Full text of Commercial and Financial Chronicle : April 28, 1888, Vol. 46, No. 1192 [Copy 1]

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HUNT’S

MERCHANTS’

MAGAZINE,

REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES

VOL. 46.

SATURDAY, APRIL 28, 1888.

NO. 1,192.
.'.-a

1

CONTENTS.

Week Ending April

1888.

THE CHRONICLE.
The Financial Situation
The
International
Northern & Texas

Union Pacific’s
Progress

&

522

Imports

Great

and

for

Exports

March

524

Monetary

525

Commercial and Miscellaneous

Position and

and

English News

Commercial

526

526
528

News.

New York
Sales of—
(Stocks
(Cotton

shares
ibales
bushels.)

(Grain

(Petroleum

bbls.)

695,505,107

(1,468,076)
(230,000)
(56,419,700)
(83,776,000)

(41,171,000)

For One Year (includiD
For Six Months

$10 20

postage)

'loP'
).

European Subscription (including postage)
Annual subscription in London (including postage)
do

SlxMoe.

do

:

do

Total New England..

6 10

Philadelphia.

11 28
£2 7s.

Baltimore....

£1 8s.

Pittsburg
Total Middle.

69,425,098
10,482,133
14,175,754

-2-7

59,461,723

—7-6-

+13-4
—13-7

11,330,172
11,050,146

-27*2:

91,646,539

94,082,985

—26

81,848,041

-0-7

56,731,190
11,586.000
3,837,070
2,656,073
1,708,909

+11-7

54,039,164
9,404,400

1,869,895
8,015,834
2,567,073
1,175,655
8,040,960
3,490,966
2,466,116
3,294,682
676,614
661,646
1,634,793
326,377

Messrs Edwards & Smith, 1 Drapers’ Gardens, E. C., who will tate

subscriptions and advertisements and supply single oopies of tbe paper

at Is. each.

Topeka*

WILLIAM B. DANA
JOHN O. FLOYD

“1

WILLIAM

B. DANA & Co., Publishers.
102 William Street, NEW YORK.
Post Office box 958.

CLEARING

HOUSE

RETURNS.

The bank

clearings for the week ended with Saturday last
differ but very little in th aggregate from the total for the
preceding similar period, although the returns for individual
cities show changes of more or less importance. In the New
England section there is a decline of about three millions,
While the Middle and Western sections record gains of about ten
bullions and eleven and a half millions of dollars respectively.
The South has also added to its total nearly one million, so that
for all points outside of New York the increase over April 14
Is $17,928,316. At this city, however, there has been a falling
off of $18,962,033, leaving for the whole country a net loss of
$1,0^3,717. The planting of cotton, which was considerably
delayed by the unseasonable weather during March, is now
making good progress.
There was a decrease in exchanges of $84,408,908 during the
week of 1887 with which comparison is now made, and in
consequence the contrast with last year is more favorable
than it was a week ago—that is, the decline now recorded in
the aggregate of all the clearing houses is not so heavy. Fur
thermore, the total outside of New York exhibits a gain of 2
per cent, against a loss last week of 7’3 per cent. Important
percentages of increase are recorded at Detroit, Peoria, Lowell
Duluth, Grand Rapids, Minneapolis, Springfield, Portland and
Norfolk.
The speculation in share properties on the New York Stock
Exchange displayed a little more activity during the week,the
transactions covering a market value of $73,972,000, against
$110,304,000 for the like period a year ago. After deducting
„

-

two-and-a-half times these values from the New York clear¬
ings there remains $395,622,712 ascribable to other business
ihis year, against $419,347,107 in 1887, or a decrease of 5*7 per
eeitf




Total Western.

—139’

67,632,866
11,888,985
12,229,688

88,069,684
4,461,500
1,591,838
1,219,710

+33

-49
—3*9

739,214

8,981,800

Denver
8t. Paul
Grand Rapids.
Wichita
Duluth*

—15«
-2S

99,564,834

Indianapolis..

London Agents :

(-4+5

(47,348,830)
(23,730,000)

—22

.Subscriptions will be continued until definitely ordered stopped. The
publishers cannot be responsible for remittances unless made by drafts

Minneapolis...

(1,272,895)
,270,400)

21'$

+43-1

10,243,850
4*102,492

cents.

—

406,608

63,352,707

Omaha

-32

P. Cent.

I
599,614,745

98,549,920

Cincinnati
Milwaukee....
Detroit

cents; postage on the same is 18
Volumes hound for subscribers at $1 00.

(16,742,000) (+10P7)

1888.

96,359,466

Chicago

sr Post Office Money Orders.
-A file cover is furnished at 50

(-88-6.
(+370;

End'g April 14>

88,026,671
4,733,SCO
1,772,637
1,251,139
938,751
971,194
1,210,277
660,7565

These prices include the Investors’ Supplement, of 120 pages
Issued once in two months, and furnished without extra oharge to
aubsoribers of the Chronicle.

Cleveland
Columbus
Peoria....

(-80-4'

(374,400)

1,172,426
903,448
1,095,676
1,244,249
581,902

Lowell..

Subscription—Payable in Advance

—16-5

(2,424,111)

85.238.4S9
4,009,400
1,513,926

Springfield

Terms of

t

580,552,712

Boston
Providence
Hartford
New Haven
Portland
Worcester

$hc Chronicle.

P. Cent.

1887.

$

Week

21.

1,094,106

+222
+o-i

967,20!)

+28-7

-ire

-+9'4
—15*3

3,704,606
3,791,677
1,906,266
2,964,403

2,224,437

+154

1,984,060

798,567
2.640,876

+47-2
+151
+ 312
+35

1,153,483
2,863,370

—79

3,552,407
602,109
749,122

-+6-9
+499

3,559,833

2,660,570
2,382,235
3,577,376
509,649
827,251
1,227,946

+32 8
—200

+3-0
—8-0

+6-5
-2-2

+24-1
+11-1

+1-8

+60—21-5.
—6-2

+6-2

+810
+o-a
—15-0

+21-4

—4*2
-16-5-

8,145,462
3,132,070

+331

1,494,868
285,706

+20-0
—28*1

+21-8
—28-4

105,575,083

£0,928,582

489

94,012,599

—0*3

St. Louis
St. Joseph...,
New Orleans.
Louisville....
Kansas City..

18,491,063
1,224,901
7,191.498
5,050,206
8,307,011

16,764,406
1,257,198
8,387,218

+10-3
—1+2

4,766.353
8.169,981

+6 1

+1-7

17,698,707
1,088,589
7,409,699
5,203,312
7,831,003

—24-4
-12S
—3-8
-Tfr

Memphis..,..

2,130,451

+107

2,132,530

-2*2

+28-5

716,332

1,825,895
778,e40
689,633

+21-5

731,853
795,107

-^0-6-2SO

43,8^8,737

42,534,324

+31

42,891,700

+2-0

14,706,853

15^204,109

+109

15,916,188

+1-4

932.714,390 1,040,865,027

—10-4

933,748,107

—17-0-

834,233,362

-r&

Galveston....

756,275

Norfolk

Total Southern...
San Francisco

Total all
Outside New York.
*

352,161,678,

—26

845,359,9201

+2-o|

+3-S-.

Not Included in totals.

Our usual

telegraphic returns of exchanges for the five days
are given below.
In comparison with
the similar period of last year the aggregate for the seven
cities records a loss of 5*0 per cent. The estimate for the full
week ended April 28, based on these telegraphic figures, points
hare been received and

to

decrease from the week of 1887 of about 1*1 percent.

a

Messrs. R. G. Dun & Co. report

the number of failures for the
to-night (April 27) as 223 (193 in the United States
Canada), against 195 last week and 191 for the same

week ended

and 30 in
time

a

year ago.

Returns by

1888.

1887.

Philadelphia
Baltimore.,

Chicago
St. Louis

New Orleans

Total, 5 days
Estimated 1 day
Total foil week

Total week, all
*

For the

.

520,751,341

(1,806,581)
08,435,352
49,085,643
9,515,593
47,011,000
13,587,240
0,851,490

(+7-6)

46,182,201

+03

11,092,581
40,260,000
13,989,750
6,425.245

—20-7

1888,

P. Cent.

$
481,134,887

-17-3

(-43*2)

+0-0

(1,166,114)
70,303,105
57,338,725
10,279,446
53,835,000
15,498,935
5,504,982

-1-2

+ic-8
-2*9
•

End'g April 21

—4-8

-8-2

-1^-8
+12-4

+7-7
-17*7

5*0

693,895,080

-12-0

+15-1

142,286,148

—0*8

685,109,609
92,555,686

-20

830,181,228
96,502,424

—11-9

+7"5

977,665.295

—1-1

932,683,052

-10-4

752,869,442
132,240,167

867,426,231
99,487,694
900,913,955
on

-7-8

564,775,000
(1,079,047)
69,244,065

715,237,605
152,188,506

lull week, based

P. Cent.

*

$
New York..
Sales of Stock (shares)....
Boston

Balance Country*.....

Week

Week Ending Apr il 28.

Telegraph.

—

last week’s returns.

+?•!
1

"

■*

■

against £24,480,552 a
Tne opan market rate at Paris is 2^ to 2J par
year ago.
cent, and at Berlin and Frankfort it is If per cent.
Our foreign exchange market advanced last Saturday
to $4 87 for long and $4 89 for short after the transac¬
tions for the day were over, the explanation given being
that the rates for actual business justified this unusual
course.
The advance has been maintained and until
Thursday the tone was firm, but on that day offerings of
bills against outgoing securi.ies made the tone easier.
total

THE

FINANCIAL SITUATION.

.

and one
which marks clearly the changed conditions, is the course
of some of the leading banks in loaning on call.
Hereto¬
fore they have discriminated against—in fact, throwing
out—low grade collateral, and have almost invariably re¬
fused to lend upon such stocks even when tendered in
connection with the better class of securities.
This week,
fortunately for those commission houses whose customers
are trading in these
properties, banks have been more
liberal, taking, on reasonable margins, a fair amount of
the hitherto rejected stocks, but exacting the full rate.of
3 per cent for the accommodation.
Another feature has
been the liberal purchases of bonds by the Treasury,
which we have remarked upon below; and still another
of the money

A feature

the

been

has

centre

from

market this week,

continued flow of money to
the West and South, with
at

this
the

falling off in the demand for currency from
the Middle and Eastern States, the Boston market having

same

time

a

situation as the

undergone as marked a change in its
York market. As represented by bankers’
call has loaned at 4 and

on

little

was

L} per cent,

done at the extremes,

fVoii. XLVI.

CHRONICLE.

THE

522

New*

balances, money
but comparatively

and the higher rate was

reported was £21,239,547,

in a very narrow
range. - As it advances in response to a temporary
demand a
supply is brought out either from
bankers who have held for a rise or from those who
are negotiating loans, or from various transactions amount¬
ing in the aggregate to important sums. As the rates fall
a mercantile inquiry is stimulated and
the tone changes
from ease to firmness.
It is impossible to trace all the
sources of supply, but there are doubtless many millions
of foreign capital already invested and being placed in
various American securities, drawings against wmch are
constantly being made, thus neutralizing the effect of the
adverse trade balance.
An idea of the increasing extent
market

The

of

our

~

is

now

moving

trade indebtedness may

be gathered from

the fol¬

manipulation. Large amounts have been lowing statement. Mr. Switzler Las issued this week his
loaned at 3 per cent and at 2 per cent, making
a fair figures for March, and we give them in our usaal form.
FOREIGN TUAI>R MOVEMENT OF THE UNITED STATES—(0003 Omitted.)
average, and at this rate renewals have been made.
The
the

result of

banks hold out for 3 per cent,

and, as explained above,

mixed collateral.
Time loans are
as
reported last
week.
There is not much
activity, and lenders continue to insist on prime
security.
For commercial paper the demand is
good, but the banks buying are careful to select tne best,
get it by taking

pursuing the conservative course which has been followed
for months, and which the recent failures certainly justify.
Rates are 4J@5£ percent for sixty to ninety day endorsed
bills receivable, 5@5£ for four months’ acceptances, and
6|@G£ for good single names having from four to six
months to run.

Europe affairs have worn a less anxious and uncer¬
this week. Much better an i duly improving
accounts have been received respecting the health of the
In

tain aspect

.Fear.

1SSS.

Excess

Ex
Exports. Imports. of
ports.
f

Jan...

03-051

Feb

50,0*5
50,747

...

Mar...

$
?
4.535S.513
00.856 *10.171
03,015 *12,2*8

Total 170,483 1 SS,33i -17.001
17.027
1SS7 • 191.0*8 174.0 1
103.58(5 101,IK
1SS5. 1S>,871 13 ?,*-■•
ISM. 1 91.417 170,**
ISM. 211.*87 17 4 "5

1SSO

*

Excess of imports.

Silver.

GOLD.

Merchandise.

*551

IS,04
•41,103
5 O 8 '5

Im¬

ports.
S
•

Ex¬

Excess

of
ports.
Imports.

Im¬

ports.

ports.

f

$

1

Ex¬

*

Exoess

of Ex¬
ports.
t
1,043

395

624

+229

1,014

1.667

+653

2,118

1.196
1,170

1,050

2,898

2,238

m

2.271

483

1,78*

3 948

3,080

2,774

906

4,751

+493

S.304
5.920

3,416

4.258

3.744

4,888
2.178

7.2. 3

3.930,

3.323

7,*55
0,758

3.933
3.*43,

3,922
3.515

0,90 u

3.404' 3,49°

3.5 13 IS,157 + 14,624
1 ,*04
5.719
3.915
1.851 15.789 + 13.938
3.78*
1,004
4.810

t Excels of exports.

According 10 the above the adverse merchandise bal¬
ance
for March,-1888, is $12,268,000.
In March, 1887,
there was a favorable balance of $2,422,849.
In March,

exported net, $1,S66,9G1 gold; in March, 1888, we
imported m t, $1,788,000 of gold. That affords a very
fair suggestion of the flood of securities winch must be
daily leaving us for Europe.
1887,

we

hope again, though
of course faint as yet, of a permanent restoration to
health.
So also the situation in France looks more quiet¬
Secretary Fairchild’s purchases of Government bonds
ing. General Boulanger is certainly'not to have an un¬
the past week have up -to last night reached a total of
interrupted ovation in his effort to attain power. Tnough
his following is for the moment large, it would not be at $3,775,800, of which $1,285,800 were 4s and $2,490,000
4^s. Monday he accepted $85,000 4s, Tuesday he ac¬
all surprising if it were to grow smaller since much of
the early enthusiasm for him was piobaoly the re-.ult of cepted $600,0 0 4s, Wednesday he accepted $4 4 0,000 4s
and $2,400,000 4£s, Tnursday he accepted $156,300 48
a
feeling
that the dealings of
the Government
and yes erday he accepted $4,500 4s and $90,000 4Js,
with the General were harsh, that is unnecessarily
Tne price givea for the 4s
purchased Monday was
In monetary circles the feature has been the con¬
severe.
tinued loss of gold by the Bank of E iglaad.
II ;w long 125, aud this price has gradually risen, he having taken
the latter part of the week offerings as high as 126.
this will keep up and whether it may not force an a Lance
in the Bank rate has been discussed.
Tae cable reperis Tne accep ances of the 4£s were $2,400,000 at 107^- and
Tnose prices, we may presume, are
discounts at Londpn in the open market of sixty $90,000 at 107J
about the limit of the Government under tbe present con¬
days to three months bank bills at
per cent. It is
dition of the bond and money markets.
How much cur¬
argued that the rate is likely to improve. Tais week
the Bauk of England lo3t [£256,000 bullion, made up, as rency will be thrown upon the market as a result of these
we are advised,
by a private cable to us, by an import puichases it is impossible to say, for it so largely depends
from Egypt of £130,000, by receipts from the interior upon the fact whether any of the bonds taken and if so,
how many, were held by the Government as security
of Great Britain of £128,000, and by exports principally
This
to South America of £514,000.
The Uruguay and the for Government moneys in depositary banks.
Emperor of Germiay, encouraging a

(tue latter for information is not attainable at once, though the belief at
the moment is that the greater part of the takings this
the time being held off) keep up an outward movement,
week were not so held. As to price, some think the Govern¬
while the usual spring supply of gold from Americans
ment will have to raise its limit materially soon, or the
wanting, so that the Bank’s holdings of bullion are be¬
coming small for this period oL the_year; Jihis week the offerings will cease. A small advance is, we suppose,

Brazilian loans and the




German demand

April

THE

28, 1868.]

CHRONICLE.

523

possible, but any material rise does not appear to be at all
likely unless conditions change. There is a circumstance
which may help Mr. Fairchild, and that is extremely easy
or extremely
tight money. In the former case many
of our banks may be induced to give up their Govern*
ment
deposits, which would, to the same extent,
the
bonds those deposits
release
are held
for,

exmbit,

remember that the conditions

above the market

lines, however, the effect of the unfavorable conditions prevailing is clearly seen, and eep3cially as these lines are also
suffering from the great shortage of last season’s com crop;
hence they now report a deficiency below the amount
necessary to meet all liabilities of $90,2 76, against a sur¬
plus in March, 1887, of $212,702, being a loss of $302,978.
In the previous two months there had been, it will
be remembered, a loss even on the Eistern system
(solely,
however, because of augmented expenses, the gross having
increased heavily), and thus the net result on the com¬
bined system for the quarter ended March 31 is a loss of
about $700,000, as will appear from the following.

one must

tais year

generally unfavorable to Urge earniags and that the
the 12th of March; fur
iher, that the comparison is with extraordinary totals last
year, the gain in the gross then on the Eistern system
having been over half a million dollars, and this in one
single month. Yet in the face of that heavy gain last
would
in
and
that
in
turn
increase
a
meas¬ year, and the adverse circumstances existing the present
ure
the supply on the market for sale.
On the other year, we now have a further gain of over $100,000, when
hand, extremely tight money would act as it did everybody was expecting a decline; even the net on the
before to. force or induce sales.
Then again it should be Eistern system records a further slight increase, and is
remembered that the purchases have been considerably the heaviest of any year since 1881.
Ou the Western
as

it ruled before the offer

was

issued,

there

having been sales on April 13ih of 4Js at 10SJ, both
registered and coupon, and on April 12r.h of 4s at 124.
Of course that dees not prove much, because the market
is known to have been almost nominal.
And yet as the
sale referred to on April 13 of 4|s at 106.} was for
$45,000 of bonds, and there were $50,000 4s sold cn
April 7 at 124, and on the average not far from $400,000
a month have changed hands, through sales
at the S:ock
Exchange, since the first of February—as these were the
results of a market from one to two points below the
Governments present limit, it seems reasonable to expect
that the Secretary will continue to find holders willing to
meet him at about current figures; in the meantime, and
so long as money h as easy as it
is now, he will feel no
special pressure to purchase.
We have reached the period of the year when it
becomes important to know the situation and progress of
farm work.

It would

seem

that thus

have not Jieen very favorable.
mation is hard to get, but two

far the conditions

D ;fiuite and exact infor¬
facts are tolerably well

established, first that autumn-sown wheat has suffered
severely from winter killing as the effects of the weather,
and that spring p’antiog of the various crops has been
greatly delayed as the resile of the low temperature and
the backwardness of spring.
Tmis latter applies to cotton
as well as to
grain, though of late the weather in the S >uth
has been favorable.
It is easy however to overestimate
the importance of the early conditions.
At this period of
the year, we are only in the first stage of the work.
A
great deal depends upon future developments. Tms was
clearly seen a year ago in the case of corn, when all the
early conditions were exceedingly favorable, yet subse
quent drought made one of the shortest crops on record.
So now propitious weather would go a great way towards
Overcoming existing disadvantages.
Returns of ra lroad gross earnings are agiin becoming
very favurab!e.; During the weeks of March there was for
special reasons known to our readers, a falling off in the
aggregate as compare! with last year, and this was con.
tinued through the first week of April, when there was,
however, only a merely nominal falling off—one per cent.
In the two weeks since then, the causes which pro iuced
the previous unfavorable comparisons no longer existing,
the returns have grown progressively better.
Tuu3 for
the second week of April, according to our statement on
another page, there was a gain of 4 88 per cent, seventysix roads beiug embraced in the exhioit, while for the
third week of the month forty-six roads have thus far
reported on which the aggregate gain is as much as 10-23
per cent. Of the 46 roads, only nine show reduced earn¬
ings. TQe exhibit is the more striking that for the cor¬
responding week last year there had also been a large
gain—9 36 per cent on 65 roads.
But the most favorable and really
surprising statement
is that of the
Pennsylvania for March, which has been
issued this week. To appreciate the significance of this




were

month embraced the blizzard of

Lines East op

1888.

1887.

1888.

1885.

1884.

1868.

%
4,189,380
2,733,953

Pitts bit kg.
.

Ma rcli.
Gross earnings

$

*

$
3,901,855

$
3.035,374

*
4.002,627

2,596,075

2,474,265

2,598,076

1,101,109

1,404,551

-1-212,702

1,305.780
+20,319

1,648,013

1,326,099

1,0 76,901

Operat’g expenses.

4,528,561
3,035,048

4,410,433
2,974 J92

Net earnings...

1,4110.613

1,435.941

—00.276

1,400,337

Western linos
Result
Jan. 1 to

—S4.20~«

-9

1,455,427

‘-,039

+153,366

1,398,512

1,608,793

April 1.

Gross earnings

13.O99.0P5 12.250.992 10,872.860

9,988,596 11,003,593 11,830,95*

Operat’g expenses.

9,245,178

8,220.543

7,847,941

7,006,424

7,308,327

7,567,773

Net earnings...

3,851,817

4.0 50,440

8,524.925

2,98 .'.172

4,263,179

Western lines

—153,295

+371,1281 —168,470

-332,195

3,605,2-Mi
-352.310

Result

3,701.f 22

4.401,57?!

2,619.9 <7

3,312.956

4,539,819

As

the

3.356,455

+276,040

regards tue reports of net from otUer companies for
month, the exhibits thus far received are rather

same

irregular. The Reading shows quite

loss, in part as the re¬
hand, the Norfolk &
Western has quite a noteworthy gain, and the Richmond
& Danville roads likewise generally exhibit improved net.
The Northwestern and the Omaha have published their
March gross this week, both showing heavy losses, but
this was to be expected in view of the heavy gains last
year, and the rate war and other adverse elements this
sult of tjie blizzard.

On

a
the other

year.

On the Siock

Exchange an active speculation at higher
prices has developed. The temper is decidedly hopeful,
and the tone at tunes has been positively buoyant.
This
change from the depression prevailing a few weeks back
has followed mainly from the resumption of bond pur¬
chases by the Treasury Department, removing a cloud
from the future of money, and making the banks inclined
to be less exacting as regards the collateral required for
loans.
But concurrently other favoring features have also
helped the upward movement. Tue recent restoration of
rates in the Northwest and the improved aspect of rail¬
road affairs there, the settlement of the labor troubles
both in the East and the West, and the fact that
railroad gross earnings are again beginning to increase—
these are all having the effect of imparting confi¬
dence in the situation.
At the same time, the feeling
that prices were low and had been unduly depressed,
operated to induce liberal purchases both for investment
aud speculation.
In this week’s rise the whole market
has participated, but the more prominent specialties have
been first the PaciSc stocks and Reading and New York
& New England, and latterly the Gould stocks, especially
Manhattan and Missouri Pacific.

Union Pacific advanced

THE

524

CHRONICLE.

[Yol. XLVti
Northern stock.

ions of Great

In the event of

a

fore*

It

con.

good showing for the late year, and Northern
Pacific and Oregon Trans continental on excellent cur¬ closure, should the Kansas & Texas be unwilling or unable
to protect its ownership, the investment would of course
rent earnings.
Philadelphia & Reading was but slightly
be entirely wiped out. On the other hand an assessment
affected by the loss in net for March, while on the other
on International & Great Northern stock would hardly
hand reports of the probable early negotiation of a suffi¬
be more agreeable, for the Kansas & Texas would have to
cient amount of new fours to pay off the generals, had
raise the cash to pay it.
Hence it would seem in the
a stimulating effect on the stock, under which the price
highest degree desirable that those who are looking after
advanced to 64£ yesterday, closing, however, at 63.
Kansas & Texas interests should seek by all means to
The following statement, made up from returns collected
avoid the contingency of a default or receiyership on In¬
by us, shows the week’s receipts and shipments of cur¬
ternational & Great Northern, now or in the future.
rency and gold by the New York banks.
But this is not the only or the miin reason for guard¬
Received by
Net Interior
Shipped by
Week ending April 27,1888.
ing against a severance of the Great Northern from tho
Movement.
N. Y. Banks. N. Y. Banks.
The Great Northern is a very imporKansas & Texas.
Gain. $1,834,000
$2,710,000
$832,000
flfiTrAnftj
Gain.
27,000
16,000 tant
Gold....'.
43,000
piece of road. It run3 through Central Texas, and
Gain $1,850,000
J2.759.000
$909,000
Total srold »Dd legal ten dors....
constitutes a valuable feeder. It may briefly be described
Taking the foregoing in connection with the sub as extending from Mineola and Longview, on the TexasTreasury operations, the result is as below.
& Pacific, in the northern part of the State, to Galveston
and the Gulf of Mexico, in the one direction, and to
Into Banks. Out of Banks. Net Change in
Week ending April 27,1888.
on

the

,

.

Bank Holdings.

Banks’Interior Movement, as above

Bub-Treasury operation*
Total gold and legal tenders

...

$2,759,090
6,100,000

53,850,000

1909.000
5,100,000

•6,009,000

Gain.

Laredo

on

Rio

the

Grande river in the other.

$1,850,090
GaiD. 1.000.0CO

nects with the

Gain.

the south of Texas and

f2,850,CCO

Kansas & Texas at two

in

Mineola

following table indicates the amount of bullion in forming continuous lines between
Mexican border and the Mississippi
the principal European banks this week and at the cor.
The northern termini of the Kansas
responding date last year.
good as they might be, but with the
April 26,1888.
April 28,1887.
off from it, the real difficulty would
Banks of
The

Gold.

Silver.

Total.

Gold.

£

£

£

£

Silver.

£

2 otal.
£

for the Kansas & Texas would then

points—Taylor in
the

north—thus

Galveston - and the
and Missouri rivers.
& Texas

are

not

as

Great Northern cut
be at the other end/
be practically without

southern terminus of consequence.
Furthermore, we may be sure that with the Great
15,400,400
Northern
in antagonistic hands, the whole of the north¬
14,050,000
0,041,000 14,567,000
Netherlands..
8,270.000 13,095,000
5,150,000 8,337,000
bound traffic would be turned off to the Iron Mountain,
3.424,000 1,712,000
1,329,000
3,980,000
Wat^elginns.
even if that is not already being done. Moreover, another
National Italy
1,118,000
0,973.000 1,118,000
8,119,000
Tot.this week 117,419,482 88.527,046 205.940,528 110,108,590 86,531,599 202,640,195
difficulty would ensue; parts of the Kansas & Texas
Totibrev.w’k. 117,134.571 88,257,737 205.302,303 115,822,334 85.835,074 201,658,308
would be without the connecting links with other parts.
THE INTERNATIONAL & GREAT NORTHERN Thus the branch of 67 miles between Trinity and Ogden
does not connect with the Kansas & Texas at all, except
AND KANSAS & TEXAS.
England......

21,239.547

France
Germany
Attst -Hung’y

44.715.935 47,858,046
29,870,000 14,035.000

21,239,547
02,573,981
44.8 :5,COO
20,608,000
13,493.000
5,136,000
8.091,000

,

24,480,552
47,589.444
23,190,000
0,305,000
4,825,000
2.657,000
7.001,000

46,304,199

24,480,552
93,893,043
38.651,000
20.415,000

any

-

prospective change in the Kansas & Texas manage¬ over the Great Northern. Then it must be remembered
ment, and the rumors that have been current this week of a that the piece of road between Fort Worth and Whitespossible receivership for the International & Gt. Northern, boro, in the main line of the Kansas & Texas, is not owned
make it interesting to recall the relationsrof these roads— but simply leased, the road belonging to the Texas & Pac¬
If the unrestricted use of that piece of track should
the means by which control of the latter is held, the ific.
desirability of retaining that control, the effect on Kansas be denied the Kansas & Texas, the northern and southern
& Texas of a default or receivership for the Great Northern, divisions of the latter would be completely separated from
The

and the relation of each to the Missouri Pacific system.
The Karsas & Texas has assumed none of the obliga.

each other.

of the entire

and the Gulf Coast.

While, however, the International & Great Northern is
tions of the International & Gt. Northern; it has not quite essential to the Kansas & Texas, it is practically
leased the road, nor has it guaranteed any of the bonds. indispensable to the Missouri' Pacific.
The Missouri
It holds the property simply through stock ownership. Pacific has no other outlet to the Gulf or the Rio Grande.
This ownership of the stock was secured by the exchange It can do without the Kansas & Texas proper, for it has a
in 1881 of its own stock for that of the International & substitute in the Iron Mountain (a parallel line), which
Gt. Northern, the ratio of exchange being two shares of answers its purposes much better. Not so as regards the
International & Great Northern, for this road and the
Kansas & Texas for one share of the Great Northern
Hence, the Kansas & Texas is the sole and absolute owner Iron Mountain form very short and direct routes to Mexico

capital stock of the Gt. Northern, and as
such charged with the responsibility attaching to such
ownership. In some respects, this species of control pos.
sesses an advantage over that secured through a lease or
rental guaranty, for the operating company is in position
to throw the road over at any time and put an end to aU
embarrassment on account of its obligation.
But ownership of this kind also possesses decided dis¬
advantages. In the first place the operating company has
its investment to protect in the stock of the road owned.
In the present case this represents a very considerable
item.
The capital of the Great Northern is $9,755,000,
and the cost to the Kansas & Texas was twice that amount,

Be sides,]with

the Great Northern

dissevered from its connection with the Missouri Pacific

system, much business from Central Texas which is now
being sent over the Iron Mountain might be transferred
to the Kansas & Texas, even if not naturally tributary to

presumed that the Missouri Pacific
phase of the matter. In fact, while such
an animated, discussion has been going
on about the
election of directors for the Kansas & Texas, which takes
place in May, the circumstance has, perhaps, been over¬
the latter.

is alive

It is to be

to this

looked that the election of

the International & Great

Northern, which takes place in April, has already been
At this election the board of directors was chosen

held.

$19,510,000—that is, the Kansas & Texas had to issue for the ensuing twelve months the same as for last year,
19 J millions of its own stock in order to secure the 9f mil- with the exception of the last two names • Jay Gould,

or




,

Arm.

THE CHRONICLE.

28, im.\

525

Bussell

Sage, A. L. Hopkins, S. H. H. Clark, Ira H the requirements to the United States Government under
Evans, F. A. Rice, James A Baker, B. W. McCullough existing law, besides
contributing $587,670 to the com¬
and Henry Kane.
pany’s sinking funds, there remained a surplus revenue on
It would thus seem that whatever may be the result the operations for the twelve
months of no less than
on the Kansas & Texas, the Missouri Pacific influence is
$3,169,729, a sum equal to 5-2 per cent on the company’s
eure

to retain control at least of the International & Great

stock.

If the

results

on

the

Union Pacific proper are

Northern for another year. It may be, however, that a de* taken, then the surplus would be still larger, namely
sire exists to make the hold on this property still stronger,
$3,599,508, or equivalent to 5 91 on the stock. And
and that, therefore, the rumors referred to in the begin¬ this is in both cases
independent of the income from land

ning of this article are well founded, to wit: that a receiver¬ sales, which each year reaches a very
large amount, but
ship through the aid of the State courts (the Great Northern is most of it pledged to specific uses.
The favorable out.
lies wholly in Texas) has been determined on.
The de. come is the more gratifying that it has been obtained in
fault now spoken of, however, would appear to be wholly the face of a number of adverse
circumstances.
Thus
uncalled for, as it would cover the coupons on the first the
shortage of the crops in Kansas and Nebraska had the
mortgage bonds, which sell in the market above par, and effect, we are told, of diminishing the
tonn9ge of agricul¬
interest on which can be earned in any event, whatever tural
products, as compared with the previous year, 13-8
may be said of the junior bonds. The interest falling due per cent.
At the same time the operation of the InterMay 1 on these first mortgage bonds is only $238,620, State law, while beneficial in cutting off a
good part of
and the total per year $477,240, while net
earniDga above the dead-head travel, caused a great deal of disturbance
expenses and taxes, even last year were $607,262 and in as regards local
passenger and freight traffic, entailing a
1886 were $906,710.
Moreover, the interest on the reduction of rates, and consequently affecting the revenue
second mortgage bonds which fell due March 1 wa3 from that class of tvaffic.
promptly paid. But a receivership now might be used to
Strange as it may seem, with the constant development
induce the second mortgage holders to grant
important of the lccal business of the system, the improvement in
concessions, while at the same time through the fear of an the late year followed almost
wholly frem the through
assessment on the stock, all owned
by the Kansas & Texas, traffic. For instance, while the revenue from local business
the latter might be led to come to terms.
In any event increased only $345,594, or 1-84
per cent, the revenue
the policy of the International & Great Northern will for from the
through business increased $1,941,785, cr 41 per
the present continue to be guided by the Missouri Pacific. cent.
And yet the passenger movement showrs
23,95S,228
We make this statement that our readers
may the more more local passengers one mile (increase 15*48 per
cent)y
readily understand the points at issue. If the views ex¬ and 51,958,331 more tons of freight one mile
(increase
pressed are correct, then the International & Great North¬ 6 67 per
cent), than in 1886, On the through business
ern is the key to the situation.
The Missouri Pacific can¬ there was an increase of 192,589,436 tons ore mile
(58-80
not afford to lose the road, while the Kansas & Texas is
per cent), but a decrease of 8,386,429 passengers one mile
forced in self-defense to hold on to it.
(9 06 per cent.)
The improved results on the
through business follow
UNION PACIFIC'S
POSITION AND PROGRESS*

from several distinct

causes:
(1) the cessation of the war
of its on trans-continental business and a return to remunerative
operations during 1887. The complete form in which it rates;
(2) the development and settlement of the Pacific
is> given out, and to which we have become so accustomed
States, particularly California and Oregon; and (3) the
since the beginning of Mr. Adams’
administration, leaves lease of the Oregon Navigation, by which the Union
the security holder nothing to desire in the
way of in¬ Pacific was enabled to get its Ehare of the benefits
arising
formation about the company’s affairs.
Great detail is out of that development. The
importance of these factors
also quite essential, for the Union Pacific is one of those
will be better understood when we
say that taking the
properties whose operations and accounts involve a variety Pacific Coast
from the other through
tonnage,
distinct
of knowledge which can
only be obtained from full official traffic, there is an increase of
144,292,365 tons in the
statements.
movement one mile, or
nearly 56 per cent, an increase in
The features that impress one most on a
study of the the revenue of $1,525,177, or over 804 per cent, with an
report are the growth and progress of the company’s advance in rates from 0-73 cent
per ton per mile to 0-85
affairs and the mileage of the system. The extent of the
cent.
latter is not general’y known.
It was pointed out above that the
Reports of earnings and
surplus for the year
operations for 1887 are based on 1,824 miles, termed the on the Union Pacific
proper was $3,599,508.
But this
.Union Pacific proper, and 2,940 miles of branch and
gives only an imperfect idea of the company’s income.
auxiliary road, making 4,764 miles together. This is the The total net income from all
sources, including land sales,
mileage directly operated, but in addition the company is stated at $7,057,132. Of course much of
this, and
leases the Oregon Railway &
Navigation, 752 miles, and especially the income from land sales, has been
appropri¬
controls the St. Joseph & Grand
Island, 447 miles, besides ated to special purposes, but to the extent to which it has
which it has an ownership in over
1,000 miles more of been available it has been applied to the construe don of
various minor reads.
Altogether, the Union Pacific new branch reads, and for new construction and
equip,
system in its entirety may be said to comprise over 7,000 ment on the
company’s main lines. Tne

The Union Pacific has this week issued the
report

As

ations

350 miles of additional road

already stated, the
are

based

built
the outlay for

company

miles of road.

not

statements of

on

this

earnings and

7,000 miles, but

oper¬

during the year,
that purpose reaching
$5,580,079, and its own construc¬
tion and equipment expenditures cost

4,764
$1,238,715, so that
miles, the remainder being separately operated, but the the
aggregate disbursements on capital account amounted
income accounts, embracing as
they do receipts from to $6,818,794. The means for these disbursements, the re¬
investments and also charges incurred on the same, cover
port informs us, were provided to the extent of $3,600,000
the results to the Union Pacific on the entire
body of rom the surplus revenue above, and $448,000 came from
roads.
And here it is
interesting to note that after meet¬ he sale of securities; the reduction of the material account
up all charges for the year and making full provision for
supplied 1 £ million more, and the remainder was derived




on

THE

526

CHRONICLE,

other ways.
The management say that new construction work has now
practically been stopped, and that it is not intended to
enter upon any further extensions till either a settlement

through the issue of temporary loans and in

with the Government is

arrived at

or some

general finan¬

[Vot. XLV1.

why it should not be speedily passed by Congress. The
United States would lose nothing, while the Union Pacific
would be relieved of a burden that impairs its credit and
hampers it in various other ways.

The present manage¬

have demonstrated that the company

ment

if honestly

plan for supplying future needs is carried into effect. managed can be made perfectly responsible, and there is
At present the company has no means at its disposal for no reason, therefore, why its obligations with the United
be rearranged on a better and safer
capital expenditures of any kind except the accruing sur. States should not
basis.
plus revenue, and the uncertainty attending the company’s
relations with the United States makes it difficult to bor¬
IMPORTS AND EXPORTS FOR MARCH.
cial

advantageous terms. With that obstacle
however, the management think the company
row on

removed,
would at

placed upon a dividend-paying basis.
change in the company’s financial condition during
the last few years has of course been very striking.
The
company now has practically no floating debt. In fact the
figures show that on December 31, 1887, current assets ex¬
ceeded current liabilities in the sum of $401,689. On June
30, 1884, on the other hand, the net floating debt reached
the large sum of $6,900,178, so that the Union Pacific is
now $7,301,867 better off than it was in that respect at
the time of Mr. Adams’ accession to office.
But in the

once

be

The

The Bureau of Statistics has issued its detailed statement of
the foreign commerce of the country for the month of March,
and the nine and twelve months ended with March 31,

1888,
the

well

as

as

preceding

comparisons for the corresponding periods of

follows :

year, as

MERCHANDISE.

For the
month of
March.

For the 12
For the 9
Months ended Months ended
March 31.
March 31.

$49,29«,782 $546,383,697 $681,539,916
12,616,056
9,009,302
'1,447,804
Total
$50,746,586 $555,393,499 $< 94,155,972
63,014,930 539,722,719 723,201,975
Imports
$15,670,780
Excess of exports over imports
$29,046,003
Excess of imports over exports $12,268,391
$728,135,772
$567,866,704
$64,180,002
1887.—Exports—Domestic.
13,310,174
9,554,034
1,136,861
Foreign
Total....’
$65,316,863 $577,420,738 $741,445,946
62,894,014 508,840,512 673,290,480
Imports

1888.—Exports—Domestic
Foreign

•

..

meantime the total of the funded debt has

also been

re¬

million dollars ($955,549), though the
number of miles of road represented by the debt has been
increased 351.
In other words though the system has
been enlarged to that extent, the debt, floating and
funded, has been reduced over 8^ million dollars.
Such facts and figures as these do not argue weakness
or insolvency.
On the contrary they shew great strength
and recuperative power, while demonstrating that the
property is being exceedingly well managed.
This being
the case, why should not Congress remove the only other
duced

nearly

obstacle to the

a

success

of the road ?

the law and not the company

Remember that it is

exports over imports
imports over exports

Excess of
Excess of

GOLD AND SILVER—COIN AND

1883. —Exports—Gold—Dom...
Total

Silver—Dom

Foreign.

$483,490

1,903,860
$4,868,956

$3,948,073
$4,431,563
$2,270,840
1,049,511

Total
Total exports

Imports—Gold

Silver

$3,320,351

Total

exports over imports
imports over exports

$1,111,212

1887.—Exports—Gold—Dom...

$483,670
1,961,256
$2,444,926
$1,033,662
620,070
$1,1 53,732
$4,098,658

Excess of
Excess of

.

Foreign

Total

Silver—Dom...

Foreign

be

ing needs. It must therefore be amended or repla:ed.
The necessity for such a step is admitted on all sides. The
difficulty does not lie in meeting the original principal of
the subsidy debt ($33,539,512)—that could easily be re'
placed at maturity by a loan at a lower rate of interest*
But in addition there are accumulations of back interest
to tho amount of $16,363,744, raising the total of the
debt to $49,903,256.
AVhat is still worse, the debt is

.$2,965,096

$1,960,610
1,987,463

Total
Total exports

Imports—Gold
Silver
Total
Excess of exports over imports
Excess of imports over exports

$68,155,466

BULLION.

$483,490

Foreign

that is responsible for the

existing condition of things. "Whatever criticism may
made
upon the earlier management (everybody
that
fault
with
concedes
no
can
be
found
the present management), the fact must be admitted
that the company is living faithfully up to all the require¬
ments of the existing statute.
But this law has fallen far
short of the expectations entertained with regard to it afc
the time of its enactment, and hence does not meet exist,

$2,422,849 j $68,580,226

$15,789,r-41
7,807,6 19
$23,597,160
$28,466,116
$42,574,204
12,660,619
$55,234,823

$4,194,512
3,085,275
$7,279,787
$21,034,940
8,8-31,721
$29,916,661
$37,196,448
$44,312,674
16,444,201

$60,756,875

$577,965

$27,267,359
$41,1.72,131

1,217,694
$1,795,659

$54,648,740

$23,560,427
$19,572,554'
8,305,240
$27,877,794
$15,435,567
10,287,810
$25,723,377
$53,601,171
$42,034,123
17,037,230
$59,071,353

$27,381,381

$5,470,182

$26,768,707

$2,302,999

$4,475,888
2,814,468
$7,290,356
$11,759,637
8,217,366
$19,977,003

13,476,609

TOTAL MERCHANDISE AND COIN AND

BULLION.

