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nitude. The season's railroad construction was it receded in five or six days to the normal low progressing at the rate of thirty to fifty miles rates. Stocks fell heavily on the 25th, but reof track per diem, for which stocks and bonds covered in a few days. From the time of this were being issued at the daily rate of from financial spasm until Secretary Windom for$1,200,000 to $2,000,000. The capital actually mulated his refunding plan in April and the absorbed in the work must have approached great Treasury transactions commenced, al$20,000 a mile. The promoters of railroad en- though an undertone of hope and contidence terprise took advantage of the over-supply of prevailed, the monetary situation changed day the money market to obtain subscriptions for by day, with a tendency to improve, however. railroad construction a year and two years in The real strength of the situation could not be advance. Scrip dividends to an immense ag- brought out while money was still only modergregate amount were declared by established ately abundant and occasionally quite stringent. companies and newly amalgamated corpora- But when the Treasury began to pour out its tions, ostensibly based upon improvements accumulations, the tidal rise in values set in. made in the corporate property and additions In midsummer various causes combined to made to it by the purchase of other properties produce a sharp decline in stocks. The superor fresh extensions of their own and paid for abundance of money was succeeded by dearth. out of recent earnings. The stock thus dis- In addition to the usual flow to the rural distributed was fed in large quantities into the tricts for harvesting purposes, great sums were market. Yet the whole vast influx of new and drained to the West to maintain gigantic specurehabilitated stocks and bonds did not stay the lations in grain and provisions. The shooting overflow of the money market, brought about of President Garfield, and the anxious doubts by the national prosperity and by the extraor- of his recovery, could not but strongly affect dinary financial operations of the Government, the most sensitive part of the commercial systhe success of which is attributable to the same tem. Exaggerated reports of failures in crops general cause. The prices of stocks rose higher had a still more depressing influence on the and higher, and the market showed no signs of stock market. A bitter war between the relapsing again to a lower level, although many great trunk lines was equally potent with the capitalists refrained from purchasing, placing last cause to disturb confidence in the values of their money in the trust companies at 2 or 2) railroad properties. Some of the most powerper cent interest, in expectation of a decline. ful operators in Wall Street were actively The calculations of the speculators were all at working at this time to bring prices down to a fault. The most venturesome sold out repeat- lower level. For three or four months the edly, thinking the flood - mark was reached, surplus in the New York banks oscillated only to buy in again at an advance, upon being about the 25 per cent minimum required by law, convinced of the continued upward drift. and several times sank below it. Money which

One incident occurred in February to disturb had lately been freely supplied at from 2 to the smooth surface of the swelling tide of prog- 4 per cent on call, was so scarce that high perity. This was the sudden and simultaneous daily commissions were charged in times of action of the national bankers of New York greatest demand. The drain of money to the city and of a number in other parts of the West continued until October. Upon the cessacountry in withdrawing gold and United States tion of large disbursements by the Treasury, currency from circulation to deposit with the a great quantity of currency was abstracted Government for the purpose of redeeming their from the circulation and accumulated on the bank currency. Proceeding thus in concert hands of the Government. The only relief while the obnoxious 3 per cent funding act was was given by large importations of gold, stimuawaiting the final action of the House of Rep-lated by the stringency of the money market. resentatives and the approval of the President, In October, at the critical moment, the immedithey brought Wall Street to the extreme verge ate pressure was relieved by the action of the of a money panic. The tone of the money Treasury Department in redeeming a large market was only partially restored by an order amount of bonds before maturity. The inland of the Secretary of the Treasury for the re- requirements began at this time to abate, so demption of $25,000,000 of bonds on presenta- that an easy money market again prevailed. tion. These bonds did not come in fast enough At the same time the tone of the stock marto afford much material relief, but the moral ket improved and prices began again to ascend. effect of the order was to allay anxiety and pre- The underbidding of the through lines for the vent serious embarrassments. About $5,500,- summer business was seen to have still left a 000 were purchased, and money flowed in from profit. The shortage of crops was found to have other sources after a week of severe strain. been overestimated. The impression prevailed There were about $18,000,000 of gold and le- that the deficiency would not seriously harm gal tenders deposited by the national banks the general prosperity, and would not have the throughout the country, principally those of effect of diminishing railroad earnings. The New York, to enable them to withdraw their political fears and forebodings all vanished bonds. The rate of money on call loans rose after the inauguration of President Arthur. on the 25th to 11 per cent a day commission The Western Union Telegraph Company in in addition to the legal rates, from which point the beginning of February took possession of

