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The coinage executed at the mints of the of the resources and liabilities of State Banks in United States during the year ended Dec. 31, 1899 and 1900, as given in the Report of the 1900, was reported to be 175,699,563 pieces, val Comptroller of the Currency, Vol. I., p. 574. ued at $137,599, 401.34. The totals Jan. 29, 1601, of the metals were: Gold, $99,065, 715; silver,

1900 $35, 265, 498; minor coins, $2,009,568.

CLASSIFICATION

4,191

4,369 The specie holdings of the principal banks of

banks banks the world at the time of their reports, dated Jan. 4 or Jan. 5, 1900, are shown in the following table:

RESOURCES

Millions Millions Loans on real estate..

51.8 61.0 Banks

Gold

Silver
Loans on other collateral.

26.9 34.5
Loans, other
$144,001,700

830.3 934.8 N. Y. Associated

Overdrafts .. 160,629,880

8.2 8.8 England 373,061,290

United States bonds.

$249,413,335 France..

6.5

3.2 120,575,000

State, etc., bonds.. 62,115,000

2.5 Germany.

3.6 68,000,000

Railroad bonds, etc.. 72,495,000

2.2 Spain

3.0 Bank stocks... 18,830,000

.2 Netherlands 29,930,000

.4 14,430,000

Other bonds, etc. Belgium.. 7,215,000

160.7 179.6 77,345,000

Due from banks. 7,505,000

255.5 Italy,

254.0

Real estate, etc... Russia 434,545,000

68.0 26,995,000

64.2 Expenses... Cash and cash items.

216.7 The returns of specie holdings in the first part

201.6 Other resources

6.5 of January, 1901, are given in this table:

11.1

1,636.0 1,759.8 Banks

Gold
Silver

LIABILITIES
N. Y. Associated . $164,827,800

Capital stock...

233.0 237.0 England.. 143,336,500 Surplus..

91.4 France 466,571,065 $219,611,980 Undivided profits

35.8 38.5 Germany

120,420,000 62,035,000 State bank notes Spain 70,005,000 81,705,000 Dividends unpaid

1.0 Netherlands. 24,385,000 28,120,000 Deposits

1,164.0 1,266.7 Belgium.. 14, 215,000 7,110,000 Due to banks..

108.5 104.2 Italy 77,510,000 8,850,000 Other liabilities.

16.3 21.3 Russia 368,695,000 31,980,000

Total....

1,636.0 1,759.8 The following table is a comparative statement

BANKS. --The Report of the Comptroller of the Currency, 1900, gives the following table, which is a consolidated statement of all reporting banks on or about June 30, 1900:

Total ...

3,732 national

banks

6,650 other

banks

10,382 banks.

Loans
United States bonds
Other bonds
Cash
Capital
Surplus and profits
Deposits...
Total resources

$2,644,237,193 $3,013,449,827 $ 5,657,687,020

417,667,435 117,461,816 535, 129,251 356,883,695 1,606,368,535 1,963,252,230 529,272,823 220,667,109 749,939,932 621,536, 461 403,192,214 1,024,728,675

391,547,835 490,654,957 882,202,792 2,550,659,557 4,780,893,692 7,331,553,249 4,944, 165,624 5,841,658,820 10,785,824,444

The following table, compiled from statistics given in the report of the Comptroller of the Currency gives data concerning the banks of States grouped in sections. The full table is found in the Report, Vol. I., p. 564.

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New England States...
Eastern States..
Southern States
Middle States
Western States
Pacific States
Hawaii

5,533,000 $1,728,006,853 $312.30 | $93.76 17,052,000 4,280,747,996 251.10 86.13 22, 125,000 551,693,002 24.94 13.79 24, 109,000 1,808, 262,937 75.00 36,90 5,085,000 305,933, 737 60.16 36.24 3,176,000 466,910,421 147.01 32.94

$ 2.40 $35.64 $180.50
24.76 64.21 75.23

9.76 .08 .92
28.57

154,000 4,462,968 28.98

.41 5.74
21.81
56.52

55.47
18.34

3.38 2.11 2.08 10.64

Total United States

77,234,000 | 9,116,017,917

118.42

44.94

21.15

16.88

33.88

1.57

a Estimated by the Government actuary.