$54,742,882 $565,138,334 $700,769,368
3,435,267
18,721,281;
24,583,052
$55,178,149 $588,859,015 j $731,35^,420
66,335,331 594,957,542! 783,958,850
$11,097,9271 $52,606,430
$11,157,182
imports

1888.—Exports—Domestic
Foreign
Total

Imports
Excess of exports over
Excess of imports over

exports |
$65,697,334 $584,102,229 $763,143,893
1887.—Exports—Domestic
20,585,8031 31,903,224
3,718,187|
Foreign

$69,415,5211$604,0-8,097! $795,047,117

Total

Imports
Excess of exports over imports
Excess of imports over exports

732,361,833

04,089,073

563,489.252

$4,725,3481

$41,198,845 $02,685,284

ptonetaral Commercial gtifllislr

[From our own correspondent.]
growing larger each succeeding year, because existing
London, April 14, 1888.
provisions of law suffice to meet only a part of the yearly
Now that the conversion of consols has been effected, there
interest, and the bonds have an average of nearly ten year8 is the
probability of money becoming easier, for the marked
more to run.
Hence unless tho law is changed the debt receives
5s. percent “bonus” upon £307,000,000 of consols and
cannot be met at maturity—a contingency which both the reduced, in addition to the dividend for the quarter on the
United States and the company are interested in avoiding.
consols. Together the bonus and dividend amount to not far
In the circumstances tho only question would appear to short of £2,500,000. The payment of a part of this had been
be as to the method of readjustment.
"We have repeat, anticipated, but the bulk of it was set free this week. The
retention of a large amount of Government money in the Bank
edly pointed out that an extension of the time of payment of
England has to the present caused a certain amount of
and a provision by which such payment could be made in
stringency unusual at this time of year, and “short” money

fixed

means

instalments seemed to oiler the best and fairest
of settlement.

of any portion of
annual instalments

No

one

the debt

;

has suggested an abatement

all that is asked is that the

required shall be within the ability of

the road to meet.

A number of

measures

have been

proposed having that object in view, and there is a bill
Representatives now that apparently
answers all the requirements of the case.
We do not see

before the House of




strong demand. A good many operators
obliged to go to the Bank of England, paying thet

has been in very
have been

official minimum of 2 per cent, while in the open market
loans for a week have been obtainable at rates ranging be¬

and 2 per cent. Discount rates are again higher,
three months’ choice bills being negotiated at \% per cent, or

tween

a

fortnight ago of 3^ per cent. Exchange
favorable to this country the last
days, owing to the hardening of the money market here*

rise

compared with

a

movements have been more

few

April 28,

THE

1888. J

527

CHRONICLF.

Messrs. Pixley & Abell write as follows on the state of the
corresponding movement at the great Continental bullion market:
centres. A fortnight ago the open market rate in Paris was
Gold.—Tlie demand for gold for the Continent has continued, and all
amounts in the open market have found eager buyers. Considerable
2%, and it remains the same to-day, but rates in Berlin
sums have been withdrawn from the Bank of England, in all £501,000;
fallen from 2% at the end of March to 1% per cent. £317.600 has been paid in; £55,000 has been received from China,
from Tndia and £12,000 from the Cape; or a total from these
Aft a result
of the
changes in exchange rates, the £20,000
sources of £87,000.
£10,000 was shipped on the 12th to Bombay.
Silver —Indian exchanges were slightly firmer on Saturday and Mon¬
Continental demand for gold has died away, and excep
day, and silver at once improved. On Tuesday busiuess was done at
for two small amounts taken for Holland and a with
42*7gd. The India Council, howover, on Wednesday sold at weaker
drawal for Lisbon, which probably is really for Brazil, there rates than were generally expected, and a decline again began. Yester¬
day and to-day rates have been nomiual only, and to-day’s nearest quo¬
has been no gold taken for Continental account. On the other tation is 4258d. There has been £11,000 received from River Plate and
£14,500 from New Yoik; total, £25,500. The shipments have been:
Land, there is the probability of considerable amounts being £123,400 to Bombay on April 6, £39,000 to Bombay on April 12 and
faken for South America, and a shipment was made this week £5,000 to Calcutta ou April 12; total, £167,400.
Mexican Dollars.—Some small amounts have been purchased for
of £300,000 for Montevideo.
China, hut the market generally has been very quiet, and values have
The following return shows the position of the Bank been ruled by the silver quotations.
The quotations for bullion are reported as follows :
of England, the Bank rate of discount, the price of consols
SILVER.
GOLD.
&c., compared with the last three years :
London Standard. April 12. April 5.

without

have

London Standard.

Circulation, excluding
Other bills
Public deposits
Other deposits
■Government securities

7-day and

1880.

1887.

1888.

£

£

£

1885.

s.

Bar

£

24,269,705 24,496.945 24,747,755 24,623,770
0,448,584 7,000,488 7,980,980
8,803,175
25.023,082 24,102.973 22,900,595 26,046,023
17,749.712 14.434,061 14.583,498 14,402,105
20,758,639 18,553,183 20,459,573 21,390,021
13,200,752 15,3S0,64O 12,715,939 10,698,511
21,270,547 24,135,585 21,713,694 25,572,281

Bar

3S& P.C.
2 p. 0.

101 7-10

50>$ p. c.
2H P- 0.
102 7-16

149,129.000 77,238,000

Clearing-House return

42J4 p. c.

77 10>6

p.c

9bH
91,350,000 127,122,000
100 7-16

market as a borrower, Messrs. Roths¬
loan of £6,000,000 in 43^ percents at the

The Board of

8.

77 10

d.
Bar silver
Bar silver,

77 11

oz.

d.

d.

42%

42 11-16

contain-

ing 5grs. gold.oz.
Cake silver

8pan.doubloons..oz.
S.Am, doubloons.oz.

48 p.«f

2 p. c.

d.

gold, flne....oz. 77 9%
gold, contain’g

20 dwts silver..oz.

"

Other securities
Reserve of notes and coin
Coin and bullion
Reserve to liabilities
Bank rate
Consols
.

April 12. April 5.

oz.

44
49

Mexican dol*—oz.

Trade returns of the

43 1-18
46
41 7-18

month are regarded ag

disappointing, but the small increase in the exports is probably
largely due to the severity of the weather, and the inclusion
in March this year of a holiday week, against a normal period
last year. The monthly imports and exports of the first
quarter of 1888, in contrast with last year, show the following

Brazil has been in the

features:

Difference.

1887.

PercL

Imports.
1888.
-f £3,755,566 -f 12-09
placed a
£31,047,422
£34,802,988
January
+
1,018,782 + 3-57
28,513,994
issue price of 97 per cent. Two American railway issues have February
-62
29,532,776
204,109
32,794,930
32,590,821
March
been effected this week, one the Kansas City Wyandotte &
+ £4,589,039 -f 4-97
£92,320,046
£96,909,085
Northwestern Railroad,.which placed $2,000,000 first mort¬ 3 months
Per ct
Difference.
1887.
Exports.
1888.
4-34
+
-f
£774,936
£17,808,735
gage 5 per cent bonds at the issue price of £195 per bond
January
£18,583,671
-F 1,737,290 + 1007
17,255,133
18,992,423
-24*
$1,000. This loan, as well as $860,000 3*^ per cent Western February
+
45,224 419,002,083
March
19,047,307
Counties Railway of Nova Scotia, have been offered by the
+ 2,557,450 +
4-73
£54,065,951
Trustees, Executors and Securities Insurance Corporation, an 3 months.... £56,623,401
There is a rather better feeling in the iron market, and at the
institution recently formed for the purpose of acting as a sort
of public trustee company, and performing functions analag- quarterly meetings at Middlesbrough, Wolverhampton
Birmingham prices were generally firmer and there were
ous to those of the Farmers’ Loan & Trust in New York. Par¬
liament has not sanctioned, however, the main object of the more inquiries, especially for steel billets for the States,
Steel manufacturers in all districts are represented to be ex¬
company, and the corporation is now taking agency business
for the issue of loans.
Beside the two railway issues referred tremely busy, and in the North there is a large demand for
steel for ship-building purposes.
to, it offers 5 per cent debentures of the English & American
This week the speculation in diamond mining shares has
Mortgage Company for £100,000. The Nova Scotian affair has
received
a check, and on Thursday and Friday there was a
excited some amount of attention on account of the unusua
serious fall in prices, De Beers shares dropping about £8 per
proceeding of a company purchasing a Canadian Government
share to 36J4 and recovering at a bound to 42*^.
There has
annuity of 334 Per cen^ interest and 34 Per cent sinking fund
for a period of thirty years, and then coming to this country been something like a crisis in Kimberly, in consequence of
to provide the capital for the annuity, the construction of a directors there voting themselves life governors of the corn*
small piece of road and the purchase of additional equipment pany with one-fourth of profits in excess of 30 per

childs having

—

—

o^

and

cent div¬

for the whole

idends.

road.
intention to change the stamp

Mr. Gosclien’s

registration of new

duties for the
companies has created quite a flurry

During the week from April
registered by the Government
Department 124 companies, with capital amounting to very

amongst company promoters.
April 11th there were

4th to

nearly £26,000,000. Last year company promotion was very
active, but then only 35 companies, with less than £6,000,000
of

capital,

were

registered.

Some of the new registrations

followed by appeals to the public for capital.
Bankers’ Trust Company asks for £1,500,000; the Trust

have been

The
Com.

£500,000; the Mort
gage
been formed, offer,
ing a capital of £250,000. It is not unlikely that a considera.

pany

of England announces a first issue of
Trust Company of America has also

ble amount of

American securities will be

purchased by the^p

The Buenos Ayres,Valparaiso, Transandine
Railway Company offers, through Messrs. Morton, Rose & Co.,
trust

companies.

£346,000 7 per cent
of 125 per

“permanent” debenture stock at the

price

Government debt, comment has

been

cent.

With respect

to the

The corn

markets have been

much more active the

last

Yesterday’s markets
and a firm tone
without quotable change for foreign descriptions.
On
account of the holidays supplies of home-grown wheat have
But this lias not been the reason for the
been rather less.
firmer tone of the market, the true cause of the movement
being the crop reports from the United States and the back¬
ward condition of crops at home owing to the bleak weather.
Around London hedges which usually at this time of the year
pretty well “ out in the green” are at date of writing with
The imports of wheat for
only the faintest show of the bud.
the thirty-one weeks to the77th April, including flour reck¬
oners wheat, have been 10,260,000 quarters, against 10,925,000 quarters and 9,568,000 in the corresponding periods of the

week and
showed

an

prices are slightly higher.
advance of 6d. for English wheat

are

marketed has for the
contrasting with
6,021,000 quar¬
ters in the corresponding period of 1885-86.
The quantity of
wheat and flour on passage to the United Kingdom is re¬
turned as 2,298,000, against 1,970,000 quarters, and 2,148,000

two

previous]years.

The native wheat

thirty-one weeks been" 5,871,000 quarters,
4,583,000 quarters at same date last year and

the fact that immediately after the announcement
of the success attending the conversion, the new form of
debt—2% per cents—fell below par. The explanation of this quarters two years ago.
The Board of Trade returns give the quantities of corn and
is that the speculative account for the fall in consols at the
wheat flour imported in the seven months from September 1
last consols settlement had to be closed on account of the new
1887-88.
1886-87.
.consols taking the place of the old debt. With £470,000,000 of to March 31, as under :
1885-86.
26,758,288
30,240,215
cwts. 28,708,107
debt, operators for the fall have thought that the opportunity Wheat
11,045,611
10,361,944
Wheat flour
7,255,541
11,377,625
11,839,642
has come for again resuming their speculation, and a good
Barley
7,558,987
9,160,125
8,276.315
Oats
5,520,163
deal of stock has been sold on Continental account.
Paris Peas.
2,057,475
1,480,660
1,165,899
1,604,729
3,531,080
Beans
3,881,236
operators are “bears” both as regards consols and French
12,941,220
15,693,479
Indian Corn
16,242,195
rentes.
caused by




528
The

THE CHRONICLE.

principal imports of wheat and wheat flour for

the

Of the foregoing imports for the week in
1888, $9,643 were
American gold coin, and $2,207 American silver coin. Of the

first three months of the years named have been:
Wheat—
From Russia
United States—
On the Atlantic

cwts.

3.87690—Thlie

British East Indies

during the

1888.

3,463,656

coin.

6.379,479

1,676,818

Foreign Trade of New York—Monthly Statement.—In
addition to the foregoing tables, made
up from

2,975,467
2,316,608

..

Financial

2,081,043
564,822

13,412,713

9,381,962

4,205,669
5,000,619

3,871,383
4,555,311

Silver,

d.

per oz

Consols, new 2%percts.

do
for account
FPch rentes (in Paris) fr.
U. 6. 4*38 of 1891
U. S. 4s of 1907
Canadian Pacific
Chic. Mil. & St. Paul....
Erie common stock
Illinois Central

Tues.

Wed.

Tlmrs.

-

425a

425g

42%

42*3

42*2

425g

99*3ie

997B

99i:Jlfi

9915m

99*316
991316

99 7s
99 7«

99i% fi
9978

123

56*4
307a
108

J*

IMPORTS INTO NEW YORK.

997s

81-72*3 82 07*3
109*2
1097b
127*3
1275s
60*4
61*4
73 7s
733s
26 5s
25^
123*3
123*3
56*8
56*4
31*4
3134
108*2
108%

81-95

1888.

Month.

Dry

109*3
128*4
0138
7434
27*8
123*3
56%
32*8

82-17*3 82-35
109*3
109*3
129
128*4
61
6138
76
75*3
27
2738
124
12334
56%
565q
32*3
■3238

1095s

1097s

-

Goods.

Fri.

99i3lfi

737s
25*3

Pennsylvania
Philadelphia & Reading.

New York Central;

Mon.

109*3
127*3
6038

American gold

markets—Per Cable.

Sat.

81-40

were

weekly returns,
give the following figures for the full months, also
issued by our New York Custom House.
The first state¬
ment covers the total imports of merchandise.

daily closing quotations for securities, &c., at London,
reported by cable as follows for the week ending April 27.
London.

same

we

The

are

time $35,550

1887.

899,627

Total from all countries
9,215,362 Wheat, Meal and Flour—
"From United States
cwts. 2,121,678
Total from all countries
2,834,554

XSagllSb

exports

1886.

1,200,113
1,363.673
2,165,561 ~
3,242,219

On the Pacific

[VOL XLVI,

1887.

•

General
Merchan¬

%
..

15,530,747
14,290,496
10,123,253

$
25,857,540
30,484,130
31,121,301

Total....

39.953.501

March

1

$

40,888,287

11,159,704

44,783,632
41.244,559

10,709,004
9,631,882

86,962,977 126,910.4731

37,591.250

EXPORTS FROM NEW YORK.

23,748,188
23,022,778

Sl,391,648[

78,162,014,115.753.804

Total Merchandise.

At New York.

Month.

110*8

1888.

1887.

$
t
24,035,029 24,470,387
20,342,257 22,294,833
22,863,204 28,305,100

January
February

National Banks.—The following national banks have been
organized since last advices :

34,907,803
39,822,443
41.023,53

CUSTOMS RECEIPTS.

Month.

Ctommerctal and gjUgcellatueutts Hcurs

Total.

Merchan¬
dise.

Goods.

dise.

January....
February

Qeneral

Dry

lotal.

March
Total...

73.260,490

1888.

1887.

March....,

13,490,921
10,809,682
11,054,638

11,792,309
13,096,217
14,200,783

Total.

35,301,241

"38.089,808

January..
February.

75,130,380

First National Bank of Rockland, Mass. Capital, $50,000
Edward Payson Torrey, President; George H. Hunt, Cashier.
National Bank of Jacksonville, Fla. Capital, $150,000.
William B. Barnett, President; Bion II. Barnett, Cashier.
Fresno National Bank, California. Cajdtal, $100,000. J. H
Hamilton, President.

—The London and Brazilian Bank, limited, has a subscribed
capital of £1,250,000, and a paid-up capital of £625,000, with a
reserve fund cf £825,000.
The directors’ report for the year
ending Jan. 81, 1888, shows an available balance of £82,668
Imports and Exports for the Week.—The
imports of last (including £13,144 brought forward from last year). Divi¬
■week, compared with those of the preceding week, show a dends have been made at the rate of 8 per cent per annum,
decrease both in dry goods and general merchandise. The free of income tax; also the payment of a bonus of 8s.
per
?4otal imports were $8,588,658, against
$11,229,313 the pre¬ share is now recommended, being 4 per cent on the paid-up
ceding week and $11,170,016 two weeks previous. The exports capital of the bank. These payments will absorb £70,000,
for the week ended April 24 amounted to
$6,156,482, against leaving a balance of £12,568 to be carried forward to credit of
$5,690,621 last week and $6,450,174 two weeks previous. The profit and loss new account. Mr, J. Lawrence McKeever is
following are the imports at New York for the week end¬ the manager at the Agency in New York.
ing (for dry goods) April 19 and fo% the week ending (for
—The Whitebreast Fuel Company had net earnings in March
general merchandise) April 20; also, total since the beginning
of $6,318, against $13,456 in the same month last
of the first week in January:
year, the
decrease being caused by the Chicago Burlington &
FOREIGN IMPORTS AT NEW YORK.
Quincy
strike. For nine months ending March 31 net
earnings
were
For Week.
1885.
1886.
1887.
1888.
$117,614, against $103,823.
Dry Goods

$1,028,388

$2,374,608

4,764,710

5,C45,582

$2,018,645
7,980,222

$2,313,447
6,275,211

$5,793,098

$8,020,190

$9,998,867

$8,588,658

$33,799,704
85,024,648

$40,399,547
96,657,526

$44,208,800
103,763,730

$47,379,327
108,054,202

Gen’l mer’dise..
Total

Since Jan. 1.

Dry Goods
fGen’l mer’dise..

—The wall-known firm of Messrs. Blake Bros. & Co. will
about May 1st to large and convenient offices at
Nos. 5 and 7 Nassau Street, where they will have
larger facili¬
ties for accommodating their friends and customers.
remove on or

—The Ontario Silver Mining Company has declared its
usual dividend of $75,000 for March, payable at the transfer

Total 16 weeks. $118,824,442 $137,257,073
$147,972,530 $155,433,529

In

Messrs. Lounsbery & Co., Mills’ Building.
Messrs. Drexel, Morgan & Co. have been awarded the
$2,500,000 St. Louis 4 per cent city bonds at $1,017 60 each, a
premium of 17 60 on each bond.
agency,

report of the dry goods trade will be found the im "
ports of dry goods for one week later.
The following is a statement of the
exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 24, 1888, and from
January 1 to date:
our

—

—Messrs. Chrystie & Janney, bankers, will remove on
May
1st, inst., to No. 6 Wall Street, where they will occupy a fine

EXPORTS FROM NEW YORK.

suite of offices.

1885.
For the week...,
Prev. reported..

1886.

1887.

1888.

Auction

$5,847,570
90,374,771

$6,568,682

82,377,524

$5,876,690
88,060,031

$6,156,482

Total 16 weeks. $102,222,341

$SS,94 6.206

$93,942,724!

$91,947,169

The

auction

85,790,087

following table shows the exports and imports of specie

EXTORTS AND IMPORTS OF SPECIE AT NEW YORK.

Exports.
Week.

Great Britain
Franco

$3,000

$370,461
7,100
1,248

Germany
West Indies

103,050

Mexico
Bouth America

3,905,667

Week.

$
96,500
1,439

Since Jan.1.

$1,768
2,423,223
878,899

38,487

70,098
6,511
147,653

5,296

123,386

.

All other countries...

Total 1888
Total 1887
Total 1886

90,219
133,133

33,500
$139,550
169,445
2,153,883

Week.

Great Britain..
France

$215,600
6,600

Germany

West Indie
ies.
Mexico.
Bouth America
All other countries.

$4,508,128
4.932,373
20,131,590

$141,722

$3,651,538

3,436

3,985,528

119,054

2,592,258

Total 1888...
Total 1887.
Total 1886...

..

Imports.

Since Jan. 1.

$3,353,020

Week.

$

Since Jan. 1.

$12
110,589
9,085

155,700
1,900

......

101,138

1,478

26,167

238,689

2,102
89,590

132,945
5,825
10,496
398,451

252,013

$3,876,614
3,049,771

82.600

4.088.371

$93,170
8,440

$667,403
670,605

41,058

514.689

1,600
7,490

$231,290

*

40

$5 25 per share
Stuyvesant Fire Ins. Co..100*2

58 Albany & Susquehanna
RR. Co
147
680 Piedmont Electric Ilium.
100

Co
$5,000
Equitable Gas Light Co.
of N. Y

Exports.

Silver.




Imports.

Since Jan. 1.

following

Shares.
77 Pennsylvania Coal
267%
53 Hamilton Fire Ins
100
10 Consumers’ Coal Co. of
N. Y
$1 per share
300 Excelsior Water & Mining
Co.
$3
150 Chicago Danville 6c Vin¬
cennes RR. Co.
$1
10 Northern & South. West
Vir. RR. Co
$1
250 Orange
County Stock
Farm Co
$9
200 Ball Electric Light Co....

at the port of New York for the week
ending April 21, and
since January 1, 1888, and for the
corresponding periods in
1887 and 1886.

Gold.

Sales.—The

10

106*4

recently at

:

Shares.
5 Imp’t’rs &Tr’d’s’Nat. B’k>42%
5 3d Ave. RR. Co
*215
625 Union Nat, B’k of N. Y.

(now in

24
10
25
50
41
10

liquid’n. 179 %
:
$550
Peter Cooper Fire Ins Co 150
paid)

N. Y. Fire Ins. Co
84*3
Title Guar’teo & Trust Co 105
Madison Square Bank.... 99
Aiii’n Exchange Nat. Bk 137
Am’n Loan 6c Trust Co.. 97
40 Bank of New York
221
8,000 Brunswick Gold Miu’g
10
10
2
100

Co
15 c. per Share
N. Y. & Harlem BR. Co. 218*3
Uu’t’d N. J. RB.&Can’l C’o 214

Natioual City Bank
347
Hand-Power Test Mach.
Co

$500

80 Hanover Fire Ins. Co.... 1247a

B’klyn <fc N. Y. Ferry Co.. 167 %

8 Merchants’ Fire Ins. Co.. 73*9
22 Eagle Fire Co
218
50 New York Life Ins. &
Trust Co
.....560
30 Howard Fire Ins. Co
51
11 American Loan & Trust
Co
101*9
10 Imp. Tenement Building
Ass’ii of N. Y
20
1 Newport Casino
$160
75 Terre H’te & Ind. RR. Co. 78 *4
50 No’w’h &Worc’t’rRR. Co. 178*8
36 Un’t’d N.J. RR.&Can’l Co 2 15*9
55 Union Trust Co.... 575 to 582
40 Stuyvesant Fire Ins Co.. 100
5 N. Bedf’d Martha’s Viney’d & Nant’ck’t Stb’t Co 104
20 Chatham National Bank 243*2

sold

were

by Messrs. Adrian H. Muller & Son

Bond 8.

$15,000 Harlem River &Port
t

h.RR.7s,1903,130% to 131 & Int

$10,000 Harlem River & Port
Chester RR. 6s, 1903,120*3 & Int
$2,000 Northern 6c South.
West Vir.' RR. Co. lsts,
Nov. 1, 1874, coupons on...$5
$5,000 2d Ave. RR. Co. 5s
Genl. Con. 1909
102*4 & Int
$1,000 Dry Dock, E. Broad. &
Batt. RR. Co. 6s, 1914.105SgAInt

$25,000 Chicago 6c Atlantic
RR. Co. 2d M. 6s

42

$15,000 LakeVoorhees Cattle
Co. 1st M., 8s, 1892
23
$5,000 Brooklyn (Bridge) 7s,
1905
144*3 and int.

April 28,

The rates of leading

2pte $p (inkers' dfo^ette.
following dividends have
Name of

Company.

Railroads.
Boston Con. &

Montreal, pref

Boston & Maine

Kan.City St.L.& Chic.,pref.,guar.
N. Y. Prov. & Boston (quar)
Seaboard & Roanoke
Wheeling & Lake Erie, pref

May

5

May

Da
2*

May
May
May
May

31*

National

*10

Miscellaneous.

1%

United States Express (quar.)
Whitebreast Fuel (quar.)
*

(Days

Payable.

2*

5
1

Books Closed,

When

1
15
1
10
1
15

Banks.

American Exchange
National City

Prime bankers’ sterling
Prime commercial

recently been announced:
Per
Cent.

May
May
May

1 to May 10
April 23 to May 1

11 to May 15

1 April 25 to May 4
1 April 25 to Apr. 30
15 May

Frankfort

follows:

bills on London..

4 87
4 85 *@4 85*
4 85
85*4
5 1938 35 1834

4 89

5

or"Bremen (reiohmarks)

95^3 3

18*9317*
401*a409ia
95*®95%

405] 6 ® 403s
95%

purchases of Government bopcU
by the Secretary of the Treasury seem to have had the effect
of stimulating business in them here, as well as to cause an
Transactions have been quite brisk in the
advance in values.
4s and 4$s, and the former have been strong and advancing
throughout the week, the Secretary showing a disposition to
pay more each day than the previous day’s prices.
The 4£s
have not advanced so much.
Below is a table showing the
amounts offered and purchased each day:

4 to May 15
4 to May 10

4 Per Cents due

4* Per Cents due 1891.

FRIDAY, April 27,

Demand,

Sixty Days.

Documentary commercial
Paris (francs)..,
Amsterdam (guilders)

Of this 5 per cent is extra.
WALL STREET,

are as

United States Bonds.—The

May

May

1^

inclusive.)

April 17 to
April 27 to

May

bankers

April 27.

DIVIDENDS*
The

529

THE CHRONICLE.

1888.1

18SS-5 P. N.

The
Money Market and Financial Situation.—The
purchases of bonds by the Government for the five days of this
week have resulted in the taking of $3,775,650 of securities at
premiums ranging from 124-70 to 126 for the 4s and from
107£ to 107f for the 4-Js, thus restoring to the chan¬

Offerings. Purchases.
$

Range.

1

Offerings.
$

*

Saturday.
Monday..

1,189,000

Tuesday.. 1,040,000
Wednea..

2,632,000
415.900

2,400,000

107*

1907.

Purchases.

Bangs.

635,000
002,000

85,000
600,000

12470-125
125^-185*

440,000
506,300

440,000
156,300
4,500

123-120
125-120

an amount of
currency considerably in
125-125%
809,500
1075*
60,000
630.900
Friday.
value of the bonds purchased. The effect on
12470-120
1,285,800
2,492,800
107*-1074g
Total... 5,908,400 [ 2.490.000
the money market, however, is of less importance to the Stock
Exchange than the fact that all the money paid out for these
The closing prices at the N. Y. Board have been as follows:
bonds must seek investment in other directions, and this cir¬
cumstance furnishes an element of great strength in the imme¬
Interest April AprtZ April April Avril April
27.
26.
24.
21.
diate future.
The main point on which the Government
Periods
must base its operations in these bond purchases is the
107 % 107* *107* *107:* *107* 107*,
1891...'
reg. Q.-Mar.
107 78 10734 107* *107% *107* *iq7*
early date of
maturity of the $230,000,000 of 4^- 4*s,
Ci.-Mar.
45*8, 1891
ooup.
126%
12514 12578 126
12434 125
reg. Q.-Jan.
per cents, which fall
due on Sept. 1, 1891, only 4s, 1907
126%
*1243i 1251a 125* 125% *126
Q.-Jan.
coup.
a
little over
three years from the present time.
As 4s, 1907
J. & J. *121k *12114 *121* *121* *121* -L21*
cur’cy,’95
reg.
*12314 *123* *123* *123* *123*.
holders see that it is inevitable their bonds shall be paid off, 6s,
6s, cur’oy,’96
reg. J. & h *12314
& J. *12514 *12514 *125* *125* *125* *1J25*
they will more readily accept the large premium now offered 6s, cur’cy, ’97.... reg. J.
*128*
J. & J. *12818 *12816 -128* *128* *128%
and turn over their principal into new securities that pay a 6s, cur’oy,’98....reg. J. & J 1*130 *130 *130 *130 *130* *130*
6s, cur’oy,’99
reg.
higher rate of interest.
This is the price bid at the morning board; no sale was made.
The Stock Exchange has kept up to the best standard in
State and Railroad Bonds.—State bonds nave again had
tone and in strength of prices, and any advance more rapid
than we have had would be rather suspicious and unhealthy quite a business, though they do not call for special comment.
than otherwise.
Some persons are predicting a reaction in the Prices are generally firm, and some have improved a little,
market, but they did this just as confidently a week ago when including Virginia 6s deferred and Tennessee settlement 3s.
The brisk demand for railroad bonds continues, and during
prices were several points lower.
Last week in mentioning the latest sales of seats at the the past week the market has been active and very strong.
various Exchanges, the N. Y. Stock Exchange ■was given as The disposition to buy bonds is not limited to any special
classes, but all kinds of bonds, both high and low-priced, have
$18,000, but since then a seat has been sold at $20,000.
The open market rates for call loans during the week on been in demand, though naturally the lower-priced issues have
stock and bond collaterals have ranged from 1£ to 4 per cent, had the largest business, as this buying is of a more speculative
It is said, however, that the demand for first-class
and to-day the rates were H@2£ per cent. Prime commercial character.
investment
mortgages
is in excess of the supply, and these
paper is quoted at 4f @5£ per cent.
The sharpest
The Bank of England weekly statement on Thursday showed classes are consequently rising gradually in value.
advances
have
been
in
the
speculative
bonds,
and
some of the
a loss in specie of £25G,000,
and the percentage of reserve
to liabilities was 40*84, against 40*82 last week; the discount bonds of the Gould roads have been conspicuous for improve¬
rate remains unchanged at 2 per cent.
The Bank of France ment, including Missouri Kansas & Texas 5s and 6s, Texas &
gained 4,900,000 francs in gold and 1,275,000 francs in silver. Pacific incomes and Rios, New Orleans Pacific lsts, &c. Atlantic
The following table shows the changes from the previous & Pacific 4 s and incomes have also advanced, as well as the dif¬
week and a comparison with the two preceding years in the ferent Oregon bonds, Fort Worth & Denver lsts, and many
others, in -which the improvement has been less marked.
averages of the New York Clearing House banks:
Railroad and Miscellaneous Stocks —The stock market
1886.
1887.
1888.
Diffr’nc’s fr’m
during
the past week has been more active, and prices have
April 24.
Prev. Week.
Ap>ril 23.
April 21.
been strong, and in some cases even buoyant, the whole list
$
$
$
$
advancing more or less, with no serious reaction. The favor¬
50,512,700
Capital
able features have been the improved feeling engendered by
59.028,400
Surplus
351.542.800 the Government purchases of bonds at rising prices; the
Loans and disc'ts. 303.072,200 Dec. 3,614,odd 362.712.200
74,048.800 Inc. 2,002,800 77.670.100 74,742.300
Bpeeie
7,911,400 spread of the business to some extent to the outside public;
8.388,700
36,700
7,720.700 Deo.
Circulation

nels of
excess

business

Thursday
..

of the par

1

"T»

*

purchasing, and the'sharp advance in some leading
special influences. * Some parties have been look¬
121,925 92,795,300 93.799.450 ing for a set-back from the considerable improvement already
93,729,000 Inc.
Legal reserve
107,975,900 In*. 3,497,800 99.456.100 107,123,000
Reserve held
made, but so far the tone has continued bullish throughout,
6,660,800 13,323,550 and a strong undertone has apparently been the basis for a new
Surplus reserve... 14,216,300 Inc. 3,375,875
Exchange.—The demand for sterling exchange has at times upward turn whenev^ prices flagged in their movement.
been quite active, though the business fell off somewhat in the Chicago has been reported bearish, and several unfavorable
latter part of the week. Commercial and other bills have been reports have come from there, though these applied only to the
grangers and caused no general uneasiness.
scarce, and notwithstanding the buying of our stocks on foreign
Among the several groups of stocks the Gould specialties
account, security bills have not been offered in sufficient quan¬ have
tities to seriously affect the market.
Hates have been strong The been very prominent, and all have advanced materially.
improvement extended to Missouri Pacific, M. K. & T.,
and are higher, the posted rates of leading bankers having
Western Union, &c.
Manhattan Elevated also came into
been advanced early in the week |c., to 4 87 and 4 89.
some prominence and sharply advanced.
Union Pacific was
To-day the rates on actual business were as follows, viz.:
helped
by
annual
report
the entire harmony
the
favorable
and
Bankers’ 60 days’ sterling, 4 8G£@4 86£; demand, 4 88^@4 88£.
at the annual meeting.
Reading has been another feature for
Cables, 4 88£ @ 4 88f. Commercial bills were 4 85 @4 85£.
Continental bills were: Francs, 5 19f@5 20 and 5 17£(gl5 18£; activity and strength on favorable rumors, though nothing
new has transpired
except the Baltimore & Ohio arrange¬
reienmarks, 95£@95£ and 95$@95f; guilders, 40|@40£ and ment mentioned in the papers this morning. The other coalers
40f@40£.
have also been strong, though not so active.
Next in import¬
The following were the rates of domestic exchange on
ance have been Northern Pacific preferred and the Oregon?, all
New York at the under-mentioned cities to-day: Savannah,
improving under an increased demand. The grangers also
buying par; selling 3-16@£ premium; Charleston, buying \ have
advanced considerably, under the lead of Burlington &
premium; selling £ premium; New Orleans, commercial, 75c.
premium; bank, $1 premium; St. Louis, 90c. premium; Quincy; Northwest and Omaha touched the highest prices of
the year.
tjhicago, 50c. premium.
deposits
Legal tenders
Net




374,91 S,400 Inc.

33,027,100

Inc.

487.700 371.181.200 375.197.800

1.495,000

21,786,000

32,3=0,700

the

foreign

stocks under

530

THE CHRONICLE.

[Vol. XLVI,

STOCKS—PRICES AT N.T. STOCK EXCHANGE FOR WEEK ENDING APRIL 27, AND SINCE
JAN. 1, 1888.
HIGHEST AND

STOCKS.

Saturday,
April 21.

Active It Ft. Stocks.
Atlantic & Pacitic
Canadian Pacitic
Canada Southern
Central of New Jersey
Central Pacitic

9
58%

1

*4*2
lstpref.
2d pref..
2*4
Chicago Burlington Sc Quincy. 119*2
72
Chicago Milwaukee & St. Paul.
Do
pref. 112 V
lOS^s
Chicago & Northwestern
Do
pref. 142*2
Chicago Rock Island & Pacitic. Ill
13
Chicago St. Louis Sc Pittsburg.
Do
pref. *31V
Chicago St. Paul Min. & Oin...
37%
Do
pref. 107
Cleveland Col.Cin.& Tndianap.

Columbus Hocking Val. &Tol.
Delaware Lackawanna Sc West
Denver it Rio G., assessm’t pd.

49
21

129

East Tennessee Ya. & Ga. R’y.

lstpref.

2d pref..
Evansville & Terre Haute
Fort Worth & Denver City....

5 V,

2*4
119*2

111
13

82 V

29%
'1*8
*4
*2 V

111

*12%

32%
38*4
107*4

33

38*2
108*2

49

49

21

*18*2
128 V
18*4

49 V

50

lov

10*8
60*4
21*8

61

21*4
88*4

50V

21*4!
88*4 *87
35
35*8

35

Tuesday.
April 24.

9%
58%
51%
83V
30V
IV

9V

Wednesday,

Thursday,

April 25.

9%

9V

51

51%

S3

83 V

51%
82%

30

30V

31

31*4!
IV

'1*8

5
3

*4

5

I

2*4!

2*4

11934 119V 120
12034!
72 V 73341
71*4 72 34
11234 113
113*4 113*2
108 34 109*2 1093s 11034!
142
142
143
143*4
111
111*4 112*2 113 |
j 111
13% *12*2 1334 *13
1334:
34 »41
35
35
37
37
I
40*2:
3934 40*4! 40
40V
109
108*2 108*2! 109
109 " i
50
49341 50
! 50*4 50*2|
24
24
I "18
| 20*4 20*4'
130*2! 130*8 130 3i 1303a 131*2;
*isii
10
1 8*4
18*4' *18
19
50*4
4934 50*8 *50
50
10*4!
10*4 10*4
10*8 10*4
.

6134!

61

61

01

62

21V
88*2'

21*4

21*4
87*2

21*2

217s
88*2

36
10
120
1335

*87

3
6*4;
10
i

36

95a

934

60

60 *21

9*4
59%

5134

52 *2!

51V

I

32*4

|

1*4
*3*2

83

8334!

31*2
1*8

33

*

1*8

4
•1

5
3

82 34

73*8 7434'
73*
113*2 U434 115
110
144
113

American
United States
!
Wells, Fargo & Co
.!!
Inactive Stocks.
American Tel. it Cable Co
Boston & N. Y. Air Line, pref.
Chicago it Alton
Chicago it East. Illinois
Do
pref
Cincin. Ind. St. Louis & Chic '
Cincinnati Wash. *t Baltimore.
.Do
pref.
Mexican Central
Morris it Essex
N. Y. Lack, it West
N. Y. New Haven it Hart
Ohio Southern

70V

13*4

13*4

34

34

42%
91
*3
4V
16

13

Do.
pref.
St. Louis Alt. it Terre Haute
St. Louis Ark. & Texas
.

These




are

42%
91*4
4

5
16

106
215

221

13

*9*4
*35*4

37

*35

37

13*8

*12 V

1 1

9*o
*33 V

13V
.

Columbus it Hocking Coal
*21 *•>
Tennessee Coal Sc Iron
2s
Various
Stocks, Arc. (Uni isted.)
Amer. Cotton Oil Trust
‘4Ds
Pipe Line Cortitieates ♦
83 V
*

70 V
71*2 71*2
98
98
*97
99
| *97
135
135
135
140
435
140
42 V 42 34|
42*2 42*2
42*2 42V
91 *4 91V|
91*4 91V
91V 91*2
*70
*70
74
74
40
74
*2*->
*2 *2
34>
3*4
*2*2
3*2
4V
4 V1
5
5V
5V
5*4
15 7s 16*8
16*8 16*4
46*8 16*2

140*8 140*8
106V 107*4 107*4
221
13

V

*154** 1*5*5* i*54* 1*5* i**

Quicksilver Mining Co

*35
13 34
*6

9*2
37
37

16V
*154
*9
35
36

*1*2 V

*2*14

220*’

12

V 12 V
18
18
155
*154
155
9*o
9*o
10*4
16

V

35*a

*34*2

3a V

36

*35

37

13*2

13*2

7 J*2

2134
28*3

29*4

29*4

30

85 V

88*4'

i

12 V

140*4 140*4

13%

22 V
28

87

75*4
135

250,

22 3j!

30*sj
34!

140
140
110
110*4
74 V 75
137
137

*86

~

88

36

V

37

22

42*2
91V
*2%
5V
16

30*4

30
83 V

31

86%

42*2!
92

3*2
5*2
16

140*8 140*8
107
107
*215
221
12
**12
19
19
154
154
*9
10*4
35 V 35V
*36
37
14
14

29*2

23*4
30V

2834

8*4
23 V
29V

30 V
82 V

32
86 V

30 V
04 V

31V
86%

22 V

the prices bid and asked; no sale was made at the Board.

"

14

147s
46*4
91%

36*4
15*4
46%!
93
I

92*2

92*2'

57*8

58
37
98
82

*34

93*8
80%

00

3.

17

123*0

Apr!

3

-,-v1

15*2 Apr.
44

2;
Mar. 24

8*2 Mar. 22

*4?
J

I

22
2
Mar. 22

133% Jan. 30
23
55

Jan.
&
Jan. 28
10V Jan. 12
65
Feb. 23

23*4 Feb. 24
88% Jan. 10
3
46V Jan.
20
11
4,150j 7*2 Mar.
Apr. 25
705 114
5 122*2 Feb.
Mar.
3
1,524!
9*s Mar. 281 14
Jan. 20
2,550 27V Jan. 16 36*4 Apr. 27
3,502 j 12 *2 Mar. 22 16
Jau. 30
8,200| 40*4 Apr. a 47 Jail. 9
74,300! 85*4 Apr. 2 9534 Jan.
9
92 *2 Apr. 264071 87*2 Apr.
10,553 50V Apr.
9
64*4 Jan.
110

10 34
121
121
*13
35 7s

32*2
102*2
42*2

Jan. 10
3
9
Apr. 27
Jan. 10
4
Feb.
Jan. 24
Feb.
7
Jan. 27
Feb. 24
Apr. 27
Apr. 26
Feb.
1
Jan. 27
Jan. 10
Jan.
6
Apr. 26

Jan.
Jan.

Apr. 2 78
Apr. 3 117
Apr. 2 111*8
Apr. 3 145*2
Apr. 2 114*2
Apr. 41 14*2
Mar. 31 38%
Apr. 9 41 *2
Apr.
109*4 Apr. 27
Apr. gj 53*2 Feb. 16
Mar. 21
25V Jan. 9

55 Mar.
4,206; 17*4 Apr.

*2
10%

84

2,100; 32 V Apr.

200

30

18,400

4,725!

Apr.
3
2

83*2 Apr.

39
98

Jan.

