H&U Qlolbge of ^^gctculturc At <$arneU Inioeraitg "GSlSl.B'i^Kl""''"'-'"^ Library Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013779255 A CENTURY OF FINANCE. MARTIN'S HISTORY OF THE Boston Stock and Money Markets, ONE HUNDRED YEAR . FROM JANUARY, 1T98, TO JANUARY, 1898, COMPRISING THE ANNUAL FLUCTUATIONS OF ALL PUBLIC STOCKS AND INVESTMENT SECURITIES; GOVERN- MENT, STATE, CITY, BANK, RAILROAD SHARES AND BONDS ; INSURANCE, MANUFACTURING, ELECTRIC, GAS-LIGHT, MINING, AND MIS- CELLANEOUS, WITH ALL THE SEMI-ANNUAL DIVIDENDS PAID BY EACH. ALSO A REVIEW OF THE BOSTON MONEY MARKET, 1831 TO 1898; AMERICAN GOLD, MONTHLY, DURING SUSPENSION, 1862 TO 1879; EACH "CALL" OF GOVERNMENT BONDS; EXCHANGE ON LONDON, MONTHLY, SINCE 1835, ETC. WITH FULL DESCRIPTIVE NOTES RELATING TO THE DIFFERENT SECURITIES, THE WHOLE COVERING A COMPLETE CENTURY OF VARIED MONETARY EXPERIENCES. BY JOSEPH G. MARTIN, AUTHOR OF EICHTY-EIGHT YEARS' HISTORY OF THE BOSTON STOCK AND MONEY MARKETS. BOSTON : PUBLISHED BY THE AUTHOR, No. 10 STATE Street, 1898. Entered, according to Act of Congress, in the year I 898, By JOSEPH G. MARTIN, In the Office of the Librarian of Congress, at Washington. (^0.^9/3 Boston : ElectrotyPed and printed by Washington PresSy iB Essex Street, SPECIAL PREFACE CENTURY NUMBER. The present edition of this work covers 1 00 years of the History of the Boston Stock and Money Markets ; naturally sparse of material in the earlier dates, but the record is complete ; and it will be noted (see page 9, and tables pages 94-183) that there were actual transactions in United States 6 per cent Bonds, Massachusetts 5s, the United States bank, and Union, of Boston, even in the earliest years of the period named, and since continued to date. The original edition of this book was published in 1850, giving prices from 1835 only. A second edition, issued in 1871, went forward to that date and backward to 1798. The third edition was carried forward to 1886, and the present issue completes the Centuky to January, 1898, with the events of that period in the Financial history of Boston, and, indirectly, largely of New England as well. This record can hardly fail to be of interest and value to that unknown quantity, " the public," who have an abiding interest in investments or speculation. The period included in this publication covers the great bank panic which com- menced in 1837, failures, depression of bank stock, with reduction of dividends, fol- lowed by a second panic in 18^7, the depression and almost complete stagnation of 1861, the iirst year of the Rebellion, and again the panic of 1873, with the close approach to one in 1884, and the last (1893) yet fresh in the public mind. Matters of historic value, in reference to the times passed through, are given in the first fifty pages of the work, and cannot fail to be of interest. A sketch of the Boston Clearing House Association, and the record of old time bank officers will recall the names of Boston's veterans in finance. Pages 52 to 92, under the heading of " The Course of the Boston Money Market," will be found of special interest, as in a great measure presenting a history of the times during the sixty-seven years, covered ; and for nearly thirty years prior to 1898 the details are made very full, in view of the direct influence the condition of the finances always has upon the general prosperity of the country. On pages 175 to 182, under the head of " United States and State Securities," is presented an interesting record of the issues of Government iv Preface. bonds, following which a full detail is given of the remarkable reduction in the enor- mous debts of the Rebellion, presenting a record unparalleled in any other country of the world. In looking over the record it should be remembered that some bank, insurance, and other stocks were seldom in the market in earlier years ; and, had they been freely offered, prices would naturally have ruled higher or lower in certain cases, according to the tone of the market. This is espeoially true in seasons of panic, where those pressed for positive sale get the benefit of depressed rates, while others not offered, escape. Twenty-five to Thirty or more years since, "State Street" gave indications of a decadence which was disturbing, if not alarming, to those who had looked upon it as the Einancial centre of the "Hub." The great fire of Nov. 9, 1872, cansed the re- moval of many banks into new structures elsewhere, but the tide soon turned and State Street fully regained its former prominence. The erection of the Massachusetts Hospital Life Ins. Building (in 1886) had much to do with its increasing prosperity, followed by the Boston Exchange, Co. Building (1890), the Fiske Building, that of the rarlow heirs, the " Worthington," the " Devonsliire," the " Massachusetts," and the "Brazer" building, fully met the requirements of State Street for many years to come, with office buildings second to none. For nearly fifty years prices based on sales at the Brokers' Board, and by auction, have been collated under the personal supervision of the compiler, who has made the study of statistics a prominent feature in connection with his business as a stock broker, and established a reputation as an expert, recognized in courts at law. The writer acknowledges a just pride in referring to the superb list of advertisers, pages 233 to 262, whose patronage is most gratifying. No reader should fail to " look them over." JOSEPH G. MARTIN. TABLE OF CONTENTS. PAGE. Accidents (Severe) on MassachuBetts R.R'b. ]62aa Advertising in Olden Times, ... 15 Advertising in 1898, . . . . 233 to 262 American Bell Telephone, Prices of, . 200, 204, 205 " " " Notes on, . . 211 " " " Dividends on, 202, 206, 207, 211 American Gold Coin, Prices of, 1872 to 1879, 169 American Lines of Ocean Steamships, 1851-1897, 46 ' ' Commendation of a British Officer, 46 American Sugar Refineries, (notes) . . 211 American Waltham Watch, Prices of, 200, 204, 205 " " " Notes on, 211 " " Dividends on, 202, 206, 207, 211 Assessments on 20 L. S. Mines to 1898, . 229 Atlantic Cables, . .... 38 Atlantic Mine, its dividend record, . 220 Baltimore & Ohio R. R., its inception, . 24 " " " its suspension, 47 Bank " Calls," by Comptroller, . . 104-107 Bank Charters, ... . . 13-33-34 Bank of England, Interest Rates, . 70-91 Banks, DownfaU of, 32, 33 Banks over 50 years old, which never " passed " 232 Bank Officers of Long Service, 51a-211-232 Bank Officers, retired " veterans," . 232 Bank Robberies 37 Bank Suspensions, ... 31, 33, 35, 43, 53 Banking and Finance, Notes on, . 9 to 51 Banking Capital, Increase of, . . 98-108 Baring Bros'. Failure (1890), . . 42 Black Friday, Sept. 24, 1869, . . 38 Battleship "Maine"blownupatHavana, Feb. 15,'98 92 Bonded Securities, Sketch of, . . . 163, 1C4 " Prices of (see R. R. Bonds), Boston Bank Shares, prices of, 1799 to 1855, <' " " " 1855 to 1870, " " " 1870 to 1886, " " " ■' 188610 1898, " " Dividends of, 1784 to 1856, " " " " 1856 to 1871, 'I " " " 1871 to 188G, 'i " " " 1886 to 1898, ■I " " ' B.,lrn in 1865, *' i« " " Notes on, Boston Bank Bills at a Discount, Boston's Calamity Boston Clearing House, Sketch of, " Low & high interest rates, '81 to '9S, " Record of all one p.c. rates, '76 to '95, " Its certificates of great value, . Boston Elevated Railroad, Boston, First a City, . Boston Gas Co., Prices of, »* " Dividends on, Boston's Great Subway, Boston in 1885, Boston Merchants, in olden times. 94-96 100 102, 103 106, 107 97 to 99 101 lOi 105 102, 103 108 to 111 12 38, 39 50aa, 51 51 51 43 162an 19 198,201,209 . 201, 203 49 144 50a PAGE. Boston Money Market (in detail), . 52 to 92 Boston and Colorado Smelting, (notes) . 212 Boston & Montana Mine , its dividend record 229 Boston and Roxbury Mill Corporation, ^notes) 212 Boston, Past and Present, . . . 144 Boston Stock Exchange (no suspension), . 41 " " " Sketch of, in detail, 224 " ** *' Full list of members, 225 Boston Two Hmidred Years Old, . . 24 Britannia Steamship, 1840 — the first " Cunarder," 46 Brunei, Isambard — the greatest genius of his day, 46 California's Golden Jubilee, . . . 50a Calls on Banks, by Comptroller, . . . 104-107 • Calls of Government Bonds (official list) . 181 Calumet & Hecla, its dividend record, 220 " " Notes on, ... 228 Central Mine, its dividend record, . . 220 Central Wharf and its Stores, 1816, 15 Cheap Travelling (so called), ... 15 Chicago Junction Stock Tarda. . 155-212-232 ChiliBars, Prices of, 1874 to 1898, . 223 City Securities, Prices of, 1823 to 1855, . 183, 184 " • 1855 to 1870, . 185 1870 to 1880, . 191,192 " " 1886 to 1898, 193, 194, 195 Great decline, Panic of 1893, . 42, 43 Clearing House, Highest Rates, . . 51 *' " Lowest and Highest Rates, 51 " " (See Boston C. H.), . . Cold Weather, (Old Times), . . 13, 10, 22, 26, 27 Collection of Taxes in Olden Times, . . 10 Collins Steamships, first American Line, 46 Copper, Ingot, Monthly prices of, 37 years, 223 " Production of, at Lake Superior, 226 ' ' Production of, in the United States, 227 " Reduced Cost of Production, 227 Market Price of, . . . 223-231 Copper Stocks, Assessments to 1898, . 229 " " Prices of, 1848 to 1855, 190 " " " 1855 to 1870, . 198-218 ■ " " 1870 to 1886, 219 " " " 1886 to 1898, 222 Dividends of, 1849 to 1856, 197 " " 1856 to 1870, 199-218 *' " " Complete record of, 220, 221 Notes on, . . . 228,229 " Corners " in Stocks, . ... 231 Course of the Money Market, 1831 to 1898, 52 to 92 Crisis of 1837, and its Causes, . . 30 Earthquakes in Boston, . 16 " Errata " (stocks omitted) . . 232 Exchange Coffee House, ... 17 Exchange on London, Prices of, 1798 to 1835, 10 to 28 " " " 1835 to 1862, 28 " " " 1862 to 1898, Slow Expressing in Olden Times, . . . 23—14 ■' its Origin in 1839, 44, 46 VI Tahle of Contents. PAGE. FaJl Elver Manfg., Prices of, 1882 to 1890, . 137 " " " 1890 to 1898, . 139 " " Dividends of, 1882 to 1898, 137, 138 Fast Passages Ocean Steamsliips, ... 46 *' Fifty Associates" (notes) .... 213 Fires in Boston in Early Times, 11, 17, 18, 20, 24 " " Nov. 9-10, 1872 (Great Are), 38,39 " " Feb. 5, 1898 (6 firemen lulled), 60a First Locomotive, 47-48 First Steamboat, 44 Fractional Bills, 32 Franklin Mine, its dividend record, . . 220 "G. M. B." Copper, English, Prices of, . 223 Gas Explosions (1875-1898), ... 48 Gas Light Companies, Prices of, 1855 to 1870, 198 " " " 1870 to 1886, 201 " " " 1886 to 1898, 209 " " Dividends of, 1850 to 1856, 197 " " " 1856 to 1871, 199 • " " " 1871 to 1886, 201 " " " 1886 to 1898, 203 " " Notes on, ... 215 Gogebic Iron Region, a disappointment, . 41 Gold, Prices of, 1862 to 1879 (suspension), . 169 Gold Panic, "the Black Friday" of Sept. 24, 1869, 38 Government Credit — none better, . . 180 Government Loans, .... 175, 177 Government Bonds, Past and Present, . 182 ' Great Reduction of, . 179, 180 ' " Calls " of, 1B71 to 18S7, 181 ' Prices of, 1799 to 1855, 183, 184 ' " 1855 to 1870, 186 ' " 1870 to 1886, 186, 187 ■ Monthly prices, 20 years, 186 to 190 Great Eastern Steamship, the marvel of her day, 46, 46 Great Fire in Boston (Nov. 9-10, 1872), . 38, 39 " " Its 25th Anniversary, 49 Great Newspaper Express in 1837, . . 45 Great Panics, ... 30, 34, 35, 40, 41, 42 Great " September Gale " (1815), Great Snow Storms, " . 14 26, 42, 60 Hamden's Express — the Pioneer, 44 Historical Record, ... 9 to 60a Hoosac Tunnel 144 Horse Railroads, 144 Hot Weather, (olden times). Ingot Copper, Monthly, 1861 to 1898, . Insurance Cos., the "Upsand Downs" of, 10, 13, 20 223-231 112-120 " " Profits and Losses, . 112, 117, 124 Insurance Stocks, Prices of, 1803 to 1855, 113-116 " 1865 to 1870, 118 (( " 1870 to 1886, 119 " 1886 to 1898, 120 It ' Dividends of, 1818 to 1856, 116, 117 " ' " 185G to 1871, 118 " ' " 1871 to 1886, 119 " ' " 1880 to 1898, 120 " ' Notes on, ... 121 to 124 Interest Rates for Money, 1831 to 1898, . B2 to 92 Iron Rails, Prices of, 1863 to 1883 (see Steel), ■ 223-232 Kaiser Wilhelm der Grosse, — holds the record, 46 Kansas City Stock Yards, dividends, . 206, 208, 213 Lake Superior, the Copper Mines of, . 217-227 " its Dividend Record, . 220,221 *' Reduction in Mining Cost, , 227 Lake Superior, the Copper Product of, 1881 to '98, 226 " - Product and Cash Value, '45 to '98, 227 " Interesting Notes on, . 217-228, 229 *' Prices (See Copper Stocks), — Land Stocks, Prices of, 1835 to 1856, . . 186 " " 1865 to 1870, . 198 " " 1870 to 1886, . . 200, 201 " Prices of, 1886 to 1898, . 210 " Dividends of, 1831 to 1866, . 197 " 1856 to 1871, . . 199 " " 1871 to 1886, . . 202, 203 " " 1886 to 1898, . 210 " Notes on, 211-216 Legal Tender Act Sustained (Jan., 1872), . 56 Locomotive, the first built in this country, 47 London Exchange (see Exchange), . . — Lowell and its Factories, 1827-1897 . . 21 Manufacturing Interests, Sketches of, . 125-135 " Increase of, . 21 '* Heavy Losses on, 143 " Closed up Companies, 143 Manfg. Stocks, Prices of, 1835 to 1866, . 126, 127 " 1855 to 1870, . 130 " 1870 to 1886, . 132 " 1886 to 1898, . 134, 135 Dividends of, 1816 to 1856, . 128, 129 " 1856 to 1871, . 131 " 1871 to 1886, . 133 " 1886 to 1898, . 136 New Bedford, 1888 to 1898, . 139 Notes on, 140-143 Massachusetts Bank, first in the &tate(1784), 109 Massachusetts Railroads, Semi-Centennial, 144 Massachusetts, State of, debts paid in gold^. 178 McKay Shoe Machinery, (notes), . . 214 Mergenthaler Linotype, (notes), . . . 213 Michigan, the Copper Mines of , , . . 217-227 Mines in Nevada, ** Bonanza," heavy assess'ts on, 231 Minesota Mine, its past dividend record, Mining Companies, Prices of, 1848 to 1865, " " 1865 to 1870, " " 1870 to 1886, " " 1886 to 1898, " Sketch of. Olden Times, . " Dividends of, 1849 to 1866, " " 1866 to 1871, " *' Complete record, '* Notes on, Mining Reminiscences, Miscellaneous Bonds, Prices of, 1886 to 1898, Miscellaneous Mining, Prices of, 1879 to 1885, " " " 1886 to 1892, " " " 1892 to 1898, *' " Notes on, . Miscellaneous Stocks, Prices of, 1823 to 1835, " " " 1835 to 1865, 220 196 198-218 219 222-226 217 197 199-218 220, 221 197, 227 to 232 231 195-209 223 222 226 229-231 183 196 198-218 200, 201 204-232 " " 1855 to 1870, " " 1870 to 1886, " " 1886 to 1892, " " 1892 to 1898, 205-206 Dividends of, 1831 to 1866, 197 " " 1856 to 1871, 199 " " 1871 to 1886, 202,203 " " 1886 to 1898, 206-7-8 " Notes on, . . 197, 112 to 216 Table of Contents. Maine ' ' Battleship " blown up in Havana harbor, 92 Money, Great Abundance of, . 28, 51 , 69, 83 " Great Scarcity of, . 17,31,33/40,47,52,57 " Interest Rates of, 1831 to,1898, 52 to 92 Mount Cenis Tunnel, . . . 144 Music Hall, (notes) , . .214 Napa Quicksilver Mining, . . 222, 223-232 National Mine, its past dividend record, 220 Newspaper Express, (1837), a great feat, . 45 New Bedford Manfg., Dividends of, 1S88 to 1898, 139 New England Railroads, sketch of, high prices, 145-159 " " Notes on, 160 to 162a " " Accidents on, 162aa New York Funds, Highest (Jan. 1886) . 69 New York Stock Exch., suspended Im days (1873), 40 Ocean Steamship, the first, . 44 *' " fast passages, remarkable records, 46 " " complete record, from "Britannia" to " Kaiser "Wilhelm der Grosse" 4G Oceanic, (1808) largest passenger ship, . 46 Ogdensburg Railroad, Notes on, 1G4 Old Bank Officers in Service, . 51a-211 " " Retired, . . 232 Overand & Gurney, failure of, (1866), . 44 Osceola Mine, its dividend record, . . 221 Paciiic Railroads, ... . . 37 Panic Years, 1837, '57, '73, '93, . . 30, 34, 40, 42 Parrot Silver and Copper Mine, its dividend record, 230 Pewabic Mine, its past dividend record, . 221 Pig Iron, Prices of, 1863 to 1898, . . 223 Pittsburg & Boston Mine, its past dividend record, 221 Public Securities, . ... 93 Quincy Mine, its dividend record, . 221 Railroad Estimates in 1831, , 25 Railroad from Boston to the Moon, 21 Railroad Speed — remarkable time, . 23^8 Railroads, benefited by the Rebellion, , 36 Railroads constructed in the United States, 144-152 Railroads, Early Absurdities on, 21, 23, 50a, 159, 232 Railroads, horse-power at their inception, . 49 Railroads in Receivers' Hands, . . 163, 164 Railroads (early times and later), 21, 26, 144, 152, 163 Railroads, Progress of , . ... 144-152 Railroads, Queer excuses for delay, (old times) 26 Railroads, Record of Mileage, 1830 to 1898, 144-152 " Refunding at low, interest rates, 164 Railroads, Semi-Centennial, . , 144 Railroads (N. E.), Serious Accidents on, 162aa Railroad Bonds, Increase of, ... 163, 164 " " little known prior to 1860, 163 " " Prices of , 1849 to 1855, . 163 " " 1855 to 1870, . 165 " " " 1870 to 1886, .168tolG9 " '• 1886 to 1898, . 170 to 174 " " Notes on, ... . 163, 164 Railroad Stocks, Prices of, 1831 to 1835, . 183 " 1835 to 1855, . 145,146 " " " 1855 to 1870, . 148 " " " 1870 to 1886, . 150, 151 " " 1886 to 1898, 154,155,158 Dividends of, 1835 to 1856, " 1856 to 1871, 147 149 PAGE. Railroad Stocks, Dividends of, 1871 to 1886, 152, 153 " " " ' 1886 to 1898, 156, 157 " " Notes on, . . 160tol62a Real Estate in Boston (early days), 11, 20, 27, 37 Removal of the Deposits, . . 28 Resumption Specie Payments, 1838, '57, '79, . 31, 34, 62 Season-ticket Holders (first on Railroads), . 26 Shipbuilding 250 years ago —remarkable statement, 50a Snow in May, . 28 Snow Storms (heavy), . . . 26,42,50 Solid Men of Boston in 1822, . 19 Southern State Securities (in Rebellion), 178 St. Mary's Canal Mineral Land, dividend record, 214 " " " ■' Notes on, . 214 St. Paul Steamship, American Line, fast passage, 46 State Loans, . . .177 State Securities, Remarks on, . . 177-184 " Prices of, 1799 to 1855, 183, 184 " 1855 to 1870, . 185 " " 1870 to 1886, 191,192 1886 to 1898, . 194 State Street and its huge Office Buildings (1898), 48 Steamboats, past and present, . 44, 46, 49 Steam Navigation, Great Advances in, 45, 46 Steel Rails, Prices of, 1868 to 1898, 223-232 Stevenson, the great English Engineer, . 159 Stock Exchanges (see Boston & New York), Stocks, before and after Rebellion, Subway, one of Boston's "Institutions," Suffolk Bank System, . Surplus Distribution, (TJ. S.) Suspension Specie Payments, 1837 to 1861, Tamarack Mine, its dividend record. Telegraph Cables, Telegraph (land), its first business (1844), Telegraph and Railroads, Telephone Stocks, prices of, " Dividends on The Embargo, The Railroad System, Thomson-Houston Electric, .... Travelling to N.Y. in earlydays(wills made, etc.). Trust Companies, dividends in detail. Union Bank, second in the State (1792), " " never passed a dividend, . United States Banks, . United States, Debts of, United States Loans, United States Securities Abroad, " Sketch of, *' Reduction of, ' "Calls"of,lS71 tol887, " Prices of, 1799 to 1855, " " 1855 to 1870, " " 1870 to 1886, " Monthly, 1878 to 1898, Venezuelan Panic, Dee. 17, 1895, Vermont Central Railroad, . Voting Places in Boston, 1800, Wakefield Rattan, War of the Rebellion, . West End Electric Railroad, 35,36 49 21 175 31,32, 36 221 38 45 37 . 200, 201, 204, 205 202, 203, 206, 207, 208 12 144 215 11 105 111 232 13-29 36, 175 to 182 14, 175 to 182 178 . 175 to 182 176, 179, 180 181 183, 184 185 186 186 to 190 47 164 10 215-232 35 162(ia INDEX TO ADVERTISEMENTS. New England Mutual Life Insurance Co. PAGE 233 BOSTON BANKS. Central National . 259 Everett National 248 Globe National 242 Howard National . 257 National Security- 24J Shoe and Leather Nationa I 260 Third National 243 Winthrop National > 246 TRUST AND SAFE DEPOSIT COMPANIES. American Loan and Trust 241 Mercantile Trust 258 New Engfland Trust • 244 Old Colony Trust 245 Security Safe Deposit 250 State Street Trust - 244 Union Safe Deposit Vaults 247 BANKEI IS A^ ID BROKERS. Adams & Co. • 237 Kidder, Peabody & Co. 252 Bangs, E. D. & Co. 249 Lee, Higginson & Co. 247 Basset, William 259 Martin, Joseph G. • 255 Blake Bros. & Co. • 261 Mason, Lewis & Co. ■ 260 Blodget, Merritt & Co. ■ 238 Norman & Co. 256 Bright, Sears & Co. 262 O'Hara, James R. . 234 Brown Bros. & Co. • 253 Parkinson & Burr • 239 Brown, Riley & Co. 248 Prince, F. H. & Co. 237 Clark, "Ward & Co. 254 Richardson, Hill & Co. 236 Curtis & Motley 261 Rogers, Jacob C. 257 Cushman, Fisher & Phelps 25J Stanwood, E. C. & Co. 258 Day, R. L. & Co. • 235 Sweetser, A. L. & Co. 25J Foote & French 254 Tower, Giddings & Co. 249 Henshaw, Francis & Co. 234 Tucker, Anthony & Co. 240 Hodges, E. C. & Co. 240 Vermilye & c Co. 253 Qj>^ OF THE ^^ BOSTON STOCK AND MONEY MARKETS, ir98 TO 1898. In the following pages, matters of interest, not strictly connected with finance and stock securities, have been introduced for the purpose of relieving the dry detail of facts and figures, and presenting, in a measure, a history of "old times" in passing along. Commencing prior to the present century, we have given the rate of exchange on London for the first of each month, whenever there were any quotations, with tabular statements on subsequent pages (see Exchange on London) ; in this connection, it may be well to state that the Bank of England suspended specie payments from 1797 to 1821. The rates of exchange on New York, Philadelphia, and Baltimore are also given, — the London bills sixty days, and New York thirty days sight, unless otherwise stated. The extreme quotations for best market brand of flour are added, and the same for other principal grains, from 1811 onwards, all of which has interest as a connecting link between "then" and "now." J798. — In these early years, but few stocks were quoted in Boston; in fact, only two Banks and two Insurance Companies existed. The United States had several loans outstanding, and the State of Massachusetts some 5 per cents. Railroads were, at this date, not even dreamed of. The following are the highest and lowest prices for the year 1798, not included in the series of tables from 1799 onwards. Union Bank, 12G to 125; United-States Bank, 120 to 124; Massachusetts Bank and Insurance Stocks, not quoted; United-States per cents, 75 to 83|-, do. 6 per cent deferred, 65 to 70; do 3 per cents, 42-J- to 50. Massachusetts 5 per cents, 77^ to 81^. A new United-States eight per cent loan, the following year, sold at 102^ to 106 per cent. Addresses from the Legislature of Connecticut, from the students of Harvard University, and from other bodies, poured in upon the President of the Union, commending his firmness in resisting the demands of the French Directory. The Massachusetts Mutual Fire Insurance Company issued its rates as follows: first-class houses or stores, 35 cents per $100; second do 37; third, 40; fourth, 42; fifth, 45; sixth, 50 cents per 100 dollars. In these earlier times, Marine Insurance was conducted by private offices. A policy was opened at the office, stating the vessel's name, with other necessary information, and the premium rate for insurance; and the frequenters of the office wrote their names on the policy, with the amounts they would take till the required sum was subscribed. Hence, the term "underwriter," which now has little significance in Insurance. One of these offices was kept in a room of the "Bunch of Grapes Tavern," corner of Kilby and State Streets. John Adams, President of the United States, made a northern tour in the summer of 1798. At Newton and Little Cambridge, the cavalcade was cheered with "The President's March," played on two large piano-fortes placed in the road. The Boston Cavalry, commanded by Rufus G. Amory, met the President's company at Watertown. This cavalry company was the pride of Boston at that time. 10 Notes on the Boston Stock and Money Markets. Old Customs. — Before the present century, we find here and there some customs ■peculiar to the times. One Simon Baxter, for uttering counterfeit bills, to sit one hour on the gallows, with a rope around his neck. One John Brown, for theft, to receive twenty stripes on his naked back, at the public whipping-post, and pay three times the value of the goods stolen. The summons of the town-treasurer to delinquent tax-payers took the form of a polite card of invitation. In' 1794, the treasurer of Boston issued his notice as follows: " The town treasurer presents his most respectful compliments to those of his fellow-citizens who have not paid their taxes for 1793, and earnestly requests that they would pay the same to the collector as soon as possible." This bland appeal does" not appear to have been heeded; for, in a subsequent card, it was stated that the treasury was totally drained, and the citizens were urgently invited to call and pay up. Exchange on London, June and July, 100; August and September, 98 to 99; October, 97; November and December, 95 to 97. On New York, Philadelphia, and Baltimore, 2 to 2^ per cent discount. Flour, $6|- to 11 per ba.rrel. J7 9 9 . — Our relations with France were very unsatisfactory; the French privateers continuing their depredations against our flag. A Lisbon correspondent wrote: " Several American vessels have lately been carried into the different ports of Spain; and the French consuls immediately condemn them, without respect or reserve." This state of affairs naturally exercised a depressing influence at home. London bills in January, 95 to' 96; February, 95; March and April, 94 to 95; May, 94; June and July, 92-J- to 93; August, September and October, 90 to 90^; November, 94 to 95; December, 92 to 92-J-. Flour $9 to 11. We find the following as the tonnage entered in various ports, for 1797: New York, 153,031; Philadelphia, 96,579; Boston, 84,259; Baltimore, 59,837; Charleston, 37,440; Norfolk, 29,662. The whole tonnage employed in foreign trade, and belonging to the United States, at the close of 1797, was 597,777; ditto of coasting-trade, 237,400; fisheries, 41,732. Total, 876,911. Number of seamen, between forty and fifty thousand. J800. — Prices of securities advanced very rapidly. London bills in January, 94 to 95; February, 97-^ to 99; March and April, 9^ to 102; Suilimer months, 102 to 103; September, 100, thence 102. On New York, Philadelphia, and Baltimore, 2 to 2i per cent discount, till August, thence 1 to 2 per cent. Flour, $9^ to 12^ per barrel. February 22 was observed as a day of sorrow, by proclamation of President Adams, because of President Washington's death, the 14th of December, 1799. Every demonstration of affliction was shown, as if the intelligence of his decease had just arrived. The Independent Cadets escorted the Legislature to Brattle-square Church, where Dr. Thatcher delivered the discourse; and Capt. Harris's company of Federal Republicans escorted the mechanics' procession to the Old South. A dirge, set to music by Oliver Holden, was sung with ability by Mr. Eaton and Capt. Williams, assisted by a full choir of the ablest masters in the state. The oration was pronounced by Joseph Tuckerman. Voting-places in 1800: Ward 1, Gun House, Copp's Hill; Ward 2, Rev. Mr. Eliot's Meeting House; AVard 3, Rev. Mr. Murray's; Ward 4, Rev. Mr. Lathrop's; AVard 5, Mr. Haggar's large store in Ann Street; Ward 6, Green-Dragon Tavern, Union Street; Ward 7, Rev, Mr. Howard's Meeting House; Ward 8, Faneuil Hall; Ward 9, Old Brick Meeting House, head of State Street; AVard 10, Rev. Mr. Popkin's Meeting House; Ward 11, Rev. Mr. Kirkland's; Ward 12, Rev. Dr. AVest's. A Hot Week. — July 24 to 81, inclusive, the thermometer in the shade at three, I'.ji., stood at 91, 99, 80, 89, 77, 85, 95, and 100. J80I. — There was a large advance in prices of all securities. London bills January, 100 to 101; February, 97^ to 98^; March, 95^; April, 944- to May at 99; June, 95| to 98; July and August, 95 to 96; September, 97; October, 97i to 99; November, 97^; December, 98 to 99. New York, Philadelphia, and Baltimore, 1 per cent discount. Notes on the Boston Stock and Money Markets. 11 Flour $7^ to 14, gradually receding from March to lowest price. Travelling in tliose days does not seem to have "been very expeditious. The mail stage for New York left Monday at eight, a.m., arriving at Providence at six, p.m. Thence Tuesday at four, A.M., reaching New London at eight p.m. Left New London at four, a.m., Wednes- day, and arrived at New Haven at eight, p.m. Left New Haven, Thursday, five, a.ji., and arrived at New York Friday noon, at an average expense of seven" cents per mile for fare, and five to six dollars for victualling and lodging. In olden times, prayers were offered up for those making the New-York journey, and those who had not made their wUls attended to that necessary duty. Two devastating fires occurred this year, on Gardner's, Burdill's, Hiohborn's, and Goldsbury's Wharves ; the fire extending into Fore Street. A vast amount of property was consumed, and only $10,000 insurance. At this time, the public schools of Boston were an object of special care, as they have been ever since. July 8, the School Committee, accompanied by Gov. Strong, the Board of Selectmen, reverend clergy, town-officers, and many literary and private gentlemen, visited the public schools, and afterwards partook of an elegant repast at Concert Hall. The United-States Bank paid its semi-annual dividend of 4 per cent in January. Pursuant to Act of Congress, July 14, 1798, to lay and collect a direct tax within the United States, a hundred and thirty-five estates in Boston were advertised to be sold June 11, unless the taxes and charges were paid. The low valuation of real estate t/ie/i, as compared with prices of later years, may be judged of from the fact, that, of these hundred and thirty-five estates, sixty-two, comprising land and shop or dwelling-house, were valued below SI, 000 each ; fifty-ruie, between SI, 000 and 2,000 ; seven, between $.3,000 and $4,000 ; two, between $4,000 and $5,000 ; and one, Spear's Wharf, with stores, at $16,000. The highest was Jonathan Harris's new house on High Street ($22,000), on which the tax levied was $62.60. This was known as " Harris's Folly," from its great cost and immense size for the times. J 8 2 . — Prices of most securities advanced very rapidly : London bills, January, 97 to 97J ; February, 95^^ to 9(if ; March and April, 97^ to 98 ; May, 98 to 99 ; June, 97|- to 98 ; July, 98|- to 99 ; thence to December, 99 to 100. New York, Philadelphia, and Baltimore, 1 per cent discount. Flour, $6J to 9. 1803. — Prices of public stocks declined rapidly from January, but partially re- covered at the close of the year. London bills in January and February, 101 ; March and April, 100 to 101 ; and thence to August, 102 to 102|- ; August, 101 ; September, 102 ; October, 100^ ; November, 104^ to 105 ; December, 104. New York, Philadel- phia, and Baltimore, -J- to 1 per' cent discount. Flour, SiiJ to 8i- per barrel. April 28, subscription-books for the Boston Bank were closed ; capital $1,800,000, upwards of $.3,000,000 having been subscribed by one thousand one hundred and fifty-seven persons. The stock on the market opened at 110 to 111. The Bank gave notice that notes for collection and deposits would be received June 27. The (old) Suffolk Ins. Co. elected its first boSrd of directors June 15, and commenced issuing policies July 7. Epes Sargent was elected its president. Capital of the company, 5225,000. The New England Ins. Co., also commenced business with a capital of $300,000; the Boston Marine Ins. Co., $500,000 ; Massachusetts Fire and Marine 8600,000 ; Union (author- ized), $300,000. J 804. — Bank-stocks declined rapidly, the year closing upon nearly the lowest quotations in our table of pi'ices. Government securites fell off, but subsequently ral- lied. London bills in January, 104 to 104^ ; February, 102 to 102J ; March, 101 to lOH ; April and May, 102 to 102J ; thence to October, 100 to 100+ ; October, 101 to lOli ; November, 102 ; December, 101 to 102^. Amsterdam, 38J- to 40^. No variation in domestic exchange. Flour $!i4^ to 11 J. ■ J'8 05. — The course of prices downwards in all securities, with some small gain at the close of the year. London bills in January, 102 to 102-J- ; February, 100 to 100^ ; 12 Notes on the Boston Stock and Money Markets. March, 99 ; April and May, 98i to 99.; June, 97 to 97i ; July, 95 ; August, QS\ to 94^; September, 95 to 95^ ; October, 97^ to 98 ; November, 98 to 98i ; December, 96 to 97. Amsterdam, 36^ to 38^. Elour, $8f tol3i per barrel. J 806. — Prices of securities advanced from January onward. London bills, Jan- uary, 97 to 97i; February and March, 98^ ; thence to August, 100 to 100-J ; August, to December, 99 ; December, 97-J-. Amsterdam, 38 to 40. Flour $6j- to 9. January of this year opened with the most mild and pleasant weather for the season, as stated, since 1745. No snow or ice in the streets, and the fields like the last of Autumn. This was followed by an intense cold, and the harbor so frozen over that people came up from Fort Independence on the ice. J 8 7. — Prices of money-stocks receded, though without any important variation. The troubles in Europe, coupled with a belligerent show at home in relation thereto, had a depressing effect. London bills, January, 97 to 97^ ; February, 99 ; March, April, and May, 98^; June, July, and August, 97; September, 95^ to 96J; October, 97i; November, 98 ; December, 99^ to 100. Amsterdam, 38i to 40. Flour, $6-f to 8i per barrel. 1808. — Stocks quite stationary, except United States Bank and Government se- curities, which showed a marked gain with the advance of the year. London bills in January, 100 to — ; February, 103 tol03i-; March, 103; April, 104i to 105 ; May, 107 ; June and July, 105-J to 106 ; August, 106 to 106^ ; September, 105 ; October and November, 104 to 104-J- and in December, 107 to 109. Flour, $5 to 1^. 1809. — The Embargo. Prices of Government and Bank stocks quite steady. The recent Embargo Act caused a great sensation, with much discussion in the papers; and a meeting was convened in Faneuil Hall, Jan. 3, to debate the measure. Stephen Codman moderator, and Thomas H. Perkins chief speaker. To judge from the Bank Thermometer, so .called, or discount on Bank-bills, the currency of New England was not remarkably uniform. Lincoln and Kennebec, 3 to 4 discount ; Penobscot, 10 to 12 ; Northampton, 15 ; Vermont and branches, 5 to 15 ; Berkshire, 20 to 50 ; Hillsbo- rough (N.H.), 30 to 50 ; Cheshire, 30 to 40 ; Coos, 40 to 60 discount, &c. For most of these par was offered in exchange for rum, lottery-tickets, and other like delicacies of the day. A gentleman in Boston, desirous of subscribing to "The Philadelphia Aurora," remitted five dollars, and received the following reply : — ' ' Sir, — Your letter of the 22d inst. was received this day. The bank-note therein contained I now return to you, as it is of no value whatever here. If you will be good enough to send by post a five dollar note of any house in the city of New York, or in the States of New Jersey, Pennsylvania, Maryland, or Virginia, "The Aurora" shall be immediately sent to you. New-England notes cannot be passed here at fifty per cent discount." Deo. 14, the Boylston Market was opened for public accommodation. It was an elegant building for the times, and a commodious market-house, proving a very lucra- tive investment. London bills in January, 110 ; February, 107 ; March, 104 ; April, 101 to 103 ; May, June, and July, 100 ; August and September, 101 to 102 ; October and November, 100 to 101 ; December, 96 to 99. Amsterdam, 40 to 42-J-. Flour, $6| to 8i. J 8 ID. — Prices of money-stocks without essential variation. London bills, January to June, 96 to 97; June, 97i to 98^; July, 96 to 96^; thence to November, 94 to 95; November, 93 to 94; December, 91-J to 93. Amsterdam, 42 to 43 till August, and none afterwards. Flour, $7^ to llj, the year closing on the highest figure. The almost total stagnation of business rendered prices of the staple and more important articles of foreign commerce merely nominal. The 19th and 20th of January noted for great cold. Notes on the Boston Stock and Money Markets. 13 J8II. — Bank-Charters. There was a marked decline in tlie prices of all securities, with a slight rally in December. The approaching expiration of Bank-Charters in Massachusetts caused a iiutter in the market value of shares, so that prices fell off seriously till the matter was favorably settled. The Boston Bank invited its debtors on bond and mortgage to pay up, the charter being soon to expire (in 1812), and its renewal was uncertain. This summons was revoked in 1812, on renewal of the charter. The first United-States Bank was established in 1791. The charter expired Marcli 4, 1811, the casting-vote of Vice-President Clinton preventing its re-charter. Stephen Girard invested largely in this stock, and bought out the entire concern when in liquidation, changing its name to Girard's Bank, and continued it as a private institu- tion until his death, in 1831. The average dividends of the United-States Bank from 1791 to 1809 were 84i per cent per annum. The stock was' valuable, and sold in 1796 up to 150 per cent. London bills in January, 90 to 91f; February, 90 to 91; March, 88; April and May, 89i to 90; June, 86 to 88; July, 84 to 86; August, 78 to 80; September, 77 to 78; October, 78 to 79; November and December, 82 to 83. Flour S8t to 12. 1811 was called the "hot year," the Cambridge thermometer reaching 102°. Sept. 11, a great solar eclipse, lasting from a little past noon till after three, p.m. ; five-sixths of the sun eclipsed, and fowls went to roost. I8I2. — The stock-market depressed: prices declining till after war was declared, when a rally set in, and the year closed on much higher quotations than ruled in January. The re-chartering of the banks had a favorable effect upon their market value. London bills in January, 82-J-; April, 79 to 80; June, 80, to 83; July, 75; August, 80; September, 78; October, 80; November, 85 to 80; December, 80^ to 81. On New York, -J- to 1 per cent discount. Flour, $10 to 124-, after the declaration nf war in June. Severe Cold. — From January 16 to 22, inclusive, was recorded as probably the coldest week the present century; the average temperature being about one and a half degrees above zero only. The highest was but ten above, and down to nine and a half below zero. t8J3. — The course of prices downwards for all securities. Letters from Amster- dam announced that United-States 6 per cents were down to 80, the lowest price touched in that market. London bills in January, 80 to 81; February, 82; March and April, 83 to 84; thence to September, 84 to 85J; October, 84^; November, 86; December, 87 to 87-J-; and the year closed at 91 to 03. On New York, Philadelphia, and Baltimore, -J- to 1 percent discount. Flour, $llf tol7iper barrel. In Decem- ber, 1811, barley was at 75 to 80 cents per bushel; Southern corn, .80 to .85; Northern do., .85 to .90; rye, .97 to 1.00; oats, .45, In 1812-13, barley advanced to SI. 25; Southern corn; $1.70; Northern, $1.75; Rye, SI. 80; oats, .90. Tea and War. — Tea brought at auction in Philadelphia $2.14 a pound in 1813. One of Stephen Girard's vessels from the East Indies having been caught by the British just as it was making port, Girard redeemed it at the price of $120,000 in gold. The cargo, principally of tea, bringing the above handsome price per pound, he made a good affair out of it. J8J4. — The course of prices still downwards. Bank-stocks fell off largely after the Fall dividend. Holders of Massachusetts State notes, payable January 1, were requested to present them at the State Bank for payment. The United-States per cent new loan sold as low as 65 .at Boston, and the Treasury notes, from 98-J, fell to 73. In the fall there was a sale of State-Bank stock down to 65 per cent at auction; and the prices of the Boston, Union, and New England Banks were marked uncertain. Had there been sales at the same time with the State Bank, prices would have been 14 Notes on the Boston Stock and Money Markets. lower than those exhibited in our tables. On account of the suspension of specie payments outside of New England, the United States and other securities stood nominally much higher at New York and elsewhere than at Boston. A writer calling himself a " Stray Yankee," in complaining of the hard times, said it could not be denied, that, for the last year, there had been more failures in Boston than in all the seaports put together, and that this great calamity had been brought about almost entirely by the Banks, which persisted in maintaining specie payments against the, rest of the country, so that they were compelled to refuse discounts, and to call upon borrowers to pay up as fast as possible. London bills in January, 96 to 97; February, 91|- to 92; March, 89 to 92; April, 93 to 95; May, 90 to 91; June, 87 to 90; July, August, and September, 87 to 88; October, 86 to 87; November, 84 to 86; December, 8.3 to 87. On New York, Phila- delphia, and Baltimore, till August, -J to 1 per cent, discount, and reached 18 on New York in November, on Philadelphia 19, and Baltimore 20 per cent discount, in October, the National Loan would hardly bring 75 per cent. Treasury notes were at 27 per cent discount. Mour, Sllf to 15-J^, and most of the year from $1.3^ to 15; barley, per bushel, $i;i6 to 1.25; Southern corn, $1.20 to 1.60; Northern, $1.25 to 1.84; rye, $1.75 to 2.50; oats, .65 to 1.00. J8J5. — Prices still downwards. The new United-States 6 per cent loan, taken in January at 87^, fell to 81; the old and deferred 6 per cents, from 90 to 82|^; and the 3 per cents from 51 to 44; Massachusetts 5 per cent notes advanced from 90 to 101, and United-States Treasury notes from 73 to 90, but receded to 84-J. London bills, February, 87; March and April, 90^ to 92^; May and June, 94^ to 95; July, ' 87 to 87i; August, 88i to 89; September, 94^ to 95; October, 97|- to 98; November and December, 97. On New York (at sight), February, 18 to 19 discount, Phil- adelphia to 20, and Baltimore 20 to 21; and gradually declined to 3i on New York in May, Philadelphia to 5J, and Baltimore 7-J-; again increasing to 13 on New York, and'nearly to former rates on Philadelphia and Baltimore in October. Flour, $6J- to llf; barley, $1.00 to 1.25 per bushel; Southern corn, .87 to 1.33; Northern, .05 to 1.42; rye, 97 to 1.80; oats, .50 to .75. The State Bank called a meeting to consider the expediency of dividing the capital, or a part thereof, among the shareholders. [See 1817.] The great gale, often referred to as the "September gale," occurred the 22d September. The glass-house was blown down, and Charles-street and HoUis-street meeting-houses were damaged. The State House lost two chimneys; and more than twenty stately elms on Boston mall, the large elms in front of the State House, and several of the largest which shaded the walk by the Granary Burial-Ground were toppled down. The steeple of the Old South Church rooked like a pine-tree, and it seemed as though it must blow over. United-States Loan.— Of the 6 per cents of 1812 (due 1825), nearly $8,000,000 obtained par. 6's of 1813 (due 1826) were placed later at SSJ per cent. 6's of 1814 (due 1827), above $12,000,000 were placed at 80, and smaller portions at 85 to 90f per cent. The 6's of 1815 realized from 95 to par. J8J6. — Prices declined in the Spring, but rapidly improved the last half of the year, with a very marked advance jn United-States securities. The Second United- States Bank was chartered by Congress, and subscriptions to its stock were received in the United-States Funded Debt, at the rate of par for the 6's, 106-J- for the 7's, and 65 for the 3 per cents: three-quarters of the capital might thus be subscribed for, or in gold and silver. As the 6's were down to about 80 per cent, 7's at 90, and 3 per cents 50 to 55, a very large rise at once teok place in these securities, aided by other favor- able circumstances. Notes on the Boston Stock and Money Markets. 15 The old Green Dragon Tavern, on Union Street, having been closed for thorough renovation, the landlord issued the following personal notice at the opening: " The keeper of the Green-Dragon House invites all his old friends and customers to call, — David Storrow excepted." A Mr. Newman, merchant-tailor in "Tailor's Row," State Street, adopted a system of advertising not known at the present day. He offered to furnish three suits a year for $117; four do., $142; five do., $162; and for $200, any number one may choose to wear, old suits to be returned: the $200 customers liaving the privilege of always keeping two suits on hand. London bills in January, 97-J-; February, 100; March, 101+; April, 103i to 104; May, 99 to 100; June and July, 97^ to 98i; August, lOOi; September 102 to 104; November, 104-J- December, 10-3-J- to 104. On New York, in January, 9^ to 10 per cent discount; Philadelphia, 1.3 to 14; Baltimore, 16 to 17; and gradually declined to 5 on New York in the Spring, on Philadelphia 11, Baltimore 15; then rose in May to 9 on New York, 16 on Philadelphia, and 18 on Baltimore; reaching 10 on New York, 18 on Philadelphia, and 20 on Baltimore in the Summer, and settling to IJ- on New York, 6 on Philadeilphia, and 7-J- on Baltimore, in October and November. Flour, $7 to 12i; barley, $1.00 to 1.08; Southern corn, .88 to 1.75; Northern corn, .97 to 1.97; rye, .98 to 1.65; oats, .55 to .85. The average price of flour at Charleston in August was $18 per barrel (in specie). Grass was very scanty in Vermont and adjoining States. In the vicinity of Portland there was not enough in July to graze cattle. Hay rose from $27 to 40 a ton; and butter was up to 40 cents a pound. The highest prices for grain ruled in the Fall. According to " The New-York Columbian," hickory-wood was up to $27 a cord in New-York City, in February, 1816, and with sawing and cutting, $30. In February, the thermometer fell to seven below zero in Boston. Central Wharf. — " The Centinel," in December, said, '• We venture to say, that the new range of fifty-two stores, now finished, and forming Central Wharf in this town, has not its equal, for extent, elegance, and convenience, in the commercial world." [At that day, such ranges of stores as now ornament Commercial Street, Franklin Street, State-street extension, and other localities, were not dreamed of.] In July, a new bell, weighing fifteen hundred pounds, was placed in the Old South Church belfry, replacing one the gift of Capt. Timothy Cunningham in 1728, .which weighed twelve hundred pounds, and was acknowledged to be one of the clearest and most harmonious bells in New England. The new bell was oast in London. The clock was made by Gawen Brown, an eminent Boston mechanic. The first savings bank in the United States was opened at 24 South Sixth Street, Philadelphia, in December of this year. The second savings bank, ' ' Provident Institution for Savings in the Town of Boston," was started in Boston, early the following year, (see 1817), and is still in successful operation. J8J7. — The iipward movement in prices of all securities was very strong. London bills in January, 101^-; February and March, 99-J- to 100; April, 102-|- May, 103; June and July, lOlJ to 102; August and September, 100-J- to 101; October, 102-J-; November and December, lOlf to 102. On New York in January, at IJ to l^- dis- count; Philadelphia, 5 to 6; Baltimore, 8i to 9; but, by May, gradually declined to par to I per cent discount, on the three cities. The New-York banks resumed specie payments, February 20. Flour, $9^ to loj; barley, .75 to 1.33; Southern corn, .80 to 1.80; Northern corn, $1.12 to 2.00; rye, .90 to 1.75; oats, .45 to .85. Hay, $20 to 40 per ton. (twing to the scarcity of grain, the Governor of Delaware recommended a resolution requesting Congress to prohibit its exportation. Cheap Travelling, thus stated, was, in 1817, S14J fare, from Boston to New York, and $9i to New Haven; New York to New London, $8, being a reduction in rates. From Philadelphia to Quebec, distance six hundred and ninety-nine miles, fare $47, 16 Notes on the Boston Stock and Money Markets. time a hundred and three hours. Philadelphia to New York, fare $10. New York to Albany, hy. boat, $7 ; time twenty-four hours. Stages left Boston for Burlington. Vt. , at three, a.m., Monday, arriving at Burlington on Wednesday, six, p.m. The mail- stage used to leave Boston in the morning, and arrive at Portsmouth in the evening; left Portsmouth next morning, and arrived at Portland in the evening. Those wishing for seats were invited to apply at Mr. Kendall's, at the " Bunch of Grapes Tavern," State Street. Cold Weather. — Jan. 22, persons crossed over from New York to Hoboken on the ice. The North River was covered over with ice, and the bay, from Bellows's Island to the narrows, completely blocked up. At Boston, Feb. 5, the thermometer in differ- ent parts of the town stood at twelve to fifteen below zero, at eight, a.m. The cold in New York was more intense in February than for twenty years past, navigation in the North and East Rivers being wholly impeded. Feb. 14 was the " cold Friday " at Boston, so often alluded to. The capital of the State Bank reduced to $1,800,000 by returning 40 per cent to shareholders, and the par value changed from 100 to 60, "Wednesday, Feb. 19, the first savings bank in Boston was opened at its office in the old Court House, Court Street; James Prince, Esq., the first Treasurer. This was the second savings bank in the country. An Earthquake shock, Sunday; Oct. 5, 1817, was so severe as to throw down walls at Woburn, and houses rocked like a cradle. At Cambridgeport, the people vacated the meeting-house in a body. In Broad Street, Boston, (then a portion of the " Court End" of the town), several inhabitants left their dwellings. The time was forty minutes past eleven, a.si.-; and a gentleman who was in Bromfield-street Church remembers distinctly that. the people ran out in great alarm, and the church rocked so much as to make him feel sea-sick. Rev. Timothy Merritt was preaching on the power of God, and, after the shock, took occasion to enforce tlie practical illustration of his text. [Oct. 20, 1870, Boston was " shocked" slightly; and it is a singular fact, that the newspapers of the day made no mention of the above visitation of 1817, although recapitulating far into the last century. ] President Monroe visited Boston in July, and was welcomed at the Boston line by the Hon. Harrison Gray Otis. The President was escorted to the Exchange Coffee House by the Boston Hussars and the Dragoons, the cavalry escort under command of Major Phelps, and Col. Thos. H. Perkins leader of the cavalcade. The President was on an elegant dun courser, and accompanied by Gen. Swift and Mr. Mason. The Handel and Haydn Society gave a select oratorio, at Chauncey-place Church, in honor of his visit. jgjg^ — The higher prices for stocks and securities ruled in the earlier months;, the close of the year being affected by the monetary embarrassment, which extended into 1819. London bills in January and February, 102 to 102t; March, lOlJ- to 101-J-; April and May, 100 to 101; June, July, and August, 99-J- to 100; September and October, 100 to lOOf; November, 100; December, 98 to 98|. New York, Philadel- phia, and Baltimore, par to 1 discount. Flour, $9-J- to ll-J- ; barley, .87.J- to 1.25 ; Southern corn, .80 to 1.05; Northern corn, .90 to 1.16; rye, .82 to*1.20; oats, .40 to .62^. Hay, $20 to 25 per ton. On account of the approaching redemption of half of the (so called) Louisiana stock (7 J millions dollars), and the Treasury having called upon the United-States Bank, and the latter upon its various offices, for their share, the Richmond office deemed it advisable to curtail its paper nearly 25 per cent in sixteen weeks. The United States Bank reported as rapidly cutting down its accommodation paper, and doing little or no new paper : by which means it brought the State banks into debt ; and the latter, in self-defence, had to pursue the same system to a certain extent. Notes on the Boston Stock and Money Markets. IT The Exchange Coffee-House was destroyed by fire the evening of Nov. 3. It vfas commenced in April, 1806, and finished, or nearly so, in 1809,-10 and cost, including the furniture, upwards of half a million of dollars. It was seven stories high, (some- thing unusual for those days), contained two hundred apartments, exclusive of spacious cellars, and covered nearly an acre of ground. The eastern side, on Congress Street, was a hundred and three feet, the base of granite, and basement-story of white mar- ble ; the north front, ninety-four feet. The dome, ninety-five feet from 'Change Floor, was a hundred feet in circumference, and covered with tin plates, after the practice at Montreal ; and tinners were obtained from that city. 'Change Floor was an oblong of sixty-one feet six, by thirty-nine feet six, on the east side of which were five gal- leries, ornamented with elegant pillars and side-railings. The first gallery waiS sup- ported by twenty pillars of Doric order ; second and third by same number of Ionic ; fourth do. do., Corinthian, all having appropriate entablatures and cornices ; fifth gal- lery by Corinthian plinths and a balustrade, completing tbe order of architecture : from this sprang the dome. The ball-room was seventy-four feet long, by thirty broad, and seventeen high ; on one side was the orchestra, supported by four pillars and as many pilasters of the Ionic order, with appropriate entablature and cornice. The ceiling of the ball-room was lighted by five superb chandeliers, which, with the girandoles and branches of the mirrors, were reflected by mirrored windows. Eleven printing-offices were burnt out or disabled in the conflagration ; among which, the "Patriot," "Daily Advertiser," "Recorder," "Intelligencer," "Centinel," "Gazette," and "Magazine," which were contiguous thereto. Among the Exchange brokers, Stephen Brown, and Gilbert & Dean. The records and regalia of the Grand Lodge, which had their hall there, were saved. The boarders suffered great loss. Henry Clay was an inmate at the time. The fire broke out about half past seven, vm.; and there was but $10,000 insurance on the CoHee-House, at the Phoenix office, London. J8 J9. — .4 year of serious financial embarrassment all over the commercial world. United-States-Bank stock fell to 90 in June, (was 152 in 1818) and the decline in Gov- ernment and other securities was very marked. United-States 3 per cents rose, under the impression that they must be redeemed in three or four years ; but the public were cautioned against such a construction of the laws relating thereto. The steamship "Savannah" arrived at that city in December, in fifty da^s from St. Petersburg, via Copenhagen and Norway, and thirty-three days from the offings. London bills in Jan- uary and February, 98 to 98f ; March, April, and May, 99 to 100 ; thence to October, 99 to 101 ; October, 102-J- ; November, 101-J- ; December, 102. Domestic exchange as before. Flour, $6J to 9-J- ; barley, per bushel, .67 to 1.20 ; Southern corn, .65 to 95 ; Northern, .73 to 1.06 . rye, .75 to 1.12 ; oats, .45 to .60 ; hay, S17 to 25 per ton. Sat- urday evening, July 3, the New York Savings Bank, Chambers Street, was opened. Feb. 17, an execution of pirates took place on Boston Neck. At this time, the public execution of criminals was attended with all the show and parade of a Fourth- of-July procession. The following was the card issued on the above occasion, and published in the daily papers. " Ordkr of Procession'. — Officer of Police, mounted; Deputy Marshal, mounted; Messrs. B and B , mounted; Surgeon and Super- intendent of Police, in a carriage; Coroner, mounted; Marshal and Sheriff, in a . carriage; two Constables, with badges. Prisoners. Deputy Marshal and Catholic clergy; two Constables, with badges; Cart, with coffins; two Aids, mounted. The procession will move from the jail precisely at a quarter past eleven, and proceed down State, through India, Custom-House, and Milk Streets, thence to Main Street (Washington Street), and thence to the place of execution, which will take place precisely at one o'clock." Unfortunately, the day was extremely cold, to the discom- fort both of prisoners and attendants, as well as outside spectators of the show. 18 Notes on the Boston Stock and Money Markets. 1820. — The movement in prices of stocks was upwards, following the dismal state «f affairs in which the country was said to be at the opening of the year, consequent upon the distress and panic of 1819. The depreciation of property may be inferred from the valuation of real and personal estates in the several counties of New-York State. In 1817, valuation, $315,370,838; in 1819, $281,862,793. Albany County, in 1817, was' valued at $14,113,004; in 1819, $7,633,881. Ng^.york County alone showed some increase. London bills, Jan. to June, 100 to 102; June, 99 to 99J; July, 100 to lOOi; Aug., lOli to lOH; Sept., lOli to 102; Oct. and Nov., 102 to 102^; Dec, 103^ New York, Philadelphia, and Baltimore, par to i discount. Flour, $4f to 6J. Howard-street fine, Alexandria, Richmond, and Fredericksburg, were down to $4,374-. Flour was said to be lower in New York than at any time since the American Revolution. Barley quoted as low as .50 per bushel; Southern corn, .45; Northern, .54; rye, .50; oats, .30; hay, $10 per ton. Rates of postage in 1820, single letter, not over thirty miles, GJ- cents; thirty to eighty miles, 10 cents; eighty to a hundred and fifty, 12-} cents; a hundred and fifty to four hundred, ISf cents; over four hundred, 25 cents; double letters, double price; triple do., trii^le price. A "single " letter was one sheet of paper, however large, and a "double" two pieces of paper, however small. We may here remark, that so worthless was most of the Western-bank paper in 1819, that a St. Louis farmer offered to exchange Nashville bills at 50 per cent •discount for pumpkins. J 82 J. — The movement in prices of securities still upward. The United-States Bank passed the Jan. dividend, and paid only H per cent in July; but having appropriated a large sum to offset losses, payment of bonuses, &c. , it was in a better condition, and the stock advanced in price. July 3, the MUdam Avenue was opened with great ceremony. London bills in Jan., 103i to 103-J-; Feb., 104 to 104J; March, 105; April, 106^ to 106i; May and June, 108 to 108f ; July, Aug., Sept., 108i; Oct. and Nov., 109i to 109i; Dec, 110| to 111, advanced to 113, and closed at 111 to llli. On New York,' par to J- discount; Philadelphia, Jto i; Baltimore, f to 1 discount. Flour $4.20 to 8.00; Richmond fine flour was down to $3.87; barley to .50 per bushel; Southern Indian corn, .34; Northern, .42; rye, .42; oats, .28. The failure of the English harvest carried grain up in the Fall, and speculation became very active. Flour was held at $8-J- in New York, but prices gave way. Severe Cold Weather. — January of 1821 was noted for excessive cold. At sunrise, the 24th, the thermometer stood at 5 below zero; one, i-.m., at zero; nine, p.m. at 10 below; and at ten, p.m., 14 below. The 25th, at seven, a.m., 16^ below; at ten, a.m., 6 below. The cold was so extreme that horses and sleds went down the harbor to vessels; ice eighteen inches thick. The port of New York closed for the first time since 1780. The North River was thronged with skaters, loa/ied sleighs, and the like. Persons came up from Staten Island on the ice; and among those who crossed over to Jersey City were some venerable citizens who had crossed in 1780. Massachusetts State Notes, 5 per cents, were redeemed this year. These notes were issued several years prior to 1799. [Jan. 1, 1796, the State debt was $1,984,695, less $200,000 purchased by the commissioners. The State, however, owned $1,534,904 United-States 6 and 3 per cent stock. In 1812, the State owned $1,000,000 of bank-stock, $700,000 United-States stock. The bank-stock was sold to defray the expenses of Gov. Strong's military campaigns. In 1815, Massachusetts issued 6 per cent notes, which were redeemed in 1818. The State had no debt, we believe, from 1821 to 1837, when the system of " State-aid" to railroads commenced.] July 14, a large fire on Union Street, Salt Lane, and Creek Square. Jan. 30, seven persons perished in a fire on Broad Street, and a woman fractured her skull by leaping irom the fourth story, and died. A boy fourteen years of age saved Ms life by cour- ageously descending the spout. Aug. 13, Major Bray was robbed on Medford Turn- Notes on the Boston Stock and Money Markets. 19 pike; and the robber (Michael Martin) was hung in December. The largest solar eclipse since 1811 occurred this year, two-thirds of the sun's disk being obscured. $450,000 South Carolina six per cent stock sold at 7| to 8| premium, payable in twenty years, interest quarterly. The bank capital of New York, $13,120,550; Baltimore, do., $8,300,000; Boston, $6,550,000. Insurance capital. New York, $9,250,000; Bal- timore, $1,900,000; Boston, $2,400,000. These were exclusive of United-States Bank branches and private insurance offices. 1822. — Prices of stocks declined this year, consequent upon a tiglitening up of the money-market. London bills in Jan. and Feb., 112 to 112i; March, April, May, 112i to 113i-; June, 109^ to 110; July, 107f to 108; Aug., 110*; Sept., Ill to llli; Oct:, llli- to 112; Nov. and Dec, 112 to 112-J-. On New York, par to i discount; Philadelphia, J; Baltimore, -J to 1 discount. Flour remarkably steady, at $7 to 7f- per barrel; barley, .55 to .60 per bushel; Southern corn, .65 to .82; Northern, .08 to .92; rye, .73 to .85; oats, .33 to .45. Boston a City. — The town of Boston became a city this year. The charter ^yas granted Feb. 13. The balloting for a city government (shall there be one?), yeas, 2,805; nays, 2,006; and subsequently, on accepting the charter, 2,727 yeas, to 2,087 nays; the opposition being very strong. Some of the tickets, "Shall there be a city government? " were embellished with the likeness of a mare (mayor) on its back, the four legs tied, and pointing upwards, with an emphatic No above, — only the said mare strikingly resembled a donkey. The first city debt was created this year by the negotiation of a loan of $71,185, at 5 per cent, and $10,000, at 5* per cent; being part of $100,000, which it was proposed to extinguish by the payment of $10,000 per annum. The solid men of Boston, who paid above $1,000 tax in 1821 were, Wm. Gray, $2,251.22; Wm. Phillips, $1,807.54; Samuel Parkman, $1,570.2;); Gardner Greene, $1,424..39; Peter 'C. Brooks, $1,414.12; David Sears, $1,407; J. & T. H. Perkins & Sons, $1,358.90; Israel Thorndike, $1,273.50; Benj. Wiggin, $1,107.60. Also three hundred persons and firms paid from $100 to $1,000; fifty-twn, from S90 to 100; sixty, from $80 to 90; eighty-eight, from $70 to 80; a hundred and seven- teen, from $60 to 70; a hundred and twelve, from $50 to 60; two hundred and twenty-seven, from $40 to 50; three hundred and fifty-two, from $30 to 40; four hundred and twenty-four, from $20 to 30; one thousand two hundred and eighty, from $10 to 20; one thousand one hundred and seventy-one, from $5 to 10. AVe note in December a license granted by the city council to Rev. Edward Everett to deliver lectures upon Antiquities, at Pantheon Hall. 1823 . — Stocks declined, but prices rallied in most cases towards the close of the year. London bills in Jan., 112; Feb. and March, 111; April, 105 to 106; May, 104-J- to 105; June and July, 105 to 105J; Aug., 107; Sept. and Oct., 106* to 107; Nov. and Dec, 107J to 107J. Flour, $7 to 8; barley, per bushel, .60 to .70; Northern- corn, .55 to .75; Southern corn, .46 to .70; rye, .55 to .85; oats, .35 to .45. United-States Bank dividends, Jan. and July, 2* per cent. Oct. 4, Stephen Brown sold at auction $25,000, of the $.50,000 5 per cent, Boston City Stock, advertised to be sold, and re-imbursable in one to ten years. The amount sold brought par in lots of $500 to 5,000, being the first public sale noted of Boston City Stock. Exchange on New York, par to i dis- count; Philadelphia, *; and Baltimore 1 per cent discount. 1824. — There was a considerable advance in bank-stocks from January onwards, but prices in most oases fell off at the close of the year. In Nov. , the Government issued proposals for a $5,000,000 4|- per cent loan, interest payable quarterly, and principal after Dec, 1831; taken by the United-States Bank at par; and the proceeds were applied to the' payment cf the per cent stock of 1812, by which operation a saving of $75,000 per annum was effected. London bills in Jan. and Feb., 107*; March, April, and May, 108i to 109; June, llOf to 110*; July, 109 to 109i; Aug., 108f 20 Notes on the Boston Stock and Money Markets. Sept., 109; Oct., 110; Nov,, llOi; Dec, 1094. On New York, par to i diseount,- PhiladelpMa, J to -J-; Baltimore, -J- to 1 per cent. Flour, $5|- to 7; barley, per bushel, .50 to .63; Northern corn, .45 to .60; Southern corn, .38 to .50; rye, .51 to .63; oats, .30 to .40. United-States Bank semi-annual dividends, 2-J- per cent. Sales noted of Liverpool Wharf Company, at $825 to 850 per share. A destructive flre^i^oke out, July 7, about one, p.m., in a carpenter's shop, between Chestnut and Beacon Streets, near their union with Charles Street. The wind blew very freshly from the west, and at one time it looked as though Beacon Street entire would be swept by the flames. Fifteen or sixteen valuable dwellings were destroyed, with a host of out-buildings, besides damage to other dwellings. The destruction of costly furniture by fire, water, and breakage, was very great. ' Real-Estate Sales. — Sept. 29, twenty-six store-lots, on the north side of the con- templated new Market House (Quincy Market), were sold at auction at $7 to 19 per foot, and lots one and two at private sale, at above $20 per foot. March 29, the next year, twenty-two lots, on the south side of Quincy Market, were sold at prices ranging from $10 to 21 per foot, averaging about $12 per foot. Mapid Travelling. — It was recorded as a great feat, that a journey of three hund- red and twenty miles in New England was accomplished this year in seventy hours! 1825. — Prices of Government and bank stocks steady. There was quite a rise in Unitod-States Bank stock, owing to the improved condition of the Bank, larger dividends, and a good prospect of still better returns. London bills in Jan. , Feb. , and March, 9^ to 9f ; April, 9f to 10; May, 9 to QJ; June and July, 5^ to 6; Aug., 5 to 5i; Sept., 7 to 7i; Oct., 10; Nov., 9f to 10; Dec. 9i to 9^. Flour, $5i to 6i; barley, per bushel, .50 to .55; Norther corn, .48 to .80; Southern corn, .40 to .70; rye, .52 to .68; oats, .38 to .48. All of these grains suddenly started up in Sept. to highest quotations. Exchange on New York, par to i discount; Philadelphia, f to 1. Baltimore, do. A sale noted of Boylston Market Company, 108 per share. , January 1, Congress gave a dinner to Gen. Lafayette. On the right of the Presi- dent of the Senate sat the venerable Chief Magistrate, (President Monroe), and on the left of the chair the nation's guest. The 17th of June was a memorable day, when Gen. Lafayette laid the corner-stone of Bunker-hill Monument, in presence of an immense throng, Daniel Webster being the orator of the occasion. The weather of the winter of 1824-1825 was remarkable for its mildness; the aggregate mean temperature at sunrise, two, p.m., and ten, p.m., being for Nov., 39; Dec., 33; Jan. and Feb., 27; and March, 37 degrees. The summer of 1825 was noted for intense heat, both in France and England, as well as at home. June 7 to 11, inclusive, the thermometer rose to 90, 92, 90, 94, and 92, on the respective days. The 10th, 12th, 20th, and 24th of July were heaters. At Gloucester, the 21st, the mercury in the shade, north side of the house, with no building near to reflect the sun's rays, rose to 104. At Salem, the 20th and 21st, 97 to 102. At Boston, 96 to 100, and stood at 88 all night of the 20th, said to be the hottest night on record. A very destructive fire broke out on the evening of April 7, in a wooden building on Doane Street, which consumed seven buildings on Doane Street, three or four on Lobster or Bray's Alley, four stores on State Street, three on Broad Street, ten on Kilby Street, seven on Liberty Square, five on Liberty Street, and sixteen stores on Central Street. The insurance variously estimated at $500,000 to 1,000,000, and there was no price for insurance stock for some time after. In Nov. , a traveller made the trip from New Orleans to New York, by steamer, in twenty-five days, for $92 only! chronicled as a feat of speed and cheapness. In 1897, the trip could be made, by rail, in fifty hours, and at $38 fare. J 82 6. — Considerable excitement in New York in the summer, in consequence of the sudden collapse of sundry incorporated bubbles. In the Boston market, the most Notes on the Boston Stock and Money Markets. 21 serious decline was in Insurance stocks. We note sales of Amoskeag Locks and Canals at $6^-; Middlesex Canal at $250 to 265; Boston and Canton Manufacturing Co., S)665 to 750; Nashua do., $850; Dover do,, $855 to 897 (par $1,000); Indian-Head do., $745 (par $1,000); Liverpool-Wharf Co., $765 to 790; Boylston-Market Co., 12 to 12^ per cent, advance. London hills in Jan., 7^- to 8; Feh., 9^; March, 8i to 8^; April, 7 to 1i; May and June, SJ to 9; July, 9f to 10; Aug., 9^; Sept. and Oct., 10^ to 11-J-; Nov. lOf; Dec, 11 to llj. On Nevf York, i to -J- discount, and subsequently par to J advance; Philadelphia and Baltimore, i to 1 per cent discount. Flour, S,i^ to 6J-; Northern corn, per bushel, .68 to .88; Southern, .65 to .82; rye, .65 to .95; oats, .46 to .62. The advance was in Dec. for all grains. Barley, when quoted, $1.00 to 1.10. United-States Bank dividends, 2|- in Jan., and 3 per cent in July. The Suffolk-Bank system, recently inaugurated, caused some excitement about its working. Aggrieved parties called the Suffolk Bank (associated with four other Banks, the Eagle, Globe, Manufacturers & Mechanics' now Tremont, and State) the "five- tailed Bashaw," and the association was called the " Holy Alliance." After continued and persistent opposition, the system of a par redemption for all New-England bills became a success, and the Suffolk Bank assumed its exclusive management, which proved very profitable before the National Banking Law came into force, in 1863. Expeditious. — "The Patriot" recorded as extraordinary the receipt of New-York papers in twenty-four hours after leaving that city. A newspaper chronicled the fourth marriage of a Lynn gentleman, in the same coat, and added, " 'tis a pretty good coat y et. " Railroads. — As far back as 1826, a movement was made which eventually resulted in establishing the line of railroad from Boston to the Hudson River. A committee reported favorably to the Legislature, Jan. 19, 1827; but they found great public apathy on the subject. " Their report was made the butt of wit and ridicule during the whole session. The idea of a railroad across the hills in Worcester and Berkshire was too extravagant - to deserve any thing but to be laughed at. And time and again, during the session, the member from Lanesborough, and one of the members from Pittsfield, amused themselves during debates in the House by gravely inquiring of the member from Leicester, among other things, if he had had any despatches from the moon by the way of his railroad yet." At this early day in the history of railroads, steam-power was hardly contem- plated; and the committee reported the ordinary measure of horse-power at "eight to ten tons for one horse, and that this was preferable to locomotive-power by steam." At a more recent date, when the " Hoosac-Tunnel " project was first agitated, a well-known railroad-man, who advocated it with great persistency, was the subject of much ridicule; and even boys in the street would cry out, "Mister, how's your tunnel? " J 8 2 7. — Prices of money-stocks were tolerably even this year, compared with 1826. We notice sales of Amoskeag Looks and Canals, 6-J- to 7^; Middlesex Canal at $250 to 265; Waltham Manufacturing Co., 90 per cent; Ware do., $400 to 570 (par SIOOO); Dover, $852^ to 870; Merrimack, 5-J per cent advance; Hamilton, 5 J per cent advance; Nashua, $810. Three-fourths of a learned dog, exhibiting at New York, brought $1,000. Lowell and its Factories. — "The Lowell Journal," in April, 1827, gave the fol- lowing Factory Statistics: "There are three incorporated companies for manufacturing in this place; viz., Locks and Canals on Merrimack River, and the Merrimack and Hamilton Companies. Capital of LocksNand Canals, $600,000, and owning all the water-power undisposed of; also the machine-shops, where all the machinery used in the factories is made. The Merrimack Co., incorporated with a capital of $1,200,000, has four factories in operation, containiAg 16,000 spindles, above 500 looms, and employs 850 hands. The Hamilton, capital $800,000 (incorporated for manufacturing a variety of twilled and striped cotton goods, dimities, &c.), has one factory with about 22 Notes on the Boston Stock and Money Markets. 4,000 spindles, 144 looms, put in operation during the past year, with another building now nearly completed, employs 230 hands, exclusive of those engaged in building. On Concord River is also a private factory (Kurd's), manufacturing some 400 yards of satinet, and 100 of cassimere, daily, and employing some 100 hands. Tileston, Whipple and Hale's powder-mills, on Concord River, erected some six years since, are how making 1,400 quarter-casks yearly, or 35,000 pounds. The population of Lowell probably now exceeds three thousand." [The above shows the small begin- nings of 70 years ago, and it is very doubtful if -the Boott's, Lowell's and others, pioneers of their time, had the most remote conception of the grand future of their manufacturing city, or even dreamed of the great rivals of Fall River, Lawrence, New Bedford, Lewiston, etc. We may add, that, in 1897, ten leading mills in Lowell had an aggregate capital of $15,000,000, running 26,010 looms, 919,398 spindles, and employing 21,417 hands, manufacturing each week 4,904,280 yards of cotton cloth, 12,500 woollen, and 80,000 yards of carpeting. Consumption of cotton per week, 1,759,500 pounds, or some 140,000 bales per annum; and this, too, in a season not specially prosperous for manufacturing. Population in 1870, 44,937; in 1897 about 88,000.] Insurance Companies. — A proposition to tax them elicited the statement, that from 1822 to 1827, inclusive, the capital invested had yielded an average income of only 4^ per cent,. During this period of six years, twenty-one companies had existed in Boston, with an aggregate capital of $5,925,000 paid in and invested. Four of these, in 1826-27, had closed business and divided capital, or what remained to divide. The twenty-one companies had lost, within these six years, nearly a half million of dollars above the premiums received, and that by their ordinary business. Since 1823, eleven oompanieg had been formed in Boston, of which two had paid above 6 per cent, and the others nothing. The capital of the seventeen companies existing Jan., 1828, amounted to $4,925,000. (See "Notes on Insurance Stocks"). Cold Weather. — The last of December, 1826, and January, 1827, were marked by intense cold throughout the country. Cape Fear and Roanoke Rivers were fripzeu over for the first time since 1783. Boston Harbor was closed to the Forts, persons- walking and skating in various directions. London bills in Jan., 11^ to llf ; Feb., 10^ to lOf ; March, 9J; April and May, 9f to lOJ; June, 11 to Hi; July, Aug., Sept., lOJ to 10-}; Oct. and Nov., 11 to Hi; Dec, 11^ to llj. On New York, par to i discount; Philadelphia, i to ^; Baltimore, i to 4 discount. Flour $5i to 7, and Genesee choice as low as $4-^-; Northern corn, .55 to .78; Southern, .50 to .75; rye, .00 to .95; barley, .60 to. 1.10; oats, .29 to .60. United-States Bank dividends, 3 per cent Jan. and July. J 82 8, — There was a monetary pressure in the Spring, in connection with a considerable specie exportation. In England, the government order to call in the Bank-of-England notes under five pounds, before April 5, 1829, caused a curtailment of bank accommodations. The higher prices for all securities and money-stocks were in Jan., the lower quotations being in the Fall of the year. We note sales of Chicopee (late Springfield Manufacturing Co.) at 6i advance; Great Falls, $860; Nashua, $800; Dover, $860 to 890; Monson and Brimfleld Cotton Co., $175 to 180 (for $300); Ware Manufacturing Co., $470; Eowe's Wharf Corporation, $700; Three Rivers Manufacturing Co., $20 (original cost, $450). The papers chronicled as an event, an arrival from New York, via Providence, by steamboat and stage, in twenty-one liours. London bills in Jan., ll-J- to llf; Feb., lOf ; March, 11; April and May, 10 to 10^; June and July, 11 to Hi; Aug. and Sept., 10 to lOi; Oct. and Nov. lOJ to 11; Dec, 9 to 9-J-. On New York and Philadelphia, par to i discount; Baltimore, i to -J- discount.. United-States Bank dividends, 3 per cent, semi-annual. Flour, $5i to 9J, advancing at the close of the year; Northern corn, 50 to 70 cents per bushel; Southern; .40 to .62; barley, .62 to .75; rye, .47 to .80; oats, .28 to .40. A sale of city lots on Mci- Notes on the Boston Stock and Money Markets. 23 chants' Row, and Ann Street, in April, brought $2 to 4.65 per foot. Some eight or ten lots on South-bridge Street, sold at 40 to 55 cents per foot; and a lot on Common Street (three thousand seven hundred and eighty feet), including buildings, at 97-J cents a foot. A Profitable Investment. — The Patapsco Insurance Co., of Baltimore, had paid, for ten years in succession, dividends of 52 per cent, prior to closing up. Railroads an Absurdity. — To show the views entertained of railroads, in prospect, seventy odd years ago, which have since enriched New England beyond the wildest predictions of the most sanguine, the following extract, from an editorial article in " The Boston Courier ".of June, 1827, will be read with interest: — "Alcibiades, or some other great man of antiquity, it is said, cut off his dog's tail, that quidnuncs might not become extinct from want of excitement. Some such mo- tive, we doubt not, moved one or two of our natural and experimental philosophers to get up the project of a railroad from Boston to Albany; a project which every one knows, who knows the simplest rule in arithmetic, to be impracticable, but at an expense little less than the market value of the whole territory of Massachusetts, and which, in practise, every person of common sense knows would.be as useless as a railroad from Boston to the moon." In 1833, a man in Connecticut thanked God that he lived " in a hilly country, where it was imposgible to build railroads." Later, the cars of the "^Vir-Line " railroad ran directly through his yard, within four feet of the house! The following rich item (in the light of the present day) was originally printed in " The English Quarterly Review," in March, 1825: — " We are not advocates for visionary projects that interfere with useful establish- ments. We scout the idea of a railroad as impracticable. . What can be more palpably absurd and ridiculous than the prospects held out, of locomotives travelling twice as fast as stage-coaches? We should as soon expect the people of Woolwich to suffer themselves to be fired off upon one of Congreve's ricochet rockets, as to put themselves at the mercy of such a machine, going at such a rate ! " 1829. — The year opened extremely cold, with thermometer below zero. At Camden, S. C. , the ponds were frozen over, and a blacksmith drove a good business making skates. The tendency of prices downwards in the share-market. We note sales of Nashua Manufacturing Company, at S355 to 380 (par $1,000); Boston (Wal- tham), 82 to 90^ per cent; Hamilton, $800 to 950; Merrimack, 894- to 90 per cent; Great Falls, $570 to 660; Dover, $250 (subject to assessment of $500); Salisbury, $1,000 (for $1,600 paid); Thames (Norwich), $255 to 260 (par 8300); Cocheco, ftOOO, (par $1,000); Strafford, 96 to 97^ per cent; Ware, 70 per cent; Indian Head, 105; Amoskeag Locks and Canals, 7 to 7i; Looks and Canals, 15-J- per cent advance; Liver- pool Packet Ship Company, $245 to 270 (par $500); Liberty Square Warehouse Association, |155 (par ^oOO); India Wharf Company, $365; Eifty Associates Stock, $850 (par $1,000); Boston Marine Railway, $310 to 340 (par $475); Middlesex Canal, $234 to 241. By a recent fire, the Merrimack Company lost some $125,000, or about 10 per cent of capital stock. A Locomotive race came off in England, at which the novelty engine won at twenty-eight miles per hour, described as an amazing velocity! Twenty years later, a trial of locomotive speed came off near Lowell, when sixty miles was attained, and in 1897, single miles were made in 35 to 40 seconds, while a C. B. & Q. "special " ran 1,025 miles in 1,133 ?Hmities,, including 86 minutes lost in stops or from other causes. Expressing in 1829. — The President's message was conveyed to Richmond, one hundred and forty miles, in twelve hours. London bills in Jan., 9i; Eeb., 8 to 8J; March and April, 8^ to 8f ; May, 9f; June, 9; July, Aug., and Sept., 8 to 8J; Oct. and Nov., 9; Dec, 9-J- to 9|. On New York, Philadelphia, and Baltimore, par to i advance, and declined to i to -J discount. United-States Bank dividend, Jan. and July, 3^ per cent. Elour, Sof to 9f, declining from Jan.; Northern yellow corn, .54 24 Notes on the Boston Stock and Money Markets. to .68 perbi:ishel; Southern, .46 to .58; barley, .62 to .65; rye, .00 to. .83; oats, .30 to .45. A Gas-lamp was placed, in 1829, at the corner of Dock Square and Exchange Street, which showed the superiority of this light, and rendered the dimness of the adjoining oil-lamps very obvious. 1830. — Early Railroads. Money reported as abundant, and likely to continue so. Subscription-books to Boston and Lowell Railroad were opened June 14; and three hundred and seventy shares, of $500 each, were taken, the whole number being then 1,000 shares. May 24, thirteen and a half miles of the Baltimore and Ohio Railroad were opened to Ellicott's Mills. The venerable Charles Carroll of CarroUton was among the guests at the experimental trip. May 22, when the thirteen and a half miles were run over, in the short space (as the papers then stated), of one hour and four minutes. The stock of the Camden and Amboy Railroad (not then commenced) sold at 19, for $5 paid. The starting of the Lowell Railroad caused a heavy decline in the Middlesex Canal Stock. The Canal was incorporated in 1793, and opened in 1804. The dividends from 1819 to 1829 averaged $12-J- per share, and ranged from ^8 to 20. Gov. Sullivan and Loammi Baldwin were its projectors. In England, the canals were at high figures for investment before the railway became an institution, selling from 130 per cent to 1,850 per cent! , Railroads in the United States. — The first railroad constructed in the United States was at Quincy, Mass. , for the transportation of granite from the quarries, and opened in 1826. The first passenger railroad, the Baltimore and Ohio, opened with Tioj-se-power for thirteen and a half miles, in 1830. The Mohawk and Hudson was opened for the public travel, in the summer of 1831, also with Aorse-power; and loco- motives were first used in this country on that road the same year, and on the Balti- more and Ohio and South Carolina rOads in 1832. The first locomotive used on the Mohawk and Hudson was English, weighing six tons; and being too heavy for the superstructure, was replaced by one of American manufacture of three tons! In 1830, but few miles of railroad existed; in 1850, 9,021, and in 1897, over 180,000 miles. Feb. 1. — Dr. Beecher's church, on Hanover Street, between Portland and Friend .Streets, was burned down. The fire broke out at one, a.m. (Monday morning), the ■day previous having been extremely cold, with the thermometer at five below zero. The summer of 1830 was marked by great heat, the 22d of July being the sixth suc- cessive hot day, thermometer 96 to 98. At Baltimore the 27th, it rose to 104-J- at three, p.m., and stood at 98 at eleven, p.m. In April, the Boston Bank gave notice that one-third of the capital stock (S25 per share) would be re-paid to stockholders, thus making the par 850, in place of $75, per share. Banking was poor business; the .average dividend for Oct. being only l-J per cent. The Middlesex Mills (late Kurd's Factories) announced to be forthwith started. We note sales of Chicopee Manufac- turing Company, at .$930; Cocheco, .§479 to 660; Great Falls, $690; Nashua, $465 to 563^; Indian Head, $203; Waltham, $691; Merrimack, $1,000 to 1,005; Strafford, $520; New-Ipswich Water-Loom, $500 (par $1,300); Locks and Canals, 92 per cent to 12|- advance; 66,000 long notes of Dover Manufacturing Company, 50 per cent discount; Norfolk House, $40 to 56 (par $100); Middlesex Canal, -$148 to 190; Boston Marine Railway, $395 (par $475); Boylston Market Association, 25J- to 31^ advance. Boston Two Hundred Years Old. — Sept. 17, 1830, the two hundredth anniversary of the settlement of Boston, was celebrated with great parade. The services at the Old South Church included an oration by Hon. Josiah Quincy, an ode by Rev. John Pier- pont, and a poem by Chas. Sprague, Esq. After the services, the City Fathers and guests partook of a dinner at Faneuil Hall, and a grand display of fil-eworks in the evening closed the festivities. It was stated that certain articles had been incased and sealed up, to remain undisturbed till the next Centennial Anniversary, 1930, on which Notes on the Boston Stock and Money Markets. 25 day it is to tie opened, so that some of our juvenile friends will doubtless be gratified with a peep at its contents. At the church, the creaking of a gallery caused a fright, and some persons jumped from the window into the street. A member of " The Sea Fencibles " was pushed out by the rush, but escaped fatal injury. Two hundred years ago that day, there was but one house, or hut, in Boston, occupied by Wm. Blackstone, and situated on Mount Vernon St. Blackstone's lot included Beacon and Chestnut Streets, and their appendages, extending up the brow of the hill, and down to Charles Street. When Mr. Blackstone got old, he used to ride on a bull trained for that purpose. In those days, if a man entered a public house, he was followed by a magistrate; and, if disposed to drink freely, the officer apportioned out the quantity he could safely carry away! London bills in Jan., 9 to 91; Feb., March, and April, 8 to 8f ; May and June, li to 74; July, 6^ to 6f ; Aug. to Oct., V> to 6i; Nov., 7 to 7^; Dec, 6t. On New York, par to J- discount; Philadelphia, i; Baltimore, ^ discount. United-States Bank dividends, Jan. and July, 3-J- per cent. Flour, $4|- to 6, and remarkably steady for months at -$.5^ to 5t; at Alexandria, flour was offered at stores for $4.12, and no buyers; Northern yellow corn, .51 to .68; Southern, .44 to .62; barley, .58 to .65; rye, .60 to .80; oats, .34 to .40. J 83 1. — Money Easy'; Stocks Rising. Money was offered in Jan. at 5 per cent, on terms satisfactory to the borrower, and tendency of the stock-market upwards till after the Spring months. Insurance and Manufacturing stocks were quite elastic. We note sales of Appleton Manufacturing Company, at .§1,130; Boston (Waltham), $720 to 750 (par ^1,000); Chicopee, 10 per cent advance; Cocheco, .|800 to 960; Great Falls, $815 to 951; Hamilton, -^1,080 to 1,290; .Lawrence, 9.3f to 101 per cent; Suffolk, 19i to 22 per cent advance; Tremont, 5 to 1^ per cent advance (on .$300 paid); Mer- rimack, $1,065 to 1,240; Nashua, .$600 to 840 (par .$1,000); Dedham, .$690 (par $1,000); Hampshire, $225 to 420 (par $500); Exeter, par; Locks and Canals, 18^ per cent advance; Boston Lead Company, par; Boston Marine Railway, $385; Plymouth Cordage Company, 7-J- to 15 per cent advance; Liverpool Packet Ship, $310. There was a large advance in Manufacturing stocks, comparing prices with those of a year or so before. The Massachusetts Fire and Marine Insurance Company advertised to pay back 25 per cent of its capital stock. Twenty-four thousand feet of land on Washington Street (Boston Neck) were sold at lOi to 12 cents, per foot. Railroad Estimates. — For the Boston and Worcester Railroad, about to be com- menced, as follows: Cost of road, including outfit (cars, engines, and depots), highest estimate, $1,000,000; business, thirty thousand tons of freight, and fifty-four thou- sand passengers. Income, $142,500; less for repairs, fuel, service, depreciation, &c., $34,148; net income, $108,352. Passengers to be carried through in three hours against six by stage, for $1.25, against stage-fare of S2. Freight per ton, $2|, against $7, the teaming price. The estimate of the Commissioners of the Boston and Provi- dence Railroad in 1828 was $7,988 for cost of road per mile. Passenger traffic equiva^ lent to fifty thousand over whole length of road, at §1 each. Freight, eight thousand four hundred and fifty tons through the route; four thousand six hundred and twenty- five tons, at an average price of .