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Finances (National), Spaulding on... 129 Illinois Chester coal fields (Water:
of Cincinnati.

431
house).

200
of Alabama

84

Illinois, Debt and finances of...... 178
of Georgia

271

Improvement shares in 1866... 60
of Illinois.

178

Imports of leading articles at New
of Indiana
137 York..

63
of Kentucky.

268 Imports at New York 1861-2-3-4-
of Louisiana.
187 5-6..

67
of Maryland.

429 Imports of specie 1861-2-3-4-5-6.. 69
of Michigan. .85, 185 Indebtedness of the States.

336
of New York city and Indiana, Debt and finances of. 135
county...
163 Interest (Mass.) Law.....

245
of Pennsylvania

352 Interest notes, Act for retiring. 236
of San Francisco.

226
outstanding.

240
of South Carolina.

264

Prices of ....76, 168,
of Virginia...
111

233, 317, 373, 478
Finance bill, Sherman's
229 Interest, Rates of.....

74
Financial condition of the States.... 335 Inter-oceanic communication At
Fire Insurance (Commercial Law).. 358

lantic and Pacific ship canal and
Interest, condition of railroads....

31
the
204 Irish sea fisheries..

310
Fisheries, Irish Sea
310 Iron vessels in France..

194
Foreign commerce..

432 Isthmus capal--Commerce that would
France, Iron Vessels of.

194
pass through it......

46
Railways in..

325
Frankfort. American securities in,

J.
75, 158, 234, 319, 373, 478
Fraud (mercantile) in England... 149 Journal of Banking, Currency and
Fuels, Coal and other.

416 Finance,.....78, 161,236, 320, 375,477
Fuel, Petroleum as...

428

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Kentucky, Debt and Finance of .... 268
Gas shares in 1866..

60
Georgia, Debt and finances of. 271
Gold product of....

283
Gold certificates..

243

Lake Superior Copper Product ’66.. 243
at New York, course of....74,
Lake Superior Silver,

324
160, 234, 819, 371, 476

Life Insurance-Rights of Southern-
Daily prices of for 1862-3-4-5

ers whose lives were insured in
-6.

Northern Companies...
62

27
(Production of in New Zea-

Liverpool Cotton Market for 1866, and
land.....

241

the Returns of the Banks of Eng.
land and France..

114
Speculation in

74
Gold and Silver, Taylor on the pro-

Loans and Discounts, Rates of, 76,
duction of .
208

159, 232, 316, 370, 474
Refining, Sec'y Mc-

London Stock Exchange-Historical
Culloch on.

34
and Critical...

107
Government securities (Prices of),

Louisiana, Debt and Finances of.... 187
75, 158, 233, 317, 374, 477 Louisville, its manufactures, trade
Graio (Prices of), cental system.... 227

and commerce....

329
Great Britain and United States,
trade of ..21, 121, 156, 257, 452

M.
Great Britain, coal fields of... 417

Maryland, Debt and Finances of.... 429

McCulloch’s Reply to Spaulding .... 88
H
Massachusetts Interest Law

245
Vercantile Fraud in England.

149
Hamburg, Postage charges to...... 244 Merchandize, Imports of, 1866 64
Huron and Ontario ebip capal...... 85 Michigan, debt of.... ..85, 185

PAGE

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Illinois....

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PAGE
Milwaukee-Population. ..........
409 | Petroleum as Fuel.....

428
Railroads..

410 Philadelphia Bank Returns, 81, 162,
Flour and Grain Trade. 412

238, 322, 391, 479
Beef and Pork Trade., 413 Pittsburg, F. Wayne and Chicago
Lumber Trade...... 415
Railroad...

322
Shipping

415 Political Economy-Capital & Value,
Mineral Resources of the Pacific slope 154 by Sully.

249
Mioing e hares in 1866...

60 Population of the States, 1860 & 1865 335
Mississippi and Tennessee Railrvad. 342 Postage Charges to Bremen and Ham.
Missouri State Debt..
239 burg...

244
Mobile and Ohio Railroad..... 126, 463 Prices, course of.

.9, 261
Montana, Gold Product of.. ... 213 Prince Edward Island (Blue Book). . 152
Morris Canal and Banking Company. 460 Prussian Navy......

73
Public Debt of Alabama.

84
N.

Georgia.

271

178
National Aid to Steamship Lines... 104

Indiana..