10

Apr. 27

72
9
Apr.
8730jan.
50
Mar. 27j 80
10
Jau.
92
83
Mar. 27 104*2 Jail.
5
8
9
605; 3 V Mar. 28
9*4 Jan. 11
10*4 17%
760
11
Mar. 23
1734 Apr. 27
14*2 15*8: 10,730 11
A pi*. 19
18 V Jam
5
77 34 ho *s; 64,462! 70*4 Mar. 24
3
8934 Jan.
8 *2
8 341
480
29
6*2 Mar.
13*2 Jam 27
177
78
)
1,200 71
80
Jam
9
Apr.
107*4 107*2
7,133 102*2 Apr.
108
Jam
9
16
16
600
31
l^34 Mar.
1734 Jam 27
O
*66 *2 68
215 03
j
73
Jam 27
Apr.
32*4 32*41
1,600 28
Mar. 31
37
Jam 30
26 V. 27*8. 86,450 22 V Mar.
9
9
29*8 Jan.
59
59
22
j: 1,750 53 Mar. 00
05*2 Jam 10
39 V 4 a
93,642 29*o Mar.
12
Apr. 27
17
2,744 14 V Mar. To is V Jam
9
9
9*8
V
6,144' 734 Mar. 28
9 V Apr. 26
3o% 31*2
8,662 26
33*2 Jan. 30
Apr.
18
18*8
1.1 10 15*8 Mar.
18 V Feb.
2
46% 47,,a 13,930 4l*d Mar.
47 V Apr. 27
2 L7s 2 5*2
5,788 19V Apr.
25*2 Apr. 27
50 *2 5134 5-1,410 42% Mar.
5L% Apr. 27
i
3,540 17*2 Mar.
25
Jam 31
21V 2a V 113.720 17*4 Apr.
253s Apr. 27
2 1 V
22*2
23
9,88a 15% Apr.
Jan. 11
62 V 61*4 161,235
51 V Apr.
67*2 Feb. 18
2 1 *2 25*2 118,210
19
26*8 Apr. 24
Apr.
62*2 65
6
3,913 55
Jau.
09*4 Feb. 23
92
p>)
!
680 82*2 Feb 13
92
Apr. 27
29V 30*8;
3,750 2 L
Mar. 27 36*2 Jam
5
67
68*8
2
S,02a 63
7334 Jan. 30
\\v.
113*2 1131.
>20 105*2 Apr.
3 116
Jam 16
58
58 *2
43
Mar. 29
62*o Jan.
3
100
101 *2
981
Mar. 29 105
89
Jam* 28
105
105
|
1,185 94
Apr. 2 114 *2 Jail. 23
26 V
27 V 60,690
20
Mar.
2
27V Apr. 27
50 *4 57*3a 13 t ,805 48
Apr. 2 58 V Jail. 3
14% la*t
1,360 12
/
16
Mar.
Jam
3
26
26 *4'
5,275 21
Mar.
2834 Jam
6
3,220 44V Jan. 3 55
Feb. 13

ijVioj

17%!

•

37%' 10,305.
74 V
109 V 109 V
53 *4 53 *4
93
93 V

4*4

34V
97
144

36
98

144%
77*8 78*4

140

140

109*2 109*2
*74% 75
137

7134

138

7134

*97
137V 137V *135

7*2

22*8
29%

72

11%

1,275; 29*2

1

*70 V

67

3,010 109

41*2
40% 41*4 15,840
108% 108 34! 109*4 109*4
1,565
*48
50 |
49 7s 50
1,000
21
21
I 21 *o, 21*2
100
1305s 131*2 130*4 131*4 123,104
10
mi.
mi.
19
19*4'
4834 19*2
350;
5034 51*4
51
51*8!
2,323
10*8 10*2 *10*4 10*2!
3,990
02*4 62 *4
62*2 02*2!
2j 155j
22*-)
2134 2234
22*o

'

139% 13934

10%
62%
21,995! 45*2 Apr.
56%
17,000 73*2 Apr.
84*4
3,020; 26*2 Mar. 26! 33*2
020i
1
Mar. 26;
5 *2
334 Apr. 18' 10
238!
1 % Mar. 20
7V
9,135 112 Apr. 2 130*2

430 138

40*4

3638 37"
11
10*2 11
120*o *12034 122
13%!
13% 13%
36
; 3534 36
153s
15*8 15 V
46
45 V 46 V
02 V
92
92 V
92
92 V
91*2
57 33;
56 V 57 V

110
110
74 7s 75*4
136
136

7*2 Apr.
1,600! 5559 Feb.

7458223,715:
117

Highest.

6,200

2,693 1035s

363s

m

*i.35 * i’To*’

*215”

Oregon Short Line.
Pitts. Ft. Wayne it Chic

South Carolina

★

110
75
135

138
110

910

00*8
52*2
84*4
32*4
1 *4
4*2

113*4 1133s

Express Stocks.

138

Lowest.

52,480 10258

.

140*4 140*4
109 V 109 V
74*4 74 V
136 V 137

Week,

111*8 410*8 11078

147
114

.

*130
140
109
110
73 V 74
*135

Range Since Jan. 1,1888.

Shares.

**} 1
*214
3
2%
12034 124*2! 123
124

Green Bay Winona Sc St. Paul.
10
10
*9*4 10
10*4
Illinois Central
*119 V 120V 120
120*4 120*4' 120*2
Ind. Bloom. & West
13
13 V
13
13 V 13V
13*2
*
34
Kingston <t Pembroke
33V 34
35
38
Lake Erie <fc Western
15
15
14%
45*4 *15** 15
1434
Do
44 V 4 5 V
41V 44 V
45
45 V
pref.
45*4
Lake Shore & Mich. Southern.
90 V
90 V 91*4
90%
91*4 92*o
92*4
Long Island
*89 V 91
*90
91
92
92
91*2
Louisville it Nashville
55**4 55 V
56
5538 56
5634
57*4'
Louis. New Alb. <fc Chicago...
38
35
31V 31V *90
35
! *34
37
38
; *34
Manhattan Elevated, consol..
87 V 88 V
87*4 8934
89*2 91*8!
895a 91*2) 91 34 sit
79 V 79 V
Michigan Central
79
79 7s
80
81
80*2
8034 81 v!
81V
Mil. Lake Shore it West
*55
*55
70
*58
68
*55
65 V
65*2 *55
*
Do
89 V 90
*84
pref.
89
89
90
90*8 91
92
Minneapolis & St. Louis
7
6V
6 V,
*6*4
7
I
.7
7
Do
pref. *15 V 16V *15 V 16 *2 j
10*2 16*2 *15*2 10 *2 *15 V 10 V
Missouri Kansas & Texas
12
12
1 2%
13
12*4
13 *21
12*2 12%;
13 V
15*4
Missouri Pacitic
73 V 74 V
73% 7533!
75 V 7739;
7134 76 3a1
76*4 78*4
Mobile & Ohio
*8
9
*8
8*8
9
!
8*8
*8*4 10 |
Nashv.Chattanooga Sc St.Louis *76
77
7 6 % 78
| ’7 34 / / %: 7 / -*4 it *4' 77
77*4
New York Central it Hudson. 1 105 V 105 V 106
106V: 106*4 HHmU' loG V 107*2 107
107*4
New York Chic. it St. Louis...
1(5
15*4 15 V *15 V 15%
46
16
103s
16
16*2
Do
1 st pref.
66
66
67
I
67
67
| 67
i
68
65*2 66
68
Do
2d pref..
30
30V
32
v! *30 V 31V 31
31% 32*4!
32
32
New York Lake Erie it West’ll
25
25 VI
26 V
25% 26V
2(j3s 27*a|
27 V.
25*i| 25
Do
pref. | 57*4 57*4! i) 4
58 V:
58*4 59 j 59
59 V 5934!
59*2
38 V 39*4!
38% 31**8;
38*4 4(»38;
39V 40 i
39*4 39 V
16 V
16 V!
16V
10 V
1 () 7o I
j *16
16*2 10*2
16Js 1638
9 *4
9
S78
8%
sv
9*4!
9*o
9*4
9V
9*2
Do
pref.
30*4 31 | 30 V 31*4; 30%
30% 31V
31V 31V
Norfolk & Western
17 V 17 V!
17 *2 18
17 V
17%
| *16 *4 16%;
|
17;>s
Do
46
46 *s;
46
4 6*a
4 6-v:
pref.
4 6
46 V
46 *4
46*2*
47- j
Northern Pacitic
23
23
24
V;
24
23V
2334
2
1
*0
25
j 23 V
j
24% j
j
Do
pref.
47% 48 Vi 4 8
48%; 48*8 4SV! 48 V 49 V; 49*a 51 *4
Ohio & Mississippi
20 V 21V
21
21 *>!
21
21:1.0'
20% 2 L *4
21
2 1 V
Oregon & Trans-<'ontinental.. 1 22*4 23 | 2° *•-> 23 V 23
213a! 2 1 *4 25 i 24 V 25*8
Peoria Decatur it Evansville.
19*o
19 V
19 V 2u%;
21
21*4' 21 *0 23 j 22
23
Philadelphia it Reading
6 l
62
60V 61 *a
j 6 L *2 025a 02*4 03% 62 34 04 j
Rich m o nd & W e st P’t Te rm i na 1
24
24
25 *s 26 V
24*4
V1
V 25%
25 V 25 V
25% 26*s;
Do
66
p
61
67
67 *4!
66*2 •66%!
66 % 673-it
65 V 66 %
|
Rome Watertown it Ogdemsb’g '87
88
88
88
i
*87.V 88 1
91
90
88*2 S9*o!
I
St. Louis & San Francisco
27V! 27
28
26V 26V! 27
28*4'
29 V 29%
29:(4
Do
67
pref. *66
66V
66*8 06 %i
07 V (is V
667s 08 *2
| 66
Do
1st pref. *110
111
111
111
i lll^a 111 Stfj 111*2 111*2 1 14
111
|
St. Paul & Duluth
52
52%
1
52*4 52**'>:
53
54 V
.>2*2
bo
57 V
Do
pref.
IOO
"97
IOO
99V 100 I *9S
*97
IOO
;
St. PaulMinneap. & Manitoba. 104
10 1
lot 10 IV
| 104 V 101V 103% 101*4'' 1037s 10 1.%
Texas it Pacitic
i
25
26 *4j
25*8 25 V
2534 26%
26
25% 26*8
27
I
Union Pacitic
51
51V 55%| 54 7a 56V1 56*2 0734!
57
54.%{
5734
Wabash St. L. it Pacitic.
13
13*4 i3v!
1
13*8 13*9!
1 >4!
*2 13%;
13%
14% 11%
Do
23 V 23%!
pref.
24 7a 24 VI
25
25 V
23% 24%;
25 V 26 V
Wheeling it Lake Erie
50 V 50 V
51
03 V
52*4) 52
53*2 03
'8; 53 V 54*8
Miscellaneous Stocks.
Colorado Coal it Iron
35 V 37*8
35*4 35%
3(»3S 37*4
36% 37*4
37*s 37 V
Consolidated Gas Co
74
74*4 74*4
75
75
7a *2!
75
75 V'
75% 7534
Delaware it Hudson Canal.... losv 108%;
109 V| 109*4 109:%! 109 V 109 V
108*4 109*4 109
Oregon Improvement Co
*50
51
52
52
5134 53 V
51
5334 54*4
55*8!
Oregon Railway it Nav. Co...
90% 91V
91% 92*o
92:% 93 7s
93 V 93 V
93*2 94
Pacitic Mail
33 V 35
33% 33V
34 V 35
33 V 34 V
33*4 35
Philadelphia Co., Nat. Gas!!!! i 96
96
96
96 *4
*96
97
'95*2 98
Pullman Palace Car Co
142*4 142 V 14134 142
142*2 143 V 143*4 144
lit
144*4
Western Union Telegraph....
75
75 V
75*8 76
75*2 76V
76*8 77
76 V 77%

?iTJ

Friday,
April 27.

April 20.

9V
59 V|
52 V
83 V1

59 'a

......

87*2
35 V

Sales
of the

119*4 120
72*41 713a 72*8
113
I
113*2 113
108 V 108*4 109 i
! 42*2 142% 142%

129 V

49 V
10 V
*59

pref.

9*4
58V

1

Do
Do

Do
Do

9*4
59

50V 5138
82% -83 V
29*4 29 V

Chesapeake & Ohio

Do

Monday,
April 23.

LOWEST PRICES.

98
140
42V 42*o
92 V 92 34
74
75

30 V
3.071
08 V
6,328 103
3,685 45
5,915; 84*4
20,930 28*2

38 V Feb. 17

Apr.
Mar. 29

78
Jam 18
3 112
Jam
Jam 30
Mar. 29 55*8 Apr. 26
Apr. 2! 9434 Feb. 3
Apr. 2 37 V Jail. 16
1,175; 95*2 Apr. 20 106V Feb. 15
5,205 135*4 Apr. 3 144% Apr. 27

106,835; 70V Apr.
99 137

Apr.

21 79 V Feb.
12 145

5V
16*4
140*4 140V
218
12

19*4
154

934
35%

36V

218
12

19*4
154

11*8
3534
37 V
1-1 %

674
112

1,010
3,400
300

8,765
3.500

70
97
135
40
89 V
65 V

Jan.

75
99 V
140 V
43 V

Apr.
Jam
Mar.
Mar.

94V
80
4V

Apr.

V Mar.
4V Apr.
13 V M ar.

1,406; 135

9(0,

29*4

29*4

31
84

32
40,410;
85 V r2bjq,coo

140*2
107*4
00

13V Mar.

236 151
9
1,700.
750i 33
600 35
900' 11

8 34
23*8

6*2
16*4

Jam

206 I02V Jam
351215
Jan.
600! 10
Mar.

14
8V
22*o

{Prices from both Exchanges.

Jan. 23

371106 V Mar. 22,110*4 Apr. 26*
620! 67
4 75 *4 Apr. 24
Jan.
165128
Jan. 19 138
Apr. 27

2

5V
16

24

223
13

19*4

Jau
154*8
Mar.
1334
81
Mar.
j 38*2
Mar. 27! 39
Apr. 31 10 V

880!
7*2 Apr. 26;
9%
2,985; 17
Mar 22 30
2 32 V
24*2 Apr.

7.5501

25

Mar. 21

74*4 Apr.

Feb. 10
Mar. 16
Feb. 10
Jam 30
Jam 26
Feb.
2.
9
Jan.
Feb. 24
Apr. 23Apr. 27
Apr. 24
Jan. 16
Apr. 20
Apr. 27
Apr. 20
Jan. 12
Jan. 10
Jan. 11
Jan. 16
Jam 27
Jam
9
Jan. 30

34% Jan. 17

5 100

Mar.

6

ACTIVE BONDS AT N. 1.

BONDS-LATEST PRICES OF
Railroad Bonds.

27% Jan.
83% Apr.
80
Jan.
S27a
81
Jan.
Mar. 107
106%b, 105
106%
94% Jan.
92% I 89% Mar.
9i'%
1045a Feb. 108% Jan.
10558b, 10b%
Central of
llb7fcjb. ! 117 b, |lll% Jan. 11734 Feb.
Consol. 7s, 1899 —
Jan. 123% Apr.
123
b. 123%b, 115
Air.
Convert. 7s, 1902.-...102
Feb. 4 04
Convert, deb. 6s,
98
Jan. 1< 2 34 Apr.
1102 34
General mort., 5s,
......
illh%b 112 % Apr. 114% Feb.
Len, <fc W.B.,con.7s,
Apr.
106% b, 101% Jan. 107
Ana. Dock <te Imp., 5s,
! 115 b, 113% Jan. 115% Apr.
Central
113341., 113% Apr. 115% Feb.
San Joaquin Br. 68.1900
a 101 b 10 0 Apr. 10334 Jan.
Land grant 68. 1890..
102%
101% Apr. 104% Mar.
Mort. 6s, 1936
107 b. 109 b 105% Feb. 114% Feb.
19

24

231s

inc., 6s, 1910

Apr.

5s, 1908

9N.3j"—i"sV, 7s,' 1890..

1908..
198*
102%
1909,as nt llv

1921. ..10614b
Pacific—gold 6s, 1898.. j 115%
Ho

10034b

Cites. &

O.—Pur. m.

fund 6s, ’98

Mort. 6s, 1911
Ches. O. &80. W.—5-6s,

1911...

Ch.Mil.&

16

b.

104

b.

'

9%a.
132%b.
10538b.
9134b. 93
lll^a. 114
*

Nor.—1st, 5s, 1926.
Ohio. Burl. & Q.—Con. 7s, 1903.
Debenture 5s, 1913 —
Denver Divis., 4s, 1922
Chic. & East. Ill - Con. 6s, 1934
Chic. <fe Ind. Coal R.t 1st, 5s, ’36
Chlc.Bur. <fe

62%b, ! 62% Mar.
62
Apr.
17 b
lO5^ Apr.
; 90% Jail.
104%b, 103% Mar.
1
98
Apr.
132 b, 129% Jan.
106 b, 104% Jan.

62%b.
6^ %b.

B,1908, coup, ofi
4s, 1986
6s, currency, 1918
6s, gold, ser.
Exten. coup.,

100
117

St.P—lst,I.ifeM.7B,’97

a.

b.

1255gb.

Consol. 7s, 1905
112
let, So. Min. Div.—68,1910....
10414b.
1st, Chi. & Pae.W.Div—5s, ’21
102%
Wis. AMin. Div.—5s, 1921.... 102 b.
Terminal 5s, 1914
Chic. A N. W.—Consol. 7s, 1915 142%
Gold, 7s, 1902
131%
Sinking fund 6s, 1929
Binking fund 5s, 1929
Sinking fund debent. 5s,
25-year debent. 5s, 1909

> 120

!
1933 111
|105%

a

Extension 4s, 1926
Chi.R.I. APac.—6s, coup. 1917.
Exten. A col. 5s, 1934
Ch.8t.P..M.A ().—Consol. 6s.’30

91

:

a,

705s Feb.
70% Feb.

28
Feb.
4 01% Mar.

;108% Jan.
103
133

Jan.

Apr.

107% Feb.
Mar. ! 95
Jan.

Jan.
b. 113
98
i 96
Apr.
118 b, 114% Jan.
125 %b ,123% Jan.
110% Apr.
112 34
10438
101% Jan.
I01%b, 100 Jan.
Jan.
102
b, 100
l4 2%b. ,139% Jan.
13u78b. 128% Jan.
120
a. 118% Apr.
106
Apr.
Feb.
b. 108
111
106%
104% Apr.
93% I 91% Mar.
131
1130% Apr.

|117% Feb.

100% Feb.

j|12G
119

Apr.

Jan.
Feb.
Feb.

114

405

10234 Apr.

1102

Apr.

1143

Jan.
Feb.
Feb.
Feb.

432
1121
111
111
406%

Apr.
Apr.
Jail.

95

i

1133% Feb.

132%b, 106 b. 104 Mar. 107 % Feb.
1053s 122 b. 119% Jan. 123 Apr.
1213*1). 100 a. I 97% Apr. 100% Jan.
Cb.St.L.A Pitts.—1st,con. 5s,’32 100 a 128 b. 123
Feb.
Jan. ! 129
C. C. C. A Ind.—Consol. 7s, 1914 128 i> Ill b. 107% Jan. Ill
Apr.
Gen. 6s, 1934
11014b, 102 s4b. 100 Jan. ‘104 Jan.
Col. Coal A Iron—let, 6s, 1900.. ;102 b
| 68 b. | 63 Mar. ) 7334 Jan.
Col. H. Val. <& Tol.—Con. 5s, ’31 j 66
! 69 b. : 63 Mar. 75 Jan.
Gen. gold, 6s, 1904
(.5 b, 121% 119% Jan. [1121%
Mar.
Denver A Rio

Gr.—1st, 7s, 1900

...
11J

4s, 1936 —
Den. A R. Gr. W.- 1st, 6s, 1911.
Assented...
Den. So. Pk. A Pac.—1st, 7s, ’05
1st con.

'

1

Mar.

71
60

Jan. ;
Mar.

75
b. !
36
!
102
|!
96 %b.

80

Dei.Mac.AM.—Ld.gr.3%s,191l! 35
E.Ten.V. A G. Ry.—Con.,5s, ’56 162
Eliz. Lex. A B. Sandy—6s,
Erie— 1st. consol, gold, 7s,

75

7o

1902

114

Feb.

-7
Feb. ; 81
34% Jan. ; 13

Apr.

b.

9534 Jan.

Jan.

4 14

Apr.
Feb.

j 9978 Jan.

Ill

2d,6s, 1931
!
Gr’n B. W. A St. i\—2d inc.Ss, 1911
Gulf Col.AS4.11.Fe—1st,7s, 1909

Gold, 6s. 1923

Henderson Br.Co.—1st, 6s.
H. A Tex. C.— 1st M . L. 7s

90

;

Division—lBt, 5s, 1931.i

33%

36%

!

120
I 95

120
95

'ill %b.

112

1931 4673eb. 408

Jan.
Apr.

4 02

Long Dock, 7s, 1893 —
113 b. 15 b. 115
jll5%a. 1 93
Con. 6s, 1935..,
% i 94%
N.Y.L.E.AW—2d con. 6s, 1969 97^
77:%
83
81
Ft. W. A Denv. C. -1st, 6s, 1921
101 %
Gal.liar.A San.Ant.—lnt, 6s,’10
i 9S
2d M., 7s, 1905
!
West.

68% Jan.

.

!l04

Apr.
Feb.

Apr.

2.j
119
9 1

Feb.
Mar.

118

83

!

Apr.

Jan.
105% Jan.
106

Mar.

'

92% Jan.

Apr.

;

37% Aj r.

Jan.
Jan. 122
% Apr. ! 97 % Eeb.
b. 107% Mai’. 410* Jan.

1).

115% Jail.

Mar.

a. 111

112
112

..4 H)%b.i

1st, West. I)., 7s, 1891
-.410 1,
1st,Waco A N. 7s, 1903
102
2d, consol. M. L. 8s, 1912
i 65
Gen. mort. 6s, 1921, tr. ree... i 60 !>.’ 65
111 %
Ind.Bl. &W.— lst,prer.,7s, 1900 107%b. 109 b
85
let,5-6s, 1909, tr. rec
76 b.
65
2d, 5-6s, 1909, tr. rec
'
}..,.— 87

1921, tr. rec.. j 75 b.
15
20
Income, 6s, 1921, tr. rec
18%b. 90
b. 09
Int. & Gt.N*r.—1st, 6s,gold,’19il(*3
61
65
Coupon, 6s, 1909
1 63 1).
69
70 a.
Kent. Centr.—Gold 4s, 1987—| 70 a.
9 6 34
j S9%
Knoxv. A O.—1st, 6s, gold, 1925 93%
106%
401%
L. Erie <fc W.—1st g., 5s, 1937 .. 105%
East. Div.—6s,

Feb. 114% Jan.
Feb.
Apr. 414
Feb. 408% Jan,
Jan. j t'9
Feb.
Mar. 112% Jan.
89% Jan.
Jan.
71% Jan.
Feb.
Feb.
88
Jan.
20
Apr.
111 % Jan.

Mar.

Feb.
i

77

Jan.

■

75

Jan.

Jan. j 98

Apr.

Apr.
Jan.

Jan. ! 106% Apr.
Jan.
125
Feb. 127
LakeSh.—Con.coup.,1st,7s,1900 125 %b. 125
Jan.
122% Jan. 125
Con. coup., 2d, 7s, 1903
424% 425
Apr.
120% Jan. 422
Long Island—1st, 7s, 1898
121%b. 422
Ill
Jan. 413% Apr.
1st, consol., 5s, 1931
Feb.
116% Apr. 423
Apr.
408% Jan. 114
N. 0. & Mobile—1st, 6s, 1930. 114 b. 114 b.
99% Feb.
98 %b. 96% Jan.
98 b.
2d, 68,1930
Apr.
Feb. 115
116 b 116 b. 114
E. H. & N—1st, 6s, 1919
Mar.
113%!).' 114 b. 109% Jan. 114
General, 6s, 1930
Jan.
108
b. 40634 Mar. 110
109%
Trust Bonds, 6s, 1922
Feb.
Feb. 104
103%b. 104
10-40, 6s, 1924
112% Jan.
Lou. N. A. & Ch.—1st, 6s, 1910 110 a. 108 b. 407% Apr.
93
Jan.
70%'). 1 87 a4 Apr.
90%
Consol., gold, 6s, 1916
400
Jan. 10334 Apr.
Mem. & Ch’lston—6s, gold, 1924 102 b. 103 b.
112% !l08% Mar. 116% Jan.
Metro. Elevated.—1st, 6s, 1908. 110%
Feb.
Jan. 107
107 b. 402
106
2d, 6s, 1899
Feb.
Jan. 130
127
Mich. Central—1st, con., 7s, ’02 129 b. 129 b.
Apr. 110% Jan.
111
b. 110 b. 409
Consol. 5s, 1902i
Mar. 113% Jan.
Miss’ri Pac.—1st, cons., 6s,1920 lll%b. 11 l%b. 1107
Feb.
Jan. 118
118 b. 120 a. 1115
3d, 7s, 1906
103% Jan.
100%
Feb.
10178b.
101%b.i
Pac. of Mo.—1st, 6s, 1888
404
Jan. 105% Feb.
105 b.l
2d mort., 7s, 1891

%b,

Debenture, 6s, 1927
Roch. A Pitts.—1st, 6s,

I

1906

Alabamar-Class A 3 to 5
Class B, 5s
Class C, 4s

1906
1906

1900

6s, 10-20

Arkansas—6s, funded. .1899-1900
7s, Little Rock & Fort Smith, iss.

7s, Memphis & Little
7s, Arkansas Central

Georgia—7s, gold
Louisiana—7s, cons
Stamped, 4s
MtrTilfrpn—Vo




Rock, iss..
RR

1890

1914

...1890

Bid.

Ask.

105
109

107

RomeW. A

101
102
6
10
9
3
104
106

i05’

St Jo.

107%
i

91%! 92
105

i

Ogd.—1st, 7s,

St. L. Alt.A

6s ,

6s

Mar.

b.

b.

.

T.II.—1st, 7s, 1894.

1

Class B, 1906.

100

117%b. 116
113
107

J;tn. 460
Mar. • 118
117
Jan.
Jan. 469%

Jan.

Feb.

Apr.
Apr.

It0% Apr. 404% Mar.
a
102%a. 102*b j 98
Jau. 402% Apr.
Jan.
Jan. I 41
35 %b. 1 41
35
t).
112% EYb. 414
Apr.
112%b.
468
Feb. 110% Jan.
169
b.

1925

105
37

bJl(>5

b. 103

o<>

! 35

101%

101

Jan.

Apr. j

98

40% a. 40 b. 38
106%
108 b. 108
107 b. 10534
167
103%
103 %b. 104%
84 b. 80
81 %
b.l 113%
116 a4b. 417

105

Apr.

38

Jan.

Jim.

104% Feb.

M ar.

| 48% Jan.

Mar. 111% Jan.
Jan.
Apr. 412
Apr. 405% Jan.
Apr.

92% Jan.

i

118

Jan.

j 111%b. j 117%

115% Jan.
H6%b.J114 Jan.

,

Jan.

418% Jan.
118

Jan.

So.

j 85

Feb.

12% Jan
Jan.

400%1>. I
| 83 a.!
12%b.! 14 b.

li 0

Carolina—1st, 6s, 1620

b.

69
13

813a

2d, 6s, 1931
Inc,, 6s. 1931

b. 412%
111%
Cal.—1st, 6s, 1905-12.. 112
So. Pac., Ari.—1st, 6s, 1909-10..
167 b.l 105%
So. Pac., N. M—1st, 6s, 1911. ..
41
49
49%
Tex. A Pac,—Inc. A Id gr, 7s. 451
65
72%
69
Rio Grande Div.—6s, 1930
59
63 %b.
63
a.
Gen. mort. A term., 6s, 1905..
85
101
99%
Tol. A.A. A N. M.—1st, 6s, 1924.
165 %a. 161
Tol. A.A. A Gr.Tr.—1st, 6s, 1921 104%b.
100 a. 100 a. 90
Tol. Peor. A West—1st, 7s, 47 .
97%b. 93
Tol. A Ohio Cent,—1st, 5s, 1935 96%
91%

So. Pac.,

90

1).

Tol.St.L. A Kan. C.—1st,6s, 1916
117 a. 115%b. 114
Union Pacific—1st, 6s, 1899
100%b. 100%b. 1( 0%
Land grant, 7s, 1887-9
113%
115 b. 116%
Sinking fund, 8s, 1893
109 b. lo9%b. 169%
Kan. Pacific—1st, 6s, 1895
110 b. llc%b. 109%
1st, 6s, 1896
114%
114%b.
Denver Div.—6s, 1899
1st consol, 6s, 1919

Line -1st, 6s, ’22..
Virginia Mid.—Gen. m., 5s, 1936
Wab. St.L. A Pac.- Gen.,6s, ’20
Chicago Divison—5s, 1910
Oregon 8h.

Wabash—Mortgage, 7s, 1909..
Tol. A Wab.—1st, ext.. 7s,
1st, St, L.Div.. 7s, 1889

2d, extended, 7s,

Con., conv., 7s,
Great West—1st,

’90

107%
102%
79b.
38

109%

Jan.

\pr.

A] r.

Jau.
Mar.
Jau.

Jan.
Jan.

Apr.
Apr.
Feb.
Feb.
Feb.
101% Jan.
Feb.
JaD.

37
93
84
107 %b. 107

Apr.

83

Jan.

107%
107 %b. 107%

Jan.
Feb.

Apr.
107% Apr.
85
Apr.

106%b. 106%b. 105% Apr.
Apr.
85 b. 82
99% Jan.
102%
102%

2d, 7s, 1893

1

18% Jan.

416

Mar,

Jan. 408% Mar,
Apr. 1 51% Jan.
Mar. 1 73% Apr.
63
Apr.
Apr.
Jan. 101
Apr.

100
104%
81%b. 78

1893

1907
7s, 1888

West Shore—Guar.. 4s

107

M

ar.

92% Apr.
97% Jan.
94

Feb.

115% Apr.
104% Mar.
119

Jan.

112% Jan.
111% Apr.
116
Apr.
109% Apr.
104% Apr.
82
47

Feb.
Jan.

98% Feb.
90
109
109
91

Jan.
Jan.
Feb.
Feb.

88% Feb.
Feb.

109
90

Jan.

102% Apr.

BONDS.
Bid.

.

1910
1919

1

10
93
119

Bid.

SECURITIES.

Ask.

Rhode Island—6s, cou..1893-1894
South Carolina—6s, non-fund.1888

10 *
105
107
110

York—6s, loan
1892
1893 110%
6s, loan
North Carolina—6s, old
J<fcJ 35
Funding act
1900 10
20
New bonds, J. & J....1892-1898
Consolidated 4s

Ill

|117 b.
6s, Class C, 1906
116% Apr.
Gen’l mort., 6s, 1931
1110:U 4 I5%b.l
403% Apr.
Gen’l mort,, 5s, 1931
406%
103 b. 403%
102%b.400 Jan. D 2% Apr.
So. Pac,, Mo.—1st, 6s, 1888... 102
Jan. 414
Apr.
b. 114%b. 112
St. Paul xM. A M.—1st, 7s, 1909. 114
116
Apr. 118% Jan.
116
b.!l-l6%
2d, 6s, 1909
M<ir.
116% Feb.
! 11534b. 114
1st cons., 6s, 1933
Jam
| 96%b. 96 %A|>r. i! 97
Do
reduced to 4%s..
95
Jan.
Apr.
89 b.
95
; iO
Shenandoah Val.- 1st, 7s, 1909
Apr. ! 36% Jan.
i 32
1 2!)
31
Gen’l mort., 6s, 1921
162% Feb.
97
Jail.

University, due 1892
1894-1895

Special tax, Class 1

b.|105

416%b. 117

2d, M., pref., 7s, 1894
2d., M., inc., 7s, 1894
Dividend bds, 6s, 1894
St. L. Ark. A Tex.—1st, 6s, 1936
2d, 6s, 1936
St. L. A Ir. Mt.—1st, 7s, 1892...
2d mort,, 7s; 1897
Cairo A Fulton —1st, 7s, 1891
Gen. Rv. A land gr., 5s, 1931.
St. L. A San Fr - 6s., Cl. A,1906

due 1889 or 1890

Chatham RR

121% Apr.
117% Jan.

1891.409%b.J
109%b.
103%
104

AGd.Isl.—1st, 6s, 1925

2d, income, 5s,

New

12

119
Feb.
113% Mar.
105% Jan.

a.

105
117

Consol., extend., 5s, 1922

SECURITIES.
Missouri—6s
Asylum or
Funding

110
108
b. 108

b

108
108
102

1921...

Consol., 6s, 1922

STATE

SECURITIES.

120 %b. 121%

!

b.

113%b.!

Highest.

b. 104% Jan. 108% Feb.
Jan.
b. 102
Feb. 110
59
Feb.
51% Apr.
Imp. & Equip.—6s, 1922
60
Mar.
73% Jan.
66%
61 %
Mo. K.&Tex.—Con., 6s, 1920...
63% Jan.
50% Mar.
53%b. 58%
Consol., 5s, 1920
Mar. 1g6% Jan.
98
90
95
Consol., 7s, 1904-5-6
Jan.
112 b. 108% Jan. 116
Mobile & Ohio—New, 6a, 1927 ..
105% Jan. 105% Jan.
1st, Extension, 6s, 1927
51
Febw
49
43
Mar.
49
Istpref. debentures, 7s
93 % Feb.
92 %b.
84% Jan.
9l%b.
Mutual Un. Tele—S. f., 6s, 1911
129 b. 129 b. 128% Jan. 130% Mar.
Nash. Ch. & St. L.—1st, 7s, 1913
105%b. 104% Jan. 106% Mar.
N.Y. Central—Extend., 5s, 1893 105%b.
Feb.
134 b. 132% Jan. 135
N.Y.C.&H.—let, cp., 7b, 1903 134%
111
Feb.
I lo
a. 109%b. 103% Apr.
Debenture, 5s, 1904
133
Jan.
b. 128% Jan.
130 %b. 131
N.Y.&Har.—1st, 7s, 1900
90% Jan.
89%
86% Jan.
N.Y.Cliic.&St.L.—1st, 4s, 1937.. 893b
114
Mar. 117% Jan.
114 %b. 11534
N.Y. Elevated—1st, 7s, 1906
130
127
Jan. 430% Apr.
N. Y. Lack. & W.—1st, 6s, 1921. 12»%b.
108%b. 109 b. 107% Jan. 110% Feb.
Construction, 5s, 1923
b. 40238 jan. 107
Mar.
It 5
N. Y. & Nor.-1st, 5s, 1927
Jan.
109
Jan. 113
Ill
b.
N. Y. Ont. & W—1st. 6s. 1914..
93
Jan.
92% j 90
91 b.
Mar.
N. Y.Sus.&W.—1st ref., 5s, 1937.
Mar.
Il05sb. 409
Apr. 114
Midland of N. J.—1st, 6s. 1910 110%b.
8334 Apr.
83%
75
Mar.
79
N. O. Pacific—1st, 6s, 1920
Mar.
Il8%b.412% Jan. 118
Norfolk & West. - Gen., 6s, 1931 118%b.
118% 1115% Jan. 118% Apr.
117%
North.Pacific—1st,coup.,6s, ’21
104 b. 105
j 102 Jan. 105% Jan.
Gen’l, 2d, coup.. 1933
99% Jan. 102% Jan.
101
b.
N. Pac.Tcr.Co.—1st, 6s, 1933...
11 6%b. 414% Jan.
116% Apr.
116%b
Ohio & Miss.—Consol., 7s, 1898.
117%a. 116
Apr. 118 % M ar.
2d, consol., 7s, 1911
1(5
Apr.
99% Jan. 105
105
Ohio Southern—1st, 6s, 1921. ..
40
29
Mar.
38%
Apr.
37%
2d,inc., 68,1921
76
Jan.
70
Mar.
71 %b.
71
b.
Omaha & St. L.—1st, 4s, 1937..
101
% Apr.
101
b.
94% Jan.
100
Oregon Impr. Co.—1st, 6s, 1910 110
110%
108% Ft b. 110% Apr.
Ore. R.&Nav.Co.—1st, 6s, 1909
101%
9e% Jan. 101 % Apr.
100
Consol., 5s, 1925
9934 Apr.
93
Jan.
99%
90 b.
Oregon A Transcon.—6s, 1922.. 106 b. 106 b. 106
109
Jan.
Jan.
Peo.Dec. & Evans.—1st, 6s, ’20.
Jan.
Mar. 106
102
10o
b.
Evansv. Div—1st, 6s, 1920...
5%
71
Apr. ! 75 34 Apr.
72%
2d mort., 5s, 1927
59% Jan.
56
b. 51
Apr.
a.
55
Rich A All.—1st, 7s, 1920, tr. rec
115
Mar.
Jan.
Il4%a. 109
114%
Ricbm. A Dan.—Cons., 6s, 1915

Jan.
96
Mar.
132% Mar. 437% Feb.

134%b

1920 134%

73

Lowest.

Apr. 20 Apr. 27

Mil. Lk.Sh. & W.—1st, 6s, 1921.
Ashland Div.—1st,6s, 1925....
Milw.
Nor.—M. L., 6s. 1910..
Extension, 1st, 6s, 1913
Minn. & St. L.—1st, 7s, 1927....

79% Jan.

:

78 %b. I

65%b.

64

Railroad Bonds.

JAN. 1, 1888

Range since Jan. 1.

Closing.

Highest,

Lowest.

27

Apr. 20 Apr.

STOCK EXCHANGE, AND RANGE SINCE

1.

Range since Jan.

Closing.

Atl. & Pac.—W. D.
Goar., 4s, 1937
CaD. South.—1st guar.,

531

THE CHRONICLE.

28, 1888.]

April

Brown

1893
1892-1898

consolidated 6s

Tennessee—6s, old

Compromise, 3-4-5-68
40

New

settlement—6s

os

3s
8
12

94%
121

Virginia—oh, old
6s, consolidated bonds
6s, consolidated, 2d series
6s, deferred, trust rec

1912

1913
1913
1913

Ask.

107
5
4
105
107%
6<i% 62
70
71%
100
92
69 7e

70%

48
70

50

9%

10

THE CHftONICLB.

582

[VOL. XEVL

BftN&S—STOClf EXCHANGE (JfUOTATIONS ON FRIDAY OF INACTIVE RAILROAD BONDS.
Bid.

SECURITIES.

Ask.

Bid.

SECURITIES.

Railroad Bonds..
r

*

......

95%

96%
82

79
115

)

107%
f * 98%

•

•

•

•

•

99

N. Y. L. E. & W.-

I *106
5 * 85
5 102% 103
1
87%

Evan. & T. H.— li
Mt. Vernon—Is
Evans. A Indian.-

1

tered.

L

9 * 73%
2
2
i

97%
78
Han. A St. Jos.—Cons., 6s..

L
L *118

106

e

Cent.. RR. & Banting Co., Ga.—

!!!!!!

3

1st, gold, 3*48

Middle Div.—Reg., 5s

94%

.

...

101

J

115

1st, I. & D., 7s
let, C. & M„ 7s
Ext.

|

124%
114
103%

103%

4th, sink, fd., 6s

107% 107%

1892

116

78.1897

2d, 7s
1898
2d, guar., 7s
1898
ine Creek Railway—6s of 1932

120% 121
*104% 107
130
123

116

71%

-1st, 6s... 1922

108

J
1

100

Buff.Roch.APitts.—Gen., 5sil937

1st, 6s, 1886

83%

6s. 1927
1936
1897

84%

83%

1900
88

89

89

1926

g
101
93
86
40
71

101*4
120

......

100%
101%

J
2d mort., 5s
]
Mexican
Cent.—New, ass.,

100
93

93%

Espanaba & L. S.—1st, 6s
I>esM; & Minn.—1st, 7s.

129

Clev. A P.—Cons., s. fd., 7s. 1900
St. L. V. A T. H.—1st, g.,

123

ChicqgQ A Northwestern—

1912 *139'% 141
136
1912 132

2d, 7s
3d, 7s

] lich. ADanv.—Deb. ex op.
104% 106%
Consol, mort., gold, 5s
101
Atl. A Char.—1st, pr., 7s
*116
Incomes
*
57
1
117
119
£

Pensacola Div.-

110

142

Pitts. Ft. W. A C.—1st, 7s... 1912

r

127%

127

106

.

E

119%

97%
103
105

123% 124% ]
124
125*4 1

117
*114

105
r

107
Consol., 68, trust receipts. 1905 106
Pennsylvania RR.—
Pa. Co.’s guar. 4%s,1stcp.. 1921 10678
Pa. Co.’8 4*28, reg
1921 10578
Pitts. C. ASt.L.—lst,cp.,7s. 1900 fll8

110

Long Island RR.-

100

105

1895

Kan.
Ft. S. A V.B. Bg.—1st, 68.1910
St. L. K. A So.Wn.—1st, 68.1916
Tex. A Pac.—1st, 6s
1905

61

i *_

105
130
......

95%

90

87
55

101
96
92

1987
City A S.—1st, 6s, g.1916

75

7

Chic. RQck Isl. A Pac.—

*126%

Equipment, 7s
1st, trust, gold, 5s

L i’12’*

.

.

70
107

118%

>

1

108

7
7 *118
*120

mmmm mm

104

109%

[ *111

.

) 119
) 118
L 113%
Registered
1 113% il4%
Dub. & S. C.—2d Dh
3 115
Cad. Falls & Minn.—
3 115%
Indian ap. D. & Spr.—
107
l 104
L
) *108
)
Lake Shore & Mich. So.—
95%
L
Cleve. P. A A.—7s
7
94
94*4
Buff. A Er.—New bonds,

50

104
94
104

Missouri Pacific—
Verd’s V. Ind. AW., 1st, 5s. 1926
Ler. A C’y Val A. L.,lst,5s.l926
St. Louis A San Francisco—
1st, 6s, Pierce C. A 0
1919

3

Springf. Div.—Coup.,..

......

101%

119

104

West Div. 7s, tr. rec
2d m. 88 M. 1. tr. rec

7 101% 101%
3 *103%
3 103% 104*4
L * 67%
3 113% 114*4
3 125

114% 114%
114%
115%

......

7
5
9

3

1147s 115
10? *2
112
114

-

5

let,,7s, I. & D.

114% 115
1147e 115

9

5

A sfr.

