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ulative prices prevailing. The diminished per

Percentage centage of New York is chietly attributable to

Carried in United Carried in foreign

carried in

States ship. ships. the same cause. The larger share of New Or

U.S. ships. leans in the export trade comes from its new

$294,785,404 $123,219,817

70.5 business as a shipping port for grain :


846,717,127 152,287,677 69.5 1854.

406,69,539 170.091.875 70.5 1855.

405,455,462 181,139,904 75.6 1836.

482,268,274 159.886,576 PORTS,

1857. 1880–81.

510,831,027 218,519,796 70.5 1858

447,191,304 160,066, 267 78.7 1859

465,741,881 229,516,211 66.9

P. e.
New York.... 45:12


507,247,757 255,040,793 66.5 New Orleans... 11.50


1 59

881.516,788 203,476,278 Baltimore..... 8:03

2.52 2.99

217,693,418 218,015,296


1903. 10.25

241,872,471 843.056,031 41.4 Philadelphia...

5.94 5.07 5.33


184,061.4-6 485,798,548 27.5 San Francisco.. 8.89 8.67 5.91


167.402,872 487,010,124 27.7 All other ports. 19.12 16.17

5 66

825,711,861 685,226,691 82.2 1867

296,998,387 540,022,004 83.9 Total.... 100.00 100.00 100.00


297,981,578 500,546,074 85.1 1569

259.906,772 656,492,012 83.1 1870.

852.969,401 685,927,458 85.6 Of the total merchandise exports and imports 1571.

853,664,172 750,622.576 81.8 1572.

845,331,101 $39.346,362 of the year, 54 per cent, or $842,631,927, passed

29.1 1578.

846,306,592 966,722,651 26.4 through the port of New York. The naviga- 1874.

850,451,994 939,206,106 27.2

1675. tion returns for the fiscal year 1880-'81 show

814,257.792 884,788,517 26.2 1676.

811,076,171 818,854,987 27.7 that the decline of the American merchant 1.77.

816,660,281 859,920,586 26.9 marine still continues. Although the tonnage 1878..

313,050,906 876,991,129 26.3

272,015,692 911,269,282 23:0 of vessels built increased from 157,409 tons in


250,005,946 1,309,466,096 17.6 1879-'80 to 280,459 tons in 1880-'81, the de 1881.

268,080,603 1,878,656,017 16.2 cay of vessels and losses by casualties was not made good by the increase in ship-building. The American cotton-crop of the year 1880On the 30th of June, 1881, the total tonnage '81, as estimated by the “Commercial and Fiof the country amounted to 4,057,734 tons, as nancial Chronicle," aggregated 6,589,329 bales. against 4,068,035 tons at the close of the pre- The largest crop picked in slavery times was ceding fiscal year. The tonnage employed in in the second year before secession. This was the foreign trade of the United States decreased first equaled by the crop of 1878–79. The from 1,314,402 tons in 1880 to 1,297,035 tons next year's crop, counted in bales, was 134 per in 1881, but the tonnage employed in the coast- cent greater, and last year 145 per cent greater wise trade of the United States, embracing ton- than that. The average crop of the last three nage employed between American ports on the years exceeds the average of the three prolific sea-board, on the Mississippi River and its trib- years preceding the civil war by nearly one utaries, and on the Great Lakes, increased from third. Below is reprinted a table giving every 2,637,886 tons in 1880 to 2,646,011 tons in 1881. year's cotton-crop since the record was first The foreign commerce of the United States has kept, completed to date : nearly doubled since 1866, but the increase in

YEARS the carrying trade has fallen almost entirely to


1880-'91. vessels of foreign nationality. The total ton

6.559,829 1854-'55..

2,982,289 1679-'80. 5,757.897 18-3-'54.

8.085.027 nage of foreign vessels entered at sea-ports 1878–79.

5,078,031 1852-08.

8.852.882 of the United States increased from 3,117,034 1877-178.

4,811,265 | 1831-'52.

8,090.029 4,455,428 1650-'51.

2,415,257 tons in 1856 to 12,711,392 tons in 1881, an in 1675–76.

4,669,268 1849-'50.

2.171.706 crease of 308 per cent; whereas the American 1874-75.

8, 82,891 1848–49.

2,808,596 1878-"74. 4,170,388 1847-'48.