VOL. XXI.-9A

the property of the American Union, upon the iam H. Vanderbilt, to obtain the revocation of dissolution of an injunction to prevent the con- the conditions of the pool entered into between solidation of the two corporations. The West- the through lines, which fix the charges for ern Union stock was increased to $80,000,000, freight on the roads terminating at Baltimore $22,473,500 of the $38,000,000 increase being and Philadelphia too low to afford a maximum assigned the American Union stockholders, and of business and profit to the New York Cen$15,526,500 being distributed as a dividend tral road, and which draw to those cities a poramong the Western Union stockholders. tion of the foreign commerce which would go

A syndicate, headed by Henry Villard, was or- to New York under the desired rearrangement ganized for the purpose of acquiring a control- of the covenanted tariff. The competition of ling interest in the Northern Pacitic Railroad, the water-route was sufficient, however, to in order to connect that line with the roads of warrant the reduction of freight rates, great as the Oregon Railway and Navigation Company, it was, if it did not first prompt it; for the and prevent its extension into Washington and reports of the roads show an actual increase of Oregon as a competitive establishment. The the net profits over the previous year. The passage of a law by the Legislature of Tennessee New York Central company demonstrated its to pay the whole of its debt eventually while remarkable economical strength, but did not reducing the interest one half, was the signal accomplish the object of compelling the other for active speculation in the State bonds, which lines to enter into a new compact. The conwere in default, and had fallen to very low test could not be continued when, toward the prices. In the spring, the Gowen project for time for closing the canals, business so increased bridging over the financial difficulties of the as to tax all the roads to their full capacity. Reading Company, by issuing deferred bonds About the end of October one road after the to meet the floating liabilities, was adjudged other set up the old schedule of prices, and by the United States Circuit Court illegal and all had more custom than they could attend contrary to the charter. Mr. Gowen was finally to. supplanted in the management about the same At the rates ruling in the early part of the time through the efforts of the Messrs. McCal- year for the new Government bonds, the inmont. The affairs of the elevated railroad com terest received by investors is not above 3 per panies of New York were in an embarrassed con- cent per annum. Of railroad bonds, ten of the dition, and the lessee company, being unable to larger loans of the highest standing netted from meet the fixed charges, prayed for a remission 41 down to 3} per cent annual interest, and of taxes. The Attorney-General threatened to averaged only 4.20 per cent, calculated on the dissolve the company by authority of the State ; prices ruling in April, with deduction of the but refrained, and the concern was placed in loss of premium on maturity. The majority of the hands of a receiver. Toward the close of bonds, however, gave better returns, the average the year a consolidation of the tbree companies net rate of interest on all classes standing at or was effected.

above par being about 57 per cent, including The condition of the markets in July was those of many enterprises whose future was particularly favorable to speculative schemes. not yet assured. States and cities whose credit The intermittent and frequently stringent state was sound, issued no new bonds bearing a of the money market and the oversold stock higher rate of interest than 4 per cent, and at market, which had been depleted of its usual that rate they usually commanded a premium. stock of floating securities by the purchases of The rise in the selling value of forty-seven investors, enabled cliques of operators to con- prominent stocks of the par value of $964,000,trol the supply of money or of special lines of 000 was between July 1, 1879, and July 1, stock; while the above-described elements of 1881, from $643,000,000 to $1,166,000,000, or doubt, amid the general flourishing outlook, over 81 per cent in two years. permitted them to play upon the hopes or the Railroad enterprises, as usual, engrossed the fears of the speculating and investing public. main bulk of the capital offered for investment. A general and heavy decline in all but the Railroads are the most important of the tools highest class of securities, which initiated the which enable the agricultural resources of the speculative phase, was precipitated by the ac- country to be utilized with commercial advantive co-operation of the great manipulators of tage. As the development of the country is values. A curious episode of this period was now mainly in this direction, and as the fora slyly effected corner in Hannibal and St. eign demand for agricultural products enables Joseph common stock, a third-class property, every newly opened district of rich land to be by which some of the magnates of the market tilled with profit, railroads yield surer and were forced to pay many times the value of larger returns than almost any other species of the stock for which they stood engaged. The property into which accumulated savings can war between the trunk lines, which was waged be placed. At the beginning of the year there by the competitive lowering of passenger and were upward of $5,000,000,000 of railroad sefreight rates between Eastern and Western ter- curities of all sorts outstanding. The favormini, was supposed have had for its moti able reports of coad business furnished good the desire on the part of the manager of the grounds for the growing confidence in this New York Central and its continuations, Will- species of property and the strong demand

