Full text of Commercial and Financial Chronicle : April 13, 1895, Vol. 60, No. 1555

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HUNT’S

MERCHANTS’

MAGAZINE,

REPRESEN TIN G T H E IN D U ST R IA L AN D COMMERCIAL IN TERESTS OP TH E UNITED STATES.
(E n tered accord ing to A c t o f Congress, In th e year 1895, by the W i l l i a m B. D a n a C o m p a n y , in the office o f th e Librarian o f C ongress.]

VOL. 60.

SATURDAY, APRIL 13, 1895.

Ghvomtlt.

Week ending April 0.
Clearings at—

Terms o f Subscription—Payable in Advance:

Terms of Advertising—(Per inch space).

n e tim e .................................. $3 50 Three M onths (13 tim e s). .$25 00
O ne M onth
(4 tim es).. 1 1 0 0
Six M onths
(26 “
) . . 43 00
T wo M onths
(8 “
) . 18 00 T w elve M onths (52 "
) . . 58 00
(The ab ove term s fo r on e m onth and upw ard are fo r standing cards.)

London Agents:
Messrs. E d w a r d s & S m i t h , 1 D rapers’ Gardens, E. C., w ill take subs orlptlons and advertisem ents, and supply single cop ies o f the paper
at I s . each.
W I L L I A M B . D A M J C O M P A N T ., P u b lis h e r s ,

New York.............
Philadelphia........
Pittsburg..............
Baltimore...............
Buffalo...................
Washington..........
Rochester..............
Syracuse................
Wilmington...........
Binghamton..........
Total Middle......
Boston...................
Providence............
Hartford................
New Haven............
Springfield.............
Worcester..............
Portland................
Low ell...................
New Bedford.........
Total New Eng...
Chicago..................
Milwaukee.............

Indianapolis.........

P in e S tre e t, N . W , C o r n e r o f P e a r l S tre e t,
n e w

CLEARING HOUSE RETURNS

YORK.
Springfield, Ohio...

.

The following table, made up by telegraph, etc., indicates
that the total bank clearings of all the clearing houses of the
United States for the week ending; to-day, April 13, have been
$887,124,914, against $1,052,883,883 last week and $891,544,846
the corresponding week of last year. The decrease compared
with 18894 is due to the occurrence of Good Friday this week.
Week Ending April 13.

C L X A R IN O S .

Returns by Telecrap

1895.

1894.

Per Cent.

N ew Orleans.................. .

$425,963,425
71,534,158
41,585,790
8,472,306
69,783,291
21,578,000
6,575,285

$398,723,246
64,212,807
48,506,730
10,419,347
68,464,260
19,211,836
6,269,306

+ 6-8
+11-4
-1 4 -3
18-7
+ 1-9
+12-3
+ 4-9

Seven cities, 5 d a y s........
Other cities, 5 days...........

$645,492,255
103,017,226

$615,807,532
125,401,217

+ 48
—17-9

Total all cities, 5 days___

$748,509,481
138,615,473

$741,208,749
150,336,097

4- 0-9
- 7-8

$887.124,954

$891.544,846

— 0-5

Total aU cities for week..

Kalamazoo............
Tot. Mid. West’n.
San Francisco........
Salt Lake City.......
Los Angeles..........
Fargo..................
Total Pacific......
Kansas City..........
Minneapolis..........
St. Paul................
Denver..................
Duluth...................
St. Joseph.......... .
Sioux C ity ....,......
Des Moines............
Lincoln..................
Wichita.................
Topeka...................
Fremont................
Hastings................
Tot. other West.
St. Louis................
New Orleans..........
Louisville..............
Galveston...............
Houston.................
Richmond..............
Savannah...............
Memphis................
Atlanta..................
Nashville...............
Dallas.....................
Norfolk..................
Waco......................
Fort Worth............
Birmingham..........

1895.

• 1894.

*
585,443,706
76,813,437
16,061,721
17,000,248
4.053.252
1,982.843
1,700,000
1,006.803
757.603
727,265
417,300
706,404,181

$
531.975.736
74,375,5*6
12.965.682
13,2«4,857
3,651,334
1,731,247
1,646,509
964,585
71'-,784
672,226
435,901
642,402,370

99,716,122
5,360.500
2 674,782
1,524,152
1,492,811
1,457.405
1.839.612
710.38*
636,242
521,583
115,423,592

89,741,622
3.707.50C
2,677,299
1,645,534
1.367.757
1,353,609
1.397,146
903,814
560,727
551,127
103,706,135

1896.
P. Cent

1898.
$
741,412.682
78,375,035
17,732,501
14,818,968
4,809.955
2,759,22f
1402 25«
1,022,526
1,011,656

+10-3
+2-(
+23-Í
+28-?
-t-11-í
+11-Í
-t-3'2
+4-4
+5-1
+8-2
—
4-8
357,700
4 9 8 865,102,509
411-1 110,997.752
444-Í
6.659,300
4-3-6
3,066,681
—1-4
1,845,757
4-9-1
1,395.031
47-7
1.588,814
—4-1
1,558.115
—21-4
933,22t
413-5
589,918
—5*4
584,084
411-3 129,119,210
42*9
44-0
+16-6
—4-7
421-0
+ n
-t-7-6
43-0

1892.
$
764,251,409
74.114,892
14,635,987
13,643,382
8,936,129
2,177,069
1,747,266
949,000
942,747
808,300
876,602,061
87,199,400
5,042.200
2.383,334
1,541,352
1,251,679
1,210.297
1,263,326
702,688
524,063
101,184,239

79.267,197
81,544,059
13,913,800
14,471,550
4,011,717
4,713 922
6.183,595
5,803,346
4.685.322
5,669.945
3,580,500
3,836,200
1,953,322
1,965,54«
1,210,950
1,247.497
789,563
791.509
352,241
458,463
235,977
387,915
184,815
259,470
165.189
183.000
198,316
208,863
205.789
233,296
195,391
190,802
187.612
237,940
122,290,835 117,331,246

430-1
464-4
440-4
49-0
45-3
413-4
—2-3
442-0
1-4-2

11,696.131
1,185 978
1,300,000
600,000
552,446
1,207.055
444,951
364,426
63.402
118.045
17,532,431

12,713,544
1,191,809
1.580,575
816,208
572.P38
1,146,808
511,543
331,490
153,995
95.917
19,154,827

—
8-0
-0 5
—17-7
—30-0
-3 6
-t-6-3
—13-0
410-0
—
68-8
4231
—
3-5

10,262,065
5,058,440
3,579,762
3,458.430
2,758.1 >
5
1,800,000
1,475,452
683,099
1,349,953
418,595
515.175
471,855
71,626
62,112
32,564,680

9,922,810
5,344,305
5.301,329
2,982,600
3,095,295
1,942,654
1,823,93«
799,143
1,226,360
659,910
498,717
451,037
85,000
121.800
33,654,926

43-4
—5-8
-32-4
416-0
—10-9
—7-3
411-5
—14"5
410-0
—25-2
43-4
+4-6
—15-7
—49-0
—3-2

45,703,908

37,704,772

23,949.537
10,173,029
6,526.992
2,619,912
2,383,903
2.192,813
1,878.044
2,300,877
1.130,000
1.281,966
1.135.789
860,60«
1,371,147
750,000
327,0 >
0
450,000
326.83^
285.38P
59,663,652

21,260,991
7,639,151
7.123,927
2,032.227
1.665,548
2.203,028
1,610,32«
1.565,643
1,062,638
1.015,672
1,049,728
1,215 261
758,036
475,000
345,582
553,3bl
235,835

414-5
433-2
—8-4
4-28-9
443-1
-0-5
416-6
446-9
46-3
426-2
48-2
—
28-4
480-9
457-9
—5-4
—18-7
438-6

26.130 536
11,928,888
8,328.250
2,810,639
2,475,963
2,622.816
1,884.118
3,061,998
1.405 009
1,685.842
1,000,060
904,771
095,084
692.390
631.883
612,679
492,523

23,036,088
9.218,000
•6,945,755
2,159,139
1.361,205
2.380,810
1,418.482
2.483,484
1.400.753
2.217,991
965,108
941,451
510,126
450.000
525,48.2

415-2

67,383,393

60,530,069

The fu ll details of clearings for the week covered by the
above statement will be given next Saturday. W e cannot, of
course, furnish them to-day, bank clearings being made up by
the various clearing houses at noon on Saturday, and hence in
the above the last twenty-four hours of the week have to be
in all cases estimated, as we go to press Friday night.
Our usual detailed figures for the previous week, covering
the returns for the period ending with Saturday noon, April
Chattanooga..........
6 , are given below, and we also present the results for the Little Rock*..........
corresponding week in 1894, 1893 and 1892. In comparison
51,811,975
Total Southern..
with the preceding week there is an increase in the aggregate
Total all............. 1,052,883,88? 968,061.479
exchanges of a little more than one hundred and seventy m il­
Outside N. York. 467,410,177 431,085,743
lion dollars, of which seventy-eight millions is outside of New
York.
Contrasted with the week of 1894 the total for the
Montreal................
9,481,088
11,277.31«
whole country shows an excess of 8- 8 per cent.
Compared Toronto..................
5,320,791
6.816.38?
1,194 739
1,176 533
with the week of 1893 the current returns record a falling Halifax. ................
8m
9,U45
744 625
off of 18 2 per cent and the loss from 1892 is 14 per cent. Hamilton...............
1,294.523
665; Í67
Outside of New York the excess over 1894 is 7*2 uercent.
l'?4"C.410l 80.374.72«
Total Canada......
The loss from 1893 reaches 13‘9 percent, but making compar* Not Included iu totals




NO. 1555.

isons with 1892 the gain is seen to be 1*2 per cent.

F or One Y e a r .............. ............................................................... $10 00
F or S ix M onths....... .......................... ......................................
6 00
E uropean Subscription (including p osta g e )....................... 12 00
E uropean Subscription S ix M onths (including p osta g e ).
7 00
A nnual Subscription in L ond on (including p o s t a g e )....A 2 10s.
S ix M os.
do.
do.
do.
___ £ 1 10s.
The I n v e s t o r s ’ S u p p l e m e n t o f 160 p ages is Issued quarterly, ou
th e last Saturdays o f January, A pril, Ju ly and October, and furnished
w ith ou t extra charge to aU su bscribers o f the C h r o n i c l e fo r six
m onths o r longer.
The S t a t e a n d C i t y S u p p l e m e n t o f 184 p ages is also g iv en to every
yearly subscriber o f the C h r o n i c l e .
The S t r e e t R a i l w a y S u p p l e m e n t o f 85 pages issued quarterly is
also included in the annual subscription to the C h r o n i c l e .
F ile co v e rs are sold at 50 cents each, and to n ew su bscribers fo r a
y e a r on e file co v e r is supplied w ith ou t ch a r g e ; p ostage o n the sam e is
18 cents.

P o s t O f f i c e b o x 958.

=

103.890,997
15,250,500
10,673.709
8.348,838
6.044,307
3,536.000
1,914,300
910,165
1,003,748
405,095
392,624
353,785
293.401
224,9«5
175,000

86,684,286
15,072,600
6,646,835
7,079,187
5,483 311
4,052,000
1,958,735
2,288,182
833.740
536255
364,227

153,427,534

130,205,269

15,400.588
2,320,046
1,977,569
1,305,3«5
1,131,098
1,318,050
871,587
1,006,426
169,219

<15,129 858
2,167,742
1.922,890
1,060.869
740.546
752,433
753,000

25,559,974

22,675,336

11,400,740
8,467,233
0,801.188
5.024,641
5,749.973
1,990,0S9
1,049,447
1,243,750
1,442,80')
691,782
562,918
357,906
111,446

8.773.457
6,483.749
5,120,892
4.617,506
5.214.451
1,705,122
1,761,926
1,229,629
1,251.073
813.453
551,447
885,584
106,483

226,031

148,000

616,400

48-8 1,286,276.528 1,224,992,346
47-2 543,863,846 460.740,937
—15-9
-8-6
+1-5
—
8-1
—
48-«
-14 6

8,393,933
7,954,774
1,181,972
804,041

10.775.970
6.514,017
1,186,765
io

811.822
*74

628

THE CHRONICLE.
THE FIN A N CIA L SITUATION.

The occurrence of this week which has attracted
most attention has been the decision of the Supreme
Court annulling the provisions of the Income Tax Law
so far as they relate to rents on real estate and to State
and municipal bonds. With reference to the other
points raised, the Court was evenly divided, and hence
the grea'ter principles involved were left undecided.
Scarcely any effects from this decision are traceable in
our markets; that is to say, no marked impulse to
businessor to Stock Exchange transactions has followed
the ac'.ion of the Coart. It hardly seem3 reasonable
that aDy should. No doubt though the tendency, of
this decision, so far as it goes, is conservative, and
favors the restoration of confidence ; yet this is so not
by any means because it relieved any number of people
from an onerous tax. As a matter of fact it has not
done that, and if it had it would in that particular be
a matter of trifling importance. It is only an affair of
public concern so far as it promises to help preserve to
the nation and people, and from the destructive char­
acter of Populistic ideas, the Constitutional limits to
legislation. Whether there shall be an income tax in
this country or not, is a minor question ; but whether
there shall be an inequitable one, is a vital principle.
We finish to-day on subsequent pages our article
with reference to the amount of the annual indeb ted
ness of the United States to Europe. It will be seen
that the official records of the foreign trade properly
understood bring down all Urge estimates to very nar­
row limits. This is a highly important conclusion in
its bearing on the industrial outlook. Through it we
learn that it is the restoration of confidence which has
stopped gold exports and not the magic power of a
Syndicate holding back a flood of debt pressing for pay­
ment. Had the latter existed success could only have
been temporary ; under the conditions as they are, every
succeeding day makes the effort easier. Indeed, busi­
ness affairs this week have the appearance of improv­
ing in almost every department. A special incident is
an advance in the price of petroleum to the highest
figures ruling since 1877, which if legitimate will have
an important bearing upon the values of the exports of
the product. An interesting fact with reference to the
operations of the Sjndicate which we have procured
from the Treasury Department is that they had de­
posited up to April 10, Wednesday night, 2,326,429 85
ounces of gold, valued at $43,282,417-06, calling for
$41,420,711-11 bonds.
There have been, in addition to what has been
referred to above, a number of encouraging develop­
ments during the week. The reorganization plan of
the Atchison Topeka & Santa Ee has been promulgated.
We shall defer until next week making an analysis of
it, but the issue of the plan is to be regarded as a promis­
ing event, since it marks the conclusion of the Com­
mittee's labors, which have been unusually difficult
and arduous, and because it is a step in the process of
restoring to solvency of one of the largest of our embar­
rassed railroad properties. The action of the presi
dents of the trunk lines in agreeing to restore east
bound freight rates from Cnicago to the seaboard is
also to be looked upon as a sign of promise. Of course
all will depend upon wheiher the resolution is carried
into effect. The Trunk Line Association has taken
similar action many times this year, and presently the
trouble would become worse than before. But there
are reasons for thinking that the latest agree­



[V'Oli, UC>

ment will be productive of better results.
Presi­
dent Depew, of the New York Centra), states thatthe demoralization has been worse than at any time fo r
twenty years, and this spurred the representatives of
the roads on to resolute action. Mr. Depew thinks that
after the 1st of May there will be no more cutting of rates.
On the other hand the efforts for restoring harmony
among the anthracite coal roads seem to have met with
a set-back for the time being. According to the latest
reports, the managers of the Reading will not agree ta*
the proposition to have the percentages of the differ­
ent interests fixed by arbitration, but insist that the
company shall be given the 21 psr cent to which its
position, they think, entitles it. Nevertheless the sales
agents of the companies had a meeting this week andi
agreed to advance prices for coal, a new circular being
issued. These prices, it is true, may be disregarded1
just as previous circulars have been, but it appears to
be a fact that the companies are insisting on somewhat
better figures than the lowest quotations which recently
prevailed.
There seems to be also greater activity in the iron
trade again. At least the production of pig iron is
once more increasing. We noted a month ago that
from the very high total reached last December there
had been a gradual reduction, and that this appeared
natural, in view of the fact that the output had been
so large.
On the 1st of December the “ Iron Age r
reported 184 furnaces in blast, having a capacity of
168,762 gross tons per week ; on the 1st of March the
number of active furnaces was given as 173, with a
capacity of 156,979 tons per week. During March,,
however, the output has again begun to expand.
As
a result of the changes which occurred daring the
month there are actually two less furnaces in oper­
ation April 1 than there were March 1 ; but the
weekly product has increased from 156,979 tons to158,132 tons.
The change shows that some of the
smaller furnaces have gone out of blast, but that larger
producers have taken their place. The significant
feature in the movement is that the increase in produc­
tion has not been attended by any addition to the stocks,,
but on the contrary these stocks have been slightly
reduced, the “ Age" reporting the total (sold and unsold)
April 1 786,192 tons, against 787,292 tons March 1.
Whether in the immediate future there shall be a fur­
ther small increase in the output, or some decrease, the
production now must be regarded as being on a large
scale and indicative of a very considerable demand for
iron— which is of course the fact of greatest moment..
Last year the output on April 1 was 126,732 tons per
week and only 144 furnaces were in blast, this being
the maximum attained before the strike of the
bituminous coal miners. Now, as we have seen, 171
furnaces are at work, and they are turning out 158,132'
tons of pig iron per week.
Tne market for money has been somewhat easier
this week, mainly because of the distribution of A pril
interest and dividends, but partly for the reason that
the demand is light. The market is in a normal
condition ; that is to say, there are no indica­
tions of interference in any way by the Syndicate.
Money on call, representing bankers' balances, has
loaned at the Stock Exchange this week at 2 and at 3;
per cent, with comparatively large amounts at 2,
fairly liberal sums at 2£ and very little at 3 per cent,,
so that the average has been a fraction below 2£ per
cent. Banks and trust companies quote 2@2£ per
cent for their loans, and those institutions which until

APiilL 13, [»'5

THE CHRONICLE.

629

this wtek maintaintd 3 per cent are now down to 2^ noticed for some time. Brown Bros, further reduced
per cent.
There is little or no demand for time con­ the sixty-day rate half a cent and Heidelbach, Ickel­
tracts, and as the offerings are not pressed scarcely any heimer also lowered this rate half a cent. The market
business is done. Rates are 3@3£ per cent for sixty was quoted steady until the afternoon, when cable
to ninety days and 4@4£ per cent for four to transfers were offered at slight concessions, and the
•six months. Re-discounting for interior banks by their tone was a little irregular at the close. It was re­
correspondents in this city has been light this week, ported that there was likely soon to be a demand for
■and a revival of this inquiry from the South is not remittance by coffee importers for settlements nearly
looked for until next month, for the cotton-planting due, but it was thought that this inquiry would be
season is late and the requirements will be small until easily supplied by commercial drafts and by bills drawn
about the middle of May.
Only a light demand for against purchases of stocks and bonds, principally the
re-discounts from the West is reported.
In this city latter, by the arbitrage houses. There was very little
bankers note a disposi ion among merchants to dis­ evidence that could be traced of manipulation or in­
count their bills. A fairly good supply and a general terference with the market. Yesterday being Good
assortment of paper is offering from first hands, and Friday little business was done and rates remained un­
also by brokers, and some very good names appear changed. The following table shows daily rates of
from which to make selections.
The demand is exchange as posted by leading drawers.
Fri.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
.gradually increasing, though some of the large banks
Apr. 5. Apr. 8. Apr. 9. Apr. 10. Apr. 11. Apr. 13.
are still, out of the market as buyers.
Rates are 4 per Brown Bros.... { ^ J 8- 89« 89«
89«
89
88*
88«
. 90« 90«
90
90
90«
90
cent for sixty to ninety day endorsed bills receivable, Baring,
89
89
89
(»50 days. 89
89
89
90«
•90«
Magoun & i Sight.... 90«
Co.
90«
90«
90«
-4^@5 per cent for four months commission house Bank British ( 6 days. 89
89
89
89
89
0
89
90«
90«
No. America.. \
Sight.... 90«
90«
90«
90«
and prime four months single names ; 5@5£ percent Bank of
88«
(60 days. *8 «
88*
88«
88«
88«
90
Montreal.......
90
90
90
90
90
for prime six months and 6@7 per cent for good Canadian Bank((Sight___ 89
60 days,
89
89 "
89
89
89
90«
90«
90«
of Commerce. ( Sight.... 90«
90«
90«
four to six months single names.
Heidelbach.Ick- ( 60 days. 89
89 «
89«
89«
89
89
90«
90«
90«
90«
90«
There has been a partial recovery in the price of bar elheimer& Co { Sight.... 89« 90«
89«
89 «
89«
89«
89«
Lazard Freres.. j
90«
90«
90«
90«
90«
90«
silver at London this week, reported to be based upon
Merchants’ Bk. (60 days, 89
89
89
89
89
89
90«
90«
90«
90«
4he expectation that the terms of peace between Japan of Canada__ j Sight.... 90« 90«
and China will soon be settled, the latest reports indi­
The market closed dull and steady on Friday at
cating that considerable progress had been made and 4 88£@£ 89$ for sixty-day and 4 90@4 90£ for sight.
that the news of the conclusion of the negotiations Rates for actual business were 4 88£@4 88|- for long,
may come at any time. Possibly the knowledge that 4 89£@4 89^-for short and 4 89£@4 89f for cable trans­
aggressive measures will be resumed at once if fers. Prime commercial sterling was 4 87£@4 88 and
terms are not settled has forced an agreement. documentary 4 87£@4 87£- The steamship La Nor­
The Bank of England minimum rate of discount re­ mandie arrived on Tuesday with 3,325,000 francs in
mains unchanged at 2 per cent. The cable reports Spanish gold in transit for Cuba.
sixty to ninety day bank bills in London 13-16 of 1 per
In subsequent columns to-day we review the gross
cent. Tiie open market rate at Paris is 1^ per cent, at earnings of United States railroads for the month of
Berlin it is I f per cent and at Frankfort I f per cent. March. One or two returns of net earnings for the
According to our special cable from London the Bank same month have also been received this week, and
•of England lo3t £1,090,664 bullion duriDg the week likewise some additional returns for the month of F eb­
;and held at the close of the week £36,653,356. Oar ruary. For the latter month the Louisville New A l­
correspondent further advises us that the loss was due bany & Chicago reports $26,749 increase in gross and
to £1,347,000 sent to the interior of Great Britain and $6,126 increase in n e t ; the Ohio River $3,278 increase
to £360,000 exported (of which £200,000 were to Mex­ in gross, $1,374 increase in n et; the Chesapeake Ohio
ico, £150,000 to Natal and £10,000 to India), and an & Southwestern $10,707 increas) in gross, $3,733 in­
import of £616,000, of which £326,000 was bought, crease in n e t; the Pacifi3 Mail Steamship Company
£100,000 came from Antwerp, £106,000 from Egypt $51,006 increase in gross, $42,894 increase in n e t ; the
and £84,000 from Australia.
Fort Worth & Denver City $4,918 increase in gross,
The foreign exchange market has been very dull this $24, 642 increase in n e t; the Fort Worth & Rio Grande
week and in the absence of demand the tone has been $19,831 increase in gross, $14,947 increase in net; and
easier, though the changes in rates for a 3iual business the Union Pacific Denver & Gulf $9,032 decrease in
have been slight-. No special reason was assigned to gross, but $9,489 increase in net. The Baltimore & Ohio
account for the lighter inquiry except that the arbi Southwestern has $10,215 decrease in gross, $18,676
trage houses were buying instead of selling stocks, decrease in net; the Flint & Pere Marquette $40,752
thus lessening the demand from that source, and decrease in gross, $37,736 decrease in net; the Minne­
those operations tended somewhat to increase the sup­ apolis & St. Louis $12,994 decrease in gross, $‘10,016
ply. The market opened firm on Monday, and rates decrease in net; the Pniladelphia & Erie $5,849 de­
for actual business in sterling were then at the best crease in gross, $30,273 decrease in net, and the De­
figures of the we» k, and ELidelbach, Ickelheimer & troit & Mackinac (formerly Detroit Bay City & Alpena)
Co. advanced the long rate half a cent. The tone was $1,370 decrease in gross and $1,254 decrease in net.
a little easier on Tuesday. On the following daj The Illinois Central has $13,506 decrease in gross but
there was some pressure of short bills, and Brown $40,134 increase in net. For March the West Virginia
Bros. & Co. reduced both sixty day and sight half a Central & Pittsburg reports a gain of $8,839 in gross
cent. The market was incline 1 to be heavy, with a and a gain of $4,046 in net. The following compares
reduction of about one-quarter of a cent in rates for results for four years for a number of companies.
actual business, until the afternoon, when the cable
-------------- —February Earni/ngs.— -----------1894.
1895.
1893.
1892.
rate grew firmer. Then and on Thursday bankers re­
Name of Road—
$
*
$
$
495,226
48N011
Baltimore & Ohio So. W ....Gross
555,806
543,099
ported a better supply of “ near* cotton bills, deliver­
173,020
191,696
Net
182.013
154,599
194,012
185,915
able in ten days, and these were larger than had be 3n Ches. Ohio & Southwest’n ..Gross 165,306
45,180
Net
41,447
60,487
66,796



630

THE CHKONICLE,

[Y o u LX.

nual figures. What he says in substance in closing his
letter is that he hardly thinks $2,400,000,000 is beyond
belief if taken as representing “ the entire European
investments” of every kind during the fifteen years in
this country. Suppose we were to grant what is here
claimed, what has it to do with Mr. Heidelbach’s origin ial contention or our criticism ? His original state­
ment was that the United States owed Europe each
year $350,000,000 for an annually recurring indebted­
ness over and above merchandise imports. Observe
The following statement gives the week’s movements that this is none of it for what strictly speaking may
of money to and from the interior by the New York be called new capital sent us, but for fixed charges—banks.
interest, dividends, freights, money spent in Europe,
&c. His letter has merely reduced his estimate of the
Net Interior
Received by Shipped by
Week Ending April 12,1895.
N, F. Banks. N. Y. Banks■ Movement.
charges specified so that the total accumulations made
Currency........................................... $3,568,000 $1,684,000 Gain.$1,884,000 up of the anually left-over unpaid portions of those
250,000 Gain. 350.000
600,000
Gold....................................................
charges for the last fifteen years amount to
Total gold andjlegal tenders...... $4,168,000 $1,934,000 Gain.$2,234,000
$2,400,000,000 instead of $3,646,000,000. Mr. HeiResult with Sub-Treasury operations.
delbach’ s reduction in no degree changes the character
of the item. The aggregate in either case does not
Net Change t».
Out of
Into
*2 Week Ending April 12,1895.
“ Bank Holding*
Banks.
Banks.
cover all we owe Europe, for we repeat it has nothing
Banks’ interior movement, as above $4,168,000 $1,934,000 Gain.$2 234,000 at all to do with what strictly speaking would be fresh
Sub-Treasury op erations.................. 13,800,000 12,800,000 Gain. 1,000,000
capital received; it has reference wholly to the unpaid
Total gold and legal tenders...... $17,968,000 $14,734,000 Gain. 3,234,000
portion of the estimated 350 millions of floating debt
Amount of bullion in principal European banks.
maturing every twelve months that we could not pay
and have not paid, but have had to get in large part
April 12.1894.
April 11,1895.
Bank of
extended; and it is simply the aggregate of these ex­
Silver.
total.
Gold.
Total.
Silver.
Gold.
£
£
£
tensions the grand total covers. Eresh capital contribu­
£
£
£
31,218,076
86,653,376 31,218,075
England........ 36,653,856
50.790.000 119.633,000 tions are a branch of the subject entirely outside of
France.......... 83,006,377 49,888,173 132,394,660 68.813.000
Germany...... 36,737,388 15,005,412 51,742,800 30,619,460 12,506,540 43 126,000 this discussion.
Hence, if Mr. Heidelbach really
Aust.-Hung’y 17,794,000 13,e8l,000 31.475.000 10.845.000 16.317.000 26,662,0' 0
Spain............. 8.004.000 12,370,000 20.874.000 7.918.000 8,162,000 16,080,000 means what he says, it is obvious that his figures for
Netherlands. 4.276.000 7,030,000 11.306.000 4.335.000 7,078,000 11,413,000 his estimated annually-recurring fixed charges must be
Nat. Belgium. 8,420,667 1,710,333 5,131,000 3,128,667 1,564,333 4,693,000
Tot.this week 189,891,788 99,184,918 289,076,706 156,407,202 96,417,873 252,825,075 cut in two again.
Tot. prev. w’k 191,688,887 99,392,826 290,981,713 155,828,754 96,396,443 252,225,197
But in the present discussion we are not interested
per se in proving Mr. Heidelbach’s estimate wrong;
our anxiety is rather to get at the truth of this highly
W H Y DO WE E X P O R T GOLDf
important matter, and we have no doubt that is equally
[S e c o n d A r t i c l e ,]
the intention and purpose of our correspondent. In
Mr. Heidelbach favored us with quite a decided that interest, then, it will not be needful to test this
modification of his views in his letter which we pub­ revised estimate of annual fixed charges by ap­
lished last week. His proposal seems to be, first to plying it to the whole 15 years, but only to the
lower his item for freights from 50 to 60 million dol­ last 5 years; that will, we think, be all sufficient te
lars for each of the fifteen years, and in this way to demonstrate clearly its defectiveness. The important
bring down the annual total indebtedness to “ nearer point to have in mind at this stage of the discussion is
$300,000,000 than $350,000,000,” and having done that that those 5 years have been pre-eminently years when
he thinks the last five years need no further correction. our securities have been coming home and not going
With reference to the earlier ten years he finds an ad­ abroad. This is an affair of so recent date that not only
ditional revision necessary, and so cuts in two the figure the records of every banker of prominence but the mem­
he inserted in his original estimate for amount expend­ ory of every man connected with financial affairs will con­
ed by Americans abroad; on that point he states : “ I firm our assertion. In the first part of 1890 there was a
should make the amount expended by Americans abroad net outflow of securities from the United States to
not more than about half of my present estimate.” Europe. That movement, as the year progressed, first
“ These changes,” he concludes, “ would result in a re­ slackened, then later on stopped, and finally was
duction of $50,000,000 per annum for five years and of reversed. Early in the last half of 1890 a monetary
$100,000,000 for the other ten years, or a total of crisis of extraordinary severity developed, culminating
$1,250,000,000 in the entire fifteen years covered by in November with many failures here and with the
your figures.” Then he remarks that in place of the announcement of the embarrassment of Baring Bros.
$3,646,000,000 (reached by our investigation of two & Oo. of London— the latter being known to the man­
weeks ago) “ this would leave $2,400,000,000;” and he agers of the Bank of England November 6 but not
adds, “ I hardly think that this amount for the entire made public in London until November 15. Since
European investments during those years in securities, November 1890 the balance of the security movement
property, mortgages and temporary loans (productive has beyond question been decidedly and conspicuously
and unproductive) is in any way beyond the possibility against this country; that is to say, the true result, if
it could accurately be made up, would show that the
of fact.”
Obviously, the above final sentence from Mr. Hei- net amount of our obligations which has been returned
delbach’s letter embodies a material misconception both to us in those five years and the foreign capital thereby
of the character of his own claim and of our demon­ withdrawn from this country was very large. Now, in
stration— a misconception to correct which will require face of this undoubted fact notice the conclusion Mr.
him to make a further a id material change in his an­ Heidelbach’s revised estimate of $300,000,000 (instead

,---------------- -February Earnings.--------------- 1895.
1894.
1893.
1892.
Name of Road.
$
$
9
*
Flint & Pere Marquette......Gross
168,060
208.812
203.125
256,276
Net
31,693
69,429
17,897
72,618
Ft. Worth & Rio Grande....Gross
38,562
18,731
25,471
...........
Net
16,298
1.351
5,472
...........
Illinois Central.....................Gross 1,415,304 1,428,810
1,452,194
1,570,163
Net
395,355
355,221
299,071
428,954
Louis. N. Alb. & Chic..........Gross
201,657
174,908
225,912
228,24t
Net
33,626
27,500
49,644
66,331
Minneapolis & St. Louis......Gross
112,230
125,223
126,375
161,792
Net
39,143
49.159
37,680
81,737
Ohio R iver..........................Gross
46,774
43,496
50,994
4^,221
Net
16,588
15,214
14,024
16,384
233,791
239,640
322,573
354,286
Philadelphia & Brie............ Gross
Net
29,992
60,264
67,547
10o,425




A pbil IB, 1895.]

THE

CHRONICLE.

of $350,000,000) of fixed charges to be paid annually
would require us to accept. The statement is made up
in the same form as our 15-year statement two weeks
ago.
Calendar Net balance mer- Xet gold imports
years, chandise A silver.
and exports.
(I )
(2)
1890.... $38,218,492 Exp’ts $3,832,984 Exp’ts
1S91....... 151,688,832 Exp’ts 34,116,471 Erp’ts
1892 ... 111,739,287 Exp’ts
59,081,110 Exp’ts
1893 ... 127,873,774 Exp’ts
7,013,431 Exp’ts
1894 ...186,010,778 Exp’ts
81,212,363 Exp’ts
Total. 615,531,163 Exp'ts 185,256,359 Exp’ts

Total favorable
Debt left
balance.
unpaid.
(3 )
(4)
$42,051,476Exp’ts $257,948,524
185,805.303 Exp’ts 114,194,697
170,820,397 Exp’ts
129,179,603
134,887,205 Exp’ts 165,112,795
267,223,141 Exp’ts
32,776,859
800,787,522 Exp’ts

699,212,478

The foregoing covers so few years brought into such
small compass that its teaching can be readily compre­
hended by every one. Mr. Heidelbach’s revised estim­
ate is that we have owed Europe for interest, dividends,
freights, money spent in Europe by Americans, etc.,
$300,000,000 for each of the last five years. That is
to say, for the period from 1890 to 1894, both inclu­
sive, our indebtedness to Europe on account of the
items specified has aggregated $1,500,000,000; bear in
mind that this aggregate is none of it for European
capital withdrawn from or fresh European capital sent
to America, but is wholly made up of the annually re­
curring-charges mentioned.
On the assumption, then, that this claim is correct,
that such an amount of over-due debt has existed with­
in the period named, the question arises how has it
been treated. I f it has stood against the country it
cannot have been ignored and must have been paid
through the ordinary channels either with merchan­
dise or gold or securities.
Eor the five years, as will
be seen by reference to the above table, our foreign
trade shows an aggregate of merchandise exports in
excess of merchandise imports (that is after paying
for our imports) of $615,531,163; the same compilation
also discloses an aggregate of net goid exported of $185,256,359. Together these balances amount to $800,787,522.
All that must have gone towards paying
such a debt if it existed; but besides that there would
still be $699,212,478 of the $1,500,000,000 over-due
debt to be treated which could only have been paid in
the main by sending securities.
In other words, this
theory if admitted establishes this incredible conclu­
sion, that Europe instead of having less invested in the
United States has over 699 million dollars more in­
vested here to-day than it had five years ago; that in­
stead of having returned to us our securities in large
amount during those years it has taken our securities
in large amount. Most assuredly we cannot be asked
to believe that.
Taking up our investigation now where we left off
two weeks since we will carry the analysis a step fur­
ther ; for a careful study of these trade records ought
to furnish more than negative evidence. It has yielded
conclusive proof against a largely exaggerated estimate
of our annual indebtedness— can it not now be used so as
to become a closely approximate indicator of the real
facts in question ? No doubt if there is anv method
by which we could accurately measure the security
movement even for one or two years, we could then put
the concurrent trade record side by side with this known
movement of securities and so gain the desired infor­
mation as to the true amount of these floating obliga­
tions annually calling for payment.
Unfortunately the outflow and inflow of capital
while in progress is always an uncertain factor.
But
there is a method of investigation suggested by the
little five year compilation given above which is more



631

promising ; it is this— why cannot we begin by remov­
ing that factor ? Have there not been occasions in the
course of the security movement, at the turn of the
tide as it were, when the movement was interrupted,
was at rest— occasions when trade figures would stand
by themselves, severed from the disturbing security
movement, or so nearly so as to yield instructive and close»
ly approximate results with reference to the matter we are
discussing ? It may be stated as a general truth that
a trade balance, be it adverse or favorable, is in the
main settled with merchandise or gold or securities!
at about the time it occurs. In other words, past-duo
debt or matured obligations cannot be carried over in
any large amount unadjusted from year to year or be
largely postponed to a subsequent year. Consequently,
if we group the trade results for these fifteen years into
say three or five year periods it will be safe to assume
that within each three or five year cycle left-over bal­
ances will in the main be liquidated; then the remainder
unliquidated in each group of years will be small and
nearly equalized between the periods, averaging so alike
as to disturb our calculation but a trifle.
Now were
we to find in connection with the use of this method
a time when the security movement is known to be in
suspense, and the ebb and flow sluggish or about equal,
have we not reached a period at which the average net
trade balances, the surplus of merchandise and gold,
must be taken as representing the amount of the
annual fixed charges against us— the unrecorded yearly
charges or maturing obligations.
We want to be clearly understood on this latter
point before we go further. Hence at the risk of re­
peating ourselves and appearing tedious to some of our
readers we re-state in a little different form what we
have just written. Assuming it to be granted (1) that
the adjustment of our over-due debts cannot be ma­
terially delayed, and (2) that all current obligations
due the outside world must be paid with merchandise,
gold or securities, it follows that if any year or period
can be found when no securities passed either way the
net balance of merchandise and gold exported must for
that period be the measure of the amount of the annu­
ally-recurring indebtedness of the country to the out­
side world. In those years when no purchases of our
properties have been made and no return of them has
occurred, or when those movements have about equal­
ized one another, the security feature is obviously
eliminated, leaving only the net balance of merchan­
dise, silver and gold exported to represent the settle­
ment of the annual dues ; the lapping over of settle­
ments from one year to another would likewise be to a
great extent evened and as a disturbing feature mini­
mized when the arrangement was to include two or
more years.
We may use as a first illustration the little five year
compilation from 1890 to 1894 inclusive, given above.
This will not furnish just what we want, a year when
there was no net security movement either way, but it
will afford us a result which will go far towards solving
the problem of maximum annual fixed charges. With
reference to the security movement in those five years
we have no doubt, and every one familiar with the
facts will admit, that we received from Europe for
payment and paid for many more of our securities
than Europe took from us. Hence if we met our in­
ternational obligations in those years, as of course we
had to and did, we must have paid on the average all
the annual fixed charges in those years for interest^
dividends, freights, money spent in Europe by Amen-

632

THE CHRONICLE.

[VOL, LX.

cans, &c., plus the balance against us on the capital far from 60 million dollars— of course larger in 1893
Consequently the
account. There can he no way of avoiding this con­ and 1894 than in the earlier years.
clusion. How then did we make those payments ? It teaching drawn from this review of our foreign trade
could have been done only by our exports of merchan­ July 1890 to 1894, inclusive, is that the fixed charges
dise, silver and gold in excess of the portion which iu that period must have been somewhere about 120
went to settle for our imports; and that is just the million dollars.
There is one other term of years within the fifteen
fact which the above table shows. In the five years,
for the purposes (other than imports) named, we had given in our table two weeks ago the study of which will
left over $615,531,163 of merchandise, including sil­ aid in measuring the magnitude of this annually-recur­
ver, and $185,256,359 of gold, together making $800,- ring indebtedness. We refer to the earliest nine years
787,522. That affords an average of a little over of the statement. There are really only four of them
$160,000,000 a year. In other words, $160,000,000 which were years of greater or less depression and
covers the average amount of the annual fixed charges have a direct and important bearing on the question at
for interest, dividends, freights, money spent in issue; the others were years of prosperity that preceded
Europe, &c., plus the average amount of capital and followed the period of industrial quietude and to
Europe withdrew from America in the five years some extent suggestive as rounding out and setting off
the smaller cycle. Inasmuch as the season of rest be­
under review.
We do not claim absolute accuracy for these results. gan and ended with July it was desirable to have the
It is possible, and perhaps not unlikely, that the early trade returns arranged in fiscal years; for this reason
part of 1890 received as a legacy from the more active we have prepared the following statement in that form,
business of the good year of 1889 many half-completed covering the nine years referred to.
Net balance merNet balance,
Total net
security engagements, and that these, as well as the
Fiscal years, chandise and silver.
Gold.
trade balance.
wholly new transactions which arose during the first 1879- 80.......... $168,911,832 Exp’ts $77,119,371 Imp’ ts
$91,792,521Exp’ts
188081
Bxp’ts
97,466,127 Imp’ts
168,544,068Exp’ts
five months of 1890, may have furnished foreign ex­ 1881- 82......... 266,010,195 Exp’ts
34,636,946
1,789,174 Imp’ts
32,847,772Exp’ts
change to a considerable amount in excess of the out- Totals 3 yrs..$469,559,033 Bxp’ts $176,374,672 Imp’ts $293,184,361 Exp’ts
$6,133,261 Imp’ts
$103,989,430 Exp,ts
flow of securities in the later months of 1890, which 1882-83...... '. . $110,122,691 Exp’ts
18,250,640 Exp’ts
102,523,037Exp’ts
188384......... 84,272,397 Exp’ts
- outflow began about the first of June of that year and 1884- 85.......... 181,865,432 Exp’ts
18,213,804 Imp’ts
163,651,628Exp’ts
received a most decided impulse on the publication of Totals 3 yrs..$376,260,520 Exp’ts
$6,096,425 Imp’ts
$370,164,095 Exp’ts
$77,958,448Exp’ts
the Baring embarrassment. Suppose, to allow for this 1885- 86......... $55,749,606 Exp’ts $22,208,842 Exp’ts
33,209,414 Imp’ts
309,658Imp’ts
1886- 87......... 32,899,756 Exp’ts
possible excess, and to avoid the chance of error on that 1887- 88 ..... 16,368,327 Imp’ts
25,558,083 Imp’ts
40,926,410Imp’ts
$36,722,380 Exp’ts
side of the account, we add 50 million dollars to the Totals 3 yrs.. $73,281,035 Exp’ts $36,558,655 Imp’ts
Looked at in a general way, the prominent feature
five year balance; then the annual average for the five
years would be 170 million dollars instead of 160 mil the foregoing presents i3 the wide variation iu the
lions just mentioned. Or perhaps it would be more left-over balances at the end of each year. Tue first
satisfactory to make no estimate, but to start the ab ive three years these balances average nearly 100 million
five year statement with July 1, 1890, thereby reducing dollars a year ; the second period they average 125
the period to 4-| years. Beyond question from that million dollars, and the third three years they only
date down to the close of 1894 the security movement average about 12 million dollars. Returning again to
almost uninterruptedly and certainly the net for each the first group, notice the marked change that took
twelve months has been against the United States. To place in conditions .the third year (1881-82) of that
make this change so that the result will cover only 4^ group ; the prominent features for that twelve months
years, take the above total net favorable balance for the are a very small net export of merchandise and silver
five years ($800,787,522), subtract the net favorable ($34,636,946), and yet in face of that a gold move­
balance for twelve months of 1890 ($42,051,476), add ment which shows a net import— 3mall to be sure, but
the net favorable balance for the last six months of still an import. This net gold import, though so
1890 ($55,036,869), and divide the product ($813,772,- small, has special signifi3ance, occurring, as it does, in
915) by 4-J years, and we have as the result $180,838,- a year when the net merchandise and silver exports
425, or say 180f million dollars, to represent the reached, as stated, only $34,636,946 ; for in such a
average annual fixed charges for interest, dividends, condition of the merchandise trade a large net expert
freights, money spent in Europe by Anericans, &c., of gold would be looked for, and if our debt to Europe
j)lus the average amount of capital Europe withdrew was anywhere near 250 million dollars— Mr. HeidelbaclPs revised estimate for those earlier years—the
from America during the 4£ years.
Even this total of 180f million dollars is of course a 1 trade record would certainly have disclosed such an
very material reduction from Mr. HeidelbaclPs estim­ export unless the debt had been in some way otherwise
ate. But that is not the last paring down required ; settled.
It was in the year just mentioned (1881-82) that we
it must be still further and materially lessened since the
figures reached as they now stand cover, as already said, entered upon a period of prolonged liquidation. We
not only the fixed annual charges but also the average had passed through a term of years of unexampled
net amount of all that the United States paid each prosperity, beginning about July 1878, and continuing
twelve months on account of the securities returned almost without a check until on that memorable July
and capital withdrawn by Europe. Hence to deter­ 2 1881 when President Garfield was shot. On that
mine what is the extent of this annually-recurring day business was proceeding at a rapid pace though
indebtedness it is necessary to deduct from the 180f the seeds of a reaction were already visible. They
million dollars whatever may be assumed as a probable were visible in the severe, widespread and almost phe­
figure for the average of these payments on capital nomenal drought that prevailed; in the small crops
account. That is a point about which we have not which were produced that summer represented by a
sufficient data to express any exact opinion. Such loss of over 200 million bushels of wheat, over 500 mil­
movements are generally exaggerated. We are inclined lion bushels of corn and over a million bales of cotton;
■to think that the annual average in this case was not in the over-production of railroads, 28,253 miles of new



A pril 13, 1895.]

THE CHRONICLE.

633

road-having been built in the three years from 1880 to which the Syndicate is engaged. When the Syndicate
1882, both inclusive, 11,599 miles of it being, to be undertook to stop the flow of gold from this country
sure, constructed in the calendar year of 1882, but car­ may we not conjecture they understood much better
ried through with constantly increasing embarrassment than the public did the nature of the work they
under a necessity which the large number of half-fin- bad in hand.
The public imagined it was a
ished projects more or less already under contract im­ struggle against 350 million dollars of annuallyposed. Altogether, it so happened that the shock accruing indebtedness, unceasingly flowing towards
which business received on the 2d of July 1881 was this country and demanding payment.
Dam up
never fully recovered ; on the contrary 1882 witnessed that stream said the pessimist, and in a few weeks it
a further and continued slackening of the speed which will burst any barriers made to stand against it. That
had marked business progress the last half of 1878, was a correct diagnosis, and could not be gainsaid
the whole o f 1879 and 1880 and the first half of 1881.
if the facts it was supposed to fit existed.
This dislocation and contraction of industrial affairs, We have demonstrated that the conditions were
which had its start as described, became general and not at all of
the character assumed.
The
uninterrupted during the following three year period, supposed stream was a mere figment of the imagi­
from July 1882 to July 1885. The essential feature of nation. We owe Europe to-day of fixed charges per­
that period was merely a counterpart and natural haps 130 million dollars a year— perhaps a little over
outgrowth of the special development of the previous and perhaps less. When the Syndicate entered upon
four years. From 1878-79 to 1881-82 the building of the task it had undertaken the trade figures showed
railroads had been pursued most immoderately and that the country had much more than paid this debt
unwisely; paralhlling of old-established lines was the for the past twelve months. What was it then the
feature. When the turn came, and liquidation set in, contractors with the G-overnment had to meet and
cutting of rates and rate wars not only contributed overcome ? It was distrust of a noxious character they
to the progress of the depression but became the dis had to face, and it was the restoration of confidence
tinctive characteristic that gave type to the industrial they had to secure.
This our investigation has
situation. We have not time nor space to enter upon proved, and. the daily progress in industrial affairs
any detailed account of the course of affairs. Nor will since the Syndicate began, its work indicates not only
it be necessary. The whole position will be recalled how well its efforts are succeeding but also how clearly
by our readers from the mere mention of the contest it realized the conditions.
between the New York Central and the West Shore,
begun with the purpose on the part of the older road
B U R LIN G TO N & QU IN CY REPORT.
of weakening, if not wrecking, its younger rival, that
Tüe Burlington & Quincy report serves to illustrate
had been built to force its purchase on the Central by
anew the intensity and magnitude of the depressing
threatening and so far as need be injuring the Central’s influences under which the railroads in the Northwest
business.
The utter disregard of the cost of the
labored during the late calendar year. The roads in
service in the tariff of rates adopted by the New York
that section suffered not only from the general indus­
Central is everywhere well remembered, and the gen­ trial prostration common to the whole country and
eral demoralization of rates all over the country will
from the various other adverse features which distin­
also be recollected— which general demoralization con guished the year and which have been so often enum­
tinued to about the first of July 1885, when the settle erated in these columns, but they suffered also with
ment of the differences between the New York Cen­ particular severity from the failure of the crops. And
tral and West Shore and the Pennsylvania and South to none of the Northwestern roads was the crop disas­
Pennsylvania became known.
ter of so much consequence as to the Burlington &
It only remains for us to describe the situation of the Quincy. For, as is well known, it was the corn crop
security movement during this three year period (from which was damaged most by the severe drouth that
July 1882 to J uly 1885) of depression, which will be nearly ruined all the crop3 in th« West, and the Bur­
done very briefly. We have not relied upon ourselves lington & Quincy felt the effects more than any other
for the facts. To ensure accuracy we first wrote to the system because it Í3 decidedly the largest eorn-carrying
bankers who handled the largest part of the securities road in that part of the United States.
which at that period passed to Europe from America
It is necessary to bear these facts in mind in order to
and from America to Europe; we wrote asking for a interpret the year’s results correctly. The showing of
record from their books of the situation during the course is not a favorable one, and no one expected that
three years in question and afterwards had an interview it would be.
Bat the reader should guard against ac­
with the head of the firm respecting the matter. We cepting these results as reflecting normal co ndi tions. O n
thus confirmed what w generally known, that the net
a3
the contrary they reflect, positively abnormal conditions.
movement during those years was constantly At the same time it does not follow that there is to be
though not largely from Europe to America— small at an immediate change in the conditions. Túe effects of
first but increasing year by year. Here then again the failure of the corn crop will be felt through the
we have proof that the left-over balances represent in whole of the first six months of the current year. But
this three-year period (July 1882 to July 1885) the it is w ell' to remember that earnings based on such a
fixed charges, plus a moderate movement of capital situado i, whether lasting only one year or expending
from America to Europe. The average of the left­ over two years, do not at a time of great business de­
over balances for the three years is 125 million dollars. pression, such as that through which we are
Assuming the capital movement averaged 25 million passing, afford any criterion of the value or earn­
dollars, the fixed charges would be only about 100 ing capacity either of the Burlington & Quincy
million dollars— which we believe is as near correct as or of any of the other large railroad systems which find
it can be stated and cannot be very far from the truth.
themselves in a like predícame it.
In closing let us apply the foregoing facts to the ex
The gross earnings of the road (taking only the lines
isting financial situation and the work of relief in directly operated— that is, omitting the lines con«


634

THE CHRONICLE.

[Von, LX.

trolled) fell off in the amount of over 6 f million dol extent swell the deficit of $1,103,996 reported on the
lars, and this followed a loss of nearly two million Burlington & Quincy proper. One further fact has a
dollars in 1893, so that in the two years the revenues bearing on the year’s results. President Perkins, with
have undergone a contraction of 8§ million dollars, the characteristic frankness, notes that “ for three years
total dropping from $33,002,394 in 1892 to $24,667,132 past, in reducing expenses, repairs on rolling stock
in 1894. Of course expenses had to be heavily cur­ and buildings have not been fully kept u p ; and it
tailed, and as showing the extent to which the policy is estimated,” he adds, “ that about $1,000,000
of retrenchment and economy has been enforced, it is ought to be expended to put them in good shape.”
only necessary to say that the outlays in the late year This, he says, “ will be done gradually when busi­
were cut down nearly 5 million dollars, after a reduc­ ness improves. Cars and engines needed for service
tion in 1893 of l i million dollars, making together 6^ are of course kept in good order; and the track and
million dollars. We get an idea at once of the magni­ bridges have been well maintained.”
Taken altogether, it must be admitted that the situ­
tude of the road’s operations and of the trying condi­
tions under which these operations were conducted ation in these various particulars is not as encouraging
when we note the extent of this contraction in expenses, as could be wished. But it is easy to attach overmuch
In the
and observe, furthermore, that even that saving of importance to the facts enumerated.
over 6 million dollars failed to prevent a large loss in first place the conditions during the last two
net, the total of the net in 1894 having been only years, as already stated, have been entirely ex­
Apart from this the income of the
$8,383,066, against $9,818,466 in 1893 and $10,533,383 ceptional.
Burlington & Quincy is subject to sharp fluctuain 1892.
It seems at first sight a little singular that the loss ! tions, since a good or a bad corn crop is of such great
in passenger earnings in the late year was in amount importance to it. Looking back over the last seven
nearly as striking as the loss in the freight earnings, years, we find there were two other years when there
while proportionately it was very much heavier. Thus was a deficiency. Then it should also be remembered
the passenger receipts fell off $2,823,506 (the total that the deficit of $1,103,996 is arrived at after allow­
dropping from $8,419,079 to only $5,595,573), and ing for very heavy sinking fund payments. These
the freight receipts fell off $3,553,796 (from $19,689,495 sinking fund payments have always been a feature in
-in 1893 to $16,135,699 in 1894), the decline in the one the affairs of the Burlington & Quincy. The direct
case being over 33 per cent and in the other case only contribution out of earnings in 1894 for that purpose
about 18 per cent. As against 409£ million passengers was $773,386 53. But the accretions on the amounts
carried one mile in 1893, the number in 1894 was only previously contributed swell the total for the year to
255£ million, being a decrease of over 37 per cent, about $1,224,000. In effect these contributions are
whereas in the freight traffic the falling off was only simply payments in reduction of the bonded indebted­
from 2,099 million tons to 1,770 million tons, or less ness of the company, and with them eliminated the
than 16 per cent. But the explanation is very simple. deficit of $1,103,996 for 1894 would be extinguished.
One should be careful, too, not to give to Mr. Per­
In 1893 the road had a large extra passenger traffic on
kins’s statement that repairs on rolling stock and build­
account of the World’ s Fair,» so that the passenger
movement and the passenger earnings in that year ings to the extent of a million dollars have been defer­
showed an increase notwithstanding the panic and red a greater importance than it was intended to have.
business depression. If we compare with two years The ordinary observer is apt to be impressed simply by
ago, we find passenger earnings of $5,595,373 in 1894, the amount, which certainly seems large, without tak­
against $7,223,143 in 1892, a decrease of only 22£ per ing into consideration the size of the system to which
cent in the two years, and aj'passenger movement one it refers. It must be borne in mind that we are dealing
mile of 255,565,171, against 325,611,118, a falling off with a very large system of roads. The lines directly
of only 21^ per cent. On the other hand the freight operated in the Quincy system comprise 5,730 miles,
receipts for 1894 are only $16,135,699, against $22,768,- and a million dollars distributed over this mileage
007 for 1892, a decrease of 29 per cent, and the number means not quite $175 of repairs per mile in arrears.
of tons of freight one mile 1,770,402,607, against The whole million dollars is less than 1£ per cent on
the 82 million dollars stock of the company. Or to
2,345,442,151, a decrease of 24£ per cent.
put the matter in another way, as Mr. Perkins makes
It is needless to say that the company did not earn
its dividends in full during the twelve months of 1894. the amount cover the whole of the last three years, the
This was not due to any increase in charges, but simply average per year is seen to have been only $333,000,
to the falling off in net earnings. As will be remem­ which on the gross earnings of 1892 (before the
bered, the quarterly dividend for the last quarter of reduction began) is only 1 per cent, showing that the
the year was reduced to 1 per cent, making the aggre­ ratio of operating expenses to earnings was shrunk in
gate payment for the year only 4§ per cent, instead of that way an average of only about 1 per cent for the
the previous 5 per cent. The net income fell $1,103, three years. As a matter of fact, the shortage of
996 short of meeting the 4 f per cent paid. Roughly, $1,000,000 is really insignificant considering the extent
the company maybe said to have earned 3£ per cent on of the Quincy’s income and the system’ s wonderful
the stock during the twelve months, according to its recuperative power, so often demonstrated in the past
method of stating its accounts. The figures given re­ after periods of depression.
As showing how the community is affected by the great
late to the roads directly operated. The lines con­
trolled show for the twelve months a surplus of $42, • contraction in expenses which loss of revenues has
279 after the payment of all interest and dividend forced upon the company, we would direct attention to
charges, the most of which payments went to the the statement in the report that the number of persons
Quincy itself and are counted in its miscellaneous in­ employed was reduced as far as practicable, and that at
come. This, however, does not include the operations the end of 1894 the company had upon its rolls on the
o f the Chicago Burlington & Northern, which netted a entire system, including everybody, only 21,115 names,
loss of $335,496, and which, if added, would to that while at the end of 1892 the "numbar was 28,745, a



April 13, 1895.J

THE CHRONICLE.

635

municipalities, of course, and those handling their
bonds, the fact is an exceedingly important one, since
the savings banks constitute the largest takers and
holders of these securities. We show in an article in
our S t a t e a n d C i t y S u p p l e m e n t to-day how large is
the amount of such securities at present held by these
institutions. Besides, the developments of the last few
years have tended to raise municipal securities to a still
higher plane of favor among the banks.
Many of the
other investments of the savings institutions have turned
out very badly— so badly that in those States where the
managers had been allowed unlimited or very unusual
discretion it has been found necessary to impose re­
strictions.
On the other hand, the investments in
municipal securities have proved among the very best
held.
An appreciation of this fact, as well as the more
stringent regulations concerning investments now en­
forced in some of the States, has led to an increasing
market for the bonds among the savings institutions.
We noted the increase in holdings which had occurred
in New Hampshire during the last few years in the
C h r o n i c l e of March 30th, and the statistics of the
Vermont institutions also furnish an illustration of the
tendency in that particular in some of the States.
Vermont is, to be sure, a very small State, but the
change is so decided as to merit notice.
The classifi­
cation of the assets shows that during the last five
years there has been an increase from 21*68 per cent
to 29*29 per cent in the proportion of assets in the
item entitled “ public funds and loans thereon and to
COURSE OF SAVINGS B A N K DEPOSITS.
Another fact should not
Despite the great depression in business, from which towns, counties and cities."
be overlooked, namely that although the savings in­
the country is now emerging, the deposits of the
savings banks here in the East keep steadily risings stitutions already hold enormous amounts of municipal
and in the aggregate are now larger than ever before securities, their deposits are of such vast magnitude
in our history. It would have been natural to look for that if they chose they could add very greatly to their
a falling off. Savings institutions exist primarily for investments in that form and thus take further large
the benefit of the humbler classes of the population— amounts.
The increase in deposits in the late year is the moro
the wage-earners who get their income from their daily
work, but who manage from time to time to put aside noteworthy since it was so general. Taking the New
a few dollars, which they entrust to the banks for safe England States and, New York, Pennsylvania and New
keeping. For these people the last eighteen months Jersey, every State shows larger deposits with the ex­
have been an unusually trying time. Owing to the ception only of New Hampshire and Rhode Island, In
general prostration of our industries, labor has been in New Hampshire of course the reason for the falling
greatly diminished demand, and this has made it diffi off is found in the embarrassment of several of the
cult for nearly all to secure full employment, and banks by reason of injudicious investments, and the
impossible for many to obtain any employment. As resulting general distrust which this has occasioned.
an evidence of the intensity of the depression, our In Rhode Island, too, the latitude regarding invest­
railroads, on account of the falling off in their income, ments has been rather wide, and in addition the
were obliged to contract their ordinary operating United States Income Tax Law is causing a reduction,
expenses alone in the sum of about 100 million dollars. the banks in that State holding some exceedingly large
What this means of course every one knows. It means accounts.
Perhaps it will be claimed that as showing the general
tens of thousands of men deprived of employment and
other tens of thousands only partly employed. Thus condition of the wage-earning classes, the late year's
this constituency of the banks found their ability to increase possesses less significance than might be sup­
add to their savings hoards greatly curtailed, while posed— that the increase must be regarded as due to
many of them were reduced to the necessity of drawing the use of the banks by persons of larger means, who
upon their old accumulations. As far as the well-to-do finding ordinary investments so unsatisfactory and in­
classes contribute to the deposits of the savings institu­ secure have deposited their money in the savings insti­
tions, the situation was much the same. Practically tutions as furnishing at once a safe abiding place for
every one's income was greatly reduced, and hence it ttheir capital and an assured return. Such a move­
was no easy task to make new accumulations or to ment is usual at a time of unsettled confidence and
heavy losses and shrinkage in profits and securities.
keep old accumulations intact.
Nevertheless, as already said, the deposits have fu r­ It was a feature of the period succeeding the panic of
ther increased even under these adverse conditions. 1873, and it has been noticeable to an extent in the
And that is certainly a very gratifying fact, for it in­ present period of depression. But while this will ac­
dicates that the country has passed through a most count for some of the increase in the deposits, it will
critical and prolonged crisis without any general im­ not account for the whole of it. We have some data
poverishment of the masses of the population. To our which permit of a partial analysis.

decrease of 7,630. If this has been the reduction by a
single large system, what must the reduction have
been on the entire railroad mileage of the United
States, all of which suffered in the same way as the
Quincy ? The circumstance gives prominence again to
the close connection existing between the railroads and
the general community, and serves to emphasize the
importance of keeping this great agency in a state of
profitable activity to the end that the community itself
may derive the benefit.
The new capital expenditures of the Burlington &
Quincy during the year were comparatively light,
aggregating only $2,060,459, the most of which was for
the new extension built into Montana to a connection
with the Northern Pacific. Besides this, however, the
company purchased $950,000 of St. Louis Keokuk &
Northwestern 1st mortgage 6 per cent bonds, the pro­
ceeds being used by the last-named road in the con­
struction of its new line into St. Louis. The Quincy
issued $3,610,000 of new bonds during the year, but as
$631,500 of other bonds were paid off or canceled the
net increase in funded debt has been only $2,978,500.
There was no change in the aggregate of the stock.
The current liabilities of the company December 31,
1894, were $4,141,071, against which there was held at
the same date $3,723,906 of cash, with $2,765,206 of
accounts and bills receivable and $2,700,991 of avail­
able securities, making a total of current assets of
$9,190,103.
_________________ ___




I 636

THE CHRONICLE.

In Connecticut the increase in deposits for the year
has been $2,961,638.
We find that no less than
$2,029,044 of this has been in the accounts which
range between $2,000 and $10,000 in amount. In the
accounts between $1,000 and $2,000, however, there
has also been an increase— $845,406— and in the
accounts below $1,000 an increase of $292,452. The
latter class of accounts forms the most numerous of
all, and during the year there was an increase of 1,140
in such accounts out of a total increase in the number
of depositors of all classes of 1,375. The effect of the
Income Tax Law is seen in the decrease in the number
of accounts running above $10,000 from 204 to 186,
and in a diminution in the aggregate amount of
deposits represented by such accounts of $205,263. We
made some comments on the increase in savings
deposits in New York in the C h r o n i c l e of February
16* In Maine the gain has been $1,269,914, and of
this $907,561 has been in the accounts of depositors
whose balance stands at $500 or less. In Massachusetts
the banks are required every fifth year to include in
their returns a classified statement of the deposits
made during the twelve months preceding. The Bank
Commissioners find that there were $71,472,139 of
new deposits during the year ending October 31, 1894,
and that all but $11,331,324 of the amount was in
deposits of less than $1,000. The Commissioners say
that the statistics favor the claim that the banks are
being used almost entirely by those of limited means
and opportunities, and not by the wealthy classes.
The pressure upon our space has forced us to omit
from the number of our S t a t e a n d C i t y S u p p l e m e n t ,
issued to-day, the comprehensive statement and record
of the savings bank deposits for the period from 1870 to
1894, given in previous issues of the S u p p l e m e n t .
We have accordingly transferred the statement to the
columns of this paper, and it will be found on page 641.
The table embraces the whole of New England and
also New York— all the States for which so com­
plete a record can be made up. In the following we
furnish a brief summary for the last two years, ad­
ding New Jersey, Pennsylvania and Maryland. The
figures for the last-mentioned State we have taken
from the report of the Comptroller of the Currency,
and they show a small decrease.
DEPOSITS OF SAYINGS BANKS.

■Amount Deposits.------- ,
M aine.................
54,531,223
Ne-vp Hampshire
70,616,943
V erm on t............
27,966,855
M assachussetts 416,778,017
R hode Islan d...
67,444,117
C o n n e ctic u t.... 136 928,858

53,2 m ,309
74,377 2 7 9
27,262,929
399,995 570
69,053 724
133,967,220

‘—
No. o f Depositors.-^.
1894
1893
$
$
155,704
153,922
169,510
174,654
92,239
89,115
1,247,090 1,214,493
131,623
130,610
337,254
335,879

N ew E n g lan d ..
N ew Y o rk ....... .

757,918,081
617,089,449

2,133,420
1,615,178

2,093,673
1,585,155

3,748,598
144,160
264,642
145,476

3,683,828
137,897

$*

774,266,013
643,873,574

$

„
T o t a l.1 ,418,139,587
1,375,007,480
N ew Jersey........
36,149.920
34,266,298
P e n n sy lv a n ia . .
68,522,217
66,025.821
M aiyland *.........
43,831,542
44,569,857
Grand t o ta l.. 1,566,643,266 ] 1,519,8 69,456
‘ Including D istrict o f Columbia.

148,862

4,302,876

The final total in the foregoing gives deposits of
1,566 million dollars for 1894, against 1,519 million dol­
lars for 1893, an increase of 47 million dollars. With­
out New Jersey, Pennsylvania and Maryland the total is
1,418 millions, against 1,375 millions, an increase of
43 million dollars. In this latter form we have the
comparisons back to 1870. In the year preceding the
last the increase had been very small, only about 1|
million dollars, thus reflecting the effects of the panic,
but in the year before that the addition had been over
85 million dolars. Since 1878 there has not been a
year when the grand aggregate of the deposits has




[VOL. LX.

not shown an increase, and as illustrating the wonder­
ful growth established in the interval since then we
need only say that in that earlier year the total was
but $684,407,368 while now it is $1,418,139,587.
As to the course of the deposits in the immediate
future it will be interesting to see what effect the In ­
come Tax Law will have in reducing the totals. In
some of the States the matter is of no consequence for instance in Maine the banks may not receive over
$2,000 from any depositor, and no interest can be
paid on any excess above that sum, though an import­
ant exception is made in favor of “ deposits by
widows, orphans, administrators, executors, guardians,,
charitable institutions, and as trust funds.” Rhode
Island banks, on the other hand, hold dozens of
accounts exceeding $10,000, one bank having an account
of $169,148, another an account of $49,224, another
an account of $64,751, another an account of $38,831,
&c. All these will have to be reduced to $10,000 i f
the banks would escape the payment of the incometax, and some of the institutions, we understand, noti­
fied their depositors some time ago to withdraw all
excess above the limit.

PITTSBURG CIN C IN N ATI CHICAGO
LOUIS—L A R G E TAXES.

& ST

The Pittsburg Cincinnati Chicago & St. Louis is one
of the Pennsylvania Railroad properties whose sharessell on our New York Stock Exchange. The lines o f
the road form what is known as the Southwestern sys­
tem of the Pennsylvania.
The preferred stock paidregular dividends for some years, but in 1894 on ac­
count of the unfavorable conditions prevailing the sec­
ond semi-annual payment for the year was omitted.
The appearance of the annual report this week enables
us to see the result of operations for the twelve monthsy
also how the road passed through the period of extra­
ordinary depression for which the year 1894 was dis­
tinguished.
It is found that gross earnings fell off in amount of
$1,502,953, but that this wa3 met by a reduction in
expenses of $1,269,111, leaving the loss in net only
$233,842. In the freight earnings the decrease was
$540,334, or only a little more than 5 per cent, but in
the passenger earnings the decrease was $971,415, or
over 22 per cent. The heavy loss in the latter case fol­
lows of course from the absence of the World's F air
travel, which so greatly added to the business of 1893.
President Roberts notes that a reduction of 331,495
tons in the freight ’traffic and 884,774 in the number of
passengers carried shows clearly that abnormal condi­
tions continued to prevail. He observes furthermore
that but for the rigid economies enforced in all depart­
ments of the service there would have been a severereduction in the net revenues. Analysis of the ex­
penses shows that of the $1,269,111 saving in expenses
$312,985 was under the head of Conducting Transporta­
tion, $566,018 in Motive Power, $232,264 in Mainten­
ance of Way, and $255,538 in Maintenance of Cars,,
while General Expenses increased $97,693. Mr. Rob­
erts states that the reduction was effected without’
impairing the condition of the property, and points^
out that the net earnings of the company were made on
an average rate of only 6 8 10 mills per ton per mile^
on the entire freight traffic of the system.
Business depression of course was the controlling in­
fluence in the year's results, but the great strike of the
bituminous coal miners during April, May and June inu

April 13, 1895,]

THE CHRONICLE.

Pennsylvania, West Virginia, Ohio and Indiana was
another extremely disturbing agency. With reference
to the strike of the railroad employees in June and July
on the order of the American Railway Union, which
■culminated in scenes of violence and riot at Chicago
and other points, Mr. Roberts says that “ no more
causeless strife was ever inaugurated than that directed
against the railways of the couatry, with the view of
enforcing, through the blockade of their traffic and the
destruction of their property, the settlement of a dis­
pute between a manufacturing company and its em­
ployees " A t Chicago 729 of the company's freight
cars, 78 of them loaded, were destroyed, and more than
four miles of track were also destroyed. Suits are
pending to recover three-f our fch.3 of the damage from
Cook County.
After meeting all charges for the twelve months the
company had a surplus income in 1891 of $635,492,
against $824,634 for 1893. The two per cent dividend
paid in April 1894 called for $159,497, which when
deducted leaves a balance of $175,995, a sum which
would not in any event have warranted another divi
dend payment for the year. But at the same time the
company had $487,181 to pay in settlement of back
taxes; charging this up there is a deficiency for the
year of $311,186. However, this item of $487,181 is
an entirely exceptional one. The capital expenditures
of the road during the year were very small— hardly
more than nominal in amount. No work we are told
was undertaken that was not absolutely necessary, as
through the liberal provision made in 1893 in the way
of additional tracks, motive power and equipment, the
lines of the system were found to be fully equipped for
all present requirements. The balance sheet shows
that the company's current liabilities December 31,
1894, aggregated $2,741,738, while cash and current
assets amounted at the same date to $3,191,554.
In general, it may be said, therefore, that while the
company, like so many others, had trying conditions to
meet, it passed through the period very creditably.
And this of course would be expected from a road
managed as are all the Pennsylvania Railroad proper­
ties. One further fact deserves to be mentioned, be­
cause it is becoming a very important influence in the
affairs of our railroads.
We refer to the very heavy
taxes imposed upon these corporate bodies— so heavy
that they are oppressive.
President Blackstone, of
the Chicago & Alton, alluded to this feature in his last
annual report, and now President Roberts makes brief
incidental mention of the same matter.
We have referred above to the item of $487,181
which the Pittsburg Cincinnati Chicago & St. Louis
had to pay in settlement of back taxes. That item
iepresented assessments made on the property of the
company in Indiana, and which the management
deemed so excessive and unjust that they contested
them in the courts, though unsuccessfully. In reporting
this incident President Roberts notes also that the taxes
upon the property of the company for the year 1894
amount to nearly 4-£ per cent upon the company's entire
gross earnings. Observe, that the reference is to gross
■earnings, not net earnings. Government takes 4£ per
•cent of the whole receipts of the company. It has
■been supposed that the troubles of our railroads fol
lowed chiefly from low rates and uncontrolled competi­
tion. But here is a new element requiring attention.
The roads are burdened with onerous taxes, which are
■dragging them down no less surely than the other d if­
ficulties referred to.




637

RAILROAD GROSS EAR KINGS FOR M1RGH.
Railroad earnings are slowly improving, and our
statement for the month of March shows an increase
in the aggregate over the corresponding month last
year. In February, it will be remembered, th9 same
roads showed a decrease. The gain now is $244,897,
or only f- of one per cent. For February there wa3 a
loss of $718,346, or 2*11 per cent. Bat in the lastmentioned month, as will be recalled, the weather was
exceptionally severe an l interfere! greatly with rail­
road operations. In March the weather conditions
were much more favorable, and in fact there was com ­
paratively little disturbance on that account.
Of course we are comparing with heavily diminished
earnings a year ago— the loss in March 1894 for sub­
stantially the same roads having been $5,877,41.4, or
13*05 per cent— and in view of that fact the increase
now may seem very small. But in certain sections
there have been heavy losses in earnings, and the
increase in the final result was made
notwith­
standing that fact. These losses have followed from
unfavorable conditions. Tne general state of trade
changed very materially for the better during March,
the improvement being stimulated by the adjournment
of Congress and the success attending the operations o f
the Syndicate in arresting gold exports and restoring
the gold reserve in the United States Treasury. But
on account of last season's crop shortage, the grain
movement the present year wa3 very small, a circum ­
stance which operated to the disadvantage of all West­
ern roads while causing a large contraction in the earn­
ings of many of them. Aside from the falling off in
rhe grain traffic, in those sections where the failure of
the crops last year was most pronounced the people in
many cases have been left in indigent circumstances
and are in no condition to make extensive purchases of
vares or goods.
In the South, while the cotton movement was con­
siderably in excess of a year ago, the price of the staple
(though somewhat higher than in the month preced­
ing), was such as to yield planters only a very poor re­
turn ; and that has been an unfavorable factor all
through that part of the country.
Besides operating
as a damper on business activity, it had the effect of
diminishing the shipments of fertilizers over the rail­
roads, as planters, because of the low price of cotton,
found themselves unable to buy on the usual scale. A n ­
other factor which no doubt operated to diminish the
traffic of Southern roads has been the great damage
done to the Florida orange crop by the fro3ts early in
the year.
Then, also, some of the lines must have
been adversely affected by the cut in passenger rates
made by the Seaboard Air Line, and which competing
carriers did not meet, losing as a consequence some of
the business presumably.
A factor in the month's results affecting the roads
> all sections should not be overlooked. March 1895
n
contained five Sundays, while March 1894 had only
four Sundays. In other words, there was one business
day less in the month the present year.
With reference to the falling off in the grain move­
ment, the receipts of wheat at the Western markets
prove to have been some what larger than a year ago,
but the gain is chiefly at two Northwestern points,
namely Duluth and Minneapolis, and we are compar­
ing with a small movement in 1894, when there had
been a falling off of several million bushels in the total.
In the other cereals, a great contraction occurred the.

638

THE CHRONICLE.

present year, the deliveries of com for the four weeks
eading Ma-ch 30 having been only 5,086,300 bushels
against 11,328,348 bushels, the deliveries of oats 6,676,597 bushels against 9,209,127 bushels, and the deliveries
of barley 1,292,820 bushels against 2,061,882 bushels.
Below we give the grain movement in detail.
RECEIPT8 OP FLOUR AND GRAIN FOR FOUR WEEKS ENDING MARCH 30
AND SINCE JANUARY 1 .

Flour,
(hbls.)

Wheat,
(bush.)
Chicago—
4 wks. Mar., 1895 249,281
403,473
4 wks. Mar., lS94
446,515
627.861
Since Jan. 1,1895
73 «,1*0 1,543,93 .«
Since Jan. 1,1894 1,171,192 3,426,976
MUwanK, e—
4 wks. Mar., 1895
154.800
661,464
4 wks. Mar., 1894
186,885
546,350
Since Jan. 1,1895
343,525 1.351,12?
Since Jan. 1,1894
498,895 1,961,765
Bt. Louis—
4 wks. Mar., 1895
95,140
167,852
4 wks. Mar., 1894
114.741
218,732
Since Jan. 1,1895
235.210
375.753
Since Jan. 1,1894
297,806
871,189
Toledo—
4 wks. Mar., 1895
7,024
555,500
4 wks. Mar., 1894
8.094
379.500
Since Jan. 1,1895
18.312 1,308,000
Since Jan. 1,1894
24,285 1,005,800
Detroit—
4 wks. Mar.. 1895
7,437
195,243
4 wks. Mar., 1894
18,161
320,451
Since Jan. 1,1895
28,624
597,576
Since Jan. 1,1894
38,730 1,119,550
Cleveland—
4 wks. Mar., 1895
46,350
227,786
4 wks. Mar., 1894
21.014
113.847
Since Jan. 1,1895
187,589
707,827
Since Jan. 1,1894
74,300
882,818
Peoria—
4 wks. Mar.. 1895
26,700
37,200
4 wks. Mar., 1894
81.550
40,200
Since Jan. 1,1895
82,950
148,250
Since Jan. 1,1894
66,150
145,800
Duluth—
4 wks. Mar., 1895
58,624 1,468,068
4 wks. Mar.. 1894
64.151 1,007,544
Since Jan. 1,1895
77,104 4,237,130
Since Jan. 1,1894
1*8,387 3,554,364
Minneavolis—
4 wks. Mar., 1895
3,881.960
4 wks. Mar., 1894
3,575.910
Since Jan. 1,1895
9,138.9311
Since Jan. 1,1894
10,110,620
Kansas City—
4 wks. Mar., 1895
40.653
4 wks. Mar., 1894
225,718
Since Jan. 1,1895
106,429
Since Jan. 1,1894
1,050,0:6
Total of all—
4 wks. Mar., 1895
645.336 7,639,199
4 wks. Mar., 1894
875.141 7.118*,6 3
Since Jan. 1,1895 1,656.393 19.6:4.967
Since Jan. 1,1894 2,300,046 23,028.768

Corn,
(bush.)

Oat»,
(bush.)

By»,
(bush.)

Bariev,
(bush.)

2,499,321
5.987,665
10,13 *,672
23,991,393

710,160
8*7.83*
8,013,448
8,496,298

121,096
145,731
461.421
411,792

80,600
112.450
84*,400
417Ì900

291.855
899,685
1,473.547
2,970,030

59,400
91.200
177,592
308,490

560.505
2,856.820
2, <48,315
9,502,689

69,000
96.. 50
586,0 0
600,250

16,42*
8,400
85,007
47,000

7.800
1.2«'0
14.4 00
2,200

1,700
4.700
10,100
21,800

037,500
514,700
1,839,600
1,941,000
206,755
117.163
78k,900
463,542
121,285
64.229
439,767
186,121

1

26.600
101,489
359, US
197.376
119 712

6

317,368

40.856
89,770
150,755
302,620
46,394
63.401
20,507

907.700
1,836,700
8,426,010
5,16L,800

1.661,200
8,137,900
8,706,20o

1 ,002,100

124,600
76.800
658.000
456,000

67,798

50,266
4,175
143,396
9,033

2,149
438
«1,311
1,271

94,006
63,120
227 920
288,205
520,230
19,514
64,003
128,409
165,997

6,006
14,400
25,200
36,600

.........
9,246
4.920
14,684
8,932

[Y ol,

LX

earnings, and the reason is found in the facts given
farther above. Among the more prominent systems,
the Louisville & Nashville has fallea $62,229 behind
and the S juthern Rail way $73,034 behind. The heaviest
losses, however, come from the Western grain-carrying
roads as a rule. The Rock Island, for instance, has a
decrease of $313,844, the St. Paul a decrease of $259,560, and the Canadian Pacific a decrease of $193,119.
Other decreases are $52,531 by the Chicago Great
Western, $44,377 by the Columbus Hocking Valley &
Toledo, $39,129 by the Kansas City Fort Scott &
Memphis, $33,001 by the Missouri Pacific and $32,422
by the Grand Trunk of Canada.
As offsets to these losses we have a still more numerous
list of gains. Taking all the roads which have co ntrib uted
returns, 78 report increases and 54 decreases. But we
are referring now only to those which have the largest
amounts of gains. There are a good many of these,
and they embrace roads from all parts of the country.
The Great Northern in the Northwest has $187,711
increase, the Missouri Kansas & Texas in the South­
west $183,856 increase, the New York Central among
the trunk lines $170,653 increase, the Northern Pacific
among Pacific roads $112,297 increase, and the Mexican
Central among Mexican roads $102,862 increase.
Other roads reporting gains are the Texas & Pacific
$74,896, the Chesapeake & Ohio $66,015, the Inter­
national & Great Northern $59,876, the Atchison
(whole system) $54,323, the Cleveland Cincinnati
Chicago & St. Louis $47,503, the Norfolk & Western
$41,437, the St. Louis Southwestern $35,689, &c., &c.
The following is a full list of all the changes above
$30,000 in amount— both gains and losses.
PRINCIPAL CHANGES IN G R O S S EARNINGS IN M A R C H .

5,080,860 6,676,597 1,298,820
11,828,348 9.209,127 2,061,8-*2
20,148,288
5,924.862
42,460,778
7,055.220

203.018
264.481
709,380
825 692

Great Northern (3 rd s .j.
Mo. Kansas 6s Texas.......
N. Y C e n tr a l...................
Northern P ^ o iflo ...........
M exican Central..............
T exas A P a cific................
Clies A Ohio ..................
Int. A Great N orthern..
Ateh. Top. A 8 Fe A rd s )
G o v , Cin. Chio. & 8t. L ..
Norfolk A W e ste r n .........
St Louis Southw estern..
Buff. Koch. & Pitts . . . . .
Dul. 8o. Shore A A t l.......
Illinois C e n t r a l................
Pitts. A Western (3 rd s.).