2,424,113 tonnage entered for foreign ports increased

8,980,508 1846–47.

1,660,479 from 1,891,453 tons in 1856 to 2,919,149 tons 1871-72. 8,974,351 | 1645–46.

2,170,137 4,852,817 1844-'45.

2,484,662 in 1881, an increase of only 54 per cent. Of 1870- 71.

8,154.946 1643–44.

2,108,579 the total foreign tonnage entered at ports of 1868_69.

2,489,039 1842-43.

2,394,208 the United States during the year ended June 1867-68.

2,498,895 1841–42.

1,686,676 2,059,271 1940-41.

1,639,858 30, 1881, amounting, as above stated, to 12,- 1965-66. 2,228,987 1989-'40.

2,181,749 711,692 tons, the British tonnage amounted to 1861-'65.

No rec'd 1888-*89.


1860-'61. 8,457,957 tons, or 66.5 per cent; the German

3,626,086 1887-38.

1,804,797 1859-'60. 4,823,770' 1836-'87.

1,425,575 tonnage to 1,112,566 tons; the Norwegian and 1858-59.

3,994,481 1685-'86

1,860,725 Swedish to 1,035,078 tons; the Italian to 658,- 1857-159.

8,288,902 1884-'85.

1,204,328 1856-57. 8,056,619 | 1683-84.

1,205,894 861 tons; the French to 304,809 tons; the


3,645,345 Spanish to 277,163 tons; and the tonnage of all other nationalities to 805,121 tons.

The average gross weight of the bale in 1881 The annual values of the total imports and was 485.88, or 4:33 pounds more than the avexports of the United States carried in Ameri- erage of the preceding year, indicating an actcan and those carried in foreign vessels, and ual increase in the total weight of the crop of the percentage of American shipping in the 15:48 per cent. The total weight of the last total carrying trade, are given for the last thirty eight crops and the average weight of the bales years in the following table :

each year were as follows:




Average weight of



485.88 481.55 478.08 450.10 468.28 471.46 468.00 469.00



Total takings.

Estimated consumption.

1881.. 1850.. 1879. 1878. 1877. 1876..

bales. The takings of the Northern and SouthWeight of crop in

ern mills, and the estimated total consumption pounds.

in the United States for a period of years, were

as follows: 1880-'81

8,201,546,780 1879-980

2,772,448,450 1878–79

2,400,205,525 1877-78

2,809,908,907 1876-'77

2,100,465,086 1875-76 2,201,410,024

1,686,804 205,000 1,891,804 1,915,000 1874 75 1,786,984,765

1,624,805 179,000 1,808,505 1,760,000 1978-74 1,956,742,297

1,416,960 152,000 1,568,960 | 1,625,000

1,895,298 145.000 1,546,298 1,580,000 The crop of 1880-'81 was matured and picked

1,288,418 147,000 1,435,418 1,485,000

1,211,598 145,000 1,856,598 1,810,000 amid heavy rains, and packed in a damp and dirty condition. The waste was consequently exceptionally great, while the preceding, crop

The state of the markets was favorable to

The domestic dehad been remarkably clean and superior in American manufacturers. spinning qualities. The crop of Sea-Island cot- mand was active enough to keep every spindle ton in 1880-'81 was 36,442 bales, against 26,704 going. Prices kept up well, and afforded a bales in 1879—'80, 22,963 in 1878–79, and 24,- good margin of profit. A long drought dimin825 in 1877–78. The largest previous crop the productive capacity 12 or 15 per cent for

ished the water-power in the North, reducing was 32,228 bales in 1866–67. American consumption of Sea-Island cotton for the year was

about four months, but there was enough to 11,270 bales, or 1,881 more than in 1879—'80.

work up the stock of material into the heavy The extension of cotton cultivation falls in drills and sheetings which were in demand. The with and responds to an expansion of the addition of new spindles is estimated at 375,world's demand, which has been progressive 000, making the total number in the country since the commencement of a new era of ac

at the close of the year 11,875,000. A contivity in the summer of 1879. The revival siderable substitution of new spindles for old commenced with the return of prosperity in

ones further increased the capacity for the prothe United States. European consumption

duction of yarn.

