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HUNT’S
MERCHANTS’
REPRESENTING. THE IN D U STR IA L
VOL 46.
M AGAZINE,
A N D COMMERCIAL INTERESTS OP
THE UNITED
N EW YORK, A PR IL 14, 1888.
STATES
NO. 1,190.
îfitm u cia l.
A M E R IC A N
Bank N ote Company;
78
TO
86 TRINITY PLACE,
NEW YORK.
/
Incorporated under Laws of State of New York, 1858.
of
BONDS, PO STAC E & REVENUE S TA M P S ,
L E G A L T E N D E R A N D N A T IO N A L B A N K
N O T E S of the U N IT E D S T A T E S ; and for
Foreign G overnm ents.
ENGRAVING AND PRINTING,
Ba n k n o t e s , s h a k e c e r t i f i c a t e s , b o n d s
Fo b g o v e r n m e n t s a n d c o r p o r a t io n s ,
d r a f t s , c h ec k s, b il e s o f e x c h a n g e ,
STAMPS, Ac., iii the finest and most artistic style
FROM STEEL PLATES,
With SPECIAL SAFEGUARDS to PREVENT COUNTERFEITING.
Special papers manufactured exclusively for
use of the Company.
S A F E T Y C O LO R S .
[Established In 1865.]
D IA M O N D S .
BANKERS AND BROKERS,
1 6 A 1 8 R r o a d S treet, N e w Y o r k :,
Alfred H . Smith & C o.,
Business Founded 1795.
Reorganized 1879.
E ngravers an d P rinters
R . J. Kimball & C o.,
S A F E TY PAPERS.
Work Executed In Fireproof Buildings.
IM P O R T E R S,
182 Broadway, Cor. John Street.
RANKER
SO LID
SILV E R .
GORHAM
M ’f’g C o.,
BO STON ,
C A P IT A L ,
SURPLU S,
-
-
-
¥ 4 0 0 ,0 0 0
$ 6 0 0 ,0 0 0
Accounts o f Banks, Bankers and Corporations
solicited.
Our facilities for COLLECTIONS are excellent
and we re-discount for banks when balances war
rant it.
Boston Is a reserve city, and balances with ns from
banks (not located in other reserve cities) count as a
reserve.
W e draw our own exchange on London and the
Continent, and make Cable transfers and plaoe
money by telegraph throughout the United states
and Canada.
Government Bonds bought and sold, and exchanges
in Washington made for banks without extra charge.
We have a market for prime first-class Investment
Securities, and invite proposals from States, Conn'
ties and Cities, when issuing bonds.
We do a general banking business, and Invite cor
respondence.
A S A P . P O T T E R , P r e s id e n t.
J O S . W . W O R K , C a s h ie r .
W . P. W ight & C o,,
Broadw ay,
ST Ò C K B R O K E R S .
N E W Y O R K , 80 BROADWAY'&*5 NEW ST.
T R O Y , N. Y .,N o . 17 FIRST STREET.
Stock Exeh. membership ; private wire ; all fa^m ies.
R obert d . Fabler .
N o . t N A S S A U S T ., N E W Y O R K .
BROKERS AND DEALERS IN
I N V E S T M E N T BO N D S,
STATE, MUNICIPAL^AND APPROVED RAIL-
Established 1854.
Incorporated 1882
Correspondence Solicited .
Lombard Investment Co.;
150 B R O A D W A Y , N E W Y O R K .
G u a ra n te e d S ix P e r C en t M o r tg a g e s
CAPITAL (FULLY PAID) ..................$1,000,000
TOTAL VALUE OF GUARANTY.... 2,400,000
Trustees and Investors generally are requested
to call and examine these securities, or send for
pamphlet giving full Information.
S. A. K ean .
John Farson
S. A , Kean & C o.,
RANKERS,
2 W ALL STREET.
Deposit accounts received subject to check.
Interest bearing certificates issued.
County, City, Town and School Bonds constantly
on hand.
Rolston & Bass,
NO. 20 BROAD STREET, NEW YORK.
STO CK S, BONDS,
A N D M IS C E L L A N E O U S S E C U R I T I E S
Correspondence solicited.
TT „
Quotations cheerfully furnished.
ht
iF‘,rR§Stock
î‘STON’
Member
N.Y.
Exch’ge. W. A l e x . Bass , J r .
W . H . Goadby &■ Co.,
BANKERS AND BROKERS,
No.
24
B R O A D
S T R E E T ,
N ew Y o rk .
THE
F ID E L IT Y &
CASUALTY
CO.
OF NEW YORK,
Nos. 2 1 4 & 2 1 6 Broadw ay.
CAPITAL, $250,000. ____ASSETS, about $650,000
Issues SURETY BONDS, guaranteeing the fidelity
o f persons in positions of trust, such as employes of
Hallroads, Banks; etc.)'also Administrators, Guar
dians, etc.
Issues ACCIDENT POLICIES, containing all
modem features.
'
•
Also PLATE GLASS and BOILER POLICIES of
approved forms.
Agents will appreciate the advantage o f dealing
with a company which does more than one lin e o f
business.
„
> <
' OFFICERS!
WM.M.RicHARD8,Prest. Geo.F.Sew ard ,V.-Prest
John M. Cran e , gee.
' R obtJ . H illas . A ss. Sec.
DIRECTORS:
Geo. S. Coe.
A .B . Hull,
A, S. Barnes,
J. S-T.Stranahan, H. A. Hurlbut, J.G.McCullough.
A. E.-Orr, y
J. D.Vermilye, T. S. Moore,
G. G. Williams, John L. Biker, J. Rogers Maxwell,
Wm. M. Richards,
Geo. F. Seward.
Green & Bateman,
Lansdale Boardman.
J S. Farlee .
J. S. Farlee & Brother,
S « s
STQCM B R O K E R .
K®
,ner?1 banking business, Including
or6on mmtgfin.and SaIe ° f stocks and bonds for cash
AND 9 MAIDEN LANE.
M ASS.
___ *m
BROKER,
Broadway and Nineteenth Street,
BLANK BOOKS OF EVERY DESCRIPTION
Maverick National Bank
AND
16 & 18 BROAD STREET, NEW YORK.
R A IL W A Y TICKETS OF IMPROYED STYLES.
Show Cards, Labels, Calendars.
THEO. H. FREELAND, Sec’y and Treas.
JNO. E. CURRIER, Ass’t Sec’y.
C. J. Turner & Son,
(16 Years’ Membership in the N.Y. Stock Exchange"
LITHOGRAPHIC AND TYPE PRINTING.
JAMES MACD0N0UGH, President
AUG. D. SHEPARD,
) „
T0 U R 0 ROBERTSON,
f Vice-Presidents.
Members of the New York stock Exchange and of
the Philadelphia Stock Exchange.
R obert j . K im ball ,
A lfred b . L ounsberry .
RANKERS,
1 0 W a l l S treet, N e w Y o r k .
Stocks, Bonds and Cotton.
Alexander Campbell & Co.,
BANKERS AND BROKERS,
2 6 P IN E S T R E E T , N E W
YORK.
Malcolm Campbell , Member of N. Y. stock Exeh.
ATLANTA.
Humphreys Castleman,
BROKER AND DEALER IN ALL KINDS OF
SECURITIES.
Bonds and Stocks bought or'sold on commission.
Georgia and Alai ama Securities specially dealt In.
Correspondents—Tobey & Kirk and A.Dutenhofer.
New York.
References—Allanta National Bank, Atlanta, Ga
m l Fourth National Bank, New York.
E.
S.
B a i l e y ,
6*a P I N E S T R E E T .
dealings in
I N S U R A N C E
S T O C K S
A S P E C IA L T Y .
Transact a General Banking Business.
& Cash paid at once for the above securities! orthev
Interest allowed on Deposits,
1 will be sold on commission at seller’s option.
THE CHRONICLE.
ü
[V ol. S L Y !.
Sanfcsrs anÄ gxnrotxs ot l^gyjeifln %xtlmua*.
THE
Drexel, Morgan & C o., August Belmont & C o., I N V E S T M E N T C O .
°
BANKERS,
W IL L STREET, CORNER OP BROAD,
No. 3 6 W A L L S T R E E T ,
o f Philadelphia.
NEW YORK.
A gents and Correspondents op the
Brexel S
bCo., "Brexel,Harjes & Co
M essrs. R O T H S C H IL D ,
310 C H E S T N U T S T R E E T
L o n d o n , P a r is , F r a n k fo r t an d V ien n a .
Capital, $ 4 ,0 0 0 ,0 0 0 . Full Paid.
Issue Circular Credits for travelers, available In
CONDUCTS A GENERAL BANKING BUSINESS
all parts of the world.
Allows interest on cash deposits, subject to check
ALSO COMMERCIAL CREDITS.
or on Certificates.
•
DOMESTIC A N D FOREIGN BAN KERS.
Draw Bills of Exchange and make Cable Transfers
Buys and sells Bills of Exchange, drawing on
Deposits received subject to Draft. Securities to Europe, West Indies, Mexico and California.
Baring Bros, ft Co., London; Perier Freres et Cie,
nought and sold on commission. Interest allowed on
Paris; Mendelssohn ft Co., Berlin, and on Paul
Deposits. Foreign Exchange. Commercial Credits.
Mendelssohn-Bartholdy, Hamburg.
Cable Transfers. Circular Letters for Travelers,
Negotiates Securities, Railroad, State, Municipa
av<vii«bie in all parts of the world.
etc.
Offers for sale first-class Investment Securities.
ATTORNEYS AND AGENTS 0»7
W ILIA AM BROCKIB, President.
N E W Y O R K AN D BOSTON,
HENRY C. GIBSON, Vice-President.
M e s s r s . J . 8* M O R G A N & C O .,
HENRY M. HOYT, JR., Treasurer.
No, 22 OLD BROAD STREET, LONDON.
ETHELBERT WATTS, Secretary.
attorneys and agents op
Board of Directors—William Brockie, George S
Pepper, Morton McMichael, Wharton Barker, Henry
C. Gibson, T. Wistar Brown, Isaac H. Clothier.
Advisory Committee of Stockholders.—William
Potter, George M. Trontman, Gustavus English,
LONDON.
EW YORK, PHILADELPHIA, BOSTON, AND
William Pepper, M.D.. Thomas Dolan, John G.
Reading, Joseph E. Gillingham, John Wanamaker
A L E X A N D E R B R O W N & SONS,
Henry "E. Smith, Craige Lippineott, Hamilton
BALTIMORE.
Disston, Clayton French, William Wood, Walter
Members of New York, Philadelphia and Baltimore
Garrett, John Harrison.
Stock Exchanges.
Circular Credits for Travelers.
Execute orders for all investment securities. Re
ceive accounts o f Banks, Bankers, Corporations and
KOUNTZE BR OTH ER S,
Firms, on favorable terms. Buy and seil Bills of Ex
change on Great Britain and Ireland, France, Cable T ransfers and B ills o f E xchange on
BANKERS,
Germany, Belgium, Holland, 8witseriand, Nor
G r e a t B r it a in and the Continfnt .
120 B r o a d w a y , Equitable Building, Ne r
way, Denmark, Sweden. Australia, St. Thomas,
St. Croix and British West Indies. Issue Com
L E T T E R S OF C R E D IT A r t
mercial and Travelers’ Credits in sterling, avail
C IR C U L A R NOTES
able in any part o f the world, in fh a NCS lor
Issued
for the use o f travelers In all pari .J 6
use in Martinique andGuadaloupe, and in dollars for
world. Bills drawn on the Union Bank of i
use in this oountry, Canada, Mexico and West Indies.
Telegraphic transfers made to London and t<i =
Make telegraphic transfers o f money between this
J
SUCCESSORS TO
»laces in the United States. Deposits received
oountry, Europe and British and Danish West In; eet to check at sight, and Interest allowed
1 E S U P , P A T O N & CO .,
dies. Make collections o f drafts drawn abroad on all
ances. Government and other bonds and to
points in United States and Canada, and of drafts
gent securities bought and sold on commls5 2 W i l l i a m Street N e w Y o r k .
drawn in the United States on foreign countries.
Their London house, Messrs. BROWN, SHIPLEY
Accounts and Agency of Banks, Corporations,
ft CO., receive accounts o f American banks, firms firms
and Individuals received upon favorable terms.
and individuals upon favorable terms.
Dividends and interest collected and remitted.
BROWN, 8H1PLEY & CO., Liverpool.
Act as agents for corporations in paying coupons
BROWN, SHIPLEY ft CO.. London.
and dividends; also as transfer agents.
U. S. Government Financial Agents in England.
Bonds, stocks and securities bought and sold on
commission, at the Stock Exchange or elsewhere.
Sterling Exchange and Cable Transfers bought and
W alston H. B rown .
Fred . A, B ro
■old.
H erbert P. Brown .
5th ft Chestnut Sts. 31 Boulevard Haussmann,
F IIIL A D E L P H IA
P A R IS *
Kidder, Peabody & C o.,
Brown Brothers & C o.,
BARING BROTHERS & CO.,
Commercial Credits.
John Paton &
C o.,
g a n li zxs and
J.
& J. Stuart & C o.,
83
NASSAU
STREET.
d r a w on
THE UNION BANK OF LONDON,
BRITISH LINEN CO. BANK, LONDOii AND
SCOTLAND.
Walston H . Brown & P
BAN KERS.
Accounts of Corporations and Individuals re
P A Y N E A S M I T H ’ S,
upon Liberal Terms. Securities Bought and 8
Commission.
BANKERS, LONDON,
N o . 2 0 N ASSAU S T R E E T ,
M AN C H E ST E R & COUNTY B A N K ,
B
A
N
K
E
f
i
S
,
NEW YORK.
“ LIMITED,”
NO. 2 3 B R O A D S T R E E T ,
MANCHESTER, PAYABLE IN LONDON 5
N ew F ork .
ULSTER
B A N K IN G C O M P A N Y,
Issue
Letters
of Credit for Travelers
BELFAST, IRELAND
On 8ELIGMAN BROTHER8, London.
BANKERS AND BROKERS,
AND ON THE
SEL1GMAN FRERES ft ClE, Paris.
NO. 1 0 W A D I . S T ., N E W Y O R K .
SELIGMAN ft STETTHEIMBR, Frankfurt.
N A T IO N A L B A N K O F SC O TLA N D ,
ALSBERG, GOLDBERG ft CO., Amsterdam.
Orders for Stocks and Bonds executed at all
EDINBURGH AND BRANCHES;
ALTMAN ft STETTHEIMBR, Berlin,
Exchanges.
.
. , .. .
ALSO,
Especial attention given to supplying high-class
Payable in any part of Europe, Asia, Africa, Aus
CABLE TRANSFERS AND LETTERS OF CREDIT. tralia and America.
„ ,
IN V E S T M E N T S E C U R IT IE S .
Draw Bills of Exchange and make Télégraphia
Transfers of Money on Europe and California.
BILLS OF EXCHANGE ON
S M IT H ,
J. & W . SeligmanSc C o.,
John H . Davis & C o.,
J ohn M
unroe
&
C o .,
N o . 3 2 N a ssa u S tree t, N e w Y o r k .
J. K ennedy T od .
H. O. Northcotb .
A L E X A N D E R B A R IN G ,
Member N, Y. Stock Exoh’ge
J. Kennedy Tod & C o .3
Chrystie &
Janney,
BANKERS,
N o . 4 P o e t Office S q u a r e , B o s t o n .
2 5 N a ssa u S tree t, N e w Y o r k ,
No. 63 WILLIAM STREET,
Issue Circular Letters o f Credit for Travelers’ Use
Receive deposits subject to check at sight and
Abroad against Cash or Satisfactory
BANKERS.
allow interest on balances.
Guaranty o f Re-payment.
A ct as Agents for Banks, Bankers and Railroa
Deal 1in R a ilin '! bonds, State, County and Muni
IS tc h a n g e o n L o n d o n , P a r le , B e r lin , Companies.
cipal Securities.
Issue commercial credits, also foreign and domestic
Give special attention to consignments o f Bullion
Z u r ic h sued S t. G a ll.
travelers’ letters of credit in pounds sterling ft dollars and
make liberal advances on same when desired.
S rkdits Opened an d pay m en ts m a d s b y cabl s .
O ffer I n v e s tm e n t S e c u ritie s.
Buy and sell bonds, stocks and securities in aU Am
P a r le H o u s e —M U N R O E A CO .
erican, Canadian, British and Dutch markets on com
mission. CoUect dividends, coupons and foreign and
31 PINE STREET, NEW YORK,
inland Drafts.
Sell BiUs of Exchange on
B AN K ER S AND B R O K ER S,
SUCCESSORS TO
.BANKERS,
W O O D & D A V IS .
29 W IL L IA M S T R E E T , N E W Y O R K ,
M AR C U AR D , K R A U S S f t C O . ,U AR1H
Execute orders in all securities listed at the New
HOTTING UER A CO.,
l “ “ 18*
CO RRESPON DENT« OE THE
I n t e r n a t io n a l B a n k o f L o n d o n
S S f Ä / l ^ M Ö B - r ö A G l i BONDS.
(L i m it e d ), L o n d o n .
Geo. Coppell .
T hos. Ma it la n d .
G E O M C WO oH
h ! HUESTIS. L. M. SWAN.
Gerald L. H oyt , Member N. Y. Stock Exeh.j
M eeere. J o h n B e r e n b e r g .G o e s le r A C o .,
H am bu rg.
m e e e r e .M a r c n a r d jK r a n e e A C o ., P a r le .
Commercial and Travelers’ Credits.
BANKER & BROKER,
B A N K E R S
Bills o f Exchange.
Cable Transfers,
N o . 2 0 B R O A D S T ., N E W Y O R K .
AND
S p e c u la tiv e A c co u n ts S o lic it e d .
THE NEW YORK
COM M ISSION MERCHANTS
Orders received in Stocks for large or small
amounts, either for cash or on margin.
2 2 f t 2 4 E x c h a n g e P la c e .
Particular attention given to «vestments.
ah issues of bonds, either in default or other
N e w Y ork .
wise, carefully quoted.
C A P IT A L , $ 1 ,0 0 0 ,0 0 0 .
TWENTY YEARS’ EXPERIENCE.
BILLS OF EXCHANGE, LETTERS OF CREDIT,
Transacts a general banking business.
F H s m i t h , 1 Members Consolidated Stock and
TELEGRAPHIC TRANSFERS OF MONEY ON
Receives accounts o f banks, bankers and corpora
8."W. 8 m i t h , t Petroleum Exchange, New York.
LONDON, PARIS, MEXICO. CUBA, &C., &C.
tions upon favorable terms,
Issues certificates o f deposit bearing interest.
C an adian B a n k o f C o m m erce.
Makes loans upon approved merchandise.
CAPITAL, $6,000 000.
SURPLUS, $500 000.
Solicits mercantile and personal accounts.
1 6 A 1 8 B R O A D S T .,
J. H. G0ADBT
ALEX. LAIRD,
B i l l » o f E x c h a n g e B r a w n o n t h e C ity
AGENTS,
B a n k , L im it e d , L o n d o n .
BROKER IN ALL KINDS OF INVESTMENT
16 E XC H AN G E P LAC E , N E W Y O R K
BONDS, MISCELLANEOUS SECURITIES
Circular L etters of Credit Issued for BUY AND SELL STERLING EXCHANGE, CABLB
AND DEFAULTED BONDS.
ravelers use, and Commercial Credits
TRANSFERS, ETC.
opened in Europe, A sia , South Am erica ISSUES COMMERCIAL CREDITS, AVAILABLE
Correspondence Solicited.
IN a l t , PARTS OF THE WORLD..
p f the W e s t Indies,
W ood, Huestis & C o.,
Schulz & Ruckgaber,
Maitland, Phelps & C o.,
F. H . .Smith,
Produce Exchange Bank.
Albert
&
Pearce,
THE CHRONICLEj
A p r i l 1 4 ,1 8 8 8 .]
iii
%vcnktxs and 'jQvtthzxs in Wi&xo ^ o tk ©ttg.
Taintor & Holt,
H . L. Horton & C o.,
H . B. Hollins & C o.,
BANKERS,
N o . 11 W a l l S t ., C o r. N e w , N e w Y o r k . 18 W A L L a n d 3 N A S S A U S T R E E T S
NEW YORK.
TRANSACT a GENERAL BANKING business.
T ra n s a ct a G en era l B a n k in g B u sin ess.
DEPOSITS received and INTEREST allowed on DEALERS IN GOVERNMENT. MUNICIPAL AND
balances.
RAILROAD SECURITIES.
Buy and sell GOVERNMENT, MUNICIPAL and DEMAND DEPOSIT ACCOUNTS RECEIVED.
RAILROAD Securities.
INTEREST ALLOWED ON DAILY BALANCES
Private telegraph wires to Providence and Boston
GILES E. TAITOR,
GEO. H. HOLT
G-. D. L’HUILIER.
BANKERS,
Harriman
Geo. K . Sistare’s Sons,
&
Co.
W m. M. H a r r im a n ,
Nicholas Fish ,
Oliver Ha r r im a n , Jr .
BANKERS AND BROKERS,
1 6 & 1 8 B r o a d S tr e e t, N e w Y o r k .
1 2 1 S o u t h T h i r d S tr e e t, P h ila d e lp h ia ,
Connected by Private Wire with main office, Nen
York.
DEALERS IN
E Q U IT A B L E
B U IL D IN G ,
120 B roadw ay.
5 4 and 5 6 B R O A D W A Y , New Y ork .
b a RTHOLOMEW HOUSE, ) T rnvnmc
BARTHOLOMEW LAN e |JL0ND0NSpecial Attention Given to American
Securities.
Solicit Accounts and Order for the Purchase and
Sale o f Bonds, Shares, &c., &c., on Commission, in
York, Boston, Chicago, London or Paris,
Interest allowed on deposits subject to drafts at
sight.
Members o f the New York and Boston Stock Ex
changes and o f the New York and Chicago Produce
Exchanges.
Private wires to Chicago, St. Pani, Boston, Hart
ford. Buffalo and Utica.
J. C . Walcott & C o.,
BANKERS AND BROKERS,
N o . 2 4 P in e S tree t, N e w Y o r k .
F IR S T -C L A S S IN V E S T M E N T S ,
Transact a General Banking Bnsiness,
Buy and sell on Commission, for cash or on margin, I r~l 3 T V P V
T*lSK
S fiT l
all securities dealt in at the New York ato.k Ex1
O IA U 3 ,
Stocks and Bonds bought and sold on Commission.
ohange.
1
2 8 NASSAU ST R E E T , N EW Y O R K .
Interest allowed on daily balances.
Collections made and loans negotiated.
All deposits subject to check at sight.
Dividends and interest collected.
BANKERS.
Particular attention to orders by mail or telegram.
Deposits received subjeot to Draft.
D e a le r s in U nited S ta tes B on d s a n d O ther
Interest allowed. Investment securities a specialty
D e s ir a b le S e c u r itie s.
Ed w a r d l . Oppenheim . Wa lt er Del Ma r .
W e issue a Financial Report weekly.
Deposit accounts received and interest allowed on
balances.
iS 8.’ S- WAWJorr,
) Members of the New Yoik
MEMBERS N . T . STOCK EXCHAN G E.]
r . DTfTKTNSow. (
Stock Fxohane«.
[E STA B LISH E D 1862],
Office of the Pneumatic Steering Gear & Mfg.Co
BANKERS AND BROKERS,
L.C.LATHROP. O s c a r B. Sm it h , j . h .o l ip h a n t
61 & 5 3 N e w S treet a n d 4 2 B r o a d w a y ,
Branch Office, 91 L eonard Street ,
BANKERS,
NEW YORK.
N o. 62 C E D A R S T R E E T .
BANKERS AND BROKERS,
7 5 O ld B r o a d S tree t, E . C ., L O N D O N .
In addition to a General Banking Bnsiness, Buy
3 7 BROAD S T R E E T , N E W Y O R K ,
and toll Government Bonds and Investment Securi
Chas . J. T ownsend ,
L ansing c . W ashburn
ties.______________________
Members New York Stock Exchange, Now York
Member N.Y. Stock Exchange.
Jno. P. Townsend , Special Partner.
Cotton Exchange, aud Board of Trade Chicago.
Davison Brown .
Geo. A lexander Brown ,
E. L. Oppenheim & C o.,
Gilman, Son & C o.,
Townsend & Washburn,
BANKERS AN D BROKERS,
N o . 6 W a l l S tree t, N e w Y o r k .
Stocks and Bonds Bought and Sold on Commission
for cash or on margin.
Special attention given to Unlisted Securities.
Deposits receivsd, subject to Check at Sight.
Correspondence solicited.
T. 8. Y oung , Jr .,
Member N.Y. Stock Exchange.
W. S. Nelson
Young & Nelson,
bankers an d brokers,
3 6 W a ll S treet, N ew Y o r k .
All stocks and securities dealt In at the New York
Stock Exchange bought and sold on commission, for
cash or on margin. Deposits received and interest
allowed on balances.
A.
I
Lathrop, Smith & Oliphant,
Stewart B rown ’ s Sons,
Douglas & Jones,
Members New York Stock Exchange,
(Members o f the New York Stock Exchange.)
7 2 B r o a d w a y and 1 1 N ew S treet, N. Y
Buy and sell Stocks, Bonds and Oil, for cash or
margin. Interest allowed on deposits. Correspon
enee solicited.
IN V ESTM E N TS A S P E C IA L T Y .
J ohn f . D ouglas .__________W ellard h . J ones .
STO CK
BROKERS,
6 • R r o a d w a r A l i t N e w S t .. N e w V n r b
I H iram Dewing .
Cl a r k Dew ing .
(Member o f N.Y. Stock Exchange.)
H . Dewing & Son,
R A N K E R S AND R R O K E R S,
N o . 1 8 W a l l S treet, N e w Y o r k .
Stocks and bonds bought and sold on commission.
Particular attention given to information regard
ing Investment Securities.
Iowa Loan & Trust Co. 6 per cent Debentures
bought and sold.
Dutenhofer,
W. H. Dickinson ,
Ed w ard p . A l o n g
Member N. Y. Stock Exchange.
Dickinson & Ailing,
BANK ER S
AND
B R O K E R
N o . 3 0 P in e S tree t, N e w Y o r k .
„B ay and sell at N. Y. Stock Exchange, for IN
VESTMENT or on MARGIN, all classes of Stooks
and Bonds, and allow Interest on deposits, subject to
check at sight.
BROKER,
AÜ1
Dealer
In
Miscellaneous
BANKERS,
Securities
MILLS BUILDING (3d Floor,)
Rooms 25 & 20.
35 W A L L ST R E E T .
STATE AND CITY BONDS OF GEORGIA also
SECURITIES OF THE CENTRAL RR. & BANK.
ING CO. OF GEORGIA, A SPECIALTY.
Investors wishing to buy or sell are Invited to call
girveC
nCTordersFr0mPt and perSOnal atteatiQn
John B. Manning,
18
W ALL
STREET,
NEW
YORK.
Established 1 8 6 5 .
MEMBERS OF N E W Y O R K STOCK EXCHAN G E.
Allow Interest on deposits subject to sight check.
Buy and sell on commission stocks and bonds either
for cash or on margin, and deal in j
Investment Securities.
A. M. K idder ,
H. J. Morse ,
Wa t l a n d Tr a s k .
Ch as . d . Ma r v in ,
fB o o cfti *
A lo h c it a u
& Co*»
BANKER AND BROKER.
N o . 1 4 W a l l S tree t, N e w Y o r k City,
S O U T H E R N S E C U R IT IE S
A SPECIALTY.
State, Municipal and Railway Bonds and Coupons
bought and sold at best market rates. Investors 01
dealers wishing to buy or sell are invited to communt
B A N K E R S ,
cate with us.
57 Broadway, opp. Exchange Place, N. Y .
Member o f the New York Stock Exchange.
Branch Office, 2 4 1 L a Salle S t., Chicago.
TRANSACT A GENERAL BANKING BUSINESS,
INCLUDING THE PURCHASE AND SALE OF
STOCKS AND BONDS FOR CASH OR ON MAR
GIN. BUY AND SELL INVESTMENT SECURI
BAN KERS AN D BROKERS,
TIES. INTEREST ALLOWED ON DEPOSITS
SUBJECT TO CHECK AT SIGHT.
7 2 B R O A D W A Y an d 9 N E W S T R E E T ,
„
P. 0. Box 447.
D. A. BOODY.
C. W. McL el LAN.
N ew Y ork.
R euben L bland .
W m. f . Lesslib .
H e n r y t . Boody .
Special attention given to Investments. Interes
allowed on deposits, subject to check at sight.
Howard Lapsley & C o.,
J;fames D . Simons,
(Formerly SIMONS & CHEW.)
B A N K E R dc B R O K E R ,
2 Exchange Court i t 5 2 Broadway, N. y ,
Member N. Y. Produce Exchange.
alld u d ld
BANKERS,
U N IT E D B A N K
B U IL D IN G ,
W a l l S tr e e t, c o r n e r B r o a d w a y .
STOOKS, BONDS & COM MERCIAL P A P E R .
bought an<1 sold on commission
at New York Stook Exchange. Advances made on
business paper and other securities.
H e n r y G. Campbell , ) Members N. Y. Stock
J. Borden H a r r im a n , j
Exchange.
[H. G. Campbell & C o.,
B A N K E R S AND B R O K E R S ,:
9 New Street and 7 4 Broadw ay,
NEW
YORK
Hamilton & Bishop,
I
BANKERS AND BROKERS,
*
N o. 9 6 B R O A D W A Y , N E W Y O R K
(Members New York Stock Exchange.)
Accounts of Banks, Bankers and others reoelved
interest allowed on balances. A strictly Commission
Business In the purchase and sale of stocks and bondi.
o Private Telegraph Wire to Albany,Troy, Syracuse,
Rochester, Utica, Buffalo, Cleveland and Chicago.
Draw on City Bank of London in amounts to suit
SDeci&l attention given to Securities for investment
Simon Borg & C o.,
N o . 2 6 N A S S A U S T ., N E W Y O R K ,
DEALERS IN ALL KINDS OF
Railroad and Investment Securities.
S outhern Secu rities a Sp e c ia l t y .
J. L. Robertson,
BOND AND STO CK B R O K E R
Dealer in Investment Securities,
No. 7 NASSAU STREET,
(Continental National Bank Building,)
N ew
Y ork.
iv
THE CHRONICLE
garosi
Q x n s t © fim p ir o ije * .
Union Trust Company
© a m p a n te s.
The Brooklyn Trust C o.,
OF N E W Y O R K .
78 Broadway, cor. R ector St., N.Y,
Cor. of Montague and Clinton Sts.,Brooklyn, N.Y.
C A P IT A L (all in U. S. Bonds) - 8 1 .0 0 0 ,0 0 0
This company is authorised by special charter to
act as receiver, trustee, guardian, executor or admin-
[VOL, XLVI.
I fitta t iJ C ia X ,
American Association
OF
PUBLIC ACCOUNTANTS.
,
act as agent in the sale or management of Incorporated August 2 0 , 1 8 8 7 , Under the
3,000,000 taIt8can
real estate, collect interest or dividends, receive re
LawsTnnd Statutes o f the State of
Authorized to act as Executor, Administrator, gistry and transfer books, or make purchase and sale
New Y o r k .
o f Government and other securities.
Guardian, Receiver, or Trustee, and is
Religious and charitable institutions, and persons
|The business and objects of this Society are to
A LEGAL DEPOSITORY FOR MONEY.
unaccustomed to the transaction of business, will Iassociate
into a Society or Guild, the best and
Accepts the transfer agency and registry of stocks, find this Company a safe and convenient depository most capable
Public A ccountants practicing in
and acts as Trustee of mortgages o f corporations.
for money, RIPLEY ROPES, President.
the United States, and through such Association to
Allows interest on deposits, which may he maae
E DMUND W. CORLIES, Vice-Pres’t.
elevate the profession of Public Accountants, as a
at any time, and withdrawn on five days’ notice,
whole, and demonstrate their usefulness by compel
TRUSTEES.
with interest for the whole time they remain with
ling an examination as to fitness, and the observ
the company.;
.
_
O. Low, B. F. Knowlton, H’y K. Sheldon,
ance of strict rules of conduct as a condition of
F ortne convenience o f depositors this company Josiah
John
T.
Martin,
C.
D.
Wood,
M. White,
membership.
also opens current accounts subject, in accordance Alex.
Fred. Cromwell, Wm. H. Male,
A.
A.
Low,
O F F IC E R S ;
with its rules, to check at sight, and allows interest Alex. McCue,
John P. Rolfe, Ripley Ropes,
President—JAMES YALDEN, New York.
upon the resulting daily balances. Such checks pass Mich’i
E.
W.
Corlies.
Abram
B.
Baylis,
Chauncey
Vice-Pres.—JOHN
HEINS, Philadelphia.
through the Clearing House.
___,H. B. Pierrepont, H. W, Maxwell,
Wm. B. Kendall
Sec.—JAMES T. ANYON, New York.
James R oss Cu r r a n , Secretary.
TRUSTEES:
T reas.—WM. H. VEYSEY, New York.
F
rederick
c
.
C
olton
.
Asst.S«c’y.
James
M.
McLean,
Wm. Whitewright,
COUNCIL.
Ambrose C. Kingsland,
Henry A. Kent,
James H. Ogilvie,
R. T. Wilson,
James T. Anyon, N. Y. Mark C. Mirick, N. Y.
S. T. Fairchild,
Wm. F. Russell,
Louis M. Bergtheil, N.Y. Rodney McLaughlin, Bost.
I.
H.
Frothingham,
C. D. Wood,
F. Blankenhorn ,
William Calhoun, N.Y. C. H. W. Sibley, N.Y.
Conrad N. Jordan ,
George A. Jarvis,
James N. Platt,
Cashier.
George H. Church, N.Y. William H. Veysey. N.Y.
President.
C. Vanderbilt,
D. C. Hays.
John Heins.Philadelphia. Walter H .P. Veysey, N.Y.
H. A. Smith ,
C
harles J. Ca n d a ,
A. A. Low,
Wm. Alex. Duer,
Assistant Cashier
James Yalden, N.Y.
Vice-Pres’t.
G. G. Williams,
Charles H. Leland,
R. G. Remsen,
Edward King,
FELLOWS OF IH E ASSOCIATION.
Edward
Schell,
E. B. Wesley,
James T. Anyon, Louis M. Bergtheil. Thomas
Amasa J. Parker,
D. H. McAlpin,
OF THE
Bagot, James Cox, William Calhoun, George H.
Samuel F. Barger.
George B. Carhart,
Church, C.W. Haskins, R. F. Munro, Mark C. Mirick.
Chauncey M. Depew,
Geo. C. Magoun,
C IT Y OF N E W Y O R K .
C. H. W . Sibley, Henry M. Tate, William H.Veysey,
H.VanRennsel’r Kennedy,W. Emlen Roosevelt.
CAPITAL,
.............................
8 3 ,5 0 0 ,0 0 «
Walter H. P. Veysey, James Yalden, New York;
EXECUTIVE COMMITTEE :
Richard F. Stevens, Jersey City, N. J.; Horace D.
N
ew
Y
ork
,
May
14,
1887.
Wm. Whitewright,
G. G. Williams,
Bradbury, Rodney McLaughlin, Henry A. Piper,
James McLean,
E. B. Wesley,
This Bank is now opened for business. Accounts Boston, Mass.; John W. Francis, John Heins, Henry
Geo. C. Magoun,
C. D.W ood,
Kelly, Philadelphia, Pa.; Eric M. Noble, Washing
respectfully
solicited.
The
usual
banking
facilltlei
D. C. Hays,
A. C. Kingsland.
ton, D. C.
extended to customers.
EDWARD KING, President.
Offices ot the Association, No. 1 2 0 Broad
JAMES M. MoLEAN, First Vice-Pres’t.
Orders for purchase or sale of securities will
JAMES H. OGILVIE, Second Vice-Pres’t.
way» Room 51 (6th Floor), New Y o rk C ity .1
receive careful attention.
A. O. RONALDSON, Secretary.
Foreign
Exchange
bought
and
sold.
Facilities
foi
A. W, KELLEY, Assistant Secretary.
keeping accounts in Sterling Exchange, subject to
draft in kind, will be afforded. The methods of re
ceiving such deposits and making payment against
96 B R O A D W A Y ,
DEALER IN ALL
them will be subject to arrangement.
OF N E W YORK,
DRAW ON
M ew Y o r k
No. 49 W A L L S T R E E T .
THE NATIONAL PROVINCIAL BANK)
OF ENGLAND (Limited,)
> London,
Capital and Surplus,
8 7 ,0 0 0 ,0 0 0 THE UNION
BANK OF LONDON (L’d),)
B r o o k ly n
This company is a legal depository for moneys
paid into court, and is authorized to act as guardian HEINE & CO., P aris.
Frankfort-onT
R
U
S
T
C
O
M P A N IE S ’ S T O C K S .
JOHANN GOLL & SOEHNE, £
Main.
01 tnu$TEREST ALLOWED ON DEPOSITS,
Also, all the Stocks Guaranteed by the
which may be made at any time and withdrawn S. BLEICHROEDBR, Berlin.
after five days’ notice, and will be entitled to inter DEUTSCH SCHWEIZERISCHE CRED-) a . « a l l .
D E L A . L A C K . *fc W E S T , and the
IT BANK,
)
est for the whole time they may remain with the
company.
L A K E S H O R E & M IC H . SOUTHERN
F . B L A N K E N H O R N , C a s h ie r .
Executors, administrators, or trustees o f estates,
R A IL R O A D CO M PAN IES.________
and females unaccustomed to the transaction of
business, as well as religious and benevolent institu
THHE IN V ESTO R S A G E N C Y .
tions, will find this company a convenient deposit
ory for money.
JOHN A. STEWART, President,
(M. L. SCUDDER, JR., PROPRIETOR,)
GEORGE BLISS, Vice-President,
O F P E N N S Y L V A N IA .
JAMES S. CLARK, Second Vice-Pres’t.
240 LA SALLE ST., CHICAGO, ILL.
Charter pe r petu al .
B------TRUSTEES:
Reports Concerning Affairs of Corporations
Authorized Capital, - - - - 8 5 ,0 0 0 ,0 0 0
Wilson G. Hunt.iH. E. Lawrence, Wm. Libbey,
Clinton Gilbert, Isaac N.Phelps, John C. Brown,
RAILROADS ESPECIALLY.
131 TO 141 SOUTH FOURTH STREET,
Daniel D. Lord, Erastus Corning, Edward Cooper,
S. B. Chittenden, W.B’y’rdCutting
(B ullitt Building ),
Samuel Sloan,
Large Library Railroad Documents,
J ohnH.Rhoades, Chas. S. Smith,
James Low,
PHILADELPHIA.
Competent Experts
Wm.W.Phelps, Anson P. Stokes, Wm.Rockeieller,
Confidential Reports,
D. Willis James, Robt.B. Miri turn, Alex. E, Orr,
General Banking Business conducted
Geo. H. Warren, Wm.H.Macy, Jr.,
John J, Astor,
Moderate Charges.
State, Municipal and R ailroad Securities
[
John A. Stewart, George Bliss,
Send for circular._____________ ___ ______________
HENRY L. THORNELL, Secretary.
negotiated,
LOUIS G. HAMPTON, Assistant Secretary
DIRECTORS:
Wharton Barker,
Charlemagne Tower, Jr.
John H. Converse,
T. Morris Perot,
BANKERS AND BROKERS,
George DeB. Keim,
George W. Blabon,
James Dougherty,
Philip C. Garrett,
(Members of Baltimore Stock Exchange),
Simon B.Fleisher,
Isaac R. Childs,
B A L T IM O R E .
113 BROADWAY, NEW YORK.
Isaac Hough.
(INVESTMENT and SOUTHERN SECURITIES
WHARTON BARKER. President.
CHARLEMAGNE TOWER, JR., Vice-President.
C a p it a l, F u l l y P a i d , - - - - $ 1 ,0 9 0 ,0 0 0
a (Correspondence solicited and information fur
SIMON A. STERN, Treasurer.__
RUSSELL STURGIS HUBBARD, Secretary.
nished. £0rreSp0n(jgI1j;g—mc K im Brothers & Co.
HIS COMPANY TRANSACTS A GENERAL
LOAN, TRUST & FINANCIAL BUSINESS.
WE SOLICIT THE AGENCY
Receives money on Deposit, subject to check, and
OP
allows interest on balances.
All Checks pass through the Clearing House.
BANKERS,
Makes investments o f Money, acts as Executor,
Administrator, Guardian, Trustee, etc.
N o.
7 SOUTH
>T R E E T ,
Also, as Registrar and Transfer Agent.
A t a C h a rg e o f $5 p e r A n n u m .
An authorized Depository for Court and County
B A L T IM O R E ,
Treasurers’ Funds.
GREEN & CUNNINGHAM,
ROWLAND N. HAZARD, President.
TRANSACT A GENERAL DOMESTIC
R e a l E sta te B r o k e r s
FOREIGN BANKING BUSINESS.
3GEORGE 8. HART, Vice-President.
1405 F STREET, WASHINGTON, D. C.
JAMES 8. THURSTON, Secretary.
Reference; Hon. A. U. W y m a n , Ex-Treasurer
U 8., Omaha, Neb.
D irectors :
John L. Macaulay,
Wallace C. Andrews,
S A V A N N A H , G A .,
John D. Klmmey,
John I. Blair,
John Ross,
L Edward F. Browning,
•J'H F M I D D L E S E X B A N K I N G CO,
SECURITY
BROKER.
^Rowland N. Hazard,
Alexander G. Black,
MIDDLETOWN, CONN.
Buys and sells, on commission all classes of Stocks
Elias C. Benedict,
^George S. Hart,
Capital
Stock,
Paid
up,
8
5
0
0
,0
0
0
William P. Anderson,
. Wm. B. Dinsmore,
‘ “Negotiates loans on marketable securities.
James S. Thurston,
Peter Wyckoff,
S I X PER CENT F IR S T M O R T G A G E
New York Quotatlans furnished by private tloker
George A. Evans,
Thomas L. Watson,
deben tu re bonds
dvery fifteen minutes.__________________ _________
Charles Parsons.
Jules Aldige,
and mortgage notes guaranteed. Interest payable
Granville P. Hawes.
T H O M A S B R A N C H & C O .,
National Bank of the Republic, New York. Under
same supervision as Savings Banks. Chartered BANKERS AND COMMISSION MERCHANTS,
1 8 7 2 . The amount of outstanding obligation
R IC H M O N D , V I R G I N I A .
Limited hy Statute.
„ _ „
_ .
Offices—Boston, 54 Equitable Building New York,
Circulars and information on funding the debts of
11 Wail St.; Philadelphia, 512 Walnut St.
Virginia
and North Carolina free of cost; one-eighth
mtt.t.r b u il d in g , 35 W a l l St ., N e w Y o r k .
ner cent charged for funding. Southern Railroad
P A I D - U P C A P I T A L , - - $ 1 ,0 0 0 ,0 0 0 J. S. ALEXANDER, Pres. A. A. A lex an de r , Cash’r and State aud City Bonds bought and sold. ’______
Designated as a legal depository by order of
Supreme Court. Receive deposits of money on
Interest, act as fiscal or transier agent, or trustee
for corporations, and accept and execute any legal
’ nuts from persons or corporations, on as favorable
SAN A N T O N IO , T E X A S .
terms as otner similar companies.
BANKERS AND COMMISSION MERCHANTS
THOMAS HlLLHOUbE, President.
COLLECTIONS AND INVESTMENTS MADE.
FREDERIC D. TAPPEN, Vice-President.]
2 E x c h a n g e J C o u r t , N ew | Y o r k ,
CHARLES M. JESUP. Secretary.
Correspondence invited.
c a p it a l
SURPLUS, -
The Western National Bank
W M . C. N O Y E S ,
United States Trust Co.
The Finance Company
Wilson, Colston & Co.,
American Loan & Trust Co.,
Robert Garrett & Sons,
N A T IO N A L
BANKS
A . L. Hartridge,
Metropolitan Trust C o.,
Texas National Bank,
R. T . Wilson & C o.,
A p r il
14,1888.]
\tmUxx&
amt
THE CHRONICLE.
%xoittxs,
Ifittuttcial.
Brewster, Cobb
& Estabrook,
35
CO N G R E SS
FOR
JA B V IS -C O N K L IN
K AN SAS C IT Y , M O.
STREET,
B U Y AND
M EMBERS OP TH E NEW Y O R K AND
BOSTON STOCK EXCHANGES.
ALSO,
D e a le r s I n M u n ic ip a l, S ta te , R a ilr o a d
a n d U n it e d S tates R o n d s .
Capital and Surplus Paid Up, 8 1 ,1 4 0 ,0 0 0
Irving A . Evans & C o.,
S IX P E R C E N T D E B E N T U R E S ,
This Company offers for sale at par and
accrued interest its
ayaMe half-yearly at the office o f TH E M ER
CANTILE TRUST CO., NEW YORK. These
BAN KERS AND BROKERS,
Debentures run for Ten years, hut with the
N o. 53 S T A T E S T R E E T ,
ption o f redem ption at the end o f F ive years
They are direct obligations o f the Company
BOSTON.
and are further secured b y an equal am ount of
MEMBERS OP BOSTON, NEW YORK AND Real Estate Mortgages on im proved and pro
ductive R eal Estate worth from three to live
PHILADELPHIA STOCK EXCHANGES.
tlle mortgages, held by THE
S to c k s a n d R o n d s B o u g h t a n d S old MERCANTILE TRUST CO., whloh under special
Articles or Agreem ent acts as Trustee for tne
In a l l M a r k e ts .
holders o f the Debentures. They are issued In
dtmoimnalions o f $500, $1,000 and $5,000
Joshua W ilbour ,
Ch arles h . Sheldon , J r
lh e s e Debentures are a very desirable class
Benjam in A. Jackson , W illiam Bin n b y , Jr .
.ihyestinents for Estates and Trust Fundsand Ior Individuals and corporations desiring
an exceedingly safe investm ent, w ith a com ,
parauvely high rate of interest.
BANKERS AND BROKERS,
M o r t g a g e s o n R e a l E state in Kansas City,
No. 53 W E Y B O S S E T S T R E E T ,
and im proved farms In Kansas and Missouri,
P R O V ID E N C E , R . I.
at not to exceed 40 per oent o f the value, are
Dealers In Commercial Paner, Government and also offered investors.
Other first-class Bonds and Securities and Foreign
Exchange.
ADVISORY BOARD OF DIRECTORS:
Private telegraph wire to New York and Boston.
Nat?o®«iNBaik“ URRAT* Presid6nt Unlted States
Savings B >nk?° W'NSBIND, Vice-President Bowery
Wilbour, Jackson & C o.,
Texas & Pacific Land Grant Scrip, Deposited and
Undeposited.
New Orleans City Bonds, all issues.
St. Louis Ore & Steel Securities, all issues.
€r. W . D O U G H E R T Y ,
Member N.Y. Stock Exchange,
M ills B uilding .
1 5 R r o a d S t, N . Y .
R . A . Lancaster & C o .,
BANKERS,
N o. 10 W A L L
NEW
Produce
°f EVAN THOMAS & CO
AND DEALERS IN FOREIGN EXCHANGE,
As8urancts^Ct t LL’ Comptroller s t a b l e Life
4 2 5 W o o d Street, P ittsb u rg , P a
iltonflitw York1’817^ ’ Surg0On U-S‘A " Fort Ham~
CLARK, Jr , late President American Ex
change Insurance Company, 239 Broadway.
INVESTMENT and MISCELLANEOUS
SECURITIES.
s o u th e r n Securities a S p ecialty.
The
K A N S A S C I T Y M O .,
N E W Y O R K , 239 B roadw ay;
L O N D O N , E N G L A N D . 95 Gresham St.
E Q U IT A B L E
.Mo r t g a g e C o m p a n y .
Capital Subscribed.......................$ 3 ,0 0 0 ,0 0 0
Paid In (Cash).......... ...................... 1 ,0 0 0 ,0 0 0
D E B E N T U R E S ,
W m . G, Hopper & C o.,
BANKERS AND BROKERS,
South
Third
Street,
P H IL A D E L P H IA .
38
Desirable SIX PER CENT W ATER BONDS and
Other first-class securities for sale.
Direct private wire to H a r r is , F uller & Biok l e y , New Yoik.
P IT T S B U R G H ,
PA.
EST ABL ISH ED 1871.
Whitney & Stephenson,
BANKERS AND BROKERS,
N o. 57 F O U R T H A V E N U E .
Oldest Pittsburgh members N.Y. Stock Exchange.
H. B. Morehead .
W m. Fa ir l e y
H . B. Morehead & C o.,
STOCK, BOND A N D NOTE BR OKE R S,
N o . 5 1 W e s t T h ir d S treet,
CINCINNATI, OHIO,
N . W . Harris &
C o.,
CH ICA G O and BOSTON.
BONDS
Bearing 6 per cent, running ten years and based
exclusively upon Western Farm Mortgages, held In
trust by the American Loan & Trust Company, of
New York, for the benefit of the bondholders. Their
safety, time to run and rate of interest make them
the most desirable investment now offered. Also,
GUARANTEED FARM MORTGAGES.
OFFICES«
New York, 208 Broadway I Phila., cor. 4th&Chestnut
Boston. 23 Court St.
|Kansas City, 7th& Del.St*
THE WESTERN FARM MORTGAGE
L aw ren ce,
TRUST CO.,
han sas.
Capital,
. . . . .
$ 1 ,0 0 0 0 0 0
7 P er Cent Guaranteed Mort- ages.
„
6 Per CentGoid Debentures.
S. O. T hacher , Pres. Nat. Bank, Lawrence, Kan..
Prest.; G. W. E. Griffith , Prest. Merchants’ Nat.
Bank, Lawrence, Kan., (General Manager.
F. M. P erkins , 1st V ice-P restM. V. B. B ull , 2d
Vice-Presto L. H. P erkins , Secretary.
1 40 & 42 Wall St., N.Y. C'-ty, W m.T. Pratt , Man’r.
Albany, N.Y., M.V.B.B ull & Co., M’rs N.Y.&N.E.
Write for full information,
L. H. PERKINS, Sec., Lawrence, Kansas.
«%
R I C H M O N D , VA.
Private wires connecting with Washington. Baiti,
n o n , Philadelphia and New York^
^ °^
aJtl
GUARANTEED.
7%
W e invite persons wishing investments absolutely
safe to examine the securities of the
AMERICAN INVESTMENT CO.
A ssets October 1, 1 8 8 7 , $ 1 ,8 8 3 ,9 0 0 .
All loans and debentures fully guaranteed. Full
information given by
A .L .O R M S B Y , H . E. SIM M O N S,V .Prest’ s,
1 3 0 Nassau Street, New Y o rk .
H . L. Grant,
c . W . Branch & C o.,
BANKERS AND BROKERS,
State Ba n k B uilding
STOCK
Sugar Refineries
Company.
BOUGHT
AND
SOLD.
JAM ES H A V E M E Y E R ,
A ldrich Court, 45 Broadway, N. T.
W rite fo r further information and references
to any one o f the com pany’s offices at
E. W . Clark & C o.,
BANKERS AND BROKERS,
No. 1 3 9 South Fourth S t., Philadelphia.
Railroad, Municipal and other desirable Invest
ment Securities for sale.
Transact a general banking business. Allow inter
est on deposits.
Members o f the Philadelphia and New York Stock
Exchanges, and connected by private wire with New
York.
STREET,
YORK.
DEALERS IN
Rea Bros. & C o.,
MEMBERS
New York and Philadelphia Stock Exchanges.
Pittsburg Petroleum, Stock and Metal Exchange.
Private wires to New York, Boston, Philadelphia,
Baltimore and Washington.
SELL :
Scioto Valley Bonds and Stock.
BO STON .
BANKERS AND BROKERS,
SAFE:
Ohio & West Virginia 1st 7 Per Cents, 1910.
Columbus & Toledo 1st 7 Per Cents, 1905.
Beech Creek 1st 4 Per Cents, 1936.
MORTGAGE TR U ST 0 0 .
BANKERS,
NO.
IfitmtxjciaX.
No.
145 B R O A D W A Y ,
NEW YORK.
CITY RAILROAD STOCKS & BONDS
BOUGHT AND SOLD.
S6e Quotations of City Railroads in this paper.
T H E S T . P A U L M IN N E A P O L IS «Sc MAN*
A
ITUBA RAILW AY CO.,
40 AND 42 WALL STREET.
_
„
. ' r . New Y ork , March 28, 188a
The Board o f Directors of this company have
^ ¡a r p d the usual quarterly dividend of ONE AND
ONE-HALF PER CENT on the capital stock, pay.
able at this office May 1 to stockholders of record
on that date.
.
The stock transfer books will be closed at S
o cl .ck P. M., April 1«, and will be reopened at 10
o’clock A. M, on May 2,1888.
EDWARD T. NICHOLS,
Assistant Secretary
A T C H IS O N T O P E K A &
SAN TA FE
R A IL R O A D C O M P A N Y .
DIVIDEND NO. 35.
„ A qearterlv dividend of ONE DOLLAR AND
FIFTY CENTS per share will be payable May 15,
1888, at the office of the Company iu Boston, to
stockholders o f record April 10,1888, at close of
business.
Transfer books will be closed April 10, 1888, at
close of business and reopened May 11,1888.
The National Bank of Commerce in New York,
Transfer Agent, will p»y the dividend to stockhold
ers registered in New York.
The Merchants’ Loan & Trust Company o f Chi
cago, Transfer Agent, will pay the dividend to
stockholders registered in Chicago.
GEO. L. GOODWIN,
Assistant Treasurer.
95 Mil k Street , B oston, April 3,1888.
C T . L O U IS & SAN F R AN CISCO R A I L »
W A Y COM PAN Y,
15 BROA d STREET (Mills Building ).
New VORK, April 2,1888.
The Board of Directors have declared a dividend
(No.2) of TWO AND ONE-HALF (2t$) PER CENT
on the preferred stock of this company, payable on
and after MONDAY, April 30,1888, to stockholders
of record on the hooks in this office on April 20 at 3
P. M.
The transfer books of the capital stock of the
company will be closed on Friday, April 20,1888, at
3 P. M., and reopened on the morning o f May 10.
1888.
T. W. LILLIE, Treasurer. .
Q F F IC E
OF
THE
P H IL A D E L P H IA
COMPANY, P ittsburg , Pa., April 11,1888.
THIRTIETH DIVIDEND.
The Board of Directors o f this Company have this
day declared a dividend of ONE PER CENT out of
the earnings for last month, payable on the 25th
Inst. Transfer books will he closed from the 15th
to the 25th inst., both inclusive. Checks will be
mailed to stockholders.
JOHN CALDWELL, Treasurer.
X O T IC E :
The UNION STOCK YARD NATIONAL BANK
of Chicago, located in the Town of Lake, in the
State of Illinois, is closing up its affairs, its corpor
ate existence having expired at close of business
on the 29th day of February, 1888.
All note-holders and others, creditors of said
Association, are therefore hereby notified to pre
sent the notes and other claims against the Associ
ation for payment.
ELMER WASHBURN, President, i
Dated 29th February, 1888.
J
THE CHRONICLE.
VI
ffitta t x jc ia l
Hfitmtijctal.