$187,711
183,856
170,653
112,297
102,862
74,8 *6
66,015
59,876
54,323
47,503
4 i ,437
35,689
34,470
31,304
30,569
30,568

D ecreases.
Ohio. R ook I^l. & P a o .. $313,844
Chic. Mil A 8t. P a u l...
259,560
Canadian Paoifto. . . . . . .
193,119
Southern Rail w av..
73,034
Louisv. & Nashvi'le . . .
62,229
Chic. A Great Western
52,531
Col. H ock. Val. A Tot.
44,377
Kan. City Ft. 8. A Mem
39,129
Missouri P acific (2 rds.)
33,0 >1
32,422
Grand T runk..... ............ „

It will be noticed that a large part of the falling off
has occurred at Chicago (indicating that the roads
running to that point have been special sufferers),
though the loss has been heavy also at some other
points, notably St. Louis and Peoria. If we take the
movement at Chicago for the even mouth, we find that
the receipts of wheat, corn, oats, rye and barley the
present year were only 8,751,386 bushels, against
Total (representing
T otal (representing
23 roads)...............$1,264,029
11 roads).............. $1,103,246
15,473,507 bushels in March 1894, showingaloss at that
We have already stated that we are comparing with
point of nearly 6f million bushels. The provisions move­
ment at the same point seems to have been a little heavily diminished earnings last year, the falling off
heavier than last year, while of live hogs the deliveries then having been $5,877,414, or 13*05 per cent. The
following carries the comparisons back for a series
were 715,486 head, against only 625,055 head.
ef years.
RECEIPTS AT CHICAGO DURING MARCH AND SINCE JANUARY 1 .
March.
1895.
Wheat.bush.
Corn...bush.
Oats.. bush.
Rye., .bush.
Barley.hush.

418,290
2,879, lf3
4,544,421
128,316
781,160

1894.
711,008
7,009,040
6,596,385
160,891
995,583

Total grain 8,751,886 15,473,507
Floor., bbls.
265,995
477,923
Pork....bbls.
378
292
Ontm’ts.lbs. 10,117,308 11,081,497
Lard......lbs. 5,548,482 5,796,630
Live hogsNo
715,486
625,055

Mileage.

Since January 1.
1893.

1895.

1894.

3,199,170 1,514,909 3,420,970
3,048,121 10,025,225 24,011,383
4,122,989 11,713,805 15,434,518
133,46'
452,821
411,792
1,126,787 2,970,272 3,493,298
11,030,533 26,677,032 46,777,967
457,365
729.879 1,171,192
60
2,219
2,676
6,420,179 42,634,627 29,799,802
2,784,574 17,449,085 19,097,991
408,778) 2,380,187 1.909,914

1893.
11,051,093
March.
11,837,241 1891 (140 roads).......
18,451,915 1892 (150 roads).......
468,333 1893 (150 roads).......
3,839,581 1894 (129 roads).......
40,018,168 1895 (132 roads).......
1,333,666 Jan. 1 to March 31.
420 1891 (140 roads).......
26,537.338 1892 il47roads)....
12,633.301 1893(147 toads).....
1,399,*67 1894 (128 roads).......
1895 (132 roads).......

mated, was much larger that in 1894. A t the Southern
outports the receipts were 459,267 bales, against only
238,878 bales, the Texas ports being particularly fav­
ored in respect to a larger movement, and the gross
shipments overland reached 163,838 bales, against but
79,437 bales.
Notwithstanding the larger cotton movement, quite
a number of Southern roads have sustained losses in




Earnings.

Tear
Given.

Tear
Preceding.

Tear
Given.

Miles.
87,817
99,264
103,107
98 640
100,781

Miles.
85,151
96,599
101,170
90,165
100,706

$
34,644,504
44,545,382
49,597,619
39.141,981
39,240,004

87,817
98,724
99,898
98,279
100,781

85,151
96,059
97,931
95,804
100.700

Tear
Preceding

Increase
or
Deere, se.

$
33,243.758 Inc.
41,040,570 Inc.
47,348,880 Inc.
45,019,395 De .
38,995,107 I n c .

$
1,400,74
3,501.800
2,248,730
5,877,414
244,897

104,010,682 98,705,647 Inc. 5,245,0 5
127,185,945 117,421,845 Inc. 9,764,100
131,821.211 132,248,578 Inc. 2,572,630
108,371,710 124,258,122 Dec.15,886,412
110,177,324 110,449,234 Dec. 271,910

There are two groups where the losses (large and
small) outnumber the gains, namely the Southern and
the Northwestern. In the Southern group besides the
losses on the Louisville & Nashville and the Southern
Railway, already mentioned, the Georgia Railway, the
Memphis & Charleston, the Nashville Chattanooga &
St. Louis, the Kansas City Memphis & Birming­
ham, and several others, have fallen behind for the

THE CHRONICLE

April 13, 1895.]

639

month.
On the other hand, the Chesapeake &
Ohio, the Norfolk & Western, the Mobile & Ohio, the
Savannah Americus & Montgomery, the West Virginia
Central & Pittsburg and a few others have gains. The
roads in the following show a slight falling off in the
aggregate from last year.

What is true of the trunk lines is true also of the other
roads in the Middle and Middle Western group. The
gains are larger and much more numerous than the
losses. A few of the smaller roads—like the Columbus
Sandusky & Hocking and the Pittsburg Shenango S
a
Lake Erie— have exceptionally big ratios of increase.

EARNINGS OF SOUTHERN GROUP.

EARNINGS OF MIDDLE AND MIDDLE WESTERN ROADS.

March.

1895.

1 1893.

1891.

1892.

1891.

1890.

1891.
1895.
1893.
March.
1892.
1891.
1890.
»
t
t
$
$
8
8
Ches. & Ohio........
571,531 Buff. Rooh. A Pitt.
258,211
223.771
274,089
230,006
318,396
151,078
Kan.C.Mem.&Bir.
103,636 Chicago A Bast. 111.
368,986
282,221
288,507
325,063
827.293
263,758
LouisV. & Nashv.
1,518,177 Ohio. A West Mich. al40,229 al32,991
180,413
167,143
136,791
133,111
Memphis & Char..
135,231 Ool. H. V. A T o l...
175,130
219,507
275,522
231,865
226,110 212,711
Mobile & Ohio....
315,896 Det. Lansing A No.
089,963
«90,079
107,076
98,908
33,800
106,831
N’sh.Ch’t.&St.L..
C271.183 Kvansv.A Terre H.
86,590
101,203
107,115
106,634
91,231
79,618
Norfolk & West.b
619,396 Flint A P. Marq....
231,649
253,758
283,361
307,639
286,791
291,36»
Southern R’way..
236,569
216,988
Or. Rap. A Ind........
282,136
287,539
262,062 289,181
minois Central.... 1,520,416 1,189,817 1,667,131 1,566.666 1,125,330 1,301,908
Total.............. 5,579.708 5,629.31 6,359,111 5,836,379 5,505,428
’2
393,051
268,825
331,909
276,075
353,464
952,508
a Figures here for 1895 and 1891 are simply the totals o f the earnings for th e Lake Brie A West.
Long Island..........
261.719
271,334
270,836
268,466
258,930
four weeks of the month as reported in the weekly returns; the month’s earn*
233,223
lngs usually exceed the weekly estimates quite considerably.
117,177
129,350
Lou.JSyans.A St.L.
111,912
165,863
132,713
94,581
o luoludtng Ssloto Talley A New England and Shenandoah Valley for all the Louis. N.A. A Chic.
211,733
226,303 287,247
261,001
217,886
196,689
years.
c Not including Western & Atlantic.
291,155
N. Y. Ont. & West.
288,366
311,196
230,201
251,916
190,021
* Figures for fourth week not reported; taken same as last year.
228,031
197,463
227,413
163,716
183,386
175,686
t Does not include the Elizabethtown Lexington S Big Bandy road in this and Pittsb’g A West’n.
s
8t.L. Alt. AT. H ..
108,120
138,636
116,500
109,097
123,071
98,985
preceding years.
* Figures.are approximate, same as for this year; actual earnings were logger. Tol. Ann Ar. AN.M.
90,672
101,182
83,608
95,726
89,757
106,186
Tol. A Ohio Cent.b
127,049
133,711
180,701
114,166
182,677
126,211
From the Northwest we have larger losses than from Tol. Peo. A W est..
77,932
83,535
73,708
81,858
71,388
73,182
any other section, and these are the more noteworthy Toi. St. L. A K. C.. 146,611 128,191 168,001 175,531 118.704 122,121
West. N. Y. A Pa..
261,800
320,007
257,171
266,638
275,016
281,778
because in many instances they follow very heavy losses Wheel. A L. Brie.. 108,135 100,818 125,735 106,259 97,373 91,002
last year. The G-reat Northern, as already pointed out,
Total............... 5,384,831 5,298,510 6,215,89* 6.673,524 8,261,638 4,876,918
b Includes Toledo Columbus & Cincinnati for all the years.
forms a conspicuous exception to the decreases, and
a Figures here for 1895 and 1891 are simply the totals of the earnings for the
four weeks f the
there are a few other exceptions, among them the ings usuallyoexceedm onth as reported lu the weekly returns; the month’s earn­
the weekly estimates quite considerably.
$
$
$
$
I
$
717,130 +665,660
710,719 876,808
808,731
90,217
91,783
a 75,629 a.78,280 101,897
1,596.260 1,658,189 1,892.511 1,763,107 1,552,039
133,965
129,600
*102,940
109.730, 186,938
286,129
837,205
282,518
281,322
294,158
119,198 c306,995
391,672
108,320 138,115
831.316 *789,879 910,932
771,249
726,135
1,189,609 1,582,613 1,685,778 1,635,118 1,736,058

Duluth South Shore & Atlantic and the St. Paul &
Duluth.
EARNINGS OF NORTHWESTERN LINES.

1895.

Marsh.

1891.

$
316,747
235,336

1893.

8
333,257
337,857

Burl.Ced.R.ANo.
Ohio. Gt. W est....
Chic.Mil.&St.P. £ 2,256,286 2,515,796 i
Milwau.ANo.. >
Chic. R. I. A Pao. 1,197,830 1,511,671
Duluth S.S.A Atl.
143,670
112,286
918,821
Gr. Northern....... 1,136,532
126,386
Iowa Central......
156.125
112,391
Minn.A St. Louts.
113,815
8t. Paul A Duluth
99,071
95,061
Total..............

5,701,092

1892.

1891.

6,154,705 7,029,152 7,132,813 6,560,150 5,188,069

EARNINGS OF SOUTHWESTERN GROUP.

A. T .A S .F ...
Den. A Rio Gr.
Int. A Gt. No.
K.C.F.S.A M.+i
Mo. K. A Tex.
Mo.P.AIr.Mt.
St. Jos.AGr.I.
St.L. Southw.
Texas A Pac.

1895.

1891.

$
$
3,236,376 3,182,053
466,200
176,000
316,707
256,831
a 339.371 a 378,500
928,046
714,190
1,942.003 1,975,001
55,902
79,299
100,200
364,511
576,700
501,801

1893.

1892.

«
$
1,130,510 8,551,087
731,801
693,733
336,561
232,857
513,4811
185,698
668,122
631,399
2,295,807 2,169,188
108,813
93,765
111,083
331,978
680,180
532,158

1891.
t
3,391,135
605,213
273,905
118,653
651,665
1,913,06*
61,192
330,118
505,151

1890.
*
8,389,321
600,581
271,272
158,921
088,981
117,872
270,911
501,157

Total..........
8,261,505 7,958,192 9,809,028 8,780,458 8,214,178
+ Includes the Kansas City Clinton & Springfield and the Current River for
all the years except 18*0.
a Figures here for 1895 and 1891 are simply the totals o f the earnings for the
four weeks of the month as reported in the weekly returns; the month’s earn­
ings usually exceed the weekly estimates quite considerably.

As regards the Eastern trunk lines, the gains are more
prominent than the losses, though of course we have
no statements as yet from several of the leading sys­
tems, like the Pennsylvania, the Baltimore & Ohio, &c.
EARNINGS OF TRUNK LINES.

March.

1895.

$
B. A 0 . S.W 1 513,987
Oh. A Miss.
C.C.C.&StL 1,102 845
G.T.of Can* 1,310,303
*216,155
Ch. A G.T..*
*73,917
D.G.HAM*
N.Y.C.A H.+ 3.718 420
1.015,126
Wabash....

1894.

1893.

$
8
553,027 ( 281,221
' 359,721
1,055,312 1,202,146
1,372,785 1,531,923
235,639
296,166
79,020
84,727
3,547,767 3,965,161
1,007,588 1,135,189

1892.
2
218,399
338,989
1,178,795
1,535,277
338,389
92,238
3,577,281
1,131,701

1891.

1890.

2
185,723
318,127
1,056,608
1,177,767
813,355
87,196
3,883,973
1,023,339

2
200,115
351.708
1,027,310
1,197,188
295,279
83,159
3,287,198
1,066,348

Total.......
8.011,113 7,851,11ft 8,797,257 8,407,986 7,870,388
* For four weeks ended March 30.
+Iieludes Rome Watertown s Ogdensbnrg for all the years.
* Figures for fourth week not reported; taken same as last year.

7,801,811




EARNINGS OF PACIFIC ROADS.

1890.

3
$
9
$
352,616 361,538 305,871
270,881
378.811 111,858
305,108
378,275
2,706,856 2,741,040 2,131,893 2,077,784
136.008
115,151
131,695
188,711
1,558,668 1,103,368 1,219,864 1,355,986
173,027
168,596
123,196 110,235
1,251,331 1,141.630 882,531
771,558
171,220 116,989
162,684
138.8*1
160,113
168.473
139,137
130,111
131,856
119,310 108,171
112,718

In the Southwest the returns are rather irregular ;
the grain-carrying roads show losses as a rule, while
those where the grain traffic is small, or which have a
large cotton traffic, record gains. The increases pre
dominate however.
March.

Among the Pacifie roads the Canadian Pacific has a
large loss, the Northern Pacific a considerable gain.
Both roads suffered heavy losses in 1894.
March.

1895.

1891.

1893.

1892.

1891.

1890.

Can. Pacific........
North’n Pacific..
Bio Gr. West’n...

2
8
1,189,000 1,382,119
1,228,491 1,111,197
162,700
111,600

2
2
2
2
1,568.462 1,589,799 1,610,039 1,233,960
1,777,946 1,676,581
1,698,511 1,878 678
179,720 190,007
171,718
120,330

Total................

2,575,194 2,637,916

3,146,093 3,059,081 3,402,703 3,030*871

GROBS E A R N IN G S A N D M IL E A G E IN M A RC H .
Gross Ram inga.
Name o f Road.
1895.

1894.

Increase or
Decrease.

8
$
$
Atcli. T. A 8. F© Sts . . 2,322,657 2,262,583
+ 60,0 74
8t.L. & 8. Fran. sys.
494,682
533,512
—3+83C
Atlantio & Paeiflo..
296,225
265,76]
+30,464
Colorado M idland..
122,812
120,197
+ 2,61 5
Atlantio A D anville.
48,528
42,8?5
+ 5 ,7 2 3
B44lt. A Ohio Southw.
543,987
553,027
—9.04C
Birin’ ham A Atlantio
1,715
1.911
—202
Brooklyn E lev ated ..
173,177
156,03Í
+ 17,1 44
Buffi, Rooh. A P ittsb..
258,244
223,774
+ 34,470
Burl. Ced. R. A N o...
—16,510
316,747
333,257
Canadian Paeiflo....... 1.I89.00C 1,382,1 IS —193,119
Carolina M id la n d ....
4,087
4,557
—470
Chesapeake A O h io..
806,734
740.71Í
+ 66,015
Ohio. A East Illinois.
2*8,507
282,221
+ 6,28 6
(Siio. Great W estern.
285,326
337,857
—52,531
Ohio. Mil. A St. Paul. 2,256,236 2,515,796 —259,560
Cthic. P eo.A 81.Louie.
72.693
55.V2S
+ 17,470
Ohio. R. Isl. A P a o__ 1,197,830 1,511,674 —313,844
Ohio. A W est M ioh...
140,229
132,994
+ 7,23 5
CSn. G eorg. A P o rts..
4,719
—559
5,278
CUn. Jack. A M ach___
53,2 6
48,067
—5,209
Oinn.Portsm’ th A Va.
19,232
19,747
—515
d e v . A kron A C ol.*..
52,571
50,223
+ 2,34 8
Clev. Canton A S o ...
49,405
41,673
+ 7.73 2
<lev. Cin.Ch. A St. L .. 1,102,845 1,055,342
+ 47,5 03
95,250
C lev.Lorain A Wheel.
90,747
+ 4 ,5 0 3
OoL H ock. Val. A T ol.
175,130
219,507
—44,377
Ool. Sau'ky. A H ook..
66,275
44,997
+ 21,2 78
Ooluaa A L a k e ...........
1,320
1,192
+ 128
Denv. A R io G ran d e..
466,200
476.000
—9,800
Det. Lans’g A N orth ..
89,968
90,079
+ 116
Dal. So. Shore A A tl..
143,570
112,266
+ 3 1 ,3 0 4
Elgin Joliet A E a s t ..
94,657
—4,902
99,559
Evansv. A Indianap.
22,786
27,852
—5,066
Evansv. A Richm ’d ..
7,926
9,372
—1,446
Evansv. A T. H a u te ..
86,590
101,203
—14,613
Flint A P ere M arq...
251,649
—22,10
253,758
Ft. Worth A Den. O r.
82,030
97,189
—15,159
Ft. W orth A R io G r..
80,106
+ 8,29 8
21,808
Gadsden A A tt. Un.
605
+71
534
G eorgia........................
121,119
—174
121,293
Ga. South. A F lorida.
61,067
—8,451
69,518
Or.Rapids A Indiana,
185,236
+ 13,786
171,450
din. Rich. A Ft. W ..
37,433
+ 3 ,9 4 »
33,487
Traverse City . . . .
—268
3,729
3,997
Musk. G r.R .A Ind..
+ 2,11 7
10,171
8,054
—32.422
Gr. Trunk o f Canadat 1,840,363 1,872,785
Ohio. A Gr. Trunk.*
—19.484
157,699
177,183
-5 ,1 0 3
Det. Gr.H av.A M il.*
55.074
60,177
Gt. No.—8. P. M. A M.
762,383 + 157,097
919,480
+ 30,5 51
E astern o f M in n ...
84 42
53,875
+63
M ontana C entral..
132,563
182,620
+172
G u lf & C h ic a g o .........
3,533
3,705
+ 6,043
Houston E A W .T ex ..
41,000
34,057
—827
Humeston A S h e n . . .
9.627
8.800
Illinois C e n tr a l......... 1,520,416] 1,489,8*7
+ 30,5 69

Mileage.
1895.

1894.

6,482
1,32$
94!
35C
285
921
22
20
334
1,134
6,343
55
1,362
515
922
6,14»
222
3,571
675
42
345
111
194
210
1,850
195
329
272
22
1,657
331
589
182
156
102
165
639
469
140
11
307
285
436
86
26
37
3,512
335
189
8,721
72
256
62
192
95
2,888

6,719
l,3 2 g
947
350
285
917
22
20
334
1.134
6.327
55
1,278
515
922
6,148
222
3,571
575
42
345
111
194
210
1,850
165
329
272
22
1,657
334
589
182
156
102
165
639
469
146
11
307
285
436
86
26
87
3,515
335
189
3,709
72
256
62
192
95
2,888

640

THE CHRONICLE.
Mileage

dross Earnings.
N am e o f Roaa.
1895.
In d .D ee. & W estern.
Internat’ I & Gt. N o ..
Interoceanio (Mex.) .*
Iow a Central..............
Iron R ailw ay..............
Kanawha & M ich ___
Kan. C. Ft. 8,.&Mem..
Kan. C. Mem. < B ir ..
fc
Kan. City & N.W. ... .
Kan.C.& B e a trice ..
Kan.C.Pittsb. & G ulf.
Kan. City Sub. B e lt..
Keokuk & W estern. . .
Lake Erie All. & So.
Lake Erie & Western.
Lobigb & Hud. River.
Long isla n d ...............
Los Angeles T erm ....
Louisv. Evans. & St.L
Louisv. & N ashville..
Louisv. N. Alb. & Chic.
Louisv. St.L. & T ex ..
M acon & Birmintc’m
M anistiaue..........
Memp. & Charlest’ n*
M exican C entral.......
M exican N ational..
M exican R ailw ay*...
M exican Southern*..
Minn. & St. L ouis___
Mo. Kans. &Tex.sys.
Mo. Pac. & Iron M t..
Central Branch —
M obile & Birm'gham*
M obile & Ohio............
Mont. & M ex. Gulf ..
Nashv. Chat. & St. L
N. Orleans & South...
N.Y.Cen. & H u d .R iv .
N. Y .O n t. & W e s t...
N orfolk & W estern ..
Northern P acific___
Ohio R iv e r.................
Ohio R iver & C h a r..
Ohio Southern..........
Peo. D ec. & E vansv.
Pitts. M arion & Chic.
Pittsb. Shen. & L. E .
Fittsb. & W estern ...
Pittsb. Clev. & T ol.
Pittsb. Pa. & P a ir ..
Quin. Omaha & K. C ..
R io Grande South’n.
R io Grande Western.
Sag. T uscola & Huron
St. Jos. & Gr. Island.
St. L. A lt. * T . H . . „
St. L. K ennett & S o..
St. Louis Southwes’n
St. Paul & D uluth___
Ban Fran. & N o .P a c ..
Bav. Amer. & M on t..
Sher. Shrev.& South..
Southern R ailw ay..
T exas & Paoiflo.........
T ex. Sab. V. & N. W ..
Tol. A. A rb.& N . Mici
Tol. & Ohio C en tral..
Tol. P eoria & West’ n.
Tol. St. L. & K. City .
On. Pac. Den. & Gulf
Wabash........................
West. N. Y. & P enn ..
W. Ya. Cent. & P itts.
Wheel. & Lake E rie..
W rightsv.& T ennille

$

36,717
316,707
138.050
126,386
4,693
32,237
339,371
75.629
18,120
476
44,517
15,713
27,916
6,843
293.051
35,220
261,749
15,941
117,477
1,596,260
244.733
£0,815
6 , t53
11,307
53,980
815,497
369.716
210,132
28,490
142,391
928,046
1,891,520
50,483
16,281
282.*>48
115,000
394,672
5,872
3,718,420
291,455
831,316
1,223,494
50,744
18,829
64,020
74,545
3,422
41,732
131,114
69,518
27,399
21,828
28,62
162.700

1894.

$

26,370
256,831
153,504
156,125
4,125
30,276
378,500
78,2601
26,775
1.1711
27,946
15.469
33,129
7,545
268,825
28,192
271,334
14,069
129,350
1,658,489
226,303
34,715
5,369
983
65,770
712.63
349,379
192,795
36,599
143,845
744,190
1,896,981
78,023
16,114
281,322
104.64
408,320
8,488
3,547,767
288,366
789,879
1,111,197
52,172
16,903
47,764
69,296
3,417
30,484
115,25
61,735
20.470
20,539
25,931
144,600
D/'oï
8,865
79.299
55.- 02
108.120
116,500
2,47
2,38
400,200
364,51
95,064
99,074
57,503
55,739
37,989
36,033
19,030
28,c 21
1,552,643
I,
489,6
501,804
576.700
3,818
4,18
101,482
90,672
127,049
123,744
77,932
73,708
146,614
128,19
214,185
223,461
II,
015,426
1,007,538
261,800
257,171
84,451
75,612
108,135
100,818
6,695
6,892

Increase oi
Decrease.

$

1895.

1894.

152
+ 9,747
825
+ 59,876
519
—15,454
497
—29,739
20
+ 568
173
+ 1,961
916
—39,129
276
—2,631
-8 ,6 5 5
175
2«
—695
237
+ 1 6 ,5 7 1
35
+241
—5,213
148
-7 0 2
61
725
+ 24,2 26
90
+ 7,028
360
—9,585
50
+ 1,87 2
372
—11,873
—62,229 2,955
537
+ 18,4 10
166
—3,900
97
+78
44
+ 10,32
330
- 6 ,7 9
+ 102,862 1,860
+ 2 0 ,3 3 . 1,219
321
227
355
1,885
-5,461 4,990
388
149
687
388
902
65
2,396
477
1,567
4,495
215
+ 1,92.
207
226
334
25
178
227
77
|
61
134
180
52 >
67
445
239
—8,38<
1
20
1,22b
248
165
30C
15.
+ 9 .8 4
1 4,40f
1,499
38
3
30'
368
+3,30='
247
3
45)
i
99;
Ì 1,935
)
64;
152
+ 8 ,8 3 '
7
26i
35

1ft2
825
519
497
20
173

916
276

Name of Road.
„
F
F
Î
X
£
u Cin. Rich.& Ft.W ayne.
Traverse C ity...............
fi Mus. Gr. R. & Ind.......
G
Chic. & Gr. T runk*..
r Det. Gr. H. 4s Milw.*
b Eastern o f Minnesota.
„ Montana Central...___
r
x
Ì
r
r
i
}
i
t
1
l

[V O L .
1895.

1894.

*
$
255,454
265.530
114,889
61,519
1,562
1,761
318,673
366,505
189,382
230,131
461,350
442,159
93,564
97,978
13,100
9,279
25,564
20,647
4,122,665
3,898,084
562,585
639,320
190,137
205,505
2,293,364
2.092,783
265,732
180.067
348,948
350,919
10,337
10,576
109,234
129,301
26.200
29,398
4,404,693
4,544,876
81,735
110,414
971,717
761,900
555,269
563,942
457,132
367.7*3
12,280
11,270
91,121
81,489
1,034,176
1,163,319
275,449
241,045
83,537
54,323
1,272
3,312
7 1 ,7)4
118,778
45,047
44,735
82,335
93,124
21,147
17,439
824,411
739,940
101,602
88,828
665.701
696,671
46,867
37,529
319,199
355,491
4,794,226
4,563,30.
662,839
576.187
90,400
89,29.-/
20,555
18,554
10,156
30,369
227.994
283,505
2,119,037
2,317,105
1,055,321
1,015,377
797,706
733,118
103,930
117.257
373.763
391,531
2,095,507
2,678,811
5,066,587
5,288,687
205,822
132,904
62,494
62,399
784,949
831,900
290,694
315 000
1,177,606
1,118,308
27,9 Iv
19,593
9,722,854
9,835.818
769,327
796,782
2,133,852
2,248,121
3,024,728
3,147,617
142.362
145,543
44,734
47,551
157,823
190.769
226,862
198.981
8.779
9,951
83,906
103,440
314,873
277,^78
143,075
175,389
55,391
52,171
54,332
57,548
84,464
80,127
417,201
443,29C
25,681
27,017
157,507
243,7 L
C
343,062
322,991
7.55C
8.211
1.068,537
1 ,2 2 0 ,0 '7
269,864
270,024
144,796
144,681
110,897
110,451
76,814
86,984
4,523,092
4,242,364
1 723 Q.7r
< 1,572,991
11,092
11+81
259,96C
242,21;
346,201
395,431
214,291
229,825
307,489
364,488
653,916
656,976
? 765,955
2,775,181
«87/71 7
662,958
217,666
221,806
275,672
298,466
21,363
17,496

Increase.
$
53,370
199

LX.

Decrease.
9
>
10,076
47,832
40,749

¿9,191
4.414
4,917

3,821

224,581
76,735
1 '5
15,368
20
200,581
235
85,665
35
1,971
148
289
Ol
20,067
72ft
3,198
90
140,18'
362
28,679
50
209,817
372
8,673
2,955
89,349
537
1 010
166
9,632
129,143
97
44
34,404
330
29,214
1,860
2,040
Kan. City & B eatrice.
1,219
47,034
321
312
227
10,789
355
3,703
1,723
84,471
4,987
15,774
388
30,967
149
9,338
687 I
36,291
388 ;
230,924
88 4.
86,702
65
1,101
2,396
2,001
477
20,213
1,567
55,511
4,495
198,068
21 ft
39,944
.............
207
64,588
QOC
13,277
QQ*
17 768
25583,304
178
222,100
227
72,918
Central Branch.
77
85
61
46.951
134
.... ....
24,306
180
59.298
520
8,319
67
112,964
445
27,455
239
_______
114.269
20
122,889
1,223
3,181 [
248
1
2,817
165
32,946
300 Peoria Dec. & E vansv.
.......
27,881 l
155
1,172
h ic..
4,405 Pittsb. Marion & CErie
19,534
Pittsb. Shen. & L.
1,499 Pittsburg & W estern ....
_____
_
37,395
38
32,314
Pittsb. Cleve. & T ol...
307
2,920
Pittsb. Paines, as F’pt
368 Quincv Omaha & K. C ..
3,216
............
247 Rio Grande S outhern..
4,337
............
451 Rio Grande W estern...
26,089
............
1,003 Sag. Tuscola & H u ron ..
1,336
.............
1,935 St. Jos. & Grand Island.
i 86,203
643 St. L. A lt.& T .H .B r’chs.
1 20,071
152
661
260 St. L. Kennett & South..
.............
151,550
St. Louis Southwestern.
35 St. Paul & Duluth
160
115
San Fran.& No. Paciflo.
T ota l (132 roads). 39.240,004 38,995,107 + 244,89 7 10),78l 100,706 Savan. Amer. & M on t..
446
....... .
10,170
Sherman Shreve. & S o ..
* For three weeks only,
280,728
Southern R ailw ay.......
t For four weeks ended March 30.
150,286
Texas & P acific............
89
Tex. Sabine Val. & N.W
GROSS EARN IN G S FROM JA N U A R Y 1 TO M ARCH 31.
17,747
Tol. Ann Arb. & N. M.
.............
49,230
Toledo & Ohio Central.
Name o f Road.
1894,
15,526
1895.
Increase. Decrease. Toledo Peoria & W est’n .
........
56,999
Toi. St. L. & Kan. City.
.............
$
1,946
$
$
$
Un. Pac. Den. & Gulf .
9,229
6,686,343
6,540,323 . 146,020
Atch. T op.A S.Fe Sys___
Wabash...........................
.............
8t. L. &’S. Fran. 8y s.. ..
1,361.305
1,432,924
24,759
71,619 West N. Y. & P a .........
A tlantic & P acific___
808,365
704,745
4,142
103,620
West Va. Cent. & Pittsb
Colorado M idland___
346,426
366,400
22,796
19,974 Wheeling & Lake E r ie .
3,864
Atlantio & D an ville.......
114,975
112,483
2,492
Wrierhtsville & Tennille
1,530.773
Halt. & O. Southwest ...
1,544,019
13,246
3,919
Birmingham & Atlantic
. 110,177,324 110,449,234 4,070,514 4,342,424
5.381
1.462
1
.
. .
B rooklyn E levated........
271,910
592,267
443,371
148.896
Net decrease.
Buff. R och. & Pittsburg.
678,186
651,879
26,307
* F or three weeks only in March,
874,697
929,342
Burl. Ced. Rap. & N o ...
54,645
t To M arch 2 3 .,
Canadian P acific............
3.352,068
3,927,126
575,058
Carolina M idland...........
9,154
14,354
5,200
2,163,166
Chesapeake & O hio.......
2,234,787
71,621
901,585
873,021
Chic. & E ast’n I llin o is ..
28,564
785,876
Chic. Great W estern ...
868,918
83,042
THE INCOME T A X DECISION.
6.078,137
Ohio. M ilw. & St. P au l..
6.777,405
699,268
C h ic.P eo. & St. L ou is..
213,135
177,776
35,359
The United States Supreme Court on Monday, April
3,333,24v
4,058,967
Chic. R ock Isl. & P a c ...
725,718
370,259
Chic. & W est M ichigan.
358,952
11,307
13,307
Cia. Georg. & Portsm ’th
14,209
902 8tb, rendered a decision in the cases involving the con­
144,499
Cin. Jackson & Mack
148,101
3,602 stitutionality of the Income Tax Law enacted last Aug­
56.223
d n n . P orts. & V irginia.
47,89 4
8,331
185,326
186,380
Cleve. A kron & C o l.* ..
1,054 ust.
The following is the syllabus of the decision:
143,839
Cleve. Canton &jSouth’ n
117.587
26,252
3,127,390
2.8 /1,9 47
255,443
d e v . Cin. Chic. & St. L .
1. That by the Constitution Federal taxation is divided into
257,252
222,628
34,624
Cleve. Lorain & Wheel
558,469
577,289
Col. H ock. Val. & T oledo
¿8,820 two great classes— direct taxes and duties, imposts and ex­
193,214
129,58C
Col. San’k v & H ocking.
63,634
cises.
3,620
4.10S
Colusa & Lake.................
489
2. That the imposition of direct taxes is governed by the
1,490,867
1,488,754
2,115
Denv. & Rio G rande___
rule of apportionment among the several States, according to
253,324
240,636
Det. Lansing & North’ n.
12,638
392,967
310,724
82,243
numbers, and the imposition of duties, imposts and excises
Dul. So. Shore & A tl___
284,287
260,090
E lgin Joliet & E ast.......
24,197 by the rule of uniformity throughout the United States.
64,847
73,255
E vansv. & Indianapolis
1
8,408
3. That the principal that taxation and representation go
20,221
20.073
143
E vansv. & R ich m on d ...
267,561
245,953
E vansv. & T erre H aute.
I 21,608 together was intended to be and was preserved in the Consti­
575,350
639,708
1 64,358 tution by the establishment of the rule of apportionment
Flint & P ere M arquette.




THE CHRONICLE.

A p r i l 13, 1895.]

among the several States, so that such apportionment should
be according to numbers in each State.
4. That the States surrendered their power to levy imposts
and to regulate commerce to the General G )vernment, and
gave it the concurrent power to levy direct taxes in reliance
on the protection afforded by the rules prescribed, and that
the compromises of the Constitution cannot be disturbed by
legislative action.
5. That these conclusions result from the text of the Consti­
tution, and are supported by the historical evidence furnished
by the circumstances surrounding the framing and adoption
of that instrument and the views of those who framed and
adopted it.
6. That the understanding and expectation, at the time of
the adoption of the Constitution, was that direct taxes would
not be levied by the General Government except under the
pressure of extraordinary exigency, and such has been the
practice down to August 15, 1894, If the power to do so is to
be exercised as an ordinary and usual means of supply, that
fact furnishes an additional reason for circumspection in dis­
posing of the present case.
.. "
7. That taxes on real estate belong to the class of direct
taxes, and that the taxes on the rent Or income of real estate,
which is the incident of its ownership, belong to the same
class.
8. That by no previous decision of this Court has this ques­
tion been adjudicated to the contrary of the conclusions now
announced.
9. That so much of the act of August 15, 1894, as attempts
to impose a tax upon the rent or income of real estate with­
out apportionment is invalid.
The Court is further of opinion that the act of August 15,
1894, is invalid so far as it attempts to levy a tax upon the in­
come derived from municipal bonds. As a municipal corpo­
ration is the representative of the State and one of the instru­
mentalities of the State Government, the property and rev­
enues of municipal corporations are not the subjects of Fed­
eral taxation, nor is the income derived from State, county
and municipal securities, since taxation on the interest there­
S A V IN G S

BANKS

OF

THE

NEW

641

from operates on the power to borrow before it is exercised
and has a sensible influence on the contract, and, therefore,
■such a tax is a tax on the power of the States and their in­
! strumentalities to borrow money, and consequently repug­
nant to the Constitution.
Upon each of the other question argued at the bar, to w i t :
(1) Whether the void provision as to rents and income
from real estate invalidates the whole a c t ; (2) whether, as to
the income from personal property, as such, the act is uncon­
stitutional as laying direct taxes ; (3) whether any part of the
tax, if not considered as a direct tax, is invalid for want of
uniformity on either of the grounds suggested— tin Ju< icws
who heard the argument are equally divided, and, therefor.,
no opinion is expressed.
Toe result is, that the decree of the Circuit Court is reversed
and the cause remanded, with directions to enter a decree in
favor of complainant in respect only of the voluntary pay­
ment of the tax on the rents and income of its real estate and
that which it holds in trust, and on the income from the
municipal bonds owned or so held by it.
F a i l u r e s f o r F i r s t Q u a r t e r o f 1895.— The following fig­
ures, prepared from Messrs. R. G. Dun & Co.’s statement show
the number of failures in the United States and Canada dur­
ing the quarter ending March 31, 1895. For purposes of com­
parison like figures for the corresponding period of the preced
ing year are given
-Quarter ending-Quarter ending—
March 3 1 ,1 8 9 4 .
March 31, 1895.
No. o f
A m ount of
No. o f A m ount o f
States and Territories.
Failures., Liabilities. Failures. Liabilities.
*7,251,748
580 $11,976,874
New E n g la n d ................... ........ 486
13,928,500 1,122
22,911,771
M idd le................................... ....... 952
875
9,651,235
11,509,266
Southern ............................. ........ 851
2,118,920
290
2,260,556
S ou th w estern ..................... ....... 304
641
____ 544
9,781,097
7,233,583
C entral............................... .
2,530,981
418
4,889,931
W estern................... . . . ....... ....... 343
2,551,202
378
3,350,647
P a cific.................................. ....... 322
$47,313,6 13 4,304 $64,137,633

A g g reg a te.............. ....................3,802

$1,220,195

D om inion o f C anada........

ENGLAND

STATES AND

NEW

656

$5,949,102

YORK.

N U M BER OF DEPOSITORS OR OPEN ACCOUNTS, AND N UM BER OF BANKS.

M a in e .

New
H a m p s h ir e

V erm ont.

M a ssach u ­
setts.

C
O

G
O

R hode
I sland.

C o n n e c t i­
cut.

T otal
N. E n glan d
St a t e s .

New Y ork.

T otal
N. E n glan d &
New Y ork.
Y ear.

Y ear.
s
a
pq

D eposi­
tors.
1

D eposi­
tors.
§

pq-

?q

43 54,155
1870
........................
49 69,411
1871
........................
54 81,320
1872
........................
56 91,398
1873
........................
1874
........................
58 96,799
64 101,326
1875
........................
60 90,621
1 8 6 ............
1877
........................
60 88,661
1878
........................
59 77,978
1879
........................
59 75,443
1880
........................
55 80,947
55 87,977
1 8 8 1 ............
1 8 8 2 ............
55 95,489
54 101,822
1883
........................
1884
........................
54 105,680
1885
........................
54 109,398
1886
........................
54 114,691
54 119,229
1887
........................
55 124,562
1888
........................
55 132,192
1889
........................
54 140,521
1890
........................
53 146,668
1891
........................
1892
........................
53 155,333
52 153,922
1893
........................
1894
........................
51 155,704

D eposi­
tors.
1

45
52
54
61
64
68
68
67
66
66
67
64
65
66
67
68
67
66
69
69
72
73
71
70
70

70,918 11
77,47k 12
86,79(1 13
94.967 13
92,788 13
96,938 13
100,191 15
97,683 15
94.967 16
87,279 16
89,934 16
96,881 *22
104,432 *22
113,167 *25
117,317 *24
121,216 *26
125,273 *26
132,714 *28
139,967 *29
145,021 *31
159,782 *31
166,264 *34
169,949 *36
174,654 *39
169,510 *40

D eposi­
tors.

pq

117,741
1 14,186
116,843
121,274
t,25,403
27,667
29,481
31,528
32,117
32,655
34,869
38,379
42,583
46,318
45,837
46,778
49,453
53,810
57,520
61.759
65.759
72,702
80,740
89,115
92,239

139
160
172
175
179
180
180
179
168
166
164
165
166
168
168
171
172
173
176
177
179
180
184
185
185

488,797
561.201
630,246
666,229
702,099
720,639
739,289
739,757
674,251
675,555
706,395
738,951
772,518
806,010
826,008
848,787
906,039
944,778
983.202
1,029,694
1,083,817
1,131,203
1,189,936
1,214,493
1,247,090

G
O

D eposi­
tors.
i

i
pq

G
O

D eposi­
s
tors.
8

72,891
79,676
88,664
93,124
98,359
101,635
99,865
99,646
93,053
93,193
97,682
102,991
112,472
114,762
115,752
116,381
119,159
120,144
123,102
127,898
131.652
136,648
142,492
130,610
131,623

64
73
78
79
86
87
86
86
86
86
85
85
84
84
84
84
85
85
85
86
86
87
87
89
90

<
G
«
s
8
pq

D eposi­
tors.

882,389
997,882
1,105,605
1,171,733
1,221,722
1,256,235
1,262,961
1,261,850
1,172,161
1.166.510
1,223,740
1,290,545
1,365,487
1,428,731
1,462,839
1,498,657
1,581,503
1,649,090
1,716,129
1,791,460
1,887,482
1,971,410
2.069.511
2,098,673
2,133,420

136
147
150
155
158
154
150
138
132
128
128
127
127
127
126
123
124
125
125
124
124
122
124
125
125

712,109
776,700
822,642
839,472
872,498
859,738
849,639
844,550
810,017
864,456
953,707
1,036,106
1,095,971
1,147,588
1,165,174
1,208,072
1,264,535
1,325,062
1,362,852
1,420,997
1,477,819
1,516,289
1,593,804
1,585,155
1,615,178

pq

Pq

26
33
36
37
37
38
39
39
39
39
39
39
38
38
38
38
37
37
38
38
38
38
38
35
35

D eposi­
tors.

177.887
195,937
201,742
204,741
206,274
208,030
203,514
204,575
199,795
202,385
213,913
225,366
237,993
246,652
252,245
256,097
266.888
278,415
287,776
294,896
305*951
317,925
331,061
335,879
337,254

328
379
407
421
437
450
448
446
434
432
426
430
430
435
435
441
441
443
452
456
460
465
469
470
471

c
q

Pá
§
pq

D epositors.

464 1,594,498
526 1,774,582
557,1,928,247
576,2,011,205
595;2,094,220
604 2,115,973
598 2,112,600
584 2,106,400
566 1,982,178
560 2,030,966
554 2,177,447
557 2,326,651
557 2,461,458
562 2,576,319
561 2,628,013
564 2,706,729
565 2,846,038
568 2,974,152
577 3,078,981
580 3,212,457
584 3,365,301
587 3,487,699
593 3,663,315
595 3,683,828
596 3,748,599

.......... 1871
.......... 1872
.......... 1873
.......... 1874
.......... 1875
.......... 1876
.......... 1877
.......... 1878
.......... 1879
.......... 1880
.......... 1881
.......... 1882
.......... 1883
.......... 1884
.......... 1885
.......... 1883
.......... 1887
.......... 188 5
.......... 1883
.......... 1890
.......... 1891
.......... 1892
.......... 1893
...........1894

A G GREGATE AMOUNT OF DEPOSITS.
Year.

XMaine.

New
Hampshire.

Vermont.

Massachu­
setts.

Rhode
Island.

Total
'
Connecticut. N. England New York.
States,
i

Total
New England
< New York.
&

Year.

$
$
$
$
$
$
$
$
$
..............1870
2,745,779 135,745,097 30.708.501 55,297,705 259,854,431 230,749,408 490,603,83
16.597.888 18,759,461
1870.
3,172,525 163,704,077 36,289,703 62,717,814 310,144,041 267,905,826 578,049,86 ...............1871
22,787,802 21,472,120
1871.
3,836,224 184,797,313 42,583,538 68,523,397 350,595,579 285,286,621 635,882,200 ............... 1872
26,154,333 24,700,774
1872.
4,478,842 202,195,343 46,617,183 70,769,407 383,288,412 285,520,085 668,808,497 ............... 1873
29,556,523 29,671,114
1873.
5,011,831 217,452,120 48.771.501 73,783,802 404,900,593 303,935,649 708,836,242 ............... 1874
1874.
31,051,963 28,829,376
6,004,694 237,848,963 51,311,330 76,489,310 433,952,196 319,260,202 753,212,398 ............... 1875
32,083,314 30,214,585
1875.
6,670,670 243,340,642 50,511,979 78,524,172 438,064,291 316,677,285 754,741,576 ............... 1876
27,818,764 31,198,064
1876.
26,898,432 32,338,876
6,815,828 244,596,614 49,567,997 77,214,372 437,432,119 312,823,058 750,255,177 ............... 1877
1877.
23,173,112 28,793,94'
6,722,689 209,860,631 44,266,882 72,515,468 385,332,729 299,074,639 684,407,368 ............... 1878
1878.
6,753,104 206,378,709 43,095,533 72,842,443 376,330,064 319.258.501 695,588,565 ............... 1879
20,978,139 26,282,136
1879.
23,277,675 28,204,791
7,346,469 218,047,922 44,755,625 76,518,570 398,151,052 353.629.657 751,780,709 ............... 1880
1880.
26,474,554 32,097,734 10,659,485 230,444,479 46.771.723 80,522,300 426,970,275 387,832,893 814,803,168 ............... 1881
1881.
29.503.889 36,181,186 12,675,269 241,311,362 48,320,671 84,942,410 452,934,787 412,147,213 865,082,000 ............... 1882
1882.
31,371,868 39,124,814 14,050,647 252,607,593 50,127,806 88,098,384 475,381,112 431,080,010 906,461,122 ...............1883
1883.
32,913,835 42,091,596 13,724,291 262,720,146 51,079,160 90,614,623 493,143,651 437.107.501 930,251,152 ............... 1884
18 -4 .
35,111,600 43,827,356 13,699,231 274,998,412 51,816,390 92,481,425 511,934,414 457,050,250 968,984,664 ............... 1885
1885.
37,215,071 46,631,913 14,253,963 291,197,900 53,284,821 97,424,820 540,008,488 482,486,730 1,022,495,218 ............... 1886
1886.
38,819,643 50,29-’ ,666 15,587,050 302,948,624 55,363,283 102,189,935 565,201,201 505,017,751 1,070,218,952 ............... 1887
1887.
40,969,663 53,939,079 16,602,067 315,185,070 57,699,884 105,850,079 590,245,842 523,677,515 1,113,923,357 ............... 1888
1888.
43,977,085 57,300,590 17,801,328 332,723,683 60,479,707 110,370,962 622,653,360 550.066.657 1,172,720,017 ............... 1889
1889.
47,781,166 65,727,019 19,330,564 353,592,937 63,719,491 116,406,675 666,557,852 574,669,972 1,241,227,824 ............... 1890
1890.
50,278,452 69,531,024 21,620,303 369,526,385 66,276,157 122,582,159 699,814,480 588,425,420 1,288,239,900 ............... 1891
1891.
53,397,949 72,439,660 24,674,741 393,019,862 69,906,992 130,686,729 744,125,933 629,358,^73 1,373,484,206 ............... 1892
1892.
53,261,309 74,377,279 27,262,929 399,995,570 69.053.724 133,967,220 757,918,031 617,089,449 1,375,007,480 ............... 1893
1893.
54,531,223 70,616,943 27.966,355 416,778,017 67,444,117 136,928,858 774,266,013 643,873,574 1,418,139,587 ............... 1894
1894.
* Including T rust Companies.
t Returns io r tJtiese years are very incom plete, ttie Ottauquechee Savings Bank having m ade no report
as to the num ber o f depositors in 1 8 70; the B radford, B urlington, W ilm ington and W indham none fo r 1 8 71; the Bradford, B urlington,
Ottauquechee and Windham none fo r 18 7 2 ; the Bradford, B rattleboro, Northfteld and Verm ont none fo r 1 8 7 3 ; and the Bradford, N orthfleld
an d V erm ont none fo r 1874.
X Up to 1879 the deposits include the profit account, and there is no means o f separating that item.
N o te .—In the above the figures are given in each case fo r the end o f the fiscal y e a r ; in M assachusetts the year ends O ctober 3 1 ; in Maine
about N ovem ber 2 4 ; in New Hampshire and V erm ont June 3 0 ; in Rhode Islan dN ov. 17, or thereabouts; in C onnecticut Sept. 3 0 ; and in N e w
Y o rk D ec. 31.




THE CHRONICLE.

642

The following is the official statement of the United
States public debt and of the cash in the Treasury at
the close of business March 30, 1895.

subjoined statement includes the transactions of the Stock
Exchange Clearing-House from April 1 down to and including
Friday, April 12; also the aggregates for January, February
and March in 1895, 1894 and 1893.
■T O O K B X C H A N G B O LBA.RING H O U S B T R A N S A C T IO N S

INTEREST-BEARING DEBT.

Title o f Loan.

Int’r’t
Pay’le

4K>, F’n’d Loan. 1891
Continued at 2 p. e. Q.-M .
4s, F’ded Loan..1907 Q .-J.
4s, Ref’d’g Certifie’s. Q.—J.
6b, Loan o f 1904....... Q .-F .
4s, Loan o f 1925....... Q .-F .
v

Aggregate exol’d’g
B’ds to Pae. RR.

Amount
Issued.

LX.

E xchange Clearing -H ouse T ransactions. — The

Stock

D E B T STATE MEN1 MARCH SO, 1895.

[V o l.

Amount Outstanding.

r—Shares, both sides.—,
Cleared. Total Value.

,------- B alance», one side.-------- Sheet»
Share*. Value Shares. Cash. Cleared.

1 SHS—
$
January... 28.544,600 2,064,709.000
February.. 25.108,900 1.744,400.000
Maroh...... 24,691,100 1,690,000.000

3,000,000
2,587,900
2,703.800

210.700.000 3,300,500
172.701.000 3.529,000
167.900.000 3,784,100

6.839
6,161
7,080

$25.964,60r
$250,000,000 $25,364,500
740,888,200 489,799,200 $69,825,650 559,624,850
54,710
40,012,750
100,000,000 50,011,950 49,988,050 100,000,000
28,807,900 17,615,100 11,192,800 28,807,900

$ m os... 78,2446,00 6,499,109,000
804Jan nary... 18.363.000 1,088,600,000
February. 12,847,600 784.800,000
March...... 16,912,900 1.076,441,000

8,291,700

661,301,000 10,613,600

20,070

1,354,000
1,036,400
1.452.100

69.100.000 2,041,000
56.200.000 1,396.900
81.800.000 1,928,700

6,830
6.698
6,581

8 m os....
1899anuary_.
February..
Maroh......

48,123,500 2,949,841,000

3,841,500

207,100,000 5,366,600

19,009

1,169,706,850 582,790,750 131,006,500 713,851,960

13.698.500 896.200.000
12,090,600 762,100,000
19,057,700 1,207,600,000

1.091.000
997.500
1,493,600

83.700.000 1,483 100
65.000,000 1,133,500
85,400,000 1,926,400

6,434
6.615
6.540

Registered.

Coupon.

Total.

DEBT ON WHICH INTEREST HA8 CHASED SINCE MATURITY.
February 28.
March 30.
Vunded Loan o f 1891. matured September 2,1891.. $486,300 00
$478,800 00
Old debt matured at various dates prior to Janu­
__ ______
ary l, 1861, and other items o f debt matured at
various dates subsequent to January 1,1861....... 1,294,000 86
1,291,460 26

44,681,800 2,865,800,000
3,682,100 201,100,000 4,543,000 18,489
Sheet»
■-Balances, one side< Share», both »idea.—
—
Shares. Value Shares. Oash. Cleared.
Cleared, Total Value.
$
$
9
330
Apr. l . .1,213,500 69,400,000 126,900 6,000,000 124,700
Aggregate of debt on which interest has ceased
306
79,900 4,800,000 60,600
2.
46.700,000
since maturity.................................................. ....$1,779,800 26
$1,770,250 26
M 3. . 704,600 39,500,000
235
70,400 3,900,000 49.700
. 590,800
W 4. . 640,000 39,300,000 68,600 3,500,000 59, LOO 288
DEBT BEARING NO INTEREST
295
69,200 3,500,000 69,900
4
United States notes............................................................................... $346,681,01660 4 5. . 636,600 37,000,000
Old demand notes..................................................................................
54,84760
National Bank notes:
„„
.
„
Tot. wk. .3.735.500 231.900.000 415,000 21,700,000 364,000 1,504
Redemption account.........................................
27,393,816 00 W klastyr3,717,400190,100.000 347,100 16.800,000 364,600 1,651
Fractional currency...................... ......................... $15,271,351 42
309
Apr. 8. . 693,900 39,300,000
73,100 3,400,000 57,600
Less amount estimated as lost or destroyed........ 8,3<5,934 00
O,uv0,417 4 $
u
1 9. . 602,800 40,500,000 67,200 3,900,000 38,500 295
1
N 10 . 496,100 31,600,000
289
54,200 2,900,000 35.700
Aggregate o f debt bearing no interest.................................... $381,025,096 92
275
51,400 3,100,000 57,300
11.
498,300 31,200,000
13.
__
CERTIFICATES AND NOTES ISSUED ON DEPOSITS OF COIN AND
LEGAL-TENDER NOIES AND PURCHASES OF SILVER BULLION.
Tot wk. . 2 ,2 9 1 ,1 0 0 1 4 2 ,6 0 0 ,0 0 0 215,900 13,300,000 1 8 ',1 0 0 1,168
Wklastyr3 ,0 3 7 ,6 0 0 1 8 5 ,0 0 0 ,0 0 0 298,500 16,800,000 267,300 1,462
The stocks cleared now are American Cotton Oil common
Amount
In
I » the
Classification of Certificates and Notes.
Issued. ■ American Sugar common, Atchison, Central of N . J ., Chicago
Treasury. Circulation
$84,660 $48,843,189 $48,927,849 Burlington A Quincy, Chicago Gas, Chicago Milwaukee & St.
Gold certificates............................................
Silver certificates...................... .................. 7,374,748 323,746,750 331,121,50« Paul common, Chicago & Northwestern common, Chicago
740,000 36,825.000 37,565.000 Rock Island Sc Pacific, Delaware & Hudson, Delaware Lack­
Certificates o f Deposit.................................
Treasury notes o f 1890................................. 28,872,489 121,457,000 150,830,089 awanna & Western, Distilling & Cattle Feeding, General
Aggregate o f certificates....................... $37,071,897 $530,972,645 $567,944,442
RECAPITULATION.
March 31,
1895.

Classification of Debt.

Interest-bearing debt................
Debt > which int. has ceased..
n
Debt bearing no interest..........

Tebruary 28,
1895.

Increase or
Decrease.

Aggregate o f debt, including
1,064,591,749 18 1,641,366,057 18 1 .23,225,692 00
CASH IN THE TREASURY.
Child—Coin.............................................................. $89,098,517 42
61,387,978 66-$139,485,490 08
B ars............. ........ ......................... .
8 liver—
Dollars...... ................ .................... ........... 369,009,182 00
Subsidiary coin................................................... 16,577,610 78
Bars....................................................... .......... 124,673,186 7 4 - 510,259,879 59
Paper—United States notes................................ 89,745,257 37
Treasury notes o f 1890....................................... 28,872.489 00
84.660 00
Gold certificates............................. ....................
7,874,748 00
Silver certificates................................................
740,000 00
Certificates o f deposit (Act June 8.1872).........
4,449,893 01— 131,267,047 38
National bank notes..........................................
Other—Bonds, interest and ooupons paid, await­
23,053 46
ing reimbursement.............................................
1,209,479 57
Minor coin and fractional currency..................
Deposits in nat’l bank depositaries—
gen’l aco’t.. 11,001,976 02
3,989,657 3 8 - 16,224,166 38
Disbursing officers’ balances................................
$797,237,589 36
DEMAND LIABILITIES.
Sold certificates..................................................... $48,927,849 00
Silver certificates.......... ........................................ 831,121,604 00
Certificates of deposit act June 8,1872............... 37,605,000 00
Treasury notes o i 1890........................................ . 150,330,089 00—$567,944,442 00
Fund for redemp. o f unourrent nat’l bank notes 7,165,190 08
Outstanding checks and drafts............................
3,130,199 67
Disbursing officers’ balances................................ 25,419,240 56
Agenoy accounts, &o.............................................
5,661.255 94 — 41,375,886 25
Gold reserve...................... .......... $90.643,307 00
Hot oash balance........................... 97,273,954 11............ -............. 187,917,261 11
Aggregate.

Aggregate....................................................................................$797,237.589 36
Oash balance in the Treasury February 28, 1895........................... $178,197.586 19
Cash balance in the Treasury March 31,1895............................... 187,917,261 11
Increase during the month,............................................................. $9,719,674 99
BONDS ISSUED IN AID OF PACIFIC RAILROADS.
Int. repaid b 1 Companies. Baiane$
',/
Interest
Interest
Principal
accrued paid by By Trans­ By cash pay- of Inter’st
Out­
and not
paid by
standing. yet paid. the O. S. portation m’ts; 5 p. c.
Service. net earnings. the O. f .
$
25,885,120
6.303.000
27,230,512
1.600.000
1,970,560
1,628,320

$
$
388,277 41,319,113
94,545 10,478.403
408,548 43,751,044
24,000 2,653,808
29,558 3.027,935
24.425 2,587,838

$
7,275,127
4,384,408
14,723,318
025,792
9,367
228,546

Totals........ 64,623 512

969.853 1088181»!

27,245,557

Gen. Pacifie.
Kan. Pacific.
Uni’n Pacific
Oen. Br. U.P.
West. Pacific
Sioux C. A P.




Electric, Lake Shore & Michigan Southern, Louisville &
Nashville, Manhattan, Missouri Pacific, New York Central,
New Y. L. E. A W e st., North. Pac. pref., National Lead
common, Phila. & Read.. U n ., P ic., U . S. Cordage com ­
mon and preferred and Western Union.

$
$
$
713,851,960 00 685,043,860 00 I. 28,808,100 00
D. 9,050 00
1,779,300 20
1,770.250 26
D. 762,370 00
381,026,096 92 381,787,300 92

Aggregate o f interest and non
Interest bearing d ebt.......... . 1,096,647,307 18 1,068,610,527 18 1 .28,036,780 00
Certificate and notes offset by
an equal amount o f cash In
587,944,442 00 572,755,630 00 D. 4,811,088 00
the Treasury..................

Noms
of Railway.

8 mes.

$
$
658,283 33,385.702
6,093.995
438,410 28,590,317
0,927 2,021,089
3,018,568
2,359,293
1,103,620 76.408 964

[From our own correspondent.1
London, Saturday, March 30, 1895,
The demand for money all through the week has been very
considerable and rates have ruled higher. The end of the
quarter, the large revenue collections and the Stock Exchange
settlement account for this. The settlement in the mining
department began on Monday and in the other departments
on Tuesday, and it closed for all on Thursday. The account
in the mining market was of immense magnitute— larger than
anything yet seen— from which it appears clear that much of
the recent buying has been speculative. In the beginning
far the greater part of the purchasing was on account of per­
sons who paid for what they bought, but now there is clearly
a very large “ bull ” account open both for the Continent and
for this country, and being carried over in the market.
The demand attracted funds from all the other departments,
and from 1 % to 2 per cent was freely paid. There was con­
siderable borrowing likewise at the Bank of England. Dur­
ing the week ended Wednesday night the loans made by the
Bank to the outside market amounted to nearly 2 % millions
sterling, and the total borrowing o f recent weeks exceeds 3
millions sterling. On Thursday there was further borrowing
and to-day applications are likewise being made at the Bank.
Altogether it seems probable that the loans will amount to at
least 4 millions sterling, and these loans will have to be re-paid
when the interest on the National Debt is distributed. For
all that, money is likely to become abundant and cheap next
week. The Bank of England at present holds in coin and
bullion about 37% millions sterling, and each day the amount
is being increased. Oa Thursday, for example, over half a
million sterling was sent in. More gold is likely to come from
the Continent, too, especially from Paris. So strong is the
feeling that we are entering upon a new period of money
market ease that bills to arrive in about ten days are being
freely taken at % per cent. There is undoubtedly an im ­
provement in trade going on, and the prices of produce are
risin g; but there is nothing to lead to the belief that the re­
covery in trade will require a large amount of money for
months yet.

On Wednesday the India Council offered for tender 60
lakhs of rupees in bills and telegraphic transfers and the ap­
plications were for nearly four times as much. The whole
amount offered was sold at an average of Is. 1 3-16d. per rupee,
the highest price obtained for many weeks; and since W ednes­
day a good deal has been sold by private contract. As far as
can be ascertained, it would seem now that the sales during
the year have realized almost the 17 millions sterling esti­
mated for in the budget. There may be a deficiency of
£100,000, or perhaps a little more, but not very much more.
Altogether, therefore, the Council has been very successful—
much more successful than seemed likely a little while ago ;
and it begins the new year with better prospects. Early in
the week silver was in very strong demand. There was good
purchasing for China, where preparations are already being
made for the new tea harvest, but the buying was chiefly
speculative, founded on the belief that peace between China
and Japan will be concluded shortly and that there will be a
large silver indemnity loan. Up to Wednesday the price
steadily rose, when it reached 29%d. per ounce. In the after­
noon of that day there was a decline to about 2 9 ^ d . The
market, however, has again strengthened, and the general
expectation is that there will be a further rise.
The Stock Exchange Clearing-House on Thursday, the last
day of the settlement, proved incapable of dealing with the
immense “ b u ll” account in the South African mining mar­
ket. The whole organization broke down and business was
very seriously interfered with, while heavy losses were in­
flicted upon some members of the Stock Exchange. For
months past it has been clear that the staff o f the ClearingHouse was insufficient, and the authorities have been strongly
urged to make preparations for what must •
come sooner or
later. But all remonstrances were in vain and there
is
a
very
strong
feeling
in
the
Stock
Ex­
change
against
the
incompetence
shown
by
the
Governing Committee and the Clearing-House authori­
ties. In spite of the paralysis of business thus arising,
the South African mining market has remained wonderfully
strong. Even the most inflated prices have not fallen much,
and there is every evidence that the buying will go on, not
only here at home but all over the Continent. It is unques­
tionable that prices in most cases have been pushed too high.
It is quite possible, of course, that in the long run the opera­
tors will prove right; but at the present time they are buying
at prices which would only be justified if the improvement
expected during the next couple of years had already been
realized.
In other departments there has not been much doing. There
was a decided rise in American securities early in the week,
but it was not maintained ; in fact, the general public is still
holding aloof, and speculators realize profits the instant they
see any. In the South American department, too, business is
quiet. There is evidence that trade is improving in Argen­
tina, not only from the Custom House returns but also from
the railway traffic returns. But matters are very unsatisfactory
in Uruguay, and the reports from Brazil are not encouraging.
In Chili the resumption of specie payments is being actively
prepared for. The Continental bourses are quiet. After the re­
cent break-down speculation was resumed in Vienna and Pesth,
but some check has been given this week by a warning ad­
dressed in Parliament to those interested, by the Finance
Minister for Austria. The change of Ministry in Spain has
likewise had a dampening effect upon Paris. The change was
brought about by military action. The late Government feared
to enforce discipline, and the formation of a new ministry at
the practical dictation of military officers has made a very
bad impression in Paris. It is clear, therefore, that there will
be no Spanish loan in Paris as yet at all events. British se­
curities of all kinds— Governmental, municipal and industrial
— are very steady, and for the last day or two an inclination
has been shown to buy British railway stocks.
Fortunately the threatened strike in the South W ales coal
trade has been averted.
A t a conference between represen­
tatives of the employers and employed in London on Thurs­
day it was decided that all notices given by both sides should
be withdrawn immediately, and that the sliding scale ar­
rangement should continue in force for 18 months certain.
The district affected produces about 30,000,000 tons of coal
annually and gives employment to about 100,000 persons.
The settlement of this dispute affords good ground for hoping
that the improvement in business will now make further pro­




643

THE CHRONICLE,

A p r i l 13, 1895.]

I

gress.
There are many complaints respecting the cotton
trade but the woolen trade is decidedly better, and there is a
more hopeful feeling all through Yorkshire.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of eonsols, & c.,
compared with the last three years:
1893.
1892.
1894.
Mar. SO
.
Afar. 29.
Mar. 28
£
£
£
24,777,610 25,562,525 25,540,42»
12,859,911 10,489,377 11,486.829
29,116,668 28,926.102 29,935.737
8,933,583 11,209,809 10,785,124
28,340,275 29,478,795 32,261,176
23,112,610 17,121,861 16,812,424
30,790,120 26,234,386 25,902,644
43 5-16
40 7-16
54%
3
2
2«
95 13-16
99«
98«
39«d.
27«d.
88«d.
80,580,000 136.535,000 137,353,000

1895.
Mar. 27.
£
Circulation.................................. 25,287,160
Public deposits......................... 12,613,559
Other deposits ......................... 31,825,648
Government securities............. 12,469,488
20,964,836
Other seeurities....................
Reserve of notes and coin......... 29,242,790
Coin & bullion, both departm’ts 87,729,950
Prop, reserve to liabilities, .p. c. 65 13-16
2
Bank rate..................... per cent.
Consols, 2X per cent.................. 104 9-16
29«d.
Silver...........................................
Clearing-House returns............ 118.362,000

The Bank rate of discount and open market rate« at the
ehief Continental cities now and for the previous three weeks
have been as fo llow s:

Intormt at

Bank Opta Bank O pen
Rat*. Market Bate. Mark*

P a r t * .....................

Berlin.............
Hamburg:.......
Frankfort..
Amsterdam
Brunei* . ..
Vienna. .........
•t. Petersburg
Madrid ...
O o e e n h a g e n ..

8
»
»
$

•X

lX

2
8
8

1

8X

m

lX

s

s
•
X

5%
6

9X

9
9

0

8«
s
9
8

1«

8

17-16

4

•W
5

0

m
m

•
X

IX

«X

0

•14

m

9

199
199
S%
5

«

1*~

8

i%

8
4

4

Bank Optn Bank Open
Bate. Marine Bate. Market

m
m

m

2X

4
.

Mar. 8.

Mar. 92.

Mar. S9.

jt *u* of

IX

8

m

9
M

4
6

»

6

tU

•M

_S L

m

8
9
•K

The following shows the imports of cereal produce into the
United Kingdom during the first thirty weeks of the season
compared with previous seasons :
IMPORTS.

1892-3.
1891-2.
1894-5.
1893-4.
rm p ort8 ofw h ea t.ow t.39 ,13 2,59 6 32,941,970 36,292,390 40,807,723
B an ey
...................... 17,605,774 20,203,254 10,865.621 13,196,766
7,072.077
7.940,964
8,029,772
O a ts ............................. 7,970,967
1,418.339
1,892,975
1,618,703
Peas ............................. 1,453,539
2,587,167
2,130,366
3,197,867
Beans.......... .
2,637,132
19,123,240 16,851,466 15,370,610
Indian co rn ................. 15,285,314
F lo u r ............ .
11,661,270 11,200,399 12,140,946 11,619,179

Supplies available for consumption (exclusive of stocks on
September 1):

1893-4.
1894-5.
Wheat im ported.ew t.39.132,596 32,941,970
Im ports o f flou r......1 1 ,6 6 1 ,2 7 0 1 1 ,'0 0 ,3 9 9
Sales o f hom e-grow n. 13,771,020 14,661,863

1892-3.
36,292,390
12,140,945
16,452,321

1891-2.
40,807,723
11,619,179
19,930,695

T ota l....................... 64,564,886 58,804,232 64,885.656 72,357,597
1892-3.
1891-2.
1894-5.
1893-4.
24s. 8d.
32«. 8d.
Aver, price wheat week.20s. Od.
24s. 4d.
26s. l i d .
35s. 7d .
A verage price, season..19s. 9d.
26s. 2d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom :
W heat..................qrs.
Flour, equal to qrs.
M a iz e ................qrs.

This week.
Last week.
3,271,000 3,212,000
356,000
481,000
254,000
281,000

1894.
3,124,000
397.000
316.000

1893.
3,033,500
475,000
323,000

E n g l i s h F i n a n c i a l M a r k e t » —P e r C a b l e .

The daily closing quotations for securities, & c., at London
are reported by cable as follows for the week ending April 12 j
L ondon.

Sat.

Mon.

Tues.

30«
Silver, per o z ................... 291516 3038
1041«
Consols, new , 2 « p. ots. 1 0 4 «
104«
F or aoooant................. 1 0 4 « 10478 104l6,e
Fr* oh rentes (in Paris) fr. 1 0 3 1 5 103*15 0 2 -9 7 «
U. 8. 4s o f 1 9 0 7 ..............
578
6«
Ateh. Top. < S. Fe. oom.
fe
6«
41«
Canadian P acific............. 3 9 «
40«
593a
59«
Chic. Milw. & St. P a u l.. 5 9 «
90«
90
Illinois C en tral............... 8 9 «
Louisville & N ashville.. 5238
M exioan Central 4 s ....... 6 2 «
N. Y . Central & Hudson 98
N. Y. Lake Erie & West.
9«
2d consols..................... 6 4 «
Norfolk & W est’n, p r e f.
Northern Pacific, p r e f.. 1 7 «
P en n sylva n ia................. 5 2 «
Phil. & Read., per share
6«
Union Paoiflo......... ......... 1138
Wabash, p re f...................

Wed.

Thurs.

F ri.

30«
10415,0
I04 l6lfc
0 2 -8 7 «

30«
105
105
102-95

5«
40«
59
91«

5«
41«
59«
91«

30«
;
;
:
•
\

52«
62«
98
10«
65

53«
64
98«
10«
65«

53
64
98«
9«
65

53«
64«
99
10«
65«

é
r
‘d
o
H
•
;

17«
52«
6«
11«

18«
523s
6«
11«
14«

17«
52«
6«
11«
14«

17«
52«
6«
11«
14«

;
j
l
l
•

C^GmmjerciaXattfl HttsceXXaixeuns j m g
N a t i o n a l B a n k s . — The following information regarding
national banks is from the Treasury Department :
NATIONAL BANK ORGANIZED.

4.991—

The E nterprise N ational B ank o f A llegheny, Pennsylvania.
Capital, $200,000. F rederick Owinner, President; T. L ee

4.992—The First N ational B ank o f T raoy, M innesota. Capital, $50,
0 0 0 . -------- , President; D. T. M oArthur, Cashier.

644

IHK CHRONICLE

I V L LX,
O,
F O R E IG N IM P O R T S A T N E W Y O R K .

CORPORATE EXISTENCE EXTENDED.

2,2 63—The N ational Bank o f N ewport. V erm ont, until M arch IP, 1915.
2,24 ¿—The Havana National Bank, H avana 111., until March 25,1915.
2,248—The First N ational B ank o f Oakland, California, until M arch
3 0 ,1 9 1 5
2,265—The W achusett National Bank o f F itchburg, M assachusetts,
until March 3 0 .1 9 1 5 .
2,252—The First National Bank o f M illershurg P ennsylvania, until
A pril 5 ,1 9 1 5 .
2,262—The Citizens’ National Bank o f N ew B edford, M assachusetts,
until A pril 5 ,1 9 1 5 .

For Week.

1893.

1892.

D ry G o o d s.......
Gen’l m ir ’dise.

C oinage by U nited States Mints. — The following state­
ment, kindly furnished us by the Director of the Mint, shows
the coinage at the Mints of the United States during the month
o f March and the three months of 1895.
March.

8

T otal g o l d .

136,039
14,515
17

$15,475,594

$9,228,693

$9,546,472

$26,731,598
94,299,558

$47,534,497
96,288,064

Value.

Pieces.

$

Valut

477,319
93,765
444,8 l7

$
9,546,380
937,650
2,224,085

35

87

....... 35

2, 866,102
100,290
192,145
269 073
12;029

500,29t
1.246.290
1.992.290
170,290

500,290
623,145
49a,073
17,029

1,681,160

573,537

3,909,160

1,638,537

1,098,347
1,527,892

54,917
15,279

2,446,347
6,837,892

122,317
68,379

T ota l m in o r . .

2,626,239

70,196

9,284,239

190,696

Total coinage.

4,458,005

3,509,835

F ive cents.
One o e n t ...

1,015,936 12,708,202

14,209,335 14,537,435
N o t e .—rn addition to the above there w as exeouted $442,000 in
tw enty-cent pieces (silver) fo r Ecuador.
C h a n g e s in L e g a l T e n d e r s a n d N a t io n a l B a n k N o te s t o
A p r i l 1.— The Comptroller of the Currency has furnished
us the following, showing the amounts of national bank
notes March 1, together with the amounts outstanding
April 1, and the increase or decrease during the m onth;
also the changes in legal tenders held for the redemption o f
bank notes up to April 1.
N ational B a nk Notts—
A m ount outstanding M arch 1 ,1 8 9 5 .
A m ount issued during M arch............
A m ount retired during M a rch ..........

1892.
For the w eek..
Prev. reported.

1893.

$8,139,233
105,959,253

L g 11 Tender Notes —
A m ount on deposit to redeem national bank
notes March 1 ,1 8 9 5 ......................................
A m ount deposited during M a r c h .................
A m 't reissued and bank notes retired in Mar.

$372,361
1,236,932

Total 14 weeks. $114,093,486' $90,416,779 $101,131,223

$95,481,843

A m ount on depos’t to redeem national
bank notes A pril 1 ,1 6 9 5 ........................

$27,602,761
‘ Circulation o f National Gold Banks, not ueluded in above, $91,067

According to the above the amount of legal tenders on
deposit April 1 with the Treasurer of the United States to
redeem national bank notes was $27,602,761. The portion of
this deposit made (1) by banks becoming insolvent, (2) by
banks going into voluntary liquidation, and (3) by banks
reducing or retiring their circulation, was as follows on the
first of each of the last five months:
Dec 1.

Jan. I.

Feb. 1.

March 1,

A p ril l .

$
$
$
$
In so lv ’nt bks. 1,233,323 1,211,543 1,149,263 1,085,143 1 , 022,020
5,280,483 5,259,959 5,188,830 5,138,093 5,182,068
Liquld’g bks
E ed ’c ’g under
act o f 1874* 23,006,945 23,374,685 23,193,602 22,244,094 21,398,673
T o ta l.___ 29,520,751 29,846,187 29,531,695 28,467,332 27,602,761
* A ot o f June 20, 1874, and Ju ly 1 2 ,1 8 8 2 .
I m p o r t s a n d E x p o r t s f o r t h e week ,—The following are
the imports at New York for the week ending for dry goods
April 4 and for the week ending for general merchandise
April 5 ; also totals since the beginning of the first week in
January.




$6,468,848
83,947,931

The following table shows the exports and imports of specie
at the port of New York for tbe week ending April 6 and
since January 1", 1895, and for the corresponding periods in.
1894 and 1893:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Exports.

512,952

$8,012,500
11,916,400
5,772,036
4,120,144

40,700

Total 1 8 9 5 ...........
Total 1854...........
Total 1893...........

Imports.

Since J a n .1.

$ ............

Great B ritain............
France.........................
G e r m a n y ...................
West Ind ies................
M exico .......................
gouth A m erica...........
All other cou n tries..

410,812
256,000

Week.

\
Since Jan. 1

*973.300 $1 O 439 nna
336,785
1,492,506
1,044,652
1,682
104,710
15,792
12,222
127,821
39,153

$553,652 $ 3 0 ,4 8 7 ,8 9 2 $ ! .323,989 $13,262,942
506,627
8,601,126
439,402
3,382,719
2,630,190 36,831,893
508,589
4,874,113
Exports.
Imports.

Silver.

Week.

Since Jan. 1.

Great B ritain .............
F ra n ce........................
G erm any.....................
West Indies................
M exico.........................
8outh A m erica ..........
All other countries..

$422,200

$7,355,355

51Ó

8,919
78,600

8,500

T otal 1895...........
Total 1894...........
T otal 1893...........

$431,210
626,631
379,962

Week.

S ineeJan.l.

$ ..

176,464
10,324

1,340
7,557
16,132
20,153
2,118

$40,730
2,176
2,720
34,471
157,495
108,617
9,892

$7,629,662
10,412,181
7,825,108

$47,300
45,192
17,466

$356,101
449,163
1,650,312

Of the above imports for the week in 1895 $974,805 were
American gold coin and $3,726 American silver coin. Of the
exports during the same time, $47,200 were American gold
coin.

Foreign Trade of New Y ork —Monthly Statement.—In
addition to the preceding tables, made up from weekly
returns, we give the following figures for the full months,,
also issued by our New York Custom House. The first state­
ment covers the total imports of merchandise.
IMPORTS INTO NEW YORK.

1891-95.
Month.

$28,467,332
864,571

1895.
$7,332,345
88,149,498

2,497,750
6207,450,144

1894.
$6,181,940
94,949,288

6204,952,394

$3,730,631
1,232,931

A mount ou tstan d in , A pril 1 ,1 8 9 5 * .....

D eposi s by—

$2,524,361
7,022,111

BXPORT8 FROM NEW TORE FOR THE W EEK.

Week.

150,606

T otal silver.

$1,837,953
7,390,740

The imports of dry goods for one week later will ba found
in our report of the dry goods trade.
The following is a statement of the exports (exclusive of
specie) from the part of New York to foreign ports for the
week ending April 9 and from January 1 to date :

Three Months.

100.290
384.290
1,076,290
120.290

Silver Dollars.........
Half d o lla rs___ _...
Q arter d o lla r s___
D im e s.......................

'

$48,840,850
140,644,34.

Gold.

D ouble eagles..
E agles................
H alf eagles.......
Three d ollars...
uarter e a g le s .
ollars...............

1895.

T otal........... $12,400,908
Since Jan. 1.
D ry G ood s....... $39,737,204
Gen’l mar’dise. 116,840,527

IN LIQUIDATION.

2,110—The W yom ing National Bank o f Laramie, W yom ing, has g o r e
into voluntary liquidation, b y resolution o f its stock holders
dated March 7 ,1 8 9 5 .
4,391—The First National B ank o f Graham, Texas, has gone into voluntarv liquidation, b y resolution o f its stockholders dated
M arch 4 ,1 8 9 5 .
3,896—The M erchants’ National Bank o f B attle Creek, Michigan, has
gone into voluntary liquidation, b y resolution o f its stock ­
holders dated February 12, to take effect A pril 1 ,1 895 .

Pieces.

1

$3,570,621
11,904,973

Total 14 weeks. 6156,577,731 6189,435,197 6121,031,156 $143,822,561

INSOLVENT.

3,4 89—The National Bank o f Kansas City, Missouri, is insolvent, and
was on M arch 18, 1895 placed in the hands o f George W.
Galbreath, R eceiver.
3,065—The First National Bank o f Texarkana, Texas, is insolvent,
a> d w as on A pril 1 ,1 8 9 5 , p laced in the hands o f Thom as M.
Thornton, R eceiver.

Denom ination.

1894.

$2,454,346
9,946,562

J u ly ..........
August.......
September..
October....
November. ■
December..
January....
February...
March........
Total.,.

Dry
Goods.

General
Merchan­
dise.

$
7,891,356
7,420,901
8,782,959
9,023,960
6,076,454
9,540,517
17,660,312
13,961,977
13,331,847

1893-94.
General !
Merchan­
dise.

$
34,387,969
23,861,763
23,472,953
29,494,662
27,083,885
36,077,954
28,777,708
24,873,030
31,998,938

Total.

Dry
Goods.

Total.

$
$
$
*
42,279,325 13,381,391 27,303,539 40,621,930
34,282,664 9,036,188 27,419,045 36,455,233
32,255,912 7,193,336 18,874,404 26,067,740
38,513,622 5,795,631 27,360,8941 33,156,525
33,180,339 4,497,140 26,381,962 30,832,102
45,618,471 4,973,663 28,245,063 33,218,729
46,438,020 8,976,930 26,993,965 35,970,895
38.838,007 8,355,097 23,821,975 32,177,072
45,383,835 7,561,718 35.517,997 13,079,715
93.746,283 233,028,912 356,775,195 69,703,097 241.921,814 311.629,941

EXPORTS FROM N E W Y O R K

CUSTOM S R E C E IP T S

lotal Merchandise.
Month.

1894-95.

$
26,333,424
29,323,417
A ugust...........
26,397,471
27,488,685
November......... 27,636,023
December......... 28,610,146
28,889,726
January .......
February......... 23,621,575
27,801,467
T o ta l........

1893-94.
$
32,651,140
35,045,433
32,998,412
31,126,356
31,472.483
31,208,080
30,037,691
27,394,451
31,301 980

246,109 935 283,236,526

At New York.
Month.

1894-95.

1893-94.

$
$
6,175,579 10,220,988
August.............
8,723,355 8,188,589
9,692,660 7,964,784
8,229,310 7,537,621
November.........
6,769,717 6,314,54«
December.......... 7,433,102 5,646,395
January........
12,818,691 8,315,655
February........... 9,312,283 7,424,174
Total - ........

78,982,900 69,061,242

— Messrs. E. H . Rollins & Sons, Boston, advertise in an­
other column a choice list of municipal issues, and the atten­
tion of investors is called to the recent decision of the U . S.
Supreme Court exempting this class of security from the
Income Tax Law.

THE

A p b i l 13, LS95.J

CHRONICLE.

Breadstuff's F igu res B r o u g h t F r o m P age 6 7 5 .—The
statements below are prepared by us from the figures of the
New York Produce Exchange. W e first give the receipts at
Western lake and river ports, arranged so as to present the
comparative movement for the week ending April 6, 1815
and since August 1, for each of the last three vears:
Receipts at—

Oom.
Oats.
flour.
Barley.
Wheat.
Rye.
Bblt.imbs Bush.dO lbs Bush.b6 lbs Bush.32 lbs BushA8 Ibi Bit.56 Ibi.
Ohloago.......
349,594
822,685
183,599
49,624
03,050
32,443
8,459
120,780
116,000
Milwaukee...
57,6.0
31,350
14,230
Duluth.......
523 681
27,573
29,628
418 650
Minneapolis.
105,800
Toledo.........
1,005
124,300
500
600
400
25,141
28 567
12,399
Detroit........
1,200
1,774
40,5(58
37,041
28,620
Cleveland....
10,920
5,621
Bt. Louis......
64,405
23,495
31,913
87,025
28,500
700
128,000
5,000
4,800
137,500
Peoria..........
22,400
Kansas City.
15,831
5,957
11,450
Tot.wk, '95.
Same wk,’94.
Bame wk,’93.
Sines Aug. 1.
1894-95,....
1893-94.....
1892-93.....