for railroad securities, which began early in the the year and through a good part of 1882 in year and supported an unprecedented expan- the cases of some of the heavier loans, amount sion of the total volume of values. Severe in all to $234,683,000. Besides these issues snow blockades, a large falling off of the corn placed upon the market there were others, and wheat traffic compared with 1880, and amounting to at least 15 per cent in addition, freshets in the early spring, coupled with the which were subscribed privately by large comcritical condition of the money market, caused panies for the construction of tributary lines. fluctuations in the first quarter of the year. For improvements, purchase of other roads, When it was found that the railroads were and on consolidations, $243,684,200 of stocks taking in more money than the year before, and bonds were issued, calling for an estimated that passenger traffic and miscellaneous freight amount of $155,194,200 in cash. The aggreshowed a remarkable increase, the confidence gate cash requirements of the new issues for in the future became general. For the first the first eight months of the year were thus three months the gross earnings upon a mileage $389,877,200, covering the remainder of the 15 per cent greater were over 9 per cent in season and a portion of the next. There were excess of those of the same part of 1880. In issued in addition, in the form of stock diviApril the receipts of wheat and corn began to dends or otherwise, $26,933,700 of stocks and exceed those of the previous year, and the rail- bonds which called for no cash payments. roads reported 25 per cent greater earnings The grand total of the financial adventures in than in the April of 1880.

extending and improving the means of interBetween the 1st of January and the 1st of communication taken up in the market during September the total amount of stocks and the first eight months of the year amounted to bonds for the construction of new lines or $389,877,200 in engagements for cash paybranches of railroad or of telegraphs amounted ments, and $660,930,100 in certificates of into $390, 312,200. The cash payments under debtedness and ownership given therefor, ditaken by the subscribers, extending through vided as follows:

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Of the subscriptions for the construction of and $6,250,000 of stock for the new division of new roads, the mortgage bonds were sold at or the Richinond, Alleghany and Ohio consolinear par, and called for full value in cash. The dated railroads; $6,000,000 of bonds and the income bonds and stock were added as a bo same amount of stock of the new Georgia Panus, except $13,500,000 cash subscriptions for cific line from Atlanta to the Mississippi River; stock. The amount of cash capital provided $3,000,000 of bonds and $6,000,000 of stock to for new lines and extensions is therefore $234,- extend the Denver and Rio Grande narrow683,000. For the increase of stocks and bonds gauge line; $6,000,000 of bonds and $3,000,issued on consolidation, some $155,194,200, 000 of stock to complete the Denver and Rio as recited above, are payable. The third class Grande system; $5,000,000 of bonds, accomrepresents improvements made out of surplus panied by stock of the same amount, of_the earnings or a higher capitalization for politic Texas and Pacific Railroad building from Fort reasons, and asks for no cash contributions. Worth to El Paso; $3,000,000 of bonds, and Some of the largest of the new issues of stocks the same amount of stock for the New Orand bonds for railroad and telegraph construc- leans Pacific, a combination of the above from tion were as follows: $16,000,000 of mortgage Shreveport to New Orleans; about $6,250,000 bonds and an equal amount of stock issued by of bonds and $12,500,000 of stock to carry on the New York, Chicago and St. Louis com the construction of the Southern Pacific; $7,pany, and taken by a syndicate for the con- 500,000 of bonds and stock to the same amount struction of road between Buffalo and Chicago; to construct the Mexican National Railway, for $20,000,000 of Northern Pacific bonds for ex- which the Paliner-Sullivan concession was tensions which will bring the mileage of the granted; $5,715,000 of mortgage bonds, $1,139,road up to 2,600 miles; $12,200,000 of bonds 200 of income bonds, and $4,572,000 of stock and half that amount of stock of the Oregon of the Mexican Central, for which a Boston Short Line, a spur of the Union Pacific to run syndicate secured concessions; $10,000,000 of into the State of Oregon, length 600 miles; mortgage bonds and $7,000,000 of income $15,000,000 of bonds and stock to an equal bonds of the Atlantic and Pacific line to be amount of the New York, West Shore, and built from Albuquerque to the Pacific coast, Buffalo road, which will join the projected line about 600 miles; $5,000,000 of stock, with up the west bank of the Hudson; $5,000,000 of bonds of the same amount given as a bonus, to mortgage bonds, $5,000,000 of income bonds, construct new lines of the Mutnal Union Tele