The price of printed cloths has increased over one million bales in two

was 37 cents at the commencement of the crop years, as seen from the following statement : year, ranged up to 43 cents in the winter,

standing above 4 cents until March, and between that and 37 cents most of the time afterward, and closed at 37 cents a yard at the end

of the year. Standard sheetings were quoted 2,513,000 2,596,000 5,439,000

8,850,000 2,725,000 6,075,000 at 74 cents in the opening months, 8} cents in 1850-'81. 8,572,000 2,956,000 6,528,000 the winter and spring, 8 cents in the early

summer, and 8} cents at the close of the year. The increase in the consumption of Great Prices thus ruled lower than the figures to Britain over that of 1879–80 was 75 per cent, which they were pushed by speculation in the in that of the Continent 8} per cent; but 24 preceding season. Trade was active the year per cent must be deducted as representing round, without any dull interval. The prices increased waste in the crop, leaving the actual of material were lower than in the previous increase in European consumption 57 per cent. season, but the difference was partly offset by Ellison estimates the requirements of Europe the additional wastage. Low middling uplands for the year commencing October 1, 1881, at 6,- commenced at 113 cents per pound in Septem708,000 bales of 400 pounds, of which 1,960,000 ber, went down to 1076 cents in November, bales may be expected to come from India, recovered to 11.o cents in December, stood Egypt, and countries of smaller production, above 11 cents till March, fell off to 9 cents and 4,748,000 bales, or 4,165,000 bales of 456 in May, and advanced again to 111c at the pounds, from the United States. To supply this year's close. The higher price of wages was and furnish 2,050,000 bales for American con an element of cost which must be taken acsumption, a crop of 6,215,000 bales in 1881–82 count of in estimating the results of the year's would be sufficient.

business. An estimate of the average profit The exports of American cotton to foreign has been made by the editor of the “Comports, during the year ending September 1st, mercial and Financial Chronicle.” Those manwere 4,589,075 bales; the overland shipments agers who have bought their cotton at favorto Canada, 22,898 bales. The total exports of able times, and conduct their mills most ecoraw cotton to foreign ports for the last six nomically, may have realized two or three times years were, 4,596,279 bales in the crop year the estimated rate of profit. Assuming the 1881 ; 3,865,621 bales in 1880; 3,467,565 in cost of cotton for standard sheetings to have 1879; 3,346,640 in 1878; 3,049,497 in 1877; been 12 cents a pound, the waste 2.26 cents, and and 3,259,994 in 1876.

the cost of manufacture and sale 6.50 cents, The takings of American mills from the crop the cost of the product per pound would be of 1880–’81 were 1,891,804, and the total con- 20-76 cents, or 7.27 cents per yard, which at sumption is estimated as high as 1,915,000 an average selling price of 8:50 cents per yard





1978_79. 1579-'SO

would yield a profit per yard of 1.23, or 3.52 cient to exhaust the stocks and keep all the cents on the pound of cotton. Connting the mills busy, is a gratifying indication that imcost of material for print-cloths at 11.25 cents provements in manufacturing facilities and the a pound, the waste 2-30 cents, and the cost of acuteness of domestic competition are approachmaking and marketing 12 cents, the cost of ing the point where American manufacturers the goods would be 25.55 cents a pound, or will be disposed to contest the neutral markets 3.65 cents a yard on delivery; at 4 cents a with Great Britain. The lower prices of cutyard selling price there would remain a profit of ton are favorable to the export movement. -35 cents a yard, or 2-15 cents a pound. The values and quantities of cotton manufact

An increase in the exports of cotton goods ures exported in the last four fiscal years were in 1880-'81, when the home demand was suffi as follows:

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Other reserve

cities, 189 banks.

States and Territories, 1,895 banks.

48 banke.



119,799, 30

U. S. certificates..

There were 2,133 national banks doing busi- York city there are 508, in Philadelphia 52, in ness on November 1, 1881, a larger number Boston 47, in Chicago 24, in Baltimore 19. than in any prevous year since the passage of The following table exhibits the amount of the banking act in 1863. The number of banks loans, capital, surplus, net deposits, specie and organized during the year was 86, a larger paper money in the national banks in New number than in any previous year. The nam York city, in the other reserve cities, in the ber of banks which went out of business dur- States and Territories, on October 1, 1881: ing the year was 26, having an aggregate capital of $2,020,000 and a circulation of $1,245,

New York city, 530. The capital of the 86 newly started banks aggregates $9,651,050; the notes issued to them, $5,233,580. The total number of banks