The following table, compiled by the Bureau of the Mint, shows the n.onetary systems and approximate stocks of money in the aggregate and per capita in the principal countries of the world in 1900.

WORLD'S STOCK OF MONEY.

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United States

Gold Dollar
Austria-Hungary

do Crown.
Belgium

do Franc British Empire: Australasia

do Pound

sterling Canada

do Dollar Cape Colony

do Pound

sterling Great Britain

do

do
India.

do Pound

sterling

and South African Repub

rupee

do Pound lic.......

sterling Bulgaria

do Lev. Cuba

do Peseta
Denmark

do Crown
Egypt.

do Piaster
Finland

Markkaa
France

Franc
Germany

do Mark
Greece

Drach

may Haiti

do Gourde
Italy

Lira.
Japan.
Netherlands

Florin
Norway

Crown
Portugal..

Milreis
Roumania

Lei
Russia

Ruble
Servia

Dinar
South American States

Peso
Spain

Peseta
Sweden.

do Crown.
Switzerland

do Franc
Turkey

do Piaster
Central American States. Silver Peso.
China.

do Tael
Mexico

do Peso.. Siam

do Tical Straits Settlements

do Dollar

1 to 14.28
1 to 14.38
1 to 14.28
1 to 14.88
I to 15.68
1 to 15.50
1 to 14.38
1 to 13.95

26.54

.30
1.25
6.87
3.06
1.69
21.05
13.35

1.09
2.06

.93
2.43
.65

.15
10.94
3.98

2.70

27.63
2.36
2.18
12.00
3.71
5.42
37.03
20.65

1 to 15%

3.58
5.14
3.32

1 to 1542
1 to 15%
1 to 15-2
1 to 155

Yen ....

296,900,000 22,200,000 389,300,000

1,100,000 29,200,000
3,300,000 1,000,000 3,400,000
1,600,000 2,000,000
2,300,000 15,800,000
9,800,000 30,000,000
2,600,000 4,400,000
38,500,000 810,600,000 361,900,000
52,300,000 697,900,000 85,600,000
2,400,000 400,000 500,000

1,000,000 1,000,000 1,000,000
31,900,000 98,000,000 16,000,000
43,800,000 61,000,000
5,100,000 27,500,000 49,900,000
2,100,000 8,600,000
5,100,000 5,200,000

5,600,000 7,100,000
130,900.000 791,700,000

2.400,000 1,500,000
38,700,000 72,900,000 8,400,000
17,700,000 77,200,000
5,100,000 13,400,000
3,100,000 24,000,000
24,500,000 50,000,000 30,000,000

3,500,000 1,400,000 9,300,000
383,500,000

750,000,000
12,600,000 8,600,000 106,000,000
5,000,000 20,000,000 193,000,000
4,500,000

240,000,000
1,319,100,000 4,841,000,000 2,892,600,000

1 to 14.38
1 to 14.38
1 to 14.38
1 to 28.75
1 to 15.13
1 to 14.88
1 to 14.09
1 to 14.38
1 to 23.24
1 to 14.38
1 to 14.38
1 to 14.38
1 to 14.88
1 to 14.38
1 to 15.09

389,300,000 32,400,000
1,200,000 1,200,000
3,400,000 6,800,000
1,500,000 1,500,000
5,600,000 5,600,000 6,200,000
6,400,000 6,400,000

400.000 400,000 9,300,000
59,300,000 421,200,000 194,100,000
122,800,000 208,400,000 173,800,000