152,822
203.723
102,214

1,367,843
2,020.554
3,170,971

738,288
2,923,155
1,736.599

1,243,752
2,417,120
1,574,543

303,094
418,171
326,950

47,773
81,586
53,018

8,008,895 123,405,789 57,873,581 04,581,323 29,372,842 2,076,701
9,057,554 127,953,973 119,375,927 87,707,762 20,888,535 2,884,670
9,372,252 201,120,309 90,302,190 80,714.985 27,041,669 6,443,338

The receipts of flour and grain at the seaboard ports for the
week ended April 6, 1895, follow:
Flour,
Wheat,
bbls.
bush.
108,457
95,550
47,295 32.375
19,380 482,932
72,491
0,225
68,410
21,739
3,565
29,840
20,803
34,500

Receipts at—
New York.................
Boston.....................
Montreal................
Philadelphia..........
Baltimore................
Richmond..............
New Orleans.........
Total week.......
Week 1894..............

340,401
445,719

703,161
250,275

Corn,
bush.
95,300
58,607
2,412
48,359
176,876
7,337
19,015

Barley.
bush.
16,150
5,370
1,433
10,400
...........
......... .
.. . . . . . .

Bp«.
bush
..........
..........
5,076
. . ...
3,522
...........
..........

769,172
091,320

407,950
814.88 J

Oats,
bush.
262,500
108,485
199,01«
100,947
22,891
10,041
58,692

83,353
53,800

8,598
5,602

The total receipts at ports named in last table from Jan. 1
to April 6 compare as follows for four years:
Receipts of—
Flour..................bbls.

1895.
4,168,534

1894.
5,005,806

1893.
4,654,091

1892.
5,100,198

Wheat............. bush. 4,861.351
Corn.......................... 7,560,14«
Oats.......................... 7,801,077
Barley....................... 1,229,884
Rye.............................
108,956

3,391,993
2 *,184,990
8,584,293
1,549,621
77,324

8,894,820
11,667,341
9,591,437
2,049,239
190,846

20,410,073
44,484,774
12,754,712
2,241,648
I,d88,8l5

33,788,221

32,393,683

81,580,622

Total «rain........... 21,627,414

The exports from the several seaboard ports for the week
ending April 6, 1895, are shown in the annexed statement:
Wheat.
bush.

Oom.
bush.
39,752
51,039
2,404
6o(000
296,714
53,135
221,142

Flow.
bbls.
62,630
79,482
3.211
35(202
77,462
313
1,001
23,364

Oats.
bush.
3,819
3,500

Total week....... ,..1,150,393
730,248
Same time 1894...
1,540,330

287,098
283,311

7,319
8,743

Exports from—
New York...........
Boston................
Philadelphia......

...

7,872

Rye.
bush.

Peas.
bush.
4,594
12,901

17,498
12,153

The destination of these exports for the week and since
Sept. 1, 1894, is as 1« low. W e add the totals for the corres­
ponding periods of last year for comparison:
.---------Flour.-------- , .-------- Wheat.-------- , --------- Com.--------- ,
Exports for
Week Since Sept, Week Since Sept. Week Since Sept.
week and since
Apr. 6. 1, 1894.
Apr. 6.
1,1894.
Apr. 6. 1,1894.
Sept. 1 to—
bbls.
bbls.
bush.
bush.
bush.
bush.
United Kingdom 180,981 5,333,116
503,650 20.096,853
383,505 8,902,692
Continent..........
20,421
772,555 610,743 8,783,270
334,396 3,640,007
S. &C. America..
44,007
816,409
............
11,100
2,472
131,128
West Indies....... 29,914
740,241
6,964
9,707
321,186
Brit. N. A. Col’s.
6,285
230,160
...........
2,870
44,9x1
Other countries..
30
21,407
..........
93,318
108
25,547
T otal............... 257,698
Total 1894.......... 286,311

7,919,024 1,150,393 29,594,441
730,248 13,085,471
8,107,505
025,789 31,950,421 1,540,330 37,492.878

The visible supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, April 6, 1895, was as follows:
Wheat,
In store at—
bush.
New York.......... 5,055,000
Do afloat.......... 983,000
Albany.....................................
Buffalo...............
2,272,000
Do afloat.......... 269,000
Chicago............. 23,614,000
Do afloat....
2,738.000
Milwaukee........ 683,000
Do a floa t........................
Duluth.............. 12,119,000
Do afloat..........
85,000
Toledo............... 1,809,000
Do afloat..........
343,000
Detroit.............. 1,138,000
Do afloat.......... 466,000
Oswego..............
31,000
St. Louis.................. 2,754,000
Do
afloat..................
Cincinnati..........
14,000
Boston............... 296,000
Toronto...;..............
23,000
Montreal........... 483,000
Philadelphia......
97,000
Peoria..............
208,000
Indianapolis.....
138,000
Kansas City....... 479,000
Baltimore......... 334,000
Minneapolis....... 10,156,000
St. P a u l.....................................
On Mississippi River.
6,000
On Lakes...................................
Cn canal and river,..
47,000

Oom,
bush.
329.000
...........
60,000
106.000
452.000
5.024.000
2.420.000
...........

Total Apr. 6,1895.72,703,000
Total Mar. 30.1895.74,307,000
Total Apr. 7,1894.70,762,000
.„U ilA p r. 8,1893.77,293,000
Total Apr. 9,1892 41,178,000

12.890.000
13.407.000
17.497.000
14.915.000
10,888.000




Oats
bush.
507,000
79.000
100,000
104,000
126,000
1,158,000
858,000
2,000

Rye,
bush.
...........
17,000

Barley,
bush.

2,000

229,000

203,000
20,000
........
20,000
90,000
. . ... ...
57,000
7,000

625,000

' 18,000

755,000

19,000

163,000

7,000

' 50,000

3,000

1,853,000
145.000
25.000
250.000
.. . . . . . .
2.000
280.000
174.000
126.000
253.000
378.000
8.000

211,000
...........
122,000
162,000
14,000
199,000
219,000
308,000
74,000
239,000
103,000
407,000

21,000

14,000
16,000
3,000

1,000
...........
16,000
8,000
10,000
.........' 19,000
1,000
5,000
........
1,000

52,000

5,000
19,000
35,000

43,000

— The cards of the following leading municipal bond homes
will be found in the S t a t s a n d C i t y S u p p l e m e n t issued to­
day : Blair & Co., Harvey Fisk & S m s, J. S. Farlee & Bro.,
Edward C. Jones Co., Storrs & Smith, N. W . Harris & Co ,
Farson, Leach & Co.; C. H . W h ite & Co., Kidder, Peabody &
Co.; Brewster, Cobb & Estabrook; R. L. Day & Co., Blodget,
Merritt & Co , Cushman, Fisher & Co., The Baldwin Bros.
Co., E. H . Gay & Co., Dietz, Denison & P rior; W . J. Hayes
& Sons, Rudolph Kleybolte & Co.
— The “ W eekly Market Letter” of Messrs. Clapp & Co.
Mills Building, New York, covering the various departments
of Finance, Stocks and Bonds, W heat, Cotton, etc., bound
in an annual volume, makes an interesting book of reference.
The 1894 edition, just issued, is embellished with illustrations
of Messrs. O. W . Clapp and Dwight O. Clapp and the various
exchanges. A n interesting feature are fac similes of Mr. O.
W . Clapp’s membership tickets in the Chicago Board of
Trade from 1858 to 1895.

City Railroad Securities—
Brokers’ Quotations.
Bid.
Atlan. Ave., B’klyn—
Con. 5s, g., 1931..A&O
Gen. M. 5s, 1909.. A&O
Impt. 5s, g., 1934.. J&J
Bleek. St. & Ful.F.—Stk.
lst mort.. 7s, 1900. J &J
B’ way &7th Ave.—Stock.
lst mort., 5s, 1904xJ&D
2d mort., 5s, 19x4.J&J
B’way lst,5s,guar.l924
2d 5s,lnt.as rent’1.1905
Consol. 5s, 1943...J&D
Brooklyn City—New stk.
Consol. 5s, 1941...J& J
Bklyn.Crosst’n5s. 1908
Bkl’n.Q’nsCo.&Sub.lst
Bklyn.C.&N’ wt’ wn—Stk
5s, 1939.........................
Brooklyn Traction..........
Prelërred.... .................
Central Crosstown—Stk.
lst M., 6s, 1922...M &N
Cen.Pk. N.&E.Rir.—Stk.
Consol. 7s, 1902...J&D

Ask.

108

110
108*2
98
30
27
110 112*2
188 191
$106 ’< 108*a
2
3108 *2 110
§1091, 112
§104 106
109*2 110
157 159
110 111*2
_
105
§103 103*2
200
§108 > 109 *t
v
9*2 10*2
52
48
180
117 122
100 104
§114
—
107
_...

Bld.
Christ’p’r&lOth St.—Stk.
1st mort., 1898 ...A & O
D. D. E. B. & Bat’y—Stk.
1st, gold, 5s, 1932. J&D
S crip .............. ...............
Eighth Avenue—S tock...
Scrip, 0s, 1 9 1 4 .............
42d & Gr. St. Fer.—Stock
42d St.& Man.&St.N.Av.
1st mort. 6s, 1910.M&S
2d mort.income 6s. J&J
Long Island Traction....
Metropolitan Traction...
Ninth Avenue—Stock...
Second Avenue—Stock..
lstmort.,5s,1909.M&N
Debenture 5s, 190». J&J
Sixth Avenue—Stock_
_
Third Avenue—S tock ...
1st mort., 5s, 1937. J&J
Twenty-Third St.—St’k.
Deb. 5s, 1903...............
Union Ry—S tock ...........
1st 5s, 1942...................
Westchest’r, 1st,gu.,5s.

Ask.

150 155-1
105 108
157 160
§114 * 115<a
2
§103 104*a
300
103
312 320
60
63
§112*2 115
57
58*2
8
8*4
90
91
149
143 150
107*2 109
103 104*2
210 215
160 101
118 119
300
100 105
100 106
104*2 105*2
100 102

§ And acorued interest.

Gas Securities— Brokers’ Quotations.
GAS COMPANIES.

Bid. Ask.

Brooklyn Gas-Light........ 125
Central.............................. 140
Consumers’ (Jersey Citv). 70
90*2
Citizens’ (Brooklyn)........
Jersey City & Hoboken.. 190
Metropolitan—Bonds....... 108
Mutual (N. Y .................... 164
200
100
N. Y. & East Riv. lst 5s.. 83*2
Preferred .....................
40
Common...................
21

ieo
75
62

GAS COMPANIES.
Peoples’ (Jersey’ C itv )....
Metropolitan (Brooklyn).
W illiam sburg..................
1st 6s.................... ..........
Fulton Municipal.............

160

Equitable..........................
Bonds, 6s, 1899 ............
Standard pref___. . . . . . . . .
84*4 C o m m o n ..................
43
Western Gas ............ .
23
Bonds, 5s..................... .

Bid.

Ask*

81
170
165
200
100
170
105
185
106
95

108

43

45
82

170
-

175
188
100

46
47
84

Auction Sales.— Am ong other securities the following, not
regularly dealt in at the Board, were recently sold at auction
B y Messrs. R. Y . Harnett & Co. :
Shares.
17 H am ilton W oolen C o___ 19
25 Franklin Nat’l Bank....... 100
10 First Nat’l Bank o f Jer­
sey C ity...............
..... .3 0 0

Bonds.
U nion Trust Co’ s reo’ ts fo r
ten bonds o f the Chattaroi
R y ;fo u r ino. bonds Chattaroi By; forty sh. stock
Chattaroi R y ....... .............. $5

By Messrs. Adrian H . Muller & Son:
Shares.
Nat. B a .k of Com m erce 182
U .5. Life Ins C o...............124%
Market Nat. B an k...........215
Gallatin Nat. B ank......... SOS1
«
N. Y. B ’klyn & Manhatt.
Beach Ry. Co , p re f..$410 lot
30 Danville Oiney& Onio j
Riv. R R . C o..............I
140 Nat. Color P rint’gC o. I
o f N. J., $10 each.........f T «H o t
1,340 Fair Play Mill&Min. /
Co..com., San Fr.$5 ea. J
8,330 North. A dirondack RR.
Co. (h ypothecated)___ $200 lot
12 Meehan. & Traders’ B k ..l5 0
50 Fidelity & Casualty Co . 350
30 G reenwich B an k.............. 175*2
25 Amer. Exch. Nat. B a n k ..15908
30 M erchants’ Nat. B an k .. .135
70 N. J. Im p. Co., p ref.......$35 lot
30 Rutgers Fire Ins. C o....... 115
13 Nassau F ire Ins. Co......... 150
32
100
4
19
20

Shares.
3 M ich.Pen. Car Co., c o m .. 24*a
100 U S. M ortgage C o...........180
44 Thrid Nat. B a n k ............ 105
100 N. Y. & P erry Coal & Iron
Co. (trust recpts.) .. ...$ 3 5 lo t
50 A tlantic Trust C o............ 200
100 Standard Oil T rust.........181*3
Bonds.
$420,000 North’n A dirondack
R R . Co. 5s, 1922 . . $169,000 lot
$2,000 Lancaster & H am den
R y. 6% receiver’s certs.,’ 95.
N ov., 1894, coupons o n .. $100 lot
$44 000 Birm. Shef. & '
Tenn.R. R y .C o.lst5s
$6,500 Birm. Shef. &
Tenn. R. Ry.Co. past $15,400lo t
due coups.fro m lstö s
10,256 sh. Birm. Shef.
& Tenn. R iv. R y. C o .,
$1,000 Tam m any H all os,’ 97.
F. & A ....................................... 90

gatiMtcg vaiti JfitmtTcial.
S amuel' D. Davis < Co.,
&
B A N K E R S,
N O .]40 W A L L S T ., N E W Y O R K .

Samuel D. D avis ,

Chas . B. V an Nostrand,

Spencer T rask & Co. ,

60,000
5,815,000
6,184,000
2,054,000
4,370,000
S 223,000

645

245,000
267,000
397,000
869,000
1 498000

085.000
787.000
582.000
896.000
790.000

BANKERS,

10 W ALL STREET, NEW YO RK .—65 State St., Albany
Bonds and Stocks Bought and Sold on Commission.
INVESTMENT SECURITIES.

646

THE CHRONICLE.

% \ tz

ja n k e r s ' d a ^ it e .

pon, 1925, at 1 2 0 % : $1,000 5s, coupon, at 115%, and $23,000
5 s, registered, at 115% to 116.

D I V I D E N D S

interest A p ril A p ril
Periods 6. i 8.

When
Payable.

Boohs closed.
(Day8 inclusive.)

Name o f Company.

P er
Cent.

R a ilr o a d s .
Central R R . o f N. J (quar.).........
m is c e lla n e o u s .
C hicago Gas (quar.)......................

1%

May

1

A pril 25 Apr. 16 to Apr. 25

1 Apr. 16 to May 10

W A L L STR E E T, F R ID A Y . A P R IL 13, 1 8 9 5 -5 P . M.

The Money M arket and Financial Situ ation .— The busi­
ness of the week in W a ll Street is affected to a greater or
less degree by the closing o f the Stock Exchange to-day.
Notwithstanding the dullness of the market the tone has
been generally strong and in some cases the advance in prices
has been quite marked, notably in the bond department.
The report of the New York Central showing an increase
o f over $170,000 in gross earnings for March, together with
favorable reports of other roads, the large contracts for iron
ore just closed, and the strength o f the markets for silver, cot­
ton, hides, leather and petroleum, are features of significance.
It is possible that the coal situation is nearer a settlement
than it was last week, but if so the public is not apprised of
the fact, and the announcement that Beading not only de­
clines to make any concessions but also declines to submit to
arbitration does not strengthen the hope of a speedy adjustment.
The weakening of the foreign exchange market during the
week is evidence that the bond syndicate is making a success
o f its undertaking. This, with other favorable features and
prospects, has strengthened the tone of the London market
for American securities. The large advance in crude petro­
leum has been one of the prominent features of the week but
has had little or no effect at this centre.
There is only a limited demand for money, and with an
abundant supply rates are easier. The open market rates for call loans during the week on
stock and bond collaterals have ranged from 2 to 3 per cent.
To-day rates on call were 2 to 2 % per cent. Prime commercial
paper is quoted at 4 to 5 per cent.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,090,664, and the percentage
Of reserve to liabilities was 68'24, against 65‘95 last week; the
discount rate remains unchanged at 2 per cent. The Bank of
France shows a decrease of 12,325,000 francs in gold and
5,125,000 francs in silver.
The New York City Clearing-House banks in their statement
Of April 6 showed a decrease in the reserve held of $338,000
and a surplus over the required reserve of $13,929,925, against
$18,413,450 the previous week.
1895.
A p ril 6.
C a p ita l................
Surplus...............
L oans & disc’nts.
C ircu lation .........
N et deposits.......
Specie...................
L egal tenders___
R eserve held.......
L egal r e s e r v e ....
Surplus reserve

D iffer en’ tfrom
Prev. week.

1894.
A pril 7.

1893.
A p ril 8.

$
62,622,700
71,046,800
4? 0,438,300
13,084,000
50<',822,300
64,471,200
74,664,300
139,135,500
125,205,575

$

$
59,922,700
70,690,600
450,426,600
11,144,900
554,496,900
99,623,000
119.799.200
219.422.200
138,624,225

$
60,422,700
70,183,300
434,204,800
5,651,300
438.698.600
71,546,500
47,341,100
118.887.600
109,674,650

80,797,975

9,212,950

Deo.2,085,800
In o. 188,400
Deo.3,417.900
Deo.1,107,700
In o . 769,700
Deo. 338,000
D ec. 854,475

13,929,925'Deo.

516,475

Foreign Exchange.—The foreign exchange market has
ruled dull during the week, and on account of the limited de­
mand for both sterling and Continental bills, quotations are a
fraction lower than last week.
To-day actual rates o f exchange were as follows; Bankers,
sixty days sterling, 4 88% @ 4 88% ; demand, 4 89 % @ 4 89 % ;
cable 4 89% @ 4 89% .
Posted rates of leading bankers are as follows ;
A p ril 12.

Sixty Days.

Bemana.

Prim e hankers’ sterling bills on London.. 4 8 8 % 9 4 89% 4 90 9 4 90%
4 8 7 % 9 4 88
Docum entary com m ercial........ ................. 4 87% 9 4 87%
5 17%-5 161316 5159 i 69 5 1568
P aris bankers’ (franos).......................
Am sterdam (guilders) bankers................. 403,8940%
4038940716
F rankfort or Bremen (reiohmarks) b’kers’
953*9957,8 9511,6* 95%

The following were the rates of domestic exchange on New
York at the under-mentioned cities to-day: Savannah, buying
par, selling % @ $ 1 50 premium; Charleston, buying par,
selling % premium; N ew Orleans, bank, $150 premium,
commercial $1 00 discount; Chicago, 80@85c. per $1,000 pre­
m ium ; St. Louis 60@75c. per $1,000 premium.
U nited States B onds.— The market for Government bonds
is quiet but firm. Sales at the Board include $5,000 4s, cou­




[V O L , L X .

2s, .............. . . .reg.
4s, 1 9 0 7 ............. re«:.
4s, 1 9 0 7 ..........ooup.
4s, 1 9 2 5 ... .... .reg.
4s, 1 9 25.......... coup.
5s, 1 9 0 4 ....... ...r e « .
5s, 1 9 0 4 . . . . . . .coup.
6s, our’ oy,’ 9 5 ...r e g .
6s, ou r’oy,’ 9 6 ...r e g .
6s, 3ur’ey,’ 97. .re«.
6s, our’ey,’ 9 8 ...r e g .
6s, our’oy.’ 9 9 .. .reg.
4s, (Oher.)1896.reg.
4s, (Cher.) 1897. reg.
4s, (Cher.) 1 8 9 8 .reg.
4s, (Cher.)1899.reg.

Q.-Moh.
¿.--Jan.
5 -T a n .
Q .-F eb.
Q .- Feb.
Cj.-Feb.
Q.- Feb.
I . A J.
J. A J.
J. A J.
J. A J.
T. A J.
March.
March.
March.
M arch.

April A pril A p ril A p ril
9
10 .
11 .
12

* 95 * 95 * 95 * 95
* 95
*11138 *111% *111% *11138 *11 : Ss1
*112 *112 * L12 *112 *112 I
* 120 % '12 > * 120 % ' 120 % *120%
%
120 % *120% *120*« * 120 % *120%'
'11531 115% 115% *115% 115 |
*115% *115% 115% *115% *115%!
*100 *100 *100 *100 *100
* 102 % *102% ' 102 % *102% *102%*105% *105% *105% *105 % '105 >
«1
*103% *108% *108% *108% *108%
*111 ' I I I
* 111 % * 111% *111
*100 *100 *100 *100%'
*100

*100
*100

*100

*L
0O
*100
*100

*100

*100

*100

*1 0 0

*100
*100

*10

%

*ioo%:
*ioo%l

* This is the price bid at the m orning board, no sale was made.

U nited States Sub-Treasury.—The following table shows
receipts and payments at the Sub-Treasurv.
B alances
Date.

Receipts.

P aym ents.

6
8
9
10
11
12

$
1,858,396
3,512,279
1,853,438
1,867,497
1,785,725
3,420,640

$
2,646,905
3,937,893
2,189,931
2,057,333
2,746.214
4,407,811

T otal

14,297,975

Coin.
$
85,748.491
85,350,728
85,244.1*5
85,183,242
84,777,703
84,781,080

Coin Cert's
$
784.916
763,500
783,035
865,235
734,899
1,005,985

Currency.
$
65,261,979
65,255,543
65,006,079
64,784,966
64,370,351
63,108,717

17,986,087

A pr.
“
«
“
“

Coins.— Following are current quotations in gold for coins
Sovereigns...... $4 87
N ap oleon s...... 3 88
X X Reiohmarks. 4 78
25 Pesetas...... 4 80
Span. Doubloons. 15 50
M ex. D oubloons. 15 50
Fine gold bars.. . .
par

-®$4 92
® 3 95
® 4 85
® 4 88
@ 1 5 75
@ 15 75
<9% prem.

Fine silver bars.. — 67 9 — 67%
F ive fra n cs.......... — 90 9 — 95
M exioan dollars. — 5 3 % 9 — 54%
Do unoom ’ oial. -----® ------Peruvian s o ls .... — 50 9 — 52
English silver . . 4 85 9 4 92
U. 8. trade dollars — 55 9 — 65

State and R ailroad Bonds.— Sales o f State bonds at
the Board include $5,000 Louisiana con. 4s. new, at 9 6 ; $17,000 Tenn. settlement 3s at 84% to 8 4 % ; $50,000 Virginia 6s
defd. trust receipts, stamped, at 6 % to 7, and $110,000 Vir­
ginia fund, debt 2-3s of 1991 at 59% to 59% .
The railroad bond market has been only moderately active
but firm, reflecting the more hopeful feeling in financial
circles and the increasing demand for investment securites,
and prices are generally higher. A s the plan now maturing
for reorganizing the Atchison system becomes better under­
stood the bonds are in demand at advanced prices. The 4s
closed at 69% , a net gain of 2 % , and the class A at 22, a gain
of 1% . Brooklyn Elevated lsts have advanced to 93. Chic. &
No. Pac. 1st rects. have gained 1 % to 43% . Kansas Pac. issues
have advanced each 2 points, the 1st cons, to 69, the 6s of ’95
to 106% and the 6s of ’96 to 107%. M. K . & T. 1st 4s closed at
83% , a gain of % , and the 2ds at 56, a gain o f 1 % . M. K . &
T. o f T. 5s have gained 1 % at 78% and M. K . & East, lsts %
at 86% . Northern Pac. issues have been active and are from
1 to 2 % points higher, as the earnings for the last week in
March show an increase of $90,000. A plan for reorganizing
Ore. R. & Nav. Co. has been announced, and the bonds have
advanced 5 points from the closing price last week. St. Louis
South westerns have been active and strong at an advance, as
have also Union Pac. issues.
Railroad and Miscellaneous Stocks.— The stock market
has been dull and the trading largely of a professional char­
acter during the week. The undertone is strong, and prices
have generally been well sustained.
There is a tendency to weakness in the granger stocks
on the publication of the Burlington report for 1894
and St. Paul’s earnings for the first week in April. Burling­
ton closed 1% lower than last week, St. Paul % lower, North
W est. % lower, and Rock Island, after fluctuating within half
a point, closed without change. The coal stocks have been
somewhat unsteady, Cent, of N. J. selling down to 91% on
Monday on a report that the quarterly dividend would be re­
duced, but rallied when the same was announced, and closed
at 93% , a net loss of % . D. & H . Canal sold at 128% on Sat­
urday, dropped to 124% on Monday, partly as a result of in­
side selling, and closed at 125%, a loss o f 2 points, while Lack­
awanna has moved within a much narrower range, and closed
at 159%, a net gain of % . Reading closed at 12% , a loss of % .
Louisville has been less active than of late and is % higher
than the close last week. Manhattan has fluctuated between
112% and 109% , closing at 112%. New Y ork Central has
gained 1 point on limited sales. Others o f the Vanderbilt
stocks have been relatively active and strong. Lake Shore
and Canada Southern are each 1 point higher and Mich. Cen­
tral has advanced 4 % under limited offerings. Baltimore &
Ohio has lost 2 points on rumors about the dividend.
Features of interest are not numerous in the industrial
group. American Sugar, the most active, has fluctuated be­
tween 103% and 99% , closing at 103. Chicago Gas has gained
nearly a point on the announcement of a quarterly dividend
o f 1 per cent, while Distilling has lost the same amount under
liberal selling, said to have been by an inside interest. Efforts
to bear Gen. Electric have been only temporarily successful,
and the stock closed at 34% , a net gain o f % . IJ. S. Leather
baa been buoyant; the common gained 2 % and the pfd. 6
points, without any new developments regarding the company

THE CHK0N1CLE,

A p r i l 13, 1895,]

647

NEW YORE STOCK EXCHANGE— A C T I V E STO CK S fo r week ending A P R IL 12, and since JA N . 1, 1895,
H IGH EST AN D LOWEST PRICES.
{Saturday,
A p ril 6.
6%
*%
’*'56%
*38%
50
93%
*16%
*17
148%
73

6%
1%
59
39%
50
95%
17%
17%
148%
73%

M onday,
A p ril 8.

6
6%
5%
1%
*%
*7e
55
57
55
39% 40
39%
50% 50%
50%
93%
91% 94
*16% 17% *17
17% 17%
17%
149 149 *147
71%
72% 73

57% 58%
57%
*115 116 *115
91% 92%
9 i%
139U
63% 64
63%
*32
33
32
*107% 109% *107%
*37% 38
37%
26
*66
128%
158%
*11%
37%
*40
*107
*87%
*7%
*22%
17
74%
*137
*84
7%
51%
*6%
*20
112
94
*26%
*46%
15%
26%
24
*16

26%
«7
128%
160%
12%
37%
50
110
90
8
23
17
74%
138
85
7%
51%
7%
23
112
94%
27%
48
15%
26%
24%
18

95%
*13
*55
*25
10

95%
14
65
27
10

38
*201
16%
12%
35%
*3

38%
16%
12%
35%

4%
16%

4%
16%

*15

18

Tuesday,
A p ril 9.

W ednesday,
A p ril 10.

6%
5%
*%
1%
55%
55%
40%
40
50%
51
94%
93%
16%
17%
17%
17%
150 *146
71%
73

95% 96%
97
96% 96%
*13
*12% 14
*12% 14
*60
*55
65
*55
65
26
26
26
26% *26
9%
9%
9%
9%
9%
*20%
38%
37% 37%
37% 38%
*201
*200 203 *201
16% 16%
16%
16% 16%
*12% 12%
12%
12% 12%
35% 35%
35
36
36
3
3
*3
3%
3%
14% 14% *13%
14
14
4%
4%
4%
4%
4%
17% 17%
17% 18
17%

*114 L15 *114
*38
40
*38
*4%
5
5
*9% 10%
10

38
16%
12%
35%
3%
13%
4%
17%
18

*17

4%
13
17%
48%

*4
12%
*16%
46%
*156
29% *28
115
40
5
10

*107% 110 *107% 110
17
17%
17% 17%
11% 11%
11% 11%
33% 33%
32% 32%
9%
9%
9%
9%
2
2
1%
1%
*46
50
*46
49
*78
85
83
*78
11% 11%
*4%
*4%
5
5
*6
6%
*5%
6%
14% 14%
14% 14%
12% 12%
11% 12
*43
42% 43
43%
*4
4%
*4
4%

20

*17

6%
11%
11%
70
39%
87

97%
14
70
27
10%

New Y ork Centrai < H udson.
fe
New York Chicago A St. Louis
Do
1st p ref.
Do
2d p ref.
New Y ork Lake E rie A West’n

38%
16%
12%
35
3
4%
18%
18

o
H
0
H
d

N.Y.& N.E ., tr. recs.allins.pd
New York New H aven < Hart.
fe
New York Ontario ds Western
New York Susq. A W e st,n e w .
Do
'p r e f.
N orfolk A W e s te r n ......
Northern P a c ific ..........
Do
p ref.
Oregon R ’y A N avigation Co.

*114 115 *114 115 *113% 114%
*38
40
40
40
*38
*38
*5
5%
5%
5%
4%
5%
10
10% 10%
10%
10% 10%
*23
*23
*23
28
28
28
85
85
*85
oo
+85
90
*106 110
1Ö6 106 *107% 110
17
17
17% 17%
17% 17%
11% 11%
11% 11%
11% 11%
32% 33
32% 32%
32% 33%
9%
9%
9%
9%
9 7«
9%
2
2
2
2
1%
1%
*46
49
49
*46
48
82
82
*78
81
*78
*78
11% 11%
11% 11%
11% 11%
4%
4%
*4%
5
*4%
5
*6
6%
*5%
6%
6
6%
14% 14%
14
14%
14% 14%
12
12%
12%
12
11% 12
43
43
41% 42%
41% 41%
*4
4%
*4
4%
*3%
4%

Rom e W atertown A Ogdensb.
St. Louis A lt. & Terre H a u te.
St. L ouis Southwestern...........
Do
p ref.

6
10%
11%
69%
39%
86%

6%
11
11%
70%
40%
87%

5%
10%
11%
71%
39%
87

* These are bid and asked; no sale m ade.




18

Columbus H ooking Val. & Toi
Delaware A H u dson ................
Delaw are Laokawannadc W est
D enver & R io GrandA
•Do
p ref.
E vansville & Terre H aute___
Great Northern, p re f___
Illinois Central.."...................
Iow a Central__________
Do
pref.
Lake Erie & W estern ____
Do
p ref.
Lake Shore & Mich. Southern
L ong Islan d...............................
Long Island T r a c t io n ............
Louisville & N ashville............
Louisv. New A lb. A Chicago.
Do
p ref.
Manhattan Elevated, con sol..
M ichigan Central................
M inn.&St.L.,tr. roots., 2d p’d
D o pref. .tr. roots.. 2d p’d
Missouri Kansas & Texas.*...
Do
p ref.
Missouri P acifie......................
M obile A O h io____________

P eoria D ecatur A E vansville.
Philadelphia A R ead in g_____
r ittsburg Cinm Chic. A St. L .
Do
p ref.

25%
26
26
25% 25%
25%
73%
72
72
71% 72
71%
101%
99% 101% 101% 102% 102%
94
94
94
94
94
94
95%
95
96%
95% 96%
96%
108% 109% 109% 109% 109% 109
71%
70% 71%
70% 71%
71%
133 *131 132% *131% 133
133
15%
14% 15%
14% 14%
14%
34
32% 33%
33% 34%
33%
32%
31
31% *31% 32% *31%
86
85% 85% *85
85%
85%
5%
5%
5%
5%
5%
5%
11
10
*8
*8
11
*8
22% *22
22% *22
22%
22%
*145
147%
*156 159
157 157
157 157 *155
66% 66%
*66
66%
67% 67%
67
17% 17%
17
17% 17%
17%
17%
6
10%
11%
69%
39%
86%

20

Chicago R ook Island A Pacific
Chicago St. Paul Minn. & Om.
Do
p ref.
Cleve. Cinoin. Chic. A St. L ...

*4
4%
12% 13
*16% 17
47% 47%
*156 159
30
*28

4%
*4
12%
13 m
*15
17%
46% *46%
*156
30
*28

25%
73%
100%
94
95%
*108
71%
133
15%
33%
32
*85
5
*8
*22

6%
10%
11%
69%
39%
87%

26%
70
126%
160%
12%
38%
50
110
90
8
23
17%
74%
139
85
8%
52
7%
23
110%
98%
27%
47%
16
27
24%
20

Chicago Milwaukee A S t Paul
Do
p ref.
Chicago A N orth w estern.......

26% 26%
*65
124% 125%
159% 160
*12% 12%
*38% 38%
*40
50
*106 110
88
88
*7
8
*21
23
*17% 17%
74% 75
138% 139%
83% 83%
8%
8%
52% 52%
7%
7%
*22
24
110% 112%
97
98
*26% 27%
46 % 46%
15% 15%
27
27%
23% 24
*15
18

95%
*13
*55
*25
9%
*20
37%
*201
16%
12%
35%
3%
13%
4%
17%

96
14
70
28
9%

26%
*65
125%
158%
*12
*38%
*40
*106
*88
*7
*21
17%
74
138
*84
8%
52
7
23
110%
97
*26%
*46
‘ 15%
26%
23%
*16

STOCKS.
A c tiv e R R , S to c k s .
A tchison Topeka A Santa F e.
Atlantic & P acific.....................
Baltimore & O h io .....................
Canadian P aoiiio......................
Canada S outhern.....................
Central o f New J e r s e y ....___
Central P a cific..........................
Chesapeake & O h io .................
Chicago < A lt o n .......................
fe
Chicago Burlington & Quincy

95
93
93
95
57% 58%
57% 57%
57% 58%
58%
116 116 *115% 116 *115% 116
116
92
91% 92%
92%
92%
91% 92%
13914 *138
*138%
*138
64
63% 64
64
63% 64
64%
32% 32%
32
32
32%
32
32
107% 107% *108 110
110 *107% 110
37%
37% 38%
38% 38%
38% 38%
26
26
*65
70
125% 127
1 5 S % 159
*12% 12%
38% 33%
*40
50
*106 110
90
90
.*7
8
*22
23
17% 17%
75
75
137% 137%
85
*84
7%
8%
51% 52%
6%
6%
20
20
109% 111
93% 97
*26% 27%
47%
*46
15% 15%
26
26%
23% 24%
*16
18

18

Friday,
A p ril 12.

6%
5%
5%
1
1
1%
56% 56%
55%
40% 40%
40
51
51%
51%
94%
92% 9 4%
16% *16% 17%
17% 17%
17%
150 *147 150
71% 72%
71%

25% 26
*66
67
124% 127%
158% 159%
*12
12%
37% 37%
*40
50
*107 110
89% 89%
*7%
8
2 2% 22%
17% 17%
74
74%
13 6 % 1 3 7
*84
85
7%
7%
51% 51%
*7
7%
*22
23%
110% 112
93% 94
*26% 27%
*46% 4S
15% 15%
26
26%
23% 24
*16
18

*4%
4%
4%
12% 13%
12%
*16% 17% *16%
*47
48% *46%
*157
*157
*28
30
29%

6%
10%
11%
69
39
86%

Thursday,
A p ril 11.

4%
13%
17%
48%
30

25%
71%
103%
94%
97
109
72
133%
15%
35
32%
85%
6
10
22%
147%
158
67
17%

25%
72
102%
94
97
*108
71%
133%
14%
33%
32%
84%
5%
*8
22%
157%
*155
67%
17%

26%
72%
103%
94
97%
109%
73
134
15%
34%
32%
85%
6
10
22%
157%
159
67%
18

6
6%
6
10% 11
10%
12%
12% 14
72
72% 75
40%
39% 40
87% 87%
87%
| L ow est is e x d ir.

P ittsburg & Western, p ref . . .

St. Paul Minn. & M an itob a ...
Southern P acific C o..................
Southern votin g trust, oertif.
Do., pref. votin g trust, cert.
T exas & P acific.............. .
T oledo Ann A rbor A N. M ich.
Toledo & Ohio Central_______
Do
pref.

Sales of
the
Week,
Shares.

R ange fo r year 1895.
Lowest.

H igh est

23,296
3% Jan. 30
7% Apr. 1
100
% F e b 27
1% Apr. 4
2,255 49 Mar. 8 65% Jan. 18
1,500 33 Mar. 8 59 Jan. 2
5,235 48 Jan. 30 51% Apr. 10
33,658 811* Feb. i s 98% Mar. 25
2 12% Feb. 6 18 Mar. 18
2,125 16 Jan. 29 18% Mar. 26
70 147 Jan. 9 147 Jan. 9
31,965 69 Mar. 4 74% Mar. 25
50 Jan. 12 50 Jan. 12
38 90 Jan. 31 95% A pr. 1
20,550 53% Mar. 9 58% A pr. 1
50 114% Max. 29 119 Jan. 17
6,639 873s Mar. 4 97% Feb. 4
15 137 Feb. 14 145 Jan. 25
5,593 601* ja n . 3 65 Mar. 25
1,100 28% Mar. 8 34 Jan. 18
50 104 Mar. 30 112 Jam 30
1,548 35% Feb. 13 39% Jam 19
82 Jam 10 88 Jam 22
1,771 16 Jam 29 27% Apr. 1
55 Jan. 9 69% Mar. 2 7
9,270 123 Mar. 9 133% Jan. 18
6,716 155% Mar. 8 166% Jam 18
__
101* Jan. 29 12% Apr. 1
1,180 32% Jan. 29 38% A pr. 1
30 Feb. 20 35 Jan. 2 3
100 Jan. 28 107 Mar. 25
110 81i8 Jan. 4 90 Jan. 18
8% Mar. 23
538 Jan. 28
22 19 Jan. 31 24 Mar. 25
461 15% Feb. 11 18 A pr. 1
633 69 Jan. 28 75 A pr. 1
2,224 1341* Jan. 2 140 Jan. 17
50 84 Feb. 8 88% Jam 5
6,567
5 Mar. 25 13 Jam 18
6,605 46% Mar. 12 55% Jam 15
725
8 Mar. 23
6 Mar. 6
175 20 Jan. 4 24% Jam 28
10,610 104 Jan. 2 113% Apr. 3
3,971 91% Mar. 4 98% A pr. 10
25% Feb. 18 28 Jam 19
100 46% Jan. 19 48% Mar. 29
2,379 12% Jan. 30 16 Apr. 2
8,589 21% Jan. 29 27% Apr. 11
4,253 185s Mar. 11 26% Jan. 2
13% Mar. 20 17% Mar. 2 7
64 Jan. 29 70 Jam 18
4,466 92 % Mar. 15 100% Feb. 1
11% Feb. 20 14 Mar. 25
69 Jan. 21 70 Jan. 18
3 - 5 24 Feb. 21 29% Mar. 21
’
3,780
7% Mar. 9 10% Jam 18
16 Feb. 26 23 Jam 22
16,676 29 Jan. 29 39% A pr. 1
193 Mar. 20 201 Apr. 2
2,680 153b Jan. 3 17 Jan. 18
1,065 11% Mar. 22 14% Jam 21
1,255 34 Feb. 26 43% Jan. 18
400
5% Jam 5
2 Mar. 5
500
9% Mar. 4 19% Jam 18
4% Apr. 1
2,130
2% Jan. 28
7,204 13 Feb. 27 18% Jan. 18
14 Mar. 12 14 Mar. 12
200 17 A pr. 5 21 Jan. 17
6% A pr. 3
3% Jan. 29
4% Mar. 21
1Ö0
3 Feb. 4
22,395
7% Mar. 4 14% M ar. 27
. . . . 15 Jan. 12 17% Mar. 21
63 43% Jan. 30 49 Mar. 21
157% Feb. 8 160 Jam 24
100 29 Feb. 1 33% Jam 3

1,125
1,126
6
4
1,690
5,733
2,789
995
410

113 Feb. 12 117% Jam 21
35% Feb. 15 39% Mar. 20
5% Mar. 20
4% Jan. 25
8% Jan. 29 11 % Mar. 20
18 Feb. 5 26 Mar. 29
90 Feb. 4 90% Jam 15
104 Mar. 8 110 Jan. 8
17 Apr. 8 19% Jam 2
8% Jan. 29 12% Mar. 25
29% Jam 29 37 Jan. 8
8% Jam 30 10% Mar. 22
3% Mar. 19
73 Feb. 14
41 Jam 14 41 Jan. 14
73 Jam 14 81 Mar. 21
7% Mar. 14 12 Apr, 2
5 A pr. 2
3% Feb. 11
6% Mar. 25
5% Mar. 6
12% Jam 29 14% Mar. 30
8% Feb. 28 12% Mar. 21
35 Feb. 25 44% Mar. 22
2% Mar. 1
4 Mar. 29

831
400
Union Paoiiio D en ver A G ulf.
520
W abash................. .....................
1,210
Do
pref.
2,070
Wheeling & Lake E r i e ..........
750
Do
p ref.
Wiso. Cem C o.,voting tr. ctfs.
1 M is c e lla n e o u s S to c k s .
1,225 18% Feb. 13
A m erican Cotton Oil C o.........
426 62 Feb. 18
Do
p ref.
Am erican Sugar Refining Co. 112,188 86% Jan. 3
1,073 90% Jan. 8
Do
pref.
Am erican T obacco Co_______ 12,560 84% Feb. 21
Do
p ref.
158 103% Feb. 27
Chicago Gas C o„ trust reo’t s .. 43,598 70 Mar. 5
Consolidated Gas C om pany..
1,078 126 Jan. 29
Dis.& C .F .C o.,tr.ctf.lst ins.pd 44,356 13% Mar. 20
General E lectric C o................. 49,913 25% Mar. 4
N ational L ead C o.....................
1,285 26% Feb. 16
423 78% Jan. 28
Do
p ref.
2% Jan. 30
North A m erican C o.................. 33,501
8 Mar. 8
---Oregon Im provem ent C o . . . . .
1,560 20 Jan. 26
P acific M ail...............................
2,000 95% Jan. 4
Pullm an P alace Car Company
1,020 154 Jan. 2
Silver B ullion Certificate's___ 130,000 60 Jan. 10
6,865 13% Jam 29
Tennessee Coal A Iron ............

27%
74
104%
96%
99%
110
78%
134
16%
37%
38
86
6
12%
23%
157%
158
68%
18%

11
11
27
27
5
2»

8%
13%
14
75
45
89%

United States C ordage C o___
Do
p re f.
U nited States Leather C o ___
Do
p ref.
United States R ubber C o____
Western U nion T e le g r a p h ....

4,605
4 138
10,069
7,757
2,278
15.333

2%
5
7
58
38%
86

Feb.
Feb.
Feb.
Feb.
Mar.
Jan.

Mar. 25
Mar. 25
Apr. 1
Mar. 12
Jan. 2
Jan. 18
Jan. 11
Feb. 27
Mar. 29
Mar. 25
Jan. 18
A pr. 1
Apr. 10
Mar. 22
Mar. 25
A pr. 11
Mar. 20
A pr. 1
A pr. 4
Jam
Jam
A pr.
A pr.
Jan.
Mar.

4
4
11
11
2
25

648

THE CHRONICLE,

[VOL. L X ,

M IY TORE STOCK EXCHANGE PRM 18 (( « » liiu e d )— I N A C T IV E STOCKS.
I n active Stocks ?
f Indicates unlisted.

A p ril 11.
Ask.

Bid.

Range (sales) in 1895.
Lowest.

* No price F rid a y ; latest p rice this w eek.

A p ril 11.

I nactive Stocks .
1Í Indicates unlisted.

Highest

R a ilr o a d S to ck s.
....
Albany & Susquehanna....... .
168
....
B elleville & South. 111. p re f.... -l()f 135
102 Apr,
B oston & N. Y. A ir Line p ref. .IOC 4102
—
B rooklyn E levated TI................ .IOC
13
15
22 Jan.
Baffalo R ochester & P ittsburg -IOC
19
58 Jan.
60
Preferred.................................. .10(1
....
.100
. 50 155 158 156 Jan.
5% Feb.
7
5
.100
30 Jan.
30
35
P referred.................................. .100
21« Mar.
Duluth So. Shore & A tla n tic H.100 1 4
5% Mar.
P referred U.........................
.100 l 8*8
9 Apr.
10
F lint & P ere M arquette............ .100
....
P referred.................................. .100
30
....
.100
I4 Feb.
Gr. Bay Win. & St. P. tr. r e c ... .100 Î
%
*8
I 3 Feb.
«
.100 Î 11«
lia Mar.
.100
88 Jan.
.100
8>a Feb.
81« 10
Kanawha & M ichigan.............. 100
3 Jan.
2%
3
K eokuk & Des M oines.............. 100
131« Mar.
13
P referred .................................. 100
100
1% Apr.
1
100
4
....
M ahoning Goal........................... 50 115
....
P referred .................................. 50 106
8 3 1 Apr.
«
100
8 Màr.
100
156 Feb.
50
100
5
i%
100 ........ 1
N. Y. Lack. & W estern............ 100 1116% 117 I I 6 I4 Jan.
1
N orfolk & Southern.................. 10Oi
2 Jan.
Peoria & E astern....................... 100
3 %' 5
Rensselaer & Saratoga............ 100 180 185 180 Jan.
30 Mar.
R io Grande Western p re f....... . 100
T oledo P eoria & W estern........ 100
....
i
3
T oledo St. L. & Kansas C ity IT.. 100

^ In d ica tes actual sales.J

Bid.

Range (sales) in 1895.

A sk.

Lowest.

Highest

M is c e lla n e o u s S to c k s

....

A dam s E x press.......................... . 1 0 c f 143
103 Feb. A m erican Bank N ote Co I f ___
....
Am erican E x p ress................... .100 ¡112
22 Jan. Amer. Telegraph & C a b le .___ .100 i 90%
58 Jan. Bay State Gas I f ........................
Í 15%
....
Brunsw ick C om pany................ .100
1571« Jan.
100
51« Feb.
P referred. ............................. .100
30 Jan. Colorado Coal & Iron D ev el.. .100
4%
4 Apr. Colorado Fuel & Ir o n .............. .100
8is Apr.
P re fe rr e d .....................
65
10 Apr. Columbus & H ocking C oa l___ .100
6
....
Comm ercial C able..................... .100 137
....
Consol. Coal o f M aryland.
29
.100
1% Feb. E dison E lectric Illum inating.. .100 Î 97%
3*8 Jan. Erie Telegraph & Telephone
100
l i « Mar. Interior Conduit & in s. C o . . . 100
88 Jan. Laclede G as................................. 100
91« Jan.
P referred .................................. 100
82
3 Jau. Lehigh & W ilkesbarre Coal If .
151« Jan. Maryland Coal, p re f............
100 50
100
1 1« Apr.
P referred.................................. 100
....
M innesota Ir o n .......................... 100 40
....
National Linseed Oil C o........... 100 t 24
103 Jan.
7
100
9*8 Mar. New Central Coal. . T . . . . . . . . .
6
100
164 Jan.
11
100
P ennsylvania Coal ................... 50 300
100
66
118 Feb. Quicksilver M ining................... 100
1
P referred .................
14
100
3% Mar. T exas P acific Land T ru st....... 100
7%
180 Jan. U. 8 Cordage, g u a ra n te e d .... 100 î 20%
37 Mar. U. S. E x press................... .......... 100 41
100 t 93%
...
W ells, Fargo E x p r e s s .............. 100 ¡105 '

146 140
37
113 109
91
89
15% 13

Jan.

89

Feb.

148

A pr.

Feb. 114 A p r.
Mar. 93% Jan.
Mar. 24 Jan.

6
25%

4
23%
50
7%
2%
146
31
94%

95

Jan.

Mar.
7
Mar. 25%
Feb.
64
Jan.
7%
Mar. 146

Jan.
Mar.
Apr.
Mar.
Mar.

Mar. 102

Jan.

30% Feb.
26%
84

81

Mar.

87

J an.

70

50

Jan.

50

Jam

55

39% Mar.
17% Jan.

40
24

Jan
A p r.

9
9
12

8% Ma p

70%
2
2%
16
9
7
21
12
43
93% 92%
106 104

Jan.

2% A pr.

Mar.
Feb.

8% Mar
23% Jan.

Feb.
Feb.

110

Jan.

t A ctu al sales.

NEW YORK STOCK EXCHANGE PRICES.— S T A T E B O N D S A P R IL 11.
SECURITIES.

B id.

Ask.

SECURITIES.

Bid.

Ask.

Missouri—F und.............. 1894-1895
A labam a—Class A , 4 to 5 ....... 1906 105
North Carolina—6s, o ld ...........J&J
Class B , 5 s ............................. 1906 106
Funding a c t............................1900
98
Class C, 4 s ............................... 1906
N ew bonds, J & J .........1892-1898
Currency funding 4 s ............ 1920
98
Chatham R R ...................................
20"
2
Arkansas—6 b, fu n d ,H ol.l89 9-1 900
1
Special ta x , Class I ......................
do. N on-H olford 150
1%
Consolidated 4 s ................. .. 1910 100
1 ’ lO '
7s, Arkansas Central R R ............
110
6 s...............................................1919 123
South Carolina—4%s, 20 -40.. 1933 106%
Stamped 4 s.'............ ............ ......... 100
New eonols. 4 s ......... ........... 1914
6s, non -fu nd........................... 1888
93% 96%
1%

New York City Rank Statement for the week ending
April 6, 1895.
(00s omitted.)

W e om it tw o ciphers {00) in all cases.__________
Capital Surpl's Loans.

Bank of New York.. $2,000,0
2,050,0
2,000,0
Merchants’ .............
2,000,0
America................... 3.000.
1.000.
1,000,0
City.........................
750.0
Tradesmen’ s...........
300.0
Chem ical...... ........
600.0
Merchants’ Exch’ge
Gallatin N ational... 1,000,0
300.0
Butchers’ & Drovers’
400.0
Mechanics’ & Trad’s
200.0
600,0
Leather Manufac’rs
300,0
Seventh National...
State of New Y ork.. 1,200,0
American Exchange 5.000.
5.000.
1,000,0
Mercantile............. . 1,000,0
422,7
1,500,0
450,0
200,0
700,0
North America........
1,000,0
600,0
Irving......................
600,0
500,0
750.0
Market & Fulton...
Shoe & Leather...... 1,000,0
Corn Exchange....... 1,000,0
1,000,0
300.0
Importers’¿¿Traders 1,500,0
Park.......................... 2,000,0
250,0
Fourth National___ 3,200,0
Central National___ 2,000,0
300.0
Second National....
750.0
Ninth National......
500.0
First National........
Third N ational...... 1,000,0
300.0
N.Y. Nat. Exchange
250.0
200,0
New York County..
750.0
Gorman American..
500.0
100,0
Fifth Avenue.......
200,0
German Exchange..
200,0
500,0
300,0
200,0
200,0
Fifth National........
300.0
Bank of the Metrop.
200.0
500,0
200,0
Western National.. 2,100,0
300.0
First Nat. Br’klyn..
500.0
Southern National..
Nat. (Jnion Bank.... 1,200,0
600.0
Liberty Nat. Bank.
N .Y. Prod. E xch’ge. 1,000,0

$1,988,0
1,957,5
929,6
2,122,2
2,149,8
0
409,9
0
3,042,0
160,3
7.184.4
140,2
1.646.4
264.8
405.8
179,7
483,8
107,5
502,3
2,359,8
0
3,519,6
0
1,598,4
942,7
473,4
920,0
984,4
264,0
564,3
1,861,7
338,4
379,1
274,2
808,3
10,3
1,133,5
201,7
411,6
5.464.7
3.086.7
137,2
1.977.0
513.1
584.2
368.0
7.197.1
201,6
118.1
548,6
509,7
264,3
1,145,1
1,026,3
647.2
614.3
528,7
516,0
559,9
306,5
773,3
297,0
216,3
340,3
215,9
868,7
542.1
326.6
119.2
313.6

$12,730,0
13,301,0
7,911,8
9,406,0
16,801,5
4,349,0
19.414.7
1.877.4
26.568.8
3.827.5
6,437,8
1,595,4
2.380.0
1.084.0
3,317,7
1,680,1
3,124,2
23,637,0
22,729.9
5,906,1
7,118.4
2,323,0
10,850,0
5,722,5
2,278.7
5,160,9
14,588,6
2.950.0
2.807.1
2,648-0
4,236.7
2,903>0
8,418>8
4,463,1
1,916,6
20,812,0
26,090,1
1,110,1
17,499,0
9.276.0
5.056.0
3,512,7
25,943,5
8.252.1
1,433,3
2,752,0
3,001,6
2,911,1
14,656,5
6,553,4
2,906,1
3,030,9
5,064,5
6,193,1
4.105,6
1,774,7
4,822,6
2,579,0
4,795,0
1,823,0
9,102,5
4.139.0
2,826,7
7.210.9
1.611.9
3.228.1

Votai . . . . . . . . . . . . 62,622,7J71,046,8 480,438,3




Specie.

Legáis. Deposits

$1,530,0 $1,520,
1,081,0 2,951,
915.2
1.330.3
1,128,0
1.172.0
3.267.8
1.891.3
783.0
468.0
900.5
7.662.6
143.7
858,4
3.096.4 5.462.4
329.5
734.1
950,9
556.1
401.5
144.3
165.0
285.0
201.1
141.1
383.4
663,1
253.0
262.2
426.1
141.4
922.0 4.002.0
3.665.8
371.9
590.5
1,066,8
1.059.1
1,608,9
436.3
587.1
2.247.4
1.391.3
812.4
800.2
265.8
241.2
714.7
656.2
3.733.0 1.766.2
450.0
396.0
277.5
531.0
639.4
127.9
654.0
407.1
468.0
350.0
695.0
1.565.3
382.9
1.046.3
201.6
209.4
3.220.0 2.501.0
2.699.1 5.743.7
190.9
109.7
727.1 4.265.7
1.453.0 1.025.0
1.036.0
942.0
472.5
509.2
3.618.4 2.658.5
338.4
1.682.4
281.8
143.8
184.0
456.0
183.4
717.2
599.4
235.9
3.016.9
1.699.7
1.164.3
767,7
557.5
286.1
229.6
474.3
664.4
478.3
678.1
1.068.0
594,5
760.0
211.4
337.1
1.038.2
798,3
489.0
243.0
268.0 1.408.0
261.0
230,0
1.660.3
970.9
659.0
1,141,0
659.0
76,4
590.9
1.515.6
403.4
15,6
243,8
442.5

$12,000,0
14,364,0
8.606.5
8.199.0
18,038,9
4.172.0
23.979.4
1.857.7
27.444.7
4.153.1
5.289.7
1.712.2
2.240.0
1.065.6
3.239.7
1.934.9
2.293.0
18.107.0
17.372.5
5.578.7
7.798.4
3.045.4
12.289.0
5.877.2
2.874.7
5.168.9
18.194.7
3.038.0
3.136.1
3.156.4
4.328.8
3.098.0
9.360.7
5.396.7
1.720.0
20.679.0
30.323.0
992,4
17.842.0
10.068.0
6.333.0
3.788.2
25,012,9
9.033.1
1.440.3
2.840.0
3.513.2
2.886.7
17,672,3
7,266,6
3.321.9
3.575.9
5.571.0
6.938.8
5.086.3
1.910.4
6.023.5
2.833.0
5.711.0
1.625.0
9.401.3
4.744.0
2.797.4
7.627.0
1.415.9
2.418.5

74,664,3 600,822,3

SECURITIES.

Bid.

Tennessee—6s, o ld ......... 1892-1898
Com prom ise, 3-4-5-68...........1912
3a...............................................1913
R edem ption 4 s ...................... 1907
do
4% s...................1913

3
3

2

i

Virginia funded debt, 2 -3 s ...l9 9 1
6s, d eferred t’st rec’ts, stam ped.

A sk
.........

84%:
90
100
100
59% 59 %
7
6*8

New York City, Boston and Philadelphia Banks :
B an ks .
N. Y o rk .*
Mar. 9 __
“ 16 ....
2 3 ....
“ 30 ....
Apr. 6 ...
B osto n .*
Mar. 23_
_
“ 3 0 ....
Apr. 6 _
_
P h ila .*
Mar. 23...
“ 30 ...
Apr. 6 ..

Capital &
Surplus.

Loans.

Specie.

$
133,650,9
134.951.5
133.669.5
133.669.5
133.669.5

$
489.329.2
489.004.0
484,652,4
482.524.1
480.438.3

$
67.224.0
67,573,6
65,120,4
65,578,9
64,471,2

Legáis. Deposits.+ Oirc’l’n Clearings.
$
1
$
87,557,1 527,969,9
79.649.3 518,496,5
76,287,9 509,047,2
73,894,6 504,240,2
74.664.3 500,822,3

$
121135
122955
123663
128956
130840

$
504,206,4
516,996,2
524.582.6
493,411,8
585.443.7

69.351.8 163.726.0 10.806.0 5.259.0 145,524,0 7.280.0 83.261.6
69.351.8 162.812.0 10.579.0 4.879.0 143,903,0 7.304.0 75.719.4
69.351.8 163.405.0 10.545.0 4.888.0 143,892,0 7.336.0 99,716,1

35.810.3 104.148.0
26.4 12.0
99,331,0 5.471.0 63.751.7
98,694,0 5.628.0 60.290.8
35.810.3 104.079.0
25.4 i)8,0
35.810.3 103.483.0
25,0 15.0
1 97,391,0 5.909.0 76.313.4
* We omit two ciphers in all these figures. + Including for Boston and Phila
del phia the Item “ due to other banks.”

Miscellaneous and Unlisted Bonds :
Miscellaneous Bonds.
M iscellaneous Bonds.
Boston Un. Gas tr .certs., 5s.
Mich.-Penln. Car 1st 5s. . . . .
94 a.
Ch. Jun.& S. Yds.—Col.t.g.,58 *ÌÒ5~b. Mutual Union Teleg.—6s g .. 110 b.
Col. C. & I. Devel. gu. 5s....... * 94 a. Nat. Linseed Oil deb. 6s, g ...
Colorado Fuel—Gen. 6s..........
N. Y. & N. J. Telep. gen. 5s.. 105*4»..
Col. & Hock. Coal & I.—6s, g. •75**b. Northwestern Telegraph—7s. '110 b.
Cons.Gas Co..Chic.—lstgu.Ss 85 a People’s Gas < C. 11st g. 6s.
fc
*102 b.
Co., C hicago....J 2d g. 6s. ib’f ’ a.
1st oons. g. 6 s........... .......... 91 a.
Edison ElbO. 111. Co.—1st 5s . 105 %b Pleas. Valley Coal — g. 6s.
1st
Do
of Bklyn., 1st 5 s....
South Yuba water Co.oon.6s.
Equit, G.-L., N. Y., cons. g. 5s.
Sunday Creek Coal 1st g 6s.. 98 b.
Equitable G. & F.—1st 6 s.... *95%b. U. S. Leather—8. t. deb., g.,6s 112 iab.
Henderson Bridge—1st g. 6s. 112 b. Western Union Teleg.—i i . . '114 a.
Wheel.L.E.&Pii*« Coal 1st 5s ' 64 >ab.
Unlisted Bonds.
Man hat. Beach H. & L. g. 4s. * 45 b. Comstock Tunnel—Inc. 4s..
5 b.
Mem.&Oharleston—Con 7 g.
Metropol. Tel. & TeL 1st 5s .
Note.—" b” indicates prioe bid; “ a ” price asked. * Latest price this week.

Bank Stock List—Latest prices this week.
BANKS.

Bid. Ask.
200
160

235
Bntchs’ &Dr. 150
117
500
340
Chemical__ 4000
C ity_
,
475
Citizens’ ...... 130

210
250
165
122

BANKS.

Bid. Ask.
300
112

122

Germania.... 300
160
310 330
155
400
4800 Im. & Trad’s’ 500 540
135 150
150 Leather Mf s’ 170 210
565
180 i*
185
215 230
325
Mechanics’ .. 182 2Ó0
Com Exoh.. 280 300
M’ chs’ & Trs’ 140 165
M ercantile.. 160 180
East River.. 135 150
132 138
112% 120
2000
400 465
2500
100
115 125
150 165
New Y ork ... 230 237
170
Fourth ...... 181 184 H N.Y. Co’ nty. 540 600
i

(*Not listed.)

BANKS.

Bid. 1 Ask

N.Y. Nat. Ex 100
Ninth......... 130
19th Ward.. n o
137
Oriental___ 200
175
275

125
145
250
290

Pheiiix....... 112

125

Republio.... 147

183
169

80S
Shoe& Le’th 96 ........
Southern... 150 151
Stateof N.Y. 103%
105
10Ò
180
Western — 111
West Side.J 280

112
........

THE CHRONICLE.

A P R IL 13, 1895.]

649

BOSTON, PHILADELPHIA AND BALTIMORE STOCK EXCHANGES.
S h a re P r ic e s — n o t P e r C e n tu m P ric e s .

Active Stocks.

Saturday,
A pril 6.

H Indicates unlisted.
.A ich. T. & 8. F e (Boston) .100
^Atlantic & Pac.
“
100
Baltim ore & Ohio (Balt.). 100
Balt. City Pass’ger “
25
Baltim ore Traotion “
25
B altim ore Trao’ nH (Phil.) . 25
B o sto n & Albany (Boston).100
B oston & L ow ell
“
100
B oston & Maine
“
100
Central o f Mass.
“
100
Preferred
“
100
Chio. Bur. & Quin. “
100
Chic. Mil. & st. P. (P hil.). 100
-Choe.Okl. & G u lf IT “
50
Cit. St. B y o f Indtf “
100
E lectric T racti’n
“
50
F itchburg p re f.. (Boston) .100
Lehigh v a lle y .. ( P hila.). 50
Maine Central (Boston). 100
M etropol’n Trac.il (P hil). 100
M exican Cent’l (B oston). 100
N.Y.& N .E.,tr.rec.§ “
100
P referi ed,tr. rec. § “
100
N orthern Central (B a ll.). 50
N orthern P acific (Phila.)\Q0
Preferred
4
1
100
Old C o l o n y .....(Boston) .100
P ennsylvania ...(P h ila .). 50
P eo p le ’ sT raction
“
50
Phila. & Reading.
“
50
P hiladelph Trac.
“
50
U nion P a ciflo ... (B oston). 100
M is c e lla n e o u s S to c k s .
Am .Sug’r Refln.fi ( Boston) . . . .
P re fe rre d ....... .
“
... . ’
B ell T eleph one..
“
100
Bost. & M ontana.
“
25
B utte & B oston ..
“
25
Oalumet & H ecla
“
25
Canton C o .......... (B a lt.). 100
Consolidated Gas
“
100
Eleo.Stor. Bat’yfi (Phila.). 100
Preferred fi
“
100
E rie T eleph on e.(B oston). 100
G eneral E lectric.
“
100
P re fe rre d _____
“
100
Lam sonStoreSer.
“
50
Lehi’h Coal&Nav. (P hila.) 50
N. E .Telephone (B oston). 100
U nit’d Gas lm p.K (P hila.). 50
W elsbach L ight fi
“
5
W est En d L an d .. ( Boston) . . . .
6 A ll instalm ents paid.

65lft

64
584

M onday,
A p ril 8.
6 i 1fl 66ie
*55

....... . ....... *15
154
154 154
154 154
■2064
2074 2074
1 9 9 4 1 9 9 4 * 1 9 3 4 200
165 165
165 165
12
*11
*104
50 k
50
734 734
7 2 4 73
577s 5 8 4
574 584
38
384 334
*77
77
78
86
864 864
324
324 324
130 130
130
87
88
864
84
84
8 7s
38
384
374
64
* 6 4 4 65
*67
44
44
44
* 1 6 4 17
174
1 7 9 4 180 * . . . . . .
51
514 514
554 554
554
64
64
64
7 9 4 80
794
1 1 4 1 1 4 *114

P referred .
Preferred fi..............
Hunt. & B road T o p ...
P referred .................
Kan. C’yF t.S. & Mem.
P r e fe r r e d ...............
Mine H ill & S. H aven
Nesqueboning V a l . . .
North Am erican C o ..
N orth P ennsylvania.
Philadel. & E rie.
P referred.
Preferred.
P re fe rre d .
W est Jersey................
"
W est Jersey & A tlan.
“
W estern N.Y. & P enn
“
W isconsin C en tral...(B os
P re fe rre d .................
‘
W oro’ st.Nash.&Roch.
“

Bid.

P referred If.
T am arack M in in g ....
W ater P o w e r..............
W estingh. Eiee. & M ..
P esi., cum ulative -

Bonds—
Boston.

“
“
“
“

At.Top.& S.F.100-yr.4 g.,19
2 d 2 4 -4 s , e ., Class A .. 191
B o sto n U nited Gas I s t 5s.

91
259 260
. 50
324
50
24
50
49
50
. 50
.100
1 3 4 15
100 138 139
100 240 250
.100
25
30
100 164 170
.100
12
100
30
32
. 50
584
_
50
68
50
324 334
50
504 504
.100
12
14
40
100
50
64
. 50
65
50
6 6 4 67
50
544
100
6
54
50
84
.100
54
64
. 50
40
50
15
20
2
.100
24
100
71
73
11
.100
114
100
33
334
. 50
64
644
50
3 7 4 88
.100 234 2 3 4 4
50
53
__
50
100
64
64
.100
4
44
100
25
100 120 125
. 25 -25
25
104
50
74
10
4
10 «50
25
14
25
114
5 •75
100
49
25
84
25
22
100 157
.100
100
. 25 104
25 131
100 •75
50
334
50
514

•37
104
8
44
•60
2
12
1-25
50
9
224
159
25
105
132
■90
344
524

J&J * 6 9 4 70
A&O * 2 2 4 ,2 2 3 8
5 73
75

P rice includes overdue coupons.




54
l l 16
55
55
5 5 78 5 5 4
7 1 1«
*73
71
15
15
*15
154
15
154
154 154
2 0 7 4 2 0 7 4 207 2 0 7 4
199
*1 9 9 4 1 9 9 4 1 9 9 4 165 4
166
165
1 0 4 1 0 4 *10
d
r
50
50
714 724
714 7 Ì4
574 584
5 7 4 5 7 78

38
* 3 7 4 38
77
7 6 4 77
864
864 864
324
324 324
130 *1 2 9 4 132
874
88
894
9
94
93ia
38
374 374
64
64
64
63
*67
68
44
44
44
174
1776 1778
1 7 9 4 1 7 9 4 180
514
514 514
554
55 4 554
64
64
64
794
794 804
114
114 114

Ask.

MISCELLANEOUS.

A llouez Min’ g, asstpdfB os
A tlantic M ining.........
“
B ay State Gas If.........
“
B oston L an d ..............
“
Centennial M in in g ...
“
F ort W ayne E leot.il..
“
Franklin M ining.......
“
Frenchm ’n ’ sB a y L ’ d .
“
Illinois Steel................
“
Kearsarge M in in g ....
“
O sceola Mining..........
“
Pullm an P alace Car.
“

64

54

*374
77
864
324
*12 94
894
84
38
644
*67
44
174
180
514
56
67.«
314
*114

Thursday,
A pril 11.

Friday,
A pril 12.

54

*3 7 4 38
77
774
864 864
314 324
130 130
90
394 904
9
8 7s
94
38
3 7 4 38
64
644
644
*68
69
44
44
44
18
184
184
180
180 180
514 514
514
57
564 574
64
6 518 6 4
82
814 824
114 ‘ 114 114

Inactive stocks.

1024 1034
94
944
182 1 8 2 4
404 404
1 1 4 1178
*2 8 2 4 285
*72
734
62
62
* 2 9 4 30
* 2 9 4 30
524 524
3 3 78 3 4 4
*64
65
* 2 4 4 25
47
*46
68
68
69
694
4 1 4 43
*24
24
fi E x rights,
Bid.

Sales
o f the
Week,
Shares.
20,742

64
1 -no
" 5 5 4 56
711$
*70
154 154
154 154
20 74 2074
1994 1994
165 165
* 1 0 4 12
52
7 1 4 72
577* 5 3 4

204
167
350
910
93

122
34
15

14*939
9,300

38
78
864
324

9 9 78 1 0 1 4 1 0 1 4 1 0 2 4 1 0 2 4 1 0 3 4
94
94
9 3 4 94
944 944
176 180
180 183
182 183
39
394
394 404
404 404
1 1 4 12
11
114
114 124
284 285 *282 285 * 2 8 2 4 284
734 *
7 3 4 *714 7 3 4
6 1 78 6 1 4 6 1 4 *fil 5g
30
294 294
2 9 4 30 "
30
30
30
30
53
51
52
52
52
534
5 1 4 52
324 334
3 3 4 31
34
344
334 344
*62
65
614 644
65
65
644 644
2 4 4 2 4 4 * 2 4 4 25
244 244
244 244
46
46
*46
* 4 5 4 46
47
4 6 4 46
71
71
66
68
67
67
6 7 4 68
70
70
6 9 4 6 9 4 *6 9 4 70
694 694
43
434
434 434
42 4 4 2 4
4 2 4 43
*24
24
24
24
24
24
*24
24
* Bid and asked priees; no sale wa« aade.

Prices o f A p ril 11.
|
A tlanta & Charlotte (Balt.). 100

C o n n e c t ic u t * P ass..
C onnecticut R iv e r . . . .
C onsol. T ra ct.of N.J.fi
D elaw are& B oundB r.

57m

W ednesday,
April 10.

101 1 0 1 4
94
944
182 187
394 394
11
11
’ 280 285
*72
75

Inactive Stocks.

Catawissa.........
1st preferred

56

Tuesday,
A pril 9.

o
0

R ange o f sales in 1895.
Lowest.

Highest.

35s Jan.
50 Jan.
4 9 78 Mar.
69 ^ Mar.
14^3 Jan.
1 4 4 Jan.
206>s Mar.
196 4 Jan.
160 Jan.
10 Mar.
48 Feb.
69*8 Mar.
54 Mar.

Apr.
A pr.
Jan.
A p r.
Jan.
Jan.
Jan.
200 Jan.
1 6 8 4 Jan.
1 2 4 A pr.
53 Jan.
743a Mar.
5 8 4 A pr.

500 3 4 4 Feb.
809 71 Jan.
335 8 2 4 Jan.
663 2 7 4 Mar.
57 1 2 5 4 Jan.
5,748 8 1 Apr.
4,535
5 4 Jan.
3,394 29 Jan.
225 5 9 4 Feb.
64 Jan.
4,765
2 4 Jan.
1,190 13 Feb.
60 1 7 8 4 Jan.
2,279 4 8 4 Jan
5,069 4 3 4 Jan.
10,431 3i316 Mar.
5,960 76 Apr.
155
8 Mar.

18,429 8 6 4 Jan.
502 90 Jan.
4,593 176 Apr.
7,050 3 3 4 Jan.
8,510
9 Mar.
10 280 Mar.
70 Jan.
93 6 1 4 Jan.
260 28 Jan.
100 28 Apr.
2,253 4 5 4 Feb.
7,339 2 5 78 Mar.
234 60 Feb.
120 22 4 Feb.
25 4 0 4 Mar.
139 66 Feb.
677 67 Apr.
1,199 36 Mar.
2 Jan.
3 Ì0
I L ow est is e x div.
I

ABk.

74
1
65
714
164
164
2104

42
87

I And aeeroed interest.

t L ast p rice this week.

Mar.
Jan.

8678 Feb.

3 6 4 Jan.
131 Jan.
1 0 6 4 Jan.
9 4 Apr.
39 A pr.
6 7 4 Apr.
6 7 4 Jan.
4 4 Apr.
1 8 4 A pr.
1 8 0 4 Jan.
5 1 4 Apr.
5 7 4 A pr.
7 4 Mar.
9 9 4 Jan.
1178 Jan.
1044
96
197
404
124
2924
914
654
344
324
55
374
70
254
494
72
724
464
24

Bonds.

Boston United Gas, 2d m . 5 s ..1939
50
P eople’ s Trao. trust oerts. 4 s..1913
Burl. * Mo. R iver E x e n p t 6s, J&J
1 1 5 4 Perkiom en, 1st se r .,5 s .l9 1 8 , Q—J
N on-exem pt 6s....... ..1 9 1 8 , J& J
105
Phila. & Erie gen. M. 5g .,1920, A&O
Plain 4 s ..........................1910, J&J
93
Gen. m o r t .,4 g . ......1 9 2 0 , A&O
Chic. Burl. & N or. 1st 5,1926, A&O
1 0 5 4 Phila & Read, new 4 g., 1958, J&J
2d m ort. 6 s..................1918, J&D
1st pref. incom e, 5 g, 1958, Feb 1
964
Debenture 6s.............. 1896, J&D
97
2d pref. incom e, 5 g, 1958, Feb. 1
Chio. Burl. & Quincy 4 s ..1922, F&A
95
3d p ref. inoom e, 5 g , 1958, Feb. 1
Iow a D ivision 4 s .....1 9 1 9 , A&O
2d, 5s............................ 1933, A&O
974
Chio.&W.Mioh. gen. 5s, 1921, J&D
70
Consol, m ort. 7 s .........1911, J&D
Consol, o f V erm ont, 5 s .l9 1 3 , J&J
87
Consol, m ort. 6 g ......... 1911, J&D
Current R iver, 1st, 5 s .,1927, A&O
70
Im provem en tM .6 g., 1897, A&O
Det. Lans. & N or’n M. 78.1907, J&J
63
C on.M .,5 g.,stam ped,1922, M&N
Eastern 1st m ort 6 g .l9 0 6 ,M & 8 ..
121
Terminal 5s, g ........ 1941, Q.—F.
F ree,Elk.& M .V .,1st, 6S.1933, end.
126
Phil. Wilm. & Balt., 4 s .1917, A&O
K.C. C.& Spring.,1st,5g.,1925, A&O
75
Pitts. C. & St. L ., 7 s ....1 9 0 0 , F&A
K C. F .S .& M . con . 6s, 1928, M&N
94
R ochester Railway, con. os ..1 9 3 0
K.C. Mem. & B ir.,lst,2s,1927, M&S
54
8chuyl.R .E .S ide,lst 5 g.1935, J&D
K.
C. St. Jo. & C. B ., 7 s ..1907, J&J121
Union Terminal 1st 5 s . ......F & A
L. R ock & F t. S., 1st, 7 s .. 1905, J&J
95
B o n d s ,—B a lt im o r e .
102
Louis.,Ev.&St.L.,1st,6g.l926,A & O
A tlanta & Chari., 1st 7s, 1907, J&J
2m .. 5—6 g ..............1 9 3 6 , A&O
95
Baltim ore Belt, 1st, 5 s .1990, M&N
Mar. H. & Ont., 6s....... 1925, A&O
104
Balt. C. Pass. 1st 5 s .... 1 9 1 1 ,M&N
M exican Central, 4 g . . . 1911, J&J
62
Balt. Traotion, 1st 5 s ..1929, M&N
1st oonsol.inoom es, 2 g, non-oum.
15
E xten. & im pt. 6 s ....1 9 0 1 , M&S
2d consol, incom es. 3s, non-oum.
8
No. Balt. D iv., 5 s ....... 1942, J&D
N. Y . & N .E ng,, 1 s t ,7 s ,1905, J&J-1
1 1 5 4 B altim ore & Ohio 4 g ., 1935, A&O
1st m ort. 6 s .. . . . . . . . . . 1 9 0 5 , J&J
109
P itts. & Conn., 5 g ...l 9 2 5 , F&A
2d m ort. 6 s ............ ...1 9 0 2 , F&A
105
Staten Island, 2d, 5 g .1926, J&J
Ogden. & L .C .,C on .6 s...1920,A&O
106
Bal.&Ohio S.W.,1st,4 4 g . 1990, J&J
Inc. 6 s ..................
1920
20
C apeF.& Yad.,Ser.A .,6g.l916, J&D
R u tland, 1st, 6 s.............1902,M&N
Series B ., 6 g ....... .....1 9 1 6 , J&D
1114
2d, 5s............................1 8 98,F&A
Series C., 6 g ................ 1916, J&D
1014
Cent. Ohio, 4 4 g .............1930, M&S
J&J
1 0 4 4 Cent. Pass., 1st 5s.......1932, M&N
A tlantic City 1st 5s, g., 19 19,M&N
City & Sub., 1st 5 s ......... 1922, J&D
B elvidere D el., 1st, 6 s ..1902, J&D
Chari. C ol.& A ug.ext.5s. 1910, J&J
Buffalo R y. con. 1st, 5 s ...........1931
CoL & Greenv., 1st 5-6S.1917, J&J
Catawissa, M ., 7 s .........1900, F&A
1 1 3 4 Ga.Car. & Nor. 1st 5 g ..l9 2 9 , J&J
Choc. Okla. & Gulf, p ior Uen 6 s .. 1 0 2 4 102 4 G eorgia P ac., 1st 5-6S...1922, J&J
Citizens’ S t.R y.of In d .,con .5 s.l93 3
87
8 7 4 North. Cent. 6 s................ 1900, J&J
Columb. St. R y „ 1st, con. 5 s ..1932
6s.....................................1904, J&J
Columb. O. Crosstown, 1st,5s. 1933
90
Series A , 5 s . . . . . .......... 1926, J&J
Consol. Tract, o f N. J., Ist,5 s.l9 3 3
80
804
4 4 s ................................1925, A&O
D el. & B ’d B r’k , 1st, 7 s .1 9 05,F&A 126
P iedm .& C u m ..lst, 5 g . 1911, F& A
E a s t o n * Am . lstM .,5 s.1920, M&N 1 0 9 4
Pitts. & Connells. 1st 7 s .1898, J&J
Elmir. & W ilm ., 1st, 6 s .l9 1 0 , J& J. 119
Southern, 1st 5 s.............1 9 9 4 , J&J
H estonville M. & F., con. 5s.. 1924 109 1 0 9 4 Virginia M id., 1st 6 s ...1 9 0 6 , M&S
H unt. & B r’d T o p ,C o n ,5 s .’95,A & 0
1064
2d Series, 6 s.................. 1911 M&S
Lehigh Nav. 4 4 s ........... 1914, Q—J
1104
3d Series, 6 s................ 1916, M&S
2d 6s, g old ....................1897, J&D 1 0 9 4 110
4th Series, 3-4-5s....... 1921, M&S
General m ort. 4 4 s , g .l9 2 4 ,Q —F
5th Series, 5 s .............. 1926, M&S
LehighVaLCoal ls t 5 s ,g .1933,J&J
100** W est V a C .& P . 1st, 6 g.19 11, J&J
Lehigh V alley, 1st 6 s ...1898, J&D 109
W eft’AN.C. Consol. 6 g .19 14, J&J
2d 7 s ..............................1910, M&S 1 3 3 4
W ilm . Col. & A ug., 6 s ..19 10, J&D
C onsol. 6 ....................... 1923, J&D 1 2 2 4
MISCELLANEOUS.
Newark Passenger, con. 5s... 1930 1 0 0 4 1 0 0 4 B altim ore W ater 5 s . . . 1916, M&N
North Penn. 1st, 7 s . . . . 1896, M&N 1 0 5 4
Funding 5 s . . . . M.....1 9 1 6 , M&N
Gen. M. 7 s....... ............ 1903, J&J 123
E xch an ge 3 4 s ......... ..1 9 3 0 , J&J
Pennsylvania g e n .6 s , r ..l9 1 0 , Var
V irginia (State) 3s, n ew .193 2, J&J
Consol. 6s, c
............ 1905, Var Ì"l9*
Funded debt, 2-3s........1991, J&J
Consol. 5s, r . . . . . . . . . . . . 1 9 1 9 , Var 117
Chesapeake G a s ,6 s .....1 9 0 0 , J&D
Collat. Tr. 4 4 g ...........1913, J&D
Consol. Gas, 6 S ..........1 9 1 0 , J&D
P a. & N. Y . C a n a l,7 s ...1906,J&D 125
5 s ................... ............... .1939, J&J
Con. 5s.......................... 1939, A&O
E quitable G a s .6»
tot
>

v U nlisted.

1
3
21
10
15
2
24
30
28
1
9
25
1

18
1
10
19
11
11
27
2
15

Apr. 1
Mar. 12
Feb. 11
Apr. 10
A pr. 9
Feb. 20
Jan. 16
Jan. 2
Feb, 13
Mar. 18
A pr. 3
Mar. 25
Mar. 23
A pr. 2
Jan. 5
Mar. 28
Mar. 9
Mar. 9
Mar. 22

Bid. Ask.
914 914
1004
116 1 1 6 4
1014
7 1 4 72
2 5 4 26
144 154
104 10 4
116
125
116
1 0 1 4 102
97
1 0 1 4 102
1004
1154
1014
108 4 1 0 8 4
1184
1014
116
1064
103
1054
1014

1194
Ï1 7
1074
104
1054
1024

87
90
106 1 0 6 4
7 9 4 80
65
65
110
108
105
1064
80
108
113
115
115
106
994
1074
874
1 1 24
114
1104

111
1084
1054
107
S24
109
1134

101
108
88
1144
115
1114

101
105
110
115

102
1054

122

123

1034
72
594
109
116
1054

1034
73
594
1094
1164
106

THE CHRONICLE.

650

[VOL. LX,

NEW YORK STOCK EXCHANGE PRICES (Contlnned)—A C T I V E BONDS A P R I L I I
R

a il r o a d a n d

M

is c e l

.B

AND FOR YEAR

1895.

