FINANCES OF THE UNITED STATES. 



In coin $88,8,8M4 



ued amount t>t n.in In 1'iiclflc coast 



- Mini T.-rrllorlt-H ai thai time 90,000,000 00 



And In i In- hand* of banker* mid peoplu 



.vhere 10.000.000 00 



Total Bpeclo, fiscal year 187*-"73 $198,889,864 49 



\'M t.> tlii* two years' product of Ualtod 



* mines, ill $70.000,000 140.000,00000 



Import* of com and bullion for two 



- 49.69S.848 00 



$818,085,907 49 



' amount exported during the two 

 years ended June 80, 1874 151,988,979 00 



Total estimated stock, June 80, 1874.. $166,846,898 49 



The above estimate shows a gain in *p0cia 

 and bullion in the lost two focal years of $88,- 

 406,864, nnd the stock of specie to bo ubout 

 $106,846,228. 



The p>l'l coinage at the mints during the 

 year, including worn pieces reroined, was 

 $50,442,690; silver coinage, $5,988,601 ; gold 

 bars stamped, $31,485,818 ; silver ban stamped, 

 $6,847,799.18. 



The range in prices at New York for Govern- 

 ment securities during tiic year 1874 has been 

 as follows : 



The range of securities in London was as follows : 



The range of a few active State bonds, for the year 1874, was as follows : 



The following remarks from the Financial 

 Chronicle, relative to railroad bonds, are im- 

 portant : 



In no department of financial affairs were trans- 

 actions attended with greater interest than in the 

 matter of railroad adjustments. In January, 1874, 

 the total amount of railroad bonds on which interest 

 had been passed footed up the large sum of $386,- 

 403,668, including a considerable amount of bonds 

 which were in default prior to the panic of 1873. In 

 October, 1874, our statement in the Chronicle made 

 the total amount $497,807,660, or about $111,000,000 

 larger than in January, a large part, of this increase 

 having accrued from the default of a few roads for 

 large amounts, such as the Atlantic & Great Western 

 for $23,000,000, the Indianapolis, Bloomington & 

 Western for $12,000,000, the Columbus, Chicago & 

 Indiana Central for $5,000,000, and several other 

 roads for considerable amounts. But it should bo 

 clearly understood that the compilation in October 

 was mado without any regard to settlements with 

 bondholders which were then pending, and which 

 had progressed so far with many companies that a 

 good part of their coupons had already been funded. 

 As to the actual amount of interest overdue and un- 

 VOL. xrv. 20 A 



paid at any one time, the maximum was probably 

 reached in July or August, 1 874, and the amount has 

 since' been steadily diminished by the progress of 

 funding arrangements, while defaults si nee then have 

 been comparatively insignificant. Of all the roads 

 which were in our lists of defaulted companies in 

 January or October, 1874, we find that at the close of 

 the year seventeen had been foreclosed; thirty were 

 then in litigation ; thirty-four had funding proposi- 

 tions, either wholly cr partly accepted ; thirty-seven 

 were in a condition of " masterly inactivity," or tho 

 condition of their affairs was unknown to the public ; 

 and one company had resumed payment of its reg- 

 ular interest. 



In the New York market it was almost impossible 

 to place any new bonds ; in London, however, a very 

 considerable amount of bonds was placed, but these 

 were almost invariably the bonds of the soundest 

 railroad corporations, whose financial standing was 

 above reproach. In the latter part of the year the 

 prices of the best class of railroad bonds advanced 

 materinlly in Mew York, and gave indications of a 

 renewed demand for this class of investments among 

 home purchasers. Tho range of prices for a few of 

 the loading bonds during the year \vas as follows : 

 * Range after June 87^1 ST i . 