1,000,000 1,500,000 28,800,000

1,500,000 2,500,000 3,500,000
27,900,000 43,900,000 174,900,000
26,100,000 26,100,000 69,900,000
3,500,000 53,400,000 41,500,000
2,400,000 2,400,000 5,400,000
9,800,000 9,800,000 74,100,000

600,000 600,000 14,100,000
104,500,000 104,500,000

1.700,000 1,700,000 3,300,000
15,800,000 24,200,000 1,180,200,000
243,700,000 243,700,000 157,400,000

6,800,000 6,800,000 31,000,000
10,700,000 10,700,000 20,500,000
10.000.000 40,000,000
2,400,000 11,700,000 7,600,000

750,000,000
106,000,000 54,400,000

193,000,000 2,100,000
2,000,000 242,000,000
926,300,000 3,818,900,000 2,960,100,000

1 to 15%

.17
1.00
3.07
1.39
5.39
4.09
1.02
1.26
6.05

.63
1.88
4.36
2,62
7.74
2.04
.40

12 00
3.50
5.48
1.60
8.14
2.57
14.53
2.51

1 to 15%,
1 to 1513
1 to 1542

.62
2.50)
1.38

.59
10.47
1.14
1.92
.11
.79
.70

.62
13.77
1.33
3.45
1.63
3.34
1.96
8.41
38.60
53.77

1.37
30.50
8.89
6.07
6.61

12.79
7.00
9.93
3.58
24.00

7.80
17.47
3.88
6.89

2.70
33.00)
27.12
10.03
17.80)
3.67
5.91

1.96
13.41
43.00
53.77

1 to 15%

2.17

1 to 1642

1 to 16%.

.68 4.00

4.32 .40

TOTAL

3.66

2.89

2.24

8.79

RAILROADS.—The year 1900 was a good one Of these companies the most important is the for railroads. While the number of railway Chicago & Grand Trunk, which has over $18,000,bankruptcies was greater than in 1899, the finan 000 of securities. The first three roads mentioned cial difficulties were of long standing and not due in the table are virtually one. to recent conditions. Receivers took charge of The foreclosure sales of 1900 were 24, and the sixteen roads, with 1,165 miles of line and $78, most important was that of the Kansas City, 234,000 of bonds and stock, as shown in the fol Pittsburgh & Gulf. The number of foreclosure lowing table from “The Railway Age,” Jan. 4, sales in 1900 less than in any previous year 1901:

since 1891. In 1896 the number was 58, having a ROADS PLACED UNDER RECEIVERS IN 1900

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166 102 10 72 26 234

$5,000,000 1,500,000 1,700,000 2,000,000

300,000 8,400,000

100,000 500,000

10,000 5,000,000 23,000,000 17,000,000 1,026,000

Chicago Peoria & St. Louis...
St. Louis Chicago & St. Paul..
Kentucky & Indiana Bridge and Terminal.
Zanesville & Ohio River...
United Verde & Pacific (three feet).
Peoria, Decatur & Evansville..
Marion & Rye Valley..
Stuttgart & Arkansas River.
Shelbyville & Bloomfield...
St. Louis, Peoria & Northern..
Kansas City Pittsburg & Gulf.
Toledo, St. Louis & Kansas City.
Newark, Somerset & Straitsville..
Rome & Carrollton..
Nashville, Florence & Sheffield.
Centralia & Chester..
Wheeling, Bridge & Terminal Railway.
Kansas, Oklahoma Central & Southwestern..
Washington & Potomac.
Salina & Southwestern (U. P.).
Solomon R. R. (U. P)...
Kansas Midland.
Everett & Monte Christo.
Columbus & Northwestern.
Tacoma & Columbia River
Chicago & Grand Trunk...
Louisville Evansville & St. Louis.