Closing Range (sales) in 18 95.
Closing Range (sales) in 1895.
R ailroad and Miscel. B onds Inter* t P rice
s. Inter*
P rice
P eriod A pr. 11.
Lowest.
Highest.
Perioc A p r. 11.
Lowest.
H igh est

ond s.

Pao. o f Mo.—2d ext. 5s..1938 J & J 104 k b . 103 Mar. 1 0 6 k Jam
M Q—F 1 1 2 k
)
1 1 0 k Feb. 113 Jan.
St.-L. A Ir. M t.lst e x t.,5 s .1897 F & A 101 k b . 100 Mar. 103% Jam
69%
Ì9 J & .
62% Mar. 7 0 Apr.
2d, 7 g ............................. 1897 M & N 1 0 2k b. 103 Apr. 104 Jam
22
39 A A C
1 6 k Mar. 2 2 k Apr.
Cairo Ark. < T exas,7 g.1897 J A D *101kb. 97 Mar. 101 Mar.
fe
L F A
O
18 Mar. 2 2 k Mar.
G en.R’y & la n d g r .,5 g .l9 3 1 A & O 74 b. 74% A pr.
3 7 ..........
49k
7 9 k Jam
5 0 k Apr.
44*8 Jan.
A tl. & P ac —Guar., 4 g . . .
M obile & Ohio—N ew, 6 g . . 1927 J & D 116 b. 115 Mar. 117% Jam
2 b.
3 Jan.
2% Mar.
L J & J
O
General m ortgage, 4 s . ...1 9 3 8 M & S 6 3 k
62 Mar. 66% Jam
34 A A Cï 93
86 Mar. 95 Mar.
94%
I7M & h
8 4 k Mar. 9 4 k Mar. Nash. Ch. & St. L.—ls t ,7 s .l9 1 3 J & J 130 b. 130 Mar. 132 Feb.
Consol., 5 g .......................1928 A & O
99 b. 99 A pr. 102 M ar.
18 J A . 109% 109 Jan. 111 Jan.
fe
93% M ar.
3 M & 1 103
1 0 2 k Mar. 107 Jan. Nat’l Starch M fg.—1st, 68.1920 M < N 100 a. 9 0 k Jan.
5 9 ..........
45 b. 50 Jan.
53 Apr. N .Y. Central—D ebt e x t.4 s.1905 M & N 103 kb. 102 Mar. 103 Feb.
1st, coupon, 7 s..................1903 J & j 123 a. 1 2 0 k Jan. 124% Jam
>9 Q—J
1 1 1 k Feb. 112 Feb.
D eben .,5s, coup., 1 8 8 4 ..1 9 0 4 M & S 105 k b . 105 k Apr. 1 0 9 k Jam
r*118 b. 114 Mar. 121 Jan.
)2M& N
Consol., 7 b.............
N. Y . A Harlem , 7s, reg .1 9 0 0 M & N
117% Jan. 1 1 7 k Jam
I l l Jan. 11278 Jan.
37 J & . 1 1 2 k
R. W. A O gd.,consol., 5 s.l9 2 2 A & O 113 b. 1 1 3 k Apr. 119 Jam
)0 Q—M *103 b. 101% Mar. 108 Jan.
W est Shore, guar., 4 s .. ..2 3 6 1 J & J 105% 103 k Feb. 10578 Apr.
L2 M & I * 85 b. 85 Mar. 92 Jan.
51 J & . l l l k b . 111% Apr. 1 1 4 k Jan. N. Y. Chic. A St. L.—4 g .„ 1 9 3 7 A & O 102 % 1 0 l k Feb. 1 0 4 k Mar.
A m . D ock & Im p., !
1 0 7 k Jam 108% Mar.
>8 J & • 1 0 4 k 10278 Jan. 1 0 4 k Apr. N. Y . E levated—7 s ............ 1906 J & J 108 k
>8 A A ( *117 ka. 1 1 7 k A pr. 121 Feb. N. Y. Lack. & W.—1st, 68.1921 J & J 132 b. 131 Mar. 1 3 3 k Jam
Construction, 5 s.............. 1923 P & A 114 b. 113% Feb. 114 Mar.
1 A A C *115kb. 117% Feb. 120 Mar.
9 M & Ï 106
1 0 3 k Mar. 1 0 7 k Jan. N .Y .L .E .& W —1st,con.,7g. 1920 M & S 128 b. 1 2 5 k Mar. 1 3 2 k Feb.
2d consol., 6 g ..................1969 J & D
63 k
2 M A S 74 b. 69 k Mar. 75% Jam
56 Mar. 65 Jam
L ong D ock, consol., 6s,g. 1935 A & O 126 kb. 126 Feb. 131 Jam
93
94 Jan.
9J A J
91 Feb.
N. Y . N. H. A H.—Con. deb. otfs A & O 1 3 8k b. 137 Jan. 141 Jam
86 a.
9J & J
92 Feb.
2 M & g 95 %b. 95 Mar. 9 9 k Jan. N. Y .O n t & W .—R ef. 4 s,g . 1992 M A S 89%
88 Jan.
Consol., 1st, 5s, g ............ 1939 J & D 110%b. 110 Feb. 1 1 1 k Jam
3 J & J 119%b. 118 Mar. 121 Jan.
98 b. 9 8 k Mar. 101 Jam N.Y.Sus.&W.—ls tre f.,5 s g .l9 3 7 J A J 105 b. 101% Feb. 108 Jam
3 M& S
M idland o f N. J., 6s, g . 1910 A & O 115 b. 116 Apr. 119 Jam
3M& g
93 b. 99 k Mar. 104 Jan.
Convertible 5 s.......
94%b. 93 k Feb.
5 5 k b . 48 k Feb.
55% A p r.
2 F & A
96% Jan. N orf.& W .—100-year, 5s, g .l 9 9 0 J A J
7M& N
87 k b . 8678 Feb.
112 Feb. 115% A p r.
89 Mar. No. Pacific—1st, coup., 6 g.1921 J & J 1 1 5 k
General, 2d, coup., 6 g . 1933 A & O 887s
1 M & g *115kb.
8 1 7s Mar. 89% Jam
H an.& St. Jos.
1 2 0 k Jan.
General, 3d, coup., 6 g ..l 9 3 7 J & D
55 k b . 49 k Mar. 58 Jam
7 J & L 116 b.
1 1 6 k Jan.
Consol, m ortgage, 5 g ...l 9 8 9 J A D
29%
29% A pr.
4 A & O 120 b. .24 Jan. 1 2 5 k Jan.
24 Jan.
Col. trust g old notes, 6 s .1898 M A N
76%
7 M & N 99%
70 Mar. 7 7 k Jam
99% A pr.
96 Feb.
Chic. A N. Pao., 1st, 5 g .1 9 4 0 A A O t 43%
2 M& N
8 4 k b . 77 Mar. 86 Jan.
t37 Jam t 4 3 78 Apr.
Seat. L. S. < E ., 1st, gu.6.1931 F A A t 40 b. t38 Feb.
fc
22 a. 1 5 k Mar. 23 Jan.
45 Jam
2 Oct.
92 b. 9 0 k Jan.
33k
30 Mar. 3 4 k Jam
Chic. Gas L. & C.- ls t , 5 j
7J & J
94 k Feb. No. Paoiflo & M ont.—6 g . . 1938 M &
98 k
96 Jan. 1 0 0 k Jam
Chic. Mil. & St. P.- -Con. \
5 J & J 128 k a. .25 Feb. 126 Jan. No. P acific Ter. Co.—6 g . . . 1938 J & J
9 J & J 117 a.
116% Jan. Ohio A Miss.—Corns. f.,7 s .l8 9 8 J A J 107 b. 107 Mar. 107 k Feb.
Consol., 7 s........................ 1898 J & J 107 b. 107 Jan. 1 0 7 k Feb.
O J & J 116%b.
Mar. 1 1 7 k Jan.
92 k b . 9 0 k Mar. 96 Jam
1 J & J 112 b.
I Feb. 112% Mar. Ohio Southern—1st, 6 g .,.1 9 2 1 J A D
General m ortgage, 4 g . . . 1921 M & N 45 a. 40 Mar. 43 Jam
6 J & J *104 b.
Feb. 105 k Jan.
38 b. t3 5 Jam t3 9 % Mar.
1 J & J 108 k b.
1 0 9 k Feb. Omaha & St. Louis—4 g ...l 9 3 7 J & J
98 k b . 97 Jam 100 k Mar.
4 J & J 110 b.
109 k Jan. O regonIm pr. Co.—I s t ,6 g .l9 1 0 J & D
Consol., 5 g ........................1939 A & O
55 Mar.
48%
9J A J
88 b. 87 Feb.
47 A pr.
8 8 k Jan.
3 J A D 117k
M i l .* Nor.Jan. 120 Feb. O re.R .& N av.C o.—1st, 6 g. 1909 J & J 109 b 106% Jan. 108% Mar.
Consol., 5 g ....................... 1925 J & D » 85
5 Q -F
1 3 8k b.
t73 Jan. 185 A p r.
Feb. 143% Jan.
2 J & D 120k :
Apr. 123% Feb. Penm Co.—4 k g . , cou p on . 1921 J & J 112 b. 1 0 9 k Jam 112 Apr.
9 7 k A pr.
9 A & 0 ............
Jan. 120 Jan. Peo. Deo. A E vansv. —6 g .1 9 2 0 J & J * 96 b, 92 Feb.
E vansv. D ivision, 6 g . . . 1920 M < 8
fc
96 b. 93 Mar. 9 7 k Jam
9 A & O *106kb.
110% Jan.
2d m ortgage, 5 g .............. 1926 M < N * 30 b. 25 Feb.
fc
33% Apr.
3 M A N 109 b. ;
110 Jan.
71 %b. 67% Mar. 74 % Jam
9 M & N 107 k b .
108 Jan. Phila. & R ead.—Gem, 4 g .19 58 J A J
ls t p r e f. incom e, 5 g ,....1 9 5 8
26
> F & A * 98 k a. 93 k Mar. 102% Feb.
18% Mar. 28 Apr.
2d pref. incom e, 5 g ....... 1958
16 a.
7 J & J 126 b. 26 Jam 1 2 7 k Feb.
9 78 Mar. 1 5 78 A pr.
3d pref. incom e, 5 g ....... 1958
10 %
1 J & J 1 0 1 k 1 00 Feb. 103 Jan.
E xtension and eoi., 5s.
6 k Mar. 1 1 78 Mar.
fe
A J
82
LM & S S 8k b . 83 Mar. 91% Jan. P ittsburg < W estern— 4 g . 1917
80 Apr.
8 4 k Jam
80-year debenture, 5s.
& J
69 A p r.
[) J & D 125
] 22 Feb. 127 Mar. R ioG r. Western—1st, 4 g.19 39
63 Jam
CMc. St. P. M. & O.—6s..
68k
85 b. 82 Feb.
7J & J
8 6 k Mar. St. Jo. A Gr. Island—6 g ..l9 2 5 M & N ï 5 7 k 151 Feb. 1 5 9 k Jam
St. L. A San F r.—6g.,C L B .1906 M A N l l l k b . 111% Apr. 115 Mar.
LJ A D .............]
Jan. 122 Jan.
6 g., Class C ...................... 1906 M & N I l l kb. 1 1 2 k A pr. 116 Jam
t J A J ’ 122 b. 1
Feb. 123 Apr.
& J r106 b. 102 Jan. 106 Apr.
General m ortgage, 6 g .. 1931
75
3A&0
74 Mar. 77 Jan.
Cons. guar. 4s, g .............. 1990 A & O 50
54 Jam
5 April. * 1 3 b. .
49 Mar.
St. L. So. West.—1st, 4s, g.1989 M & N
72 A pr.
72
) F A A
93 b. 93 Jan.
62 Jan.
95 Jan.
2d, 4s, g., in com e .............1989
J
2 4 k Mar.
M & S 90
24k
1 6 k Jam
8 6 k Mar. 9 2 k Mar.
J & D 93
88 Jan.
94 Mar. St.P.M.&M.—D ak.E x., 6 g . 1910 M & N 117%b. 117% Feb. 1 1 9 k Jam
lsto o n so L , 6 g .................. 1933
A J 117 %b. 1 1 5 k Mar. 120 Jam
) M & N 115%b. 1
115 Jam
A J 101 b. 100% Jam 1 0 2 k Jam
“
reduced to 4 k g. 5J & J
82 %b. 79 Jam
83% A pr.
M ontana E xten sion, 4 g.1937
A D
87 Jam
J & J
85 a. 8 4 k A pr.
92
90 Feb.
9 9 k Jam
& J
SanA nt.& A .P .—ls t,4 g .,g u .,’ 43
59 M ar.
J A D
68 k b . 65 Feb. 74% Jan.
52 Jan.
58k
112 Jam 117 Jan.
c M & N * 92 b. 91 Jam
9 2 k Apr. Sav. Fla. & West.—I s t ,6 g .l9 3 4 A A O
98 Jam
J A D
90
87 Jan.
9 3 k Jam So. Car. & Ga.—1 st,5 g ...,1 9 1 9 M & N 96 k b . 9 5 k Jam
3 9 k Jam
A A O 6 2 7s
61 Feb.
6 4 78 Mar. So. P acific, Aria.—6 g . . 1909-10 ' A J r 88 k a . 86 Mar.
So. Pacific, Cal.—6 g . ...1 9 0 5 -1 2 A A O llO k b . 1 0 9 k Jam 111 Feb.
A A O * 99 k b . .
1st consol., gold, 5 g ....... 1937 A A O 89 b. 89 Feb.
90% Jam
M A N 98 b. 98 Jan.
99 A pr.
A J 98 b. 99 k Jam 101 A p r.
M & N 117kb. 1
Feb. 119 Jam So. Paoiflo, N. M.—6 g .......1911
A J 87k
8 9 k Jam
M & S 69 b. 67 k Mar. 7 1 k Jam Southern—1st cons, g., 5s. 1994
8 4 k Jam
E. Tenn. reorg. lien 4-5s. 1938 M A S
75 b. 7 9 k Feb.
8 3 k Jam
J A D
85
84% Mar. 86 Jan.
A J 112%a. 1 1 1 k Feb. 112% M ar ,
E . T. Y. A G.—1st, 7 g . . . l 9 0 0
J & J
65 b.
Kings Go. E lev.—1st. 5 g .
Jam
71 Jan.
Con. 5 g .......................... 1956 M A N 106 a. 102% Feb. 106 k A p r .
Q -F
93k
Laclede Gas.—1st., 5 g . . .
95 Jan.
G eorgia Pao. 1st 5-6s, g . 1922
A J *10 8k b 1 0 7 k Mar. 111 Jam
J & J 115%b. 1
Lake E rie & W est.—5 g ...
116 Mar.
A J 112%b. 1 1 1 k Mar. 114 Feb.
K n oxv. A Ohio 1st 6s, g .19 25
J & J H 7ka. 1
L.Bhore.—Com op., 1st, 7s
118 Jam
A J 119 b, 118 Jam 120 M ar.
Rich. & D an v. con. 6s, g .1 9 1 5
ConBol. coup., 2d, 7 s . . . . . ____ J & D *123 k b . 1
Mar. 1 2 3 k Feb.
A J 110 b. 109 Feb. 112 Jam
W est.N o.C a r.lstcon .6 s,gl914
117kb. 1
Long Isla n d .- 1st c o n .,5 g.1931 Q - J
117% Jam
80 % A p r.
A O
Tenn.C. I. & R y.—T em D .,lst,6 g
79 b. 77 Jam
96 a.
G eneral m ortgage, 4 g .. 1938 J A D
97 Jam
Birm ingham D iv., 6 g .. .1917
A J
82 b. 78 Mar. 8 1 k A pr.
A pr. 110% Mar.
Louis. A Nash.—Cons., 7s. 1898 A & O 1 0 7 k 1
A D
T exas A Paoiflo—1st, 5 g ..2 0 0 0
8 7 78 A pr.
8 3 k Jam
8 7 78
J & J 115kb. 1
120 Jam
25% M ar.
2d, inoom e, 5 g .................2000 Maroh
247a
2 1 k Jan.
J & J ............ 1
104 Jam
79 a. 176 Mar. 182 Jam
J A D 115kb. l
Feb. 117 Jam Tol. Ann Ar. A N. M.—6 g. 1924 M & N
Unified, 4 g .............
1940 J & J
I Mar. 77 78 Apr. T oledo & Ohio Cent.—5 g .19 35 J & J 108% 1 0 7 k Feb. 109% Jam
78 a.
60 b. 57 Feb. t61 A p r;
79 b.
Jam
Nash. F1.& S li.-lst,gtd .,5 g.’37 F A A
85 Jam Tol. St. L. A Kan. O.—6 g .,1 9 1 6 J A D
83 b.
K entucky C en tral—4 g . 1987 J & J
Jam
85 Feb. Union Paoiflo—6 g ...............1898 J & J 1 0 4 k b . 1 0 2 k Mar. 106 Jam
89 Mar. 98 Jam
E xt. sinking fund, 8 ........1899 M A S 91
Louis. N. A . A Oh.—1st.,6s. 1910 J & J l lO k b . 1
Jam 110 Jan.
139% Apr. t4 1 Jam
Collateral trust, 4 k ....... 1918 M A N
90 b.
I Feb.
Consol., 6 g . . . . . ............... 1916 A & 0
9 8 7e Mar.
83 Feb.
9 0 k Jam
87%
G old 6s, ooL trust n o te s.1894 F & A
56kb.
Feb.
56 Mar.
Louis, St. L. & Texas.—6 g.1917 F A A
Kan. Pao.-D em D iv., 6 g.1899 M & N 106 b. 103 k Mar. 108 Jan
Jam
Manhattan consol. 4s.........1990 A A O 9 6 k b . !
98% Mar.
78 Jam
69
62 Feb.
1st consol., 6 g .............. 1919 Mds N
Jan. 121% Feb.
M etro. Elevated.—1st, 6 g.1908 J & J *11 9kb. 1
90
93% Jam
88 Jam
Oregon Short Line—6 g .,19 22 F & A
<
109 Feb.
2d, 6 s .................................. 1899 M & N 108% 1
49 Jam
Or.S.L.&Ut’hN.—Gon.5g.1919 A A O 40 b. 39 Feb.
Mioh. Cent.—1st, cons., 7 s . 1902 M & N 119% 1
1 2 1 k Jam
32 Feb.
3 9 7e Jam
U .P.D en.&G ulf.com , 5 g .l9 3 9 J A D
35
C onsol., 5 s .........................1902 M & N 107 b. H
108 k Jam
64 Jan.
54 b. 50 Feb.
13 L Feb. U. S. Cord.—1st ooL, 6 g ..l 9 2 4 J & J
M il LakeSh.&W .—1st, 6 g.1921 M & N 12 9k b . l i
95 b. 94 Mar. 9 6 k Jam
Mar. 115 Jam Virginia Mid.—GemM., 5s. 1936 m a n
Extern. A Im p., 5 g ..........1929 F A A *108 b. i:
1 0 4 k Feb. 106 M ar
1
Jam
8 7 k Mar. Wabash—1st, 5 g , ..... . ....1 9 3 9 M A N ' 106
Mo. K . A E .—1st 5s, g., gu.1942 A A O 86%
67%
63% Feb.
7 0 78 Jan
2d m ortgage, 5 g ........... ..1 9 3 9 F A A
83k
r
, Feb.
83 k Apr.
M .K . A T exas.—1st, 4s, g . 1990 J A D
Feb.
56
t
56 k Apr. West. N .Y . A P a .—1st, 5 g.1937 J A J 106% 102% Jam 106% A p r.
2d, 4s, g .............................. 1990 F & A
A A O t 29 k b . 2 3 k Jam t3 0 A p r .
2d m ortgage trust reots.1927
Mar. 95 Jam
Mo. P ao.—1st,con ., 6 g . . . . l 9 2 0 M & N 91 b. 1
Mar. 108 Mar. West. Urn TeL—CoL tr.,5 s.l9 3 8 J A J 1 0 7 k b . 106 Jam 1 0 8 k J a n .
K
3d, 7S..................................1906 M & N 108
51 b. 44 Mar. 52% A p r .
104 Jam Wise. Cent. Co.—1st, 5 g ..l9 3 7 J A J
99 b. 1(
Pao. o f M o.—1st, ex ., 4 g.1938 F & A
N ote .—“ b ” indicates p n o e bid; “ a ” p rice asked ; the range is m ade up from actual sales only.

NEW YORK STOCK EXCHANGE PRICES—(C o n t in u e d ).—
SECURITIES.

Bid.

Ask.

(Stock, Exchange Prices.)




W. V a. A Pitts.—1st, g., 5s.. 1990
B . A O. S. W ., 1st, g., 4 k s ...l9 9 0 106%

...

B O N D S -A P R I L

Bid. Ask.

Baltim ore A Ohio—(Gen.)
5s, g o l d . . . . . . . . . . . . . . . . . . . . . . 1 9 2 5 *

Railroad Bonis.
A lb a tuna Mid.—1st, g., gnar.,1928
A . T. A S. F —«d . 4s, Class * .1 9 8 9
Chicago & St. Lorn—1st, 6s. 1915
65
* h»i . Mid. 1st, g., b s . . . . . . . . . . 1936
A tl. * P ac.—2d W. D .,g u . 6s,. 1907
Balt. * Ohio—lot. « o . « 191Q Ì1 5
■

SECURITIES,

* Latest p rice this week,

109

......

Gent’l Ohio R eor.—1st, 4 k s .l9 3 0 * Ì 0 2 '‘
104
Ak.<x Ch. June.—1st,g,5s,gu. 1930
69
Brooklyn Elevated—2d, 5 s . ..1915
Rm naw «Ir A W'n—1 «t.. er. 4 r, 1Ö38 . . . . . .
r

SECURITIES.

t Trust receipts.

11

.

Bld.

94
Buff. R oeh. A Pitts.—Gem , 58.1937
R och. « P ., 1st, 6 s ...............1 9 2 1
R och. A P itts.—Cons. 1st, 6s. 1922 Ì Ì 6 k
Burl Ced. Rap. & N o.—1st, 58.1906 1 0 5 k
Consol. A collât, t r u s t ,5 s ... 1934
Minn» A St. L .—1st, 7s, g u ..l9 2 7 *13o"
Iow a O. A W est.—1st, 7 s . . ..1 9 0 9
92
.1921
1st, 5s.

Ask.
122
117%
.........
136 ‘

” ... ......

THE CHRONICLE,

A pril 13, 1895.]

651

NET» YORK STOCK EXCHANGE PRICES.— IN A C T IV E BONDS— fContinuedJ— A P R IL 11.
SECU RITIES.

B id.

Ask

SECURITIES.

Bid.

Ask.

SECURITIES.

Bid.

*
MH-HM
o o c o

N orfolk A South’ n—1st, 5s,g. 1941 *105
95
H a. Cen A Pen.—l s t g . 5 s .... 1918 *109
dent. B E . & B ack .—Col. g .5 s .l9 3 7
N orfolk A West.—General, 6 s .1931 115%
1st con. g., 5 s .........................1943
Cent, o f N. J.—
-Conv. déla., 6 s .1908
62
N ew R iver 1st, 6 s .................1932 108%
58
Pt. Worth A R . G.—1st g., 5 s ..1928
Central Pacific—Gold bds, 6s, 1895 101
100
Im p. A E x t., 6s..... ................1934
95
Gal. Har. A San Ant.—1st, 6s. 1910
G old bonds, 6 s....................... 1896 102
Adjustm ent M., 7 s ................1924
98
2d m ort., 7 s ............................1905
G old bonds, 6 s ....................... 1897 103
E quipm ent, 5 s .!......... ........... 1908 *63
Ga. Car. A Nor.—1st, gu. 5s, g.1929
San Joaquin B r., 6 s ...............1900 104
C linch Val. 1st 5 s................. 1957
55%
Ga. So. A Fla.—1st, g. 6s......... 1927
M ort. gold 5 s.......................... 1939
R oanokeASo.—1st, gu. 5s, g.1922
27
Grand Bap. A In d .—Gen. 5 s .. 1924 A
Land grant, 5s, g................... 1900 93
Scioto Val. A N. E .—1st, 4s,.1990 *73
G. B. W. A St. P .—1st, con. 58.1911 *30
CaL & O. D iv., ex t., g. 5 s ...1 918 104
4
Ohio A Miss—2d consol. 7 s ...1 911 114%
2%
2d inc. 4 s.................................1906
West. Pacific—B onds, 6s___ 1899 105
Spring.Div.—1st 7s............... 1905
Housatonic—Cons, gold 5 s .... 1937 123 124
Ño. B ailw ay (Cal.)—1st, és.1 907
General 5s_______ _________ 1932
90
N. H aven & D erby, C ons.5s..l918 115
50-year 5 s . . . . .................. ..1 9 3 8
Ohio R iver B R .—1st, 5s.......... 1936 * io o
'106%
Hous. A T . C.—W aco & N. 7S..1903 110
Ches. & O.—Pur. M. fu nd, 6 s .1898
Gen, g .,5 s ............................... 1937
1st g., 5s (int. g td j................ 1937 107 i0 7 %
Craig Valley—1st, g., 5 s ....1 9 4 0
Oregon~A Califor.—1st, 5s, g . 1927 *75
98 101
Cons. g. 6s (int. g td )............ 1912
Warm Spr. V al., 1st, g. 5 s ..1941
Oreg. B y A N av.—C ol.tr. g..5s.l919 *53%
90
D ebent. 6s, prin. & int. gtd.1897 *
Caes. O .A B o. W est.—1st 6s, g.1911
Penn-P. C.C. ASt.L. Cn. g. 4 % sA 1940 106
D ebent. 4s, prin. & int. gtd.1897
2d, 6 s........................................ 1911
Do
do
Series B . . . . . . 105%
110
Illinois Central—1st, g., 4s ...1 9 5 1 A
Oh. V .— en .oon.lst,gu.g,5s.l938
G
100
P .C .A S .L .-lst,c.,7 s................1900
1st. gold, 3 % s .........................1951
Chicago & A lton—S. F., 6 s . ...1 9 0 3 117
102
Pitts. Ft. W. A 6 .—1st, 7 s ... 1912
Cairo Bridge—4 s................... 1950
Louis. A Mo. B iver—1st, 78.1900 1131«
2d, 7 s .................................. 1912
Spring!. D iv.—Coup., 6s___ 1898 103%
2d, 7 s .................................... 1900 110
3d, 7 s.................................... 1912
M iddle D iv.—R eg., 5s.......... 1921 111
St. L. Jacks. A Chic.—2d, 7S.1898 1071«
Ch.St.L. AP.—1st, con. 5s, g ... 1932 114
C. St. L. A N . O.—T e n .l.,78.1897 109
Mlss.B. Bridge—1st, s. f., 68.1912 *1051«
Clev. A P .—Cons., s. fd ., 7s. 1900 *118%
1st, consol., 7s.....................1897 109 109%
Oh'c. Burl. A Nor.—1st, 5 s . ...1 9 2 6 104
Gen. 4% s, g., “ A” ............ 1942
95
2d, 6s.................................... 1907
D abenture 6 s .......................... 1896
St. L. V. A tf. H .—1st, 6s., 78.1897 105%
Gold, 5s, c o u p o n ................ 1951 118%
Ch o Burling. A Q.—5s, s. Í..1 9 0 1 *102
2d, 7 s .................................... 1898
Memp, D iv ., 1st g. 4 s ....... 1951
Iow a D iv.—Sink, fund, 5 s .. 1919 106
2d, guar., 7s........................ 1898 107
98%
96
Ced. F alls A Minn.—1st, 7s. .1907 115 125
Sinking fund, 4 s................. 1919
G d.B .A I.E xt.—1st,4%s,G.g. 1941 108
Ind. D. A Spr.—1st 7s, ex . op. 1906
871«
Plain, 4 s . . . ............................. 1921
P eo.A E .-In d .B .A W .-lst,pf.78.1900
97
Ind.D .A W .—1st 5s, g .,tr.r e o ..l9 4 7
Chio. A Indiana Coal—1st 5 s .1936
Ohio Ind.AW .—I s t p r e f.5 s ..l9 3 8
2d, 5s, gold, trust receip ts.. 1948
Chi. Mil. A S t.P .—lst,8s,P .D .1 898 110 % 111%
.........
Peoria A Pek. Union—1st, 6s .1921 110
ad, 7 3-108, P. D ................... 1898 115 117% Ind. Ills. A Iow a.—1st, g, 4s.. 1939 *82*
22
2d m ortg., 4% s.......................1921
26
68
Int. A G. N’n.—3d, 4s, g .......1921
1st, 7s, $ g., B .D ................... 1902 1211« 123
50
Pitts. Cleve. A Tol.—1st, 6 s ... 1922
ISt, I. A M., 78...................... 1897 114 115% Kings Co.-F.El. ,lst,5,g . ,gu. A. 1929
Lake E rie A W est.—2d g., 5 s .1941 102% i.03% Pitts. A L. Er.—2 d g. 5s, “ A ” . 1928
1st, I. & D ., 7 s...................... 1899 116 120
Pitts. Mo. K. A Y .—1st 6 s ...-.1 932
L. S. A M . Sou.—B .A E .—N e w 7 s .’98 107
1st ,C. A M ., 7 s...................... 1903 122 126
Pitts. Painsv. A F.—1st, 5 s ...1 916
Det. M. A T.—1st, 7 s............ 1906 123
1st, I. A D. E xtension, 7 s ...1 9 0 8 '127 129
Pitts. Shen. A L .E .—1st,g.,5s. 1940 *79
Lake Shore—D iv. bonds, 7s. 1899 110
1st, La C. A D av., 5 s...........1 9 1 9 106 108
1st consol. 5s..........................1943
Kal. A ll. A G. R .—1st gu. 5S.1938 113
1st, H. A D .,7 s .....................1910 123 125
Pitts. A W est—M .5s,g.1 891 -194 1
M ahon’ g C oa lB R .—1st, 5 s .1934 113
1st, H. A D ., 5 s .....................1910
100% P itts.Y ’gst’nA A .—1st, 5s,con .1927
Chicago & Pacific D iv., 6 s ..1910 1161« 118% Lehigh V.,N .Y.—1st gu .g.4 % s.l94 0
Pres. A Ariz. Cent.—1st, 6s, g.1916
Lehigh V.Term .—1st gu, 5s,g. 1941 106
Mineral Point D iv. 5 s ...........1910 104 107
2d incom e 6 s ...................... ..1 9 1 6
Lehigh V ’y Coal—1st 5 s,gu .g .l933
0. A L. Sup. D iv., 5s............ 1921 107% 108
B io Grande So.—1st, g., 5 s ... 1940
1litchi. Car. A West.—1st 6s. g.19 16
Pargo A South., 6s, A s s u ...l9 2 4
St. Jos. A Gr. Is.—2d in o.........1925
Little B ock A M.—1st, 5s, g ,.1 9 3 7
Ino. conv. sink, fu nd, 5 s . ... 1916
Kan. C. A Omaha—1st, 5 s ..1927
Dakota A Gt. South., 5s___ 1916 106 107% L ong Island—1st, 7 s ................ 1898 111
F erry, 1st, g., 4% s................ 1922
95% St. L. A. A T. H .-T e r m . 5 s .. 1914 103%
Mil. A Ñor. main line—6 s ... 1910 114 117
Bellev. A So. 111.—1st, 8 s . . . jl
896 102
G old 4 s.....................................1932
0hio.A Ñ orw .—30-year deb.5s.1921 107% 107%
Bellev. A Car.—1st, 6s......... 1923
N. Y . A R ’w ay B.—1st, g. 5s. 1927 *100
Escanaba A L. S. 1st, 6 s . . . .1901
Chi.St.L.APad.—lst,gd.g.5 s 1917 *98%
2d m ortg., i n o . . . . ...............1927 *37% 43
Des M. A Minn.—1st, 7 s . ... 1907
St. Louis So.—1st, gd. g. 4s. 1931 *80
N.Y.AMan. Beach.—1st, 7s, 1897
Iow a Midland—1st, 8 s......... 1900
do
2d in co m e ,5 s.1931
N .Y.B.AM .B.—1st con. 5s,g. 1935
Peninsula—1st, con v., 7 s ... 1898
Car. A S haw t.—1st g. 4 s . ...1 9 3 2 *80
B rookl’n AMontauk—1st,6s. 1911
Ohio. A Milwaukee—1st, 7 s .1898 110
1st 5s
1911 *
105% St. L. A S. F —2d 6 s,g., Cl. A .1 9 0 6 111%
V7in. A St. P.—2d, 7 s............ 1907
G eneral 5 s . . . . . . . . . . . . . . . . . . . 1 9 3 1
No. Shore Br.—1st con .5 s,g .l932 A
91
104
Mil. & Mad.—1st, 6 s ............ 1905 110
1st, trust, gold, 5s.......... . 1987
Louis.E vans.A St. L.—Con.5s.1939
28
27
Ott. C. F. & St. P .—1st, 5 s .-1909 105%
Kah. City A S.—1st, 6s, g ...l 9 1 6
Louis. AN ash.—Cecil. Br. 7 s ,.1907 106
Northern 111.—1st, 5 s.......... 1910 105%
Ft. S. A V. B. Bg. -1 s t , 6 s. . . 1910 100
Ch.R.I.AP—D .M .& F .D .l st 48.1905
E. H. A Nash.—1st 6s, g ....l 9 1 9 *114%
Kansas Midland—1st, 4s, g.1937
59
P ensacola D ivision, 6s.........1920
112
1st, 2% s................................ 1905
St. Paul A Duluth—1 st,5 s . ...1931
Extension, 4 s ..................... 1905
St. Louis Division, 1st, 6 s ... 1921 119
2 d m ortgage 5s...................... 1917
96
2d, 3s....... .............................1980
95
E>okuk A Des M.—1st, 5 s .. 1923
St. Paul Minn A M.—1st, 7 s ..1909 113
Nashv. A Decatur—1st, 7 8 .. 1900
Chic. St. P. A Minn.—1st, 6 s ...1918 127
2d m ort., 6 s............................. 1909 115%
S. f .,6 s —S. A N. A la..............1910
ot. P aul A S. C.—1st, 6s....... 1919 124 125
.........
M inneap. Union—1st, 6 s___ 1922 119%
10-40, gold, 6s....................... 1924 *Í02%
Ohio. A W .I n d —1st, s. f.,6 S .1 9 1 9 107
Mont. Cen.—1st, guar., 6 s ..1937 112%
5 0 -year 5s, g .,.........................1937 *95
116
General m ortgage, 6 s...........1932
1st guar. g. 5 s .....................1937 *98
Oln Ham. & D.—Con. s. f., 7s.1905 115
Pens. A A t.—1st, 6s, g o ld ... 1921
East. M inn., 1st div. 1st 53.1908 100%
102
Collât, trust, 5s, g . . . . . . . . . . 1 9 3 1
id , gold, 4% s..........................1937
*
W ilmar A SiouxF.—1st, g ,58.1933
O n . D. A I r ’n—1st, gu. 5s, g.1941 102 102% L ou.N .A lb.A C n.~G en.m .g.5s.l940
69
San Fran. A N. P.—1st, g., 5s.1919
95
Manhattan B y.—Cons. 4 s .....1 9 9 0
Clev. Ah. A Col.—Eq. A 2d 6s. 1930
96% 98
Southern Railw ay—
M emphis A Chari.—6s, g o ld .. 1924
C.C.C. A St. L ., Cairo div.—4s, 1939
A laoam a Central—1st 6 s ...1 9 1 8
1st con. Tenn lien, 7s...........1915 k
91%
Bt.Lou.Div.—l8tcol.ts’t4s,g .l99 0
91
112
A tl. A Char.—1st, p ref., 7 s .. 1897
M exican Cent. Consol.—4s, g.1911
Spring. ACoLDiv.—1st, g. 4s. 1940
Incom e, 6 s ............ . . . . . . . . 1 9 0 0
1st, cons, incom e 3s, g ......1 9 3 9
90
W hiteW .Val.Div.—1st, g. 4s. 1940
Colum. A Green.—1st, 5-6S.1916
Mex. International—1st, 4 s,g .l9 4 2 *69
On.W ab.& M .Div.—Ist,g .4 s.l9 9 1
E. eun. V. A G a .-D i7 ls.5 s 1930 *110
Jin. I. St. L. A C.—1st,g.,4s. 1936
95% M exican National—1st, g., 6s. 1927
94
Rioh.A Dan.—E q. s. f. g. 5 s .1909 *93
O on sol, 6s................................1920
2d, incom e, 6s, “ A ” .............1 9 1 7
30
Deben. 5s, sta m p ed ......... 1927 *
2d , incom e, 6s, “ B ” ............. 1917
Cin.San.ACl.—C on.lst,g.5s, 1928 103
V ir’a Mid.—Serial ser.A, 6s. 1906
M ichigan Centrai—6 s...............1909
Cl.Col. O n . A Ind.—1st, 7s,s.i.l8 9 9 113 114
Series B, 6 s . . . . . . . . . ...........1911
Consol, sink, fu nd, 7 s...........1914
Coupon, 5s............................... 1931
Series 0 , 6 s ..........................1916
M ortgage 4 s ..................
1940 100
Cin.&8pr.—1st,C.C.C.&I.7S.1901
114%
Series D , 4-5s . . . . . . . . . '. . . . 1 9 2 1
Cleve. Lorain A Wh.—1st, 5S.1933
104
Bat.C.AStrgis.—Ist,3s,g .g u .l989
Mil. L. S. AW.—Conv. deb., 5s. 1907 104 107
O e v e & Mah. V .—G o ld ,5 s ... 1938
Series F , 5 s .. . . . . . . . . . . . . . . 1 9 3 1
D el. Lack. A W .—Mort. 7 s . . . . 1907
Mich. D iv ., 1st, 6s..................1924 *125
Wash.O. AW .—1st our.gu.4s.1924
Syr a. Bing. & N. Y .—1st, 7s. 1906 127 Í3X
A shland Division—1st, 6s ..1 9 2 5
125%
T er.RR .A s’n o f S t.L .-lst,4 % s.l9 3 9 . . . . .
M orris & E ssex—1st, 7 s . ...1 9 1 4
144% Minn. A St. L.—1st, g. 7 s .........1927 136 140
T exas A N ew Orleans—1st,7 s .1905
Bonds, 7 s ..............................1900 116 117
Iow a E xtension, 1st, 7s.......1909 120 125
Sabine Division, 1st, 6 s .....1 9 1 2 105
7s o f 1871............................ 1901 ‘ 115%
Southwest E x t.—1st, 7s.......1910 118 119
Consol. 5 s ,g ...........................1943
1st, oony guar., 7 s ..* ........1915 *140 141%
P acific E x t.—1st, 6 s ............ 1921 118
91
T ex. A P ac., E. D.—1st, g. 6s. 1905
W arren -2d, 7s . . . : ............... 1900 113
Minn. A Pao.—1st m ortg., 5s. 1936
Third Avenue (N.Y).—1st 5s, 1937 *
.AH.Can.—Pa. D lv.,coup .7s.l917 *140
Minn.St.P.A8.S.M—ls to .g .4 s .l9 3 8
Tol. A. A. A Cad.—6 s................1917
A lbany A Susq.—1st, gu.,7s. 1906
M issouri Kansas A Texas—
66
127
T oledo A . A. A G ’ d T r .—g. 6s.1921 *75
- 1st, cons., guar., 6 s......... . 1906 k
M o.K .A T .of T ex .lst,g u .5s.g .l9 42
119
77% 78
Tol. A . A . A Mt. PI.—6 s...........1919
Bens. & Bar.—1st, coup., 7S.1921 143
Kansas City A P ., 1st,4 s ,g .. 1990
75
Tol. A . A . A N. M.—5s, g.........1940
D en ver O t y Cable—1st, 6 s ... 1908
Dal. A W aco—1st, 5s, g u .„ .1 9 4 0
84
T.AO.C.—K an.A M., M ort. 4S.1990
M issouri P a cific—Trust 5 s ... 1917
D env. Tramway—Cons. 6s, g .1 9 1 0
80
Tol.P. A W.—1st 4s,ino.f’d.oou.July
Metropol. B y.—lst,g u . g.6s,1911
1st ooll., 5s, g .........................1920
66
Ulster A D el.—1st, con .,6.,5 s .1928 *103%
D eng. A B. G.—Im p., g., 5 s ... 1928 *74
St L .A I. M ,-A rk .B r.,lst, 78.1895 103
Union Pacific—1st, 6s........ ...1 8 9 6 104%
Det. Bay C. & A lp.—1st, g .,6 s .1913
M obile A Ohio—1st ext., 6 s ...1927
1st, 6 s .......................................1897 104%
Det.M . A M.—L. g. 3 ^ 8 ,ser.A. 1911 ........
St. L. A Cairo— guar....... 1931
4s,
1st, 6 s....... ..............................1899 105
ninth A Iron Range—1st 5s. 1937
‘ 0 1 ” M organ’s La. A T.—1st, 6 s ,... 1920 110
Collateral Trust, 6 s.............. 1908
E rie —1st, extended, 7 s...........1897 108%
93
122
Collareral Trust! 5 s.............. 1907
21, extended, 5 s . . . . ...............1919 *114
Nash'. ChatVA St.’ L.—2d,‘ 6s!.'1901
70
Kansas Paoifio—1st 6s, g ...l 8 9 5 105%
3d, extended, 4% s..................1923 1C6 108
N. O. A. No. K.—Pr. 1., g., 6 s ..1915
1st, 6s, g ..............................1 8 9 6 106%
4 th, extended, 5s................... 1920 113% 114% N. Y . Central.—Deb. g. 4 s ....1 9 0 5
105
5 th, extended, 4s................... 1928 100% 102
C. Br. U. P - F . 0., 7 s ...........1895
N. J. June—Guar. 1st, 4 s . ..1986
50
A tch. Col. A Pao.—1st, 6 s... 1905
1st, con., g., f ’ d, 7 s ...............1920
B eech Creek—1st, gold, 4 s ..1936
35
E eorg.. 1st lien, 6s................ 1908 100 106
Atoh. J. Co. A W.—1st, 6 s ... 1905
Osw. A Rom e—2d, 5 s,g .,g u .l9 1 5
U. P . Lin. A Col.—1st,g., 5s. 1918 *25
a. N. Y. A E .—1st, 7 s ...........1916 130
U tica A Bl. R iv.—4s, g., gu.1922 102 105
W .Y.L.E.AW.—F n d .cou . 5s. 1969
O reg.S.L.A U .N .,ool.trst.,5s.l919
N. Y . A Put.—1st, g., 4 s. gu.1993 100
20
Utah A North.—1st, 7 s ......1 9 0 8 100
Col. trust., 6s................... ...1 9 2 2 100 110
N. Y . N. H. A H .—1 s t,rear.48.1903 108
G old, 5 s................................ 1926
Buff. A S. W.—Mortg. 6 s ....1 9 0 8
N. Y . A Northern—1st, g. 5 s .. 1927 114
Jefferson—1st, gu. g. 5s ....1 9 0 9 *100 ....... N. Y . Susq. A West.—2d, 4 % s .l9 3 7
Utah Southern—Gen., 7a ..1 9 0 9
82
Coal A B B .—6s....................... 19 2 2
Gen. m ort., 5s, g ....................1940
83
95
D ock A Im p t.,lst 6s, cur’ cy.1913 107% ......... N. Y . T ex. A Mex.—Ist,4s,gu .l912
Valley R ’y Co. o f O.—Con. 6 s .1921 —
Wabash—Debenture, 8er. A .. 1939
E ir e k a Springs—1st, g., 6 s ... 1933
North’n Pacific—Divid’ d scrip e x t.
25
E s^ans. A T .H .—1st,co n s.,6 s..1921 '106
Debenture, Series B ....... ...1 9 3 9
James B iver Val.—1st, 6s. ..1 936
1st, general, g., 5 s ................ 1942
Det. A unio. E xt. 1st, 5s, g ..l9 4 0
95
Spokane A Pal.—1st, 6 s ..... 1936
Mt. V ernon 1st 6 s ................ 1923
102%
St.Paul A N. P.—Gen., 6 s ..1923 116
E.&T.H.—8ul.C o.B r.lst,g.,5s. 1930
St L.K.C.AN.—R.E.ARR.7S.1895 101%
H elena ABedM ’n—1st,g., 6s. 1937
St. Charles Br’ ge—1st,6s... 1908
Ev.& Bich.—1st gen .5 s,g .g u .l931
DuluthAM anitoba—lst,g .6 sl9 3 6 *77%
Evans. A Indian.—1st, c o n s.. 1926
West. Va. C. A Pitts.—1st, 6 s .1911
DuLAM an D a k .D iv .-lst6 s.1 9 3 7 *77%
95
W heei.AL.E.—1st. 5s, g o ld ...1 9 2 6 * 9 8 "
Flint & P . Marq.—M ort., 6s. ..1 9 2 0 107 110
Cœur d’Alene—1st, 6s, g o ld .1916
Extension A Im p, g., 5s....... 19: 0
1st con. gold, 5s . . . . . ..........1939
90
Gen. ls t ,g ., 6s..................... 1938
P ort Huron—1st, 5 s ............ 1939
.........1 Wis. Cent, incom e 5 s .............. 1937
'8 9 '
Cent.W ashington—lst.g ..6 s.l9 3 8

Ask.

75
116
.........

106%

111
114
72

97
82
78

104%

—
75

102%
121
113%
99%

92%

85

120
70

77
104%
104%
105%
72
106%
39
23
80~
—
22%
98%
101%,
103"
92

No p rice Friday; these are th e latest quotations m ade this week, « f o r i f i i s o e i l a u e o u a a u d U n l i s t e d « t o a d s . —See 3d p age preceding,




THE CHRONICLE,

652

[V OL, LX«
Latest E arnings Reported.

fituesirajewi

Roads.

Weekor Mo

AN D

^ a ilt c r a tl I n t e llig e n c e .
The I n v e s t o r s ’ S u p p l e m e n t , a p a m p h let o f 1 6 0 p a g es, con ­
tain s extended tables o f the Stocks an d B o n d s o f R a ilroad s
an d other C om panies, w ith rem arks and sta tistics concerning
the in com e, financial sta tu s, etc., o f each C o m p a n y.

I t is

published quarterly on the last S a tu rd a y o f J a n u a ry, A p r il,
J u ly and October.
The S t r e e t R a i l w a y S u p p l e m e n t is p u blish ed q u a rterly
o n the last S a tu rd a y o f F eb ru a ry, M a y , A u g u s t an d Novem ber.
B o th S u p p l e m e n t s are furnished w ith ou t e x tra charge to
all regular subscribers o f the C h r o n i c l e .
2 he General Q uotations o f Stocks a n d B o n d s, occu pying s ix
pages o f the C h r o n i c l e are published on the t h i r d S a t u r ­

d a y o f each m onth.

R AILRO AD

EAR N IN G S.

The following table shows the gross earniogs of United
States railroads (and also a few Mexican and Canadian roads)
for the latest period reported. The statement includes every
road from which regular weekly or monthly returns can be
obtained. The first two columns of figures give the gross
earnings for the latest week or month, and the last two col­
umns the earnings for the calendar year from January l to
and including such latest week or month.
Roads.

Latest E arnings Reported.
W eekor Mo

A diron dack ....... F e b r u a r y .
Ala. M idla n d ... January...
A llegheny V a l.. February .
Ark. M idla n d ... February .
Atch. T. & S. Fe. 4thwkM ch
St. L. & San F. 4thwkM ch
A tlantic & Fac 4thwk Mch
Col. M idland.. 4thwk Mch
A gg. t o ta l... 4thwk Mch
Atlanta & W. P . January...
Atlan. & D anv.. 4thwkM ch
Austin & N’west J anuary...
B.&O.East Lines February .
W estern Lines F e b ru a ry .
Total............ F e b ru a ry .
Bal.&O. Sou’ w .. 1st w k A pr
Bath & Ham ’ nds F ebruary.
Bir. & A tla n tic.. M arch.......
B rooklyn E le v .. 1st wk Apr
B runsw’k &West January...
Buff. Roch. &Pitt 1st wk A pr
Bur. C. Rap. & hi. 4thwk Mch
Camden & A t l .. F e b ru a ry .
CanadianPaoiflc ls t w k Apr
C ar.M idland___ M arch.......
Cent, o f Georgia F e b r u a r y .
Central o f N. J .. F eb ru a ry .
Central Pacific.. January...
Oharlest’ n&Sav. January...
C har.Sum .* No. January...
C heraw .& D ari.. F e b r u a r y .
Ches. & O h io___ 1st wk A pr
Ches.O.&So.W .. F e b ru a ry .
Chic. Bur. & N o. F e b r u a r y .
Chic. Bur. & Q .. F e b ru a ry .
Chic. & East. H i. 4th wk M ch
Chicago & Erie. F e b ru a ry .
Chic. Gt.West’n 4thwk Mch
Chic.M il.& St.P. 1st w k A pr
Chio.&N’thw ’ n. F e b r u a r y .
Chic.Peo.&St.L. 1st w k A pr
Chio.R’k I . & P .. M arch.......
Chio.St.P.M.&O. February .
C hio.& W .M ioh 4th w k Mch
Oin.Ga. & Ports. M arch.......
Cin.& Kent. Sou. January...
Cin. Ja ck .*M a o. 1st w k A pr
Cin.N .O. &T. P. January...
Ala. Gt. South. January...
N. Orl. & N. E. January...
Ala. & Vicksb January...
Vicks. S h .& P January...
Erlanger Syst. January...
Cin. Ports. & V. M arch.......
Clev.Akron&Co. 3d wk M ch
Clev. Can. & S o.. 4thwk Mch
Cl.Cin.Ch.&St.L 4th w k Mch
Peo. & East’n F e b ru a ry .
CL Lor. & W heel 1st w k A pr
Col. H. V .& T o i M arch.......
Col. Sand’y & H. 1st wk A pr
Colusa & L a k e . M arch.......
C rystal............... F e b ru a ry .
Oumb’l’ dV alley. F e b ru a ry .
D env. & R io Gr. 1st w k A pr
Det.Lans’g&No. 4thwkM ch
D ei. & M ackinac F e b ru a ry .
D uluth». S.<fcAti. 4thwkM ch
E lgin. J ol. &East M arch.......
Eureka Springs December.
Evans. & Ind’plis 4thwkM eb
Evans. & R ich.. 4thwkM ch
E vansv. & T. H. 4thwk Mch
F indlay F t W &W January...
F itchburg.......... F ebru ary .
F lint & P .M a rq . ithw kM ch
Fld.Cnt.& PeniD 1st wk J an
Ft.W . & R io Gr Ithw kM ch
Gads. & A tt. U. M arch.......
G eorgia R R ....... Ithw kM ch
G a. C a rla & No F e b r u a r y .




1895.
26,143
47,040
169,059
6,209
719,899
165,373
83,453
36,950
1,005,675
41,025
12,899
17,267
1,049,978
383,612
1,433,590
124,973
1,721
1,715
37,967
44,614
62,562
94,285
36,625
296.000
4,017
363,767
793,735
786,905
53,241
5,680
5,391
170,467
165,306
130,058
2,060,550
64,177
183,191
88,088
499,472
1,892,618
15,486
1,197,830
443.585
44,894
4,719
905
9,482
270.000
133.000
122,00('
44,00(
50,00(
619,00(
19,232
18,644
14,907
357,530
127,721
21,769
175,130
13,198
1,32<
748
50,981
109,300
28,628
20,82s
43,537
94,657
9,216
6,841
2,442
26,312
5,448
479.585
78,257
53,440
10,554
605
36,601
55,551

1894a

Jan. 1 to Latest Date.
1895.

9
40,647
14,304
47.040
57,131
345.721
152,214
15,232
5,688
722,894 6,683.343
190,794 1,361,305
808,365
70.145
346,426
41,723
1,025,556 9,202,439
41,025
49.004
114,975
9,017
17,267
19,091
1,092,369 2,279,196
852,829
305,538
1,397,907 3,132.025
120,40 i 1,655,746
3.356
1,390
3,919
1,917
630,234
36,142
44,614
48,463
740.748
50,468
874.697
100,360
80,646
37,548
331.000 3,648,068
9,154
4,557
788.020
481,147
764,661 1,646,168
786,950
859,801
53,241
67,247
5,680
13.145
12,398
9,440
159,932 2,403,254
342,236
154,599
250,363
120,371
2,427,892 4,315,076
901,585
78,074
366,653
160,174
785,876
102,315
569,549 6,577,609
2,182,682 3,827,178
228,621
14,576
1,511,674 3,333,249
907,612
550,958
370,259
43,789
13,307
5,278
905
412
12,669
153,981
270.000
297.000
133.000
127.000
122.000
111.000
54.000
44.000
50.000
54.000
643,000
619,000
56,223
19,747
185,326
16,741
14,751
143,839
352,472 3,127,390
114,64S
260,678
20.004
279.021
219,507
558,469
206,412
10,585
1,192
3,620
1,052
1,388
49,704
109,614
104,50( 1,600,167
30,99':
253,324
40,752
22,198
31,186
392,967
99,559
260,090
7,175
73,010
9,851
64,847
2.984
20,221
33,344
245,953
4,658
5,448
417,737
992,913
77,100
575,350
53,440
59.7K
6,003
114,889
534
1,761
36,495
318,673
65,254
121,9761

1894.
9
28,277
57,131
307,063
12,359
6,540,323
1,432,924
704,745
366,400
9,044,392
49,004
112,483
19,091
2,321,143
617,933
2,939,076
1,664,428
3.178
5,381
479,513
48,463
702,347
929,342
78,180
4,258,126
14.354
1,045,012
1,658,774
859,801
67,247
13,145
17,861
2,323,088
326,884
260,521
5,064,872
873,021
353,006
868,918
7,376,954
4,351,997
192,352
4,058,967
1,143,963
358,952
14,209
412
160,770
297.000
127.000

111.000

54.000
54.000
643,000
47,892
186,380
117,587
2,871,947
227,159
242,632
577,289
140,165
4,109
1,644
105,274
1,593,254
240,636
40,713
310,724
284,287
78,405
73,255
20,073
267,561
4,658
932,449
639,708
59,710
61,519
1,562
366,505
133,979

Geo. So. & F la .. M arch.......
Gr. Rap. & Ind. Ithw kM ch
Cin. R.& Ft.W. 4th wk Mch
Traverse City. 4th wk Mch
Mus. G. R. & I. 4thwk Mch
Tot. all lines 4th wk Mch
Grand T ru n k ... Wk Apr. 6
Chic. & Gr. Tr. Wk Meh23
Det.Gr.H.& M. Wk M ch23
Great North’n—
St. P. M. & M. March.......
E ast o f M inn.. M arch.......
M ontana Cent. M arch.......
Tot. system . M arch.......
G ulf * Chloasro. M arch.......
Hoos.Tun.&W il. F ebru ary .
Hous.E.&W .Tex M arch.......
Humest’n&Shen M arch.......
Illinois Ceniral. M arch.......
Ind. Dec.&West. 4thwkM ch
I n .* Gt. North’ n ls t w k A pr
JInteroc. (Mex.) Wk Mch ¿3
Iow a C entral.... 1st w k A pr
Iron R a ilw a y ... M arch.......
ja c k . T. & K. W F eb ru a ry .
Jam est’n & L . E. F eb ru a ry .
Kanawha& Mich 4thwkM ch
K.C.F.Scott &M . 4thwkM cb
K.C. M em .* Bir. 4ihwkM ch
K an.C . N. W .... M arch.......
Kan.C. A Beat. March.......
K.
C. Pitts. &w k..
4th G Mch
Kan.C. Sub. Belt 4thwk Mch
Keokuk & West. itliw kM ch
L. Erie A ll.& So. M arch.......
L. E rie & W est.. 1st w k A pr
Lehigh & H u d .. M arch.......
L on g Island....... M arch.......
Los. A ng. Term. M arch.......
Louis.Ev.&St.L. 4thwkM cb
Louisv.&Nashv. 1st w k A pr
Louis. N.A.&Ch. 4thwkM ch
Lou. St.L.& Tex. 4thwkM ch
M acon & B irm .. M arch.......
M anistique......... M arch.......
Memphis&Chas. 3d wk M ch
tM exican C en t.. 1st w k A pr
M exican Inter’l December.
iM ex. N ational. 1st w k A pr
M ex. Northern.. January...
tM exican R ’way Wk Mch23
M exican So....... 3d wk Mch
M mneap.& St.L. 1st wk A pr
Mo. Kan. & T ex. 1st wk A pr
M o.Pao.&lronM 1st wk A pr
Central B r’ch. 1st wk A pr
T otal............ 1st w k A pr
M obile & B irm .. 3d w k Mch
M obile & O hio.. M arch.......
Mont. &Mex. Gif. M arch.......
Nash.Ch.&St. L. M arch.......
Nevada Central. J anuary...
N. Jersey & N .Y . February .
New Orl. & So’n. M arch.......
N .Y . C .& H .R .. M arch.......
N. Y . L. E .& W.. F e b r u a r y .
N .Y . Pa. &Ohio. January...
N .Y .O n t. & W .. 1st w k A pr
N .Y . S usq.& W .. F eb ru a ry .
N orf. &South’n. January...
N orfolk & West. 1st w k A pr
North’ n Central F e b ru a ry .
North’n Pacific. 4th w k Mch
Oconee & W est. February .
Ohio R iv er......... 1st w k A pr
Ohio Riv.& Chas M arch.......
Ohio Southern. 4th wk Mch
Omaha & St. L . . January...
Oregon Im p. Co. F e b ru a ry .
Ow.F.Rou.&G.R December.
Pennsylvania... F eb ru a ry .
PeoriaDeo. &Ev. ls t w k A pr
Petersburg........ F e b ru a ry .
Phila. & E r ie ... F eb ru a ry .
Phila. & Read’g. F e b r u a r y .
C oal& Ir. C o... F e b r u a r y .
TotalbothCos. F e b r u a r y .
Pitts. Mar. & Ch. M a rch .___
Pitt.Shen.&L.E. M arch.......
Pittsb. & West-- 1st w k A pr
Pitts. Cl.&Toi. 1st w k A pr
Pitts. Pa. & F. 1st wk A pr
Total system.. 1st wk A pr
Pitt. Y ou n g .* A . F e b ru a ry .
Quincy O .&K.0. M arch.......
Rioh.Fr’ksb.&P. F e b ru a ry .
Rich. & Petersb. F e b ru a ry .
Rio Gr. South’n 1st w k A pr
Rio Gr. West’ n .. 1st w k A pr
Sag.Tusoola&H. M arch ,___
Sag. Val. & St. L. F e b ru a ry .
St. L. A . & T. H 4thwkM ch
St.L.Ken’et&So M arch.......
St.L.Southw’rn. 1st wk A pr
St.Paul& D ul’ tb 4th wk Mch
San A n t .* A .P January...
S.Fran.&N.Pao. 4thwkM ch
Sav. Am. & Mon M arch.......
Sav.Fia. & West January...
8her.8hrev.& So 4th w k M ch
8ilverton............ December.
So. Pacific Co.—
GaLHar.&S.A Ja n u a ry...
Louis’ aW est. January...
Morgan’ sL&T Ja n u a ry...
N.Y.T. & Mex January...
•T ex. &N. O rl.. Ja n u a ry...
A tlantic sys.6. January...
Pacific system January...
Total o f all. January...
So. Pao. o f Cal January...
S o.P ac.of Ariz January...
So.Pao.ofN .M January...
Southern R y ... 4thwkM oh
Staten Isl. R. T. January...
3tonyC l.*C M t.- F eb ru a ry .

1894-5. I 1893-4.
S
61,067
65.839
12,880
1,408
4,263
84,390
332,818
52,116
19,938

69,518
58,144
11,511
1,044
2,777
73,476
324,974
53,535
20,959

Jan. 1 to Latest Date.
1894-5.

, 1893-4.

$
1
9
230,131
189,382
442.159
461,350
93,564
97,978
9,279
13,100
25,564
20,647
594,173
569,471
4,230,902 4,447,639
562,585
639,320
190,137
205,505

919,480 762,383
53,875
84.426
132,626 132,563
1,136 532 948,821
3.533
3.705
2,094
2,775
41.000
34,057
9,627
8,800
1,520,416 1,489,847
8,990
12,638
70,038
54,287
50,674
41,645
27,565
29,918
4,125
4,693
46,739 102,175
2.241
2,645
9,602
12,451
104,453 126,970
24.938
22,488
26,775
18,120
1,171
476
14,007
8,766
5,052
5,167
10.194
8.028
6,843
7,545
60,044
55,037
28,192
35,220
261,749 271,334
15,941
14,069
42,974
39,341
340,990 349,385
76,954
84,531
9,994
11,718
6,153
5,369
11,307
983
17,394
19,683
176,090 152,932
212,310 211,763
78,004
81,507
51,950
42,108
70,872
65,238
8,390
13,721
29,929
30.688
208,432 202,608
357.000 388.000
11.000
17.000
368.000 405.000
4,637
5,099
282,548 281,322
115.000 104,547
394.672 408,320
2,827
1,456
19,435
21,010
5.872
8,488
3,718,420 3,547,767
1,766,438 1,582,044
465,244 404,390
49,357
55,598
157,984 120,798
36,462
35.426
205,261 170,754
448,888 398,570
444,929 354,743
3,195
1,470
15,077
12,307
16,903
18,829
22,924
19,648
34,324
21,625
235.673 261,424
4,507
3,557
4,419,634 4,002,320
13,380
15,335
42,589
37,218
233,791 239,640
1,444,842 1,279,617
1,975,226 1,480,069
3,420,068 2,759,686
3,422
3,417
30,484
41,732
21,810
29,269
11,750
13,800
3,583
4.129
37,143
47.198
54,596
31,340
20,539
21,828
53,408
49.755
22.212
25,150
4,107
6,715
25,400
38,000
8.865
9,087
6,203
6,051
38,650
33,050
2,389
2.478
75.000
80,200
29,570
30,066
194,509 127,037
22,572
23,533
37,989
36,033
319,124 382,627
5.865
9,69a
5,034
5,076

2,293,364
265,732
348.948
2,908,044
10.576
6,158
129,892
26,200
4,544,876
110,414
1,041.755
555,269
395,348
12,280
119,660
4,863
91,121
1,034.176
241,045
54,323
1,272
118,778
45,047
82,335
21,147
884,455
104,602
665,704
46,867
3 19,199
4,904,292
662,889
89,299
18,554
30,369
227,994
2,493,195
2,088,441
1.136.828
42,108
797,706
103,980
403,692
2,887,243
5,423,587
143,904
5,567,491
62,399
784.949
315,000
1,118,308
1,456
45,419
19,593
9,835,818
3.653.829
465,244
852,380
358,841
35,426
2,510,408
939,478
3,147,617
3,280
160,620
44,734
190,769
21.625
498,249

2,092,783
180,067
350,919
2,623,769
10.337
4,280
109,234
29,398
4,404,693
81.735
816,18"
563,942
487,050
11,270
197,807
5,432
81,489
1,163,319
275,449
83,537
3,312
71,744
44.735
93.124
17,439
794,977
88,828
696,671
37,529
355,491
5,143,611
576,187
90,400
20,555
10,156
283,505
2,271,969
2,050,934
1,093,381
51,950
733,118
117,257
422,219
2,298,115
5,676,687
222,822
5,899,509
62,484
831.900
290,694
1,177,606
2,827
42,800
27,912
9,722,854
3,370,077
404,390
818.684
258.685
36,462
2,356,331
835,640
3,024,728
6,114
154,670
47,551
157,823
34,324
542,874

9,097,905
242,197
75,957
482,951
3,013,149
3,868,184
6,881,333
9,951
103,440
•344,142
189,189,
56,600
600,5551
157,363
57,548
103,953
45,929
91,179
481,290
27,017
12,324
322,991
8,211
1,300,287
269,864
194,509
144,681
110,451
319,124
86,984
53,597

8,162,149
212,361
85,851
474.626
2,673,912
3,064,451
5,738,363
8,779
83,906
299,288
154,825
58,974
522,602
107,301
54,332
109,815
52,024
84,234
442,601
25,681
12,354
343,062
7,550
1,144.037
270,024
127,037
144.796
110,897
382.627
76,814
68,393

383,458 339,725
129,126
92,158
702,591 527,933
17,97b
23,168
158,541 141,883
1,438,836 1,139,401
2,148,082 2,261,328
3,586,918 3,400,729
692,931 742,541
187,475 163,395
82,062
70,042
457,190 505,359
64,163
55,797
947
904

339,725
383,458
92,158
129,126
527,933
702,591
17,976
23,168
141,883
158,541
1,438,836 1,139,401
2,148,082 32,261,328
3,586,918 3,400,729
742,541
692,931
163,395
187,475
70,042
82,062
4,242,364! 4,523,092
64,163
55,797
3 ,3 4 4 ‘
2,084

THE CHRONICLE.

A p r i l 13, 1895.]

R oads .

Latest E arnings Reported.
Week or Mo

1895.

1894.

Jan. 1 to Latest Date.
1895.

1894.

653

4 tk week o f March.

1

j
I Northern P a cific..............
Rio Grande W estern.......
St. Joseph & Gd. Island.
St. Louis Alt. & T. Haute.
St. Paul & Duluth............
San Francisco & No. Pao.
Sherman Shreve. & S o ...
Toledo Peoria At West’n..
U nion Pac. Den. & G ulf.
Western N. Y . At P en n ...

1895.

1894

$
444,929
66,900
12,342
33,050
30,016
23,533
9,69«
13,000
43,865
80,500

Increase.

Decrease.

$
90,186
10.5ÖJ

$
354,743
*
$
$
$
Bummit Branch. F e b ru a ry .
56,400
90,240
62,026
194.488
133,512
Lykens Valley F e b r u a r y .
24,107
67,815
42,979
152,593
11.265
108,862
T ot’lb o th Co’ s F e b ru a ry . 158,055 105.005
38 650
347,081
5,600
245,374
Texas At Pacific. 1st w k A p r 105,904 104,077 1,833,181 1,677,038
29,570
496
22,572
Tsx.S.Val&N W M arch.......
961
4,181
3,818
11,181
11,092
Tol.A.A.&No.M. 1st w k A pr
5.865
3,831
18,545
20,857
261,758
280,817
Tol. At Ohio Cent. 1st w k A p r
19.32 -*
26,079
421,510
32,258
1,329
378,459
Tol. P . & W est.. 4thwk Mch
58,134
18,000
19,329
229,825
9|319
214,299
Tol. S t.L .& K .C - 4thwkM ch
80,700
49,50)
52,237
361.488
'200
307,489
........
Ulster At D e l___ F e b r u a r y .
19,272
21,877
41,905
45,691
Total (81 r o a d s ) .... ...
9,271,784 9,255,903
Union Paoiflo—
509,406
493,525
Un. Pac. R R .. January... 970,520 1,039,116
970,520 1,039,116 Net increase (0*17 o. o.l.
15,881
- ...........
........
Or.S.L. & U . N January... 33 J,463 344,012
330,463
314,012
67,444
48,247
8t.Jos.&Gd.Is. J anuary...
48,247
67,441
The following will furnish a comparison of the weekly
11,538
Kan.C.&Om_ Ja n u a ry...
6,446
6,446
11,538 results for a series of weeks past.
12,842
24,107
157,507
Tot.St.J.& G.I. Ithw kM ch
243,710
W E E K L T GROSS EARNINGS.
143,904
17,000
11,000
Oent.Br.........a 1st w k A pr
222,822
A oh .C ol.& P . > January...
—- Changes.20,601
29,598
20,601
29,598 Period and num ber o f
Ach.J.C.& W }
1894.
1893.
Amount.
25,897
25,379
25,379
M ontana U n .. January...
25,897
roads included.
$
$
P. ct.
$
G F d total.*c January... 1,516,937 1,712,421 1,516,937 1,712,421 D eo.—3d week (7 9 r ’ ds). 7,220,731 7,149,219
71,512 luo.
100
58,184
48,865
658,916
U .P a o .D .& G . 4th wk Mch
656,976
“
4th week (SI r’ds). 8,335,340 9.2 »9,902
374,062 Deo. 4*06
18,211
25,068
255,454
Ft.W ’th& D .C . 4thwk Mch
265,530
1895.
1894.
W a b a s h ...,....... 1st w k A pr 213,8-50 206,259 2,979,832 2,981,440 J a n .—1st w eek (73 r’ ds). 5,733,322 5,826.559
93,237 Deo. 1*60
16,806
23,388
W aco < Northw. January...
fc
23,388
16,806
“
2d week (73 r’ ds). 5.873,650 5,989,159
115,509 Deo. 1*93
83,316
81,357
165,685
W est Jersey....... F e b ru a ry .
176,430
“
3d week (7 6 r’ ds). 6.365,047 6.2 L9,779
115.263 Inc.
2 34
75,612
84,451
W .V.Cen.& Pitts M arch.......
221,808
217,666
“
4th week (83 r’ ds). 8,924,25 1 8,6 37,273
256,9 ?9 Inc.
2*97
25,511
22,917
22,917
W est V a.& P itts. January...
25,511 Feb.— 1st week (?9 r’ds). 5,813,463 6,143,809
330,346 Deo. 5*38
40,880
46,758
40,880
Western o f A la - January...
46,758
“
2d w eek (79 r’ ds). 5,577,446 6,050,061
472,615 Deo. 7*81
164,179
78,071
67,749
West. Maryland. F e b r u a r y .
140,274
“
3d week (3! r’ds). 6,352,449 6,296,813
55,63.6 Inc.
0*88
80,500
80,700
687,717
W est.N .Y . & Pa. 4th w k Mch
662,958
“
4th week (87 r’ds). 7,263,997 6.95 >,030
313,967 Inc.
4*52
318,265
27,530
19,797
Wheel. At L. Erie 1st w k A pr
303,204 Mch.—1st week (83 r’ds). 6,585,544 6,564,034
21,510 Inc.
0*33
6,892
6,695
17,499
W rightsv.A Ten. M arch.......
21,363
f
2d week (8 1 r’ ds). 6,732,462 6,644,509
87,953 Inc.
1*32
“
3d week (87 r ’ds). 6,853,151 6,761,287
91,864 luo.
1*36
* Figures given do not include Oregon R y. & Nav., Un. Pao. D enver &
“
4th week (31 r’ ds). 9.271,784 9.255,903
15.831 Iuo.
0*17
G ulf, D enver Leadville & Gunnison and Leavenw orth Topeka & South­ A p r.—1st week (33 r ’ds). 3,907,678 3,391,596
16,032 lu o.
0*41
western.
a These figures include results on leased lines.
b Includes earnings from ferries, etc., not given separately. 1 M ex i­
Net Earnings Monthly to Latest Dates.—The table fol­
can currency, c Includes on ly half o f lines in w h ich U nion P acific has lowing shows the net earnings reported this week. A full
a h a lf interest.

detailed statement, including all roads from which monthly

Latest Gross Earnings by Weeks.— The latest weekly earn­ returns can be obtained, is given once a month in these
columns, and the latest statement of this kind will be found
ings in the foregoing are separately summed up as follows :
For the first week of April our preliminary statement
covers 35 roads, and shows 0*41 per cent gain in the aggre­
gate.
1st week o f A pril.
Balt. & Ohio Southwest.
B rooklyn E levated..........
Buffalo' Roch. & Pittsb’ g.
Canadian P acific..............
Chesapeake & O h io.........
Chicago Milw. & St. Paul
Chic. Peoria & St. Louis.
Gin. Jackson & Mackinaw
Clev. Lorain & Wheel’g ..
Col. Sand’ sky & Hocking.
Denver At Rio G ran d e....
Grand Trunk o f Canada..
Intern’l & Gt. North’ n . . .
Iow a Central......... ...........
Lake Erie At W e ste r n ....
Louisville & N ashville...
M exican Central..............
M exioan National............
M inneapolis < St. Louis.
&
Mo. Kansas & T ex a s.......
Mo. Pacifio & I r o n M t ....
Central B ranch.............
N. Y . Ontario & Western
N orfolk At Western..........
Ohio R iv er........................
P eoria Dec. & E v a n s v ...
Pittsburg & W estern.___
R io Grande S ou th ern ..—
Rio Grande W estern.......
St. Louis Southwestern..
Texas & P a o i f l o ... .......
Tol. A nn Arbor &N.Mioh.
T oledo At Ohio C en tral...
W heeling At Lake E r ie ...
T otal (35 road s).............
Net increase (0*41 p. c .) ..

1895.

1894.

$
124,973
37,967
62,562
296,000
170,467
499,472
15,486
9,482
21,769
13,198
109,300
332,818
70,038
27,565
60.044
340,990
176,090
81,507
29,929
208.432
357,000
11,000
55,598
205,261
15,077
15,335
47,198
6,715
38,000
80,200
109.904
18,545
26,079
213,880
19,797

$
120,409
36,142
50,468
331,000
159,932
5 69,54 3
14,576
12,669
20,00 i
10,585
104,500
324,974
54,287
29,918
55,037
349,385
152,932
78,004
30,633
202.608
388,000
17,000
49,357
170,754
12,307
13,380
37,143
4,107
25,400
75,500
104,077
20,857
32.258
206,259
27,530

3,907,678

3,891,596

Previously rep’d (45 r’ds)
Atch. Top. < San. F e.......
fe
St. Louis & San F r.........
C olorado M id la n d ___
Burl. Ced. Rap. At North.
Chicago Great Western..
Chic. & West M ich igan ...
Cleve. Canton & South’n.
Cleve. Cin. Chic. & St. L ..
D etroit Lans’g & N orth’n
Duluth So. Shore At A tl
Evansv. < Indianapolis.
ft
E vansville < R ichm ond.
fc
E vansv. At Terre H a u te..
Flint At P ere M arquette.
Ft. Worth At Denv. City.
Ft. W orth At Rio Grande.
Grand R apids At Indiana.
Cincinnati R. At F t. W ..
Musk. Gr. Rap. & Ind .
Indiana D ecatur At W est.
Kan. C ity F t. S. At M e m ..
Kan. City Mem. At B irm ..
Keokuk & W estern.. . . . . .




1895.

1894.

$
$
6,414,635 6,428,944
719,899
722,894
165,373
190^794
83,453
70Ì145
36.950
41,723
94,285
100,360
102,315
88,088
44,894
43.789
14,907
’ 11,751
357,539
352,472
28,628
30,997
43,537
31,186
6,841
9,851
2,442
2,984
26,312
33,314
78,257
77,100
18,211
25,068
10,554
6,003
36,601
36,495
65Ì839
58Ì144
12,880
11,511
1,044
1,408
4,263
2,777
12,638
8,990
104,453
126,970
22,488
24,938
8,028)
10,194

The next will appear

,--- Gross Earnings.--- , ,--- Net

Earnings.-----,
1895.
1894.
1895.
1894.
$
$
$
$
i.
17,267
19,031
5,416
6,144
1 485,011
.
495,226
173,020
191,696
986.786
Jan. 1 to Feb. 2 3 .....
990,992
345,135
364,374
July 1 to Feb. 28 .... 4,312,551 4,344,450 1,623,045 1,635,787
786,905
859,801
Central P acific...........Jan i.
159,711
26 1,96 9
Ches. O. & So’ w n ..b ..F eb .. 165,306
154,599
45,180
41,447
342,236
Jan. 1 to Feb. 2 8 .....
326.884
93,598
85,820
1 20,828
.
D etroit & M ackinac.F et
22,198
10,239
11,494
40,752
Jan. 1 to Feb. 2 8 ...
49,713
20,033
18,491
EdisonEl.Il.Co., N.Y.Mai . 13 3,407
112,605
65,258
60,196
Jan. 1 to Mar. 3 1 ..... 440,949
371,848
233,870
210,026
Flint & Pere M ar.a... Feb..
163,060
208,812
31,693
69,429
Jan. 1 to Feb. 2 8 .....
343,701
385,950
60,093
108,887
82,814
Ft.W orth& D en .C .b .F eb
77,895
20,109 def.4,533
Jan. 1 to Feb. 2 8 .....
173,424
168,341
51,998
2,187
Ft. W otth & R io G r..F eb.
38,562
18,731
16,298
1.351
Jan. 1 to Feb. 2 8 ....
84,783
39,711
35,725
1,930
. 121,119 121,293
20,140
28,050
Jan. 1 to Mar. 3 1 ..... 318,673
366,505
*70,950
*112,087
Ju ly 1 to Mar. 3 1 ..... 1,053,057 1,119,526
*326,556
*452,202
Illinois Central, a ...F e b .. 1,415,304 1,428,810
395,355
355,221
Jan. 1 to Feb. 2 8 ..... 3,024,460 2,914,846
933,403
701,521
Ju ly 1 to Feb. 2 8 ___.12,852,466 15,054,985 3,800,962 4,961,163
L ouisv.N . A. & C .a ..F e b .. 201,657
174,908
33,626
27,500
349,834
Jan. 1 to Feb. 2 8 ___
418,156
61,720
41,803
July 1 to Feb. 2 8 ..... 2,012,160 2,190,629
614,304
633,378
112,230
125,223
Minn. & St. L o u is .a .. Feb..
39,143
49,159
231,372
Jan. 1 to Feb. 2 8 ___.
247,686
83,814
92,218
539,015
. 1,225,419 1,173,241
4 8 4 ,4 4 4
.
46,774
43,496
16,588
15,214
94,799
90,190
34,902
31,755
283,554
334,560
71,331
28,437
Pacific M ail................. Feb .
M ay 1 to Feb. 2 8 ..... 3,302,123 3,242,544
637,984
5 5 4,93 0
Philadelphia At E riebF eb.. 233,791
239,640
29,992
60,264
___.
Jan. 1 to Feb. 2 8
482,951
474,626
53,446
87,064
Southern P acific Co.—
Gal.H. & S .A n t.b--.Ja n ..
339,725
112,374
80 ,205
383,458
129,126
76,102
Louisiana W est.b ..J a n ..
92,158
46,635
527,933
M’gan’s La.& T .b ...J a n . 702,59 L
255,506
147,898
S .Y .T ex . At M ..b ...J a n ,
23,168
17,976
6,176
7,798
T exas At N. 0 . . b ...J a n ..
158,541
141,883
70,162
62,880
So. Pao. of C al.b ...J a n ..
692,93 L
742,541
181,271
279,652
S o.P ac. o f Ariz’ a.b -Ja n ..
187,475
163,395
64,255
56,044
So.Pao. o f N. M. b . .. Jan.
82,062
70,042 18,671
15,324
(Jn.P.D. A G u lf.b ....... Feb. . 206,037
33,109
215,070
42,518
Jan. 1 to Feb. 2 8 ___
444,731
79 ,747
433,515
88,914
West Y a. Cent. & P ..M ar,
29,015
84,451
75,612
33,060
Jan. 1 to Mar. 3 1 ....
78,825
221,803
217,666
79,386
277,902
Ju ly 1 to Mar. 3 1 ....
776,269
773,047
262,883
12,774
W. V irginia & P itts. .Jan.
25,511
22,917
10,950
Roads.

Increase.
$
4,564
1,825
12,091
10,535
910
1,765
2,613
4,800
7,844
15,751
5,007
23,158
3,503

Decrease.
$

35,000
70,077
3,187

2,353
8,395
759

5,824
6,241
34,507
2,770
1,955
10,055
2,608
12,600
4,700
5,827
7,621

31,000
6,000

2,312
6,179
7,733

189,077
16.082]

172,995

For the fourth week of March our final statement covers
81 roads, and shows 0*17 per cent gain ia the aggregate.
4 th week o f March.

f March 23 , 1895,
20, 1895.

Increase.
$
351,069
13,303

1,105
156
5,067

__ _
_
12,351

1,157
4,551
106
7,695
1,369
364
1,486
3,648

Decrease.
$
365,378
2,995
25,421
4,773
6,075
14,227

.m
0
.

2,369

3,010
542
7,032
6,857

22,517
2,450
2,166

a Net earnings here giv en are after dedu cting taxes,
b Net earnings here given are before dedu cting tax es.
* Including other incom e, net from January I to March 31 was $ 1 0 1 ,380, against $142,517, and from July 1 to M arch 31 $388,362, again st
$514,008.

Interest Charges and Surplus.—The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, & c., with the surplus or defic. t
above or below those charges.
Roads.
Flint At P ere M a rq ...F eb .
Jan. 1 to Feb. 2 8 ....

Inter’ t, rentals, <tc.— Bal. o f Net E arn s.-*
\r—
1895.
1894.
1895.
1894
$
$
$
$
50,916
52,011 d ef.19,223
17,418
102,026
104,022 def.41,930
865

THE CHRONICLE.

654
ANNUAL

R EPO R T S.

Uuion Pacific Denver & Gulf Railway.
("Report fo r the yea r ending Decem ber 81, 1 8 9 4 .)