7

)
L *105%

Jgr*

Bid.

SECURITIES.

122
Pacific RRs.—Central Pacific113%
Gold bonds, 6s
1895
3 106%
Gold bonds, 6s
1896
0 113% 114%
Gold bonds, 6s
1897
3 102% 103*4
CaL A Oregon—Ser. B., 6.1892
131%
0
West. Pacific—Bonds, 6s.... 1899
No. Railway (Cal.)—1st, 6s. 1907
3
140
6 136
Union Pac.^lst, 6s
1896
2
1st, 6s
...1897
90
9
88
1898
1st, 6s
3
90
Col. Trust, 6s
1908
120
L *117
Col. Trust, 5s
1907
3 »
C. Br. U. P—F. c.,7s
1895
B
Atch, Col. A Pac.—1st, 6s. 1905
3 *100
Atch. J. Co. AW.—1st, 68.1905
1 *118% i’l9%
Ut. So.—Gen., 7s
1909
97
1
Extern, 1st, 7s
1909

Erie—1st, extended, 7s.

{Stock Exchange Prices.)

Ask.

97
94

Income, 3s

4s. 1911
1911

*

94

Coupon, 58

Jack. Lan. A Sag.—6s
1Milw. Lake S. A West.—
Conv. deb., 5s

22

Michigan Div.—1st, 6s

i2i

..1931 112%
1931 111%
1891
1907

1924

60

Coupons off.

100

88%
L15

80

£
107

Arkansas Branch—1st, 7s.. 1895

]

Registered, 5s

112
122
128
120
120

3

102%

lo5%

Cairo Ark. A T.—1st, 7s
1897
g t. L. Alton A Ter. Haute—
Bellev. A So. Ill.—1st, 8s. ..1896
Bellev. A Car.—1st, 6s
1923
8
8
Dakota Extern—6s
1910
Montana Extern—1st, g.,4s. 1937

Registered
Min’s Un.—1st, 6s

112

81
120

84*4

84%

112

1922

1113
Mont. Cen.-lst, guar., 6a.. 1937
1Minn.ASt.L.—I’a Ex.—1st,7s. 1909 *?vT
s
2d mortg., 7s
131%
1891
112
8
Southwest Ext.—1st, 7s
1910
42
Pacific Ext,—1st, 6s
T
106% 107%
1921
k
40
45
B
Minn. A Pac.—1st mortg. 5s..1936
L01%
1st mortg. 7s
105% 108
1911
117
B
Minn.
A N. W.—1st, 5s, gold.. 1934 100% L015s; T ex. A N. O.—1st, 7s
122%
1905 115
Consol. sink, fd., 7s....
Sabine Division, 1st, 6s
1914
J
Minn.
1912 100%
S.Ste.M.AAtl.—1st,5s..1926
Clue. St. Paul M. & o.—
50
Mo. K. AT.—Cons.,2d, inc....l911
B
105%
Valley R*y Co. of O.—Con. 68.1921
107
H. A Cent. Mo—1st, 7s
1890
Qii.c. S,.P, & Minn.—1st, Gs.1918 *124%
Virginia Midland.-Inc., 6s... 1927
Nq. Wisconsin—1st, 6s
Mobile
Wab.S,t.L.APac.—Hav. D.-6S.1910
1930 *125
fi
A Ohio—Col. tr., 6s ...1892 k102
72
St.Paul & S.C.—1st, 6s ....1919 123 123%
St. L. A Cairo—4s, guar
Indianapolis Div.—6s
1921
1931
Ode. A,E. I1L—1st, s. f., cur.. 1907 117
109
118
Detroit Div.—6s, tr. rec
A
1921
Morgan’s
La. A T.—1st, 6s..^.1920 i‘o*7%
Cairo Div.—5s
Gen. con., 1st, 5s
1937
1931
9334| 1st, 7b
1918 117%
A
Ohio. A W. Ind.—1st, s.f., 6s.. 1919 115 115% A
109
Tol. AWab.—Equip. bds.,7sl883
Nash. Chat. A St. L.—2d, 6s..1901 106
General mortgage, 6
A J. June.—Guar. 1st, 48
N.
1932 **115
1986 103% 104
Cl>Je* A St. Louis—1st, 6s
an. A Naples—1st, 7s
1915
120*4
1909
Registered certificates
Cin.T,St.L.& Chic.—1st,g.,4s. 1936
94
Ill. A So.Iowa— 1st,ex.6s. 1912
A Y. P. A O.—Prior lien, 6s .. 1895
N.
110
Registered
55
51
N. Y. A Northern.—2d, 4s.... 1927
St.L.K.C.AN.—R.E.A RR.7s.’93 106
Cin. Jack. A Mac.—lst,g.,5s...l93G
1919
Clariada Br. —6s
95%' N.
A Y. A New Eng.—1st, 7s.... 1905
106
95
Cleveland A Canton—1st, 5s..1917
St.Charles Br’ge—lst,6s.l908
94
1st, 6s
1905
OoL A Green.—1st, 6s
1916
No. Missouri—1st, 7s
99
A
N.Y. Susq.A West.—Deb. 6s...1897
1895 il4%
2d, $8
........1926
i<8%
West.N. Y. A Pa.-lst, 5s ....1937
2d, 4*28
1937
39
40
Cot & Cin. Midland—1st, 6s.. 1914 A
94
A Y. N. H. A H.—1st, reg. 4s. 1903 109
2dm. gold 3-5s
N.
1927
Cobutd’Alene, 1st, 6s, gold... 1916 100%
Warren A Frank—1st 7s.. .1896
A Y.Tex. AMex.-lst, 4s ...1912
N.
DsL Leek. A West.—
A
91
West. Union Tel.—Coup. 7s.. .1900 115
Northern
Pac,—Gen. 3d, 6s.. 1937
Convertible 7s
1892 112*4 112%
Dividend scrip
111%
Registered
N. W. Telegraph—7 s'
Mortgage, 7s
1907 138
Dividend extended
1904 ’ 100
S™. Btng. A N.Y.—1st, 7s. 1906 132*a
108
96% 96%
James River Val.—1st, 6s. .1936 104
Wheeling A L. E., 1st M. 5s. .1926
Morris A Essex—1st, 7s
1914 143%
10434 Market bt. Cable Ry., 1st, t s.1913
Spokane A Pal.—let, 6s
1936
86
24, 7s
117
St, Paul A N. P.—Gen., 6s..1923
Manhat. Beach Imp. Co.—7s. 1909
1891 108%
Bends, 7s
1900 *120
Am. Water Works Co., 1st. 6s.1907
Registered
7s. of 1871
1901 124
Tenn. Coal Iron A Railway—
Helena A RedM’n—l8t,g.,68.1937
125%
1st, con., guar., 7s
100
Tenn. Div., 1st, 6s
83%
1915 135% 137%
Dul. A Manitoba— 1st, g. 6s.1936
1917
DeL A Hud. Canal—1st, 7s. ..1891 108% 109*4
Bir. Div.—1st con. 6s
Do Dakota I)iv.—1st, 6s.1937
1917
83%
lfllfe ext., 7s
1891 105%
Col. A Hock. Coal A I.—6s, g.,1917
Hel. B.Val. A Butte, 1st, Gs.1937
1894 113% 114
Coupon, 7s,
96%
Drummond A P’bg.—1st, 5s.lS37
Georgia Co., N. C.-5»
..1937
93
Registered, 7s
Income Bonds.
1894 113%
Helena A No.—1st, e’d, 5s. 1937
Pa. Div., coup., 7s,-.
..1917 135
La M. A Mo. Riv.-lst, 5s.. 1937
(Interestpayable if earned.)
25
Registered
Atl. A Pac.—Cen. Div
*135
1922
A O. A No. E.-Pr. L, g., 6s ..1915
N.
Albany A Susque.—1st, 7s.. 1888 102%
A
99
Eliz. City A Nor.—2d inc
New
Or. A Gulf—1st, 6s
105
1926
1970
1st, eons., guar., 7s
1906
Ind.Dee.A West, income
Norf.
A W.—New Riv.—1st,6e. 1932
132
A
Registered
1888
1934 105' 106* Leb. A Wilkesb. Coal
Imp. A Ext., 6s
1st, cons., guar., 6s
Milw. Lake Sh. A W.—Income
1906 120
Adjustment M., 7s
1924 108
29
28
Registered
Mobile A Ohio—2d pref. deben
Ogd. A Lake Ch.—1st, 6s
1920
RensL & Bar.—1st, coup., 7s. 1921 143
3d pref. debentures
1L7
Ohio
24%
A Miss.—Cons., 8. f., 7s.. 1898 116
C
24
, .Registered
22
4 th pref. debentures
*140
Springfield Div.—1st, 7s
1905 T097e 111
Det, Bay C. & Alp.-1st, 6.... 1913 105% ioe
90
N. Y. L. E. A West,—Inc., 6s.. 1977
General 5s
.1932
Ohio Cent.—Min. Div.-Iuc. 7s 1921
Duluth.Alton Range—1st, 5s. 1937
c
Ohio
Cent.—1st Ter. Tr., 6s...1920
92%
DuT. So. Sh. A Atl.-5s
1937
Min. Div.—1st, 6s
86
1921
Ogdens. A L. Cham.—Income. 1920
l&Tenn. Va. & Ga.—1st, 7s... 1900 *122
98
Shenandoah Valley—Inc. 6s.. 1923
<
Ohio
River RR- 1st, 5s
1936
Free lAet.
*110
(
J)iyi
atonal
5s
1930 *
Oregon A Cal.—1st, 5s
1927
B. A W.of Ala.—1 Rt,cons.
Panama—Sink,
6s,g.,1926
60
I
Cumberland A Penn —1st, 6s..... 102%
fd.; sub., 6s... 1910
fiUr.C. AN.—S.f., deb., 6s. ..1921
110
102%
Peoria A Pek U’n—1st, 6s
1889 101
Jefferson KR.—1st, 7s
1921
2d M., 4*28
70 (N. J. South’n.—Inf, guar. 6s. 1899 100
lWjnortg., 6s
1920
1921
r

.

-

•

-

-

^

^

*

vr

§uin. A ToL—1st, 7s

mmm

m

m

m

......

......

......

.

....

.

......

.

p

*

No irioe




Fiidaj: thsse

are latest

quotations m de ihh week.

1890

April

THE CHRONICLE.

28, 1888. J

Bank Statement for the week ending
April 21* 1888, is as follows. We omit two ciphers (00) in ail

SECURITIES.

New York City

cases.

Banks.

Loans.

Surplus.

Capital.

Specie.

Legals.

Deposits.

(00s omitted.)

Merchants’

Mechanics’
America
Plxenix

City
Tradesmen’s
Chemical
Merchants’ Exch’nge
Gallatin National
Butchers’ A Drovers’.

Mechanics’ A Trade:

1,495,0
1,112,7

300,0
600.0

6.453.4
115,7

3.354.5

1,0( 0,0

1.240.1

5.135.2
1.824.9
2,004.0
1,211,0

s

Ametic-n ExchangeCommerce

Broadway
Pacific

Republic
Chatham

Peoples'

1.488.5
1,814,9

Irving.....

214,0

283.5
138.6
76,9
606.4

Citizens’
Nassau

472.3
1,632,0
3.074,0
1,469,0

St. Nicholas
Shoe dk Leather

217.7
321.6
910.3
227,0

dk Traders’

North River
East River
Fourth National
Central National
Second National
Ninth National
First National
Third National

1.780.4
101.5

134.3
1.291.1

New York County....
German-American....
Chase National
Fifth Avonue

•5

German Excha ge...
Germania
....

Lincoln
Garfield
Fifth National
Bank of the Metrop..
West Side
Seaboard
Sixth National
Western National....

600,0
200,0

3,500,0

5,226.0
632.3
441.3

452.2
102,0

129.2
715.6
248.6
319.7
1,446.0

8,286,1
7,641,0
10,74 0,5
2,690,0

669.6
899,0
991,0
182,2
673.0

469.7
719.4

2.338.1

19,324,4
3.983.6

123.1
02,0
277.9

2,152,0
1,169,9
318.9

1,642 1
335.7
l,8/s2,0
847.9
221.5
713.7

600.9

420.6
119.4
285,0

2.754.2

84

381.2

646.2

0,0
187.5

253,0

12.443.7
4,763,0
7,756,0
2.854.2
8,941,0
4.767.5
2.554.3
3.531.7
12,798,3
3,132.0
2.941.9

81*,5

4,858,0

3,788,9

370.4
1,919,7

2,160.0
21,447,9

3,043,0

1,891,4

21,529.6

109,4

1.778.6

2,311,0
1.616.3
10,353,0

1,272,0, 1,038,0

U 570.0

166,7j

222.3
289,0
2.907.5

217.5

3.963.5
1,670,0
3,223.0
5.684.7

783,0

313,0
785,5!
402.8
8.588.5 1.392.6
875.9
403.7

4,310,0
4,664 2

2.641.4
7.960.5

130.7

2.370.2

1.615.2

656.4

3.804.5
2.604.8
2,554,0

858,0
168.9
156.6

1,139,0

65.5

4,099.1
2.631.8
2.292.5
1.504.5
3.686.6
1.900.1
2,026,8
1,728,0

112,2
403.1
844,0
17,7

119.8

8,547,3

1,663,0

8.151.7
3.846.2
3,116,0
2.785.5
4.325.1
2.968.8
2.801.1
1,874.0
4.515.5
2,148,2
2,824,1
2,095.1
7.730.6

2,145,0

516,2
555,1
474.4

171.2

827,0
339,8
492.6

344.5

510,0

240.7
19(5,9
210.2
250.5
120,0
904,2

Boston Banks.—Following are the totals of the Boston banks:
Loans.

Specie.

*
140,362,200

$
8,756.900
9.698,300
9,641.000

1888

$

139,840.300

140,196,000

.

L. T’nders. Deposits.*

$
2,891,700 103,187,500
$

3.036,600 108,593,900
3,146.500 108.080.500

Ciroula’n.

$
8.492,100
6,531.800
0.624,900

120
139

130
Penn.~Gen.,6s,coup.l910
Cons., 6s, coup...1905.. i’ii"
Cons., 5s, coup...1919. 111

Ex-dividend.

“

7
14
21

“

Agg.Ol’ngs

129*4

70,070,812
88,026,971
85,2o3,439

Deposits."

Circula’n

Agg.Cl’ngs

$

$

22,225,300
22,449,000
23,035,500

$
2,451.490

$

88,222.600
89,114.000

$
84,053.600

86,701,900
87.001,9J0

2.690.750

"Including the item “ due to

42.658,070
59,461.720
b7.632.866

other hanks.”

Quotations in Boston, Philadelphia and Baltimore:
Following are quotations of active stocks and bonds. A
complete list is given in the Chronicle the third Saturday
of each month.
Ask.

Bid.

SECURITIES.

BOSTON.
RAILROAD STOCKS.!
91V 91 %
Atchison dk Topeka
157
158
Boston A Lowell
210%
Boston A Maine
230
Boston A Providence....
45% 40
California Southern
22
Central of Massachusetts
Preferred
3
Jo 43
52% 53
Chic. Burl. & North’n
Cleveland A Canton
.7
*3*6*2
Preferred
12*3"
Eastern
12*8*
iPreferred
92 »4 03*a
Fitchburg, pref
47
Flint A Pere Marquette.
i*C9%
Preferred
80
Kan. City Ft. 8. A Gulf.. S
137*2
$130
Preferred
49
45
K. C. Memph. & Birrn. ..
80
Kan. C. Spring!. A Mem. $
Mexican Central
1534 16
116
N.Y. A N. Eng., pref
1.37
Northern
168
Old Colony
00 £
Wisconsin Central
39
Preferred....
BONDS.
Atoh. A Topeka—1st, 7s.
*9*4*4 95
Coll. Trust, 5s
90
Plain, 6s

**42

......

.

.....

—

Mortgage, 6s
Trust, 6s

•

Eaet’rn, Mass.—6s, new..
*

Ex-dividend.




mmmm

120*4 121

i Per share.

SECURITIES.

Bid.

Ask.

K. C Fort Scott A G.—7b $115
K.C. Memph. dk Birin—5s
92*8 92*3
K. City Hp’d A Mem.—6s 111*3
K.C. Clmt. A Springf.—5s
Little R. A Ft. 8.—7 8
$107 |
Louiav.Ev.&St.L.—1st, 6s 103 ! 103 *3
6 5*s 50*6
2d mort., 2-6s
Mar. H. A Ont.—1908, 0s, 100
I
98
1923,6s
Mexican Central—4s
70*4 70*4
21
Income
21*4
N.Y. & N. Eng.—1st, 7s.. 121*3 122
114
1st mort., 6s...
2d mort., 6s
1*0 2 103
97
Southern Kansas—6s
97*o
92
Texas Division—5s
93*4
09
Incomes
99*s
00
Wiscon. Cent.—1st M., 6s
Income 5s.
42%’...

PHILADELPHIA.
RAILROAD STOCKS. 1
Buff. N.Y. A Phil.,ass.pd.
Preferred

Lehigh Valley
Little Schuylkill
Northern Central

Pennsylvania
Phil a. A Reading
West Jersey

9*4
2*4
62*3
62*a
$ 82*3
65^6
31*8
59*3

9*4
62*4
84

55*3
3i%

RAILROAD BONDS.

Allegh. Val.—7 3-lo«. *ge
7s, E. ext., 1910
Ino. 7s. end., coup., ’94.

$ Last price this week.

Cape Fear* Yad.—1st,6s
Cln. Wash. A Bait.—lets.

113*3 11334

liev

**8*4*'

83*3

+ Per share.

RAILROAD STOCKS.f
Baltimore A Ohio
1st pref
2d pref
RAILROAD BONDS.
Baltimore A Ohio—4s....

100 V

90
123

IOO

ire*

100

:
)ieo%

101

73%

2ds, 5s
8ds, 8-4s
1st Ino., 5s, 1931

74

| 39*e<

16

$ Last price this week.

Bank Stock List.
BANKS.

Ask.

Bid.

Amerioa
172 34
Am. Kxoh... 136
Asbury Park 100
Broadway... 260
Butchs’dk Dr 162%
122
Central
228
Chase
Chatham.... 230
Chemical.... 3400
140
Citizens’
320
City
Commerce
168*4

138
105

275

..

132
......

3700
......

172
125

Continental. 124

......

......

i*42

115
21

New York
N.Y. County
N.Y. Nat.Ex
Ninth
N. America.
North Riv*r.

210
250
115
210
120

..

185

340
140
Irving
Leather Mf s’ 190
Manhattan.. 160
tfarket
175
Mechanics’.
M’eiis’dkTrs’ 163
Mercantile.. 146
Mercnanta ’.
M’rch’ts’Ex. 1*1*9*
Vfetropollt’n 10
Metropolis... 240
150
Nassau

.....

..

Corn Exch... 190
East River.. 130
11th Ward.. 160
Fifth Ave... 800
First
2000
139
Fourth

Gallatin
Garfield
Germ’nAm..
Germania.
Greenwich..
Hanover....
Im.dk Trad’s’

173

350

Oriental....
Pacific
Park

165

People’s.

116

i 24*9

...

aepublio

...

StNlcholas.
141

123
12%

210
210
120

125

137
130
135
185
160

i*4*5*
175

171
185
135

Phenix

1*6*7'

Seventh
Second

142

187%
150

,

112

IVf
310

Shoe&Leath 140
122

StateofN.Y. 118
Tradesmen's 105
Jnited 8t’es 210

Insurance Stock List.

[Quotations by E. S. Bailey, 5 *9 Pine St.]

AlfinTICft
American...

Bowery
Broadway...
Brooklyn...
Citizens’....
City
Clinton

Common w’h.
Continental.

140
140
120
150
110
100
106
8080
165
210
80
100

150
160
140
165
120
115
115

*7*5

German-Am. 270
Germania... 140

300
160

Empire City
Exchange...
Farragut.... 103
Fire Asso’n.
Firemen’s...

Gas and

...

..

Hanover.... 120
122
Home
60
Howard
Jefferson.... 100
Kings Co.... 170
Knickerb’k r -60
75
Liberty
Long Island 80
Lafayette... 70
Manul’c.dk B no
80
Mechanics’ *
Mercantile.. 50
Merchants’. 70
....

Montank....

75

Brooklyn Gas-Light
Citizens’ Gas-Light

Bonds, 5s

Consolidated Gas

Metropolitan—Bonds
Mutual (N. Y.)

Bonds, 6s

(Bklyn.)

Bid.
103
54
100
75
165
114
90
100
100
97

26
okerst.dk Fnlt.F.—stk.
1st mort.. 7s, 1900 ..... 111
tr’dway dk 7 th A v.—St’k.. 165
102
1st mort., 5s, 1904
103
2d mort., 5s, 1914

B

B’way Surfaoe Uds...l924 80
80
Bonds guar., 5s, 1905 ...
112
Srooklyn City—stock
100
1st mort., 5s, 1902
Bklyn. Crosstown—Stock¬ 210
100
ist mort., 7s. 1888
kushw’k Av. (Bkln)—St’k 140
Central Crosstown—Stk.. 160
116
1st mort., 6s. 1922
Cent. Pk. N.<fc K.Riv.-Stk 82
116
Consol., 7s, 1902
,

Ohrlst’ph'rdklOth St—Stk.
Bonds, 7s, 1898
Dry Dk. E.B.dk Bat’y—Stk
1st mort.,

COMPAN’S.

Nassau
125 '
National.... 85
N. Y. Eqnit. 140 '
N. Y. Fire .; '65 '
120 '
Niagara
North River i90 !
Pacific
145 1
Park
50
Pet’r Cooper 160
80
People’s
90
Phenix
120 1
Rutger’s
Standard.... :80

215
60
100
125
126
55
110
190
70
90
100
85
125
90
65

80
80

.....

—

78,1893

SECURITIES.

Bid.

Atlan.dk Char.—Stock... 82*s
Atl. & Char. Air L., 1st, 7* 120
A t.dkPac.-l stM.C.D.old 6s
Bost. H. T.dk West.—Stk.
Brooklyn Elev’d—stock..
Chic. Burl. A No.—Stock.

Ohesap. A Ohio—Receipts

ref—Hecelrts

Chic. A Atl.—Ben.,

105
60
103

Georgia Pac.—Stock
1st 6s
2ds

Bridge—St’k.

Kan. City A Omaha
1st mort....
KeeJy M otor

*60
05
08-

*30
lox

105145-

Westchester 185
Williamsh’g. 200

140
280

People’s (Bklyn.)

Williamsburg

Municipal—Bonds, 7s..

Fulton Municipal
02
102

105

Bonde, 0s
Equitable
Bonds, 6s

100

Broadway*]

68
112% Eighth Av.—Stock
Sorip, 6s, 1014
104
42d dk Gr’nil St. F’rv—Stk
104
1st mort., 7s, 1893
28

85
80
115
no
230

150

35
44
3
0
4

Ask.
33
87
123

39
50

4%
6%

4»4

tr. rec.

1st mort
Clue. Gas Trust
Cln.Van W. A M.—Cen. D.
Incomes
Den. A Rio Gr. W.—St’k.
Dul. S. Shore A At.— Stk.
Pref
East A West RR. of Ala.

Kanawha A Ohio
1st pref
2d pref
1st 6s.

185

loo
180
so*

Bonds, 6s
75% Metropolitan (Bklyn.).

Chicago & Can. So

Hendsrscn

14*

Ask.

160
120
85
118
127
120
111
113
160
147
107% 109

30

Am. Bank Note Co

2di ref—Receipts

uo

ioo-

Sterling .... 70
Stuyvesant. 95
United St’ee 135

D. D. E. B. A B.—Scrip,

33%

34**4

......

12
8
26

*14%

16

~18%

9

28

107% 108
48
47*s

100
1
8

4

7

75
......

180

150

iiii“

Exchangee:
Bid. Ask

SECURITIES.

Lehigh A Wilkes. Coal...
Mahoning Coal RR

Pref
Mex. Nat.Construct’n Co.
Mexican National tr. rcc.
1st mortgage, tr. rec
New 1st 0s

18

17

40%
88
25

28

7
7%
89% 40
99

*

Pref
N. Y. A Green'd Lake, 1st 25
5
2d mort
New Jersey A N. Y.—1st. 100
North. Pac.—Div. bonds..
Ocean Steam.Co.,lst guar. 102%
Pensacola A Atlantic....
St. Joseph A Grand Isl...
St. Louis A Chicago, pref.
St. L. Fort S. A Wich
St. PaulE.dk Gr.Tr.,lat0?
Tol. A. A. A N. Mich
15
Toledo Peoria A West...

1st. 4s
Vicksb. A Meridian—1st.
2d mort

1st, 6s
West N. Car.—Cen.

M...

_

T

2

N.Y. W.S.dk Buff
N. Y. dk Northern

Incomes
Western Nat. Bank
Western N. Y. dk Penn...

4

60
5%
72

wr

104

105 ' 107%
210
220
112 * lift
/88
42d St. Manh. A St. N.Ave 34
1st mort., 6s, 1910 ...... 108% 109%
55
60
3d mort., income, 6a
4 oust. W.St. «feP. F’ y—Stk. 155
110
1st mort., 7s, 1894
IOO
102
Ninth Ave
108 1 no
Second Av.—Stock
ll)3
105
1st mort., 5a, 1910
160
160
Sixth Av.—Stuck
1C6 LUO
1st morr., 7s, 1890
219
230
Third Av.—Stock
101
102
Bonds, 7s, 1890
235
225
Twenty-third St.—fitook..
114
112
1st mort., 7s, 1893

Unlisted Securities.—Quotations from both

1st j

Bid. Ask

Ask.
120

City Railroad Stocks and Bonds.

GAS COMPANIES.

Nassau

Bid.

116
Globe
Greenwich.. 190
60
Guardian
90
! Hamilton

90
100
190
225
90
105
110
100
85

Eagle

COMPAN’S.

Ask.

Bid.

GOMPAN’S

[City RR. Quotation* by H. L. Gbant, Broker, 145

Lawful Mon’y

89.566.400

125

120
103

Jersey City dk Hoboken...

Loans.

2.512.750

100

New York Local Securities.

Philadelphia Banks.—The totals have been as follows:

Apr.

102*9

lift*

Scrip

1888.

76
20

BALTIMORE.

109*a

4*38, Trust Loan
Perkiomen—1 st, 6s,cp.’87
Phil.dk R.—2d,7s, c.dkr.’93
Cons., 7s, coup., 1911..
Cons., 6s, g., l.R.O.1911
Imp., 6s, g., coup., 1897
Gen., 68, g., coup., 1908
Gen., 7b, coup., 1908
Income, 7s, coup., 1898
*

74

131*4

Cons. 6s, C.A R., 1923

3,084,9
13.347,0

3.204.6

668,Oj

Phila.& Read’g (Coct’d)Cons. 5s, 2d ser.,c„ 1933
Debenture coup., 1893.
Deferred incomes, cp...
Phil. W. dk Balt.—Tr. c.,4 s

124

Ask-

1.233.5

366.9
251.9
96,4
298,0
337,0

800,0
479,0

1900.

Bid.

SECURITIES.

Ask.

105
120
131

6s, ’89

1.878.8
2,226,0
2,201,0
2.881.4

274.4

Bid.

Del.dfcBd.B.—1st, 78.1905
Leh.V.—lst,6s,C.AR.,’98
2d, 7s, reg.,1910

4.150.2

121,1
260 0

3,267,0
940.9

14.812.6

Cara. A A mb.—H.,
Catawissa—M. 7s,

58,928,4'363,672,2 74,948,8 33.027,1 374,918,4

50,512,7

Total

41?,3

1,008,0

145,0
207.3
300.0

351.9

150,0
300,0
200,0

6.913.2

11,180,0
10,003,0

616,0
905.9

231,0
453,0
600,0
451.8

492.5
153,1
192.6
223.7
411.5
185,0
120.5

200,0'

338,0

605,0
319.9
987.8
212,2:

4.592.5
1,513 9
2.513.8

193,0

250,0
20c,0
50,0
600,0
100,0
200,0
200,0
500,0
3G0.0

Bowery

$

1,150,0

19.090,9
4.658.5
1.360.2
2.508.7
2.926.5

108.4
348,0
58,0
195.8
463,0
638.4
362.5

300,0

1.899.1

2.422.1

3,545,0
4.788.9
20.986.7

5,530,3

1,000,0

2,211,7
1,054.0

3,078,0

15,765,5
7,254.0

507.2
175.4
267,9

2,840,0
2,878,0

552,0

2.681.4
4.151.6
1.895.9
3,005,0
6.282.6
4.267.8
2.150.1
19,441,9
17.433.6
1.947.7
1,348,6

1,071,8
279.1
336.7
3.490.4

750,0
600,0

Exchange

United States

359,0
163.7
648.5
212.8
223.1

1,000,0
1,000,0
300,0
1,500,0
2,000,0
240,0
250,0
3,200,0
2,000,0
300,0

Corn Exchange.
Continental
Oriental

17.112.6
5.344.8
7.567.1
2.495.5
8.826.6
4.482.3
2,018,4
2,758,0
12.125.6

551.1
300.3
751.4
470.5

600,0
500,0
too.o

Maiket& Fulton

3.307.1
1.259.3
3.824.9
15,758,0

75.3

1,000,0
500,0
600,0
500,0

...

3,522,0
9,746,6
2.722.8
18.996.2

2.209.6

700.0

North America
Hanover

N. Y. Nat’l

8,714,0
6,929,9

8,794,0
12,274,0

1,000,0
422,7
1,500,0
450,0
200,0

Mercantile

I mporters’
Park

746.2

504.1

300,0
200,0
200,0
eoo,o
300,0
1,200.0
5,0i 0,0
5,000,0
1,000,0

Greenwich
Lt ather Manufact’rs.
Seventh National
‘State of New York...

10,450,0

2,000,0
‘2,050,0
2,000,0
2,00 ’,0
3,000,0
1,000,0
1,000,0
1,000,0

$

$

$

$

$

Bank of New York...
Manhattan Co

533

101
3

8

i*05
40
93

*9*6*
6

84*9

40
'.ft

20%

THE CHRONICLE.

534

;[VOL. XLVL
Latest

Imrrslrajenl

Week or Ho

•

1887-8.
$

AND

Louisv. A Nashv. 3d wk Apr.
Lou.N.A. A Chic. 3d wk Apr.
Louisv. N.O. AT. 3d wk Apr.

Jtailrnatl %nUll%Qmte.
The Investors’ Supplement, a 'pamphlet of 132 pages
contains extended tables of the Funded Debt of States and
Cities and of the Stocks and Bonds of Railroads and other

It is published on the last Saturday of every

Companies.

other month—viz.,. January* March, May, July, Septem¬
ber and November, and is furnished without extra charge
to all regular subscribers of the Chronicle.
Extra copies
are sold to subscribers of the Chronicle at 50 cents each,
and to others at
per copy.

RAILROAD EARNINGS.

Lykens Valley.. March
Mar. Col. A No.. March
Memphis AChas. 2d\vk Apr
*Mexican Cent
3d wk Apr.
*Mex. N. (all Ins) March
‘MexicanRailwy Wk. Apr. 7
Mil.L.Sh.AWest 3d wk Apr.
Milwaukee A No. 3dwkApr.

Minneap. A St. L. March
Min.St.Ste.M AA
Mobile A Ohio
Nash. Ch. ASt.L.
Natchez Jac.AC
New Brunswick.
N.Y. Cen. AH.R.
N.Y. L.E. A W..
N.Y. A New Eng.
N. Y. A Northern
N.Y. Ont. AW...
..

N.Y.,Phila.AN’k
Warnings Reported.
Roads.

1887-8.

15b,350
February
Atch. T. & S. Fe. February.. 1,069,123 1,236,4 63
125,828
113,739
Atlanta & Char. February..
28,702
32,393
Atlanta &W. Pt.. March.
74,327
67,892
Atlantic A Pac.. 3d wk Apr.
Baltimore* Ohio March.... 1,555,964 1,855,926
10,555
120,720
Balt. * Potomac March.
90,055
56,993
Beech Creek.... February..
43,094
32,067
Bulf.Roch. A Pitt 3d wk Apr.
43,88v
55,299
Bur.C.Rap.ANo.
14,270
14,475
3 -,207
25,319
34.805
33,432
ICamden & Atl’c March
231.000
209,000
Canadian Paciiic! 3d wk Apr.
27,026
22,792
Cp.F’r AYad.Val March
53,655
50,717
Carolina Cent... February..
f 09,235
5 2,090
Cen.RR.ABg.Co. March
121.407
133,345
March
Central Iowa
976,411
776,531
February..
Central of N. J
12,027
8,722
Central of 8. C. February..
53,764
60,821
Charlest’n ASav February.
39,261
38,028
Cheshire
February..
8,833
8,462
Cheraw & Dari February..

Allegheny Val.

.

Chesap. & Ohio. December.

68,420
74,499
Eliz.Lex.AB.8. February..
152.202
160,218
Ches.O. &S. W..jMarch
6,240
7,756
•Ches. A Lenoir.. February..
39,367
56,603
Chic. & Atlantic 3d wk Apr.
183,449
165,124
Chic. Burl. & No. j February..
Chic. Burl. A Q.. February . 1,686.519 1,847,235
39,910
43,590

116,"-66
801,707

228,316
1« 4,770

838,322

3*7,167

338’, 210

167,988
551,012
730,721

103,887
545,143
816,972

205,263

211,771
443,603
90,452
2,471,394
67,689

543,817
99,707
3,310,199
82,930
98,244
1,841,993
329,633
1,317,782
22,131
108,681
79,867
17,536
4,451,169
162.299
476,740
'

281,750
2,549,055

15,864
603,071
273,959

93.015

1,586,586
340,080
1,391,109
16,308
100.776

82,956
16,599

4,096,049
145,071
422,605
12,113

642,858
339,105
3,357,8131 3,832,620

593,365'

582,360

113,383
5,692,136

452,716

446,385

452,716

446,385

172,493

112,317
579,735

424,190

263,992

1,264.156
382,381

1,320,227

500,341
30,133

62,873
25,758
15,439
7,27!)
7,232
118,581
7,213

wk
wk
wk
wk Apr

Erlanger Syst

7,496
102,269
33,363

11,238
30,955

Clev. * Canton j.Marcu—
Clev.Col.C.A Ind March

343,090
623,263
4,870

—

5,209
54,942

Col. & Cin. Mid 2d wk Apr
Col.Hock. V.
wk Apr
Denv. A Rio Gr |3d wk Apr
Denv. * R. G. \\V3d wk Apr
Den. Tex.AGulf. March
.

AT.j3d

124,500
25,475

21,230
38,751

18,898
18,674
97,925
4,540

wk Apr,

15,950
54,178
21,202
39.000

25,293
42,823
4,764

Other lines....13d wk

338,189
38,372
10,200

Humest’n AShen March.
Hl.Cen. (Ill. A So) | March.
Cedar F. A Mm. March

877,660

Ind. Bloom. A W.
Ind. Dec. A Spr. March
Ind. A St. Louis 3d wk Ap
Jack. T. A K. W. February
KauawliaA Ohio 3d wk Apr
L’
K.C.Ft.S. AGulf.
r
Kan. C. 8p. AM.
v
Kan. C. Cl. A Sp
Kentucky Cent. March....
Keokuk A West.
..

.

Kiugst’n A Pem.

West.)3d wk

Lehigh A Hud... iFebru
L. Rock A Mem. •2d wk j
March.
Long Island
Lou. A Mo. Riv. January.
Louis.Ev. ASLL. 3d wk A\ r..|




311,505
2,140,606
249,420

5,145,314
10,210

Cin. Rich. AFt.W.
Cin. Sel. A Mob.. March
Cin. & Spriug’d. March....

Lake E. A

$

1,897,532 2,334,783
3,601
6,890

10,180

E.Tenn. Va. AG a.) 2<l

1886-7.

158.300
6,291,500

202,274
Cin.N. O. AT. IV‘2d
Ala. Gt. South. i‘2d
N.Orl. & N. E kd
Vicksb. & Mer. 2d

1887-8.

400,981

8,231
437,000

Chic. Mil. & St.P. 3d wk Apr.
Chic. & N’tliw’n. March
Chic. & Oh. Riv.|March
Chic. 8t.L. APitts J anuary.
Chic. 8t.P. AK.C. March...
Chic. 8t.P.M.AO. March
Chic. & W. Mich. 3d wk Apr

Jan. 1 to Latest Date.

1886-7.

$
133,659

7,297

25.520

196,671
7,461
49,9 2

407,206

24.372
10,228

445,255
247,870
143,715

6,347
5,017
95,935
7,844
7,830
91,032
31,222
11,268
2 *<,104

20,015

27,584
270,524

196,303
153,9 O
157.600

1,818.749
116,408
25,988
145,173

383,731

78,120
986,431

668,495

1,720,777

1,745,667

5,778
5,365
53,761

73,497
81.419
732.911

82,967

127,300
18/-75
14,873
39,769
22,194
12,016
83,467

1,981,137
344,008

4,006
17.522

64,382
244,635
695,641
321,183

11,154

168,917
36,704

1,951,035
121,916

417,835

83,858
963.910

72,714

11.943

1.656

383,121
412,839
117,736
893,111

162,354

7.432

34,201
57,947
5,267
40,602
25,241
3,741
76,184
5,125
3,289
41,760
35,728
17,691

1

17,606

253,875
609,« 67

80,205
61,685
52,042
25,424

133,08v

962,539

6,648,871

584,132

56,360
20,197
29.292
20,322
45,667
3,784
336,876
38,681
10,674
956,897

60,329
58,962
38,665
30,864
53,912
1,850
48,367
34,443
3,583
77,227
5.047

3,142
33,750
34,196
20,534
12,291
196.902

40,982
19.825

Jan. 1 to Latest Date.

Earnings Reported.

Roads.

86,656

840,575

2,085,911

262.389
279,187

279,547
43,835
90,248
305,330
186,570

1,567,183

1,401,061

65,7b7

101,288

68,422
231,498
687,872
322,424
165,925
231,31a1
362,287
303,523
629,006
636,200
58,726
38,094
4,728,775 5,280,909
661,669
595,834
36,161
36,637
2,715,951 2,750.354
25,985
19,672
209,931
186,749
152.910
172,431
202.600
187,365
109,137
77,627 j
581,440!
604,067
111,488
107,196!
.

75,796;
642,902
440,196:
63,882
220,194
89,249

45,214!

84,851,
546,991i
34,759;
224,836
518,193!
36,704:

275.993)

Jo.oOO
703,036
518,102
70,026
208,650
87,339
32,588
74,951

575,145
41.446

246,028
509,443
40,982
277.774

N.Y.Sus. A W...
Norfolk A West.
N’theastrn (S.C.)
Northern Cent’l.
Northern Pacific
Ohio A Miss
Ohio River
Ohio Southern
Omaha A St. L..
.

Oregon Imp. Co
Oleg. R. A N. Co.
Pennsylvania.

..

Peoria Dec. AEv.
Phila. A Erie
Phila. A Read’g.
Coal A Iron Co.

Tot.bothCo’8..
Pitts. A West’rn

P’rtRoyal A Aug.

274,265

39,828
32,573
83,607
6,656
32,102
102.318
167,747

76,863
44,397
21,995
105,000
30,457
202,300
257,133
12,177
54,799

2dwk Apr.
2d
2d
2d
2d

wk
wk
wk
wk

Apr.
Apr.

4,531,957

4,646,727

37,827
26,808
51,473

567,004

4.267
29,922

21,886
487,987

91,164
159,600
78,430
54,895
19,014
162,071
10,147
189,466
245,733
12,998
47,761

1,895,742

589,594
627,316
138,332
11,480
470,443

,

743,974

277,722

1,449,797

534,601

.

1,010,238
715,584

281,983

271.991
383,282
10.147

625,979
737,288
42,429
94,374

8,089,351
5,933,030
1.152.401
73,638
295,475

88,145
495,941
972,202

12,250,992
517,552
4,848,661
3,439,350
8,288,011
566,953

67,006
61,176

1,243,678

2,700

2d wk Apr.

2,050

950

290.418
205,253
192,765
28,550
27,799

408,915
254,571
179,104

183,469

256,133
758,788

25,037
11,984
2.295.402
386,216
604,067
253,508
611,379

93,148, 1,518,737

1,636,644

22,324

312,314

337,505

736,729
21,159
52,109
62,862
71,000
119,569

679,803

1,774,165
231,168
106,182
109,137
479,562
382,698

1,573,863

313,600
73,251
418,227

224,495
56,452
297,9571
7,359

589.665

82.557|

202,566
1,835,683

445,887
114.991
666,231
19,818
164,091
1,411,018
3,331,684
4,742,701

Branches
St.L. Ark. A Tex
St. L. A San Fran.
St. Paul A Duluth

2dwkApr.
3dwkApr.
3d wk Apr.
3d wk Apr.

25,715

St.P.Min. AMan.
S.Ant.A Ar.Pass.
Scioto Valley
Seab’rd A Roan.
Shenandoah Val.
South Carolina..
So. Pacific Co.—
Gal.liar.AS.A.
Louis’a West..

March
2d wk Apr.

7,860
February".
106,980
Tex. A N. Orl.. February..
919,916
Atlau’c system' February"..
Paciiic system!February.. 2,542,879
N. Y. T. A Mex.

j February..

62.147
150,860

76.350 1,434,755
453,249
29,575!

Apr.

Morgan’s LAT. February..

1,158,279

88,775
34,725
17,400

8.850,

February..
February..

2,952,879

124,011

14.350
2,600

February..
February..
March
March

112,657

1,517,960

128,726

16,850

February..

1,128,965

46,663

14,800

147,475! 2,545,610

201,640

30,864
18,278!

32,616!

54,767
50,450
70,793
114,068

668,820

1,570,830
3,462,791 2,239.649

*

360*2*92

48,791

11,050

2d wk Apr.

437,196

1,108,262
569,968
300,834
30,457
616,248
776,774
41,328
101,108

Apr.

