B 592,389 ~ ` ~ ~- ---— L —~~'r~-:~; -r-; -- ~ --- ___ --- —---------- — ~~~_; *at,.cj.L ztzlmuq; ------- - '* * — ii -------— --- i, -. z,,I -.-: -. I I - I -:~ ~r.: ~ '" -" ' ~ ~'~~ a 1 _ - _ _ -...,- __I -- A _ af - P T - 64 ^ * 6^ ^ L 'l G** a a*, * ~II 11I I t ll I : 0 ". 0.:: 0 0: a: -::: *.:::.: 0 " 0 "O.. 0 0 0 " a " 0 *: 0 0 0 0 0 00 00 0 I: V- "I~~~.~ ~ s -..~~~~~ ~~~a ~ I COPYRIGHT, 1887. THE FINANCIER COMPANY. 40 BROAD ST., NEW YORK. PREFACE. HIS work, compiled for THE FINANCIER, does not aim at originality, or to give a learned dissertation on the multiform principles, or the complex science, of the monied institutions treated )n, viz.: The New York Stock, Produce, Consolidate' Stock and Petroleum, and Cotton Exchanges, and the New York and London Clearing Houses. This has been done effectually by more competent hands and is to be t, found in ponderous folios and consequently accessible to but few. The object is to give a plain business DX statement of-things as they have been, and are, to trace the rise and progress and to show the effects they have produced. _ The facts adduced have been drawn from encyclo{, pedias and other authorities equally valuable; reference has been made to every source within reach which may elucidate the subject. We are especially indebted to the Manager of the New York Clearing House for the valuable statistics and other data, of that institution, the management of the London Clearing House and the secretaries of the various Exchanges for'information regarding their respective institutions. The Bankers' Magazine, Almanac and Register; The Chronicle, and many others for points and general information. 138945 eI I rI 0~ JON/CRERAK fiBB - - - - -7 - -;... --.. NEW YORK STOCK EXCHANGE. THE NEW YORK STOCK EXCHANGE. Tile earliest annals o' the New York Stock Exchange are meag e. The financial operations, as well as the g owth of tU ~ City of New York and the New York Siock Excha; ge are closely connected, as each has kept pace with the other. As New York is the national monetary centre of the United States, the influence of the Stock Exchange is powerfully felt all over the length and breath of this country, and is already recognized as the great centre exerting its force in th.: larger capitals of Europe, which for many years were supreme in their power. They little thought that a rival and ruler would in time appear in the unexplored West. As in the case of many of our greatest institutions and associations, the founders or organizers of the New York Stock Exchange, could not anticipate the ultimate dimensions of the structure they were beginning-and no attempt was made by them to record and perpetuate their premature history-and it is only from isolated'notices and traditions, found in various places and from time to time collected, that even a meagre history of the earliest days are here recorded of this most powerful organization and put in such a shape as to convey but an imperfect, yet interesting, view of its birth, growth, and present astounding importance-not only as a ready means of transfer of our numerous stocks, bonds -and other evidences of wealth, but as well as a regutlator of the values of the securities, the exchange of which is its chief business, but upon all transactions where money acts the principal part. The earliest authentic notice of what is now known as the subject of this Article, is in 1792, when twentyfive of the old-time brokers, whose usual place of meeting was in the shade of a pear tree, or perhaps more truly, a buttonwood tree, in Wall street, opposite what 2 is now known as No. 60, feeling that the extent of their business and the welfare of their numerous clients required some formal regulation, met, and no doubt with much interchange of views, drew up the following document and signed it, thus launching upon the world the infant which now has grown to the full stature of a man. and has forgotten its forefathers-none of whom arc now livirg to witness its glory: We the Subscribers, Brokers, for the purchase and sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock at a less rate than one quarter of one per cent. commission on the specie value, and that we will give a preference to each other in our own negotiations; In testimony whereof, we have set our hands this r 7th day of May A. D. at New York 1792. Leon'd Bleeker, Hugh Smith A. Barnewall Saml. Marsh, Bernd. Hass Alex. Luntz Andrew D. Barday Sutton A. Hardy Benj. Seixas John Henry J. H. Hardenbrook Amos Beebe Benj. Winthrop John Ferren Ephm. Hart Isaac M. Lomez Gulian Mc Evers Aug't. A. Lawrence G. N. Bleeker John Bush Peter Infact Chas. A. McEvers, jr. Robinson Hartshorne, 13th November, 1792. David Reedy, x3th November, 1792. The volume of business of all of these primitive New York brokers combined could not have been much above that of even the smallest first-class Wall street house at the present time. The Revolutionary "shinplasters," as they were called, were spread over the land in such an amount that there were a hundred dollars to each inhabitant. Something was to be made therefore from the fluctuations to which they were liable and it is patent that one of the greatest broker firms of subsequent years derived its capital from the lucky speculations of its senior member in this currency: "The war of 1812 gave the first genuine impulse to speculation. The government issued sixteen millions in Treasury notes and put loans amounting to one hundred and nine millions on the market. There were endless fluctuations and the easy-going capitalist,of the time managed to gain or lose handsome fortunes. Bank stock was the favorite investment. An illustration of one of the 3 sources of money-making to brokers at this period is found in the fact that United States Sixes of 1814, were at 50 in specie and 70 in New York currency. In 1816 one could count up two hundred and eight banks with a capital of $82,ooo,ooo. One day in 1817, the New York stock dealers met in the room of an associate and voted to send a delegate over on the stage line to investigate the system addpted in a rival city. The visit was successful and the draft of a constitution and by-laws framed from that of the Philadelphia board, received the final approbation of a sufficient number of the brokers to enable the New York Stock Exchange to become a definite fact. Three years after, on the 2Ist of February I820, this preliminary code of rules received a thorough revision and the organization was strengthened by the accession of some of the heaviest capitalists in the city. So it may be claimed that in the year I820 the real history of the N. Y. Stock Exchange commenced its existence. At this time the regular indoor meetings were held, at the rooms of Samuel J. Beebe, 47 Wall street, subsequently in the building of the Courier and Enquirer, so long associated with the editorship of James Watson Webb. It did not remain in one location and the board housed itself, as' it thought permanently, in the upper room of the Merchants'Exchange, a fine building on the block bounded by William, Wall and Hanover streets and Exchange Place; but the great fire of December, 1835, (the greatest ever occurring in New York) destroyed this building, forcing the board to make a temporary home in Jauncey Court, whence it removed to the New Merchants' Exchange in 1842, a fine granite building erected on the site of the one destroyed. This building is now the United States Custom House, the great increase of business at the Exchange demanding more room and necessitating the sub-division of trade into many branches some of which occupy premises exceeding in dimensions the parent Exchange. Among these may be mentioned the Produce Exchange, the Cotton Exchange, the Iron and Metal Exchange, the Mercantile Exchange, the Maritime Exchange, the Petroleum Exchange and others. One hundred dollars could purchase a membership in the Exchange for the first quarter of a century. The financial character of the applicant being of necessity very high to insure his admission. The same rigid scrutiny is given now as then, so that a membership of the presz ent board is a guarantee that the member's record is good and that his word in business matters is to be relied on fully; the least infraction of the rules of the board 4 being severely punished and any transaction bearing the slightest trace of dishonesty is followed by swift expulsion. Members are required to fulfill their contracts, no matter what may be the loss to them, and a failure to meet their obligations must be made known by them at once to the presiding officer in open meeting, and he thereupon buys or sells as may be required the securities wanted and the accounts are, if possible, immediately regulated, and not until authorized by the Governing Committee of the Exchange can he or they resume business as formerly. With the natural enlargement of business after the unnatural depression of 1814, new enterprises, requiring capital, came into existence-notably the Morris Canal and Banking Company, the Cotton Water Works (known as the Manhattan Company). Banks continued to increase in number, and old and new marine and fire insurance companies were formed-exceedingly profitable to their stockholders as well as to the brokers through whom, principally, all transfers were effected. By far the larger part of all sales and purchases of stocks and bonds is made at the Stock Exchange; for by common consent (independent of the merely speculative transactions) all who have these commodities to sell put them in the hands of a broker connected with the Stock Exchange as a member of the board, and as the buyers place themselves in communication likewise with the member, any amount of securities, whether large or small is at once brought to the immediate notice of a cash buyer and can certainly be disposed of at the current market value or at the least fraction below. In like manner a would-be buyer meets face to face a hundred sellers and at once takes the best offers. The Stock Exchange is thus a great bazaar where a myriad of trades are offered daily, every valuable security of which our vast and rapidly growing financial business has received notice. As soon as railways began to be built in the United States their stocks and bonds became favorites among investors and speculators. Among the earliest were the Harlem Railioad (since grown into a line reaching to Albany), the Mohawk, the Utica, the New Jersey Railroad and Transportation Company, the Boston and Providence Railroad, and the banks: The Manhattan Company, Merchants, Mechanic, Union, America, Phenix, City, Tradesmen, Fulton, Chemical, Merchants Exchange, and National (now the Gallatin National Bank). The number of members of the New York Stock Exchange has regularly increased and the admission fee has been enlarged in still greater proportions. It is sup 5 posed that the original association of 1792 admitted members upon a simple vote without any fee. In 1823, twenty five dollars was required; in 1827, one hundred dollars; it rose to one hundred and fifty in I833 and in I842 to three hundred and fifty dollars; in 1862 the amount was the respectable sum of three thousand dollars, and for clerks fifteen hundred; in I866 it made a still further advance to ten thousand dollars; when in 1879 itreached the sum of twenty thousand dollars, and since which time some purchases of seats have reached the sum of thirty-four thousand dollars. There are annual dues of fifty dollars, and also, in connection with the board, a system of life insurance whereby each member is assessed $io upon the death; of an associate member. This amount is'called the Gratuity Fund and is for the benefit of the heirs of the deceased member. It was found a few years since that the membership in the board gave such facility for making a highly respectable livelihood that, at the then small admission fee, the body was likely to increase to an unmanageable size; the charge for entrance was then rapidly increased and this did not check the number of applicants, and the number of members was limited to eleven hundred, at which it now stands. And all the names recently added to the list are merely replacements of those who have died, or sold their privilege, and those who have been forced to part with it by the rules of the board; and consequently the seats have since commanded a premium, always large, reaching the sum of twelve, thousand dollars, thus making the entire cost thirty three thousand dollars (including one thousand dollars which the board exact upon each transfer. ) This purchase, however, does not give a right to a seat in the Association, which is only granted upon a strict examination by the appropriate officers. The proposed member after his purchase is complete, or contracted for, upon being examined, is requested to state his age, whether he is or not a citizen of the United States, what business he has been engaged in, whether he has ever failed in business, and if so, the cause thereof, the amount of his indebtedness at the time, the nature and amount of his settlement with his creditors, and to show the release from his creditors. He is requested' also to state what, if any, judgments are, or have been, against him and to give all other information bearing upon that subject. If solvent, he is asked whether he pays for the seat with his own money, whether his 6 life is insured, and if not why not, whether his. health is now, and has been, uniformly good, the general nature of the business he intends to pursue and whether he will enter into partnership or will transact his business alone. Any wilful misstatement is looked upon with much disfavor and if discovered will entirely prevent his admission. While this record is at all times accessible to the committee, who can expel, if sufficient cause appear to them, the nominator and his seconders are also asked as to the extent of their knowledge of the applicant (which must have extended over twelve months) whether they fully recommend him and whether they would accept his uncertified check for twenty thousand dollars. These strict inquiries have been found satisfactory in keeping the financial and honorable standard of the members very high, so that it is worthy of special note that up to I865 only three brokers have been expelled from the organization. It will be seen that one of the chief aims of the various successive boards of managers has been to maintain the honor of the entire membership and to be able to say that all of its associates conform to the wholesome rule of financial honesty and that their word in business matters is not to be doubted. Considering the vast number of separate operations and the untold value of business daily transacted withoutformal written contracts, the honor of the dealers is forcibly shown in the extremely small number of disputes, even when these sales or purchases sometimes involve a loss quite out of proportion to the capital of the sufferer. In its earlier years the Stock Exchange did not aspire to own its place of business and waited for the proper time when its power in the business community and its wide spread irfluence should be fully assured. Hence we find it for many years sharing with other business organizations under the same roof, so that after many changes of domicile, in the year 1842, it is again found in the Merchants' Exchange with its business greatly increased, its membership comprising the most widely known, the most honorable and the wealthiest of the habitues of Wall street, then as well as now, the home of the chief financial business of the city as well as of the entire country. The regular meetings were held twicedaily, at half past ten A.M.,and again at half past two P. M. The rule of the board then did not allow the sale of securities in small amounts-that is less than five hundred dollars-and the by-laws were still as firm in maintaining honor, fidelity and morality among its rapidly growing number, as they were in the earliest days of the society, and as they continue to be at the present time. I'lt - -. -" -I 'I;. ~ " -, -" " ' - ~ - 'r'i.r'E:'rr ' - "- ',-. 7., ',._. ' ' 4.. '. 4. Soon after this date.the board actively engaged in the transfer of rail road securities, which particular branch of.finances still occupies much of the attention of the present most active members. Although the operations. of the various members were yery intimately connected' with the banks in existence at the period of the panic in 1837, When more than sixty were brought tp wrecks the losses being chiefly caused by mercantile matters did not much affect the prosperity of the board; except that it curtailed the list of valuable stoccks as well as the number of members able to deal in these securities, rapid recovery followed and the increase of members, and of business sodn became so great that money was rapi'ly accumulated and laid aside for the purpose of acquiring a building and putting the property of the exchange in keeping with its growing fortunes. This fund was judiciouslyapplied in the erection of the present magnificent structure in Broad just below'Wall street, with the main entrance on the first mentioned street. On December 9, 1865, the Board of Brokers opened these premises for the transaction of business, meeting in the elegant board room at three P. M.; tthe opening ceremonies occupying an hour. After these formalities were concluded a magnificent banquet was spread by Delmonico to which full justice was given by the members and their friends, who afterwards listened to a feF short speeches appropriate to the happy occasion, The building does credit to the committee for their judicious adaptqtion of so' handsome arid convenient ai plan for the transaction of its enormous business; It has a frontage on Broad street of fifty feet, is four htories in height, and extends through to New street, a distance of one hundred and fifty feet, where it has a frontage of eightyfour feet. The style in, Corinthean, showing upon ' Broad street a fine entrance way, nineteen feet in width, with a window upon each side 'of over seven feet wide by nineteen feet high, the dooreiway being surmounted by a fine projecting portico resting 'upon pilars twenty h binches in diameter. The basement is largely devoted to safes for the' deposit of securities the whole being enclosed in a large vault built of large blockaof freestone with a strong lining of Franklinite iron inlaid also with justeel plates making the entire vault fires and burglar proof. Elegant as was this building, it soon received improvments, and'enlargements, so that in the spring of i88o, it assumed the appearence and dimensions it' now pre- -, sents. The frontage on New street being enlarged to ' ne hundred and fifty feet. This increase in the size of the building has allowed the general room to be improved. in ios dimensiohs and convenient arrangements It ' 21 F'. ' 8 for the more easy working of the yet rapidly increasing operations of the Exchange. The front on Broad street is highly ornamental and imposing in its appearance, and presents a pleasing contrast to the old time plainly built dwellings, among which it stands. New plans and further enlargements, are now in progress. For a long time there was a question whether the board should select a new site, and erect an entirely new and more commodious building, or acquire more ground upon the southerly side, and extend their premises in that direction, after extended consultation among themselves, it resulted in the latter form of improvement. There is scarcely a name of a leading banker, financier or railroad magnate of this century familiar in the business circles of the metropolis, who has not been more or less intimately connected with the New York Stock Exchange. When a firm consists of several members, one is sufficient to act in the operations of the board, guided by the counsel of all as to the line of policy to be pursued. Among the early Wall street operators, appears the name of Jacob Little, who was in his time, one of the most active and bold, and who engaged in, and somewhat controlled financial matters in the city, about 1850. At the same time and shortly after appear upon the scene, A. W. Morse and John Irvin, whose rapid and astonishing rise is well remembered; Leonard Jerome, A. G. Jerome, Daniel Drew of North River steamboat fame, and who gave a large sum for educational matters; W. S. Woodward, Commodore Cornelius Vanderbilt, who from the humblest beginning became in his connection with the Hudson River, Harlem, New York Central, and other railroads, the richest man in America; James Fisk Jr., the friend and business associate of Jay Gould; Wm. Belden, well remembered in connection with these last mentioned; H. N. Smith, D. P. Morgan, D. O. Mills of California celebrity, and who erected the magnificent building,' which bears his name on Broad street, immediately opposite the Stock Exchange; C. F. Woerishoffer, and Wm. H. Vanderbilt the worthy successor of his father the Commodore; Jay Gould whose wonderful success has electrified the whole business community; Cyrus W. Field who will ever be remembered in connection with the inception and completion ot the Atlantic Telegraph Cable, and who erected a fine monument to himself, a tall and beautiful structure, named the Washington Building, Broadway, opposite the Battery, and in full view of the Bartholdi Statue of Liberty; James Keene of California. Russell Sage still active as young men of half his age. These all were either members of the Stock Exchange, or closely allied to it in business, and no 9 financial reviews of Wall street, can be complete without copious mention of their public transactions. The amount of daily business at the Stock Exchange is simply enormous, but vast as these transactions are, there is still room for outside operations, as no one institution can take cognizance of the still increasing number of valuable securities which are offered for speculation or investment. The board manages the purchase and sale of certificates of stock and bonds issued under National, State or Municipal authority, or by corporation, doing business as common carries, or engaged in banking, mining, manufacturing or other industrial pursuits. Bonds are all those evidences of debt showing that they are to be paid for at' some future specified time bearing a guaranteed rat of interest and generally secured by a mortgage or lien upon the property for the benefit of which the money has been secured. Certificates of Stock (known as shares of stock) of the capital so called in any enterprise, show generally the amounts originally invested in each particular branch and in successful ventures sometimes ield very large returns upon the capital so employed, but should the result prove disastrous the loss falls first upon the share holders whose interest in the matter may be entirely swept away before any loss accrues to the bond-holders, who in reality hold all that is intrinsically valuable in such matters. The sales of the board are not to embrace any stock or other security, until it has passed the rigid scrutiny of the Committee on the stock list and has received also the approval of the Governing Committee: The stocks and bonds in which the most activity is exhibited are not always those of the most assured value; as although those are always large amounts of the best railroad bonds and stocks passing from hand to hand, investors and those holding trust funds are continually absorbing these in smaller or larger amounts, and holding them for interest or dividends unmindful of the small fluctuation, to which even the best are subject The cash value of the sales made annually at the Exchange reaches such an amount as to bewilder any but those whose daily business is to consider money by the millions. As long ago as February 25th 1871, over seven hundred thousand shares of stock on the regular list exchanged own, rs in a few hours, the number being exceeded on November 22d i882, over eight hundred thousand shares; and again on December I6, I886 the day's sales exceeded one million one hundred thou 10 sand shares. The securities thus daily transferred from one to another are settled for by certified checks on our city banks and whether sold for immediate delivery or one or more days in which to deliver the liquidation is prompt at the specified time. The New York Stock Exchange of to-day is as firmly founded and as intelligently conducted as any exchange in the world, in honor, integrity, and loyalty to the Government is second to none, and it certainly will continue to exercise a most powerful influence upon all enterprises whether of a public or of a private nature. Speculative transactions, as distinguished from regular investment dealings, are those conducted on "margins" and in which the operator does- not pay or receive the actual price of the stocks bought or sold, but simply places a sufficient margin in the hands of his broker (usually IO per cent. of the par value) to protect the latter against loss from fluctuations in the price. A party who purchases stocks in anticipation of a rise, but pays the actual price thereof, is not, according to the usual acceptation of the term, engaged in speculation. It should be clearly understood that the ultimate responsibility in stock operations is with the customer. He runs the risk of the failure of his own broker; nor can he hold him responsible for losses occasioned by the fraud or failure of others with whom he has made contracts. The broker stands in the position of an agent acting for his principal. It is, therefore, hardly necessary to remark upon the importance of dealing through brokers who have both integrity and pecuniary responsibility. The great central point in stock speculation, about which the whole business revolves, is the fact, that on the purchase or sale of the usual amount of Ioo shares of stock, representing a par value of $io,ooo, each fluctuation of one per cent., from the purchase price, occasions a gain or loss of $ioo.0o, and this is the same whether the purchase is at a price above or below par. Next comes the question of interest, which is charged on the actual amount that the stock cost, plus the broker's commission for buying, and is usually at the rate of 6 per cent. to customers, though higher rates are charged when the money market is in such a condition that money for carrying stocks commands higher figures. Prior to the repeal of the Usury Law, as pertaining to call loans in New York (by the Act of I882), it was customary in times of monetary stringency to charge commission for obtaining loans, which commissions varied from 1-64 to I per cent. a day and were a very severe tax on stock operators. Subordinate to the question of interest is that of commission, which is fixed in 11 speculative transactions at 6 of one per cent. on the par value of the stock, amounting to $12,50 for buying Ioo shares of stock, and the same for selling, thus making the cost of one "turn" in stock just $25,oo. The Stock Exchange does not allow any transactions to,be made by its members for outsiders at less than 8 per cent commission. Dividends paid during the pendency of a contract always go to the nominal owner of the stock. The whole class of stock operations ordinarily carried on in New York may be classified as follows: I. Buying for a rise, or going "long" of stocks. 2. Selling for a decline, or going "short-" of stocks. 3. Buying or selling as above but on " options." 4. Buying or selling "privileges" generally known as "puts" " calls" and "spreads." The last named are not recognized by the New York Stock Exchange. I. Buying for a rise is by far the most ordinary transaction with non-professional speculators. In this case the customer usually deposits $i,ooo in his broker's hands as a io per cent " margin," on Ioo shares of stock which he orders to be purchased, and which his broker holds or " carries"'or him until ordered to sell the same, or until the margin is about exhausted. In the latter case if the customer, on request, fails to put up more margin, the broker is at liberty to sell the stock immediately, and charge him with the loss, if any. Interest is charged the customer on the purchase price, with buying commission added, usually at 6 per cent. as long as the stocks are carried; in case of a tight money market the broker is entitled to charge his customer any additional price which money actually commands for carrying the stock. A party carrying stocks for a rise is said to be "long" of the market, or a "bull." 2. Selling for a decline, or going "short" of stocks, being a "bear" operation is also a very common transaction, and is simply the opposite of buying, as above, except that the seller, not having the stock, is obliged to borrow it for present delivery, and take the risk of buying it back at a future day, to return to the lender, aside from the ordinary fluctuations of the market. The chief risk in this "selling short," -is in the chance of a " corner" in the stock in case a clique get control of it and force prices up to extraordinary figures: this is a rare operation, but has at times been effected in the New York market with disastrous consequences to those who are " short" of the cornered stocks. As a general rule, 12 nothing is paid for the use of the stock, but in case it is scarce, a consideration has to be paid for its use from day to day. Margins and commissions are the same as above. 3. Buying or selling on "options " is a transaction in which the purchaser or seller, as the agreement may be, has the option to call for, or tender, the stock at the price named, at any time within the period limited by the contract, but the Stock Exchange does not recognize contracts running over 60 days. Thus a party anticipating a rise in stocks purchases Ioo shares, "buyer 30 " or on his option to call for the delivery of the stock at any time within 30 days, at the price named-this price is usually somewhat above the current price of the time. If a decline in stocks is expected, a sale is similarly made, "seller 30" or at a seller's option to deliver at any time within 30 days at the price named, and the price is usually more or less below the marketprice at the time. In purchases on buyer's option (for any time over three days) the buyer is charged with interest on the price of the stock up to the time he calls for it. In sales at seller's option the seller is credited with interest on the price of the stock till he chooses to tender it. Interest in either case is at 6 per cent., according to a rule of the Stock Exchange, and at the end ot the optional period the seller is obliged to deliver, and the buyer to receive, the stock, if the contract has not previously been closed; margin and commissions are the same as above. 4. Stock privileges or "puts" 'calls" and "spreads" or "straddles," as they are commonly called, are contracts entitling the holder to receive or deliver certain stocks at any time within a period limited (usually 30 or 60 days) and at a price therein specified; in the case of "spreads" the privilege is either to receive or deliver; a certain cash price is paid for the contract by the purchaser, and his entire liability in the transaction is limited to that amount, and, as the question of interest does not enter into the matter, the uncertainties of the money market need not be taken into consideration. The amount paid for a oo share privilege is generally $Ioo for 30 days and $150 to $200 for sixty days, and for double privileges a larger amount. The difference from thecurrent market price at which privileges on different stocks are sold, varies widely according to the character of the stock named, and the condition of the market A "put" entitles the holder to put or deliver stock to the signer thereof, within the time, and at the price is therein named, and the contract reads substantially as follows: New York,..............88 For value received, the bearer may deliver me one hundred shares of the....................................................Railroad Company, at the price of...............per cent., any time in thirty days from date. The undersigned is entitled to all dividend declared during the time. Signed.......................... A "'call" entitles the holder thereof to call for or demand stock from the signer thereof, according to the terms specified, and reads aliout as follows: New York,.............. z88 For value received, the bearer may call on me for one hundred shares of the stock of the............................................ Railroad Company, at a price of..............per cent., any time in thirty days from the date...............; the bearer s entitled to all dividends declared during the time. Signed......................... 0 A spread is a double privilege and entitles the holder either to deliver to or demand from the signer thereof the stocks named in it, according to the terms of the agreement. If the prices in both cases are the same, then it is known as a " straddle''and reads substantially. as follows: New York,............ 88 For value received, the bearer may call on the undersigned for one hundred shares of the stock of the......................................................... Company at..............pe........p cent., at any time in thirty days from date. Signed.......................... 14 Or the bearer may put or deliver the same stock to the undersigned at.......................per cent., any time within the period named. All dividends declared during the time are to go with the stock in either case. Szgned.......................... To the purchaser of "puts," "calls" or "spreads," there is no liability to loss beyond the amount paid in cash for the contract. THa JOHN CRERAR LIBRARY PRESIDENT NEW YORK STOCK EXCHANGE. Officers of the New York Stock Exchange, FROM 1824 TO rS8d, IVC-L USIVE. 1824. 1825.1826. 1828. 1829. 1830. 1831. 1832. 1833. 1834. 1835. 1836. 1637. 1838. 1839. i84o1841.x84p.. 1843. 1844. 1845. 1846. 1847. 1848. 1849. x85o. 1851.i852. 1853. 1854. x85 1856., 1857. PRESIDENT. EdwardQLyde, do John W. Bleeker, 40o do Russell H. Nevins, John Ward, do do VICE-PRESIDENT. John Ward, do - do do do do Walter Becker, do R. D. Weeks, PRES. R. D. Weeks, E. Prime, R. D. Weeks, D. Clarkson', do do do do do do do do do do do do do H. G. Stebbins, C. R. Marvin, do do do do J. H. Gourlie, V-PRES. B. Prime) R, L. Nevins, H. Q. Stebbins, D. H. Nevins, it H. Winslow, do do H. G. Stebbins, W. H. Brown, Edwd. Prime, R. H. Winslow, H. G. Stebbins, do W. H. Brown, C. Christmas, do do B. Nathan, H. M. Benedict, Md. A.Wheelock, do do do do * TREAS. Jno. W. Bleeker J~no. Ward,.Jno.W. Bleecker do do do do do do do do do do do do do do do do do Ido Ido do do SECRETARY, Jacob Isaacs do do do do do Bernard- Hart;. do do Szc'nY. Bernard Hart, do do do~ do do do do do do do do do do do do do do do do Benj. Hart, G. H. Broadhead do * '~,k 16 (Qfcers of the, New York Stock Exchange, Continued.) 1858. 1859. i86o. i86i. i862. 1863. 1864. i865. z866. 1867. i868. 1869. 1870. 1872. 1873. PaRS. H. G. Stebbins9 W. H. Neilson, do do A. B. Baylis, H. G. Stebbins, Win. Seymour, R. L. Cutting, Win. Alex. Smith, John Warren, Wmn. Seales, W. H. Neilson, Win. Seymour, W. B. Clarke. Edward King. H-. G. Chapman, V. -PazFs. TRAnS. M. A. Wheelock. Jno.W. Bleecker G.H. Broadhead do do do do do do do do do do Le'G. Lockwood do do W. Alex. Smith, do SECT'ly. 1874. Geo. R.Broadl 1875. / Geo. W. McLe: i876. Salem T. Russi 1877. Henry Meigs, i878. Brayton Ives, 1879. do i88o. Donald Macka, 1S8a. do 1882. F. N. Lawrenc~ 1883. A. S. Hatch, 1884. J. E. Siminond, x885. do i886. jas. D. smith, head:an,.C, Is, do do do D do do J.L. Brownell, do do Geo. H. Broadhead J.B. Norris, do Brayton Ives, do C. M. Stead, do do do F. N. Lawrence, F. K. Sturgis, Henry Graves, Win. Lummis, James D. Smith, Rudolph Keppler, do do ).C. Hays, do do do do do do do do do do do do do do do db do do do do do do do do do do -B. 0. White, do do do do do do do do do do do do Geo. W. Ely, do do do Total Number of Shares of Stock Value of Government, State and Railroad Bonds, Sold at New York Stock Exchange, For the Years: 880. SHARES GOVERN- STATE & R. STOCK. MENTS. R. BONDS. January.............. 8,285,581 $8,281,200 $75,008,620 February........ 7,087,666 13,526,150 57,707,510 March................ 8,56,329 6,22i,850 33,029,525 April................. 7,925,52I 6,425,100 28,402,700 May.................. 10,077,766 3,834,950 45,860,240 June................. 7,940,88 2,386,800 51,607,780 - July.................. 5,924,448 2,516,800 33,o46, 60 August......... 5,4I,408 I,839,900 34,530,030 September........... 6,295,992 2,028,000 38, 88,205 October.............. 7,631,735 4,360,850 63,433,420 November............ 9,804,814 4,829,500 59,876,700 ^ December............ o,835,278. 2,671,250 64,043,885 * 95,736,626 $58,922,350 $584,734,775 I88. January.............. 13,o89,821 $2,207,600 $60,271,410 February............. 12,075,224 3,959,100 45,098,800 March................ 10,93 575 3,508.200 38,844,270 April................. 8,296,824 4,490,ooo 53,971,020 May.................. 12,435,574 4,575,200 62,811,600 June................. 8,917,856 2,904, 100 44,955, I00 July.................. 8,821,428 2,559,050 25,053,050 August............... 7,31,347 2,279,850 14,942, I00 September............ 7,078,592 1,749,500 16,602,600 October.............. 9,550,795 4,403,700 25,206,400 November............ 9,092,012 3,418,900 28,074, 1oo December............ 9,657, 19 3,189,850 31,224,700 117,078, I67 $39,245,050 $447,055,150 I 18 (Total Number of Shares of Stock Continued.) 1882. SHARES GOVERN- STATE & R. STOCK. MENTS. R. BONDS. January.............. 11,382,210 $2,131,150 $28,844,900 February............. 9,583,318 1,916,000 32,648,200 March............... 12,894,726 1,988,500 31.834,500 April................ 9,743,490 4,362,400 26,089,710 May.................. 5,952,207 1,614,900 23,673,800 June................. 8,040,739 874,500 23,402,100 July.................. 9,171,779 893,100 27,240,200 August............... 8,243,213 567,000 16,825,600 September............ 9,346, I35 770,500 14,971,200 October.............. 10,623,049 380,000 16,892,900 November............ I2, 181,429 778,300 15,524,200 December............ 9,571,568 1,902,500 17,331,400 116,733;863 $18,178,850 $275,278,710 1883. January.............. 8,235,820 $2,290,750 $25,I53,000 February............. 9,203,7 I,I39,45 I734,834,800 March................ 6,038,269 1,025,700 22,056,300 April................. 8,724,527 1,207,000 32,578,900 May.................. 7,242,544 1,120,000 39,545,100 June........... 7,649,558 1,2 I,OO0 23,986,656 July................. 5,455,586 1,168,000 14,928,900 August............... 8,896,473 1,409,500 26,325,800 September............ 9,177,950 1,386,000oo 6,832,200 October.............. 11,625,885 1,569,000 27,861;400 November........... 6,441,892 1,892,000 30,64I,800 December............ 9,246,078 2,229,000 28,500,700 97,937,599 $17,647,400 $296,245,556 1884. January.............. 10,023,535 $1,972,700 $85,707,200 February............. 9,240,523 1,042,200 48,079,700 March................ 6,346,265 1,368,400 50,611,350 April........... 8,862,627 1,365,000 45,5I6,200 May................. 12,356,230 2,303,300 66,894,100 June................. 9,204,861 1,789,000 43,841,100 July............... 7372,548 1,159,000 32,677,600 August............... 7,442,179 637,000 34,528,0oo September........... 6,047,663 1,078,850 20,516,400 October......... 6,251,241 763,250 24,438,600 November............ 5,359,521 670,000 29,775,200 December............ 7,437,648 1,47,oo00 29,045,400 95,944,841 $15,295,700 $511,630,950 19 (Total Number of Shares of Stock Continued.) I885. SHARES GOVERN- STATE & R. STOCK. MENTS. R. BONDS. January.............. 6,957,971 $i,573,500 $31,990,300 February........ 7,081,480 928,000 36,119,000 March................ 6,708,016 657,ooo 28,249,400 April............... 4,594,046 903,800 24,537,300 May.................. 5,74,7i5 1,915,200 39,500,050 June................. 4,508,444 2,912,200 48,054,500 July................. 8,019,782 1,236,900 74,565,000 August............... 6,887,444 1,062,000 56,284,689 September............ 5,846,679 I,o69,500 48,993, o o October.............. 12,68I,182 1,275,000 108,426,850 November............ 3,508,025 707,000 9o, I56,803 December........... I,0I9,5I9 1,331,100 79,373,55~ 92,987,303 $I5,571,200 $666,270,y,2 1886. January.............. 8,601,678 $807,000 $56,758,448 February.......... 9,489,581 1,203,500 70,776,850 March................ 10,239,7.04 1,523,000 59,926,400 April................. 6,334,941 1,392,500 38,241,900 May............. 6,909,163 1,366,500 43,054,600 June................. 7,170,654.,320,000 60,339,100 July.................. 4,950,400 I,573,200 48, 153,513 August.............. 5,012,970 531,000 47,980,650 September............ 8,764,479 1,193,000 36,7Io,120 October.............. I0,928,149 1,059,000 54,807,650 November............ 11,147,301 613,400 65,796,200 December............ 14,403,784 785,000 53,39I,904 103,952,804 $I3,367,100 $635,937,335 The Oldest Members of the Stock Exchange to December, 1886. NAME. JOINED. George A. Rollins, January 22, 1835. Chas. Clark, December i8, 1836. Chas. Graham, March 24, I837. W. H. Le Roy, September 9, 1837. Denning Duer, April 28. 1843. I Wrn. Alex. Smith, December 17, 1844. *W. H. Hays, December 30, I845. John O'Brien, September 4, 1849. D. C. Hays, January 15, 1850. John B. Trevor, January 15, 1850. *Died December 9th, i886.. d 20 Prices of Active Shares on the New York Stock Exchange. SHOWINCG STOCK OUTSTANDING, BONDS, MILEAGB AND LAST DIVIDENDS, WITH RANGE OF PRICES IN 1885 AND 1888. ' Higheut Stock Bonded Date Highest Highest and payment Rate andl and lowest BTOCKS Mileage. last per Dv'nd lowest, lwt, lowest, ee outstand- Indebtedness. dividend cent. period. " endsin declared Jan. 14. nr.& 1885. 1886. 1887. r I -I I -I -A - -1 I - f - I AdamsExpress........................... 12,000,000 Sept 2. '86 Q.Sept. 145 130 150 136% 141 140 Albany Susquehanna................. 3,500,000 1069,000 209 July 1, 86. J. 93124 148 137.. Am. Cot. Oil Tr. cert................................ J-. ' ~.... 63i% 63 American Express........................ 18,000,000............. Jan.;,'87 3 J'J. 105 87 111 101% 109 10 Atlantic & Pacific...................... 64,810,.o 31,030,534 926........... 11 8 Is3% 7 12 1 Atchison, Topeka & Santa Fe.... 56,913,250 36,314,000 2,397 Feb. 15. '87 1J Q Feb. 8966 99 84 9 97 Boston & New York Air Line pref....... 2,975.000 500,000 54 April 1, '86 2 A. 0. 96 90k.. 9. Buffalo, Rochester Piti sburgh....... 6,000,000 6,293,000 294................ 36 2 Burlington. Cedar Rapids & North.. 5.500,000 14,480,O 990................ 87 57 75.. Chicago A Alton.,.......................14,107,800 12,456,850 50 Dec. 1,'86 2 140 128 146 138 Chicago & Alton pref.................... 3,479,500..............Dec. 1 '86 154 151 162 150 Cameron Coal Company................. 2,500,000...... 5% 44 43 42 Canada Southern..................... 15000,000 20,000,000 438 Feb". 1 587. 47 62 *L Canadian Pacific...................... 65. 3,892,245 3,990 Feb. 17, 87 1 F. A 60 35 73 61 6 Oedar Falls & Minnesota................ 1,586,500 1,167,000 75..... 1 9 20 11 1 Central Iowa........................ 2 8,076,600 7,948,000 501........... 24.7 7 2236 12.. Central Pacific.......................... 59,275,000 f52,152,000 1,254 Feb. 1 8. 3 A. 49 26% 51 38 Charleston, Columbia & Augusta.... 2.578,000 2,708,218 373.......... 50 44. Chesapeake & Ohio...................... 15,464,700...... 133 13U 7 Chesapeake & Ohio lstpref............. 8,2-6,500 32,252,200 502................ 2 7 21 13:... Chesapeake & Ohio 2d pref.............. 10,583000........... 4 5 8.. Chicago, Burlington A Qincy..........76,383,600 73,15,850 3,702 Dec 15.. Q. 1 De 5 141 2115 137I 186 ~hicago, Mlwaukee & Si. Paul...... 30,904261 101,470,000 4,921 Oct. 18. 86 2 ApAOc. 9 99 89 Qhicago, Milwaukee & St. Paul prof.... 21,540,983Oct 18 86 3 ApAOc. 15 102 1259H 1 1 118 Shicago & Northwestern................. 41,372300 90,511,500 53,948 Dec. 28,'86 3 J. A D. Ii 8% 120 10436 113% 1123 Chicago & Northwestern pref......... 22,325200Dec. 18 '86 12Q. Dec. 391l 144 135.. Chicago, Rock Island & Pacific.......... 41,96000 21,460,000 1,384 Feb., 7 Feb.32 11 s 12 12 Chicago, St. Louis & Pittsburgh......... 7,439142 17,903,350 3835........ 18%6 636 1 9 l 17U Chicago, St Louis & Pittsburgh prof.... 17,456,200 41 14 4a3 3 Chicago, St. Paul, Minn. &Omaha..... 21,403293 22,339,970 1,328 44 18 35 Chicago, St. Paul, Minn. & 0. pref... 12,646,833 Jan. 2t, 3 05) 6 11 7 1 Cincinnati, Hamilton & Dayton corn. 3,500.000,80,000 354 Aug. 10, ' 3 2 A. A 0..... 149 105.. Cincinnati, Sandusky & Clev. comrn.... 4.0;,330 2,013,000 190 May 1, '84...... 36 20 51..32 Cincinnati, Ind.. St. Louis & Chicago... 7,000000 7,430,000 494 Dec. 15,'8 1 Q. Dec. 70 70 101 45 97 97 Cincinnati, Wash. & Baltimore cm.... 5,818,500 22,023,33 281..... 6 2% 6 6 Cincinnati, Wash. & Baltimore pref.. 12,903,200 12 5 10 Cleveland, Columbus, Cin. & Ind..... 14,991,00 10,517,000 391 Feb. '83 2 69 23 75%49 64? 64 Cleveland & Pittsburgh.............. 11,246,972 5.416,344 198 Dec. 1,86...... 14 136 153 14 11 11 Colorado Coal & Iron Company......... 10,000,000 3,449,000.... 27 8 4 1 9 39 Columbus, Hocking Valley & Toledo..,. 11,696,300 14,741,000 328 ug 19..... 43 19 45 26% 39 3 Columbia A Greenville pref........... 2,000,000 3,000000 297 51 1 6 42 Consolidation Coal Company........... 1,250,00 2,467,500... Jan. 28, '87 7.. 33 19 s1.. Consolidated Gas Company..............35,430,o 1,600,000... Dec. 1S; '86 136 1.. 80 i ll 74% 84% 81 Delaware & Hudson Canal....... 24,500,000 14,378,000 730 Dec 15, '8 13 Q. Dec. 100 66 1o8 87 104 103 Delaware. Lackawanna A Western.....26,200,000 3,674,000 887 Jan. 20. '87 Q.J. 144 11 1 Denver A Rio Grande ass't paid..........45,500,000 42000000 1,317 Jn. 14, '82 1.....1 24 352 28 2 Denver & Rio Grande pref............ 28.000000.... 65 65 Detroit, Hillsdale & Southwestern...... 1,350,000 1,152,000 65 Jly.......5,'86 2 J. J.... 82 79.. Dubuque A Sioux City................ 5,000,000 881,000 143 Jan. 15'87.. 8 101.. East Tenn., Vlrg. & G. Railway....... 27,500,000 20,464,540 1,104............ 18 11 1 East Tenn., Virg. & G. 1st pref........ 10,821,085 67 8164 EastTenn., Virg. &A. 2d pref........ 18,150,000 35 23 31 EvansviUe A Terre Haute.2,999,998 4,257,000 169 Jan. 15,'871 37% 9136 2673% EUlizabethtown, Lex. A Big Sandy...... 3,509,000 3,500,000 139............ 27% 6 24 1 5 Fort Worth A Denver City2,880,000,600,000 144.............. 25 14 25% 15 Green Bay, Winona A St Paul.........10,000,000 5,381,000 225................ 11% 3 14% 8 Harlem common.........................8,08,F50 12,000,000 133 Jan 3, 87 4...... 210 191 240 213.. *Houston A Texas Central... 72.... 726,900 16,874,500 521............... 39% 4 44 25 linois Central...........................29,000,000 10,018,000 2,066 Sept. 1,'86 33 M. A S. 140 1190 143% 130 134 134 Illinois Central. leased lines.............10,000,000 17,309500July 1, '86 2 J. A J. 92 85 14 3. *Indiana, Bloomington,& Western.... 10,000,00 14,137,300 342................ 28% 7% 28% 12 17% Keokuk A Des Moines.................... 2,600,Oi 2,750,000 162....... 11 236 1736 6.. Keokuk A Des Moines pref.............. 1,524,60030.29 38% 5% *Lake Erie A Western................... 7,720,000 7.707,000 386...... 21% 1% 19 74 Lake Erie A Western, ass't paid........2..................... 1.... Lake Shore A Michigan Southern........50,(000,0 47,466,000 3 1,5386 b. 9 15'87 2. 89%503 1009676 9636 95 Lon Island..............................10.000,000 5,513205 354 Feb. 1, '87 1 Q. Feb. 18 336 100 0 Louisville A Nashville...................30,0 000,000 61,355,254 2,015 Feb. '82 3...... 51 22 69 319 65% 64% Louisville, New Albany A Chicago...... 5,000,000 8,655,000 520................ 40 11% 71 2.... tMan..ttan Beach Company........ 1,000,000 1,000,000.... 18 10% 213 131%. Manh-ttan Consolidated.................24.365,945 24,318,000 32 Jan, 3'87 Jan. Q. 123 65 175 120 158 156 Maryland Coal Company................ 4,400,000 161,000..... Jan. 16 '87.16 736 18% 17 'In the hands of receiver. +Not including government debt. t River Diviiaa only. HOuot.o first asseument paid from January i * Prices of Active Shares on the New York Stock Exchange. SHOWING STOCK'OUTSTANDING, BONDS, MILEAGE AND LAST DIWENDS, WITH RANGE OP PRICES IN 1885 AND 1886. Slock Bonded Date Highest Highest and Vayment Rate and and lowest TOCKS. Mileage. last per D"'ind lowest, lowest, wOeek outstand- Indebtedness. dividend cent. period. ending declare...Tas. 14. in. 1885. 1886. 1887. 127- -- f 21 60 60 emphia s Charleston............... 5,312,725 5.528,000 336...47..... 4 % y 69% < \ 16 1:6 O Mexican Central (Liited)..... 33,170,00)......T14 134 13 1 michian Central..........: 18,78.204 21,353000 1,054 Feb -. 87 2..... 7 46 984 614 93% 93 Mlw aukee A Narthern..........4,200,000 1,753,000 126..... M1ilwaukee, Lake Shore & trn. 2,000,000 000, 534 Oct. '86 3 24 16 7134 22 '70 64 ilwaukeOh, L.Sh. & West. pref....... 5,000,000 Jan. 15 '87 3 542 29 103 f 5 99343 Minneap-lis A St. Lonis.5....... 5 761,200 74318,000 574.... 26 10~ 234 164 1954 14 Minneapolis A St Louispref. t,000,00 56 2 2 52 50 45o Missouri, Kansas ATese.4.)..... 46,403,000 35326-298 1,386 3.74 14%1818 21 81 iissouri Pacific e..........4...40.... 4.3000,00 69l 837,960 Jan 3 87 i4 a.L 10 i Mobile A Ohuio......... 5, 320,000 16,,o 527 18 1 6 21 11 1. Morris A Essex...... 15,000,000 23,373,000 lie Jan 3 '> 87 1 16. 114s 144 1321 4 Nas.1ville, Chattanooga A St. Louis..... 6,668,362, 9,200,O0lO 603 Jan. 10, '87 1. Jan. 50 33 1053 43% 5 4 New Jersey Central.....5........ 8,56.,200 35,514,000 2650 Jan. 187 7 52 31 633 4234 62 61 New York Caentral A Hiudson River... 8,42.00 56,4 24,333 993 Jan. 15, '87 1 Q. Jn. 107 l. 117 8 11 11 Chcwaaork, C oa r St Louisp........ S L2 700.'000 20046,000... 523 28 31 1 *New York, Chicago A St. Louis pref 22,000,000 2J 31 1 2 Mew York. Lackawanna A Western... 10.000,000 17,000,000 214 July 1. '886 4 Q. July 100 84 109 10034 New York, Lake Erie Western...... 77,223,100 75,268,485 1,601 27 9....... 38 223 New York, Lake Erie A Western pref. 8,14,000 Jan. 15, '84 6 57 1838 50 New York a New England....... 20,000,000 14,382,000 470...... 93 12 68%335 New York New Haven A artford..... 15,500,000 2,000,U00 265 July 1'86 J 204 175 222 204% 213 5 25 New York, Ontario A Western..... 58,225,;82 2,1000 373........ 6 22 15 1 1 New York. Susquehanna Western..... 13,000,000 6850,0 152........... 1 1 g 4 i 6 11! New York, Susq. A Western pref.. 8,000,000 24 4 4 3a 3337 13 3 Norfolk Western..... 7,000,000 17,709,600 510.87 4 8 2.. Norfolk A Western pref.............. 18,000,000 Jan: &'s ricrlp 3S 34.. 14594 25 52 Northern Pacific.... 49 8,23...........0..,,000 68,236,500 2,806 l 15 3 22 Northern Paciic prof..................... 38,058.310.Jan. 1 10 6 366 54 Ohio Misisi.. 2...000.000 15,590,000 616.......... 2 0, 35 1 28 28 Ohio A OMissi ip pr ef............ 4,030,00 0...... Mar.:, 1: 41. * 81 81 B'....... 14 - % 22 13 1i> 5B Ohigo Southern................ 3,84..... 0,00 4,200,0 1. 40.... 34.... Oregon Improvement Company...... 7,000,00 5,000,000 1107,Sept 3 1 '3 34 2 51 16 Oregon Railway A Navigation. u, L000 1t.55,000 714 Janrn. 2. 2 4 300 01 1173 1, Oregon Short Line..................... 15,265,000 15,265,000 610..3..2 1034 38. 3342 regon A Transcontinental... 0,000,000 10,063,000...... Oct. '86 }134. 2 3 acic ll..20,00),000 Fe '14 Fb. 70 46 67 43 49 4 4 5..,000 24.......... 6 13 5r 5 10. Peoria. DeKatur A Fvansvillea..,.... 8,400,000 5.p 24a 7.0 1 3 Philatelphis a A Reading.. 3,116,625 97,71.,000.32 Jai. '76 24 12 13J 5. 1431 Pittsburgh, Fort Way no A Chica...... 19,714,285 12,510.000 468 Jul 8. S 1 J142 119% 1J0 141 Pitt., Fort Wayne A Chicago peal... 1,600 July '6 1. 13 1 1324 Pullman Palace Car Company.......... 12 2,220,000......Nov. 18, '86 2 v.7 Rensselaer A Saratoga...,854,100 1,925,00') 192 JUly 1. '86 4.AJ.160 1361 170 155. (I *ichmoid A Alegheny receiptss.... 5,000,000 7,994,000 252 11 1. 14 2 Richm nd A Danville........... 5,,( 8,80000 774 Aug.; 15. '82 2 87 4 33200 75 Richmond A West P'oint terminal. 15,000,000 2,600.000.. 4 18 7 23 8 4 Rochrster & Pitt....,62.........,500........... Rome, Watertown A Ogdenasburg...... 5,3900100 10,807/190. 3. July. 1, '75,5 cioto Valley.................... 2,093,350 2,212,000 131....... ISt Louis, lton A erre Haute........ 2,300.0 8,357,000 207 May.. 1'86 (2%0 1 6 27~ 81. Louis, Anlton A Terre Iaute, prf 2,468,400 JMay 1, '86 23 243 1173 368 17 32, 314. Louis A San Francisco.... 11,837,400 26,028,000 8144940........ 72 37l 4 664 61 St. Lc.uis & San Francisco prof..... 768,42, 00 7 8 St. Louis & San Francisco ist pref 4,416.000 Aug. 10.I'86 3%F. A A. 9934 79 11894 t. Paul. Duluth4,055,407 1,357,000 225 3 6 7 9. ~ NSt Paul ae Dluthe pref.. 8,374,910 Jan. 3, '87 J. 1 77 114 99 128 lo 8t Paul. 1av7n 12434 Hrtfor | '5.0.140 N8o 7 St Paulhinneapolis A Manitoba. 20,000.000 32,338,000 1,470 Nov 3 '86 134~Nov. 1834 7 22 10. eSouth carolina 4n.6............. 4,2160 8,821,984 246 2 ' 4100 S Southern Paciftc Co.................. 88,076,000. 7...... 7700 47%.3634 543..52.. Tennessee, C. L A. Co. ox. rights.. 10,000,000 1,580,000 1...... 3 8 Tenneos..e. (1. I. AR. Ito........5 25 700 2634 23534 itTes Pacific.........,16,000 44,716,000 2,8. 2' 184" Texas Pacific trust receipts.......................: e 3831 27. 1,592,000 3,000,000 I '6............ I63% 44 Toledo hio Cental................... Toledo A Ohio Central pref............. 3,108,000 Union Pacific...................60,88,50 81,957,682 4,519 April 1'"~46/ ug. 62I 4 I t.6 4 5. United States Express........ 7,000,000.Aug., '86 1 1 1 1 tisca BHlack River....................,223,oo 16,950,oo 180 Sept. 0,'8....... 125 120 29 15 51 15 40 40 Virginia Midland.............. 