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t
HUNT’S
MERCHANTS’
^
Sltfffkltj
REPRESENTING- THE IN D U STR IA L
VOL 46.
ÜUwsäjrapf*,
A N D COMMERCIAL INTERESTS OP
78 TO 86 TRINITY PLACE,
,
NEW YORK.
B m Iii m i Founded 1796.
Incorporated under laws of State of New York, 1868,
R eorganized 1879.
E ngravers and Printers of
B O N D S , P O STA G E St REVENUE S T A M P 8 ,
LE G A L TE N D E R A N D N A T IO N A L BAN K
N O TE 8 o f th e U N ITED S T A T E S ; a n d fo r
F ore ig n G o v e r n m e n ts . .
ENGRAVING AN D PRINTING,
BAN K ROTES, SHARE CER TIFICA TE S, BONOS
Fo b g o v e r n m e n t s a n d c o r p o r a t i o n s ,
DR A FTS, CHECKS, B IL L S OF EXCHANGE,
STAM PS, A c., In the finest and moat artistic style
FROM S T E E L PLA TE S ,
Wit], SPECIAL SAFEGUARDS to PREVENT COUNTERFEITING.
Special papers manufactured exclusively for
use of the Company»
SAFETY P A P E R S .
W ork Executed In F irep roof Buildings.
Maverick National Bank
Alfred H . Smith & C o.,
IM P O R TE R S,
182 Broadway, Cor. John Street.
Accounts o f Banks, Bankers and Corporations
solicited.
Our facilities for COLLECTIONS are excellent
and we re-discount for banks when balanoes war
rant it.
Boston is a reserve city, and balances with ns from
banks (not located in other reserve cities) eount as a
reserve.
W e draw our own exchange on London and the
Continent, and make Cable transfers and place
money by telegraph throughout the United States
and Canada
Government Bonds bought and sold, and exchanges
In Washlngton made for banks without extra oharge.
We have a market for prime flrst-olass Investment
Securities, and invite proposals from States, Conntics and Cities, when Issuing bonds.
We do a general banking business, and invite cor
respondence.
A S A P . P O T T E R , P r e s id e n t .
J O S . W . W O R K , C a s b le r .
W . P. W ight & C o.,
ÿ'J B r o a d w a y ,
STOCK B R O K E R S.
Stocks, Bonds and Miscellaneous Securities
bought and sold for cash or on margin.
W vp. W roHT.
j . B. Creighton ,
Memb.¡N.Y.Stock Kxeh.
A. B. Claplin , Spool,
STO CK B R O K E R .
Lansdale Boardman,
N E W Y O R K , 80 BROADWAY A 6 NEW ST.
T R O Y , N. Y ., No. 17 FIRST STREET.
Stock Exch. membership; private wire; all facilities,
6 W a l l S tree t, N e w Y o r k ,
Receive deposits subject to check at sight and
allow interest on balances.
Deal In Railroad bonds, State, County and Muni
cipal Securities.
Give special attention to consignments o f Bullion
and make liberal advances on same when desired.
'i'. 9. luUStt, Jtk,
Member N .i. stock Exchange. <
W. B. NJKLSON
Young & Nelson,
SO LID
SIL V E R .
GORHAM
M ’t’g C o .,
Broadway and Nineteenth Street,
AND
9 M AIDEN LANE.
Established 1854.
Incorporated 1888
Ba Na .uRS a n d b r o k e r s ,
3 6 W a ll S treet, N ew Y o r k .'
All stocks and securities dealt in at the New York
Stock Exouange bougnt aud sold on commission, for
casn or on margin, lzeposits received and luterest
ailoweu on Dalanoes.
J. s. Farlkb .
150 B R O A D W A Y , N E W Y O R K .
G u a r a n te e d S ix P e r € e n t M o r tg a g e s
CAPITAL (FULLY PAID) ................ 91,000,000
TOTAL VALUE OF GU ARAN TY.... 2,400,000
Trustees and Investors generally are requested
to call and examine these securities, or send for
pamphlet giving full information.
S. A. K ean .
John Farson
S. A . Kean & C o.,
BANKERS,
2 W ALL STREET.
Deposit accounts received subject to check.
Interest bearing certificates issued,
i ounty, City, Town aud school Bonds constantly
on hand.
R obert D. Farlkb .
J. S. Farlee & Brother,
N o . 7 N A S S A U S T ., N E W Y O R K ,
BROKERS AND DEALERS IN
I N V E S T M E N T RONDS,
STATE, MUNICIPAL AND APPROVED R A IL.
ROAD BONDS.
C oR R X fiP O A n a h o k
Lombard Investment Co.,
BOSTON, MASS.
$ 4 0 0 ,0 0 0
$ 6 0 0 ,0 0 0
BANKERS,
D IA M O N D S .
R A IL W A T T IC K E T S OF IM PROVED STYLE S.
Show Cards, Labels, Calendars.
-
Hiuatucial.
Chrystie & Janney,
LITHOGRAPHIC AND TYPE PRINTING.
BLANK BOOKS OF EVERY DESCRIPTION
JAMES MACDONOUGH, President.
AUG. D. SHEPARD,
) ... _
,
TOURO ROBERTSON, j v,ce-presldentS.
THEO. H. FREELAND, Sec’y and Treas.
JNO. E. CURRIER, Ass’t Sec’y._____________
STATES
NO. 1,192.
ffitm tu c ia l.
A M E R IC A N
Bank Note Company,
C A P IT A L ,
SURPLU S,
THE UNITED
NEW YORK, APRIL 28, 1888.
ffitxamial,
S A F E T Y C O L O R S.
M A G A ZIN E,
s o l ic it e d .
Rolston & Bass,
N o.
30 B ROAD STREET, NEW YORK.
STO C K S, RONDS,
A N D M IS C E L L A N E O U S S E C U R I T I E S
Correspondence soUcued.
tractations cheerfully furnished.
W m. h . rolston ,
w . a l e *., b a s a J o.
Member N .ï.
xuxch’ge.
Alexander Campbell & Co.,
BANKERS AND BROKERS,
(36 P I N E S T R E E T , ¡N E W .Y O R K . J
Ma lc o lm Ca m p b e l l . Member of N. Y. Stook Exch.
THE
F ID E L IT Y & C A SU A L T Y CO.
ATLANTA.
OF NEW YORK,
N os. 3 1 4 ib 3 1 6 B r o a d w a y .
CAPITAL, $260,000.
ASS ETS. about $650,000
Issues SURETY BONDS, guaranteeing the fidelity
o f persons in positions of trust, such as employes of
Raiiroads, Banks, etc.; also Administrators, Guar
dians. etc.
Issues ACCIDENT POLICIES, containing all
modern features.
Also PLATE GLASS and BOILER POLICIES of
approved forms.
Agents will appreciate the advantage o f dealing
wttn a company which does more man one line of
business.
OFFICERS:
Humphreys Castleman,
jb o k e r
and
dealer
in
all
k in d s
of
SECURITIES.
Bonds and Stocks bougnt or sold on commission
G e o r g ia a n d A i m a iu a o e u a r l u e o u p d cia n y d e a l t u i.
oori'eopoudeuta —1'ooey it Air* turn A.à»uteuhoier
New folk .
ei er aaces—At lanta National Bank, Atlanta, Ga.
tea soartu data Niai bau*. .New lor*.
James D . Simons,
WU.M.RlCHARD8,PreSt. UEO.F.SEWARD.V.-Prest.
J o h n m . Crank , Sec.
Robt.j .11il la 8, A »., sec.
(Formerly SIMONS A CREW.)
B A N K E R dt b l i O U E R ,
DIRECTORS:
Geo. 8. Co6.
A. B. Jttuii,
A. S. Barnes,
3 E x ch a n g e C ou rt A 9 3 B r o a d w a y , f i . Y .
J.S.T.Btranahan, H. A. Hurlbut, J.G.Mci uuough,
AU eecuriues dean in at N. Ï . stock Exchange
A. K. Orr,
J. D. Vermilyc, T. S. Moore,
G. G. Williams, John L. Hiker, J. Rogers Maxwell, oougui and sold tvr Cash or on .Margin, Special ateea*
Aon given uivestmeuie. Correspondence aouun>«d.
Wm. M. Richaids,
Geo. F. Seward.
MemberiN. t. uoim n.iciiaii*e.
M-etaoer st. Y . ) rod a c e a k u n a l l g e . __________
Green & Bateman,
BANKERS,
B .
S.
1 0 W a l l S treet, N e w Y o r k .
Stocks, Bonds and Cotton.
T r a n s a c t a G e n e ra l B a n k in g B u sin e ss.
I n te r e s t a llo w e d on D e p o s its .
B
a i l e y
,
6** P I N E S T R E E T .
DkALLNdS LN
I N S U R A h € £
A
S T O C h l
S P E C IA L T Y .
Cash paid at once for the above securities; or they
will be sold on commission at seUer’s opuo«.*
ÎÏHE CfîîtONlCLÜ.
Drexel, Morgan & C o., August Belmont & C o .,
W ALL STREET, CORNER OF BROAD,
NEW
WORK.
Drexel,Harjes & Co
Drexel & CoM
BANKERS,
N o. 3 6 W A L L S T R E E T ,
A g en ts
and
Co r r e sp o n d e n t s
of the
» (^ O L it X L V I ,
THE
IN V E S T M E N T CO.
o f Philadelphia.
M e ssrs. R O T H S C H I L D ,
310 C H E S T N U T S T R E E T
L o n d o n , P a r is , F r a n k fo r t a n d V ien n a .
5th & Chestnut Sts. 31 Bouleyard Hanssmann,
C ap ita l, $ 4 ,0 0 0 ,0 0 0 . F u ll P a id .
Issue Circular Credits for travelers, available In
P A R IS .
CONDUCTS A GENERAL BANKING BUSINESS.
P H IL A D E L P H IA
all parts of the world.
Allows interest on cash deposits, subject to check
ALSO COMMERCIAL CREDITS.
DOMESTIC A N D FOREIGN BANKERS.
on certificates.
Bills of Exchange and make Cable Transfers orBuys
and sells Bills o f Exchange, drawing on
Deposits received subject to Draft. Securities toDraw
Europe,
West
Indies,
Mexico
and
California.
Baring Bros. A Co., London; Perier Freres et Cie.,
pougnt and sold on commission. Interest allowed on
Paris ; Mendelssohn A Co., Berlin, and on Paul
Deposits. Foreign Exchange. Commercial Credits.
Mendelssohn-Bartholdy, Hamburg.
Cable Transfers. Circular Letters for Travelers,
Negotiates Securities, Railroad, State, Municipal,
available In all parts of the world.
etc.
Offers for sale first-class Investment Securities.
a t t o r n e y s a n d ag e n ts o i~
WILLIAM BROCKIE, President.
FOR TRAVELERS
fflCM rs, J , 8 . M O R G A N Sc G O ..
HENRY C. GIBSON, Vice-President.
HENRY M. HOYT, JR., Treasurer.
NO, 22 OLD B R OAD STREET, LONDON.
AND BILLS OF EXCHANGE ON
ETHELBERT WATTS, Secretary.
Board o f Directors:—William Brockie, George S.
MESSRS. BARING BROTHERS & CO., Pepper, Morton McMicbael, Wharton Barker, Henry
C. Gibson, T. Wistar Brown, Isaac H. Clothier.
LONDON.
Advisory Committee o f Stockholders—William
Potter, George M. Troutmdn, William Pepper,M.D.,
NEW YORK, PHILADELPHIA, BOSTON, AND
Thomas Dolan, John G. Reading, Joseph E. Gilling
and
principal
Continental
cities.
A L E X A N D E R B R O W N Sc SONS,
ham, John Wanamaker, Henry E. Smith, Craige
Lippincott, Hamilton Disston, Clayton French,
BALTIMORE.
William Wood, Walter Garrett, John Harrison,
Members o f New York, Philadelphia and Baltimore
Edward H. Coates.
Stock Exchanges.
Execute orders for all Investment securities. Re
ceive accounts o f Banks, Bankers, Corporations and
1 N A S S A U S T R E B T , N .Y .
Firms, on favorable terms. Buy and sell Bills of Ex
KOUNTZE BR O TH ER S,
change on Great Britain and Ireland, France,
B A N K E R S,
Germany, Belgium, Holland, Switzerland, Nor A gents and A ttorneys of Ba r in g B ros . & Co
way, Denmark, Sweden. Australia, St. Thomas,
120 B r o a d w a y , E quitable Building, N ew Y ork,
St. Croix and British West Indies. Issue Com
mercial and Travelers’ Credits in sterling, avail
L E T T E R S O F C R E D IT A N D
able in any part of the world, m francs lor
C IR C U L A R NOTES
use in'Martinique and Guadeloupe, and In dollanfor
Issued for the use o f travelers in all parts o f the
SUCCESSORS TO
use In this oountry, Canada, Mexico and West Indies.
world. Bills drawn on the Union Bank o f London.
Make telegraphic transfers of money between this
Telegraphic transfers made to London and to various
JESSUP, P A T O N & CO .,
country, Europe and British and Danish West In
ilaces in the United States. Deposits received, subdies. Make collections o f drafts drawn abroad on all
ect to check at sight, and interest allowed ou bal
5 2 W i l l i a m str e e t N e w Y o r k .
points In United States and Canada, and o f Irafts
ances- Government and other bonds and invest
drown in the United States on foreign countries.
ment
securities bought and sold on commission.
Accounts and Agency of Banks, Corporations,
Their London house, Messrs. BROWN, SHIPLEY firms
and individuals received upon favorable terms.
A CO., receive accounts o f American banks, firms
Dividends
and
Interest
collected
and
remitted.
and Individuals npon favorable terms.
A ct as agents for corporations in paying coupon*
BROWN, SHIPLEY & CO., Liverpool.
and dividends; also as transfer agents.
BROWN, SHIPLEY A CO., London.
etrs »tu ft g x o U z v s .
Bonds, stocks and securities bought and sold on
U. 8. Government Financial Agents in England.
commission, at the Stock Exohange or elsewhere.
Sterling Exchange and Cable Transfers bought and
•old.
LETTERS OF CREDIT
Brown Brothers & C o.,
Kidder, Peabody & C o.,
John Paton &
C o.,
f
J. & T. Stuart & C o.,
J
33
NASSAU
STREET.
BILLS OF EXCHANGE ON
IE ITHy
P A Y N E Sc S M I T H ’ S ,
BANKERS. LONDON,
M A N C H E S T E R Sc C O U N T Y B A N K ,
“ LIMITED,”
MANCHESTER, PAYABLE IN LONDON t
U L S T E R B A N K IN G C O M P A N Y,
BELFAST, IRELAND
AND ON THB
N A T IO N A L B A N K O F SCO TLA N D ,
EDINBURGH AND BRANCHES;
ALSO,
0 ABLE TRANSFERS AND LETTERS OF CREDIT.
J ohn M unroe & C o.,
J rCo. 3 2 N a ssa u S tree t, N e w Y o r k .
N o . 4 P o s t Office S q u a r e , B o s t o n .
Issue Ciroular Letters of Credit for Travelers’ Use
Abroad against Cash or Satisfactory
Guaranty o f Re-payment.
DRAW ON
THB UNION BANK OF LONDON,
BRITISH LINEN 0 0 . BANK, LONDON AND
SCOTLAND.
J. & W . Seligman & C o .,
NO.
23
BAN KERS,
BROAD STREET,
N ew Y ork .
Issue Letters of Credit for Travelers
W a l s t o n H . Br o w n .
Herbert
p
Fr e d .
. Br o w n .
a
. Br o w n .
Walston H . Brown & Bros
BAN K ERS.
Accounts of Corporations and Individuals received
upon Liberal Terms. Securities Bought and Sold on
Commission.
N o . 2 0 N ASSAU S T R E E T ,
NEW Y O R K .
R . J. Kimball & C o.,
On SELIGMAN BROTHERS, London.
SELIGMAN FBBRES & CIE, Paris.
[Established in I860.]
SELIGMAN A STBTTHEIMBR, Frankfurt.
BANKERS AND BROKERS,
ALSBERG, GOLDBERG A CO., Amsterdam.
ALTMAN A STBTTHEIMBR, Berlin,
1 6 A 18 B r o a d S tree t, N e w Y o r k .
Parable in any part of Europe, Asia, Africa, Aus
tralia ana America.
Members of the New York Stock Exchange and of
Draw Bills o f Exohange and make Telegraphlo
the Philadelphia Stock Exchange.
Transfers o f Money on Europe and California.
R o b e r t J. K im b a l l .
A lfred b . L ounsberry.
J. K e n n e d y T od .
H. O. n o h th co tb .
A lexander
b a r in g ,
Member N. Y. Stock Bxoh’ge
J. Kennedy Tod & C o.,
W ood, Huestis & C o.,
31 PIN E STREET, NEW Y O R K ,
RAN K ER S AND B R O K ER S,
NO. 68 W ILLIAM STREET,
SUCCESSORS TO
BANKERS.
B i e h a n f C o n L o n d o n , P a r is , B e r lin ,
W O O D & D A V IS.
Act as Agents for Banks, Bankers and Rallroa
Companies.
Execute orders in all securities listed at the New
Z o r i c h a n d S t. G a ll.
Issue commercial credits, also foreign and domestic fork Stock Exchange. For Sale:
S r h d it s Op e n e d a n d P a y m e n t s m a d s b y Ca b l e . travelers’ letters of credit in pounds sterling A dollars
Fir s t -C l a s s R a il r o a d F ir s t M o r t g a g e b o n d s .
JEORGE C. WOOD. C.H.HUESTIS. L.M.8WAN
O ffer I n v e s tm e n t S e c u ritie s.
P a r is H o u s e —M U N R O E Sc CO .
Buy and sell bonds, stocks and securities in all Am
erioan, Canadian, British and Dutch markets on com
mission. Collect dividends, coupons and foreign and
Inland Drafts.
Sell Bills o f Exchange on
BANKER & BROKER,
„B A N K E R S ,
M E L V IL L E . E VAN S Sc CO., 1 , n w n nw
N o . 2 0 B R O A D S T ., N E W Y O R K .
29 W IL L IA M S T R E E T , N E W Y O R K ,
C. J . H A M B R O Sc SON,
iL O N D O N
S p e c u la tiv e A c c o u n ts S o lic it e d .
CORRESPONDENTS OF THU
M A R C U A R D . K R A U S S Sc CO ., 1
Orders received in Stocks for large or small
I n t e r n a t io n a l B a n k o f L o n d o n
H O T T IN G U E R Sc C O „
i r A “ 18*
_________________
_______________
«
_____
amounts,
either for cash or on margin.