'g im titin l
R E O R G A N IZ A T IO N
R E O H G A N I Z A T IO N
OF THE
OF THE
all
New Yo rk ,
F lorida Transit R ailroad,
Fernandina & Jacksonville R R .,
Peninsular R R . o f F lorida,
F lorida Central & W estern R R.
New Y o r k , March 31, 1888.
Notice is hereby given that holders o f over 75 per
«cent o f the securities provided for in the agreement
-o f reorganization have deposited their bonds under
"the terms o f said agreement.
The date on or before which the outstanding
bonds must be deposited with the CENTRAL
'TRUST COMPANY, No. 56 Wall Street, New York
"City, under said agreement, is hereby extended to
A P R IL 20, 1888,
The privilege o f subscribing to the fund raised for
"the purchase o f series “ A ” bonds o f the Florida
‘ Central & Western Railroad (which in the agree
ment was offered to all assenting security holders not having been availed of, will, until April 20,1888^
-be.subject to the discretion of the committee. •
Further notice is given that the first instalment of
'25 per cent of the assessment on all classés o f stock
-deposited under said agreement is hereby called,
and will be payable at the office o f the CENTRAL
"TRUST COMPANY, on or before April 20,1888.
Copies o f the reorganization agreement may
b e obtained at the office o f the CENTRAL
TRUST COMPANY, the committee’s depositary! of
-CHARLES MACVEAGH, ESQ., its Secretary, at
No. 45 William St., or Of MESSRS. JOHNSON,
-GALLUP & HURRY,its counsel, at No. 58 William
■St., New York City.
By order of the committee,
W . B A Y A R D CU TTIN G ,
Chairman.
F IR S T M O R TG A G E
S IX
"Florida Railway &
Chesapeake Sc Ohio R’y Co.
Navigation C o .,
23 W
S
,
)
.INCLUDING THE BONDS OF THE FOLLOWING
COMPANIES :
[V cl. XLYI,
treet
PER
CENT
BONDS
OF THE
Kansas City Water Co.
April 4,1888.)
DUE 1 9 0 7 . P A Y A B L E A F T E R 1 S 9 4 .
Holders representing a total of about seveneighths o f the bonds o f the GHESAPEAKE &
OHIO RAILW AY CO. affected by the plan o f reor
Interest May 1 and November 1.
ganization and four-fifths of the stock of said com
pany having accepted the provisions of the reor
ganization agreement dated Feb. 7, 1888, notice is C E N T R A L T R U S T COM PAN Y OF N E W
hereby given to holders of outstanding securities
Y O R K TRUSTEES.
that the same may still be deposited with DREXEL
MORGAN & CO., 23 Wall Street, New York, on
payment of the following penalties, viz.:
ON SERIES “ B,” 6 PER CENT AND 4 PER CENT
The works have cost over S I ,0 0 0 ,0 0 0 , and the
BONDS, a penalty o f 2 per cent in cash on the par company supplies with water the metropolitan dia
value.
trict of KANSAS CITY. MISSOURI and KANSAS,
(On “ B ” bonds deposited now Interest during re containing a population of over !lO0 ,0 0 0 . A first
organization, as provided in the reorganization mortgage for $ 9 0 0 ,0 0 0 has been plaoed upon the
agreement, will accrue from May 1,1888.)
property, real estate, franchises and privileges of
ON CURRENCY BONDS, a penalty of 2 per cent the company,and $ 5 0 0 ,0 0 0 are offered for sale, the
in cash on the par value.
balance being reserved for future needs. The works
ON DEFERRED INTEREST SCRIP, a penalty are operated by the NATIONAL WATER WORKS
o f 2 per cent in cash on the par value.
COMPANY, under a contract providing that the net
ON ALL CLASSES OF STOCK, in addition to the revenue per year shall not be less than $ 5 4 ,0 0 0 , a
assessments provided for in the reorganization sum equal to the interest upon this entire loan.
agreement, a penalty o f ^ per cent in cash on the
Price, P ar and Accrued Interest,
par value.
The privilege of depositing securities, as above,
Subject
to advance without notice.
will be terminated by the committee in its discre
tion, without further notice, and after such ter
T A IX T O R & H O L T ,
mination no deposits will be received.
Notice is also given that the second instalment o f
No. 11 W ALL STREET,
25 per cent of the assessment on all classes of stock
deposited under said agreement is called, and.will be
Corner of New Street.
payable at the office of Drexel, Morgan & Co. on
May 8, 1888. Depositors are requested to present
MINNEAPOLIS 6 PER CENT GOLD
their reorganization receipts that such payment,
DEBENTURES,
when made, may be indorsed thereon.
Q U A D R U P L Y SECU R ED .
SAFE AND MOST DESIRABLE SECURITIES.
D R E X G I i , M O R G A N & C O .,
Send for circular or apply to
D e p o s ita r ie s .
NEHEK & CA R PE N TE R, B an kers,
C. H. COSTER,)
R. J. CROSS,
>Committee.
A. J. THOMAS.)
TRCY. N. Y.
Eastern Managers for Minneapolis Debenture and
Northwestern Guarantv Loan Companies.
AuTborized Capital, $4.000,000; Pald-np Capital.
1850.000 •Snrmns, *50,701.
TO T H E S T O C K H O L D E R S OF
¡San Pedro Los Angeles & The Richmond Terminal Co
The statement published under the authority of
Utah Railway Co.
the Board o f Directors of the above company in this
F irst Mortgage Forty-Year Six P er morning’s papers is iu many points Incorrect, and is
Cent Gold Bonds.
entirely false in its insinuations; but we do not
; LINE OF ROAD-SAN PEDRO BAY, V IA LOS
ANGELES AND PASADENA, NORTHWARD
TO KEELER, THE SOUTHERN TERMINUS
OF THE CARSON & COLORADO RAILROAD.
.275 MILES.
deem it necessary at this time to answer it in detail.
We have in our possession many facts in the re_
cent history of the company which, when published
will prove interesting and Important reading to the
stockholders. We are pursuing our Investigations
and propose at a proper time to give the results to
the public.
New Y ork , April 7,1888.
WILLIAM LIBBEY,
E. W. CLARK,
ISAAC L. RICE.
Abbey & Imbrie,
1 8 VESEY STR E E T, N E W Y O R K ,
FINE FISHING TACKLE.
Send us 10 cents to prepay postage on Catalogue.
Fifth Avenue Hotel,
M a d is o n S q u a r e , N E W Y O R K »
A Syndicate is now being formed for the purchase
The Largest, Best Appointed and Most Liberally
-•of that portion o f the First Mortgage Bonds o f the
Managed Hotel in the City, with the Most Central
San Pedro Los Angeles & Utah Railway Company
and Delightful Location.
issuable on account o f the construction and equip
HITCHCOCK. DARLING A CO.
ment of that part o f the line extending from San
Pedro Bay to Pasadena and Altadena, and includ
ing terminal lands in San Pedro Bay and in Los
New Y o r k , April 11,1888.
. Angeles and Pasadena and subscriptions for these
TO THE HOLDERS OF SO-CALLED TRANSIT
AM STERDAM , HOLLAND.
bonds are invited by the undermentioned corporaBONDS OF THE
•tion.
Beautifully situated In the centre of the city, oloae
Subscribers will control the disbursement o f their
to the Railway Station and the Exchange. Flrafc.
motley and will also acquire valuable options
The undersinged represents Messrs. BROCKMAN rate cooking. Excellent wines. Moderate prices.
rights and advantages, including, under certain AND
LOMAN, a committee in Amsterdam of the
conditions, the control o f the road and o f the great holders o f the ab' vp-mentioned bonds. This com
W. P. WERKER, Manager.
terminal property o f 2,800 acres o f land at San mittee represents $ 4 8 4 ,0 0 0 o f the total $ 1 , 000 .OOO bonds is»ued, and believes that it is not for
Pedro Bay.
the interest o f the transit bondholders that the clan
A considerable portion o f the bonds now offered o f reorganization proposed by Messrs. CUTTING
and others, a committee, should be carried out. Any
.Lave already been subscribed for.
S P R IN G F IE L D , M ASS.
other holders of transit bonds who are of the same
Prospectus, circular and subscription list on ap opinion are invited to communicate with me.
THE BEST APPOINTED HOU 8E IN WESTER»
plication.
NEW ENGLAND.
F R E D E R IC K W . FOOTE,
Convenient for the tourist or business man. Near
50 Wall Street.
AMERICAN FINANCE COMPANY,
Union Depot.
w . h . O H A P IE .
9 6 Broadw ay, New Y ork.
Bible Hotel,
Florida R’y&Navigation Co.
Massasoit
House,
FOR SALE:
R a i l w a y E q u i p m e n t . Spencer Trask & C o .,
S IX PER CENT
IN C O M E
SEC U R ITIES.
Land Debentures, Guaranteed Farm and
City M ortgages, and School Bonds.
NEW ENGLAND LOAN & TRUST CO.,
1 6 0 B roadw ay, New Y o r k .
LOCO M OTIVES.
We have now on hand In good running order—and
recently rebuilt—16x24 and 17x24 Passenger .Freight,
Moguls and Switching Engines.
Also PASSENGER and FREIGHT EQUIPMENT
IN GREAT VARIETY. Two Wagner Sleeping
Cars. Equal to new. Very cheap. All above can
be delivered at once, and will be sold on terms to
suit. Full information and particulars on applica
tion to
THE NEW YORK EQUIPMENT C 0„
10 W I L L S T R E E T .
ATLANTIC MUTUAL SCRIP. NEW YORK
JAS.lRVINE, J O S .D .M IT C H IL L . L.V.WALKLET,
LOCAL SECURITIES. Send for list Monday.
tJ,, P. W IN T R IN G H A M .
i
President.
Vice-Pres:
Secretary
BAN KERS & BROKERS,
16 and 18 Broad Street, N.
Albany, N.Y.
Providence, R I.
Saratoga.
Transact a General Banking Business
.
Special attention given to Investment
Securities.
Direct Private Wires to each, office and te
PHILADELPHIA,
BOSTON,
WORCESTER*
HUNT'S
MERCHANTS’
MAGAZINE»
REPRESENTING TH E IN D U S T R IA L A N D COMMERCIAL IN TERESTS OP TH E U N ITED STATES*
VOL. 46.
SATURDAY, A P R IL 14, 1888.
C O N T E N T S .
THE
The Financial Situation............
Currency Holdings and the
System of Bank Averages . .
The Bond Purchase Bill in the
House........... ......... - ................
Philadelphia & Reading...........
CHRONICLE.
460 I English and American Railway '
465
| Investments.......................
462 r The March Gross Earnings___466
Monetary & Commercial Eng463 I lishNews....... ...........................469
464 Commercial and Miscellaneous
I News.......................................... 470
THE BANKERS’ GAZETTE.
Money Market, Foreign E x
Prices of Active Bonds at N. Y.
change, U. States Securities,
Stock Exchange, and Range
State and Railroad Bonds
since January 1 ,1 8 8 8 ........... 474
and Stocks............................... 472 Prices of Inactive Bonds......... 475
Range in Prices at the New
Investment andRailroadNews 477
York Stock Exchange...........473
T it« ©Iirow icle.
Terms o f Subscription—Payable in Advance :
For One Year (including postage)....................... ..................$ io 20
For Six Months
do.
................................... .
6 10
European Subscription (including postage)..................11 28
Annual subscription in London (including postage)......... £ 2 7s.
SixMos.
do
do
do
....... . £ l 8s.
These prices include the I nvestors ’ S u p p l e m e n t , of 120 pages
Issued once in two months, and furnished without extra charge to
subscribers of the Ch r o n ic le .
Subscriptions will be continued until definitely ordered stopped. The
publishers cannot be responsible for remittances unless made by drafts
or Post Office Money Orders.
A file cover is furnished at 50 cents; postage on the same is 18
eents. Volumes bound for subscribers at $1 0 0 .
L ond on A g e n ts:
Messrs E d w a r d s & Sm ith , 1 Drapers’ Gardens, E. C., who will take
subscriptions and advertisements and supply single copies of the naner
at Is. each.
o x W IL L I A M B . D A N A . 5 W I I jI jIAIWI I f . D A N A & C o ., P u b l is h e r s ,
1 0 2 W i l l i a m S tr e e t. N E W Y O R K ,
JO H N G. FLO YD .
1
P ost Of f ic e b o x 958.
CLEARING
HOUSE
RETURNS.
NO. 1,190.
Week Ending April 7.
1888.
1887.
$
688,242,783
!
659,268,800
Boston...........................
Providence....................
Hartford....................!..
New Haven...................
Portland........................
Worcester.....................
Springfield....................
Lowell............................
88,209,448
5,386,400
2,083,457
1,418.298
1,008,277
1,078,404
987,017
588,686
87,958,992
4.694,500
1,694,497
1,150,178
975,201
927,618
1,009,578
530,819
New Tork......................
Sales of—
(Stocks............. shares.)
(Cotton.............. hales.)
(Grain............ bushels.)
(Petroleum...........bbls.,
Week End’g Mar. 31,-
P. Cent.
1888.
P. Cent.
$
522,412,000
—23-3“
+4-4
(2,205,610) (2,346,468) ( - 6*0) (1,368,622) (-34-5)
(340,600)
(480,400 (-29-1)
¡731,400) (—37-4)
(20,393,387) (22.769.000) (+15-9) (21,854,922) (-45-4)
(87,780,000) (13.718.000) (+175-4) (19,619,000) (+190-5)+0-3
+14-7
+23-0
-i-22-7
+3-4
+16-3
—22
+10-9
70,070,612
4,202,500
1,206,225
858,589
689,748
896,684
870,432
482,782
-27-S
-7 '9
—28-6
—25-7
—17-8
—1-3
+12-3--n o
Total New England...
100,759,987
98,947,373
+ 1-8
79,277,572
—25-8
Philadelphia..................
Pittsburg.......................
Baltimore......................
68,776,462
13,203,510
13,868,777
56,921.158
8,574,958
11,544,220
+ 20-8
+54-0
+ 20-1
42.558.C70
8,674,878
9,387,455
—31j8.
+3-2
-23'8-
Total Middle...............
95,848,749
77,040,337
+24-4
60,620,408
—27-0-
Chicago..........................
Cincinnati......................
Milwaukee.....................
Detroit.........................
Indianapolis..................
Cleveland..................
Columbus.......................
Peoria............................
Omaha...........................
Minneapolis..................
Denver...........................
St. Paul..........................
Grand Rapids................
Wichita..........................
Duluth*..........................
52,949.571
10,891,700
3,965,954
3,800,114
2,077,570
8.293,605
2,228,492
1,291.811
3.130.926
3.491.352
2.776,002
3,690.258
554,002
772,430
1,337,143
821,205
50,545.536
12.238,950
3.511,802
3,248,693
1,615,281
8,278,617
2,084,513
960.995
2.841,176
2,730,101
2,831,644
3,865,400
399.638
1,226,686
+4-8
-1 5 1
+12-9
+190
+28-6
+ 0-5
+69
+34-4
+ 65
+27'9
46,656,075
8,408,100
3.766.442
3.739,832
1,546,304
2,319,623
1.731,485
1,229,273
2,485,422
2,036,937
1,875,647
2,432.575
469,394
649,909
088.513
236,001
—16-Ì
—27-0
- 8-2
+80-4 1
—14*2
—20*4
4-15*0
—6*4
—22-7-’
—10*0
—29*2
+23-0
—51-3••
-2 0
+97
+38-8
—37-0
Total Western............
94,480,382
90,979,032
+3'8
79,342,018
—10'ff
St. Louis........................
St. Joseph......................
New Orleans..................
Louisville......................
Kansas City...................
Memphis........................
Galveston......................
Norfolk..........................
16,712,324
1,389,541
9,470,493
6.583,855
8,731,055
2.231,873
911,191
880,283
17,555,030
1,268,365
6.859.517
5.584.886
7,881.863
2,119.176
1.105,001
683,635
-4-8
+9-5
+38-1
+18-0
+10-7
+53
—17-5
+21-4
14,941,007
1,172,070
6,474,926
4,664,684
6,782,401
1,805,441
743,703
693,014
—0*5*
—9*5
—20*8
—31*0
—8*3*
—8*7
—5*1
+15-0-
46,863,615
43,060,023
+ 8-8 37,277,246 -12-5
The current returns of bank clearings—those for the week Total Southern..........
+ 0-2 14,769,485 —10-0
ending April 7—make up the most satisfactory exhibit we San Francisco................ 14,810,230 14,785,224
+5-8 796.698,721 —22-0
have had since the opening o f the new year. Compared with Total a ll.................... 1.041,007,746 984,080.789
the previous week (the clearings for which from many cities Outside New York........ 352,764,963 324,811,980] + 8-6I 271,286,724) —21-2embraced only five days) there is, o f course, an enormous * Not included in totals.
increase ; but such a comparison is an unfair one. The aver
Our usual telegraphic returns o f exchanges for the five daysage daily clearings for last week (on the basis o f five .days) have been received and are given below. In comparison with
were, however, only one hundred and fifty-nine millions of the similar period of last year the aggregate for the seven;
dollars, where in the present week they reached one hundred cities records a loss o f 18*2 per cent. The estimate for the fu ll
and seventy-three and one-half millions—indicating that the week ended April 14, based on these telegraphic figures, pointsaggregate figures now before us show a gain o f at least to a decrease from the week o f 1887 o f about 16 per cent.
$85,000,000. The transactions on the New York Stock Ex Messrs. R. G. Dun & Co. report the number o f failures for the
change for the week reached a heavier total than for any week ended to-night (April 13) as 222 (200 in the United Statessimilar time since November last. Contrasted with the cor and 22 in Canada), against 227 last week and 175 for the same
responding period o f 1887, the returns on their face also make time a year ago.
a favorable showing; in fact, only five cities record losses
Week Ending April 14.
Week End’g April 7"
from a year ago, while at a number of other points the gains Returns by Telegraph.
are quite important. The observance of Good Friday in the
1888.
1887.
P. Cent.
1888.
P. Cent*
week of last year, however, is responsible for this result, for
$
$ .
. $
New
York......................
502,962,700 641,129,592 —21-6 572,002,809
-7 -L
if we make a fair allowance for the loss o f the one day the
Sales of Stock (shares)....
(1,034,649) (1,899,725) (-45-5)
(1,710,032) (-27-1)
excess now recorded would be turned into a decrease of about B oston-).......................
72,899,604 87,221,262 —16-4
71,397,899 — 4-r
Philadelphia..................
nine per cent.
49,761,526
53,483,494
—70
58,273,653 +33-3
Baltimore......................
9,000,204
12,791,617 —29-7
11,802,403 +28’5On the New York Stock Exchange the dealings in shares Chicago..........................
45,566,000
+7-2
42,490,000
44,915,000
+4-9
for the week cover a market value of $112,938,000, which 3t. L o u is .....................
14,915,609
+4-7
14,348,870
13,845,765
—8-7
New
Orleans..................
6,734,003
6,970,014
—35
7,903,433
+37-3:
contrasts with $113,896,000 for the corresponding week a year
Total, 5 days.. . ... ... 701,839,64e 858,346,849 —18-2 780,140,962
—3-S
ago. Following our usual plan of deducting two-and-a-half
Estimated 1 day ....... 143,106,487 167,518,185 —14-6 158,164,487 +89-6times these values from the New York exchanges to arrive at
Total full week....... 814,946,133 1,025,865,034 -17-3 938,305,449
+5-4
clearings having other origin, the result reached is $405,897,- Balance
Country*....... 100,467,432
99,408,901
+ 1-1 102,688,493
+9-0783 this year, against $374,528,800 in 1887, or an increase o f
Total week, all......... 945.413.505 1,125,273,935 —16-0 1,040,993,942
+5-8
8*4 per cent.
I
* F « the full week, based oa last weo&a returns.
THE CHRONICLE.
460
THE
FIN AN CIAL SITUATION.
The feature o f the market for money this week ha's been
th e offering at low rates b y brokers controlling funds
belonging to foreign houses or domestic institutions,
stipulating that the collateral must be first-class dividend,
paying stocks or equally g ood bonds. W h ere such security
bag been given loans have been made at 1-J- per cent fo r
the day and renewed at 2 per cent the follow ing day.
T his m oney cannot be regarded in all respects as
the ordinary “ bankers’ balances,” and therefore it
would be misleading to quote 1£ per cent as the lo w '
« s t for the week, the ordinary bankers’ balances having
actually ranged between 3 and 2 per cent, with the aver
age a little less than 2-| per cent, the bulk o f the business
being done at 2 per cent. Time loans on strictly first-class
collateral have been made by out of-town institutions and
N ew Y o rk corporations other than banks or trust compa
nies at 3 to 3£ per cent for from sixty days to four months
and at 4-|@5 per cent fo r from six months to the end o f the
year, but in every case the collateral has been closely
scrutinized, and some lenders have insisted that no exchange o f security shall be made. Loans on time on
m ixed collateral are subject to special arrangement. A s
regards comm ercial paper, there is no increase in the de
mand and no urgent call b y merchants, and conse
quently the supply is not abundant. Rates are about
as last quoted— 5 @ 5 £ per cent for sixty to ninety-day
endorsed bills receivable; 5| @ 6 per cent for four months
acceptances, and 6 @ 7 per cent fo r good single names hav
in g from four to six months t o run.
N o political event in Europe o f any significance has
transpired since our last, except the accumulating evi
dences o f the popularity o f General Boulanger in the
rural districts o f France. The vote in the Department of
the N ord, which takes place to-m orrow , may be attended
w ith important results should he receive as large a portion
o f the votes as is now anticipated. This situation is not
however apparently regarded for the time being as threat
ening the peace of Europe so much as threatening the sta_
bility o f affairs in France. N o effect whatever o f the move,
m ent is to be observed in the money markets of Europe. A t
L ondon the cable reports discounts of sixty day to
three months’ bank bills at 1£ per cent, while the open
market rate in Paris is 1-g- per cent, and at Berlin and
F rankfort I f per cent. On Tuesday and W ednesday dis.
counts in L ondon were about I f per cent; the higher
rates were in the main due probably to the large with,
drawals of bullion from the Bank for shipment to South
A m erica and Germany, noted below, and the easier rates
since
may be
in part due to the considerable
amount, £304,000,
which
went into
Bank
on
balance on Thursday. Still, most likely these variations in rates at L ondon are also in some measure
connected with the English debt conversion movement.
The Bank o f England lost £578,000 bullion during the
week. Of this amount £501,000 was exported, princi
pally to South Am erica, £89,000 was shipped to the in
terior o f Great Britain and £12,000 was imported from
miscellaneous sources. The Bank o f France lost £190,-
[Y ol. XLVL
against these securities bills have been prom ptly drawn,
thus supplying the market a little in excess o f the inquiry.
The demand for these investment properties comes from
all quarters and in the judgm ent o f bankers is likely to con
tinue. In addition to the. bills on this account, there have
been some drafts against the remainder o f the Chicago
Burlington & Quincy 4 per cent loan which is stated to
have been closed out at Boston on Tuesday; two other
loans, one o f 3 million dollars, are also reported as placed
this week, but we hear o f no drafts on the market against
them. Thus notwithstanding our small merchandise
exports and large imports, European capital is flowing
so freely this way that exchange keeps down at a low
point fo r the season. One o f our bankers stated to us
that, besides the railroad and other stocks and bonds
taken, five million dollars o f foreign money has been
invested in this country through his house since the first
of January in other ways. A ltogether it seems probable
that the exchange market will be so well supplied with
bills againEt securities as to keep rates comparatively low,
unless something unforeseen should occur abroad to change
the tone o f the market.
N o material progress has been made at W ashington
during the week in perfecting measures affecting business
interests. The bond purchase bill, which we have remarked
upon in a subsequent column,- is expected to g o to a con
ference committee o f the two Houses; whether anything
but harm will com e out o f the deliberations o f the com
mittee is claimed to be very doubtful. A fte r that it will
be sent to the President, who we trust and believe
will veto it, if anything like the irrelevant second sec
tion is passed, the public being now forced, apparently,
to look to the W h ite House as the only remaining hope
o f retaining in our currency system any semblance to the
financial stability supposed to have been secured, when,
after great tribulation, we reached gold payments. The
deadlock over the direct tax bill has been broken by the
postponement o f the measure to Decem ber 6, under an
agreement to vote upon it at that time. N o great interest
in the bill has been felt here, except such as has grow n
out o f a disapproval o f obstructive action to legisla
tion on the part o f a small minority in either House. A t
the same time there does not seem to have been any call
for the proposed appropriation or any reason fo r its pas
sage which would not apply with equal or even greater
force to many other disbursements made b y the North
ern States during the war; furthermore there is no reason
to suppose the measure ever would have been considered
were it not for the large surplus needing distribution. In
that light it would be a bad precedent for com ing years.
W e wish very much Congress could be led to use the
accumulations in the Treasury in a manner so as to make
feasible a low rate of interest bond funding bill, contain
ing a provision authorizing the payment annually o f a
certain portion o f the new bonds, the numbers to be
called being determined by lot. W e are likely for a great
many years to have a surplus— even after tax reduction ;
and we need that kind o f outlet always at hand. T o
secure it would be paying fo r something worth having)
and something, too, that every business interest would
receive
benefit from and therefore appreciate and
000 g old during the week and the Bank o f Germany
commend.
gained since laBt report about £577,000 gold.
W e have had this week new illustration o f the diffi
Our foreign exchange market has remained at $4 86
fo r long and $4 88 fo r short with nominal fractional
changes in rates for actual business and with a tendency
towards ease, although as we write the market is steady.
A rbitrage operations have had little influence either way,
but foreign bankers have been com paratively liberal pur
chasers of first class bonds and stocks on European orders;
culty the railroads have in maintaining rates under the
provision of the Inter-State law prohibiting pooling. It
is contained in the report from Chicago that the dressedbeef shippers contemplate beginning a suit in the U nited
States Court against the east-bound roads from that city
fo r discrimination against them in violation o f the Inter-
A p r il
14, 1888.]
THE
CHRONICLE.
State Commeroe A ct.
W hether the parties mentioned
will really have the assurance to bring such a suit we do
not know, but their action thus far in the contest with
the trunk lines is interesting and worthy o f careful study.
A s is well known, the dressed-beef business is m onopo.
lized b y a few large shippers, who form a compact
bod y and act together. They have fo r a long period been
trying to persuade the Grand Trunk to cut loose from the
A m erican lines and quote permanently lower rates. F or
a time last autumn it seemed as if they had accomplished
their purpose, for the Grand Trunk line did reduce rates,
and the result was a war with the roads in the trunk line
association. W h ile this war lasted the dressed beef men
gave the Grand Trunk a surfeit of business, but finally, as
w ill be remembered, the road was induced to reconsider
its action, and on the promise o f Commissioner Fink that
it should have a differential in its favor agreed to abide
b y the tariff o f the joint lines. It was supposed, o f course,
that with such a differential the Grand Trunk would get
its proper share o f the business. But this action appa
rently did not suit the dressed beef men, for they
have since changed their tactics and
transferred
their business to the other lines, even though these latter
charged materially higher rates. A t first the differential
allowed the Grand Trunk on shipments to Boston via
Montreal was fixed at 3 cents a hundred pounds. This
not answering, it was increased to 5 cents, then to 7 cents,
then to 10, then to 15, and now it is 20 cents— that is to
say the rate on the Grand Trunk at present is 50 cents a
hundred pounds or $10 a ton, while on the other roads it
is 70 cents, or $14 a ton. Y e t with this difference o f four
dollars a ton in its favor, the Grand Trunk is unable to
get its share of the business. The strength o f the dressed
beef combination and their determination to crush the
Grand Trunk or force it into perpetual antagonism to the
American lines, may be judged from this single fact,
A n d now comes the report that this difference o f 20 cents
a hundred pound, forced by the shippers’ own action and
461
built in the last nine months. It is on this 1,040 miles
fo r the quarter in 1887 that there is now a slight in
crease, the total fo r 1888 reaching 1,096 miles. Thus we
are dealing with equally diminutive results in both periods.
A s might be supposed, too, the greater part o f this new
mileage lies in the Southern States. Georgia leads all
other States with 113 miles and Texas stands second with
112 miles, while no less than 555 miles o f the whole 1,096
miles is found in the South. N ow it is a well-known fact
that the conditions in the South are somewhat d i f
ferent from those in other sections. Great industrial
development is g oin g on there, and there has been as yet
no such overconstruction o f railroads as in some other
districts. H ence the field is a very inviting one and is
attracting a g ood deal o f capital, new undertakings being
the Railway A g e o f Chicago, shows a slightly larger total
than in the corresponding period of last year. This is
interesting, but hardly so significant as m ight appear. In
the first place, new construction is never large during the
winter months, the weather permitting the active prose
cution o f such undertakings only in the m ilder latitudes
though of course there is always a little w ork o f this kind
going on in nearly all sections. A s an indication of
the insignificant character o f the earlier months in this
respect it is only necessary to say that last year
but 1,040 miles o f new track were laid in this period»
though the%
total for the whole year reached nearly 13,000
actively pushed forw ard and are almost certain to continue
to be during the current year. But so far as it goes this
is entirely exceptional and no indication o f the prom ise
elsewere— in fact, quite the reverse. The stagnant and
depressed state of the iron trade offers conclusive p roof of
the fact that up to the present time at least, contracts fo r
new construction w ork in the country as a whole have
been on a greatly reduced scale as compared with last
year. Finally, it is not possible to tell how much o f the
new mileage built thus far in 1888 represents projects
entered upon when the conditions for borrow ing money
were more favorable. It is easy to conceive that a g ood
part might be accounted fo r in this way, as it is never
practicable to close up work at a given dale. Altogether,
the record o f trackijaying up to the 1st o f A pril offers no
guide to the probabilities fo r the rest o f the year.
The stock market this week has relapsed into dulness,
the tendency o f prices having been rather ir r e g u la r downward the early part o f the week, with a recovery
and a strong tone the latter part. The influence o f most
moment apparently has been the foreign buying o f the
better class o f our securities, this having again been a
prominent feature.
Little encouragement has been
derived from anything Congress has done— in fact, that
body has presented the ed ifyin g spectacle the most o f the
time o f a contest with locked horns between opposing
factions.
In the W est the situation has materially
improved— the Burlington & Quincy strike has caused
no further trouble to any road or bod y outside
o f the parties
directly engaged
in the conflict,
and
it
is
not
believed
that
any
additional
difficulties on that score are in prospect. The rate war,
too, seems to be a thing o f the past. N o definite or final
settlement h as yet been arrived at, it would seem,but rates
have been advanced, and a more peaceful spirit prevails,
while the roads are apparently working together in
much greater harmony. Railroad gross earnings make
an unfavorable comparison with the large totals o f a year
ago, but as will be seen from our statements on succeeding
pages the loss is much smaller than one had g ood reason
to suppose it would be. Missouri Pacific has been very
erratic in its movements and at times showed great weak
ness, but the effect on the general list has been slight.
The Yanderbilts have been attacked once or twice on a
revival o f the old story o f the probable building o f the
South Pennsylvania road if on ly the parties interested
can be coaxed to undertake the work, but this tale has
such an ancient flavor that it is hardly acceptable any
longer even to those who father it. The Agricultural
Bureau submitted a rather unfavorable statement o f the
condition o f winter grain, a fact, if correct, o f less signifi.
cance thus early in the season than it would be later on.
Money has continued easy, and the funds in bank have
miles, showing that almost 12,000 miles o f new road were
been increased b y a large return flow o f currency from
adopted simply to circumvert them in their well understood
scheme, is to be used as the basis o f a suit to
show the
“ rankest
discrim ination” against them.
Meantime, the Grand Trunk’s earnings are falling off from
$50,000 to $100,000 a week, and the trunk lines are
apparently in a quandary how to help the sufferer out of
its dilemma. U nder a pooling arrangement the difficulty
would be easily overcome, for the Grand Trunk would
simply be allotted a certain percentage o f the traffic or
receipts, and this would be paid over to it whether it
carried the freight or not. But pooling is now forbidden
These facts carry their own comment. W e may be per
mitted to ask, however, whether if a com bination among
the railroads for self-protection be considered harmful to
public interests, a combination among shippers o f the
kind here outlined must be regarded as beneficial ?
The record o f the miles of new railroad constructed
during the first quarter o f the current year, as prepared by
TH E CHRONICLE.
462
the W est, though on the other hand there was quite an
outflow to the East and M iddle States, jfresumably fo r the
A p ril settlements. The market yesterday, though dull,
showed considerable strength and an advancing tendency.
The follow ing statement, made up from returns collected
b y us, shows the week’s receipts and shipments o f cur
Net Interior
Shipped by
Received by
Movement.
N. V. Ranks. N. Y. Banks.
$912.000 Gain. |1,840,000
$2,752.000
Onmncy
906.000
1,087,000 Loss.
121,000
Gold...................................................
Gain, $874,000
$1,999,000
$2,873,000
Total gold and legal tenders....
Week ending April 13,1888.
ings o f currency and gold caused by this movement to
and from the interior. In addition to that movement the
banks have lost $1,000,000 through the operations of
the Sub-Treasury. A d d in g that item to the above, we
have the following, which should indicate the total
loss to the N ew Y o r k Clearing House banks for the
week covered by the bank statement to be issued
to-day. It is always to be remembered, however, that
th e bank statement is a statement of averages fo r the
week, whereas the figures below should reflect the actual
change in the condition o f the banks as between Friday
o f last week and Friday of this week.
Net Change in
Into Banks. Out of Banks.
Bank Holdings.
Week ending April 18,1888.
Banks’ Interior Movement, as above
Sub-Treasury operations.................
$2,873,000
5,600,000
$1,999.000
6,600,000
Gain. 1874,000
Loss. 1,000,000
Total gold and legal tenders....
$8,473,000
$3,599,000
Loss.
$126,000
The Bank o f England lost £578,000 bullion during
CU RRENCY
[V
HOLDINGS AN D
ol
X ïiV i»
THE SYSTEM
OF R A N K A VERA GES.
H ow can the bank statement be explained? That ques
tion was frequently asked during the early part of each
o f the last tw o weeks without receiving any answer, the
public generally concluding that the problem involved to e
many unknown quantities to admit o f a solution. A n d
yet according to our view there does not seem to have
been in the figures anything at all puzzling. A s sim ple
and conclusive an interpretation as one could desire,
appears to have been given in our usual compilation o f
weekly changes in the currency holdings o f the banks,
which we prepare fo r and always publish towards the close
o f our article on “ The Financial Situation.”
Judging from many o f the criticisms we see, quite a
mistaken idea prevails as to (1) what such a compilation
as we give must show if it is correct; and (2) how w id ely
at times its result must differ from the bank changes. L et
us consider these matters briefly, fo r we think our figuresare far more useful than many imagine, and therefore tounderstand them is important. First notice the division
we make o f the w eek’s m oney movements, indicating the
extent of (1) the interior flow, and (2) the Treasury action;
for this division affords the only key to the monetary situ,
ation and a first clew to interpreting the xiddle which ha»
plagued the public for tw o weeks. N ow add to that the
other purpose we had in view in originating these com
pilations— which was to reflect the exact currency changes
of the week, that is the true condition o f the banks each
Saturday— and the reader will realize not only the object
and meaning o f the results we obtain, but also how im
possible it is that our figures should conform to bank
averages except under certain conditions, as well as how
the week. This represents £489,000 net sent abroad and
£89,000 to the interior o f Great Britain. The Bank of
France shows a decrease of 4,750,000 francs gold and o f
3,975,000 francs silver, and the Bank o f Germany
since the last report has gained 17,320,000 marks. The wide apart the tw o reports must sometimes be.
Before illustrating this latter point it w ill be o f service,
follow ing table shows the amount of bullion in the prin
cipal European banks this week, and at the corresponding in the light o f the foregoing explanations, to examine the
last tw o weeks’ banks’ statements; fo r it is not often
date last year.
that the two currency currents our figures measureApril 14,1887.
April 12,1888.
have such short and such marked cycles. U sually
Banks of
lotal.
Silver.
Gold.
Total.
Silver.
Gold.
the interior flow is a crop movement which continues with
£
£
£
£
£
£
24,135,585 but slight fluctuations for months, while the Treasury
21.271.000 24,135,585
England........ 21.271.000
45,974,206
93.468,285
France........... 44,394,803 47,713,167 92,107,970 47,494,079
drain may perhaps be quite steady for weeks. In the
Germany....* 28.586.000 14.283.000 42.849.000 22,700,400 15.133.000 37.834.000
present
case, however, the changes were in the main p ro
14.010.000
20.355.000
0,345,000
20.842.000
14.631.000
6
,
211,000
A^st^Hung’y
Netherlands.. 4.824.000 8.319.000 13.143.000 4.816.000 8.238.000 13.054.000 duced b y a special call from near-by cities one week, and an
Nat.Belgium* 3.008.000 1.504.000 4.512.000 2.719.000 1.359.000 4.078.000
711,000 7.703.000 interest outflow o f a few days’ continuance b y the Treasury
National Italy 0,973,000 1.118.000 8.091.000 0,992,000
85,425,800
115,202,064
200,627,870 the next week, which Y n the method o f bank averages
202,815,970
87,508,167
115,247,803
Tot. this week
Tot.prev.w’k. 115,069,202 87,381,499 202,450,701 115,072,725 85,324,957 200,397,68^
so offset one another that the presence o f each was alm ost
* The division (between gold and silver) given in our table of ooin and
bullion in the Bank of Germany and the Bank of Belgium is made from wholly obliterated, while both movements were clearly
the best estimate we are able to obtain; in neither case is it claimed to be reflected in our figures.
A ll this will be seen b y com
accurate, as those banks make no distinction in their weekly reports’
merely reporting the total gold and silver; but we believe the division bining the changes according to the tw o methods for the
fortnight. Thus the bank holdings of specie and legal
we make is a close approximation.
N o te .—We receive the above results weekly by cable, and while
not all of the date given at the head of the column, they are the
returns issued nearest to that date—that is,the latest reported figures.
The Assay Office paid $231,480 through the Sub
Treasury during the week for domestic bullion, and the
Assistant Treasurer received the follow ing from the Cus
Loss
during the tw o intervening w eek s, per
Duties.
Gold.
$335,256
472,127
567,053
764,988
454,639
276,853
16
37
61
56
96
12
$3,500
2,000
2,500
5,500
2,500
1,000
TT. S.
Notes.
$48,000
58,000
81,000
86,000
66,000
54,000
Gold
Certifie,'s.
$253,000
365,000
417,000
609,000
336,000
162,000
$1,668,700
Chronicle figures—
Consisting o f—
Apr. 6 .
“
7.
«
9.
« 10.
“ 11.
“ 12.
Bank figures—
On the 24th o f March................................................$103,182,500
On the 7th of A p r il........... ...................................... 101,513,800
Bank Statement........................... ••••..........
tom House.
Date.
tenders were
Silver Cer
tificates.
$31,000
46,000
66,000
63,000
47,000
59,000
For week ending March 31 showed a loss o f .........
For week ending April 7 showed a gain o f...........
Loss
$3,754,001*
8,034,000
according to C h r o n ic l e f o r .t h e sam e
two weeks as the Bank Statement.. . . . . . .
$1,720,000
That is to say, the bank figures and our figures fo r the
tw o weeks in question differ in the trifling amount o f only
$51 300. A n d yet if one w ill take the details o f the$2,142,000
$312,000
statements, he will see in a moment how much useful in for
$393,000
$17,000
Total. $2,870.918 78
Included in the above payments were $11,000 in silver mation we disclosed' and how much the banks necessarily
concealed. First recall the bank figures.
coin, chiefly standard dollars.
TH E CHRONICLE.
A p r il 14, 1888.]
Batik statement of March 24................... $103,182,500
fr.'
“
“
31...............1 0 2 ,4 7 5 ,3 0 0
Loss during the'first w eek.....................................
Bank statement o f March 31.................. $142,475,300
“
«
April 7....................... 101,513,800
Loss during second w eek.......................................
case $101,500,000, and in the third case $105,500,000
whereas in every case our figures would show $106,$707,200 000 , 000 .
THE BOND PU RCH ASE BILL I N THE HOUSE.
$961,500
Loss during the tw o weeks according to bank
statement............................................................... $1,668,700
One can but notice what a meagre affair the foregoing
is. It does not show to any extent what actually trans
pired, although every one knows that towards the close of
he first week there was a very large movement, and
during the second week a smaller but considerable m ove
m ent o f specie and legal tenders out o f our banks to near,
b y c it ie s ; while during the same tw o weeks the
Treasury must have accumulated between fou r and five
millions o f surplus revenue, and paid out a considerable
portion o f its seven and one-half millions o f interest the
last week. Remembering these facts, look at our figures
in detail.
INTERIOR m ovem ent .
Weekending March3 1..
Weekending April7 .......
Ch’ng’s by inter’r mo’vnt
t r e a s u r y m ovem ent .
Into Bank.
$1,811,000
1,463,000
$3,274,000
Into Bank.
Week ending March 3 1..
Weekending April7 .......
$5,600,000
8,800,000
Ch’ng’s by Treas. mov’nt.
$14,400,000
Out o f Bunk.
Net.
$3,565,000 Loss..$1,754,000
2,229,000 Loss..
766,000
$5.794,OOOl L oss..$2,520,OOO
Out o f Bank.
Net.
$7,600,000 Loss. $2,000,000
6,000,000 Gain.. 2,800,000
$13,600,000 Gain..
$800,000
H ere is a complete history o f the movements and
counter-movements which produced the above bank
results, but w hich those bank results could not disclose.
Our changes were a loss o f $3,754,000 net the first week
(against a loss o f only $707,200 reported b y the banks);
an(l a gain o f $2,034,000 net the second week
(against a loss o f $961,500 reported b y the banks)}
m aking as already stated the net changes fo r the two
weeks, according to the C h r o n ic l e , $1,720,000 loss, and
b y the banks $1,668,700 loss.
These explanations show
not only the accuracy o f our compilation, but also its neces
sity to any one who needs to forecast the m oney market.
But some seem not to understand how there can be such
w ide differences between our results and the bank returns,
as existed two weeks ago, and still both be correct. They
d o not appear to comprehend the system o f averages, and
the very dissimilar totals reached, according to the day or
days o f the week the currency comes into or goes out of
the banks. T o illustrate this point we have prepared the
follow in g. "We assume that the banks start a given week
with 100 millions o f specie and legal tenders ; that during
th e week they add to their stock 6 million o f dollars in
three different ways— (1) they receive 1 million each
w orking day, (2) they receive 3 million on each o f the
last two days of the week, and (3) they receive three m il
lion on each o f the first two days o f the week. In each o*
these cases the C h r o n ic l e b y its method would show 6
millions dollars added. W h a t the bank averages would
show in each case m ay be seen b y the follow ing.
E nd o f Business—
463
Oold and L egal Tenders Held.
First day.................................. $ 101,000,000 $ 100,000,000 $10:1,000,000
Second day..............................
102,000,000 100,000,000 106,000,000
Third day................................. 103.000. 000 100,000,000 106,000,000
Fourth day................. ............
104.000. 000 100,000,000 106,000.000
Fifth day................................
105.000. 000 103.000. 000 106,000,000
Sixth day.............. ............
106.000. 000 106.000. 000 106,000,000
Total................................... $621,000,000 $609,000,000 $633,000,000
Average.................................... $103,500,000 $101,500,000 $105,500,000
W e want to say one word more about the Bond Pur
chase Bill before final action is taken in the House.
W e assume, o f course, that on second thought the first
section will be put into its original form giving the author
ity asked fo r by Secretary Fairchild, since, if fo r no other
reason, it is a rebuff, not a response to the Government’s
request, and hence lacking in dignity as it stands. Only
the second section therefore needs notice; and even admit,
ting that the silver to be purchased under that section
would be small, there is more o f harm contained in the
provision than is generally admitted, and that is because
it involves a principle.
W e do not mean to discuss the silver question; our
views on that subject are fully known. W h ile always advo
cating bim etalism , and believing that the world will never
experience a full return o f prosperity so long as silver
remains demonetized, we are equally confident that the
restoration o f silver can never be reached until we cease
coining silver dollars. Furthermore, we believe that a
great disaster to the industrial interests o f the U nited
States— greater than we as a people have hitherto experienced
— is sure to come, as the end and result o f our present
policy respecting silver. But, as we said, it is not our
purpose to urge these opinions now. W e state them as
the basis o f the single thought we wish to express, for the
fact is they are not only our opinions, but the opinions o f
the great body o f thinking men in the East, and to a large
extent in other sections; in a word, merchants and bankers
— the men who control the capital of the country.
Oar Congressional friends who advocate silver coinage
may not like these opinions ; they may even pronounce
them the worst kind o f trash. But remember that such
a view o f their value does not change the fact o f their
existence.
They prevail whether one likes it or not,
among just the class o f men whose confidence, courage
and venturesomeness we wish to cultivate and increase ;
for only when capital feels safe and hopeful can enterprise
be active and free. W e do not, o f course, intend to be
understood as asserting that the passage o f the second
section o f this bill is goin g to prostrate our industries.
A ll we claim is that it acts in the direction o f harm, in
the direction o f a fear which exists already, having the
possibility really o f much more mischief than its im
portance would o f itself warrant, because it also arouses
and excites anew a somewhat dormant feeling. One m ay
chafe and rebel at this sensitiveness o f capital to Con
gressional action on this subject, but any legislator m ind
ful o f the importance o f encouraging b y every device in
dustrial activity, cannot help considering it.
Remember, too, that as a mere currency inflation
measure, the law will be o f not the least eff-ct. Silver
dollars will not circulate— that at least experience has
proved; there were several millions less in circulation on
the first o f A pril, 1888, than on the first o f January, 1888,
and at the form er date (April, 1888) there were ia Treasury
vaults 232 millions o f these standard dollars. Silver certi
ficates, had, however, made o f them a live asset, except
about 40£ millions ; but as the net holdings of silver d ol
la rs were 69 millions A p ril 1, 1887, just a year previous,
against 40^ millions now, and as tr at period covered a
twelve months when bank note circulation declined three
times the amount it will decline this year (m aking room
to that extent fo r the silver certificates), we may assume
The last line tells us that in the first case the banks
w ould report their holdings at $103,500,000, in the second that at least tw o year3 will be required to get out certi-
464
T H E CHRONICLE.
[VOL. XLVI«
ficates on this uncovered 40^- millions, in addition to the in the case o f the sixes and 28 per cent in the
But from this there must be
ordinary monthly coinage o f about 2f- million dollars. case o f the sevens.
That is to say, as only 28^- millions besides the coinage deducted the interest at 4 per cent per annum, which
were added to the circulation in a year, during which Messrs. D rexel & Co. have paid on the reorganization cer
a large decrease of bank note currency was in progress, tificates since January 1, 1886, so that the real amount o f
20^ millions a year besides the coinage would be a very full unpaid interest will be only 14 and 18 per cent respect
allowance under the conditions which w ill prevail the ively. The amount o f the general 6s and 5s is $24,686,n ext tw o years. This will appear beyond doubt, we think, 000, on which the aggregate o f unpaid interest on this
when it is remembered that much o f the additional circu basis would be $3,656,040. In the reorganization plan it
lation o f the last year was secured through the issue o f was provided that the company m ight use $3,000,000
one and tw o dollar bills the demand for which has now o f the new fours, to repay the advances for inter
est at 4 per cent, by Messrs. Drexel & Co., but
been in great part satisfied.
There is therefore no use for this law even from the as the road has been doing well and has received and is
inflationist point of view. The dollars if coined cannot be holding large amounts o f surplus cash, it would seem as
g o t out nor certificates on them, until of1 course all the if these advances must have been already paid in money.
old stock and the current coinage supply under the old That being so, the $3,000,000 o f bonds set aside fo r that
law (or certificates on them) are issued. Nothing, there purpose would be available in payment of the 14 and 18
fore, can be urged in favor o f this bill as a currency per cent of unpaid interest. But if the company does
measure. So far as we can see no interest except the not avail o f the privilege to pay off the old bonds, then
silver mine stockholder can hope for any benefit from it, no part o f this amount will be needed for that purposef
and even his hope we think we could show is an utterly for in that event the back interest will be paid in the first
vain one. But we must assume that that class among preference incomes. Hence, the situation would appear to
our legislators is small. W e appeal, therefore, to our be this: if the generals are purchased, then $3,656,000 o f
law-makers to give us the Bond Purchase bill pure and accumulated interest will have to be paid in cash or b y
the sale o f 4 per cent bonds at an annual interest charge o f
simple without any addenda.
$146,000; if the generals are not purchased, then
$12,000,000 o f first preference incomes w ill have to be
P H IL A D E L P H IA & R E A D IN G .
There is so much discussion just now as to the proba issued, on which the interest charge will be $600,000.
bility o f the Philadelphia & Reading availing itself o f its The difference between $600,000 and $146,000, being
option to pay ofE the general mortgage 6s and 7s that it $454,000, would thus seem to reflect the actual saving
seems worth while to point out just what the operation that might be effected. Even that, however, would amount
to more than one per cent on the stock. O f course, if the
means.
U nder the reorganization o f the company lately effected f fours are negotiated at a discount, to that extent will th o
the general m ortgage bonds were to be retired, principal saving be still further diminished.
A n d here it is proper to correct an error with regard to
and interest, by the issue o f a corresponding amount of
the
negotiation o f the new fours. Many persons seem to
fours under the new 100 million general first m ortgagelabor
under the impression that to get the benefit o f its
But it was left for the managers to attain this end in
privilege
on the generals, the com pany must sell or place
one o f two ways; (1) they could pay the bonds off or
the
whole
100 millions o f fours. O f course, that is en
cause them to be purchased, at par and interest, but
only till the 1st o f July, 1888; in the event that this tirely erroneous. T o effect the arrangement, it must pro
arrangement was deemed undesirable or impracticable^ vide merely for the $24,686,000 o f bonds outstanding,
then (2) an alternative proposition was to go into effect together with the $3,656,000 of back interest, or $28,342,.
b y w hich the old bonds were to be exchangei fo r the new 000, though the company m ight fo r its own use want to
fours with a certain bonus in 1st preference income bonds. negotiate a few millions additional. Even the figure
The latter plan has the advantage o f not requiring any given, however, would be far in excess o f the actual neces
cash, but the form er would save the bonus which the sities of the case. The company would doubtless give the
old holders the right to take the new bonds in exchange
company will otherwise have to pay.
W h en we say that this bonus would in the aggregate on certain terms, and if the offer were a liberal one we
reach a very considerable amount, it will easily be under may be sure it would find general acceptance.
It may be well to say a w ord or tw o with reference t o
stood that the motive to avoid its payment is strong, and
the
roads’s position as regards charges under the reorgani
indeed the managers have all along had that object
zation.
Since the plan was issued, there have been quite
prominently in mind. In the last annual report it was
a
number
o f changes, so that the original calculations are
stated that the total o f 1st preference incom e bonds to be
no
longer
quite
correct. On page 19 o f the last report Mr
used in this way would be $11,946,880, but the hope was
Corbin
gives
a
statement
showing that the obligatory
expressed that this m ight be saved to the company
through the negotiation o f a sale o f a sufficient amount charges o f the Reading and the Coal & Iron Company
o f the new fours. A s the 1st preference bonds bear 5 under the new provisions will be $7,802,162 per annum.
per cent interest, if the issue o f this 12 millions could be W h a t the charges on the first, second, and third prefer
obviated, there would be an annual saving in the charges ence incomes w ill be, is not stated. It would seem, how
ahead o f the stock o f $600,000, a sum equivalent to a ever, that in the amounts o f the first two classes o f incomes
dividend of over 1^- per cent on the capital outstanding. no im portant changes have been made, the stockholders at
But this is merely the nominal saving. The actual saving
would not quite reach this sum. Mr. Corbin has recently
been quoted as saying that the amount o f securities
involved was 8 millions and not 12 millions, the difference
o f 4 millions representing the unpaid interest. It should
be recalled that the last coupon paid on the general sixes
and sevens was that o f July, 18 8 4 ; hence on July 1,
the January meeting having fixed the total o f the first
inçomes at $25,000,000 (including the $11,946,880 bonus
to the general mortgage bondholders), and o f the second
incomes at $26,140,518. The amount o f the third pref
erence incomes was left to the discretion o f the managers,
but the original figure o f 15 millions it would seem must
prove too small, as in arranging with the Schuylkill Nav-
1888, the bonds will carry 24 per cent o f unpaid interest lgation and various other leased roads provision was made
A p r il
14, 1888.]
THE CHRONICLE.
fo r further issues. P robably 20 millions would be nearer
the actual figure. On that basis the follow ing would be
the total of charges, including the three classes o f incomes,
interest on which is neither obligatory nor cumulative, and
also including the allowance for a bonus to the general
m ortgage bondholders.
Obligatory interest and rentals............ . .................. - ............. .
$25,000,000 1st pref. incomes, at 5 per cent..........................
$26,140,518 2d pref. incomes, at 5 per cent ................. .......
$20,000,000 3d pref. incomes, at 5 per cent............................
$7,802,162
1,250,000
1,307,026
1,000,000
Grand total.......................................................................... . . . . $11,359,188
465
W h ere the investor is confined to his own country and to
the securities named, there would seem no alternative but
to accept the Situation. But if he is not bound by such
restrictions— if he is willing to g o outside o f his own
domains and invest in other railroad securities— in that
event he can do very much better b y buying Am erican
railway shares and bonds than b y buying English deben
tures and stocks. In other words, he can purchase United
States railroad securities o f equal merit with his own, at
relatively very much lower prices. It is this fact which
has induced the renewed and large movement o f A m eri
can securities the last two weeks, bringing down the rate
The result o f this examination is found to be (1) that
the total compulsory annual charges o f the Reading will
hereafter be $7,802,162, and (2) that the total o f all o f foreign exchange in face o f our large imports o f mer
charges preceding the stock will be $11,359,188, though chandise and small exports.
it should be distinctly understood that the latter includes
Every one knows that many o f the foreign investments
fu ll interest on the 12 millions o f preference incomes to be in our railroad stocks and bonds have not turned out
given the generals, and also interest on such o f the three well— that some indeed have been disastrous. But has
classes o f incomes as the company may retain in its treas- not that been due largely to the absence o f ordinary care
• ury. The net earnings of the combined companies last and prudence on the part o f the buyers ? Is it not a fact
year were $12,430,054, and the average for the years that the ventures made are largely speculative ? W e all
1880 to 1887 inclusive was $9,757,311.
know how much easier it is to float a doubtful or specula
tive enterprise in Europe than it is in this country.
It
EN G LISH AN D A M E R IC A N R A IL WA Y IN V E S T would seem as if the foreign investor in going outside of
MENTS.
his own country threw caution to the wind. A t home he
The rapid conversion o f the debt o f Great Britain and
the consequent reduction in the rate o f interest on consols
necessarily turns the attention o f investors in that country
to other form s o f securities. Those not content with the
low return in prospect, are obliged to use their discretion
and find substitutes yielding a larger income.
will buy nothing except after examination and investiga
tion. In making a foreign purchase he will cast all these
safeguards aside ; he will not even use ordinary good
judgment, but rely implicitly upon the representations o f
those having the wares to sell. A n d this is true not only
of London, but o f Berlin, Frankfort, Amsterdam and
other centres.
The buyer does not seem to be controlled
by a sole desire to secure a safe investment purchase.