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41 27 148 849 451 46 22 94 96 10 56 23 35 57 106 53 41 12 335 359

$6,849,000
3,046,000
2,000,000
2,000,000

300,000
4,845,000

65,000 375,000

250,000 2,322,000 24,561,000 10,000,000

800,000

150,000 2,096,000 1,478,000 3,500,000

*500,000 2,000,000

540,000

575,000 2,680,000 *1,000,000

545,000

250,000 11,437,000 10,583,000

2,000,000

948,000 1,500.000 *1,000,000 4,000,000

288,000 1,108,000 3,000,000 *2,000,000 1,000,000 3,000,000 6,000,000 4,247,000

Total, 24 roads.. Total bonds and stock..

3,477

$94,747,000

$95,627,000 $190,374,000

* Estimated

1899

mileage of 13,730 and a capitalization of $1,150, 716,410. The net earnings of 137 roads showed 377,000 in stocks and bonds. The sales of 1897 an increase of $3,373,066 in February over the net were 42; in 1898, 47; and in 1899, 32. The de earnings of this month in 1900. The net earnings tailed list, as published in “The Railway Age,” of March and April were equally satisfactory. Jan. 4, 1901, will be found on page 63.

The increase for 130 roads in March was $3,894,Besides these transactions and the lease of the 232; and the increase for 133 roads in April was Fitchburg to the Boston & Maine, the principal $4,594,898. events of the year pertained to the unification During the four months, Jan. 1 to April 30, the of various roads. The Chesapeake & Ohio passed net earnings of 133 roads were $108, 240,328 in under joint Pennsylvania and Vanderbilt control, 1900, and $125,024,606 in 1901. and the Pennsylvania acquired an interest in the Reports of the fiscal year of the railroads cover Norfolk & Western. The Chicago & Alton Rail varying periods. Recent returns are at hand way absorbed the old Chicago & Alton Railroad, from most of the leading companies, showing a and the northern part of the St. Louis, Peoria & comparison of gross and net earnings for the last Northern. The various, lines in the Atlantic year and the preceding year, as follows: Coast Line System were consolidated, and the Southern Pacific purchased control of the Pacific

ROADS

1900 Mail. The further consolidation of the anthracite coal roads was effected by the control of Central of New Jersey, acquired by the Reading

Pennsylvania: in January, 1901.

Gross earnings.

$72,912,812 $88,539,827 The anthracite coal miners' strike was settled

Net earnings.

22,144,462 30,440,621 by concessions on the part of the Reading. The

Delaware, Lackawanna & strike of the telegraph operators on the Atchison,

Western: Topeka & Santa Fe was a failure.

Gross earnings.

21,325,122 20,887,763 À notable transaction at the beginning of this

Net earnings.

9,580,633 7,134,621 year was the purchase of the Pennsylvania Coal

Central New Jersey : Company in the interest of the Erie Railroad.

Gross earnings.

16, 249,486 17.089,379 The Erie now belongs to the combination of prop

Net earnings.

6,904,537 7,389,475 ert which embraces the Vanderbilt system,

New York Central & HudEast and West, the Pennsylvania system, East

son River: and West, the New York, Ontario & Western, the

Gross earnings.

28,443,180 29, 290,852 Lehigh Valley, the Reading, the Baltimore &

Net earnings.

11,264,667 10,949,881 Ohio, the Chesapeake & Ohio, and the Norfolk &

Lehigh Valley: Western.

Gross earnings.

22,659,160 23,049, 282 Other roads yielded to the consolidating ten

Net earnings

5,098,219 3,806, 861 dency. In March, 1901, the Rio Grande & West

Michigan Central: ern was absorbed by the Denver & Rio Grande

Gross earnings..

15,504,062 16,730, 131 Railroad. In May the Mobile & Ohio was ab

Net earnings.

3,499,945 3,500,641 sorbed by the Southern Railway.

Chicago, Rock Island & The gains of the last quarter century are well

Pacific: summed up in “The Railway Age, ” June 14, 1901:

Gross earnings..

17,500,253 19,469,860 “Railroading has grown from guesswork into an

Net earnings..