graph Company; and $10,000,000 nominal cap- miles west of the Mississippi and south of that ital of the Cable Construction Company to lay line; and 540 miles on the west side of the two new Atlantic cables.

Rocky Mountains. The largest amounts of new stock and securi Railroads require for construction an expenties issued for improvements and to effect con- diture of about $20,000 per mile. Counting solidations, not including the huge amounts equipment and other expenses, they actually issued on reorganization in lieu of the existing absorb about $25,000 per mile of new line. obligations of the merged lines, were as fol- The railroads undertaken, as estimated above, lows: $14,492,000 of mortgage bonds, $16,- reduce therefore about $397,000,000 of floating 500,000 of income bonds, and $39,000,000 of capital to this form of fixed capital. As new stock representing the addition by purchase enterprises of the same sort were being maand construction of 850 miles to the 1,123 tured with the same frequency during the remiles of road owned or being built by the East maining months of the year, that sum repreTennessee, Virginia and Georgia company; sents only a part of the aggregate capital $10,000,000 of bonds and $2,000,000 of stock provided for railroad extension in 1881 and for new lines acquired by the Wabash, St. 1882. A considerable part of the railroadLouis and Pacific company; $30,000,000 of building of the earlier part of 1881 was done stock of the Oregon Transcontinental com with money engaged for the purpose in 1880. pany, which has expended $16,000,000 in pur- The advance subscriptions for railroads to be chasing an interest in the Northern Pacific constructed in the ensuing year were vastly road; $5,000,000 of income bonds and $22,- heavier in 1881. Six new through or connect500,000 of stock of the Alabama, New Orleans, ing lines have been projected between the Texas, and Pacific Junction, offered in London; Atlantic coast and the West, two of which are $7,000,000 of mortgage bonds for improve to be completed before the end of 1882, and ments and acquisitions of the Louisville and all of them before 1884. The capital for these Nashville Railroad; $7,600,000 increase of routes has nearly all of it been raised by pristock of the Ohio Central company; $10,237,- vate subscriptions of capitalists. The New 700 of new stock issued to stockholders of the York, Chicago and St. Louis road is being Union Pacific Railroad for extensions and bet- put down rapidly between Chicago and Bufterments; $6,000,000 of stock for additions to falo. The Chicago and Atlantic is to connect the property of the Oregon Railway and Navi- with the Erie and Pennsylvania Railroads at gation Company; $10,000,000 of bonds issued Marion, Obio. The New York, West Shore by the Pennsylvania company for the pur- and Buffalo road is to run from Buffalo to chase of leased roads ; $10,000,000 of 4 per cent Schenectady, and thence along the right bank bonds issued by the Pennsylvania Railroad of the North River, terminating opposite New Company for the purchase of the Philadelphia, York at Weehawken. The Boston, Hoosac Wilmington and Baltimore line ; $4,000,000 of Tunnel and Western follows a straight route bonds and $5,000,000 of stock of the Chicago, from Boston to Buffalo. The New York, Milwaukee and St. Paul company.