It
is a large return he is looking for, and hence he will buy
the thing that promises the m ost in that respect, however
doubtful Or suspicious or tainted it may be. Y e t we
have noticed that in such instances when failure results,
as much o f an outcry is made as if the money had been
put out purely as an investment, the sufferers apparently
forgetting that speculation is just as likely (if not a little
more so) to prove disastrous here as anywhere else.
It is not this class o f railway properties, however, that
we have reference to as investments fo r English capital.
W e have in mind only the very best class, such as would
be selected by the exercise o f that g ood sense and sound
judgm ent which is displayed at home. The opportunities
for using capital in the United States being greater than
in Great Britain, the remuneration is greater. It is this
In a country like the U nited K ingdom the task is not
easy. Great Britain’s accumulations are rapid; its annual
savings large. These can not be employed at home with
the readiness and profit that they can in the U nited States.
The country is what we would call completed, its indus‘
tries being so far developed that there is very little need
fo r additional capital. The contrast with the U nited
States in this respect is o f course m arked; here supplies
o f new capital find ready use in opening new sections o f
country and developing the old. A s a result o f the situa
tion in England, home investments, where their character
is at all good, yield the buyer only indifferent returns.
The Railway News o f London has latterly been pub
lishing articles to show the advantages possessed b y hom e
railway stocks as a field fo r investment, advising their
purchase as a substitute for consols. W h ile we think the
N ew s proves its thesis, namely that English railway
stocks at the present time yield a larger return on the difference that gives our securities the ad vantage, and enables
purchase price than consols will at the lower rate of inter the investor to reap a better return on his money here than in
est, it is really surprising to note both how small the d if his own country. But in buying fo r investment the pur
ference is in favor of railway securities, and how little the chaser must be just as judicious and just as discriminating
latter actually do net the investor. Thus, according to in making his selections as at home. G ood, responsible
the News, none o f the best dividend-paying companies houses o f bankers or brokers dealing in A m erican securi
have debenture stocks which pay more than a trifle over ties are the true advisers and agents for would-be investors
3 per cent at their present prices, while leased line stocks to rely upon. W e can only give a few illustrations o f the
also only yield a fraction over 3 per cent on the pur opportunities offering. W e take stocks first, because in
chase money, and it would seem that 3£ per cent is about this respect these yield the largest returns, and only name
the highest return an investor can g et from any kind o f a very few out o f a large class, for instance the Chicago &
an English railway share o f good standing. This has Northwestern, the Illinois Central, the Pennsylvania, the
since been further reduced under the appreciation in price New Y ork Central, and the L ake Shore. The Chicago
resulting from the increased demand fo r those securities. & Northwestern pays 6 per cent dividends, and
The rate on government stocks always furnishes the gauge last year earned nearly 11 per cent, and yet its
o r standard, and the return on English railway shares has stock can be bought fo r 107. The Illinois Central
approximated so closely to the 3 per cent rate on consols, pays 7 per cent, and sells at 119. It may be claimed that
that it is reasonable to suppose that much the same result these roads are affected b y the uncertainty as to the
w ill follow the 2£ per cent rate.
future, in which all W estern roads are involved, and the
It is evident, therefore, that regarded in the light o f claim may be admitted. Y e t that is temporary, and any
the income they yield, English railway shares are hardly reduction o f dividend, if it should become necessary,
m uch more satisfactory as an investment than consols. would be tem porary ; besides, even after a reduction o f
TH E CHRONICLE.
466
one or two per cent in the present rates, the return would
still be higher than on the English railways. On the
other hand, the trunk lines have already fought out their
difficulties, and are on a firmer and more stable basis than
ever before. L ook in g at these, we find that the Pennsyl
vania, which paid
per cent in 1887, and whose last semi
annual dividend was at the rate o f 6 per cent, sells at only
109. Thus the yield is nearly twice that on the best Eng
lish railway shares. The Lake Shore is perhaps not enti
tled to the same distinction as the others, since it passed
dividends altogether in 1885 and 1886 ; still it pays 4 per
cent regularly now, and sells below 90. The New Y o rk
Central comes nearer to the English standard than any
other, being a 4 per Gent stock selling at 105, and yet even
it yields a higher return than English shares, while its
future promise is far better.
But we may disregard stocks altogether and base our
argument entirely on bonds o f the very best class— say
bonds only o f dividend paying roads.
In that case we
get what would seem to be a perfectly safe investment.
W e can best illustrate our meaning by giving a few of this
class o f bonds. The list is confined entirely to recent
large issues o f 4 and 5 per cents.
Most o f the companies
given have old 6 and 7 per cents, but these naturally
comm and a considerable premium which is lost at ma
turity and this makes them objectionable.
4
P E R CEN T BO N D S O N D I V ID E N D -P A Y I N G R A IL R O A D S .
Latest Price.
Character of Bond.
Chic. Burl. & Quincy, Nebraska extension bonds.......
Chicago & Northwestern, Extension bonds................
Cincinnati Indianap. St. Louis & Chic., 1st consol......
Illinois Central mortgage................................... .
Pennsylvania Company, guaranteed 4)4 per cents—
St. Paul Minn. & Manitoba,lstsMontana Extension..
W est Shore, lsts, guar, by New York Central.............
Date of
Maturity.
1927
1926
1936
1951
1921
1937
2361
B id.
03H
91%
108
81%
io¿%
To sum it up, it seems as if every fact had teen adverse t o
the present year; hardly a circumstance operated in favor o f
larger earnings. T o rehearse them again is almost need
less, fo r we have had occasion to refer to many o f them
from week to w eek; and yet it is only b y enumerating
them and analyzing their character, that we get a correct
idea o f the effect they have had in diminishing earnipgs.
Besides, some have hardly been given the prom inence
which they deserve. Take even the forem ost o f them,
that is the exceptionally large totals fo r 1887, M arch
having been the best month o f that year. The gain then
(on 111 roads) reached the large sum o f $4,184,370, o r
over 17 per cent, and only a very few o f the roads failed
to share in that improvement. In great part this heavy
gain was the result o f a special circumstance, namely that
the Inter-State law was to g o into effect in A pril, which
engendered the fear that as a result o f it rates on through
shipments would be materially advanced. H ence there
was a com m on desire to take advantage o f the old rates
while they lasted, and everybody hurried shipments for|ward with all possible speed. A s a consequence earnings
were very largely increased, particularly on the roads
doing a considerable through business. A s the movement
of freight last year was heaviest in the period im mediately
preceding the goin g into effect o f the new law, that is, in
the closing week of March and the first few days o f A pril,
so the falling off the present year has been most decided
in the same period, the decrease for the fourth week o f
ed
93%
94)4
94
109
82%
102%
5 P E R C EN T BO ND S ON D I V ID E N D -P A Y I N G R A IL R O A D S .
Latest Price.
Atchison Topeka & Santa Fe, collateral trust............
Canada Southern, 1st mortg. (int. gu. by N. Y. Cent.).
Central RR. & Banking Co., collateral trust...............
Chic. Rock Island & Pac., Extension and collateral..
Chicago Mil. & St. Paul, Chic. & Pao. West. Div.........
New York Central, debentures.....................................
Oregon Railway'& Navigation, consol, mortg............
Rome Watertown & Ogdensburg, 1st consol...............
St. Louis & San Francisco, general mortg...................
Date of
Maturity.
Bid.
Asked
1937
1908
1937
1934
1921
1904
1925
1922
1931
93%
105%
100%
105%
101%
108-y
09%
10214
103
95
106
[V ol. XLV I.
101
105%
104%
109%
99)4
103%
H ere we have many good bonds yielding all the way
from 1 to 2 per cent more per annum than English shares.
The 4 per cent bonds o f both the Burlington & Qaincy
and o f the Northwest sell at a discount of 6 @ 7 points
below par, though the one company pays 8 per cent and
the other 6 per cent (besides 7 on the preferred) dividends.
The 5 per cent bonds o f the R ock Island sell at a premium
o f only 5 per cent, though 7 per cent dividends are paid.
Most o f the bonds have a long time to run, too.
A ltogether, therefore, the advantages on the side of
A m erican railways are very d ecid ed .
THE MARCH GROSS E A R N I N GS.
F or the first time in over two years our monthly state,
ment o f earnings shows a decrease as compared with the
corresponding period o f the year preceding. The state
ment covers 107 roads, and o f these fifty-seven report losses
and fifty gains. The aggregate decrease, however, is
hardly as large as m ight be supposed, reaching on the 107
roads $925,746, or cn ly about 3£ per cent. Of course
the smaller amount realized this year is on a somewhat
larger mileage (being about 5 per cent), so that on a m ile
age basis the falling off is a little m ore marked. But even
March (on 75 roads) reaching 8*62 per cent.
But this is only one o f the influences that have operated
against the present year. There are ethers which though
not so general, were o f hardly less moment to the roads
concerned— the W estern rate war fo r instance, the effects
of which have bsen very important. Tariff rates were cut
down till on some classes of freight they were le3s than
one-fourth the figure a year ago, and the contest involved
practically all the roads running out o f Chicago to the
W est, Northwest and Southwest. There was a restora
tion o f rates on most o f the roads just before the close o f
March, but as it affected so small a part of the month it
may be practically disregarded.
Tnen there was th e
great strike on the Burlington & Qaincy.
E verybod y
knows how this gradually involved other roads— the
Atchison at one time even. A sid e from the roads in
directly or temporarily affected, a num ber suffered heavy
direct losses owing to their inability to exchange traffic
with the Quincy— that is to say, roads like the D enver
& R io Grande, which had been receiving large amounts
o f freight from the Quincy, found this supply cut o ff
when the latter became involved in the strike difficulties.
A s regards the great storm of March 12, this o f course
included all the roads in this part o f the country and also
tbose in New England. On some the blockade lasted fo r
a full week. A t the same time the general industrial
situation nearly all over the country was not so satisfactory
as a year ago, the labor troubles first in the East and then
in the W est, the uncertainty about Congressional action
on financial questions and the falling off in railroad
building having all operated to make business very quiet.
One tffect o f the depression in the iron trade has been
that the demand fo r iron ore has fallen off, and with i t
the ore traffic on many Northwestern roads.
A year a g o
we bad occasion to call attention to the prominent p art
played b y this ore traffic in swelling earnings and n ow
that the movement is less active and rafes in many cases
have to be reduced, the effect is correspondingly unfavor
in that case the statement gives no warrant fo r complaint able.
A d d ed to all this, the roads in most sections have
i f one bears in mind the facts affecting the situation for
suffered from a diminished volum e o f agricultural
the two years.
A p r il
14, 1888.J
THE CHRONICLE,
products, and this was o f more importance than m ight be
supposed. Take the receipts o f grain at Chicago fo r e x
ample. There is a falling off in the case o f almost all o f
the cereals as compared with March, 1887, and the total
foots up less than 8£ million bushels, against nearly
11£ millions last year, though there is a gain o f about
50,000 bbls. in the receipts o f flour.
Concurrently there
was a marked contraction in the various items o f the p ro
visions movement— pork, cutmeats and lard— as may be
46 T
G RO SS EA R N IN G S A N D M IL E A G E IN M A R C H .
Ch'oss Earnings.
Name o f Road.
1888.
1887.
Mileage.
Increase m
Decrease. ‘ 1888.
1887.
$
$
3
—19,61£
213,035
81S
818
158,613
29'
8
—2,07£
294
2 0 0 ,5 9 7
5
—'77,27f ; 1,041 1,039
26c
54,462
265
3
—9,08:
21<»
147,157
2
+3,70£
278
946,000
5 + 2 2 6 ,74£ 4,47< 4,337
3
+40.43S
98:
981
356.922
123,407
51C
510
5
—9,93*
160,218
2
+ 8,01t
398
398
161.028
1
—63,83i
268
268
162,853
278
2
—6,48(
251
47,987
3
+15,284
146
119
1.931.000
7 —281,687 5,67( 5,298
3,601
0
—3,28i
86
86
172,493
7
+60,146
651
478
111,028
9
—16,951
4 i:
413
39,495
9
+366
321
286
290,593
8
+18,335
336
336
127,662
119,S 3
+ 8,44i
295
295
74,898
5
+21 ,0 5:
196
196
40.41
3
—1,902
14Í
143
42,37
1
+3,885
17(
170
36,832
S
—284
86
86
102,269
2
+11,237
80
8(
167,870
5
—16,035
281
281
51,310
14 4
4
+1,726
144
343.090
1
—40,641
391
391
20,957
106
106
3
—8,726
24.405
3
—2,448
70
7C
187,473
5
—47,172
325
325
509,500
3
—93,876 1,461 1,317
95,950
3
+ 11,404
369
369
72,445
3
—28,648
268
268
72.041
307
)
+16,821
352
437,322
2
+ 22,940 1,098 1,098
18,215
2
—3,217
138
138
69,233
)
—3,017
156 . 156
207,558
3
—29,415
363
361
92,770
574
534
2
+2,078
100,855
»
+13,329
401
317
195,573
3
—10,566
409
409
18.406
3
+5,893
63
63
1,258,887
. —277,994 3,418 3,418
162,667
3
—19,146
513
513
10,200
=
—474
113
96
877,660
7
—79,237 1,953 1,953
7,432
76
—3,722
76
80,205
+7,491
143
143
183
61,685
•
+ 1,356
183
25,424
—13,241
152
152
389
127,530
:
—19,483
389
282
83,486
i
—26,963
282
12,732
—1,344
174
174
—1,043
76,184
254
254
24,092
-4 ,4 1 1
148
148
115
13,339
115
+ 3,807
150,561
548
—36,568
548
61,573
—4,824
135
135
168.91
354
354
-2 7 ,9 8 5
254
72,221
- 20,122
254
1,245,270
—81.662 1,993 2,023
153,064
520
—38,237
537
512
514
174,188
+ 21,309
37
6,656
+2,389
45
330
123,977
-3 ,8 3 9
330
+ 150,526 1,236 1,236
550,500
865
167,747
+8,147
865
293
293
328,968
+ 52,658
577
167,931
—79,864
592
243
85,474
83,230
—2,244
269
351
105.000
351
162,071
—57,071
687
+ 12,834
202,300
687
189,466
600
257,132
+ 11,399
627
245.733
100
—821
100
12,177
12,998
2,849,609 2,919,810
—70,201 1,441 1,441
321
108,404
+3,541
321
104,863
533
554
392,409
+95,709
296,700
1,187,745 1,030,679 +157,066 3,277 2,893
616
616
294,216
—96,481
390,697
172
+ 6,144
172
19,084
25,228
128
+3,005
54,461
128
51,456
752
752
557,400
457,103 + 1 0 ,297
367
367
—48,789
120,006
168,795
797
+24,772
797
389,150
364,378
+9,225
355
127,300
136,525
355
373
373
+4,335
76,365
80,700
296
+2,952
296
53,100
50,148
290
56,400
290
+ 91 7
55,483
50
50
8,125
+ 725
7,400
70
70
7,700
+3,617
4,083
267
177,904
193,732
267
—15,828
188
—2,202
203
76,562
74,360
775
199,251
+ 16,382 1,050
182,869
547,741
—97,454 1,212 1,000
450,287
“J-3o4
230
225
89,763
90,117
736,729
+56,926 2,651 1,850
679,803
152
353
67,564
26,087
+ 41,477
255
255
71.000
+207
70,793
21
21
45,336
42,643
—2,693
477,733
—44,831 1,487 1,487
522,564
184
184
49,341
+ 18 6
49,527
213
213
—355
78,482
78,837
247
247
—18,263
69,427
87,690
880
432,782
645,265 —212,483 1,001
663
663
+8,781
226,100
217,319
186
186
+11,227
74,685
63,458
818
—51,297
818
342,790
291,493
Atlantic & Pacific...
Buff. Roch. & Pittsb.
Burl. Ced. Rap. & No.
Cairo Vine. & Chic..
California Southern.
Canadian Pacific. —
‘ Centralof Georgia..
Central of I o w a ----Ches. O. & S. W .........
seen from the follow in g statement.
Chicago & Atlantic...
Chicago & East 111...
R E C E IP T S A T C H IC A G O D U R IN G M A R C H .
Chic. & Ind. Coal.......
Chic.
Milw. & St. Paul.
Since Jan. 1.
March.
Chicago & Ohio River.
Chic.
St. Paul& K. C.
1888.
1886.
1888.
1887.
1886.
1887.
Chic. & West Mich. . . .
Wheat, bush
627,832 1,933,149 2,941,838 1,494,308 Cin. Jackson & Mack.
627,890 1,160,946
Corn., bush. 4,524,512 5,193,856 5,620;398 11,191,116 10,559,045 12,642,978 Cin. N.O. & Tex. P ac..
Alabama Gt. South.
Oats...bush. 2,592,630 8,779,626 2,442,021 8,046,980 9,046,124 7,053,420
N. 0.& North E ast..
Rye....bush.
137,654
60,296
69,626
246,265
52,109
196,418
Vicksb. & Meridian.
Barley.bush.
682,982 1,036,341 1,110,386 2,836,314 3,144,080 8,405,201
Vicksb. Sh. & P ac...
Rich. & Ft. W ...
Total grain. 8,488,310 11,222,878 9,870,333 24,253,824 25,828,741 24,792,825 Cin.
Cin. & Springfield.. ..
Flour. ..bbls.
637,630
589,193
809,685 1,883,951 1,671,073
755,748 Cin. Wash. & B alt. . . .
Pork... bbls.
28,632
4,983
15,568
16,787
877
6,730 Clev. Akron & Col.. .
Cut m’ts.lbs- 12,886,043 23,733,878 12,965,712 88,197,252 65,985,734 43,327,573 Clev. Col. Cin. & Ind
L ard..., lbs. 7,417,196 11,111,314 6,285,261 19,891,151 28,119,123 19,218,583 Clev. & Marietta.____
& Cin. Midland...
Live hogs No
419,307)
354,153
419,435 1,430,077 1,294,638 1,560,483 Col.
Col. Hock. V. & T o l...
Denv. & Rio Grande..
L est it may be supposed that only the roads to Chicago Denv.
& R. G. W est..
Lans’g & No
have had to contend with diminished receipts o f grain» Detroit
»Duluth S. Sh. & A tl..
we have had prepared our usual statement embracing the EastTenn. Va. & G a..
Evansv. & Ind’nap’s.
eight principal lake and river ports o f the W est. The Evansv. & T. Haute.
Flint & Pere M arq ..
figures in this case cover the five weeks ended March 31, Fla. Rj7. & Nav. C o...
Georgia Pacific
instead o f the month o f March. W h ile one or tw o o f the Gr. Rapids & Ind’a....
Other lines...............
points, like Peoria and Duluth, have done quite well, St- tGrand Trunk of Can.
Houston & Tex. Cent.
Louis, T o’ edo and Detroit show a falling off hardly less Humeston & Shen___
HI. Cent. (Ill.&So.Div.)
decided than Chicago, and each o f them in every one of
Cedar Falls & Minn.
Dubuque & S. City.
the cereals too— wheat, corn, oats, barley and r y e Iowa Falls & S.City.
Ind. Decatur & Sp___
Detroit shows a trifling gain in the receipts o f flour, but "Kan.
C. Ft. S.&Gulf.
*Kan.
C. Sp. & Mem.
the aggregate o f its cereal movement was only 368,989 *Kan. C.
Clin. & S p ...
Kentucky
..
bushels in the five weeks this year, 8gainst 1,388,975 Keokuk & Central..
Western...
Kingst.
&
Pembroke.
bushels last year. A t St. Louis the loss also reaches Lake Erie & Western.
nearly a million bushels, and at Toledo over half a million Little Rock & M em ...
Long Island................
In fact, taking all the ports together (including those that Louis. Evans. & St. L.
Louisville & Nashv...
had larger totals than last year), the aggregate receipts Louisv.N.Alb. &Chic.
Louis. N. O. & Texas..
this year amount to only 18,195,714 bushels, while last Marietta Col. & No..
Memphis & Char’ton.
year the total was 21,931,584 bushels, being a falling off {Mexican Central.. . . .
{Mexican National...
o f 3| million bushels, in addition to which there wss a (Mexican Railway...
Milw. L.Sh. & W est...
decrease o f 120,000 barrels in the receipts o f flour. The Milwaukee & North..
Minneap. & St. Louis.
follow in g is the statement.
Mobile & Ohio............
Nasliv.Chatt.,fc
St. L ..
R E C E IP T S O F F L O U R A N D G R A IN F O R F IV E W E E K S E N D E D M A R C H 3 1 A N D
Natchez Jack. & Col.
J______
SIN C E J A N U A R Y 1 .
N.Y. Cent. & Hud. R ..
N.Y.Ont. & West’rn..
Flour,
Wheat,
Com,
Oats,
Barley,
Rye,
Norfolk & Western.
Cbbls.)
(.bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Northern Pacific.........
Chicago—
Ohio & Mississippi...
5 wks. Mar., 188Í
740,751
718,667 5,266.224 3,027,962
Ohio River...................
824,410
\
71,740
6 wks. Mar., 188'
665,184 1,291,030 5,678,798 4,175,792 1,127,132
Ohio
Southern..........
55,616
1,888.251 1,938,154 11,191.242 8,064,340 2,889.414
246,265 Oregon Ry. & Nav. Co.
1,733,115 3,052,231 10,963,824 9,292,548 3,196,608
188,936 Pittsburg & Western..
Milwaukee—
Richm. & Danville...
166,916
!801,551
110,690
177.000
879,029
24,718
Va. Midland Div.. . .
827,731
554,286
141,600
232.100
218,311
12.500
Chari. C. & A. D iv ..
495,806 1.807,429
275,490
513.000 1,019,186 ! 154,6?4
581,420 1,888,971
Col. & Greenv. Div.
348,450
592.100
745,586
38,560
St. Louis—
Western N. C. D iv ..
5 wks. Mar., 1881
99,074
Wash. O. & W. Div.
250,952 1,686,835
424,765
170,161
4,450
5 wks. Mar., 188'
125,08«
382,102 2,074,030
Ashev. & Spar. Div.
786,640
215,678
32,399
Since Jan. 1,1881
215,228
575,772 5,660,765 1,801,785
595,1M
29,023 §St. L. A. & T .H .m . 1.
Since Jan. 1,188'
273,070 1,032,211 6,710,126 1,500,175
773,782
81,903
Do
Branches..
Toledo—
St. Louis Ark. & T ex..
5 wks. Mar., 1881
13,685
107,052
260.972
10,334
8,018
4,143
St.
Louis
&
San Fran..
ft wks. Mar., 1887
28,578
393,082
476,030
17.390
24,698
19.833 St. Paul & Duluth.......
Since Jan. 1,1888
45,504
396.0S1
499,266
41,661
12,664
16,682
Since Jan. 1,1887
St.
Paul
Minn.
&Man.
74,883
858,378
882,224
53,451
67,085
34,633 San Anton. & Aran. P.
Detroit—
5 wks. Mar., 1888
Shenandoah Valley...
18,921
162,695
51,631
78,602
76,061
5 wks. Mar., 1887
17,804
529,381
Staten Island Rap. T.
520,915
204,644
134,035
Since Jan. 1,1888
48,625
543,491
181,392
Texas & Pacific...........
200,354
215,116
Since Jan. 1,1887
45,644 1,276,937
837,460
362,365 338,834
Tol. A. A. & N. Mich..
Cleveland—
Tol. & Ohio Central - ..
5 wks. Mar., 1888
22,313
298,578
81,709
143,108
34,948
2,393 Tol. Peoria & W est...
5 wks. Mar., 1887
21.546
240,340
147,200
160.000
33,350
Wabash Western........
2.240
Since Jan. 1,1888
53.5«6
628,152
231,204
396.853
97,174
3,259 West. N. Y. & Penn...
Since Jan. 1 ,188r
49.8Q3
537,440
808,700
331,200
64,377
2.240 Wheeling & L. E rie...
Peoria—
6Wisconsin Central...
wks. Mar., 1888
10,582
29,500
827.290 1,093.730
117.600
29.550
5 wks. Mar., 1887
7,458
73,350
595,000 1.125,875
103,800
37,600
Since Jan. 1,188«
Total (107 roads).___25,183,107
..
25,305
26,108,853 —925,746 63,631 60,521
148.500 3,076,540 2.990,930
331,400
105,000
Since Jan. 1,1887
23,068
118,550 1,537,850 2,047,225
213.600
* Includes three weeks only of March in each year,
74,350
Duluth—
t For four weeks ended March 31.
{ Mexican currency.
»wks. Mar., 1888
843,646
§ Including Indianapolis & St. Louis.
wks. Mar., 1887
114,862
::: : : : : :
a
Including
Detroit
M.
&
Marq.
and
Marq.
Hough. & Ont.
Since Jan. 1,1888
1,328, .«07
b All lines.
Since Jan. 1,1887
1,384,095
t
Total of all—
5 wks. Mar., 1888
5 wks. Mar., 1887
5 wks. Mar., 1886
Since Jan. 1 ,1888
Since Jan. 1,1887
1.072,242 8,207.641 8,285,351
1,192,839 3,578,383 9,633.568 4,955,501
6,702,441
854,847 8.065,250 10,418,795 4,167,887
2.772,305 7.360,886 21,115,899 14,008,923
2,781,003 10,148,813 21,588,134 14,179,064
1,963,850 7.079.742 24,607,849' 11,488,415
five weeks this year 3,206,480 bushels o f wheat.
On the cotton movement in the South the result was
1,610,227
1,«57,004
1,942,940
5,100,135
5,399,872
5,879,343
136,994 the same.
The gross aggregate o f cotton goin g overland
160,188
151.461
554,853 was only 78,723 bales in March, 1888, against 165,515
870,622
The receipts at the ports make a
440,399 1 bales in March, 1887.
in the
somewhat better comparison, but chiefly because there
468
THE CHRONICLE.
[VOL. XLVl,
had already been a decline last year. The total stands at
The Pacific roads, as already stated, also make good
196,644 bales in 1888, 217,090 bales in 1887 and 251,387 exhibits. Thus the Canadian Pacific has an increase o f
bales in 1886, as shown in the follow ing.
$226,745, or over 30 per cent, the Northern Pacific an
RECEIPTS O F CO TTO N AT SO U T H E R N P O R T 8 IN M A R C H ,
AND FRO M
increase o f $157,066, or over 15 per cent— both on a
J A N U A R Y 1 TO M A R C H 3 1 , 1 8 8 8 , 1 8 8 7 A N D 1 8 8 6 .
somewhat larger mileage— and the Oregon Navigation an
Since January 1.
March.
increase o f $100,000, or 22 per cent. The roads north o f
Ports.
1886.
1886.
1888.
1887.
1888.
1887. ~
St. Paul, like the Manitoba, the St. Paul & Duluth, and
115,468
15,616
15,499
20,299
85,377 111,630
Galveston....... bales..
the Duluth South Shore & Atlantic, belong in the same
468,232
103,441 115,728
94,962 . 429,898 543,628
New Orleans.............
None o f these have
76,686 category, fo r they all show gains.
42,764
3,807
7,768
7,667
51,724
Mobile........................
14,751 been affected b y the rate war.
221
685
1,666
2,921
Florida......................
6,533
South o f St. Paul, h ow
149,940
23,396
37,211
108,137 125,146
Savannah.............
16,433
3,370 ever, the rate war and the labor troubles have left marked
3,937
817,
. 26,976
488
8,633
Brunswick, &c.........
74,630
10,922
16,585
23,486
59,909
35,573
Charleston................
4,121 evidences o f their presence, and the St. Paul, the Bur
4,343
Port Royal, &e........
1,733
709
3,387
1,809
19,169 lington Cedar Rapids & Northern, and the Minneapolis &
1,572
2,241
18,051
17,541
Wilmington..........
6,651
3,131
24
37
2,015
830
447
Washington, &c......
133,522 St. Louis, not only all show very heavy losses a3 com*
18,332 36,821
15,766
79,634 118,985
Norfolk................. .
61,704
23,159
15,306
18,312
111,659
90,481
West Point, &c......
pared with last year, but record the lowest M arch earn
196,644 217,090 11251,387
970,493 1,113,708 1,124,722
Total.................*...
ings for a great many years past, as may be seen from the
It will be noted that the falling off was pretty general,
follow ing comparison fo r six years. It should be stated
on ly a few minor points aside from W est Point, V a .,
that the roads engaged largely in the transportation o f
showing larger receipts than last year.
iron ore, like the Mil. Lake Shore & W est., the W is. Cen '
W ith such a remarkable combination o f adverse cir *
tral and the Milwaukee & Northern, also make an unfav
cumstances, it is not surprising that earnings should for
orable comparison with last year, though in the case o f
the first time in a lon g series o f months record a decreasethe road last mentioned the falling off is slight.
T o show what the result in the same month o f other
March.
1888.
1887.
1886.
1885.
1884.
1883.
recent years has been, we give the subjoined recapitula.
3
$
$
$
*
1
tion o f the March summaries back to 1880.
286,875 241,943
209,597
272,869 217,349
Bur. C. Rap. & Nor.
252,913
Mileage.
Period.
Earnings.
Tear
Given.
Tear
Preceding.
Tear
Given.
Miles.
Miles.
32,208
43,232
51,622
39,291
45,392
47,069
61,901
63.631
27,967
37,738
47,801
36,025
43,624
45,974
58,864
60,521
$
16,900,306
14,714,286
20,377,285
25,836,925
16,345,626
17,290,374
17,955,075
28,781,619
25,183,107
Mar., 1880 (50 roads)
Mar., 1881 (42 roads)
Mar., 1882 (53 roads)
Mar., 1883 (65 roads)
Mar.. 1884 (53 roads)
Mar., 1885 (58 roads)
Mar., 1886 (63 roads)
Mar.,1887(111 roads)
Mar.,1888(10? roads)
Tear
Preceding.
Increase or
Decrease.
$
$
13,175,604 Inc. 3,724,702
13,542,930 Inc. 1,171.356
16,731,111 Inc. 3,646,174
22,085,760 In c. 8,751,165
17,276,001 Dec. 930,375
16,587,835 Inc. 702,53 9
17,747,728 I n c . 207,347
24,597,249 In c. 4,184,370
20,108,853 D ec. 925,746
E xam ining the separate roads we find that the losses as
a rule are heaviest on the lines which have suffered most
from the rate war and the strike, and those which a year
ago had such extraordinary gains on account o f the InterState law. On the other hand, the best results com e from
Pacific roads, the Southern companies, and a few new
lines in various sections o f the country. The Southern
roads continue to do remarkably well. The Louisville &
Nashville and the Texas & Pacific, which last year gained
so heavily because o f the Inter-State law, both show losses
— much smaller, however, than the previous year’s gains—
and a few m inor lines likewise report a decrease, but
these form exceptions to the general rule with regard to
Southern lines, the most o f which show more or less
improvement— in many cases after an improvement the
previous year, too. Subjoined is a comparison on ten
roads for six years. It will be noticed that notwithstand
in g the increase on these roads last year was very large,
reaching over $556,000, and notwithstanding that the St.
L ouis & San Francisco reports a loss this year o f $97,000
and the Louisville & Nashville a decrease o f over $81,000,
the aggregate earnings o f the whole ten roads fo r 1888
are slightly in excess o f those fo r 1887, which is the more
significant that the mileage o f these roads has been sub
stantially the same in the two years.
March.
Ches. Ohio & So’nGin. N. O. &Tex. P.
B. Tenn.Va. & Qa..
Louisville & Nash.
Memp. & Chari......
Mobile & Ohio.....
Norfolk & West. ..
Rtchm. & Danv...
St. L. & San Fran.
Va. Midland.........
111,028
133,345
127,397
115,615
123,407
114,726
Central Iowa.........
Chic. Mil. & St.P. 1,931,000 2,212,687 2.033,014 2,081,071 1,788,726 2,043,730
142,712
105,000
162,071
164,213
144,018
169,151
Minn. & St. Louis.
858,116
691,612
978,956
Northern Pacific.. 1,187.745 1,030,079
563,903
82,376
St. Paul & Duluth.
90,117
89,763
62,055
72,412
85,589
679,803
601,910
570,011
702,041
740,113
730,729
St. Paul Minn. & M
Total..................
4,383,595 4,595,223 4,072,299 3,974,728 4,018,228 3,971,014
The trunk lines and their connections in most cases had
their earnings very heavily increased last year, hence have
a falling off now. The N ew Y o r k Central has done rela
tively better than any other, fo r its decrease is only $70,201
(not quite 2-J per cent), or hardly more in amount than
that o f many m inor roads. •The Grand Trunk loses
$277,994, or 18 per cent, for fou r weeks o f the month,
but has suffered from special causes, such as the com pe
tition o f the Canadian Pacific and the action o f the dressed
beef shippers in diverting*shipm ents to other lines in
retaliation for the road’s action in w orking in harmony
with the Am erican lines. The western connections o f the
trunk lines all report considerable losses, as fo r instance
the Ohio & Mississippi, the A lton & Terre Haute, the
Cleveland Columbus & Indianapolis, the Cincinnati W ash
ington & Baltimore and the Chicago & A tlantic— in fact the
roads in that section o f the country have nearly all done
poorly, though there are a few exceptions, like the Chicago
& Indiana Coal, the Cincinnati & Springfield, the Ohio
River, the Ohio Southern and the W h eelin g & Lake Erie.
Below we compare results fo r a series o f years past on a
number o f prominent roads in the M iddle W estern
States. It will be seen that they all record low er earnings
than last year.
March.
Chicago & East.m.
Chic. & W. Mich...
Cin. W ash. & Balt.
Clev. Col. C. & I ...
Col.Hock.V. &Tol.
Det. Lansing & No.
Evansv.&Terre H.
Flint & P. Marq...
♦Grand Rap.&Ind.
_______________________________________ _
1888.,
1887. .
1886.
1885.
1884.
1883.
$
102,853
111,028
167,870
343,090
187,473
72,445
69,233
207,558
250,811
877,000
294,216
$
169,342
127,979
183,905
383,731
234,645
101,093
72,250
236,973
255,769
956,897
390.697
$
143,023
129,250
188,079
314,322
176,400
104,710
58,055
201,677
202,017
820,809
305,759
«
140,726
112,839
158.289
290,145
214,329
97,757
0(1,818
158,108
193,790
974,800
341,591
$
111,048
130,575
172.146
310.147
181,910
115,689
08,509
218,759
225,411
844,009
386,372
9
139,583
149,465
164,748
373,364
244,463
139,914
68,911
233,366
240,316
931,934
391,616
1886.
1885.
1884.
1887.
1883.
$
$
$
$
$
$
152,202
139,004
116,110
128,523
160,218
108,090
222,292 233,273
272,258 24?,870
290,593
227,475 Ohio & Mississippi
324,401
414,382 344,023
831,109
2,744,237 3,113,281 2,644,107 2,749,192 2,777,175 3,077,08#
437,322
339,151
Total........... .
1,245,270 1,326,932 1,103,935 1,280,523 1,187,733 1,140,346
*
All
lines,
t
Illinois
and Southern divisions.
109,252
111,925
127,816
123,977
115,171
101,820
F o r the first quarter o f the year the results are much
190,956
*202,300 *189,466 *166,152
185,275
184,815
220,416
210,298 217,334
392,409 296,700 277,307
the same as fo r March, as outlined above, though the bal
300,562
364,378 392,514
356,129
389,150
352,414
307,863
450,287
547,741
359,062
427,533
353.884 ance is on the right side, there being an increase on the
121,135
122,041
119,363 123,580
136,525
127,300
1888.
Total.................
8,828,051 3,819,175 3,263,079 3,325,928 3,278,753 3,143,939
* Including St. Louis & Cairo.
107 roads reporting o f $2,582,600. Forty-six o f the
roads show a decrease. The best exhibits are made b y
THE CHRONICLE.
A p r il 14, 1888.]
469
the Pacific companies, Southern roads, the Mexican Cen useful. The roads are all designated by their corporate names
tral, and a few roads in other parts of the country. Our and every station is shown. There is also a table in which the
table in full is as follows.
roads are arranged in groups, the lengths being given to a
Gross earnings pr o m Jan u a r y 1 to m a r c h 31.
Name o f ftoad.
1888.
$
Atlantic & Pacific...........
622,912
Buffalo Roeh. & Pitts. ..
454,379
Burl. Ced. Rap. & N o ...
638,856
165,82i
Cairo Vincennes <fcChic.
California Southern.......
470,98£
Canadian Pacific.............
2,585,19i
‘ Central of Georgia.......
1,342,27]
Central of Iowa..............
329,63£
Chesapeake Ohio & S.W.
476,740
Chicago & Atlantic____,
453,235
Chic. & Eastern Illinois.
479,67£
Chic. & Ind. Coal............
133,527
Chicago Milw. & St. Paul
4,960,00(
Chicago & Ohio R iver...
10,210
Chic. St. Paul & K. City.
424,19(
Chicago & West M ich ...
296,977
Cin. Jackson & Mack___
105,480
Cin. N. Orl. & Tex. P ac..
846,501
Alabama Gt. South’n ..
393,115
New Orleans &No. E . .
219,335
Vicksburg & Meridian.
128,485
Vicksburg Sh. & P ac...
137,237
Cin. Rich. & Ft. Wayne.
99,158
Cin. & Springfield..
270,524
Cin. Wash. & Baltimore.
511,885
Clev. Akron & Col...........
139,45]
Clev. Col. Cin. & Ind___
942,332
Clev. & M arietta............
68,627
Col. & Cin. Midland........
70,782
Col. Hock. Val. & T o l...
583,542
Denver & Rio Grande..
1,597,437
Denver &R. G. Western
275,358
Detroit Lansing & N o ..
208,197
Duluth S. S. & Atlantic.
222,877
East Tenn. Va. & G a ...
1,369,280
Evansville & Indianap.
52,111
Evansv. & T. Haute___
200,360
Flint & Pere Marquette
589,084
Florida R’y & Nav. C o ..
278,981
Georgia Pacific..............
313,044
Grand Rapids & In d ...
501,635
Other lines.............. .
45,965
Grand Tr. of Canada....
3,706,340
Houst. & Tex. Central..
521,471
Humeston & Shenand’h.
36,161
ILL Cen.—(Ill.&So.Divs.)
2,715,951
Cedar Falls & Minn....
19,672
Dubuque & Sioux City.
209,931
Ia. Falls & Sioux City.
172,431
Indianap. Dec. & Spring.
77,627
'Kan. City Ft. S. & Gulf.
536,331
‘ Kan. City Sp. & M em ..
369,410
*Kan. City Clin. & Spring
53,726
Kentucky Central............
220,194
Keokuk & Western.........
78,080
Kingston & Pembroke ..
35,277
Lake Erie & Western___
442,346
Little Rock & Memphis..
199.010
Long Island.....................
518,193
Louisv. Evansv. & St. L.
224,354
Louisville & Nashville.,
3,832,482
Louisv. N. Alb. & Chic...
449,877
Louisv. N. O. & Texas..
641,376
Marietta CoL & No........
21,886
Memphis & Charleston..
426,535
JMexxcan Central......... .
1,544,706
i Mexican National. . . . . .
534,601
iMexican Railway'....... .
962,297
Milw. L. Shore & West’n
445,590
Milwaukee & Northern..
220,823
Minneap. & St. Louis....
300,834
Mobile <§; Ohio.................
616,248
. Nashv. Chat. & St. Louis
776,773
Natchez Jackson & Col..
41,328
N.Y. Cen. & Hud. R iv...
8,152,796
N.Y. Ontario & West’n.
324,112
Norfolk & Western. . . . . .
1,123,978
Northern Pacific............
2,827,437
Ohio & Mississippi.........
889,721
Ohio R iver......... ............
79,943
Ohio Southern............
161,349
Ore. R’y & Nav. Co..........
1,275,245
Pittsburg & Western___
396,264
Richmond & Danville...
1,208,614
Va. Mid. D iv.................
392,271
Char. C. & A. D i v __ __
257,316
Col. & Greenv. D iv___
180,793
West. Nor. Car. Div
163,965
Wash. O. & M. Div . . . .
23,200
Ash. & Sp. D iv .... .
24,149
§St. L. A. & T. H. m. line!
480,297
Do
Branches...,
227,227
St. It. Ark. & Texas____
638,935
St. Louis & S. Francisco.
1,233,924
St. Paul & Duluth....... .
236,168
St. Paul Minn. & Man. ..
1,774,165
San. Ant. & Aras, Pass..
189,388
Shenandoah V alley .___
179,562
Staten Island Rap. A an .
126,993
Texas & Pacific..........
1,491,548
Tol. A. A. & Nor. Mich..
142,515
Tol. & Ohio Central.......
289,951
Tol. Peoria & Western ..
208,246
Wabash Western....... .
1,197,882
Western N. Y. & Penn.
654,423
Wheeling & Lake Erie ..
215,801
Wisconsin Central..........
768,207
1887.
$
626,758
415,861
703,02]
172,03(
384,08]
1,873,394
1,143,337
340,080
422,605
524,756
465,694
91,49£
5,227,898
17,606
263,992
308,13]
95,35(
790,30(
371,508
177,48C
139,41]
145,44£
93,321
253,875
539,25£
122,907
957,773
77,189
76,282
667,796
1,701,311
226,822
246,896
150,776
1,233,152
56,996
181,394
583,526
279,027
263.079
502,040
27,032
4,231,848
583,174
36,637
2,750,351
25,985
186,749
152.910
109,137
582,814
427,879
57,649
208.650
77,245
23,774
476,769
221,446
* 509,443
219,040
3,724,717
475,338
550,172
11,480
409,437
1,208,557
437,196
851,524
549,234
214,843
383,282
625,979
737,288
42,429
8,089,351
281,434
875,337
2,127,828
996,944
51,715
150,860
972,202
447,002
1,068,878
341,301
224,571
161,404
154,969
19,837
10,034;
505,360
217,492
513,529
1,331,262
270,533
1,573,863
73,595
185,701
125,565
1,506,706
121,295
242,527
225,565
1,469,363
591,276
169,353
780,748
Increase.
$
38,518
__
86,902
711,805
198,934
fraction of a mile. The map is intended to go with the annual
report of the State Assessors, in paper form , but we under
stand that it can be obtained in book form or on rollers?
$
3,846 muslin-backed, for about the cost of production.
D ecrease
64,165
6,202
g n filis tt S tem s
[From our own correspondent. J
10,447
54,135
13,985
42,034
160,198
10,130
56,201
21,610
41,859
5,82£
16,649
16,544
48,536
72,101
136,128
18,966
5,558
49,965
18,933
23,182
19,521
11.544
835
11,503
8,750
5,314
107,765
91,204
10,406
17,098
336,149
97,405
110,773
5,980
39,485
63,445
42,678
248,641
699,609
28,228
10,489,
303,043
139,736
50,970
32,745
19,389
8,996
3,363
14,115
9,735
125,406
200,302
115,793
1,428
21,220
47,424
63.Ì47
46,448’
............
Total (107 roads).... 72,503,654 69,921,054 5,018,784
Net increase..............
2,582.600
t ì ? °^?des three weeks only of March in each year,
t Mexican currency.
§ Including Indianapolis & St. Louis.
L o n d o n , March 31, 1888.
Belief in the success of the conversion of British three per cents
has been strengthened this week by the official announcement
267,898 that of £167,000,000 “ new ” three per cents holders of about
7,396
£400,000 only have given notice that they desire them paid off.
l i , 154 It is a peculiarity of the conversion project that holders of.
new three per cents have to signify their dissent, while
holders o f “ consols”—£323,000,000 and o f “ reduced,” £69,10,928 000,000—have to signify their assent to the conversion. The
8,206
effect o f this is that in the case o f new three per cents the
conversion is automatic, while for consols and reduced it can
27,370
not be carried out unless holders take the trouble o f sending
15,441
8,569. in a formal notice of assent to the Bank of England.
5Ü5ÖÖ However trifling this trouble may be there are probably a
84,254
103,874 great many persons who will not take it. Still, the offer of a
38,693 commission o f Is. 6d. per cent is having a very distinct effect?
as brokers and bankers have been very energetic in sending
4,885 out forms of assent and in advising their clients to convert.
W ith two and three-quarters per cent stock quoted at a
46 fraction over par, it would be very unwise for stockholders to
405 ask to be paid off, for they can realize more by agreeing to
conversion and then selling the new stock given them.
525,508
Mr. Goschen’s budget statement of a year ago was described
61,703
476
as
a “ humdrum” o n e; the same cannot be said of the
34,400
6,313 budget statement made on Monday night last. The salient
features of the financial statement of this year are the separa
31,510
46,483 tion o f Imperial from Local finance, the provision for giving
58,469 a bonus, without an increase of the debt, o f 5 per cent to
3,923
holders o f consols and reduced threes who convert; also the
provision for a large sum required for defensive military and
34,423 naval expenditures—the latter by means of the dividends on
22,436
the Suez Canal shares and the former from the premium on the
issues of local loan stock; the remission of Id. in the £ in the
25,461 income tax and the new taxation on Stock Exchange securi
ties and contract notes. The budget on the whole has been
favorably received. In Stock Exchange quarters there is
some natural hostility to the intended imposition of stamp
duty on foreign securities, which at present contribute noth
103,644
ing to the Imperial Exchequer, and the contract stamp o f 6d,
82,448
Brokers express
9,731 instead of Id. on each contract is not liked.
their intention of charging clients with the contract stamp
1,101
instead of bearing the expense themselves as hitherto.
The Stock Exchange settlement and the absorption by the
Bank through tax collections of the floating supply of money?
107,223
coming in connection with the close o f the month and quarter,
have led this week to some pressure for short advances; but
50,738 next week it is expected that the distribution of dividends
will set free very considerable sums, and for a time at least,
a continuance of cheap money is looked for. It must not be
forgotten, however, that the very low rates o f discount in
London, three months’ bills being negotiated at 1]^ to 1 3-lfi.
25,063 per cent, is being taken advantage of by Continental moneyoperators, who are able to withdraw cash from London and
97,338 employ it on the Berlin and other markets at more profitable
34,365
rates than here. The exchanges have lately been moving
6,139 steadily against this country, especially French German and
Dutch rates. This week almost all the open market supply
15,158
of gold has been taken up for export for Germany and about
17,319 £525,000 has been withdrawn from the Bank o f England for
271,481
le same quarter.
The rates for money have been as follow s:
71,518
12,541
Open market rates.
,436,184
London
R a il r o a d M a p o f N e w J e r s e y .— W e have received from Mr. Feb.
John T. Van Cleef, Secretary to the State Board o f Assessors, Mar.
at Trenton, a copy o f a new railroad map of New Jersey, just
issued. The map is large and comprehensive, and in form j
very complete, so that it ought to prove more than ordinarily
Interest allowed
for deposits by.
Trade Bills.
Disc't IT se.
Joint
Three Four
Six
Three Four
Six
Stock A t 7 told
Months Months Months Months Months Months Banks. Call. Days.
Z X V i® 2 2 @
■2)4 1%® 2 2 3
2* ; i « « - lfe®
2 136® — V/M
2 jl&<9 — iM®
2 IX® — m ®
2^®3
2%@2)4
2M®2 \4
—
2
3
2
)4
l%®2 2 @ 2M 2 32 M
- 1^3
- 1
- 1^@2 1&S2J4 2 @2)4
1J^@2
- 1)4®
1H®2
—
WÄÜ
m -m
m -m
D4-1H
1H-V4
1X-1H
THE CHRONICLE.
470
[Vol. XLVI
An enormous investment business has been done on the
The Bank rate of discount and open market rates at the
ch ief Continental cities now and for the previous three weeks Stock Exchange during March, especially in the second half
of the month. In consequence of this the Bankers’ Clearing
’¡have been as follows:
House returns in the fortnight have reached a total of just
Mar. 9.
Mar. 16.
Mar. 23.
Mar. SO.
£284,000,000, in contrast with £226,000,000 for the corre
Rates of
sponding period last year, an increase for the two weeks o f
Interest at
Bank Open Bank Open Bank Open Bank Open
Rate. Market Rate. Market Rate. Market Rate. Market £58,000,000. Undoubtedly the bulk of this large increase has
2
been due to Stock Exchange business, as in several of the
2
2*4
IX
2*4
2*4
2*4
2*4
3
1H
2
3
3
2
3
m
principal stockbrokers’ offices additional clerks have had to
3
m
2
2
3
3
3
2*4
be employed on account of the pressure of work. Gilt-edged
3
1?4
3
3
3
m
m
2*4
2*4
2*i
2)4
securities having risen in prices, in many cases to quite pro
2)4
2*4
214
Amsterdam......
m
2*4
2*4
2
2
2*4
214
214
234
hibitive quotations, investment money has been to a large
4
4
4
4
4
4
314
3]4
extent diverted to second and third-class securities. The
4
3*4
4
8*4
3
4
8*4
4
5
6*4
5
6*4
5
5
6*4
Bt. Petersburg..
principal run has been upon foreign government and railway
014
3
3
3
3
3
3
3
3
Copenhagen......
securities, but the American department is still comparatively
■The position of the Bank o f England has been an extra neglected. There are signs, however, that very little encour
ordinary one in consequence o f the large Government bal agement would lead to revival of speculation in American
ances which have accumulated. The amount held by the Railway securities. It is noticeable that the market for
Bank on Government account is larger for the time of year American shares has lately been irregular, and attacks on one
than in any corresponding period since 1873, being approx or two special stocks have not now the effect of driving down
imately £14,000,000, or £3,500,000 more than at the same prices all round, From this it is argued that in some cases
date last year. Despite the abnormally low rates of late in “ b e d ro ck ” has been reached. Mexican securities of all de
the open market, large borrowings have been made at the scriptions have been very eagerly bought, both by English
Bank of England at the official minimum rate o f discount^ speculators and for Continental account. This feature is
and already the open market has borrowed up to the hilt in largely due to the prominence given to Mexican affairs by the
anticipation of the distribution of the dividends. The liabil successful issue o f the new six per cent loan, but a feature o f
ities of the Bank are approximately £40,000,000, and as the the week has been the demand for Mexican Railway securities
reserve only amounts to a little over £15,000,000, its propor of the Vera Cruz, Central and National companies. Apropos
tion to liabilities is under 37% per cent. This is really a low of Mexican affairs, it is reported that Herr Bleichrceder has
ratio, and is partly due to the unusually large lock-up o f the declared he will take the remainder of the £10,500,000 at the
Bank in Government securities, which are now £3,750,000 price of 86 per cent.
more than they were a year ago, when the ratio o f reserve to
E n g l i s h F i n a n c i a l i f l l a r t t e i » - » 'e r O a u ie .
liabilities stood at about 38% p. c.
The daily closing quotations for securities, «fee., at London,
The following return shows the position o f the Bank are reported by cable as follows for the week ending April 13.
o f England, the Bank rate of discount, the price o f consols,
Wed. Thürs. F ri.
Tues.
Mon.
Sat.
London.
&c., compared with the last three years:
1
1888.
£
£
23,972,555 23,800.625
10,543,556
14,002,333
85,981,701 23,727,338
18,009,681 14.210,438
25,340,977 21,826,341
15,139,764 16,719,907
22,912,024 24,770,582
87 11-16 pc 48 9-16 pc
3*4 D. C.
2 p. o.
10111-16 101M
Clearing-House return................... 158,904.000 124,345,000
Circulation, excluding 7-day and
other bills........................ ............
Public deposits.......................... .¿»I
Other deposits.................................
Government securities...................
Other securities..............................
Reserve of notes and coin.............
Coin and bullion..............................
Reserve to liabilities......................
Bank rate ...................................... .
1886.
1887.
1885.
£
£
24,453,340 24,946,500
11,303,032 11,165,542
23,140,318 25,625,497
14,584,802 14,672,692
24,591,030 24,148,744
13,748,128 15,395,555
22,451,468 25,662,906
ÿ&9i p.c. 44*4 P<A
2 p. o.
3)4 P. c
97 15-16
100 u-%
125,215.000 138.175,000
Silver has again been weak, and the price per ounce f o r
silver bars has been as low as 43d. The Indian Budget State
m en t points to the raising in India of a rupee loan equal in
amount to £3,000,000 at the conventional rate o f exchange,
but the drawings of the India Council are to be on a smalle
scale than had been anticipated. The amount o f India
Council drafts to be drawn in 1888-9 has been fixed at £14,
000,000, taken apparently on the basis o f Is. 4-9d. per rupee
which was the average of the drawings in respect of 1887-8
though the estimates for the last fiscal year were fixed at
Is. 5%d. The low amount o f the estimated drawings for
1888-9 is partly due to the intention to raise considerable
sterling issues for railway purposes. Considerable attention
is being paid here to the development of silver mining in
Australia, advices being received of quite a speculative fever
in Melbourne.
The quotations for bullion are reported as follows :
GOLD.
London Standard.
Mar. 28. Mar. 21.
s. d.
Bar gold, fine....os. 77 10
Bar gold, contain’g
20 dwts silver..oz. 77 11
8pan.doubloons..oz.
Am.doubloons.oz.
s.
d.
77 9
77 10
SILVER.
London Standard.
Bar silver.......... oz.
Bar silver, contain
ing 5 grs. gold .oz.
Cake silver........oz.
Mexican dols__ oz.
Mar. 28 Mar. 21.
d.
43
d.
43 3-16
43%
4654
43 9-16
46*4
42
Messrs. Pixley <fe Abell write as follows on the state of the
bullion m arket:
Gold-Strong inquiries for gold are still made for Germany, and the only
amount received at. the Bank was anarriva1of sovereigns from Egypr,
valued at *111,000. Recourse has been had to the Bank, in addition
40 buying in the open market, and a total of *316,000 has been sold for
«export to Germany. Arrivals, *111,000 from Egypt and *37,000 from
Central America; total, *148,000.
Silver—Owing to special requirements the price during the week has
been kept at 43316d.. but to-day, on the announcement of India Council
sales at Is. 4i5H2a., the market became decidedly weaker, and we quote
43d. The announcement of the Indian budget has not appreciably affected
silver. Arrivals, *25,800 from New York. The P. & O. steamer of the
J23d took *62,963 to Bombay.
Mexican Dollars have not been dealt in, and are quite nominal.
Silver, per oz................d.
Console, new 2% per cts.
do for account........
Fr’ch rentes (in Paris) fr.
U. 8. 4%s of i8 9 1 ...........
U. S. 4s of 1907...............
Canadian Pacific............
Ohio. MU. & St. P a u l....
Erie common stock........
Illinois Central................
Pennsylvania.................
Philadelphia & Reading.
New York Central...........
4258
1007lfl
100»i«
82-00
1085s
1263t
62is
72k!
253s
120*4
5618
2938
108
425a
423t
100716 10t>716
10091ß 10091«
81-97 ki 81-90
10834 109
12634 12678
605jj
61 *8
715s
7234
255g
25j8
121%
121
56
5H*t
2934
29*4
108 k! 1108
42%
lOO&ia
1007 iß
81’37ki
109
126%
60%
7158
25*4
121k!
56
29
1075s
425g
100i 16
1003, (j
81-27*2
108%
12630
bU%
7138
24*2
122
55 34
29
107%
425s
9 9 7s
100
81-32*2
108%
12638
b l%
7150
2478
122
56
29%
107 %
ffiomraevcial aw« pM scellaueous Beins
N a t io n a l B a n k s . —The following national banks have been
rganized since last advices :
,,
863—The National Exchange Bank of Kansas City, Mo. Capital,
’
$250,000. Thomas T. Crittenden, President; Jamos S. War
den, Cashier.
,
_ .
_ ...
864_The German National Bank of Vincennes, Ind. Capital, $100,’
0 0 0 . -------------- , President; George R. Alsop, Cashier.