TISt.L.Alt. AT.H. 3d wk Apr.

Total of all..

$

$
253.380

...

173,550
224,059
34,201
13,760
38,477
99,034

..

1886-7.

January.
March
March
March
February..
2,849,609 2,919,810 8,152,796
March
2,130,419 2,121,305 6,068,882
March
378,440
430,097 1,156,932
March
10,154
3d wk Apr.
10,121
27,854
413,527
25,779
3d wk Apr.
79,503
41,927
38,880
February..
106,154
112,538
342,545
March.
95.374
3d wk Apr.
76,822 1,423,899
67,909
127,613
56,405
February..
426,081
514.022 1,333,273
March
338,938
3d wk Apr.
249,032 3,793,790
67,947
2d wk Apr.
82,086 1,026,516
7,956
94,220
2d wk Apr.
5,216
54,461
51,456
161,349
March
62,589
39,434
February..
26,151
727,624
February.. 384,745 232,590
557,400
457,103 1,275,2 45
March
4,526,561 4,410,433 13,099,995
March
11.375
13,173
2d wk Apr
495,796
272,052
3***00
February..
1,579,308 1,759,584 3,615,905
March
1,078.644 1,283,579 1,694,915
March
March
2,657,952 3,043,163 5,310,821
30,923
39,984
481,166
3d wk Apr.
39,711
39,194
75,410
February..
66,637
35,310
34,908
February..

Pt. R’al A W.Car.
Rich. A Allegh’y. March
RAW.P.Ter. CoRich. A Danv. 2d wk Apr.

Va. Mid. Div..
C. C. A A. Div.
Col. A Gr. Div.
West. N. C. Div
W. O. A W.Div.
Ash. ASp. Div.
Total all
Rome W. A Og

1887-8.

1886-7.

436,505

581.440

137,274
890,493
15,687

4,873,873

6,70!),556

110*991
90,902
185,701.

326,799

15,105
19,884
11,032
9,244
Spar. Un. A Col. February..
125,565
127,338
42,988
Staten Is. Rap. Ti March
45,336,
262.290
376,606
97,914
Summit Branch j March
87,900
107.318
84,087 1,809,089 1,767,474
Texas A Pacific. 13d wk Apr.
145,363
175,355
Tol.A.A. A N.M’h 3d wk Apr.
11,065
7,149,
291,621
350,051
•18,586
15,517'
Tol. A Ohio Cent. 3d wk Apr.
252,462
15,200'
15,517
Tol. P. A West.. 2d wk Apr.
239,384;
Union Pacific... February.. 1,917,938 1,675,914 3,645,770 3,413,267
41,972!
42,512
Valley of Ohio.. February"..
90,682 1,499,02*i 1,768,01*2
113,240
Wab. Western... 3d wk Apr.
921,985
884,654
428,540
438,436
Wal)., E. of Miss February..
136,109
123,305
37,026
35,246
Western of Ala.. March
695,176
753.423!
53,6o0
48,800:
West N. Y. A Pa. '2d wk Apr.
255,085
101,907! 100,687
272,642)
JWest Jersey—March
212.291
266,139
15,054
17,163;
Wheeling A L. E. i3d wk Apr.
139,437
70,130
160,858
86,089;
Wil. Col. A Aug iFebruary..
949.312
978.4651
72.726!
63,565
aWiscousin Cen. '3d wk Apr.
j And

* Mexican currency.

branches.

H Including Indianapolis A St. Louis.
a All lines included.

brross

Earnings to Latest Dates.— The latest railroad earn¬
totals from Jan. 1 to latest date are given below
railroad companies whose reports can be ob¬

ings and the
for all the

tained.
A further

improvement in the exhibits of earnings is to be
noted, there being a gain for the third week of April on the
46 roads reporting of 10‘23 per cent.
3c/ tceek of

1887.

April.

$

Atlantic A Pacific
Buffalo Roch. A Pittsburg.
Cairo Viu. A Chio
Canadian Pacific

Chicago
Chicago
Chicago
Chicago

A Atlantic
A East. Ills
A Ind. Coal
Mil. A St. Paul.

Chio. A West Michigan

Cincinnati Jack. A Mac!
Cincinnati Rich. A Ft. \\
Col. H. Val. A Toledo
Denver A Rio Grande..
Denver A R. Grande West
Detroit Ivans. A North
Dulutu South Sh. «v Atl
Evansville A lndianap.
Evansville A T. H
..

67,892
32,067
14.475

231,000
56,6o3
43,590
8,231
437,000
30,133
10,180
7,213
54,942
12 1,500

.

**

1886.

.

$
74,327
43,094
14,270
209,000
39,367
39,910

Increase.

Decrease

$

$

6,435
11,027
205

22,000
17,236
3,680

7.297

934

400,981
25,5.0

36,019

7 461
7.844

2,719*

53,7611

1,181

127,300
18,775 j

6,700

t|

631

2,800

18,898

'>•>

18.674

12,016

6,658

4,540
15,950

4,006

534

•

•

.

« •

.

3,296

1 <U!

17,522)

....

4,01;

1,572

April

3d week of

42,823
4,764

3.784

980

338,189

336,876

1,313

5.267

1,850
3,142

8,417

34.196

1,532

19,825
253,380
37,827

190

3,289
35.728
20,015
274,265
39,828
32,573

...

26,808
91,164
54,895

102,318
44,397

'

....

2,981
33

249,032
39,984

89,906

30,864
32,616
93,148

3,337
5.861

22,324
84,087
7,149

3,391
23,231
3,916
3,069

72,726

15,054
63,565

3,207,582

2,909,817

17,163

,

Eliz. Lex. A B.

*

Weat’n.GrossNet....

t Memphis

9,161

124,616
Net.... def. 6,388

ACharles.Gross..

$

Road.

April our final statement covers
gain of 4-88 per cent.

of April.

$

$

2,978,391

PrevTy report’d (51 roads)

Burl. Cedar R. A North...
California Southern

43,882
35,207

Chicago A West Mich

27,700
9,041

Cincinnati Jack. A Mack.
CtiL N. O. A Texas Pac...
Alabama Gt. Southern..
New Orleans A N. E

Cin. Wash. A. Balt..
Cleveland Akrou A Col...
GoL A Cin. Midland
.

Decrease.

$

$

2,815,961

300,499

55,299
25,319

9,888
1,849

25,851
7,768

7,232
33,363

49,972
24,372
10,228
6,346
5,017
31,222

11,238

11,268

138,069
11,417

1,273
12,901
1,386
5,211

552,090
198,386

2,215
2,141

5.365

30
156

46,548
97,925
54,178
21,202
25,293

62,415

(15,867

Grand Trunk of Canada..

344.055

343,750

Houston A Texas Cent...

38,372

38,681

Little Rock A Memphis...
Loui8V Evans. A St. L...

11,943

12,291

15,204

20,909

Memphis A Charleston...

32,102
7,956

29,922
5,216

2,180
2,740

13,760

15,517

18,278
15,200

317

3,986,667

3,800,996

364,272

Georgia Pacific

Ohio River
BtL. Alt. A T. H. Brchs..
Tol. Peoria A Western

r

Total (76 roads)

Rich. A West Pt. Ter.Rich. A Danville..Gross-

432,016

Net....

226,399

Virginia Mid. Div..Gross-

133,803
54,337

Char. Col. A A. Div.. Gross..

83,002
38,502

Col.JA Greenv. Div. Gross-

57,960
22,986

West. N. Y. A Penn..Gros8Net....

227,983

Net....

5,209

Col. Hock. Val. A Tol.
East Tenn. Va.AGa
Hint A Pere Marquette..
Florida Rv. A Nav.

102,142
30,331

Gross,.

Net....

933

........

20.322

Phila. A

........

309
348

5,705
4,518

$
$
1,410,582 1,259,068
411,114
425,780
Sept. 1 to Mch. 31.—%
$

4,962,846
2,149,099

197,257

1886-7.
$

4,312,721
1,838,011

r-Od. 1 tO Mch. 31

1887-8.
$

>

1886-7.

$

13,241,936 12,820,674

4,479,416 4,511,888
3,311,607 3,372,390
548,238
713,802
90,738
199,114
184,581
24,933

364,378
194,306

2.659,909
1,372,577

2,293.134
1,157,672

134,764
54,924
76,365

851,531

355,323
548,356

778,417
k84,782
469,008
244,531
357,757

17,823

289,127
385,472
175,613

217,319
41,997

1,387,066
307,246

37,373
50,148

1887-8.
$

$

$

163,210
1,222,137
51,507

r-Dtc. 1 to Mar.

Reading....Gross- 1,579,308 1,759,584

5,331,561

31.-%
1886-7.
$
6.425,375

926,16‘J 1,896,858 3,046,031
653,453
Gross.. 1,078,644 1,283,579 3,268,337 4,781,875
49,821
289
Net....
42,199 df. 345,044
Gross- 2,657,952 3,043,163 8,599,899 11,207,249
Net....
653,741 968,367 1,551,814 3,095,852

Coal A Iron Co
Total both Cos

^Covers only coal and mining operations.
t Expenses for March, 1888, include

$23,781 spent for steel rails and

$15,963 in car repairs.

178,601

REPORTS.

ANNUAL

185,671

Net increase (4-88 p. c)..

32,110
293,814
77,407

Net....

305
........

1,097,934
432,308
145,071

<—July 1 to Mch. 31—%
1887-8.
1886-7.

1887-8.

$
509,235

March.
,
1887.
1888.

Road.

2,182

1,005
4,971

56,684
.

14,458

83,467
56,360
20,197

v

>
Mar ch.
1887.
1888.

Net....

Net....

........

v

$
$
Roads.
N. Y. Lake E. A W...Gross- 2,130,419 2,121,305
Net....
817,417 794,810
619,908
639,822
Net less rentals

Georgia Pacific

62,873
25,758
15,439
7,279

Vicksburg A Meridian..
Vicksburg Shrev. A Pac.

76

Increase.
-

294,877
9 o,590

140,967
45,030

March.
1887.
1888.

48,164

Net..,.

1887.

162,299
38,910

$
127,817
33,949

$

Roads.

22,558
2,109

Central of Georgia...Gross..

1888.

1,101,138
266,029

March.
1888.
1887.

.

,

2d week

$
552,284
220,559
68,420
9,184

MONTH AND FISCAL YEAH.

For the second week of
a

11,262

r—Jan. 1 to Feb. 29.—%
1887.
1883.
$
$

1887.

514,701
109,866
74,499
14,820
149,470
52,801

Bandy.Gross-

Including Indianap. & St. Louis.

toads and shows

61,531
591,276

$

Net....
Lake Erie A

5,886

345,929
297,765

255.085

61,999
656,306
149,540

1888.
Roads.
Denv. A Rio Grande.GrossNet....

/

Total (46 roads)
Net increase (10-23 p. c.)

272,642

41,687
217,319
41,997
February.
.

36,934
227,983
56,684

Net....

10,498

9,061

eo f
1887.

A

100,687

101.907

A Brs..Gross..

West. N. Y. A Penn.. Gross..
Net....

2,075
18,552

15,517
90,682

113.240

Wisconsin Central

.

H',121
25,779
76,822

38,477
99,034
25,715
107,318
11,065
18,586

Wheeling A Lake Erie....

_ .

19,014

30,923
34.20li

Net....

11,154
.

10,154

338,938

'Lykens Valley,...Gross-

20,885
2,001
5,765
e-

GrossNet....

West Jersey

,—Jan. 1 to 3
1888.

,

$
$
$
$
185,653
50,148
161,404
57,960
88.279
70,319
17,823
22,986
262,290
87,900
376,606
97,914
73,879 def. 16,857
24,428 d.19,839
51,473
138,332
277,722
83,607
def.6,360 df. 28,789 def.11,781 def.60,161

Col. A Greenv. Div.GrossNet...,
"Summit Branch

147

21,995
27,854
95,374

*2,844

March.
1887.
1888.

,

Decrease.

Road.

$

$
45,667

$
Grand Rapids A Ind
Other lines
Grand Trunk of Canada..
Kanawha A Ohio
Kingston A Pembroke...
lake Erie A Western
l/misv. Evansv. A St. L..
Louis vile A Nashville
Louisville N Alb. A Chic.
Louisville N. O A Texas
Mexican Central
Milwaukee L. Sh. A West.
Milwaukee A Northern...
Now York A Northern....
New York Ont. A West...
Norfolk A Western
Northern Pacific
Pittsburg A Western.
*St. L. Alt. AT. H.,M. Lines
St. Louis Ark. A Texas...
fit. Louis A San Fran
fit. Paul A Duluth
Texas A Pacific
Toledo A. A. A No. MichToledo A Ohio Central....
Wabash Western

Increase.

1887.

1888.

April.

535

CHRONICLE

THE

28, 1888.]

Union Pacific Railway.
Latest Dates.—The tables follow¬
ing show the latest net earnings reported this week, the
(For the year ending December 31, 1887.^
returns for each road being published here as soon as received,
The annual report presented by Mr. Adams in advance of
but not kept standing from week to week. The first state¬ the full report will be found on another page under the head of
The statistics given bfiow are for
ment includes all roads for the latest month and from Janu¬ Reports and Documents.
the whole system, including auxiliary lines, and the net result
ary 1, 1888; following that we give the totals for the fiscal of the year was a surplus ii come of $3,169,730 over all annual
year on those companies whose fiscal year does not correspond charges, against a similar surplus of $3,746,368 for 1886.
The
net earniDgs of 1887 were about $1,900,000 larger than in 1886,
with the calendar year.
but in the income account this improvement was largely off¬
MONTH AND CALENDAR YEAR.
set by a decline of $1,095,750 in the item of amount received
-Jan. 1 to Mar. 31.—March.—
from trustees of the Kansas Pacific consolidated mortgage,
1887.
1888.
1887.
1888.
and nothing credited as receipts from premiums, etc., against
$
$
$
$
Roads.
334,210 $670,000 under this head in 1886.
357,167
120,535
120,720
Operations for three years
Balt. A Potomac
Gross.
109,358
Net Earnings Monthly to

r

109,373
45,558
24,820
99,707
34,805
33,432
Net.... def. 2,604 def. 1,965 def. 15,108
f 09,235 1,841,993
552,090
Central of Georgia...Gross.
703,398
Net..
198,386
197,257
101,288
38,757
39,769
Det. Bay C\ & Alp
Gross.,
37,111
Net...
17,981
24,294
427,174
127,817
124,616
1 Memphis A Charles.Gross.
67,271
Net... def. 6,388
33,949
N. Y. Lake E. A W... Gross. 2,130,419 2,121,305 6,068.882
817,417
Net...
794.810 1,959,049
639,822
619,908 1,441,896
Net less rentals
416,342
322,470 1,147,911
Norfolk A Western..Gross..
471,284
135,630
Net...
183,891
1,333,273
426,081
514,022
Northern Central
Gross359,269
Net....
214,250
83,451
4,526,561
4,410,433
13,099,995
Pennsylvania
GrossNet....

Camden A Atl. A brs.Gross..

.

.

-

.

.

90,452

def. 25,526
1,586,586
566,570

90,248
47,089
409,438

113,329
5,933,030
1,920,596
1,400,221
901,107
364,472
1,517,960
640,642

Reading

Coal A Iron Co

1,490,613 1,435,941 3,854,817 4,030,4^9
Gross- 1,579,308 1,759,584 3,615,905 4,848,661
Net....
653,453
926.169 1,103,227 2,477,739
Gross- 1,078,644 1,283,579 1,694,915 3,439,350
71,471
289
42,199 df. 298,841
Net
Gross- 2,657,952 3.043.163 5,310,821 8,288,011
Net....
653,711
968,367
804,386 2,449,209
...

Total both Cos

Rich. A West Pt. Ter.—
Rich. A Danville..GrossNet

..

Virginia Mid. Div..GrossNet....

Char, Col. A A. Div.GrossNet....




432,016
226,399
133,803
54,337
83,002
38,502

304,378
194,306

134,764
54,924
76,365

37,373

1,251,480
635,220
339,549
142,529
259,618
126,894

OPERATIONS AND FISCAL

1885.

operated Deo. 31
Passengers cariied ore mile

Miles

Average rate per pass, per mile.
‘Tons freight carried one mile.

‘.994°780,223 1114102852
13505*25946
1*46 ots.

Gross

and taxes...

1,°68,878
556,970
348,765
118,931
221,571
118,524

$
.25,925,172
16,157,721

17,608,619

$
28,557,768
17,667,732

9,767,451

8,995,177

10,890,034

.

Per cent of expenses
*

Not including

1887.

4,594
4.764
4,519
..188,237,416 248,523,010 262,913,074

mile— 1*62 cts.

Average late per ton per

earnings
Operating expenses

RESULTS.
1886.

..

62-32

to earnings...

$

26,603,796

63*19

(61-87

t.
company’s freight.

ACCOUNT.

12.250,992

Net..,.

Phila. A

have been as follows :

1885.
$

Receipts—
Net earnings
Income from

9,687,441
9.687,441

Investments

Miscellaneous land sales
Investments, premiums, Ac
From trustees K. P. con. mort
Profit and loss....

Expenditures—
Interest on bonds
Discount and interest
Louses on invest., prem..

Sinking fund, company’s

Interest-auxiliary lmes

Ac

bonds...

1886.

$

8,995,179

1,382.811
1,382.811
10,335

890,020

207,110

1,113.600

13 015

1887.

$
10,890,034

1,030,552
15,904

670.341

17,850

101.927

11,287,697

11,784,082

11,954,340

5.336,267
356.138
356,133

5,197,731

5,134,566

67,224

93,945
593.605

591,965

160,153
113,490
587.670

1,191,010
1,191,010

1,298,399

1,331,372

THE

m
1885.

$
39,920
21,579

Expenditures—

Land taxes. &c., Union Div
Loos on Leav. Top. & S. RR
JPHjflt and loss

.
•

Total expenditure

•

Surplus Income of the year

Deduct U. 8. requirements
-Total surplus income...,

*

CHRONICLE:

1886.

1887.

9
62,640
11,722

$
53,653

*

198*6*5*6

7,632,464
3,655,233
1,184,053

7,229.681
4,554,401
808,033

7,578,954
4,375,386
1,205,656

2,471,180

3,746,368

3,169,730

Cincinnati Washington & Baltimore.
(For the year ending December 31,1887.^
-The annual report has not yet appeared in pamphlet form*
but from the statements submitted at the annual meeting we

The President remarks that

$ffcye the information following.

the claims of the Baltimore & Ohio Railroad Company against
this company have increased, as shown in the accounts during

itie

year,

sum of $152,647. Of this sum $76,346 consists
coupons of the 4^ per cent first mortgage bonds
company as guarantor. The coupons thus paid

in the

of interest

on

paid by that

Biqpe the reorganization amounted to $775,405. The items of
indebtednets to that company are ss follows : Coupons held,
$53,785 ; warrants and coupons of first mortgage six per cent
fc>nds B. & O. holdings unpaid, $297,765; warrants and
coupons of fcur-and-a-balf per cent first mortgage bonds B. &
O. holdings, unpaid, $348,690; supplies and materials fur¬
nished and supply claims purchased, $1,067,716; total, $1,767,956 ; less balance of traffic accounts, $49,010; total, $1,718,-

1245; estimated interest on unpaid coupons, $130,000 ; estimated
interest on supply claims, $125,000 ; totals $255,000; total,
including estimated interest $1,973,945.
“The uncanceled and uncollected coupons are regarded as a
lien having the same validity as the bonds to which they
belong. The supply and material claims are held under the
existing laws of this State to be in the nature of a prior lien.
Up to the present time the B. & O. Company has not taken
pny action or signified any intention of taking immediate
action looking to the enforcement of these claims. Whether
these claims may be permitted to run for a protracted period
and what measures may be devised for their liquidation are
subjects worthy of the earnest consideration of the stockhold¬
It is proper to state that the B. & O. Company suspended
ers.
the purchase of supply claims in August last, and have made
no advances of any nature since that date.
“^he company since .that time has paid from its own re¬
sources maturing coupons amounting to a total of $391,887.” * *
*‘Unless the earnings should be considerably increased, the
ability cf the company to meet all its expenses and pro¬
vide for all future interest payments without further assist*
Upce from some source, may very properly occasion some
anxiety;”
Comparative s'atistics for four years are as below given.

{Vox,. XlVVT.

REVENUE FROM FREIGHT AND PASSENGERS.

Freight.-

1887.-

Passengers.-

1886.

1887.

Local

$408,425 $327,534
Utah and Colorado.
214,133
238,878
Utah and Missouri River. 135.916
101,097
California
84,397
80,157
Total

....$842,873 $747,667

1886.

$98,770
41,137
11,45Q
*172,265

$90,509
25,712

9,439
*137,766

$323,625

L$263,428

*“Foreign coupons” for passengers.
ASSETS AND LIABILITIES DEC.

Assets.

31, 1887.
Liabilities.

I

Cash on hand
Due from various ag’ts
U.S. Government
Individuals and Co’s.

$169,0011 Unpaid vouchers.
36,791 f Unpaid pay-rolls

8,000 I Capital stock.
48,828 | First mortgage bonds.
64 | DueR. G. W. Con. Co.*
Foreign roads
Material on hand
76,4 68 Unpaid coupon No 1...
Construction and equ’t 14,400,000 I Unpaid coupon No. 2..
[ Assets in excess of lia¬
bilities..

$14,739,154 1

Total
*Tliis is

an

account current

7,500,000
6,9 00,GOO
75,829
10,198
18,700

117,955

.$14,739,154

consistingof advances made by the Con¬

during the receivership, aid payment cf it is subject
payment of all obligations under the funding plan.

struction Company
to the

Total

$53,502
62,967

Chicago St. Louis & Pittsburg.
(For the year ending December 31,1887.)
annual report of Mr. G. B. Roberts, President, state3

The
that the freight earnings show a marked improvement, the
gain being $866,116, or 25*12 per cent. Of this increase $381,741 was in the local and $534,375 in the foreign tonnage, a
result due not only to the greater volume of traffic, but to the
better rates obtained thereon.
“The additional tonnage wa»

chiefly in lumber, coal, coke, stone and miscellaneous prod¬
ucts of quarries, flour, grain, pig and bloom iron, steel rails
and other manufactured articles, and was partially offset by a
decrease in products of the forest, ore, provisions and miscel¬
laneous agricultural products. While there was a decrease in
the traffic exchanged with other roads at Indianapolis, there
was a general increase at other points, and notably in the ton*
nage exchanged with the Toledo Peoria & Western Railroad
at State Line.
There was also a large gain in our deliveries
of coal and coke at Chicago. Freight rates were better main¬
tained than in 1886. The rate on local tonnage was 1% mills
and on foreign tonnage 5*6 mills; the average on both classes
being 6*3 mills, against 5*9 mills in 1886.” * *
“A gratifying increase was obtained in the passenger earn¬
ings, amounting to $121,657, or 11*74 per cent. Of this in¬
crease $88,712, or 13*22 per cent, was in the local travel, and
$32,944. or 9 02 per cent, in the foreign travel.” * *
“While the earnings exhibit the very satisfactory increase
referred to, the expenses, although augmented to some extent
by the additional service consequent upon the greater volume
of traffic and by increased outlay in the rebuilding of freight
EARNINGS AND EXPENSES.
care and engines, show a comparative reduction, the percent¬
1884.
Earnings from—
1885.
1886.
1887.
Passengers
$461,412
$533,797
$536,198
$570,957 age of expenses having been 73*23, against 81*91 in 1836, The
Freight.
1,019,277
1,242,693
1,079,861
1,427,953 increase of net earnings, $700,000, enabled your company te
Mail, express, Ac
238,249
224,581
*233,916
239,094 meet all its fixed
charges for the year and have a surplus of
Total earnings.... $1,854,308 $1,705,270 $2,010,406 $1,238,004
$339,998, while at the same time the condition of the property
was materially improved.”
* * *
“Additions and improvements to the property were made to
Net earnings
$445,937
$240,440
$547,463
$622,164
the extent of $170,896 and charged to construction and equip¬
INCOME ACCOUNT.
1884.

Net earnings
Disbursements—
Int. on bonded debt..
Otner int. Amiscel

Total disbursem’ts.

Balance, deficit

1885.

1886.

$445,937

$547,463

$622,i64

$692,072
28,594

$693,275

$693,175
408

$693,175

1,213

$720,667
$274,730

$694,488
$454,048

$693,583
$146,120

$693,175

$71,011

Penver & Rio Grande Western

The

Railway.
(For the year ending December 31, 1887.)
reports of this company have heretofore been issued

for the fiscal year ending July 31, and the report for 1886-87

published in the Chronicle of Nov. 26, 18^7, on page 704.
supplementary report has just been published for the cal¬
endar year 1887, giving statistics for the full year in compari¬
son with 1886, and from this report the following compilation

was

A

is made up.

The grots earnings increased $124,231 in 1887, but owing to a
considerable increase in operating expenses, particularly the
item of |212,276 expended on “maintenance of roadway,” the
net earnings decreased $19,112 from 1886. In the Chronicle of

March 81, on page 413, some remarks were made upon the
features of the

year’s operations and the fact that there was a
surplus of $74,227 above the charges for interest, etc. Details
Cf earnings are as follows :
GROSS EARNINGS.

Freight
Passenger
Express
Mails

Miscellaneous
Total earninvs
Operating expenses
Net earnings
Per cent of exp. to earnings.

1837.

1886.

$8*2,514
289,936
36,111
29,506
3,256

$725,554
252,010
44,937
30,762
3,827

$1,181,324 $1,057,092
095,993
839,337

$341,987
71*05

Decrease•

$96,959
37,925
571

$124,231
143,344
$19,112
5*21

The character of the company’s business, whether local

or

through, is shown in the tables below, it being understood that




are

deducted in

*

capital stock of your company was increased during
the year $1,005,705, of which $957,580 w^s common and $18,125 preferred stock.
These issues were made in exchange for
obligations of the Columbus Chicago & Indiana Central Rail¬
way Company, under the terms of the agreement for the reor¬
ganization of that road.”
At the annual meeting a resolution was passed authorizing the
officers of the company to issue debenture bonds or other secu¬
rities and negotiate with theholders of overdue coupons on the
5 per cent bonds to fund such coupons, amounting to about
$1,800,000, into the new securities, on terms that shall be sat¬
isfactory to both parties. Comparative statistics for four years,,
compiled for the Chronicle, are as below.
OPERATIONS AND FISCAL RESULTS.

Milos of r’d operated

1884.

188?.

1886.

1837.

635

635

635

635

Operations—
Passengers carried..
1,186,779
1,035,118
1,061,091
1,182,099
Passenger mileage
43,891.744 46,810,896 44.970,677 43,656,532
Rate $ pass. $ mile
2*32 cts.
2*21 efs.
2*30 cts.
2*38 cts.
3,031,595
3,075,385
Fr’ght (tons) carried
2.517.0b2
3,546,269
Fr’glit (t’ns) mileage 484,716,894 612,653.372 587,723,362 C83,672,520
Ave. rate $ ton $ m.
0*59 cis.
0*63 ets.
0*60 cts.
0 52 cts.
Earnings—
$
$
$
$
1,134,689
Passenger
1,036,077
1,036,1G5
4,3)4,564
Freight
2,902,433 '3,159,887
3,448,447
1,157,822
Mail, express, &c
359,718
' 371,632
414,794
357,704
.

..

Op exps. and taxes.

Netearnings
$3,825
1,256

*

“The

Total gross earns
Increase.

$261,099
6581

fthese figures include “overcharges” which
the table of earnings above;

*

ment accounts.”

1887.

$240,440

P.c.of op.ex. to earns.

4,396,840
3,602,213

4.567,596
3,807,645

4,812,316
3,906,301

5,887,189
4 311,166

794,627
81*93

759,951
83 36

876,015
81*91

1,576,01573 35

INCOME ACCOUNT.

Receipts—

1884.

1885.

Netearnings
Other receipts

$794,627
80,045

$759,951

IPSO.
$876,015

1887.
$1,576,019

Total income
Disbursements—
Rentals paid

$874,672

$759,951

$876,015

$1,576,016

Int., Ac.,

on

debt..

Miscellaneous
Total dish’rem’ts

Balance

$21,224

$21,224

1,079,002

1,079.241
17,565

$21,224
1,074.121
95.789

$21 >918
1.068,775
145,324

$1,100,826 $1,118,(30 $1,191,334 $1,236,017
def.$226,154 def.$35S,079 del $335,119 6ur.$3c9,999

THE CHRONICLE

April 28, 1888. j

537

Toledo Ann Arbor & North

issued by the compauy. It came to hand too late for tjhia
Michigan Railway.
week, but will be duly noticed in the Chronicle of May 5th*
(For the year ending December 31, 1887.)
Chesapeake & Ohio.—The trustees in charge of the reprgr
The report of Mr. J. M. Ashley, President, states that the anization
of the Ches.& Ohio RR. have notified the Monarch,
property of the company has steadily increased in value, and Line Steapiship Company that the contract under which the
itg financial and material condition is recognized by all prac¬
tical railroad men as more promising than at any period in its Chesapeake & Ohio guaranteed the expense of running steatft-*
era between Newport News and London and
Liverpool will be
history.
canceled.
The railroad company found it a losing business.
The increase in operating expenses for 1887 was anticipated,
and the attention of stockholders called to it in the last annual
Chicago & Atlantic.—Judge Gresham of Chicago wi$
report, wherein it was stated that “as the road is extended into probably hear an application next month for the foreclosures
the northern and le-s populous portion of the State, it may of the Chicago & Atlantic Railroad. The reorganization of the
safely be estimated that the percentage of operating expenses property has been delayed by the objections of the parties

will be somewhat increased until after the new road-bed shall
have become firm, and business shall have been developed in
the comparatively new country.”
It has been the uniform custom of this company to charge
-to the “ operating expenses ” account all such extra work as
relaying a few miles of steel rails to replace iron, to cutting
down or lifting the track, filling up trestle-work with earth,
&c., &c., and it will continue to pursue the same policy without
^charging such expenses to capital account.
The car trusts originally made were paid off during the
year just closed, and the cars are now the property of the
company.
Another small “trust” was made in December,
1887, amounting to $92,864, on the payment of which the cars
will become the property of the company.
During the year the company acquired some valuable addit¬
ions to its property, especially near Toledo and at Ann Arbor
and Owosso. Thi3 property, together with the machine shops
and round house being built at Owosso, and a new passenger
station at Ann Arbor, will, when complete, add more than

■$100,000 in value to the company's betterments.
Until last year the north-bound traffic exceeded 80 per cent
of the entire traffic, and the south-bound averaged annually
less than 20 per cent.
The south-bound traffic for 1887
increased to a fraction over 30 per cent, and it is estimated
that the increase in southbound traffic after the road is in full

who hold

a

portion of the second mortgage bonds as collateral,
anticipated in the near

but the settlement of all difficulties is

future.

Chicago Milwaukee & St. Paul.—General Manager Ros¬
well Miller has been elected President of the Chicago Milwau*
kee & St. Paul Railroad Company, to fill the vacancy caused
a year ago by the death of Alexander Mitchell.
The election
was by the directors at a
meeting in the New York offices.
Mr. Miller is a thorough railroad man and for a long time
has been at the head of the practical management of the St.
Paul
a

System.

The company is to be congratulated

first-class railroad

man as

its

on

having

president.

Cleveland Columbus Cincinnati & Indianapolis—Sfc.
Louis Alton & Terre Haute.—The old suit for $664,874 baok
rental claimed against the proceeds of sale of the
Indianapolis
&St. Louis Railroad has now been finally decided on appeal to
the U. S. Supreme Court.
This suit by the St. Louis Alton &
Terre Haute Railroad Co. was decided against the plaintiffs

by Judge Drummond, and the U. S. Supreme Court has

affirmed that decision.

Cincinnati &

now

This relieves the Cleveland Columbus

Indianapolis Railway Company of its last serioua

controversy.
Consolidated Gas.—This company has placed $600,000 of the
$3,000,000 issue of bonds with private parties. The balance
will be held in the treasury as originally proposed.

operation to Cadillac, will reach 40 per cent in 1888 ; or at that
Duluth South Shore & Atlantic.—An engineer of thia
rate per annum for the months in which the road shall be
road states that the track is now laid fifteen miles from Ash'
opened for business to that place.
The rapid extension of road and building of connecting lines land, and there remains twenty-seven miles to bring the roafi^
-Ms been one of the striking features in the history of the Ann to its junction with the Northern Pacific. There remains a.
Arbor Company. The Cadillac road, 64 miles, was finished by good ueal of ballasting to be done, but everything will be fln->
January, 1888, and will be ready for through traffic in May. ished up in good shape by August 1, and trains will begin qjt
It is to be merged into the Ann Arbor Company on terms yet their regular time at that date.
The total length of the lino
to be settled.
The main line Toledo to Cadillac will then be from Duluth to the “Soo” is 315 miles, and 484 from Minne¬
234 miles.
apolis to the “ Soo ” on the “ Soo” road, making Duluth much
The Muskegon road, from Ashley on the Ann Arbor road nearer the East by rail than the Twin Cities.
due west to the City of Muskegon, 96 miles, has just recently
Flint & Fere Marquette.—From Boston it is reported that
been completed and is expected to add largely to the earnings the common and preferred stockholders have agreed that no
of this company.
appeal shall be made to the Supreme Court; common stock
The Toledo Saginaw & Mackinaw Riilway was organiz-d to to be issued on receipt of the decree as soon as certificates
build from Durand on the Arm Arbor road, via Saginaw, to the can be printed.
The common stock to have four representa¬
Straits of Mackinaw, and it will probably be open from Durand tives in the new board of directors and the preferred seven.
to Saginaw in July next, being a most valuable 40 miles
Houston & Texas Central.—The largest holder of bonds,
extension of the Ann Arbor road.
The contract has been let already by another company for Mrs. Hetty Green, has assented to the plan of reorganization
the construction of the road from Cadillac to Frankfort on and signed the agreement. She owned $1,000,000 general
Dake Michigan, 63 miles, and when completed it will be mortgage bonds, $125,000 first mortgage on the main line and
$125,000 firsts on the Western division, which have now been
operated by thi* company.
The Chippewa Valley Road and Detroit Charlevoix & Macki¬ deposited with the Central Trust Company. It is stated that
the assent of Mrs.Ureen gives the committee all of the $4,325,naw are other enterprises which would benefit
greatly the 000
general mortgage bonds except $31,000, and all the first
Ann Arbor's business.
The Aun Arbor Company has taken the advance in adopting mortgages except $2,000,000 held by the “Moran party,” who
will continue the opposition.
Lawyers representing all inter¬
a plan of “ Profit Sharing and Stock Allotment” for its em¬
ests have started for Galveston, Texas, to be present before
ployes, and an examination of then* plan will be of interest to
all parties interested in the subjects of capital and labor.
A Judge Pardee on May 1, when a motion for a foreclosure of
the mortgages will be made.
•copy can be obtained of Mr. J. M. Ashley, at the New York
office, 150 Broadway.
Kansas City Fort Scott & Gulf—Kansas City Springfield
Tli8 results of operations for the two years 1886 and 1887 &
Memphis—Kansas City Fort Scott & Memphis.—At Kan¬
were as below:
sas City, April 20, the directors of these sysrems met to con¬
EARNINGS AND EXPENSES.
solidate the different companies forming the systems into
1887.
one organization.
Earnings from—JjS
1886.
In building the Fort Scott system a large
Freight
$206,400
$308,547 number of minor companies were organized in different parts
133.930
75,525
Passengers
Mail, express, &c

98,326

,

93,275

of Missouri and

Kansas.

The consolidation

was a

matter of

wholly fer the convenience of the company in man¬
Total earnings
$380,251
$535,752 aging its business. There were ten separate organizations in
Operating expenses and taxes
222.094
342,606 the old
system. All the roads were consolidated under the
Net earnings
$158,157
$193,146 n*me of the Kansas City Fort Scott & Memphis, except the
Kaneas City Ciioton & Springfield and the River branches,
INCOME ACCOUNT.
which are not yet finished.
1886.
1897.
Net earnings
$158,157
$193,146
Lehigh & WilkeJ)arre Coal.—The 7 per cent bonds of this
Interest; on debt
145,600
184,800
company maturing May 1, 1888. will be paid off on presenta¬
Sealed proposals to
Surplus for year
$12,557
$3,316 tion at the office on and after that date.
purchase any part of $803 000 of this company’s 5 per cent -f
linking fund mortgage bonds due November 1, 1912, will be
GENERAL INVESTMENT NEWS.
b* received at the office until Siturday, April 23, at noon
Bradford Eldrod & Cuba.—The first mortgage bondholders when such proposals will be opened ani the bonds awarded to
held a meeting and a committee was' appointed to present a the highest bidders; but no bid will be considered at less than
report at a’meeting' two weeks later. Mr. T. C. Platt was made par ani accrued interest.
Mexico Central.—President Wade, of the Mexican Central
receiver in 1885, and about $23,000 of receiver’s certificates
were authorized, which are yet unpaid.
A statement of earn¬ Railway, announces that the Congre-s of the State of San
ings furnished by the receiver from February, 1885, to March, Luis Potosi has granted to the company an extension of
1888, shows : Gross earnings, $120,875 ; operating expanses, eighteen month* on the Tampico division tubsi ly. The com¬
$144,488; sundry expenses, $4,023 ; construction, $7,362 ; in¬ pany has now 112 miles of this division completed, and
about 175 miles more to build. The limit of time is now Jan¬
terest on bonds, $103,210,
1890.
uary,
Central Pacific.—At a much earlier date in the year than
Mexican
National.—A meeting of the holders of Messrs,
usual, this company has issued a pamphlet report which is in
the broad style of the Pennsylvania and Union Pacific reports, Matheson & Co.’s certificates for $5,000,000 bond*, known as
and presents the handsomest appearance of any report ever the “Matheson” bonds of the old Mexican National Railway




form and

,

,

.

THE

538
Company, was held in London and
was unanimously adopted, viz.:

the following

resolution

& Co., do retain in their hands all
the Mexican National Railroad
in respect of the old hist mort¬
the Mexican National Railway Company
such “A” and “B” bonds so re¬
& Co., be, and they are hereby
fully empowered to take any and all steps they deem be^t for protecting
the interests of the certificate holders, and that they be, and are here¬
by, fully authorized to exercise the voting power in respect of such

That the agents, Messrs. Matheson
“A” and ‘B’7 second mortgage bonds of
Company, received and held by them
gage six per cent gold bonds of
of the London issue; and in respect of
tained that the agents. Messrs. Matheson

“A”

anil “B” bonds.

this resolution, Mr.
negotiations for the reorganization
In submitting

Magnisc referred to

[Vou XL\I.

CHRONICLE.

the

of the old company, and
clearly described the care Messrs. Matheson & Co. had taken
to preserve for the Matheson bonds the subsidy of $2,500,000
which had been pledged as collateral security for that issue.
He explained why it was necessary for them now to retain
the custody of the corresponding “A” and “B” bonds, so as to
make available the subsidy which had been established by
deed as a security for these bonds, and could not in any way
be made applicable to any oilier of the Mexican National
Railroad bonds. He further showed that the right of voting,
carrying with it the control of the line, had been reserved to

stock to take the place of the outstanding
the latter to he stricken from the list.

stock, and

Railway—$2,009,000 additional first

Central

Mexican

common

four per cent bonds, making tbe total amount listed
to date $46,155,060; $402,CC0 additional income bondp, mabiDg
the total amount listed $9,781,CC0 ; and on May 12, $2,5CO,COO
additional capital stock be added to the { m< unt nc w on tbe
list, making ihe total amount listed on that date $88,500,000..

mortgage

Minnesota Iron Company—$14.CC0,CC0 cayital
Pi»tsbdrg Youngstown & Ashtabula
000 first consolidated mortgage five jer cent

stock.