4,940,363 11,402,017 413......... *Wabash, St. L. A Pacific com. rec..... 21,223,200 76,434,830 3,518.....41 -]1'Wabash, St. L & ac. pref rec. 28,419,500OT. 5.81 9 Pells, Fargo A 'o. xpress..... 250.000.a.L 15., '87 4. A J.120.1. 1 119 Western Union Telegraph.... 000,00 7,1940 AprIl 15'86 Q April 8 533 80 6, Including Iren Mountain debt and mlea. Railrstship route cor Pcic ot Steamship milae 4o mla MEMBERS.! NAME. Adams, Wm. Alexander, H. E. Alexander, L. D. Allardice, Chas. Allen, Chas. C. Alley, Wm. S. /mory, J. M. Anderson, R. S. Anderton, R.L. jr Apgar, Louis J. Arents, George Armour, P. D. Arnold, F. C. Arthur, E. G. Atterbury, J. C. Atterbury, J. T. Aub, Albert Aufermann, A. Bache, J. S. Bacon, Daniel Bacon, Win. P. Bachem, C. H. Baird, John S. Baker, Cyrus 0. Baker, Ewd. C. Baker, J. A. Baker, W. T. Baldwin, A. H. Baldwin, G. F. Baldwin, J. A. Baldwin, S. Baldwin, T. B. Ball, David A. Ballard, F. E. Ballou, M. Bangs, E. D. Banks, A. Barclay, R. S. Baring, Alex. BaAker, F. D. Barlow, G. Barnes, Davis Barnes, Jas. Barnes, John S. Barstow, R. L. Bateman. A. E. Bates, E. C. ADMITTED. Aug. 24, '75. May I, '69. May 8, '69. May 5, '64. May 8, '69. Feb. I2, '78. May 8, '69. May 8, '69. Dec. 29, '71. Feb. 3, '74. Dec. 9, '79 Aug. 27, '85. Feb. 12, '85. Mar. 17, '77. May I6, '68. Oct. 4, '78. May 3, '69. May 3, '69 Sept. 20, '83. Dec. 15, '8i. Aug. 2, '77. Nov. 1, '77. Aug. 9, '83. Jan. 3, '68. April 29, '86. Nov. 2, '82. Mar. 31, '8i. Sept. 5, '78. Mar. 25, '86. Sept. 23, '8o. June 7, '65. Oct. i8, '83. Mar. 24, '66. Mar. I7, '8i. Dec. 21, '82. Dec. 10, '79. Nov. 23, '76. Sept. 4, '84. Jan. 4, '83. Sept. 12, '73. May 8, '69. July 2, '79. Dec. I2, '79. Mar. 25, '8o. Oct. 7. '8o. Sept. 20, '83. Jan. 20, '73. FIRM. Latham, Alexander & Co. L. D. Alexander & Co. At White, Morris & Co. L. Levy & Co. Alley, Dowd & Co. At Stout & Co. Brown & Anderton Arents & Young At Jno. Wallace Arthur & Ketchum Atterbury & Tillinghast Van Emburgh & Atterbury, L. Cahn & Co. Wilcox & Baird At Seymour, Baker & Co. Seymour, Baker & Co. AtJameson,Smith & Cotting Baldwin, Wrenn & Farnum Baldwin & Weeks Draper & Btldwin At A. M. Kidder & Co. Gregory, Ballou & Co. E. D. Bangs & Co. Banks, A. & Co. DeCoppet & Co. J. Kennedy Tod & Co. Wadsworth & Barker At C. Benedict & Co. Barnes Bros. Chase & Barstow Bateman & Co. Green & Bateman OFFICE. 33 Wall st. 16 & 18 Wall st. 7 Nassau st. 102 B'way 80 B'way 70 B'way 29 Broad st. 25 Broad st. 6 Broad ct. 74 B'way. 29 Wall st. Chicago, Ill. 56 B'way. Drexel Bldg. Mills Bldg. 39 New st. 48 Broad st. 20 Broad st. 47 Exch. pl. United B'k Bldg. 26 Broad st. I Pine st. 64 B'way. 15 Wall st. 3 Exch. ct. 3 Exch. ct. 23 Broad st. 72 B'way. Chicago. 7 Wall st. i8 Wall st. 56 B'way 8o B'way. I8 Wall st. I New st. Boston. 66 B'way. 49 B'way. 63 William st 44 New st. 2 Nassau st. I8 New st. iS New st. x8 Wall st. 62 State st Boston Washington. Mortimer Bldg. 2 Wall st. . 23 NAME. Bates, John C. Baylis, Ab'm B. Baylis, Wm. Beadleston,W.H. Beams, J. S. Beekman, H. Beekman, J. H. Beekman, W. B. Beers. John W. Belden, C. D. Bell, L. V. Bement, E. Bend, Geo. H. Benedict, C. Benedict, E. C. Benedict, F. H. Benedict, L. L. Benjamin, J. Berdan, D. W. Bernheimer, I. S. Berry, Jacob Best, Thos. B. Bianchi, John Bingham, W. H. Bird, Thos. H. Bishop, W. F. Bisland, E. S: Bissell, R. H: Blacque, V. A. Blandy; G, Blatchford, J. W. Blood, S. L. Bloodgood, J. Blumenthal, H. Boardman, L. Bogert, E. T. Bogert, S. M. Bond, Geo. W. Bonn, Wm. B. Bonner, E. H. Bonner, G. T. Boocock, S. W. Boody, D. A. Bostwick, S. B. Bouden, T. H. Bound, W. Bouvier, J. V. Bouvier, M. C. Bowdoin, G. S. Bowne, C. S. Bowne, Walter Bowne, E. R. Bowron, W. A. Boyd, James M. Boyd, James Bragaw, E. T. Brandon E. Breese, W. L. Brewster, E. L. Britton, C. P. Britton, R. A. Brotks, W. Broun, C. C. Brouwer, G. H. ADMITTED. FIRM. Aug. 5, '80. J. T. Bates & Co. Jan. 26, '69. Baylis & Co. Aug. II, '70. Baylis & Co. May 8, '69. Aug. 14, '84. H. K. Burras & Co. Nov, 4, '73 June II, '69. R. Winthrop & Co. July 29, '65. April 5, '83. May 10, '70. Dec. 2, '75. Oct. 2, '84. W. H. Goadby & Co. Peb, 7, '63. May 8, '69. Coleman, Benedict & Co. June 6, '63. E. C. Benedict & Co. Feb. 21, '84. E. C. Benedict & Co. May 3, '77 -May 8, '69. J. Benjamin& Co. Feb. 20, '74. Slosson & Berdan Mar. 27, '84. Bernheimer & Speyer Mar. 22, '72. Mar. I5, '83. June 26, '69. At Kimball, Howell & Co. Sept. 23, '80. At J. L. Gladwin & Co. Dec. 3, '69. May. 8, '69. Hamilton & Bishop Mar. 19, 85. E. S. Bisland & Co. June 23, 71. Walsh & Hackman Sept. II, '74. At Geo. H. Palmer & Co. July 25, '78. July 6, '52 -May 8, '69. S. L. Blood & Co. July Io, '58. J. Bloodgood & Co. Aug. 27, '85. At Asiel& Co. Jan. 22, '76. May 8, '69. At Kimball, Howell & Co. April 20, '82. Seba M. Bogert & Co. June 12, '77. At Pearl & Co. June 12, '79. Speyer & Co. July 8, '64. G. T. Bonner & Co. July 7, '60. G. T. Bonner & Co. June 2, '69. S. W. Boocock & Co. Mar. 9, '74. Boody, McLellan & Co. Jan. 4, '69. Petty & Bostwick May 3, '69. Bouden & Jenkins Nov. 1, '75. Bound & Co. May 8, '69. June 25, '69, M. C. Bouvier & Co. Mar. 27, '65. Drexel, Morgan & Co. Oct. 6, '84; Dec. 13, '79. Mar. 27, '84. May 8, '69. Jan. 3, '65. J. M. Boyd & Co. May 8, '69. Nov. I, '77. Sept. 8, '52. Mar. I, '77. Breese & Smith July 14, '8I. Edward L. Brewster & Co. Mar. I8, '75. Sterett & Britton Sept. 25, '79. Britton & Burr Nov. 6, '84. Brooks & Hamlin Nov. 22, '83. C. C. Broun & Co. Dec. I5, '8I. Brouwer & McGown OFFICE. I Wall st. 44 Exch pl. 44 Exch. pl. 289 W. loth st. 2 Nassau st. 4 Broad st. Drexel Bldg. 4 Broad st. 36 Broad st. Drexel Bldg. 37 New st. 24 Broad st. 42 Broad st. 2 Nassau st. 29 Broad st. 29 Broad st. 29 Broad st. 44 New st. Mills Bldg. 64 B'way. 42 New st. 47 Wall st. 17 New st. 74 B'way. Mills Bldg. 35 Pine st. 5 Wall st. 4 Exch. ct. 27 New st. I6 Broad st. 48 Exch. pl. 26 Brpad st. Mills Bldg. 51 Exch. p.i, So B'way. 17 New st. 15 Wall st. 5 & 7 New st. 11 Broad st. 20 Broad st. 20 Broad st. 36 Broad st. 58 B'way 44 Broad st. 25 Pine st. Io Wall st. 29 Broad st. 16 & I8 Broad st I Broad st. 19 New st. 19 New st. 7 Wall st. 4 Broad st. 30 Broad st. 36 Broad st. 26 Broad st. 80 B'way. 96 B'way. I8 Wash. st. Chl. 9 New st. 58 New st. 45 Exch. pl. 56 Exch. pl. 2 Wall st. 24 NAME. Brown, A. L. Brown, E. J. Brown, F. T. Brown, G. A. Brown. J. E. Brown, J. M. Brown, J. W. Brown, T. E. Brown, W. H. Browne, C. N. Brownell, C. A. Brownell, J. L, Bruns, Phil. Buck, T. C. Buckingham G.jr Budge, H. Bull, W. L. Bunker, W. R. Bunnell, H. H. Burdett, J. B. Burr, M. jr. Burrill, Wm. V. Burras, H. K. Bussing, J. S. Butt, McCoskry Buttrick, C. A. Cahn, Leopold Cahoone, A. M. Cahoone, S. Camblos, -H. S. Cammack, A. Cammann, C. L. Campbell, M. Campbell, H. G. Campbell, S. Cantoni, S. Carey, C. T. Carey, H. T. Carpender, W. Carpenter, E. O. Carryl, C. E. Carolin, W. V. Cauchois, A. L. Cave, E. M. Chace, H. R. Chamberlin, E. Chapin. E. S. Chapman, C. E. Chapman, H.T.jr Chase, E. E. Chase, R. G. Chauncey, D. jr. Chaupcey, HI. S. Chauncey, S. S. Chilton, B. E. Clark, Charles Clark, Alex. S. Clark, HI. I. Clark, John E, Clark, J. M. Clarkson, M. H. Clews, Henry Clinton, De Witt Colbron, W. T. ADMITTED. Nov. 22, '78. Sept. 3, '72. Oct. I8, '72. Mar. I6, '82. Mar. 30, '76. Oct. 6, '70. Feb. I5, '66. May I, '54. Feb. 14, '78. April II, '78. May 8, '69. May 8, '69. May 8, '69. Oct. 9, '79. May 3, '69. July 27, '82. May 3, '69. Nov. 23, '82. Nov. 2, '82. 'Dec. 28, 66. May 8, '69. April 3, '84. Dec. 21, '76. May 8, '69. Sept. 25, '84. May 3, '69. May 3, '69. May IO, '62. Aug. 6, '69. Sept. 4, '63. Mar. 19, '75. Aug. I6, '60. Oct. II, '83. Dec. 2. '69. May 8, '8o. Jan. 2, '79. Mar. i6, '72. Mar. 24, '78. May I, '66. Aug. 26, '65. May I, '74. Feb. 17, '77. July 23, '85. Nov. 6, '79. Mar. 12, '85. Nov. 20, '66. May 8, '69. Dec. I7, '74. Sept. 30, '80. May 8, '69. April 29,' '8o. April 14, '8x. Oct. 8, '74. Oct. 15, '85. April 1o, '84. Dec. 18, '36. Sept. 5, '60. Nov. i6, '64. Dec. 28, '68. April 4, '73. Mar. 18, '75. June 27, '64. July 27, '63. Dec. 8, '66. ItuM. Brown, Riley & Co. H. L. Horton & Co. Stewart Brown's Sons Blake Bros. & Co. A. HI. Brown & Co. At W. H. Granberry & Co. Walston H. Brown & Bro. At Martin, Bunker & Allen J. L. Brownell & Co. H. K. Enos & Co. Hallgarten & Co. E. Sweet & Co. Caldwell, Bunker & Allen Bunnell & Scranton J. B. Burdett & Co. Britton & Burr Burrill & Housman H. K. Burras & Co. Gelston & Bussing At. G. L. & L. Haight Buttrick & Elliman L. Cahn & Co. At Martin & Runyon Cahoone & Wescott At E. S. Chapin Cammann & Co. Alex., Campell & Co.. F. P. Freeman & Co. Cantoni & Co. W. & T. N. Carpender At J. B. Colgate & Co. Carolin & Cox Chace & Butts Chase & Higginson R. Gardner Chase & Co. Chauncey & Gwynne Bros. At W. L. Stow & Co. Chauncey & Gwynne Bros. Chilton & Toffey At J. C. Walcott & Co. H. & J. Clark H. &J. Clark M. & H. Clarkson Herry Clews & Co. Colbron, Chauncey & Co. OFFICE. Boston. 51 Drexel Bldg.. 56 B'way. 66 B'way. I8 Wall st. 66 B'way. 66 B'way. i8 New st. 20 Nassau st. 5 & 7 New st52 B'way. 58 B'way. 18 New st. 15 New st. Mills Bldg. 28 Broad st. 38 Broad st. 5 & 7 New at 64 B'way. 5i Exch. pl. 58 New st. 37 Broad st. 2 Nassau st. 33 Wall st. 26 Broad st. i8 Wall st. 47 Exch. pl. I00 B'way. I8 Wall st. 29 Broad st. 34 Broad st. II Pine st. 17 Nassau st43 Exch. pl. 56 B'way. 25 Wall st. 40 New st. 40 New st. 42 Pine st. 47 Wall st. 74 B'way. 68 B'way. 2 Wall st. 80 B'way. Providence, R. L I8 Wall st. 34 Broad st. 9 New st. 72 B'way. 24 Pine st. Boston. 25 Broad st. 68 B'way. 25 Broad st, 48 Broad st. 53 New st. 24 Pine st. I8 Wall st. I8 Wall st. 20 Nassau st. 42 Pine st. Mills Bldg. Stock Exchange17 New st. 25 NAME. Colby, Robert Coles, E. S. Colgate, J. B. Colhoun, W. H. Collis, C. H. T. Combs, A. H. Content, H. Content, N. Connor, E. S. Connor, W. E. Coolidge. H. Cooper, J. J. Cooper, William Corning, Edwin Cox, E. M. Cox, E.Van Dyke Crane, J. S. N. Criss, Michael Crocker, H. H. Cross, William Cumming, C. M. Cummings, G. F. Cunningham,J.W Cunningham, S. Curtis, Frank Curtis, S. J. Cushman, J. S. Cutting. R. L. Jr. Cuyler, C. C. Dakin, G. W. B. Damerel, Wm. G. Darrin, S. I. Davis, Ansley S. Davis, Fellowes Davis, G. W. Davis John H. Davis, J. W. Davis, R., Jr. Davis, S. D. Day, Albert M. Day, H. M. Day, Harry A. Day, Henry Day, C. S. Day, Charles S. Day, James R. Day, Nathan Deal, Edgar Decker, Jos. S. Denny, John T. Denny, Thomas Denslow, E. H. De Billier, F. De Cordova, A. De Coppet, F. De Forest, A. H. De Grove, Q. C. De Haven, A..H. De Jonge, S. De Mott, J. H. De Neufville, J. De Rivas, M. E. De Silver, C. H. De Witt, C. H. ADMITTED. May 8, '69. Sept. 20, '78. Sept. 27, '53. Oct. 20, '70. Dec. 4, '79. Jan. 9, '69. Oct. 8, '85. May 23, '73. July 6, '64. Oct. 6, '71. July io, '84. May 8, '69. Mar. ii, '65. Oct. 6, '6o. April 19, '72. Oct. IS, '83. Ang. 3, '82. May 8, '69. May 12, '83. May 3, '69. Nov. 2, '82. May 8, '69. Nov. 13, '63. April 9, '85. Nov. 8, '83. May 1, '67. May 3, '69. May 13, '64. Mar. 22, '83. Mar. 6, '79. July 15, '70. Sept. 23, '8o. May 3, '69. Oct. 4, '72. Oct. 23, '79. Mar. 28 '73 -Dec. I, '69. Dec. II, '79. May 3, '69. May 29, '8o. Feb. 5, '70 June 28, '83. Sept. 28, '66. Mar. 5, '66. May 3, '69. Feb. 25, '75. uly 6, '76. an. 4, '83. Mar. 6, '73. July 28, '63. Aug. Io, '6o July 30, '6o. Dec. 13, '79. Feb. 8, '75. Oct. i8 '67. Jan, 2t, '73. May,; '69. June 23, '8I. May' 8, '69. Feb. IO, '72. April 24, '79. Oct. 30, '73. Mar. 31, '71. July IO, '84. FIRM. J. B. Colgate & Co. J. B. Colgate & Co. At Lentilhon & Le Roy Collis & Levy A. H. Combs & Co. H. Content & Co. W. E. Connor & Co. W. E. Connor & Co. At Alley, Dowd & Co. Wm. 1I. Cox & Co. Crane, Seabury & Co. M. Criss & Son At Clark, Dodge & Co. Raven & Co. Clement M. Cumming Cummings & Co. J. W. Cunningham & Bro. Barnes & Cunningham W. D. Moore & Co. R. L. Cutting,jr. & Co. John Paton & Co. Dakin & Co. At Carolin & Cox. Fellowes Davis & Co. John H. Davis & Co. J. W. Davis & Co. At W. C. Sheldon & Co. Chas. Counselman & Co. Day & Ieaton W. S. Lawson & Co. Lummis & Day Gwynne & Day At M. C: Bouvier & Co. At Drake, Mastin & Co. Nathan Day & Co. Olcott & Deal Decker, Howell & Co. T. Denny &'Co. T. Denny & Co. Weston & De Billier De Coppet & Co. C. I. Hudson & Co. Q. C. De Grove & Co. DeHaven & Townsend, De Jonge & Co. De Mott & Durant De Neufville & Co. M. E. De Rivas & Co. At Jno. S. James & Co. AtJ. R. Hillyer OFFICE. 47 Wall st. Io Broad st. 47 Wall st. 42 Broad st. 19 New st. Mills Bldg. I8 New st. I8 New st. 69 & 71 B'way. 69 & 7I B'way. 33 Wallst. 52 B'way. 70 B'way. 35 Pine st. I I Wall st. 37 Broad st. 7 Wall st. 17 Wall st. 51 Wall st. 15 Wall st. 13 New st. 4 Broad st. 33 Nassau st. Boston. 66 Exch. pl. Middletown N.Y 40 Wall st. I9 William st. 52 William st. 42 New st. 55 B'way. 5 New st. 14 Wall st. I Exch. ct. Mills Bldg. 17 Wall st. 4 Exch. ct. 4 Wall st. 31 Pine st. Chicago. 29 New st. 49 Exch. pl. Drexel Bldg. 45 Wall st. I & I8 Broad st. Drexel Bldg. 8o B'wayt. 40 Broad st. 58 B'way, o3 Pine st. 30 Pine st.. 40 New st. 35 New st. 36 New st. 49 B'way. 35 Wall st. 4 Broad st. 38' Brod st. 46 Exch. pl. 19 New st. Mills Bldg. Mills Bldg. 3 Broad st. 74 B'wav. I 26 NAME. De Wolf, B. D. D'Wolf, W. B. Dewey, E. E. Dewing, Clark. Dichman, Ernest Dick, E. R. Dickerman W. B. Dickinson, G. F. Dickinson, F. F. Dickinson W. H. Dillon, J. R. Dimock, A. V. Dimock, A. W. Dimock, G. E. Dixon, Richard. Dodd, Henry W. Dodge, Harry E. Dominick, B. Dominick, G. F. Donald, W. M. Doremus, R. P. Doremus, T. C. Dornin, W. C. Dougherty G. W. Dow, Chas. H. Drake. Albert A. Drake, E. A. Drake, S. J. Drummond, J. L. Duer, Denning. Duff, William H. Dumont, J. B. Dunan, S. H. Durand, Harvey. Durant, C. W. Jr. Durant, J. L. Durkee, A. W. Durkee, H. Dyett, A. Dykes, F. Jr. Eames, F. L. Earle, W. M. Easton, D. A. Edey, A. R. Edey, Fred'k. Edey, Henry. Edwards, Jos. B. Edwards, W. J. Eells, Richard L. Egbert, W. W. Egleston, W. C. Ellery, W. P. Ellis, Wm. L. Ely, George W. Emmet, H. C. Emmons, J. F. Enos, H. K. Estabrook, A. F. Evans, Irving A. Evans, Wm. Jr. Fahnestock, Wm. Fairbairn, R. M. Fairchild, J. E. Fanshawe, G. A. ADMITTED. [an. 31, '73. April 27, '72. Mar. 29, '83. April 5, '77. *May 28, '85. Mar. 20, '84. May 8, '69. May 8, '69. Nov. 21, '73 -May 16, '73 -Dec. 6, '77. Jan. 24, '84. June 21, '77. June 24, '8o. Dec. 24, '84. Jan. 6, '8o. Mar. 3, '66. May i6, '73. Dec. 22, '8I. Sept. 28, '76. July 9, '85. April 29, '64. May 3, '69. Oct. 15, '59. Feb. 19, '66. Feb. 7, '67. Oct. 15, '69. April 28, '43. May 3, '69. May 1, '79. April 20, '76. Oct. 8, '69. Oct. 27, '8i. July 8, '74. Oct. 25, '72. July 5, '37. Sept. 29, '68. April 19, '72. May 2, '66. Oct. I5, '66. Nov. 13, '84. Dec. I2, '78. April 29, '86. April 2, '85. June 6, '78. Sept. i6, '70. Nov. I4, '78. July 8, '8o. May 3, '69. June 29, '65. Oct. II, '77. May 8, '69. Oct. 12, '76. Mar. 20, '79. May Ii, '78. Dec. 2, '78. June 25, '85. Feb. 3, '74. Dec. 9, '80. July 7, '64. Iec. 24, '69. July 29, '64. De Wolf & Swan D'Wolf & Parsons Cahn & Co. H. Dewing & Son Dichman, Niles & Co. At Gilder & Farr Dominick & Dickerman At Kimball, Howell & Co. J. C. Walcott & Co. Dickinson & Alling A. W. Dimock& Co. A. W. Dimock & Co. Wm. Fellows, Morgan & Co. Richardson, Hill & Co. Clark, Dodge & Co. Dominick & Dickerman Dominick & Dickerman Donald, Gordon &Co. AtDe Coppet & Co. Henry S. Ives & Co. W. C. Dornin & Co. Goodbody, Glyn & Dow Drake Bros. At Kimball, Howell & Co. / t W: M. Patteson & Co. At W. H. Granbery & Co. Durant, Marsh & Co. DeMott & Durant A. W. Durkee & Co. A. Dyett & Co. Eames & Moore Easton, Nichols & Co. Edey & Herzog Edey Bros. At Pearl & Co. At G. H. Prentice & Co. Eells & Sargent At Van Sclaick & Co. Ellis & Seaver Secretary Emmet & Iselin H. L. Horton & Co. H. K. Enos & Co. Brewster,Cobb & Estabrook Irving A. Evans & Co. Decker, Howell & Co.' Fahnestock & Co. Fanshawe & M lliken OFFICE. 30 Broad st. 8 Broad st. 51 New st. 19 Wall st. 40 Wall st. 31 Broad st. 74 B'way. 17 New st. 24 Pine st. 30 Pine st. 5 & 7 New st. 7 Nassau st. 7 Nassau st. 7 Nassau st, 78 B'way. Boston. 5I Wall st. 74 B'way. 74 B'way. 27 William st. 49 B'way. 25 Nassau st, 7 New st. Mills Bldg. 30 Broad st. 74 B'way. 66 B'way. 40 Broad st. 17 New st. 53 William st. 67 Exch pi. 42 Wall sf. 16 Broad st. 18: New st. i6 Broad st. 19 New st. 58 B'way. 47 B'way. 80 B'way. 4 & 6 Broad st. 30 New st. 30 Broad st. 64 Exch. pl. 37 - 39 Wall st 56 B'way. 56 B'way 5 & 7 New st. 49 Wall st. 51 Exch. pi. 32 Broad st. 20 Broad st. 30 Broad st. 45 Exch. pl. Stock Exchange. 56 B'way. 56 B'way. 15 New st. 35 Cong'ss st Bos 28 State st Boston 58 B'way 2 Wall st. I New st. 26 Broad st. 43 New st. 4 0 27 NAME. Fellowes, C. Fellows, J. W. Ferry, T. S. Field,CyrusW.Jr. Fisher, L. G. Fisher, John H. Fisk, Pliny Fitch, Henry, Jr. Fitch, Wm. Fleming, C. L. Fleming, K. L. Fleming, W. G. Flower, A. R. Flower, F. S. Flower, R. P. Floyd-Jones, W C Ford, C. E. Forshay, D. F. S. Forrester, P. Foster, C. M. Foster, E. D. Fowler, H. J. Fox, Edward C. Fox, George S. Francis, Jas. Frankel, Jos. E. Frank, E. L. Frankenheimer L 'Freeman, F. M. Freeman, F. P. Freed, David A. French, Geo. B, French, Wm. French, S. B. Frothingham, C. Fry, Horace B. Fuller, G. W. Gargiulo, J. A. Garland, J. A. Garlichs, Charles Gelpcke, Otto Gelston, W. J. George, Joseph M Gerlach, W. Germond, H. S. Gernsheim, M. Giddings, Edw. Gilbert, D. B. Gilder, W. H. Gilley, F. W., Jr. Gladwin, J. L. Glendenning, R. Goadby, W. H. Goddard, G. H. Goffe, C. C. Goicouria, A. de Goicouria, N. de Goldschmidt, H. Goodchild, John Goodhart, P. J. Gould, E. W. Gould, Geo. J. Gould, Jno. J. Gracie, J. K. ADMITTED. July 23, '68. Mar. 25, '75. April I, '64. Mar. ii, '86. May 8, '69. Feb. 9, '69. April 9, '85. Dec. 30, '72. Jan. 13, '69. Dec. 28, '82. April 8, '69. Jan. 6, '8I. May 9, '78. Feb. 14, '84. Feb. 7, '73. Nov. 15, '78. Mar. 5, '73. May 8, '69. Nov. I3, '67. Oct. 18, '83. Dec. IO, '79. May 8, '69. Ang. 3I, '75. July 2I, '81. Mar. 5, '85. Mar. Ig, '86. Dec. 4, '68. June 14, '78. Mar. 6, '84. Dec. 3, '74. April 26, '78. Nov. 19, '85. June 1S, '69. April 28, '8i. Jan. 25, '77. May. 8, '69. Sept. ii, '68. April 8, '75. Mar. 26, '70. May 3, '69. May 8, '69. May 8, '69. Sept. 2, '80. Nov. 26, '81. May 26, '68. Sept. II, '74. Dec. 24, '85. Oct. 28, '8o. Dec. 8, '8i. Dec. 30, '64. Nov. 24, '76. Jan. 23, '74. Dec. 31, '70. Nov. 25, '72. Aug. 21, '79. May 2, '73. Oct. 2, '79. Dec. 9, '79. Jan. 30, '79. Mar. 28, '78. April Io, '79. Feb. 26, '85. Aug. 21, '84. Aug. 24, '65. I EIRM. OFFIC.E. Fellows,Johnson &Tileston 25 William st. At E. H. Harriman & Co. 17 Wall st. Weston & De Billier - 35 New st. 30 Broad st. 15 New st. Harvey Fisk & Sons 28 Nassau st. P. W. Gallaudet & Co. B'way cor. Wall Fitch & Lorillard 39 Pine street At W. G. Fleming 2 Nassau st. 50 Exch. pl. 2 Nassau st. Flower, R. P. & Co. 52 B'way. At R. P. Flower & Co. 52 B'way. R. P. Flower & Co. 52 B'way. Floyd-Jones & Robison 2 Exch. ct. Drexel Bldg. Zimmermann & Forshay. 19 Wall st. 30 Broad st. Henry Clews & Co. Mills Bldg. At Barney, Raymond & Co. 84 B'way. At J. A. McMicken & Co. 44 Broad st. 3 Wall st. Philadelphia. Miller, Francis & Co. 37 Wall st. L. B. Frankel & Co. 48 Broad st. 52 Exch. pl. Asiel & Co. 51 Exch. pl. F. P. Freeman & Co. 43 Exch. pl. F. P. Freeman & Co. 43 Exch. pl. Emory, Freed & Co. Philadelphia. 39 New st. 3d Floor, Room 2 Mills Bldg. AtVanEmburgh& Atterbury 39 New st. C. F. Frothingham & Co. 50 Exch. pl. 36 Wall st. Cammann & Co. I Pine st. Gargiulo & Co. 70 B'way. Ist Nat. Bank. 36 New st. 30 Broad st. Gelston & Bussing 33 Wall st. 19 New st. Philaaelphia. 30 Broad st. M. Gernsheim & Co. 47 Wall st. Tower, Giddings & Co- Boston. 7 Exch. ct. Gilder & Farr 33 Broad st. F. W. Gilley, Jr. & Co. 64 B'way. J. L. Gladwin & Co. 74 B'wav.. R. Glendinning & Co. Philadelphia. W. H. Goadby & Co. 24 Broad st. 15 Wall st. 30 Broad st. Mills Bldg. Mills Bldg. H. P. Goldschmidt & Co. 53 Exch. pl. 7 Exch. ct. P. J. Goodhart & Co. 24 Broad John G. Heckscher & Co. 58 Exch. pl. 195 B'way. Hunter & Gould. 24 New Street. J. K. Gracie & Westervelt 37 New Street J 28 NAME. Graham, C. Granbery, W. H. Grant, R. S. Grant, James Graves, Henry Gray, H. W. Gregory, C. Green, G. T. Greenebaum, D. Greer, A. M. Griesel, J. H. Jr. Groesbeck, E. Groesbeck, H. A. Grovesteen, W.P Gunther, C. B. Gunther, J. J. Gurnee, W. S.Jr. Guttmann, D. Gwynne, Wm. Haight, E. Jr. Haight, F. A. Haight, G. L. Haight, Louis Haines, R. T. Halsted, R. H. Ham, Benj. F. Hamilton, J. G. Hamilton, M. K. Hamilton, W. It. Hance, W. W. Hanks, E. J. Hardenbergh, J. Harding, P. W. Harker, L. E. Harned, C. A. Harnev, C. H. Harriman, E. H. Harriman, W. M. Harriot, S. J. Harris, C. H. Hart, H. H. Hartshorne, J. M Hartshorne, R.B. Hatch, A. S. Hatch, A. J. Hatch, D. B. Hatch, E. Hatch, H. P. Hatch, N. W. T. Hatch, W. D. Haven, G. G. Havens, E. B. Haviland, D. E. Hawthorne, A.C. Hay, S. C. Hays, B. H. Hays, D. C. Ilays, E. St.John Hays, Jacob Hays, W. H. Hazard, Chas. -lead, Chas. Hearn, H. H. Heath, Wm. ADMITTED. Mar. 24, '37. Feb. i6, '72. W. Dec. 2, '65. Gra May 3, '69. Gra Aug. 12, '67. Ma: Dec. 18, '79' June 8, '77. Gre Nov. 25, '67. April 23, '75. April 2, '85. July 31, '4. W. May, 31, '73. Hai Sept. 21, 82' Feb. i6, '82. Gro April 11, '78. C. I Jan. 15, '85. C. Nov. 30, '69. W. May 8, '69. May 26, '8I. Gw April,30 '75. Feb. 7, '73. April 15, '64. G. I June 30, '71. G. I Jan. 17, '84. Jan. 20, '76. Hal April 4, '78. Har July 10, '79. Har Nov. 24, '63. Har Mar. 30, '64. Feb. 9, '82. Han May 3, '69. AtJ April 12, '73. Mar. 6, 74. P. V Nov. II, '75. At Mar. 24, '71. C. A Sept. 2I, '66. At I Aug. 13, '70. E. E Sept. 24, '85. E. F April I, '6S. Har May 8, '69. Har June 14, '78. Sept. 7, '58. J. M July 8, '63. J. M June 22, 65. A. S May 8, '69. At V May 3, '69. Hat< July 12, '83. Bell Oct. I6, '79. W.: June 30, 'o6. W.: Nov. 4, '80. Hate Feb. i, '66. Ken Dec. 9, '79. At F May 8, '69. At F Aug. 6, '69. At A Dec. x8, '67. Hen Jan. 31, '84. Hay Jan. 15, '50. Tre. Sept. 22, '71. E. S May 8, '66. E. S Dec. 30. '45. Mar. 25, '86. Haz; Mar. I, '77. Chas Oct. II, 73. May 8, '69. Wm FIRM. IH. Granbery nt & Co. mt Bros. cwell & Grave;gory, Ballou a S. Neilson & ( rriot & Groest wvesteen & Pel B.,Gunther &] 3. Gunther & ] S. Gurnee, jr. ynne & Day. L. & L. Haight L. & L. Haighl sted & McLan n Bros. nilton Bros. nilton & Myer ice & Co.. B. Manning OFFICE. Stock Exchange. & Co. 18 New st. 41 & 43 Wall st. 2 Exch. ct. es 115 B'way. 43 New st. k Co. I New st. 30 Broad st. 26 Broad st. Mills Bldg. Co. 30 Broad st. )eck 9 Broad st. 30 Broad st. 1 58 B'way. Bro. 40 Wall st. Bro. 40 Wall st. & Co. 7 Nassau st. 37 B1 oad st. 45 Wall st. 26 Broad st. I8 Wall st. t 26 & 28 Broad st. t 26 & 28 Broad st. 29 Wall st. e 31 Broad st. 40 Wall st. 16 Broad st. rs 56 B'way, 66 B'way. 52 B'way. 14 Wall st. i. Harding & Co. 3rouwer & McGown k. Harned & Co. )ominick & Dickerman i. Harriman & Co. I. Harriman & Co. riot & Groesbeck ris, Hardy & Fuller [. Hartshorne & Bro.. Hartshorne & Bro.. Hatch & Co. V. B. Beekman ch & Foote & Hatch T. Hatch & Sons T. Hatch & Son ch & Kendall neys & Babcock latch & Foote Zollins & Co. L.A. Drake iry T. Godet & Co.,s & Weston asurer t.John Hays & Co. t. John Hays & Co. ard & Parker s. Head & Co.. Heath & Co. 16 Broad st. 2 Wall st. Mills Bldg. 74 B'way. 17 Wall st. 17 Wall st. 9 Broad st. 5 & 7 New st. 67 Exch. pl. I8 Wall st. I8 Wall st. 5 Nassau st. 4 Broad st. 9 Nassau st. 48 New st. 14 Nassau st. I4 Nassau st. 31 Wall st. i8 Wall st. 9 Nassau st. 42 Broad st 9 New st. 25 New st. I6 Broad st. Manht'n Bkg. Co II Pine st. Ii Pine st. ii Pine st 25 Pine st. Mills Bldg. Erie, Pa. 80 B'way. r9 "I NAME. Heath, W. G. H. 'Heaton, W. W. Heidelbact, A. S. Hellian, Theo. Heimerdinger, J. Heminway, T. Hendersorl. W. Hendricks, A. Hendrickson, G. Henrotin, C. Henop, L. P. Henriques, A. Henriques, WV. Henry, Douglas Hepburn, H. C. Herrick, R. P. Herts, B. F. Herts, H. H. Herzfeld, F. Herzog, Max Hess, Jonas Hewson, J. H. HibbardS. M. Iligginso n, J. J. Higginson, H. L. Hill, A. B. Hill, F. F., Hill, G. Hl. B. Hill, Rt. H. C. Hill, WV. C. Hillyor, John B. Hinkley, Chas. Hodges, A. G. Hoffman, C. V. Hoffman, H. J. Hollins, H1. B. Hollins, M. Hollister, H. H. Holmes, R. B. Holt, G. B. 'Holt, G. H. Homans, E. C. Hone, J. Jr. Hopkins, F. WV. Hopkins, G. B. Hornbostel, E. Horton, LI. L. Hotchkiss, H. L. Houghton, G. G. Houston, T. T. Howve!l, F. B. Howell, J. P. Howell, G. Rt. Howard, G. L. Hoy, Rt. T..Hoyt, G. L. Hoyt, L. T. Hudson, C. I. Huestis, C. Hubbard, W. D. Humbert, J. J. C. Humbert, W. P. Huimfrevillq, J. Hunting, N. L. July 30, Jan. 20, Feb, 3, Nov, 5,t Oct. i6, June 4, Sept. 6, April 8, May 3 1, 895. i71I '76. '85. '84. '6i. '75. '78. ADMITTED. FiRM. At-E. Brandon Day & Heaton Heidelbach,Icke'lheimer&C Seligsburg & Co H1. P. Goldshmidt & Co. Heminway & Co. At W. M. Patteson & Co. At A. A. Drake May 3, '69. May 8, '69. Vice-Charirma May 8, '69. At C. M. Cumr Feb. 2, '82. Henry & Mesc Dec. 13, '79. At G. L. & L.]I May. 8, '69. Aug. 4, 'Si.Jan. 29, '8g. Mar. 25, 'So. Herzfeld &-Co. tJan. 24, '78. De Jonge & Cc Dec. 8, '79. Hess Bros &C Oct. 23, '74. Howson & Wh May 8, '69. S. M. Hlibbard May 3, '69. Chase & Higgi May I, '76. Lee, Higginsol Oct. 14, '79. H. L. Horton < Sept. 30, '65. At J. A. McMi( Fe b. 18, '70. Jan. 5, '82. Hill & Kenned April 24, '84. A. M. Kidder Nov. 9, ',76. May 8, '69. At Lockwood Jam'. 13, '8i. Emery & Hod1 Oct. 7, '8o. Hoffman & W( Jan. 22, '76. June 14, '78. H. B. Hollins, Feb. 5, '85. Truman & Ho] May 8, '69. H. H. Holliste May 1, '79. April i5, '86. At E. S. Bislan Nov. io. '76. Traintor & Ho May 8, 69. Homans, & Co. Dec. 10, '77. Dec. at, 'Si. S. V. White & Feb. xii '86. Jones,McCormr May 3, '69. May 8, '69. H. L. Horton, April 10, '74. Horace L. Hol Sept. 20, '78. Houghton Bro Jan. 4, '83. T. W. Pearsall Mar. 24, 'Si. Aug. 3, '71. Kimball, How Jan. 13, '72. Decker, Howe May 31, '77. May 8, '6g. Hoy & Gibert Sept. 6, '83. Hoyt & Bedle Aug. 21, '55. Auig. 27, '74. C. I. Hudson May 8, '69. Wood,'HuestiE Oct. ix5, '85. Hubbard & Fa April 22, '86. E. C. Humber Feb. Ii1, '75.- W. P. Humber April 9, '85. Sept. 1, '71. ning erole Hlaight Co. lite:insoa' )n & Co. & Co. cken & Co. ly & Co. & Co. 'ges )odward & Co. I1lins rx & Co. id & Co. It Co. Lick & K'.,-nnet & Co. tchkiss & C o.:)S. & Co..1& Co. well & Co, ell & Co. OFIrCE. So B'way. 29 New st. 29 William st. 5 & 7 New st. 53 Exch. p1. 70 11'wav. 67 Exch p1. r6 & iS Ex, h. pi. 9 New st. Chicago. 2 Exch. p1. Stock Exchange 9 New st. x 6& i 8Broad si. 26 Broad st. 17 New st. 40 New st. 40 New st. 54 Exch. pl. 46 Exch. pl. 22 Nassau st. 78 B'way. 68 B',way. 24 Pine st. Boston. 56 B'7way. 44 Broad st. iS Wall st. Phila. iS Wall st. 9 New s*. 72 B'way. 72 B'way, 7 Exch. ct. 3 Broad st. 74 B'way. 72 B,way. 43 New st. 43 New st. 5 Wall st. xiiWall st. 2 Wall st. 62. New st. 7 Wall st. 56 B'way.. 7 New St. 56 B'way. 36 Broad sI. Milwaukee. 17 Broad st. 5S B way. 17 New st. 38 B'way. 7 New st. 66 Exch. pl. i i Wall st.46 Exch. p1. 35 Wall st. 31 Pine st. Hartford Conn. Drexel Bld'g Mills Bld'g. 43 B'way. 45 Exch. p1. Sr Co. s & Co. anner rt & Son rt & Co. 30 0 NAME. H lntington, C. P. Huntington, L. D. Hussey, E. A. Hutchinson, D J. Hutchinson, L.B. Imbrie, W.Morris Isaacs, M. Ives, Brayton Jackson, C. C. Jackson, F. W. Jacob, Lawrence Jacquelin, J. H. James, C. A. James, John S. James,Warren T. Jameson, J. A. Jenkins, A. Jenkins, W.L., Jr. Jesup, Jas. R.,Jr. Johnes, C. A. Johnson, Davis' Johnson, F. M. Johnson, John E. Johnson, H. L. Johnson, S. F. Johnson, W. H. Johnson, W. M. Jones, F. M. Jones, N. S. Jones, Shipley Jones, W.H. Jones, W. S. Jr. J seph, Laurens Josephson, A. Judson, A. M. Judson, David H. Judson, H. I. Jung, A. N. Keen, R. L. Keep, C. W. Keilholz, C. C. Kelley, Albert Kel ogg, W. C. Kemeys, Edward Kennedy, H Kennedy,M'Ph'n Kennedy, W. L. Keppler, Chas.F. Keppler, Rudolph Kerner, C. H. Kerr, W.Montagu Kidder, A. M. Kilborne, A. W. Kilbreth, John C. Kimball, C. II. Kimball, R. J. Kimball, Wm. A. Kimball, Wm. C. Kimber, Alfred King, Albert. King, David J. King, John Alsop King, Richard, Jr. King, Vincent B. ADMITTED. Jan. 29, '85. Mar. 6, '58 May 8, '69. Hussey & Co. Dec. 26, '73. May I8, '63. Hutchinson Bros. Aug. 31, '82. Wm. Morris Imbrie & Co. May 8, '69. May 8, '69. Brayton Ives& Co. Feb. 20, '79. Jackson & Curtis May 3, '69. At T. W. Thorne & Co. Sept. I, '84. Jacquelin & De Coppet Aug. o1, '63.. Jacquelin & De Coppet May 3, '69. April 2, '7I. John S. James & Co. Aug. 6, '85. John S. James & Co. May 3, '69. Jameson, Smith & Cotting May 3, '69. Mar. 15, '73. W. S. Nichols & Co. July 29, '74. Jesup & Lamont Mar. I8, '68. May 8, '69. Fellows, Johnson & Tilestor Mar. 26, '70. July 27, '82. Brown Bros. & Co. May 8, '69. At R. J. Kimball & Co. April i6, '70. S. F. Johnson & Co. May 8, '69. At Day & Heaton Jan. 19, '82. R. T. Wilson & Co. Jan. 22, '8o. Jameston, Smith & Cotting April24, '84. Jones,McCormick &Kennet Mar. 24, '7I. At Ludlow Thomas Feb. 12, '85. Lawson, W. S. & Co. Oct. 29, '85. May 8, '69. At A. N. Jung May 8, '69. At W. C. Stokes & Co. Feb. 27, '69. April 21, '68. April 15, '86. HI. I. Judson & Co. May 8, '69. Sept. 20, '78. Keep & Keen May 8, '69. Keep & Keen Aug. 22, '78. Keilholz Bros. April 15. '86. Kelley & Little Dec. 20, '72. Andrews, Adams &Kellogg Mar. 4, '69. Kemeys& Babcock May 8, '69. Nov. 4, '80. H. I. Nicholas & Co. July 13, '7I. Jan. 23, '79. At Keppler & Sancton May, 31, '73. Keppler & Sancton Mar. 10, '77. Oct. 5, '82. At J. T. Winchester May 3, '69. A. M. Kidder & Co. Feb. 7, '84. A. W. Kilborne & Co. Nov. 29. '82. May 8, '69. Kimball, Howell & Co. May 8, '69. R. J Kimball& Co. Jan. 5, '80. A. M. Ferris & Kimball May 8, '69. May 3, '69. Alfred Kimber & Co. May 8, '69. Feb. I6, '72. Ballin & Co. Mar. 30, '76. J. G. King's Sons June 29, '76. R. King, Jr., & Co. June 13, '65. n It FIRM. OFFICE. Mills Bldg. 30 Broad st. 66 B'way. 35 Wall st. 35 Wall st. 56 B'way. 42-Broad st. 4 Broad st. Boston. 30 Broad st. B'way & Wall st. 2 Wall st. I6 Broad st. 3 Broad st. 3 Broadst. 23 Broad st. I C'l'bia pl Alb'y 33 Wall st. 52 B'way. 5 & 7 New st. 25 William st. 25 Broad st. 59 Wall st. 18 Broad st. 18 Wall st. 29 New Street 2 Exch. ct. 22 Broad st. 56 B'way. 34 Pine st. 49 Exch. pl. 13 William st. 7 Exch. ct. 19 New st. 26 Broad st. 7 New st. 96 B'way. 7 Exch. ct. Mills Bldg. Mills Bldg. 43 Exch. pl. 37 & 39 Wall st. 5 & 7 New st. i8 Wall st. 68 B'way. II Wall st. Johnstown, N.Y. 68 B'way. 68 B'way. I8th st & 4th ave 17 New Street. I8 Wall st. 40& 42 Wall st. 78 B'way. 17 New st. i6 & i8 Broad st. 55 B'way. 35 Drexel Bldg. 66 B'way. 34 Broad st. 40 Wall st. 53 William st. 67 Exch. pl. 92 B'way. 2r n, 31 NAME. Kirkland, Geo. Kirkner, J. Kissam, P. R. Kissam, Sam. H. Kissel, G. E. Kitchen, W. K. Klingenfeld, M.C Knapp, J. E. Knapp, Shepherd Knapp, T. S. Knickerbacker,H Knight, Sylvester Knoblauch,Chas. Knowles, E. M. Knowlton, D. H. Kohn, Julius A. Kohlsaat,Chas. W Kountze, A. Kretchmar, H.C. Laidlaw, Chas.E. Lancon. Geo. S. Landon, Geo. I. Lanier, J. F. D. Lansburgh, S. Lapsley, David Lapsley Howard Larchar, F. M. Lattin, Homer A. Lavanburg, Sam. Lawrence, C. E. Lawrence, C. J. Lawrence,DeW. Lawrence, F. N. Lawrence, W. B. Lawson, Wm. S. Leland, C. H. Lelanu, Reuben Lemon, Geo. E. Leonard, A. Leo, Arnold ' Leopold, J. M. LeRoy, H. R. LeRoy, W. H. Lemmon, Wm. Lentilhon,Joseph Lester, John T. Leverich, Jas. H. Levy, L. Levy, S. L. Levy, Edward A. Libaire, A. Limburger, R. Lindley. D. A. Lines, 0. K. Linn, Ed. Livingston,H. B. Lockwood, A. A. Lockwood, F. M. Lockwood, J. R. Lockwood, W. B. Lorsch, Emile Losea, G. J. Lounsbery, A. B. Lounsbery, Jas. ADMITTED. Sept. 15, '8i. Aug. 31, '76. July 22, '64. July 1, '70. April 8, '86. Dec. 3, '84. May 3, '69. Nov. 26, '79. Dec. 8, '68. May 8, '69. May. 8, '69. June Io, '75. May 3, '69. May 8, '69. Mar. 6, '84. April 20, '82. Dec. 2I, '82. July 20, '75. Aug. 28, '79. Feb. 24, '78. Jan. 8, '85. April 20, '82. Aug. 2, '83. May 8, '69. Sept. 28, '82. Aug. I7, '63. Mar. 13, '84. Aug. 2, '83. May 8, '75. Jan. 30, '71. May 3, '69. Mar. 27, '64. Feb. 3, '74. May 8, '69. Nov. 22, '77. Dec. 28, '68. Nov. 4, '8o. Nov. 12, '85. Nov. 8, '72. May,3, '69. April I6, '85. Dec. I, '54. Sept. 9, '37 -June 28, '72. Feb. 25, '86. June 8, '8I. Oct. 8, '74. Sept. 3, 85. June 5, '84. Sept. i8, '84. May 8, '69. Mar. 3, '81. June 25, '75. Sept. 20, '78. Oct. 6, '8i. Aug. i6, '83. Jan. 18, '83. Nov. 15, '83. Mar. 4, '73. May 8, '69. May 26, '8I. June i6, 67. April I6, '85. Dec. 9, '79. FIRM. Jones, McCormick &Kennett Kissam, Whitney & Co. Kessler & Co. Moore & Schley Chase & Higginson Knapp & Griffin H. Knickerbacker & Co. Knoblauch & Co. At Drake, Mastin & Co. Knowlton & Co. J. A. Kohn &Co. C. F. Timpson & Co. Kountze Brothers Laidlaw & Co. Winslow, Lanier & 'Co. Lapsley & Gallup Howard Lapsley & Co. Chas. M. Whitney & Co. A. H. Combs & Co. Lawrence Bros. & Co. Lawrcnce Bros. & Co. Lawrence & Smith Lawson, W. S. & Co. Boody, McLellan & Co. At Harris, Hardy & Fuller Arnold Leo & Co. At A. Leo & Co. Clark, Dodge & Co. Lentilhon & LeRoy J. T. Lester & Co. C. D. & J' H. Leverich L. Levy & Co. Collis & Levy (Phila.) W. B. Wheeler & Co. Ladenburg,Thalmann &Ce, Field, Lindley & Co. F. B. Wallace & Co. Rogers & Livingston Lockwood & Co. Lockwood & Crosman R. P. Flower & Co. At Hallgarten & Co. R. J. Kimball & Co. At Lounsbery & Co. OFFICE. 56 B'way. 24 New st. 19 New st. II Broad st. 68 Wall st. 26 Broad st. 40 Exch. pl. 24 Pine st. 33 Wall st. 52 B'way. 15 New st. 46 Broad st. Mills Bldg. Drexel Bldg. Mills Bldg. 19 Broad st. 42 New st. 120 B'way. 56 B'way. 14 Wall st. 50 Wall st. 36 Broad st. 26 Nassau st. 26 Broad st. 30 Broad st. 9 New st. 21 Nassau st, Mills Bldg. 30 New st. 44 B'way. 31 Broad st. 31 Broad st. 30 Broad st. 44 New st. 49 Exch. pl. 18 Wall st. 58 B'way. Washington. 5 & 7 New st. 44 Exch. pl. 44 Exch. pl. 51 Wall st. 56 Pine st. 26 Broad st. 42 Broad st. Chicago. 31 Wallst. 80 B'way. 19 New-st. I Exch. ct. Drexel Bldg. 50 Exch. pi. I B'way. 5 & 7 New st, 44 Broad st. 51 Exch. pl. 72 B'wav. 8 Exch. ct. 29 Wall st. 52 B'way. 30 Broad st. 28 Broad st, i6 & I8 Bro d Mills B'dg. 0 32 NAME. Lounsbery, R. P. Low, l1. W. Iummis, William McClure, William McCoon, J. H. McCord, Samuel McCormick, Jas. McCormick, W.G McGregor, D. McGovern, J. Jr. McHarg, H. K. McKean, W. C. McKewan, J. P. McKim, John A. McKinley, W. G. McMicken,Jas.A. Macartney, J. W. Macy,Chas.A.,Jr. Mackay, Donald Mackay, Geo. D. Mackenzie, C. F. Macardell, C. Magoun, Geo. C. Mainzer, B. Maltbie, John Manning, John B. Manson, T. L. Jr. Manuel, H. Mapelsden, T. E. Marie, Joseph Markham, F. C. Marlor, H. S. Marlor, T. S. Marten, B. T. Martin, A. F. R. Martinez, Y. Marvin, Chas. H. Marvin, T. -H. Marx, Ludwig Marx, Stephen Mason, T. Henry Mastin, J.Edward Mauriac, E. A. Maurice, A. Maxwell, H. W. Maxwell, J. R. Mead, I. Franklin Meeker, C. J. Meeker, Fhos, B. Meigs,Charles H. Meigs, Henry Mercer, Geo. A. Meredith, Wm.T. Mertens, William Mestre, Alfred Metcalf, Jas. B. Meyer, Moritz Miles, Wm. D. Miller, E. M. F. Miller, Henry Miller, J. H. Milliken, Chas.S. Milliken, David Mills, J. D. ADMITTED. May 3, '69. Dec. 31, '52. Nov. I, '64. Feb. 29, '68. April 27, '82. Oct. II, '78. Jan. 23, '69. May 9, '85. Sept. 22, '8I. June II, '80. Feb. 21, '72. Nov. I3, '79. May 3, 9. Dec. 6, '72. Oct. 19, '82. May 8, '69. April I, '86. Dec 13, 79. Feb. 17, '66. Oct. 14, '75 Jan. 4, '73 -Feb. 28, '78. Feb 24, '8i. Dec. 9, '79. Nov. 26, '84. May 3, '69. Nov. I, '77. June 29, '70. April 29, '69. Nov. IO, 54. May 8, '69. May 8, '69. May 8, '69. May 8, '69. Oct. 18, '66. 1Dec. I2, '79. July i6, '63. Aug. II, '62. May 8, '69. July 5 '83. Oct. 15, 75 May 8, '69. May 3, '69. Nov. 8, '64. Jan. 8, '76. May 3, 69; July 29, 75 Dec. IO, '77 Dec. 29, '71I Mar. 26, '63. April 3, '58 Jan. I8, '83. Feb, 25, '86. May 3, '69. May I, '80. Nov. I8, '80. May 3, '69. Sept. 4, '84. Oct. 2, '79. Jan. 23, '79. Mar. 20, '71. April 22, '86. May 3, '69. Dec. 30, '70. FIRM. Lounsbery & Co. At Kimball, Howell & Co. At E. H. Harriman & Co. Jones,McCormick &Kennett C. Benedict & Co. Lloyd & McKean McKim Bros. & Co. J. A. McMicken & Co. Corson & Macartney Corlies, Macy & Co. Vermilye & Co. Vermilye & Co. C. F. Mackenzie & Co. Kidder, Peabody & Co. Hallgarten & Co. Chas. Head & Co. Turner, Manuel & Co. At Pearl & Co. At A. A. Drake Martin & Runyon Marvin & Stevens L. Marz & Co. Offenbach & Marx Mason & Smith Drake, Mastin & Co. Mauriac, Bishop & Howland At Petty & Bostwick Maxwell & Graves Maxwell & Graves I. F. Mead & Co. Meeker, Wildes & Co. Pomeroy & Meigs Room 30. L. Von Hoffman & Co. Noble, Mestre & Doubleday Brayton Ives & Co. Gillett & Miles At Commann & Co. At Keppler & Sancton At DeMott & Durant R. & C. S. Milliken Fanshawe & Milliken OFFICE. Mills Bldg. 17 New st. Drexel Bldg. 17 Wall st. 66 B'way. Milwaukee 30 Broad st. 56 B'way. 29 Wall st. 2 Nassau st. 33 Wall st. 3I Nassau st. 56 B'way. 18 Wall st. 2 Wall st. 44 Broad st. Washington. 39 Nassau st. I6 Nassau st. I6 Nassau st. 30 Broad st. 26 Broad st. I Nassau st. 28 Broad st. 36 Broad st. 14 Wall st. Mills Bldg. 23 Nassau st. 5 & 7 New st. 9 New st. 42 New st. 66 B'way. Brooklyn, Conn. 42 Pine street 100 B'way. 20 New st. 37 Broad st. 37 Broad st. 52 Exch. pi. 51 Exch. pl. 2 Exch. ct. Drexel Bldg. 7 Wall st. 44 Broad st. II5 B'way. 115 B'way. 80 B'way. Baltimore. 104 B'way. 30 )rexel Bldg. 156 B'way. 52 B'way. 48 Wall st. 50 Wall st. 26 Broad st. 4 Broad st. 48 Broad st. 42 B'way, II Pine st. 68 B'way. 19 New st. 43 New st. 43 New st. 13 Wall st. 33 'NAME. Minis, P. H. Minton, Chas. A. Minton, C. T. Minzesheimer, C. Mitchell, E. P. Mitchell, James Moore, F. L. Moore, 1-. R. Moran, A. D. Morgan, A. C. Morgan, D. P. Morgan, E., Jr. Morris, Walter S. Morrison, E. Morrison,Geo. D. Morse, E. Rollins Morse, H. J. Mortimer, R. Mosely, Chas. W. Motley, W. H. Mott, R. G. Munroe, B. F. Murphy, R. G. Murray, Wm. M. Musgrave, T. B. Myers, Alfred G. Myers, Julien L. Myers, T. W. Nason, Henry W. Nathan, F. Nathan, H. H. Nathan, Julian Nathan, Mendez Neilson, Alfred Neilson, Rcb't H. Neilson, W. S. Neukirch, Chas. Neumoegen, B. Neustadt, S. Newcombe, I. B. Newton, Julius Newton, R. W. Nicholas, Hl. I. Nichols, J. R. Nichols, W. S. Niles, L. H. Niles, Robt. L. Noble, H. G. S. Norbury, J. F. Norton, A. R. L. Noyes, Chas. P. Notes, Julius M. Oakley, H. C. Obrig, A. O'Brien, John O'Brien, Joseph O'Brien, Oswin Ochs, Moritz. Ogien, T. W. Olcott, H. L. Oliphant, Jas. H. Olliffe, C. W. Oltman, J. B. Oppenheim, E.L. ADMITTED. FIRM. May 8, '69.. P. H. Minis & Co. Oct. 3, '64. May 29, '80. May 8, '69. Chas. Minzesheimer & Co. Nov. io.. '8I. E. P. Mitchell & Co. May 8, '69. Chairman Oct. 8, '74. W. D. Moore & Co. July 22, '70. Eames & Moore Feb. 6, '79. Moran Bros. Mar. 30, '75. A. C. Morgan & Co. July 22, '76. At Leavitt & Davis Sept. 4, '84. Edw. Morgan, Jr. &Co. April 15, '86. Morris & Sons May 8, '69. Aug. 6, '69. Savin & Vanderhoof May I9, '76. E. Rollins Morse Bro. May 8, '69. A. M. Kidder & Co. Dec. o0, '79. Dec. 9, '80. John Pickering & Moseley Nov. 25, '72. May 8, '69. At Whittemore & Co. May 3, '69. Muaroe & Wyckoff Dec. 9, '75. Clark, Ward & Co. April20, '76. Murray & Darling May 7, '69. Musgrave & Co. Oct. 2, '72. Myers, Rutherford &Co. June 20, '79. April I, '75. Theo. W. Myers & Co. May 8, '69. AtJno. B. Hillyer May 6, '69. At W. Seligman & Co. May 18, '64. Aug. 30, '77. May 8, '69. May 3, '69. Oct. I3, '66. May 8, '69. W. S. Neilson & Co. Mar. 6, '79. Leopold Cahn & Co. May 29, '79. Neumoegen & Co. Dec. 9, '79. Hallgarten & Co. May 8, '69. I. B. Newcombe & Co. Jan. 23, '79. Mar. 2, '82. June 26, 68. -I. I. Nicholas & Co. Feb. 2, '66. Nichols & Leffingwell July 29, '56. W. S. Nichols & Co. Sept. I, '68. Dec. I3, '83. Dichman, Niles & Co. April 20, '82. Noble, Mestre & Doubleday July 29, '70. Norbury & Co. Dec. 20, '77. At Dyett & Co. Oct. 9, '84. J. M. Noyes &'Co. July 20, '72. J. M. Noyes & Co. Jan. 19, '65. Prince & Whitely June 23, '71. At A. Banks & Co. Sept. 4, '49. Wm. & Jno. O'Brien Feb. 7, '63. May 8, '69. At A. A. Drake June 5, '84. J A. Kohn & Co. Sept. 30, '54. May 8, '69. Olcott & Deal Nov. 15, '83. Lithrop, Smith & Oliphant Sept. 26, '68. Mar. 30, '82. At G. A. Bennett & Co. May 8, '69. E. L. Oppenheim &Co. OFFICE, 4 Exch. ct. 60 B'way. 43 New st. 14 Wall st.* 64 Wall st. Stock, Exchange. 66 Exch. pl. 30 New st. 68 William st. 35 William st. I Exch. ct. 30 Pine st. 80 B'way. Drexel Bldg. 26 New st. Boston. 18 Wall st. I Wall st. Boston. 96 B'way 35 Broad st. 6I B'way. II Wall st. 24 Broad st. 29 Pine st. 58 Wall st. 47 New st. 47 New st. 74 B'way. 5 & 7 New st. r6 Exch. pl. 26 Broad st. 26 Broad st. 50 Drexel Bldg. 30 Broad st. 34 Broad st. 47 Exch. pl. 40 Exch. pl. 28 Broad st. 6 Broad st. I Broad st. 26 Broad st. I Wall st. 78 B'way. 33 Wall st. 36 Broad st. 40, 42 Wall st. 26 Broad st. ii Pine st. 80 B'way, 53 Exch pl. 53 Exch. pi. 64 B'way. 66 B'way. 58 Wall st. Drexel Bldg. 9 New st. Mills Bldg. 25 Pine st. 40 Broad st. 37 Broad st. 30 Broad st. I6 Broad st. 51 Newst. t 34 NAME. Ormsbee, A. I. Orr, Arthur. Osborn, Howell Osborn, C J Osgood, W.H. Owens, W. F. Palmer, F. H. Palmer, F. L. Palmer, Geo. H. Parker, Joel Parker, J. H. Parkinson, John Parks, Wm. M. Parmly, D. D. Parsons, Charles Parsons, F. E. Parsons, William Patchen, E. F. Patchen, S. W. Patteson, Wm.M. Patton, Wm. L. Paulding, Jas. P. Peabody, R. A. Pearl, Dyer Penniman, E. A. Perkins,E. E. Perkins, H. W Perry, Wm. H. Peters, C. GPeters, J. Hugh Phillipp, F. J. A. Phipard, W. T. Pierson,Henry R Pick, A. R Pomroy, H. K. Popper, Edward Post, J. B. Post, S. L., Jr. Potts, Geo. C. Prall, John H. Prentice, Henry Prentice, W S. P. Prentiss, Geo. H. Prince, F. H. Prince, Haywood Probst, J. D. Putnam, A. E. Putnam, W. A. Quackenbush, S. Quick, F. T. Quincey, Chas.E. Randall, Chas.K. Randolph, E. Rasmus, William Rathborne, C. L. Rathborne, R.W. Raymond, C. TH. Raymond, C.M. Raymond, James Read, E. O. Read, W. G. Read, W. G. Jr. Reed, Thomas Reed, Thos., Jr. ADMITTED. Mar. 24, '66 Mar. 4, '86 Oct. 23, '84 May 8, '69 Sept. 24, '70 May 3, '69 Mar. 12, '85 Dec. 29, 'Si Nov. 24, '66. Dec. 28, '69 June 28, '83. May 10, '79 May 8, '69 Oct. 25; '83 April 22, '70. Feb. 2I, '83. Feb. 2, '77. Jan. 3, '63. June 27, '65. Sept. 20, '78. June 12, '8o. May 8, '69. June 14, '82. Sept. 22, '8i. May 3, '69. Mar. 22, '72. May 8, '69. Dec. 2, '70. Jan. 12, '74. Dec. 16. '8o. Feb. I5, '83. Sept. 21, '64. Dec. 12, '79. Feb. 26, '85. Jan. 3, '78. Dec. 8, '79. June I, '69. Feb. 20, '63. Nov. 19, '85. Aug. 24, '82. Oct. 24, '73 -July 30, '85. July 6, '82. Dec. o0, '85. Aug. I6, '77. Aug. I7, '63. Dec. 6, '73. May I2, '77. Dec. 24, '75. Oct. 14, '8o. Jan. 5, '77. May 3, '69. May 3, '85. May 3, '69. Feb. I4, '66. June I7, '8I. June 9, '68. June I5, '64. Jan. 26, '74. May 8, '69. Feb. 26, '69. Nov. 30, '77. Oct. 2, '65. Nov. 22, '83. FIRM. At Hutchinsbn Bros. W. L. Stow & Co. At Proudfit & Parsons At H. Kennedy Palmer & Lowengard J. W. Ogden & Co. Parkinson & Burr Marquand & Parmly Charles Parsons & Co. Proudfit & Parsons D'Wolf & Parsons Patchen Bros. Patchen Bros. Wm. M. Patteson & Co. Wm. L. Patton & Co. J. P. Paulding & Co. Peabody & Co. Pearl & Co. Andrews, Adams& Kellogg H. Knickerbacker & Co. Peters, Schenck & Co. C. A. Harned & Co. At Robins & Robinson Henry R. Pierson & Son. Knoblauch & Co Pomroy Bros. Kohn, Popper & Co. Post & Rennell At Homan & Markoe Potts & Markoe J. H. Prall & Co. H. Prentice & Co. Wm. C. Sheldon & Co. Geo H. Prentiss & Co. F. H. Prince & Co. At E. S. Bisland & Co. J. D. Probst & Co. At Eugene Thomson Homans & Co. E. Sweet & Co. Wm. Heath & Co. Randall & Wierum Rasmus & Lissignolo C. L. Rathborne & Co. C. L. Rathborne & Co. At M. Criss & Son At Geo. H. Palmer & Co. At E. K. Willard & Co. E. K. Willard & Co. Thomas Reed & Son Thomas Reed & Son OFFICE 35 Wall st. Chicago. 35 Broad st. 34 Broad st. 25 Broad st. 7 Exch. ct. 68 B'way. 44 Exch. pi. 27 New st. 2 Wall st. Cotton Exch. Boston. o1 Wall st. I60 B'way. IO Pine st. 25 Broad st. 8 Broad st. 50 New st. 50 New st. 65 Exch. pl. 96 B'way. 24 New st. 28 New st. 5 & 7 New st. 33 Nassau st. 5 & 7 New st. 15 New st. I IWall st. 69 B'wav. 20 Nassau st. Mills Bldg 3I Broad st. Albany, N. Y. Mills Bldg. 39 Broad st. 19 New st. 7 Nassau st. 2 Wall st. Philadelphia. 5I Exch. pi. I8 New St. 2 Wall st. 49 Wall st. Boston. 5 Wall st. 52 Exch. pI. 15 Wall st. 2 Wall st. 38 Broad st. 19 New st. 80 B'way. 50 Exch. pi. 104 B'way. 42 Broad st. Mortimet Bldg. Mortimer Bleg. 17 Wallst. 58 B'way. 72 Bway. Mills Bldg. 72 B'way. 72 B'way. Mills Bldg. Mills Bldg. 35 NAME. Reese, J. Fisher Reilly, F. A. Reimler, F. W. Renner, F. G.' Reynolds, J. E. Rich, Harvey B. Richmond, D. Rieck, J. G. Rigney, T. G. Roberts, Lewis Robeson, W. P. Robins, F. F. Robinson, C. M. Robinson, Eli K. Robinson, F. B. Robinson, Wm. Robinson, W. M. Kobison, Wm. Rockefeller, J. D. Rockefeller, W. Rogers, R. Rogers, Ed. L. Rollins, G. A. Rolston, W. H, Rook, Jos. T. Rosenfeld. M. Roumage,C.C. Jr Rubsan!.en, C. L. Russell, Salem T. Rutten, August Rutter, C. M. Rutter, J. P. Ryan, Thos. F. Ryerson, R. C. Sage, Russel Sancton, W. B, Sands, Samuel S. Sands, Wm. H. Sauzade, Rob. S. Savin, F. W. Schack, R. W. Schafer, Simon Schafer, S. M. Schenck, J. F. Schenck, R. Schepp, L. Schinzel, Geo. H. Schmidt, E. P. Scholle, Jacob Schley, G. B. Schptt, C. M. Jr. Schwartz, Chas. Scott, Albert E. Scott, Wm. L. Scovill, T. L. Scranton, G. B. Searls, Charles Seligman,DeWitt Seligman, James Seligman, M. Seligman, S. J. Seligman, W. Seymour, J., M Sheldon. Geo. R. ADMITTED. May 3, '69. July 10, '7I. Dec. 5, '73. Mar. 6, '73. April 27, '72. Mar. I9, '85. Dec. 17, '70. Oct. 29, '85. Dec. 6, '75. Aug. 2, '83. May 3, '69. Aug. 16. '77. Dec. 20, '77' April 22, '86. May 3, '77. May 8, '69. Nov. 5, '85. April 28, '8i. 'Mar I5, '83. Feb. 9, '82. Dec. I6, '71. May 27, '75. Jan. 22, '35 -Mar. 30, '82. April 13, '82. Mar. 4, '86. Feb. 8, '73. May 3, '69. May 3, '69. Dec. 9, '70. July 3I, '6o. Dec. 17, '70. Oct. 30, '74. May 8, '72. Jan. 26, '74. May 8, '69. Nov. 2, '54. May 29, '84. July 6, '82. May 24, '72. Sept. 24, '75 -May 3, '69. May 8, '69. Mar. 5, '80. Oct. 20, '71. May o0, '83. July 12, '72. Feb. 24, '8i. Jan. 27, '8i. Jan. I3, '8i. May 3, '69. Dec. 27, '83. May 3, '69. Jan. ii, '78. Oct. 28, '75. May 8, '69. Aug. 5, '52. Oct. 30, '79. May 3,,'69. April Io, '79. Dec. 9, '79. Dec. 31, '84, June 17, '8o. Sept. 23, '8o. }IRM. I Woerishoffer & Co. H. L. Hotchkiss & Co. At L. Levy & Co. Mills, Robeson'& Smith Robins & Robinson Robins & Robinson At Morris & Sons At Martin & Runyon Floyd-Jones & Robison Rodgers & Randolph Rogers & Gould Rollins & Co. Rolston & Bass C. C. Roumage & Co. H. P. Goldschmidt & Co. Rutter & Gross Smith, Ryan & Co. Keppler & Sancton S. S. Sands & Co. At Robt. Winthrop & Co. Heminway & Co. Savin & Vanderhoof R. W. Schack & Co. Schafer Bros. Schafer Bros. Peters, Schenck & Co. At A. H. Combe & Co. At W. H. Granbery & Co. Unger, Smithers & Co. E. P. Schmidt & Co. Scholle Bros. Moore & Schley Schwartz, Dupee & Co. A. E. Scott & Co. G. A. Bennett & Co. E. K. Willard & Co. J. & W. Seligman & Co. Asiel & Co. At J. & W. Seligman & Co. Wash'n Seligman & Co. Seymour, Baker & Co. Wm. C. Sheldon & Co. OFFICE. 3 Exch. pl. 96 B'way. 44 Exch. pl. 54 Exch p'. 68 B'way. 36 Broad st. 33 New st. 80 Broad st. Mills Bldg. IS Wall st. 96 B'way. 31 Broad st. Mills Bldg. 2 Wall st. 31 Broad st. 5 & 7.New st; Ioo B'way. 2 Exch. ct. 26 B'way. 26 B'way. 30 Broad st. 7 Wall st. 42 Broad st. 20 Broad st. 56 B'way. Chicago. I6 Broad st. 84 B'way. i Wall st. 53 Exch. pl. 30 Broad s+. 49 Exch. pi. 3 Broad st. 52 B'way. 6g & 71 B'way. B'way. 62 Cedar st. I Broad st. 70 B'way. 26 New st. 19 New st. 41 & 43 Wall st. 41 & 43 Wall st. 69B'way. Mills Bldg. i8 New st. 44 Wall st. I8 New st. 52 Broad st. 26 Broad st. I9 New st. Chicago. 72 B'way. Erie, Pa. I6 & 18 Broad st. 72 B'way. I Brooklyn, Conn. 328 West 58th st. Mills Bldg. 5i Exch. pi. Mills Bldg. 5 & 7 New st. 3 Exch. ct. 4 Wall st. 36 NAME. ADMITTED. Shepard, A. W. May 8, '69. Shepard, J. F. May A, '69. Shoemaker, J. M. Nov. 29, '82. Simmons, J. Ed. Jan. 13, '72. Simons, J. D. Dec. 3, '70. Sistare, W. H. M. Oct. 3, '65. Skinner, S. T. June 23, '66. Slayback,JohnD. Dec. xo, '66. Smith, A. W. Mar. 4, '86. Smith, Clifton H. April 24, '79. Smith, D. Henry Sept. 7, '66. Smith, Fitch W, April 2, '64. Smith? Henry N. Dec. IO, '77. Smith, H. K. Jan. 21, '81. Smith, James D. July 24, '68. Smith, Joseph A. Nov. 16, '82. Smith, W. Alex. Dec. 17, '44. Smith, Wm. C. Oct. I9, '82. Smith. W. Peck July 9, '64. Smith, W- P. April 2, '75. Smith, Winthrop June 30, '8I. Smithers, C.H. April 24, '74. Smyth, B. L. May 8, '69. Smyth, F. Jan. 5, '82. Sommerhoff, H. Dec. 2, '8o. Sommerhoff, L. Dec. 8, '79. Soutter, W. K. May 15, '68. Speyer, Leo. May 4, '82. Spiegelberg, I.N. May 6, '86. Stafford, Wm. F. Nov. 9, '82. Stanton, S. F. Jan. I6, '68. Stead, CharlesM. May 8, '69. Stebbins, C. H. April 18, '79. Stebbins, Jas. H. Dec. 18, '5I. Stedman, E. C. May 8, '69. Stephens, J. 0, May 8, '69. Sternburger, L. Mar. 4, '86. Sternberger, M.M Mar. 17, '8i. Sterling, Jos. H. Mar. 17, '77. Steward, C. Dec. 28, '82. Stockwell, A. B. May 8, '79. Stokes, Charles Mar. 4, '8o. Stokes, John S. Sept. 4, '75. Stokes, Walter C. Oct. 4, '78. Stout, Joseph S. May 7, '72. Stout, Jacob Nov. I, '75t Stow, W. L. Nov. 29, '82. Strong, W. E. June 24, '68. Strouse,Lewis H. Aug. 9, '83. Struthers, James Jan, 19, '66. Sturgis, F. K. Jan. 12, '69. Swan, F. G. May 8, '69. Swords, H. C. Oct. II, '77. Talbert, B. G. Aug. 13, '73. Talcott, E. B. April 8, '8o. TappinJ. C. Sept. 12, '73. Taylor, Alex., Jr. Feb. 28, '70. Taylor, J. II. Oct. 29, '64. Taylor, 1,. H.,Jr. Mar. 9, '82. Taylor, P. B. June 13, '64. Taylor, W. L. Oct. 23, '68. Taylor, W. B. April 30, '70. Thalmann, E. Dec. II, '79. Thayer, N. T. Oct. 16, '84. FIRM. At M. C. Bouvier & Co. Jos. M. Shoemaker & Co. Simons & Chew G. K. Sistare's Sons. At H. & J. Clark J. Bloodgood & Co. Lawrence & Smith De Jonge & Co. Chas. Head & Co. Jameson, Smith & Co. At W. S. Neilson &Cotting Wm. Alex. Smith & Co. H. B. & W. P. Smith Breese & Smith Winthrop & Percy Smith C. H. Smithers &Co. Frank Smyth & Co. Woerishoffer & Co. Soutter & Co. Simon Borg & Co. At Wassermann Bros. H. G. Stebbins & Son. Sternberger, Fuld & Sinn J. LI. Sterling& Co. Fitch & Lorillard At A. A. Drake Walter C. Stokes & Co. Stout & Co. Stout & Thayer W. L. Stow & Co. Work, Strong & Co. Herzfeld & Co. Work, Strong & Co. At Colbron, Chauncey & Co. Gold, Barbour & Swords John H. Davis & Co. At Barnes Bros. J. H. Taylor & Co. I,. H. Taylor & Co. Taylor Bros. Taylor Bros. W. B. Taylor & Co. Ladenburg, Thalmann & Co At Timpson & Co. OFFICE. 29 Broad st. i8 Broad st. 134 S. 3 st. Phila Tontine Bldg. 2 Exch. ct. i6 & i8 Broad st. I8 Wall st. Mills Bldg. 30 Broad st. 33 Nassau st. 24 Broad st. 46 Exch. pl. 35 Wall st. Mills Bldg. 23 Broad st. 34 Broad st. 58 Wall st. 36.Nassau st. 9 New St. 96 B'way. 37 S. 3d st., Phil. Drexel Bldg. 42 Exch. pl. 42 S. 3d st., Phil. 54 Exch. pl. 54 Exch. pl. I Wall st. 17 Nassau st. 54 Exch. pl. Mills Bldg. I Wall st. 44 B'way. 46 Exch. pl. 20 East 37th st. 66 B'way. 24 New st. 51 Nev st43 New st. 30 Broad st. 39 Pine st. 9 New st. 5 New st. 64 B'way. 64 B'wav. 25 Broad st. 38 Broad st. 35 Broad st. 36 Broad st. 54 Exch. pl. 9 New st. 36 Broad st. 17 New st. 18 Wall st. 17 Wall st. 18 New st. 64 B'way. 56 B'way. 33 B'way. 3d & Chesn't.Ph. 17 Wall st. 17 Wall st. 52 Broad st. 50 Exch. pl. 26 Br( ad st. \ 37 NAME. ADMITTED. FIRM. OFFICE. Thayer, S. H. Jan. 27, '65. 'Thieriot, F. M. Feb. 17, '8I. Thomas, Ludlow June 16, '53. Thomas, Ronald Sept. I2, '73. Thomas, R. H. Nov. 5, '74. Thomson, E. April I, '67. Thompson,.A. L. Jan. 8, '76. Thompson, John May 3, '69. Thompson, J. T. Oct. 23, '84. Thorne, T. W. Mar. 27, '68. Thouron, N. June 23, '8i. Tienken. Jno. H. Aug. 31, '82. Tileston, J. Davis Oct. 2, '79. Tileston, Thomas Dec. 8, '65. Tillinghast, W.E. Mar. IS, '69. Tilghman, F. B. April I, '86. Tilghman, S. Aug. 9, '70. Tillman, J. H. May 8, '69. Timpson, E. W. Nov. 28, '65. Tinker, Henry C. Nov. I, '83. Titus, Henry E. Oct. 30, '84. Titus, T. F. April 23, '66. Towar, Thos. H. Sept. 28, '64. Tower,A.Clifford Mar. 20, '79. Towt, C. D. Sept. 30, '75. Townsend, C. J. July 21, '8i. Townsend, C.W. July I8, '78. T'wns'd,R.H.,Jr. Oct. 6, '8i. Trask, Spencer April 22, '70. Trask, Wayland Oct. 8, '69. Travers, E. M. Mar. 20, '68. Travers, W. R. July 26, '54. Trechiel, W. P.C. Nov. II, '70. Trevor, John B. Jan. 15, '70. Trowbridge,F.E. Dec. 13, '79. True, Benj. K. Feb. 25, '85. Truman, H. H. June 6, '69. Tunis, W. E. May 8, '69. Turner, A. July 15, '68. Turner, Chas. W. Turner, C. J. Sept. 9, '70, Tweedy, Jas. F. ' uly 23, '85. Twombley, A. B. Mar. I, '83. Tysen, R. F. Oct. I3, '81. Underhill, E. B. Oct. 6, '71. Unger, Chas. May 3, '69. Vaissier, M. Nov. 21, '78. VanBoskerck,L.J Dec. 14, '54. VanDeventer,C. May 8, '6o. Vanderhoef,T. S. Mar. 26, '68. VanEmburgh, D. June r9, '69. Van Schaick, J. Oct. I7, '57. VanSchaick,W.M May 8, '69. Van Vechten, S. Jan. 4, '83. Vernam, A. H. May 8, '69. Voorhees, W. D. Sept. 27, '52. Voorhees, C. H. July i8, '62 Vyse, W. E. D. June 30, '8i. Wadsworth, C.D. Mar. 22, '72. Wadsworth, S. May 8, '69. Wadsworth,W. B. May 3, '69. Walbridge, D. M. Oct. 26, '65. Walcott, J. C. Nov. 5, '69. Walden,Schuyler Oct. I3, '8. Stout & Thayer 38 Broad st. At L. Von Hoffman & Co. 50 Wall st. 34 Pine st. At C. P. Frothingham & Co. 50 Exch. pl. W. B. Wheeler & Co. I Exch. ct. I5 Wall st. 18 New st. Chase Na'tl B'k..Thompson & Richard 15 Broad st. T. W. Thorne & Co. 30 Broad st. N. Thorne & Co. Philadelphia. At H. C. Kretschmar 56 B'way. 25 William st. Thos. Tileston & Co. 45 Exch. pl. 58 B'way. Tilghman, Rowland & Co. 54Exch. pl. Tilghman, Rowland & Co. 54 Exch. pl. At I. B. Newcombe & Co. 6 Broad st. Timpson & Co.. 26 Broad st. Tinker & Weston 2 Exch. ct. H. E. Titus & Co. 4 Broad st. 51 Exch. pl. 52 B'way. E. Sweet & Co. 38 Broad st. 30 Broad st. Townsend & Washburn 6 Wall st. 26 New st. Cassatt, Townsend & Co. Philadelphia. Spencer Trask & Co. 16 & 18 Broad st. A. M. Kidder & Co. I8 Wall st. At White, Morris & Co. 102 B'way. VanEmburgh & Atterbury 19 & 39 New st. 26 Broad st. J. B. Colgate & Co. 47 Wall st. Drexel Bldg. 2 Exch. ct. At Truman & Hollins 72 B'way. At I. & S. Wormser I Broad st. Turner, Manuel & Co. 23 Nassau st. Gorham, Turner & Co. Mills Bld'g. I6 Broad st. Tweedy Bros. & Co. 2 Wall st. At Sterrett & Britto'v 9 lew st. I I Unger, Smithers & Co. L. J. Van Boskerck & Co. At J. A. McMicken & Co. Van Emburgh & Atterbury Van Schaick & Co. At Jas. T. Bates & Co. Vernam & Co. At Slosson & Berdan At C. C. Broun & Co. Wadsworth & Barker J. C. Walcott & Co. Walden & Lawrence. 