137
National Banks, April 1, 1867...... 378

Kentucky.

268
and Currency con-

Louisiana

137
traction...
327

Michigan. 85, 186
Quarterly Reports.. 320

New York, City and
not authorized to

County.

163
establish branches

Pennsylvania. 352
or buy commercial

San Francisco. 226
paper at more than

South Carolina... 264
7 per cent....... 167

the United States, 62,
National Fingoces--Randall's Bill

156, 238, 390, 407, 458
(Letter from Hop. E. G. Spaulding) 129

Virginia..

111
Navy, Prussian..

73
Nevada, Treasure Movement of, 1865
and 1866..

243
New Brunswick (Blue Book).

Quotations of leading stocks, 74, 157,

152
Coalin...

232, 317, 371, 477

425
New Jersey Railroad...

461
New Hampshire, Gold Product of... 285
New Orleans, Jackson and Great Railroad Reports, Analyses of...21, 126
Northern Railroad...

135 135, 274, 822, 338, 342,344, 440, 456, 459
New Mexico, Gold Product of .... 209 Railroad Earnings, 1866...

133
New York Banks. 80, 162, 237, 321, 479

(Monthly)....20, 133
Commerce of 1866..... 62

136, 207, 299 458
do City and County Debt... 163

Shares, 1866.

58
do Stock Exchange, course of 68 Railways in Tunnel,..

325
do (The) State Tax Levy. 865 Ramie (The)-Bechmerie Tenaces.
New Zealand, Gold Production of... 241 sema..

348
Nicaragua Inter-Oceanic Route.....

32 Revenue, On the Collection of. 435
North Carolina, Gold Product of.... 280 Revenue, on the Collection of... 435
Northern Central Railroad.... 462 Richmond & Danville Railroad... 838
Nova Scotia, Gold Mining of.

218 Richmond & Petersburg Railroad... 340
Coal in

422 Rocket (The New) for Shipwreck Ser-
vice...

119
0.

Rocky Mountains, Mineral Resources
of.....

209
Ohio and Mississippi Railroad ...... 459

s.
P.
San Francisco, Debt of...

226
Pacific slope, Mineral Resources of.. 154

Treasure Movement
Panama Railroad Route....

34

of..
Paris, American Securities in, 75, 158, San Miguel Interoceanic Route. 40

234, 316, 370, 478 Saskatchawan, Gold Product of.. 216
Peat Fuel..

425 Securities (American) at New York. 75
Pennsylvania, Debt and Finances of. 352

158, 233, 317, 372, 477

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Securities (American) at Londop. 75, 158 Treasure (External) Movement at
233, 398, 372, 478 New York......

77
Shares Sold at the New York Boards 158 Treasure (Internal) Movement at New
232, 316, 374, 477 York

77
Sbermad's Finance Bill...

229 Treasure Movement at San Francisco 147
Ship Canal, Huron and Ontario..... 85

“ Nevada, 1865
Ship Canals and Railroads, Atlantic and 1866......

242
and Pacific.....

81 Treasure Movement at New York
Shipwreck Service, The New Rocket York (Monthly). 160, 234, 318, 371, 475
for..

119 Treasury Department Examination
Silk (Cotton and) Frauds in China.. 812 Bill.

166
Silver op Lake Superior.... 324 Tunnels

16
South America, A New Route Across 308
South Carolina, Debt and Finances

U.
of..

165 United States, Bankruptcy Law of.. 381
South Carolina, Gold Product of. 83

Coal Fields of....... 420
Southern Railroads...

333

Public Debt of....62, 156
South Side Railroad..

344

238, 376, 458
Southwestern (Ga.) Railroad.

25

Trade of Great Bri-
Spaulding's Letter (Specie Payment tain and the....21, 121, 156, 257, 452
etc.)...

87 Utah, Mineral Resources of. 215
Spaulding's Letter on Randall's Bill 128
Specie Payments and Legal Tender

v.
Currency ..

87
Valuation of the States...

335
Spinner, Circular from Treasurer.... 166
Sieamship Linea, National and to... 104 Vancouver's Island (Blue Book)...: 153
Shares in 1866...... 64

Vermillion District, Mineral Products
of...