( L i m it e d ), L o n d o n .
Particular attention given to investments.
E K essrs.Joh n B e r e n b e r g ,G o s s le r Sc C o .,
All issues o f bonds, either in default or other
G eo . Co p p e l l .
T h os . Ma i t l a n d .
H am bu rg.
wise, carefully quoted.
G e r a l d l . H o y t , Member N. Y. Stock Exch.j
TWENT 2 YEARS’ EXPERIENCE.
M esHsrs.MarcnardyK.ranss&: C o ., P a r is .
F. H. Smith , 1Members Consolidated Stock and
Commercial and Travelers’ Credits.
8. w . Sm it h , i Petroleum Exohange, New York.
Bills o f Exchange.
Cable Transfers.
F. H . Smith,
Schulz & Ruckgaber,
Maitland, Phelps & C o.,
BANKERS
THE NEW YORK
Produce Exchange Bank,
AND
COMMISSION
MERCHANTS,
H . L. Grant,
145 B R O A D W A Y ,
2 2 Sc 2 4 E x c h a n g e P la c e ,
NEW YORK.
C A P I T A L , $ 1 ,0 0 0 ,6 0 0 .
Ne w Y o r k .
Transacts a general banking business.
CITY RAILROAD STOCKS & BONDS
Receives accounts of banks, bankers and corpora BILLS OF EXCHANGE, LETTERS OF CREDIT,
BOUGHT AND SOLD.
TELEGRAPHIC TRANSFERS OF MONEY ON
tions upon favorable terms.
See Q flotations o f City Railroads In this paper.
LONDON, PARIS, MEXICO, CUBA, Ac., Ac.
Issues certificates o f deposit bearing interest.
Solicits mercantile and personal accounts.
Canadian B a n k o f Commerce.
CAPITAL, 16,000 000.
SURPLUS, $500 000.
Bills o f exchange drawn on, and cable transfers
made through, The City Bank, Limited, London.
J. H. GOA Dii Y & A L E X . LAIRD,
S A V A N N A H , G A .,
Circular letters of credit issued for travelers’ use
AGENTS,
S E C U R IT Y
BRO K ER.
In foreign countries ; also commercial credits.
16 EXC H AN G E P L A C E , N E W Y O R K
Buys and sells, on commission all classes o f Stocks
Accounts o f foreign bankers received and col BUY AND SELL STERLING EXCHANGE, CABLE end Bonds
TRANSFERS, BTC.
Negotiates loans on marketable securities.
lections in the United States made on favorable
New York Quotatians furnished by private ticker
ISSUES COMMERCIAL CREDITS, AVAILABLE
terms,
IN ALL PARTS OF THB WORLD.
every fifteen minutes.
i
~
3M; ^
NO.
A . L. Hartridge,
THE CHRONICLE
b
I fit t a t t jc t a l.
[Vol. XLVl,
ffittatucial.
f i n a n c i a l .
P E N N S Y L V A N I A R A I L R O A D CO.,
TREASURER’S OFFICE,
„ „
P h ila d e l ph ia , April 16,1888.
Notice is herpby given that registered bonds o f
the Philadelphia & Erie Railrond Company, in
sums o f $1,000 each, bearing interest at 4 per
cent per annum, payable semi-annually In April and
October, secured by the general mortgage, due July
1,1920, principal and Interest being guaranteed by
the Pennsylvania Railroad Company, will be exchxnged, p:ir for par, until the 15th day of May next,
for the seven per cent bonds of the Philadelphia A
Erie Railroad Company maturing July 1st, 1888, the
interest then maturing on said last-named bonds to
be paid at the time o f exchange, and such of the
said seven per cent bonds as shall not have been ex
changed by the 15th day of May next will be paid at
maturity.
Three months’ interest on the new four per cent
r e v e r e d bonds will be due and payable October
FOR SALE:
JARVIS-CONKLIN
MORTGAGE TRUST 00.. R a i l w a y E q u i p m e n t .
K A N SAS C IT Y , M O.
C a p ita l an d S .r p l n i P a id Up, 8 1 .1 4 0 .0 0 0
This Company offers fo r sale at p ar and
accrued Interest Its
SIX P E R CE1VT D E B E N T U R E S ,
ayable half-yearly at the office o f TH E M ER
CANTILE TRUST CO., NEW YORK. These
Debentures run for Ten years, bnt with the
ption o f redem ption at the end o f F ive years
They are direct obligations o f the Company
and are farther secured b y an equal amount of
R eal Estate M ortgages on im proved and pro
ductive R eal Estate worth from three to live
times the amount o f the mortgages, held b y THE
M ERCANTILE TRUST CO., w hich under special
▲ moles o f Agreem ent acts as Trustee fo r the
holders o f the Debentures. They are issued in
denominations o f $500, $1,000 and $5,0o0
These Debentures are a very desirable class
of investments fo r Estates and Trust Fundsand fo r individuals and corporations desiring
an exceedingly safe investm ent, with a com,
paratlvely hign rate o f Interest.
m o r tg a g e s o n R e a l E sta te in Kansas City,
and im proved farms in Kansas and Missouri,
at not to exceed 40 per cent o f the value, are
also offered investors.
ADVISORY BOARD OF DIRECTORS:
LOOAN C. MURRAY, President United States
Natlonsl Bank.
JOHN P. TOWNSEND, Vioe-President Bowery
Savings B<nk.
EVAN THOMAS, o f EVAN THOMAS A CO.,
Produce Exchange.
JOHN A. McCALL, Comptroller Equitable Life
Assurance Society.
COL. A. HARTSUFF, Surgeon U.S.A., Fort Ham
ilton, New York.
THOS. CLARK, JR , late President American Ex
change Insurance Company, 239 Broadway.
Write fo r further inform ation and references
to any one o f the com pany’s offices at
K A N S A S C I T Y M O .,
N E W Y O R K , 239 B roadw ay;
L O N D O N , E N G L A N D . 95 Gresham St
E Q U IT A B L E
M ortgage Company.
C a p ita l S u b s c r ib e d .......................$ 2 ,0 0 0 ,0 0 0
P aid in (C ash )................................. 1 ,0 0 0 ,0 0 0
D E B E N T U R E S ,
Bearing 6 per cent, running ten years and based
exclusively upon Western Farm Mortgages, held in
trust by the American Loan & Trust Company, of
New York, for the benefit o f the bondholders. Theii
safety, time to run and rate o f interest make them
the most desirable investment now offered. Also,
10 CLOSED EXCURSION CARS.!
4 OPEN EXCURSION CARS.
2 WAGNER SLEEPING CARS.
2 WOODRUFF PARLOR CARS.
30 PASSENGER CARS.
5 COMBINATION CARS.'
Also, LOCOMOTIVES, of Passenger, Freight,
Mogul, Switching and Motor patterns, and Freight
Equipment in great variety.
Full information and particulars on application to
THE NEW YORK EQUIPMENT C0„
JAS.IRVINE,
JOS.D.MlTCHILL,
President.
Vioe-Pres.
Secretary.
S I X PER CENT
INCOME
SECUR ITIES.
& TRUST CO.,
»6
C. N O Y E S ,
HEALER IN' ALL
N ew Y o rk
AND
B ro o k ly n
T R U S T COM PANIES’ STOCKS.
Also, all the Stocks Guaranteed by the
D E L A . L A C K .« & W E S T , and the
L A K E S H O R E & M IC H . SO U T H E R N
R A I L R O A D C O M P A N IE S .
N O TIC E:
AMERICAN INVESTMENT CO.
A sse ts O c to b e r 1 , 1 8 8 7 , $ 1 ,8 8 3 ,9 0 0 .
All loans and debentures fully guaranteed. Full
Information given by
A .L .O R M S B Y , H . E . S IM M O N S ,V .P re st’ s,
1 5 0 N assau S tr e e t, N ew Y o r k .
T H E M I D D L E S E X R A N K I N G C o .,
A
MIDDLETOWN, CONN.
C a p ita l S to c k , P a id u p , - - - - $ 6 0 0 ,0 0 0
S I X P E R CENT F IR S T M O R T G A G E
D E B E N T U R E BONDS
and Mortgage Noted. Guaranteed Interest payable
at National Bank o f the Republic, N.Y. Chartered
1872. Under same supervision as Savings Banks.
The only Mortgage Company whose output is Lim¿by Statute.
Dffices—Boston, 5 Tremort Street; N ew Y ork.il
Waif St.; Philadelphia, 512 Walnut St.
F IC E O F T H E C A N A D A S O U T H E R N
AY COMPANY, NEW Y
.
O FRAILW
April 26,1888.
o vk
The transfer books o f this compnny will be closed
at 3 o’clock P. M. on Friday, May 4, 1888, prepara
tory to tbe annual general meeting o f stockholders
to be held June 6 and will be reopened on Monday,
June 11,1888.
ALLYN COX,
Assistant Secretary.
Important N otice.
TO HOLDERS OF KANSAS REAL ESTATE
MORTGAGES:
The Finance Company
We invite persons wishing investments absolutely
safe to examine the securities o f the
( )F F I C E
OF W H IT E B R E A S T FUEL
COMPANY, 18 B r o a d w a y , N e w Y o r k ,
April 26,1888.
The Board of Directors of this Company have this
day declared the usual quarterlv dividend of ONE
AND THREE-QUARTERS (1%) PER CENT out of
the earnings for the quarter ending March 31, 1888,
to stockholders of record on that date.
The transfer books will be closed, from May 4th
to May 10th, inclusive.
C. H. PARMELEE, Treasurer.
The UNION STOCK YARD NATIONAL BANK
o f Chicago, located in the Town o f Lake, in the
State o f Illinois, is closing up its affairs, its corpor
ate existence having expired at close o f business
on the 29th day of February, 1888.
• All note-holders and outers, creditors of said
Association, are therefore hereby notified to pre
sent the notes and other claims against the Associ
ation for payment.
ELMER WASHBURN, President.
Dated 29th February, 1888.
O F F IC E S !
New York, 208 Broadway I Phlla., cor. 4th&Chestnut
Boston. 28 Court St.
I Kansas City. 7thA Del. St.
6 % GUARANTEED.
Y Y F F IC E O F T H E O N T A R IO S I L V E R
”
Min in g c o m p a n y , m ills bu il din g , io
Broad Street , New Y ork , April 23,1888.
DIVIDEND NO. 143.
The Regular Monthly Dividend o f FIFTY CENTS
per share has been declared for March, payable
at the office o f the Company, San Francisco, or at
the Transfer Agency In New York, on the 80th lust.
Transfer books close on the 25th Inst.
LOUN8BERY & CO..
Transfer Agents.
B R O A D W A Y ,
Sand to HODGES A KNOX, TOPEKA, KANSAS
for Free Pamphlet containing the compiled,Laws ct
Kansas relating to Real Estate Mortgages.
C a p ita l,
$ 1 ,0 0 0 0 0 0
7 P e r C ent G u a r a n te e d M ort- a g e ».
„ „ _
6 P e r Cent G o id D e b e n tu re s.
8 . O . T h a CHER, Pres. Nat. Bank, Lawrence, Kan.,
Prest.; G. W . E . G r i f f i t h , Prest. Merchants’ Nat.
Bank, Lawrence, Kan., General Manager.
F. M. P erkins , 1st vice-Prest.; M. V. B. B ull, 2d
Vice-Prest.i d . H. P erkins , Secretary.
10 A 42 Wall St., N.Y. C'-ty, W m.T. P ratt , Man’r.
Albany, N.Y., M.V.B.B ull A Co., M’rs N.Y.&N.E.
Write for full information,
L. H. PERKINS, Sec., Lawrence, Kansas.
DIVIDEND No. 85.
The usual QUARTERLY DIVIDEND o f TWO
DOLLARS per share from net earnings, has this
dav been declared, payable on and after May 15,
1888, to stockholders of record at close of busi
ness May 1,1888,
Transfer books close May 1 and reopen May 16,
1888.
A. 8. WE1NSHEIMER, Secretary.
1 6 0 B r o a d w a y , N ew Y o r k .
WM.
MINNEAPOLIS 6 PER CENT GOLD
DEBENTURES,
OP PEN NSYLVAN IA.
Ch a r t e r P e r p e t u a l .
A u t h o r iz e d C a p ita l, - - - -
$ 5 ,0 0 0 ,0 0 0
131 TO 141 SOUTH FOURTH STREET
R O B E R T W . S M IT H ,
_________ T r e a s u r e r .
F IC E ! O F P U L L M A N ’ S P A L A C E
OFCAR
COMPANY, CHICAGO, April 20,1888.
L a n d D e b e n tu re s, G u a ra n te e d F a r m and
C ity M o rtg a g e s , and S c h o o l B on d s.
NEW ENGLAND LOAN
_______> v
T H E S T . P A U L M IN N E A P O L IS & M A N A
ITOBA RAILW AY CO.,
40 and 42 w a l l s t r e e t ,
_
_
New Y o r k , March 28, 1888.
The Board o f Directors of this companv have
declared the usual quarterly dividend o f ONE AND
ONE-HALF PEU CENT on the capital stock, pay
able at this office May 1 to stockholders of record
on that date.
The stock transfer books will be closed at 8
o’clock P. M., April 17, and will be reopened at 10
o’clock A. M. on May 2,1888.
EDWARD T. NICHOLS,
________________________
Assistant Secretary
L.V.WALKLEV,
GUARANTEED FARM MORTGAGES.
THE WESTERN FARM MORTGAGE
L aw ren ce,
TRUST CO.,
M ainsas.
.
10 W A L L S T R E E T .
(
Q U A D R C P L Y SECU RED.
SAFE AND MOST DESIRABLE SECURITIES.
Send for circular or apply to
N E H E S Ac C A R P E N T E R , B a n k e r s ,
t r o y . n. y.
Eastern Managers for Minneapolis Debenture and
Northwestern Guaranty Loan Companies.
Authorised Capital, $4.000,000; Paid-up Capital-,
$350.000: Surplus. $50,701.________________________
(B u l l it t B u il d in g ),
P H IL A D E L P H IA .
R . A . Lancaster & C o.,
G e n e ra l B a n k in g B u sin e ss c o n d u c te d .
S t a ( f , M u u ic ip a l and R a ilr o a d S e c u r itie s
n e g o t ia t e d .
DIRECTORS:
Wharton Barker,
Charlemagne Tower, Jr.
John H. Converse,
T. Morris Perot,
George DeB. Keim,
George W. Blabon,
James Dougherty,
Philip C. Garrett,
Simon B. Fleisher,
Isaac R. Childs,
Isaac Hough.
WHARTON BARKER. President.
CHARLEMAGNE TOWER, J k ., Vice-President.
SIMON A. STERN, Treasurer.
RUSSELL STURGIS HUBBARD, Secretary.
BANKERS,
No. 10 W A L L S T R E E T ,3 3
Y E W Y O R K .*
DEALERS IN
INVESTMENT and MISCELLANEOUS
SECURITIES.
southern Securities a Specialty.
Bank of Buffalo,
BUFFALO, N. Y.
S. S. J e w e t t , Pres’t. W m. C. Co r n w e l l . Cash’r.
C a p i t a l ....$ 3 0 0 ,0 0 0 I S u rp lu s......$ 2 5 0 ,0 0 0
This Bank has superior facilities for making Col
lections in and out o f the city on tbe most liberal
terms, and with careful attention to the best inter
ests or its correspondents.
Co r r e sp o n d e n t s :—Importers’ & Traders’ Na
tional Bank and Chemical National Bank, New
York; Merchants’ Loan & Trust Co., Chicago;
Union Bank o f London. London.
ATLANTIC MUTUAL SCRIP. NEW YORK
LOCAL SECURITIES. Send for list Monday.
J . P . W I N T R I N G H A M , 3 6 ;P in e S t.
The
Sugar Refineries
Company.
STOCK BOUGHT AND SOLD.
JA N IE S H A Y E M E Y E K ,
Aldrich^ Court,*45 Broadway, N. Y.
r
ili
THE CHRONICLE,
Aran. 28,1888.]
%ankers and %vohtvs in ffietxr Wjoxh (flitg.
3 . L. Horton & C o.,
Taintor & H olt,
H . B. Hollins & C o.,
BANKERS,
BANKERS,
18 W A I i l . a n d 3 N A S S A U S T R E E T S
NEW YORK.
T ra n s a ct a G en era l B a n k in g B usiness*
DEALERS IN GOVERNMENT, MUNICIPAL ANT
RATI.ROAD SECURITIES.
DEMAND DEPOSIT ACCOUNTS RECEIVED.
INTEREST ALLOWED ON DAILY BALANCES
N * . 11 W a l l S t ., C o r. N e w , N e w Y o r k .
TRANSACT a ORNERAI. BANKING business.
DEPOSITS received and INTEREST allowed on
balances.
Buy and sell GOVERNMENT, MUNICIPAL and
RAILROAD Securities.
Private telegraph wires to Providence and Boston
GILES E. TAINTOR,
GEO. H. HOLT
G. D. L’HUILIER.
Geo. K . Sistare’s Sons,
1 6 A 1 8 B r o a d S tr e e t, N e w Y o r k .
1 2 1 S o u th T h i r d S tr e e t, P h ila d e lp h ia ,
Connected by Private Wire with main office, Nev
York.
DEALERS IN
FIR ST-CLASS IN VESTM EN TS.
Buy and sell on Commission, for cash or on margin,
all securities dealt In at the New York otu k Exchange.
. . .
Interest allowed on daily balances.
All deposits subject to cneok at sight.
Particular attention to orders by mail or telegram
Ed w a r d L. Oppenheim .
Wa lt e r Del Mah .
E. L. Oppenheim & C o.,
[ESTABLISHED 1862],
BANKERS AND BROKERS,
11 A 5 3 N e w Street a n d 4 2 B r o a d w a y ,
B ranch Office, 91 L eonard Street ,
N EV YORK.
7 5 O ld B r o a d S tree t, E . € . , L O N D O N .
C . J. Turner & Son,
(16 Years’ Membership In the N.Y. Stock Exchange
B A N K E R AND B R O K E R ,
16 A 18 B ROAD STREET, NEW YO R K .
Transact a general hanking business, including
the purchase and sale o f stocks and bonds for cash
or on margin.
A.
Dutenhofer,
BROKER,
AND
Dealer
in
Miscellaneous
Seenrities
MILLS BUILDING (Sd Floor,)
Rooms 26 A 26.
