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JOURNAL OF BANKING, CURRENCY, AND FINANCE.

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FLUCTUATIONS OF STOCKS IN THE BOSTON MARKET. The Boston Commonwealth in its “money article," publishes from month to month carefully prepared tabular statements of the fluctuations in different stocks. Two of these tables we here subjoin :FLUCTUATIONS FOR APRIL IN FORTY DIFFERENT STOCKS, SHOWING THEIR HIGHEST AND

LOWEST POINTS, AND THE DATE, WITH THE PRESENT MARKET VALUE, GAIN OR LOSS FOR
THE MONTH, AND NUMBER OF SHARES SOLD IN EACH.

Value From
Stocks.

Highest Day Lowest Day April March 31. Shares
sales. mo. @ales.

30. Gain, Loss, sold. Boston and Lowell. ...

545 1 5374 30 5375 Boston and Providence.. 90 30 87 3 90 25

238 Boston and Worcester.

102 23 100%
1 102 13

206 Boston and Maine........ 105} 24 1044 9 105$

217 Michigan Central.....

100 29
1 100

426 Manchester and Lawrence

96 6 951 12

94

67 Vermont and Canada

100 29
984 25 100 11

640 Fitchburg 1044 2 103 24 1034

228 Eastern ..

97 2
96} 21 97

124 Western

104 30 1024
9 104 1

804 Northern.

644 29
611 1 647 23

237 Concord ..

53 14
539 2 52

18 34 Concord and Montgomery. 43 1 42 29 42

319 Cheshire, (old stock). 45 23 45 23 45

2 Cheshire, (preferred)..

58 1 58 1 59 Old Colony 621 30 61 22 627

185 Rutland.

33} 29
294 2 33}

226 South Shore..

10 20

87
7 95

1,560 Sullivan .... 204 29 18 2 201

210 Reading, (par 50).

39 29

7 39 34 4,291 Wilmington, (par 50).

31 30
5 31

475 Norfolk County

29 3
257 17

281 3 1,236 Ogdensburg ..

271 19

244
2 26 if

3,269 Vermont Central...

204 1
187 16
19

+ 48,816 Vermont and Massachusetts.

204 23
194 12
201

1,537 Pittsburg Copper Co....

103 Edgeworth Co

5 8

409 East Boston Co....

221 22

22
1 224

5,309 Canton Co..

844 12

754
1 80 55

1,463 Essex Co,.

105 30
1 105 7

185 Bank of Commerce.. 103 28 1018 7 103 2

226 Bank of North America.. 102 28 101 3 103 21

35 Faneuil Hall Bank.. 1024 29 1003 6 102 2

91 Exchange Bank. 1064 28 106 7 107 2

47 Traders' Bank... 1024 24 1014 14 103 24

43 Ogdensburg 7's.

95 17

937

9 957 2 $10,100 Vermont Central 7's

917 15 87 2 90+ 3

$235,900 Do. 6's, 1856... 76 30 75 9 76 1

$5,900 Rutland 7's.

93 23 89 5 937 41 $35,000 Norfolk County Bonds.

71 26 67 17 714 23 $50,500 Concord now sells dividend off ($2 per share) at 52 ; therefore there has been a small actual gain in price for the month. There have been no sales of Edgeworth since April 12, rather an unusual feature for that sprightly little fancy; and of Pittsburg Copper bot a single sale for the whole month. The sales of Vermont Central are much smaller than last month, when more than 60,000 shares changed hands. This

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stock touched 181—the lowest point yet reached April 16, and afterwards rising to 204 on ihe 22d, but again falling off to 187 April 28, and now the ruling price is 19, with a fair prospect of an advance. The Central Mortgage Bonds have been in activo demand throughout the month, and sales have reached nearly 240,000, with an advance of 3 per cent. The amount sold of the fancies has been smaller than last month, excepting Reading and Canton, while other stocks will average about the same.

MANUFACTURING SHARES IN BOSTON MARKETS.

Manufacturing Stocks have made some rapid strides upward in their market value, during the n.onths of February and April, 1852, and are every day coming more into favor with capitalists. We understand that two new mills are to be built at Lawrence the present season. The particular description of fabric to be made at these new mills bas not yet become public, though it is said to be something entirely new. We give below a table showing at a glance the change that has taken place in Manufacturing Company Stocks, which, until within a few months, bave been almo-t without quotations in the market. The par of the stocks below is $1,000 per share except those otherwise named:

February 25th,

April 23d. Offered. Asked.