Railroad—$1,325,bends; $1,700,000

preferred and $1,333,550 common stock.
Ohio Southern.—Henry Graves and others, constituting a
majority of the Ohio Southern directors, call a meeting of
the stockholders

at

Springfield, Ohio, for May 21, for

voting

the capital stock to $5,500,000,
nev to Iccate, construct and
equip the line, and for the funding of the floating and other
debt, and for such other purposes as are authorized by law.
Treasurer Graves has, by order of the board, prepared the fol¬
lowing statement of earnings for the year 1887:
1880.
1887.
Gross earnings
$514,189
$599,584
Operating expenses
318,712
310,806
the whole body of bondholdeis.
Minneapolis Sault, Ste. Marie & Atlantic—Minneapolis &
Net earnings
$195,477
$288,718
Pacific—Aberdeen Bismarck & Northwestern—These three
Net earnings have been applied as follows: Interest, $135,railroads are to be consolidated. Gen. W. D. Washburn is 530; taxes, $18,625; New York office, $56; surplus, $134,505;
reported as saying on hi3 return to Minneapolis that the roads total, $288,717. The following disbursements were made out
have been practically under one management since their or¬ of the surplus: Right of way, $496; bridgis and buildings,.
ganization, and the same officers will continue to operate the $8,544; equipment, $95,798; sidings, $25,645; fences, $838;
new road.
The Aberdeen Bismarck & Northwestern Road, total, $131,323.
which has been graded, has been taken into the system and
Ihe lar^e payments made hitherto for new equipment
will be pushed to completion at once.
The new road will now have absoibed alarge proportion of the surplus income, while
have about 1,000 miles of track under its direct control.
“ We new acquisitions of other property required to meet the growth
have made a close contract with the Canadian Pacific that of the business have nearly consumed the remainder.
will benefit both roads. We fix the tariff East and they do
All the equipment has been maintained in excellent condi¬
the same West. We have arranged to issue conso idated bonds
tion, but additional equipment will be required to provide for
for the equipment of the road and for terminal facilities; the increase of business. Of present equipment, nine engines and
amount of bonds will be known in a short time, but enough 1,300
coal cars last acquired are held under car trus s, for
money has been raised for every purpose to put the system in which the amounts remaining unpaid December 31,1887, were
first class condition.
Our passenger equipment has already $390,334, on which payments accrue monthly, the last being
been ordered.
We shall double our fn ight equipment. The cue January 1, 1893, and the, management recommend that
read has never been in condition to handle the freight which
provision be made for funcing this amount on lorg time,
the business required, and we will spend at once 07er $1,000,- instead of making payments out of earnings.
It is also desir¬
000 for a new freight outfit.
We shall also add to our termi¬ able to pvowde for increasing the capacity of terminal facili¬
nal facilities at Gladstone and Minneapolis.”
ties in Springfield.
The fol owing fstimate is submitted : To
Missouri Pacific.—Uriel A. Murdoch, the surviving trustee provide tor the const ruction of 20 mils s of new extensions,
under a mortgage made in 18G8 by the Missouri Pacific R *il- $15,000 per mile will be required, and w ill he trovioed by the
road Company to secure the payment of $7,000,000 of bonds, i.eue of first mortgage foods, limited to $15,000 pr r mile.
Tohas been relieved by the Supreme Court at his own request.
provide for funding balance due on car tiusts, $890,334, and
The Mercantile Trust Company of New York will be appointed for acquisition of (qmpmert, $450,000 will be required, and
in his place.
for the improvement of terminals say $150,000.
It is not pro¬
Missouri Kansas & Texas.—The securities holders’ com¬ posed at the prespnt time to make the whole of the increased
mittee has esm d an extended reply to the letter of Mr. Jay stock available, but the braid deem it essential that they she uldGould on M. K. & T. affairs, which will be found at length lave au'.honty to enable them to provide for the growing
bu-iness of the company. Ic is believed that by making pro¬
on a subsequent page.
vision for funding the balances to l eeome due on tbe car trusts,
Kiernan reports that Mr. Sage wrote a letter to the M. K.
& T. committee, proposing the following basis of comnrcmiso: the company will be at once trabled to pay interest upon
First—A rt organization of the company to be perfected, and outstanding income bonds, and upon the completion of the
propo.-ed extensions, to provide for the payment of dividends
a new moitgage hearing 4 per cent to be made for the present
_
. ^
mortgage indebtedness of tlie company and for the purpose upon the stoc k.
of exchanging the same for the present indebtt dness.
Pennsylvania Railroad.—The gross and net earn ngs for
Second—lo make an income mortgage, not accumulative; March, 18$7 and 1888, were as below stated. On the lines
to adjust the rate of interest to the present holders of the wTest of Pittsburg & Erie the net results, after payment of
eeveial bonds i^ued by such company for the length of time interest and all charges, is shown in the second table.
upon a proposition to increase
and to provide for borrowing me

-

—

which they have to run

respectively.

Thiid—That an assessment of
shall be made on the
stock for the purpose of clearing up the present indebtedness
of the company, ai d build an extension of the same to
roads in Texas, which it is believed would add to the securing

branch

and future source s of business to the main line.
Lake Erie & Western.—This company offers,
through Messrs. Drex<4, Morgan & Co., to extend at 4 per c nt
for forty years its fifth mort. 7 per cent bonds ($709,000),
maturing June 1, and Drexel, Morgan & Co. offer to purchase

LINES EAST OF
-

1888.

and accrued interest

all of the mortgage bonds which

extend at 4 per cent.
England.—The gross earnings and ex¬
for the quarter ending March 31 were as below:

holders do not care to
penses

Gross earnings
Expenses
Net

1888

1887

$1,150,932

$1,152,401

Inc. $4,530

$334,250

£302,889

T)ec.$28,G38

822,081

earnings

N. Y

Stock Stock

789,512

Inc. 33,109

Pennsylvania Railroad
Philadelphia bonds.

Company)—$800,000 first mortgage

York & Pennsylvania Railroad—
Western New
$20,009,000 forty year second mortgage gold bonds and
$20,000,000 common capital stock.
Indianapolis Decatur & Western Railway (reorganized
Indianapolis Decatur & Springfield)—$142,000 mortgage five
per cent gold bonds of 1947; $1,213 000 s^co ;d mortgage fire

gold bonds ; $795,000 income mortgage bonds and
$850,000 common c pital stock. Trust receipts of Indianapo¬
lis Decatur & Springfield second income bonds for $2,690,000

per cent

.

$1,005,920 $1,214,351
1,358,283
1.190,013

3,988,788
4,410,433

1,380,157
1,435,041

$13,119,995 $12,270,992 $3,854,810 $1,030,440
PITTSBURG * ERIE.
surplus or deficit afterpayment of charges. »
1888.
1887.'
Biff, in 1888*.
LINES WEST OF

*

Net

January
February
March
Total 3 mos

Def. 123,519
Def. 90,270

Sur.$G0,510

Sur. $154,951
Sur.
3,475
Sur. 212,702

Def.$153,295

Sur. $371,128

Philadelphia & Reading.—The gross and net

Loss. $94,441
Loss. 120,994
Loss. 302,978
Loss.$524,423

earnings for

fiscal years 1886-7 and 1S87-8 have been
The net earnings of both companies aggre¬

March, and for the

given.
gated $653,741 in M*rch,1888, against
1887; in tie year 1887-8 they were

as

below

Exchange—New Securities Listed.— $3,095,853 in 1886-7:

The Governing Committee of the New Yoik Stock Exchange
have added to the list securities as follows :
Warren & Franklin Railroad (Western New York &

.

$3,871,771

4,379,455
4,520,501

Total 3 mo8

Now York & New

PITTSBURG * ERIE.
--Xet Earnings
1888.
'1887.

Earn in g.sv
1887.

$4,213,979

January
February
March

of the piesent
New York

at par

dross

RAILROAD CO.

/—Dec. 1 to Mch. 31.
s1887-88.
1880-87.

:—«

March.

,

18S7.

1888.

$1,579,308 $1,759,584 $5,3 1,501

Gross earnings

925,855

Operating expenses...
Net

$968,317 in Marchr
$1,551,814, against

$053,453

earnings

$0,425,374

833,415 3,434,702 3,379,344
$920,109 $1,890,859 $3,040,030

COAL Sc IRON CO.

March.

,

1888.

*

1887.

/—Dec 1 to Mch. 31.
>
1887-88.
1880-87.

.$1,078,044 $1,2*3,579 $3,208,317

Gross earnings

Operating expenses...
Net earnings

1,078,355

loss. $289

1,241,380

3,013,302

$42,199 l’ss$3 45,044

$1,781,874

4, 32,053
$49,821

Chicago.—Notice is given that
a special meeting of the stockholders of the company will be
held in Pittsburg on the 13ih day of June, 1888, for the purpose
ordered strict* n from the lit t.
of voting upon a proposition to issue betterment bonds, to en*
Wheeling & Lake Erie Railway—$3,600,000 preferred




Pitt burg

Fort Wayne &

'I

April

THE

28, 1888.J

CHRONICLE.

539

able the company to pay for improvements upon and addi¬
tions to the property, in pursuance of Article 16 of the lease
With the Pennsylvania Railroad Company.

receive about 3,000 shares of

Tennessee Coal & Iron.—This company proposes to issue
$1,000,000 8 per cent cumulative preferred stock, for improve¬

charges for the

ments, to holders tf the $10,000,000 common stock. Privilege
of taking aT 90 will be offered first to holders of common stock

Gross

of record June 27, payable one-third in present common stock
at $30 per i-liare and the balance in
■retire about $1,000,000 common stock.

cash.

This plan would

Texas & Pacific.—The committee of reorganization of this
company

have practically completed their work, and have

authorized the distribution of all the

new

stock and securities

by the Farmers’ Loan & Trmt Company of New York, com¬
mencing on the 7th cf May. The Hon. John C. Brown will
te the Pj ©.-ident of the company residing on the line, and as
he is now the sole receiver, the receivership will be allowed to
stand for a short time longer in order to close up certain details
of the recor etruction.
Mr. Jay Gould will act as chairman of
the executive committee, thus securing amity with the Mis¬
souri Pacific system.
Wabash.—Notice is given to holders of Wabash certificates
issued by the Central Trust Company that six months’ inter¬
due May 1, 1888, will be paid on that date at the Central
Trust Company, No. 54 Wall street, according to the reorgan¬
ization agreement of November 21, 1887.
—The receivers’ accounts for the month of March show grrss
est

receipts ‘of

$678,499; expenses, $694,677; deficit, $16,178;
balance of cash on hand, March.l, $243,765; balance, March

31, $227,587.

26,000 shares of Extension Company’s stock, and will thus
Georgia Pacific stock.
Seaboard

August,
1887, filed and audited have been paid the total will
not exceed $235,000.
The gross earnings of the Toledo Peoria
& Western for the seven months, July, 1887, to
January, 1888,
both inclusive, were $607,074.
After paying taxes and all
expenses of c peratien, and for improvement, renewals ami
repairs, the net earnings for the above period are $150,000.
President Leonard says that a conservative estimate of the
earnings and expenses of the remaining five months of the
fiscal year warrants the belief that the net earnings for the
year will exceed $200,000, an amount in excess of the require¬
ments ( f the company to meet its interest charge.
The latter
is $180,000, or 4 per cent on $4,500,000 of first
mortgages. The
Purchasing Committee of the T. P. & W. received $424,000
first mortgage bonds of the T. P. & W Railway Company in
settlement of advances for payments ordered t>v the Uuited
States C< urt, and ftr other purposes. Tlnse $424,000 bonds
will be offered for sale on May 24 bv the Auditii
gCommittee.
No bid will be received at less than 67*4 per cent lor each bond
of $1,000.
Railroad

Construction.

—

The

Railway Aye recently

had the following :
“When the year 1887 closed with the
extraordinary and
unprecedented record of having built nearly 13,000 miles of

earnings

Operating

1887-8.

1886-7.

335,026

$619,314
375,763

—

expenses

and taxes

Net earnings

$273,551

Interest, etc

$33,056
138,820

Dividends

$197,234
$171,876
Surplus
$101,675
Southern Pacific Company.—The following is a compara¬
tive statement of the earnings, expenses and fixed charges of
this company for February, and from January 1 to Febru¬

ary

29.

The total mileage is 5,576, against 5,451 last
February.
1888.
1887.

/

Gross
Paciiic

earn

ings—

system.

Atlantic system
Total gross

.

earnings—
Pacific system
Atlantic system

Receipts other

1,835,683

1,411,018

$3,462,791 $2,239,650

$6,709,556

$4,742,702

$510,328 $1,579,898
82,783
501,715

$1,147,472

$2,081,613

$1,387,436

$1,152,167

$593,111

47,721

95,119
66.S6L

27,362

sources.

Total net income... $1,227,253
'Fixed, charges
1,270,868'
Net

profits

239,964

$2,216,953

2,555,582

df.$303,629

df.$13,015

*

Includes int.. rentals, additions and betterments, Cent. Pae. guar.,
taxes and IT. 8. dues.

Western New York & Pennsylvania.—This company
gives notice that it will pay $16 67 in sedp for coupons
maturing April 1, 1888, on its second mortgage bonds, at its
office.
Union Pacific.—The annual meeting held in Boston on the
25th ratified the action of the directors in leasing the Oregon

Railway & Navigation Company’s lines through the Oregon
Short Line Company.
The only change from last year’s
hoard was the election of Samuel Carr, Jr., to fill the vacancy
caused by tlie death of General Manager and Vice-President
T. J. Potter.
The usual vote ratifying and approving the
investments made by the directors during the year was, after
a detailed
exr lanation
by President Adams, passed. Presi¬
dent Adams, in respon-e to inquiries from stockholders, stated
that it was the puipose of the directors during the ensuing

conservative course with reference to
construction, and that at present no new lines were under

year to pursue a very
new

consideration.
—Trustee Frederick

L.
of the Union
Pacific
Ames
land grant mortgage advertises for proposals to sell him
bonds sufficient to absorb $1,095,000, on or btfore Apiil 30.

Grand Trunk

of Canada.—A full synopsis of the annual

repent of the Grand Trunk Railway, issued iu London on

Tuesday, has been received at Montreal. In it is included
the accounts of the Northwestern & Hamilton, recently ac¬
quired. The net receipts e>f the Grand Tmnk for the year
1887 were £647,956, against £595,697 last y^er.
After de¬
ducting pre-preference charges, amounting to £433,109 8s. 6d.t
and inti rest on the bonds of the controlled and subsidiary
lines acquired by the company, amounting to £23,949 18s.
lld.Hhe net revenue balance on the half year is £238,796 3s.
to
the
balance
tor
the last half
first three months of 1888 more miles of track were laid, 3d. ^This, added
a
£240,839
9d.,
which pro¬
year,
gives
total
of
13s.
on a greater
cumber of lines and in a greater number of
States and Territories, than, according to cur record, where vides for the payment of a full dividend for the year ended
December last of 4 per cent on the guaranteed stock and first
laid during the same period in 1887, the assertion will
proba¬ preference stock, together with arrears of dividend on the
bly be received with surprise if not incredulity. It is, how¬
latter stock for the half year ended June last, and the pay¬
ever, tiue, as the following summary of track-laying from
ment of a dividend on second preference stock of 6s. 8d. per
January 1 to Apiil 1, compiled from the detailed records in cent for the half
year ended December last, or at the rate of
his office shows :
13s. 4 b per cent per annum. These payments absorb £240,749
Stales.
Lines. Miles.
States.
Lines. Miles.
0s. 5d., leaving a balance of £90 13s. 4d. to be carried forward
Connecticut
1
21
7j Minnesota
91
Now York
to the next half year.
17 Nebraska
There was an increase in the
3
54
Pennsylvania...
i
9 Kansas
1
number of passengers carried compared with the previous half
33
West Virginia...
l
10 Missouri
35
year and an increase of £35,027 in the receipts.
There was
Virginia
6
l
Arkansas
2
35
aLo an increase in freight traffic of 48,507 tons and £7,096 in
.North Carolina
19 Texas
l
112
railways, r, had already become the settled belief that rail¬
way building had been greatly overdone and rlmt the present
year would witness an almost complete stoppage of enter¬
prise in thar. direction. This opinion still seems to generally
prevail, and is frequently expressed in conversation and in the
newspapeis, po that most people believe that practically no
extension whatever has been made to our railway
mileage
since the end of 1887.
When, therefore, we state that in the

...

...

...

...

...

...

...

....

lSoutk Carolina.
Georgia.
Florida
Alabama
Louisiana.

o

Tennessee

o

Kentucky

15
113
15
48
60
50

...4

72
24

1
1

58
33

Ohio

Illinois
Wisconsin

...

...

Colorado
Montana
California
New Mexico

...

...

..

Washington Territory
Oregon

...

...

2
1
1
1

1

Total in 28 States
-.51
Same period in 183 7 in
25 States
49
*

..

.

38
16
78
83
15
20

1,096
1,010

Richmond & Danville.—This company has placed through
Mrssrs. Wilson, Colston & Co., of Baltimore, $400,000 new 6
per cent gold bonds of the North Western North Caiolina R.
R., being part of an is-ue. at the rate of $15,000 per mile, due
April 1, 1938, with principal and interest guaranteed by Rich¬
mond & Danville.
The mortgage for these bonds provides for

the retiremem

of the

old

mile), due in 1902, and for
Richmond

&

issue of

new

Danville

$500,000 (at $20,000

Extension

Company has declartd the fifth dividend
on its
capital
stock at par.




per

construction.

Company.—This
of 12*65 per cent

stock, payable in Georgia Pacific Company
The Richmond Terminal Company owns

,

$4,873,873 $3,331,684

$897,076
255,091

Total net
Rentals leased lines...

year :
Jan. 1 to Feb. 20.
1887.
1888.

,

$2,512,875 $1,570,830
919,916
668,820

Net

Toledo Peoria & Western —President E. F. Leonard of the
Toledo Peoria & Western Railroad has made a statement of
his ccmpany’s condition to the security holders.
When all
claims by reason of the accident at Cbatsworth in

& Roanoke.—The gross and net earnings and
year ended Feb. 20 were as follows :

money.
The working expenses were

£43,914.

£1,371,741, being an increase of
Though the traffic has been heavier, the remunera¬

tion obtained has been less.

The Northern

& Northwestern

earnings for the year £324.425 9s. Id.,
and working expenses of £292,889 7s. 7d., leaving £121,537
Is. 6d., which has been divided by the companies.
accounts show gross

In conclusion the Directors state that the

first half year

workings of the

led to anticipations which

xvere not fulfilled in
consequence of a deficient

the last three months.
Partly in
harvest in Ontario and some of the Western States, and as
xvell as the loss of the pork and dressed-beef traffic, which is

controlled

by the Vanderbilt system, and the undue com¬
petition on the part of American lines on rates of traffic for
export to Europe, the receipts during the latter part of the year
were of a di-appointing character, the
weekly decreases in
some cases exceeding $100,000.
Nothing is carried forward
to next year.
The directors are engaged in the conversion
into perpetual 4 per cents of the consolidated debenture stock
of the various securities held by the company, allotments
being made at £97 per £100 of the debenture stock.
now

and ^0cnmjcnts.

tpoxts
UNION

The Union Pacific

system is

PACIFIC RAILWAY.
YEAR ENDING

REPORT FOR THE

ANNUAL

[VOL. XLVI.

CHRONICLE.

THE

540

DECEMBER 31, 1887.

the Union Pacific Railway Co.

composed of the roads of

The lines of the Oregon Railway & Navigation Co. (752*1
leased respectively by the Oregon Short Line and
or included in the above mileage, each of those

(2,939*89*miles). The system has a total length of 4,763*95 miles.
miles) and of the St. Joseph & Grand Island system (447*35 miles), though
the Union Pacific, are not treated as belonging to the Union Pacific system,
properties having an independent management.
EARNINGS AND

Union

Operating expenses
Taxes

Net earnings

Gross earnings per

1887/

$17,806,132 59 $9,011,677 07
6,747,145 29
9,685,771 12"

$8,474,053 30
6,673,809 11

$28,557,765 69
16,616,761 12

$26,280,185 89
16,359,580 23

$8,120,361 47

$2,264,531 78

$1,800,244 19

$11,941,004 57

597,654 45

486,385 48

454,979 09

1,050,971 42

$9,920,605 66
1,052,633 54

$7,522,707 02

$1,778,146 30

$1,345,265 10

$10,890,033 15

$8,867,972 12

$9,111,886 85
5049
53-38

54-40
57-75

74-87
80-27

78-76
84-13

58*19
61*87

62-25
6626

1,832-45

2,798*75

2,676-75

4,622-81

4,509-20

1,824-06

under operation..

mile of road

Operating exi>enses per mile of
Taxes per

road

$3,219 89
2,410 77

$3,165 80
2,493 25

$6,177 58
3,594 52

$4,431 42

$809 12

$672 55

$2,583 06

$2,200 08

$5,304 91

173 78

169 97

227 34

233 44

309 52

326 15

$4,105 27

$635 34

502 58

$2,355 72

$1,966 64

$4,995 39

mile of road

following table shows the

OPERATIONS OF THE UNION

financial results of the

Income:

$26,280,185 89

$2,277,579 80

17,667,732 54

17,412,213 77

255,518 77

$10,890,033 15

$8,867,972 12

$2,022,061 03

1,030,552 09
15,903 92

800,019 65
13,015 93
670,341 57
101,926 96

140,532 44
2,887 99

$11,936,489 16

$10,543,276 23

$1,393,212 93

$5,134,565 62

$5,197,731 25
67,223 95

587,670 00
38,979 13
14,674 23

591,965 00

$16,616,761 12
1,060,971 42

Taxes

Surplus earnings.

system.

Total income.
Expenditure :
Interest on bonds (details in income account
the company)
Discount and interest
Discount on bonds sold, premiums, Ac

Company's sinking fund requirements
income account of the company.
Land expenses, Union Division
Laud Taxes, Union Division

of

Increase.

1886.

$28,557,765 69

Earnings, entire system
Expenses

PACIFIC SYSTEM.

operation of the system :

1887.

Income from investments outside of the
Proceeds miscellaneous land sales
Profits on investments, premiums, Ac
Profit and loss

$5,828 12
3,628 04

$9,717 12
5,285 70

FINANCIAL RESULTS OF

The

1

$10,715 71
5,410 80

mile of road

Net earnings per

1886.

1886.

1887.

$9,676,472 79
564,585 94

Expense ratio (excluding taxes)
Expense ratio (including taxes)
Average miles of road

System.

Union Pacific

Auxiliary Lines.

1886.

$19,546,088 62
9,869,615 83

earnings

EXPENSES.

Pacific Railway Company.

1887.
Gross

(1,824*06 miles) and auxiliary lines

$16,359,580 23
1,052,633 54

-

160,153 16
113,490 40

(details in

....

$63,165 63

4,295 00
17,793 94

56,773 07
5,867 24

8,806 99

11,721 76
198,049 62

198,049 62

Other Charges Against Income
Colorado Central interest
“
“
dividend
Denver A Boulder Valley interest
Denver Marshall A Boulder interest
Denver South Park A Pacific interest
Golden Boulder A Caribou interest
Junction City A Fort Kearney interest.....
Kansas Central interest
Lawrence & Emporia interest
Omaha A Republican Valley interest

Oregon Short Line interest.
Salma A Southwestern interest
Kalina Lincoln A Western interest
Solomon interest
Utah A Northern interest

$5,180 00

$5,480 00
52 00

38.500
10,100
133,680
4,800
76,450

9,258 33

841 67

133,680 00
4,800 00

7,837 50

68,61250
11,160 00
27,900 00

120 00
S

52 00

38.500 00

00
00
00
00
00

$670,341 57
101,926 96

$92,929 21
113,490 40

11,721 76

western Railroad.
Protit and Loss

Decrease.

27,900 00

11,040 00

140 00

140 00

6,105 00

889,755 00
32,400 00
10,380 00
34.500 00
40,250 00

895,860 00
32,400 00
31,140 00
34.500 00
40,250 00

1,331,372 00

•

20,760*00
1,298,399 17

$32,972 83

$349,272 72

Total.

$7,578,954 16

$7,229,681 44

Surplus to this point

$4,357,535 00
1,205,655 84

$3,313,594 79
808,032 80

$3,151,879 16

$2,505,561 99

117,850 00

21,113,600 00

$1,095,750 00

$3,619,161 99

$149,432 83

Less United States

requirements

Balance
Add amount received from Trustees Kansas Pa
ciiic consolidated mortgage on interest aco’t..
Balance

$3,169,729

applicable to dividends

161

$1,043,940 21
397,623 04

.

$646,317 17

bonds held in trust.

1

Interest received from

2

Of this amount, $1,041,300 were

From tliis table it appears

derived from land sales and $72,300

that the balance applicable to

cent upon the capital stock of the Union Pacific Company.
In the last annual report it was stated that negotiations

from interest on bonds held in trust.

dividends on December 31, 1887, was $3,169,729

for the leasing of all the property

of the Oregon Railway & Navi¬

number of months been
succeeding the last annual
this Company, and of the

gation Company by this Company, through the medium of the Oregon Short Line, had then for
going on. The terms of the lease were finally agreed upon on the 11th day of April, immediately
meeting of^this Company, and have been approved by the boards of directors of the Short Line, of
Oregon Railway & Navigation Company,




16, or 5*20 per

a

APRIL 28,

THE

1888.J

1

,

CHRONICLE, i

5411

=

At a later period in the year
negotiations were entered into between the representatives of your
Company and those Of
the Oregon Railway & Navigation Company and the Northern Pacific
Railread Company, with a view to
modifying, in vari¬
ous essential respects, the
original terms of the lease, and also enabling the Northern Pacific Railroad

Company to participater
advantages thereof. This result, if brought about, it was hoped, would remove the
danger of serious complications
resulting from the completion of the Cascade Division of the Northern Pacific, which
gives that Company an independent
outlet to tide-water at Puget Sound. Conclusions of a
satisfactory character were reached in January, and duly approved
by the boards of directors of the Northern Pacific and of this Company, at
meetings held respectively on the 17th and 18th
of January last. They were also approved
by the Executive Committee of the Oregon Railway & Navigation Company..
Meanwhile, up to the present time, this supplementary joint lease has not been acted
upon by the Board of Directors of the
Oregon Railway & Navigation Company, sitting at Portland. They have
informally
signified that the arrangement was one
which did not appear to them to be conducive to the
interests of the corporation of which
they are directors, or of the com¬
munity in which they live. It is confidently believed that these objections will be removed at an
early day, and that the
joint lease will be ratified by all parties concerned, so as to take effect on the first
day
of
July
next.
In the interim the
Railway & Navigation Company is operated under the terms of the lease of
Jannary 1, 1887, as a joint
Property with the Oregon Short Line. The lease, though defective in certain respects which will be
provided for in a sup.
plementary agreement already perfected, has proved highly advantageous both to the
Oregon Short L;ne and the Union
Pacific. This may not at once
appear in the published reports of the companies.
Not improbably the Oregon Short Line and
Union Pacific may be called
upon to meet an apparent deficit between the surplus revenue of the
Railway & Navigation Com.
pany and the rental provided in the lease.
It may, therefore, on the face of the returns,
appear that the lease is a burden
rather than an advantage to the lessee
companies. But in estimating the advantages and disadvantages of such a contract
it must be borne in mind that the real
object to be obtained is not so much a surplus of revenue earned by the leased
line^
themselves, over and above all operating expenses and fixed charges, as the control of the business of the leased lines
by
th
lessee company. In the case of the
Oregon Railway & Navigation Company, the Oregon Short Line and Union Pacific enjoy
a haul of
nearly fifteen hundred miles on the great bulk of all interchanged traffic. If this traffic were to be diverted over
another and
competing line, the profit earned on it during this most exceptional haul would be entirely lost to your
company.
While directed over the tracks owned
by your Company, it is, because of the distance it is carried and the regularity with
which the business can be conducted, traffic
of the most profitable description. A close examination of the returns of the
Oregon Short Line and of the Union Pacific will demonstrate this fact.
The foregoing proposition is one which few
persons at all familiar with matters connected with the operation of rail
Toads would deny. Neverthless
your directors call attention to it, for the reason that during the recent investigation by
the United States
Commissioners, there was no feature of the Union Pacific system which was more questioned, or which
had to be so laboriously demonstrated.
By a portion of the Commission, at least, the ground was openly taken that no branch
or leased line
can, save under most exceptional circumstances, b© considered as otherwise than a burden on the mother or
lessee line, unless its returns show that it earns a
profit over all operating expenses and fixed charges on the business done
over its own iron.
Your attention has already been called to the fact that in the case of the
Oregon Railway & Navigation
Company the bulk of interchanged traffic, both passengers and freight, is hauled 1,400 miles over the tracks of the lessee com¬
panies. Yet the value of the traffic thus secured to the Oregon Short Line and Union Pacific nowhere
in the

.

appears as a separate
though in less degree, of all the branches and connecting lines owned and operated as
part of the Union Pacific system. An examination of the several returns of these
lines, herewith submitted, will show that a
number of them failed
during the past year to earn their operating expenses and fixed charges, reporting an apparent deficit
Yet, with the possible exception of the Denver South Park & Pacific, there was
probably no one of them the traffic of which
over the main lines of
your Company did not return to it a profit in excess, and often
largely so, of any deficit which had to
be met. The value of this branch line traffic to the main
line, irrespective of all branch line earnings, has in the case of the
Union Pacific been
recently estimated by the Comptrollor, -as the result of careful investigation, at not less than $5,000,000 a
year. (Testimony United States Pacific Railway Commission, vol. 2,
p. 899.)
During the year, owing largely to the. lease of the Oregon Railway & Navigation Co., the value of the Pacific coast traffic
greatly increased, the revenue from it amounting to $3,418,866 46, as compared with
$1,893,6S8 79 in 1886, an increase of

item in the returns.

80 per cent.

The

same

is true,

-

,

Local business has not shown

proportionate growth. This to a considerable extent has been due to the drought which
prevailed in Kansas and Nebraska during July and August, which proved so destructive that, as will be seen
by reference to
the classified table of freight movement herewith
submitted, the tonnage of agricultural products moved during the
year decreased 13'8 per cent as compared with the previous year. During the same
period the tons moved under every other
heading increased.
Th©

a

derive! from the local traffic of the company was also
seriously affected during nine months of the year by
operation of the Inter-State Commerce act, which necessitated, after April 1, 1887, almost a complete re-arrangement of
tariffs. Your directors do not propose to discuss at this time the
practical results which have followed the enforcement of
revenue

the

the

provisions of the law in question. It would even yet be premature to do so. Meanwhile, th© returns do not indicate
provisions of the act have borne more heavily upon the Union Pacific system than upon railroads in other sections
of the country. The difference between the long and short haul rates
charged on the Union Pacific system before the law
went into effect was, in fact, much less than had been
currently stated or was generally supposed.
The revenue derived by the company from its local
fre’ght business, excluding commercial coal, was $11,566,772 80 in
18S7, as compared with $11,964,459 52 in 1886, a decrease of 3*33 per cent.
Under the restricting provisions of the Inter-State Commerce
act, as nearly as can be ascertained, about one-half, or 45
per cent, of the free passenger travel, exclusive of employes, has been cut off. This amount of travel at full tariff rates
would represent about $250,000 a year ; it may be estimated that the annual revenue of the
company was increased by onehalf that amount, or $125,000, through the limitation of this abuse. On the other
hand, large reductions were made in local
passenger rates, averaging on the Oregon Short Line and Utah & Northern division 15 per cent, and
affecting passenger earn¬
ings to the estimated amount of $300,000.
As a result of the financial operations of the
year, the funded debt has been decreased $1,788,472 50 while the bal¬
ance of cash assets over the sum of the
floating liabilities has decreased $949,500 62, making for the year a net de¬
crease of liabilities, both funded and
floating, of $838,971 88.
A large amount of new
equipment, both motive power and cars, is required to accomodate the rapidly-increasing traffic
of the company.
It must be furnished, or business cannot be done with economy. It is estimated that three millions in
value will be called for either during the current year or
early in 1889. This cannot be paid for out of any means now at
command. Your directors have, therefore, decided to issue ten-year
notes of the company, secured by a trust covering the
new equipment in
part purchased by such notes ; following in this respect the policy which has for a number of years been
pursued with most satisfactory results by the Pennsylvania Railroad Co. The legality of these notes cannot be called in
question under the limitations imposed on the company by section 4 of the act of March 3, 1873, as they are issued in direct
payment for equipment purchased. A serious difficulty, peculiar to the Union Pacific, is in this way overcome. An
equip¬
ment deed of trust, on th© most
approved plan, has accordingly been prepared, and recorded in conformity with the laws of
,

that the




Pacific owns and operates roads. The first series of notes under thi
year. These notes, or their proceeds, can be applied to no other pur¬

and territories in which the Union
issued and disposed of during the current

the several states
trust will be

[You XLYL

CHRONICLF.

THE

542

than the payment for the new

equipment, to purchase which they are issued.

investment and permanent improvement accounts $6,818,794 24, of which
$5,580,079 59 was invested chiefly in the construction of new branches or extensions, and $1,238,714 65 was spent for new
construction and equipment for the company’s main lines. There have been built 350 miles of additional road. Of the
foregoing amount ($6,818,794 24), the sum of about $448,000 was derived from the sale of the company’s securities, and
$3,600,000 from surplus revenue, which might otherwise have been applicable to dividends. There remained the sum of
about $2,700,000, which was provided for in other ways, chiefly through temporary loans and a reduction of the
pose

During the year the company

has increased its

materia^

account.
It had been

the issue of

the cost of all future branches and extensions by
Union Pacific Railway Go., offering the same in the

intended, as was stated in the last annual report, to meet
series of five per cent collateral trust bonds of the

a new

place to the stockholders in proportion to their holdings.
standing. In view of the constant discussion of the affairs
Pacific Railroad Commission, and which continued throughout

first

Work was contracted for early in

the year with this under¬

of the company, which resulted from the investigations of the
the entire summer, the times were not considered propitious

Subsequently, when the conclusions of the commission were made
Under these circumstances the securities representing the construction of
security of the proposed collateral trust loan,
and the outlay they represent has in part been carried as
result of the labors of the Pacific Railroad Commission^
the financial conditions are favorable for the negotiations
at
on a dividend-paying basis.
the existing system or contemplated new lines. Neither is
settlement is effected with the Government or some general finan¬
in advance of entering upon it.

placing a loan of the character of that referred to.
public, monetary conditions were unfavorable.
new branches and connections, which would have formed the underlying
were placed in the treasury of the company, where they now are ;
a floating liability.
Whenever an adjustment shall be reached a3 a
the bill now pending before Congress becomes a law, or whenever
of securities, the loan in question can be placed, and the company put
once
At present little new construction is goiffg on, whether upon
it proposed to enter upon such construction until either a
cial plan is adopted for meeting the cost of such work

for

FUNDED AND

The

following table shows the

etc., on June 30,

FLOATING DEBT OF THE

1884, December 31, 1885,
June

public
of Co..

Funded debt of the system in the hands of the
Add bonds of Union Pacific Railway Co. in treasury
Total funded debt
Net floating debt

.c

floating debts

f

30,1884.

Dec. 31, 1884.

Dec.

31, 1885.

$32,923 52

$33,811 59

$35,170 51

mile of road

Decrease

Decrease

in funded debt
in net floating debt

Total decrease in debt
Increase in

debt per mile

$30,850 17

bonds “afloat”—that
$955,549 08
7,301.807 06

$8,257,416 14
351*30
$4,320 34

;

miles of road

Deorease in

.

of road
**

‘

1887.

4,771*1

$32,108 4*

bonds and other securities of the company held in its own treasury as
issued—the changes between June 30, 1884, and December 31, 1887, have been as follows :

is,

Dec. 31,

1886.

4,594*4

4,519*5

4,476*4

4,419*8

Accounting, therefore, the

'

Dec. 31,

53 $148,233,092 96 $147,004,611 29
$146,588,427 87 $144,649,047 50 $144,788,958 00
586,300 OO
637,300 OO
2,147,450
1,958,032 50
3,467,487 50
96 $147,590,911 29
$148,546,460 37 $148,116,535 00 $146,936,408 53 $148,870,392
401,689 11
l,351,lt9 73
1,861,445
40
53
3,237,696
6,900,177 95
23 $147,189,222 18
$155,446,638 32 $151,354,231 53 $148,797,853 93 $147,519,203

Miles of road
Debt per

debt of the entire Union Pacific system, its mileage,
December 31, 1886, and December 31, 1887, respectively :

condition of the funded and floating

1884, December 31,

Total funded and

UNION PACIFIC SYSTEM.

BALANCE SHEET.

proceeds from land sales, was $7,057,132 24 in 1886, if
the amount of interest accrued during the year on United States subsidy bonds, less repayments by the company and accre¬
tions to the United States sinking fund, is deducted. This income has been spent chiefly upon construction of branch lines,
permanent improvements to the property of the Union Pacific Railway Co. and new equipment, as is shown by the increase
The total net income

of

of the company from

$5,580,079 59 in the investment

accounts of the company

branch line companies for
aggregate increase of $6,818,794 24.

ment of advances to

accounts, an

all sources, including

(representing chiefly the cost of bonds and stock received in pay¬

construction), and of $1,238,714 65 in the new construction and equipment
[See balance sheet at end of this report on next page.]
FLOATING DEBT.

had $3,335,000 notes payable outstanding, which, with other liabilities, made
aggregate gross floating debt of $7,464,443 04, an increase of $1,749,309 22 as compared with the
on
31, 1886. The cash and cash resources of the company properly applicable to the reduction of the gross
exceeded that debt on December 31, 1887, by $401,689 11 compared with a similar surplus in cash resources on December
year.
1886, of $1,351,189 73. The balance of cash resources over liabilities therefore decreased $949,500 62 during
By reference to the statement of floating debt it will be observed that the resources of the company
payment of the debt include an item entitled “Bills and Accounts Receivable,” amounting on
955 62, an increase during the year of $732,728 29. The item as it is now constituted embraces the
:
the year the company

At the close of

similar debt

an

December
floating debt

31
the
applicable to the
December 31, 1837, to $6,273,following accounts

Notes

receivable

and Conductors and Freight in transit.
Railroad Companies outside of the System, and bills collectible
Railroad Companies within the System
Stone and Coal Departments

*.

Station Agents

:
.

$316,233 84
688,017 00
2,506,492 91
1,990,256 28
174,784 08

98,171 51
Total
$6,273,955 62
The balances due from railroad companies outside of the system, and on bills collectible, all of unquestioned value, have
increased during the year $387,550 78; and the balances due from railroad companies within the system, chiefly the Oregon
Short Line and the Omaha & Republican Valley, show an increase of $595,689 37.
The balances due from the Denver South
Park & Pacific are not included in this item. The balance due from the Stone and Coal Department is of questionable value,
and will have to be charged off. The other changes in the accounts as compared with 1886 are of comparative unimportance.
difference between the decrease in funded debt afloat ($1,788,472 60) and the decrease in cash resources over liabili¬
ties ($949,500 62), or $833,971 88, represents the actual improvement during the year in the condition of the aggregate funded

y# jy

Miscellaneous

Kfc.

The

and floating debt




of the company,

excluding the debt due the United

States.

April

FLOATING DEBT JUNE

80, 1884, AND DECEMBER, 31,

4Includes

-

June

Liabilities.
Bills payable!
Accounts payable

30, 1 881.

$7,205,533 14
2,542,423 57
1,969,996 52

Pay-rolls aud vouchers*-*
Dividends unpaid
Coupons unpaid 3

83,884 77

1,276,182 90
32,000 00

Called bonds

Dec. 31, 1884.

Dec. 31,

$6,209,842.95
5$6,900,177 95

floating debt

Cash and cash resources, baia’ce of
1

$1,502.40*9*21

96,000 00

24,641 02
1,172,769 24
22,000 00

45,166 25
89,775 00
74,000 00

$5,715,133 82

$7,464,443 04

69,807 27

90
00

1,263,017 90
50,000 00

1,262,544 24

$1,749,309 22

i

■

$47,338 12

3,909,799 50

5,491,227 33

6,273,955 62

782,728 29

$8,068,898 20 $6,949,605 25 $7,066,323 55 $7,866,132 15

$799,808 60

90
76
15
39

$725,887 15

•

of the company on which it

account Dec. 31,1880, is due principally to the
registration in 1885 of tax vouchers payable in the early months of the
succeeding year, and vouchers for material to be used in the construc¬
tion of the Omaha bridge aud extensions of branch lines.
3 Includes full amount of coupons due on following day.

........

|

-

$949,500 63

notes receivable

held by the company, advances to Utah
of steel rails, open accounts at Omaha

Central Railway Co. for purchase

against other railroad companies and individuals, aud advances to
branch lines on current account.
& The amount found due the United States by the Court of Claims, on
earnings of past years, $916,704 02, is not included at these respective
dates.

DECEMBER

COMPARATIVE BALANCE SHEETS

■

$401,689 11

$1,351.1*9 73

was borrowing money.
2 The increase in this

$30,257 81

1

5$3,237,696 53 $1,861,445 40

.....

This account covered the actual notes

2,490,337 01

71,878 02

*

Net

419,695 77

$853,796 02
738,380 51

2,913,419 00

Total

$3,335,000 00
125,659 68

$3,335,000 00

$294,036 09
3,992,746 22

Compared.
Decrease.

.

$806,457 90
768,638 32

32,000 00

Bills and accounts receivable

Increase.

2,313,918 60

$712,962
3,57h,159
159,110
3,618,665

$1,192,070 86
2,072,353 09

Company stocks and bonds
Sinking fund in hands of trustees^.

1887 and 18fe 6

31, 1886. Dec. 31, 1887.

77

$13,110,020 90 $11,306,594 73 $8,811,050 65 j
Cash

1834, 1835, 1886 AND 1887.

Dec.

1885.

30 $4,115,000 00
483,079 48
45
28 2,828,075 25

$5,708,769
2,478.649
1,691,004
78,648
1,328,522
21,000

Assets.

543

CHRONICLE.

THE

28, 1888. J

31, 1886, AND DECEMBER 31, 1887.
Year 1S87.

December

December 31, 1887.

Liabilities.

31,1886.

Increase.

$60,868,500 00

$60,868,500 00 Capital Stock.

Funded Debt.
Less Amounts held in the Kansas Pacific
idated Mortgage Trust

$88,768,277 50
6,799,150 00

$38,130,481 02
22,459,727 56

81,969,127 50
33,539,512 00 United States Six Per Cent Currency Ponds.
Interest on United States Bonds
Less Amounts repaid by the Company

6,799,150 00

$2,012,370 72
1,319,379 89

$40,142,851 74
23,779,107 45
16,363,744 29

Floating Debt
Lnterest accrued not

$40,312,538 66

3,550,986 93
587,670 00
3,470,740 82

$47,921,936 41

$7,609,397 75

3,640,230 25

552,265 51

Requirements as

compared with Accrued Interest on United
States Bonds, February 1,1880, to date

3,087,964 74

44,281,706 16 $7,057,132 24

37,224,573 92

$235,961,586 89 $5,930,627 04

$230,030,959 85
$155,068,291
2,399.325
3,173,842
642,229

Assets.

Cost of Road and Fixtures
Construction Expenditures

42
37
34
08

.

since Consolidation..

Equipment Expenditures since
Omaha Bridge Improvement

Consolidation...

$3,238 02
805,690 36
228,769 05

$155,071,529 44
3,205,015 73
3,402,611 39

201,017 22

843,246 30

$162,522,402 86 $1,238,714 65

$101,283,688 21
Investments:—
Bonds and Stocks of other Railroad Co’s —
Bonds and Stocks of Steamship, Coal and other

$32,911,775 95

Companies, and County Bonds

2,617,411 75

panies held in the Kansas

Pacific Consoli¬

dated Mortgage Trust
Miscellaneous Investments
Advances to Auxiliary Companies
Bonds and Stock

5,697,670 44

$6,785,474 81

$39,697,250 76

$73,501 00

2,543,910 75

and other Com¬

Bonds and Stocks of Railroad

3,217,250 00
755,749 93

$31,023 53

4.156,268 78
23,299,25u 64

$20,466,407 99
Funds.