Lackawanna and Western runs parallel to the The largest issues of dividends in stock, cer- Erie road, and connects New York with Buftificates, and bonds, and increased allotments falo via the Delaware, Lackawanna and Westof stock to shareholders on reorganization, ern. The New York, Pittsburg and Chicago is were an increase of $13,000,000 in the stock of to use the Central of New Jersey and its conthe roads consolidated into the Columbus, necting lines in Pennsylvania, and to reach ChiHocking Valley and Toledo; $4,225,008 of cago by the new Chicago and Atlantic Railroad. loan certificates issued to old stockholders by The result of the railroad war, which strongthe Georgia Central company; and $15,526,- ly affected the stock market, was that the gross 500 of stock issued to former holders of West- earnings of the five trunk lines were $126,500,ern Union Telegraph stock upon the absorption 000, against $121,000,000 in 1880; the net earnof the American Union lines.

ings $48,250,000, against $51,500,000. The extent of new railroad definitely under In the autumn of 1878, just previous to the taken and destined to be completed before the resumption of specie payments, the first signs end of 1882, was 15,886 miles. For the con- of a revival in business appeared. Prices then struction of that amount of new track within stood at a lower figure than had been known fifteen months, engagements were known to for forty years. Since that date there has been have been entered into before October 1, 1881. a continuous general rise in values. In a table This does not include the roads projected but printed below are given the New York wholenot yet subscribed for, nor those for which the sale prices for the staple articles of American means were provided and the plans matured, commerce on or about the 1st of November for which had not been advertised to the public. 1878, and each succeeding year. A computaOf the prospective extensions, 4,791 miles were tion based on those prices, and the quantities to be built east of the Mississippi River and of the different commodities entering into connorth of the Potomac and Ohio Rivers; 2,352 sumption or into commerce, gives the followmiles east of the Mississippi and south of those ing comparative estimate of general rise in two rivers ; 4,063 miles west of the Mississippi values, and its proportional distribution among and north of the latitude of St. Louis ; 4,140 the main classes of commodities :

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1864. 1865. 1806. 1867. 1869, 1569. 1870. 1871.

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$225 00
164 00
167 00
189 00
195 00
156 00
186 00
134 00
138 00
132 00
181 00
124 00
112 00
119 00
81 40
98 93
103 08
111 27

$125 00 127 00 181 00 188 00 140 00 116 00 118 00 120 00 122 00 118 00 115 00 107 00 100 00 111 00 81 40 98 93 108 08 111 27

1876. 1877. 1575. 1879. 1890. 1851.

The average effect was thus a mean advance of 1872. 21:54 per cent in November, 1879, on the prices 1573 of 1878; of 4.2 per cent in 1880 on the prices 1875. current in November, 1879; and of 7.65 per cent in 1881 on the prices of 1880. The rise in the general average of prices between 1878 and 1881 was 36:4 per cent. The mean rise in articles of food is seen to have been nearly 50 per cent, in other classes of articles about 25 per cent. The quotations for staple articles in

CONFERENCE, INTERNATIONAL the New York markets in the first week of MONETARY. (See BI-METALLIC STANDARD.) November, on which the above computation

CONGREGATIONALISTS. The “ Congreis based, were, for the four years to which we gational Year-Book” for 1881 gives the folhave alluded above, as shown in the following lowing statistics of the Congregational churches table :

in the United States :

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111

STATES, ETC.
ARTICLES.
1878. 1879. 1880. 1881.

Alabama.
Wheat, No. 2 red winter, bush.. $1 01 $1 41 31 171 $1 443 Arizona
Corn, No. 2 mixed, bushel.

461 601 56 69 California Oats, No. 2 mixed, bushel. 25 41 89 47 Colorado. Pork, mess, bbl...

7 75 11 37 15 00 18 00 Connecticut Bacon, short, clear, 103 lbs.

5 63

6 5) 8 25 9 62 Dakota.. Lard, Western, 100 lbs.,

6 25 7 20 6 63 11 571 District of Columbia.. Beef, N. Y., average week, lb... 8 9

Florida.. Tallow, lb.