216
Stock Exchange, Course of the New
York...

88 Virginia, Gold Product of.... 277

Public Debt of....
104

111
Stock (London) Exchange..
Quotations at New York... 76

State Debt, How to Pay the 174
Suez Canal (The)— Its Actual Condi-

W.
tiup....

556
Sugar Making, A Revolution in. 245 Walker (Mr.) on the Science of
Sulley (Richard) on Capital and Wealth

89
Value.

249 Warehouse Withdrawals at New
York ....

69
Watherhouse (Prof.) on Illinois Ches-
T.
ter Coal Field..

290
Tariff Laws of 1867...

404 Wealth, Mr. Walker on the Science
Tax on Banks and Bankers..

87
of..

89
Taxes Paid by Banks..

242
Wool Tariff of 1867..

.228, 405
Taylor (J. W.) on the Production of

Trade of 1865..

162
Gold and Silver.... ..208, 277

and Woolen Manufactures of
Telegraph Shares in 1866.......... 60

California.

305
Trade, Balance of..
482 World, Coal Fields of.

416
Trade of Great Britain and the Uni.
ted States......21, 121, 156, 257, 452

Z.
Trade of State Canals...

224 Zealand (New), Gold Product of.... 241

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THE

MERCHANTS MAGAZINE

AND

COMMERCIAL REVIEW.

JANUARY, 18 6 7.

THE COURSE OF PRICES.

One of the causes to which, with some show of reason, the existing languor of business has been ascribed, is the uncertainty which prevails as to the continuance of the high prices of all the necessaries, conveniences and luxuries of life. The books of our mercantile firms show, in many cases, a balance on the wrong side. Business men dare not at present buy for future sale, lest they should suffer from further anticipated shrinkage in values, and be unable to dispose of their goods without ruinous losses. A partial paralysis is thus developed in not a few of the vast distributing agencies which play so important a part in the social economy of every great modern nation. Our mercantile classes do business from hand to mouth. Prudent men are driven, in self-defence, to refuse business rather than take the risks. They are, not unnaturally, getting weary of the long suspense, which not only diminishes the government revenue from taxation, but what is more important still, contributes to the impoverishing of the people, and to the hampering of that unexampled enterprise, energy, versatility and productive efficiency which are the secret of that amazing growth in material wealth in which we rejoice above all other nations in the world. The question, what wilde be the future course of prices, then, is one which is being anxiously asked, on 'change and elsewhere, by all classes of our citizens. In every counting room, manufactory, steamboat and railroad car, we find farmers, mechanics, manufacturers, bankers, agitating this problem. And it is one on the solution of which the well-being of all of us, and the salvation from

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bankruptcy of not a few, very much depends. Perhaps it may help some of us in such ir vestigations if we glance back at the movements of prices during the past, and endeavor to trace out the reasons for the changes which have occurred. To facilitate such a review we have compiled a table of the wholesale prices of the leading articles of foreign and domestic produce during the past nine years. This list might have been with advantage enlarged, but it is sufficiently extended for the purpose we have in view, which is to suggest a few practical principles which our readers can use for themselves, and apply to their own special business-rather than to deduce from these principles a perplexing multitude of inferential details. We give the prices on the 3d January of each of the last eight years at New York :

1860. 1861. 1862. 1863. 1864. 1865. 1866. 1867. $ c $ c $ c

$ c
.100 lbs. 6 124 500

6 25
8 50 8 50 11 75

900 8 50 5 374 500 6 25 8 25

9 75 13 00 11 00 12 00

bbl. 4 30 5 35 5 50 6 05 7 00 10 00 875 11 00 7 50 7 50

7 50 8 75 11 00 15 00 14 00 16 00 4 00 4 00 3 873 5 45 6 65 9 00 6 10

7 85 3 90 3 15 3 00 4 00 5 65 8 80 4 25 5 00 bush. 1 50 1 45 1 50 1 60 1 80 2 60 2 63 3 10 1 50 1 45

1 50 1 53 1 83 2 70 2 75 3 05 1 45 1 45 1 48 1 53 1 83 2 60 2 63 3 00 1 45 1 45 1 52

2 75

2 45 2 90 1 30 1 38 1 42 1 48 1 57 2 45 2 05 2 60

1 18 1 30 1 33 1 48 2 22 1 85 2 45 .bush. 92 75 83 96 1 30 1 75 1 05 1 25

461 37 42 71 93 1 06 62 69

90 72 64 82 1 30 1 90 95 1 15 ..lb. 11 127 351 684 82 1 20 52 34 115 125 36 68

1 21 53 35 qtl. 4 50 8 50 3 50 4 50 6 70 9 00 9 25 8 00 bx. 2 52 1 75

3 20

3 50 4 00 5 85 4 40 3 85 6 472 9 13@13%

lb.