30 Broad st. 44 Wall st. 29 Broad st. 2 Exch. ct. 9 New st. 44 Broad st. 39 New st. 32 Broad st. 32 Broad st. I Wall st. 36 New st. 35 Wall st. 42 Pine st. 56 Exch. pl.. 44 New st. 44 New st. 8 Broad st. 24 Pine st. 43 New st. 38 NAME. Waldron, John C. Wales, E. H. Walker,Geo. C. Walker, Joseph Wallace, F. B. Wallace, John Waller, Robt., Jr. Walsh,Charles A. Walsh, J. W., Jr. Walsh, R. M. L. Walsh,Samnuel A. Walter, T. Henry Warner, H. S. Warren, Edmond Warren, G.H.,Jr. Wassermann, J. Waters, John R. Watson, Geo. H. Webb, H. Walter Weeber, Wm. Weeks, James Wells, Charles J. Westervelt, J. C. Weston, F. S. Wetzlar,G. G. J. Wharton, Wm. F. Wheeler, Obed Wheeler, A. H. Wheeler, W. B. Whelen, Chas. S. Whitehouse, G.M Whitehouse, J.H. White, B. Ogden White, C. G. White, L. D. White, Frank W. White, L. L. White, R. K. White, S. V. White, W. R. Whitely, James Whitfield, F. B. Whitmore, W. R. Whitney, Geo. I. Whittemore,R.B. Whittingham, W. Wight, Wm. P. Wilcox, C. H. Wiley, W. G. Willard, E. K. Willard, D. S. Williams, A. D. Williams, B. C. Williams, C. P. Wiiliams, E. T. Williams, H. C. Williams, H. M. Williams, J. C. Wiiliams, T. B. Williams, W. B. Williams, W. T. Wilson, H. S. Wilson, John D. Wilson, J. B. Jr. ADMITTED. Aug. 14, '64. Jan. 27, '8i. Sept. 9, '8o. Jan. I, '65. Sept. 13, '62. April I6, '70. Dec. 27, '83. Dec. 31, '84. Sept. I, '79. July I6, '75. April 24, '7I. Mar. 25, '36. May 24, '72. Dec. 24, '85. Jan. 31, '84. Dec. 27, '83. Nov. 25, '85. July 9, '85. Jan. 22, '85. Aug. 8, '66. Feb. 28, '65. April 22, '70. April 22, '68. Oct. II, '72. June 14, '78. Sept. II, '79. May 8, '69. May 4, '82. July 8, '74. Feb. iI, '86. May 3, '69. Nov. 20, '57. Aug. 23, '55. May 8, '69. April 8, '86. April 21, '8i. July 3, '56. May 3, '69. May 8, '69. July 21, '74' May 8, 69. Jan. 24, '78. Dec. I3, '79. Tuly 23, '85. Jan. 4, '77. MIay 3, '69. Jan. 31, '84. Jan. 3, '8o. May 8, '69. Dec. 28, '63. Feb. 15, '77. July 26, '56. Aug. 27, '85. Feb. 28, '68 -June 20, '73. Nov. 15, '69. May 8, '6o. Mar. 20, '74. July 13, '76. Sept. I, '8I. Mar. 25, '65. Dec. 12, '64. June 3, '70. Oct. 5, '69. FIRM. At Floyd-Jones & Robinson Geo. C. Walker & Co. Joseph Walker & Sons. Robt. Waller, Jr., & Co. Walsh & Hackmann Walsh & Floyd Taylor & Walsh Pupke, Walter & Co. Leask & Co. At Lee & Warren Le i & Warren Wasscrmnann Bros. Waters & Lawrence Geo. HI. Watson & Co. Webb & Co. Roll Keeper Baldwin & Weeks At John B, Manning J. K. Gracie & Westervelt Weston & De Billier J. D. Probst & Co. W. B. Wheeler & Co. Townsend, Whelen & Co. Whitehouse & Co. Whitehouse & Co. Poor, White & Greenough White, Morris & Co. L. L. White & Co. L. L. White & Co. At White, Morris & Co. S. V. White & Co. Prince & Whitely Powers & Whitmore Whittemore & Co. At Barnes Bros. Wilcox & Baird W. G. Wiley & Co. E. K. Willard & Co. Howard Lapsley & Co. Williams & Hamilton At H. L. Horton & Co. H. C. Williams & Co. At. Kimball, Howell & Co. Van Dyke & Williams Van Dyke & Williams H. S. Wilson & Bro. H. S. Wilson & Bro. OFFICE. I New st. 2 Exch. ct. 34 Broad st. Mills Bldg. 44 Broad st. 56 B'way. 52 Exch. p.i 4 Exch. ct. 26 Broad st. 26 Broad st. 84 B'way. 17 New st. 35 Wall st. 15 William st. 15 William st. 54 Exch. pl. 34 Broad st. 30 Broad st. 37 & 39 Wall st. Stock Exchange. r8 Wall st. 14 Wall st. 37 New st. 35 New st. 52 Exch. pi. 120 B'way. i Exch. ct. 43 New st I Exch. ct. Philadelphia. 25 Broad st. 25 Broad st. 45 Wall st. I3 New st. 102 B'way. 40 Wall st. 40 Wall st. 102 B'way. 7 Wall st. 25 Broad st. 64 B'way. 5 & 7 New st. 24 New st. Pittsburgh, Pa. 35 Broad st. i6 & I8 Broad st. 35 Broad st. 64 B'way. 52 Wall st. 72 B'way. 9 New st. 96 B'way. 56 B'way. 26 Broad st. 30 Broad st. 4 & 6 Broad st. 17 New st. 36 Broad st. Mills Bldg. Mills Bldg. 8 Broad st. Mills Bldg. Mills Bldz. Mills Bldg. 39 NAME. ADMITTED. FIRM. Wilson,Theodore Winchester, J. T. Wing, F. H. Winslow, F. D. Winthrop, Rob't Winthrop. R. D. Woerishoffer,C.F Wolff, Abraham Wolff, A. Jr. Wood, A. G. Wood, C. D. Wood, H. D. Woodward, E. P. Worden, Dan. T. Work, Frank Work, Frank, Jr. Wormser, I. Wormser, S. Wright, A. J. Wright, J. Hood Yerkes, C. T. Jr. Young, A. Young, T. S. Jr. Young, Wm. E. Youngs, Graham Yznaga, F. A. Zerega, John A. Zerega, Theo. C. April 17, '79. Theo. Wilson & Co. May 8, '69. May 8, '69. AtRutter & Gross Oct. 5, '82. Winslow, Whitlock & Co. R. Winthrop & Co. Aug. 8, '63. R. Winthrop & Co. Mar. 20, '84. Woerishoffer & Co. Feb. I, '70. Kuhn, Loeb & Co. June 22, '83. May 8, '69. Mar. i8, '63. June 30, '62. Dec. 23, '74. Musgrave & Woodward May II, '77. Worden & Co. May 8, '69. Work, Strong & Co. June 26, '75. July 17, '74. I. & S. Wormser June 31, '75. I. & S. Wormser May IO, '83. Feb. 4, '75. Drexel, Morgan & Co. July 21, '7I. C. T. Yerkes, Jr. & Co. Mar. 4, '73. Arents & Young Jan. 12, '74. Young & Nelson May 8, '69. W. E. Young& Co. April I3, '82. At A. H. Baldwin Oct. 14, '80. H. B. Hollins & Co. June 28, '75. At Kimball, Howell & Co. Dec. 30, '8o. OFFICE. 13 New st. 17 New st. 49 Exch. pl. 36 New st. Drexel Bldg. Drexel Bldg. 54 Exch. pl. 30 Nassau st. Mills Bldg. 64 B'way. 31 Pine st. ii Wall st. 44 New st. 48 Wall st. 36 Broad st. 36 Broad st. I Broad st. I Broad st. Buffalo. I Broad st. Phila. & Chicago 29 Wall st. 39 Broad st. 66 B'way. 72 B'way. 74 B'way. 17 New st. 34 New st. TRANSFERS OF MEMBERSHIP. I886. May 27..Morris Hollins to.................... M. M. Truman. " 27..H. Walter Webb to...........................Geo. F, Peabody. June 2..F. DeCoppet to.....Walter Weston. " Io..S. M. Hibbard to.............................F. H. Emerson. Io..F. A. Haight to...................... Stanley T. Pullen. io..W. H. Bingham to........ Edw. L. Burrill. 17..A. V. Dimock to.......... Chas. Blum. " 17..A. W. Dimock to....................Jno. G. Moore. July I..Wm. Heath to......................... Wm. Basset. " I..'Geo. F. Dickinson to..........................W. K. B. Emerson. " I..A. B. Stockwell to............................Otto Lowengard. " I..W. D. Miles to.................................Samuel F. Kimball. 8..J. L. Brownell to..............................John Howard Latham. " 15.J. A. Gargiulo to............................Geo. B. Clapp. ( 29. K. L. Fleming to..............................E. W. Clark, Jr. Aug. 5..W. M. Earl to...............................B. R: Bedle. " 5..T. S. Marlor to...............................Jas. S. McCobb. Sept. 8.. Graham Youngs to...........................J. N. Whitehouse. " 8..Harrison Durkee (dec'd) to......... M. H. C. Brombacher. " 8..J. Munro Brown (dec'd) to................Heman L. White. ALPHABETICAL LIST OF FIRMS. MEMBERS OF EXCHANGE. FIRM NAME. *MEMBERS OF EXCHANGE. A. D & Co*L. D. Alexander. Alexander, L. D., & Co.................. D. Alexander. H. Raymond Munger. *W. S. Alley. 7W. B. Dowd. Alley, Dowd & Co........................ eo. D. Patten. Sp.: H. W. Hunt. Constant A. Andrews. W. N. Adams. Andrews, Adams & Kellogg............. Kellogg. L Walter Mason. Arents & Young....... *Glber t Young. '*Albert Young. Arthur & Ketchum.................. *E G. Arthur. Edmund Ketchum. Elias Asiel. Asiel & Co............................... *Maurice Seligman. *L. S. Frankenheimer. *. C. Atterbury. Atterbury & Tillinghast................... Philip Tillinghast. Sp., E. J. Woolsey. Baldfwin & Weeks.. *Simeon Baldwin. Baldwin & Weeks......................... * a Weeks. *James Weeks. Banks, A., & Co...................... Wlm E. Banks. Barnes Bros...................... *Davis Barnes. H. K. Barnes. Baln & Co........... Oscar E. Ballin. Baln& Co............................... *.David James King.. David James King. Bates, J. T., & Co........................ Jas. T. Bates. *John C. Bates. *A. B. Baylis. Baylis & Co.............................. Wm. Baylis. Alfred R. Kimball. Bell & Hatch.......................... Howard P. Bell. *Edward Iatch. *E. C. Benedict. Benedict, E. C. & Co...................... *Fred'k H. Benedict.. Jas. H. Benedict. Benedict, Coleman & Co.................. *James McGovern, Jr. Sp: *Coleman Benedict. Benjamin, J., & Co........................ *John Benjamin, Frank P. Benjamin. Bennett, G. A. & Co..............T..... *T. L. Scoville. J. H. Briggs. Bernheimer & Speyer.................. *Irving S. Bernheimer. Daniel Speyer. SECRETARY NEW YORK STOCK EXCHANGE. - --- —IIIL. JOHN CRERA' LIBRARY pmn — ~ -— ~- --.-... _ __ 41 FIRM NAME. * MEMBER OFl EXCHANGE, Bisland, E. S. & Co...................... S. Bisland. W. A. Bisland. Arthur W. Blake. John P. Marquand. Blake Bros. & Co........................... *J. E. Brown. George R. Harris. Howland Davis. Blood, S. L. & Co........................ *S. L. Blood. C. F. Betts. Bloodgood, John, & Co.................... Bioodgo:~. *John D. Slayback *Seba M. Bogert. Bogert, Seba M., & Co.................. John W. Bogert. Erastus E. Ford. Bonner, G. T., & Co.................... *GT. Bonner. *E. H. Bonner. Boocock, S. W. & Co....................... *S. W Boocock. Henry Bowers. *D. A. Boody. Boody, McLellan & Co...................... C.W. McLelan, Jr. *Reuben Leland. Simon Borg. Borg, Simon, & Co....................... *Leo Speyer. Sam'l Lichtenstadter. *T. H. Bouden. Bouden & Jenkins................ Bouden. Frank Jenkins. Bound & Co.............................. *Walter Bound. Bouvier, M. C., & Co.................... *MF.Darling. Boyd, J. M., & Co......................: *J s y..d. Jas. D. Livingston. J *Walter Brooks. Brooks & Hamlin...................... B Walter A. Hamlin. Breese & Sm ith......................... *W P. Smith e. *W. P. Smith. Broun, C. C., & Co........... *Campbell C. Broun. ' Thomas Fleming. Britton & Burr..................... *Reuben A. Britton. *M. Burr, Jr. *Geo. H. Brouwer. Brouwer & McGown................ Geo *Jos. M. Brown. Brown, A. H., & Co..................... Heman L. White. Niles P. Hough. James M. Brown. Chas. D. Dickey. John Crosby Brown. Hoxward Potter. Brown Bros., & Co........................ John E. Johnson. *Francis Alex. Hamillon. Mark Wilks Collett. Stewart Hy. Brown. Fred'k Chalmers. Alx. Hargreaves. Brown W. Harmon Brown. Brown's, Stewart, Sos................ Davison Brown. *Geo. Alex. Brown. *Walston H. Brown. Brown, Walston H., & Bros................ Frederick A Brown. Herbert P. Brown. (Geo. Y. Brown. Brown & Anderton........................ Anderton Jr. Edward K. Anderton. e 0 (: 'P. 42 FIRM NAME. MEMBER OF EXCHANGL ). L. Brownell. Lrownelll, J. L. & Co..................... Iy. H W alker. ) L. W. Murray. Baimell & Scranton.................... H. B nnell. ) C. W. Scranton. Burdett, J; B., & Co.................... *esse B. Burdett. - Win. A. Burdett. [lIoward K. Burras. Burras, II. K., & Co................... *J. S. Bea rns. Sp.: R. Dunlap. Burrill & Housman...................... Hu.. A. A. Housman. *C. A. Buttrick. Buttrick & Elliman....................... A uttrick. Wm. Elliman. *Eugene E. Dewey. Calh n & Co.............................. J. S. lalle. Sp., C. Cahn. (*Leopold Cahn. Cahn, L. & Co............................ *Chas. Neukirch. *Jas. S. Bache. Cahoone & Wescott................ *Stephen Cahoone. Wm. P. Westcott. (C. B. Caldwell. Caldwell, Bunker & Allen............... Caldnk. *W. R. Bunker. Vanderbilt Allen. Cammann & Co..................... *Chas. L. Cammann. *Geo. W. Fuller. Campbell, Alexander & Co............... *Mo. m Campbell. Cantoni & Co........................... *Salvator Canto Carlo Leoni. Carolin & Cox......................... *Wn. V. Carolin. Chas. F. Cox. Carpender, W. & J. N.................... *W. Carpender. J. N. Carpender. *Jas. J. Higginson. Chase & Iligginson................ Geo. Blagden. *J. E. Knapp. *Edward E. Chase. *Daniel Chauncey, Jr. Chauncey & Gwynne Bros................. *Sam'l S Chauncey. David E. Gwynne. Abraham E. Gwynne. Chilton & Toffey.......................... Bruce E. Chilton. Wm. V. Toffey. Geo. C. Clark. Clark, Dodge & Co.................. *Harry E. Dodge. *Herman R. Leroy. Louis C. Clark. *H I. Clark. H. Clark, H. & J.......................... H.. Clark. Jas. F. A. Clark. Clark, Ward & Co..................... Reginal H. Ward. *R. G. Murphy. Clarkson, M. & H................. *M.. Clarkson. Howard Clarkson. Clews, Henry & Co........................ *Henry Clews. *Chas. M. Foster. *James B. Colgate. Colgate, J. B., & Co....................... *Robert Colby. Sp.: *J. B. Trevor. Colgate Hoyt. Collis & Levy*C. H. T. Collis. *S. L. Levy. I I I I I I I I 43 FIRM NAM.. MEMBER OF EXCHANGE. *Combs, A. II., & Co..................... *A. 11. Combs *Homer A. Lattin. Content, H., & Co........................ *H, Content. " Henry Ollesheimer. *Chas A. Macy, Jr. Corlies, Macy & Co........................ 1. F. Cor!ies. F. H. Macy, Jr. *Wm. T. Colbron. Colbron, Chauncey & Co................. I lenry Chauncey, Jr. Louis Gibbins. Sp.: C. V. De Forest. Conrior, W. E., & Co...................... *W. E. Conner. *E. S. Conner. a Wn. H. Cox. Cox, Wm. II., & Co...............*E. VD. Cox. Sidney W. Sharp. J. N. Crane.,Crane, Seabury & Co..................... F. C. Seabury. F. R. Culbert. Criss, M., & Son........................... Criss.. T. B. Criss. Cumming Clement M.................... lement M. Cumming. Cummings & Co Gieson Cum.mings & Co......................... F. Cummings.. John B. Van Gieson. Cunningham, J. W., & Bro.......... *J. W. Cunningham. *R. L. Cutting,Jr. Cutting, R. L., Jr., & Co................... D W Cutting. 2,702,93E 4,932,212 2,407,32C 3.305,428! 2,182,954 7,407,524 1,568,818 7,055,038 3,889,950 5,823,724 3,163,286 5,150,580 2,770,50( 2,595,910 1,061,501 41,546,610 32,789,951 24 331,153 38,257,132 36.925,919 19,537,507 27,087,779 35,659,359 44.857,341 16,839,504 44,297,112 45,932,95C Oats bush. 1,028,254 1,207,94C 1,660,646 885,25C 1,832,412 2,180.40C 1,176,90C 2,183,94C 2,921,784 2,225.142 1,655,40C 1,1 31,752 20,139.82C 26,237,229 18,154,637 19,041,085 16,040,989 14.684.857 Rye bush. 7,650 4,200 9,304 2,560 15,609 46,508 89,526 20,423 88,804 10,060 15.054 21,100 230,789 690,861 4,254,811 5,049,633 1,859,581 1,430,104 Barley bush. 852,735 299,500 548,602 149,873 67,500 625 1,250 145,076 157,727 631,628 1.296,064 854,600 4,505,180 4.266,818 4,219,882 4.194,421 4.)03,773 3.664.102 Peas bush. 8,504 16,500 49,500 13,80u 67,900 44.600 74,450 27,250 26,658 43,048 68,102 80,80r( 471,112 305,721 254,375 244,654 580,415 290,833 C. Meal bbls&slr 44,737 48,653 46,976 41,377 89,547 54,288 40,985 38,973 56,198 48,043 52,941 88,749 551,465 458,177 277 509 252,851 180,3835 294.823 - I - -..I -- -` — ` -` — - Exports of Flour and Grain FROM NI:EW YOLKI MONTHLY, DURING 1886. Flour Wheat Corn Oats Rye Barley Peas 1 C. MeLMonths. bl. ush. bush. usbbl. bush. bush. bush. bush. sh. bush. bbls&s Jan..................... 239114 110.394 1851,908 214,46...... 62 5,858 1239 Feb....222647 1011,71 1,886.160 11,381 14,517... 6,443 9.687 March.................. 231504 1,678,865 4238, 4,52 82516...... 16997 9.67 April.................... 219,284 2 0682 2,208.325 213,952 25,252...... 6,005 7,683 May..................... 836,842 3 745,921 1,731,088 9,832 82,340...... 59,278 7,240 June............ 325,903 5.872,148 1,674,298 103,981 34,142 20 44,932 12,681 July.................... 224,330 2,787,020 1,134.491 9,148 41.491...... 63.954 11,178 Aug.......... 819,352 4,008,459 1,029.629 16('07 53,655 525 81.257 10,606 Sept.................... 3(2, 1 18 2,235,776 1,464,387 70,664 8,500 452 26.593 7,435 Oct................ 282,757 1,907,962 1.418 37'5 38,661...... 29,39 7,559 7,872 Nov.................... 24.661 2,724,402 987,950 17,328...... 89.604 29,195 11,022 Dec..................... 451,277 3,212,183 1,453,058 26,761 37,208 16.027 85,297 13,298 Total 1886...................,479,787 32,601,670 21,078,065 761,718 279,621 86,629 33,3868 120,668 1885................ 3,696,149 16,786,138 26.867.8.6 f6,261,191 655,155 12,004 199.844 152,670 1884..................... 907,020 28,01,525 11,862,469 2,457,261 4,46,088 76,34 172,707. 114,09 1883.................... 436,858 21712.653 25,,4462 147.8.5 5,088,084..... 184,585 123,492 1882.................. 4,619,499 37,620,103 9,012,373 170,586 1,980,5... 461.447 112.816 1881..................... 507052 41,788,708 31,614,40 434,337 1 074,16,..... 26S,37 199,541 J 1il 91 Annual Receipts of Produce at New York. COLLECTED AND COMPILED,.N'W YORK BY THE PRODUCE EXCHANGE. RECEIPTS OF YIAR 1886. YBAR 1885. RECEIPTS OF YEAR 1886. YuAB 1885 BRIADSTUVFS: PRovISiONS-Continued: Floor, bbls............... 5,580,498 5,988,575 Pork, bbls................ 137,250 184,829 Wheat, bush.... 41,546,610 24,331,153 Lard tea.................. 569,956 496,381 Corn, bush................ 82,789,951 88,257,132 bbls.................. 64 750 Oats, bush............... 20,139,820 26,237,225 " kegs................ 230,722 163,412 Barley, bush.......... 4,505.180 4,266,818 cases................ 82,217 54,064 Barley Malt, bush........ 4,716,667 4,330,648 Bellies. tcs............... 248 614 Rye, bush............... 230,78 690,861 I" boxes............. 1,266 1,484 Peas, bush................ 471,112 805,721 Middles, tea............... 27,844 26.028 Blaci Eyed Peas, bags... 10,949 9,656 " boxes............ 351,217 825,124 Beans, bush............. 493,876 411,772 Hams, tea................. 46,009 55,027 Buckwheat, bush......... 17,350 15,051 " boxes.............. 98,564 66,917 Oat Meal, pkgs............ 81,604 7,275 Tongues, bbls............ 14.65 13,747 Corn Meal bbls........... 147,883 176,465 Shoulders, tcs............ 4.811 7,617 Corn Meal, sacks......... 404,082 281,712 " boxes.......... 42,302 33,786 Buckwheat Flour, bgs... 97,198 87,17 Backs, boxes.............. 7,528 6,769 Mill Feed, tons.......... 15,073 19,720 Butter, pkgs............. 1,666,562 1,733,237 Hominy, pkgs............ 28,908 52,104 Cheese, pkgs......... 1,990,996 2,191,331 *' Chop, tens.... 8....,02 2.577 Eggs, pkgs.............. 1,150,650 977,115 Hops. bales.............. 87,793 146,054 Tallow, hhds.............. 4,799 3,493 LIVE STOCK: tcs.................. 29,973 25,126 Cattle Beeves No........ 507,832 557,203 bbls.......'......... 48,120 6755 Hogs, Live, No........... 1,980,656 1,919,063 " casks............... 1,896 2,474 Sheep, Live, No.......... 1,997,751 1,849,271 Stearine, hhds............ 362 617 Calves, No................ 240,810 208,180. tcs............... 10,602 18,269 Cows, No.................. 5,638 5.244 bbls......... 4,003 5,845 NAVAL 8TORm: " casks............ 156 421 Crude Tur., bbls.......... 8,839 8,241 Grease, tea................ 22.750 23,894 Pitch, bbla............... 1,658 1,514 " bbls............... 25,441 27,282 Rosin, bbls................ 815,397 818,656 Dressed Hogs, No........ 79.362 52,823 Spirits Turp., bbls........ 87,731 76,139 SEEDS: Tar, bbls.................. 26,363 23,849 Flax Seed Dom'c., bush.. 2,061,811 1,703,988 OrILS: Grass Seed, bush......... 69,701 103,059 Lubricating, bbls......... 23,823 26,132 Lard, bbls............... 10,381 8,871 Whiskey, bbls........... 88,167 134,149 Cotton seed, bbls......... 101,064 69,097 Highwines, bbls........ 70,071 74,707 Oil Cake, pkgs............ 662,584 640,712 Alcohol, bbls............. 46,610 67,897 PROVISIONS: Beef, tcs................. 15,070 17.180 Soap Stock, bbls.......... 12,233 17.058 "bbls................ 26,762 28,351 cases................ 845,122 438,294 Oleomargarine Stocktcs,. 61,927 55,285 EHams, bbls.......... 15,412. 20,527....""bbls. 5,445 7,639 Annual Exports of Produce from New York. COMPILED FROM THE RECORDS OF THE NEW YORK PRODUCE EXCHANGE. EXPORTS OF YzAR 1886. YEAR 1885. EXPORTS OF YEAR 1886. YAaR 1885. Flour Wheat, bbls........ 8,479,787 8,696,149 Lard 011, gals............ 484,433 579,580 Flour Rye, bbls........... 2,523 3,811 Lubricating' Oil, gals..... 13,063,717 12,218,873 Corn Meal, bbls.......... 120,668 152,670 Cotton Seed Oil, gals..... 1,452,138 1,851,015 Wheat, bush.............. 82,601,670 16.786,188 Residum, gals............ 928,440 3,450.463 Corn, bush................ 21,078,065 26,867,856 Naphtha, gals............ 8,603,595 7,186,606 Oats, bush................ 761,713 6,261,191 Benzine, gals............. 472,139 582,664 Barley, bush.............. 86,629 12,004 Petroleum Crude, gals.. 29.723,752 34.307,753 ye bush................. 279,621 655,155 Petroleum Refined, gals.. 852,858,.584 38.7,021,560 Flaxseed, bush........... 652,269 688,701 Oil Cake, lbs..............231,328,182 208,906,976 Peas, bush............. 833,368 199.844 Oil ieal, lbs.............. 6,284.949 7,196,863 Beans, bush.............. 156,665 176,674 Pork, bbls................ 164,794 196,891 Grass Seed, bags.......... 8 37.374 89,821 Beef, bbls................. 129,248 152,216 Oatmeal, bags............ 41,926 56,079 Bacon, lbs................267,845,999 255,889,053 Hops; bales............... 16,804 60,642 Butter, lbs................ 9,057,187 11,306,985 Feed, lbs.................. 1,795,266 2,538,486 Cheese, lbs................ 85,959,622 91,771,106 Crude Turp.,bbls......... 11 173 Lard. lbs..................251,135,086 220,239,049 Rplrits Turp.bbls........ 19,297 13,600 Stearines, lbs.............. 8,763,546 2,945,558 Rosin, bbls............... 163,236 155,103 Grease, lbs................ 82,986.717 89,141,9q8 Pitch, bblsa............4... 4,051 5,904 Tallow, lbs............... 26,21+8,372 25,097,104 Tar, bbls..................,842 5,714 Whiskey,.. bbl........... 1,899 57,261 Coal Tar Pitch, totfs.............. _ 1,000 Alcohol, bbls............. 21,2029 48,015 92 I OFFICERS OF THE NEW YORK PRODUCE EXCHANGE. FOR 1887. President. JAMES McGEE, Vice-President: WM. D. MORGAN, Secretary: THOS. P. WHITE, Treasurer. SAM'L JACOBY. BOARD OF MANAGERS: I THOMAS P. WHITE, D. S. JONES, JOHN H. HODGSON, JOHN P. TRUESDELL, CHAS. A. KING, S. S. MARPLES, To serve two years. To serve one year. WILLIAM COVERLY, H. C. COOKE, GEORGE MILMINE, EVAN THOMAS. JAMES R. TURNER, DAVID BINGHAM, WM. E. FLETCHER, -Superintendent. LESTER B. HOWE, Assist. Supt. WM. R. FOSTER, JR., Counsel, WM. H. HABIRSHAW, Chemisi J. E. BROWN, Statician. I CONSOLIDATED STOCK AND PETROLEUM EXC H ANGE OF NEW YOVV RK. OFFICERS FOR 1887. President. CHARLES G. WILSON. First Vice-President. FRANK TACK. Second Vice-Presideut. THOMAS L. WATSON; Treasurer. JOHN STANTON. Secretary. RUDOLPH HUBEN. Assistant Secretary. WILLIAM H. LEWIS. Chairman. A. W. PETERS..l Arbitration Committee. WASH. L. JAQUES, Chairman. D. K. YOUNG. J. E. BARROW, JR. S. T. HUBBARD, JR. E. S. MUNROE. G. G. RENVILLE, C. J. FRASER. W. N. HOPCROFT, Secretary. 94 BOARD OF DIRECTORS. Class x. To Serve One Year. C. F. Woods. Chas. G. Fales. J F. Sadler. S. H. Tobey. N. Caimpbell. G. W. Hoagland. L V. Deforeest. L. H. Smith. J. C. Whiting. H. E. Hosford. S. F. Strong. G. P. Townsend. M. A. Van Winkle. S. G. Nelson. G. W. Rosevelft, Jr. C. H. Badeav. A. R. Blount. L. J. Werner. Thos. Murphy. A. L. Faris. Samuel Ames. Class 2. To Serve Two Years. G. H. Lincoln. J. C. Maben. A. W. Peters. R. A. Chesebrough. G. W. Fuller, Jr. H. M. Curtis. F. G. Saltonstall. Nic. Mehlen. J. L. Anthony. W. C. Hendrie. E. P. Moxey. J. A. Macpherson. W. F. Moller. J. Gutman. M. Lauterbach. G. L. Ring.b J. B. Macf arlane. Minott Mitchell. E. S. Mendels. D. Bettman. C. F. Thumm. 95 STANDING COMMITTEES OF THE BOARD OF DIRECTORS FOR 1887. F inrance Committee. T. L.Watson, Ch'man. R. A. Chesebrough, L. H. Smith. President and Treasurer. Membership Committee. S.'H. Tobey, Ch'man. C. G. Fales. G. L. Ring. - M. Lauterbach. G. N. Fuller, Jr. N.Campbell. C. H. Badeau. A. L. Faris. '. F. Sadler. Complaint Commnittee. C.F. Thu'mm. Ch'man. E. P. Moxey. D. Bettman. E. S. Mendels. Geo. L. Ring. Law Committee. John Stanton, Ch'man. J. L. Anthony. G. H. Lincoln. Minott Mitchell. Charles G. Wilson. Committee on Securities. W. F. Moller, Ch'man. J. B. Macfarlane. H. E. Hosford. J. C. Whiting. J. C. Maben. E. S. Mendels. L. V. Deforeest. Committee on Arrqngements. Thos. Murphy, C'man. G. W. Hoagland, E. S. Mendel. L. V. De Foreest. F. G. Saltonstall. Committee on Mining Securities. J.A.Macpherson, C'm. C. H. Badeau. G. P. Townsend. W. C. Hendric. G. W. Hoagland. Committee on News and Statistics. S. F. Strong, Ch'man. M. A. Van Winkle. S. G. Nelson. Samuel Ames. Committee on Commissions. A. R. Blount,. L. Ring. E. P. Moxey. Trustees of the Gratuity Fund. R. M. Shaw. C. F. Woods. C Otto Arens. J. S. Stanton. I M. N. Day, Frank Tack. I Minott Mitchell. H. M. Curtis. Nic. Mehlen. Nic. Mahlen.. F. Schramme... H. Smith. -I. M. Curtis. Treasurer. President, Committee on Clearances. L. J. Werner, Chairman. J. Gutman. G. W. Rosevelt, Jr. Frank Tack. R OLL F F I E R S FRO M 1875 TO 1 887 YEAR. PRESIDENT. VICE PRESIDENT. TREASURER. CHAIRMAN. SECRETARY. 1875.... JOHN STANTO............. JOS. E. GAY............. J. WYMAN MORRIS. 1876.... JOHN STANTON. CHAS. O. MORRIS. JOS. E. GAY............. J. WYMAN MORRIS. 1877.... GEO. B. SATTERLEE. COLL. J. TURNER. JOHN STANTON. L. W. BADGER. J. WYMAN MORRIS. 1878.... GEO. B. SATTERLEE. H. C. HARDY. JOHN STANTON. A. W. PETERS. J. WYMAN MORRIS. I879.... GEO. B. SATTERLEE. H. C. HARDY. JOIN STANTON. A. W. PETERS. JOHN F. SCOTT. 880.... S. V. WHITE. R. M. SHAW. JOHN STANTON. A. W. PETERS. JOHN F. SCOTT. I88.... S. V. WHITE. R. M. SHAW. JOHN STANTON. A. W. PETERS. E. A. WOOD. 1882.... S. V. WHITE. C. F. WOODS. JOHN STANTON. A. W. PETERS. E. A. WOOD. I883.... CHAS. 0. MORRIS. CHAS. G. WILSON. JOHN STANTON. A. W. PETERS. P. J. SWEENY. 1884.... CHAS. G. WILSON. C. F. WOODS. JOHN STANTON. A. W. PETERS. P. J. SWEENY. 1885.... CHAS. G- WILSON FRANK TACK. JOHN STANTON. A. W. PETERS. RUD. HUBEN. 886.... CHAS. G. WILSON. FRANK TACK. JOHN STANTON. A. W. PETERS. RUD. HUBEN. 1885.... Samuel E. Strong, 2nd Vice President 1886.... Thos. L. Watson, 2nd Vice President. *Fiscal year ends May 3Ist. * 97 HI STORY OF. 0 N S 0 L I DATED STOCK AND PETROLEUM EXCHANGE OF NE W YOnKn. THE CONSOLIDATED STOCK AND PETROLEUM EXCHANGE OF NEW YORK, is the name of an association that is nearly twelve years old, it having been organized under the name and title of the New York Mining Stock Exchange. During the month of September, 1875, a call for a meeting was presented to a number of gentlemen for signatures. It represented the fact that the mining industries of this country had increased in such proportions, that large sums of Eastern capital were seeking investment, through the agency of the San Francisco Exchange, and, it was believed that the time had come when a Mining Exchange in New York would be a source of profit. During the last days of September, a meeting was held on the first floor of No. 60 Broadway, in a room which occupied the north-east corner fronting on New st., at which were present, Messrs. John Stanton, Jr., Jos. E. Gay, J. Wyman Morris, L. V. Deforeest, R. H. Rickard, Chas. 0. Mowis, Robert Courtney, James Gandolfo, E. W. Morse and a few others, who after consultation decided that a mining exchange should be established, to be known as the "New York Mining Stock Exchange." This was practically the birth of the present Exchange. At noon on the 1st day of November, I875, the New York Mining Stock Exchange was opened for active business at its rooms in No. 24 Pine st., with the following roll of officers. John Stanton, Jr., President; Joseph E. Gay, Treasurer;J.Wyman Morris, Secretary, and a total membership of twenty-five. Under the leadership of honorable and sagacious men, its growth and prosperity, has been constant. From the little rooms in No. 24 Pine street, its business was removed successively to No. 32 Pine street, to No. i8 Broad street, to the "Bond Room" of the New York Stock Exchange, and to No. I6 New st., until on July 26th 1877, it returned to No. 6o Broadway, on the occasion of admitting into its own fold, the members of the "American Mining and Stock Exchange," thfts absorbing a rival organization, which had been in existence about fifteen months. The fitness of this exchange to survive is evinced by its successive absorption of the rival just named, and of four other competing organizations, viz. The National Petroleum Exchange. The Miscellaneous Security Board. The American Mining Board, and The New York Petroleum Exchange and Stock Board. The result of such absorptions being the amended title of THE CONSOLIDATED STOCK AND PETROLEUM EXCHANGE OF NEW YORK, with a roll of 2,403 members. As an evidence of the large business transacted on the floor of this exchange in its Mining department, it will only be necessary to 98 refer to the subjoined table showing the total transactions in Mining Stocks during this period between the years i885 and 1887... %. Month. 1885. Shares. I.. January............................... February............................ March.............................. A pril.................................. M ay................................. June.................................... July.................................. A ugust................................ September............................. October................................ November.............................. December........................ 165,204 306,180 257, 150 200,170 295,327 273,751 258,492 160,380 195,609 247,633 294,819 331,39 i886. Shares. 417,417 205,302 236,362 263,079 292,740 256,585 229,879 196,263 222,847 4I0,461 833,433 2,945,113 6,509,481 Total............................ 2,986,113 Until early in the year 1883, the business of the Exchange was almost exclusively confined to dealings in? mining stocks, but about that time two additional departments were added to its business, viz: those of Petroleum and Miscellaneous securities, the business in both of which, developed in a short period of time to an extent almost unprecedented in the history of Exchanges in this country. The sum total of the transactions from 1883, the year in which petroleum was first listed and traded in on this Exchange to the year 1887, is as follows: Year. Barrels. 1883..............................................,055,423,000 1884...................................3,211,374,00 1885............................................3,6r2,138,000 I886....................................2,286,765,000 The monthly transactions in petroleum for the years 1885 and 1886 by comparison, was as follows: a.. s Month. January..................... February.................... March................... April........................ M ay........................ June........................ July........................ August..................... September................ October..................... November.................. December................. Total.................... 1885. Barrels. 271,305,000 314,396.000 349,586,000 206,274,000 224,091,000 269,510,000 391,655,000 239,877,000 28I, I84,000 422,586,000 366,768,oo0 274,906,000 3,612,138,000 r886. Barrels. 272,485,000 292,927,000 179,569,000 187,607,000 180,354,000 194,693,000 154,814,000 167,886,ooo 152,345,000 98,278,000 211,502,000 194,305,000 2,286,765,000 The volume of business in the miscellaneous security department, in the shape of railroad bonds, aggregate as follows: 99 Month. I885. x886. January.............................. 3,658,000 February............................... 4,147,00ooo March......... 6,765,000 April................................. 5,285,000 May......................... 2.49.00 5,945,000 J une3,566,00 I, 567,ooo000 June...................... 3~566>000 11,567,000 uly................... 4,241,000 8,170,000 August...................... 1,823,000 6,287,000 September................... 1,6o,ooo 7,897,000 October..................... 4,994,000 5,034,000 November.................. 9,878,000 4,857,000 December.................. 7,380,000 6,826,000 Total................. 35,632,000 $76,498,oo0 Early in the year 1885, the membership of the Exchange, keeping pace with its largely increased business, had grown until it reached 2,403 (larger in point of members than any other Exchange in the United States except the New York Produce -Exchange) and a general demand was made by the members upon the management, looking to the establishment of an additional department to the business of the Exchange, viz.: that of dealing in active railroad stocks. As nearly four hundred members of the Exchange were members of the N. Y. Stock Exchange, and as it was not deemed judicious in any way to antagonize them, negotiations were opened wit.h the proper authorities of the N. Y. Stock Exchange looking to an arrangement by which the speculative business in railroad stocks might be divided; this Exchange at that time being content to confine its business to fractional lots of stock. Committees were appointed, who, from time to time, met, but * only t(o disagree, and finally, it was determined to cut loose from all entangling alliances, and reach out not only for a business in fractional lots but for any and all business in railroad stocks that could be got. It was a bold step, but the die was cast, and now, after eighteen months trial, the Consolidated Exchange stands the acknowledged rival and competitor of its older sister, the New York Stock Exchange. The following statistics subordinate everything to the volume of business done in railroad stocks which were first listed in March, 1885: Month. ix885. i886. _ Mon __ No. of Shares. No. of Shares. January.................................. 1,537,950 February.............................1..,990,100 M arch................................... 3,694,780 April............................. 2,392,730 May......................... 558,I70 3,050,570 une......................... 573,996 3,289,400 July......................... 684,110 3,013,040 August...................... 4 5,533 2,868,450 September..................... 429,630 4,675,930 October..................... 842,257 5,363,560 November................... 1,126,868 4,508,790 December................... 1243,397 5,289,870 Total....................5,873,961 41,675,170 _,7, 64x 7,7 I,*. ~_ ~ 100 From a treasury fund of $Io,ooo in 1877, the mining boom which culminated in I88I raised it by listing and transfer fees alone, to $50,000; this amount was doubled in April, I883, by absorbing the National Petroleum Exchange, increased still further in December by admitting the members of the board room for unlisted securities, and nearly doubled again when the former members of the New York Petroleum Exchange and Stock board were admitted in March, I885, and by use of those means by which large sums of, money, conservatively managed are known to increase, has been constantly accumulating ever since, until at present the general surplus fund aggregates $384,792.72. Iu December, 1879, a gratuity fund was established in connection with the Exchange, by which on the death of a member, the sum of two thousand dollars was provided for his heirs, each surviving member being assessed the sum of ten dollars; this assessment has been reduced to four dollars on the surviving members while the beneficiaries of a deceased member, now receives the sum of eight thousand dollars. The wisdom of the management in establishing this fund is fully demonstrated when we refer to the fact that already six hundred and seventy-four thousand dollars (674,0oo) has been paid to the beneficiaries of ninety-two deceased members, while a surplus has been accumulated now aggregating more than three hundred and fifteen thousand dollars, (315,000) which is steadily increasing at the rate of about fifty thousand dollars per annum. In connection with the Exchange is a clearing system controlled and conducted by a corporation organized under the laws of the State of New York called the " Consolidated Stock and Petroleum Exchauge Clearing Company, Limited." All transactions between members of the Exchange in pipe line certificates and railroad stocks are cleared and settled through this company for the small charge of one-half of one cent per thousand barrels of petroleum, and five cents for one hundred shares of stock. Through the medium of this company the clerical work of the immense transactions made upon the floor of the Exchange are adjusted and'balanced, and the money settlements made through the Fourth National Bank of New York, its financial depository. By the system of clearing in vogue in this Exchange the risk of over certification is entirely avoided. and the handling of vast amounts of money and securities is reduced to a minimum, while the accounts of members representing millions of dollars are daily adjusted without the use of any money except the actual resulting balances. Realizing the necessity of bringing its transactions more prominently before the public, the management of the Exchange (in the month of May i886) contracted with the stock quotation company for an independent telegraphic servicc that should furnish to the pnblic (at a fixed monthly rental) by means of indicators, the quotations of transactions made on the floor of the Exchange in oil, railroad stocks, mining stocks, miscellaneous securities and bonds. The system is now in thorough working order its wires extending from the Battery to 59th st., and more than two hundred instruments are now furnishing the quotations of this Exchange to the public. As to the membership, the personel of twenty-four hundred members is necessarily somewhat heterogeneous, representing bankers, brokers and merchants; the trades and professions, and at an average transfer of thirty memberships per month is all the while rapidly changing. New members are so numerous that should they combine they could make a successful resistance to any hazing that might be attempted. Of the original members of the old New York Mining Stock Exchange there are not many left, Death; decline of the Mining business; and war with the New York Stock Exchange has depleted the old directory to a *.~*:: ~n@ 101 degree. Irt a retrospect of the Officers and Committees, a host of recollections are recalled by the absence of many familiar names; names which were once as closely related to the Exchange as Louis XIV. was to the State. The first secretary, Mr. Morris, whose prerogatives extended beyond the ordinary limits of that office, was virtually Chairman of the Committee on Arrangments, vice-Chairman of the Board, Cashier, Seeretary to all the Special Committees and custodian of all the movables, barring the Treasury itself is still a member. The Treasurer, Mr. John Stanton -after ten annual electionsafter Presidents and vice-Presidents have come and gone-after Committees have convened and adjourned forever-after several Constitutions have been written and adopted, alone appea:s on the Annual Report for 1886-7 in the same office. The nafrest approach to this record is that of Mr. Peters. He succeeded Mr. Badger as Chairman of the Exchange in J'ne i878, since which time no rival has had the hardihood to enter the arena. Mr. R. K. Cooke made the influence of the Committee on Arrangements paramont from I886 to 1884. Nor must we forget the veteran Chairman of the Arbitration Committee, Mr.E. S. Munroe. The Exchange has always cherished the wish for a building of its own. Many tommittees have been appointed; have investigated, and-reported. tvery new regime has appointed its " Building Committee " as regularly as the Chess Automaton pushes its king's pawn, but until the election of the present Building Committee, consisting of J. F. Sadler, F. G. Saltonstall, A. L. Faris, Geo. W. Hoagland, Chas. F. Thumm, R. A. Cheseborough, along with Charles G. Wilson, the President of the Exchange, Thos. L. Watson, 2nd vice-President, and John Stanton, ireasurer, the game has invariably been abandoned as drawn, and no lesser energy or genius than theirs could possibly have carried it through this time. The perspective and elevation drawings which hang directly over the rostrum in the Exchange room representing the accepted plans did not get there simply by the exertion expended by the janitor in hanging them. The Building Committee have.worked early and late, but with the fixed purpose and determination to get a building worthy of the Exchange, even if blue canvass overalls, picks and shovels fall to their lot in its acquisition. And it was this spirit of "Get there " for which the Exchange must thank its Executive Department, the constantly determined advance, the principle that the machinery must not go backward for an instant, that to-day commands the recognition of a great financial adversary, if not, we regret to say, its admiration and respect. Mr. Edward D. Lindsey of No. 32 Liberty street, who is well and favorably known in this community, has been accepted as the architect, and it is confidently expected that the building when completed will for exchange and office purposes, be equal if not superior to any in thIs city. The building as proposed covers a plot of ground situated on the East side of Broadway and extending through to New street. The site itself is most fayorable for the transactions of business, both for members of the Board, or for those who may become tenants in the portion of the building to be hereafter rented as offices. The structure will measure 90. 1 feet on Broadway 132.4 feet on Exchange place and 87.7 feeton New street. It consists ofa basement fifteep feet high opening upon a level with the side walk at the corner of Exchange and New street, of a main story 36 feet high for the Grand Board Room, with a mezzanine orintermediate story in a portion of this room,while above will be four stories of eleven feet each. The main floor will be set about 2.6 feet above Broadway and the entire building will rise 96 feet above Broad* e Beeee: 102 way with a height to the extreme top of a tower at the corner of Broadway and Exchange place of 142 feet. The exterior will be built of brick with stone principally in the lower portion and the architecture is in style a Romanesque very freely treated. -The entrances are exceedingly spacious. Entrance from New Street is by a lofty arch I8 feet in opening and the vestibule on that side will be fine in effect. On Broadway there are two entrances each fifteen feet wide, One for the general public having business with the Exchange and for tenants of the upper stories and the other also fifteen feet wide given solely to the use of members of the Exchange. The main floor of the entire structure is open to the business of the Board in as nearly uninterupted space as the supports of the upper part of the structure will permit. By an arrangement of trusses conceal ed in partitions above and carefully contrived to carry safely many times the loads they will have to 'carrj, the Board Room below has an uninterrupted space of sixty-two feet between the centres of the supporting columns, that space being entirelyclear for a length of over one hundred and twenty-five feet. There will be a clear floor space of fully Io,ooo square feet for the transacting of business. In the mezzanine story approached by four staircases and three elevators, there will be the offices of the President, Treasurer and Secretary, the meeting room for Directors, Committee rooms, and a large parlor for members, besides a room exclusively for smokers. Consequently the offices of the institution will all be _confined to the exchange portion of the building. In the basement or under the sidewalk on Broadway is a very large toilet room for members, and adjoining this a spacious cloak room, barber shop, etc. These are approached by two stair-cases, and by the elevators. There is also a passage way from New street, to Broadway through the north side of the basement floor by which persons can pass from the New street entrance to the Broadway entrance, without entering any portion of the building given to business of any kind. Besides these rooms and the passage, there is a restaurant 75xioo,,and the rooms of the Consolidated Clearing House. One especial feature worthy of notice is the arrangement for dispatching telegrams. A very large office for one or more telegraph companies, is placed in a half story brought as near to the main board-room floor as comfort of operators will permit. Through an opening in the main floor, 50 feet long and 2 feet wide, protected by a counter, persons admitted to the main floor and members, can give telegrams directly to operators below, who will be plainly visible to them through the opening in the floor protected 'by a counter-rail. By this means the toss of a large amount of space for telegraph service has been avoided. The building will be entirely fire-proof, the four upper stories are given up to tenants of offices who will reach them by three elevators one near Broadway, and two near New street. These a* offices are all admirably lighted and.ventilated and will be heated by steam. The ventilation and heating of the entire building is engaging the careful attention of the building committee, and the most perfect system that can be devised will be employed. The arrangements for the comfort and convenience of members will not be surpassed by those of any exchange, a system of pneumatic calls has been considered, and will probable be put in, which will avoid some of the difficulties of the electric system. The arrangement for messenger boys used for the transaction of business generally, including extensive telephone service is receiving due care. Space has been set aside for these services, and has been managed in such a way as not to obstruct general business, or the free movements of mermbers....~.. PETROLEUM STATISTICS, FURNISHED BY THE SECRETARY OF THE CON. SOLIDA TED STOCK AND PE TROLEUM EXCHANGE. I. PRODUCTION. Total Pipe Line Buns. (Per bbs. of 42 gallons.) January...................... February.................... March............... April.................. M ay......................... June.................... July.................. August....................... September................... October..................... November.................... December................... Total. Average. I886. i886.8 I,803,77I 58,186 1;616,749 57,741 1,939,212 62,555 1,990,986 66,366 2,190,917 70,675 2,386,340 79,545 2,446,978 78,935 2,490,788 80,348 2,465,866 82,195 2,403,534' 77,533 2,164,371 72,146 2,144,133 69,1,66 Average. I885. 53,298 54,997 54,o89 60,290 57,141 59,907 57,229 54,778 58,718 63,122 60,9o3 63,270 1886. 1885. 1884. 1883. 1882. 1881. Grand Total... 26,043,645 21,225,203 23.704,510 24,385,968 31,789,195 29,674,462 Average........ 71,283 58,145 64,784 66,809 87,058 -81,225 The Yearly Gross Production. Bbls. Bbls. 1859................. i86o................. 186I.................. 1862............... I863.................. I864.................. 1865.................. I866.... I867................. i868.................. I869.................. 1870.................. I871.................. 1872.................. 82,000 500,000 2,113,000 3,056,000 2,611,000 2,1 6,000 2,497,000 3,597,000 3,347,000 3,583, 76 4,210,720 5,673,195 5,715,900 6,531,675 1873............ 7,878,629 1874..........10,950,730 I875.. 8,787,506 876. 9,175.906 I877........1I3,940,171 1878............15,764,462 1879............19,741,661 i88o......... 26,562,000 I88.............28,447,115 I882............31,059I65 I883..........24,090,000 1884........23,520,817 1885.... 2........21,00,000 I886....partly est.26,000,000 a Grand Total 1859 to i886 inclusive.............. 312,551,828 104 1 '. DEVELOPMENTS. Monthly Well Reports. Wells New Average Prod. Completed. Production. per well in bbl. I886. I885. i886. 1885. i886. x885. January.. 270 64 3,157 2,566 11.7 40. February... 280 62 3,732 2,565 I3.33 41.3 March...... 291 82 5,657 2,080 r9.4 25.3 April....... 28 x16 8,992 4,690 27.4 40. May........ 343 185 11,519 4,831 33.5 36. une........ 339 242 8,720 2,577 25.75 Io.6 July........ 357 217 9,859 2,244 27.6 10.3 August.... 317 283 14,270 3,002 45. io.6 September... 241 320 14,190 4,801 58.88 15.1 October...... 267 397 8,222 5,573 31. 14. November... 208 384 5,802 4,202 28. 10.9 December... 175 329 3,377 3,447 19.33 10.4 Total.... 3,416 2,68i 97,497 42,57pryr, 28.4 21.2 Wells Rigs up Dry Drilling. and Building. Holes. i886. I885. i886. I885. i886. i885. January.... 320 97 254 54 37 Io Feburary... 337 109 269 59 33 7 March...... 356 139 220 113 44 14 April....... 318 I90 218 117 47 10 May....... 360 205 206 152 45 26 une....... 351 209 8o 147 6 43 ly...... 351 242 128 156 40 37 August.... 293 308 iII 214 42 39 September. 235 347 132 327 28 34 October.... 265 355 144 272 37 40 November.. 220 359 o10 256 42 54 December.. 234 252 60 249 35 36 Total..... 3,640 2,8I2 2,023 2, I6 476 350 11.-PIPE LINE,STOCKS. Total Pine Line Stocks. (At the close of Month.) i886. I885. January................ 33,608,364........36,693,111 February............... 33,180,057.......36,316,809 March................ 33,053,140....... 36,068,905 April........................ 32,946,618........36,021,746 May..................... 33,059,909........35,460,127 June..................... 33,305,775........35, o3,278 July.......................... 33,492,230........34,887,330 August........................ 33,833,632.......34,496,boo September.............. 34,081,064........34,087,938 October................ 34,031,462........33,903,544 November.................... 33,733,796........33,794,358 December............... 33,367,898....... 33,539,038 105 IV.-EXPORTS AND CONSUMPTION. Total Exports from United States. Total i886. January....................,326,885 February.......12......., I20, I28 March.........................,282,030 April..........................,211,942 May.....................,319,878 June........................ I,630, 02 July..................,664,403 August........................1,389,251 September.....................,473,698 October................... 1,342, 168 November.................. x,435,972 December..................... I,165,569 Avg. 1886. 42,803 40,004 41,356 40,398 42,577 54,337 53,368 44,815 49, I23 43,296 47,865 37,599 Avg. I885. 32,221 34,290 37,899 37,531 5I,657 55,383' 48,486 45,265 59,667 42,813 35,711 39,355 Total number of barrels, 42 gallons each, C. E......... 6,362,026 Daily Average I886.................................. 44,800 do I885................. 43,540 do I884.................................. 42,064 do I883.................1........ 41,534 do i882.................................. 39,929 Summary of Custom House Clearances of Case Oil for the Far East. 1886 Cases. China.............2,571,922 Japan............1,856,588 India.............4.228.723 Java.............. 2,386,934 Singapore.........1,072,958 Total......2,117,125 1885 Cases. 2,863,080 2,325,198 2,637.645 1,613,504 945,093 10,384,500 1884 Cases. 1,627,429 1,708,124 3,288,344 2,183.713 749,424 9,551,034 1883 Cases. 1,120.473 2,323,698 1,836,167 2,286,618 672,038 8,238,994 1882 Cases. 1,502,191 2,449,365 2,232.297 1,814,763 659,158 8,657,774 Shipments-Total Pipe Line Deliveries. (Per bbls. of 42 gallons.) Total I886. January...................... 2,051,680 February...................... 2,032,794 March........................ 2,055,730 April........................... 2,097,404 May............................ 2,032,672 June.......................... 2, 65,688 July............................ 2,246,488 August........................ 2,063,839 September..................... 2,175,122 October....................... 2,433,501 November................... 2,499, I 76 December.................... 2,542,389 Average i886. 66,183 72,600 66,314 69,913 65,570 72,189 72,467 66,575 72,504 78,500 83,306 82;012 Average 1885. 59,230 68,216 61,o25 61,427 67,659 67,801 68,712 66,100 71,206 66,944 63,167 70,589 1886. 1885. 1884. 1883. 1882. 1881. Grand Total...26,396,483 24,086.104 24,053,902 21,967,636 22,094.300 20,240,121 Average....... 72,344 66,006 66,006 60,131 60,563 55,320 106 V. PRICES. Prices of Certificates, 1886. Average Opened. Highest. Lowest. Closing. Prices per M'th January.............. 88% 92 4 8i 82% 88.35 February.............. 825 84 75 7958 80.02 March...............79 8 71 72%2 77.18 April................. 72 78s8 70% 73) 74. I May.................. 73 74 62 62 69.92 June.................. 62 70~ 623/ 67% 67.0I July.................. 684 68 64% 6 66.07 August................ 66 66 594 6 i 62.11 September.......... 62 66 6ix 62)8 63,39 October............... 623/ 67% 62h 8 66s 65.09 November............ 66 79%8 652 78 I/ 72.25 December............ 782 8I% 65% 69) 70.96 i886. 1885. 1884. 1883. 1882. 1881. 188o. 1879 Averageperyear, 71 1-3 88)2 84 io6 79 85 95 86 Prices of Refined O0i, 1886. Opened. Highest. Lowest, Closing. Average. January........... 7...... 7 7 7 7.74 February........... 7% 7)4 7)8 74 7.50 March.............. 7)8 7% 7x 7 7.31 April.............. 7 7 7 7 7 7.32 May............... 7 7 7 7 7 7.I6 June............... 7 7 7 7 714 July................ 7 7 6 6.97 August............. 6% 6) 6% 6.69 September......... 6 34 6) 65 6.68 October............ 64 6% 6 6.70 November.......... 6 75 6) 7 6.92 December.......... 7 7) 6) 6) 6.79 1886. I885. 1884. 1883. 1882- i881. 188o. Average per year, 7 8 85 8 I-7 7 8 9 Foreign Quotations. Antwerp Brexien London (100 Kilos) (50 kilos) (Imperial gals. 8 Ibs) Hightst. Lowest Highest. Lowest. Highest. Lowest. January.... 19%8 184 7.15 7.00 6)4a@ ) 63/8~ 4 February.. 184 I85/ 7.05 6.85 6% 5)8 March..... 19 i65 6.95 6.60 684( ) 5%4(64 April....... I16 15)8 6.55 6.45 5%(6 5 s@6 May........ I6) I15% 6.4.5 6,25 5 I5-I6 54 June../...... 16% I5 6.45' 6.25 5 5 7-I6 July...... I654 15% 6.40 6.25 5% 5 7-16 August..... i5I3-I6 15 7-I6 6.30 6.Io 5 ii-16 5 9-16 September.. 15 15-i6 IS2 6.30 6.20 5 ii-I6 5 7-16 October.... 