33 W A L L STREET.
t STATE AND CITY BONDS OF GEORGIA, also
SECURITIES OF THE CENTRAL RR. A BANK.
ING CO. OF GEORGIA, A SPECIALTY.
Investors wishing to bny or «ell are Invited to call
or correspond. Prompt and personal attention
given to all orders.
Howard Lapsley & Co ,
BAN KERS AN D BROKERS,
7 2 B R O A D W A Y and 9 N E W S T R E E T ,
N ew Y ork .
Special attention given to investments. Interes
allowed on deposits, subject to check at sight.
Harriman
W m . M. HARRIMAN,
&
Co.
1
Nicholas f is h ,
>
Jr .
)
BANKERS AND BROKERS,
E Q U IT A B L E B U IL D IN G .
Ol iv e r
h a r r im a n ,
&
BANKERS AND BROKERS,
N o . 2 4 P in o S tree t. N e w Y o r k .
Sons,
2 8 NASSAU S T R E E T , N EW Y O R K .
BANKERS.
D e a le r s In U nited S ta tes B on d s a n d O th er
D e s ir a b le S e c u r itie s.
Deposit accounts received and interest allowed on
baianCes^ KMBERS N. V. STOCK EXCHANGES.;
BANKERS,
Lathrop, Smith & Oliphant,
NO.
62
CEDAR
STREET.
BANKERS AND BROKERS,
In addition to a General Banking Business, Buy
and Sell Government Bonds and Investment Seourities.
_____
Davison Bbown .
BAN KERS AND BROKERS,
24
B R O A D
S T R E E T ,
J
BANKERS AND BROKERS,
N o . 1 0 W A l . l i S T ., N E W Y O R K .
Orders for Stocks and Bonds executed at al
Exchange*.
\ Especial attention given to supplying high-class
H
IN V E S T M E N T S E C U R IT IE S ,
Members New York 8tock Exchange, New York
Cotton Exohange. and Board of Trade Chioago.
Stewart B rown ’ s Sons,
Douglas & Jones,
Members New York Stock Exohange,
(Members o f the New York Stock Exchange.)
7 2 B r o a d w a y an d 1 1 N ew S tr e e t, N. S
Buy and sell Stocks, Bonds and Oil, for cash or
margin. Interest allowed on deposits. Correspon
ence solicited.
IN V E S T M E N T S A S P E C I A L T Y .
J ohn F. Douglas .
W il la r d H. J ones .
STOCK
BROKERS,
14 R r n n i l w a v * 111 N . w M ., N . w
I iram dew ing .
Cl a r k dew ing .
(Member of N.Y. Stock Exchange.)
H . Dewing 6c Son,
B A N K E R S ANO B R O K E R S ,
N o . 1 8 W a l l S treet, N e w Y o r k .
Stocks andbond8 bought and sold on commission.
Particular attention given to Information regard
ug Investment Serurtties.
. _ .
Iowa Loan A Trust Co. 6 per cent Debentures
(ought and sold.
a/hc/IILiC t^^fc^tya
BANKER S,
.8
W ALL
STREET,
NEW
YORK,
E sta b lish ed 18 6 5 ,1
MEMBERS OF NEW YORK STOCK EXCHANGE.
Allow interest on deposits subject to sisent cneck
luy and sell on commission stocks and bonds either
or cash or on margin, and deal in j
Wa y l a n d Tr a s k ,
Ch as . d . Ma r v in ,
B A N K E R S ,
»7 B r o a d w a y , opp. E xch an ge P la c e , N. Y
B ran ch Office, 2 4 1 L a S a lle S t.. C h icag o.
TRANSACT A GENERAL BANKING BUSINE8S.
NCLUDING THE PURCHASE AND SALE OF
iTOfJKS AND BONDS FOR CASH OR ON MAREHPBUY AND SELL INVESTMENT 8K0URI
FIBS. INTEREST ALLOWED ON DEPOSITS
IUBJBCT TO CHECK AT SIGHT.
p . O. BOX 4 4 7 . ___
D A. BOODY.
C. W. MCLSLIiAN.
REUBEN LBLAND.
WM. F. LE8SL1E.
H e n r y T. B ooby .
C
W. H. Dickinson ,
Ed w a r d P. A llinq
Member N. Y. Stook Exohange.
Dickinson & Ailing,
BANKERS
AND
B R O K E R
N o . 3 0 P in e S tree t, N e w Y o r k .
Buy and sell at N. Y. Stook Exchange, for INVESTMENT or on MARGIN, all classes of 8tooks
tnd Bonds, and allow Interest on deposits, subject to
iheok at sight.
H e n r y G. Cam pbell , ) Members N. Y. Stock
J. Borden H a r r im a n , J
Exohange.
H . G. Campbell & C o.,
B A N K E R S AND B R O K E R S ,
9 N ew S tr e e t an d 7 4 B r o a d w a y ,
NEW
Investment Securities.
A. M. K idder ,
H.
J. Morse ,
[N ew Y o r k .
John H . Davis & C o.,
37 BROAD STREET, NEW Y O R K ,
Geo. A lexander Bbown ,
BANKERS AN D BROKERS,
N o.
Stocks and Bonds bought and sold on Commission.
Collections made and loans negotiated.
Dividends and interest oollected.
Deposits received subject to Draft.
Interest allowed. Investment securities a specialty
W e Issue a Financial Report weekly.
Jos. 0. W alcott ,
I Members o f the New Yoi k
5«aA’c r F. D mrrvBov, I
stock WYObanff«.
Office of the Pneumatlo Steering Gear A Mfg.Co
L. C. l a t h bo p . Oscar b . Sm ith , j . h .o liph a n t
J 3 o o d ti+
Townsend & Washburn,
A ic b e ffa it
W . H . Goadby & Co.>
Transact a General Banking; Business.
Gilman, Son & C o.,
Chas . J. T ownsend ,
Lansing C. W ashbubm
Member N.Y. Stock Exchange.
Jno. P. T ownsend , Special Partner.
N o . 6 W a ll S tre e t, N e w Y o r k .
Stocks and Bonds Bought and Sold on Commission
for cash or on margin.
Special attention given to Unlisted Securities
Deposits received, subject to Check at Sight.
Correspondence solicited.
S p ecial A tte n tio n G iv en to A m e r ic a n
S e cu ritie s,
Solicit Aecounts and Order for the Purchase and
Sale of Bonds, Shares, Ac., Ac., on Commission, in
New York, Boston, Chicago, London or Paris,
Interest allowed on deposits subject to drafts at
tight.
Members of the New York and Boston Stock Ex*
changes and of the New York and Chioago Produce
Exchanges.
Private wires to Chicago, St. Paul, Boston, Hart
ford, Buffalo and Utica,
J. C . W alcott & C o .,
120 B roadw ay.
Harvey Fisk
3 4 an d 5 6 B R O A D W A Y , N ew Y o r k .
BARTHOLOMEW HOUSE, ) x oNDON
BARTHOLOMEW LANE, ) LUínuu« .
H
BANKERS,
U N IT E D B A N K
B U IL D IN G ,
W a l l S tr e e t, c o r n e r B r o a d w a y .
8 T 0 0 K 8 , BONDS dt COM M ERCIAL PAPER,
Stocks and bonds bought and sold on commission
at New York Stock Exchange. Advances mad« °u
business paper and other securities,
YORK
Hamilton & Bishop,
BANKER8 AND BROKERS,
No. 9 6 B R O A D W A Y , N E W Y O R K
(Members New York Stock Exohange.)
Accounts of Banks, Bankers and others received
Interest allowed on balances. A strictly Commtsslcn
Business In th e purchase and sale of stocks and bond r.
Private Telegraph Wire to Albany ,Troy,8yracuie,
Rochester, Utica, Buffalo, Cleveland and Chioago.
Draw on City Bank of London In amounts to suit
Special attention given to Securities for investment
Simon Borg & C o .,
N o . 2 6 N A S S A U S T ., N E W Y O R K ,
DEALERS IN ALL KINDS OF
Railroad and Investment Securities.
S outhern Secu rities a Sp e c ia l t y .
J. L. Robertson,
B O N D AND ST O C K B R O K E R
Dealer in Investment Securities,
NO. 7
NASSAU STREET,
(Continental National Bank Building,)
N tu n Y o rk .
THE CHRONICLE.
A p r i l 28, 1888.J
ffitmutial.
fFiuatucial.
REDEMPTION OF BONDS.
TO THE STOCKHOLDERS OF THE
OFFICE OF THE
L e h ig h & w i l k e s b a r r e Co a l Co .
119 L iberty Street ,
New Y ork , 3lst March, 1888
Richmond Terminal Co.
The transfer books o f the Seven Per Cent Bonds
o f this Company, maturing May 1, 1888, will be
closed April 4 at 3 P. M .'
The principal and interest of said bonds will be
paid on presentation at this office on and after May
1,1888, on which c ate interest will cease.
S. R. LANG, Treasurer.
OFFICE OF THE
Lehigh & Wilkesbarre
Coal Co.,
Sifitijmcial.
The following-named gentlemen have been pro
posed as Directors to be voted for at the election of
the Richmond Terminal Company, to be held on the
31st o f May next, at Richmond:
A U G U S T B E L M O N T , J r .,
o f August Belmont & Co., 36 Wall St., New York.
R O B E R T CO L G A T E , 287 Pearl St., New York.
W . S . G U R N E E , 7 Nassau St., New York.
H . B . H O L L IN S ,
o f H. B. Hollins & Co., 18 Wall St., New York.
JO H N H ON E, J r ., 62 New St., New York.
R U D O L P H K E P P L E R , 89 Broad St., N.Y.
F R E D E R I C K N. L A W R E N C E ,
o f Lawrence & Smith, 80 Broad St., New York.
EM ANUEL LEH M AN ,
o f Lehman Bros., 40 Exchange Place, New York.
W IL L IA M L IB B E Y ,
o f the late firm o f A.T. Stewart & Co., 31 Nassau St.,
F. H. LOVELL,
NeW York‘
o f F. H. Lovell & Co., 118 John St., New York.
IS A A C L . R IC E ,
o f Rice & Bijur, 84 Nassau St., New York.
E . W . C L A R K , of E.W. Clark & Co., Philadelp’a.
T H O M A S JA N N E Y ,
o f Moore, Hyams & Co., N. Orleans; residence,Balt.
E. P. A LEXAN D ER,
President of the Central RR. o f Ga., Savannah.
A L F R E D L E E T Y L E R , Anniston, Alabama.
Stockholders desiring the election o f the above
Board o f Directors are requested to send their
proxies to one o f the following named Committee:
AUGUST BELMONT, J r ., ROBERT COLGATE,
W. S. GURNEE, JOHN HONE, J r ., RUDOLPH
KEPPLER,—at the office of the FARMERS’ LOAN
& TRUST CO., 20 William Street, New York.
T H E IN T E R E S T A N D D IV ID E N D S ON
the following Bonds and Stocks are payable at
the banking house of Messrs. WINSLOW, LANIER
* CO., No. 17 Nassau Street, New York City, on and
after May 1,1888:
Denver South Park & Pacific RR.—
_
First Mortgage 7s.
Green Castle, Indiana—
School 8s.
Grand Rapids & Indiana RR.—
Six Per Cent Bonds.
Indiana State—
KokonnL*lndiana-—6 H° USe % *** Cent Bonds~ *
Funded 5Hs.
La Fayette Street Railway—
-d . firsti Mortgage 6s.
Portsmouth, Ohio—
Railroad Imp. 7s.
Pittsburg Fort Wayne & Chicago—
Flrst Mortgage 7s, “ Series E.”
Pittsburg Fort Wayne & Chicago—
St.
-
Terre^Haute^Imfiana—
119 LIBERTY STREET,
Consolidated 6s.
New Y ork , April 20,1888.
Western RR. Minnesota—
Sealed proposals to purchase any part of $803,000
w k
Mortgage ?g,
Wabash, City of, Indianao f this Company’s 5 Per Cent Sinking Fund Mort*
Annual 6s.
gage Bonds, due Nov. 1, 1912, will be received at
MAY 4, 1888.
this office untU SATURDAY, APRIL 28, at noon,
Rochester, Indiana—
School 6s.
when such proposals will be opened and the bonds
MAY 14..
awarded to the highest bidders, but no bid will be
Whitley County, Indiana—
considered at less than par and accrued interest.
Gravel Road 6s.
These Bonds (which are First Mortgage Bonds,
Marietta, Ohio—
MAY 15..
except as to one piece of property, which is included
Mar. & Cin. Aid, 8s.
as additional security) are part o f a total author
Wabash County, Indiana—
Gravel Road, 6s.
ized issue o f $3,000,000 in Coupon Bonds o f $1,000
MAY -16.
each, payable in twenty-five years, without the
Benton
County, Indiana,—
right of compulsory redemption prior to maturity.
Gravel Road 6s.
Interest payable in New York, May 1 and Nov. 1.
MAY 17.
A sinking fund for their ultimate payment is pro
Miami County. Indiana—
Gravel Road 6s.
vided by a fund arising from the sales o f surface
lands and the annual contribution of 10 cents a ton
MAY 19.
Hancock County, Indiana—
from every ton of coal mined in each year from the
Funding
6s.
.
property included in the first lien of the mortgage,
MAY 20,
-to which document, on file at this office, particular
City Cambridge, Indiana—
reference is made for all details o f the obligation
Municipal 7s.
and its Trust Indenture.
The proceeds o f the bonds are to be paid at this
COFFIN & S T A N T O N ,
office on the 30th inst. and are to be used for the
redemption o f an equal amount o f this Company’s
BAN KERS.
Seven Per Cent Bonds, maturing May 1,1888. The
$803,000 bonds constitute the balance o f those set
W ill p a y In terest o n th e fo llo w in g ;
apart for that purpose, which have not been sub
o f f ic e 0F t h e p r e s i d e n t ,
bon d s M ay 1 st:
No. 21 Co r t l a n d t St r e e t , N e w Y o r k ,
scribed for under the privilege given to the old
April 19,1888.
bondholders and expiring to-day.
This company has made arrangements with MAHASKA CO., IOWA—
Statement of business for the year 1887:
Funding 5s.
Messrs. DRKXEL, MORGAN & CO., of New York,
Gross earnings.. ...... $9,446,078 01
and Messrs. DREXEL & CO., of Philadelphia, to
MARTINSVILLE. INDIANA—
Expenses.................. 7,889,492 05
extend the Fifth Mortgage Bonds issued by the
Refunding 5s.
NEW YORK & ERIE RAILROAD COMPANY,
Net earnings.................................. $ 1 ,5 5 6 ,5 8 5 9 6
Fixed charges for in
MATURING JUNE 1ST NEXT, the principal pay CITY OF DES MOINES, IOWA terest On d e b t..... . $680,983 34
Refunding 4}£s.
able forty years from that date, and the interest
Sinking fund charges 269,992 91—
950,906 25 December 1st and June 1st, semi-annually, at 4 per
cent per annum, both in UNITED STATES GOLD PAYNE VILLAGE, OHIO
Surplus over total fixed charges
School 6s.
o f the present standard of weight and fineness, the
for1887........................................ $ 6 0 5 ,6 7 9 7 1 mortgage security remaining unimpaired.
CITY OF LOG ANSPORT, 1ND. By order of the Board.
The right to extend, as above, has been reserved
Funding 6s.
to such o f the holders as may desire to avail of it
J. ROGERS M A XW E LL,
CITY
OF BROWNWOOD, T E X A S and shall deposit their bonds for that purpose with
President.
Water 6s.
Messrs. Drexel, Morgan & Co., 23 Wall Street, New
York, prior to May 15th next. Holders not desiring
TO THE STOCKHOLDERS OF THE
to extend will have the principal and accrued inter rp H E D E N V E R «& R I O G R A N D E R A I L ROAD COMPANY.
est at 7 per cent, to June 1st, 1888, purchased on A
»
, ,
.,
New Y o r k , April 18th, 1888.
presentation and surrender of their bonds at the
A special meeting o f the stockholders o f tixe Den
office o f DREXEL, MORGAN & CO., on and after ver & Rio Grande Railway company will be held at
the principal office of said company, in Denver Col—
that date.
JOHN KING, President.
_ _
AND
J
orado, on Tuesday, the 22d day o f Mav, 1888,’at lO
o’clock m the forenoon, for the purpose o f consider
ing an agreement between said the Denver & Rio
23 W a l l St ., Ne w Y o r k , April 20,1888.
Grande Railroad Company and the Chicago Rock Is
The undersigned, holding and representing large
Referring to the above notice o f the New Yor . land
& Colorado Railway Company, for the ioint
amounts o f stock o f the RICHMOND TERMINAT, Lake Erie & Western Railroad Company, we are use
<?f the tracks and property o f said the Denver
COMPANY, believing that any change in the man now ready to receive any of the New York & Erie
* S 10 Graiid® Railroad Company between the cities
of D enver* South Pueblo, in the State of Colorado;
agement or policy o f the company at this time Railroad Company’s Fifth Mortgage Bonds for ex and
for the purpose of determining whether such
would be opposed to its best interests, solicit tension.!
agreement shall or shall not be assented to and perproxies to be voted in favor o f continuing the ' W e are also prepared to buy at par and accrued
By
order o f the Bedard o f Directors.;
present Board o f Directors,
interest any of the bonds, the holders o f which may
W M . W AGNER,
W e shall be glad to give our reasons for this view desirqtfo sell rather than extend. Such holders as
to shareholders who will give us an opportunity of extend their bonds will have the privilege, accord
________________________
S ecretary*.
doing so by calling on
ing to the priority of application, until June 15th rjTHE
D E N V E R & R IO G R A N D E R A I L
E D W A R D S W E E T & CO.
next, o f purchasing from us, at 102 and interest,
ROAD COMPANY.
W O R K , S T R O N G & CO.
any bonds extended by us after purchase from their
_
, NEWYORK, April 20th, 1888.
T . W . P E A R S A L L & CO.
The annual meeting of the stockholders of the
present holders.
Denver & Rio Grande Railroad Company will be
J O H N H . D A V IS & CO.
held at the principal office o f said company in Den*.
D 8 E X E L , M O R G A N & CO.
I . & S. W O R M S E R .
vi i ’„Ct:1?rado’ on Tuesday, the 22d day o f May, 18881
M OORE & SCH LEY.
at 12 o’clock noon, for the election o f directors ana
to take action on a proposed issue of bonds for the
JA M E S O N , S M I T H & C O T T IN G .
improvement of this company’s railroad, at the rate
W ANTED:
New Y ork , April 21,1888.
of not exceeding $5,000 per mile, to be secured by a
™ortgage on the company’s property and franchises.