$4.75; and three thousand eight hundred and twenty- five tons, at $3.15 per ton; yielding gross receipts of $84,000. Deduct therefrom $6,750 for expense of horses, carriages, and drivers for conveying passengers; $3,506 for expenses of heavy transportation; 10 per cent to cover any error; and $4,000 per annum for repairs and superintendence, making nearly $15,400, and leaving a net income of a little under $60,000. The Commissioners' report covered ninety-four pages. The estimate for the Lowell Road (Middle route) was $13,544 per mile of double track. [These figures, both of cost and business, are most insignificant, com- pared with actual results of the present day.] 26 Notes on the Boston Stock and Money Markets. Railroads in Early Days. — The following is a railroad report in the days of their primitive simplicity : — ■ Boston & Providence E. R.,.r)ec. 1, 1835. For about six months^ business; — Whole receipts, .... .$112,000 Expenses, .... 28,000 Net, §84,000 Dividend, 4 per cent, ... . 50,000 Surplus, $34,000 How beautifully simple, compared with the voluminous reports, in pamphlet form, of modern days. Curious Notice. — In 1834, the Worcester Road gave notice that " Passengers are not sent for by the Company, but seats are provided for all who apply at the ticket^office." It had been customary for stages on the different routes to call for passengers, and the public expected the railroad company would send for them. Another. — "In consequence of the shortening of the days, the evening trip is discontinued." Another road gave notice, that, in consequence of an accident to the engine, there would be but one trip a day; and another, that, for a similar reason, the trips were discontinued for the present! The Season-Ticket System. — This feature of railroad business, now so universal, was originally entered upon with great caution, as will be seen by the following from a report of the Worcester Kailroad: — " The first annual ticket used between Boston and Worcester was purchased by Robert Earle, for |260; the first bet^jfeen Boston and Westboro' by George Denny, for $185; the first between Boston and Southboro' by Abner Parker, for $120; the first between Boston and Framingham by W. H. Knights, for §100; the first between Boston and Newton by Andrew J. Allen, for .|50; The first between Boston and Brighton, by A. Ballard, for |40; The first was sold May 1, 1838. Two only were sold during that year; one in 1839, two in 1840, four in 1841, and four in 1842; each by special vote of the Directors. Early in 1843, a special train to West Newton was established; and on the 24th of April in that year, the Superintendent was authorized to sell season-tickets for the Newton train at the following rates; twelve months at $60; six months at $40; and three months at $27.50. The summer arrangement for the above train was as follows: — Leave Newton at seven, and ten, a.m., and at half-past five, P.M. Leave Boston at nine, a.m., and quarter-past three, and half-past six, p.m." Great Snow-Storm. — The 13th and 14th January, 1881, severe cold. The 16th, a furious snow-storm rendered many streets impassable for any vehicle. This occurring on Sunday, laid an embargo on church attendance. In a city church, there was but one parishioner, who had all the sermon to himself! Feb. 12, a great solar eclipse occurred, commencing at half-past eleven, a.m., and ending at a quarter to three, p.m. The day was clear, and favorable for observing it. London bills in Jan. , Eeb. , and March, 6i to 64; April, 7; May to July,, 8i to 9i; Aug. and Sept., lO-J to lOJ; Oct., Hi; Nov., 10; Dec, 9f to lOJ. On New York, par to J discount, Philadelphia, J to i; Baltimore, i to — discount. Plour, $5i to 7^, and generally steady at $5^ to 6; Northern yellow corn, .66 to .83 per bushel; Southern, .63 to .78; rye, .65 to .97; oats, .35 to .52; barley, .95 to 1.12 for new, and $1.05 to 1.20 for Southern. United- States Bank dividends, 3^ per cent, Jan. and July. 1832. — Washington's Centennial Birthday was specially observed Feb. 22, and the programme of ceremonies was similar to that of a Fourth-of-July celebration. The State procession was escorted by the several companies of light infantry in Boston, seven in number, to the Old South Church, where an oration was pronounced by Hon. Francis C. Gray. After the ceremonies at the church, the State and City processions uniting, repaired to a sumptuous dinner at Faneuil Hall, presided at by Hon. Charles Wells, then Mayor of Boston. Of the companies that did escort-duty, but one was present that performed duty on the visit of Gen. Washington to Boston, Notes on the Boston Stock and Money Markets. 27 in Oct., 1789, viz., the Independent Boston Fusiliers. This company was then com- manded by Lieut. Lawton, and the escort by Maj. Otis, subsequently Mayor of Boston. June 12. — By the upsetting of the pleasure-boat, " Bunker Hill," near Nahant, eight , gentlemen, very favorably known in the community, were drowned. In June, the Asiatic cholera crossed the Atlantic, and appeared in Montreal and Quebec ; thence it severely ravaged Albany, New York, and other cities and towns. Boston escaped with a light visitation. Fare from New York to Boston in 1832, 87J by telegraph line, and S8-J- by mail-stage. The time occupied by the mail was reduced to about two days, travelling day and night. Prices declined towards the Summer. We note the following sales: Boston Man- ufacturing Co. (Waltham), S070 to 726; Great Falls, $790 to 920; Hamilton, $950 to 995; Jackson, S800; Merrimack, $885 to 1,001; Eliot, S580 to 600; Chioopee, $1,000; Tremont, $320 (for $.300 paid); Exeter, $650 (par) to 660; Lawrence, $25 for S-30 paid to 95 per cent; Locks and Canals, §1,000; Fifty Associates stock, $900 to 915 [in 1897 $4,200] Marine Railway, $386 to 391; Canton Co. (Baltimore), $37. London bills, Jan. to April, 10 to 10^; May, lOJ to lOf; June, lOi; July, 9; Aug., 7i; Sept., 8 to 8i; Oct. and Nov., 8i; Dec, Sf. Banks and Governments. — The closing-up of Stephen Girard's bank, following the decease of its proprietor, in 1831, occasioned some pressure, which was aggravated by the expected veto of the renewal of the United-States Bank charter, wliich occurred in July. The United-States 3 per cent stock, amounting to 613,296,705, issued by act of Aug. 4, 1790, and being the last of the funded debt of the Revolution, was paid off this year. Cold Weather. — January of 1832 was marked for unusually mild weather, followed by severe and sudden cold. The thermometer fell from flfty-flve above, on the 2Dth, to one below zero the 26th, and to five and a half the 27th. — the greatest change, as stated, since 1809; when it fell some fifty-seven degrees in about the same time. At Cambridge, the 26th, seventeen below; Jamaica Plains, eighteen; Mill-Dam Toll House, fourteen; and City Mills (Mill Dam), eighteen below. Flour, $5^ to 7-J-; Northern yellow corn, per bushel, .60 to .92; Southern, .45 to .87; Northern rye, .75 to 1.00; barley, .60 to 1.12; Southern do., .80 to 1.20; oats, .45 to .53; Exchange on New York, i discount to J advance; Philadelphia, i to — dis- count; Baltimore, i- to — discount; United-States Bank dividends, Jan. and July, 3i per cent. 1833. — Business active, and the money-market presenting no special feature. Prices of money-stocks generally well sustained, with a gain in some classes. We note sales of Cocheco Manufacturing Co., $678 to 710; Hamilton, .51,010 to 1,035; Lawrence, 81,0121 to 1,015; Nashua, 8560; Dedham, $210 (par 81,000); Marine Railway, 1391; Boston Steam Factory, 86 per cent; Liverpool Packet Ship Co., $400. April 13, a sale of Boston 4 per cent stock, interest quarterly, and payable 1843, brought 93i to 96i per cent. London bills, Jan. to June, 8 to Sf; June, 8f to 9; July, 9; Aug. and Sept., 8i to 8|; Oct. and Nov., 7 to 7^; Dec, 5, closing at 4. On New York, par to — discount; Philadelphia, i to — discount; Baltimore, J to — discount. Flour, $5|- to 6|, and remarkably steady, at 85i to 6 for months; Northern yellow corn, 70 to 85 cents per bushel; Southern, .63 to .78; Northern rye, .78 to .98; South- ern, .73 to .88; Northern barley, .60 to .70; Southern, .85; Northern oats, .35 to .55; Southern, .32 to .50. United-States Bank dividends, 3 J per cent, Jan. and July. Sales of Real Estate. — In Jlay, 1833, thirteen houses on Tremont Place, Xos. 1 to 13 inclusive, brought from $9,000 to 16,800 each; the house, corner of Tremont and School Streets, $13,450; adjoining house on Tremont Street, 812,060; store, corner of Washington Street and AVilson's Lane, near Dock Square, with one thousand eight hundred feet of land, §11,900. In June, the mansion-house estate (Rogers's) on 28 Notes on the Boston Stock and Money Markets. Beacon, Mt. Vernon, and Bowdoin Streets, eighteen thousand three hundred and ninety-six square feet, was sold in six lots, and brought from ^2.90 to 4.15 per foot. (834. — Removal of the deposits. This was a year of panic, following a large contraction by the United-States Bank, on the decision of the President to remove the public moneys from the keeping of the bank. This contraction was begun in the Fall of 1833; and in Jan., 1834, money was worth 3 per cent a month in New York. The decline in stocks was so marked, that " The Boston Advertiser ' ' said, in Jan. , " We omit our quotations of stocks, as, in the present state of the money-market, they would be merely nominal." April 9, a gi-eat meeting was convened at Faneuil Hall, to hear the report of the committee appointed to present a protest against the executive measures in removing the deposit of the government moneys from the United-States Bank. Stocks generally advanced the last half of the year, as the money-market eased up. We note the following sales: Chicopee Manufacturing Co., $810 to 812; Hamilton, ^981 to 985; Jackson, $890; Lawrence, $910 to 915 (for §900 paid in); Merrimack, ®980 to 990; Suffolk, $1,015 to 1,070; Nashua, S500 to 560 {par $1,000); Cabot, 81 to 84 per cent; Tremont, 7 per cent advance; Locks and Canals, $1,050 to 1,165; Neponset, $230; Cocheco, $615 to 620 (par $700;) Boston Steam Factory, 53 per cent; New-England Glass Co., $430 (for $500); Winnisimmet Land and Ferry Co., 8270 to 275 (for $300); Roxbury India Rubber Co., 180 to 200 pei cent, and fell to 5 next year! London bills in Jan., 3J; Feb., 99 to 100; March, 100 to 100-J; April, 1 to li; May, 4^ to 44; June, 1^ to 2; July, 3; Aug., 4^' to 5; Sept., 6f to 7f ; Oct., 7i- to 7|-; Nov., 7; Dec, 6i to 6^. On New York, i to ^ discount; Philadelphia, -J to f; Baltimore, f to 1 discount. Flour, $4.80 to 5.87; Northern yellow corn, .58 to .83 cents per bushel; Southern, .61 to .80; Northern rye, .60 to .85; South- ern, .75; barley, .60 to .65; Southern, .60 to .70; Northern oats, .38 to .48; Southern, .31 to .42. Exchange on London. — The following statement shows the rate of exchange on London, at New York, (Banker's bills, sixty days), on or about the 1st of each month, from Jan. 1, 1835, to Dec, 1861, and for monthly highest and lowest rates since then, see the end of these general remarks. Exchange (1798 to 1835), see previous pages. s -s 1 ••a >. 1 ^ 3 m 4J > « 1 i « 1 ft <2 3 ■3 §■ 1 ^ 5 1 H.&L. lor the t» 1^ ^ s square Bank was prevented from going into operation by an injunc- tion being served upon it. 1844. — The increasing demand for money, required by a reviving trade, affected the stock-market unfavorably in the Spring of 1844. Interest rose to 6 per cent. Prom 1844, the demand for money, up to 1857, was almost constantly active, — the Spring and Summer of 1852 being the only exception, — on account of the immense absorption of capital by railroads, and they being constant borrowers in the market .at high rates of interest. For a period of thirteen years, there was hardly a time when money could be had outside of banks at six per cent, excepting in 1852. From 1843 there was gradual improvement in bank shares; the dividends steadily increasing, and the " surplus fund " constantly augmenting. But so great had been the shock to this class of property by the disasters of 1837, that it was ten to Hfteen years in fully regaining popular favor; then followed shortly the panic of 1857, causing serious temporary depression, as shown by prices for that year. J 857. — The Great Suspension. The first note of alarm was the failure, Aug. 24, of the Ohio Life and Trust Co., a real "surprise" to Wall Street, and the country as well. From this date the pressure, already severe, was increased, and the fact of the banks contracting their loans, from $122,000,000 the first week in Aug., to §101,000,000 the second week in Oct., produced a strain, which no business commu- nity could stand up against. Many of the New-York banks suspended specie pay- ments before the close of business, Tuesday, Oct. 13, 1857, amid general panic; .and the balance, at the opening next morning, together with those of Boston, followed by others throughout the country. This was the second general suspension; and the immediate effects were much the same as in 1837, only on a larger scale, in keeping with the growth of country. The banks rapidly recovered their position, however; and by Dec. 12, — ^just sixty days, — Boston and New York resumed, and gradually others, in all parts of the country, came into line. The New-York banks were fairly forced into resumption by the rapid accumulation of specie (from $5,800,000 to $27,957,327), and the amount held was larger than at any previous period. The mere resumption by the banks, however, did not fully restore confidence in business, or heal the many financial wounds from the crash of the previous October. The country commenced to recuperate, and by 1860 was getting on a better basis; the political excitement of that year, however, followed by open rebellion of the Southern Notes on the Boston Stock and Money Markets. 35 States, early in 1861, made the latter year one of the most gloomy the country had ever experienced, with a business prostration unparallelled. 1 86 J. — Another Suspension. The first year of the Rebellion, the banks of the country came forward promptly to aid the Government, and manfully resisted sus- pension until Saturday, Dec. 30, 1861, when, the state of the times rendering it no longer possible for either the government or the banks to do business on a specie basis, both suspended, and continued for seventeen years, resuming Jan. 1, 1879. During this period, covering the war of the Rebellion, (from the firing on Fort Sumter, April 13, 1861, to the surrender of Lee, April 9, 1865), the fluctua- tions in gold were very rapid and extensive, reaching their highest point (285) on July 1 and 11, 1864, the extremes for that month being on the first day, 222 to 285. In the early days of suspension, however, so little did we comprehend the coming dark future, that one at least of our city banks actually disposed of a portion of its gold, to secure the premium, before it had reached 10 per cent. The term of our civil war was marked by those violent fluctuations in the money-market which war naturally occasions, and ' especially a civil war of so serious a character. The immediate effect of the outbreak of the conflict in 1861 was to depress all property in the shape of money securities, as stocks and bonds, and especially those of tlie Government. United-States 6 per cents, at a premium Jan. 1, 1861, fell to 83 June 19, ex-coupon, for the new (5s of 1881, and the 5 per cents of 1874, from par to 75. These prices were, however, higher than those obtained during the War of 1812-15, when the United-States 6 per cents sold at 65 in Boston for gold, which was at about 15 per cent premium, equivalent to 75 in currency. The uncertainty of the result of the Rebellion, and its duration, had naturally a depressing effect upon railway shares and securities, bank and manu- facturing stocks. This depression continued, with occasional variations, and the suspension of specie payments, at the close of 1861, was not specially noticeable in its effects, till about Mid-summer of 1862, when the premium began to advance rapidly. From being quite nominal Jan. to June, it reached 374 in the Fall, and an upward movement in the stock-market commenced, which culminated in 1863- 64. The advance in all stocks was, to a great extent, due to the increasing pre- mium on gold; but the animation in manufacturing and railway shares was largely a legitimate one, due to large profits, as the result of the wants of the Government for goods and transportation of war-material and troops. In the Summer of 1864, gold reached its highest premium, 185 per cent; and the effect was not only stim- ulating, to sound securities, in which transactions were made with a currency worth 35 cents or upwards on a dollar, but all the old fancy-stocks long since "dead" to the market, again became prominent; railroads that had never paid a. dividend, and never might, commanding enormous premiums, in some cases more than Massachusetts State gold interest bonds, and the Government securities. "We subjoin a few of these fancies, and others which paid dividends, as samples, comparing prices shortly before the war with those of 1863-64 : — 1860-61 1864 1860-61 1864 1860-61 1864 Bost., Con., and Mont'l, 10 72i *I11. Central . . 51i 138 •Pacific Mail 50 t325 Cheshire ... .Hi 59i *Mich. Central m 157 •Panama 97} 300 Cleve. and Pittsburg . 5 132 Mich. Southern . 6 118J Reading . 34} 82} Cleve. and Toledo . . 18f 157 *New York Central 08 145 *Stouington . . . 55 135 Conn, and Pass. Pref. 5 72J *Northem . . 43} 94 Vt. and Massachusetts 8t 47 Harlem 8 t2S5 New York and Erie Si 1263 •Wilmington . . . 25 75i Hudson River . . . . 31J 164 Norwich & Worcester 30 115 •Worcester and Nashua 52} 103 * Thfise paid regular dividends all the time. t " Comer" in these. In the panic of 1857, Hudson River sold at 10; New-York Central, 50; and Pana- ma, 60. In 1858, Harlem, 5J, and Norwich and Worcester, 8. In 1859, Cleveland and Toledo, 16^, and Erie, 4, — all lower than in the above table. [In this connection some remarkably low prices may be recorded as the "tailings" of the panic of 1873, 36 Notes on the Boston Stock and Money Markets. which had a depressing influence for fully five years. In 1877 we find these "bottom"' figures. Del. & Hudson 25^ June 13; Del. & Lackawana 30| June 11; (sold at 11 Sept. 23, 1857; road in hands of receivers). N. J. Cent. 6 June 11; No. West 15 April 13; and St. Paul 11 April 12. Rock Island touched its lowest (30f) May 24, 1861.] The great price of 285 for Harlem was the result of a "corner." Pacific Mail reached 329, February, 1865, and Panama 369 in 1868, the highest points. New-York Cen- tral advanced to 217-J iu'1869, before consolidation with the Hudson River. The Boston tables will show a corresponding advance to a considerable extent. The years 1863-64 were noted for the host of fancy stocks in the market, in the shape of coal, copper, gold, and other mining companies, with oil-bubbles, whose magnificent programmes were scattered throughout the land, and most of which have lohg since collapsed. Some of these obtained currency through the names of prominent men as officers; and a New-York paper mentioned a case where five thousand dollars was offered for the use of a name as president. A change in banking, whereby a uniform currency throughout the country was established, guaranteeing entire security to bill-holders, and diminishing losses by counterfeiting, was one of the good results of the financial disturbances incident to the war. The same period, howev'er, fastened upon the country an enormous debt, less than half the interest of which would have sufficed, previously, to carry on the Gov- ernment, not to speak of the heavy debts incurred by the States, cities, and towns, in aid of the cause, throughout the loyal States. Thanks to the resources of the country, the national debt, which at the close of the war had reached $2,757,689,572, not in- cluding a large amount of floating debt and unadjusted demands, was rapidly reduced as noted under the head of "United States and State Securities," presenting a record attained by no other country in the world, reducing the principle more than half, and the interest rate to a minimum, inside of twenty years, with a continued redemption. The war proved a great benefit to the Northern railroads, and in the years follow- ing peace they assumed a firmer position than ever. Many of the weak roads passed through their ordeal, becoming good property; and their bonds, in some cases worth but 2 per cent and onward, attained a value of 80 to 90 per cent. The change in the banking-system was also favoi-able to those institutions, as their dividends in the tables will show, together with the subsequent large advance in market values, in addition to handsome extra dividends paid, by most of them, at the time of changing from State to National banks. The abolition of the usury-laws had, of course, helped the regular dividends. This act of legislation may also be considered a result of the war. As the conflict progressed, the need of means to carry it on made it necessary for Govern- ment to offer inducements to capitalists to loan their money; and the rate of interest came to be estimated at 7 3-10 per cent. The Commonwealth, also a borrower, was obliged to contract temporary loans at the same rate, in seeming contravention of its own statute, which made it usury to loan at a higher rate than 6 per cent. This, with other reasons, made the opportunity a favorable one for legislation; and the re- sult was, that July 1, 1867, all usury-laws were abolished, leaving borrower and lender free to make their own terms. Where no contracts are made, 6 per cent only can be collected. The practical effect was to make 7 per cent the common rate on undoubted security, as first-class mortgages and paper, — quite as moderate a percentage, to say the least, as was paid under the 6 per cent rule with a "bonus." But this state of the finances was not of a permanent character; and, under the head of "The course of the money market," it will be seen, that, after a few years, the gradual yet persistent downward course of money rates became permanent. Although bank-robberies and defalcations were never excessive in Massachusetts, still the large amount of Government bonds increased the temptation; and, as in nearly all cases depositors of Government bonds were the chief sufferers, the increase of this Notes on the Boston Stock and Money Markets. 37 class of securities leading to the organization of special places of deposit for all valu- ables. The pioneer was the "Union Safe Deposit Vaults" of 40 State Street, Boston, where, for a small sum per annum, absolute security, as far as human foresight can guard, is obtained; and later on several other like deposit companies were organized, until the public are now amply provided with places for safe keeping of valuables. One of the moat noted hank robberies in Boston was that of the Boylston, where $■320,000 was secured, and this entirely the property of depositors; the bank not losing a dollar, its inside steel safe being unmolested. The burglars hired an adjoining room next to the safe, ostensibly for a "tonic medicine" department. Inside a neat little counting room, and behind a secretary, was the board partition of the room. A trap- door out through tliis, exposed a 20-inch brick wall, upon which the burglars worked steadily for weeks up to Saturday, Nov. 19, 1869. Between that time and Monday morning the work was finished; and the robbers had decamped with their booty, leaving numerous boxes labelled "Gray's Oriental Tonic," and carefully packed with "bricks and mortar." The bulk of all the property taken was government bonds, these being considered the most easy of negotiation. Another remarkable robbery of this bank was by a 19 year old messenger, who decamped May 19, 1897, with $.30,940.35, intrusted to him for collection. He was arrested at Farmington, Me., the 22nd, and fortunately for the bank, all the funds (barring about §130 expended) were found ■on his person. It is worthy of note, that, while prices of personal property were generally stimulated during the war, real estate remained unaffected almost to its close. When the paper dollar had fallen as low as forty cents, even houses and farms could be purchased on very nearly as favorable terms in this depreciated currency, as two or three years before with gold; or, to make it plainer, a person abroad, with his gold, could have invested here in real estate at an immense discount from former gold-values. It was not until near the close of the war that an upward movement in this class of property fairly set in. The same inactivity existed in Government bonds, but from a more direct cause, because of the great and increasing debt. Even after the conflict was closed, the 7.30 currency notes, con- vertible into 5-20 6 per cents, dragged at a price often below par (95|- the last of 1865); and it was not until the spring of 1869 that Government securities reached a premium approaching what their real value and exemption from local taxation claimed. In later years, however, they were fully appreciated, and maintained prices of the high- est standard; our 3 per cents, although uncertain in their duration, selling several per cent higher than English 3 per cent Consols. It is worthy of mention, in honor of Massachusetts and Boston, that the former is the only State, and the latter the only city, which maintained specie payments on all their obUgations, interest, and principle, contracted prior to the general suspension in 1861. This was done at great cost, often, to both State and city, whose obligations were constantly maturing. Massachusetts disbursed $3,703,556.86 for premiums on gold during the suspension of specie payments — Jan., 1862, to Jan., 1879. The rate of interest paid (in currency value) sometimes reached 12 to 15 per cent per annum; while fortunate holders of maturing bonds realized at times from $2,000 to $2,750 currency for a $1,000 bond. Specie being the sole circulating medium of California, that State and its cities had no choice in the matter; they simply received and paid in kind, and incurred no sacrifice in so doing. Telegraph Cables and Railroads. — The period immediately succeeding the closing- up of the war was marked by the completion of two great enterprises ; the successful laying of working .submarine telegraphic cables between Europe and America, and the building of the Pacific Railroad, — both triumphs in their kind, the one of incalcu- lable service to the world at large, and the other to the United States in particular. The Railroad from Omaha to the Pacific, a distance of one thousand nine hundred 38 Notes on the Boston Stock and Money Markets. miles, was completed in less than five years,— commenced the latter part of 1864, and the "last spike" driven May 10, 1869. It is a notable fact, that for some time only two subscribers to stock of the Central Pacific could be obtained in the city of San Prancisoo, and one of these was a woman! so doubtful was the venture considered in its conception. Since that period "lines to the Pacific Coast" have become so num- erous as to command little attentioni The fij-st Atlantic Cable was laid Aug. 5, 1858; and the event caused the wildest rejoicing throughout the country. In Boston a hundred guns were fired, amid the ringing of aU bells in the city; and in the evening the trees on the Common were hung with colored lanterns, and the public buildings illuminated. The working of the cable was never satisfactory; and, had none other been successfully operated, some would have doubted that this first one ever transmitted a message. After little more than a month of most tantalizing successes and failures, it ceased to work entirely. In the summer of 1865, seven years later, a second attempt was made; but the cable parted in mid-ocean. A third trial succeeded, July 27, 1866. The fleet then proceeded to grapple and splice the cable broken the year previous; which was successfully done, and the end landed at SearVs Content, N. F. , (not an inappropriate name) Sept. 8, 1866. The French cable was laid in 1869, from Brest, France, to St. Pierre, N. F., and thence to Duxbury, Mass., where it was landed July 24. Later, new lines were a common event, until the laying of an Atlantic, cable ceased to be a matter of comment, other than as the news of the day, and that briefly. [In 1897 there were in existence more than 1,300 submarine cables, aggregating 162,000 nautical miles and varying in length from i of a mile to 2,600 miles, representing a total expenditure of $200,000,000 and long lines then contemplated from British Co- lumbia to Australia and from San Francisco to the Sandwich Islands. A fleet of 41 telegraph ships is maintained to effect repairs.] In view of the progress of the age, it may be well to recall the following facts regarding the Erie Canal; at its commence- ment in 1818 the work was called " Clinton's Ditch," but, on its completion in 1825, those who had pronounced him crazy were compelled to admit that he had " demon- strated the practicability of the project." The intelligence of the news of the entrance upon the canal of the first boat, was transmitted from Buffalo to Sandy Hook in one hour and twenty minutes, through a novel system of " telegraphing," by the booming of cannon stationed at intervals of eight miles. This feat was then pronounced one of the wonders of the century (which it certainly was), and not likely to be surpassed; but there foresight was at fault. The " Black Friday " of Sept. 24, 1869, deserves to be placed on record. Its animus was an attempt on the part of "Jim Fisk," and other operators, to " corner " the gold market; and for a time there was great consternation when gold opened on the morning. of Sept. 24, at 150, against 143J at close Thursday, and rose rapidly to 1624-, with 160 bid by the million. The plan was to put the price to 180 the following day; but the Secretary of the Treasury, late on Friday, ordered a sale of §4,000,000 gold " to the highest bidder " Saturday, and a corresponding purchase of bonds. This " broke the back " of the market, the price declining to 133. The Gold Board was placed hors de combat by the Immense transactions among parties who could not or would not meet their obligations, and did not open for business again until the following Wednesday, gold then ranging from 130-J- to 132, and never after reaching a higher point. The evils of this " raid " on the market were felt long after, and the results were disastrous in a business point of view. J 872. — Boston's Calamity. The " great fire " in Boston — although not in itself a financial event — had a direct bearing upon financial matters, and in that respect has a fitting place in this record; for it was most disastrous to the business interests of Boston. The fire commenced at 7.15, p.m., Saturday, Nov. 9, 1872, on a clear Notes on the Boston Stock and Money Markets. 39 beautiful night, at the corner of summer and Kingston Streets; and at that moment the man who had dared predict the result would have heen consigned to an insti- tution for incurables without discussion. ' The range of the fire included the entire area east of a line from Kingston Street to the corner of Summer and Washington, thence east side to Milk Street, and down to Fort Hill, coming to the rear of State Street at some points, and damaging the Merchants' Exchange Building fronting on that street. The fire covered 60 acres, and destroyed in less than 12 hours over $75,000,000 of property, being more than one-tenth of the whole valuation of the city; 552 separate estates, and 999 firms were burned out, with a known loss of 14 lives. The origin of the fire will ever remain a mystery, but supposed to have resulted in some way from the furnaces. Unfortunately, the crippling of the fire-department, through what was known as the "epizootic influenza" among the horses, caused much delay in getting to the fire, and to this was doubtless largely chargeable the after disastrous results. The section burned was almost exclusively a business one (only 13 dwellings destroyed), thus causing very much less direct personal suffering; but the heavy drag upon business-men was felt years afterward. Every Stock Insurance Co. in Boston except two (the American, capital $300,000, losses $456,117; and Mercantile, capital $300,000, losses 133,000) was swept away, and only paid partial dividends to the insured, as will be seen under the insurance head. Although few persons were made houseless, more than 20,000 work-people were temporarily thrown out of employment; and the almost crushing effect upon bjUsiness interests was clearly shown by the fact that ' ' the entire space occupied by the wholesale dry-goods dealers, wool-merchants, boot and shoe and' hide and le.ather dealers and clothing houses, was of that swept over. Not a wool-house was left standing in the city. Every wholesale clothing-house in Boston, with a single exception, and the wholesale boot and shoe houses, or all but one, were laid in ruins; and but three or four dry-goods commission houses were left standing." The Sun- day following the night of the fire was one of great excitement, and "the people, instead of attending divine service, thronged the streets immediately about the fire, churches being deserted for miles around; and extra trains on the steam railroads brought thousands of people to the city." Generous offers of aid poured in from every quarter; and Chicago, which only eleven months previous, to a day, had passed through a like ordeal, of a most dam- aging character, and on that occasion'was cheered by Boston's liberality, promptly sent the following telegram:— Matok's Office, Chicago, Not. 10, 1872. To THE Mayor of Boston, — The citizens of Chicago tender their deepest sym- pathy, and all the material aid in their power, to your afflicted people in this hour of their misfortune. In what way can we help you most? I have called a public meeting for to-morrow, to consider ways and means of assistance. JOSEPH MEDILL, Mayor. This was followed up by a committee with $100,000, but offers of aid from every quarter were declined with heart-felt thanks. Boston, as a corporation, backed by her liberal-minded and open-hearted citizens, feeling entirely competent to meet the emergency; which was done promptly, and well done. Following this fire was another, six months later (on Decoration Day, May 30, 1873), which might have been named "great" but for the previous one. Com- mencing at 8.20, A.M., in the furniture establishment of Haley, Morse & Co., 411 "Washington Street, it crossed the street, taking the Globe Theatre and all the buildings to the corner of Essex Street, with a destruction of over 81,000,000 of property. It is a singular coincidence that the Freemans Bank, Burned out in the November fire, was again a victim on this last occasion. In the first fire every note held by the bank was destroyed; but it should be stated, to the credit of its customers, that the entire loan was promptly paid at maturity. 40 Notes on the Boston Stock and Money Markets. The Panic of 1873. — This was a memorable event in the financial history of the -country, coming almost without warning. It is true there were some financial idisturbances, a forgery here and a defalcation there, but these excited no general alarm. Even so good an authority as the Financial Chronicle, writing editorially Tinder date of Sept. 6, evidently did not forecast the storm. "Whether or not the defalcations, forgeries, and financial swindles which are perpetually springing up in some unexpected quarters, really are, as some regard them, a premonition of some great disaster, such as tlie panics of 1837 or 1857, we cannot tell. What is certain is that no notable part of the existing activity in money, appears to have originated in this cause, and the chief reason for the rise in the rate of interest is the depletion of the bank deposits before the usual time when such a •drain is commonly developed." September 8th. — The explosion of the New York Warehouse and Security Co. (the 8th), was the first gun of the panic; but even this failure was looked upon at the time as having no general significance. No one seemed to believe — or certainly would not acknowledge — that a panic was near at hand. On the contrary, apparent eviden- ■ces of prosperity were to be seen in every direction. The harvest was large and the grain bins full to overflowing. ManufacturiQg and mining interests had been pros- perous, and the Fall trade promised exceedingly well. And yet, a thin crust, only, covered the burning financial volcano which was soon to burst forth in all its fury; step by step the purse-strings tightened, and disaster became imminent. September 13. — After a week of severe pressure and great anxiety in financial •circles, came the failure of Kenyon, Cox & Co. (of which firm Daniel Drew was a partner), caused by heavy advances to railways on a market already staggering under a heavy load. This failure, followed by that of Jay Cook & Co. the 18th, and Fiske, & Hatch the 19th, brought the panic to a head. Adding to this, runs on banks and trust companies, culminating in numerous failures of banks, bankers and brokers, we find Wall Street revelling in an excitement the intensity of which exceeded anything before known. September 20. — The rapid depreciation in stocks and bonded securities, and gen- eral demoralization of the market in all departments, caused the Governing Com- mittee of the Stock Exchange to meet at 11, a.m. (Saturday), and they decided to Close the Exchange, immediately, until further notice. This was an event in the history of the Exchange, and looked upon by some members as rather a " high- handed ' ' proceeding, but, under the circumstances, a wise measure and approved by the whole business community. The exchange did not open again until Sept. 30, remaining closed for a period of ten days, something never before experienced in its history. It will be seen that the month of September covered a period of great anxiety and, at times, intense excitement. The Banks were compelled to suspend because currency to make payments could not be obtained; but by issuing $26,565,000 •Clearing House Certificates they made it possible to conduct business among them- . selves. No return was made public by the Clearing House from Sept. 20 to Oct. 15, inclusive. This suspension of currency payments was naturally followed by other banks in the leading cities of the country, which continued for about forty days, the New-York banks resuming Nov. 1, and others following. The monetary crisis was considered more serious in its results than either that of 1837 or 1857, doubtless due, in a measure, to the enormously increased business of the • country and the largely extended railway interests which suffered widespread disaster. It was the first crisis which had occurred since the advent of the paper-money era and may not improperly be termed a "suspension within a suspension," as the banks had paid no specie since Dec. 30, 1861. For a short time there was literally no money (bills) to be had; some banks going so far as to pay their dividends by checks "redeemable only through the Clearing House" where the banks made "exchanges" Notes on the Boston Stock and Money Markets. 41 with a currency of their own, in the shape of " loan certiiicates," actual currency being little used. As high as 3 per cent premium was paid at times for legal tender notes over certified checks. The panic was not all in this country as is shown by the Bank of England raising its interest rate from 3 to 9 per cent in six weeks, the rate being altered four times at special meetings, a recourse adopted by the " Old Lady in Thread-needle Street " only on occasions of great emergency. The rate remained at the higher figure only 13 days (Nov. 7 to Nov. 20); during the year 1873 twenty-four changes in the bank rate were made — an unusual number. The effects of this panic were widespread and lasting, being close on to six years, before complete recovery was realized. These were literally "trying times;" and a solid Boston merchant, who went through the panic of '■'? and '57 with colors flying, and still kept them "nailed to the mast," stated that he had seen as blue days, for six weeks previous to and following the panic, as he ever passed through during the panics referred to; and, without the disposition to accommodate one another more than they did in those days, the results would have been far more disastrous than they were. It may be remarked in passing, that the Boston Brokers' Board did not follow the example of New York; and when the Stock Exchange there resumed business, Sept. 30, it was found that its closed doors did not prevent great depression in prices of securities. Although the market opened with little excitement, general distrust prevailed, with continued failures; towards the close of the year the mar- ket became more active, with decided improvement in prices. The effects of the panic, however, were an almost complete prostration of business interests through the long years following; and it was not until the fall of 1879 that the recovery was complete. In September of that year commenced the most remarkable "boom " in stocks, on what appeared a legitimate basis, which this country ever witnessed. There was no permanent check until the assassination of President Garfield by Guiteau, Saturday, July 2, 1881. The shock was less severely felt in financial circles, because of no business-day until the following Tuesday; but from that date the re- action set in, and " liquidation " was continuous tlirough nearly three years. On the 14th of May, 1884, the financial storm, which had been gaining volume for a long period, came to a head through the failure of Grant & Ward. At one time, six New- York banks were in a failing condition; and but for the prompt "pooling of their issues," — a practical suspension among themselves, — all the banks would have been compelled to suspend publicly within forty-eight hours more; by this protecting of each other, a panic of large dimensions was prevented. The Boston banks were little affected, their general business having been transacted on a more conservative beisis; and careful preparation was made in anticipation of financial troubles, which had for months appeared inevitable. So long as New York held out, our banks had nothing to fear; not because depending upon them for aid, but suspension there would have made it a necessity here. J887. — The year 1887, although disappointing in some respects, not fulfilling all expectations, nevertheless produced good results in the country generally. New enterprises were largely developed, and progress seemed to be the order of the day; much of it was on paper, however. The development of what was then called "the great Gogebic Iron region " absorbed much Eastern capital, which eventually became a dead loss, to a large extent. It was a prosperous year for the South in the develop- ment of its iron interests and large landed ventures; but the latter, at least, proved a failure, approaching very near to the swindle line, though carrying down some of its own " promoters " in the later collapse. Early in the year, the Eitchburg Railroad Co. made an important move in the purchase from the State of the celebrated Hoosac Tunnel. In June the collapse of the great Coffee speculation in New York, and the 42 Notes on the Boston Stock and Money Markets. failure of an attempted Chicago "corner" in wheat were the features of the day. Jay- Gould started for Europe, and immediately some of the "stay-at-homes" made an attack on "M., K. & T." thus "paying in his own coin " the arch speculator who ever stood ready to take the advantage of others. A feature of local interest was the large advance of ingot copper from lOi (Sept.) to 17.90 in December, due to negotia- tions (completed early in 1888) by a "French Syndicate" attempting to control the copper production of the world. [It proved, however, in the words of the lamented Lincoln, a "big job," and, after a struggle of a year or more, the scheme came to grief with great loss to those who had projected it.] Large depreciation in State, city and first-class railroad bonds, due to the continued closeness of money, the last half of the year, the details of which are noted, on subsequent pages, under the heading of "Money-market notes." ^ 1888. — The Great Snow-Storm, which commenced Monday, March 12th, although of only ordinary severity in Boston, was of great violence in New York, communication being ' ' cut off ' ' between the two cities for nearly an entire week. This was an event the public were unprepared for, causing great annoyance and monetary losses. All ■business was absolutely suspended in New York for two days (Tuesday and Wednes- day, and the first "news" from there to Boston came "by cable," via London; quoting a few of the leading stocks. J 890. — No events of serious financial import had occurred in the years 1888 to 1890, and even the latter was nearing its close, when, like a thunder-clap from a cloudless sky, a cable dispatch announced the failure of the noted firm of Baring Bros, of London. Probably no prominent failure could have been less expected; in fact, it was discredited for a time, and the shock was world-wide. Reference is made in the "Monetary Review" for Nov., 1890, to the immediate effects of the failure, but it continued a silent factor of evil for many months following. To show how near the failure of Baring Bros, came to being a world-wide catas- trophe, which was prevented by the prompt action of the Bank of England, the following statement (not made pubhc until 1893) is interesting: — " It can do no harm now to say that, some time previously, the Barings had to apply to Mr. Bertram Currie, of Glyn, Mills; that he very soon came to the conclusion that it was too serious a matter to be dealt with by any single institution ; that he put himself promptly in communication with the Bank of England; that Mr. Litterdale, who was then governor, without delay communicated with the chancellor of the exchequer; and that finally it was decided that the Bank of England should undertake to pay the Baring acceptances, provided the principal joint-stock banks would guar- antee at the least four millions. All through the anxious Priday (Nov. 14, 1890), negotiations were going on between the Bank of England and the principal bankers. More than the four millions required were guaranteed in the course of that day, but the final guarantee was not made up until Saturday, when the total amount guaran- teed reached between seventeen and eighteen millions. ' ' The Panic of 1893. — One of the early indications of the forthcoming "panic" was the fact that for a long period city securities had been "placed" on a basis of 3| @ Sf per cent, with the closest competition among bankers; but suddenly all was changed, with 4 per cent the minimum and 4^ to 5, in some instances, on home bonds, while Western securities took a range anywhere from 5 to 7 per cent. And even at these rates it was difficult to find money, the market being practically demoralized. During the last two' weeks in July and a large part of August, negotiations of mort- gages almost at a stand-still and first-class collateral loans hard to negotiate at 9 to 12 per cent interest. As evidence of the material decline in the best of city securities and leading railroad bonds these few figures are given, comparing Jan. with about Aug. 31, 1893; it may be remarked that even at the lower figures it was diflicult to place "round lots." Notes on the Boston Stock and Money Markets. 43 Jan. 1 Aug. 31 Boston 4s, 1921 106 102 " 6s, 1903 1191 116 Cambridge 6s, 1904 121 115 Fall River 6s, 1905 121 111 Providence 4s, 1911 105 102i " 5s, 1900 109 103i Springfield SJs, 1920 102} 93 " Os, 1905 122 118 Worcester 46,1901 102 97 " 5s, 1906 114 109 Jan. 1 Aug. 31 C. B. & Q. Consol 5s, 1903 106 89 " " 76,1903 121 108} C. B. &No., 1st 5s, 1926 104J 94 Chic . & West Mich 5s, 1 921 97 78 General Electric Ss, 1922 100 60 K. C Ft S &Memp ...66, 1928 105 85 K. C.St. Joe &0. Bluffs. 7s, 1907 121 114 Mexican Cent., let 46,1911 66 41 N. Y. &N. B., l6t 7s, 1905 120} 108 Wisconsin Cent., 1st.... 5s, 1937 92 60 When it became evident tliat a panic was imminent, the New-York and Boston banl5s (the latter part of June) issued " Clearing House Certificates," which undoubt- edly averted much of the severity of the impending financial disaster. These certifi- cates are a temporary loan made to any member of the Clearing House — available to such banks only — for the purpose of settling balances due from and to each other; (these balances, under normal conditions of business, being always settled in coin or currency) such banks being required, before receiving certificates, to deposit with the C. H. committee its bills receivable or other securities as collateral for the loan at 76 per cent of their value. In reference to these issues of Clearing House Certificates, the Comptroller of the Currency, in his report for 1893, highly commended them, using this strong Linguage: — "Their issuance at so early a date in the financial derangement of the country was most opportune in not only preventing an acute panic, but in tending to restore public confidence. * *» * * * * * In inaugurating tlie issuing of certificates so promptly and in issuing them to so large an amount, the Clearing House Association of New York In particular rendered the country great service, and the associated banks of that city [AVhy not Boston and other cities as well?] are entitled to the credit which the public generally accords." As evidence of the strain upon the business community it' may be stated that between May 4 and Oct. the withdrawals of individual deposits in national banks alone were $299,000,000, and of banks and bankers' deposits to the amount of .?70,000,000— a total of $378,000,000. Naturally, the banks were compelled to call in loans rapidly, thus increasing the pressure and depleting the resources of active trade to the extent of $378,000,000, and from banks and bankers $51,000,000, very cogent reasons for the results which followed in July and August. Six Boston banks passed their October dividend, mainly to enable the charging off of doubtful accounts, while the six months' business had not been without profit. One bank issued this notice, which doubtless applied to others: — " The directors of the Eagle National Bank of Boston having used the earnings and a portion of the ' surplus fund ' to charge off bad and doubtful debts, have decided not to pay any dividend in October, believing the stockholders will approve of the conservative policy at the present time." Great diversity of opinion as to the severity of the 1893 panic compared with previous like financial disturbances. The writer can remember the effects of the panic of 1837 only as a sort of tradition, but having passed through those of 1857, 1873 and 1893, there is little doubt in his mind that the degree of severity was in the order in which they are named, with 1893 last and least, The panic of 1857 was the worst for its time, because the country was then less able to recuperate from such a disaster, but the panic of 1873 was more widespread and its evil effects continued through a longer period of depression and prostration. The following is placed on record as an honorable acknowledgment of a service which commanded the approbation of the business community: — The Boston Stock Exchange, at its annual meeting, Sept. 25, appointed a com- mittee to prepare a letter commending the national banks of Boston during the recent financial disturbance. In accordance with this resolution the following letter was sent to the Boston Clearing House Association: — 44 Notes on the Boston Stock and Money Markets. "Boston, Sept. 30, 1893. George Ripley, Esq., Chairman of the Clearing House Association. Dear Sir: The Boston Stock Exchange desires to express to the National Banks of the City of Boston its high appreciation of their admirable management of financial affairs during the past few months. They were quick to recognize the danger of the situation, and prompt to render efficient relief. Their combined action averted grave financial and mercantile disaster. The value of their judicious and generous aid, given so promptly to those dependent on them, cannot be overestimated. CHARLES HEAD President Boston Stock Exchange. 1893. — The failure of the London firm of Overand, Gurney & Co., May 10, 1866, was the sensation of that period, creating widespread consternation in business circles and coming very near producing a panic in Great Britain — as shown by the fact that the Bank of England advanced its interest rate to 10 per cent. [After 27 years in liquidation, a settlement was finally made, Nov. 16, 1893. About a year previous to the failure, the concern was transformed into a limited liability company, with .'?25,000,000 capital in 100,000 shares of £50 (|250) each. In the final settlement the shareholders sunk 8160 per share— ?16,000,000.] The first Steamboat. — While the invention of the Steamboat has always been conceded to Fulton, it is stated that " the records of Jefferson County, West Virginia, prove what is known to but few people in the country — that Robert Fulton, with his steamboat, ' Clermont,' had been anticipated over twenty-two years as the builder of the first steamboat in the United States, which it is claimed was really built by James Rumsey, at Shepherdstown, Va. (now West Virginia). The boat was eighty feet in length, and was propelled by an engine which worked a vertical pump placed in the centre of the boat. The water was drawn in at the bow of the boat and discharged at the stern through a horizontal, pipe. The weight of the machinery was 665 pounds and the boat's tonnage, or carrying capacity, was three tons. All of the machinery, including the boilers, took up a space of only a little over four feet square. The first public experiment took place on the Potomac River, on March 14, 1786, at which Rumsey's boat showed a speed of four miles an hour up stream." It is a most remarkable fact that the Hudson River side- wheel steamer, " Mary Powell," built in the early sixties, had never been surpassed (as stated in 1897) by anything of her class since launched. She made the run from New York to West Point, in 1893 (then 30 years old), in 2 hours 5 minutes, being the fastest time she had ever made and much faster than the record of any other boat on the river. The Origin of the Express Business. — In the almost universal expressage of 1898, few stop to think of the struggle to establish the first line, the credit of which is due to William F. Harnden, a conductor upon the Boston and Worcester Railroad; and, although the " idea" did not originate with Harnden, he was the first to put it into execution. We annex his first advertisement, Feb. 23, 1839, — the announcement of the first express ever in regular use, — as being worthy a record in this place. BOSTON AND NEW YORK. (Train of Cars.) EXPRESS CAR. Important to merchants, brokers, booksellers, and others. W. F. HARNDEN, For the last five years conductor and passenger-clerk for the Boston and Worcester Railroad Company, has made arrangements with the Providence Railroad and New- York Steamboat Companies, to run a car through from Boston to New York and vice versa, four times a week, commencing on Monday, 4th Marcli. He wiU accompany a car himself, for the purpose of purchasing goods, collecting drafts, notes, and bills. Orders of all kinds promptly attended to. He will take charge of all small packages of goods, bundles, etc., that may be intrusted to his care, and see them safely deliv- ered, and attend to forwarding merchandise of all descriptions (except that proscribed Notes oil the Boston Stock and Money Markets. 45 by the railroad companies) if directed to his care. All packages, bundles, etc., must be sent to office, No. 9 Court Street, Boston, or No. 1 Wall Street, New York. Orders may be left at J. W. Clark & Co.'s, 6 City Hall; Colman's Pavillion, Tremont Street; E. C. Stowell, 7 Elm Street, Boston; and at J. P. Smith & Co.'s, 30 Wall Street, New York. Will leave Boston Mondays, Wednesdays, Thursdays and Satur- days, and New York the same days. Notwithstanding what must have been considered in those days somewhat of a "flourish of trumpets" by Harnden, and the actual desirableness of the facilities he offered, it is none the less k fact, that the "parcels" and "freight" did not come forward promptly; and it was stated that the car did not start "on time" as adver- tised. Mr. Harnden, however, knew no such word as fail; and this initial step was the real beginning of a system of express service, which, in the present age, it would seem impossible to do without. * In the first days of the enterprise, Harnden carried his entire " express " in an ordinary valise. May 5, 1840, in a note referring to the first arrival of Burke & Co.'s Express (P. B. Burke & Alvin Adams), he remarked, probably with some degree of satisfaction, "they did not have a hat-full of packages." Alvin Adams made an effort to contract in behalf of his new express for privileges on the Norwich and Worcester Railroad; but Harnden being then better known, the directors gave his " well-estab- lished express" the preference; but these two continued the great express lines of the country for years. Previous- to the establishment of the Express system, special efforts were often made for the transit of news of intense public interest, mainly by one or more riders, with relays of fleet horses at intervals on the road; but what must have been a memorable event for the times, was the running, in IS.OT, from Worcester to Boston (45 miles) in a minute or two short of an hour, an express for the Boston Daily 4-^tos. The editor, Henry F. Harrington, was his own messenger, (just think of that for an editor in 1898) riding upon the locomotive, which had only a tender attached to it; and in those days the engineer had so little protection from the sparks and dust, that Mr. Harrington presented a very comical appearance, as with that precious document, the President's Message, in his hand, he rushed from the depot to his ofiBce. The first Telegraph. — While it is conceded that Morse was the first to invent u, practical, useful electro-magnetic telegraph (first business message sent from Balti- more to Washington, May, 1844, announcing the nomination of James K. Polk for the Presidency), some remarkable experiments were made on Long Island, in 1827, by a New Yorker named Henry Gray Dyar. This investigator really sent messages over a wire of considerable length, but he used frictional electricity, which was so easily dis- sipated that nothing practical did or could come of it. He was, however, encouraged to plan a line reaching from New York to Philadelphia. This was never constructed, and for a most curious reason. It is stated that a writ was obtained against Dyar and his partner, a Mr. Brown, of Providence, R. I., for "conspiracy to carry on secret communications from city to city," and this so frightened them that Dyar fled from New York in 1828, left the United States, and settled in Paris. The wonders of electricity — yet in its infancy — are so recent events (1898) as to need no detail here, but; looking ahead another centsry, the human mind has no power of conceiving the possible developments. The great advances in steam, navigation recall the advent of the steamship "Great Eastern" of 40 years ago — a marvel of her time. Launched Jan. 31, 1858, a vessel of 22,500 tons, 680 feet in length and 82 feet beam, she was far ahead of her day and proved a failure after a career more or less eventful; was finally sold for $50,000 and broken up in 1888. The failure, however, was not so much from her great size as lack oi 'powei in proportion. Her engines were only 7,650 horse-power and modern steam- ships of 10,000 tons have 16,000 to 20,000 horse-power, while the great " Campania " 46 Notes on the Boston Stock and Money Markets. and "Lucddia" of the Cunard line 12,950 tons, and 625 feet in length, have 30,000 horse-power. These figures need no comment, and the feat of the Great Eastern, making a ten-day (Eastward) passage nearly forty years ago, was simply wonderful.* The " White Star Line " was building, in January, 1898, to be in service during the year, the steamship "Oceanic," of 17,000 tons, 704 feet over all — 12 feet longer than the "Great Eastern" — and 55 feet longer than any vessel (Kaiser Wilhelm) then afloat. The "Britannia," of 1840, a pioneer Cunarder of 1,154 tons and 207 feet in length, had only 740 horse-power. While the Britannia was the first of the regular Cunard fleet, sailing from Liverpool July 4, 1840, the "Unicorn," (same owners) had made the passage to Boston seven weeks earlier. In this connection it may be stated that the Britannia was "out out" from East Boston to Long Island Head, Feb. 3, 1844, at the expense of the merchants of Boston, and again, in January, 1857, the same service was performed for t!ie America. A comparis9n of some of the' great ocean steamers is worthy of being placed on record here, and they are named in the order of construction. It will be seen that . the Atlantic liners are rapidly approaching the dimensions of the " Great Eastern," but with a horse-power very far in excess. . The following table is made up to Jan. 1, 1898, and later bj:eaking of records, if any, to Feb. 1, 1898, will be found on page 49. Lengthof Ship fBeamorl Depth I Total Horse I overallltli. P. Breasniarck — Needles to Sandy Hook Lightship. Eastward passage 6day8 101iours55 minutes. (d) Lucania — Daunt's Rock to Sandy Hook Lightship, and holds the record to date. Eastward, 5 days 8 hours 38 minutes. The Par/V. made a like trip in 5 days 14 hours 24 minutes, Oct., 1892. (ej St. Paul — Needles to S. H. Lightship. The St. Z.o?m made Eastward passage, Sept., 1897, in 6 days 10 hours 14 minutes; also, a Westward passage in 6 days 2 hours 24 minutes, Aug. 7, 1896. (fj Kaiser Wilhehn der Grosae — arrived at Sandy Hook Lightship Sept. 26, 1897, on her maiden trip, and broke the record from Southampton (Needles); also made a faster single day's run (564 knots) than the Lucania — 562 knots. Made Eastward passage, Nov. 29, in 5 days 17 hours 8 minutes (3,065 knots); average speed, 22.35 knots, best on record. Notes on the Boston Stock and Money Markets. 47 December, 1895. — A message, of almost threatening character, from President Cleveland, on Tuesday,, Deo. 17, urging the maintainance of the " Monroe Doctrine," paitioularly in Venezuela at this time as against Great Britain, created a "stock panic," and the decline in prices was sharp. Here are a few of the extreme conces- sions within two hours'' time; Atchison 3^ points. Am. Sugar 7f, Central N. J. 5, C, B. & Q. 6f, North- Western, 6, Rook Island 7i, St. Paul 6f, Lake Shore 5, N. y. Central 5i, Manhattan 7, General Electric 8i, Consol. Gas 10. This was a "panic," indeed,, extending through the list, with still lower prices later on. It is a fact that prices of some leading stocks went to lower points in this panic than during the great "Baring Collapse," in November, 1890 — a comment of significance. Hundreds of millions were swept away like magic, and it was noted that some of the very test stocks (as above) went down almost as readily as the more speculative and less valuable. It was a race, in which, for a time, there seemed no goal. On the New York Stock Exchange rates for "carrying over" ranged anywhere from 25 to 80 per cent; but when prices were jumping about 6 per cent or more a day, the matter of interest was of little account if the "turn" proved successful. The country naturally stood by its President, although many in their cooler moments regretted that the language of the message was such as naturally to give offence to Great Britain, the country interested. Congress a,t once voted §100,000 to pay the expenses of a commission — as recommended by the President — to proceed to Venezuela, or otherwise, and ascertain the merits of the boundary dispute between that country and Great Britain. J 89 6. — The passing of the Baltimore and Ohio Railroad into Receivers' hands, March 7, 1896, was an event of no small significance, for, until within a very few years, it had been considered the very highest class of investment property. Too ■ much "spreading" and lack of judicious management in recent years were some of the weights to pull it down. This road has more than an ordinary history, being the first passenger- railroad in this country. The road was commenced July 4, 1828, and the first few miles opened in 1830; up to 1832 about 09 miles to " Point of Rocks " had been completed. It is a remarkable fact that the road was first worked by horse- power, and the " Relay House," between Baltimore and Washington, famous in the war of the rebellion, was so named from the fact that here horses were changed. It may be stated, incidentally, that a committee of the Massachusetts Legislature, about 1827, after going to England and studying the subject of Steam Locomotives, reported that ftorse-power was preferable to steam! A good-sized volume. could be written upon the absurd opinions in the early days of railroad projection, but we have not space here to detail them. Probably the first Locomotive ever constructed in this country was used on the Baltimore and Ohio, in 1831, and introduced by the renowned Petek Cooper of New York. It was a queer structure, compared with the colossal "machines" of the pres- ent day, weighing nearly 100 tons, and a brief description is worth placing on record. It was stated to be "an odd-looking contrivance called a steam engine, but which a boy of the present generation would hardly consider worthy of the name of a mechan- ical toy. The boiler was not as large as that of a range in the kitchen of a modem house. It was about the same diameter, but not more than half as high, and had a smoke- stack which looked like an aggravated oU can. The car to which this nondescript steam locomotive was attached resembled an ordinary row boat, the four wheels so placed under the centre that a little too much weiglit at either end would transform it into a teeter. This vehicle was filled with the directors and oflicers of the road and their friends. With palpitating hearts they looked over to where Peter Cooper stood and, no doubt, as he pulled the throttle valve, wished themselves anywhere but just there. The trip was a memorable one, and sufficiently exciting to carry out the anticipations of the most venturesome in the party. When the speed of fifteen miles per hour had been reached it was deemed the very acme of lightning time, but when it was increased to eighteen miles per hour, then the millennium had come, sure enough." 48 Notes on the Boston Stock and Money Markets. It is related that an English engine, used on the Mohawk and Hudson road, in 1831, and weighing six tons, was found to be " too heavy for the superstructure of the road," and a lighter one, of three tons, of American manufacture, was substituted! It may be here recorded that the first engine (Pioneer) to pull a car out of Chicago and the engineer (John Ebert) who opened the throttle that sent it on its first trip, were alive in 1897. It lacked 18 months of being 50 years since they made their maiden trip. Speed on Railroads. — The Chicago, Burlington and Quincy Railroad made a run of 1,025 miles in 18 hours, 53 minutes (1,133 minutes), equal to 54-J- miles per hour, including 86 minutes lost in stops or from other causes. The actual running time was practically a mile a minute from Chicago to Denver (Feb. 15-16, 1897), a continuous run of 1,025 miles. This run, in view of its length, was considered one of the greatest feats of railroading which the world ever saw. It should be stated that the grade was a rising one, from 582 feet at Chicago to 5,164 feet above sea level at Denver. The run was without any special preparation whatever, and started in 45 minutes from the time it was first suggested. It was a "special" to carry Mr. Henry J. Mayham of N. Y. to the bedside of his dying son. While short runs or " spurts," have been made on much quicker time, this " long distance speed " of the C, B. and Q. would seem to take the lead. The next longest was the New York, Central engine, built for speed, (No. 999) making a run of 496 miles at 59.6 miles per hour, including three stops. " Spurts for a single mile have often been made in 35 to 40 seconds, and No. 999 made a mile in 32 seconds on a down grade. The Reading Railroad in 1897 was running a regular passenger train, from Phila- delphia to Atlantic City, a distance of 55.5 miles, in forty-eight minutes, or at the rate of 69.4 miles per hour. A portion of the distance (22.9 miles) was made in about 17 minutes, equal to eighty miles an hour. It was stated, at the time, that this regu- lar train had no equal in the world. In August, 1897, an express on the Consolidated road was making its regular run from New York to New Haven (74 miles) in ninety minutes. At times, between bridges, the run was made at the rate of a, mile in 45 seconds, or 80 miles per hour. J 8 97. — The great extent and continued increase of "huge office buildings" on State Street, a matter of serious comment in 1897, and the "oldest inhabitant" greatly puzzled to know how all of them were to be tenanted, without robbing other sections. Even then, there is difficulty in the fact that "State ^Street" only com- mands a certain class of occupants, while like buildings are "going up" all around and about it. In New York the same "problem" was a lively topic of discussion, considering that the policy not only "insured a plentiful supply of business homes, but low rents." Perhaps, in time, but up to 1898 not the most remote indication of lowering rents in Boston. In 1850-51 the seven-story "Pagoda Building" was erected on the corner of State and Washington Streets and then spoken of as the tallest building in Boston. How insignificant it appeared, in 1898, with the "Ames " and the " Devonshire " buildings towering far above it and other ten-story buildings not far away. Gas Explosions.— Oti the 4th of March, 1897, at 11.46, a.m., without warning to the public, an explosion occurred, at the corner of Tremont and Boylston Streets, of the most disastrous character. Six were killed instantly and five more died later on from wounds received, besides a large number more or less seriously injured. The cause was the accumulation of escaping gas between the top of the Subway and the surface of the street, a space some 10 feet deep for quite a distance Considerable of the street surface was blown up, carrying pieces of plank to the top of Hotel Pelham, a seven-story building; carriages passing were destroyed, three electric cars demolished and set on fire. Hundreds of panes of glass were broken, some nearly out to Wash- Notes on the Boston Stock and Money Markets. 49' ington Street, (whole fronts being thrown out) this damage alone being estimated at- $10,000 and the total money loss fully $75,000. Several "investigations " were held, which had resulted in practically nothing up to the Fall of 1897. This catastrophe recalled two others of like character. The first was May 26, 1875, at the corner of Washington and Lagrange Streets (next street above Boylston), in the apothecary store of G. D. Dows, and the building was so completely demolished that the exact cause of the accident could never be ascertained with certainty. It was supposed to be an explosion of illuminating gas (which had been leaking), while some claimed that it was carbonic acid gas, largely used in the lower story. The explosion wrecked numerous windows in the vicinity and many persons were injured by the falling glass. Five were killed instantly and about twenty injured. The second explosion occurred Dec. 22, 1875, on -the west side of Federal Street Bridge, in South Boston, killing four and injuring nineteen. In this case there was no doubt as to the cause, which resembled, to some extent, that of 1897. The grade of the side- walk had been raised for some distance, and instead of filling in the space between the new sidewalk and the grade of the old, the new one had been laid on timber supports, leaving a vacant space about one and one-half feet high. A leak in a, service pipe- filled the whole space with gas, which was ignited in some way unknown and the explosion tore up a section of sidewalk 150 feet long, throwing one part of it upward with such violence that it was lifted over the rail of the bridge' and dropped into the water. Boston's Great Subway. — A section of the Subway, from the entrance in the Public Garden, thence under the outer edge of the Common on Boylston and Tremont Streets to Park Street, was opened Sept. 1. Another section, from the entrance at the junction of Shawmut Avenue and Tremont Street to Boylston Street, was opened Sept. 30, leaving the remainder, from Park Street to the Union (Boston and Maine) Station, nearly completed, so that early in 1898 the entire line would be in operation. This work was generally conceded to be of the highest importance to the interests- of public travel, and in connection with a proposed Elevated road (Oct., 1897), the solution of the problem of ' ' rapid transit ' ' was believed to be near at hand. The fact that a work of this magnitude was likely to be completed largely within the estimated cost of §7,000,000, was highly creditable to the Commission in charge of it, and the admirable manner of its construction drew praise from every one who passed through it. J897, — The Twenty-Fifth anniversary of the "great" fire in Boston (seepages 38-39) was observed Nov. 9, 1897, by the living "fire fighters" of that memorable occasion. Some 200 were present at a banquet and among them the veteran John S. D.\mrell, the "chief" of 25 years ago. Undoubtedly the firemen were greatly impeded, at the first start of the great conflagration, by the disease among the horses, but as the flames swept on, the lack of water rendered it almost impossible to work effectively. It may be stated, as a fact of record, that the early surveys for the Western Railroad (1828) were conducted exclusively with reference "to the use of animal- power," as "better adapted to the transportation of that endless variety of loading which a dense and industrious population requires." The ordinary measure of horse- power was 8 to 10 tons for one horse, and the expert said that '■Hhis was preferable to locomotive-power hy steam ! " steamboats of the past, and present, are referred to on previous pages, but it has remained for the little steam yacht " Ellide," only 80 feet long, to race, literally, over a measured mile on the Hudson River in 1 minute, 30 seconds, or at a speed of forty miles an hour. This proves the little terror to be "not only the fastest yacht in the world, but the fastest boat of any size or type of boat, either for pleasure or warfare." 50 Notes on the Boston Stock and Money Markets. February 1, 1898. A Great Snow Storm. Up to this date the weather had been more than usually mild, with only a few inches of snow at any one time, but Monday, January 31, a storm commenced which fairly deserved a record. Nothing equal to it since the memorable storm of January, 1867, though many were reminded of the great blizzard of March 12, 1888, which was excessively severe in New York but less so in Boston (see pages 42-74). In both cases there was a great break down of telegraph poles and wires ; in this latter storm, however, Boston was worse ofi than in 1888, and it looked very "queer" to take up the evening papers and find no "latest by tele- graph." The storm was the most destructive of any for over thirty years. • In the storm of 1898 the wind ranged from 38 to 45 miles an hour nearly all through Monday night, and in squalls reached 50 miles an hour near daylight Tuesday. Telegraphic communication was entirely cut off, and it. was not until Thursday that a line through to New York was opened, while local lines were badly broken up. In fact, the most serious part of the trouble was within 15 miles of Boston, and it took fully a week to get all in perfect running order. For a time the city travel was greatly impeded by a net work of wires and fallen electric and telegraph poles. For two nights there were no electric lights, but fortunately the "silver moon " shone with a brightness which was most cheering. The marine disasters on the nearby coast were simply terrible, and the worst known for many years. More than 50 lives were known to be lost and vessels in great numbers. The storm was general, extending all over New England, and elsewhere as well, followed by intehse cold. It was noted that the St. Croix River (Eastern Maine) was frozen over for the first time in ten years, and on the Hudson at Nyack, where the river is three miles wide, people crossed on the ice — a rare occurrence. Many suburban residents failed to get home Monday, and after a tedious night, blocked "on the road," came back to Boston next morning in the same cars. In this they were somewhat more fortunate than others who did not get in for the day. The great stores mostly closed at one p. m. Tuesday, as their sales-people failed to arrive in any number, and customers were "few and far between." It may be added that business generally, was almost at a standstill throughout the city. In one sense the severity of the storm was clearly shown by the cost to Boston of $88,250 for clearing snow from the streets, and, in addition, probably two-thirds as much to the street railway. A snow storm followed Wednesday, February 16, (with thunder and light- ning Tuesday night), and which promised, at. first, to be a record breaker ; excepting a violent wind, however, Boston escaped it, only a few inches of snow falling, and the wind being off-shore, no marine disasters. But Northern New England caught it severely, with 15 to 20 inches of snow and badly drifted ; classed as "the worst storm of the winter." And still another storm (SJ inches rain), February 20-21, with a 40 mile an hour northeaster, February thus maintaining its reputation for being a rough month — at times the coldest and most stormy of the season. This storm was more general throughout the country with heavy snow West and in Northern New England. Looking back to the great storm of 1867 we find a record which stands well in comparison with that of 1898. Then nearly 36 inches of snow ; in 1898 about 15 inches. Then telegraph lines were less and no electrics, but the streets were practi- cally blockaded, and no railroad trains coming into or going out of Boston for several •days. A brief record of this storm of January 17, is as follows : "A severe snow storm raged all day, filling up the roads and preventing travel. It extended over a large part of the country." The remembrance of the writer is, that the fall of snow was unusually heavy, and that the streets of Boston were practically "blockaded" for several days, before being made even fairly passable. Many will recall the " cradle holes " on Washington Street, in passing over which people were actually made sea-sick. Another heavy storm was in 1857, a feature of which was the intense cold, the Notes on the Boston Stock and Money Markets. 50a mercury below zero much of the time, and the snow continually falling. Railroads greatly impeded by drifting snow. Boston harbor was frozen solid, and a channel cut a second time for a " Cunarder," the America. The first " cut out " was in 1844, for the Britannia. As the last storm is always the worst (in opinion) it may be well to mention a severe one in the winter of 1878 ; and, singularly enough, it began the afternoon of January 31, the same as in 1898. It only lasted through the night, mainly, another coincidence. Nearly 2 feet of snow fell and the streets were very much blocked ; the facilities then for clearing them being limited, the inconvenience continued for a con- siderable time. February 5, 1898. A fire at 114 to 124 Merrimack Street, in itself not important, was noted for the great destruction of life. Ten firemen were carried down in the collapse of the building, and of these six as brave men as ever faced danger went to their death in the terrible crash ; four other heroes escaping with life were severely injured. Too much praise cannot be awarded to the whole department of which Boston has good reason to feel proud. This fire was more fatal to firemen than at any time since the great fire of 1872, and yet the money loss was less than $100,000. A generous fund, exceeding $45,000, was raised by subscription for the benefit of the widows and orphans of the six firemen. Steamboats of the past and present are referred to specially on previous pages, but it has remained for the little steam yacht ".EHide," only 80 feet long, to race, literally, over a measured mile on the Hudson Elver irul minute, 30 seconds, or at a speed of forty miles an hour. This proves the little terror to be "not only the fastest yacht in the world, but the fastest boat of any size or type of boat, either for pleasure or warfare." California's Golden Jubilee. The 50th anniversary of the discovery of gold at Sutter's Mill in California was observed in San Francisco, Monday, January 24, 1898, and continued through the week. In Boston, notice was also taken of the anniversary by returned gold seekers who had been stricken with the " California fever " half a century ago. Total product of gold, $1,303,571,500; highest any one year, $65,000,000, In 1853. The absurdities of early railroading are referred to oh page 159, and here is an item which may fairly be classed with the others : A very curious protest was recently discovered among the archives of the Nurem- burg Railway Company at Furth. It was drawn up by the Royal College of Bavarian doctors in 1835, and contains the following passage, pointing out the danger of the new system of travel : ' ' Travel la cars drawn by a locomotive ought to be forbidden in the interest of public health. The rapid movement cannot fail to produce among the passengers the mental affliction known as delirium furiosum. Even if travellers are willing to incur this risk, the government should at least protect the public. A single glance at a locomotive passing rapidly is sufficient to cause the same cerebral derangement ; consequently it is absolutely necessary to build a fence ten feet in height on each side of the railway. f Early Ship Building. It is a most remarkable fact, which we give on the author- ity of C. W. Ernst, Esq., well known for his historical research, that vessels of 400 tons were built in Massachusetts as early as 1G45. The men of Boston found better material for ship building here than they had seen in England or Holland. Live oak and New England masts were not surpassed, and the early trials at ship building proved so successful that the idea of buying English ships does not appear to have occurred to the men of Boston. The ship Lyon had made many trips across the Atlantic ; her master finally settled in Boston — good evi- dence which side of the Atlantic a man accustomed to large affairs preferred. That was William Pierce, who gave us Change Alley precisely as we know it. His ship, Lyon, made as fast passages as modern clippers. The story, full of romance, begins appropriately with the launching of "Winthrop's Blessing of the Bay, July 4, 1631 ; the Trial, built by Nehemiah Bourne in 1641 ; and the Seaforth, 400 tons, of 1645, by Thomas Hawkins. It is not necessary to go into further details ; by that time Boston had established its trade' with the West Indies, and its commercial independence, the word of a Boston merchant being as good as his bond wherever known. 50aa Notes on the Boston Stock and Money Markets. THE BOSTON CLEARING HOUSE. At a meeting of the Boston Banks, held at the Merchants Bank, Boston, Sept. 26, 1855, to consider the expediency of establishing a "Clearing House" for the settle- ment of the daily balances, on motion of Andrew T. Hall, Franklin Haven was chosen President and William Thomas, Secretary. The President read a paper, presented by Waldo Plint, which was signed by 20 of the Boston Banks, representing over two- thirds of the capital of the City Banks, agreeing to join in the establishment of a Clearing House. On motion of Andrew T. Hall, it was voted that a committee of eight be appointed to make such arrangements as they may deem proper for carrying into effect the project, and report at a future mfieting. The committee as, appointed by the President, consisted of the following gentlemen : Andrew T. Hall, Franklin Haven, A. D. Hodges, B. E. Bates, Waldo Flint, Thomas Lq;mb, G. W. Thayer, Daniel Denny. At a second meeting, Nov. 22, H. B. Groves was selected unanimously as Manager for the "Boston Clearing House." Jan. 1, 1856, a report was made by Thomas Lamb from the committee on Articles of Association, and it was announced that rooms over the Bank of North America, corner State and Kilby Streets, had been secured at a rent of $1,000, the Merchants Bank being selected as a depository. Jan. 15, the articles of association were accepted, and a committee, selected for that purpose, presented the following list of officers, who were unanimously elected, the names including gentlemen recognized as among the very best financiers of their time. Chairman, Franklin Haven, Pres't Merchants Bank. Clerk, William Thomas, Pres't Webster Bank. / Andrew T. Hall, Pres. Tremont Bank, _, . TT I Waldo Flint, -Pres. Eagle Bank, Clearmg House \ ' ' „ ,t ^ ,' , ^ , „ .