6 I5 iI-I6 6.30 6.I5 5S 5) November.. 16 13-16 15 I-I6 6.90 6.25 6) 5% December.. 17 i6 13-16 7.0 6.75 7 5% 107 FI.- SPECULA TION. Clearances Reported by the Following Exchanges. Con. Stock & Oil City Pet.Ex.of N.Y. OilEx. Bradford Pittsburg Oil Ex. Pet. Ex. January......272,485,0o0 103,522,000. 55,556,0oo 60,463,000 February.....292,927,000 106,722,000 53,902,000 83,288,oo0 March........179,569,000 86,690,000 35,114,000o 63,654,000 April....... 187,607,ooo00 94,388,000 33,o32,ooo00 66,216,ooo May.......... 80,354,000o 84,000,000 33,159,000 61,201.c00. June.........194,693,000 94,052,000 47,880,000 77,316,000 uly..........154,814,000 70,000,000 31,344,000 60,900,000 August....... 67,886,ooo 74, 26,0oo 29,286,000 63,415,c00 September.... 152,345,000 68,ooo,000 25,628,000 56,024,co0 October...... 98,278,000o 62,273,00o 24,445,00o 53,329,000 November....2 1,502,000 95,950,00o 33,632,000 96,055,000 December....194,305,00o g5,cc0,c00 41,498,000 85,554,000 Total... 2,286,765,000o,o34,723,000 444,476,000 827,415,ooo Daily Average New York................ 7,500,000 The Crude Petroleum Annual [Market. (Price per barrel.) Highest. I859.... September.... 20 oo I86.... January......20 00 r86I....January....... I 75 1862.....October....... 2 00 I863... December.... 4 oo 1864....July.......... 14 oo 1865...January......1o oo I866.... January...... 5 oo r867....September.... 4 oo I868....July.......... 5 50 1869....January...... 7 oo 1870... January...... 4 90 871.... J une.......... 5 15 1872.... June.......... 4 10 I873....January...... 3 05 1874... April.......... I 90 I875... April.......... I 65 1876... December...... 4 23 1877... January....... 3 70 1878.... February..... 86% I879....December.... I 283/ I880....June.......... I 24%8 I88I... September.... I o01 1882... November.... I 36 I883....June.......... I 24 1884... January....... 15 1885....October....... I 12 886....January....... Lowest. Average September.... 195o 19 77 December..... 2 oo 9 77 November.... 03 52 January....... 10 oo January...... 2 oo 3 11 February.... 3 75 7 85 Aigust...'..... 4 oo 6 65 December..... I 65 3 76 June..........I 50 2 40 Januhry....... 8 3 57 December..... 4 25 5 64 August........ 2 75 3 86 January.......3 4 4 42 September..... 3 00 3 68 Decembor..... co I 84 December..... 45 I 17 January...... 9 I 33 January.......I 48 z 61 June......... I 534 2 37 September.... 78% I 17 June.......... 63 86 April........ 70% 95 July........... 72 85 July........... 49X 79 January...... 83 o6 June.......... 84 January...... 68 88 August....... 599X 7, I-3 NEW YORK COTTON EXCHANGE. The Cotton Exchange was organized in the year 1870, and elected its first officers on August I5th of that year. It was then composed of ioo members, but now has 454 on its rolls. The building which was commenced in January, 1883, and completed in April, I885, is of yellow brick with stone trimmings, seven stories high. The building and the ground cost about one million dollars. The officers for i886 and 1887 are: Charles D. Miller, President. Walter T. Miller, Treasurer. J. H. Parker, Vice-President. George E. Moore, Secretary. BOARD OF MANAGERS: Thomas M. Foot, R. P. Salter, Theo. P. Ralli, I. H. Hollis, Thomas Scott, Meyer H. Lehman, William Mohr, Chas. W. Ide, Ex. Norton, S. T. Hubbard, Jr. Geo. A. Chapman, I. 0. Bloss. W. T. Sorey, B. S. Clark, E. R.!Powers, Superintendent. ANNUAL SALES BY MONTHS FOR SEVEN YEARS: 1880 1881 Jan... 3,314,700 1,59I,000 Feb.., 3,063,500 2,531,400 Mar.. 2,595,1O00 3,678,300 April. 4,994,800 1,355,700 May.. 2,063, I00 2,31, 100 June. 1,515,400 1,480,6o July.. 1,340,700 1,649, 100 Aug..X 1,633,000 2,057,600 Sept.. 2,764,700 3,966,500 Oct... 2,027,600 2,875,10 Nov.. 2,857,600 2,5o6,400 Dec... 3,821,0)03 3,666,6oo I882 2,890,600 4,304,000 3,574,900 1,900,40o 1,248,000 2,298,500 1,685,100 1,281,200 2,274,500 3,685,70o 2,246,800 1,769,630 I883 2,207,600 1,612.1OO 1,602,600 2,461,000 3,220,900 1,301,300 2,227,900 1,932,630 2,550,300 2,984,000 1,476,c00 2,058,400 1884 2,091,900 1,313,500 1,783,100 3,475,400 1,587,300 2,075,100 1,524,000 1,316,500 I,029,500 1,145,800 1,100,803 1,457,830 1885 I886 2,619,400 1,892,900 2,042.300 2,440,200 2,385,400 3,626, 10 1,848,000 1,250,800 1,853,100 1,743,100 1,722,600 1,246,200 828,200 1,976,500 2,088,900 1,513, 00 1,424,700 1,564,400 2,184,900 I,962,400 2,005,400 1,889,200 1,973,700 2,650,100 Totals 3,g991,200 29,671,400 29,I59,300o25,634,700 19,900,700 22,976,600 23,755,000 THE CELEBRATED CORLISS BURGLAR-PROOF. THE ABOVE CUT ILLUSTRATES THE MEDIUM SIZE CORLISS SAFE AS IT APPEARS IN ITS CLOSED POSITION. ITS GENERAL DIMENSIONS ARE AS FOLLOWS. Interior Capacity for Valuables, 81 Cubic Feet. Diameter of External Shell, 50 Inches. Diameter of Inner Sphere, 36 Inches. Heieht, 64 Inches. OVER, THE CORLISS SAFE is radically different in construction from all other safes. It is composed of two spheres, one within the other. The inner sphere is so constructed as to revolve within the outer sphere, which is simply a massive protecting case. THE CORLISS SAFE differs from all others in the material used in its construction. The security of its contents does not depend solely upon its impenetrability. The body of the safe is made of a peculiar mixture of Cold Blast Charcoal Irons, cast in immense iron moulds over a wrought iron basket work, and chilled to the depth of i4 to 2 inches. This chill covers the entire outer surface of the safe, and is as difficult to drill or penetrate as highly tempered steel. Its striking adaptability to the use we make of it lies in the fact that it cannot be softened by any known process, except by actual melting. All Square and Laminated Safes depend entirely for their security upon hardened or tempered steel plates. 800 Degrees of Heat will reduce the highest tempered steel to its natural softness, and render it easily drilled or cut. It has recently been discovered and demonstrated that it is perfectly practical for burglars to draw the temper from the plates of all laminated or built up safes by the use of apparatus that can be easily carried in an ordinary traveling bag. Ocular proof of the literal truth of the above statement will be given by this Company to the proper parties at any time. THE CORLISS SAFE is the only safe made with a door that is practically secure against the use of explosives. THE CORLISS SAFE is the only safe that cannot be opened by tearing its fastenings apart by means of wedges and slight explosives. THE CORLISS SAFE is the only structure made from which the contents cannot be abstracted by the use of the blow-pipe and drill. THE CORLISS SAFE is the only safe ever sold with a written guarantee that its contents cannot be abstracted within a space of thirty-six hours' continuous attack by burglars or by experts. THE CORLISS SAFE is the only safe ever made that really merits the name of Burglar Proof. Corliss Patent Fire-Proof Vaults and Vault Doors. THE COMPLETE "CORLISS SYSTEM " of Bank Protection embodies both burglar and fireproof security. To this end we have designed a new system of Vaults and Vault Doors by which we make our Vaults absolutely Fire-Proof, with great economy of space. A specimen of this construction can be seen at the Mercantile National Bank, of New York City, where we have recently erected one of our vaults two stories high, in which will be found three CORLISS BURGLAR-PROOF SAFES. Pamphlets and Photographs illustrating and giving full description of the CORLISS.SAFE AND VAULTS will be sent to Bankers on application. CORLISS SAFE M'F'C CO., PROVIDENCE, RHODE ISLAND. 011111111111n. - I ME JOH 4 CRERAR IIBHM3ReY ''.1i" k, " "fl.,, i, 'U. '. 1 I -ar.111. -.. -- I i kwo.944 - IN, N i -,,' 7' - ". '., 4:, ", I 1. w AL.. - - I MANAGER, NEW YORK CLEARING HOUSDE. 1,.., -, I - . - - 1- I 1... -..-,. - I..:. - ,,A,., -.2L- --.,.1, - I -... - --, -. -, -1- -- --.. I I 1. I " —,, 109 THE NEW YORK CLEARING HOUSE. The Clearing House 'system was first established in London, England, in the latter part of the last century, and was introduced intp this country by the establishment of the New York Clearing House Association, consisting at 'that time of fifty-five banks, with an aggregate capital of $47,000,000, which was organized October 3d, i853, and commenced its operations on the i th of the same month.. The first proposition to establish a Clearing House in the City of New York, was made by- the late Albert Gallatin, President of the National Bank, (now the Gallatin National Bank.) In a pamphlet, (pp. 124), entitled, "Suggestions on the Banks and Currency of the Several United States, in Reference to the Suspension of Specie Payments," published in the year 184,.occurs the following paragraphs, viz: " There is a measure which; though belonging to th, administration of banks, rather than to legal enactmefits, is suggested on account of its great importance. Few regulations would be more usefulm preventing dangerous expansions of discountsiand issues on the part of the City banks, than a regular exchange of notes and checks, and an actual daily or semni-weekly payment of the 'balances. It must be recollected that it is by thi', process alone that a Bank of the United States has ever acted or been supposed to act as a regulator of the currency. Its action would not in that respect be wanted in any city, the banks of which would, by adopting the pi-ocess, regulate themselves. It is one of the principal ingredients of the system of the banks of Scotland. The bankers. of London, by the daily exchange of drafts at the Clearing House, reduce the ultimate balance to a very small sum, and that balance is immediately paid in notes of the Bank of England. The want of a similar arrangement among the banks of this city, produces relaxation, favors improper expansion, and is attended with serious inconvenience. The principal difficulty in the way of an arrangement for that purpose, is the want of a common medium other than specie, for effecting the payment of balances. These are 'daily fluctuating, and a perpetual drawing and redrawing of specie from and into the banks, is unpopular and inconvenient. / " In order to remedy this, it has been suggested that a general Cash Office might be established, in which each bank should place a sum in specie, proportionate to its capital, which would be carried to its credit in the 110 books of the office. Each bank would be daily debited or credited in those books for the balance of its account with all the other banks. Each bank might at any time draw for specie on the office for the excess of its credit beyond its quota, and each bank should be obliged to replenish its quota whenever it was diminished onehalf, or in any other proportion agreed upon. " It may be that some similar arrangement might be made in every other county, or larger and convenient district of the State. It would not be necessary to establish there a general Cash Office. Each of the banks of Scotland has an agent at Edinborough and the balances are there settled twice a week, and paid generally by drafts on London. In the same manner, the balances due by the banks in each district might be paid by drafts on New York, or any other place agreed upon." The above extracts contain a germ of the Clearing House system. They suggest the principal methods now in use, which have proved so advantageous, especially the certificates to be uged in the settlements, the want of which was the principal difficulty in the way of a Clearing House at that time. The merit of removing this belongs to Mr. F. W. Edmunds, then Cashier, of the Mechanics Bank. A year before the organization of the Clearing House, he induced the Bank of America, the Merchants', the American Exchange, and the Metropolitan Banks to join the Mechanics Bank in making up an aggregate sum of one million dollars in coin, for which the last named institution issued its certificates. These were received by the other banks in payment of balances, and when the depositing banks were creditors they were entitled to a preference in their payment, and were thus saved the trouble of counting, and the risk and burden of carrying coin. These certificates were held as more desirable than coin, on account of the greater facility, expedition, and safety of their transfer. Mr. Edmunds was Chairman of the Committee, under whose direction the Clearing House was organized, his associates being Mr. James Punnett, Cashier, afterwards President of the Bank of America, and Mr. A. E. Silliman, Cashier, afterward, President of the Merchants' Bank. The names of thesegentleman are inseparably connected with the origin and early history of the New York Clearing House. But to Mr. George Curtis, President of the Continental Bank, the author of its constitution, was conceded by the common voice of his associates, precedency as regards intelligence and ability in regulating and administering its powers. Though not piblicly connected with the first movements in favor of its establishment, he made it the subject of attentive study and prenared a plan for its organization at a very early 111 period. His personal influence was particularly exerted in removing objections and bringing the discordant elements of the Association into harmony with its general purpose. Like Mr. Gallatin, he appreciated from the' outset, all the advantages that would accrue from it to our financial system; and he was unanimously chosen as Chairman of the Committee on Suspensions, whose duty it was to take cognizance of all short comings on the part of the different banks. At that time this was the least popular, most important and critical post in the Association. It exposed them to the jealousy of the weaker members on one hand, and to censure, -for a dangerous indulgence on the other, but they exercised their powers with such justice and impartiality, that no instance of appeal from their judgment is on record. Several meetings were held, and finally, at one of Bank officers on August 23, 1853, at which thirty-eight (38) Banks were represented, a Committee on Organization * was appointed viz: *F. W. Edmunds, Cashier Mechanics' Bank. *James Punnett, Cashier Bank of America. *A. E. Silliman, Cashier Merchants' Bank. J. L Everitt, Cashier Broadway Bank. *Richard Berry, Cashier Tradesmen's Bank. *R. S. Oakley, as Secretary. They reported a plan for simplifying the system of making exchanges and settling daily balances between the banks, and recommended the securing of a suitable room, near, or on Wall street for the purposes of the Association. On October 3, I853, they reported a plan, and secured a Clearing Room at 14 Wall street, and on Oct. 11, I853, the first exchanges were made. By this Committee, Mr. Geo. D. Lyman, then Teller in the Bank of North America, wasappointed Manager, and Mr. J. C. Hallock, Assistant Manager. Both of these gentlemen had plans for a Clearing House, each claiming it as original with him (notwithstanding the publication in 1841, of suggestions by Mr. James Gallatin, then President of the National Bank and the fact that the London Clearing House had been established years before. The committee used such of their details as were in the premises practical at that time. Mr. Lyman continued Manager until 1864, when he was succeeded by the'present Manager, Mr. William A. Camp, who for seven years previous had been Assistant Manager. Mr. J. C. Hallock continued as Assistant Manager for less than one year, Mr. Jacob Stout succeeding him for three years, he in turn being succeeded by Mr. Camp. The functions of the Clearing House are manifold. Each member of the Clearing House Association, in *Now deceaoed, 112 its daily routine bf business, receives a large number of items, consisting of checks, drafts, etc., on other banks. When the business of the day is ended, these items are due to them in various sums by other banks, and in like manner the bank itself is debtor to other banks. Before the establishment of the Clearing House, each bank found it necessary every morning, to make up its accounts with every other bank, and to send its messenger to presentthe bills, checks, drafts, and other items held by it to the bank for payment. The indebtedness was adjusted by payment in gold and bank notes. These becoming laborious as the amounts increased, and being attended with much risk and complication, were afterward settled weekly instead of daily. This was obviated by the Clearing House system, through which the settlements are now simultaneously, and almost instantly effected, the banks settling daily with each other, without delay or loss. The Clearing House is situated at No. I4 Pine street, the property being owned by the Associated Banks. The operation of Clearing is performed in a large well-lighted hall. [See illustration]. Each bank member of the association sends daily to the Clearing House two clerks, one designated as delivery clerk, the other as settling clerk, the delivery clerk to distribute the exchanges, and the settling clerk to receive the exchanges from the delivery clerks. They assemble a little before ten o'clock, at which hour (promptly) the operation of clearing begins. Upon the entry of the settling clerk, he furnishes the Manager with a credit ticket, showing the amount of exchanges brought by his bank. No 25. New York Clearing House. Oct. Ist, 1885. Credit NAT'L BROADWAY BANK, $1,446,815 90 J. E. Smith, Setting Clerk. At ten o'clock the manager takes his position on the platform with his Assistant Manager and staff, one of whom is a Proof Clerk, who has a Proof Sheet (see pp. 8-9), upon which he enters the Credit Tickets (the third column). After the exchanges are made, each Settling Clerk sends the result of the exchanges of his bank on tickets called Debit Tickets, to the Proof Clerk, who enters them on his sheet. After footing the totals of the Proof Sheet the amount brought (Credit Tickets), and the amount received (Debit Tickets), should be the same and the resulting balances should also prove. In case of a difference, itis announced by the Manager, and the Settling Clerks revise their work, and when errors are dis I Os Mpf I -___..I i. ~1T L R 4 1;': CLEARING ROOM OF THE NEW YORK CLEARING HOUSE. IOOI JOH N CRERAk( LJIkAR(Y 113 covered, a Correction Ticket is sent to the Proof Clerk, who corrects the amount against the bank making the error, when the proof is announced. At the tap of a gong, the Settling Clerks occupy their respective desks, with their settling sheets before them, upon which, opposite the names of the various banks of the association, is entered the amounts brought in exchanges against each bank. The Delivery Clerks with the exchanges in boxes arranged in consecutive order for delivery, in front of their desks, have a receipt list (or as it is termed, Delivery Clerk's Statement), with the amount of exchanges opposite the name of each bank set down in order of delivery. The manager upon the first stroke of the gong, surveys the assembled clerks to see that all are present. The second stroke is a signal for the clearings to begin. Each Delivery Clerk advances to the next desk at which he delivers the exchanges and receipt list; each Settling Clerk upon receipt of the exchange, receipts for it, and enters it on his settling sheet opposite the name of the bank from which he received it; thus the exchanging continues until every bank has been visited, and the Delivery Clerk has returned to the desk occupied by his bank. While he was making his.round, his bank has been visited'by every other Delivery Clerk. In about (Io) ten minutes the exchanges are made, bringing each Delivery Clerk back to the standing point opposite his own desk; his statement, signed by every Settling Clerk, is a voucher to his bank that he has delivered all the exchanges he has brought to the Clearing House. In about (Io) ten minutes the exchanges have been made, and the Settling Clerk has entered on his settling sheet, opposite the name of the banks, the various exchanges he has received, thus having a record on his sheet, of the amount brought, and the amount received from each bank. There is no part of the Clearing House routine that exhibits such striking results in economy and safety, compared with the old plan of exchange. By this movement of ten minutes, over four thousand packages of Checks have been distributed and receipted for by a method that almost excludes possibility of loss or error. The same work on the old plan occupied each Messenger or Delivery Clerk many hours each day and *as attended by great risks in going from one bank to another. The Delivery Clerk now receives the exchanges left at his desk from the other banks, counts the number of packages, and compares them with the Settling Clerk's sheet, and if correct takes them to his bank; the Settling Clerk remains to make proofs; he foots up the aggregate he has received from the various banks, and then makes a ticket called Debit Ticket, which is sent to the Proc. 11i Clerk on the platform who has already entered on his sheet (the Clearing House Proof), the first amount from the credit ticket opposite the name of the bank, thus making the aggregate amount of all the exchanges brought to the Clearing House. No. 25. New York Clearing House. October 1st, 1885. Debit NATIONAL BROADWAY BANK, Amount received, $748,078 34. Credit C " Brought $1,446,815 90. -- Debit balance due Clearing HouseCr.^ba^l. due NATIONAL BROADWAY BANK. $698,737 56. Settling Clerk. 'The Debit Tickets are entered as they are sent up to the Proof Clerk with the amounts brought and received; also the Debit or Credit as the case may be; thus when all the Debit Tickets are received by the Proof Clerk on the platform the amount brought and the amount received should correspond, as well as the balances. See proof sheet (pp. 8-9). While the proof is in progress, each bank has received a small ticket from every other No. 6. bank, with the amount of BANK OF AMERICA exchanges delivered to it, to FNomNo. W AY NAT'IONAL BdOA!DWAY check back by-as the ex- BANK. changes have gone to the bank. This ticket ought to correct all errors in entry; thus if any Settling Clerk copies a wrong amount from his exchanges, the clerk by this ticket discovers the mistake by comparison with the original entry made on the settling sheet at the time of delivery, and vice-versa. So perfect is this system of alternate revision, that an absolute proof is always made. The general proof is an agreement in the aggregate of the amount brought and received, the Debit and Credit Balances being the same. The differences are generally announced in about half an hour, as proof is seldom struck at first. Various ways are used to detect errors, such as "exchange sheets to the right, or left for examination of footings, and other methods are resorted to for the detection of mistakes, according to the nature of the difference, and in cases of apparent error in entry, the amounts are called Vff If proof is made inside of forty-five minutes from the 115 time of oegining to exchange, no fine is imposed, and the proof is announced-but if more than that time is occupied by errors etc., the bank or banks causing the delay are fined. SCALE OF FINES. f Forty-five minutes from the hour of commencing, viz.. o1 o'clock, A. M., will be allowed for a Proof. For all errors, remaining undiscovered at II.15 A. AL, the fines will be doubled, and at 12 M., quadrupled. st —All errors on the Credit side of the Settling Cleiks' statement (i. e. in the amount brought) whether of footing or entry, and all errors causing disagreement between the credit entries, the check tickets, and the exchange slips-each, - 3 oo 2d.-Errors in making the Debit (i. e. amount received) entries. each - - - - a oo 3d.-Errors in the Tickets reported to the Clearing House, causing disagreement between the balances and aggregate-each - - 2 00 4th.-Errors in footing the amount received - i oo 5th. -Disorderly conduct of Clerk or Delivery Clerk, at the Clearing House; or disregard of the Manager's instructions-each offence - 2 oo 6th. —Clerk or Delivery Clerk failing to attend punctually, with statements and tickets comolete, at the morning exchanges-. each - - 2 00 7th.-Debtor Banks, failing to appe;a to pay their balances before I:30, P.. - - - 3 oo 8th.-Errors in delivery or receipt of exchangeseach - - - - - - - o Clerks will be required to conduct themselves in a quiet and orderly manner, to be attentive to their duties, and to remain at their desks, while the proof is being made, and until it is announced. Loud conversation, or anything tending to create disturbance or confusion, will not be permitted. Extract from the Constitution of the Clearing House. SECTION IO. The Manager, under control of the Clearing House Committee, shall have immediate charge of-.all business at the Clearing House so far as relates to the manner in which it shall be transacted; and the Clerks of the establishment, as well as the Settling Clerks and Porters of the several associated Banks. while at the Clearing House, shall be under his direction. New York Clearing flounse 1Proof, October 1st, 1885. No. BA$IKS. DUE CLEARING HOUSE. BANKS. DR. BANKS. CR. A DUE BANKS. x.-Bank of New York National Banking Association.... 2.-Manhattan Company................................... 3.-Merchants' National Bank.............................. 4. —Mechanics' National Bank............................ 5.-Union National Bank.................................. 6.-Bank of America...................................... 7. -Phenix National....................................... 8.-National City Bank.................................... io.-Tradesmen's National Bank............................ 1.-Fulton National Bank.................................. 12.-Chemical National Bank.............................. 13.-Merchants' Exchange National Bank.................. 14.-Gallatin National Bank................................ 15.-National Butcher's and Drover's Bank.................. I6.-Mechanic's and Trader's Bank......................... 17.-Greenwich Bank...................................... x8.-Leather Manufacturer's National Bank.................. 19.-Seventh Ward National Bank.......................... 20.-Bank of the State of New York....................... 21.-American Exchange National Bank..................... 23.-National Bank of Commerce...........................:5.-National Broadway Bank.............................. 47.-Mercantile National Bank.............................. 28.-Pacific Bank.......................................... 29.-National Bank of the Republic......................... 30.-Chatham National Bank................................ 31.-People's Bank........................................ 32.-Bank of North America................................ 33.-Hanover National Bank................................ 34.-Irving National Bank................................. 36.-National Citizens' Bank................................ 4o. -Nassau Bank.......................................... 378,681 89.....-.o.......~........,...... 120,281 90.......... 226,506 06 28,498 76.......... 497,228 6i 117,896 6i 275,838 64 3,008 80 II,964 30 58,3o8 09 257,712 73 256,606 04 425,380 53.......... 102,422 05 70,993 57 93,886 52 24, I74 43..... ~..... 10,235,874 48 7,494,330 05 2,724,144 49 2,093,405 14 5,103,057 77 3,492,4I4 6i 702,227 06 3,857,247 89 508,280 74 111,276 89 4,162,429 71 601,471 19 4,11 5,017 85 98, 62 03 53,767' 8 51,050 47 335,709 04 173,025 63 11,871,031 45 5,049,225 77 5,427,148 33 748,078 34 1,335,345 o6 228,831 70 1,426,557 54 773,432 04 154,469 02 3,951,148 24 2,038,535 69 451,562 78 207,788 8o 394,118 67 9,857,192 59 7,535,548 16 2,771,699 57 2,102,470 73 5,140,549 71 3,302,132 81 904,594 57 3,630,74I 83 479,781 98 123,971 72 3,665,201 IO 489,574 58 3,839,179 21 104,158 27 50,759 o6 39,086 17 550,480 27 I14,717 54 II,613,318 72 4,792,619 73 5,883,935 95 1,446,815 90 909,694 53 297,069 78 1,787,247 32 671,009 99 83,475 45 3,857,261 72 2,262,758 54 528,961 42 183,614 37 450,207 37 41,218 ii 47,555 08 9,055 59 37,491 94 202,367 51 12,640 83......... 5,996 24 214,771 23 456,787 62 698,737 56 68,238 i 360,689 78........ 224,222 85 77,398 64 56,088 70 1 2 3 4 5 6 7 8 IO II 12 13 I4 15 16 17 I8 19 20 21 23 25 27 28 29 30 31 32 33 34 36 40 -l 0o PronCf Sheet-Clontin-edi 42. —Market National Bank............................. 43.-St. Nicholas Bank of New York........................ 44.-National Shoe and Leather Bank...................... 45.-Corn Exchange Bank............................. 47.-Continental National Bank...._..................... 49.-Oriental Bank........................................ 53. -Importer's & Trader's National Bank................... 54.-National Park Bank................................... 58.-North River Bank..................................... 59.-East River National Bank............................ 61.-Fourth National Bank.................................. 62. — Central National Bank............................. 63. -Second National Bank................................. 64.-Ninth National Bank........................ 65.- First National Bank.................................... 66.-Third National Bank................................... 67.-New York National Exchange Bank..................... 70.-Bowery National Bank................................ 71.-New York County National Bank..................... 72.-German-American Bank............................... 74. -Chase National Bank.'................................ 75.-Assistant Treasurer United States at New York.......... 76.-Fifth Avenue Bank.................................... 77.-German Exchange Bank.............................. 78.-Germania Bank...................................... 79.-United States National Bank........................... 80.-Lincoln National Bank................................. 81.-Garfield National Bank................................ 82.-Fifth National Bank.................................. 83.-Bank of the Metropolis............................... 84.-W est Side Bank....................................... 85.-Seaboard Bank........................................ 86,-Sixth National Bank................................. ML % 1 —'AA LJL —%-'%'%A _.. _.... ~.. I..... _.._,_. _~ 62,444 88 51,534 o6 79,338 40.......... 108,235 oI.......... 245,145 29 152,306 04 19,I99 59.... -..... 367,649 34 121,326 55.................. 25,499 59..o....... 7,691 26.........o 62,015 II......*.. 7,126 o8.................... 42,301 04 4301,201 77 394,7x9 60 2,j03,242 o8 428,936 35 1,610,675 37 3,842,551 38 I24,274 32 8,428,331 07 4,188,206 50 228,741 89 66,397 00 8,066,262 58 1,474,156 95 1,948 93 866,543 37 '. o33,722 32 i4,67,390 74 144,853 39 I85,354 75 218,I50 57 2,263,289 23 414,678 67 508,135 02 140,281 50 17I,330 33 I47,952 97 734,878 67 306,350 78 48,765 53 85,56I 89 237,029 34 157,745 76 I,641,922 90 55,321 40 124,993,869 38 332,274 72 2,751,708 02 340,597 95 1,788,238 o9 3,734,3i6 37 207,426 72 8,183,185 78 4,035,900 46 299,542 30 95,928 73 7,698,613 24 1,352,830 40 I 8,745 97 922,600 68 4,321,561 I2 1,341,891 I5 222,886 99 279,557 21 210,459 31 2,320,123 44 528,430 89 446,119 91 I77,950 22 251,678 48 I63,457 07 741,841 43 299,224 70 68,007 05 94,297 80 420,446 46 183,637 77 1,599,621 86 7I,73I 43 o...... I77,562 72 83, 52 40.... o.... 29,531 73........ 6,797 04 56,057 31 687,838 80 78,033 60 94,202 46......... 56,834 21 113,752 22 47,668 82 80,348 15 15,504 10 6,962 76 r9,241 52 8,735 91 183,417 12 25,891 OI 16,410 03 42 43 44 45 47 49 53 54 58 - 59 6g 62 63 64 65 66.67 70 71 72 74 75 76 77 78 79 80 82 83 84 85 86 124,993,869 38 4,30I,20I 77 118 The Clearing House Proof exhibits in one view the total amount of the exchanges, received from each bank, the amount taken away by each, the balance due to or from each, and the totals. The column on the left hand of the Clearing House Proof shows the balance due from each debtor bank to the Clearing House. This amount is paid to the Clearing H-ouse in Gold or Legal Tender notes before 1:30 P.M., for'which the debit banks receive a receipt, No. 14. New York Clearing House, Oct. Ist, 1885. Received from the GALLATIN NATIONAL BANK, Two Hundred Seventy Five Thousand, Eight Hundred Ninty Eight and 64-ioo Dollars, in full for balance due the Associated Banks. JOHN P. RITTER, Assistans Manager. $275,898 64-100. and at 1.30 P. M. (or as soon as proof is made of the money paid in by the debit banks) the creditor banks receive their balance due to them, for which they give a receipt in a book of suitable form for that purpose. By three o'clock the settlements of the transactions are completed, and it is only for the period of, say, two hours and a half, that the Clearing House has any actual money in its possession, and then simnly as trustee, receiving from one to pay another. In case of the default on the part of any debit bank to pay its balance, reclamation drafts are drawn by the manager upon the banks who created such indebtedness on the part of said defaulting bank in proportion to their amount of said debt. To avoid the daily risk and expense attending the movement of coin in settlement of balances the association constituted the Bank of America as a common coin depository for the associated banks, to hold in trust and to issue certificates for such sums of gold as the other banks might place therein, and special safes in fire and burglar-proof vaults were constructed by the bank for that purpose. The following is the form of the certificate issued by the Bank of America: No. 100.005. New York, October, - 1885. BANK OF AMERICA. $5,000. This certifies that the Pacific Bank has deposited in this bank' five thousand dollars in gold, to be held in trustas a special deposit, payable in gold on demand to any bank member of the New York Clearing House Association, only on presentation of this certificate indorsed by the bank demanding payment of same. - Teller. Cashier. 119 These certificates are issued in amounts of $i,ooo, $5,ooo and $ I0,0oo each at the option of the depositing bank. They are numbered, registered and countersigned on the back by the general bookkeeper of the Barnk of America, and signed by the Cashier. When they are paid to the Clearing House they are endorsed by the bank to whom issued, and stamped payable to any bank member of the association. They are valid only in the Clearing House settlements or directly between the associated banks, and are counted as part of their legal reserve. The Clearing House is not responsible for any errors, over drafts, or other irregularities that may occur in the Exchanges. These are corrected by the banks directly between themselves. Reclamation for differences, resulting from errors in entries on exchange slips, etc., are also corrected in the same manner. Bnles of the Clearing House Assooiatioa ist.-RETURN OF CHECKS, DRAFTS, &c., for informality, not good, mis-sent, guarantee of endorsement, or for any other cause, should be made before THREE O'CLOCK, of the same day. 2nd.-RECLAMATION FOR ERRORS of any kind,, in packages of LEGAL TENDER NOTES from the Clearing House, in settlement of Balances, should be made before ONE O'CLOCK, on the following day. 3rd.-IN NO CASE SHOULD CHECKS, DRAFTS, &c., BE RETURNED THROUGH THE EXCHANGES, except for informality or endorsement, and then, in each case, they should be certified, and theamount limited to $5,000 to each Bank. 4th.-IN CASE OF A MISSING ITEM in an exchange, the claim should be made at once, by returning the entire exchange, with a memorandum stating the rature of the claim. 5th.-PACKAGES CONTAINING LEGAL TENDER NOTES, to be used in payment of Balances at the Clearing House, should be made up in even amounts of I, a, 3, 4, 5, Io, and $20,000 each and all Notes of a smaller denomination than $500 should be put in packages of not over $5,000. All packages should be sealed and distinctly marked with the name of the Bank, the amount and date. 6th.-DEBIT BANKS should avoid as much as possible, postponing the payments of balances to a late hour, as it sometimes causes serious delay in making up and paying the Creditor Banks, at 'the Clearing House. 12u The capital, exchanges, balances, with average daily ex. changes and balances of the associated banks of the City of New York from 1854 to 1886. Year. No. of EXCHANGES. BALANCES. AVERAGE AVERAGE Ending Amt; brought to Sept. 30 Banks. C. H. Paid in Money. Daily Exch. Daily Balances. 1854 50 $5,750,455,987.06 $297,411,493.69 $19,104,504.94 $988,078.06 1855 48 5,362.912,098.38 289,694,137.14 17,412,052.27 940,565.38 1856 50 6.906,213.328.47 334,714,489.33 22,278,107.51 1,079,724.16 1857 50 8,333,226,718.06 365,313,901.69 26,968,371.26 1,182,245.64 1858 46 4,756,664,386.09 314,238,91060 15,393,735.88 1,016,954.40 1859 47 6,448,005,956.01 363.984,682.56 20,867,333.19 1,177,943.96 1860 50 7,231,143,056.69 380,693.438.37 23,401,757.47 1,232,017.60 1861 50 5,915,742,75805 353,383,944.41 19,269,520.38 1,151,087.77 1862 50 6,871,443,591.20 415,530,331.46 22,237,681.53 1,344,758.35 1863 50 14,867,597,848.60 677,626,482.61 48,428,657.49 2,207,252.39 1864 49 24,097,196,655.92 885.719,204.93 77,984,455.20 2,866,405.19 1865 55 26,032,384 341.89 1 035,765,107.68 84,796,040.20 3,373,827.71 1866 58 28,717,146,914.09 1,066,135,106.35 93,541,195.16 3,472,752.79 1867 58 28,675,159.172.20 1,144,963,451.15 93,101,167.11 3,717,413.80 1868 59 28,484,288,636.92 1,125,455,236.68 92,182,163.87 3,642,249.95 1769 59 37,407,028,986.55 1,120.318,307.87 121,451,392.81 3,637,397.10 1870 61 27,804,5q9,405.75 1,036,484,821,79 90,274,478.59 3,365,210.46 1871 62 29,300,986.E82.21 1,209,721,029.47 95,133,073.64 3,927,665.68 1872 61 33,844,369,568.39 1,428,582,707.53 109,884,316.78 4,638.255.54 1873 59 35,461,052,825.70 t,474,508,024.95 115,885,793.58 4,818,653.67 1874 59 22,855,927.636.26 1,286,753,176.12 74,692,573.97 4,205,075.73 1875 59 25,061,237,902.09 1,408,608,776.68 81,899,470.;:6 4,603,296.65 1876 59 21,597,274,247.04 1,295,042,028.82 70,349,427.51 4,218,377.94 1877 58 23,289,243,701.09 1,3.73,996,301.68 76,358,176,6 4,504,905.90 1878 57 22,508,438,441.75 1,307,843,857.24 73,785,746.54 4,273,999.53 1879 59 25,178,770,690.50 1,400,111,062.86 82,015,539.38 4,560,622.35 1880 57 37,182,128.621.09 1,516,538,631.29 121,510,224.25 4,956,008.60 1881 60 48,565,818,212.31 1,776,018,161.58 159,232,190.86 5,823,010.36 1882 61 46,552,846,161.34 1,595,000,245.27 151,637,935.38 5,195,440.54 1883 63 40,293,165,257.65 1,568,983,196.15 132,543,306.76 5,161,128.98 1884 61 34,092,037,337.78 1,524,930,993.93 111,048,981.55 4,967,201.93 1885 C14 s,9 ol.439.9 9 1.o9..i5.251.89 82,789,480 38 4.247.01: Oqr 1886 64 33,374,682,216.48 1,519,565,385.22 109,067,588 94 4,965,899.95 Total exchanges since organization, October 11th, 1853, - $778,069,921,083.51 Total transactions for 33 years, 812,258,912,962.50 Total ba-ances since organization, October 11th, 1853, - 34,188,991,878.99 TOTAL EXCHANGES. The amount brought to Clearing House sin e organization, of New York Clearing I ouse, October IIth, 1853 (33 years..............$778,o69,921,083.51 Balance resulting for same time.............. 812,258,912,962.50 Total transactions for same time....... $34, 88,991,878.99 But few can comprehend the magnitude of the above sum. A simple suggestion of the manager will convey, perhaps, an idea of this enormous amount: "If Adam, when he was created, according to the Bible history, say (5885 years ago), had lived to the present time, and had continuously, night and day, counted every minute of the time to October I, I885, he must have counted at the rate of over 251 per minute, to ht:'-; aggregated the above amount.' The largest transactions for any one day since the organization wereon Feb. 28, 1881, amountingto$295,822,422.37 The smallest transaction for any one day since organization were on Oct. 30, I857, amounting to 8,357,394.82 The greatest balance resulting from any one day's transactions was on July 2, 1879, amounting to I2,505, 34.54 The least balance resulting from any one day's transactions was on Oct. 30, 1857, amountingto 489,720.32 The greatest amount of exchanges brought to the Clearing House by any one bank was on Feb, 28, I88.............................. 31,772,391,45 The greatest amount of exchanges taken away from Clearing House byany one bank was Feb.28, i88I 31,512,015.47 The greatest balance paid to the Clearing House by any one bank was Nov. 17, 868..............,585,471.31 The greatest balance paid by the Clearing House by any one bank was on April 5, 1872....... 4,774,39.59 The least balance paid by the Clearing House to any one bank was on Dec. I6, 1873, amounting to Io cents. The least balance paid to the Clearing House by any one bank was Sept. 22, 1862, amounting to r cent. 121 To enter into the vast detail of routine would occupy more space than is at our disposal, but we give a few items for consideration and thought as to the magnitude of its business. It is worthy of remark that those immense transactions have been made without a loss of any nature, or difference in the book or accounts. To the manager, Mr. William A. Camp, is due the credit for the perfect system that has for more than a quarter of a century, and still prevails in all the details of this vast work. There are now (January, I887) (45) forty-five Naional Banks in the City of New York with $45,150, 000.oo capital and $37,693,I00.00 surplus; net deposits, $319,212, I00.00; loans and discounts, $254, I61,800.oo, also 28 State Banks with $I3,862,700.00 capital and $8,097,200.00 surplus; net deposits, $77,837,200.00, and loans $73,761, IOO. o0. The whole number of banks in the city of New York is (73) seventy-three (National and State) with aggregate capital and surplus $1b4,803,ooo.00o; net deposits, $397, o49,300. oo, and loans and discounts $327, 922,900.00. From the resumption of specie payments in I879 to Oct. I, I880, $34c,598,000.00 in gold coin have been paid in the balances, weighing about 559 tons of 2,240 lbs.; in the year ending Oct. I, I884, there was paid $372,419,000.00 in gold coin, weighing about 617 tons, of 2,240 lbs.; in the year to Oct. i, I882, $250,550,ooo,oo gold coin, weighing about 424 tons, Since Oct 4, I882, the Government has issued U. S. goldcertificates, and little or no gold coin is now used in the settlement of daily balances. The largest amount of gold coin received in any one day since organization, in settlement of balances, was on the I Ith of November, 1879, viz.: $8,315, 000, weighing about I5j tons of 2,000 lbs. 122 The annual report of the Manager shows: TRANSACTIONS FOR THE FISCAL YEAR ENDING OCTOBER I, 1886. Exchanges. October, 1885.......................3,189,746,197.10 November....................... 3,318,946,571.72 December....................... 3,238,393,366.88 January 1886....................... 2,875,528,894.53 February "........................ 2,745,507,741.34 March "....................... 2,905,076,441.77 April ".................... 2,420,974,948.53 May "..................... 2,410,327,661.44 June "....................... 2,734,162:902.35 July "........................ 2,476,040,405.35 August "........................ 2,454,177,32875 September ".................... 2,605,799,756.72 Total.........................$33,374,682,216.48 Balances. $136,009,947.30 120,799.054.50 152,901,882.68 138,003.471.57 123,665,749.65 136,183,049.26 128,701,494.94 103,849,285.71 125,367,248.88 127,027,384.35 112,658,774.91 114,398,041.47 $,1,519,565,385.22 Clearing for year.....................................$33.374,682,216.48 Balances for year...................................................... 1,519,565,385.22 Total transactions........................................ $34,894,247,601.70 Average daily exchanges...............................................$109,067,588.94 Average daily balances........................................ 4,965,899.95 Average daily transaction............................................. 114,033,488.89 Comparative table showing the transactions of the New York Clearing House for the years ending December 31, 1885 and I886: 1884. Exchanges. $30,985,891.170.41 1885. Exchanges. January..............................2,185,377,595.52 February............................. 1,900,176,637.44 March.................................. 2,012,757,921.16 April................................... 1,867,988,743.35 May................................... 1,997,837,280.91 June.................................. 1,922,335,680.53 July.............................. 2,376,114,984.64 August................................ 2,041,097,444.16 September........................... 2,101,428,912.61 October............................ 3,189,746,197.10 November............................ 3,318,946,571.72 December............................ 3,238,393,366.88 $28,152,201,316 02 1888 Exchanges. January............................2,875,528,894.53 February............................ 2,745,507,741.34 March................................ 2,905,076,441.77 April............................. 2,420,974,948.53 May................................... 2,410,327,661.44 June.................................. 2,734,162,902.35 July................................... 2,476,040,405.35 August............................. 2,454,177,328.75 September...................... 2,605,799,756.72 October........................... 3,248,318,060.94 November............................ 3,181,934,861.31 December..................... 3,618,980.609.29 $33,676,829,12.82 Balances. $1,47,861,414.07 Balances. $123,227,916.54 90,550,296.16 98,139,918.79 105,431,162.32 106,158,666.84 108,187,995.69 114,525,111.11 97,918,800.35 102,619,902.29 136,009,947.30 120.799,054.50 151,901,882.68 $1,356,470,654.57 Balances. $138,033,471.57 123,665,749.65 136,183,049.26 128,701,494.94 103.849,285.71 125,367,248.88 127,027,384.35 112,658,774.91 114,398,041.47 128,453,413.23 125,765,982.02 146,917,369.22 $1,510,991,.65.21 128 The following shows the reserve and the total surplus of the banks in 1886, and the surplus compared with the corres. ponding periods in 1885 and 1884: Week i886. ended Reserve. Surplus. January- $ $ 2.... 118,529,300 24,289,475 9.... 124, I99,800 28,350,400 I6.... I30,491,600 33,015,950 23... 132,571,700 35,113,525 30.... 133,645, 10 36,156,425 Feb. 6.... I32,654,80 35,0,575 13.... 33,488,200 34,468,00o 20.... 130,474,400 31,700,875 27... 123,500,800 25,937,775 Mar. 7.. 121,398,300 23,073,400 13.... 119,457,700 20,614,050 20.... 115,272.100 17,412,800 27.... 107,863,300 I2,794.650 April 3.... 104,7,90,90 11,991,400 II... 08,857,300 15,555,875 17... xo08,911,1OO 14,722,650 24.... 107,123,000 I3,323,550 May I.... I05,226,300 12,085,850 8.... 04,94,300 11,113,525 I5.... 104,552,200 I2,497,075 22.... 105,222,700 13,801,175 29.... 105,141,100 3,830,600 June 5.... 103,163,900 12,067,975 12.... 106,533,800 14,652,975 I9.... I8,638,600 15,711,425 26... 08,31,300 14,354,275 July 3... 05,374,300 11,021,450 Io.... J07,947,000 13,16I,500 17.... I08,762,700 I3,6I0,925 24.... I08,796,200 14,270,200 31.... 7,304,500 12,878,725 Aug. 7 *... 102,8I8,8oo 8,647,250 I4.... 99,528,200 7,212,225 21.... 96,269,200 6,738,875 28.... 94,255,400 6,907,150 Sept. 4.... 93,408,400 6,920,425 I.... 94,061,200 7,684,075 IS.... 94,125,200 7,682,125 25.... 95,853,800 9,079,875 Oct. 2.... 92,653,000 5,963,925 9..9 92,540,000 5,058,800 6... 92332,900 4,688,950 13.... 92,628,000 5,469,575 30... 93,684,700 6,398,675 Nov. 6..,. 93,3I2,600 5,662,900 I3.... 95,821,200 7,891,350 20.... 98,641,700 9,930,00o 27.... 97,794,700 5,867,750 Dec. 4.... 96,411,300 6, 65,950 II... 94,124,000 4,080,500 18... 92,448,600 4,008,200 25.... 95,150,30o 7,232,200 * Deficiency. 1885. 1884 Surplus. Surplus. $ $ 40,020,625 8,211,950 47,644,375 I4,151,575 51,148,775 I7,284,225 52,113,025 19,478,775 53,870,975 19,298,375 54,985,125 21,094,409 51,611,075 20,010,800 49,712,850 x9,761,350 49,120.650 18,699,975 47,385,100 12,820,675 47,092,550 6,654,825 47,923,350 8,589,125 48;421,725 7,724,450 47,125,850 4,203,874 48,405,125 3,616.425 50,393,575 2,566.675 52,142,425 2,419,800 55,140,650 8o6,ooo 55,300,725 4,455,450 57,416,050 3,127,025 59,812,075 *6,607,125 60,768,925 *I,975,525 60,017,725 1,341,500 61,979,925 6,986,500 62,440,500 10,025,075 63,394,425 13,131,625 6I,607,900 I6,302,800 63,900,725 23,852,000 64,573,475 28,408,275 64,343, 75 30,623, 25 64,724,1 o 30, 16,900 61,638,475 31,146;600 59,555,875 32,538,300 58,341,475 31,649,550 56,910,250 31,100,375 51,899,750 29,528,900 49,800,900 28,294,375 47, 77,925 28, 144,700 44,931,ooo 27,935,725 41,499,200 29,897,675 40,153,424 32,113,300 36,553,500 31,655,750 31,037,40o 32,182,850 28,432,000 31,271,450 25,453,600 34, 85.475 26,495,150 37,474,525 27,389,175 40,216,050 26,593,275 42,267,175 26, 17,200 42,297,450 28,558,350 42,252,500 26,747,800 40,686,625 24,712.650 40,944,975 124 The average daily clearings for the City Banks by weeks in 1886 and at corresponding dates in 1885, 1884, 1883, 1882 and 1881, the last four years showing only the millions. 1884 1883 1882 1881 Week I886 1885 Mill. Mill. Mill. Mill. ended doll. doll. doll. doll. Jan. 2 $121,617,439 $104,101,695 $147 $153 $200 $197 119,3.39,641 86,025,363 128 1I9 162 197 i6 108,766,214 87,479,242 134 123 165 204 23 120,384,722 78,256,709 20 123 i66 59 30 103,031,485 70,237,133 129 122 176 174 Feb. 6 129,489,409 83,480,Ioo 130 143 I28 18 13 119,116,993 85,034,170 124 122 147 184 20 113,911,641 77,675,604 125 130 I38 229 27 114,079,896 84,607,477 112 127 I8I 207 Mar. 6 112,367,928 85,340,898 143 I25 I56 I70 13 96,728,279 80,448,I29 96 127 165 I38 20 130,429,617 71,462,781' 99 Ioo 164 I26 27 113,951,890 72,861,584 102 100 i66 155 April 3 0o6,573,902 69420,804 115 II6 I44 133 1o 96,815,741 66,922,415. 96 13I 175 121 17 98,837,908 81,418,415 109 138 165 I63 24 85,758,473 72,389, 20 ii8 108 139 147 May I 84,572,445 73,585,219 143 129 147 Igl 8 14,024,558 84,505,808 135 133 135 I I5 87,579,735 85,259,565 145 I34 117 202 22 84,654,137 78,562,929 11 I15 io6 200 29 99,273,411 69,063,577 104 III 109 184 Tune 5 115,407,717 78,146,251 103 I25 35 163 12 98,949,1I3 67,7Io,313 88 119 136 170 19 104,494,090 73,343,291 89 I21 I33 159 26 107,071,471 74675,503 Io 99 113 152 July 3 113,376,671 96,941,873 110 I6 Io8 170 Io 105,405,743 81,496,493 79 Io9 135 I4I 17 92,528,546 95,307,220 77 126 i6o 156 24 86,616,512 91.465,674 76 98 159 55 31 81,519,598 88,333,581 89 89 I54 141 Aug, 7 93,135,049 78,484,449 84 96 146 104 14 I02,051,760 82,991,96I 77 I44 144 137 21 I02,253,810 90,066,577 73 107 123 143 28 86,086,361 73,999,800 76 107 131 143 Sept. 4 80,922,591 79,466,754 77 123 134 28 ii 86,739,579 80,756,276 70 122 i68 154 i8 98,394,388 8o, 122,200 82 117 158 129 25 115,287,876 78,608,674 82 127 168 152 Oct. 2 124,088,850 95,346,046 92 127 187 192 9 138,451,143 109,916,758 83 139 167 163 I6 129,021,175 117,000,038 86 I53 174 I59 23 I22,431,009 138,062,174 IoI 151, I43 147 30 104,249,607 145,859,o65 76 136 I65 I70 Nov. 6 I47,121,805 155,083,323 95 124 I90 159 13 117,428,714 129,874,047 88 I30 176 I49 20 125,II8,982 144,823, 52 93 114 208 178 27 I43,757,259 150,085,159 92 I00 220 I64 Dec. 4 150,984,285 123,698,084 98 133 162 159 II I43,458,550 125,185,070 93 125 I67 133 18 165,589,361 135,262,262 93 133 85 i8i 25 120,953,706 127,346,630 82 125 128 85 126 The following shows the average loans, deposits, specie and legal tenders' (ciphers omitted) reported by the New York Asso'. elated Banks each week In 1886. Week end. Loans. Deposits. Specie. L. tenders, Jan. 9.:: $339t29'8 $376,959,3 $89,721,1 $28,8o8,2 9... 39,83, 38,39,6 93,082,1I 31,117,7 r6.... 339,345,9 389,902,6 97,072,2 33,419,4 23.... 338,697,7 3189,832,7 98,284,3 34,287,4 30.... 337,934,7 389,954,7 100,212,7 33,432,4 Feb. 6.... 339,392-,6 390,564,9 99,1147,2 33,507,0 13.... 344,628,4, 396,08o,8 98,105,6 35,382,0 20.... 348,1I63,8. 395,094,1 97,006,7 33-467,7 27.... 349,677,o 390,252,1I 92,343,6 31,157,2 March 6.. 35,J, 9,299,6 89,732,6 31, 665,7 1 3:::: 358, 8,5 351,374,6 87,263,0 32,194,7 20.... 359,685,3 3~ I,437,2 84,1I69,1I 31,103,0 27.... 356,058,6 380,264,6 79,084,6 28,778.7 April 3.... 349,806,6 37o,838,o 78,459,8 26,24I,1 I0.... 35 0,1I38,7 373,205,7 77,483,7 31,373,6 1 7.... 350,567,7 376,753,8 76,,612,1 32,229,0 24.... 351,542,8 375,197,8 74,742,3 32.380,7 May I.... 35 1,P298,4 372,801,8 72,976,6 32-,249,7 8.... 350,659,3 372,323,1 70,918,8 33,275,5 15. -..- 347,334,3 368,220,5 69,804,5 34,747,7 22.... 342,129,2 365,686,1I 69,819,0 35,403,7 29.... 341,540,5 365,242,0 69,51i6,8 35,624,3 June 5....- 342,8:24,0 364,383,7 67,439,0 35,724,9 12.... 343,609, 1 367,523,3 66,51I2,6 40,021, 2 19.... 347,413,9 371,708,7 66,581,5 42,057,! 26.... 351,0o86, 5 375,828,1I 65,013,4 43,297,9 July 3.... 355,743,7, 377,411,4 64,483,9 40,890,4 10.... 355,004,2 379,142,2 65,693,1 42,253,9 17.... 353.615,6 380,727,1 63,723,7 45,069,0 24.... 353,804,0 378,812,0 63,978, 0 44,995,2 31.... 354,327,4 377,703,1 64.,271,2- 43,0J33 Au.7.... 38190 36862 65,084,0 37,764,8 21:::: 35*075,I 362,263,9 65,369,1 5 4,159,1 2I.. 35,576 5, 121,3 66,1I65,9 3 0,1I03,3 28.... 342,333,2 349,393,0 68,582,1 25,673,3 Sept. '4... 330,10 6,6 345,951,9 70)258,3 23,150,1 II1.... 337,63I:8 345,7o8,5 73,159,4 20,9o1,8 I 8.... 337,307,6 345,772,3 74,092,2 20,033,0 Oct. 5..... 337,485,7 347,095,7 76,642,8 12:2 I1,o0 Ot I.... 340,195,7 346,76,$ 402 550 9.... 343,756,9 349,724,8 7566 1 6,843,2 '6.. 343,811,3 35o,855,8 75,279,4 17,053,5 23.... 341,555,0 348,633,7 75,779,4 16,848,6 30.... 341,401,8 349,128,1I 76,631,2 17,049,5 Nov. 6.... 340,994,9 350,718,8 77,070,0 16,242,6 13.... 341,946,8 351,719,4 78,005,2 17,8i6,o 20.... 341.8 Z33,5 354,846,8 80,709,7 17,932,0 27.... 344,54, 355,707,8 79,554,0 18,240,7 Dec. 4.... 350,847,0 36o,98r,4 77,828,2 18,583,1 II.. 3582,413,5 360, 174,0 76,02,8 18,091,2 i6.. 3863,7 353,761,6 74,386,0 18,062,6 24.... 343,4 4,1 351,67:2,4 77,303,0 17,847,3 31.... 