Columbus & Hocking Valley 2d 7s, 1892.
$3,000,000 of said bonds to be issued at once and
JO H N P A T O N & CO.,
such further sums thereafter as the stockholders
Columbus & Toledo 2d 7s, 1900.
58 WILLIAM STREET, NEW YORK
may from time to time determine; and also for the
will pay on and after May 1, 1888, the foilowimr
New Orleans Pacific Land Grant Bonds.
transaction of any other business that may he
coupons and interest maturing that date8
brought before the meeting.
The transfer books will be closed from the even
F und*B onds?^ C M ca s o & A It®“ S in k in g
B U Y AND SEUU :
ing of May 9 until the morning o f May 81st.
C ou p on s o*t L o u is ia n a & M isso u r i R i v e r
By order of the Board o f Directors.
S econ d M o r tg a g e B o n d s.
t t lv e r
Scioto Valley Bonds and Stock.
W M . W AGNER,
I n te r e s t on K a n s a s C ity S t. L o u is &
Texas & Pacific Scrip, all issues.
C h ic a g o G u a r a n te e d P r e le r r e d S to c k .
05
S ecreta ry .
New Orleans City Bonds.
New York Lake Erie &
Western R R . Co.
Richmond & West Point
Terminal Railway
Warehouse Company.
R . T . Wilson & C o.,
BANKERS A N D COMMISSION M ERCHANTS
2 E x c h a n g e C o u rt, N ew Y ork >
G. W . D O U G H E R T Y ,
Member N.Y. Stock Exchange,
' M ills B uilding .
1 5 B r o a d S t . , N .Y .
T H E DEN VER & R IO G R A N D E R A I L «
R O A D COM PANY.
Coupon No. 35, due May 1,1888, o f the first mort.
gage bonds of the Denver & Rio Grande Railwav
Company will be paid on and after that date by the
Fourth National Bank of New-York.
3
*J* W. GILLULY. Treasurer i
D enver , Col., April 24,1888.J
KfsFJcr» i
[Vgl. XLVI,
THE CHRONICLE.
ffitxaticial.
______ gfiuauclal.
May
IN V E ST M E N T S
■c h
ic
.
m i l w a i i k .e e &
sr.
p a u .l -
T e r m in a l M o r t., G o ld . 5 s, L 9 1 4 i
lO l^ a n d ln t .
H a s tin g s & D a k o t a D iv* Extcn*5®j
1 0 1 )4 a n d in t.
C h ic . & M o . R i v e r © i v . 5 s , -1 9 * 6 ,
9 9 a n d in t .
«C H IC A G O & N O R T H W E S T E R N G o ld , r e g is te r e d , 7 s, 1 9 0 * ,
1 3 0 U an d in t.
Y ie ld 4M.
I s t M o r t . 7 s, 1 9 1 5 ,
14 0)4 an d in t .
Y ie ld 434.
ffitx a tx c ia l.
Investments.
BONDS.
Atchison & Pike’s Peak (Central Branch
;Uniotn Pacific) Gold 6s, 1895.
Chicago & Alton Sinking Fund Gold
6 s, 1903.
O I N . I N D .S T . L O U IS & C H IC . 4 s , 1 9 3 6 ,
9 5 a n d in t.
Y i^ ld 4J4.
N . Y . C E N T R A L & HUDSON R IV E R —
D e b e n tu r e 5 s , 1 9 0 4 ,
10834 a n d in t.
Y ie ld 4M*
K E W YO RK CENTRALE x te n d e d 5 s, 1 8 9 3 ,
104*4 a n d iu t.
Y ie ld 4 .
«C H IC . R O C K I S L A N D & P A C . l s t M o r t . 6 s, 1 9 1 7 ,
1 3 3 a n d in t.
Y ie ld 4 1 - 1 6 .
E x te n . a n d C o lla t. T,r. B o n d s, 5 s , 1 9 3 4 ,
1 0 4 a n d in t.
Can be redeemed after July, 1894, at 105 and
^accrued interest.
»C I T Y O F B O S T O N R e g i s 'e r e d 4 s, 1 9 1 7 ,
10634 a n d in t.
Y ie ld 334.
The debt o f the City o f Bpston is limited to two
■®er cent o f the city’s assessed valuation, exclusive
»of water debts and special loans excepted by legis
lation.
• C IT Y O F S T . L O U IS —
2 0 - Y e a r 4 P e r C ent G o ld B o n d s f o r 8 .
f Interest payable April and October in New York
or London)
A t 1 0 3 )4 an d in t.
Chicago B urlington & Quincy S inking
Fund 5s, 1901.
Chicago & Northwestern Registered
Gold 7s, 1902.
H ARLEM & PORTCH ESTER—
(Guar. N. Y. N. H. & H. RR.^Co.) 1 st 6 s, 1 9 0 3 .
N E W Y O R K Sc H A R L E M ls t 7s, 1 9 0 0 .
N E W Y O R K C E N T . & H U D . R I V .—
C ou p on a n d R e g ’ d 1st 7 s , 1 9 0 3 .
N E W Y O R K C E N T. & H U D . R I V . ' Deb'. 5 s , 1 9 0 4 .
N E W Y O R K , L A C K «& W E S T .—
(Guar. D-D. & W. RR. Co.) 1 st 6 s , 1 9 2 1 .
N E W Y O R K , L A C K . & W E S T .(Guar. D. L. & W. RR. Co.) 5 s, 1 9 2 3 .
Chicago Rock Island & P a cific 1st 6s,
E R IE R A IL W A Y —
19.17.
1 st C o n s o l. G o ld 7 s , 1 9 2 0 .
Chicago & Eastern Illinois 1st 6s, 1907. S T . P A U L <fc N O R . P A C I F I C —
(Guar. Nor. Pacific RR. Co.) G o ld 6 s . 1 9 2 3 .
Cincinnati Richmond & F ort Wayne
S T PA U L C IT Y R A IL W A Y C A R LE —
guar. 1st 7s, 1921.
G o ld 5 s, 1 9 3 7 »
Columbus & Indianapolis .Central 1st J A M E S R I V E R V A L L E Y l s t G o ld 6 s, -1 9 3 6 .
7s, 1904.
Columbus & Hocking T alley 1st
1897.
7s,
Columfios & Toledo 1st 7s, 1905.
O H IO & W E S T V I R G I N I A —
1 s t 7 s, 1 9 ,1 0 .
M O R R IS & E S S E X l s t C o n so l. 7 s , 1 9 1 5 .
Dayton & M ichigan (guar. Gin. Ham il
ton & Dayton) Con. 5s, 1911.
Grand Rapids & Indiana
Grant Gold 7s, 1899.
Ex. Land
Harlem R iver & Portchester 1st 7s,
1903,
D R E X E L , M O R G A N & CO. New York & Harlem 1st 7s, 1900.
Northern Pacific (Pend d’Oreille D ir.)
1st 6s, 1919.
Investment Bonds.
E ASTER N R ’LWAY OP MINNESOTA,
5s, GOLD, 1908.
Sandusky Mansfield & Newark 1st 7s,
1909.
C H A R L E S T . W IN G ,
P r in c ip a l an d I n te r e s t G u a r a n te e d b y
*S T . P A U L M IN N . & M A N IT O B A R R . CO.
18 W a U S tr e e t.
R E O R G A N IZ A T IO N
SECOND AYE. R R . CO., N. Y. CITY,
F IRST MORTGAGE 5 PER CENT,
D u e N crvem ber, 1 9 0 9 .
OF THE
Chesapeake & Ohio R’y Co.
3L0NG ISLAND CITY & ELU&HING
FIRST CONSOL. 5s, GOLD,
2S W a l l . Sxrottl
l
New Yank, A prili, 1888. )
Holders representing a total o f about seveneighths of thè bonds of the CHESAPEAKE &
ÒHIÒ RAILW AY CO. affected bythe plan o f reor
Due 19 37.
ganization and four-flfths pf the. stock of paid com
¡P r in c ip a l a n d I n te r e s t G u a r a n te e d b y
pany having accepted thé provisions of the reor
L O N G IS L A N D R R . CO.
ganization, agreement dated Feb. 7, 1888, notice U
hereby given to holders of outstanding securities
that the samemay still be deposited with.DREXEL
MORGAN & CO., 23 Wall Street,' New York, on
FOR SALE BY
payment of thefollowing pénaîties, viz.:
o n Se r i e s “ b ,” d p ® r c e n t a n d i .p e r c e n t
B L A K E B R O S . & CO.,
BON£>S, a penalty of 2 per cent in cash on the par
value.
,1,8 W A L L S T R E E T ,
(On “ B” bonds, deposited now iptercft during,re
organization, as provided in thè r,eorÌanl?à(Ìon
$ 2 0 0 ,0 0 0
agreement, 'will ae'eruefrom H a y l, X8$8.)
ON CURRENCY BONjiS, a ,penaJty of 2 per cent
in cash on the par value.
ON D;EFERB.^D lîiTEIt^ST .SCRIP, a penalty
6 PER CENT GOLD BONDS.
o f 2 per cent in cash on the par value.
ON à E l CLASSÉS OF SÎOCX, in addition to. the
V^tri<^nn I s s u e s i l l G o o d L o c a l i t i e s .
assessments provided for in the reorganization
¡.Earnings largely in excess o f fixed charges, and agycement,, a penalty o f )4 percent in cash on the
par value.
•steadily increasing.
The privilege of depositing securities, as above,
P r ic e 9 2 )4 >to 1 0 0 an d In te r e st.
will be terminated by the committee In Its discre
tion,
without further notice, and after such ter
FOR SALE BY
mination nò deposits will Se received.
TODEY & Kl|tK, 4 Rroafi Street.
Notice is also given that the second instalment o f
95 per cent of the assessment :oh all classes of stock
THE
deposited under said agreement is called, and!will he
AMERICAN EXCHANGE NATIONAL payable at the office of Drexel, .Morgan & Co. on
May 3, 1888. Deppsitprs ere rpTtesfph,£p present
RANK,
their reorganization receipts
.such payment,
when made, may be indprspd thereon, 1
198 BROADWAY,
Water Works Companies’
N ew Y ork , A pcU-34,1888.
A t a meeting o f ,the Board oY Directors field this
day a dividend o f THREE AND ONE-HALF (3)4)
PER GENT was.declared payable May 1,,proximo.
Transfer books close, to-day and will open MayA
EDWARD .BURNS, Qaehier. 3
D R E X E L , M O R G A N Sc C O .,
D e p o s ita r ie s .
,C. H ÆQSHEfO
R . J. CROSS,
>Committee.
A . J. THOMAS.)
IN STOCK AND FOR SALE BY
R E E D
&
F L A O O ,
11 PINE STREET.
NEW YORK.
Staten Island Securities
A S P E C IA L T Y .
G a s . R a ilr o a d
a n d E le c tr ic L ig h t C c .
S to c k s .
GEO. B . R IP L E Y ,
06 Broadway. R o o m 8 .
Abbey & Imbrie,
18 VESEY STR E E T, NEW Y O R K .
FINE FISHING TACKLE.
Send ns 10 cents to prepay postage on Catalogue.
Fifth Avenue Hotel,
R a d ls o n S qu are, N E W Y O R K ,
The Largest, Best Appointed and Most Liberally
Managed Hotel in the Òìty, with the Most Central
and Delightful Location.
Hit c h c o c k , d a r l i n g a co.
Bible Hotel,
AM STERDAM , HOLLAND.
Beautlfttlly sitnated In the centrent the city^olftse
to the .Railway Station and the Exchange. First,
rate cooking. Excellent wines. Moderate prions.
'
______ W . P ., W B R K ffft . M anager
M a s s a jsoirt H o u&e,
S P R IN G F IE L D , M ASS.
THE BEST APPOINTED HÒU8É IN WESTERN
NEW ENGLAND.
“
„
Convenient for the tpnrist or business man. Near
Union Depot.
W .H .C H A P I N .
Spencer Trask ;& C o .,
BAN K ERS & BROKERS,
16 and 18 Broad -St&oec,
Albany,-N.X-
V.
¡ProYidençe, £ I.
‘ 'Saratoga.
Transact alenerai BanJcftyg
Special .attention .given.to .Investment
Securities.
Direct Private Wires, to each of|ce aijd to
PHILADELPHIA,
Bo s t o n ,
w qrgesteb,
. !
HUNT’S MERCHANTS’
REPRESENTING TH E IN D U S T R IA L A N D
YOL. 46.
MAGAZINE,
COMMERCIAL IN TERESTS OF TH E U N ITED STATES’.
SATURDAY, APRIL 28, 1888.
c o n t e n t s
.
Week Ending April 21.
1888.
TH E CHRONICLE.
The Financial Situation..............522
The International & Great
Northern & T e x a s ..,............... 524
U nion Pacific’s Position and
Progress...................................... 525
Im ports and
E xports for
M arch.......................................... 526
M onetary
and Commercial
E nglish N ew s............................526
Commercial and M iscellaneous
N ew s.......................................... 528
$ b e C h r o n i c le .
Terms o f Subscription—P ayable in A d v a n ce:
F orO n b Y ear (in clu d in g p o s ta g e )...................... ..................$10 20
E ar Six Months
do.
.............................. .
6 10
European Subscription (including p osta g e)......................... 11 28
A nnual subscription in London (including p osta g e)......... &2 7s,
S ix Mos.
do
do
do
......... £ 1 8s,
These prices include the I n vestors ’ s u p p l e m e n t , o f 120 p a g es
issued once in tw o months, and furnished w ith ou t e x tr a oharge to
subscribers o f the Ch r o n ic l e .
Subscriptions w ill be continued' until definitely ordered stopped. The
publishers cannot be responsible fo r rem ittances unless inadfc b y drafts
or Poat Office M oney Orders.
a
file cover Is furnished at 50 cents; postage on th e same is 18
oents. Volumes bound fo r subscribers at $1 00.
L on d on A g en ts:
Messrs. E d w a r d s & Sm ith , I D rapers’ Gardens, E. C., w h o Will take
subscriptions and advertisem ents and supply single copies o f the paper
a t Is . eaeh.
w il l ia m b t u n a ( W I I M A f l H . D A N A & C o . , P u b l i s h e r s ,
l o S r oG. FLOTD.
flotb
)£
1 0 2 W i l PO
l i aST
m 0S
t r[Ce Be t . N E gW
TOHN
pK
g g .A O l t l v .
CLEARING
H OUSE
RETURNS.
The bank clearings for tho 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 o f about three millions,
while the Middle and Western sections record gains of about ten
millions 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 o f New York the increase over April 14
is $17j9'28,316. A t this city, however, there has been a falling
dff o f $18,962,033, leaving for the Whole country a net loss o f
$1,038,717» The planting o f cotton, which was considerably
delayed by the unseasonable weather during Majrch, 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 o f New York exhibits a gain o f 2
per cent, against a loss last week of 7-3 per cent. Important
percentages of increase are recorded* at Detroit, Peoria, Lowell
Dtiiuth, Grand Rapids, Minneapolis, Springfield, Portland and
Norfolk,
The speculation in share properties on the New York Stock
Exchange displayed a,, little more aotivity during the week,the
transactions covering a market value o f $73,973,000, against
$110,304,000 for the like period a year ago, A fter deducting
two-and-a-half times these values" from the New York clear
ings there remains $395,623,712 ascribaHle to other business"
this year, against $419,’347,107 in 1887, or a decreaseof 5’T p e r
NO. 1,192.
1887.
(1,468,070) (2,424,111)
(230,000)
(374,400)
(56,419,700) (41.171.000)
(83,776,000) (16,742,000)
1888.
P. Cent.
$
«
580,552,712 695,505,107
New York......................
Sales of—
(Stocks............. shares.)
(Cotton,............. hales.)
(Grain.......... . bushels.)
(Petroleum...........bbls.)
Week End'g April 14t„
P. Cent.
$
599,514,745
—16-5
-2 1 -03
(-89-4) (1,272,896) (-41-1)
¡270,400) (—46-85»
(-88-6)
(+87-0) (47,848.830) (+7-5)»
(+101-7) (23,780,000) (+24 0)
Boston...........................
Providence....................
Hartford..................
New Haven...................
Portland.................. ..
Worcester.....................
Springfield.................. .
Lowell.................. ........
85,288,439
4,609,400
1,513,926
1,172,426
908.448
1,095,676
1,244,249
581,902
88,069,684
4,461,500
1,591,888
1,219,710
789.214
1,094,166
467.200
406,608
-8 -2
+38
—49
—3-9
+22-2
+0*1
+28-7
+43-1
Total New England...
96,859,466
98,549,920
Philadelphia..................
Pittsburg.......................
Baltimore......................
67,532,866
11,883,985
12,229,688
69,425,098
10,482,133
14,175,754
88,026;971
4,733,500
1,772.687
1,251.139
988,751
971,194
1,210.277
660,365
—Í5-0
-2 S ¿
+3-0
—8-ds
+6-5
—2"2- ;
+24-1
+Î1-1
—2-2
99,504,834
—13-9“
—2-7
+13*4
—13-7
59.461.723
11,386,172
11,050,148
—7'6*
+1-&—27"2 :
9*7 *
+U -7
-11-6
40-9
+49'9
+9-4
—15-3
+15-4
+47’2
+151
+31-2
+8-5
—7-9
+32 8
—200
+33-1
54,939,164
9.404,400
3,764,600
3,791,077
1,906.266
2.904,408
1,984,060
1,153.483
2,863,370
3,145,462
3.182(070
8,552,407
002,109
749,122
1,494,858
285,706
+ 0'6.
—21-5~
-6-R:
+6"2 s
+31-051
+0-6
—Ï5-6 •
+21-4
L-4-2:
-10-5«
+2O-0S
—22a
+21-8
—26-4-;
91,646,589
94,082,985
Chicago..........................
Cincinnati......................
Milwaukee.....................
Detroit.........................
Indianapolis..................
Cleveland......................
Columbus.......................
Peoria............................
Omaha...........................
Minneapolis...................
Denver...........................
St. P a u l................... ,..
Grand Rapids................
W ichita.,.......................
68*352,707
10,243,850
4,102,492
. 8,981,800
1,869.895
8.015,884
2,567,073
1,175,655
8,040,960
3.490,966
2,466,116
8.294.682
676,614
661,646
1,634,798
820,377
66.73L190
11,586,600
3,887,070
22650,073
1,708,909
3,559,838
2.224.487
798,567
2.640,870
2.660.570
2,882,235
3,577,376
509,649
827,251
1,227,946
81,848,041
Total Western............