“ The Queen City National Bank of Cincinnati” has changed its title to
The Fifth National Bank o f Cincinnati.”
“ The National Bank of Boone,” Iowa, has changed its title to The
first National Bank of Boone.”
I m p o r ts a n d E x p o r t s f o r t h e W e e k . — The imports of last
reek, compared with those of the preceding week, show a, ae
rease in dry goods and an increase in general merchandise,
he total imports were $11,170,016, against $9,450,581 the preeding week, and $7,753,979 two weeks previous. The exports
or the week ended April 10 amounted to $6,450,174, against
.5 652,479 last week and $3,784,360 two weeks previous. The
oílowing are the imports at New York for the week endtig (for dry goods) April 5 and for the week ending (for
eneral merchandise) April 65 also, total since the beginning
if the first week in January :
F O R E IG N IM P O R T S A T N E W Y O R K .
For Week.
ry Goods
jn’l mer’dise..
1885.
$1,869,725]
7,732,092
1887.
1886.
$2,162,010.
6,5§5,248|
$2,344.591
7,781,50C
1888.
$2,265,318
8,904,698
$9,601,8171 $10,126.0971 $8,727,258 $11,170,016
Total...........
Since Jan. 1.
«
SI
SMOOS $36.641.905 $39,753,260 $42,218,819
ry Goods....... J
74!l84;216
85;385,039| 85;838,845; 93,396,739
jn’l mer’dise..
ttal 14 weeks. $105,529,244 $122,026,944 $125,592,105 $135,615,u58
In our report of the dry goods trade will be found the imjrts of dry goods for one week later.
T
The following is a statement of the exports (exclusive o f
>ecie) from the port of New York to foreign ports for the
eek ending April 10, 1888, and from January 1 to date:
EXPORTS FROM N EW Y O R K .
1885.
For the week....
Prev. reported..
$5,783,351
84,481,316
Total 14 weeks.
$90,265,167
1886.
f
1887.
1888.
$5,200,178
77,544,752
$6,450,174
73,643,892
$76,760.7591 $82,744,830
$80,094,066
$5,097,796
71,662,963]
A p r il
THE CHRONICLE.
14, 1888.J
The following table shows the exports and imports o f specie
at the port of New York for the week ending April 7, and
since January 1, 1888, and for the corresponding periods in
1887 and 1886.
E X P O R T S A N D IM P O R T S O P S P E C IE A T N E W Y O R K .
Exports.
Gold,:
Great Britain.............
France........................
Germany.....................
West Indies................
Week.
$ .........
150,449
Silver.
$150,449
347,105
155,356
$
38,600
90,019
61,933
1,500
1,386
$4,100,278
4,724,398
17,695,493
$47,302
154,960
22,633
Exports.
Week.
Great Britain.............
France........................
Germany.....................
West Indies.................
Mexico.........................
South America...........
All other countries...
$ 100,200
14,000
Total 1888............
Total 1887...........
Total 1886..........
Week.
$367,461
7,100
1,248
3,572,517
South America..........
All other countries...
Total 1888...........
Total 1887............
Total 1886........ .
Im ports.
Since Jan.X.
Since Jan. 1.
5,816
Since Jan. 1 .
$1,768
2,348,918
666,589
66,959
6,511
109,154
109,505
$3,309,404
3,923.982
2,456,262
Im ports.
Week.
Since Jan. 1
23,397
$2,843,370
133,100
1,900
101,138
973
24Ì567
230,672
669
$12
110,589
9,078
130,694
5,825
8,394
308,410
$138,570
2 0 ’ ,950
119,000
$3,334,747
2,445,279
3,847,135
$669
153,473
53,276
$573,002
615,859
437.909
$ ......
Of the above imports for the week in 1888, $2,750 were
American gold coin. Of the exports during the same time
$6,724 were American gold coin.
San P edro Los Angeles & Utah.—The American Finance
Company of this city proposes to form a syndicate o f capital
ists to purchase that part of the first mortgage 6 per cent 40year gold bonds of the San Pedro Los Angeles & Utah Rail
way Company.
Seattle Lake Shore & Eastern.—A report has been in circu
lation that this road is to be the Pacific coast outlet o f the St.
Paul Minneapolis & Manitoba Company, but Messrs. Jameson,
Smith & Cotting, the financial agents of the road, intimate
that no such alliance*has been proposed. But the company,
it is said, will push construction across the Idaho line with
the capital which has been promised for the purpose by a
syndicate, composed o f New York and New England houses.
The construction work now being done is in a difficult portion
o f the Caseade_Mountains, through a valuable iron and coalproducing section; but when this section has been passed work
can be prosecuted more rapidly.
—From Tacoma tbe news comes that papers have been exe
cuted by which the Seattle Lake Shore & Eastern Railway
acquires control of the recently commenced Seattle & West
Railroad, the line to be built from Seattle to the Canadian
border, to join the Canadian Pacific system. W ork on the
West Coast road will be resumed at once, and pushed, so that
trains will be running to Snohomish the 15th of next May.
St. Louis Arkansas & Texas.—The St. Louis Arkansas &
Texas Company has completed its line to Fort Worth, Texas,
giving it 1,200 miles of constructed road in Missouri, Arkansas,
Louisiana and Texas. The new road gives Fort Worth connec
tion with the lumber regions of Arkansas and Eastern Texas,
and a competitive line almost to St. Louis. By its branches and
connections it also affords direct outlet to the Atlantic sea
board.
President Fordyce is now in the Southwest
making arrangements for the commencement of oper
ations on a number of the company’s other exten
sions which have just been completed.
They are from
Altkeimer, Ark., to Little Rock, 45 miles; from Shreveport,
La., to Lewisville, Ark,, about 70 miles; from Commerce,
Tex,, to Fort Worth, about 115 miles, and from Corsicana,
Tex., to Hillsboro, about 30 miles. It is understood that
President Fordyce contemplates another important extension,
which will enable more direct and independent connection
with St. Louis. An ex-director of the Illinois Central Rail
road, who is well informed regarding “ Cotton Belt R oute”
affairs, says that he understands that the St. Louis line will be
built within a year. The road’s extension to Grand Tower, on
the Mississippi River, was probably undertaken with the* in
tention of continuing it to St. Louis. The line will be built
on the east side o f the river, and will be about 100 miles long.
It will reduce the present distance to St. L mis about 20 miles]
and will provide an independent line.—Daily Commercial
Bulletin.
471
car, 11 cents. Average gross toll received per 100 pounds firn
cents), 1 *60; same in 1886, 1 65; decrease 05 cents.
The total number of railway passengers carried in 1887 was1,473,638, lees carried free, 116,065; total paying passengers
1,357,573; total in 1886,1,271,493; increase,86,080; average num
ber of passengers per day (including Sundays), 4,037. Number
of passenger coaches carried, 93,267; number of baggage, maih
and express cars, 41,186; total, 134,453; total in 1886, 123,426.
Total earnings from railway passengers, $360,052; in 1886,
$324,024. Average receipts per passenger in cents, 26*52; aver
age in 1886. 25-48.
The total number of cars moved over the bridge during the
year was: Loaded freight cars, 215,138; empty freight cars,
113,958; passenger coaches, 93,267; baggage, express and mail*
cars, 41,186; construction cars, 6,112; total, 459,661, being an
average of 1,2;>7, Sundays and holidays included.
South Carolina State Bonds.—State Treasurer Bamberg
has issued a notice calling for proposals to purchase $311,577 o f
new South Carolina 4j>^ per cent bonds and stock certificates,,
which will be issued to refund deficiency bonds and stocks,,
maturing July 1 next. The new bonds and stock certificates
will run 40 years, maturing in July, 1928.
W inona & Southwestern.—A press dispatch from Winona,,
Minn., April 11, said : “ The announcement is made that the
Winona & Southwestern Railroad Company has succeeded in
nego iating its mortgage bonds, and the money for the build
ing of the road from this city to Omaha is now ready, A
meeting of the directors was held this afternoon and the mort
gage and trust deeds executed to the Farmers’ Loan & TrustCompany of New York in the amount of $8,000,000, to be
used in constructing the road from Winona to Omaha. Aspreviously arranged, William Mitchell, John A. Matthews, W .
H. Yale and John Robson resigned from the directorate anil
were succeeded by John I. Blair o f Plainfield, N. J., a heavy
Green Bay stockholder ; William P. Halstead of New York,
General Manager o f the Delaware Lackawanna & Western p
T. B. Walker, representing President Sloan of the Lacka
wanna Company, New York, and W. H. Lyon, a New York
capitalist. E. J. Youmans resigned the presidency, and is
succeeded by William Windom. A traffic agreement was
signed between tbe Southwestern and the Green Bay & Winona
roads, which will make the shortest line from the great lakes
to Omaha and the Southwest. It is stated that the work of
construction will begin as soon as the route is definitely
located, and this depends a good deal on the bonuses voted by
the towns along the route. This scheme is the one backed by'
Lackawanna capitalists, about which so much has been said.”
W isconsin Central.—A statement has been prepared show
ing the earnings of the Wisconsin Central Associated Lines
from September 1 to December 31, 1887. This period is thefirst four months of the control of the Associated Lines by the
Wisconsin Central Company, Following are the figures,
which are official:
Gross earnings............................... . .................................................. $1,421:478Operating expenses.......................
972,099
Net................................................................................................
c . . . ...... .......
$448 479
440’871
S urplus........................................................................................
$7,608*
Total charges for Interest, rentals, &
—Attention is called to the notice of the Amsterdam Com mittee of the Transit Bonds o f the Florida Railway & Navi
gation Company, represented in this city by Mr. Frederick W „
Foote. This committee represents $484,000 of the $1,000,000,.
and opposes the plan of reorganization by Messrs. Cutting and’
others. All parties opposing are requested to communicate
with Mr. Foote in this city.
A uction Sales.—The following were sold this week at
auction by Messrs. Adrian H. Muller & Son :
Shares.
15 Bank of Republic
1415s
15 Continental Nat. B an k...12434
150 Anier. Exch. Nar. B a n k -.isg ^
20 Phenix National Bank... 136
8 2dNat.Bk. of Jersey City. 210
294 Jersey City & Hoboken
Gas-liglit Co . 16 634 to 16972
41 Hanover Fire Ins. Co___120
35 Howard Ins. Co................ 50%
20 Exchange Fire Ins. Co . .101
10 United States Fire Ins. Co. 142
34 Niagara Ins. Co..... ..........121
5 Clinton Ins. Co.................. 90
20 Jersey City Ins. Co. . . . . . . 111 %
50 American L’n & Tr. Co. . . 100
67 Bank of N. York, N.B .A..218
100 Hamilton Fire Ins. C o... 104%
50 Bank of America...............172
Shares. .
20 Pacific Bank...................... 165
5 Bank State of New York.1 1 5 %
100 Boston & N. Y. Air Line
RR. Co........................ $100 lot
Bonds.
$3,000 Williamsburg Gas-L.
Co., 20-years 6s,1900............111%
$500 Metropolitan Gas-Light
Co. of New York, 6s, 1901.. 115
$20,000 Virginia Electric L.
& Power Co., lsts, 6s . . ......... 8 0 %
$•',000 N. Y. City7s, reg. dock
bond, 1901..............................135$2,500 Cleveland Painsville &
Ashtabula RR Co., 7s, 1892.110
$6,000 Buffalo & Erie RR. Co.
7s, 1898...................................120 %
St. Louis B ridge and Tunnel.—The annual report of
General Manager William Taussig shows that tbe gross earn
ings for 1887 amounted to $1,714,592, a gain of $150,379 over
the preceding year. The disbursements for all purposes of
W E O F F E R F O B SALE A L IM IT E D AM OU NT OF
operation and maintenance aggregated $810,629, which was
®on noce8SP °* $®3>216 over 1886, leaving the total net earnings
KANSAS CITY, KANSAS,
$903,962. Interest and other fixed charges amounted to $854 626. Total surplus January 1, $145,232, of which $49,335
accrued from the operation of the property in 1887.
SEVEN P E R CEN T IM P R O V E M E N T B O N D S»
The total number of loaded freight cars carried was 215,138,
o f which 65 565 went east and 149,573 west. The total tonnage
P r ic e , 1 0 4 a n d A c c r u e d I n te r e s t.
earned was 3,042,068, o f which 778,788 went east and 2,263,oq ooTre6t- J he average load per car was 1414-100 tons, or
2o,2oU pounds. The total earnings from freight tolls in 1887
G R IS W O L D & G IE E E T T ,
were $971,484; in 1886, $863,579; increase, $107,905. Average
gross receipts per car, $4 51; same in 1886, $4 62; decrease per
3 W A L L S T R E E T , N, Y .
THE CHRONICLE.
D I V I D E R
DS(
The following dividends Rave recently been announced :
When
Per
Cent. Payable.
Name o f Company.
R a ilr o a d s .
Boston & Providence.....................
Concord.................. ...........................
m is c e lla n e o u s ,
Chartiers Valley Gas (quar,).......
Philadelphia Co. (monthly).........
Quicksilver Mining, pref..............
Books Closed,
(Days inclvxive.)
2 April 15 t o ----------1
5*
5
May
May
3
1
April 26 April 16 t o ----------April 25 April 15 to Apr. 25
April 30
* Also $32 50 per share from bonus paid by Old Colony.
W A liL i S T R E E T , F R I D A Y , A pril 1 3 , 1 8 8 8 - 5 P. M.
The Money Market and Financial Situation.—The
spring is very late, and now about the 15th of April we find
that navigation to Albany has scarcely been open more than a
week, and the Western blizzards have only just terminated
their wild performances for the winter of 1888.
This has an
important bearing upon business affairs, railroad earnings,
railroad construction, & c .; though as to the latter, the Rail
way Age reports that already there has been laid in the first
quarter of this year 1,096 miles of new road, against 1,040 in
the same period in 1887— Georgia having 113 miles and Texas
112 miles of this new work. From this time forward railroad
warnings will really count for something and will soon give an
indication as to how they will compare with last year.
The Stock Exchange this week has had another downward
turn, which was rather to be expected after the sharp rise of
last week. Missouri Pacific has again been the mysterious
feature, declining without known reason, and this has given
the Street one more caution against railroads which give out
no report of earnings. The most useful exhibit of earnings which
we get from the railroads is the current monthly statement of
gross and net earnings,
usually issued four or five
weeks after the close of the month to which the figures refer.
But unfortunately a comparatively small number of railroads
issue this exhibit, as its publication is entirely voluntary. In
the direction of compulsory statements furnished by law, New
Y ork is far ahead of any other State, and the quarterly returns
made by our railroads to the New York State Commissioners
about six weeks after the end of each quarter, are models
o f brief though comprehensive information published for the
benefit of stockholders and the general public.
Instead of the diffuse and usually fruitless discussions which
are constantly coming up as to getting more information from
railroad companies, why would it not be better to follow up
closely the New York law and press it upon the attention of
legislators in other States, until all the railroads in the country
are compelled to make such quarterly returns to the States
wherein they are operated?
- The open market rates for call loans during the week on
Stock and bond collaterals have ranged from I f to 3 per cent,
and to-day the rates were lf@ 2 £ per cent.
The Bank of England weekly statement on Thursday showed
a loss in specie of £578,000, and the percentage of reserve
to liabilities was 38-74, against 36-06 last week; the discount
rate remains unchanged at 2 per cent. The Bank of France
lost 4,750,000 francs in gold and 3,975,000 francs in silver.
The New York Clearing House banks in their statement of
April 7 showed a decrease in surplus reserve of $524,700,
the total surplus being $8,620,875, against $9,145,575 the
previous week.
The following table shows the changes from the previous
week and a comparison with the two preceding years in the
averages of the New York Clearing House banks:
1888.
A p ril 7.
Loans and disc’ts.
Specie................ .
Circulation............
Net deposits..........
Legal tenders.......
Legal reserve.......
Reserve held.........
$
50.512.700
58,928.400
368.349,400
71,774.100
7.726,500
371,571,700
29.939.700
92,892,925
101,513,800
Surplus reserve...
Diffr’ nPs f r ’ m
Prev. Week.
$
1887.
A pril 9.
1
A pril io .
$
$
Dec. 182,600 370,917,500 350.138.700
In c. 422,800 79,408,800 77,483.700
8,309,200
Inc . 123,800
7,916,300
Dec.1.747,200 377.13u.900 373.205.700
Deo.1,384,300 18,989,500 31,373,600
Dec. 436,800 94,282,725 93,301,425
Dec. 961,500 98,398,300 108,857,300
8,620,875 Dec.
524,700
4,115,575
15,555,875
Exchange.—Sterling exchange has been quiet and rather
easy, though no real weakness has been manifested. Some
pressure has been felt from bond bills, but on the other hand
commercial bills have been scarce. Rates have been steady
and are unchanged from a week ago, the posted rates still
being quoted at 4 86@4 86f and 4 88@4 88f. Prime commer
cial paper is quoted at 5 @ 6 per cent.
To-day the rates on actual business were as follows, viz. :
Bankers’ 60 days’sterling, 4 85f @ 4 85f ; demand, 4 87£@4 8 7 f.
Cables, 4 87f @ 4 87J.
Commercial bills were 4 8 4 f@ 4 84f.
Continental bills were: Francs, 5 19f @ 5 20 and 5 17f@ 5 18f ;
reicnmarks, 9 5 f@ 9 5 f and 9 5 £ @ 9 5 f; guilders,
4 0 f@ 4 0 f.
The following were the rates of dorp
New York at the under-mentioned citk to r
buying par; selling f @ f premium; Charles
premium; selling J premium; New Orleans, «
premium; bank, $1 premium; S i. L o C
Chicago, 60c. premium.
A p ril 13.
S ixtj Hays.
Prime hankers’ sterling hills on London..
Prime commercial...._____ . . . . . ____ . . . . .
Documentary commercial...........................
Paris (francs)..................................................
Amsterdam (guilders)...................................
Frankfort or Bremen (reichmarks)...........
4
4
4
5
mi
i
o , 75c.
emium :
Dem and.
86 @ 4 86% 4 88 @ 4 88%
84% @ 4 84%
8 4 14«î 4 84%
20 @5 19% 5 18% @ 5 18%
40% ® 405j€ 407i«@40%
95% ® 95%
95% @ 957s
Coins.—The following are quotations in gold for various coins;
Sovereigns..........$ 4
35
Napoleons.......... 3
85
X XReichmarks.. 4 74
25 Pesetas.......... 4
80
Span’h Doubloons.15 60
Mex. Doubloons..15 55
Fine gold bars___
par
@ $4 89
@ 3 90
@ 4 80
@ 4 86
@ 15 75
@ 15 70
@%prem.
Fine silver bars.. — 93 @ — 94
Five francs...........— 93 @ — 95
Mexican dollars.. — 73% @ — 74%
Do uncommerc’l — 73 @ ------Peruvian sols.......— 73 @ — 75
English silver___ 4 80 @ 4 85
U. S. trade dollars — 72 @
......
United States Bonds.—Government bonds have been mod
erately active, though the dealings have been without feature
or significance. Prices of the 4s were a trifle strong for a
while, but later they were not as firm. Other classes have
been almost unchanged.
The closing prices at the N. Y. Board have been as follow s:
Interest A p ril A pril A pril A pril
11.
Periods
9
10.
7.
419s, 1891............reg.
4 % s ,1 8 9 1 ..___ coup.
4s, 1 9 0 7 ...___ ...reg.
4s, 1907............ coup.
6s, cur’cy, *9 5... .reg.
6s, cur’cy,’96___ reg.
6s, cur’cy ,’9 7 . . . . reg.
6s, cur’cy, ’9 8 ___reg.
6s, cur’cy,’9 9 ___ reg.
Q.-Mar.
Q.-Mar.
Q.-Jan.
Q.-Jan.
J. & J.
J. & J.
J. & J.
J. & J.
J. & J.
106% *10613
*106*3 *106%
124
124%
*124 *124
*12012 *120%
*12213 *122%
*124*3 *124%
*127 *127%
*130 *130
*106% *106%
106% *106%
124 *124
124% *124
*120% *120%
*122% *122%
*125% *125%
127% *127%
*130 1*130
•!
||fce jjfotxhm ’ da-aelte.
[V ol. T
A p ril
13.
106%
*106%
124
*123%
*120%
*122%
*125%
*127%
*129
106%
106 hi
*123Ia
*123%
-120ia
I -is
472
*12213
*12419
*1271«
*12919
* This is the price bid at the morning board; no sale was made.
State and Railroad Bonds.—State bonds have been more
active than for some time past, and quite a large number of
different classes have shared in the business, though none have
been conspicuous for special activity. Prices have not changed
to any material extent.
Railroad bonds were quite active in the early part of the
week, the business, however, being scattered over the list, and
none showed any special activity. Latterly transactions fell
off somewhat, though the business of the week has been fair.
Prices have been irregular, and at times somewhat unsettled
in certain directions, the fluctuations of the stock market
being reflected in bonds to a limited extent. There have been
some weak spots, such as Erie 2ds, Missouri Kansas & Texas
5s and 6s, Fort Worth & Denver lsts and a few others, though
the changes in most cases, either up or down, have been
slight and unimportant. A sharp advance in Green Bay &
Winona lsts and incomes was made in the latter part of the
week, owing to the reports that arrangements had been per
fected for building the Winona & Southwestern, and the whole
market was much stronger to-day.
R ailroad and Miscellaneous Stocks.—The stock market
has gone back to comparative quietness, and during the past
week business has been only moderately active.
As usual
during a dull market, prices have tended downward, and at
times there has been considerable weakness in special stocks.
A reaction from last week’s buoyancy was rather to be expected,
and the bears have taken advantage of this, together with a
few unfavorable rumors and developments, and have succeeded
in working the whole market down a point or two, with excep
tional declines in a few stocks. The strike is no longer dis
cussed in the market as of much importance, but a rumor has
prevailed of a proposed combination between the Knights of
Labor and the Brotherhood of Engineers. The sales to realize
profits on the higher range of the market, and the fact that
shorts were heavily covered during the rise, undoubtedly had
much to do with the reaction of the week.
Missouri Pacific has again been the leader of the market in
weakness, going down from 76 and a fraction to 7Of; the Van
derbilts, especially Lake Shore and Canada Southern, were
apparently the objects of a bear attack, and fell off under this
pressure. In regard to the Missouri Pacific no adequate expla
nation is given for its movements, and, as usual with this stock,
its fluctuations are a mystery.
The grangers have again shown a declining tendency, more
especially Burlington & Quincy, on the reduced net earnings
and a revival of the rumor of a reduction of the dividend.
Reading was rallied considerably after its decline of last
week by a rumor that the company would place enough of
its new 4 per cent loan to take up the general mortgage bonds
and save the interest on those, waiting for a more favorable
time to negotiate the balance.
To day, Friday, the tone was healthier, and with a steady
market prices were perceptibly firmer in the morning and
closed strong at a fair recovery from the lowest of the week.
473
THE CHRONICLE.
STOCKS_PRICES AT N.Y. STOCK EXCHANGE FOR WEEK ENDING A P R I L 1 3 , AND SINCE JAN. 1, 1888.
HIGHEST AND LOWEST PRICES.
STOCKS.
A c t iv e R R . S to c k s .
Atlantic & Pacific......................
Canadian Pacific........................
Canada Southern.......................
Central of New Jersey............
Central Pacific...........................
Chesapeake & Ohio...................
Do
1st pref.
Do
2d pref..
Chicago Burlington & Quincy.
Chicago Milwaukee & St. Pam.
Do
pref.
Chicago & Northwestern.........
Do
pref.
Chicago Rock Island & Pacific.
Chicago St. Louis & Pittsburg.
Do
prei.
Chicago St. Paul Min. & O m ...
Do
pref.
Cleveland Col. Cin. & Indianap.
Columbus Hocking Yal. &Tol.
Delaware Lackawanna & West
Denver&Rio G., assessm’tpd.
Do
pref.
East Tennessee Va. & Ga. R’yDo
1st pref.
Do
2d pref..
Evansville & Terre Haute.......
Fort Worth & Denver City___
Green Bay Winona & St. Paul.
Illinois Central..........................
Ind. Bloom. & West............
Kingston & Pembroke..............
Lake Erie & Western................
Do
pref.
Lake Shore & Mich. Southern.
Long Island...............................
Louisville & Nashville....... .
Louis. New Alb. & Chicago...
Manhattan Elevated, consol..
Michigan Central......................
Mil. Lake Shore & West. . ____
Do
pref.
Minneapolis & St. Louis...........
Do
pref.
Missouri Kansas & Texas.......
Missouri Pacific........................
Mobile & Ohio.............. .............
Nashv. Chattanooga & St.Louis
New York Central & Hudson.
New York Chic. & St. Louis...
Do
1st pref.
Do
2d pref..
New York Lake Erie & West’n
Do
pref.
New York & New England___
New York Ontario & W est___
New York Susq.. & Western...
Do
pref.
Norfolk & Western...................
Do
pref.
Northern Pacific...................
Do
pref.
Ohio & Mississippi..............
Oregon & Trans-Continental..
Peoria Decatur & Evansville.
Philadelphia & Reading___
-Richmond & West P’t Terminal
Do
pref.
Rome Watertown &Ogdensb’i
Bt. Louis & San Francisco.. . .
Do
pref
Do
1st pref
Bt. Paul & Duluth....................
Do
pref.
St. PaulMinneap. & Manitoba.
Texas & Pacific..........................
Union Pacific...........................
Wabash St.L. &Pacifio............
Do
pref.
Wheeling & Lake Erie.............
M is c e lla n e o u s S to c k s .
Colorado Coal & Iron................
Consolidated Gas Co................
Delaware & Hudson Canal___
Oregon Improvement Co.........
Oregon Railway & Nav. C o ...
Pacific Mail.................................
Philadelphia Co., N at Gas___
Pullman Palace Car Co...........
Western Union Telegraph___
E x p r e s s S to c k s .
Adams..........................................
American....................................
United States.............................
Wells, Fargo & Co.....................
I n a c t iv e S to c k s .
American Tel. & Cable Co.......
Atchison Top. & Santa Fe.......
Chicago & Alton........................
Chicago & East. Illinois...........
Do
pref.
Cincin. Ind. St. Louis & Chic..
Cincinnati Wash. & Baltimore.
Do
pref.
Morris & Essex................... .
N. Y. Lack. & West....... . . . . . . .
N .Y . New Haven & H a r t.....
N. Y. & Northern, pref............
Ohio Southern..........................
Pitts. Ft. Wayne & C h ic....r..
Quicksilver Mining Co...........
'£
Do.
pref.
St. Louis Alt. & Terre Haute..
St. Louis Ark. & Texas............
South Carolina............ .............
«Cameron Iron & Coal..............
Columbus & Hocking Coal___
Tennessee Coal & Iron............
V a r io n s S to c k s , A c . (Uni
Amer. Cotton Oil Trust___
Pipe Line Certificates I.......
Saturday,
April 7.
*8%
59
50%
785s
*29
1
8%
59%
50%
78%
29%
1
Monday,
April 9.
83a
*59%
49%
77%
30%
*%
*3%
8%
59%
5038
78%
30%
2
Tuesday.
April 10.
8%
8%
*8%
59%
48%
77%
29
1%
59%
49%
78
29
1%
*58%
47%
77%
*28%
1%
5%
2%
118 120% 117% 118%
69% 70%
70
71%
110% 110%
111 111
106% 107% 105% 106%
142 142
142 142
109% 109%
109% 110
13
12% 12% *12
34
31% 31% *31
35% 35%
35% 35%
*405 106%
47
47
*46
48
21
1978 1978 *17
125% 126% 125% 125%
17 78 17 %
18
18
48% 49%
48% 49%
*9%
9%
9%
9%
62
*58 ......... *56
20 % *19% 20%
20
*2
120 121%
703s 71%
111 111%
107% 107%
142 142
110% 111
*12% 13
*32
34
355s 36
47% 47%
*20
22
126 1263s
*18
185s
48 78 48%
9%
9 7s
* 5 7 % .........
19% 20%
87% 8 7 78 *86
35
35
35%
* 8%
117%
li%
*29%
14
44
89%
*90
53%
*32
*85
79
*55
86 %
8%,
117%
li%|
31
14
45
90%
91
54%
40
87%
79
70
86 %
15
15
13% 13%
75% 76%
*75% 76%
105% 105%
14% 14%
66
66
*29% 30
24% 24%
57% 57%
33% 34%
*16
16%
*8
8%
29
29
45 % 45 %
22
45
45%
20 % 2 0 %
19% 19%
19
19
57% 58%
*2 1 %
21% 2134
*61
62
*25
27%
683s 683a
108% 108%
48
48
95
95
23%
53%
*12%
*22
50
23%
54%
13
24
51%
88
34% 35
35%
8%
8% *7 %
*8
118 118% 118% 118%
*10% 12
*10% 12
*28 %
•28%
13% 13% *13% 14
43% 44%
44% 44%
89
89%
893s 90
90
90
*89% 91
53
53%
53% 54%
*30
40
*32
40
86%
85
85% *85
76% 77
77
78
57% 57%
*50
55
87
87
87% 87%
*5
*4%
6
13
13
14
14
13% 13%
13% 14
71% 74%
74% 75%
8
8%
*8
10
*74% 76
*74% 76
104% 105% 104% 1047s
14
14
14% 14%
*65
67
*29
30%
24% 24%
24% 24%
5S% 58%
*56% 58%
33% 343s 33% 33%
*15% 16%
16
16
8%
8%
*8
8%
28% 2834 *28% 29%
*17
18
45% 45%
*21
21%
44% 44%
19% 19%
20
19%
19
193s 19%
19
*18
56% 57%
21% 22%
21% 23
61% 62%
61
84
84
26
26
68
*65
68
68
108 108
•48
48
95
95
99
99
99 7s
101
22% 23%
51% 52%
*1234 13%
*23
23 %
*23% 24
49% 50
50
50
ioo'
33% 34%
71
70% 70% 71
106% 107
107 107
50% 51
49% 49%
88 % 88 %
31% 32%
101 101
*98 100
139 1403s 1 3 8 % 140
74% 74%
135
108%
72
1 32
140 *135
108% *107
72
136
137
140
110
137
Wednesday,
April 11.
*4%
8%
59%
48%
78%
29%
1%
91o
117%
69%
110%
105%
141%
108
*12
31%
35%
in s
*46
*17
125
118%
69 7a
110%
106%
141%
109
13
31%
35%
insio
48
21
12534
9%
*56
*19
9%
61
20%
34% 34%
8%
*7%
118% 118%
12
*10%
*28%
*13% 14
43
43%
87 7s 89
89
89
53% 53%
40
*30
85
85
76
76
60
*50
86% 87%
*5%
13% 13%
13
13%
71% 72%
9%
*8
75% 75%
104% 104%
13% 13%
65
65
28
28
24%
24
. 56% 56%
33% 33%
15% 15%
*8
8%
28%
17%
45%
21%
44%
20%
19
19
57%
22%
63
85
26%
66
67
109 109
46
46
95% 96
99
99
22% 22%
51
52%
*12% 14
*22% 23%
4 9 78 49 7s
28%
*17
45%
*21
44%
19 78
19
*18
56%
21%
63
*83
*25
Thursday,
April 12.
Sales
of the
Week,
Range Since Jan. 1,1888.
Highest.
Lowest.
820
7% Apr. 3 10% Jan.
400 55% Feb. 6 62% Jan.
17,247 45% Apr. 2 56% Jan.
7,485 73% Apr. 2 81% Feb.
546 26% Mar. 26 33% Jan.
28
900
1 Mar. 26
1%
5% Feb.
*4%
4 Mar. 20 10 Jan.
*2
*2
475
1% Mar. 26
7% Feb.
117 118
117% 118% 10,735 112 Apr. 2 130% Jan.
68
69%
69% 70% J.55,045 67 Apr.
78 Feb.
1,494 109 Apr.
109% 110% 110% 110%
116 Feb.
105% 106%l 106% 107% 40,664 102% Apr.
110% Jan.
500 138 Apr.
141 141 *141% 142%
145% Feb.
2,478 103% Apr.
108 108
109 109
114% Jan.
200 11% Apr.
*12
13
*12
13
14% Jan.
400| 29% Mar. 31 38% Jan.
32
32
*31% 33
3,100 32% Apr. 2 40% Jan.
34% 34%
35% 35%
400 102% Apr. 3 109 Jan.
104% 104%
200 42% Apr. 2 53% Feb.
*45
*45
48
47
110 17 Mar. 21 2578 Jan.
21
18
*17
18
124% 125% 125% 126% 83,480 123% Apr. 3 133% Jan.
150 15% Apr. 2 23 Jan.
*17% 18% *18% 18%
1,020 44 Mar. 24 55 Jan.
*47% 48%
49
49
1,210
9%
9%
9%
8% Mar. 22 10% Jan.
9%
61
*57
*57
61
55 Mar. 22 65 Feb.
1,046 17% Apr. 2 23% Feb.
19% 19% *19
20%
300 84 Mar. 22 88% Jan.
*86
88
88
1,000 32% Apr. 2 46% Jan.
34% 34%
34% 34%
1,544
9%
7 % Mar. 20
9%
9 78Apr.
8%
9%
1,773 114 Mar. 5 122% Feb.
119% 119% 119 119
150
*10% 12
*10% 12
9% Mar. 28 14 Jan.
100 2778 Jan. 16 31 Feb.
2878 28% *28%
300 12% Mar. 22 16 Jan.
*13% 13% *13% 13%
5,340 40% Apr. 2 47 Jan.
44
44%
43% 43%
88%
89% 69,050 85% Apr. 2 95% Jan.
87% 8 8 %
260 87% Apr. 2 91% Feb.
91
*89% 90% *89
54% 54% 31,310 50% Apr. 2 64% Jan.
53% 54%
39
31 Mar. 22 39 Jan.
39
*31
*31
1,590 83% Apr. 3 96 Jan.
86
86%
85% 87
1,965 72 Apr. 2 87% Jan.
77% 77%
76%
76
100 50 Mar. 27 ; 80 Jan.
70
*50
*50
441 83 Mar. 27 104% Jan.
*84
87
88
87
100 3 78 Mar. 28 9% Jan.
6
*5%
510 11 Mar. 23 17% Jan.
15
*13
15
2,781
11% Mar. 24 18% Jan.
13% 13%
13% 13%
72% 73% 41,795 70% Mar. 24 89% Jan.
70% 73%
350
6% Mar. 29 13% Jan.
9
8
*7
8
400 71 Apr. 2 80 Jan.
*74% 75% *74% 75%
4,730 102% Apr. 2 108 Jan.
104 104% 104% 105%
1,100 12% Mar. 31 17% Jan.
13% 13%
13% 14
390 63 Apr. 2 73 Jan.
63
63
65% 65%
200 28 Mar. 31 37 Jan.
29
*27% 29% *27
24% 24% 36,945 22% Mar. 9 29% Jan.
23 % 24%
600 53 Mar. 22 65% Jan.
57%
*55
56% *54
29,595 29% Mar. 22 39% Jan.
33% 34
32 % 33%
260 1478 Mar. 10 18% Jan.
16%
*15% 16%
16%
65
9% Jan.
7% Mar. 28
8%
8%
*8
8%
750 26 Apr. 2 33% Jan.
28%
28% 28% *28
100 15% Mar. 24 18% Feb.
17% *17
17%
*17
8,128 41% Mar. 31 47 Jan.
45% 46
45% 45%
755 19 % Apr. 3 23 Jan.
21%
21
3,080 42% Mar. 31 4 7 78Jan.
44% 44%
45% 45%
1,600 17% Mar. 27 25 Jan.
19% 19%
19% 20
4,765 17% Apr. 2 22% Jan.
19%
19% 19%
19
18%' 1,410 15% Apr. 2 23 Jan.
18% 18% *18
193,850
51% Apr. 2 67% Feb.
56% 5 8 % .
56% 57
21% 22% 22% 23% 77,305 19 Apr. 2 24 % Feb.
1,334 55 Jan. 6 69% Feb.
62% 63
63% 63%
311 82% Feb. 13 88 Jan.
*82
85
83
83
300 24 Mar. 27 36% Jan.
26% 26%
*25
27
910 63 Apr. 2 73% Jan.
66%
66%
*65% 6 6 %
705 105% Apr. 3 116 Jan.
109 109
109 109
586 43 Mar. 29 62% Jan.
46%
*46
48
46%
525 89 Mar. 29 105 Jan.
97% 97%
97% 97%
1,200
94 Apr. 2 114% Jan.
101% 101%
*99% 100
8,040 20 Mar. 22 27% Jan.
22% 23
22
22%
83,620
52% 52%
48 Apr. 2 58% Jan.
51% 52%
200 12 Mar. 27 16 Jan.
*12
13% *12% 13%
100
21 Mar. 24 28% Jan.
22% 22% *22% 23%
1,375 44% Jan. 3 55 Feb.
50
50%
49% 49%
8%
*58
47%
77%
32 %
33% 33
33
33
70% 70%
70
*70
71
106
106 106% 1057s 106%
49% 49% 48%
50% 50%
*86%
87% 87% *86% 8 8
31
31%
31% 31
31
99
99 *___
99 100
139% 140 *139 140% 140
72% 73%
73%
72% 73%
140
*135 140
108
*107 110
72% 72% *71
*130 140 *130
Friday,
April 13.
137
140
108 *107
72% 1 *71
140 *130
8%
59
48%
78%
28%
1%
8%
59
48%
78%
29%
*1
*4%
8%
59
49%
79%
29%
33% 33%
33%
71
*70
70
106% 107% 107%
49
48% *48
88
*87
88
31%
31
31
98% 98%
99
140% 140%'
140
73% 74%
74
140 *135
107%
110
72
72%
140 I 135
140
108
73
135
2,090
1,067
3,331
725
680
3,170
570
1,880
30%
68%
103
45
84%
28%
Apr.
Mar.
Jan.
Mar.
Apr.
Apr.
9 8 78 Apr.
135% Apr.
70% Apr.
114 137
119 106%
202 67
170 128
2
29
3
29
2
2
13
3
2
38 % Feb.
78 Jan.
112 Jan.
55 Jan.
94% Feb.
3778 Jan.
106% Feb.
144% Jan.
79% Feb.
Apr. 121145
Mar. 22 108%
Jan. 4 1 74
Jan. 19 137
10
3
9
25
10
4
24
7
27
24
17
30
1
27
10
6
10
27
16
9
30
6
28
12
23
24
10
3
13
3
20
13
30
9
9
11
9
10
10
9
10
5
11
9
5
3
27
9
9
27
27
30
9
10
10
9
7
30
2
30
10
10
31
18
11
18
23
23
31
5
30
16
3
28
23
30
3
3
6
13
17
18
30
18
3
l6
15
30
24
Jan. 23
Jan. 25
Jan. 20
Apr. 9
465 70 Jan. 12 75 Feb. 10
70
70
70% 70%
70%
70
70 *
71
71
1,415 86 Apr. 2 99% Feb. 20
88%
87 % 8 7 7s 1 .........
90% 9 0 7
91
91
100 135 Jan. 9 140% Feb. 10
139
I
139
*135
*135
140
140
1 3 0 140 *133
140
136 136
5,200 40 Mar. 19 43% Jan. 30
41% 41%
41% 41% 1 41% 41%
41%
41% 42
41
41% 42%
9
0
3
4
1,350
89% Mar. 2 94% Jan. 26
90
3
4
1
*90
90% 90%
90% 90%
90%
90% 91%
90% 91
I
100 65% Apr. 2 80 Feb. 2
74
70
70 1 *70
4% Jan. 9
2% Mnr. 23
3%
*3
*3
3% ! *2%
3%
4
* 2%
r *3
*2%
3%
6% Feb. 24
4% Apr. 3
200
5
*4%
5 I *4%
5
4%
5 1 *4%
*4%
5%
[1
5
140%
Apr. 2
135
Jan.
3
400
140% 140%
5 140 140 ! 140 140
20 102% Jan. 9 106 Mar. 6
104% 105
223
Jan.
16
215
Jan.
4
27
'215 222 *218 220 *215 225 *215 222 *215 222
217 217
200 20 Mar. 27 22% Jan. l 6
21 % 21%
12%
Feb.
27
Mar.
22
10
11%
*10
*10
*10
11
12
11
*10
11
*10
11% *10
190 151 Jan. 5 154 Mar. 10
*153 155 *153 155
153 153
153 153
1 5 2 % 154
13%
Jan.
12
Mar.
19
900
9
*9% 10%
10
9% 10%
10%
9% 10
9%
9
*8%
9%
2,115 33 Mar. 31 36% Jan. 10
37
36
37
38
38
36
35% 36%
35
36
*34
35
39
Jan.
11
Mar.
27
35
37
*35
*35
37
*35
37
37
*35
*35
150 11 Apr. 3 1678 Jan. 16
*12
14
12% 12%
14
14
*12% 14
9%
Jan.
27
7% Jan. 31
8
*5
7%
*5
100 15 Apr. 2 24 Apr. 7
34
34 *
34 *
34
34 *
24
24
1,135 17 Mar. 22 30 Jan. 9
20%
20
20
*20 . 21
20
20% 20%
21 % 21 %
3,339 24% Apr. 2 32% Jan. 30
27%
27
26%
26
25% 26%
26% 26%
26% 27
27% 27%
isted.)
8,225 25 Mar. 21 34% Jan. 17
28%
28
27% 28%
27% 28
28% 29
28% 29%
2 7 78 28%
79% 80% 115 70 ,0 0 0 74% Apr. 5 100 Mar. 6
77% 79%
76% 78 7s 76% 78%
79
81
78
79%
. * These are the prices bid and asked; no sale was made at the Board.
i Lower price is ex-dividend.
t Prices from both Exchanges.
THE CHEONICLE.
£74
[V
o l
.
XL'VI.
BaNDS—LATEST PRICES OP ACTIVE BONDS AT N. I . STOCK EXCHANGE, AND RANGE SINCE JAN. 1, 1 8 8 »
Closing.
R ailroad Bonds.
A pr. 6 - A pr. 13
A tl. & Pao.—W. D. too., 6 b, 1910 2214
81 a.
Goar., 4s, 1 9 3 7 ........ ..- • •
Can. South.—1st guar., 5 b, 1908 10578
90 b.
2 d ,5 s ,1 9 1 3 ................... - - - - - - Central oi N. J.—1st, 7 b, 1 89 0 .. 105 *2b.
Consol. 7s, 1899
........—
Convert. 7 b, 1 9 0 2 ............. . 119 b.
Convert, deb. 6 s, 1 9 0 8 ....— ICO b.
General mort., 5s, 1 9 8 7 ...... 101*2
Len. & W.B.,con.7s, 1909,as’nt l l 2 58b.
Am. Dock & Imp., 5 b, 1 9 2 1 ... 105*2
Central Pacific—gold 6s, 1 89 8 .. 115
San Joaquin Br. 68.1900------- 113*9
Band grant 6s. 1 8 9 0 . . . . . . . . . . . 100*2b.
Mort. 6 b, 1936............................
Ches. & O.—Pur. m. fund 6s, ’98 107 b.
6 b, gold, ser. B .1908, coup, ofl 64*4b.
Exten. coup., 4s, 1 9 8 6 . . . . . . . . 60 b.
17 b.
6 s, currency. 1 9 1 8 ..................
97%
Mort. 68,1911..................... . . .
Ches. O. & So. W.—5-6s, 1911 .- 103 %b.
Chic.Bur. & Nor.—1st, 5 b, 1926. 101 a.
Chic. Burl. & Q.—Con. 7s, 1903. 132*2
Debenture 5s, 1 9 1 3 ................. 105 b.
Denver DiviB., 4s, 1922........... 91
Chic. & East. 111.—Con. 6s, 1934 112 %b.
Chic. & Ind. Coal R., 1st, 5s, ’36
Ch.Mil.& St.P—l8t,I.&M .7B,’97 11778
Consol. 7 b, 1905....................... 125*4
let, So. Min. Div.—6 b, 1910... 110b.
iBt, Chi. & Pao.W.Div—5s, ’21 104*2
Wis. &Min. Div.—5 b, 1 92 1 .. 101 ^b.
Terminal 5s, 1914.................. 1 0 0 *20 .
Chic. & N. W.—Consol. 7s, 1915 141*20.
130 b.
Gold, 7s, 1902.......................
Sinking fund 6s, 1 9 2 9 ..... .
Sinking fund 5s, 1929.............. 107*2
Sinking fund debent. 5s, 1933 110 b.
25-year debent. 5s, 1909....... . 105 a.
- Extension 4s, 1 9 2 6 ................. 94
Chi.R. I.& Pac.—6s, coup. 1917 131
Exten. & col. 5s, 1934.............. 105*4
Oh. St.P.,M.& O.—Consol. 6s. ’30 122*2
Ch.St.L.& Pitts.—1st,con. 5 s,’32
C. C. C. & Ind.—Consol. 7s, 1914
Gen. 6 b, 1934............................ 110
Col. Coal & Iron—1st, 6s, 1900. 101 *2b.
Col. H. Val. & Tol.—Con. 5s, ’31 66
Gen. gold, 6s, 1904................... 63 b.
Denver & Rio Gr.—1st, 7s, 1900 120*2b.
1st con. 4s, 1936 ................... . 77*2
Den. & R. Gr. W .- 1st, 6s, 1011. 68 b.
60
A ssen ted..................................
Den. So. Pk. & Pac.—1st, 7s, ’05 74 b.
Det.Mac.& M.—Ld. gr.3*2S,1911 35
£ . Ten.Y. & G. Ry.—Con..5s, ’56 99%
Eliz. Lex. & B. Sandy—6s, 1902. 97
Erie—1st. consol, gold, 7 b, 1920 133*2
113
Long Dock, 7s, 1 8 9 3 ...........
114*2b.
Con. 6 b, 1935......... ...........
N.Y.L.E.&W—2d con. 6s, 1969 97%
Ft. W. &Denv. O.-1 s t , 6s, 1921 80
Gal.Har.& San. Ant.—1st, 6s, ’10
2 d M .,7 s, 1 9 0 5 ....... .................
West. Division—1st, 5 b, 1931. 91 a.
2d, 6s, 1931.............................
Gr’nB.W.ASt.P.—2dinc.8s,1911 26*2
Gulf Col.&San.Fe—1st,7s, 1909 119 b.
Gold, 6s, 1923............................ 9478
Henderson Br.Co.—1st. 6s, 1931 107 38b.
H. & Tex. C.—1st M. L. 7s......... I l l b.
1st, West. D., 7s,1891............... 110 b.
lBt,Waco & N. 7s, 1903.............. 113 b.
2d, consol. M. L. 8s, 1912.......
Gen. mort. 6 s, 1921, tr. reo...
Ind.Bl. &W.—1st,pref.,7 b, 1900
1st, 5-6s, 1909, tr. rec.............
2d, 5-6s, 1909, tr. rec.............
87 a.
East. Div.—6s, 1921, tr. reo.
Income, 6s, 1921, tr. reo___
16
104
b.
Int. & Gt.Nor.—1st, 6s, gold,’ 19
Coupon,6s, 1909...................... 66
Kent. Centr.—Gold 4s, 1 9 8 7 .... 70 a.
Knoxv. & 0 .—1st, 6s, gold, 1925 90*sb.
L. Erie & W .—1st g., 5s, 1 9 3 7 .. 104*4
LakeSh.—Con. coup., 1st, 7s, 1900 125 b.
123 b.
Con. coup., 2d, 7s, 1903___
121 *2b.
Long Island—1st, 7s, 1 8 9 8 ...
l l l * 2b.
lBt, consol., 5s, 1931...........
Lou. & Nash.—Consol., 7s, 1898 117 b.
N. O. & Mobile—1st, 6s, 1930. 112%
96*2b,
2d, 6 s, 1930........................
114 b.
E. H. & N.—1st, 6s, 1 9 1 9 ...
113 b.
General, 6s, 1930.................
Trust Bonds, 6s, 1922.........
107*2
10-40, 6s, 1924...................... . ; 102*2b.
Lou. N. A. & Ch.—1st, 6s, 1910 107*4
Consol., gold, 6s, 1916............ . 88
Mem. & Ch’lston—6s, gold, 1924 101*4
Metro. Elevated.—1st, 6s, 1908 111
2d, 6 s, 1 8 9 9 ......... ..................... 105 b,
Mich. Central—let, con., 7s, ’02 127 b.
Consol. 5s, 1902........................ 109
Mtss’riPac.—1st, cons., 6s,1920 111*2
■ 3 d , 7s, 1906................................. 118 a,
Pac. of Mo.—let, 6s, 1 8 8 8 .... 101 *2b.
2d mort.. 7s. 1891................ 106 b.
215s
81*2
105%
897s
105 %b.
115 b.
122 b.
103*2
10 L78
113 b.
106*2
115 b.
113*2b.
100*sb.
107 b.
65
16 b.
98 b.
104 b.
132*2
105 *2a.
91%b.
113 b.
95 b.
117 %b.
125*4b.
l l l * 2b.
104*8
101 b.
102
142*2b.
130*4b.
118*4b.
108 a.
110 b.
94*2
132*2
105*4
12178
97*2b
125 b.
110 b.
10 2%
65*4
77*8
69 b.
62
74 b.
31 b.
10 0%b.
96*2
133*2b.
113 b.
115
96*4
80
103 b.
104 a.
91 a.
34
119*2b.
94 %b.
107%b.
114 b.
l l l * 2b.
112 b.
60 b.
107 *2b.
86 a.
15 b.
104*2b.
64 b.
70
105 b.
126
124 b,
121 *2b.
112%b.
Il7*8b.
113*4
96*2b.
115 b.
113 b.
108
102*2b.
108
88 a,
102
111 b,
105 b
128
111 *2b,
118 b,
101*2b,
107 b
Closing.
Range since Jan. 1.
Lowest.
Highest
19 Apr.
80 Jan.
105 Mar.
89*4 Mar.
1C4% Feb.
111*2 Jan.
115 Jan.
102 Feb.
98 Jan.
112*2 Apr.
101*2 Jan.
113*2 Jan.
113*2 Apr.
100 Apr.
101*2 Apr.
105*4 Feb.
62*4 Mar.
62 Apr.
16% Apr.
90*2 Jan.
103*4 Mar.
101% Feb.
129*2 Jan.
104*2 Jan.
91 Mar.
113 Jan,
97 Jan.
114*2 Jan.
123*2 Jan.
110*2 Apr.
101*2 Jan.
100 Jan.
100 Jan.
139*2 Jan.
128*2 Jan.
118*4 Apr.
107*2 Apr.
108 Feb.
104*2 Apr.
91*2 Mar.
130*2 Apr.
104 Mar.
119*2 Jan.
97*2 Apr.
123 Jan.
107*2 Jan.
100 Jan.
63 Mar.
63 Mar.
119*2 Jan.
75 Mar.
71 Jan.
60 Mar.
77 Feb.
34*2 Jan.
95% Jan.
96 Mar.
132*2 Mar.
I l l Jan.
115 Apr.
94*2 Feb.
77% Apr.
101*2 Feb.
98 Apr.
90 Mar.
27*2 Jan.
83 Feb.
107 Jan.
94*2 Jan.
108*2 Jan.
117% Feb.
122 Apr.
103*2 As r.
101 % Apr.
114% Feb.
106*2 Apr.
115 Apr.
115% Feb.
103% Jan.
104% Mar.
114*4 Feb.
70% Feb.
70*2 Feb.
28 Feb.
101*2 Mar.
108*2 Jan.
103 Jan.
133 Apr.
107*2 Feb.
95 Jan.
117*4 Feb.
100*4 Feb.
118*a Feb.
126 Jan.
114 Feb.
105 Feb.
102 Apr.
102 Apr.
143 Jan.
132 Feb.
121 Feb.
I l l Feb.
110 Apr.
105*2 Jan.
95 Jan
133*« Feb.
107 % Feb.
122*2 Apr.
100*2 Jan.
129 Feb.
110 Mar.
104 Jan.
73% Jan.
75 Jan.
121*4 Mar.
79*2 Jan.
73 Feb.
68*2 Jan.
81 Apr.
43 Jan.
99% Mar.
104 Jan.
137*2 Feb.
114 Feb.
118 Mar.
9978 Jan.
82 Jan.
106 Jan.
105*2 Jan.
92*2 Jan.
25 Apr.
119 Jan.
94*2 Apr.
107*i Mar.
111 Mar.
112 Feb.
112% Jan.
102 Feb.
65 Jan.
111*2 Mar.
85 Jan.
65 Feb.
87 Jan.
15 Mar.
99 Feb.
64 Mar.
69 Jan.
89*2 Jan.
101*2 Jan.
125 Feb.
122*2 Jan.
120*2 Jan.
ill
Jan.
116*2 Apr.
108*8 Jan.
96*2 Jan.
114 Feb.
109% Jan.
106% Mar.
104 Feb.
107*4 Apr.
87 % Apr.
100 Jan.
108*8 Mar.
103 Jan.
127 Jan.
109 Apr.
107 Mar.
115 Jan.
100*2 Feb.
104 Jan.
34*4 Apr.
122 Jan.
97 % Feb.
110 Jan.
115*2 Jan.
114% Jan.
114 Feb.
108*2 Jan,
69 Feb.
112% Jan.
89*i Jan.
71*2 Jan.
88 Feb.
18 Feb.
111*2 Jan.
77 Jan.
75 Jan.
94*2 Jan.
105*4 Mar.
127 Jan.
125 Jan.
121 Jan.
112 Mar.
123 Feb.
113% Apr.
99% Feb.
115 Apr.
114 Mar.
110 Jan.
104 Feb.
112% Jan.
93 Jan.
10278 Jan.
116*4 Jan.
107 Feb.
130 Feb.
110% Jan.
113*2 Jan.
118 Feb.
103*2 Jan.
105% Feb.
R ailroad Bonds.
Mil. Lk.Sh. & W.—1st, 6s, 1921.
Ashland Div.—1st, 6s, 1 9 2 5 ...
Milw. &Nor.—M. L „ 6s. 1 9 1 0 Extension, 1st, 6s, 1913.........
Minn. & 8t. L.—1st, 7s, 1 9 2 7 Imp. & Equip.—6s, 1922.........
Mo. K.&Tex.—Con., 6s, 1920...
Consol., 58,1 9 20 .......................
Consol., 7s, 1904-5-6.................
Mobile & Ohio—New, 6s, 1 9 2 7 ..
1st, Extension, 6s, 1927..........
1st pref. debentures, 7 s ...........
Mutual Un. Tele.—S. f., 6s, 1911
Nash. Ch. & St. L.—1st, 7s, 1913
N.Y. Central—Extend., 5s, 1893
N .Y .C .& H .-ls t, cp., 7s, 1903
Debenture, 5s, 1904..............
N.Y.&Har.—1st, 7s, 1900.......
N.Y.Chlc.&St.L.—1st, 4s, 1 937..
N.Y. Elevated—1st, 7s, 1906___
N. Y. Lack. & W.—1st, 6s, 1921.
* Construction, 5s, 1923............
N. Y. & Nor.—1st, 5s, 1927.......
N. Y. Ont. & W.—1st. 6s. 1 914..
N.Y.Sus.&W.—1st ref., 5s, 1937.
Midland of N. J.—1st, 6s. 1910
N. O. Pacific—1st, 6s, 1920........
Norfolk & West. - Gen., 6s, 1931
North.Paciflc—1st,coup.,6s, ’21
Gen’l, 2d, coup., 1933..............