343,687,5 359,268,6 82,71891 19,370,4 126 Statement of the Outstanding Principal of the, "Public Debt of the United States on the First of January of each year from 1791 to 1842 inclusive, and on the First of July of each year from 1843 to 1888 Inclusive. Jan. Ist, '79' $75,463,476.52 Jan. Ist, 1839 3,573,343.82 t ~179:2 77,227,924.66 "6 1840 5,250,875.54 's 793 80,352,6)34.04 go 1841 13,594,480.73 "1 1794 78,427,404.77 i' 1842 20,601,226.28 Cs* 1795 80,747,587.39 July ist 1843 32,742,922.00 1796 83,762, 172.07 " 844 23,461,652.50 '797 82,064,479.33 " 845 15,925,303.01 1798 7,228,529.12 " 846 I%,50,202.97 179 794o8 69771847 3, 26,534.77 1800 82,976,294.35 " 848 47,044,862.23 " 80i 83,038,050.80 " 849 63,06i,858.60 1802 86,712,632.25 " 85o 63,452,773.55 1803' 77,054,68c.3 " 851 68,304,796.02 10 86427,120. s8 " 852 66,19,341.71 i805 82,312,150.50 " 853 59,803, 117. 70 x8o6 75,723,270.66 " 1 854 45-2,I242,22242? 1807 69,218,398.64 " 855 35,586,858.56 i808 65,1i96,317.97 " x856 31,972,537,9 1809 57,023,192.09 " 857 28,699,8 1.850 i1i 53,173,217.52 " i858 44,911,881.3 z8ii 48,005,587.76 " 859 58,496,837.88 1812 45,209,737.90 "s x860 64,842,287.88 1813 '5,962,827.57 "9 i86i 90,580,873.72 " 814 81,487,846.24 "9 7862 524,176,412.13 " 8x5 99, 833,660. 15 " 863 1, 119,772,13 8.63 1816 127,334,933.74 " i864 1,815,784,370.57 1817 123,491, 965.1I6 " 865 2,680,647,869.74 i8i8 103,466,633.83 " 866 2,773,236,173.69 14 819 95,529,648.28 " 867 2,678,126,103.87 "1 i8ao 9I,o15,566.15 " 868 2,611,687,851.19 1C 821 89,987,427.66 " 869 2,588,452,213.94 1c 82.2 93,546,676.98 " 870 2,480,672,427.81 if 1823 90,875,877.28 " 871 2,353,211,332.3-2 1c 824 90269,777.77 " 872 2,253,251,078,78 1s 825 830,788,432.71 " 873 2,234,482,743.20 19 826 81,054,059.99 " 874 2,251, 690,21I8.43 11 827 73,987,357.20 " 875 2,232,284,281.95 1828 67,475,043.87 I 876 2,1I80,394,81I7.15 1829 58,421, 41I3.67 " 87'7 2,205,301,142,10O 1830 4-3,565,406.50 " 878 2,256,205,398,20 1831 39,123,191.68 " 1879 2,3" 49,5 67,232.04 1832 24,322,235 i8 " iS8o 2,120,415,120.63 1833 7,001,698.83 " I88 2,069,013,319,58 " 834 4,760,082.08 " 882 1, 9!8,312,744.03 1835 37,513.05 " 883 1884,171,478.07 " 836 336,957.83 " 884 1,830,528.923.57 1837 3,308,124.07 " 885 1,876,424,275.14 1838 10,434,221.14 " i886 1,756,445,205.78.3 Dec. i886 $1,703,7,96,270.78 127 CONSTITUTION. SEC. I. The name of this Association shall be #'THE NEW YORK CLEARING HOUSE ASSOCIATION." SEC. 2. The objects of the Association shall be the effecting at one place of the daily exchanges between the several Associated Banks, and the payment at the same place of the balances resulting from such ex' changes. But the Association shall be in no wise responsible in regard -to such exchanges, nor in regard to the balances resulting therefrom, except so far as such balances shall be actually paid into the.hands of the Manager. The responsibility ot the Association is strictly limited to the faithful distribution by the Manager among the creditor Banks, for the time being, of the sums actually received by him; and should any loss occur whilst the said balances are in the custody of the Manager, they shall be borne and paid by the Associated Banks in the same proportion as the other expenses of the Clearing House, as hereinafter provided for. SEC. 3 The Association at present consists of the following members: Bank of New York, Mercantile Bank, Manhattan Company Pacific Bank, Merchants' Bank,,- Bank of the Republic, Mechanics' Bank, Chatham Bank, Union Bank, People's Bank, Bank of America, Bank of North America, Phenix Bank, Hanover Bank, City Bank, Irving Bank, North River Bank, Metropolitan Bank,' Tradesmen's Bank, Citizens' Bank, Fulton Bank, Knickerbocker Bank, Chemical Bank, Grocers' Bank, Merchants' Exchange Bank, Empire City Bank, National Bank, Nassau Bank, Butchers and Drovers' Bank, East River Bank, Mechanics and Traders' Bank, Market Bank, Greenwich Bank, St. Nicholas Bank, Leather Manufacturers' Bank, Shoe and Leather Bank, Seventh Ward Bank, Corn Exchange PEank, Bank of the State of New York, Central Bank, American Exchahge Bank, Continental Bank, Merchanics' BankingAssoc'tion, Bank of the Commonwealth, Bank of Commerce, Oriental Bank, Bowery Bank, Marine Bank, Broadway Bank, Atlantic Bank, Ocean Bank, 128 SE-C 4. Each Bank belonging to Association shall be represented at all meetings thereof by one or more of its principal officers, and shall be entitled to one vote. SEC. 5 A general meeting of the Association shall be holden at the Clearing House on the first Tuesday in October in each year, at one o'clock, P. M. At every annual meeting a Chairman shall be elected, by ballot, to preside at that meeting and all subsequent meetings during the year. Whenever he shall be absent a Chairman pro lem. shall be appointed. At the same meeting a Secretary shall also be elected by ballot. SEC. 6. Special meetings shall be called by the Clearing House Committee, whenever they may deem it expedient, or whenever they shall be thereto requested by any seven of the Associated Banks. SEC. 7. At all meetings of the Association a quorum for the transaction of business shall consist of a majority of the whole number of Associated Banks. SEC. 8. At every annual meeting a Standing Committee of five Bank Officers shall be elected by the majority and by ballot, to be called the Clearing House Committee, whose duty it shall be to procure from time to time a suitable room or rooms for the Clearing House; to provide proper books, stationery, furniture, fuel, and whatever else may be necessary for the convenient transaction of business thereat; to appoint a Manager annually, and such clerks as may be necessary; to establish rules and regulations to be observed at the Clearing House in cases not provided for in this Constitution, subject to the approval of the Association, and generally to supervise the Clearing House affairs. This Committee shall have charge of the funds belonging to the Association; shall draw on each Bank for its quota of the expenses, and shall, also, at the first meeting of the Association after their election, submit detailed estimates of the expenditures that will be required for the Clearing House during the current year. AMENDMENT-Passed 7une 4th; 1884. Add to section 8, as follows: " The Clearing House Committee Is also empowered, whenever it shall consider it for the interest of the Association, to examine any bank member of the Association, and to require from any member securities of such an amount 129 and character, as said Committee may deem sufficient for the protection of the balances resulting' from the exchanges of the Clearing House." SEC. 9. The salary of the Manager shall always be fixed by the Association. The salaries of the clerks shall be fixed by the Clearing House Committee. The Manager shall give a bond, with sureties in the sum of ten thousand dollars, and each clerk in the sum of five thousand dollars, to be approved by said Committee. SEC. IO. The Manager, under control of the Clearing House Committee, shall have immediate charge of all business at the Clearing House, so far as relates to the manner in which it shall be transacted; and the clerks of the establishment, as well as the settling clerks and porters of the several Associated Banks, while at the Clearing House, shall be under his direction. SEC. II The Clearing House Committee shall have power to remove the Manager or any of the clerks, whenever. in the opinion of the Committee the interest of the Association shall require. SEC. I2. The hour for making Exchanges at the Clearing House shall be io o'clock, A. M., precisely. Between the hours of 12 X and I i o'clock, P. M., the debtor Banks shall pay to the Manager at the Clearing House the balances against them, either in actual coin, United States legal tender notes, or in the certificates hereinafter mentioned, except fractional amounts. At i o'clock, P. M., or as soon thereafter as the amounts can be made up and proved, the creditor Banks shall receive from the Manager, at the same place, the respective balances due to them, provided all the balances due from the debtor Banks shall have been paid. The Association, by a vote of three fourths of those present, at a meeting calledfor that purpose, may change the hour for making the exchanges and the settlement of balances. SEC. 13. Should any one of the Associated Banks fail to appear at the Clearing House at the proper hour prepared to pay the balance against it. the amount of that balance shall be immediately furnished to the Clearing House by the several Banks exchanging at that establishment with the defaulting Bank, in proportion to their respective balances against that Bank, resulting from the exchanges of the day. and the Manager shall make / 130 requisitions accordingly, so that the general settlement may be accomplished with as little delay as possible. The respective amounts so furnished the Clearing House on account of the defaulting Bank will, of course, constitute claims on the part of the several responding Banks against that Bank; but, as before stated, the As sociation shall in no wise be responsible therefor. SEC. 14. Errors in the exchanges, and claims arising from the return of checks, or from any other cause, are to be adjusted directly between the Banks who are parties to them, and not through the Clearing House, the Association being in no way responsible in respect to them. SEC. I5. Reclamations for errors and deficiencies in specie or United States legal lender notes received at the Clearing House, contained in bag3 or packages, sealed and marked in conformity with any rules established upon that subject by the Clearing House Committee, shall be made by one o'clock P. M., on thefollowing day, by the receiving Bank directly against the Bank whose mark the sealed bag or package bears. Notice of such error shall be sent to the Bank immedzately upon discovery, the Association not being responsible for the contents of such sealed bags or packages. Allchecks, drafts, notes, or other items in the exchanges, returned as I' not good" or mis-sent, shall be returned the same day dziectly to the Bank from whom they were received, *and the said Bank shall immediately refund to the Bank returning the same the amount which it had received through the Clearing House for the said checks, drafts, notes, or other items so returned to it, in specie or legal tender notes. But, checks, drafts, notes, or other items to be returned for endorsement or informality may, after beihg certified by the Bank returning iz, be returned through the exchanges the followilg morning, not exceeding $5, ooo in amount to any one Bank. AMENDMENT-Passed 7une 4th, 1884. Add to section 15 as follows: " In case of the refusal or inability of any bank to promptly refund to the bank presenting such checks, drafts or other items, returned as not good, the bank holding them may report to the Manager the amount of the same. And it shall be the Manager's duty, with the approval of the Clear. ing House Corrmittee, to take from the settling sheet of both banks the amount of such checks, drafts or other items so reported, and to readjust the Clearing House statement and declare the cor. Amendment passed May 23, i866. 131 rect balance in conformity with the phange so made, provided that such report shall be given to' the Manager before one o'clock of the same day." SEC. i6. Every Bank, member of the Clearing House Association, shall furnish a weekly statement of zYs condilion to the Manager, for publication, showing the average amount ofI st. Loans and Discounts. 2d. Specze. 3d. Legal Tender Notes. 4th. Cziculation. 5th. Deposits. SEC. 17. The Associated Banks may from time to time appoint one of their own number, or the Assistant Treasurer of the United States at New York, to be a depositary to receive, in special trust, such coin, or United States legal tender notes, as any of the Associated e Banks may choose to send to it for safe keeping. The Depositary shall issue certificates in exchange for such coin or United States legal tender notes, in proper form, and for convenient amounts. Such certificates shall be negotiable only among the Associated Banks, and shall be received by them in payment of balances at the Clearing House. Such special deposits of coin or United 'States legal tender notes ate to be entirely voluntaryeach Bank being left perfectly free to make hem or not, at its own discretion. The coin or notes thus placed on special deposit are to be the absolute property of such 1 of the Associated Banks as shall, from time to time, be the holders of the certificates, and are to beheld by the Depositary subject to withdrawal on the presentation of the proper certificates at any time during banking hours. SEC. I8. New members may be admitted into the Association at any meeting thereof. Such new members shall signify their assent to this Constitution in the same manner as the original members, and shall pay an admission fee according to their respective capitals, as follows: Banks whose capital does not exceed $506,000 shall pay.....$I,ooo Exceeding $500,ooo, and not exceeding $1,0oo,ooo............ 2,000 I,000000, oO" 2,......... 3,000 < 2,000,000, " " 3,000,000............. 4,000." 3,000,000, " " 5,00,000........... 5000 "4 5,000,000,..................................... 7,500 132. Any Bank, member of the Clearing House Association, increasing its capzial, shall pay, in addtiton to the above, a sum to correspond with these rates. But no new members shall be admitted, except by a vote of three-fourths of those present-such vote to be taken by ballot. Provided, however, that it shall be competent, by a vote of three fourths of those present, to 'impose such conditions as the Association may deem expedienl at the time of such admzsszon. SEC. I9. A Standing Committee of five Bank Officers shall be appointed at every annual meeting, to whom all applications for admission into the Association shall be referred for examination. SEC. 20. For cause deemed sufficient by the Associated Banks, at any meeting thereof, any Bank may be * expelled from the Association, and debarred from all the privileges of the Clearing House, provided a majority of the whole number of Associated Banks vote in favor thereof. SEC. 21. A Standing Committee of five Officers of Banks, shall be elected at every annual meeting, who, acting in concurrence with the Clearing House Committee, shall have power, in case of extreme emergency, to suspend any Bank from the privileges of the Clearing House until the pleasure of the Association thereupon shall be ascertained. But no such suspension shall take place unless a majority, at least, of each of these two Committees shall be present at the ordering thereof, nor unless the vote be unanimous. In case of such suspension the Clearing House Committee shall forthwith call a general meeting of the Association to take the matter into consideration. SEC. 22. Any member of the Association may withdraw therefrom at pleasure-first paying its due proportion of all expenses incurred, and signifying its intention to withdraw to the Clearing House Committee. SEC. 23. The expenses of the Clearing House, not including the expense of printing for the several Banks (which last mentioned expense shall be apportioned equally), shall be borne and paid as follows: *Each Bank shall be assessed Two Hundred Dollars, and the * Amendment adopted Oct. 29, i875. I 133 balance necessary after that amount, pro rata, according to he average amount which they shall have sent to the Clearing Housefor the preceedingyear. SEC. 24. At every annual meeting a Standing Committee of five Bank Officers shall be appointed, to be called the Committee of Arbitration, whose duty it shall be to hear and determine all disputes that may be submitted to them by both parties thereto; any member of the Association being one. Such Committee shall record a brief abstract of each case referred to them, together with their decision therein, in a book to be provided for that purpose, which book shall be kept at the Clearing House, open to the inspection of all members of the Association. The first Committee shall be appointed immediately upon the adoption of this amendment, and shall serve until the next annual meeting. SEC. 25.' Whenever exchanges shall have been made at the Clearing House, by previous arrangement between members of the Association through one of their own number and Banks in the city and vicinity who are not members, the receiving Bank at the Clearing House shall in no case discontinue the arrangement without giving previous notice-which notice shall not take effect until the exchanges of the morning following the receipt of such notice shall have been completed. SEC. 26. This Constitution, when agreed to by the Association at any general meeting thereof by a majority of votes, shall be submitted to the respective Boards of Directors of the several Banks herein named as members of the Association for their adoption. When - adopted by a majority of the whole number of Banks it shall be deemed and taken to be in full force and operation. Adoption shall be signified by the signature of the proper officer of the Bank to two copies hereof, one to be kept by the Chairman of the Clearing House Committee and the other byV the Secretary of the Association. A copy of the vote or resolution of the Board authorizing such signature shall be deposited with the Secretary. Such Banks as shall not adopt this Constitution within two months from the time it is agreed to in general meeting, as above mentioned, shall, at the expiration of such two months, cease to be members of 134 the Association; provided the Constitution shall then be in operation. SEC. 27. Amendments of this Constitution may be made at any meeting of the Association by the vote of a majority of all the members thereof; notice of the proposed amendments having been given at a previous meeting. REsoLUTION-Passed June 23d, 1857. Resolved, That a fine of three dollars be imposed upon every Bank not represented at roll call at each duly called meeting of the Association, without reasonable excuse. The fund created by such fines to be appropriated in such manner as may be directed by the Chairman of the Association. RESOLUTION-Passed October 2d, i86o. Resolved, Any member of the Clearing House Association who shall pay or deliver to any party, other than a member of the said Association, the certificates of deposit of the Clearing House Depositary, shall be subject to a fine of $ioo (one hundred dollars.) RESOLUTION-Passed February I 3h, 865. Resolved, That no member of the Clearing House Association shall be allowed to make the exchanges for, or redeem the notes or checks r;f any other Bank or Banks, not members of said Association, without first giving notice over the signature of one of its officers of the fact of such redemption; nor shall such redemption be discontinued but upon notice in the manner prescribed by Section 25 of the Constitution. AMENDMENT-Adopted April 26th, I 85. Whenever any member of the Association shall send through the Clearing House the exchanges of any Bank or Banks in the city or vicinity, who are not members, such sending shall, ipso facto, and without other notice, constitute said member the agent for said Bank or Banks at the Clearing House; and said member shall be liable in the premises the same as for its own transactions, and its liability in all such cases shall continue 135 until after the completion of the exchanges of the morning next following the receipt of notice of discontinuance of any such agency. RESOLUTION- Passed May 23d, I866. Resclved, That the liabilities of Banks in the Clearing House doing business for Banks in the vicinity are, under the amendment to the Constitution, passed April 26th, I865, the same as for their own transactions. RESOLUTIONS-Adopted September 22d, 1871. Ist. There shall be chosen yearly at the annual election a committee of five members, to be called "The Nominating Committee," whose duty it shall be to present to the Association at each annual election names of candidates for Chairman and Secretary of the Association, and for members of the three committees on the following basis: The. Chairman and Secretary shall be eligible for two successive years; and after an interval of one year, shall be again eligible in like manner. 2d. There shall be selected every year two at least new members on each of the committees (having still, three old members), and those who have been longest on the committee shall go off first. If all have been on the same length of time, then two shall go off by lot; and after an interval of one year, such members shall be deemed again eligible. A PLAN FOR THE CLEARING OF GOLD CHECKS. Adopted February I4fh, I872. ist. The New York Clearing House Association or any members thereof, may unite for the purpose ot clearing checks payable in gold. 2d. The hour for making the exchanges shall be at io o'clock A. M. 3d. The debtor Banks shall pay to the Manager of the Clearing House, before 12W o'clock P. M., the balances against them, either in coin or in United States gold certificates. 4/k. At 12C o'clock P. M., or as soon thereafter on the same day as the amounts can be made up and 136 proved, the creditor Banks shall receive from the Manager, at the same place, the respective balances due them, provided all the balances due from the debtor Banks shall have been paid. 51h. All rules and regulations contained in the Constitution or By-Laws of the New York Clearing House Association, or amendments of or additions thereto, in relation to checks, drafts, or other items in the exchanges, as not good, or mis-sent, or any rules and regulations now applicable to the daily exchanges of currency checks, except such as may conflict with the foregoing sections, shall also apply to the exchanges of checks payable in gold. 6fh. The adoption of this system shall not prohibit any Bank from presenting gold checks for payment to the Banks on which they may be drawn during the usual banking hours, nor shall such presentation reflect unfavorably on the Bank so presenting. 7/h. Any additional expenses incurred by reason of such exchanges, shall be borne and paid, pro rafa, by the several Banks so exchanging, according to their re spective capitals, as now provided by the Constitution of the New York Clearing House Association. 8/h. The adoption of the above plan shall be signified by the signature of the proper officers of the Banks agreeing to the same to a copy hereof, to be kept by the Chairman of the Clearing House Association; and no Bank whose signature is affixed thereto shall be at liberty to discontinue making the exchanges as hereinbefore provided, except on at least twenty-four hours' notice to the Manager of the Clearing House, who shall immediately inform the exchanging Banks of the fact RESOLUTION - Passed Aprt7 8/h, 1872. Resolved, That the Clearing House Committee be and is hereby directed, whenever it appears, in its judgment, that legal tender notes have been withdrawn from use through the agency of any Bank member of the Association, to make an immediate examination of the Bank in question, and, should there appear to be complicity on the part of the Bank or its officials, to suspend said 137 Bank from the Clearing House until action of the Asso. ciation shall be taken thereon. AMENDMENT-Adopted April 25fh, r876. If vacancies occur in any of the Committees of this Association. the remaining members of the Committee shall have power to fill the same." REsoLUTION-Passed April 26th, I882. Resolved, That under Section i9 of the Constitution of this Association, the Clearing House Committee may refer all applications for admission to the Committee on Admissions, instead of calling a meeting of the Association for that purpose. MEMBERS OF THE ASSOCIATION. JUNE I, I886. - No. I. Bank of New York N. B. A., 2. Manhattan Company, 3. Merchants' National Bank, 4. Mechanics' National Bank, 6. Bank of America, 7. Phenix National Bank, 8. National City Bank, Io. Tradesmen's Nat'l Bank, 1. Fulton National Bank, 12. Chemical Nat'l Bank, 13. Merchants' Ex. Nat'l Bank, 14. Gallatin National Bank, I5. Nat'l Butch's & Drov's B'k, i6. Mech's & Trad's Bank, 17. Greenwich Bank, 18. Leather Manuf. Nat'l Bank, 19. Seventh Ward Nat'l Bank, 20. Bank of the State of N. Y., 21. Amer. Ex. Nat'l Bank, 23. Nat'l Bank of Commerce, 25. National Broadway Bank, 27. Mercantile National Bank, 28. Pacific Bank, 29. Nat'l B'k of the Republic, 30. Chatham National Bank, 31. People's Bank, 32. Bank of North America, 33: Hanover National Bank, 34. Irving National Bank, 36. National Citizen's Bank, 40. Nassau Bank, 40. Market National Bank, NO. 43. St. Nicholas Bank of N. Y., 44. Nat'l Shoe & Leather Bank, 45. Corn Exchange Bank, 47. Continental National Bank, 49. Qriental Bank, 53. Imp. & Trad. Nat'l Bank, 54. National Park Bank, 58. North River Bank, 59. East River National Bank, 6I. Fourth National Bank, 62. Central National Bank, 63. Second National Bank, 64. Ninth National Bank, 65; First National Bank, 66. Third National Bank, 67. N.Y. Nat'l Exchange Bank, 70. Bowery National Bank, 71. N. Y. County Nat'l Bank, 72. German-American Bank, 74. Chase National Bank, 75. Assis't Treas. U. S. at N. Y., 76. Fifth Avenue Bank, 77. German Exchange Bank, 78. Germania Bank, 7. United States National Bank,. Lincoln National Bank, 8I. Garfield National Bank, 82. Fifth National Bank, 83. Bank of the Metropolis, 84. West Side Bank, 85. Seaboard National Bank, 86. Sixth National Bank, a 138 OFFICERS OF THE ASSOCIATIONI. For Year ending October Ist, 1887. CHAIRMAN. JACOB D, VERMILYE. President of lhe Merchants' National Bank. SECRETARY. RICHARD HAMILTON. Cashier of the Bowery National Bank. CLEARING HOUSE COMMITTEE. E. H. PERKINS, JR., President of the Importers' and Traders' National Bank. F. D. TAPPAN, President of the Gallatin National Bank. WILLIAM DOWD, President of the Bank of North America. WM. A. NASH, President of the Corn Exchange Bank. PERCY R. PYNE, President of the National City Bank. CONFERENCE COMMITTEE. GEORGE G. WILLIAMS, President of the Chemical National Bank. J. L. JEWETT, President of the Irving National Bank. GEORGE S. COE, President of the American Exchange National Bank. RICHARD L. EDWARDS, President of the Bank of the State of New York. O. D. BALDWIN, President of the Fourth National Bank. NOMINATING COMMITTEE. CLINTON W. STARKEY, President of the Oriental Bank. J. T. BALDWIN, Cashier of the Manhattan Company. JOHN T. HILL, President of the Ninth National Bank. CHARLES H. LELAND, President of the Sixth National Bank. HENRY ROCHOLL, President of the German American Bank. COMMITTEE ON ADMISSIONS. JOHN M. CRANE, President of the National Shoe &r Leather Bank. GEORGE M. HARD, President of the Chatham NNational Bank. A. S. FRISSELL, President of the Fifth Avenue Bank. A. S. APGAR, Cashier of the Mlerchants' Exchange National Bank. D. B. PRATT, Cashier of the Bank of America. ARBITRATION COMMITTEE. W. H. OAKLEY, President of the National Citizens' Bank. JOHN JAY KNOX. President of the National Bank of the Republic. D. C. HAYS, President of the Manhattan Company. GEORGE MONTAGUE, President of the Seconfd Aational Bank. GEORGE F. BAKER, President of the First National Bank. MANAGER. WILLIAM A. CAMP. 139 TABLE SHOWING TIE LEGAL WEIGHT AND FINENESS OF THE COINS OF THE UNITED STATES, AND THEIR DIAMETER- AND THICKNESS. IFrom Report of the Director of the Mint.] Legal Fin Diameter Thickness Weight Finness. (20ths of (1000ths of (Grains). ( an inch. an inch.) GOLD. Double eagle......... 516 900 27 77 Eagle.................... 258 90 21 60 Half eagle............... 129 900 17 46 Three dollars........... 64.5 900 i6 34 Quarter eagle......... 77.4 900 15 34 Dollar (new)......... 25.8 900 11 8I SILVER. Trade dollar............ 420 900 30 82 Standard dollar.......... 412.5 900 0 8o Half dollar.............. 192.9 900 24 57 Quarter dollar........... 96.45 900 19 45 Twenty cents......... 77. I6 900 I7j 47 Dime.................. 38.58 900 14 32 Half dime............... I9.2 900 12 23 Three cents.............. 11.52 900 II i8 MINOR. Five cents............. 77.I6 75o copper 25% nickel. i6 62 Three cents.............. 30 75% copper 25% nickel. x4 34 Two cents.............. 96 95% copper 5% tin and zinc. 18 6o One cent................. 48 95 coppe 5% tin and zinc. 15 43 STATEMENT SHOWING THE SPACE REQUIRED FOR THE STORAGE OF UNITED STATES GOLD AND SILVER COINS. Description. Amount. ITow Put Up,. Space Required. Gold coin........... $1,000.(X) $5,000 in b-oz. uck bags. Neatly 17 cubic feet Silver dollars........ 1,000,0(X 1,000 in S-oz. uuck bags. 250 cubic feet. Subsidiary silver.... 1.0).000 1.000 in 8-o.. auck bags. 150) cubic feet. MEMORANDUM. The space occupied by a bag of standard silver dollars, piled snugly in mass, is 12 inches long, 9 wide and 4 deep. Small silver (subsidiary) packs better 'than dollars. The weight of a thousand dollars in subsidiary silver being 56 ounces less than that of an equal value in standard silver dollars, the spaces occupied by each vary but little from each other. NATIONAL AND STATE BANKS OF NEW YORK CITY AND VICINITY. ME[BIERf OF THE CLEARING HOUSE ASSOCIATION. - 1 2 8 4 5 7 8 10 11 12 13 14 15 16 17 18 19 20 21 23 25 27 28 29 80 81 82 83 84 86 40 42 43 44 45 47 47) 58 54 58 59 61 63 S2 64 65 67 70 71 72 74 75 76 78 79 60 R 1 82 68 84 85S ml Bank o N.Y.N. B. A...... Manhattan Company......... Merchants' National Bank... Mechanics' National Bank-... Bank of America.............. Phenix National Bank........ National City Bank........... Tradesmen's National Bank. Fulton National Bank........ Chemical National Bank..... Merchants' Exchange N. B... Gallatin National Bank...... N. Butchers & Drovers' B'k.. Mechanics & Traders' Bank.. Greenwich Banl............. ieatller Manutacturers' N. B. Seventh Ward Nat'l Bank.... Bank of the State o f N. Y.... American Exchange N. B s.. Nat'l Bank of Commerce..... National Broadway Bank.... Mercantile National Bank.... Pacific Bank................ Nat'l Bank of the Republic... Chatham National Bank..... Peoples' Bank................ Bank of North America...... Hanover National Bank...... Irving National Bank........ National Qitizens' Bank...... Nassau Bank.................. Mlarket National Bank........ St. Nicholas Bank of N. Y.... Nat'l Shoe & Leather Bank... Corn hxcnange Bank........ Continental National Bank.. Oriental Bank................ Importers & Traders' N. B'k. National Park Bank.......... Narth River Bank............ East River National Bank.... Fourth National Bank........ Central National Bank....... Second National Bank........ Ninth National Bank......... First National Bank.......... Third National Bank......... N. Y. Nat'l Exchange Bank.. Bowery National Bank...... N. Y. County National Bank. German-American Bank..... Chase National Bank......... Assist. Treas. U. S. at N. Y... Fifth Avenue Bank........... German Exchange Bank.... Germania Bank.............. United States Nat'l Bank..... Lincoln National Bank....... Garfield National Bank....... Sixth National Bank......... Bana of the Metropolis...... West Side Bank............... Seaboard National Bank..... Sixth National Bank..... CAPITAL, 32,000,000 2,050,000 2,000,000 3,000,000 1,000,000 1,000,000 1.000,00b 600,000 300,000 1,000 000 30(),000 200,000 200.(000 300,000 800,000 5,000,000 5,000,000 1,000,000 1,000,000 422,700 1,500,000 450,000 200,000 700,000 100,000 500,000 500,000 500,000 500,000:500,000 1,0300,000 1 500,000 2:000,000 240,000 250,000 3,200,000 2,000,000 750,000 500,000 1,000,000 300,000 250,000 300,000 100,000 200,000 200,000 500,000 800,000 200,000 500,00 200,000 *200,00 SURPLUS. 0 a,.$;496.30u $100 950.100 50 716.600 50 1,38t,90ou 25 1,671,700 100 265.600 20 1,978,70 100 237,400 40 231.9(;) 30 4.800O 100 122,00 50 1,175, 0050 266,400 25 94,890 25 50,900 25 503,40 100loo 89,800 100 42,100 100 1,582,000 100 8,125,600 100 1,179.600 25 427,400 100 255,500 50 676,400 100 415.900 25 155.000 25 299,500 70 791.400 100 231,100 50 344,300 25 106.900 50 4-2,500 10( 217,200 100 261,700 100 1,048,000 100 280,800 100 307,800 25 3.119800 100 1,055,200 100 83,400 30 150,300 25 1,315,100 100 572,000 100 11 7,800 100 25,800 100 5.111,50( 100 225,900 100 10,200 100 303,500 100 50300 100 196.900 75 212,600 100 580,3n00 100 294,000 100 808,400 100 560,00 100 93900 100 127,600 100 160200 100 20,60C 100 134,800 100 127,800 100 61,700 100 LAST DIVIDKND.. I -.an. ' i* 5 Aug.. '86 3.Jan '87 33 Jan. '87 4,.an. '87 4 Jan. '87 3 iN<,v., ' 610 Jan. '87 8 Nov, '81 33 [an. '87 15 Jan. '87 3 Oct., '86 5 Tan. '87 4 tan. '87 54 Nov., '86 3 Jan. '87 5 Jan. '87 3 Nov. '86 4 Nov., '8H 3j Jan. 'R7 4 Jan. '87 8 )lan. 's7 3 Nov. '8f 2 Jan. '87 3 'oiv. '83 3 Jan. 'O7 5 Jan. '87 3 Jan, 'l7 36 Jan, '87 4 Jan, '87 3%6 Nov.. '8t 4 Ian, '7 4 Jan. '87 3 Jan. '77 4 FeS. '87 5 Jan. '87 4 Jan, '87 5 Jan, '87 7 Jan, '87 4 Jan, '874 Jan, '87 4 Jan. '87 4 Jan, '17 4 Jan., '87 5 Jan. 87 334 Jan. '87 10 Jan. '87 3 Feb. '87 3 Jan, '87 6.an. '87 4 Feb. '87 3 Jan. '87 3 *.. o o........ Nov, '86 10 Nov, '864 Jan. '87 2 Jan. I'7 2 Jan. '87 83 Jan. '87 8% Jan. '875 Jan. '87 2 4 J. A J. F. A A. J. J. J. AJ. J. A J. J. A J. M. A N. J. A J. M. & N. B1-M. J. A J. A-& 0. J. &J. J. J. M. N. J. A J. J. A J. M. A N. M. & N. J. &J. J. A J. J. A J. U. J.. A J. Qu. J. J.AJ. J. &J. J. AJJ. AJ. J. J. M. N. J. &J. J.& J. J. J. F. A. J. & J. J. J. J. & J. J. & J. J. A J. J. AJ. J. &J J. A J, J. AJ J. A J Ou. J F. A J. & J J. &J, F. A A. J. A J. Ann. M. AN. Qu. J. J. AJ. J. A J. J. AJ. J. AJ. 42 -1C4 205 162 139x 167 177 108 311 106 155 2,727 100 20334 160 151^ 1144 208 1133 132 1423 173g 265 14' 1*;2 136 2t12 155 125% 15634 139 134 140o 163 l190 121 186 3153 176 125 122 14t 125 260^ 180 540 115 130 187 161 110 150 625 250 219 201 "i*52" 125 125 148 PR.Ic..d a 207!R1i 165 137.... 167 171 170 178 108 110 295...... 106...... 6..... 140...... 112...... 200..... 108...... 133 136 13~...... 138 173 175 265 275 136 i.. 152 16) j36 138 210..... 150 122...... 12...... 11939 142 130 130...... 135...... 161...... 119...... 190 195 315.... 174 176 125...... 125~ - 415 i43S 125...... 2.30 123 135 1.400..... 115.... "23, 128 200...... 106 110 165................ 710 ~...... 250.... 200...... 210... 15d..... 150% 2-1J......!..................... PRESIDENT. VICO-PRaBID SIT,1harles M. Fry.... R. B. Ferris..... DeWitt C. Hays.... S. Kennedy... J. D. Vermilye.... H. Auchincloss. Horace E, Garth Alex. E. Orr..... Wm. L. Jenklns.. E. W. Corlies.... Eugene Dutllh.... Wm. Bryce..... Percy R. Pyne.... Henry Parish... Nathaniel Niles.................... Thos. Monahan..................... G. G. Williams.... J. A. Rosevelt.. P. C. Lounsbury.. W. A. ThomsonF. D. Tappen...... A. H. Stevens... G. G. Brinkerhoff.................. M. Thalmessinger.................. J. S. McLean........................ John T.Willets.... Win. H. Macy... 0. H. Schreiner..................... R. I. Edwards..... Jas. B. Colgate. Geo. S. Coe......................... Richard King..... R. L. Kennedy.. F. A. Palmer...... H. Hoagland.... W. P. St. John...................... H. B. Brundrett.. 0. G. Walbridge Hon.JohnJ. Knox................ Geo. M. Hard...... F. Welbusch.... Scott Foster...... J. A. C. Gray.... Wm. Dowd........ J. J. Donaldson. Jas. T. Woodward M. N. Packard.. J. L. Jewett....... Joan Castree.... Wm. H. Oakley.................... F M. Harris...... Aug't Smith.... Robert Bayles...................... Joe. H. Parsons.. John 8traiton... John M. Crane.... Geo. L. Pease... Wm. A. Nash........................ E. D. Randolph... Jno. T. Agnew.. (,. W. Starkey..... C. F. Goodhue.. E. H. Perkins, Jr.. Russell Sage.... Geo. H. Potts..... Oliver Hoyt..... Levi Apgar........ Ed. L. Hedden.. Chas. Jenkins..... Ray. Jenkins... 0. D. Baldwin..... Cor. N. Bliss.... Wm. M. Bliss...... W. L. Strong.... Geo. Montague..................... John T. Hill....... G. R. Colby...... Geo. F. Baker..... J. P. Garland.... Wm. A. Booth...................... D. B. Halstead.... D. D. Acker..... H. P. DeGraaf...................... F. L. Leland........................ H. Rocholl........ Josh'Hendricks. H.W. Cannon.... John Thompson Chares J. Canda.. A. Treas. U. S... A. S. Frissell........................ M. J. Adrian...... Geo. Rothman.. C.Schwarzwaelder Marc Eidlitz..... Logan C. Murray. D. A. Lindley... Hon.T.L. James.. AVanSantvoord A. C. Cheney...... G.H.Robinson.. Richard Kelly.................. Robert Schell..... W. B. Johm.... J. W. B. Dobler.. John Mulford... W. A. Pullman... S. G. Bayne..... Chms. H Leland.. C. Prothingnam 'l Oirsnrn. E. S. Mason......... J. T. Baldwin........ C. V. Banta......... Wm. Sharp, Jr..... D. B. Platt.......... A. M. Bull........... D. Palmer........... O. F. Berry.......... R. M. Buchanan.... W. J. Quinlan, Jr... A. S. Apgar.......... A. W. Sherman...... W. 1I. Chase........ F. Baltes........... Wm. Hawes.... - Isaac H. Walker... J. D. W. Grady..... J. H. Rolston..... Dumont Clark..... W. W. Sherman.... A. T. J. Rice........ F. B. Schenck.. Samuel C Merwin.. E. H Pllen........ H. P. Doremus...... Wm. Milne.......... Alvah Trowbridge.. J. M. Donald........ Geo. E. Souper...... David C. Tiebout.... W. H. Rogers....... Alex. Gilbert........ Wm. J. Gardner.... A. M. Scriba....... Loftin Love......... All. Hl. Timpson.... Nelson Q. Ayres.... Ed. ToWnsend...... E. K. Wright........ E. E. Gedney........ Z. E. Newell......... II. Buckhout........ E. Skillen........... Joseph S. Case...... 11. H. Nazro......... E. Schofleld........ G. L. Hutchings.... C. B. Outcalt........ R Hamilton........ G. H. Wyckoff...... J. F. Fredericks..... W. H. Porter....... William Sheror.... Jas.G. Cannon...... A. Fah............. J. A. Morschhauser. Evan G. Sherman... Wm. T. Cornell..... Geo. F. Vail......... A. Thompson....... Theo. Rogers........ Geo. W. P. Davis... S. G. Nolson......... A. E. Colsen........ AnsT. CAsnmR Chas Olney.. E. A. Reid.... A.L.McDonald............... G. S. Whtlson D. H. Mulford E. J. Tucker.................. F. F.Stone................. G. A. Zabriskie.............. C. I. DeBaun.. F. R. Ingersoll C.H.Patterson FBlankenhorn F. Halsted................................................... C. C. Btlade.... 0. L. Adris.in.. Rud.Wuesthofl..............................~....r~~........................... J.: a"J: 235" r..., -.. - - 4. -- r........~.. __.1 I....... I Il I1................ - - ^ _..I - - - --, -------- -- -- --- -—, - --- - ----— ~- ---- I I I i II I I II I I lOOT MEi:MflES OF "t C_,AIINMG tOtS,. —NW YOWL I1TY. rtHE MARGINAL NUMBER REPRESENTS THIS MEMBER OF THE CLEARING HOUSE THROUGH WHICH THE BAWX CLIMAXMS. 64 Columbia Bank... 2Uw,oUO 28,200 100 New................1...loan H.. Watson.. ben. iruieu..... Henry J. Hubbard...D.Patersoa. Commercial National ank 800,000 1.600 100 New............... Orson Adams...................... W. W. Flannagan... F.Vouion. 29 Eleventh Ward Bank....... 100,000 92,100 25 Jan. '87 4 J. & J i25 128...... Henry Steers...... G. W. Quintard Chas. E. Brown.................... 5 Home Bank................. 125.000 5,300 100 July, '86 3.............. E. Stephenson...................... H. L. Bain.......................... 45 Madison Square Bank....... 200.000, 17800 100 Jan, '87 3. A J 102%...... W. W. der..................... LThomprown....I............... 21 Mount Morris Bank.......... 1001 105,400 100 -Fan, '87 3 J. A J 160 200...... J. M. De~eau............. T. W. Robinson.................... 54 Murray Hill Bank............ 100,000 194,000 50 Feb. '87 4 Qu. J. 200| 200 250 Wm. A. Darling.. Henry Clansen.. A. H. Gale.......... W. C. Bryani. 14 Produce Exchange Bank..... 1,000,000 117,200 100 Nov. 86 3 A. A 0. 118........... Forrest H. Parker R. H. Laimbeer. Win. A. Sherman.................... 44 Nineteenth Ward Bank...... 100,000 2,100 100 New...96....... Sam'l H.Rathbone Martin B. Brown James B. Story.................... 14 Twelfth Ward Bank.......... 100,000 4.700 100 New....145 145. Edward Steers.... Antonio Rasines IsaacAnderson........ 14 Union National Bank........ 1,200,000........... 50 June,85..... 202%............ W. H-Male............................................................... 14 Metropolitan National Bank.. 3.,0000............................................ Mcourkey.................,ver P.... Foyd Clak~on.. I a31Aplb If C. Riverside Bank................I... Floyd Clarkeon... iCha.E.ApplebylH. C. Copeland................. BANKS OF BROOKLYN, N. Y. 8 Brooklyn Bank............... 300,000 113,685 50 Juiy '86 3 J 135 Elias Lewi, Jr.. H. E. Hutchinson............... 1 Commercial Bank............ 108000 48,000 60 July '86 3 J. A. 13 15 140 Thos. D. Hudson.. S. L. Keeney....John I. Vail........................ I First National Bank.......... 00, 488,000 100 July 86 7 J. J. 320 300 310 J. G. Jenkins....................... Geo. T. Bette....................... 65 Fulton Bank.................. 200,CO 120,000 40 July '86 3 J. A J. 155 145 150 John Williams.... W. H. Hazzard.. J. A. Nexen........................ 82 Kings County Saving Inst'n. 297,627 100 July '86 1. A J......... 110 115 J. T. Beams...... Geo. L. Fox..... Jacob Hentz....................... 85 Manufacturers Nat'l Bank... 252,000 19,75 30 July '86 34 J. & 1. 135 132 135 John Loughran.. Wm. Dick....... T. C. Disbrow...................... 1 Mechanics' A Trader' Bank.. 100,0~XJ 67,967 100 July '86 3% J. A J......... 130 135 A. K. Meserole.... S. D. Clark...... H. I. Oldring, Jr.... J.T.Fountain. 1 Mechanics Bank.............. 500,000 414,000 50 July '86 6 J. A J. 208 216 225 Geo. W. White,... Henry N. Brush Geo. McMillan.................... 40,0~ 130,000l 50 July '86 34_. &J. 116 12 125 ICrowell Hadden.. John H. Ditmas W. H. Leffingisa11.......... 14 Nassau National Bank....... 300,000 334,837 100 July '86 5 J. & J. 204 200 205 C. C. Smith.................. E. T. Jones................ 1 National City Bank.......... 300,000 562,752 50 July '86 10 J. J. 310 310 325 D. B. Powell..... W. M. Thomas.. Chas. T. Young.................... 65 Spraue National Bank......,000 33,200 100 July '86 3 J. A J..115 125 N. T. Sprague.W. 1 Hackness.. F. K. Smith............... 5 Bedford Bank............... 00. 0 000C.. 100...................................... ackford.. H. M. Smith.... 1). R. Satterlee.............. BANKS OF JERSEY CITY, N. J. 4 3 4 1 4 4 21 First National Bank.. 400,000 463,132 100 July '86 6.. 200 200 205 C. F. C. Young.... Jas. L. Ogd en... Geo. W. Con1klin.... J. W. Ombur. 81 Hudson County Nat'l Bank2 250.000[ 262,562 1 100 July '86 5 'J.. 165........... A.A. Hardenbergh Thomas Earle.. Edward A. Graham{........ Oi Seceond National Bank...... 250.000r 301,638 100 July '86 6 July I...........: )VW. Hogencamp... J. J. Vanderbeck I. G. Hasking...................... BANK OF HOBOKEN, N. J. 211 First National Bank.......... 110,0001o.oool 132.9401 25 July '861 7 J. & J.1 200 1 I. lsamuel Syms.....IHazen Kimball..IW. l oodpeed... I....... BANKS O0F STATEN ISLAND, N. Y. t-t W-I 29 First National Bank........ als. 2,044.......................... J.. Davis. c. H. Ingalls.... Cyrus Walser............... 79 Bank of Staten Island... 2 3..... 4..'............ 5 75 Au. Prentice.....T. Byrne..... 'F. H. Johnstone, Jr.............. TRUST COMPANIES OF NEW YORK. 54 Am. Loan A Trust Co....... $1,000,000$ 76,568 $100 Sept. '86 3. S........ 124 125 t. N. Hazard..... G. S. Hart....... J. T. Thurston...... W. D. Snow... 8 Farmers Loan and Trust.... 1,000,000.......... 25 Aug. '86 5 Qu. J........ 440 450 R. G. Rolston......................................... W. H. Leupp.. 65 Knickerbocker Trust Co..... 300000 32,000 100...................... 1124 116 F. G. Eldridge.... Chas. T. Barney....................... J. T. Brown... 61 Mercantile Trust Co.......... 2,000,000 500,000 100 July '86 4 J. & J. 150 190 200 Louis Fitzgerald. E. Montgomery..................................... 3AS Union Trust Co............ 2,000,000 1,800,000 100 July '86 24 Qu. F. 421 4'25 Edward King.......................................... S. Ronaldson.. United States Trnst Co....... 2,000,000 4,104,489 100 July '86 12 J. A J. 530 515 J. A. Stewart...... W. H. Macy.......................... H. L. Thornell N. Y. Life Ins. & Trust Co... 100,X............ 100 Aug. '86 10 F. AA 510 510 575.................................................................. Central Trust Co............. 1,000,000 1,67,126 100 July '86 5 J. A J......... 135 400 F. P. Olcott............................................... Babc'k Equitable Trust Co......... 1500,000........... 100 Mar. '78 3................ F....... B. Elliott............................................... H. R. Bond.... Real Estate Trust Co....... 150,000........... 100 1875 3%.... /...... J. J. Waterbury.........................................C 0. W. Lisle.... Metropolitan Trust Co....... 1,000000 220,000 100............................35 45 T Hllhouso............................................ W J Brittin.. BrooklynLoan & TrustCo. 600.000 532,.365 25 Jan. '87 5 J. A J. 300 305,:325 Ripley Ropes........................................... J.Ross Curr FOREIGN BANKS, nana cm aion.r.ai.....atso a a gns,.5..Wall..t. nankci blionttea.................................. Watson A.Lan nts, 59WallSt 8 Bank of British North Am c h......h......................................W.............. LTrish & St. Kemanag 52 Wall t 1 Canadian 'k of Corn. of Tor. 000,000 1600,000 Juy'83 J, A J........ 128 128 H. W. Darling.... W. Elliot........ Goadby A Walker, Ag., 16 Ex. P. 211.~ead& B'k of San Francisco I.............................................................[.................. ]FL O. Platt, Agent. 82 Mail Street. Condition of the National Banks of the City of New York on the 28th day of December, 1886, as shown by their Official Statements. LIABILITIES. Due Unpaid divl- Totals. Certified Capital Net profits. Circulation. Due banks. depositors. dends. Checks. Bank of New York National Banking Association.. $2,000.000 $1,496,300 $45.000 $3,090.900 $7,987,500 $2,000 $14,621,700 $3,787,000 Merchants' National Banr.......................... 2,000,000 716.600 47,600 3,233,700 4,105,500 1,900 10,105.,300 219,900 Mechanics' National Bank.......................... 2,000000 1,389,9)0 2/569,700 5,283,400 4.800 11 247.800 515.200 Phenix National Bank.............................. 1,001,000 265,600 258,000 447,100 2,752.500 2.400 4,725,600 237,100 National City Bank................................. 1,000,000 1,978,700 1,127,400 10,989,700 4,200 15,100,000 1,897,300 Tradesmen's Natio nal Bank......................... 1,000,000 237,400 '0,000 825,600 1.745.000 2,600 3.900,600 30,500 Fulton National Bank............................. 300,000 231,900 22,700 1,725,100 700 2,280,400 4,000 Chemical National Bank............................ 800,000 4,800,800 10.900 5,070,400 21,982,900 300 82,165.300 284,300 Merchants' Exchange National Bank............... 600,000 122,500 105,000 1,457,200 2,469,900 2,500 4,757,100 48,500 Gallatin National Bank.............................. 1,000,000 1,175,300 611,500 1,015,800 8,868,700 1,200 7,672,500 '1,745,800 National Butchers' and Drovers' Bank........... 300,000 266,400 227,600 26,300 1,937,300 1,300 2.758,900 29,500 Leather Manufacturers' National Bank............ 600,000 503,400 36,800 572,500 2,224,300 0,700 4,443,700 45,500 Seventh Ward National Bank.................... 300,000 89,800 44,300 800 1,292,900 400 1,728,200 16,800 American Exchange National Bank................ 5,000,000 1,582,000 6,800 5,441,800 11,264,00) 19,400 23,314.000 1.134,200 National Bank of Commerce..................... 5,000 0 8,125,600 993,900 8.849,100 11,191,700 10,300 24,170,600 "2.294,60C National Broadway Bank........................... 1,000,000 1,479,600 45,000 545,200 4,354,600 1],600 7,426,000 167,400 Mercantile National Bank........................... 1,000,000 427.400 44,300 4,461,500 8,000,400 100 8,933.700 270,600 National Bank of the Republic.................... 1,500,000 676,400 317,200 5,371,600 2,661,100 12,600 10,538,900 376,000 Chatham National Bank........................... 450,000 415,900 44,400 1,226,400 4,287,200 1,600 6,425,500 121,700 Hanover National Bank.......................... 1,000,000 791,400 180,000 6,867,900 4,611,000 2,800 13,453,100 314,300 Irving National Bank............................... 500,000 231,100 188,800 518,200 2,825,400 400 4,263,900 517U00 National Citizens' Bank............................ 600,000 344,300 50,100 148.900 3,045,800 600 4,189,700 32,500 D ' Market National Bank........................... 500,000 442,500 434,600 209,500 2,367,800 1,700 3,956,100 29,900 National Shoe and Leather Bank................... 500,000 261,700 437,000 1,359,600 2,320,100 300 4,878,700 68,700 Continental National Bank........................ 1,000,000 280,800 49,500 2,322,600 3,365,700 8,000 7,026,600 * 1,531,000 Importers' and Traders' National Bank........... 1,500,000 3,119,800 995,700 12,529,500 8,621,200 4,000 26,770,200 246,800 National Park Bank................................. 2,000,000 1,655,200 45,000 12,018,900 12,760,000 79,300 28,558.400 566,300 East River National Bank........................... 250,000 150,300 223,400 1,131,500 4,200 1,759,400 15,200 Fourth National Bank.............................. 3,200,000 1,315,100 860.000 8,530,700 13,663,100 65,5(0 27,154,400 '1,107,400 Central National Bank............................. 2,000,000 572,000 45,000 4,316,700 4,847,200 8,600 11,784,500 79,600 Second National Bank............................. 300,000 117,800 43,900.......... 3,755,400...... 4,217,100 32.600 Ninth National Bank............................... 750,000 253,800 45,000 3.966,800 3,213,400 800 8,229,800 112,900 First National Bank............................. 500,000 5,111,500 267,500 14 034,000 6,578,300..... 26,491,300 1.128,700 Third National Bank............................... 1,000,000 225,900 8,575,300 2,261,000..... 7,062,200 267,800 'New York National Exchange Bank................ 300,000 109,200 201,200 93,200 1,193,200 600 1,897,400 22,700 Bowery National Bank.......................... 250,000 803,500 223,200...... 2,824,600 22,100 3,623,400 55,600 New York County National Bank................... 200,000 50,300 180,000 2,629, 00..... 3,09.300 11,900 Chase National Bank................................ 300.000 212,600 44.300 4"006,700 658,200..... 5,221,800 47,500 United States National Bank................... 500,000 560,000 45,000 8,484,300 1,371,100...... 5,960,400) 310,300 Lincoln National Bank...................5........ 300,000 93,900 44,400 89,600 2.840,000...... 3,667,900 29,200 Garfleld National Bank.............................. 200,000 127,600 45,000 29,900 1,820,700..... 2,223,200 29,200 Fifth National Bank................................. 150,000 160,200 135,000.......... 1,490,000 300 1,935,500 31,500 Seaboard National Bank............................ 5 000 127,800 41600 1,156,900 1,025,300 400 2,852,000 101,100 Sixth National Bank................................ 200,)00 61,700 178,000. 1,825,100...... 2,264,800 5,600 Commercial National Bank....................... 300.000 31,600 49,500 246,000 883,400..... 1,510,500 24,200 Totals, December 28, 1886....$.................. $45,150,000 $37,693,100 $7,981,000 $120.160,900 $199,051,200 $291,200 $410.327.400.......... Totals, October 7, 1886............................. 45.150,000 35,7898,300 8,160,810 117,882,400 188,410,900 257,100 395,650,500.......... - Increase. Decrease. Increase. Increase. Increase, Increase.......... Comparisons....................................... - $1,908,800 $179,800 $2,278,500 $10,640,00 $84,100 $14,676,900.......... * Acesptance. Condition of the National Bdnks-Continued. RESOURCES. ' U- S. bonds Other Leans to secure st'ks, b'nd Real estate, Cash Items and U:S. bonds circulation and Premiumturniture & Due from and Legal Over discounts. on hand.& deposits.mortgages.on st'ks. fixtures, banks. b'k notes. Specie. tenders draftJ Bank of New York National Banking Association.. $10,223,400...... $50,000 $9,000.... $250,000 $1,492,700 $262,400 $2,023,200 $310,400 $600 Merchants' National Bank........................ 5,985,500...... 50,000 9,000 $6,200 857,100 504,400 133,800 1.935,900 623,100 300 Mechanics' National Bank............................ 8,242,900...... 50,000 6,000..... 175,000 580,000 107.000 1,693,400 893,500 -- Phenix National Bank............................... 2,599,000....... 300,000 84,400 73,500 355,000 291,300 104,400 889,700 27,900 400 National City Bank.................................. 8,130,600 50,000............ 203,600 458,200 132,100 5,964,100 162,)00 -- Tradesmen's National Bank......................... 2,170,700 $52,000 100,000 144,900 34,200 373,100 386,200 83,600 451,800 105,000 -- -Fulton National Bank.............................. 1,238,700..... 50,000........ 45.100 171,300 56,000 582.500 136,500 4m Chemical National Bank.............................18,611,500 268,000 50,000 526,600.... 195,000 2,243.100 211,300) 9,339,900 715,600 4,80 Merchants' Exchange National Bank...3,061,900...... 118,000 17,200 23,700 243,700 297,900 43,300 792,900 158,400 100 Gallatin National Bank.............................. 5,031,900...... 690,000 423,800...... 359,400 106,900 31,-400 499,400 529,700 -- National Butchers' and Drovers' Bank.............. 1,175,700 40,000 300,000 288,600 47,400 80,000 140,200 38,300 545,600 103,000 100 Leather Manufacturers' National Bank......... 1,878,500 50,000( 60,000 723,700 12,800 200.000 86.300 103,200 642,700 146,0000 500 Seventh Ward National Bank....................... 1,082,100 50,OCO 39,900 9,300 21,400 52.000 69,300 329,000 75,200 - American Exchange National'Bank.................15,768,600...... 50,(160 368,400 5,400 307,600 2.476,700 308,500 3,316,000 710,000 2,800 National Bank of Commerce........................ 15,013,100......1,434,000 1,339,700...... 615,000 1,096,800 332,900 3,553,500 781,600 4,000 National Broadway Bank............................ 4,878,800...... 50,000 203,100 11,300 250,000 568,400 137,900 1,089,000 237,500 - Mercantile National Bank........................... 6,108,700 50,000 9.400...... 200,000 582,900 73,300 1,511,600 397,800 National Bank of the Republic...................... 