Less Deficit of United States

$692,990 83

727,469 44

yet due.

Income Accounts:—
General Income
Income used for Sinking
Land and Trust Income

$16,915,421 06
3,568,598 78
19,828,518 82

$1,788,472 50

80,180,655 00
33,539,512 00

15,670,753 46

“■*758,492 97

$1,788,472 50

$86,979,805 00

Consol¬

Decrease.

payable in

3,217,250 00
751,098 02

4,651 91

4,570,428 13

1,127,242 31
50,779,937 66 $5,580,079 59

45,199,858 07

$949,500 62

401,689 11

1,351,189 73 Cash and Cash Resources, Balance of
Bonds and Funds held in Denver Extension
638,638 95
Sinking Fund
Sinking Fund for Benelit of Creditors of the
Kansas Pacific Ra1lway Co
68,847 87 Collateral Trust Sinking Funds
Balance in Hands of Trustee Union Pacific Sink¬
ing Fund Mortgage
-.
2.889,218 35 Fuel, Material and Stores on Hand
18,599,518 67 Land Contracts, Land Cash, etc

759,042 69

$120,403 74

56,372 04
67,117 44

56,372 04

796 22

796 22

1,632,104 82
19,742,124 05

*1,142,605* 38

1,730 43
1,257,113 53

$235,961,586 89 $5,930,627 04

$230,030,959 85

Railway Co. At the same time he asserts
change in the management and is disposed to co-op¬
erate with any parties who can render more efficient service to the Com¬
the Missouri Kansas & Texas

MISSOURI KANSAS & TEXAS RAILWAY.
OPEN LETTER OF THE COMMITTEE

OF SECURITY-HOLDERS.

New
To the Board

York, April 24th, 1888.

of Directors of the Missouri Pacific Bailway Company.

Gentlemen—A communication addressed to you by your

President

published in the New York papers of the 20th instant challenges an
analysis and criticism at our hands, a committee of the security-holders
of the Missouri Kansas & Texas Railway Company, inasmuch as it im¬
and

plies a stricture upon our motives and casts imputations upon the prop¬
erty widen we are endeavoring to protect.
Your President, Mr. Gould, who is also President of the Missouri Kan¬
sas & Texas Railway Company, refers to the fact that for eight years he
has without a dollar of salary given his time and attention to the affairs
of “that company.” This phrase leaves it somewhat in doubt whether
it is the Missouri Kansas & Texas or the Missouri Pacific to which he
has devoted his constant attention, but we will assume that he means




that he welcomes a

than he and his associates have been able to do.
the present that he is sincere in the statement
that he has rendered efficient service to both corporations. But inas¬
much as the relation between the lessor and the lessee Company, if not
necessarily one of antagonism, is, to say the least of it, one in which
conflicting interests may very naturally arise, it seems to us that tha
question of the efficiency of that service should not be left wholly to tha
judgment either of an executive officer or of a board of direction which
represents primarily the interest only of the lessee Company. In tha
face of the fact that notwithstanding the “efficient” services of your and
for the present “our” President, the securities of the Missouri Kansas
Texas Railway Company have suffered a decline within the past two
years—as to the first of the present mortgages from 116 to 90; of tha
consolidated 6 per cent mortgage, from par to 60; of the con¬
solidated 5 per cent mortgages from 87 to 51, and of the stock from
pany

"We shall also assume for

THE CHRONICLE.

544
:39 to 11- it is not unnatural that

business running into the fertile lands of Texas from the North and East
and Northwest over its lines, and which has not fallen off.
Your President, therefore, well informed as he usually is upon all sub¬

the security-holders of the lessor Com¬

pany should feel some misgivings as to the safety of the interests
are thus wholly intrusted, not only as to the physical possession

which
of tho

jects concerning railway management anddhe causes that influence rail¬
way earnings, must, partly perhaps by reason of his long absence from
the country", have been seriously misled as to the first cause to which lm
attributes the diminished earnings of thejjMissouri Kansas & Texas Rail¬
way Company.
The second cause upon which he assumes to account for this extraor¬
dinary- condition of affairs Is the construction of three now lines of rail¬
Two of these lines have, however, been constructed
road into Texas.
for such a period of time that they are not properly to be regarded as ar

property, but also as to direction of the linancial affairs of tne Company,
Tto the officers appointed by a preponderating interest in the stock and
tionds of the lessee Company.

during the same period of time there has been a consul"
company—the Missouri Pacific—
!)£$ it is material not to overlook the fact that no corresponding decline
the mortgage securities of the Missouri Pacific Railway Company has
taken place during the same interval, and it is significant to note that
the larger decline of the stock of the Missouri Pacific Railway Company
commenced only when concerted action on tne part of the Missouri
Kansas & Texas Railway Company stockholders was imminent by
reason of their evident restlessness as to the safety of their own posses¬
It is true that

crabLe decline in the stock of the lessee

new cause

so

Gould, states that since Decembor, 1880, there
lias been expended about $2,500,000 for laying the Missouri Kansas &
Texas track with new steel rails. So large an expenditure for better¬
ment of permanent way should have reduced materially the cost of
maintenance and operation, and yet wo are confronted with the fact
that the operating expenses, according to the report, have increased
J&mi 58 per cent in 188G to 72 per cent in 1887.
We are at a loss to understand what your President may mean by his
statements that “The board of directors of the Missouri Kansas & Texas
Railway Company during these years has been in harmony with that
**
of tho Missouri Pacific Company,” and that “ the latter company has
irduring periods of light earnings made advances necessary to meet
u
current expenses, 'relying upon future earnings for reimbursement.’
"We have before us the official statements of the Missouri Pacific Railway
'Company for the last few years, from which it appears that the Missouri
Pacific Railway Company has been constantly in debt to tho Missouri
Kansas & Texas Railway Company, and there is no indication of the
existence at any time of any such “ light earnings ” of the Missouri
Kansas & Texas property as would require any such generous advances
as your President seems to indicate.
Tho harmony of interest between
the two companies referred to by your President is perhaps sufficiently
accounted for by printing in parallel columns the names of the New
York members of the present board of directors of the Missouri Pacific
Company and the present board of directors of the Missouri, Kansas <fe
“

Texas Company.

In

a

statement under oath, made

Of the Missouri Pacific
Railway Company.
Jay Gould,
Sidney Dillon,
II. G. Marquand,
Samuel Sloan,
George J. Gould,
Russell Sage,
A. L. Hopkins,
George J. Forrest,
Thomas T. Eckert,
F. L. Ames,
S. H. II. Clark.

by Mr. Henson. Secretary of both

this condition of tho accounts would not be reversed by an increase

o

operating expenses, when both prices of labor and the result of such
permanent improvement should have reduced operating expenses from
<3 per cent to 10 per cent at least.
It is claimed by your President that there had been an advance made
by the Missouri Pacific Railway Company of about $800,000, not cov¬
ered by earnings, in addition to the absorption of a million or more of
dollars of indebtedness of the Missouri Pacific Railway Company" to the
Missouri Kansas A-Texas Railway Company which existed in December,
1880, and that at the present moment there is a large debit account
against the Missouri Kansas «fc Texas Railway" Company. Such a change
in the relations of the two companies, if it ho a fact, sufficiently justified
inquiry if not alarm on the part of those primarily interested intlie Mis¬
souri Kansas & Texas securities ; and, accordingly, the committee repre¬
senting such security-holders instituted an inquiry in February and

Mjtmli of this year of the responsible-officers of the Missouri Pacific Rail¬
way Company, and were informed that at the beginning of the year 1888
there was no fioating debt of the Missouri Kansas & Texas" RailwayCompany.
’
This extraordinary condition of affairs for the first time officially revealed
and given to the public press in the recent open letter of your President,
.

after repeated assurances that an exactly contrary condition of accounts
existed, is, attempted to be justified upon three distinct grounds, which
are set forth seriatim in Mr. Gould’s letter.
The first ground alleged is the entire failure of the corn crop on the line
of the railway in Missouri and Kansas.
The ofiieial statements of the
Agricultural Department of the United States Government with reference
to the corn crop in that licit for last year shows, however, that the shrink¬
age in that crop amounted to less than 2d per cent as compared with the
preceding season. Bo that, however, as it mn, whatever cause of this
character operated as against the Missouri Kansas & Texas Railway Compauy was equally operative as
pany. It is inconceivable that

against the Missouri Pacific Railway Com¬
iii the case of the company the security¬
holders of which we lepresent, this failure of crop should have resulted in
the transmutation of a condition of prosperity into one of indebtedness,
aq<l on tlie other hand in the case of the other company*, lessees, in the
simple diminution of a dividend from 7 to 0 per cent. And there is the
greater force in this suggestion in view of the fact that, as to the main

principal[cause of the altered condition of circumstances—thatis the
crop—the Missouri Pacific Railway Company is

more

largely dependent on that crop for the volume of its freight traffic than

Missouri Kansas A- Texas Railwav Companv, which derives its
principal revenue from moving the cotton crop of the South, and its
prosperity is largely due to the enormous passenger and immigration
tbe




associate, Mr. Russell Sage, the charge that
own corporation to the wall by a

driving his

The undersigned are anxious to draw the attention of your
the fact that since the lessee company took the Missouri Kansas

certain large expenditures made for the betterment and permanent lm"
provemcnts of the Missouri Kansas & Texas Road had been incurred^

corn

bondholders, which—as he puts it—almost drove tlrtWorporation “to the
wall.” A word of explanation in relation to tire matter is here in place.
The income bonds, together with the scrip representing past due coupons,
were claimed by the creditors to be continuing obligations of the Com¬
pany, which the lessee Company refused to recognize or pay". But at the
same time, by its own peculiar method of bookkeeping, the Missouri
Pacific has, nevertheless, annually charged against the Missouri Kansas
& Texas Railway Company upon the debit side of the account, the 6 per
cent interest upon the income bonds which they had failed to pay, and
that item of charge accordingly appears regularly upon the accounts of
the Company precisely’ as though it had actually been paid.
The total amount of the outstanding scrip at the time of the adjust¬
ment was $2,800,000.
This scrip had been issued at various times com- '
mencing with 1876 and subsequently, and including accrued interest
amounted to a total claimed liability of the company to the scrip hold¬
ers of nearly $4,000,000.
By the terms of the settlement made with
the clients of Mr. Anderson this entire obligation was discharged by the
payment of 60 per cent of the face thereof in 5 per cent consolidated
bonds of tho Missouri Kansas & Texas Railway Co.; of 40 per cent
in bonds of the Galveston Houston &. Henderson Railroad Company,
and by-the payment of the sum of $214,000 in cash. This settlement,
resulted in a saving to the company- as compared with the debit entered
agsinst it by the Missouri Pacific Company, of upwards of a million of
dollars on its obligations, and a reduction of the annual burden of the in¬
terest upon the reduced amount from 6 to 5 per cent. The settlement
thus effected an actual discharge of upwards of $4,000,000 of obliga¬
tions by a payment of $2,800,000 in bonds and $214,000 in casb.
It is also proper at this point to refer to a fact which is notorious, that
the largest holder of these income bonds and securities was Mr. Russell
Sage, a director and member of the Executive Committee of the Mis¬
souri Kansas & Texas Railway- Co. and of the Missouri Pacific Railway

hard and unconscionable settlement with it.

ing only in amount and that amount favorable to the Missouri Kansas
&. Texas Railway Company, had existed, and that, notwithstanding

failure of the

The third cause -which your President assigns for the changed financial
condition of the Missouri Kansas & Texas Railway, as compared with itis
condition as swoni to by his own Secretary in December, 1886, is the des¬
perate attack led by Mr. E. Ellery Anderson on behalf of the income

make against his long-time
he became instrumental in

reliance upon the statement made by Mr. Henson which revealed thia
condition after a period of years) that theretofore a like condition, differ¬

or

thoroughly equipped and so efficient as the Missouri Kansas & Texas

Company-, and, therefore, the largest recipient of the benefits of the set¬
It must in fairness, therefore, be assumed that this so-called
tlement.
“driving to the wall” was the indulgence by your President, in a mero
figure of speech, inasmuch as it is s’ arccly conceivable that he would

companies, in the Barry suit in December, 1880, he conceded that the
Missouri Pacific Railway Company" was then indebted to the Missouri
Kansas «fc Texas Railway Company in the sum of about a million o
dollars.
JIad not the security holders of the Missouri Kansas & Texas
Railway Company under those circumstances a right to assume (in

1

influence to account for the difference of condition bo-

Railway.

Your President, Mr.

Jay Gould,
8ii>ni;y Billon;
William Dowd,
Samuel Sloan,
George J. Gould,
Russell Sage,
A. I>. IIOl’KINP,
George .1. Forrest,
Thomas T. Eckert,
F. L. Ames,
s. II. II. Clark,
R. M. Gall a way.

or

tween the 1st of January, 1887, and March, 1888. Only one of the lines
to which your President refers lias by new construction made any inroad
into the business of the company within the past thirteen months, and
under all the circumstances it is not conceivable that any of the new-lines
have caused a serious diversion of the well-established business of a lino

sions.

Of the Missouri Kansas <£• Texas
Railway Company.

[Voi. XLVL

board to

& Texas
Railway property into its possession in 1881, there has been under tho
direction of the Missouri Pacific new road constructed and charged to
the Missouri Kansas & Texas Railway- Co. of upwards of 600 miles, repr< seated by an issue of $1.8,000,000 in bonds and $25,100,000 in stock.
The Missouri Kansas & Texas Railway Co. cannot lie in the pitiable
plight in which your President sees fit to represent it, in tho face of the
circulars which have been issued by the management from time to time

when these amounts of bonds and stock were offered for sale.
That the committee representing the stock and bond holders should be
anxious to know whether this enormous addition to its capital account
has been properly expended, and whether there was any justification
for such expeenditure is, it is submitted, a proper inquiry for them t<V
make at this time.
In conclusion we desire to state to your board thafyour President is
misinformed in referring to us as a syndicate. We conibinedly represent

European and American holders of securities of the Missouri Kansas &

Texas Co. who are desirous, in tho best of faith, to
of the property they represent and to institute an

management of that property and

promote the interests
inquiry as to the past

as to the expediency of such charges

in that management as their constituents may require; and above all to
insist that this property shall ho controlled by a board of directors truly

representing its own security-holders and not by tho Tepresentatives or
nominees of the lessee company, so that conflicts of interest may be

fairly dealt with by tho several constituencies of the companies, lessee

We insist that it is the right and to the interest of the stock
and security holders of the Missouri Kansas <fc Texas Railway Co. to
have a proper representation upon their own board uncontaminated with,
an adverse interest, and that they have such access to books, papers
and information as will enable them to make a thorough investigation
of the affairs of the corporation without appearing at every moment in
an adverse position
or being compelled to resort to expensive and
tedious litigations to assert their rights. And the committee very
respectfully suggest that no one will be more pleased than they to learn
and lessor.

(if such be the tact) that the conduct of the Missouri Pacific

Railway

Co. under tho present management towards the stock and security hold¬
ers of (lie Missouri Knnsas «fc Texas Railway Co. has been scrupulously
honest and high-minded; and tiie.committee ytill, moreover, cheerfully
make such public acknowledgment at the conclusion of their investiga¬
as will do tho amplest just ice to all
venture to suggest that no one in interest

tions,

parties in interest. Wc also
should be more anxious or
investigation and for such a certificate of proper
dealing as is here proposed than the President and directors of the Mis¬
souri Pacific Co. who ha- pen at the same time to be the President and
directors of the Missouri Kansas <fc Texas Railway Co.
Mr. Gould in his letter to you draws attention" to the fact that before
the books of the Missouri Kansas & Texas Railway Company closed,
certain transfers were made to gentlemen who wi re mentioned as nomi¬
nees fertile board of direction of the Missouri Kansas & Texas Railway
Company, showing that ten shares each were respectively transferred tc».
some of the different persons whose names appear on that list.
Tho
insinuation thereby intended as to the small holdings of these gentlemen
comes, wc suggest, with little grace from Mr. Gould, inasmuch as it
appears by the stock list that his son George J. Gould, a Vice President
anu director of the Missouri Kansas & Texas Railroad Company holds
but nine shares; 8. H. II. Clark, 1st Vice-President and General Manager,
holds but fifteen shares; A. L. Hopkins, Vice President and member of
zealous for such

an

the Executive Committee holds but five shares; Thomas T. Eckert,
another of the present directors holds hro shares; Mr. R. Mi Gallawayj'
another present director, holds ton shares, and Mr. Sidney Dillon, still.
another of the directors, holds also the vast amount of two shares of the
Missouri Kansas <fc Texas Railway Company’s stock.
At all events the proposed new directors, however slight their record •:
holdings, have no preponderating interests injthe Missouri Pacific Rail¬
way Company, which might affect their action towards the trust expected
to be confided 4d their charge. Respectfully, \V. L. Bull, W. Mortens,
W. E. Strong, J. de Neufville, R. V. Martinson, Committee of the Mis¬
souri Kansas & Texas Railway Company security holders.

April 28,

545

THE CHRONICLE.

1888.]

Jgfcje ©0mtttjerjcial ^iracs.
COMMERCIAL EPITOME.
Friday Night,

April 27, 1888.

The occurrences affecting trade and commerce during the
past week have been quite unimportant. The debate in Con
gres3 over tfce new tariff bill drags its slow length aloDg.and the

COTTON.
Friday, P. M., April 27, 1888.
The Movement of the Crop, as indicated by our telegrams
from the South to-night, is given below.
For the week ending
this evening (Apr. 27), the total receipts have reached 80,641

bales, against 27,980 bales last week, 28,604 bales the previous
week and 39,563 bales three weeks since, making the total
receipts since the 1st of September, 1887, 5,220,723 bales, against
5,122,154 bales for the same period of 1886-7, showing an in1

i-

Receipts at—
political intelligence frcm Europe is without decided feature.
Even in labor troubles there is nothing to call for special Galveat
reference. The temperature early in the week was quite low;
indicia Ac
damage being reported to fruits by frosts. The close, how- tfew Orleans.
ever, is much warmer.
Money is easy, but trade and specula- Mobile
tion alike feel the absence of stimulating influences.
Florida
Lard on the spot was firmer and fairly active early in the
&c
week, but declined yesterday and was again lower to day? charleston *
closing dull at 7*85c. for prime city, 8’25@8 30c. for prime to
Port Royal,Ac
Wilmington....
choice Western, 8*10c. for refined to the Continent and 9c. for
Wasli’gton, Ac
refined to South America. The speculation in lard for future Norfolk
WestPoint,Ac
delivery opened the week quite buoyant, but has latterly de¬
New
York
clined smartly, under sales to realize, and again fell off to-day,
PRICES OF LARD FUTURES.

Saturday. Monday Tuesday.
..

..

..

..

..

Oct. delivery..

..

[ Fri.

Wed.

TU€8.

8-29
8 33
8-37
8-40
8-40
8-40

8-31
8-33
8-35
8-37
8-39
8-39

555

54

25

206

1,721

807

4,684

1,180

1,19?

2,090

205

155

24

21

47

48

8-21

8-16

8-22
8-25
8-28
8-30
8-30

8-17

8-19
8-22
8-^6
8-26

8-10
8-10
8 12
845
8-17
8 20

555

844

1,015

262

1481

315

345

:53

5S5

291

13

and hams, 11@ 1134c.;
smoked shoulders, 834c., and hams, 12@1234c* Beef is nomi¬
nal at $7@ $7 50 for extra mess and $8 for packet perbbl.;
India mess quoted $11 50@$13 per tierce; beef hams dull at
$15-75@$16 per bbl. Tallow steady at
5c. Stearine is
dearer at 9?s@934c. and oleomargarine is quiet at 7@734c.
bellies, 73g@7%c.; shoulders,

demand and firmer at 22@ 2734c.

for cream¬

11,674

G79

916

•437

1,099

744

4,005

198

198

411

2,189

20

20

2

43

2

2

424

4,633

507

370

357

876

1,545

2,742

111

101

2G0

250

1,484

2S0

1,079

716

716

18

80

6,978

30,611

157

60

3,636

500
14

1,504

321

160

14

15

7,486)

3,867

3,599

5,073

For comparison we give the following table showing the week’s
total receipts, the total since September 1, 1887, and the stock

to-niglit, compared with last

year.
1886-87.

1887-88.

Pork is firm, but the close is dull; mess, $14 50@ $15 50 for old
and new; extra prime, $12 50@$12 75; clear, $16 50@$18. Cut.
meats are firmer and have been active, but close dull; pickled

Butter is in active

Totals this week

1,262

*

Philadelphia, Ac

Wednsd’y. Thursday. Friday

8-25
8-27
8 29
8-31
8-34
8'34

Total.

26

Baltimore

DAILY CLOSING

May delivery
June delivery
July delivery
August delivery...
Sept, delivery

•

— — -

r.

S96

Boston

closing unsettled.

-4

Mon.

Sat.

8^^s^»k

'

*«

[ crease since September 1, 1887Vof 98.571 bales,
Thurs.

Receipts to
Apr. 27.

This

Srp
1, 1887.

Week.

Galveston

This

Since

|

182

643,931

1,262

New Orleans.
Mobile

Florida

....

Bavannali

.

Brunsw.,Ac
Charleston

..

Ac
Wilmington

20

15.283

43

166,791

1888.

j 704,555

7,923 1,697,922
106
211,434
13
23,014
2,090
788,005
14
31,367
559
362,47.*
150
17,783
63
133,902
S
3,766

11,674 1,676,179
500
201,933
14
23,365
839,234
4,005
198
73,818
400,338
2,189

P. Royal,

Sep.
1, 1886.

Week.

Inu’nola,&c

Stock.

Since

!

1887.

8,284

12,329

184,604
16,628

139,495
2,963

20,319

5,767

10,250

3,539

20

3,306

2,279

Cheese is unsettled; old State factory quoted at 10@
2
4,919
Wash’t’n,Ac
903
Norfolk
1224c.; new do., 9@ 1134c., and new skims, 3@5c.
452,801
4,633
15,623
9,872
j 525,657
86
Coffee on the spot has been much more active. Yesterday
2,742
491,610
322,152
1,275
w Point Ac
87,724
683
1,484
93,588
224,236
217,067
there were sabs of Padang, March shipme nt, at 1624c., and New York....
478
76,‘<79
1,079
99,132
11,000
5,0500
Government Java to arrive at 14JsC.,c. and f.; and a full busi- Boston...
716
25
40,749
58,831
18,021
5,415
ness was done in R o at 12%@ 1334c. for No. 7, the inside price
Baltimore
80
25,071
1,768
PhiTdeTa, Ac
48,568
18,907
21,*72
on store terms.
The speculation} in Rio options has baen
Totals
30,641 5,220,725 15,14l! 5,122, <54
532,473 423,?97
fitful, tut at generally bitter prices, closing^ to-day barely
In order that comparison may be made with other
years, we
steady, with sellers as follows :
give below the totals at leading ports for six seasons.
1887.
1886.
1885.
Receipts at— f 1888.
May
ll'65o. I September
10-15c. I January
[ 1884. I 3 883.
June
,.ll*30o. I October...
10*15c. I February
182
827
Galveat’n, Ac
1,262
3,170
1,358
July
10-70o. I November
10-15c. I March.. .
9,699
.August
10 35c. I December
10-15c. J
New Orleans.
11,674
7,923
9,874
4,032
3,471
12,600
.

ery.

, — -

-

,

_

— «• v j t-

—

«

’

.....

.....

Mobile

nominal at

4%@4 13 16c. for fair

refining Cuba end 5 7-16@

534c. for centrifugal, 96 deg. test. Refined sugars are ah
Molasses fell back to 20c. for 50 deg. tett,
causing a revival of trade. The tea sale on Wednesday went
off at steady prices, Formosa OoloDga doing a little better; yes¬
terday 16,500 half-cheets Oolongs sold at private sale. Sicily
fruita have sold freely at auction, at prices covering a wide
fraction lower.

range.

fe-Kentucky tobacco has been quieter, and sales for’the week
are only 350 hhds. at unchanged prices.
Seedleaf continues
in fair demand, and sales for the week are 1,550 cases, as fol

9^@14c.; 200 cases
1886 crop, do. Havana seed, 10(318c.; 150 cases 1886 crop
State Havana, 10@20c.; 150 case3 1886 crop Wisconsin Ha¬
vana, 5@llc.; 150 cases 1886 crop, New England Havana, 11 @
28c., and 200 cases sundries, 5@30c.; 500 bales Havana, 60c.@
$1 10 and 350 bales Sumatra, $1 38<ai 85.
Spirits turpentine declined to 38c., but was more active to
day at 3834c. Rosins are quiet $1 1734^$1 22*4 for common to
good strained. Crude petroleum certificates have been unsettle4 but less depressed, closing to-day at 85^@85^c.
On the Metal Exchange there has been a sharp decline in
Sjltiftits tin, which closed to-day at 2234c. for July. Ingot cop¬
per has been unsettled, selling to-day on the spot at 16-70c.,
jyitb a forced ssile of 100,000 lbs. Ocford at 1534c. for April.
Domestic I|Er4 is down to 4^c. ar*d spelter 424c. The iron
markets are still depressed; foreign Bessemer pig about $19 50,
lows

:

700

duty paid.




cases

^

1886 crop, Pennsylvania,

:

lOt

500

Savannah

770

178

6*3

1,252

4,005

2,090

7,143

Charlest’n.Ac
Wllm'gt’n, Ac

2,209’

709

4,464

45

66

811

83

86

634

Norfolk
W’t Point, Ac

4,633
2,742

998

3,571

2,981

1,°43
1,076
3,"98

939

All others....

6,367
2,543
5,167

11,016

7,7l»9
2,399
7,509

Tot. this week

30,641

15,141

14,"4r

20,053

48,761

...

86

40,30.

3,14
360

1,123

3,646

1,303

3)223

84

Since Sept. 1 5220,725 5122,154 5039,19 4' 68,922 4713,-19 56M),t70
Galveston Includes Indianola; Charleston includes Port Roya], Ac.;

Wilmington includes Moreli’d City, Ac.; West Point includes City Point, Ac.
Thft

ovnnrtD

~—

,1:

*

*

tOtal
,

Continent.

.

the exports for the week and sipce September

2,077

Below

are

1, 1887.

TFire/c Ending Apr. 27.
Great

from—
Galveston

Exported

Exported to—

Exports

1

f Conti-

Total

nent.

Wuk.

12,674

46, *76

BriVn. France 1
....

New Orleans..

21,302

12,£00

Mobile

Florida

Great

to—

Conti-

|

Britain France

nent.

1

226,886 | 4.024
652,590 277,223
62,188
3,440
18:,3C2 12,480
70,63? 25,839
75,780
6,395
221,903
218,748
474,145 32,2 S6

81.9 3

......

....

Wilmington

......

T
«

••••••

..

1

Norfolk........
West

Point,Ac

New York

Boston
Baltimore

....

Philadelp’a’&c
Total...
Tnt*l
*

4,000

4,0.0

....

..

1,799
21.587
7,608
1,577
1,170

55,843

1

877

5,203

•••••«

j,?eo

27,169
7,008
8.220
1,970

1,643
••

12,677j 24,122
as*

Includes exports from

15 4S3

175,704
97,133

312,883

290,951 1,320,764

*

Savannah*
Charleston....

Total.

2,4i 5

45,918

62,ls8
3,416
410,230
278,t 32

240,798
182.150
89,722

121,903

4,U9(

226,042

1,109

21P.S57

192,300*
2,40 3*

698,771
178,167

35,125

131,0*3

4,S10|

E0.72S

92,642 2,512,7GC 310,632

1,175,1461 4,04 8,574

a*

t

Brunswick

SSI Q !V7 570 *69 195

10-> 06W‘ 4 ISfM 34

teA

’

CHRONICLE.

THE

54H

®
a

Great
Britain.

New Orleans....
Mobile
Charleston
Savannah

'France
±
ranee.

None.
None.
None.
None.
None.

None, i
None. '
None, j
None. :
None. '
200!
None, i

8,000

3,112

|

Coatsl-

None.
None.

None.

&

23,526

9,050

1.100
None

19,219

•

n»

•

—4

.

So

i

:

p :

|

33

1

•

® •

■

43,029

a

®
5

W

S- ’-icS

15

© O

•

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'-71
: g:
! £ I

r3

cHEc
® ® ®

9*

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3

c

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ao -

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:

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p ,

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p:

p :

i

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03

j--p
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•

to

a- •

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03

.

to

p

CO

k

b*

to

.

e

;

»3

.

.

® •

® •

® •

K>

speculation in cotton for future delivery at this market
was quite dull for the week under review.
Neither bulls nor
beais Bteintd to have the courage to act.
The character of
the foreign advic* s generally, the full movement of the cur¬
rent crop ar cl the l/e;ter planting weather have favored the
lean-; but the large export movement, (ffecting a rapid re¬
duction in sto< ks, has given the bulls a slight advantage in
the turn cf values. Li quidation is going on at the South with
some Urgency, but it is also evident that Europe wants cotton,
and though taking only after a liand-to-mouth fashion, sh'pmcnts promise to be well sustained for the remainder of the
current ciop.
On Wednesday the hulls showed more confi¬
dence ihan fcr some time past. YTesterdSy a buoyant op ning
was fellowtd by deprtesion, under the full issue of thurt no¬
tices for May delivery, which were thrown upon the market,
and subsequently by purchases for arrival to be exported.
To-day the market was depressed by unfavorable fortign ad¬
vices.
Cotton on the spot met with a fair demand for export
and home consumption, and on Wednesday some speculation
was uported.
Yesterday quotations were advam ed 1-lGc.
To-day the market was quieter but steady at 9 13 16c. for
middling uj lands.
The total sales for forward delivery for the week are 2C9,200
bales. For immediate delivery the total sales foot up this week
4,404 bales, including 2 344 for export, 1.660 for consumption,
400 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. 21 to Apr. 27.

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Gaod Ordinary
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Law Middling
Brrict Low Middling

7

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STAINED.

$ lb.

Good Ordinary
Btrict Good Ordinary

91,G
97,6
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10*8

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Moil Tiles Wed

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days.
FUTCRKS.

SALES OF Sl'OT AND TRANSIV.

SPOT MAKKET
CLOSED.

Ex¬

Con-

port.

sump

93
49-:
5 0

Steady
Bat
Steady
Mon
Tues. Steady
..

.

750
419

i,6adv..

Thurs Finn @

FW...
Total.

•

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l

•

•

t

•

•

•

•

•

•

•

•

•

217
1. 4
:-5i
275
430
157

2,344 1,600

j Specut' t'n

Tran¬
sit.

Sales.

■!

4 ,700

340
....

....

....

400

09
931

11 000
b

....

—

previous to that on

-

00

k

The Salks and Prices of




Futures are shown

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September-March, for March, 3,112,100.

Transferable

Orders-Saturday, 9-05c.: Monday, 9 70 ».; Tuesday#
9*55o.; Wednesday, U*73o.; Thursday, y-70j.; Friday, 0 70c,

25

....
•

....

above are actually delivered the day
they are reported.

Ollowing comprehensive table:

c. ©

1

w

C O’

ruary, l,5bl,7cO;

The

given

which

^

O' -1

H

following exchanges have been made during the week:

pL toc^cli 1,800 May for Aug.
i»d. tojoccli. 5 n Sept, for Aug.

*32 pit. (**ex»-n. loc Nov. i<h May.
•5s pd. to exert 40 > Nov. for Aug.
•02 pd. to e > < h. 100 M y for Sept.
Oo pd to exch -00 June tor July,

pd. to e eh. 1,< 00 May for Aug.
•27 pd to ex. h. 200 A; r,l for Aug,
*11 pn.toexcii. 7t>o May fot June.
•20 pd to evch. 1-00 May for July.
•v.2 pd. to exch. 1,300 Oct. f< r May.
*03 pd to exch. 100 May f r Sep,.
v'

The dally deliveries

w w

•i

M

&Q

mm.

1.19A105, 00
570 43,200

4,404:289.200

f

®

I

t*

© al

'

®

►1

1 & m;

-4

j

A

•Inomues Hales In September. 1SS7, lor Hepten»u**r. 2SR,200; September-Oetober, for October, 570,200; September-Novemlter, for No*
venaber, 4Ml.t»00; Septeinber-December, for December, 1,027,400; September-Jttuuary, for January, 2,250 6 iO; -eptemtier-February, for Feb*

2.000

07>j 54,400

400
....

Delity
er-ies.

j

Total,

I 1;

A

cr cr;

tc to

Oi

I

-

©, -©

© ©

•“1

to

:
0

a

w w

o'w

n

The total sales and future deliveries each day during the
week are indicated in the following statement. For the con¬
venience of the reader we also add a column which shows at a

•<

oil

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A

®

Q®

©

:

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P W

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aa

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glance how the market closed on same

C

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MARKET AND SALES.

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© A

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1078
1112

015,6

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938

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915,6 915,6
103IG 10316

61 ® 16

938

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1

0

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71*16

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X

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1038
10%
11 ■%

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8916

Middling

or

©

85s
^8
912
934

012
197ig 10~1G 10716 1 0 ‘, 6
101»ig 101S1R 10131g 1013lfi 1078
ll7lfl IJ’ho ll'io H71« 11 *2

Fair

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7»8

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v

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9la16

10>i6 1*10 10’iG 105,6 1038
10n1(; ionlrt 1011,, 1011,0 1034
U5i« 1 l5m 115,6 1138

Middling Fair

A

93q

933
9®8

934
10

10

©©5© ©©l^©

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■9

a t-

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12

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_

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du

CD

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10

©

I

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©

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©

6

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1;

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g &

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^©®
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-

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I S5)

:

i a)

© to

©

—

©

£w

L>

£ «i

Cid-

©

©
w

01.

w

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c

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S' y*«

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The

p

©

pT. O’ M

^

c ©

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c

3 9,193
0! 1,201

w »-*

©°

©

478,797

3/ 30 : 24,404
13,224 j 101,197

Sat. Mon. Tues Wed

p

©r

•

u

2-® ® co

©

ti u©

to

UPLANDS.

t-

i

r

11,123
210.380

53,G76

7,740

Zm

p. -t-

•

i

®

r* 't
_
©
CV,

Cf3
St M

®

tc o

P a
.

2.E®

o

c ® ®

■

ow

Cl

12,504

p.»—•
to

8,2 s 4

4.500
13.850
9.500

4,500

1,500

©

10,028

None
None.

:

•

K)

CC

1,200

5,150

^

C

ss

•

•

101,078

None.

None.
None.

VO

.

pc* p<r

1,200
1,100
Noil'*

c2.eS
® ® ao

*7*
" *

Stock.

None.
.

Cvjtxc

©

940

None. !
0.804
14,190 i 15,820

13.010
57,951

P

® a

Total.

U'i8C.

5,914

1

3<\‘270

Total 1887
Total 1880

|

2,902

8,M)0

Total 1888

1lForci{JU
0lher

Oboes'
®

©®

® ®

Shipboard, not cleared—for

13.770

Galveston
Norfolk
New York
Other ports

ST

IS
Leaving

Apr. 27, AT—

One Op 3.

3.S

& Lambert, 24 Beaver Street.
On

iX,

kp
< g.
® s?

telegrams to-night also give
Ufl the following amounts of cotton on shipboard, not cleared,
at the ports named. "We add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale
In addition to above exports, our

[Vol, xlvi,

by the

•11

pd. to exch. 1,100 May for J tuie.

*18 pd. to exch. l,cod.Tune for Aug.
"21 pd. to exch. 00 May for Aug.
*30 pd. to exch 100 May for Aug.
*08 pd, to e cli. loo Julv for Aug.
-12 pd. to exch. 200 May for June.
*13 pd to exch. 200 May for June.
•Jl pd to exch. 1,500 May ror Aug.
•23 pd. to oxch. 500 May for July.
30 pd. to exi-ii loO May for Aug.
•12 pd. to exch. 200 May s.n. 1st for
Juue.

•29 pd. to exch. 200 May for Aug.
•28 pd. to exch. 2,000 May for Aug.

The above totals show that the old interior stocks have
decreased during the week 10,431 bales and are to-night 110,053
bales more than at the same period last year.
The receipts at

to-niglit, as made up by cable
Continental stocks, as well as
those for Great Britain and the afloat are this week's returns
and consequently all the European figures are brought dowt
to Thursday evening.
But to make the totals the comnlete
figures for to-night (Apr. 27), we add the item of exports from
■the United States, including in it the exports of Friday only.
1885.
The Visible Supply of Cotton
and telegraph, is as follows. The

651.000 1,055,000
5,500
4,000
49,000
44,400
48,000
28,000

849,000 1,030,000
4,600'
3,000

Total Great Britain stock.
Stock at Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Rotterdam
Stock at Antwerp...
Stock at Havre
Stock at Marseilles
Stock at Barcelona

51,700
30,000

44,900

18,000
4 00
700

184,000
3,000

66,000
6,000
7,000

Stock at Genoa
Stock at Trieste

300

400

1,400
26 2,000
2,000
56,000
6,000
12,000

1,600
15

15,000
3,000

India cot ton afloat tor Europe.
Arner. cott’n afloat for Eur’pe.

Egypt, Brazi i,<fce.,atit for E’r’pe
Stock in United States ports..
i

Stock in U. S. interior towns..
United States exports to-day.

197,000
239,000
54,000

303,000

532,473
188,775

423,597

195,000
50,000

712,398
222,7 \ l
11,215

78,722
11,779

13,2u3

American—

bales 608,000

215,000

Continental stocks

239,000
532,473
184,775
13,203

Europe...

American afloat for

United States stock
United States interior stocks..
United States exports to-day..

•

260,000
302,000

220,000

Liverpool stock

2 > ,000
118,i >00
197,000
51,000

London stock

Continental stocks
ludia afloat for Europe..

Egypt, Brazil, &c., afloat

610,000

Total East India, &o
Total American

9b

9°i«

94

94

9»ia

99!6

93,o

97io
95w
9*io
9*16

9b

9b

911,6

97s

94

97b

94

91;hc
lOllG

91316
104o

91316
101,6

9131G
101,6

9;<s

94
94

94
94

94
94

94
94
94

94
94
94

*’7I6

97ic

97is

94
94

94
94

94
94

...

9'%
9^
9%
95g

....

from

Plantations.

the

Ending—
Mar. 2.5
“

80

6

Apr.
“

13

“

217,000

17 ,000

20

“

23,000

12,000

£3gT“The imports into
60,000 bales.

Continental ports this week have been

....

27

20,008
36,366

10,230
3,437
18,360

30,470

41,302
06, 05

88,380 358.3 2 173,846 276,060
31,115! 33,806 385,663 143,168 202,737
2 1.808; 30/ 03 310,744 132,220 249,536
110,016 235.765
21.627 2^.504

43 060

14,222

27,080 271,336 107,106 217,276

40.303

15.111

10,486
ll.< 86

64,828
50,< 05

46.208

j

1886.

18SS.

1887.

IOHjoC^

detail in the following

J2.95,810

30.6)1 212 113

06.081 100.870

►-mmw

©

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© © © -O X -4 -4

to

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w

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to
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X

f— fr»©04-ii;wt0©'—‘X© —

©

to to X /f* -* © to © © © -J O' Xf tO©M©-l
M © — © 0 ©
1©
© © © © X © to © ©- J
©0't0©r-11—1 © © X if* if* to O' *4 to O' O' © ©

M © © to © —

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C/I © © t- © © o<

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to

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© *1 © io X ©X 10
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That the total receipts from

1, 1887, are 5,396,765 bales;

11,086 bales.

Sight April 27.—In the table below
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 of cotton now in sight.
Amount of Cotton in

we

| 1887-88.

©

M

—

tO<UO-£*X

*55 y>

Ol ^ O Iv J;«

©

X

©

to

-4

I-1
X

CO

I-

r-ltMO;

©

tOX©xtO.

©©,-lf-

oi

to z it- b m
to
©
y © o' co -o ©

ft-

**

©

O' -1 to

r-*

h-

to

m7i

o*

X to to c* M to to
r- © to © ©

o©

cv

•

to X X

/S

2?

—*

'©

•t
>5

’m5‘

2-

© —‘ tO O' © to © © © © ©
© O'
© -4
to
tr- O' CO © CO O' ft- © *4 © H-* W C X © X x. to ©
^ tv (X O CO iv Cli
Jj vO
(X) tO it* h4 00
0*

3

9

^

tf* 10 O' M P- M

X

M O' © to -1 © .ft.
to © © © -4 © ©

M

© ©
-4 ©

O'

©
(L. X
W©M^O0WFtOC CC O O rh

X

O'

I—

©

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M

r

X

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to!
XC© / ©M
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to

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to

M|f Oi©r*4©#»vO

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to
#*

►-

v-*
©

J-

The figures tor




spinners’ takings to
-

1
1
1,547,421 1,433,967 1,541, 8~ 1,910,382

us

Weather Reports bv Telegraph.—Our telegrams from
tie cotton b< It to-night d«-n’>te that there lias been a continua¬
tion of quite f ivoranle wea' her conditions during
Planters are making rapid progress in putting m their seed.

Beneficial rains li-ive been quite
few o;lie • points rain is desired.

general in Texas, but at

a

Texas.—G )od rains have fallen on three days of
rtalvesto
the week, the mint. II reaching one inch «nd ihirt en hund«ed«hs.
Tue tkeimometer has ranged from 68 to 78, averag¬
ing 73.

rained splendidly on th ee days of

6, and tile rainfall reached one inch.
Huntsoifle, l e ras—Both coin and cotton are doing well.
Bdmficial runs have fall n on three day-or »tie week, the

cc

M
©
M
M
L r fTl
*- --* to O' to M
CO X ©
W © to to to © X — ^4 to © X ^4 — to — © t i ©

W

ft* to

M

5,171,075 5,265,461 4,740,035
720,395
6-2.6 45
556,182
303,000| 253,000 217,100

the week, just as needed.
Corn is g»owing
i« c mit g up. Avorago thermometer 69,

M

©

to

1884-85.

finely and cotton
highest 81 and lowest

© ??