^^ ( Thomas Lamb, Pres. New England Bank, Committee, )„. „J „ „;,„ / Benjamm E. Bates, Pres. Bank of Commerce, \ A. D. Hodges, Pres. Washington Bank. Thus was completed the organization of an institution destined to play an impor- tant pai't in the future finances of Boston, with its influence felt throughout New England. It has proved itself of great value to the barks themselves and, indirectly, to the business community, always holding a conservative position and ever ready to afford necessary relief in times of financial trial. It will be noted that only 20 banks joined at first, a natural opposition existing towards what was considered "an innovation upon the established order of things and of doubtful expediency," but they generally came in later on, cheerfully acknowledging its usefulness. But the association had sdarcely more than come into complete oper- ation when the Great Panic of 1857 startled the country. At a meeting Oct. 14, 1857, it was voted to suspend specie payments as "a measure of irresistible necessity; a, necessity imposed on the banks, not merely or principally on their own account, but most especially for the protection of their numerous debtors." On the following day it was voted "that the bills of any of the associated banks may be received in liquidation of their daily balances instead of specie, to an extent not exceeding 2^ to 5 per ct. of the capital of each bank," the smaller ones being allowed the higher percentage — the modern institution of "Clearing House Certifi- cates," based on collateral security, not then being known. This was a trying period for the banks, almost at the inception of the establishment of a Cleariag House, and much solicitude was felt, at first, on the part of the Managers whether the arrange- ment could be carried through ; but in the advance of time this gradually wore away, and the institution was pronounced a success beyond question. So great was the pressure, and mindful of the disastrous panic of 1837, from per- Notes on the Boston Stock and Money Markets. , 51 sonal experience mainly, the merchants of Boston at a meeting immediately following the above action made a request for farther expansion of bank loans and the privilege named was doubled. Within a few weeks this was cut down 50 per ct. and by Dec. 14 (two months after suspension) the banks resumed specie payments, having accumulated money largely. All went well until 1860, when the election of Abraham Lincoln as President of the United States caused disturbance in financial circles, and the banks were again allowed to " settle " at the Clearing House in 10 per ct. of their own notes, voting at the same time ' ' that it is the duty of the Boston banks to maintain specie payments in the present crisis." From this time on affairs " drifted " from bad to worse, literally, and Aug. 27, 1861, banks were allowed to deposit "Treasury Notes" with the Clearing House committee and receive 90 p. c. of their face in "Loan Certificates" to be used in settlements. Thus originated the now well-known "Clearing House Loan Certifi- cates" which the Boston banks have used on four different occasions to their own convenience and of great benefit to business interests. These certificates were issued later as follows: — Sept. 27, 187.3 (panic) $10,000,000; Nov. 19, 1890 (Baring Bros, failure) 86,065,000; June 27, 1893, $11,445,000 and Dec. 24, 1895 — only $165,000 taken out. Saturday, Dec. 30, 1861, the telegraph announced "the suspension of specie pay- ments ' ' in New York, when it was voted ' ' that the banks in this city suspend specie payments, until such time as they can, with safety, resume their legitimate basis for their circulation and deposits." Little did anyone then dream, even, that seiienteen years would elapse before resumption (Jan. 1, 1879). It may be mentioned in this connection, that a leading Boston bank actually sold its gold early in 1862 at some 5 per cent, premium, believing that to be about the top. The highest price gold reached was 285, July 1st and 15th, 1864 (Se"e pages 92, 169). It is not necessary to continue the detail through the panics of 1873, 1884 and 189S, but this brief sketch is placed on record to the credit of an institution which has always stood firm for the best interests of the business community. The present Clearing House manager, Mr. N. G. Snelling, has held that position since April, 1877. Clearing House Rates. Annexed are tlie perioda of a j. General business paper b\ to 6, and closely scrutinized ; money in good supply, but not pressing for employment. At close of month,- market quiet; call loans 3^ to 4, with exceptions at 3 to special borrowers. Discounts 5 to 6, with exceptions at 7. Clearing House rates declined from 2^ to 2 by the 6th, and so continued. November. — Opened with a better demand for paper, the banlis seeking outside promises. Manufacturing scarce at 4 to ij p. c, and some loans on 6 months at lowest rate. Money more and more .abundant, and instead of "going West" at this time, as usual heretofore, actually coming this way. Best business paper 4 to 5, then a wide range to 6 @ 7. Very choice paper placed at 3^ p. c. on short time, and 4 for a year. Clearing House rate 2 p. u. all the month. December. — A very quiet market for the closing month of the year. The excess of reserve in Boston banks reached $4,210,600 the Ist, aud New York banks $42,297,450 the 6th, both the highest then inown. .Great complaint of business apathy and unemployed capital without parallel for the season Notes on the Boston Money Market. 69 Call loans 2J to 3^, and best borrowers sought for at 3 p. c. Prime paper taken at 4, even on long time, and then a wide range, 4^ to 6. Later a alight advance in rates, but the year closed with an easy market and excessive accumulations. Clearing House rate at 2, until the last few days 3 per cent. 1885. January. — Year opened with a very quiet, easy market; supply ample, demand light, and H promise of greater ease. Best business paper 4 to 5 p. c, and choice manufacturing 4 to 4^.' By middle of month call loans down to 2\, manuActuring paper 3|, and even less for short; choice business paper 4 to 45. At close the same abundant supply continued, with rates unchanged, January all through having preserved an easy market and low rates. Clearing House range 2\ to 1^, and up to 3 p. c. New York funds 30 c. per thousand prera. the Ist, up to 75 c. 22d (highest ever known), and closed, 30 cents. February, — A call for Boston funds to New York carried the Clearing House rate from 3 to 5 p. c, which naturally stiffened discounts. Best manufacturing quick at 4 p. c. ; mercantile paper 45 to 5, and upwards; call loans 3^ and 4, and new loans half per cent higher. Business very quiet, the best bor- I'owers not in pressing need, and banks little disposed to extend their lines, many of them being " poor." Rates held steady and firm nearly all the month, but in closing days a perceptible change for the better, with about half per cent concession in rates all round. Clearing House loans, which steadily advanced from 3 p. u. to 5 the 9th, had only come back to 3 by the 28th. New York funds fell from 25 c. prem. to 35 dis. (the 16th), closing 20 cents. March. — Came in with lamb-like serenity, in financial affairs, but failed to keep up the old adage, in going out. Money in good supply, and rates easier. By the 10th call loans down to 2^ p. c, choice manufacturing heavy at 4, and the very best business paper 4 to 4^, with exceptions at 5 to 5^ p. u. While Boston was getting "easier," Chicago and other points westward were feeling the stringency more than ever. Later on a continued gain; by close of month a decidedly easier market, and funds accumulating. Corporation paper scarce at 3j to 4 p. c, and great complaint of dulness throughout business circles. Some Trust Companies reduced interest on deposits to 2 p. i;. Clearing House rates steadily declined from 3 to 1^ p. u. (20th), and at this low figure considerable funds were " taken home " for lack of borrowers, April, — Opened bright and cheery, without the disturbance incident to dividend payments. Call loans, 2 to 2j p. c. ; prime manufacturing paper, 4 on a year's time, and 3^ four or six months, with great scarcity of these grades; general business notes, 4^ to t^. Our market not troubled by Loudon de- spatches that '* War seems inevitable," but consols down to 94| from par. Worcester City 4 p. c, 30 years' loan, taken at 109.26 by a Savings Bank. Money matters remarkably steady and quiet through to - the end, with slight concessions in rates. A loan made at SJ p. i;. on three months, and reports of money from New York offered on time at 2^ to 3. Best business paper 4 to 4^ at bank. Clearing House rate 1^ p. c. all the month. May, —A sudden jump in Clearing House rates from 1^ to 2 p. u., the 1st, was for " one day only," and the work of a single bank, "just for the fun of it." Money abundant as ever, and rates unchanged from the close of April. By middle of month best business paper 4 to 4i p. c, with exceptions at 5 g 5^. Manufacturing paper, a year to run, 4 p. c; shorter time 3^ to 3^, and loans reported as low as 3 p. c. Connecticut placed a 3 p. c. 25-year loan on the 20th, at 100^, the bonds " free of all taxes " in that State. The Bank of England, under " peace " influences, reduced interest rate to 2 p. u., the 28th, below which it never goes ; and this is the eleventh time that rate has been established, with an aggregate close on to five years at two. Month closed with extremely easy market and rates even lower; banks crowded with " surplus." In New York $60,768,925 in excess of the required reserve. Clearing House rate " fixed " at I5 per cent. June. — A month of easy money and greater abundance of capital than at any previous date, not inaptly termed the " money borrower^ paradise." Choice manufacturing paper, a year to run, 3^ p. c. A Boston institution bought $100,000 New England city nqtes, 4 months, at 2^ p. c, and a Trust Co. took choice 60 day mercantile paper at same. A loan of $250,000 made in New York for a Boston borrower at 1^ p. c. on i-ailroad bonds. The State of New York placed a 2^ p. c. loan of 81,000,000 ($100,000 ma- turing annually) at par. A case noted where a party in New York, wishing to pay off $200,000, was in- duced to let it remain, on condition that he take 8100,000 at 3 p. c, and have $100,000 free of interest ; thus securing the money at 1^ p. c, while the bank, apparently, held to its nominal rate. Some banks getting 4 to 5 p. c. on good paper in small amounts. Western single name paper, which would have gone hard a year ago at 7 p. c, placed at 4^ this month. Clearing House rate all 1^ p. c, and heavy at that. In New York, bank balances loaned as low as half of one per cent. 1885. July, — Greater abundance of capital and round suras on short time at insignificant rates, the City of Boston borrowing in New York $2,000,000, on four months, at 2 p. c. per annum, and 3 on a year's time not uncommon, with plenty at 3^ p. c. In New York, banks becoming "money poor," and a deposit of $150,000 was actually refused. A Boston banker borrowed at one p. c. on call in New York, and lij three months. No reports were made of paying the borrower to take money. August. — First half of mouth no change from July rates, but a larger movement of funds; bor- rowers welcome visitors at bank. A loan reported of $400,000, on railroad bonds, 4 months at 2 p. e. Later on a more active stock market increased the demand ; and by close, general business paper ranged from 4 to 5 p. c, and best manufacturing 3^ to 4 on a year's tune, with shorter as low as 3 p. c. The City 70 Ifotes on the Boston Money Market, of New York borrowed money at \% p. c. on a few months, the loweat time rate ever made. Although the abundance of capital probably exceeds that of any former period, it will be noted that 42 years ago (see page 32 and year 1843) rates for money, on long time, were even lower than now. The New York banks held, August 1,. $64,724,100 excess of reserve, the largest ever known. September. — The Fall demand for money less than anticipated, but rates firmer. On the 8th the long spell of 1| p. c. Clearing House rate was finally broken, having continued since March 19, — a period of 172 days, of nearly six months, — with the single exception of 2 p. c. on one loan of $5,000, May 1, made simply to "break the spell." The rate reached 3 p, c. by the 16th, but mainly 2^ balance of mouth. Although the longest period of 1^ p c, ever known, the rate has been lower having stood at one p. c. from Nov. 18 to Dec. 23, 1878, inclusive. In New York, the 12th, money offered at one p. c. on call. The month noted for quiet in money matters, with no lack of funds. G-eneral business paper 4 to 5 p. u. mainly 4^, with exceptions at 5 to 6. On call 3 p. c ; manufacturing as low as 3)J on a year's time. October. — Opened with a quiet, easy market, and a softening of rates later. On the 2d unlocked for failure in New York, of "Wm. Heath & Co.; but they were " bears," and got no sympathy. From middle to close of month best manufacturing paper 3^ @ 3j, six months, and 3| to 4 on a year's time with no quick demand. Sixty day notes passed at 3 p. c. Exceptional loans made at 35, twelve months, — cases where money sought the paper. Call loans 3 p. i;., and some loans 2^. Business paper 4 to 5, with abundant supply of money, and banks troubled to keep funds employed. London advices stated that " the position of the money mai-ket grows more and more anomalous week by week. On the one hand, the mass of capital at the disposal of bankers is steadily augmenting, and the effort to keep as much of it employed as possible has forced down rates to perhaps the lowest points they have ever touched." Calls for currency from the West. Heavy reduction iu New York bank resei-ve; ©13,067,200 this month, and from $67,724,100, Aug. 1 (highest' ever reached), to $28,432,000, Oct. 31, a net reduction of $39,292,100. Large movement in the stock market, A feature in the auctions was heavy sales of bank shares, over 2,100 in a single day at largely enhanced prices; of these, 1,519 were assets of the Shoe & Leather Ins. Co. November. — Money market very quiet first part of month, and rates unchanged, but a moderately larger demand. Heavy increase iu exchanges at the Clearing Houses of the country generally. By mid- dle of month surplus capital increasing again and choice paper scarce. Note dealers reported great diffi- culty in keeping a good supply of paper, while banks were quietly picking up outside promises. General business paper 4 to 5 p. c. as the extremes ; prime manufacturing taken as low as 3, short dates, aud a six months loan reported at that figure. Exceptioual cases of year notes at 3^ p. u., and from that up to 4, with some good six months mill paper, not sought for, as high as 4^ p. c. Savings Banks less urgent, , lenders under 4 p. c, many of them having employed funds in other investments. Call loans 3 p. c, with exceptions at 2^. The Bank of England increased its interest rate from 2 p. c. (May 28) to 3, Nov. 12. And here we place on record each period of a 2 p. c. rate by the Bank, a point below which it never goes. Changes. Duration of Rate. Bullion. 7th, 1877, J'y 12 to 1877, Au.28, —47 days, 27,679,257 8th, 1878, Jan. 31 to 1878,Mar.28, — 8 w'ks, 24,868,885 Changes. Duration of Rate. Bullion. Ist, 1852, Ap.22 to 1853, Jan, 6,— 37 w'ks, 19,587,670 2d, 1862, J'y 24 to 1862, Oct. 30,— 14 " £18,448,000 3d, 1867, J'y 25 to 1868, Nov.19,— 69 " £22,771,864 4th, 1871, J'y 13 to 1871, Sep. 21,— 10 *' £26,917,019 5th, 1875, Au.l2 to 1875, Oct. 7,— 8 '* £28,895,202 6th, 1876, Ap.20 to 1877, May 3,— 54 " £25,848,310 9th, 1879, Ap. 10 to 1879, Nov. 6,— 30 " £33,490,659 10th, 1884, Junel9 to 1884, Oct. 9,— 16 " £25,153,000 11th, 1885, May 28 to 1885, No. 12, —24 '* £26,841,880 (See page 91.) It will be seen that there have been eleven cases, in all, of a 2 p. c. rate, and several of them noted for length; one in particular, running from July 25, 1867, to Nov. 19, 1868,.— a period of one year three months^ 26 days, — and an aggregate of 5 years, 4 months duration of the 2 p. u. rate. The reserve of the New York banks increased Nov. 14, for the first time since Aug. 1, and meantime had been reduced from $64,724,100 to $25,452,600. Noted as remarkable, that this movement caused no decided "pinch" in the money market, particularly in view of the immense dealings in stocks; heavy all the mouth, and for the week ending Nov. 14 the largest in Newi^ork ever recorded. As a result the Clearing House exchanges were very large throughout the country , in Boston, for the week ending Nov. 21, $94,335,791, the largest ever reached, and $25,255,260 in excess of corresponding period in 1884. But the stock movement was largely offset by the continued dulness of general business, the borrowing de- mand from the latter source being very light. Little New York paper offered here, aud banks compelled to look westward, heretofore discriminated against, for new sources of employment for capital. At close of month money continued abundant, with little change in rales, except more firmness in call loans at 3 to 3^ p. c. Clearing House rate 2^ p. c. Sept. 19 to Nov. 30, then 3^ ; the longest period of a 2^ rate ever recorded. Speculation in stocks "letting up" somewhat, the "wild-cat" fever having abated considerably. Money market very quiet. Heavy increase in exchanges at the Clearing Houses. By middle of month surplus capital Increasing again. General business jpaper 4 to 5 p. c. as the extremes; prime manufacturing taken as low as 3, short dates. Savings banks Jess -urgent, lenders under 4 p. c, many of them having employed funds in other investments. Call loarts 3 p. c, with exceptions at 25. At close of month money continued abundant, with little change, except more firmness in call loans at 3 to 3^ p. c. Clearing House rate 2\ p. c. Sept. 19 to Nov. 30, then 3^; the longest period of 2\ ever recorded. December. — With an advancing Clearing House rate from 2\ to 4 p. c, discounts were firmer. Good business paper 4^ to 5i; choice manufacturing 3^ to 4, mainly at higher figure ; no lack of funds at lending rates. William H. Vanderbilt, worth some $200,000,000 and reputed to-be the richest man "in the world," died suddenly on the 8th, aged 64 years and 7 months, By middle of month Clearing House rate off to 3 p. c. and later 2J ; discounts easy and money abundant to close of year. A ten months' Newton City loan placed at 3 p. c, and railroad paper 3| one year. Notes on the Boston Money Market. 71 1886. — January. The year opened with a little "flurry" at the Clearing House and the rate rose to 4. p. c. which held to the 14th, then gradually off by the 20th, to 1^ p. e. continuing through the month. Discounts firm at 4^ to 5^ p. li. and manufacturing paper 3J to 4; but capitalists were not anxious lenders — waiting to measure the market, which held even and firm. Later on the supply of money became in excess of the demand, and rates eased off. Five p. c. loans disappeared by close of month, and with a "dull and doleful" market, lenders were glad to accept 4 to 4^ p. c; choice manufacturing as low as 3^. A Govern- ment bond call for $10,000,000, with more to come, further eased the market. reljruary, — A dull market with supply of money large; demand light, but rates held at an average of about 4i p. c. for best paper, and short manufacturing 3^; on a year's tim^ 3^ to 4, with a weakening of fully \ p. c. by the 15th. Towards close of month, Clearing House rate advanced to 2 p. c. and discounts firmer. Good business paper 4^ to 5 p. c. ; but manufacturing held without change, owing to scarcity. Noted as a feature that the Illinois Central railroad negotiated 3^ p. c. gold bonds due 1951. Marcli. — Money market quiet and decidedly dull; no special features, but lenders not feeling over satis- fi.ed with the situation. An increased firmness by middle of month without change in rates, which held at 4 to 4r^ p. u., best business paper, and 3^ to 4 for prime manufacturing; on call 3 to 3^ p. u. Continued gold shipments with large reduction in New York bank reserve gave indications of a closer market, and later on Clearing House rate rose from 1^ to 5 p. c. with a more active demand for money at 5 to 5^ on call. Business paper felt the change and rates were 4^ to 5^ by close of month, with little doing at lower figure. Best manufacturing 4 to 4^ where loans were made, but these borrowers were in condition to wait their turn. April. — The month opened with a sharp demand for money on call at 5 to 5^ p. »j. and stiff at 5 "be- tween banks." Discount rates were not much influenced, but money less easy of access. Manufacturing paper 4 p, c. sharp. After middle of month Clearing House rate gradually eased off to 2^ but at close was 3 p. c. Discounts 4i to 5. Manufacturing 3.V to 3J, best; on call 3^ to 4 p. c. On the whole a rather "hard" month for money and yet the State of Massachusetts borrowed ^00,000 on 7 months at a fraction less than two per cent, per annum. May. —Money market firm but without an active urgent demand. Rates at Clearing House 3i to 4 p. c, gradually settling to 2 by the 11th, and so continued. Discounts softened from 4j @ 5 to 4 i(/ 4i at close of month, with exceptions, by banks, even below 4 p. u. Manufacturing 3 to 4, but little doing at the higher ^ure; on call 3 p. c. and " round sums" even at 2 p. c. Business greatly disturbed by the labor troubles which had the effect to increase idle money. Anarchist slaughter of policemen in Chicsigo the 4th. Tlie City of Lynn borrowed $100,000 and Providence $500,000, both a shade under 2;} p. u., and the State of Massachusetts $300,000 at 2i per cent. June. — Market quiet ; Clearing House rate 2 p. c. Best business paper 4 to 4^, and 4^ to 5 considered high rates. Manufacturing 3^ to 4 with exceptions as low as 3 to 3J short time. City of Providence bor- rowed $100,000 four months at 2^ p. c. By middle of month rate between banks up to 4 p. c. and a gradual advance to 6 by end of month. Call loans sharp at 6 p. c. ; but discounts little influenced, except less cheap money and rates steady at 4^ to 5 for best paper. Better crop reports, but they failed to have much in- fluence. July. — Month opened with a snap to the money market and the first week banks were paying each other 7^ p. v. Notwithstanding this closeness of money in Boston, there was no lack of surplus money else- where, or even here for investment purposes. New York city placed an 8-year 3 p. c. loan of &470,845 at 102.918 p. c, the bids amounting to $4,066,704, and the Providence 30-year 3^ p. c. loan of :>483,000 was placed at 112, (2.90 p. c. basis) funds for the latter coming from Boston's conservative investors. The Town of Brookline borrowed $140,000 at 3 p. c. payable in one to ten years. All the first half of month there was a feeling that the general money market would soon be "better," but it was literally "hope deferred." The banks were very short and continually made their customers shorter by a steady calling in of loans and thus • pinching borrowers just when they needed aid most. Favored customers were sparingly accommodated at f^j 5^ @ 6 p. c. and manufacturing nominal at 3^ to 4. The contrast was noted with one year ago, when Clear- ing House funds were abundant at 1^ p. u. August. — Started off with a stringent mid-summer money market which persistently continued through to the end. Defalcations, embezzlements and failures followed in quick succession and by middle of month, almost a panic, which fortunately was averted. Clearing House rate sharp at 6 to 7^ p. ^;. Discounts ranged upward from 5j to 6 and 6^ to 7 p. c, only best customers getting anything at the lower rates, and none supplied freely. The month was one of the most trying in financial circles experienced since the panic of May, 1884. Large decline in stocks though only a temporary break. The City of Boston issued $624,000, 3^ per cts. the 30th, at 102^. Bond calls becoming frequent but afforded little relief, as the bonds were mainly held by banks against circulation and even the offer to redeem any bonds, not called, failed to bring in many. Silver certificates of SI, $- and $5 authorized. September. — After the first week a more cheerful feeling and the money market "eased up" gradually, the Clearing House rate settling to 3i p. c. The stock market improved again, and an encouraging feature was the largely increased railroad earnings. Discount rates gradually receded to 5^^ (£' 6 p. c. and manufact- uring 4^ to 5. Some year loans were made at the lower figure ; few companies borrowers. The City of Taxmton placed a small 4 p. c. 20-year loan at a price to net 3^ p. c. Boston capitalists continued to pour their millions into Western railroads and other Western securities. 72 Notes on the Boston Money Market , October.— A renewed temporary demand for money as usual at this season, but not lasting. Money gradually coming in from the West, and by middle of month a better supply, but rates sustained, and all through the month a market of steady firmness ; at times said to be "eoftening around the edges," though onl^v perceptible to those on the "inside." Business paper 5^ to 6 p. c. and manufacturing 4^ to 5. The stock market a little imsettled, a sort of "bullish market with bearish principles," and then a "bearish market with bullish principles," but higher prices predicted. Gold imports were an encouraging feature with a total of about 3535,000,000 in last four months of the year. Clearing House rate 4 to 5 p. c. up to 15th, then off to 3^ by close. November.— The month opened with a "satisfactory" money market, but demand kept close to the supply, few banks having a "surplus" to trouble them. Best paper 5^ to G p. c. with rare exceptions at 5; manufacturing 4^ to 5 and occasional transactions on a year's time at the lower %ure. As the month ad- vanced the hardening of rates "between banks" (from 3i up to 6 p. c.) gave borrowers little encouragement, lenders being able more readily to sustain rates even without scarcity of funds. Discounts were stronger at &h to 6^, best paper, but mainly on a 6 p. c. basis. Manufacturing 4| to 5 p. c. At the same time the market was called "easy" to those willing to pay rates asked, there being no actual scarcity of money. Banks, how- ever, were not obliged to seek customers ; they came without bidding and yet were themselves active "bid- ders." Towards close of month the rapid decline in Clearing House rates to 3 p. c. changed the tone of the market, particularly on call, making discoimts more easily obtainable with a "softening" of rates. The stock market steadily widened with the volume of business greatly increased and a near approach to a first- class "boom." Atchison literally "touched par" on the 19th — a single 100 shares — and then slid back to 97^ with a falling off in the business generally. December.— Opened with a quiet money market, but rates soon hardened, and by 15th a bad break in stocks — almost a panic. N. T. and N. E. fell 20 points in two days and others followed suit. Margin oper- ators were demoralized, the smash coming with greatest force on the inflated fancies. Money became sharp at 6^ to 7 p. c. on call with discoimts 6 and upwards. The bears had full swing for a time, and this Decem- ber was the hardest experienced for years. Clearing House rates 2^ to 2 p. c. up to the 16th, then a sharp turn to 8 p. c; towards close, however, the market eased up, with a Clearing House rate of 6 per cent. 1887. January. — The year opened with money G to 7 p. c. on best paper, but soon eased up and rates declined steadily until at close, 5 to 5i were current rates, with manufacturing at 4^ on a year's time, and no pressure of paper at that. Clearing House rate opened at G p. c. and gradually settled to 2 at close of month. $300,000 Boston 3 p. c. Park Loan offered but not awarded, as no bid of par was made, Boston money being largely absorbed in building up "Western railroads; a loan of $15,000,000 taken to extend Atchison, north- ward to Chicago. The Fitchburg Railroad purchased the Hoosac Tunnel. The new West End Land Co. introduced on the 11th at lOg; [later (May 18), it reached 39J per share — highest.] Februai-j'. — Money market dull and fairly easy; later on reported "dead as a door nail," bank people feeling blue — few needy borrowers. Paper which would pass at 4^ p. c. not to be had, and some long time had been placed at 4; a railroad loan reported at Z%. Good business paper, 5 @ 5^ p. c. Toward close of month a firmer tone with 5i to G. Manufacturing 4^ and moving slowly. Clearing House 2 to 4 and off to 2, closing 3 p. c. Stocks moving freely at good prices; new Land Companies being brought out and capturing most of the speculative action to the exclusion of " old stagers." ^00,000 Boston Park Loan, 50 years to run at 3^ p. ^;. interest, awarded at 111.52, a very successful negotiation and the highest price for a 3^ p. c. loan. March. — A fairly active month in money, but little pressure. The banks generally close hauled, but Savings Banks and Trust Companies were large factors in supplying the public wants. Clearing House rates advanced steadily from 3 to 7 p. c. by the 22d, and receded to 5 at close. This movement, however, influenced discount rates less than usual with a range of 5^ to 6^ p. c, averaging G, mainly, through the month. Manu- facturing paper 4^ on six months' time, with some short City loans passing at 3^ @ 3f p. c. At close of month market quiet but rates firm, the heavy stock speculation absorbing large amounts of surplus money. A great movement by the " West End Land " Co. to control all the street railroads in Boston, which became successful by the purchase of controlling interests in the stocks. Cambridge went as high as 142; Metropol- itan, 256 p. c, and South Boston about the same. April. — Money market quiet; large dividend disbursements, and heavy exchanges at Clearing House, amoimting to $23,479,724, April 2, the largest then known. By middle of month rates eased off fully half p. c, with good double name paper, 5 to 5^ p. u., and exceptions 4|; no change in manufacturing. Paper generally scarce, and borrowers indifferent; some single name selling at 5 to G. Cities borrowing on a basis of 3^ to 3| p. c. Loans made on a year's time, with collaterals, at 5 p. c. Towards close of month a sharp turn in Clearing House rate, 2^ to 5 p. c, while discounts did not change. May. — Opened with Clearing House rate firm, at 5 p. c, with a let up later on. Discounts firmer, but a gradual weakening to 5^ (5) 5 p. c, with exceptions of short dates at 4. Manufacturing 4i on a year's time, and a fraction lower in special cases. A remarkably good market for stocks and bonds, without a wild "boom," the appreciation being general through the list, and largely on merit. The "last call" of U. S. 3 per cents. May 20 ($19,717,500) to mature July 1, left no bonds " subject to caU " until 1891— the 4^ p. m. Clearing House exchanges May 21, for week, were $107,231,010, largest to date. June. — Money easy on call, but less freely offered on time, with an uncertain feeling in financial circles. Later, a hardening tendency until by close of month rates had doubled to 7 p. c. at Clearing House. The banks generally " close hauled." CaU loans 7 to 8 p. u. Bank discounts six to best customers; outside paper Notes on the Boston Money Market. 73 6 to 7, but not sought for. Manufacturing little offered, and 5 p. c. the lowest figure. A big "panic " the 24th in Manhattan stock (N. Y.), the price falling from IGl to 115. A sale of 50,000 shares at 1'20 by Cyrus "W. Field to Jay Gould, was announced afterwards ! This had the effect of demoralizing the whole market for a time. July. — Opened with a sharp money market, and a 7 p. e. rate "between banks," continuing so nearly all through the month. Borrowers urgent, with a "reserve" amoi^ banks, but lacking in the real article. Expected relief from "dividend disbursements " failed to come; best customers paying 6 to 6^ p. o. A little ''elief later on, but a close market ruled the whole month, and remarkably so for mid-summer. Manufact- uring paper very quiet, lenders unwilling to take it less than 5 to 5J p. c, and borrowers, not being pressed, were holding off. So close a July market has rarely been experienced. Large amounts of Eastern money absorbed in investments, South and "West, both in railroads and real estate, only a small portion of which comes back. One estimate placed the sum at ^00,000,000 in excess of the average heretofore. August. — No abatement of the stringency until the second week, when the Government, coming into the market as a buyer of its 4^ p. o. bonds, afforded slight relief; but a strong market throughout the month with 6 p. c. as the minimum on choice paper, and oftener at 6^ to 7; evfen best manufacturing not going under 5.^; and 5 p. c. paid on a City Loan of $25,000 six months. Clearing House rate opened at 7, off to G the 12th, and so through the month. Stock market weak and vacillating. The failure of H. S. Ives & Co. (N. Y.), who were attempting a "deal" with the Baltimore and Ohio, carried that stock down from 164 to 120 per share. September. — Brought more or less relief, but the word "easy " had no place in money matters. Wall Street, favored heretofore, was feeling the stringency more than Boston. This is the third month of a "tight" money market, and little hope of change. No cheap money all through the summer, and the outlook for remainder of year not cheering. Towards close of month Clearing House rate fell off to 5 p. i;., and banks were a little more "accommodating," but discount rates well sustained. October. — Providing for dividend payments and the nearness (Oct. 5) of a " call " upon banks caused the month to open with increasing closeness in money. Later, a better feeling, with disposition to loan more freely, and by close of month G p. c. was the general bank rate, with choice manufacturing 5i, while " out- side " paper went a little slow at G^ to 7 p. c. The "hope " qf easy money had been " deferred " to a time indefinite. Clearing House rate off from 7 at opening to ■i\ by middle, and closed month at 5 p. u. A gen- eral depression in stocks which continued to the 14th. November. — An even money market, the Clearing House rate changing from 6 p. c. (to 5i) only twice during the month. Bank rate 6 p. c. to customers, and G^ to 7 for others. An occasional manufacturing loan at 5.', but most paid G p. c; good papernot plenty. The stock market depressed and imsatisfactory, but rallied later on; brokers complained of dulness. A marked advance in the price of ingot copper from 10c. (in Sept.) to 15^c., causing material improvement in copper stocks; Calumet & Hecla an exception, owing to a bad fire in the mine. Large depreciation in State, City, and first-class railroad bonds, owing to the continued higher rates for money. December. — With a steady and close money market through the Fall months, a stringency was feared at the close of the year; but it failed to come, and December exhibited the remarkable feature of a compar- atively easy market; at the close, money "between banks" was actually cheaper than at any time for six months, dropping from 7 to 4 p. <^. The daily Clearing House rates for 1887 gave extremes of 2 to 7 p. c. In 1 880 they were 1^ to 8, the higher figure at close of year. Discoxmt rates did not sympathize with the decline in Clearing House funds, and rarely do until the latter become permanently high or low. At opening of month good business paper was 6 to 7 p. c, manufacturing 5^ to G, call loans G^ to 7; at close of year, G to 6A 5iv, and 6 to 7 respectively. Some long time collateral loans had been placed at 5^^ to 5^ p. c. Stock market notably dull the last months of the year, but closed up with a decidedly better tone than.previoufely. 1888. — January. The year opened \vith a quiet market, but no pressure of money. Rates were G to 6.V p. u. on bankable paper, and manufacturing nominal at b% By middle of month a concession of nearly half p. c. in rates and funds accumulating. This tendency continued and at close paper discounted at 5^ to 6 p. c; manufacturing, 5 to 5J^, with a slack general demand. The Clearing House rate held at 4 p. c. up to 14th, then gradually off to 2^ at close. An operator in New York who had been "on the market for over 3') years," and a close observer of its various phases — predicted "a more active movement" in stocks; but it was the old story of "a prophet, etc." Boston sold on the 28th, ^50,000, 4's, 1918, at 104.53. February.— Money abundant and a gradual softening of rates from 5^ @ G p. c. at opening to 4^ (a 5 by close of month, for strictly first-class. Choice corporation paper 4|, and exceptional loans at 4i, with transactions on a year's time at 5. The Clearing House rate held at 2^ p. c. through the month, with single quotations at 3 "for effect" on the 16th and 17th. The above figures teU the whole story; loans for round sums made in New York at 4 p. c, six months, with collaterals. Some ^70,000,000 of railroad, bonds, mainly new issues by old roads, put on the market here and in New York since New Year's. It was remarked that "the Boston Stock Market still lives, and considering the haziness of the atmosphere of the New York mar- ket and the general feeling of imcertainty which seems to have taken possession of the public, it is greatly to its credit that it keeps up as well as it does." March. Month opened on a market "dead as a door nail," as facetiously stated, but a resurrection soon came and by middle, thmgs were getting more "lively." The Clearing House rate quiet at 21 (a) 3 p. c. first of month, had fairly "jumped" to 6 by 13th, and held at that to the end. Rates for paper "stiffened" 74 Notes on the Boston Money Market up to 6 @ 6^ on best discounts, with special exceptions at 5^ and some manufacturing as low as 5 p . c. ; demand not lai^e, as borrowers held back when possible. A feature of the times this month was an "embargo" be- tween here imd New York, a snow-storm there of great violence having completely cut ofE that city from the outer world almost from Monday 12th to Saturday 17th; all business absolutely suspended for two days. In Boston only ordinary disturbance. An important transaction was the sale of the products for three years of all the Lake Superior copper mines at a minimum of 13 cents per lb., with half profits in excess of that. These purchases, by what was known as the "French Syndicate," practically covered the copper mines of the world. (See page 42 for details of the great snow-storm). April. — A close, firm market in the early days of the month. Best corporation paper 5^^ p. c. and choice city or town loans could not be made under 4|, six month's time. Bank customers glad to get a limited supply at 6, some paying 7 p. c. Relief came after the first week when Clearing House rate broke from 6 p. c. gradually off to 3 by the 21st, and so continued. Discounts, however, were well sustained, until latter part of month, when banks loaned at 5 to 5^ p. c, with exceptions at 4^. Corporations foimd money even at 4 p. c. but not large borrowers; long time collateral loans at 4^ per cent. May. — A calm state at opening, not a "ripple" of disturbance, and by middle of month money very abundant, market classed by note brokers as "deeply, darkly, dreadfully dull," the large corporations being light borrowers, and merchants "easy." Transactions made at 3.^ and 4 p. c, some of these on a year's time; but 4J and 4^ were the general rates on choice paper. Banks discounting to customers at 5 p. c. and a shade lower on choice outside notes. Clearing House rate 3 to 4 p. u. for a few days; off to 2 the 7th, then same all through. Secretary of Treasury commenced the purchase of government bonds April 23, and by the close of May had taken 913,056,450 of 4's at 124^ to 127, and ^7,600,100, 4^'a at 107^ to 108. The great fire in Calumet and Hecla mine, which was closed for several months, finally subdued. Fortunately a new mine'on another part of the property, opened previously, had proved a success. JTune. — Started with a money market easier than at any time in the year 1887, and rates rarely lower for three years. The Clearing House rate remained "fixed" at 2 p. o. May 7 to June 29. Stock market drifting into summer dullness. Atchison touched 79^, June 14, lowest since Nov. 2, 1885. By middle of month money had settled to 4^ @ 5 p. c, with banks loaning at 4, Manufacturing paper nominally 4 and little offering. A six months' loan made at Z\ p. c. and $320,000 borrowed in New York, 60 days, at 2 p. u. The last two days of month Clearing House rate advanced suddenly to 3^ p. c. ; best paper 5 sharp. July. — Month opened on a quiet, dull market, but a scarcity of funds with a feeling of relief by middle and banks supplying customers freely, besides taking some outside paper. End of month good paper pass- ing at 4^- @ 5 p. c. ; less known, 5 to 5 J, and exceptional loans, 4 months, at 4 p. c. Some manufacturing at 4 on a year's time. The above rates fully one per cent, less than first of month. Clearing House rate 4 p. c- up to 12th, then gradually off to 2 by the 26th. Aug-ust. — Money plenty, with hardly a feature and lenders seeking paper. A 2 p. «j. Clearing House rate up to 14th, then 2 to 3 until close. A midsummer dulness, but rates hardened last of month; manufact- uring, 4^, year's time. Short city loans at 3^; discoimts mainly 5 to 6 with exceptions by Savings banks and Trust companies at 4^ (w 5 p. c. A brief review, but it covered the situation. Seplembei". — A closer market and quicker demand. Western paper seeking discount here. After first week a sharp advance in Clearing House rates to 4^ @ 5 p. c. New York fmids, 30 cents dis. per ^1000. No material advance in discounts, but hardening. By close of of month Clearing House rates down to 3 p. c, and an easy market; an unusual scarcity of desirable paper the complaint of brokers. Manufacturers small borrowers and general trade light. Good paper hard to find at 5 @ 5^ p. u. Prime manufacturing, 4^^ @ 4J asked. October. — The usual "flurry" imder quarterly settlements and sharp demand for "call" money with discoimts a little imsettled, but no material advance. Clearing House rate 6 p. c. for the first time since April, but only for two days (2d-3d) receding to 3 p. u. within ten days, and to 2j later on. Discounts 5 to 6 and little disposition to "extend." This state of things only temporary, the market "softening" with a ten- dency to dulness. At close of month best discounts 5 p. c, and desirable paper scarce. Less known 5i to 6. Manufacturing 4J, and in some cases 4^ p. c. "Week ending Oct. 20, clearings were $110,307,731, largest recorded in Boston to date. The feature this month was the great "break" in the stock market, Atchison going from 840 Oct. 1, to Gl^ on the 22d (lowest since July, 1884), a shrinkage of seventeen millions, and a perfect avalanche of stock thrown on the market; C, B. & Q. fell to 109 Oct. 30, lowest since July, 1884; Eastern to 77, lowest since July, 1886. Union Pacific took the reverse course, advancing from 61 to 66|, 20th. Noveunber. — A quiet market, and note dealers making small commissions. Clearing House rate "fixed" at 2i up to 19th, then 2i to 3 p. v. On the 2d clearings reached $26,248,226, the highest yet, largely due to heavy tax payments. General business paper 5 to 6^ p. c. Good factory 4^, choice at 4, but rarely offering. A month without features; little difficulty in getting money on good paper, but no pressure of surplus; more demand towards close. Bost. & Me. fell to 175, Nov. 13, lowest since April, 1885; dividend reduced from 5 to 4 p. c. Eastern, 75^, lowest since Jan., 1886. Fire renewed in Calumet & Hecla mine Nov. 30; stock fell from 305 to 255; sales, 1,000 shares. December. — The usual gradual hardening of the money market the last month of the year, but nothing like a " stringency." Rates ranged from 5 @ 5^ p. v. at opening, to 5^ @ 6 at close for desirable paper; best manufacturing 4J four months, and 4^ year's time, to 4^ @ 5 nominal. Clearing House rates 3 to 4 p. c. to the 15th, then advanced quietly to 6 at close. Clearings for the year ($4,427,357,070), largest to date in Notes on the Boston Money Market, 75 Boston. Stocks better latter part of month. Atchison touched SSJ the 5th, lowest since Jan. 13, 1887; then 119^. C, B. & Q. fell to 103^ Dec. 5, lowest since May 17, 1887, then 156; but both rallied later. X889. January. — As usual, at the "opening," money a little close, particularly for "call" loans; paper slightly influenced, with good bankable at 5^ to G. City loans, 6 to 9 months, placed at 4 p. c. Stock market unsettled with lower prices; stronger and active later on. Clearing House rate sharp at 6 p. u., but gradually softened to 2 by the IGth, and at close ofE to \\ for the first time since March 18, 1886. Americans have an aptitude for speculation, but London "takes the cake " with $2,000,000,000 of securities "listed " in 1888 against $840,000,000 in 1887. Month closed with easy money, unemployed surplus, and quiet business, but on a healtby basis. Double name paper 4 p. c; lower grades 5; " call " loans 2^ to 3 p. c. rebruary. — Money market very soft the first half of month, with a limited demand, and the bulk of business under 5 p. c; manufacturing 4^ on a year's time. Exceptional loans reported at 3^, but not numerous. The Maverick Bank loaned the State at 1\ p. c, $500,000, due in Nov. A Boston party borrowed $800,000 in New York on choice collateral at 2 p. c! Towards close of month Clearing House rate stiffened up from 1^ to 3 p. c. which caused readjusting of "call" loans, with more difficulty in placing paper at low rates. Marcli.— A "call" on the banks for Feb. 26, afforded relief. Clearing House rate broke from 3 to 2 p. c, and to \\ by the 9th, again up to 3 (IGth) and off to 1^ the 22d, closing 2 to 1\. These fluctuations had little influence on the paper market, rates for best ranging from 4 to 5 p. c. with some manufacturing year notes, placed at 4 to 4J;. C, B. & Q-. touched 90 the 25-2G, lowest since the panic of 1873 (then 79^, Nov. 8), and meantime had sold at 182^ (Jan. 7, 1881). Stock not under par 1863 to 1873, and sold at 200 in 1869. A month of quiet, with money in good supply. Unusual excitement in unlisted stocks, some of them *' booming " $5 to $10 per share or more in a day. April. — This was a peculiar month, with three legal holidays (Fast, Prohibitory Election, and Wash- ington Centenriial), besides two "Broker's Holidays " (Good Friday and April 29), not to mention the half- holiday, "every Saturday." But New York went us "one better," the Centennial celebration of the Inauguration of the American Government causing the suspension of business from noon, April 27, to Thurs- day, May 2 — all intervening made legal holidays — an unparallelled holiday occurrence. In the panic of 1873, however, the Stock Exchange remained closed for ten da;/*— Sept. 20 to 29 inclusive. Money easy and abundant the entire month, with less disturbance than usual from quarterly payments; rates ranging down- ward from 4J: to 5^ until close, market very easy with best paper as low as 34- p. c. and good 4 to 4J. Trust Co.'s reduced rate on deposits to 2 p. c. Banks greatly perplexed to place funds to advantage. Verdict — too many banks. Boston, with 400,000 population, has 60 banks, $53,300,000 capital; New York, 1,500,000 population, 45 banks, ^8,350,000 capital. Clearing House rates 2 to 3 p. c. first days of month, then off to IJ- and reached 1 on 27th and 29th, lowest record since Dec. 12, 1883, when 1 was touched for " that day only," but in 1878, Nov. 18 to Dec. 23 (35 days), the rate stood at one p. c. unbroken. These are the only one p. u. rates on record to date, [except May 18-L'l, this year.] New York city placed, April 12, a 2^ p. c. 20-40 year loan, free of tax, at one p. c. premium, beating all records of a low interest rate. May. — The extreme Clearing House rate of 1 p. c^ in April was broken at the opening by a sudden rise to 3 p. c, incident to "twists and turns" to escape taxation, funds being withdrawi^ from banks, some securities sold and reinvestments made in others "non-taxable." This disturbance was naturally temporary, and later on banks were called "money poor " — too much on hand and few borrowers. Customers supplied freely at 4 to 4^ p. c. Factory paper — year's time — a drug at 4 p. c. Short choice, not over 4 months, taken at 3^ to 3 p. c! Call loans to best borrowers 2 p. c, which state of the market continued much the same to the «nd. Clearing House rate 3 p. c. for two days, then gradually off to 1^ by 10th, touching one again the 18th-2ist, closing at 1^ p. c. Jane. — Opened dull. Very choice paper passed at 3^ to 3|; a 5 months' note taken at 3^. Great difficulty among note brokers in keeping up a good line of paper. Rates hardened a little later on, and at close best paper 4 p. c. up to 5, and bulk of business 4^ to 5. General business very quiet. Clearing House rate 1^ to 2 first half of month; then 2-2i-3 to close. Specie shipments heavy. In Jime, $23,428,345; May, $11,741,869; since Jan. 1, $;30,759,410, against $20,504,751 last year. The terribly disastrous floods in Johns- town, Pa., occurred this month. July. — Preparations for the dividend disbursements naturally created a firmer money market and good paper up to 5 p. u. Very choice 4 p. c. with limited demand. " Manipulation " at the Clearing House carried.the rate to G p. c, but held only one day. By middle of month lower rates and money easier, settling at close to 4^ to 5 p. c, with a slack demand. Banks well extended and not disposed to yield much. Some collateral loans on a year's time made at 4 to 4^ p. c. Clearing House rates ranged from 3 to 6 p. c. (8th), ofE to 5 next day and gradually down to U by tlie 16th. After 20th, 2 to 3 p. c. to close. August.— The failure of E. & A. H. Batchelder, the very last of July, followed quickly by W. F. John- son & Co., and Brown, Steese & Clark, was a great shock to the money market and some of the banks large sufferers. Rates we^p disturbed and negotiations restricted; little doing under 5 p^ u., with good loans at 5i to 0, and market held rather close throughout the month, only choice manufacturing going under 5 p. u. No lack of demand for choice city securities. New York placed a 3 p. c. loan (free of tax) at 1^ to 2^ premium. Clearing House rate (except 4 on the 7th) held 3 p. c. to the 23d, then off to 2^ p. c. New York funds at a premium of 10c. (30th), first premium since June 30, 1SS8 (except 5c. one day, Oct. 31, 1888). September.— Money market fairly steady through the month, with banks cautious and less urgent borrowing, but rates well sustained. New York market closer than with us, particularly Stock Exchange 76 Notes on the Boston Money Market rates, because of more movement in stocks. Beat paper 5 to 5^ p. c; choice manufactiiring 4i to 4^, some borrowers refusing to pay over 4 p. u. Clearing House rate easy /at 2 to 3 througb the month. Boston borrowed $500,000 the 23d at 100.41 on a 30-year 3J p. c. loan. (In 1887 placed a 50-year 3^ p. u. loan at 111.52!) October. — Started in with a firm market and higher money rates, which is not unusual at this season; banks little disposed to take outside paper, awaiting a " call," which came on the 2d, to date from Sept. 30, and gave relief to banks " close hauled." Discounts 5 to 5^ p. c, with exceptions at 6 to 7 for outsiders, and 4^ to 5 on very choice. A steady, close market through the month, and at close banks charging cus- tomers 5^ to 6 p. c, with slight concession in exceptional cases. Manufacturing 4J^ to 4J. Atchison fell to 2G^, Oct. 11, lowest since May 3, 1878. Clearing House rate jumped to 6 p. o. the 1st, off to 3 by the 7th, ranging from that to 4, and closed at 3^ p. c. November. — Market opened firm and rates worked up to SJ' @ 6 p. c. for good bankable paper; outside, 6^ to 7; manufacturing, 4^ to 4J, supply scant, demand not heavy. Later, market more unsettled and good paper square to 6 p. c. Even manufacturing up to 5 with exceptional loans at 4^. Large sums going South to pay for cotton. Material improvement in ingot copper, advancing from 11^ to 14^. per lb., which largely enhanced values in "coppers." Clearing House rate very steady at 4 p. u. up to 16th, touching 5 on the 2d and l'2tb; later 4^ to 6 at close. December. — Opened with a sharp market. Banks short, "accommodating" customers only. Good paper 7 p. c, and 6 a cheap rate. Even manufacturing 5 p. u. with exceptions of very choice 6 months at ^\. A "call" for Dec. 11, came the 13th, giving relief. Clearing House rate opened at 7 p. c. for the first time since Dec. 23, 1887, held steady at 6 to 7 up to 10th, then gradually declined to 3^ by 20th, and so con- tinued, with a sharp turn to 6 at close, the same as Dec. 31, 1888. Bank of England increased rate to 6 p. c. (Dec. 30) for first time since Feb. 23, 1882. Features of the home market were the complete success of the "Atchison plan " of reorganization — the great " drop " in Lamson Store Service from 52 to 29J (2Gth), and Sugar Certificates touched 55 (Dec. 19) after having sold at 12G June 24 — 71 points decline. [Nov. 26, 1890, 48^, old stock — lowest record.] 1890. Januai'y. — The year opened with a quiet but firm money market; rates ^k to 6 p. c. with little doing less than 6, except manufacturing, 4^ @ 4J. Rather a steady market through the month, but closed with slight concession. Best paper 5 to 6 p. c. and only very choice below 5^; manufacturing unchanged. The Clearing House rate exhibited some unusual features. Opening at 5 p. u., it soon receded and touched oree p. *;., the 13th and 14th, for the first time since May 1, 1889. These 1 p. c. periods are usually for "a few days only," but in 1878 a 1 p. c. rate was continuous from Nov. 18 to Dec. 23. The break in the rate this month had little iufiuence on the general market, with a rally to 4 p. c. the 20th and closed 2A^ @ 3 p. c. February. — Market firm, even "stringent" first half of month; in fact no considerable "letup" all through, as borrowers could testify. But no lack of money for first-class permanent investment, as Boston placed on the 19th ^00,000 thirty-year 4'8 at 111.399. The general range for paper was 5^ to 6^ p. c, with, occasional transactions half p. c. above or below these extremes. The Clearing House rate opened at 2J p. c. and rapidly advanced to 7, holding firm one week (7th to I2th). By 17th off to 3J^ but rallied again and reached 6 the 24th, closing 5 to 6 p. c. The extreme rate of 7 p. c. has been rare of recent years, touching it the first week in Dec, 1889, and not previously since 1887. A feature of that year was a " mid-summer " 7 p. c. market, and, in fact, not "easy " the balance of year with sharp 7 again in Dec. March. — "No relief " first half of month, but later on a very "comfortable " feeling and rates had worked down to 5 {oh 5^ p. c. for the very best paper, vrith 4 «, ^^ noted on "extra choice." Of course, some of the "commoners" were glad to get funds at 6 p. c. This better state of things held mainly through the month, with a firm tone at close. Clearing House rate opened at 7 (touching 8 on the 4th), ^d not below 5 p. c. the first ten days; off to 4 by middle, to 3^ latter part, and closed 4 to 5 p. c. April. — The usual disturbance to meet bank and other dividend payments caused a firmer money market first part of month, with rates 5^ @ 6 p. u. Later a concession, with best paper 5 (w 5^ p. c. and little doing at 5; in manufacturing some year loans placed at 4.^. Toward close of month a hardening again, due mainly to the approach of "tax day," causing a rush of "greenbacks" into Government bonds. The real demand for money was slight, and note brokers reported supply of good paper small. A general better movement in the stock market, and really a little speculative activity for a change. The Clearing House rate opened firm and held 6 to 7 p. c. first ten days, then off to 4 with some 3 p. c. rates, but sharpened to 6 at close of month with a single loan at 7 per cent. May. — Rather a steady, quiet money market through the month, with scarcely any concession in rates. At close good business paper, 5 to D.j p. c; choice, 4^ to 5 and scarce. Year collateral loans made at 5 p. c. Call loans, 4 to 5. Cities and towns constantly issuing new loans on favorable terms. Brooklyn, N. Y., refused par for a 3 p. c. loan. Clearing House rate opened at 6 p. c, gradually declined to 2^ by 24th, up to 4 at close. * * June. — Month opened with a quiet market but money gradually growing closer with increased rates. Banks doing little, awaiting events. By end of month rates had advanced nearly 1 p. c, 6 being the ruling figure, with some very choice at 5 p. c. Manufacturing paper, little in market and nominally 4i @ 4| or no negotiations. Call loans, 7 sharp. Clearing House rate 4^ to 6 p. c. through the month, closing 6 strong. July. — Money market sharp and banks close hauled, particularly the first third of month, and a good, steady demand all through. Good city bonds still selling on a low Basis, and Maiden placed $50,000, twenty- Notes on the Boston Money Market. 77 year 4'8, at 106.61. In loans scarcely any change from June, but a firmer tone and many banks poor. Clear- ing House rate sharp, 7 p. c. up to the 11th, then 6 to 24th, and off to 4, closing 5. August. — Market opened quiet but no tendency to ease up. ■ Greater disposition to scrutinize collat- erals. A steady, firm market at full rates through the month, unusual for mid-summer. A little easier feeling at close of month, but rateS well sustained. Loud calls for money to "go West," but free purchases by the Government of its bonds tended to prevent stringency. The failure of Potter, Lovell & Co., a disturbing element. Wide mar^ns on loans. Best paper, 5i to 7 p. c, with collaterals 4i to 6i; on call, Gi to 7. Clearing House rate firm at 5 to 8 p. c. (20th), then off to 5, closing 6. An 8 p. c. rate is rare, and, excepting March 4th, not at that figure since latter part of Dec, 1886. September. — Money market opened quiet, and a more hopeful feeling. Rates easier and mon&y cheaper here than in New York. The purchase by Sec. Windom of ©16,974,000 Government 4's on the 17th, at about 126 (amoxmting to over $21,000,000) gave renewed confidence and money on call very abundant. Time money, square 6 for best loans, and up to 7^ on paper less known. Clearing House rate quick at 6 to 7 first week, then off to three (11th), but rallied sharp to 7 at close. October. — Money firmer, awaiting a "call" from the Comptroller, which came the 7th, for date of Oct. 2. This relieved the strain and made a " better feeling," but very little concession in time loans; in fact, as the month advanced there was a decidedly firmer tone and rates were up to 6 p. c, for best discounts, and upward to 7, 8, 9, according to quality. On call, 7 (7v 8; manufacturing, 5^ for the choicest. Year loans made- at 5^ as exceptions, but generally p. c. Clearing House rate 3 to 8 p. c, and mainly 5 to 7, closing at latter. City securities and investment railroad bonds, feeling the higher rates for money, and would not sell on the former low basis. November. — This month will long be remembered as a hard one in money matters and most disastrous to the stock market. Sugar sold at 48^ Nov. 26 — lowest record. The low prices recorded on other pages tell the story without comment. The sudden raising of the Bank of England interest rate from 5 to 6 p. c. by special meeting Friday Nov 7, (6th being regular day), was the first note of alarm, and followed by the prac- tical suspension of Baring Bros, on the 15th, brought the financial world to the brink of a panic only averted by the prompt and conservative action of banks and bankers abroad, and at home by N. Y. and Boston institutions. Happily, the business world was in a better condition to meet the strain than at former like periods of monetary disturbance, The N. Y. banks brought relief by voting to issue Clearing. House certificates for settlement between banks on the 11th, followed by Boston the 17th. This is the second time only that a similar policy has been adopted by the National banks here to meet an emergency; previously, Sept. 22, 1873. Money rates at times 'were simply a matter of bargain to needy borrowers, but some few obtained limited funds at 6 a 7 p. c. Nothing had occurred which would bear a comparison since May 14, 1884, when, following the failure of Grant & Ward, six banks were in a failing condition in New York, which was a greater sufferer then than Boston. Towards close of month a steadier and more hopeful feeling. Discounts held firm, 7 p. c. being the minimum, with rare exceptions. Year loans 6 p. c, on call 8 to 10 p. c. Clearing House rates firm all the month at 6 to 8 p. c. The decline in N. Y. funds from 25c. prem. (24th) to 35c. dis. (29th) increased confidence. December. — Usually a hard month, and kept up a sharp record, but went out with a fairly comfortable market in comparison with previous stringency. The banks both of Boston and N. Y., from being very poor in Nov., stood better in reserve Dec. 27, than in Dec, '89. At opening discounts were Q\ to 7 p. c. and money hard to get; outsiders being charged most any rate agreed on. Call loans 8 d. 10 p. c. Towards close of month banks discounting at 6 to 7 and to choice depositors under 6; some even buying outside paper. On call 6 to 7 and funds abimdant. The Clearing House rate reflected the tone of the market, running at 7.3 up to 12th, then softening gradually to 2 the 20th and closed 3 per cent. 1891. January. — The year opened with brighter prospects, the financial clouds of Nov. and early Dec. having uncovered their silver lining, much to the relief of a sorely pressed business community. The " better tone " continued through the month, and at the close large accumulations of capital reported at all points. Time money rates had fallen 1 to 1^ p. c. with great dulness, and call money very abundant. Good business notes were 5i to p. c. and corporation paper 5 p. c Bank of England rate reduced from 4 to 3^ p. c, and again to 3. The Clearing House rate opened at 3 p. c against 5 to 8 most of the previous 3 months. It rose gradually to 6 p. c. the 15th; here it began to recede, and closed at 4 per cent. February. — Money in slightly better demand with great abundance in New York, but later on both markets hardened, and this continued through the month without special features; small bills scarce. Free outflow of gold. [And continued for six months.] Business at Stock Exchange generally dull, waiting for Congress to adjourn to terminate doubt as to silver or other financial legislation. At close of month time loans 6 p. c. sharp, with year loans at 5^. Clearing House rate 4 p. c to 17th, then 5 to 6, and closed 7 p. c March. — A sharp market at opening, but soon softened under a bank "call" and continued with a fairly easy market through the month, but rates stiffened at close to prepare for quarter day. Specie ship- ments becoming a factor in money, and having a disquieting influence. Ordinary rates 6 p. c, with excep- tions either way, according to circumstances. Banks not anxious to place time loans just now. Cleaiing House rate opened at 7 p. c. and gradually off to 4^ by I9th; then 5 for a week and settled to 4 for remainder of month. April. — Banks discounting for customers only; note brokers waiting for better trade later on. Market extremely dull, but firm; easier by the 10th and more so later on, but clo^^ed sharp at 7 p. c on call and thoit 78 Notes on the Boston Money Market, time, the disturbance of tax day (May 1) having its annual influence. Rates for time loans not materially influsnced, and while good business paper ruled 5 to 6 p. c, choice corporation paper went at 4i^, but not much of this class offering. Clearing House rate jumped to 7 p. c. at opening and held to 10th, then off steadily to 2^ @ 3 the 24th. Here commenced a most remarkable record. Falling to one p. c. the next day, it lield four days (varying up to 2 @ 'IV). The last day of the one p. c. rate (29th), opening at that, there was a sharp jump to 3 @ 4 p. c, and the 30th 6 to 7 p. c! This one p. c. is rare, but has occurred at six different periods (moat of them brief) in the history of the Clearing House, of which the record is here given. In 1878 was the "long period" of 35 days— Nov. 18 to Dec. 23— owe p. c. all the time. Then 1883 (Dec. 12) 1 to 1^ a smgle day. In 1889, April 27-29, 1 to 1^; May 1, 1 to 3; May 18, 20, 21, 1 to H; 1890, Jan. 13, 14, l*to 2; 1891, April 25-27, 1 to 2^; 28th, 1 to 2; 29th, 1 to 4 per cent. 1891. May. — Money close, but the returning currency of " tax dodgers," aided by a " call " the 4th, changed the current rapidly; by the 10th a fairly comfortable market. Bank of England rate advanced from 3^ to 5 p. c. during the month and held. Crop situation strong. Heavy gold shipments ($31,893,493 for the month); money matters unsettled and the banks conservative. Little doing imder 6 p. c. to ordinary borrowers. Clearing House rate opened at 7 p. c, off to 5 by 9th, and same through the month. June. — ^Money market extremely dull, but rates maintained. Lenders holding off and borrowers unwilling to pay advanced rates. Up to middle of month a close market and firm rates; 6 p. c. the mini- m,um, with rare exceptions. A little easier tone for a time, but later on sharp demand again which continued to close. Bank of England rate back from 5 to 2^ p. c, but continued gold shipments overshadowed its influence. Stocks depressed. Clearing House rate advanced sharply from 5 to 7 p. c. and held to 9th, then off to 1\ by ISth, with 2 (u} 1\ most of month, and closed 3 to 4 per cent.- July. — The expected "stringency" in money failed to come because fully 'prepared for in advance. Rather a close market, however, and little doing under 6 p. c. on 4 months' time, but year loans quoted at 5 to 5i^, mainly the latter figure, and the demand was very light. Cities and towns found comparatively cheap money, Worcester borrowing $75,000 for 3 months at 4J- p. u. Gold shipments had practically ceased and footed up to close of month $75,571,228 since Jan. 1. A " call " on the banks the 9th, and genuine " mid- summer" dulness noted by the 15th. With increasing firmness later on, the market took a quick turn at close of month, and time money G p. c. sharp with many loans at 7. Clearing House rate 4 to 5 p. c. up to 15th, then off to 2^ @ 3 to 27th, and up to 6 p. c. at close. August. — A firm market vyithout piiessure to the 10th, then easier through the month and rates softened about half p. c. The expected return of gold from Europe imparted an improved tone to general business. August noted this year for a genuine forward movement in stocks from "start to finish," a most unusual feature. Atchison gained lOJ points, C, B. & Q. 16J, Mex. Cent. 6^, N. T. &N. E. 8, Do. Pref. 8, Oregon Short Line 7, U. P. 11^, and Sugar 14| p. c. Clearing House rate sharp at 6 to 7 to the 13th, then off to 4 by 17th, and to 3 p. c. at close. September. — A fairly steady market through the month with " expectations " of firmer rates not realized, a "call" on the 25th settling the matter definitely. At close a firmer tone in view of Oct. pay- ments. Banks held to 6 p. c. on time loans, but lower rates were accepted in some instances; as low as 5 p. c. quoted in rare cases. Clearing House rate 3 to 4 p. c. up to 4th, then 3 for a week and gradually off to 2 the 24th, with a sharp turn to 3 @ 4 p. c. at close. On the 28th, while the general rate was 2^ @ 3 p. c, by some " hocus-pocus " a single loan was made at six per cent. October. — Opened with a sharp loan market, especially for "call" money, but after the 10th easier again. New York banks piling up surplus in excess of the reserve, reaching $12,391,150 by the 24th. Gold flowing this way in earnest, footing up at end of month $20,706,772 (since Sept. 15) with more "on the way," a feature of great satisfaction in business circles. Bank of England advanced its interest rate from 3 to 4 p. c, being done to check loss of gold to this country. Railroad earnings beginning to " show up " well, as a result of the immense crops and increasing demand for export to fill the vacuum of short crops abroad. The outlook for " home interests " most excellent, a kind of " protection " which was popular. At close of month time loans 5 to 6 p. c, mainly 5^; year loans for strong borrowers placed at 5 p. c. Again the Clear- ing House rate took a sharp turn from 4 to 7 p. c, but softened by the 8th, and gradually went off to 2J- the 24th, closing at that. ^ November. — With scarcely a note of warning the announced failure of the Maverick National Bank came Monday morning, Nov. 2. The disturbance in financial affairs was less than might have been looked for, as the prompt action of the Boston banks to strengthen themselves by calling $3,000,000 from their excess of reserve in New York, allayed excitement and gave great satisfaction. Money comparatively easy through the month and a very quiet market closing intensely dull, the banks being crowded with deposits (increasing from $86,153,300, Oct. 31, to $06,808,500, Nov. 21). At close of month money "on call" 1\ @ 3 p. c. (to best borrowers). On time, 5 to ti\ p. c. Year loans, with collaterals, or to strong corporations, 4^ @ 4J p. c. The City of Brooklyn, N. Y., asked for proposals for $200,000 3 per cents., and received one bid only for $100,000 at par, which it sold. Bonds there are free of tax, while in Massachusetts they are taxed (those which do not escape) some 1^ p. c. on market values. As a rule, investors do not like a 3 p. c. security, and prefer to take a 4 or 5 p. c. bond at a moderate premium. The Boston banks reached an excess of reserve equal to $5,067,243 on the 14th, the highest to date. Even this does not do full justice to our banks, owing to the peculiar manner of keeping their accoimts, by which large sums are held in New York in excess of the amount there which can be counted in the reserve. This is the more marked in comparison with a year ago, Notes on the Boston Money Marhet, 79 when the home reserve was $1,175,250 under, and in New York, $2,544,250 under. Clearing House rate opened 3 p. c; off to 2 the 16th, ruling to 25th, then 1^ 'u} 2 to end. December, — The closing month of the year was remarkable for the evenness of its monetary tone and entire absence of anything like a sensation in financial or stock circles; a happy disappointment where the unexpected often happens. December without a "tight" money market is one of the events which few care to predict, and yet a most welcome " closing-up " of the long year. The stock market maintained a vigor and strength of movement which surprised even the "bulls," and only the last three days gave the *' bears " just a taste of the long-looked-for "break " in prices. Money easy at 5 @ 6 p. c. Clearing House rate 1^ to 4 p. c, closing 3 per cent. 1893. January. — A quiet "opening" started the new year, in accord with the closing of the old one, and no material disturbance on account of January settlements, but, on the contrary, money more abundant and rates easier as a matter of fact, features of rare occurrence at this season. Before middle of month the dulness reported " intense;" banks doing little and encumbered with great abimdance of small bills, with general business sluggish. At close the conditions were unchanged, January having maintained one of the most remarkably easy money markets known for years in that month. Time loans 4^ to 5 p. c, with excep- tions at 4. On call 2i to 3, and sharp borrowers " accommodated " at 2 p. c, these rates being fully one p. c. lower than first of month. In New York, although the nominal rate " on call " was 2 p. c, offers of "round lots " were made at one p. c. on short time; 2^ and 3} balance of year. Clearing House rate 2\ @ 3 p. c, Jan. 1 and 2, then 2 to 23d, 1\ to 2 until close. No similar "January record " since 1885, when the fate was not above 2^ (at opening), fell to 1^ the Cth and continued to the 2Sth, then 2 to 3, the latter a single quotation at close of month. February. — Just a little better demand for money the first few days, but the month was an easy one all through, with low rates. Corporation paper placed at 3i p. u., six months. Ordinary rates 4 to 5, but 3i accepted by some banks for choice 4 months' double name paper. This is not equal to 1885 when loans were made at 2^ p. c, four months, and $250,000 borrowed in N. Y. at 1^. Clearing House rates maiuly \\ (a} 2 through the month, 3 p. c. twice only. March. — Opened with indications of increasing demand for money, but it was quite as much the wieh of lenders as reality, and a quiet, almost featureless market was the result, with a diUness as "intense as ever" at close. Time loans changed little from last month, but less low-priced paper offering. Clearing House rate 2 p. c. all through, except touching 1^ three times. April. — The usual first-of-April disturbance not at hand, and market reported "as dull as ever " — 2^ @ 3 p. c. on "call." One year ago " Banks discounting for customers only; on call 6 to 7 p. c. sharp." By middle of month even easier, and at close "just the same." Very choice paper placed at 3J p. c, and on call 2 p. c. Good business paper 4^ to 5. Year money 4 p. c. Clearing House rate 2 p. c. to 14th; 1\ (ihl to 23d, and 1^ to close. May. — No "tax day" disturbance this year — a rare occurrence. Market excessively easy through the month and "uninteresting" — to lenders. On call 2 (w 2i; a thirty-day loan reported at 2\ p. c! "Large amoimts" loaned at 3 i, eight months; and single name "Dry Goods" paper placed at three^.c; excep- tional rates, of course, but no lack of money at 4 to 4^ on a year's time. An instance noted of money refused at 3 p. c. State Treasurer borrowed in N. Y. at 2^ p. c. Banks and Trust Companies reducing interest on deposits to 2 p. c. Reports of "idle capital" at 5 p. c. in Chicago! Funds accumulating in all the money centres of the world. lu London, 3 months' bills ^ and 3 of 1 p. c; on call ^ p. c. asked. Bank rate 2. (Li 1891, Bank 5, outside dis. 4§-|). Boston banks reserve in N. Y., $14,176,043, April 23. Banks voted to close Saturdays at noon, July 9 to Sept. 8 inclusive. Trust Companies closed at 1, p.m., same period. City of New Bedford sold $100,000 fifty-year 4 p. c. loan at 108.177. One party bid 112.01 for $6,000! Gold shipments resumed; total to date, $23,627,644, of which $18,171,296 since March 1. Clearing House rate IJ p. c. without break the entire month, for first time since Aug., 1885. June. — An exceptionally easy money market and a small supply of good paper at low rates. Trust Companies soliciting customers at 2j p. c. on call. Dry goods paper selling at 2.| four months, and a year loan reported from N. Y. at 2J p. c. Business paper 3 to 5 p. c. as extremes. At close of month more inquiry and slightly higher rates on call, because of preparations for July payments. Early in June stocks touched their lowest points, but good crop reports caused a sharp rally, then extremely dull. The City of Boston sold 30-year 4's at 108.21 (highest this year). Boston bank deposits reached $105,950,700, June 4, the highest recorded to date. Specie shipment June 18, $7,610,119, largest this season, and total for month nearly $20,000,000; but so far the loss is scarcely felt. Clearing House rates 1^ to 2 p. c. mainly (touching 2i three times), up to 13th, then 2 to end of month, except last day, 3 p. c. July. — Opened with a sharp turn in money rates at the Clearing House from 2 to 7 p. c, the natural effect of arranging for dividend payments, influenced materially by combined efforts of some few of the creditor banks. This naturally stiffened the rate on call, though time loans not much affected, but a more active movement. Before middle of month money rates easier, with an abundance of surplus funds. At close 3J to 5, the range on business paper; corporation loans 3^ @ 4^, with special exceptions at 3 p. c. Stock market weak and declining early in month, due to gold shipments and "free silver " talk, but rallied decid- edly later on. Free silver bill killed in the House, July 13, by 154 to 136. Good crop reports added to the general bullish sentiment. Clearing House rate 4 to 7 p. v. mainly, to the Sth, then gradually fell away to 3 80 Notes on the Boston Money Market. by the 15th, and ruled 2-2^ balance of month. Exchanges, 530,822,883, week endmg July 2; only once exceeded (3&31,321,817), July 2, 1S89). August.— More caU for money, which continued to 15th, and supply short, but demand local, N. T. being easy. Interest on city deposits there, reduced from 2^ to 2 p". c. Later on, more money ofEering here and closing easy, with business paper 4^ to 5}. Choice collaterals 4 to 5. City of "Worcester borrowed $75,000 on 3 months, at 3 p. c. Clearing House rate unsettled; 2 to 4 p. c. up to 10th, with 5 for three days, then i to 23d, and off to 21 Co, 3 at close. September. — Market opened dull, with a sharp turn the 6th, and money in demand. Time loans, nothing doing under 5 p. c, and mainly 6. Later on market fairly easy, but rates did not abate much. The *' Cholera Scare " from Hamburg this month had a depressing influence on stocks and affected business gener- ally. By middle of month the scare " blew over," losing its hold with the public. C. H. rate 3 p. c. for a few days, with sharp advance to 6 p. c. the 8th, holding to 16th, then 5 to 22d and gradually off to 4 at close. October. — Money supply shorter again, but demand rates weakened on a "bank call" for Sept. 30. Rates on time steady, with no special features; at close of month 5 to 6 as extremes; corporation the same, and on collaterals 5 to 5^ p. c. In stocks the " Industrials " a feature, while railroad shares and bonds were in a measure neglected. Times quiet. Clearing House rate variable; touched 7 p. c. the 3d, off to 4^ the 7th,. holding to 17th; then 5 to 6 mainly, closing 4^ to 5 p. c. November. — Month opened with an easy market which continued all through, with only occasional variations. Business paper ranged from 5 to 6 p. c.; corporation the same, aad strong collateral loans 5 to b^ p. t;. The stock market received a " set back " as the result of the Presidential election, settling into a rut of apathy. Later, the resumption of gold exports added to the distrust. Clearing House rate steady through the month; opened 4^ to 5, off to 4 by the 5th, continuing to 21st, then 3i to 5, closing 6 p. c. December. — A quiet month for close of year. Steady, firm money market, vrith. increase of rates as month advanced, but no "stringency." G-reater demand for call than time loans, because little business extension. The death of Jay Gould, Dec. 2, so long predicted, largely discounted. At close money extremes 5J to 6^ on bankable paper, and corporation loans high at about same. On call 6 to 7 p. c. Clearing House rate 6 p. c. mainly — touching 5 and 7 a few times. 1893. January. — The year opened with a fairly easy market and rates steadily declined through the month. At close business paper 4^ to 5 p. c, fully one point decline from opening. Tear loans placed at 4^ p. c. A "bull" market, particularly in "Industrials." In New Tork a "boom" in special stocks. "Western Union touched 101 Jan. 20 (highest since June 20, 1881), and Manhattan Elevated 174} [73^ 1897.} The Industrials on the "high-fly." At C. H. a gradual decline from 6 p. c. to 2 (24th) and touching 1^ the 29th. February. — Quite a change in money this month and rates advanced steadily, closing bk to 6 p. c. on best business paper, with discounts restricted. Continued specie exports a disturbing element and money lenders very cautious. The prospect of an extra session of Congress not inspiring to business. A collapse in Reading securities, owing to the breaking up of what was known as the "McLeod deal." Almost a stock panic in New York the 20th, the sales at the Exchange (1,479,903 shares) exceeding any previous day. C. H. rates advanced steadily, with some fluctuations, from 2 p. c. to 7 @ 7^ (23d) and 8 once, the 2Sth. Marcli. — No "let up" in money rates. An expected "call" from the Comptroller caused heavy borrowing "between banks," with an advance to 10 p. c. This demoralized the loan market and rates, on time, were largely a matter of agreement, borrowers holding back as much as possible, banks caring for customers, and outsiders "taking the chances." Heavy gold exports and decline in stocks. At close of month a little better feeling but markets unsettled. Clearing House rate opened sharp at 7 to 8 p. c, ruhng 8 to 10, the 3d to 8th; then gradually settled to 4^ (17th) up to G by 21st and held to close. This 10 p. c. rate a rarity (though not sought for); in fact, never reached but once before (March 9-11, 1881), then understood to be in the nature of a " comer " in money. The rate has rarely exceeded 8 p. c, but Oct. 3, 1881, 8^ p. c. was touched, and March 14 to 19, 1883, that rate reached every day, with one quotation (the 15th) at 9 p. c. The 8 p. c. rates within a dozen years have been— 1881, Sept. 14-17-30, and Oct. 3 to 11, mainly; 1882, Oct. 2 to 5; 1883, March 10 to 21, and April 10 to 13; 1886, Dec. 28 to 30; 1890, Aug. 19-20, Nov. 3-14 to 25 and 29; 1893, March 1 to 14, mainly. April. — A fairly easy market, but no surplus of loanable funds, and discounts not under 6 p. c; some good paper a full point higher. Corporation loans, in special cases, at 5 p. u. " Dullness, lack of confidence and depression " told the story in stocks, and a steady decline in prices naturally followed, the " Indus- trials" going "on the rxm." Some large failures added to the general feeling of uneasiness in financial circles. Clearing House rates 6 p. c. to 8th, then 5 to 22d, and 6 to close. May. — No indications of an "easy" market, but banks meeting the wants of customers fairly. Later in the month, money more freely offered and on call as low as 4 p. c., with some private loans at 5 on time — exceptions. Business paper 5.V to 6.^, and corporation loans 5^^ to 6. Quite a panic on the New York Stock Exchange on the 4th and 5th, when " Cordage " broke from 57 to 15^^ (within three days) on the appoint- ment of receivers. Ssveral brokers failed, including "Deacon White" as the most prominent. Sugar broke from 99^ to 62, General Electric 97^ to 58, Chicago Gas 83| to 59, these remarkable declines all occurring within a few days, mainly between May 1 and 4th. Clearing House rates 6 p. c. to 17th, then G to 5, with a single loan at 4^ the 29th. June. — A hard month for borrowers, the closeness of money being continuous and persistent. New York banks voted the 15th to issue " Clearing House Certificates," and later on (26th), Boston followed suit^ Notes on the Boston Money Market, 81 which, without affording immediate relief, prevented the situation from growing worse. As a matter of record, the number of times Clearing House certificates have been issued is here repeated. Boston — three times. Sept. 27, 1873 (panic), $10,000,000. Nov. 19, 1890 (Baring Bros, failure), ©6,065,000, and June 27, 1893, ($11,445,000). New ForZ;— eight times: Nov. 23, 1860 (first issue), $fi,860,000 (largest out at one time). April 29, 1861, 21,960,000. Sept. 15, 1863, Sit,G08,000. March 7, 1864, ©16,418,000. Sept. 22, i873, $22,410,000. May 15, 1884, $21,885,000. Nov. 12, 1890, $15,205,000. June 21, 1893, $38,280,000. So great, in 1873, was the " pamc " feeling in New York, that the Stock Exchange lost its balance, closing its doors to business and so remaining ten days (11, a.m., Saturday, Sept. 20 to 30th, 10, a.m.), something previously unknown in its history. It is a matter of fact thit when the Board opened Sept. 30, it found that the depreciation in prices had been very material during its " vacation. " The month opened with money rates 5 to 5| p. c. for best, but many borrowers were paying 6 p. c. At close, 8 p. c. on call, and time loans 6^ to 8. Cheap money (if any) a matter of favor, and when our best cities found " temporary loans " hard to obtain at even 6 to 8 p. c, the " object lesson " was clearly no myth. June was anything but a month of roses (financially), and much "hard sledding" was met with even in gala Summer days. The pressure was clearly this side the water, for the Bank of England reduced its rates, from, 4 p. c, May 18, to 2\ Jime 15; outside discounts li; on call, ^ to f p. c. Gold exports practically ceased June 10, with an outgo from N. T. of $08,644,618, and $12,643,284 silver since Jan. 1. Imports same time, $5,204,711 gold; $1,983,191 silver. Clearing House rates stiff at 6 to 7 p. c, and finally 7.3 the interest rate on certificates. 1893. July. — An exceptionally "hard " month for mid-summer. The money situation discouraging; continued failures of banks and bankers, mainly South and West, with closing of manufacturing industries in all parts of the country, the imf avorable featxu-es of the times. Very great depreciation in stocks of all descrip- tions, culminating the 26th. (See panic of 1893, on previous pages). Marked scarcity of currency; banks close hauled. Rates for business paper nominal at 7 to 9 p. c, with exceptions 10 to 15; corporation notes 7 to 8, and little money to be had. July 8, N. Y. Banks deficient in Reserve ($5,082,025) for the first time since Nov. 15, 1890. C. H. rates ruled at 7.3 to 8 p. c, mainly, through the month. N. Y. funds, heavy at 35 to 45c. dis. for weeks, jumped, the 29th, to 33^. prem., sueh a "turn-about" not before on record. August. — Weather conditions good, but financially a very trying mouth; opening with a decidedly bluish tinge and business men greatly perplexed. As high as 5 p. c. paid for currency, and even the much criticized "cart wheel" dollar at a prem! no one objecting to " carrying them aroimd " // fh^y could get ■any.'! Very little doing in mercantile paper, even of high grade, from the fact that money was not obtain- able; rates were a matter of arrangement. A remarkable month, and perhaps among the most trying ever experienced in financial circles. Business stagnant. Clearing House exchanges only $47,867,953 week ending Aug. 30, smallest in 12 years. N. Y. Banks $16,545,375 "under" in reserve, Aug. 12; previous largest deficiency $6,770,875, March 17, 1883. The prompt issue of Clearing House certificates in June, both here and in New York, doubtless saved the country from the effects of a panic not unlike that of 1873; the large increase in bank circulation (twenty millions July and Aug.) another important factor. Aug. 19, a renewal of some year loans (best paper) at 7 p. c. noted as a "favorable feature;" ordinary rates 9 to 12 and even higher. Stock market extremely dull; only 151 shares "Sugar" sold in Boston the 19th while the daily average is thousands of shares. Gold coming back faster than it went away. Imports in Aug. $40,680,498, and year to date $51,675,379, or more than three-fourths the exports since Jan. 1. The City of Boston selling 10 to 30-year 4 p. c. bonds "over the counter " at par to 103, and borrowing on 3 to 5 months' time at 6 p. c. In 1887 (Feb. 19) Boston placed a 50-year 3^ p. c. loan at 111.52, highest on record, and a most remarkable comparison. Clearing House rate 7.3 to 8 p. c. all through. N. Y. Funds S.J to $;5 prem. per $1,000 Aug. 5; no such previous record. On the 3d, when at $2 prem. for checks, sales 50c. dis. for gold. At 15c. dis. the 2Gth, first time since July 29. C. H. certificates, highest outstanding (Aug. 23), $11-445,000. Sei>teiuber.— Money more freely offered and the situation brightening, but still an active demand at high rates. Later on Trustees coming into the market as buyers of corporation paper at 8 p. c. ; note brokers seeking collateral loans; currency nominally J p. c. prem. and money flowing into the banks, all indications of returning confidence. Sept. 18, some banks in N. Y. retiring extra currency taken out during the August stringency. Here we have one of the eccentricities of finance, as in early August 5 p. c. prem. was paid for currency. Of course, it was all in existence somewhere, though banks were forced to take out new circulation to meet the demand; but within a month the " return current " set in and suddenly the banks were fairly crowded with bills. Sept. 9, N. Y. bank reserve $2,966,377 in excess for first time in ten weeks. Towards close of month a decidedly better feeling prevailed and banks were rapidly reducing Clearing House certifi- cates, but the delayed action by the Senate on repeal of the "Sherman Act," with some talk of gold exports, caused much anxiety in business circles. Money actually quotable again. Rate on call, 4 to 5 p. c. ; business paper, 6 to 7; call loans, 6 to 7; factory, 5^ to 6 p. c. Excess of exports, 3 months, $46,500,000. Last year, $76,600,000 excess of imports; net gain, $123,100,000. Clearing House rate opened 8 p. c, and held 7.3 to 8 up to 18th, when it broke 7.3 for the first time since June 26; later, gradually off to 3h at close. Clearmg House certificates in N. Y. highest ($38,280,000) Aug. 29. Now out, $24,745,000. Boston, $4,325,000. October.— Comparative quiet in financial circles; money easier; lenders still moving cautiously. A satisfactory month, meteorologically and financially, the latter, more particularly in comparison with the past. Concession in rates forcibly shown at opening and close of month. Busmess paper, 7 (a 8 to 5 @ 6, long time coU., 6 a 7 to 4 p. c, in round lots. Corporation, 5^ '??' 