5,886,100 20,100 355,000 242,200 28,800 637,700 1,043,500 66,600 1,889,800 368,900 200 Chatham National Bank............................ 4,237.700...... 150.000............ 1,400 430,900. 54,800 1,184,200 366,100 400 Hanover National Bank............................. 9,508,200...... 500,000 3,000 101,500...... 907,900 23,500 2,021,700 385,600 1,700 Irving National Bank................................ 2,454,100...... 210,000 340,400...... 127,300 360,600 55,600 515,900 200,C00 -- INational Citizens' Bank.............................. 2,414,200...... 50,000 52,900 5,900 274,800 389,900 105,800 703,300 192,900 --- Market National Bank............................... 2.508,500...... 500,000 36.800 53,000 40,000 243,000 84,600 392,500 91,700 6,000 03 National Shoeand Leather Bank.................... 2,717,700...... 500,000 198,900 70,000 198,000 240,500 93,300 556,000 303,300 1,000 Continental National Bank.......................... 4.408,300 50,000 55,000 140,000 12,700 585,000 282,300 11,900 1,071,800 409,600 Importers' and Traders' National Bank............18.731,500.......1,100,000 4,500...... 200,000 912,300 477,600 4,483.900 859.400 1,000 National Park Bank..................................17.306,400...... 300,000 864,400 7,900 928,400 1,764,600 56,000 5,983,700 1,345,400 1,600 East River National Bank........................... 724,500 10,000 250,000 207,600...... 74,400 51,200 24,300 254,300 162,400 700 Fourth National Bank...............................18,676,200...... 400,00 190,700 8,000 600,000 1,326,300 46,400 5,273,500 633,100 200 Central National Bank............................ - 7,882,600...... 250,000 141,700 33,600 619,400 678,400 41,200 1,221,200 916,300 100 Second National Bank............................... 2,670,700..... 120,000 251,400 18,900 12,700 88,400 88,000 679,000 285C00 8,000 Ninth National Bank................................. 5,141,500..... 50,000 8,500...... 350,000 R75,200 9,600 1,407,100 386,800 1,100 First National Bank................................12,576,600 2,091,1)0 500,000 4,121,500 467,400 600,000 908,400 93 9004,506,400 623,700 2,300 Third National Bank................................. 4,981,300...... 50,000 164,600 5,700 42,700 679,400 10,200 870,800 253,000 4,500 New York National Exchange Bank................ 1,027,900 225,000 72,600 26,000 85,000 176,000 88,100 88,600 107,200 1,000 Bowery National Bank............................. 1,21 i,000 200 250,000 38,000..... 20,000 266,100 53,700 600,800 183,400 200 New York County National Bank................... 1,025,400...... 200,000 1,047,800... 60,000 95.500 22,500 421,000 187,100 - Chase National Bank................................ 3,619,100 86,700 50,000 16,100 8,2 4,000 316,400 7,700 1,007,200 156,400 - United States National Bank........................ 4,194,600...... 50,000 151,800 12,600 4,600 312,500 24,000 1,176,700 32,200 1,400 Lincoln National Bank............................... 2,25i,000...... 50,000 308,700 8,800 8,500 64,000 83,300 739,400 150,000 200 Garfield National Bank.............................. 1,481,000...... 50,000 47,700 11,500 8,300 74900 25,500 386.600 136,500 800 Fifth National Bank................................. 778,900......300,000 330,400. 116,000 40,000 30,900 243,900 95,100 100 Seaboard National bank............................ 2,031,200...... 50,000 30,000 5,500 4,000 107,800 8,500 474,800 139,700 500 Sixth National Bank................................. 438,200...... 200,000 1,070,200 20,100 40,000 35,000 16,400 255,800 189,100 - Commercial National Bank.......................... 1,070,900...... 55,000 30,000 14,300 2,000 92,000 14,500 124,500 104,300 3,000 Totals, December 28, 1886.......................... $254,161,800 $2,618,100 $10,862,000 $14,305,200 $1,144,200$10,374,500 $24,298,500 $3,947,100 $73,694,600 $14,877,400 $44,000 Totals, October 7,1886.............................. 253,731,400 2,407,100 10,935,000 13,907,600 762,700 10,211,600 21,374.100 3,298,800 64,279,600 14,632,400 110,200 Increase. Increase. Decrease. Increase. Increase Increase. Increase. Increase Increase. Increase. Decrease Copariss......................................... $430,400 $211,000 $73,000 $397,600 $381,500 $162,900 $2,924,400 $648,300 $9,415,000 $245,000 $66,200 Condition oftheState Banks of the C f ew Yor on the St1t daBa ofi December, 1886, as Shown bly their official Statements. LIABILITIES. Manhattan Company................ Bank of America.................... Mechanics' and Traders' Bank...... Greerwich Bank.................... Bank of the State of New York....... Pacific Bank....................... Peoples' Bank...................... Bank of North America.............. Nassau Bank........................ St. Nicholas Bank................... Corn Exchange Bank................ Oriental Bank....................... North River Bank................... German-American Bank............. Fifth Avenue Bank.................. German Exchange Bank............ Germania Bank..................... Bank of the Metropolis.............. West Side Bank..................... Twelfth Ward Bank................. New York Produce Exchange Bank.. Eleventh Ward Bank................ Home Bank....................... Murray Hill Bank................... Mount Morris Bank.................. Madison Square Bank................ Nineteenth Ward Bank.............. Columbia Bank..................... Totals, December II, 1886........... Totals, September 18, 1886........... Capital. $20,00,0oo 3,000,000 200,000 200,000 800,000 422,700 200,000 700,000 500,000 500,000 1,000,000 300,000 240,000 750,000 I00,000 200,000 200,000 300,000 200,000 100,000 1,000,000 100,000 100,000 100,000 100,000 200,000 100,000 200,000 $13,862,700 13,862,700 CirculaNet profits. tion. $950,00.... 1,67,700.... 94,800 50,900 2,600 425,100 255,500 155,o00 299,5oo.... 106,900.... 217,200.... 1,048,000.... 307800.... 83,400 io6,900oo.... 580,300 294,000.... 308,400 320,600.... 134,300 47,00.... 117,200.... 92,100 35,300 194,000.... 105,400. 17,800. 2,100.... 28,200.... $8,097,200 $2,600 7,820,600 2,600 Increase. $276,600... Due banks. $2,430,000 2,008,o00 I I8,800 300,900 30,200 1,200,600 60,400 31,800 18,300 200,60 209,200 10,000 367,700 282,300 21,300 86,300 48,700 II11,100 6,200 $7,443,300 6,671,400 Increase. $771,900 Due Deposit's. $7,562,700 6,242,300 1,515,800 988,ooo 3,685,200 2,94I,000 2,313,400 2,318,200 2,808,200 1,878,ooo 5,446,oo00o 2,172,900 2,207,900 2,243,400 3,557,200 2,944,200 2,482,700 4,293,ooo 2,320,000 375,300 3,113,000 I,143,800 594,100 1,479,300 1,701,000 394,800 484,100 1,188,400 $70,393,900 70,455,700 Decrease. $61,800 Unpaid Dividends. Totals. $10,500 $13,003,300 218,700 I3,141,600 2,600 1,932,000 600 I,242,100 7,000 5,218,200 i,800 3,62I,000 400 2,699,o00 500 4,518,80o 2,900 3,478,400 1,6oo 2,628,600 800 7,513,100 1,200 2,781,900 600.2,732,500 400 3,399,900 4,237,500. 3.448,200 100 2,991,200 500 5,281,800 300 2,654,60o.... 480,000 9,200 4,521,700 200 1,336,100 729,400 600 1,795,200 900 1,993,600 700 662,000 597,300.... 1,422,800 $262, I00 $oo,o6i,8oo 256,800 99,069,800 Increase. Increase. $5,300 $992,ooo Certified checks. $1,999,700 23,500 12,274,400 32,600 2,100 3,434,900 80,100 2,444,300 1,422,200.41,400 81,800 1,462,500 27,400 65,300 42,500 87,200 68,500 I2.600 211,200 11,900 Z,300 43,000 14,400 1o,6oo 6,9oo 23,200 Comparisons................................ Condition ol State Banles- Continued. RESOURCES. Stocks and Real estate Cash items Loans and Bonds and fur. and fix- Due from and Legal ten- Over. discounts. Mortgages. tures. Banks. bank notes. Specie. ders. drafts. Manhattan Company................ $9,041,900.... $921,400 $701,900.... $2,075,800 $262,300. Bank of America............. O10,664,2oo00 $5,000 159,000 954,500.... 900,300 458,500oo 00 Mechanics' and Traders' Bank....... 1,405,100 123,100 45,800 81,800 $io,ooo 104,700 161,4oo00 100oo Greenwich Bank.................... 893.300 91,8oo00 17,000 73,200.... 46,600 120,200.... Bank of the State. of New York....... 4,002,800 50,80oo 294,000 6i,6oo 6,ooo 585,6oo 00 217,200 200 Pacific Bank........................ 2,572,400 r,ooo 71,300 218,900 14,500 562,800o 18o,ioo.... People's Bank....................... 1,561,8oo00 350,600 77,00o 255,6oo00 37,500oo 257,600o 158,9oo.... Bank of North America.............. 3 262,300 60,300 175,000 305,200 20,700 472,400 216,400 7,100 Nassau Bank........................ 2,523,800, iooo 14,000 332,000.... 206,800 395,900 4,90oo0 St. Nicholas Bank................... 2,049,900 44,400 400 176,800 42,300 228,100 86,700.... Corn Exchange Bank................ 5,876,700 28,000 103,000 376,700 18, 100oo 799,300 311,200 100oo Oriental Bank....................... 1,793,800 256,6oo00 8o,9oo 204,300 23,200 257,900 65,100o 10oo North River Bank................... 1,961,100 26,000 89,600 225,200 63,000o 171,000 o 19o,ooo 6,6oo German-American Bank.......2,685,200 1,ooo00 4,400 264,300 12,700 294,900 127,400.... 52044070 90......,., Fifth Avenue Bank.................. 3,132,800 20,700.. 90o, i00oo 26,100 747,100 218,200 2,500 ca German Exchange Bank............. 2,274,200 154,000 62,000oo 423,200 8,500 26i,6oo 264,700.... Germania Bamk..................... 2,346,500 6,ooo 44,100 0ioo,8 32,400 12o,ooo000 341,200 200 Bank of the Metropolis.............. 3,626,4oo00 11,500 4,400 341,400.... 969,400 300,900 28,200 West Side Bank..................... 1,728,100oo 45,000.... 212,200.... 330,200 338,400 700 Twelfth Ward Bank................. 340,6oo00 1,200 7,900 81,300 8 1I,000 37,100oo 100 New York Produce Exchange Bank.. 3,457,100 233,6oo00 I4,700 364,400- 7,300 310,100 134,500.... Eleventh Ward Bank................ 1,052,500 39,300 45,000 702,400 300 24,400 72,200.... Home Bank........................ 329,000ooo 254,100 2,500 32,700.... 6i,oo0 50,000.... Murray Hill Bank................... 1,455,700 3,000 I18,3oo 73,00ooo 2,000 95,900 146,8oo00 500' Mount Morris Bank.................. 1,701,800 30,300 7,000. 33,300 900 127,8oo00 92,500.... Madison Square Bank............... 462,100 30,400 5,900oo 116,100 8,400 6,500 30,8 oo,800 Nineteenth Ward Bank.............. 400,OQO 12,400,700 89,400 400 15,00ooo 78,4oo00.... Columbia Bank..................... I, I6O, Ooo 1,100.... 209,000, 1,400 9,100 42,100o 100 Totals,-December ii, 1886........... $73,761,100 I $1,892,200 $2,265,900 $6,501,300 $335,900 $10,053,000 $5,199,100 $53,300 Totals, September i8, 1886........... 71,956,200 2,083,900 2,287,400 5,674,500 315,300 72,o66,600oo 4,673,700 12,200 Increase. Decrease. Decrease. Increase. Increase. Decrease. Increase. Increase. Comparisons........................ $1,8o4,9oo $191,700 $21,500 $826,800 $2o,600 $2,013,6oo00 $525,400 $41,109 a* The Capital, Surpxis, Circulation and N et Deposits of New York City Banks, from SO61 to 1556. OCTOBER I OF EACH YEAR. CAPITAL. SURPLUS. CIRCULATION. NET DEPOSITS. I86i................................................. $69,650,605 $7,603,579 $8,634,895 $105,977,578 1862................................................ 69,125,820 8,582,885 9,785,698 190,464,460 i863............................................... 69,722,508 11,197,247 5,344,718 240,419,723 I864............................................... 69,219,753 I6,I20,047 4,124,470 226,045,085 I865................................................ 84,065,013 21,708,621 14,812,955 268,020,445 1866................................................ 84,302,200 28,O5 0,895 30,593, 121 247,998,863 867................................................ 84,272,200 2,417,201 34,904,914 I95,043,963 i868......... 84,020,200 30,336,059 34,847,002 209,690,054 0 State............................. 12,069,898 4,745,867 547,901 25,012,340 National.......................... 73,035,000 27,330,352 34,876,188 I174,989,559 1869.......................................... 85,104,8o8 32,276,219 35,424,089 200,001,899 State............................. 12,888,200 5,027,500 63,700 29,859,600 National.......................... 73,235,000 27,521,500 33,132,900 176,702,600 1870............................................ 86,123,200 32,549,000 33, I96,600 206,562,200 State............................. 5,516,600oo 5,207,600oo 59,200 40,137,000 National.......................... 73,183,000 28,497, 10 30,859,800! 213,372,700 187I................................................ 88,699,600 33,704,700 30,919,000 253,509,700 State...................... I6,734,300 5,662,200 51,200 41,331,700 National.......................... 71,285,000 30,741,600 28,260,400 174,265,800 1872............................................... 88,019,300 36,404, 100 28,311,600 215,797,500 State............................. 17,266,300 5,884,900 38,200 39,605,000 National.......................... 70,235,000 32,149,900 27,628,200 190,423,200 873................................................ 87,501,300 38,034,800 27,666,500 230,028,200 State............................. I6,622,100oo 5,906,700 37,900 43,867,500 National.......................... 68,500,000 32,704,800 25,462,400 218,128,300 Capital, Surplus, Circulation and Net Deposits.-Continued. 1874............................... 85,22,00 38,611,500 25,500,300 261,i95,80 State.............................,585,200 5,758,600 38,300 42,47,900 National.......................... 68,500,000 32,684,400 18,401,000 217,553,400 875............................................... 84,085,200 38,443,000 I8,439,300 260,041,300 State................. 15,331,200 5,150,800 31,500 39,09,300 National.......................... 66,400,000 26,792,700 I4,9I0,800 215,928,300 876................................................ 81,731,200 31,943,500 14,942,300 255,027,600 State............................. 3,685,200 4,690,700 25,400 34,765'900 National.......................... 57,400,000 24,742,700 I6,313,500 192,034,500 1877................................................ 7,085,200 29,433,400 I6,338,90oo 22,820,400 State........... 12,275,200 4,381,900 25,300 33,647,300 National...................... 53,786,300 23,577,400 20, 10, 700 223,696,200 1878.... 66,061,500 27,959,300 20,134,000 257,343,500 State............................. 11,825,200 4,548,200 18,2o0- 33,192,100 National...................... 50,750,000 26,298,200 22,382,000 226,67I,000 1879................................................ 62,575,200 30,846,400 22,400,200 259,863, 00 State............................. 11,500,200 5,068,300 7,900 39,807,400 National.......................... 50,650,000 27,508,500 I8,647,300 285,II9,300 t 88o............................................... 62, I0,200 32,577,800 18,665,200 324,926.900 State.... 11,37,700 5,568,600 I7,60o 44,621,700 National................. 51,50,000 3,460,300 20,60,300 291,937,900 1881..............................62,537,700 37,028,9o 0 20,177,900 336,559,600 State........................... I,987,700 5,813,500 I3,700 46,248,300 National.......................... 51,650,000o 34,047,200 I9,452,900 276,265,600 882............................... 62,637,700 39,860,700 19,466,600 322,313,900 State............................. 13,912,700 7,092,I00 13,700 6,352,200 National...................... 50,350,000 34,878,900 15,424,600 286,859,300 1883............................................... 64,262,700 4I,171,00o 15,438,300 348,211,500 State.............................. 14,287,700 7,471,900 9,000 69,085,600 National.......................... 49,850,000 34,082,100 14,887,500 320,173,500 884................................................ 64,I7,700 41,554,000 14,896,500 389,269,100 State............................. 14,1 7,700 7,249,700 2,600 76,011,300 National..................... 46,350,000 3i,875'800 9,948,80o 332,396,300 68......C 6. 2 7,700 20.T2. o 9,9I.,oo 411,407,700 State......... 13,862,700 7,820,600 2,6oo 77,127,100 National...................... 45,50,000 35,789,300 8. 60,8oo 306,293,30o 188............................................ 59,012,700 43,609,900 8,1 63,4o 383,420,400 A Comparative Statement of the Exchanges of the Clearing Houses of the United States, for years ending 1885 and 1886. No. of Banks New York............................ 64 Boston......................... 52 Philadelphia.................... 37 Chicago.............................. 21 St. Louis............................... 19 Baltim ore.............................. 22 San Francisco.......................... I6 Pittsburgh.............................. 18 New Orleans........................... 12 Cincinnati............................. 19 Providence............................ 35 Louisville.............................. 21 M ilwaukee............................ 10 D etroit................................ I4 Cleveland............................ 10 Indianapolis............................ 7 Kansas City............................ 10 Hartford.............................. 13 New Haven............................. 10 Colum bus.............................. 15 M em phis.............................. 6 Peoria................................. W orcester.............................. Springfield............................. 10 Low ell................................. 7 Syracuse......................8....... 8 Portland............................... 6 Om aha............................... 6 St. Joseph............................. 5 D enver................................ 7 G alveston.............................. 7 St. Paul................................ II Minneapolis........................... 13 528 Wthen When Manager. established 1853 i856 i858 1865 i868 I858 1876 i866 1872 I866 i866 1876 i868 1883 i858 1871 I873 1872 1872 i868 I869 i88o I86i 1872 1876 1874 1865 1884 1877 1885 1885 William A. Camp N. G. Snelling John C. Boyd Albert P. Smith Edward Chase Wm. H. Wells Chas. Sleeper John M. Chaplin Isaac N. Maynard Wm. D. Duble J. W. Vernon Clinton McClarty F. L. Baker Fred. W. Hayes Louis Smies W. W. Wollen Cyrus S. Hawley Geo. F. Hills, Secy. J. C. Bradley, Secy. John Field E. Goldsmith B. F. Blossom L. W. Hammond Arthur B. West G. W. Knowlton G. F. L. Car Wm. H. Hobbs W. H. S. Hughes J. T. Johnson Wm. D. Dodd N. B. Sligh H. P. Upham W. E. Barwell Exchanges for the year end'g Dec. 31,'86. $33,676,829,612 4,095,215,231 2,912,798,360 2,604,762,912 810,795.o062 616,303,898 642,221,391 409,155,367 387,000,000 513,711,500 232,688,200 233,282,562 196,335,616 105,789,059 129,813,633 90,825,898 284,938,362 86,985,070 58,236,409 92,079,504 82,642,193 40,318,563 44,362,020 42,348,281 26,722,990 26,096,342 47.793, 118 187,732,845 48,394,385 171,329,075 71,161.351 153,615,118 164,301,748 $49,346,594,675 Balanccs $2,510,991,265 496,051,964 268,421,396 286,775,349 149,968,903 82,755,234 105,832,828 74,753,305 38,700,000 89,565,600 No record 56,696,491 34,766,165 28,506,791 No record 9,897,506 No reco d 25,653,134 14,077,o88 13,596,600 21,630,586 10,032,840 12,868,609 13,811,389 8,656,753 5,948,651 8,947,737 No record 13,526,528 31,199,891 No record No record No record $4,412,632,303 Year ending Dec. 31, 1885. $28,152,201,336 3,483,134,89i 2,374,490,313 2,318,579,003 759,130,425 581,918,197 562,344,738 356,171,593 384,600,0oo 444,750,300 216,465,200 217,527,215 186,502,812 142,284,094 103,561,302 65,235,339 223,789,419 81,146,576 54,923,975 69,474,891 67,703,940 40,755,650 38,551,145 38,092,561 23,666,289 25,636,876 45,896.o87 122,768, I58 36,526,528 New. New. 118,340,978 125,477,470 $41,461,647,310 Comparative Statement of the Exchanges of the Clearing Houses of the -World. Foreign Money 3Reduced to Dollars. STATE OR COUNTRY. LOCATION. New York.......................... Massachusetts....................... Pennsylvania......................... Illinois.............................. New York City, 64 Banks................... Boston, 52 Banks........................... Philadelphia, 37 Banks................... Chicago, 20 Batiks......................... Other cities in the U. S., 335 Banks.......... Total United States, 5o8 Banks............. FOR THE YEAR END'G DEC. 3, 186. December 31, i886............... c................ January x, I886............................................o........ c.................... ~c ~ AMOUNT. England..........."A"........... London.................................. London County Clearings................ Manchester............................ New Castle-on-Tyne....................... Total England............................. France.............." B"........ Paris..................................... January I, i886................. Austria............" C"............Vienna.................. ~~................ $33,676,829,612 4,095,215,231 2,912,798,360 2,604,762,912 6,056,988,560 $49,346,594,675 $26,816,871,486 2,072,916,000 543,975,979 155,843,382 $29,589,606,847. $768,747,832 $1,771,138, -17 $1,249,070, 96 728,374,962 481,658,688 133,7I1,018 165,311,706 83,122,666 72,212,128 53,730,713 20,765,904 $2,987,957,98i $79,395.45S $35,461,306 $114,856,787 $83,05o7,89I Germany.........."D "............ Italy............."E".......... Australia.........."A" '... H am burg.................................. Berlin.................................... Cologne.............................. Brem en................................... Leipsic................................... Stuttgart.................................. Breslau................................... D resden................................. Total Germany............................ 44. 44 44 4 4f 4 4 4 4 0 4 4............................................,...o..............o......... o................................................... *................. Milan................................. January I, I886.................. Six other Italian Clearing Houses........... "................. Melbourne......................... Ianuary I, I886............ ~. "A" ~ at $4,86.6: "B" Franc at 19,3 cents: " C " Florin at 39.3 cents: "D " Mark at 23.8 cents: " E Lira at 19.3 cents: Statement of Coinage From the Organization of the Mint to the Close of the Fiscal Year Ended June 30, 1806. GOLD COINAGE. Period. Double Eagles. Eagles. Half Eagles. Three Dollaas. Quarter Eagles. Dollars. Total. 1793 to 848..................................... $25,662,270 $45,265,355............ $5,418,815 (X0 $76.341,440 00 1849 to 1873........................ $646,727,980 29,851,820 22,994.390 $1,169,913 2.,804,702 50 $19,015,63 740, 564,438 50 1874................................. 48,283.900 383,480 809,780 125,460 516,150 00 323,920 50,442,690 00 1875.............................. 32 748,140 599'840 203,655 60 2,250 00 20 33,553,965 00 1876................................. 37,896,720 153,610 71,t00 135 53,052 50 3,645 38,178,962 50 1877................................. 43,941,700 56,200 67,835 4,464 5,70 00 2 220 44,078,199 00 1878................................. 51,46,340 155,490 688,6Q0 137,850 40U,900 00 1,720 52,798,960 00 1879........................ 37,234,340 1,031,440 1,442,! 30 109,182 1,166,800 00 3.020 40,986,912 00 1880................................. 21,515,360 18,836,320 15,790,860 9,090 3,075 00 8,030 56,157,785 00 181................................. 15,345.520 33,389,050 29,982,18) 4,698 9,140 00 3,276 78,733.864 00 1882................................ 14,563,920 44,369,410 30,473,955 75 62 50 6,025 89,413,447 50 1883............................. 27,526,120 6,611.790 1,775, '60 4.665 10,137 50 8,855 35,936,927 '4 1884................................ 23,765,900 2,033,040 2,11(6,(20 2,955 4,930 00 9,979 27,932,824 60 1885................................. 20,048,50 2,246,690 2,545,9(00 5,670 6,982 50 7,181 24,861,123 50 1886................................. 4,871,680 10,428,470 18,758,145 303 10,215 00 8.567 34,077,380 00 Total............................. $1,025,876,120 $175,809.120 $172.985,685 - 1,574,520 $28,415,992 50 $19,397,091 $1,424,058,528 50 SILVER COINAGE. 0-1 (0 Period. 1793 to 1852...... 1853 to 1873...... 1874.............. 1875............... 1876............... 1877............... 1878............. 1879............... 1880.............. 1881.............. 1882............... 1883............... 1884............... 1885............... 1886............... Total........... Trade Dollars............... $3,588,90o 5,697,500 6.132,050 9,162,900 11,378,010.o................................................................................................ Dollars. $2,506,890 5.538,948......................................... 8,573,500 27,227,500 27,933,750 27,637,955 27.772,075 28,111,119 28,099,930 28,528,552 29,838,905 Half Dollars. Quarter Dollars. 20 Cents. I. - $36,249,153 00 33,596,082 50 1,43<4,930 00 2,853,500 00 4,985,525 00 9,746,350 00 3.875,255 00 225 00 3,275 00 4,667 50 5,537 50 2,759 50 4,465 00 2,557 50 3,052 50 $122,771,345 00 $3,999,040.)0( 18,002,178 00 '458,515 50 623,950 00 4,106,262 50 7,584,175 00 3,703,027 50 11250 3,831 50 3,638 75 3,268 75 4,079 75 3,832- 5.0 2,178 75 3,t^6 25 $5.,858 263,560 1,440 142..... I.. Dimes. $3,890,062 50 5,170,7:-3 00 497,255 80 S9,,560 00 2,639,105 00 2,055,070 00 760,811 00 4- (0 1,575 09 3,695 50 2,507 50 717,511 90 665,160 30 815,671 40 176,764 20 Half Dimes. $1,823,298 90 3,083,648 00........................................................................... Three Cents. $744,927 00 530,923 00................................................................................................ $1,281,850 20 Total. $79,213,371 90 65,928,512 70 5,983,601 30 10,070.368 00 19,126,502 50 28,549,935 00 28,290,825 50 27,227,882 50 27,942,437 50 27,649.966 75 27,783,388 71 28,835,470 15 28,771,387 80 28,848,959 65 30,022,347 95 $464,248,521 95 $35,959,360 1 $241,769,124 $38,496,723 75 $271,000 $18,785,608 10 $4,906,946 90 Statement of Coinage. —Continued. MINOR COIN. Period. *Five cents. *Three cents. tTwo cents. Cents. Half cents. Total.' 1793 to 1873.................................... $5,276,140 00 $805,850 00 $912,020 00 $4,886,452 44 $39,926 11 $11,919,888 55 1874...... 44,350 00 29,640 00............... 137,935 00....... 411,925 09 1875,................ 94,650 00 12.540 00................ 123,185 00............. 230,375 00 1876..................................................... 132,700 00 7560............... 120,090 00...........260,350 00 1877............................................. 25.250............................. 36,915 00................ 62,165 00 1878.80 4............................................ 80 0,5 00.............. 0,694 00 1879....................................... 1,175 00 984 00................ 95639 00...........97,798 00 880.............. 1,247 50 98250................ 26774150....... 269,971 50 1881....... 177 75 32,416 65................ 372,515 55.........405.109 71 182.................................................... 220.038 75 104 25.......... 424,614 75............... 644,757 75 18-88............................................. 1,022,774 4() 858 57............ 404,674 19................ 1,428,307 1 1884..................... 768,745 25 244 86............... 405,719 62................ 1,174,709 73 885................................................... 351,691 (0 144 60................ 175,721 20................ 527,556 80 1886........................................... 275 9. 135 57............... 16,966 13................ 17,377 65 Total............................................... $8,139,295 09 $891,09 00 $912,020 00 $7,498,735 38 $39,92611 $17,480,986 09 *First Coinage in I866. tFirst Coinage in 1865. TFirst Coinage in I864. STATEMENT OF STANDARD SILVER DOLLARS ISSUED BY THE UNITED STATES TO DECEMBER 3IST, '86. STATEMENT OF STANDARD SILVER DOLLARS. Certificates representing Silver Dollars............................................................. $124,585,102 Certificates In Treasrer's hands...................................................................................................... 7,338,432 Outstanding.................... $117,246,670 Silver Dollars in Treasurery U. S........................................................... $188,506,23 Outstanding Certificates............................................ $117,246,670 Silver Dollars owned by Government................................................................................................. $71,259,568 AMOUNT OF SILVER DOLLARS COINED. From Febrnary 28, '78, to December 31, '86...................................................... $249,683,647 Amount in the Treasury U.S................................................................................................................. $188,506,238 Amount in Circulation..................................................................................................................... 61,127,409 01 152 The following shows the rate for money on call each month this year compared with the previous three years: i886. High. Low. Jan........ 5 Feb....... 4 March.... 5 I April.. 3....3 May....... 7 I June...... 7 I July....... Aug......40 I Sept.......o I Oct........15 Nov......20 I Dec...... 86 I *And interest. 1885; High. Low. 24 I 2 3 % 4 3 X 2 I 5 I 4 I 10 IX 6 I32 1884. High. Low. 3 I 3 I 2%3 I 3* I 3* Flat I-32* I 3 Flat 34 Flat 3 Flat 4 % 2% Flat X. I 1883. High. Low. 12 2 10- 2 3*2 20 2 83 2 3 2 5 I 6 32 3 2 4 i' 3 1 5 I GOVERNMENTS. Government bonds were without special feature until the beginning of July, when there was a good demand for 4 and 4f2 per cents in consequence of calls for the 3 per cent. bonds, but prices were so steadily advanced that they soon became too high for profitable purchase by the banks, as security for circulation, and only moderate amounts were taken by these institutions. After September the market became dull and almost featureless, and it so continued until early in November, when there was a sharp fall in quotations for 4 per cents, followed by a gradual recovery, after which the market was steady. Calls for 3 per cents have been as follows: No. 1885. Amount.. Matured. I32 December 29 $10,000,000 February I. i886. 133 January 29 1o,ooo,000 134 February 20 Io,0o0,ooo 135 March 22 I000,000o,oo 136 April 20 o,oo00,000 137 May 22 4,000o000 138 June 21 4,000,000 139 July I9 4,000.000 140 August 12 I0,000,000 141 August 19 15,000,000 142 September 15 15,000,000 143 September 27 15,000,000 44 October 29 10,000,000 145 December 28 10,000,000 Total....................... $37,oooooo March I. April I. May I. June I. July I. August I. Sept. I Sept. 15. October I. ~October I6. Nov. I. December i February I. THE JON CRERAR~ LIBRAR~Y Al di Ar~i 0 INSPECTOR LONDON CLEARING HOUSE, LONDON, ENGLAND. 153 THE LONDON CLEARING HOUSE, The first evidence we have been able to procure of Clearing House transactions in London, is from an entry in the books of Messrs. Martin & Co., Bankers, in I773, which reads: "Quarterly charge for use of Clearing room I9s. 6d." In I7.75, the bankers, it is supposed, (although the evidence as to the fact is not positive) used a building in Lombard street for the convenience of exchanging checks and other securities and reducing the amount of actual money to be used in the settlement of the same, from which the present - system undoubtedly developed. For many years there was a strong opposition to the system by some of the principal bankers of London, which gradually was withdrawn, as its advantages were demonstrated, and in the year 18Io we find, from the best sources of information we can obtain, the number of banking houses represented in the Clearing House.to have been forty-six (46). It is more than probable that the system really originated from the desirability on the part of the bank messengers to avail themselves of methods suggested by the requirements and necessities for the reduction of time and labor in accomplishing such result. The ale house was in those times (and possibly still is) the general resort of the overworked laborer in most lines of business, and the natural sequence of such-associations would be the discussion of plans for their relief.- Experience taught them that by offsetting with each other the various amounts held by each, a reduction of labor as well as responsibility was attained which naturally grew into a crude system, capable of improvement and development by larger minds and talent. It is a little remarkable that no authentic records can be found, if any, of the transactions until 1840, and they are so imperfect, and with so little detail, as to be of small value. It was not until after the establishment of the New York Clearing House, that any attention was paid to statistics of the transactions, but the perfect system established by that institution has aroused the managers of the London Clearing House to the importance ot correct records in detail, which are proving the value of such statistics for financial purposes. The London Clearing House is situated in Post Office Court, Lombard street. The Clearing banks are: The Alliance, The Bank of England, Messrs. Barclay & Co., Messrs. Barnett & Co., Messrs. Bosanquet & Co., Messrs. Brown, Janson & Co., The Capital & Counties Bank, Limited, 154 The Central Bank of London, Limited, The City Bank, Limited. (including City Bank and "Aldgate Branch.") The Consolidated Bank, Limited, Messrs. Dimsdale & Co., Messrs. Fuller & Co., Messrs. Glynn, Mills & Co., The Imperial Bank, Limited. The London & County Bank, Limited. The London Joint Stock Bank, Limited, (including London Joint Stock Bank, "Southwark Branch.") The London & Southwestern Bank, Limited (including the London and South Western Bank, "Finsbury Branch.") The London & Westminster, Bank, Limited. The London & Westminster Bank, Limited ( Southwark Branch." Messrs. Martin & Co. The National Bank. The National Provincial Bank of England, Limited. Messrs. Prescott & Co. Messrs. Robarts & Co. The Royal Exchange Bank, Limited. Messrs. Smith, Payne & Co, The Union Bank of London, Limited. Messrs. Williams & Co. The methods of clearing vary so much from that of the New York Association, that we give a brief description of it. In New York everything is done exactly on time and in the most perfect quiet and order, the Clearings occupying but ten minutes. We quote from a book published in London in 1884, by W. Howarth, F. R. Hist. S., etc., on the Clearing House system and "Clearing Houses." After describing the Clearing Room he says: " The men who transact the Clearing business for the various banks are called 'Clearers.' Each bank has two sets of books ruled, the columns being headed with the names of the different Clearing Banks. One of these sets is used at the bank itself, the other at the house. The men who enter in the 'clearing books,' (as they are called) in the bank are called ' outclearers,' while the men whose work is in the 'house' are in like manner designated the 'inclearers.' The ' outclearers' in the morning send the various cheques secured by their bank "on the other clearing banks, in alphabetical order, " having done which, they at once enter them in "the 'outclearing' books under the names of the different banks. When the first lot is entered, the batches of cheques, or 'charges,' as they are called, on the re' spective banks, are cast up, the cheques pinned together, or 'screwed up, 'and the total entered on the back "of the last article. When all this is done the clerk takes the charges, numbering in all 27, and placing them in his case, makes off for the house where he is 155 "' supposed to be between 10 A. M. and i I A. M. Arriving there he goes around the building, depositing his charges " on the desks of the different barks on whom the drafts " are drawn. Each bank does this,.and consequently as " there are 28 banks in the house the 'inclearers' will find if on their desks on their arrival, or shortly after, 27 I" bundles of cheques etc. The 'inclearers' take with "them the 'in books' and at once enter the various " charges under the headings of the several banks, casting " each when entered, and seeing if the cast corresponds " with the total on the back ofthe last cheque. 'Should " the totals not agree, the clerk sings out in aloud voice " the name of the bank with whose total he differs, andthe "a representative ofthatbank is obliged to go to the desk of "the complainant and take with him his ' out books.' The " items are then run over and the mistake detected and "rectified. When the 'inclearer' has entered and I" agreed all the charges on his desk, he puts the cheques "etc. in his case, and returns to his office, taking with him " his ' out books.' The morning clearing is generally " over by noon. On arriving at his bank, the clearer " hands the drafts over to the clerks whose business it " is to pay the clearings, who examines the articles, and " if everything be regular, and the customers have the "money, pay them. The afternoon clearing com"mences at 2:30 P. M. by which the 'outclearer' has "repeated the process already described as comprising ' the morning out-work; and a runner is despatched to "deliver the charges as in the morning. As the 'out"clearers' receive drafts from the waste book and other "sources, he sorts and enters, but seldom, except on a ' very slack day, has time to put an amount on any but "the first lot. Thus he goes on till four o'clock, when "the Cashiers, taking no more credits, he receives no " more cheques; he then casts his books and taking "them with him, proceeds to the house. In the mean"while the 'inclerk' is also at his post at 2:30 P. M. " and finds awaiting him several charges which he " enters on, as a continuation of the morning work. As "the time passes the runner makes his appearance ' more frequently and the charges drop on his desk "often, and still more often. The runner from his own ' bank also constantly takes-from his box the charges he "has 'dealt with,' hastens with them to his office and " hands them to the paying clerks, who examine and "* despatch them with all speed to the men on the cash "books or ledgers. " The house is prone to indulge in a little fun during " the early afternoon, occasionally bursting forth with a " gloria or bit of the NationalAnthem, or other vocal display not quite so edifying, but as three o'clock comes,, and goes, the pressure of work leaves no time for ' foolish frivolity. ". Between half-past three and four, nought is heard 156 "but the hurried tread of the runners, the dropping of "the charges, the scratching of the pens, and the rust"ling of paper, as the 'inclearers' with lightning-like "rapidity run the items in their in-books and cast them "up. "A quarter to four; the passages are thronged, the "pressure more intense, the pens of the clerks seem like "express trains running down inclines, so great is their "rate of movement, the charges are more frequent and "heavy, and drop about the books and heads of th. ' poor clearers like hailstones in a thunder storm. "Five minutes to four: if anything a still harder pull. "Four o'clock; the runners are pouring in very fast, "bearing out their names, and almost more than that, "for they rush in and out of the building like so many "men escaped from Bedlam. " Five minutes past four: the white hand of the three "handed clock which is just five minutes behind the "minute hand, is on the four; the bellstrikes; the doors "are bolted, and from all parts of the room, in various "keys, sometimes harmonious, though often otherwise, "there arises a prolonged 'oh, oh, oh, oh!' a kind of "raising the safety valve, a letting off of surplus "steam, a returning to the ordinary pressure of their "business, after having been for so long screwed up to "such an abnormally high tension. The striking of "the bell at 4-5 P. M., regulates the closing of the door, "which means the cessation of any delivery of charges "other than those in the house at the time. "At ten minutes past four, the bolts are again drawn "and a general stampede takes place of r:rnners hurry"ing with the 'last lot of stuff' to their several banks, "the receipt of which sets the whole of the internal "machinery of the great clearing banks running with "redoubled vigor. " But the house! as soon as the 'inclearer' has got all "the charges off his desk, in other words, when he has "entered the last check or draft, he casts his book. By "the time he has finished doingthis the 'outclearer,' as "already mentioned, has made his advent at the house, "bringing with him his "outbooks."' Most of the smaller "banks divide the clearing banks into two sets, and "use two books, making one book do for each set, "and one clerk for each book; but for the larger banks "there are many subdivisions, still the principle is the "same. The grand arrangement is that these ' in' and 'out' books are exact counterparts of one another, so "far as the ruling and heading is concerned. " Therefore when at some minutes past four in the "afternoon the clearers at the house receive the ' out"books,' they are immediately handed over to the 'in"men,' so that each man has the 'outbook' corres"ponding with his 'inbook.' "l Now of course it is clear to all our readers that the 167 "'in' work of any Dank must be the ' out' work of the "other banks, because the checks to be collected by "any bank, are dispatched to the house and dis"tributed, when the ' in ' clerks of the several banks enter "the various charges in their ' inbooks,' that is to say, "they enter in their 'inbooks' the charges they have "to pay. The clearing clerks then arrange their books "so that the 'outbook' is on their left hand, and the "'inbook' on their right, i. e., the book which contains "the articles to be received, is on their left; while the "book containing the articles Io be paid is on their "right The ' sheet' is then taken, and on it the clerk "next bestows all his attention. A specimen of this 'sheet' on which the balances are entered is as follows: ' DUBTORS. THE BANK. CREDITORS. Alliance. Barclay. Barnett. Bennett. Bosanquet. Brown. Capital and Counties., Central. City. Consolidated. County. Dimsdale., Fuller. Glyn. Imperial. Joint. ank. London & Southwestern. London & Westminister. Martin. Royal Exchange. National. National Provincial. Prescott. Robarts. Southwark. Smith. Union. Williams. Country Clearing. C. H. "This form is in reality a summary of the day's pro"ceedings, for, when complete, it is a statement of the "exact position which each individual bank bears to "all and each of the Clearing banks." Mr. Howarth, in his article from which the above is quoted, after giving a detailed description of the various' entries on this statement just referred to, and the methods of comparisons for an agreement of the amounts of the balance-then continues as follows: "From a "quarter past four to five o'clock there is the hurrying of "the clearers from one desk to another, shouting out "for the different clerks, calling of amounts, cries of "'charge you,' 'pay you,' and so on, apparently a 158 "perfect Babel. The noise which seems to betoken "cessation of work is really a cloak, as it were, to the "busiest time of the whole day, for a settlement must "be made of all the transactions, and the clerks are "agreeing their different totals and casts, checking "amounts. The rapidity with which the mental calcu"lations are made is simply marvellous; the clearers run up column after column of figures with their eyes, "dotting down totals as they go on, and with the majority, it is a strange exception to find an error. "Remember, there is working and working-working "in a bank is one thing, for there is some noise and "distracting influence; but working in the Clearing "House is like working in a place where everything "tends to distract and deter the mind from action. "With a man on this side and another on that, both "shouting out different questions to him at the same "moment, with a clerk from 'Glyns' yelling out for "the cast of 'his side,' with the 'Union' man calling " at the top of his voice to know whether he has his 'books' (out) down yet, with the 'Imperial' man "asking for the amount of some item or other, the "clearer has to remain calm, unmoved and withal "alive in every faculty to the situation, casting as if "he were in solitude and alone, undisturbed by any, "going on in his own way. When he has marked or "ticked all his balances, he returns to his desk and "waits. In the meantime while all these things have "been taking place at the House, the runner has de"livered his drafts (which he took from the 'inclear"er's' box) to the proper authorities of his establish"ment, by whom they are examined as speedily "as possible. All those cheques, etc., which the bank "officials cannot pay, are dispatched forthwith back to "the House. The 'inclearer' at once enters them on the "' debtor' side (left hand side) of his sheet at the end "after the cast, and then finally casts up that side. As "soon as entered, the 'returns' are distributed just in "the same manner as are the charges in the afternoon. "As the clearer sits at his desk he receives the returns "sent to him by other banks, and these he enters on "the creditor (right hand) side of the sheet. At five "minutes past five the bell once again strikes, the clerk "runs up his sheet, casting it finally, and strikes the "balance, which, if itbea debit one (say 'I 5,oo9, is. 6d.) "' he enters on a little form printed in red, thus: Drs. Messrs. To General Balance. ~1 5,oo, is. 6d. "If, on the other hand, he has to receive, say /29,"347 2s. 6d, he uses a similar form printed in black: 159 Crs. Messrs. By General Balances. 29,347 2s. 6d. I 0 "Having filled up this little form, he next proceeds to ' write his ticket, which will be a "green," if he is to "receive on account of the day's transactions, a "white " if he hat " to pay. ' The green ticket runs as follows:SETLLEMENT AT THE CLEARING HousE London, I88 To the Cashier of THE BANK OF ENGLAND. Be pleased to CREDIT our Account the sum of out of the money at the credit of the account of the Clearing Bankers. ~ Seen by me. Inspector of the Clearing House. This is the left hand half of the ticket, the right hand is somewhat different, thus:SETTLEMENT AT THE CLEARING HOUSE. BANK OF ENGLAND. i88 To account of Messrs. has this evening been CREDITED with the sum -of - out of the money at the credit of the acconnt of the Clearing Bankers. For the Bank of England, " If it happens that the clearer has to pay on account "of his bank, he then fills up a white form, the left and "right hand half of which are as follows:[LEFT HAND. ] SETTLEMENT OF THE CLEARING HOUSE. London, I88 To the Cashier of the BANK OF ENGLAND. Be pleased to TRANSFER from our Account the sum of and place it to the credit of the Account of the Clearing Bankers, and allow it to be drawn for, by any of them (with the knowledge of either of the Inspectors, szgnifted by hzs countersigning the drafts). ~ [RIGHT HAND.] SETTLEMENT AT THE CLEARING HOUSE. BANK OF ENGLAND. I88 A TRANSFER for the sum of has this evening been made at the Bank,from the Account of Messrs. to the account of the Clearing Bankers..~ For the Bank of England.. "*. ' 160 This certificate has been seen by' me, Inspector. ",When the ticket is "white," the clearer fills it up "with the other form, leaves the little form with his "sheet on the Inspector's desk, and then hurries over "to the Bank of England with his ticket. The Cashier "at the Bank, seeing that the ticket presented to him is "signed by the manager, or other persons duly author"ized, of whatever bank the clerk may purport to come "from, signs the counterfoil, and retains the half, au"thorizing him to transfer a certain amount from the "account of that bank to the account of the Clearing "Bankers. The clearer on receiving the other half, "signed by the Cashier of the Bank of England, returns "to the House to get the Inspector's signature to the "transfer, which he then takes to his own establish"ment. If the clearer be going to receive, he gets the "Inspector's signature firs, then goes to the Bank of "England as before, where the same operation takes "place. on regaining his ticket, or rather half of his "ticket from the Cashier, he returns to his own bank.' A system of clearing country checks has been in operation in connection with the London Clearing House for about twenty-six years. It is more in accordance with the methods of the New York Clearing House. The country banks which have London offices or agents, receive and deliver through them the checks received in the course of business, they being assorted by each bank according to the agents names. The rest of the system being similar to the regular town clearings. The balances resulting trom the country clearings are not really paidfor, for three days, including the day on which the checks are presented and the day on which they are paid. These checks are taken to the respective agents or banks, assorted according to the banks on which they are drawn, and forwarded by mail at once for payment The Inspector of the London Clearing House is Mr. George Derbyshire, who was elected to that place in I852, and has filled the office to the general satisfaction of the bankers for that long period. There are four other Clearing Houses in Great Britain viz. Manchester, New Castle-on-Tyne, Edinburgh and Glasgow. There are also houses in Paris, Berlin, Milan, Genoa, and other places, all are successfully meeting the requirements of their respective cities, and growing in usefulness and importance. The Manchester Clearing House has a membership of fourteen banks and bankers. Newcastle-on-Tyne eight; Edinburgh seven; Glasgow seven; Pans nineteen.. * * e * * LEGAL HOLIDAYS. (AND THE PAYMENT OF BILLS OF EXCHANGE, &C., &C., FALLING DUE ON HOLIDAYS.) The first legislation in this State on this subject was in I849,, when the following Act was passed, viz.: LAW OF I849, CHAPTER 261. "An Act to designate the holidays to be observed in the acceptance and payment of bills of exchange and promissory notes." Passed April 4, I 849. The people of the State of New York represented in senate and assembly do enact as follows: SEcrION i. The following days, viz., the first day of January, commonly called New Year's Day; the fourth day of July; the twenty-fifth day of December, called Christmas day, and any day appointed or recommended by the governor of the State or the President of the United States, as a day of fast or thanksgiving, shall for all purposes whatsoever as regards the presenting for payment or acceptance and of protesting and giving notice of the dishonor of bills of exchange, bank checks and promissory notes made after the passage of this act, be treated and considered as the first day of the week, commonly called Sunday. Th!s was the law from that time until I865, when an amendment was passed providing one or more holidays, viz., the twentysecond day of February, and providing that in case any such holiday fell on Sunday, then the next ensuing day should be observed, and that in such case all notes, bills, checks, &c., should become due and payable on the Tuesday next succeeding. This remained in force until I870, when another Act was passed, amending the original Act of I849, and ex-... pressly repealing all Acts, or parts of Acts, inconsistent..- o.* with the same (i. e., the Act of 1870). This Act ws,*. evidently passed for the purpose or clearing up soep *" obscurities in the amendment of 1865-with what sutcess is best illustrated by citing the last part of Section * 162 I.: "And when either of those days (i. e., holidays) shall occur on Sunday the following Monday shall be deemed a public holiday, any bill of exchange, &c., * * * which, but for this Act, would fall due and payable on the day following such Sunday or Monday," &c. Owing to the clumsy wording of the Act, a note which fell due on a Sunday which was properly a holiday might be construed to fall due on the day following such Sunday, although the day following such Sunday (i. e., Monday) would be the day observed as the holiday instead of on the preceding Saturday, in accordance with business customs. In 1872 the Act was passed making the general State election day as a public holiday for the same, purpose.-Laws I872, Chapter 544. The amending Act of I870 was again itself amended in I873, so as to provide, that Decoration Day should be a holiday, and providing, " That all bills of exchange, &c., which shall, with or without grace, become due and payable on Sunday, or on any of the days mentioned in the preceding section, or any Monday kept as aforesaid as a public holiday, shall be deemed to be due and payable on the business day next succeeding their maturity."