105,575,083
96,928,582
+8-9
94,012,599
-0-3^
St. Louis........................
18,491,068
1.224,901
8t. Joseph......................
New Orleans'.................
7.191.498
Louisville......................
5,056,206
Kansas City............. .
. 8.307.011
Memphis..,...................
2,130,451
Galveston...................... i
756,275
Norfolk..........................
710,382
16.704,406
1.257.198
8,Sft7.218
4.706.853
8.169.981
1.825.895
778,(540
589,638
+10-8
-2-0
—14-2
+6-1
+1-7
+10-7
—» 2
+21-5
17,698,707
1,088,589
7,409,099
5,203,312
7.831.908
2.132,630
731,853
795,107
+3-3—24-4
—Ï2-8—3-8
t-7-5.
+28"5-0-5-2S-0»
+2-8-
Total Southern..........
43,8(78,737
42,534,324
+8-Ì
42+91,70©
Francisco................
14,706,853
13,204.109
+10-9
15,916,188
+1-4,
—10-4 938,748,107
+2-0 334,233,302
—17-0.
—79>-
San
Tota! a l l . . . . . . . . .........
Outside New York.......
982,714,390|l,040,«65,027
352,161,678 345,359,920
* Not Included in totals.
Our usual telegraphic returns o f exchanges for the five days;
hard heeii received and are given below. In comparison with*
the similar period of last year the aggregate for thesevea
cities records a loss of 5*0 per cent. The1estimate for the fult.
week ended April 28, based on these telegraphic figures, points;
to a decrease from the week pf 1887 o f about 1‘1 per cent.
Messrs. R. G. Dim & Co. report the number of failures for thnweek ended to-night (April 27) as 223 (193 in the United States*
and 30 in Canada), against 195 last week and 191’ for the sdane»
time a year ago.
;
1888.
•
$
New York....... .
520,751,341
Sales of Stock (shares)....
(1,800,581)
B oston ............
68135,352
Philadelphia.. .... .
40,085,643
• 9,515,593
Baltimore.,......... .
47,011,000
C hicago......'........
. 13,587,246
St. L o u is .............
0,851,490
Ifew O rleans.......
Total, 5 days...
Estimated 1 day
Week End'g April 21
Week Ending April 28.
Returns by Telegraph.
1887.
p . Cent. j
$
504,775,000
(1,679,047)
69,24i;005
46,182,'201
11,992,581
40,260,000
13,939,750
6,425,245 «
1888,
P. Cent».
$
-7 -8 481,134,-887 —17-3;
(1,160,114) (-43-2)
(+T6)
70,309,105
—1‘2
■■”4*8»
+ f ‘-8 i 57,388,725 i -3*2
10,279,410 —15-8
—20-7
+1B«
53,835,000 +12-4
-2-9
15,498,935
+7-7
+0"0
5,504(982 - 1 7 T
715,237;065 752,809+42 ■ —-5-Ò 603,805,080 —12-0
■ 452188,596 132.240,107 ,j +15-1 : 142,286,148 , —6-8
807,420,231,
Total full week... .
Balance Country*.. . . . . . « 99,487,694
885.,109,000
92,555,656
—2*0
+Tb
836,181,228 , —11-9
96,502,424
+5-1
960«! 8,955
977,065.205
—i*i
992,003'6S2
T o t a l w e e k . a ll.
* fo r the full week, based os last week’s retaras.
-10-A
THE
522
TEE
F IN A N C IA L
fVoL. XLYI.
CHRONICLE.
S IT U A T IO N .
A feature o f the money market this week, and one
which marks clearly the changed conditions, is the course
o f some o f 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. Ih is 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 o f
the hitherto rejected stocks, but exacting the full rate of
3 per cent for the accommodation. A nother feature has
been the liberal purchases o f bonds by the Treasury,
w hich we have remarked upon below ; and still another
has been the continued flow o f money to this
centre from the W est and South, with
at the
same time a falling off in the demand for currency from
the M iddle and Eastern States, the Boston market having
undergone as marked a change in its situation as the New
Y o r k market. A s represented by bankers’ balances, money
on call has loaned at 4 and
per cent, but comparatively
little was done at the extremes, and the higher rate was
the result o f manipulation. L arge amounts have been
loaned at 3 per cent and at 2 per cent, making 2^ a fair
average, and at this rate renewals have been made. The
banks hold out for 3 per cent, and, as explained above,
g e t it by taking m ixed collateral.
Time loans are
as
reported
last
week.
There
is
not
much
activity, and lenders continue to insist on prime
security.
F or commercial
paper the demand is
good, but the banks buying are careful to select the best,
pursuing the conservative course which has been follow ed
for months, and which the recent failures certainly justify.
Bates are 4 f@ 5 £ percent for sixty to ninety day endorsed
bills receivable, 5 @ 5 £ for four months’ acceptances, and
5 | @ 6 £ for good single names having from four to six
months to run.
In Europe affairs have worn a less anxious and u ncer
tain aspect this week. Much better and daily im proving
accounts have been received respecting the health of the
Emperor of Germany, encouraging a hope again, though
o f course faint as yet, o f a permanent restoration to
health. So also the situation in France looks more quiet
ing. General Boulanger is certainly not to have an un
interrupted ovation in his effort to attain power. Tnough
bis follow ing is for the moment large, it would not be at
all surprising if it were to grow smaller since much o f
the early enthusiasm fo r him was probably the result of
a
feeling
that the dealings o f
the Government
with the General were harsh, that is unnecessarily
severe. In monetary circles the feature has been the co n
tinued loss o f gold by the Bank o f England. H ow long
this will keep up and whether it may not force an advance
in the Bank rate ha3 been discussed. The cable reports
discounts at London in the open market o f sixty
days to three months bank bills at ]$■ per cent. It is
argued that the rate is likely to improve. This week
the Bank of England lost [£256,000 bullion, made up, as
we are advised, by a private cable to us, by an im port
from E gypt o f £130,000, by receipts from the interior
o f Great Britain o f £128,000, and by exports principally
total reported was £21,239,547, against £24,480,552 a
year ago. The open market rate at Paris is 2-J- to 2^ per
cent, and at Berlin and Frankfort it is 1^ 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 fo r actual business justified this unusual
course.
The advance has been maintained and until
Thursday the tone was firm, but on that day offerings o f
bills against outgoing securities made the tone easier.
The market is now
m oving in a very narrow
range.
A s it advances in response to a tem porary
demand a supply is
brought
out
either
from
bankers who have held fo r a rise or from those who
are negotiating loans, or from various transactions amount
ing in the aggregate to important sums. A s the rates fall
a mercantile inquiry is stimulated and the tone changes
from ease to firmness. It is impossible to trace all the
sources o f supply, but there are doubtless many millions
of foreign capital already invested and being placed in
various Am erican securities, drawings against which are
constantly being made, thus neutralizing the effect o f the
adverse trade balance. A n idea o f the increasing extent
of our trade indebtedness may be gathered from the fo l
lowing statement. Mr. Switzler has issued this week his
figures for March, and we give them in our usual form.
FOREIGN TRADE MOVEMENT OF THE UNITED STATES (OOOs Omitted.)
Excess
Tear.
Exports. Imports. of E x
ports.
1888.
Jan....
Feb ...
Mar...
$
63.051
56.685
50,747
$
$
4,538
58,513
66,856 *10,171
63,015 *14,268
T o ta l 170.483 188,381
1 8 8 7 - 19 L,628 1 7 4 ,Oul
1 8 8 6 . 163,586 164,14(
1 8 85. 185,671 137,22?
1 8 8 4 . 191.447 170,28
1 8 8 3 . ¿•44.887 1174.05'* E xcess o f Imports.
Sil v e r .
Go l d .
Merchandise .
Excess
E x
E x
Im
of
ports.
ports. ports.
Imports.
$
395
1,014
¿.271
S
624
1,667
483
$
$
+229 2,238
+653 2,118
1,788 3.948
906 8,304
*17.901 3,680 ¿,774
+493 5,920
17,627 4,258 4,751
*554 3,533 18,157 +14,624 7,253
1,804 7,855
5,719 3,915
48,64
¿1,183 1,851 15,789 +13.938 6,758
3,782 6,90u
50.835 4,846 l 1,004
_
Excess
Im. _
. of E x
ports.
.
1ports.
$ | *
1,198: 1,042
1,1701 948
1,050 [ 2,898
3,418|
3,744
3,930j
3,933]
3,243j
3,4041
4,888
2,176
3,323
3,922
3,515
3,49°
t E xcess o f exports.
A ccordin g to the above the adverse merchandise bal
ance for March, 1888, is $12,268,000. In March, 1887,
there was a favorable balance o f $2,422,849. In March,
1887, we exported net, $1,866,961 gold ; in March, 1888, we
imported net, $1,788,000 o f gold. That affords a very
fair suggestion o f the flood o f securities which must be
daily leaving us for Europe.
Secretary Fairchild’ s purchases o f Government bonds
the past week have up to last night reached a total o f
$3,775,800, o f which $1,285,800 were 4s and $2,490,000
4£s. Monday he accepted $85,000 4s, Tuesday he ac
cepted $600,000 4s, W ednesday he accepted $440,000 4s
and $2,400,000 4£s, Thursday he accepted $156,300 4s
and yesterday he accepted $4,500 4s and $90,000 4-^-S.
The price given fo r the 4s purchased M onday was
125, and this price has gradually risen, he haviDg taken
the latter part o f the week offerings as high as 126.
The acceptances of the 4^s were $2,400,000 at 107£ and
$90,000 at 1 0 7 f
Those prices, we may presume, are
about the limit o f the Government under the present con
dition o f the bond and money markets.
H ow much cur
rency will be thrown upon the market as a result o f these
purchases it is impossible to say, for it so largely depends
upon the fact whether any o f the bonds taken and if so,
how many, were held by the Government as security
This
to South A m erica o f £514,000. The U ruguay and the fo r Government moneys in depositary banks.
Brazilian loans and the German demand (the latter for information is not attainable at once, though the belief at
the time being held off) keep up an outward movement, the moment is that the greater part of the takings this
while the usual spring supply o f gold from A m erica is week were not so held. A s to price, some think the Govern
wanting, so that the Bank’s holdings o f bullion are be ment will have to raise its limit materially soon, or the
com ing sm alLfor this period ofJthe*year;^this week the offerings will^cease. A . small advance is, we suppose,
A p r il
28, 1888.]
THE CHRONICLE.
.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 form er case many
o f our banks may be induced to give up their Govern
ment deposits, which would, to the same extent,
release
the
bonds those deposits
are held
for,
and
that
in
turn would increase in
a
meas
ure the supply on the market for sale. On the other
hand, extremely tight money would act as it did
before to force or induce sales. Then again it should be
remembered that the purchases have been considerably
above the market as it ruled before the oifer was issued,
¿here having been sales on A pril 13th o f 4Js at 10S£, both
registered and coupon, and on A pril 12th o f 43 at 124.
O f course that does not prove much, because the market
is known to have been almost nominal. A n d yet as the
sale referred to on A pril 13 o f 4Js at 106£ was for
-$45,000 o f bonds, and there were $50,000 4s sold on
A p ril 7 at 124, and on the average not far from $400,000
a month have changed hands, through sales at the Stock
Exchange, since the first o f February— as these were the
results o f a market from one to two points below the
'Government’s present limit, it seems reasonable to expect
that the Secretary will continue to find holders willing to
m eet him at about current figures; in the meantime, and
so long as money is as easy as it is now, he will feel no
special pressure to purchase.
W e have reached the period o f the year when it
becom es important to know the situation and progress of
-farm work. It would seem that thus far the conditions
b a v e not been very favorable. Definite and exact in for
mation is hard to get, but two facts are tolerably well
-established, first that autumn-sown wheat has suffered
severely from winter killing as the effects o f the weather,
and that spring planting of the various crops has been
greatly delayed as the result o f the low temperature and
the backwardness o f spring. This latter applies to cotton
as well as to grain, though o f late the weather in the Siuth
bas been favorable. It is easy however to overestimate
the importance o f the early conditions. A t this period of
-the year, we are only in the first stage o f the work. A
great deal depends upon future developments. This was
-clearly seen a year ago in the case o f corn, when all the
early conditions were exceedingly favorable, yet subse
<pient drought made one o f the shortest crops on record.
S o now propitious weather would go a great way towards
overcom ing existing disadvantages.
Returns o f railroad gross earnings are again becom ing
very favorable. D aring the weeks o f March there was for
special reasons known to our readers, a falling off in the
aggregate as compared with last year, and this was con.
tinued through the first week o f A pril, when there was,
however, only a merely nominal falling off— one per cent.
I n the two weeks since then, the causes which produced
the previous unfavorable comparisons no longer existing,
the returns have grow n progressively better, Taus for
the second week o f April, according to our statement on
Another page, there was a gain o f 4-88 per pent, s.even.ty-
o
Bix roads being embracp^. jn^ -the e x h i0 it ,w h ile fo r the
ih ird wee^.Qf ; the 'month forty-six roads have thus far
reported on which the aggregate gain is as much as 10-23
p er cent. Of the 46 roads, only nine show reduced tarnm gs. Thé 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.
.
tbe 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
523
exnibit, one must remember that the conditions this year'
were generally unfavorable to large earnings and that the
month embraced the blizzard o f the 12th o f March; fur
ther, that the comparison is with extraordinary totals last
year, the gain in the gross then on the Eastern system
having been over half a million dollars, and this in one
single month. Y e t in the face o f that heavy gain last
year, and the adverse circumstances existing the present
year, we now have a further gain o f # / e r $100,000, when
everybody was expecting a decline; even the net on the
Eastern system records a further slight increase, and is
the heaviest o f any year since 1881. On the W estern
lines, however, the effect o f the unfavorable conditions pre.
vailing is clearly seen, and especially as these lines are also
suffering from the great shortage of last season’s corn crop;
hence they now report a deficiency below the amount
necessary to meet all liabilities o f $90,276, against a sur
plus in March, 1887, o f $212,702, being a loss o f $302,978. In the previous two months there had been, it will
be remembered, a loss even on the Eastern system (solely,
however, because o f augmented expenses, the gross having
increased heavily), and thus the net result on the com
bined system fo r the quarter ended March 31 is a loss o f
about $700,000, as will appear from the follow ing.
L in e s B a s t op
P it t s b u r g .
1888.
1887.
1880.
March.
$
$
$
Gross earnings...... 4,520,561 4,410,433 3,901,855
Operat'g expenses. 3,035,848 2,974,492 2,590,075
Net earnings... 1,490,013 1,435,941 1,305,780
Western lines.......
—80.276 +212,702 +20,319
Result............. 1,400,337 1,048,013 1,320,099
Jan. 1 to April 1.
Gross earnings...... 13,090.895 12,250,992 10,872,800
Operat’g expenses. 8,245,178 8,220,543 7,347,941
Net earnings... 3,854,817 4,030,44)9 3,524,925
Western ltnes....... —153,295 +371,128 —168,470
Result.............. 3,701.522 4.401,577] 3.350.455
1885.
1884.
1888.
$
$
$
3,635,374 4,002.027 4,189,380
2,474,205 2,598,076 2,733,953
1,101,109 1,404,551 1,455,427
—84,208 —O'1,039 +153,306
1,070,901 1,308,512 1,608,793
9,988,590 11,003,593 11,830,958
7,006,424 7,308,327 7,507,773
2,982,172 3,095,200 4,203,179
-332,195 —352,310 +270,640
2,049.977 3,342,950 4,539,819
A® regards the reports of net from other companies for
the same month, the exhibits thus far received are rather
irregular. The Reading shows quite a loss, in part as the re
sult, of the blizzard. On the other 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
year.
On the Stock Exchange an active speculation at higher
prices ha3 developed. The temper is decidedly hopeful,
and the tone at times 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. Bat concurrently other favoring features have also
helped the upward movement. The recent restoration o f
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. A t the same time, the feeling
that prices were low and had been unduly depressed,
operated to induce liberal purchases both for investment
and speculation. In this week’s rise the whole market
has participated, but the more prominent specialties have
been first tue Pacific stocks and Reading and New Y o rk
& New England, and latterly the Gould stocks, especially
Manhattan and-Missouri Pacific. Union Pacific advanced
THE CHRONICLE.
524:
[Y
ions of Great Northern stock.
ol.
XLYL
In the event of a fore'
on the good showing fo r the late year, and Northern
closure, should the Kansas & Texas he unwilling or unable
P a cific and Oregon Trans-Continental on excellent cur
to protect its ownership, the investment would of course
rent eamiDgs. Philadelphia & Reading was but slightly
be entirely wiped out.
On the other hand an assessment
affected b y the loss in net for March, while on the other
on International & Great Northern stock would hardly
hand reports o f the probable early negotiation of a suffi
be more agreeable, for the Kansas & Texas would hâve tocient amount o f new fours to p a y o ff the generals, had
raise the cash to pay it. Hence it would seem in the
highest degree desirable that those who are looking after
Kansas & Texas interests should seek by all means to
The following statement, made up from returns collected
avoid the contingency of a default or receivership on In
b y us, shows the week’s receipts and shipments of cur
ternational & Great Northern, now or in the future.
rency and gold by the New Y ork banks.
But this is not the only or the main reason for guard
Net Interior
Shipped by
ing
against a severance of the Great Northern from the
Received
by
Week ending April 27,1888.
N. Y. Banks. N. Y. Banks. Movement.
Kansas
& Texas. The Gréât Northern is a very impor
.$882.000 Gain. $1,834,000
$2,710.000
Gain.
10,090 tant piece of road.
It runs through Central Texas, and
27,000
43,000
¿ o l d ....’. ...........................................
$909,000 Gain . $1,850,000 constitutes a valuable feeder. It may briefly be described
Total trold and lestai tender*.... *2.759,000
Taking the foregoing in connection with the sub as extending from Mineóla and Longview, on the Texas
& Pacific, in the northern part of the State, to Galveston
Tréásury operations, the result is as below.
and
the Gulf of Mexico, in the one direction, and to
Net Change in
Into Bcmks. Out of Banks.
Week ending April 27,1888.
Bank Holdings. Laredo on the Rio Grande river in the other.