N. Pac.Ter.Co.—1st, 6s, 1 9 3 3 ...
Ohio & Miss.—Consol., 7s, 1898.
2d, consol., 7s, 1911.................
Ohio Southern—1st, 6s, 1 9 2 1 ...
2d, too., 6s, 1921........................
Omaha & St. L.—1st, 4s, 1937..
Oregon Impr. Co.—1st, 6s, 1910
Ore. R. &Nav. Co.—1st, 6s, 1909
Consol., 5s, 1925.......................
Oregon & Transoon.—6s, 1922..
Peo. Dec. & Evans.—1st, 6s, ’ 20.
Evansv. Div— 1st, 6s, 1 9 2 0 ...
2d mort., 5s, 1927.....................
Rich & AH.—1st, 7s, 1920, tr. rec
Richin. & Dan.—Cons., 6s, 1915
Debenture, 6s, 1927..................
Roch. & Pitts.—1st, 6s, 1 9 2 1 ...
Consol., 6s, 1922.......................
Rome W. & Ogd.—1st, 7s, 1891.
ConsoL, extend., 5s, 1 9 2 2 .....
St Jo. AGd.Isl.—1st, 6s, 1925 .
2d, income, 5s, 1925................
St. L. Alt.& T.H.—1st, 7s, 1894.
2d, M., pref., 7s, 1 8 9 4 ...........
2d., M., Inc., 7s, 1894...............
Dividend bds, 6s, 1894............
St. L. Ark. & Tex.—1st, 6s, 1936
2d, 6s, 1936...............................
St. L. & Ir. Mt.—1st, 7s, 1 8 9 2 ...
2d mort., 7s, 1897.....................
Cairo & Fulton—1st, 7s, 1891
Gen. Ry. & land gr., 5s, 1931.
St. L. & San F r .- 6s., Cl. A ,1906
6s, Class B, 1906.......................
6s, Class C, 1906........................
Gen’l mort., 6s, 1931................
Gen’l mort., 5s, 1931............
So. Pac., Mo.—1st, 6s, 1 8 8 8 ...
St. Paul M. & M.—1st, 7s, 1909.
2d, 6s, 1909.................................
1st cons., 6s, 1 9 3 3 ...................
Do
reduced to 4*28..
Shenandoah V a l.- 1st, 7s, 1909
Gen’l mort., 6s, 1921................
So. Carolina—1st, 6s, 1620.........
2d, 6s, 1931......... ......................
Inc., 6s. 1931.............. ...............
So. Pao., Cal.—1st, 6s, 1905-12..
So. Pac., Ari.—1st, 6s, 1909-10..
So. Pac., N. M.—1st, 6s, 1911. ..
Tex. & Pac.—Inc. & ld gr, 7s, ’15
Rio Grande Div.—6s, 1930___
Gen. mort. &term., 6s, 1 905..
Tol. A.A. & N. M.—1st, 6s, 1924.
Tol.A.A. & Gr.Tr.—1st, 6s, 1921
Tol. Peor. & West—1st, 7s, ’17 .
Tol. & Ohio Cent.—1st, 5s, 1935
Tol.St.L.& Kan. C.—lst,6s, 1916
Union Pacific—1st, 6s, 1899___
Land grant, 7s, 1887-9............
Sinkingfund, 8s, 1893............
Kan. Pacific—1st, 6s, 1895___
1st, 6s, 1896............................
Denver Div.—6s, 1899.........
1st consol, 6s, 1 9 1 9 ___ . . . .
Oregon Sh. Line -1 st, 6s, ’22..
Virginia Mid.—Gen. m., 5s, 1936
Wab. St.L. & P ac.- Gen., 6s, ’20
Chicago Divison—-5s, 1 9 1 0 ....
Wabash—Mortgage, 7s, 1 909..
Tol. & Wab.—1st, ext., 7s, ’90
1st, St. L.Div,. 7s, 1889.......
2d, extended, 7s, 1893..........
Con., conv., 7s, 1907............
Great West.—1st, 7s, 1888___
2d, 7s, 1893.............................
West Shore—Guar.. 4 s................
A pr. 6 . A pr. 13
Range since Jan. 1.
Lowest.
120*flb 120*4b. 119 Feb.
113*2 Mar.
109 b 109 a. 1<<5*3 Jan.
107 b. 107 b. 104% Jan.
104 b. 105 b. 102 Feb.
151 b. 51*2 Apr.
66
64%
60 Mar.
57
56*2
50*2 Mar.
98
97 b. 90 Mar.
113 b. 115 a. 108*2 Jan.
105*2 Jan.
50
46 b. 43 Mar.
90 b. 90 b. 84*2 Jan.
128 b. 129 b. 128% Jan.
105 b. 106
104*4 Jan.
133 b. 133*2 132% Jan.
108 %b. 108%b. 108% Mar.
130% 130%b. 128*2 Jan.
87*a
88*2
86*4 Jan.
1 14*2b. 115*4b. 114 Mar.
129 b;
127 Jan.
107*sb. iÖ8 * b . 10778 Jan.
104 *ab. 104 *2b. 102% Jan.
11014a. 110*2 109 Jan.
92*38. 91*2
90 Mar.
107 b.
109 Apr.
77 b. 75 Mar.
76*2
118 b. 118*4b 112*3 Jan.
117%b. 118*6 115*2 Jan.
102*sb. 103*4b 102 Jan.
100 b. 101 *sa. 99% Jan.
116*sb. 116 b. 114*2 Jan.
113*2b.
116 Apr.
102 b. 102 b. 99*2 Jan.
31*2b 29 Mar.
30*2
73 b. 71*2b. 70 Mar.
98
100
94*4 Jan.
109*2 110*4b, 108 % F* b.
98 %b. 09*4b. 96*4 Jan.
96
95*2
93 Jan.
104 b. 106
106 Jan.
101 b. 102%b, 102 Mar.
72
72
71 Apr.
50*sb. 55 a. 51 Apr.
113*2b. 114*2 109 Jan.
105 b.
100 Jan.
116 b. 116 b 116 Mar.
115
116 b. 113 Jan.
109 b. 108*ib, 107 Jan.
102
103
1C0% Apr.
100 %b. 100 %b. 98 Jan.
35 b, 41 Jan.
112 b 112 b 112*4 Feb.
110 a 109*2 108 Feb.
104%b 104%b, 103 Jan.
36
35 Apr.
98 Jan.
100*2 101*4
40*3
40%
38 M ar.
107 *8b, 107 b, 106*2 Mar.
107
107
105% Apr.
103% 103%b 10378 Apr.
82 b 80
80 Apr.
116 b 116 b 113*4 Jan.
116 h 116 b 115% Jan.
116*8b, 116 b 114 Jan.
115%b 116 b 112*2 Jan.
102 %b 103% 100% Jan.
101 %b 1 0 178b 100 Jan.
114
112 Jan.
116 b
117 Jan.
115
115
114 Mar.
95*2b 96*28 96*2 Feb.
88 a, 85 b 90 Jan.
30 *2b. 30*sb 29 Apr.
100
100 b 97 Jan.
81*a
69 Jan.
81
12 b 13 Apr.
15*2
112 h 111*4 Apr.
107 a
105*4 Jan.
46%
41 Apr.
46*2
67*4
65 Mar.
67 *2
59 b. 59 b. 59 Apr.
97%b. 97%b, 85 Jan.
102 b. 102 b. 101 Jan.
92 b. 90 Mar.
96%
96*8b. 93 Jan.
90 b. 93*3
9 Í *2 Jan.
114 Jan.
115
115
100*2b. 100*sb. 1( 0*2 Apr.
114*2
113*2 Apr.
109 b. Î Ï 0 *2a. l(9 *s Feb.
110 b. 110 b. 109% Feb.
114 b. 114*4b. 114*2 Feb.
106
105 b. 101% Jan.
101*3 102*3b. 100 Feb.
80
78 Jan.
80
37 Apr.
35 b. 37
93 Jan.
84 Feb.
107 Apr.
108 *2a. 107
107*2 Jan.
107
85 Apr.
83 Jan.
101 b 106 b. 105*2 Apr.
85 Mar.
102 %
9 9 78
Highest.
121*3 Mar;
117% Jan.
I ll
Mar.
108*2 Feb.
110 Jan.
59 Feb*
73*4 Jan.
63*4 Jan.
106*2 Jan.
116 Jan.
105*2 Jan.
51 Feb*
93*3 Feb.
130*2 Mar*
106*4 Mar*
135 Feb*
111 Feb*
133 Jan.
90*4 Jan.
117*2 Jan.
129% Feb*
110*4 Feb.
107 Mar*
1Ì3 Jan.
93 Jan.
114 Mar*
80 Jan.
118 Mar.
118*4 Apr*
105*2 Jan.
102*2 Jan.
116*4 Mar.
118*2 Mar*
104*2 Feb.
34 Jan.
76 Jan.
100 Jan*
110 Jan.
100 Jan*
96*3 Feb.
109 Jan.
106 Jan.
75 Jan*
59*4 Jan.
115 Mar.
ICO Jan.
118 Feb.
115*2 Jan.
109 Feb.
104*3 Mar.
101 *2 Mar.
41 Jan.
113 Jan.
110*4 Jan,
104*2 Feb.
38 Jan.
104*4 Feb.
48*2 Jan.
111*3 Jan.
112 Jan.
105*2 Jan.
92*2 Jan.
118 Jan.
118*2 Jan.
118 Jan.
116*4 Apr.
103% Apr.
101% Apr.
114 Apr.
118*2 Jan.
116*4 Feb.
97 Jan.
92*4 Feb.
36*4 Jan.
102% Feb.
85 Feb.
18% Jan.
116 Mar.
108*2 Mar.
51*2 Jan.
70*2 Jan.
¿ 2*2 Mar.
99*2 Feb.
107 Mar.
92*2 Apr.
97% Jan.
94 Feb.
115*8 Feb.
104*8 Mar.
119 Jan.
112*2 Jan.
I l l Jan.
115*2 Mar.
106 % Apr.
103*2 Jan.
82 Feb.
47 Jan.
98% Feb.
90 Jan.
109 Jan.
109 Feb,
91 Feb.
88*3 Feb.
109 Feb.
9^ .Tati.
02% Ap&
Mote —The letter “ b” indicates prioe bid, and ‘ a” prioe a sked; all other prices and the range are from aotual sales.
S T A T E BONDS.
SECURITIES.
Alabama—Class A 3 to 5 ....... 1906
Class B, 5s............................. 1906
Class C, 4s,......... ...................1906
6 s, 10-20..................................1900
Arkansas—6s, funded.. 1899-1900
7 b, Little Rock & Fort Smith, iss.
7 b, Memphis & Little Rock, iss..
7s. Arkansas Central RR.........
<Jeorgia—17s, gold.....................1890
Louisiana—7s, cons................. 1914
Stamped. 4 s . . . ..............
W eb iiran—7s........ ....................189 b
Bid.
Ask.
105
109
101
102
4
7
7
108
SECURITIES.
Missouri—6s....... due 1889 or 1890
Asylum or University, due 1892
iÖii' ’
Funding.........................1894-1895
New York—6s, loan..................1892
6s, loan.......................
..1 8 9 3
North Carolina—6s, o ld .......... J&J
Funding act..................
1900
12
New bonds, J. & J ___ 1892-1898
104 104*2
Chatham RR .............................. .
105
Special tax, C la ssi.....................
90*2 91*4
Consolidated 4s..................... 1910
105
6s............................................... 3919
Bid.
Ask.
SECURITIES.
Bid.
Rhode Island—6s, cou.. 1893-1894 108
102*3
104
South Carolina—6s, non-fund.1888
3*2
107
Brown consolidated 6s ....... 1893 105
110
60*4
Tennessee—6s, old.........1892-1898
70
111
Compromise, 3-4-5-6S.*_____ 1912
35
40
New settlement—6s...............1913 100
10
9)
5s............................................1913
20
3s...............
1913
68%
6
Virginia—os, old .._........................ ...
48
11
70
9
6s, consolidated bonds.................
50
93*2 94
6s, consolidated, 2d series...........
6s. deferred, trust rec...................
118*2 119*2
7%
Ask.
5
107*3
61
71*3
103
95
69*3
475
TH E CHRONIOLF.
A p r i l 14, 1888.J
BONDS—STOCK EXCHANGE QUOTATIONS ON FRIDAY OF INACTIVE RAILROAD BONDS.
SECURITIES.
Bid.
Ask.
SECURITIES.
Railroad Bonds.
Bid.
Ask.
Eli*. C. & N.—S.f., deb., 6s. ..1921
1st mortg., 6 s ......................... 1920
Erie—1st, extended, 7 s ...........1897
2d, extended, 5s ................ ..1 9 1 9 112*2
106*2
3d, extended, 4*as..............1 9 2 3 106*2 110
93*2 95
807e
4th, extended, 5 b....................1920 1125s
‘110 120
5th, 7s.......................................1888 102 % 103*2
131
1st, cons., fd. coup., 7 b.........1920
106*2 107
99
Reorg., 1st lien, 6s................ 1908
B. N. Y. & E.—1st, 7s...........1916 134
103%
84
N. Y . L. E. & W —Col.tr., 6sl922 106*2 108
81
90
Funded coup., 5s................... 1969
102*2 103
90
Buff. & S. W —Mortg. 6 s ....1908
90
88
Evan. & T. H.—1st, cons., 6 s.1921 117 120
Mt. 'Vernon—1st, 6s...............1923
‘105
105’
Evans. & Indian.—1st, cons...1926
Eureka Springs R’y, 1st, 6s, g.1933
119*2
118%
97*2 Fl’t & P. Marq.—Mortg., 6 s ...1920
97
84
Grand Rap. & Ind.—Gen. 5 s..1924
Registered.......................................
100
98
Green B. W. & St. P.—1st, 68.1911
Han. & St. Jos.—Cons., 6s.......1911 117 119
62
Hous. E. & W. Tex—1st, 7 s ...1898
Illinois Central—
100*4 101
109
1st, gold, 4 s . . . . . . ................... 1951
105
93*2 95
102 103
1st, gold, 3*ss..........................1951
Springf. Div.—C ou p.,..6s,. 1898
66
Middle Div.—Reg., 5 s ......... 1921 111
113
C. St. L. & N. O.—Ten. l.,7 s. 1897 118*2
124*2 125*4
1st, consol., 7s . . . . . . . . . . . . 1 8 9 7 118%
119
2d, 6s.....................................1907 120
117*2
Gold, 5s, coupon................ 1951 118 118*2
112*2 115
118
Registered....... ........................
112*2
Dub. & S. C.—2d Div., 7s ...1 8 9 4 111*2
115
80
Ced. Falls & Minn.—1st, 7s. 1907
115
104
Indian ap. D. & Spr.—
98
1st, 7s, ex. fund, coupon.... 1906
Lake Shore & Mich. So.—
Cleve. P. & A.—7 s .......... ...1 8 9 2 110
Buff. & Er.—New bonds, 78.1898 120
97
Kal. & W. Pigeon—1st, 7 s ... 1890 104 107
Det. M. & T.—1st, 7s.............1906 127*2 129
93% 937s
Lake Shore—Div. bonds, 7 s.1899 119 121*2
Consol., reg., 1st, 7 s .........1900 123
Consol., reg., 2d, 7 s .......... 1903 123*2 Í.25*
87*s
it
Mahon’g. CoalRR.—1st, 5 s.1934
55
Long Island RR.—
N. Y . & M. Beach—1st, 7 s ..1897
104 10478
N. Y . B. & M. B.—l8t,g., 5S.1935
128 130
Louisville
& Nashville—
118
12«
Cecilian Branch—7s .............1907
Pensacola
Div.—6s................ 1920 101
113*4
St. Louis Div.—1st, 6 s .........1921 115
119
54
2d, 3s.....................................1980
125 128
Nashv. & Decatur—1st, 7 s.. 1900 117
122
S. & N. Ala.—S. f., 6 s ....... ..1 9 10
113*3
Louisv. C. & L.—6 s ....... ....1 9 3 1
102
99 100*3
5 p. c. 50 year goldbds.........1937
123 124
90
94*s
Pens. & A t.—1st, 6s, gold.. 1921
101
86
.. Lou. N. O. & Tex.—1st,4 s .... 1934
119*3
40
2d mort., 5s............................ 1934
99 100
70
101 102*2 Mexican Cent.—New, ass.,4s.1911
22
17
Income, 3s............................... 1911
100
k
Michigan Cent.—6s..................1909
122
110*3
Coupon,
5s
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1
9
3
1
97
92
Registered, 5s.........................1931 *109 . . . . . .
93*s 94
Jack. Lan. & Sag.—6s ......1 8 9 1 100
Chicago & NorthwesternMilw. Lake S. <fcWest.—
112
Escanaba & L. S.—1st, (
89*3
Conv. deb., 5 s .......................1907
122
Des M. & Minn.—1st, 7e
Michigan Div.—1st, 6s.........1924 112 114
............ Í33
95
92
_____
Minn.&St.L.—Pa Ex.—1st,7s. 1909
120
Peninsula—1st, conv., 7 s ...
100
2d mortg., 7 s . . . ..................... 1891
118
Southwest Ext.—1st, 7s ....1 9 1 0
131 133*2
Pacific Ext.—1st, 6 s .............1921 * 507s 59
112
Minn. & Pac.—1st mortg. 5s. .1936
105 107
Minn. & N. W.—1st, 5s, gold..1934 100*3 .........
Northern 111.104 108
Minn. S.Ste.M.&Atl.—1st,5 s.. 1926
122 124
Mo.
K. & T.—Cons.,2d, inc-----1911
*121*4
107
H. & Cent. Mo.—1st, 7s....... 1890 *
Chic. St. Paul M. & O.—
Mobile
& Ohio—Col. tr., 6s ...1 8 9 2 102
124*2
72
St. L. & Cairo-4s, guar....... 1931
124% 125%
122 123% Morgan’s La. & T.—1st, 6s-----1920 107*3
Chic. & E. 111.
1st, 7 s ...................................... 1918 118 122”
117 118*2
108
* 94*4 94*2 Nash. Chat. & St. L.—2d, 6 s.. 1901
__ N. J. June.—Guar. 1st, 4s....... 1986 10Z% 103*2
114
Registered certificates.............. .
115
N. Y. P. & O.—Prior lien, 6s ..1895
*110
54
51
N. Y. & Northern.—2d, 4s. ...1 9 27
Cin. I.St.L.& Chic.*............
94
Registered.......
N. Y. & New Eng.—1st, 7 s ....1 9 0 5
1st, 6 s ...................................... 1905
95*2
94
94*2 N.Y. Susq.&West.—Deb. 6 s ...1897
Ool. & Green.2d, 4*28.................................... 1937
98*2
. . . . . . ............ N. Y. N. H. & H.—1st, reg. 4S.1903 105*2
N. Y. Tex. & Mex.—1st, 4s ...1 9 1 2
.................
91*4 91*2
Northern Pac. —Gen. 3d, 6 s ..1937
100
JDdl. Lack. & West.—
Dividend scrip........................
*
96
Dividend
extended........................
110*3 112*3
James River Val.—1st, 6s. .1936 104
*135*2 140
Byra. Bing. & N .Y .—lst, 7s. 19065*132
Spokane <te Pal.—1st, 6 s....1 9 3 6
St. Paul & N. P.—Gen., 6 s ..1923 115 115*4
: *144 150
Registered...................... .
108*2 109*4
Helena& RedM’n—1st,g., 6s. 1937
1*118
IOO
Dul. <&Manitoba—1st, g. 6s.1936
125 126
Do Dakota Div.—1st, 68.1937 .........
135 137
Hel. B.Val. & Butte, 1st, 68.1937
108*8 108%
Drummond & P’bg —1st, 5s 1937
109
93
Helena & No.—1st, g’d, 5s. 1937
: 113*4
La M. & Mo. Riv.—1st, 5 s .. 1937
: *113*2
136 ......... N. O. &No. E.—Pr. 1., g., 6s ..1915
New Or. & Gulf—1st, 6s.........1926 ”9 9 "' io s ”
Registered.
Norf. & W.—New Riv.—1st,6s. 1932
102*2
Imp. & Ext., 6s...................... 1934 104*2 106
*125
Adjustment M., 7s................. 1924 107*2
Registered.
*125
98*3 100
Ogd.
& Lake Ch.—1st, 6 s ------1920
1st, cons., gu
119 119*2
Ohio & Mies.—Cons., s.f., 7 s.. 1898 116
Registered.
109%
Springfield
Div.—1st,
7s—
19o5
Reus. & Sar.—1
143
95
Registered...
General 5s............................ 1932
140
Ohio Cent—1st Ter. Tr., 6 s ...1920
.........
Min. Div.—1st, 6 s .................. 1921 *
i 105 Í06
98
Ohio River RR.—1st, 5 s ------ 1936
Dul. So. Sh. & A t l .-5 s ...........193'
Oregon & Cal.—1st, 5 s ............. 1927
80
87
Panama—Sink, fd,, sub., 6 s...1 9 10
» 121
110
Peoria & Pek U’n— 1st, 6s-----1921 *
110
73
2d M., 4 *ss..............................1921
............
60
(Slock Exchange Prices.)
Atch. Top. & San. Fe—4 * s s ...l9 2 0
Sinking fund, 6 s ................... 1911
Collateral Trust, 5s............... 1937
Beecn (keek—1st gold, 4s.......1936
Balt. & O h io -lst6 s, ParkB ..1919
5s, g o ld .......... ....................... 1925
Boat. H. Tun. & W.—Deb. 5 s...1913
Brooklyn Elev.—1st, G., 6 s ... 1924
2d, 3-5s.....................................1915
Burl. Ce. Rap. & No.—let, 5s. 1906
Consol. & col. tr, 5 s . . . ......... 1934
Registered........................ ...........
Minn. & St. L.—1st 7s, gu . .1927
Iowa C. & W est.—1st 7 s ....l 9 0 9
Ced. Rap. L F. & N., 1st 68.1920
1st 5s..................................... 1921
Central Iowa—1st, 7s, Tr. Recl899
East’n Div., 1st, 6s................ 1912
Illinois Division—1st 6s....... 1912
Cons, gold bonds, 6 s ............ 1924
Cent. RR. & Banking Co., Ga.—
Collateral gold, 5s..................1937
Ches. & O.—6s, gold, ser. A ... 1908
Coupons off..............................1908
Ches. O. & So. West.—2d 6 s ...1911
Chloago & Alton—1st, 7s........ 1893
Sinking fund, 6s..................... 1903
Louis. & Mo. River—1st 7 s .. 1900
1900
.
2d 7s.......................
Bt. L. Jacks. & Chic—1st, 7 s .1894
1st, guar. (564), 7 s ...... ..1 8 9 4
2d mortg. (360), 7s............ 1898
2d, guar. (188), 7s...............1898
Miss. R. Bridge—1st, s.f. 68.1912
Chic. Burling. & Q.—
5s, sinking fund..................... 1901
Iowa Div.—Sink, fund, 5 s ..1919
Sinking fund, 4 s ................ 1919
Plain, 4*................................... 1921
Nebraska Extension 4s........1927
Chic. Burl. & N o.-D eb. 6 s ....1896
Chic. Rock Isl. & Pac.—
Des Moines & Ft. D.—1st,4s. 1905
1st, 2*38................................. 1905
Extension,4s .
...1 9 0 5
Keok. & Des M.—1st, 5 s ___1923
Chic. M.& 8t.P.— 1st, 8s, P. D.1898
2d, 7 3-10s, P. D . . ................ 1898
1st, 7s, $ g., R. D .................. 1902
1st, La Crosse Division, 7 s ..1893
1st, I. & D .,7 s ........................ 1899
1st, C. & M., 7s....................... 1903
1st, 7s, I. & D. E xt................1908
No price Friday; these are latest quotations made this week.
SECURITIES.
Pacific RRs.—Central Pacific—
Gold bonds, 6s......... ......1 8 9 5
Gold bonds, 6s......... ......... 1896
Gold bonds, 6s....................1897
CaL & Oregon—Ser. B., 6.1892
West. Pacific—Bonds, 6 s .... 1899
No. Railway (Cal.)—1st, 68.1907
Union Pac.—1st, 6s...............1896
1st, 6s................................... 1897
1st, 0s................................... 1898
Col. Trust, 6 s .............. ....1 9 0 8
Col. Trust, 5 s . . . . . . ___ ....1 9 0 7
C. Br. U. P.—F. o., 7 s ....... 1895
Atch. Col. & Pac.—1st, 68.1905
Atch. J. Co. & W.—1st, 68.1905
Ut. So.—Gen., 7 s .............. 1909
Extern, 1st, 7s ................ 1909
Missouri Pacific—
Verd’s V. Ind. & W., 1st, 5S.1926
Ler. & C’y Yal A. L.,1st,58.1926
St. Louis & San Francisco—
1st, 6s, Pierce C. & O .........1919
Equipment, 7 s ....................1895
1st, trust, gold, 5s..............1987
Kan. City & S.—1st, 6s, g.1916
Ft. S. & V .B . Bg.—1st, 6s. 1910
St. L. K.& So.Wn.—1st, 6s. 1916
Tex. & Pac.—1st, 6s.............. 1905
Consol., 6s, trust receipts. 1905
Pennsylvania RR.—
Pa. Co.’s guar. 4*28,1st cp.. 1921
Pa. Co.’s 4*28, reg..................1921
Pitts. C. &St.L.—lst,cp.,7s. 1900
Pitts. Ft. W. & C.—1st, 7 s ... 1912
2d, 7s.....................................1912
3d, 7 s . . . : ..............................1912
Clev. & P.—Cons., s. id., 7s. 1900
4th, sink, fd., 6s..................1892
St. L. Y . & T .H .—1st, g .,7 s .1897
2d, 7s.....................................1898
2d, guar., 7 s.........................1898
Pine Creek Railway—6s of 1932
Pitts. & Western—1st, g., 4 s ..1917
Pitts. Cleve. &Tol.—1st,6 s ... 1922
Pitts. Junction—1st, 6s...........1922
Pitts. McK. & Y .—1st, 6s....... 1932
Rochester & PittsburgBuff. Roch.&Pitts.—Gen., 5s.l937
Rich. &Danv.—Deb. ex ep.6s.1927
Consol, mort., gold, 5s.........1936
Atl. & Char.—1st, pr., 7 s . . . . 1897
Incomes....... .........
1900
Rich. & W. Pt. Ter’l. Trust 6s.. 1897
San Ant.& Arans.—1st,6s,’85-1916
1st, 6s, 1 8 8 6 ...........................1926
Scioto Yal.—1st, cons., 7s. ....1 9 1 0
Coupons off............ ...................
St. Louis & Iron MountainArkansas Branch—1st, 7 s .. 1895
Cairo Ark. & T .—1st, 7 s ....1 8 97
St. L. Alton & Ter. Haute—
Bellev. & So. I l l —1st, 8s. ..1 8 96
Bellev. & Car.—1st, 6 s ......... 1923
St. Louis & Chic.—1st, con. 6s.1927
St. Paul Minn. & Man.—
Dakota Exten.—6 s.. . . . . . . . . 1 9 1 0
Montana Exten.—1st, g.,4s. 1937
Registered...............................
Min’s Un.—1st, 6s.................. 1922
Mont. Cen.—1st, guar,, 6 s ..1937
St. Paul & Duluth—1st, 5 s .... 1931
8odus Bay & So.—1st, 5s, g ...l 9 2 4
Tex. Central—1st, s. f., 7s ....1 9 0 9
1st mortg. 7 s .......................... 1911
Tex. & N. O.—1st, 7s................ 1905
Sabine Division, 1st, 6s........1912
Yalley R’y Co. of O.—Con. 6s. 1921
Virginia Midland.—Inc., 6 s ... 1927
Wab. St. L. & Pac.—
Havana D iv .-6 s......... ..... .1 9 1 0
Indianapolis Div.—6s...........1921
Detroit Div.—6s, tr. r e c ___ 1921
Cairo Div.—5s......................... 1931
Tol. & Wab.—Equip. bds.,7sl883
uin. & Tol.—1st, 7s......... 1890
an. & Naples—1st, 7s___ 1909
111. & So. Iowa—1st, ex. 68.1912
St.L.K.C.&N.—R.E.& RR.7s.’ 95
Clariuda Br.—6 s ............ 1919
St.Charles Br’ge—1st,6s. 1908
No. Missouri—1st, 7s.........1895
Wab. St. L. & Pac.—Iowa Div., 6s.
West.N. Y. & Pa.—1st, 5s ....1 9 3 7
West. Union Tel.—Coup. 7 s.. .1900i
Registered..................................
N. W. Telegraph—7 s ................ 1904
Wheeling & L. E., 1st M. 5s. .1926
Market St. Cable Ry., 1st, fis.1913
Manliat. Beach Imp. Co.—7s. 1909
Am. Water Works Co., 1st. 6 s .1907
Tenu. Coal Iron & Railway—
Tenn. Div., 1st, 6s................ 1917
Bir. Div.—1st con. 6s............. 1917
Col. & Hock. Coal & I.—6s, g ..l9 l7
Georgia Co., N. C.—5s..............1937
Bid.
Ask.
115
115
115
100 *a
112
‘114
114
115
104
‘ 94
104
114
114*2
102
92
98
105
105
97
105
‘107
104*3 106
108
10578 107 *a
117
142*3
138*2
‘131
127 130
107
114
‘ 95
‘ 106
70
‘ 108
115
98
83
79
87*4
100
84
80
88
*8*8*
50
107 110
105*3 106*2
115
120
112
88
121
82*2
110
f
111
Ï09*s
40
114
45
116
101*2
105*2
107
109
* io ‘
§
111*2
i*06*‘
114
'97*fl
115 118
115
100
94*4 96*2
86
103*a 104
*84
In co m e B o n d s.
(Interest payable ijt earned.)
Atl. & Pac.—Cën. D iv .,..........1922
Eliz. City & Nor.—2d inc.........1970
20
tnd.Dee.& Spr.—2d inc. tr.rec. 1906
95
Leh. & Wilkesb. Coal................ 1888
Milw. Lake Sh. & W.—Incom e.....
Mobile & Ohio—2d pref. deben----- "28*
24
3d pref. debentures...................
21
4th pref. debentures.......................
55
N. Y . L. E. & West.—Inc., 6s.. 1977
Ohio Cent.—Min. Div.-Inc.7s.1921
Ogdens. & L. Cham.—Income. 1920
Shenandoah Valley—Inc. 6 s .. 1923
F r e e L is t,
Cin.H & D —Consols, s f.,7s,1905 118
Cumberland & Penn.—1st, 7 s....... 102
Jefferson RR.—1st, 7 s . ___ ..1 8 8 9 101
97
25
104
30
25*4
24
103*2
102*2
1
476
THE CHRONICLE.
XLV I.
rVOL.
New Y ork City Banks.—The following statement shows the
SECURITIES.
Rid. Ask.
SECURITIES.
Oondition of the Associated Banks of New York City for the Cam. A Am b__M., 6s, ’89
105
Phila.
A Read’g (Cont’d)—
week ending April 7, 1888:
Catawissa—M. 7s, 1900. 121
Cons. 5s, 2d ser.,o.,1933
Del.ABd.B.—1st, 78.1905 129%
Debenture coup., 1893.
Leh.V.—lst,6s,C .A B .,’ 98 119 120
Average Amount of—
Deferred incomes, o p ...
Sankt.
N ew Y o rk .............
Manhattan C o .....
Merchants’ ........ .
Mechanics’. . . . .......
America.........
P h en ix.... .... ..
City........................
Tradesmen’ s ... ....
Chemical. . . . . . .
Merchants’ Exch.
Gallatin national.
Butchers’ A Drov.
Mechanics’ A Tra
Greenwich.............
Leather Manuf’rs.
Seventh Nat........
State of N. Y ........
Americ’n Exch’ge.
Commerce........
Broadway........ .
Mercantile........
P acific...........
R epublic... . . . . . . . .
Chatham......... ......
Peoples’. . . . . . . . . . . .
North A m erica....
Hanover...............
Irv in g ..................
Citizens’ ................
Nassau.................
Market A Pulton.
St. Nicholas___ _
Shoe A Leather...
Com Exchange...
Continental...........
O riental...............
Importers’ & Trad.
P a rk ............. .
North River..........
East River............
Fourth National..
Central National..
Second National..
Ninth National....
First N ational.....
Third National___
N .Y . Nat. E x ch ...
Bow ery.................
N. Y. County........
German-Americ’n .
Chase N ational.. . .
Fifth A venue. . . . . .
German Exch’nge.
Germania..........
United States......
L in co ln .........
G arfield.............I
Fifth National......
B ’k of the Metrop.
W est Side........... .
Seaboard........
Sixth N ational...’
Western National.
Loans and
Discounts.
Specie.
10.750.000
8.566.000
6.817.600
8.523.000
12.628.900
3.736.000
9.369.900
2.850.700
19.624.900
3.395.500
6.228.200
1.861,100
2.020.000
1.203.400
3.416.900
1.391.200
3.651.800
16.330.000
17.998.Ï00
5.486.900
7.726.800
2.442.200
8.706.300
4.551.600
2.070.500
2.956.400
11.428.200
2.852.000
2,621.100
2.706.100
4.174.000
1.960.700
2.400.000
2.876.000
1,022,600
843.000
2.230.700
302.000
5.616.700
411.000
5.935.800
675.500
434.300
326.200
$
2.866.000
6.380.800
4.294.900
2.050.000
20.271.700
18.045.000
1.927.300
1.385.100
16.173.700
7.344.000
3.361.000
5.031.900
20,94 6,100
5.090.600
1.437.900
2.541.900
2.181.800
2.695.400
7.909.700
3.639.500
2.646.400
2.611.000
3.901.200
2.667.800
2,420,000
1.488.800
3.660.200
1.793.800
2.246.400
1.694.700
8.809.800
112.000
111.400
699.800
354.000
581.800
948.000
2,644.500
940.800
1.181.400
222.300
1,853,600
797.400
251.300
896.800
3.197.100
552.400
494.300
83,000
802,100
194.600
506.000
1.191.400
521.400
196.200
4.713.800
3.994.400
164.800
327.500
2.621.100
1.185.000
823.000
656.800
3.340.700
941.600
184.100
499.300
680.800
371.800
1,712,100
872.800
113.900
110.100
1,461,300
699.300
459.800
396.900
847.800
292.600
650.500
436.000
1,011,900
Net Deposits
Legal
other
Tenders. than
U.S.
$
$
890.000 10.780.000
584.000
9.858.000
773.600
6.784.800
907.000
6.965.000
617.900 11.364,700
329.000 2.811.000
932.000 13,032,100
2.476.300
218,800
457,500 20.094.900
3.872.000
301.600
649.600 4.133.200
112,200
1.766.200
2.216.000
224.000
120,200
1.170.400
335.300
2.965.400
85,000
1.463.200
3.15? 400
266,800
1,955.000 13.193.000
985.700 12.574,200
342.100
4.879.200
603.400 7.376.200
350.000 2.676.700
371.800 8.579.200
367.000 4.709.000
128.000 2.532.100
271.000
3.937.400
802,200 12.517.900
320.100 3.144.000
236.200 2.815.600
420.100
2.949.400
202.100 3.797.000
72.500
1.675.600
212.000
3.010.000
290.000
5.839.400
780.700
4.915.700
536,100
2.160.000
1,584,400 92,671.600
1,445,800 91,409,400
180.600 2.202.500
117.300
1.589.000
1,596,200 16.309.000
921.000
8.313.000
329.000
4.232.000
467.400
4.891.300
1,170.100 18.709.000
380.000
5.180.500
147.900
1.241.400
180,600 2.622.400
134.300 2.855.200
92,900
2.292.000
521.700 8.270.200
97,400
3.709.300
380,600
3.014.800
354.400
2.815.200
28,800
4.453.900
212.800
3.221.900
189, ¡00
2.688.000
197.700
1.774.200
314,800
4.411.300
287.000
2.070.400
210.200 3.190.000
240.000
2.075.100
932.400 7.377.000
Circula
tion.
$
45,000
*45*000
256,0ÖÖ
’52,600
*88,100
485,eOO
496,600
41,900
906.000
45.000
900.000
*42,200
45.000
45.000
40,700
45.000
84ÌjÌ0Ó
4*47,*600
45*000
67,500
45.000
43.000
45.000
119,700
37,600
180,000
45,000
1888
Loans.
Specie. L. T ’nders. Deposits.* Circula’ n. Agg.Cl’ngs
$
$
$
$
$
Mar24 141,070,100 8.785.900 3.052.200 106.502.100
6.512,500 87.6b6,838
“ 31 140,362,200 8.756.900 2,801,700 103,187,500 6.492,100
Apr. 7 139,383.800 9,143.200 3.011.200 105,768,300 6,503,300 70,070,812
88,200.448
P hilad elp h ia Banks.—The totals have been as follows:
Mar. 2 4 .....
“ 81___
Apr. 7......
Lawful Mon’y Deposits.*
$
83,847,700
22,679,600
85,342,700
88,222,600
22,225,300
84,063,600
88.456.900
21,930,400
84,693,800
•Including the item due to other banks.”
Cireula’n Agg.Cl’ngs
s
$
2.453.490 59,278,369
2.451.490 42,558,070
2.450.490 68,776,462
Quotations in Boston, P h ila d elp h ia and B altim ore :
Following are quotations o f active stocks and bonds. A
complete list is given in the C h r o n ic l e the third Saturday
o f each month.
SECURITIES.
Bid. Ask.
SECU RITIES.
Bid. Ask.
B O STO N .
K. O Port Scott A G.—7 s 116
RAILROAD STOCKS.
K.C. Memph. A Birm—5s
92%
Atchison <fc T opek a. . . . .
88V 88% K. City Bp’d A Mem.—6s
112%
Boston & Lowell............. I54V __
K.C.
Clint.
A
Spring!.—6s
Boston & Maine . . . . . . . . . 215^216
Little R. A Pt. S.—7s....... i ........ 107%
Boston & P rovidence... 259
Lonisv.Ev.ASt.L.—1st, 6s
105
California Southern........
2d mort., 2-6s............... , «........ 56
Central of Massachusetts
Mar. H. A Ont.—1908, 6s 100
Preferred......................
1923,6s.......................:
Chic. Burl. A North’n__
Mexican Central—4 s ......
Cleveland A Canton...__
Income..........................
Preferred........... .
31
A N. Eng.—1st, 7s..
Eastern........ .......... ..... ; | 123 *3 l241a N.Y.
1st mort., 6s............
Preferred........... .......... 128 1128% 2d mort., 6s........... .
Fitchburg, pref...............
92%'
Southern Kansas—5s.___ 96
Flint & Pere Marquette. 35%
Texas Division—5s.......
P referred..................... 100
Incomes........ ...............
0*5%
Kan. City Ft. S. A G u lf..
Wiscon. Cent.—1st M., 5s
Preferred....................... 136% 1*38
Income 5s......................
K. C. Memph. A Birin. .. 42
Kan. O. Spring!. A Mem.
P H IL A D E L P H IA .
Mexican c e n t r a l..........
14%
RAILROAD STOCKS.!
N .Y . A N. Eng., pref....... 1110% 114 Buff. N .Y. A Phil.,ass.pd.
Northern. . . . . . . . . . .
|140
Preferred........ ..............
Old Colony . ...........
169
Lehigh V alley.................
51%
Wisconsin Central__*
16
Little S chuylkill.............
17
63
Preferred....................
36
Northern Central.............
86
. ■BONDS.
Pennsylvania................... 54% 54%
Atoh. A Topeka—1st, 7s. 120
Phila. A Reading........ .
28% 28%
ColL Trust, 5s................ 93
93% West Jersey..... ................
58
60
Plain, 6 s ......................
87
RAILR O A D BONDS.
Mortgage, 5 s .. . . . ” ” 1" 100
AUegh. Val.—7 3-lOs. »86 115
Trust, 6 s ..................... 105% 106
7s, E. ext., 1910______ _ 1110
Maat’ra, Mass.—6s. new .. 121
Ino. 7s, end., coup., ’94. 21
24%
Ex-dividend.
t Per share. { Last price this week.
90
123
97%
il*6*‘
9 9 % ........
97% 98
99 100%
Bank Stock L ist.
BANKS.
Amerioa.......
Am. E x eh ...
Asbnry Park
Broadway...
Butchs’ A D r
Central........
Chase...........
Chatham__
Chemical___
Citizens’ ___
City..............
Oommeroe ..
Continental.
Corn Exch...
East River..
11th W ard..
Pifth A v e ...
F ir s t ...........
Fourth........
975^000
81,000
180,000
45.000
44.000
45.000
450.000
45.000
201,700
225.000
180.000
68
20
100
New York Local Securities.
"*2*600
Boston Banks.—Following are the totals of the Boston banks
Loans.
139% Phil. W . A Balt.—Tr. c.,4s
131
128%
B A L T IM O R E .
121
R AILROAD STOCKS.f
111
Baltimore A O h io..........
109%
1st pref..........................
102% 2d p r e f.....................
i ’0‘9"
R A ILR O A D BONDS.
129 i.29% Baltimore A Ohio—4 s ....
120
Cape Fear A Yad.—1st, 6s
Gin. Wash. A Balt.—lsts.l
i\*i% 112
2ds, 5s........................... I
113 114
3ds, 3-4s..... ........ ..........
80% 1st Ino., 5a, 1931..........1
* Ex-dividend. + Per share, i Last price this week.
266,600
TotaI................... 368,349,400 71,774,IO0I29,739.700 371,571.700 7,726,500
1888.
2d,7s, reg.,1910...........
Cons. 6s, C.A R ., 1923..
Penn—Gen. ,6s,coup.l910
Cons., 6s, coup...1905..
Cons., 5s, cou p ...1919.
4%s, Trust Loan...........
Perkiomen—1st, 6s,op.’87
Phil.AR.—2d,7s, c.Ar.’ 93
Cons., 7s, coup., 1911..
Cons., 6s, g., I.R.O.1911
Imp., 6s, g., coup., 1897
Gen., 6s, g., coup., 1908
Gen., 7s, coup., 1908___
Income, 7s, coup., 1896
Ask.
Bid. Ask.
170
138%
100
255
182
120
228
220
3400
140
310
167%
BAN KS.
Bid. Ask.
172% Gallatin .. ..
139
Garfield.......
Germ’nAm ..
275
Germania. ..
Greenwich..
125
Im. A Trad’s’
3700
170
124
210
250
113
200
120
185
338
148
Leather Mf s’ 192
Manhattan.. 160
170
Mechanics’ . 165
152
145
345
i*6*5
169
BANKS.
Bid.
Yew York.. 218
Y.Y. Countv 210
Y.Y. Nat. Ex
Yinth..
130*
Y. America. 125
Yorth Riv’r. 136 142
Oriental.... 185
Paoiflo......... 160
P a rk ........... 170
People’s . __ 135
Pdenlx......... 136
■tepublio . . . 142
St. NicholasSeventh....... 118*
Second.. . . . . 310
ShoeALeath 141
StateofN.Y. 115 120
Pradesmen’s 105 106%
United St’es 175
Ì98
130
140
150
VI’rch’ts’ Ex. 119 122
800
Metropollt’n 10% 12
2000 ____ _ Metropolis... 230
135 138
Nassail. ... . 150
Insurance Stock L ist.
[Quotations by E. S. Bailey, 5% Pine St.]
OOMPAN’ S. Bid. Ask. COMP A N ’ S. Bid. Ask. [OOMPAN’ S. Bid.
135 150
G lo b e .......... 115 120
125
140 160 Greenwich.. 190 215
N ational.... so
120 140 Guardian. .. 60
60
N. Y . Equit. 140
150 165 Hamilton .. 05 105
N. Y . Fire .. 165
110 120 H a n ov er.... 120 125
Niagara...... Ì15
105 115
H om e.......... 120 125
North River 90
106 115
50
60
90
80
Jefferson.... 100 110
50
80 100
Kings Co___ 170 190
Pet’r Cooper 156
165 190
75
Knickerb’k r 65
People’s....... 80
225 240
80
90
95
80 l€0
Long Island 80 100
Rutger’ s ___ 120
90 110 Lafayette... 70
85
Standard.... 98
103 110 Mannf’ c.A B 110 125
S te rlin g ___ 70
100
90
Mechanics’ * 80
Stuyvesant - 100
85
75
Mercantile.. 55
65
United St’ es 135
270 300
80
Merchants’ . 70
Westchester 135
140- 160
M ontank.... 75
80
WilHamsb’sr. 260
Gas and City R ailroad Stocks and Bonds.
A llia n ce___
Am erican...
B ow ery.......
Broadway...
B rooklyn. . .
Citizens’ ___
C ity .............
Clinton........
Commonw’h.
Continental.
E a g le ..........
Empire City
Exchange...
Farragut___
Fire Asso’n.
Firemen’ s ...
German-Am.
Germania...
GAS COMPANIES.
Brooklyn Gas-Light........
Citizens’ Gas-Light. . . . . . .
Bonds, 5s........... ............
Consolidated G a s.............
Jersey City A H oboken...
Metropolitan—B onds.......
Matnal (N. Y .) .................
Bonds, 6s.......................
Nassau (Bklyn.)........ .......
Scrip...............................
Bid. Ask.
103
50
100
70
165
114
83
100
100
97
105
55
103
71
92
102
105
100
GAS COMPANIES.
People’s (B k ly n .)............
Williamsburg.. ................
Bonds, 6s.................. . . . .
Metropolitan (Bklyn.)___
Municipal—Bonds, 7 s .....
Pulton Municipal ...........
Bonds, 6s........................
Equitable................... .
Bonds, 6 s . .....................
Ask
100
145
80
125
100
60
165
95
98
130
101
,75
110
145
140
280
Bid. Ask
70
72
106
75
105
131
105
105
13»
109
110>
122 125
111
80
110
110 113
[City R R . Quotations b y H. L. G b an t , Broker, 145 Broadway.]
B :’cker St. A Fult.F.—stk 26
28 D. D. E. B. A B.—Scrip, 6s 104 107
1st mort., 7s, 1900....... 111 112% Eighth Av.—Stock.......
150 160
Sr’dway A 7th A v.—St’k.
175
Scrip, 6s, 1914..........
105 107%
1st mort., 5s, 1 9 04...... 102 104 42d A Gr’nd St. F ’rv—Stk 210 220
2d mort., 5s, 1914.......... 103 104
1st mort., 7s, 1893....... 112 117
B’way Surface bds.,.1914 75
80
42d St. Manh. A St. N.Ave 34
38
Bonds guar., 5s, 1905 ... 70
80
1st mort., 6s, 1910........ 107 108
Brooklyn City—Stock....... 112 115
2d mort., income, 6s....... 55
60
1st mort., 5s, 1902 ........ 106 110
Joust. W .8t.AP.P’y—Stk. 155
V IMM
Bklyn. Crosstown—Stock. 150 160
1st mort., 7s, 1894........ 110 112
1st mort., 7s, 1 8 88........ 100
Ninth A v e...................
100 102
Bnsbw’k Av. (Bklnj—St’k 145 155 Second A v.—Stock........... 108 n o
Central Crosstown—Stk.. 150 160
1st mort., 5s, 1 9 1 0 ____ lo3 105
1st mort., 6s, 1922 ........ 116 120
Sixth A v.—Stock . . . . . ... 150 160
Cent. Pk. N.A E .R iv.-S tk 82
85
1st mort., 7s, 1890 ........ 1C6 n o
Consol., 7s, 1902 ........... 116 118
Third Av.—S tock .............. 219 230
Ohrist’pb'rAlOth St—Stk - 120 126
Bonds, 7s, 1890........ . 101 102
Bonds, 7s, 1898............. 111 113
Twenty-third St.—Stock.. 225 235
Dry Dk. E.B.A Bat’y—Stk 147 150
1st mort., 7s, 1893 ........ 112 114
1st mort., 7s, 1893........ 107% 109
Unlisted Secnrities.—Quotations from both E xchan ge ;
SECUKITIE8.
Bid.
Am. Bank Note Co...........
Atlan, A Char.—S tock ...
Atl. A Char. A ir L., 1st, 7s
At.APac.-lstM.C.D.oid 6s
Bost. H. T. A W est.—Stk.
Brooklyn Elev’d—stock..
Chic. Burl. A No.—Stock.
Ohesap. <fc Ohio—Receipts
1st pref—Receipts........
2d pref—Receipts...........
Chic. A Atl.—Ben., tr. rec.
Chicago A Can. So............
1st mort..........................
Chic. Gas Trust...............
Cin.Van W. A M .—Cen. D.
25
80
120
90
Den. A Rio Gr. W.—St’k.
Dal. S. Shore A At.— Stk.
8
5
24
34
44
3
5%
3%
4
20
34
85
East A W est RR. of Ala.i
ueorgia Pao.—S tock ...... 15
107 ^
2ds...................................
Kanawha A O h io ..........
1st pref..........................
2d pref............................
1st 6s...............................
Kan. City A Omaha..........
1st m o r t .......................
Keely Motor......................
i
8
3
60
5
65
SECURITIES.
Lehigh A Wilkes. Coal...
Mahoning Coal R R ___...
P ref......... .......................
Mex. Nat.Construct’n Co.
Mexican National tr. rec.
1st mortgage, tr. r e c ....
New 1st 6 s ........... .
N. Y. W. S. A Buff...........
N .Y . A N orth ern ........
Pref.................................
N. Y . A Green’d Lake, 1st
2d mort...........................
New Jersey A N. Y .—1st.
North. Tao.—Div. bonds..
Ocean Steam.Co.,lst guar.
Pensacola A A tlantic....
St. Joseph A Grand I s l...
St. Louis A Chicago, pref.
Si. L. Port S. A W ich___
St. Paul E. A Gr. Tr., 1st 6s
Tol. A. A. A N. Mich.......
Toledo Peoria A W est...
1st. 4s.............................
Vicksb. A Meridian—1st.
2d mort............................
Incom es........................
Western Nat. Bank........Western N. Y. A P enn...
1st, 5s.............................
West N. Car.—Con. M__
Bid. Ask
10
41
100
86
THE CHH0N10LE
A pril 14, 1888.]
R oads .
477
Latest E arnings Reported.
Week or Mo
AND
ff&iltocrad |wMIigpeujeje.
The I nvestors’ Supplement, a pamphlet o f 132 pages,
contains extended tables o f the Funded Debt o f States and
Cities and o f the Stocks and Bonds of Railroads and other
Companies. It is published on the last Saturday o f every
other month—viz., January , March, May, July, Septem
ber and November, and is furnished ithout e xtra charge
to all regular subscribers o f the Chronicle. E xtra copied
are sold to subscribers o f the Chronicle at 50 cents each,
and to others at $1 p er copy.
I 3 P The General Quotations of Stocks and Bonds heretofore published
on the first Saturday of each month, occupying six pages of the Chron
j Cl e , will hereafter be published on the third Saturday of each month"
These General Quotations will next appear, therefore, on Saturday, April
21, and after that on the following days in 1888, viz.: May 19, June 16,
July 21, August 18, September 15, October 20, November 17 and
December 15.
RAILROAD EARNINGS.
Gross Earnings to Latest Dates.—The latest railroad earn
ings and the totals from Jan. 1 to latest date are given below
for all the railroad companies whose reports can be ob
tained.
Latest E arnings Reported.
R oads .
Week o r Mo I 1887-8.
Allegheny V a l .. February .
Atch. T. & S. Fe. January...
Atlanta & Char. January...
Atlanta & W. Pt.. February..
Atlantic & P ac.. 1st wk Apr
Balt. & Potomac February..
Beech Creek___ February..
Buff.Roch.& Pitt 1st wk Apr
Bur.C.Rap.&No. March____
Cairo V. & Chic. 1st wk Apr
Cal. Southern... 1st wk Apr
JCamden & Atl’c February..
Canadian Pacific lstw k Apr
Cp.F’r &Yad.Val February..
Carolina Cent... February..
Cen. RR. &Bg. Co.
Railroad lines. 3dwk Mar
Whole system. February..
Central Iowa___ March.......
Central of N. J . January...
Central of S. C. January...
Charlest’n & Sav January...
Cheshire__ ____ February..
Cheraw &Darl. January...
Chesap. & Ohio. December.
Eliz.Lex.&B.S. February..
Ches. O. & S .W .. March____
Ches. & Lenoir.. January....
Chic. & Atlantic 1st wkApr
Chic. Burl. &No. February..
Chic. Burl. & Q .. February ;
Chic. & East, 111. 1st wk Apr
Chic. & Ind. Coal 1st wk Apr
Chic. Mil. &St.P. 1st wk Apr
Chic. & N’thw’n. February..
Chic. & Oh. Riv. March.......
Ohio. St.L.&Pitts January...
Chic. St.P. &K.C. March.......
Chic. St.P.M.&O. February..
Chic. & W. Mich. 1st wk Apr
Cin.Ind.St.L.&C. February..
Cin. Jack. & Mac. 4th wkMar
Cin.N. O. & T .P. 4th wkMar
Ala. Gt. South. 4th wkMch
N.Orl. & N .E ithwkMch
Vicksb. & Mer. 4 thwkMch
Vicks. Sh. & P. 4th wk Mch
Erlanger Syst. 4thwkMch
Cin.Rich. &Ft. W. 1st wkApr
Cin. Sel. &Mob.. February..
Cin. & Spring’d. March.......
Cin. Wash, &Balt. 4th wkMch
Clev. Akron & Col 4thwkMch
Clev. & Canton February..
Clev. Col. C. & Ind March.......
Whole system. March.......
Clev. & Marietta 4thwkMch
Col. & Cin. Mid . 4thwkMch
Col.Hock.V. <feT. 1st wkApr
Denv. & Rio Gr 1st wk Apr
Denv. & R. G. W. 1st wk Apr
Den. Tex.&Gulf. February..
Det.Bay C.&Alp. February..
Det.Lans’g& No. lstw k Apr
Duluth S.S.&Atl. 1st wkApr
E.Tenn.Va.&Ga. 4thwkMch
Evans. & Ind’plis lstw k Apr
Evansv. & T. H. lstw k Apr
Flint & P. Marq. 4th wkMch
Fla. R.&Nav.Co. 4th wkMar
Ft.W.& Den. City 2d wkMar.
Georgia Pacific. 4th wkMar
Gr. Rap. A Ind... 1st wkApr
Other lines___ 1st wk Apr
Grand Trunk... Wk.Mar 31
Gn.Bay W.&St.P December.
Hous.&Tex.Cen. 4th wkMar
Humest’n &Shen March...
111.Cen. (I11.& So) M arch...
Cedar F.& Mm. M arch...
Dub.&Sioux C. March...
Ia. Falls &S. C. March. .
Ind. Bloom. & W. 4th wk Jan
1886-7,
Jan. 1 to Latest Date.
1887-8.