6 to 4 @ 5; on call, 4 a 5 to 2^, and freely offered, on "gilt edge" securities, with large mai^ins. Marked accumulation of funds. Circulation 82 Notes on the Boston Money Market. decreased (N. T.) Oct. 21, $266,300, first time since June 24 (then $5,553,400); increase singe, $9,403,400, " Free gold " in U. S. Treasury reduced to $81,551,385 Oct. 21. Stock market steadily advancing. "Sugar"^ turned par for first time since April 29 (at 62, July 31). Clearing House certificates first issued June 27; highest, $11,445,000, Aug. 23. First retired Aug. 18, and last $50,000 cancelled Oct. 20— a good record. [In N. T. all in Nov. 1.] C. H. rate gradually declined from 3J^, reaching 2 p. c. 24th, for first time since Feb. 1. Ten p. c. March 3 to 8 (highest record, but same March 9-11, 1881), and not below 6 p. c. June 2 to Sept. 23. November. — Easy money, large surplus. Business dull and narrow. First-class bonds sought for. Best paper 3^ % 4 p. c; good, 4J^ @ 5. Nov. 1, the silver repeal bill signed by the President, and the last of the N. T. Clearing House certificates cancelled, two features of interest. Stocks which had sharply advanced in October reacted decidedly during the first half of November, the "Industrials" getting hit hardest, Sugar going from 102^ to 80, owing to a reduction of \ cent per poimd on refined sugars. Railroad earnings began to improve and stocks rallied latter part of month. Clearing House rate opened 2 p. c; off to one the 10th, first time since Feb. 2, 1892, then for "one day only; " mainly 1 to 1J-. N. T. banks issued detailed Clearing House statement Nov. 4; first since June 26. Boston did not omit any statement. December. — Money easy all through the mouth — a remarkable Dec. At close best paper 3 ,5) 4 p. c. On call J in N. Y.; Boston one p. c. New York City placed a 3 p. c. loan (free of tax) at 100.38 and Massachu- setts a 3^ p. c. 20-year gold loan {taxable) at 103.77 — showing clearly the temper of the money market, and particularly in comparison with July and August. Marked reduction in manufacturing dividends. Excess of reserve, Boston, $7,528,577, Dec. 30— highest record to date. Previous to Nov., 1893, $5,067,243 was highest (Nov. 14, 1891), also held in N. Y. $12,995,577 Dec. 30. New York, $80,815,150 Dec. 30, being $16,091,050 above highest previous to Nov., 1893. ($64,724,100 Aug. 1, 1885). Dec. 16 reserve dec. $369,600, for first time since Aug. 12. Clearing House rate 1 to 1^ through the mouth, then considered remarkable, and this against ienper cent, in March. The range for five consecutive years was as follows: 1889, 1 to 7 p. c; 1890, 1 to 8 p. c; 1891, 1 to 7 p. c; 1892, 1 to 7 p. c; 1893, 1 to 10 p. c. Although touching one p. c. each of these years, it was mainly for very brief periods, except in 1893. The longest imbroken one p. c. rate to this date was in 1878 (see Dec. of that year), continuing for thiriy-fi^:e days. The peculiar system in making up the excess of reserve does not do full credit to Boston banks, which returned only $6,545,828 Dec. 16, while at the same date they held in New York $12,640,828 in excess of the amomit they can keep there as part of their reserve; in other words, if this amount had been kept at home, the actual excess of reserve would have stood $19,186,656. The end of a year remaj-kable in all its phases; tmparallelled in the continued and heavy depreciation in securities of all descriptions. 1894. January. — The opening of the year brought slow relief, the xmcertainty of favorable, or even any, action by Congress being a constant menace to anything looking towards a revival in business. No lack, of money, in fact too much of it, since constant accxunulations were the evidence of business prostration. Call loans 1-^- 'w 2 p. c. with round sxuns, in N. Y., at one p. c; short time loans 3 to 3^, and manufacturing paper 3 p. c. six mos. A second grade of paper 4 to 6 p. c, a. class which would not have been looked at a few months ago. Clearing House rate oAe p. c. all through. The first /m^Z month of one p. c. ever recorded. February. The all absorbing question of the hoiu: was the proposed new Government loan. Con- gress failing to authorize a 3 perct. gold issue (negotiable at par) to meet the pressing needs of the Treasury, the Secretary was compelled to ask proposals for a $50,000,000 ten-year 5 p. c. loan, authorized under an old law of 1875, when preparations were being made to resume specie payments. It is true that this loan was negotiated at a premium which brought the net to the purchaser down to 3 per ct. Still it was estimated that the loss to the Government would be some $5,000,000. The action of the Committee of Ways and Means in reporting a resolution that the Secretary of the Treasury had no authority to issue this 5 p. c. loan, created distrust, and it is a singular fact, freely commented on, that the loan was made a success only through the public spirit and generosity of banks and bankers, mainly in New York and Boston. Note this despatch, which is explicit, from "Wm. E, Curtis, Asst. Sec. of the Treasury, to Prest. John A. Stewart, of the U. S. Trust Co., N. Y. . "TAe Secretary desires me to express his appreciation to you and the other gentlemen for making this subscription a success.^'' At last ! the great accumulation of excess of required reserve held by the New York banks w^ broken, Feb. 10, (reduced to $85,633,700 and to $74,536,825 Feb. 17), after reaching the unparalleled height of $111,- 623,000 (Feb. 3) greater by $46,898,900 than any figures previous to Nov. 18, 1893; highest to that date .'$64,724,100, Aug. 1, 1885, then looked upon as a phenomenal surplus. The gain in reserve from the panic ' period of 1893, when the banks were $16,545,375 deficient (Aug. 12), to the maximum (Feb, 3, 1894) was $128,168,375. The cause of the break Feb. 10 was gold payments on the Govermnent loan which had been awarded (Feb. 1) as follows: $40,704,700 at the limit of 117.223 (3 p. c. basis), and balance of $9,295,300, mainly at 117.224 to 117.850, including $200,000 @ 118, $109,000 (a} 118i, and $50,000 iU} 119.013. Gold reserve $04,459,229 Feb. 7; (lowest record to date; see Aug.); inc. to $96,321,229 next day, due to payments for Government loan; later (20th) $106,637,906. May wheat touched 57^ (16th) which was lOJ points lower than for 28 years previous to Jan. 9, then 6S|. [May 17, 53— lowest record to date; see Sept.] Money very abundant. Rates nominal at 3 to 4 with exceptions at 2% p.c.; choice grades scarce. On call 2 p. c. The City of Boston borrowed $1,000,000 in New York and $750,000 here, at 3 p. c. on 9 mos. Clear- ing House rate again one p. c. all through. Exchanges fallen off largely. This month ($290,115,701) being $87,242,520 less than last year. Notes on the Boston Money Market. 83 At this point the following remarkable comparison of figures is placed on record, as something which never occurred before and with little probability of a repetition for many years, if ever. It presents the " panic " figures of Aug. 12, 1893, the maximum of Feb. 3, 1894, with like figures of Feb., 1892 and 1893 : ' Ads. 12, '93. Feb. 3, '94. Gaih. Eeb. 6, '92. Feb. 4, '93. Deposits, Loans, $372,203,500 411,795,700 $551,808,400 419,530,500 $179,604,900 7,734,800 $515,376,700 460,663,600 $495,475,000 464,910,300 Excess of Deposits, . Excess Loans, .... ' $39,592,200 53,624,800 22,880,700 $132,277,900 ' 129,558,900 120,016,200 $171,870,100 75,934,100 97,135,500 $54,723,100 $30,565,300 Specie, . . . . Legal Tenders, .... 111,992,200 50,293,400 $162728.5,000 ■ 12S,.S44,175 83,361,800 59,161,100 Reserve, Required, $76,505,500 93,050,875 $249,575,100 137,952,100 $173,069,600 44,901,225 $142,522,900 123,808,900 Surplus, .... Deficit, .... ' $16,545J375 $111,623,000 $128,168,375 $33,441,425 $18,6rj4,000 1894. March. — A month of quiet and almost devoid of financial interest. The " Seigniorage " bill was a disturbing factor, and the President's veto of it (the 29th) generally approved, with a hut in the statement that he believed the silver could be coined *' with safety and with advantage, if the Secretary of the Treasury had the power to issue bonds at a low rate of interest." Silver 27d. in London March 3; in N. T. 58J same day — lowest records. June 29, 1893, silver broke 6^ points to G2 (then the lowest); up to G9 next day and to 75 in four business days. This was on the occasion of Secretary Carlisle attempting to pay Treasury notes in silver (but overruled by President Cleveland). Money rates low and business greatly depressed. Best paper nominal at 3A to 4\ with year loans at 4 p. c. On call \^ to 2J. Clearing House rate again one p. c. all through, and some funds " left over " at that. April. — Continued monetary ease without special features. Massachusetts placed (4th]?l,()i)0,000 forty- year 3A- p. u. gold loan at 108.535 (net 3^ p. c.) a splendid record for the credit of the Commonwealth. The times afforded "glorious opportunities " for all classes of Municipalities to replenish their coffers at low rates, which was largely availed of. Boston borrowed (2Gth) Sj'tO,000 in N. Y. at 1\ p. c. six months. Good paper scarce. Rates nominally 2J to 4 p. c. On call 2 with exceptions at 1^. " Factory " paper little heard of. City of Providence borrowed $1,200,000 on 4 p. c. gold 30-year loan (23d) at 111.110, a good figure. But Providence ranks as one of the seven cities outside of New York in which the savings banks of that State can invest; they are at present Boston, Cleveland, Detroit, New Haven, Providence, St. Louis and "Worces- ter. Clearing House rate again one p. c. except a single " quotation " of 2 the 30th. May. — Money still cheaper. Ninety-day paper passed at livo p. c. Fifty years back (1843) is this com- ment : "A year of remarkable monetary abundance for the times." with loans at 3 p. c. and an "excep- tional " one at 2^, referring to $100,000 at that rate "loaned in Spanish dollars to fit out an Lidia ship." These low rates in 1843 were for a brief period only. Business this month almost stagnant. Western paper 3^ p. c. — unheard of figures for that class. Thirty-day loans one p. c. iu N. Y. Material reduction in manu- facturing dividends — first time for years, and due mainly to the business depression and uncertainties of the proposed tariff reform. Gold in IT. S. Treasury, May 3, fell below $100,000,000; first time since carried above those ^ures by payments for $50,000,000 new loan in Feb.; [finally $108,053,201, March 19]. Some Banks and Trust Co. 's reduced interest on balances to l^p. c. Massachusetts borrowed $500,000 on forty-year 3^s at 109. Best paper 2^ p. c; on call \\. London, discounts, 1 n' 1^; call ^ to J p. c. Clearing House rates all one p. c. June.^Duller than ever ; cheap money the rule. Cities and towns from all points availing of this " harvest time" for borrowers. Business paper 2 p. c. four mos.; 2^ six, and 3J p. c. with year collaterals. Bailk of England held $196,568,980 gold June 28— highest record to date. Clearing House rate one p. c. all through. Banks of N. Y. and Boston were freely issuing " Clearing House Certificates " at 7.3 interest, and the impending " panic " of the following July was clearly foreshadowed. July. — Literally mid-summer dulness; a sta^ation in money matters rarely experienced. Boston bor- rowed in N. Y. (July 11) $500,000 on 4 mos. at 1^ p. c— lowest yet. Cleariug House rate one p. c, but money freely o/ererf at that. Comparison between "then" and "now"— 1893 and 1894— almost startling. July, 1893, Clearing House rate sharp 7.3 with discounts any figure up to one p. c. per moni\ and not second-class either. Business men then greatly perplexed; failures at all points. Stocks on the run. "Low water mark " July 26 mainly. The " panic " in full force, and " old stagers " reminded of 1857 and 1873. August.— Dulness ruled, with low money figures both sides the water ; the long contmued great abun- dance and cheapness unparalleled London rates (Aug. 15) weaker than ever. Banks there broke the rule of one p. c. minimum on deposits and allowed only /ia?/o/ one p. c; oncallip-c; on time ^ to ^, up to 3 mos. Aug. 7, net gold iu Treasury reduced to $52,287,500 (lowest to that date), due to very heavy gold ship- ments ($72,266,207 since May 1, and over $29,000,000 in seven weeks). This condition of things caused much uneasiness and even apprehension in financial circles, and Secretary of the Treasury Carlisle failing to " grasp the situation," the New York banks with commendable patriotism and prudence came to the relief of the Government by furnishing gold. This act should be remembered to their credit in contrast with the supine indifference of the Treasury Department at a critical moment in its finances. Tariff bill became a law Aug. 28, by the President refusing to sign it. Clearing House rate again all one p. c. as compared with Aug., 1893, the hardest month on record ; then almost literally no rate for outside borrowers. 84 Notes on the Boston Money Market, September. — Money market dull and rates low all through. Time loans 3 to 4; on call 2 to 2^ p. c. A four months' loan noted at 3 p. c. — year's time, 4 p. u. Canh wheat 50c. per bushel 28th — never lower. At last ! Clearing House rate of one p. c. broken the 4th; [then 2 p. c. balance of month] a continuous .one p. c. from Dec. 18, 1893, to Sept. 4, 1894, with the exception of 1^ Dec. 22 and 2 p. c. April 30 and May 1, each a single " quotation " only — a record unparalleled. The longest previoiis one p. c. was Nov. 18 to Dec. 23, 1878—35 days— then considered a marvel. The highest record at Clearing House was ten p. c. March 3d to 8th, 1893 ; (also touched same figure May 9-11, 1881). Sept., 1893, opened 8 p. c, but after 20th gradually settled to 3^ i© 4. Business situation brightened with a "better feeling," and money became .actually quotable. October. — Money market even more apathetic ; reported at its " lowest ebb," and borrowers had the call. An exceedingly limited demand, and some banks known to have made time loans at 1\ p. c; on call 2 p. c. Early in Oct. last year business paper was quoted 7 to 8 p. c; long time collaterals 6 to 7; on call 4 to 5, and this was called an " easier " market ! New York City placed (ITth) 3 p. c. thirty-year bonds, free of tax, at 103.13. Boston placed (23d) 4 p. e. thirty-year taxable bonds at 113.555— highest award for a 4 p. c. Last previous 4 p. c. issue, Oct. 6, 1893 (hard times), at 100.339. Sugar Certificates 80^ ex. div., Oct. 9, declining from 114^ Aug. 21— a drop of 34^ p. c. in less than seven weeks. Clearing House rate 2 p. c. (held up by main force) to Oct. 26, then one to close. Some banks reducing interest to depositors to one p. c. November. — A month without feature other than general dulness. A revival in business much talked of, but development slow. Time money 2J to 3 p. c. with little movement. Cotton (Dec. option) 5.23 Nov. 12, lowest since 1849. Lowest record 4c. for " spot " in 1845; highest, $1.90 (1864) when gold was 285. Aver- .age price of cotton la^i (en years 9.24 cents per pound. The $50,000,000 Government 5 per cts., due Feb. 1, 1904, awarded entire (26th) to a syndicate at 117.077 —a 2| p. c. basis. Several smaller bids, for $3,015,000 in all, were made higher~117.08 to IISJ. Gold reserve carried up at once to $102,016,178 by payments for this loan. [Later, Dec. 6, reached $111,142,020, :highest for the year by $3,695,218. Dec. 29 had fallen to $88,264,528.] Nov. 17, N. Y. bank reserve less in comparison with a year previous for the first time since Nov. 18, 1893. Clearing House rate one p. c. to 27th, then two 28th and 30th. December. — Market opened firmer, with rates some higher, but quiet for ending of the year, and no lack of money. At close, choice 4 mos. 2| p.c. Year loans 3A; on call 2^ @ 3. The entire year most remarkable on record of continuous low money rates. C, B. & Q. 68| Dec. 1, lowest since May, 1862. Bank reserve reduced by new loan payments from $66,027,600 to $32,902,650, 8th— lowest smce Oct. 7, 1893. It is a fact that of the 10 stock fire Insurance Co.'s re-established after the "great fire " of Nov., 1872, only three — ^American, Firemen's, and No. American — now remain in active business. Clearing House rate 2 p. c. mainly; 2 to 3, 3d to 11th. 1895. January.— The year did not open auspiciously. Gold expoi-ts imminent and railroad earnings poor; the currency question a disturbing element and general trade unpromising. Money abundant at easy rates. On call 2 to 2\ p. c. Four months 3^ @ 4 p. c; year money 3 p. c, as exceptions. Boston borrowed $1,000,000 on 30-year Park Loan 4's (Jan. 2), at 113.513. Baltimore $500,000, 45-year 3^'s at 103.57, part of a $6,000,000 loan. Towns and cities borrowing freely at very satisfactory rates. Municipal bonds, but little known to this market heretofore, negotiated readily at rates favorable to the borroTver. New York bank reserve reached highest for the year ($45,880,450) Jan. 26. Same time in 1894, $109,043,000 and the next week (Feb. 3) $111,623,000, — highest ever known. At close of month, money rates firmer, but only a slack demand. On call 3 p. c. mainly. Time money firmer but no special advance in rates — 3 to 4 p. c. Clearing House rate 2 p. c. aU through, except 3 to 3^ 31st. February. — The Government bond sale by order of Pres. Cleveland sharply criticfised. Thirty-year 4 per cents for $62,315,400 were sold to a syndicate at 104.4946 (Feb. 8), partially resold by them to the pub- He at 112^ (Feb. 20) and open market price 120^ Feb. 23. [Later on generally approved ns wise, " under the circumstances,"] The constant drain of the " gold reserve " was due, mainly, to the poverty of the Govern- ment finances, clearly shown by the ofllcial statement that, of the $117,380,282 gold received for $100,000,000 bonds sold in 1894 (for the alleged purpose of maintaining the gold reserve) $105,002,143 was actually used for "current expenses." Feb. 12, gold reserve at its lowest point— $41,215,181 (highest $111,142,021, Dec. 5, 1894). Nearly $42,000,000 gold exported within two months, and estimated that over $33,000,000 had been "hoarded." New York City placed $3,265,580 three per et. 25 to 30-year gold bonds (Feb. 26) at 100.331, in one lot. Some small bids ranged up to 103.48. These bonds exempt from City and County, but not from State tax. Money rates gradually hardened through the month and at close 3 to 4 p. c. on call ; 4 to 5 best mercantile paper and some special time loans at 3| to 4^. At Clearing House quite a " snap " in rates from 2 p. c. Jan. 30 to 5 p. c. Feb. 1! The public had become so accustomed to a 1 @ 2 p. c. rate (ruling mainly since Dec, 1893, and one p. c. nearly all 1894) that a 5 p. c. figure looked excessive. High rates held to Feb. '7, then 3 the 8th and 9th, 2 the 11th and 12th, and 3, 4 and 5 to 15th, with 3 balance of month. Marcli. — Money rates steady but firm through the month and averaging some higher. Best business paper 5 p. c. On time ranged 3^ to 5 p. c; call money 3^ to 4 p. c. Cities could still borrow on short time (6 mos.) at low figures. Boston took $1,500,000 at 3 p. c, and on the 27th placed $1,000,000 forty-year 4 p. v. " Rapid Transit " bonds at 113.91. , It was noted in 1854 that the N. Y. Central R. R. then had a capital of $23,067,415 (Sept. 30) 'Hhe largest .of any railroad in the United States,'' and only $11,947,121 funded debt. Capital now $100,000,000 and debt Notes on the Boston Money Market, 85 $71,077,333! The road, of course, largely improved meantime and equipped with four tracks, but over ^18,000,000 of this capital was pure "water." N. Y. bank reserve touched lowest for the year ($13,413,450) March 30. Sime time in 1894, $83,600,150. Lowest in 1894, $32,902,650, Dec. 8, and highest ever reached ^111,623,000, Feb. 3, 1894. Clearing House rate 3 p. c. first two days, then 3 to 4 @ 5 two days, and balance of month 4 p. c, except 4 @ 5 on the 15th, 16th. April.— The unparalleled advance of 73 points in Petroleum oil from ©1.27 Monday, April 8, to $2.00 April 13 (of which 31 points were made the last day) was a great feature of the market. [Later the price reached 285 bid.] Oil had not sold so high since 1877, and was down to 50 in 1892. A year ago the price was .82J-, and Jan. 1 sold at 95. A fairly steady month in money matters, and a little softening of rates. At close, call money mainly 3 p. c. with exceptions at 4; on time 3^ to 4. Commercial paper 4 to 5, with little urgent borrowing. New York City placed a $358,000 3 p. c. gold loan, due 1914, at 100.50. Cities borrowing " right .and left " at low rates. C. H. rate 4 p.,c. four days, then 3 to 4 three days, and 3 p. c. balance of month. May.— The decision of Judge Carpenter, Dec. 18, 1894, declaring invalid the Berliner patent (covering the telephonic transmitter used by the American Bell,) was reversed by the TJ. S. Circuit Court of Appeals, Mxy 18, and Bell stock rose from 197^ Saturday to 210 Monday, but did not hold. The case was appealed to the TJ. S. Supreme Court. Money rates easier through the month, with a quiet market. Funds accumu- lating ; business paper 3 (a) ^\ p. c; corporation loans 3 and even less in special cases ; long time collaterals 2| @ 3}. Boston and Massachusetts both borrowed on Omonths in New York at 2i p. c! Clearing House rate 3 p. c. to 24th; 2 p. u. 25th, and 1 to IJ lo) 2 balance of month. J une. — Under a new law, Saturdays, after 12 noon, beginning June 1 , were made a legal holiday ' ' all the year around,'? for Banks and Trust Co.'s in Massachusetts. The gold reserve exceeded one hundred millions June 25 ($100,830,355) for the first time since Dec. 15, 1894. Continued ease in money and rates low. On call mainly 2 p. c; sixty days, 2 to 3 ; four months, 2\ to 3^. Commercial paper 3 to 4, and some prime cor- poration loans as low as 2|^ p.c. Boston borrowed $500,000 in New York at less than 2 p. c. interest, and placed $2,000,000 in 20 to 30-year 4 per cts. at 112.938. The Boston & Maine secured a lease (June 29) of the Cbncord & Montreal railroad at 7 p. c. on the stock. President Cleveland received a check of one cent bal- ance due him in adjustment of his $50,000 salary for the year. Clearing House rate 1 to 1^ lo. 2 p. c. to 12th, then li ^ 2 balance of month. July. — A remarkable record is that of Lake Shore stock. It sold at 153i July 22, 23. [Later 181, Sept. 16, 1897— highest record to date.] This stock was up to 146 in 1853, and in 1860 (Feb. 3, 4) down to $5 per share. We may mention here pi'ices in the past (not probably familiar to the present generation) of stocks .still leaders in the market. Michigan Central 30 Oct. 3, 1857 (panic year) ; N. Y. Central 50 Oct. 3, 1857 ; C, B. & Q. 40 Jan. 3 and 19, 1860 ; Rock Island 30J May 24, 1861. The following extreme prices were all in 1877 : Delaware & Hudson 254 June 13; Delaware & Lackawanna 30^ June 11, (sold at 11 Sept. 23, 1857, road in hands of receivers); N. J. Central 6 June 11; No. Western 15 April 13; and St. Paul 11 April 12. The year 1877 was not a "panic," but the low prices were the " tailings " of years of depression from the great panic of September, 1873. Early in 1878 commenced a " rally," and the remarkable advance is shown compared with the prices of the five above-named stocks in 1879 (within two years): D. & H., 89J; D. & L., 94; N. J. C, 89g; N. W., 94^; and St. Paul, 82J. For two years the "boom" was still "on;" and highest points were reached prior to the shooting of President Garfield, July 2, 1881. New York City asked pro- posals for $3,000,000 three per cts. (free of tax), and received bids of 100.60 to 101 for over two-thirds of it. Philadelphia failed to sell $3,000,000 three per cts. at par, but afterwards disposed of "over the counter" by the City Treasurer. Continued ease in money and large accumulations of capital, not unusual in mid-sum- mer. No material change in quotations. The " boom " in copper stocks, which started early in April, culminated July 30 with Boston & Montana at 99i^ (an advance from 37fr April 1). The rise of ingot copper from 10 to 12J cents stimulated the specula- tive movement. [Later, Montana fell to 60J^, ex. div. $5 Nov. 6, and in 1897 advanced (Sept. 20) to 152. ] C. H. rate 1^^ @ 2 p. c. for three days, then 1 lo; 1^ to 17th (except one the 11th and 15th) and mainly 1, li @ 2 balance of month. August. — A steady, quiet month in money matters, this being a period when few new engagements are made ; an abundance of capital and low rates. On call 2 @ 2^ p. c, time loans 3 (« 4 ; business paper 3^ @ 4, time and quality being considered. Boston borrowed (Aug. 21) $1,000,000, payable Nov. 4 at 2^ p. c; Newton sold $300,000 40-year 4's (b 110.750; Pittsfield 18-year 4's, $93,000, at 104.55. Rsece Buttonhole Machine won its suit against the Singer Sewing Machine, giving the former "control for 17 years of all machines which automatically stitch and bar a buttonhole." C. H. rate 1^ w 2 p. c. to the 6th, then 2 to 14th, 2 @ 3 to 19th, and 2 balance of month, except 1^ (g 2 the 23d. First time of 3 p. c. since May 24th. September.— A slight increasing demand for money, but a plentiful supply. This week, Sept. 14, the first real "break " in stocks for many a month; due mainly to large shipments of gold — $8,190,232 for the week, and $34,768,394 from Aug. 3. The "gold fever " getting contagious and new mines being " promoted " at a rapid rate. English capitalists said to be in the market to the tune of $100,000,000 ! A member of the N. Y. Stock Exchange expelled "on the allegation that he had knowledge of the erasure of endorsements on certain Union Pacific bonds," thereby making them more salable.- At close of month money in fair demand. On call 3 p. c. mainly; short time 3 to 4; longer 4 to 5; corporation notes 3^ to 4, mostly a year's time. C. H. rate 1^ to 2 p. c. first day, then 2 to 11th, and mainly 2 to 3 balance of mouth. 86 Notes on the Boston Money Market, October. — A "call" on the National banka, to show their condition as of Sept. 28, came as a matter- of-course, and had little influence in times of such monetary abundance. In fact, the "five times a year "^ calls are so regular that banks could " arrange " for them at any time when necessary. The law reads to call "not less " than five times a year, but it is a singular fact that no Comptroller has ever exceeded that number. The steady drain of money Westward " to move the crops " brought down the New York bank reserve to $14,176,900, Oct. 12— withm $763,550 of the lowest this year (March 30). Erie Telephone broke in New York from 67 to 50, Oct. 29. This was understood to be a "bear raid," for at the same moment of 50 in New York it was 58 bid in Boston, and did not sell below 60 for the day. Even in New York it rallied to 53 bid in 15 minutes. The advance of Silver bullion to 68 a feature of interest. Syracuse (N. Y.) sold $300,OCO 25-year W. L. 35's at 102^, less than 3^ basis. Money fairly steady through the month, and no indications of any "Fall stringency." At close 3 to 4 on call but 3^ a fair average ; six months collaterals 4, and same on year's time by Savings Banks. Factory paper but little heard of, but woidd pass readily at 4 p. c. if offered. Clearing House rate 3 p. c. first day, 2^ to 3 to 7th, with 3 to 4 to 12th, and mainly 2J^ to 3 to 31st. then touching 4 p. c. November. — Boston & Montana down to 60^ — ex. div. $5 per share — ^Nov. 6, a net decline of 34 points from highest (99^ July 30). Naturally a general break in copper stocks "all along the line." Of 19 railroads in different parts of the country, reporting the first week in November, every one made a gain in earnings ; but so demoralized was " the market" that this and previous good reports had no influence, the decline in prices being continual almost without interruption since early in September. London and Paris ' ' KaflBr settlements" passed, over without serious trouble, as feared, owing to "great preparations" in advance. The so-called " Kaffirs," gold properties in South Africa, were speculated in both at London and on the Con- tinent to so unprecedented a degree that at one time a panic was feared. In the wildest of , speculation in this country nothing has ever even approached the almost madness of John Bull's rush for Kaffirs. The question having been raised when the N. Y. Stock Exchange was closed for ten days, we can here state that it occurred during the panic of September, 1873, and a complete record of the unparalleled event will be found in the "Monetary" of this publication for June, 1893. In March, 1888, "a// business wias absolutely suspended " in New York for two days (12-13) owing to a terrible snow-storm, (see March, 1888); and from Saturday afternoon, April 27, 188D, to Thursday morning, Miy 2 (three business days) made legal holidays, during the "Centennial Celebration" of the inauguration of the General G-ovemment ; these three being the only occasions of the kind beyond ordinary holidays. Money market fairly steady through the month, without special change in rates. At close 3 to 4 on call ; business paper 5 to 6. Corporation notes 4J to 5, long time. Massachusetts sold $5,000,000 forty-year 3i's at 110.67, Nov. 25. Clearing House rate opened 4 p. c, with 3 to 4 to 9th, then 3 mainly balance of month, touching 2^ twice. December. — A very severe "stock panic" Friday, Dec. 20, due to the President's message on Vene- zuela. Prices broke rapidly, and within two hours leading stocks fell 5 to 10 points. The generally dis- turbed conditions gave a quick turn in money rates, advancing sharply to 6 @ 7 p. c. ; on call and time 6 to 7. but rates nominal and business restricted. In New York, at rate of 80 p. c. paid to " carry over " stocks. The New York banks authorized an issue of C. H. certifs., Dec. 23'(for the ninth time), and Boston the next day, for the fourth time (see this " Monetary," June, 1893). Only $165,000 issued in Boston, and none in N. Y. Boston asked proposals, Dec. 26, for $1,000,000 20-year 4's, and refused 101.52 (awarded Dec. 28 at 103.679). A few weeks earlier a like loan would have brought 110. The "war cry" and advanced money rates did it. Clearing House rate 4 p. c. to 20th, jumped to G, 21st, and held to 2Sth, then 6 to 7, 30th, and 7 to 8 the 31st — a sharp turn. 1896. January. — The year opened with a partial recovery from the effects of the so-called " war panic " (culminating Dec. 20-21), but a 7 to 8 p. c. rate at Clearing House, (the financial barometer in busi- ness circles) clearly denoted disturbing elements in the monetary world. " Rumors " of war were rife among the Nations of Europe, each watching the other with a jealous eye, and hatred under the breath. At home, the unfavorable financial condition of the U. S. Treasury was a source of solicitude and a call by the Secretary, Jan. 6, for proposals to a 4 p, c. $100,000,000 loan, Feb. 5, gave no immediate relief. New York state sold a 3 p. c, free of tax, gold loan, at 100 to 100.17 and this in the face of a 7 p. c. rate on call. Read-* ing stock at 2| p. c. Jan. 7 ($1.18J per sh.) lowest public record, but subject to an assessment of 20 p. c— $10 per sh. of $50. [Later, Nov. 10, the price reached 31 J p. c, all assessments paid.] Union Pacific 3, Jan. 23 — " bottom line." The Maverick Bank (in liquidation) paid 2 p. c. to depositors Jan. 16, making 89^^ p. c. to date, with a small " final " to come. Money close, 7 p. c. on call. Discoimts 8 p. c. and upwards. Factory 6 (w 7 p. c. Clearing House rate very strong; 7 to; 8 p. c. to the 4th, then 7 to 28th, (except 7 @ S 20th) and G to 7 balance of month. Noted as a remarkable fact that, "for the first time in its history," not a single legal'tender " greenback " was used Jan. 21 in the settlements. February, The feature of the month was the success of the 4p. c. 29-year $100,000,000 Government loan, awarded the 5th; $66,820,750 taken above 110.6877, the balance ($33,179,250) going to the Morgan Syn- dicate at that rate; in all 781 successful bidders, averaging 111.3788. The total bids were for $568,003,000 from par to 150— for a single $50 bond. The highest for any considerable amount was 115.3391 for $4,500,000. [This and some small sums defaulted, over $5,C00,000 additional, going to Morgan & Co. at 110.6877.] A number of small lots ranged as high as 120 @ 130. The gold reserve, which had fallen to $44,483,126 Feb. 7, turned $100,000,000 the 21st [later $128,713,709 Apr. 1— highest to that date, and down to $80,839,528 July 22.] The money market much disturbed by high rates at C. H. and call loans were sharp at 7^^ to 9 p. c. Notes on the Boston Money Market, 87 (This was local, call loans in N. T. being Z\ p. u. at same date). On time with collaterals 5^ to 7 p. c, but little doing for a few days. At close of month call loans 6 @ 7 p. c, mainly the lower figure, with a possible concession of half p. c. below that. On time 5 @ 6 with some corporation notes at 5 to 5J^ p. c. C. H. rate opened 6 to 7 p. c, then 7 § 8 to 12th, touching 10 p. c, the 13th, ofE to 8 next day and gradually receding by '21st to 6 p. c. which held to close. This 10 p. c. rate has occurred only twice before. The first, Mar. 9 to 11, 1881, and again Mar. 3-4-7-8, 1893. 1896. March.— The Baltimore & Ohio R. R. going into the hands of Receivers (Sat. Feb. 29) the sensation of Monday's market, the stock falling to 16^. [Later 10^ Sept. 2.] This road is the oldest in the U. S. (opened May 22, 1830) and until within a few years maintained the very highest reputation as an invest- ment security. The Boston Clearing House authorized C. H. certificates Bee. 24, 1895, and $165,000 were issued. The last was paid Mar. 12. New York also voted to issue Dec. 23, but none were taken out. Money sharp at opening owing to high C. H. rate. On call 6 @ 8 p. u. Long time 6. Discounts G @ 6^. Factory 4J. Held firm imtil middle of month, then softened steadily and at close 5 @ G on call. Six months 5J % 6; short 4^ ig 5 and Factory 4.^ @ 5 p. c. Massachusetts borrowed (28th) $1,000,000 in N. T. at 3^ p. c. ^ seven months. C. H. rate opened 6 ,5^ 8 p. c, then G to 16th, 5 S) G 17th to 19th, 5 two days with 4 @ 5 balance of month, except 4 the 24th. April. A favorable period in money matters; gradual decline in rates without special features. At close of month business paper 5 @ 6 p. c; long time 4.V to 6; on caU 4 i§ 4J p. c. and rates tending lower. New York City offered (April 2) $4,300,815 three p. c. gold bonds and stock 14 to 30 years to run, free of tax, and received bids for only $175,500. Of these, $30,000 were at par, $5,500 at 10O.a5 and $140,000 at 105| (short) to 111^, this lot taken by one party, " C. L, Tiddback," of Ogdensburg, N. Y. — a most remarkable lack of business ability in the bids. The city would gladly have accepted par for the whole lot, but bankers were not willing to pay even that. [May 5 the balance of same bonds at 3^ p. c. interest was awarded at 104.089, netting 3.21 p. c. on the average, and resold in London on a 3 p. u. basis.] , $2,500,000 loaned on call in N. Y. at 2^ p. c. Boston awarded (Apr. 8) $500,000 Eipid Transit 40-yr. taxable 3^'s at 101. 8G. English Consols (2J p. c. int.) reached 113^ Apr. 20 (also July) — highest record: local loans (3's) 114V same date. C. H. rate 4 p. c. to 25th, then 3 a' 4 to 30th, except 4 @ 5 p. c. Gth to 8th. May. A quiet, uneventful month, awaiting political movements. Stock market apathetic with occa- sional "spurts" in a small way. Money abxmdant and steady "sagging" in rates, with fully half p. c. decline. At close 2 o) 3 on call. Long rime 3^ @ 4^. Mercantile 4 @ 6. Choice mill paper scarce at Z\. May 14 $1,000,000 Massachusetts 3^ 40-year gold bonds placed in London at 113. This was not a new issue, but part of $5,000,000 sold here, Nov. 25, 1895, at 110.67. The Great "Western K. R. of England sold $2,500,- 000 Debenture 22's at 103^ — low water mark for interest on a R. R. bond. C. H. rate opened 4 p. t;., then 3 @ 4 for 5 days, 3 to 23d and 2 @ 3 balance of month, except 2 p. c. last day. June. A month of political anxieties and disturbed markets, and the business situation very unsatis- factory in consequence. Money in good demand all through but rates fairly steady owing to restricted busi- ness requirements. At close 3^ i® 4 on call, with special exceptions at 3 p. c. Collaterals 4^5. Business paper 4^ @ 5^, and choice short at 4. Corporation notes a fraction under 4, and on a year's time 4\ p. c. C. H. rate mainly 2 to 3 p. u., touching 4 four times (June 11-12-17-18) and 3 p. ^;. from 19 to 20, then 1\ ia>, 3 to close. July. Renewed confidence over the gold platform of the Republican convention was lost in the quickly following free silver 16 to 1 populistic and anarchistic one of the Democrats giving the stock market a bad "shaking down." Naturally th? money market should have felt the unfavorable influences, but the restricted demand, due to apathy in business, offset them to a great extent and rates were but little higher at the close than the opening. On call 4 rS 5 p. c; short time 4^^ @ 5. Six months 5 % 6. Corporation 4^- p. c. Gold reserve fell below $100,000,000 July 10, for the first time since Feb. 20 and steadily declined to $86,839,528 July 22. Here the banks "came to the rescue " (with $26,000,000), restoring the hundred million by the 23rd and carrying it to $110,000,000 the 31st. Both New York and Brooklyn (28th) failed to negotiate 3.J p. c. gold loans. C. H. rate mainly 3 S 4 p. c. to 9th; off to 2 by 13th and continued to 28th; then 2 @ 3 balance of month. August.— Gold reserve reached ^110,782,403 (Aug. 4). [Highest §128,713,709, April 1; lowest $41,310,- 181, Feb. 8, 1895.] Reduced to $100,957,561 the 31st. (See Dec.) The markets out of joint, money sharply hardening and stocks demoralized which continued mainly through the month. Money rates hard to deter- mine. Good loans mode at 6 p. c. and 1 p. c. commission 4 mos. or 2 p. c. commission G mos.; these '" com- missions " showing the temper of the market, as they brought the rate up to 9 (^ 10 p. c. Call loans 6 (gj 7 p. c. On time 7 p. c. and upwards according to the borrower's luck. A six months' loan of a round sum backed by the best known security (Government bonds) paid 7.3 p. c. At close of month a slightly "better feelhig," largely due to free imports of gold. Aug. 17, bids for $^,433,009 New York City gold 3^ per cts. were again a failure, the City refusing par to 101^ whUa paying 6 p. c. on temporary loans. C. H. Rite opened 2^ @ 3 p. c, holding for a few days, and sharply advanced to G by the 10th. Then 4 ,«' 5 to 24th and 5 to close. September. The very large imports of gold — $34,982,744, Aug. 1 to Sept. 26 [reached $85,733,662 year 1896], together with the steadily improving poUtical outlook, gave courage and hope to business men, and to some extent " turned the tide " of doubt and indecision. The Vermont election, followed by Maine, each giving imprecedented majorities against "free silver" — and even Arkansas greatly reducing the usual "made to order" Democratic majority — were factors of no mean significance, looking to the general result. 88 Notes on the Boston Money Market, All this, however, did not prevent an "unrest" in monetary circles, carrying lip interest rates, aided by a disposition to "bridge over" any possible derangements of the future. Money rates a matter of bargain, varying largely with different lenders; towards close of month the market gradually softened; choice mill paper 5^ p. c, with business paper 7^ p. c. These concessions were small, but paper more freely taken and rates on a lowering scale. Sept. 10. At last ! the Bank of England advanced its interest rate to 2^ p. c, from 2 p. c. Feb. 22, 1894 — an unparalleled 2 p. c. period of 133 weeks, beating the record by 64 weeks. The longest previous 2 p. c. rate— a marvel in its day — was from July 25, '67, to Nov. 19, '68—69 weeks. The Bank reserve Sept. 10 was $213,605,135. Highest ever known $245,781 ,385 June 24, 1896. C. H. rate opened 6 p. c, held to 8th, then 6 @ 7 (.7.3 on 10th) to 17th; off to 5 @ 6 to close. October. The more promising close of Sept. did not hold, and Oct. proved a hard trying month of perplexing imcertainties as to the forthcoming election. Money hard all through and only borrowers of highest standing could obtainfunds at reasonable rates. Some of this class secured money at 6 p. c. "right along," but 7 to 8 p. c. was more usual for best paper with exceptions even higher. The month closed with a "nervous" feeling and opinions "all at sea." Gold "hoarded " to a large extent, as a condition of safety, but in some instances purely as a matter of speculation. Gold imports continued a feature. Oct. 29, money "quoted " on the New York Stock Exchange at 100 per ct. [Nov. 27, Contrast ! Over $7,000,000 on call, loaned in Stock Exch. at 2 p. c] Of course " wild cat " collaterals and a " sqaeeze " of Traders had much to do with these fancy rales. The extreme figures were misleading and had no material influence on the market, but would have created a wild panic had they been actual on first-class collaterals; at the same hour, money, in legitimate channels, was loaning at 6 to 8 p. c. _ C. H. rate G p. c, first day, 5 @ G to 17th, 3 @ 4 to 27th, then 3 @ 5 with sharp G last day. November. The morning of November 4 brought glad tidings to the business world and made honest, law-abiding people happy beyond expression. The election of William McKinley of Ohio, President of the United States, by the lar^e electoral vote of 272 against 175, and a plurality of 630,745 in the popular vote, was a happy omen for the integrity of the Nation, settUng fhe destiny of these UNrrED States for four years and probably many more. The "turn of the tide" of business affairs, clearly evident in the resumption of old enterprises and gradual starting up of new ones, giving work to many thousands of' employees, was not only gratifying in itself, but forecasted the "better times" of the future. (Nov. 28 — a pointer! N. Y. deposits increased $52,196,700 since election— money being wn-"hoarded "). The financial world was quick to catch the favorable influences, and money freely offered, with the high rates of October lowering steadily; at close of month there had been a marked change with money quoted ** very soft." On call 3 to 3^ p. c; choice double names 4; single 4^ @ 5J; mill paper 4; commercial scarce at 5 @ 5^ best. The feature of the month was the negotiation of very large loans by States and Cities which had been awaiting the "returned confidence" of the times. Nov. 12 New York Cii^/ ^•warded $16,040,590, ^ p. c. gold untaxable bonds and stock, 1911 to 1922, at 104.71 in one lot. $180,900,000 were bid for at 100 to 105.297 ($150,000 at 110, 1922 bonds). Of the total bids about one-tenth were "thrown out " as being made by "irresponsible parties," the city not requiring a deposit. Nov. 19, Cambridge awarded $364,000 twenty- year 4'8 at 108.29, registered bonds. Nov. 21, Boston placed $1,500,000 Rapid Transit 3^'s, 193G (taxable in Mass.), at 101.56 to N. Y. parties. Nov. 23. The State of Massachusetis awarded $8,225,000 taxable 3^'s gold 20 to 40-yr. bonds ($500,000 only 4^ yrs ) at 105.829 in one lot— a 3.19 basis. Amount bid for $15,325,000 at 100.02 to 107.39, a most grati- fying evidence of the commanding credit of the old Bay State — never failing to pay in gold, principal and interest, and paid $3,703,556.86 m premiums on gold to sustain her credit dxu:ing the rebellion. Negotiations in the U. S. for November, $34,606,000 against $4,688,463 in Oct.; comment unnecessary. C. H. rate 6 @ 7 three days; 6, three; 5 @ 6 five days; gradually off to 2^ (21st) and mainly 2^ @ 3 to close. December. In a monetary point of view the month was very satisfactory. Not the first chill of the usual "stringency," the market proving remarkably easy all through, with an abundance of money at low rates; it was really one of the most satisfactory months of the season. This is clearly shown by a comparison with Nov. rates; now C. H. rate 2 p. c. On call 2 @ 3; best business paper 4 @ 4J. Factory 3^ to 3J, choice single name 4 p. c. With the exception of 1893-94 no such Dec. since 1884. Gold reserve $136,746,473 Dec. 31, highest record for five years, and a gain of $21,780,365 since election. Too little thought had been given to the large imports of gold, as an aid to infiation, but the fact remained the same; and besides, the gold pro- duction was adding some $500,000 per week. There had been already, for 5 months of the fiscal year, an enormous expansion, all told, of $136,719,546 ! The stock market had a "Cuba Scare," with a bad break in prices, Friday and Saturday, Dec. 18, 19, and it is a singular fact that the ill effects of the Venezuelan war message occurred on precisely the same days of the week in Dec, 1895, but two days later in the date of the month. C, H. rate opened 2^ @ 3 p. c, fell to 2 by 7th and continued to end of month. 1897. January. — The new year opened with decidedly better prospects, compared with the begin- ning of 1896. Then gold exports were large ; now nil. Money was tight and Government finances in a bad way; now the reverse. Gold reserve then $83,398,372; now $130,746,473. These and other favorable ele- ments should have influenced the stock market materially, but they failed to inspire it with that vigor of action so long looked for and much desired. Money was easy all through and rates gradually receded. At close of month on call 2 (a; 3 p. c. Business paper 3^ @ 4; very choice 3 @ SJ. Factory, 4 months, 2J. Notes on the Boston Money Market. 89 In Jan., 1896, money was sharp at 6 p. c. and up. Best factory, 5 @ 5^ years' time. An extraordinary feature of the times was the placing of English loans in N. T. (Jan. 25) cheaper than could be done in I^ondon. Bink of England reduced rate from 4 to 3 p. c, Jan. 21. Clearing House rate 2 p. c. all through. Jan., 1896, seven to 8 p. c. mainly, with G @ 7 at close. 1897- February. — An uneventful month — short, but lacking the sweet. A dragging, unsatisfactory stock market; kept in suspense by the constant fear of what "might happen " at home or abroad. Bank deposits constantly accumulating; increase in N.Y. from Jan. 2, ^3,000,000. The State of Massachusetts placed a $6,000,000 Z\ p. c. 28-year gold loan at 107.82— a 3.15 basis. Choice 4 months paper 3 p. u. and factory 2Jp. c Great surplus of capital and business stagnation. C. H. rate 2 p. u. for. two days, then It @ 2 all the month. Feb., 1896, mainly 6 to 8 p. c. but touched 10 p. c. the tiiirteenth (closing 6), being the third time of this exceptional rate. (See Feb., 1896). March. — No unusual features in money rates; fairly steady all through and quiet. Gold reserve turned $150,000,000. Cities and towns continued to borrow on favorable terms, second-class going fairly well in these times, i Very choice paper placed at 3 p. c. on 6 months, as exceptions. Year's time generally 4 p. u. Business paper 4 @ 4^ p. c. On call 2 p. c. to best borrowers. Boston borrowed in N. Y. $1,000,000 on seven months at 3.07 p. c. and $5,60 premiiun. The famous " Keeley motor " sold at 2^ per share. In former times at about ten times the present price there was supposed to be millions in it. The decision of the U. S. Supreme Court, 5 to 4 against what was known as the " Trans-Missouri Associ- ation " (of railroads) an unfavorable factor in the stock market. C. H. rate 1^ @ 2 p. c. to 6th, then 2 to 13th, 1^ (^ 2 up to last day with a sharp turn to 2^-. March, 1896, 8 p. c. first day, then 6 to 16th, 5 @ 6 three days, then 4 @ 5 to end, Aju'il. — In general business, continued dulneas the rule, and no disposition to move beyond a "hand to mouth" routine. Money cheap and in excess of the demand. Year loans as low as 3} p. c; six mouths, 3; business paper 3J and up, the lower rates being, of course, for very choice. On call 2 p. c. and plenty; loans made in N. Y. at 1^ p. c. This was near middle of month, and later on an increased demand with a quicker tone to the market and rates fractionally higher. Gold reserve $155,629,773 (28th) highest yet. [Lowest &il,340,181, Feb. 8,1895.] Specie exports large last week in month, which cut into reserve. Apr. 20, the State of New York placed $2,688,000 15-year 3's at 101.279 and $312,000 at lOlJ to 102. Apr. 24, the failure of five mills at New Bedford this week (the Bennett, Columbia Spinning, Howland, New Bedford and Rotch)a disturbing element and had the effect of increasing the dulness in money matters. Very considerable of this paper was held by Boston and other banks, and the fact that "mill paper " stood ahead of most classes made the blow all the heavier. The stock market " nar- row," money market narrow, business narrow, and so we go in a narrow "rut," everybody waiting for something to " turn up;" hopeful or otherwise. C. H. rate mainly 2^ (ir 3 p. c. (except 4 the 2d) up to 14th, then gradually off to 2 p. c. with \\ (5' 2 last four days, closing 2. April, 189G, 4 p. c. to 28tli (except 4 S 5 p. (J. 6th to 8th) then 3 @ 4 closing days. May. — The "Tax day," feature of former years seemed to have gone into "innocuous desuetude," for on the surface not the least indication of the usual "arrangements" for passing over that much dreaded period. The month was an " easy one " and great quiet in money circles. At close rates were low all around. On call 2 to 3 p. c, nominal. Choice factory 3 p. c. six months, best business 3J @ 4i. Lenders more than usually discriminating. Worcester borrowed $100,000 at 2.71 5 months — this looked low, but Worcester borrowed in 1R95 at 2J p. c, and Boston a fraction less than 2 p. c. A novel feature of the times the placing of $200,000 Minneapolis Terminal Electric paper at three p. c. and a brokerage in that home mar- ket with a cry for " more," the West literally outdoing the East. The largely increasing number of bankers who make dealings in State and City securities their " specialty," a marked feature and the close "figuring " required in securing loans on proposals almost a science. Naturally the profits are a very small fraction of one p. c. and yet we see "Syndicates" in New York secxu^g three p. c. on refunding railroad loans, which practically negotiate themselves. The Bank of England reduced its interest rate from 2^ p. c, Apr. 8, to 2 p. c. May 20, making the seventeenth period of a like rate, the last having ended Sept. 10, 1896. A continued "draggy " stock market with occasional "spurts" — up or down — in special cases. Even "Traders" found it a hard market to get the "right side" of. The break in copper from 12c. to lie. per pound a serious disappointment to operators in copper stocks, who had not anticipated it. A 19-year old messenger of the Boylston Bank decamped May 19 with $30,940.35, was arrested at Farmington, Me., within three days and had all the money on his person, barring about $130 expended. This recalls the "great rob- bery " of that bank in 1869, when over $300,000 in securities was taken, almost entirely the property of depositors. (See page 37.) C. H. rate 2 to 3 p. c. first half "of month, then 2 p. c. to close. May, 1896, opened 4 p. c. with 3 @ 4 for five days, then mainly 2 @ 3, closing 2 p. c. «Tune. — The month of roses literally, with the stock and money markets falling into line; the former advancing steadily and the latter rich with funds at low rates. Business "picking up" slowly. Loans on short time (2 and 3 months) readily negotiated at 2^ @ 2^ p. c; at the same time year loans held at 4 p. c, which naturally increased the funds " on call," loans being made at IJ p. c. Choice factory paper readily taken at 3 p. c. with exceptions at 2J p. c, but manufacturing companies not much in the market, very few renewals and the policy of "paying up " more general. Best mercantile paper 3^ (a 4 p.c, with negotiations reported as low as 3 p. c. Boston borrowed $500,000 at 2.20, payable in Nov. Some gold exports the latter part of month, but their influence was scarcely felt. 90 Notes on the Boston Money Market. Comment made ou the immense increase of huge "office buildings" in Boston and New York. The wonder was where all the tenants were coming from, and to one looking up or down State Street, " still the wonder grew.'* A sale of a New York Stock Exchange membership at $14,0D0 (June 14) and noted as the lowest price in modern times. C. H. rate first two days 1^ @ 2 p. u., then 1^ all through with money in large supply. June, 1S96, mainly 2 to 3 p. c. , touching 4 p. c. four times, then 2J @ 3 to close. 1897. July.— Clearing House exchanges July 2, $33,233,626— highest to date. The Boston and Low- ell Riilroad commenced 4 p. c. semi-annual dividends, July 1, on a 99-year lease, the first ten years at 7 p. c. The Conn't and Passumpsic also to increase from 5 to 6 p. c, Aug. 1 — leased to Boston & Maine. The West gradually becoming more independent, calling for less and less money to "move the crops," the finan- cial standing of that section gaining steadily and surely. The marked feature of the month was the contin- ued and persistent advance of nearly all the active stocks and bonds of the market, right through the mid- summer season — something of rare occurrence. Some effort to advance money rates at opening of month, but the tide of money was on the flood and not to be resisted; A special feature, a continued scarcity of paper, note brokers finding their occupation as nearly gone as it well could be and exist. Money rates varied little from June quotations with even a little easier tendency. The investment demand good, which had " cleared out " banker's portfolios of city and other bonds, withdrawing them as large borrowers. Noted as a feature, that banks would make loans on "coppers," and they were not all Calumet & Hecla'a either. The writer recalls an instance many years ago, where a gentleman of wealth. offered his note for discount, en- dorsed by himself as treasurer of a mining company, well known at the time. It was refused, with a polite note that should he omit the endorsement the funds would be promptly placed to his credit ! lu New York, money even easier than in this market. A comparison of rates with one year ago shows a marked reduction. C. H. rate 1^ @ 2 p. c. first two days, then 1^ all through, except 1^ @ 2 the 13th. JuXy^ 1896, three and 4 p. c. early in the month, then 2 from the 13th, closing 2 @ 3 p. c. Aug^ust. — Month opened with continued ease in money, the attempt to "mark up " rates only leaving the banks with still heavier accumulations. It was almost a marvel that the immense dealings in stocks, and the large advance as noted below, should not have had greater influence on the money market, but the fact stood out that the accumulations of capital were immense, awaiting just such an opportunity. In the early part of the month money was freely loaned at 3 to 3^ p. u., four and six months, and as low as 2 p. c. noted in New York, 90 days. A year's time still held at 4 p. c. , but few anxious borrowers. At close of month the only change noted was a httle less disposition to loan "time money" freely at low rates, but abundant "on call" at 2 @ 2^ with exceptions at 1\ p. c. A "call" on the National Banks (date of July 23) was simply a "passing event," and its influence nU. Most of the institutions would have hailed with joy a ' ' call ' ' for money — from customers. While July was a month of vigorous forward movement in stocks, August "went her one better," and the close of the month brought the summer campaign to a po i :ion of strength and vitality almost unparal- leled, the upward move being almost continuous from June 1, with an average advance of 10 to 20 p. c. in lead- ing stocks. [Lake Shore 181 Sept. 16 — highest record.] A " mid-summer " market is a great rarity and the writer in nearly 50 years experience can recall only two other like instances. The "agent of prosperity," %vith gripsack in hand, made his onward progress irresistible — the stock market being always the first to feel the favoring infiuences. Croakers and pessimists were accorded a back seat. Among the favorable features of the period were the advance in prices of almost all leading staples — iron, steel, cotton, corn, wheat and - wool. Mills everywhere " starting up " and the outlook promising. Improvement in the general business situation no longer a matter of doubt and this not confined to any section, North, South, East and West alike sharing in the coming prosperity. The steady gain in railroad earnings a good "pointer," and the largely i ncreased business of telegraph lines a sure barometer of the business situation. A New York Stock Exchange "seat " sold (Aug. 27) for $20,000, an advance of $5,500 within less than two months, a sure indication of the current of events. The highest price ever recorded was $34,000, Nov. 1885. C. H. exchanges largely in- creased, an index of returning business prosperity — the " turn " for the better being steady and persistent. C. H. rate all 1^ p. c. through the month. August, 1896, opened 2^ to 3 p. c, but sharply advanced to 6 by 10th, then mainly 4 @ 5 to close. September. — The opening, Sept. 1, of the Subway under Boston Common, from the Public Garden to Park St., an event of the times; although not strictly a monetary item, it is worthy of being placed on record here. Another portion, from the junction of Shawmut Ave. to Boylston St., opened Sept. 30. (See page 49). The forward movement in the stock market, which had realized au almost unparalleled advance straight through the summer season, in fact beginning early in May, came to a halt Sept. 20, and " recessions " were in order the balance of the month, with occasional "rallies," but nothing permanent. The hardening of money rates, caused by large demands for currency to " move the crops " and a strong disposition to "take profits," with fears that " something " might turn up in Cuban affairs, were mainly the adverse elements. The talk of " tight " money scarcely produced a 4 per ct. market (6 @ 7 at C. H. in 1S96), but had its moral effect. The month opened with money easy and C. H. rate 1} p. c; general discounts 3^ to 4^ p. c, accord- ing to circumstances. No special change until after middle of month, when a "hardening" process com- menced and carried rates at close of month to 4J lu) 5\ for best double name commercial paper and 5 to 6 for choice single, but the market at no time could fairly be termed " stringent." C. H. rate 1 -V p. c. to 15th, then 2 itr 2\ for three days, with 3 p. c. to 2Sth, closing 3 @ 4 p. ij. Sept., 1896, six p. c. to Sth, then 6 @ 7 (7.3 thB 10th) to 17th; off to 5 irr C to close. Notes on the Boston Money Market. 91 1897, October, — An uneventful month, barring occasional rumors of something direful to come, ■gotten up mainly for effect oa the markets. Stocks were depressed as a consequence, and tha whole month entirely unsatisfactory. The money market not " hard " at any time, but a " stiffening " tendency noted up to ths 8th when C. H. rate broke from 4 to 3 p.c. on the annoimcement of a bank " call " for Oct. 5. Money on call, 3^ to 4^. Collaterals, 4 to 5. Commerciil, double names, 4| to 5i ; single, 5 to 6, and taken spar- ingly. As the month advanced rates declined, and towards close were fully ^ to ^ p.c. lower. C. H. rate variable ; 3 to 4 two days ; 4 p.c. four days ; 3 p.c. eight days, then mainly 2^ @ 3 p.c. to end. Oct. , 1896, opened 6 p.c, and held 5(^6 to 17th, then 3@4 to near close with sharp 6 last day. The Bank of Bngland andils 2 per cent rale.— ''The Old Lady of Thread Needle Street," as the greatest Monetary Institution of the World is often nicknamed, has hid a useful existence since 169-i. At times in the past her changes in interest rates had a world-wide influence, and were watched for with the keenest solicitude in financial circles. The 2 per cent rate (none ever named lower publicly), was once a marked event, but in late years attracting only passing attention. The present year the 2 p.c. rate has ruled only for 19 weeks, from May 13 to Sept. 23. Annexed are the several 2 p.c. periods since Jan., 1886, with the *' bullion in bank " at each date ; the 2 p. ^. rates, previously from the first one (1852), will be found on page 70, making a total of seventeen different periods, and an aggregate term of ten years,' seven weeks. It will be noted that the No. 16 2 p.c. rate continued from Feb. 22, 1894, to Sept, 10, 1896, an unparalleled " run " of 133 successive weeks ; Changes. Duration of Hate. Bullion. 12th, 1886, Feb. 18to 1886, May 6—11 w'ks, £i-i,753,297 13ttt, 1887, Apr. 28 tol887,Au. 4-14 " £25,325,902 14th, 18^8, Ma. ]5to 1888, Mxy 10- 8 " £23,328,014 Changes. Duration of Rate. Bullion. 15th, 1892, Ap. 28 to 1892, Oct. 20—25 w'ks, £24,538,814 16th, 1894, Feb. 22to l896,SBp.l0— 133 " £12,721,027 17th, 1897, May 13 to Sept. 23—19 *' £37,455,029 Rate advanced to 2^ p.c. Sept. 23, and to 3 Oct. 14, which continued to Jan., 1898. November. — A monotonous month both in money and stocks. Depression was the rule up to the latter part of month when the long continued " liquidation" ceased, mainly from lack of material, but also anfiuenced by the better tone in public affairs. The stock market had been for some time in sympathy with such a "turn," and awaited it with impatience. The announcement Tuesday, Nov. 23, that the Railroad Commissioners had refused to confiirm the lease of the "West End" railway for 100 years to the prospective "Boston Elevated," was a "stunner" to the street, and West End stock (par 50) fell from $9i^ to 81 the same day (with sales of 16,263 shares), and later touched 78i. The scramble to sell was of the wildest sort ai;id few stopped even to think that the West End property was just as good as e vet and that, "lease or no lease," it was not going into " inocuous desue- tude " — just yet. Doubtless the road can earn for its stockholders the full amount of the proposed lease (8 per cent), to say nothing of the future value of the 20-year Subway lease which is quite sure to prove a "rich find" for the company. [Lease (25 years, at 7 p.c.) confirmed Dec. 1.] The twenty-fifth anniversary of the " Great Fire " in Boston of Nov. 9, 1872 (see page 38), was celebrated by a banquet among "the boys " who had " worked the machine " on that eventful night, the like of which was never before witnessed in Boston, and certainly no " returns " of it are desired. The money market for Nov. more than usually quiet with a slight tendency to lower rates. At close 2^ @ 3 on call. Best Factory 3 to 3^ ; mercantile, double names, 3^ to 4.J- ; single, 4J to 6\ p.c. C. H. rate 2^ to 3 p.c. to 13th, then 2^^ to 23d, and 2^ @ 2 to close. Nov.., 1896, off from 7 to 5 p.c. by 11th, then gradually to 2^ (21st) and mainly 2^ @ 3 to close. December was a disappointment to some because a usually "hard" month turned out very satisfactory ; ■easy money and a fairly good stock market, prices averaging 2| p.c. higher at the close than the opening, something entirely unlooked for ordinarily, in this month. The ^6,243,070.55 of New York City 3^ p.c, 20 to 30-year gold bonds were awarded Dec. 15, at 105.513 to 107.577; a lot of $50,000 (1928) was taken at 108.47. Hartford 3^'s gold (|525, 000) awarded at 106.139 to 108.239, according to length. Boston awarded (Dec. 29) $2,851,000 3^'s gold (1018 to 1938) — with $330,0C0 five years— 105.889 as a whole. The loans as above awarded were evidence of the great surplus of capital for choice investments, and there has rarely been a more favorable period for placing city loans, while the various municipalities have generally availed themselves of the opportunities offered. [Massachusetts placed $2,000,000 forty-year 3^ p.c. gold bonds at 11'5.126 (2.94 basis), Jan. 13, 1898. A fine record, but State bonds had been sold in previous years on a 2.55 p.c. basis.] The year 1897 was most remarkable and presented a record rarely witnessed. All through the summer months a strong "bull" market was sustained, with a collapse between Sept, 20 and Nov. 10; then a mod- erate and uncertain advance for a time. G-eneral business was larger and more satisfactory than at any time for five years. The year closed up with a steady rising market, though few had confidence enough in it to realize the advantages, but the extremely large railroad earnings had a quiet and effectual infiuence. The money market ruled very steady, with slight concessions towards close of month. On call 2|- to 3 p.c Collaterals 3 to 4; best short, 3. Commercial 3^ to 4A^, double names ; single, 4^ to 5 with very choice at 4. C. H. rate all 2 p.c. Dec, 1896, opened 2^ to 3 p.c, off by 7th to 2 and to end. A Retrospect. — The stock market experiences some wonderful " ups and downs, " and when passing through a great "bull" inflation, or "bear" depression, it is often hard to believe that "anything like it " ever occurred before. Therefore, the following facts are worthy of record as a matter of history. Going back to 1872, the highest average price of 60 railroad stocks was 76.57 (.1873, panic year). Fi/e years 92 Notes on the Boston Money Market. of falling prices followed, carrying the average at the low point in 1877 to 36.33. Then the tide ran four years the other way, reaching the high point in 1881. The average touched 99.80. (Aasaasination of Prea. Garfield, July 2, 1881.) The falling market also lasted four years, reaching the low point in July, 1885, with the average back to 41.28. The bull market of 1885 began July 2, with the average price of 20 active stocks 48.09. The first rise culminated May 18, 1887, the same 20 stocks selling at 74.17. Prices gradually declined for about a year, reaching the low point April 2, 1888, of 58.18. The next rise culminated May 19, 1890, with the 20 stocks at 81|. Later on followed mutterings of trouble abroad, increasing until the' Baring crisis in November, which carried the same 20 stocks on the run to another low point of 59^, Dec, 8, 1890. The "bridging over" of the Barings' trouble caused a rapid advance and by Jan. 13, 1891, these stocks had recovered to 69. Here a period of dullness set in with gold exports, " free coinage " talk, and a general feeling of distrust ; in fact, a completely vmaatisfactory market, carrying prices back to 66^ by Jan. 28, 1891— two weeks. Then a gradual rise to 71^ Apr. 30, off to G5 June 29, with a little recovery to G7i by July 13 ; but a heavy *' drop " by July 30, carried average prices to the lowest of the year (03^). Now, *' great crops " became a bull point and Sept. 21 found the figures 76. Here the late Jay Gould "took a hand" in the market and a drop to 70^by Nov. 9, naturally followed. After that the market broadeaed, "Jay" having "covered " his shorts, and by Dec. 28 the top figures of the year (76J^) had been reached. The year 1892 opened dull and prices fell to 73^ Jan. 19, then gradually rose to 79^ March 4 (highest for the year). Here a fall to 75^ (April 2), followed by a rally to 78J April 18, with a gradual "settling" to 74J June 7, An unusually good " Summer market " here set in and 77 was reached by Aug. 5, within 2^ points of the highest in March. Now came the " cholera scare," which was made the most of by the bears, and Sept. 15 found the average at 71^. A "recovery" carried it up to 75J by Oct. 24, but a combination of unfavorable influences, the pending Presidential election, renewed gold exports and decreasing railroad earnings — crowned by an active money market, just slaughtered the bulls and the lowest point of the year (71|) was reached Dec. 19, closing up at 73| Dec. 31, 1892. The depression still ran into 1893, and by Jan. 6 the average was 62|. Here active speculative com- binations in New York gave the market a "boom,"and in slightly over two weeks (Jan. 21) 68^ — highest fortheyear 1893 — was reached. The failure, again, of "Deacon" White, later, "busted" the market, and then, with every element steadily working against it, the bulls lost courage and the bears were con- tinually prancing on to victory. Very heavy specie exports, the great decline in silver (to 62c. June 29),. sharp liquidation, bank failures West and South, with a tight money market, did the work, the average falling lower and lower yet, until reaching 44J July 2G — the "panic of 1893" (for a record of which see previous page). These wide-spread fluctuations will cover the point made at the opening of this article without further continuing the record which was practically a counterpart of the past. Fluctuaiions in Gold. On page 169 the market rates for gold are given monihly, for the entire period of suspension — seventeen years — Jan. 1, 1862, to Jan. 1, 1879, and two of the most remarkable fluctuations are here noted. The greatest "range " in any one day was 63 points up and 55 down, July 1, 1864, advancing from 222 to 285 (highest record) and back to 230. This was a day of great excitement, the price fairly " jumping " 5 to 10 points at a time, and the Merchants' Reading Room was literally crowded with anxious watchers of the quotations as they rapidly appeared on the black-board. Later (July 11) the price again reached 285, but this was by slow degrees, and the quotations held between that and 260 for three days. It was stated at the time that private sales were actually made at 290 on July 1, but not recorded. The " Black FHday " of Sept. 24, 1869, was the result of a " combination " to put up gold, which was carried from 133 to 162^, amid great excitement in efEorts to effect a " comer;" but Secretary of the Treasury BouTWBLL ordered a large sale of gold at noon the day following, and this "busted" the Gold Exchange^ the price falling some 30 points, and the Board "rested " from business for four days. (See p. 38). The Gold Resei^ve stood at $167,770,500 (Feb. 25, 1898), a gain of $7,000,000 from the opening of the year, and steadily increasing — now at high-water mark ; lowest $41,215,181, February 12, 1895, at the tim& the Government sold $62,315,400 thirty-year 4 p. c. bonds to a syndicate at 104.4946. Gold imports to the amount of $4,000,000, "in transit." One great feature of the day is the remarkable attention given to Lake Superior Copper Mining interests ; old locations lying "dead " for years, have been " opened " with good promise of success. In these days of greater facilities for mining, properties which 10 to 20 years ago were considered ' 'worthless' ' can now be worked on a large scale, at a profit. In this view a revival "all along the line" at Lake Superior is certainly probable. February 16 y 1898. — The astounding news reached Boston this morning, that the United States Battle- Ship Maine had been blown up in Havana harbor the previous evening at 9.40, about one-third of the crew being killed, with two officers, and a great many wounded. Excitement ran high and rumors of the most alarming character were constantly put afloat. There was great diversity of opinion as to the cause of the explosion, whether accidental or otherwise. A commission of Naval experts was authorized to investigate the matter, but at the time of writing this (March 1) no report had been made public. Naturally the stock market was greatly disturbed, and securities were "thrown over-board" without regard to consequences, the decline ranging from 5 to 20 points, according to the speculative character of the stock. Rumors of war, to come, flew thick and fast, but it was notable that Government Bonds were depressed only slightly — a hopeful indication. And neither did the money market show any special dis- turbance pending forthcoming results. Notes on the Boston Stock Market. 93 PUBLIC SECUKITIES. The following pages have been compiled with the greatest care, and present an elaborate series of tables, with full explanatory notes relating to the Banks of Boston, Insurance Companies, New England Manufacturing, Railroad Companies, Railroad and City Bonds, Government Securities, Electric, Mining and Miscellaneous Stocks. In addition, on pp. 62 to 92, inclusive, is presented a very full review of the Boston Money Market, from 1831 to 1898, a period of sixty-seven years, the whole comprising a complete Financial Record of the times, which cannot fail to be of interest not only to the thousands who have invested their means in the stocks or bonds of the different corporations, but to the general reader who takes an interest in financial matters so far as success or failure bears upon the prosperity of the community. The tables cover a detail of dividends by the different corporations, which are official, with every one paid by each, regular and extra ; also presenting the highest and lowest market value of the several securities, each year; making a most varied history, ranging over a period of one hundred years, and which will show that no one class of property has always been jjrofitable for investment. While there appears to be no positive rule governing these periods of depression and great enhancement of values, a study of the "facts and figures" given, will doubtless aid efforts to determine these points. But it is a singular fact that the different classes of securities are rarely very high, or extremely depressed, together ; each having, to a greater or less extent, its peculiar period of success or adversity. The high prices of many bank shares, and large dividends, in 1870, would scarcely lead one to believe, that, within eight years, nearly two-thirds had been selling under par, several dividing less than six per cent, and half a dozen passing. This enhance- ment of prices was followed by a period of depression, until in 1878-9, thirty-one, or more than half, were selling under par ; later ony gradual improvement, and in 1855 prices were remarkably high again, in view Of the greatly reduced dividends. In 1856, forty-two years ago, the question, " Will railroad property ever become valuable again ? " was seriously discussed ; and it maybe stated, in this connection, that this solicitude referred to what became later our best Massachusetts roads. Bos- ton and Lowell was in 1856 selling at 52 per cent, Boston and Maine 74^, Boston and Providence 60, Concord .$36 (par 50), Fitchburg 67, Old Colony 71, Western 87, Worcester 81 (these latter now Boston and Albany), and about half had previously " passed," or were not then paying dividends. The condition'of these properties in 1885 fully justified the opinion placed on record in the first edition of this work, in the dark days of 1856, that, "Taking a just and comprehensive view of the subject, we believe railroads will be re-installed in public confidence in due time, and be classed among our safest and best investments." 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'tgi ti ^•5' 9 ' io q - i N i| i^i is ^^ coco ^ -NM p •^ O "*•* • Tjl coco CO Ictm* - ^^ a '"1 i h 3 O 3 O O P ii -^1 .11 if .^o^oia-! _■<_<■ -«! -C' £ t-l- t-i — ocoooa • ►2 aOaOOOOOQOCOt-OOQC^OOCOOOt>'CC a rHrH iH rH iH iH iH r1 : ^ ■HrHrHrHr-lTHiHiHi-lrHr-lrHTHrH il ta m ' 00 1 1 a a 2 % Vi S g 1 C : M ■ a : m : 1 : n ■1 1 i 6 = 1 1 a t 1 1 2 1 i C 1 6 -J II •55 1! 98 Boston Banks — Semi-Annual Dividends C^ -dH OO Cq >>■ CO lO fH OOCl OOrH NCDCOOO UStOO) u6oocoiotau9cocou3iainu5cococou3kOcoiot>^tOkOiQ^ COCOTOCO(MCOCCCOWCO'*'*O3COCCCOCOCOCO'^llCi906COC? oacocooKMcococccocQcoeicoeoeoiMCOcoeq-^cocqe^cq Cq(MC0i-IWC 3 z w M CONCOOCOCOCOMCOWOSWCOCOCOWOTMi-ItHOWCOO'I eocqcoocQeocococoeoocococoeo*cocoim(m'' CM T* CO CO CO (m" CO CO CO 00 CO c^ CM CO CO CO 04 r'^NCO — CKNOI cop-scococ^coxcoajsOeq-^h^cocoO^cacoScoNCi -° eT &" fc t>''Ee" eTEc" Es'fc fe" ■§ o;^BocoG.€& o 00 -S Oi o •■ ^S I la Sao «■§ §■ aj o « •Tg'S n_jo a *^-o.2 oca +3 fHpa'O »« *" "^ 1 QDOOaOOOt-t^aOt^oOA«a!OOOI:-t^t:~* -co -co CO'iiiCOTliCO -*■! -** -(n C0"*COtJ1CO CO ■* CO ^ CO -*M H« -W) CO ■c^O'*otDoincoc» oococpwocsc in U3-^ U3 01 o c Jicoco cnr-«cooo-.w*-w ^ ^ lOOoeDoO'OQioommoQoooioOuao oo oo oo o^o C3 o cTo o o o"o"o o cToo o o o o o o~o OOiOO>nu30iOOU300QOiOO MCOiraO'«'UJM"*NwSC^U3"*OraNCO-^M»OCOOOi&COCOOiHW»OCOCOi--(r=icOiHC^ a30ooooococoa300oooooooococoooa3oocooooor-cocooooocoao55cooocococoooi-. ID CO -- -, -.C<1 U3 CO 00 1- CO oo 0-— cfl " « © o azz ^Jl 3 fci (- = _._-_._;.^MrHC000O^Hi— lCOeD»-(CCOt-HOr-OC0001 COuaOiOCOOOrHOJkO i-*CON»QCO^C1 *-» -^„ !|s t- s - « rt o ® £ ^ 5" 3 ?:§ ti o °* «e s g So** §i (SO aa §•3 .If g a eS .= m a OS* 5^ >1 •a I " O H 3 a a « C » 3 P fd — = ^ oi <1 2 th « d z c HZ * 4+, Srfe 100 Boston Nutloitul Jiunk Stocks. CD IS to" op i 'Jl o s C/2 00 to- up I O O Kg IS CO .g» OS 2* a: OP M 2 is ",1 10 -c^ i-i«5eo^oeo»oiO(Ooot-iHt-co«oco*l-^oc^ccc-lc^--coTl^-*-*oo^OTI-HN(^^o(^^«M^ lNrH« — eOCOOOr-li-(r-(>-IOO-*CqtOC^INr-lCOOOi-*"^^ ^_«-. _ . . .- H'MOrt(M(Mi-';pe0iHO'tf'00-*-*IMT-l jH iH rH r1 r-( 1-1 rH rn i-i IH IM iH i-l rl rl t-i i-l O O) O O CT3 O r ■m-.^ jOOOOOiOOOOOC SOOOiOOOOOOOC ^5 5 CB o -f^ ^ ^ ra !zitl.2ae, O t- ."S O O ^11 S^,.:; 3!5S, 5,3 §!i "5 d ^f-\ p! 6 '-^ .2 S "S ^ ta ( 5^J ^,i4 ro o^a o o ri rt a) o i 2 °'* ' S C . c "J 5 .so o1 «!2; igS 5 go ts o'"rt ^,> 4ate tint, r^ C) 2 C rj a t:-^ S 0^,0 cqoioeoiO(Mocoi-<0)<::>r-ig> 0T-ir-"0!DC<100i— lOOi— lO ■>* ^ -# o o « ,, ,, „ . -. O iH ^ rH ■* (OCTJt-oofflOSOOOo .coin OJ CI OS O O O O O O Ci .0 01 . .0 O) O C. . . -((NOJOCOOOirHOlOO -^'-lO'^OOCqr ■Hci^rH23ggi~gci>-Ho © .-O Lii-n—i—OlOOt-OCOOCl. -^ CO o o to -* (M (M O O -ef* « O CO O Ol o o eo cc o o en o COt-(M -t ifil O CO to I— r r--^'#T CO eo ot-eo CJ iH — o o * I-TH iHrH * » *■ cq m "* ot- Semi-Annucd BanJe Dividends. 101 O Q l-H > I— ( P W w CO a i iU?. o ^- 00 as ■< CO o« S-a eg S a ii5mcD»OiOiOi.--0-*tOOiOiO»OCO00'OiO>OiOiOiOOO**»OiO-*00'-Ol--OinO*+0"*-*iOiOCOCOCOCOCO-*COCO-^COO^Or(<"*CO-^ COCOCOOMCOtJHCOCO'^COO f^O CO coco CO coeocoococo-tcocorfcorhAocccoeoco t>D M e3 ^2-y.2S 0) rt t* (3 J3 Ff ^ m > u L< . ^.. ._o<3rtdQJo . p. :^ :r^ o 5 o : o cQ — '-3 .^ " -, bD « 1^^ rt etc O cS c3 o O . Cq _- t(_i '2" c S5.2«.2| ^ EO .2 '-^ C ' • O 0) QJ O i!zia,iapia C*4j W 2 « i g o '■§ .2 f^ tr '+? •OJi Is ■^ C O ^0X^ jQTHeo"*cO'^-rt*rt<£Ocoioa;cO"!j'co ;j lO Tjt •«# ftco lO CO CO Ti( CO '^■' ■O'*'^ ijco moo CO-** -# lO'^j^xO^-^j^eoifflco co'^Tti m cocoeo'*'=*iei-*cocO'^cO't* coeocO"*a; • ■* CO CO -sjc CO »o • T# eo CO -* CO >n r|C500CSOOC:><:30000 o'o"o'cro'crcro'"o cro'"o'"c-' _"_".,"» " lOOOOOOOQOOOOOOOOC t-irairac^oOjmc^oooooo(Mc?oocoot-ioooooo'*c^oMO(MOoocOiO!:3ci r-4iH cq r CO .^^^ rHO(M O^'O lOrHOOrHOOiOOmcOiOt-CdioS fh" i-T th" co" r-T ■ ■i t-f l-\ tr- 1-i a> r -IWrHrHT-trHrHt-.r-irHrHr PR PR m ►^ a. S fl Fc( 1-3 <1 ^ O a [z; 1-5 t^i <1 F=( fe a 3 "-a "-a irt'io^in^ ITS-* inioio ■^-* lo tO<0tO(D'O«0«D(O^(D"~ "~ — , , _ _ Its -rf vra T* lO lO _. . . _ _ cDCO(DO(OtC)£> (D t; 03 00 CO o OfRpR -; =■ c "S ^ -■ ^ OCOCjOOOOOOOCOCOOOCOCC C^CO^OJOOCOO fe- TC»OOQOOOOOl»aOOOOOC«WOOOOCOiXOOCCOOQOCOOOCOl--COC»<»OOQOC»OTCOCOCOCOCOCOOOOOOOGC^-'JOOCOt— (» 102 BOSTON NATIONAL BANK STOCKS. SlffJiest and Zowest Prices for eight years, — 1870 to 1878, 1870. Low. High. 1871. Low. High. 1872. Low. High. 1873. Low. High. Boston Banks. 1870 to 1378. 1874. Low. High. 1875. Low. High. 1876. Low. High. 1877. Low, High. 124 114 130 116 108 148 120 130 136J 124 146 123 114 167 125 132 128ji 140 113* 129 140 120 156 126 110* 117 148J 157^ lllj* 121| 140 151? 120 130' 114f 125 120 148j 145 120 166J 1' 133 159 1061 121J 117 ■ New UIJ 114 1133 130 133 1871 1201 126? 109 127 119| 100 115i 114| lOSl loli 128 1741 1161 131J New 1872 118* 1361 117 138 161 180 133 144 185 206 New 1873 1051 117 1251 140 \ 118 132J 110 120 1081 1201 106j 121 102 130i 138; 190J 144j 196 New 1873 126i 109 136} 109 118^ 142 120* 160 99j 106 1253 113 nil 1021 107 99 1074 124J 1603 133 179J 100 133 1211 120 llOJ ao2 144 135 128 121 111 139 128i 119i 112| 107 150 140 i?n 123 117 1111 1193 110 121 122 126, 118 1263 1161 125 116J 121i 127 135J 125 130 130 130 116 108 106 New 106^ 1183 117 120 170 1403 125 120 115 1873 124J 1301 135 133 125 119i 114 109 106 100 103 1195 1214 123 1274 1385 Charlest'n 118 132 1021 131 129 140 141i 1123 1221 1071 113: '3| 142 1271 121 115J 150' 138 104 116 137 145 106| 113 annexed 1273 136 108 140J 135' 116 108! 70' 147* 156 1873 1213 135 148, 1461 124r 1201 1361 126 117 148 139 126J '4 1251 119j 131} 125 1461 1011 1911 121| 130 146; 111; 130 1441 160* 162 149? 161 110* 120 120* 1321 136* 1453 99* 111 1264 1383 144| 166 122J 138r 1334 1*4 103 in; 1395 1613 136 150 103 115i 146 132 1131 104 70 148* 135 1243 1115 156 1441 120 1163 126 102 119| 142 109 120 140 134i 103 160 146 125 1218 784 157 1451 135 125 1691 158i 130 130 144J iiaj 1331 160 119J 133 160 148, lllj 164* 1203 1054 142 1311 1143 148* 1331 1173 1113 166* 1413 130 1161 125| 100 1213 131J 1024 114| 140S 135 1373 1211 1504 126 127 167 128 160 1051 115 1363 1333 127 113 1191 106 127i 139: 181 145; 198 102 1343 133 127 116 n7i 105 113 1301 1274 131 176 1321 116 152i 1424 133 114 784 1591 1471 1323 1224 1671 162 140 130 145 1121 1314 146 115 1304 166 146 109 Atlantic National Atlas National Blackfitone National Blue Hill National Bosto'n National Boylston National Broadway National Bunker Hill National Central National City National .* Columbian National Commerce (Nat. Bank of) Commouw'th, {Nat'l B'k of the) Continental National Eagle National Eleventh Ward National Eliot National Everett National Exchange National Faneuil Hall National First National First Ward National Fourth National Freeman's National Globe National Hamilton National Hide & Leather (National) Howard National Manufacturers' National Market National Mass'tta Nat. (par 250) Maverick National Mechanics' National Merchandise National Merchants' National Metropolitan National Monument National Mount Vernon National Nat. of Brighton (par 80) Nat. Market of Brighton N'ew England National North National No. America (Nat. B'k of) Old Boston Nat. (par 50) People's National Redemption (Nat. B. of ) Republic (Nat. B. of the) Revere (National) Rockland (National) ^ Second National Security (National) Shawmut National Shoe & Leather National State National Suffolk National Third National Traders' National Treraont National Union (National ) Washington National Webster ^National) 137 160 114 124 137 150 111} 120 12l| 128 147 165 120 160 103 113 131 116 116 105 116 99 114 118 169 141 190 102 126 166 109 lis; 140 1331 126| 119 1281 109 124 140 1791 1621 2131 106 New 1875 128 126 1194 1124 111 102 107 123 122 125 13' 1401 130 1193 117J 108;' 117 130 128; 130 New 1876 135 1441 New 1876 175 181 1221 131J 108 118 140 165 "137 1224 100 71 150 144 1253 117 168 149 160 121 133 107 1274 1.34J 1034 119 145 140 103 153 138 118 841 160' 153 133? 127 167 160j 186 127 143! 115| 136i 142 1183 130; 168 152 Ills 130 119 1173 107 1268 1331 100 165 86 111 1301 1123 1121 1043 114 99 110 1181 169 1404 204 90 983 116 119} 125 108 111 1001 110 110 126 130 100 134 991 180 123 98 166 138 119 llOi 67 166 147} 120 104 166 140 185 114 121} 1043 114} 126 !'J.3| 1103 166 138 100 1601 1303 143J 122 136 I6I3 120 176 1094 1221 148 1344 1331 1275 1274 1104 129 132 1904 160 221 1022 lOlj 140 146 139 125 120! 1161 1214 130 1381 1353 100} 1664 105S 200 1314 1071 182 1543 1424 118J 834 172 162 134 132 128 114 113} 106} 118 1244 923 156 85 113 130} 113 1101 107 112} 92 110 118 169 133} 200 162 206J 130} 146J 1203 140 141 119} 1294 165 1514 1183 112} 120 116 108 111 100 107} 110 131 125 100 136 904 180 120 90 165 137j 119 104} 67 166 144 123 106} 156 138 197 114 117} 1041 116 1203 103 107 161 135} 100 134 129 139 123 112} 120 I25i 1(14} 116 110 100 106} 132S 104} 114* 120 13«4 129* 100 80 98 173 167 180 1033 119! 96} 102 108 119} 141} 143 130} 126 loos 1134 117 104} 118 119* 98} 107 116i 100 113} 103 20t 92' 118 100 112} 120f 123} 108} 181 160 178 150 125 136} 207 181 20Si 91} 80 90 1024 86} 100 119 106} 108} 114} 130 124 133 108 120 llfij 104* 1124 116* 108 116 106 96 101} 116J 106} 118 126i( 110 121 145 145 150} na 128} 136* 106* 100 1074 142} 126 143} lOU 90S 98 200 180 185 129? 113} 124} 90} 101 j 89 176 169} 170 14V 128 144# 133 117 1241 110} 113} 76} 106 60 72} 164 1473 156 1.63 127 146} 134} 126} 132 113 105 112 160} 138 165} 149 133 1464 206 200 203 124* 115} 123 123} 106} 121 114 104* 118} 128} 113} 1281 125} 135} 100} 11U 100 106 118 100} 116} 1635 136 162 147 130 140 106* 97 105 *Ex. dividend. t Failed ; see notes. BOSTON BANKS, EXTRA DIVIDENDS. A large number of the banks in Boston paid extra dividends on re-organization under the United States law, which we give in detail. The law first required all National banks to go by numbers, — 1st, 2d, 3d National, etc., — in each towu or city. After the Safety Fund and G-ranite had changed to " First" and " Second " National respectively, and the "Third," a new bank, had been established, the banks were allowed to retain theii former names under State laws, and either prefix or add the word " National." In the tables, the old names are generally preserved, as more familiar, and the word (National) placed in parenthesis when it should legally come before the name. Extra dividends as follows : — * Atlas, 10 per cent, regular and exti-a, April 1, 1865. Blackstone, 20 per cent, in stock, Dec, IHiU. Blue Hill, 10 per cent^ regular and extra, April, 1865. Boston National, 20 per cent, in stock, Dec, 1868. Boylston, 25 per cent, in stock, April 1, 1865. Broadway, 12 per cent, in stock, Dec, 1864. Bunker Hill, 33^ per cent, in stock, Feb. 1, 1865. City, 10 per cent, in gold (at 235), Dec. 13, 1864. Columbian, 15 per cent, reg. and extra, Oct 2, 1865. Eagle, 9 per cent, regular and extra, Oct. 2, 1865. Exchange, 20 per cent, Jan. 2, 1865. Faneuil Hall, 50 per cent, April 1, 1865. Freeman's, 25 per cent, regular and extra, Oct. 2, 1865. Globe, 20 p. c, Ap. 1, & 12 p. c, Oct. 2, '65, reg. and ex, Hamilton, 8 per cent, regular and extra, April 1, 186t,. and 60 per cent, March 1, 1865. BOSTON NATIONAL BANK STOCKS. 103 Highest and Zoirest Prices for eif/Iit years. — 1878 to 1886. 187S Low. Uiffh. 1879. Low. High. 1880. 1881. Low. High\Low. High. Boston Banks. 1878 to 1886. 1882. j 1883. Low. Mtgh. Low High. 1884. Low. High. 1885. Low High. IIT 104 80 160 79 102J 122 73 89J 84 99J 945 84 126 121J 167J 76 76 100 92] 76 78 102 140 109| 78 115J 70 160 83J 81 134J 120 104J 90 58 83g 135 119 1191 08 ' 115 127J 185 100 95 104 104 79 84 90J 120 120 133i 113: 106i 100 llOJ 1163 170! 98i 116 137i 106 105 lOOJ 108 111 111 160J 133 181 89, 90 108 110 113 IOTl 112J 1234 106 85 864 9l| lOOJ 80 146i 75 104| 133 64 80J 85 95 915 81 1255 119| 169J 74 81 106 95 98 99^ 106 llli 160i 132j lOOJ 1328 100 180 lUJ 98 160 1344 118 109 63J 100 1475 180| 13ll lllj 135 142 200 116 114 116 120! lOlS lOOj 108 138 131 102 76 103J 142 106 82| 120 94 155 90 84| 130 I27S 109i 85 57 88* 136 119i 115 93 120 1271 174 J' 100 90 107 ipej 85 80 99i 128 121 92 100 106J lis; 190: 115 1003 140J 108 172 100 95 145 143; 130 llOi 67i 110] 146; 136] 125 117 126 146] 185 118 123 llSi 117' 103 103 1208 145 135 107.{ 140J 1183 1075 100 nsi HI 90 157 100 117 140J 116 106 106 111 llOJ 107 135i 1244 1845 90 96 1134 103i 1185 110 114 164 127S 118 110 116| 116 90 164 112] 122] 150i 124r 120 116] 1175 IITJ 113; 143, 128, 204 103 106l 122J no; 124 118 122 98J 1018 1115 1905 116 99 1374 1074 160 100 91J 132 142 1265 1064 59 105J 1465 131 125 1145 126 145 178 118 llOJ 115 117 101 1004 117J 141J 132 1044 1078 110 120i 226) 127 111 143] 112 180J 112 104! 160' 151S 133 115 664 113 160J 1414 130 1213 186 1534 186 1278 120 124 1253 lioi 1063 1233 1488 1408 113 149 120 1125 110| 1165 116 90 160J 75 120 136 122* 1144 115 117 115 1124 133 1274 202 103 1068 1188 1083 1145 114 122 1073 1034 119J 2264 127 105 142 112 1804 112 102 135 1403 133 112 605 100 160 1334 1245 116 135 1495 180 120 110 123J 120 1044 ■TJ 118J 148 137 1105 160 130, 1M| 111 131 130, 98 180 128 128, 152i 132 132 124: 122! 126) 1188 148; 1353 210 120 112, 127 114 127 1225 130; 113; 113| 127| 265? 131, U53 I60; 125! 209] 130 115 140 156! 147 1203 64? 116 170 143 1318 127! 143? 155 186 130 121 4 1313 135 llOf 1083 128J 1.533 1415 1161 Atlantic National Atlas National Blackstone National Blue Hill National Boston National. Boylston National Broadway National Bunker Hill National Central National City (National) Columbian National Commerce (Nat. Bank of) Commonw'th (Nat. B'k) Continental National Eagle National. Eliot National Everett National Exchange National Faneuil Hall National First National First Ward National Fourth National Freeman's National Globe National Hamilton National Hide & Leather (National) . . . Howard National Liucoln National Manufacturers' National Market National Mass'tts Nat. (par 250) Maverick National Mechanics' National Merchandise National Merchants' National Metropolitan National Monument Mount Vernon National Nat. Bank of Btighton Nat. Market of Brighton New England National North National No. America (Nat. Bank of).. Old Boston Nat. (par 60) Pacific National People's National Redemption (Nat. Bank of) . . Republic (Nat. B. of the) Revere (National) Rockland (National) , Second National Security (National) Shawmut (National) Shoe 8c Leather (Nat.) State National Suffolk National Third National Traders' National Tremont National Union National , Washington National Webster National 147 155 1184 124 1064 1143 Not now 1184 125 111 95 176 673 118 126 113 111 114 108 117 111 1265 127 1983 112 110 126! lOOj 181] 154] 123 1883 13i; 121, llQj 121 126 117i 133 133J 209 115 115 1144 1214 IOS4 111; 1144 123 lOfi 1175 119 124 New 1883 100 110 995 106J 112 120| 220 245 1273 1304 "" 106 135 1495 1203 125 200 2094 12.18 1318 l.i* 116 1304 138 149 160 121 128] lOOJ 108| in 116J 125 1155 120| -" 110 184 67] 120 1323 1.33,1 1123 118 114 130 110 '►114! 