The report of Mr. Frank Trumbull, the receiver, contiins in
brief the following:
General R esu lts.— T h e large decrease (19 per cent) in gross
earnings for 1894, as compared with 1893, was principally due
to the following causes: The business panic of July, 1893; the
coal miners’ strike in May, 1894, lasting in its effects until A u ­
gust; the floods of May and June, 1894. unprecedented in
violence; the general railroad strike of June and July, 1894,
popularly known as the “ Debs” or A . R. U . strike.
Tbe improvements charged to income in 1894 aggregated
$21,581, and the betterments charged operating expenses ag­
gregated $1,274. Prior to Oct. 13, 1893, the Union Pacific al­
lowed the Union Pacific Denver & Gulf a constructive mileage
on all traffic interchanged between the two roads of three
miles for one; that is, for every mile hauled by the Gulf Rail­
w ay it received three miles, as against actual mileage only,
received by the Union Pacific.
This rule was applied in pro­
rating revenue. The Union Pacific receivers were absolved
by the United States Circuit Court in March, 1894, from the
performance of this contract and a new basis of divisions was
agreed upon, which was made retroactive to Dec. 18, 1893.
Colorado Central coupons due Jan. 1 and July 1, 1894, were
paid June 21,1894, and Oct. 19, 1894, respectively, out of funds
on bands, aad the coup >n maturing Jan. 1, 1895, has sines
been paid, viz., on Feb. 16, 1895. There were in default Dec.
81, 1894, coupons of the par value of $1,297,650, of which
$1,185,075 were on the consolidated mortgage bonds.
Traffic.— The number of tons of freight carried one mile in
1894 was 160,571,623, against 2 L6,990,780 in 1893, aad the av­
erage earnings per ton per mile was 1 *361 cents, against 1 236
cents in 1893. Freight earnings per freight train mile were
$1 80, against $1 69. Of the total tonnage, 25*40 per cent was
bituminous coal and 29 *07 per cent was lignite.
P h ysica l C ha ra cteristics. — As to the physcal characteristics
of the property, considerable information is given, including
the following:
Track.—O f the 900 miles o f road ow ned, there are 820 m iles o f stan daTd gauge track and 25 m iles laid w ith three rails; o f this, 105 m iles
are laid with 3 -50 pound iron, 43 s m iles with 40-52 pound steel, 235
m iles with 50-60 pound steel and the rem aining 67*2 m iles with 69-75
pound steel. There are 55 m iles o f narrow gauge laid with 40 p ound
steel (35 miles) and 35-40 pound iron.
Terminals.—The com pany has valuable term inals at D enver, Pueblo
and Trinidad.—those at D enver beiug p articularly large and well
located, and em bracing 1 3 1 5 miles o f main track and 27*74 m iles of
side track. The value o f Denver term inals is estim ated to be at least
$3 000,000, and if view ed from the standpoint o f eost to duplicate,
w ou ld be m uch larger.
E quipm ent Dee. 18, 1893.—L ocom otives 92, o f w h ich 8 narrow
gauge; passenger cars 71, o f w hich 28 narrow gauge; freight cars
2,527, o f which 218 narrow gauge.
Bridges.—The total number o f feet o f bridging is 85,208, equivalent
to a little over 16 m iles, or 1*9 p er cent o f w hole length o f road. They
in clu d e : Iron and steel bridges, 15; com bination H ow e truss, 17;
fram e trestle bridges, 81; pile and fram e, 64; pile, 1,210; total number
o f openings, 1,387.
Grades and Curvatures.—The grades and curvatures range from
exceedin gly good on the Julesburg D ivision to extrem ely difficult on
the Colorado Central N ariow Gauge.
M aintenance.—The floods o f May and June, 1894, so nearly destroyed
the Sunset Branch (from B oulder), 9 '77 m iles in length, that its opera­
tion has been suspended. No new rails w ere purchased during the
year, but it is expected that about 25 m iles w ill be renewed during
ls § 5 . The num ber o f cross-ties laid during 1894 was 259,704, and
the estim ated requirem ent fo r 1895 is 250,000. The roadbed itself has
been w ell maintained, and in many respects aotually im proved during
the year. Bridges and buildings have been kept in repair, and a com ­
prehensive plan o f renewals o f oridges previou sly in progress has
been carried on. The condition o f engines and cars has been w ell
maiutalned. Ten new 60,00u-pound oapacity b o x cars were purchased
to recoup depreciation caused by destruction o f oars, and the cost o f
same, $ i,0 u 0 , was included in operating expenses fo r the year.
P a ym en ts f o r Trackage, & c . — The disconnected character of

the road and the lack of adequate general shops and freight
station facilities of its own in Denver have been particularly
perplexing. The company has had to pay during the year
Trackage Denver & Rio Grande, $185 000; trackage Union
Pacific, $24,815; Denver store, $4,533; Denver shops, $19,311;
Cheyenne terminal facilities, $8,485; Texline terminals, $1,500;
balance locomotive rentals, $18,727; balance freight car rental
and mileage, $39,037. Total, $301,407.
C om pa n y's P rosp ects. — The receiver speaks at some length
of the company’s prospects and says in p a r t:
A bou t 75 per cent o f the w h ole tonnage carried originates on
the line. F our im portant traffic fields ¡-re at hand, and properly
developed they cannot fail to be very valuable. They are: Coal fields
o f Southern C olorado, coal fields o f Northern C olorado, ore fields o f
Northern C olorado, agricultural fields o f Northern Colorado.
These fields are the best established o f their kind in Colorado. Gil­
pin County is the oldest gold-producing cou n ty in the State and is as
prosperous to-day as ever. The coa l traffic o f the road is very large
and cannot fail to becom e m ore im portant from year to year. The po
tato business o f Northern C olorado has this season assumed greater
im portance than ever before. Traffic via tne G ulf o f Mexioo from the
A tla u iio seaboard has been very satisfactory during the year and is
increasing.
T o ehow satisfactory net earnings, how ever, the oom pany m ust be re­
liev ed so far as possible ftom thoee burdens fo r trackage, A c .p reviou sly
referred to, fo r it has never earned m ore than two-thirds o f its fu ilin terest charge. It is also doubtful whether the Cheyenne & Northern division, 154 m iles in length, can a t any tim e soon pay anything more
than operating expenses and taxes. O f the total interest charge
$ 1 9 2 ,1 0 0 is fo r interest on bonds on this division alone. The Jules­
bu rg (Colorado Central) division, stretohing tow ard the Northeast,
should alw ays be valuable fo r through traffic because o f its p rox im ity
to D enver and the valuable term inals o f the oom pany in that city, and
also because o f its easy grades.—Y . 60, p. 563.




[V ol, LX.

The financial results for four calendar years were as
follows :
EARNINGS, EXPENSES AND CHARGES.

1893.
1894.
l .o o o
1,003
A verage m iles op era ted ...
n
E arnings—
$
599,850
Passengers......... ................ . 447,161
F reigh t................................ ..2,185,427 2,683,177
»
222,935
Mail, express, e t c ........... . . 214,46 ■

1892.
986
$
753,897
3,181,085
200,259

1891.
983
$
694,167
2,805,432
232,645

Total earnin gs............. .2,847,05 . 3.510,962
Oper. expenses and taxes. 2,261,603 3,125,360

4,135,241
3,375,061

3,732,244
3,075,251

385,604
47,450
783,176

760,178
83,874
379,455

656,993
81,539
464,089

Total in c o m e ................ 608,036 1,216,230 1,223,507
D educt—
Interest on b o n d s...................... - ........ 1,217,877 1,219,027
R ental o f tra ck ......................................
or.*1,646
” 4,480
D iscoun t & int., & m iscel...................

1,202,620

Net earnings.................. 585,453
22,583
Incom e from ibvest’ s, etc .
G uaranty accoun t............ .

1,202,620

26,852

T o ta l.......................... : ..................... 1,216,231 1,223,507 1,229,472
Result ..................................................................................................def.26,852
Profit on F t. W .&D. oper’ s .................. loss!7 4 ,2 2 9
3,380
64,735
Sum lus fo r y ea r............................. lossl7 4 ,2 2 9
—Vol. 60, p. 563.

3,380

37,883

Pittsburg Cincinnati Chicago & St. Louis Railway.
(R e p o r t f o r the yea r en din g D ec. 3 1 ,1 8 9 4 .)

The annual report of President Roberts and an editorial on
the operations of the year will be found .elsewhere in to-day’s
C h r o n ic l e .

The operations, earnings and charges for four years and
the general balance sheet for three years were as below:
OPERATIONS AND FISCAL RESULTS.

1894.
1893.
1892.
1891.
Miles o p e ra te d . . . . . .
1,151
1,144
1,144
1,144
OjP €
L
Passengers carried . 5,627,934
6,340,723
6.407,515
5,763,723
Pass. car. 1 mile ...1 54,7 85,0 52 216,435,066 159,820,489 146,119,030
R ate per pass p. m .
2*10 cts.
1*95 ots.
2*17 cts.
2*33 ots.
Freight tons oar’d .. 10,381,338 10,301,725 11,357,213
9,951,<»00
Freight tons on e m .. 1490371556 1521697797 1 6 6 9 5 3 /9 7 6 1452367394
R ate per ton p. m . .
0*65 ots.
0*6.8 ots.
0*6 < cts.
0*70 cts.
E a rn in gs—
$
$
$
$
Passengers....... .......
3,357,628
4,329,043
3,578,330
3,506,318
F reigh t......................
9,741,142 10,281,475 11,323,417 10,23 2,284
Mail, express, & c .... 1,149,086
1,140,290
1,258,878
1,156,989
T o t a l ................
Expenses —
T ra n sp orta tion .....
M otive p o w e r .......
M ainten’ce o f way.
Mainten’ oe o f cars.
General ex p en ses..

14,247,856

15,750,808

16,160,675

14,895,591

4,605,729
2,806,381
1,202,840
1,236,475
914,095

4,918,713
3,372,399
1,435,103
1,492,<»14
816,402

4,921,126
3,297,027
1,880,642
1,479,340
682,800

4,274,958
3,080,123
1,613,695
1,310,738
660,294

T o t a l .................. 10,765,520
Net earnings............
3,482,336
75*56
P. e. op. ex. to earn.

12,034,631
3,716,177
76 41

12,260,985
3,899,690
75 87

10,939,803
3,955,783
73*44

INCOME ACCOUNT.

1894.

1893.

1892.

3,482,336
472,200
16,023

3,716,177
489,255
14,046

3,894,690
483,933
12,914

3,955,783
367,171
6,164

Total!...................
Disbursements—
Interest on b o n d s ...
Rentals p aid ............
Oar trusts line, int.)
Int. on Little M. se­
curities transfer’d
8t. L. V . & T. H. loss
M iscella n eou s.........
D iv. on pref. stock .
R ate o f d iv id e n d ....

3,970,559

4,219,478

4,396,587

4,329,118

2,407,582
813,838
38,761

2,387,215
813,922
94,897

2,323,594
802,085
102,214

2,358,025
802,053
144,826

.........
59,456
15,428
459,497
(2 p. o.)

49,902
43,911
908,154
(4 p. c.)

5,680
896,847
(4 p. c.)

7,736
669,574
(3 p. c.)

T o t a l...................
Balance, su rp lu s ___

3,794,562!
4,303,041
17
7 def. 83,563

4,130,420
266,167
SHEET DECEMBER 31.
1894.
1893.
Assets$
$
93,560,301 93,463,131
. 1,564,648
319,643
Supniies on b a u d ............................
585,269
819,339
Sinking fund J. M. & I. b o n d s ...
32,9 ?7
18,941
Betterm ents to leased r o a d s ....
401,043
409,431
C a sh ..................................................
931,545
890,332
. 2,260,008
2,025,902

4,061,658
267,460

Receipts—
Net earn, o f P. Cin.
Chic. & 8t. L .........
Net rev. o f oth’ r’ ds.
M iscellaneous..........

L iabilities-

Cin. Street Ry. Conn, bonds.
Due Little M ia m i...................
Due other com pa nies. ..
Interest on b on d st___ _
M iscella n eou s.................
Profit and loss, balance.

1891.
$

79,444

1892,
$
92,005,842
319,598
1,070,500
104,073
396,707
1,044,104
1,901,656

. 99,335,791

97,946,724

96,842,480

. 25,115,925
. 22,652,566
47,355,000
262,500
779,524
. 1,218,368
228,223
862,822
432,325
428,538

25,412,840
22,576,051
43,571,000
262,500
776,802
1,197,408
2,424,802
838,824
146,774
739,723

25,460,690
22,522,201
43,889,000
262,500
739,504
1,705,413
369,874
846,469
155,598
891,231

99,335,791 97,946,724 96,842,480
* includes amounts fo r other com panies’ stocks not yet exchanged,
t In eludes accrued interest, and m atured interest unpaid.

Chicago Burlington & Quincy Railroad.;
C R eport f o r the yea r ending D ec. 8 1 ,1 8 9 4 .)

The annual report of President PerkinsTwill be“ found at
length on another page, together with valuable statistics and
the balance sheet as of December 31, 1894. Comments on the
year’s result will also be found in our editorial columns.

THE CHRONICLE.

A pril 13 1895.]

655

The comparative statistics for four years, compiled for the

C hronicle, are as follow s:
OPERATIONS AND FISCAL RESULTS.

1894.
1893.
1892.
1891.
M ls.op.Dec.31.
5,730
5,596
5,556
5,324
Tons car lm . 1770402607 2099080071 2345442151 1804977505
Pass. car. lm * 255,565,171 409,529,533 325,611,118 289,343,493
JEdVTltilff8_
$
$
$
$
Passenger.................... 5,595,573 8.419,079
7,223.143 6,729,809
F r e ig h t ...................... 16,135,699 19,689,495 22,768,007 18,369,821
M ail, e x ., & o ........... 2,935,860
2,934,395
3,011,244 2,816,497
Tot. gross earns. 24,667,132 31,042.970
Oper. ex. & t a x e s ... 16,284,066 21,224,504

33,002,394
22,469,011

27,916,127
18,549,257

N et earnings........
P . c. o f oper. exp.
to earnings............

8,383,066

9,818,466

10,533,383

9,366,870

66-02

68’37

68 08

66-45

* N ot including those carried free.
INCOME ACCOUNT.

Receipts—
N etearn in gs............
From invest., & o ...
N et B.&M.l’ d grants

1894.
it
8,383,066
1,938,852
73,526

T otal in c o m e .... 10,395,444

1893.
1892.
$
$
9,818,466 10,533,383
1,771,092 1,281,818
108,422
188,572
11,697,980

1891.
$
9,366,870
1,371,627
156,848

12,003,773

10,895,345

T y is th tiY fiP w tfiti to ——

Rentals p a id ............
Interest on debt . . .
D ividen ds................
R ate o f d ivid e n d s...
Car’d to sink’g fund.

264,977
6,492,429
3,895,128
(4% n. c.)
773,387

310,260
6,538,911
3,960,252
(5 p. e )
765,090

314,573
6,113,738
3,819,922
(5 p. o.)
765,186

230,280
5,817,266
3,246,686
p. c.)
764,839

Total disburs’ ts. 11.425,915 11,574,513 11,013,419 10,059,071
B alan ce..................... df.1,030,471 sur.123,467 sur.990,354 sur. 836,274
GENERAL BALANCE DECEMBER 3 1 .

1894.

$

A sstplo—

1893.

$

1892.

1891

$

$

R R . equip., & c.2 02,680,686 211,050,025 197,531,337 187,817,475
Investm ents. 39,135,970 *37,647,680
33,314 436 32,961,805
Current a cco u n ts...
5,466,197
5,428,274
3,681,192 3,180,538
Materials, fuel, &o.
1,292,711
1,529,713
1,356,993 1,000,353
Cash on hand............. 3,723,905
4,511,779
3,310,366 2,816,763
Sinking fu n d .............. 9,169,632
8,444,542 15,257,732 14,577,407
T o t a l................... 261,469,102 258,612,013 254,452,056
Liabilities—
Stock, c o m m o n ....... 82,004,200 82,004,200 76,408,500
Bonds (Bee S u p ’ l ’ t .) 121,721,400 118,742,900 117,243,350
Sinking fu n d s........... 14,156,981 12,932,855 20,916,484
Contingent liahil’ s .. 3,819,000
3,819,000
6,720,281
R enew al fu nd ........... 9,000,'>00
9,000,000
9,0 00,0 00
M isce lla n e o u s........ 14,141,071
4 ,l9 5 ,o 7 2
4,415,650
Protit and lo ss......... 14,458,395 14,715,461
6,672,733
Incom e account....... 12,168,055 13,198,525 13,075,058

242,354,341
76.394,905
109,711,200
19,348,658
4,720,281
9,000,000
4,456.969
6,637,623
12,084,705

T o ta l................... 261,469,102 258,612,013 254,452,056 242,354,341
* Includes Han. & 8t. Jos., Kan. C. St. Jos. & C. B ., Chic. Bur. & No.,
Chio. B. & K C., St L. K. & No. W., and others.
t In 1894 made up as follow s: Matured coupons n ot presented,
$11 *<,254; coupon interest 10 m ature Jan. 1,1 895 , $1,530,998; unpaid
vouchers and pay-rolls, $L,062,07 7; sundry current accounts, $1,429,-

Tennessee Goal, Iron & Railroad Go.
( F o r the yea r ending J a n u a ry 3 1 ,1 8 9 5 ,)

The following statistics, showing the result of operations
last year as compared with the three preceding years, has been
prepared for the Chronicle . For depreciation of property
there was charged off during the year against the accumu­
lated surplus $257,417.
INCOME ACCOUNT.

1894-95.
1893-94.
1892-93.
Net p rofits from —
$
$
$
Bessemer d iv is io n ...
195,260
208,075
*387,570
Cababa d ivision .......
74,515
226,951
t9 i,4 6 3
T ra cy Citv division .
90,553
63,404
94,076
Cowan d ivision.........Prof.23,007 L oss 26,571 Loss 11,519
So. Pitts, division..Loss 40,049 L oss 72,535 L oss 14,627
Birmuu-h’m d iv is ’n. Loss 17,865
.........Loss 27,236
P ratt Mines division
142,548
278,588
335,541
Enslev d ivision ........
94,014
7,119
67,584
.........
Poplar Creek division
.........Loss 2,303
T o ’ a l .....................
561,984
Deduct—
I n t e r e s t ....................... 631,516
M iscellaneous.............. or. 1,205
D ividen ds......................
......

1 891-92
$
115,867
Loss 3,580
9 ¿,547
Loss 12,592
317,282
182,554

685,031

923,551

692,071

655,074
84,129
40,000

547,893
5,589
80,000

351,193
8,885
80,000

T ota l........................ 630,311
779,203
633,482
B alan ee................ 4L oss 68,327 Loss 94,172 sur.290,669
*For 11 m onths.
tF or 7 months.
T This represents loss
)
o f bonds $85,850 less profit on bonds bought lo r sinking fu n d
iThe total undivided surplus Jan. 3 1 , 189o, was $802,512.

440,078
251,993
on sale
$1,721.

GENERAL BALANCE SHEET JANUARY 31.
A

1895.

^

1894.

$

1893.

$

1892.

$

Land a c c o u n t....................20,764,580 20,756,621 20,747,309 9,685,102
Perm anent investm ents. 9,491,518 9,392,227 8,600,708 5,391,^28
Stocks and b o n d s ........... t707,342
7 1 3 ,slO 2,223,840
6,500
B . estate (tern, invest’ts).
14,395
14,395
14,395
835
Stks.of coal, ore,iron, &o. 1,024,423
933,978 1,220,235
788,427
Sundry debtors on open
accounts . ...................
754,302 1,022,494 1,425,572
617,532
Cash and bills receivable
112,483
159,410
1 5 2 ,2 7 4
1 4 6 ,2 9 4
Suspense aocoun ts...........
386,553
204,496
130,954
92,578
T o ta l assets................33,255,598 33,197,431 34,515,287 16,729,196
Liabilities—
Stook, com m on .................. 20,000,000 20,000,000 20,000,000 9,000,000
Stock, preferred................ 1,000.000 1,000,000 1,000,000 1,000,000
Bonds,less sinking funds. {9,385,301 9,154,337 9,198,424 5,189,454
C eits o f indebtedness................................................
194,748
B ills p a y a b l e ................... 1,212,469
907,500 1,546.482
185,651
Int. accrued, not due,etc.
142,253
144,090
122,141
65,429
Due ou open a ccou n ts----455,614
635,302
945,062
713,576
Due to em ployees..............
125,489
126,456
173,066
93,091




1895.
1894.
1893.
$
$
$
25,292
1,044
12,530
902.512 1,228,257 1,322,429
6,669
405
405

R eserve funds
P rob t and loss
M iscellaneous .

1892.
$
20,103
461,89 2
....

Total liabilities...........33,255,599 33,197,431 34,515,287 16,729,196
t In clu d es: Tennessee Coal Iron & R R stock, $ 150,000; D ebardeleben
Coal .v Iron bonds, $4 47,5 00; Cahaba Coal M ining bonds, $ 1 0 0 ,0 0 0 ;
Others, $9,842.
1 Bonds, $9,«94,600, against $10,038,200 Jan. 8 1 ,1 3 9 4 ; bonds, cash
and s cun ties in sinking funds, $509,299, against $883,823.
—V. 59, p.746.

GENERAL

IN V E S T M E N T

NEW S.

>Anthracite Coal Roads.—In accor lance with the instruc­
tions of the presidents, the anthracite sales agents on M mday
advanced prices to $3 35 a ton for grate, chestnut and egg,
and $3 50 for stove coal, to take effect at once. This is an av­
erage increase of 30 to 40 cents a ton over existing prioes.
It is understood that much coal has recently been sold for $3
or less.
A s to the position of the Philadelphia & Reading in the
pending negotiations of the presidents of the companies for a
division of the business, the Phila. L ed ger on Thursday said :
It is stated that President Harris o f the Reading R ailroad has n oti­
fied the com m ittee o f presidents w hich was appointed last w eek to
seoure an adjustment of the differences am ong the several com panies,
that the Reading w ould positively decline to submit its claim s to ar­
bitration. In taking this action it is understood President Harris is
supported by the largest interests in the com pany, as w ell as by the 01cott-E arle Committee on Reorganization. The receivers have pers'stentl.v refused to a ccept less than 21 per cent,and claim that ail statistics
and data show the com pany to be ju stly entitled to that p roportion
o f the output, and therefore they see no reason to arbitrate. A n offi­
cial o f the com pany, in explaining its attitude, is quote l as saying
tuat during the past year nearly all the roads had utterly ignored the
tonnage restriction agreem ent, and n ow w ant to have their quota
based on what they carried during 1894. This, he claim ed, would be
against the Reading’ s interest, as that com pany lived ui> to its agree­
ment, and its average was therefore brought dow n to 20-02 p^r ce it.
The point was m ade that it w ould oe idle to attem pt to reorganize the
Reading p roperty o n suoh a basis, and President Harris and the re­
ceivers are firm ly opposed to aooepring less than 21 per cent, as they
think that if the Reading received the am ount demanded, the prospeot
o f placing the road upon a payiag foundation would be m uch brighter.
As the m atter stands n ow the com panies are about w here they started
when the m ovem ent to restore harm ony was inaugurated lad; fall.
No date has been fixed fo r the n ex t m eeting o f the presidents or the
A rbitration Committee.

President Olyphant of the Delaware & Hudson Company,
who was appointed chairman of the committee of five pres­
idents who are to select the arbitrators, has declined to
serve.— V . 60, p. 561,
Atchison Topeka & Santa Fe.— The Joint Executive Reororganization Committee made public on Wednesday the plan
for the reorganization of the company. The plan is issued
with the approval of the New York and London committees
and the representative of the Dutch bondholders. It will be
found at length on subsequent pages of this issue of the
Chronicle. In the advertising columns are given the facts
respecting the depositories for securities, etc.
A meeting of the Directors of the Atchison Railroad system
was held in New York on Wednesday for the purpose of dis­
cussing the completed plan. There were present W illiam L.
Bull, James A . Blair, Charles S. d e e d , John A . McCall, B. P .
uheney, Jr., H . R Duval, Thomas P. Fowler, Samuel C. L a w ­
rence, George A. Nickerson and Frank K . Sturgis.
Mr. McCall presided. After due deliberation it was unanim ­
ously resolved to issue an address to the stockholders, from
which the following extract is taken :
During the tim e through w hich the Join t E x ecu tiv e R eorganization
Com m ittee has devoted itself to form ing this plan, y ou r directors have
given unceasing attention to it, and in e / e r y feasible w av the view s
o f your directors and o f individual shareholders and their friends
have been brought to the attention o f the oom m lttee. W h it has been
com m unicated to it has also been com m unicated, as far as was proper,
to m any iudependent parties o f great flnanoial strength, w hose inter­
est in the property has been repeatedly and urgently appealed to or
solicited. No new interest seem ed willing to undertake so great a
task as the one presented. The Joint E x ecu tiv e Reorganization com ­
m ittee, therefore, has been alone In the field, so fa r as relates to the
actual prom ulgation o f the plan. The reduction o f the assessment
from $12 per share on the stock, the am ount fixed bv the first oom mittee, to $10, the am ount fixed b y the present com m ittee; the giving of
preferred stock fo r this assessment, and the reduction o f the fixed
charges, so as to insure to the stock w hat seems to be an absolute
immunity from the danger o f foreclosure in the future, are provisions
in line w ith our appeals fo r fa ir treatm ent o f the shareholders.
Though the charges ah ead of the present stock are som ew hat Increased
the property and its possibilities are bettered, and the net result Is un
doubtedly a great gain ov er existin g condition s.
On com pletion o f the plan it w as underw ritten b y Messrs. Baring
B rothers & Co., o f L ondon, and other strong foreig n and Amerioan
hankers, who should be able to estim ate oorreotly the probable future
value o f the shares. These underwriters have assumed the liability of
paying the assessm ent and taking the stock. I t is eviden t that they
w ould n ot have done this but fo r the belief that the stock would have
its present value or a higher one. The outlook, therefore, is that the
general m ortgage holders will deposit their bonds, the plan be effective
and the entire reorganizition o f the system be speedily accom plished.
In view o f these considerations, w e approve the plan, recom m end
that the stook be deposited, the assessm ent paid, and the reorganiza­
tion be facilitated in every possible way.—V. 6o, p. 605.

Galled Bonds.— The following bonds have been called for
payment:

B ald

E agle

V alle y .— Four bonds will be redeemed

May 1.

L ehigh & W ilkesbarbe Coal Company .— 157 £200 6. p. o.
sterling bonds will be paid M ay 1.
L ouisville & Nashville ,— 214 general mort. bonds will
be redeemed June 1st. The numbers of the bonds drawn
and other information will be found in our advertising
columns.

LHE CHRONICLE.

656

Northern Central .— 81 serie3 “ A ” and 41 series “ B ” Co n
sol gen. mort. bonds will be redeemed July 1st.
S t . P aul Minn. & Man.— 55 $100,11 $500 and 189 $1,000
1st mort. s. f. 7 p. c. land grant bonds will be redeemed on
July 1st.
Central R ailroad o f New Jersey.— The directors this
week pursued the conservative course of reducing the quar­
terly dividend from 1 % to 1}^ per cent.— Vol. 60, p. 389.
Chicago B urlington & Quincy.— The annual report is
printed at length on subsequent pages of to-day’s Chronicle,
and an article concerning ic appears in the editorial columns.
The company has listed on the New Y ork Exchange this week
$1,019,000 additional Nebraska Extension 4s issued at $30,000
per mile o f new road. The total of this loan now listed is
$37,930,000.- V . 59. p. 919.
Chicago Gas.— Tne dividend was reduced Wednesday from
1 % to 1 per cent for the quarter, making 2 % per cent for the
half-year.
It is stated that succeeding dividends will be
made semi-annually at the rate of 5 per cent per annum. The
dividend just declared is payable April 25.— V . 60, p. 480.
Chicago & Southside Rapid T ran sit (A lley E levated).—
The directors have issued a circular letter to the stockholders
submitting figures toshow that reorganization and assessment
on the stock are inevitable. They suggest that holders execute a
power of attorney authorizing some one to represent them in
negotiations, as the Com >ittee appointed at the annual meeting
has never made a report. The directors recommend that the
power of attorney be executed to one or all of the following :
David R. Lewis, James A. Fullenweider, George T. Smith, W ill­
iam B. Walker, and sent to John H . Glade, the company’s
Secretary, 47 Congress Street,Chicago. The circular says in
p a r t:
Y ou r com pany was obliged to default in the paym ent o f the sem i­
annual interest due April I o n $7,500,000 o f its bonds. The amount
so defaulted was $187,500. The m oney on hand available for the pay­
m ent o f interest was about $25,00». The average dally traffic fo r the
m onth o f January, 1895, was 39,943; fo r the m onth o f February,
4 1 ,2 2 3 ; fo r the m onth o f March, 43,330. The gress receipts from
assenger traffic fo r the three m onths was $186,785. The average
aily expense o f m aintaining and operating y ou r railroad is about
$1,572.
From these figures it is apparent that it will not be possible fo r your
com pany to pay its operating and m aiatenacce expenses and also pay
its fixed charges on its bonded indebtedness. These fixed charges are
$525,000 per annum, being the interest at 5 per cent per annum on
tw o series o f bonds, one fo r $7,500,000 and the other for $3,000,000.
Various propositions o f com prom ise have been suggested, and all o f
the same in v olv e an assessment npon the stock.
I t has been recogn ized that the interest upon the bonded indebted­
ness fo r at least three years should be either given up or its paym ent
deferred. It has been urged by some that both series of bonds be
sca le d ; b y others, that no scaling should be allowed, but that the in­
terest should be given up, and b y still others that there should be no
scaling o f bonds nor any interest given up absolutely, but paym ent
o f the interest fo r a definite period should be deferred and incom e
bonds given therefor. W hatever p olicy is determ ined upon, it is ap­
parent that some action m ust be taken a foreclosure w ill be inevi­
table.—V. 60, p. 605.
Cleveland Canton & Southern.— A committee consisting

of P. W . Smith, G. W . Plummer and O. Prescott advise Cos­
hocton & Southern bondholders to deposit their bonds with
the International Trust Co. of Boston, in accordance with the
bondholders’ agreement of Jan. 25, 1895, and avoid any pen­
alty which may be imposed after May 1st next. More than a
majority of the bonds have been deposited.— V . 60, p. 176.
Colnmbns (Ohio), Street R ailw ay.— The following earn­
ings have been reported for ths quarter ending March 31.
1 8 9 5 ................. ..................................
1 8 9 4 ..................................................
—V. 60, p. 82.

Gross
earnings.
$133,726
121,332

Operating
expenses.
$69,571
63,847

Net
earnings.
$64,155
57,485

Denver & Rio G rande—U nion Pacific Denver & G u lf.—
Mr. George Coppell, Chairman of the board of directors of
the Denver & Rio Grande, has written a letter to a daily paper
regarding thepress dispatch from Denver dated April 6, 1895,
to the effect that the Denver & Rio Grande has not com­
plied with the order “ of the United States District Court re­
quiring it to reduce the trackage charge to the Gulf road from
$185,000 to $110,000,” and tha therefore the receiver of the
Gulf road is authorized to issue $300,000 certificates in order
to build a parallel line. The letter contains the following ;
To rem ove m isconception, and to relieve the officers o f the Denver &
B io Grande RR. Co. o f the accusation o f disregarding an order o f the
U nited States Court, I hasten to ask you to be good enough to publish
the fa ct that the officials o f this com pany have not done what is
charged in the article quoted. On the contrary, having the highest r e ­
gard fo r the ju d iciary, w e at all times bow to its decisions when w e are
subject to them. But in this case the Denver & Rio Grande RR. Co.
w as n ot in Court, the order being addressed to the Court’ s officer- t le
receiver o f the Union Paoiflo Denver & Gulf RR Co.—ordering him to
m ake a contract with the Den. & Rio Grande R R . Co. fo r certain serv­
ices and purposes, fo r the sum o f $110,000 per annum; or, failing
that, the receiver is required to build a parallel line o f railroad, and to
issue receiver’s certificates therefor.
For the same services and purposes this com pany, under terms o f a
then and now existing contract, was unanim ously awarded b y three
com petent railroad arbitrators in October, 1893, the sum o f $185,000
per annum. With that award before them, the officers o f the D enver &
R io Grande R ailroad Company ar6 convinced that the am ount—$110,000—fixed by the Court fo r the services rendered b y this com pany to
the U nion Paoiflo Denver & G ulf Company is fa r below the value of
those services, and, being elected to conserve the interests o f the se­
curity holders o f this com pany, its officers cannot, w ithout disregard­
in g those interests, accept the dictum o f the Court on railroad matters,
m uch as they, with reason, respect its decision in m atters o f law.
T herefore they submitted to the Court and the receiver a proposition to
re fe r the question again to the arbitration o f three railroad experts to
be nam ed in the usual manner, and both sides to be bound by their de­
cision. This proposal, I regret to state, has been declined b y the re­
ceiver. The result w ill probably be a parallel road o f about a hundred
m iles in length, in an alm ost barren country, and to be built with the
proceeds o f receiv er’s certificates.—V. 6 0 ,p. 563.




[V ol. LX,

D istillin g & Cattle P e e lin g .— Three of tho board o f
directors resigned on Wednesday. The retiring members are
W . N. Hobart, Lewis H . Greene and J. Walter Freiberg, all
of Cincinnati interests These resignations leave the board
with three members, as follows : President Greenhut, V icePresident John Beggs aud Secretary Peter J. Heunessy. It is
said that these three will remain until they are removed at
the election on April 17. A suit was filed Tuesday, April 9,
by Receiver McNulta and the reorganization committee
charging Joseph B. Greenhut a n i Samuel Woolner of Peoria
with the misappropriation of $399,000. The other defendants
named in the bill are Peter J. Hennessey, Nelson Morris and
the Distilling & Cattle Feeding Company.
It is said this is
only one of a series of bills which will be filed against tho
trust directors in Illinois.— V . 60, p. 581.
Eastern T ran k Liae»’ Agreem ent.— Oa Tuesday the Board
of Presidents of the Eastern trunk lines met and adopted a
resolution restoring the rates for east-bound freight to the
regular tariff on and after April 22, the official date of the
opening of lake navigation. The passenger agreement o f
Jan. 1 was re-affirmed. President Depew, of the New Y ork
Central, believes that the new compicd will be productive of
much good. He says : “ I am of the opinion that the im ­
mediate effect of the action taken by the railroad presidentsyesterday will be, strange as it may appear after so many
failures, both a restoration and a maintenance of east bound
rates.
I believe that it will stop at once the demoralization
now going on, which is greater than has been kno.vn in
twenty years.”
Electric Roads in Connecticut.— A t Hartford, oa Thurs­
day, the Railroad Committee of the Legislature made an im ­
portant ruling respecting the rights of electric railroads The
committee were considering an application for a charter
to build an electric line from New Haven to Derby It was
represented by the projectors that the line would be built al­
most wholly over private lands purchased by the company.
Counsel for the Consolidated Road raised the objection
that if this was the case the road would not be a street rail­
road coming under the street railroad law of 1893 but
must be regarded as subject to the general railroad law
of the State. Tnerefore it would be required as a condition
precedent to the hearing of its application that engineers’
maps of the layout and specifications as to cost, etc., be filed.
The committee announced later that such an enterprise must
be regarded as practically a steam road, and subject to the re­
strictions prescribed by the general railroad law as to maps,
etc. Counsel for the electric line protested, but the commit­
tee held to its position, and appointed a further hearing for
April 30, when the application will be again considered if
maps and specifications are produced.
A t New Haven, Judge Hall of the Superior Court has
made a decision, which is considered important as a prece­
dent, in the case of the trolley companies seeking to par allel
the lines of the New York New Haven & Hartford and the
New York & New England railroads between New Britain,
Hartford and Berlin. According to press dispatches he holds
that the Court cannot pass on any legal differences created by
the fact that a trolley company owns its right of way and
does not run upon a highway, but can only decide on the ques­
tion of public necessity and convenience as raised by the gen­
eral electric railroad law passed in 1893. More than this, he hold»
that between the cities of Hartford and New Britain, which
are only a few miles apart, and between which there is a
great deal of passenger travel, there is no necessity for a trol­
ley road.
If Judge Hall’s decision holds, it.seems likely t o
hinder the unnecessary building of inter-urban electric
roads, provided the steam companies supply good service.
From the tenor of the Judge’s finding is also seem»
to imply that a trolley company owning its own right of way,
if a parallel, is still subject to the “ convenience and neces­
sity ” restriction.
Findlay Fort Wayne & Western R a ilro a d .— Certain
first mortgage bondholiers of this railroad company have
instituted suit for foreclosure and the appointment of a
receiver. The road was sold in November* 1894, to satisfy
floating debt creditors, and the Findlay Fort W ayne &
Western R a ilw a y Company was organized to take over the
property. The present suit appears to be an attempt of non­
assenting bondholders to obtain recognition.—V . 59, p. 835.
Fitchburg.— lb i3 understood that the project of exchang­
ing the common stock for preferred oa some basis has been
referred to a committee of the directors.— V . 60, p. 259.
Greea Bay W in ona & St. P a u l.—According to press de­
spatches from Milwaukee, Judge Soam m on Tnursday
granted the motion to consolidate the Mowry foreclosure suit
with that of the Trust Company.
Tne application for a
change in the receiver was held open,—V . 60, p. 480.
Lake Street E levated.— A t Chicago, oa Monday, in the
United States Circuit Court, W illiam Ziegler and other N ew
York stockholders applied for a receiver for this road. They
claim that the line is not being operated for the benefit of the
stockholders but for the profit of Charles T. Yerkes a n i the
W est Chicago Street Railway Company.— Vol. 6), p. 522.
Lehigh T alley .— The London Tim es of. March 30 announce
“ the ready success of the placing of £300,000 Lehigh V alley
Company’s 4)^ per cent sterling one-year notes” in that mar­
ket. This is the loan heretofore referred to as negotiated in.
London for taking up the Lehigh Valley Railroad floating
debt.— V , 60, p. 606.

THE CHRONICLE

AP üIL 13, 1895. j

657

Listings on New York Stock Exchange.—The Stock E x ­
change Committee admitted t> the list this week certain
^securities of the following companies: Cnicago Burlingtoi
Quincy RR. and Northern Pacific Terminal Company of
Oregon. (See statement for each.)—Vol. 60, p. 563.

that any change in the unsatisfactory state of affairs now
ruling in the United States will be accompanied by such an
increase in the present abnormally low traffic receipts as will
eventually reward the patience of the bondholders.” — Vol. 60.
p. 606.

Manhattan Elevated.— The order made by Judge Beach
which vacated the assessment put by the Tax Commissioners
on the personal property of thi3 company has been reversed
-by the General Term of the Supreme Court, so that, unless
decided otherwise in a higher court, the company will have to
pay taxes upon its personal property for the year 1894. It was
-said these taxes would amount to about $300,000. The General
Term said it merely followed the decision in the case of the
Equitable Gas Light Co. The railway company will doubt­
less carry the matter to the Court of Appeals.— V . 60, p. 302.

Northern Pacific Terminal.—First mortgage 6 s of 1833
for $276,000 were listed this week on the New York Stock E x ­
change, making the total listed $3,876,000. An additional
$124,000 will be placed on the list whenever sold.
The new
bonds are for the new Grand Cm tral Station, with tracks,
etc., in Portland, Ore.— V . 59, p. 423.
Oregon Railway & Navigation.—A . S. Heidelbach, Chair­
man of the committee for the 5 per cent consols, says that
while several meetings have taken place with the parties rep­
resenting the various interests in Oregon Railway & Naviga­
tion matters here looking to a plan of reorganization, no plan
has been definitely agreed upon, nor can any be reached until
the European representatives of the majority of the consoli­
dated 5s and of the stock have been consulted.— V. 60, p. 523.
Reorganization Plans, etc.—The following is an index to
all defaults, reorganization plans, the names of all reorganiza­
tion committees and all statements respecting the payment
of overdue coupons that have been published in the C h r o n ­
ic l e sin ce the January edition of the I n v e s t o r s ’ S u p p l e ­
m e n t was issued, all earlier facts of this nature being set forth
in that publication. It does n ot, however, include matter in
to-day’s C h r o n i c l e .
The following abbreviations are used: P la n for reorganization
or readjustment plan ; coup, for coupon payments ; d ef. for
default; C om . for committee.

Metropolitan Street Railway (New York.)—Earnings for
this company, which operates the lines of the Metropolitan
Traction Company, have been reported as follows for the
quarter and the six months ending Dec. 31, 1894.
■Urnos end.
Gross
Dec. 31.
earnings,
1894......... $1,419,5 d7
6 mos.—
1894.......... 2,786,889

Net
earnings.
$608,019

Other
income.
$52,006

1,154,644

98,212

Interest,
rents, taxes,
$>03,050
963,046

Balance,
surplus.
$156,975
289,810

GENERAL BALANCE SHEET, DEC. 3 1 , 1 8 9 4
A cqp/c

T n h ' i / it/p q

Hoad and equ ipm ent..$15,058,226
43toeks and bds. ow n ed
26,223
Other in v e stm e n ts....
289,526
111,374
S u p p lies on h a n d .........
Due on open accounts
696,826
-Cash on hand................
73,502

S to c k ............................... $13,500,000
Funded debt..................
1,400,000
Interest accrued . . . .
7,944
Due companies, e t c .. .
645,004
Profit and loss, surplus
702,729

—Y . 60, p. 606.

$16,255,677

$16,255,677

Metropolitan Street Railway—Columbus & Ninth Ave­
nue.— The Lexington Avenue & Pavonia Ferry and Columbus
• fc Ninth Avenue loans for $5,000,000 and $3,000,000 respect­
<
fully, guaranteed by the Metropolitan Street Railway Com­
pany, met with ready sale on Monday at 105 and accrued in­
terest, the subscription books remaining open only a few
-minutes.— V . 60, p. 606.

Mobile & B irm ingham .— This road will be sold in fore­
closure April 27. About $2,850,000 of the $3,000,000 first
mortgage bonds have assented to the plan of reorganization
prepared by the London committee of which Joseph Price is
chairman. The plan provides in part as follows :
T be new securities are to be prior lien 5 per cent bonds, $1,000,000,
"this issue to be increased by $ 18 ,0 0 0 per m ile o f new railw ay if an ex ­
tension o f 67 m iles to the Cahaba coal fields be decided u p on ; 4 per
cent gold bonds, $1,2( 0,000; com m on and preferred stock each. *1,000,000. Each holder o f old first m ortgage bonds fo r $1,000 is re­
quired to subscribe $200 in easb, fo r whioh he will receive $¿00 prior
lien bonds and $200 o f 4 per cen t gold bonds. For his old bond he will
also receive $200 o f 4 per cent gold bonds, $3' 0 preferred stock and
$300 com m on stock. Of the $1,000,000 prior lien bonds $400,000 are
to be reserved for future capital requirem ents and $600,000 are to be
purchased by the first m ortgage bondholders, as above stated, to pro
vide fo r retirem ent o f receivers’ certificates, 'purchases o f rolling
stock , renewals o f property, etc.

Copies of the plan can be obtained from Dunning & Fowler,
*67 W a ll Street, New York City.

New York Lake Erie & Western.—Judge Lacombe, in the
United States Circuit Court, Thursday, granted an order
authorizing the receivers to issue, for not less than par,
$4,000,000 in receivers’ certificates. The certificate s are to be
made payable in gold three years from date and will bear
interest at a rate not to exceed 6 per cent per annum. They
are to be issued for the benefit and protection of the property,
and are to be secured by a lien upon and payable out of the
income derived therefrom. They are also to be secured further
by a lien upon the railroad property prior to the lien of the
second consolidated mortgage of October 5, 1878, and all sub­
sequent mortgages and claims.
Judge Lacombe added an opinion which was in part as
fo llow s:
Receivership is an extraordinary remedy, and should be a
temporary one. Courts are not organized to run railroads,
although when the property of an embarrassed corporation
comes into its possession a Court of equity will, for the benefit
ef all interested in that property, undertake to preserve the
business, which oftentimes is the most valuable asset, until
such time as the interests of all parties are so adjusted, either
at the foot of a decree, or by amicable arrangement among
themselves, that the property m ay be returned substantially
in the condition in which the Court received it. But it be­
hooves all persons interested to be diligent in securing such
adjustment. Unless some readjustment or reorganizatio i be
perfected by those interested in the property, the Court will
feel constrained to dispose of it in some other w ay.— Yol. 60,
p. 562.
Northern Pacific.— The annual report of the Deutsche
Bank (Berlin) states :— “ The bank has continued its efforts on
behalf of the bondholders of the Northern Pacific Railroad
Company to secure an equitable reorganization of the line.
Representative committees having been formed, attention has
been directed to obtaining the support of a maj ority of each
of the various classes of bonds, in order that, by united action,
a proper plan of reorganization may be devised and success­
fully carried out. A t present majorities of both the third
mortgage and the consolidated bonds have been obtained. In
the meantime, numerous and important improvements in the
organization of the line have been introduced, and it is hoped




Volume 60.
Page.
Volume 60.
Page.
Atchison, T. & 8. Fe ......p l a n 479 Mont. T uscaloosa & M em ..def. 562
8t. Louis & San. F ...........coup. 523 N orfolk & W estern.......... Oom. 302
Bay 8tate G a s .................0<ym. 522 Oregon 8. L. & U. N..........coup 220
Ches. & O. 8. W. 1st M., coup. 176 Oswego (N. Y .)S tr e 9 tR y ..def. 606
Chicago & No. P ae.,....... Com. 258 Penn. Poughkeepsie & B ..p la n 606
Chic. & South Side R. T., Com. 175 Peoria Decatur & E ........ coup. 35
Do
do
..d ef. 606 Phila. & Reading,............. Oom. 219
Cin. & Muskingum Vail..coup. 522
Camden C ounty.............. def. 607
Gleve. Can. & S o.,.............. Com 276
Phila & Chester V a l___def. 607
Do
do
...........coup. 176
Phil. Read. & N. E .. Oom.. 178, 563
Distill’g & Cattle Feed g.p la n 480 Rio Grande Southern ...p la n 392
Fid'yL.&T.Co.ofSiouxO.,pi<m 561 Savannah (G i.) Elec. R y.p la n 563
G.Bay W. & St.P. Com.3 0 1 ,3 9 1 ,4 8 0 Schenectady R y.................plan 303
Jack. Tampa & K. W., .. Com. 219 Union P acin o.................... Oom. 220
Kentucky & Ind. Bridge.C ow. 522
Do
d>
. .......... ...c o u p . 220
Lake St. Elevated, Ohio..plan. 391
Do
do
coll. tr. 5 s.com/?. 607
Lincoln (Neb.) Sb. Ry. ...C om . 259
Kansas P a o.. Oom. 393, 523, 564
Long Island T raction ...p la n 522 U. S. Boob C o....................Oom 303
Louisv. Ev. & St. I i . c o m » . 522, 562 Valley o f Ohio.................. .p la n 437
Mobile & G irard....... .....c o u p . 392 W isconsin C entrai............ plan 260
St. Louis Avoyelles & South Western.—T h e C h r o n i c l e

has received the following respecting this new road in Louis­
iana :
This road is under construction from Banbie, on the Texas & Paoiflo
RR , A voyelles Parish, La., in a north-easterly direction through the
towns o f Evergreen, Cottonport, MaTksville, the Parish seat, and
Denslow, on the R ed R iver. From Lougbridge a branch w ill run to
Simmsport. There are sixteen miles graded and tied, and w ork is being
pushed steadily forw ard. The road, when com pleted, w ill be 38 m iles
in length, opening up a very rich county, with 30,000 population,
which up to the present time has had no railroad facilities. The
Avoyelles Parish v oted this road a subsidy of five m ill tax, running for
ten years, which am ounts to $¿21,000. The county has no other debt,
and the estimated value o f personal and real p roperty is over $6,000,000. The issue o f bonds is $10,003 per m ile, 5 per cent, 30-year, gold.
The R oyal Trust Company, Chicago, is Trustee. The five-mill ta x v oted
by the Parish virtually guarantees the interest on the bonds fo r ten
years.

A t a meeting of the stockholders March 14 the following
officers and directors were elected : F. M. W elch, President,
Marksville, L a.; W . J. Hilands, Vice-President, Cleveland,
Ohio ; E. H . Cochran, Secretary, Alexandria, L a .; Samuel P.
Dunn, Treasurer, Cleveland, Ohio ; Ira W . Sylvester, Chief
Engineer, Alexandria, La.
Savannah & Western.—Messrs. W ilson, Colston & Co. of
Baltimore have issued a circular from which the following is
tak en :
The Fitzgerald Comm ittee, o f whioh our Mr. Colston was a m em ber,
has disbanded, and Messrs. Lehm an and Colston, w ith Mr S idn ey F
Tyler, President o f the Fourth Street National Bank, Philadelphia, have
been elected m embers o f the B org] Committee, m aking a praetieal
am algam ation fo r the purpose o f securing a m ajority o f the bonds at
once, and upon whioh an efficient course fo r p rotection can be based.
The present oom mictee w ill engage to p rotect the interests o f the
owners o f the Savannah & W estern bonds only, and it is needless to
say that b y control o f a m ajority o f the bonds those interests w ill he
m uch better served than b y the w ork o f tw o separate com m ittees,
neither o f whioh controlled a m ajority.—V. 60, p. 3 9 1 .

Southern Railway, and the Long-and-Short-Hanl
Clause.—The Southern Railway Company on Tuesday was
granted permission by the Inter-State Commerce Commission
under some circumstances to charge less for longer than for
shorter distances for the transportation of passengers. The
order of the Commission is as fo llow s:
That the prayer o f said p etition he and the same is hereby granted,
and said Southern R ailw ay Com pany is hereby authorized to ch arg e
less for the transportation, o f passengers fo r lon ger than fo r shorter
distances over the same line in the same direction, the shorter being
included within the longer distance, but onlv to the ex ten t and upon
the conditions fo llo w in g :
First—Such higher rates fo r shorter distances shall n ot in any ease
exceed the low er rates for longer distances b y more than $3.
Second—Such low er rates fo r longer distances shall not in any oase
be less than those previou sly published b y the Seaboard A ir Line or
other com petin g carrier between the same poiats.
Third—Such low er rates for longer distances shall not in any case he
less than the cost o f the service rendered.
This order is hereby declared to be tem porary and provisional, p en d ­
in g further investigation b y the Commission, and the same m ay be
m odified or revoked at any time, w ith or w ithout notice, in the discre­
tion o f the Commission.
H T F o r o t h e r I n v e stm e n t Ite m s see p a g e 6 6 8 .

THE CHRONICLE,

658
R e p o r ts

a n d

£ )a c w r a je iit s .

P L A N A N D AG R EEM EN T FOR TH E REORGANIZA.TION
OF THE

ATCHISON TOPEKA & S A N T A FE RR. CO.
D A T E D M ARCH 14, 1895.

E dward K ing, Chairman,
R. Somers H ayes ,
E dward N. Gibbs,
G eorge G. H aven,
A drian I selin , J r .,

C. Sligo dr pothonier ,
R obert F leming,
J ohn Luden,
V ictor Morawbtz ,

Joint Executive Reorganization Committee.

H erman Kobbe ,

Secretary.

C h a r l e s C. B e a m a n ,
Victor Morawbtz ,

Counsel to the Committee.
IN T R O D U C T O R Y C IR C U L A R .

A t the request of :
T h e N e w Y o r k G e n e r a l R e o r g a n iz a t io n C o m m it t e e ,
T h e L o n d o n B o n d h o l d e r s ’ C o m m i t t e e , and
M e s s r s . H o p e < C o., o f A m s t e r d a m (acting in behalf of
fc

Dutch Bondholders), the Joint Executive Committee named
in the Reorganization Agreement hereto attached undertook
to formulate a Plan for the Reorganization of the affairs of
the Atchison Topeka & Santa Fe RR. Company.
The a c c o m p a n y i n g p l a n embodies the result of the labors
o f the Joint Executive Committee and h a s b e e n a p p r o v e d
BY THE THREE ABOVE-NAMED COMMITTEES.

The Joiot Executive Committee has had the result of the
independent examination into the financial condition by Mr.
Stephen Little, and into the physical condition by Mi. Robert
Moore, and the reports of these experts have been printed
and distributed for the information of the security-holders.
They have also had numerous conferences with the Receivers
and with those intimately conversant with the property.
In submitting this Plan to the security holders, the Joint
Executive Committee desire to give an outline of the principal
considerations which led to its adoption.
I t is p r o p o s e d t o f o r e c l o s e t h e G e n e r a l M o r t g a g e and
to vest the properties acquired at foreclosure sale in a new
company, and through that means to accomplish the follow­
ing ends
(1.) To reduce the fixed charges to a safe limit.
(2.) To make adequate provision for future capital require­
ments subject to proper restrictions as to the issue o f
bonds for this purpose.
(3.) To liquidate the floating debt, and to make adequate pro­
vision for existing prior lien indebtedness shortly to
mature.
(4.) To reinstate existing securities upon equitable terms in
their order of priority.
(5.) To consolidate and unify the System (so far as may be
found practicable) and thus save large annual expense.
I f the above objects can be attained, a Plan financially
sound should resu lt; but good returns to the security holders
can only be secured by g ood m a nagem ent.
A voting trust has been considered, but has been rejected
as unsatisfactory ; but no effort will be lacking on the part of
the Committee to secure for the new Company the best possi­
ble management.
GU ARAN TEE FUND NOTES. EQUIPM ENT BONDS AND CAR
TRUSTS.

These constitute charges upon the revenue of the Company
prior to the General Mortgage Bonds, the interest and instal­
ments on the same having been paid under the order of the
Court by the Receivers.
The $9,000,000 Guarantee Fund Notes bear six per cent in­
terest and mature November, 1898. They are a charge upon
the main line of the Company, subject only to $7,000,000
First Mortgage Bonds, and also a charge upon a large part of
the equipment of the Company.
The $1,750,000 of Equipment Bonds represent seventy per
cent of the original issue, the balance having been paid off,
and the equipment covered by these bonds is necessary for
the operation of the road.
The same applies generally to the Car Trust obligations out­
standing.
The renewal of the six per cent Guarantee Fund Notes in
1893 (at six per cent for five years) cost the Company over
$ 1 , 100,000 in discounts and commissions.
The provision
made in this Plan for their retirement will obviate the recur­
rence of the embarrassment and expense which these notes
have caused to the Company in the past.
It is essential that these prior charges shall be extinguished
at the earliest practicable moment, and the new four per cent
General Mortgage Bonds become an absolutely first lien on
the property.
To extinguish the same, however, at the present market
price by the sale of General Mortgage Bonds would be waste­
ful. Power is therefore taken to unify the same into a four
per cent Prior Lien Bond and thereby effect a large annual
saving in interest. A s an insurance fund against contingen­
cies of the first five years after reconstruction, it is also pro­
posed to take power to issue a further $5,000,000 of these




V OL. L X ,

bonds, which provision is deemed to be in the interest and for
the protection of the security holders.
In th is con n ection a tten tio n is draw n to the fa c t th a t the
in terest on the tota l a m ou n t o f P r io r L ien B on d s a u th orized
( even i f all issu ed ) w ill n ot exceed the charges again st reven u e
w h ich a t p resen t e x ist in fr o n t o f the new G eneral M o rtg a g e
B o n d s.

Provision is made, however, that as soon as the General
Mortgage Bonds can be sold at satisfactory prices the whole
prior lien shall by that means be extinguished and the new
General Mortgage Bonds become an absolutely first charge
on the property.
CHICAGO & ST. LOUIS S IX P E R CENT BONDS ($1,500,000),
DUE 1915.

These bonds being well secured and having a comparatively
long time to run it is proposed to leave undisturbed.
G E N ERAL M ORTG AG E FOUR PER CENT BONDS.

The General Mortgage Bondholders are entitled to receive
new securities representing the principal and interest of their
bonds before any provision is made for the junior security
holders.
These bonds under the plan receive for every $1,000, $1,150
in new securities, viz.:
75 per cent of their face value in new 4 per cent General
Mortgage Bonds, and
40 per cent in a new 4 per cent Adjustmend Bond, cumula­
tive as to interest after five years. (See foot-note).
The interest on the new General Mortgage bonds of the
Company will be payable April and October, instead of Janu­
ary and July, the interest dates of the old bonds.
This alteration is made in order to more equally divide the
annual revenue, and, moreover gives time to prepare the esti­
mate of surplus earnings available to pay interest on the A d ­
justment Bonds.
It will be observed that the coupons on the present General
Mortgage Bonds are funded to July 1, 1895, and that the inter­
est on the new bonds does not
commence until three
months later— October 1, 1895. The interest for these three
months on the General Mortgage Bonds, viz , one per cent, or
ten dollars for each $1,000 bond, will be paid in cash on de­
posit of bonds.
The corrected accounts, as shown by Mr. Little’s report,
indicate that during the year ended June, 1894, after deduct­
ing the losses on the auxiliary lines, the net income available
for interest on the General Mortgage Bonds amounted to but
slightly over two per cent, but if the losses stated on the
auxiliary lines during that year are eliminated, about four
per cent was earned,
After making a careful estimate as to how much of the ex­
isting losses on the auxiliary lines, if retained in the System,
could, under the circumstances, be avoided, or if these lines
be left out what amount the Atchison system proper would
be able to earn without the auxiliary lines, the Committee
have arrived at the conclusion that it would not be safe to
place upon the property a fixed charge of more than four per
cent upon seventy-five per cent of the principal of the present
General Mortgage Bonds, giving them, however, compensa­
tion, as above stated, in Adjustm ent Bonds. On page 5 is
given a statement of net earnings and of the proposed fixed
charges of the new Company. The present fixed charges are
$9,536,082 and the proposed fixed charges under the Plan are
$4,528,547, being an average fixed charge of $680 30 pQr mile
per annum, and an average of $16,836 of fixed-charge bonds
per mile.
The General Mortgage Bonds under this arrangement retain
their mortgage lien and will ultimately be entitled to receive
as interest on the two securities, given to them under this
plan, a full equivalent for the principal and interest on their
original bonds.
The plan provides that the stock and bondholders shall pay
nearly $14,006,000 in cash necessary to start the new Company
free from floating debt and other liabilities, which amount
the General Mortgage Bondholders might otherwise them­
selves have to provide.
SECOND M ORTGAGE BONDS, SERIES “ A ” A N D “ B .”
THE SECOND MORTGAGE " A ” BONDS RECEIVE 113 PER CENT FOR PRIN­
CIPAL, INTEREST AND ASSESSMENT, IN NEW PREFERRED STOCK,
AND ARE ASSESSED 4 PER CENT.
THE SECOND MORTGAGE “ B” BONDS RECEIVE 118 PER CENT FOR
PRINCIPAL, INTEREST AND ASSESSMENT, IN NEW PREFERRED
STOCK, AND ARE ASSESSED 4 PER CENT.

After careful consideration it was decided to be best for the
interests of these securities that they should now be converted
into five per cent Preferred Stock, possessing full voting
powers, and preferential rights as to principal as well as in­
terest, rather than revert to their original form of “ Income
Bonds.” Provision will, however, be made so that no mort­
gage, other than those mentioned in the plan, can be created,
nor the preferred stock of the new Company be increased,
except with the consent of the holders of a majority of the
preferred stock at the time outstanding.
The four per cent assessment is a necessity for the follow­
ing reasons:
About $14,000,000 cash has to be raised to pay off the float­
ing indebtedness of the Company, and for other purposes.
N o t e .—25 per cent for balance o f principal o f the General M ortgage
4 per cent Bonds.
8 per cent fo r accrued interest to 1st July, 1895 ; and
7 p or cent as com pensation fo r reduction o f fixed charge and
the non-oumulative feature fo r five years.

659

THE CHRONICLE

A pbil 13, 1896.]

The stockholders, in the ordinary course, should provide
the whole of this am ou n t; but in case they should fail to do
so, the Second Mortgage Bondholders would themselves have
to provide the whole of it in order to preserve their hold upon
♦he property.
It was therefore deemed to be in the interest of the Second
Mortgage Bondholders to divide the burden of this $14,000,000
between them and the Stockholders.
The proportion of the assessment that would be borne by
the Stockholders could only be gauged by the amount of as­
sessment that they would be willing to pay to protect their
rights. This amount is believed to be $10 per share, and it is
necessary that the Second Mortgage Bondholders shall pro­
vide the remaining $4 for their own protection. A s compen­
sation for this assessment, the accrued interest and the change
they are called upon to make in the character of the securi­
ties, it is proposed, as stated above, to give to the Second
Mortgage “ A ” and “ B” Bondholders $113 and $118 respect­
ively in new Preferred Stock for every $100 of their present
Second Mortgage Bonds.
COMMON STOCK.

The new Common Stock to be the same in amount as the
present Common Stock, viz., $102,000,000, to be given to the
present Stockholders on payment of $10 per $ 100 share. New
Preferred Stock at par to be given to the Stockholders for the
$10 assessment
A syndicate has been formed to guarantee this and will be
prepared to pay the $10 assessment on all shares upon which
the said assessment is not paid by the present Stockholders,
receiving therefor the Common and Preferred Stock which
the Stockholders would have received, thus insuring the
necessary cash for the accomplishment of the Plan.
FUTURE C A PITA L REQUIREMENTS.

A n y plan of reorganization that fails to provide for the
necessary improvement and development of the System in
the future would be fatally defective.
In order to provide such funds during the next ten years,
provision is made in the Plan for the issue of additional new
General Mortgage Four Per Cent Bonds, but to an amount
not exceeding $3,000,000 in any one year.
After the expiration of ten years, should further provision
be needed, additional Adjustment Bonds can be issued at the

rate of $ 2 ,000,000 per annum for ten years, but only by a vote
of a majority of the adjustment bondholders themselves.
TREATM ENT OF A U X IL IA R IE S .

The important and difficult questions involved in the control
of these properties have had the most careful consideration by
the Committee.
It is felt that negotiations with regard to the auxiliary lines
cannot be advantageously effected until a m ajority of the
General Mortgage Bonds are deposited.
It has been decided, therefore, to issue a plan of reorganiza­
tion for the Atchison System proper, reserving power to in­
crease the General Mortgage Bonds by a m axim um of
$20,000,000, and Preferred Stock to the same amount, in the
event of auxiliary properties being acquired on satisfactory
terms.
NET EARNINGS AND F IX E D CHARGES.

* Net earnings of the Atchison System proper,
as shown by Mr. Little’s report, for fiscal
year ending June 30,1894, after allowing for
amount of cash contribution to St. Louis &
San Francisco Railway under terms of Tripar­
tite Agreement ($341,401) and also after de­
ducting Sonora Railway subsidy ($350,000)... $5,948,015 66
Fixed charges under proposed plan (see page 6). 4,528,547 06
Surplus................................... ................................. $1,419,468 60
* The corrected net earnings applicable to interest charges for cal­
endar year ending December 31,18.44, as reported to the Comm ittee
b y Mr. Gillett, the General Auditor o f the Receivers, were $1,314,200 94;
but during the m onths o f April, Mav, June and July, 18 ‘ 4, earnings
w ere v ery small, ow ing to coal m iners’ and labor strikes. The net
earnings fo r these fou r m onths o f 1894 were 1568.820 Ol. while fo r
same m onths o f 1893 the net earnings w ere $2,414,056 01. A com ­
parison o f the net earnings o f the fou r months referred to o f the years
o f 1 ? 9 3 a n d 1 8 9 4 is b e lo w :—
Net earnings during the strike months.
1893.
1894.
$438,443 15
For A p r i l .... .. . . . . . . . . . . . . . . . . . . . . $206,465 71
714,079 43
For M a y .............................. ...
152,786 61
703,524 94
F or J u n e ............................. (net loss) 88,492 00
508, 08 49
F or J u ly ............................... (net loss) 201,910 31
Total

$68,820 01

$2,414,056 OA

TA B L E OF E X IS T IN G SECURITIES A N D OF SECURITIES PROPOSED TO B E ISSUED B Y TH E N EW COMPANY.
Fixed
Interest.
$90,000 00
540,000 00
87,500 00

E xisting Issues—
Principal.
C hicago & St. Louis RR. 1st M. 6 s ... $1,500,000 00
Guarantee Fund Notes, 6s.. 9,000,000 00
E quipm ent Trust, Series “ A ,” 5 s . .. 1,750,000 00
E quipm ent Lease W arrants. 1,2 70,4 140 0
M iscellaneous U nconverted B onds. 1,562,950 00
General M ortgage 4 s ...................... . .129,320,776 54
Second
Second
Incom e
Capital

78,107 50
5,172,831 06
3,117,500 00
400,000 00
50,144 29

M ortgage “ A ” 4 s ................. 77,937,500 00
M ortgage “ B ” 4 s ................. 10,000,000 00
Bonds (exchang. fo r “ A s” ).. 1,253,607 20
S tock..........................................102,000,000 00

$ 9 ,5 3 6 ,0 8 2 85

E x i s t i n g F i x e d C h a r g e s ___

PLA N .
I . —N E W

S E C U R IT IE S

TO

BE

CREATED.

It is proposed to foreclose the General Mortgage of the
Atchison Company, dated October 15, 1889, and other mort­
gages if deemed advisable, and to vest in a new railway com­
pany the railways, bonds, stocks and other properties of the
present Company acquired at foreclosure sale or otherwise. The
deposited bonds and stocks of such of the auxiliary companies
as shall be brought into the reorganization, or the property
represented thereby, are also to be transferred to the new
Company.
It is the intention that the new Company shall, so far as
practicable, be invested with the direct ownership of all the
various properties comprised in the system, thereby avoiding
the necessity of keeping up the separate existence of a large
number of the subsidiary companies controlled by the princi­
pal Company.
The new Company is to create the following securities:
(A ) C o m m o n S t o c k .......................................... ...............$ 1 0 2 , 0 0 0 , 0 0 0

Divided into shares of $100 each.
(B ) F i v e

P e r C en t N o n -C u m u la tiv e P r e ­
f e r r e d S t o c k ...................................................$ 1 1 1 , 4 8 6 , 0 0 0

Divided into shares of $100 each.
This Preferred Stock will entitle the holders to non-cumulative dividends up to 5 per cent per annum payable out of
net earnings before any dividends shall be paid on the Com ­
mon Stock, and, in case of liquidation of the Company, the
holders of the Preferred Stock are to be entitled to receive the
par amount of their stock out of the Company’s assets in pri­
ority to the Common Stock.
Additional Preferred Stock to an amount not exceeding in
the aggregate $ 20 ,000,000 may be created and used in such
amounts respectively, and in such proportions as the Joint
Executive Committee shall determine, for the acquisition, as
hereinafter provided, of the Atlantic & Pacific Railroad, the
St. Louis & San Francisco Railway and the Colorado Midland
Railroad, or the securities representing control of the same,
and for the improvement of the properties acquired.
Provision is to be made so that no mortgage other than
those provided for in this Plan can be created, nor the
amount of the Preferred Stock authorized under this Plan be
increased by the new Company, except with the consent, in




Principal.
Proposed Issues—
Chicago & St. Louis R R . 1st M. 6s. $1,500,000 00

Fixed
Interest.
$90,000 00

1 P rior L ien B onds (if exchanged) 4s 12,020,414 00

480,816 56

1,562,950 00
, M iscellaneous B on d s......................
Gen. M ort. (75% o f old Gen’ls) 4s 96,990,582 00
4% Adjust. B ’ds(40% o f old G en s.). 51,728,310 61
(Cumulative after 1st July, 1900)

78,107 50
3,879,623 00

1 5% Non-Cum ulative P ref. S tock.. .11 1,48 5,95 100
Comm on Stock.................................. 102,000,000 00

P r o p o s e d F i x e d C h a r g e s ..

$ 4 , 5 2 8 , 5 4 7 "‘ 6

each instance, of the holders of a majority of the whole
amount of the Preferred Stock which shall at the time be out­
standing, given at a meeting of the Stockholders called^ for
that purpose, and with the cod sent of the holders of a majori­
ty of such part of the Common Stock as shall be represented
at such meeting, the holders of these two classes of stock
voting separately.
(C) G e n e r a l m o r t g a g e 4 P e r G e n t 1 0 0 - Y e a r
G o l d B o n d s .............................................. .

$ 9 6 ,9 9 0 ,5 8 2

Principal payable October 1, 1995, and interest pay­
able semi-annually, on April 1 and October 1.
These bonds will be secured by a mortgage covering all the
properties which shall be vested in the new Company as above
provided, and also any other property which may be acquired
by use of any of the new bonds. The Joint Executive Com­
mittee may, however, in its discretion, except from the new
General Mortgage the stocks and bonds deposited under the
existing General Mortgage representing branch lines, the
operation of which shall be found to be unprofitable and an
unnecessary burden to the System, and m ay make such
arrangements in respect thereof as shall be deemed in the
interest of the System, all proceeds of any disposal ©f such
branches or securities being brought under the new mort­
gage. The Joint Executive Committee may also except from
the new mortgage the $7,000,000 of bonds and the stock o f
the Atchison Topeka & Santa Fe Railroad Company in
Chicago, and may make such arrangements as it shall deem
most expedient for the improvement, utilization or disposal
of any of the terminal property of said Company in Chicago;
but any proceeds of said bonds and stock so excepted or of
any portion of the property situated in Chicago which m ay
be sold or otherwise disposed of shall be applied only in
improving the terminals or other property subject to the new
General Mortgage, or in acquiring new property which shall
become subject thereto.
_
.
The new General Mort ;age shall provide for the issue, sub­
ject to such restrictions as the Joint Executive Committee
m ay prescribe, of additional General Mortgage Bonds, not
exceeding the following amounts, for the following purposes,
viz :
,
.
$1,500,000, for the purpose of taking up or paying the out­
standing First Mortgage 6 Per Cent Bonds of the Chicago
& St. Louis Railroad Company.

660

LHE CHRONICLE.

iV O L . L X

$1,500,000, or so much thereof as may be required, for the the system covered by the new General Mortgage or for other
purpose of taking up or paying the outstanding bonds necessary purposes, on such conditions as may be prescribed
provided for under circular No. 63 of the Atchison Com­ in the mortgage securing such bonds.
pany, dated October 15, 1889.*
The new General Mortgage shall provide that in case any
$15,500,000, or so much thereof as may be required so take up Prior Lien Bonds shall be issued to take up or pay Guarantee
or pay the existing Guarantee Fund Notes, amounting to Fund Notes, Equipment Bonds or Car Trust obliga­
$9,600,000; the existing Equipment Bonds, amounting to tions, the General Mortgage Bonds in lieu of which such
$1,750,000; the existing Car Tftust obligations, amounting Prior Lien Bonds were issued shall thereafter be reserved
to $1,270,414; and to provide the new Company with an and may be issued to pay or redeem Prior Lien Bonds at the
amount of cash equal to the amount expended after Jan. rate of $1,250 of General Mortgage Bonds for each $1,000 of
1, 1895, in paying any of said Guarantee Fund Notes, Prior Lien Bonds redeemed, and in case of the issue of any
Equipment B oecIs or Car Trust obligations; it being un­ of said $5,000,000 of Prior Lien Bonds for improvements and
derstood that such General Mortgage Bonds may be issued other necessary purposes there shall be deducted from the
at a rate not exceeding $1,250, par value, for each $1,000, $30,000,000 of General Mortgage Bonds reserved as hereinbe­
par value, of such Guarantee Fund Notes, Equipment fore provided for the construction and acquisition of improve­
Bonds or Car Trust obligations taken up or paid.
ments and additions and other purposes $1,250 of such Gen­
$80,000,000, for the construction and acquisition of improve­ eral Mortgage Bonds for each $1,000 of Prior Lien Bonds so
ments and additions, including side-tracks, second tracks issued, and the General Mortgage Bonds so deducted shall be
and spur tracks to the railways embraced in the system reserved to pay or redeem Prior Lien Bonds, and may be is­
covered by the new General Mortgage, either directly or sued at any time for that purpose, at a rate not exceeding
by pledge of the bonds and stocks of other companies, and $1,250 of General Mortgage Bonds for each $1,000 of Prior
for the construction of branches or extensions to any of Lien Bonds paid or redeemed.
said railways; but such bonds may be issued only at a
The new General Mortgage shall require the new Company
rate not exceeding in the aggregate $3,000,000 for each to issue and sell the General Mortgage Bonds reserved as
fiscal year which shall have elapsed after June 30, 1895, herein provided to pay or redeem Prior Lien Bonds and to
(the first fiscal year being that ending June 30, 1896,) it apply the proceeds to the redemption of such bonds when­
being understood that any portion of such $3,000,000 ever at least $100,000 par value of the General Mortgage
bonds unissued in any one fiscal year shall be added Bonds so reserved can be sold at 90 and accrued interest.
to the amount which may be issued in subsequent
years; but the amount of said bonds which may be issued (D ) F o u r P e r C e n t 1 0 0 - Y e a r A d j u s t m e n t
B o n d s , I s s u e L i m i t e d t o .....................
$ 5 1 ,7 2 8 ,3 1 9
for the construction or acquisition of branches or ex'ensions shall not exceed in the aggregate $750,000, par value, (Interest payable if earned. Non-cumulative up to J u l y l ,
out of each $3,000,000 of bonds which may be issued as
1900, and cumulative after that date.)
aforesaid, and shall not exceed $15,000, par value, per
These bonds will be secured by a mortgage covering the
mile of such branches or ex ensions completed. Proper
same property as the new General Mortgage, but subject
provisions shall be made in the new General Mortgage to thereto.
secure the application of all such bonds, or their proceeds,
They will entitle the holders to receive for each fiscal year
for the purposes aforesaid only, and all such branches,
ending June 30 interest up to 4 per cent per annum, payable
extensions, additions and improvements shall become sub­
out of net earnings, if earned, and so far as earned after pay­
ject to the new General Mortgage.
ing full interest on the new General Mortgage Bonds and
Additional new General Mortgage Bonds, to an amount not
other fixed charges, but before any dividend is paid on the
exceeding $ 20 , 000,000 in the aggregate, may be issued and
Preferred or Common Stock for such fiscal year. Tne mort­
used in such amounts respectively, and in such proportions as
gage securing said bonds shall contain such provisions for the
the Joint Executive Committee shall determine, for the acqui­
ascertainment of earnings and the protection of the bondhold­
sition, as hereinafter provided, of the Atlantic & Pacific Rail­
ers as the Joint Executive Committee may determine. The
road, the St. Louis & San Francisco Rail way and the Colorado
interest on these bonds is to be non-cumulative until July 1»
Midland Railroad, or the securities representing control of the
1900, and is to be cumulative thereafter.
same, and for the improvement of the properties acquired.
The mortgage securing the Adjustment Bonds shall provideP r io r L ien B o n d s — possible issue limited to $17,000,000.
that after the $30,000,000 of General Mortgage Bonds author­
In order to make additional provision for funding or paying
ized as above provided for improvements and other purposesthe existing Guarantee Fund Notes, Equipment Bonds and Car
shall have been issued, additional Adjustment B inds may be
Trust obligations, and to set apart a fund to in sure against
issued for the same purposes as said $30,000,000 of General
contingencies, provision will be made for the issue of 30-Year
Mortgage B >nds; provided, however, that the total amount
4 Per Cent Prior Lien Gold Bonds to the amo int hereinafter
of such additional Adjustment Bonds shall not excee 1 in the
specified, which bonds shall be secured by a lien prior to the
aggregate $ 20 , 000 ,000 . and they may be issued only at a
lien securing the new General Mortgage Bonds and covering
rate not exceeding $ 2 , 000,000 per year; and provided further
the same property, and shall be redeemable by lot upon any
that before any such additional Adjustment Bonds m ay be
coupon day at 103 per cent and accrued interest upon at least
issued the consent of the holders of a majority of the Adjust­
three months’ previous notice of redemption. Such Prior
ment Bonds then outstanding shall be obtained, such consent
Lien Bonds may be issued only to the following amounts and
being given either in writing or by vote at a meeting or m eet­
subject to the following conditions, viz.:
ings called in a manner to be provided in such Adjustm ent
In case it shall not be found advisable to issue all or any of Mortgage.
the $15,500,000 of new General Mortgage Bonds reserved as
hereinbefore provided, to take up or pay the existing Guaran­ I I . —A P P L I C A T I O N O F S E C U R I T I E S O F T H E N E W
COM PANY.
tee Fund Notes, Equipment Bonds and Car Trust obligations,
and to provide the new Company with an amount of cash
The new securities are to be used as follows:
equal to the amount expeided after January 1, 1395, in pay­ A . —COMMON STOCK.
ing any of them, there may be issued for said purposes $ 1,000
par value of such Prior Lien Bonds for any $1,000 of the For stock of the Atchison Company, share for
share..................... .......................................................... $ 102 , 000,000 OO
Guarantee Fund Notes, Equipment B mds or Car Trust obliga­
tions taken up or paid, instead of $1,250 of the new General B . —PR E F E R R E D STOCK.
Mortgage Bonds reserved for that purpose as above provided. For $77,937,500 Second Mortgage Class A B mds
Additional Prior Lien Bonds to an amount not exceeding in
(and scrip) of the Atchison Company, includ­
the aggregate $5,000,000 may be issued at any time within
ing the assessment thereon and accrued in­
five years from the formation of the new corporation, when
terest, at 113................................................................ 88,069,375 00
required for the improvement of the properties embraced in For $1,253,607 20 old Income Bonds (and scrip)
of the Amhison Company of the issue of Oct­
‘ Such bonds are as fo llo w s :
ober 15, 1889, including the assessment
Old L iens
A . T. & S. F. R. R. Co.:
thereon and accrued interest, at 113.................
1,416,576 14^
Outstanding.
Collateral Trust 5 Per Cent Bonds, 19 37......................
$110,300 00 For $10,000,000 of Second Mortgage Class B
4*2 Per Cent 8inking Fund Bonds, 1 9 2 0 ......................
1,000 00
Binds (and scrip) of the Atchison Company,
6 Per Cent Sinking Fund Secured B onds, 19 11...........
1,000 00
including the assessment thereon and accrued
Chicago K ansas & W estern R ailroad Com pany :
interest, at 118 per cent........................................... 11,800,000 O
O
First M ortgage 5 Per Cent B onds, 1926.......................
271,500 00
Incom e 6 Per Cent Bonds, 1 9 26......................................
8,400 00 For the assessment at $10 per share on the
Chicago Santa F e & California R ailw ay Company :
$102,000,000 Common Stock of the Atchison
F irst M ortgage 5 Per Cent Bonds, 1937........................
629.000 00
Company........................................................................ 10,200,000 00*
Southern K ansas R ailway Company of T exas :
F irst M ortgage 5 P er Cent Bonds, 1927........................

39,130 00

Southern K ansas R a il w ay Company , G ulf D ivision :
First M ortgage 5 Per Cent Bonds, 19 26......................

127,920 00

Southern K ansas R a il w ay Company :
Incom e 6 P er Cent Bonds, 1 9 27......................................

1,050 00

G ulf Colorado & Santa F e R ailw ay Company :

First M ortgage 7 P er Cent Bonds, 1909......................
Second M ortgage 6 Per Cent Bonds, 1923...................

25,000 00
276.000 00

Sonora R ail w a y Company , L imited :
F irst M ortgage 7 Per Cent Bonds, 1 9 10......................

4.000 00

L eavenworth T opeka & Southwestern R ailw ay Co.:
G eneral M ortgage 4 Per Cent Bonds, 1 9 12.................

1.000 00

California Southern R ailw ay Company :
Incom e 6 Per Cent Bonds, 1 9 26................. ....................




59,650 00
$1,554,950 00

$111,485,951 14
There m ay be issued not to exceed $20,000,000 of
additional P referred Stock fo r the acquisition
and im provem ent o f the St. Louis & San Fran­
cisco, the A tlantic & P acific and the Colorado
M idland railroads.
C .—GENERAL MORTGAGE BONDS.

For $129,320,776 54 present Atchison General
Mortgage Bonds, at 75 per cent............................ $96,990,582 30
(This is besides 40 per cent in Adjustm ent
Bonds, as provided below.)
Reserved fo r the purpose o f acquiring the balance
o f the outstanding bonds, fo r which provision
w as m ade b y the General M ortgage o f O ctober
1 5 ,1 8 8 9 , pursuant to Circular No. 63 o f Octo­
ber 15 ,1 8 8 9 , not ex ceed in g ..............$1,500,000

A pbil 13, 1895.]

THE CHRONICLE.

R eserved fo r $1,500,000 C hicago & St. Louis RR.
Co. 6 Per Cent First M ortgage Bon i s .$1,500,000
R eserved to take up the prior liens hereinbefore
specified not ex ce e d in g .................... $15,500,000
There m ay b e issued $30,000,000 o f additional
bonds fo r im provem ents, additions and exten­
sions at a rate n ot exceedin g in the aggregate
$3,000,000 fo r each fiscal year, and n ot to e x ­
ceed $ 2 0 ,0 0 0 ,0 0 0 o f additional bonds fo r the
acquisition and im provem ent o f the St. Louis
& San F rancisco, the A tlantic & P acific and
the Colorado Midland railroads.
» . - - 4 P E R CENT ADJUSTMENT BONDS.

For $129,320,776 54 present Atchison General
Mortgage Bonds, forty (40) per cent to cover
balance of principal, 8 per cent accrued in­
terest and compensation........................................ $51,728,310 61
(This is besides 75 per cent in General Mortgage
Bonds, as provided above.)
I I I . —R E A D J U S T M E N T O F T H E S E C U R I T I E S O F T H E
N E W C O M P A N Y IN E X C H A N G E F O R E X I S T I N G
S E C U R IT IE S O F T H E A T C H IS O N C O M P A N Y .
A.

—ATCH ISON STOCK;

Stockholders of the Atchison Company are assessed $10 per
share, of which $3 are payable at the time of deposit and the
balance in instalments of not more than $3 each, at intervals
of not less than 30 days, as and when called for by the Joint
Executive Committee, and they will receive Preferred Stock,
at par, for the assessment. A discount m ay be allowed for
anticipation of payments.
Stockholders who deposit their stock and pay their assess­
ment in full receive:
. .
For each $100 share and assessment of $10 in cash paid
thereon—
$100 in Common Stock,
10 in Preferred Stock.
B.