Offerd.

Asked, Amoskeag ..

$910 $1,025 $1,650 Atlantic Mills,

600 650

700 800 Bay State Mills..

670 715

720 700 Boot Mills...

800

950 1,000 Great Falls, (par $200).

183 185

200 Hamilton...

740 750 Lawrence.

810 900

950 Lowell, (average par $690)

420
500

480 Laropia,

650 700

860 Massachusetts Mills.

750 775

900 1,000 Merrimack

1,130 1,140 1,200 1,300 Nashua, (par $500)..

380

410) 450 Stark ...

650 600

750 820 Suffolk...

675 700

950 1,000 Thorndike.

595
595

750 Tremont Mills

535

750 York .....

750 840

900 1,000 More Manufacturing Stocks have been sold at the Brokers' Board within two or three months, than during six months or a year previous, and the amount of money invested in them has been large.

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REVENUE OF GREAT BRITAIN IN 1851 AND 1852. AN ABSTRACT OF THE NET PRODUCE OF THE REVENUE OF GREAT BRITAIN IN THE YEARS

ENDED 5TH OF APRIL, 1851, AND 5TH OF APRIL, 1852, SHOWING THE INCREASE OB DECREASE THEREOF.

1851. 1852.

Increase. Decrease. Customs...

£18,730,562 £18,827,828 £97,260 Excise.

13,125,024 13,182,698 57,674 Stamps 6,105,524 5,901,526

£203,998 Taxes.. 5,350,731 3,691.226

659,505 Property Tax 6,403,379 5,9 3,800

119,579 Post office..

861.000 1,051,000 190,000 Crown lands

160.000 190,000 30.000 Miscellaneous

152,566 192,000 39,434

Total ordinary rev

evenue...... Imprest and other moneys . Repayments of advances.... Total income...

Deduct increase.

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414.374

Decrease on the year

£707,558

THE BANKS OF MASSACHUSETTS. We are indebted to the Hon. Amasa Walker for a copy of the first annual report of the Bank Commissioners appointed by an act of the Legislature of Massachusetts, May 8th, 1851, from which it appears that the Commissioners have, during the year, examined twenty-seven banks of discount and circulation, and the same number of institutions for savings or savings banks. The whole number of the former, now in operation in Massachusetts, is 137, and the whole number of savings banks is 49, in all 186 institutions. The present capital of banks paid in is by the thirty-two banks in Bostop $24,460,000; and by one hundred and five country banks, or banks out of Buston, $18,360,000—making a total bank capital in Massachusetts of $42.820,000– being a larger banking capital than that of any other State in the Union, if we except New York. The Commissioners report :

The "general conduct and condition" of the banks examined are such that we can confidently speak of them as safe for depositors and the public, and generally profitable to stockholders. In most essential particulars, they are so managed as to promote the objects of their creation, in furnishing a sound currency, facilitating the transactions of business, and affording opportunities for investment in their stuck, by corporations and individuals, with a contident reliance in their ability to afford liberal divi. dends of profits. Or Banks BORROWING FROM EACH OTHER.

ER.—The practice of banks borrowing money from each other upon interest, to evable them to sustain a high loan to their customers, continues to some extent. Wo regard the practice as objectionable as a matter of policy, if not a violation of the statute. Banks should stand upon their own legitimate resources, and not upon artificial relief derived from a transfer of deposits from localities where, or from institutions by which, they would be more usefully dispensed for the public interest in the form of loans. The withdrawal of such deposits in peculiar exigencies, cripples the banks which had received them, and the deposits thus made, perhaps by the inducement of a liberal allowance of interest, are as likely to prove causes of weakness, as sources of strength.

Banks DEALIG IN Exchange. The profits of banking continue to be enhanced, in many of the institutions which have been examineil, by dealing in exchange. By the fifty ninth section of the thirty-sixth chapter of the Revised Statutes, banks are authorized, in di-counting drafts or bills of exchange, in addition to the interest calculated according to the established rules of banking, to charge the existing rate of exchange between the

place where the draft or bill may be di.counted and the place where it is payable.”. By the fourth section of the act of April 25, 1838, the privilege of taking the "existing rate of exchange,” is extended so as to enbrace notes of hand payable at any other places than where the banks are located.