6,472.841 6,808, 2:20 exact art; disconnected, badly built, poorly

(for 9 mos. ended Dec.31) equipped, unprofitable little roads have been Southern Pacific: merged into perfectly managed systems, corering

Gross earnings.

55,113,153 63,920,414 thousands of miles with their continuous train

Net earnings..

19,953, 743 22,511,614 service; steady reductions of rates and increase of facilities bave taken from the public almost

A few reports have appeared covering a part of all excuse for faultfinding: the era of railway

1901, published by the Chicago & Northwestern strikes has been followed by a long period of

and other companies. Figures are given for

1900 and 1901, to show the earning power of harmony between the companies and their

these roads. employees, and the standards of railway work and morals in all departments have been very

ROADS

1900 greatly raised."

The railway mileage of the United States in 1900 was 195,000; gross earnings were $1,336,000, Chicago & Northwestern 000; net earnings, $447,000,000; dividends paid, Gross earnings.

842,950,805 $43,015,977 $109,000,000; gross earnings per mile, $7,161; net Net earnings.

17,176,395 17,152,416 earnings per mile, $2,400.

(for year ended May 31) The tabulation of the gross earnings of the Chicago, Burlington & United States railroads is given in the New York Quincy: "Financial Chronicle,” March 9, 1901. The aggre Gross earnings.

39,969,255 41,617,145 gate covers 176,645 miles of road for 1900.

The Net earnings.

7,252,369 6,955, 100 total earnings of 211 roads were $1,532,531,042, (for 10 mos.ended April 30) against $1,419,277,966 in 1899, an increase of $113, Baltimore & Ohio: 539,840 or nearly 8 per cent. Returns for nearly Gross earnings

38,988, 801 43,072,846 20,000 miles were not included in the total.

Net earnings.

17,798,810 14,44,458 In the succeeding months of 1901 there have (for 11 mos. ended May 31) been noteworthy improvements over the earn Illinois Central: ings in the first two months of 1900. The gross Gross earnings

27,214,709 30,816,720 earnings of 134 roads in January were $96,775, Net earnings.

8,681,153 9,681,128 072, as compared with $87,369, 280 in January, (for 10 mos.ended April 30) 1900; net earnings were $30,880,437, against $26,

1901

FORESTRY.-The latest published. official alarm regarding the future wood and water supstatistics of the forest areas of the United States, ply of the islands. exclusive of Alaska and the island possessions, The forest resources of the Philippines are evi: are those of the U. S. Geological Survey (19th dently very large but their exact limits have not Report, 1898), which give the total wooded area begun to be determined as no surveys have been as 1,094,496 square miles, or 37 per cent. of the undertaken. The public forests are said to comarea of the country. In the Atlantic Coast States

prise from one-fourth to one-half of the area of the forested area varies from 40 to 80 per cent., in the islands or from 20 to 40 million acres. There Ohio it is 23 per cent. and in Illinois 18; it falls are probably nearly 500 species of trees, largely as low as 7 per cent. in Kansas and 1 per cent. in hard woods. According to Mr. Hiller of the U. North Dakota and rises to 32 per cent. in Colo S. Bureau of Ethnology, who visited the Philiprado, 22 per cent. in California, and 71 per cent. pines in 1900, the islands of Mindanao and Pala. in Washington. The annual product of the wan have immense tracts of unbroken forests forests, including lumber and fuel wood is and even in Luzon where the most timber has estimated to exceed 200 billion feet board measure been cut are still millions of acres of virgin forest. with a total value of about $800,000,000. In the One peculiarity of those forests is that there "Forum" for October, 1900, Mr. Henry Gannett of are no great areas covered by any one species of the Survey estimates the stand of merchantable trees. This and other conditions will make large timber to be 1,380 billion feet board measure, of capital necessary for successful timber trade in which 630 billion feet is in the region west of the Philippines. the Plains, mostly in the Pacific Coast States. Of It is only within recent years that there has this timber the annual cut is thought to be about been sufficient public sentiment in favor of the 25 billion feet, which would make the supply protection of the forests in the United States to last about 50 years if the present stand were not cause the enactment of any effective legislation increased. On the basis of the present demand for this desirable purpose. While there had prefor wood, increment by growth, probably, barely viously been some feeble attempts to exercise a keeps pace with the destruction of the forests by partial oversight of the public timber lands the lumbering, fires and other causes. The annual real beginning of a national system for their profinancial loss from recorded forest fires is esti tection dates from the passage in 1891 of an act mated at $20,000,000.