—ATCHISON SECOND M ORTG AG E AND INCOME B 0N D 3 .

Holders of Second Mortgage Class A and Class B Bonds and
Income Bonds of 1889 are assessed 4 per cent on the par amount
of their bonds, 2 per cent being payable at the tim s of deposit
of the bonds and the balance upon call of the committee when
the Preferred Stock is ready for delivery.
Holders of these Bonds who deposit the same and pay their
assessment in full will receive:
For each $1,000 of Second Mortgage Class A Bonds (or
scrip), with coupons matured April 1,1894, and subsequent
thereto, and assessment paid—
$1,130 in Preferred Stock.
For each $1,000 of Second Mortgage Class B Bonds, with
coupons matured April 1, 1894, and subsequent thereto, and
assessment paid—
$1,180 in Preferred Stock.
For each $1,000 of Income Bonds (and scrip) of the issue of
Ootober 15, 1889, with coupons matured September 1, 1894,
and subsequent thereto and assessment paid—
$1,130 in preferred Stock.
C.

—ATCHISON GEN E R A L M ORTGAGE 4 P E R CENT BONDS.

Holders of these bonds will receive:
For each $1,000 in General Mortgage Bonds with coupons
maturing Januarv 1, 1891, and subsequent thereto—
$750 in General Mortgage B ends, bearing interest from Octo­
ber 1, 1895.
$400 in 4 Per Cent Adjustm ent Bends, to cover balance of
principal, 8 per cent accrued interest and compensation.
$10 in cash— being 1 per cent interest on the General Mort­
gage Bonds deposited— will be paid to depositing holders of
General Mortgage Bonds at the time of the deposit of their
bonds, in respect to the interest thereon from July 1, 1895,
to October 1, 1895.

661

I . - T H E A U X I L I A R Y C O M P A N IE S .
THE ST. LOUIS & SAN FRANCISCO R A IL W A Y COMPANY,
THE ATLANTIC & PA CIFIC R A IL R O A D COM PANY, AND
THE COLORADO M IDLAND R A IL R O A D COM PANY.

In order to provide for the acquisition and improvement of
the properties embraced in the systems of the above-named
auxiliary companies, including their leased lines or the secu­
rities representing control thereof, power is taken to issue
$30,000,000 of General Mortgage Bonds and $20,000,000 of
Preferred Stock of the new Company.
The Joint Executive Committee m ay, if authorized by the
unanimous vote of its members, acquire or provide for the
acquisition of the railroad and property of any of said auxili­
ary companies, or of any other company embraced in the sys­
tem of any of said auxiliary companies, or the bonds and
obligations of any such company, and may use for that pur­
pose such portion of the bonds and Preferred Stock reserved
as above provided, or any other bonds or Preferred Stock
available for the general purposes of the Plan and not other­
wise appropriated, as said Committee shall unanimously de­
termine. The Joint Executive Committee may, if authorized
by unanimous vote of its members, at any time offer to the
holders of the bonds or obligations of any of said companies
the right to receive therefor General Mortgage Bonds and
Preferred Stock, when issued, in such proportions and to such
amounts as the Joint Executive Committee shall unanimously
Metier mine, and may, by advertisement or otherwise, ofUr to
such holders the right to deposit their bonds under this Plan
and the agreement hereto annexed, upon such terms and con­
ditions and within such times as shall be specified in such
offer.
Upon the acquisition of the railroad and property of any of
said auxiliary companies, or of stock and bonds of a corpora­
tion in which the title thereto shall be vested, such property,
or stock and bonds, as the case may be, will be transferred to
the new Company to be formed as a successor to the Atchison
Topeka & Santa Fe Railroad Company, and will be made sub­
ject to the new General Mortgage.
In case the Joint Executive Committee shall determine not
to acquire the railroad of the Atlantic & Pacific Railroad
Company, or in case the holders of the Guaranteed Trust Gold
Bonds of said Company shall refuse to accept such terms as
shall be offered to them by the Joint Executive Committee,
then in either such event the Joint Executive Committee may
set apart and use such portion of the said $20,000,000 of Gen­
eral Mortgage Bonds and $20,000,000 of Preferred Stock as it
shall deem necessary for the construction of a new line of
railroad to connect the railways in Southern California em ­
braced in thQ Atchison system with the portion of the system
situate d in New Mexico.
In case the Joint Executive Committee shall acquire the
railroad of the Atlantic & Pacific Railroad Company or the
securities representing control thereof, the Joint Executive
Committee may set apart and use such part of said General
Mortgage Bonds and of said Preferred Stock as said Commit­
tee may deem necessary for the purpose of constructing a
new line of railroad connecting the said Atlantic & Pacific
Railroad at or near The Needles with the railways in Southern
California embraced in the Atchison system.
In case the St. Louis & San Francisco Railway Company
shall be included in the reorganization, the following bonds
may be left undisturbed or may be readjusted as the Joint
Executive Committee shall, by unanimous vote of its m em ­
bers, determine :—

General M ortgage 6 Per Cent Gold Bonds, due 1931.............$7,807,000
General M ortgage 5 P er Cent Gold Bonds, due 1931.............12,293,000
fA . $5 00,000)
2d M ort. RR. and Land Gold Bonds due 19 06) B. 2,766,500 j- 5,666,500
[C . 2,400,000 J
D . —ATCHISON G U ARAN TEE FUND NOTES ATCHISON EQUIP­ 1st M. Trust 6 P.Ct. Sink. Fund Gold Bonds o f 1880,due 1920. 1,037,000
M ENT BONDS, SERIES A, AND C A R TRUST OBLIGATIONS.
1st M. T rust 5 P.Ct. Gold Bonds o f 1887, due 1987.................. 1,099,000
The Joint Executive Committee may settle with the hold­ Equipm ent 7s o f 1880, due 18 95..................................................
76,000
ers of the above obligations and invite them to deposit under Mo. & W estern D iv. 1st M. 6 P.Ct. Gold Bonds, due 19 19___ 1,050,000
the Plan, on such terms as said Committee shall deem reason­ St.L.W icli. & W. Ry.Co. 1st M. G old (6 P .C t.)B on d s,d u el9 1 9 . 2,000,000
able, and may agree to deliver in exchange for such obliga­ Ft.Smitli & V an B. Br. Co. 1st M. 6 P.Ct. Gold B onds,due 1910.
369,000
tions the new General Mortgage Bonds or Prior Lien Bonds Kan.City & So.W. RR.Co. 1st M.6 P.Ct.G old Bonds, due 1916.
744,000

which may be issued to take up or pay said obligations, as
above provided.
Registered bonds, without coupons, together with an assign­
ment and power to transfer in blank, executed in the proper
form , may be deposited on the same terms as coupon bonds
of the same issue.
Holders of bonds from which coupons required to be de­
posited as above stated shall have been detached may deposit
such bonds and the remaining coupons pertaining thereto,
upon such terms as the Joint Executive Committee shall
prescribe ; but upon depositing with such bonds an amount
in cash equal to the par amount of the missing coupons, they
shall receive therefor certificates of deposit as though all the
required coupons had been deposited.
The Joint Executive Committee may, in its discretion, pur­
chase detached overdue coupons, and may settle therefor in
new securities or in cash, upon such terms as said Committee
m ay determine.
The Joint Executive Comm'ttee may provide for the issue
of scrip for fractional amounts of new securities, or m ay, in
its discretion, settle,any fractional amounts in cash by pur­
chase or sale on reasonable terms based on the market prices
of the day.




In case the Consolidated Mortgage dated June 11, 1891,
shall be foreclosed and the property acquired at foreclosure
sale be transferred directly to the new Company formed as
a successor to the Atchison Company, such arrangements
may be made as will enable the new Company to provide for
the principal of the bonds above enumerated, either by ex­
tending the same at maturity without impairment of priority
or lien, or by issuing new bonds secured by the same lien in
renewal of or exchange for such existing bonds, or by the
creation of a new consolidated mortgage covering the proper­
ties which shall be acquired subject to the mortgages securing
said enumerated bonds, which new Consolidated Mortgage
shall be prior in lien to all other mortgages on such property,
except the mortgages securing said enumerated bonds and
shall secure an issue of bonds limited to the am aunt of said
enumerated bonds, which shall be taken up or paid, and all
such new Consolidated Mortgage Bonds shall bear interest at
a rate not exceeding 5 per cent per annum.
In case a separate successor company shall be organized to
take title to the property of the St. Louis & San Francisco
Railway Company acquired at foreclosure sale, a new Con­
solidated Mortgage is to be created by such successor com­
pany covering the same property and securing an issue of
bonds equal to that authoriz d by the mortgage foreclosed

662

THE CHEONICLE.

and new Consolidated Mortgage Bonds to the amount of those
now outstanding are to be issued, and such bonds, together
with all the shares of the Capital Stock of such new Company,
except an amount required to qualify Directors, are to be de­
posited as additional security for the new General Mortgage
Bonds to be issued by the new Company formed as a successor
to the Atchison Company.
In case any portion of Raid $20,000,000 of new General
Mortgage Bonds or $20,000.000 of new Preferred Stock shall
not be used by the Joint Executive Committee for the pur­
poses aforesaid, such bonds m a y b e reserved under the new
General Mortgage, and such new Preferred Stock be deposited
upon trust, subject to such restrictions as the Joint Executive
Committee may prescribe, so as to enable the new Company
formed as a successor to the Atchison Company to use the
same for the said purposes or any of them.
V . —C A S H

R E Q U I R E M E N T S A N D /P R O V I S I O N
THEREFOR.

MADE

-A 7~The Plan makes the following provision for the cash
-*
requirements of the Reorganisation :
Assessment on Atchison stock at $10 per share___ $ 10 , 200,000
Assessment on Second Mortgage and Income
Bonds, at 4 per cent, about.............................. 1 ..........
3,367,644
$13,567,644
In addition thereto the securities now pledged as collateral
for floating debt which m ay be taken up or acquired by the
Joint Executive Committee, or the proceeds of such securities,
or the bonds and stock of the new Company which could be
issued in exchange for such pledged securities, if the latter
were deposited under the Plan by the holders thereof, are to
be available and may be used for the general purposes of the
Reorganization as the Joint Executive Committee may de­
termine ; but if the Joint Executive Committee shall acquire
any of the $5,000,000 of Second Mortgage B Bonds now
pledged as collateral for floating debt, it may in its discretion
either cause the same to be canceled or may cause Preferred
Stock of the new Company to be issued in respect thereof.
A n y earnings of the properties up to date of the issue of the
new securities, and not applied to the payment of interest,
will be applicable for improvements.
B .— The estimated cash requirements of the Re­
organization are:

[V o l . L X .

PITTSBURG CINCINNATI CHICAGO
LOUIS RAILWAY.
FIF T H

ANNUAL

&

ST.

REPORT— FOR TH E Y E A R E N D IN G
DECEM BER 31, 1894.

P ittsburg , P a ., April 9th, 1895.
l o the S tockh olders o f the P ittsb u r g C in cin n a ti C h ica go to
S t. L o u is R a ilw a y C o
^
. Your Directors submit herewith their report of the opera
tions of your line, and of the other roads in which you are
interested, for the year ending December 31, 1894, showing
the physical condition of these properties and the financial
condition of your Company at that date.
P IT T 8 BURG CINCINNATI CHICAGO & ST. LOUIS R A IL W A Y .
M ain Line (including Steubenville E xten sion PennsylRaUroad>
m iles).................................................. 943-39 m iles.
.tsrancnes........................... . . . . . . . . . . . ..................................
148*13 4
4
59-47 “
Line used jointly with other companies....................... "
T otal.

.1.150-99

“

E arnings.
1894.
Freights...................... $9 ,741 ,141 55
P assengers................. 3,357,627 9 4
E xpress
330,097 29
M ails...................
660,406 42
R en t o f railw ay
39,954 87
Other rents........
21,465 88
M iscella n eou s..
97,161 78

1893.
$10,281,475 47
4,329,042 99
334,413 73
660,304 08
40,642 41
18,832 43
86,097 57

Increase
or Decrease.
D .$540,333 92
D .971,415 05
D .4,316 44
1.102 34
D .687 54
1.2,633 45
1.11,064 21

T otals................... $14,247,855 73

$15,750,808 6 8

D .$ l,5 0 2 ,9 5 2 95

1,150-99 miles.
Earns, per m ile o f rd.
$12,378 78

1,143-88 m iles.
$13,769 64

D .$ l,3 9 0 86

E xpenses .
Increase
1893.
or Decrease.
$4,918,713 53 D .$312,984 80
3,372,399 14
D .566,018 05
1,435,103 14
D .232,263 47
1,492,013 59
D .255,538 29
8 1 6 ,4 0 1 6 4
1.97,693 39

1894.
Cond’ng tra n sp o rts. $4,605,728 73
M otive p ow er. .......
2,806,381 09
M aintenance o f way. 1,202,839 67
M aintenance o f cars. 1,236,475 30
General e x p e n se s...
914,095 03
T otals................... $10,765,519 82
R atio o f expenses to
earnings................. 75-56 per ot.

$12,034,631 04 D .$ l , 2 6 9 , l l l 22
76-41 per ct.

....... ............

For receivers’ debt and preferred or secured float­
Gross earnings o f the Pittsburg Cincin­
ing debt of the Atchison Company, estimated as
nati Chicago & St. Louis R ailw ay...........$14,247,855 73
of January 1 ,1 895........................................................... $7,793,875 Operating expen ses......................................... 10,765,519
82
Leaving for receivers’ and floating debt and ac­
N et e a r n in g s ...................
crued interest on undisturbed securities, and for
$3,482,335 91
A d d :terminals, repairs and improvements of the aux­
Geheral I n t e r e s t ...........
16,022 73
iliary companies, if acquired, and for working
T otal net revenue fo r 1894.
$3,498,358 64
capital of the new company and terminals in
T otal net revenue fo r 1893.
3,730.223 90
Chicago and other necessary improvements and
D ecrease..........................
$231,865 26
repairs and for expenses of reorganization, in­
cluding formation of the new Company, and
From the above net revenue for 1894....
qso,4y«,3oa t>4
D educt paym ents as follow s :—
issue of the new securities and contingencies.. . $5,773,769
T<>
tal....... .................................. ..

..............................$13,567.644

After providing the new Company with the means to meet
accruing interest and furnishing it with reasonable working
capital, any surplus securities, cash and other assets remain­
ing in the bands of the Joint Executive Committee upon the
completion of the reorganization may be turned over to the
Trustee o f the new General Mortgage, upon trust, to deliver or
pay over such securities, cash and other assets, under such reg­
ulations as the Joint Executive Committee and the Trustee
m ay agree upon, in order to secure their application for the
same purposes as the $30,000,000 of additional new General
Mortgage Bonds which may be issued as above specified; pro­
vided, however, that the Joint Executive Committee m ay in
its discretion cause any Preferred Stock so remaining in its
hands to be canceled.
A contract has been made with a syndicate to furnish an
amount of money equal to the assessments of non-assenting
or defaulting Stockholders, and such syndicate, by such pay­
ment, shall take the place of the non-assenting or defaulting
Stockholders and shall be entitled to receive the new Common
and Preferred Stock which such non-assenting or defaulting
Stockholders would have been entitled to receive if they had
deposited their stock and paid their assessments in full.
Syndicates may also be formed to furnish the money needed
in case of foreclosure to pay the non-assenting Bondholders
their p r o ra ta share of the proceeds o f sale and to advance
any cash which may be required during the reorganization
and for other purposes.
This Plan is a part of a certan Reorganization Agreement
dated the fourteenth day of March, 1895, between Edward
K ing, R. Somers Hayes, Edward N. Gibbs, George G. Haven,
Adrian Iselin, Jr., Robert Fleming, C. Sligo de Pothonier,
John Luden and Victor Morawetz (therein called the Joint
Executive Committee), parties of the first part; and such
holders o f stocks, bonds or other obligations of the Atchison
Topeka & Santa Fe Railroad Company (therein called the
Atchison Company), or any of the other companies mentioned
in this Plan who shall become parties to said Agreement
(therein called the Depositing Security-Holders), parties of the
second part; and this Plan and the said Agreement shall be
taken and construed together as one instrument, and as
though all the provisions of this Plan were embodied in said
Agreement.




Interest on consol, m ort. 4 ^ p. ct. b on ds. $1,061,985 00
Int. on bonds o f Pitt. Cin. & St. L. R y. Co.
— --------630,410 00
Interest on bonds o f Chi. St. L .& P.RR.Co.
373,240 00
Int. on bonds o f Cin. Rich. & Chic. RR. Co.
38,640 00
Interest on bonds o f Jeff. Mad.& In.R R .C o.
304,307 50
P aym ’ ts under Car Tr. con t’ ts, incl. int,&o.
38,761 09
R ent o f Steubenville E x ten sion .................
68,448 64
R ent o f Lake E rie & W estern R ailroad
betw een Indianapolis and Kokom o, Ind.
24,066 72
R ent o f L ittle Miami R ailroad betw een
R endcom b Ju no.and C incinn ati,O hio..
22,200 00
R ent o f Cincinnati H am ilton & D ayton
R ailroad betw een H am ilton and N ew
R iver Junction, Ohio.................................
4,996 20
2,566,055 15
$932,303 49
1,087,611 79
$155,308 30

N et prolit fo r 1894.
N et profit fo r 1893.
D ecrease............
To the above profit fo r 1894........................
A d d net revenue o f other lines operated
b y your Company, the details o £which
are stated hereafter, viz :—
Ohio Connecting R ailw ay ............................
Chartiers R ailw ay.........................................
W aynesburg & W ashington R ailroad___ I
P ittsburg Chartiers & Youghiogheny R y .
P ittsburg W heeling & K en tu cky R ailroad.
L ittle Miami R ailroad...................................

$932,303 49

$ 1 1 3 ,7 4 4 1 4
74,595 40
13,311 52
58,947 29
58,125 26
472,199 65
790,923 26

F rom w hich deduct paym ents as follow s
R ent o f Ohio Connecting R ailw ay ............
$113,744 1 4
R ent o f Chartiers R ailw ay..........................
7 4 595 40
N et revenue o f W aynesburg & W ashing­
ton R ailroad.................................................
1 3 344 52
N et revenue o f P ittsburg Chartiers &
Y oughiogheny R ailw ay ........................ .
58,947 29
R ent o f P ittsburg W heeling & K en tu cky
R ailroad.........................................................
gg 4 2 5 26
Interest and dividends paid L ittle Miami
Railroad C om pany............ .
................
662,626 56
Interest on C incinnati Street Connection
R ailw ay b o n d s ............................................
31,500 00
L oss from operation o f E nglew ood Con­
nectin g R a ilw a y ....... ..................................
2 813 15
Five-sevenths loss in operation o f St. Louis
Yandalia & Terre Haute R ailroad.........
59,456 52
Cash advanced C incinnati R ichm ond &
F ort W ayne Railroad Com pany to p ay
interest on b on d s........................................
42 615 19
Surplus on all lines operated fo r 1894.
Surplus on all lines operated fo r 1893.
D ecrease as com pared w ith 1 8 9 3 ...

$1,723,226 75

1,087,735
$635,491
824,633
$189,142

03
72
81
09

THE CHRONICLE.

A pril 13 1895, |
Surplus o f iucdm e on all lines fo r the year
1894...............................................................
B alance to credit profit and loss accou n t
D ecem ber 31st, 18 93.......................- ........
D e d u c t:—
A m ou n t paid in settlem ent o f taxes fo r
p reviou s years and o f sundry accounts.
D ividen d o f 2 per cent on preferred stock
o f P ittsbu rg C incinnati Chicago & St.
L ouis R ailw ay C om pany.........................

$635,491 72
739,723 76
----------------------$1,375,215 48
$487,180 86
459,497 00
---------------------

946,677 86

B alan ce to credit profit and loss D ecem ber 31st, 1 8 9 4 ...

663

B rought fo r w a rd .................................................................$
P ittsbu rg Cincinnati < St. Louis R ailw ay Com oany first
fe
consol, m ortgage seven per cent reg bonds, due 1900.
Columbus & Indianapolis Central R ailw ay Company
first m ortgage seven per cent bonds, due 1 9 04............
Colum bus & Indianapolis Central R ailw ay Com pany
second m ortgage seven per cent bonds, due 1 9 04.......
U nion & Logansport R ailroad C om pany first m ortgage
seven per cent bonds, due 1905..........................................
Jeffersonville M adison & Indianapolis
R ailroad Com pany first m ortgage seven
per cent bonds, due 1 9 0 6 ............................$2,943,000 00
629,000 00
Less 629 bonds in sinking fu n d ............

$428,537 62

S ta tem en t sh ow in g the con version o f stock a n d a lso the e x ­
change an d retirem en t o f bonds d u rin g the y e a r 1 8 94 * and
the am ount o f each ou tsta n d in g a t th e close o f th e y e a r .
i
STOCK.

There was issued during the year 1894, under the agree­
ment of consolidation, in exchange for stock of the constitu­
ent companies, stock of the Pittsburg Cincinnati Chicago
& S t. Louis Railway Company as shown below, v iz .:—
In exchange fo r—
1,461
shares com m on stock Pitts. Cin. &
S. L. R y. Co. at $50 each.................. $73,050 00
352864 shares com m on stock Steubenville
& Indiana RR. Co. at $50 each ....... 1,764 32
50
shares com m on stock Chicago St.
L. & Pitts. RR. Co. at $100 e a c h ... 5,000 00
22
shares preferred stock Chicago St.
L. & Pitts. R R . Co. at $100 each ... 2,200 00
.----------------A lso under the agreement fo r reorganization o f the
Colum bus Chicago & Indiana Central R ailw ay Com ­
pany, in conversion o f the follow in g securities o f
that C om p an y :
106 shares com m on stock at $50 each .............. $5,300 00
1 incom e bond, par $1,000.............................
1,500 00
6 oonsol. m ortg. bonds, par $1,000 e a ch
2,400 00
-----------------

$82,014 32

9,200 00

$12,500 02
78,714 30
$91,214 32

T otal issued during 1894...................................................

In furtherance of the plan of reorganization of the C om ­
pany 4,592 shares of the common stock of the Pittsburg
Cincinnati & St. Louis Railway Company, having a par
value of $229,600, were retired and canceled during the year.
Stock of the Pitts. Cin. Chi. & St.
Louis Railway Co. outstanding
Dec. 31, 1894 :—
242,967 shares com . stock at $100 e a c h ..$24,296,700 00
Com m on stock scrip .....................
2,283 67
---------------- •
•
-----$24,298,983 67
226,001 shares pref. stock at $100 each. .$22,600,100 00
3,363 09
P referred stock scrip ...................
---------------------- 22,603,463 09
$46,902,446 76

Stock of constituent companies out­
standing Dec. 31st, 1894 :—
shares com m on stock P ittsburg
Cincinnati & 8t. Louis RailwayCompany at $50 each.................
1,7404932 shares com m on stock Steuben­
ville & Indiana R ailroad Com­
pany at $50 e a ch ........................
59
shares preferred stock Steuben­
v ille & Indiana R ailroad Com­
pany at $50 each ..........................
5,5966700 shares com m on stock Chicago
St. Louis & Pittsburg R ail­
road Com pany at $100 each ..
4616262 shares preferred stock Chicago
St. L ouis & P ittsburg R ail­
road Com pany at $100 e a c h ...
54
shares com m on stock Jefferson­
ville M adison & Indianapolis
R R . Com pany at $100 each ___

3,297

$164,850 00
87,024 66
2,950 00
559,667 00
46,152 62
5,400 00
-------------- —

866,044 28

Total stock outstanding D ecem ber 3 1 ,1 8 9 4 .............. $47,768,491 04
BONDS.

There were $28,000 Pittsburg Cincinnati & St. Louis Rail­
w ay Company first consolidated mortgage seven per cent
coupon bonds exchanged for a like amount of registered
bonds of the same issue.
There was one $1,000 Chicago St, Louis & Pittsburg Rail­
road Company consolidated mortgage five per cent coupon
bond exchanged for a registered bond of the same issue and
amount.
There were $78,000 first mortgage bonds Jeffersonville
Madison & Indianapolis Railroad Company redeemed through
the operation of the sinking fund for the retirement of the
bonds issued under that mortgage.
There were $3,862,000 Pittsburg Cincinnati Chicago & St.
Louis Railway Company consolidated mortgage four and onehalf per cent bonds issued during the year 1894 on account of
expenditures made on capital account since October 1, 1890.
Bonds outstanding December 31st, 1894 :—
Cincinnati R ichm ond & Chicago R ailroad Company sec­
ond m ortgage seven per cent bonds, due 1 8 89..............
C hicago & Great Eastern R ailw ay Company first m ort­
gage seven per cent bonds (last), due 1895...................
Cincinnati R ichm ond & C hicago Railroad Com pany first
m ortgage seven p ercen t bonds, due 18 95.......................
P ittsburg C incinnati & St. Louis R ailw ay Com pany first
oonsol. m ort. seven per cent co p o n bonds, due 1 9 0 0 ...




oo

2.631.000 00
780.000 00
715.000 00

2.314.000 00
1.995.000 00
3,000,000 00
1.293.000 00
213,000 00

10, 000,000 00
10,000,000 00
6.818.000 00

T otal bon ds outstanding D ecem ber 31st, 1 8 9 4 .........$47,355,000 00

$91,214 32
F o r w hich stock o f the P ittsburg Cincin­
nati Chicago & St. Louis R ailw ay Com­
pany w as issued as fo llo w s :—
Com m on stock ..................................................
P referred sto ck ...............................................

Jeffersonville M adison & Indianapolis R ailroad Com­
pany second m ortgage seven p er ct. bonds, due 1910.
Steubenville & Indiana R ailroad C om pany first m ort­
gage (extended) five p. ct. registered bonds, due 1914.
Chicago St. Louis & P ittsburg RR. Co. consolidated
m ortgage five per cent cou p on bonds, due 19 32...........
C hicago St. Louis & P ittsburg RR. Co. consolidated
m ortgage five per cent registered bonds, due 1932___
P ittsbu rg Cincinnati Chicago & St. Louis R ailw ay Com­
pany consolidated m ortgage fou r and one-half per
cent bonds, series “ A ,” due 1 9 4 0 ........................... ..........
P ittsburg Cincinnati C hicago & St. Louis R ailw ay Com­
pany consolidated m ortgage fou r and one-half per
cent bonds, series “ B ,” due 1942......................................
P ittsburg Cincinnati Chicago & St. Louis R ailw ay Com­
pany consolidated m ortgage fou r and one-half per
cent bonds, series “ C,” due 1 9 4 2 ....................................

2 ,0 0 4 ,0 0 0

4.632.000 00

$65,000 00
116,000 00

The tonnage transported was 10,381,338 tons, against 10,301,725 tons in 1893, an increase of 79,613 tons, entirely in the local
traffic. There was a large increase in the items of grain, to­
bacco, cotton, live-stock, dressed meats, bituminous coal,
stone, sand, pig and bloom iron, bar and sheet metal, and
cement and brick, and a large decrease in flour, anthracite
coal, coke, ores, lumber, petroleum and miscellaneous articles.
There was a decrease in freight earnings of about 5 % per
cent, or $540,333*92, The average rate received was 6 5-10
mills, a reduction of 3-10 mills as compared with 1893, but
there was a decrease in the co3t of movement of 4-10 mills,
the net profit being increased to 1 2-10 mills per ton per
mile.
There was a decrease of about 2 per cent in the ton
mileage.
There were carried 5,627,934 passengers, as compared with
6,340,723 in 1893, a decrease of 712,789, the greater portion of
which was in the local travel. There was a large decrease in
mileage, nearly 28% per cent, and a decrease of $971,415 05 in
passenger earnings, largely due to the exceptional movement
in connection with the Columbian Exposition at Chicago in
1893. The rates received show an increase of 7 69-100 per
cent, and the cost of movement an increase of about 23% per
cent, the profit having decreased 2 1-10 mills per passenger
per mile.
There were 5,356 tons of new steel rails and 382,196 cross
ties used in construction and renewals during the year, and
66 miles of gravel, 76 of cinder and 2 % miles of stone ballast
were laid on the various divisions.
The net increase in the length of tracks, including Company
sidings, was 11 6-100 miles. The work of improving your
bridges was further continued by the substitution of iron truss
and girder bridges for wooden structures, and the renewal of
masonry abutments.
For the purpose of eliminating four
grade crossings, about a mile and a-half of new couutry road
was built at Colliers and the public travel concentrated on one
overhead bridge, this structure, with approaches, aggregating
a length of 413 feet. The overhead street bridges at Ingram
and Uhrichsville were renewed, and general repairs made to
a number of other structures.
Five engines were condemned and two sold, and four new
standard engines put in their place, in addition to restoring
five others to service which had been retired in 1893.
Two passenger coaches were sold and 1 destroyed, and 313
freight, 1 tool and 15 cabin cars were rebuilt to replace vacant
numbers, 160 of which represented equipment destroyed in
th« Chicago riots.
There was but a comparatively small sum expended during
the year on capital account, the entire outlay being $87,550 84.
Of this amount $8,997 35 were expended on the New Cumber­
land Branch, and the balance upon the new receiving tracks
and Leonard Street Viaduct at Columbus, in the erection of
the stations already referred to, and in payment for Car Trust
Equipment.
OHIO CONNECTING R A IL W A Y .

This road, which is 3 27-100 miles long, including the bridge
over the Ohio River, connects your system with the North­
western system of lines operated by the Pennsylvania Com­
pany.
E arnings.
1894.
1893.
Increase.
Decrease.
Tolls on freights.........$130,517 00 $115,585 38 $14,931 62 ................
T olls on passen gers..
6015
3 30
56 85 .............. .
R ent o f real e sta te ....
240 00
240 00 ................. . ................
T otals.................... $130,817 15

1894.
C onducting transportat’n $5,788 64
M aintenance o f w a y ......... 7,339 94
G eneral expenses............
3,944 43
T otals........................... $17,073 01

$14,988 47

................

1893.
Increase. Decrease.
$6 ,7 8 0 97 .................
$992 33
5,467 74 $1,872 20 ................
3,394 49
549 94 .........
$15,643 20 $1,429 81

...

Net E arnings.

552,000 00
2,231,000 00

$115,828 68

E xpenses .

1894.
$ 1 1 3 ,7 4 4 1 4

1893.
$100,185 48

Increase,
$13,558 66

664

THE OHBONICLE.

C H A R TIER S R A IL W A Y .
M ain L in e.......... .............................................. %
.............................. 22-76 miles.
Oliartiers C onnecting R ailroad..................................................
-72 “
T o t a l ........................................................................................... 23-48 miles.

E arnings,
1894.
1893.
Increase. Decrease.
F reights..................
$107.650 03 $120,582 03
$12,932 00
P a sse n g e rs..................
116,050 16
130,998 16
14,948 00
E x p re ss........................
3,264 78
3,456 78
192 00
2,514 84M ails.............................
2,563 51
48 67
R ent o f railw ay...........
2,973 60
2,973 60
.........
Other rentals..............
310 00
228 00 $82 00
................
M iscella n eou s.............
1,177 82
212 87
1,3 90 69
.........
T ota ls.....................

$233,941 23

$262,192 77

$28,251 54

E a m ’ gs per m ile road

$9,963 43

$11,166 64

$1,203 21

E xpenses .
1894.

C onducting transpor­
tation ............ ...........
M otive p o w e r ............
M aintenance o f w a y .
M aintenance o f cars.
General expen ses___

1893.

$64,334 53
42,827 92
24,978 12
5,720 43
3,377 65
$141,238 65

$67,811
44,355
27,936
6,405
3,419

Increase.
32
22
62
73
19

Decrease.
$3,476
1,527
2,958
685
41

$149,928 08

....

79
30
50
30
54

$8,689 43

R atio o f expenses to
60-37 per ct.

18,107 18

2 5 ,1 2 1 2 1

$74,595 40

$87,143 48

....

$19,562 11

....

$57,775 82
$2,052 43

.............

$8,239 86
$292 72

Increase.

Decrease.
$637 43

E xpenses .
1893.
$10,511
8,848
16,388
4,762
1,362

59
06
70
26
11

$240 64
............
.........■..
87 60

2,274 76
3,064 33

$41,872 72
............. $5,648 28
72-47 p.ct. 0-66 p .c t ......................
$15,903 10
............. $2,591 58

There was a considerable decrease in the gross earnings, and
also in the expenses, the decrease in the net earnings being
1>2,591 58. The volume of freight traffic decreased about 25%
per cent and the mileage about 19% per cent. There was an
increase in the rate received per ton per mile but a larger in­
crease in the cost of movement, the net profit decreasing
4 5-10 mills. The number of passengers carried decreased
about 12% per cent but there was an increase in the net profit
of 9-10 mill per passenger per mile.
PITTSBU RG C H A R T IER S & Y O U G H IO G H E N Y R A IL W A Y

■extends from the Ohio River at a point below Brunot’s Island,
and from a connection with the Pittsburg & Labe Erie
Railroad near that point, to a connection with the Chartiers
Railway south of Carnegie, Pa., and from W o o 3 ville, on the
Chartiers Railway, to Beadling and Beechmont, having an
aggregate length of 15 74-100 miles. It has trackage rights
over 1 40-100 miles of the Chartiers Railway.
The road is jointly owned by the Pittsburg Cincinnati
Chicago & St. Louis Railway and the Pittsburg & Lake Erie
Railroad Companies.
E arnings.
1894.
M erchandise...............................
$8,331 27
C oal..................................... i . . . . 116,604 78
P assengers....... .........................
1 1 ,5 0 1 5 2
E x p r e s s . .....................
780 68
M ails...............
292 03
R ent o f p ro p e rty ......................
572 66
M iscellaneou s...................'........
133 75
"

1893.
$9,598 13
147,769 23
1 4 ,5 6 1 1 2
900 92
39 31
1,353 18
105 60

T o ta ls ................................... $138,216 69 $174,327 49
(17-14 m.)
(17-16 m.)
E arnin gs p er m ile o f r o a d
$8,0
^8
$10,158 94




M otive p o w e r .............................
M aintenance o f w a y ................
M aintenance o f oars................
G eneral expen ses.....................

17,670 98
18,754 97
3,909 44
8,353 86

T ota ls........................... .
$76,295 80
Ratio o f expenses to e a r n s ... 55-20 p. ct.

Decrease
D .$6,174 73
D.12,396 23
D .28,148 00
D .7,177 85
D .412 84

$130,605 45 D .$54,309 65
74-92 p. ct. D .19-72 p. ct.

N et E arnings.
1894.
$61,920 89
Less rent Chartiers R ail­
w ay betw een Carnegie
and B ower H ill........... 2,973 60

1893.
$43,722 04

Net revenue..............$58,947 29

$40,748 44

Increase.
Decrease.
$18,198 85 ................

2,973 60
$18,198 85

................

The tonnage transported was 721,126 tons, as compared
with 870,695 tons in 1893, a decrease of 149,569 tons, or about
17% per cent, almost entirely in bituminous coal. There was
a decrease of about 26 per cent in the ton mileage and 20 6-10
per cent in the revenue. There was an increase of 1 1-10 m ill
in average earnings per ton per mile, and a decrease of 2 9-10
mills in the cost of movement, the net result being an increase
<f 4 mills in the net profit. There was a continued loss in
the passenger traffic.
PITTSBURG W H E E LIN G & K E N TU CK Y R A IL R O A D .

T otal.............................................................................................28-04 m iles.

1894*
1893.
Increase. Decrease.
F r e ig h t .................................... $18,964 82 $23,359 29
............ $4,394 47
P a sse n g e rs............................ 26,934 36 30,963 76
............
4,029 40
E x p re ss...............................
1,164 25
1,218 54
54 29
IViails....................................
2,455 88
2,217 88 $238 00
9 00
300
R ent o f p rop erty ..............
6 00
M iscella n eou s...................
7 65
1335
5 70

T otals.......................... $36,224 44
Ratio o f expen. to earns. 73-13 p.ct.
N e t e a r n in g s ................... $13,311 52

1893.
$3 3 ,7 8 1 2 8
30,067 21
46,902 97
11,087 29
8,766 70

$12,548 08

E arnings.

16
70
94
93
71

1894.

Conducting transportation... $27,606 55

Main L in e........................... ..............................................................24-00 miles.
B enw ood E xten sion ....................................................................... 4-04 miles.

W AYN ESBU RG & W ASHINGTON R A ILR O A D .
M ain L i n e .......................................................... ...............28-15 miles.

1894.
$9,874
9,088
14,113
1,697
1,449

E xpenses .

7,014 03

...

There was a decrease in net earnings of $12,548 08. The
tonnage for the year was 1,237,345 tons, as compared with
1,242,870 tons for 1893, a decrease of 5,525 tons. There was a
decrease in the average rate received per ton per mile of 1 4-10
mills, and in the cost of 5-10 mill, the decrease in the net being
D-10 mill. There was a fair increase in the volume of bitumin­
ous coal, but a decrease in most of the other important items
of tonnage. The number of passengers carried was 400,602,
against 468,463 in the previous year, a decrease of 67,861, or
■about 143*2 Per cent. The decrease in the passenger mileage
was about 10% per cent and in the gross revenue therefrom
about 113*2 Per cent.
There wpre 6,882 cro3S-ties used in construction and renew­
als. There was an increase of about half a mile in sidings
and 11 miles of cinder ballast were laid. The property is in
good condition.

-Conducting transport’ n.
M otive p o w e r.................
M aintenance o f w a y ___
M aintenance o f ca rs___
■General expen ses...........

LX.

57-18 p ’r c t . 3 1 9 p . c ......................

$92,702 58 $112,264 69

T otals.......................... $49,535 96
E arns, per m ile o f r o a d .. $1,759 71

[V o l,

E arnings.
1894.
1893.
It crease. Decrease.
Freights.........................$129,375 Q5 $155,880 57 ................ $26,505 52
Passenggrs...................
57,306 83
66,976 04
9,669 21
E x p ress........................
3,837 41
4,122 68
285 27
M ails..............................
3,031 32
2,926 78 $104 54
Rent of railw ay...........
6,448 31
6,368 41
79 90
R ent o f other property
1,055 94
1 ,4 8 1 2 6
425 32
M iscellaneou s............
68112
840 96
159 84
.$201,735 98
l $7,194 58

$238,596 70
$8,509 15

................
................
Increase.

$36,860 72
$1,314,57
\
Decrease.

18
60
14
89
42

................
................
................
................
................

$ 9 ,8 5 1 4 4
6,695 40
9,578 84
2,529 30
605 54

.$129,744 71 $159,005 23
64-32 per ct. 66-64 per ct.
$71,991 27
$79,591 47
Hire o f equipm ent,&c1 13,866 01
.
16,410 82

................

$29,260 52

................

$7,600 20
2,544 81

................

$5,055 39

E xpenses .
Conducting transpor

General expenses.

1894.

1893..

. $54,114 74
. 29,307 20
. 30,276 30
6,490 59
9,555 88

. $58,125 26

$63,966
36,002
39,855
9,019
10,161

$63,180 65

The aggregate tonnage was 516,606 tons, as compared with.
628,454 tons in 1893, a decrease of 111,848 tons, or 17 8-10 per
cent. The decrease was in most of the important articles
transported, but was most marked in the items of coke, ores,
lumber and cement and brick. The gross revenue from the
freight traffic shows a decrease of 17 per cent but the net
profit per ton per mile an increase over the preceding year of
1-10 mill.
The decrease in the number of passengers carried was about
13 per cent. The average earnings per passenger per mile de­
creased, but as there was a greater decrease in the cost the
net profit was 6 5-10 mills per passenger per mile, as against
6 2-10 mills in 1893.
The gross earnings of the road decreased about 15% per
cent, while the expenses decreased 18 4-10 per cent, resulting
in a decrease in the net earnings of $5,055 39.
There were 10,827 cross ties used in repairs and renewals,
and 1 mile of cinder ballast was laid. W ork was begun upon
the new passenger station at Wheeling. This is a much-needed
improvement, and is estimated to cost when completed about
$42,000, which will be paid out of income account.
L ITT L E M IA M I R A ILR O A D .
Main L in e.................................................................................................... 119-35 m iles.
D ayton & W estern B ra n ch .....................
53-34
“
X en ia & Springfield B ran ch ..................................................... 19-31
“
T ota l...........................................................................................192-00 m iles.

E arnings.
1894.
F reigh ts............ $992,280 82
570,749 51
P assengers.......
65,984 67
E x p r e s s ....___
108,924 58
M ails..................
34,994 13
R ent o f railw ay
36,929 57
R en tofoth .p rop.
21,441 74
M iscellaneous .

1893.
$1,074,541
610,333
68,343
109,028
34,994
40,919
19,686

Increase.
33
62
99
60
12
$0 01
67
42 $1,755 32

Decrease.
$82,260 51
39,584 11
2,359 32
104 02
3,990 10

T otals............ $1,831,305 02 $1 ,957,847 75
............ $126,542 73
Earnings p. m ile
Increase
o f r o a d ..........
$9,538 05
.............
$659 07
$10,197 12
or Decrease.
E xpenses .
D .$ l,2 6 6 86
1894.
Increase.
Decrease.
1893.
D.31,1 6 4 4 5 Conduct’ g trans­
D.3,059 60
portation. ....... $620,674 06
$39,169 07
$659,843 13
D ,120 24 M otive p o w e r ..
358,917 81
54,839 91
413,757 72
1.252 72 Maint. o f w a y ..
148,331 67
141,082 33 $7,249 34
D .780 52Maint. o f c a r s ..
27,943 18
120,162 59
148,105 77
1.28 15 General e x p ___
165,800 07
157,684 69
8 ÌÌ1 5 3 8
D .$36,110 80
$106,587 44
T otals............. $1,413,886 20 $1,520,473 64
................... Ratio o f exp. to
D .$2,094 96
earn in g s.. . . . . 77-21 per ct.
77-66 per ct.
0-45 per ct.

THE CHRONICLE

A pril 13 1895 ]

665

The net earnings fo r 1894 w e r e ................. ..............................$417,418 82
P rofit from investm ents, & c............ ..........................................
54,780 83

The expenditures on capital account were almost entirely
for right of way at Columbus, in connection with the revision
of the tracks through that city, and aggregated $15,165.
Total net revenue fo r 1 8 9 4 ................................................ $472,199 65
There were 391 tons of new steel rails and 77,453 cross ties
A gainst w hich w ere charged—
One year’ s rent o f r o a d .........................................$6 62,6 26 56
used in renewals. There was a net increase in length of tracks
One year’ s interest on bonds o f Cincinnati
of ’41 of a mile, and 19 miles of gravel and 8 of cinder ballast
Street C onnection R a ilw a y .............................
31 500 00
-------- 694,126 56 were laid. There was no change in the motive power. T w o
—
passenger coaches were sold and 18 freight cars rebuilt to re­
N et loss fo r 1 8 94.......................................................... . . . . a . ........ $ 2 S l,926 91
place those destroyed in the Chicago riots and to fill vacant
N et loss fo r 1893............................................................................... 204,871 48
numbers.
There was a general decrease in the interchange of cars with
Increased l o s s ............................................................
$17,055 43
The earnings decreased $126,542 73 and the expenses $106,- connecting lines, except during the labor troubles in July,
when this road was free from disturbance, and in conse­
587 44, the net earnings showing a loss of $19,955 29.
The tonnage carried was 1,381,271 tons, as compared with quence did a largely-increased business with the Louisville &
1,521,430 tons in 1893, a decrease of 140,159 tons, or about 9J^ Nashville and other railways centering at Cincinnati. The
per cent. There was a large increase in the items of grain, Eggleston Avenue traffic was of about the same volume as in
tobacco, cotton and live-stock, and a large decrease in anthra­ the preceding year, but the business of the Cincinnati Street
cite and bituminous coal, coke, lumber, iron and steel rails Connection tracks shows a further reduction.
and miscellaneous manufactures. The average rate received
per ton per mile was the same as in 1893, but the cost in­
THE ENGLEWOOD CONNECTING R A IL W A Y
creased 1-10 mill, the net result being a profit of 1 3-10 mills
is 2 35-100 miles long, and connects your line with the P itts­
as compared with 1 4-10 mills in 1893.
The number of passengers carried in 1894 was 1,183,322, as burg Fort W ayne & Chicago Railway via 59th Street, Chicago.
compared with 1,242,445 in 1893, a decrease of 59,123, or
1894.
1893.
Increase.
Decrease.
.............
$3 84 75
per cent. There was a slight decrease in the average earniogs Earnings, freight tolls .. $4,313 75 $4,698 50
E x p en ses........................... 7,126 90
5,351 12 $1,775 78
and cost per passenger per mile, the result being a loss of 2 10
mills, as compared with 3-10 mills in 1893.
L oss..............................$2,813 15
$652 62 $2,160 53
EARN IN G S AN D COST P E R TON A N D PASSENGER P E R M ILE FO R TH E Y E A R S 1894 A N D 1893.

Statement of average earnings, cost and profit per ton and per passenger per mile for the year ending December 31, 1894,
compared with the year 1893 :

L en g th o f road, m iles......................
E arnings per ton. cen ts..................
Cost per ton, cents...........................
Profit per ton, cen ts........................
E arnings per passenger, ce n ts___ .
Cost per passenger, cen ts...............
P rofit per passenger, ce n ts............
•

GENERAL

P .O .C .d St.
L . Ry.,incl.
the Gad N.
O. <-B. and
£
McD. Bchs.
1,150-99
1894. 1893.
0-65
0-68
0-53
0-57
0-12
0-11
2-10
1-95
1-89
1-53
0-21

0-42

Chartiers
Railway.

Waynesburg
dé Washing­
ton HR.

Pitts Char. <
&
Yough. Ry.

Pitts. Wheel.
< K y. RR.
ß

Little M iami
Railroad.

Average,

23-48
1894. 1893.
1-59
1-73
1-24
1-29
0-35
0-44
2-36
2-42
1-28
1-20

28-15
1894. 1893.
6-93
6-97
5-57
5-08
1-85
1-40
312
3-18
302
2-87

17-14
1894. 1893.
1-71
1-60
0-83
1-12
0-48
0-88
2-53
2-61
3-53
3-55
Loss. Loss.
0-94
1-00

28-04
1894. 1893.
1-16
1-19
0-82
0-78
0-38
0-37
2-70
2-55
1-90
2*08

192-0
1894. 1893.
0-91
0-91
0-77
0-78
0-13
0-14
1-93
2-00
1-95
2-03

1,439-80
1894. 1893*
0-68
0-71
0-55
0-60
0-13
0-11
2-09
1-98
1-90
1-60

1-08

1-22

0-25

REM A R K S.

Your system, in common with the other large transportation
lines of the country, reflects the industrial depression that pre­
vailed throughout the year. A reduction of 331,495 tons and
884,774 passengers shows clearly that abnormal conditions
continued to prevail, and the natural reduction in the volume
of passenger travel due to the absence of the W orld’s Fair
traffic was not compensated by any improvement either in
the amount of tonnage or the rates received therefor. But
for the rigid economies enforced in all departments of the
service there would have been a severe reduction in your net
revenues; but by careful supervision the expenses on all lines
were reduced $1,409,942 07 as against a loss in gross revenue
of $1,682,489 59, so that the decrease in net earnings was but
$272,547 43.
This was accomplished without impairing the condition of
your property, and with the receipt of an average rate of but
6 8-10 mills per ton per mile on your entire freight traffic.
The cost of movement having been reduced 5-10 of a mill
there was an increased profit of 2-10 of a mill per ton per mile.
The passenger traffic shows an increased earning of 1 1-10
mills, but the cost having been increased 3 mills there was a
reduced profit of 1 9-10 mills per passenger per mile as com ­
pared with the preceding year.
For the reason already stated, there was but little expendi­
ture upon capital account on the lines in your system. No work
was undertaken that was not absolutely necessary, as through
the liberal provision made in 1893 in the way of additional
tracks, motive power and equipment your lines were found
to be practically fully equipped for all present requirements.
In addition to the unfavorable results due to the business
conditions prevailing throughout the year, the railways
of the country were further injuriously affected by the labor
strikes prevailing in April, May and Jnne in the bituminous
coal districts of Pennsylvania, W est Virginia, Ohio and Indi­
ana, and by the riots and lawlessness existing at Chicago and
other points in June and July, 1894. No more causeless strife
was ever inaugurated than that directed against the railways
of the country with the view of enforcing, through the block­
ade of their traffic and the destruction of their property, the
settlement of a dispute between a manufacturing company
and its employees. This disturbance extended to other west­
ern points on your system, notably Logansport and Indianap­
olis, but on the eastern portion of your lines the m n did their
dnty, and at Cincinnati, as already stated, the Little Miami
was, for several days, the only road that handled all business
offered to it.
A t Chicago the rioting and lawlessness resulted in the destruc­
tion of 729 freight cars, 78 of which were loaded, and of more
than four miles of track in the Fifty-ninth Street yard.
A s under the laws of Illinois, Cook County is responsible for
three-fourths of the damage, suits are now pending to recover
the same. The loss of life and property growing out of these
riots was not checked until the power of the United States
Government was invoked to protect the movement of inter­
state commerce and the transit of the mails.
The only changes in your funded debt during the year were
the retirement of $78,000 of the first mortgage bonds of the I




016

0-65

0-62

0-02

0-03

0-19

0-38

Jeffersonville Madison & Indianapolis Railroad Company
through the operation of the sinking fund provided for their
redemption and the issue of $3,862,000 of your consolidated
mortgage four-and a half per cent bonds, Series C, at par, in
repayment of advances heretofore made by the Pennsylvania
Company for your expenditures on capital account. It will
be noted that there has been charged against your profit and
loss account the sum of $487,180 86 , paid almost entirely in
settlement of taxes for previous years. The assessments made
upon your property in the State of Indiana for several years
past have been so excessive and so disproportionate to those
levied upon other classes of property that your Company*
made a protracted but unsuccessful effort to defeat these claims
through an appeal to the courts; but the final decision having
been adverse, it was finally compelled to pay this large
amount. It may be noted in this connection that the taxes
upon your property for the year 1894 amount to nearly 4)^
per cent upon your entire gross earnings.
The operations of the Employees’ Voluntary Relief Depart­
ment continue to be satisfactory, there having been during
the year 1,370 accessions to membership, an average of about
114 per month, and 1,2C0 in excess of the number of deaths,
and withdrawals. The number of members leaving the ser­
vice was 1,198, and the total membership at the close of the
year was 6,729.
The amount contributed by members was $133,184 43; th e
receipts from interest were $833 17, and the amount contrib­
uted by the Pittsburg Cincinnati Chicago & St. Louis Railway
Company was $28,556 48, which, added to the balance on
hand at the beginning of the year, viz., $12,161 54, make a
total of $174,735 62. Out of this amount there were paid to
families of employees in death benefits and for sickness and
accidents $125,086 50, and for operating expenses $25,471 78,
leaving a balance of $24,177 34, from which should be deduct-*
ed $23,414 55 to cover the amount of outstanding and unad­
justed claims, leaving a surplus of $762 79. The amount con­
tributed to the Department by the Pittsburg Cincinnati Chi­
cago & St. Louis Railway |Company, as stated above, was
$28,556 48, of which $25,471 78 was used for the payment of
operating expenses of the Department, and $3,084 70 for pay­
ment of extra benefits to members whose disability s had con­
tinued over fifty-two weeks, and who were therefore no
longer entitled to regular benefits from the Department.
During the year there were 5,044 benefits paid, viz., 4,967
on account of sickness and aocident and 77 death benefits.
Mr. G . L. Peck was appointed Superintendent of the Rich­
mond Division April 7, 1894, to succeed Mr. W . B. Leeds, re­
signed, and Mr. P. A Bonebrake, Superintendent of the Louis­
ville Division April 15, 1894, in place of Mr. H . I. Miller,
transferred to the Vandalia Line.
The Income, Profit and Loss, and General Accounts^
together with the usual traffic; statements, are hereto ap­
pended.
The Board take great pleasure in acknowleding the fidelity
and efficiency of the officers and of the great majority of the
employees during the past year.
By order of the Board,
G. B. ROBERTS, P resid en t*

THE CHRONICLE

666

CH ICAGO BURLINGTON «e QUINCY RR.
f
FO R TY-FIR ST
YEAR

A N N U A L REPORT— FOR
EN D IN G DECEMBER 81,

THE Y E A R
1894.

C h i c a g o , March 21,1895.
To the Stockh olders o f the C h icaqo B u rlin g to n &
R a ilro a d C o m p a n y :

Q u in cy

Y ou r Directors submit the following report of the opera­
tions of the Company for the year ending Dec. 31, 1894 :
EA R N IN G S A N D

E XP E N S E S .

The Gross Earnings of the Company, including all leased
roads and branches, have been :
F rom F reig h t.......... . ................................. $16,135,699 13
F rom P a sse n g e rs................................ ......
5,595,573 17
F rom Mail, E xpress and M iscellaneous. 2,935,860 01

$24,667,132 31

The Operating Expenses and
Charges have been as follows :
O perating E xpen ses.......................................... $15,000,909 48
T a x e s . . . : . . . . : . ................................................... 1,283,156 41
R ent o f T ra cts and D ep o ts............................
264,970 53
Interest on B on d s.............................................
6,492,429 20
Sinking F un ds....................................................
773,386 53
23,814,852 15
L eaving N et E arnin gs....... ..............................................

$852,280 16

A dd for—
D ividends and Interest on Securities o f
C ontrolled R oad s..................................... $1,607,053 80
O tte r Interest and in com e........................
331,797 78
----------------------

1,938,851 58
$2,791.131 74

.Dividends have been paid as follows :
M arch 1 5 ,1 8 9 4 ,1 1 * per c e n t................... $1,025,033 75
June 15 ,1 8 9 4 , It* per ce n t....................... 1,025,033 75
Septem ber 1 5 ,1 8 9 4 ,H x per ce n t............
1,025,033 75
D ecem ber 1 5 ,1 8 9 4 ,1 p er c e n t ................
820,027 00

3,895,128 25

D eficit....................................................................................... $1,103,996 51
N et R eceipts o f B. & M. R. R. R. in N ebraska L and D e­
partm ent fo r the y e a r................... ....... ............................
$73,526 05
1894 C OM PARED W IT H 1893.
Gross E arnings from Operating in 18 94............................. $24,667,132 31
Gross Earnings from Operating in 1 8 93............................. 31,042,969 58
D ecrease in 1894................................................................. $6,375,837 27
E xpenses and Charges in 1 8 9 4 .............................................$ 23,814,852 15
E xpenses and Charges in 1 8 9 3 ............................................ 28,838,765 12
Decrease in 1894............................................................... $5,023,912 97
N et E arnin gs in 1894...............................................................
N et Earnings in 1 8 93...............................................................

$852,280 16
2,204,204 46

D ecrease in 1894....................................... ........................ $1,351,924 30
Percentage o f Operating E xpenses (including Taxes) to
Gross Earnings in 1894.......................................................
Percentage o f Operating E xpenses (including Taxes) to
Gross E arnings in 1 8 93.......................................................

2*35

Brought forw ard............................. .............................
The reductions during the year were
as follows:

68*37

T otal num ber o f Passengers carried one m ile in 1894,
exclu sive o f Free M ileage................................................
In 1893......................................................................................

255,565,171
409,529,533

D ecrease in 1894.................................................................

153,964,362

LZ,

$122,561,900 00

B . & M. R. R R . (Iowa) 8
p. c. B onds o f 1894 paid
at m aturity...................... .$62,500 00
B ond Scrip, exchanged fo r
C. B. & Q. Consolidated
M ortgage 7 p. c. B onds o f
1903 and ca n celed ......... 39,000 00

Purchased for Sinking
Funds and canceled :
C. B. & Q. 5 p. c. B onds o f
1895 (A. K. & D. M. R R .). 2,000 00
C. B. & Q. 4 p. c. B onds o f
1919 (Iow a D iv ision )....... 204,000 00
C. B. & Q. 4 p. c. B onds o f
1927 (Nebraska E xten s’ n )324,000 00
:------’--------631,500 00
Net increase o f Funded D ebt during the y e a r............

$2,978,500 00

Total Funded D ebt D ecem ber 31, 1894.......................... $125,540,400 0 0
W hole am ount o f Stock and Bonds D ec. 31, 1894....... $207,544,600 00
L EN GTH OF ROAD.
The num ber o f m iles o f R oad ow ned and leased b y the
Company, including all Branches, on D ec. 3 1 ,1 8 9 3 ,
w a s .................................................. .........................................
The num ber o f m iles o f leased R oad operated
join tly with other Companies, and o f that fo r w h ich a
fixed yearly rental is paid, w a s ...........................................

Miles.
5,44294i0o
15277, ^

T otal num ber o f m iles operated b y the Com pany Dec.
3 1 ,1 8 9 3 , as stated in the L ast A nnual R ep ort................
5,5957i100
There w ere added during the y e a r :
---------- ------- ---

I n W yoming .
A n Extension o f the Grand Island & N orthern
W yom ing RR. from A lger northw esterly to a
conn ection with the B ig H orn Southern RR. on
the south line o f Montana, com pleted and
opened fo r business A ugust 6 ,1 8 9 4 .....................

Miles.

2019100

I n M ontana .
The B ig H orn Southern RR. from the south line
o f M ontana to a conn ection w ith the N orthern
P acific RR. at H u n tley ; com pleted and opened
fo r business O ctober 2 8 ,1 8 9 4 ................................ 10174 00
This com pany has leased from the N orthern Pacific
RR. Co. under date o f O ctober 28, 1894, the
jo in t use o f the track o f the last-nam ed Com­
pany from H untley to B illings, M ontana............
12901
(jp
T otal increase o f m ileage during the year..............
1348*joo
Total num ber o f m iles operated b y the Com pany
D ecem ber 3 1 ,1 8 9 4 ....................................................
5,73054j00
D ivided as follow s:
Num ber o f m iles o f R oad ow ned and leased b y
the Company, including all B ranches.............. 5,56487100
Num ber o f m iles o f leased R oad operated jo in tly
with other Companies, and o f that fo r w hich
a fixed yearly rental is p aid ................................. 16567100
--------------- 5,73054,00
A verage num ber o f m iles operated during 1 8 94.....................

66*02

D ecrease in 1 8 9 4 ............................ ....................... ...........

[V ol.

5,62599 00

LE N G TH OF SECOND T R AC K .
N o S e c o n d T r a c k w a s b u ilt d u r in g t h e y e a r .
T h e n u m b e r o f m ile s o f S e c o n d T r a c k o n
D e c . 3 1 ,1 8 9 4 , w a s :

Miles.
In I llin o is ............................................ .............. r.......... 20401joo
I n Io w a ............— . . ........................................... ........
886i 100
In N ebraska....................................................................
475,00
T o t a l..............I ............. ............... . ......................... ...................

___
29737,00

LE N G TH OF T H IR D T R AC K .
Gross E arnings from Passengers in 18 94.......................... $5,595,573 17
Gross Earnings from Passengers in 1 8 93.......................... 8,419,079 26
D ecrease in 1894............ .................................................... $2,823,506 09
T otal num ber o f Tons o f F reight carried one m ile in ’ 94 1,770,402,607
In 1 8 93....... ........... ................................................................. 2,099,080,071
D ecrease in 1894.................................................................

328,677,464

Gross Earnings from Freight in 18 94................................. $16,135,699 13
Gross Earnings from Freight in 1893................................. 19,689,495 30
Decrease in 1894................................................................. $3,553,796 17
C A PIT A L STOCK.

* The Capital Stock of the Chicago Burlington & Quincy
Railroad Company, in which there has been no
change since the date o f the last R ep ort is .....................$82,002,700 00
Capital Stock o f the B urlington & Misouri R iver R ailroad Com pany (Iow a)
D ecem ber 3 1 ,1 8 9 4 ...................................
1,500 00
A gggregate o f Capital Stock on D ec. 3 1 ,1 8 9 4 ................. $82,004,200 00
FU N DED DEBT.

The Funded Debt of this Company at the date of the last
Report, including contingent liabilities for its
b ran ch roads w a s ............................................................... $122,561,900 00

There were issued during the year Bonds
as follows :
O. B . ' & Q. Consolidated
M ortgage 7 p. c. B onds o f
1903 so ld .............................$2,782,000
C. B. & Q. C onsolidated
M ortgage v p c. B onds o f
1903 issued fo r scrip sur39,000
endered.
--------------------$2,821,000 00
C. B . & Q. N ebraska Extension M ortgage Sinking
F und 4 p. c. B onds o f
789,000 00
1927 so ld .............................




N o T h ir d T r a c k w a s b u ilt d u r in g t h e y e a r .
The number o f m iles o f Third T rack on Dec. 3 1 ,1 8 9 4 was
(All in Illinois.)

2970100

LE N G TH OF FO U R TH TRACK.
N o F o u r th T r a c k w a s b u ilt d u r in g th e y e a r .
The num ber o f m iles o f Fourth T rack on Dec. 31,189 4, w as
(All in Illinois.)
CONSTRUCTION.

589,00

T h e r e w a s e x p e n d e d f o r C o n s t r u c tio n d u r in g th e y e a r o u
th e C h ic a g o B u r lin g t o n & Q l i n c v R a ilr o a d a n d B r a n c h e s in
I llin o is :
F or Land and R ight o f W a y ..........................
$8,850 13
F or New Iron B ridges....................................
1,869 59
For M iscellaneous C on stru ction .................
16,918 28
-----------------$27,638 00
O n th e C h ic a g o B u r lin g t o n & Q u in c y R a ilr o a d
a n d B r a n c h e s in I o w a :
F or Reducing G rades......................................
$3,142 30
F or N ew Buildings....... ..................................
712 83
Less M iscellaneous C redits.......... ................
O n th e B u r lin g t o n & M isso u r i R iv e r
in N e b r a s k a a n d B r a n c h e s :
For Land and R ight o f W a y .........................
Nor New Buildings and W ater-W orks. . . : .
F or New F ences................................................
F or Nebraska C ity B ridge.............................
F or N ew V iaduct at L in c o ln ........................
F or N ew B a lla s t..... .......................- ...............
For the Com pletion o f W ork on N ew Lines
Opened in 1 8 93....................................... .
Less M iscellaneous C redits............................
I

* Credit.

$3,855 13
27,056 63
-----------------*2 3 ,2 0 1 5 0
R a ilr o a d
$21,550 49
9,297 66
16,596 64
13,164 77
66,377 98
166,950 45
101,767 86
$395,705 85
15,272 27
------------- —

380,433 58

A p r il

T H E CHICAGO BURLINGTON & QUINCY R A IL R O A D COM PANY
IN ACCOUNT W IT H INCOM E ACCOUNT, DEC E M B E R 3 1 ,1 8 9 4 .
DEBIT.
Deo. 3 1 , 1 8 9 3 .- F o r Balance as pèr A nnual R ep ort o f
l g 9 3 .......................................................... $13,198,025 23
Dec. 3 1 ,1 8 9 4 .—F or Freight E arnin gs............................... $16,13 5,69 913
F or Passenger E arnings......................
5,595,573 17
F or M iscellaneous E arnin gs...................
2,935,860 01

Grand Island & Northern W yom in g Railroad:
P rom A lger N orthwesterly to the South
Line o f M ontana...........................................

INCOME ACCO UN T.

-$43T,2J5 0 8

Brought forward$..................- ............. - ............... *............
On Account of New Lines in W yom in g and
Montana as.follows:
I k W yoming.
on „ 1 A . .

I n M ontana.

$24,667,132 31

B ig Horn Southern Railroad:

F or D ividends and Interest on Securities o f Controlled R oad s.......................
F or other Interest and In com e..............

F rom the South Line o f M ontana North­
w esterly to H untley, on the Northern
P acific R ailroad............................................

D educt fo r excess o f Prem ium over Discount on Bonds
sold and excess o f D iscount over Prem ium on Bonds
purchased fo r Sinking Funds and can celed ....................._

F or Net R eceipts from B. & M. R . R. R.
in Nebraska Land G ran t................... .

$73,526
$39,878,035

429,799 35

T ota l C o n stru ctio n .................................................................
EQUIPMENT.

$1,583,571 30

The cost o f Equipm ent paid fo r during the year w a s ..

47,089 08

Total Construction and Equipm ent................................. $1,630,660 38

N ote.—In addition to the above construction and equipm ent expen d ­
itures this Com pany purchased during the year from the St. Louis
K eokuk & N orthw estern RR. Co. its first m ortgage 6 per cent bonds, to
the am ount o f $ 9 5 0 ,0 0 0 , w h i c h sum has been used b y the last-nam ed
Com pany in the construction o f its new lin e into St. Louis.
There were added to the equipment during the year :
Jttll Snow P low s........................................................ .............. ‘ .............

O

The Equipment at the end of the year is as follows :
E ngines.........................- — Passenger < Com bination
&
C ars......................................
B aggage, M ail and E xpress
C ars......................................
D ining C ars..........................
Officers’ and P ay Cars
W ay C ars...............................

331,797 78
$1,938,851 58

1,628,500 57
$2,013,370 65

B oarding Cars
9
W recking C a r s .....................
B o x and Cattle C ars..............23,750
565
P latform and Coal C ars----- 6,904
6
174 Pile D riv ers..........................
11 H and Cars................- ........... 1,465
R ubble and Iro n C a rs......... 1,201
11
2
396 Jull Snow P lo w s...................

*875

* The decrease o f one in the num ber o f engines as com pared with
1893 is due to a clerical error in the 1893 report. The num ber stated
in that report should have been 875 instead o f 876.
G E N E R A L REM ARKS.

The actual length of road in operation December 31, 1894,
was 5,730 miles, against 5,596 miles December 31, 1893 an
increase of 134 miles.
, ,
,,
™.
The average number of miles operated by the Ohicago
Burlington & Quincy Railroad Company in 1894 was 5,626,
against 5,561 the year before. The gross earnings per mile of
road operated were $4,384 49 in 1894, against $5,582 26 in
1893. The operating expenses, including taxes, per mile, in
1894, were $2,894 43, against $8,816 67 in 1893. The percent­
age of operating expenses, including taxes, to gross earnings,
in 1894, was 66 02, against 68*37 per cent in 1893.
The comparisons given on page 7 show that the tons moved
one mile decreased 15 66 100 per cent, as compared with 1893 ;
while freight earnings decreased 18 05-100 per cent. Passen­
gers carried one mile decreased 37 60-100 per cent, while pas­
senger earnings decreased 33 54-100 per cent. The percentage
o f operating expenses to gross earnings decreased 2 35-100
per cent.
The new entrance of our St. Louis Keokuk & Northwestern
Company into the city of St. Louis was opened for business on
March 4, 1894. A portion of this line, including the bridge
over the Missouri River at Bellefontaine Blufts, is used jointly
by the St. Liu is Keokuk & Northwestern Railroad Company
and the Missouri Kansas & Texas Railway Company, under a
long contract; and the freight terminals of the St. Louis
Keokuk & Northwestern Company in the city of St. Louis are
also used by the Missouri Kansas & Texas Company, under
a contract which can be terminated by the Keokuk Company
in the vear 1899.
,
„
K
In May last it was decided to complete our Northwestern
Extension from near Sheridan, W yom ing, to a connection
with the Northern Pacific Railroad at Huntley, in Montana.
The line was opened for business on October 28, 1894. Trams
are operated through to Billings, thirteen miles west of Huntley, using the Northern Pacific road for that purpose under a
trackage contract which has five years to run. This connec­
tion forms a shorter route than any other between Omaha,
Kansas City and St. Louis on the south and Montana and the
re/non west of there on the north.
.
For three years past, in reducing expenses, repairs on roll­
ing stock and buildings have not been fully kept up; and it is
estimated that about $L,000,000 ought to be expended to put
them in good shape. This will bs done gradually when busi­
ness improves. Cars and engines needed for service are of
course kept in good order, and the track and bridges have
been well maintained.
W e have reduced the number of persons employed as far as
seems practicable, and had upon our rolls at the end of 1894
on the entire system, including everybody, 21,115 names,while
at the end of 1892 the number was 28,745, a decrease of 7,b30.
For further details relating to the affairs of the Company,
reference is made to the Renorts of the Treasurer and Land
Commissioner.
B y order of the Board of Directors,
C H AR LES E P E R K IN S , p resid en t.




667

THE CHRONICLE.

13, l»yo.j

C R E D IT .

By
By
By
By

05
17

$15,000,909 48
264,970 53
1,283,156 41

Operating E xpenses...........................
R ent o f Tracks and D ep ots.................
T axes, State, County and C ity...........
Interest on B o n d s Chicago Bnrlington &
Quincy R R .................$5,232,989 20
B urlington & M issouri
2,460 00
R iver RR. (I o w a ). ..
B urlington & M issouri
R iv er R R . in Ne­
907,520 00
braska ........................
64,680 00
R epublican Valley RR.

$6,207,649 20
86,080 0 0
Ottawa Oswego & F o x R iver Val. RR.
53,520 00
Omaha & South W estern R R ..........
24,430 00
Nebraska R a ilw a y .................................
78,750 00
A tchison & Nebraska R R .....................
42,000 00
L incoln & N orth W estern R R ............ ...........................

6,492,429 20

By Cash P aid to Sinking Funds for—
C. B. & Q. 5s o f 1895 (account o f A.
K. & d ! M. R R .).................................. . $20,560 00
C. B. & Q. 5s o f 1901 (account o f St.
L. R. I. & C. R R .)................................
59,250 00
C. B. & Q. 4s and 5s o f 1919 (Iow a
D iv is io n )..............................................
203,865 00
C. B. & Q. 4s o f 1921 (Burlington &
, 0 „„„
'
South W estern R y .)............................
43,000 00
C. B. & Q. 4s o f 1922 (Denver E xtenS i o n ) ..................................................................

C. B. & Q. 4s o f 1927 (Nebraska E xtension) .....................- ...........................
B. & M. R. R R . in Nebraska 4 per cent
B o n d s ) account o f A . & N. R R .........
L incoln & N orth W estern RR. 7 per
cent B on d s...........................................

7w ,68U u u

294,091 53
66,940 00
6,000 00

B y D ividends :
M arch 15 ,189 4,1^ 4 per ce n t.............. $1 ,025,033
June 15,1894,. 1*4 per cent................. 1 ,025,033
Septem ber 1 5 ,1 8 9 4 ,1 ^ per c e n t . . . . 1 ,025,033
820,027
Decem ber 1 5 ,1 8 9 4 ,1 per c e n t.......... .

75
75
75
00

B y B alance at credit o f Incom e A ccou n t

773,386 53

3,895,128 25
12,168,054 77
$39,878,035 17

GENERAL

ACCOUNT.

TH E CHICAGO BU RLINGTON & QUINCY R R . CO. IN G E N E R A L
ACCOUNT DEC E M B E R 31, 1894.
CREDIT.
Construction Accounts—
, ,
A m ount o f C onstruction and E quipm ent reported Dec.
3 1 ,1 8 9 3 ............................. ................................................... $1 1 8 ,9 6 /,9 7 5 18
Am ount expended fo r Construction on
Main Line in 1 8 04.......... ...........- - - ••- •
■
ns
A m ount expended fo r E quipm ent m 1894
47,089 08
A m ount form erly credited in error to M ain
Line Construction, n ow transferred to
B ranch C onstruction...................................
17,772 61
gg
$119,202,351 73
D educt am ount credited to C onstruction on M ain Line
in 1894 consisting o f Prem ium on bon ds and other
564,045 15
small cred its.......... ...........................................--............ • • _______________
T otal Construction A c c o u n t s ............................. - ........ $118,638,306 58
C osT of ^ ? a n c h C onstruction reported Deo. 3 1 ,1 8 9 3 ... 82,082,050 00
D educt am ount form erly credited in error to M ain Line
C onstruction ,now transf erred to B ranch C onstruction_____ 17,772 b i
A m ount expended fo r Construction on B ranches in ’94.

$82,064,277 39
1,978,101 59

Total cost o f B ranch R oa d s............ ........•- •- - - - .......... $84,042,378 98
Cost of Investm ents in H annibal & St. Joseph, Kansas
City St. Joseph & Council Bluffs, Chicago Burlington
& Kansas City, St. Louis K eokuk & Northwestern,
Hum eston & Shenandoah, Chicago _B urlington &
35,660,159 41
Northern, and other R ailroad Securities......................
3,475,811 10
Sundry Investm ents.................... ; .v. .v .. . . - - - -'-----1,292,710 64
M aterials on hand fo r future u se ...................... - - .............
Trustees o f Sinking Funds, showing the cost o f u n ca n ­
celed securities and cash awaiting investm ent held vn
Sinking Funds f o r
$333,656 19
C. B. & Q. 5 per cent B onds o f 1 8 9 5 ............................... .
1,279,210 70
C. B. & Q. 5 per cent'B on ds o f 1901...................................
748,891 21
C. B. & Q. 4 per cent B onds o f 1921..................................
1,382,634 65
C. B. & Q. 4 per cent Bonds o f 1 9 22................- - - - - - ........
3,625,857 95
B. & M. R. R R . in Neb. 6 per cent B onds o f 1 9 1 8 ...----1,401,541 56
B. & M. R. R R . in Neb. 4.per cent Bonds o f 1 9 1 0 ..........
266,129 01
R epublican Valley RR. 6 per cent Bonds o f 1919. -- - -- 131,711 03
L incoln & N orth W estern R R . 7 pr. ct. Bonds o f 1910.
T otal o f sinking fu n d s..................................................... $9,169,632
C'urrent Accounts
urrent Account
¡nn /tao o on
su ndry
Sundry A vailable Securities....................................---- - -Sundry A ccou n ts and Bills R e c e iv a b le ..- - - - - - - ............
3 723 905
noch nn V
»otul
.......................................... ____________
Cash on hand.
T otal Current A ccou n ts.................................................

30
qs

1a
59

$9,190,102 65

T ota l A s s e t s .......... S ..................... - ..........- ..........- ............. $261,469,101 66

18

B u ) H BilC BIu
ijUc U B E bI c

668

T U T ?

Capital Stock—

n

DEBIT.

Brought fo r w a rd .

I 2 & M Ä RR. S
R 8 (Iowa) Stock, am ount Dec. 3 1 ,1 8 9 4 .9 3 - $82,002,700 00
5
Ì
% l?
1,500 00
T ota l Stock..
$82,004,200 00
Funded Debt—

$942,324 r&

Add for
Interest and Exchange.
R et R eceipts o f H. & St. J. RR.'
Land D epartm ent..............

$59,580 7®
18,965 54^
$1,020,870 58-

Out of which have been paid

C ' B ’ & (^ ‘ron sol0 Mt^ ndSi i PaJ al,le Jan- 1' 1896.........
C B & o' GonTni^vlJ'TW, Bonds, pay able Ju ly l , 1903
n j 1«: con solid ated M ortgage B ond Scrip................
C‘ tuua t* i e ’^ kl,°g FM d 5J e r cent Bonds, p ayable
f e e s R R . ’.l8SUed f ° r th e A lb ia K n° ^ | 0 0nD &
L ess am ount purchased fo r 's in k in g
^
’
F und and c a n c e l e d . ___ 134 000 00

547,500 00
26,653.000 00
- --------24,000 00

Q- Sinking Fund 5 per cent
payable Set. 1, 1901, issued
t? ^ .ri:ii0U18 Rock isi. |Q|
& Chic. r r . $2,500,000 00
L ess am ount P _____ |HP for Sinking
purchased

328,000 00

f
the above amounts paid for Interest and Dividends
ce?vedhlfnrg-° fBurl1Dgton * Quincy Riilroad Company received, for interest on securities held by it, $628,650 00? and for
-£n Jtocks: $978,403 80, which are included in the
B lvidendaand Interest on thfe Securities of Controlled
Roads, ’ on page 6 of this Report.
^umroiiect

C. B. & Q. Iow a Div. M ort. Sinking Fund
t
c t - Bonds, payable Oct. 1 ,1 9 1 9 . $3,000,000 00
Bess am ount purchased fo r Sinking
Fund and can celed ............................. .
139 0 0 0 00

2,315,000 00

,
^ ¿ o u t s t a n d i n g debt of all these properties, not owned
by the Chicago Burlington & Quincy Railroad Comnanv o n
December 81, 1894, was $13,524,000. The decrease fr o n f the

C. B. & Q. Iow a D iv. M ort. Sinking Fund
t l per c t' Bonds, payable Oct. 1 ,1 919 .$10 ,591 .000 0 0
Less am ount purchased fo r Sinking
Buri(l and can celed ................................. 2,825,000 0 0

2,861,000 0 0

C. B. & Q. Sinking Fund 4 per ct. Bonds,
payable Sept. 1 ,1 9 2 1 , issued fo r the
B urlington & Southwestern R v .____
C. B. & Q. Sinking Fund 4 per ct. B o n d s....... ....................
p ayable Feb. 1 ,1 9 2 2 (Denver Extern)’. ........... ~
cent B onds, payable .......................
M ay 1 , 1913, issued fo r H annibal &
St. Joseph R R . S to ck ........
°-B .& Q. Nebraska E xt. M. Sinking Fund............................
4 p. ct. Bonds, payable M ay 1 , 1 h27. .$29,441 000 00
L ess am ount purchased fo r Sinking
’
F und and can celed ................................. 2,065,000 00

7,766,000 00

Surplus fo r the y e a r....... .................................... ; . ¿ ‘T

&

S

Fund and can celed ........................ . . . . f

185 000 00

a one nnn
4,300,000
7 ago 0 00
7 ,d6 8,0 0 0

aa

00
00
00

, ’2 7 9 t t

c S Ä t f o n o V ^ fo o tf P
f°K f,o r l 8934 s d u e to the purchase ami
Bonds 1
f
1,000 of Nodaway Valley and Tarkio Valley
N otthc™ r l®
^ ll®pe5ations and m ileage o f the Chicago B urlington &
I S o fs h o w S l“ 5 a llcA t o f
in ^ i s statement. That road i t
1893, alter
“ deUo“
»3 7,94 6 6 1 .1 »

ance?heerfnrC0 a i I ,r0o & 1
f hi
Railroad- ~ Tbe earnings and bal­
ance sheet for the late fiscal year are given under the heading
AD a ?esulP rf
sD
t°o
faf a fwiU Ye Published next week.
A s a result of the election last week the board of director»
now consists of the following: John H . Inman C C Rild
W ? S. Gurnee, j“ “ w . s ! G u ™

9,000,000 00

McCombrf n 3 T n OIB' J°,bn G> ?Ioore' James Swann, J. J .
R

C. B. & Q. Convertible 5 per ct. B o n d s ,~
~
payable Sept. 1 , 1 9 0 3 .................... .
& 15 9 7 0 7 0 0 no
L ess am ount converted into S tock. . . ’ 14^800 00

27,376,000 00

^ Nebraslra Consol. M Sinking Fund
Bonds, payable Ju ly 1 .1 9 1 8
8
i
Sinking F u n d 4¡,1 o. B i n d i

1 5 ,2 d 3 > 9 9 0 9
9
1 0 qcm aaa nn
1 2 ' 894’000 0 0

6„P®J

«

W sw ar

T otal Funded D e b t ........... ........................................... »121,721,400 0 0
Contingent L iabilities f o r B ranch Roads—
Os« & F o x R. V al. RR. 8 d c Ron d s non t i-ji r» i i qaa
$1,076,000 00
BR- 8 p. c Bonds, pay. June R 1896?
A t c ^ ^ N e b ^ P R ^■B°^d8>
ipat^b?e% ct.^i, 1896?'.??.?^'
S ’SoOOO

iS g J
Total C ontingent L iabilities.................................
M atured Coupons, not presented.............
...........
Coupon Interest to m ature Ja n u a ry T . 1895 ................
U npaid V ouchers and P ay-rolls.
.
...................
Sundry current accou n ts..............
..........................

8 a io non nn
¿118 254.50
/ w n ’ooT
i 0 fi2 o v v S3
}

R enew al Fund
.........................................................
Incom e a c c o u n t . '. '" '. '. " '. '. '; ; ; : : : '" ....................................

14,458,394 65
12,’l6 8 ,0 5 4 7 7

ia vm tn “ *°
$465,188 13
! 455 250 18
1,455,250

f
C
B
B‘

a

V

748,891
1,382,634
1,857,377
3,625,857

f p ‘ °1 B onds o f 1922 (D enver E x te n sio n )" . ’
c t- ? T i ld8 ° f 1 9 2 7 (Nebraska E xtension)
°
r! atNk bJ a8k£V> per oent Bonds o f 19 18..
6

RR->

m

L incoln & N orth W estern RR. 7 p. c B onds o f 1 9 1 0 " "
Total Sinking Funds

m

21
65
54
95

|

.$261,469,101 66

OPERATIONS OF CONTROLLED ROADS.

The Railroads controlled by this Company, whose operations
c o n s is T o ? ie055*6 m i in?luded in , he foregoing statements
t
consist of l,0o5 miles of standard-gauge railroad and 169
miles of narrow-gauge railroad owned, and 87 miles of standard-gauge leased and operated j ointly with other companies.
They earned, Gross, for the Year 1894:
™
“
F rom P a s s e n g e r ^ ': ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;
F rom Mail, E xpress and m iscella n eou s...