It con1909.000 Gain. $1,850,000 nects with the Kansas & Texas at two points— Taylor in
Banks’ Interior Morement, as above $2.759,000
5.100.000 Gaio. 1,000,000
0,100,000
Bub-Treasury operations...............
the south of Texas and Mineóla in the north— thus
*0,009,000 Gain. $2,850,900
$3,859,000
Total gold and legal tenders ...
forming continuous lines between Galveston and the
The following table indicates the amount of bullion in
Mexican border and the Mississippi and Missouri rivers.
the principal European banks this week and at the cor.
The northern termini of the Kansas & Texas are not as
responding date last year.
good as they might be, but with the Gréât Northern cut
off from it, the real difficulty would be at thé other end,
April
28,1887.
April 26.1888.
Banks of
for
the Kansas & Texas would then be practically without
Total.
Silver.
Gold.
Total.
Silver.
Hold.
£
£
£
£
any southern, terminus of consequence.
£
£
a stimulating effect on the stock, under which the price
advanced to
y^ terday, closing, however, at 63.
24,480,552
21,239,547 24,480,552
92,573.981 47,589,444 40,304,199 93,893,643
44,8?5,Ó0Ò 23,190,000 15,480,400 88.051.000
20,608,000 0,305,000 14,050,000 20.415.000
13,493.000 4.825.000 8.270.000 13.095.000
6.136.000 2;657,000 1.829.000 3.980.000
8.001.000 7.001.000 1.118.000 8.119.000
110,108,590 80,531,599 202,040,195
205,940,523
88,527,040
Tot. this week 117,419,482
Tot.prev.w’k. 117,134.571 88,057,737 205,362.808 116.822,334 85,835,974 201,668,308
Bngland......
Trance..........
Germany......
Aust.-Hung’y
Netherlands,.
Nat.Belgiura.
National Italy
21,239.547
44,715,935 47,858,046
29,870,000 14.935.000
0,041,000 14.567.000
. 5,156,000 8.837.000
3,424,000 1.712.000
0,973,000 1.118.000
T H È IN TE R N A TIO N A L db G R E A T N ORTHERN
A N D KAN SA S db TEXAS.
The prospective change in the Kansas & Texas manage
ment, and the rumors that have been current this week of a
p&ssible receivership for the International & Gt. Northern,
make it interesting to recall the relations of these roads—
thè means by which Control of the latter is held, the
desirability of retaining that control, the effect on Kansas
& Texas òf a default ór receivership for the Great Northern,
and the relation of each to the Missouri Pacific system.
The Kansas & Texas has assumed none of the obliga
tions of the International & Gt. Northern; it has not
leased the road, nor has it guaranteed any Of the bonds.
It holds the pròpérty simply through stock ownership.
This Ownership' o f thè stòck was secured by thé exchange
in 1881 of its own stock for that of the International &
G f . Northern, the ratto of exchange being two shares of
Kaffsas & Texas for ohe share of the Gréât Northern
Héhcé, the Kansas & Texas is the sóle and absolute owner
of the entire capital stock of the Gt. Northern, and as
such charged with the responsibility attaching tó such
Ownership. In soine respects^ this speci'efe Of control pos.
sesses an advantage over that sécured through a lease or
rental guaranty, for thé operating cohipany is in poSifiotoi
té th¥ow thé road ovèr at ahy time ahd put an end to all
eMiarraSsinent on accirant of its obligation.
But Ownership'of this kind also pOSsésshé decided diSad’V’ântagéÿ.- In thé first placé* thé opera'tìng cómpany has
iti investment to protect in the stock of the road owned,
in the present casé this represents a Very considérable
Item. Thè capital Of thé Great Northern iè $9,755,006,
and the cOSf to thé Kansas & Texàs Was t\ric’è thàt amòunt,
Or
10s,000— that ié, the KahsaS & Teias had tó isSue
Ï 9 f ihillione of ita # n stock là oVdfâf tô' sbOtìrO thé 9 f hiii
Furthermore, we may be sure that with thé Great
Northern in antagonistic hands, the whole o f the northhound traffic would be turned off to the Iron Mountain,
even if that is not already being done. Moreover, another
difficulty would ensue ; parts of the Kansas & l e x as
would be without the connecting links with other péris.
Thus the branch o f 67 miles between Trinity and Ogden
does not connect with the Kansas & Texas at all, except
over the Great Northern. Then it must be rémémbéred
that the piece o f road between F ort W brth and W hitesboro, in the main line o f the Kansas & Texas, is not oWiied
but simply leased, the road belonging to the TexaS & P ac
ific. I f the unrestricted use of that piece o f track should
be denied the Kansas & Texas, the northern and southern
divisions o f the latter would be completely separated' fròm
each other.
While, however, thé International & Great Nôrthéth’ia
quite esséntiál to the Kansas & Texas, it is ptactió’ally
indispensable to thé Missouri Paéîfic. The MlisWúri
Pacific has no other outlet to the Gulf or the Rio Grande.
It cán do without the Kansas & Texas propéír, fór it ha's a
substitute in the Iron Mountain (a parallel line), w^tfich
answers its purposes much better. Not so as regards the
international & Great Northern, foi? this róad and the
Iron Mountain form very short and direct routes to' Mekico
and the Gulf Coast. Be sides,^frith thé Great Northern
dissevered from its connection vfith. the Missouri Pacific
system, ràuchi business from Central Texas which is nòw
being’ sent over the Iron Mountain might be transferred
to thé Káhsás & fe a s , even if not naturally firihù’tafÿ" to
the lattei. It iá to' be presum’ed that thè* Missouri pacific
is âîîvé to this phase Of the rùattèì4. In fact, while such
ah áhñháíféd discUésîon has been goihg oh àhòut the
election of directors fór tïè Kâh'sâs & Texas, which táfces
piace in Máy, thè circùrnstancé has, perhaps, been Over
looked that thé election of the International & Great
Northern, which takes pîà'éô îh April, has already ttëén
hèld. At this election the board of diréétors as chosen
fór th'è ehshîng t#ôlve’ méhthá the same as for ïâàt yéar,
with thé ékééjiiioh óf thè last tw'O nénïéà’ • Jàÿ Gófüd,
A pril 28, 1883.1
THE CHRONICLE.
Bussell Sage, A . L. Hopkins, S. H. H. Clark, Ira H
Evans, F. A . Rice, James A Baker, B. W . McCullough
*nd Henry Kane.
It would thus seem that whatever may be the result
■on the Kansas & Texas, the Missouri Pacific influence is
«ure to retain control at least of the International & Great
Northern for another year. It may be, however, that a de*
sire exists to make the hold on this property still stronger,
«n d that, therefore, the rumors referred to in the begin
ning of this article are well founded, to wit: that a receiver
ship through the aid of the State courts (the Great Northern
lies wholly in Texas) has been determined on.
The de.
fault now spoken of, however, would appear to be wholly
uncalled for, as it would cover the coupons on the firBt
mortgage bonds, which sell in the market above par, and
"interest on which can be earned in any event, whatever
may be said of the junior bonds. The interest falling due
May 1 on these first mortgage bonds is only $238,620,
Äjud the total per year $477,240, while net earnings above
expenses and taxes, even last year were $607,262 and in
1886 were $906,710.
Moreover, the interest on the
«econd mortgage bonds which fell due March 1 was
promptly paid. But a receivership no w might be used to
induce the second mortgage holders to grant important
concessions, while at the same time through the fear of an
Assessment on the stock, all owned by the Kansas & Texas
the latter might be led to come to terms. In any event
the policy of the International & Great Northern will for
the present continue tb be guided by the Missouri Pacific.
W e make this statement that our readers may the more
readily understand the points at issue. If the views e x
pressed are correct, then the International & Great North
ern is the key to the situation. The Missouri Pacific can*
pot afford to lose the road, while the Kansas & Texas is
ipreed in self-defense to hold on to it.
UNION' P A C IF IC 'S PO SITIO N A N D PROGRESSThe Union Pacific has this week issued the report of its
operations during 1887. The .complete form m which it
is given out, and to which we have become so accustomed
smee the beginning of Mr. Adams’ administration, leaves
the security holder nothing to desire in the way of in
formation about the company’s affairs. Great detail is
also quite essential, for the Union Pacific is one of those
properties whose operations and accounts involve a variety
•of knowledge which can -only be obtained from full official
statements.
525
the requirements to the United States Government under
existing law, besides contributing $587,670 to the com
pany s sinking funds, there remained a surplus revenue on
the operations for the twelve months of no less than
$3,169,729, a sum equal to 5-2 per cent on the company’s
stock. I f the results on the Union Pacific proper are
takeD, then the surplus would be still larger, namely
$3,599,508, or equivalent to 5-91 on the stock. And.
this is in both cases independent of the income from laud
sales, which each year reaches a very large amount, but
is most of it pledged to specific uses.
The favorable out.
come is the more gratifying that it has been obtained in
the face o f a number of adverse circumstances.
Thus
the shortage of the crops in Kansas and Nebraska had the
effect, we are told, of diminishing the tonnsge of agricul
tural products, as compared with the previous year, 13-8
per cent. A t the same time the operation of the InterState law, while beneficial in cutting off a good part of
the dead-head travel, caused a great deal of disturbance
as regards locar passenger and freight traffic, entailing a,
reduction of rates, and consequently affecting the revenue
from that class of traffic.
Strange as it may seem, with the constant development
of the local business of the system, the improvement in
the late year followed almost wholly from the through
traffic. For instance, while the revenue from local business
increased only $345,594, or 1-84 per cent, the revenue
from the through business increased $1,941,785, or 41 per
cent. A nd yet the passenger movement shows 23,958,228
more local passengers one mile (increase 15-48 per cent)
and 51,958,331 more tons of freight one mile (increase
6 67 per cent), than in 1886. On the through business
there was an increase of 192,589,436 tons ore mile (58-80
per cent), but a decrease of 8,386,429 passengers one mile
(9 06 per cent.)
The improved results on the through business follow
from several distinct causes: (1) the cessation of the war
on trans-continental business and a return to remunerative
rates; (2) the development and settlement of the Pacific
States, particularly California and Oregon; and (3) the
lease of the Oregon Navigation, by which the* Union
Pacific was enabled to get its share of the benefits arising
out of that development. Tne importance of these factors
will be better understood when we Eay that taking the
Pacific Coast tonnage, distinct from the other through
traffic, there is an increase of 144,292,365 tons in the
movement one mile, or nearly 56 per cent, an increase in
the revenue of $1,525,177, or over 80^ per cent, with an
advance in rates from 0-73 cent per ton per mile to 0-85
cent.
fEhe features that impress one -most on a study of the
import are the growth and progress of the company’s
affairs-and the-mileage o f-th e system. The extent of the
latter is not generally known. Reports of earnings and
It was pointed out above that the 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 th§ company’s income.
auxiliary road, making'4,764 miles together. This is th6: 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 construction of
various minor reads. Altogether, the Union Pacific1 new branch roads, 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 company built
iQllgs of .road850 miles of additional road during the year, the o.utlay for
A s already stated, the statements of earnings and-oper-i 'that purpose reaching $5,580,079, and its own construc
atkrns .are based jnot on .this 7,000 .miles, but on 4,7641 tion and equipment expenditures cost $1,238,715, so that
miles, the remainder being-separately operated, but the1 the aggregate disbursements ,on capital account amounted
income accounts, embracing as they do Receipts from ' ito $-6,818,794. The means fpr these disbursements, the re
investments and also charges incurred on the.sanie, ppxqrj port infprms us, were provided tp the extent pf $3,600,000
the results to the Union Pacific on ¡the entire body o fj 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
Wg a ll charges for the year and making full provision for^ supplied i f million more, and the remainder was derived
526
through the issue of temporary loans and in other ways.
The management say that new construction work has now
practically been stopped, and that it is not intended to
enter upon any farther extensions till either a settlement
with the Government is arrived at or some general finan
cial plan for supplying future needs is carried into effect.
A t present the company has no means at its disposal for
capital expenditures of any kind except the accruing sur.
plus revenue, and the uncertainty attending the company’s
relations with the United States makes it difficult to bor
row on advantageous terms. W ith that obstacle removed,
however, the management think the company would at
once be placed upon a dividend-paying basis.
The 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
meantime the total of the funded debt has also been re
duced nearly a 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
obstacle to the success of the road ? Remember that it is
the law and not the company that is responsible for the
existing condition of things. Whatever criticism may
be made upon the earlier management (everybody
concedes
that
no fault
can
be
found
with
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 a^.
the time of its enactment, and hence does not meet exist,
ing needs. It must therefore be amended or replaced.
The necessity for such a step is admitted on all sides. The
difficulty does not lie in meeting the original principal o f
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 theré aré accumulations of back interest
to the amount of $16,363,744, raising the total of the
debt to $49,903,256. W hat is still worse, the debt is
growing larger each succeeding year, because existing
provisions of law suffice to meet only a part of the yearly
interest, and the bonds have an average of nearly ten year8
more to run. Hence unless the law is changed the debt
cannot be met at maturity— a contingency which both the
United States and the company are interested in avoiding.
In the circumstances the only question would appear to
be as to the method of readjustment. W e have repeat,
edly pointed out that an extension of the time of payment
and a provision by which such payment could be made in
fixed instalments seemed to offer the best and fairest
means of settlement. No one has suggested an abatement
of any portion of the debt ; all that is asked is that the
■annual instalments 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
before the House of Representatives now that apparently
answers all the requirements of the case.
W e do not see
fVoi,. XLVL
THE CHRONICLE,
why it should not be speedily passed by Congress. The
United States would lose nothing, while the Union Pacifia
would be relieved of a burden that impairs its credit and
hampers it in various pther ways. The present manage
ment have demonstrated that the company if honestly
managed can be made perfectly responsible, and there is
no reason, therefore, why its obligations with the United
States should not be rearranged on a better and safer
basis.
IM P O R T S A N D E X P O R T S F O R M A R C H .
The Bureau of Statistics has issued its detailed statement o f
the foreign commerce o f the country for the month of March,,
and the nine and twelve months ended with March 31,
1888, as well as comparisons for the corresponding periods o f
the preceding year, as follows :
MERCHANDISE.
For the
month o f
March.
1888.—Exports—D om estic.......
F o re ig n .........
T ota l..........................
Im ports............................
Excess of exports over im ports
Excess o f im ports over exports
1887.—E xports—D om estic.. . <.
F o r e ig n .........
T ota l..........................
Im ports............................
Excess of exports over im ports
Excess of im ports over exports
For the 9
For the 12
Months ended Months ended
March 31.
March 31.
$49,293,782 $546,383,697 $681,539,916'
9,009,802
1,4 47,804
12,616,056
$50,746,586 $555,393.499 $194,155,972
63,014,980 539,722,719 723,201,975
$15,670,780
$ i 2,268,39i
$29,046,003$64,180,002 $567,866,704 $728,135,772.
9,554,034
13,310,174
1,136,861
$65,316,863 $577,420,738 $741,445,94662,894,014 508,840,512 673,290,480
$2,422,849 “ $68,580,226 $68,155,466
GOLD AND SILVER—COIN AND BULLION.
1888. —E xports—Gold—D om ...
Foreign
T ota l.........
Silver—D om ___
Foreign.
T ota l.........
Total ex p orts..............
Im ports—G old...............
S ilv e r ............
T otal.............................
Excess o f exports over im ports
Excess o f im ports over exports
1887.—E xports—Gold—D om ...
Foreign
T otal.........
Silver—D om ...
Foreign
T otal............
Total exports..............
Im port»—G o ld ..............
Silver.............
T otal.............................
Excess o f exports over imports
Excess o f im ports over exports
$483,490
$483,490
$1,960,610
1,987,463
$3,948,073
$4,431,563
$2,270,840
1,049,511
$3,320,351
$1,111,212
$483,670
1,961,256
$2,444,926
$1,033,662
620,070
$1,653,732
$4,098,658
$577,965
1,217,694
$1,795,659
$2,302,999
$2,965,096
1,903,860
$4,868,956
$15,789,541
• 7,807,619
$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
8,881,721
$29,916,661
$37,196,448
$ 4 4,31 2,67 4
16,444,201
$6 0,756,876
$26,768,707 $23,560,427
$4,475,888 $19,572,554
8 ,3 0 5 ,2 4 »
2,814,468
$7,290,356 $27,877,794
$11,759,637 $15,435,567
10,287,810'
8,217,366
$19,977,003 $25,723,377
$27,267,359 $53,601,171
$41,172,131 $42,034,123
17,037,230
13,476,609
$54,648,740 $59,071,353
$27,381,381
$5,470,182-
TOTAL MERCHANDISE AND COIN AND BULLION.
1888.—E xports—D om estic___
F oreign.........
T otal.............. ......
Im ports............................
Excess of exports over imports
Excess o f imports over exports
1887.—E xports—D om estio___
Foreign.........
T ota l.....................
Im ports............................
Excess of exports over im ports
Excess o f im ports over exports
$51,742.882 $565.138,334 $706,769,368
24,583,052
18,721,281
3,435,267
$55,178,149 $588,859,615 $7 31 ,3 5 2 ,4 2 »
66,335,331 594,957,542 7 8 3 ,9 5 8 ,8 5 »
$11,157,182 $11,097,927 $52,606,430
$65,697,334 $584,102,229 $763,143,893
31,903,224
20,585,868
3,718,187
$69,415,521 $604,688,097 $795,047,117
732,361,833
563,489,252
64,689,673
$4,725,848 $41,198,845 $62,685,284
g t o ix je la r t js © t f m r o s t x i a l % x i Q li s h U te ttrs
[From our ow n correspondent.]
L ondon,
April 14,1888. .
Now that the conversion of consols "has been effected, there
is the probability of money becoming easier, for the market
receives 5s. percent “ bonus” upon £307,000,000 of consols and
reduced, in addition to the dividend for the quarter on the
consols. Together the bonus and dividend amount to not far
short of £2,500,000. The payment of a part of this had been
anticipated, but the bulk of it was set free this week. The
retention of a large amount of Government money in the Bank
of England has to the present caused a certain amount o f
stringency unusual at this time o f year, and “ short” money
has been in very strong demand. A good many operators
have been obliged to go to the Bank of England, paying theofficial m in im u m of 2 per cent, while in the open market
loans for a week have been obtainable at rates ranging be<*
tween
and 2 percent. Discount rates are again higher,
three months’ choice bills being negotiated at 1% pet cent, or
a rise compared With a fortnight ago of % per cent. Exchange
movements have been more favorable to this country the last
few days, owing to the hardening of the money market here*
THE CHROMCLF.