Ashes, pots

Pearls
Breadstuffs-

Wheat flour, State...
Wheat, best ex Genesee.
Rye flour,
Corn meal, Jersey
Wheat, white Gen,...
White, Michigan
White, Ohio.
White, Southern.
Red, Western ...
Chicago, Spring
Rye, Northern.
Oats, State

Corn, old Western..
Cotton, mid. upland.

Mid. New Orleans....
Fish, dry cod..
Fruit-Bunch raisins.

Currants.
Hay, shipping
Hops
Iron-Scotch pig.

15

21 15 13 100 lbs. 1 CO 90

77%

85 1 45 1 55 75 1 25 lb. 16 25 20 23 33 40 50 65 ton. 24 50 21 00 23 00 33 50 45 00 63 00 52 00 50 00

53 00 5200 57 00 77 50 90 00 190 00 130 00 105 00 per M 200 1 30 1 25 1 45 1 50 2 40 500 3 25 ..ton. 5 65 5 15 700 8 00 10 50 15 00 10 00 700

577% 5 50 7 12% 8 00 10 50 16 00 .lb. 30 10% 20% 27 30 00 42 36 32

30 27 28 33 42 52 39 34 bbl. 75 75 65 85 1 35 1 15 1 10

170 .gal. 3 26 2 00 4 00 5 25

26 1984 20%2 39 94 2 24 2 27% 2 38 53 37 53 55 70 1 43

1 15 90

English bars.
Laths.
Lead-Spanish .

Galena.
Leather-hemlock, sole.

Oak
Lime, com. Rockland.
Liquors, brandy, cog'c.

Domestic whiskey.
Molasses, N. Orleans
Naval stores-

Crude turpentine..
Spirits turpentine.

Common ro N. C.......
Oils-crude whale ..

Crude, sperm.
Linseed
Provisions-
Pork, old mess
Pork, old prime.
Beef, city mess.
Beef, repacked Chicago.
Beef hams, extra.
Hams, pickled..
Shoulders, pickled..
Lard..
Butter, Ohio..
Butter, State
Butter, Orange County.
Cheese

Rice, good.. .100 lbs.
Salt, Liverpool, ground..

Liverpool, tine, Ashtons.
Seeds, Clover
Sugar, Cuba, good.
Tallow
Whalebone, polar
Wool, Beece..

.gal.

.bbl. 3 4374 2 75 10 00
..gal. 44% 35 1 47% 2 60 2 95

bbl. 1 65 1 25 6 00 10 50 30 00
.gal.
52 51 48 83

1 10
1 40 1 41) 140 1 75 1 60

57 10 86 1 27 147

2 10 28 00 1 48 2 13 1 50

900 1 05 6 50 1 60 2 50 1 45

6 00

67 4 25 1 30 2 60 1 34

bbls.16 37X16 On 12 00 14 50 19 50 43 00 28 50 19 25 ..11 75 10 50 8 50 12 50 14 50 36 25 23 50 17 25

900 6 00 5 50 120 14 00 20 50 20 00 18 00 9 50 900 11 00 13 00 15 00 23 00 24 00 21 00 .14 50 14 00 14 50 15 50 18 30 27 00 35 00 34 lbs. 974 8 6 8 11 20 16% 121

6% 5% 434 5% 874 18 14 13 10% 10% 8% 10 13 23 19 10 16 14 15 22 24 45 30 80 20 18 19 22 29 55 48 43 24 22 22 25 32 63 50 45 11 10 7 12

15%

20 18% 17 4 20 4 00 700 8 75 10 00 13 00 12 50 9:25 .sk. 1 15 65 86 1 25 1 85 2 27 200 56

1 95 1 60 1 70 2 15 2 80 4 75 4 10 2 70 .lb. 892 8% 74 10% 12%. 27 14 14 734

8% 10 12 19 13 10 10742

9% 10% 12 18 14 11 90 88

1 65 1 60 25 1 55 1 97 80 30

60 75 98 75 65

644 9%

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