69 7+ 61 8 Georgia. Sheep, N. Y., average week, Ib.

Illinois.. Butter, N. Y., firkins, good, Ib.. 16 19 26 25 Indiana Cheese, prime factory, Ib.

12 113 Indian Territory Milk, av. sales surplus, N. Y.can 1 50 1 50 1 911 2 63 Iowa.. Hay, shipping, cwt..

45 50 90 65 Kansas. Sugar, fair refining, lb..

it 74

$ Kentucky Molasses, Porto Rico, gallon.. 8) 82 82 83 Louisiana Coffee, Rio, fair cargoes, lb..

15 17 14 113 Maine.. Tea, young hyson, lb..

125 29 21 15 Maryland..
Whisky, gallon (Chicago price).., 1 0 1 09 1 11 1 15 Massachusetts
Beer, casks for export, av., gal.. 40.4 83-9 31.3 49 Michigan
Hops, Eastern..

15 32 15 22 Minnesota. Salt, Liverpool ground, sack. 65 75 75

Mississippi.
Tobacco, Kentucky leaf, lb.

6
6

8 Missouri Cotton, middling uplands, 100 lbs. 9 37 11 25 11 06 11 627 Nebraska Wool, Ohio No. 1, lb....

43

46 Nevada Woolens, doeskins, Aragon fine. 513 5) 571

New Hampshire. Hides, Buenos Ayres, lb..

20 23 21 22

New Jersey. Leather, hemlock sole, light, Ib.. 25

23 22 New Mexico.. India-rubber, Para, fine, lb.

50 S6 82 80 New York Iron, American No. 1, ton.. 16 50 29 00 25 00 25 00 North Carolina. Iron rails, ton....

34 00 15 00 46 00 47 00 Ohio... Coal, anthracite, ton..

8 60 2 95 4 00 3 95 Oregon.. Petroleum, U.S. certificates 83 894 91% 84 Pennsylvania. . Copper, ingot, lb.

154 211 144

Rhode Island. Tin, Straits, lb..

134 251 194 219 South Carolina. Lead, domestic, 100 lbs..

3 70 5 25 4 75 4 75 Tennessee. Hemp, Manila, Ib..

7 85 81 1:24 Texas.. Lumber, spruce, mildling, M. 10 25 11 00 18 00 '13 00 Utah.. Brick, hard, M.

3 75 5 50 5 00

7 50

Vermont. Lime, common Rockland, bbl.. 80 75

1 10 Virginia.. Linseed-oil, gallon...

52 75 57

Washington Territory.. Turpentine, spirits.

27} 46 41 511 West Virginia.. Paint, white-lead, in oil.

S

S 77 Wisconsin.. Opium, Turkey, duty paid.

4 25 5 871 60) 4 12 Wyoming Quinine.

8 6) 2 90 2 80 1 83 Soda -ash.

1 65 1 70 1 55

1 45

Total.

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813

18 4,756

921 55,598

041 631

76

646 22,400 1,608

73 15,512 6,423

442 1,594 21,400

189 91,489 17,053 6,94)

146 8,963 8,530

81 20.134 8,177

4 83,964

413 22,630

878 5.966 5,921

174 359 199

183 20,083

263 367

91 12,919

117

85

47

1

2 13
85

8
260

255

6 212 14 78 25

155
18
69
36

18

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884.332

Prices are about 10 per cent higher than in Of the churches, 2,800 were returned as 1860, while in 1878 they were about 181 per " with pastors," 945 as “ vacant"; of the mincent lower. The purchasing power of $100 in isters, 2,412 as " in pastoral work,” 1,165 as 1860 is estimated to have been equal to that “not' in pastoral work.” Number of licenof $78 in 1843, $126 in 1837, and $111 in 1825. tiates, additional to “ministers," 224. NumThe sums equivalent to $100 in 1860 for each ber of additions by profession of faith during year since the civil war have been calculated the year, 12,230; number of baptisms, 5,893 as follows:

of adults, 4,989 of infants; number of families

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