A p r i l 28, 1888. J
without corresponding movement at the great Continental
•centres. A fortnight ago the open market rate in Paris was
and it remains the same to-day, but rates in Berlin have
.fallen from 2% at the end of March to 1% per cent.
As a result of the changes in exchange rates, the
‘Continental demand for gold has died away, and excep
Sor tw o small amounts taken for Holland and a with
xlrawal for Lisbon, which probably is really for Brazil, there
has been no gold taken for Continental account. On the other
hand, there is the probability of considerable amounts being
taken for South America, and a shipment was made this week
o f £300,000 for Montevideo.
The following return shows the position of the Bank
o f England, the Bank rate of discount, the price of consols
A c ., compared with the last three years :
1888.
1887.
£
24,498.945
0,448,584
24,102,973
14,434,661
18,553,183
15,386,640
24,135,585
50*6 P. o.
214 D- c.
102 7-16
1017-16
77,238,000
149,129,000
Clearing-House return...................
Circulation, excluding 7-day and
£
24,269,705
8,863,375
25.023,082
17,749,712
20,758,639
13,200,752
21,270,547
&S% p.C.
1886.
1885.
£
£
24,747,755 24,623,770
7,006,488 7,980,980
22,900,595 26,646,023
14.583,498 14,402,165
20,459,573 21,396,021
12,715,939 16,698,511
21,713,694 25,572,281
42J4 P.C.
2p. o.
100 7-16
»5<H
91,350,000 127,122,000
527
Messrs. Pixley & Abell write as follows on the state of the
bullion m arket:
G old .—The demand fo r gold for the Continent has continued, and a ll
amounts in the open m arket have found eager buyers. Considerable
sums have been withdrawn from the Bank o f England, in all £501,000;
£3 17.600 has been paid i n ; £5 5,00 0 has been received from China,
£2 0,00 0 from India and £1 2,00 0 from the Cape; or a total from these
sources o f £87,000. £1 0,00 0 was shipped on the 12th to Bombay.
Silver.—Indian exchanges were slightly firmer on Saturday and Mon
day, and silver at once im proved. On Tuesday business was done at
4 2 78d. The India Council, how ever, on Wednesday sold at weaker
rates than w ere generally expected, and a decline again began. Yester
day and to-day rates have been nom inal only, and to-day’s nearest quo
tation is 4 2 58d. There has been £1 1,00 0 received from R iver Plate and
£1 4,500 from N ew York; total, £25,500. The shipments have been:
£1 23,4 00 to B om bay on A pril 6, £3 9,00 0 to B om bay on A pril 12 and
£5 ,000 to Calcutta on April 1 2 ; total, £167,400.
M exican D ollars.—Some small amounts have been purchased for
China, but the market generally has been v ery quiet, and values have
been ruled b y the silver quotations.
The quotations for bullion are reported as follow s:
GOLD.
London Standard. April 12. April 5.
8. d.
Bar gold, fine....oz. 77 9&
Bar gold, contain’g
20 dwts silver..oz. 77 10*4
Span.doubloons..oz.
S. Am, doubloons,oz.
8.
d.
77 10
77 11
SILVER.
London Standard. April 12. April 5.
Bar silver..........oz.
Bar silver, contain
ing 5grs. gold.oz.
Cake silver....... oz.
Mexl can dols... .oz.
d.
42%
d.
42 11-16
44
46
43 1-16
46
417-16
The Board of Trade returns o f the 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 o f a holiday week, against a normal period
last year. The monthly imports and exports o f the first
quarter o f 1888, in contrast with last year, show the following
Brazil has been in the market as a borrower, Messrs. Roths features:
childs having placed a loan of £6,000,000 in4J£ percents at the
Imports.
1888.
1887.
Difference.
P er ct.
£31,047,422 + £3,755,566 + 12-09
issue price of 97 per cent. Two American railway issues have January......... £34,802,988
29,532,776
28,513,994 + 1,018,782
+ 3-57
February.......
been effected this week, one the Kansas City Wyandotte & M arch............
32,590,821
32,794,930
—
204,109 —
'62
Northwestern Railroad, which placed $2,000,000 first mort 3 m onths....... £96,909,085
£92,320,046 + £4,589,039
4-97
gage 5 per cent bonds at the issue price of £195 per bond o^
Exports.
1888.
1887.
Difference.
P erct
£18,583,671
£17,808,735
+
£774,936 +
4-34
$1,000. This loan, as well as $860,000 3% per cent Western January.........
February.......
18,992,423
17,255,133 + 1,737,290 + 10 -07,
19,047,307
19,002,083
+
45,224 +
-24
Counties Railway of Nova Scotia, have been offered by the M arch.............
Trustees, Executors and Securities Insurance Corporation, an 3 m o n t h s .... £56,623,401
£54,065,951
+ 2,557,450 +
4-73
institution recently formed for the purpose of acting as a sort
There is a rather better feeling in the iron market, and at the
o f public trustee company, and performing functions analag- quarterly meetings at Middlesbrough, Wolverhampton and
ous to those of the Farmers’ Loan & Trust in New York. Par Birmingham prices were generally firmer and there were
liament has not sanctioned, however, the main object of the more inquiries, especially for steel billets for the States,
company, and the corporation is now taking agency business Steel manufacturers in all districts are represented to be ex
for the issue of loans. Beside the two railway issues referred tremely busy, and in the North there is a large demand for
to, it offers 5 per cent debentures of the English & American steel for ship-building purposes.
Mortgage Company for £100,000. The Nova Scotian affair has
This week the speculation in diamond mining shares has
excited some amount o f attention on account of the unusua received a check, and on Thursday and Friday there was a
proceeding of a company purchasing a Canadian Government serious fall in prices, De Beers shares dropping about £8 per
annuity of 3)4, Per Cbili interest and % per cent sinking fund share to 33)4 and recovering at a bound to 42J^. There has
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 com j
small piece of road and the purchase o f additional equipment pany with one-fourth of profits in excess of 30 per cent div
for the whole road.
idends.
Mr. Goschen’s intention to change the stamp duties for the
The corn markets have been much more active the last
registration of new companies has created quite a flurry week and prices are slightly higher. Yesterday’s markets
amongst company promoters. During the week from April showed an advance of 6d. for English wheat and a firm tone
4th to April 11th there were registered by the Government without quotable change for foreign descriptions.
On
Department 124 companies, with capital amounting to very account of the holidays supplies of home-grown wheat have
nearly £26,000,000. Last year company promotion was very been rather less. But this has not been the reason for the
active, but then only 35 companies, with less than £6,000,000 firmer tone o f the market, the true cause of the movement
o f capital, were registered. Some o f the new registrations being the crop reports from the United States and the back
have been followed by appeals to the public for capital. The ward condition o f crops at home owing to the bleak weather.
Bankers’ Trust Company asks for £1,500,000; the Trust Com. Around London hedges which usually at this time of the year
pany of England announces a first issue of £500,000; the Mort are pretty well “ out in the green” are at date o f writing with
gage Trust Company of America has also been formed, offer, only the faintest show o f the bud. The imports of wheat for
ing a capital of £250,000. It is not unlikely that a considera. the thirty-one weeks to the*7th April, including flour reckble amount of American securities will be purchased by these onedjas wheat, have been 10,260,000 quarters, against 10,925,"trust companies. The Buenos Ayres,Valparaiso, Transandine 000 quarters and 9,568,000 in the corresponding periods of the
Railway Company offers, through Messrs. Morton, Rose & Co.( two previousjyears. The native wheat marketed has for the
£346,000 7 per cent “ permanent” debenture stock at the price thirty-one weeks been* 5,871,000 quarters, contrasting with
-of 125 per cent.
4,683,000 quarters at same date last year and 6,021,000 quar
W ith respect to the Government debt, comment has been ters in the corresponding period of 1885-86. The quantity of
caused by the fact that immediately after the announcement wheat and flour on passage to the United Kingdom is re
o f the . success attending the conversion, the new form of turned as 2,298,000, against 1,970,000 quarters, and 2,148,000
debt—2% per cents—fell below par. The explanation of this quarters two years ago.
is that the speculative account for the fall in consols at the
The Board of Trade returns give the quantities of corn and
last consols settlement had to be closed on account of the new wheat flour imported in the seven months from September 1
consols taking the place o f the old debt. W ith £470,000,000 of to March 31, as under:
1885-86.
1886-87.
1887-88..
■debt, operators for the fall have thought that the opportunity
W beat....... ...................cw ts. 28,708,107
- 30,240,215
26,758,288*
has come for again resuming their speculation, and a good W heatflour............................ 7,255,541
10,361,944
11,045,611
.............................. 7,558,987
11,839,642
11,377,625
■deal of stock has been sold on Continental account. Paris Bariev
Oats
5,520,163
8,276,315
9,160,125
.................................. 1,165,899
1,480,660
2,057,475
operators are “ bears” both as regards consols and French Peas
B ean s...................................... 1,881,236
1,531,080
1,604,729
rentes.
Indian Corn........................... 16,242,195
15,693,479
12,941,220
528
THE CHRONICLE.
[V ol X L V I.
The principal imports o f wheat and wheat flour for the .
the foregoing imports for the week in 1888, $9,643 were
fltst three months of the years named have been;
American gold coin, and $2,207 American silver coin. O f the
Wheat—
1886.
exports during the same time $35,550 were American gold
1887.
188$.
F rom R b s s i a . . . . . . . . . . . . c w t s . 1,200,113
3,463,056 coin.
899,627
U tìte a states—
O n th e A t l a n t i c ....... . . . . . . 1,363.673
O n th e P a c i f i c : . . ; . . . ; . . . . . . . 2,165,561
B ritish East I n d i e s . . . ; . . ; . . . . . 3,242,219
T otal from all countries ;. 9,215*362
Wheat, Meat and Flour—
F ro m United States. . . . . cw ts. 2,121,678
T b ta l from ail c o u n tr ie s ...... 2*834,554
B n g lis h
6.379,479
2,975*467
2,316,608
1*676,818
2,081*048
564,822
13^=12*713
9,381,962
4,205,669
3,000,619
3,871)383
4,555,311
F oreign Trade
of
N e w "S'ork —Monthly Statement.— In
addition to the foregoing tables, made up from weekly returns,
we give the following figures for the full months, also
issued by our New York Custom House. The first state
ment covers the total imports of merchandise.
IMPORTS INTO NEW YORK.
F in a n c ia l M a r k e t s —P e r C a b le .
The daily closing Quotations for securities, &c., at London,
are reported by cable as follows fbr the week ending April 27.
London.
Sat.
Silver, per o z ............... d.
Consols, new 2 % perctS .
d o fo r account. . . . .
F r ’ch rentes (in Paris) fr.
TJ. S. 4%3 o f 1891...........
TJ. $. 4s o f 1907....... ..
Canadian P acific............
Chic. Mil. & St. P au l___
E rie com m on s t o c k ......
Illin ois Central................
P e n n s y lv a n ia .................
Philadelphia & Reading.
N ew Y ork Central...........
42 i%
99l3lfi
9913x6
81-40
109%
127%
60%
73%
25%
123
56%
30%
108
Won.
Tues.
TFecf.
42%
42%
99l31fi 99%
9915-1« 99%
81-72% 82-07%
109% 109%
127% 127%
60%
61%
73%
73%
25%
26%
123% 123%
56%
56%
31%
31%
108% 108%
Month.
Fri.
Thurs.
42%
42%
99l3t8 99%
991316 99%
81-95 82-17%
109% 109%
128% 128%
61%
61%
7434
75%
27%
27
123% 12334
56%
56%
32%
32%
109% 109%
42%
99l3lß
99%
82-35
109%
129
61
76
27%
124
56%
32%
110%
S m m w je r t t a l s m fl W L t e M l l K u w n s U r n s
Dry
Goods.
1888.
1887.
General
Merchan
dise.
General
Merchan
dise.
lotaX.
9
9
9
January.... 15,530,747 25,357,540 40,888,287
February.. 14,299,496 30,484,136 44,783,632
March....... 10,123,258 31,121,301 41,244,559
Total.
39,953,501 86,962,977 126,916.478
EXPORTS FROM NEW YORK.
Dry
Goods.
9
9
9
11,159*704 23,748,188 S4;907,893
16,799,664 23,022,778 39,822,442
9,631,882 31,391,648 41,023,53
37,591,250 78,162,614 115,753,864
CUSTOMS RECEIPTS.
Total Merchandise.
Month.
1888.
1887.
Toted.
A t New York.
Month.
9
1
January............. 24,055,029 24,478,387 January............
February......... 26,342,257 22,294,833 February..........
March................ 22,863,204 28,885,160 March...............
1888.
1887.
I
13,496,921 11,792,309
10,809,682 13,096,217
11,054,633 14,200,782
N a t i o n a l B a n k s .— T h e f o l l o w i n g n a t io n a l b a n k s h a v e b e e n
Total........... 78,260,490 75,136,380
o r g a n i z e d s in c e la st a d v ic e s :
Total.
35,361,241 38,089,308
3.868—
The First National Bank o f Rockland, Mass. Capital, $50,000
Edward Payson Torrey, President; George H. H unt, Cashier.
—The London and Brazilian Bank, limited, bas a subscribed
3 .8 6 9 —
The National Bank o f Jacksonville, Fla. Capital, $150,000.capital of £1,250,000, and a paid-up capital of £625,000, with a
William B. Barnett, President ; Bion H, Barnett, Cashier.
reserve fund of £325,000. The directors’ report for the yea*
3.870— The Fresno National Bank, California. Capital, $100,000. J. H
ending Jan. 31, 1888, shows an available balance of £82*568
Hamilton, President.
I mports and E xports for the W eek .— The imports o f last
week, compared with those of the preceding week, show a
decrease both in dry goods and general merchandise. The
total imports were $8,588,658, against $11,229,313 the pre
ceding week and $11,170,016 two weeks previous. The exports
for the week ended April 24 amounted to $6,156,482, against
$5*696,621 last week and $6,450,174 two weeks previous* The
follow ing are the imports at New York for the week end
ing (for dry goods) April 19 and for the week ending (for
general merchandise) April 20; also, total since the beginning
Of the first week in January :
FOREIGN IMPORTS AT NEW YORK.
Fbr
Week.
1885.
1886.
1887,
1888.
t f r y G o o d s ......
Gen’l m er’dise..
$1,028,388
4,764,710
T otal............
Since Jan. 1.
D r y G ood s.........
G en’l m e fd is e ..
$5,793,098
$8*020,190
$9,998,867
$33,799,794
85,024,648
$40,399.547
96,657,526
$44,208,800
103,763,730
$2,374,608
5,045,582
(including £13,144 brought forward from last year); Divi
dends have been made at the rate of 8 per cent per annum,
free of income tax; also the payment of a bonus of 8s. per
share is now recommended, being 4 per cent on the paid-UD
Capital of the bank. These payments will absorb £70,000,
leaving a balance of £12,568 to be carried forward to credit cwf
profit and loss new account. Mr. J. Lawrence McKeever is
the manager at the Agency in New York.
—The Whitehreast Fuel Company had net earnings in March
of $6,318, against $13,456 in the same month last year, the
decrease being caused by the Chicago Burlington & Quiney
strike. For nine months ending March 31 net earnings were
$117,614, against $103,823.
—The wall-known firm o f Messrs. Blake Bros. & Co. will
remove on or about May 1st to large and convenient offices at
Nos. 5 and 7 Nassau Street, where they will have larger facili
$8,588,658
ties for accommodating their friends and customers.
$2,018,645
7,980,222
$2,313,447
6,275*211
$47,379,327
108,054,202
TOtal 16 weeks. $118,824,442 $137,257,073 $147,972,530$155,433.529
—The Ontario Silver Mining Company has declared its
usual dividend of $75,000 for March, payable at the transfer
agency, Messrs. Lounsbery & Co., Mills’ Building.
In our report of the dry goods trade will be found the im "
— Messrs. Drexel, Morgan & Co. have been awarded the
jfcsrts o f dry goods for one week later.
$2,500,000 St. Louis 4 per cent city bonds at $1,017 60 each, a
The following is a statement of the exports (exclusive of premium of 17 60 on each bond.
specie) from the port -of New York to foreign ports for the
—Messrs. Chrystie & Janney, bankers, will remove on May
week ending April 24, 1888, and from January 1 to date:
1st, inst., to No. 6 W all Street, where they will occupy a fine
EXPORTS FROM NEW YORK.
suite of offices.
1885.
F o r the w eek ....
P rev. reported..
1886.
1887.
1888.
$5,847,570
96,374,771
$6,568,682
82,377,524
$5,876,690
88,066,034
$6,156,482
85,790,687
T otal 16 weeks. $102,222,341
$88,946.206
$93,942,724
$91,947,169
The following table shows the exports and imports of specie
at the port of New York for the week ending April 21, and
since January 1, 1888, and for the corresponding periods in
188? and 1886.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Gold.
Exports.
Week.
© fe a t B ritain.............
F ra n ce.........................
G erm any..... ..............
W est Ind ies................
M ex ico .........................
South Am erica...........
A ll other countries...
T otal 18 88...........
Total 1887.......... .
Total 1886............
Silver.
$3,000
Im ports.
Since Jan. 1.
Week.
103,050
$370,461
7,100
1,248
3,905,667
96,500
1,439
33,500
90,219
133,433
38,487
5,296
$139,550
169,445
2,153,883
$4,508.128
4,932,373
20,131,590
$141,722
3,436
119,054
Exports.
Week.
Since Jan. 1.
$
Since J a n .l.
$1,768
2,423,223
878,899
70,098
6,511
147,653
123,386
$3,651,538
3,985,528
2,592,258
Im ports.
Week.
Since J a n .l.
Great Britain.............
F ra n ce .........................
G e r m a n v ....._____
W est Indies........... .
M ex ico.............
South A m erica... .
A ll Other Countries...
$215,600
6,600
$3,353,020
155,700
1,900
101,138
$ .........
1,600
7,490
26,167
238,689
2,102
89,590
$12
110,589
9,085
132,945
5,825
10,496
398,451
Total 1888............
Total 1887. . . . . . .
Total 1 8 8 6 ... . . . .
$231,290
252,013
82.600
$3,876.614
3,049,771
4,088,371
$93,170
8,440
41,058
$667,403
670,605
514.689
.
i,4 7 8
A uction Sales.—The following were sold recently at
auction by Messrs. Adrian H. Muller & Son :
Shares.