1145 129! 129 190 112 108 1293 1263 1085 66 1423 140 1168 62 Failed No 156 160 1285 137 115 1275 1184 140 154 180* 186* 109 120 113 135 160 105 119 1134 97 85 113!t 140" 1278 lo-g 112i 126] 122! 105i 98i 1233 1533 139,3 1163 1494 114| 1315 1014 1094 Boston 1824 60 107 124 1084 110 1003 104 ... 1153 12; 132. 198} 120 115 67; 113! 129' 124 1173 113 nii 90 113! 112 124' 128J 131] 1155 1203 103 109 116} 1265 109 1203 1203 130? 100 105,1 954 1024 92 101 1093* 1145 217 226 128 133 102, 140j 122 208 126 Closed ,div 135 145, 130 1243 1074 58 140] 133] 112! 67' V. 18, '81 Se 160 164 1275 1343 124 134 114 130 150 180 111 90 1203 138 158 180* 120. Ill 130 1164 102 123 119 100 186| 112} 115j 195 113 109 100 954 1175 111 112 96 943 - . 90 975 1023 1133 220 225 200 118 110 118| 1038 123' 120 1238 105 128 95 1.30 109 203 ^■jo 125J 140 iding 126! 136 141' 133 100 139J 118 205 131? 119S 1393 1.32; 110: 00 UU4 May 20,'82 156 162 1103 127 126 131J i5 121,r • 140, 116] 133 l4oj[ J.ULI] 1784 180 112 lis. 165| 183 1035 1048 1295 1133 1163 108 1073 116} 89 1134 1308 2023 120 1078 993 931 12l| 112 1103 1003 963 220 1265 961 137 1094 2104 130 per ct. 130 ' 138 1214 100 598 62j , see note. 168} 1134 130 121 1364 150 123i 130, 1174 120.1 95 101' 80 86 1074 1228 141 148 125 183 107 111] 100 1298 1204 95' 09.58 1013 111. 13.'i3 148: 127 100 134 1165 1153 112 83 93 1028 135J 1293 1044 * E.X. dividend. Hide & Leather, 6 per cent, Jan. 10, 1865. Howard, 124 per cent, in stock, March 1, 1865. Market, $20~per share of $70, in stock, and no cash, Oct. ' 1, 1864 ; then assessed $10 per share, raising par from 70 to 100. Massachusetts, 10 per cent, regular and extra, April 1, and 10 per cent, April 29, 1866. Mechanics', 20 per cent, April, 1866. Mount Vernon, 10 per cent, reg. and ex., April 1, 1865. Nat'i Market (of Brighton), 20 per cent, April 20, 1880. New England, 25 per cent, Feb. 6, 1865. North, 168 per cent, in stock, Nov. 21, 1864. No. America, 25 p. c, in stock, and no cash, April 1, '65. Old Boston, 20 per cent, Dec, 1864, and 20, regular and extra, Oct. 2, 1865. a Cancelled one share in six. People's, 10 per cent extra, Jan. 1, 1365. Redemption, 20 per cent, in stock, Oct., 1864. Republic, 25 per cent, in stock, March, 1869. Revere, 10 per cent, regular and extra, April 1, 1865. Rockland, 10 per cent extra, January, 1865. Second National, one new share to nine old, Oct., 1864. Shawmut, 10 per cent, March 6, 1865. Shoe & Leather, 25 per cent, March 1, 1865. State, $8 per share, regular and extra, Oct., 1864. $68 in stock. May, 1865, and par raised from 60 to 100, giving two new for three old shares. Suffolk, 128 per cent, Jan. 10, 1865. Tremont, 338 per cent, in stock, Feb. 1, 1865. Union, 6 p. c., Apr. 1, '64, and 10 reg. and ex., Oct. 2, '65. Webster, 8 per cent, reg. and extra, April 1, 1865. 104 BOSTON NATIONAL BANK DIVIDENDS. Semi-Annual Dividends, 1871 to 1886. 1871. 1872. 1873. 1874. 1878. 1876. 1877. 1878. National Banks. 1879. 1880.1881.1882. 1883. 1884. 1885 Ten Y'rs-. 6 5 5 5 6 6 5 5 5 4 4 4 4 4 4 4 Atlantic 4 4 4 4 4 4 4 4 4 4 4 4 34 3 78.5 5 4 4 4 4 3 4 3 4 3 3 3 3 •4 ^4 2 Atlas 2 24 3 3 3 3 3 3 8 3 3 24 ?1 24 24 .ftS 6 6 6 b 6 5 5 6 4it 4 3 3 3 24 2 Blackstoue... 2 2 2 24 24 24 21 24 Not 3 3 24 24 3 24 24 47 6 5 6 4 6 5 5 4 4 5 4 f 4 4 3 4 3 4 3 3 3 3 3 3 24 2 2 2 Blue Hill .... Boston Nat. . . 2 ^* 3 3 3 3 3 3 nowin 8 3 )St. 3 4 4 3 3 56 6 6 6 7 7 5 6 ft 5 5 4 3 3 3 3 2 Boyteton 2 2 24 24 24 24 3 3 8 24 24 24 3 3 54.5 6 5 ll i) (1 4 ft 4 3* 3 2 2 2 Broadway ... BiinkerHill.. 2 2 2 2 2 2 2 2 2 2 2 n 28 5a 5 6a 6 6a 6 6a B 6« 6 6ft 5 ft 6 44 4 4 4 4 4 4 4 44 ft 5 5 ft ft 44 44 94.5 New Mav6, 1873 4 3 3 3 3 2 2 Ceutral 3 3 3 3 n 3 22 4 4 4 4 4 3i 4 4 ■ii 3 3 3 3 3 24 21 City 24 24 3 24 24 24 24 24 8 2 24 21 2 2 .ft! .6 b 6 6 6 5 6 ft 6 ft 6 4 4 4 4 4 4 Columbian . . . 4 4 4 4 3 3 3 3 3 3 3 3 3 3 70 6 5 ,5 ,■) ,5 6r ft flr 4 4 3 3 3 2 Commerce . . . 21 3 24 24 3 3 3 3 3 3 a 21 24 47.6 New _ 4 4 3 4 4 4 3 3 3 24 2 Commonw'th. 2 3 3 3 24 24 21 24 24 24 21 24 21 44 4 4^ 4 4 4 3 4 4 4 3 3 2 24 2 2 Contineutal . . 2 2 21 3 3 3 3 3 3^ 3 3^ 24 24 24 49.5 5 4 4 4 4 4 4 4 3 3 3 2 2 24 2 2 Eagle 2 2 21 24 24 21 24 24 24 21 24 24 24 2 47 New M'y20 5 5 4 5 4 4 4 4 4 3 4 3 3 3 3 2 Olos'd 3 2 Eleventh W'd Eliot 2 div 2 iding 24 24 86.07 3 24 per c. 3 3 See 8 3 notes. 3 3 6 6 2 2 3 3 62.5 4 4 5 5 5 5 5 5 4 4 3 3 3 3 2 Everett 2 2 21 21 24 24 24 24 24 24 24 14 2 2 46 6 6 6 6 6 6 6 6 6 6 6 6 44 44 44 3 Exchange 3 3 3 3 3 3 3 3 3 3 3 .3 24 2 69 6 6 ft f: ft ft ft S ft 6 4 4 4 4 3 3 Faneuil Hall. 3 3 3 3 3 3 3 3 3 3 3 3 3 3 B4 6 6 6 6 6 6 6 6 fi 6 B 6 B 6 4 Fii-Bt Nftt 4 4 5 ft ft 5 5 ft 5 5 ft ft ft ft 101- New, -Junel ,1873 4 3 n 21 2 n n First Ward... u 21 3 3 3 3 3 3 3 8 3 3 3 3 43 Nbw J' vlQ , 1 '"ft 0.1 n ■) n 9 ') •> ''4 11 1>. ?4 24 24 21 21 1' 01 ")! 6 6 a 6 ft 4 ft 4i 4 3 3 3 3 3 3 3 Freeman's ... 2 24 3" 3' 3 3 8 3 3 2^ 2 2^ 2- 65.6 5 5 .5 n ft ft 5' 4 4 3 3 ? ? n Globe (1 2 2 ? ■f, 2 2 24 21 21 ^4 •> 2 2 88.5 6 6 5 5 5 4 ft 4 4 3 3 3 2 3 2 3 Harailton 2 (3 2 3 2 3 2 3^ 8 8 3^ 3^ 3 3 64 4 4 4 4 4 4 4 4 3 3 3 21 21 24 24 24 Hide & Leath. 2 2 24 24 24 3 24 24 24 24 24 21 21 21 50 4 4 4 4i 4* 4 4 4 4 3 3 3 3 3 2 2 Howard 2 2 3 8 3 3 3 3 3 3 3 24 21 21 64.6 New Ja. 10, New •T'lv'l, 1873 3 a 3 3 2 2 n 2 Man'facturers 24 21 21 21 24 21 24 24 2^ 21 24 2- .Sft.ft 5 ,5 4 4* 4 4 4 4 4 4 3 3 2 2 Market 2 2 2 2 2 2- 2 2 2 24 24 2 2 2 39 6 4 4 5 ft 4 4 4 4 ^.2 3 3 2 2 2 2 Ma88.(par250) 2 2 2.4 2.4 2.4 2.4 2.4 2 2.4 2 2 2 2 2 44.4 6 5 .5 ft 4J 4it 4J 44 4 4 4 4 4 4 4 Maverick 4 4 4 6 6 ft 5 6 5 5 5 ft ft ft 91 6 64 5 6 6 ft 5 ft ft ft ft 4 4 4 3 3 Mechanics'. . . 3 3 34 31 31 31 ■if 'i^ 34 34 34 34 34 34 71 Npw No^ s lfi7ft '^ ^ II (1 :^ n .)i 'U 21 24 Oi f 0! 39 6 6 5 .•) 5 .■i 6 ft 5 ft 4 4 3 34 3 3 Merchants' . . . 3 3 3 3 3 3 8 3 8" 3 3 8* 8- 63 Now •> •;■ Metropolitan . Monument . . ■'1 •)i ■1 S ■1 ■1 3 8 <\ ll 24 fi 6 8 6 6 fi fi fi -■fi B fi fi ft ft ft 4 4' 4 4 4 4 5 ft 5 5 5 5 fi ft" ft 97 5 6 5 .5 ft 4 4 4 4 4 3 3 3 3 3 2 Mt. Vernon . . 3 3 3 3 3 3 8 3 3 3 3 3 .63 "t "i «T "t "t ft 3 4 3 3 3 3 3 3 Nl of Brighton 3 3 3 3 3 3 Close 6 6 6 7' 7 7 7 7 7 7 fi B fi ft ft 6 Nl Market do. 44 4 5 4 4 4 4 4 4 4 4 31 31 31 89 a 5 5 5 5 6 ft ft ft ft 4 4 4 3 34 34 New England. 3 31 4 4 3 3 3 3 3 3 3 8 8 3 66.5 4 4 4 4 4 4 ft 4 .1 4 3 3 3 3 3 3 North 3 3 3 3 3 3 3 3 3 3 3 3 3 3 60 M *i^ n 4i 4 3 4 3 3 3 2 2 3 24 2 2 No. America. 2 2 24 2 24 iii 21 2* 21 21 2 2 46 6 6 6 6 6 ft 6 ft 4 4 4 4 34 3 3 3 0. Bost. (p.ftO) 2 2 3 2 2 3 3 24 21 21 2 54.6 New 7 6 Nov.l 6 6 2,1877 ft 34 4 3 3 (JPacifto People's 3 3 3 31 3 4 3 4 3 4 3 4 Failed 4 4 see 4 4 notes 4 4 6 6 6 7 7 7 7 7 4 4 81 5 5 5 ,5 ft ft ft ft ft ft 4 4 3 3 3 3 Redemption.. 3 3 3 3 3 3 8 3 3 3 3 3 3 3 62 8 5 6 5 5 4 4 4 4 4 3i 31 34 34 31 34 Republic 34 3 3 3 3 3 8 3 3 3 3 3 3 3 63.6 4 3* 4 ft 4ii 4 ft 4 3 3 3 3 3 (t 2 t4 Revere 2 21 24 24 ll 21 21 21 21 24 3 3 3 46 7 7 7 7 7 7o 7 7 B B ft 6 4 4 31 4 Rockland 3 34 3 34 34 31 34 4 4 4 4 4 4 76.5 6 6 6 6 6 fi 6 ft ft 4 4 4 4 4 34 3 Second Nat . . 3 3 34 31 34 31 4 4 4 4 4 4 4 8 63.5 4 4 4 4 4 4 4 3e 3 It. 3 It. 3 It. iqt. Security 3-3-2i2i 21 qt. ilqt. 24qt. 24qt. 24qt. 21qt. 107 il, S, .5 .•i ft 4 4it 4 4 4 3 3 3 3 2 21 Shawraut ... 21 21 3 2 2 3 3 2 2 3 3 3 3 2 54 6 6 6 6 6 4ii ft 41 4Jt 3 3 3 3 3 •2 2 Shoe 8s Leath. ^f 21 24 24 24 21 24 21 2f 24 2 46 4 4 1 1 ,'- .).■ 24 3 3 24 21 V4 ■','. 62.5 6 6 5 6 ft 6 4 4 4 4 3' 3' 3' 3' 2 2 Suffolk 2" 2 3 2 21 IHI 24 24 21 24 21 21 2* 60 4 4 4 4 4 4 4 4 4 4 4 3 24 2 Third Nat. . . . 2 2 2 24 24 2 2 2 2 40.5 4 4 4 4 4 Sit •H 3* y^ 3 ^ 2 2 2 2 2 Traders' 2 2 2 2 2 2 2 2 2 2 32.5 5 6 5 .5 ft 4 4 4 4 31 3 3 21 2 2 Tremont 2 21 3 3 2 2| 34 24 24 31 .34 24 84 34 21 'h 2 2 44.6 .■i .5 .5 6 6 fi 6 fi ft ft 4 4 3 3 3 3 Union 3 3 34 34 34 31 3 2 3 3 67.5 6 6 6 B B ft B ft 4 4 4 4 4 3 3 3 Washington.. 3 3 3 3 3 3 3 3 3 3 3 2 24 14 61.5 4 4 4 4 3 4 3 3 3 2 2 2 2 2 Webster 2 2 n 2 ^ Jk 24 24 24 24 2 2 2 41 RECORD OF "CALLS" UPON THE NATIONAL BANKS. The law authorizing the " calls," as at present made on the National banks, provides for not less than five calls in any one calendar year, the specific date being at the option of the Comptroller of the Currency; previously they had been made quarterly at stated dates, commencing with the first Monday in January. The new law was approved , March 3, 1869, and the first call under it made April 17, then June 12 and Oct. 9, of that year. Annexed is the date ' of every call since, and the comparative regularity of the periods is noticeable. Year Dates of Different Calls. Dates of Different Calls. 1870 Jan. 22 Mar. 24 June 9 Oct. 8 Deo. 28 1878 Mar. 15 May 1 June 29 Oct. 1 Dec. 6 1871 Mar. 18 April 29 June 10 Oct. 2 Dec. 16 1879 Jan. 1 April 4 .Tune 14 Oct. 2 Dec. 12 1872 Feb. 27 April 19 June 10 Oct. 3 Dec. 27 1880 Feb. 21 April 23 June 11 Oct. 1 Dec. 31 1873 Feb. 28 April 25 June 18 Sept. 2 Dec. 26 1881 Mar. H May 6 June 30 Oct. 1 Dee. 81 1874 Feb. 27 May 1 June 26 Oct. 2 Dec. 31 1882 Mar. 11 May 19 July 1 Oct. 3 Dec. 30 1876 Mar. 1 May 1 June 80 Oct. 1 Dec. 17 1S83 Mar. 13 May 1 ,Tuue 22 Oct. 2 Dec. 31 187fi Mar. 10 May 12 June 30 Oct. 2 Deo. 22 1884 Mar. 7 April 24 June 20 Sept. 30 Deo. 20 1877 Jan. 20 April 14 June 22 Oct. 1 Dec. 28 1885 Mar. 10 May 6 July 1 Oct. 1 Dec. 24 /K- Dividends paid April and October, with exceptions stated. (a) ^ra/ter //i:H Jan. and July, and (ft) 24 extra in April, to change to April and Oct. (c) Cnmmerce Oct. 1873-74, and Rockland 1873, deducted municipal tax from dividend ; others then free of all taxes, which has since continued the-rule. (d) Pacific paid Jan. and July, (e) Security, quarterly all through. BOSTON NATIONAL BANK DIVIDENDS. Semi-Annual Dividends ^1886 to 1898. 105 1886 3 2t 2h 2* 2i 3' 3' 3 3 4i4i 3 3 2A 2 3" 3 3 3 Oct.l 2i 3 3 3 2 2 3 3 2 2 2 2i 3 3 5 5 3 3 2J2i 2 2 2 2 3 2 2i 2i 2i2i 2421 2 2 2 2 3Mi 2 2 5 5 3i 3i 2i2i 3 ~ 2J2i 3 qt. 3 3 '^JT 2J ""Ne 2Mi 2 2J 2 2 2 2 2 2 3 3 24 2 Fori 1887 1888 3 3 _ n 2i ik ' 3' 3 2i2i 2i2i " 3 3 3 1888 3 3 3 3 2 2 3 3 2 2 2i 3 3 3 5 08 3 3 ■2m 2 2 2 3 2J2J 2 2k 2i2i 2 2 2 2 3J 3i 2 2' 5 5 3i 4 2|24 3 " 2m 6 G 3 3 3 3J 3 2t 24 2' 2J 4 ■ 4 3 3 3 4 3t 4 3 qt. 3 3 2i2i F 2t 2J 2i2i 2i2A 2 24 3 3 |2" 24 !merl 1889 3 3 5 3 2 3 3 New 3 3 3 3 2 2i 3 3 24 2i 34 34 3 3" G 6 3 3 2424 2 2 2 3 3 3 3 24 24 2424 2 2 2 2 3434 2 2 5 5 34 3i 242' 3 3 3 24 G 6 3 3 34 34 3 3' 3 3 2424 24 24 3 24 3 44 4 ■ 3 2 3 2 3 3 „ 1*- 3 3 2424 eb. 1, 3 424 24 24 - 2" 2424 3 3 3 3 24 24; yMer 1890 3 3 24 ii 24 2 24 24 -' 3 44 5 - 3 2 2 2 2 3 3 3 3 6 3 3 2 2 2 3 2424 2424 2 2 2 2 34 2 2 2 5 5 34 34 3 3 242 6 6 3 3 34 34 3 3 3 3 242 4 4 3 3 3434 3 3 4 4 4 4 3 qt. 3 3 24 2 1800 3 2 2 2 242 2424 3 3 24 24 2" 14 Chan 34 3J 3' 3 2 24 3 3 2424 3 3 3 3 G G 3 3 2 2 24 24 3 24 24 2424 - 2 2 2 2 5 3 3 2 2 6 G 3 3 34 34 3 ~ 3 3 4 3 34 3J 3 3 4 4 4 4 3 qt. 3 3 242 2 2 2424 " 2 2424 3 3 2424 2 2 dise2 1891 2424 2 2 24 24 3" ~ 5 3 24 2J 3 3 2 2 3434 3 3 2 2 3 3 2424 3 3 3 G 3 3 2 2 2424 3 3 2424 2424 ■ 2 3 3 G 3 3 34 34 3 3' 3 3 3 3 4 4 3 34 3J -" 4 4 4 4 3 qt 3 3 2 3 3 2 24 2424 2 2 24 24 3' 3 2^24 2 2 2 2 ^ National Banks. Atlantic Atlas Blackstone Boston Boylston Broadway Bunker Hill Central' City Columbian Commerce Commercial Commonwealth Continental Eagle Eliot Everett Exchange FaneuilHall First National First Ward Fourth National Freemans Globe Hamilton Hide & Leather Howard Lincoln Manufacturers Market Market of Brighton.. Massachusetts Maverick Mechanics Merchandise Merchxnts Metropolitan Monument Momit Vernon New England North North America Old Boston Peoples Redemption RepubUc Revere Rockland Second National Security Shawmut Shoe & Leather South End State Suffolk Third National b Traders Tremont Union Washington Webster Winthrop 1892 3 3 2J24 2 2 2424 3 3 5 6 3 3 2 24 24 3" 2 34 3 3 3 2 2 3 3 24 24 - 3" 3 3 6 3 3 3 3 2 2 2 2 242 3 3 2*24 - 24 2' 2 2 2 2 2, 2 Faile 3 3 See 3 3 2424 2 2 2424 3 3 4 4 5 3 3 2 2 24 24 3 24 2 3 3 3 3 3 3434 3 3 3 3 24 4 4 3 3 34 34 2 2' 4 4 4 4 3 qt. 3 3 2 2 2 2 3 3 24 2 ■2!, 2i 2' 2 24 2.V 3 3 24 2} 2 2 2 1893 3 2424 2 2424 3 3 4 4 44 4 3 3 2 24 2 242 2 2 240 3 ~ 3 C 24 2* 3 24 242* ■■ 2 d No 3 3 Wint 34 34 2" 2 1; C 3 1894 3 2 2 3 2 3 3 6 3434 3 3 2 2 2 24 2 24 24 2' 2 I) 3 3 24 24 2 2" 2 3 4 4 3 2 2 2 2 2 2, 3 3 hrop 34 3 G 3 2 '5 2 4 4 4 3 3 34 34 3, 2 2 ~ 4 4 4 4 3 qt, 3 3 2.V 2 ' 3 2 2 3 1895 1891 3 3 3 2V 24 4 4 4 3 3 qt. 3 3 2 2 2 2 2 60 2 2 3 3 2424 2 2 5 2 3 2 2 24 2J 3" 3" 3 3 34 3* 14 14 4 4" 3 4 3 qt. 2 2 2 2 2 2 2 2 2 3 3 2 2 2 2 2424 1896 2 2 2424 3 3 3 3 3434 2 2 4 4 4 4 3 qt. 3 3 2 2 2424 2 3 2 2 1897 3 2 4 2 3 2 2 24 24 3 3' 3 3 34 34 2 2" 4 4 4 4 3 qt. 3 3 2i2i 24 24 3 2" 2 2 2 3 3 2 2 24 2J 2i 2) 2 2 3 3 2 2 2^24 3 3 TEN y'ks. CO.O 50.0 40.5 48.5 CO.O (Z40.0 90.5 CO.O 2G.0 51.5 52.0 e24.0 e2.5 53.0 37.5 GO.O 44.5 Gl.O GO.O 120.0 C4.0 59.0 3G.0 40.0 47.5 54.5 37.5 29.5 40.0 38.0 45.0 32.0 02.0 C1.5 42.0 U4.0 53.0 G7.0 53.0 53.0 51.5 74.0 CO.O C9.6 44.0 80.0 78.0 120.0 58.0 41.0 66.0 44.0 43.0 41.5 CO.O 48.0 42.5 /34.0 First National, 3 per , and never paid a divi- * All dividends April and October^ except Sbcubity, January, quarterly. {a) cent extra Oct., 1887. (6) Tradbes, changed to Hancock^ the latter closing in 1897 dend. (d) Five years. (e) Seven years. (/) Ssven one-half years. THE TRUST COMPANIES OF BOSTON. These have become so large a feature that ths dividends of the same are given here in a body (since 1885), although included in the general Ust of Miscellaneous Companies farther on, and prices are given there also, where the Companies are not close corporations. 1886 1887 1888 1889 1890 1891 Payable. 2 2 4 4 3 "3 5 5 24 3 Jnew 3 3 3 .3 5 New 3 3 3 3 4 4 4 4 3 3 3 3 3 3 3 3 1890 (No. 3 3 (No, 4'"4' 4.new 5 5 1) 3 3 3 1) 24 5 5 3 3 tnew Jan. 1, Feb.l, Jan. 1, Ija. 15, May 1, Jan. 1, Fb. 15, Jan. 1, Jan. 1, Feb. 1, My.l5, Ap. 15, Apr. 1, Jan. 1 , Julyl Aug. 1 Julyl Jy. 16 Nov.l Julyl Ag.l5 Julyl Julyl Aug.l Nv. 15 Oct. 15 Oct. 1 Julyl 1.881,3 3 3 3 1: 1887i2,', 24 24 2i-- CoMPANiEs. (tnew|l892 '1893:1894 11895 11896 ' — ' ''lA, '21, 2I 5" 5" No. 11 5 5 3 3 1) 2 2 2 6 G 3 3 American Loan.. Bay State Beacon Boston Safe Dep Columbia (E. B.) International Mass. Loan Mattapan (S. B) Mercantile New England. . . Old Colony Puritan State Street United Stat-es. .. 1892'tnew 1,967,4 5 1892! .... 1879 5 5 1.870 3 3 18911 (No. 5 6 s'b 3 3 1) 2.1 5 0' 5"5' 3 3 1888,2 2 1869:5 5 18903 3 1892' 2 2 6 G 3 3 2 G 3 3 1,891 — 2 18871 2 2 2 Jnew ',,124 24 5" + new .". 5 3 3 (No. 2 2 IG 6 !3 3 No.l) No.li 1897 3 3 24 2i 5" 5" 2 2 5 5 3 3 2 2 2 6 e 3 3 2 2424 t These years are the dates of incorporation. t This is the period of commencing business. 106 BOSTON NATIONAL BANK STOCKS. Highest and Lowest Prices for Six Years. — 1886 to 1892. 1886. Low High J887. Low High J888. Low High National Banks. 1889. Low High J 890. Low High I89I. Low High 133i 117i 110? 1191 129 100 180 105 lOOi 124| «120 'lis" nil 1064 124 98i 117i 133 2071 120 108 99 95 *123l 114 112 106i 92 90 94J 220 1274 102J 132 111 214i 134 136J- 1434 1334 1044 63 155 122J 137 1204 133" 1464 180 1184 lOOj 140 126 115} 1234 1344 105 1924 112 UTf 1364 *131i New 128 121t 1131 130 1014 132 138; 2164 130 111 1081 1021 129 121i 1188 112| 102} 1021 104 2251 1361 1094 137} 113 2191 141 138 154 1394 109" 62} 1614 1291 1401 1271 1404 157 190 122; 105i 132 114 105} 119 1291 105 182} 1078 103} 125 120 Oct. 1 !2o H8 100 127 941 1181 136 212 *127 109} 90 90} 1211 1131 1061 1081 92 87 944 2224 1361 984 1344 113 215 133 137 145 131 102 53 157 126 1364 322 1381 146} 187 1184 974 1374 1251 114| 125J 136 105 188 130 109 1324 1301 ,1888 139} 123 109} 1301 lOlS 1304 1401 230 130 113 1054 99} 1301 119 1174 lilt 97} 96i 1061 225 142! 1031 144 1171 2214 140| 142 1561 138r 108 eoi, 1661 128} 140} 1314 154" 160 190 127 1071 1294 1134 1051 1184 1304 105 184 130 99} 125 119} 100 135 118 100} 122 94 125 1361 222 126 109 91 92 122 113} 1064 108 90 89 1014 225 129 871 1374 1051 219 130 135 146 130 1024 1186 158 126 137} 124 146 152 188 119} 95 »117 127 _ 117} 941 lOli 95 102 1014 116 136 1471 1224 135 100 108 Former 1144 130} 110 1184 941 lor 924 97 991 1051 1361 148 120} 128 101 1071 ly Merchan 115 114 99 89 1004 140} 1174 101 dise. . 136 1231 1124 123 1384 110 188 133 1064 1294 127 100 150 121} 106 129} 98 1334 1431 238 130 113 102 98 126 122} 114 1114 100 931 1084 2374 140 99 1424 120 225 136 1424 1614 143 114 1231 1621 134} 1604 131' 165 164 195 131 1031 130J 1271 1081 924 113J 145' 123 111 Atlantic Atlas Bla«kBtone Boston Boylston Broadway , Bunker Hill Central City Columbian Commerce Commercial Commonwealth Continental Eagle Eliot Everett Exchange Faneuil Hall First First Ward Fourth Freeman's Globe Hamilton Hide & Leather Howard Lincoln Manufacturers' Market Massachusetts J Maverick Mechanics' aMerchandise Merchants' Metropolitan Monument Mount Vernon Ifational Market of Brighton . New England North North America Old Boston People's Redemption Kepublic Revere Rockland Second Security Shawmut Shoe Sl Leather South End State Suffolk Third Traders' Tremont Union Washington Webster Wi nthrop 132 143 1174 1251 llOJ 1151 122 1264 135 110 184 130 95 120 1381 115 2001 136 1041 131 122} 133 97} 101 150 119 102 122 98 125 170 1251 no 1354 1051 137 1414 144 233 250 128 110 102 _ 974 103J 1321 118 122 120 129i 1294 105} no' 1114 1214 100 109 924 1001 107J 1121 230 130 61 245 131 00 1404 1471 100 110 225 136 95 230 1411 141 1611 167 138 144 112 114i 1.59 124 148 195 127 1214 127 160 1341 1404 1504 1721 140 1511 1631 1801 200 133 934 1084 NewFb.1'90 121 140 115 1244 1024 1081 874 100 lilt 1161 141 1471 122| 1274 961 112 New Ap.'OO 138 117 no 118 1344 115 1901 134 95 112 130 95 167 1224 1054 133 103 126 1414 250 129 116 103J 100 120 1224 110 115 1044 100 1071 245 131 66 .1464 93 230 1334 100 163} 1374 120 1101 160 1344 1601 124 148 1764 200 128 94 101 123} 109} 108 91 1114 141 121 98} 112 145 1211 121 122} 142J 115 207 140 1051 127 1381 100 181 128 1104 1361 1104 1351 1471 2544 131 123} 1101 J03} 1224 1301 1124 1171 109 102 1104 254 145} o581 1534 102 235 1384 104 1701 146} 129 1204 170 148 172 1324 150 1901 215 1324 101 102 129 120 1201 1081 118 146} 1291 108' 114} 1384 146 1204 1264 100 111} 110 120 1264 i:j4i 115 135 200 2061 137 143 92} 1031 105} 1121 125 148} 95 100 181 1851 1241 1311 1021 107 122 137} 994 1091' 1314 140 138} 1444 2401 255} 128 131 122 124 100 1098 100 1024 118 123} *124 130 no 114} 109} 118 100 105 98 102 106 110 243t 251 130 1401 SeeWinth'p 148 1571 904 95 235 235 1334 138 95 101 160 173 137 140 121 1304 115} 1201 158 168 126 1381 158 1704 105} 132 147 153 183 1951 215 215 124} 133 904 1014 1001 103 *121 1311 103 111} tl04 125 97 106 100} 1174 137 1444 115 125 99 101} 111 115 * Ex. Dividend, t Ex. Rights. + ilfaveric^ failed Nov. 2, 1891. (a) iVefcAantiwe changed to TFin^/iro^ April, 1890, five shares given for three Winthrop. (b) Old Boston. Changed par from 50 to 100 March 1, 1888 — two old shares given for one new one. (See notes for full details regarding Bank Stocks.) The views as expressed on a previous page, under the heading of " Public Securities," need no better verification than the table above. Here we find within 10 years, bank stocks selling at high prices again, while the figures of the past six years exhibit a continued depreciation imtil in 1897, the lowest points for many years had been reached in several instances. Now turn to railroad stocks and almost the exact reverse is true ; low when banks were high and the reverse later, until in 1897 the best class of home roads com- manded about the highest prices ever recorded, and in some instances largely in excess of anything before known. It is certainly creditable to the conservative management of New England railroads that they have stood the test of hard times well, and in 1897 sustained a record which brightened by comparison. Notes on the Boston Stock Market. 107 BOSTON NATIONAL BANK STOCKS. Highest and Lowest Prices for Six Years — 1892 to 1898. 1892 Low High ' 132i 140i 121J 126 96| 105 126 136 200 143 85 106 126 96 126 102, 111; 1328 140 205i 150 95J 109 132J 97 191 125i 132 9Ti 105J 123 95 136} 137 240 130 122 100 99 138J lOlJ 142J 1391 243 130 127 102J 101 Formerly 117 120 124} 129 107i .119 105 102 99 95 100 126 145 95 235 136 IIU 103} 102 105J 105} 131 15iJ 102 235 138 159} IfiS} 130 m 121 128i 107} 120 162 165i 126} 130; 159 104 150 164; 106| 160i 190i 202 215 235 124 93 mi 994 96J 101} 121} 127} 103} 113 105 112i 97} 102| 100} 110 137 111 95 115 141} 117} 101} 121 189S. Low High 117} 133} 115 126} 88i lOOJ 90 108} 124i 130} 140 150 198 205 137} 153} 86 89} 100 107} 114 131} 94 96 125a 1431 114} 126 85 lOOJ 116 1364 88 96J 113} 138i 118 137i 237} 243' 125 130 115 120 90 lOOi 90 100} Traders. 110 117 105} 1251 95 llOi 98} 108; 98 103 89} 1001 88 103J 95 lOli 124 128} 142} 159 94i 100 230 235 125 laoj 167J 161} 109 130 105J 124 99 108} 160 164i 122 128i 146 162" 99} 106i 134 160} 181 196J 230 235 112 127} 85 97 86 99} 102 125J 941 106| 85 105i 53 lOOJ 88 1021 124} 139} lOOi 1115 89} lOOJ 116 130J 1894. Low High 115 118} 85 Boston Banks. 1892 to 1898. Atlantic Atlas Blackstone Boston Boylston Broadway Bunker Hill Central City Columbian Conunerce Commercial Commonwealth . Continental Eliot Everett Exchange Faneuil Hall. First National First Ward Fourth National Freemans Globe Hancock Hamilton Hide it- Leather Howard Lincoln Manufacturers Market Market of Brighton. Massachusetts Mechanics Merchants Metropolitan Monument Mount Vernon New England North North America Old Boston Peoples Redemption Republic Revere Rockland Second National .... Security Shawmut Shoe & Leather South End State Suffolk rhird National Traders Tremont Union Washington Webster Winthrop 1895. I 1896. 1897. Low High Low High Low Hig, 120 130} ]2n 127" 99} lOlj 99} 103} 127} 132} 175 176 198} 200} 129 130} 80} 83 96} 103i 109 113- 80 82 130} 139 105 111} 79} 83| 130 138} 80 88 122} 131 130 134} *234 240} 128 130 317} 120} 88} 90 84} 90 100 100 107} 110 103} 108} 92 98} 76 8U 9SJ 100} 78} 86 *93 95} 84 92} 117 129} 152J 165} 91} 95 *22» 235} 110 120} 350} 166} 104* 114} 101 113 104.', 110} 143' 159} 119} 124.} 151 160} 89 94 140 143} 176} 183 230 230 ion 120} 87} 90} 75 75 109} 119| 99} 107 88} 90} Changed to 81 96} 132} 138} 107 110} 96} 104} Vlo 132 108 120 1133 1228 86} 100 100 128 176 124} 175 196 200} 114 129} 70 95 105} ■ 112} 80 82" *135 100 70 141 104} 83 120 131} 77 88 : 120 125 127J 134} 230 239} 125 128 116 120 85 88 84 86} 70 igo 98} 107 104 -— ' 85 70 99 75} 93 80} 120 146 90 225 92} 80} 100 80 95 88 130g 154} 96} 225 100} 108} 149 156 100 107} 943 101} 106 111} 135 143 115 120J 138} 162 78 883 136 176 230 105 75 104 141 182} 230 112} 90} 75 1123 105 M16} 86 90 Hancock. 82 699; 130 133 100 106} 97} 102 130 131 104 106 80} 88i 119" 176 195 106} 65 81} 104 79} 138* 98* 72" 117} 80 120 125 221} 123 120 39i 100} 102 85 70 100 64 99 75 120 150 86} 219 98* 14G 90 90 102} 123} 112 140 79 136* 174 230 111 89i 61} 106 lOU 89" 109} 113} 90} 90} 126 176 200 1144 d72| 95 111} 81 142 102} 78} 122 90 130 129 230} 126 120} 88 87} 70 106 108} 878 70 100} 75 100} 80} 122 158} 90 100} 153 100 95} 107 134} 116} 142} 828 143} 179} 230 116 94 66 110} 108} 90} 70 125} 97} 98 130 82 130} 100* 102} 135 * Bx.-DiviDEND. (a) Capital Increased: Commojiicra/W, from S500,{I00 to 51,000,000; i^oMrfA, 500,000 to $750,000 at 110. (&) Capital Keduced — See notes. ((0 lu liquidation and expected to pay fully par. From the above series of six years it will be seen that the general tendency of bank shares has been lower and lower all through that period, scarcely any one bank being rated higher in 1897 than in 1892, while the great majority are materially lower. These declines having continued for a series of years, the tendency during the next decade is most likely to be upward, that principle, under ordinary conditions, being the rule in nearly all classes of stocks. Record of "Calls" upon National Banks. (See p. 104.) On page 104 are given the calls upon National Banks from 1869 to 1886 inclusive, with the terms of the law regulating the same, and herewith are those of the twelve years to the close of 1897. It will be noted that -the same peHodicnl regidariiy in dates continues, although the Comptroller is not in any way restricted in the number of calls, or dates — "not less than five calls," each year, the law says. Teae. Dates op Dippeeent Calls. Teae. Dates op Dippeeeht Calls. 1886.... March 1 June 3 Aug. 27jOct. 7 Deo. 28 1892.... March 1 May 17 July 12 Sept. 30 Dec. 9 1887.... March 4 May 13 Aug. 1 Oct. 6 Dec. 7 1893.... March 6 May 4 July 12 Oct. 3 Dec. 19 1888.... Feb. 14 April 30 June 30 Oct. 4 Dec. 12 1894.... Feb. 28 May 4 July IS Oct. 2 Dec. 19 1889.... Feb. 26 May 13 July 12 Sept. 30 Dec. 11 1895.... March 6 May 7 July 11 Sept. 28 Dec. 13 1890.... Feb. 28 May 17 July 18 Oct. 2 Deo. 19 1896.... Feb. 28 May 7 July 14 Oct. 6 Dec. 17 1891.... Feb. 26 May 4 July 9 Sept. 26 Dec. 2 1897.... March 9 May 14 July 23 Oct. 5 Dec. 15 108 Boston Stock and Money Ilarkcts. NOTES TO BANK DIVIDENDS. EE^"" For a corrected statement of extra dividends paid when the Banks changed from State to National — 1864, 1865 — see pages 102-103. The National Banking Law was passed February 25, 1863, and the first bank (holding the coveted No. 1) the First National of Philadelphia, a new organization, commenced June 20. of that year. In Boston the " Safety Fund " led the way and became the First National^ (No. 200) Feb. 1, 1864. Originally the law required all National Banks to be numbered in each city, but this was amended in 1864, allowing the reten- tion of the old name with *' National" prefixed or added. The Granite became "Second" National and then followed the "Third" and "Fourth" new banks, after which old names were retained. See page 101 for the period of re-organization for all the Boston banks. Atlantic .Ban/c— Original capital, §500,000. Increased to $750,000, May 1, 1865. Extra dividend, 10 per cent, April, 1854. Atlas.~<3n%. cap. 5500,000. Inc. to 81,000,000, June 3, 1859, and to Sl,500,000, Oct. 1, 1869. The omis- sion of seven dividends (1836 to 1840) was from heavy losses by the failure of the Nahant Bank. Ten per cent, regular and extra, paid April 1, 1865. Bank of the Metropolis. — Orig. cap. $200,000. First bank under the General Banking Law of Mass. Commenced Nov. 9', 1858. Paid 2 per cent April, 1859, and 3 per cent in Oct.; 1860, 4^4; 1861, SJ-Si ; 1862, 3J-3J. Prices of stock, 1858, par ; 1859, OG to 100 ; 1860, 94 to 106 ; 1801, 85 to 103J ; 1862, 93 to 100. The stock was bought up by Samuel A. Way, the old bank closed, and managed as a private bank. Blackstone. — Orig. cap. $250,000. Inc. to $350,000 in 1853 ; $750,000 in 1854 ; $1 ,000,000, Dec, 1864 (20 p. c. stock dividend); to $1,500,000, Oct. 4, 1869, and to $2,000,000, Oct. 1, 1874. Reduced to $1,500,000, Oct. 1, 1878, and to $1,000,000, Feb. 27, 1894, both payments in cash at par. Blue Ifiti, Dorchester. — Name changed from "Dorchester and Milton, " Feb. 26, 1851, after a heavy robbery. Orig. cap. SIOO,OCO. Inc. to 8150,000, 1854, to $200,000, July, 1853, and $300,000, May 20, 1873. Reduced to $200,000, March 15, 1879, by redeeming one share in three. This bank commenced July, 1832 ; the dividends in the table are only from 1856. Previously C p. c. mainly (passing four times), and averaged about 5| p. c. for the 24 years. Paid 10 p.c, reg. and extra, April, 1865. Dorchester " annexed " to Boston, Jan. 1, 1870, and the bank removed to Milton in 1882. Boston National.— ¥oivaeily the "National" under State laws. Orig. cap. $300,000. Inc. to $750,000, 1854, and to $1,000,000, Dec. 1, 1868 (20 per cent stock dividend.) Boylston.~The 5 per cent dividend, Oct., 1 846, was for first 9 months' operation. An extra of 6 p. c. paid. May, 1863. Orig. cap. $150,000. Inc. to $200,000 in 1847 ; $250,000, 1851 ; $300,000, 1853 ; $400,000, 1854 ; $500,- 000, April 1, 1865 (stock dividend of 25 p. c.) ; to $600,000, Nov. 1, 1872, and to $700,000, March 1, 1875. Broadway.— Orig. cap $.jO,000. Inc. to 5100,000 in 1854 ; $150,000, 1855 ; and to $200,000 (12 p. c. stock dividend), Nov., 1864. Removed from So. Boston to 490 Washington, comer Beach St., June 12, 1869, and later on to "down town," comer Milk and Arch Sts. Bunker Hill. — Divided 33J p. c. in stock on re-organization as a National bank, Feb. 1, 1865, Increasing capital from $300,000 to $400,000, and then to $500,000 by an additional $100,000 paid up at par. In April, 1876, paid 2^ p. c. to compensate for changing dividend periods from Jan. and July to April and Oct. The dividends paid prior to 1871 were 4 p. c. July, 1865, and then 5 semi-annually. Central. —New May 6, 1873. 'Cap. $500,000. Assessed $500,000, Dec. 20, 1881, in consequence of losses by failure of the Pacific Bank. Passed dividends Apr., 1882, to Apr., 18S5, inc.; resumed Oct., 1885. Ci^y.— Orig. cap. $500,000. Inc. to $750,000 in 1824, and to $1,000,000 in 1827. The ommission of divi- dends in 1841-42 was occasioned by large losses on loans to the Bangor and Piscataquis Canal and Railroad Co., the stock of which was held as collateral, and declined from par to almost nothing. Paid 10 per cent extra in gold (worth 235 p. c), Dec. 1864. Feb. 15, 1898 voted to liquidate and was expected to divide fully par. CocMtuate.— Orig, cap. $150,000. Inc. to $250,000 in 1852. Failed April 15, 1854. Paid dividends on all its debts, pro rata, of 50 per cent, Oct. 16, 1854 ; 10 per cent Oct., 1855 ; 10 per cent Feb., 1857 ; 6 per cent (final) Sept. 16, 1865, making 76 per cent. The stock was a dead loss. Columbian.-Orig. cap. $500,000. Inc. to $750,000, July, 1854, and to $1,000,000, Oct. 1, 1860. The dividend of 3 per cent, April, 18G5, was in gold, then worth 150 per cent. Fifteen per cent, reg. and extra, Oct., 1865. Commerce. — Orig. cap. $750,000. Inc. to $1,500,000 in 1851, and to $2,000,000 in 1863. Reduced to $1,500,000, Feb. 24, 1879, by cancelling one share in four, to cover an accumulation of poor investments. CommereiaL-TSew Oct. 1, 1888. Cap. $250,000. Commonwealth.— ISew June 1, 1871. Cap. $500,000. Inc. to $1,000,000, May 2, 1892. Continental.— Orig. cap. $300,000. Inc. to $600,000, Oct., 1864, and to $1,000,000, Oct. 1, 1868, Eagle.— Ong. cap. $500,000. Inc. to $700,000 in 1853, and to $1,000,000, Aug. 1, 1860. Paid 9 per cent, reg. and extra, Oct., igo5. Eleventh Ward.— 'Sew May 20, 1872, cap. $300,000. Reduced to $200,000 in 1877 ; assessed 25 p. c, but finally failed in 1878, paying 10 p. c. Jan. 25, 1879 ; 5 June 27 ; 5 Dec. 20 ; 5 March 13, 1880 ; 11.07 (final) Dec, 1880, the latter being the only dividend in excess of the assessment. Boston Stock and Money Markets. 10 & Eliot.— Ong. cap. $300,000. Inc. to $600,000 in 1854, and to $1,000,000, Dec, 1864. .Buerett.— A new National Bank in 1865. Cap. $200,000. Inc. to $400,000, Sept. 1, 1874. First located cor. Washington and Newton Streets. Moved "down town," Nov. 1, 1867. Now at 87 Milk St. Exchange.— Orig. cap. $600,000. Inc. to $1,000,000 in 1851. Paid 20 per cent extra, Jan. 2, 1865. FaneuU Hall,— Orig. cap. $500,000. Inc. to $1,000,000, April 1, 1865, and paid 50 per cent extra. First National. — Formerly "Safety Fund." First bank in Boston to re-organize imder the National law, Feb. 1, 1864. Orig. cap. $600,000. Inc. to $1,000,000, Oct. 1, 1859. Mrst Ward.— New Jvaie 1, 1873. Cap. $200,000. Inc. to $300,000, March 6, 1874. Eeduocd to $260,000 the first half of 1878, by purchasing and cancelling shares ; and to $200,000 Aug. 15, 1879, shares being sur- rendered at 85 and cancelled. Fourth. National.— Sew July 19, 1875. Cap. $200,000. Inc. to $300,000 Oct. 31, 1881, to $600,000 Oct. 31, 1883, and to $750,000 Oct. 2, 1893, in each case the stock was subscribed lor at 110 per share. Freemam.-Orig. cap. $160,000. Inc. to $200,000 in 1846 ; $260,000, 1849 ; $300,000, 1851 ; $350,000, 1863 ; $400,000, 1864 i $600,000, AprU 1, 1869, and to $800,000, Oct. 1, 1872. Paid 25 p. o. reg. and extra, Oct. 1865. Jan. 11, 1898, voted to reduce capital to $500,000, by redeeming $300,000 at par. Globe.— Oiig. cap. $500,000. Inc. to $750,000, Dec, 1824, and to $1,000,000, May, 1827. Paid 20 per cent, reg. and extra, April, 1865, and 12 per cent, reg. and extra, Oct., 1865. Orocers'.- Orig. cap. $250,000. Inc. to $300,000 in 1850 ; $500,000, 1863, and to $750,000, 1864. Failed Not. 30, 1865. The receivers paid all debts of the bank, also $12 per share on the stock, June 12, 1861, and $1.64 (final), March, 1865. Hamilton.— Orig. cap. $500,000. Inc. to $760,000, March 1, 1866, and paid 60 per cent extra dividend. Eight per cent reg. and extra, April, 1864. ZTaiicoc*.— Organized Jan. 22, 1893, from the Traders, reducing capital of latter from $500,000 to $400,- 000. The Hancock never paid a dividend, going into liquidation in 1897, the Mercantile Trust Go. assuming its business. Hide and Leather. — Orig. cap. $1,000,000. Inc. to $1,500,000, Oct. 1, 1869. Paid 5 per cent extra, Jan. 10, 1865. This bank lost $576,000 by defalcation of its cashier, announced May 9, 1868, and cutting in to cap- ital $200,000, which was made up from earnings by Oct., 1869. Three dividends passed. Howard,— Otig. cap. $500,000. Inc. to $750,000, March 1, 1865 (12i per cent stock dividend), and to $1,000,000, Oct. 1, 1869. iincoZn.— New Jan. 10, 1883. Cap. $300,000. Inc. to $500,000, May 2, 1892. No dividend since Oct., 1895. Manufacturers.— TSew July 1, 1873. Cap. $500,000; no changes. iV/arAe^.— Orig. cap. $500,000. Inc. to $1,000,000, June 1, 1836. Reduced to $800,000, April 11, 1839, and again to $560,000, March 25, 1841 ; par cut down from 100 to 70. This thirty per cent loss to stockholders was afterwards partially recovered. Cap. increased to $800,000 Oct. 1, 1864, by a stock dividend of $20 per share, and an assessment of .$10, raising par from 70 to 100. Massachusetts.— This was the first bank in the State. Orig. cap., July 6, 1874, $300,000 (authorized), of which only $253,500 was paid in, according to the old records, and reduced to $100,000 next year. Then increased to $200,000, June, 1791 ; $400,000, July, 1792; $800,000, Dec, 1807; $1,600,000, June, 1810, and reduced to $800,000, the present capital, April, 1821, making the par value $250, which was originally $500. [This was changed to $100 in 1893]. The old Massachusetts was the second bank in the country. Originally located opposite Park-street Church, and kept open for business from ten to one a. m., three to five p. m. The bank commenced business July 5, 1784, and on that day the discounts amounted to only $19,645. Removed to State Street in 1792. Reached its " centennial " in 1884. The following extra dividends have been paid ; and, as some are out of the usual course, we give them as described in the records of the bank : — Nov., 1790, 11 per cent on $100,000 capital, " arising on the purchase of withdrawn shares and former profits." July, 1792, 18 per cent on $400,000 capital, "arising from old balance of profit and loss, sale of TJnited- States Bank shares, funded 6 per cent stock &c., &c." June, 1793, a balance of $1,406 from the same source as the last. Jan., 1795. $10,000 from sale of old banking house, located in Hamilton Place, opposite Park-street Church. June, 1801, 2J per cent extra dividend. Sept., 1812, 2 per cent was paid, and the time of regular payment changed from January and July to April and October. "* Paid 10 per cent ($26 per share), Oct., 1860, called $8 regular and $17 extra; 10 per cent, reg. and extra, April 1, 1865, and 10 per cent extra, April 29, 1865. Maverick.— Orig. cap. $400,000. No chinges. Removed from East Boston, June 11, 1856. The bank failed Nov. 1, 1891, the capital stock being a total loss. Dividends on deposits were paid as follows : — 40 per cent, Jan. 18, 1892 ; 20 per cent, Feb. 26 ; 16 per cent, April 18 ; 5 per cent, June 8 ; 5 per cent, Nov. 25 ; 2J per cent, Nov. 27, 1893, and 2 per cent, Jan. 16, 1896, making iS\ per cent, with a final of about | of one per cent nearly ready in Feb., 1898. The stock was assessed 100 per cent, $400,000, Aug. 1, 1892, of which slightly over one-third was collected. Claims proved, $7,602,341.07. Mechanics', So. Boston.— Orig. cap. $150,000. Reduced to $120,000, March, ISM. Inc. to $160,000 in 110 Boston Stock and Money Markets. 1850 ; $200,000, 1853, and to $250,000 in 1854. Extra Dividends of 16^ per cent in stock, May, 1850 ; 12^ per ■cent, stock or cash, Oct., 1854, and 20 per cent, cash. April, 1865. Removed to the city in 1888. jT/ercAandwe.— NewNov. 8, 1875. Cap. ©500,000. Inc. to $1,000,000, Oct. 1, 1877. Reduced to $750,000, Oct. 1, 1878, and to $500,000, April 1, 1879, in each case reducing the stock at par. Changed to Winthrop in 1890, three shares of the latter for five shares of Merchandise, a practical cutting of capital from $500,000 to $300,000. Merchants'. — Ori^. cap. $500,000. Inc. to $750,000, April, 1832; $1,500,000, July, 1836; $2,000,000, April, 1839 ; $2-,500,000, April, 1845 ; $3,000,000, April, 1846, and to $4,000,000, Oct., 1853. The last $1,000,- 000 was added under the General Banking Law of Mass., and the same stock returned to shareholders, April, 1864, reducing the capital to $3,000,000. The small dividends in 1843-44, not only of this bank, but of most others, were in consequence of the great abundance of capital at cheap rates of interest. Discounts made at three per cent (then an almost unheard-of figure), the banks being troubled to obtain sufflcient good paper, even at that low rate. Metropolitan.— New Aug. 1,1875. Cap. $500,000. Reduced to $200,000 July 1,1879, by charging off $50,000, and redee.ming $250,000 at par. Inc. from $200,000 to $300,000, May 18, 1883, and to $500,000, May ■25, 1888. Monument.— Capital $150,000 from commencement, March 14, 1855; no changes. Re-organized as a Kational Bank March 29, 1865. The dividend, April, 18S4, was called 5 regular, 1 extra. Mount Vernon.— Orig. cap. $200,000. No changes. 10 p. c, reg. and extra, April, 1865. National Bank of Brighton.— 1a.c. $200,000 to $300,000, Jan. 18, 1875. Changed par from $80 to $100 in 1879, giving 4 new shares for 5 old ones. Paid 20 per cent extra dividend April, 1880. This bank decided to wind up in 1882. Paid first dividend of 50 per cent, Apr. 3 ; then 25 per cent, July 1 ; 25, Oct. 2, and 26^ per cent in 1883, a total of 126^ per cent. National Market o/ ^rif/A^on.— Capital $250,000 as National bank; no change. Paid 20 per cent extra Apr. 20, 1880. Previous to 1871 the dividends paid were 5 p. c. from 1865 to April, 1868; after that 6 p. u. aemi-annual to 1886. Later, see tables. New England.— Ovig. cap. $1,000,000. Never changed. Paid 25 p. c. extra dividend, Feb. 6, 1865. North.— On^. cap. $500,000. Inc. to $750,000, Oct. 1, 1828, to $860,000 in 1859, and to $1,000,000, Nov. ^1, 1864 (by 16§ per cent stock dividend). North America.— Ong. cap. $500,000. Inc. to $750,000, Oct. X, 1853, and to $1,000,000, April 1, 1865 (25 per cent stock dividend). Old Boston. — Dividends paid June and Dec, up to 1812 ; since April and Oct. Orig. cap. $1,800,000, and the State held one-third ($600,000). First charter expired Oct., 1812; re-chartered with the same capital. At that time, when a charter expired, the bank was obliged to go through the form of winding up and com- mencing anew ; consequently, no dividend was paid Oct., 1812. The bank purchased the State's interest, Feb., 1817, and reduced the capital to $1,200,000. April 1, 1817, 25 per cent of capital was paid to stock- holders, reducing to $900,000, in shares of $75 each ; and April 1, 1830, one-third more was returned, making the capital $600,000, at $50 per share. June 15, 1847, $300,000 was a^ded, making again §900,000, the present amount. Twenty per cent extra dividend Dec. , 1864, and 20 regular and extra, Oct. 2, 1865. March 1, 1888, two shares were made into one, and the par changed from $50 to $100. Pacific— New Nov. 12, 1877. Cap. $250,000. Inc. to $500,000, Jan. 1, 1880, and to $1,000,000, Oct. 1, 1881 (only $461,500 paid in), and suspended, Nov., 1881. Levied a voluntary assessment of 100 per cent ($961,500), Jan. 1, 1882, of which $742,800 was collected, the bank resuming March 1871882, and closed finally, May 20, 1882. Receiver's dividends on deposits were paid as follows : 5 p. c, May 22, 1883; 5 p. c, June 10, 1884; 5 p. c, Apr. 14, 1885 ; 5 p. c, Oct. 15, 1886 ; 10 p. c, Dec. 24; 10 p. c, Feb. 21, 1887 ; 10 p. c, May 9; 5 p. c. May 31, 1888; 2 p. c.,May3, 1889; 2 p. c, July 23, 1890; 2 p. c, Dec. 26; 3 p. c, July 11, 1892 ; 1^ p. c. (No. 13 and final), July 8, 1893, a total of 65J per cent. An assessment of 100 p. c. was ordered by the comptroller Nov. 27, 1882, of which only a portion was collected. Claims proved, $2,397,129.52. People's, Boston Highlands.— Orig. cap. $100,000. Inc. to $150,000, Sept., 1849, and to $300,000, April, 1865. Roxbury became a part of Boston by "annexation," Jan. 1, 1868. This bank commenced April, 1833. The dividends in the tables are only from 1856. Previously the bank paid, 1834, 9J p. c. ; 1835,7; 1836,6; 1837, 5J; 1838, '39, '40, 5; 1841 to 1844, 6 ; 1845 to 1848, 8 ; 1849, Ik ; 1850, 7 ; 1851 to 1855, 8 p, c. Li March, 1849, an extra of 6 per cent. Dividends were paid April and Oct., up to Oct., 1864. Then 10 per cent (extra), Jan. 1,1865, and paid Jan, and July, to Jan., 1870 (6 per cent), and 4 in April, for three months, to change time to April and Oct. again. Redemption.— Ovig. cap. $561,700. Inc. to $674,000, Oct., 1864 (by 20 per cent stock dividend), and to $1,000,000, Jan. 1, 1865. This bank was chartered to take the place of the Suffolk in redeeming New England bills on the ' ' mutual " plan. The stock being originally held by country institutions doing business with the bank, was not sold in public for several years. Republic.— Ovig. cap. $650,000. Inc. to $1,000,000, Oct., 1860, and to $1,500,000, April 5, 1869 (25 per cent stock dividend in March). Revere.— Orig. cap. $600,000. Inc. to $1,000,000, Oct. 1, 1859, and to $2,000,000, April 1, 1869. Paid 10 per cent, reg. and extra, April, 1865. Reduced to $1,500,000, Feb. 1, 1879, and to $1,000,000, Feb., 1898, in each case redeeming at 100 in cash. Boston Stock and Money Markets. Ill Bocklmd, Boston Highlands.— Orig. cap. $100,000. Inc. to 5150,000 in 1854, and to $300,000, April, 1864. Paid 10 per cent extra, Jan., 1865. Dividends 4 per cent, semi-annual, previous to 1856, except the flrsfc, 3 per cent April, 1854. Roxbury "annexed " to Boston, Jan. 1, 1868. Second NaiionaL—FonaeTly the "Granite." Orig. cap. $500,000. Inc. to $650,000, Aug. 1,1851; $750,000, April 12, 1852 ; $900,000, 1853-54 ; to $1,000,000, Oct. 1, 1864, by stock dividend, one new share to nine old, and to $1,600,000, April 1, 1869. Security.—^, new National bank, Feb. 1, 1868. Capital, $200,000. Inc. to $250,000, May 5, 1881. Shawmut.—Ong. cap. $500,000. Inc. to $750,000, July, 1854, and paid 8 per cent extra dividend ; also 10 per cent, March 6, 1865 ; to $1^000,000, Jan. 1, 1869. Originally the " Warren," and changed to Shawmut, April, 1837. Shoe and Leather.~Ong. cap. $500,000. Inc. to $750,000, Oct., 1849, and paid 10 per cent extra divi- dend; to $1,000,000, July 1, 1851. Paid 25 per cent extra, March 1, 1865. Souih End.—Tul, from Feb. 17, 1886 ; also. Cashier of Faneuil Hall Bank, 1863 to 1886, and Teller, lSi31 to 1863—47 years' service. Faneuil Hall, President, Jonathan V. Fletcher, since 1888, and director from the start — 1851, 47 years. Cashier, '£. G. Hiler^ since Feb. 18, 1876, and in bank from 1851 — 47 years' service. First National, President, John Carr, since 1881, Cashier, 1864 to 1881, and in bank from 1859 —39 yrs. Freemans, Cashier, George P. Tenneij, since Feb., 1SS4, and in bank since 1863 — 35 years' service. HAMiLTON,President, ffeorffeir. JVe«'/m;/, Sep. 16, 1897; Cashier, 1872 to 1897, and in bank fm. 1860— 38 yrs. Howard, President, 5. F. *^ir(7/./n.¥, since Jan. 1, 1893; Cashier and Vice-President, 1870 to 1893— 28 yrs. Manufacturers, Cashier, i^. £. -l -rfl KB - OO O (O O O C IJ^H -T« ■ eTi-a-*?i-<^ i-ir-( ^rH O h O vC5 fe OJ 3 1-1 (M " O i^s^;: t- ts [z; ■; cq t-co o ogs c =5 " £ d o o ias ^ >.= s awP-s §■§ ag 11 g'SH ftg^ §.2 12 (SO 114 Boston Insurance Stocks. s| . .S.S ,3 a 2 ^c^ '^ «|.l.a-=s £>0(„ g o fl its « £•; ft<»« 'H ® o _ S V e >,>° w ~ £5So " u o S 2 "s >> M 2 a S » o I. ffl (3 o f^lj O ■ ■ 'I'^o^'S a o o ^ p. - ti o « fe 3 a >,iS' o o Eh a ^^ p « fl j^ (fl' 3 « o o 5 o '^ :5 o-a M g d « g-fl^v a 5 g 58 ■*°« 3 , -S g 5 3«.S^|I 3. o'(3 2 0, d fl^ S S g M"^ taSm g 3 '^ -^ o s •2 © g Mw * . 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CO OO t-»ft iH OQC3 inoco s^ ooom^i^rt t-c 00 3^ "^n^ CO OOOOiO COOOO"* iH w lO M weo tH t-cno t- P P M > M P w o -'5 ® a - Is fl§J| 03 tj >--J3 Jj .&s-aa5 ss|s« ■"5 as « ^^ S* ■J.+a 4a 43 I O 4i 4^ 43 43 ^^ ^OOO ^OOOO so r ■iliri 41 - , _ fflBloOHIklgg^igPH oooo oooo OOCl o coo^Se oo ooo oo oo o o o__o o o oo o o Q o m o N CO tjjio eJ»Qco o =14i| |Slrt°- I Ills P ^ fl ^a> cQ rt eSoo -iS SO) hDffl'a 3« i d qtN h.3 ,000 June 10, 1880, by 33^ p. c. stock dividend ; to $600,000, June 6, 1881. Voted to wind up Nov. 1, 1884. Paid 80 p. c. March 3, 1886 ; 15 p. c, Nov.; 5 p.c, Oct., 1889; and a final of 1 p. c. Sept., 1890. Suffolk (Fire). The old Suffolk was originally chartered in 1S03 ; but the dividends could not be ob- tained previous to the re-charter in 1818. The first after that was paid February^ 1819; all since,, April and Oct. An extra of 2 p.c, Jan., 1836. Capital originally $300,000, par $33^. Cut down in 1840 to $225,000, and par made $25, which soon after changed to $100, putting four shares into one. Voted to wind up Nov. 7, 3856. Paid 60 p. c. of capital April 3, 1857, and 40 p. u. July 13. Surplus dividends were declared of 15 p. c, Jan. 4, 1858 ; 10 p. c, July 7 ; 5 p. c, July 2, 1860, and 4^ p. c. (final) Nov. 15, 1866, making a total of 1341 P- c- paid shareholders. The property corner of State and Congress Streets was sold to the New Eng- land Life Insurance Co. for $147,500. In 1759 it was valued at $4,500, and in 1804 sold for $39,281. A new Suffolk commenced business April 11, 1859. Capital $150,000 (see tables). Paid 10 p. c. 1871-72 ; sold at 140 to 148 in 1870 ; 130 to 146i, 1871 ; 124i to 134|, 1872 ; and failed by great fire, paying 33.55 p. c. on losses. A third " Suffolk " (Mutual) started in 1875, selling at 100, and, in 1876, 89| to 102| ; closed in 1877, and paid par to the stockholders. ^vemont (Fire). — The old Tremont paid 10 p. c. extra, Aug., 1844, and 10, Dec, making 35 for the year. The dividend for 1846 was made in Feb. Conducted on the mutual plan from 1845 to 1849, which accounts for small dividends at that period. Commenced winding up its affairs in 1851, and paid 75 p. c. from capital stock, Jan. 15, 1852 ; 12^, Nov. 1 ; 5, Oct., 1854 ; and %\ p. c (final) Aug. 10, 1857, making lOOJ p.c to stock- holders. The Tremont (Mutu^). — Organized in 1851, at the closing of the old Tremont, by the same ofl&cers; had a thort life, and, as late as 1868, made its only and final dividend of 43i p. c. Another "Tremont " (stock) was organized Dec. 19, 1867 (see tables). No dividends since 1870; stock 100 to 115, in 1870; 49 to 100, 1871-72 ; and failed by great fire, paying 36. 1 p. c. on losses. 124 Boston Stock and Money Markets. United States (Fire and Marine).— Original capital 8300,000 ; reduced to $200,000 in 1826. Dividends paid Jan. and July, previous to 1840 ; since, June and Dec, except for 1855, in Nov. Voted to wind up Oct., 1862. Paid, in Nov. 80 p. c; Jan. 6, 1863, 10 ; Feb.-27, 1864, 17 ; making 107 p. c. in all, or $53J per share of S50. Waj-ren (Fire and Marine).— The first dividend was made Jan. 9, 1837 ; that of 1840, Nov. 6 ; the second, of 1842 and 1843, in Sept. ; in 1847, July ; and 1849, Jan. All others, April and Oct. Dec., 1842, 4 p. c. extra. Two Cash dividends were also paid the assured on their premiums, in 1843 and 1844, of 3 and 6 p. c, when conducted on the mutual principle; stockholders first receiving 6 p. c, the balance being divided equally between them and the assured. Original capital $100,000. Increased to $125,000 May, 1843, and tO' $150,000 May, 1844. Voted to wind up Aug. 25, 1860. Paid 30 p. c. April 27, 1861 ; 15 p. c. Oct. 27 ; 10 p. c. Dec. 1, 1862, and 1.8 p.c. (final) April 15, 1864 ; but a further division was made, May 17, of 33.7 cents per share, from unexpected collections, making a total of 57.137 p. c. Washington (Fire and Marine).— Increased capital from $200,000 to $300,000, April, 1859, by 50 p. u, slock dividend. Failed by great fire, and paid 84 p. c. on losses, the largest division by any Boston company. A new Washington was organized Jan. 1, 1873. Capital $300,000. Increased to $400,000 hy stock dividend of 33J p. c. April 15, 1876 ; to $500,000 by stock dividend of 25 p. c. July 23, 1883 ; and from $500,000 to $1,000,- 000, by subscriptions at par, Aug. 20, 1883. Voted to wind up Dec., 1887. Re-insured Jan., 1888. Paid dividends on investments, of 30 p.c, in all (see table, page 120), and of capital 80 p.c, Jan. 21, 1893 ; 22 p. c Feb. 16, and a final of 1 p. c. April 1, 1893. For cash capital paid in and interest at 6 p. c. ($1,445,000), this company returned to stockholders $960,000 cash dividends, and $1,020,000 on capital (2 p. c. prem.), a total of $1,980,000, an excess of $535,000. The History op a Cbntury op Massachusetts Undbewhiting — 1780 to 1880 — is worthy of record. During that period 437 companies (221 stock, 216 mutual) were chartered, and of these 199 (115 stock, 84 mutual) ''died in their cradles, chiefly for want of nursing and financial sustenance;" while 154 (67 stock,. 87 mutual) "closed their doors " from time to time, either by compulsion or voluntarily, leaving 84 " survi- vors" (23 stock, 61 mutual) at the end of a century, showing a mortality of 81 p. c. of the whole number, or of 90 p.c of stock, and 72 p. c. of mutual, a brief registration of the "wrecks so thickly scattered among the shoals and breakers of insurance venture since 1780. " Only 5 companies were chartered in Massachusetts prior to 1800, and 57 more up to 1825. Of these 62, but 5 existed in 1885 under their original charters, — the American Fire and Marine, chartered June 12, 1818 ; Mercantile Marine, Feb. 11, 1823 ; Hospital Life, 1823 ; Worcester Mutual, Feb., 1824 ; and Norfolk Mutual, Feb. 12, 1825. The Massachusetts Mutual, chartered in 1798; Manufacturers', 1822; Franklin, 1823; Washington, 1824; Boylston, 1825,— all of Boston — "wenfc imd'er" in the great fire, but re-organized and resumed business in 1873. The Merchants' Fire and Marine, chartered in 1816, and the oldest of its class in America, also a victim of the fire, did not re-organize. The only Boston insurance companies left the morning after the " great fire " of Nov. 9-10 were the American and Mercantile. It may be here stated that the fire insurance companies of Boston presented in 1898 a poor showing in numbers as compared with previous years. The great fire of 1872 wiped out twenty-one compa- nies (see page 124), leaving only two remaining, the American and Mercantile Marine (then doing both fire and marine business), now the Mercantile Fire and Marine. Of the eleven companies re^organized after the fire, two only are still in business, the Firemen'' s and North A meriean. Adding the American and Mercan- tile gives a list of orHyfour stock companies in 1898, compared with twenty-three in 1872. Th^ falling off in organized stock companies in Boston was due largely to the competition of foreign companies, which came in after the great fire, causing serious demoralization in rates with excessi"^ commissions paid for business ;. also to heavy fire losses throughout the United States. We give here as an interesting, though melancholy, record, the percentage of losses paid by each of the failed companies. These two "great fires"(Chicago, 1871 ; Boston, 1872) were classed as the "funeral days of dividends " in insurance companies. DIVIDENDS (on LOSSES) OF BOSTON INSURANCE COMPANIES. Failed by the " Great Fire " of Nov. 9-10, 1872. Boston Boylston City Eliot . . . -■ Exchange Firemen's Franklin Howard Lawrence Manufacturers . Total. 33+ 10 lOA 53if 30 10 7.4 47.4 40 10 7.5 57.5 25 12* 4.3 •41.8 30 7 37 25 10 6.2 , 41,2 20 5 3.5 2 30.5 25 10 9.4 44.4 33i 6» -t 40.5 40 20 10 v.cii) 77.65 Merchants' National Neptune North American . . . Prescott Shoe and Leather. . Suffolk Tremont Washington 20 10 71 30 8 IJ 26 8 3 A 50 12 2.7 30 15 15 * 25 30 30 50 6.3 3.56 6 25 6 3 Total. 37J 39i 36.4 64.7 60.5 31.3 33.55 36 84 MUTUAL COMPANIES. Massachusetts. . . Mechanics' Mutuiil Benefit. . 45 26 35 30 1.7 20 10 100 100 2G.7 New England Union Boot & Shoe Man! 40 50 60 20 20 26 10 20 6 81 ■5 75 10 100 It will be noted that of the companies failed by the great fire the Manufacturers' paid the largest per- centage (77.65) and the Franklin, the smallest— 30J per cent. Notes on the Boston Stock Market. 125' NEW ENGLAND MANUFACTURING INTERESTS. The important part which the manufacture of textile fabrics has performed in the history of Ameri- can industries, and especially those of New England, during the present centurj', would justify a far more extended allusion thereto than our limited space will allow. Prior to 1787, several attempts in the manu- facture of cotton goods on a small scale had beeu made at Bridgewater in our own State, and elsewhere in New England ; but, owing to the difficulties encountered, they met with little success. The first com- pany that did make any real progress was the one at Beverly, Mass., which commenced business in 1787, its mill being driven by horse-power. According to Montgomery, cotton-spinning commenced in Rhode Island in 1788, after it had passed its first struggles in Massachusetts. Many attempts, in various sec- tions, to overcome the difficulties developed by crude and imperfect machinery (the perfection of which baffled the best inventive genius), continued to be made, with but partial success ; when, in 1813, Francis 0. Lowell introduced at "Waltham the power loom, and was the first person to arrange all the processes for the conversion of cotton into cloth within the walls of the same building, — the existing Boston Manu- facturing Company. The result of the success at Waltham was the establishment of mills at Lowell and elsewhex'e, and the rapid development of small towns into prosperous cities, followed by the speedy extension of this branch of manufacturing industry in New England and other sections. We may add that our textile machinery has had a powerful influence on the development of various other industries, as shown by the able statements of Secretary Hayes of the National Wool Association. First, in the manufacture of machine-tools of a special character, to meet various and iucreasing demands which became ultimately a distinct industry. Dr. Bishop, in his history of manufactures, connects the first successful locomotive-builder in the country (Baldwin) with the textile industry. The steam fire- engine, of American origin, is also shown to have owed its present condition to the machine-shop of the Amoskeag Manufacturing Company, founded upon the site of a cotton-mill erected in 1809. In furnish- ing fire-arms during our civil war, the cotton-machine building shops came to the rescue with capital, skill, and tools. From these shops went forth the men and skill which filled our public and private armories ; and in many cases our textile machine establishments were themselves converted into armories by their proprietors. The woollen branch of manufacturing industry dates back to 1793, when the first carding-machine in the United States was put in operation at Byfield, Mass., followed by the erection of a factory (the first in the country, as stated), and very profitably conducted, with the eminent assistance of Mr. John Schol- field as agent. In 1798 this gentleman built a factory in Connecticut; and in 1804 his brother Arthur made the first broadcloth manufactured in this country. In addition to the capital absorbed by the great staple- fabrics, a large sum has been invested in the manufacture of what may be termed fancy fabrics, the machinery for which severely taxed the inventive genius that finally triumphed over what seemed in- superable obstacles. A reference to the accompanying tables shows the strides accomplished by the great manufacturing industries within a comparatively limited period. In 1830 but six incorpbrated com- panies figure on the list. In 1846, or sixteen years later, the number had reached some forty-six, with a capital of nearly as many millions — all in New England ; not including a host of small factories, cor- porate and private, scattered over New England and other territory. In looking at the results thus accomplished within the past sixty years, one cannot but admire the fertility of invention displayed by our countrymen; for never was it so severely taxed, and necessarily so, by the sudden development and rapid growth of our several manufacturing industries. While these were in their infancy our manufacturers were largely dependent on English inventions to carry on their industry. Then Englishmen of known skill were attracted hither, and, devising improvements to the existing and often rude machinery, became in fact inventors of a high grade. This, however, was not to always last; the field was too rich and promising to allow American inventive genius to long remain dormant. Dr. Hayes, in his admirable pamphlet, commences with the cotton-gin, invented by out coun- tryman Whitney, followed, not long after, by the card-setting machine of Amos Whittemore, of which John Randolph said, in plea of renewing the expiring patent, " Yes, I would renew it to all eternity, for it is the only machine that ever had a soul." It would be In vain to attempt giving a complete list of inventions, more or less important, which the demands of a growing industry called forth, for their name is legion. As a matter of pride, we refer to one which received foreign recognition, — the power carpet- loom, by E. B. Bigelow of this city, in 1842. This invention did not have its birth in a machine-shop, but in the closet of a young medical student. We will simply add, that, with the growth of manufac- turing industry, the character of the service has almost wholly changed. A half century ago, foreign help was quite unknown ; the surplus female force from farmers and other families amply sufficing for the limited demand. In the summer of 1817 President Monroe visited the Waltham factory; a feature of the occasion, and one that attracted the President's attention, was the pretty appearance presented by the young women employed, who, in neat attire, formed a double line through which the chief passed on leaving the mills. There was then but one person of foreign birth in the town. Many will remember the •' Lowell Offering," — a periodical under that name, whose pages were the sole contribution of what would now be called mill-hands. 126 -•a ■2 to £<» 'I- s a a ^ t-3 °-s a St o o Eh 03 E-i o <; D aS •3 3 t4 O Si 9 fl a a S S s " -d g «" a g ° S * « o a OS g'gg to ° S " m « 3 O 3.2 a" « 3 3 - kC £ 3.2 « « -" ^ o B o a, Si ■2 '^.9 3 = ■^2 many events somet £•3 S1&.SS -=& « 3 a 3- TiS |S?.2 .2 » ■=sr.s J, a •. 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Senii-A.nnual DividendSf January f 187tt to January^ 1886. 1871. 1872. 1873. 1874. 1876. 1876. Dividends payable. Par Manufact'g Companies. 1877. 1878 1879. 1880, ,1,: 1881.'1882. I 1884.1885. 5a S 6 10 5 6 4 10 10 5 4 4 5 1010 7 6 6 3 20 60 3 4 10 10 5 6 4 4 10 10 8 3 $60 60 10 10 4 4 8 4 3 6 3 6 4 $3 4 6 6 5 6 5 25 26 6 10 10 6 6 4 4 4 4 6 6 4 4 4 5 6 4 6 10 10 810 6 6 10 10 1010 3 3 40 30 10 10 5 6 8 4 6 5 6 6 10 6 1012 5 4 3 7^ 5 5 5 $3 4 8 5 4 5 3: 5' 5 4 5 5 6 5 10 i 1010 6 5 5 5 6 5 1010 6 4 4 3i4 10 4 34 3i 10 8 4 4 71-5 3 3 4 6 6 3 7 4 3 1010 8 6 3 3 25 20 810 8a 4 3 3 New 4 4 5 6 1010 6 6 3 3 3 4 4 3 3 3 1010 3 3 3 20 20 6 4 3 4 5 5 1010 6 6 3 3 4 4 4 3 3 3 4 4 3 3 3 10 3 20 U 4 4 3 4 8 4 Jan. July June Dec. June Dec. Jan. July May Nov. June Dec. Jan. July Jan. July Jan. July May No.i June Dec. May Nov. Feb. Aug. Jan. July Jan. July Jan. July June Dec. May Nov. -Jan. July Jan. July Feb. Aug. Jan. July Jan. July May Nov. Jan. July June Dec. Jan. July Jan. July Jan. July May Nov, May Nov, June Dec. Jan. July Feb. Aug. June Dec. June Dec. June Dec. June Dec, Jan. July Feb. Aug. May Nov. Feb. Aug. Jan. July Jan. July June Dec, June Dec. Jan. July June Dec. Jan. July April Oct. Jan. July Feb. Aug. Feb. Aug. May Nov. May Nov. Jan. July Feb. Aug. May Nov. Jan. July Jan. July April Oct. June Dec. Mar. Sept. Feb. Aug. April Oct. May Nov. Feb. Aug. Jan. July Jan. July Feb. Aug. June Dec. 100 100 1000 100 100 1000 100 100 100 1000 1000 100 700 600 100 100 600 1000 100 100 1000 600 100 100 100 100 1000 100 100 100 100 1000 100 400 400 1000 1000 690 200 100 600 100 100 1000 1000 100 1000 600 100 600 600 100 100 100 1000 1000 600 100 100 300 1000 100 1000 100 100 1000 100 100 100 760 ^tna Amory Amoskeag . . . Androscoggin Annisquam . . Appleton Arlington .... Atlantic Bates Boott Boston Do. Belting Do. Duck. Cabot Chicopee Clinton Cocheco Columbian . . . Continental . . Contoocook . . Cordis Dwigbt Edwards Bverett Franklin Gt. Falls Hamilton Cot. Do. Woolen Hill Indian Oreh'd Ipswich Mi Jackson Kearsarge Laconia . . . Lancaster . Langdon Lawrence .... Lowell Do. Bleachery Do. Hosiery. . Do. Mac. Shop Lyman Manchester Massachusetts Merrimack .. Middlesex. .. Monadnock . Nashua Naumkeag . . N. Eng. Glass Newmarket.. Norway Pl'ns. Norwich Wool Ocean Otis Pacific .... Pepperell Russell Mills. Salisbury Salmon Falls. Sandwich Gl Stark Mills... Trem.Sc Suff.. Thorndike . . . Vassal boro Wamsutta Warren , . . Washington.. Waumbeck .. Winthrop , York 4 4 3 3 5 4 3 3 3 3 2 3 3 5 74 3 3 4 4 0$20 3 3 3 4 5 3 4 3 4 4 6 6 6 3 6 3 5 5 3 No.l 6 3 4 6 3 5 4 5 3 3 4 6 New 3 3 3 3 3 3 3 10 10 2 4 1615 3 .. 4 6 6 3 3 4 3 3 3 3 3 5 6 •3 4 2 3 1010 4 4 4 6 16 20 4 4 3 Closi 3 4 4 10 10 5 3 3 444 4 3 4 3 3 3 4a 4 3 3 ngs 2 No.l 4 4 8 5 6 6 3 3 Fail 2 2 3 4 3 4} 4; 3 4 4 6 3 4 3 3 4 606 4 6 2 3 eeno 345 4 4 6 8 5 6 3 3 ed. 2 4 3 3 2 3 4 3 2 2 4 4 ■410 6 6 5 6 30 35 2 3 4 6 3 6 3 d6-5 6 5 3 3 3 5 6 6 4 6 3 6 6 6 6 5 6 5 6 5o6 4 4 6 4 3 3 tes. 5 4 3 6 6 6 6 5 4 10 12 6 6 3 3 3 3 6 5 6 6 5 3 3 6 6 3 4 4 10 10 8 7 3 3 4 4 3 10 10 5 4 7 2.i 5 6 5 6 20 16 3 3 6 6 6 5 6 No.l 3 3 3 3 3 3 6 4 3 3 10 4 5 3 6 5 7 7 4 31 4 4 S3 6 6 5 6 4 4 4 10 6 5 4 3 3 2. 6 3 3 3 4 4 14 3 4 3 6 6 16 10 3 3 2 6 4 4 3 3 4 4 6 6 7 7 3i3S 4 4 (2 3 5 4 5 6 6 5 3 3 3 3 224 3 3 3 3 6 4 3 3 7 10 10 20 3 2 5 6 6 3 2 $3 3 2 342., 4 3 3 10 4 Fail 3 6 4 3 2 4 4 2 3 3 4 5 4 3 5 5 5 5 $2 024 2 2 2 ;d. 3 3 3 3 (o) Extra dividends this year ; see notes. (6) JBoott, changed to June and Dec. in 1885. d 5 extra March. By reference to the tables of dividends, it will be noted that the period from 1866 to 1872 averaged very successful generally in manufacturing interests, and the payments were extraordinary in some instances. Since the latter year there has been an equally remarkable falling off until the past five years or more have proved to be lean to a full extent. These cycles of lean and prohtable business periods run through all de- scriptions of stocks, but like results rarelj occur in any two classes at the same time. 134 Notes on the Boston Stock Market. NEW ENGLAND MANUFACTURING COMPANIES. Highest and Lowest Prices for Six Years. — 1886 to 1892. J886. Low High 1887. Low High J888. Loic High Manufacturing Compahibs. J889. Low High J890. Low High 189 J. Low High *99i *100 100 1091 1995 2225" 98i 118 500 925 *100 11 li 50a 111 120i 148} 1365 1500 *1025 1100 140 165 800 850 400 4T5 108 1143 21 22 *510 585 1250 *1250 63 65J 565 675 100 101 »100 119 *1700 2525 100 126 550 700 *104 120 *J09 *121 125 149J 1320 1402i 1080 1180" 147 *160 850 1050 *350 405 *107 117 105 66 95 63 llOS 68 1001 761 475 542J 1000 1800" 39i 625 702i 760 *103 61 600 690 73i 100 65 8H 992^ 1100 415 475 662i 600 900 950 1390 1600 79| 85i 767J- 832; 123e 238 71 71 840 890 65 761 *130 141i 875 1040 1335 1440 170 201 lOOJ '80 102,', 96.; 817,! 1121 90 8G 672i 102 77i *965 1035 445 475 565 625 872J 900 1450 *1672J 80 81 700 790 127 147 104 117V 1730 2007J *116 131 647J 702i *ao io4:i 97i llOJ UOi 127 •1300 1342J *975 *1150 157J *167 1050 1160 *350 400 102 1091 15S- 25' 405 485 *1100 1750 30 39J *685 7424 103 106} 1^59.} 100 90 99 88.} *102} 912,1, 1121 85} *965 1005 770 903 460 »o60 485 590 See notes. *1450 1550 81 100 mu 7i2.i 136 1451 425 472i 89} *104 71} 86i 322i 375 1450 1450 *1522J1632J *1060 1150 270 300 20 59 110 115 1022J 1040 860 900 105 116 30} 301 lOlj 102,} 110 111 *705 875 60 8o: *140 1701 950 1050 1130 1400 175 182j 1100 1105 46Zi 515 97 118: 90 92| 310 350 1460 1800 1607i- 1712i 1052J- 1206 99 101 89} 100 *245 282i 602i 725 63" 70J 140 1531 1010 1150 1117i 1225 150" 175 500 590 97} 103| 90 901 300 355 1600 1850 1485 1640 *1080 1202J 26 125 25 125 *221 247.1 20 25' 1205 1305 920 1200 112 121 30 63 89i 904 100 108 *1110 1160 1110 1205 114} 128 6 10 850 «9Z6 926 1025 50 80 965 »\050 Aetna Amory Amoskeag Androscoggin Appleton Arlington Atlantic Bates Boott Boston Boston Belting Boston Dnck Cabot Chicopee Clinton Choclieco Columbian Continental Dwight Edwards Everett Franlilin Great Falls Hamilton . Hamilton Woolen ...... Hill Jackson Laconia Lancaster Langdon Lawi'ence Lockwood Lowell Lowell Bleachery Lowell Hosiery Lowell Machine Shop . . Lyman, Manchester Massachusetts Merrimack Middlesex Monadnock Nashua Naumkeag New England Glass. . . . Newmarket Otis Pacific Pepperell Pembroke Russell Mills Salmon Falls Sandwich Glass Shaw Stocking Stark Mills Thorndike Tremont & Suffolk .... Vassalboro Woolen. . . . Wamsutta Washington Washington Preferred. York 100 100 1000 100 1000 100 100 100 ICOO 1000 100 700 500 100 20 500 1000 100 500 100 100 100 100 1000 100 100 1000 400 400 1000 lOUO 100 690 100 100 500 100 100 1000 1000 100 1000 500 100 *114i 126 1890 2100 *130 142; 660 85 907J 100 991 107J *113 128| 1325 1410 975 1157J 166 *180 *1150 1175 360 380 100 1061 18 19 420 *505 1750 1850 10 34} 716 802 1001 1154 " 100 105J 110" 900 1006 90 97} 834 86 965 1028J 485 550 560 60aj Now 1626 1580 97 1001 590 7024 131 1401 471 60 700 *900 64 70 1424 1574- 1026 1247} 1180 1355 150 188 92 •924 1144 118" 2000 2095 *136 1471 6124 675 824 100} *95" 1004 115 121 *1325 13774 *950 1020" 180 2031 *1075 1175 306 *360 *874 *100 No sales. *3824 506 *1700 1815 184 214 «760 7974 *114 1201 77} »82i *103 112 96 ]09i *950 10274 85 90 112 *125 2006 2100 1404 1464 590 700 *98 102 67 971 125 ■ 1454 1325 1360 995 *1060 189 *203i 1076 1155 *85i) 100 *90 994 824 977} 626 6174 76 895 530 675 Amory. 1450 15574 97 1001 5724 665 *136 145 44 840 65 300 395 1600 1700 191 204 *760 *7774 110 1251 *80 *854 1001 109 1011 1064 *950 1026 *82 851 59 71 975 *1001i 600 *6124 615 625 1460 *1600 8 984 *600 736 600 1000 1000 500 100 100 300 80 100 1000 1000 100 100 100 100 100 760 590 654 99 1054 Closed. 3374 400 *1860 1860 *1550 18011 12024 *1315 624 524 44 8774 70 *1464 161} 996 1075 12724 13314 *)29| 1574 1000 1000 *525 602 1068- 1124 120 45 140 634 700 830 651 *?0i 121 166} 1005 10724 1000 *1250 1274 134J *495 690 *107 114i »3374 370 *1760 1800 *1702418524 1340 1377} 230 300 Closed. 98 105 1110 13324 1145 12274 128 145' No sales. *9S4 1064 52 65 New. *1050 11774 85 86 260 2824 *315 350 1800 1910 *1675 1805 1326 1370 49} 601 60 60 200 250 99 1021 1001 1064 1180 12824 1200 1262} 1100 1205 1200 1205 130 1401 *120 1301 95 99 20 55 100 108 »990 1U2: *95 101 50 66 «101 107 990 1100 * Ex. Dividend, (a) Atlavttc^ new stock 1886, (see notes), {b) Cabof, Par changed in 1891 from $500 to ?100, making one share into five, (d) Everdt, cut capital in 1888 (see notes), (e) Lowell Bleachery^ Par reduced (1886), see notes. Stocks Not lij Table. — The following stocks sold at intervals only, and are here given as a matter of record. Ames 25 @ 28 (1889); Belvidere Woolen 705 (1889); Bennett 100 (1890); Bigelow Carpet 900 ft 930 (1889); Boston Lead 140 (1887); Canton M'fg * Bleach. 100 (1891); Ciintdii 25 (1886), 4} (1888) Una 55 (1889), 60 (1890), 49}, 501 (1891); Cordis 160 (1888); Crulr/hrad it A'iniz 55 @ 60 (1889) Dcj-ter Woolen 3 (ISSO); ^j-e(er 224@24}(1887),rfo Pre/. 491(1887); /'ni(K«f/-210(1886); i%i6oro 200 (1889) 6'raj/toc/i:95(1887); Giinnell *10Sl (ISSl) ; 7/ac«ev 875 @ 900 (1887) ; 7/"i/''''n"i«e 60 (1886); JTollistoil 600 (1886); Lawrenee BuckOKCiaSiy, iYnrirai/ P/miis 320 @ 350 (1896); PeaSot/i/ 214 (1889) ; Pemberlon 100 (1888), 1031(1889); PAffimijI' 310 (1887) ; Po/je 100 (1 889) ; Por/.™oM(/i Co. 74 (1887) ; Po/omste 103 (1887); PMteam 1175 (1886) ; iJeri/'rOT 60 (1890) ; Salem ZeadlO\ (ism}\ Saratoga I'lcto?-?/ 35 (1887) ; Shetuckefiii, (1888); So.Framingham'60k(WW); Wamm-ighl. 4\ (u^r, [ISSS), S3 (ISSl) ; Wnslibiirn <& Moen 1951(1890); Walker & Pratt 674 @ 80 (1891) ; Waumbeck 60 (1890) ; Wnrren 856 (1888) ; Webster 524 @ 53 (1887), 601 (1891); West Point 121(1300) ; West Amesbury i6 (188S) ; Yale ti; Towne Lock GOUlSSe). Notes on the Boston Stock Market. 135 NEW ENGLAND MANUFACTUEING COMPANIES. Lowest and Highest Prices for Six Tears — 1892 to 1892. 1893. 1894. Low High Low HighiLoto High 1001 110 124 140.1 2045 2330 *140 1551 577i 632i *100 1115 127.V 127J 79' 95 129* 165 1337i 1400 1070 1125 *tl681 208 nOO 1126 139i 140 85" *98 89 *105 «367 402; 1500 *1500' 171 25 *775 *113 85J *100 106 1000* *82 *58 1000 600 625 165 *98 635 1001 »617* 66 1301 *1015 9lfi.'. I'i9" 95 1051 *121g 1063* 87" 65 1040 665 690 171 108 6811 113 695 '•77 » 147 1080 *1050 1240 *135 *145 506 *o05 1081 11*1 *300 345 1850 1910 1650 1802* 1200* 1305' 230 245 115 140 1160* 1220 H50 1356 120 132j 101 1101 99 100 •103 106 *116 •115 1002J* 1100 85 115 *1720 135i 596 *98 1311 75i lis 1200 1000* 170i 975 86 140 2207J 160 625 lOOJ 134 94 153J 1380 1100 191 1065 124 1451 *1607i 1780 *131 1411 485 495 *97 1021 68 75 *123 1261 1175 1275 1000 .1090 *171 183 975 975 85 104 *345 1400 20 100 lllj 405" 1500 33 812* 120 95 99 110* , 906 05 *55 *950 600 600 120f 98} 530 100 600 67 *108 990 950 *125 104} 1041 127i 1062* 83* 80" 1042J 695 715 170 107 6811 108 680 78J 1100 *776 852i *125 1301 96 100 103 1161 111* 132.5 990 »122 1105 490 1031 300 1700 1460* 1256 *230 *130 1000 1300 120 85 99 *101 1180 160 1200 591J not 327* 1900" 1750 1540 257* 1411 1215 1375 135* 111" 100 105 900 1173 *78 85 *98 lOli 230 350 1400 1400 30 36 9G7J 00 65" 675 603 705 950 550 350 *122 98 505 98 526 016 000 129 102 586 104* 616 66.} 72 98 108J 926 1001 1015 1172J 114} 120 *10G0 1180 *480 *630 96 106J *275 300 1600 1600 1450 1710 1260* 1337J »240 248* *127 *13D" 900 1032J 1200* 1300 115 122 J *90 102 95 99 Ii2i 900 Manufactuein g Companies. .^tna Amory Amoskeag Androscoggin Appleton Co Arlington MiUa Assabet Atlantic Mills Bates Boott Mills Boston Boston Belting Boston Duck Boston Lead Cabot Chicopee Cocheco Columbian Continental Crystal Springs Dwight Edwards Everett Mills Franklin Co Great Falls Hamilton Cotton Hamilton Woolen Hill Jackson Co Laconia Co Lancaster Mills Lawrence Lockwood Lowell Lowell Bleachery Lowell Machine Shop Lyman Mills Manchester Massachusetts Massachusetts in Georgia. Merrimack Middlesex Co Monadnock Nashua Naumkeag N'ewmarket Otis Pacific Mills Pepperell Salmon Falls Shaw Stocking Stark Mills Thorndike Tremont & Suffolk Wamsutta Washington Washington Pref West Point York Mills 1895. p^ Low High 100 100 1000 100 1000 100 100 100 100 1000 1000 100 700 100 100 100 500 1000 100 60 500 100 100 100 100 1000 100 100 1000 4(KI 400 100 100 090 100 600 100 100 100 100 10(XI luo 10i.ll I 500 100 500 1000 1000 500 300 100 1000 1000 100 100 100 100 100 760 1896. Low High 1897. Low High 127i 152 126 145J *133 1451 1475 1795 1600 17.56 1400 *1670 1161 135 115 1181 113 116i 492^ 532i 497i 515 300 607* *95 101 991 105 98 106 124} 125 119* 119* *114 1201 59 68 60 711 42* 68 116 127 *112 118* *106 115 120U 1250* 1160* 1200* 970 1096 *S15 1000 700 HI 5 050 700 180 187* 1661 182} 172* •180* 976 *976 950 975 797* 900 137} 138 lOll 100 *78 83 70 *78 70 70 79} 99J 723 85* 48* 70* 220 282i 220 280 175 230 1150* 1200 22* 28} 22* 20 1 18 2,5* 44} *51i 45 45 835 940 *875 9.30 S:!7* 872i 1311 *143 142} 163 145 166} 90 94' 80 90 00 72? 110 111.1 104 112} 97} 103 123 *1.33 *133 1561 *130 1431 887* 965 900 940 695 802* 50 *65 50 62 44 60 54f 63 60 6.31 5(T 60 685 930 875 *9.50 900 937* *590 705 677* *688 602i 626 297J 407J 300 349* 300 3501 alio 124-1 100 121} 106* 1201 101 1064 90 111;, 75 75 515 570 530 587* 617^ 656 *102 *no 1U3 112; *100 1061 mik 735 *710 777;. 066 710 *72J 91* 74.1 90 63 80 80 109 93 *107} 97} 103S 90 103 102| 110* 941 1071 New 113 110 115 1140 1200 1122* 1215 1017* 1117* 115 125* 107 120* 104 1201 1126 1167* 1070* 1130 1000* 1070 507* 582* *502i 5224 450 ,5261 77} 95 601 871 55J 70 232i *300 250 ^10 200 246 *1500 1600 *1530 1600 1500 1560 1646 1900 1842* 1902J 1880 2117* 1262* 1632* 1205 1500 1275 1365 226 255 200 225 200 217* 127 130 *126 130 125 128 810 980 *945 1000 915 975 1100 1200 1050 *1090 1030* 1050 1221 143 *130 1441 137 148 100 110} 1005 108} *94 106} 95 100 *^13 100 *93 98 Redeemed Nov. 15, 1893. 120 122 775 »890 747J 825 745 762i * Ex.-DiviDEND. t Ex.-rights, capital increased, (a) Lawrence, wall caved in, 1895. (6) Formerly SlOOO. Stock not in Above Table: £aies Much , 89^(1897); Belvidere Woolen, 745, 752^ (1892), 702| (1897;; ijfWMeii (New Bed.), 118(1892); Cor(//.«,175 (lS9i); Davis tC- Farnham, 8U (1897); Dexter Woolen, 3 (1895); Msher, 95 ClSdS); Urinnell (New Bed.), 170i (18141,196 to 201^ (1896); Ilillsboro' Milh (Milford, N. H.), 69^, 70(1897); LoiceH Hosiery, 70 J (1 share), 1891; Lanetl To/^m, 100 (lS97j; Ludlow, \m (1894); Nortcay Plains, 54 (1S93); Portsmouth Co. Pref., 10J.V (1892); Putnam Woolen, 158 (1893); Russell Mills, 25 (1893), 30(1895); Vassa/l)oro,5{\SM); Wason, G5 {mi); IKAiVjna/;, (New Bed.), 25 to 57^ (1897). The year 1897 brought minufacturing interests to a low point and prices natiirally responded to the situation. By reference to the dividends, on page 13G, it will be seen that more than 20 corporations passed either one or both dividends in 1897, and this same condition continued into the opening of 1898. When, however, such a company as Merrimack is found defaulting (Jan. 1898) it is more than a passing event, like instances being rare during its existence of 75 years. The great increase of Cotton Mills in the South had much to do with the depression, the advantages of material near at hand, cheap labor with longer hours and little danger of " strikes," all counting in thsir favor. The growth of this industry, since 1880, in the South, largely in and around Charlotte, N. C, or the "Piedmont cotton region," has been very marked and is rapidly developing a new business era for that section. It is somewhat remarkable that up to 1808 all operatives were Ajnericans. In the early days of New England manufacturing the "help" was almost exclusiv^y "native," and our own Nathaniel P. Banks did good service in that line. The adverse clrcmn- atances referred to, with other indirect elements, led to the reduction of wages and salaries, some 10 per ct. , among Northern factories as the only immediate remedy, but looked upon as of a temporary character. The manufacturing interests of New England are too firmly established to be " crow.le I out " by any new-comers, but may be compelled for a time to adopt measures for self -protection, which, however disagreeable in themselves, become a necessity. 136 Notes on the Boston Stock Market. NEW ENGLAND MANUFACTUEING COMPANIES. Semi-Annual Dividends — 1S86 to 1898. 3 3 5 5 3 3 63qt.2 3 3 2 3 3 3 4 i 4 .. No f ( 3 4 2 2 4 4 Dec.)3 3 3 0, 2 3 3 3 3 2\ 3 3 3 1887. 3 3 o3 aS, 4 4 qt.2 3 5 4 4 63 qt.2 " 3 5 4 1 (Jul 3 " 3 4 5a 10 5a 5 4 5 3 2 4 4 De.JS 3 3 2 3 2 3 3 2 Je)$20 3 3 2 2 3 3 2 4 4 2 2 5 3 $20 20 3^ 4 2 ~ 3 '6"'2 3 3 10 10 5 5 3 62qt.li 3 ^ 4 4 4 2 5 6 4 3 3 2 5 5 6 5 2 2 3 3 liqt- " 3 4Mi 4 4 4 4 5(1 6 5 5 4a 4 3 3 3 3 3 2 2 Conso 5 5 3 3 20 10 4 4 5 5 2 2 62Jqt. 4 4 lidated 5 6 4 4 5 5 3 3 3 (No.l) 3 2J2i 4 - 1 4 5 2 2iqt, i with 5 5 3 15 10 4 5 5 2 2 2iqt. 3 3 2i 2i (No. I 4 2i 2i 5 3 3 2 2 3 3 2 4 3 3 S 6 1891. 5 5 5 5 2 2 3 3 Hqt- 3 2 4i 4i 4 4 4 3 6 6 6 5 4 4 3-3-t2 3} 3 3 a (pr.lOO) 2 2 4 3 3 4 3 4 4 3 4 3 3 2i2J 5 5 6 5 3 3 7 7 3 24 3 3 2 2 3 3 4 4 4 4 3 3 2 1) 4 4 4 3 3 242, 4 5 2iqt. 3 Dividends payable. Mandpact'ng Companies, 4 4 4 4 3 3 2 Old 4 4 Jan.l, July 1 Je.l5,Dec.l5 (ZJe.l, Dec.l Jan.l, July 1 Je.l5,Dec.l5 Jan.l, July 1 Ja.Ap.Jy.Oc. Jan.l, July 1 Jan.l, July 1 Je.lO.Uec.lO Je. 15, Dec. 15 eJa.Ap.Jl.O Feb.l, Aug.l Peb.l, Aug.l Mr.l,J{i.S.D. Jan.l, July 1 Jan.l, July 1 Jan.l, July 1 June 1, Dec.l May l,Nov.l Feb.l, Aug.l F.l,My.Ag.N Jan.l, July 1 Jan.l, July 1 May l,Nov.l Jan.l, July 1 Feb.l, Aug.l Jan.l, July 1 June 1, Dec.l Jan.lO.Jy.lO Jan. 10, Jy. 10 Jan.l, July 1 May l,Nov.l Junel, Dec.l Feb.l, Aug.l Junel, Dec.l Ap.15, Oc.l5 Junel,Dec.l June 1, Dec.l Feb.l, Aug.l Jan., July Jan.l, July 1 Feb.l, Aug.l My.l5,No.l5 Feb.l, Aug.l June, Dec. Feb.l Aug.l Junel, Dec.l Jan.l, July 1 June, Dec. Jan.l, July 1 Junel. Dec.l Jan.l, July 1 Jan.l, July 1 Jan.l, July 1 May l,Nov.l June, Dec. Junel, Dec.l Feb.l, Aug.l May, Nov. Jan.l, July 1 Fe.l5, Au.15 Junel, Dec.l Jan., _July 3 24 2J 5 5 2 3 14 qt. 2 3 44 4i 4 4 3 3 5 5a 5a 5 4 4 2qt. 3 3 3 3 24 3} 2 2 4 5 5a 5 3 100 .aitna 4 100 Amory 4 1000 Amoskeag 5 100 Androscoggin 1000 Appleton.... 100 Arlington. . . . 100 Asaabet 100 Atlantic 100 Bates lOOOBoott 1000 Boston 100 do. Belting 700 do. Duck.. 100 do. Lead . . 100 Mo.Woven H 100 Cabot 100 Chicopee .... 620 Clinton 500 Cocheco 1000 Columbian. . . 1000 Cordis 50 Crystal Spr'g 500Dwight 100 Edwards 100 Everett 100 Fisher 100 Fiskdale .... 100 Franklin .... 100 Great Falls.. 1000 HamiltonCot. 100 do. Woolen 100 Hill. 100 Ipswich Mills 1000 Jackson. . 400 Laconia. . 400 Lancaster 100 LancttCotton 1000 Langdon. . . . 100 Lawrence. . 100 Lockwood. . 690 Lowell . 100 do. Bleach'y 100 do. Hosiery. BOO do. Mac.Sh'p 100 Lyman 100 Manchester.. 6100 Mas'chusptts 100 Mass. in Ga. . 1000 Merrimack . . Jul.l 3 100 Middlesex ... 5 5 1000 Monadnock 500 Nashua lOONaumkeag.... 500 Newmarket . . lOONonantumW. 1000 Otis 1000 Pacific lOOPeabodyPref. 500Pepperell 100 Russell Mills. 300 Salmon Falls. 100 SaratogaVict, 100 Shaw Stock'g 25 Shetucket . . . Junel.Dec.l 1000 Stark Mills.. Feb.l, Aug.l lOOOiThomdike 4 3 3 3 2 2 2 No 4 4 34 4 5 5 (Ga.) Amor 5 5 3 3 $20 20 2 3 2 3 4 2 2 24 5 3 3 /(Jan.l. Jul. 1 May l,Nov.l Jan.l5,.ry.l5 May IjNov.l Jan.l, July 1 Jan.l5,Jy.l5 See Notes, See Notes, Jan.l, July 1 May 5,Nov.5 Junel, Dec.l 100 Trem. & SufE. lOOOl Warren 100, Washington . lOOiWash'tonPl, 100,Waumbeck . . 100,W.Point(Ga.) lOOi Windsor 100 1 Windsor Pref lOOWinthrop, 100 Tale &Towne 750 York 3 4 5 5 2 4 2qt. 3 3 44 44 4 24 3 14 64-24-2 5 5 4 4 2qt. 3 3 3 3 3} 3} 2 2 5 3 5 5 (No.l)l i 4 64-Je. 4 4 3 3 14 qt. 3 3 3 3 2 2qt. 4 4 4 4 2qt. 3 2 3 4 3 3 3 2 2 farther 3 2 4 4 5 y at 90 5 2 3 3 20 20 3 3 2 4 2 5 3 5 5 3 7 3 2 5 5 2434 4 4 4 6 3 4 2 2 2424 5 " 3 3 4 Iqt. 2 3 3 4 ■5 4 2 2 1 3 4 2 2 divide 3434 New per ce 3 2 3 3 2 4 2 2424 2 2 ....N 3 3 5 6 6 4 24 24 5 3 3 3 3 3 14 qt. 2 3 3 3 3 2 2 2qt. 4 4 3 3 2qt. 2 2 2 2424 3a 3 3a 5 14 qt. - 5 ndsob 3 34 4 3 2 2 3 3 2 2 2qt. 4 4 3 3 2qt. 2 3 3 3 3 3 B 5 14 qt. - 5 4 4 2 2 3 2 3 3 3 B 5 2 2 2 taina 3 3 4 4 2 4 4| 4 nt Oct. 31, 3 " - 3 2 20 10 Se.$15 3 3 2 2 3 4 2 2 24 3 3 3 ew (N 3 3 2 4 4 w) (N Bedee 0.1)24 medN 14 qt. 2 3 3 2qt 4 4 3 3 2qt. 14qt. 4 4 3 3 2 2 B 5 2 2 3-3-2 3 3 0.1)3 3 3 2 4 4 2 2 3 CI 4 4 5 5 7 7 3 3 2 2 3 3 5 5 Me. 3 3 4 4 3 3 1887. 2 2 Oc.$15 3 4 4 4 3 0V.15 5 3 3 3 4 osmg. 4 4 5 B 7 7 t Quarterly, (a) Extra dividaids thsse ymvi. (6) See notes. (li) ^mosteay, Feb. and Aug., since 1894. (e) Boston Belting June and Dec. prior to 1802. ( f) Mnsmcliusetts par 1000 prior to 1894. (fi) Tremont & Suffolk Mar. and 'Sept. prior to 1892. (/c) Paid Jan. 1, 1898. Ig^ Pull notes pertaining to the above Companies will be found on subsequent pages, giving much information in detail, in tact, a running historical record of the Manufacturing interests of New England ; and it will be found that they have not always been the great success which some have aocorded them. Notes on the Boston Stock Market. 137 FALL RIVER MANUFACTURING COMPANIES. Highest and Lowest Prices — 1882 to 1890. 1882. 1883. J884. 1885. /^w High Low I-Jigh Low High Low High 750 1,20C 725 850 600 735 450 500 100 125 No sales. No sales. ■■iOO 350 100 No sales. 90 95 No sales. 90 100 95 95 105 110 125 110 115 No sales. 100 100 118 155 115 1271 115 117i 92J 110 100 100 143 No sales. 105 115 50 75 65 85 107 95 105 105 110 No sales. No salas. No sales. 80 105 80 95 75 75 No sales. 99 100 125 90 103 75 80 No sales. 45 65 95 35 55 New 118 130 No sales. No sales. No sales. No sales. 100 120 95 102 No sales. 125 135 lO'i 102 No sabs. No sales. 109 109 Via 200 No sales. No sales. No sales. no 115 55 11U No sales. No sales. 100 110 No sales. No sales. 50 60 No sales. 70 105 75 95 70 87i 52} 75 100 130 120 125 116 130 117* 135 103 110 105 113 95 107 100 110 3277 3900 No sales. 2200 2200 2200 2200 76"i65' 120 140 108 124 80 97.i 94 100 93 110 90 100 80 85 115 130 108 115 95 105 65 85 125 190 125 130 126 135 100 120 100 105 No sales. No sales. No sales. 110 132 75 75 5 10 No sales. 100 125 105 113 75 103 75 75 12,5 140 112 125 95 103 85 93 (id 100 No sales. No sales. 50 GO 107 170 No sales. No sales. Failed. 85 100+ SO 85 75 80 42i G5 900 1050 No sales. No sales. No sales. 95V 155 100 115 87J 110 85 95 New ■ 100 117 00 100 No sales. 50 60 85 95 105 125 90 115 80 90 60 78 47 .V 55 120 150 116 125 114 114 75 97 120 140 105 118 100 105 75 SO 900 1055 No sales. 700 700 700 735 2flf. 235 No sales. No sales. No sales. ia3^ 230 202 210 184^ 200 175 200 150 195 150 160 140 140 110 110 85 110 73 90 GO 70 50 66 h3 1886. J887. J888. w 589. 'i Loto High Low High IjOw High Low High American Lineu 401 550 800 765 810 750 985 112a 123 American Printing 100 150 150 125 170 No sales. 125 130 Annawan Manufactory iM. No sales. No sales. No sales. No sales. Baraaby Manufact'ing m 95 103 96 103 97 105 1((4 118 Barnard Manufact'ing IOC 80 82 72 82 80 100 95 100 Border City Mftg IOC 110 125 123 128 125 135 129 133 Bourne Mills 100 100 90 100 85 100 90 90 90 100 150 155 95 117 No 105 Chnce Mills 112 Conanicut Mills IOC 39 39 35 35 70 70 No sales. Crescent Mills ion 60 65 65 70 45 70 45 51 Crys. Sp. Bleach & Dye 100 63 63 65 63 45 55 42 46 100 100 55 63 No sales. 40 72 70 70 26 102 75 75 1((2 No 110 Edison Illuminating . . sales. Fall River Bleachery. . 10(1 No sales. 125 125 125 130 125 130 F.111 B. Electric Light. 10(1 No sales. No sales. 107 112 107 115 Fall River Gas 100 125 127 No sales. No sales. No sales. Fall River Iron Works 100 No sales. No sales. No sales. No sales. Fall River Manufacr'y 100 No sales. No sales. 105 110 112 120 Fall River Merino 100 No sales. No sales. No sales. No sales. Fall R. Bobbin & Shut. 100 No sales. No sales. No sales. No sales. FallR.&Prov.Ste'boat 100 No sales. 90 90 90 90 90 100 Flint Mills 100 72 90 86 100 99 119 110 120 Globe Street Railway. 100 100 137 126 135 125 132 130 137i Globe Yarn Mills 100 105 120 110 122 112 122.'. 114 118 Granite Mills 1000 100 2100 2500 215a 245 236 2.5(1 245 08 260 Hargrave Mills King Philip Milli 100 100 ICO 112 100 112 100 107 105 110 Laurel Lake Mills 100 80 85 80 90 90 117 112 118 Mechanics' MiUs 100 85 87 80 90 85 105 95 105 Merchants' Manufact'g 100 110 122 105 115 105 122 125 133 Metacomet Manfg 1(10, No sales. 48 50 60 70 70 75 Montauk Mills Narragansett Mills. . . . 100 Failed 100 82 87 77 85 85 105 98 105 Oibom Mills 100 92 105 98 103 98 115 100 115 Pocasset Manufact'ing 100 40 47 100 115 115 1"0 115 118 Quequechan Mills Richard Borden Mfg.. 100 1(10 GO 73 67 72 75 00 8,5 102 Robeson Mills InOillNo sales. No sales. 90a 100 86 90 Sagamore Manufac i:i^, 1 NO 100 100 105 112 110 120 115 123 Seaconett Mills lllO 76 05 92 104 103 140 135 140 Shove Mills 10). 7S S5 79 85 80 107 100 110 Slade Mills 1(1(1 50 62 55 61 ! 50 62 GO GS Stafford Mills 100 100 103 100 lOG '105 117 IIS Tecumseh Mills Kill' 90 100 98 100 100 119 112 110 Troy Cotton & Woolen 51(0 747 900 800 900 No sales. (),".(1 1050 Union Belt 100 No sales. No sales. No sales. Nr> sales. 100 2((0 210 207 2'2 225 240 '40 Wampanoag Mills 100 125 143 1006 150 '105 125 i:!o 137i Weetamore Mills 100 55 05 5(1 03 50 021 i;o 08 (a) American Linen, Granite, and Robeson, par reduced to 100. {IS) Wampanoag, news tock. FALL RIVER MANUFACTURING. BiridrmU 1882 io 18S9. 1882 5 5 5 5 New 2i 2-2-0 3 3 New 5 3 3 3 5 Jan 8 Apr. 10 10 3 Apr. New 5-5-3-3 - - 3-3 New 1883. 1884. 1885. Whek Paid. 4 4 s" "3 .... New 5 9^-0-2 10 Jan. Oct. 10 0-3-0-31 3-3-3-3 2-2-3-0 Oct. 3 5 Jan. 1 Apr. \\ Jan. 4 3 New 2-3-3-0 2 2 5-0-2-2 3-0-3-0 3-3-3-3 UUOli 2J- U 1 1' (Notes) li Apr. 5 .0 5 2 IJlWiU 3-0-3-3 3-2-0-2 0-0-0-1 Fb. My. Ag. Nv. 'Various. Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct. Fb. My. Ag. Nv. See Notes. Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct. .7a. Ap.- Jy. Oct. May, November Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct, April, October Ja. Ap. Jy. Oct. January, July April, October January, April Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct, Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oct. Ja. Ap. Jy. Oot. Names of Co's. 1886. 1887. 1888. 1889. American Linen. American Printing Barnaby Manfg . . Barnard Manfg , . Border City Mfg. Bourne Mills Chace Mills Conanicut Mills. . Crescent Mills . . . Davol Mills Edison Illuminat'g Fall B. Bleachery. Fall River Electric Fall River Gas. Fall River Iron Fall R. Manuf 'tory Fall River Merino F.R.Spool&Bob'n F.R.&Prov.St.B't, Flint Mills Globe Street R'y . . Globe Yam Mills. . Granite Mills King PhiUp Mills. Laurel Lake Mills. 5 7i 6-6-5 ' UUliU 0-2Hlr 2i-2-2-: Monthly 3 3 2-lJUli None. li Feb. 5' 5 U 1^2-2 3-6-6-0 1} May Sept. 3 None. None. 5-3 (5 UlJUli l.V 0-2-2 0-2-2-2 3 -13 O-Ul^li 3J3J2i3} 5 n 2-2-2-1 UlililJ 3-3-3-3 all thro 3 3 None. lUJUli \\ May 2-6-2-2 5 5 2—2—2—2 July 3 None. 3 Apr. July). . lililil, IJ-lMill 2-2-2-2 4r-5-i-4 IJliHU IMiUU 5-5-616 5 li, U-2-lJ-i lJ-2-2-2 3-3-3-2 ugh. (Si —3-2-3 liliUl, liU i-6 Oct. 2 None. 5 5 2-2-2-2 Sept. 3 None. 3-3-3-3 None. 2}2i2i2J n\h\\\\ 2^2^2-2' 4-6-6-6 UUUli U-2-2-3 3-3-3-3 None. 3-2-2-2 e Notes) 2-2-2-2 UliliU 0^1-1" 2-2-2-2 None, 4 2-2-2-2 June 6 None, 3-3-3-3 Oct, 6 3i3J3;-3i liijinj C-G-C-6 1,11 J I. l l.V 3;3^:i;3' 138 Notes on the Boston Stock Marhet. FALL RIVER MANUFACTURING Dividends 1882 to 1890. Continued. 1882. 188S. 1884. 1885. When Paid. Companies. 1886. 1887. 1888. 1889. 3-2-2-2 2-2-2-2 2-0-2-0 Jan. qr. Mechanics .... 2-lJ-li-li 14-U-li-li li-li-li-2 2-li-2-2 4-2-0-0 Oct. 11, 2-2-0-0 1 Jan. Jan. " Merch'ts Mfg. 2-2-2-2 2-2-lJ-lJ 1^2-2-2 2J-2^2i-2i 3 Jan. Feb. " Metacomet Mf None 3 Apr. 3 Jan. li-MJ-O -5-3 -3-3 3 Apr. 1 Apr. Jan. " Narragansett. . U-li-15-U IHMi-U 1^2-2i-2 2-2-2-2 3^-3-0-3 0-3-0-3i 2 Apr. Jan. '' 03bom Mills.. 2i-2i-0-3 i 3 3 3 3 3 July 2 Feb. " Pocasset Mfg. . None 2-2-2-0 2-2-2-2 2-2-2-2 -3-2 -2i-3 2 Miy Feb. " Kich. Borden. - - IJ-li IJ-l^li-lJ lMi-14-2 2-2-2-2 3 3 2 Feb. 1-0-2-1^ 3 5 3-2-3-3 li-li-iHi 4-3-3-3 3 2 3 3 3 3 (Oct.) 1 Jan. " Sigamore Mfg. 3-2^2i-2J New 3 2 2^-4^4-4 li-ii-li-2 4-4i-4i-4 2-2-2-2 5-0-2-0 2-2-2-0 '2-2-6-0 , Jan. " Shove Mills... 0-2-1-lJ ij-ij-ij-ij 4 2 2 2 2 Jan. Jan. " Slade Mills.. . . July H ij-1-1-0 1-1-1-li lJ-14-li-li 3-2-2-2 2-2-2-2 2-2-2-0 1-1-a-l Jan. " Stafford Mills. 1-2-2-2 3-3-3-3 3-3-3-0 0-2-2-2 3-2-2^-2 2-0-2-2 2-0-li-O 0-1-0-0 Jan. '* Teoumseh lJ-lJ-2-2 2-2-2-2 2-2-2-2 2i-2i-2^2i 2 Feb. --2-2 2 Feb. Feb. " TroyCot.&W. 3-2-0-4 4-5-4-4 4-4-6-S 6-6-6-6 10-5-10-B 10-5-5-5 10-5-10-3 10-0-10-0 Jan. " Union Belt. .. 10-10-10-10 10-10-10-10 100-10-10-10 5-2i-5-4 5-5-5-5 5-5-5-5 5-5-3-3 3-3-3-3 Jan. " Union Cot. Mfg 3-3-3-7 6-5-5.5 5-5-5-5 5-5-5-5 4-3-2-0 3-3-3-3 3-2-0-0 Jan. " Wampanoag... 