156.350 133,659
311,505
1,071,483 1,312,592 1,071,483
123,592 114.577
123,592
43,029
38,186
8.4,573
49,280
65,975
'673,737
113,949 110,528
236,447
90,055
56,993
167,988
31,679
43,094
486,058
209,597 286,875
638,856
12,324
12,622
178,152
37,627
34,203
508,610
33,341
25,804
66,275
260,000 201,000 2,845,199
27,984
24,184
55,904
53,655
50,717
98,244
109,340
620,905
123,407
841,371
10,104
47,860
. .39,261
9,074
102,094
554,543
133,345
614.578
7,586
47,012
38,028
7,766
73,615
68,420
160,218 152,202
.8,108
5,873
45,310
39,367
165,124 183,449
1,686,519 1,847,235
37,470
40,659
8,144
6,194
452.000 540,535
1,676,493 1,634,180
3,601
6,890
452,716 446,385
172,493 112,347
438,927 369,033
27,571
23,619
202,274 196,671
12,462
13,143
104,232 103,613
46,643
38,406
28,064
22,401
14.543
15,142
16,897
14,794
210,379 194,360
7,440
7,300
10,380
7,861
102,269
91,032
52,816
63,408
16,414
18,506
26,370
22,551
343,090 383,731
623,263 668,495
6,418
9,008
8,877
8,611
47,879
56,603
127.000 124,000
21,075
16,075
15,072
21,686
34,726
26,083
16,636
15,244
18,759
11,425
138.775 130,592
4,122
3,633
14,760
14,058
79,723
69,170
23,806
25,980
14,344
12,300
22,991
19,630
42,464
42,340
3,424
3,956
340,473 399,618
25,885
43.543
48,584
10,200
10,674
877,660 956,897
7,432
11,154
80,205
72,714
61,685
60,329
52,042
58,962
1886-7.
$
281.750
1,312,592
114.577
76,068
692,733
217,655
103,887
458,955
703,021
184,652
418,284
55,647
2,074,394
44.897
93.015
1,342,271 1,143,337
1,289,903 1,077,234
329,633
340,080
841,371
614.578
10,104
7,586
47,860
47.012
79,867
82,956
9,074
7,766
4,451,169 4,096,049
161,415
145,071
- 476,740
422,605
8,108
5,873
498.548
564,123
273,959
339,105
3,357,813 3,832,620
517,149
596,353
141,671
99,687
5,412,000 5,768,433
3,247,782 3,357,353
10,210
17,606
452,716
446,385
424,190
263,992
763,815
740,492
324.548
331.750
407,206
412,839
105,480
95,350
846,501
790,300
393,118
371,508
219,339
177,480
128,483
139,411
137,237
145,443
1,724,678 1,624.146
106,598
100,629
20,088
18,158
270,524
253,875
511,883
539,253
139,451
122,907
52,903
50.016
942,332
957,773
1,720,777 1,745,667
68,627
77,189
70,782
76,282
631,421
724,399
1,724,437 1,825,311
296,433
242,897
44,557
28,962
62,531
50,479
224,833
262,134
241,636
162,201
1,369,280 1,233,152
55,744
61,118
214,418
196,154
589,084
583,526
278,981
279,027
162,551
106,004
313,044
263,079
544,099
544,380
49,921
30,456
3,706,340 4,231,848
446,852
521,471
583,174
36,161
36,637
2,715,951 2,750,354
19,672
25,985
209,931
186,749
172,431
152.910
187,365
202,600
1886-7.
1887-8.
$
9>
$
25,424
■38,665
Ind. Dec. & Spr. M arch .....
61,417
61,050
Ind. & St. Louis. 4thwkM0h
53,912
Jack. T. & K. W . February.
57,947
4,554
Kanawha& Ohio 1st wk Apr
1,789
K. C.Ft.S.&Gulf. 3d wk Mar.
41,823
49,653
Kan. C. Sp. &M. 3d wkMar.
28,030
37,332
Kan. C. Cl. & Sp. 3dwk Mar.
4,003
'4,247
Kentucky Cent. March.......
76,184
77,227
Keokuk & West. 4th wkMch
7,767
9,643
Kiugst’n & Pern. 1st wk Apr
3,245
2,897
Knoxv. & Ohio . February..
41,760
33,750
Lake E. & West. 1st wkApr
33,237
25,728
Lehigh & H ud... February..
17,691
20,534
L. Rock & Mem. 4th wkMar
18,980
16,829
Long Island....... March.......
168,917 196,902
36.704
Lou. & Mo. Riv.. January...
40,982
Louis.Ev. &St.L. 1st wk Apr
16,420
18,000
Louisv. & Nashv. 1st wk Apr 266,555 291,610
Lou.N.A. & Chic. 1st wk Apr
37,688
34,570
35,920
Louisv. N.O. &T. 1st wk Apr
26,113
94,773
Lykens Valley.. February..
39,935
6,656
Mar. Col. & No.. M arch.....
4,267
29,723
Memphis &Chas. 4th wkMar
35,470
*Mexican Cent . 1st wk Apr 121,000
82,211
167,747 159,600
*Mex. N. (all ins) March......
78,972
*MexicanRailwy Wk.Mar.24
55,818
39,120
Mil.L.Sh.&West. 1st wkApr
55,678
17,795
Milwaukee & No. 1st wk Apr
19,314
105,000 162,071
Minneap.& St. L. March.......
Min.St.Ste.M &A January.
30,457
10,147
202,300 189,466
Mobile & Ohio .. March.......
257,132 245,733
Nash. Ch. & St.L. M arch... . .
12,177
Natchez Jac.&C March____
12,998
54,799
New Brimswick. February..
47,761
N.Y. Cen. &H.R. March....... 2,849,609 2,919,810
cN.Y. L. E. & W. February.. 2,048,280 1,923,665
N.Y. & New Eng, February.. 386,953 364,518
11,294
10,752
N. Y. & Northern 1st wk Apr
29,864
26,162
N.Y. Ont. & W ... 1st wk Apr
41,927
38,880
N.Y. ,Phila. & N’k February..
98,341
N.Y.Sus.& W ... February.. 116,864
81,376
69,169
Norfolk & West. lstw k Apr
59.704
N’theastm (S.C.) January...
56,252
Northern Cent’l. February.. 454,751 488,990
Northern Pacific 1st wk Apr 311,513 300,520
68,848
79,249
Ohio & Miss........ 1st wk Apr
6,321
5,216
Ohio River........ 1st wk Apr
54,461
51,456
Ohio Southern.. March.......
39,434
26,151
Omaha & St. L .. February..
Oregon Imp. Co. January... 342,879 263,351
557,400 457,100
Oreg. R.&N.CO. M arch __
Pennsylvania... February. 4,379,455 3,988,788
Penn. Company.
No. West. sys.. December. 1,585,696 1,350,956
So. West. sys.. December. 1,287,937 1,166,064
15,600
14,000
PeoriaDec.&Ev. 4th wk Feb
Phila. & Erie___ February.. 272,052 257,500
Phila. & Read’g. February.. 1,106,357 1,518,256
Coal & Iron Co. February.. 283,444 1,118,021
Tot. both Co’s .. February.. 1,389,801 2,636,277
42,256
Pitts. & West’m . 4th wkMch
56,265
36,216
P’rtRoyal &Aug. January...
27,295
31,327
Pt. R’al&W.Car. January...
26,268
39,750
42,745
Rich. & Allegh’y. February..
R&W.P.Ter.Co—
98,450
Rich. & Danv. 1st wkApr
94,500
30,575
Va. Mid. Div.. 1st wkApr
28,975
15,200
13,400
C. C. & A. Div. 1st wk Apr
Col. & Gr. Div. 1st wk Apr
8,850
8,550
14,150
West. N. C. Div 1st wk Apr
11,950
2,600
2,650
W, O. & W.Div. 1st wk Apr
1,600
1,000
Ash. & Sp. Div. lstw k Apr
Total a l l ___ 1st wk Apr 161,625 170,825
212,446 184,576
RomeW. & O g .. J anuary...
ITSt.L.Alt. &T.H. 4th wkMar
61,417
61,050
27,715
Branches........ 4th wkMar
21,700
St.L. Ark. & Tex. 1st wk Apr
32,617
40,663
St. L. & San Fran. 1st wkApr
93,485 107,341
22,224
St.Paul & Duluth 1st wk Apr
26,289
St.P.Min. &Man. March.......
736.729 679,803
20,t>21
S.Ant. &Ar.Pass. 1st wkApr
56,224
54,073
Scioto Valley___ January...
50,450
62,862
Seab’rd & Roan. February..
71,000
70,793
ShenandoahVal. March.......
South Carolina,. February.. J.35,552 114,599
So. Pacific Co.—
Gal.Har.&S.A. February.. 313,600 224,495
56,452
73,251
Louis’a W est.. February..
Morgan’s L&T. February.. 418,227 297,957
N .Y .T .& M ex . February..
7,860
7,359
82,557
Tex. & N. Orl.. February.. 106,980
Atlan’e system February.. 919,916 668,820
Pacific system January... 2,330,998 1,661,617
Total of all.. January... 3,246,765 2,403,815
8,852:
5,861
Spar. Un. & Col. January...
45,336
Btatenls.Rap. Tr March.......
42,643
88.079
Summit Branch February.. 121,719
Texas & Pacific. 1st wk Apr 106,161 102,199
Tol.A.A.&N.M’h 1st wk Apr
11,310
8,563
20,145
16.079
Tol. & Ohio Cent. 1st wk Apr
21,706
17,688
Tol. P. & W est.. 4th wkMar
Union Pacific... February.. 1,917,938 1,675,914
42,512
41,972
Valley of Ohio. . February..
Wab. Western... 1st wk Apr
92,448 113,712
Wab., E. of Miss January... 456,114 483,549
40,805
51,423
Western of Ala.. February..
50,300
50,200
W estN .Y .& P a . 1st wk Apr
77,570
85,030
£West Jersey.... February..
14.080
Wheeling &L. E. 1st wk Apr
16,658
69,307
74,769
Wil. Col. & Aug January...
66,326
68,863
aWisconsin Cen. 1st wk Apr
£And branches.
Jan. 1 to Latest Date*
1887-8.
77,627
480,297
107,196
I 1886-7*
$
109,137505,360
111,48s1
536,331
582 ,8 14 1
369,410
427,870'
53,726
57,649220,194
208,650'
78,080
77,24526,6711'
38,522
84,854
74,951
475,583
502,497
34,759
41,446
199,010
222,446
518,193
509,443
36,704
40,982
240,774
237,040
4,099,037 4,016,327
487,565
509.908
677.296
576,285
194.115
86,859
21,886
11,480
426,535
409,437
1,665,706 1,290,768
534,601
437,196
962.297
851,524
484,710
604,912
238,618
234,157
300,834
383,282
30,457
10,147
616,248
625,979
776,773
737,288
41,328
42,429
101,108
94,374
8,152,796 8,089,351
3,938,463 3,811,725
778,492
722,305
353,976
307,596
79,503
73,638
236,391
182,937
1,205,354
944,506
59,704
56,252
907,192 1,003,938
3,138,950 2,428,348
958,569 1,076,193
56,931
86,264
150,860
161,349
88,145
62,589
263,351
342,879
972,202
1,275,245
8^573,433 7,840,559
18,532,322 15,469,215
14,362,552 12,002,449
495,796
2,036,597
616,271
2,652,869
396,264
36,216
31,327
517,552
3,089,077
2,155,771
5,244,848
447,002
27,295
26,268
1,303,114 1,167,328
421,246
371,876
270,716
239,771
189,343
170,254
175,915
169,119
25,850
22,437
25,749
11,034
2,372,060 2,147,927
184,576
212,446
505,360
480,297
227,227
217,492
546,146
679,598
1,327,409 1,438,603
262,457
292,757
1,774,165 1,573,863
210,009
54,07it
56,224
109,437
90,902
179,562
185,701
263,129
212,731
589.665
137,274
890,493
15,687
202,566
1,835,683
2,330,998
3,246,765
8,852
126,993
278,692
1,597,709
153,825
310,096
208,246
3,645,770
445,887
114,991
666,231
19,818
164,091
1,411,018
1,661,617
2,403,815
5,861
125.565
174,390
1,608,905
129,858
258,606
225.565
3,413,267
1,290,330
456,114
100,863
704.623
170,735
232,459
74,769
837,070
1,583,075
483,549
86,279
641,576
154,398
183,433
69,307
847.074
* Mexican currency.
ITIncluding Indianapolis & St. Louis.
a All lines included.
Latest Gross Earnings by Weeks.—The latest weekly
earnings in the foregoing table are separately slimmed up
as follow s:
For the first week of April the exhibit is quite favorable»
there being a decrease o f only 0*62 per cent on 53 roads.
478
THE CH RONICLE
1st week o f A pril.
1888.
1887.
$
49,280
31.679
12,324
37,627
260,000
45,310
37,470
8,144
452,000
27,571
7,440
47,879
127,000
21,075
16,636
18,759
3,633
14,058
42,464
3,956
4,554
3,245
33,237
16,420
266,555
37,688
35,920
121,000
39,120
17,795
11,294
29,864
81,376
311,513
68,848
6,321
94,500
28,975
13,400
8,550
11,950
2,650
1,600
40,663
93,485
26,289
106,161
11,310
20,145
92,448
50,200
16,658
68,863
$
65,975
43,094
12,622
34,203
201,000
39,367
40,659
6.194
540,535
23,619
7,300
56,603
124,000
16,075
15,244
11,425
4,122
14,760
42,340
3,424
1,789
2,897
25,728
18,000
291,610
34,570
26,113
82,211
55,678
19,314
10,752
26,162
69,169
300,520
79,249
5,216
98,450
30,575
15,200
8,850
14,150
2,600
1,000
32,617
107,341
22,224
102,199
8,563
16,079
113,712
50,300
14,080
66,326
3,036,902
3,055,805
Buffalo Roch. & Pittsburg.
Cairo Vin. & Chic..............
Chicago Mil. & St. Paul...
Chicago & West Mich.......
Cincinnati Rich. & Ft. W .
COl. Hock. Val. & Tol.......
Denver & Rio Grande___
Denver & R. Grande West.
Detroit Lans. & North___
Duluth South Sh. & A tl..
Evansville & Indianap. . .
Evansville & T. H . . . .......
Kanawha & Ohio..........
Kingston & Pembroke ...
Lake Erie & W estern___
Louisv Evans. & St. L ...
Louisville & Nashville___
Louisville N. Alb. & Chic.
Louisville N. O. & Texas
Milwaukee L. Sh. & West.
Milwaukee & Northern...
New York & Northern___
New York Ont. & W est...
Norfolk & Western............
Ohio & Mississippi......... ..
Ohio R iver... .*.*..............
Richmond & Danville___
Virginia Mid. Div...........
Char. C. & A, Div...........
Col. & Gr. Div.................
West North Car. Div___
Wash. O. &W. D i v ......
Ash. & Spar. D iv............
Bt. Louis Ark. & Texas...
St. Louis & San Fran.......
St. Paul & Duluth..............
Texas & Pacific.................
Toledo A. A. & No. Mich..
Toledo & Ohio Central__
Wabash W estern....... .
Western N. Y. & Penn___
Wheeling & Lake Erie___
Wisconsin Central.............
Total (53 roads)............ .
Net decrease (0*62 p. c.).
Increase.
$
3,4*24
59,000
5,943
1,950
3,952
140
3,000
5,000
1,3^2
7,334
124
532
2,765
348
7,509
3,118
9,807
38,789
Decrease.
$
16,695
11,415
298
3,189
88,535
8,724
489
702
1,580
25,055
16,558
1,519
542
3,702
12,207
10,993
10,401
1,105
5Ó
600
8,046
4,065
3,962
2,747
4,066
2,578
2,537
211,327
3,950
1,600
1,800
300
2,200
13,856
21,264
100
230,230
18,903
Our final statement for the fourth week o f March shows a
loss of 8*62 per cent as compared with last year, on 75 roads.
4 th week o f March.
1888.
1887.
Increase.
$
$
Prev’ly report’d (43 roads) 4,377,564 4,828,573
Burl. Cedar R. & North...
72,350
105,174
California Southern..........
50,932
37,958
Chic. & West Michigan...
37,050
42,767
Cincinnati Jack. & Mack.
12,462
13,143
Ctn. N. O. & Texas P ac...
104,232
103,613
Alabama Gt. Southern .
46,643
38,406
New Orleans & N. E ___
28,064
22,401
Vicksburg & Meridian..
14,543
15,142
Vicksburg Shrev. & Pac.
16,897
14,794
Cin. Rich. & F. W ..............
10,698
14,063
O n . Wash. &. Balt...........
52,816
63,408
Oeveland Akron & Col...
16,414
18,506
Cleveland & Marietta.......
6,418
9,008
Col. & Cin. Midland.........
8,877
8,611
Denver & R. Grande West.
36,175
26,575
Detroit Lans. & North___
25,226
40,969
Duluth S. S. & Atlantic...
23,509
21,005
East Tenn. Va. & Ga.........
138,775
130,592
Flint &Pere Marquette..
69,170
79,723
Florida Ry & Nav...........
25,980
23,806
Georgia Pacific.............. .
19,630
22,991
Grand Rapids & Indiana..
73,206
80,045
Other lines.......................
5,997
4,176
Houston & Texas Cent...
43,543
48,584
Keokuk & Western............
7,767
9,643
Little Rock & Memphis...
18,986
16,829
Louisv. Evansv. & St. L ..
18,574
25,103
Memphis & Charleston...
29,723
35,470
*St. L. Alt.& T. H., M. Line
61,050
61,417
St. L. Alt. & T. H. Brchs..
21,700
27,715
Toledo Ann A. & No. Mich.
16,568
17,157
Tol. Peoria & Western___
21,706
17,688
*
167,985
Total (75 roads)..............
Net decrease (8*62 p. c)...
224,286
5,509,227
6,029,073
12,974
619
8,237
5,663
2,103
266
9,600
2,504
8,183
2,174
1,821
2,157
S
618,994
32,824
5,717
'681
599
3,365
10,592
2.092
2,590
15,743
10,553
3,361
6,839
5,041
1Ì876
6,529
5,747
367
6,015
589
4,018
744,132
519,846
Net Earnings Monthly to Latest Dates.—The tables follow'
ing show the latest net earnings reported this week, the
returns for each road being published here as soon as received,
but not kept standing from week to week. The first state
ment includes all roads for the latest month and from Janu
ary 1, 1888; following that we give the totals for the fiscal
year on those companies whose fiscal year does not correspond
with the calendar year.
M O N TH A N D C A L E N D A R T E A R .
Net...
•February.
1888.
1887.
$
$
97,289
107,954
7,483
10,285
165,124 183,449
38,413
41,469
462,514 396,283
95,056
140,523
- February.■
-J an . 1 to Feb. 29.1888.
1887.
1888.
1887.
Roads.
$
$
$
41,760
‘ Knoxville & Ohio...Gross.
33,750
84,854
74,951
13,970
Net...
13,724
32,344
36,167
Mexican Central....... Gross. 482,164 386,763
994,206
808,583
N e t... 213,305 188,660
466,615
402,550
Mexican National....Gross. 188,721 135,510
366,854
277,596
N e t... def. 11,859
19,626 def.20,540
35,141
27,731
Ohio River.............. ..Gross.
14,227
54,715
32,631
10,815
N e t...
1,488
20,491
9,113
Southern Pacific Co.
Gal. Har. S. Ant....G ross. 313,600 224,495
589,665
445,887
85,640
N e t...
def. 491
127,234
4,920
73,251
Louisiana Western.Gross.
56,452
137,274
114,991
N e t...
32,318
20,856
56,525
47,456
Morgan’s La.& Lex.Gross. 418,227 297,957
890,493
666,231
N e t... 117,217
32,149
289,904
127,663
N. Y. Tex. & M ex...Gross.
7,860
7,359
15,687
19,818
N e t... def. 6,460 def. 4 ,1 4 4 1def. 11,158 def. 7,110
Tex. & N. Orleans..Gross. 106,980
82,557
202,566
164,091
N e t...
26,376
34,411
42,241
67,034
Tot. Atlant. System. Gross. 919,916 668,820 1,835,683 1,411,018
N e t... 255,091
82,783
504,745
239,964
41,569
39,601
Staten Isl’d Rap. Tst.Gross.
84,350
80,229
N e t.,.
347
677 def. 2,009 def. 9,571
---------- Marrch.--------- , r-Jan. 1 to Mar. 31.-%
1888.
1887.
1888.
1887.
Road.
$
$
$
$
Marietta Col. & No...Gross.
6,656
4,267
21,886
11,480
N e t...
2,327
8,346
,------- January.-------> r—Jan. 1 to Jan. 31.—.
1888.
1887.
1888.
1887.
Road.
$
$
$
$
Atch. Top. & S. F e...G ross. 1,071,483 1,312,592 1,071,483 1,312,592
N e t... 318,314 581,086
318,314
581,086
M O N TH A N D F IS C A L T E A R .
Roads.
East Tenn. Va. & Ga.Gross.
N e t.:.
Knoxville & Ohio....Gross.
N e t...
February.1888.
1887.
1887-8.
$
$
$
462,514 396,283 3,876,573
140,523
95,056 1,414,749
41,760
33,750
337,786
13,970
13,724
119,253
1886-7.
$
3,210,615
1,357,205
270,748
110,677
* Included in East Tennessee.
Road.
Oregon Imp. C o .......N e t ...
— F ebruary.— v ,— Dec. 1 to Feb. 2 9 .- ^
1887.
1886-7.
1888.
1887-8.
$
$
$
$
69,127
105,412
35,747
183,806
ANNUAL REPORTS.
B u rlin gton & Quincy R ailroad.
( For the year ending December 31, 1887.^
Chicago
Decrease.
* Including Indianap. & St. Louis.
Roads.
Central Iowa..............Gross.
N e t...
Chicago Burl’n & No.Gross.
N e t...
-East Tenn. Va. & Ga.Gross.
(V ol. XLVL
Ia n . 1 to Feb. 29__,
1888.
1887.
$
$
206,226
206,735
7,665
25,632
273,959
339,105
34,217
51,482
931,958
818,770
298,946
296,804
The miles of road built during 1887 and the total operated
at the close of the year are thus stated.
Miles owned and leased Dec. 3 1 ,1 8 8 6 .......................... .
.
3,914
Operated jointly under lease, &c...........................................................
122
Total Dec. 3 1 ,1 8 8 6 .......................................................................... . 4,036
Constructed during 1887—
Tn Missouri...................................................................................................
9
In Nebraska.................................................................................................. 439
In Kansas................
36
In Colorado....... .......................................................................................
144
In WyomiDg........................................................ .*....................................
29
Total operated Dec. 31, 1887............................................................ 4,693
There has been expended for construction during the year
on the Chicago Burlington & Quincy Railroad and branches in
Illinois $566,654; on the St. Louis Rock Island & Chicago Rail
road, $13,054; on the Chicago Burlington & Quincy Railroad
and branches in Iowa, $340,507; on account o f new lines in
Illinois, the Illinois Valley & Northern Railroad, Walnut to
Streator, $676,609; on the Burlington & Missouri River Rail
road in Nebraska, and branches, $1,105,094; on account of new
lines in Nebraska, Kansas, Colorado and Wyoming, $11,054,827; total for construction, $13,756,747. The cost o f equip
ment added during the year was $1,374,795. Total for con
struction and equipment, $15,131,542.
“ The general condition of the road and equipment has been
maintained during the year, with the exception o f the loco
motives west of the Missouri River, where, owing to the rapid
increase in mileage without a corresponding increase in en
gines, those in use have been overworked, and it has not been
possible to keep them as fully in repair as usual.” * * *
“ The actual length o f road in operation Dec. 31, 1887, was
4,693 miles, against 4,036 miles Dec. 31, 1886, an increase o f
657 miles. The average number of miles operated by the
Chicago Burlington & Quincy Railroad Company in 1887 was
4 239, against 3,743 the year before. The gross earnings per
mile of road operated were $6,505 in 1887, against $7,140 in
1886. The net earnings per mile in 1887 were $2,707, against
$3,269 in 1886. The percentage o f operating expenses, includ
ing taxes, to gross earnings in 1887 was 58*38, against 54*22 *
per cent in 1886.
“ The properties controlled by this company whose opera
tions are not embraced in this report show an increase in net
surplus for the year of about $830,000, the surplus being about
$1,620,000 in 1887, as against about $790,000 in 1886, after pay
ing their own operating expenses and interest on their out
standing liabilities not owned by the C. B. & Q. RR. Co.
From this surplus this company received during the year a
dividend of 7 per cent on the preferred stock o f the Hannibal
& St. Joseph Railroad Company, amounting to $355,6*9, and
a dividend of 5 per cent on the stock of the Kansas City St.
A p r il
THE CHKONICLF.
14, 1888.]
Joseph & Council Bluffs Railroad Company, amounting to
$263,115, and interest on the securities of other companies
amounting to $101,325, making an aggregate of $720,689, in
cluded in the item * Interest and Exchange and other In
com e.’
“ It will be observed that with an increased freight traffic
in 1887, as compared with 1886, of over 1,200.000 tons, or more
than one hundred thousand carloads, the gross freight earn
ings show a falling off of $692,280. The explanation is that,
while there h s be*en a large decrease in the long-haul eastbound corn traffic from Iowa, Nebraska and Kansas, there
has been a still greater increase in the movement of coal and
other low-rate freight west-bound, and in the tonnage carried
in connection with the new line to St. Paul, where our haul
was short and the rat-'S low. The corn crop along our liaes
was seriously injured by the dry weather in August, and what
corn there was remaining in the country, of the crop of 1886,
was largely held back or sent south to Kansas, giving us little
revenue, its ead of being sent to market at Chicago and St.
Louis, as it usually is.
“ The result is shown by the fact that during the five months
ending December 31, 1887, we carried into Chicago _and St.
Louis 12,237 carloads of corn, against 21,209 carloads in 1886.
“ Operating expenses show an increase in 1887 over 1885 of
$1,606,229, due chiefly to unusually heavy expenditures for
steel rails and ballast, to the increase in mileage, and to the
larger volume of tonnage, referred to above. The cost of oper
ating per mile of road in 1887 was $3,797, against $3,87i in
1886, a decrease of $74 per mile.
“ Late in the year there was a general decline in freight
rates, which has become more marked since the year closed, and
will be seriously felt in our earnings in 1888. This is due
largely to the absence o f any means o f self-regulation among
the railroads, because o f the prohibition of pooling by the
Inter-State Commerce Law. Those who remember how diffi
cult it was to maintain steadiness in rates among a compara
tively small number of railroads fifteen or twenty years ago,
before the pooling system was much in use, can easily under
stand the difficulty of doing so at the present time, with the
greater number of competitors in the field.” * * *
The capital stock of the Chicago Burlington & Quincy RR,
Co. Dec. 31. 1887, was $76,392,500, against $76,384,100 Dec. 31,
1886. The funded debt at the close of 1886, including contingent
liabilities for branch roads, was $79,539,707. The net increase
o f funded debt during the year was $11,727,000; total funded
debt Dec. 31, 1887, $91,266,707; whole amount of stock and
bonds Dec. 31, 1887, $167,659,212.
In the land department the cash received during the year
from Iowa lands was $189,887; lands yet unsold, 6,500 acres,
valued at $32,500; land notes on hand, $301,678. On Nebraska
lands cash receipts were $590,824; lands yet unsold 77,500
acres, valued at $310,000; land notes on hand, $1,363,821.
The comparative statistics for four years, compiled for the
Chronicle, are as follows:
ROAD.
Miles ow’d andleas’d
Miles oper’d jointly.
1884.
3,369
98
1885.
3,534
113
1886.
3,914
122
1887.
4,571
122
Total operated..
3,467
3,647
4,036
4,693
1884.
1885.
1886.
4,519,185
5,134,312
5,213,595
7,525,997
8,431,808
8,534,708
$
$
$
5,339,866
5,286,407
5,633,261
18.514,432 19,565,854 19,367,935
1,704,164
1,629,315
1,727,212
1887.
5,750,348
9,752,325
$
6,629,859
18,675,655
2,270,564
O P E R A T IO N S A N D F IS C A L R E SU L TS.
Operations—
Pass’gers car'd (No.)*
Tons carried (No.)..
Warnings—
Passenger.................
Freight.......................
Mail, express,&o....
Total gross earnings 25,483,613
Oper. exp. & taxes.. 14,090,745
26,556,425
14,405,768
26,728,408
14,491,683
27,576,078
16,097,913
Net earnings............ 11,392,868
P.C. of op.ex. to earn
55-3
12,150,657
54-25
12,236,725
54-22
11,478,165
58-38
* Not including those carried on mileage pr season tickets.
INCO M Ei ACC OU N T.
1884.
$
11,392,868
566,769
1,129,591
1885.
$
12,150.657
592,432
985,796
1886.
$
12,236,725
615,342
846,771
1837.
$
11,478,165
859,055
567,083
Total income......... 13,089,228 13,728.885 13,698,838
Disbursements —
$
$
$
Rentals paid............
139,604
187,171
153,215
Interest on debt..........
4,304,284
4,294,263
4,391,004
Dividends..................
5,566,580
6,110,572
6,110,722
Rate of dividends...
8
8
8
938,064
Carried to sink’g f’d.
646,430
670,295
Carried to renew’l f ’d
500,000
1,000,000
1,000,000
12,904,303
$
198,168
4,587,762
6,111.064
8
500,154
Receipts—
Net earnings.............
Interest and exch..
Net B . & M . I’d gr’t -
Total disbursements 11,448,532 12,238,436 12,325,236 11,397,148
1,640,696
Balance,surplus___
1,430,449
1,373,602
1,507,155
G E N E R A L B A L A N C E A T CLOSE O P E A C H F IS C A L T E A R .
À RRP.fst —
1884.
1885.
1886.
1887.
^
^
^
^
Railr’d, eqnip’t.&O.. 141,876,859 146,750,590 154,912,513 170,044,086
Stocks & bds. owned 26,285,286 26,920,963 26,685.953 *27,273,660
Current accounts...
7,035,349
6,291,466
5,901,329
4,634.104
Materials, furl, & c..
1,807.568
1,858,026
1,814,187
2,738,500
Cash on hand..........
3,675.432
3,063,529
2,426,357
2,137,152
Sinking funds...........
7,038,847
8,331,197
9,651,268 10,804,491
T otal................... 187,769,291193,215,771 201,391,637 217,681,993
h$IStiPC—
Q?
Q2
Stock, common....... 76,450,146 76,384,525 76,386,525
BoDds........................ 71,144,<•'08 70,913,503 73,528,708
Land grant sink. fd.
5,260.999 5,748,776 6,375.568
Other sinking funds
3,928,465 4,790,215 5,686,467
Contingent liabilit’s
6,016,000 6,011.000 6,011,000
Income account....... 10,876,920 12,367,370 13,740,972
32
76,392 505
85,255,708
7,006.137
6,421,067
6,011.000
15,248,127
479
1884.
Renewal fu n d .........
Miscellaneous). . . . .
Profit and loss.........
$
7,000,000
1,178.25 0
5,913,903
1885.
1886.
1887.
8,000,000
2,773,741
6,223,636
9,000,000
4,094.518
6,567,879
9 ,0 0 0 ,0 0 »
5,920,743
6,426,706
$
$
$
Total................... 187,709,291193,215,771 201,391,657 217,681,993
* Includes Han. & St. Jos., Kan. C. St. Jos. & C. B., Ohio. Bur. & No.,
Chic. B. <fc K. C., St. L. K. & No. W.. and others,
t Includes unclaimed dividends, unpaid accounts, pay-rolls, &c. | ,1^
Keokuk & W estern R ailroad.
CFor the year ending December 31, 1887J
This Company took possession of the property (formerly the
Missouri Iow a& Nebraska) and began operations on the first
of December, 1886. This report covers the operations from
that date until December 31, 1887, a period of thirteen months.
Length of road, Keokuk to Van Wert, is about 149 miles.
The main irack has 60’5 miles of 60 pound steel rails; the
remainder is laid with iron rails.
The President, Mr. F. T. Hughes, remarks in his report thnt
“ the operations o f the company since its organization have
been very successful. No accidents have occuried involving
loss of life, or serious injury either to persons or property.
Trains have almostuniformly runon scheduletime. W hile
our relations with connecting lines are friendly,
we have
depended upon localrather tnanthrough business for earn
ings, and have striven very hard to secure all the local busi
ness properly tributary to us.”
E A R N IN G S A N D
EXPEN SES.
From freight........................................................................ ............... $233,964
Passengers..............................................................................................
72,849
Mail service................................................................................... ....
8,711
Express................................................................................... .............. ‘
7,800
Car mileage........................................... ...............................................
34,004
9,573
Rent of track.................. .. ....................................................................
Pools.............................................
1,302
Train privileges....................................................................................
182
Total earnings.............................................................. .................
Operating expenses............................................... ........................
$368,387
255,491
Net earnings over all expenses............................................. .
$112,895
Ratio of expenses to earnings, 65 per cent.
G E N E R A L B A L A N C E SH E E T D E C 31, 1887.
Assets.
I
Liabilities.
Cost of road................... $4,293,861 |Capital stoek
$4,000,000
31,508 I Note payable and interAccounts receivable. . .
16,059
I
est
thereon.......
.
241,166
Material on hand.........
5,867
51,279 Accounts payable.........
Cash on hand.................
I Pay rolls..........................
14,268
18,510
I Vouchers.........................
I Income account............
112,895
Total............ ................ $4,392,708 | Total.............................. $4,392,708
Tne cost of road in above general balance sheet includes the
capital stock and the amount borrowed to pay receiver’s cer
tificates and other foreclosure expenses, less value of material
and cash paid over to this company by receiver, and cash bal
ances received on his outstanding accounts.
Panama R ailroad.
( For the year ending December SI, 1887.)
The annual report says that the increased earnings o f tb©
road are due to increased business with closer collection,which
more than compensated for the loss due to the reduction o f
certain rates. The increase o f expenditures for the first half
of the year was more than compensated by the decrease o f th©
latter half, a decrease due chiefly to reduction of pay-rolls and
expenses connected wth the supply department, The general
condition of the road has not only been maintained but im
proved.
A t the annual meeting held in New York April 4, th©
Panama Canal Company put a new board of directors in
charge of the Panama Railroad. Of ths 68,521 shares voted,
only 191 were in the names of individuals, the rest belonging
to the canal company. The new board elected is as follow s:
John Newton, R. W . Thompson, Julius W . Adams, Samuel
R. Probasco, Charles Coudert, D. A. de Lima, D. O. Mills, L.
<fe Bebian, G. Amsinck, W. B. Dinsmore, Robert A. Cheeses
brough, E. A. Drake and Ernest L. Oppenheim.
Tho report gives no general balance sheet, but the earnings
and income have been compiled for the Chronicle as follow s;
EAR N IN G S A N D E X P E N SE S.
1884.
$
443,087
2,693 079
26,164
1885.
$
383,991
2,522,348
32,488
1886.
$
484,422
2,077,790
36,109
1887.
$
525,602
2,154,826
19,674
Tot. gross earn’s. 3,162,330
Operat. exp. & taxes. 1,743,377
2,938,827
2,655,273
2,598,321
2,406,199
3,000,102
2,348,468
1,418,953
283,454
192,122
651,634
Earnings —
Passenger.........
Freight................. ..
Mail, express, & c ....
Net earnings.........
INCO M E ACCOU NT.
1884.
$
1,4181953
332,446
1885.
$
283,454
329,096
1886.
$
192,122
455,238
1887.
$
651,634
489,481
Total income.... 1,751,399
Disbursements—
$
442,528
Interest on d e b t....
53.000
Sub. b’ds redeemed.
1,120,000
35.000
Sub. to Diet.Col., &c
45,048
Miscellaneous............
612,550
$
429.006
57,000
700,000
35,<00
20,034
645,360
$
412,063
60,000
1,141,11S
$ 0
394,520
64,000
35,000
19,716
35,0uÓ
27,684
1,695,576
1,241,040
55,823 def. 628,490
526,779
118,581
521,213
619,902
Receipts—
Net earnings.......... i
Other receipts.........
Tot. dishursem’ts
Balance surplus*..
* Accumulated surplus Dec. 3 1,1 8 8 4 , over dividends and all charges,
$1,076,557; Dec. 31, 1835, $448,166; Dec. 31, 1886 (no dividends),
$566,747; Dec. 3 11 8 87 (no dividends), $1,185,569.
480
THE CHRONICLE.
West Virginia Central & Pittsburg.
( For the year ending December 31, 1887J.
- February.-------- ,
1888.
1887.
Gross earnings.... ..$202,273
$196,671
Op. ex. and taxes.. .. 136,722
126,033
The annual report makes the following showing ; During
Net earnings.. .. $65,551
the year 1887 the company has mined and sold from its differ
ent mines on the line of the road, 259,351 tons of coal, the Fixed charges....... .. 33,333
net profit from the sale of which amounted t o .......... $51,982
Surplus............
v Receipts fr o m —
Passengers.......................................................................
$27,704
Coal freights ...............................................................
73,629
Other freight and express..................................................
45,393
Miscellaneous ..................
21,359
Car mileage, &c........................................................................
23,110
T otal...................
E xpenditures—
Operating expenses
Miscellaneous....... .
Taxes, 1887 ............
............ $191,195
$99,170
10,653
9,979
------------119,802
71,393
$123,375
Increase in inventories of personal property over Jan. 1 ,1 8 8 7 .
5,819
$129,194
Interest on bonded debt........................................................... 68,560
Total net earnings............ ............................................................. $60,635
The operating expenses of the road were 57'2-5 per cent of
the gross earnings, and the net earnings showed an increase
o f $39,390 over 1886.
After the completion of the Piedmont & Cumberland Rail
way, in August Jast, and connecting at Cumberland with the
Pennsylvania Railroad system and Chesapeake & Ohio
Canal, the net earnings o f the West Virginia Central largely
increased.
The gross earnings of the Piedmont & Cumberland for the five
nionths ending Jan. 1 ,1 8 8 8 , were ..................... ............................ $22,941
The operating expenses, under agreement with the West Vir
ginia Central, 60 per c e n t . ................................................. 13,764
Net earnings............................. .................................................
$9,167
G E N E R A L IN V E S T M E N T NEW S.
A llegheny V alley.—The annual meeting of the stockholders
o f the Allegheny Valley Railroad Company was held at Pitts
burg April 10. The board of managers submitted their annual
report for the year 1887, stating that the suits are still in pro
gress and no conclusions have been reached, the property
remaining in the hands o f the receivers. The gross earnings
o f the road for the year were $2,029,108, of which $1,444,376
was for freight. $523,321 for passengers, $19,640 express,
$26,185 mail, $5,976 telegraph and $9,607 rents. The operat
ing expenses o f the year amounted to $115,791, and the general
expenses $73,887. The net earnings of the road for the year
amounted to $797,768, an increase of $116,538 over 1886.
During the year $22,632 was expended for real estate and
$69,826 for new equipment.
A rizona Mineral B elt.—This Railroad Company, accord
ing to the Boston Traveler, has submitted a written proposi
tion to the Atlantic & Pacific for settlement of the differences
between them. This proposition has not been submitted to
the Atlantic & Pacific Directors. Officials of the latter com
pany say they do not know o f any difference, except the fact
that the Arizona Mineral Belt owes them between $40.000 and
$50,000. Any claims which the Arizona Mineral Belt people
say exist are not recognized by the Atlantic & Pacific man
agement.
Boston & Providence.—The Boston & Providence directors
have voted to divide among stockholders the $1,300,000 bonus
to be received May 1 from the Old Colony. With the regular
dividend of $5, this will make a distribution of $37 50 a share
at this time.
Canadian Pacific.—The Canadian Pacific Railway has called
its seventh annual meeting for the 9th o f next month, in order
to authorize the directors to ratify the agreement with the
Government for the renunciation o f the monopoly clause in
exchange for some $15,000,000 of %% Per cent bonds. The
following are the terms of compromise between the Canadian
Pacific Railroad and the Government, A Government guar
antee of $15,000,000 of land-grant bonds, bearing interest at 3 or
8/4 Per cent, and involving an annual charge of about $500,000.
The Government is to have as a protection of the guarantee thè
whole of the unsold proportion of the land grant of the Cana
dian Pacific Company orginally 25,000,000 acres, now reduced
to about 13,000,000 acres by sales to settlers and to the North
west Land Company and the payment of 6,000,000 odd acres
to the Government at $1 50 an acre in extinguishment of an
indebtedness of $10,000,000. There will therefore be these
thirteen million acres as the basis of security, the land to be
administered by a trust and the proceeds of the sale to go
towards the liquidation o f the bond itsue.
'JIn addition it is reported that the company will be respon
sible for the interest on the bonds, which will become a charge
on its surplus earnings in the event of the receipts from land
sales proving inadequate; but no mortgage will be put on the
railway proper. The proceeds o f the new loan will probably
l)e used in the increase of equipment, enlargement o f terminal
facilities, improvement of the road, construction of elevators
&c.
Cincinnati Indianapolis St. Louis & Chicago.—The gross
and net earnings and charges for February, and from July 1
to February 29, were as below given :
[V
o l
.
X LYI
.------ July 1 to Feb. 29.— —,
1887-8.
1886-7.
$1,814,231
$1,811,834
1,177,838
1,132,803
$70,638
47,925
$636,393
266,664
$678,931
383,400
$22,713
$369,729
$295,531
Cleveland & Canton.—The application to the New York
Stock Exchange, under which the bonds were recently listed,
is published at length on another page under the title Reports
and Documents. This gives all the latest information regard
ing the company, its earnings, &c., and as to the latter the
financial agents state that the exhibit is much less favorable
than the facts warrant.
Fitchburg.—This company has called a special meeting of
shareholders April 17, for the purpose o f “ authorizing the di
rectors to issue from time to time the bonds of this company
to the amount of $2,000,000, to provide means for funding the
floating debt and for the payment of money borrowed for any
lawful purpose.”
General Quotations o f Stocks and Bonds.—The General
Quotations of Stocks and Bonds heretofore published on the
first Saturday of each month, occupying six pages of the
C h r o n ic l e , will hereafter be published on the third Saturday
of each month. These General Quotations will next appear,
therefore, on Saturday, April 21, and after that on the follow
ing days in 1888, viz.: May 19, June 16, July 21, August 18,
September 15, October 20, November 17 and Deoember 15.
Indiana B loom ington & W estern.—Under the foreclosure
proceedings the property of the Indiana Bloomington &
Western Railroad Company was sold Jan. 28, 1888, and pos
session was surrendered by the receiver to the purchaser. On
March 10, 1888, the receiver surrendered the possession of the
Cincinnati Sandusky & Cleveland and the Columbus Springfield & Cincinnati roads to their owners. In February a
modification of the plan providing for the funding of ac
crued interest on the outstanding bonds, in lieu of payment
thereof in cash, and providing for an issue o f $500,000 of pref
erence bonds, to discharge prior liens, was submitted to the
security holders. A large proportion of the assents to the
modified plan have been filed with the bondholders’ com
mittee, and others are constantly coming in. It is expected
that in a short time the requisite number of assents will be in
to warrant the committee in authorizing the execution of the
new securities. The committee waits only for the bondholdholders to come forward and file their assents.
Louisville Southern.—It is expected that this road will be
ready for operation early in May. The line extends from
Louisville, Ky., in a southwesterly direction, via Shelby ville,
Lawrenceburg, Harrodsburg, to Harrodsburg junction on the
Cincinnati Southern Railroad; whole distance 83 mile?. The
road passes through a good country, and at Louisville it will
interchange business with the Louisville New Albany &
Chicago Railway for Chicago and northwestern points, and
on the south it will make close connection with the Cincinnati
Southern. The board o f directors is composed entirely of
Louisville parties, Mr. J. W . Stine o f that city being the
President. The capitalization is $2,500,000 capital stock and
$2,500,000 first mortgage 30 year 6 per cent bonds, the latter
covering the road and equipment. The actual cost of the
road is said to have been about 2 % million and the equipment
about $350,000. The securities have been issued to the Southern
Contract Company, which built the road and furnished the
equipment;. Tne Contract Company gave a $1,000 bond and
10 shares of capital stock to each subscription of $1,000. The
City of Louisville and the counties on the line of the road
have subscribed largely to the securities.
Marquette Houghton & Ontonagon.—The earnings and
charges for the year ended Feb. 29 were as below given:
1886-7.
Gross earnings....................................................$1,005,122
Operating expenses.............................................
556,514
1887-8.
$1,110,264
591,538
Net earnings................... . ............................
Fixed charges......................................................
$448,608
326,175
$518,726
322,772
Surplus...........................................................
Dividends............ . .................... .................
$122,433
56,467
$195,954
196,707
Balance........................ ................................. sur.$65,966
def. $753
New York Chicago & St. Louis.—The management of the
Nickel Plate R.R. Co. issues the usual circular soliciting
proxies, to be used for election and other general purposes, on
Wednesday, May 2, in Cleveland. A vote upon a proposition
to build a branch from the main line o f said company’s rail
road near Stuartville, Hancock County, Ohio, to the city of
Findlay, in said county, will be taken.
New York Pennsylvania & Ohio.—Bids for contracts
have been received for the double-tracking of the Mahoning
division to Cleveland.
In anticipation of the general meeting of this company,
convened for the 28th March in London, the voting trustees
issued a statement covering details of the past year’s opera
tions. There was a very satisfactory increase in the traffic
returns for the first four months of the fiscal year, amounting
to nearly a quarter of a million dollars, but the traffic returns
of the next six months showed an absolute decrease of more
than $160,000. It was not until the last two months of the
fiscal year (August and September) that a satisfactory increase
was again shown. Notwithstanding the disappointing returns
for the six months from February to July inclusive, the aggre-
A p r il
14, 1888.]
THE CHRONICLE.
gate of the gross revenue for the year ending Sept. 30 was
upwards of $200,000 better than that of the previous year, and
no less than $1,300,000 above that of 1886, having, in fact,
only been once exceeded in the history of the company. The
amount of net income, after discharging all expenses of
organization, rentals, car trust payments and other fixed
charges, was $1,145,332, of which sum $480,000 was ap
plied for interest on the prior lien bonds, $95,651
expended in permanent betterments on
the road
(mainly for increasing the sidings accomodation, reducing
grades arid purchasing property contiguous to the docks at
Cleveland), $5,856 represented by stock of the Sharon Railway
Company taken for freight under the terms of the Sharon
lease, $7,707 spent on capital account and $129,986 paid to the
Erie Company in settlement of their claims, already referred
to, leaving a balance of $426,131, to which must be added the
surplus brought forward from the previous year, $9,876, mak
ing a total applicable for distribution to the first mortgage
bondholders of $436,007. Of this amount $430,637 was appro
priated to the part payment of the coupons due in July and
January last, the balance o f $5,370 being carried forward. The
traffic returns of the current year for the four months of
October, November, December and January show a small
increase of $5,748 as compared with the same period of the
preceding year. It must be remembered, however, that these
were exactly the four months which showed such a large
increase last year, and that the returns for the current year
have consequently compared so far with exceptionally good
monthly returns.
481
Reports mitt Hgcttmeats.
THE CLEVELAND & CANTON RAILROAD
COMPANY.
APPLICATION TO THE NEW YORK STOCK E XCH AN GE.
' _ .
.
B o st o n ,
March 20,1888.
When Organized, and under what Authority.—Organized
June 24, 1885, upon foreclosure of The Conotton Valley Rail
way Company ; by authority of the laws of the State of Ohio.
Route. From Cleveland to Coshocton, and branch from
Canton to Sherrodsville. Miles o f road completed and in op
eration, 160'59.
e
Contemplated Extensions.—The Coshocton & Southern, an
auxiliary road, js building a thirty-mile extension to Zanesville.
Miles, Iron R ails; Miles, Steel Rails.—All rails new, 60
lb. steel, when the work of changing the guage—which is
now in process -is fully.completed. Guage, equipment, road
bed, ties, and bridges all ready for change from narrow to
standard guage (4 feet 8 % inches). This change will be made
in one day. All necessary changes in equipment have been
provided for.
Inabilities and Assets.—From the last official report made
to Ohio Commissioners, and filed at Columbus, June 30, 1887,
showing a general balance sheet:
Earnings—January 1 to December 31, 1887—Gross earn
ings, $373,965 67 ; net, $108,141 32.
$11,131,698 22
Cost of property.......... .................. .
Capital stock and scrip......................
$10,675,039 00
Debit balance..........................................
7,512 68
Funded debt (subject to call of tbia
company........... .................................
456,400 0 0
Cash...................................................... .
608 70
Credit balances....................................
259 22
Surplus.................................................. ______________ 8 ,1 2 1 3 8
N. Y. Stock Stock Exchange— New Securities Listed.—
The Governing Committee of the New Yo<k Stock Exchange
have added to the list for dealings securities as follows :
St. L ouis & San F rancisco R ailw ay —$159,000 additional
general mortgage, fifty year 5 per cent coupon gold bonds,
making the total amount luted to date $12,898,000.
$11,139,819 60
$11,139,819 60
Mobile & Ohio Railroad —Engraved certificates of deposit
This issue of bonds is the only lien upon the property, and
for first, second, third and fourth preferred income and sink
ing fund debentures.
the proceeds from the sale of said bonds will be used in liquida
Chicago Milwaukee & St . P aul —$143,000 additional ter ting all liabilities o f the company excepting its capital stock,
minal mortgage five per cent gold bonds—$36,000 o f said and improving the property, and for the change of gauge and
bonds, which have been canceled, ordered stricken from the all equipment required.
list, making the total amount listed to date $4,773,000. Also
Number o f Shares and Par Value.—75,821 shares preferred
$405,000 additional first mortgage five per cent Hastings & stock, par $100 each, actually issued; 30,673 shares common
Dakota division bonds, making the total amount listed $6,670,- stock, par $100 each, June 30, 1887.
000. Also $1,034,000 additional Chicago & Missouri Rivtr div
Earnings.—Originally the property was mortgaged for
ision first mortgage five per cent bonds, making the total about $7,500,000, but all previous mortgages have been con
amount listed $3,083,000.
verted into preferred stock, excepting four bonds which
Chicago Burlington & Quincy R ailroad — $6,000,00o cannot be found. Over $7,000,000 in cash has already gone
additional four ptr cent Nebraska Extension bonds, making into the property, and the proceeds of the present bonds will
total amount listed $19,850,000.
add to that amount. The road as a narrow gauge, although
Chesapeake & Ohio R ailw ay —$607,350 second preferred it crosses several trunk lines, has practically no interchange
stock, making the total amount listed $12,101,350.
of business with them on account of the difference in gauge.
L ouisville & Nashville R ailroad —$150,000 additional Yet, notwithstanding this difficulty, the road each year sine©
“ Louisville & Nashville five per cent fifty year gold bonds of it was opened has earned, gross, about $300,000 per annum
1937,” making the total amounted listed $1,500,000.
and during the year 1887, Jan. 1 to Dec. 31, the gross earnings
A lbany & S usquehanna—$281,000 additional first consoli were $373,965 67, and the net earnings for same time after
dated six per cent bonds, making the total amount listed paying taxes were $108,141 32. W ith the improvement already
$8,769,000. Also, that $1,000,000 of same bonds Jbe added to accomplished during the last few months and improvements
the list from time to time upon receipt of certificate from now in progress, earnings both gross and net will naturally
the trustees that certain of said bonds shall have been ex be quite largely increased, which must be apparent even to a
changed for outstanding first mortgage bonds of the company. person not familiar with the property. It will be seen that
Cleveland & Canton R ailroad —$777,000 first mortgage the present net earnings are amply sufficient to pay the inter
five per cent bonds.
est upon the mortgage.
Old Colony—Boston & Providence.— A special meeting of I Rolling Stock.—The present equipment consists o f 11 Amer
the stockholders of the Old Colony Railroad Company was ican engines, 8 mogul engines, 6 consolidated engines, 27 passen
held on the 7th inst., to see if the stockholders would approve ger cars, 6 express and baggage cars, 1 pay car, 925 freight cars.
Office o f Company.—Canton, Ohio.
the lease of the Boston & Providence Railroad agreed upon
Registry and Transfer Offices. — 8 Congress Street, Boston.
by the directors, and it was approved. It was voted that the
directors be authorized to use the proceeds o f any o f the bonds Mass.; Coffin & Stanton, New York, N. Y.
I f Reorganization o f Old Road, state Particulars.—Conor notes issued under the authority of the stockholders at the
notton Valley Railway Company was placed in the hands of
annual meeting in July, 1887.
_ ~ J h e Old Colony Railroad Company has sold at auction Receiver January 19th, 1884 ; sold under foreclosure May 9th
2,000 shares of its capital stock. This brings the total amount 1885 ; purchased by bondholders, who reorganized the present
Company, June 24th, 1885, with an authorized capital of
outstanding up to 115,646 shares, or $11,564,600.
$8,000,000 Preferred Stock and $4,000,000 Common Stock the
• J^ttsburg Youngstown & Ashtabula.-—The annual meet- Preferred to be used in retiring the old mortgages at par,’ and
mg of stockholders will be held at Youngstown, Ohio, on the Common to be exchanged for the old Common at the rate
Thursday, May 17, 1888. The stockholders will be asked to of one share of new Common (par $100) for four o f the old
approve of an operating contract entered into by the directors Common shares ($50 par value.)
with the Pennsylvania Company, dated Dec. 12, 1887, and
Stock actually issued June 30th, 1887, under the said plan of
also approve the execution of a 5 per cent consolidated mort reorganization, 75,821 shares Preferred .(par $100 each), 30,673
gage of $4,000,000, running forty years from Nov. 1, 1887.
shares Common (par $100 each). .
Richm ond & Alleghany.—-The reorganization committee
This is a first and only mortgage on the entire line of the
are considering the feasibility of reorganizing the property Cleveland & Canton Railroad Company, its property, rights
without foreclosure, and thus avoiding the interminable delay and franchises, and its terminals in the cities of Cleveland and
occasioned by legal obstructions, which as yet it has been im Canton, which cannot be duplicated. Said terminals alone
possible to remove. The proposition has been received with are estimated to be worth $1,800,000. The amount of this
favor by the old security holders to whom it has been submit issue is $2,000,000.
ted. The earnings for the first five months of the fiscal year,
The Rate o f Interest and When Payable,—5 per cent, pay
from Oct. 1 to March 1, have been $233,085, as against $228,- able January 1 and July 1.
031 same period last year. Mr. Erwin Davis, No. 2 W all
Name o f Trustee.—International Trust Co., of Boston, Mass.
Street, is chairman of the reorganization committee.
The Place o f Payment.—A t the agency of the company,
Boston, and the company will provide for the payment of
Pennsylvania.—Western Pennsylvania.— Messrs. Drexel coupons with some responsible banking house in New York.
& Co. have purchased ot the Pennsylvania R.R., for London
H. A. BLOOD, President.
account, the issue of $3,000,000 Western Pennsylvania Rail
road 4 per cent gold mortgage bonds, due 1928, guaranteed W . O. C h a p m a n , Treasurer.
principal and interest by the Pennsylvania Railroad. These
The Committee recommended that $777,000 of the above
bonds are sold by the Pennsylvania Railroad Company for described first mortgage five per cent bonds, Nos, 1 to 777 in
current capital requirements instead of issuing its own stock. clusive, be admitted to the regular list.
’ F or other railroad news see p ag e 471.
Adopted by the Governing Committee, April 11th, 1888»
TH Ti CH RONICLE
482
g fo e
C o m m e r c i a l 'jp m e s .
COMMERCIAL
EPITOME.
April 13, 1888.
Complaints of the dulness of trade begin to b3 heard. The
delay of Congress in acting upon important questions of
finance and taxation, the recent strikes and the great losses
they entailed, and the backward season; cause a feeling of
uncertainty which is reflected in the sluggish aspects of mer■cantile affairs. Values are pretty well maintained in most
cases; in fact, unfavorable crop prospects led to speculations
fo r the rise in many food staples, at the same time, however
checking materially the volume of exports. There is very
high water in the Mississippi River, and floods of some conse
quence will hardly be averted.