of Congress which repealed the unsuccessful timRegarding Alaska the same authority states ber-culture acts and authorized the president to ("National Geographic Magazine," May, 1901) set aside “any part of the public lands wholly or that “the coast, as far westward as Cook Inlet, is in part covered with timber or undergrowth, densely forested up to the timber line, which whether of commercial value or not, as public ranges with the latitude from 3,000 to 2,000 feet reservations, and the president shall, by public above sea level. The timber is mainly, indeed proclamation, declare the establishment of such almost entirely, Sitka spruce. . . . The spruce is · reservations and the limits thereof." This was large and fine, as judged by eastern standards, supplemented by an act passed June 4, 1897, but as compared with the timber of Oregon and which embodied the results of an investigation Washington, which is the standard of the Pacific at the request of the Secretary of the Interior by Coast, it is inferior, and little use is at present a distinguished committee chiefly composed of made of it, most of the timber needed being members of the National Academy of Sciences brought from Puget Sound. On Kadiak and the and which provided for the preservation and adjacent islands there is little timber and farther utilization of the reserves in a rational way. west on the Alaska Peninsula and the Aleutian “The work of this committee,” says Mr. Pinchot, Islands none whatever, nor are there any trees chief of the U. S. Bureau of Forestry, "was the on the islands in Bering Sea. The interior of spring from which the present activity in forest the Territory is forested mainly with spruce, as matters was derived. The proclamation of the far north as the valley of Koyukuk and as far reserves which it recommended drew the attenwestward as the delta of the Yukon. In this tion of the country as nothing else has ever done enormous region there must be an almost fabu to the question of forestry. Vigorous discussion lous amount of coniferous timber, sufficient to of forest matters by the public press led to a supply our country for half a century in case our widespread interest and that in turn to a keen other supplies become exhausted.”.

appreciation of the value of forests in the econPorto Rico might seem to the superficial omy of each State and to a willingness to take observer to be generally wooded owing to the measures to protect them. It may fairly be as. luxuriant growth of trees which everywhere dot

sumed that as one of the results of this awakened the island,

but in a commercial sense it is almost interest, the policy of the Government forest entirely without forests. The only forest of any reserves is now established beyond the reach of considerable extent is on the summit of El Yun further question. Since 1891, 46,983,969 acres que the highest peak in the island near the north in the States and Territories west of the Missiseast end where about eight square miles of virgin sippi River and in Alaska have been reserved by forest has remained protected by its inaccessibil proclamation of the president, —-13,457,080 acres ity. In other parts of the island are small patches by President Harrison, 27,035,794 by President of forest which together may aggregate 10 square Cleveland, and 6,491,095 by President McKinley miles.

up to Jan. 1, 1900. “These reserves are comThe upland plateaus and mountain slopes of all posed mainly of mountainous, rugged country, the islands of Hawaii Territory were originally of no value for agriculture, but especially favcovered with forests in which were found san orable for tree growth.” The Secretary of the dalwood and other fine timbers and the best of Interior is charged with the management of the fuel. Beginning with the trade in sandalwood reserves and performs this duty through the lumbering combined with the destruction caused General Land Office, which attends to their adby mountain cattle and fires, has stripped large ministration and protection, and the Geological areas of every kind of growth and excited great Survey, which maps and describes them. He

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