There is no general rule observed in fixing the existing rate of exchange." In some cases, the amount taken is made to depend upon the time the paper has to run; in others, it is not. An inflexible adherence to the rule of taking the same rate for short as for long paper, operates practically with great severity upon certain classes of borrowers, who bave pressing necessities for applying for bank loans. It is true that the law makes no distinction between long and short paper. The “existing rates of exchange” will vary with the seasons of the year and the fluctuations of business, and of course with the remoteness of places of payment. They are made to depend quite' as much upon the demand for money ; uniil, not unfrequently, the elements of exchange are lost sight of, in the conventional rates which are arbitrarily assumed and applied.

We copy from the report the aggregates of twenty-six banks visited during 1851 by the Commissioners :

Loan at date Date of examination. Capital. Circulation, Deposits. Specio. of examination. 1851

$6,606,700 $3.650.035 $2,400,538 $521.2:8 $11,325,839 1850.

4,890,800 3,269,762 2,161,004 361,736 8,196,176

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85 per

c't.

Date of examination.
1851..
1850..

Highest loan during the year. $12,287,522

9,468,982

Liabilities of

Directors. $1,511.940

1,336,934

Immediate

Liabilities. $6,571,506 5,912,491

Immediato Resources. $2,179,659 2,036,419

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Increase in 1851.. $2,818,510 $175,006 $659,015 $143,240

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or 29 7-10 p. ct. 13 1-10 p. ct. 11 1.10 p ct. 7 per cent. The Bank Commissioners have presented the following table, exhibiting a list of those banks whose capital was increased by the Legislature during the Session of 1851 LIST OF THE BANKS TO WHICH AN INCREASE OF THEIR CAPITAL WAS GRANTED BY THE LEGISLATURE OF THE STATE OF MASSACHUSETTS, 1851.

Former

Amount Name of Bank.

County.
Place.
capital. Increase

paid in. Boylston

Suffolk... Boston.... $200,000 $50,000 $50,000 Cuchituate

150 000 100,000 Bank of Commerce .

750,000 750,000

750,000 Exchange..

500,000 500,000 500,000 Freemal's.

250,000 60,000 50.000 Granite

500,000 250,000 150,000 Shwe & Leather Deal.

750,000 250,000 250,000 Traders'.

400.000 200,000 200,000 Tradesman's..

Chelsea... 100,000 50,000 50,000 Bay State..

Essex. Lawrence.. 300,000 200,000 100,000 Laighton...

Lyno..... 100,000 50,000 50,000 Warren..

Danvers 120,000 60,000 30,000 Prescott,

Middlesex . Lowell.... 100,000 50,000 50,000 Lancaster

Worcester . Lancaster.. 125,000 25,000 25,000 Mechanics'.

Worcester. 150,000 150,000 150,000 Quinsigamond.

100,000 50,000 50,000 Worcester

200,000 50,000 50,000 Rollstone...

Fitchburg.. 100,000 100,000 100,000

Milford... 100,000 50,000 50,000 Adams.

Berkshire,. Adams. 150,000 50,000 35,000 Agricultural

Pittsfield. 150,000 50,000 Lee....

Lee.... 100,000 50,000 50.000 Bedford Commercial. Bristol.. N. Bedford. 400,000 200,000 200.000 Marine,

300,000 200,000 200,000 Merchants'

400,0GO 200,000 200,000 Fall River.

Fall River. 300,000 50,000 50,000 Barnstable.

Barnstable.. Yarmouth. 200,000 100,000 100,000

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Milford ...

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Blackstone....

Total.......

$6,995,000 $3,885,000 $3,490,000 The following table contains a list of the new banks incorporated at the last session of the General Court, and the amount of capital paid in :LIST OF NEW BANKS CHARTERED BY THE LEGISLATURE OF MASSACHUSETTS, 1851.

When com- Capital

paid Name of Bank. County. Place.

Capital. fnenced. in 1851. Faneuil Hall..

Suffolk.. Boston.... $500,000 Sept. 2 $300,000

Suffolk.. Boston.... 250,000 Sept. 8 250,000 Essex.