$246,757.659 $846,221,151 $576,043,494

292,872,155 which have been organized since the introduc- Capitals


74,030,407 tion of the system is 2,581. The number which Net deposits

269 769,873 835,669,226 507,200.770 have voluntarily gone into liquidation is 340; Legal tenders and

50,627,865 84,535,367 27,609,821 the number which have been placed in the

10,898,871 21,899,281 27,093,002 hands of receivers, 86. The insolvent banks have paid $18,561,698 in dividends to creditors The loans of the banks on October 1st were out of $25,966,602 of proved claims. The $1,169,022,304, which is an increase of $132.annual loss is therefore about $346,000 on 000,000 over the corresponding date in last $450,000,000 of average capital, and $800,000,- year. The total individual and bank deposits, 000 of deposits. The capital of the 2,115 na not deducting the amount due from banks and tional banks in operation on June 30, 1881, the clearing-house exchanges, have increased was $460,227,835, not including the surplus, $225,725,496, amounting to the unprecedented which amounted to about $126,000,000. The sum of $1,381,852,887. The rate of the total total capital of all the State banks, savings- loans to capital, surplus, and net deposits was banks, and private bankers, aggregated $210,- then 68.9 per cent; in 1880 it was 67.3 per 738,203, or but little more than a third of the cent, and in 1879 75:3 per cent. The proporcombined capital and surplus of the national tion of cash to net deposits was 15.5 per cent banks. The number of private bankers doing on October 1, 1881, and for the corresponding business in sixteen of the principal cities of the dates in 1880 and 1879 it was 17.9 and 18 per Union is 717; their aggregate capital, $58,534, cent. 300; deposits, $89,996,545; reserve invested The bonds held by the banks to guarantee in United States bonds, $12,370,012. Private their circulation are now principally 31 and 4 bankers outside of these cities with over $10,- per cents, there being about $241,000,000 of 000 capital, to the number of 2,255 in 31 States the former, and $92,000,000 of the latter. and Territories, have an aggregate capital of The national banks, with the exception of $34,169,435, and deposits to the amount of those of New York city, have been steadily ac$148,178,652. Private bankers in the remain- cumulating a gold reserve since the date of reing States and Territories, to the number of sumption. The specie reserve held by the New 66, have $620,120 aggregate capital, and $3,- York banks on the 1st of January, 1879, was 670,357 deposits. Massachusetts and Mary- $18,161,092; by the other banks of the country, land (outside of the cities of Boston and Balti- $23,338,665; together, $41,499,757. By the end more), Maine, North Carolina, New Hampshire, of the year the New York banks had increased New Jersey, Delaware, and Vermont, have but their reserve to about $50,000,000, and the 27 private banking houses together.' In New other banks to about $30,000,000. At the

November 1, 1880.

November 1, 1881.

Silver coin.

National-bank notes..

beginning of 1881 the New York banks held coined at the rate of about $2,300,000 a month, $55,221,200, and the banks of the rest of the the total coinage for the year ending Novemcountry $51,650,269. In March the New York ber 1st having been $27,824,955. The total reserves had fallen to $51,000,000, in May they amount of coin and currency in the United had increased again to $65,000,000, and on States at the date of the Comptroller's report, June 30th to $67,393,400, falling off afterward compared with the amount a year previous, to $51,000,000 in October. The reserves of the was as follows: other banks of the country increased progressively to $53,500,000 in March, $57,500,000 in the first week of May, $61,245,000 on June

Gold coin.

$453,882,692 $562,568,971 30th, and $63,000,000 in October.

158,320,911 186,037,865 The Comptroller of the Currency states in his Legal-tender notes.. 846,681,016 846,681,016

843,884, 107 860,344,250 report that he has been unable to obtain any evidence showing that the action of the banks Totals ....