-Laws of 1873, Chapter 577. The effect of this Act was to provide that any note, &c., which fell due on an ordinary Sunday was not payable until the next day, contrary to all business customs. This error was discovered, and the amending Act of 1863 was again amended a few days later by leaving out the word Sunday, referred to Laws of I873, Chapter 639. In 1875 an Act was passed of which the following is the full text LAWS OF 1875, CHAPTER 27. "An Act to designate the holidays to be observed in the acceptance and payment of bills of exchange, bank checks and promissory notes. SECTION i. The following days, namely: The first day of January, commonly called New Year's Day; the twenty-second day of February, known as Washington's Birthday;. the thirtieth day of May, known as Decoration Day; the fourth day of July, called Independence Day; the twenty-fifth day of December, known as Christmas Day, any general election day, and any day appointed or recommended by the Governor of this State, or the President of the United States, as a day of thanksgiving or fasting and prayer or other re-:..': ligious observance shall, for all purposes whatsoever:'I:a? regard the presenting for payment or acceptance, " an' of the protesting and giving notice of the dishonor 163 of bills of exchange, bank checks, and promissory notes made after the passage of this Act, be treated and considered as the first day of the week, commonly called Sunday, and as public holidays; and all such bills, checks and notes otherwise presentable for acceptance or payment on the said days shall be deemed to be presentable for acceptance or payment on the secular or business day next preceding such holidays. SECTION 2. Whenever the first day of January, the twenty-second day of February, the twentieth day of May, the fourth day of July, or the twenty-fifth day of December shall fall upon Sunday, the Monday next following shall be deemed a public holiday for all or any of the purposes aforesaid; provided, however, that in such case, all bills of exchange, checks and promissory notes made after the passage of this Act, which would otherwise be presentable for acceptance or payment on the said Monday, shall be deemed to be presentable for aceeptance or payment on the Saturday preceding. There is no clause in this Act expressly repealing the former Acts on this subject, nor does it mention them. It is an entirely new law, and not an amendment of the former ones on the same subject. It however supercedes all such acts by implication, and for the first time made the law conform to what would have been custom in all probability had there been no statute on the subject. The next amendment was one passed by the legislature in 1881, in reference to which there has been so much enquiry. As a matter of fact, the amendment of this year makes no change whatever in the law as passed in 1875, as far as bills of exchange, &c., are concerned. The amendment is only to section i st of that Act, and merely adds to the end of the same clause, providing that such holidays shall be observed as Sundays are now observed in the public offices of the State or Counties of this State: The Act of 188i also adds to the title of the Act of 1875 the words, "and relating to the closing of'public offices." The full text of that Act is as follows: LAWS OF i88 I, CHAPTER 30. An Act to amend Chaper 27 of the Laws of 1875, entitled: An Act to designate the holidays to be observed in the acceptance and payment of bills of exchange, bank checks, and promissory notes. Passed March I5, i88i.* The people of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION i. Section i of Chapter 27 of the Laws of 1875 entitled, "An Act to designate the holidays to be observed in the acceptance and payment of bills of ex*This was not returned by the Governor within ten days after it was presented to him, and became a law without his signature. 164 change, bank checks, and promissory notes," is hereby amended so as to read as follows: Section I. The following days namely: The first day of January, commonly called New Year's Day; the twenty-second day of February, known as Washington's Birthday; the thirtieth day of May, known as Decoration Day; the fourth day of July, called Indepeidence Day; the twenty-fifth day of December, known as Christmas Day; any general Election Day, and any day appointed or recommended by the Governor of this State, or the President of the United States, as a day of thanksgiving or fast and prayer, or other religious observances, shall for all purposes whatsoever, as regards the presenting for payment or acceptance and the protesting and giving notice of dishonor of bills of exchange, bank checks, and promissory notes made after the passage of this Act, be treated and considered as the first day of the week. commonly called Sunday, and as public holidays; and all such bills, checks and notes, othewise presented for acceptance or payment on the said days, shall be deemed to be presentable for acceptance and payment on the secular or business day next preceeding such holiday, and the day aforesaid shall be considered as the first day of the week, commonly called Sunday, and as public holidays for all purposes whatsoever as regards the transaction of business in the public offices of the State or Counties of the State. On all other days such offices shall be kept open for transaction of business. SECTION 2. The title of said Act is hereby amended so as to read as follows: "An Act to designate the holidays to be observed in the acceptance and payment of bills of exchange, bank checks and promissory notes, and relating to the closing of public offices. SECTION 3. This Act shall take effect "immediately." The effect of the existing law upon commercial paper falling due, in the State on Sunday December 25th, and on the next Monday, December 26th, is plain: it is; I. With respect to all such paper as may fall due upon Sunday the 25th December, the usual business customs of presenting, protesting, etc., on the preceeding Saturday should be followed, as Sunday was not observed as the holiday, and will not differ in this regard in any way from an ordinary Sunday. II. All papers falling due upon Monday, which is the day to be observed as the holiday, should be presented for acceptance or payment, and such paper should be protested and the usual notice given on Saturday, December 24th. It is hardly necessary to state that the same practice should be observed on the following Sunday and Monday, January ist and 2d. It follows, that a second demand, protest, etc., on either of the succeeding Tuesdays will not be necessary. 165 Interest Laws and Statutes of Limitations. Interest Law. Statutes of Lim- Interest Laws. tatutes of Limi RITORIEIL Rate Al- ITOIS. Rate Al per. ert pect. ver c.. Alabama....... 8 8 20 6 8 Milsouri....... 6 10 10 10 5 Arkansas....... 6 10 10 5 3 Montana........ 10 Any rate 6 6 2 Arizona......... 10 Any rate 4 4 2 Nebraska...... 7 10 5 5 4 California....... 7 Any rate 5 4 2 Nevada.......... 10 Any rate 6 6 4 Colorado........ 10 10 6 6 6 New Hampshire -6 6 20 6 6 Connecticut.... 6 t 16 16 6 New Jersey..... 6 6 20 6 6 Dakota.......... 7 12 5 6 6 New Mexico... 6 12 15 6 4 Delaware.... 6 6 20 6 3 New York....... 6 6* 20 6 6 Dist. of C'1'mbia 6 10 12 3 3 North Carolina.. 8 8 10 8 3 Florida.......... 8 Anyrate 20 3 2 Ohio.............6 8 5 15 6 Georgia...... 7 7 6 4 Oregon........ 8 10 10 6 1 Idaho........... 10 18 6 5 4 Pennsylvania...6 6 5 6 6 Illinois.......... 6 8 7 1 5 Rhode Island.... 6 Any rate 20 6 6 Indiana.......... 6 6 i 10 6 South Carolina. 7 10 20 6 6 Iowa. 7 10 20 10 5 Tennessee...... 6 10 6 6 Kansas.......... 7 12 5 5 3 Texas...........8 12 15 4 2 Kentucky.......6 6 15 15 5 Utah-.... 10 Anyrate 5 4 2 Louisiana....... 5 8 10 5 3 Vermont..... 6 6 8 6 6 Maine......... 6 Any rate 20 6 6 Vrginia........ 2 10 5 2 Marylandi,... 6 6 12 3 8 Washington Ter 10 Any rate 6 6 3 Massachusetts.. 6 Any.rate 20 6 6 West Virginia...6 + 10 10 5 Michigan........ 7 10 6 6 6 Wisconsin...... 7 10 20 6 6 Minnesota..... 1 Any rate 10 6 6 Wyoming..... 8 Ay rate 5 5 4 Mississippi......6 0 7 6 e *New York has b n y rate of Interest on call loans of $5,000 or upwards, on ollateral security. tNo usury, but over six per cent. cannotbe collected by law. Legal Holidays in the various States. JANUARY 1. NEw YEAR'S DAY: In Alabama, Call- MARCH 4. FIRHIRISI ANIVzERSARY: in New 01. ornia, Colorado, Connecticut, Fl or gia, leans. La. Illinois, Indlana, Iowa, Kansas, Louisiana, Maine, APRI8S, 1887. GOOD FRIDAY: In Louisiana, MaryMichigan, Minnesota, Mississippi, Missouri, Nebras- land, Minnesota and Pennsylvania. ka, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Tennessee. Texas, Vermont. APRIL 21. ANNIvERSARY OF THE BATTLE OF SAX Virginia, West Virginia and Wisconsin. JACINTO: in Texas. JANUARY 8. ANNIVERSARY OF THE BATTLE OF APRIL 26. MEMORIAL DAY: in Georgia. NEW ORLEANS: in Louisiana. MAY 30. DECORATION DAY: in California, ColoraFEBUARY22. W INGTON BIRTDAY: in Caldo, Connecticut, Iowa, Massachusetts, New ampfornia. Colorado, Connecticut, Florida, Georgia, shire, New Jersey,New York, Pennsylvania, Rhode Kentucky, Louisiana, Maine, Maryland, Massachu Island, Vermont. setts, Michigan, Minnesota, Missouri, /Nebraska JULY 4. INDEPENDENCE DAY: In all the States. Nevada, New Hampshire, New Jersey, New York, NOVEMBER 8, 1887. GENERAL ELECTION DAY: in Ohio, Pennsylvania, Rhode Island, South Carolina. California, FloridaMaryland. Missouri, New Jbrsey, Texas, Virginia, West Virginia and Wisconsin. New York, South Carolina, Texas, and Wisconsin. FEBRUARY 22, 1887. MARDI-GRAs: in Louisiana- NOVEMBER 24, 1887. THANKSGIVING DAY: in all and the cities of Mobile, Montgomery, and Selma, the States. Alabama. DECEMBER 25. CHRISTMAS DAY: in all the States, MARCH 2 ANNIVERSARY o TXA INDEPENDENCE * Sundays and Fast Days (whenever appointed) ar n Texas legal holidays in all the states. UNITED STATES POSTAL SERVICE. Rates of Postage. The uniforms rate of two cents per ounce or fraction thereof is established on domestic letters, (i. e. within the United States and Territories) and all matter which is in writing or other matter which contains any written inscription in the nature of personal correspondence. All matter so sealed that it cannot be examined is subject to letter rates. Special immediate delivery by messengers may be secured at any free delivery office, or in cities or towns of over 4,000 inhabitants, by affixing a special stamp. Special delivery stamps are for sale at all post offices. Postal cards one cent. If anything else is pasted on a postal card it subjects it to letter postage. The same rate as above exists on letters and cards to Canada. The rate on letters to Great Britain and Ireland is five cents per half ounce. Postal cards two cents. OTHER MAIL MATTER. Books and pamphlets rate third class matter at one cent for each two ounces or fraction thereof. All third class matter must be so rapped with open sides or ends that the contents can be easily examined by the postmaster. Trancient newspapers and periodicals one cent for four ounces. Fourth class matter embraces, blank cards, cardboards, and other flexible material, merchandise, samples of seed, etc., etc., and postage is charged at the ate of one cent per ounce or fraction. . 1..'~' -, r 11. -, Z.. r \ 167 The postage on newspapers and periodicals to. regular subscribers within the United States and Canada is prepaid by the publisher. REGISTATION. Letter and mail matter of the third and fourth class may be registered to secure safety in transit by the payment of ten cents in' addition to the regular postage. Matter may be registered at any post office. The register fee must be affixed in stamps to the letter or package. The name and address of the sender must be endorsed by him on each registered letter or package. MONEY ORDERS. Small sums of money not exceeding $ioo, are transmitted with greater safety by the use of money orders, which may be obtained at all the principal offices. The rates are: For sums not exceeding $xo, 8 cents; $I5, Io cents; $30, 15 cents; $40, 20 cents; $50, 25 cents; $60, 30 cents; $70, 35 cents; $80, 40 cents; $Ioo. 45 cents. POSTAL NOTE. Postal note payable to bearer may be had at any money order office for any sum under five dollars payable at any money order office in the United States which the sender may designate. The fee charged is three cents for every order. UNMAILABLE. Liquids, poisons, explosives, and inflammable articles. Substances easily liquidable, confectionery, pastes and confections, anything of an obscene character, anything exhaling a bad odor and all matters concerning lotteries or schemes for defrauding the public or obtaining money under false pretence. 4 V-; ~..,,. ' ' '-, * ', *,..,', - * ' ' ' '; *' t - -' A-; fo p J,, - ~I ' 4 A ~~~:~:~~:~c~c:h '~ vr: ~ -"~c~;~-~:L c,. r,=~ ~r *~ 4II~ iT:.r i~I, ~~....icif.' ''*.*.c,r ~'t~r~. `6;4 I'. 'i '' L 51~L:;ii I E-".. U ~ r.:1.` ~ :+~:v: 1 ~' "h Irr:~ *C~:.-.~~; r: ~ c~. ~~~ i..~ " ",4 ~.-r.i -`i -Ji;~ r t ~.?~~ r. i 'i CL C ~:-'~,; ~i ~ ~. E ' "" '- ~; c / ~~ Z P1 188 C I I UT IK ATEX) VALUE OF FOREGN COINS *1ANUAR 1, 1881. JIeport of the Director of the Mint.] Country. Monetary utnit Standard. I~ oe. 6W~ Oem. Argenintfe EepulcPnbl.............. [Gold and Silver. I Austria......... Belgium....... Bolivia........ Brazi il....... British Posseusions In N. America C h i.......... Flo rin.......... Fra nc.......... Boliviano....... Milrels of 1,000 rein...I Do ll ar......... SIlver.., Gold and S11rer. Silver....... Gold....... Gold....... Pelso...........Gold and Sliver. Cuba......... Peso...........Gold and Silver. Denmark....... REcuaor....... Egypt........ France........ German Empire.... Great Britlan.... Crown......... peso.......... Plaster......... Franc......... Mark.......... Pound Sterling.... Gold....... Silver...... Gold....... Gold and Silier. Gold....... Gold.... Greece....... JDrchms........ Gold and Silver.1 Hayti......... India......... ~,Italy......... Japan........ Gourde......... Roupee of 18 annas.. Lim.......... Yen........... Gold and Silver. Silver....... Gold and Sl~ver. Silver......I I I 4 87.8 19.8 75.1 54.8 1 00.0 91.2 93.2 $0 96.5 i 28.8 751 04.9 19.8 23.5 8&8.43 Liberia........Dollar..........Gold....... Mexico........Dollar.........Sil~ver....... i I 11 I L' li II IiII II i I t I I Netherlands..... Norway....... Peru......... Portugal....... RUiA"........ BPai..........I Florin......... Crown......... MInrl of 100 rein.... Eouble of 100 oopeck s Pesetuof 100 centlm's Crown......... Franc......... Mabbub of 20 plastars, Planter......... iV Sweden....... Switzerland..... Tripoli........ Turkey........ God and Siliver. Gold....... Sur'er...... Gold....... Sliver...... Gold and Silver. Gold....... Godand SUlver. Siver..... Gold and Sfilver. 19.8 85.7 19.3 81.0 1 00.0 81.8 40.2 26.8 75.1 1 08.0 O0. 1 19.8 2&88 19.8 87.7 0I44 75.1 t a I I I I 0 1 0 i I I I I I I I i 1.28, 1.10,14, 1.2 sand I peow 1.2 argentn sad argentne 5, 10, and 20 francs. BolTIvano. Condor, doubloon, and escudo 1.16, 1.8, 1L4 1.2 and 1 doubloon. i0 and 20 crowns. Peso. 5,10, 25, 80, and 100 Pi asters 5, 10, and 20 francs. 5, 10, and 80 m~arks. 1-2 soverelgn and sovereigu. 5, 10, 20,50, and 100 drach1, 2, 5, and l0gourdes. 5,10,20, 50, and lO0lire. 1, 2, 5, 10, and 20 yen, gold, and sliver yen. Peso or dollar, 5, 10, 25, and 50 centave. 10 and 20 crowns. Sol. 2, 5, and l0 =untLreis 1-4,1.2, and I rouble. 5, 10, 20, 0, and 100 penA. 10 and 20 freacs 5, 10, and 20 franes. 25, 50, 100, 250, and 800 piia. tars. V. L of Columbia.. IPeso............. 1 f Venela....... lBolva......... 19.8 js, 10, 20, 50, end boivar. I I0 / HISTORY OF THBE RIUADEURH)I A STOCK XCHANG 8-8 7 - I. % I I I I I. I. A & M U 'YEt txt, ;;$,t*-4v lhiladelphia S ock Achane. THE Philadelphia Stock Exchange is the most important, at least in the magnitude of its financial transactions, of any organization ii the City of Brotherly Love, and ranks among the highest of similar institutions in the United States. Its history dates from near the beginning of the present century. It was initiated in the old Exchange Coffee House on Second Street where the then business men of Philadelphia were wont to meet at certain hours each day to comphre notes in regard to the various transactions in which they were interested. There was no printed organization, tihe cohesive power of wine and a generous larder being sufficient to cause no diminution, from day to day, in the pleasure of mutually giving aid and comfort in these primitive efforts to build up the second city of the continent. After some years a room for exclusive use was secured in the same building and a step taken towards permanent organization. The roll of membership contained the following names: Matthew McConnell, James Glentworth, Clement Biddle, Andrew Summers, Jr., Thomas McEwen, George Eddy, William W. Biddle, Thomas Newman, James McCaragh, Thomas Orr; to which were shortly added T. G. Laroche, Nicholas Arnous, James Musgrave, John Donaldson, Richard Hill Morris, Mark Prager, Thomas Greeves, Nalbro Frazier, Kearney Wharton, Israel Whelen. Norton Pryor, George Taylor, Jr. The second list of names it is desirable to place on this record is taken from the roll of 1818, viz.: Thomas Biddle, James Musgrave, Nicholas Arnous, William J. Bell, Thomas McEwen, Thomas Hale, William Davidson, William M. Walmsley, Samuel Nevins, James Nevins, George Rundle, Brittain White, Mark Prager, R. Hill Morris, George Taylor, Jr., Thomas Greeves, John Wharton, and A. M. Prevost, The first president of the Exchange was Matthew McConnell. His successors were Captain James Glentworth, Israel Whelen, John Donaldson, James Musgrave, William M. Walmsley and William F. Emlin. ' Until I86I the elections for president were held annually, and each member was obliged to serve at least once in two years or pay a fine of $25. In August, x86I, the rule was changed. Mr. Geo. W. Camblos was elected President that month and continued in office until August, 1870. He was then succeeded by Mr. Geo. G. Cowen. In March, 1878, Mr. Abraham Barker was elected, whose successors were Mr. George Gilpin, W. Nicholas Brice, Mr. Harry Connelly who brings down the history to the present in cumbent, Mr. Bushrod W. Adams. In August, I870, was established a Clearing House, a feature of much business importance in lessening the risks and labors of members and officers. In December 1875, was founded the Gratuity Fund which provided that upon the de I of a member each survivor was assessed ten dollars, and the sum of two thousand paid to the widow, orphan, or designated heir, free from liability of debt. 171 Originally, the admission fee to the Board was $30 which has since been increased to $50, $250, $300, $400, $5oo,.$I,ooo and $2,000. In November, x868, the fee of admission was increased to $5,ooo and the membership made,transferable under proper regulations. In i881, the admission fee was made $Io,ooo and has not since been changed, though the market value is much higher. The By-laws of the Philadelphia Stock Exchange embody rules which rigidly exact the highest degree of honor and business rectitude among its members. No stock or bond is dealt in that has not received thorough examination. No similar organization in the country has a higher reputation for the integrity of its members and their adherence to contracts. Men who, in any part of the country, wish to embark capital in stocks and bonds or to take ventures in any commodity bought or sold by the Stock Exchanges of our great cities, can transact their.business with absolute safety through the brokers of the Philadelphia Stock Exchange. No man not above suspicion can belong to it. The roll of membership is limited to '25o. The present volume of business transacted by the Philadelphia Stock Exchange may be approximately judged of when it is stated that in a single day 271,000 shares of stock have passed through the Clearing House whose cash value was $7,816,ooo. The present building is located in Stock Exchange Place. The Exchange room is on the second floor, the other floors being rented out as offices of brokers and bankers. Though the building is commodious, the growth of business which is certain to take place in the coming years has induced the Board to change its quarters and a new building is to be erected that will be an honor to Quaker City. It may be added that the aggregate capital represented by the two hundred and fifty members of the Philadelphia Stock Exchange is four hundred million dollars. k -1r it r -— 1 1 I ~11 ".41.,", -,. -, I, I, -, - I.'.-'... I.- 1,,, " " 'r. %`4, 1,. ""A. - -- i Jo ~Officers of the Stook Sl ychange 1886-1887 _ President BUSHROD W. ADAMS, Vwit President, NICHOLAS BRICE. Cha/rman THOMAS C. KNIGHT. Secretary and Treasurer, JNO. C. JOHNSON. rice- Chairman, WILLIAM J. MORRIS. Clerk, GEORGE W. PALMER, Governing C~smittee, 1887 Term Expires. Abraham Barker,. EB. Paul, George S Fox, A. D. Fell, William G. Huey, 'H... Fell, ichola Brice, i888 Term Expires. Lindley Haines, H. L. Townsend, John G. Howard, Chas. 'A. McManus, J. Rundle Smith, Win. Gerlacb. Chas. D. Barney, 1889 Term Expires. Geo. Stevenson, Jno. A. Maitland, L. H. Taylor, Jr. Frank Smyth, Sam'l M. Elliot, ' Meredith Bailey, David A. Freed, C lerk /te Clkearis e, ALLEN B. MILLER. Asst. Clrk f Claaring Hutwe, M. W. SUBERS. * StandinA Gommitees. FtanceL C'onrittee. Abraham Barker, Chairman, (eo. S. Fox, (;eo. Stevenson, David A. Freed, Nicholas Price. Cotmmittee on the Buiting. J. Rundle Smith, Chairman, Meredith Bailey, A. D. Fell. Cotnmittee on A.dmissions. L. II. Taylor, Jr., Chairmana Chas. D. Barney, S. M. Elliot. Arbitration Committee. Meredith Bailey, Chairman, Chas. A. IMcManus. Frank Smyth, Jno. (;. Howard, H. L Fell, \Wm. Gerlach, D. A. Freed. Clearing House Committee. -*eorge Stevenson, Chairman, Lindley Haines, Nicholas Brice. Stock.-List Committee. George Stevenson, Chairman, L. H. Taylor, Tr., E. B. Paul, Committee on Commissions. S. M. Elliot, Chairman. Wm. G. Huey, Jno. A. Maitland. Committee on Rules. L. H. Taylor, Jr., Chairman, Jno. G. Howarda H. L. Townsend, Chas. D. Barneyi A. D. Fell. Trustees of Grasiit, Fuxd. Bushrod W. Adams, Ex-officio. Jno C. Johnso. EGeorge Stevenson, 1886-87, Bhro W Adas S. Harvey ThomIa W:, '9 4 -., f p,.,:::,' I ~~-c ~ " I* -I; S~fembers. NAME. FIRM. OFFICE. Ackley, Shreve........................ 40 South Third St. Adams, Bushrod W........................ 3 Stock Ex. Building. Presid PhilS. Stock xehasg Arnold F. C....................... 42 South Third St. Austin, J. Bell........................ 203 Walnut Place. Bachman, Herman F......................... 26 South Third St. Bailey, Meredith........................ 49 South Third St. Baker, W. 0. Ford..................................... Bain, Frederick Bain & Co. 312 Stock Ex. Place. Barker, Abraham Barker, Bro. & Co. 125 South Fourth St. Barker, Chas. W. Barker & Kear. Pottsville, Pa. Barker, Whartdn Barker Bro. & Co. 125 South Fourth St. Barney, Chas. D. C. D. Barney & Co. 114 South Third St. Bayard, W. M......................... 114 South Third St. Bell, John P. C. T. Yerkes, Jr. & Co. 305 Chestnut St. Bentley, Henry....................... 3d & Chestnut Sts. Biddle, H. W. Thos. A. Biddle & Co. 326 Walnut Street. Biddle, Thos. A. Thos. A. Biddle & Co. 326 Walnut Street. Biddle, Alexander....................... 326 Walnut Street. Bingham, J, T................................................ Bioren, Chas. H. Bioren & Co. 136 South Third St. Bioren. Jno. Bioren & Co. 136 South Third St. Blakeslee, Wrn. M................ Chestnut Street. Borden, Henry H. Borden & Co. 138 South Third St. Borie, Beauveau C. & H. Borie. 131 South Third St. Boureau, H.W. W alker, Boureau & Co, 241 Dock Street, Bowen, Ezra....................... 132 South Third St. Brice, Nicholas P. H. Bnce & Co. 142 South Tbird St. Brice, Phillip H. P. H. Brice & Co. < 42 South Third St. Brinton, R. B., Jr.........................2 Walnut Place. Brown, J. Crosby Brown Bros. & Co. 209 Chestnut Street, Camblos, C., Jr..................... 324 Chestnut Street. Camblos. Win. P.........................129 Bank Avenue., Carver, Wm. Y. C. B. Keen & Co. 325 Walnut Street. CWssatt, J. G. Cassatt, Townsend & Co. 305 Walnurt Street Carrigan, W. S. Davison, Carrigan & Co. 40 South Third St. Colton, S. W., Jr. E. W. Clark & Co. 35 South Third St. Colton, J. Milton, E. W. Clark & Co. 35 South Third St. C rad, J. Hicks....................... 314 Walnut St. Connelly, Harry..................... 204 WalnutPlace. Cooke, JayJr. C. D. Barney & Co. 114 South Third St. Davidon, kobert B...................... 319 Walnut Stet 175 NAME. Davis, Jno. H. Davison, A. Y. De Haven, A. H De Haven H. Delaplaine, J. F Dick, F. M. Dick, Win. A. Dingee, J. H. D'Invilliers, Jos Drexel, A. J. Dubree, T. Elw( Duffee, Francis Dundore, Frank I)unn, Robert M Elliot, Samnel N Elliott, Alfred S. Elliott, William Ellis, Rudulph Ely, Win. H. Ervin, Spencer Evans, Irving A Fell, Henry L. Fell, A. D. Fell, Walter P. Fisher, W. R. Fleming, Chas. Fox, Geo. S. Fox, Caleb F. Fox, David B. Fox, Tno. M. Freed, David A Freeman, W. M Frothingham, C Gaskill, IB. M. Gaw, Henry L., Gerlach, Wm. Gilpin, Geo. Glendinning, R Graham, rheo( Gramm, Edgar Grant, J. Ralsto Haines, Lindle' Haines, Chas. 1 Hallowell, W. I Hanna, Oswald Harris, J. C. Heberton, Geor Heberton, W. ~ Heberton, Crai1 Henderson, E. Herzfeld, Felix Hetrich, Chas. Hickling, Rolar Hill, R. H. C. Hopkins, Jame! Hopper, Wm. ( Horner, Gustav Howard, Jno. ( Huey, Wm -G. Huhn, Geo. A. Hutchinson, Jn Huth, Francis Jaae, R. M. FIum. OFFICB. J H. Davis & Co. 17 Wall Street, N. Y. Davison, Carrigan & Co. 40 South Third St. I. De Haven & Townsend, 36 South Third St. De Haven & Townsend, 36 South Third St. rank........................ 52 South Third St. Dick Bros. & Co. 333 Walnut St. Dick Bros. & Co. 333 Walnut St....................... 20 W alnut Place. D'Invilliers & Soule, i S South Fourth St. Drexel & Co. 5th &Y (hestnut Sts. od....................... 1128 Girard Street. I. 1 F. Dundore & Co. 33 South Third St.:lin Dunn Brothers, 127 South Fourth St.................................................. I. Sexton, Elliot & Co. 138 South Third St. Elliott, Johnson & Co. Wilmington, L)el. Elliott, Sons & Co. o09 South Third St......................... 7 Merchants Exchange......................... 238 South Third St. Ervin & Toland, 16 South Fourth St.. Irving A. Evans & Co. Boston, Mass. iH. L. Fell & Bro. 303 Walnut Street. Fell, Wray & Co. 14 South Third St. J. C. Wray & Co. 304 Stock Ex. Place. Fisher & Bro. 321 Walnut Street. M. Fleming & Page, 27 South Third St. Geo. S. Fox & Son, 132 South Third St. Geo. S. Fox & Son, 132 South Third St. John E. Fox & Co. II South Third St......................... 312 Stock Ex. Place.. Emory, Freed & Co. 6 South Third St. [cL......................... 138 South Third St. F. C. F. Frothingham & Co. 50 Exchange Place, N. Y........................ 6o1 Jayne Street. Jr. H. L. Gaw & Co. 315 Walnut Street. Narr & Gerlach, 437 Chestnut Street. Gilpin & Co. 311 Walnut Street.. Jr. R. Glendinning & Co. 303 Chestnut St. dore R.......................... 12 Market St. C. Gramm & Sinnett, 308 Stock Ex. Place. n J. Ralston Grant & Co. 1o2 South Fourth St. Haines Bros. 140 South Third St. E Haines Bros. 40o South Third St.. W. P. Hallowell, 312 Stock Ex. Place. T.......................... 303 Walnut Street. Harris & Co. 3 Phila. Stock Ex. Bldg. rge G. & W. Y. Heberton, 52 South Third St. r. G. & W. Y. Heberton, 52 South Third St. g Craig Heberton & Co. 150 South Third St....................... 26 South Third St. Herzfeld & Co. o2 Broad St.. N. Y. B Hetrich & Noble, Easton, Pa. nd F. G. M. Hickling & Co. ' 319 Walnut Street. Hill &,Kennedy, 303 Walnut Street. s.................... oi8 Spruce Street. 3. Wm. G. Hopper & Co. 28 South Third St. vus B......................4 Walnut Place. l Howard, Bell & Co. I o South Third St. W. G. Huey & Co.- 52 South Third St. R. Glendinnin C. 03 Chestnut reet l X..................,.6 Walnut S.,.... -. w,;,... 3I Norith i Seod SL;J. Mi* Pm i34 South Thrd St -t'' "- "r: -., *.,,, 1 Vaa _ fs I -17.. NAME. - O c. I Jamison, B. K. Johnson, Jno. C. - B. and Treaa. Phila. St x'Jordan, Chas. H. Keen, Chas. B. Keene, Edward W. Kennedy, Davidson Kimball, R. J. Kingsley, Wm. T.: Kite, Louis S. Knight, Thomas C. Chairman Phila. Stock Exch. Koons, Robert J. W. Kurtz, Wm. W. Ladenburg, Adolf I Lawson, Thos. L. Lawson, Winfred L. Lawson, W. Shelden Lee; H. H. Levy, S. L. i Lewis, Edwin C Lippincott, H. W. Lloyd, Clement E. Lloyd, John Loyd, Wm. IH. Loucheim, H. S. Magill, Kirk W. I Maitland, E. V. Maitland, Jno. J. Maitland, Jno. A. Maris, W. W. I Markoe, H. I Martin, R. T. ] Matthews, Chas. L. Meade, Geo. McCord, Samuel McManus, Chas. A. ] M'Laughlin, Vim. T. Mitchell, H. E. Moffly, Robert Monges, Gordon Moore, E. J. Morgan, William C. Morris, Wm. J. Vloe-Ch'mn Phll. Stock ftch. Moss, Jno., Jr. Musgrove, T. C. Newkirch, Chas. I Newbold, C. B. Niles, L. H. Noble, Chas. C.North, Geo. H. Oberge, Chas. H. Page, Edward D.: Page, Robt. H. Palmer, Geo. W. (r MPhs. Stock Bxchange. Paul, H. B. Paxson, Mailon B. I Paxon, Win. B.. Peale, Harry Peale, Washington J. -Peterson, C. L. Philips, Chas. G., B. K. Jamison & Co. 3d & Chestnut Sts......................... Phila. Stock Ex. room 4. C. H. Jordan & Co. Bank Av. & Harmony. C. B. Keen & Co. 325 Walnut Street......................... 305 Walnut Street. Hill & Kennedy, 303 Walnut Street. R. J. Kimball & Co. i6 Broad St., N. Y. Kingsley & Caldwell, 25 South Third St. Johnson, Kite & Co. 26 South Third St.......................... 136 South Third St. Koons & Tunis, 128 Bank Avenue. W. W. Kurtz & Co. 32 South Third St. Ladenburg, Halman & Co 50 Exchange Place, N. Y. T. L. Lawson & Sons, 19 South Third St. T. L. Lawson & Sons, 19 South Third St. W, S. Lawson & Co. 49 Exchange Place, N. Y. Lee & Smith, 338 Harmony Street. Collis & Levy, 138 South Third St......................... 138 South Third St......................... 306 Stock Ex. Place.......................... 312 Stock Ex. Place......................... 30 W alnut Street........................ 38 South Third St......................... 321 Chestnut Street. N. Thouron & Co. Third & Dock Sts......................... 437 Chestnut Street......................... 237 Dock Street......................... 437 Chestnut Street. Mars & Smith, 20 South Third St. Potts & Markoe, 7 Merchants Exchange. Martin & Newbold. 313 Walnut Street. W. G. Matthews & Bro. 127 South Third St......................... 205 W alnut Place........................ Milwaukee, W is. Laughlin & McManus, 114 South Third St. W. J. M'Laughlin,& Co. i8 South Third St. Jas. S. Mitchell & Son, 146 South Third St..31.................. 312 Stock Ex. Place. Gordon Monges & Co. 207 Walnut Place. Stevens & Moore, 10 & 12 S. Third St. W. C. Morgan & Co. 23 South Third Street......................... 313 W alnut Street..................... 13 Merchants Exchange. T. Musgrove & Co. i34 South Third St. L. Cahan & Co. 47 Exchange Place. N. Y. - W. H. Newbold'sSn & Co 3co Walnut Street................... 36 Broad St., N. Y. Gorham, Turner & Co. 35 Wall St., N. Y. G. H. North & Co. 310 Stock Ex. Place..................... 312 Stock Ex. Place. E. D. Page & Bro. 45 South Third St......................... 45 South Third St..........*.............. Phila. Stock Ex. Bldg.......................221 Dock Street. F, Paxson & Co. 312 Stock Ex. Place. F, Paxson & Co. 312 Stock Ex. Place. T. A. Biddle & Co. 326 Walnut Street................. 4o South Third St...................... 312 Stock Ex. Place. -.......,........ 7 & 8 Phila. S. Ex. Bldg. ',o.. 177 NAMB. FIRM. OFFICE. Pierce, Wm. C....................... 136 South Third St. Potter, H. C..........................3d & Chestnut Sts. Potts, Geo. C. Potts & Markoe, 7 Merchants Exchange. Raley, R. F........................ 24I Dock Street. Rea, Thos. B. Rea Bros. & Co. Pittsburgh, Pa. Ritchie, John C. J. C. Ritchie & Co. 300 Chestnut St. Robins, Edward........................227 Dock Street. Sailer, John Sailer & Stevenson, 38 South Third St. Schall, Michael Schall & Danner, York, Pa. Seal, Lewis,....................... 136 South Third St. Seaver, Jos. H.......................... 203 Walnut Place, Shelmerdine, W. H.......................... o South rThird St. Shoemaker, Jos. M. J. M. Shoemaker & Co. 134 South Third St. Stevens, Edward H. Stevens & Moore, 1o & 12 South Third St. Smith, D. C. W. ---—.-.-.... 429 xVWalnul t Street. Smith, F. Percy W. & P. Smith, 324 Clestnut Street. Smith, Winthrop WV. & P. Smith, 324 Clltstnutt Street. Smith, J. Rundle......................... 109 South Thirdl St. Smyth, Frank Frank Smyth & Co. 42 Soutll lhird St. Starr, Edw. Cilpin & Co. 311 Walnut Street. Sterling, Benj....................... 30 Merchants Exchange. Stevenson, Geo. Sailer & Stevenson, 38 Soutlh Tllird St. Stevenson, W m. H......................... 39 Walnut Str-et. St. John, H. H......................... 203 alnut Place. Stokes, Chas. M. J. G. Watmough & Co. 239 I)ock Street. Straub, Jos. H. Stahl & Straub, 20 South Third St. Swift, Edwin.......................314 Walnut Street. Taylor, Clarence Clarence Taylor & Co. 312 Stock Ex. Place. Taylor, James R. J. R. Taylor & Co. 140 South Third St. Taylor, L. HI., Jr L. It. Taylor & Co. 3d & Chestnut Sts. Taylor, Jno. M. Hortz & Taylor, Bank. Av. & Harmony. Tevis. Joshua Wm. I1. Tevis & Co. 7 & S Phila. S. Ex. Bldg. Tevis, Wm. H. Wm. H. Tevis & Co. 7 & 8 'hila. S. Ex. Bldg. Thomas, Geo. C. Drexel & Co. 5th & Chestnut Sts. Thomas, S. Harvey........................ 312 Walnut Street. Thompson, David S......................... 29 South Third St. Thouron, Augustus 'N. Thouron & Co. Thirdl I)ock Sts. Town, C. M......................... 303 Chestnut Street. Townsend, H. L. De Haven & Townsend, 36 Soutlh Third St. Townsend, R. H., Jr. Cassatt, Townsend & Co. 305 Walnut Street. Townsend, Eugene Benson & Townsend, 105-7 South Third St. Tras'k, Wayland A. M. Kidder & Co. I8 Wall Street, N. Y. Trotter, Jos. Jos. Trotter & Co. 322 Walnut Street. W atson, R. H.............................................. Webb, Chas. F......................... 303 Chestnut Street. Webster, L. L......................... 33 South Third Street. Wildman, J. K.... 26 South Third Street. Whelen, Chas. S. Townsend Whelen & Co. 309 Walnut Street. Whelen, James N. Townsend Whelen & Co. 309 Walnut Street. Whelen, William N. Townsend Whelen & Co, 309 Walnut Street Wiltbank,, H............... 319 Walnut Street. Wise, Henry W':................. 24 Merchants Exchange. Worthingt, Jint. e*.t I Phila. Stock Ex. Bldg. Wright Cha B.................. 142 South Third St. Wolgamuth, Ed K....... 40 South Third St. Welsh, Jno. Lowbr............... 302 Walnut Street. Yerkcs, Chas. F. ^ C. T. YerkeLs Co. 305 Chestnut Street. Young, e T'oJ S;. 1,.,,. 126 Bank Avenue. Young Beo. ^.:............. 1635 North Broad St kz*.;:. i. ^ - *,. * ',;r.: *^ ^ ^>- 1'^- ^;? 1^ '; i^ ^ - ' i.r.t...rrC~,:~ ~~ ';t.r. .. 1~ '2~ 4~ ~r -CrV c V~..).. W~~I -I ~:~ L It C.. +~~` il~, r,;~ - L ' ~ ....5 -*A rJ. ~'. c. ~1: ~s,i: ~'Y.";\ -~ "f -L i' i JI : ~~ r' ~-~2 U.I..I.Z-i: ..~ '~ r r 14~`i rL? I /- ~~;. -., ' r.!,............ **., 1,.",., _.,.,;,., r.* ~I +tt, _',., -1.,- f & - ':. I I I I',' t :,,,:" - 4..,,,, I-, - r~ ' r ~~ % ~,~ CL' C.O ~~rlr *.. i"l 'I II;b~:~.'h r ~;i ~ ' ~-t ~ Cr r\tl I., r( c 1 ~r '.~ ~a.tf~I ~,. `~ ..... ~ ARTICLE I. TITLE. THE title of this Association shall be "THE PHILADELPHIA STOCK ExCHANGE... ARTICLE II. GOVERNMENT OF THE EXCHANGE. The whole Government of the Exchange shall be vested in a Governing Committee, composed of the President and the Secretary and Treasurer of the Exchange, and of twenty-one members elected in the manner hereinafter provided. ARTICLE III. ELECTIONS, OFFICERS, AND ASSISTANTS. SEC. I. The officers of the Stock Exchange shall consist of a PresidentSecretary and Treasurer (who shall be one), and the twenty-one other members of the Governing Committee; from this committee, the Vice-President shall be chosen. SEC. 2. There shall also be elected, as hereinafter provided, a Chairman, Vice-Chairman, Clerk of the Exchange, and a Clerk and an Assistant Clerk of the Clearing House. Sic. 3. The President, Secretary and Treasurer, Chairman, and ViceChairman shall be elected by the Exchange, by ballot, on the first Monday of March ineach year. There shall also be elected, at the same time, seven members oi the Governing Committee, to fill the vacancies occasioned by the out-going class, and to hold office for the three years ensuing; as well as members to fill any vacancy or vacancies in the other classes, for the unexpired terms. The candidate or candidates having the largest number of votes shall be declared elected, and there shall be no voting by proxy. In eleeions for more than seven members of the Governing Committe, the trmof iffice shall be regulated by the number of votes casf: te largest vote for he longest term. The term of qffice of all the above shall commence on thl lW'4N day of March inst 179 Sac. 4. The Governing Committee, at its meeting on the third Monday ip March of each year, shal choose, from its own members, the Vice-President of the Exchange. It shall, at the same time, elect a Clerk of the Exchange, and a Clerk and an Assistant Clerk of the Clearing House, and may, at any time, elect any additional clerks which, in its judgment, may be required. SEC. 5. In case a vacancy shall occur in either of the offices of President, Secretary and Treasurer, Chairman, or Vice.Chairman, the Governihg Committee shall order an election within thirty days, to fill such vacancy. All vacancies occuring in the Governing Committee shall be filled by said committee until the ensuing annual election. In case a vacancy shall occur in the office of Vice-President, Clerk o the Exchange, or Clerk or Assistant Clerk of the Clearing House, or other clerks, it shall be filled by the Governing Committee. SEC. 6. No person shall be eligible to the office of President, Secretary and Treasurer, or member of the Governing Committee, who shall not have been a member of the Stock Exchange for at least three years, and only one partner, representative, or employee of a firm can be a member of the Governing Committee at the same time. ARTICLE IV. GOVERNING COMMITTEE. SEC. I. All powers necessary for the government of the Exchange shall be vested in the Governing Committee. It shall have power to try all offenses under or against the laws of the Exchange, and all charges and claims by or against the Exchange and its members; and its decision shall be final. SEC. 2. The Governing Committee may, at any time during the pendency of a case before any of the Standing Committees, ask for such information and give such instructions as it may deem proper. SEC. 3. Any member of a Standing Committee before which a case may be pending shall have the right, during the consideration of such case, or within two days after a decision has been made thereon, to demand a reference of the same to the Governing Committee, for tinal adjudication; and the Chairman of the Standing Committee shall notify the President of the Governing Committee of' such reference, without delay, whereupon the Governing Committee shall hear and decide the same. No member of the Governing Committee shall participate in the adjudication of a case in which he is personally interested. SEC. 4. Seven members of the Governing Committee shall constitute a quorum for the transaction of the following routine business: Reading of minutes, and approving or correcting them, fixing a date for an election either by the Exchange or the Governing Committee, and beginning a vote for a candidate for membership. For all other purposes, twelve (I2) shall be necessary to constitute a quorum. ARTICLE V.. STANDING COMMIT-TIS. S CL. A speledily. a possible, after each annual election, the Predsat all app t from the membes of the Governing Committee, subjet kt -ig.-. ollowirStandin Commaittees, for.the y;r,,** *:'.: ',)2.-~; '.'- '" ' "" ',' ':" ''...'.".', ~, -X '; sh..; ' —.' '. *1,, -.. ' the;"-':: ' - - - i~'' r. I, 180 SEC. 2. A FINANCE COnxwMI, consisting of five members, which shall have charge of the funds of the Exchange, and which shall invest the' surplus money in the Treasurer's hands in such securities as it may think most advisable, having them transferred to the names of the Trustees appointed by the Governing Committee. It shall also have power to sell such securities when deemed advisable so to do, and shall report quarterly o the Governing Committee. SEC. 3. A COMMIrrEE. ON THE BUILDING, consisting of three members, which shall have supervision and control of' all parts of the building, and shall keep them in good order and repair, and comfortable for the use of the members. It shall make and have carried out all contracts, and shall appoint and control all employees necessary for these purposes. It shall have authority to lease such portions of the building as are not required for the purposes of the Exchange. It shall present to thc Governing Committee, at the first regular meeting in the months of March, June, September, and December, a report of all its transactions during the preceding three months. SEC. 4. A COMMITTEE ON ADMISSIONS, consisting of five members, to which all applications for membership, transfer of membership, and re-admission of suspended members shall be referred. It shall be its duty to inquire into the general standing of the applicant, and make a report thereon to the Governing Committee within one month of the presentation of the application. Until the Committee makes a report favorable to the admission of the applicant, he shall not be voted for as a member, unless upon the written application of seven (7) members of the Governing Committee to the President, made within five (5) days after the Committee's report has been presented; in which case the Governing Committee may,-by a two-thirds vote, reverse the report of the Committee, and such reversal shall have the same effect as if the Committee's report had originally been favorable. If the report be favorable, the name of the candidate shall be posted in the Stock Exchange, and notice given that a ballot will be taken at the next stated meeting of the Governing Committee, in order that every member of the Exchange may have an opportunity of objecting to the candidate's election; such objection shall be in writing, to the President of the Governing Committee. The election of candidates for membership shall be held by the Governing Committee, but no election shall be valid unless at least eighteen (I8) ballots be cast; and, if five (5) ballots be cast against a candidate, e shall be declared not elected. Whenever it shall appear to a majority of the Committee on Admissions that a wilful misstatement upon a material point has been made to it by an applicant for admission or re-admission, it shall report the case to the Governing Committee, when, by a two-thirds vote of the members present, the offending party shall be indefinitely suspended or declared forever ineligible for admission, as the case may be. SEC. 5. AN ARBITRATION COMMITTEE, to consist of seven (7) members, whose duty it shall be to investigate and decide all claims and matters of difference between members of the Exchange, which may be brought before it, arising from transactions in bonds, bullion, stocks, or other securities or from any transactions in money. It shall also investigate and decide such claims, arising from differences as aforesaid, as maybe preferred against members by non-members, and such non-member agreeing to abide by, the rules of the Philadelphia Stock Exchange; provided, however, that the Arbitration Committee shall have power to dismiss any case, and refer the parties to their remedies at law; but it shall so refer them, upon the joint request of the contestants, in writing. The decision -of this committee shall be final in all cases, unless an appeal be taken by a member of the committee, as in. these rules provided, or in cases involving a sum of five hundred dollars ($Soo) or over,when either party may- appeal, within five (5) day, tohe Governing Committee; that, upon such appeal, the Govering Commttee may finally adjudicate the case, srelegte the parties t their remedies at law, or direct a rehearing by the Arbitration Committee. '.....,. * *' ** ' I 181 The non-member making such a claim shall execute a full release of his claim against said member, duly signed and sealed, and shall deliver the same to the Chairman of the Arbitration Committee, to be held in trust, to abide the event of the suit before said committee. FORM OF RELEASE. KNOW ALL MEN BY THESE PRESENTS, That A,, for and in consideration of the sum of one dollar, to me in hand paid by the re. cetpt of which is hereby acknowledged, have remised, released, and forever discharged, and by these presents I do hereby, remise, release, and forever discharge, the said of and Iron antv atn l (detminds heretof re existing and due and owing to me, and the said is hereby fully released and discharged from the same. Sealed with mv seal, andt dated at Philad,'/ lphia, this, r8. day oj The Chairman of the Arbitration (Cmmnittee shall keep the said release in trust, to abide the result of said suit, al( shall deliver the samne to the defendant, in any of the three following cases: i. In case the claimant shall not present his claimn to the Arbitration Committee within such time, after executing said release, as the coummnittee shall designate. 2. In case judgment shall be rendered for said defendant by the Arbitration Committee. 3. In case the defendant shall pay, or offer to pay, to such claimant, the amount of judgment rendered in favor of said claimant. In case judgment shall be rend(ered against any member of the Exchange, which lie is unable or unwilling to pay, then such release shall be canceled and returned to such claimant. Any member of the Exchange failing to comply with a decision of the Arbitration Committee or of the (Governirig Committee where a case may have been appealed as hereinbefore provided in this section, shall ble suspended from the privileges of the Exchange until he complies with the decisio n. SE:c. 6. A CLEARING HoUSE CONI I'r'rEE, consisting of three (3) members, which shall have the general charge and supervision of the Clearing House, and which shall have free access thereto at all times. SEC. 7. A COMMITTEE ON STOCK Lils- consisting of three (3) members, to which shall be referred the arrangement of the calls of stocks, bonds, etc., and all applications for placing securities on the list dealt in at the Exchange; but all securities placed upon the list must be with consent of the Governing Committee, and only after report made by this committee to the Governing Committee, with a full statement of capital, number of shares, resources, etc. SEC. 8. A COMMrrrIz ON RULES, consisting of five (5) members, to which shall be referred'all propositions for the making of new or the alteration of existing rules. SEC. 9. A COMMITTEEr ON COMMISSIONS, consisting of three (3) members, whose duty it shall be to see that the rules relating to commissions are complied with, and to report to the Governing Committee any violation thereof. SE. IC. 'A CO ON INSOLLvNCIES, consisting of three (3) members, to be selected from the Committee on Admissions, whose duty it shall '-. be to investi reer CeW of insolvency immedatdy after the announce-. / A: ment tef tie Eig Should it ascertain the me, i nt case, to.-.., qbv' ' " ',' - "'A U~ V:-,,~. - 18M live, in evey case, a copy of its records to the Committee on Admoss9ns. ancii occurrigin this committee shall be filled from te-Coffitilte on Admissions. ' POWER AND DUTIES OF COMMITTEES. SEC. II. Each Committee of the Exchange shall determine the manner and form by which its proceedings shall be conducted, and shall make such regulations for its government as it shall deem proper, subject always to the control and supervision of the Governing Committee. ARTICLE VI. DUTIES OF THE PRESIDENT AND VICE-PRESIDENT. Sec. i. It shall be the duty of the President to see that the several provisions of the Conititutiun and.iy-Laws are entorced, and to have a general care of the interests of the Exchange. He may preside over the Exchange whenever he may elect so to do; he shall be the President of the Governing Committee, and ex-ojficio member of all committees. SEC. 2. The Vice-president shall, in the absence of the President, possess all the powers, and discharge all the duties, of President. In case of the temporary absence or inability to act, of both the President and Vice-President, the Governing Committee shall choose from its own number an acting President of the Exchange, pro tern. ARTICLE VII. DUTIES GF THE CHAIRMAN AND VICE-CHAIRMAN. SEC. I. It shall be the duty of the Chairman to preside over the Exchange whenever assembled for business; tocall securities maintain order, enforce the rules, and perform such other duties as the Governing Committee may decide to properly pertain to the office. The Chairman shall not be permitted to operate in any securities, when presiding at the calls of the Exchange. SEC. 2. The Vice-Chairman in the absence of the Chairman, shall assume all his duties and functions. In the absence of both, the President may appoint-and, if he omit to do so, the members present may, choose-a Chairman pro ter, with full powers. The Presiding Officer shall determine all questions of order. ARTICLE VIIm DUTIES OF -THE SECRETARY AND TREASURER. It shall be the duty of the Secretary and Treasurer to keep the minutes of the proceedings of the Stock Exchange, record the fines imposed by the Presiding Officer, and collect them every three months. He shall also collet all dues from members, the interests, rents, and income of the Exchange pay out all moneys, whether for account of current expenses or approprialions, under instructions from the proper authorities, perform such duties as may be.rquiredof him by the Trustees of the Gratuity Fund, and keep a regularacoount of funds in his hands, in books provided for te purpose. On the -lection of a new member, he shll notify him in writing, itit doqHey. 'EbaUmlSo be Secretary of the Gov ernig Cohtmittse. H- etH nota dirseOiy or indirectly deal ai t on his n c 183 ARTICLE IX. DUTIIS OF THE CLERK. It shall be the duty of the Clerk, who shall be a member of the Stock Exchange to attend at the Stock Exchange, during the hours of business; to enter, in a fair and legible hand, in books provided for that purpose, all sales made during sessions, and those made at any time in the room, properly reported to him; to deposit the books of record in the fire-proof vault, so that none but members may have access to them without permission of the President, or Secretary and Treasurer, and then only in the presence of an officer of the Exchange. He shall not directly or indirectly dleal in securities on his own account ARrICIE X. (LEARING HOUSE AND) DUTIES OF THE CIERKS. EC.. I. There shall be a Clearing lltouse, for the purposse of clearing such securities as may be, fromt time to tine, indicated by the (;overning ( n(mmittee, for the convenience of those members of the Exchange who c:hoose to avail themselves of it. But members shall always have the right to receive their securities directly from the seller, or to ldeliver directly to the buyer, if they prefer to do so. SEC. 2. The Clerk and Assistant-Clerk or Clerks of the Clearing lIouse shall give satisfactory sccurity for the faithful performance of their dluties; they Shall be present at the office from 9.30 A.M., to attenld to the )busitless of the Clearing llouse, under the supervision of the Clearing House Conmnittee. They shall refuse admission into the office, at all times, to all persons except the Clearing I louse Committee and the President of the Exchange. Tlhy shall not directly or indirectly deal in securities onl their own accounlt, nor in time pulrchases or sales for account of any other person or firm. If they b)e iT members of the Stock Exclange, they shall have the privilege of executing strictly investment orders. ARTICLE XI. MEMBERSHIP. SEC. I. The number of members shall be limited to two hundred and fifty (250). SEc. 2. Every applicant for membership must be at least twenty-one years of age. SEC. 3. The initiation-fee of members admitted by election shall be ten thousand dollars ($io,ooo), and, of those admitted by purchase, two hundred and fifty dollars ($250). In all cases where initiation-fees shall not be paid within five days after the election and proper notification by the Secretary (unless excused by the Committee on Admissions), such election shall be void. SEc. 4. Any member, wishing tosell his membership, shall have the right to do so, provided he has no unsettled contracts with or claims against him, by any member of the Stock Exchange, for transactions arising in or relating to the business of banker or a stock or exchange broker; but, where the Arbitration Committee shall determine that any claims or contracts exist, the Governing Committee may, except in cases of insolvency, refuse to permit the membership to be sold, until such claims or contracts are, in its opinion, satisfactorily settled. The procene of theme mbeshiit soiden fbr d i ll. d. i..n *...: t &, -t, -- 0 4 I. I I~.184 portion to the amount of their respective claims, determined by the Arbitration Committee, as hereinbefore provided in Section 5, Article V, and be paid accordingly; and the remainder, if any, shall be paid to the owner. SEC. 5. When a member dies,his membership shall, within one year thereafter, be sold or transferred; if, however, he be indebted to any member of the Stock Exchange, then, on the written request of two-thirds of the creditors in interest, said membership shall be sold, at the discretion of the Committee on Admissions, and the proceeds thereof, after deducting all charges due to the Exchange-to be determined, in cases of controversy, by the Arbitration Committee- shall be paid to its owner's creditors who are members of the Exchange, in proportion to the amount of their respective claims, determined as hereinbefore provided In Section 5, Article V, as to disputes between living members; and the remainder, if any, shall be paid to the legal representatives of the deceased. The membership of a deceased member shall be liable for all dues and assessments which may be made, by the Exchange, from the day of his death until such time as his membership is transferred. SEC. 6. All expenses incurred by the Exchange, in respect to any membership, and in respect to any right or privilege of any member (including counsel-fees and costs paid, and all disbursements made by the Exchange), both before and after the member's death, and whether or not any suit shall have been brought, shall constitute a charge against said membership, and shall in all respects be treated as an ordinary fine, the collection of which shall be enforced in the same manner as that now provided for the collection of other fines. SEC. 7. No member of the Exchange shall be allowed to take, as partner, any suspended member during the period of his suspension, or any person whose membership shall have terminated under Section 8 of this article, or any insolvent person. SEC. 8. Membership in the Exchange shall, ipso facto, terminate in either of the following cases: i. Fraud in any transaction arising out of the member's business as a banker or broker. 