business in U. S., 157-8. Time, Railroad, Fastest, 107. Tobacco Product, United States, 135. TRAINS, Speed of, United States, 104. England, 104. UNITED STATES Agricultural Prod- ucts of, 135. Agriculture in, 135-9. Appropriations, Annual, of, 17. Area of, 130-1. Artesian Wells in, 40. Bank of the, 65-6. Banking in, 65-78. Bonds of the, 6, 7, 8, 9, 10. Capital, Banking, of, 65. Carrying Trade of, 124. Clearing-houses of, 91-7. Coal and Iron in, 140-9. Coal Product of, 144. Coal Statistics of, 140-4. Coinage of, 80-1. Commerce of, Foreign, 123. 200 INDEX. UNITED STATES Copper Product of, 178, 180-1. Cotton Crops of, 137. County Debts of, 28-9. Credit of, 22. Currency of, 86. Debt of, 2-5, 18. Disposal of Lands, 132. Dollar, Silver, 80. Expenditures of, Annual, 16. Farm Statistics of, 133. Gold and Silver Product of, 88-90. Immigration to, 103-5. Interest, Payments of, 16. Iron and Steel, Product of, 142-4, U5-9. Imports and Exports of, 148-9. Land, Grants of, 131. Municipal Debts of, 28-9. Paper Money of, 85. Population of, 25-6. Railroad Statistics of, 102. Cable in, 112. Credits of, 105-6. Commissions of, 114-17. Construction in, 103. Credits of, 105-6. Electric in, 163. Elevated in, 111. Horse in, 113. Trains, speed of, 104. Receipts, Annual, of, 16. Shipping, Tonnage of, 124. UNITED STATES Shipbuilding of, 124, 143-4. Specie of, 81. State Debts, Taxes and Valuations of, 28-30 Steam Vessels in, Early, 125. Surplus Revenues of, 3, 4, 16. Telegraphs of, 153. Territorial Debts of, 28-9. Wealth of, 25-6. Wheat Product of, 135. Wool Product of, 139. Value of Foreign Coins, 83. VERMONT Credit of, 31. Savings Banks of, 53. WATER-WORKS, 36-48. American, 43-5. Bonds of American Co.'s, 36-9. Canada, of, 48. Cost and Expenso of, 45-6. Early History of, 39-40. Financial Details of, 47-8. Modern Systems of, 41-2. Receipts of, 47. Wealth of the United States, 25-6. Western Union Telegraph Co., 154. WHEAT PRODUCT Of U. S., 135. Of World, 136 WOOL Product of United States, 139 Receipts at Boston, 173. Words of Wisdom, Franklin's, 194. 34-305 BOSTON, 1887.