Lard on the spot has met with an better demand in the
■past few days and prices have slightly improved. To-day the
market was quiet but rather firmer at 7'65@7'70e. for prime
city , 8'02J^@8*073^0. for prime to choice Western, 7*803. for
•refined to the Continent and 8'60c. for refined to S mth
America. The speculation in lard for future dt livery was no
^active at any prices, but prices gained strength from sympathy
-with the advance in corn, but to-day were only slightly dearer»
•and the close was quiet.
Fr id a y N io h t ,
C O T T O N .
April 13, 1888.
by our telegrams
from the South to-night, is given below. For the week ending
this evening (Apr. 13), the total receipts have reached 28,504
bales, against 39,583 bales last week, 33.396 bales the previous
week and 33,380 bales three weeks since, making the total
receipts since the 1st of September, 1887, 5,162,104 bales, against
5,091,818 bales for the same period o f 1886-7, showing an increase since September 1, 1887, o f 70,286 bales._____________£
DAILY CLOSING PRICES OP LARD FUTURES.
Saturday. Mond’ y Tuesd'y. Wednsd’y. Thursd'y. F riday
797
7-92
7*94
7-87
7-86
7-85
7-96
7-91
7-92
7-82
7-85
7-85
7 t9
7-H3
7-93
7-85
7 ’86
June delivery......... 7-84
8 02
7-9G
7-95
7-89
7-b9
July delivery......... 7-86
8 04
7-98
7-92
7-97
7 ‘9 2
August delivery... 7-89
804
8-01
8-00
7-94
7*94
.Sept, delivery....... 7-91
8 01
8 01
7*94
8*00
7-94
7-91
Pork in fair request at hardening prices; mess $14 50@$15 25
e x tra prime $13; clear $16 2a@$18 25. Cut meats are quite
firm, with a fair inquiry; pickled bellies 7)^@ 7^c.; shoulders
6Jg@7c., and hams 10^(ai0% c.; sm ked slum ders 8@ 8^ c
and hams 11)^@ 114^c. B. ef is nominal at $7^$7 50 for extra
mess and $3[og$8 50 for packet per bbl ; Indit mess quoted
$14@$16 per tierce; beef hams dull at $16 per bbl. T dlow
firmer ana active at 4%c. Stearme is firmer at 9c. and oleo
margarine is firmer at 67s<3. Butter is in full supplv and
weak at 21(g>28o. for creamery, 20@26c. for State d-iry.
Cheese is u» se tied; fancy fall-made is quoted at 12@12^jC,
for colored and I2%@13c. for white, with common to fine
10@11M<N and skims 4(d9c.
Coffee on the spot has had a fitful trade, at times active and
again very dull; prices showing little change. Tu-day the
maTket was quet, but No. 6 Rio sold at 12c. The speculation
in Rio options has been quieter; yisterday there was a mate
rial decline, and to-day the market dull and weak, closing
steady with sellers as follows:
April.................11-20c. I August......... .10d0c. December___lO-OOc.
May.................. 1105c. I September.......10-00e. January.......li^OOc
June................. 10'7 o. October...........lO-OOo. February___10-00c
July.,............ ...10-35o. |November...... lOOOo. M arch .._____ 10‘050
Raw sugars have been more active at improving prices
•closing to day at 4 13 16c. for fair refining Cuba, and 5 ^ c
for centrifugal, 96 decrees test, with a cargo of the latter sold
At 3 3 16c. c. and f. Molasses is decidedly higher, and to-day
fou r cargoes sold, one at 19^o. and three at 19%c. for 50
degrees tf st. The tea sale on Wednesday went off at prices
showing little change.
Kentucky tobacco has been active and sales for the week
are 1,500 bhds.,of which 4,350 for export. Prices are firm at 5@
KWc. for lugs and
15c. for leaf. Seed leaf also rt fleets
very full movement, and sales aie 1,743 cases, as follows: 200
cases 1887 crop, H usatonic Havana (rumored); 300 cases 1886
crop, State Havana, 8^@ 15c.; 350 c-ses 1886 crop, Wis
conein Havana, 4J^@lle.; 58 cases 1886 cr<rp, Zimmers Span
isb, private terms; 240 cases 1886 crop, Pennsylvania, 10@
123^c.; 200 cases 1881-85 crops, Pennsylvania, 9J^@l4c ; 100
cases 1886 crop, New England Havana, 10@20o.; 150 cases
1886 crop. Dutch, 9@12c., and 150 cases sundries, 7@30c.; als
450 bales Havana, 60c.@$l 10, and 300 bales Sumatra
$1 40@$1 63.
On the Metal Exchange pric s have been much unsettled
generally declining, and the speculative action quin© feverish
To-day there was a sharp decline in S raits tin—quoted at
353^c. on the spot and sold at 29 90@29 75c. for April, 26J^c
for May, 253£c. for June and 25c. for July. Ingot copper was
more active, but at easier prices,, selling at 16 65c. for May
16*55c. for June and 16 40c. for July.
Lead declined t
4 673^-., but partially recovered; quoted to-day at 4%c. on
the spot and soil at 4-723^@4*75c. for May. Spelter easier at
4%p. on tbe spot. The interior iron markets are dull, droo
ing and unsettled.
Crude petroleum certificates, though not active, show some
improvement in values, closing at 8 0 ^ 5S803^0. Spirits tur
psntiae is in light stock and firm at 40o., but rosins are easie
at $1 173^@$1 223^ for common to good strained. 0:ean
grain freights are at the lowest ebb as regards rates, late bit "
ness being at % ‘i. per bushel to Liverpool and 2s, per quarter
to Lisbon.
[VOL. Z L V L
F r i d a y , P. M.,
T h e M o v e m e n t o f t h e C r o p , as indicated
Receipts at—
Sat.
Galveston.........
Indianola, &c.
New Orleans. . .
Mobile................
Florida..............
Savannah .........
Brunsw’k,&c.
Charleston.......
Mon.
Total.
Fri.
Thurs.
Wed.
Tues.
540
286
2,308
19
193
.........
2,094
87
3,075
6
2,295
17
156
......
715
7
1,024
......
718
237
.........
226
497
.........
129
132
......
305
253
......
69
W ilm ington....
114
74
1
4
5
Norfolk . . . . ___
WestPoint,&c
New York.........
Boston..............
Baltimore.........
Philadelphia,&c
44
25
300
466
......
534
136
667
463
.........
18
181
382
436
377
.........
863
77
310
281
.........
305
63
505
110
.........
Totals this week
5,018
4,729
5,624
4,57o
2,188
1,225
50
.........
....... .
3,404 13,891
340
204
11
11
120
2,263
2
2
2r9
1,656
165
165
26
224
3
3
146
2,073
2,266
1,583
270
2,488
176
1,873
6
6
18
28,504
6,375
For comparison we give the following table show ing the week’s
total receipts, the total since September 1, 1887, and the stock
Receipts to
A pr. 13.
Galveston . ..
1887-88.
This Since Stp.
Week. 1, 1887.
1,225
640,695
13.S91 1,654,210
340 201,117
11
23,336
2,263 832,14«
Savannah . . .
2
73,591
Brunsw.,&c
1,656 395,008
Charleston ..
15,224
165
P.Royal, &c
Wilmington .
224 166,693
3
4-,Q15
2 / 73 444,188
Norfolk.........
2,266 486,705
W.Point, &c
84,9p0
2,488
New York___
74,100
1,873
Boston..........
6
39,918
Baltimore . . .
24,966
18
Phil’del’a, &c
New Orleans.
Mobile...........
T otals.......
28,504 5,162,104
Stock.
1886-87.
This Since Sep.
Week. 1 ,18 8 6.
1888.
1887.
694,170
8,108
16,198
7,938 1,685,040
335 211,164
22,98*
35
2,610 784,' 06
1
31,3 3
1,290 361,805
2d
17,605
236 133,694
3
3,748
1,347 524,' 50
564 321,482
92,416
1,879
97,191
1,522
65, 66
858
rp 95
44,53»
219,9«3
21,726
1?0,241
.3,053
22,659
7,779
1,291
21,627 5,091,81
....
14,854
79
4,216
2,198
23
2,¿01
16, 99
224
254,8 6
12,000
17,368
18,3 1
10,458
3,192
213,606
6,500
9,196
20,864
610,903
476,009
give below the totals at leading ports for six seasons.
Receipts at —
Galvest’n, &c
New Orleans.
1888.
Savannah ...
Charlest’n,&c
Wilm’gt’n, &c
Norfolk.........
W’t Point, &c
All others___
1,225
13,891
340
2,263
1,821
227
2,073
2,26
4,398
Tot. this week
28.504
1887.
1,291
7,J38
£3
2,610
1 313
23
1,347
561
5,'HO
21,62
1886.
1885.
7,741
11,27b
841
9,179
6,454
1,137
9,625
6,314
3 ,'3 9
864
10,752
126
3,174
707
146
1,' 5
f 6,305
1884.
1883.
4,937
1,581
7,30 i
1,520
1,599
99 >i
210
1, 83
597
14,783
14,562
23, 23
30,274
66,527
£6:
7,791
19,069
1,679
7,928
5,093
800
8,798
1,007
Since Sept. 1 516 ',104 50 1,81 4954,9 ¿9 4*24,818 4672,343 5552,665
Galveston includes Indianola; Charleston includes Port Royal, &o.
Wilmington includes Moreh’d City, &c.; West Point includes City Point, &C.
The exports for the week ending this evening reach a total
of 72,177 bales, of which 52,550 were to Great Britain, 776
to France and 18.851 to the rest of tbe Continent. Below are
th e e x p o r t s f o r t h e w e e k a n d s in c e S e p t e m b e r 1, 1887.
From Sept. 1,1887, to Apr. 13,1888
Week Ending Apr. 13.
Exported to—
Exported to—
Conti1 Conti- Total Great [
Total.
Brit’n. France nent. Week. Britain.]France nent.
220,884' 4,024 81 595 812,505
Galveston .... .......
14,028 20,980 027.380 204,923 370,246 1,268,549
New Orleans.. 12,958
62,488
62,188 ........
......
Mobile............ ........
3,446
3,440 ....
Florida..........
5,430 18 ,852 12,480 240,898 440,230
Savannah* .... 5,430
70,037 25,839 175.176 271,052
1,400 1,400
Charleston....
8».732 121,903
........
75,780 0,393
Wilmington ..
;
221,903!
. ..
8.375 225,278
Norfolk...........
1,099 218,048
West Point Ao 8,854 ..... . ........ 8,651 210,948 .......
770 2,023 20.064 444,032j 30,817 180.040 655,589
New York, . •• 17,286
2,353 167,532
1 5,988 165,1^ ......
Boston. . . . . . . . 5,987
n ,A.__
32,*82 127,282
1,10C 1,017 93,045, 1,8*5
517
48,646
4,M0
43,830,
........
1,832
300
Philadelp’a’&c 1,532
2,439,519
345,783
1,137.790
3,923,098
72,177
18,«51
770
52,550
T ota l...........
Exports
14,493' 53 038 2 502.902
Tot» I 1«R0-7. . 38,545
Includes exports from Brunswick.
01* 1 0*8, 0* 4.047.159
A
p r il
14,
TH E
1 8 8 8 ,]
CHRONICLE
Other
Great
Britain. France. Foreign
Coast
wise.
Total.
5,053
None.
6,700
None.
None.
500
6,400
1,500
2,440
None.
700
500
847
3,200
None.
None.
22,539
None.
7,400
500
847
3,700
12,000
10,000
197,444
21,726
7,454
22,159
7,261
12,799
242,806
42,268
56,986
553,917
50,011
99,666
425,998
657,304
6,538
None.
None.
None.
None.
None.
5,400
8,500
New Orleans___
Mobile................
Charleston.......
Savannah .........
Galveston.........
Norfolk..............
New Y ork .........
Other ports.......
8,508
None.
None.
None.
None.
None.
200
None.
Total1888.........
20,438
8,708
20,153
7,867
Total 1887.........
Total 1886.........
22,568
44,130
2,907
12,724
22,410
22,731
2,126
20,081
E
UPLANDS.
S a t. M o n . T u e s W e d
Ordinary.................................$ lb
S orict Ordinary.............................
Good Ordinary.............................
Strict Good Ordinary..................
Low M iddling...............................
Middling.........................................
Good Middling.............................
Strict Good Middling.................
Middling F a ir ...............................
Fair..................................................
GULF.
71lß
7-1«
8*2
9
930
0 5o
913J6 913le
1O110 10l16
19®16 10®16
1011,6 i o n «
11516 115i6
7*16
7»16
8ifl
9
93g
S a t.
Ordinary................................ $ Jb
Strict Ordinary.............................
Good Ordinary.............................
Strict Good Ordinary.................
Low Middling.................................
Strict Low Middling.....................
Middling .................................... .
Good Middling.............................
Strict Good Middling...................
Middling F a ir...............................
F air..................................................
71l6 7iie
7916 79jr
8^2
8^2
9
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93q
93&
Q5q
O5o
913ie 913 je
10i16 lOije
105ie 10516
i o n 16 io n ie
11®18 llBlfl
M o n T u e sj W e d
73i 6 7316 73ie 73! R
71*1« 711j« 71I10 7.uw
85s
85g
85s
858
9^6
9X8
9*8
9*8
9*2
9 X2
9*2
9 x2
9%
9%
9%
9%
91516 91516 9!5i8 915le
10316 10316 10316 10316
10716 107i6 10716
10716 1013
j6 101316 101316
lO ÿie
l l 7i« H 71fi 11*^1 R
STAINED.
S a t.
Good Ordinary.....................$ lb.
Strict Good Ordinary...................
Low Middling.................................
Middling ........................................
6v8
7 316
8^2
93g
M on Tnes W ed
678
7»16
8*2
93g
6 78
7»16
8^2
938
6 7s
79,6
8 X2
93a
T lx.
F r i.
7
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712
87,6
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103,0 105] 0
l o n 16 1011,6
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9-71
The speculation in cotton for future delivery at this market
was exceedingly dull during the first half of the week under
review, and the fluctuations in prices were within the nar
rowest limits. The bulls and the bears were alike disinclined
to commit themselves. Prices were so much below the highest
figures of the season that the bears were afraid to go borne
**short,” and the bulls, in view of the large stocks in our markets,
the full figures at which the crop movement was maintained,
and the better planting weather at the South, were not willing
to increase their accounts, although holding on with much
firmness for a rise. Ia such a state of affairs speculation was
very dull, naturally. Yesterday there was a decline of 4@ 5
oints and a dull closing, due mainly to a lower market at
iverpool. To-day there was some further decline in the
morning hours, although Liverpool was comparatively steady.
The lower prices brought in orders to buy and caused some
demand to cover contracts, upon which there was a partial
recovery, but the close was dull under the full crop move
ment, at the interior towns a3 well as the ports. Cotton on
the spot was very dull. The somewhat better inquiry for
export as well as home consumption, noted last week, has
been wholly wanting this week. Quotations for white cotton
were reduced 1-16c. on Thursday, except for the highest
grades, which were unchanged, and the low grades of stained,
which were l-16c. dearer. To-day the market was easy at
9%c. for middling uplands.
The total sales for forward delivery for the week are 270,400
bales. For immediate delivery the total sales foot up this week
1,930 bales, including 450 for export, 1,480 for consumption,
«— for speculation and — in transit. Of the above — bales
were to arrive. The following are the official quotations for
each day of the past week—Apr. 7 to Apr. 13.
SN
Saturday, Api
Sales, total.
Prices paid
Closing . . . .
Leaving
Stock.
«
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Monday, Apr.
Sales, total.
Prices paid
Closing . . . .
od
On Shipboard, not cleared—f o r
A p r. 13, at —
►g
Tuesday, Apr,
Sales, total.
Prices paid
Closing ___
In addition to above exports, our telegrams to-night also give
us the following amounts of cotton on shipboard, not cleared,
at the ports named. W e add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale
& Lambert. 24 Beaver Street.
________________
483
II
II
Iô
I®
I®
I:
The total sales and future deliveries each day during the
week are indicated in the following statement. For the con
* Inolnues sales in September, 1887, lor September, 258,200 • S eivenience o f the reader we also add a column which shows at a tember-October,
for October, 570,200; September-November, for No
glance how the market closed on same days.
vember, 481,600; September-December, for December, 1,027,400; SepSALES OP SrOT AND TRANSIT.
SPOT MARKET
CLOSED.
Sat ..
Mon .
Tues.
Wed .
Thurs
P r l...
Quiet......... ..........
Steady.................
Dull and easy. ..
Quiet....................
Quiet @ rev. quo.
Easy.....................
Total.
E x Con- Spec- Tran
p ort. sum p u l’ l’n sit. Total.
250
__
__
200
356
165i
186
262
181
330
450 1,480
FUTURES.
Sales.
....
....
606 47.900
165 36,100
186 34,500
262 38,800
181 39,(00
530 74,100
....
....
1,930 270,400
Deliv
eries.
The following exchanges have been made during the w eek.
....
....
The daily deliveries given above are actually delivered the day
previous to that on which they are reported.
T he S a l e s a n d P r ic e s o f F u t u r e s are shown by the
following comprehensive table:
tember-Jannary, for January, 2,256.OkO; September-February, for Feb
ruary, 1,501,700; September-March, for March, 3,112,100.
S3?“ We have included in tu« aoove taoie, and siiali continue each
week to give, the average prioe of futures each day for each month. It
will be fonnd under eaoh day following the abbreviation “ Aver V The
average for eaoh month for the week is also given at bottom of table.
Transferable Orders—Saturday, 9 ,55c.: Monday, 9 60c .; Tuesday.
9'60o.; Wednesday, 9'60o.; Thursday, 9’6 0 c .; Friday, 9 86o
19 pd. to exch. 900 May for July.
•14 pd. to exch. 100 June for Ang.
08 pd. to exeh. 200 June lor July.
•30 pd. to exch. 3 0 0 Dec for SepC
28 pd. to exch. 1,000 Dee. for May. 33 pd. to exch 2,500 April for Aug.
27 pd. to exch. 2,000 Dec. for May. •07 pd. to exch. 100 April for M ay.
08 pd. to ext h. 300 June for July. •18 pd. to e> ch. 1,000 May for July.
¿ 4 pd. to exch. 500 May for Aug.
•14 pd to exch 300 June for Aug.
•03 pd. to exch. 100 April for May. •06 pd. to exch. 100 July for Aug.
•07 pd. to exch. 600 Dec. for Jan.
T he V isible Supply of Cotton to-night, as made up by cable
and telegraph, is as follows. The Continental stocks, as well aa.
484
THE CH EO N ICLE
[ V o l . .S U V !
those for Great Britain and the afloat are this week’s returns
and consequently all the European figures are brought down
to Thursday evening. But to make the totals the complete
figures for to-night (Apr. 13), we add the item of exports from
the United States, including in it the exports o f Friday only.
bales more than at the same period last year. The receipts at
the same towns have been 4,031 bales” more than the same
week last year, and since September 1 the receipts at all the
towns are 36,080 bales more than for the same time in 1886-7.
1888.
Btock at Liverpool...........bales 881,000
Stock at London........................
23,000
1887.
983,000
15,000
1886.
1885
630,000 1,024,000
21,000
29,000
Total Great Britain stock. 904,000
Btock at Hamburg.....................
4,000
Btock at Bremen........................
48,200
Btock at Amsterdam.................
20,000
Btock at Rotterdam....... .........
400
Stock at Antwerp.......................
700
Btock at H a v r e ....................... 178,000
Stock at Marseilles................
3,000
Btock at Barcelona......... .........
68,000
Btock at Genoa..........................
5,000
Btock at Trieste..........................
5,000
998,000
4,600
34,000
27,000
300
1,400
256,000
4,000
52,000
6,000
11,000
651,000 1,053,000
4,000
6,000
41,000
53,400
28,000
48,000
300
400
1,500
900
148,000 181,000
6,000
5,000
76,000
83,000
13,000
8,000
3,000
4,000
In the table below we give the closing quotations o f middling
cotton at Southern and other principal cotton markets for each
day of the past week.
Total Continental stocks.........
396,300
332,300
3 2 0 ,'0 0
389,700
971,800 1,442,700
225.000 177,000
316.000 202,000
Total European stocks ....1 ,2 3 6 ,3 0 0 1,394,300
India cotton afloat for Europe. 205,000 290,000
Amer. cott’n afloat for Eur’pe. 237,000 300,000
Egypt,Brazil,Ac.,afltforE’r’pe
46,000
34,000
Stock in United States ports.. 610,903 476,004
Btock in U. S. interior towns.. 223,111
99,197
United States exports to-day. 7,240
8,203
12,000
7,000
756,970
272,956
12,625
610,966
109,748
10,200
Total visible supply...........2,565,554 2,601,714 2,567,3512,559.614
Of tbe above, tbe totals of American and otber descriptions are as follows:
A m erican—
468.000 797,000
Liverpool stock................bales 659,000
810,000
293,000 254.000 286,000
Continental stocks..................... 214,000
316.000 202,000
American afloat for Europe... 237,000
300,000
756,970 610,966
United States stock................... 610,903
476,009
272,956 109,748
United States interior stocks.. 223,111
99,197
12,625
10,200
United States exports to-day..
7,240
8,2u8
Total American................... 1,951,254 1,986,414 2,080,551 2,015,914
East Ind ian, Brazil, <tc.—
Liverpool stock.......................... 222,000
173,000 162,000 227,000
London stock.............................
23,000
15,000
21,000
29,000
Continental stocks..................... 118,300
103,300
66,800 103,700
India afloat for Europe......... . 205,000
290,000
225,000 177,000
Egypt, Brazil, &c., afloat.........
46,000
34,000
12,000
7,000
Total East India, Ac.......... 614,300 615,300 486,800
543,700
Total American...................1,951,254 1,986,414 2,080,551 2,015,914
Total visible supply .......2 ,5 6 5 ,5 5 4 2,601,714 2,567,351 2,55 9 ,6.4
Price Mid. Upl., Liverpool. . . .
5Bied.
SHigd.
5iied,
5iBisd.
Price Mid. Upl., New Y o r k ....
9§ic.
10®sc.
9%o.
lie .
IKSTThe imports into Continental ports this week have been
85,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 36,160 bales as compared with the same date of
1887, a decrease of 1,757 bales as compared with the corres
ponding date of 1886 and an increase of 5,910 bales as
compared with 1885.
A t t h e I n t e r io r T o w n s the movement—'that is the receipts
for the’ week and since Sept. 1, the shipments for the week,
and the stocks to-night, and the same items for the corres
ponding period o f 1886-87—is set out in detail in the following
gtatement.
teosr r hoso'a h p o c o #
o 2 S® ®
I
t
Ej ta &&5f ® *3
{2 /H*K wM
P ul <
*
Q
9
2
i F i i i i p
i F
© o r5; : :
E: q : : : :
Galveston ..
New Orleans
M obile.......
Savannah . .
Charleston .
Wilmington
Norfolk.......
B oston.......
Baltimore . . .
Philadelphia
Augusta___
Memphis ..
St. Louis...
Cincinnati.
Louisville .
CLOSING QUOTATIONS FOR MIDDLING COTTON ON—
Satur.
H on.
Tues.
Wednes.
938
938
9 44
93s
93s
9%
9716
9»16
9 *4
9%
9%
9 13ie
10%
9%
93s
93s
9%
9%
9%
9%
9%
97i 6
So**
93s
9%
9 78
91316
10%
9%
93s
9%
9%
9%
93s
93s
9%
9%
9S>16
938
9 ii16
9%
913le
10%
9%
93s
93s
958
95s
99ie
9%
9%
9 78
91316
10%
9%
9%
93g
9%
9%
Thurs.
93a
93&
9%
93a
»»Iß
938
9Hie
9 78
91316
10%
9%
9%
9»8
95g
95s
Fri,
93s
9%
914
93s
9ÖJ6
938
9Ss
9*8
91316
iOlie
93a
938
9%
98g
98$
R e c e ip t s f r o m t h e P l a n t a t io n s . — The following table
indicates the actual movement each week from the planta
tions. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations o f that part o f the crop
which finally reaches the market through the outports.
Week
Ending—
Receipts at the Ports. St'k at Interior Towns. Rec'pts from Plant’ns.
Mar. 9.......
“ 16.......
1 23......
“ 80.......
Apr. 6.......
“ 13........
1886.
1887.
1888.
62.129
57,743
64,328
69,095
41,392
56,305
72,953
57,716
46,298
34,115
29,308
21.627
73,469 421,736 236.962 802,508
47,333 392,722 200,914 284,870
38,380 358,332 173,846 276,960
33,3961335,663 143,168 262,737
89,563 319,744 132,220,249,536
28,504 295,810 119,046 235,765
1886.
1887.
1888.
1886.
1887.
1888.
41,457
28,729
29,998
36,366
25,473
32,371
43,924
21,668
19,230
3,437
18,360
8,453
51,389
29,695
30,470
19,173
26,363
14,78«
The above statement shows—1. That the total receipts from
the plantations since September 1, 1887, are 5,374,039 ¿»ales;
in 1886-7 were 5,162,804 bales ; in 1885-6 were 5,234,889 bales.
2.—That, although the receipts at the outports the past week
were 28.504 bales, the actual movement from plantations was
only 14,733 bales, the balance being taken from the stocks at
the interior towns. Last year the receipts from the plantations
for the same week were 8,453 bales and for 1886 they were
82,371 bales.
A m o u n t o f C o t t o n in S ig h t A p r . 13.—In the table below
we give the receipts from plantations in another form, and add
to them the net overland movement to Apr. 1, and also the
takings by Southern spinners to the same date, so as to give
substantially the amount o f cotton now in sight.
*
1887-88.
1886-87. 11885-86. 11884-85.
fg | i
? i sr88
Tot. receipts from plantat’ns 5,374,039 5,162,804 5,234,889 4,725,426
Net overland to Apr. 1 ___ ____
855,124 720,395 682,645 556,182
Southern consumpt’n to Apr. 1 349,000 303,000 253,000 217,000
s>
f i r
Week ending
A pr. 13.
Receipts at the ports to Ap r. 13 5,162.104 5,091,818 4,954,929 4,624,818
Interior stocks on Apr. 13 in
excess of September 1 .........
211,935
70,986 279,960 100,608
5
ifip l f
Q u o t a t io n s f o r M id d l in g C o t t o n a t O t h e r M a r k e t s . —
g g : fci f
Total in sight Apr. 13............ 6,578,163 6,186,199 6,170,534 5,498,608
Northern spinners’ takings to
Apr. 13..................................... 1,527,069 1,427,108 1,515,367 1,185,176
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It will be seen by tbe above that the increase in amount in sight to
night, as compared with last year, is 391,964 bales, the increase as
compared with 1885-6 is 407,629 bales and the increase over 1884-5
is 1,079,555 bales.
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* The figures for Louisville in both years are “ net.”
The above totals show that the old interior stocks hai
decreased during the week 11,050 bales and are to-night 123,9!
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 . —Telegraphic advices
to us from the South to-night indicate that under the influ
ence of generally satisfactory weather conditions planting is
making good progress, particularly in the Southwest. Some
of our correspondents in Texas report that cotton is coming up.
Galveston, Texas.—It has rained on one day of the week,
the rainfall reaching seventeen hundredths of an inch. The
thermometer has averaged 73, the highest being 76 and the
lowest 69.
Palestine, Texas.—Corn is coming up and cotton planting
continues to make good progress. There has been one shower
during the week, the rainfall reaching two hundredths of an
^nch. The thermometer has averaged 65, ranging from 51 to 79,
San Antonio, Texas.—It has been showery on one day of
the week, the rainfall reaching six hundredths of an inch.
Corn is growing rapidly and cotton is coming up. The ther
mometer has ranged from 50 to 85, averaging 68.
JBrenham, Texas.—There has been one shower during the
week, the rainfall reaching eight hundredths of an inch.
More rain is needed, but nothing is suffering. A good stand
of corn has been secured. Cotton is coming up well, but
would be hastened by a good rain. There is a large increase
in cotton acreage, variously estimated from fifteen to twenty
per cent. Average thermometer 76, highest 84, lowest 67.
A p r il
14, 1888. j
THE CHRONICLE.
Belton, Texas.—Splendid showers have fallen on two days,
the rainfall reaching eighty-nine hundredths of an inch.
Planting is now making rapid progress. The thermometer
has averaged 75, the highest being 84 and the lowest 66.
Weatherford, Texas—It has been showery on two days of
the week, the rainfall reaching five hundredths of an inch.
Planting is progressing. The thermometer has averaged 70,
ranging from 58 to 82.
Huntsville, Texas.—Corn has a good, stand and is growing
finely. Cotton has generally been planted, and much of it is
already up.
There has been rain on one day of the week to
the extent of forty-four hundredths o f an inch. The ther
mometer has ranged from 66 to 84, averaging 75.
Dallas, Texas.—It has rained on one day of the week, the
rainfall reaching twenty-two hundredths of an inch. Plant
ing continues active. Average thermometer 72, highest 82,
lowest 62.
Luling, Texas.—W e have a fine stand of corn, and cotton
is coming up well, but would be benefitted by a good rain,
Bain has fallen on one day of the week, but only to the extent
of two hundredths of an inch. The thermometer has everaged 76, the highest being 83 and the lowest 68.
Columbia, Texas.—There has been one fair shower during
the week, but more rain is needed. The rainfall reached
seventeen hundredths o f an inch. Corn looks promising and
is growing fast. Cotton is coming up. The thermometer has
averaged 75, ranging from 68 to 81.
.
Hew Orleans, Louisiana.—W e have had rain on five days
o f the week, the rainfall reaching eighty six hundredths of an
inch. Average thermometer 72.
Shreveport, Louisiana.—Rainfall for the week one inch
and ten hundredths. The thermometer has averaged 68, the
highest being 81 and the lowest 58.
Columbus, Mississippi.—W e have had rain on three days
of the week, the rainfall reaching one inch and sixteen hun
dredths. The thermometer has averaged 64, ranging from 48
to 80.
Leland, Mississippi.—Rainfall for the week one inch and
thirty-five hundredths. The thermometer has ranged from 48
to 77, averaging 63*4.
Greenville, Mississippi.—Rainfall for the week one inch
and six hundredths, on one day. The thermometer has ranged
from 54 to 81. *
Clarksdale, Mississippi.—Rain has fallen on three days of
the week, the rainfall reaching one inch and sixty-three hun
dredths. Planting is progressing favorably. The thermometer
has averaged 62, the highest being 79 and the lowest 48.
Vicksburg, Mississippi.—It has been showery on two days
o f the week, the rainfall reaching one inch and seventy-nine
hundredths.
The thermometer has averaged 74, ranging
from 57 to 91.
Little Rock, Arkansas.—We have had light rain on two
days with four days of cloudy weather. The rainfall reached
eighteen hundredths of an inch, It is quite cool at present
owing to hail storms reported from several adj oining counties,
although there has been nothing of the kind hereabout.
Cotton planting has been begun quite generally this week and
corn is coming up very well.
Average thermometer 64,
highest 78, lowest 50.
Helena, Arkansas.—It has been showery on two days of
the week, the rainfall reaching sixty-tix hundredths of an
inch. Rain and the high water in the river have interfered
with farming operations. The thermometer has averaged 62,
the highest being 82 and the lowest 48.
Memphis, Tennessee.—Rain has fallen on three days of the
week, the rainfall reaching sixty-seven hundredths of an
inch. The thermometer has averaged 64, ranging from 51
to 80.
Nashville, Tennessee.—Rain has fallen on five days of the
week, to the extent of sixty-nine hundredths of an inch. The
thermometer has ranged from 46 to 77, averaging 63.
Mobile, Alabama.—W e have had showers on three days of
the week, the rainfall reaching twenty-six hundredths of an
inch. Average thermometer 69, highest 80, lowest 62. ;
Montgomery, Alabama.—Rain fell on three days in the
early part of the week, but latterly the weather has been
splendid, The rainfall reached seventy-nine hundredths of an
inch. The rivers have receded. The thermometer has aver
aged 69, the highest 84 and the lowest 54.
Selma, Alabama.—W e have had rain on two days of the
week, the rainfall reaching seventy-two hundredths of an
inch. The thermometer has averaged 68 '5, ranging from
55 to 80.
Auburn, Alabama.—Rainfall for the week one inch. The
thermometer has ranged from 53 to 80, averaging 68 3.
Madison, Florida.—W e have had rain on two days of the
Week, the rainfall reaching fifty hundredths of an inch.
Average thermometer 71, highest 82, lowest 61.
Macon, Georgia.—It has rained on one day of the week.
Columbus, Georgia.—There has been rain on one day of
the week, to the extent of two inches and two hundredths.
The thermometer has averaged 67, the highest being 78 and
the lowest 52.
Savannah, Georgia.—The week has been generally cloudy,
with light rain on four days. The rainfall reached ten hun
dredths of an inch. The thermometer has averaged 69, rang
ing from 60 to 86.
Augusta, Georgia.—The weather has been clear and pleas
ant during the week, with light rain on one day to the extent
of thirty-one hundredths of an inch. The thermometer has
ranged from 52 to 86, averaging 68.
485
Atlanta. Georgia.—It has rained on one day o f the week,
the rainfall reaching thirty-two hundredths of an inch. A v
erage thermometer 64, highest 75, lowest 52.
Albany, Georgia.—Telegram not received.
Charleston, ¡south Carolina.—W e have bad rain on three
days of the week, the rainfull reaching one inch and two hun
dredths. The thermometer has averaged 67, ranging from 57
to 80.
S'.ateburg, South Carolina.—The weather has been gen
erally cloudy with rain on two days of the week, the rainfall
reaching eixty-seven hundredths of an inch. The thermom
eter bas ranged from 52’5 to 84, averaging 65 8.
Columbia, South Carolina.—There has been no rain dur
ing the week. Average thermometer 68, highest 83 and low
est 52.
Wilson, Nor th Carolina.—Telegram not received.
The following statement we have also received by telegraph,
showing the height of the rivers at the points named at 3
o’clock Apr. 12, 1888, and Apr. 14, 1887.
A pr. 12, ’88. A pr. 14, »87.
Feet. Inch.
13
5
35
2
26
8
21
5
40
6
New O rleans...:.
Memphis............
Nashville............
Shreveport.........
Vicksburg...........
Feet. Inch
14
7
18
O
7
5
8
7
38
2
I n d ia 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
and shipments o f cotton at Bombay have been as follows for
the week and year, bringing the figures down to Apr. 12,
BOMBAT RECEIPTS AND SHIPMENTS FOB FOCE TEAKS.
Shipments Since Jan. 1.
Shipments this week.
GreatTear Great Conti
B rit’n. nent. Total. B ritain
Conti
nent.
1888 10,000 35.000 45.000 107.000 303.000
1887 13.000 34.000 47.000 121.000 341.000
1886 15.000 37.000 52.000 136,000 311.000
1885 6,000 16.000 22.000 87.000 213.000
Receipts.
Total.
This
Week.
410.000
462.000
447.000
300.000
6 3,000
79.000
66.000
5 ¿,000
Since
Jan. 1.
728.000
770.000
691.000
462.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week’s receipts of
11,000 bales and a decrease in shipments o f 2,000 bales, and
the shipments since Jan. 1 show a decrease of 52,000 bales.
The movement at Calcutta, Madras and other India ports for
the last reported week and since the 1st o f January, for two
years, has been as follows. “ Other ports” cover Ceylon,
Tuticorin, Kurrachee and Coconada.
Shipments since Ja n u a ry 1.
Shipments fo r the week.
Great
B ritain.
Continent.
6,000
11,000
21,000
41,000
56,000
63,000
77,000
104,000
3,000
3,000
7,000
2,000
2,000
3,000
9,000
5,000
Great
B ritain.
Conti
nent.
Total.
1,000
6,000
10,000
Total.
Calcutta—
1888.........
1887.........
Madras—
188 8.........
1887.........
All others—
1888.........
1887.........
1,000
1,000
1,000
1 000
2,000
15,000
15,000
13.000
11.000
28,000
26,000
Total all—
188 8 .........
188 7 .........
2,000
7,000
14,000
7,000
16,000
43,000
58,000
71,000
77,000
114,000
135,000
The above totals for the week show that the movement from
the ports other than Bombay is 9,000 bales less than the same
week last year. For the whole of India, therefore, the total
shipments since January 1, 1888, and for the corresponding
periods of the two previous years, are as follows :
EXPORTS TO EUROPE FROM ALL INDIA.
1887.
1888.
Shipments
to all Europe
from —
This
week.
Since
Jan. 1.
This
week.
Bom bay...........
All other ports.
45,000
7,000
410.000
114.000
47.000
16.000
Total...........
52,000
524,000
63,000
1886.
This
week.
Since
Jan. 1.
462.000
135.000
52,000
6,000
447,000
89,000
597,000
58,000
536,000
Since
Jan. 1.
A l e x a n d r i a R e c e ip t s a n d S h ip m e n t s . —Through
arrange
ments we have made with Messrs. Davies, Benachi & Co., o f
Liverpool and Alexandria, we now receive a weekly cable o f
the movements of cotton at Alexandria, Egypt. The follow
ing are the receipts and shipments for the past week and for
the corresponding week of the previous two years.
A lexandria, Egypt,
A pr. 11.
1887-88.
Receipts (cantars*)—
- This w ee k ....
Since Sept. 1
10,000
2,843,000
1886-87.
3,000
2,847,000
1885-86.
Since
This
week. Sept. 1.
This
Since
week. Sept. 1.
9,000
2,822,000
This
Since
week. S ept 1.
Exports (bales)—
To Liverpool..............
To Continent............
3.000 226,000
4.000 140,000
4.000 244,000
3.000 13?,000
2,000 215.000
8,000 149.000
Total Europe.........
7,000 366,000
7,000 381,000 10,000 364,000
* A caiitar is 98 pounds.
This statement shows that the receipts for the week ending
April 11 were 10,000 cantars and the shipments to all Europe
7,000 bales.
486
THE CHRONICLE.
[V o l . XLVL
Manchester Market .—Our report received by cable to-night day of the month in 1887 and 241,779 bales more than they
from Manchester states that the market continues dull for both were to the same day o f the month in 1886. W e add to the
yarns and shirtings. W e give the prices for to-day below, table the percentages o f total port receipts which had been
and leave those for previous weeks of this and last year received to Apr. 13 in each o f the years named.
for comparison :
T he E xports of Cotton from New Y ork this week show a
decrease compared with last week, the total reaching 20,064
1887.
1888.
bales, against 25,557 bales last week. Below we give our usual
OoWn
Cott’n
table, showing the exports o f cotton from New York, and the
32« Cop.
814 lbs.
8 1* lbs.
Mid.
Mid: 32« Cop.
Twist.
Shirtings.
Shirtings.
Twist.
Upldt direction, for each o f the last four weeks; also the total exports
TJplds
and direction since September 1, 1887, and in the last column
d.
d.
d. s. d.
d.
s. d.
d.
d. s. d. s. d.
the total for the same period o f the previous year.
53s 73,6®71316
Mar. 9
“ 16
« 23
“ 30
Apr. 6
“ 13
7 n 16-8 5 i fi 5
7 lil6--8616 5
7916®8316 5
7®ie®83jg 5
7$ig'3)83i 6 5
79je'®83i8 5
7 12'®7
7*a®7
7 -@7
7 ®7
7 ®7
7 @7
01«
0*2 53g
0
5516
5%
0
0
5316
0
s°16
5
7316®71316 5
7316®71316 5
7516@71516 5
7516@71516 5
5
73§@8
9
9
9
9
9
9
-®6 lO1^
«Ò IO ^
® 6 10^
-a ô lO ^
@ 6 10*2
® 6 10*2
5®16
538
5he
5 iii«
5»8
511i 6
EXPORTS OP COTTON (BALES) PROM NEW YORK SINCE SEPT. 1, 1887,
W eek e n d in g
E x p o rte d to—
Mar.
22.
Mar.
29.
A pr.
5.
Same
Total p eriod
A pr.
sin ce previ’u t
12. Sept. 1. year.
E ast I ndia Crop.—From the Bombay Company’s (limited)
Liverpool____ . . . . __ . . . . . 10,086 11,178 15,829 14,766 367,456 365,490
report, dated Bombay, March 11, we have the following :
Other British ports....... ......... I 3,813 2,188| 2,500 77,176 57,933
Receipts, as might he expected from the earliness of the Broach and
Dhollera crops, are large, and from the 1st January show only a trifling
decrease as compared with last year, but there is little doubt that
receipts will show a considerable diminution shortly. The shortness of
the Oomra crop, to which attention has previously been directed, is
shown by. the smallness of the arrivals, which it is expected will be still
more noticeable as the season advances.
The arrivals from the Broach districts are unusually early, but the
quality is not very satisfactory. Owing to the rainy and cloudy weather
the cotton shows both leaf and stain, although on the other hand the
staple is decidedly better than the average. As the picking of this crop
progresses, estimates of the total outturn are being further reduced, the
general opinion now pointing to a total crop little more than 125,000
Bales.
The arrivals from the Dhollera districts are unusually large for the
time of year, but it is expected that the late unseasonable weather will
.affect this crop both as regards quantity and quality.
From Messrs. Gaddum, Bythell & Co.’s circular, o f like date’
w e have the following:
Receipts in the Oomra districts have fallen off considerbly, but this we
attribute in some measure to the unseasonable weather in many dist
ricts, and the usual stoppage of supplies during the Holi holidays.
Broach is still coming forward very slowly, but the quality remains
about the same. The quality of arrivals from the Bhownuggur districts
continues satisfactory, but there is little “ line” obtainable. Bengals are
still coming forward in considerable quantities; the crop appears to
have been rather underestimated.
J ute Butts, B agging , &c.—The market for bagging has
been moderately active since our last, and a fair amount of
stock has been placed. Prices are steady, and selleis are
quoting 5%c. for 1% lb.; 6c. for I X lb.; 6 X @ 6 ^ c. for 2 lb.,
and 6%@7c. for standard grades. Only a light inquiry is
reported for jute butte, and the feeling is easy, paper grades
being held at l% c. and bagging quality at 2 l-16@23^c.
Comparative P ort R eceipts and D a ily Crop Movement.
—A comparison of the port movement by weeks is not accurate,
as the weeks in different years do not end on the same day of
the month. _We have consequently added to our other standing
tables a daily and monthly statement, that the reader may
constantly have before him the data for seeing the exact relative
movement for the years named.
The movement since
September 1,1887, and in previous years, has been as follows:
M onthly
Beceipts.
Year B eginn ing September 1.
1887.
1886.
1885.
1884.
1883.
T o t a l to G t . B r it a in . . 10,086 14,991 18,017 17,266 444,632 423,423
Havre______ ________ . . . .
Other French p o r t s .....
1,055
T otal F ren ch ...............
1,055
B rem en .......... ...
Ham burg.... . . . . . . . . ..
Other p o rts._____ •_____
£00
1,1)0
1,802
T otal to N o . E u r o p e ..
3,412
1,200
304
674
776
30,017
300
304
674
776
30,317
39,705
250
50
900
584
1,450
1,632
135
425
1,462
9.328
60,154
94,823
34,819
66,720
65,064
3,666
2,022 164,305 1( 6,603
Sp’n, Op’rto,Gibr’lt’r,&c.
A ll other_______________
T otal Sp a in ,
& c .......
.......
39,705
3,200
5,783
10,550
6,858
18,072
3,200
16,335
24,930
G ran d T o t a l . . . . . . . .. 14,553 16,495 25,557 20,064 655,569 654,661
T he F ollowing are the Gross R eceipts of Cotton at
New York, Boston, Philadelphia and Baltimore for the past
week, and since September 1, 1887.
Receipt»
N. Orleans..
Savannah..
Mobile.......
Florida.......
So. Carolina
Ne w Y o r k .
B o st o n .
PHILADELPH’A B a l t im o r e .
Thit
Since
week. S ep t.l.
This
Since
week. S ept.l.
Since
This
This
Sine*
week. S ep t.l. week. Sept. 1.
0,889 250,029
4,733 312,45 t
2,5 Î0 280^651
2,283
Virginia....
S83
Tenn.,&c....
2,48S
50
4,739
134,783
39,503
163,271
58
80,800
3,682
1,000
40
25,149
........
49,877
253,079
72,527
5C0
3,15?
282
18,012
.9,157
24,919
1,233
64,807
3,800
10
4,792
1,728
2,512
58,520
...... .
9
2,057
8.015
97,585
511
89,912
5,075
1,000
This year. 16,410 1,2:5,970
7,763
447,000
3,929
76,942
5,119
199,632
Last year.. 11,760 1,114,756
7,749
418,799
2,565
88,981
2,867
211,988
Shipping News .—The exports of cotton from the United
States the past week, as per latest mail returns, have reached
62,495 bales. So far as the Southern ports are concerned, these
are the same exports reported by telegraph and published in
1882.
the Chronicle last Friday. W ith regard to New York we
326,656 include the manifests of all vessels cleared up to Thursday.
Bept’mb’r 654,776 359,203 385,642 345,445 343,812
October.. 1,213,404 1,034,450 1,055,524 1,090,385 1,046,092 980,584
Novemb’r 1,178,436 1,169,979 1,083,552 1,122,164 1,030,380 1,094,697
Decemb’r 963,584 1,164,886 1,069,920 1,104,211 1,059,653 1,112,536
January. 527,570 644,681 543,393 475,757 487,729 752,827
341,274 404,272 414,656 261,449 385,938 595,598
February
M arch.... 225,042 258,332 283,645 163,503 241,514 482,772
Total....... 5,104,086 5,035,803 4,836,332 4,562,914 4,595,118 5,345,670
Pero’tageoftot. port
receipts Mar. 3 1. .
94*65
89*62
95-51
94-73
88-80
This statement shows that up to Mar. 31 the receipts at the
ports this year were 98,283 bales more than in 1886-7 and
267,754 bales more than at the same time in 1885-6. By add
in g to the totals to Mar. 31 the daily receipts since that time
w e shall be able to reach an exact comparison o f the move
ment for the different years.
1887-88. 1886-87. 1885-86. 1884-85. 1883-84. 1882-83.
To. Mh.31 5*104,086 5,035,803 4,836,332 4,562,914 4,595,118 5,345,670
Apr. 1 ....
S.
5,080
4,499
5,050
5,344
S.
“ 2 ....
6,254
5,147
9,766
5,994
5,770
8,096
“ 3 ....
8,732
S.
4,387
5,329
4,556
15,534
“ 4 ....
4,271
4,494
S.
1,830
8,873
12,239
4,452
“ 5 ....
7,740
7,114
S.
6,155
13,597
“ 6 ....
5,805
3,933
7,792
3,111
S.
13,354
3,262
“ 7....
5,018
7,167
4,998
6,300
15,310
4,732
S.
“ 8. . . .
6,608
2,829
4,507
S.
4,188
4,729
8,324
“ 9 ....
2,415
3,204
11,300
5,624
S.
“ 1 0 ....
6,466
6,625
3,319
18,304
“ 1 1 ....
3,846
4,570
S.
4,449
6,628
7,506
“ 1 2 ....
4,182
2,188
13,512
S.
2,782
9,434
6,375
2,674
“ 1 3 ....
8,358
3,676
S.
15,788
T otal. . . . 5,162,104 5,085,081 4,920,325 4,609,220 4,652,556 5,486,138
Percentage of total
portrec’pts Apr. 13l 95-58
91-18
96-50
95-93
91-14
Total bale»*
Ne w Y ork—T o Liverpool, per steamers Aurania, 2,204___Brit
annic, 2,374 — City of Berlin, 1,707__ England, 1 ,8 4 5 ....
Gallia, 2 ,4 5 7 -.. Halley, 1,256___ Lake Ontario, 1 ,2 5 9 ....
Wisconsin, 1,664.................................... ........................................ 14,76®
To Hull, per steamer Martello, 2,500......................................... .
2,500
To Havre, per steamer La Champagne, 776...............................
776
135
To Bremen, per steamer Elbe, 135 - - .................- ........................
To Hamburg, per steamers Australia, 225___Suevia, 2 0 0 ....
425
To Amsterdam, per steamer Zaandam, 100...............................
10O
1,362
To Antwerp, per steamers Belgenland, 70 0 __ De Ruyter, 662
N e w Orleans—To Liverpool, per steamers Murciano, 4,723___
West Indian, 2,687........................................................................
7,410
To Havre, per steamers Alava, 4,595___ Merchant, 2 ,9 0 6 ....
7,501
To Bremen, per steamers Elmfleld, 5 ,3 1 8 ... Erl King, 4,268. 9,586
600
To Barcelona, per bark Voladora, 6 00 ........................................
Galveston—To Liverpool, per bark Herbert, 2,916....................... 2,916
To Vera Ciuz, per steamer Whitney, 3 17 ............ .......................
3 17
N orfolk—To Liverpool, per ship Senator, 5 ,90 4 ................. ......... 5,904
Newport New s —To Liverpool, p er----------------- , 581 ......................
581
B altimore —To Liverpool, per steamer Parisian, 1,130..............
1,130
To Bremen, per steamers Kronprinz Friederich Wilhelm,
1 ,2 7 6 ....Rhein, 4 20 .......................................
1,696
B oston—To Liverpool, per steamers Iowa, 7 49 ___ Venetian,
2,806...................................................... I.......................................
3,555
To Yarmouth, per steamer Yarmouth, 102.................................
102
Philadelphia —To Liverpool, per steamer Britis a Prinee, 1,133. 1,133
Total.............. .............. ........... ............................................................ 62,495
The particulars of these shipments, arranged in our usual
form, are as follow s:
New Y ork .
N. Orleans.
Galveston.
N o rfolk ....
N’w’t N ’ws.
Baltimore..
Boston.......
Phil’d’lpliia
Brem.Amsterand
dam
V. Crus
L iverHam - and Barter and
pool. Hull. Havre, burg. A ’ tw’p . Iona. Y ’m ’th.
Total
14,766 2,500
776
560 1,462 ....................... 20,064
600 ......... 25,097
7,410 ......... 7,501 9,586 .........
2,916 ................................................. . . . . . .
317
3,233
5,904 ............................................................... .........
5 ,90 4
581 ......... ................... - ....................... - ............581
1,130 ...............
1,696
. . . . . . ........................
2 ,8 2 6
3,5r5 ......... . . . . . . ....................................
102
3,657,
1,133 .............................................................................
1,133
Total . . . . 37,395
2,500
8,27 7 11 ,8 42
1,462
60 0
419
62,495
Below we add the clearances this week of vessels carrying
This statement shows that the receipts since Sept. 1 up to Fcotton from United States ports, bringing our data dow n to
to-night are now 77,023 bales more than they were to the same the latest dates:
A
487
THE CHRONICLE.
1 4 , 1888.1
p r il
3? e w O rleans—For Liverpool—April 6—Steamer Scholar, 3 ,4 4 6 ....Ap
ril 9—Steamers Costa Rican, 3,4 6 0 . ...Explorer, 2 ,8 9 8 ....States
man, 3,154.
For Bremen—April 11—Steamer Cadiz, 4,880.
For Genoa-April 6 -Steamer Intrepid, 3,620.
For Barcelona, &c.—April 9—Steamer Gladiolus, 5,528.
B runswick —For Liverpool—April 2—Steamer Tiverton, 5,436.
•Charleston —For Genoa—April 6 - Bark Michele, 1,400.
W est P oint —For Liverpool—April 11—Steamer Guy Mannering, 6,334.
B oston —For Liverpool—April 6 —Steamer Pavonia, 1 ,6 9 5 ....A p ril 7—
Steamer Bavarian, 1,417.
B altimore —For Liverpool—April 9—Steamer Sarnia, 517.
■ For Bremen— April 7—Steamer Hermann, 1,100.
^Philadelph ia —For Liverpool—April3—Steamer Indiana, 4 5 0 ....April
10—Steamer British Princess, 1,082.
For Antwerp—April 10—Steamer Vaderland, 300.
B ' R E A D S T U F F S .
F riday , P. M., April 1 3,1 8 8 8 .
o
CO
There was an active and rather firmer market for wheat
flour down to the close of Wednesday’s business, but on
Thursday the dealings were on a less liberal scale. The sales
on Wednesday embraced large lines o f patents for future
delivery. Good lines of low grades continue scarce, but a
very slight advance in prices serves to put a decided check
upon the volume o f business.
The wheat market was rather dull until Tuesday, when the
Cotton freights the past week have been as follows :________ adverse crop report which came from the Agricultural Bureau,
though not wholly agreeing with private advices, and greatly
F ri.
Tues. Wednes. Thürs.
Mon.
Satur.
modified in any event by the better weather since it was
332
Tflverpool, steam d. 332®764 332®764
332
332
332
made up on the 1st o f April, caused an active speculation fo r
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
....
Do
sail...«?.
the rise, which continued with much vigor to near the close
H a vre, steam ___c.
932
*32
932
932
932
932
—
... .
... .
....
....
....
on Wednesday, when some reaction set in, followed on
Do
sail..........c.
B rem en , steam ..c .
“ 32
n 32
n 32
XX32
XX32
Thursday by sharp fluctuations, and a failure among the
U 32
....
... .
. .. .
....
....
—
Do
sail....... e.
bear operators. Wheat on the spot also advanced, but the
932
H am bu rg, steam c.
932
932
932
932
932
higher prices brought business almost to a standstill, whether
. .. .
....
....
....
... .
....
Do
sail. -.c.
for export or home milling. To-day there was no decided
30*
30*
30*
30*
30*
A m s t’d’m , steam, c.
. .. .
....
....
....
....
D o v ia Leith-d.
••••
change, and little doing either in speculation or the regular
R eval, ste a m ___d. lx64®316 xl64®336 XX64®316 1I64®316 Xi64® 316 1164®316 trade. After ’change the market advanced, with 80,000
....
....
....
....
....
D o sail..........d.
bushels taken for Lisbon, part 93%c. for No. 2 red winter de
B arcelona,steam d.
X364
1364
I364
1364
1364
X364
livered.
«Genoa, ste a m .. .d.
316
310
316
3jg
316
316
Trieste, steam ...«?.
732
732
732
732
732
732
-Antwerp, steam <?. 332®704 332® 784 332®764 332®764 332®764 332®764
* Per 100 lbs.
L iv e r p o o l . —By cable from Liverpool we have the follow
in g statement of the week’s sales, stocks, «fee., at that port,
W e add previous weeks for comparison.
A pr. 6.
Mar. 23. M ar. 29.
■Bales of the week.............. bales
Of which exporters took___
Of which speculators took...
¡Bales American.........................
Actual export.............................
Forwarded....... ........................
Total stock—Estimated............
Of which American—Estim’d
Total import of the week.........
Of which American..............
Amount afloat............................
Of which American................
67,000
5,000
3,000
56,000
7,000
13,000
868,000
678,000
59,000
48.000
153,000
90,000
54,000
7,000
2,000
45,000
7,000
27,000
888,000
696,000
75,000
48,000
171,000
109,000
A pr. 13.
44,000
4,000
2,000
37,000
7,000
14,000
908.000
673,000
72,000
42,000
l i 9,000
86.000
63,000
5,000
2,000
50,000
9,000
23,000
881,000
659,000
60,000
49,000
156,000
75,000
D A I L Y CLO SIN G P R IC E S O P N O . 2 R E D W IN T E R W H E A T .