The Operating Expenses and
been as follow s:

6 4 5 7 I I 52
1,'070,'903 87

Charges

have

$6,847,745 50

O perating E x p en ses............ .............
$4,113,397 5 4
JLaXBS............................................ .
1 Qfi I ap; kq
R ent o f Tracks and D e p o ts................. .
lS S ^S S 00
Sinking F u n ds.............. . ................21 0 0 0 0 0
In terest on B onds not ow ned b y the C. B.
’
& Q. R R . C o . . . . . . . ...................... . . . . . . ----867,415 00
Interest on D ebt ow ned b y the C. B. & Q.
RR- C o.............................................................

$5 276 771 22
■ '
628,650 00

L eaving N et E arnin gs............ ...........................................

i Ä

S

f f Ä




m o r t l w r W r l h n l T ; 11 a
ZckaT and A A

w G ng f
ti

th e

U n io n

P a c iflc f i r s t

W e d ? esday. Edward King, Donald
Coffin J 7 k i ' H ‘ Boissevain’ ° j ^ i s city, and Charles E .
hI k
1 ’ ivere aPPduted a committee to represent
S r f i h d?n!di T ’ Wlth P0wer to add t0 their uum b-r. About
b dhulde!rs w ere present. It was stated that although
Son non13 a boo, cyedlt for account of the bonds of about
k
amou^ ofT cash held by the trustees for
°S the couP°ns due January 1 last was small, and
f l i f n
8 ore thai i hat coupon will not be paid much
before July 1 . Some of the bondholders complained that the
bondIerSM raviofod M terest+upon certain of the branch line
t h a t f i m ^ n i i i 10i r.Jdora^'etz» representing the receivers, said
that the value of those lines to the Union Pacific system is
such as to justify the payment.
u U uion Pacific six per cent collateral
®
trust gold notes which matured August 1,1894, have received
a circular from the Committee, consisting of J. Pierpont Mor­
gan, John A . Stewart, Edward King, E . Ellery Anderson and
Alexander E. Orr, appointed in 1891 under t h e l i m s 0 f the
trust indenture. The circular says :
repp„rt that tbe receivers have com m unicated to hr
1895? to w\t? Y° te’ Wbl° b Was passed at their m eeting on February 8,

aut^orf^’d^o m ^kiany^m r^her^ay^ent^t^M essrs" J F Morgan &
p

m . v f l 03
$14,156,981 19

T otal Liabilities ..............

Robeite; ot b —

Tri?iedo^ nnTArbor & North M ichigan.— A t Toledo Ohio
T
road t ih f
MarHn M‘ Blancbard» »special m ister, sold this
roadJo R CpM^rtin, representing the bondholder, for 200 ,-

3 1 'o<° °
’3 7 o,

B onds, p a ra b le J u ly 1 ,1 9 1 9 .................................................1,078,000 00

Ä

^

the adm inistration o f the trust.”
expenses incident to
In this connection the receivers have explained to us that bv reasor»
o f provisions contained in orders entered in the various l u i K r f h ^
foreclosure o f the divisional m ortgages on W e u f f FaofflASvstem
w hich suits are now pending, they are no longer permitted to use th4
earnings accruing upon the properties in their L n d s fo r ih e o u r n o s o
US SS7 diflerence between the incom e o f the deoosited
trustinotesaDd th° am ount o f interest accruing upon the collateral
follow s from this that interest on collateral trust notes m ust herethe said Hust ^ h e ^ m m in f^ r T h '116 0 f tbe secu rl,ies pledged under
qsq non q/ q
L . V k T . o f ta8e notes now outstanding is $ 1 0 959,000, against w hich the trustees have $56,945 30 in cash io hand
available for the purchase o f notes. A statem ent o f the pledged se
cun ties is attached hereto, and proper indication has been m dde as to
those on w hich the interest or dividends have been o £ d h eretofore
r
, / 8,’ ch Payments be con tin u ed -a n d this com m ittee e x p e c t? thei? con ­
tinuance the incom e in and accruing to our trust will be suffiei-mt to
m eet the interest accruing in August, 1895.
e su m oi.n t to
This com m ittee adheres to the opinion previously expressed that it
would not serve the true interest o f the holders o f the collateral 6 t»*r
S o r v s H e ° o f th ^ n le d ? c o 'n oe l their im mediate paym ent by a?(?m m Q rethanad^ onn fA ^ n?8, ! ^ ®?,e r rltle8: a 80 that these securities are
.
n o t e l—Y? 60, p?607.f
b ultimate redem ption o f the outstanding

- P“
? aci?u T3
C KaV8 8 Paciflc.—The Kansas PaciSc Con­
^
solidated Bondholders Committee. Silas B Dutcher Cnairman, informs bondholders that it is still actively ea rn in g on
he suit against the former trustees. As previously reported,
another committee, of which Frederick D Tappen is Chairman, also asks the support o f the bondholders.— V . 60, p. 607.
5,905,421 22
$942 324 28

N orthw estern RR ., w hich w as‘ Ä

, — Tbe new hundred-year first mortgage 5 per cent gold;
bonds of the Columbus & Ninth Ave. and of the Lexington
è V ’ & ^P5-VOnii ^ erry R - R* Cos- are for sale by Messrs.
A
Redmond, Kerr & C o., No. 41 W all Street, New York. These
bonds are guaranteed by the Metropolitan Street Railway Co.
or JNew York, and we are informed are being rapidly taken«
by investors at advancing prices.

;

C o m

669

THE CHRONICLE

A p r i l 13, 13b5 ]

m

e r c i a l

C O M M E R C IA L

C O T T O N .
F r i d a y N i g h t , April 12, 1895.

j i n x e s ,

EPITOM E.

F r i d a y N i g h t , April 12,1895.

T h e M o v e m e n t o p t h e C r o p , as indicated by our telegrams
from the South to-night, is given below. For the week ending
this evening the total receipts have reached 93,o23 bales,
against 116,767 bales last week and 115,470 bales the previous
week: making the total receipts since the 1st of Sept., 1894,
7,437,308 bales, against 5,586,102 hales for the same period of
1893-4, showing an increase since Se p .l, 1894, of 1,851,206 bales.
TotaL
Wed. Thurs. F n .
Tues.
Mon.
Sat.
Receipts at—

Jobbing houses engaged in handling seasonable commodities
generally report a slow but steady gain in trade. The disap­
pearance of ice from manv of the lakes and rivers in Middle
and Northern latitudes affords increased facilities for trans­
portation of merchandise, and the reopening of small streams
1,426 2,590 2,174 11,985
■restores water-power, through which numerous mills and fac­ G alveston......... 2,337 1,233 2,225
793
......
793
......
V elasco, & c . . . .
tories are enabled to resume operations.
498 2,626 36,008
5,333 9,816 15,503 2,232
New O rlean s..
lots of leading staples have been curtailed this week by the
2,411
613
516
417
82
74
709
adjournment of commercial exchanges in observance of Good M obile...............
.....
176
176
......
Friday. The Government report respecting condition of F lorid a ..............
9,105
793 1,319
wheat crop made a less promising exhibit than had previously S avan n ah ......... 1,724 1,289 2,280 1,700
...... 2,397 2 ,3 97
been calculated upon* but was received with indifference byB runsw ’k.& c.
2,084
122
387
391
539
308
337
operators in grain and failed to stimulate speculative trading. C harleston.......
3,903
3,903
...........
n mm
mmm
Latest information from the W est advises favorable weather
P t. R oy al, &c.
430
214
82
5
40
89
for fall-sown wheat, with growth progressing promisingly. W ilm ington___
3
3
......
• mm
mmm
mmm
mm.
' Spring seeding of both wheat and oats is becoming more gen­
Wash’ ton, &c.
3,911
863
280
e r a l , but in a few localities increased moisture is needed for
820
437
498
N orfolk.............. 1,013
4,077
533 1,094
144 1,836
470
thorough success of operations.
« ...
. „
W est P o in t ...
562
562
Lard on the spot has had a very limited call, but prices have
N’p ort N ., &o.
1,150
advanced and the close was steady at 7 Sic. for prime W est­
538
New Y o r k .........
8,279
ern, 6 &C. for prime City and 7-70c. for refined for the Conti­ B o s to n ..............
623 1,263 1,719 1,369 2,105 1,200
412
412
............
nent.
The speculation in lard for future delivery at this B altim ore.........
..■■■a
5,837
250
market has been dull, but prices have advanced in response to Phlladelph’ a &o
109 4,078
686
37
677
stronger advices from the W est, where ‘ shorts have been
11,862 18,721 1 93,523
13.312
buying to cover contracts, stimulated by decreased receipts of Tot’ls this week! 13,312 15,314 26,233 8,081
-sw ine at primary points, closing steady.
The following shows the week’s total receipts, the total since
D A I L Y CL O SIN G P R IC E S O F L A R D F U T U R E S .
8 ept. 1.1894. and the stock to-night, compared with last year.
Sat.
Mon. Tues.
Wed.
Ihu rs.
Fn.
Stock.
1893-94.
1894-95.
0 7 .1 5
7 .1 7
7-22
7-25
7*25 HoliReceipts to
■M a v y . ' . ' . e . 7-25
7 25
7 33
7 35
7-35 day.
This Since Sep. This Since Sep. 1895.
1894.
April 12.
Week. 1 ,1 8 9 3 .
There has been a limited inquiry for pork and prices have
Week. 1 ,1 8 9 4 .
advanced slightly, closing steady at $13 o0@ $l4 for mess,
38,577
75,512
4,211 969,369
$13 50@$14 for family and $13 25@5>15 50 for short clear. Cut G a lv eston ... 11,985 1,607,327
36,082
146
67,484
793
meats have had only a limited call, but prices have held Velasco, &o.
1,773,222 278,710 183,480
steady, closing at 6 % ^ 7 c. for pickled bellies, 12@ 10 lb. aver­ New Orleans 36,008 2,436,650 19,321
20,732
20,298
2.928 193,101
2,411 230,379
M obile...........
age, 6 c. for pickled shoulders and 9 @ 9 ^ c . for pickled hams
32,470
216
24,683
176
Beef has been steady, closing at $8 for extra mess, $8 50@$10 F lorid a.........
55,929
46,714
7,862 914,778
9,105 902,162
for packet, $10@$12 for family and $17@$18 for extra India S a v a n n a h ...
851
7,857
81,945
4.929
2,397 148,326
Br’ wiok,&c
mess. Beef hams have been quiet, closing at $19 50. Tallow
39,661
35,811
2,423 331,822
2,084 416,488
has been without important change, closing steady at 4 % c. C harleston..
67,884
3,903 144,045
P .R oy a l,^ j
Lard stearine has been quoted nominally unchanged at 9c.
10,467
17,816
617 187,891
430 232,838
Oleo-stearine has declined, closing easy at 8 j4 c . asked. Lot- Wilmington..
499
926
3
ton seed oil has been in limited request and firm, closing at
W asn’n, &c
52,656
44,533
8,336 443,386
3,911 448,821
23(3>24c. for prime crude and 27c. for prime yellow. Butter N orfolk ........
7,461
8,890
2,429 229,559
has been quiet but steady, closing at 12 @ 20 c. for creamery.
4,077 276,562
W est Point
3,962
1,467
55,056
2,692
39,362
Cheese has been dull and easy, closing at 8@11/|C. for btate
562
N’ p ’t N .,& c
69,110 227,581 244,372
405
factory, full cream. Fresh eggs have declined, but the close New Y o r k ...
1,150 128,922
7,000
20,000
90,487
1,969
was steady at 12 ^ c. for choice Western.
8,279 107,555
B o s to n .........
19,419
25,800
53,711
4S7
Coffee met with slow unsatisfactory demand, and although B a ltim ore...
412 107,848
16,679
15,114
50,670
4,396
desirable grades were held at former figures, sales could only Philadel.,&o.
5,837 116,930
be perfected at a shading. Rio nominal for No. 7; good
5,586.102 826,1031 701.246
T o ta ls ....... 93,523 7,437,308 63,867
-Cucuta
19 3^ 19 3^ 0. and staple Java
2634 c.
lo r
future delivery considerable liquidation took place at declin­
In order that comparison m ay be made with other years, we
ing rates, but the close was steadier.
The following were the final asking prices:
1890.
1891.
1892.
1893.
1894
Receipts at— 1895.
A p r i l ...............14-550. I July....................14-350. I O ct..................... 14;25o
J u n e .................14-250.1 Sept................... 14-250. j D eo.....................14 15c

Raw sugars continued in good demand, partly speculative,
and on parcels to arrive there was a slight gain in cost. Cen­
trifugal quoted at 3c. for 96-deg. test and Muscovado at
2 ll-16c. for 89-deg. test. Refined sugars sold slowly, without
change in price; granulated quoted 4}^':. Teas less active
but steady. Spices firm
.
. J. .
.
The demand for Kentucky tobacco has been quiet but prices
have held steady: sales 150 hhds
There has been some increase to the demand for seed leaf tobacco, but still trade has
been quiet and prices have been barely steady; sales for the
week were 1,470 cases, as follows: 220 cases 1893 crop, Penn
sylvania Havana, 9 % @ l0 3 c .; 150 cases 1892-3 crops, Pennsyl
^
vania seed leaf, 8@10c.; 400 cases 1892 crop, Wisconsin H a
vana, ll@ 1 4 c .; 200 cases 1893 crop, Wisconsin Havana, i>%<§
8 c.: 100 ca?es 1893 crop, Zimmer’s, l l ^ c ; 100 cases 189., crop.
State Havana, 12@14e,; 100 cases 1892 crop, New England
Havana, 18@40c., and 200 cases 1893 crop, New England Ha­
vana, 7@ 10c.; also 550 bales Havana, 65c. @$1 05, and 250
bales Sumatra, 45c.@$2 75 in bond.
The speculative dealings in the market for Straits tin have
been quiet but prices have advanced slightly and the close
was steady at 13 85c. Ingot copper has also increased a trifle
in price, and t'he close was firm at 9-40@9 45c. for Lake.
Lead has been quiet and unchanged, closing steady at 3-07>£
@ 3 10c*. for domestic.
Spelter has been without change,
closing quiet at 3 20@ 3-22^c. for domestic. Pig iron has sold
moderately well at steady prices, closing at $9 50@12 for domestic.
, _'
. .
„.
Refined petroleum has been firm and higher, closing at
8 -50c. in bbls., 6 c. in bulk and 10*50c. in cases; crude in bbls
has advanced, Washington closing at 8 35c. in bbls. and 5 85c_
in bulk; naphtha, 7‘75c.
Crude certificates have advanced
; sharply, closing at $1 69 bid.
Spirits turpentine has further
declined, closing easy at 3 0 ^ @ 3 1 c . Rosins have also been
slightly weaker, closing at $1 52J^@1 55 for common to good
«trained.
W ool has had a moderate call at steady prices
Hops have been quiet and without change.




Galves’ n.&o.
New Orleans
M o b ile .........
S avan nah ...
Char’ ton,&c.
Wilm’ton,& c
N orfolk .......
W. Point,&o.
All o th e r s ...

12,778
36,008
2,411
9,105
5,937
433
3,911
4,639
18,251

4,357
19,821
2,928
7,862
2,423
617
8,336
5,121
12,402

5,879
23,999
1,087
8,958
1,137
143
4,980
1,437
5,623

5,335
22,473
978
7,742
1,790
1,513
4,191
6,765
11,629

9,649
24,536
2,947
8,026
6,244
826
4,940
4,209
9,936

1,950
7,924
348
1,550
619
46
1,943
1,856
4,745

Cot. this w k.

93,523

63,867

53,243

62,416

71,313

20,981

Since Sept. 1 7437,308 5556,102 4671,3 7 9'6 647 ,427 6444,042 5661,719

The exports for the week ending this evening reach a total
of 142,288 bales, o f which 70,363 were to Great Britain, 17,627
to France and 54,299 to the rest of the Continent. Below are
the exports for the week and since September 1, 1894.
From Sept. 1 ,1804, to Apr. 12 1895
Exporte I to—
ContiTotal Great
France nent.
Total.
Week. Britain.
5,469 760,460 204,723 320,602 1,285,785
53,413
53,413
500
54,997 758,919 438,336 580,667 1,777,922
30,120 111,371
81,251
9,015
63,132 27,460 428,711 519,00
18,357
22,830
97,575
74,745
7,366 242,864 17,689 207,590 468,143
55,044 4,160 133,091 192,295
31,355 168,494
4,742 137,139
30,287 107,158
70,871
31,069
31,069
20,986 365,069 32,318 204.597 602,984
2,315 206,215
7,398 203,900
89,750 0,097 110,910} 2)0,757
8,381
j 14,269j 57,792
43 523
5,077

Week Ending April 12.
Exports
from—

Brit’n. France nent.

5,469
Galveston......
500
Velasco, Ac....
New Orleans.. 35,179 11,861 7,957
..... 9,015
Mobile A Pen.
18,357
Savannah......
Brunswick......
3,903 3,463
Charleston*...
Wilmington..
700
4,042
West Point....
N’p’t News, Ac
New Y ork .... 11,479 1,863 7,044
4
7,394
5,789
2,592
Baltimore.......
870
4,207
Philadelp’a ..
Total............ 70,362 17,627 £4,299 142,288 2,977,736 731,483 2,127,757 5,885,976
961 26,474 73,358 2,591,331 '570.243 1,395.088 4.650,662
Total. 1898-94. 45.923
i Including Port Royal.
1

670

THE CHRONICLE.

IV O L . L X

I n addition to above exports, our telegrams to-night also
» v e us the following amounts of cotton on shipboard, not
.cleared, at the ports named.
W e add similar figures for
New Y ork, which are prepared for our special use by Messrs,
Lambert & Barrows, Produce Exchange Building,
ON S H IP B O A R D ,

£ p ril 12 at—
N ew O rlean s...
G a lv e s to n ......
S a v a n n a h ......
C h a rle sto n .....
M o b ile . . . . . . . . .
N o r fo lk ............
New Y o rk .........
Other p o rts___

NOT CLEARED— POR

Great
Other Coast­
Britain. France. Foreign wise.
5,414
25,54?
None.
None.
3,500
7.000
5,800
8.000

1,200 26,708
5,218
1,196
None.
2,000
None.
3.000
None. None.
None.
8.000
1,000
8,600
None. 10,000

Total 1 8 9 5 ...

55,261

7,418

Total 1 8 9 4 ...
Total 1 8 9 3 ...

40,518
28,246

1,000
1,744

Leaving
Stock.

Total.

2,815
7,604
2,000
500
None.
6,500
None.
N one.

36,137
39,565
4,000
3.500
3.500
21,500
15,400
18,000

242.573
35.917
42.714
32,311
16,798
23,033
212,181
78,944

59,504

19,419

141,602

684,501

36,102
23,318

13,311
11.865

90,931
65,173

610,315
674,215

Speculation in cotton for future delivery at this market has
deveioped increased animation and a generally bullish temper.
Covering previous “ short” sales was quick and free, and con
siderable new investing demand found attraction in the mar­
ket, the outside trading element furnishing quite a large line
o f new orders. Liberal buying by Manchester spinners at the
Liverpool market, increased demand from domestic consuniers at Southern markets, many private advices reporting
rapid exhaustion of present crop and backward planting over
a large portion of the cotton belt, are in brief the features
upon which operations for a rise in values were based. Dur­
ing Saturday and Monday business was of rather moderate
volume, with no violent fluctuation in value, but a strong
undertone prevailed and the close of each session gave sellers
a slight advantage. Tuesday’s deal was a little quicker in
consequence of strong accounts from Europe, and an advance
of 5 points was well held up to the close. On Wednesday de­
mand was much larger and more general, the foreign advices
proving very stimulating and serving to advance this market
10 points. Thursday the opening was a trifle slack, but
covering and a good investing demand quickly restored tone
and gave 5 points net gain with market firm. To-day the
Exchange is closed in observance of Good Friday. Cotton on
the spot has been quiet but steadily advanced, closing at
6 9-16c. for middling uplands.
The total sales for forward delivery for the week are 718,200
bales. For immediate delivery the total sales foot up this week
3,106 bales, including 1,199 for export, 907 for consumption
for speculation and 1,000 on contract. The following ar
the official quotations for each day of the past week—
April 6 to April 12.
Bates on and off middling, as established Nov. 22, 1893
by the Revision Committee, at which grades other than
middling may be delivered on contract:
O .l 1
*

i « i» :

0
0

M on T ues W ed

514
514
51B
16 516le
638
63g
6 l l ie
7k
7^

Th.

613,,
73s

5716
6*8
6®ie
678
? 7i«

S a t.

M o il T u e s W e d

Th.

513
6316
638
0 1516
71
«

G U L F.
G ood O r d i n a r y . . . . . . . . . . . . . . . . .
L ow M idd lin g.........................
M id d lin g ....;...................
G ood M iddling.........................
M iddling F a i r . . . . . . . . . . . ..........

5*4

513
6316
6«s
6i5ie
71
*

6 iie

638
6 l l ie
714

51
«
63t«
65s
6*5ie
71«

55a
6®16
7he
75$

F r£ .
-

©

©

W
F r i.

5 U l6

fe

613i 6
7ifl
7 U 18

0
H

:

•

£1

S at.

M on T ues W ed

Th.

F r i.

L ow M iddling.'............................
M iddling......... .....................
S trict M id d lin g ................
G ood M iddling T inged..............

5
5i5ie
6532
69g

5
5
51516 5151«
65, 2 65,2
630
63s
6*jj

5316

-3

9»

ì
:
!

6 Hsv day.
69,«

MARKET AND SALES.

The total sales of cotton on the spot and for future delivery
each day during the week are indicated in the following
statement. For the convenience of the reader we also add
a column which shows at a glance how the market closed on
same days.
SALES O P SPOT AND CONTRACT.

T ota l.

1,199
1,199

d a v ..
1
9 0 7I ....

800
100
Ï0 0
1,000

60,800
103,000
113,700
211,300
229,400

3,106

718,200

1300

78
71
145
66
547

OC

Q u ie t..................
Dull.....................
Quiet & steady..
Quiet at *8 ad v..
Firm at 1,6 adv.

Sales of
Futures.

o*o>c»**oo

Sat’d a y .
M onday
Tuesday
W ed’day
Thur’ d’ y
F rid a y ..

0on- Spec- Con­
sump. ut'Vn tract. Total.

T he /Sales and P rices of F utures are shown by the
olio wing comprehensive table.




w «® w
-si 00 Si

1*:
I Ii

I I

Ia

ia

i a: :

I I

I i

I I:

I I

1*!
I Ii

„ ,.

E x­
port.

co

I I

STAIN E D .

SPOT M A RK ET
CLOSED.

00

**

1 9 .® :

io
C
O
0505© 05 0 0 0 0
l¿
If*
It*#* 60 Mid M
>
99 <
**!*■ ® lAife. ®
0000 8
Wtfs **
i 9?
I9
C
O
I
005 O O
0 505005 0 505005
05 0 50 0 5
o á °05
á
CJ»CW
tf*CÂ Ôçj,
a» oo
0 If* M M COO 0 -304 OI
►
b>
►
► 00 >
■ 9,
4
■ 9 i
4
< 91
3
*
4
^1
<11
9 Ü1 C
05 1
1
D
d 0» • 9
>
00
0^
s 1
coco
©
*
i a: :
a: : • « : i a :
co
co
0 )0 5 0 0 5
0505005
I:
cÂcâ®cj' cnw®oi
05 C O O
b i

C O if*
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A ver r

S a t.

0
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1^

6*57i
6-62

U PLAN DS.

i e „w :

®

OOiOC)

¿ l é . ® iA
Cn fito

oft'
E ven’
off'
7,g o ff’
2932 oft’
13g o ff’

>

04a
99 a
cow a coco
>
5005Mr* 04C5

C GdOG)
ft

On this basis the prices for a few of the grades would be a s
follows:

G ood O r d i n a r y . . . . . . . . . . . . . . . . .
L ow M iddling_____ ___________
M iddling...............................
G ood M iddling..........................
M iddling F air............ ..........

£
a
>

6*47 A v er .
7C0
:
6*48 6-491
6'50 6*53

on. G ood O rdinary................ o.
Oft G ood M iddling T in g e d .. .
on. S trict M iddling S ta in ed ..
on. M iddling Stained..............
»W4UVUUW .......................... °1« oft. S trict L ow Mid. Stained..
— S16
L ow M idd lin g ..................
7j» off. L ow M iddling S ta in ed ....
"
il®
Strict G ood O rdin arv.___ is. oft.
*

» »
id* iû

I I

I i

I a:

ia

i a: :

;

a:

:

I I

» Includes sales in Septem ber, fo r Septem ber, 28,100: S ep tem ber? i o « n n ’ a P ot®ber* 229,600; Septem oer-Novem ber, fo r N ovem ber,
0r
413,600; September-Deoember, fo r December. I .l6 2 ,o o u ; Septem ber¿ ^ U r y' l 0 r +
oau
Jac.uar? ; 3*lJ 5,*3
Septem ber-February, fo r F ebruary,
901,9oo; September-Maroh, fo r M arch, 4,d73,lo</.
*f

The following exchanges have been made during the week •
;16 pd. to exch. 300 Apr. fo r Deo.
03 pd. to ex ch . 200 A p r. fo r May.
•15 pd. to exch. 100 Oct. fo r Aug.
*05 pd. to ex ob. 100 June fo r A u g .
P f. to ex ch . 500 Apr. fo r June. -10 pd. to ex ch . 400 June fo r Aug.
’ i ° e x c i^
^ ay f ° r Oct.
10 pd. to ex ch . 500 June fo r O ct?
04 pd. to ex ch . 200 June fo r Aug. -15 pd. to ex ch . 1,000 May fo r Deo.
T h e V i s i b l e S u p p l y o f C o t t o n to-night, as made up by cable
and telegraph is as follows. The Continental stocks, as well as
those for Great Britain and the afloat are this week’s returns
and consequently all the European figures are brought dow n
to Thursday evening. But to make the totals the complete
figures for to-night (Apr. 12), we add the item of exports from
the United States, including in it the exports o f Friday only.

671

THE CHKONJLCLE,

A p r i l 13, 1895.] J

1895.
1894.
1 8 93.
1892
Stock at L iv e r p o o l......b a le s . 1,710,000 1,751,000 1,590,0001,690,000
Stock at L o n d o n . . 8, 000
10,000
6,000
18,000
T o ta l G reat B ritain sto ck . 1,718,000 1,761,000 1,596,000 1,708,000
15.000
3,500
S tock at H a m b u r g . . . . . . . . . . . . .
25,000
27,000
S tock a t B r e m e n . 331, 000 201,000 176.000 151.000
17.000
27.000
19,000
17,000
Stock a t A m ste rd a m .............
200
300
S tock at R o t t e r d a m .............. .
200
200
11.000
5.000
Stock at A n t w e r p . . . . . . . . . . . . . .
12,000
19,000
S tock at H a v r e . . . . . . . . . . . . . . . . .
488,000 473,000 417.000 386.000
7,000
9.000
S tock at M arseilles............
5,000
7,000
90.000
Stock at B a r c e l o n a . . . . . . . . . . . .
100,000
70,000 103.000
13.000
20.000
Stock at G e n o a ........................
39,000
21,000
15.000
19,000
13,000
18,000
S tock at T r ie s te ........................
T ota l C ontinental s t o c k s .-1,032,200 852,200 774,200 710,800
T o ta l E uropean s t o c k s . . . . 2,750,200 2,613,200 2,370,200 2,418,800
Ind ia co tto n afloat fo r E u rop e.
86,000 206,000 160,000 163,000
A m e r.o o tt’n afloat fo r E urop e.
375,000 210,000 260,000 373,000
E g ypt,B ra zil,& c.,afltforE ’ r’pe
26,000
40,000
32,000
36,000
Stock in U nited States p o rts ..
826,103 701,246 739,388 908,294
Stock in U. 8. interior to w n s ..
247,849 218,173 333,387 347,989
U nited States ex p orts to-d ay .
8,173
11,382
1,372
18,098
T ota l v isible su pp ly...........4,319,325 4,000,001 3,896,347 4,265,181
O f tbe above, totals o f Am erican and oth er description s are as follow s:
L iverp ool s t o o k .........b a l e s . 1,589,000 1,495,000 1,364,0001,457,000
C ontinental s t o c k s . . . . . . . . . —
..
951,000 725,000 671,000 588,000
A m erican afloat fo r E u rop e. . .
375,000 210,000 260,000 373,000
United States sto ck .................... 826,103 701,246 739,388 908,294
U nited States in terior sto ck s..
247,849 218,173 333,387 377,989
1,372
18,098
United States e x p o rts to -d a y .
8,173
11,382
T ota l A m erican.....................3,997,125 3,360,801 3,369,147 3,692,381
East Ind ian, B razil, <& —
c.
121,000 256.000 226,000 233.000
L iverp ool s t o o k .....................
10,000
6,000
18,000
L ondon s t o o k ..........................
8,000
Continental stock s..................
81,200 127,200 103,200 122,800
India afloat fo r E urope......... .
86,000 206.000 160,000 163.000
40,000
32,000
36,000
E gypt, B razil, &e., afloat............................. 26,000
T otal E ast India, & o .. . . . . .
322,200 639,^00 527,200 572,800
T ota l A m e r i c a n ......... ... 3,9 97,l2 5 3,360,801 3,369,147 3,692,381
T ota l v isible s u p p l y ....... 4,319,325 4,000,001 3,896,347 4,2 65,l e i
M iddling Upland, L iv e rp o o l..
37i8d.
4 1sd.
4^d.
3%d
M iddling U pland, N ew Y o rk ..
69ie°«
79i8o.
8110,
71
ec.
E g y p t G ood Brown, L iverp ool
6*4d.
5 iied .
5^16d.
4%d.
Peruv. R ough Good, L iverp ool
538d.
5 i3 ,8d.
6% d.
7d
B roach Fine, L iv e r p o o l. . . . . . .
S^d.
43sd.
4°gd.
39i8d
Tinnevelly G ood, L iv e r p o o l. .
3918d.
4 i i 8d.
45sd.
3®sd.

(¡¡gp The imports into Continental ports the past week have
been 58,000 bales.
The above figures indicate an in crea se in the cotton in sight
to-night of 319,324 bales as compared with the same date
of 1894, an in crea se of 422,978 bales over the corresponding
date of 1893 and a gain of 54,144 bales over 1892,
AT t h e I n t e r i o r T o w n s the movement— that is the receipts
for the week, and since September 1, the shipments for the
week and the stocks to-night, and the same items for the
corresponding period of 1893-94— is set out in detail below.

(QUOTATIONS FO R M ID D LIN G UOTTON A T O T H E R M A R K E T S .—

Below we give closing quotations of middling cotton at Sou th ­
ern and other principal cotton markets for each day o f the week »
Week ending
A p ril 12.
G a lv eston ...
New Orleans
M obile.........
S avan nah ..
Charleston.
W ilm ington
N o r fo lk .....
B o sto n . . . . .
B altim ore..
Philadelphia
A u g u sta. . .
M em p h is...
8t. L o u is ...
H o u s t o n ...
C incinn ati.
Louisville.

C L O S IN G Q U O T A T IO N S F O B M ID D L IN G C O T TO N O N —

Satur.
51318

5%

M on,

51118
51818

513.8
513.8
5%
513.8

51 lie

5%
53i
51516
636
614
683

5%
5%

6

51318
51318
51318

6

515 ,«

Wednes.

Tues.

51318
513 ,8
61318

5%
5%

6

6

63s
6618
65a
6

638
65.8
611.8

6

513.8
513.8
513.8

51318
51318
513le

6

6

51518
5*8
5^8

5*8

5%

51*18

5*8
5^8
5*

5^8
5^8
6 iie
6>a

6

63a
63s
61116
61.8
513.8
5^8
513.8

63s
6%

e i , « » 1«
515.8
5^8
515.8

6

6>8
6 1 ,«

6

6

R e c e i p t s f r o m t h e P l a n t a t i o n s . — The follow ing table
indicates the actual movement each week from the plantations,
rhe figures do not include overland receipts nor Southern,
consumption; they are simply a statement of the weekly
movement from the plantations of that part of the crop which,
finally reaches the market through the outports.
Week
Ending—
M ob. 8 .......
“ 16.......
• 22.......
•
“ 29.......
A pr. 6.......
“ 12. .

Receipts a t the P orts. St’fc a t Interior Town*. Rec'ptsfrom P la n t’ns,.
1894.

1893.

1894.

1895.

1893.

55,575
47.931
52,111
62,559
51,569
53,243

70,051
66,530
49,355
45.292
54,279
63 867

119,835
132,381
123,133
115,470
110.767
93,523

419,038
409,463
394,411
350.434
355,257
833.887

1895.

322,111 388 860
804,814 £58.976
287,155 344,836
285,960 323.932
245,342 275.910
218.173 247,849

1893.

1894.

1896.

41,535
38,355
37 060
48,582
26,392
31.373

45,122
49.233
31,696
24.103
33,655
80,698

105,967
97,497
113,993
94,66«
68,751
65,450

The above statement shows: 1.— That the total receipts from
the plantations since Sept. 1, 1894, are 7,627,822 bales; in
1893-94 were 5,728,109 bales; in 1892-93 were 4,876,132 bales.
2.— That although the receipts at the outports the past week
were 98,523 bales, the actual movement from plantations was
only 65,456 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantation s
for the week were 36,693 bales and for 1893 they w ere
31,373 bales.
O v e r l a n d M o v e m e n t f o r t h e W e e k a n d s i n c e S e p t . 1 .—

W e give below a statement showing the overland m ovem ent
for the week and since September 1. A s the returns reach u s
by telegraph late Friday night it is impossible to enter so
largely into detail as in our regular monthly report, but all
the principal matters of interest are given.
This weekly
publication is of course supplementary to the more extended
monthly statements. The results for the week ending Apr. 12
and since Sept. 1 in the last two years are as follows:_________
1894-95.
A pril 12,
Week.

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V ia St. L o u is ...............
V ia Cairo ................... .
V ia H a n n ib a l..... . . .
V ia E v a n s v ille .... . . .
Via L ou isv ille.. . . ....
V ia C incinnati............
V ia other routes, & o.

T otal gross o v e r la n d ...... ...
Deduct shipments—
Overland to N. Y ., Boston, & o.
B etw een intetior t o w n s .. ......
Inland, &c., from S o u t h ........

Since
Sept. 1.

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tow

w i-s
$ 88
M 5,

© © © ® © -0 • M O C W »3 tO C lt© tO O H »M | t»tO © © M O C O M i^ tO © © M

• L ouisville flgures “ n e t” in both years,
t This y ear’s figures estim ated,
i L ast year’ s flgures revised.

The above totals show that the interior stocks have decreased
during the week 28,067 bales and are now 29,676 bales m ore
than at same period last year. The receipts at all the towns
have been 12,416 bales m ore chan same week last year and since
8 ept, 1 are 1,796,581 bales m ore than for same time in 1893-94




1893-94.
Week.

Bine*
Sept. 1.

849,225
316,168
545
3,725
166,325
157,424
123.379

11,507 1554,90»
2,484 213,620
27
13,703
7,186
3,542
9 5 ,3 5 »
899
95,030
1,324 113,58L

38,069 1,616,791

19,783 1,093,381

18,365
7,628
6
6,608
3,815
1,647

15,678
316
1,904

461,255
2H.020
63,090

7,257
26
2,472

2 6 4 ,0 3 »
21,486
85 ,746

17,898

552,365

9,755

3 7 1,27 0

L eaving total net overland*.. 20,171 1,064,426 10,023
* Inoluding m ovem ent by rail to Canada.
1 R evised.

722,111

Total to be d e d u c t e d ..............

The foregoing shows that the week’s net overland movement
this year has been 20,171 bales, against 10,028 bales for tbe
week in 1894, and that for the season to date the aggregate net
overland exhibits an increase over a vear ago of 342.315 bales.
1894-95.

IS
»£•

F ri.

Thurs,

513.8

I n Sight and Spinnerst
Takings.
Receipts at ports to A pr. 12.........
Net ov eilan d to Apr. 1 2 ------ . . . . .
Southern consum ption to Apr. 12

Week.

Since
Sept. 1.

93,523 7,437,308
20,171 1,064,426
16,000 551,000

1893-94.
W eek.

Sines
Sept. 1

63,867 5,586,102
10,028 722,111
13,000 519,000

129,694 9,052,734 86,895 6,827,213
T otal m a r k e t e d ............ .
Interior stocks in e x c e s s . . . . . . . . . *28,067 190,514 *27,169 142,007
Came into sight during w eek. 101,627
9,243,248
T otal in signt A pr. 12..............
North’n spinners tak’ gs to Apr. 12
" D ecrease daring week.

21,368 1,833,493

59,726

6,969,220

9,905 1,276,124

It w ill be seen by the above that there has come into sight
during the week 101,627 bales, against 59,726 bales for tbe
same week of 1894, and that the increase in * nount m e»vb
to-night as compared with last year is 2,274,128 bales.
W e a t h e r R e p o r t s b y T e l e g r a p h .— Our telegraphic re­
ports this evening from the S jutb are as a rule of a favorable
tenor. Planting is progressing very well now in many dis­
tricts but is not so well advanced ax last year. Advices from
Southern Texas and from a few other points indicate ¡th at
early plantings are coming up.

672

THE CHRONICLE.

[V O L . LX,

G a lveston , Texas — W e have had rain on one day of the
7 eek-’ t,be Pr fcipitalion reaching eighty-nine hun­
week, the precipitation reaching four hundredths of an inch.
dredths of an inch. The thermometer has ranged from 48 to
The thermometer has averaged 64, the highest being 73 and <o, averaging 63.
the lowest 56.
6
6
A u g u sta , G eorgia .— W e have had rain on three days of the
P alestin e, T exa s, — There has been rain on one day of the
past week, the rainfall reaching two inches and seventy-one
week, to the extent of sixty-three hundredths nf an iach. The
hundredihs. Average thermometer 60, highest 64 and lowest 43.
thermometer has averaged 63, ranging from 45 to 81.
A lb a n y , G eorgia .— W e have had rain on one day of the
H u n tsville, T exa s,— W e have had rain on one day during the
week, the precipitation being one inch and fifty-five hunweek, the precipitation reaching fifty-eight hundredths of an
dredths. The thermometer has averaged 57, the highest being
inch. The thermometer has ranged from 50 to 80, averag­ 70 and the lowest 46.
4
5
in g 65.
Charleston, South C a rolin a.— Rain has fallen on two days
D allas, T exa s. — Cotton plantirg is progressing finely. Early
of the week, to the extent of seventy-nine hundredths of an
plantings are coming up in localities over the southern por­
tions of the State. Corn planting is nearly completed in the to 7 5 The lbermometer has averaged 62, ranging from 50
southern sections and much of the crop is planted over the
G reenw ood, S ou th C a rolin a.— Crop preparations are two
northern portions. Early-planted corn is coming up nicely and weeks late and no cotton has been ¡planted as yet. f It is not
s, good stand is reported. But rain is needed in the western
now thought that there will be any decrease in acreage here
portions of the State. Good rain would be beneficial for all this year, but the use of fertilizers shows a falling off from a
farming interosts.
It has rained òn one day of the week, the year ago of thirty-five per cent. W e have had rain on one day
rainfall reaching sixty-five hundredths of an inch. Average ot the week, the precipitation being ninety-eight hundredths
thermometer 64, highest 83, and lowest 45.
^
S an A n t o n io , T exa s. — There has been rain on one day dur­ 0t o ? lD h* Avera*?e thermometer 60, highest 84, lowest 40.
btateburg, South C a rolina.— Cotton planting has begun
in g the week, the rainfall reaching ten hundredths of an inch.
Frost recurred on Friday last but no damage done. There
The thermometer has averaged 68, the highest being 89 and has been lain on three days of the week, to the extent of two
the lowest 46.
inches. The thermometer has ranged from 38 to 73, averag­
L uling, T exa s,— It has rained on one day of the week, the ing 58 9.
&
precipitation reaching eight hundredths of an inch. The
W ilso n , N orth C a rolin a . — Rain has fallen on two days of
thermometer has averaged 66, ranging from 48 to 83.
the week, to the extent of one inch and sixty-five hundredths.
C olum bia, Texas. — There has been rain on one day of the
Average thermometer 56, highest 80 and lowest 33.
week, to the extent of seven hundredths of an itch . The ther­
The following statement we have also received by telegraph
mometer has ranged from 48 to 82, averaging 65.
showing the height of the rivers at the points named at
C uero, T exa s. — The week’s rainfall has been five hundredths 8 r C n in /» t A -rv-t.il 11 1 C n i
J a
-in , c r . .
c
o f an inch, on one day. Average thermometer 65, highest 80
and lowest 50.
A p r. 1 1 ,’ 95. Apr. 12, ’94.
B renh a m , T exa s. — W e ha ve had rain on one day durirg the
Feet.
Feet.
*ew O rlean s.............A bov e low -w ater m ark.
10-2
week, the precipitation being fifty hundredths of an inch.
14-0
em
----------12*5
18-6
The thermometer has averaged 64, the highest being 80 and Mashphis------- 1 ............. A bove zero o f gauge
N
ville..----A bove zero o f gauge.
14-8
16-3
the lowest 49.
S h r e v e p o r t.................. Below zero o f gau ge.
3 0
27-7
B elto n , T exa s. — There hag been rain on one day of the past V i c k s b u r g .. .. ............... A bove zero o f g a u g e .
25-2
36-7
week, the raitfall being eight hundredths o f an inch. The
J u t e B u t t s , B a g g i n g , & c . — The market for jute bagging
thermometer has averaged 64, ranging from 48 to 81.
has been very quiet during the week under review and quota­
F o r t W o rth , T exa s.— W e have had rain cn one day of the
tions are unchanged at 4 ^ c . for
lbs., 4 ^ e . for 2 lbs. and
week, the precipitation reaching thirty-three hundredths of 4 / 8 ° . for standard grades m a jobbing way. Car-load lots of
an inch. The thermometer has ranged from 46 to 83, aver­ standard brands are quoted at 434c. for
lbs., 4 5 c . for 2 lbs.
4
aging 64.
and 5c. for 234 lbs. f. o. b. at New York. Jute butts are dull
W ea th erford , T exa s. — There has been rain on one day of at 1 l-16c. for paper quality on the spot.
the week, the rainfall reaching forty-two hundredths of an
I n d i a C o t t o n M o v e m e n t F r o m a l l P o r t s . — The receipts
inch. Average thermometer 64, highest 84 and lo vest 45.
N ew Orleans, L ou isia n a .— The re has been rain on one day and shipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to April 11.
o f the week, the rainfall reaching six hundredths of an inch.
__________ B O M B A Y R E C E IP T S AND S H IP M E N T S F O R F O U R Y E * .R 8 .
The thermometer has averaged 65.
Shipments this w eek. Shipments sin ce Sept. 1.
Shreveport, L ou isia n a .— The week’s rainfall has been fifteen
Receipts.
hundredtts of an inch, on one day. The thermometer has av­ t s a r G n a t Conti­
Great
C onti­
This
Since
eraged 63, ranging from 46 to 83.
Total
B rit’n. nent. Total. B ritain nent.
Week. Sept. 1.
Colum bus, M ississip pi.— Thf re has been rain on one day of
'94-5
40.000 40.000
3,000 172.000 175.000 66,000 714.000
the week, to the extent of seventy-two hundredths of an inch. ’93-4
•'■5,000 55.000 36.000 441.000 477.000 58 000 1,118,000
The thermometer has ranged from 47 to 84, averaging 60. i
92-3
33.000 33.000 26.000 406.000 432.000 74.000 944.000
24.000 24.000 30,000 333.000 363.000 83.000 901.000
L eland, M ississip p i. — W e have had rain on two days during 91-2
the week to the extent of fifty hundredths of an ir ch. Aver­
According to the foregoing Bombay appears to show
age thermometer 56*9, highest 79 and lowest 44.
an increase compared with last year in the week’s receipts of
M erid ia n , Mississippi— Telegram not receiv<d.
8,000 bales and a decrease in shipments of 15,00C bale«, and
L ittle R o ck , A rk a n sa s.— W e have had rain on thiee days of
the shipments since Sept. 1 show a decrease of 302,000 bales.
the week, the rainfall reaching thirty-five hundredths of an
The movement at Calcutta, Madras, and other India ports for
inch. The thermometer has averaged 59, ranging from 46
the last reported week and since the 1st of September, fi r two
to 78.
yeais, has been as follows. “ Other ports” cover Cevlon,
H elen a, A rk a n sa s.— Planting is going on rapidly. There
Tuticorin. Eurrachee and Coconada.
has been light rain on two days of the past week, the precipi­
Shipments fo r the week.
tation being thirty-four hundredths of an inch. The ther­
Shipments since Sept, x
mometer has ranged from 44 to 78, averaging 59.
Great
Conti­
Great
Total.
M em ph is, Tennessee.— The weather has been favorable dur­
Britain. nent.
B ritain. Continent
ing the week and farm work is progressing well. W e have
Calcutta—
had rain on two days, the rainfall reaching tvfenty-seven
5.000
1894-1*5...
5.000
10,000
14.000
24.000
hundredths of an inch. Average thermometer 59*4, highest
1893- 9 4 ... 2,000
3.000
5.000
11,000
35.000
46.000
78-9. lowest 50 2.
Madras—
1894- 9 5 ...
13.000
......
12.000
Nashville, Tennessee.— It has rained on three days of the
25.000
1893-94...
23.000
17.000
40.000
week, the precipitation being fifty-eight hurdredthsof an All others—
inch. The thermometer has averaged 58, the highest being
1894 9 5 ...
3.000
3.000
15.000
30.000
45.000
76 and the lowest 44.
18939 4 ...
4.000
4.000
24.000
39.000
63.000
M obile, A la ba m a .— Preparations and planting are both mak­
Total all—
ing good progress. The week’s rainfall has been thirty-two
1894- 9 4 ...
8,000
8,000
38.000
56.000
94,000
2 ,eo>
L893-95...
7,000
hundredths o f an inch on three days. The thermometer has
9,000
58.000
91.000
149,000
averaged 64, ranging from 51 to 70.
The above totals for the week show that the movement from
M o n tg om ery, A la ba m a .— The weather has been fine during the ports other than Bombay is 1,009 bales less than the same
the week and good progress has been made with farm work. week last year. For the whole of India, therefore, the total
Some cotton is already up and the s art thus far is very good. shipments since September 1, 1894, and for the corresponding
Owing to the steady advance in cotton lately, the acreage periods of the two previous years, are as follow s:
hereabouts will be greater than heretofore expected. W e have
EXPORTS TO EUROPE FROM ALL INDIA.
had rain on one day. The thermometer has ranged from 51
to 71, averaging 61.
1894-95.
1893-94.
1892-93
Shipments
Selm a, A la b a m a .— W e have had rain on two days of the
to all Europe
This
Since
This
S ince
This
Since
from —
week, the rainfall reaching one inch and ten hundredths.
week.
Sept. 1.
week.
Sept. 1.
week.
Sept. 1.
Average thermometer 60, highest 76 and lowest 44.
S om bay........... 40,000 175,000 55,000 477.000 33,000 432,000
M a d ison , F lo r id a .— It has rained on two days of the week
M loth erp orts.
8,000
94,000
9,000 149.000
95,000
the precipitation being one inch and forty hundredths. Thè
thermometer has averaged 62, the highest being 73 and the
T o ta l.......... 48,000 269,000 64,000 626,000 33,000 527,000
lowest 48.
A l e x a n d r i a R e c e i p t s a n d S h i p m e n t s .— Through arrange­
C olu m bu s, G eorgia . — There has been rain on two days of
ments we have made with Messrs. Davies, Benachi & Co., of
the past week, the rainfall being one inch and thirty hun­
Liverpool and Alexandria, we now receive a weekly cable of
dredths. The thermometer has averaged 60, ranging from 44
the movements of cotton at Alexandria, Egypt. The following
to 72.
are the receipts and shipments for the past week and for the
Savannah, G eorgia .— There has been rain on two days dur-




corresponding week oi tne previous twr years

673

THE CHRONICLE.

A pril 13, 1895.]
A lexandria, Egypt,
A p ril 10

1894-95.

1892-93.

35,000
4,483,000

R eceipts (cantare*). . . .
This w e e k ...*
Since Sept. 1 .

1893-94
55,000
4,666,000

8,000
5,071,000

S ince
This
week. Sept. 1.

This
Since
week. Sept. 1,

■ xp orts (bales)—
Xo L iv e r p o o l. . . . . . . . 5,000 243.000 6,000 282,000
Xo C on tin en t......... . 14,000 282.000 12,000 218,000

The Exports op Cotton from New York this week show an
increase compared with last week, the total reaching 20,9r6
bales, against 19,307 bales last week. Below we give our
asual table, showing the exports of cotton from New York,
and the direction, for each of the last four weeks; also t ie
total exports and direction since Sept. 1,1894, and in the last
oolumn the total for the same period of the previous year..

4.000 258.000
3.000 251.000

S ince
This
week. Sept. 1.

T o ta l E u r o p e ...... 19,000 525,000 18,000 500,000
* A can tar la 98 pounds.

8 XPORT 8 OF

1894.

1895.
8H lbs.
Shirtings.

3 2 * Oop.

Twist.
Moh.8
“ 15
“ 22
“ 29
A pr. 5
“ 12

Oott'ri
Mid.
TJpldi

1
'1. S
478 © 5 1 3
«
5
©5*8 3
5=4 ©513,6 4
5*4 ®51316 4
4
5518©6
538 © 6 1 4
®

d
3.
10=3*6
11 © 6
0 ©6
0 ©6
0 !a » 6
1 ©6

9
0
1
l1
«
1^
2
21
«

d.
3*16
33,6
39 i2
3b16
338
3he

3 2 * Oop.

a
61
«
6*s
6*8
67ie
6ifl
¿38

a.
© 7^
©7*4
©7*4
©7*4
©7^4
® 7 l8

4.
5
5
5
5
5
5

1.
4
3 ©7
3 ©7
3 ©7
3 ©7
2 ©7
11« » 7

2
1*2
l 1
«
11«
11«
1

Clou >
Mid
Opt*
43,6
4 I8
41®
43U
43,8
4 I8

S e a I s l a n d C o t t o n M o v e m e n t . — W e have received this
(Friday) evening by telegraph from the various ports the
details of the Sea Island cotton movement for the week. The
receipts for the week ending to-night (April 12) and since
Sept, 1, 1894, the stocks to-night, and the same items for the
corresponding periods of 1893-94, are as follows.
1894-95.
Receipts to A p ril 12.

1893-94.

Stock .

This
This
Since
Since
week. Sept. 1. week. Sept. 1. 1895.

Florida, & o........................

....

63,976
5,182
5,139

T o t a l . . . . . . . . . . . . . .......

63

74,297

63

56

1894

Savannah...
Chari’ t ’n,&c
Florida, &o.
New Y o rk ..

40

.........

.........

T o ta l........

441

40

481 33,753

5,3 J8 39,096

163 33,574

T otal 1893-4

680

43

723 30,643

4,003 34,646

422 21,171

A considerable portion of the Sea Island cotton shipped to
foreign ports goes via New York, and some small amounts via
Boston and Baltimore, Instead of including this cotton f o ’
the week in which it leaves the Southern outports, we follow
the same plan as in our regular table of including it wheD
actually exported from New Y ork, &c. The details of the
shipments of Sea Island cotton for the week will be foun^
under the head “ Shipping News,” on a subsequent page.
Quotations April 12 at Savannah, for Floridas, com m on,
8c.; medium fine, l l ^ c . ; choice, 154^c.
Charleston, Carolinas, med um fine, 22c. to 24c.; fine, 28c.:
extra fine, 30c, to 35c.
E a s t I n d ia C r o p P r o s p e c t s . — The following reports are
from the Calcutta P rice C u rren t of March 6, 1895:
The final official m emoranda 'o n the croD o£ 1894-5 says: There
is little regarding the early crop to be added to the inform ation al
ready given in the m emorandum published on January 3. Statistics
have since been reo -ived o f the crop iu Central India and H yderabad
The anticipated yield in the Central India States is norm al, but iu the
N izam ’s Dom inions the out-turn is estimated at 8 1« annas only. The
return includes also the late crop in B en g il. B om bay and Madras. In
B engal the late rains interfered w ith sowing, but the subsequent
w eather was, on the w hole, favorable, and although the area is put at
111.300 acres against 114,300 acres in 1893-4, the out-turn is esti­
m ated at 14 annas. The effect in the iP residency proper o f B om bayof
the excess o f rain in G ujarat and its deficiency iu the D eccau has al­
ready been noti ed iu the m emorandum o f 3d January, and it is now
repor ted that clouds in the North and disease in the South have led to
fu rther dam age. Iu Madras, too, the crop has n ot com e up to expecta­
tion.

Respecting the crop of the Bombay Presidency, the m em o­
randum s a y s :
The total area has fa llen 11*53 and 2-30 per cent resp ectively below
last year and average. The decrease is general ex cep t in H yderabad
w here inundation was favorable, and in Cutch, w h j re rain was oppor,
tune. Owing to the unfavorable character o f the season, Vie fall inthe out-turn p roportion ately exeeeds the fall in area. The yield for the
British districts is estimated at 345,000 bales—i. e .,34 and 23 per cent
below both last year and average, and represents only 45 per cent o f
the fu ll standard crop. Similar com parisons fo r native States is not
possible, ow ing to the absence o f com plete inform ation from States in
Gujarat. P rices have gone dow n, but unless they adjust them selves
with those obtainable fo r American cotton n Europe, little business in
'
the shape o f export cau be expected.




32,600
709

15,3366

1,863

33,318

15,342=

1,306
2,101

40,944
42,354
51,981

38.464
18 ,006
75,539

1,501

1,016

2,029 .........
1,493 2,319
1,153! 1,912

838

3,576
2¡520
2,247

3,407

138,279

132,009-

65,390
928

36,821
3,270*

T o t a l Sp a i n , & o . .

3,C87| 2,165

2,298

4,237

66,313

G r a n d T o t a l . . . . 23,437 19 ,551 19,3 07 20,986

602,984

40,091
559,506-

T he Following are the gross receipts op cotton afc
New York, Boston, Philadelphia and
week, and since September 1, 1894.
Ne w Y o
Receipts
from —
N. Orleans...

80 .

......

372,064

1,863
.........

4,237
.........

5,467

.........

.15
426

B a ltim o re ..

365,069

1,016
.........

2,298
.........

2,913

163 23,062
1,340
4,172

7,650 11,479

8,343

59,522

2,317 20,402
53 2,966
765
2,963 7,089
7,622
252

.....

284.C9T
87,967"

4,680. 4,731

58

18,085
2,913
765
55 4,121
426 7,622
252

.........

274,512
90,557

3 ,6 8 0 ! 2,113
2|
52

Savannah...
Mobile ......

Since
Week. Sept. 1

7,057
4,422

4,738
2,912

T o t .t o N o . E u r o p e

....

Or eat Fr'nce
Great Fr'nce
Total. Brit'n.
Total.
etc.
Brit'n.
<tc.

Total
since
Sept. 1.

ipain, Ita ly , & o.........
Vll o t h e r .....................

3,177
535
1,755

North'n Mills.

.........

838 1,501
.........I ..........

H am burg....................
Other p o rts.................

2,594
259
60

Week Ending A pr. 12. Since Sept. 1, 1894.

8,856
2,298

T o t . t o G t . B r i t ’ n . 14,232 11,154

Havre...........................
Other F ren o h p o rts..

53,878
2,2 "8
3,436

The exports for the week ending this evening reach a tots 1
of 481 bales, of which 441 bales were to Great Britain, 40
to France and — to Reval, and the amount forwarded to
Northern mills has been 163 bales. Below are the exportf
for the week and since September 1 in 1894-95 and 1893-94.
Exports
from ,—

L iv e r p o o l................... 10,477
Other B ritish p o rts.. 3,755

Same
p erio d
p reviou s
year.

A p ril
12.

March March A pril
22. 1 29.
5.

T o t a l F r e n c h ___

SH lbs.
Shirtings

Twist.

Week E nd ing—
Exported to—

7,000 509,000

Manchester Market . — Our report received by cable to ­
night from Manchester states that the market continues
firm for both yarns and sheetings. T h j demand for India is
poor. W e give the prices for to day below and leave those
for previous weeks of this and last year for comparison:

COTTON (BALES) FROM NEW YORK SINCE SEPT. 1 , 1894/.

Carolina
No. Carolina
Virginia. . . .
North, ports
Tenn., &c...
Foreign.......
T otal........
Last year....

r k

.

BOSTON.

Baltimore for the past

Ph

il a d e l p h ia

Since T h it
Since
TM l
This
Since
w eek. S ept. 1 . w eek. Sept. 1. w eek . S ep t. 1
11,078
9,42'»
715

436,448
241,391
210,419

176
1,322
659
1,988

12,448
52,223

1,073
423

128,845
10,091

2,151
........

7,041
78,212

BALTIMORE.
T h is
Sine*
w eek. 8ept. 1 .
..........

............
585

7,862

1,835

....... .....

87.583»

.......

130

4,588

5,938

669
5,877
111,033

1 8 ,1 2 1

74,041
2,868

8,551
1

34,637
329,365
99,276
31,255

4,100

81,529'

314

1C7,43«

24,851 1,184,030 13,591

579,': 85

6,683

130,083

6,249

276,496

12.938

448,578

1,242

65,028

7.675

208 667

961.349

7.144

Shipping New s . — The exports o f cotton from the United
States the past week, as per la test m a il returns, have reached'
128,542 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph and published in
the Chronicle last Friday.
W ith regard to New York w e
include the manifests of all vessels cleared up to Thursday.
Total balesw
Ne w Y o r k —To L iverpool, per steam ers Aurania, 1,502 . . .
N om adic, 3,208 upland and 15 Sea Isla n d ....S p en ser,
2,3 32................................................................................................. 7,057"
To Hull, per steamer Francisco, 1 ,9 9 9 ............................ ......... 1,999'
To Landon, per steamer Mobile, 1 ,3 3 5 .....................................
1 ,385
To Leith, per steamer Principia, 1,038 ................................ .. 1,038
To H avre, per steamers L a Bourgogne, 1,074....... La Tour­
aine, 749 upland aud 40 Sea Island..... ....................... .
1,833:
To Hamburg, per steamer Dania, 1 ,3 0 6 ...............
1,306
To Rotterdam, per steamer Obdam, 1 2 0 .... . . . . . . . . . ...........
12D
To Antwerp, per steamers LiebnPz, 551 ...W aesland, 1,430 1,981
To Oporto, per steamers Danna Maria, 9 0 0 ....0 1 in d a , 4 5 0 .. 1 ,3 5 0
To Genoa, per steamers Italia, 2 ,4 4 j . . . . Kronprinz Fried
rich WUh laa, 247.................................. ...................................... 2,837
To Naples, per steamer Kronprinz Friedrich W dhelm. 2 0 0 ..
200
Ne w O rleans —T o L iverpool, per steamers Holbein, 2,685 . . .
Vesta, 6 ,9 1 7 ....W e s t Indian, 4,573 ....................................... 13,275To Havre, per steamer Montezuma, 13,300............................... 13,3 0
To Bremen, per steamer Et dia, 8,260 ....... .............................. 8,260
To Hamburg, per steamer Polynesia, 2,872 . . . . . . . . ..............
2 ,9 7 2
To Antwerp, per steamer Cayo Roman », 1,843 .....................
1,843=
To Barcelona, per steamer Ju -n Forgas, 3,292 ..............
3,292
To Malaga, per steamer Juan Forgas, 3 7 4 .................................
374
To Genoa, per steamers Citta diM essina, 5,9 0 > ...,G u isep p e
Corvaj • 3,762___Juan Forgas, 2 ,8 1 0 .................... ................. 12,4771
,
Galv eston —To Liverpool, per steamer Niagara, 7,866
.........
7,866
To Havre, per steamer Blenheim, 6 ,2 5 6 .... . . . . . . . . ______
6,256:
To Bremen, per steamers City o f Belfast, 5,206 ...N a p a rima, 2,*23 . . . . . . . . . . . . . . . . . . . . ............ ................... . ......... 7 ,7 2 9 '
Savan n ah —T o Havre, per steamer Mangora, 2,734 u o la n l and
109 Sea Island........................................................... .1................. 2,843=
To Hamburg, n e r --------------------. 938 .................................. ......
988To St. Petersburg, per steamer Inverness, 2 ,5 5 0 ....p e r bark
Iona. 8 0 0 ....... . . . . . . . . . . . . . . . . . . . . . . . . . ...............................
3 .3 5 0
T o Gefl *, per bark Iona, 1 ,1 00............ .......... ..............................
1,100
To Gothenburg, per steamer Inver mss, 1.975 ......................
1,975
Ch arlesto n —To N ykjp lng. per bark Nuova Margharita, 1,750 1,759
No r f o l k —To Hamburg, per steamer Nerano, 1,902.......... .........
1 ,9 0 2
8 0 STON—To L iverpool, per steamers Oam bram in, 2,442
Georgian, 1 ,5 3 1 ....Norsemaa, 1,108 upland and 152 Sea
I s la n d ...................................... ...................................... ............. 5,2 33
To Hamburg, per steamer Italia. 213 . . . ..................... . .
213
To Yarmouth, per stiam er Y a rm ou th ,2 7 5 ........................
275Balt im o re —To L iverpool, per steamers Baltimore, 1 ,7 4 1 ....
Queensmore, 1,396...................................................................... 3,137"
To London, per steamer Montana, 3 0 1 . . . . . . . . . . . . ------- 301
To H avre, per steamer Mentmore, 2,56 7....... .
2,567"
T o Hamburg, per steamer Italia, 2 0 0 ......... ........................ .
200
To Rotterdam, per steamer Durango, 386 .....................- ........
386
Ph il a d e l p h ia - T o Liverpool, per steamer Southwark, 3,642 .. 3 ,6 4 2
. * To Antw erp, per steamer Switzerland, 1 5 0 .....
....... ..........
150
T o ta l........................ .......................................................................... 123,542

2674

THE CHRONICLE.

The particulars of these shipments, arranged in our usi al

S a t ., A p r . 6 .

form, are as follows:

T o t a l .... 40,210 4,723 26,829 23,470 12,655 20,330

275 128.542

Below we add the clearances this week of vessels carry ng
cotton from United States ports, bringing our data down to
the latest dates:
G alveston —To -Liverpool —
April 9 —Steamer Franoisoa, 5,469.
N e w Orleans—To L iverpool A pril 6 -S team er Darien, 6 ,8 00.......
A p ril 1 Steamers A ssaye, 9,699; Mira, 6,000; Navarro, 6 ,6 0 o ;
Wm, Cliffe, 6,080.
T o H avre April 11—Steamers B encroy, 5,100; Caravellas, 6,761.
T o B arcelona—A pril 6 Steamer P io I X ., 4,900.
X - To Trieste April 6 Steamer San R occo, 2,453.
F
T o V enice—April 6 - Steamer San R o cco , 604.
MOBILE To Brem en April 10—Steamer V erax, 7,506.
T o Vera C rnz—A pril 1 1 -S te a m e r Ravensdale, 1,509.
Savannah—To R eval — pril 5 Steamer Brisco, 3,100.
A
T o U ddevalle A pril 9 —Bark Th. Thorsen, 1,400.
T o St. Petersburg A p ril 5 -S team er B risco, 2,982.
T o G u tu je w sk i-A p ril 6—Bark Hiperion, 50.
T o B arcelona—A pril 6—Steamers Garlands, 2,950; Marie, 6,025.
T o G enoa - A pril 6 - Steamer Garlands. 1,200.
T o O porto—A pril 8 —
Bark Josephina, 650.
C harleston—To Bremen A pril 6 —Steamer Saturn, 3,463.
P o r t R o y a l - T o Havre—A pril 6 -S team er Texan, 3.903.
Norfolk — To L iv e rp o o l— pril 8—Steamer Lambert’s Point, 4,042.
A
To Hamburg - A pril 10 - Steamer Kingsdale. 700.
B oston —To L iv e r p o o l-A p ril 4 —Steamer M ichigan, 2,092 upland and
426 Sea I s la n d ....A p r il 5 -S te a m e r Pavonia, 1,572___A pril 8 —
Steamer Ottoman, 6 7 u .... A pril 9—Steamer Columbian, 2,634.
T o Y arm outh— p ril 9 - Schooner Seraphlne, 4.
A
B a l t im o r e - T o L iverpool—A pril 2 Steamer Rossm ore, 2,592.
To Bremen—A p ril 6 Steamer München, 5,061.
_ To Antw erp - April 5 -S team er Norse K lag, 725.
P hiladelphia — L iverpool—April 5 —8t -amer Kensington, 4,207.
To
To A ntw erp—A pril 9 -Steam er Peunsylvgnia, 200.
San Francisco T o Japan -M a rch 26 -S team er China, 670.

Cotton freights the past week have been as follow s:
Satur.

Mon.

Tues.

Wednes. Thurs.

L iverp ool, steam.c
704
704
764
761
764
....
....
M anchester.........d
«...
H a v re ............ ......c 21-22%t 21-22%f 22%-25f 22%-25| 22%-25!
....
....
Do
later... . . . c
B rem en ................d
%
%
%
%
%
....
....
Do
la t e r ... d.
H am burg, steam d
%
%
%
%
%
Do
.......... d.
....
....
....
» .. .
A m s’ dam, steam.c
27% i
27%+
27 %1
27%t
27%1
R eval, v. Ham b.d.
23128
23li 8
23118
23U8
23li8
Do
la te r....... d.
1164
1161
l l 0t
1164
U 64
....
B a rcelon a ...........d
....
G e n o a . . . . . . ........d 96i ®532 904®B
5 ,2
S.
B
32
532
Trieste, Apr. 17. d
1164
“ 64
»«4
U 04
n 64
A ntw erp, steam .d.
%
%
%
%
%
G hent, v. A ntw ’p.d
519
6HQ
5.12
®S2
532
t Cents net per 100 lbs.

F ri.
;
1
;
1
1
;
<
3
O
tq
;
J
g
!
\
•

L i v e r p o o l . — By cable from Liverpool we have the follow » g
tatement of the week’s sales, stocks, & c ., at that port:
Mch. 22

Mch. 29.

A pril 5. A p ril 12

Bales o f the w eek............bales.
111,000
61,000
88,000
77.000
O f whioh exporters t o o k ....
3.000
1,100
1,200
1,900
O f whioh speculators t o o k ..
17.000
4.000
5,200
5,500
Bales A m e r ic a n ..... . . . . . . . . . . .
92.000
56.000
74.000
69.000
A ctu al e x p o r t________________
6.000
5,000
7.000
8,000
F orw arded.__________________
79.000
73.000
68.000
65.000
T ota l stock—Estim ated............ 1,812,000 1,816,000 1.731.000 1,710,000
O f w h ich A m erican—Estin. ’d 1,674,000 1,685,000 1.607.000 1,5 »9,000
T ota l Im port o f the w eek .........
63.000
83.000
21,000
52.000
O f whioh A m e r i c a n ..........
50.000
73.000
15,000
46.000
A m ount afloat...........................
112,000
97.000 153.000 123.000
O f whioh A m erioan................ 110.000
95.000 150.000
120.000

The tone o f the Liverpool market for spots and futures ear l
day of the week ending April 12, and the daily closing pricer
o f spot cotton, have been as follows *
Spot.

Saturday Monday. Tuesday. Wed'day. Thursd’y. Friday.

Fair
M arket, ) , business
1:4 5 P. M.J
doing.

M id.U pl’ds.

3%

B ales.........
Spec. & exp.

10,000
1,000

Futures.
M arket, ? Steady ai
2-04 ad1:45 p . M.J
varice.
M arket, (
4 P. M. \

Very

steady.

Good

demand.

Firm .

3 l332

313 32

15.000
1,500

15,000
1,500

Steady.
Quiet ant
steady

Active.
3 716

20,000
1,500

Steady.
S7i6

12,000
1,000

Steady a Steady ai Steady at
1-64 ad­ 1-64 @2-84 2-64 ad­
vance.
advance.
vance.

Quiet.

Qniet and
steady.

e
g

'C
c

te

Steady.

Ejp* The p rices are given in p en ce and Qiths.
3 01 m eans 3 1-64d.




I

T u e s ., A p r . 9

Open High Low. Clos. Open High Low. Clos. Open High Low. Clos.
d.
A p ril..........
April-May..
May-June..
June-July..
J uly-A ug...
A ug.-Sept..
Sept.-O ct...
Oot.-Nov....
N ov.-Dee...
Dec.-Jan..
Jan.-Feb....
Feb.-Mch.

d.

d.

d.

d.

d.

d.

d.

d.

d.

d.

319
319
3 21
3 22
3 23
3 24
3 26
3 27
3 28
3 29
3 30

319
319
321
3 22
3 23
3 24
3 26
3 27
3 28
3 29
3 30

319
319
3 21
3 22
3 23
324
3 26
3 27
3 28
3 29
3 30

3 22
3 22
3 23
3 24
3 26
3 27
3 28
3 29
3 30
3 31
3 32

3 22
3 22
3 23
3 24
3 26
3 27
3 28
3 29
3 30
3 31
3 32

3 21
3 21
3 22
3 23
3 24
3 26
3 26
3 28
3 29
3 30
3 31

3 21
3 21
3 22
3 23
3 24
3 26
3 26
3 23
3 29
3 30
331

d.

310
3 19
3 21
3 22
3 23
3 21
3 20
3 27
3 28
3 29
3 30

3 21
3 21
3 23
3 24
3 26
3 27
3 28
3 29
3 30
3 32
3 33

3 21
3 21
3 23
3 24
3 26
3 27
3 28
329
3 30
3 32
3 33

3 21
3 21
3 22
3 24
3 25
3 26
3 28
3 29
3 30
3 31
3 32

3 21
321
3 22
324
3 25
3 26
3 28
329
3 30
33L
3 32

T h u r s ., A p r . 11 .

W e d ., A p r .

F r i., A p r . 1 2

Oaen High Low. Clos. Open High Low. Clos.
d.
A p r il..........
April-May..
May-June..
June-July..
July-A ug...
A ug.-Sept..
Sept.-O ct...
Oct.-Nov....
N ov.-Dee...
Deo.-Jan....
Jan.-Feb....
Feb.-Mch.

d.

d.

d.

d.

d.

d.

d.

3 23
3 23
3 25
3 26
3 27
3 20
3 30
3 31
3 32
333
3 34

3 24
3 24
3 25
3 26
3 28
3 29
3 30
3 31
3 32
3 33
3 34

3 22
3 22
3 23
325
3 26
3 27
3 28
3 30
3 31
3 32
3 33

3 22
3 22
3 23
3 25
3 26
3 27
3 20
3 30
3 31
3 32
3 33

3 22
3 22
3 24
3 25
3 27
3 28
3 29
33l
3 32
3 33
3 31

3 23
3 23
3 25
3 26
3 27
3 29
3 30
33t
3 32
3 33
3 31

3 22
3 22
3 24
3 25
3 27
3 28
3 29
3 31
331
3 33
3 31

3 23
3 23
3 25
3 28
3 27
3 29
3 30
3 31
3 32
3 33
334

0
3

3

B R E A D S T U F F S .
F r i d a y , April 12,1895.
Early in the week the market for wheat flour was quiet
but later there was a demand from shippers, principally for
the low grades, and prices have been firm. City mills have
also had a fair call for shipment to the W est In lies and South
America at steady prices. For rye flour the market has been
quiet but steady. Corn meal has been quiet and without
change. Yesterday the market for wheat flour was quiet but
steady.
It has been a slow week in the market for wheat futures,
and prices have gradually given way in the absence of specu­
lative interest and under favorable weather advices from the
W est and dull and weaker reports from abroad. In the spot
market there has been a light demand from shippers and
prices have declined with futures.
The sales Wednesday in
eluded No. 2 red winter at May price in store and 2c. over
May f . o. b. afloat; also N o. 1 hard Manitoba at 9 % c . over
May f . o. b. afloat. Yesterday the market was quiet, and
prices further declined under liquidating sales by “ longs.”
The spot market was quiet. Tne sales included No. 2 red
winter at 2 l-16c. over May f. o. b. afloat for early loading
and No. 1 Nortnern at 60% c. in store.
DAILY CLOSING PRICES OF NO. 2 RED WINTER W HEAT.

May delivery.................... o.
June d eliv ery ................. o.
July delivery................... o.
August d e liv e r y ..:.........o.
September delivery____ o.
December d elivery.........o.

Sat.
60%
61
61*8
61%
61%
64

Mon.
603s
60%
60%
61%
61%
63%

Tues.
60%
603s
60%
61%
61%
63%

Wed.
603s.
60%
60%
61%
61%
63%

Thurs.
60*8
60%
60%
60%
61%
63%

F ri.
>»
^
3
5
”

The speculation in the market for Indian corn futures has
been quiet and prices have steadily declined under the’ vorable weather conditions at the W e s 1 and expectations of an:
increased movement of the crop
The spot market has been
quiet and prices have declined. The sales Wednesday included
steamer mixed at 50c. in elevator and 50%c. delivered. Y es­
terday the market was quiet and a trifle weaker with wheat.
The spot market was quiet but steady. The sales included
steamer mixed at 50c. in elevator and 51c. delivered ; also
steamer yellow at 50c. in elevator.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN.

Sat
May d elivery.............. ... e . 51%
July d elivery ............. ...e . 5138
Septem ber d e liv e r y ....e . 51%

Mon.
51%
51%
51%

Tues.
50%
50%
51%

Wed.
50%
50%
51%

Thurs.
50%
50%
51

F rt,
&
?
H

Oats for future delivery have been quiet, and prices have
declined in sympathy with the weakness of wheat and corn
and under the favorable weather conditions at the W est. The
spot market has also been weaker. The sales Wednesday in­
cluded No 2 mixed at 32% c.@ 33c. in elevator and No. 2 white
at 36%c. in elevator. Yesterday the market was depressed
by free offerings. The spot market was weak and lower for
mixed grades but steady for white. The sales included No.
2 mixed at 82 ^ c.@ 38 c . in elevator and No. 2 white at 3G%c.
@ 3 6 ^ c . in elevator.
DAILY CLOSING PRICES OF NO. 2 MIXED OATS.

Sat.
April d elivery................. e. 33%
May delivery.................... o. 333a
July d e liv e ry ...................o. 33%

Mon.
33%
33%
333s

Rye has been quiet but steady,
without change.

Tues.
32%
32%
33%

Wed.
32%
32%
33

Thurs.
323s
32 %
32%

F ri.
^
?
H

Barley has been dull and

FLO UR .

The opening, highest, lowest and closing prices of futun s
a t Liverpool for each day are given below. Prices are cn
he basis o f Uplands, Low Middling clause, unless otherw se
stated:

2 63-64d., and

M o n ., A p r . 8

©

Hull,
Brem en Other Spam,
L iver- London
< Ham- North Italy, Tar£
pool. < Leith. Havre,burg. Europe. < c. mouth. Totw.
£
&
N ew Y o rk .
7,057 4,422 1,803
1,308 2 ,1 0 1 4,237 ........... 20.938
N . Orleans. 13,275 ......... 13,300 11,132 1,813 16,143 ........... 55 693
G alveston.. 7,866
6,256
7,729
.......
21,851
Savannah................. 2,843
988 6,425 ......................... 10,256
1,750
Charleston....................................................... 1,750 ......................
N orfolk............................................... 1,902 ....................................
1,902
B o s t o n ..... 5,233 .......................
213 ......................
275
5,721
Baltim ore..
3,137
301 2,567
20 0 386 .........................
6.591
Fhiladel’ a.. 3,642 ....................................
150 .......................
3,792

[ V ol . L X .

T hu s: 2 63 m eans

Fine.................. ^ bbl. $1 90® $2 15 Patent, w inter...........$2 90 ® $ 3 20
S u p e r fin e ............... 2 1 0 ® 2 25 City m ills ex tra s....... 3 15® 3 20
E x tr a ,N o .2 . . . . . . . . . . 2 20® 2 35 R y e flour, superfine.. 2 90® 3 20
Extra. No. 1 . . . ......... . 2 30® 2 50 Buckwheat flo u r ..... . . . . ®
Clears......................... . 2 50® 2 75 Corn m eal—
S tr a ig h ts .................. 2 70® 3 30
W estern, &6............ 2 60 ® 2 65
Patent, sprin g......... . 3 30® 3 95
B randyw ine.............
2 70
[W heat flour in sacks sells at prioes below those fo r barrels.]

THE CHRONICLE

A pril 13, 1895.]

H75

G R A IN .

The value of the New York exports for the year h as
be«n $2,195,550 in 1895 against $1,116,089 in 1894.
Brown sheetiags continue strong ia both coarse and fine
yarn makes and brown drills also. The demand has not been
active but sellers have had little difficulty in securing the
advances recently reported. In bleached cottons there has
59
been an advance of % c . in 64-square makes, under print cloth
61
influences, with occasional advances in finer grades of mus­
lins and cambrics and considerable sales to the jobbing and
manufacturing trades. A n advance of V£c. in A . C. A . ticks
the marks the first upward movement in coarse colored cottons.
A g r i c u l t u r a l D e p a r t m e n t R e p o r t . — The report of
Department of Agriculture, showing the condition of winter In other directions the tone is sometimes firmer, with more
business doing, but as a rule denims, checks and stripes, plaids
wheat on April 1, was issued on April 10 as follows :
and other colored goods are quiet at previous prices*. Fair
The A pril report o f the Statistician o f the D epartm ent o f A gricul­
ture m akes the average condition o f w inter w heat on the 1st o f A pril sales of wide sheetings are reported, with a firm market and
81*4 as against 86*7 last year. It was 7 7 -4 in 1 8 9 3 ,8 6 '2 in 1892 and at firm prices there is more doing in cotton flannels. * The
86 '9 fo r the year 1891. The average fo r ry e is 87.
effect of higher print cloths is seen in advances of % g . in kidThe averages o f w heat fo r the several States and Territories are as
follow s: Maine, 100; New Hampshire. 10«; New Y ork, 92; New Jer­ finished cambrics, while most makes of silesias and percalines
have been advanced \£o. Solid color prints arn also Via. to
sey, 92; Pennsylvania 92; D elaware 8f>; M aryland, 89; Virginia, 8P;
N orth Carolina, 85; South Carolina, « 0 ; Georgia, 69; Alabama, 79; l£ c . higher, and staple prints are firmer. Fancy calicoes
M ississippi. 70; Texas. 57; Arhansas, 82: Tennessee, 81; W est Virginia, however, are still weak, with a i indifferent demand. In
85; K entucky, 86; Ohio, 86, M ichigan, 67; Indiana, 83; Illinois, 87;
W isconsin, 49; M innesota, 33; (ow a, 75; M issouri, 89; Kansas, 53; printed wash fabrics an average business is reported. Staple
N ebraska, 45; M ontana, 93; Colorado, 89; Idaho, 94; W ashington, 86; ginghams are in improved request and firm, dress styles quiet
O regon 86; C alifornia, 94; Oklahoma, 54.
throughout, with some irregularity.. There has been a good
Generally the past w inter has been hard on wheat. The fa ll o f 1894
w as a dry one and not favorable in m any States either to germ ination business done in print cloths at advancing prices, the market
closing with sellers refusing to accept 2% c. for extras, or Vic.
o r to the m aintenance o f the vitality o f the plant.
The spring has also been drouthy ov er extensive areas. Much g ood , more than business was done at last week.
0.

55
51
55
55

how ever, has been p rod u ced b y the rains in the latter part o f March,
particularly in the States o f Indiana, Illinois, Missouri and Iow a.
M oderate rains also tell in Nebraska and South Dakota. I t is re­
ported, how ever, that the soil w as so dry and had suffered so long
from drouth that it will require m uch heavier rains to produce any
perm anent effect.
The average date o f seeding fo r the w hole coun try was Oct. 9. V ery
little dam age from the Hessian fly is reported.

The following comparison for a number of years covers the
condition in the leading States.
CONDITION WINTER WHEAT APRIL 1 .

O h io .......................... .........
M ich igan.................. .........
Indiana..................... ..........
Illin o is...................... ...........
M issouri.................... .........
K ansas...................... .........
T ex as......................... ...........
T ennessee...........................
M aryland................. .........
V irgin ia................................
N ew Y o rk ...........................
P enn sylvania.......... ...........

1895. 1894. 1893. 1892. 1891. 1890. 1889.
86
90
87
71
98
87
88
83
74
78
83
93
67
87
83
90
82
78
99
75
94
87
87
72
82
97
75
97
89
8S
72
76
96
83
95
72
53
62
77
99
87
96
57
84
100
89
97
74
97
81
66
83
78
98
«8 0
S8
89
91
89
86
93
99
95
89
88
87
79
96
98
96
92
99
88
97
92
88
94
92
98
87
84
97
99
93

A v e ra g e ....... ....
86-7 77-4 81-2 96-9
81
IW F or other tables usu ally given here see page 6 4 5 .

THE

DRY

GOODS

94

.. 66,000
314,000

TR AD E.

mil

com i i^ w h c o »to to ! M < i© m ©
M

O O tOCO O

HÜ1C0WO1
Q O C O O JO IO

(0 < 'tOO^OOO
1 tOHMOM
COCO

taifrcoit-o

a r* g
§ 9
E
H M
te

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1
wc
n«
ö
2 o
o

Oe
c
W%

c o o o m m co
< 1 to m c o c o
m w iM O jo
coco
0 0 to

mcoifMf^o

Week. Since Jan. 1.