.

©

•

tO ©

!
.

;

5^

C
© — © — w
o»
M-4^oc;ff*x

O'
M to O' M M

to M

"to

•

to
to O' M

to -4

•

O' M

r- i; - © —*
© to to © M M *4 W

Louisville in both years are “net.”

.

87.
San

Antonioy Texas.—There hive

X

X
-J

been splend d rains on

look very promis¬
The rainfall reach-d two inches and fo>tv-six hun¬
dredths. The thermometer has range! from 69 to 79, averag¬
ing 71.
Luling, Texas.—It has raine l magnificently on two days of
the week, the rainfall reaching two inches aud tour hunfour Gays

£

©

;

to
z>

85 S3

lamfall reaching eighty-five hundre itlis of an im h. The
iht-rmomectr has averaged 74, the highest being 86 and the
iowes 62.
Dallas. Texas.—We have had rain on two days of the week,
the rainfall reaching fifty hundredths of an inch.
Planting
Ills thermometer has averaged 71, ranging from 55
is active.
to

5

M

k
CO
©

\

5
co ©

© to -1m *-* CO *-*
Ci
*10 r-4 *—»

X

"3

X

1885-86.

6,600,889 6,194,470 0,2ul,100 5,513,117

27

cai.est1.ne. Texas.—It has

© —
to ©©*!'! 1 ©C 1
© if* O. O' © © it- X |

M

to

1886-87.

bv the above that the increase in amount in sight to¬
compared with last year, is 4';6,419 bales, the increase as
comp red w til 1385-6 is 399,783 bales and the increase over 1884-5
is 1,087,772 bales.

M © O' © —

»—

»■

©

M

X

5.016

the week.

M
•

M

©

XX M to © H- to
*1©
to © M
to.. ©O'©to O'
O' *4 © X X if- O' X -4 10 f—*

-'1

-4

2

Cc
•

to
X
—4

7i

5

©

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ta<

a

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X M i—1 CO

©

©

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to
©

►—

to

8:

•

2-.
<—

CO

8.453
2.282

1885-6 were 5,265,461 bales.
receipts at the outports the past week
were 30,641 bales, the actual movement from plantations was
only 13,235 bales, the balance being taken from the stocks at
Last year the receipts from the plantations
the interior towns.
for the same week were 5,016 bales and for 1886 they were

night,

to to M
M ©
4X
X©©O*t0tOW^4.0 -* -4 -4 © • 4 X — M
4 © CO - ©
T- O' © O' *U M if- M r-

©

-4 © © © ©

CO ©

M

GI

© —11—11—11—it—*

e*
©

©

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CO

-

©

if-

w

M

-4

0»w

to © m M © m

CO

CO

S2.371

19,173
26,363
11/733
0,491
13,23

It will bn 866u

M

to

to

CO
X

25,473

Receipts at the ports to At r. *27 5,220.725 5,122,154 5,039,198 4,668,922
Interior stocks on Apr. 27 ill
48,92I!
17G,010
71,113
excess of September 1

1—

-4

1888.

226,203'

M

CO
-1

overland receipts nor

2.—That, although the

Northern
Apr. 27

ICi
CO

The following table
week from the planta¬

—

1888.

Total in sight Apr.

©

94
94

94

1887.

18s7. I

Tot. receipts from plantat’ns 5,396,765
855,124
Net overland to Ai>r. 1
319,000
Southern consumpt’u to Apr. 1

to

101,6

94

1886.

1886.

The above statement shows—1.
the plantations since September
in 1886-7 were 5,171,075 bales ; in

The above figures indicate a decrease in the cotton in sight
to-night of 111,017 bales as compared with the same date of
1837, a decrease of 00.303 bales as compared with the corres¬
ponding date of 1380 and a decrease of 23,934 bales as
compared with 1385.
At the Interior Towns the movement—that is the receipts
for the week and since Sept. 1, the shipments for the weekand the stocks to-night, and the same items for the corres,

if*

9U16
94
91»16

9Hi6
978
91316
161,6

Iieceipts at the Ports. St'k at Interior Towns. Rec'pts from PlanVns.

Week

2,406.451 2,518,098 2,472,754 2, B 0,375
5%l.
fiSgd.
5*ed.
5 n ig*!.

statement.

9b

Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the outports.

Total visiblfvsupply
Price Mid. Upi., Liverpool
Price Mid. Upl.. New York

ponding period of 1830-87—is set out in

9b

9016

Receipts

223,000
32,000

0'jt)C.

94

9uiq

99,700

1011 j ^C.

914

Indicates the actual movement each
The figures do not include
tions.

540,700
502,400
681 .000
1,837,,098 1,9 0,351 1,889,6 5

97alGc*

94

97io

9H16

...

2,600

166,000
23,000
73,400

204,,000
17, .000
3 07 ,000
303 ,000
50 ,000

94

97io

9b

Cincinnati...
Louisville

1,796,451 1,837,,098 1,970,354 1,8:9,675

Total American
East Indian, Brazil, <£c.—

94

9“i6

9b

St. Louis

556,709
81,366

712,398
22 .',741
11,215

94

97ir>

9<s

9h*

Memphis

800.000
2 76,000
173,000

462,000

809,,000
319,,000
195, ,000
423,,597
78,,722
11,,7; 9

938

93s

9l4

.

Augusta

2,406,45 1L2,513,093 ! 2,472,754 2,430,375
Total visible supply
Uf tlie above, the totals of American and other descriptions are as folio ws
Liverpool stock

Fri.

Wilmington

Philadelphia

81,366
2,600

Thurs.

9-ic
9*»i«

Norfolk:
Boston
Baltimore

1/4,000
173,000
12,000
556,709

217,000
30 ,000
23,000

Wednes.

Mon.

99!G

..

981,400 1,430,700

1,182,000 1,456,000

Tues.

Satur.

Galveston
New Orleans.
Mobile
Savannah
Charleston
...

375,700

333,100

!

...

173,000
5,000
81,000
8,000
5.000

6,000
72,000

42 -:,000

333,i >00

CLOSING QUOTATIONS FOR MIDDLING COTTON ON—

Apr. 27.

400
800

),000

towns

week last year,

32,000

23,000

17,000

21,000

have been 4,931 bales more than the same
and since September 1 the receipts at all the
towns are 53,349 bales more than for the same time in 1886-7,
Quotations for Middling Cotton at Other Markets.—
In the table below we give the closing quotations of middling
cotton at Southern and other principal cotton markets for each
day of the past week.

the same

1886.
628.000 ] L ,02 3,000

1S87.

1888.

balesi 828,000 1,013,000

Stock at Liverpool
Stock at London

547

CHRONICLE

THE

23, 1338, |

April

ing.

of the week, and corn and cotton

548
dre^ths.

THE CHRONICLE.
Corn is growing fast, and cotton has a good stand
thermometer, 74; highest, 31: lowest,

and loots well. Average
65.

{You XLYh

India Cotton Movement from all
Ports.—The receipts
shipments of cotton at Bombay have been as followh
for
the week and year,
bringing the figures down to Apr. 26.

and

Columbia, Texas.—"R&m has fallen on one day, but not
BOMBAY RECEIPTS AN© SHIPMENTS FOR
FOUR YEARS.
enough. More is needed. The rainfall reached seventeen
hundredths of an inch. The thermometer has
Shipments this week. Shipments Since Jan. 1.
averaged 74,
Receipts.
the highest being 84 and the lowest 63.
Tear Great Conti¬
Great
Conti¬
This
Since
Total. Britain
Brenham, Texas.—Rain has fallen on two days of the
Bril’n. nent.
Total.
nent.
Week.
Jan. 1.
week, just as wanted, and crops are very promising ; the rain¬
fall reached one inch and twenty-one hundredths. The ther¬ 1888 1,000 25,000 26,000 122,000 356,000 478,000 67,000 862,000
1887 25,000 32,000 57,000 183,000
397,000
580,000 80,000
mometer has averaged 72, ranging from 64 to 86.
935,000
1886 10,000 21,000 31,000 147,000
364,000
511,000 58,000
828,000
1885
13,000 20,000 33,000 111,000 254,000 365,000
Belton, Texas.—Planting is making rapid progress and
54,000
562,000
small grains are very promising.
It has rained splendidly on
four days of the week, the rainfall reaching one inch and
Shipments for the week.
Shipments since January 1.
eight hundredths. The thermometer has ranged from 61 to
Great
Conti¬
Great
\
Total.
60, averaging 71.
Britain.
Total.
nent.
Britain. Continent.
Weatherford, Texas.—Planting is active and grain crops Calcutta—
promise a very large yield. Rain has fallen on one day of the
1888
4,600
4,000
23,000
60,000
83,000
tveek, just 8s needed, and to the extent of two inches. Aver¬
1887
4,000
3,000
7,000
52,000
72,000
124;000
Madras—
age thermometer 71, highest 86 and lowest 52.
1888
Neto Orleans, Louisiana.—We have had rain on two days
7,000
2,000
9,000
1887
3,000
of the week, the rainfall reaching sixty-eight hundredths of All
3,000
6,000
others—
ah inch. The thermometer has
1888
averaged 69.
15,000
13,000
28,000
1887
3,000
3,000
Shreveport, Louisiana.—Rainfall for the week one inch
15,000
14,000
29,000
and twenty-three hundredths. The thermometer has aver¬
Total all—
aged 68, ranging from 49 to 84.
1888
4,000
4,000
45,000
75,000
120,000
1887
Columbus, Mississippi.—There has been no rain all the
4,000
6,000
10,000
70,000
89,000
159,000
week. The thermometer has ranged from 34 to
76, averag¬
The above totals for the week show that the
movement from
ing 56.
the ports other than Bombay is 6,000 bales less than
the same
island, Mississippi.—The weather has been very dry. It week last
year.
For the whole of India, therefore, the total
was cloudy the latter
part of the week, but mo rain fell.* Av¬
shipments since January 1, 1888, and for the corresponding
erage thermometer 62 4, highest 80, lowest 44.
periods of the two previous years, are as follows :
Greenville. Mississippi.—There has been no rain
during
the week.
The thermometer has averaged 62,
EXPORTS TO EUROPE PROM ALL INDIA.
ranging from
■

'

'

......

......

......

;

47 to 79.
ter

Last week the weather

was

clear.

The thermome¬

ranged from 49 to 83.

1888.

Clarksdale, Mississippi.—Telegram not received.
Vicksburg, Mississippi.—We have had no rain all
week. Average thermometer 68, highest 95, lowest 47.

to all

the

‘

Idttle Rock, Arkansas.—The weather has been fair to clear
on one day, but too little to
measure.
Reports from various points indicate need of rain
in this section.
It is needed to sprout cotton and for the ben¬
efit of the small-fruits and berry crops. The thermometer has
averaged 67, ranging from 43 to 84.
'

1887.

Shipments

during the week, with light rain

Helena, Arkansas.—-The weather has been dry and ccol
one shower.
The rainfall reached nine¬
teen hundredths of an inch.
Farming is backward. Rain is
needed. The thermometer Jhas ranged from 46 to 82,
averag¬
ing 62.
Memphis, Tennessee.—We have had warm and dry weather
all the week and rain is needed.
Average thermometer 62,
highest 82, lowest 43.
Nashville, Tennessee.—There has been rain on two days of
the week, the rainfall reaching twenty-seven hundredths of
an inch.
The thermometer has averaged 56, ranging
from 38
-

during the week with

to 81.

Europe

This

from—

Bombay

week.

4,000

478,000
120,000

f>7,000
10,000

580,000

159,000

31,000
2,000

511,000

30,000

598,000

67,000

739,000

33,000

610,000

2G.000
•

Total

Exports
we

Since
Jan. 1.

week.

Ail otlier ports.

1886.

This

Cotton Goods

of

Since
Jan. 1.

This
week.

Since
Jan. 1.

99,000

Great Britain.—Below

from

give the exports of cotton

yarn, goods, &c., from Great
Britain for the month of March and since October 1 in
1887-88 and 1886-87, as compiled
by us from the British Board
of Trade returns.
It will be noticed that we have reduced themovement all to pounds. '
larnJcThread.

Cloth.

Total of AU.

000s omitted.
1887-8. 1886 7.

October
November...

December...

Lbs.

Lbs.

24,284
25,749
24,963

23,612
24,478
*0,485

1887-9.

1886-7.

Yds.

Yds.

1887-8. 1886-7.
Lbs.

Lbs.

409,967
425,565

428,415
422,554

74,539
77,376

70,S28

455.815

378.034

82,875

68,842

77,804

1887-8.
Lbs.

98,773
103,125
107,838

1886-7.

Lbs.
301,506

101,30089,327

Mobile, Alabama.—We had a severe local hail and rain Total 1st qr.. 74,946 68,575 1,291,347 1,229,603 234,790 223,564 309,738 292,139on Monday, the
rainfall reaching two inches and
21,705 22,111
535,880 444,793 97,433 SO,871 119,138 102,982
seventy-four hundredths. Planting makes good progress and January
28,544 21,731
February
420,452 417,881 76,446 75.978
99,990
67,709
is about completed on uplands.
The thermometer has ranged March
24,061 25,963 426,969 432,980 77,631 78,61? 101.692 104,5TB
from 50 to 80, averaging 65.
•Montgomery, Alabama.—The weather has been fine during Total 2d qr.. 69,310 69,805 1,383,301 1,225,054 251,510 235,464 320,820 305,263
the week, with rain on one day to the extent of twenty-five Total 6 mos. 144,256 138,380 2,674,648 2,524,657
486,300 459,028 030,556 597,408hundredths of afc inch. The thermometer has
averaged 63, Stockings anc socks.
1,304
the highest being 82 and the lowest 44.
1,208Sundry articl
12,046
12,144
BeVma, Alabama.**-We bad a rain and hail storm on one
Total exp arts cotton manufactures
day of the week, the rainfall reaching ninety hundredths of
643,906
610,769
&ninch. Average thermometer 60, highest 75, lowest 45.
The foregoing shows that there has been
exported from the
Auburn, Alabama.—We: had light frost on Saturday United
Kingdom
during
the
six
months
648,966,000
lbs. of
night. During the week the rainfall hss reached eight1 hun¬ manufactured
cotton, against 610,760,000 lbs. last year, or an
dredths of an inch. The thermometer has
averaged 61, the increase of 33,206,000.
highest being 78 and the lowest 42.
Madison, Florida.—Telegram not received.
Manchester Market.—Our report received by cable
to-night
Macon, Georgia.—Telegram not received.
from Manchester states that the market is firm for both
Golumblix, Georgia.—We have bad no rain during the week. yarns and shirtings. We give the prices for to-day below,
The thermometer has ranged from 50 to 76,
and leave those for previous weeks of this and last
averaging 64.
year
Savannah, Georgia.—Tne weather has been pleasant during for comparison:
the week, with rain on one day to the extent of thirty-two
1888.
hundredths of an inch.
1887.
The thermometer has averaged
62,
the highest being 80, and the lowest 48.
OotVn
Oolt’n
325 Cop.
8*4 lbs.
32.9 Cop.
8*4 lbs.
Mid,
Mid.
Augusta, Georgia.—The weather has been clear and pleas¬
Twist.
Twist.
Shirtings.
Shirtings.
Vplds
ant during the week with no rain.
TPpldt
Light frost on the 25th,
ttat no damage.
d.
d. s. d.
Planting is approaching completion. Rain
8.
d.
d.
d.
d. 8. d.
a.
d.
d.
Mar-23 7»18®83iG ,5 7 'a)7 0
is wanted.
The thermometer has averaged 61,
10*2 5*ie
7316®713i6 5 9
ranging from
30 79l6®S316 5 -7 ®7 0
53a
9 @6
storm

....

....

ns

•

'

“

44 to 84.

Atlanta, Georgia.—Telegram not

received.

Charleston, South Carolina.—Rain has fallen on one day
of the week, the rainfall reaching four hundredths of an inch.
The thermometer has averaged 62, the
highest being 84 and

the lowest 51.
■

1iSlateburg, South Carolina.—There

the week and it is

light frest, but

no

82 and lowest 42.

now

needed.

damage.

has been no rain all
Cotton is coming up. One

Average thermometer 51, highest

Columbia, South Carolina.—Rain has fallen on one day of
the week, the rainfall reaching one hundredth of an inch.
Tbe thermometer has ranged from 41 to
80, averaging 61.
Wilson, North Carolina.—It has rained on one day of the

week, the rainfall reaching twenty-seven hundredths of an
itch, Average thermometer 55, highest 70 and lowest 38
J




Apr. 6 '7Qi6®8:*1G 5
“

“
41

13
20
27

7916®831g

5

7Jie—8*JiG 5

7916-83] 6

5

7
7
7
7

®7
®7
®7
®7

0
0
0
0

7a16@7i°16|5

5S16 751«^7U31G*5

5?i« 7;%® 8
y°l8

533

_

15

75i6®7li>i6 5
751o®715]G 5

10*2

9
9
9
9

@6 10*a
^6 10*2

10*2
10*2

51*16
5^8

Jute Butts, Bagging,
&c.—Only a light trade is being
done in bagging, and the market is
quiet. Prices are Cfcsy
and dealers are quoting 5*£c. for 1*^ lb., 6c. for

lb., 6%@
6*^c. for 2 lbs. and 6%@7c. fer standard grades. Some small
sales of jute butts are reported,
but no inquiry is noted for
large lots. Quotations are 1%@2c. for paper grades and 2@
2*£c. for bagging qualities.
Shipping News.—The

States the

past week,

43,269 bales.
are

the

same

exports of cotton from the United

as per latest mail returns, have reached
So far as the Southern ports are concerned, these

exports reported by telegraph and published in

April 23,

THE CHRONICLE.

1888.]

The prices arc given in pence
d.. and 5 01 means 5 l-64d.

Friday. With regard to New York w©
include the manifests of all vessels cleared up to Thursday.
the Chronicle last

Total bales

Bat., Apr. 21*

•

NEW York—To Liverpool, per steamers Alaska, 2,597—Baltic,
2.181
City of Chicago, 1,948—Germanic, 1,704—

Huinboldt, l,2b7...,Lake Superior,4,010
Scythia, 1,915
....Servia, 2,369
17,991
To Hull, per steamer Santiago, 2,489
2,489
To London, per steamer Egyptian Monarch, 507
507
To Glasgow, per steamer Furnessia, 100
100
To Leith, per steamer Montauk, 500
500
To Havre, per steamer La Bourgogne, 377
377
To Bremen, per steamer Saale, 200
200
To Hamburg, per steamer Hammonia, 300
300
To Rotterdam, per steamer Leerdam, 100
100
To Antwerp, per steamers Hermann, l,450....\Vesternland,
3,096
1,646
To Copenhagen, per steamer Hekla, 1,200
1,200
To Genoa, per steamer Australia, 309
309
New Orleans—To Liverpool, per steamer Bernard Hall, 4,053.
4,0^3
To Antwerp, per steamer Vlaanderen, 2,031
2,031
•Charleston—To St. Petersburg, per bark Johan livens, 2,380..
2,380
•Galveston—To Vera Cruz, per steamer Whitney, 378
378
Norfolk—To Hamburg, per steamer Amalfi, 764
764
Newport News—To Hamburg, per steamer Amalfi, 10
10
Baltimore—To Liverpool, per steamers Barrowmore, 599
Polynesian, 1,158
1,757
To Havre, per steamer Panama, 600
600
To Bremen, per steamer Douau, 1,100
1,100
Boston—To Liverpool, per steamer Roman, 2,977
2,977
To Yarmouth, per steamer Yarmouth, 50
50
Total

The

43,269

particulars of these shipments, arranged in our usual
follows:

tforin,

are as

Rotter¬

Hull,

JBrem A’lio'p
and and St.
Ham¬ Peters¬

Glasgow
and
Leith.

pool.
New York.. 17,991
N. Orleans.
4,053
•Charleston.
Galveston
Norfolk....
N’w’tN’ws.
Baltimore..
1,757

377

3,596

m

Total

3,596

^Liverpool, steam d.

2,031

6,08 t

2,380

2,380

"*378

Do

sail

Do
Do

10

1,10J

3,457

c.

c.

sail...c.

50

3,027

737

43,269

......

2,374

7,607

1,209

follows:

Wednes.

664

CG4

.•••

....

5G4
J4®932

as

Tues.

....

14®932

c.

sail

m

Mon.

....

c.

Hamburg, steam

m

378
764

•-••••

past week have been

3d2

sail...rf.

Bremen, steam

764
10

m

m

977

Satur.

c.

m

......

Cotton freights the

Havre, steam

m

600

2G.77S

Do

m

+ m m m

2,977

..

d.

d.

d.

d.

d.

d.

d.

517

5 17

517

517

519

519

519

519

518

517

517

5 17

517

519

519

519

519

518

518

518

518

519

519

519

5 19

519

519

519

519

5 21

5 21

5 21

0 21

5 21

5 21

5 21

5 22

5 22

5 20

5 20

520

5 20

5 22

5 20

5 20

5 20

5 20

513
Oct.-Nov... 5 08

5 13

513

5 13

508

5 08

5 08

Wednes., Apr .25.

d.

Do via Leith.d.

Reval, steam
Do

J4®932

Thurs.

B64

Fri.

664

....

14®93J

14®932

142)932

....

....

....

....

....

....

n32

n32

“32

U32

“32

X132

....

....

....

....

....

°32

932

*32

....

....

30*

°32

°32

....

d.

Barcelona,steam d.

18®S64

....

d.

sail

5 IS

518
518

518

518

5 18

518

518

516

5 21

519

5 20

519

520

5 22

522

5 21

5 21

5 21

5 22

5 22

5 22

5 21

5 21

5 21

581
5 21

5 22

522

5 22

5 28

5 21

521

5 21

5 21

514

5 14

514

514

513

513

518

513

5 09

509

509

509

BOS

5 08

5 08

508-

Thurs., Apr. 26.

....

....

H®9ai

18®904

....

....

1S®964

....

m m m

....

....

....

....

d.

d.

d.

d.

d.

d.

d.

5 19
April
Aprll-May. 519
May-June.. 510

5 19

019

519

522

5 22

3 21

5 21

5 21

5 21

520

519

519

5 19

5 22

5 22

5 21

6 21

5 21

5 21

5 20

5 19

5 19

5 19

522

522

5 21

5 21

5 21

5 21

5 20

5 20

5 20

5 20

5 20

5 23

5 23

5 22

622

5 22

522

522

5 22

5 22

522

5 22

5 21

5 24

5 24

5 24

5 23

5 23

5 23

5 22

5 22

5 22

5 22

5 24

524

5 24

5 24

5 23

5 23

523

523

522

5 22

522

5 22

5 24

521

521

5 24

5 23

523

623

623

5 14

5 14

5 14

5 14

510

516

515

515

5 14

514

514

511

Oct.-Nov... 5 CO

609

609

5 09

511

511

5 10

510

510

610

6 09

500

June-July..
July-Aug ..
Aug.-Sept..
September.
8ept.-Oct ..

Apr. 6.
Bales of the week
bales
Of which exporters took....

44,000
4,000

Bales American
Actual export
1
Forwarded
Total stock—Estimated
Of which American—Estiin’d
Total import of the week
Of which American

37,000

quiet, with some irregularity in values.
The wheat market has been feverishly unsettled.
Unfavor¬
able accounts have been published regarding the prospects of
the fall-sown crop in the Ohio Valley and the latenesB of the
season in Europe has given a strong tone to
foreign advices;
but the bulls appear to have seen in these nothing more than
favorable conditions for realizing. There was a large business
for export to Lisbon on Wednesday, said to be due to an advance
of impost duties by Portugal, and red winter on the spot
was

brought extreme prices—yesterday touching 97c. delivered—
but generally business on the spot has been very dull. To-day a
firm opening on Western advices was followed by JulnessandL
depression, except in parcels on the spot, which were firm.
DAILY CLOSING PRICES OP NO. 2 RED WINTER WHEAT.

....

....

7,000
14,000
903,000
673,000

Amount afloat.’
Of which American

1* 9.000

_

63,000
5,000
2,000
50,000
9,000
23,000
881,000
659,000
60,000
49,000
156,000

72,000
42,000
86,000

Mon.

Tuts.

Fri.

94

931.3

Wed.
93 7a

Thurs.

037b

94i8

93k

933b

933s
93k
9258
92k
94%
9938

92 7s
92%

92 7«
92 k

92
92

923a
91%

943q

92ia
92ifl
9438

93
92 7s
92

92k
94is

94i0

9S78

98 78

99

985s

Sat.
..

August delivery

.

.

....

.

.

Indian

corn

was

923s
9238

9478
99%

75,000

Apr. 20.
60,000
3,000

5,000
47,000
9,000
22,000
873,000
645.000

77,000
50,000
144,000
53.000

Apr. 27.
71,000
11,000

6,000
52,000
12,000
15,000.
828,000
608,000
37,000
28.00 0
170,000
80,000

week, but yesterday showed renewed strength, on the more
To-day reports-of
fuller movement at the West caused an irregular decline.'
urgent demand from the regular trade.

Octobtr delivery

Sat.
63 k

Mon.
63

Tues.
62 k

6218

61%

62

6118

6218
62

61k
61k

61V
61%
6158
615a

61k

615*

615s

j Monday.

follows

:

Tuesday.

8,000
1,000

Spec. & exp.

Market,

12:30

P.M.

Market,
4 P. M.

?

Quiet.

l

Quiet and

\

The

55 X6

5-16
53s

10,000

1,500

1,000

10,000
1,000

at
1-64 ad¬
vance.

steady.

Firm.

53s

Steady

J

TYednes.

53s
14,000

jfutures.

Quiet.

was

very




62 k
62%
62%
62%
62k

63
63
63

DAILY CLOSING PRICES OF NO. 2 MIXED OATS.

Mon.
37%
37%
3734

Sat.

May delivery

377a

Jane delivery

38

July delivery
August delivery

....

....

May del (very
Juuo delivery

Other grains

40k
40%
are

Tues.'

Wed.

373s
37%

33
38

37%

38%

34 k

....

DAILY CLOSING PRICES OF NO.

.

Thurs.

Fri.

3S
38 k
38 k

37%

....

37%
38 k

351*5

....

2 WHITE OATS.

Mon.

Tues.

4039
•40 k

40k
40

Wed.
41
....

Thurs.

41%
41%

Fri.
....

....

quite nominal
closing quotations:

Thursday. Friday.
Active.

0101

Steady.

53s

-'j?

10,000

Firm at

Quiet

O© 8§s

57i«
1,000

FLOUR.

partially
1-64 de¬

cline.

Steady.

Quiet
Steady.

l-64<3>2-64 at 1-16 de¬
advance.

Steady.

bbl. $2 20®$2 70

Superfine
Spring wheat extras.

Minn, clear and stra’t.
Winter shipp’g extras.
Winter XX and XXX.

Patents

Southern supers

2 35® 3 05
2 75® 3 20
3 6573 4
2 85® 3
3 40® 4
4 30® 4
2 70® 3

55
30
50
90
00

South’n com. extras.. $3
Southern bakers’ and

00® 3

40

family brands
3 50® 4 50
Rye flour, superfine.. 3 40® 3 60
Fine

2 40® 2 65

Com meal—

Western, <fco...
Brandywine

3 10® 3 35
3 30® 3 35

GRAIN.

Quiet at
cline.

Easy.

opening; highest, lowest and closing prices of futures at
Li ref pool for each day of the week are giveh below. These5
prices are on the basis of Uplands, Low Middling clause, unless
therwise stated.

64

62%
62 k

materially, but yesterday were again active
sympathy with corn, but to-day the market
dull, with prices drooping and unsettled.

Fine

\

Site
5%

623b
625s
62k
62 k

6450

The following are the

Market, ^ Quiet and
and
narden’g. Quiet
12:30 p.m.
firm.
firm.

Sales

Thurs.

Wed.
63 7s
62 k

Oats declined
and buoyant in

Sal.

Liverpool market for spots and futures each
day of the week ending Apr. 27 and the daily closing prices
as

9178

depressed by freer offerings early in the

have the follow¬

The tone of the

spot cotton, have been

92%

DAILY CLOSING PRICES OP NO. 2 MIXED CORN.

we

Apr. 13.

2,000

Mid. Orl’ns.

520
522
523

Friday, P. M., April 27,1888.,
The flour market has been only moderately active and'with¬
out salient feature of any sort.
The check to the advance in
wheat did not materially affect values, but reduced' the
volume of trade. Dealers are not inclined to carry full
eftoiqks
when the warm weather is coming on.
To-day the market

previous weeks for comparison.

Mid.Upl*ds.

d.

520
520

BREADSTUFFS.

ing
statement of the week’s sales, stocks, &c., at that port.
We add

Saturday

Op$n High Low. CtOSm

d.

J8®*64

Per 100 lbs.

Spot.

Fri., Apr. 2!•

d.

...»

1364

Liverpool.—By cable from Liverpool

of

(L

....

13G4
13G4
13G4
1364
73G4
•Genoa, steam.. .d.
316
316
318
3ig
310
316
Trieste, steam... d.
732
732
732
732
732
732
Antwerp, steam d. 332® 784 332®>7<J4 332®>764 332®764 332®764 332®7w
*

518

d.

®32

1164®3J6 1164®S1G 1164®3i6 1164®316 n64®3i0
•

d.

d.
518

Open High Low. Clot. Open High Low. Clot.

..

Amst’d’m, steam, c.

Open High Low. Clot. Open High Low. ass.

d.

April
Aprll-May..
May-June..
June-J uly..
July-Aug...
Aug.-Sept..
September.
Sept.-Oct...

4 63 means

Tues., Apr. 24m

d.

Genoa,

Copen- and
Total.
burg. burg. hagen. V. Cruz.
500 3,196 1,200
309 27,169

Havre.

_

..

Mon., Apr. 23.

Open High Low. Clo$.

T’m'lh

.

Boston

and 64the thus:

dam,

London,
Liver¬

549

Wheat-

Rye99

92

®
®

95

®

90*2

®
®'

98
98

State A Pa., $ bush.
Oats—Mixed
White....
No. 2 mixed
No. 2 white

69%

Barley—

Spring, per bush...
Spring No. 2.......

88

Red winter No. 2...
Red winter
White
11 Corn—Westtn mixed.
W’est’n mixed No. 2.
Steamer rso. 2:

Western yellow....
Southern white;...

88
92

64

®
68 *2®
66*2 ®:

66

®

67

®

93

69

6712
70
70

69

Canada No. 1
Two-rowed State
Six-rowed State

Malt-State, 4-rowed.
state, 2-rowed

®

37*2®
42 ®
38 ®
43 ®

74

40ia
46

3914
44

®

®,v
®

97
90

®1 00
® 94

(

of breadstuffs to market is indicated in the
■tatement below, prepared by us from the figures of the New

Exports of Wheat from

The movement

-

receipts at Western
the compara¬
tive movement for tho week ending April 21, 1S88, and emce
1
York Produce Exchange. We first give the
lake and river ports, arranged so as to p»vsent
a

U

An AM

^ ~

To United Kingdom
To Continent

Rye.

Barley.

Oats.

Com.

146,480

92,454

155,000

2.9S2

20.107

8.929

50,997

5,071
18,385
1,825

51,490
100.507
22.500
245.274

Detroit

Cleveland...
St. Louis
Peoria

'

THE

20,194

10,834

35,302

7,400
23,457
10,800

44,000

9,720
17,931
14.782

7,200

3.197

93.695
2.520

_

150,890
430,000

186.520

138,220

570

1,650
3,300
«■

271,132

910.454

1.359.990

241.191

Same wk.’87.

101,804

1,820,909
1,249,200

17.092

Tot.wk. ’88.

594,014

105,908

21,123

Same wk/80
Since Aug. 1.

172,525

790,912

1,223,108

1,003,570
1,231,559

1886-7*

9.059.040
8.172,933

1886-6*

0.421.24 5

1887-8

The market for

Exports
prom—

from the several
ora

87.307

209,098

Flour.

Oats.

Bush.

Bush.

Bbls.

Bush.

61,723
1,405

66,724
20,455

6,706

328

"

Rye.

Peas.

Bush.

Bush.

1,826

Norfolk..

19,500

205,712

19,450
40,241

240,633

341,061

147,219

7,034

1,517,350

797,165

255,760

5,241

21.221

.

Baltim’i e
N. Orl’ns.

349

Kichm’d.
Tot. w’k.
S’me time
1887.
..

1,826

of these exports is as below.
corresponding period of last year for comparison.

1888.
Week,

to—

Apr 21.

■■

620,000

1,360,000

—»

■

We add the

1887.
Week.

1888.
Week,

1887.
Week,

1888.
Week,

1887.
Week.

Apr. 23.

Apr. 21.

Apr. 23.

Apr. 21.

Apr. 23.

DRY GOODS TRADE.
Friday, April 27,1888.

dry goods was tame and

uninteresting tho

was

Clarke, Radcliffe & Co. (also of this city)
There is, however, no
financial condition of the trade at
large is otherwise than perfectly sound.
Domestic Cotton Goods.—The exports of cotton goods
from this port for the week ending April 24 were 2,818 packages,
valued at $201,199.
These shipments include 853 to China,
343 to Hodeidah, 242 to Mexico, 900 to South America, 19o to
the West Indies, 87 to Europe, 86 to Central America, 77 to
British Guiana, and 34 to all other countries. Since the 1st

Corn.

Wheat.

Flour.

61,379

15,904

The destination

Exports
for week

400,000

1,120,000

knit goods concern of
has been financially embarrassed.
reason to suppose that the

51,000

N. News.

Philadel

seaboardannoraH
ports for
the week
af.afomonh

Corn.

4,347

hush.

240,000

140,000
480,000

goods by wholesale buyers, but very little busi¬
accomplished in this connection, because of the
small stocks resting in the hands of the commission houses
and at the mills. Owing to the backwardness of the season
the retail trade has been somewhat disappointing to this date,
and there was consequently a less active demand for reassort ments at jobbers’ hands than has usually been witnessed at
this stage of the season. There were some disturbing ele¬
The house of Metcalf Bros. & Co., De¬
ments in the trade.
troit, Mich., has made an assignment, as have T. D. BUke &
Co., woolen goods commission merchants of this city, and the

ness

ahrmm in t.Via

Wheat.

Portland.

80,000
320,000

terned cotton

1.732,251
71.653,390 08,890,133 50.843,390 20,213.185
49.002,223 73,083,986 44.680.130 19.157,208 2,575,109

216.786

New York
Boston.

bush.

and

1.665,376
90,940,733 04,585,605 54.927,844 21,550,477

Anril 9.1

hush.

p°st week. At first hands the demand for both domestic
foreign fabrics was strictly moderate as regards transactions
with buyers on the spot, but re-orders by mail and wire were
somewhat numerous, and reached a fair aggregate amount.
There was a constant search for “job lots” of staple and pat¬

Include one week extra.

The exports

end'g Week end'g April l toApr. 21.
Apr. 14.

Apr. 21.

New York,

8,870

1,030.500

Minneapolis.

*

Total

Bush. 32 lbs Bu8h.4H lbs Bu. 50 lbs
BblsAWlbs Bush.60 lbs Bush.b6lbs
7,690
92.485
070.413
530.081
137,754

Chicago
Milwaukee...

Week

India.

Art*- fr-

A

Wheat.

Flour.

Receipts at—

[YOU XLVI.

CHRONICLE.

THE

the exports aggregate 51.214 packages, valued at
$3,089,351. Of this total China has had 21,408 packages^
valued at $1,079,514 and 9,366 packages, valued at $621,277,
have gone to South America.
For the similar period of 1887
the exports to all ports were 70,064 packages, valued at

of January

$4,004,390; of which 39.514 packages, valued at $1.820,275s,
went to China; and 11,846 packages, valued at $843,345, to
South America.
To the same time in 1886 the total

shipments reached 67,919 packages, and in 1885 were
52,209
packages. Ac first hands the demand for
309,697
597,224
103,109
201,109
73,172
Un.King.
cotton goods was light and irregular, and the
staple
19,651
920,126
2,528
137,284
4,368
Cont’nt..
trade was sluggish, but tl^re was a better undertone in the
2,949
1,105
240
25,143
37,161
b,2o3
9,608
14,198
market, shrewd buyers having discovered that there are very
20,143
10
1,000
11.681
12,375
few surplus stocks in the hands of the commission houses.
614
1,101
Prices of brown, bleached and colored cottons arefcr the most
797,165 part steady and without quotable change,
341,061
near
147,219 255,760 240,633 1,517,350
Total...
of the demand for next season having rendered the milf
The visible supply of grain, comprising the stocks in granary
agents firmer in their views. Print cloths were
at the principal points of accumulation at lake and seaboard
and steady at last week’s quotations—say 3^e. for 64x64^
21, 1888 ;
ports, and in transit by water, April
and 3 l-16c. for 56x60s. Stocks last Saturday and for the
Barley,
Oatse
Rye,
Wheat,
Com,
three previous years were as follows :
bush.
birsh.
bush.
bush.
bush.
1885;
In store at—
1886.
Bbls.

Bush.

Bbls.

Bush.

Bush.

Bush

563.200
224.139

•

jobbing

the

2,319,839

New York
Do
afloat

Albany
Buflaio
“

508,060
afloat...

r-- -

afloat....

Milwaukee
“

afloat...

Duluth
Toledo
Detroit
Oswego...........
St. Louis
“

817,252

86.500

62,800

47,530

12,968
45,000
776.498

-p n

5,184.364

Chicago
“

152,328

40,000

385.286

2,04 0,497
215,600
8,418,075

Boston
Toronto....

Montreal

Philadelphia
Peoria

Indianapolis
Kansas City
Baltimore

Minneapolis

47,858

500

52.400

95,600
89,100

64,211

215,021

22,709

196',6*98

42,781

59,139

302,647

7,144*

24,000.

.

1888.

Stock of Print

Cloths—

Held by Providence manufrs..
Fall River manufacturers...

Providence speculators
Outside speculators (est)...-..

1887.

April 21. April
23.
77,000

30.000
26,000
None
4,000

148,000

47,000
50,000

April 24.
'

87,000
33,000
235,000
15,000

April 25.
445,000
355,000
324,000

275,000

322,000 370,000 1,399,000
Printed calicoes ruled quiet, and there was a steady though
moderate business in printed and woolen cotton dress fabrics,
white goods, table damasks, quilts and scrims, at unchanged
prices.
Total stock

(pieces)

60,000

1,410,960

153,796

28,489
14,294

16,008

1,327,983

21,858

7,557

10,384

340,528

3,949

12,894

82,000
110,751
22,190

10,000
1,749

44,606

6,514

56,931

3,950

7,693

46.673

42,753
2,067

2,933

81,114

04,182
368,937
118,555
66,197

Goods.—The movement in heavy-weight
account of back orders, was of fairly
good proportions, but the current demand v* as light and dis¬
appointing to the mill agents, new business in fancy cassimerep, suitings, worsteds, cheviots, overcoatings, &c., having

49,334
55,593

4,715

7,827

good trade
in Jersey cloths and stockinets was done by some of the com¬

247,386

34.000

20.000

1,061,412

1,247,289

afloat...

Cincinnati

2,574.894
2,775.971
12,647

16,457

approach
in fair demand

16,000
27,127
140,838
422,001
207,757
13,841
34,366
116.590
475.228

7,814.994

147,137
59,000
48,072

48,976
153,311

405,000

16,698
20,573
169,000

1,776
103,956

522

Domestic Woolen
clothing woolens, on

confined within very narrow limits. Specialties
ings were in very fair request, and a moderately
been

mission houses.
there was only a

For satinets,

in cloak¬

Kentucky jeans and doeskins

hands, but stocks
steadily held by
quiet,
but some very
agents.
Seasonable
dress
fabrics
ruled
314,140 1.090.166
Tot. Apr. 21, ’88. 32,633,418 8,188,223 3,373.095
fair orders for all-wool and worsted goods adapted to the fall
323,880 1,346,873
Tot. Apr. 14, ’88. 32,979,657
8,323,546 3,457,989 358,611 561,512 trade were placed (for future delivery) with the mill agents.
Tot. Apr. 23,-87.. 48,674,814 19.222,512 4,417,944
395,898
576.050 Flannels
and blankets have met with rather more attention,
Tot. Apr. 24/86*. 44,549,960 13.588.611 1,649,866
297,004
565,569
Tot. Apr. 25/85*. 40,451.148 9,121,508 2,395,689
but actual transactions were light in the aggregate, and there
only a moderate inquiry for carpets, wool hosiery and
Minneapolis and St. Paul not included.
heavy underwear.
According to Beerbohm’s London cablegram, the amount of
Foreign Dry Goods.—The situation in the market for
passage at the dates mentioned stood as
wheat and corn
imported
fabrics has not materially changed. The retail trade
follows:
has not realized expectations, owing to unfavorable weather
conditions, and the demand for reaesortments at the hands of
Week ending Apr. 25. Week ending Apr. 18.
importers and jobbers was consequently light. Some pretty
Crain
Passage.
Corn.
Wheat.
Corn.
Wheat.
good orders for fall drees fabrics, as cashmeres, Henrietta
377,000 cloths, serges, &c., were placed with importers, but season¬
2,204,000
309,000
2,148,000
To United Kingdom..qrs.
326,000
61,000 able dress goods ruled quiet.
58,000
370,000
Ribbons were fairly active, but
To Continent
silks,
satins,
velvets
and
plushes,
ruled quiet, and the demand
2,530,000 438,000
2,51S,000 367,000
Total quarters
for other foreign goods was chiefly of a hand-tc-mouth char¬
20,144,000 2,936,000 20,240,000 3,504,000

St. Paul
On Mississippi
On canal & river.

7,600

146,000
6,300

63,400

are so

was

*

on

on

Equal in bushels
Same week




in 1887..busli.

18,880,000 3,256,000

19,720,000 3.336,000

acter.

moderate demand at first
well in hand that desirable makes are