2-2-2J-3 3-3-3-4 2J-2i-3-3J 4J-4-4i-4 4 2 July 3 2 Jan. See note Weetamoe -2-2 2-2-- li-0-2 - 2-2-2 Exceptions to Table: — A7n, Linen, Feb., July, 1832; Apr., Oat., 1886. Am. Print, 50 extra in stock Jan., 1887. Bamaby, 1^ extra Sept., 1887. Border City, Mar. and Sept. prev. to 1886. Bourne, 1885, July, Sept.; 1886, Jan., May, July, Oct.; Dec, one p.c; 1887, two p.e. Apr. and Oct., all other months one^ p.c; 1888, monthly; 2 p.c. Mar., June, Sept , Dec, all others one p.c; 1889, two p.c. Jan , Apr., July, Sept., Oct., Nov., other months one p.c. Chace, Apr. and Oct. prev. to 1888. Crescent, Apr. and Oct. prev. to 1884. Fall River Bleachery, 60 p.c. extra July, 1888. F. R. Steamboat, Sept., Oct., 1884; Aug., Sept., 1885. Oshom, Apr. and Oct., 1887-8-9. Sagamore, Jan., July, 1882, then Apr., Oct. to 1887. Seaconnei, June, Sept., 1887. Slade, Jan. and July, 1882, 1883. Troy, 1883, Aug., Nov.; 1886, Jan., Apr., Nov.; 1887, Jan., quarterly. Union, 1888, 10 p.c. extra Sept. Weetamoe, 1882 and 1888, Jan., July; 1886, Apr., Oct.; 1887, Jan., May; 1889, Jan., Apr., Sept. FALL RIVER MANUFACTURING STOCKS. — Dividends 1890 to 1898. 1890. 2J-1J 2-lJ-2-li H-U-2-i 2-2-2-2 Ip.c. — 2-2-'2-l} IJlJHli New 2-2-2-2 liUUli 2-2-l^l| -2-3 5 Jan. None 3-2-2-2 mmu 2-2-2-2 6-5-4-4 HHHH 3-2J-2-2 2-1-lJ-l imuii a Feb. 2-li-li-l* -3-3' 2-2-2-1 lilJIJll 2-2-li-l,l- 2-lJ-H-ll 3-3-2-1.1 2-ij-i.>,-i} lJ-U-1-1 2-2-2-2 2-li-lHi 4-5-3-2 10-5-10-5 5-3-3-3 3J-2i-2-li 2-2-- 2-2-2-2 l&2p.c. lH-I-1 lMi-lJ-5 nmm '>_2-'>_2 lllJlMi 3 May 9 Feb. Oct. 5 liljljlj 1 1 2-2,2-2 3-3-3;3 imvA. New ij-i^i-i ij-ij-i-i -3-" 1--1 1-1-1-1 1 — i-i-i-n i,v-iH-i il-H-i-i 2-i'-ii lHJ-1-1 2^2-2-2 3-3-3-3 1 1892. l-lJ-2-3 see note lt-li-2-2 2'-2-2-5 Ip.c. — 2-11-2-2 2-2-2-2 2-2-2-2 UUUli None 8 Feb, Nov. 5 li-U-2-3 None 2-2-2-2 3-3-5-5 IJlilMi 4 ■ '4 nmm l-li-2-2 l-lMJ-2 li-ii-2-2 1 1 - lJ-li-2 -3-4 liHiiU 1-H-ii " --li-ii lJ-2-2-3' New 1-2-2-3 H-2-2-2 l-'l-l-lj H-li-2-2J 1893. 3-3 - 1 IJ-l-lJ-lj 2-2-2-lJ 3-3-3-3 Ip.c. — 2-2-2-2 2-2-2-2 - li-15-li 2-2-2-2 IJlWiU 10 June 2-2-2-2 2-2-2-2 2i2J2iU mmn 3 iJHHij 2-2-2-li 2-2-2 - 2.V2i2ili li 'H 2-2-2-li -4-4 1.1-2-2-'. 2-'2-l.',-lJ 1.V-1J-1.(-- 3-3-2-2 --2-H 3-3-3-U 2-2J-2i-2 lJ-li-1-1 3-3-3-3 lJ-U-2-2 2-3-3-5 20 p.c. — .3-3-3-3 1-1-U-U Oct. 2 I 2-2-2-li 5-5-5-5 5-5-5-5 3-3-3-3 lJ-2-2-li 2 Apr. When Paid. Feb. qr. Jan. " Jan. " Feb. " Monthly Jan. qr. Jan. " Jan. " Jan. " Jan. " Jan. ' ' Feb. " Various. Various. Jan. qr. Jan. Jul, Jan. qr. Jan. '* Jxn. " Feb. Au. Jan. qr. Jan. " Jan. " Jan. " see note Jan. qr, Jan. " Feb. " Mar. " Feb. " Jan. " Jan. " Jan. " Jan. ' ' Jan. '* Jan. " Jan. " Jan. " Jan. " Mar. " Jan. " Jan. " Jan. " Jan. *' Names op Companies. 1894. American Linen. . . Bamaby Mfg Barnard Mfg Border City Mfg.. Bourne Mills Chace Mills Conanlcut Mills. . . Cornell Mills Davol Mills Edison lUuniinat'g Pall River Eleo.Lt. Fall River Bleach. Fall River Gas F.R.&Prov.Steam Flint Mills Globe Street Ry. . . Globe Tarn Mills. . Granite Mills Hargrave Mills. . . . Kerr. Thread Mills King Philip Mills. Laurel Lake Mills Mechanic's Mills. . . Merchants Mfg. . . . Metacomet Mfg. . . Narragansett Mills Osbom Mills Parker Mills Pocasset Mfg Richard Borden . . Robeson Mills Sagamore Mfg Sanford Spin'g Co Seaconnet Mills. . . Shove Mills Slade Mills Stafford Mills Stevens Mfg Tecum seh Mills. . . Troy Cot. & Wool, Union Belt Union Cotton Wampanoag Mills. Weetamoe Mills . . IHH IJ-IH-I 2-2-li-li 1 p.c. — UUlili li-'l|^U-i nUHH Hwm 2-2-2-2 IMJlJli Nov. 3 July 8 Sept. 3 2-2-2-2 Private U-lfli-i IJ-IJ-IJ - li-lJ-lJ-1 iMJ-ii-i 1-1-1-1 liijijij None lJ-li-1 -4-3 U-li-1-1 lj-1-1 - liUHi-t li - u - li-lJ-U-1 2-li-lJ-"U 2-2-li-lJ 5-4-4-4 Private 3-3-2-2 IJliUli None 1895. li-li-2-2 li-li-2-2 lJ-2-10-2 (see note) 1|1§U1J l-U-2-2 IJllHli U-H-li-2 2-2I2-2 nmm - 3-2-2 July 10 2-2-2-2 j-'u-ijlij ij-ii-u-2 li-li-lJ-2 2i 2i lilMJH liHijij l-lJ-2-2 lJ-li-2-2 1890. U--1 2-2-2-1 (see note) 2-lHJ-U 2--li 2-2-2-2 2-2-2-2 2-U- 1J-UH1.V 2-2-1.1,-2" July 10 2-2-2-2 H li 2-U - - 2-2-"ll-l lilJUli i '2i UijHH l.i-u-14-1 2-2:ii-ij 2-2-1-1 2-1J-U-2 - 3-li-2i New uimn li-lJ-2-2 - ii-ii-li 12-10-1J-2 li-li-li-2 U-li-lJ-2 li-lJ-2-2 - 1-i-l 2-2-2-2 New U-li-li-2 4-6-0-6 2.1J-li-li 2-2-II-I* - li-ii-U lJ-1-1-1 2-lJ-I-l 14 Jan. 2-1-1-1 2-2-2-1 2J-li-li-l 2-2-li-li 1 Jan. 2-2-2-2 2-2-2-2 IJlJliU C-5-5-4 3-3-3-3 lJ-2-3-3 IJHliU 1897. (Nov.) 1 1 Jan. 1-1-1-1 V 6 extra 14-1-0-1 2-2-1H4 14-1-1-1 see note 2-2-2-2 None !-i4-i4-i4 2 ■ i-b-6-1 ' 14141414 None 14-14-1-2 None 1-1-0-1 1-1-0 - 14-H-l-l 14-lj-O-l 14-1-0-14 None 1-1-0-1 None (Oct.) 1 (Oct.) 1 14-U-14-I 14-i-O-l None 2-2-1-1 2-2-2-2 14-14-0-1 4-3-2-6 3-2-2-2 2-14-14-14 3-2-1-1 1-1-1-0 14-U - - None See notes to these dividends on page 139, between Fall River stocks and New Bedford dividen 1 , Notes on the Boston Stock Market. 139 FALL EIVER MANUFACTURING STOCKS. Highest and Lowest Prices — 1890 to 1898. 1890. Zoto JJigh 93 116 125 125 IIG 120 86 98 115 130 140 165 90 110 72 105 43 51 99 105 120 128 100 112 100 116 140 150 115 lis 235 250 104 110 110 118 88 100 105 130 70 TO, 100 102' 99 108 104 90 76 99 98* 90" 58 112 100 975 200 115 50 133 102- 67 125 112 1050 245 137 62 1891 Zow JJjgh 82 100 125 125 122i 125 78 90 117i 135 140 145 88 101 New 40 47 25 36 89 100 100 120 No sales. 130 130 98 105 142J 200 106 116 235 240 New New 107 115 100 112 72 88 104 120 92J 100 99 108 10.-; 136 88 97 100 115 New 100 110 88 115 55 55 100 113 87 102J 925 975 200 213 100 116 40 60 1892. Lois High 102 No I 125 84 130 140 100 95 40 25 100 100 130 105 200 115 236 100 100 117 105 85 120 65 95 105 102 105 50 113 102 950 180 100 40 118 112 59 121 112 1000 225 108 55 1883 Lots high 125 125 130 135 83 99 133 140 165 160 97 112 100 100 85 89.J ... 35 25 25 85 100 75 83 1324 1,13 98 110 107 117 110a 125 85 101 103 lOG 115 125 100 110 75 97 103 123 62 68 98 105 107 113 108 117 98 108 70 78 106 120 95 114 98 110 55 58 105 117 101 110 900 1050 175 190 100 105 46 52i Names op Companies. American Liuen .... American Printing . . Barnaby Manufacturing Barnard Manufacturing Border City Manfg Bourne Mills Chace Mills ^ . . Conanicut Mills Cornell Mills Crescent Mills Crystal Sp'gs Bl. '2. Dividend periods changed from June and Dec, to Jan. and July, in 1879. Inc. cap. from $1,200,000 to 1,800,000, in 1881. Paid in 15 per cent (8180,000), June 1, and .$420,000, Jan. 1, 1882. Hamilton Woollen. — Incorporated in 1831, and manufactured broadcloths. In 1843 macliinery put in for manufacturing delaines. July, 1845, capital increased to 8500,000, divided into 500 shares. Ilie tariff of 1846 was so adverse, that the company, after suffering very heavy losses in 1849, abandoned the business, and changed the remainder of their machinery to delaines. In Dec, 1S50, the Tnin was destroyed by fire, causing a heavy loss, and a serious delay in business. It was rebuilt, and operationsfegain commenced, in eight months. After which business was successful, with regular dividends from Jan., 1853; previous to which, but a single dividend had been declared, of 5 p. c, Jan., 1846. Jan. 1, 1851, the capital was increased to $600,000, and par changed from $1,000 to 100 per share. Since 1855, dividends paid quarterly, beginning with Jan. , 1856, up to 1SC9; then semi-annual, Jan. and July. ii.r//(/.v, Jan , ls.57, 5 reg., 10 extra; April, 1859, 5 reg., 5 extra ; Jan., 1860, 4 reg., 6 extra; Jan , lS6.j, 10 reg., '27, extra; all of which are given in the table. July 1, 1880, paid 33J p. c. extra, and inc. capital from $C0O,U0O to 1,000,000. y/i7/.— New, 1855. Cap. $360,000. Inc. to 400,000, Jan., 1S59, by a stock dividend of 11 p. c. ; to 700,000, at par, in 1864, and to 1,000,000, Feb. 17, 1869, by 40 p. c. stock dividend. Jackson Company.— Orig. cap. $315,000. Inc. to 600,000 from profits ; and in 1841, 120,000 of this ($200 per share) was paid back to stoclOwjlders, reducmg the par to $800. Oct., 1853, $100 per thare was re-assessed, add a like amount to Oct., 1855, to meet the wants of an enlarged business, and the cap. again became $600,000, par 81,000. Extra dividend, Oct., 1862, 20 p. c Kettrsarge. — Organized in 1865 on the debts of the " Portsmouth Steam Mills;" cap. $600,000. Mill burned in 1881. Prices of stock in 1870, 30 to CO ; 1871, 22i to 65 ; 1872, 50 to 59 ; 1873, 55 to 70 ; 1874, 50 to 69; 1875, 43i to 60; 1870, 39i to 45; 1877,35 to 46; 1878, 40 to 41 ; 1879,32to50; 1.880, 50 to 57!. Paid divi- dends in 1873, two of 3*- p. c. ; 1874, 3 p. c. ; 1876-7-9, 2 p. c. ; 1880, two of 2 p. c Laionia f'o.— Incorporated Feb., 1841. Commenced June, 1845. Cap $500,000. Inc. to 1,007,000, Feb.lSul; reduced to 1,000,000 in 1860. JSi-Zra i/ii WcnAs, Oct., 1862, 20 p. c. ; Jan., 1863, 20 p. c Lost $450,000 by failure in 1870. Feb., 1871, cut capital from $1,000,000 to 400,000, and par from $1,000 to 400 ; then increased 400,000 at par, and in 1873, $200,000 more, making capital 1,000,000. Lancaster Mills.— Orig. cap. $600,000, par 600. Inc. 400,000, at 400 per share, Nov., 1847, making cap. 900,000, par 450. July, 1^34, returned 850 per share, reducing cap. to 8800.000, and par to $400. Extra dividend, 10 p. c. (840 per share), April, 1868. Inc. cap. to $1,200,000 in 1880, and paid 50 p. c. "extra " in cash. Zoiisrdon.— New, 1862. Cap. 8225,000. Inc. to 500,000 in 1869. Dividends in 1870, on increased capital. Dec , 1870, a 3 p. c. dividend not in table that year. Closed. See Amory. Lawrence.— Orig. cap. $1,200,000. Inc. to 1,500,000, March, 1836. Prev. to 1867, the dividends were paid the second Thursday of March and Sept. ; then May and Nov., to Dec, 1873, and since, June and Dec. Extra, 10 p. c, Dec, 1862. The second dividend for 1863 was not actually paid until Jan., 1864. Changed par to 100, 1892, by making one share (par 1,000) into ten. Laurence Machine-Shop. — Created by a 40 p. c stock-dividend from Essex Co., Jan., 1853. Cap. $800,000. Then assessed $5 per share, Oct. 15, and S3 Nov. 16, 1854, making cap. $1,000,000, par 850. Failed in 1857 ; machine-shop sold, July 21, 1859, at auction, for $93,000 ; foundry, 14,500 ; fifty houses, 56,350 ; total, 163,8.50. Lowt'll. — Up to July, 1847, the dividends were on a par value of 81,000. Since 1847, all the dividends are given in "dollars per sh." Previous to 1859, they were paid Jan. and July ; and the $80 in that year was $40 July, and $40 Dec. Since, various ; last one Oct., 1897 ; now April, Oct. Capital, Jan., 1840, $600,000. Then increased March, 1846, by 300 shs. at 81,000 ; Dec, 1847, 400 shs. at S750 ; Jan., 1849, 600 ehs. at $500, and Jan., 1 851, 1,000 shs. at 850, making a total of 82,000,000, and an average par of about 8690 per sh. Lou-ell jBleachert/. — Commenced in 1832. Dividends previous to 1846 were somewhat irregular, and we 142 Boston Stock and Money Markets. have been iinable to obtain them. The time of payment had been changed from Feb. and Aug. to Jan. and July, previous to 1S5G. VCx(7-a dividends^ 30 p. c. (60 per share), May, 1867 ; 30 p. c.. May, 3868, and 20 p. c. May, 1871. Cut capital from S300,000 to §150,000 (1886) by reducing par from ^200 to $100, and then issued $250,000 new stock at SlOO, making cap. $400,000. Lowell Maekine-Shop.—Ong. cap. S300,000. Inc. to 500,000, March, 1847, and in May, 1848, to 600,000, by a stock dividend of 20 p. c. Dividends annual, prior to 1866. Paid extra, 25 p. c, July, 1874; 30, Feb., 1877 ; 20, Aug. 5, 1879. On Sept. 5, 1881, inc. cap. from 8000,000 to 900,000, and paid 50 p. c. extra in cash. Lym.au Mills. — Set off from the Hadley Falls Company, May, 1854. Each holder of one share Hadley (par S500), paid $100, receiving three shares Hadley (new), and three shares Lyman, each par SIOO. Lyman cap. §1,470,000. Mancliester Print- Works, — Originally Manchester Mills, with %\ ,000,000 capital, divided into 200 shares, of S-5,000 each. This company was nominally closed up and sold out to the Merrimack Mills in order to adopt the charter granted that company, by which means the privilege of an increase of capital was gained, without assuming the personal liability clause in the laws of New Hampshire governing corporations. The name of the corporation was again changed from Merrimack Mills to Manchester Print-Works. Cap. inc. to §1,200 ,000, in 1848 ; 1,500,000 in 1850, and in 1852 to 1,800,000, by a 20 per cent stock dividend. Dividends mainly June and Dec, but paid quarterly, Jan., etc., in the years 1888 to 1891 inc. In 1896 this company actually paid three dividends, Feb., June 30 and Dec. 31. The mills were partially destroyed by fire, Sept., 1853, and again, July, 1855. (Loss each time about $150,000 above insurance.) Rebuilt and occupied in 1856. This company paid five semi-annual dividends of 20 per cent m succession, — equal to its entire capital, — Jan., 1863, to Jan., 1865, inclusive. Went into liqui- dation in 1874, paying ©75 per share of §1,000, Oct. 27 ; $40, Dec. 31 ; and 33 (filial), June 4, 1875. The present Manchester Mills purchased property for $1,000,000, and organized with S'2,000,000 cap. Massachuiplts Cotton Mills.— Not in fuU operation until 1842. Orig. cap. $1,200,000. In 1847 the Prescott Co. ($600,000) was joined to it, and the dividend at thai; time was partly from the reserve fund. Extra dividend^ 20 per cent, Oct., 1862. Par 1,000 changed to 100 in 1893 by making one share into ten. MerHmack. —Oriz. cap. $600,000. First dividend paid on 1,200,000. Increased to 1,500,000 in 1827 ; to 2,000,000 in 1837, and to 2,500,000 in 1849. Extra dividend^ 10 per ct., July, 1845. Previous to 1845, divi- dends usually paid May and Nov. This company passed its dividend Jan., 1898, for the first time in over twenty years. ' Middlesex Co.^In hands of private individuals, 1830 to 1841. Jan., 1844, cap. inc. from $600,000 to 750,000, by a div. of 25 per ct. from reserved profits, and Aug., 1848, to 1,000,000. In 1859, capital cut from $1,000,000 to 200,000, and par reduced to $100, changing each old share of $1,000 into two of $100 each ; then $300,000 new stock issued at $100, making capital $500,000. July, 1864, inc. to 750,000 by 50 p. c. stock divi- dend. Dividends paid June and Dec, prior to 1862 ; then May, June, Sept. and Dec, 1862 ; March, June, Oct., 1863 ; Jan., 1864, and regular quarters up to 1869. Then Jan. and July to Dec, 1872 (3 p. c), and June and Dec. since, with extras of 4 p. c, March and Sept., 1877, 1879, and 5 p. c, AprQ and Oct., 1880. Divi- dends not given in the tables ; 1831, 8 per ct. ; 1832, 100, in i-/ocA; 1833,40; 1834,40; 1835,18; 1836,38; 1837, 9; 1840, 15; 1841, 10 per cent. i\^QsA«a.— Thirty per cent, reg. and extra dividend, Jan., 1863. Capital $1,000,000. Naumkeag Sleam Cotton Co. — Works started in Jan., 1847 ; but all the machinery was not in operation tmtil Jan., 1849. Orig, cap. §700,000. Inc. to 1,200,000, Jan., 1863, and an extra dividend of 66 p. c. at same time. Again increased to $1,500,000 in 1S68, and paid 5 p. c, extra, in Oct. Lost S-50,000 by failure in 1870. New England Glass. — We have been unable to obtain all the dividends paid by this company. The previous payments were also large, many of them, and the company generally successful. It is the oldest Olass Company in this State, having commenced in 1818, and probably the first of the kind in the country. In 1845, capital $400,000, and inc. to 500,000 by a 25 per ct. stork dividend in 1851. Now in liquidation. Paid from capital $60 per share (par 500), Jan. 1, 1878 ; 40, April 1 ; 25, Aug. 1 ; 10, April 2, 1883 ; also from income $5 per share, April, 1883, and §8, March, :S&5, $3, April 2, 1888. Paid §127, final, March 16, 1890. Newmarket. — (commenced in 1823, and one of the oldest manufacturing companies, contemporary with the Merrimack of Lowell ; the first Cocheco the year previous, and the Boston in 1813, being the only prior ones. At the end of half a century (1873), the descendants and relatives of 21 out of 28 original proprietors still held two-thirds of the stock. In 1850 the capital ($600,000 par 1,000) was reduced to $420,000, and par to §700. Jan., 1869, returned §200 per share, reducing cap. to $300,000, and par to $500, then increased to $600,000, by new shares at $500. Jan. 1, 1883, further increased to $800,000. The Jan., 1870, dividend was paid on par $500, — $15 dividend and $16 interest, on payments for new stock. Otis Compami. — Fifty per ct. stock dividend in 1844. The 14^ p. c. in 1850 was 3 p. c. cash, balaiSce stock. Paid 20 p.^c. extra March 20, 1895. Pacific Mills. — Orig. cap. $2,000,000. In the Oct. panic of 1857, the company suspended, and the shares (par 1,000) sold as low as $50, owing to personal liability of shareholders. In 1858, $500,000 new stock was issued (one share to four), and taken by the stockholders at jpar (practically a voluntary assessment), by which the company was enabled to resume, and became one of our best paying corporations up to July, 1SS2 ; then passed four dividends, and ^ain resumed. The company commenced Sept., 1853. In 1854 (previous to table), the stock sold at 595 to 770. Paid July 20, 1880, 5 p. c. extra, "being proceeds of sale of certain manf 'g stocks held by the Co. for many years ; " 1894, paid 4 p. c. extra July 1, *' from proceeds of real estate." Pep/je?W/.— Orig. cap. $800,000; par 400. Inc. to 1,000,000, Aug. 2, 1856, and parte 500; in 1871, inc. cap. to 1,200,000. Extra dividerid^ 50 p. c. ($250 per share), Jan , 1863. Lost $530,000 by failure in 1870. Paid 40 p. c. extra May 14, 1887, and 50 p. c. ($250 persh.) June 1, 1892. Salisbury Mills.— Orig. cap. $208,000. Increased by appropriation of profits to 300,000, up to 1830 ; 100,000 added in 1833 ; 100,000 in 1850, and 100,000 in 1853,— the last two by stock dividends,— and up to 700,000 in 1856. The dividendsjin the table commence with No. 4, the first cash one; previously, in stock. Those for 1850 were both in July. Old company failed, May, 1857, and mills sold for §225,000. New company organized ; capital $500,000, par 100. Inc. to 750,000 in 1859, and to 1,000,000, Jan., 1863, with 33^ p. c. extra dividend at same time. Failed in 1876, and paid §4 per share to stockholders (in full), Oct. 30, 1878. Prices not in table were as follows : 1870, 136^ to 176 ; 1871, 135 to 167^ ; 1872, 125 to 160 ; 1873, 97| to 125i ; 1874, 70 to 100 ; 1875, 31| to 74^ ; 1876, 22 to 37^ ; IS77, ISJ to 25. Salmon Falls.— Sl^pBT sh., extra div'd, March, 1863. $100 per sh. of capital returned, July, 1863 ; no reg. div. ; $50, Jan., 1865, and $50, May, 1865, reducing capital from $1,000,000 to 600,000, and par §500 to 300. Stark Mitts.— Ovig. cap. $1,000,000. Inc. to 1,250,000, Oct., 1847. This mill was partially destroyed by fire, March 16, 1850. Loss, $75,000. Dividend periods changed from Jan. and July to June and Dec. in 1871, and paid 4 p. c Jan. of that year, not in table. Thorndike.~Fa\d 10 p. c. extra March 21, 1895. Capital $450,000 in 1855, and no change. Tremont and Suffolk. — This company was formed from the "Suffolk" and the "Tremont" (each 1,200 shs., par 500), which were imited Oct., 1871, as the "Tremont and Suffolk" (par 100), every share of the old Tremont receiving /w, and the Suffolk four shares in the new company. Then each holder of nine shares Boston Stock and Money Markets. 143 had the right to take one share more at SlOO, making the capital $1,200,000 in 12,000 shares. Paid 25 p. u. extra April 30, 1892, and cap. inc. $300,000 (25 p. c), May 2. Wew cap. $1,500,000. Washington Mills.— This coirr^nny had & '-checkered" life, as will be seen by the tables of dividends and stouk prices, — at times very Buccessf ul, and again poor. It originated from the failure of the Bay-State Mills in 1857, that property being purchased for S'^OOjOOO, and the capital then increased at par to $l,t)50,0t0. June 18, 1885, the Washington was sold to Mr. Ayer of Lowell for $225,000, furniture and supplies on hand $103,000 additional, making $328,000, or about 20 per ct. of its capital. After paying all debts, a dividend of $3 per share was paid some ten years ago, and a final of about $1 per share was nearly ready for payment Peb. 1898. Mr. Ayer held the property for some time, and then organized a new company with a capital of $1,000,000. This was subsequently increased to $2,500,000, presumably at par, though the facts are not obtainable. The company issued $550,000 8 p. c. pref. stock in 1890, which was redeemed at par, Nov., 1893. At the opening of 1898, the mill was reported doing a profitable business. yb; A. —Orig. cap. Sl,OOO,000. Inc. to 1,200,000, by 20 p. c. stock dividend in 1849. Bxtra dividends, Feb. 1844, 10 p. e. ; Jan., 1862, 10; July, 10; Feb., 1863, 25; July, 10 ; Feb., 1865, 15 ; Aug., 1S6G, 10, and July 1, 1872, 15 p. c. Regular dividends, Feb. and Aug., until May, 1852. Changed to June and Dec. in 1882. Red. cap., Feb. 1, 1878, from $1,200,000 to 900,000, and par $1,000 to 750, by paying $250 cash per share. Losses in Manufacturing. — While at times both the cotton and woollen manufacturing interests have been eminently successful, there are long periods of lean dividend payments, and, besides these, a large number of disastrous losses, in some instances sweeping away the entire property, which was the case of the first Cocheco Mills — $1,000,000 sunk. A more recent example is the Washington Mills with a loss of $1 ,650,000. A peculiarity of this company was the fact that it was originally organized on the debts of the defunct Bay State, where 81,800,000 went out of sight. The somewhat familiar process of a "cut down" in capital, to meet deficiencies from losses, has been followed by numerous companies. In this way the Atlantic sunk $1,200,000, Bartlett $280,000, Bates $1,125,000, Boston Belting $404,300, Boston and Sandwich Glass $100,000, Chicopee $490,000, Continental $600,000, Dwight $750,000, Great Falls $750,000, Laconia 8600,000, Middlesex $800,000, and Newmarket $180,000. These are some of the heavier partial losses ; while the Kear- sarge, Lawrence Machine Shop, Manchester Print and Salisbury are notable instances, where, by failure, nearly every dollar invested was lost. In some of the above cases of severe " cuts," new capital was paid in and a portion of the losses recovered by those fortunate enough to " hold on " to their interests. This may fairly be rated as the dark side of the picture, while the silver lining is found in few companies ; among which the Amoskeag, Boott, Lancaster, Lowell Bleachery, Merrimack, Pepperell and York may be men- tioned as giving gratifying results for a series of years. The Pacific Mills is a marked instance of both loss and gain, the company having suspended in 1857, and the $1,000 shares were offered for sale at $50. Later, new stock was voluntarily taken &tpa/\ and by judicious management the company became, in due course of time, one of the most prosperous. The above was written in 1886, and there have been still farther losses, as will be seen by the detailed notes as given above, and it is by no means claimed that every fortunate or eveiy unfortunate company has been named in this brief resume, but it will go to show that the losses figure up a very heavy aggregate to be taken from the large gains in other instances ; and » careful study of the very full dividend tables will give the precise information as to just where the latter came in. It is stated that in 1885 only three of the Lowell mills obtained a "new dollar for an old one," and that the year was the least profitable in the history of manufacturing in that city. That some 4,000 cotton looms were idle from lack of market for the production, and this condition of things in Lowell was not an exception to the "situation" in manufacturing interests throughout New England. It is an interesting fact that the leading New England manufacturing properties usually quoted in the Boston market, and including Fall River stocks (sixty-eight companies and $3,650,000 capital), did not divide in the year 1897 as much in dividends as a single mining company, the Calumet and Hecla of Lake Superior. Closed up Companies. James Steam-Mills. — New in 1843. The first two dividends were made in Jan. and July, 1845, and not included in the tables. In 1847, the time was changed to May and Nov. In 1858, the cap. of $250,000 was cut down to $62,500, and par from 100 to 25 ; then, $125,000 new stock issued, at $25, and a stock dividend of $62,500 (25 p.c. on old capital) made the new cap. $250,000. Aiter this infusion of quick cap. the Co. was very successful, paying large regular dividends, and 50 p.c, extra ($12^ per sh.), March, 1863. Within a single year, 80 per cent was divided, and the net earnings were stated to be 96 p.c. ! For five years the earnings were 180 p.c, and dividends paid 137 per cent. This was in 1863 ; but the Co. failed in 1869. Kearsarge.— OrgAmzBd. in 1865, on the debts of the "Portsmouth Steam^Mills." Cap. $600,000. Had not paid a dividend to 1871. Locks and Canals. — This company controlled the land and water power at Lowell, and manufactured all the machinery used in the mills. In 1837, the property rapidly declined, and shares fell from 81,000 (par) to 700. It recovered its value again, however, principally in consequence of large and profitable contracts to furnish locomotives for the Reading Railroad, making large annual dividends, and closed up in 1845, by dividing nearly $1,600 per share. New-England Worsted. — In private hands previous to 1842, and imsuccessfid ; 25 per ct. stock dividend, Oct. 29, 1844, and 12^, Oct., 1848. Up to 1850, dividends were April and Oct. In 1852, pref. stock was issued at $50, and par of the old made the same. Four per ct. paid on pref. stock, July, 1853, and Jan. and July, 1854. Company closed. Perkins,— OriQ. cap. $450,000. Inc. to $500,000 in 1840. Nov., 1852, the Cabot Co. ($500,000) was united with it. [There is another Cabot Co. (at Brunswick, Me., capital $800,000, new in 1853), which sells in the market occasionally.] Perkins merged into the Dwight in 1856. Portsmouth Steam- Mills. — Failed in 1865. Stock a total loss, and the "Kearsarge" organized on its debts. For dividends paid since 1856, see Miscellaneous table, page 199. Suffolk.— Ori^. cap. $450,000. Inc to $600,000, March, 1837. Dividends paid fourth Thursday in the month. In 1868, increased capital to $870,000, by 600 new shares, at 450, making average par, 725. In 1869, cap. cut down to $600,000, and par to 500. Tremont Mills.— Orig. cap. $500,000. Inc. to $600,000, Sept., 1837, by a 20 p.c stock dividend. Other changes in capital, same as Suffolk. Dividends fourth Thursday in the month. The second dividend for 1863 was not actually paid until Jan., 1864. These latter two companies were united later on (see Tremont i& Suffolk). 144 Notes on the Boston Stock and Money Markets. THE KAILROAD SYSTEM. The year 1885 was fairly termed the "semi-centennial" of Massachusetts railroads, in reality the first of consequence iu the country. Three of our Boston roads, the Lowell, Providence, and the Worcester, were opened in 1835, commencing the " system " which has since assumed such magnificent proportions — grad- ual, but permanent. As an incident of past timss, it may be noted that the Legislature in 1 829 voted the regal sum of $250 for a survey to determine the practicability of a railroad from Boston to Lowell ; and such was the early distrust of railroads that it was actually popular to fight their progress. In this connection, it maybe well to place on record th3 fact thit the New-Jersey legislature of 1814-15 chartered the "New- Jersey Railroad " company; but these " visionary "' men were nearly twenty years ahead of the times, and the charter became a dead letter. Previous to 1830, steam, as a motive power, was little thought of ; and it is a curious fact that the charter of the Boston and Lowell (1830) actually contemplated the use of "horse " power. The first locomotive-engine ever used in this country was by the Delaware and Hudson Canal Com- pany, Aug. 8, 1829 ; their great superiority gradually developed, and steam was naturally adopted by our roads in 1835 ; though the Boston and Providence, and Boston and Worcester, both used horses on the first sections of their roads opened. When we look back upon the facilities for travelling sixty years ago, com- pared with 1898, what a wonderful progress ! It may seem strange to the present generation, that the promise to carry passengers with perfect safety "at the rapid rate of thirteen miles per hour," made by early railroad projectors, was ridiculed and declared an imposition upon the people ! In 1830 but 23 miles of railroad were in actual operation in the United States, but by the close of 1835 this was increased to 1,098 miles, a marvel of enterprise for those days. As a matter of record, and of more than ordinary interest, we annex the figures of the growth of the railroad system, at intervals of five years up to 1S7S, with the yearly totals since, of miles in operation : — YEAES MILES TEARS MILES YEARS 1830 . . 23 1855 . 18,374 1878 . 1835 . . 1,098 1860 . 30,635 1879 1840 . . 2,808 1865 . 35,085 1880 . 1845 . . 4,633 1870 . 52,014 1881 . 1850 . . 9,021 1875 . 74,096 1882 . MILES . 81,767 86,584 . 93,349 103,146 114,713 YEARS 1883 1884 1885 1880 1887 MILES 121,454 125,379 128,301 136,379 149,267 TEARS MILES TEARS MILES 1888 156,169 1893 177,485 1889 . 161,353 1894 . 179,393 1890 166,698 1895 . 180,912 1891 170,769 1896 182,600 1892 175,188 1897 184,500 The progress of railroads in this country has exceeded even the wildest predictions of the most sanguine in their inception. The railroad system, although far from being a success in all individual instances, has enriched the country many fold in proportion to cost, and advanced the tide of civilization to points other- wise practically inaccessible. The building of a "Pacific Railroad," — completed in 1869 — which twenty years previo\jsly was looked upon as a herculean task, had in 1898 become almost a mere matter for a board of directors to vote, and the work went bravely on. In noting the history of steam roads, the development and importance of the "horse" or "street" railways are worthy of mention, whether we regard its rapid development, or the convenience offered to the increased and still increasing city and suburban travel. The first city horse-railroad of which we have knowledge dates back to 1832, when the Harlem Railroad advertised to run cars in the New York Bowery during certain hours of the day, to afford the public evidence of the expediency of using railroads within the city. This mode of conveyance, or the city railroad, was fairly inaugurated as early as 1853, for local travel in that city. The first one in this vicinity was the Cambridge and Boston, opened in the spring of 1856. The Metropolitan and Middlesex followed in 1857 ; then the Suffolk, South Boston, and various smaller connecting roads, which were subsequently Iteased by, or absorbed in, the principal lines. Previous to 1857, a few omnibus coaches sufficed for the transportation of passengers to the South End and Roxbury; while in 1885 the Metropolitan horse-road transported upwards of 37,000,000 passengers, with a line of coaches still running. And so in regard to the other roads, which count their passengers annually by millionp, where but a few years ago half-hourly lines of coaches did the business. , [The above was written in 1 885, and although correct "history," somids a little odd in 1S98, with just one "horse" line left — the Back Bay — in Boston ; the Electric having become supreme both above and below ground]. Another enterprise of public character, and much abused at that, is the Hoosac Tunnel. Commenced in 1S53, its progress was retarded by imforeseen difficulties, and the bitter hostility of directly interested oppo- nent3, consequently but little satisfactory advance was made for many years. Later, under the contract made by the State with Messrs. Shanly Brothers, the work was satisfactorily completed in 1874, the distance through the mountain being 25,031 feet (4J miles). We may here allude to the Mount Cenis Timnel, about 7§ miles in langth, commenced in 1857 and completed in 1871. Its sanguine friends only predicted its com- pletion in 1875 ; an instance of rapid progress worthy of record. Boston, while being a railroad centre of her own, has been profligate in the millions upon millions furnished for the development of these enterprises in all sections of the country. Therefore, in this crn- nection, it is a matter of interest to note that the city itself has not failed to progress, keeping step with the onward march ; and looking back to what Boston has accomplished in the way of public improvements since 18.j5, we find a mighty change in almost every direction. The filling of the Back Bay, commenced in 1857, ha3 resulted in the creation of a new section of the city, now the site of elegant private dwellings and public edifi-jes, handsome squares and spacious streets, where formerly the tide ebbed and flowed ; and so in other sections of the city, where splendid blocks of stores were erected on entire streets but a few years previoutly th3 localities of private dwellings. It is true that the "great fire " of Nov. 9, 1872 (referred to on a previous page^, completely destroyed whole streets of the latter territory ; but this gave the opportimity, well im- proved, for rebuilding that section of the city in a manner adapted to its business interests, and the " Burnt District," as restored, will compare favorably with any city in tbe country; while annexation of suburban districts, has greatly extended the corporation limits, until the Boston of 1898 is quite another city compared with that of 1865, In passing, it may justly be mentioned, that the United States Post-Office Bunding, com- pleted in 1885, and occupying an entire square, is not only " solid " and useful, but an ornament to the city and a credit to the Government. This building, then partially completed, literally furnished a "bulwark " in the "great fire " of 1872, checking the conflagration, and preventing the destruction of a much larger area of Boston's business section. Railroad Stocks. 145 Cf2 P < O ■a i^ i^ssssl'ssiassss ^ Is rHr-4iHi-l rH i-l iH "^ lisssssffaisgs TS , a Cq bb to i:^ ^"io to >C oToO »0 1- 1— i N COi-nQOOiOOOOTOSi-HrHCDrHrlTJ] CO 00 ^ rH iH t-i t-1 ^ s% a ||BSSg|S|S£SS2 ■a ' lO ■* (M Ol rl t- OlCOt-OrHOiO I- rH 00 o in ce .TtirH t-i-io-'a* g 1gS rH i-H fc ""^ •"* s ja o HOPH'O ;? -eo-tsc^-jHw -*i (DOS (MCO(Mi-( ■*«DOOCQOOCqo 00 rH OS rHO O lO rH CO 03 i-H W OO rH rH i-H rH rH •tf §. H™t*>j THioeoTtf en • OOCCCOr l"* ojaso a) oq CTiocn .az .»J js^;3 a rHrHrH CM 8S88SgSgSg§gSg rtloSr-l iHr^ m iH rH iH rH rH 1 ;i ; {^■^ * g 7 1 ,3 ll; _r J En '• ' OQ P ■«1 mi ; iii§^g« IlllipSgilfii 3 1 ffl 8 1 a 5 1 2: 1 ll 1 ■2 g-S a^ 5fs. .-■4 ■S " rt d ( ■2 a> mZI^ si^'^ e e w JS o 2 s^ -o o -a o IE M S * s ■= Nlffl-^NuS^CDMUSOC'lNgOCpi— tl^rH00Q0C0MOCDOOOC0O.-'09l0aiiHl0£0e0C»r«C3i 253 ^ a ^MlOQOOQi— lOC>10CO'**(COO(DCOOOTHt-COT*frHCqt-'COiotOtOO»0000»OOtDC«10a C?t- -^ »giMtnQOOt-iOWCOCOl~TH»0001r-IOOM^»OCOi--ilOi-(OC10iNO"*0®rHeQrHt-e0-*U3»0-rtlCC'03CSOOCDCOMO'-(i-li-HC>iOCOO>iOTt<0'^->*n'*C00JOT}iQO00D3000iOl0t-OCDC noCOC^I CO O) O rH U3 ta e<1 CD U3 CM 03 C4 C4 CO OO U3 p ^COQpCDinOOQOCOCOOiOOCOt^i-ia lOOSOQOOOOCqCOOOt-»OU3 -00100»OeOMOiHOi-l«D»OC01>-CDOOO^^CDOJiHCDNrHC«10 fH i-Hi-H I— 1 I— IrHi— li—t I— I -1— 1— 1 iH « * Hm -*i a3MCOOO»OlOrHTil»OrHOJOCOOOepi-trH030 OL-t-^INOOttJCOtri-H rHOOSO-*«DlO-*COOO»CiT-*t-COrH0100f-iL— t-'iJHCDOOCOOCOCO OrHiOCO rH-TO O M O O S-Si»000Q0 0>«0l^O»0O t-COOrHrH^ '^ tr Q ^ *3 iQ ?S?22^2£S?5ir-';:So rH OOiO** CD iO»OOiOOSOOi- DOTTjiCOiO-^OsailOt-OiOOa L^l— rHr- oooicDi^iooir0t- Oi SSS3?3S^SgS Z^ ■a w h 1 S-a "3 o.fl ^ a s fl o o - ocn COWat-rHU50U30iO ■*U300 rHCD . ^r* L— rH iO ■ t}H 03 . t rH ^ ^ O OS oow* t-o COOlrHCO <^rH o,S2 ^ fl CI Sg^ SSSS £ § o o S JJ O O — 1 a ° OOUO §2 CS6 ^P 1 S'^. ^0*2 s^'o u'sC® :3 a s;z: Salvia -as ~ ffls bbg 11 SSSo SrSS "3 ija o « : fiiiiuii sEl ^5 S.o "O 2 ■"0.3 ■p .a s;'B S£ 5"? Railroad Dividends. 147 w o o p rHoqCO o ititlj oi-!:z;oot}tcoeo coo CO (NO =0»OOeDCOM ■* O O -*jCO O M CO O ■* ■* ■*ooocooo»co -*ococ^ -*OCOO CO-* CO -401 CO'^JICO COO-*C^^-*COlOCO .■*co cooi-*c<]co-*cou3cocO'*eo ■*OOCOOOO 'lO O O CO O O CO co-*o -* CO CO CO-* ■*OCOCl ■*if3CO coo-*oq-*o-*koco -*eo CO oa ■* CO th o ■* lo -cothco -*oco -* ■*C0 co-*ioco-*eo-*»o -*l— ir3-*rt> =->>l>l p^ ,iOCO OOiOCO • lOCO 0OU5-* U3C0 ton oco oco OOflfflOOCO HmHo) COCg(MO(N(N CO CO CO CO ^ CO CO ^ CO -^ jiCOM i-COC^I CO M IN O Oq CI COC^IMOON CO CO C4 CO coococo -*'*COCM -*M cow r-(MCOrH cocqcaocoiN COOOCfl-5 COOCDCO-^ COCq bD^^^*i ^ J COO .(N-r 'coco oococo CO-* 0-* 0-* :; 1-5 •< ■i^^ oooo 0_0 0i0 0) SO'BO.OOO ® o cTcoo oT S iff o Mio"=» o o" H g o'co'o t-^ o"o <:> lOioooo'XJ^cO'-' S'ocootD^ °ocqoi-ooo rH.-(rHOt-2W"* 3r-(O)(N-*S5^C^'-C*CDlN00iO «s U3 ■*C<1 OOOO ooo^ 0_CO_0_rH "o"co"o'. — eg ooi (N lO — -* O O^O CO j'cif o^o o Scoooo o o o ur cj — oo o-^co ooocJ o«?oi oo IN 0C50 ooo _o_o,o_ "lo'cTo r-lOO ooo oo oo O 3 . . -C^l o <3 CO a) u 1) ifso SfeJIIS'S CO 1-- z; 3 CD '-' o H S SB CD S 00 ^ OH « Hi . bo Si n» HwM'» s-i^^co at-oSo^OCO-^ilrH^-C^CO^-^OOTlOOJOl-l0^eDrH«^COOCOO^OOS^DOC10CO■^0^^0»nlHOO^^^OODO>lO"^»ON ,, OMO-*OJt— ^OClOi— (OOOpi-fOnOfMiOtDiflO .. , _..,,_ IJl— l-ICJCDit5«li-lt-.-IQpoa)Cq-Su3rHr-l(NOOCQ(MOi-iCi3rHO>iOOCOOCq'<*nsoi~'MOTjioicOi-»-'-^7* cs oooicoeomo Or-(t— OM'OCQC0O>(D"*i-l001MC0C001 -fMOOOI—t-OOOiCS CeOi-4 to (N rH rH O O CO CO to 00 r-l^rHrHr-i rH i) CO W5 3 T* I:-^ So a) 'a ■S'S- cs P O c c c S2- O -Qj, OOP ^o'R 3 C fO „.si. 3 5 *-I3 =3 _ ^ ^ .-S ^ ,o rt ■" Jh c3 e) J £ ^ ? i3.SSSSg«s W5 o o o 0*02 S I '? "^ -rt ;h o t3 "2 93 ■-ss^ ,„s6l ■SS t^ lOiH -^ O eOTti CM N lO -# CO >o-tt< to i-MO -^o r-(CO0 CO (M i-i o o o e coco • ■* -^to ^ rj<^ T cOrlOJ-^COOSOtOtO NCOCJltOOOOOCiODiTr"'^ i-( "ij (M ■* 00 00 I-( CO OJ -^c^) (MNt-lOCOL— OCOtO ^(M ■^ 1— T tH I- to CO (N O rir-i Tt (O O O Q >n tp CT 0Or-( # = S^ . ft fO o . New England Railroad Dividends. 149 iO'<#ioio£M-*cciiiiwio«iO'* to '*'*■*-* fT)'co>oiai«OiAT}i«iA-#rt(rtTj(co«'*iocoococjJo^ '*ioiOioco^coTi(omcom'#cO'#-*-^cc tomiQioirsoio^coio^'*0'*coco^»o-'iraM lo-^ ^ CQ ^* ''^ ^'^ *'*' '"^ '"^ "*^ "^ '''^ ^'^ '•^^ ** '^ '^ ''^ '^ "* *'^ ^ ^ *^ '^^ ' ' TjiiomoCOTfOTjllMilSCOiOTllM-^^if ■s-*coiooiooir5iniom'5j^co I wo ■* o ■* o pq ■* -s- -* CD ■* 1-1 £ "* -t 'M"*iOTl-*-* coco'co CM Cl' L-^coco>racoo-*(Mcofe^o co-^coco-^-^ococooiw ■COCOCOO't'^COCOCOIHO ■CO-^iOCO'*'*COCOCO«'M -^ CO ■* O ■*co -* O coco Tjl t- CO CO ■«*< o CO CO "*t- CO CO »* o coco-* o O M M CO ift 0(N cq CO m "* O ■* iH lO O '^ O C-l r^ I -c -^o-* >n CI I I T coco -* mco »f3 m CO u3 miN o m iM -* "A c-1 "* m ^ 30000000000000000000 =iOO ooooooooooooooc ^J 0)2 o =; c c3 c ill! 3 o o o Qfficqn aw «r (H O OJ ,, « Q) . . £ t;Sg £ • — ^5 o c £ 0-3 S - - c3r)-^i = »l'«~e^.-§" 5«> o rt rt,J3 wooo JS'S 4) JH 5-="S>£- >1>>>^^ >1>)^ I hn >^ K^ >^*^ •'^ "^ 1^ 1-5 ^3 ^ O l-J °_l-5 [g ^ ^ l-= -^ 1-3 1-5 1-5 ^ S 1-3 ° IZ; 1-5 H^ ■ 3 S- 3 :2S J" -■3 i IS -S 1-5 3 "^ ^ "^ ■^^^IllllllllllJii a-5-^l-5'-3 r;j»-,:ji;3333 0-r330 5t-3^3°'-3Ql-5l-3-^-l<^Sl-5l-5-Ji d" . .■■?.». . . • C « "^ ■ ■ -^r--^r^gE-^XJ5^3C3.C£ ^'-5<'-3'-3'-5'-3 5Hpc^S^H3)-3EqH co't# ^ ^ o ■*' !«■* CO CO o ■* CO CO CO coo "* CO CO CO CO O "* CO coco CO o -* 01 CO CO COO"* C^ CO CO -#0 ■ ■*o CO o eocq coo O O CO O O CO O O CO OOCO O O CO OOCO CO-^iOO-^-^COCOOtMO CO-^iOO'^'^COCOONO ^O-^mcOCOCOOlfM ■^o-^-^co-^ooio COtJ'oOO-^^COtJ'OOJO coco • o -*-*co -* o c^ o N lis I^O j^ CO CO ** CO (M o CO CO CO o CO CO CO o CO coco o CO CO-f^O (M CO oco IM CO o -* -* O O • Tf CO ^1 ■* O O O -J" CT 01 -* lao o Til oi (M •# in o O ■* (M (N -* ■ OO-^iMM N TO cq ■* O t cocooeooh CO CM CO N O O o 000 w CO • m .cocO'<*0(Mo coco CO -^ CO CO o ■* cq -* 0-* •* -OC>COO^CM -* * o o CO o cq So O O O iH 00 o o in 000 's o c; :::.-(oco n cco "!^ " s OS 0000 0000 t-^o_o_o^ ffi'io'cTo' 00 00 O 00 OOOOtOOOO tOOOO-HOOO mo 0^01^0 0__0^C3 t— " O 0~ 0~ 00 o o o -" ■ "5 CT> C^ O O O -( m-^ in - 0000 O O C3 o o_in o o__ i>f'M 00 CO O o m O Tl' O " 000 O O O! o_^o_o -"o^o* O CO o — WOl 000 000 O O CO O o o o . ^-— - * o"o"c - o OIC O ■>*t- u ooc 00c ooc -? o o o ^ o o gl— t-OOOOOOOOOq'MOOOOO'OO-^OOOOOCO'Oi-'OCOfiO — 0«iQOOinOO Cq'*r-IOCT>C^OOOCOOOinOa)OOint~001000CO'.SOOOOOt-0-ft-OOaOOO QOt-t-i— "r-iin-^ini--i-'OTi'0'McOi-*oio'Moo-*t— moooTOOOcr. i-oo-*cooi to t^-* o' oT ?f cq r;' cq" * 000 000 o__o O o^o'o" 000 cq moo o o m o 00 O o in »^ o 150 NEW ENGLAND RAILROAD STOCKS. Blffhest and Lorvcst Prices for eight years— 1870 to 1878. 1870. 1871. 1872. 1S73. Eaileoads. 1874. 1875. 1876. 1877. Low. Higk. Low. Jit^k. Low. UiOli. Low. Uigh. £ Low. High. Low. Hrgh. Low. High. Low. High. Atchison & Top... Boston fe Albany. 14? 141* 93 13l|* 19 146 9} 127* 18* 138* 10 112}* 16} 128 140i 155 143 *ieo} 142* 156 129* 160 100 1.10* 128 140 134 142 132i* 145} 95} 138 Boston 81 Lowell. ,500 89} 109 45 90 46} 65 60 ' 75 ino I4U 153 138 *166} 124* 147 101* 127 Boston & Maine . . 100 101} 116 ins** 1243 1,57* 91* 110 87 laiiV 153 143;j* 169 147 166} 141* 153 Boston & Prov. . . 100 146 152* 144* ISO} 151* 101** 136 B. R. B.& Lynn . B.Clint. Si Fitoh.. 10(1 265 97a 50 m.i 71 57 703 84 R1 70 100 64} 82 81 62 78} 85 50 100} 12 77 80 83 85 82 85 B.C. & Mont. Pf.. 100 86 78* 75 85 74}* 78 70 92 92 1173 105* 115 78} 118} Burlington & Mo. 100 94 109 99}* 117} NowC. R. 8c Q. 30 51i 42 7aj 107} 424 69} Do. (In Net.) Cambridge (St.).- 100 49 65 36 55 S3i 45 iios 801 25 .lis 98i 104} 99 104* 100 96} 106 100 98 104} 101 106} 104 107 11,5* Ced R &Mo Riv 100 73* 60 786 82 93} 83 89 76 86} 69 79 Chesbiro, prcf — 100 70 81 38 70 32 47 29 39 X4oi 162 126* 160 128 143 79] 82 138 Ohio. B, & Quincy 100 97* 84| 111} 103* 119} 112* 121} 9.5* 119 iWS' 130 110 120 108* 114 110 Chic. Iowa & Neb. 100 95} 90 110 108 119 109S* 120} 1=^ 3VS 18} 2a; 17} 26 6 20} Cinn. 8c Sandusky 60 11 8S 15 4^ 11» 1 4} 34 36:; 34} 37 36 38J 35 38 Do. I'ref, 50 28* 37 ,31 36* ■ill* 37* 30 f^ 744 125 90 75 82} 79 SI 84 141 133* 160} 134 142} 122 142 Connecticut River 100 133 140} 128} 144 129* 1,37 120* 135* S3 94} 83 93* 88} 95 78} 92 Ct. & I'ass. Pref. . ion 60 79} ,33} 64* 33 40 36 56} 113 111 128 W> 126 111} S3 85 88 18} 3* 2} 5J SI 117} 98 120| 96 106? 80 102 Do. InN.H.... 100 44 7S 54} 20 31 29 127 13V 130* 144 131 140 117 135 Fitchburg 100 119 126* 123 1,32 107}* 128 103 117 100 103 941'' 103 Highland (Street) Ind'napolis &Cin. Maine Central. .. . 100 50 99 ^ 106 10 100 4?1^ 104 101 ''107} lois* 108 ik 22 25 9 4S 6 6 49 125 7J 1 100 60 8 127 138 136 160* ISO* 167 129* 141 Manchcst. 8c Law. 100 150 126* 140 121} 1,38 116* 131} 6b* V2S 69 77} 68* 74; 41}* 59} Metropolitan (St.) 50 418 60 43 61 55} 63* 66} 64 IIB 126 lib 126 110* 120 66 111 Michigan Central. 100 68} 95 ,53* R2! 41 65 36 72 62^^ 78i 144} 63 87} 80 100 56 85 Middlesex (St.).. inn 55 70} 70* 80 70 84 76* 93} 133 144 150 140* 149 124S* 140 NashuaSc Lowell. 100 116} 1.36 80 116} 75 95 89 101 Nas. & Rochester.- 100 90} 90} 80 90 100 103 New Bedford inn 103 110 105 108 116} 107? 864 102} 84}* 103} 89 101} m 106* tNew York Cent.. 100 95} 100}* 96 117* 85} 109} o N. Y. ScN. E 10(1 22 23 1,39 13 19} 1,50 13 17} 10 14 132 169 142} 161 139i* 147 112} 142} tN. Y. 8s N Haven 100 122 1,32} 145* 159 146 1,58 106* 120} 106* 117} IIU 118 99 114 Northern N.H.... ion 91* 109 68}* 100 63 79 61* 75* 100 109 100* 1234 118}* 130 lis 132 Norwich & Wor.. ino 116} 130 118* 133* 121} 130} 113* 131 63 95 85^{ 32 65i 89 60 70 Ogdensh.Sc L. C. inn 40 ■59} 24 42 11 .33} ■yx 40 104 111 102 110* 96J* 104}* 108} 88 102 Do. Pref. inn 86 95 72} 89 69 103 • 87* 61 lOOi 103* 94S 1004 m 107 i 116 106} 114J 132} Old Colony Portland & Saco.. 100 103* 1121 103} 115* 110* 84} 1U2 116 116 139 124* 135 120 10(1 110} 125 58} 109 45* 66 44 72 100 110 911 116 90 101 80 97 Ports. 8c Gt. Falls Pueblo 8c Ark 100 ion 29| 76 24 48} 2 43 2 6i 3 a 5 13 20 35 23 45} 7} 25} 7} 13 Rutland Common. ino 4} . 9 2* 6 3 2i 5* 3 60 85} 71 89 ftO* 80 38} 61} Rutland Pref..... inr 16 ,50 12' 23 5 18 10} 59 65 66 76} 70* 73 60* 71iiSo. Boston (St.).. 60 59* 67} 67* 60} 66 63* 52} 62* 22 42i 38* 60 40 *4b} 32 44 Summit Branch.. 6r 31 ,39 335* 38* 16 36 10 20 10 46 11} 37} 28S 42 14} 39} Union Pacific .... 100 23 38? 60} 36 82} 57} 74* ,59} 73 98 107 98* 108 59 100} 45 70 Vermont & Can.. 10(1 37* 29} 55 17 32} 16 23 65 70 68} 89 80 87 i 69 88 Vermont & Maps. 100 76 87} 86 100} 99 106 103} 110* 49*» 57 50* 58 64} 68J 50 59; "Wilmington 60 •52} ,56} 54** 63 60* 63* ,59} 64} 121- 137 130 145} 127 140 117 135 Wor. & Nashua.. 100 121 130 87 129* 48* 90 39} 65 '' Ex. piviDBND. f New York pvicea ; Kansas City, Topeka, and Western sold at 7 to 12 in 1877. Hiffhest and Lotvest Prices for eight years — 187S to 1S8G. 1878. 1879. 1880. 1881. Railroads. 1882. 1883. 1884. 1S85. Low. Uigh. Low. Mgh. Low. IJtgh. Low. JJigh. Low. JJigh. Low. JJigh Low. JJujh. Low. lityh. 8J 94 81} 124S 113} 152} 02 164} Atch.Top.&S.Fe Atlantic & Pacific. Boston & Albany. 100 100 100 78}* 96} 78 86} 69} 6 150 80} 10 181} *63} 89} 6i llj 169 *181} 117} 132* 129 141 138 165 168* 175} 160 17,5* 167 185 50 47* 50 50 50 B. Sc Chelsea (St.) 13. Clin. & Fitch.,, Do. Pref. 50 50 51} 50 fi^t 62 fi7 65 61} 1 70 12| 8} 69* 14 80 90 30 108} 26 115 66 132* 100 100 46 129 65' 135 j Consol. with Old Colony. 66} 96** 80* 68} 87 85* 120 lUO 115} Boston & Lowell. 1O0 98 105 89 111} 97} 116 100* 123} 110 108S 120* 119 150} 145 166} Boston & Maine.. ion 139* isajf 148} 167 145 167 166* 185* 99* 113 101 128 126 163 153 172} Boston & Prov... 100 166** 167 160 167} 1.59 173 165 185 26 64} 63* 99* 92* 108 105 126 Bos. 8c Rev. Beach ion 110 127 87 116' 87 102 100} 123} 71 "S 76 86 85 96* 95* 110} B. Con. & Mont.. lOf 107}* 110 99}" 112} 62* 99} 87 98} 511* 114 109} 137 Con. with C H ScQ. B. 8c Mo. (in Neb.) California South 'n lor inn 10 22 S 10 1 7 41 14 69* 97 107S 116* 113}* 124* 118 126} 117 133 Cambridge (St,).. mo 84* 120 110 83* 97 72 85} 70 93* 96 107* 103} 140 139S 1,58 Ced. R. 8c Mo.Riv. IOC 103 99* 107 85 113 see notes. lOOj 103 103 110* 110 120 120 120 Do. Pref. 100 118* 122 120 120 120 124} see notes. * Ex. Divides'). NEW ENGLAND RAILROAD STOCKS — Concluded. 151 Highest and Loivest Friees for eight years — 1878 to 1886. 1878. 1879. 1880. 1881. Railroads. 1882. 1883. 1884. 1885. Low. High Lorn. High. Low. High. Low. High. f^ Low. High. Low. High. Low. High. Low. High. 81 363 50 10 14 7 23 50 70 Do.SdPref. ion 36 20 ■ 38 12 18 15 26 67 85 T)n Ist Prf ion 50} 70 37 50 241 214 18? 30 Central Mass Do„ Pref. Charles Riv. (St.) 100 100 ion 1 4 1 2 10 19 47 70} iJ^ 68} 7 23 New 60 90 70 23 87 24 61 45S 6O1 67 68 Cheshire Pref. . . . ion 68 63} ,684 63} 65 60 62 100 "if 17i 60 50 79 721 96* Chic. & "W. Mich. 100 69J 821 401 62 33 48* 32} o4 mi,* 118J 110} *137i 113,* 132 9! 42? 182 134t 1821 Chic. B. & Quincy 100 1211 140} 1544 .30} 116 129 1074* 127J 118} 138? 1278 188 145ihj.n 1584 34 Chic, Iowa & Neb. Cin. Sand. & Clev. IflO 143* 20 144 1674 126 171 n n 20 201 18 50 16 25" 10 16 9 19 '26f 32 ( 30 44* *471 48 55 Do. Pref. 60 48 62 49 *61J 49* 63 *5i ♦64} Ool. Spring.Sc Cin. mo 8-1 11 6 10 51 1024 111 1074 S-l 75* 76 82 82 96 96 1011 Concord 60 .974* it103 97?* 102} 99 108 lU* 140 J 133 146 138* 161 1.57 170 Connecticut River 100 1,57 168 162 168} 1605* 170? 166 *iV3i 37 ii 64S 40 fiO .64 90 833« 181 1024 Ct. 8c Pass. Pref.. mo 89 96 834 l| 91 72? 831 78 90 18 40! 38 Connotton Valley. Do. Pref Co.R.R.of Vt. Pf Det. Hills. &S.W. Det. Lans. &No.. 60 31 19} 3;; 121c 1? 50c. 70c. 60 100 100 100 6' 224 2.1 6 40, 60} 82 12,4c 3 12 80} 60 60 70 80 80c. 11 47J 50 90e. 16 60 60 8 6 90 85 98 65 824 70 78 70 20 77i 80 105 1041* 110 106 118 Do. Pref. 100 109? 117 106 113 107 114 91} 108} 4t 17 10 29 "I 411 31 55 ion 30 49! 36 61? 29ij 511 43 704 97 30^ 61 671 80* 78 87 86 96* Do. inN.H. 100 89* 96 88 92 84, 90} 83 60 1,321« 623 1.64 Europ. & No. Am. Fitchhurg 100 100 694 124} 102 136? 99 112 102 129 100 1021 106? 122- 102 1081 108 llOJ* 12U 112 124 121 125 1214 118 13i 131 263 22 40 Flint & Pere Marq. • Do. Pref. ion Ifi"' 26 20 334 15? 301 114 '71 19 70 83 81 106 100 90| 103 97? 55 1084 84 105- 92 Fre.Elk.&Mo.V. Granite Railway. Highland (Street) 100 ion 10? 6U 10 92 57 66 30 40 40 404 146 60 60 50 65 %^ 107 100 1181 116if 1311 131 100 131} 1401 119* 134 119 131} 132 152} 60 64J 47J 52 42 65 60 934 lowaF.Sc Sioux C. Kan.CityCl.&Sp. Kan.C'ySc F.Scott 100 ion 76* 96} 78 S94 69 84 35 60 36 *S3 70 5 35 29 74 73 101 100 69 J 85! 62 86 74 86* 774 *961 121 66 641 126 120 1,371 Do. Pref. 100 lis 126 118 124 120 130 129 135 Kan.O.Sp.&Mem 100 14} 34 24 41 41 73} ,..-. 8 6^ ' 37 271 661 69 911 L. Rock ScKt. Sm. 100 44 70 16 41 14 24 24 44,1 7 194 40 12 874 694 141J 140 Louisiana & Miss. 100 12 24 10 24} 48} 13 264 16} ■■61 20 31 Do. Pref. mo 26 ,38 23} 30 60 40 61 ;, 126 125 130 130 mo 140* 142? 1401 86} 140- 143? 141 140 146 140* 14-; 15 16 63 S 62 1081 1081 Lynn& Bos. (St.) 100 1,30} 1374 138 144 137 145 26 40i 26 381 ,34 .64 Maine Central 100 ,38 80 93 83 98 91 125 125 137i 133 143 )40 166 1,66 172', ^fanchest. & Law. 100 160 170 161 176? 162?* 1724 1:2 •20U? 34S 724 81 Marq. & Houghton Do. Pref Mass. Central Massawippi Metropolitan (St.) 7SI 29 86 14 26 16 3U* 69 20 90 123 40 903 100 100 100 110* 86} 125 ■ 22} on 90 1 80 1244 4 87 45 90 See Centr 76 80 60 al M 72 761 67i 62 68 63 60 701 681 794 60 72?* 78 67 731 68 83 81 10 i 84" Mexican Central . Michigan Central. 100 100 19 79 33 108 10 82 22 99} 6 17 64 91 6 484 16 6ai 741 74 96', 77 124? 125} 79? 87i 93i Oi 96 100 100 105 ino 1054 130 Middlesex Central mil 100 103 ino 95 *in6? 10,61 116J 1164 Middlesex (St.).. 100 1023* 122 99 1044 100 11/} 111* 132 93^ 1071 91 110* 110 142 140 162', Nashua & Lowell. 100 145 151,', 1414* 162 146 150 1484 *l36 70 8R>, 46 70 46 63 ,631 611 Nashua & Roch... 100 ,63} 68} 69} Con. with W.&Na,«, 10 34 29f 54 325 661 ,61 86 N. Y. &N.E.(a). 100 43 64 63 9 17| 12,t a395 103? 115 112f 139 122 166 J 1,305* 155 TN.Y.C.&H.RIv. 100 126 138 nil* 129', 831 122 81? 10?} isa>, 162, 92j 154 171 165 180 1641 190 tN.Y.N.H.&H'f 100 168 188 169 183 175 184 175 204 82* 90 84 *I10i 90 115 Northern K H 100 104 111? 1US4 1141 110 1184 112* 128 116 133 115 132 137* 149 145 1681 Norwich & Wor.. 100 161* 162 152 166} 165 168 148 111} 1« 109 103 11' 30 21 35 22 , 66? Ogdensb. &L C. 100 30 37 104 30 6 20 6 18', ilk R7 614 95 77 109 J 66 106? 82 128! 80 1241 1034 134" Do. Pref. Old Colony 100 100 ijl + n 123J 139 131 144 131* 149 144}» 164 Pemigewasset Pitts. & N.Adams 100 100 100 106* 106 108 89 1034 108 110 96 107* 101} KTi^. 9-.! 92 102! 101* 107} 107* 112 106* 1081 111 m 93 R91» 104' 104 112 110 118 Port.SiicoSc Ports. 100 110 116 1093 116} 112 1164 113} 12o Ports. & Dover .. . Ports. Q-.F.& Con. 100 100 106 16} 110 341 106 20 109 411 106 110 18 86 109* 33 1131 63 i>, 11 5 13? 12 35 171 40 •fio' 95 95 106* 106 116 116 1.34 f rov. & "Worcest. 100 127* 131* 127 *133,j 132* 1381 130* 138 7.5o S 2 \ lOg 5 91 41 8 43? Rutland mo 21 5 2} 21 2J 3? 14 214 2} 15 6 9i «r 30! 22 26? 2!-' 33 Do. Pref 100 17- 28 14 231 - Somerville South Boston . .. . 60 50 60 66? 60 73 52? 89} 53 78 50 65 894 '6 n^ 611 63* 57 52} 591 66 64 63 76 92 fi^ 11 B S9 a 24 101 32} Summit Branch.. 60 8. 161 4 8 4 15 10 1j 8{ 81 IO4 113 8 1091 183 131 Tol.Cinn.&St. L. Union Pacific .... 60 100 33 98}* 120 76e 71» 64 104S lOe .93 284 84 3c. 6U 119 10 73 66( 941 62; 121 16J 113 120 ' 12 130J 241 126 ■]•>->* 99 26 IM 20 Vermont &Can... 100 11 181 16 22 Con.R.R. Vt.Bon.ls 110 11? lis* 115 1251 1261 1351 Vermont & Mass.. 100 130 136 129? 1334 126* 133} 129 134,^ 01 66* 63f 69 ■67 >, 74 62* 78} Wilmington 60 62 64 6i 64 61* 64} 61 *89 9 203 414 70J 184 38 67* 39 69 Wisconsin Ceut'l. Do. Pref. lOU 100 100 121 25 65? 21 06 60 13i 26 67 20--; 38 66 n 14§ 16 28 66 704 101 19" 66 24} 6 48 371 22 44S 23J 66J 68 Wor.Na. ScRoch. 136 ■ Ex. Dividend. (a) New York & N. E. Pref., new in Nov., ranged from 95 to 111 in 1885. 152 Notes on the Boston Stock Market. NEW ENGLAND RAILROAD DIVIDENDS. Semi- Annual — 1871 to 1878 inclusive. Railroad Companies, Dividends Payable. Jan. 1, July] Mar.31,Ju.Sep.Deo 1871 1872 1873 1874 1875 1876 1877 1878 AUleboro' Branch BO(*ton & Albany. Bob. & Chel. (St.) Boston & Lowell. Boston & Maine. . Boston & Prov. .. Bos. (J. & M. pref. Bos. K. B. &Lynn Burlington & Mo Do. (in Neb.). Cambridge (Str.). Ced.Rap.&Mo.R. Do. Pref. Cheshire Pref. . . . Chic. Burl. & Q.. Chic. Iowa & Neb. Cinn. San. &Cle.. Do. Pref. Concord Concord & Ports. . Connecti^jut River Ct. ScPass. Pref.. Eastern . ; Do. N.H Fitchburg Granite Railway. Highland (Street) Housatonic Pref.. Lowell & Andover Manchest. & Law. Massawippi Metropolitan (St.) Michigan Central. Middlesex Central Do. (Street) Nashua & Lowell . Nashua & Roch. . N.Y. N.H. & Hart N.Y.C. & H.River N.Y. Prov. & Bos, Northern N.H Nor. & Worcester Ogdensb. & L. Ch. Do. Pref. Old ('olony Piusfield&No.A. Porti.Saco&Ports. Ports. & Dover... Ports.G.F. &Con. Prov.Sc Worcester Rutland Pref. . . . Somerville South Boston . . . Sioux C.&Pac. Pf Stony Brook Summit Branch.. Union (Street) ./. . Union Pacific .... Vermont & Mass. Ware River Wilmington ; Winnisimet Wor.Nas. & Roch. April 1, Jan. 1, May 15, May 1, May 15, Jan. 1, March 15 Feb.l, May.Au.Nov- Jan. July Feb. 1, May 1 Feb. 1, Aug. 1 Jan. 10, July 10 Mar.l5, Ju.Sep.Dec Oct July _ Nov. 15 Nov. _ Nov. 15 Julyl Sept. 15 3^4 5 4 4 4 3 5 6 5 Jan. 1, May 1, May 1, May 1, Jan. 1, Jan. 1, Feb. 1, Jan. June 15, Jan. 1, Jan. 1, May 1, . Jan. Apr. July, Oct June 6, ^- - - May 1, Feb.l, Jan. 1, Feb. Feb. May 15, May 1, April 1: Jan Julyl Nov Nov. Nov.l Julyl Julyl Aug. _ July Dec. 15 July 1 Julyl Nov.] Dec. 6 Nov.l Aug. 1 Julyl Aug. Aug. Nov.l Nov.l Oct. 1 July Jan. Apr. July, Oct. Fe. May, Aug. Nov June 1, Jan. 10, None April, Jan. 1, Jan. 1, Jan. 15, Jan. Jan. 1, Jan. 1, Feb. May 1, Jan. 1, April 1, May 1, Feb. 16, Jan. 1, Ja. 1, Apr. J'ly, Oct April, ^ ' Jan. Jan. 1, Jan. 15, Jan. 1, Dec. 1 July 10 Oct. Julyl Julyl July 16 July Julyl July 1 A.ug. Nov.l Julyl Oct. 1 Nov. 1 Aug. 15 Julyl Oct. July Julyl July 15 Julyl 4 5 2m2m is 5 3, 3 3 5 3; 3 1.24.2J . 3! • 3' 3 6 3J 31 5 ■ 4 4 4 6 Consol, 4 4 3 3 2-2-2-2 with C. ■ B. &Q. 4i 4; 1-1-1-1 ■ 1-1-1-1 0^ 0' 5 6 6 5 H i, 1-1-1-1 3i 3i r 5 4 6 6 2-2-2.; 1-1-1-1*^ 3, 8, 4 4 5 5 3 6 3i 4' 4 4 4 2-2 5 H 4 6 6 35 3; 3 3 2^252j2^ 34 3J 3 3 3 6 5 :*-2J-2i-2J ft 2J 5 3 5 2-2. V i 2 4 6 2-2 -2J-2J 2; 6' 2 4 3 3 3 3 4 5 6 2-2-2-2 16 2 (No.l)2i 4 4 5 2 2 24 2J 4 2i 3 3 4 4 2-2-2-2 2-0-2-2 ih 3J ! 3 5 6 2.2-2-2 2i 2) 3 3i 4 4 6 6 2-2-2-2 t^2J-2J-2| 5 5 3 3 4 5 2-2-0-1 i :3 3 i| 34 4 I 2 I (a) So. Boston, quarterly previous to 1878. (6) Vt. & Mass., for three months, April, 1874. (s) Paid in stock. Statement showing the Number of Miles of Railroad Constructed and in Operation each Year in the United States, from 1830 to 1885 inclusive, with increase each year. Year. Miles. Inc. Year. Miles. Inc. Year. Miles. Inc. Year. Miles. Inc. 18.30 23 1844 4,377 192 1858 26,968 2,465 1872 66,171 5,878 18.31 95 72 1845 4,633 266 1859 28,789 1,821 1873 70,268 4,097 1833 229 134 1846 4,930 297 1860 30,635 1,846 1874 72,885 2,117 1833 380 151 1847 6,69S 668 1861 31,286 651 1875 74,096 1,711 1834 633 253 1848 5,996 398 1863 32,120 834 1876 76,808 2,712 1835 1,098 465 1849 7,365 1,369 1863 33,170 1,050 1877 79,088 2,280 1836 1,273 175 1850 9,021 1,666 1864 33,908 738 1878 81,717 2,629 1837 1,497 224 1851 10,982 1,961 1865 86,085 1,177 1879 86,463 4,746 1838 1,913 416 1858 12,908 1,926 1866 36,801 1,716 1880 93,849 6,876 1839 2,302 389 1853 15,360 2,452 1867 39,280 2,449 1881 103,145 9,796 1840 2,818 516 1854 16,720 ],360 1868 42,229 2,979 1882 114,713 11,568 1841 .'i,536 717 1855 18,374 1,664 1869 46,844 4,615 1883 121.464 6,741 J 84a 4,026 491 1856 22,016 3,642 1870 62,914 6,070 1884 125,379 8,825 1843 4,186 159 1857 24,503 2,487 1871 60,293 7,379 1885 128,402 3,113 Notes on the Boston Stock Market. 153 NEW ENGLAND RAILROAD DIVIDENDS. Semi- Annual — 1879 to 1SS5 inclusive. Kailboab Companies. Dividends Payable. 1879 1880 1881 1882 1883 1884 1885 Ashuelot Atch. Top.&S.Fe Attleboro' Branch Boston & Albany. Bos.&Chel. (St.) Boston & Lowell. Boston & Maine. . Boston & Prov. . . Bos. C. & M. prcf. Bos.K. B. ScLynn Burlington & Mo. Do. (in Neb.) Cambridge (Str.) Ced. l{ap.& Mo.R. Do. Pref. Cheshire Pref Chic. & W. Mich Chic. Burl. &Q .. Chic. Iowa &Neb Cinn. San. & Cle. . Do. Pref. Concord Concord & Ports- . Connecticut River Ct. & Pass. Pref.. Det. Hills. &S.W. Det. Lana'g & No, Do. Pref. Eastern Do. N.H European & N. A . Fitchburg Flint & P. Mar. Pf. Granite Railway. Highland (Street) Ilousatonic Pref. . lowaF'Us&S.C'y Kan.C.F. S.&G'f Do. Pref. Lowell & Andover Lynn & Boston Maine Central. . Manchest. &Law. Marq.&Hough.Pf. Massawippi Metropolitan (St.) Michigan Central. Middlesex Central Do. (Street) Nashua & Lowell. Nashua & Roch.. . Naugatuck N. London Nort'n N.Y. N.H. & Hart. N.Y.G. ScH.Rlver N.Y. Prov. & Bos. Northeril N.H Nor. & Worcester Ogdcnsb.&L.Ch. Do. Pref. Old Colony ...-. Oregon R. & Nav. Peraigewasset. . . . Pittsfleld & N. A. Portl.Saco&Ports. Ports. & Dover... Ports. G.F.& Con. Frov.Sc Worcester Rutland Pref.. Somerville .... South Boston . St.L. &S. F. IstPf Sioux C.&Pac.Pf Stony Brook Summit Branch.. Union (Street)... Union Pacific Vermont & Mass. Vermont Valley. . Ware River Wilmington Winnisiraet Wor.Nas. &Roch 100 Jan.l.Ap. J'ly.Oct. 100 Feb.16, May.Au.No Jan. 1, July 1 Mar.31, Ju.Sep.Dec. April 1, Oct. 1 Jan. 1, July 1 May 15, Nov. 15 May 1, May 15, Jan. 1, March 15, Jan. Feb. 1, Feb. 1, Jan. 10, Feb. 15, Jan. 1, May 1, May 1, May 1, Jan. 1, Jan. 1, Feb. 1, Jan. 5, Feb. 15, Feb. 15, Jan. June 15, April 15, Jan. 1, Jan. 16, Jan. 1, J.an. 1, Nov. 1 Nov. 15 July 1 Sept. 16 Feb. 1, May, Au. Nov. July May 1 Aug. July 10 Aug. 16 3 3i i 4 1 3 3; 3 3 Consoli 2-2-2-2 i\ 4., 1-1-1-1 i\ 3: 1 si" 4 4 1 3 3 3 3 Mar. 15, Ju. Sep. Dec, July 1 Nov. 1 Nov. 1 Nov. 1 Julyl July 1 Aug. 1 July 5 Aug. 15 Aug. 15 July Deo. 15 Oct. 15 Julyl July 16 Julyl Julyl Jan. Apr. July, Oct, Mar.l, Ju.Sep.Dec, Feb. 16, Feb. 15, June 6, May 1, Feb. 16, May 1, Feb. 16, Feb. 1, Jan. 1, Feb. Feb. May 15, May 1, April 1, Jan. 16, Aug. 15 Aug. 15 Dec. 6 Nov. 1 Aug. 15 Nov. 1 Aug. 15 Aug. 1 Julyl Aug. Aug. Nov. 1 Nov. 1 Oct. 1 July 15 4 4 2-2-2-2 0-1-0-1 Jan. Apr. July, Oct. .Jan. July Jan. Apr. July, Oct. Fe, May, Aug. Nov. June 1, Dec. 1 Jan. 10, ' July 10 None. April, Oc. Jan. 1, July 1 Fe. May, Aug. Nov. Feb. 1, Jan. 1, Jan. 15, Jan. Jan. I, Jan. 1 Feb. May 1, Jan. 1, Feb. 1, April 1, May 1, Feb. 15, Jan. 1, Aug. 1 Julyl July 15 July Julyl Julyl Aug. Nov. 1 Julyl Aug. 1 Oct. 1 Nov. 1 Aug. 16 Julyl Ja.l,Apr.J'ly,Oct, April, Jan. 1, Jan. Jan. 1, Jan. 15, .Jan. 1, Oct. July 1 July July 1 July 15 July 1 3-1^-2-2 3J 4 2 2 4 4 3 3 dated wit n2J-2-0 41 i: 1-1-1-1 3J 3, U 14 li-l2-H-l-3 2-2-2-60S 3i 3^ 2-2-2-2 3 3 2 2 4 4 4 4 3 3 3 3 h C, B.& Cunaolid 2.2-2-2 5 6 I2-I2-I1-IJ l^-lj-ls-li 3i Zl 2-2-2-2 ■ 3 3 444, 2 i 4 i 4 i 3 i 34 i Q. ted with U-li 34 2-2. 3 24 4 4 3 1-1-14-14 |li-14-l|-li 34 ;i,',l35 3] 14 n 14 li 2; '2-2-2-2 '2-2-2 2 4 62 24 2! 4 4 2-2-2-2 O-l-M 3 3 14 \\ 5 6 14-I4-I4-IJ 6 5 2-2-2-2 2-2-2-2 24 2i 5 5 34 3 6 14-14 3 C.B.&Q. 44 3 11 II 11 11 Ij-ij-i^-lg 34 35 14 14 3 2-2-2-2 4 4 H-i 3, 2i 3 4 4 2-2-2-2 1-1-14-14 2i 2,. 2i 3 3' 3 3 3 3 4 4 2-2-2-2 11 11 13 1 ^ 2 4 4 34 3; 4. 4 14 2 4 4 4 4 3 3 34 3! 14 li 6 5 U-i4-i4-ii 6 6 2-2-2-2 2-2-2-2 3 3 4 4 14 1! 6 6 14-14 14-lJ 5 6 2-2-2-2 2-2-2-2 3 3 6 5 3 3 2-2-2-2 Conver 3 3 2-2-2-2 3i 3" 3' 6 6 14-14-14-lJ 3 3' 4-I4-I-O 3i i V, 6' 14-14-14-1 J 5 6 22-2-2 2-2-2-2 3 3 5 3 14 3 4 34 34 3 4 14-15-15-1.1 3 3 ted into B 3 34 2-2-2-2 (No. 1) 1 91 3 3 3 3 4 IT -\:i in IT I4-I4-I4-1.T 3 3 14-li ■14-li 3i 2-2 ■ 3 24 4 14-14-14-14114-14 15-14-15-li Us-ls" 34 34|34 2-2-2-2 I 2-2. 14-14 14-14 34 2-2 3 3 4 4 24 3 14 14 14 2-2-2-2 3 6 3.', o\ 4", 4 24-4 3 3,ir34 2', 2 J 2.i2| 3 2-2-2-2 in in 11 11 I4-I4-I4-I4 3 4 34 4" 3 5 4 34 3 4 2-2. IJ-IJ. 3 4 34 4 3 6 4 3 4 3 232J 24,24 2424 3V3', 3 |2 4 4 2-2 2-I.4-I. li-iSiJ-iJ-iJ-ii 24 2.i n 4 2 Clo sed. 4 |4 3434 4 4 3 3 6 la 211) 2424 4 4 14-14-14-1.! 6 5 2-2-2-2 2-2-2-2 3 3 5 6 ends. ^24-21-2] Clo 13-15-15-13 3 3 3 3 34 34 4 4 3 3 14 1 1 Jan. qt. 34 34 6 16 6 Ij-i .J llj-llj-ljj-l 5 6 16 6 2-Ll 14-1-4-4 " '3 3i 3 5 4 2-14.14-14 I 3 !4 24 \ 3 1 3 34 34 14-14-14<' 3 3 24 24 3 3 3 3 sed 13-15-0-0 g 1^ 3 1 3 4 34 3.4 3 3 ./I4 (a) Barl. <& Mo. (in Neb.) 24 extra paid Dec, 1879, not included in table. (6) see notes. (,/) Annual. (e) Oreyore -Wjo. in 1888; 14 Feb., June, (/) Worcester, Nnnhua, c Dstroit, Lansing & Northern 4 7 I Detroit, Landing & Northern Pref 77 80} Eastern in N. H 30 32 lEel River 12 15* Fitchbuvg Common *66} 87} Fitchburg Preferred 14 16}!Flint & Pere Marquett j 33 46 iFlint & Pere Marquett? Pref *65 701 Granite Railway 8 19 Kansas City, Ft. Scott &HIomihU. .. 37} 65 Kansas City, Ft. Scott & Golf Pref. .. 3 3 Kansis City, Memphis & Birmingham Louisville, Evansville & St. Louis 893 105 58 45c 02*c 2 3* *I43 1578 *145 1.50 131 *1471 1.55 170 175 175 225 250 95 vm »121 132 20 38 90 92 J- XOi7tJ. X^i/U. X9>r<. pn Low High LolO High Low High 1895. 60 a8} 623| ti22 36* 50o 2 130 130 146} 146} *203 213 *61 62} 196} 207i 160 180 »150 156 269* 266 70" 80} 10} 16 48 "" 11} *69* *86' 106* 99 108" 50} 55 25c 50c 1* 2} 149 183 149 181* 145 181" *166 187 172* 176 *245 251 98 101 134 *147} 19} 30 *88 96 25c 1 4 12 801 91 20 35 20 9} 201 29 49 70 *70 10 24 41 70 1890. 83 17! 14 27" 12.\c 7.5 *140 146 200 217 57 *59 200 209 149 »171 1401 156 24S 207} 34} 83 10 13 *51} 57} 5 11 53* 83f 86* 106} 96 1061 62 62} 20c 50c 37*c 1 163| 166 162} 163* 163 1663 164} 170| 175 175 245 250 97} 100 137 146 1} 251 90 93 New, 1897. New, 1897. 25c 50c 4} 9}, 80} 93} 25 25 15 20 84* 97 9 15} 27} 42} 50* 70 9" 15 35} 42 1897. 17} 15c 17 35} 1 »140 »152 209 220 65 66 205 *220 '1561 170 *151.', 168 201 *2i;8 35 8} *54 4J 57 13 62} 16} 102} 115 111} 52* 15c 1} 100 104 501 10c 10c 165} 1771 1651 178* 16.5* 178} 168* 180} 180} 185 *249 260 99 100 *144} 151 U 4* *90 100" 2* 91 9* 29} 87 91 *i8"'i9J, 89} 100} 9 14 201 47 40 50} 6 17} 22 57 IV S *Ex. Drv. tEx. rights. JN. Y. prices. (a)Atch., 83 paid. (h)Pre.f., sold in N. Y. at 10. (./iBx. Scrip 50 p.c. (Concluded on page 158.) 156 Notes on the Boston Stock Market. NEW ENGLAND RAILROAD DIVIDENDS. Semi^Annual — 18S6 to 1891 Inclusive. Railroad Companies. Atch., Top. & S. Fe Atbleboro Branch. . . Berkshire Bosbon & Albauj Bost. & Chelsea(Si., Boston & Lowell . . Boston & Maine .... Boston & Maine Pf , Boston & Prov Bost. Consol. (St.)., Bost., C. & M. Pf. Bost., R. B. & Lynn Cambridge (St.) Cheshire Pref Chic. & "West Mich. Chic, Burl. & Quin, Gin.,Sand.& Clev.Pf Concord Con. & Mont., class 4 Concord & Ports. . . Connecticut River . . Conn. & Passunx.Pf, Det.jHills.&S.West Dexter & Newport . Dex. & Piscataquis. Eastern Maine Eastern Prsf Eastern in New H . . Bel River European & N. Am. Fitchburg (old) Fitchburg Pref Flint & P. Marq. Pf . yt."Wayne & Jac.Pf . Crranite Railway Hereford pighland (St.) K. C, Ft. S. &Gulf K.C.,Ft.S&GulfPf Lowell & Andover. Lynn & Bost. (Blec.) Maine Central Manchester & Law. Massawippi Metropolitan (St.). . Michigan Central. . . Mt. ■Washington Naugatuck Nashua & Lowell. . . New London North. N. Y. Cent. & Hud.. N. Y., N. H. &H... N. Y.,Prov. &Bos. N. Y. &N. E. Pref. Northern (N. H.)... Norwich & Worceat. Old Colony Oregon Navigation. Pemigewasset Vall'y Peterboro .... Pitts'ld & N. Adams Portland & Rochest. Po.,Saco & P'mouth Por'mouth & Dover Prov. & "Worcester. Rutland Pref Sioux City & Pacific Somerville (St.) South Boston (St.).. Stony Brook Upper Coos Vermont & Mass'tta Vermont "^.Uey Ware River ■WestEnd(Elec.)St. "West End (Elec.)Pf. Wibnington Winnigiramet (St.) . "Wor. Nash. & Roch. Feb.l5, May, Au.,No. Jan. 1, July 1 Jan.l, Ap., July, Oct. Mar.31,Je.,Sep.,Dec. Apr. 1, Oct. 1 Jan. 1, July 1 May 1, Nov. 1 Mar. 1, Sept. 1 Wan.l,Ap.,July,Oct. Mar.l5,Je.,Sep.,I)ec, May 1, Nov. 1 May 1, Nov. 1 May 1, Nov. 1 Jan. 1, July. 1 Jan. 1, Ap., Jul., Oct. Dividends. Payable. Jan. 1, May 1, Jan. 1, Jan. 1, Jan. 10, Feb. 15. Julyl Nov. 1 Julyl Julyl July 10 Aug. 15 4 4^ New. 3 3 2 1 2-2-2-2 3 3 5 5 Feb. 1, Jan. 5, Mar. 1, Jan. 1, May 1, Mar. 1, June 15, Apr. 5, Apr. 15, Jan. 1, Jan. 15, Feb. 15, Mar. 1, Jan. 1, May 1, Jan. 1, Feb. 15, Feb. 15, Jime 6, May 1, Feb. 15, May 1, Feb. 1, Jan. 1, Feb. 1, Nov. Jan. 15, May 1, Aug. 1 July 5 Sept. 1 Julyl Nov. 1 Sept. 1 Dec. 15 Oct. 5 Oct. 15 Julyl July 15 Aug. 15 Sept. 1 Julyl Nov. 1 Julyl Aug. .15 Aug. 15 Dec. 6 Nov. 1 Aug. 15 Nov. 1 Aug, 1 Julyl Aug. 1 Annual. July 15 Nov. 1 2i 2J (No. 1) 2i 2i n Jan.l, Apr., July,Oct, Jan.l5, Ap.,July,Oct, Jan.l, Apr.,July,Oct, Feb.lO, May,Au.,No May 1, Nov. 1, May 1 , Nov. 1 Jan. 6, July 6 Jan. 1, July 1 Jan.l, Apr.,July,Oct. Feb. 1, Apr. 1, Jan. 1, Jan. 15, Jan. 15, Jan. 1, Aug. 1 Oct. 1, Julyl July 15 July 15 July 1 Jan.l, Apr.,July,Oct. Jan. 1, Apr. 1, May 1, Jan. 1, Jan, 5, May 1, Apr, 7, Jan. 1, inu Jxn., 50jJan. 1, 50;Jan, 1, GO Jan. 1, SOlJan. 5, 101) Jan. 1, Julyl Oct, 1 Nov. 1 Julyl Julys Nov. 1 Oct. 7, Julyl July July 1 Julyl Julyl July 5 July 1 1886 IJ-lJ-li-U 3i 3i lHI-lJ-0 2-2-2-2 H iHi-U-i} 3i 3^ l}-l}-lJ-0 2-2-2-2 3 3 3 e3h 5 5 Formerly eB 3J 3i 2-2-2-2 2i 2i 2 2 2i 2i 3 3 21 2i (No. 1) 1 -: 2i 3 2 (No. 1) 2 2J 3 2J 4 3 4 U 4 3i 4 3 5 2i 4 10 5 1-1-1-1 5 5 2-2-2-2 3i 3i 3 3 4 4 3i 3} 2-li-lJ-2 3 2i 3 3 3 3 75o H 3 4 3i 2i 3 75c 31 3 4 3i Jul.) 1887 3i 3i IJ-IJ-II-O 2-2-2-2 3 3 3h 3, 5 4 Eastern, 5-62*-2^ Now 2i 2i 3i 3J Now 3 3 1 1 2-1-1-1 3 3 6 5 See notes. ■ii 3J 2-2-2-2 24 2i 2 2 Leased. Now 2 4 4 4 3 5 5 2 10 5 4 IJ-li-U-U 1-1-1-1 5-24-2J-2i 2i-2J.2i-2i 34 3i 3 3 4 4 3J 3i n-ii-\i-H 3 1888 None 3* 3J l}-lH^O 2-2-2-2 3 3 3.^ i 5 24-2J-24-24 West End. 2^ 3 ~: 3i West End. 3 3 1 1 1-1-1-1 3 3 5 5 extra May 2| 1 2i 3 2i 1 2i 2nd. 3^ West End. 2i 1 4 4 4 4 4 4 3 5 2i 2J Now 2 2 5 5 5 a a 1-1-1-1 2J-2i-2J-2J 2J-2J-2J-2J 34 3i 3 3 4 4 34 ■ 3i 14-14-14-U 3 3 3-14-24-24 75c 75c 34 3J 3 3 Now 31 3.1 3 3 3 3 34 34 No. 1. New. 4 3 : 3 ; 24 2i-24-24-2i $1 34 34 3 3 West End. 3i a3J Jul.) 4 1889 34 34 li-lMI-0 2-2-2-2 3 3 34 34 U 5 (No. 1) 3 2*-2i-24-24 Leased 14 4 4 4 3 5 24 West End. 2 2 7 5 u 44 lj-l|-li-l| 1-1-1-1 24-24-2i-24 24-2i-2J-2i 34 34 3 1 4 34 34 li-14-24-14 3 34 24 3 3 3 24-24-24-24 50c $1 34 34 3' 3 3i Leased. 3 1890 34 iHHI-o 2-2-2-2 3 3 3k 44 44 3 3 2J-24-2i-2* 3 24 1 2 U-U-U-ii 3 3 See Class 4 3 3 34 34 2-2-2-2 24 2, 2 2 3 3 24 2i 3 Mi 2i 1 24 notes.) 3 2i 3 (Nov.) See notes. 2 14 1-1-1-1 i 3 3 34 3J 2-2-2-2 24 24 2 2 3 24 24 2i 2i (Last,) 2i el4 1 24 24 2 10 5 5 44 44 IMMJ-IJ li-i-l-i 24-24-24-24 -;4-2j-24-2j 34 3J (!3-al4-l4 4 4 34 34 14-14-14-14 3 3 4 5 2J-2ih24-24 1 1 34 3 1891 3 34 14 14 2| 2 2 4 4 3 5 24 2 16 5 ll-lj-lj-ll 14-1-1-1 24-2J-24-2J 2i-2i-24-24 34 34 14-14-14-14 4 4 34 34 14-14-14-14 3 i 24 2i 3 3 3 3 3 3 24-24-24-24 1 2 34 34 3 3 84 S i » 34 g 4 (a) Erira dividends in these years, (b) Bo'iton & Providence, May and Nov. prior to 1888. id) Connecticut Riri-r, Jan., July, Oct., 1886. (e) See notes, |iCg= There will be found on subsequent pages of notes, a full detail of the extra dividends herein referred to, and much other information pertaining to railroads ; also, reference to the wild ideas regarding the future of railroads at thsir inception sixty years ago ; the ignorance then prevailing bordered on the absurd. All the most severe accidents on New England railroads are noted. Notes on the Boston Stock Market. 157 NEW ENGLAND RAILROAD DIVIDENDS. Semi-Annual — -1892 to 1897 Inclusive. Railroad Companies. Dividends Payable. 1892 1893 1891 1896 1896 1897 Attleboro Branch. Berkshire Boston & Albany. Bost.& Chelsea (St.) Boston & Lowell. . . Boston & Maine .... Boston & Maine Pf . Bost. & Providence. Boston,Rev.B.& L . . Central Mass'tts Pf . Chic.& W. Michigan, Chic, Bur. & Qiiincy Cin.,Sand.&Clev.Pf Con.& Mont., class 1 Con.& Mont., class 2 Con.& Mont., class 3 Con.& Mont., class 4 Concord & Portsm. Connecticut River. Conn. t& Passumpsic Det.,HiIl8d.&S. W. Dexter & Newport. . Dex. & Piscataquis. . Eastern Maine Eastern in N. H Eel River European & N. Am. Eitchburg Pref Flint & P. Marq. Pf, Ft.Wayne&Jaok.Pf Granite Railway. . Hereford Illinois Central . . K.C,,Ft.O.&G.Pf. Knox & Lincoln. . Lowell & Andover Lynn & Boston . . . Maine Central Hanches.& Law'nce Massawippi Michigan Central. Mt. Washington.. Naugatuck Nashua & Lowell New England (St.) New Lon. Northern New London (St.). . Newton & Bost. (St.) Newton Elect. (St.) N. T. Central N.Y.,N. H.&Hart. N. T. & N. E. Pref Northern (N. H.) . No. Shore Trac. Pf . Nor. & Worcester . Norwich (Ct.) Street Old Colony (d) Oregon Navigation Ore. Navigation Pf Pemigewasset Vall'y Peterboro — Pitts'ld & N. Adams Port. Sl Ogdensburg Port. & Rochester Po.&Euinford Palls Port. , Saco & Ports Portsm'th & Dover Prov. & Worcester Rutland Pref Sioux City & Pacific Somerville (St.) Stony Brook . . . Upper Coos Vermont & Mass'tts Vermont Valley Ware River Welle3ley&Bos.(St. WestBnd(Elec.)St. West End Pref Wilmington Wilton Winnisimmet (St.). . Wor.,Nash. &Roch. Jan. 1, July 1 Jan.l, Ap.,July, Oct, Mar. 31,Je.,Sep.,Dec. April 1, Oct. 1 Jan. 1, July 1 Jan.l, Ap., July, Oct. Mar. 1, Sept. 1 Jan.l, Ap., July, Oct. Jan. 1, June 1, Feb. 15, July] Dec. 1 Aug, 15 1J-1M3-0 2-2-2-2 3 3 3J- 3i 4 4 3 3 2i-2J-2i-2i 3 2i Mar.15, Je.,Sep,,Dec, May 1, Nov. 1 Jan.l, Apr.,July,Oct. Jan.l , Apr., July,Oct, Jan.l, Apr.,July,Oct, Jan.l, Apr., July, Oct, 2 U iHi-ii-U 3 M 2d Jan. 1, Jan. 1, Feb. 1, Jan. 5, Mar. 1, Jan. 10, Mayl, June 15, April 5, April 15, Jan. 15, Feb. 15, Mar. 1, Jan. 1 , May 1, Mar. 1, Feb. 15, Feb. 1, June G, May 1, Julyl Julyl Aug. 1 July 5 Sept, ' July. 10 Nov. 1 Dec. 15 Oct. 5 Oct. 15 July 15 Aug. 15 Sept ' Julyl Nov. 1 Sept. 1 Annual, Aug. 1 Dec. G Nov No. 1 3 3} 2-2-2 2i 2 3 2J 2i IJ 2J 2 2 2} 2 2 2i Jan.l, Apr., July,Oct Nov Aug. 1 Aug. 1 Annual. July 15 Nov. 1 2J 2J 3J 3i i i 3-e3-U 3h 3J l|-lHl-li 2-2-2-'2 " 3 I 3J 3S 64-2-2 3 3 2i-2J-2i-2J 2^ 2J .... Paid U u-n-n-u 3 3 3-li-l} 3-n-ii (Nov.) IJ d3-li-U 3J- 3J ij-H-U-i* 2-2-2-2 ' 3 3 3i 3J IHHi-l* 3 3 2i-2i-2i-2i 2h 2 Jan.2,18a6 3} 3i 1.1-li-U-U 2-2-^-2 3 3 3i 3J li-lJ-U-lJ 3 3 2J-2i-2J-2t 2 2 No.USl.SO 3i 3J li-U-U-l* 2-2-2-2 3 3 3i 3S IWJ-IH* 3 3" 2i-2i-2i-2J 2 1 75o 75c 3} 3J IHJ-U-li '^_'i.'i-2 3 3 3S- M l!-l»-ll-lj 3 " 3 2i-2i-2i-2J 1 1 75c 75c li-l.i-li-1 3 3 ij-n-i.w.i ij-i,i-i '.-],', li-ij-ii-ii li-U-li-U 3i " " 1-1-1-1 3 3 iJ-u-U-13 I),-U-lj-l} lj-li-l*-lii U-U-U-1} 1-1-1-1 3 3 U-n-i5-i3 1}-1:M}-15 n-lHS-lJ IHHI-li 3i 1-1- 3 IJ-lr 1 ■(-!•! 13-1!- 3i 5 2i 2 3 2i 2i H n 2i 2" 1-1^ I't-il i;-i-i li-rt i-i-U ■sk 5 d3 2 3 2i 2i IJ n ^ 2 May 1, Feb. 1, Feb. 1, Nov., Jan. 15, May 1, Jan. 15, Ap., July, Oct, Jan.l, Apr., July,Oct. Jan. 1, July 1 Jan.l, Apr.,July,Oct. Jan.l, Apr., July,Oct. Jan.l5,Ap.,July,0ct. Jan.l, Apr., July,Oct. May 1 , Nov. 1 Jan.l, Apr.,July,Oct. April 1, Oct. 1 Jan. 6. July 6 Jan. 1, July 1 Jan.l, Apr.,July,Oct. Feb., May, Aug., Nov. July 1, Oct. 1 Feb. 1, Aug. 1 April 1, Oct. 1 Jan.l, Julyl Feb., May, Aug., Nov. Jan. 15, July 15 Mar. 1 , je. ,Sept. ,Dec Jan. 15, July 15 Jan., July Jan.l, Apr., July,Oct. New. n-2.2-:; 2i (74 4 IHHi-U 5 3 2 2 2 24- 2i 2} 2J 3 2 2 2 2i 2i 2J 1 2 2} U-IJ-U-I* i 2i i 2 .... 5 i 4} ... IJ-U 2-2-2-2 .'(Nori 2i 2i 4 at 4 4 IHS-IJ-U 1-1-1-1 2V-2f2i-2J July. 2.5 2i 2i 4 4 4 4 iHHJ-iJ New. n-n-iHi 2S-2i-2i-2} Si (Enj IHHi-li -U-IJ i.fiHM5 li-iHH* 2-: U-i 2i-2_ oined and U-li-1J-U Back 4 4 (No. J) l^2i-l^n U-U-l.i-U 2,i-24-2-2 not paid.) nimUH dividends 4 4 July. 2J 13-15-1.1-1^ 5 6 4i 4 l-l-l-U 2l-2i-2J-2V 3 3 New. l}-"l-'l-l 2-2-2-2 5 2J 2i 2 2 5 (Sold *i *i li-n-U-l 2i-2.1-2J-2i 3i 3J Oct. H 2-2-2-2 1-1-1-1 25 2i 4 . 4 4 4 l^lH',-li 5 ' " 5" 2} tZ3 2 2 (Dec.) 4 out.) H U 1-1-3-.} ■ 2J-2i-21-2t 3| U iHJ-U-ii iHi-lHJ 12 3 4 4 2i 2i l^l}-ll-lJ 1}1* aljli 3 ■ 3 4 4 2i 2i 1|-1|-1}-1J iJ-U-u-rs- 3" " "3" tf4-2-2-2 2J ,12!, li-ll-13-l:} 2} 2i 3 Jan. 1, April 1 , May 1, Jan. 5, Mayl, April 7, Jan. 1, Julyl Oct. 1 Nov. 1 Julys Nov. 1 Oct. 7 July 1 Jan.,(lstWeds.)July Jan.l, Apr., July,Oct. 2i-2i-2i-2i 2 Si 3, 3 3 Si Si 3 3' 3 3 3i 3 3 5 2 2} 2i hH-i 3 3 3—3 3 3 3 2} a2J2i2i 2 3i 3 3 ■4 2J i-i-i-i 3 3 :J— 2i 3 " 3 3 3 2i-2S-2J-2J 2 2 3J: -H-i 3 3 n-ii- - 3 3 3 3 25-2i-25-2J 2 2 3i 3J 3 3i April 1, Jan. 1, Jan. 1, April, Jan. 15, lOoljan. 1, Oct. 1 July 1 Julyl Oct. Jnly 15 Julyl ((3-3-1 J 4 4 4 3 4i 4J 3 3', (No. 1; 31- 3' New 3 2 2 iHi-U-U 3 3 3 3 2i-25-2i-2i 2 3J- 3i 3' 3 3i , 3i 3 3 3 3 3 3 ^ 14 u-U-U-H :Vr 3i 4" 4' 4 3 H 41 3 3 2J- 21 (No. 1)1-1 3 3 2 2 . 2i ri-i-i 3 3 ■li-2i-2l 1 3i 3 3% S' 3 3 3^ 1HHH4 3i 3 3 3 4 4 3 4i 3 24 (re) JSxfrd dividends these years, ana Nov., prior to 1S93. (b) Boston & Maine, May and Nov., prior to 1893- {d) See notes, (e) May 158 Notes on the Boston Stock Marlcet. NEW ENGLAND KAILROAD STOCKS. — Concluded. Highest and Lowest Prices for Six Years — 1892 to 1898. 1892. 1898. 1894. Low Hiffh Low High Low High Bailboads. " Aoi'u. xop of which i5 placed a bar of iron. The carriages run upon the iron bars and are kept in position by a projection on th3 inner edge of the truss wheels. The wheels are of a size considerably larger than a common cart wheel." And this farther comment is made : "We learn from a gentleman, who has visited thi principal railroads in England, that in point of solidity and skill of (jpnstruction this is not exceeded by any one there." It should be stated that this well built little tramway is still (1898) in active operation. 3//7r*/anrf. however, can claim the /^rv/ passenger railroad in the United States. It was the Baltimore & Ohio (1830), more particularly referred to on page 47, in the running historical sketches of this work. 160 Boston Stock and Money Markets, NOTES TO RAILROAD COMPANIES. By the laws of the Commonwealth, all corporations chartered by MasBachusetts are taxed direct by the State (oQ the market value of the shares, May 1), at the average rate of taxation in the several towns and cities. Consequently, resident holders of the different stocks are exempt from local taxation, and the State gets the beneiit of the tax on shares owned by non-residents, the corporations being required to pay on the market value of the entire capital. The railroads of Massachusetts cannot Issue stock at par to shareholders, but under the law are required to sell by public auction any increase of capital stock. Atchison, Topeka tt Santa Fe. — Paid an extra dividend of 50 p. c. in stock, Dec. 2, 1881, and omitted its cash dividend Nov. 15. Stopped dividends Feb., 1889. The following branches were converted into "Atchison" stock in 1880 : Florence & El Dorado, Xq'o. shares for one ; Kansas City, Topeka & Western, " share for share ; " New Mexico & So. Pacific, three for two ; Pleasant Hill & Be SotOj two shares for one ; Pueblo cfe Arkansas Valley, three shares for itwo. This road was re-organized twice, and the several "plans " have been so fully discussed that it is not deemed essential to print the details here. As a part of the last plan the $102,000,000 of common stock was assessed $10 per share, and this was returned in preferred stock. The payments were $3, Jane 10, 1890 (extended to July 8) ; ^, July 19 ; $2, Aug. 19 ; $2, Sept. 19. Berkshire. — Capital $600,000. Originally leased to the Housatonic Railroad at 7 p. c. per annum, pay- able quarterly, beginning with January. The October dividend being mostly absorbed by the State tax, the balance was carried over to the January payment. April 1, 1893, the road was leased for 99 years to the N. T., N. H. & Hart. R. K. "for expenses, taxes and 6 p. c. on stock." Old lease suspended only. Boston <& Albany. — A consolidation, "share for share," of the Boston & Worcester (capital $5,000,000), and the Western (capital $8,725,100), Dec. 1, 1867. A cash bonus of 10 p. c. was paid to the former stock- holders in the Worcester, Feb. 1, 1868. Consolidated capital ($13,725,100) increased to $14,934,100,— one new share at par to every eleven old, — May 1 and Aug. 1, 1868 ; to $16,411,600, — one shafre to ten, — Aug. 2, 1869; and to $19,659,700,— one share to five,- half paid April 1, 1870, and balance Oct 1. In 1882 the com- pany purchased of the State 24,115 shares of its stock at $160, making payment in $3,858,000 5 p. c. bonds, maturing April 1, 19D2 ; Sept. 27, 1883, 17,588 of these shares were distributed to the stockholders as a divi- dend at the rate of one share in ten. In 1886 divided one share m 30, and transferred $7,800 to Improvement fund, makijig cap. $20,000,000. Capital increased, at par, to $25,000,000, Jan. 5, 1892, to pay $5,000,000 7 p.c. bonds maturing Feb. 1. Boston * H ;^ n -ta-+-f--t* D QlOiHigOO OCli-lOOO(MOOO00OClO00 O CI CJ CO O O O C^ CI t- Ol O CO CS G30 U -0)0)0 iHtSi-ieocoi— >-iooooiot-c >.OCJOOOCOOOOCSCOCiC3C 121 ;=; COOIOIO 00 CO CSC3 ^11 5t-O^CJCOC5t-Ci nooooo- 'OOqoo I I- CO t- I - ( - '» t- I— C- CO c iCOCOOO.i'X'OOCOOOCOCO- Si E « • s V c;iOoioCJCioOCJOocococscioc;c -OC0C0001Qt-lQ(r0C-5-HO^;'-H^t ric^cococjoocioCocJOOJCioocicOCTC-. ncinc 00 o o o o c OOOCi t-c iSS: 00 00 Ci CS t-T-i-* S S8 e (M coco 2 s ?r-(l-l^ rj OOO OOO C :SiS'' 500 r-| 00 CO O lO o CO CM lO 5 t- CO 1-1 O Cq Ci ^m^cr^rie; «: Sg ^ .-1 00 O l~ o DOOO ^ i.OCl b,01 t- tc-f ~ O t— C-1 t~ CiOt— t- o „ ^ — . I- - n CJ cj GO CO CO a 00 CO o O ©COOO gcOCOOO o'l '■ ', COOOCO qCOOO' ' o o „CiCOCO „ „ „ ^ ^ „C3 to to too torn CO int- S^ S 'a « p ? ^ ^H S (3 c3 c3 ,a S « p. OP- t.+3 ■^ ?;« fl IS" ..3 b CJ o o 5s3.g oooo ■M 9 S o a fl . ■ > u u © o o (jo';; -3 O = 0) 0) 03 02 02 166 Notes on the Boston Stoch Market. RAILROAD BONDED SECURITIES. Highest and Lowest Prices for Eight Years. — 1870 to 1878. J870. J87J. J872. t873. KAiiiROAD Bonds. J 874. J875. J876. 1877. Xo«j High Low High Low High 75 83 Low Bigh Low High Low Bigh Low High Low High New 80- 85 35} 78J Atch. & Topeka, 1st 7s 1899 49 63} 64 .76 68. 94 85 93} New 40 80 New New Do. L. G. gold, 78 Do. 2d conv. gold, 7s Do. income 12s 190O 1903 m-sa 52} 65 25 35 90 96} 65} 75 34 42 91 100} 62 84 33} 57 91} 105} 76 81 44} 58+ 100 106+ Boston & Albany, plain, 6s Do. 78 1895 New 1015 103 103 106} 112 117+ lOOf 101 104 107 New 103} 1074 100 106 189? 102} 106} 106+ 112} n3+ 1163 99 100 95 98 97} 99+ 95 99 95 97 Boston & Lowell, plain, 6s 1879 .... 96 96 98 Do. plain, 6s Do. plain, 78 1896 TO-95 New 100 107 100 101 96 110 100 lOli 106} 108+ New 100 105 100 105} 101 105 New New 89 90+ 101 105 100 .... 88 91 Boston & Maine, plain, 7s Boston & Prov. plain, 7s BOBt. Clint. & Fitch., 1st 7s J3-94 1893 1891 100 106} .... 105 89. 95 105} 111} 105 111* 91 94 107 lllj 111 114 92 99} no 111} 113 114 90 92 fVS n 80 95 94S 95+ 90 95 Do. equip., 83 t1-K3 89 95 90 95 75 96 70 75 88 94 90 92 89} 92 89} 93 Bost. Con. & Mont. S. F., 68 1889 88 93 90 94* 92 93 90 93 New 100 110 Do. 1st 78 Bost. Hart. & Erie, old, 7s 1893 1884 100 103 105 110 103 104 110 112} 99} 103 100 45 60 ,5.5 75 75 100 112} 115 188 «1 21} ,31 29jf 47} 20 45} Do. Burden, 7s 1900 19} 313 18} 30 14 248 9* 15} 83 901 90 98 94 97 94 97 Burl. & Mo. EiT. L. G. 78 1893 94+ 101+ 101+ 107+ 107 no 108} 1101 89|104 103 116 10,5^ 113 94 112 Do. convertible 8s 1894 94 104 106} 112+ 113; 114 105 119 85 96+ 90 101 Bur. & Mo. (in Neb.) con. 8s Do. Do. 88 1883 1894 88 96 92 100 90 96 95f 102 89 94 97 103 93 1001 98 108} 89 97j 92+ 97} i,5 10.3* 86 90i 85 90} 83+ 89. 79 88 Ced. Rap. & Mo. Riv. 1st 7s 1916 80 86 86 93} 93+ 99| 99} 101+ 89i 95i 92i 96 90 94 88} 94} Chesliire, plain, 68 1880 911 93} 93} 100+ 96 100} 97 97* 82} % 35 78} 85+ 953 w Chic, Burl. & Quinoy, Ist 7b 1903 90 101} 101 107+ 107 110} 102 no 107 117 108 114* 108 115 108 114 Do. 1st 8s 1883 110 114 no 119 114} 119 111 1173 73 76 76 SO 76i 79 75 88 Cinn. S.^nd. & Clev., 1st 6s 1900 75 76} 75 83 75 80 80 86 70 83i 78 R4i 79 84 71} 83 Do. 2d 78 1890 69} 72 69} 83+ 54 79 20 57 90 96 92i 96 94 95 91 96+ Conn. & Passumpsic, 6s 1876 93 98 .... 97J 99^ 99i Paid. 98 J 100 J tl8t 101 95 993 96 97 Do. 7b 76-81 96f 100 96 99 99+ 100+ 100 101 New 96 97 Do. 7s 1K93 95 100 94} 973 97 100 99 104} 95 95 87 90 9.5} 97+ 95 97 Dixon, Peoria & Haun., 8s 1889 97} 98 102 105 107 107* 107 108 94i 100| 96i lOlt 100 96+ 90 94 98} 96} 101+ Eastern 6a 74-89 75 88 40 75 ion| 104} Do. 7s 82 87 89 96} 45 92} New 45 57 Do. new, 3*8 1906 41} 52} 48} 54 112 114 New Fitchburg, plain, 7s 1894 105 105* 105} nil 111 113 84 90 Framinghani& Lowell, 1st 7s 1R90 88+ 90 85 90 78 80 75 79 100 102 102 104} 99 103} 90 100} Grand River Valley, 2d 8s Highland Street, convert, 78 Illinois Grand Trunk, 1st 8s 1879 90 95} 85 92 89 90 101} 106} 109 109 90 93 85 90 97 100 99} 10H 92} 100} 1890 99 101 103+ 106* 110 111 95J 97f 95 101 100+ 103 90 102} Jackson, Laos. & Sag. 1st 8s 1885 95 100 93} 100} 90 93* 100 95 102* 1891 92 100 78} 97 57+ 80 50 67} 92 95 91 103 101 92 105 100 96i 90 100| 94 95 Kal & So Haven 1st 8h 1890 95 98 95 96 93i 96 95+ 92} Kal. All. & Gr. Rapids, 8s 1889 94 973 94 .96 95 95* 91 94 Kan. C. Top. & West, l8t 7s Do. Income, 78 Mansfield""* Framing. 1st 7s 1905 68+ 85 31 50 95 100 84 91} 1906 1889 85 96} 89^- 95 88 90+ 88 90 88 .... 94 95 95 100 Metropolitan (St.), plain, 7s Mich. Cen. 1st mort. A. L. 8s 1884 New 100 100 103} 103 107* 106} 108 80} 97 102i lOS 106J 111 105+ 109 98 106} 1890 99 104| 91} 106 80} 95* 116 123 114} 122 113 119* 108 115 t Do. convert. 1st 8s 1882 106 114 111} 116} 99} 102} no 117 100 114 100 89} 100 t Do. consol. mortgage, 7s 1902 89} 100} 99 107 100 106} 1885 100 104 104 109 New Bedford R.R. 7s t New York Central 6s 1894 1883 103 103* 90 98+ 103 108} 98} 104 85 95 90 941 91 96* 86 94} 100 106 102 108+ lOOi 103 lou 103 100 1023 89} 100 Ogdensburg & L. C, S. F. Ss 78-79 88} 94 89 93} 93 95 95 98 .... 100 Do. Ss 18'HI 98 100 95 100 89| 95 90 100 Old Colony, not mortgage, 58 Do. Do. 6s 1884 90 99} 99} 100+ 97 98 96 97 93 96} 94} 97? 94J 98+ 95 98 1876 975 m .... 100 Paid. Do. Do. 6s 96-97 .... 100 lOli 102- 101} 105} 100 102 102 104} Paid. 100 103i 102 104 J 100 103 99+ 102+ Do. Do. 78 1877 100} 102J 101 102 Do. Do. 7s Omaha & So. West, 1st 8s Ottawa, Os., & Fox R. V. 8s 1894 1896 1900 103} 106 85 87+ 96 99+ 106 111 90 94 100 106 108 112} 88 95 106 109 87} 94 93} 98 84} 87 92 94} 95| 102} 109} 110+ 94i 99 90 95 924 OBJ 95 9,5* 95 95} Phila. Wil. & Baltimore, 6s 1900 1887 b'ds pr. to '74 103 106 104 106} 93+ 100+ Ports.&Gt.F.(B.R.E.guar.)7s Pueblo & Ark.Val. Istg'd, 78 Quincy & Warsaw, 1st Ss Rutland 1st mortgage, 8s Do. Do. equip. 7s 1893 80 93+ 40 87 40 60+ 63 78 45} 67 77} 85 1905 97} 100* OS ^(f> 90 100} 76 95 1890 99| 100 95 98 96 98 ~ 90 100 1902 62} 80 66 75 69} 78} 45 51 66+ 80 45 55 74 85i 79i 89 60 84* 64 79 1880 62 75 43 60} .... 100 97 102 75 99 77} 87 Do. Do. Do. 83 1880 64 77g 63 67 53 60+ 48+ 60 76 85 82 84J 70 85 63 72 Stanstead She£.& Chambly, 7s 1887 60 66 48 62 36 50 30 40 09 88 71 92jj m 94+ 64} 87; Union Pacific, 1st gold, 6s 96-99 81 91} 90 103} 102 105 102} 105 99+ 100 60 771 53 86i 75| 82+ 58 77; Do. L. G. 7s 87-89 73 88} 88+ lOOi 98: 102} Do. S. F. 3d mort. 83 1H94 61* 77} 77} 94* 87- 93 89} 96 29 88 30} 87 75 86 49+ 79+ Do. Income, 10s 1874 69} 96 77i 87i 83+ 88 35 88 20 45 Vermont Central, 1,'t 73 1886 15 30 12 20 9 16+ 8* 12 34 « 35 46J 12 39 6 13 Do. 2d 7b 1891 3 8 2 6 2 5 2 3 98i 104 99| 104 74} 101 65 80 Vt. Cen. & Vt. & Can. Ss 75-77 56 79} 50 60 27 62+ 30 42} 99 104} 101 1(I4J 75 100* 63} 84 Do. Do. 83 89-91 60 SO 50 60 27 62+ 100+ 100} 30 42* 90 94 92 94 91 92J 91 92i Vermont & Massachusetts, 6s 1883 90 96} 96 101 103 104+ 99i lOOJ 99} 104 100 103 90* 99i Do. Do. 78 1879 98 100 100} 104} 100 103 100 103 96} 101 96 98 Do. Do. conv. 7s 1885 1875 99 103} .... 100 103} 105 Paid .... 105 108 108 no 95} 103 97} 101} 97+ 99 t New York prices. Notes on the Boston Stock Market. 167 RAILKOAD BONDED SECURITIES. Highest and Lowest Prices for Might Years.. — 1878 to 1886. J878. J879. J880. I88J. Railroad Sbcubities. J882. 1883. 1884. J885. jCow //)(7/i Low High Low Hioh Loic High Low High Low High Low li^gfi Low High 971 100 100 106J 105i 115 115 121 Atchinson & Nebraska 1st 7s 1907 113 1184 1184 1204 117J- 122 120 126 89\ 109J 109^ 115 112 124J 1194 126i Atch. Top. & San Fe 1st gold 7s, -99 116 12U 118 122i 117} 122} 1214 126 82 109 109 ]14i 112 124 117 124' Do. L.G. 7s 1900 1124 117 lllj 116 114 ]18i 120* 1244 47} 105i 104} 120 118 150i 107 116| 104} 108 132 152 Do. Convertible 2d 7b 1903 110 115 114 118 113 118 102 107 115 1234 103 107 Do. (Br. Bonds) guar. 7s Do. In(7ome 8 1909 111 115 llOi 114 112 1184 iis i22} ioo "iof 107 109 100 103 Paid New Do. Trust mort. 63 1911 100 102 100} 104} i6ij'i654 i62}'i65' New' 1880 m'ioo' 99 105 Do. Trust mort. 5s 1909 943 100 944 100 99 lOlj lOOi 102 New New 93J 94.V 994 92.1 99J Do. plain 5s Do. coll. mort. 443 1920 1920 84 95 79} 95 83i 85 79} 90 80 87* 824 91' 84* 95 8S| 95 87} 100 New New 100 103.1 96 1044 30 61 Atch. Col. & Pac. (giia.) 1st 6s Atlantic & Pacific 1st S. F. Os Do. Incomes 6s 1906 1910 1910 90 100 91 984 14} 37 90 94 91 98 17} 364 81 94 71} 94 94 23 86 102 00} 834 13* 27 ioej'iosi i68i'ii2" 112 117 116 119} Bos. & Albany (not mort.) 6s 1896 117 1193 118 120 118 1194 118 119, 114| 118 118' 122 121} 1264 125 1294 Do. Do. 7s 1892 123 1274 121 123 118} 123 1194 120i Bos. & Lowell (not mort.) 44s 1903 New 101 1014 lOOJ 104 104 110 i66"i62' 104} 108 'ooi'ios' 107 110 i65"i65.} 109J 113 Do. Do. 5s Do. Do. 6s 1899 1896 104 105 111 113 1044 1064 1094 111} 102 108 1104 116 107 111 i6i"i6ij 116 1194 107J 114 113i 116 115J 118} 118} 124J Do. Do. 7s 1892 117 120} 116 119 1154 118? 117 119 107-J 114 I13J 116 1154 118} 121} 126 Do. Do. 7s 1895 119 1224 1174 1204 117 121 4 120} 124 llOi llOi liej 120} 118i 126 126 129 Best. & Maine (not mort.) 7s 1893 122} 1264 1214 124 121 125' 121 1231 llOJ 116,V 1164 120} 118i 126 126 129g Do. Do. 73 1894 1234 1264 122 1244 1214 1244 1224 1244 114J 117' 117 121 J 121' 127 126 128 Boston & Prov. (not mort.) 7s 1893 123.t 126} 123 124 123 123.', 122} 1234 80 ,100 100 Wl'i 105t 110 110 112 Bos. Clinton & Fitchb. 1st 78 1890 110 115 1104 1124 1104 1144 1114 113 70 90 90 100 100 102i 102 103 Do. Equip. 6s 18&5 102i 103 1014 loa 1004 1014 100 Paid New 101 102, 1024 108 Bos. OUntou Fitch. &N. B. 6s 1910 1024 104} 1024 109s 109 1134 1134 1154 '93" ' '97J 97i 100 100 106- 1054 107} Bos. Con. & Montreal 8. F. 6s 1889 106 108 1064 1003 1014 104 103 104 1054 108i New 115 119| Do. Do. 1st 63 Do. ImprOT. 6s Do. 1st 78 1893 1911 1893 lOSf 110 108} 109 111 1174 106 108 109 109 112} 1144 103 100 1064 109 111 114* 103} 1074 106 109 ioo"i66" ioe'iii' iii "lis' 1124 1144 11 34 31} frt} 35 59} 51} 88 Bos. Hart. & E. (BurdeU) 7? 1900 44 68§ 17 514 9 18' 12 38 100 1034 112} 116 102i 100 112} 117 109 117J 114} 119J Bos. Rev. Beach & Lynn, 6s Burlington & Mo. Riv. L.G. 7s 1897 1893 111 '117 113* 115} 110} 113 116 118} 111 11].\ 113} 119' 1114 120 iogj'iis' 116 118} 100 1023 102i 108 107 113 1114 118 Do. Exemp. 6s 1918 109. 115 1104 114 109 118 117 120 .... 100 100' 103 100} 104i 100 107 Do. non-exempt., 63 1918 101} 1114 1014 106 102 106 lUG} 108} New 784 89 86 9G4 New Do. (in Neb.) 5s California Southern 1st 63 Cambridge St. 1st mort. 5s Cape Cod (O.C. guar.) 73 Cedar Bap. & Mo. Eiv. Ist 78 1910 1922 1903 1881 794 86 70 87 New 80 83} 60 70 100 1004 8O4 875 20 424 984 100" &>} 93* 27.1 50 Kill' 104} iosi'ios' lOli 107^ iosjioo' 107i 114 1664162} 113i 121i 100 Paid 120 124J 1916 ii9}'i24' ii94'i23' i2i"i2:j} i23"i'284 lOli 106 109} 113 111 117 117 120 Do. 1st 73 1894 111 1184 112 113 111 113 J 112,V 116 ion 10s 109} 113 111 116} 116} 119J Do. Ist 7s 1891 110 118 1084 llOii 108 1094 1(18', 111} Old 4U 107J 112 116i New Central Iowa Ist mort. Ts 1899 108 1151 106 iioi 99 107 85 110 97i 100 100' 105 104 110 108 112 Cheshire (not mort.) 6s 1890 105J 1104 109} ni 102 104 New 100 100| 130| 135 8} 10 50 593 lOlJ 107 77} 84 40 56 1101 lli'i 99} lOO.i 31 22 2 30 2* 221 } 2S 102} 115} 103 108} 94} 117 104 104 1103 1121 Paid 125 135 Consoli Consoli 1051 109 76 83 32 44.1 113 121" 99 101 1885. Low High 122 126 69 95} 1063 115* 971 102} 84* 97} 125 127 112 114 106* 107} 110 1251 90 1001 118* 123 96 100} 112} 1131 104* 108} 110 111 97* 106 66* 84 10+ 1115 111 112 101- 102 121 123 101 103} 89 983 11(1 111 1021 106 90 104* 110 112 rmont 58 110 112 13 20 11 5 1 12 i 12 } 1 110 114} 104} 109 113} 119J 103 105 111 112 ■ 100 Paid dated 6s dated 5s 109 113} 74} 88 33* 52* 120" 125" ,101 1101 t New York prices. AMERICAN GOLD COIN. Highest and Lowest Monthly Prices during Suspension (17 yrs,) Jan., 1S6S, to Jan. 1, 1879. Jan. L. II. 100 103} 1338160} 151S1590 196}234* 136;i44g 132 137} 1331142 13411363 11951231 110}1111 108*11 OJ 111S1141 110iH2i lll}113i 11281131 1051107i 10111023 Feb. L. H. 102^104} 1521172} I574I6I 196*216} 1353140} 135?1404 139J144 13031361 1143121* 110|ll2i 109J111 II23II6J 1111113 1131115? 