Week. Since Jan. 1

T o t a l ................................
China, v ia V a n co u v e r* ,...

2,628
4,880
810
2,676
15,805
1,761

3,289

r-*o
C
O

6,831

49,280
6,450

T ota l................................. 3,289
55,730
F rom N ew England m ill points direct.




1,830

1^990
53
337
47
38
2,484
21

T
om co totoleo
mo HMtOMH
C to o
O

265
42
56
752
43

0 0 CO t o l o o
CD C O N O C O

CO GO

© m
c o oo

766

MM tO
>-»mtoMif».
QOOMlf^^l

too

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O O 05M C 0

1,557

67,064

m
i-»
tom

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m ©Q M
&
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* 9

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O

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O

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a ^ ma© Ce
^ © 4 rcoO
CO© © M M

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to

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Q
B
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f“
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H <>
£

00 to m t o 09

M tO M l^ m
CO<J©tO©
MM

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a s

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00 © M C ©
O

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o

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tu^cooooo

05©

CO©

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to©

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CO 0 5 ^ ) tO 00

8,878

©mMM
0<JO© I *
f»
©COMtft©

M<m©o©
© < u cxm

M© © 00O
O
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fcO M O

►—
►
S M
S p l^C ^ to © oo ©
5
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9
85,0551
213.548
526,123
167,208
171,285

1894

191
41

90,000

The importations and warehouse withdrawals of dry goods
at this port for the week ending April 11, and since
January 1, 1895, and for the corresponding periods of last
year are as follows:
e
g
tg
g
s
«
H
g
g
ts
as
g s K® O3
>
g » sä® 5
3*0
OC
O
PI ef
s
p; S
et
p;
i i 21
O• p :
S
P
o g;
O!
p
0:
0• p :
g:
e *
B
M
• ■
d
SÉ

29,834
359,196

1895.

1,264
949

605,000

F oreign D ry G oods.—There has been a considerable
cleaning-up business in seasonable merchandise at very irreg­
ular prices. Woolen and worsted dress goods and silks for
next season have again been in fair request at firm prices,
with an average demand in other directions.

2

159
50
100

1893.
A pr. 8 .
42,000
4 8 ,0 0 0

in woolen and worsted dress
fabrics for fall has been the mo3t prominent feature in this
division of the market. The demand has been liberal for
both plain and fancy lines, with Dreference for low and me­
dium grade goods. Soft-wool effects have sold readily, as
have mohairs and other bright styles. In fine fancy worsteds
business has been moderate. Prices are firm, with occasional
slight advances in sackings. Men’s-wear fabrics are slow
throughout so far as new business is concerned, but good de­
liveries have been made on previous orders. Prices without
change. Overcoatings have disclosed no new feature, but in
cloakings buyers have operated less freelv, particularly in
fancies. Blankets have sold in fair quantities, but flannels
still quiet.

1,694 351,051
14,324 1,163,219

Domestic Cotton G oods. — The exports of cotton goods
from this port for the week ending April 8 were 3,289
packages, valued at $131,818, their destination being to the
points specified in th« table below:

G reat B r ita in ............. ..........
Other E uropean................
C h in a ...................................
In d ia...................................
A r a b ia ................... ........
A fr ic a ..................................
W est I n d i e s . . . . . . . . . . .
M e x ic o ................. ...... ...
Central A m erica...............
South A m erica________
Other Countries.....................

1894.
A pr. 7.
209,000
320,000 >
76,000 $

I m p o r t a t io n s a n d W a r e h o u s e W it h d r a w a ls o f D r y G o o d s

New Y ork , F rid a y , P. M „ April 12, 1895.
The market for staple cottons has presented somewhat irreg­
ular features during the past week. The demand for brown
sheetings and drills has been on a quieter sc lie but well sus­
tained for bleached cottons and rather better for some lines of
coarse colored goods. In cotton dress fabrics the demand has
been generally moderate with an exception in some makes of
staple ginghams, which are in growing request. The general
market continues quite strong, the advances already reported
having been well maintained and a number of others in lines
not previously changed recorded. Buyers now coming into
the market are discovering a scarcity of supplies in many
leading makes, and there is no doubt but that the market for
brown and bleached and occasionally for colored cottons is in
excellent condition. Sellers are encouraged to expect still
higher prices by the evidence of a considerable demand yet
unfilled and by the continued upward movement in the price
of cotton. Print cloths also are a strong feature at the close
of the week. The weather has hardly been favorable to the
distribution of strictly spring and summer fabrics from second
hands, but still out-of-town jobbing centres send in fairly good
reports.

N e w Y o rk to A p r . 8.

1895.
A pr. 6.

Stock o f P rin t Cloths—

•sßHJ 1

Corn, p er bush—
W heat—
0.
0.
0.
W est’ n m i x e d ...... 49 9
Spring, per b u sh .. 57 9 71
R ed w inter No. 2 .. 60349 62tg
Sfceamor m ix e d ,... 50 ®
R ed w in te r..
W estern y e llo w ... 50 ®
54 ® 63
W hite....................... 67 ® 71
W estern W hite___ 50 ®
R ye—
Oats—M ixed, per bu. 32 ® 34
W estern, p er bush. 54 ®
W h ite .................... 36 ® 40
State and J e rse y ..
No. 2 m ix e d ........... 32>«9 33%
®
N o. 2 w h ite............ 363s® 3738 Barley—No.2 W est’n 603«9
State 2-row ed........
9
State 6 -r o w e d ..... .... 9

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676

THE CHRONICLE.

[Voi. LX,

A N ACT to amend Section one hundred o f Chapter forty-seven o f the
Revised Statutes, relating to investments in Savings B anks as here ■
tofore amended.
S ection 1. Section one hundred o f chapter forty-seven o f the revised
statutes as am ended b y chapter one hundred and ninety-five o f the
C om m ercial and F in an cial C H R O N IC LE con­ p ublic law s o f eighteen hundred and ninety-three, is hereby am ended
tains 40 to 64 pages, published every week.
by striking out the w hole o f said section and inserting in p lace thereof
State an d City Supplem ent of C H R O N IC LE con­ the fo llo w in g :
Section J100. Savings banks and institutions fo r savings are re
tains 180 pages, published periodically.
stricted to and hereafter m ay invest their deposits in
Investors’ Supplem ent of C H R O N IC LE (a Cyclo­
(1) The p ublic funds o f any o f the New E ngland States, including bonds
paedia of Railroad Securities) contains 160 pages, published o f the counties, cities and tow ns o f the sa m e;
quarterly.
(2) In the public funds o f the United States and D istrict o f C olum bia;
(3) In the stock o f any bank or hanking association incorporated under
Street R a ilw a y Supplem ent o f C H R O N IC LE
authority o f this S ta te;
contains 8 5 pages, published quarterly.
(4)
1 n the stock o f any bank or banking association incorporated under
the authority o f the United States, if located within the New E ngland
Subscription to CHRONICLE for one year § 1 0 .0 0 ,
S ta tes;
which includes every issue of both S u p p l e m e n t s .
(5) In the public funds o f the States o f New Y ork, Pennsylvania,
M aryland, Ohio, Indiana, K entucky, M ichigan, W isconsin, M innesota*
Terms of Advertising—(Per inch space.)
Iow a, Illinois, Missouri, Kansas and N ebraska;
One t im e ..................
$3 50 I Tiiree Months (13 times) ..$ 2 5 00
(6) In the bonds issued fo r m unicipal purposes, w h ich are a direct
O ne M onth
(4 tim es).. 11 00 S ix Months
(26 tim e s).. 43 00
T w o M onths
(8 tim es).. 18 00 I Twelve Months (52 tim es).. 58 00 obligation on all the taxable p roperty, o f any city o f ten thousand
tThe above term s fo r one m onth and upw ard are fo r standing c a r d s .) inhabitants or m ore, or o f any coun ty o f tw enty thousand inhabitants
or m ore, ex cep t when issued in aid o f railroads, in the above nam ed
T h e purpose o l this State and City D epartm ent States, and in tlie refun din g bon ds o f counties and cities otherwise
com plying with the foreg oin g conditions, issued to take up at m aturity
is to furnish our subscribers with a weekly addition to and bonds w hich were legal and constitutional when issued, on w hich the
continuation of the S t a t e a n d C i t t S u p p l e m e n t . In other interest has been fu lly paid, and fo r at least five years last past prior
words, with the new facts we shall give, the amplifications to such refunding ;
(7) In the bonds and obligations o f school district boards, boards
and corrections we shall publish, and the municipal laws we
issue
shall analyze in the “ State and City Department,” we expect o f education, and other corporate bodies authorized to taxes
bonds w ithin
such
cities,
payable
prim arily
from
to bring down weekly the information contained in the levied on all the taxable prop erty in such district, provided that the
S t a t e a n d C i t t S u p p l e m e n t to as near the current date as population o f the district is ten thousand or m ore, and the p opulation
possible. Hence if every Subscriber will note in his S u p p l e ­ and assessed valuation o f the district are equal to at least ninety per
cent o f the p opulation and assessed valuation o f the c i t y : provided,
m e n t on the page designated at the head of each item a
that no investm ent shall be m ade in the bon ds o f any counties, cities
reference to the page where the item in the C h b o n i c l e can or districts o f the States above named, ex cep t cities and districts hav­
be found, he will at all times possess a complete and fresh ing a population o f seventy-five thousand or m ore, where the net m uni­
cipal indebtedness o f such county, city or district exceeds five per
cyclopaedia of information respecting Municipal Debts.
cent o f the last preceding valuation o f the p rop erty therein fo r the
assessm ent o f taxes.
(8) The term net m unicipal indebtedness o f counties as used in this
THE N E W STA TE AND C IT Y SUPPLEMENT. section shay. be construed to include all bonds w h ich are a d irect obli­
gation o f the coun ty less the am ount o f any sinking fund available in
The fifth edition of the S t a t e a n d C i t y S u p p l e the redu ction o f such debt. The term net m unicipal indebtedness o f
cities and districts as used in this section shall be construed to include
m e n t is mailed to our subscribers with this number of
in the case o f either n ot only all bonds w h ich are a d irect obligation o f
¿he C h r o n i c l e , and in addition to the corrected reports the cities hut also all bonds o f the districts or boards w ithin the same
fo r the States, countie?, cities and towns which were as above enumerated, ex clu sive o f any such debt created fo r a w ater
represented in the last publication there have been in­ supply andbo f; the am ount o f any sinking fund available in the reduction
o f such d e t
corporated this year 456 new statements, makiDg the
(9) In the first m ortgage bonds o f any com pleted railroads o f the states
total number of reports in the book at present 2,482. above named, together with New Jersey, and in the first m ortgage bonds
o f the Central Pacific, U nion P acific and N orthern P acific R ailroads,
Among the new features of the publication this year and in the railroad bon ds o f this State ;
(10) In the stock o f any dividend-paying railroad in N ew E n g la n d ;
we may mention the detailed statement of the present
and in the stock and m ortgage bon ds o f any other railroad leased to
indebtedness of the United States, with citations from such dividend-paying railroad, upon term s guaranteeing the paym ent
the laws authorizing the various issues of Government o f a regular stated dividend upon the stock o f such leased road and the
interest on its b o n d s ; in the stocks o f any railroad com pany o f this
bonds. The debts of Oklahoma and six of its minor State unincum bered b y m ortgage,
(11) But p o bonds o f street railroads exceptin g those already con ­
civil divisions are among the new reports.
structed in
be
unless
am
It will be found that the great mass of the informa­ stock equal this State shalland purchasedp er cent an the ount o f capitalt
to thirty-three
one-third
of
m ortgage d eb
tion given is fresher than we have ever been able to shall have been paid in, in cash, and expended upon the road, evidenced
make it before. Many officials on receiving our appli­ b y a certificate o f the R ailroad Comm issioners, filed in the office o f the
Secretary o f State, that, said percentage has been so paid in and ex­
cation for their statements have written to ask the pre­ pended, in addition to the am ount o f the bonded d e b t ;
(12) In the m ortgage bonds o f any w ater com pan y in this State and
cise date on which the figures must be used in order
New Hampshire actually engaged in supplying to any city or cities,
give us the latest possible returns. The work is pre­ tow n or tow ns, village or villages, or other m unicipal corporations
faced by an article on the sales of and investments in w ater fo r dom estic use and for the extinguishm ent o f fires, w h enever
such com pany is earning m ore than its fixed charges, interest on its
municipal bonds, and another entitled “ National debts and its running e x p en ses;
Borrowing and Municipal Borrowing.”
(13) In the stock and bonds o f any other corporations incorporated
under authority o f this State, w h ich earn and are p aying regular d ivi­
dends o f not less than five per cent a y e a r ;
(14) A nd m ay invest b y loan on first m ortgages o f real estate in this
M A IN E A N D N E W H A M P S H IR E .
State and New Hampshire, n ot exceedin g sixty per cent o f its v a lu e ;
N E W 8A VINOS B A N KS INVE8T3IEN T L A WS.
(15) A nd m ay loan to any coun ty, city or tow n in this State, and m ay
Through the kindness of Hon. Charles R. W h itten , Bank loan on notes w ith a pledge as collateral o f any o f the aforesaid seeuri
Examiner, Maine, and the Hon. James O. Lyford, Bank Com­ ties, including savings bank deposit books o f any savings bank in the
State, and the stock o f any o f said railroad com panies, not over 75 p er
missioner of New Hampshire, we have just obtained copies of
cent o f the m arket value o f such s t o c k ;
the new savings bank laws passed in Maine and New H am p­
(16) A nd m ay loan to corporations havin g real estate and doing b u si­
shire. The Maine law was approved March 26, 1895, ac d the ness in this S ta te ;
(17) A nd m ay also loan on a pledge or m ortgage o f such other p er­
N ew Hampshire law was approved March 28, 1895.
The Maine law is an amendment of Section 100 of Chapter sonal p roperty as, in the ju dgm ent o f the trustees, it is safe and fo r the
interest o f the bank to accept.
47 of the Revised Statutes of the State, and is subjoined. Our
(18) The num ber o f inhabitants o f cities and counties shall be deter­
readers would do well to make a reference on page 11 of the m ined b y the last previous official census thereof, as established b y the
new S t a t e a n d C i t y S u p p l e m e n t which they will receive to­ last United States or State census, or city or cou n ty census taken in the
day of this change in the investment law. The division of same m anner as the United States or State census, and duly certified
to b y the clerk or treasurer o f such city or the auditor or treasurer o f
the section into paragraphs does not appear in the statute, but
such county.
is done by us, that those who need to refer to any particular
(19) A ll investm ents shall he charged and entered on the hooks o f the
bank at their cost to the bank, or at par w hen a prem ium is paid.
portion of the section can more readily find it.

S tate

awp

C ity P e w r M E t i T ,

TERM8 OP SUBSCRIPTION.

o




A pril 13, 1895,

THE CHRONICLE.

677

Section 2. This act shall not apply to in\ estm euts m ade b y saying
banks before it goes into eftect
A p p rov ed M arch 26.

8th. In the authorized bonds, or interest-bearing obligations, o f a n y
other New E ngland State, or o f the States o f N ew Y ork, New Jersey ,
Pennsylvania, Delaware, M aryland, Ohio, Indiana, Illinois, K en tu cky,
M issouri, M ichigan, W isconsin, M innesota, Iow a, Kansas, N ebraska,
The New Hampshire law is as follows. In this case we N orth Dakota, South Dakota, Colorado, C alifornia, Oregon, M ontana,
W yom ing and W ashington, or the territories o f Utah and New M exico;
give the law as passed, the division iDto paragraphs being the
bu t n ot exceedin g tw enty-five per cen t o f the deposits shall be so in ­
form given to the statute by the Legislature.
vested.
•
A N ACT to regulate the investm ents o f savings banks.
9th. In the authorized bonds, or interest-bearing obligations o f a n y
B e It enacted by the Senate and H ouse o f Representatives in General county, city, tow n, school district, or other m unicipal corporation o f an y
C ourt con v en ed :
o f the foregoing States w hose net indebtednesss does n ot ex ceed 5 p e r
Section 1. On and after July 1, 1895, savings banks shall m ake in­ cent o f the last preced ing valuation o f the p rop erty therein fo r ta x a ­
vestm ents o f their funds in the follow in g classes o f securities o n ly :
tion, n ot issued in aid o f railroads; provided, however, that the bonds1st. In notes secured by first m ortgage on real estate situated in o r notes o f any coun ty o f less than 10,000 inhabitants, or o f any o ity ,
N ew Hampshire.
tow n or other m unicipal corp oration o f less than 5,000 inhabitants, o r
2d. In notes secured b y first m ortgages o f real estate situated out­ o f any school district o f less than 1,000 inhabitants, or o f any o f the
side o f New Hampshire, which at the tim e is im proved, occupied and foregoing States or Terri ories w est o f the M ississippi R iver ex cep t Min
p ro d u c tiv e ; but not exceedin g 25 per cent o f the deposits shall be so nesota shall not be authorized investm ents; and in the authorizedinvested.
bonds or interest-bearing obligations o f any city o f 100,000 inhabi­
3d. In notes secured b y collateral in w hich the bank is at liberty to
tants o f any o f the foreg oin g States whose net indebtedness does n o t
invest, o f at least equal v a lu e ; but the am ount o f any one class o f se­ exceed 7 per cent o f the last p reced in g valuation o f the p rop erty
curities so taken as collateral, added to that w h ich the bank m ay ow n therein fo r taxation; but not exceedin g 20 per cent o f the d eposits
a t the tim e, shall not ex ceed the total lim it o f th a t class o f secu rities; shall be so invested.
and n ot exceedin g 25 per cent o f the deposits shall be so nvestea
The term “ net indebtedness” shall be construed to denote the in­
4th. In notes secured by collateral o f securities w h ich are listed on debtedness o f any city or tow n, om itting debt created fo r supplying
the stock exchanges o f B oston and New Y ork, the listed price o f which the inhabitants w ith water, and deducting the am ount o f sinking fu nds
shall at all tim es be at least ten per cent in excess o f the fa ce o f the available fo r the paym ent o f m unicipal indebtedness.
n o t e ; but not exceedin g fifteen per cent o f the am ount o f the deposits
10th. In the bonds o f any railroad com pany incorporated under the
shall be so invested.
authority o f any o f the N ew England States whose road is located
5th. In notes o f individuals or corporations, w ith one or m ore in­ w holly or in part in the same, and which is in possession o f and operat
dorsers, but not exceedin g five per cent o f the am ount o f its deposits to ing its ow n road, and has earned and paid regular dividends fo r the
an y one person or corporation, and not ex ceedin g tw en ty per cent of tw o years n ex t preceding such in v estm en t; or in the bonds guaranteed
th e deposits shall be so invested, and not exceedin g ten per cent o f or assumed b y such railroad com pany, or o f any railroad com pany so
the deposits shall be invested in notes o f individuals or corporations incorporated whose road is thus lo c a te d ; or in the bonds or notes o f
resident outside o f the &ew England States.]
any railroad com pan y incorporated under the law s o f this S ta te; bu t
6th. In the public funds o f the United States* or those for which the n ot exceedin g tw enty-five per cent o f the deposits shall be so invested.
faith o f the United States is pledged to provide fo r the paym ent o f the
11th. In the bonds o f any railroad incorporated under the authority
interest and principal, including the bonds o f the D istrict o f Columbia. o f any State outside o f N ew England which is in possession o f and
7th. In the bonds or notes o f this State, or o f any coun ty, city, tow n, operating its ow n road, and has earned and paid regular d vidends
p recin ct or district o f this State.
o f not less than fou r per cent per annum on its capital stock fo r the

N EW LO AN S.

N EW LO A N S

NEW LO ANS.

PROPOSALS FOR

PROPOSALS FOR

C IT Y O F ST. LO U IS.

State of Georgia 8V2 Per Cent
20-Year Bonds.
City of Providence'! 4, Per
$ 1 ,1 0 0 ,0 0 0

Cent 30-Year Bonds.

M a y o r ’ s O f f i c e , S t L o u i s , April 2d, 1895t
By virtue o f Ordinance No. 18,018, authorizing th©
issue and sale o f renewal bonds o f the City o f St,
Louis, sealed proposals fo r the purchase o f nine
hundred and seventy-five thousand dollars ($975,000 00) In said bonds, hereinafter described, or any
portion thereof, will be received at the Mayor’»
office, in the City o f St. Louis, until l2 o ’clock n o o n
o f the 23d day o f April, 1895, and publicly opened by
the undersigned at said place and hour.
Said bonds will be dated May 1st, 1895. and will
each be o f the denom ination o f $1,000 United State©
G 'ld Coin, payable twenty (20) years after their'
date, and will bear interest from their date at th©
rate o f three 05-1 0 (3 85) p ercent per annum. Semi­
annual interest coupons payable on tne 1st day o f
May and November respectively will be attached toeach bend, and both bonds and coupons will be pay­
able to bearer, as be may elect, either at the Na­
tional Bank o f Commerce, In New York, In United
States Gold Coin, or at the National Bank o f Scot
land, Limited, 37 Nicholas Lane, London, England,
in pounds sterling, at the rate o f four dollars,
eighty-six cents, six and one-h alf mills ($4 8805) p e r
pound sterling. The bonds will contain the con di­
tion that In payments o f principal and Interest th©
United States gold dollar and the pound sterling
will be calculated at the present standard w eight
and fineness. T he bonds may be exchanged fo r re­
gistered bonds at any time.
Bidders are requested to state in their proposal©
the price offered per bond, the par, premium and
accrued interest to be stated as one amount.
Proposals must be accompanied by a deposit o f
cash or certified check, payable to the order o f th©
com ptroller (and subject to ¡his approval) equal t o
five (5) per c e n to f the nominal amount o f the bond»
bid for; said deposit to be returned if the proposal
is not accepted, otherwise to be held subject to fo r ­
feiture to the city in event o f failure on the part o f
the bidder to comply with his proposal, or In case o f
com pliance to be retained as part o f the purchase
m oney. A deposit In the required amount to the
credit o f the City o f St. Louis, in the National Bank,
o f Commerce, in New York, or in the National Bank
o f Scotland, Limited, London, will be accepted as*
lull com pliance with the requirements relating to*
deposits. No interest will be allowed on earnest,
money deposited by the successful bidder.
Proposals will be subject to all the conditions anil
reservations o f this advertisement, and must refear
to same as a portion o f the agreement on the park
o f the bidder.
Proposals should be enclosed and addressed t c* tfau
undersigned and endorsed "Proposal fo r Puiehas»
o f St. Louis City Bonds.”
The awards will be subject to the approval o f in©
Committee on Ways and Means o f both branch«» o f
Municipal Assembly.
T he bonds will be delivered against payment
therefor in current funds at the office o f the Comp­
troller, In the City o f St. Louis, on the 13th day o f
May, or, if the bidder so elects in his proposal, at the
National Bank o f Commerce, In New York, on th©
M U N IC IP A L AND R A IL R O A D
15th day o f May 1895.
O f the amount o f bonds authorized by Ordinance*
No 18,018. $377,000 will not be Issued, as m aturing
And all Local Securities Bought and Sold. bonds to this amount will be redeemed and retired
by the Sinking Kund.
A
can be
and further
NEW YORK, BROOKLYN AND JE R ­ tionsample bondthe officere finthe Comptrollinform©
obtained at
o
Blank form s o f proposal can be obtained on appli­
SEY Cl TY BONDS A SPECIALTY’.
cation to the Comptroller.
C. P. W ALBRIDGE, Mayor
ISAAC H. STURGEON, Com ptroller.
16 BROAD STREET,
NEW Y O R K .

E x e c u t iv e D

epartm en t,

St a t e

of

G e o r g ia , )

A t l a n t a , March lfth , 1895.)
By authority and in pursuance o f an A ct o f the
General Assembly o f the State o f Georgia entitled,
O f f ic e o f t h e Ci t y T r e a s u r e r ,
)
“ A n A ct to provide fo r the sale o f the Northeastern
P r o v i d e n c e , R. I ., April 8,1895. (
Railroad; to*make provisions fo r the discharge o f
Sealed proposals addressed to D . L, I). G r a n ­ the liability o f the State on the bonds o f said R ail­
d e r , C it y T r e a s u r e r , P r o v i d e n c e , I t . I., each road Company, and fo r this purpose to authorize the
endorsed “ Proposals fo r Loan,” will be received at issue o f bonds o f the 8tate, the par value o f which
this office until 12 o ’clock M., MONDAY, APRIL. 22, shall be equal to the amount o f the State’s tiaoi ity
1895, fo r the whole or any part o f the follow ing by reason o f Its endorsem ent upon the bonds of
loans to the City o f Providence:
said Com pany; to authorize the exchange o f said
Sewer Loan—Eight hundred thousand dollars State bonds with the holders o f said endorsed bonds
($800,000) on bonds o f said city.
and to provide fo r the sale o f so many o f the said
School Loan—Three hundred thousand dollars f ttte bonds as may be necessary to pay such o f the
($ 800,000 ) on bonds o f said city.
endorsed bonds as shall not be thus exchanged and
Both the above series o f bonds will be dated May o f all accrued Interest on said endorsed bonds, and
1, 1895, will becom e due' May 1, 1925, and will for other purposes.” Approved December 18th, 1894.
bear interest at the rate o f four (4) per centum
Bids will be received at the Treasury o f the Stat9
er annum, payable semi-annually in May and In the City o f Atlanta, Georgia, until ten o ’clock A.
iovember. Both principal and interest will M. on W ednesday, the first day o f May, 1895, fo r :—
be payable In gold coin o f th e United States, A series o f the bonds o f the State o f Georgia, to
equal to present value o f fineness and weight. pay the principal and accrued interest o f tne North­
Both loans will b e secured by a Sioking Fund pro
eastern Railroad bonds endorsed by the State. Said
vidlng fo r the payment o f th e same at maturity. principal and Interest amounting to tw o hundred
Either coupon or registered bonds will be issued and ninety thousand ($290,000) dollars, m ore or less.
fo r the whole or any portion o f said loan, and cou- The number o f bonds issued being determined by
ton bonds may at any tim e thereafter be converted the casn payment made by the purchaser o f the
nto registered bonds at the option o f the holder. Northeastern Railroad at> tne sale thereof on April
The principal and interest o f coupon bonds will be 10th prox. at, Athens, Georgia. Said bonds shall be
payable nt the Treasury in Providence or at the Na­ o f the denom ination o f five hundred dollars each,
tional City Bank o f New York. The City o f Provi­ and shall be dated May 1st, 18«5, and due twenty
dence now transmits by mall interest on all regis­ years thereafter, and shall bear interest three and
tered bonds, if desired. Bonds will be ready for one half per cent per annum, and shall be payable,
delivery May 1, 1895. Registered bonds will be both principal and Interest, at the office o f the
Issued in sums o f $1,000, $5,000, $10,000 or $20,o00 Treasury o f the State in the City o f Atlanta, Geor­
each, as desired.
gia, and also in the City o f New York, at suoh a bank
Proposals should state whether bid is either for as the Governor may elect. T o each o f said bonds
the whole or any less portion o f said loans, or for coupons will be attached fo r the Interest due on said
both. Further inform ation can be obtained o f the bonds, w oich will be paid semi-annually on the first
undersigned. The rignt is reserved to reject any day or May and N ovember o f each year. A ll o f said
and all bids.
bonds t< be delivered and paid fo r at the Treasury
>
D. L. D. GRANGER,
<>f the rtate or at the fiscal agency o f-t h e State as
City Treasurer.
the Governor and Treasurer may elect on the first
day o f May, 1895, or as soon as the bonds are deliv­
ered to the purchaser. Said bonds will be non-taxable by any authority whatsoever in this State. All
bids must be accompanied by a deposit o f ten thou­
sand dollars, to be made with the Treasurer o f the
State, which deposit Is made as a guarantee that the
successful bidder will faithfully carry out his con ­
Investm ent B an k ers,
tract as set forth in his bid m ade to tne Treasurer
as above called for. Said deposit may be made in a
check for that amount certified by a solvent bank
3 0 W e s t Third Street,
Cincinnati, Ohio. approved by the Treasurer. The right Is hereby
reserved to reject any and all bids and under a pro­
vision o f th e A ct authorizing the sale no bid will be
received at a price less than par, nor will any hid be
received with any proviso or condition other than
Choice Investment Bonds of Cities, that called fo r in the advertisement. Governor.
W . Y. ATKINSON,
R. W . H ARD EM AN , Treasurer o f Georgia.

S

i

Rudoloh Kleybolte & Co.

Counties and School Districts.

BONDS

LISTS MAILED UPON APPLICATION.

WARRANTS N D SCHOOL.
COUNTY, CITY A
(IJN O . P. D O R R & CO., Seattle, W a sh .




Proposals for 3'65 per cent 20-Year Gold
Renewal Bonds.

W. E. R. SMITH,

THE CHRONICLE

W 8

IV o l . L X . .

!iiv e years n e x t preceding such in v estm en t; provid ed said capital stock ex ceed the am ount o f its capital stock fu lly paid i n ; but n ot exceedin g
o n w hich it pays dividends equals in am ount one-third o f the entire ten per cen t o f the deposits shall be so invested.
bon d ed indebtedness o f said road, o r in the bon ds o f any corp oration
18th. A n y savings bank m ay purchase and h old land and buildings
guaranteed o r assumed b y said r a ilr o a d ; bu t n ot exceedin g tw enty suitable and actually used b y it in part fo r its banking-room s, the tota l
p e r cent o f the deposits shall b e so invested. Street railroads shall cost o f w hich shall n ot ex ceed 10 per cent o f its deposits.
n o t be considered railroads w ithin the m eaning o f this and the last
19th. A n y savings bank m ay hold and lease real estate acquired b y
p reced in g section.
foreclosure o f m ortgages ow ned b y the bank, bu t all taxes, foreclosure
12th. In the bon ds o f corporations o f this State whose net indebted­ expenses and cost o f m aintenance shall be paid out o f the incom e o f
n ess at the tim e o f such investm ent does n o t ex ceed its cap ital stock the bank.
a ctu a lly paid in and rem aining unim paired, bu t n ot e xcedin g five per
20th. Deposits o f cash on call or su bject to check shall be m ade in
c e n t o f the deposits shall be so invested.
som e authorized banking or tru st com p an y incorporated under the
13th. In the bon ds o f street railw ay corporations located w h olly or in law s o f this State or the Com m onwealth o f M assachusetts, or in some
p a r t in cities o f 50,000 inhabitants o r m ore, situated outside o f N ew national bank located in the N ew England States or in the C ity o f New
H am pshire, w hose net indebtedness at the tim e o f such investm ent Y ork.
•does n ot ex ceed its capital stock actually paid in and rem aining unim ­
Section 2. W henever any person shall at the same tim e hold an office
p a ire d ; provid ed , such corp oration has earned and paid regular d ivi­ in both a national bank and a savings bank he shall giv e bon d in double
d ends on its capital stock fo r five years n e x t preced ing such in v est­ the am ount required b y existin g law.
m ent, bu t n ot exceedin g five per cent o f the deposits shall be so in­
A p prov ed M arch 2 9 ,1 8 9 5 .
v ested .
These changes are very material, and should be noted on
14th. In the capital stock o f any bank or trust com pan y incorporated
page 13 of the new S t a t e a n d C i t y S u p p l e m e n t .
n n d e r the law s and doing business w ithin this State, bu t the am ount
o f such stock held b y any savings bank as an investm ent and as col­
lateral fo r loans shall n ot exceed one-tenth o f the total capital stock o f
Tacoma, Wash.— It is reported that the Superior Court at
su ch bank o r trust com pany; and n ot ex ceedin g te n per cent o f the
Tacoma has declared legal the $2,000,000 water and light bonds
d eposits shall be so invested.
15th. In the stock o f any national bank in the N ew E ngland States issued for the purchase of water-works and lighting plant.
an d in the State o f N ew Y o rk ; bu t the am ount o f such stock held
b y any savings bank as an investm ent and as collateral fo r loans
sh all n ot exceed one-tenth o f the total capital stock o f such] national
B on d P roposals and N egotiation s.—We have re­
bank, and n ot exceedin g ten per cent, o f the deposits shall be so in ­ ceived through the week the following notices of bonds
vested.
recently negotiated and bonds offered and to be offered for
I6th. In the stock o f any railroad corporation, exclu sive o f street
railw ay s, situated in w hole or in part in N ew England, N ew Y ork, sale.
¡Pennsylvania, Ohio, Indiana, M ichigan, and Illinois, tliat has earned
Barnstable, Mass.— On April 6, 1895, the town of Barnsta­
a n d paid regular dividends o f at least fou r per cent fo r five years p re­ ble sold $20,000 of 4 per cent practice and model school bonds,
v io u s to such in vestm en t; but n ot exceedin g ten per cent o f its $10,000, due from 1896 to 1905, to the First National Bank,
d eposits shall b e so invested.
Hyannis, Mass., at 100 8^5, and $10,000, due from 1906 to 1915,
17th. In the stock o f any m anufacturing com pany in the New E ng­ to the Seamens’ Savings Bank, Provincetown, M iss., at
la n d States that has earned and paid regular dividends fo r five years 102*898. These securities will be dated May 1. 1895, interest
p rev iou s to such investm ent, and whose net indebtedness does not will be payable semi annually on May 1 and November 1 at

N EW LO AN S.

N EW LO AN S.

FIN A N CIA L.

$ 3 5 2 ,5 0 0

$ 2 5 0 ,0 0 0

SECURITIES

City of New Orleans Bonds.

Davidson County,Tenn.

Not Subject to
Income Tax.

i t . M. W ALM SLEY,
President.

T. W OLFE, Jr.,
Secretary.

BONDS.

O F F IC E

Board o f Liquidation,
City Debt,

Under an act o f the General A ssem bly o f T e n ­

(See T S. S u p rem e C ou rt D e c is io n .)
J.

nessee, adopted Feb. 1,1895, and approved Feb, 6,

City of Boston.......................................4s
City o f Cleveland, Ohio....................... 4s
T h e Board o f Liquidation or the City Debt, o f the
C ity o f New Orleans htreby invite proposals tor the aforesaid county at its quarterly term in April, 1895, City o f Holyoke, Mass., Gold............ 4s
purchase fo r cash o f three hundred and fifty-two
thousand five hundred (1852,500) doll rs, or any authorized the Issuance o f
City o f Haverhill, Mass....................... 4s
part thereof, o f the Constitutional Bonds o f the
•City o f New Orleans, to be Issued under the Consti­
City of Medford, Mass.........................4s
tution al A m endm ent and A ct o f the Leglrlature o f
$ 2 5 0 ,0 0 0 O F B O N D S
<the State o f Louisiana, No. 110, o f 1890, approved
City of Malden, Mass...........................4s
J u ly 8th, 1890, payable fifty years after date, bear­
in g Four Per Cent Interest per annum, represented
"by coupons ma u<lng flist o f January and first o f o f t h e oounty fo r the purpose o f paying off the out­ City of Manchester, N. H ...................4s
J u ly, payable in New York and New Orleans.
A ll accepted proposals to purchase bonds under standing Indebtedness o f said county, which is evi­ City o f Laconia, N. H...............
4s
th is advertisement must be com pleted at the office denced by warrants already Issued, or which have
■of the Board o f Liquidation o f the City Debt on the
City of Lancaster, N. H ..................... 4s
fifteenth o f May, 1895, by the payment in cash o f been ordered to be Issued by said Court.
t h e price bid and the delivery o f the bonds.
Bonds will be issued in denominations o f (100, (500 Town o f Littleton, N. H ...................... 4s
The Board reserve the right to reject a ny and all
«id s.
Sealed proposals will be received till Tuesday, the and (1,000 to suit purchasers, to run fo r twenty City o f Minneapolis, Minn,, UoM___4s
ceventh o f May, 1895, at the bauktng house o f years, the county reserving the right to oall In all or
City of Kansas City, Mo................
4s
W inslow , Lanier & Co., No. 17 Nassau ^irret, New
York, or at the office o f the Board o f Liquidation a y part thereof at the end o f five years.
O f the City Debt, Room 5, City Hall, New Or eans.
City of Paterson, N. J ............ 49 & 4}£s
Bonds to be dated June 1,1895, with coupons at­
R. M. W ALM SLEY, President.
tached, payable semi-annually. Bonds and interest City of Toledo, Ohio.........................4)-£s
T. W OLFE, Jr., Secretary.
payable In the City o f New York o r in the City o f City of Columbns. Ohio..... ............. 4 ^ s
OFFICE OF COMMISSIONERS OF TH E SINKING Nashville, at the option o f the purchasers.
County of Bamsey, Minn................ 42^8
FUND OF TH E
Sealed bids fo r the sale o f the above Bonds will
City of Cleveland................................. 5s
be received at the office o f the County Judge o f
City o f Lincoln, Nebraska....... ....... 5s
Davidson County at
L ouisville, Ky., April 8,1895.
City of Greeley, Colorado....................5s
N otice Is hereby given that ih e C it y o f Louisville
¡has called fo r payment on May 1st, 1895, its Muuici- Nashville, Tenn., Until May 1, 1895, Milwaukee C .unty, Wisconsin..........5s
al Five Per Cent Ten-forty Bonds, dated May 1st,
880, o f one ihousand dollars each, numbered from
Knox County, Indiana.........................5s
o n e to five hundred inclusive, and payable at the
at 2 O’clock P. M.
Bank o f America, New Y oik. Interest on said bonas
Placer County California, G o l d .......5s
w ill cease on the 1st day o f May, 1895.
H E N R Y 8. TY LER , Mayor.
Bids are invited at the rates o f 4,4J^ and 5 per cent Teritorj of Arizona, Gold.................. 5s
CHAS. H GIBSON,
interest. The com m ittee reserves the right to a c­ City o f Dayton, Ohio... - .....................6s
President Sinking Fund Commissioners.
Room 5. City Hall ,
>
New Ohleans, April 8, 1895.j

1895, authorizing Davidson County to Issue N egotia­

ble Bonds fo r indebtedness, the County Court o f the

C IT Y O F L O U IS V IL L E .

f

cept or reject any and all bids.

W. J. Hayes & Sons,

C. A . SH ARENBERGER,
W . T. DAVIS,

BAN KERS,




g iv in g

fu ll

T. O. MORRIS,

Dealers in MUNICIPAL BONDS,
Street Railway Bonds, and other high grade in­
vestments
BOSTON, MASS.,
C le v e la n d , O h io ,
V Exchange Place.
3 1 1 - 3 1 3 S u p e r io r S t.
Cable Address, “ KENNETH.”

Send f o r sp e c ia l c ir c u la r ,
d e scrip tio n a n d p r ic e s .

O. C. CUNNINGHAM,
SANFORD DUNCAN,
Committee.
Approved.
JOHN C. FERRIS, County Judge.

E. H. Rollins & Sons,
53 STATE STREET,
BOSTON, MASS.

679

THE CHRONICLE.

A p r i l 13, 1895 J

Boston, and the principal will mature at the rate of $1,000
yearly from May 1, 1896, to May 1, 1915. Nine bids were re­
ceived for the loan as follows:

able semi-annually, and the principal will mature July 1 ,
1915, borh principal and interest to be payable at the Mer­
chants’ Exchange National Bank, New Y ork City.

F or
«
“
«
“
“
“
“
"

Hyde Park. Mass.— Proposals will be received until April
15, 1895, by Henry S. Bunton, Town Treasurer, for the pur­
chase of a $21,000 4 per cent park loan. The securities will be
dated May 1, 1895, and will be payable at the rate of $7,000
yearly in from one to three years. Thev will be delivered to
the purchasers o d or before May 10, 1895.

Bid.
$70,000, Seam’ns 8 w . B ’k, Provincet’ n (due 1906 to 1915).102*898
10,000, First National Bank, Hyannis (due 1896 to 1905). l< -0*825
20,000, B rew ster, Oobb <»Estabrook, B oston . . . . . . . . . . . . . 1 0 1 * 8 1
20,000, Blodsret. M erritt & Co.. B oston.................................. 101*69
20,000, E. H . Rollins & Sons, B oston ...................................101*635
20,000, Cushm n, Fisher & Co., B o s t o n ............... .........1 0 1 * 2 1 3
20,000, Blake Brothers, B o s t o n ................. ............................100*57
20,000, R . L. Day & Co., B oston ..............................................10 *50
20,000, E. P. Jones, B oston ...................................................... 100 00

In dian a.— Proposals will be received until tw o o’clock

Carthage, Ohio.— At an election held April 1 the proposi­ P. M ., April 18, 1895, at the office of State Auditor A . C.
tion of iss ing $15,000 of water-works and electric-light bonds
was voted down.

Cheltenham Township, Montgomery County, Pa.—Pro­
posals will be received until April 16 by the Township Super­
visors for the purchase of $75,000 of 4 4-10 per cent road im ­
provement bonds, payable March 1, 1915. The securities will
be issued in four series as follows : Series A , for $11.500, re­
deemable ou and after March 1, 1896 ; Series B , for $17,500,
redeemable on and after March T, 1900; Series C, for $21,500,
redeemable on and after March 1,1905, and Series D , for $24,500, redeemable on or after March 1, 1910.
Davidson County, Tenn.—Proposals will be received until
tw o o’clock P. M., May 1, 1895, at the offiee of County Judge
John C. Ferriss, in Nashville, Tenn., for the purchase of
$250,000 funding bonds, with interest at 4, 4 ^ or 5 per cent
per annum. The bonds will be dated June 1, 1895, are to
mature in twenty years, but m ay be called after five years.
Interest will be payable semi-annually in New Y ork and
Nashville;
F u ll p a rticu la rs concerning this sale w ill be fo u n d in the
official ad vertisam en t elsewhere in this D epa rtm en t.

Forestville, N. Y.— On April 5, 1895, the village of Forestville sold $18,000 of 4 per cent water bonds to Isaac W . Sher­
rill, of Poughkeepsie, for $18,025 and accrued interest. The
securities are to be dated April 15, 1895, interest will be pay­

FIN A N C IA L,

Daily, in the city of Indianapolis, for the purchase of $500,000
State of Indiana bonds, to bear interest at a rate not to exceed
3J£ per cent per annum . The securities will be dated May 1,
1895, will mature in twenty years, but will be subject to call
after fifteen years. The bonds are to be registered, interest
being payable semi-annually at the fiscal agency of the State
in New York City.
F u ll p a rticu la rs regarding the sale w ill be fo u n d in the
official ad vertisem ent elsewhere in this D epartm ent.

Los Angeles, C al.— Proposals will be received until April
22,1895. by C. A. Luckenbach, City Clerk, for the purohase
of $396,000 of 43^ per cent refunding bonds. The securities
will be dated May i , 1895, and interest will be payable semi­
annually on May 1 and November 1, at the Chemical National
Bank, New York. The issue will be divided into nine blocks
of forty bonds of $1,000 each and one block of forty bonds of
$900 each, one bond of each block to become due annually
beginning May 1, 1896. Proposals will be received for the en­
tire issue or for one or more bl >cks. The bonds will be ready
for delivery immediately after the award, and will be deliv­
ered by the City Treasurer at his office in the City Hall of Los
Angeles, or at any designated eastern point, provision being
made for the expenses of such delivery. The securities are
issued to refund $76,000 of funded debt bonds of 1870, due
August l, l s95 ; $17,000 of main sewer bonds of 1877, due July
1, 1901; $53,000 of funding bonds of 1881, due July 1, 1901.

S 3 0 ,0 0 0 ’0 0
$ 5 0 0 ,0 0 0
State of Indiana Bonds. New Whatcom, Wash.,
Gold 5 l-2s.
Notice of Letting o f Tem porary Loan
Bonds o f the State o f Indiana.
I n d ia n a p o l is , Ind., April 6,1895.
Notice Is hereby given that under and pursuant to
th e provisions ol an A ct o f the Ge era! Assembly
o f the ¡-taie o f Indian«, entitled “ An a ct authoriz
in « the Governor. Auditor and Treasurer o f State
to issue and sell the hoi ds o f the State lo r the pur­
pose o f providing fo r the paym ent o f any pari, o f
the bonded debt ot the S ate heretofor*. created,
and concerning m *tters in connection therewith and
declaring an em ergency,” approved March 5, 1*95.
Bids will be received at the office o f the Auditor
o f State, in the Oitv o f Indianapolis, until 2 o ’clock
p . M., on the 18 h day o f April, 18H6, from those de­
siring to make investments in the State’s securities
under the provisions o f said A ct fo r the bonds o f
the Stare, to the amount o f live hundred thousand
dollars ($ ; 00 ,000 ), bear ng interest at a rate not to j
exceed 3H per cento m per aunum, payable semi an­
i
nually, and redeemable at the pleasure o f the State
alter fifteen years from date, and payable in twenty
years from May 1, 1>W principal and interest to be
5,
payable at the fiscal aaency ot the State, in the tiy
o f New Vork. I hey wi I oe Lsued in registered form
in denominations to suit the purchaser, transferable
at said fl cal agency without expense to the holders.
No bid for less tnau the par value o f said bonds will
be received,
, , ,
__ .
A l1 proposals must b e accom panied by certified
check on a responsible bank and other than that o f
the bidder, to tne order o f the Treasurer o f the
State f Indiana, equal in am u n tto 5 per cem o f
the par value o f the nonds bid for. Checks o f un­
successful bidders will be returned immediately
alter the award is made, o h e c k s o f successful bid
ders will be apulied < n account o> their purchases,
>
and in case ot failure to pay tne balance due will do
liable to forfeii ure.
Tne bonds will be delivered to purchasers at the
office o f Winslow, Lauier & Co., In the Uity o f New
V ork, on or before the first day o f wav, 1895.
The right is reserved to reject any and all pro­
posals.
Binders are requeste t to append a copy o f this ad
vertiseuient to tneir bid and state denom inations o f
bonds desired.

CLAUDE MATTHEWS, Governor.

A . O. D AILV, A u d i t o r o f State.
F. J. SCUOLZ, Treasurer o f S t.te.

bonds:
City o f P ittsb n rg, Pa.
^ City o f Brooklyn. N. Y.
^
City o f Denver, Col.
City o f Pueblo, Col.
City o f Davenport, Iowa.
City o f su perior, VHs.
City o f Anderson, In d
City of Yonngstow n,Obio.
Price, description and full list o f other Securities
o n application.

C. H. WHITE & CO.,
72 BROADW AY,




-

-

NEW Y O R K .

M IS C E LLA N E O U S .

FIN A N CIA L.

BOSTON
3 0 and 4 0 YEAR
4%s.

Dated April 1st, 1893; due April 1st, 1913. Interest
Price and P articulars on Application.
April and October 1st, in New York.
New L ist oi M unicipal and Street R a il­
,$ 12, 000,000
True valuation, estimated.
, 0,09«,796
Assessed valuation.............
w ay Bonds.
.
262,000
Net debt................................
.4,059
Population, 1890........
.7,000
“
1893........
New W hatcom is the county-seat o f W hatcom
BANKERS,
County, and the fourth city in size in the State o f
W ashington. It is located upon Bellingham Bay, 15 W A L L S T R E E T ,
NEW Y O R K .
which affords the finest harbor upon Puget Sound,
and is connected by dally boats with Seattle and
Tacoma. The Great Northern Railroad and Cana­
dian Pacific Railroad provide New W hatcom with
t,wo trans-continental lines, while the Northern Pa­
cific Railroad is now within twelve miles o f the City.
The City nas several banks, schools, newspapers,
and large mills from which lumber is shipped to W e offer a P rim e L is t o f Securities
California and foreign ports. Constitutional limit,
that are n ot subject to the
5 per ce<it o f assessed valuation, exclusive o f water­
works and sewer debt. The water-works, fo r which
these Bonds are issued, return a revenue to the City
after meeting the annual im erest charge.
Legality approved by Messrs. S t o r e y & T h o r n ­
d i k e . Boston, Mass.
Legal investm ent fo r New
Hampshire and Rhode Island Savings Banks.
Circulars Upon A pplication.
Price, 103 and interest.
Interview s Solicited.

N. W. HARRIS & CO,
C IT Y

BONDS.

INCOME TAX.

German-American Investment Go.,
5 2 W a ll Street, New Y o r k .

Farson, Leach & Co.,
C H IC A G O .

NEW Y O R K .
2 W a ll St.

MUNICIPAL SECURITIES
Legal Investments fo r Savings
Banks and Trustees in
New York State.

W hann & S chlesin ger

MORTGAGE LOANS
IN

TEXA S.
T P er Cent and S P er Cent Net.
NO COMMISSIONS charged borrower or lender
until loans have proven good.

FR AN CIS S M IT H & CO.,

BAN KERS,

SAN A N TO N IO . T E X A S .

2 W a ll Street, New Y o r k .

W. N. Coler & Co.,
B A N K E R S.

MUNICIPAL BONDS
34 NASSAU STREET.

8

% Municipal Warrants

M I R S P E C I A L T Y . Choice State, County and
,y Issues alwavs on hand. WASHINGTO * W *
1
lO^EMENT CO., 31 Equitable Building.

WM. FR A N K LIN H A i-L
iOOKS

ACCOUNTANT A U D IT E D

New form s designed fo r books o f aooonnt.
Settlement of Insolvent Estates.
US Bxohange Building, 63 State Street, Boston

680

THE CHKON1CLE,
-------

$150,000 of fgeneral improvement bonds of 1886, due July 1,
1906 ; $40,000 of general improvement bonds of 1887, due July
1, 1907, and $55,000 of gentral improvement bonds of 1888,
due January 1,1908.

Montana.— State Treasurer F. W . W right reports to the
C h r o n i c l e that three bids were received for $100,000 of 6 per

cent 10-25-year State Agricultural College bonds and $50,000
o f 6 per cent 10-25-year State Normal School bonds, offered
for tale April 2, all asking for a commission on the sale of the
bonds. The bids were rejected, and it has not yet been
decided what further steps will be taken toward disposing of
the bonds, although the law authorizes their sale privately
upon rejection of public bids.

Pottawatamie County, Iowa.— Below is a list of the bids
received on April 5 for $70,000 of
per cent county bonds :

—

..............1

[V o l,
■--■■Jl'-- . -U"U—

1

LX.

■
■

will be payable semi-annually in May and November, either
at the City Treasury or at the National City Bank of N ew
York . The bonds will be either coupon or registered, and w ill
mature without option May 1,1925, both interest and principal
being payable in gold coin. Both loans will be secured by a
sinking fund.
The official advertisem ent o f the bond sale w ill be fo u n d else­
where in this D epartm ent.

Richmond, Micb.— J. P. Cooper, Village Treasurer, reports
to the C h r o n i c l e that proposals will be received until April
15, 1895, for the purchase of $15,000 of 5 per cent village
water bonds. Interest on the loan will be payable semi-annualJy, and the principal will mature in ten and twenty-fiveyears.

Premium
Travis County, Tex.— On April 6, 1895, the County of
S lod g et, M erritt & Co., B o s t o n ......... ................................................... $371
Campbell, Wilde & Co., Anderson, Ind ...............................................
70 » Travis, Texas, sold $100,000 of 5 per cent refunding bridge
W. J. H ayes & Sons, Cleveland, O hio............................................... 1,455 bonds to C. H . W h ite & Co. of New Y ork ,for a total premium,
L am precht Bros. Co., C leveland, O hio........................ ............ .
360 of $1,000.
The securities will be dated April 10, 1«95, and
Farm ers’ & M ech an ic• Savings Bank, M inneapolis, M inn........... 1,251
»
’
mature April 10, 1915.
Of the total amount $25,000 will be
Farm ers’ Loan & Trust Co., Sioux City., la ......................................
355
optional after 5 years and the remainder after ten years. In­
Cushman, Fisher & Co., B oston, M ass................... ................. .
1,253
C. H. White & Co., New Y o r k ................................................................ 1,011
terest will be payable annually on April 10 at the office of the
Spitzer & Co., Toledo, Ohio.....................................................................
387
County Treasurer in Austin, Tex.
The securities will be of
J . Simmouds & C o.................................................................................... 1,400
the denomination of $1,000.
They are issued to redeem out­
-Citizens’ state Bank, Council Bluffs, l a . . . . ..................... ..................
791
standing 6 per cent bridge bonds. A special tax will be levied
Dietz, Dennison & Pryor, Cleveland, O h io ...................................... 1,057
N. W. Harris & Co., Chicago, 111.......................................................... 1,575 to provide for the interest and to establish a sinking fu n d ,.

The loan was awarded to N. W . Harris & Co. of Chicago,
theirs being the highest bid. Proposals were also received
from the following parties, but were too late to be considered:
Premium.
F aison, Leach & Co , Chicago.............................................................. . $1,253
O. F. S exton...................................................................... ...................
810
H . Simm ons...................................................... .............................
900

Providence, R. I.— Proposals will be received until twelve
o’clock M ., Monday, April 22,1895, by City Treasurer D. L. D.
Granger, for the purchase of $800,000 sewer and $800,000
school 4 per cent gold bonds of the city of Providence, R. I.
Both series of bonds will be dated May 1, 1895, and interest

M IS C E LLA N E O U S .

Messrs. Spitzer & Co. ®f Toledo made a bid of $960 premium
for the loan.
The following financial statement has been corrected by
means of an official report to the C h r o n i c l e :
County seat is Austin.
LOANS—
When Due. 6s, Apr. 10, $ 9 ,0 0 0 .A u g, 1 3 ,191 0»
B ridge B onds6s, Apr. 10, 10 ,500 .Nov. 1 5 ,1 9 0 0
68, Apr. 10. $73,000. June 1 6 ,1 9 0 6
Court H ouse and J ail B onds—

6s, A pr.
6s, Apr.
6s, Apr.
6s, Apr.
6s, Apr.
6s, Apr.

I d,
10,
10,
10,
10,
10,

5,0 00.Dee. 6 ,1 9 0 8 |7s, Apr. 10, $ 4 ,0 0 0 ...Feb. 13,1899*
10,000.Deo. 2 2 ,1 9 0 8 T otal debt (last retu rn s).$169,5001 0 ,000 .Feb. 1 2 ,1 9 0 9 T ax valu a tion 1894
15,846,29015,000. June 6 ,1 8 9 9 County ta x (per $1,000)
$ 5 ‘00
22,000.July 6 ,1 9 0 9 P opulation in 1890 w as........36,322
11,000.M ay 1 7 ,1 9 1 0 Population in 1880 was........27,028IN TEREST is payable in Austin, Tex.

M IS C E LLA N E O U S .
A. E. Hachfield,

MUNICIPAL

BONDS INVESTMENT

UPON A P P L IC A T IO N .

JI EMBERS OF THE NEW YORE AND BOSTON
:STOCE EXCHANGES.
DEALERS IN COMMERCIAL PAPER.

Blake Brothers & C o ,
S T A T E S T R E E T . B O ST O N .
S T .. N E W

Gatzert,

MORTGAGE BANKERS,

SPECIALTIES: Railroad Bonds and S’ jck s. Quota:
tions furnished on application and correi
pondence solicited.
W A N T E D : Memphis & Charleston RR. Bonds
Central R R. & Banking Co. Of Georgit
bonds. T oledo A nn A rbor A North Michigan
all underlying issues.

First Mortgages fo r sale in large and small am ounts
netting investors 6,
and 6 per cent, secured b y
Unproved and income-hearing Chicago city property.

General Engineering. Drawings. Patents. Speeifloa
tions. Engine Tests. Plans and Reports,
Supervision o f Construction.

9 2 5 .C H E ST N U T S T ., P H IL A D E L P H IA .

W A LSH

YORK.

& FLO Y D ,

CORRESPONDENCE SOLICITED.

A. O. Slaughter & Co.*
BAN KERS,
1 1 5 -1 1 7 L A S A L L E S T R E E T ,

C H IC A G O , IL L S .
Chicago Securities Bought and Sold.

BONDS

Broad Street,

STOCK

Principal and Interest payable In'G old.

A. O. SLAUGHTER, Member N. Y. Stock E xch an ge
WM. T . B AK ER , Member Chicago Stock E xch an ge

Given & Sicard,

26

5 ¿.NASSAU

&

125 L A S A L L E S T R E E T , C H IC A G O *

Mechanical and Civil Engineers.

98

Loeb

* P in e S tre e t) N e w Y o r k ,

FOR INVESTMENT.
P A R T IC U L A R S

SECURITIES

CH ICA G O .

BROKERS,

AND DEALERS IN INVESTMENT SECURITIES

TRUST C O M P A N Y STOCKS

YIELDING AN INCOME
4% TO 6%

CITY, MASON, LEW IS A CO., Bankers
COUNTY
171 LA8ALLE 8TREET,
SCHOOL SEND FOR LISTS.
CHICAGO

New Y o rk City and Brooklyn.
BOUGHT AND SOLD

SECURE B A N K VAULTS.

A. G. Becker & Co.,
(incorporated)

CLINTON
6 W ALL

STREET.

GILBERT,
-

NEW

YORE

154 t a Salle St., Chicago, 111.

A U G U S T U S FLOYD,
D E A L E R IN

GENUINE

INVESTMENT

C O M M E R C IA L P A P E R

SECURITIES,

Jamieson & Co.,

WELDED CHROME STEEL AND IRON

3 2 PIN E S T R E E T , N E W Y O R K .

STOCKS—BO N D S,

STREET R A IL W A Y BONDS BOUGHT and SOLD

R ound and Flat Bars and 5-ply Plates and Angles
FOR SAFES, VAU LTS, Ac.
Cannot he Sawed, Cnt or Drilled, and positively
Burglar-Proof.
chrom e: steel w o r k s,
Kent A ve., Keap & H ooper Sts.,
g o le Man’f ’ers in the U. 8. B R O O K L Y N . N . Y ,

Members New York and Chicago Stock Exchanges

CHRONICLE VOLUMES

The Globe Filing System

at hand fo r convenient reference a com plete and

jg|||p

Private wire to New York and Philadelphia.

SINCE 1866.
A n y office possessing these volumes since 1866 has
reliable financial history o f the period.

1 87 D EARBO RN STREET.
Chicago. I lls ,

Parties

SEA RS

8b

W H IT E

Successors to
EUGENE R. COLE,

ever devised for the

having the m ore recent volum es can obtain from

S T A T IO N E R S A N D P R IN T E R S .

Systematic Filing of Papers

the publishers m ost o f the earlier volumes, or com

Supply Banks, Bankers, Stock Brokers and Cor­
porations with com plete outfits o f A ocoun t B ooks
and Stationery.
New oonoerns organising will have the!
orders prom ptly executed.

Illustrated catalogue-free.

THE GLOBE CO., Cincinnati.
p
4» Beaver St., N. Y.




plete sets can be furnished.

WM.BB. DANA COMPANY,
7 6 1a P ine Street, New York.

N o. 1 W IL L IA M S T R E E T .

-A p b il

THE CHRONICLE.

13, 1895|

—

'

Q v n s t

New York Guaranty &
Indemnity Co.*

" " ....

*

T R U S T CO. *

284 F IF T H AVEN U E, COR. 27TH STREET.

C A P IT A L ,- -$ 2 ,0 0 0 ,0 0 0
SU R PLU S,- -$ 1 ,5 0 0 ,0 0 0
/IS A TR U ST COM PA N Y U N D E R T H E B A N K ­
I N G A C T A N D TR AN SAC TS A L L TRUST COM­
P A N Y BUSINESS.
I s a legal depository o f trust funds.
A cts as Trustee, Transfer Agent, o r Registrar for
«Corporations.
A cts as E xecutor, Adm inistrator, Guardian, o r
T ru stee o f Estates.

Interest A llow ed on Tim e Deposits.
Checks pass through N. Y. Clearing-house.
Acts as Executor, Guardian or Administrator of
Estates, and as Receiver, Registrar, Transfer and Fi­
nancial Agent for States, Railroads and Corporations
Money to Loan on Bond aHd M ortgage.
ROBERT MACLAY. President.
CHARLES T. BARNEY. Vice-President.
JOSEPH T. BROWN, 2d Vice-President
D IR E C T O R S

"W A LTE R G. OA K M AN , President.
.A D R IA N IS E L IN , J b ., V ice-President
»GEORGE R . TU RN BU LL, 2d V ice-President
H E N R Y A . M U R R A Y , Treas. and Sec.
J. NELSON BO R LAN D , Assist. Treas. and Sec.
•
DIRECTORS.
A drian Iselin, Jr.,
Samuel D. Babcock,
G eorge F . Baker,
Augustus D. Juilliard,
G e o rg e S. Bowdoln,
James N. J'arvie,
Richard A . McCurdy,
F rederic Cromwell,
"Walter R. Gillette,
W alter G. Oakman,
R obert Goelet,
A lexander E. Orr,
G . G. Haven,
H enry H . Rogers, (
•Oliver Harriman,
H enry W . Smith,
R . Somers Hayes,
H. M cK . Twom bly,
•Charles R Henderson, Frederick W . Vanderbilt,
W illiam C. W hitney.

Joseph 8. Auerbach,!
E. V. Loew,
H arry B. H ollins,
M enry------H
F . Dimock,
Jacob Hays,
John P. Townsend,
Charles T. Barney,
Charles F. W atson,
A . Foster Higgins,
David H. King, Jr.,
R obert G. Remsen,
Frederick G. Bourne.
H enry W . T. Mall,
R obert Maclay,
A ndrew H . Sands,
C. Lawrence Perkins,
James H. Breslin,
W m . H . Beadles ton.
Gen. George J. Magee,
Chas. R. Flint.
___
L Townsend Burden.
Alfred __ White,
L.
FR BD’K. L. BLDRIDGB. Secretary.
J. H E N R Y TOWNSEND, Assist. 8ecy,

Maryland Trust Co.,
COR N ER SO U TH AND G E R M A N S T S .,

BALTIMORE.
C A P IT A L , 9 1 ,0 0 0 ,0 0 0 .

„ U tiM

A

States

J K o rip ije &

(fo.

5 9 C E D A R S T ., N E W Y O R K .
CAPITAL.
. . .
$ ¿ ,0 0 0 ,0 0 0 .
SURPLUS. . . .
7 0 0 ,0 0 0 .
"Transacts a General Trust Business.
Loans Money on Bond and Mortgage.
Issues F irst M ortgage Trust Gold Bonds.
T a k e s entire charge o f R e a l Estate.

Legal Depositary for Trust, Court, and
-State Funds. Allows Interest on Deposits,
Executes all Trusts.
OFFICERS.

•George W . Young, . . .
President.
Luther K ountze, - Vice-President.
.Jam es Timpson,
2d Vice-President.
Arthur Turnbull, .
.
Treasu rer.
W illia m P. Elliott, ■ .
Secretary.
•Clark W illia m s, A sst. Sect’ y and T reas.
E X E C U T IV E COMMITTEE.
•
Charles D. Dickey, Jr.,
Gustav E. Kissel,
Theodore A. H avem eyer, Luther Kountze,
Charles R. Henderson,
James Timpsoru
Richard A . McCurdy.
DIRECTORS.
Samuel D. Babcock,
L uther Kountze,
W illiam Babcock,
Charlton T. Lewis,
Charles D. Dickey, Jr.,
Lewis May,
W illiam P. Dixon,
T heodore Mcrrford,
D avid Dow s, Jr.,
R ichard A. McCurdy,
R obert A . Granniss,
Robert Olyphant,
Theo. A. H avem eyer,
W illiam w . Richards,
•Charles R , Henderson,
Jas. W . Seym our, Jr.,
James J. H ill,
James Timpson,
G a rd in er G. Hubbard,
George W . Young.
G u sta v E, Kissel,________

The
JEquitableTrust Company

1

ix
i ■ X’

'■■
■

(The first Guarantee Company organized In Chicago.)

LA SA LLE STR EET,
9 . W . Cor. W ashington Street.

DESIGNATED LE G A L DEPOSITORY.

subject to check.

"—

Title Guarantee & Trust
Co. of Chicago.

Branch Office, 6 6 Broadw ay, New Y o r k .
C A P IT A L ,
. . . .
9 1 ,0 0 0 ,0 0 0 0 0

A L L O W S IN T E R E S T ON D E P O S IT S

'

< & B tn p % u U s.

^ E R e 0c

6 5 C E D A R S T R E E T , N. Y .,
M u tu al Liifo Building.

"""

LE G A L

DEPOSITORY FOR COURT AN D
TRUST FUNDS.
A cts as Financial A gent fo r States, Cities, Towns
Railroads and other Corporations. Transacts a gen.
eral trust business. Lends m oney on approved se curity. Allow s interest o n special deposits. A c ts
as Trustee under Mortgages, Assignments and Deed
of Trust, as A gent fo r the Transfer or R egistration
o f Stocks and Bonds, and fo r the payment o f cou pons Interest and dividends'
J. W ILLCOX BROWN. President,
LLOYD L. JACKSON, Vice-President.
J. BER N AR D SCOTT, Secy. & Treas
DIRECTORS
J.W illcox Brown, W . A. Marburg, H. J. Bowdoln,
Basil B. Gordon, L. L. Jackson, F. M. Colston,
Josh. Levering, Frank Brown, L eopold Strouse,
Chas. Marshall, H . A . Parr,
B. N. Baker,
Andw. D. Jones, James Bond.
A lex. Brown,
W. B. B rooks.Jr., Clayton C. Hall. Fred’k W . W oods,
T. K. W orthington. A ll o f Baltimore.
J. D. Baker, Frederick, Md.; W alter S. Johnson,
August Belmont, New York; John B. Garrett, Phila­
delphia; A . A . H. Boissevain, London.

INVESTMENTS IN THE SOUTH.

Capital paid up..................$1,600,000
Undivided Earnings, includ*
ing surplus.......................
301,000
M akes Abstracts o f Titles.
Guarantees Titles to Real Estate.
Transacts a General Trust Business.
This Company is authorized by law to act aa
R E G IST R A R OF STOCKS AND BONDS, AD M IN ­
ISTR A TO R , EXECUTOR, GU ARDIAN , TRUSTEE,
REC E IVE R AND ASSIGNEE, and has deposited

$ 200,000
with State A uditor as a security fund.
T

r u s t

M

o n e ts a n d

a r a te prom th e

T r u s t Se c
A s s e ts op

u r it ie s k e p t
th e

Co

sep­
.

m p a n y

P r o m p t S e r v ic e .
R e a s o n a b le R a te s .
C o r r e s p o n d e n c e S o lic ite d .

OFFICERS
G

w y n n

r n e t t , Prest. A . H. S e l l e r s , V .-PresL
a r t , S ecy.
C.
L arrabee,
r a n k H . S e l l e r s , T r u s t Officer.

Ga

A. A. S t e w
F

R.

Treas.

DIRECTORS:
A . H . Sellers,
John DeK oven, John P. W ilson.
W . D. K erfoot, Sam. B. Chase, Edson Keith,
Chas. W . Drew, John J. Herrick, John G. Shortall
Gwynn Garnett,
H orace G. Chase.
J ohn P. W ilson,

COUNSEL;
A . M. Pence,

A . W . Green.

Central Trust & Safe Denosit
COMPANY,
2 7 W . Fourth S t.,

-

C IN C IN N A T I, O.

A cts as Trustee under Mortgages o f Corporations;
as A gent fo r Transfer and Registry o f Stock; as
Executor, Adm inistrator and Guardian o f Estates.
A llow s Interest on Savings Deposits.

N E W Y O R K AND B R O O K L Y N

FINANCIAL
TRUST CO’S STOCKS.
Specialties fo r Twenty-five Years.

Exchange Banking & Trust
Company,

D ealt In by

JAMES W. NOYES,

CHARLESTON, S. C.

(Successor to W

il l ia m

C. N

o yes

,)

Paid-up Capital,
9 1 0 0 ,0 0 0
Authorized C apital,
9 1 ,0 0 0 ,0 0 0
Transacts a General Banking and Trust
Business, Interest A llow ed en Deposits,

06 B R O AD W AY,

INVESTMENTS M ADE IN SAFE AN D R E L I­
ABLE IN TEREST-PAYIN G SOUTHERN SECU­
RITIES, AND FIRST MORTGAGES ON IM
PROVED R E A L E STATE IN CITIES.
Correspondence solicited as to all Southern invest
ments. Being within easy reach o f all parts o f the
South, thorough and careful Investigation fo r
purchasers can be made o f all lnvestments-

The United States Life
Insurance Co.

-

-

NEW Y O R K .

1850.

1895.

IN T H E C IT Y OF N E W Y O R K .
This old and reliable Company now has the exper­
ience o f forty-five years o f practical L ife Insurance,
which has taught It that the sine qua non o f success
is the adoption o f good plans o f insurance, and th e
pursuit o f a liberal policy towards both its Insured
and its Agents. These essentials it possesses in an
em inent degree, but judiciously tempered by that
conservatism which is the best possible safeguard o f
the policy-holder. Its contracts are incontestable
after tw o years. They are n on -forfeiting, providing
generally fo r either paid-up policy or extended in ­
surance, at the option o f the polloy-holder. It gives
ten days o f grace in paym ent o f all premiums. Its
course during the past forty-five years abundantly
demonstrates its absolute security.

O F F IC E R S .
GEO. B, EDWARDS, President.
P. N. PICKENS, Cashier.
R. B. MUCKENFUSS, Secretary and Treasurer.
1 8 5 D E A R B O R N S T ., C H I C A G O .
J. LAMB PERRY, Solicitor.
SMYTHB A LEE, General Counsel.
D IR E C T
(CAPITAL, PAID UP, - - - - $500,000 A. S. J. P e r r y , of Johnston,O R S . A Co., wholesale
Crews
dry goods.
"S U R P LU S,........................... 100,000 William m . Bird , of Wm. M. Bird A Co. wholesale
paints and oils.
AUTHORIZED BY LAW TO RECEIVE and ox- James A llan of James Allan A Co. Jewelers.
J. H. F. K o e n i g with Knoop, Freriohs A Co. cotton
•«cute trusts of every character from courts, oorporao
ons and Individuals. Takes entire charge of estates- Gb ’ . T Edwards . Pres. Electric-Light A Power Oo A c t i v e a n d s u c c e s s f u l A g e n t s , w i s h i n g to r e p ' ,
r e s e n t th i s C o m p a n y , m a y c o m m u n i c a t e
real and personal. Acts as agent for the registra­
w i t h th e P r e s i d e n t a t th e H o m e Office,
tion and transfer of bonds and stocks and the pay­
2 6 1 B ro a d w a y , N ew Y o rk .
ment of ooupons, interest and dividends. A legal
depository for court and trust funds.
OFFICERS:
1 0 0 K a s o ta B u ild in g .
INTEREST ALLOWED ON DEPOSITS Of money
G E O R G E H . B U R F O R D ............... President
C. P . F R A L E IG H .... ..............................
Secretary
whloh may be made at any time and withdrawn after C A P I T A L ,
$ 5 0 0 , 0 0 0 . A- W H E E L W R IG H T ..................Assistant Secretary
five days’ notice, or at a fixed date.
W t T.
Actuary
F u n d w i t h S ta te A u d i t o r ,
1 0 0 ,0 0 0 * A RiT H USTANDBN...............
R C. P E R R Y ..........................................Cashier
TRUST FUNDS AND TRUST INVESTMENTS
JOHN P. MUNN................................ Medical Director
-ore kept separate and apart from the assets of the
Has no deposits; receives money on trust account
FINANCE COMMITTEE:
Company.
only. Burglar proof vaults. Wills kept safely with­ GEO. G. W ILLIAM S............. Pres. Chem. Nat. Bank
out charge. Acts as executor, trustee and guardian! JOHN J. TU CK ER ...........................
Builder
DIRECTORS:
•xeoutes trusts of every description.
E. H . PERKINS, J r ,, Pres. Imp. A Traders’ Nat. B ’k
JAMES R. P L U M ....................................... .....L e a th e r
AZBL F. HATCH,
CHAS. H. HULBURD
»GEO. F. JENNINGS
BENJAMIN ALLEN,
DIRECTORS.!
<M W. KERWIN,
.
MAURICE ROSBNFJSLD,
Samuel Hill, President: Wm. H. Dunwoody, First
Vioe-PreBident; H. F. Brown, Second Vice-Presi­
'I. B. WALSH,
SAMUEL D. WARD.
dent; Daniel Bassett, Third Vice-President; Clarkson
OTTO YOUNG
Lindley, Secretary aud Treasurer; Isaac Atwater
C o n s u ltin g E n g in e e r .
H. W. Cannon, James J. Hill, R. B. Langdon, A. F M. A m . Soc. C. E.
Reports on Investm ent Properties fo r Banker«
Kelley, W. G. Northup, C. G. Goodrich, Charles A.
OFFICERS
Ptllsbury A. H. Linton and P. B. Winston.
and Investors.
| Exam inations in regard to physical condition and
J. R, WALSH, President.
A ctiv e and Local Securities bought and sold to ad­ I oharacter, earnings, management, needs, value, etc.
CHAS. H. HULBURD, Vice-President.
vantage. A tlantic Mutual Scrip.- Circulars
R a i l r o a d L o c a t io n a n d C o n s tr u c tio n .
SAMUEL D. WARD, Treasurer.
LYMAN A. WALTON, Secretary J. P. Wintringham, 36 Pine St., N. Y




Minneapolis Trust Co.,

Jos. O. Osgood,

I

I

120 BROADWAY,

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-

NEW YORK

THE CHRONICLE.

X

©tfltxro.

©xrttiro.

WOODWARD
& STILLMAN, INMAN, SWANN& Co
MERCHANTS

COTTON MERCHANTS,

16 to 22 WILLIAM STREET,
NEW

X cw

YORK.

Y o rk .

COTTON OF ALL GRADES SUITABLE TO

fV O L .:U L .

fin a n c ia l.
Walter T. Hatch,

Henry Prescott Hatch,

Arthur Melvin Hatch

Members of N. Y. Stock and Produos ir^riTfinges
i

W. T. Hatch & Sons,
9*6 Broadway & 6 Wall S t, New York,
Dealers in Investment stocks and bonds.
Personal attention given at the N. Y. Stock Ex.
change for the purchase and sale on commission of
stocks and bonds for cash or on margin.
Interest allowed on deposits, subject to draft at
sight.

WANTS OF AMERICAN SPINNERS.
I iSHMAn , stern A Co., Limited, New Orleans, La.
IBDUX'DIIBH Co„ Montgomery, Ala.

LEHMAN

Henry Hentz & Co.,
COMMISSION

BROS.,

COM MISSION M E R C H A N T S,

M E R C H A N T S,

1 6 to 2 3 W illia m S t., New Y o r k .
EXECUTE ORDERS FOR FUTURE DELIVERY

F. H. Prince & Co.f

COTTON,

BANKERS

NEW YO R K .

▲t the New York, Liverpool and New Orleans
Cotton Exchanges. Also orders for

BOSTON, M ASS.

«EMBERS OF THE STOCK, COTTON, OOF-

COFFEE,

Nos. 16-22 William Street,

FEE AND PRODUCE EXCHANGES,

At the New York Coffee Exchange, and

Nsrw Y ork .
Orders executed on the above Exchanges as wall
>s In New Orleans. Chicago and foreign markets.

Hubbard Bros. & Co.,

At the New York Produce Exchange
and the Chicago Board of Trade.

COTTON, COTTONSEED O IL
AND
S O U TH E R N PRODUGB

Cotton Commission Merchants.
Members New York Stock Exchange, New York
Cotton Exchange, New York Proauce Exchange,
New York Coffee Exchange, Chicago Boat d o f Trade.
Orders executed on the Exchange also for pur­
chase and sale of cotton for' future delivery in New
Orleans and Liverpool. Liberal advances made on
Cotton consignments.
P R IC E , R E ID <fe CO.,
N orfolk, Y a .
Spedai attention given to orders for cotton for
foreign or domestic shipment.
J. 0 . BLOSS.

GXO. H . CHURCH,

J. O. BLOSS & CO.,
COTTON

MERCHANTS,

9 3 W illia m S t r s s t ,
NEW Y O R K .

Geo. H. M°Fadden & Bro.
COTTON M ER CH A N TS,
P H IL A D E LP H IA .
L iv e r p o o l

4 Frederic Z ereg a f t Co.

B r e m e n Co r r e s p o n d e n t s

M cFadden, Z ereg a f t Co.

W m. r a y .

COMM ISSION

MERCHANTS

Room S3* Cotton Exehago B uilding,
NEW YORK.
Gustavos C. Hopkins.
Charles D. Miller,

Lucius Hopkins Smith.
Samuel Hopkins.

J . Spencer Turner,
SUCCESSOR TO

B rin ck erh off, T u rn er & C o.,

B. f . Evans , Special.

Geo. Copeland & Co.,

In addition to a General Banking Business, Buy
and Seli Government Bonds and Investment Se­
curities.
*

A. S. Van Wickle,
BANKER,

C O T T O N SAIL DUCK

No. 1 BROADWAY, NEW YORK.

AND ALL KINDS OF
COTTON CANVAS FELTING DUCK,
OAR COVERING BAGGING,
RAVENS DUCK, SAIL TWINE, ftO„
POPE "AW NING” STRIPES.
' A era i
UNITED S T A T E S BUN TIN G CO.
A full supply all Widths and Colors, always in

IN V E S T M E N T S E C U R IT IE S .

stock.

Hatch & Foote,
BAN KERS,

No. 8 NASSAU STREET, NEW YORK.
IN V E S T M E N T

Bliss, Fabyan & Co.,
N E W Y O R K , B O S T O N ,P H IL A D E L P H IA .
Selling A gents f o r L eading B rands

COTTON B R O K E R S ,
1 3 9 P earl Street,
New Y o r k .
Cotton landed at mills from Southern markets a
specialty. Orders for future delivery .contracts
•xacutea on Now York Cotton Exchange.

Tow els, Quilts, W h ite Goode and H osiery.

PAUL SCHWARZ.

T heo . H. P rice ,
W. G. McCormick .
r . g . M. Stu art -Wortlby .

S. A. FATMAN, Special

Fatman & Schwarz,
COTTON COM M ISSION M E R C H A N T S .
1 W illia m Street, New Y o r k .
Members New York Cotton, Coffee and Produce
Exchanges.
J.

a

. M

ontgom ery

Geo. W. Baily & Co.,
C O M M IS S IO N M E R C H A N T S ,
COTTON AND NAVAL STORES.
Cotton Exchange Bldg.
NEW Y O R K .
Execute Orders for Future Delivery of Cotton.
Correspondence invited.

COTTON AND GRAIN
FOR FUTURE DELIVERY.

Frederick Paxson & Co.,
STOCK B R O K E R S,
DREXEL BUILDING. PHILADELPHIA.
Private wires to New York Stock and Cotton
Exchanges and Chicago Board o f Trade.




BANKERS,
N o. 62 C E D A R S T R E E T ,

MANUFACTURER AND DEALER IN

and B L E A C H E D S H IR T IN G S
and SH EE TIN G S.
PRINTS, DENIMS, TICKS, DUCKS, AO.

GEO. W . B a i l y .

Gilman, Son & Co.,

S E C U R IT IE S .

1 0 9 D u a n e S tre e t, N e w Y o r k .

correspondents

T . Ma in e .

Members of New York and Boston Stock Exebangee

Hopkins, Dwight & Co.,

COTTON EXCHANGE BUILDING,
NEW Y O R K .

M.

HIGH GRADE IN VESTM EN TS

G R A IN AND PROVISIONS,

BROW N

Drills, Sheetings, <éc„ for Export Trade,

Price, McCormick & Co.
BANKERS AND BROKERS,
Cotton Exchange Building, New Y o r k .
Members: New York Stock Exchange,
New York Cotton Exchange.
New York Produce Exchange.
Chicago Board o f Trade.
__
R ich ard P rice Morgan .
E dw ard R . Morgan .
Dw igh t C. Morgan .

Rich. P. Morgan & Sons,
R A IL W A Y EXPERTS
D W I G H T , IL L IN O IS , U . S . A .
Having extended experience -In the construction
and operation o f railways, we offer our services as
I n d e p e n d e n t E x p e r t s to examine and report
upon the charater and C o n d i t i o n o f t h e C o n b t r u t i o n and E q u i p m e n t of R a i l w a y s and also
their s a f e N e t e a r n i n g C a p a c i t y . We have
recently examined fo r ” capitalists and reported
separately upon nearly all or the principal railroads
west o f Chicago between Canada and Mfexlco.

H e n r y 0 . Ha r d y .

Gaston h a r d y

H. C. Hardy & Co.,
BROKERS.
S O U T H E R N S E C U R IT IE S .

50 BROADWAY,

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NEW YORK

Fifth Avenue Hotel,
M a d is o n S q u a re , N e w Y o r k .
The largest, best appointed and most liberally
managed hotel in the city, with the moat central
and delightful location.
HITCHCOCK DARLING ft CO.

CHAS. M. ROLKER, E. M.
Mininv Engineer and Metallurgist,
2 6 N A SSA U S T R E E T ,

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NEW Y O R K

Inspects and reports on mines, m ills and
treatment of ores.
Refers, with permission to:
M essrs. J . «fc W . S E L IG M A N «fc CO ., N .Y
H on . A B R A M S . H E W I T T , N. Y .
A . E IL E R S , Pres’ t. C ol. Smelting O s
Pueblo, Col.
T H E B R I T I S H SO U T H A F R IC A COw
19 St. Swithins Lane, London, B. C.
B A R O N E M IL E B . D ’ E R L A N G E R ,
48 Lothbury, London, E. C.
A L F R E D B E IT , E s«.,
O f MESSRS. WBRNHBR, BEIT ft CO„
120 Blsbopsgate Street. Within, London, B. ©