$1,302,718,726 $1,455,681,602 in depositing legal-tender notes and withdrawing bonds pending the action of Congress on The amount of legal-tender notes in circulathe funding bill, was concerted in order to de- tion has remained the same since May 31, 1878, range the money market. Such a course, he in accordance with law. The additional issue says, would dangerously atfect the value of the of national-bank notes during the year was securities held by the banks against call loans. $16,510,143. The increase of bank-notes, gold The banks of New York city had loaned outcoin, and silver coin, amounted to $152,912,$97,000,000, and all the banks throughout the 876.' On November 1st there was held in the country $196,000,000 on demand, secured by Treasury $167,781,909 of gold, against $133,collaterals which would be seriously depressed 679,349 at the same date in 1880; $66,576,378 in value in a money panic.

in standard silver dollars, against $47,156,588 The number of national banks which de- in 1880; $3,424,575 in silver bullion, against posited legal-tender notes for the purpose of $6,185,000 ; $25,984,687 in fractional silver obtaining possession of their bonds in antici- currenoy, against $24,635,561; $22,774,830 in pation of the passage of this bill was one hun- paper currency, against $18,221,826. The nadred and forty-one. These banks were lo- tional banks held $107,222,169 of gold coin and cated in twenty-four States, and the amount certificates, against $102,851,032 in 1880; $7,of legal-tender notes deposited by them was 112,567 of silver dollars, against $6,495,477; $18,764,434. Only about one third of the bonds $77,630,917 of currency, against $25,828,794. which were thus released were subsequently The State banks held $19,901,491 of gold, redeposited, and for some months thereafter against $17,102,130. In the savings - banks the total amount of bonds redeposited by the there was $11,782,243 of currency, against one hundred and forty-one banks which re. $17,072,680 in 1880 at the same date. The toduced their circulation was less than $7,000,- tal amount of coin and currency in the Treas000.

ury and the banks on November 1, 1881, was From an investigation made by Comptroller $537,583,083, as compared with $485,668,362 Knox, it appears that the financial settlements on the same date in 1880. Deducting the made by checks and bills of credit through the amount thus retained from the total amount banks of New York amount to about three in the country, the amount of money in the fifths of the business transacted by the aid of pockets of the people on November 1, 1881, was such instruments throughout the United States. $918,048,519, against $817,050,364 in 1880. The clearing-house settlements for the year The total amount of silver dollars coined up ending October 1st aggregated about $48,000,- to November 1, 1881, was $100,672,705. Of 000,000. The total financial transactions of the the $66,576,378 in the Treasury, $58,838,769 country effected by instruments of credit would was represented by certificates in the hands of be, therefore, some $80,000,000,000 for the the people and the banks, leaving only $7,737,year. That portion of the total payments 609 actually belonging to the Treasury. Of which are due to fictitious operations on the the $100,672,705 coined, therefore, $34,096,327 Stock Exchange should be subtracted in order were circulating in the form of coin and $58,to arrive at the volume of the legitimate busi- 838,769 in the form of certificates. The reness of the country indicated by the bank ex- mainder of the silver, $85,364,660, is in subchange. About 5 per cent of the total transac- sidiary and trade dollars and bullion, of which tions, it is found, are liquidated in money, and $29,409,262 is in the Treasury, and $55,955,398 95 per cent are discharged by means of checks, is in use in place of the previous fractional padrafts, and other instruments of the kind. per currency, which at its highest point, on

From the date of resumption to November March 23, 1874, amounted to $19,566,760. 1, 1881, the imports of gold in excess of ex The product of the precious metals in the ports amounted to $197,434,114, and the esti- United States reached its highest point in 1877, mated gold production of the country for the when the mines of Nevada alone yielded $51,same period was $104,150,000. The increment 680,290—within a few hundred thousand dolfrom both sources for the year ending Novem- lars of the total product of all the States and ber 1st was $114,749,390. Silver dollars are Territories in 1870. Since that time there has









Idaho.. Montana.. Utah


B. Columbia.

been a progressive decline in Nevada, where The net imports of specie amounted to $91,the product sank to $15,031,621 in 1880, but a 168,650, against $75,891,691 in the fiscal year large increase in Colorado and Arizona. Utah 1880. has fallen off slightly, but Dakota more than During the first six months of the year the makes up the deficiency, while the production stock and security markets exhibited an activof California remains at about the same figure ity almost unparalleled. A veritable struggle which it has now maintained for some years. among buyers for every investment of ascer

The fluctuations in the product of the vari- tainable value had given to the market a conous States and Territories since 1877, the year stant character of intense pressure and eager of the largest production, may be seen from excitement, such as usually marks the sharp the following table, made up from the annual and brief crises in the game of stock speculareports of Wells, Fargo & Co.:

tion when operators are threatened with checkmate. The unprecedented production of the country for the two years previous, and the

profitable disposal of a large surplus abroad, California.... $18,174,716 $18,920,461 $18,190,973 $18,276,166 were the cause of the strong demand for investNevada.. 51,3-0,250 35,151,949 21,997,714, 15,081,621 ments. The earnings and profits of the peo

1,191,997 1,218,724 1,087,961 1,059.641 Washington..