April delivery.............. ___
May delivery................ ___
June delivery............... ___
July delivery................ . . . .
August delivery........... . . . .
September delivery... . . . .
December delivery.... ......
Sat.
89%
89%
88
873s
86%
86%
89%
Mon.
90%
90%
88%
87%
87
87%
90
Tues.
91%
9138
903s
89%
88%
89
9178
Wed.
91%
91%
903a
895a
88%
89
91%
Thurs.
91%
91%
90
89%
88%
88%
91%
Wednes. T hund'y. Friday.
Saturday Monday. Tuesday.
Market, ) In buyers’
Firmer.
1 2:3 0 P .M . J favor
Quieter.
Steady.
Quiet.
Quieter.
Mid.Upl’ds.
■Mid. Orl’ns.
Bales...........
Bpec. & exp.
5516
538
10,000
1,000
55,6
538
12,000
1,500
55X6
538
10,000
1,000
55x6
53s
8,000
1,000
Quiet.
8teady a t
partially
1-16 ady.
Quiet at
1-64 de
cline.
Quiet.
Dull.
Quiet and Quiet and
steady.
steady.
5&X6
53s
8,000
l.O b O
Futures.
Market, \
42:30 P .M . J
Market, ?
4 P. M.
}
Easy at
1-64 de
cline.
Easy.
55ie
53s
12,000
1,500
Quiet at
1-64 ad
vance.
Firm.
Easy.
th u s:
M on., A pr. 9 .
4
63 m earn
Tues., A pr.
©
H
Bat., A pr. 7 .
6 4 ths
Oven High Low. Olot. Open High Low. Clos. Open High Low. Clot.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
4April...........
April-May..
May-June..
June-July..
July-Aujz..
Aug.-Sept..
September.
Sept.-Oet...
Oct.-Noy...
513
513
515
5 16
518
5 IS
518
5 11
5 06
513
5 13
5 15
516
518
6 18
518
5 11
5 06
513
513
515
5 16
5 18
5 18
5 18
511
5 06
5 13
5 13
5 15
5 16
5 18
518
5 18
511
5 06
W ednes. Apr . 1 1 .
516
516
518
5 19
5 21
5 21
5 21
6 13
SOS 5 03
516
516
517
5 19
5 20
5 20
5 20
513
516
516
517
519
5 20
5 20
5 20
513
6 0S
T h u rs., Apr.
516
516
518
5 19
5 21
5 21
5 21
513
5 08
12 .
5 16
516
517
519
5 20
5 20
5 20
513
5 08
516
516
517
519
5 20
5 20
5 20
513
5 08
516
516
517
518
5 20
5 20
5 20
513
5 03
516
6 16
517
518
5 20
5 20
5 20
5 13
5 03
F r i., A pr. 1 3 .
Open High Low. Clos. Open High Low. Clos. Open High Low. Clos.
d.
d.
d.
d.
a.
d.
d.
d.
d.
d.
d.
d.
April.......... 5 17 5 17 517 517
April-May . 517 517 5 17 5 17
May-June. 5 18 518 5 18 5 18
June-July.. S 20
July-Aug .. r.2i
Aug.-Sept.. 5 21
September. 5 21
Bept—Oct .. 514
Ock-Nov... 5 Üb
5 20
5 21
5 21
5 21
514
5 09
519
5 21
5 21
5 21
514
509
519
5 21
5 21
5 21
5 14
5 09
516
516
517
518
5 20
5 20
520
513
508
516
516
517
518
5 20
5 20
5 20
513
508
515
515
517
518
520
519
5 19
512
5 07
515
5 15
517
518
5 20
519
5 19
512
507
516
5 Ì6
517
5 18
520
5 20
520
5 13
508
5 16
5 16
517
518
5 20
5 20
520
513
608
June delivery.................. . 59%
July delivery..-............. . 59%
August delivery.................. 59%
September d elivery......... 59%
October delivery................
....
59%
59%
59%
....
....
60%
60%
60%
....
....
60%
60%
60%
60%
60%
60%
6034
60%
60%
60%
F ri.
68
6 3%
61%
61%
61%
61%
61%
Oats have sympathized with corn and advanced, especially
for white grades, with speculation and regular trade showing
increased activity in the past few days. To-day there was
some further advance.
OATS.
Wed. T hu n.
37%
37%
37%
37%
37%
37%
37%
D A I L Y CLO SIN G P R IC E S O P N O . 2 M IX E D
The opening, highest, lowest and closing prices o f futures at
•Liverpool for each day of the week are given below.. These
prices are on the basis of Uplands, Low Middling clause, unless
otherwise stated.
E5F* The p rices are given in pence and
-*4 6 3 - 6 4 d . , and 5 0 1 means 5 l - 6 4 d .
89
91%
Indian corn has been tending upward. A decided short.
ness in the late crop begins to be admitted, but at the higher
prices speculation was sluggish, and business in the regular
way limited to purchases to supply the most urgent needs.
Dealings in the next crop have been at very full prices, showing that r o early relief to the comparative scarcity is
expected, To-day a further advance occurred, with sales of
No. 2 steamer mixed at 66c., delivered, and a speculative
“ corner” is not improbable.
D A I L Y CLO SIN G P R IC E S O P N O . 2 M IX E D CO RN .
The tone of the Liverpool market for spots and futures each
Wed. Thu n.
Tues.
Mon.
Sat.
day of the week ending Apr. 13 and the daily closing prices
66
' ....
66
66
April delivery.....................
■of spot cotton, have been as follow s:
62%
62%
62%
61%
May delivery........................ 61%
Spot.
F ri.
91%
91%
90%
89%
5 15
515
5 16
518
5 19
519
519
512
5 08
515
615
516
518
519
519
5 19
5 12
5 08
April delivery.................
May delivery.......................
J une delivery........... ...... .
July delivery..............
Sat.
37%
3758
37%
3738
37
Mon.
37%
37%
37
37
Tues.
37%
37%
37%
37%
F ri.
38%
38%
3-S%
38%
1 P R IC E S O P NO. 2 W H IT E O A T S
Sat.
40%
April delivery...................... 49%
39%
May del ivery........................ 39
%
June delivery..................... 39%
Mon.
39%
Tues.
41
39%
39%
Wed.
....
40%
39%
Thurs.
41%
40%
40%
F ri.
41%
41
40%
Rye remains quiet. Barley and barley malt are unsettled.
Labor troubles have broken out at some Western breweries,
and will probably extend to this city and vicinity next week.
The following are the closing quotations:
FLOUR.
F in e ................. # bbl. $2 15®$2 60 South’ll com. extras.. $3 00® 3 4 0
Superfine....___ . . . . . 2 25® 3 95 Southern bakers’ and
family brands_____ $3 50® 4 4 0
8pring wheat extras. 2 50® 3 10
Minn, clear and stra’t. 3 50® 4 40 Rye flour, superfine.. 3 30® 3 60
Fine............................ 2 35® 2 6 0
Wintershipp’gextras. 2 75® 3 20
Winter X X a n d X X X . 3 25® 4 40 Com meal—
Western,
& c . . . . . . . . 3 00® 3 25
P a t e n t s .......... . . . . . 4 20® 4 80
B ra n d y w in e ........ 3 20® 3 25Southern su p ers...... 2 65® 3 00
GRAIN.
Wheat—
State & Pa., $ hush. 6 9 ® 7 4
Spring, per bush... 85 ® 97
Oats—Mixed............... 38 ® 4 1
Spring No. 2 ........... 90 ® 91
White..................
. . . 41 ® 45
93%
Red winter No. 2 ... 92
No. 2 mixed.......... 38ia® 39*3
86 ® 95
Red winter......... .
No. 2 w hite............ 42 ® 4 3
White........................ 85 ® 96
Barley—
Com—West’n mixed. 64 ® 70
Canada No. 1 . . . . . . 9 5 ® 1 0 0
West’n mixed No. 2. 68 %® 69%
Two-rowed State.. 83 ® 8 6
Steamer No. 2 ....... 64%a> 66
Six-rowed State. . . . 86 ® 9 0
70
Western yellow .... 66
M a lt- State, 4-rowed. 9 7 ® 1 0 0
Southern w h ite .... 67 ® 70
State, 2-ro w ed ,.... 9 0 ® 9 4
The movement of breadstuffs to market is indicated in the
statement below, 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 compare*
five movement for the week ending April 7, 1888, and since
August, for each o f the last three years:
488
THE CHRONICLE.
Beceipts at—
Chicago.......
Milwaukee...
Toledo.........
Detroit........
Cleveland...
St. liouis......
Peoria..........
Duluth.........
Minneapolis.
Flour.
Wheat.
Com.
Rye.
Oats.
Barley.
BblsAmbs Bush.60 lbs Bush.56 lbs Bush. 32 lbs Bush.48 lbs Bu. 56 lbs
113,137
96,584
7,852
496,879
419.330
109,266
63,849
163,295
3,920
22,640
63.000
46,225
3,085
25,957
45,188
12,019
4,441
4,749
18 058
30,128
7,139
39,800
24,050
512
51.349
14,932
21,659
38,480
208,665
4,400
98,360
46,472
3,175
16,000
105,400
550
175,500
15,000
194,373
1,029,420
Tot.wk. ’88.
Bamewk.’87.
Same wk.’86.
Since Aug. 1.
1887-8.......
1886-7*......
1885-6*......
216,485
242,942
190,145
1.634,037
1,289,152
1,020,632
907,571
2,460,957
1,547,871
837,607
761,035
588,815
17,234
24.086
32,658
253.288
332.857
274,314
8,529.896 87,389,277 62,790,401 52.565,744 20,971,982 1,627.507
7,789.794 70,191.504 66,973,994 49,023,781 19,854.504 1,688.235
6,055,361 48,724,755 70,547,637 42,652.770 18,683,170 2.507,706
* Include one week extra.
Toronto..................
Montreal..............
Philadelphia___ _
Peoria_____ . . . . . .
Indianapolis.........
Kansas City.........
Baltimore.............
Minneapolis.........
St. PauL................
On Mississippi. . . .
On canal & river.
Wheat,
bush.
159,304
371,603
249,097
82,614
31,102
166.830
466.393
7,565,953
450,000
At—
New York.........
Boston...............
Montreal...........
Philadelphia...
Baltimore.........
Bichmond........
Norfolk, V a ....
New Orleans.. .
Total week. 308.358
Cor. week ’8 7 .. 329,272
Wheat,
bush.
45,650
8.300
50,825
15,854
38,078
3,763
Corn,
bush.
93,684
50,758
24,597
73.048
17,696
7,304
45,230
Oats,
Barley,
bush.
bush.
361,000106,450
56,770 17,538
13,450
6,600
83,421
6,000
42,850
2,997
B y e,
bush.
550
1,000
......
.........
3,200
24
63,790
162,470 312,317 624.278 136,588
926,106 1,236,729 1,032,395 114,250
4,774
15,900
The exports from the several seaboard ports for the week
ending April 7, 1888, are shown in the annexed statement:
Exports
fr o m —
New York
Boston...
Portland.
N. News.
Norfolk..
Philadel.
Baltlm’ie
N. Orl’n s.
Bichm’d .
Wheat.
Corn.
Flour.
Oats.
Bye.
Peas.
Bush.
608.018
40,502
Bush.
73,429
250
Bbls.
120,921
15,413
Bush.
3,000
187
Bush.
Bush.
2,599
30,639
116,935
93,860
12,017
54,543
156
315,113
206,510
3,187
946,650
124,156
2,257
2,599
29,857
51,637
The destination of these exports is as below. W e add the
corresponding period of last year for comparison.
Flour.
Exports
fo r week
to~~
1888.
Week,
A p r 7.
Wheat.
1887.
Week,
A pr. 9.
Un.King.
Cont’n t ..
S.&C.Am.
W. Indies
Brit, col’s
Oth.o’n’ts
Bbls.
124,992
8,726
44,773
21,414
5.886
719
Bbls.
64,427
17,9.>0
14,440
19,417
7,725
216
T otal...
206,510
124,156
1888.
Week,
Apr. 7.
1887.
Week,
A pr. 9.
Bush.
322,699
442,407
250
16,Ì64
B ush
638,049
953,989
............
781,520 1,592,038
Corn.
1888.
Week,
A pr. 7.
1887.
Week.
Apr. 9.
Bush.
252,182
50,622
776
10,808
" " ’ 725
Bush.
577.197
348.635
8,350
9,980
2,118
370
315,113
946,650
By adding this week’s movement to our previous totals we
have the following statement of exports this season and last
season:
Flour.
Wheat.
Sept. 1,’S7. Sept. 1,’88, Sept. 1,’87,
Exports to— to April
to April
to April
7, 1888. 9, 1887.
7, 168a
Bbls.
Bbls.
Bush.
Un.Kingdom 5,170,244 4,188,948 11,822.054
Continent...
278,470
335,197 8,848,897
S. &C. Am ...
638.831
697,044
21,310
West Indies.
687.759
499.029
19,055
Brit. Col’nies
413,237
315,252
4,505
Oth. eountr’s
25.310
25,494
38,294
Total.......
7,113,851 6,060,964 20,754,115
Com.
Sept. 1,’86, Sept. 1,’87, Sept.1,’80
to April
to April
to April
9, 1887. 7, 1888. 9, 1887
Bush.
Bush.
Bush.
26.237,579 10,301,707 17,073,357
17,576,316 3,075.054 7,583.213
81,874
215.085
450,978
3,071
221,087
333,793
63,750
26.496
100,096
26,317
46,343
43,948,936 13,902,970 35,504,180
The visible supply of grain, comprising the st ocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, April 7, 1888:
I n store at—
New York.......
Do afloat...
A lbany............
afloat...
afloat.,..
to e ...........
afloat...
Oswego.
“
afloat...
Cincinnati............
B oston ................
Wheat,
bush.
3,004,977
40,000
2,000
771,927
C om ,
bush.
212,802
64.500
111,835
5,390,216 3,012,717
215,780 1,961,836
2,170,316
23,972
62,600
7,952,701
244.486
1,500,200
298,505
1,399,326
18,155
40,000
25,000
1,405,981 1,604,808
40,000
181,046
17,000
66,000
19,900
79,349
120,000
97,040
177,587
104,150
Bye, B arleyr
bush.
bush.
498 167,695
3,950
12,753
47,295
2,067
3,172
21,065
186,900
6,300
36,300
.........
327.286 1.556.142
334,532 1,777,566
380,229
496,398
335,353
969,763
832,902
870,158
* Minneapolis and St. Paul not included.
According to Beerbohm’s London cablegram, the amount o f
wheat and corn on passage at the dates mentioned stood as
follows:
Crain on Passage.
Week ending A pr. 11.
Wheat.
To United Kingdom..qrs.
To Continent......................
Total quarters............
Equal in bushels...............
Same week in 1887. .bush.
C om .
2,259,000
324,000
361,000
75,000
2,583,000 436,000
20.664.000 3.488.000
19.224.000 2.880.000
Week ending A pr. 4.
Wheat.
C om .
2,123,000
220,000
314,000
81,000
2,343;000 395,000
18.744.000 3,160,000'
19.176.000 3,792,000
The exports of wheat from India for the week, year and
season are as below:
Week end'g Week end?g A p ril 1 to
A pr. 7.
Mar. 31.
A pr. 7.
Exports o f Wheat fr o m India.
To United Kingdom ............ ...bush.
To Continent.....................
THE
DRY
20,000
320,000
120,000
80,000
13.300.000
12.960.000
340,000
200,000
26,260,000
GOODS T R A D E .
N e w Y o ke , Friday, April 1 3,1888.'
3,460
Tot. w’k. 781,520
S’me time
1887. .. 1,592,038
Oats,
bush.
20,890
62,526
82,800
387,842
160,400
87,271
6Ì383
52,988
147,592
7,600
Total.................................
133,000
C om ,
bush.
T°t. Apr. 7, ’88. 33,583,420 8,803.951 3,777.491
Tot. Mar. 31, ’88 34,384.476 9,165,142 4,145,661
Tot. Apr. 9 , ’87.. 51,914,116 20,130,673 4,238,791
Tot. Apr.10, 86*. 47,682.492 16,487,865 2,236,693
Tot. A pr.11,’85*. 42,724.678 11,606,392 2,589,537
1888, follow :
Flour,
bbls.
122,389
58,2ol
4,842!
25,392
72,361
5,617
3,570
15,986
X L Y I.
[V ol.
Oats,
bush.
849.646
2,000
60,800
87,745
47 000
916.836
159,182
6,519
34,589
11,081
10,749
B ye,
bush.
16,072
6,000
48,500
63,815
Barley,
bush.
50,344
141,700
222,550
313,211
28,153
250,109
42,214
21,198
90,582
13,297
10,384
512,518
6,399
16,698
29,489
182,000
16,493
97,000
122^732
15,000
2,444
53,000
6,346
The dry goods trade, was sluggish the past week as regards
the wholesale branches of the trade, and the market has pre
sented few new features of noteworthy interest. The prac
tical settlement o f labor troubles among the employes of cer
tain Western railroads has given an impetus to business at
some distributing points in the West where a quiet condition
of business has prevailed for some time past, and orders from
that section o f the country were rather more liberal than of
late, but package buyers on the spot bought sparingly
throughout the week and their purchases were light in the
aggregate amount. Prices of the most staple domestic and
foreign fabrics ruled fairly steady in commission and import
ing circles, but the market has lost a good deal o f the buoy
ancy of tone which existed in the fore part of the year. The
jobbing trade was irregular, but a large business in “ jo b
lots” was occasionally done by leading firms, who have become
restive under their accumulations o f certain fabrics, which
have been slow o f sale since the middle o f March. In this
connection several large lines of indigo-blue prints, low-grade
ginghams, bleached cottons, & c., were marketed at tempt
ingly low prices by leading jobbers and very quickly dis
tributed .
D o m e st ic C o t t o n G o od s , — The exports o f cotton goods
from this port for the week ending April 10 were 4,070 packages«
valued at $238,853. These shipments include 2,053 to China,
799 to South America, 600 to British East Indies, 172 to the
West Indies, 170 to Central America, 81 to England, 51 to
Hamburg, 41 to Smyrna, 30 to Canada, 26 to Mexico, and 47
to all other countries. Since the 1st of January the exports
aggregate 43,806 packages, valued at $2,604,683. Of this total
China has had 19,355 packages, valued at $959,183; and 7,906
packages, valued at $513,907, have gone to South America.
For the similar period of 1887 the exports to all ports were
62,850 packages, valued at $3,514,562; of which 36,755 pack
ages, valued at $1,693,882, went to China; and 10,347 pack
ages,valued at $720,100, to South America. To the same time
in 1886 the total shipments reached 61,091 packages, and in
1885 were 47,654 packages. At first hands the demand for
staple cotton goods was strictly moderate and chiefly of a
hand-to-mouth character, and the jobbing trade in the regular
way was not up to expectations; but large sales of bleached
goods, &c., were made by some of the large jobbers, who
closed out their surplus stocks at prices which greatly favored
the buyers. Leading corporation brands of brown, bleached
and colored cottons are steadily held by agents, but outside
makes are somewhat easier, owing to the protracted
lull in the demand. Print cloths were in fair demand, but
prices have declined to 3j^c. for 64x64s and 3 l-16c, for 56x6Qs
A p r il
THE CHRONICLE
14, 1883.]
with transactions in both grades at these figures. Stocks last
Saturday and for the three previous years were as follows:
1886.
1887.
1885.
A v ril 9. A v r il 10. A pril 11.
67.000
79.000
475.000
91.000
43.000
399.000
47.000 255,000
324.000
40.000
15.000
300.000
1888.
A p ril 7.
Stock o f P rin t Cloths—
Held by Providence manuf rs.., 16,000
Fall River manufacturers... 28,000
None
Providence speculators.........
3,000
Outside speculators (est).......
Total stock (pieces)............
47,000
245,000
489
I m p o r t a t io n s o f D r y G o o d s .
The importations of dry goods at this port for the week
ending April 12,1888, and since Jan. 1, and the same facts for
the corresponding periods of last year are as follows :
392,000 1,498,000
Prints, printed dress fabrics, ginghams, seersuckers, &c.,
were in moderate demand at first hands, and a fair business
in both regular goods and “ jobs” was done by the principal |
jobbers.
D omestic W oolen G oods—Business in men’s-wear wool
ens was restricted in volume, but there was a fair movement
in some descriptions of fall goods on account o f back orders,
and leading makes of cassimeres, suitings, worsteds, over
coatings, & c., are so well under the control of orders that
prices are without quotable change. Cloakings were some
what less active than of late, and there was an irregular
demand for Jersey cloths and stockinets by the manufacturing
trade. Kentucky jeans, doeskins and satinets were more or
less quiet in first hands, but desirable makes are steadily held
at unchanged quotations. Flannels and blankets were in
light request by package buyers, as were most kinds of car
pets. All-wool and worsted dress goods of a seasonable char
acter ruled quiet, but some very fair orders for fall fabrics
were placed for future delivery. W ool hosiery and heavy
wool and merino underwear have met with more attention
from large buyers, but transactions were almost wholly for
later delivery.
F oreign D ry G oods were in light and irregular demand at
first hands, with most relative activity in drses fabrics, rib
bons, linen goods, laces and embroideries. Silks and satins
were only in moderate request in the regular way, but some
good-sized lines were disposed of to fair advantage thr ugh
the auction rooms. Velvets and plushes were ordered in fair
quantities for next season, but the demand for immediate
distribution was unimportant. Hosiery and fabric gloves
ruled quiet in first hands, and considerable quantities were
offered at auction, with very poor results.
■ fâiunutinl.
% U S U K U U tZ .
J J f t i s r je X I a t L e x w s .
Bank of Buffalo,
BUFFALO, n . y .
S. S. J ewett , Pres’t. W m . C. Cornwell . Cash’r.
Capital ....$ 3 0 0 ,0 0 0 I Surplus......$ ‘¿ 5 0 ,0 0 0
This Bank has superior facilities for making Col
lections in and out o f the city on the most liberal
terms, and with careful attention to the best inter
ests of its correspondents.
C o r r e s p o n d e n t s :— Importers’ & Traders’ Na
tional Bank and Chemical National Bank, New
York; Merchants’ Loan & Trust Co., Chicago;
Union Bank of London. London.
MERCHANTS’ NATIONAL BANK,
R IC H M O N D , V IR G IN IA .
Collections made on all Southern points on best
terms; prompt returns.
JOHN P. BRANCH, President.
J ohn F. Glenn , Cash. F red . R. Scott, Vice-Pres.
ST O C K S and B O N D S
A t Auction.
The Undersigned hold REGULAR AUCTION
SALES, of all classes of
STO C K S
AMD
BONDS,
ON
WEDNESDAYS AND SATURDAYS.
A D R I A N I I . M U L L E R & SON,
NO. 1 PINE STREET. NEW YORK.
Important Notice.
TO HOLDERS OF KANSAS REAL ESTATE
MORTGAGES:
Send to HODGES & KNOX, TOPEKA, KANSAS,
for Free Pamphlet containing the eompued.Laws o f
Kansan relating to Real Estate Mortgages.________
Investment Securities
BOUGHT
AND
EQUITABLE LIFEjl
Direct Line to France
ASSURANCE SOCIETY.
GENERAL TRANSATLANTIC CO.
B e tw e e n N E W Y O R K a n d H J V R 1
From Pier (new) 42, North River, foot of Merton St,
LA NORMANDIE, do Kersablec, Sat., Apr.14,7 A.M.
LA BOURGOGNE, Frangeai ....Sat., Apr.21,1 P.M.
LA BRETAGNE, de Jousselin. .Sat., Apr. 28, 7 A.M.
Travelers by this line avoid both transit by English
railway and the discomforts of crossing the Channi
in a small boat.
Prior of P assage (including wine):—To HavreFirst cabin, $100 and $80 ; second cabin, $60 ; steei
age, $28—including wine, bedding and utensils. Re
turn tickets at much reduced rates. Checks onBanqu«
Transatlantique, Havre and Paris,in amount to suit.
S p e cia l T r a i n fr o m H a v r e t o P arle
The Compagnie Generale Transatlantique deliver
at its office in New York special train tiokets iron
Havre to Paris. Baggage checked through to Parli
without examination at Havre, provided passenger
have the same delivered at the Company’s dock ii
New York, Pier 42 North River, foot of Morton St,
at least two hours before the departure of a steams?
KiOUIS R E R E R I A N , A g e n t ,
No* 3 R o w l i n g G r e e n .
Eugene
R.
STREBT,
(HANOVER SQUARE.)
IJOSEPH Gl LLOTTS
STEEL-PENS
,
A L ffiE S T E . H A G H F I E L D ,
I GOLD MEDAL PARIS
____
1 T H E MOST PERFECT OF PENS *
No» 5 1« P in e S tree t.
Assets January 1, 1888.................
Liabilities on 4 per cent basis.......
$84,378,904
66,274,650
Surplus on 4 per cent basis...........
18,104,254
New Assurance in 1887......... .
$138,023,105
Outstanding Assurance................. 483,029,562
C o l e , Life Insurance Company,
S T A T IO N E R AN D P R IN T E R .
Supplies Banks, Bankers, Stock Brokers and Corpo
rations with oomplete outfits of Account Books ant
Stationery
f3T New ooncerns organizing will have their order«
promptly executed.
N o. I W IL L IA M
In S urplus (namely the excess of
accumulated funds over liabilities), in
P remium I ncome, in the amount of
A ssurance in F orce, the Equitable
Life Assurance Society exceeds every
other life assurance company, and may
be regarded as the largest and strongest
organization of its kind in the world.
U N IO N M U T U A L
ESTABLISHED 185?,
SOLD.
W ANTED :
Southern Central o f N. Y. lata.'
Middletown Unionville & Water Gap 6s
Indianapolis & Vincennes 1st» and 2as.
Scioto Valley Bonds, all issues.
BHii-L
the;
EXPOSITION-1878.1
P O R T L A N D , M A IN E .
INCORPORATED 1848,
JOHN E. DE W I T T , President.
Its plans are varied and adapted to all circumstances.
here is nothing in Life Insurance which it does
it furnish cheaply, profitably and intelligibly.
Send to the Company’s Home office, Portland, Me.,
•anv o f its Agents for publications describing its
AINE LAW CONVERTIBLE POLICY, CLASS
4 ” or its 7 PER CENT GUARANTEED BOND
o ’LICV, CLASS “ A,” and other Forms of Bond
olicies; also for pamphlet explanatory of the
'avne Non-Forfeiture Lem, and for list of claims
lid thereunder.
George
Eustis & C o .,
BANKERS
C I N C I N N A T I , O H I O .]
490
THE CHRONICLE
[Voi* XL-MI
Canadian and Wox&i&u JBanLs and %&tik&cs.
C A M D IA N .
F O R E IG N .
[E STA B LISH E D
1818.]
Railway Share Trust Co.
C A P IT A L Paid In - - 9 1 2 ,0 0 0 ,0 0 0 Gold
SU R P LU S 9 6 ,0 0 0 ,0 0 0 Gold
Hon. Sir DONALD A. SMITH, President.
W. J. BUCHANAN, General Manager.
The Bank of Australasia.
THE
Bank o f Montreal.
(LIMITED),
N o. 4
BA N K
B U IL D IN G S
LONDON, ENGLAND.
'N E W YORK OFFICE:
Buy and sell Sterling and Continental Exchange
and Cable Transfers i grant Commercial and Travel
ers’ Credits, available in any part o f the World;
Issne drafts on, and make collections in, Chicago
aid thronghout the Dominion of Canada.
L o n d o n Office. N o . 2 2 A b c h n r c b L a n e .
C a p ita l P a id
U p , £ 9 7 1 ,3 6 0
S te rlin g .
This Company undertakes the business of Trustee
to Loans o f approved Hallways, negotiates and
issues Loans on the London Market, acts as Agent for
Railways and other Corporations, either In the mat
ter o f payments o f Interest on Loans, Dividends on
Imperial Bank of Canada.
C A P I T A L (paid np)9 1 ,5 0 0 ,0 0 0
8Ü RPLÜS
- 5 5 0 ,0 0 0
H. S. HOWLAND, Pres’t. T. R. MERRITT, Y.-P.
D. R. WILKIE, Cashier.
H E A D O F F IC E , T O R O N T O .
B r a n c h e s i n O n t a r i o .—Essex Centre, Fergus,
Galt, Ingersoll, Niagara Falls, Port Colborne, St.
Catharines, St. Thomas, Toronto (Yonge St. Br.).
Welland, Woodstock.
B r a n c h e s i n N o r t h w e s t —Winnipeg, Brandon,
Calgary.
Agents in London : ]
Lloyd’s Barnett’s & Bos- Agents in New York :
anquet’s Bank, limited. I B a n k o p M o n t r e a l .
Collections promptly made in any part o f Canada.
D r a w e r s o f S te rlin g E x ch a n g e .
Cable Address—p a YT, London .
R E G IS T R A T IO N OF
American Kailway Shares.
The Merchants’ Bank
Blake, Boissevain & C o.,
a n k
of
LONDON,
B ritish N orth A merica.
ENGLAND.
Ne g o tln te Railway, State and City loans.
N o. 52 W A L L S T R E E T .
E xecu te orders for Bonds, Shares, etc., on Com
Buy and sell Sterling Exchange and Cable Trans
mission, and transact a general Banking and
fers. Issue demand drafts on Scotland and Ireland;
Commission Business.
also on Canada, British Columbia and San Fran
cisco.
S pecial a tten tion given to the execution of
C I R C U Ì,A R N O T E S issued in Pounds Ster
orders for Securities on the New York, Lon
ling, available in all parts o f the world. C OM
don and Amsterdam Exchanges, in corres
M E R C I A L C R E D I T S IS**TIED for use in
Europe, China, Japan, East and West Indies and
pondence with
the Brazils, River Plate, &c.
Bills collected and other banking business trans
B L A K E B R O T H E R S & CO .,
acted.
í ; d . a . m c t a v is h ,
Agents.
1 8 W a l l S tree t, N e w F o r k ,
”•>. H. s t i k e m a n ,
28
S tate S treet. B o s t o n , M a s s ,
AND
F O R E IG N .
A D O L P H B O IS S E V A IN & CO.
A m s t e r d a m , H o ll a n d .
EüH¡
t
THE
\nglo- Californian Bank
(LIMITED).
L O N D O N , Head Office, 3 Angel Court.
SAN F R A N C I S C O Office, 200 Sans me St.
N E W F O R K Correspondents,
J. & W. Seligman & Co.
H O STO N Correspond’ts, MassachusettsN. Bk.
A u th o r iz e d C a p it a l, P a id -u p C a p it a l, - R e se r v e F u n d , - - -
- $ 6 , 0 0 0 ,0 0 0
- 1 ,5 0 0 ,0 0 0
- - 5 0 0 ,0 0 0
Transact a general banking business. Issue Cor
S edlts ®p<f Bills o f Exchange,available in 8
parts OfJH»eworld. Collections and orders for Bond
stocks, etc., executed upon the most favorable term
FRED’K F. LOW,
>„
,
IGNATZ STEINHART, 1Managers.
l?F. N. LILENTHAL, Cashier.
B A N K I N G C O R P O R A T IO N .
Paid-up Capital........................................... $7.500,000
Reserve Fund.............................................. *3 900 000
Reserve Liability o f Proprietors..^.......... ?|50o!(K)0
The Corporation grant Drafts, issue Letters o f
Credit for use of Travellers, and negotiate or collect
Bills payable at Bombay, Calcutta, Singapore.
Saigon, Manila, Hong Kong, Foochow. Amoy
Ningpo, Shanghai, Hankow, Yokohama, Hiogo. San
Francisco and London.
A . M . T O W N S E N D , A g e n t , 5 0 W a l l S t.
or Registration of Stocks in London, or otherwise.
THE ENGLISH ASSOCIATION OF AMERICAN
BOND AND SHAREHOLDERS (LIMITED) are
prepared:
1. To obtain Registration of American Railway
Shares in the name of the Association, lodge them
with the London & Westminster Bank, and issue
against the deposited Shares the Certificates of the
Association, countersigned by the Bank. The certi
ficates have coupons for dividends attached, and
upon presentation of the advertised coupon at the
office of the Association the dividends may be ob
tained the same day they are payable in the U. 8.
2. Or they will obtain Registration of Shares in
the name of the Association, deliver up the Shares
duly endorsed to the owner, and pay the dividends
at the office o f the Association in London the same
day they are payable in the United States.
OF CANADA.
3. Or they will obtain Registration of Shares in
owner’s name, and collect the dividends by
Capital, Paid Up. ■ • • $5,799,200 the
power o f attorney.
Under plan No. 1 British holders of American
Reserve...................................... 1,700,000 shares
are enabled when necessary to take immedi
ate combined action in voting, the power being used
H E A D O F F IC E , M O N T R E A L .
by the Association on instructions from holders of
certificates representing shares in any particular
ANDREW ALLAN, Esq., °re*ident.
railway. This plan also affords absolute security to
ROBERT ANDERSON. Esq., Vice-President, lenders o f money on American shares, as Associ
ation certificates are only issued upon newly-verified
OWORCJ'B HAGUE. General Manager.
share certificates.
JOHN GAULT, Branch Superintendent.
The original American shares can always be re
BANKERS :
exchanged atshort notice, free of expense, on pre
sentation o f the Association’s Certificates at the
LONDON. ENG.—The Clydesdale Bank (Limited.)
office.
NEW YORK—The Bank of New York. N. B. A.
The charge for registration and for the Associ
A general Banking business transacted. Letters
of Credit issued, available in China, Japan and ation’s Certificates is 3d. per share.
SAMUEL POPE, Q. C., Chairman.
other foreign countries,
JOSEPH PRICE, Managing Director.
F. P. BAX TERVSecretary.
N e w F o r k A g e n c y , N o . 6 1 W a U S treet.
Nos. 5 and 6 Great Winchester St., London, E. C,
HENRY HAGUE,
)
The Association acts as Transfer Agents in Lon
JOHN B. HARRIS, JR., 1 A*®“ ™don for American Railway Companies, in conjunc
tion with the London agents of the Mercantile
Trust Company of New York as Registrars.
Agents in the United States,
A G E N C Y OF T H E
____________ POOR & GREENOUGH. 36 Wall St.
B
(Incorporated bv Royal Charter, 1835 )
4 T h r e a d n e e d le S treet, L o n d o n .
Paid-up C ap ita l,..................- £1,600,000
Reserve F u n d ,.......................... 800,000
Reserve Liability of Proprietors
under the Charter - - - - 1,600,000
Letters of Credit and Drafts issued on any of the
numerons branches of the Bank throughout Aus
tralia and New Zealand.
Rills negotiated or sent for collection.
Telegraphic transfers made.
Deposits received in London at Interest for fixed
periods, on terms which may be ascertained on anpUoation._______ PRIDEAUX 8ELBY. Secretary.
Hong Kong & Shanghai
Nob. 5 9 & 61 W A L L S T R E E T ,
W A L T E R W ATSON, > .
^
A l e x ’r L a n g ,
j A g en ts.
Sfxrx&iQU.
Heinemann & C o.,
62 Gresham House, E. C.,
LONDON.
S o licit accounts and agencies of Banks, Railways
Corporations, Firms and Individuals upon
favorable terms; also orders for the pur
chase and sale of Bonds, Shares, Ac., Ac. on
the Stock Exchange.
Interest allowed on Deposits, subject to 60-days
sight drafts, at Bank of England rate, and
one per cent below that rate subject to
demand drafts.
N e g o tia te Railway, State and City Loans.
The United States Life
Insurance Co.
IN T H E
C IT F
OF N E W
FORK.
(ORGANIZED IN 1850.)
261, 262 & 263 Broadway, New York.
GEO. H. BURFORD, President.
C. P. F k a l e i g h , Sec. A W
W m, T.
In c r e a s e
In c r e a s e
In c r e a se
h e e l w r ig h t ,
St a n d e n ,
Asst. Sec.
Actuary.
in
9 1 0 0 ,0 0 0
in
40 p e r cent.
A ssets ov e r - - - .
N e w B u s in e s s , - - o e B u s in e s s in F o r c e , -
9 2 ,4 0 0 ,0 0 0
POLICIES INCONTESTABLE.
CLAIMS PAID PROMPTLY.
TEN DAYS’ GRACE.
ABSOLUTE SECURITY.
T h e m ost lib e r a l an d e q u ita b le c o n tra ct
c o n sisten t w ith r e co g n iz e d b u sin e ss p r in
c ip le s.
GOOD AGENTS, desiring to represent the Com
pany, are invited to address J . S . G A F F N E Y ,
Superintendent of Agencies, at Home Office,
MANHATTAN
L I F E IN S U R A N C E C O M P A N Y ,
156 AND 158 BROADWAY, NEW YORK.
Organized A. D. 1850.
TO JANUARY 1, 1887.
Premiums received....................................$31,748,115
Claims paid to policy-holders, returned
premiums, dividends, etc....................... 24,066,759
Assets..........
................. ................... . 11,310,058
DESCRIPTION—One of the oldest, strongest, best.
POLICIES—Incontestable, non-forfeitable, defin
ite cash surrender values.
RATES—Safe, low, and participating or not, as
desired.
RISKS careful and selected.
PROMPT, liberal dealing.
General Agents and Canvassers wanted in desir
able territory, to whom permanent employment and
liberal compensation will be given. Address,
JAMES M. MCLEAN, President.
J. L. Halsey, 1st V.-Pres. H. B. Stokes, 2d V.-Pres.
H. Y. W em p 1e Secretar 8. N. Stebbins Actuary.
TU B
Provident Life&Trust Co
OF
P H IL A D E L P H IA .
Incorporated Third Mo., 22d, 1865.
(CHARTER PERPETUAL.)
C A P I T A L ......................................$ 1 , 0 0 0 , 0 0 0
A S S E T S , $20.115,023 49.
INSURES LIVES. GRANTS ANNUITIES, RE
CEIVES MONEY ON DEPOSIT, returnable on de
mand, or on which interest is allowed, and is empow
ered bylaw to act as EXECUTOR, ADMINISTRA
TOR. TRUSTEE, GUARDIAN, ASSIGNEE.COMMITTEE, RECEIVER, AGENT, etc., for the faith
ful performance of which its capital and surplus
fund furnish ample security.
All trust funds and investments are kept separate
and apart from the assets of the company.
The income of parties residing abroad carefully
collected and duly remitted.
SAM’L R. SHIPLEY, President.
T. W I8TAR BROWN, Vice-President.
ASA S. WING. Vice-President and Actuary
Augustus Floyd,
42 PINE STREET,
B R O K E R US
IN V E S T M E N T
S E C U R I T IE S .
N o B m i n e n D o n e o n M a r g in s .
t h e : c h r o n ic i;
A p r il 14, 1888.]
vii
% u s n x K U !C je*
M o tio n .
THE
Crenshaw & Wisner,
Financial Review.
1 6 & 1 8 E x c h a n g e P la e e , N e w Y o r k ,
C O M M ISSIO N M E R C H A N T S ,
Moa * era of the Cotton, Coffee and Produoe Exch’s
OFFICE OF THE
A G E N C Y OF
(ANNUAL.)
A T L A N T I C
1 S 8
S .
THE
HAXALL
ORIENT, L . I.
Standard Superphosphates.
SULPHUR
YEAR
CO.,
ORIENT GUANO MANUFACT’G CO.,
Mutual Insurance C o.,
A
CRENSHAW
RICHM OND, VA.
Standard Brands of Flour for Shipment to Warm
Climates always on hand.
BOOK
MINES
COMPANY
OF V IR G IN IA .
High Grade Pyrites free from Arsenic.
NEW YORK, January 24,1818.
The Trustees, in conformity to the Charter oi
the Company, submit the following Statement
of its affairs on the 31st of Deoember, 1887 :
Premiums on Marine Risks from
1st January, 1887, to 31st
December, 1 8 8 7 ........... .
$3,642,969 09
Premiums on Policies not marked
©ft 1st January, 1 8 8 7 .......... ., 1,417,600 13
Total Marine Premiums,____ $5,060,569 22
Premiums marked ^¡tt from 1st
January, 1887, to 31st Deoem
ber, 1887...................................... $ 3,(72 331 21
Losses paid during the same
period...............................
51 599,468 25
Returns of Premiums and Ex
p e n s e s .......................
$788,846 38
The Company has the following Assets» viz.:
United States and State of New
York Stock, City, Bank and
other Stocks............................ $8,622,565 00
Loans secured by Stocks and
otherwise..................................... 1,559,100 00
Real Estate and Claims due the
Company, estimated a t . . . . . . . .
474,439 88
Premium Notes and Bills Re
ceivable........................................ 1,362,986 07
Cash in B a n k . . . . . . . . . . . . . . . . . . . . .
218,192 40
▲mount......... ................... ....$ 1 2 ,2 3 7 ,2 8 3 35
OF
Bankers,
Charles P. Burdett,
Henry E. Hawley,
Chas. H. Marshall,
James G. De Fort st,
Charles D. Level ich,
John L.Riker,
George Bliss,
Anson W. Hard,
N. Denton Smitbj
Isaac B ell,
Edward' Floyd-Jcnes,
Thomas Maitland,
Ira Bursley,
James A. Hewlett,
George H. Macy,
Lawrence Turnure.
JOHN D. JONES, President.
W. H. H. MOORE, Vice-President.
A» A, RAVEN, 2d Vice-President.
C O T T O N S A IL D U C K
And all kinds of
S to c k B r o k e r s ,
Merchants,
Investors.
COTTON CANVAS, FELTING DUCK, nan
COVERING, BAGGING, RAVENS DOCK,WAIT.
TWINES, AO., “ONTARIO” SEAMLESS
BAGS, “AWNING STRIPES.
Also, Agents
U N I T E D S T A T E S B U N T I N G GO.
l full supply, all Widths and Colors, always In stook
N o . 1 0 9 D u a n e S treet.
C O N T E N T S :
R e tr o s p e c t o f 1 8 8 7 *
Bliss, F a b y a n & C o . ,
m e r c a n tile F a ilu r e s .
B a n k in g a n d F i n a n c i a l United States—National Bank Figures and
Currency Movements.
New York City—Bank Returns, <feo.
London—Money Market and Bank Returns.
C o m m e r c ia l—
United States—Foreign Commerce, Trade
Balance, U. S. Exports and Imports of
Leading Articles. London—Review of
year, Bank Returns, &o.
S tate D e b ts a n d S ecu rities—
State Debts and Immunity from Prosecution.
Prices of State Securities, 1860-1887.
J. D. Jones,
W. H. H. Moore,
A. A. Raven,
James Low,
Wm. Sturgis,
Benjamin H. Field,
Josiah O. Low,
Edmund W. Corlies,
Robert B. Mlntum,]
William Degroot,
Horaoe Gray,
William E. Dodge,
John Elliott,
C. A. Hand,
John D. Hewlett,
William H. Webb,
Manufacturers and Dealers la
FOR
Tlxe M o n e y M a r k e t Influences, and Prices of Call Loans and
SIX PER CENT INTEREST on the outstand
Commercial Paper since 1879.
ing certificates of profits will be paid to the
holders thereof, or their legal representatives, G o ld a n d S i l v e r on and after Tuesday, the 7th of February next.
Production, Consumption,.Exports and Im
THE OUTSTANDING CERTIFICATES Of
ports of Gold and Silver in the United
the issue of 1883 will be redeemed and paid to
States and abroad.
the holders thereof, or their legal representa
F o r e ig n E x c h a n g e —
tives, on and after Tuesday,the 7th of February
Market and Prices in New York, 1872-1887.
next, from which date all interest thereon wil 1
cease. The certificates to be produced at the I n v e s t m e n t s a n d S p e c u la tio n —
Compound Interest Table, Showing Accu
time of payment and canceled.
mulations of Money in a Series of Years.
A DIVIDEND OF FORTY PER CENT is
Table Showing the Rate Per Cent Realized
declared on the net earned premiums of the
on Securities Purchased at different prices
Company, for the year ending 31st Deoember,
(without regard to date Of maturity.)
1887, for which certificates 'will be issued on
Stock Speculation in New York.
and after Tuesday, the 1st of May next.
By order of the Board,
U n ite d S tates D e b t a n d S ecu rities—
Debt of tbe United States, 1793-1887.
J « H . C H A P M A N , Secretary.
Prices of U. S. Bonds, 1860-1887.
T R U S T E E S )
Brinckerhoff, Turner
& C o.,
FINANCIAL INFORMATION
R a ilr o a d s a n d t h e ir Secu rities—
Railroad Statistics of the United States
Railroad Earnings.
Prices of Railroad Bonds, 1883-1887.
The New York Stock Market, 1882-1887.
Stock Quotations N. Y . Exch., 1883-1887.
Stock and Bond quotations at Boston Ex
change in 1887.
“
“
Phila. in 1887.
“
“
Balt, in 1887.
New York, Boston, Philadelphia,
SELLING AGENTS FOR LEADING BRANDS
B R O W N A B L E A C H E D S H IR T IN G S
A N D S H E E T IN G S ,
PRINTS, DENIMS, TICKS, DUCKS, A
T o w e ls ,Q u i l t s , W h i t e G o o d s Sc H o s ie r y
Drills, Sheetings, die, for Export Trade.
John L. Bu llard .
H e n r y h . W heeler .
Bullard & Wheeler,
COTTON COMMISSION MERCHANTS
NEW YORK.
ALSO
B A G G IN G A N D IR O N T IE S ,
(FOR BALING COTTON).
Advances made on Cotton Consignments and Special
Attention given to purchase and sale of FUTURE
CONTRACTS OF COTTON.
BAGGING.
W A R R E N , JO N E S & « R A T Z ,
S T . L O U IS , M o .
Manufacturers of Pure Jute Bagging.
IM PO RTERS OP
IR O N
JOH N
COTTON
II.
T IE S .
C L IS B Y
&
CO .,
COTTON BUYERS,
M ONTGOM ERY,
P
urchase
On l y
on
Orders
ALA.
por a
Co m m i s s i o
Dennis Perkins & C o.,
COTTON BROKERS,
1 2 5 P e a r l Street, ¡N e w Y o r k .
Orders for Spot Cotton and 1’Fntures promptly
executed.
SECURE BA N K FAULTS.
Price of the Review , bound In cloth, - 8 2 0 0
To Chronicle Subscribers, - - - - 150
WELDEl) CHROME STEEL AND IRON
W IL L IA M
B . D A N A & C O .,
PUBLISHERS,
1 0 2 W illia m
S tree t, M e w Y o l k
in Round and Flat Bars, and 5-ply Plates and Angle
FOR SAFES, VAULTS, &C.
Cannot be Sawed, Cut or Drilled, and positively
Burglar-Proof.
CHROM E STEEL W O R K S,
Circulars Free .
B R O O K L Y N , N, Y ,
v in
THE CHRONICLE.
©xriliro.
® ú iU u .
MERCHANTS,
W >
I N M A N , SW A N N & Co
YORK.
¡TTa S b MADE ON ACCEPTABLE SECURITIES,
COTTON
MERCHANTS,
Future De l iv e r y of Cotton.
N ew
Y ork.
COTTON. ALL GRADES, SUITABLE TO WANTS
OF. SPINNERS,
Offered on T erms to Su it .
BANKERS AND COMMISSION MERCHANTS,
W IL L IA M
NEW
STREET,
STOCKS, P E T R O L E U M ,
NEW YORK, CHICAGO, NEW OR
LEANS, ST. LOUIS, LIVERPOOL,
HAVRE, &c.
^Lehman , D u rr & Co.,
tMontgomery, Ala.
L E H M A N B R O S.,
F actors
8 S o u th W i ll i a m S t., N e w Y o r k .
EXECUTE ORDERS FOR FUTURE DELIVERY
AND
C O M M IS S IO N M E R C H A N T S ,
No. 40 EXCHANGE PLACE,
MEMBERS OF THE OOITON, COFFEE A N D
PRODUCE EXCHANGES.
Up -town Office. No. 351 Br o a d w a y .
New Y o r k .
Orders executed at the Cotton Exchanges in New
York and Liverpool, and advances made on Cotton
and other produce consigned to ns, or to our corres
pondents in Liverpool: Messrs. L. Rosenheim A
Sons and A. Stern A Co.; in London, Messrs. B.
Newgass & Co.
at the NEW YORK, LIVERPOOL AND NEW ORLEANS COTTON EXCHANGES. Also orders for
C O F F F E
G R A IN
&
Co.,
Successors to WARE & SCHROEDER,
COMMISSION
MERCHANTS,
Cotton Exchange Building,
NEW YORK.
Orders for future delivery of Cotton executed in
New York and Liverpool ; also for Grain and Pro
visions in New York and Chicago.
B. F. B A B C O C K & CO.
COTTON E X C H A N G E B U IL D IN G ,
N ew Y o r k .
Special attention to orders for contracts for future
delivery o f cotton.
Gwathmey & Bloss,
COM M ISSION
ME K C H A N T S ,
FRANCIS M. JENCKS.
George H. V ose, Secretary.
40 and 42 W all Street,
NORFOLK
fXi&UXVLUtt.
YA.
Cotton Brokers & Commission Merchants
Liberal advances made on Cotton consignments.
Special attention given to the sale of cotton to arrive or in transit for both foreign and domestic mar
kets. Orders for B'nture Contracts executed in New
York and Liverpool.
North British
& Mercantile Ins.
Robert Tannatali & C o.,
Cotton Commission Merchants,
C o tto n E x c h a n g e B u ild in g , N e w Y o r k ,
Spedai attention given to the purchase and sale of
FUTURE CONTRACTS
in New York and Liverpool.
Mohr, Hanemann& C o.,
COTTON
EXCHANGE
B U IL D IN G ,
LONDON AND E D IN B U R G H .
U. S. Branch Statement Jan. 1, 1888.
Invested and Cash Fire Assets........
$3,347,833 81
LIABILITIES.
Reserve for Unearned Premiums..
1,314,448 81
Reserve for Unpaid Losses............
151,207 39
All other Liabilities.. .....................
3,548 33
Net s u r p lu s — ..........................1 ,8 7 8 ,5 6 9 2 8
$3,347,833 81
U. S. B ranch O ffice, 54 W illiam Street , N. Y.
SAM. P. BLADGEN, Manager.
JAS. F. DUDLEY, Assistant Manager.
W. A. FRANCIS, 2d Assistant Manager.
M A R IN E AND IN L A N D IN SURANCE.
COMMERCIAL MUTUAL
New York,
Sp e c ia l A ttention G ive n to th e E xecution
OF ORDERS FOB FUTURE CONTRACTS.
Cotton Commission Merchants,
NO. 116 CHESTNUT STREET,
P H IL A D E L P H IA .
NO. 42 MAIN STREET,
N O R FO L K , V A .
SPINNERS ORDERS SOLICITED.
Geo.H.McFadden&Bro.
COTTON
MERCHANTS,
IN S U R A N C E
Total Assets Dec. 31, 1887..................$675,307 26
TT
W. IRVING COMES, President.
H en ry D.K ing , Sec. W ain w rig h t H a r d ie ,V.-P.
This Company issues Certificates of Insurance,
under which losses are payable in LONDON, at the
counting house of Messrs. BROWN. SHIPLEY & Co
Phenix Insurance Co.
OF
Office,
Geo. Copeland & Co.,
COMMISSION MERCHANTS,
COTTON E X C H A N G E ^ O T W Y O R K , and
COTTON BROKERS,
Cotton, Coffee, Grain, Provisions,
Stocks and Petroleum.
Orders executed in New York, Chicago and Liv
erpool. All grades o f cottonsuitableto stinners’
wants offered on favorable terms.
STREET, NEW YO R K .
BROOKLYN,
195 Broadway,
New York
City.
CASH C A P IT A L ................................. $1,000,000 00
S T E P H E N C R O W E L L , P r e s id e n t .
GEORGE P. SHELDON, Vice-President.
GEORGE INGRAHAM, 2d Vice-President.
PHILANDER SHAW, Secretary.
CHARLES C. LITTLE Assist. Secretary
JOHN H. DOUGHERTY, Assist. Sec’y.
L iverpool Correspondente ,
F R E D E R I C Z E R E G A Sc CO .
Rountree & C o.,
C O M P A N Y^]
No. 42 WALL STREET, NEW YORK.
A SSE T S
United States Securities........ .*................$173,900 00
Bank Stocks.............................................. 114,225 00
Stocks, Bonds, Loans and Cash in Banks 324,903 61
Premium Notes, Cash Premiums, &c.... 62,338 75
New York and Liverpool; also for Graiu and Pro
134 P E A R L
Co.
OF
No. 123 PEARL ST., NEW YORK.
visions in New York and Chicago.
N ew Y o r k .
Price, Reid & C o.,
P H IL A D E L P H IA .
Orders for future delivery o f Cotton executed in
President.
Bethlehem Iron Comp’y
M a n h a tta n B u ild in g ,
Geo. W . Baily & C o., Edward H.Coates& C o.,
{COMMISSION MERCHANTS,
140, 142 & 146 BROADWAY
117 P e a r l St., M ew Y o r k ,
AND
S E C U R IT Y .
T O S U P P L Y IN C R E A S IN G DEM AND ,
N E W SAF E S A R E B E IN G A D D E D .
Hubbard, Price & C o.,
COMMISSION MEBCHANTS,
IT W a t e r S tree t, L I V E R P O O L ,
Receive consignments o f Cotton and other Produce,
and execute orders at the Exchanges in Liverpool.
Represented in New York at the office of
SAM’L D. BABCOCK
32 Nassau Street, New York.
U N E f fU A L E D
THE OFFICES HAVE BEEN NEWLY
FURNISHED W ITH EVERY IMPROVEMENT.
AM D P R O V IS IO N S
at the NEW YORK PRODUCE EXCHANGE and
the CHICAGO BOARD OB' TRADE.
Correspondents
Messrs. Smith, Edwards & Co., Cotton Brokers,
Liverpool.
Jas. Lea McLean, New Orleans.
Deposit Co.
OF N E W Y O R K
OFFERS
at the NEW YORK COFFEE EXCHANGE, and
"*
Schroeder
MERCHANTS
C O T T O N
ORDERS EXECUTED IN
C otton
COM M ISSION
YORK.
lg |
Personal attention given at the EXCHANGES to
the purchase and sale of STOCKS and BONDS for
cash or on margin.
RECEIVED—subject to check at sight
“ With interest upon balances.
„J rpecial M ention paid to INVESTMENTS and
aooounts o f COUNTRY BANKERS.
Henry Hentz 5c C o.,
YORK.
C O TT O N , G R A IN ,
P R O V IS IO N S , C O F F R E ,
L ehm an , stern & Co.,
New Orleans, La.
branch offices {
The Safe
Williams, Black & C o.,
1
BANKERS,
14 NASSAU STREET, NEW
SPECIAL ATTENTION TO ORDERS FOR CONTRACTS
for
H enry P. Hatch.
A rthu r M. Hatch.
W . T . Hatch & Sons,
Post Building, 16 & 18 Exchange Place,
NEW
14, 1888.
S^isjcjeXXati^0tts.
Walter T. Hatch.
Nath’l W. T. Hatch.
Woodward & Stillman,
G.
fApRÍL
C
o m m e r c ia l
U
n io n
A s s u r a n c e Co., l i m i t e d ,
OF LONDON.
.
QQlce, Cor Pine & William Sts., N. Y,
@FedFRASER