2. Conviction, by a jury, of any infamous offence or felony. And the commission of the offence shall be ascertained in each case, after notice and opportunity for hearing, by a vote of two-thirds present (being a majority of the whole number) of the Governing Committee. 3. Suspension from the Stock Exchange for any cause, and inability for one year thereafter to comply with the Constitution, By-Laws, and rules as to eligibility for reinstatement. SEC. 9. Upon such termination of membership, the said membership shall be sold, at the discretion of the Governing Committee, -and the proceeds, after deducting all charges due the Exchange and all debts due to creditors in the Exchange-which amounts shall be determined by the ArbitratiOn Committee-shall be paid to the expelled memiber, his heirs or assigns. Sec. Io. The liability of every membership, whether solvent or insolvent, to its owner's creditors in the Stock Exchange, shall include all indebtedness of its owner's airm, and all indebtedness to a firm, any member of which is also a member of the Exchange, contracted during the existence of the co-partnerARTICLE X. * ': '...soivEcy d *.,;; Sac. i. Any membe ho fails to complr it cnins, orho-becomes insolvent, hall immediately inform the Prident orC.ir t $:W Exchange of the fact, whose duty it shall be to give O tie ' Eorthwith h of,o... ~ -p..1~:r~ ~ "'''' ~., ~i ~~~~i.~ `*: ~* '`., ~~,~:~~ r_ 18~5 failure of such member; and such notice shall forthwith work a suspension of the insolvent from the privileges of the Exchange, unless a settlement is made as herei naf ter provided for. In case of the neglect of the insolvent to make such report to the President or Chairman, it shall be the duty of any member having knowledge of the fact to report the same forthwith to the Governing Committee, or to the President or Chairman, who shall thereupon direct the Committee on Insolvencies to inquire into the fact, and report thereon without delay to the Stock Exchange; and, if said Committee report the charge to be true, and rio appeal from the said rep~ort be taken within three business-dlays ---or, whlere anl appeal having been taken, thle report shall have been confirmed by the G.overning Committee-said member Shall trom that time be held to be SLIS1eilldedl. In case of thle insolvency of any member, he shall, within three business-days makie good to the full amount thereo)f all friendly loans oif cash or stocks f rom members; any overdraft onl any bank, and settle stock contracts. SEC. 2 'Memnbers holding securities dleposited by the insolvent, as margins on his contracts, aire author ized. upon the application of the cicelitor o)r creditors for w hose benefit -nuch Mrirrins had been deposited, to sell the same, and, after saitisfying the clim innf such credlitor or creditors, to pay over thle remainder, if an, -is direcetid by the Go)verning Committee; aind members having contracdts with thf~ inisolvetnt may have themn closed forthiwith by inaking written aipplication to thle Presiding Offticer of the Exchange, who shall endorse upon the applicatiton the daite, the hour of the day, the price, atid( the name of tne buyer or seller. Such securities as are salablec at the Stock Exchange must be sold public ly by the Presiding I ftliccr, and all othersircurities under the direction of the Governing Committee. When a difference becomnes due by a sale of collateral which had been hield to secure a loan, thle differ — ence so creat~_d shall be treated as ain unsettled contract. SEC. 3. On the failure of a member of the Exchange, all claims against him must be reported in writing to the Secretary within thirty days, and all claims held by him against other memberships shall be handed over to the Treasnrrer, and by him held for the benetit of the insolvent's creditors; and it shall lie his duty to record the same in a book kept for that purpose. The terms of all settlements must be reported to the Ex.,change, wvhent made. Any settfrement made with a memnber unable to meet his contracts, and not, at the time, reported to the Exchange, and any settlement, other than cash, not made at fixed dates of maturity, shall, in ease of a further failure, ilebar such creditors from any claim on thle mernlsership of the deotor, until all suibsequent claims are settled in full. SEC. 4. Notes ot insolvent members, not paid at maturity, shall lose their right tojpro rate in the 13roceeds of sale of insolvent's membership, unless the terms of extension be regularly filed with the Secretary and announced from the rostrum of the Exchange. SEC. 5. When a member fails to comply with his contracts, any unpaid notes or due bills given in settlement of a former failure must be treated the same as stock contracts, and become at once due arid payable. Sa~c. 6. Any member who shall be declared a bankrupt, shall,. ripsefacto, be suspended from the Stock Exchange; but a suspended member, presenting a certificate of discharge under the United States Bankrupt law, becomes eligble under the rules for reinstating suspended members. SBc. 7. if any suspended member fail to settle with all his creditors within -psed moth byo the e time of his suspension, his membership a be diswdb yteCommzrittee on Admissions; and the proceeds, after deducting al charges due to thte Exchange-rto be-determined, in~caes of controversy,, bytie Axbitration. Cdmmittee-shall' belong, aUd, be paid j~ra rala, to his c 'eitibrs in tedExchat fih Arbitrution nhatut du6-eicredi Ai 4 bl ib -W/Fa,.1~ -,t"D t, 7.~.r.. &A rw 0~ - -,1, I 186 t his creditors:, a statement of the amounts originally owing, aetti-eth t of his settlement in each case. The committee shall give notice,'for thbr consecutive days, through the Chairman of the Exchange, and by posting the. same on the bulletin board provided for that purpose, of the time and place of meeting to consider the application of the suspended member and the claims of creditors. Sac. 9. On application, a suspended member may be reinstated, provided his name shall have been acted upon as hereinbefore provided in Section 4, Article V, by the Committee on Admissions. It shall be the duty of that committee to ascertain that the applicant has settled and arranged his affairs to the satisfaction of his creditors, and that his present situation affords a reasonable security in future transactions. The applicant must, at the request of the committee, give full explanation on any disputed or unsatisfactory transactions, and allow free access to his books and papers for that purpose. SEC. IO. A. suspended member shall, before he is reinstated, pay all fines due at the time of suspension. SEC. I. All claims against the proceeds arising from the sale of the membership of an insolvent must be presented to the Treasurer within thirty (30) days from day of notice, which will be given on three (3) successive days, by the Chairman, and posted on the bulletin board in the Exchange for said thirty days; at the expiration of which time, all claims not presented will be debarred. ARTICLE XIII. COMMISSIONS. SEC. I. On all purchases and sales for account of parties not members of the Exchange, and on all joint account transactions in which a non-member is interested, and transactions for partners not members of the Exchange, and for firms of which the Exchange member or members are special partners only, commissions shall be charged and paid under all circumstances and upon all transactions, both purchases and sales. Such commissions shall be at the rates hereinafter named, and such rate shall in each case be the lowest commission charged by any member of the Exchange, and shall be absolutely net and free from all or any rebatement, return, discount, or allowance, in any shape or manner whatsoever, or by any method or arrangement, direct or indirect. And no bonus, percentage, or portion of the commission so established shall be given, paid or allowed, directly or indirectly, to any clerk or person, for business sought or procured for any member of the Ex. change; and no arrangement having in view, directly' or indirectly, a rebate upon the regularly established rates shall be allowed. But nothing in this section shall be construed to apply to full business partners of members of the Stock Exchange, registered as such with the Secretary, as regards tran. sactions for the firm. Members may transact business for charitable objects without charge. SEC. 2. The minimum rates of commision to be charged by members of the Philadelphia Stock Exchange shall be as follows: One-eighth of one per cent. on United States securities, and, on all other.-bonds and loans, one-quarter of one per cent. on the par value. On the shares of banks and trust companies, twenty-five cents per share, and on all insurance stocks selling at or over one hundred dollars per share, the commission shall be twenty-five cents per share. On Xa other shares, selling at or over ten dollars, twelve and one.half cents per, share; selling under ten dollar six and one-quarter cents per share.... St, 3 -Full commisssons must be charged on.l tranctions f -.::' pended members. Sac. 4. Where oommissions rechared on bonads.loawn.t dtwea'rtf one-quarter of one per cent. on the par value, theyyys wintWiaie 187 bers of Stock Exchanges of other cities; all other commissions only with brokers whose names are on the half commission list. SEC. 5. Special rates of commission for particular securities may be established by the Governing Committee whenever, in its judgment, such changes shall be for the best interest of the Stock Exchange. SEc. 6. A member who shall transact or offer to transact business for less commission than the rates set forth above, or who shall violate any of the provisions of Section t of this Article, shall, for the first offense, be fined one thousand dollars, and shall be suspended at the pleasure of the Governing Committee; and, for the second offense, upon conviction, after notice and opportunity for hearing, by a vote of two-thirds present, (being a majority of the whole number) of the Governing Committee, his membership shall terminate and shall be disposed of as provided for in Article X I, Section 9, of the Constitution. This section also applies to those whose names are on the half commission list. SEC. 7. Members of the Stock Exchange, who are also connected with the Stock Exchange of any other city, must be govern',d, in all transoctions executed in Philadelphia, by the rates (,t commission established by this Exchange. This section also applies to those whose names are on the half-commission list. SEC. 8. All defalcations of half-commission brokers shall be referred to and decided by the Governing Committee. ARTICLE XIV. GRATUITY FUND. SEC. I. There shall be a Gratuity Fund, under the control of five Trustees, to be composed of the President, the Secretary and Treasurer, and three other members of the Exchange, to be chosen by the Governing Cominittee; one of the first three Trustees chosen shall serve for one year, one for two years, and one for three years. After the first year, one Trustee shall be chosen each year, to serve for three years. SEC. 2. Every full member of the Exchange, in addition to all other pay ments which are required under the Constitution atnd By-Laws, shall at the time of his admission, pay into the hands of the TrusteesIf between the ages of 21 and 25, the sum f $100oo 25 " 30, 150. " " 30 " 35, " 200. " 35 40, " 250. " " 40" 45, " 3~0. " " 45 5~0, " 375 -50 " 55, " 450. 55 " 60o 600. " 6o " 65, " 75 He shall, in addition, pay a further assessment or sum of fifteen dollars ($15) to said Trustees, upon the death of any full member of the Exchange. SEC. 3. The Trustees aforesaid shall keep the fund arising from the payments and assessments made under this article separate and distinct from all other funds of the Exchange; said fund shall be styled "The Gratuity Fund," and shall be used solely for the purposes hereinafter mentioned. The Trustees shal invest the money of this fund in such securities as they may think best, and shall nt be personally liable for loss by reason of such investments not beig leg ecurities SEC. 4.. Al' P basesm ent cingdue under this r shalt be charge4 o-4 a lMemr of.'-f the Stock x.'-^ ' ' ''S' ' ' ^'B'^ wzry — ' - 1: -* 188 change, and shall be collected in the same manner, and have 'the fsme priority, as all other fines, assessments, and charges due from the members to the Exchange. SEc. 5. 'he Trustees shall, within thirty days after the death of any full member of the Stock Exchange, pay, out of the Gratuity Fund herein mentioned, four thousand dollars ($4,ooo), either to his widow or to his child or children, or among the widow and child or children, as he may have directed in an order filed with the Trustees, or, in the absence of any such directions, then at their own discretion. And should no widow or *child survive him, then to his next of kin, or' with the consent of the Trustees, to such person or persons as the membe may have designated in directions deposited with the Trustees. - But the said gratuity shall not be property of any member, for any purpose whatever. The said gratuity shall be paid at the death of such member, clear and free of all assessments and claims of everykind whatsoever; and in no case shall any interest be paid or demandable on the said sum of four thousand dollars ($4,ooo). SEC. 6. The nominee, widow, child, children, or legal representatives of those members only who shall have been full members of the Exchange at the the time of their death, shall be entitled to receive any portion of the Gratuity Fund under this article. A full member, for the purposes of this article, shall be construed to mean a person owning a membership in the Exchange, whether suspended or otherwise; but any suspended member, who shall have failed for three months to pay in full all gratuity dues and assessments, shall forthw'Xith cease to be a full member for the purposes of this article; such member may be restored to such full membership by a favorable report of the Governing Committee and by paying in full all arrears of gratuity dues and assessments. SEC. 7. All disputes as to whether the gratuity is payable, and to whom shall be referred to and determined exclusively by the Arbitration Committee, with an appeal to the Governing Committee, as provided in Article V, Section 5. ARTICLE XV. QUORUM OF THE STOCK EXCHANGE. In all cases, fifty members of the Stock Exchange must be present, to form a quorum for business. ARTICLE XVI. SPECIAL MEETINGS OF THE STOOK EXCHANGE. SEc. I. The President or Governing Committeeshall have power to call a special meeting of the Stock Exchange when either deems itpnecessary, and shall do so on the written request of 17 members of the Exchange. SxE. 2. Noless than ten members shall have the right to call the ayes and nays at such meetings. ARTICLE XVII. ': HOLIDAYS. On all legal holidays, the Stock Exchange shall be.closed for btsiness. ARTICLE XVII,: ALTERING THE CONSTITUTION OR ENACTIM NBA,.. LAW S Se. i. Whenever fifty members of:the Sti xchange shallc r,..tea: writing, any amendmentto the Constitution, it shal besubmtted to the 0C4v *i erning Committee, who shall report it to the Exchang for flinal dt.en wUiBWs thirty days, and it shall require a two-thirds votet. h.e,ma':z p.Prese at: r adoptionw. * - 1889 SaC. 2. Any amendment to the Constitution, originating in the Governing Committee, shall be proposed at a regular. meeting of the Governing Committee. If approved by a majority of the members present, it shall announced to the Exchange forthwith, and conspicuously posted until f next regular meeting of the committee. During this interval, upon the written request of seventeen members, & special meeting of the Exchange shall be called to consider the amendmnt and it shall require a two-thirds vote of the members present, of the Stock Exchange, for adoption. In the absence of such request, theamendment may be considered at the next regular meeting of the Governing Committee, and, if adopted by a vote of two-thirds present (being a majority of the whole number) of the Govern. ing Committee, shall thereby become a portion of the Constitution of the Stock Exchange. By-Laws may be enacted or repealed by a majority of the Governing Committee at a regular meeting of the said committee, notice of the proposed change having been given at a previous regular meeting. All changes in the Constitution and By-Laws shall be printed and posted at once, and shall remain posted for two weeks. ARTICLE XIX. SIGNING THE CONSTITUTION. Every person, before becoming a member of the Philadelphia Stock Ex. change, shall sign the Constitution and By-Laws of the Exchange, and pledge himself to abide by the same and by all subsequent amendments thereto, and by so doing releases all rights inconsistent with any provision thereof, in consideration of his admission to such membership. I., I I. 1 r -~~~ ".....t+t. -~' *~ c.. 1:4t~ ~~ ~` h..r ~?~r. ~*.. -~ ~ ~ t. ~ ~ d ~ ~L ~(+ 4: i.G~ '. '+.: * C~.~ ~~ R X;Ya.\Cp-jN~B ~;;...~~.til~ 9V ~: 3 I;[~r I) ' '" ~~ ~V ~;!r~?: - ~'~~: ~~~:* *Y~"5; -',BE7ft ~:: ~-" 'irr;. '~ 6;4i..F c *~h-.j,.'D:'iCL.rr ' Id~.K1II ~;; ~- - ~~! * ~~. ,.i;."'.'.d:,?~l:~F;* I` I..... ~;~ i S..* ~ ~~~ Yi.~: ~- ~~ 'r ~~~;.:'',:~ ~i i t-:P!3..-, I. PI-~ v; I. Nose 13 & 1 5 Broad St., N. Ye (Opposite N. Y. Stock Exchange.) Three per cent. interest allowed on deposit accounts. Stocks, Bonds, Grain, Provisions and Petroleum' bouight and sold on commission for cash or on margin. Private wire to Chicago. BRANCH OFFICES: (Connected by private telegraph wire). Metropolitan Bletel, cor. Prince st. 172 Church St., cor. Franklin st. 186 ReAde Street. Garfield Building, cor. Court and Remsen, sts., Brooklyn. HOR BA CE L. HO0T CHKI$S & CO.,* COMMISSION~ STOCK BROKERS~ No. 36 Broad Street, New York. HoiLAcE L Homrcniss, Members of New York HARtvEY B. Ricm Stock Exchange. Branch Offces: (Connected by private telegraph lines.) FIFTH Avi. HOTEL. WINDSOR HOTEL. MORTON HOUSR Stocks and bonds bought or sold on margin or for cash. IV INWG~ A&. IE VA6 NTS & CO. BAN KERS AN D BRO K ERS, ~MEMBERS OF BOSTON, NEfW YOURK AND PHILADELPHIA STOCK EXCHANGES 53 STATE STREET, BOSTON. (STOCK EICUANGE BELIDING.) V1. 31. DEZNNMR. H.L 50RMMEROP. BANKERS AND BROKERS, 52 EXCHANCE, PLACE, NEW YORK. P. 0. BOX. 2105. C.N. WHITNEY. A. is. LA.RCHA. P..Xc& CHARLESif.,WRITZ rimY -C C., 06 3BROADWAY, AL v 5. PINE. STS. MEh(BERS.OF THE NEW YORK STOCK EXCH4ANGE. AU Classes of $scks, Bonds, and Negoftible Securities Dought and Sold Exchang 01k Whitney National Bank of -New Orleas, La OF' TEE CITYr, O0F NIEW" YOIFIIUK CAPITAL - - - $31500O000. HoN. DANIEL MANNING, President. HON. C. N. JORDAN, Vice-Presideni. F. BLANKENHORN, Ca shier If ill be open fir business on or abaut Mii,1887. 1847. PURELY MUTUAL. 1887. OF PHILADELPHIA. SURPLUS $2,250,000. ASSETS, $1 1,500,000. ECNM. SECURI[TY. LIBERA&LITY. lnljcies non forfeitable for their value. Dividends annually, commencing with second annual payment. Endowment policies issued at life rates. IMPROVED EXTENSION I1'ATURES. INCONTERSTABILE POILICIES EDWA',%RD N1. NEEDLES, President. H. s. s~rEP~dENS, Vice-President. HENRY C. BROWN, Secretary and Treas. JESSE J. BARKER, Actuary. A Stock Broker'sAdvertisement in 1792 PHILADELPHiA, April io, 1792. PRICE CURRENT OF STOCK LAST EVENING. 4,000 dollars, 3 per cents, cash, 12 S 300do do 12zs 3, ooo dollars, 6 per cents, cash, 20 s 3, 000 do- do 20 S 2, 500 dollars, deferred, cash, 12 S 6 * 2,500 do do 12 S6 - z~ooo'dollars,' 3percents, cash, 12s - 2,039: dollar4 deferred, cash, 12 8. 5 3-4 dl -. 1 -',,. 4 -y,.. 1 --.. f* f... R. J. HIXALL: CO. (]BTABLISDm IN 1865.) BA6NIERS A.ND BRORS, 16 AND 18 BROAD STREET, NEW YORK. MEMBERSHIP IN THE PHILADELPHIA STOCK EXCHANGE. Both of our firm are members of the New York Stock Exchange. LOBE]RT J. KIMBALL. ALFRED B. LOUNSBERRY. XI. H. TAYLOR d CO, B A -N K EE BL S (Members New York and Philadelphia Stock Exchanges,) Corner Third and Chestnut Streets, PHILADELPHIA. Transact general Banking Businesa, including the purchase and sale of Stocks and Bo es comailion only, and carry same on favorable tot ms. Particular attention given to obtain correct and reliable information regarding the va Meerities dealt in, and are prepared at all times to answer inquiries upon financial subject Priva Telegraph Wires to Mew York, Chicago, Boston, Baltimore, and other points. COOKRRSPONDItCE SOLICITED. A. M. FERRIS & KIMBALL, DBATEEI & BaOHErS, 55 BROADWAY, NEW YORE Established 40 Years. Buy and sell stocks and bonds on commission for investment or on margin. AND TESTIMONIAL RESOLUTIONS ENGROSSED IN THEI HIGHEST 'STYLE OF, CIRCULAR MAILED ON REQUEST. Address D. T. AMES. Office of the Penman's Art Jou rnal., 205 Broadwav. New York. A CALENDAR For asacerainiing any Day of the Week for any given time woithin Two Hundrec. Tears from the, introduction of the New Styfle, 1752 to 1952 inclusive. YxA~s 1753 TO1952. C 1761 1767 1778 1789 1795 1801 1807 1818 1829 1835 1846 1857 1863 1874 1885 1891 4 7 7 3 5 1 3 6 2 4 7 1903 1914 1925 1931 1942 1762 1773 1779 179( 1802 1813 1819 1830 1841 1847 1858 1869 1875 1886 1897 5 1 1 4 6 2 4 7 3 5 l 1909 1915 1926 1937 1943 1757 -1763 1~774 1785 1791- - - - - - - - - - -- 1803 1814 1825 1831 I182 1853 1859 1870 1881 1887 1898 6 2 2 5 7 3 5 1 4 6 2 4 1910 1921 1927 1938 1949 1754. 1765 1771 1782 1793 1799 1805 1811 1822 1833 1839 1850 1861 1867 1878 1889 1895 2 5 5 1 3 6 1 4 7 2 5 7 1901 1907 1918 1929 1935 1946 1755 1766 1777 1783 1794 1800 1806 1817 1823 1834I185 1851 1862 1873 1879 1890..- 3 6 6, 2 4 7 2 5 1 3 6 1 1902 1913 1919 1930 1941 1947 1758 1769 1775 1T786 1797 --- —------- 1809 1815 1826 1837 1843 1854 1865 18 71 1882 1893 1899 7 3 3 6 1 4 6 2 5 7 3 5 1905 1911 1922 1933 1939 1950 1753 ~1759~ 1770 1781 1787 1798 1810 1821 1827 1838 184:9 1855 1866 1877 1883 1894 1900 1 4 4 7 2 5 7 3 6 1 4 6 1900 1917 1923 1934 1945 1951 LEAP YEARS..* 39. 1764 17921804: 183218S601888s 1928. 7 3 472 57 36 14 6 1768 1790 1808 j1836 1864 1892 1904 1932 5 12 573 5 14 62 4 1772. 1812 1840 1868 1896 1908 1936 3 6 73 5 136 247 2 1776 1816C 18~I44j 1872- J.. 191-2 194-0 1 4-51-3-61 4-7257 I I I I T L 5 I I i I I 17805 1750 184t0 1784 -1824 1788:W 1828 1848 18524 1856 1880 1884k 1916 1944 1920 1948 1924 1952 6, 21 r- - NOTE.-To ascertain any' ~day of the weekI firet look in the table for the year required, and under the months are figures 'Which refer to the corresponding figures at the head of the columns of davit below. For Example2 -To know on what day oi the S'Ofk May 4 was In 1884. in the table o1 years look for 1884 and in a parallei line, nodes SAY, IS figure 4. which directs to Col. 4,whicn shows, that May 4 felt on Sunday 1 2 3 4 5 4 7 - 2 5 i - -1 3 6 146 I14 62 4 6 I 2 573 5 73 51 3 1 7 y I I I I I i - I 11 Monday..I Tuesday.. 2 Wednesd. 3 Thursday 4 Friday... 5 Saturday. 6 Sunday.. 7 Monday.. 8 Tuesiday.. 9 Wednesd.10 Thursday 11 Friday...12 Saturday. 13 Sunday..14 Monday.. 15 Tuesday...16 Wednesd. 17 Thursda~y 18 Friday...19c Saturday.20 Sunday..21 Monday.-22 Tuesday..23 Wednesd.24 Thursday 25 Friday...26 Saturday.27 Sunday..28 Monday. 29i Tuesday.301 Wednesed31, I I I Tuesday..I Wednesd. 2 Thursday *3 Friday-.* 4 Saturday. 5 Sunday.. 6 Monday.. 7 Tuesday.. 8 Wednesd. 9 Thursday 10 Friday...1I1 Saturday. 12 Sunday..13 Monday..14 Tuesday...15 Wednesd. 16 Thursdayl17 Friday..38 Saturday.19 Sunday..20 Niondsa 7.21 Tuesday..22 Wednesd.23 Thursday 24 Friday...25 Saturday 26 Sunday..27 Monday..28 Tuesday..29 Wednesd. 30 Thursday 31 I I - Wesdnesd. I Thursday 2 Friday... 3 Saturday. 4 Sunday.. 5 Monday.. 6 Tuesday.. 7 Wednesd. 8 ~Thursday 9 Friday...10 Saturd ay. 11I Sunday..12 Monday.-13 Tuesday.-14 Wednesd. 15 Thursday I6 Friday...17 Saturday. 18 Sunday..19 M1onday..20 Tuesday..21 Wednesd.22 Thursday 23 Friday....24 Saturday.25 Sunday..26 Mnonday.-27 Tuesday..28 Wefdnesd.29 Thursday 30 Friday... 311 I,, Thursday 1 Friday... 2 Saturday. 3 Sunday.. 4 Monday.. 5 Tuesday.. 6 Wednesd. 7 Thursday 8 Friday... 9 Saturday. 10 Sunday..11 Monday..12 Tuesda~y..13 Wednesd.14 Thursday 15 Friday....16 Saturday. 17 Sunday..18 Monday...19 Tue~sda~y..20 Wednesd.21 Thursday 22 Friday...23 Saturday. 24~ Sunday...25 Monday.-26 Tuesday..27 Wednesd.28 Thursday 29 Friday... 30 Baturday.31. I - Friday... Saturday. 2 Sunday..3 Monday.. 4 Tuesday.. I Wednesd. 6 Thursday 71 Friay.. SaturdaY.- S9 Sunday.. 10 Monday.-11 Tuesday..12 Wednes4d. 13 Thursday 14 Frilday,. 11 Saturday.16 Sunday..1 Monday..18 Tuesday. I9 Wednesd2 rhursday 21 Friday..2 Saturday.23 Sunday-24 Monday-2 Tuesday.2 Wednesd2 Thursday 28 Friday...2 Saturday SI. Sunday.3 -1, Saturday. I Sunday.. 2 Monday.. 3 Tuesday.. 4 Wednesd. 5 Thursday. 6 Friday... 7 Saturday. 8 Sundaiy.. S Monday...10 Tuesday.-11 Wednesd. 12 Thursday 13 Friday... 14 Saturday. 15 Sunday..16 Monday..17 Tuesday..18 Wednesd. 19 Thursday 20 Friday...21 Saturday.22 Sunday-.23 MNonday..24 Tuesday..25 Wednesd.26 Thursday 27 Friday... 28 Saturday.29 Sunday.. 30 Monday..31 71 - Sunday.. 1 Monday.. 2 Tuesday.. 3 Wednesd. 4 Thursday 5 Friday... 6 Saturday. 7 Sunday.. 8 Monday.. 9 Tuesday...10 Wednesdit1 Thursday 12 Friday... 13 Saturday. 14 Sunday..15 Monday...16 Tuesday...17 Wednesd. 18 Thursday 19 Friday...20 Saturday. 21 Suonday.. 22 Monday..23 Tuesday..24 Wedneed.25 Thursday 26 Friday... 27 Saturday.28 Sunday -.29 Monday.-30 Tuesday..3 CONTENTS. Engraving of the New York Stock Exchange.................. (Frontispiece.) History of the New York Stock Exchange................................Page I Illustration-The President of the New York Stock Exchange.................. 4-15 Officers from 1824 to 1886 inclusive......................................... 15 Number of shares sold from I880 to I886 inclusive........................... 17 Highest and Lowest Prices of Active Stocks for I885-I886................ 20 Members of the New York Stock Exchange............................. 22 Alphabetical List of Firms......................................... 40 Illustration-The Secretary of the New York Stock Exchange................. 4-4I Constitution-Part I........................................................ 58 Illustration-Board Room facing New Street.................................. 58-59 Illustration-Board Room facing Broad Street................................. 7-73 Constitution- Part II........................................................ 73 History of the New York Produce Exchange.................................. 88 Officers of the Consolidated Stock and Petroleum Exchange............... 93 History of the Consolidated Stock and Petroleum Exchange................... 97 Statistics, Stocks, Prices, etc., of the Consolidated Stock and Petroleum E xchange............................................................ 03 History, Officers and Annual Sales of the New York Cotton Exchange.......... 8og Steel Engraving-The Manager of the New York Clearing House.............. o08-109 History of the New York Clearing House..................................., xo Illustration-Clearing Room New York Clearing House....................... 112- 3 Proof Sheet of the New York Clearing House................................. 6 Rules of the New York Clearing House................................. 9 Exchanges, Balances, Reserve,. Surplus, Clearings, Loans, Deposits, etc., of the New York Associated Banks from I854 to 1887.................... 10-..125 Statement Public Debt of the United States from 1791 to I887................ 126 Constitution New York Clearing House Association........................ 127 Members New York Clearing House Association..............,............... 137 Officers, of the Association for the Year Ending October 1st, 1887.............. 1 38 Legal Weight and Fineness of United States Coins............................ I39 Officers-New York, Brooklyn, Jersey City, etc., National and State Banks.... 140-141 Condition of the New York National Banks................................... 142 Condition of the New York State Banks...................................... I44 Capital, Surplus, Circulation and Net Deposits N. Y. Banks.............1...... 46 Comparative Statement of the Exchanges of the Clearing Houses of the United States for 885- 886.................................................. 148 Comparative Statement of the Exchanges of the Clearing Houses of the World, Year ending i886..................................................... I49 Statement of Coinage of the United States from 1793 to I887.........,........ 150 Rates for Money from 1883 to 1887,.2............,......,..... 52 Illustration-The Manager of the London Clearing House.................... 152-153 History of the London Clearing Hpuse....................................... 153 Legal H olidays............................................................. I61 Interest Laws and Statutes of Limitations...........6............. 65 United States Postal Service..............................................x.66 Values of Foreign Coins...........................................6.....168 I ADVERTISEMENTS. Chrystie & Janney................................................... Second National Bank........................................................ Latham, Alexander & Co................................................... Guarantee Trust & Safe Deposit Co.......................................... II United States National Bank......................... II Homer Lee Bank Note Co.................................................... II-III Chase National Bank....................................................... III Merchants' Exchange National Bank........................................ I Miles, Robeson & Smith.......................... III A. M. Kidder & Co.,......................................................... III The Mercantile National Bank........................ Metropolitan Trust Company................................................ IV Co-Operative Life and Accident Association of the U. S.. IV Franklin Bank Note Co............................................. IV Third National Bank...................... V Seaboard National Bank................................................... VI St. Nicholas Bank........................................................... VII American Bank Note Co................................................ VII A. M. Ferris & Kimball...................................................... VII... 1a W atson & G ibson................................................... V III S. Morris Pryor & Co....................................... VIII Geo. H. f,incoln............................,................... VIII J. W. Copmann..................................................... VIII Corliss Safe Manufacturing Co.,............................................. I08-I09 D. T. A m es................................................................ Calendar H enry S. Ives & Co.,.................................................. XI Edward O. Jenkins' Sons.................................,.............. XII Home Benefit Association............................................. XII Banker's Magazine.................................................. XII Brock's Commercial Agency, (Iimited).................................. XII T he W eekly Earth.................................................... X III Waterman's Fountain Pen............................................. XIII Arthur & Bonnell......................................................... XIII The Financier........................................................... XIV Leroy W. Fairchild's Gold Pens.......................................... XV Edward V. Brokaw........................................................ XV Joseph Gillott's Steel Pens................................................. XV Photo-Engraving Co.,........................................... XV New York Life Insurance Co.,............................................. XVI Brown Brothers & Co.,..................................................Cover American Exchange in Europe....................................... Cover JOHN A. CHRYSTIE.;. SAMUEL M. JAIL,,-. I. 2. '1. n WM. R. STEBBIWS, Special. CHRYSTIE & JANNEY, BANKERS, 23 & 25 NASSAU STREET, Corner of Cedar Street. IN EW YOR, Transact a General Banking Business. Receive deposits subject to check at sight. Allow Interest on Daily Balances. Deal in United States Government and Rail Road Bonds, and State, County and Municipal Securities. Negotiate Loans, and act as brokers for the purchase and sale of Foreign Exchange. Make collection of Drafts, Notes, Dividends and Coupons. throughout the United States and Canada. Render Statements of Current Accounts monthly. Give special attention to Consignments of Bullion and make liberal advances on same when desired. And invite Correspondence. I I REFER BY PERMISSION TO WM. A. CAMP, Esq., Manager New York Clearing House. E. K.WRIGHT, Esq., Cash'r National Park Bank, New York. I TrHE SEC()ON D NATIONAL BANIK. FIFTH AVENUE, CORl. TWENTY —THIRD ST., NEW YORK. DESIGNATED DEPOSITORY OF THE UNITED STATES. GEORGE MONTAGUE, President. _ JOSEPH S. CASE, Cashier. AMOS R. ENIRECTORS. The collection of interest, Coupons, and Dividends, for HENRY A. HURLBUT, WM. C. BREWSTER, Depositors will receive special attention. ISAAC N. PHELPS, WM. P. ST 'OHN. The Bank is situated in the heart of the shopping quarter of AL B. DALG, CHARLES B FOST DICK the city, and will be found especially convenient for Ladies, it GEORGB SHERMAN having a department furnished exclusively for their use. JNO. C. LATHAM, JR. R. P. SALTER. H. E. ALEXANDER. LATHAM, ALEXANDER & CO., BANKERS, 16 and 1S WAALL STIREET, NEW YORK. GUARANTEE TRUST & SAFE DEPOSIT CO. OF PHILADELPHIA. CAPITAL, l1,000,000. THOMAS COCHRAN, President. E. C. KNIGHT, Vice-President. JOHN S. BROWN, Treasurer. JOHN JAY GILROY, Secretary. RICHARD C. WINSHIP, Trust Officer. H. J. DELANY, Assistant Treasurer. UNITED STATES NATIONAL BANK, OF NE:W YORK, WASHINQTO'N LOGAN C. MURRAY, EVAN G. SHERMAN, BUIL-DING_ - - - PRESIDENT. - CASHIER. Capital, Surplus, - - - 0500,000. _ * _ - 0$600,000. DIRECTORS: LOGAN C. MURRAY, D. A. LINDLEY, JAMES W. ALEXANDER, JOS. W. DREXEL, - THOS. W. PEARSALL, CYRUS W. FIELD, C. R. HICKOX. Correspondence invited and attention given to the details of your account. II ,,The U. S. POSTAL NOTES 0 0 0 0 0 LO 0 0z o WORKS OF THE COMIPANY,. TRIBUNE BUILDINO o DIR~ECTOR~S. WILLIAM L. STRONG President, 'HOMER LEE, V. Prest. & Gen'I Mngr. BO DSb 3 V. Pres. Central Nationa, Bank. Gen. SAMUEL THOMAS,BO D P M > WILLIAM A. WHEELOCK, FrsEs~n~.G...o LaePres. Central Nat'l Bank. PrsEs~enaaRRCERTIFICATE z Z A. D. JUJILLIARD, STEPHEN B. ELKINS, Il ~ E. Trustee Central Trust Co. Pres.Piedmont & (Cum.R'yCo. OFS CKEt, <:< DAVID H. MOFFAT,OFS CKEt. Pres. First Nat'l Bank,Denver,Col. 0. D. PARMLY, Gen. LOUIS FITZGERALD, Marquand andParmly. Bankers. 4EEUU2AVID.y. B Pres. of the Mercantile Trust Co. R. StJOHN BEASLEY, Treas. CALVIN S. BRICE, GRRCo.D MESSNER, Sect'y. THS COMPANY V.Pres. East Tenn.V.&G..RC.T..JLi 6ARDINER F. McCANDLESS, S. PERRY STURGES..jkREAfCCEPTED BY THE*. This Company is patronized by the Covernments of the United States, Spain, Japan, Nicaragua, Cuba, Canada and others. INDEPENDENT, RELIABLE, REASONABLE AND QUICK. (SEE OTHER SIDE.) ;LoSEE, OTEIS E SIDF. Ofice: (be GJeir tree1, n2o 0/ woInZs: TnI~uNE BUILDING. 'CITY HALL SQUARE.) ENGRAVERS AND PRINTEBRS EF BOINDS AND STEILK CE~RTIIE~ATES, CERTIFICATES OF DEPOSIT, EXCHANGE CERTIFICATES, ETC.,, FOR REORGANIZATIONS, In accordance with the requirements of the ALSO THE LONDON STOCK EXCHANGE, BERLIN STOCK EXCHANGE, FRANKFORT STOCK E-XCHANGE AND THE PARIS BOURSE. This Oornp ny Ena-fraves the Postal Notes and Money Order flrafts for the Govern.,ment. 1 root l Th 1"isancier" July 3T, i886. THE HOMER LEE BANK NOTE CO. "The Company began business in 1872. It htas first class customers, among them the Pbiladelpbia & Read iog, She East Tennessee Virginia &"Georgia, the St. L-)uis,Arkansas & Texas,the Paci.ti MailTexas & Paci fic, tile M)issouri Pacific, the Cunard Steamship Co., Commercial Cable CompanytiteGould System, Armour & Co.anci others. No com pet ition wvortlty tile name exi sts in this city to-day against the American-Franklin Co. except The Hemer Lee fl3ank Note Company. "Secretar-s' George 13. Ely states very pertinently the view his. committee has of tite matter. He says: 'Too much- importance cannot be attached tohlavi ng the cn-rak ing and pi-inting for the Stocks and Securities listed by our Exchange executed in a skilful manner. It is the duty of our Committee to stand between the jlublic and the counterfeiters. The engraving aitd printing must be of such excellent character thtat the work cannot be successfuly imitated by ordi nary means. The reasons we cannot accept tile wor k of all engravers aree too apparent to nced reiteratioti We must use every possible safeguard to prevent f raud. In -addition to requiring first-class work on thte part of the engraving companies we must have it dotle by reliable parties who will give ample as. surance tltat the plates will be seectrey kcept wherethey cannot be stolen or duplicated by outtsiders. We have no favoritism here. Tue sensation shout a boycott is all nonsense. Wermust have first-class work -ill fact extra, superior. Wve have boutnd to use every precaution against fraud. We can only avail ourselve, of the services of first-class cotmpanies who have everv facility for pre~forming first-class work. Titestatemen:, that the Homner Lee Bank Note Company has been un - duly-favored by the Governing Committee is devoid e I truth. The engraving done and the paper supplied by this firm is first-class in every respect, fully equal tr that done by any other company. They got in here bv merit, not by favoritism. All tlte talk about this comI~any is the result of jealousy,asiid nothing i-nc:-e. -I1NO CONNECTION WITH ANY OTHER COMPANY~ " —SEE OTHER SIDE. H. W. CANNON, President, C M.&S E JoHH THOMPS3ON,, Vrice-President, N ATl..rl N4OwA.L i OF NEW YORK CITY 1@L BROADWAY. W. H1. PORTER, CaSkier. -I3A.N.IIT Capital,1 a - a a a $300,000.00. Surplus and undivided profits, a a - $2009721.92. ACCOUNTS OF BANKS AND BANKERS RECEIVED. PHINEAS C. LOUNSBURY, Pres't. JOHN G. DAvis, Vice-Pres't. ALLEN S. APGAR, Cashier. MERCHANTS EXCHANGE NATIONAL BANK OF THE CITY OF NEW YORK, 257 BROA-DWAY. Chartered as a State Bank, 1828. Reorganized as a National Bank, 1885..Accounts solicited. Special attention paid to Interests of customers residing out of tne city. GEO. H. MILLS. Wm. P. ROBESON, Member N. Y'. Stock Exchange. ALBERT H. SMITH MIILLS, ROBESON & SMITH,1 zi~B AN KERSIZ 96 EBFODVV E A/kY, NEA/ YOF K.. B*A N K EF S. LP W L TNX 4R~ BUY AND SELL Stocks and Bonds for Investors or on Mlargin. ALLOW INTEREST ON DEPOSITS. A. M. KIDDER,. WAYLAND TRASK. H. J. MORSE, -..WM. C. HILL. All members of the New York Stock Exchauuge WMl. P. ST. JOHN, President. No. 1,067. P~. B. SCHENCK, Cashier THE ERCATILE NATINAL ANK OF THE -CITY OF NEW YORK, 191L D~lI __CORRESPONDENTS: Boston, Mass., - SHOE AND LEATHER NAT. BANK. Philadelphia, Pa., - CENTRAL NATIONAL BANK. Chicago, Ill., - - - - - TRADERS BANK. Baltimore., Md.., MERCHANTS NATIONAL BANK. New Orleans., La.,. - - STATE NATIONAL BANK. CORRESPONDENCE SOLICITED. VI JOSEPH H. PARSONS, Pres. JOHN STRAITON, Vice-Pres. WM. J. GARDNER, Cashier. ST. NICEOLAS SI r1 DANKO E ~ Capital, $500,000. Surplus, $200,000. -Out of town Correspondence Promptly 'Attended to. AMRIA-N t3'AIN 1KINOT CO. 78 to 86 Trinity Place., New York. (Busiviss founded 1795.)-Incorporated under Laws of State of New York, 1858.-Reorganized 1878. ENCRAVERS AND PRINTERS OF Bank Notes,. Share Certificates, Bonds for Governments and Corporatos Drafts, Checks, Bills of Ex~change, Stamps, etc.,~ in the finest and most artistic Styl fro Steel Plates, with Specil Safeguardst,6 pervent Counterfeiting.-pcalPpr Manu. facturdxlsvl o teCmay-aeyColors-aoyPapers. Work Executed in Fireproof Buildings.-Lithogrphcand Type Printing.-Railway Tickets of Improved Stles. Show Cards, Labels, and Blank Books o 'Every Description. TR'USTEES: A. G.,GOODALL, Pres., A. D. SHEPARD, Vice-Pres., J. T. ROBERTSON, Vice.Pree., JAS. MACDONOUGH, Vice-Pres., WM. MAIN SMILLI, Vice-Pres., THEO. H. FREELAND, Secretary and Treasurer. E0S TVAL 13 1.J I IE D4 Q EA, I S. 5 Broadway New York Cty Buy and Sell Stocks, Bonds and Miscellaneous Securities for Investment or on. Margin, VII1 WATSON & GI BSN, BANKERS AND BROKERS, 49 BROADWAY,, N EW YORIK. STOCKS, BONDS, GRAIN AND PETROLEUM. INQUIRIES AS TO INVESTMENTS, COMMISSIONS, MARGINS, ETC., CHEERFULLY ANSWERED. S. MIoRtRiS PRYOR. OFFICE OF CHAS. W. DRAKE. S. MORRIS PRYOR & CO, BANKERS AND BREOKEFRS, 51 BROADWAY, INEN YORK. BRANCH OFFICE ALBERMARLE HOTEL PRIVATE WIRES TO PHILADELPHIA, BOSTON, HARTFORD, PROVIDENCE, BALTIMORE AND CHICAGO BOARD OF TRADE, MEMBERS OF CONSOLIDATED STOCK AND PETROLEUM EXCHANGE, OF NEW YORK. GEORGE H. LINCOLN, BROK ER, 23 BEAVER STREET, NEW YORK. BONDS, STOCKS AND PETROLEUM. PETROLEUM PURCHASED FOR EXPORT. J. W. COP1IANN, BROKER IN R E T R 0 L E: U M p &NCAp CENTRAL BUILDING, I & 3 BEAVER STREET, - NEW YORK. REPRESENTED IN PHILADELPHIA BY -f. C. COLLYYMORE, 319 WALNUT STREET. VIII HENRY S. IVES & CO., I I BANKERS, I -I i-.i 25 NASSAU Corner CEDAR STREET, STREET. - - NEW YORK. Transact A General Banking Business. S LISTED AT PURCHASE AND SELL C U R I T 1 E: S THE NEW YORK EXCHANGE OR IN THE O4PE1N MARiZKET. Receive Deposites Subject to Check at Sight AND Allow Interest on Daily Balances. Government, State, County, City & Railroad _BO N D Constantly on Hand, For AND S - Sale or Exchange, Particular Attention Given to Investments FOR INSTITUTIONS AND TIJRUSET FUJNDS. PURCHASE AND SELL FOREIGN EXCHANGE. SPECIAL ATTENTION TO INTERESTS OF CUSTOMERS RESIDING OUT OF THE CITY, P. 0. Box 1422. XI rKrJ ~r4. HERBERT JENKINS. EDWARD O. JENKINS' SONS, PRINTING, STEREOTYPING AND ELECTROTYPING, 20 NORTH VWILLIAM STREET, NEW YORK. %-, EFIT OF p RKss DR. K.O. NEW Y( OFFICES, 37 BROADWAY, NEW YORK. JOHN C. BARNES, President. E. A. BAKER, Secreta JOHN C. BARNES, Publisher, 111 William Street. AYDREW S. BR )WNELL, Vice Pr sident. WM. DOWD, Pres Bank of North America. STUART G. NELSON, Cashier Seaboard National B GEO. I. -TIELDON. Firm Marshall of N. Y. ROB'T BAYLES. Pres. slaraet National Bank. WM. A. CAMPI, Man. N. Y. Clearing House. A. S. BROWNELL, Vice-President. WVI. A. CAMP. Treasurer. Directors: GEO. D. POND, Real Estate. J. TRUMBULL SMITH. Fire Insurance HAL. BELL, Attorney. and. JOS. S CASE, Jos. S. Case & Co. J. C, MOORE. Insurance. WM. G. RICHARDS, M. D. ESTABLISHED 1851. BANKER'S ALMANAC AND REGISTER, ISSTUEFD JANUJ'ARY ANND JULY, With monthly sheet of closed banks, liquidating banks, new banks, capital and correspondents, changes in officers, etc. A complete list of the banks of the United States and Canada, PER YEAR, $6.00. ESTABLISHED 1846. BANKER'S MA C A Z I N E The review afforded by its pages of the financial affairs of the world, the information upon practical banking topics, the presentation of all important legal decisions, of changes in monetary clrcles, and of official statistics, unit in furnishing to the banker and to the student of economic events a monthly help which may well be called invaluable. PER YEAR, $5.00. PRACTICAL BANKINC, B/y ALBERT S. BOLLLES. 1 Volume, 8vo, 316 Pages, Cloth, $3.00. SHOULD BE IN THE POSSESSION OF EVERY BANK OFFICER AND CLERK.,' HOMANS PUBLISHINC COMPANY, 251 Broadway, New York.,.^ ^ HENRY,BLOCK, Pres. T.. WALLACE, 'Treas. ESTABLISHED 1841. INCORPORATED 1885. BROZ'S 'CGOMMERIRAL AGENCY, LIMITED. DREXEL BUILDING. Credit Guide issued Quarterly for the use of Banks and Bankers. XII SOMETHING FOR HIS STUDY, FOR HIS LIBRARY, FOR HIS FIRESIDE,, MUST SUBSCRIBE:' FOR THAT CLEANEST, THAT SPICIEST, THAT MOST, INDEPENDENT OF 'WEEKLY MAGAZINES 3'TE ERH! IT IS ALWAYS READABLE. IT IS AL~WAYS RELIABLE. IT is FILLED WITH WIT, WISDOM AND ORIGINALITY. IT IS BITING, IT IS SARCASTIC, BUT ALL TIMES JUST. PUBLISHED BY "THE EARTH" PUBLISHING COMPANY, 40 BROAD STREET, NEW YORK. $2 PER ANNU I atermyan'~s IDEAL FOUNTAIN PEN. "IS THE BEST WRITING IMPLEMENT IN THE WOIRLD.'" -E. G. BLAURFORD, Fish Commissioner. N. Y. -Rey. W. L* HARRI'S, D. D.., ~Bishop M. E. Church, N. Y. -Mr. HENRY LABOUCHERE, Ed. London Truth, Eng. -EDWARD CARY New York Time,,%. -J. S. HALSEY, V(ice-President Manhbattan Life Insurance Co., N. Y' It Is made In four (4)1 styles and seven (7) sizes in each and you can have your choice. It uses any good ink and holds enough to write from I?5,000 to 80,000 words. YOUR FAVORITE GOLD ORt STEEL PEN CAN ]BE F'ITT'I~Df SEND FOR AN ILLUSTRATED PRICE LIST. L. E. Waterman, SolewM'fr. 155 Broadway,. New-York., ESTABLISHED IN 1849 13Y WM. H. ARTHUR. LA"RTHUR & J3ONNELL, AND GENERAL STATI-ONERS, No. ~5. CEID.AR STaREE, BOSTON: E 38 WATER STREET. _________YORK. STATIONERS TO THE NEW YORK CLEARING HOUSE. XHII CONTAINS ALL LATE NEWS RELATINC TO INVESTMENTS, SECU RITIES, BOND &STOCK OAF E EH X Ii1NLI1W1 TH RPRSNTAOIElYRATIO OF THE New York Cearing House Association. TffE FINA.N'CER ~ssuees from week to week line Steet and Lithographic Engravings of leading Bank Presidentsi and Pronminent Fi1nancier: of thse Untied 4seae. Any items of news relative to finance or banking senl us by our subscrtbers w0ill always be thankfuly received. PlUNCIVAL STOCKHOLDERS 0~5 THE FINANCIER COMPANY. Logau C. Murray, Pres. of the United States National Bank, N. Y. Hon. Thos. Cochran, Fres. Guarantee Trust & Safe Deposit Co., Phila, Pa. Geon M. Hard Pres. Chatham National Bank, N. ~-. John C. Lathanm, Latham, Alexander & Co., Bankers, N. Y. Homer Lee, Pres. Homer Lee Bank Note Co., N. Y. Chas. Phillips, Pres. Columbian Bank, Philadelphia' Pa. J. E. Ewing, Pres. of THE FINANCIER Ezra cDhifingbam, Capitaliet, N. Y. Win. H. Rhawn, Pres. National Bank of the Re'public, Philadelphia, Pa. Joseph H. Oglesby, Pres. Louisiana National Bank, New Orleans, La. PRINCIPAL STOCKHOLOERS OF THE FINANCIER COMPANY, Joseph Leighton, Pres. First National Bank, Miles City, Montana Ter. A.T. Decker, ofkAT. Decker & Co. N V. John P. Williams, Vice-Pros., First National Bank, Nashville, Ten.: A. L. Ormsby, Vice-Pros. American Investment Co., N. V. Hon. Goo. It. Watrous, Pros N. V. N. H. & Hartford Rt. R. 0. D. Baldwin, Pres. Fourth National Bank, N. V. George L Hutchings, Cash. Third National Bank, N. Y. Gen. Rich. A. Mimer, Pros. American Surety Co., N. V. John H. Watson, Pros. Columbia Bank, N. V. Wmn. A. Camp, Manager of the Now York Clearing House. PRINCIPAL SIOCKHOLDERS OP THE FINANCIER COMPANY. Col. E. S. Ormsby, Pros. First Nat'l Bank, Emmetsburg, Iowa. Adolphus Bonzano, Vice-Pres. & C. E. of The Phoenix Bridge Co., Phoenixville, Pa. Charles T. Haviland, Attorney, 137 Broadway, N. Y. Hon. D. N. Morgan, Pros. National City Bank, Brid~geport, Coon. Frank W. Tracy, Pros. First National Bank, Springfield, Ills. A. Anderson, Pros. First Nationai Bank, Columbus, Nob. Geo. P. Ide, Pros. Manufacturers' National Bank. Troy, N. V Thos. Plater, Prosg. First National Bank, Nashville, Tenn. H. T. McCaloe, Pros. Wilkesbarre A Western Railroad Co. S IJIBSC-IR113E IE'OIR I F". Five Dollars Per Year. Single Copies Ten Cents. PUBLISHED ]BY 9TIl1E F1NAN-CI1Ei C MPNY 40 BROAD STREET, m NEW YORK. xIv - L-eROY 'r. FAIIC(HIILD (OS;. LATEST PRODUCTION. FAIRCHILD'S "UNIQUE" FOUNTAIN PEN is Self Ink Feeding, Hard Rubber Holder, 16k. Gold Pen. Reliable, Practical and Suited to All Handwriting. Fully Warranted. FOR SALE BY DEALERS, PRICE $2.:0 Business Established 1867. EDWARD V. BROKAW (Successor to LOWRY $c BROKA W), Stationer, Blank Book Manufacturer, PRINTER and LITHOCRAPHER, 48 Broad & 48 New Sts., New York. Offices fitted up with first-class Stationery at the shortest notice. Stock Blotters. Purchase,and Sale Books, Comparison Books, &c., for Bankers and Brokers, constantly on hand. Checks, Drafts, Certificates of Stock, &c., Engraved on Steel, Copper or Stone. Blank Books, with special printed headings and rulings made to order at reasonable rates. Your custom is solicited. JOSEPH C*I LLOTT'S STEEL PENS. Bold by all Dealers throughout the World I Cold Medal, Paris Exposition, 1878. For Fine Writing, No. 1, 303, and Ladies, 170. For Broad Writing, 294, 389, and Stub Point, 849. For Ceneral Writing, 332, 404, 390, and Falcon, 873, 908. Other Styles to suit all hands. 0 @ l Sample Cards, Price Lists, etc., furnished on application. JOSEPH G!LLOTT & SONS 91 John Street. New York, HENRY HOE, Sole Agent.,r jo A: J=R=I" -JOS-TIP. "' ". ' '.' nla P.?ViP:eit ' ^ i'S CMA ILL STRAT i E t",.Pnc1DELPiIA: Pp' - W pYOR ' I XV Plib'; "Lv FowRTT'SECOND ANNUAL RZPORTr OF TESS Office: Nos. 346 & 348 Broadway, New York, Amount of Net Cash Assets, January 1,,,18863........e-....$63,512,618.00 REVENUE ACCOUNT. Premiums.............................$16,386,067.69 Less deferred premiums, January 1, 1886............. 878,161.65 —$15,507,906.04 Interest and rents, etc. (including realized gains on Securities sold). 4,157,786.42 Less Interest accrued January 1, 1886............... 435,284.18- 3,722,502.24-$19,230,408.28 $829743t026.28 DISBURSEX~EINTT ACCOUNT. Losses by death, including reversionary additions to some................$2,757,035.97 Endowments, matured and discounted, including reversionary addittons to same......559,075.01L Dividends, annuities, and purchased policies.................4,311,119.11'~ Total Paid Policy-holders.$7,627,230.0.........9.... Taxes and re-insurances.......................................243,142.84 Commissions, brokerages, agency expenses and physicians' fees.............2,529,357.57 Office and law expenses, salaries, advertising, prsstrng, &c................523,672.30-$10,923,402.80 ASSETS$71,819,623.43 Cash in bank, on hand, and in transit (since received)..................$3,033,305.13 United States Bonds and other bonds and stocks (market value, $43,124,273.88)....39,522,443.99 Real Estate............6,839,974.22 Bonds and Mortgages, first lien on reQal stte- (bufild ing's th'e're'o'nin'sur'e'd 'fo'r-$14-,0- 0','00'0 and the policies assigned to the Company as additional collateral security)......15,228,775.00 Temporary Loans (market value of securities held as collatera1l $5,912,741)......4,450,000.00 *Loans on existing policies (the Reserve held by the. Company on these policies amounts to over $2,000,000.00).............................408,619.44 *Quarterly and semi-annual premiumi on existing policies, due subsequent to Jan 1, 1887, 1,041,666.15 *Premiums on existing policies in course of transmission and collection. (The Reserve on these policies, included in Liabilities, is estimated at $1,050,000)..........646,437.14 Agents' balances...................................161,905.31 Accrued Interest on investments, January 1, 1887..486,497.10-$71,819,623.48 Xarket value of securities over cost on Company's books......,....8601,629.00 *A detailed schedule of these itesis will accompany the usual annual report filed with the Insurance Department of the State of New York._________________ CASH ASSETS, January 1, 1887, W W $759421,453.31 -Appropriated as follows: Adjusted losses, due subsequent to January 1, 1887................. $202,346.43 Reported losses, awaiting proof, &c355,625.28 Matured endowments, due and unpaid (claims not presented)............... 37,890.70 Annuities due and unpaid (uncalled for)...................... 9,318.74 Reserved for re-insurance on existing policies; participating insurance at 4 per cent Carlisle net premium; non-participating at 5 pet cent Carlisle net premium..........62,525,599.00 Reserved for contingent liabilities to Tontine Dividend Fund, January 1, 1886, over and above a 4 per cent Reserve on existing policies of that cjass............................ $3,123,742.77 Addition to the Fund during 1886....................1,320,530.69 DEDUCT- $4,444,273.46 Returned to Tontine policy-holders during the year on matured Tontines.-. 267,848.21 Ilalance~of Tontine Fund January 1, 1.887........................4,176,425.25 Reseved for premiums paid in advance........................ 33,720.72 $67,340,926.12 ]Divisible Surplus (Company's Standard)....................... 8,08,527.25 $15,421,453.31 Surplus by the New York State Standard, at 4jY~ per cent (Including the Tontine Fund)..$15,549,319.53 From the undivided surplus of $8,080,527.25 the Board of Trustees has declared a Reversionary dividend to participating policies in proportion to their contribution to surplus, availabkc on settlement of next annual premium. Death-claims pajid Income from Inteirst. '`qh~urance in force. Cash Assets. 1882, $1,955,292. 1882, $2,798,018. Jai.~ 883, $171,415,097. Jan. 1, 1883, $50,800,S96. 1883, 2.263,092. 1883, 2,712,863. '" 4884, 198,746.043i. AS 1884, 55,542,902. 1 884, 2,257,1 75. 1884, 2.971,624. ' 1885, 229,382,586. 1885, 59,283,Vz`3. 1885, 2,999,109. 1885, 3,399,069. 1886, 259,674,500. ii188, 66r,864,3?1. 1886, 2,757,035. 1886, 3,722,502. " 1887, 304,373,540. 1887, 75,421,4;03. Number of policies issued during the year, 22,027. Risks pasumed, $85,178,294. TRtusTEiES: WM. H. APPLETON-, HE~NRY BOWERS, ELIAS S. HIGGINS, G UE. POTTS, ALEX. STUDWELL, WILLItA H. BEERS, JOHN CLAF, LIN, WALTER H. LEW-Is, 0.C. B- IN, HENRY TUCK, WILLIAM A. BOOTH, ROBERT B. COLLINS, EDWARD MARTIN, JOH I ARNS, A. H. WELCH, lHor. BENJ. H. BRISTOW, R. STYDAII GRANT, RICHARD kt)SER, WE L. ST 6G, L. L. WHITE. WILLIAM H. BEERS, -OpidenL TBFEODOIrE N. BANTA, Cashier. HIENRY TUCK, Vice-President, D. O'DEJL, Superintendent of Agencies. ARCHIBALD H. WELCH, 2d-"V%-PresidenL A.- I3?NTINGTON, X. D., Medical Director. RUFUS W. WEEKS, Actuary. xv' * :r 5 Y VO c4 THE UNIVERSITY OF MICHIGAN GRADUATE LIBRARY i I.1 MAY 12 1939 UNIVERSITY OF MICHIGAN L i! l I~lll 1iiiriliiiiiliillil I~ I IIII IIi i 3 9015 00923 9263 '_- ' 19 ' '* V * - *-h., _; I ~, 0~ I I. -(I - /, I I,-.... r~ I r ~I 'r fC~ I V I " I. -, DO NOT REMOVE OR MUTILATE CARD V~t 5.: I1I K I I I1 ~I I - 'i Vs',