112}114i 104{106i 1018102g March. L. H. 101}102} 139 171} 1691170 147*201 1243136* 133J140i 1373141S 1301132* 1101116S iioiiiii lOOfllO* 1141118} lllfllSt 114|ll7 113}115 10411051 100|102 June L. H. 1031109} 140}148S 187}262 13511471 t373167f 1368138: 139S141- 136|139l 1103114; 111.}113j 113 114} 116 118} 110*1121 1161117* 1113113 104}106i lOOHOl Sept. L. H. 1164124 12631431 186 264} 142}145 143}147i 14031463 141 146} 130*162} 112}116} 112}115J 112}115; 11031161 10911101 113J117J 109}110i 1023104 1001100* The banks having suspended Saturday, Dec. 30, 1881, gold is quoted nominally at par Monday, Jan. 1, 1862 ; later quotations are from sales in the open market. In 1864, on the passage of the " Gol 1 Bill ' ' in Congress, the price ran up from 222 to 285 (July 1), and back to 225 same day. "Black Friday " occurred Sept. 24, 1S6D. 170 Notes on the Boston Stock Market. EAILEOAD BONDED SECURITIES. Highest and Lowest Prices for Six Tears. — 1886 to 1892. J 886. J 887; 1 J 888, 1 Kaileoad Bonds. J889. J890. J89J. Low High Low High Low High how High Low High Low High P41 131 1201 129 120* 12fi Atchison & Nebraska 1st 7s, 1908 125 127i 123} 126 20 124 128i 126} 123i 125 110 ll"' Atchison, Top. & Santa Fe 1st. . . 7=, 1899 lOV 120 122 120 119 105i 7o, 1900 100 116 113 122 113 115 do. 2d Mortgage 7s 1903 109} 115 'Ir 124 115 I'^O 1" 1909 90 117 do. Trust Mortgage do. Collateral Trust do. Trust Mortgage An Plain 6", 1911 87 103 fe 88i 96 100 103 82| 98 96 102 5s, 5p 1937 1909 G61 91' 88 99} (I' 101 91 95 107J 102 102 89 97 80 91 5-, 192C 60 SO 1* do . Collateral Mortgage .... do. General Mortgage do. Income Atlantic & Pacific 1st S. F 4is 48, 6s, 4s, 1920 78 93 1989 1989 1937 78 45 74 85 59J 801 76 451 73 86 70i 79 It 69 8.3ff :": fifif Rn* S9;( 79 89 79 82* 72 ?n 31 2,3^ .39 19 27* do. Income 6s, 1910 11* 24 10 15} 98 110V- loot 112V Birmingham Equipment Boston & Albany (not mort.; 6s, 6s 1903 1895 99 llli 104* 113' 102 108 104 llli 100 105 10-^ llfii no no llfi 108 115 iw 110 1151f 109 110* do. do. Vs, 189-.; 102 106S lOOi 102+ 103 in4S 93 10.3^ 92^ 100* Boston & Lowell (not mort.) 43 1905 99i 104i 100 104 98} 1024 108 110} 103 110 103 105 do. do 41s, 19113 104* 109 104 105 llOif 113* 1051 112 10.5* 1081 do. do. 6s, 189U \,n 120° 115 190 111 115 Bost., Revere Beach. & I/ynn, lat 6s 189V 114 109} 113i 105* 109} 115 119' no 11fiV 111 112 Burlington & Missouri Riv. L, G 'iS 1893 109^ 112 103i 110 101* 105 119 125 115 120* 114 118 do. do. exempt do. $600 pieces do. non-exemp 6a 6s 6a 1918 1918 1918 ilV 120 114 120i 110 110 102 IIV 116 108 111 1021 109 104 109 106 110} 106 108} 108* 92 98 88 95 88 91} do. (in Neb)... 4s 1910 88 90* 88 90S 85 90 Ne™ 111 114 103 114 6n 1926 95 105 Not quo WA 35 091 Ofil 94V 45 89 do. Income Os 1926 27 60 Not quo ted. 104, 105 101 104 101* 103 Cambridge (Street) lat 5a 1903 103 10b* 106 106 101} 105 128 1331 130V 135V 130V- 132* Cedar Rap. & Missouri Eiver 1st 7s 1916 if* 134i 131 135i 130 134 115 118 108 115 109 110 do. do. Ist 7b 1894 I(J9 109i 1051 199} 105 109J 103 106 loot 11U 104 1091 105 105^ do. do. Is 7s 1891 104 100 103 100 100+ 122 100 125 104 115 101* 120 104 115 119 do ' do 2d 7h 1909 118 118 119i 106 101* 10.3 Charles River (Street) 6s 1904 103 105 105 102 105 110 114* 106 111 10.51 108 Cheshire 6a 1896 lovt llli 104 110 105} lOV* llOi lt4i 106J do 6s 1898 108 llli 104* 110 106 107* Chicago & North Michigan Guar Chicago & West Michigan 5s 5s 1931 1921 New 90 95 89 90S 90 95 1031 97 102 93 97 90} lOOJ 97 9S 104} 100 105V 95 101} Chic, Burlington & Northern Is fas 1926 98 104* 95 lU4i 97i 103 100 104 100 106* 85* 101 do. Debenture . . . 6s 1896 93J 100 91 104* 98 102 88 106 94 95 107 96* do. 2d Gs do. Equipment.... 7s Chic, Burlington & Quincy (old) 4s 1918 1903 1919 94 99} 94i 101} 107 97V 91 100 91i 104i 106} 96* 99 104 88i 102* 106 97 101 95 981 92* 97 100^ 88 97} 89* 92* do. Denver Extension 4s 1922 91 ysi 85 951 84 92 90 9R» 801 93 861 90 do. So. West Division 4s 1921 8V 931 81 91S 80 89 110 112 107^ 11H 107} 108* do. Iowa Division . . . 5a 191!) 106 112 100 110 103 105 100 107 102, 107} 100* 104 do. Debenture 5s 1913 103 105 97 104 97 100 do. Convertible do. Sinking Fund. . . . 5s 5s 1903 , 1901 New 104i 107 99 100 112 108+ 99i 100 112+ 107i 1111 1051 111 10.5* 108 103 104 105 100} 104 101 102(t do. do 5s 189b lOOjh 102 100 101 s 99 101 131i 117 135} i2o;> 1274 llfi 133J 119 128^ 113 131 do 1903 1"5 130 120 127 117 122i 107* lifiV do. Plain 7s , 1890 mi 114 106 112* 105 lORi 111 lOfi 108^ 104+ 106 do . Trust Mortgage . . Vs , 1890 102i 104i lOOi 1U2 Paid. 100 105 90 102^ 84 96 Chicago, Kansas & Western 1st. fas 1926 62 88 Now Ate hison. 50 72 4fi 75 W .53 do. Income 6s 1926 12 30 Now Ate hison. 100 100 103} 102 99i 100 102 100* Chic, Santa Fe & Califoi-nia 1st. 5a Cincinnati, Sandusky & Cleve Ist Oa , 1937 , 1900 Now -Ate lOOi 102 hison. 100 101} 100^ 104 100 100+ New. 100 103i lOOi 99* 1024 102V do. do. 5s do. do. 2d 7s , 1928 1890 102i 100 105} 102} 104} 100 107 lOO.V 104 Paid 105* 100 lor. 1890 IMfl no,', 107 109} 107 108jV Columbus, Springfield & Cincin 78 , 19U1 lUV} 114 Not quo ted. Concord & Clareraont Connecticut & Paasumpsic 1st. . 76 7s 1894 , 1893 105 103i 108 109i 104 102i 106 117 120V ion 116^ 110 111* 109V- 110} 106+ m 921 80 98 82 89 Consolidated B.R. of Vermont 1st 5s , 1913 83 90i 84 89.V Sb 92 New. 119 1251 91* 11.5} 97i 120 Current River 1st 5s Detroit, Lansing & Northern Ist 7s , 192V 1907 93 100 101 119* 100 100 102 108* 94 104 100 12,0 127} 109 12U 1351 120 129 120 125 EastenifCertfs.Indebtedness)lst Os , 1906 124 128 123 126 120 124 lOOi lOU 97i 100} 97 i 100 *E8SPX (BartemR.R.G-uar.)lst. fis 1891 9V} 99i 98 100 99 lOOj * Essex R.R. 6s (41s previous to 1889.) Notes on the Boston Stoch Market. Ill EAILROAD BONDED SECURITIES — Coni^mwec?. Highest and Lowest Prices for Six Tears. — 1886 to 1892. J886. J 887. 1888. Railroaj) Bonds. J889. t890. 1 89 1. Loio High Low Ilifjh Low High Low High Low High Loiv High 93 102 92} ^l'^ Fitchburg (Not mortgage) 43, 1 905 do dn 4q 1907 92} 96 92} 96 95 970 OH '075 93} 98 93i 98} 99} 101 107 108 103 10o| New 101 101} 105} 103} do. do. 4}s, 1897 do. do 53, 1908 do. do 63, 1899 100 loii'ioo loi} 106f 109^107} 1091 102} 105} 103 105} 1041 100 llOi 113 101 HH 119 120i 109i 119 1U8- 110 do. do. 6s, 1897 108} 110 1107 111} 107 108 121 ns\ 113 120' lOVl 113 do. do 7s, 1894 110} 1111107 110 104 107 110 Hit 111 112 110 114 Florence, El Dorado & Wal. Valley 7a, 1907 Ft. Scott, So. East & Memp. Ist. 7s, 1910 112i 114.i 110 113} llOf 112 Not quo ted. 109 112 117 126 115 123i 117J 123 Frem't, Elkh'n & Mo. VaUeylst. Os, 1933 122} 126 |119 1231 117} 122} 119} 97} 103} do. do. (Unstamped). 6s, 1933 Grand Rapids, Lansing & Det. . . 6s, 1927 Higliland (St.), Not mortgage ... 5s, 1902 118} 1231113 122 96 98 i 93 97 97 85 85 105 109i loi 107 101) 103 104} 101 105 102 103| 121 i 130 Paid in ,S7f c.k. do. (ConTertible) .... 6s, 1887 1 112,V 114i 108 114 do. (Convert, at maturity) 63, 1898 126 121} 126 122 106 106} 104 106 118 120} New 105 106} Hunt'ton, Tell City &Cannelton. 63, 1927 Illinois Grand Trunk 1st 8s, 1890 1081 113J 1041 110' 105 1063 101 106} '1001 loia Paid, 1890 130J 135 129i 136 129 133 Iowa Falls & Sioux City 1st 73, 1917 128 132*126} 131 105 108.} 101 105 122} 1281 113 1181 107i 113 lOY 109 Jackson, Lansing & Siginaw 8s, 1891 100 101 104J 107i lOOi 104} 100 VnA. KaUmazoo,AUegan& Gr.Rap. 1st, 83, 1888 104 110 lOli 104i 101, 103} Kalamazoo & South Haven 1st. . 83, 1889 100 Paid 1 Kansas City Belt 1st 6s, 1916 K. C, Clinton & Springfield 1st. 6s, 1926 113 116} 114 115} 95 lOUl 98 100} 105 114 103 106.J 95 105i 95 100 89 1001 115 120 114} 118J 116 117 K. C, Ft. Scott & Gulf Ist .... 7s, 1908 115 1188 1145 118} 110} 116 114 120 110 114 do. do. Branch bonds, 7s, 1910 K. C, Ft. Scott & Memp. 1st. . . 6s, 1928 K. C, Lawrence & So. Kan. 1st, 68, 1909 K. C, Memp. & Birmingham ... 5s, 1927 K. C, Memp. R. B. & Bridge. . . 5s, 1929 K. C, St. Joe & Council Bl'fs Ist, 7s, 1907 llOJ 110 90 113} 111 116 10.S 11.51 991 111 110 114i 113 115| 801 97 115 95 95 107 100 103*^ 90 100} 115 121 122 127} 1181 120 117^ 122 120 125 1118 122 108J 111} 108} 113 111 113} K. C, Spring. & Memphis 1st. . . Gs, 1923 SeeK.C, 'f. S. & M. 6s, 1928. 126 127J- 123J 127 170 1241 Kansas, Topeka & "Western Ist. . 7s, 1906 106 120',- (Atchison) 112 118i 114 116} 110 115 Km., Top. & Western (Income). 7s, 1906 Kansas City & Cameron 1st 10s, 1892 Leav.,Top.&S.West(Atch.Guar.) 43, 1912 do. do. (ir.P. Guar.) 4a, 1012 121 126^ 116 122} 115 120 Not quo ted. 60 76 i 78 85 79 84 76 80 76 85i 75 81 73J 78J 68 79}] 70 72 Lincoln & North Western 1st . . . 7s, 1910 Little Rook & Ft.Smith, L.G. 1st 7s, 1005 125 120} 122 126} 96 108} 95 100} 113 118i 108 115 1041 110 90 98} lOOi lOli 100 103 95 lOOi do. do. Scrip . . 7s, '88-'94 96 101} 100 100} 94} 100 Louisv., Evansv. & St. Louis 1st. 63, 1921 do do 1st 6s 19'^6 100 105 104 112 104 1071 106 110 100 1051 105i 103} 108 82} 88 104 105 46 GO 58 80 89J 106 109 112 list 108 112i 108 108 Lowell & Andover 1st 6s, 1894 108 109 110 111 111 114 108 114 107 108 114 1161 110 115 108 110 Lynn & Boston let 6s, 1900 108 110 109 110 108 109 103 106i 102 105,V 101 102} do. do 5s, 1900 102} 105 102 105 100} 102} 103 107 103 107 No sales. Maine Central (coll. trust) ..".... 5s, 1923 No sales. 105 106} 103 106 do Iht 6s 1900 114 114 110 118 110 113} ted. 107 110 105 108 103) 106} do. 10-20 year 0^, '95-1905 103} 106 Not quo 1271: 1331 129 135 129 134 do. consolidated mortg. 7s, 1912 131 132|'130i 132} 131 135 113 118 110 113} 108 110 Marquette & Ontonagon lat 8s, 1892 107} 110 102 107} 101 104 100 1081 100 106} 100 104 Marq. Hought.&Ont. consol. mtg. 6s, 1908 104} 108 100 105 102 104} 96J 105 951 103 92 99 do. do. Extension 1st, 6s, 1923 93 106}'100 105 100 101 88 102 96} 101 92 96 do. do. lat 6s, 1925 92 108 100| 106 100 101 103 103i 99 ■ 103 100 101 Massawippi 1st 6s, 1889 100 Paid. 120 120 120 124} 116 120 Memphis, Kansas & Colorado 1st, 73, 1910 116 118 115 117 Not quot.' 107f 110 113| 116J 1011 110 lOlf 103 Metropolitan Street (Not mortg.) 5s, 1903 103 105} 104 106 103 104 107 114| 107 108^ do. do. 6s, 1897 107} 110 106} 110} 105} 107 35i 601 32i 578 66| 81} 73 • 75 ed 4 per 05 78 491 76i 621 71} do. Scaled 4s, 1911 64} 73i 081 74 34 66J 50 75 73 103 64 91 71 101} do. Bond Scrip — Con do. Scrip (funded int.) 10', 1883 do. 1st Income 33,1911 vertpd int 100 Paid. Bonds. 55 92 5f 22 15} 27| ^ ew 29 37 30 46 32 40 16 24- 15} 22} 101} 105 101 103 17} 32} CaUed. 100 Paid. 17} 25 53 86i 79 104 103| 108} 97 103J 102 106 105 do. Debenture 10s, 1895 Michigan Cent.(lst mort. on A.L.) 8s, 1890 Michigan Air Line 1st mortg. 83, 1890 108| llli 108 110 102 107" 103} 101} 104} 1001 lOU 100 Paid. 106 106^ 103 1061 lOOj 101* Middlesex (Street) Not mortg 6s, 1904 101} 105 104 1058 103 104} 111 1121 106 108 lObij 106 do. do. do. ... 6s, 1897 106 109 106 109 105 106 114 120 111} 1191 111, 116 MQwaukee & St. P'l(Dubuq. Div.) 6s, 1920 nil 114 101} 106} 109} 113 106 114} 105 112 105 1121 100 106} do. do. (Wis. V. Div.) 6s, 1920 103 107} 102} 108 llOj- 111 110 110 108 110 106 108 107} 108} 108 109 103 107 1021 105 104 106} 105 108 105 106 do. do Plain 5s, 1900 106} 107 Naumkeag (St. ) Debenture 5s, 19D7 do. do. 1st 6s, 1906 100 101} 100 100} 93 100 103 104| 104 105} 98} 102 115 110 112 115 no; 113 Nebraska (Burl. & Mo. guarantee) 7s, 1896 111 111} 108 112} 106 108 103 108 110 112J 101 J 108 N'port&Rich('d(Ct.&PaB8.guar.) 63, 1911 103 105 101 105 101 105 123 129J 116S 127 1191 128 115 121 122 126 New Mexico & South-m Pic. 1st 7s, 1909 New York & New England 1st . . 7s, 1905 102} 110} 124 129 (Atchison) 120 127 122 130i 118 124} 115 120J 108 lis 110} 116 do. do. 1st . . 63, 1905 114} 120 110 117} 110} 116} 103} 117j 99| 108} 10(1} lo; do. do. 2d . . 6s, 1902 105 110| 99} 1081 100 106} 90 98.V 90 95 90 98 do. do. Scaled *3s, 1902 96 105 jlOO 105 98 103 *Became 6s February 1, 1892. 172 Notes on the Boston Stock Market. EAILROAD BONDED SECURITIES — Continued. Highest and Lowest Prices for Six Tears — 1886 to 1892. 1886. 1887. Low High Low High 111 112 lllJ- 116J 90| 102} 103 107i 106^ 110' 94.V 104} 26" 47i 111 105 113 86 35 110 113 112 116 98f 1051 100 106 102} 105 98 105 36^ 47i llOi 1121 117^ 119:' 119J 121i 1211 122j 121 124 121} 125i 86i 961 1011 lOOi 95} 106 125 129i 112 115 107 109J 125 130 100 104i 122i 127} 100} 103 108 1131 106 107^ 111 114' 105J 113} 81 188S. Low High 110 114} 102i 100 New 102} llOJ 110 HI 1174 119} IIU 1201 1131 121 116} 123 92 98: 964 lOif 934 104i 1241 130i 110 112' 105 1081 118 126 99} 104} lie 125 100 102 113 117i 106 109} 98t 1074 100' 121 75 85 1114 114 103 1021 110 104} 88 105 109 107 994 91 75 884 110 106} 1051 111 112 1131 ---• 114 .... 115 .... 116i .... 1151 1105 113 1101 118 95 594 New New 1244 1261 108 1104 109 107 113 1104 99 114 109 109| 115 102 95 97 1141 106f 108 110 112 113 1144 1164 110 Kailboad Bonds. 100 103 nil 111 112 1131 116 94} 964 98 124 108 103 118 115 99 1134 100 113 1154 1054 113 1064 108 115 nr 864 46' 991 864 991 45 120 104 128 108 85 34 120 103 113 1161 109} 102 102 37 1261 110 105 124 104 103 108 107 94 1074 109 106 85 92 80 76 110 100} 108 97} 110 111 1121 113 1134 114 102} 102 112 1889. 1890. 1891. Low High Low High Low High Nodaway "Valley let 78, 1920 111 Northern Pacific Ist 68, 1921 111| do. do. 2d 6s,1933109| Ogden8buig& Lake Champlain Ist 63, 1897 lOOJ do. do. S.P..8a, 1890 do. Con8ol. mort..68, 1920 do. Income..38 & Os, 1920 Ogdensburg Transit, guar 6a, 1909 104 Old Colony (not mortgage) 4s, 1938 106 do. do. 448,1904 1114 do. do. 6a, 1895 1134 do. do. 6s, 1896 1141 do. do Gs, 1897 1154 do. do. 7s, 1894 1194 Omaha & South West 8s, 1896 104 Oregon Improvement Gs, 1910 102 Oregon Navigation, con. mort 5s, 1925 1094 Oregon Short Line 1st Gs, 1922 Oregon Short Line & Utah North. 5a, 1926 Ottawa, Oswego & Fox River Val. 8s, 1900 PhUadelphia, Wil. & Baltimore... Gs, 1900 do. do. ...6s, 1910 Pleasant Hill & De Soto 1st 78, 1907 Portland & Kennebec, con. mort..6s, 1895 Portland & Ogdensburg 1st 6s, 1900 Portsmouth, Gt. Palls & Conway 44s, 1937 119 Pueblo & Arkansas Valley 7s, 1906 100 Quincy, Alton & St. Louis 5s, 1896 Quincy & Palmyra 8s, 1892 1061 Quincy & Warsaw 1st 8s, 1890 105 Republican Valley 1st 6s,1919 110 Rich HiU 1st 7s, 1910 1091 Rutland 1st 6s, 1902 98 do. 2d 5i, 1899 1084 Saginaw & Western 1st 6s, 1913 110 Salem & Lowell 1st Gs, 1898 107 Sioux City & Pacific 1st 6i 105 Sonora 1st 7s, 1910 99J Southern Kansas 1st 5s, 1926 994 do. do. Income 6s, 1927 95 do. do. (Texas Division) 5s, 1527 112 Southern Kansas & Western 7s, 1910 102 South Boston (St.) 5s, 1906 110 Sumner County 1st 7s, 1910 104 St. Joe & Grand Island 1st Gs, 1925 113 Tarkio Valley Ist 7s, 1920 1134 Union Pacific 1st 6s, 1S96 1134 do. 1st 6s, 1897 1144 do. 1st Gs, 1898 1144 do. 1st Gs, 1899 1204 do. 3d 8s, 1893 do. coll.trustgoldnotesOs, 1S94 Union Pacific, Lincoln & Colorado Ss, 1918 1054 Vermont & Mass 5s, 1903 1084 Wichita & Western 6s, 1914 115' Wichita & South Western 1st "3, 1902 Wisconsin Central 1st series 5e, 1909 do. do. 2dseries 7s, 1909 92 do. do. 1st mort 5s, 1937 46 do. Income, not conv 58,1937 125 Wisconsin Valley 1st 7s, 1909 1044 Worcester, Nashua & Rochester. .5s, 1895 111 117} 114 102 1084 112 1134 116 110 *111 Paid. 106 25 104 108 106 1091 nil 111 113 1144 1144 116 113S 1144 1171 120 101 104 \m 1054 113 1091 1201 109 104 1071 117 1004 1011 100 106 1034 104 1081 111 106 56 77 68 65 105 102 100 103 111 1111 1114 113 114 113 1274 110 106} Not 1124 118} 1044 116 100 1084 1051 1074 Not 113 1004 1084 113 1084 87, 96} 92 83 113 105 112 106 111 1151 1174 1181 1184 107 109 1134**1164 109} 1111 1004 104 18 22} 95 100 104 1074 1034 1091 1081 110 106 113f 1074 115| 108 112| 112 1171 804 103," 94 102: 96 113} 80 95 118 1201 110 112 105 109J quoted. 106 109 115 118} 103 1074 95 100} 1014 106 1004 1024 106 107} quoted, 107 113 98} 1014 95 100 108 114 1074 1114 102 1054 19} 28 90 96 102 1054 104 106 103} 1074 105 110 106 110 1041 1074 108 112 90 86 98 66 92 104 80 118 120 107 110 104 1061 111 1164 102 1034 97 100 1004 102 Paid. 1014 1061 1064 110} 984 1001 96 98 107 108 1()8 1114 99 1084 109 109} 1121 113 96 106 73 100 86 34 1224 1044 101 1074 100 113 Not Not 97J GO 125 105} 1054 112 111 1124 1154 116 113 85 1011 106 107} quoted. quoted. 90} 991 30 GS4 122 ■ 1234 100 1064 104 105 81 99 107 109 1041 1084 107 llOJ 107} 112f 110 114 103J 107} 92} 93 70 854 106 106' 88 95} 29 48 119 1224 100 103} Highest and Lowest Prices for Six Years — 1892 to 1898. 1892. Low High 189S. Low High 1894. Low High 122 125 81 84 120 62 124 831 1211 124 61} 77S 53 66} 37 674 14 374 521 584 284 661 164 38 374 93} 50 5 43 100} G8i 11 19} 40 ^^1 ^ ■I'i 5 75 76 1021 1031 108 110 10G4 1003 904 101 094 72 10 141 106 lOG 1101 1124 1024 107" 105 1101 Railroad Bonds. 1895. Low High 1896. Low High 1897. Low High 123 62| 68 124 81} 84 116 66} 691 122} 804 80 118 123i 784 894 35 15 17 69} 37J 28 51 43 60} 20 28} 103 103 45 55 3 4} 75 774 Paid. 1074 110 105 1063 39 1 75 45 3 75 mi 55 60o 75c 70 72 106 1114 108 1051 1054 1064 104 106 Atchison & Nebraska 1st 78, 1908 Atch.,Top.& Santa Fe, Gen.mort. .4s, 1989 do. do. Trust receipts 4s, . do. do. .Income 5s, 1989 do. do. Ad justment. . . 4s, 1995 do. do. :^d, class A . . . , Ss, 1989 do. do. Trust receipts. 3s, do. do. 2d, class B 4s, 1989 do. do. Guar, notes . .Gs, 1898 Atlantic & Pacific 4s, 1937 do. Income 6s, 1910 Birmingham Equipment 6s, 1903 Boston & Albany (not mortgage) .6s, 1895 do do. 53, 1902 do. do. 4s, 1913 Notes on the Boston Stock Market. 173 RAILROAD BONDED SECURITIES. — ConrSmweJ. Highest and Lowest Prices for Six Tears — 1892 to 1898. 1892. Zow Jligli 100 101 105 105 105| 106= 106 108 107-J 108 100 102 New 100 101' 102J 1043, 102' 103i 101 102| lllj 113i 111 114" 100| lOIi 101 102* 105 106j 107i 108J 102 1033 115 117* 113^ 115| 106J 108* 85i 93' 103J 1055 133 136i 102| 104* 94i 98J 102 105 99J 103 102 104i 91J 95* 91 93* 86 90" 86 90 104i 106} 103i 112 100 1021 1013 103 101 101 119* 123 106 106} 105 106 189S. Low Hi(jh 98J 100 102 105 103 1051 Vi\\ 106 104 107 97 100 New 105 108 100 Paid. 99J 102J 99i 102 100 100* 110 112" 110 113 100 1001 100 lOOi 103 loel 105 106| 100 101 111 110| 110 116 101 107* 88 93" 97J 103J 124 136 100 lOlf 102J 1058 99 103 106 106 100 105 108 108 10?, 108 85 921 69 89 New New 100| 103 91 99 90 95 lOlJ 108* 120 124" 90 99 New 101 102g 104 105* 105i lOOj New 108 1093 107 KIS: 103i 105 1 109 10'.)* 122 I23.V 120 iL'" 1023 104 120| 122 128J 131J 108 Uli 75 93 109* 112| 100" 107J 40 60 60 971 New 94 104i 95 101 91J 103 88 94} 85 93} 80 88J 84 87} 100 103 89 100 96 102| 99 Vfi\ 98 100 108* 121 101" 107* 101 105 20 75 97J- 97J 100 102 100 100* 87 99| , 1894. Low High 99* 102 103* 106 1042 105| 104 100 101* 103: 100 103 100* 103 108" 113 100 Paid. 103i 107 Paid, 1893 113i 114} 113 118 Paid, 1393 Paid, 1893 99 1(14 105 105} Paid, 1893 113.1 117 llli 115J 104 106i 90 97 lOOf 105 131} 136} 100 Paid, 123| 128 101} 102 102* 103J 105 106} 53 75 New Railroad Bonds. Boston & Lowell (not mortgage) . . 4s, 1905 4is, 1903 .6s, 1899 .Os, 1S9G .7s, 1896 .4s, 1937 .4s, 1942 ..4is, 1944 ...7s, 1893 s, 1894 do. do. do. do. do. do. do. do. Boston & Maine (not mortgage) do. do. do. do. do. do. do. do 60 693 87 106} 114 121} 94 98* 921 95' 100 101} New 102 105 102 106* lOlJ 103' 103* 1093 103* 107 101} 103} 105 109 115 122» 114* 121 100" 103* 110 126} 120 131 103 110* 69 77* I'OO 111} 82 106} 23 4£ New New New New 101} 104} 96 101 99 102} 93} 98} 88 94 84* 91 87} 89} 101} 106 99 104 97 100 102| 104} 100 lOOl 118* 12l| 100} 102} 101 105*. 10 30" 90} 103 102 103 Paid, 1893 84* 90 GO 85 117} 1l;2' 95 100 94} 100 100* 101 1031 1(15 1023 104 102 106 103 106} 104 109 104 1068 100 101} 99} 103 122} 127 120} 125* 100} 104" 110 110 125 131} 99} 103 60 85 107} 111} 76 100} 22| 35 50 05 46 67 13 25 12 27* Boston & Providence (not mortg.) 4s, 1918 do. do. 75, 1893 Bost.,Clint.,ritch.&New Bedford 6s, 1910 BoBt.,Concord&Montreal Improv.Os, 1911 do. do. es, 1893 do. do. 7s, 1893 Boston Consolidated (St.) 6s, 1907 Boston, Revere Beach &Lynn Ist.Gs, 1897 Burlington & Missouri (L. G.) 7s, 1893 do. (Exempt) 6s, 1918 do. do. SCOO pes. 63, 1918 do. Non-exempt Gs, 1918 do. 4s, 1910 Cambridge (Street) let mort 5s, 1903 Cedar Rapids & Missouri 1st 73, 1916 do. do. 7s, 1894 do. do. 2d 7s, 1909 Charles River (Street) Ist 6s, 1904 Cheshire (not mortgage) Gs, 1896 do. do 6s, 1898 Chicago & North Michigan 1st 5s, 1931 do. do. Scrip.. 5s, 1904 Chicago & West Michigan Ist .5s, 1921 do. do. Scrip.. 5s, 1904 Chicago, Burlmgton & North 1st. .5s, 1926 do. Debenture.. 6s, 1896 do. 2d Gs, 191 Chic, Burl. & Quincy (old) 4s, 1919 do. (Denver Exten.) 4s, 1922 (So. West Div.) 4s, 1921 (Nebraska Exten.).. 4s, 1927 (Iowa Div.) 5s, 1919 (Convertible) 6s, 1903 Debenture 5s, 1913 Staking Fund 6s, 1901 5s, 1895 Consol Mortg 7s, 1903 7s, 1896 Cin., Sand. & Cleveland Ist 5s, 1928 Cleveland & Canton (Equip.) 5s, 1917 Concord t& Montreal Consol Mortg.4s, 1920 Connecticut & Passumpsic 1st 4s, 1933 do. do 7s, 1893 Consolidated R.R. of Vermont 1st. 5s, 1913 Current River 1st 6s, 1927 Detroit , Grand Rapids & West 4s, 1946 Detroit, Lansing & Northern 1st. .7s, 190' Eastern Certil's of Indebtedness . . Gs, 1906 Fitchburg (not mortgage) 4s, 1907 1895. Low High do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. do. ..4s, 1920 .4*s, 1897 .4As, 1914 ..5s, 1899 ..5s, 1901 ..5s, 1903 ..5s, 1908 ..6s, 1897 .7s, 1894 Ft. Scott, So. Bast & Memphis 1st. 7s, 1910 Fremont, Elkhorn & Mo. Valley. .6s, 1933 do. (unstamped). . .6s, 1933 Highland St. (non-convertible).. .5s, 1902 do. (convertible) 6s, 1898 Iowa Falls St, Sioux City 1st 7s, 1917 Kansas City Belt 1st 6s, 1916 K. C, Clint. & Springfield 1st. . . .5s, 1926 K. C, Ft. Scott & Gulf 1st 7s, 1908 K. C, Ft. Scott & Memphis 1st. . .6s, 1928 K.C.,Memp.& Birm.lst(assented) . 5s, 1927 do. do. New .... 3s to 4s, 1934 do. do. Scrip 4s, do. do. Income 5s, 1934 do. do. do. Scrip.. 100a 104} 103 105 103 104} 100 102} 100 Paid. 102 104* 102} 105,* 113} 116" 114 115 118 122 104 105 102} 105 113* 11 7 J 112* 116" 103" 107* 97 99} 104 105 136 136* 189G. 1897. Low High Low High 101 104} 101} 104S 101} 103* 100 Paid? 100 103* 100} 104} 113* 115} 103} 106} 112 114 118 121 104 105* 100} 102} 126} 128 103} 104} 100 102* 104 106" 60 78} 60 63 66 102* 106 97" 100 96 100* 96* 100" 93} 98} 87 91* 87 90i 104 lOG" 98} 106.} 993 103* 1023 105" 100 Paid 117 120} 100 102} 105 108f 17 35 102 103= 102 104 83 61 60 72* 118 121] 100 101* 100 102' 101 101 106 108 102* 104} 104" 100} 106 108 109 111* 102 105} Paid, 1894 102 105 125 131 124 129 103 1041 111} 113} 127 130 102 106 61 85 110 115 93 100} 111 116} 110 116} 105 107 90* 99 104* 1043 134} 135} 106 107 104 104} 102} 103} 103* 107 104} 107* 116} 120' 106} 107} 113 114 121 125 105 106 100 Paid. 116* 120 116} 119* 107 108" 98 99} 104} 106 135 138} 125 120* 103* 105" 100 Paid 102* 1033 40' 65 35 59 38 70 40 00 98} 104 98 100 92 100 90 98} 89 95} ■ 86 89 86 90 100 105 90* 102 96' 100 100 103 125 126 104} 105} ioii'ios' 37} 68 37 55} 45 67 47 67} 103} 107} Paid, 18915 98 101* 96} 101* 93 99} 88 953 88 963 105 110 98* 1 10* 97' 103} 101} 103} 110 117} 113} 117 100 Paid. 103 1071 107 114 16 17 102 104} 102 104 60 89} 55 70 New 55 70 117 120} 95} 101; 96 102 99} 100} lot 108 100* 102} lOOJ 106 101 107 103 110} 101 103 7 15 1043 106 103* 106 50 50 75 72} 101 103} 122 129} 120 127} 100} 105 110" 112 125 129* 100 102* 67* 81" 106 114* 80 97} .52 66 50 69 50 !.:> ,59 7(i 8 23 16 24 8 25 15 25 Closed. 118* 121 101" 102* 101* 105' lOO'Paid. 107* 111 101* 103 1041 106 105} 106| 110} 111 100 Paid. 102} 103 128 135 127 134} 103} 105} 116 6151 127f 130 104 107 50 80 106} 118} 77* 103 65} 78 73 89 18 .35 17* 34} {a) Boston tfe LotveU,4Boi 1932, after 1894. (6) Convertible into "Highland " stock — redemption contested. 174 Notes on the Boston Stock Market. RAILROAD BONDED SECURITIES. — CowcZwc^ed Lowest and Highest Prices for Six Years — 1892 to 1898. 1892- Loiv Hlah 90 07i Vml 124' 92 97 108 1114 107J 108 104J 107 lODJ lOlJ 106 107 New 111 112 134J 137J, 100 107 •110 115 103 1051 1051 WG| 628 72J 21 37J 9| 23J 104 105" 105 105. 114 117i 108 110' 105 105 101 103J 108 110 104J 107| 118 12l| 109i 114 lOOJ 107 108 109} 115 117i 111 *112} 103 110 20 32 92J 95 102* 1041 104' 107i 104i 105 106 108 108 109 J 103i 106 1101 112 *99i 103 90 92 99} 1051 71} 81} 119 122J 107 llOJ 102} lOii 111 113J 105 111 98} 100 103} 107} 109} nil 99} 101} 108 109J 91 941 107} 1085 104 105| 108 109} 104} 1061 105} 108S- 108 110} in 112' 101 106} 921 97} 72} 80 106 107 New 88 94 30 421 120 124 101 KG 189S. Low Hlqli 1894. IjOW High 85 97} 113 121 73} 98.V 101} IIU 102 lUYl 102 104} 100} 103t New ' 94} 99 lOU 105 103} 106| 106 111 127} 130} 102 105 100 111 101 104 101 105} 41 66 K 24 5} 12 100 104} 102 105 107 m 104 111 102 106 100 101 105 109 104 1061 100} 120} 95 112} 85 105} 101 108| 100 118 80 115 98| 107} 18 30| 90 93 981 102} 102 105 101} 104} 101} 106 103 108 100} 1021 108 1121 89} 105 38| 63} 60 92} 67} 107 48 78: 116 121 106 109} 99} 103} 100} 111} 100" llOi 95 99 100 105} 104 111 95 1011 103 108 67 96 103 107} 101 105 101 1083 100 105} 104} 106 106} 108} 106 no 95 101} 80 99} 75 84 105 107 100 104 New 60 93 10 36 115 123 100 101} 93 98 117 124 70 96 90 1043 103 1061 105 110} 101} 101} 96 100 101 102 1043 106 1061 llOJ 125 135 101 104} 100 101" lOlt 102} 104 105 47 581. 8} 15} 6 8} 99} 103 1023 1033 115 119 107} 116 80 81 103 105 Paid 1893. 103} 105 105 107 105 117} 100 112 82 104} New 103 106 »105} 1161 1\\ 89} 100 104} 12i 19} 90' 92 102 105} 104 106 101} 103 103} 106} 100 107} 100 lOOi 104 108" 92} 106} 46 651 60} 76 75} 91 48| 54} 118} 119} 106 109} 101 102 107 108 106 110 98 99 102} 106 109 111 98} 102 104} 107 67J 02 103 103 lOOi 102 103" 106 101 105} 102 1053 103} 107} 103} 107} 97 101 863 Sli 37 49 106 107 993 1045 94 104 49 76} 7 18} 120 123i 100 100} New Kailboas Bonds. 1895. Low High K. C, Memphis Ry.& Bridge 1st.. 5a. K. C, St. Joe & Council Bluife l6t.7s', Lincoln & North "Western Ist 7s, Little Rock & Ft. Smith 1st 7s, Louisv.jEvanavilleiVr St. Louis 1st. Lowell & Lawrence 1st 68. Lynn & Boston 1st 6s, do. 1st do. 1st Maine Central 1st 4s, do. CoU. Trust do. CoU. Trust Mortg. . 5s, do. 1st 6s, do. 1st 7s, Marq, Houghton & Ontonagon 1st Memphis, Kansas & Colorado 1st. 7s, Metropolitan (St. ), not mortgage. i6S: do. do. . " , Mexican Central 1st 4s, do. 1st Income do. 2d Income 3s, Middlesex (St.), not mortgage 63 do. do. Milwaukee & St. Paul (Dub.Div.).6s. do. (Wi5. "Val. Div.).6B, Missouri, Kansas & Eastern 1st. . Nashua & Lowell (not mortgage). . 5s, do. do. Nebraska (Burl. & Mo. G-uar.) 7s, Newport & Rich.(Ct.& Pass. guar. )6i New York & New England Ist 7S; do. do. 1st... do. do. 2d Osi New England Railway 1st Nodaway "Valley 1st 7s, Northern Pacific, Gen'l mort. l8t.6,s. do. 2d - Ogdensburg Consolidated 1st 6Sj do" do. Income.. 6s, Ogdensburg Transit 1st 6s, Old Colony (not mortgage) 4s, do. do. 4}s, do. do. 5s, do. do. do. do. 63, do. do. 7f Omaha & South "Western 1st 81 Oregon Improvement 6f do. Consol. mortg. . . 5s, Oregon Navigation, Consol. mortg . 5s, Oregon Short Line lat 6; , do. Trust receipts — do. - Ottawa, Oswego & Fox River "Val Phila. , Wilmington & Bilt . 1 st . . . Portland & Kennebec 6s, Portland & Ogdensburg 6s, Portsmoutli, Q-t. Falls & Conway 4}s, Quincy, Alton & St. Louis 5s, Republican "Valley Rutland 1st 6s. do. 2d Salem & Lowell 1st 6s, St. Joseph & Grand Island 1st 6s. Sioux City & Pacific 1st South Boston (St.), Plain 5s! Tarkio "Valley 1st li. Union Pacific (gold) 1 st 6s, do. do. 1st 6s, do. do. Ist do. do. 1st do. 3d mortgage do. Collateral Trust Notes. 6s, Union Pacific, Lincoln & Colorado . Vermont & Massachusetts "West End (Electric) Street Ss^ do. do. do 4}i do. do. do 4sj "Wisconsin Central 1st 5s, do. Income "Wisconsin Valley 1st 7s, "Worcester, Nashua & Roch. 1st. . .5s, do. do. do. 1st. ..4s, 1929 1907 1910 1905 1926 1897 1900 1900 1924 1920 1912 1923 1900 1912 1925 1910 1903 1897 1911 1939 1939 1904 1897 1920 1920 1942 1900 1893 1896 1911 1905 1905 1902 1945 1920 1921 1933 1920 1920 1909 1938 1904 1895 1896 1897 1894 1896 1910 1939 1925 1922 1919 1900 1900 1895 1900 1937 1896 1919 1902 1898 1898 1925 1898 1905 1920 1896 1397 1898 1899 1899 1894 1918 1903 1902 1914 1917 1937 1937 1909 1895 1930 1896. Low High 95 103 120} 124 120 122 93 97 100 107 103 106 108 110} 98} 98} 101 101} 100 101 100 105 105 1070 108 110} 134} 137} 103 108 99} 101 103 107 102 1041 54 70| 9} 25 5 12| 103 105 102 1033 117 121 116} 118 80 87} 103 105 103} 102} 107 41} 64 5 14} 121 126 100 Paid. 102 104 1897. Low High 99| 101} 112 122} 120 122 70 96 96 107} 100} 103 105 108 100 103 100 101} 100 102" 101 106} 105 107} 105 108 132 136 106 107 100 102 105 105} 100} 102 61 7U 15 24" 6} 11} 104 1043 100} 102 1151 119} 115 118} 80 ."- 101 103} 100 Paid, 104 100 115 120 107} 113} ' Paid. 100 100 103 105 109} 118 100 117} 73 108 1 80 103 105} 103} 105 100 Paid 100 102} 100 Paid 72 91} 10 36 80 97 103} 113 103* 1121 55" 69} 110} 1133 105 107* 105 109 112 115} 100 Paid 104 107} 99 110" 87 100} 102 104 37 51 i 100 102 104 bid 103 105 »96} 1041 *97 1043 *99 105 *99 105 93} 73 93 20} 35} 104} 1053 102 105,} 103} 105 99 ri99, 27 46} 6 10 120 125 90 100} 118} 122" 121* 124 75} 98} 98 102 100 Pdirl. 103 105 100 101 101 102s 101} 102} 106} 108} 108 110 106 107} 133 136 107} 114 90 102 105 105f 100 Paid. 62 71} 14* 22} 4| 9 1051 106 100 Paid. 118} 126} 117} 125 88* 100 102' 103} 106 107 118 1201 112 114 6125 125 106 107} 113 122}, 79 95 No sales. 75 80 106} no 105i 106 88 108 15 32} 114j 121} 112 116} 74} 85* 110} nil 104 106} 106 107} 114} 116} 107 108} 103} 1061 95 99} 100} 102 47} 61 100 101 105} 107 106 107} 1011 103} 101} 103} 1013 104 102 104 Paid. 100 101} 19 36 106 106} 103} 106 104} 108 99* 104 28 40 3 9} 122 123} 102 104 104 106 *Ex. Interest, (a) iV. F. (& iV. /:7., second mortgage paid at 113, which included back interest. (6) Guar- anteed by N. ¥., N. H. & Hart., in 1897. (li) Bonds of 1916 in 1896. Notes on the Boston Stock and Money Markets. 175 UNITED STATES AND STATE SECURITIES. During Gen. Jackson's administration, — 1829 to I80T, — the public debt was extinguished, and a surplus of over §40,000,000 accumulated in the Treasury, which, as stated below, was disbursed among the States ; furnishing, as was said, the only instance of a government distributing money among its citizens out of its overflowing coffers. Tekms of the Surplus Distribltiox. — In one or two cases, the States declined to take their portion upon the Government terms, which were, that all over 5-5,000,000 in the Treasury, Jan. 1, 1837, should be deposited with the several States, pro rata, — in proportion to their respective representation in Congress, — provided they shoijld authorize their Treasurers to receive it, and agree to repay the amount Lf called for. In case any Stale refused to receive its proportion, the same was to be divided among the others as above. The sum apportioned among the States, was differently disposed of. ilassachusetts, whose share was S.338,17.'1.58, distributed it among the towns, and these towns resorted to various methods to give each citizen his portion. In one case, a cash distribution was made pro rata, based upon taxation. The total to be dis- tril5uted by law of June 23, 1830, was 837, 4('>8, 859.97, payable in quarterly instalments, January, April, July, and October 1, 1837. The last instalment was never paid, how- ever, as the wants of the Government rendered it impolitic. None of the money has yet been recalled, and probably never will be ; though, according to the law author- izing the distribution, the Government probably has the right so to do. GovjERNMENT LoAxs. — In 1813, the United-States Government borrowed .sl6,- 000,000, per cent scrip, twelve years to run, at 88 per cent. In 1842, a 20-year per cent loan, of §8,000,000 was issued at par. In 1847, another of 818,000,000, 6 per cent at -J- to 2 per cent premium, 87,000,000 being awarded to Boston capitalists. In 1848, 310,000,000, at 3.02 per cent lowest, to 3.55 highest, Messrs. Corcoran & Riggs of 'Washington City taking 514,000,000, at the former rate. These last two 20-year loans were on account of the Mexican War ; and that of 1848 being just after peace, a higher jDremium was obtamed. Other 10-year per cent loans were made in 1843 and 1846, but not to a large amount ; also one of $5,000,000, lo-year 5 per cent, in 1850, called "Texas Indemnity." United States per cents had previously sold below par, as the tables of prices will show ; but they remained there a short time only, rapidly rising to 20 per cent advance, and afterwards reached 124. Although these high figures rendered the investment a very poor one so far as profit was con- cerned. Government Securities never lacked purchasers, and always maintained a popularity beyond that of any other class of security which the market afforded. This element had much to do with sustaining the Government credit through the trying times of the Hebellion. [In 1882 currency O's, due 1899, sold at 140-^.] Rede.Vption of Public Debt. — Within a few years after these heavy loans were issued, money began to accumulate largely in the Treasui-y, and the policy was adopted of the Government buying its own loans at a premium. Uj) to July 1, 1853, the redemption was effected by purchasing in the market at the current price ; but this mode was abandoned ; and July 30, 1853, a public offer was made to redeem at the Treasury, between that time and Dec. 1, 85,000,000 of the loans due 1867 and 1868, at 21 per cent premium, and Aug. 22, another offer was made for 82,000,000 of the 1856 and 1862 loans, at 8i and 16 per cent premium, with interest from July 1. 176 Notes on the Boston Stock and Money Markets. These offers were renewed from time to time at different rates of the debt was materially reduced as follows Total debt prior to 1852 Redeemed previous to July 1, 1852 Debt July 1, 1852 Redeemed July 1, 1852, to July 1, 1853 Debt July 1, 1853 Redeemed July 1, 1853, to July 1, 1854 Debt July 1, 1854 Redeemed July 1, 1854, to July 1, 1855 Debt July 1, 1855 Redeemed July 1, 1855, to July 1, 1850 Debt July 1, 1850 Redeemed July 1, 1850, to July 1, 1857 Debt July 1, 1857 Redeemed July 1, 1857, to Oct. 1, 1857 Total redemption Balance of debt Oct. 1, 1857 $6,396,729.56 5,060,458.49 20,098,422.73 6,6.58,574.40 7,846,068.85 3,677,175.90 3,895,232.39 153,632,662.32 premium, and $78,797,816.83 72,401,087.27 67,340,628.78 47,242,206.05 40,583,631.65 32,737,562.80 29,060,-386.90 ?i25,165,154.51 In addition to the payment of over .'?>53,000,000 principal, |>8,000,000 was paid as premium on the same, tlius presenting the only instance on record of a government redeeming its obligations before maturity, at a bonus of 27 per cent on a portion, and averaging from 15 to 20 per cent on the whole. . In 1854, the Government also dis- bursed $7,000,000 towards the $10,000,000 to be paid Mexico on account of territory ceded by the ' ' Gadsden Treaty, "so called. Increase of Public Debt. — After the panic of 1857, the debt began to increase again, with the following results : — Balance of debt Oct. 1, 1857 .... $25,165,154.51 Debt increased in 1857, by one-year Treasury-Notes . . 20,000,000.00 Debt increased Aug., 1858, and Jan., 1859 (5's of 1874) . 20,000,000.00 • Debt increased latter part of 1800 (5's of 1871) . . 7,022,000.00 Total 1860 (see page 177) . . $72,187,154.51 Fluctuations in the Public Debt. — In this connection we present the amount of Government indebtedness at various important periods since the close of the Revolu- tionary War : — 1789. Debt after Revolutionary War . .$75,463,476.52 1804. Debt increased to . . . 86,427,120.88 1812. Reduced before second war to . 45,209,737.90 1816. Debt after War of 1812 . 127,334,933.74 1835. Debt all paid off . . . 1852. Debt after Mexican War . 78,797, 81Q.83 1857. Reduced in five years to .... 25,165,154.51 1860. Increased by deficient revenue, to 72,187,154.51 1865. Debt after "VVar of Rebellion (see page 179). 2,757,689,571.43 The latter part of 1860, the wants of the Government became pressing, and pro- posals for a new loan were received Oct. 22. [This was at 5 per cent, ten years to run, and redeemed the latter part of 1870, in gold at 110 to 112]. The bids ranged from par to 101, only small sums over 100^, and mostly at par. The Merchants' Bank Notes on the Boston Stock and Money Markets. 177 of Boston took |300,000 at 100 to 100-J, and the Provident Institution for Savings, 1200,000 at lOOJ. Tlie 5 per cents of 1874, fifteen years to run, had been issued in August, 1858, (§10,000,000), at 104i to 107.03, and Jan., 1859, a like sum at an aver- age of 102|- per cent. Proposals for S5,000,000 one-year Treasury-notes were received Dec. 28, 1860, the bids being on the rate of interest. Only .$2, 500, 000 were bid for, at 6 to 36 per cent per annum, and $2,000,000 awarded, mostly at 12 per cent ; all higher rates being refused. The Bank of Commerce of New York took 81,500,000 for itself and others, at 12 per cent. Feb. 23, 1861, proposals were received for §8,000,000, twenty-year bonds (6's of 1881), which were awarded at an average of 90.15. [This was the lowest at which any bonds were issued by proposals, though they afterwards fell to 83 in the public market. In July, 1864, $42,000,000, 6's of 1881, were awarded at 104, the Second National Bank of Boston taking $4,250,000, being the second largest bidder.] Shortly following the loan of Feb. 23, $35,364,450 Treasury-notes, about one-third for "sixty-days," and the balance two years, were issued at 6 per cent interest. In the summer of 1861, loans came " thick and fast" to meet the war expenses. More 6's of 1881 were issued ($109,700,000), with .$139,315,350 gold Seven-Thirties, and $60,000,- 000 of Demand Notes, payable in gold. The Seven-Thirties were three years to run, and eventually converted into 6's of 1881. Then came the suspension of specie pay- ments. Doc. 30, 1861, and the great $500,000,000 Five-Twenty loan in 1862-3, which was subscribed for at par throughout the country, in sums from 850 upwards. Other loans followed, until the aggregate debt reached the large figures noted on previous page. That the people ever had confidence in their Government is shown by the very large proportion of small subscriptions. Of the entire coupon loans, it is said that there were issued of $50 pieces, 319,037 ; of $100's, 730,066 ; of •$500's, 463,819 ; and of 81,000 pieces, 927,665. State Loans. — Of the New England States, only Massachusetts, Maine, and Vermont had any public debt previous to 1860, and that of the latter two was very small. The War of the Rebellion caused a rapid accumulation of State- indebtedness, and, although being steadily reduced in most instances, the aggregate in the six New England States was still large in the eighties. The debt of Massachusetts in Decem- ber, 1870, was $28,000,000, a very considerable portion of which was the burthen of the Rebellion, the total cost to the State being very near $60,000,000. The debt was farther reduced, but in the early nineties the State commenced a system of public improvements on a scale of great magnitude, and as a consequence the debt was very largely increased. The financial condition of Massachusetts is sound beyond question, with her 3^ per cent bonds at a premium, and, although the indebtedness is large, she maintains a system of Sinking Funds which are ample to meet all of it at or before maturity. The credit of Massachusetts has always stood high, and back even in 1849 Massachusetts 5 per cent sterling bonds reached 109 in London. The lowest price ever touched at home was 84f , in December, 1842, when the Western Railway sold :£100,000 (called $480,000) at auction. This was a period of great depression in State securities, owing to the non-payment of interest by some, caused by the financial embarrassments of that period, and the. fear of repudiation. The only repudiating State in the Union, however, was Mississippi, a disgrace to the Confederacy, as she persisted in refusing to acknowledge her indebtedness, when able to liquidate it. A large portion of this same repudiated debt was issued to its unsuspecting victims at thirteen, per cent premium, all of which went into the coffers of her treasury. It should be stated, however, in justice to her citizens, that they subsequently voted in favor of paying the debt, but were overruled by the courts. Great Advance in State Stocks. — The rise in State securities from 1842 to 1844 was exceedingly large. Ohio 6's rapidly advanced from 48^ to 102f ; Illinois' 178 Notes on the Boston Stock and Money Markets. 6's, 14-J to 45 ; Indiana 5's, 15 to 49^, and so with others. Pennsylvania 5's and Mary- land 8's, which had been down to 40, and below 50, respectively, rose in one year to 68 and 73, ! In 1853, Pennsylvania 5's sold at 97-J ex-dividend, equal to par, and Indiana 5's at lOli, Maroli, 1854.- The same Illinois bonds which fell to Hi in 1842 touched par for the first time in their history (after being issued) about July 1, 1855, "a cheering fact for every sucker," as said a Western paper. Our Securities Abroad. — Before the Eebellion, United-States 6 per cents were as high as 109^, and 5 per cents 95, in the London market, for dollar bonds. In 1864, the Five-Twenties of 1862 sold down to 38f per cent in gold. Therefore $387.50 in gold would at one time buy a $1,000 6-per-cent bond, interest and principal in gold, and the former always promptly paid, as well as all matured principal. Fortunate holders thus realized 15 per cent on the money invested, besides an enormous profit on the rise in market value, the same bonds selling at 92 per cent in December, 1870, and later redeemed at par. Large fortunes have thus been realized by purchasers abroad, especially on the Continent, where the bulk of transactions were effected in the darkest days of our Rebellion. Massachusetts never failing to pay principal and interest in coin [paid §3,703,- 556.86 in premiums on gold, during suspension, 1862 to 1879], her bonds have always been in favor abroad, commanding higher prices than those of any other State in the Union. In 1855, the 5 per cent s1;erlings were put up to 105 ; in 1860, 100 to 104 ; 1861, 85 to 103. Prices naturally fell off on the outbreak of the Eebellion, and during its continuance, in sympathy with those at home, which, if seemingly satisfactory in a depreciated currency, were below those obtained before the war, comparing the values of the gold and depreciated medium of circulation ; as a reference to the tables will show. In October, 1865, ^424,000 5 per cents were placed in London at 75 per cent in gold, with a sinking fund of 3 per cent ; realizing, with exchange, above par, gold averaging 145. Boston City Bonds, always specie-paying when so promised, also commanded good prices abroad, and have been higher than those of any other city in the Union at the same rate of interest; and in 1855 the 4-J- per cent sterlings were quoted as high as 102. In sympathy with the general fall in sound American securities, lower prices ruled during the Rebellion, but still satisfactory under the circumstances. The city treasurer succeeded in placing a loan of £800,000 5 per cent sterlings in the London market at 87 in gold, which, with exchange, would be equivalent to about 96, with gold averaging 114. Boston placed 3-J- per cent 40-year currency loans, in 1897, at 102.675. The loans of the disloyal and border States, as a matter of course, fell to low fig- ures in Europe, when tlie War of Rebellion had fairly set in, and many were after- wards lost sight of. Virginia 6 per cents dropped speedily from 89 to 26 ; Tennessee, 82 to 34 ; South Carolina, 88 to 45 ; Alabama 5 per cents, 75 to 42 ; Maryland, 97 to 60 ; Kentucky 6's, 96 to 60. Even loyal States, like Ohio, Pennsylvania, and others, suffered greatly in their credit abroad by discontinuing payment of interest in specie. Pennsylvania 5 per cents fell from 89 to 63, and other loans to 60. The Confederate Loan had a somewhat brilliant start and short-lived career. The amount was £3,000,- 000 sterling, 7 per cent interest, payable in 20 years, or redeemable prior thereto in cotton at 6d. per pound. Issued in 1863 at 90 per cent, it rose to 105 that year, and fell to 7 per cent in 1865 ; then to a trifling sum, finding purchasers only in relic- dealers and others desirous of a $500 or !$1,000 souvenir of the Great Conflict. The Confederate currency at home, in 1861, was 20 per cent below gold ; then it fell to 50 per cent ; and in December, 1862, it took |300 in paper to buy §100 in gold. From this it rapidly depreciated, until finally falling to 6,000 for one, "the last measure of its value," said Mr. Pollard. Notes on the Boston Stock and Money Markets. 179 KEDUCTION OF THE PUBLIC DEBT. Here follows a record unsurpassed (if even approached) by any country in the world, our policy of redeeming the public debt, being directly the opposite of that of most other governments. The great Rebellion of 1861-1865 brought the debt to an enormous aggregate, but its reduction is a great record for a great country : — Debt increased during the Rebellion to (Sept. 1, 1865) Reduced Sept. 1, 1865, to Sept. 1, 1866 . Debt Sept. 1, 1866 . Reduced Sept. 1, 1866, to March 1, 1867 Debt March 1, 1867 . Reduced March 1, 1867, to March 1, 1869 Debt March 1, 1869 . Reduced March 1, 1869, to March 1, 1870 Debt March 1, 1870 . Reduced March 1, 1870, to .Jan. 1, 1871 . Debt Jan. 1, 1871 . Reduced Jan. 1, 1871, to Jan. 1, 1872 Debt Jan. 1, 1872 . Reduced Jan. 1, 1872, to Jan. 1, 1873 Debt Jan. 1, 1873 . Reduced Jan. 1, 1873, to Jan. 1, 1874 Debt Jan. 1, 1874 . Reduced Jan. 1, 1874, to Jan. 1, 1875 Debt Jan. 1, 1875 . Reduced Jan. 1, 1875, to Jan. 1, 1876 Debt Jan. 1, 1876 . Reduced Jan. 1, 1876, to Jan. 1, 1877 Debt Jan. 1, 1877 . Reduced Jan. 1, 1877, to Jan. 1, 1878 Debt Jan. 1, 1878 . Reduced Jan. 1, 1878, to Jan. 1, 1879 Debt Jan. 1, 1879 . Reduced Jan. 1, 1879, to Jan. 1, 1880 Debt Jan, 1, 1880 . Reduced Jan. 1," 1880, to Jan. 1, 1881 Debt Jan. 1, 1881 . Reduced Jan. 1, 1881, to Jan. 1, 1882 Debt Jan. 1, 1882 . Reduced Jan. 1, 1882, to Jan. 1, 1883 Debt Jan. 1, 1883 . Reduced Jan. 1, 1883, to Jan. 1, 1884 Debt Jan. 1, 1884 . Reduced Jan. 1, 1884, to Jan. 1, 1885 Debt Jan. 1, 1885 . Reduced Jan. 1, 1885, to Jan. 1, 1886 Debt Jan. 1, 1886 (old form) Debt Jan. 1, 1886 (new form) Reduced Jan. 1, 1886, to Jan. 1, 1887 Debt Jan. 1, 1887 1162,051,403.21 64,874,278.42- 5,300,629.79 87,134,782.84 106,260,683.42 88,229,382.61 81,586,073.02 2,937,011.95 16,717,024.15 22,766,106.75 26,910,953.46 46,965,799.02 17,307,331.70 16,849,606.22 112,616,768.88 133,690,018.90 157,948,040.25 109,501,953.04 79,493,352.40 73,772,167.17 101,470,330.75 ^2,757,689,571.43 2,595,638,168.22 2,530,763,889.80 2,525,463,260.01 2,438,328,477.17 2,332,067,793.75 2,243,838,411.14 2,162,252,.338.12 2,159,315,326.17 2,142,598,302.02 2,119,8.32,195.27 2,092,921,241.81 2,045,955,442.79 2,028,648,111.09 2,011,798,504.87 1,899,181,735.99 1,765,491,717.09 1,607,543,676.84 1,498,041,723.80 1,418,548,371.40 1,344,776,204.23 *1,443,454,826.72 1,341,984,495.97 * The difference between the "old" and the "new" forms is accounted for by the addition of ©98,678,- 622.49 in the new form since July 1, 1885, of which 864,623,512 is " Paciflc-EaUroad bonds " (U. S. cur- rency 6's), and the balance of $34,055,110.49 merely a difEerance of boolskeeping. 180 Notes on the Boston Stock and Money MarJcets. REDDOTION OF THE PUBLIC DEBT. CONTINUED. Reduced Jan. 1, 1887, to Jan. 1, 1888 . . $116,-886,093.98 Debt Jan. 1, 1888 . . $1,2^5,598,401.99 Reduced Jan. 1, 1888, to Jan. 1, 1889 . 91,5.36,144.00 Debt Jan. 1, 1889 . . • 1,134,062,257.99 Reduced Jan. 1, 1889, to Jan. 1, 1890 . 81,109,346.66 Debt Jan. 1, 1890 . . 1,052,952,911.33 Reduced Jan. 1, 1890, to Jan. 1,, 1891 . . 27,279,959.85 Debt Jan. 1, 1891 . . 1,025,672,951.48 Reduced Jan. 1, 1891, to Jan. 1, 1892 . . 49,691,004.87 Debt Jan. 1, 1892 . . 975,981,946.61 Reduced Jan. 1, 1892, to Jan. 1, 1893 . . 11,457,193.48 Debt Jan. 1, 1893 . . 964,524,753.13 Reduced Jan. 1, 1893, to Jan. 1, 1894 . 918,836.00 Debt Jan. 1, 1894 .' 963,605,917.13 Increased Jan. 1, 1894, to Jan. 1, 1895 . *100,635,358.55 Debt Jan. 1, 1895 . . 1,064,241,275.68 Increased Jan. 1, 1895, to Jan. 1, 1896 . . *61,084,186.72 Debt Jan. 1, 1896 . . 1,125,325,462.40 Increased Jan. 1, 1896, to Jan. 1, 1897 *95,924,499.00 Debt Jan. 1, 1897 . . 1,221,249,961.40 Increased Jan. 1, 1897, to Jan. 1, 1898 . 13,336, 375!50 Debt Jan. 1, 1898 . . . 1 1,234, 586,336. 90 Net reduction- Sept. 1, 1865, to Jan. 1, 1898, $1,523,103,234.53. »1894 — New issue o£ $50,000,000 5'8 Feb. 1, and $60,000,000 Nov. 26. tlnduding Legal Tenders. *1895, 1896— $62,315,400 4's, 1925, issued Feb. 8, 1895, and $100,000,000 of same Feb. 5, 1896. The American Government can well " point with pride " to the above record, which has no parallel in the whole world. The argument that "a public debt is a public blessing," never took root in this land of the free. On the following page is given a complete record of the several "calls" for Gov- ernment Bonds, ending with No. 149, for $19,717,500, interest ceasing July 1, 1887, and covering all Bonds which were then redeemable at the pleasure of the Govern- ment. These calls, amounting in all to §1,987,852,000, were a great feature of the times when they were being executed, and had a very favorable influence on the money market. They closed a series of redemptions, in anticipation of maturity, the like of which was never known in the experience of any country. January, 1898, Government 4 per ct. bonds, 27 years to run, were selling around 129i, while in 1865 no bohd was known at a lower rate of interest than 5 per ot., and the bonds (6 years to run) sold at 94^. Six per cts. (30 years to run) selling at 110. These facts help to show the marked appreciation in the current value of Government Securities, until to-day they have no peer. As a feature of interest to look back upon, we give the following condensed state- ment of the interest^bearing Public Debt in jts early stages, also a comparison of the amount and the reduced interest rates, after the the date of the last "call" above noted, with the debt as it stood at the close of 1897. Interest-Bearing Debt, 1805. $830,000,000 at 7-ft per cent. 1,208,095,102 at 6 per cent. 314,693,193 at 6 per cent. Interesl-Bearing Deb/, 1887. $250,000,000 at 4^ per cent. 737,975,850 at 4 per cent. 14,000,000 at 3 per cent. $2,382,788,295 total ;Int.$150,310,365 $1,001,075,850 total ;Int.$41,189, 034 $847,365,620 total ; Int. $34,385,554 Interesi-Beanng ■ Debt, 1898. $100,000,000 at 5 per cent. 722,001,120 at 4 per cent. 25,364,500 at 2 per cent. New Bonds were issued— 1894 to 1806 — to the extent of |262, 315,400, mainly to provide for deficient revenue. Notes on the Boston Stock and Money Markets. 181 GOVERNMENT INDEBTEDNESS AND "CALLED" BONDS. As a matter of record, and of value for reference, we append every " call" made for bonds (1871 to 1887), giving each call tiy number, its amount, the class of bond, and date when interest ceased. (Official.) 1 Amotjnt. Class !)r Bonds. Int. Ceased. 1 Amount. Class op Bonds. Int. Ceased. 1 8100,000,000 6-20 1862 1st series. Deo. 1, 1871. 76 $10,000,000 5-20 1867 Apiill, 1879. 2 20,000,000 5-20 " 2d " Mar. 7, 1872. 77 10,000,000 6-20 " April 4, " 3 20,000,000 6-20 " 2d " Mar. 20, " 78 10,000,000 5-20 " April 6, " 4 50,000,000 5-20 " 2d, 3d " June 1, 1873. 79 10,000,000 5-20 " Aprils, " 5 20,000,000:5-20 " 3d Sept. 6, " 80 10,000,000 5-20 " April 11, " 6 15,000,000:6-20 " 3d " Not. 16, " 81 20,000,000 5-20 " Aprill4, " 7 5,000,0005-20 " 3d Feb. 4, 1874. 82 20,000,000 5-20 " April 18, " 8 5,000 ,000 15-20 " 3d Sept. 3, " 83 20,000,000 6-20 " April 21, " 9 1,000,000 6-20 " 3d " Sept. 6, " 84 20,000,000 5-20 " April 24, " 10 26,000,000 5-20 " 3d Not. 1, " 86 20,000,000 5-20 " April 28, " 11 15,000,000 6-20 " 3d,4th " Dec. 1, " 86 20,000,000 5-20 " May 1, " 12 10,000,000 6-20 " 4th " Jan. 1,1875. 87 20,000,000 6-20 " May 6, " 1.^ .6,000,000 5-20 " 4th " Feb. 2, " 88 20,000,000 5-20 " May 12, " 14 15,000,000 5-20 " 4th " May 1, " 89 20,000,000 6-20 " May 17, " 15 6,000,000 5-20 " 4th " June 1, " 90 20,000,000 5-20 " May 24, " 16 30,000,000j5-20 " ifk " June 11, " 91 10,000,000 5-20 " June 4, " 17 6,000,0005-20 " 4th " July 20, " 92 10,000,000 5-20 " June 12, " 18 6,000,0005-20 " 5,000,000'5-20 " 4th " Aug. 1, " 93 10,000,000 5-20 " June 20, " 19 4th " Aug. 15, " 94 10,000,000 5-20 " July 3, " 20 10,000,000 6-20 " 4th " Sept. 1, " 95 27,068,500 6-20 " (aU) July 4, " 21 5,000,000 5-20 " 4th " Sept. 24, " 96 37,403,850 5-20 1868 (aU) July 4, " 22 10,000,000 6-20 " 4th " Oct. 14, " 97 10,000,000 10-40 1864 July 9, 23 14,897,200 5-20 " 4th (all) Oct. 28, " 98 160,000,000 10-40 " July 18, " ■ 24 10,000,000 6-20 1864 Nov. 13, " 99 24,575,050 10-10 " (all) July 21, " 25 8,000,000 5-20 " (S. P.) Dec. 1, " 100 260,000 5s of 1874 (all) July 23, " 26 5,000,000 5-20 " Dec. 1, " 101 25,028,100 5s of 1881 (aU) May 21, l.'<81. 27 5,000,000 5-20 " Dec. 17, " 102 17,594,400 10,095,750 6s of 1881 (all) July], 28 6,000,000 6-20 " Jan. 1,1876. 103 5s of 1871 Aug, 12, " 29 10,000,000 5-20 " Feb. 1, " 104 28,182,260 5s of 1871 (aU) Oct. 1, 30 12,786,350 6-20 " Feb. 15, " 105 20,000,000 3 8 (continued Os) Dec, 24, " 31 5,000,000 6-201864^65(8. F.) Feb. 15, " 106 20,000,000 3|s " " Jan, 29, 1882, 32 10,000,000 6-20 1866 Nov. Dec. 1, " 107 20,000,000 3 8 " " Mar. 13, " 33 10,00:>,000 6-20 " " Dec. 0, " 108 20,000,000 3*8 " April 8, " 34 10,000,000 6-20 " " Dec. 12, " 109 5,000,000 3 a " May 3, " 35 10,000,000 6-20 " " Dec. 21, " 110 5,000,000 3*s " " May 10, " 36 10,000,000;5-20 " " Jan. 6, 1877 111 5,000,000 3 8 May 17, " 37 10,000,COO!6-20 " " Apl. 10, " 112 15,000,000 3 b June 7, " 38 10,000,000 5-20 " ' Apl. 24, " 113 11,227,600 3 8 " " (all) July 1, " 39 10,000,000 5-20 " '■ May 12, " 114 15,024,700 3 s Aug. 1, " 40 10,000,000 5-20 " " May 28, " 115 16,304,000 3j8 Sept. 13, " 41 10,000,000 5-20 " " June 3, " 116 3,269,650 3jB " " (allj Oct. 4, " 42 10,000,000 5-20 " " June 10, " 117 25,000,000 3i^s (continued 5s) Dec. 23, " 43 10,000,000 5-20 " " June 15, " 118 16,000,000 3*8 " Jan. 18, 1883. 44 10,000,000 5-20 " " June 27, " 119 16,000,000 3Js " " Feb. 10, ■' 45 10,000,000 6-20 " " July 5, " 120 16,000,000 Sis May 1, " 46 10,114,550 5-20 " " (all) Aug. 6, " 121 30,763,250 3is " " (all) Not.], " 47 10,000,000 5-20 1865 July Aug.21, " 122 15,000,000 3s (continued 3Js) Dec. 1, " 48 10,000,000 5-20 " " Aug. 28, " 123 15,000,000 3s " " Dec. 16, " 49 15,000,000 5-20 " " Sept. 11, " 124 10,000,000 38 Feb. 1, 1884. 50 10,000,000:5-20 " U Oct. 6, " 126 10,000,000 38 Mar. 16, " 51 10,000,000,5-20 " " Oct. 10, " 126 10,000,000 38 May 1, 52 10,000,000 6-20 " 10,000,000 5-20 " " Oct. 19, " 127 10,000,000 38 " " June 20, " 53 " Oct. 27, '■ 128 10,000,000 38 June 30, " 54 10,000,000 5-20 " " Nov. 3, " 129 10,000,000 38 Aug. 1, " 55 10,000,000 5-20 " *' Mar. 6, 1878. 130 10,000,000 3s Sept. 30, " 56 6,000,000 5-20 " " July 30, " 131 10,000,000 3s " " Not. 1, " 67 6,000,000 5-20 " " Aug. 6, " 132 10,000,000 33 Feb. 1, 1886. 58 6,000,000 5-20 " " Aug. 22, " 133 10,000,000 3s Mar. 1, " 59 5,000,000 5-20 " " Sept. 5, " 134 10,000,000 3s April], " 60 6,000,000 6-20 " " Sept. 20, " 135 10,000,000 3s May 1, " 61 5,000,000 5-20 " " Oct. 11, " 136 10,000,000 33 Junel, " 62 6,000,000 6-20 " " Oct. 17, " 137 4,000,000 3s July 1, " 63 5,000,000 5-20 " '* Oct. 23, " 138 4,000,000 3s Aug. 1, " 64 5,000,000 5-20 " '* Oct. 30, " 139 4,000,000 38 Sept. 1, " 65 5,000,000 5-20 " " Nov. 5, " 140 10,000,000 3s " " Sept, 15, " 66 5,000,000 5-20 " " Nov. 7, " 141 15,000,000 3s Oct. 1, B7 5,000,000 5-20 " (( Not. 10, " 142 15,000,000 3s Oct. 16, " E8 6,000,000 5-20 " " Not. 16, " 143 15,000,000 3s " Not. 1, " 69 5,000,000 5-20 " *' Not. 26, " 144 10,000,000 38 Dec. 1, " 70 5,000,000 5-20 " (( Dec. 4, " 145 10,000,000 3s Feb.], 1887 71 6,000, 000 5-20 " " Dec. 16, " 146 13,887,000 3s M.^r. 1, " 72 6,001,000 6-20 " " Feb. 16, 1879. 147 10,000,000 3a April], " 73 6,000,000 5-20 " (( Feb. 27, " 148 10,000,000 3b May n, " 74 6,000,000 »;-20 " 5-20 " " (all) May 9, May 18, " 149 19,717,500 38 »Julyl, " 75 12,372,150 J^niOU Vrf^LXAf 81,987,852,0001 A portion of the Ga of 1881 were converted into 3.} per cents (called continued 6s), also part of the 5s of 1881 (as continued 5s), payable " at the pleasure of the Government." These were both partially " called," B,nd the balance exchanged into 3 per cents under the act of July 12, 1882, of which the entire amount was in turn "called." 182 Notes on the Boston Stock and Money Markets. THE GOVERNMENT INDEBTEDNESS. On previous pages is given a full, yet concise sketoli of Government loans, and the history of its indebtedness, through a long series of years. What other govern- ment ever distributed thirty millions of surplus among its citizens ? and when debts had accumulated, again to enter the market, and buy up its own bonds as high as 27 per cent premium? At the opening of the present century, the Government had bonds out with as high a rate of interest as 8 per cent, and they had been selling as low as 102-J-, never reaching higher than 115 (in 1801). At the same time, there was an issue of 3 per cents ; but these sold down to 45 cents on the dollar in 1799, and for nearly twenty years were below 70 (actually touching 44 after the war of 1812). Later on, however, they gradually appreciated, and were eventually redeemed in 1833 at their par value. In 1813 the Government borrowed at 88, 816,000,000, on twelve- year 6 per cent scrip, which fell to 65 in 1815, but rapidly recovered after peace, sell- ing at 108i in 1817, and up to 111 in 1822, although then having but six years to run — certainly a remarkably good price for the times. In the year 1834 the Government was without debt, and bonds were not issued untjl 1842, when a 6 per cent loan was placed at par. Later on, loans followed each other quickly, to pay the Mexican war and other expenses, as will be seen on page 175. During this period the 6's fell to 97 (in 1847), but quickly recovered to 108 the follow- ing year ; to 122 in 1850, and touched their highest (124) in 1858. The Rebellion of 1861-1865 caused so enormous an outlay, that loans were issued in rapid succession, and in such immense amounts as to almost appall the country ; but the people came forward nobly, after the first shock, and although 6 per cent bonds sold at 83 in 1861, they advanced above par the following year. The turning point of loans was the placing of 8500,000,000 five-twenty 6's of 1862 at par, through the Agency of Jay Cooke & Co. In these days (1897) of immense monetary transactions, one can hardly realize what the placing of five hundred millions of Government bonds, meant in 1862 . — 35 years ago — and the success of a loan of that magnitude, in a time of war, was a great triumph for the credit of the Nation. After this negotiation, little difficulty was experienced in borrowing money at con- stantly declining interest rates, and the remarkable reduction in debt is made clear on page 179. In the tables following, a full detail of values is given, with special tables of monthly prices since 1878, which also includes English consols, for comparison of prices. On page 169, the monthly fluctuations of gold are given for the full period of suspension — January, 1862, to January, 1879 — and these will be found of more than ordinary interest, as showing the golden opportunity afforded foreigners of in- vesting in our securities at tempting figures. It is certainly very gratifying to be able to make so good a record of the financial history of the country ; and its citizens have just cause in a feeling of pride, that no nation in the world can compare with its matchless credit. In 1897, Government 4 per cents, due 1925, sold at 127 ; that is, on a basis of, only 2.10 per cent income, held to maturity. In 1865, a loan was redeemed in gold (then selling over 200), and sev- eral others at a large premium. A very full description- of Government loans will be found on page 175 and onward, under heading of "United States and State Securi- ties," with a complete record of the wonderful reduction of the funded debt, mucli of it redeemed long in advance of its maturity. United States, State, City, and Miscellaneous Securities. 183, t3 O H CD o U 02 P o PS H <1 H H <^ H "N -a ■ s e tq ol 1 3 3g ^1 CO -fci 5 i Ml, ; :3^ if : ^ S g|S ■ !? 1 o Is -fc. ^1 1 ^ ^ [2 S o ■ i i ;§ : : ; gEseiesf : St wc-j i ii!i « la --I t~ ■ OOOCrsCT) ; SSeBS : i ; ;l§i : : SI'^s^" ; St CCS Is ■ll PhOuoco '^OCOCl ci 8|gSg : ^n coirs' : COOC3CJ ; i ■ CO — c-V ■ t- - lOOO^CD -1 -^1 II oci-*co 00«5C5 03 00 8S33'b 2 1? 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Qt -^-4n -^-4n SrfdO'-iOTtH'MlOOOiHC 3^C5i-lCi '^'^sg3S"3'^§gsg"Ss:'=""s'»s^s" i lO >H ^ ^ ?H ""|sesss5*§g8|*g§s?;|ssssa nHi ->ti -*i-*iwW-+s (.4<1'« -*T*i-fci ''^§^S^'^^^SgSg^^&;*^^^^°°^^ i -^ ^^^'?S'gs3W'^3§fg?^gSSg??g3^2g^ lO ^ -H c-1 tN (M .-1 F-W-ln-W -ti -tei-+o .'=gsgg°°s==§gag*!?«""'=g'=^i'°g* 1 % " _^ ^ '^ '^ s '^'-53!§?!Sg"?3S3gg"gSS*'ga«^?!'= in -I rtrHC^rH CI rt om ■— ii>^r-'«5 o o o ■ gM -log^ coo .=-1 .-* ^ (1) aj OS ■ i la • g-*gc=|«-«o g o c^l • -to -W-to L-S 'Tl lO t- ■#»aoio o • t- •# O CO -H OO c3 CI CO ■ 1 rf (M -t-l-^l S^^lS C^ 00 CM O o lo '' (N Oll- o ■ LO (N CO ^ TO §^ CO -ioco lO ' —1 .|pc C c c c i c 1 p: c T 'c o j: % c "5 c c c c c c 13 -d II I.|.a ofgCT •S SJ 5 « »s 13 » S ae& o l^s ag ^I'^l |.9 casli)li] 25. it h Dl of it 0. It c ll land (equal to about $53 one, and making the pir , New York taking contr 1835 it sold as high as 28 ■o^ it is 1- .Sfls-S able ch mar ious boS hare, p res for ut of th ay. Pr ss 100 p new Qtire] Bingl IS 1853 and $ Sfiving four ut ia now e r share in a &-^ la •9 •=-•=. a =?3 -Al^ r^t^ j.;^? gl§» ;s„ g bo to I. Q TalUl. |g|il^.3 04J o 5 Miscellaneous Companies. — Dividends. 197 ^ (MOOfO-^O 1 ^O O CO -* o ^do^Tf^ S " -s TfO S'=' ^o ^ " oo oo CT ^o ino '-^ 3; in 1-^ '"' o t mo o- s ^^ ^o -*M O oo O i ^co^^ooin -» * '^ oc-^g„,« ^OOCONO 1 S"° ^mo o-^m ^OOOCOiM'* § ""S oeoin a|°>=-^ T-t CO coo oom »J o m fi ;sS ^ '^s SgJi g o «s| CO *f m'^ *-• ^ ^5 3|g-s.i2 3 £,"' -S " « ^ .S I- §52 = ° as,l " ^ii B "g a ^_; ,— a o o 9 IB »QQS«Meancj ■So 8 0*0 J3 'H - •§■5 ■ga s 2 li &■» o ■♦^ K a Irs . >i j-^ S & 0.0^ o g'J^ &.„■" c -3 5 •''■2 -"^ ft is "S " J3 - ,S 'Si C0B£C^-a'D-;fr-3;S ■2 a - "'^ 'S-S o_- 0.3 -afR S's'S °®J °ao50'o^;5S™Se.S'«-S'3co- l^s^ M2£-;2S-sagg-s.-s| ■SgiSfl.HSI^.iaSScSi-i'* ■^=««iaaS|^S.S°.si£=^ '^o5+3oo2Sj=:scoo(dc) *;w i&l^lllis^-95ii|i.a a 'S C £ I 5- ° f -E >="»iri;SB5 Sats So aPSS'S^BsaSai » o .- ." -~B£SS5^g.a3M :ga|^i|&S^gag||3;| a^+^S > a'n 3j:3ffl ft ft Offlr-SJ^W '^ ^ ■* S •ietiis g I ^ s 198 Miscellaneous, Gas-Light, and Cop2Jer-Mining Companies. < o o o . I— ( CO I— H 1^ C5 S O |2i eo in f CO Tt* t- 1- --I o S5 1^ o ■* 00 US cn o ffi 10 CO b- c, ooooooaPcaS : ft : '■S «5^ lias oocoocomu iO in «5 CM Tt< t- rl lOO-^ &3^ cqooQEa O ^C ii?iJiNii^^3i.» NO(Mom eO(M t- 1-1 O 00 N L— O CO iH iH r-( COlOlOQCOt-WmOtXJr ""r-ft-^COWCO CSr-(r ino-* O lOOQi- h^ lOOC s Vlrfr^ p«E«KD>«) COt-OOlflNt-COCl^ , '"COOTHCOt-lO CiNi-l Q-Tt* T-(ini£ N >-l t-co t s= s^ t-lOlOWOOt-lQt-COt-'^C' oooinusot-4'"*Ob »OOOS£;lHOeO t- r :SSS5? 10 03 OOCOt-ClOOOCOOOOC'l (OtHCOCO C- rH t-I Tji ^ CO giSSS^g Qco --inoi r- 50 00 iocs ssss; tOOQC o cooa tH OOP 5 t- CO 100 ^N L— r t -ta-4n oopmococ-io — tH O -^ 1-1 O CO ifiom :^oolO^ 83 ° = v2 s |ooo ■^I^Si o woo t ^ cocoTj-TttTtH-jHin-fO • jl* T ">> '^ "^ ■ ^ - c^ 00 O ■Tt.COO "-I "^COCOCD-^TflQinoOOO V^tH ■ cT " (N |oo ^S'oo ■OOOCOO •OOOCOO t ^2 oo coo -#OlO •■* • ^O lO CD CO 1 . IpjjTftOOOCOO '-^COO -"^-^lOiOOc^ •J.-CO "^THfa -co -COCOCM -i'-*e0C0l0C0O'>»r oo '(MOOO ■ . ^ ■ % : OOOCOOtfto'^ ' • .o oo . .c-i i,"*coco • -*« CO ■* in -* T1 ■'i!:o ^' fc s ^' • ■ ^1' CO i'^'^co '^/cococococo-!j<-#m'*coo'^'co C-I ^c^ a ino-f incD CO ri -I* -t< i 0(M cioeo \ cooeocD o lOO CO • CO J,,'* ■* « 2> ^ CO 2,^^^ ■*■*■* in ■* o • ^co 'ci rfH'^rtHlOOCOo'^CO inc^g CON i 1° oco COOM j o CO "*0 o \ CO ^-» in ■* CO ^coin-# -rj. Tp Tt< in CO o '2.^ . ■ 7 '2.^ ■* Tt"# m 1--: CO o '^i' CO i oo si i i"'i§l|i|-sss||sss i|S|ss||ss|||g D acoP III BoBt. Wharf . . Boa &Rox Mill Gary Improve. Collateral L'n Contoocook . . Douglas Axe . . Essex Land . . . Gilberton Coal Goodyear Den. McKay Sewing Mt. Pleasant.. Ports-h Mills. . Roaring Br'k. Russell Mills. . Saco Water P. Short Mount . . Suffolk Coal . . U. S. Hotel... Gas-Light. Boston OOP East f^oston . . Jamaica Plain. Lawrence Maiden & Mel. New Bedford. Roxbury South Boston. Copper. CaliiniPt 1 c t 1 a % fa cS,- Si ill ■ 1 ; ^ : m S tl|ll|tll||lffltl||ll flllllllll IlitiiiiitfitllilPiii flllllllll Feb. Aug. April, t Quart'ly. Feb. Aug. Aug. Nov. tAnnual. June, 18G4 Feb. Aug. t Quart'ly. Jan. tJuly Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. CO coeo \ CO'* coo o o ■ C-1 r-j ^'co in CO Tf TjH Tf in o CO :^,co •^-fTfioinocs^ico CD • 1 0^ 5° : OlO . • oco ■ o od CO . CO 9^^4;co c-j' -i* -# Tf in o CO ■ ;;!.^-*' ■ t i •^< ■# ■* in in CO u* ^'-i- "* 10 10 • c<3 i"^! jooo JOO ; ; o o \ -*» C-I •# (?ll -#co ■*C0 ^3 CO o m -t- o c-i o o in Lo "c-i tD^lj'-JH c-i C3 in ■ +4. . • S ■ o ■ • cOTf<0 ; CO ■ o ■ " 2. c^ c^ TfCO -3 in ■ 10 • S C0U3 ; *■* : :* : ■ ■* m O ; ." ■# CO • ; CD in ■ c 1 C<1 ■*C0 \ OOOL5 CO CO com o Ift CDCO - I; . % 2 I Ph O U Q iz; -^ W CO C5 P O 63 !z -< (a o 2 : fei 200 Notes on the Boston Stock Market. MISCELLANEOUS COMPANIES. Highest and Lowest Prices for Eight Years. — 1870 to 1878. 1870. 187J. 1872. J873. J^m High Low High Low High Low High 9 31 27 75 67 981 40 71 101 12S 12 13f 7 124 63 15 125i 1351 125 1383 130 107 150 202 675 702i 678* 7124 000 7124 060 715 New 34 8J 83 100 100 107 105 550 175 200 855 940 880 1010 870* 1000 725 870 625 700 700 1000 1000 1005 1000 1500 141 201 2121 310 19| 60 414 594 9 45 215 242 335 260 251* 260 35 45 35 00 50* 75 67 75 5 7S 4 63 61 8J 75 193 8i 16 54 144 95 104 984 1 10 964 1004 96 100 115 1211 100 1301 100 110 101* 112J 13 19 134 164 16 22| 18 21 129J 140 130 1374 103* 1371 1151 1-101 30 42 27 33 26 30 20 28 10 15 6O4 82 10 144 594 80 43i 56 511 621 151 106 1I9| 125 150 166 109J*123l 110 125 [17 J* 12s 103 112 '9G4 1 10 106 115 88* 115* 125 127 124J* 130 124 130 USi 125 3J 10 4 15 1 71 120 150 U 1| If -11 34 8| 24 58 Miscellaneous Companies. American Moulded Collar. American Shoe Tip Boston Athenseum Boston Co-operative Co... Boston Exchange Boston Land Boston Music Hall Boston Pier (Long Wharf). Boston Sugar Refinery .... Boston Theatre Boston Water Power Boston Wharf Boston & Roxbury Mill . . . Brookline Land Gary Improvement Collateral Loan Douglas Axe East Boston Land Essex Land & W. P Grilberton Coal McKay & Bigelojv Heeling McKay Sewing Machine . . . Mass. Loan Sl Trust Mason & Hamlin Organ. . . Mercantile Sav. Institution N. E. Mortgage Sec Pullman's Palace Car . . . Quincy R. R. Bridge. . . Union Paper Collar. . . . United States Hotel . . . Wakefield Rattan Waverly Land J 874, Low High 44 60 124 15 175 251 665 707 34 5J 1474 200 600 725 8974 1000 94 193 250* 305* 67 76 4 6, 4| 8L •944 1024 107J* 120 18 21 125* 1311 20 27 9 114 50 66r 140* 150 100* 111 85 100 107J 121 150* 1864 24 58- 1875, Low High 40 75 81 134 1824 220 204 25 670 685 5J 84 .. 175 1254 135 495 5974 (not 7| 184 50* 60 55 70 34 44 3 51 98}* 104 95* 102J 19| 204 131 141 10 24 10 124 494 581 134 140* 100 HI* 100 104 73 98* 102 J lU J876. Low High 25 65 7| 104 170 200 17 20 575 6724 4} 74 121 175 120 132 300 495 quoted) 44 13 54; 59 35 484 3} 5 I 3| 100* 104 120* 1251 12| 18J 130* 136 104 17 33J 493 105 116 129 135 85* 92i 100* 109 70 851 105}*1124 1811* 200 155* 184 2O0 3.124 2O0 25c J877. Low High 12 31 44 84 161) 200 12 17 5224 585 2* 51 lift 121 110 120 300 370 14 Gi 39 .56 42* 46^ 2, 4 25e .51)0 100 104 105 1234 9J 14S 133 136 164 204 33 .44 103 110 105* 112 66* SO 1024 1124 1401 155* 110 114 10c 20c MISCELLANEOUS COMPANIES. Highest and Lowest Prices for Eight Years. — 1878 to 1886. J 878. Low High 1879. l^w High 50 1000 J 880. Low High J 88 1. Low High IQt 940 90 171 New 100 1161 26 743 3 34 116 I6O4 100 104 284 34 351 40 7 81 195 225 3J 81 694 90 34 70 54 96 2.85 5 961 1244 104 156 284 49 36 44 42 484 135" 'ise' New 135 IBO4 53 7J 175 255 500 520 1} 3 97 110 485 21 70 510 12| 97 500 530 68 12 70 81 530 600 7 114 744 864 New 96 1061 54 15 43 494 200 225 60 95 1 21 44 61 1 35 215 3024 1.034 24 28 40J 84 2^^ 100 134 45 85 100 65 181 40 47 34} 42 29 40 40 51 874 6| 34 64 1.40 21 16 74 6+ 93 674* 80 97* 105 1154 127 10' 16 55 80 824 100 94 1101 84 93 cii 88* 77 9 70 lOli 105 17 00 65 99 104} 105 119.1 7} 16' 130 138 135* l«i 135 1451 90 95 145 150 74 90 143 225 24 164 16 201 11 16} 11 16J 15 18 23} 321 12* 25 108* 1101 140* 160* 28 43 99} ](J5S 120 125 261 97* 120* 30 103} 140* 27 481 1001 1101 1374*140* Miscellaneous Companies. American Bell Telephone . . Am. Elec. & Illuminating. Do. Do. Pref. American Loan & Trust. . American Rapid Telegraph American Shoe Tip American Watch Andover Iron Arkansas "Valley, T. Lot. . . Asbestos Packing Co Aspinwall Land Boston Athen£eum Boston Co-op. Building. . . . Boston Exchange Boston Land Boston Pier (Long Wharf). Boston Storage Warehouse . Boston Sugar Refinery Boston Water Power Boston Wharf Boston & Colo. Smelting.. Boston & Roxbury Mill .... Boylston Street Land Brookline Laud Brunswick Berth Burton Stock Car, Common Busell Trimmer Chauncy Hall School Collateral Loan Donglis Axe East Boston Land Erie Telephone Essex Land & W. P Glendon Iron Holyoke Water Power Hoosac Tunnel & Elevator Houston's Ships Berth Iowa Railroad Land Lamson Cash Railway McKay & Bigelow Heeling McKay Met. Fastening.. McKay Sswing Machine. Mass. Loan & Trust Mason & Hamlin Organ . mi 105 26 30^ 2| 3J 138 162 95 100 285- 40 27" 38 5 7 200 218 J882. Low High 640 590* 6 83 75 75 100 1101 75 1001 24 63 38} 464 192 220 95 105 624cfl.00 2i 44 50c 3 5 64 78 r- 101* 1054 121* 1274 8 10' 1501 161 75* 95* I 4 334 37; 164 19 27 32i 14 14 J* 105* 108 iCO* 160* J883. Low High I8O4 299 24 7} 7J 13 90 106 261 54 24 3 1521 161 60 90 29}* 324 30 46 4 5 180 220 12} 14 525 6724 51 6;- 75 75 109 120 643 76 2 4, 27 39 1574* 200 100 105 13c 60c 21 2.811 I80 1 2} 4) 2} 6' 80 85 103* 106} 120 1261 6 8 28} 62 152* 1551 80* 95* .... 225 60 100 I 2 35 37 New 16 18 27| 32} II 21 105 116 160* 160* J 884. Low High 141 275 90c 6.43} 5 11 674 90 45 50 774c 2| 1474 160 60 60 30 36 24} 40 4 4 200 221 12} 143 525 550 41 64 55 65 120 131 66 65 li 3 20 30 1193 166 79} 100 5c 624c 21 23 16c 334c 2 4 2.70 3} 85 90 102* 105 80 120 5 5 151 37 136* 158* 50 80* 203* 225 40 CO 50c 1 36 36 110* 1531 174 194 264 29 1.074 21 116 *117J 166 175 160 257 60c 2.90 74 1011* 1885. Loic High 50c 85o 135* 150 No sales 38 401 No sales 4 5.061 215 255 10 14J 535* 590 54 63 65 71 130* 1521 65 100 21 61 20 294 no* 121* 894 924 16c 90c 2| 4 12c 25c 21 34 2.} 4* 85 95 102* 108* 83 85* 5 6 184 32 136 141 60 60 201 207} 40 71 25c 6O0 36 36 95* 1204 163 201 283 31i 1 1.10 111} 117 166* 176* * Ex. dividend. ^ Assessment paid. % One share made six. Notes on the Boston Stock Market. 201 MISCELLANEOUS COMPANIES.— Comiimted. Highest and Lowest Prices for Eight Years. — 1878 to 1886. 1878. LowHigh New 62i 71 106 108 New 75 90 69^' 're' 103 "lis' 140 1401 95 114 1879. Low High 60 95* .... 52| 90 100* 2 15 New 75 125i 60 85 102 llOj 73| 108' 115* 140 95* 115 J880, Low High 95 117 48i 561 93 109i 3 60 2i 8i 96 1301 85 92: llOJ 126 106i 145J New 1 3 225 297J 104 115 115 142 I88t Low High 2| 4i 108 120J 66 64J 186J 200i 100 llOJ 2i 7; 119| 136: 12 12 93 lOOJ 120J 135 126* 151J 158i 160J 142 162i .... 120 li 13 68c* IJ 116 l22i 297J 300* 113i 125 140 135 ll|23i Miscellaneous Companies. Maverick Land Mexican Telephone National Car National Rubber National Tube 'Works N. E. Mortgage Sec New England Telephone . N. B. Water Meter New Hampshire Land No. Chic. Rolling MiU... OddFeUowsHaU Old Colony Steamboat. . . Paciiic Guano Pullman^s Palace Car Putnam Nail Quincy R. B. Bridge Revere House Co Standard Water Meter. . . Sycamore Spring Water. . Topeka Equipment Tropical Telephone Union Stock Yard United States Hotel Wakefield Rattan Winnissimet Ferry J882 Low High li 2i 3 6' 89j 111 57 60J 195 200 100 110 35c 2} 87ic 2i 95 140 12 13i 96* lOOJ 100* 128j 119* 145 170 200 150* J 62 125i*130J 60c 3J 25c 80c 112* 116 New 166 300 126 1364 145 162 J 16i 23* J883, Low High 1 li 88i 96i 441 60 98.1 123i 841 90 New. 20c 65c 75c n 85i 95' 11 12 96* 100 100 1121 114 134j 197 200 142* 150 132i 138 15c 85c 20c BOc 100 J 116 15 3J 125 156 135 135 140 162} 18* 20 J884, Low High 1 ij IJ 2.93} 67i* 93 10 44; 97^ lOOj 84 85* 17^ 15c 26c 75( 55 87 12 13 100* 132 99J 104 94 *116J 200 200 145 16U 131} 133J 14c 1} Sold out 102 107 li 2J 110i*142i 125* 135 145 160 J885. Low High 1 If 1 l| 64* 67J 6 10 93 110* 83* 96* 25 36 12^0 46c 17c 26c 65 107} 111 13 125 127 79 100 106} 136 200 200 155 165 130* 136} 8c 72Jc 105 105 75c 1} 110* 138 121J 130* 142 151} in 25} MASSACHUSETTS GAS-LIGHT COMPANIES. Highest and Lowest Prices for Eight Years. — 1870 to 1878. J870. Loio High I87J. Low High J872. LoiD High 776*186' 112 118 152 185 133 156 100 110 30 32 109} 120 135 141} 1873. Low High 796 847J 816 922i 112 118 146 160 110* 140 80 100 30 32* 108 120' 765 805* 110* 117} 139 160 138 160i 107 118} 28} 36} 104i*1174 126' 135 136 152 106 126 72i 80} 29' 31 60 75 68 79 119J 134} 113 117i 75 90* m 85 126 130 113J* 120 88 100* 82 100 122} 133 120 135} 100 112 96 117 121i 130 126 133 Gas-Light Companies. Boston Brookline Cambridge Chelsea Doreliester East Boston . . . Jamaica Plain . Lawrence Lynn Maiden Newton Salem South Boston . . 1874, Low High 725* 782J 109}* 116 136 150} 138 146 1024 112 32* 34} 106* 112 125 130 99 106 1004 108* 110 1254 1144 128 130} 140 1875. Low High 732i* 780 112**120} 129} 139} 130 *142} 1024 112 31} 34 1085* 116 126 'ISO} 99 110 93 106* 90 100 114 120 119} 1374 J876. Low High 7724 806 116 120 1254 136} 113 137 90} 101 31 34 112}* 118 119}*130} 78 106 84 99 120* 125} 99 116 115 121 J877. Low High 785* 8224 1104 1164 135} 140} 97 114} 97 lOOJ 33* 34 118 1224* 125 133 78 90 82* 85 111} 129} 96 105 1163* 121 Highest and Lowest Prices for Eight Years. — 1878 to 1886. 1878. 1879. J 880. 625 820 660 800 690 810 100 114J 100 110 100 110 105 139} 110 137 123 147} 673 70 68 73} 69 80 75 101} 69} 80 69} 85 80} 102 76} 90 75} 93 24 354 25 3U 264 30} 107 123 107}* 120 119} 125 1075 1*0* 108 130 126 138 135 167} 135 152} 150 1604 69; 90 69 78 70 81} 00; 864 78 97 88 96 101 1214 105 120 114 125 134} 151} 137} 166 148 164} 80} 100 80} 105 99 108 103 119 994 110 103 110 J88J. Gas-Light Companies. 785 825 103}*109 139 147 73 803 86 104 87 974 1 284 31 I 125" 131} 131} 140 150 165} 66 83J 92 *100J 125 130} 170 175 99 108 106j 115} Boston (Par 500) [Brookline Cambridge 'Ch.xrlestown (Par 50). , Chelsea Dorchester Bast Boston (Par 25) . . Jamaica Plain Lawrence Lowell Lynn Maiden Newton Roxbury Salem South Boston J882. 765* 830 90} 1(17 132i 145} 74 80 79 95 914*100} 29} 31} 119} 128 126* 136} 155 160} 76} 83 94 99 120}*126| 165 1734 91| 99 105 113} 5883. J884. J885. 790* 860* 100* 103} 132} 141 73} 761 86} 100* 984*106} 304 32 121* 130 125 *1344 165* 166} 78 83 90 96* 120* 129} 168 177} 893*1024 994* 111 700 8774 102 110 l:86}«160} 76 78 99* 101 994 110} 3U 33} 128' 133 128 133 155* 170V 79* 864 91 95 126 132 171* 175 974 1024 105 112} 710* 8124 1004 106 147.}»154} 76 78} 96* 100* 984 104} 32* 39} 129* 136} 128* 133 170 170* 864 924 93 1044 128} 132 168 1724 100} 105 *94| 110 Semi-Annual Dividends, Fifteen Years —1871 to 1886. 1871 1872 1873; 1874 1875 1876 1877 Divid. payable. Gas-Light Cos. 1878 1879 1880 1881 1882 2iqt 1883 24qt 1884 2iqt 1885 24qt 2Aqt 24qt 2iqt 24qt 24qt 2iqt March 1 quart. Boston 2*qt 24qt 2iqt 2*qt 24qt 4 4 4 4 4 4 4 4 4 4 4 4 3 3 Jan. 1, July 1 Brookline 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 5 5 5 6 6 516 5 5 6 5 5 5 6 Feb. 1, Aug. 1 Cambridge 5 6 6 6 6 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 65 5 5 5 5 6 5 5 Jan. 24, July 25 Charlestown 5 6 5 5 6 5 5 6 6 5 5 6 6 5 5 6 6 5 5 6 5 55 5 5 5 4 3 3 3 Jan. 16, July 15 Chelsea 3 3 2*2* 2* 3 3 3 3 3 3 3 3 3 3 4 4 4 4 3 3 3 3 2* 242* Feb. 1, Aug. 1 Dorchester 3 3 3 2* 2*2* 242* 3 3 3 3 3 3 3 3 4 4 4 6 5 5 5 5 5 6 5 4 4 4 Jan. 15, July 15|East Boston 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 Feb. 1, Aug. 1 Jamaica Plain 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 1.510 10 6 5 5 5 5 5 5 5 4 5 5 Feb., Aug. Lawrence 6 5 5 616 5 5 6 5 5 5 4 4 4 4 4 5 5 5 5 5 5 5 6 5 6 5 ft 5 6 Jan. 1, July 1 Lowell 6 5 5 6,5 5 5 6 5 5 5 6 5 6 5 5 S 4 (1 '>V>A Jan. 1, July 1 Lynn Aug. 1 Maiden 9^2* 2*24 242* 'H.)4 ''+"* ■'*■»+ ''*''* "i'H 3 3 4 4 4 4 4 4 4 3 3 2* 2 2 Feb. 1, 2J .3 3 3I3' 3 3' .3 .3" 3* .3 3-3 3" 3 .3 3 3 3 4 6 5 5 5 5 5 6 5 6 Feb. 1, Aug. 1 Newton 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 24qt 2*qt 24qt 24qt 24qt 24qt 2*qt Jan. 1 quart. Roxbury 2*qt 24qt 2*qt 24qt 2*qt 24qt 2*at 2*qt 5 5 5 5 4+4 4 4 4 3 3 H Jan. 26, July 28 Salem 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 5 5 5 5 6 3 3} 3}3} Feb. 1, Aug. 1 South Boston 3}3* 3434 3434 343* 3*34 3434 343 3 a 202 Notes on the Boston Stock Market. MISCELLANEOUS COMPANIES. Dividends for Eight Tears. — 1871 to 1879. Companies. Am. Molded Col . . . American Shoe Tip . Am.WalthamW'ch Ark. Valley T. Lot. Blair Town Lot. .. Bos. Co-op. Build'g Boston Exchange . Bos. Pier(L. Wharf) Bos. Sag. Refinery. Boston Wharf Bost. & Col. Smelt Bost. & Box. MiU. Chic. & Verm. Coal Collateral Loan . . . Douglas Axe East Boston Co . . . E.Boston DryDock Essex Land Gilberton Coal Glendon Iron Globe NaU Iowa B.R. Land . . . McKay & Big. Heel McKaySew. Mach. Mass. Loan & Trust Mason & Hamlin. . Merrimac Hat .... Missouri Val. Land Moingona C oal National Tube Wks N. E. Mortgage Sec N. B. Trust Co Odd Fellows Hall. Old Colony Steam. Fnllman^s Car .... Quincy R.R.Bridge Revere House Co . . Reversible Collar . Sioux City T. Lot. United StatesHotel Jan. 1, Jan. 15, March 1, Feb. Jan. 1, Jan. 35, Payable. July 1 July 15 Sept. 1 Aug. Julyl July 15 4 4 10 8 Jan. Ap. July, Oct. Jan. Ap. July, Oct. May, Nov. April, Oct. Jan. Ap. July, Oct. Jan. Feb. 1, Jan. 1, June, Jan. Jan. 1, May 15, Feb. Jan 1, Jan. July Aug. 1 Julyl Dec. July Julyl Nov. 15 Aug. Julyl July Feb. May, Au. No. Jan. 15, Ap. Jly,Oct Jan. Ap. July, Oct, Feb. 15, Aug. 15 Pe. 1, M'y, Au. No. May, Nov. Jan. 1 , July 1 Jan. At). July, Oct. Jan. 1, Ap. Jly,Oct. Jan. 10, July 10 Feb. 1, Aug. 1 Jan. 1, July 1 June 23, Dec. 23 Fe.l5, M'y,Au. No. Jan. 1, March, Jan. 1, Jan. 1, Jan. 10, Julyl Sept. Julyl Julyl July 10 4 4 6 6 No. 1 2}2i2i2} ... < 2i2i2i2i 8 5 4 4 5-5-5-5 $3 ?4 4 3 3 4 May nmm 3-3-3-3 5 5 4 4 1872. 10 3 10 5 4 4 4 5 JlUySl 3 5 3 3 3 3 3 5a 36c 60c No. 1 3-3-3-3 5 5 4 4 $3 3 1873. 4 4 0-1-1-1 6 6 July $2 No.'i)3i 2i-2-2-2 4 4 10 5 40c 40c U-3-2-2i 4 4 5 No. 1 3-3-3-3 5 5 4 No. 4 1874. 4 4 3-3-3-4 5 1 li No. 4)1' 3i 3. 2-2-2-2 4 4 10-5-10-10 li li 50c 2-3-2i-2i 3i 4 3-3-3-3 5 8 No. 1 No. 2 U 4 4 6 3 .... 4 3-3-3-3 5 5 4 4 2 3 .... SH 5 5 4 4 3-2-2-2 3 3 IJ 2 .... 2J 3J 3J 2-2-2-2 2-2-2-2 $1 1 5-10-10-10 li-lJ-2-1 50o 50c i3-2J2| 3i 3 3-3-3-3 8 8 ... $1J 3-3-5 No. 1 4 4 3 2i 4 4' 3-3-3-2 5 5 1876. I 1877. 4 2 I 2-2-2-2 3 2 2 I li U 3k. 3 2-2-2-2 1-U-lJ-l 2-0-2-2 5 2i 2 2' 2-68-8-8 1-1-0-0 1110 5-50-lOa 10-10-5-5a 2J 3 3 .... 10 1-1-li-l 60c qt. l}3i2M 3 3 3-3-3-3 8 8 li 1 3-2-3-3 ....4r-^ 4 4 4 4 n 4 4 2-2-2-2 6 5 4 4 1 3 3 3 3 2i .. 3 2 10 10 1-1-0-0 50cG0c60c60c 2^1-2J-2i 3 3 3-3-3-3 10 10 U 2-2-3-3" 3i-3-3-3 4 4 4 4 3 U 4 4 2-2-2-2 6 6 1878. 2^ 2-0-1-2 4 2 2 1 1 April 1 5-5-5-5a 3 3 3 2i 3 3a 4 2 li 5 10 10 1-1-1-1 50c40c30o50o 2i-3i-2-3i 3 3 2J-2J-2f-2i 3 3 . IJ la 2-2-2-0 3-3-3-3 4 4 4 4 li li 3 2-2-2-2 5 6 2 3i Miscellaneous Dividends. — 1879 to 1§86. COMFANDaS. American Bell Telephone . American Dredging Am. El. and Illum^g Do. Pref. . . . Am. Fire Hose M'f g Am. Loan & Trust Am. Molded Collar American Shoe Tip Am. Waltham Watch Andover Iron ArkansBB Val. T. Lot Asbestos Packing Aspinwall Land Blair Town Lot Bos. & Bangor Steam. . . . Boston Co-op. Building — Boston Exchange Boston Lead Manuf 'y .... Boston Loan Co Bos. Pier (L. Wharf) Bos. Safe Dep. & Trust. . . Boston Storage Wareh Boston Bug. Refinery Boston Wharf Boston & Col. Smelt Boston &Rox. Mill Busell Trimmer Central Car Co Champion Iron Chapman Valve Chauncy Hall School Chic, and Verm. Coal Collateral Loan Dedham Water Douglas Axe E. Boston Dry Dock Elkhorn Land T. Lot Erie Telephone Essex Land & W. P Fairbanks Scales Payable. Jan.l5,Ap. Jly, Oct. Jan. March 1, March 1, Jan. 1, Jan. 1, Jan. 1, Jan. 15, March 1, Feb. July Sept. 1 Sept. 1 July 1 Julyl Julyl July 15 Sept. 1 Aug. Various, Jan. 1, July 1 Jan. 1. Jan. 1, July 1 Jan. 1 , July 1 Jan. 15. annual. Jan. Apr. July, Oct. Feb. 1, Aug. 1 Jan.l,Apr.July,Oct. Jan. July Jan. 16, July 15 Jan.l6,Ap. J'ly,Oct. Jan. July April, Oct. Jan.],Apr.July,Oct. Jan. July Jan. 15, July 15 Mar.l, Ju. Sep. Dec. Various. Quarterly, Jan, Feb. Jan. 1, Jan. 15, June, Jan. 1, Jan. 1, Jan. Apr, May 15, Nov. 15 April 1, Oct. 1 July Aug. Julyl July 15 Dec. Julyl July] Par. 1879. fl U 1-1-2-2 4 ... 2J S4.2-2-2 $IJ 1 $5-5J6-6 No. 1 5-5-2J-2i 61 Apr. 2t 2 5a 5 JulyS2i 3 3 1880. 1881 No. 1. 1 2-1-1-0 5 4 6 5 2-1-1-1 No.l. No. 1. 2i 2 6-6-6-6 4 4 2i2i2J2i $1 Apr. 2i 3 81 5-5-2J-2i 0" 1-2-3 3-3-3 2J 2J 2i 2J 3 3 3 4 3 2 2 No.l. No. 1. 50o 25c 4 4 5 U 1 2' 4 4 July 50c 2i 2 3 ... 6-6-6-6 4 4 2i2J2J2i 1 ... 3 3 6U 2J8-2i2f 65 620 3-3-3- 3a 3-3-3-3 3J-5-3 f5 5 2i 2J 4 4 3 3 1882. 4-4^3 No. 1. No.l 5 5 .... 3 62 5 26o 25c 4 4 5 6 2-2-2 4 4 3 3 2 2 3 ... 6-6-6-6 4 4 2i2J2i2i ... 1 3 3 2i2i2J2i 3 3 3 3-3-3-3 5-5-5-5-5 3 3 2 1 1 No. 1. 3 3 4 4 3-3-3-3 ... 2 4 6 5 5 3 3 5 5 26c 25c 4 4 5 2-2-2 4 4 15c ..., 2 2J 2 2' 3 .... 6-6-6-6 4 4 2i2i2J2i 3 4 No. 1.3 2i2i2i2i 3 3-3-3-3 6-5-5 5 5 3 2J 3a 3 3 3 No. 1. 3 3 2 1 2 Oct. U 3 3 4 4 3-3-3-3a 3 3 2 2 6 6 5 5 3 a2i 20c 10c 4 4 2-2-2 4 40c .... li li 0-6-6-6 4 4 2i2J2J2i 1 1 3i 3 3 3 2ia 2J2J 3 3 3-2-2-2 5-5-5 5-3-4-3 2i 3 3 3 3 3 ,... 2 1-1-i-O 3 3 4 3 n3-3-3-3 3 3 2 .... 6 .... 2-2-3-2-2 3 3 2 3 .... 0-6-6-3 4 4 2^2^2424 li li 4 4 2-2-2-2 ... 5 2m2i2J 4 3 2-2-2-2 5-5-6 3-3-3-3 3 2 3 2i 2 M Oct. 6O0 3 3 3 3 Notes on the Boston Stock Market. 203 MISCELLANEOUS COMPANIES— Continued. Dividends for Seven Tears — 1879 to 1886. Companies. Gleudon Iron. . Globe Nail Goodyear & McK. Sew Hingham "Water Co. . . Holyoke Water Power Intemat'l Ocean Tel . . International Trust. . . Iowa R. R. Land Lake Superior Iron. . . Lamson Cash Carrier. Lewis Wharf (P. 1000), Lombard Investment . McKay & Big. Heeling McKay Met. Fastening McKay Sewing Mach . Mass. Loan & Trust . . Maaon & Hamlin Merrimac Hat Mexican Telegraph. . . Missouri Valley Land. Moingona Coal Mutual Dist. Mess. . . . ^ National Car National Rubber National Tube Works. N. E. Mort. Security. . N. E. Trust Co New York Mut. Tel. . . Northwestern Teleg. . No. Chic. RoU. MUlt . Oakland Garden Odd Fellows Hall.... Old Colony Iron Old Colony Steamboat Pacific Guano Palmer Carpet Pueblo Smelt & Red . Pullman's Palace Gar Putnam Nail Quincy R. R. Bridge . Revere House Reversible Collar Security Assoc. Wor . . Shaw Stocking Sioux City Town Lot, Standard Rubber Taunton Locomotive. The B. Howard Watch Topeka Equipment Tropical Am. Tel United States Hotel . . Union Stock Yard .... Wakefield Rattan West Michigan Lumb. Winnisimmet Ferry... Payable. Jan. 1, Jan. Ap. Jan. Ap. Feb. Jan. 6, Jan. Jan. 1, Feb. July 1 July, Oct, July, Oct, Aug, July 6 July July 1 May, Aug. Nov, Various. Jan. 1, Ap. Jly. Oct. April 1, Oct. 1. Feb. 1, Aug. 1 Ja. 15, Ap. July, Oct. May 1 , Nov. 1 Jan. Apr. July. Oct Feb. 16, Aug. 16 Feb.l, May, Aug. Nov, May, Nov, Jan. July Jan. 1, July 1 Jan. July Jan.l, Apr. July, Oct. Jan.l, Apr. July, Oct. May, Nov. Jan.l, Apr. July, Oct. Jan. 10, July 10 Feb. 1, Aug. 1 Jan. 15, July 15 Jan. July Various. April 1, Oct. 1 Jan. 1, July 1 June, annual. June 23, Deo. 23 Jan, April, July, Oct. Jan. 1 , July 1 Jan. 1, Apr. July, Oct. Feb.l5,May,Aug.Nov. Feb.l, May, Aug. Nov. Jan. 1, July 1 March 1, Sept. 1 Jan. ] , July 1 Jan. 1, Apr. July, Oct. June. Dec. Jan. 1, July 1 Jan. 1, Apr. July, Oct. June, annual. Feb. 1, Aug. 1 April 1, Oct. 1 Jan. 16, July 15 Jan. 10, July 10, Jan. 1, Apr, July, Oct. Feb. 1, Aug. 1 Feb. Aug. June 16, Dec. 16 3-3-3-3 No. 1. 1-J-l-l July SIJ 2-4J3J3i 3 3 2i2i2i2i $1 2 2*2^2, 3-3-3-3 3^ U 4 i 3 t3-2-3 2-2-2-2 2 3 6 5 i su ■ n $ii 1 3i 3 2J2i2J2i 4 4 1880. 5 10 3 252525c ....- 2 1 HUH 2-3J-2J-5 $10 qt. % See SI SI 3J5i4J4 3 3 2J-3-3-3 3 3 3 3 2h 2J2i2i2i 4 '4" 3-3-3-3 3 3* 4 4" H 2 3 3 4-2-2-2 3-3-3-3 5 5 4a 4 li 4 li 2 2i2i2}2i 4 6 10 25c. qt. . 1. 5 No, 3 3 iH*-i-i 10-5-2^ 20 20 note. n n 2-6-G-5 3 3 4^4-4-4 3 3 ii2i2i24 4 4 3-3-3-3 10^ 4 No. 1. li 2 3 4 2i2i2i2 3-3-3-3 5 6 4 4 4 3 2 2 2i2i2i2i 5 6 No. 1. 50c 60c 26c. qt. 5 6 6 5 .... 3 3 3 3 2i 3 1-1-1-1 1-1-1-1 4-3-2J-2i 2J-1-1 New ....1}2 2S 25 25 26 No. 1. 6 G 86C-1-1-1 1.60 2J IJ 2J S4 notes $2 April 3 3 3 3 4-4-4-4 4-4-i^ 3 3 3 3 2i2i2-2 4 4 3-3-3-3 3i 3* 4 4" 2 2 5 5 3 3 H 2 10 ... 4 4 2-2-0-4 No. 1. 2-2-2-2 3-3-3-3 5 5 4a 4 4 4 4 5 3-2J2i2i 10 .:. No. 1. 5 5 2 3 2i2i2i2i 5 5 S3 IJ 50c 50c 25c. qt. 6 10 3 No. 1. 2-2-2-2 5 5 2-2-2-2 3 3 4 4 No. 1. 2 2 6 5 3 3 U 2 10 .... 4 4 4 4 7 3 10-2i2J24 2-2-2-2 3-3-3-3 5 5a 4 4 4 4 3i 5 2i2i2i2i 10 .... 5 3 5 5 3 3 5 5 n n 50c 50o 25c. qt. 3 3 5 6 3 3 3 3 l-l-l-l' 1-1-1-1-1 26 25 6 6 1-1-1-1 2i 2 Aug. li 3 3 4-4-4-4 3 4 4 8 12 4 ..., 2-2.2-2 2-2-liH 2-2-2-2 3 3 4 4 3 25c. qt. 3 3 5 5 3 3 3 3 1-1-0-2 1-1-2 2J2J2J2i 25 25 6 6 76c qt. Sl-1-1-1 closing. 3 3 3-3-3-3 3 4 4 5 9 2 .... .2-2-2 Hljlil 2 3 u 10 4 4 3 2i2i2J2i 2-2-2-2 3-3-3-3 6 6 4 5 6 6 lilJliU 3 2i2i2i4 10 .... . 1. 4 6 No 3 3 amm 6 6 1 H 50c 50c 1886. 2-UlJli 3 " 3 6 6 3 3 2i 2 2 2i2i2J2J ,2-2-2-2 3-3-3-3 6 5 5 4 6 6a Hljljli 3 3 2j n 2i 10c lOo 3 3i nnun 5 5 50o 1 50c 50o (a) Extra dividends these years ; see notvs. t Dividends unofficial, the Treasurer refusing them, t See notes. GASLIGHT CO'MJ'A'NIES.— Dividends, 1886 to 1898. 1886 1887 1888 3 3 2i qt, 3 3 3 3 2i qt. 3 3 5 6 5 3 2i qt 3 3 2 qt. 9 3 3 3 2i qt. 3 5 4 4 4 S 3 4 6 2i qt, 3 4 2 qt. 3 3 3 2iq.liU 1889 3 2} S3.66 5 5 3 4 5 4 4 6 3-3-2 qt. 2i qt. qt. 3 3 H qt. 1890 1891 Div.Payable Compakies 3 3 3 See I notes "-'- 3i 5 5 i Ir 5 3 4 5 6 |4 4 6 qt 4 qt, 2i qt, 3 - 2 qt. 4 4 n qt. 2i qt. " 3 qt. 2 qt. 3S'3i 3 3 '3 3J It qt.U qt. Feb.l, Aug. 1 Mar. 1, qt. Jan.l, July 1 Feb.l, Aug. 1 Feb.l, Aug.l Ja.l5, Jy.l5 Mar.l, Sep.l Ja.l5, Jy.l5 Feb.l, Aug.l Feb.l, Aug.l Jan.l, July 1 Feb.l, Aug.l Feb.l, Aug.l Jan. 16, qt. Jan. 1, qt. Ja.l5, Jy.l5 Jan. 1, qt. Jan., qt. Feb.l, Aug.l Jan. 1, qt. Arlington Boston Brookline Cambridge Charlestown. . . Chelsea Concord East Boston . . . Jamaica Plain. Lawrence Lowell Mald.& Melrose Newt.&W'town New Bedford . . New Haven. . . . Newburyport . . Providence Salem Wsltham Worcester P'r 189-2 1893 1894 1895 1896 1897 2 1003 604 256 1004 1004 lOOG 1002 1004 100 U 1002i 1003 100,2 1003 1003i lOOU 3^3 5 5 3 4 6 4 6 " 2-2-2 4 4 IJ qt. 24 qt. - 3 .2 qt. 3 |3-1 qt. 3J3J 3J qt.lli qt. 3 3 3 3 3 2 3 5 5 3 6 3 4 qt. qt, 24 . qt. 2 fl 3ii 2i qt. 5 5 6 3 4 IJ qt. . 2J qt. 2i2J 2J qt. li qt. 3 3 li-2q. 204 Notes on the Boston Stock Market. MISCELLANEOUS COMPANIES. Highest and Lowest Prices for Six Years. — 1886 to 1892. 