E-sex. Haverhill. 100,000 Nov. 20 50,000 Malden.. Middlesex. Malden.... 100.000 Sept. 10

60,000 Cambridge Market... Middlesex. Cambridge. 100.000 Oct. 15 100.000 Hadley Falls.. Hampshire. Holyoke... 100,000 Oct 24 50,000 Westfield..

Hampden... Westfield.. 100,000 Sept. 13 55,000 Total......

... $1,250,000

$1,065,000 The aggregate of these tables, added to the previously existing bank capital of the Commouwealth, shows, as we have before stated, the present amount of bank capital in Massachusetts to be $42,820,000, and the number of banks to be 137.

isi

"Upon inspection of the tables,” say the Commissioners," it will be seen that the aggregates of specie and of the loan have been inch eased by a per centage exceeding that of the increase of capital. The circulation, deposits, liabilities of directors, immediate liabilities, and resources have not been increased in the same ratio. In fourter n of the banks, there has been an increase of the amount of the specie in their vaults, wbile in twelve there has been a decrease. Omit the Bank of Curinerce in the statement, and there bas been a decrease of the amount of specie, conipared with the last year, in the remaining banks, in the sum of $9,438, while the amount of their capital has been increased to nearly a million of dollars. This is not only remarkable in the aggregate, but in particulars. For some of those very banks, whose capital has been largely increased, have less specie than they had last year. Nor bave the immediate resources of all the banks examined been increased in proportion to their immediate liabivities. The result is, that both in specie and immediate resources, or substitutes for specie, in the aggregate, the bauks do not appear so zorg as they were at the examinations the last year. We think this should have been otherwise. Witb the great influx of gold into the country, it is desirable ibat banks should avail themselves of the facility for obtaining a larger amount of it than they have generally been inclined to do. The dangers of expansion should not be overlooked. I he general paper circulation has been extended too far for the specie basis on u bich it rests. By dispepsing too much with the use of gold and silver, the safety and stability of the currency will be affected. It would be a measure of prudence for banks whose capital has been increased, and whose loans bave been extended to the very extreme limits of the law, to see that their available resources are increased in a resaonable proportion to the amount of their present liabilities.”

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SAVINGS BANKS IN MASSACHUSETTS. It appears from the Report of the Bank Commissioners of Massachusetts, that the whole number of savings banks is forty-nine. The whole number incorporated, -ixty. two; many of which have never been organized. The number of savings bauks operation, December 15, 1851, in Boston was 3 ; vut of Boston 46—total 29 :

From the returns made to the office of the Secretary of the Commonwealth, we learn that in forty-five institutions, the number of depositors was 86,537, and the amount of deposits, $ 15,554,088 58. The amount of dividends the last year exceeded half a million of dollars; and the expenses of managing the iusiitutions were $43,707 36, being about fifty cents to each depositor, or two mills and eight-tenths of a mill on each dollar of the deposits.

We subjoin a tabular statement, showing the number of depositors in savings banks in Massachusetts, and the amount of their deposits in each year since 1834, when returns were first required by law:Number of Amount or

Number of Amount of Depositors. depoeits.

Depositors. deposiis, 1884... 24,266 $3,407,773 90 1843...

43,217 86.935.547 07 1835. 27,232 3,921,370 83 1844.

46,699 8,261,345 18 1836 29,786 4,374.578 71 1845.

58,178 9.813,287 66 1837 32,664 4,781.426 29 1846.

62,893 10,680,933 10 1838 33,063 4,869,392 59 1847.

68,312 11.780,812 74 1839.. 36,686 5,608,158 75 1848.

69,894 11,970,447 64 1840. 37,470 5,819.553 60 1849.

71,629 12111.553 64 41,423 6,714,181 94 1850.

78,823 13.660,024 84 1842. 42,587 6,90),451 701851.

86,537 15,554,088 68 It appears from the foregoing statement, that the amount of deposits has more than quadrupled since the date of the first returns, which were made in 1834, and gave the coudition of savings banks in September of that year. The deposits now exceed in amount one third of the aggregate capital of the banks of circulation.

It has been remarked that, in Great Britain, savings banks are voluntary associations, but regulated by acts of Parliament. In Massachusetts they are the creati ns of the Legislature, each institution having a special act of incorporation, yet all subject to certain general laws. The applications for these acts of incorporation proceeded from philanthropic and highly intelligent individuals in our several conmunities, who voluntarily undertook to manage them as a charity, for the benefit of the depositors. The

1841..

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