85,836 103,164 ple were so great an aggregate that the de1,532, 495 1,868,122 2,091,300 1,494,717 mand was in constant excess of the supply, and 2,644,912 3,763,640 8,629,020 3,622,879 6,118,755 6,046,613 0,465, 579 6,430,953

vast sums were invested at rates of interest 2 Colorado.. 7,913,349 6,232, 747 14,413,515 21,284,989 or 3 per cent lower than any which had ever New Mexico. 879,010 453,613

711,300 before been accepted as permanent in America. 2,855,622 2,287,983 1,912,403 1,500,000 2,215,804 3,205,987 4,472,471 The simultaneous redundancy of capital in Lon. 1,434,992 1,594,995 1,683,871 2,090,567 don and Paris sustained the investment market; 1,177,160 1,258,460 976, 742 844,667

though the placing of great blocks of American Totais.... $98,421,754 $81,164,622 $75,349,501, $80,167,936 stocks and bonds in the European market was

no longer possible, for of dubious stocks the The decline in the product of Nevada, which Europeans had grown wary, and on valuable amounts to $36,548,679 as compared with 1877, investments the returns exceed but little the is mainly due to the decreased product of the average interest in their own countries. The Comstock, which in 1880 yielded but $5,312,- discrepancy was quite balanced by their com592 as against $37,911,710 in 1877, a falling off parative unfamiliarity with the conditions of of $32,509,118; but some of the other districts the enterprises offered, and the certainty of ochave also declined, as for instance the Eureka, casional legal disputes and uncertainty of their which yielded $4,649,025 in 1880 as against issue. $5,840,261 in 1879.

As at all times when money is procurable, The production of gold in the United States there were large fictitious dealings on the Stock in the fiscal year 1881 is estimated, by Di. Exchange. The ascending prices were disrector of the Mint Burchard, at $36,500,000; counted by speculators. The class who are in that of silver, $42,100,000. As the result of the habit of venturing money on their guesses the inquiry into the consumption of the pre- as to the tendency of the market, were more cious metals in the arts, the total use reported numerous and better supplied with cash than by manufacturers for the year 1881 was $10,- usual. Yet the vast overplus of capital seek000,000 of gold and $3,500,000 of silver; $3,- ing investment, and the steady upward impulse 300,000 of the gold consumed was reported as of prices given by genuine competition, left United States coin remelted. The Assay Office less opportunity for the chancing of heavy in New York delivered to manufacturers $5,- wagers and for the finesse and strategy of the 700,000 worth of gold bars and $5,100,000 in stock-gambling game than is afforded by a flucsilver during the year. The consumption of tuating market. The calling in and changing gold and silver in arts and manufactures, if all of United States bonds in the first half of the reported, would likely, therefore, amount to year flooded the market with money, and disat least $11,000,000 in gold and $6,000,000 in placed a large amount of capital. This disturbsilver.

ance greatly augmented the demand, which The total imports of gold during the year without it would have been enormous, for ending June 30th were $100,031,259, against permanent investments in property which does $80,758,396 in 1880. Of this, $7,577,422 was not call for the personal enterprise and superin American coin, against $18,207,559 in 1880; vision of the investor. The supply of desir$61,454,918 was in foreign coin, and $30,998, able shares and securities, though outstripped 919'in bars, bullion, and dust. The gold ex- by the demand, streamed into the market in an ports were $2,565,132. The silver imports unprecedented volume. Companies which had were $10,544,238, against $12,275,914 in 1880. years before ceased to divide any profits now The silver exports were $16,841,715, against began for the first time to return dividends, $13,503,894 in 1880. There was a net impor- and their stock rose rapidly in the market. tation of gold of $97,466,127, against $77,119,- This class of scrip swelled the aggregate values 371 in 1880; and a net exportation of silver of in request with all the effect of a fresh supply. $6,297,477, against $1,227,980 the year before. The fresh issues were hardly inferior in mag-.

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