1886. Low High 1887. Low High J888. Low High 144^ 225 12 45 lOlJ 118 125 *136J 45 70 75 lOOi 232^ 300 )4i 15 55 90 New 195 *26 1304 70 50 250 15 *30 242 53 1211 160J 10) 1 75i 300 16 55 187 *260 3i 34 111 1161 153 1571 79J 100 30 51 2624 300 16 20 25 30 «924 100 70 75 152i 165 70 *165 119 no 100 2| 76 1824 ]42i ]24| 115i 5| 12 8 66 70 175 182 118.5 1304 106* 115 89 lOli 2i 3J 111 120 41 74 8 12 5 8 4 7 *106 110 *]06 no *106 120 109 110 63} 704 24 31 4 8 2074 390 793 85 67 8 2074 80 5i 10 310i 272J- 400 2SJ *32i 26J 98 37 100 294 35J 90 954 New. New. New. »77 86 80i 07i 197i .22l| See No. 85 90 *200 240 Chicago K olUng MiU New. 26| 34 4c 15c *47 62J 1451 160J 31i 381 5c 1.061 46 61 33 7c 46} *150 35 40c 74J 171i 175 216 16J 23i *21i 29" 116 117 *210 )5i 23 114 215 27i 25i 118' 205 210 9 16 22 284 112* 114 1 2 Tjc H 60o 1.561 New. 43 55 23o 624c 142 158 »50 *o5 49J 62 *125 150 147 160 95 103 30 46i 10c 35o *99 140 77 85 121 14 127* 150J •93 39 4o 97.1 78 150* 1001 47 30o 130 79 14j 195 *86 95 39 46 3c 25c 91 106 75 78 14 141 178 190 82 99 79 148 70i 137 881 1631 90 153i 75 881 1441 150 26 70 1354 1751 90 115 128i *1471 166 iisl 2.90 5.75 133 151J 160 5| 148 1751 8| 1623 167 172J 61 81 160 164 6c 33c 3c 17c 2o 8c New. 73i 80J New. New. . New. New. New. New. New. New. (a) Miscellaneous Companies. American Bell Telephone u American Electric Manufacturing.. . . American Loan & Trust American Waltham Watch. Arkansas- Valley Town Lot Bay State Live Stock Boston Athenseum Boston Co-operative Building Boston Cyclorama Boston Electric Light Boston Investment Co '. Boston Pier (Long Wharf) Boston Storage Warehouse Boston Tow Boat Boston & Colorado Smelting Boston & Roxbury Mill Corporation. Burton ^tock Car Burton Stock Oar Pref Busell Trimmer Chicago, Boston & Liverpool Car — Collateral Loan Commercial Tow Boat Consolidated Rolling Stock Davidson Investment Douglas Axe Eastman Car Eastman Car Preferred E. &T. Fairbanks Scale Edison Phonograph Toy Erie Telephone Farmers Loan & Trust (Kansas) ... .1. Fort Payne Coal & Iron Fort Payne Investment Fort Wayne Electric Globe Nail Holyoke Water Power Illinois Steel International Buttonhole Iowa Railroad Land Kensington Chair Lamson Consol. Store Service Lombard Investment . . Massachusetts Real Estate Mason & Hamlin Organ McKay & Bigelow Heel Machine — McKay MetaUc Fasten. Association .. Massachusetts Loan & Trust Mercantile Loan & Trust Mexican Telephone Morley Buttonhole Sewing Mach National Car National Telephone National Tube Works National Tube Works Pref New England Mortgage Security New England Telephone New England Water Meter North Chicago BollingiMill Oakland Garden Odd Fellows Hall Old Colony Steamboat Old Colony Trust Pacific Guano Plymouth Cordage Pneblo Smelting & Refining Pullman's Palace Car Putnam Nail Quincy R.R, Bridge '. Reece Buttonhole Revere House Saco Water Power & Machine Shop.. Simonds Rolling Machine Standard Water Meter State Street Exchange Sugar Refinery Thomson-Houston Electric do. do. Pref do. do. Series C do. do. Series D Thomson- Houston Int'l Electric Com. do. do. do. Pref. Thomson-Houston Welding do. do. European Welding *190 245^ Failed. 125 HO 167i 211 40 79! 10 30 280 322^ 20 29 Not quo 91^ 100 New. 90 109 63J 70i l| 3 4 H 375 487* 52 31" *30^ 40 3i m 2Qk 50 39i 45 J889. Low High *140 156 166 172 25 271 320 400 25 271 ted 914 lOOi 102 No Sales. 125 1393 150 170 120 136 24 4 7 9 31 6J 99 99 120* 126 105 105 No Sales. No Sales. 85 105 1} 2| *26 261 Not quo 29} 65 147 155 New. 200 210 *104 13 32 114* 116 New 35c 95c 81 12 44} 501 15c 80c 1434 1554 130 150 24 3i 8 9 *34 44 110 110 120* 122 104 105 40 521 75 90 Failed 18 14 3 3i 53 4574 *824 U 71 374 54} Failed. 101 381 *15 454 »10 153 85 90 44 56 2c lie Now Illin Not quo 14 144 190* 2074 New, 1890. Failed. 140 165 194 264 173 200 270* 275 170* 184 *9 181 164 170 100 105 100 113 Not quo 73| 76 55 *126 55 1081 29} 22 10 130 235 101 110 210 80 3874 136 1890, Low High 191 240 168 190 136* 1531 *80 ■ 104 943 1024 78 80 *168 1704 "1334 145 165 1761 130 150 li 24 64 8 3 34 19} 99 120* 125 99 lOOi *48 50} S9. ..'.'.'.'.'. If ■ 23 44 5 460 475 50c 2 424 60} 75 99J If 2^ Not quo ted 19 374 tlOO 147 100} 103i 55 8.31 13 21 ted 195 10 *25 115 100 65c 9 210 *13i *31t 1274 100 li 10 *464 504 27c 724c 1374 190 New *75 834 48 55 Not quo ois Steel. ted 15 15.i 200* 207' 150 1651 Not quo 19 40 164 222 280 305 175 181 til 221 Not quo *95 1001 85 ted.. 70 484 35 25 11 54 225 100 175 50 87} 94[ 691 284 18 Si 235 106 245 1214 J89I. Low High tl73 220 1501* 158 1674 1744 244 271 375 4524 221 25 34 121 Failed. 10} 15 15 24 614 1004 100 105 190 200 9 111 :8} 354 tlOSi 1291 1021 103 65o 1.35 9 9} 51 581 18c 374c t91i tlOO 1031 1074 *68 70 49 53 ted 15 16 ted . 20 mit* 198 249 290 170* 181 104 154 ted 98 100 Not quot'd 93i *100} 57' 93 *38l 524 241 27 73 13 54 81 175 220 993 104 41 140 15 724 ' Ex-Dividend. t Ex-RigMs. J New Stock, (a) These Stocks are all quoted " dollars per share.' Notes on the Boston Stock Market. 205 MISCELLANEOUS COMPANIES. Highest and Lowest Prices for Six Years — 1892 to 1898. 1892. Low High 1893 Low High 1894 Low High Miscellaneous Coupahies. 1895. Low High 1896. Low High 1897. Low High tl92 210i 166 *212 1551 ISO 78J 1151 90 al07J $53 63 96 115 157 170 231 25 154J 159 62 134J 66J *104i 21^ .60i 75 llOJ 150 161 21 24 397* 457J 24" 271 104 115 92 100 821 88i 400 500i 25 28i *103 115 40 95 85 88J *170 190 *97J 135* 97 100 104 115 110 130 104J 105 1 n 6 6 3 51 89 91! «122 1263 *91 45 44i 72i New. New. II 2i 4} 5 457J 475 110 135 43J *53i 12i 15 of 8i 106 119f 112i 120; 180 191 *93 104J 150 2001 90 100 *105 112 86 108 92} 103* 75o IJ 6| 6 New. 3i 5 80 105 *120 *125 *90 «91 40 461 141 65 12 25} 90 951 1} ri2i 3t dU 462} 503* 110' 1501 36* 50i 3* 131 4| 8 311 1141 44 119 145 150 »75| 114} *79i 100 35 53* 911 110" 148 150 10 21 New. 422J 457* 26 27} 105 116 25 40 86 85 1090 1125 »189 1901 *89i lOOJ 139 165 91 105 m *93 105 110 95 . . . . 75c 5 . . . . 108 3 *41 No sales. 125 126i *89J 91 39 40 7} 301 Hi 231 87} 98* 30 33' 100 100 417* 460 110' 128 69 82 1 Ij 40 83 IJ II 15 21 21} 661 135 200 112J 117 101 107 100 101 J 121 26J 1 .301 110 135 112 118i 50 104} 100 100 4 10 23J 33i S5o 1.17i 2J 4j 171 23; 73c 1.10 *58 70 9H 142i 31 51-; 81 99i, 9c 23c 49} 93J *97* 110| »70' »75 *50i 62 101 103 New, 1890, 131 23} 185 201 220 255 1001 1013 172 178 11} 115 55 68: llj 75i 201 51; .55J 96 6c 15o 471 70 721 *104* 70 75' *47l 6I5 36 103 175 196 *18 21} *135 206 200 231 95 102 160 175 65 98 42 li 4 m 66 18} *25 38 1 125 12i 1 110 114 35 100 53* 2j 133 26 3i 110 117 50 100 1} 4.68} 17| 30 60c 1.05 47 15 24 72 10c 35 76} 55 49 25 35 1621 180 59 25L 44} 90 45c 431 92i *70 20 149 151 205 American Bell Telephone American Soda Fountain " " IstPref... " . " 2dPref. .. American Loan & Trust American Sugar Refineries " " " Pref.... American Tobacco " Preferred American Waltham Watch Arkansas Valley Town Lot Beacon Trust Boston Athenaeum Boston Co-operative Building Boston Electric Light Boston Investment Boston Pier (Long Wharf) Boston Keal Estate Trust Boston Storage Warehouse Boston Tow Boat Boston & Colorado Smelting Boston & Pliiladelphia Steamship . . " " " Pref, Boston & Roxbury Mill Corp'n Bowker Fertilizer Burton Car " Preferred Cambridge Safe Deposit Champion Nailing Machine Chicago, N. T..& Best. Refrig. Car Collateral Loan Commercial Tow Boat Consolidated Boiling Stock Distilling & Cattle Feeding Dominion Coal *' Preferred Eastman Car Heater " Preferred. B. & T. Fairbanks Scale Edison Elec. & Ilium. (Boston) Erie Telephone Fort Wayne Electric Fort Wayne Electric, Series A. General Electric ' ' Preferred Goodyear Shoe Machinery Holyoke Water Power Illinois Steel International Button Kansas City Stock Yards Lamson Store Service Lombard Investment Mason & Hamlin Co Massachusetts Loan & Trust. . . Massachusetts Real Estate Mercantile Trust Co Mergenthaler Linotype McKay & Bigelow Heeling McKay Metallic Fastening Mexican Telephone Morley Buttonhole National Car National Cordage National Lea4 *' Preferred National Telephone National Tube Works. Preferred. . . New England Mortgage Security. . New England Telephone Northern Investment Old Colony Trust Pettee Machine Works Philadelphia Company Plymouth Cordage. 173^ Pullman's Palace Car. 205 ~ ■ " ■■ 158 1701 501 «• 9 19 120 120 Putnam Nail . Quincy Market Cold Storage. Quincy R. R. Bridge Realty Co Reece Buttonhole Reversible Collar. 100 •100 100 100 100 100 100 60 100 100 100 100 300 25 100 100 100 1000 100 100 50 100 100 100 10 10 100 10 100 100 100 100 100 100 100 100 100 600 100 100 25 100 100 25 100 100 10 100 25 100 100 100 100 100 100 10 10 10 100 100 100 100 5 100 100 100 100 100 100 100 50 100 100 100 100 100 100 10 100 175i 210 *92i 9? 961 lOOJ 911 100 *143 153} 861 1201 901 107 S34| *57| 90 116 144 150 61 61 98 100 429 475 26* 27 104i 116 111 26 »80 86 •1100 1160 195 201 801 91 «120 135 »102 105 110 *1I5 721 75 »93 96 No sales. No sales. 110 112} 3} 43 No sales. *123 1251 *89* 90 24} 30 81 241 81 181 *85 101 *29 *30 100 100 366 420 122 150 461 69} If 2* 31 5| 20 41 54} 72 26 31 245 245 40 821 *1} *2.20 133 136 *17 253 Failed. No sales. 1111 117 26 35 100 *100 (First quo 31 5t 21 *30i 50c 90c 7 9 48 52 87ic 9 20t 38 79 92} 30c 6O0 38} 761 93 *113i 45 60S «66 90* 1 r 170 186 801 801 161 *20 143: 160 149 *178 200 205 No sales. 170 178 40 45 18 231 tl03 »i20 195 211 66 95* 70 99" 63 98 *130 1401 951 1263 921 105 291 IS 95 105 130 140 No sales. 96 100 400 445 25 371 95 1091 10 11* 80 80" 1160 11511 »180 200 *80 85} 656 75 104 110 116 120 45 58} 100 1101 108 *112 1* 4 65' 60J *122 126 90 »00 25 25 Now Am. 61 16 80 95 26 29 80 100 245 365 134* 145 51 i 66} 75c li 2 3' 20* 391 60' 78 31 32.1 277 292 32 75 H 43 131* 135 153 23 No sales. 105 117 14 16 100 *100 tations). . . 41 4J 181 *24j 50c 90c *7i 81 *37 48 15} 28S 82* 921 15o 40c 60 70 101 *1091 106 40 47 86 103 *101 2051 285 12 65 No sales. 74 Jan. 1243 130 *1091 1591 1001 12H 391 463 100 115 1111 129} *96 99 390 411 271 33) 9K 110 7* 101 80 82 No sales. »170 179 81 90 *60 65 110 130 1208 1321 *37* 493 *S9 108* 15c asked. 91 10 asked. *110 113} Closed. 54 (iO •126 144 No sales. 19} 25 Spirit s. 6» 271 VV 112* 20 ■ih 71* 80 200 250 145} 166 63S 77 ,hllc 1 2 2* 28} 41* 66 90 311 381 *iXi 295 29 501 3} 7 109 133 144 231 No sales. 100 *107 8 13} No sales. 118} 145 61 7} 17* 32} 60c 80c 71 10 32} *39 89 109 I60 54 185 186 951 951 nj 19* •135 145' 1381 104 170 200 60 110 40 135 185 190 No sales. 19} 24, *135 *140 -.62 185* •100 150' 165 1751 160 172* 37* 40l! 30 371 181 2211 *16* 21 110 . 120*i No sales. • Ex. DrviDEHD t Ex. Bights, (o) Sugar Viet., lS91 — 0Sh 1011. (6) .Soi/. * C'0/0., par 100, prev. t° 1896. (rf) Eastman, prev. to 1894 par 10. 206 Notes on the Boston Stock Market. •MISCELLANEOUS COMPANIES. — Concluded. Highest and Lqwest Prices for Six Years — 1892 to 1898. 1892. 1898. 1894. tow High LoiD High Low High 101 109 104 110 1099 116J 19| 26^ 83 109 New New lllj 128 94 *tlOOJ 90 101 159i 160 .... •IST 111 .... 49} *67i Now Oene ral Elec. 26J 30i Now Gene ral Blec. 242 256 .... 255 .... 110 104 110 54 60 : 50 60 .... 50 7J 15 2i 7 1 2 7.931 9J H Si ^ 5 7 8} 5 8 *3i 5i 7c 50c 50 7o 5c ♦160 250 *18,l 250i 169S *185i New New 8 111 52i 68| 39i 48| 19| aoi 52| 90 33S 45i 94i 1021 81 99 *ieO 165i nSJ 166J •161 J 173i 20 40 16 39} 24 38} 42 53 35 50 45 53 24| 271 26 • m 30 32 MlSCBLLANEOUB COMPANIES. State street Exchange St]^eet R'y & Illuminating Prop . . . " " Pref. Swift & Co Swift Transportation . . : Tliompson- Houston Electric " " " Pref.. " International Common " Pref. " Welding " European Welding. . . . " Series C " Series D Tropical Telephone United Electric Securities Pref. . . . United States Hotel United States Leather " " Preferred... United States Oil United States Rubber *' " Preferred. . . Wakefield Rattan Weatinghouse Electric " " Preferred.-. Winnisimmet Co 1896 Low High 115J 120 21 J 34 107 llOJ 70i 81i 111 141 114 116} 27 32 106 112 65 85J *125 *140 1 4 4} Si 4} No sales. *75 78 *180 208 9 24| 58} 97} 21 i 47J 80 98i 162i 175} 28i 38} 48} 55g *29} 34 1896. Low High *n6} 118 26 34J 93| 112 83| 95} 125 *135 3 3} 3i 4 70 74i *202 214} 6} m 41} 69 New 14 29i 66 88 125 158 23 33 48} 54 *27t 30} 1897. Low High •H 3i 60 80 *205 210 6} 10} 50i 71} 9 19 9} 25} 50 76i Closed. 20 27 49} 56 26 28 MISCELLANEOUS COMPANIES.— Disidends /or Six Tears, 1886 to 1892. Companies. Am. Bell Telephone . . Am. Loan & Trust American Screw Am. Sugar Refineries. Am. Sugar Preferred. Am. Waltham Watch. Andover Iron Asbestos Packing Ashton Valve Bay State Brick Bost. Go-op. Building. Boston Loan Co BoBt.PierCLong Wharf) Bost.Safe Dep.& Trust Bost. Storage W'house Boston Tow Boat Boston Wharf Boston Woven Hose . . Bost. & Colo, Smelting Bost. & Roxbury Mill. Bowker Fertilizer Busell Trimmer Chapman Valve Chauncy Hall School. Ch-.Bos.&Liverp'lCar Collateral Loan Commercial Tow Boat Consol. Rolling Stock. Corrug'd Wire Fast'ng Cutting Car Eastern Elec. Cable Ff Eastman Car Eastman Car Pref E.&T.Fairba'ks Scales Erie Telephone Goody'r&McK.S'gM Illinois Steel International Trust. . . Intemat'l Buttonhole . Iowa Loan & Trust. . . Iowa R.R.Land Kan. City Stock Yards Lake Superior Iron. . . Lamson Store Service. Lewis Wh^rf Lombard Investment. Mason & Hamlin Org'n Mass'tts Loan & Trust Mass'tts Real Estate . . McK. Metallic Fasten'g McK.& Bigelow Heel'g McK.& Copel'd Last'g McK. * Thomp. Lart'g Payable. Par. 1886. 1887 Jan.15, qr. Jan.l, Jy. 1 Jan.l, qr. — July July Mr.l5,S.15 Fe.l, Ag.l Jan.1, Jy.l Feb.l, qr. Ap.I0,O.10 Ja.l5,ann'l Jan.l. qr. Ja.l5,J1.15 Ja.l5,J1.15 Mar.31,qr. Jan.l, qr. Ja.l, ann'l Jan.l, Jy.l Jan.l, qr. Various. Feb.l, Ag.l Jan. qr. Jan.l, qr. Jan.6,Jy.6 Jan.l, qr. Jan.l, Jy.l Jan.l, qr. Jan.l, qr. Ap.l, Oc.l Jan. qr. June, Dec. Mr.2,Sep.2 Mr.l.Sep.l Apr., Oct. Feb.l7,qr. Jan. qr. Feb. Aug. Jan.l, Jy.l Ja.l5,J1.15 Jan.l, Jy.l My.l,No.l Feb. qr. Various. Jan. qr. Ap.l, Oc.l re.l, Ag.l Feb. qr. Fe.l5,A.15 Jan.l, Jy.l Feb. qr. Feb. qr. April, Oct. April, Oct. 100 10 10 600 100 25 100 100 10 100 100 100 25 25 1000 100 100 100 100 10 1 3-3-3-a3 2 2 3 .... 2i2J2i2i li 2 4 4 2-2-2-2 $1 cr2i-2Jqr. $30 $7 (Aug.)3 3-2-3-2 3-3-3-3 2i 2i 2i 4 4 (Dec.) 2 3 3 2-2-2-2 (No. 1)1 ' $i-i-H i-J-H 3 3 (Dec) 1 2 2 $2-2-4-2 UUliU $25 25 6 5 3-3-3-3 $1-3-1-} $1-1-1-1 10c 10c 4c 4c 2J-2J-2J-2i 2 n 4 4 2-2-2-2 2-2-2-2 $1 New 2J-2J-2i-2i (June) $40 3 3 3-2-3-2 3-3-3-3 2i 2i 2-2-2-2 4 4 (No. 1) (No. l)li-l (No. 1) 2 i 2 3 3 «i-J4-} 35-35-36-35C 2 2 li-n-H-n $2 2-2 n-u-u-i} 125 $26 6 3-3-3-3 3 2i 2i $1-1-!-} 1888. 2i-2i-5-2J 2J-2i-2J-2i 2 2 4 4 2-2-2-2 2-2-2-2 $1 (July) 2 2Ja2^2j-2J None 3 3 3-2-3-2 3-3-3-3 2i 2i 2-2-2-2 4 4 2-2.2-2 1-1-1-1 lOo 10c 2-2-2-2 (No. 1) . J-IH-U 35-40-40-40C 1 4 4 2 2 IJIiHali $2-1-1 1}-I}ali-1} $26 25 5 6 3-3-3-3 3 3 2J ii $1-1-1-1 75.35-40-35C 15c 15c 15c 20c 1889. 2i 5-2J-2J-2i 24.2i-2}.2i 2 2 4 4 2-2-2-2 2-2-2-2 $1 3 3 2i(l2J-2i-2i None 3 3 2-2-2-2 3-3-3 n3 2i 3 2-2-2-2 4 5 2-2-2-2 T-l-i-l 10c 10c 2-2-2-2 Dee. $U 0' 3 3 3 3 $}-1-1-l 45-50-50-650 3 (on old) 3 3 1 (Nov.) 1 4 4 2 2 IJlilJali $2-4-1-1 IJ-li-li-li $25 26 6 3-3-3-3 2i • 2i $1}-1}-1}-1} 40-35-30-30C 15c 16c 16c 20c 1890. 3-3-3-a3 3 l-l-li-H 2J-2i-2i-2J 3 3 S 2J-24-2i-2} 2 2 4 4 2-2-2-2 2-2-2-2 $1.20 .... 3 3 2}n2i-2J-2J $6-9-7-8-6 3 3 2 2 3-3-3-3 2i 2i 2-2-2-2 4 2-2-2-2 1-1-1-1 15o 15c 2-2-2-2 3 3 3a 3 $1-1-1-1 75ca$l-l-l^ 4 3 6 5 1 4 4 2 2 iJlJHoij $1-1-2 None ;26 25 5-5-2J 3-3-3-3 3 3 2^ 2i $1}-1-1-1 30-25-26-25C 15c 15c 15c 20o 1891. 3-3-3-a3 3 3 li-lJ-lJ-H (No. 1) 4 (No. 1) 3i 4 H 1 2J-2J-2i-2i 3 3 6 . . . .' 2i-2i-24-2i 2 2 4 4 2-2-2-2 2-2-2-2 $1.20 .... 3 3 }2 2Ja2J-24-2i $5-33-5-13 3 3 2 3 3-3-3-3 25 2i 2-2-2-2 4 4 2-2-1 }-l J 1-1-1-1 25c 2.")C 2-2-2-2 H n 3 3 3 3 $1-1-1-1 85-85-86C — 5.1- 5 5 1 1 4 4 1 3 IJHlJali $1 1 None $25 25 ij-ij-n 3-3-3-3 3 3 3i-l}-l}-l} $1-1-1-1 25-25-25-250 15c 15o * Ex. Dividend, t Ex. Eights, t Quarterly. (a)Bxtra dividends in these years (see notes). (i)In stock. Notes on the Boston Stock Market. 207 MISCELLANEOUS COMPANIES. — Concluded. Dividends for Six Teaj-s — 1886 to 1892. Companies. Michigan Land & Iron. Mutual Dist.Messenger National Car Nat'l Tube Works (old) Nat'l Tube Works Pf.. New E. Mortg. Security New Eng. Telephone . . New England Trust. . . No. Chic. Rolling Mill. Odd FeUowsHall Old Colony Steamboat. Old Colony Trust Pullman's Palace Car. . Putnam Nail Quincy K. R. Bridge . . Reece Buttonhole Mch. Revere House Reversible Collar. Saco Water Power <5^ M. St.Mary's Canal Min.L. Sugar R3fineries TheB.HowardW.&C. Thom'n-Houston,Ser.C Thom'n-Houston,Ser.D Un , Stock Yards (Chic. ) United States Hotel. Wakefield Rattan. . . Winnisinunet Co ... . Payable. P'r 1886. 1887. 1888. 1889. 1890. 1891. Various. Ja.,Ap.,Jy.,0. Ja.,Ap.,Jy.,0. Ja.,Ap.,Jy.,0. Oct., 1891 Jan. 1, July 1 Fe.l5,My.A.N Feb. 1, Aug. 1 Feb., Aug. Jan., July Je. 30, Dec.30 Mayl5,Nov.]5 Fe.l5,My.A.N re.l, My.A.N. Jan. 1, July 1 Ja.l, Ap.Jy.O. Mar. 1, Sep. 1 Jan. 1 , July 1 June, Dec. Mar,, Sept. Ja.l, Ap.Jy.O. Feb. 1, Aug. 1 Various. Mayl, Nov. 1 Ja.l, Ap.Jy.O. Jan. 1 , July 1 Feb. 1, Aug. 1 Je.l5, Dec.l5 $4 4" 2-2-2-1 i 1-1-1-1 li-li-li-U 52 2 l-l-lj-li 1-1-1-1 2-2-2-2^ «2-l-li lJ-lJ-2-2 1-1-1-1 2J-2i-2i-2J 2-li-5 2-2-0-0 1-1-1-1 2i-2J-2J-2J l-H-i 5 6 3 4 li 2 4 5 li-H-l 5 B 4 5 li 2 5 5 3 3 n-.!-}-} 5 5 5 3 li 2 5 (See 2-2-2-2 3-3-3-3 5 5 (Oct.20) 1 3 3 5 5 2-2-2-2 3-3-3-3 5 5 1-lJ-li-li 3 4 »2(Sep.l5) 3-3-3-3 5 5 2-2-2-2 4 4 5 5 3 3 $1 $1 2i-li-2 3 3 li-li-li-H 4 4 5 5 76c 75c 5 5 ... (No.l) 2-2-2-2 3-3-3-3 5 5 3-3-3-4 4 4 5 5 3 a4-2i2J2J 3 3 (Aug.l) $6 H-li-li-Ii 5 5 5 5 75c 75c li-ii-ii-H 6 5 li-li-li-li 6 6 5 5 75c 75c 2-li-75i! IHi-l-l i-1-1-1 2i-2J-3-3 .. (No.l) ! 3 li-i-S-} ; 6 niinois U 2 5 5 (Dec. 15)3 2-2-2-2 3-3-3-3 5 5 5-5-a3-3 4 4 5 5 3 3 2J-2i-2i-0 3 3 (July 1) $5 (Jy.l) 81 i li-li-li- 5 5 5 6 75c 75c lsli-1-1 -li-n 1-1-1-1 See notes.' (Oct.) 2 lJ-3-^} 5 5 Steel.) .. ! 2 5 5 3 3 2-2-2-2 3-3-3-3 5 5 3-3-a3-3 4 4 5 3 c U n 1l)c B()o 3.5c ,50c 50o 3 4,'io 7,5n 30 .30 16 24 2,5c 1} 75c 1? 14 24J; 1,5c 30c *87}c It 411c 80c LAND COMPANIES. Highest and Lowest Prices for Six Years - 1892. 1893. 1894. Low High Low High Low High 25 35 16* 25 16 18 7 10 5 7 5| *4i 5 3} 4i 6 68 3 •42} "SO 45} 57 *50 63 2 4} 1 a 90c 1( 2} 6i 3 41 2 90c 1 3 X 2 3 5 6} 2} 6 3} 4} 5 6 » 5 3 3 1 1 96c 1 40c 1 40c 40c 1 2 1 u 1 1} 4} 6 2i 6* 3} 6 8 «20 132} 142 q 130 141 131} 136 26} 29 3 6 It 29} .... 25 1 2 2} 3} 75 1} u 2} If 2: l.ou : .06} 2O0 75c 2O0 35c 60c 70c 30 «30 25 30 30 40 11 20 4 17 43 11 50o 1.15 60c 7.5n 16c 25c 16 201 9} 20 *1S 2} 45o 80c ,5()c 70c 50c 65c 65c t2i li 2i 1 1} Companies. Anniston City Aspinwall Boston Boston Wharf Boston Water Power Boston Water Power Assented. Boylston Street Brookline Cambridge Field Campobello Cutler ChicaRO Auburn East Boston East Tennessee Franklin Park Frenchman's Bay Maverick Newport Penobscot Bay St. Mary's Canal Mineral Land . San Diego Topeka West End Winthrop Shore Wollaston 1895. Low High 17 *4 4 *t50i 70} 75c 1} 75o 1} 4 3 76c 75c No sales. No sales. 24 6} 5} 131 140} No sales. 75c 2 1.68} 3 20c 75c 50c 60c •25 30 1 10 1} 3.18} 40c 60c H 1§ 1896. Low High 20 20 4 5 3} a 61} *69 50c 1 No sales. 1.85 3 31 4} No sales. .... 500 3 'i27}'i40} 35c 1 li .28 20ff 25o 30 30 5c 1.03} 1} 2} 30c 50o 1 1} 1897. Low High 20 21 *2 3} *4 5 67} 85 40o 75c 2} 3 21 3| 60c 4 6} isii'iss' 30c 50o 2i 3} 22} (Je.) 5c tl7 li 2} 30c 40c 80c 1} * Ex. DrviDEND. t Assessment paid, i Ex. rights. L,A^fD COTUCPA'STES. — Dividends, iaS6 to 1898. 1886 1887 1888 1889 1890 1891 None ■NoneNo.2)Ag25c $1 — »1 ~' None Payable. { Land Co3. $1 %\ - $1.20 60c50o Fe.25c $1.20 .1. 3 3 Del2} $3 $33 3 No.l) None No.l) — 60o None No.l)— 25ol (No.l) in 3 12ic qt . 3 3 •ia 3 50c50c 25oF. Oc.50c Je75c Jan. July Aspinwall Feb. Aug.lBoston. . . . ,7an. JuIyBos.Whf.(p.20) Fe.lO,J1.10Brobkline Jan. JulylE. Tenn. (p. 50) Ma.l5,N.15 Essex (par 50). Jan.l, qt. Prench'ns Bay. Various. iPayson Park. . Ma.1, No.l Swampscott. . . '.Tan.l, Jl.l West End (No. Vavioup. W inth'p Shore 50c50c 1892 1893 1894 1895 1896 1897 S1.40 20o20c 3 scrip B 3 None if. '25c $1.60 ■ Au. $1} 9p.c'.5 40C10C10C Jan. 25c 1) 50o5Dc 40c No. 50c Fe. 25c 5 6 Faded ! 3 None cfjy. 10 JI.$1.10 Fe. 25c 5 4 Ap. 26c 10c Ja8 th St. Mary^s Canal — See Miscellaneous Dividend tables, {a) railroad to each 4 shares Land Co. (6) New stock ; old shares lOclOcI Ja. ledAp .'ioo Jl. $2} Fe. 25c 6 3fi 3 3 3 50c 1} West End Land, divided one share West End made into four, with au extra of $10. Boston Stock and Money Markets, 211 NOTES TO MISCELLANEOUS CO'MPANIES. American Bell Telephone.— Th& origin o^ the present Company was the " Bell Telephone Association," commencing business without capital, August 1, 1877, granting rights to the "New England Telephone," wliich oi^anized February 12, 1878, with a capital of $200,000 — $50,000 cash and $150,000 patent rights. Then followed "Bell Telephone Co." July 30, 1878,— cash $50,000, patent rights $400,000; "National Bell Telephone," March 12, 1879— $10,000 cash, $190,000 " property," $650,000 patent rights. From this last sprang the existing American Bell Telephone Co., incorporated under Massachusetts laws April 17, 1880, with an authorized capital of $10,000,000. (By act of the Legislature June 30, 1894, authorized to increase to $50,000,- 000.) In 1880, the shares were made one into six, starting with a capital of $5,950,000 which had been increased at par from time to time to $20,000,000 up to 1894. At the time of authorizing the increased capital (1894) the law required it to be issued, from time to -time, as needed for the purposes of the company, and approved by the Commissioner of Corporations. It is first to be offered to its stockholders, at or near the public market value, the price to be determined by the Commissioner ; any stock not taken by the share- holders, to be sold at public auction. In this way stock had been farther issued, up to $25,886,300 Jan., 1898. The record of this Company has been one of marked success. Commencing with 3 per cent, semi-annual dividends in 1881, these were increased to 4 per cent., Jan. and July, 1882; then 3 percent, quarterly in October, which rate had been continued regularly to January, 1898. Numerous "extras" have been dispensed as follows : — 3 per cent. December 15, 1884 ; 2 per cent. July 15, and November 15, 1885 ; 4 per cent. Aug. 10, 1886 and Aug. 15, 1887 ; 6 per cent. Aug. 15, 1888, July 15, 1889, 1890 and 1891 ; 3 per cent. July 15, 1892, January 15 and July 15, 1893 and January 15, 1894 ; then IJ per cent. October 15, 1894, which extra rate had been continued January 15 and Juiy 15, to January 15, 1898. American Molded Collar. — Paid monthly dividends of $1 per share, December 31, 1864, to Aug. 31, 1865, inclusive ; then 4 per cent, monthly to June 30, 186G ; 9 per cent. October 10 ; and six quarterly dividends of 6 per cent, to April 20, 1868. Passed to July, 1870, then $2 and December 31, $4, making a total of exactly $100 per share. For later dividends see tables, and paid $5 extra July, 1884. American Shoe Tip. — Dividends quarterly January, etc., and all 2^ p. c. since 1865 up to 1871, except April 2, 1868. Paid 2 p. c. extra February, 1870, and 2 p. c. December 15. In 1887 capital of $1,800,000 "cut" to $100,000; paid dividends of $1 per share in 1893-4-5. Commenced paying dividends in 1862. From that time to January, 1886, inclusive, it disbursed $2,057,600. In 1887 the Capital Stock was reduced from $1,800,000 to $100,000 (par 25). Dividends were resumed in July, 1891, when 50c per share was paid (S2,000). In 1892 $1 per sh. ($4,000), in 1893 $1.50 per sh. ($6,000), in 1894 SI per sh. (>1,000), in 1895 $1 per sh. ($4,000). No dividends paid since. Total of dividends paid since incorporation of the company is $2,077,600. AmeHcan Sugar Refineries. — The old "Sugar Trust," owing to some legal difficulties, weut into the hands of Receivers November, 1890, and January, 1801, was re-organized imder the present title, with $25,000,000 common and $25,000,000 pref . stock, each holder of $100 Central Trust certificates getting $50 in common and $50 in pref. stock, with a cash dividend of $5 January, 1891 ; the capital was later increased to $75,000,000, half each kind, to purchase Phila. & Baltimore Refineries. Dividends from October, 1890, (then quarterly) were omitted to July, 1891 ; commenced semi-annual 4 p. c. July 1, and resumed quarterly pay- ments October, 1892, at 2^^ p. c, increasing to 3 p. c. April, 1893. Paid 10 p. *;. cash extra April 1, 1893. (See Boston Sugar refinery). AmeHcan Tobacco. — This stock is par 100 on Pref. and par 50 on common, the latter being quoted "dollars per sh." in the Boston market; Feb., 1896, the dividend was passed; also Aug. 1. May 1, a, cash payment of 2 p.c, and 20 p.c. in 10-year 6 p.c. scrip. American Waltham Watch Company (formerly American Watch Company), established in 1854 at Waltham, by the firm of Dennison, Howard & Davis. Not proving a pecuniary success, it passed, in 1857, into the hands of Royal E. Robbins, and the present company became the owners in 1858. Its great pros- perity dates from the outbreak of the Rebellion, when soldiers' watches were in great demand, and its stock rose in 1864 (at that time $300,000 capital) to 400 p. c. Its capital has been increased from time to time, to $3,000,000, and the stock rarely found its way to the public market until recent years. Its value for five years previous to 1871, on the increased capital, ranged from 135 to 185, and market values since will be found in the tables. It employs about 2,000 hands at Waltham. It made in 1897, 1,600 watches daily, but has room and machinery for a daily product of '2,000 or more. Whole number of watches made is now just about 8,000,000 since 1858. This enterprise, a credit to American industry, has achieved a world-wide reputation. The record of its capital and dividends is as follows : Commencing with $300,000 capital in 1859, it paid 3^ p. c. dividend. In 1860, 3 p. c. ; 1861, none ; 1862, 4 p. c. ; 1863, 11 p. c. , 1864, 22 p. c. ; 1865, 60 p. t;., and 150 p. c. "extra," the banner year. This was practically a stock dividend, as the capital was increased 150 p. c. to $750,000. In 1866, 28 p. c. was paid ; 1867, 5 p. c. ; 1868, 11 p. c. ; 1869, 20 p. c. ; 1870, 20 p. c, and 6G§ "extra," the stock being increased by like p. c. to $1,250,000. Later dividends will be found in the tables. The capital was increased to $1,500,000 in 1874, and in 1885 to $2,000,000, in both cases by issues to stockholders at par, also in 1889 increased, capital to $3,000,000 by an issue of $1,000,000 at par, to stock- holders, accompanied by a cash dividend of 50 per cent. Since 1858 the sum of $6,917,250 has been paid in cash dividends. 212 Boston Stock and Money Markets. Andover Iron.—Paid 1 p.c. Feb., 1892, its last dividend. Atlas Tack.— Faid 6 p. c. (annual) March 15, 1894, and 3 Oct. 1; 1895, 3 April 20, 3 Oct. 26. Later suspended, and in process of re-organization. Bay State Tmst. —dvpital of $200,000. Dividend No. 1 of 2J p. c. was paid Aug. 10, 1891, and not given in table. Boston and Bangor Steamship. — Dividends annual and in tables from 1894. Previously $62,500 had been divided, with a break between. Boston and Colorado Smelting Co. — Dividends previous to tables were : 1868, April (No. 1 ), 12 p. u. ; October 20, 6 p. c. ; 1870, Feb. 23, 12 p. c. ; May, 30 p. c. ; Sept. and Oct., 5 p. c, each. This company was very prosperous, and divided $2,662,143.53 to Jan., 1886. Commencing with a capital of $275,000, it was increased to $530,000 in 1873, to $1,000,000 in 1S80, in 1888 to $1,250,000 and to $1,500,000 in 1890, in both cases at par. In 18D5 reduced capital (Nov. 15), from $1,500,000 to $750,000, paying that amount in cash, and made par value $50. In January, 1898, reduced quarterly dividend from 2^ to IJ per cent. Extra dividends as foUows : 1876, Nov. 23, 16.345 p. c. ; 1877, May 14, 10 p. c. ; 1878, Jan. 1, 12 p. c. in scrip, and April, 18.604 p. ^;. scrip ; 1879, April 1, 13.49 p. c. scrip ; 1880, April 24, 10 p. c. cash ; 1881, June 1, 2.724 p. c. ; 1882, June 1, 13.75 p. c. ; 1883, June 1, 6.75 p. c. ; 1884, omitted regular 2J, April 1, and paid 3.40 p. c. extra April 28 ; 1886, 1.6 p. c, April 28 ; 1888, 3 p. c, April 28 ; 1889, 10 p. c, April 25 ; 1890, 6 p. c, April 24 ; 1891, 10 p. u., April 27 ; 1892, 7^ p. u., April 26 ; 1893, 10 p. u., April 26. It wiU be noted in tables, that, with regular and extras, this company divided nearly 8lg p. c. in the year 1876. Boston Cyclorama (Battle of Gettysburg). — This company was very successful at first ; paid regular monthly dividends of 2 p. c, commencing with June, 1885, and extras of same amount June, Oct., and Nov., 1885, and Jan., 1880 ; continuing 2 p. c. through 1886, then 3 p. i;. quarterly to October, 1888, after which it soon failed completely. Boston Land. — Previous to 1886, one dividend of 25c Jan. 8, 1885. Later see tables. For several years the Company purchased its own stock with the surplus. Boston ds Philadelphia Steamship. — Dividend No. 1, 3 p. c. on the preferred stock, was paid Oct., 1891, and not given in table. Boston and Rozbury Mill Corporation. — In 1881, second dividend ($20) paid April, and in 1882, the $3 Feb. 15. In 1886, $30 March 4 ; $7 June ; 1887, ©40 June 15 ; None 1888-89 ; 1890, $5 Feb., $9 April, S7 June, $8 Nov., $6 Dec. ; 1891, $5 Feb., $33 Mar. 2, $5 June 24, $13 Nov. 23 ; 1892, $4^ Feb. 1, $7^ Mar. 12, $14 May 14, $4 Nov. 15 ; 1893, $4 Oct. 14, $3^ Nov. 18, $4 Dec. 16 ; 1894, $2 Mar. 10, July 14 ; 1895, $2 Jan. 28, $10 May 1, $3i June 10, S?2 Dec. 2 ; 1896, $3 Jan. 27, $3 May 25, $2.>Nov. 17 ; 1897, $2 Jan., $2 June, $3 Nov. 17 _ Boston Safe Deposit and Tmst Co. — Dividends not in table, June, 1877 (No. 1), 3 p. c. ; 1878, Jan., 2 p. c. ; July, 2 p. c. ; gradually increased and now paying 5 p. c. semi-annual. Boston Sugar Refinery. — Paid 50 p. u., extra in stock Nov., 1804, increasing capital from $500,000 to $750,000. The company paid dividends up to 1873, and afterwards sold out for a nominal sum to a new company, which organized with $650,000 capital. Later on this was cut down 70 p. c, to $195,000 ; then $455,000 new money subscribed, bringing capital back to $650,000. July 1, 1885, dividends were resumed, paying 5 p. c. semi-annual to Jan., 1887. Went into the Sugar Refineries Co. (called " Sugar Trust ") in 1887. This latter paid an extra of S p. c. in stock April 1, 1889. Boston Theatre. — The old stock (par 1,000) was all sunk, and a new company organized on its debts. The quotation of 450 in 1858 was for new stock, par 500. Practically a private corporation. Boston Water Power. — In 1856, 25,000 shaires were issued at $10, making 40,000 shares; and in 1860, 25,000 shares more, at $20, or 65,000 in all. Reduced to 51,500 by cancelling shares received in part pay- ment for land sold. Later increased to 64,375 shares in 1875 ; to 85,833 in 1877, and 94>4I6 in 1881. Paid a scrip dividend of $10 per share Nov. 15, 1872; afterwards nearly all converted into land. In 1898 there were outstanding 30,000 shares (so called) "assented," and 64,416 shares old stock. Brookline Land. — Dividends paid, 15c. per share, Nov. 24, 1875, 35c Feb. 3, 1879, 20c. Feb. and JiUy, 1892, and 25c. April 20, 1896. Barton Car. — Cap. $1,820,000 common, $180,000 preferred. Dividends "were paid as follows: on pref. 3^ p.c. semi-annual, Jan., 1885 to Jan., 1893, inclusive, and on common 2 p.c. Jan., 1893, and 1^ July ; none since. Chapman Valve. — Previous to 1883 a large amount of money (more than $500,000) had been invested in the plant, and in 1883 an crlra cash dividend of $100 per share was paid, the capitfd being increased at the same time from $100,000 to $200,000. Later mcreased to $400,000. Dividends not made public beyond the 3 p. c. quarterly. - ^ Chauncy Hall School.— Dividends not in table, July, 1 875, (No. 1), 2J p. c. ; 1876, 2^ + 2^; 1877, 2^ + 3 ; 1878, 3 + 3 p. c. Sold out in 1896. Chicago Jiinclion Railicays and Union Stock Yards Co. — Incorporated July, 1890, to purchase the " Union Stock Yards and Transit Co.," of which it holds 130,243 shares out of a total of 132,000 shares, at a cost of $2i,072,493. It has a cap. of $6,500,000 common and $6,500,000 preferred stock ; bonds, $10,000,000 first mortgage 5'3 of 1915, and $2,644,000 income 5'8, 1907. Chicago., Wilmington, and Vermillion Coal. — Originally the "Chicago and Wilmington," with $277,000 capital ; increased to $500,000 J.in. 1, 1869. Consolidated Jan. 1, 1872, with the " Vermillion " Coal Co., and capital increased to $2,000,000. The following dividends are not in the tables : Feb. 1, 1868, $40,000 ; Aug. 1, 1868, $20,000 ; both on $277,000 capital. From Jan., 18G9, to July, 1870, 10 p. c. semi-annual. An extra of Boston Stock and Money Markets 213 2 p. c. paid May 1, 1883. The omission of dividends in 1878 "was on accotint of a prolonged and disastrous strike of eight months in 1877, which used up all the surplus." Detroit Electric. — Paid dividends of 2 p. u. Jan., April, July, 1892, then ceased and finally became of little value. East Boston //a»rf.— Paid$2 per share cash, April, 1870, the only dividend to that date since 1854,— then $10 per share in land ; in 1891, $1, Aug. 17 ; 1892, 50c, Oct. 15. $2 per share was assessed, June 1, 1866. For other dividends, see tables. Eastman Car Heater.— Capital cut, in 1893, from $900,000 to $450,000 (common); ©100,000 to $50,000 on pref., and par changed from $10 td $100 per.share. B. <& T. Fairbanks (Scale Co).— Original capital $500,000, par $500. Increased to $2,500,000 in 1889. Paid $5 per share (one p.c.) extra Jan., 1890 ; Mar. 15, 1898, paid J of one p. u. ($3.75 per share), first since March 2, 1896. Ene Telegraph and Telephone. — Operates in the "West and South-West, under licenses from American Bell. Capital, $4,800,000. Has $300,000 6 p. u. bonds, 1903, $1,OOP,000 6s, 1909, and $3,000,000 5 p. c, 1926. Essex Land and Waier-Power. — Original capital, $1,500,000; reduced to 1,084,200 by cancelling 4,158 shares in 1858, and to $1,000,000 in 1861, by cancelling 842 shares. Returned 20 p. c. of capital, April, 1869, reducing par from 100 to 80, and capital $1,000,000 to $800,000. April 18, 1870, paid off $30 per share, reducing par to $50 and capital to $500,000. Paid $4 per share extra March 12, 1873-75 ; $4 Jan., 1878, and $2 June 1, 1889. Paid 5 p. c. of capital July 1, 1891, and 10 p. c. cash extra June 1, 1896. " Fi^fty Associates.''^ — Was originally chartered in 1820 as the " Proprietors of Museum Hall " and three years later assumed the present title. The property is divided into 1,000 shares of $1,000 par value, making a nominal capital of $1,000,000, while the property held is assessed for $3,094,400. The shares have largely risen in value, with sales in 1894 at $4,525 and in 1897 at $4,200, or a valuation of $4,200,000 ; showing the great increase in the value of its real estate. Its property extends to only four wards of the city, 6-7-10-12. Among its largest owniugs are Young's Hotel, Revere House, several buildings on State Street, a large block in Cornhill, and a number on Washington Street between 95 and 129. In the popular mind, this corporation is supposed to be the largest proprietor of Real Estate in the city ; but such is not the fact. The " Boston Real Estate Trust," managed by the Minots, is ahead of it and several private estates, the Sears among others, figure up even more. Fort Wayne Electric. — New, 1890. — Commenced dividends May 15, 3 p.c, and continued to Nov. 15, 1891, then three of 2 p.c, and stopped ; finally becoming almost worthless. General Electric. — Organized April 15, 1892, and acquired all of the capitals of the Edison Electric, Edison General Electric, Thomson-Houston Electric and International companies giving control of the Edison patents. Glendon Jron.— Paid extra dividends of 5 p. c. Nov. 5, 1872 ; 20, April, 1873 ; 10, Oct., and 10 p. c. April, 1874. Paid 4 p. c. May, 1887, and 3 p. c Nov.; none since. Goodyear Shoe Machinery. — Formerly *' Goodyear & McKay." — Paid 35c extra Mar. 10, 1890, and also 85c regular in Dec, not in table. Inc. cap., in 1891, from SI, 500 ,000 to $3,000,000 by 100 p.c. stock dividend ; 1892,50c extra June and Dec; 1893, 50c, Jan., Mar., May, July, Sept. and Dec. Paid 25c extra in June, 1894 ; 25c Jan. 2G, and every two months to Aug.; then 35c Oct., 40c Dec ; 1895, 50c Feb. 26, and every two months to Dec, with 20c extra in June. 1896-1897, Feb. 2G, 50c and every two months to Feb., 1898. Illinois Steel. — Formerly North Chicago Rolling Mill, which see. Kansas City Stock Yards. — This Co. has always paid regular quarterly dividends of li p.c, beginning May, 1884, that year and 1885 not being in tables. Extra cash dividends have been as follows : 1885, li^ p.c. Dec. 15 ; 1SS8, 1 Nov. 24.; 1889, 2 Dec. 12 ; 1890, 1 Oct. 1 ; 1891, 1 Nov. 12 ; 1892, 1 Mar. 1, 1 June 1 ; 1894, 1 Dec; 1895, 1 June ], and Dec. 16, 1 per cent. Stock dividends as follows: 10 p.c. 1890; one share to 25 old July, 1894 ; one share to 16 old, 1896. Lamson Consolidated Store Sfrrice. — Paid 75c per share extra May 12,1888. Reduced capital from §4,000,000 to $2,000,000 in 1894, and par from $50 to t^^>. Londonderry Lithia Spring Water Co. — The first dividend was 3 p.c. Feb., 1891, the same in May, and 2 p.c Aug. and Nov. These are not in table. Extras were paid Feb., 1896, 3 p.c. and 10 p.c. Nov., 1897 ; a total of 78 p c. in nine years. Massachusetts Loan and Trust. — Sold 105 to 116 (1 876) and 103 to 110 in 1877, not in tables; capital increased from $500,000 to $1,000,000 in 1891 and to $1,500,000, 1893. Massachusetts Real Estate. — Paid 10 p.c. extra in scrip, 1887, which was redeemed in stock, 1891. Mergenlhaler Linotype. — This Co., organized under the laws of New York (Dec. 16, 1895), is successor of iormer companies. The Co. is a large dividend payer (see tables), dividing $3,865,000 up to Jan., 1898 (old and new). It manufactures type setting machines which are sold outright at $3,000 to $3,225, or leased for a term of not less than six years, at $500 to $600 per year. The old Co. paid four dividends of $60,000 each (1^ p. c on $4,000,000), and three of $125,000 each (2^ p. c. on $5,000,000), previous to the union. At that time (Dec, 1895) the capital was doubled to $10,000,000, giving each shareholder in the old companies two shares in the new Mergenthaler. McKay <& Bigeloio Meeting. — Only 45,000 shares to 1875 ; then consolidated with the " Bigelow " com- pany, making 60,000 shares. Increased to 100,000 in 1896 (see McKay Shoe Machinery consolidation). McKay Metallic Fastening.— Bee McKay Shoe Machinery. 214 Boston Stock and Money Markets, McKay Sewing JHfocAme.— First dividend, Aug. 1866; then Oct., and since quarterly, Jan., etc. Also four scrip dividends, amounting to $81,786. (Closed) paid $4 cash, Aug., 1882, and 1 share McKay Metallic Fastening on each 3 shares Sewing. A small final not announced. McICay Shoe Machinery. — This Co. has a capital of $5,000,000, par 10, and is a consolidation of thj McKay Metallic Fastening, McKay & Bigelow Heeling and Wire Grip Fastening. The McKay Fastening, with 50,000 shares, received 5^^ new shares for each old one (255,000 shs.); „the McKay & Bigelow, with 100,000 shares, Ij^ new (110,000 shs.), and the Wire Grip, with 150,000 shares, | of a new share for one old (112,500 shs.), leaving -a balance of 22,500 shares. The first dividend (probably to be quarterly), 15c per share, was paid March 1, 1898. J/Mj^ic ^a^Z.— Paid its first dividend of 6 p. c, July, 1870; then 7 p. c, 1871-2-3; 6p.c.,1877; and7^in 1878. This stock was bid up to $550 per sh. (par. 100) in 1872, the result of unlimited orders, by two con- tending parties, practically an error, but it was held as a sale. Previously the price was about $105, and sold for $175 the following year. It owns a valuable real estate property, and is now mainly in private hands. National Tube Works. — Organized 1869 ; cap. $150,000. A close corporation up to 1876, when the cap. had reached $1,000,000. Increased to $2,000,000 by an issue of two shares for one, Jan. 1, 1883, to $2,500,000 Jan. 1, 1884, and to $3,000,000 in 1890, by stock issued at par. By consolidation in 1891, capital increased to $11,500,000, half common and half preferred. Paid 3J p. c, Jan. 1, and IJ July 1, 1892, on the new common stock ; none since. Pref. see tables. New England Telephone and Telegraph, — Business confined to Maine, N. H., Vt. and Mass., under license from Am. Bell. Paid $1^ (No. 1), Jan. 25, 1884 ; none 1885. Later, see tables. North Chicago Rolling Mill.— 'Paid 10 p. c. stock dividend ($500,000) March, 1887, and $500,000 stock issued at par, making $6,000,000 capital. In 1889 re-organized as the Illinois Steely at the rate of 1^ shares for one North Chicago, with a final of 3 p. u. ca^h on the latter, March 1. The new company was floated with a capital of $18,650,600. Pacific Gwarao.— Dividends previous to table : 1868 (No. 1), Feb. 1, 5 p. c. ; 1869, Nov., 5 p. u. ; 1871, May, 5 p. c. ; 1875, Aug. and Nov., 2 p. c. ; 1876, Feb. May, and Aug. , 2 p. u., 1878, July, 3 p. c. (See tables). In 1886-87, 6 p. c. ; 1888, 3 p. c, and faQed in 1889. Pueblo Smelting and Reduction. — Paid an extra dividend of 5 p. c, Dec. 1884. Capital increased from $500,000 to $750,000 Nov. 20, 1882, and to $1,000,000 Jan 16, 1884. Passed dividends Jan. and April, 1886, and later became of small value. Pullman''s Palace Car.— ■'Psad. extra cash dividends of IJ p. c, Sept. 20, 1881, Oct. 1, 1882, and Nov. 15, 1883. Paid 3p. u. quarterly in 1870, not in tables. A "melon " expected to be cut in 1898. Capital in 1887, $20,000,000. Gradually inc. to $36,000,000 at par. by 1893. Quincy R. R. ^j-irfpe.— Leased to the "C. B. & Q." at 10 p. c. Paid $3.30 per sh. extra July, 1883 — proceeds of land sold. Reece Buttonhole.— Inc. cap. from $500,000 to $1,000,000 by 100 p.c. stock dividend in 1891. Paid 1 p.c. extra in cash Apr., 1891. Other extras included with dividends in tables. Revere House Co.— Paid dividends previous to 1871, as follows: 1856, Jan. (No. 1) 4 p. c, July 3>^; 1857, Jan. 3J^, July 5 p. c; 1858 to 1870 inclusive, 4 p. c. semi-annually March and Sept. For dividends since 1870, see tables, p. 202 and on. Extra dividends of 4 p. c. each were paid April 19, 1880, and April 29, 1882, thus making the average clean 8 p. c. for the whole 30 years to 1886 (see tables). St, Mart's Canal Mineral Land Co. — While not a Mining Co., it is closely connected with mining interests as owner of large tracts of mineral and other lands scattered throughout the Lake Superior Mining district. Its profits come from sales of land for mining purposes, and it has furnished locations for some of the most famous mines. This company sold the locatioti for the now famous Baltic Mine, for $90,000 cash and 25,000 shares of stock. It owns large tracts of land adjoining, and already a deal is said to be in progress for the sale of 1,200 acres. Private sales of this stock were reported about a year ago at $15, and in 1898 it sold at about $50, with $6 cash dividends meantime. In this connection it is of interest to give each dividend as paid on the 20,000 shares of the Company. No. Date. Amounts. No. Date. Amounts. No. Date. Amounts. 1. 1863, Mar. 18, $6 «120,000 9. 1875, Dec. 31, $2 $40,000 18. 1891, April 1, SI $20,000 2. 1864, April 30, 10 200,000 10. 1880, Dec. 24, li 30,000 19. 1892, Feb. 1, 1 20,000 2« " Sept. 1, * Stock 11. 1883, July 16, 2 40,000 20. 1894, Jan. 1, 5 100,000 3. " Sept. 30, 19 380,000 12. 1884, July 1, t Stock 21. 1895, Jan. 2, 5 100,000 4. 1865, Aug. 31, 8 160,000 13. 1885, Mar. 25, 2 40,000 22. " June 6, 5 100,000 5. " Nov. 30, 4 80,000 14. 1886, Sept. 15, 2 40,000 23. " Sept. 6, 11 220,000 6. 1866, Feb. 28, 2 40,000 15. 1888, Mar. ,1, 1 20,000 24. 1897, Feb. 10, 1 20,000 7. " Oct. 31, 3 60,000 16. " Sept. 1, 1 20,000 25. " Nov. 11, 3 60,000 8. 1867, April 30, 4 80,000 17. 1890, Aug. 15, t Stock 26. " Dec. 24, 3 60,000 Dividends ift stock to each share of St. Mary's Canal Mineral Land, as follows : Total, $2,050,000 ( * ) i of a share in Albany and Boston Mining Co. ( t ) 1 share in Tamarack Mining Co. with the privilege of subscribing for an equal humber of shares at $10 per share. ( + ) 1 share Iroquois Copper Mining Co. ; also \\ shares Baltic Mining Co., divided Feb. 7, 1898, then worth $14 per share. At the opening of 1898 the Co. was still the owner of 111,392 acres, (largely mineral), besides the mineral rights in 6,662 acres additional. The average price received for mineral land sold was $187.50 per acre, and for other land $8.02 per acre. Boston Stock and Money Markets. 215 Reversible Collar. — Paid dividends not in table, No. 1, Oct., 1866, $3 per share ;'^867, Jan. $2, April §3 Oct. $2; 1868, April $2, Oct. $1 ; 1869, Jan. $1, July'iSl ; 1870, Jan. $1, July $2. In 1879, cut down capital from ©500,000 to ©250,000 to meet losses. Later increased to $350,000. Boaring-Brooh Coal, — Dividends per ct. In 1865, paid Nov. ; 1866, Jan., April. July, Oct. ; 1867, Jan., June, July, Oct. ; 1868, Jan., April, Sept. ; 1869, Jan., and none since. Saco Water Power. — Paid $100 per share of capital, July 1, 1867, and afterwards merged into the Saco Water Power Machine Shop. In Oct., 1897, united with the Pettee Machine Co., as the Saco & Pettee Machine Shops of Newton Upper Falls, Mass. The new company will pay its first dividend in June, 1898. The dividend in 1897 was by the old Saco Company. iSfrtrt Diego Land. — Old stock 1,500 shares, par 100. This was divided July 15, 1887, into 60,000 shares, par 25, and $10 per share divided on old stock ; then 30,000 new shares issued at par ($25) making 90,000 in all. In Oct., 1887, a quarterly dividend of IJ p. c. was paid, and the same to July, 1888; in Oct., half of one p. c. and then stopped. In 1897 assessed $10 per share ($900,000), paid debts and redeemed bonds. Issued 36,000 shares prefered stock, par 25, which was given for the assessment. State Street Bxckange.— Cap. $3,500,000. First dividend 2 p.c. Dec. 18, 1891. Swift & Co. — Capital inc. from $5,000,000 to $7,500,000 Aug., 1890, and doubled to $15,000,000 at par March 28, 1893, with an extra dividend of 23 p.c; in five years 95 p.c. was paid, including extras. Thomsoiv-Hotislon. — This company startal with greit promise of success, and to the first holders proved such, as will be seen by this detail. During 1889 the stockholders received dividends as follows : In January, from profits on Series C, about $10 per share. In April, a dividend of 100 p.c. in common stock. In Oct., dividend Series D, equal to $9 per share in cash. In addition to these, the stoc^olders received rights, as foUows : In April, the right to subscribe to one new share of common stock at par for each share of old stock. In June, the right to subscribe to the pre- ferred stock at par in the proportion of one share of preferred to every three shares of common. lu Augtist, the right to subscribe to Fort Wayne stock at $12.50 per share, par being $2;j, in proportion to one share of Fort Wayne for every two shares of Thomson-Houston. In October, each stockholder also had the right to subscribe to one share of new Thomson-Houston common stock at $25 for every two shares of old stock held by him. The profits of Series A and B, which had been issued prior to January 1, 1889, were estimated at over $60 per share. The common paid 4 p.c. quarterly dividends in 1891 and Feb. and May, 1892, with $1.20 per s-are (p. 25) in August, and then was united with the General Electric. The preferred paid 3i p.c. semi- annual to that time. y.-//., Series D.— Paid $1 txlm Oct. 1, 1891, Apr. 13, 1892, and Nov. 1, 1S04. No extra dividend since. Union Paper Collar.— Had a brief existence. Sold at 16 to SJ (1871), 15 to 4 (1872) and 7^ to 1 in 1873 ; then disappeared, Wakefield Rattan. — Commenced business Oct. 17, 1873. No regular dividends previous to 1876, (No. 1) 6 p. c. July, 1876 ; Jan., 1877, 6 p.c, July, 5 p. c. ; 1S78, Jan., 5, July, 4 p. c. ; these not included in tables. In 1897 the Company was mei^ed with the Heywood Bros. Company on a basis of $2,000,000 common stock and $4,000,000 pref., as the "He3rwood Bros. & Wakefield Rattan Co." The Wakefield capital of $1,000,000 received $500,000 common stock and $1,500,000 preferred in the new company, and Heywood Bros, received $1,500,000 common and $2,500,000 preferred. Westinghouse Electric. — Paid 1 J quarterly in 1889 ; and Jan., 1S90, one, Apr. one ; July passed. In 1892 a portion of the common stock was surrendered and issued as a 7 p. c. preferred. NOTES TO GASLIGHT COMPANIES. Boston. — The first company organized in Boston for the manufacture of gas was the "City Gas Co.," a joint-stock concern, formed Aug. 15, 1822, and located on Sheafe Lane, now Avery Street. This was the second company in the United States. The first was in Baltimore, 1816. In 1823 the "Boston Gas-Light Company" was incorporated. Both these companies failed, the stockholders of the latter receiving $3.30 each, in 1824, as the proceeds of the property sold at auction ! In 1826 the present works were commenced, by parties who had purchased the charter and property of the old concern ; and in 1835 the company was established on a firm basis, with a cap. of $75,000. Increased $175,000 in 1836, and $250,000 in 1837. In 1852, increased from $500,000 to $800,000 ; May, 1858, $800,000 to $1,000,000 ; Oct., 1864, $1,000,000 to $1,250,000 ; in 1871 to $1,500,000 ; 1872, to $2,000,000, and to $2,500,000 in 1874. From 1826 to 1835 the property was in the hands of a few individuals, and no dividends made. Since then it has been a regular ten per cent stock, the dividends being usually paid March and Sepember, until December, 1851, when quarterly payments (2^ p. c.) commenced and since continued regularly. In 1889 this company was sold to the "Bay State" of Del., at $1,200 per share (par 500)— a total of 86,000,000. An interest dividend of $3.56 per share was paid Feb. 26, at closing of sale. Bay State of Del. — Paid 50c dividend (1 p.c. on $50 par) Sept., 1892; same Dec. and Mar., 1893, then passed. In 1898 the stock was selling at $1J per shai?e. Beverly. — The second dividend in 1868 was paid in April. Brookline. — The dividend for Feb., 1868, was not paid xmtil Aug., two of 4 p. c. at that date. This company was purchased by the "Standard Oil" interests to run an opposition to the "Bay State," and after largely increasing its stock, was re-sold to the *' Bay State " at a reported price of $200 per share. 216 Boston Stock and Money Markets. Cambridge.— First dividend of interest, Feb., 1854 ; then 3 per cent and 4 -f- 4 in 1865 ; since in tables. Extras^ 5 per cent April, 18G9, and 5 October, 1870. CAeZ-sfa.— First dividend, July, 1856. Paid 25 p. c. stock and no cash, July, 1860, Inc. cap. in 1870 from 8150,000 to $200,000, at par, and to $300,000 in 1872. Concord^ N. H. — Paid 15 p. c, extra Jan., 1893, from'" sale of Electric Light Plailt." Dedham and Hyde Park. — This company, after a cessation of dividends for several years, resumed paying in 1881, and divided 3 p. c. Jan. and July up to July, 1883, then 2^ February, 1884, passing in August, and 2\ March and September, 1885. i>07-c/ies^er.— Paidep.c, 1886-7-8, and 4, May, 1889; sold out to the Bay State at $125 per sh. of $100 par value. Ea^i Boston. — Incorporated in 1853. First dividend, 5 p.c, Jan. 25, 1855, and not included in the tables. Paid 8 p. c. extra in stocky April, 1861. Jamaica Plain. — Furst dividend paid April, 1856; since, Jan. and July. Extra^ 10 p. c. Feb., 1861. Lawrence. — Extra dividends were paid, in 1864, Aug., 4p.c.; 1865, Feb., 4p.c.; 1866, April, 15 p. c; 1872, Feb., 5 p. c. Original capital in 1849, $100,000. Increased to $200,000 in 1856, to $300,000, Aug., 1867, and to $400,000 in 1872. Lijnn. — New, 1853. First dividend paid May, 1855, and second, June, 1856, both given in tables as for 1856. The dividend for 1857 was paid in April ; since, Jan., July. Extras, 1858, April, 6 p. c; 1860, April, 5 p. c; 1861, Sept., 3 p. c; and all included in table. Divided 5 p. c, 1886, then 6 p. c. to 1891 inclusive, and 2 p. c. quarterly since, with 2 p. c. extra Dec. , 1896. Maiden and Melrose. — The dividend in 1869 was paid April 26. Marblehead. — This company resumed dividends in 1877, after a lapse of some fifteen or twenty years, and since that year paid regularly every six months a dividend of 2^ per cent, that is 5 per cent per annum, to 1886 ; then 6 per cent for several years and stopped. Newburyport. — Paid an extra dividend of 10 p. c, April 5, 1889, (see tables). Portsmouth, N. H.-~ 1886 paid dividends 8 p. c. ; 1887, 5 ; 1888, 5J ; 1889, 5 ; then 6 for 3 years ; passed in 1893, with 4 p. c. 1894 and on. Roxbury. — Dividends quarterly, Jan., etc., since 1857. Paid 16§ p. c. extra, July, 1861, and others in stock and cash, but not made public. Sold out to the Bay State in 1888 at $225 per share. South Boston. — Dividends previous to those given in the table. 1853, July, 3 p. c. ; 1854, Feb., 3; Aug"., 3 ; 1855, Feb., 3 ; Oct., 3 p. v.. Paid 6 p. c. 1886 ; 7^, 1887 ; 8, 1888, then sold out to Bay State. Boston Stock and Money Markets. 217 MICHIGAN AND HER COPPER INTERESTS. 1898. The "Upper Peninsula" of Michigan — the great "Copper Region" of to-day — has a somewhat remarkable history. At the time the Territory of Michigan asked admittance as a State, it claimed a narrow strip of land bordering on Lake Erie, including what is now the flourishing city of Toledo. Ohio also claimed it, and the bitter fight which ensued was settled by compromise ; Congress voting to admit the State only on condition of relinquishing the claim to the disputed territory, offering in exchange the then almost unknown Upper Peninsula, — "thrown in, not as possessing intrinsic value, but to soothe the pride of an irritated people." At first, this was " indignantly rejected," but reluctantly accepted later on, infiuenced by the desire to become a State, thus getting a share of the ' ' surplus revenue " then about to be distributed ; and in January, 1837, Michigan was admitted, — a magnificent domain, as since proved, being thrust upon an unwilling people. To show how little was known of the Lake Superior region a little over fifty years ago, it is an actual fact of record, that in 1840, when it was proposed in the United States Senate to grant Michigan 100,000 acres of land, to aid her in the construction of a canal around the Falls of Sault Ste. Marie, no leas a states- man than Henry Clay spoke of the work "as one beyond the range of the remotest settlement in the United states, or the moon." The canal was then advocated on the ground that it would stimulate the "fisheries" of Lake Superior ; one senator venturing the remark that " in the country bordering on the southern shore of Lake Superior, copjyer ore and other minerals are believed to exist in abundance." In the early days of Lake Superior mining the companies were organized with a small number of shares. The "Lake Superior" company (afterwards changed to the Phoenix of the present day) had only 1,200 shares, but these are reported to have reached $1,200 per share, and one can readily imagine the excitement when it was announced that " a ton of ore delivered in Boston yielded $1568 in silver and ^200 in copper." The "Cliff " mine (Pittsburg & Boston), after levying several aasessmenta, found the prospect so discouraging that it was proposed to abandon it ; but one of the directors, Rev. Dr. Avery, whose faith in its value was unshaken, offered to loan the company $80,000 on a mortgage of the property. This was accepted,. and In ' less than IS months the money was repaid from the earnings of the mine ; since then $2,280,000 has been divided among the shareholders and $233,620 " in liquidation." If the " Cliff" mine had failed at that time, the development of the copper interests of Lake Superior would have been delayed a great many years. In 1898 it was proposed to again work this property. Original operations at Lake Superior were confined to the Ontonagon District (famous for the " Minesota " mine), and to Keweenaw Point District, within which was located the Pittsburg & Boston — these two districts being the extreme ends of the " mineral range. " The dividend record of these mines on pp. 220, 221 tells its own story. The middle or "Portage Lake" region attracted little notice in those days, and was thought to be of small value. It was not until 1852 that attention was called to it, subsequent development giving that district the lead, and it now contains all of the dividend paying mines. The Franklin, Pewabic, and Quincy were the prominent mines until the Calumet & Hecla assumed proportions which overshadowed all. In early mining it was supposed that "Mass" mines only would pay, but later experience clearly developed that a mine yielding "stamp copper " can be the most profitably worked, and of value according to the percentage of copper in the rock, ranging from about 5 per cent ingot in the Calumet & Hecla to 0,65 per cent in the Atlantic, the latter paying small dividends by the closest economy in working. The greatest discovery ever made at " the Lake " was the find in 18G6 of the Calumet, now the Calumet & Hecla, a most wonderfvd property in all its developments, and having " by far the richest vein ever known in the annals of copper mining." The progress of the mine for over 30 years is yet so fresh in the public mind, that it need not be enlarged upon, but the reader will find on p. 220 "the figures " of its record in detail. In 1886 the Tamarack — on the Calumet vein — commenced to develop and has since become a valuable property. This company sunk a perpendicular shaft, and cut the Calumet & Hecla vein at a depth of 2,270 feet, a marvel in its day. The above was mainly written in 1885 ; but the development of the copper mines has progressed wonder- fully. Calumet & Hecla then producing an average of 2,500 tons per month, now 5,000 ; Quincy, then 300, now 900 ; Tamarack, just beginning, now 1,000 tons per month these being the larger mines, but several others increased in a less degree. The appliances for developing and working mines have increased to such an extent that the impossible of the past has become simply a matter of time and labor. It is undoubtedly true, however, that had the Calumet & Hecla been discovered twenty years earlier, it would have proved a failure, owing to the then lack of experience and want of machinery for working purely stamp deposits. The early promoters of the Portage Lake district must well remember the sneers from owners and operators of."Ma8j" veins (then considered the only genuine mining) at the persistent attempts to develop that new region. But it proved to be the turning point of success at the Lake, and greatly stimulated, later on, by the coming forward of the Calumet & Hecla bonanza at the most opportune moment ; and it seems possible in 1898, that the developing of the Baltic vein may add a new territory of great value, wholly unlocked for even one year ago, when $50,000 would have been considered a large price for a property now valued at nearly $1,500,000; yet in the infancy of its development. 218 Notes on the Boston Stock Market. MISCELLANEOUS AND COPPER-MINING COMPANIES.* Highest and Lowest Prices for eight years, — 1862 to 1870. Miscellaneous Companies. Am. Molded Collar Am. Shoe Tip Boston Screw CoUateral Loan Co. t. . Hingham Steamboat.. . McKay Sewing Mach. . Short Mountain Coal. Copper-Mining. Acton AUouez Algomah Bay State Bohemian Boston , Canada Columbian Concord Dana Dudley . .' Eagle River Great Western Hanover Highland Humboldt Hungarian Madison Manhattan Native Naumkeag New England North Western. . . . Saint Clair Saint Mary's South Pewabic Star Tremont Washington West Bfinnesota . . Winthrop 1862. 5.00 1.50 2.00 1.75 1.00 1.00 1.00 2.25 0.26 2.00 0.50 1.00 2.00 1.00 5.00 2.50 1.00 3.00 2.50 5.26 1.10 2..50 6.00 3.25 19.75 2.50 1.00 6.00 3.40 1.10 4.26 1.65 1.00 5.00 1.00 6.00 5.50 2.00 1.00 2.60 7.60 5.50 24.00 13.26 1.10 2.50 4,60 1862. J^nio High 80 91} 300 450 80 87 275 460 . ..New, t Former 4| 7 1864. ly Pawn New. 2 3 . . New, New, '03. J 2i 1863. Low High n 4 ^ m 5 10 } 3 2i 9 1864. 7 7J Ti 6 8.! 4 14i 12i 1864. Imw High 85 104| 250 276 35 5U ers' Bank u 3 n in 5 2i 1 7i 3i li 3 21 1} li 5| 6 2 21 i\ 4} 5 3: 25: 9 7J 11 13i 3f 6- 6J 14 6J 5i lOJ 131 1865. Low High 15| 22J New, '"" 181 451 and sold h 2i U 3 i 2 7 21 2 5 I f IJ 4 i 2J i 3 2 6i n 9i h 1 H 3l IJ 1 2 2 1 New, 6 1 7 1 2| i 2 I 2J 1 3i 1866. Low High 15 I 65i 1 102 275 303 llj 31J at 75 to Closed. U 5 i 2i 7§ 20i 1 2 2 4 2 7| i 4f 1 4} I 6 i 3J II 3J % 1 2J 5 J 10 i u 6 10 1 3 -i H h 3 3 1 1867. Low High 80 125 10 14 33 65J 96i 104 237| 276 35| 40 6 15 102 in 18 2 12i i i 2 12J ... 1 i L 7c 76c 1 i 1 10 15 * 1| 1868. Loio High 25 96 9J Hi 4} 36 95 106 200 240 33 40 8 19i 61. \ 1 i 3 8c lOo i i I i 80c 2 1 h 1 1 i 1 3 1 22J 1869. Low High 35 11 90 100 175 200 38 63 lOJ 18 i i lOc li 20c 50o 20c 32o i i .... i 20c 30c .... i i 1 I 1 i i 30c 60o i 1 25c 80c .... i Lake Superior Mininq-Companies. — Dividends. — Although in 1870, the stocks representing the above com- panies hod little market-value, with a very few exceptions, the past record of dividends by the successful companies (quoted on another page), would have been considered marvellous in any other branch of industry, in their relative proportion to the total cost to original holders. Central ©390,000, or $19^ per share, at a cost of $5.00 per share assessed. Fj-anklin 220,000, or 11 per share, at a cost of 8.50 per share assessed. Minesota 1,760,000, or 88 per share, at a cost of 3.30 per share assessed. National 280,000, or 14 per share, at a cost of 5.50 per share assessed. Pewabic 380,000, or 19 per share, at a cost of 3.75 per share assessed. Pittsburg & Boston 2,280,000, or 114 per share, at a cost of 5.55 per share assessed. Quincy 920,000, or 46 per share, at a cost of 10.00 per share assessed. The Copper Falls paid one dividend only of $3 per share in 1864. The Hecla and the Calumet^ scarcely five years old, commenced dividends in 1869 and 1870. The former has already made four quarterly payments of $5 each, or $20 per share ; and the latter, two of $5 each. These two mines now promise a profit, which, if continued, will rival even the ' ' Minesota ' ' and ' ' Pittsburg ' ' in their palmiest days. The aggregate of the above dividen is is 156,890,000. [The above was written in 1870, the success to that date being considered a "big thing," but the reader will find " results " to 1898, farther on, which predicted 25 pears ago would have entitled the forecaster to a free ticket in the nearest Insane Asylum.] In the early days of the "Minesota" and "Pittsburg," it was with the greatest difficulty that assessments were collected, stock being sold for non-payment in some instances ; the owners not ever dreamiiig of the great future value of their property. So of the " Calumet " and "Hecla." The former was set off as a dividend from the Hurlbert Land Co., and for gome time it had a merely nominal value of less than one dollar per share. After the accidental discovery of the "Calumet Vein," and its property became highly valuable, a portion of the terri- tory was set off to its stockholders at ©5 per share, and called the "Hecla." The market-value of these two mines (1897) was some $43,000,000, and a record of about $51,000,000 paid in dividends since 1869, against only $800,000 assessed. Dividends on the "Pittsbuig" Copper-Mining Company were so many dollars per share on 6,000 shares previous to Aug., 1858 ; since, on 20,000 shares. In addition to cash di'jidends, the "North Cliff " mine was set off, share for ehare, in Oct., 1858, and endowed with $50,000 from the parent mine. This stock afterwards sold as hig:h as $14 per share. The " Minesota " paid on 3,000 shares in 1854 and 1855 ; since on 20,000 shares. In addition, stockholders received dividends, share for share, in the Flint Steel River, Rockland, and Superior mines ; and the combined market-value per share of these three companies has been as high as $90, and only small assessments had then been levied. The "Minesota" sold in 1857 for $179 per share of 2{),000 shares, or $3,580,000. Since then, $18.50 per share has been assessed. * See prices of other Mining Stocks in previous years, pp. 196-198. Notes on the Boston Stock Market 219 LAKE SUPEEIOR MINING COMPANIES. Highest and Lowest Prices for Eight Years. — 1870 to 1878. t870. J87I. J872. 1873. Low Hioh Low -High iow /fi'ff/i Low Jligh i 2 ^ 6J 4it 18 1} 22i 61 135 c- 1 300,000 8,' 6 ex. 300,000 n; 4ex. }«»'«<» 16, 4/ 400,000 15, 3 300,000 . . . $9,770,000 *The Company's numbers. No. BIDGE. 1 1873, Feb. 24, $2} $50,000 2 1874, Feb. 23, 1 20,000 3 1875, Feb. 8, 1 20,000 4 1880, Feb. 10, 60c. 10,000 Total . . . $100,000 No. 1 1888, 2 " TAMARACK. 4 5 1889, 6 " 7 " 8 1890, 9 " 10 11 11 11 12 1891, 13 " 14 11 16 11 16 1892, 17 " 18 11 19 1893, 20 11 21 11 22 1894, 2:< 11 24 1895, '25 •1 26 1896, 27 11 28 1897, 29 " April 2, July 2, Oct. 1, Jan. 1 ,' April 1 , July 1, Oct. 1, Jan. 1, April 1, $3(1 $120,000 3 120,000 1, 1, 30, 1, 1. 1, July Oct. Jan. May Aug. Nov. Mar. 30, June 16, Oct. 6, Jan. 25, June 20, Dec. 20, June 30, Dec. 31, June 25, Dec. 31, June 30, Dec. 31, June 30, Dec. 31, 36 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 3(2 3 Total 200,000 200,000 200,000 120,000 . 120,000 120,000 120,000 150,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 180,000 180,000 180,000 180,000 $5,190,000 ((jlStock 40,000, (6)50,000, ((2)60,000. Recapitulation. Calumet Hecla .... Calumet & Hecla $300,000 650,000 51,900,000 (a)20,000 Bhs., (6)40,000, (e)60,000, (/)100,000; capital doubled at par, $25 per sh. ((j)Called this by Co. Total $52,850,000 Quincy . 9,770,000 Tamarack . . . . 6,190,000 Pittsburg & Boston 2,280,000 Osceola 2,263,500 Central .... 1,970,000 Minesota 1,820,000 Franklin . . 1,240,000 Atlantic .... 780,000 Pewabic 460,000 National . 320,000 Kearsarge . . . 160,000 Copper Falls . 100,000 Ridge 100,000 Phcenix 20,000 Total . T-y79,323,500 S''e page ^S2fi. (a) Calumet & Hecla^ inc. by 25 p.c. s/ocA* dividend from 40,000 to 50,000 shs. (&)20p.c. to 60,000. (d>163 p-c. to 70,000. (e)14 2-7 p.c. to 80,000. (/)25 p.c. to 100,000. (g)FrankUn, 40,000 ahs. (h)Mnesoia, 8,000 slis. ((t)20,000. (m)Oiceoto, 50,000 shs. (n)91,000(9,000shs. inTreas.) fi>)Pt^(s6ttr(7, 20,000 she., previously 6,000. C7')The Hilton was sold out, distributing, Jan. 1, 1878, 815,000 (75c. per sh.), and Oct. 21, 1895, Jg3,000, *' balance of assets "—neither being properly a dividend- (See Boston & Montana dividends, page 225). 222 Notes on the Boston Stock Market. LAKE SUPERIOR MINING COMPANIES. Highest and Lowest Prices for Six Years — 1886 to 1892. 1886. Low High 1887 Low High 1888. Low Nigh Mining Companies. 1889. Low High 1890. Low Hig 1891. Low High 75c 5 26c 90o 7J 15 6c 26o *210 231 7i 20 50c 1. 50c 2i 36c 62^0 8i 13i 5c 35c 175 223 New 10 20 No Bales. 50c 6 J 25o 6Sc 12} 20i 5c 30c 190 324 15 25 IS 24 8i 17i 1 3, 8 10 15c BOc oOc 2 26c 14 9i 15J 25c 40c 15c 2oc 25c 30c 10 37 1.10 3f 10c 20c 45 64J 50c 2i 10c 70c U 3 BOc 3g 15o 40c 15 35J 2 3 10c 66c 45 76o 25c 63 13 75c 10c 35c 85 110 15c 25c 20c 70c 86 125 New 12i 23 200 BOc 13c 30c 15o 40o 4 -8 51 17J 30c 87io li 2 2 9} 10c 26c 17 27 2 6i 20c 65c 60 90 li 33 60c 1.03i 25c 35o 12io 60c 123 189 8id35 5c 15c 5c 15c 5o 62Jc 5c 70c 26o 500 20c 50c Allouez Arnold Atlantic Aztec Calumet & Hecla . Centennial Central Copper Falls Dana Franklin Hanover Humboldt Hungarian Huron Kearsarge Mesnard Minesota National Native Osceola Pewabic Pontiac Quincy Ridge St. Louis St. Mary's South Side Tamarack Tamarack Junior. TecumBeh Washington Winthrop 60c 4| So 30c 7i 18i 3o 12c 199 299i 20 30 10 20 5 6 8i m 10c 20c 5c 15c 10c 20o 62Jc 6 44 12 20c BOc Out of 624c 7S Be 10c 74 24J 2 7 20c 50c 46 86 70o 2 BOc 80c 16c 25c 15o 25c 96 157 a!22i 27 IBc 26c 10c 20c li lOi TlOc t24 "124 28 7c t50c 240 *323 12 474 8 35 B 114 20c BOc 13 28 12o B74c 10c 75c 12c t60c 24 t9i 7| 344 30o 14 market. li B Be 35c 23 48J 7 IB 2Bo 70c 68 1324 624c 2 60c 70c 20o 35c 12o 374c 126 227 d25 55 14 9 15c 65c 14 4i 30c t21 10 18 6o 17*0 240 280 8 22 *15 18 8 8 Bo 12c 14 19 Bo 20c 174c B5o 20c 33o lOo 34 10 17 3Bc 60c 1 4 Be 17c 26 41 Closing. 26c 55o »86 115 BOc 874c 8c 17c 140 179 d50 68 2i 3J 10c 26c lOo 15o Higliest and Loursl Prices for Six Years — li92 to 1898. 1892. 189S. 1894. Mining Companies. 1895. 1896. 1897. 7Bc 1} 65c tl| 9 13i 26c 90c 20c 1 7 12| 9c 75c 258 *300 5 13i 8 16 71 8 *11 *16i 12o 30c 10 IBS 40o 60c 75c 2 2SS *37f 26c 40c 103 1464 60c 1 *146 *175 16 46J 75c l' li 4 247 320 1| 9} 10 15 7 74 84 *134 124c 20c 4} 12| 4Bc 65c 75c li 20 37J 20c 30c 80 144 New. 26c 50c 112 *166 11 24 50c BOc 7Bc t3 *2094 302 BOc 5 5 15 No sales. 74 154 4} 50c BOc 75c 1 18 28 20c 274o 80a 131 20J 424 ■ 25c 874o 146 170 10 20 No sales. It 3t Allouez Arnold Atlantic Baltic Calumet & Hecla.. Centennial Central Copper Falls Franklin Humboldt Kearsarge Mesnard National Osceola Pontiac Quincy Quincy Scrip 25c 75o 2i 6 34 2S0 330 15c 2| 25c 1 25c 1| 15 23i New 295 335 Tamarack Tamarack Junior. Tecumseh Wolverine 24 6 9 25o *7 60c 7Bo s*20 25c »98 »170 391 30 50c 1 *115 175 104 30 1 4i 2.681 lOj 15 115 25 90c 26 1 24 414 3Bc lOc B 6 8 20c 8} OOc BOc 204 26c 104 63 50c 6B 8 1} 34 10 7 13 45c 17} 76c 75c 314 35o 134 100 1 120 174 44 9S BOc 14 ti4 ^ 18S 27| t2J tl2} 326 *495 24 t25 74 74 34 B 10 26 IBc t90o 14 23| ■ (») 30c BOc 28 424 (6) 104 129 96 100 92 146 14 224 BOc t6| 8418} * Ex. Dividend, t Assessment paid. (a)(?-iimci/, ex. -Scrip. Stacks omitted above. Aalec, 1892, 4c to 124c; 1893, 4c to 6c. Hanover, 1892, 10c ; 1893, Be to lOo. Hungarian, 1892-93, 15c to 25c. Native, 1S92, Be to lie ; 1893, Be to 10c. South Side, 1892, 4c to 12c ; 1893, 3o to 5c. TXashington, 1892, Bo to 174c ; 189.1, Bo to 10c. Winthrop, 1892, 7c to 10c ; 1893, Be to 7c, and in all the above cases they then disappeared from the market. (6) Closed ; paid 87.3967Be per sh. on Mesnard, and 66.4921c on Pontiac. (t?) Private sales. MISCELLANEOUS MINING. — 1886 to 1892. 1886, Low High 75c 24 130 ' 63c IBc 634c 5c 25c 25c 774c 22c 424c Be 6 75c Ig OOc 1887. Low High 1888. Low High 80c 2i New 274o 75c New 25c 40o 9c 2(lc Kle 55c 30c li 86c n H 2 38 75- 2Bo OOc 20 30 15c 324c 8c 18c 4c 14c *75c 1.80 3c 1.15 66 00 li. 2} Mining Companies. Bonanza Development Boston & Montana Breece Butte & Boston Catalpa. Crescent Don Eniique Dunkln Geyser (formerly Security) . Lake Superior Iron Napa Santa Fe. 1889 Low High BOc 1} 284 704 IBc 35c IB 27 9c 19c 3o 10c 10c 6350 OOc li 36c 1890, Low High 7Bo 26S 60c 21c 40c BOc 774o le 27c 60 70 3} BJ 30c l| 27c llj 14o 8c 13c 1891. Loio High 3Bc 674c *36i 50 30c BOc 13 20 16c 424c 9o 17*0 . . . . 26c 26c 7740 3c t25c 46 60 *3} 54 20c 65o ■ Miscellaneous Mining, 1892 to 1898, see page 226. (6) Cusihuiriachic, previous to 1889. Notes on the Boston Stock Market. INGOT COPPER. Monthly Lowest and Highest Prices for S7 Years. Chili Bars, Steel KaUs, and Pig Iron, Yearly. 223 1861 L. H. 1862 h. H. 19 20 19 19 J 193 19* 19 19J 18J 19 J 18 19 17il8 17119 19 20J 20 20i 20i22i 22^27" 17i27 19.77 27 28 25 28 23 25 21^23 20}2U 20} 23 22i24i 24 24^ 24J27 27 32J 30i32| 30i 31i 31 35 35 37 31 37 30 31 30 30J 30 30^ 29 32 29 31J 31 32-- 32i34. 34JS9i 38| 38i 20|32J 25.76 Iron Rails.. Steel Rails. Pig Iron. . . M'ths. Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. Year. Aver. Chili t IronR. Steel R Piglr 1874 24^26 24J25 24 24} 24|25 24J25 24 24} 19} 24 19 21 21 21J 211 221 221 231 231 231 19 25 23.21 £74i87 50 66 763 1174 24 32 1863 L. H. 1864 I 1865 L. U. L. H. 39 41| 46 60i 41f42 44 46 41i42J34 44i 42444 ,34135 43144 I30 341 44 48i 28J 31 48^55 28 30^ 50 52^30132 47J 52J 30| 32} 47 48 32|32} 47 49 32|45i 48i50 391 45t 29 3ai 32.92 39 65 ,28 50i 46.23 36.25 69} 87i Not in 31} 434 94 153} 821 \m use pre vious 43J73f 3558J 1876 21J23i 21J22 21^21* 21i 22J 22} 23 22^23 22} 23 23 23i 231 23A 23 231 23 23J 231 23J 214 23i 22.7d 79^83 43 50 65 71 23)127 m 33* 31 33| 29J 31 30} 31} 30} 31 26} 30i 26i29 26,',- 42 31.80 1876 1877 22} 23 191201 22}22519120g 22 22};19119} 191 19i 19 191 19 191 18J19 . - 17| 183 19 203,17418} 20 21 I7I18J 20 20l'l7}17J 19120} 17} 17} 22 22}' 21 22 19121 19} 201 18}19} 18} 23 20.91 17} 20i 18.80 71}8U64 7.'!} 39 43 j] 32} 38 52 67 40} 49 211231118 20} 24 27. 23} 24} 24 241 24 24} 24 26 25} 261 26S 27} 22} 26} 22} 23 21} 22} 21} 29i 25.12 84 90 to 1868. 4ia 50' 1878 82} 85 17I17S 17 17} m 17 163 IT 16| 16} 161 m 16} 161 16 16} 153 16} 15} 153 15} 16 15} 16 15} 17f 16.42 55 66 33} 34 41 43} 16} 18} 1867 L. H.\ 27 291 Jan. 27} 274 , Feb. Mar. April May June July Aug. Sept. Oct. Nov. Dec. Tear. Aver. 41 48} 1879 165 16 15} 15} 15} 16 15316 153 161 16| 161 16} 16} 16i 163 _ 16} 18} Sept, 19 211 Oct, Iron Steel Piglr. 1868 i. a. 21} 23} 22} 24 23} 24 23} 241 24 241 23} 24 23} 24} 24 241 23} 24 23 24 22} 24 23} 24} 23} 265 26 27 24 26} 231 24 23} 241 22 23} 213 221 213 23} 22 23 22 22} 22 22} 21} 22 21} 24,1 23.62' 76 81i 147}174 37 431 M'ths. 1880 Jan. Feb. Mar. April June July Aug. 21 21} 21} 21} Nov. Dec. 15| 21} 17.35 54 68 34 64 41 67 171 30J 211243 23} 24 22 24 20} 21} 18 20} is 19 18S 19 183 19 18} 19 18|19 18J 19 183 19} Tear. Aver. Chili t Ir. R. St. R. Pig I. 18 243 20.18 £55 74 45 68 58 85 23 41 1869 L. H. 21 21} 20} 211 19 20} 19 Wj- 19 19, 19} 20. 20} 20} 20 21 20} 2U 21} 22" 22 22} 221 221 21} 27 23.40 76 80 120 145 39} 42 1881 19} 195 19} 19i 19 191 18} 19 18 183 16118 16 16} 16} 17 17 181 18 181 18 195 19120 1 16 20} 18.27 57 71 46} 48 60 63 24 26 1870 L. H. •2a, 22i 21} 22 2l| 21} 2l| 21f 21}2lL 21} 21} 21} 22} 22} 23 23 23} 23} 23} 231 25 25 27} 19 22* 20.69' 21} 27} 22.64 70 74 98 110 311 36 J 1883 19} 20} 18} 19} 18} 19} 173 18} 18} 181 18} 181 18} 181 18} 181 173 18} 18 18} 18 18 17318 173 20} 18.41 633 71; 44 48i 39 58' 25} 26 1871 Z. H. 68171 95 106} 30} 371 1883 17} 18 Vl% 18 161 17| 15} 16 153 16 15 15i 15 15: 15 15} 15} 151 15 151 14} 15 14315 14} 18 15.85 56} 67 .. Not 34} 40 21 25 1872 L. H. 27128: 281 28. 28} 37} 37} 45 33 40 32} 341 33 33i 33} 33} 323 33} 31} 323 303 32 31 33} 1873 L. H. 334^35 34l 35 34 34} 32} 34' 29} 32} 28} 29} 26} 28} 263 27} 25 27 215 25 20 241 241 24} 27145 33.02 71} 90* 104 120J 37 535 1884 14} 15 14} 143 145 1*1 14 143 14} 14;; 133 14} 133 14 133 133 123 13} 123 13" 12 123 10} 12 20 35 28.97 66 83} 118 122i 32} 48| 1885 10} 15 13.73 47 58J quoted. 26i 34 18" 21 11 Hi II 11} lOilli 101 111 11} 111 III 111 11} lU 11 11} 11 11} 10311 103 11 11} Hi 10} 11} 11.14 •38S49} 25 35 15| 173 1886 1887 115 11 llf 11_ 111 11} 111 Hi 10 10 10 10 10} 11} 10} 11 10.3510} 10 10} 11193 10 10} 11 11 11} 11} 12 113 12} 10 12} 93 17.90 10.95 32 39} 17.7020.60l9 22.85 9.90 10 10 10} 101 10} 101 10} 10112.15 11.40 IB 1517.90 11.22 1888 15.90 171 15.95 16.55 15.95 16.30 15.95 16.70 16.25 16.70 16.50 16.60 16.50 16.90 16.65 17.00 16.90 17.65 17.35 17.65 17.40 17.50 17.15 17.50 15.90 17.65 16.78 73 105 27* 3U 16.55" 18.10" 1889 1890 1891 M'ths. 1892 1893 1894 1895 16}17i 16} 17 15} 16 15 15} 12 12 12 12 11} 12 11} 12 11 11} 11 11} 11} 13 13} 14} 141 lii 14 141 14 14 14 14} 141 15} 15} 16} 16} 17112} 12} July H 17* 13.49" 35 80 27 35 16 23} 14114} 14 145 14 14 13} 14 12} 138 May 17 17 17 17 16} 17 16} 16} 14} 16 14 171 15.60 46} 61} 28} 355 16.6 23.0 Jan. Feb. Mar. April 12} 13 June 12 12} Aug 12} 12. 11} 12t 11 11} 10111 lOlHi 12.76 Sept. Oct. Nov. Dec. Year. Aver. 44 56}o.M.Bt 29 30 ISt. R. 15.15 lejIPig. I. 10} 11 10} 103 10} 12} 111 12} 12 12} 11} 12 HI 11} Hf HI 11} H} 11 11," 11} 12] 12}12j 10} 1: H.56 1896 1897 12 12; 12 12; 11} 12 11 11} 103 11 10| 11 10} 10| 9} 93 9} 10 91 93 9} 10 10 10} 10 1019.85 10 9} 9.30 9i 9i 9 9i 9.60 9} 12} 10.75 £43} 48,40* 461373 43 30 30 24 29 "' "' 13.915.65111.17 13i 9.65 10 9.35 9} 9| 9,' 9} m. 10} 10} 9} 10 9.52 24 24 10.3113.15 9} 10} 10," ' lOi 12 121 12} 113 12} 11 11} 10 11 1} 11} I HI 10} H 10} 113 11} 12 11 11} 10} 11. 15 10} 11 10} 11 10} 11}10}11} H} 12 11312 11} 12 Hi H} 11 11 11 Hi Hi 111 11} llf 11 11} 9 1019.35 121 1 1111.60 10.73 9} 12 10.98 103J]_ 10} 12 11.33 38| 47}40} 50}47 51} 22 28 28 28 jl4 26 10.9118. ■ . Trust Company 53 STATE STREET, BOSTON. Capital, - - $1,000,000 Surplus, - - - $^00,000 S. ENDICOTT PEABODY, N. W. JORDAN, President. Actuary. E. A. COFFIN, Treasurer. ..T)HE.. iNatiopal Seeurity Bapl^ — *^ op BOSJOI^ *^>— ^orper ^ourt apd Brattl^ Streets. Capital, . . - - $250,000 Surplus and Undivided Profits, $510,000 Op^ML *r 0x1.3. & till 3. S. A. CARLTON, President. CHAS. R. BATT, Cashier. 241 ^ H B> E Oli^ BO^I^OIV /No. 92 STATE STREET. Organized as a State Bank 1824. Incorporated as a National Bank 1865. CAPITAL ........ $1,000,000.00 SURPLUS AND UNDIVIDED PROFITS • . .$195,000.00 NET DEPOSITS FEB. 18, 1898 • • • $5,744,000.00 Accounts of Banks, Corporations, Firms and Individuals Solicited. INTEREST ALLOWED ON DEPOSITS IF WARRANTED BY THE CHARACTER OF THE ACCOUNT. Acts as Registrar of Transfers for the Stock of Corporations. OFFICMRS: CHARLES H. COLE, President. G. E. STEVENS, Vice-President. G. H. HGOKE, Gasliier. -DIRECTORS GEORGE H. BALL CHARLES E. STEVENS ALBERT S. BIGELOW HORACE H. STEVENS HENRY BROOKS JAMES L. WESSON CHARLES H. COLE CHARLES G. WHITE 242 SAFE DEPOSIT VAULTS For Safe Keeping of Bonds, Cer- tificates of Steele, Deeds, Wills, Silverware, Jewelry, and other Valuables, * - A.T the; - THIRD NATIONAL BANK OF BOSTON, Exchange Building, 53 State Street. CAPITAL, - - $2,000,000. INVESTMENT BONDS FOR SALE. Moses Williams, - - President. Francis B. Sears, Vice-President. Harry L. Burrage, - - Cashier. Nathaniel F. Perkins, Ass't Cashier. Andrew Robeson, Manager Safe Deposit Vaults. 243 STATE 8TBEET TQDST 60. EXCHANGE BUILDING, 53 STATE STREET. BOSTON. Authorized by law to receive on deposit Trust Funds and Moneys paid into Court, and to serve as Trustee under will. Acts as Registrar or Transfer Agent of Stocks and Bonds. Interest computed monthly on balances of $300 and upwards. Cable Transfers and demand drafts on Glyn, Mills, Currie & Co., London, Comptoir National d'Escompte, Paris; also on Berlin, Frankfort, etc. MOSES WILLIAMS, President. F. J. STIMSON and J. B. RUSSELL, Vice-Presidents. CHARLES LOWELL, Actuar^and Treas. S. V. R. THAYER, Assistant Treasurer. Incorporated April, i86g. W m Ein TBDST GOIQPOUT, 85 DEVONSHIRE AND 16 WATER STREETS, BOSTON, MASS. Capital Stock _ _ _ $1,000,000 Guarantee Fund and Undivided ProMs 1,400,000 Deposits ----- ly, 300,000 This Company is aotliori2ed to receive and hold money or property in trust or on Deposit from Courts of Law or Equity, Executors, Administrators, Assignees, Guardians, Trustees, Corporations and Individuals. Act as Transfer Agent for Railroad and other Stock Corporations, and as Agent for the purpose of issuing, registering or countersigning Bonds and Certificates of Stock. It offers to the public the advantages of a (^pital of One Million Dollars, and a Guarantee Fund of One Million additional, specially invested by requirements of its charter, and a perpetual succession. Deposits may be made at any time, and interest will be allowed on daily balances of Five Hundred Dollars and upwards. Special attention is given to Accounts with I^adies. WM. BNDICOTT, JK., President. Charles H. Dalton, Vice-Pres. Charles F. Choate, Vice-Pres. J. Lewis Stacepole, Vice-Pres, Amos W. Stetson. Nathaniel Thaybe. George Dexter. Charles U. Cotting. T. Jefferson Coolisge. Roger Wolcott. Jacob Edwards. Franklin Haven. George Wioglesworth. Edmund Dwight. Robert Codman. Charles L. Tounq. Alexander Cochrane. Henry C. Weston, James J. Storrow. D. R. Whitney, Actttanj. N. H. Henchman, Secretary. Henry N. Marr, Asst. Secy, 244 OLD GOLOHY TBDST GO. Corner Court and Washington Streets* Boston. Capital, $1,000,000 Surplus, $1,000,000 A L For the convenience of Depositors, this Company opens current accounts, subject, in accordance with its rules, to check at sight, and allows interest upon the resulting daily balances of f 500 and upward. Special Attention given to Accounts with Ladies. Acts as Trustee of Mortgages of Corporations, and accepts the transfer agency and registry of Stocks and Bonds. The Company has Fire and Burglar Proof OF THE BEST CONSTRUCTION. Rent of Boxes $io to $ioo per annum. SPECIAL COV/F=ON HOOJlitS F^OR I-KDIES. laiieEJcroie®. T. Jefferson Coolidge, Jr. Oliver Ames, C. W. Amory, Samuel Carr, B. P. Cheney, T. Jefferson Coolidge, ChAS. E. COTTING, George F. Fabyan, George P. Gardner, Henry S. Howe, Walter Hunnewell, W. P. Mason, Henry C. Weston, George v. L. Meyer, Laurence Minot, Richard Olney, Henry R. Reed, Nathaniel Thayer, Stephen M. Weld. T. JEFFERSON COOLIDGE, Jr., President. GEORGE P. GARDNER, Vice-President. C. S. TUCKERMAN, Vice-Preside7it and Treasurer. GORDON ABBOTT, Vice-President. FRANCIS R. HART, Vice-President. E. A. PHIPPEN, Secretary and Asst. Treasurer. JOSEPH G. STEARNS, Asst- Secretary. E. ELMER FOYE. Asst. Secretary. 245 ^HE> . . AMES BUILDING, COURT STREET, BOSTON, MASS. CAPITAL I ■ WILMOT R. EVANS, President. CHARLES H. RAMSAY, Cashier. 246 UNION Safe Deposit Vaults, 40 STATE STREET. BOSTON. -ESTABLISHED JAN. 1, 1868.- Safes to Rent at from Ten to One Hundred Dollars. OFFICE HOURS FROM 9 O'CLOCK A. M. TO 3 O'CLOCK P. M. SATURDAY, 9 A. 1M. TO 1 P. M. HENRY LEE, Manager. f.^sl^'sARTLETT, h""'"^"*^""*' Lee, Higginson & Co. 44 STATE STREET, BOSTON. INVESTMENT SECURITIES. Bonds and Stocks Bought and Sold on G)mmission. Members of Boston, New York and Chicago Stock Exchanges. 247 BROWN, RILEY & GO-, Bankm and Brokers 20 CONGRESS STREET, - BOSTON. Ordm for Purchase or Sale of SfocRs and Bonds executed in all markets. A. L. BROWN, W. J. RILEY, Member New York Stock Exchange. Member Boston Stock Exchange. Member Boston Stock Exchange. Member New York G>tton Exchange. Established in the year eighteen hundred and sixty-five, con- ductingf its business along strictly commercial lines, loaning money in moderate amounts to reputable business houses for legitimate mercantile needs. The Everett National Bank of Boston Located at 87 Milk Street (Post Office Square), in the face of the adverse business conditions that have prevailed during the last few years, has daily added to its list of patrons, and continues to solicit the business of respon- sible houses and individuals, promising all the facilities and courtesies that are usually accorded by conservative and obliging bankers. JOHN REYNOLDS, Pres't. J. T. EAGER, Cashier. 248 TOWER, GIDDINGS & CO., Bankers J05 DEVONSHIRE STREET, BOSTON. New York Correspondents, TOWER & SHERWOOD, JO Wafl Street. E. D. BANGS & CO., Bankers 88 STATE STREET.^ BOSTON. Members New York and Boston Stock Exchanges. 249 Renters of Safe Deposit Boxes Will consult their own interest by examining the vaults and accommodations which are offered by the SECURITY SAFE DEPOSIT COMPANY, Equitable Building, 67 Milk Street, Boston, OPPOSITE POST OFFICE. "WATCHFULNESS." New Vaults, Coupon Rooms, Reading and Toilet Rooms on Street Level. Perfect Ventilation. Safes $10 to $100 per annum. A LnXTIKIOnSLT FURHISHED DEFARTKENT ESFECIALLT FOR THE USE OF LADIES. STORAGE OF SILVER AND OTHER VALUABLES. E. M. Mcpherson, President. F. G. STOREY, Supt. NATHAN WARREN, Treasurer. WM, A, TOWEE, F. GORDON DEXTER, OLIVER AMES, - DIRECTORS : = BENJ. F, SPESreTEY, LOUIS FITZGERALD, HENRY B, HYDE, GORDON DEXTER, 250 NATHAN ■WARREN, JAMES H, HYDE, E. M. McFHERSON. A. L. SWEETSER & CO., * Bankers * MEMBERS BOSTON STOCK EXCHANGE. MUNICIPAL AND RAILROAD BONDS. Securities Bought and Sold on Commission in all Markets. Direct Wires to REDMOND, KERR & CO., NEW YORK, also to Providence and Philadelphia. CUSHMAN, FISHER & PHELPS, HIGH-GRADE BONDS 50 STATE STREET, BOSTON. 251 Kidder, Peabody & Cd. 113 Devonshire Street. Investment Securities, Foreign Exchange, Letters of Credit 252 VERMILYE & COMPANY, Bankers NASSAU AND PINE STREETS, 27 STATE STREET, NEW YORK. BOSTON. Dealers in Govererat Bonds and ier Investment Securlls. MEHIBERS NEW VOl AND BOSTON STOCK EUNGES. BROWN BROTHERS & CO., -bankers BOSTON. NEW YORK. PHILADELPHIA. LETTERS OF CREDIT ON BROWN, SHIPLEY & CO., LONDON, AVAILABLE EVERYWHERE. Bills of Mxcbange and Telegraphic Transfers on Great Britain, Murope, Mexico, Australia and South Africa. COLLECTIONS MADE IN ALL PARTS OF THE WORLD. BROiA£N BROTHERS St CO., 50 STATE STREET, BOSTON. Private Wiro to Mew York, Philadelphia and Baltimore. 253 Established 1866. Fooxn & French, Bankers 48 Congress Street, BOSTON. CLARK, WARD & CO., Bankers and Brokers^ 30 BROAD STREET, NEW YORK. 146 DEVONSHIRE STREET, BOSTON. 231 MAIN STREET, SPRINGFIELD. 10 THROGMORTON AVENUE, LONDON. 254 JOSEPH G. MARTIN, Commission Stock Broker^ lo STATM STRM:ET, BOSTON. Purchases and Sales made of all Stocks and Bonds, whether dealt in at the STOCK EXCHANGE, by AUCTION, or the many securities only to be had at private sale. I^^ Prompt attention given to orders per mail, express, or Teleg;raph. Reliable Stocks bought on Margin if desired. Parties seeking information will always be cheerfully attended to; and inquiries respecting stocks are solicited. An ANNUAL STATEMENT, entitled "STOCK FLUCTUA- TIONS," and hereafter to form an APPENDIX to this book, will be published about January 1 0th, each year. Price, 50 Cents. The same can be supplied for the PAST TEN YEARS, each one being complete in itself, and furnishing a detailed record of the BOSTON STOCK AND MONEY MARKETS. A few sets complete from 1 864. The " POCKET MANUAL " for the half-year January 'to July, (only) , 32 pages. Price, 25 Cents. AGENT IN BOSTON for all publications of The WiUiam B. Dana Co. of New York. The FINANCIAL CHRONICLE is the best weekly financial paper in the United States, price ?10.00 per year, including all supplements, which are an invaluable feature. These' comprise the " State and City," semi-annual, Investors " and "Street Railway " quarterly, with "Quotation Supplements" tnonihly, H^T" Subscriptions taken for POOR'S MANUAL OF RAILROADS, an exhaustive 1600 page record; price $7.60. Back volumes of the Manual or Chronicle can be supplied. 255 NORMAN & CO. Ba pliers apd Broilers {Members of New York and Boston Stock Exchanges. Investment Securities. INTEREST ALLOWED ON DEPOSITS SUBJECT TO CHEQUE. PRIVATE WIRE TO NEW YORK. Orders for Stocks and Bonds executed in all markets for Cash or on Margin. m STATE STREET, BOSTON. 266 JACOB C. ROGERS. 43 STATE STREET, BOSTON. As attorney for Messrs, )♦ S. Morgan & Co,, London, issues Commercial and Traveling Letters of Credit available in all parts of the world. ^ ^ Also, as Attorney for Messrs, J, P, Morgan & Co. of New York, sells Exchange on London and Paris. HOWARD NATIONAL BANK, 19 Congress Street, Boston, Mass. CAPITAL . . . . , $1,000 SURPLUS $200,000 S. F. WILKINS, President. SAMUEL B. CAPEN, Vice-President. CHANDLER ROBBINS, Cashier. 257 Mercantile Trust Co, 50 Water Street, Cor. of Congress, BOSTON, HASS. JOSIAH Q. BENNETT, President. ' J. E. GILCREAST, Treasurer. ANDREW W. PRESTON, Vice-President. F. T. MONROE, Secretary. directors. JosiAH Q. Bennett, Neil McNeil, Denman Blanchakd, N. C. Nash, S. S. Blanchard, a. W. Preston, A. N. Bdkbank, Harry E. Bussell, D. H. Coolidge, Samuel Shaw. Livingston Gushing, Alfred A. Glazier, Sumner C. Stanley, J. C. Haynes, Hales W. Suter, C. S. Hapgood, Abner J. Tower, Egbert F. Herrick, H. 0. Underwood, C. A. Hopkins, H. D. YeKxa, Charles L. James, E. C. STANWOOD & CO., Bankers, 121 devonshire street, BOSTON. Municipal Bonds. 258 WILLIAM BASSET, Banker and Broker, EXCHANGE BUILDING, 53 STATE STREET, BOSTON. Commission Orders for Purchase and Sale of Stocks and Bonds executed in all Markets. MEMBER OF NEW YORK AND BOSTON STOCK EXCHANGES. ...THM... Central national BANK OF BOSTON, 141 DBVONSHIRH STRMBT. Capital, - - - - $500,000 Surplus and Undivided Profits, - 359,000 Accounts Solicited on an Mquitable Basis. OTIS H. LUKE, President. CHARLES H. FRYE, Cashier. DIRECTORS. CHAS. H. ALLEN, MOSES N. RICHARDSON, SAMUEL CAER, OTIS H. LUKE, EDWABD P. MASON, HOWARD L. PORTER, CHARLES H. FRYE. 259 riASON, LEWIS & CO., Bankers 67 niLK STREET, BOSTON, - Also CHICAGO. INVESTMENT BONDS We devote our attention to supplying Savings Banks, Cor- porations and Individual Investors, with the highest grade Bonds. Issues of State, Municipalities and Public Corpor- ations our specialty. Correspondence and personal interviews invited. WE ep LEIITHEB NHL BfljIK OF= BOSTON. MQUITABLM BUILDING. CAPITAL. = = = . $1,000,000 J. E. TOULMIN, President. J. E. PATCH, Cashier. G. G. McCAUSLAND, Assistant Cashier. DIRMCTORS. E. H. Dunn, Dunn, Green & Co. J. C. Elms, E. E. Floyd, Floyd Bros. & Co. George A. Fernald, Geo. A. Fernald & Co. G. D. CoLBURN, Colburn, Fuller & Co. W. F. Ford, Ford & Godfrey. J. E. TouLMiN, President. W. A. Stetson. W. A. Stetson & Co. 260 BLAKE BROTHERS & CO. 28 STATE ST., BOSTON. 5 NASSAU ST., NEW YORK. INVESTIENT BONDS BOUGHT AND SOLD. Members of the New York and Boston Stock Bxcbanges. DEALERS IN COMMERCIAL PAPER AND FOREIGN EXCHANGE. CURTIS & MOTLEY, Stock and Note Brokers, 53 State Street, ALLBN CURTIS. E.P.MOTLEY. —» ^^ -►-,>-..-. , S P SANGER BOSTON H. M. SEARS. IJ\J>J 1 Vyi -^ . ilembers New York and Boston Stock Exchanges. 261 Bright, Sears & Co., Bankers and Brokers, MEMBERS OF BOSTON STOCK EXCHANGE. 26 EXCHANGE BUILDING, 53 STATE STREET, JSOS^OIV. Connected by Private Wires witli members of NEW YORK STOCK EXCHANGE, PHILADELPHIA STOCK EXCHANGE, NEW YORK COTTON EXCHANGE and CHICAGO BOARD OF TRADE. Orders Executed in aH Markets. WILLIAM ELLERY BRIGHT. HAROLD G. SEARS. 262 ;-y-:o- ,*y ».''i; -'. -'.'i;.';.! ;' yVi. y; ,:■ iy'V.".'*.,! :)-.!'"';S';{ ■'"'•■.'■■■■'■'' ,■-'-, ■f/'A;',3'.^vi,,v;Ai',-„^'^:i:,.-;i', ..•:^.:. ,'xv •■■<■„ ';■''.:'■""»'<■'■ '^; y^m^^^