7 7 Pennsylvania Coal..........26 7%
53 Ham ilton Fire Ins.......... 100
10 Consumers’ Coal Co. o f
N. Y ....................$1 per share
300 E xcelsior Water ¿ M in in g
Co................................. ...$ 3
150 Chicago Danville & Vin
cennes RR. C o................$1
10 Northern & South. West
Yir. RR. C o................... $1
250 Orange County Stock
Farm Co.......................... $9
200 B all E lectric Light Co—
$5 25 per share
40 Stuyvesant Fire Ins. C o.. 100%
58 A lbany & Susquehanna
R R . C o ..................... ....1 4 7
680 Piedm ont Electric Ilium.
C o....... .......................... $5 ,000
100 Equitable Gas Light Co.
o f N. Y ............................ 106%
10 B ’klyn & N. Y. F erry C o.. 167 %
8 Merchants’ Fire Ins. C o.. 73%
22 Eagle Fire C o.................... 218
50 New Y ork L ife Ins. &
Trust C o.......................... 560
30 H ow ard Fire Ins. C o....... 51
11 Am erican L oan & Trust
C o......................................101%
10 Im p. Tenement Building
Ass’n o f N. Y , . . . . . . . . . 20
1 N ewport C a s in o ........ $160
75 Terre H ’te & Ind. RR . Co. 78 %
50 No’w ’h& W orc’t’r R R . Co. 178%
36 Un’t’d N. J. RR.&Can’l Co 215%
55 Union Trust Ç o ....575 to 582
40 Stuyvesant Fire Ins C o.. 100
5 N. B e d fd Martha’s Viney ’d & Nant’ck’t Stb’t Co 104
20 Chatham National Bank 243%
Shares.
5 Im p’t’rs & Tr’d’s’ Nat. B ’k 34 2%
5 3d Ave. RR. Co................. 215
625 Union Nat. B ’k o f N. Y.
(now in liquid’n. 179 % .•
p a id )...............i l ......... $5 50
24 Peter Cooper Fire Ins Co 150
10 N. Y. Fire Ins. C o............ 8 4 %
25 Title Guar’tee & Trust Co 105
50 Madison Square B ank___ 99
41 A m ’n Exchange Nat. B k 137
10 A m ’n Loan & Trust C o.. 97
40 Bank o f New Y ork.......... 221
8,000 Brunswick Gold Min’g
C o...................15 c. per Share
10 N. Y . & Harlem RR. Co. 2 1 8%
10 Un’ t’d N.J. RR.&Can’l Co 214
2 National City B an k.........347
100 Hand-Power Test Mach.
Co................
$5 00
80 Hanover Fire in s. C o .... 12 478
Bonds.
$15,000 Harlem R iver & P ort
Ch.R R .7s,1903,130% to 131 & I n t
$10,000 Harlem R iver & p ort
Chester R R . 6s, 1 9 0 3 ,1 2 0 % & I n t
$2,000 Northern & South.
W est Vir. RR. Co. lsts,
N ov. 1 ,1 8 7 4 , coupons o n . .. $5
$5,000 2d A ve. RR. Co. 5s
G enl. Con. 19 09......... 102% & I n t
$1,000 D ry Dock, E. Broad. &
Batt. R R . Co. 6s, 1914.1055g & I n t
$25,000 Chicago & A tlantic
RR. Co. 2d M . 6 s . . . ..............
42
$15,000 Lake Voorhees Cattle
Co. 1st M., 8s, 1 8 92.............
23
$5,000 Brooklyn (Bridge) 7s,
1 9 0 5 ........................ . 144% and int.
529
THE CHRONICLE.
A pril 28, 1888.1
The rates of leading bankers are as follows:
Sixty Days.
A p ril 27.
s *
d i v i d e n d
T he follow in g dividends Rave reoently been an non noed :
Name o f Company.
R a ilr o a d s .
B oston Con. & Montreal, p r e f—
K a n .City St. L. & Chic. ,pref. ,guar.
N. Y . P rov. & B oston (q u a r ).....
W heeling & L a te Erie, p r e f . . . . . .
R an k s.
A m erican E xch an ge N a tio n a l....
M is c e lla n e o u s .
United States E xpress (q u a r .)....
W hitebreast Fuel (quar.)..............
B ooks Closed,
(Days inclusive.)
When
Per
Cent. Payable.
5
1
M ay
May
M ay
M ay
May
May
31*
*10
May
M ay
I 5*
1%
M ay
2ia
5
1%
1
15
1
10
1
15
A pril 17 to
A pril 27 to —-------M ay
i to May i o
A pril 23 to M ay a
M ay 11 to M ay 15
1 April 25 to M ay 4
1 April 25 to Apr. 30
15 May
May
4 to M ay 15
4 to M ay 10
Dem and.
489
4 87
Prime banters’ sterling bills on L ondon. .
4 8 5 % ® 4 851*
Documentary com m ercial.. . . ---------- - - — 4 85 ® 4 85i4
5 1938 » 5 18% 5 1 8 % ® 5 1 7 %
4 0 i* 9 4 0 » i«
40516® 4038
Amsterdam (guilders)............................. ..
9S% ® 95, 8
95-mj® 95°8
Frankfort or Brem en (relchm arks)...........
United States Bonds.—The purchases of Government bonds
by the Secretary of the Treasury seem to have had the effect
of stimulating business in them here, as well as to cause an
advance in values. Transactions have been quite brisk in the
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:
* O f this 5 per cent is extra.
Per Cents due 1891.
W A L L S T R E E T , F R I D A Y , A p r il 2 7 , 1 8 8 8 - 5 P. M .
Offerings. Purchaser.
Range.
4 Per Cents due 1907.
Offerings. Purchases.
Bunge.
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 Saturday.
124- 70-125
85,000
635.000
1,189,600
Monday..
600,000 12^a-125>4
602.000
premiums ranging from 124*70 to 126 for the 4s and from Tuesday.. 1.040.000
440,000 125- 128
440,000
10714
107i to 107f for the 4£s, thus restoring to the chan Wednes.. 2.032.000 2,400,000
156,800 125-126
506,300
nels of business an amount of currency considerably in Thursday 415.900
125-125)4
4,500
809,500
107«
90,000
excess of the par value of the bonds purchased. The effect on Friday... 630.900
124-70-126
1,285,800
2,492,800
107%-107«
2.400.000
5,908,400
Total..,
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 follow s:
bonds must seek investment in other directions, and this cir
cumstance furnishes an element of great strength in the imme
A pril A pril A nril A p r il
Interest A pril
diate future.
The main point on which the Government
27.
25.
26.
24.
P eriods 21.
must base its operations in these bond purchases is the
1075s 107% *107% *107 5s *107% 107%
early date of maturity of the $230,000,000 of 4-J- 4T*s, 18 91............reg. Q.-Mar.
4%s, 1 8 91......... coup. Q.-Mar. 10778 107% 107% *1075s *107% *107%
per cents, which fall due on Sept. 1, 1891, only 4s,
12 »%
125% 125% 126
1907................reg, Q.-Jan. 124% 125
126*8
125% 1255s *126
a little over three years from the present time.^ As 4s, 1907............ coup, Q.-Jan. *124% 125% *121%
*121% ■*121% *121%.
*121% *121%
J.
&
J.
6s,
cur’cy
,
’9
5
—
reg.
holders see that it is inevitable their bonds shall be paid off,'
*123%
*123%
*123%
*123%
*123%
6s, ouricy, ’9 6 . . . . reg . j . & J. *123%
they will more readily accept the large premium now offered 6s, cur’c y ,’9 7 — reg. j . & J. *125% *125% *125% *125% *125% *125%
J. *128% *128% *128% *128% *128% *128%
and turn over their principal into new securities that pay a 6s, cur’ c y ,’ 9 8 . . . . reg. jj .. «fc
& J. *130 *130 *130 1*130 *130% *130%
6s. cur’ o y .’ 9 9 — reg.
higher rate of interest.
* This is the price hid at the m orning h oa rd ; n o sale was made.
The Stock Exchange has kept up to the best standard in
State and R ailroad Bonds.— State bonds have 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 Yirgini» £s deferred and Tennessee settlement 99,
The brisk demand for railroad bonds continues, and during
prices were several points lower.
East 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
$18,000, but since then a seat has been sold at $20,000.
classes, but all kinds of bonds, both high and low-priced, have
The open market rates for call loans during the week on been in demand, though naturally the lower-priced issues have
stock and bond collaterals have ranged from
to 4 per cent, had the largest business, as this buying is of a more speculative
and to-day the rates were
per cent. Prime commercial character. It is said, however, that the demand for first-class
paper is quoted at 4 f @5$ per cent.
investment mortgages is in excess of the supply, and these
The Bank of England weekly statement on Thursday showed classes are consequently rising gradually in value. The sharpest
ft losg in specie of £256,000, and the percentage of reserve advances have been in the speculative bonds, and some of the
to liabilities was 40*84, against 40*82 last week; the discount bonds of the Gould roads have been conspicuous for improverate 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 4s 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:
1888.
A p ril 21.
L oans and dlsc’ts.
Specie.....................
C irculation............
N et deposits..........
L egal tenders.......
L egal reserve.......
R eserve beld .........
Surplus reserve...
$
50,512,700
58,928,400
363,672,200
74,948,800
7,720,700
374,918,400
33,027,100
93,729,600
107,975,900
Diffr'ne’s f r ’ m
Prev. Week.
9
1887.
A p ril 23.
1886.
A pril 24.
$
9
Dee. 3,614,606 362.712.200 351.542.800
Tno.2,002,800 77.670.100 74,742,300
7,911,400
8,388,700
Dec.
36,700
Inc. 487.700 371.181.200 375.197.800
32,350,700
21,786,000
Inc. 1,495,000
Inc. 121,925 92,795,300 93,799.450
In#. 3,497,800 99.456.100 107,123,000
14,246,300 Inc. 3.375,875
6,660,800
13,323,550
Exchange.—The demand for sterling exchange has at times
been quite active, though the business fell off somewhat in the
latter part of the week. Commercial and other bills have been
scarce, and notwithstanding the buying of our stocks on foreign
account, security bills have not been offered in sufficient quan
tities to seriously affect the market. Rates have been strong
and are higher, the posted rates of leading bankers having
been advanced early in the week ^c., to 4 87 and 4 89.
h To-day the rates on actual business were as follows, v iz .:
Bankers’ 60 days’ sterling, 4 86J@4 86^; demand, 4 88J@4 881.
Cables, 4 881 @ 4 88f.~ Commercial bills were 4 85@4 851.
Continental bills were: Francs, 5 19f@ 5 20 and 5 17-J@5 181;
reienmarks, 95|@951 and 95-f@ 95f; guilders, 401 @401
40f@401.
The following were the rates of domestic exchange on
New York at the-under-mentioned cities to-day : Savannah,
buying par; selling 3-16@1 premium; Charleston, buying 1
premium; selling 1 premium; New Orleans, commercial, 75c.
premium; bank, $1 premium; St. Louis, 90c. premium;
Chicago, 50c. premium.
R ailroad and Miscellaneous S tock s— The stock market
uring the past week has been more active, and prices have
een strong, and in some cases even buoyant, the whole list
dvancing more or 1CSS, Tiiil
serious a c t i o n . Thefavorble features have been the improved feeling engendered_by
ae Government purchases of bonds at rising prices; I » »
pread of the business to some extent to tbe outside public J
ae foreign purchasing, and the^sharp advance in some leading
tocks under special influences. Some parties have been looklg for a set-baek from the considerable improvement already
lade, but so far the tone has continued bullish throughout,
nd a*strong undertone has apparently been the basis for a new
pward turn whenever prices flagged in their movement.
Ihicago has been reported bearish, and several unfavorable
sports have come from there, though these applied only to the
rangers and caused no general uneasiness.
Among the several groups of stocks the Gould specialties
ave been very prominent, and all have advanced materially,
’he improvement extended to Missouri Pacific, M. K. & T ,,
Vestern Union, &c. Manhattan Elevated also came into
ome prominence and sharply advanced. Union Pacific was
iclped by the favorable annual report and the entire harmony
,t the annual meeting. Reading has been another feature for
otivity and strength on favorable rumors, though nothing
iew has transpired except the Baltimore & Ohio arr&ngeaent mentioned in the papers this morning. The other coalers
lave also been strong, though not so active. Next in impOrtmce have been Northern Pacific preferred and the OrCgons, all
mproving under an increased demand. The grangers also
lave advaneed considerably, under the lead of Burlington &
^uinGy; Northwest and Omaha touched the highest prices Of
he vear.
530
THE CHRONICLE.
[Y ol.
XLVI.
STO C K S-P R IC ES AT N .Y . STOCK EXCHANGE FOR W EEK ENDING A P R I L 27, AND SINCE JAN. 1, 1888.
H IG H E ST AND LOWEST PRICES.
STOCKS.
Saturday,
A pril 21.
Monday,
A p ril 23.
Tuesday.
A pril 24.
Wednesday,
A pril 25
Thursday,
A pril 26.
Friday,
A pril 27.
Sales
o f the
Week,
Shares.
B ange Since Jan. 1,1888.
Lowest.
Highest.
A c t i v e It I t . S t o c k s .
Atlantic & P acific.................... ,
9
9^4
9%
9%
9%
9%
9%
9%
9%
9%
9%
9%
6,200 7% Apr.
Canadian Pacifie.......................
58% 59
10% Jan. 10
59% 59%
60
60%
59% 60%
1,600 55% Feb. 6 62% Jan. 3
505(3 513s
Canada Southern......................
51% 51% 52%
% 51
51% 52%
51% 52% 21,995 45% Apr. 2 56% Jan. 9
Céntral o f N ew Jersey............
82% 83%
% 83
83%
82% 83%
83
83%
82% 84% 17,000 73% Apr. 2 84% Apr. 27“
Central P acific...........................
29% 29%
% 30
30%
31
31%
31% 33
32% 32%
3,020 26% Mar. 26 33% Jan. 10
Chesapeake & Ohio...................
1
1
lo ____
* 1%
* 1%
1%
1%
1
%
1%
1%
620
1 Mar. 26
Do
1st p re f.
*4%
5%
5% Feb. 4
*4
5
*4
5
*4
5
3%
4%
3% Apr. 18 10 Jan. 24
Do
2d p re f..
*2%
3
2% 2 %
2%
2%
*2 %
3
*2%
3
238
Chicago Burlington & Quincy, 119% 119% 119% 120
1% Mar. 26
7% Feb. 7
119% 119% 120 120% 120% 124% 123 124
9,135 112 Apr. 2 130% Jan. 2 7
Chicago Milwaukee & St. Paul,
713
72
72%
% 71% 72%
72% 73%
73% 74%
73% 74%
Do
pref. '112% 113% 113 113
67 Apr. 2 78 Feb. 24
112% 113
113% 113% 113% 114% 115 117 223,715
3,010 109 Apr. 3 117 A pr. 27
Chicago & Northwestern......... 1083s 108% 108% 109
108% 109% 109% 110% 110 111% 110% 110%
52,480 102% Apr. 2 111% Apr. 2 6
Do
*
pref. 142% 142% 142% 142 í% 142 142
143 143% '144 147
430 138 Apr. 3 145% Feb. 1
Chicago B ock Island & Pacific, 111 111
111 111
111 111% 112% 113
113 114
113% 1133s
2,693 103% Apr. 2 114% Jan. 2 7
Chicago St. Louis & Pittsburg.
13
13
*123
% *12% 13% *13
13%
13% 13%
250 11 % Apr. 4 14% Jan. 10
Do
pref. *31% 32%
33
% 35
35
37
37
34
34
1,275 29% Mar. 31 38% Jan. 6
Chicago St. P aul Min. & Om ...
37% 38% 38%
% 39% 40% 40
40%
40% 41%
40%
41%
15,840
32% Apr. 2 41 % Apr. 26
Do
pref. 107 107% 108% 109
108% 108% 109 109
108% 108% 109% 109%
1,565 102% Apr. 3 109 % Apr. 27
Cleveland Col. Cin. & Indianap. 49
49
49
% 50
50
50% 50% *48
50
49%
50
1,600
42%
Apr. 2 53% Feb. 16
Columbus H ocking Val. & T ol.
21
21
*18% 24
24
*18
20 % 20 % 21
21
21% 2 1 %
400 17 Mar. 21 25% Jan. 9
Delaware Lackawanna & West 129 129%
% 130% 130% 130% 131% 130% 131% 130% 131% 123,104
123%
Apr.
3 133% Jan. 30D en ver& K io G., assessm’tp d .
% *18
*18% 19
19
19% *18% 19%
350 15% Apr. 2 23 Jan. 6
Do
pref.
50
49% 49%
% 49% 50%
50
50
50% 51%
51
51%
2,323
44
Mar.
24
East Tennessee Va. & G a .R ’y .
1038 10%
55 Jan. 28
l4 10% 10% 10% 10% 10% 10% * 10 % 10 % 3,990
8% Mar. 22 10% Jan. 12
Do
1st pref. *59
61•
h 61
61
61
62
62% 62%
62% 62%
2,155 55 • Mar. 22 65 Feb. 23
Do
2d pref..
21 % 21 %
5s 21% 21% 21 % 21% 2 1 % 2 2 %
22% 22%
4,206 17% Apr. 2 23% Feb. 24
E vansville & Terre Haute.......
88 % 88 % *87
'ft 87% 87% *87
88‘
*86
88
110 84 Mar. 22 88% Jan. IO
P ort Worth & Denver C ity___
35
35
35% 36% 36
36
35% 36
36% 37
36% 37%
2,100 32% A pr. 2 46% Jan. 3
Green B ay W inona & St. P aul.
*9% 10
10
10
10
10
10 % 11
10%
11
10
%
10
%
4,150
7% Mar. 20 11 Apr. 2 5
Illinois Central.......................... 119% 120% 120 120
120% 120%
*120% 122
121 121
705 114 Mar. 5 122% Feb. 3
Ind. Bloom. & W est..................
13
13%
13
13
13% 13%
13% 13% *13
14
1,524
Kingston & Pem broke..............
9% Mar. 28 14 Jan. 20
33% 34
34
35 *......... 38
35
36
35%
36
35% 36%
2,550 27% Jan. 16 36% Apr. 2 7
Lake E rie & W estern................
14% 15 I 15
15
4 15
14% 15a
15% 15%
14% 15%
3,562 12% Mar. 22 16 Jan. 30
¡L . D o
p ref.
44% 445s
45%
45% 46
ft 45
45%
46%
46% 46%
8,200 40% Apr. 2 47 Jan. 9
Lake Shore & Mich. Southern.
9 0 % 90%
4 91% 92%
92% 92%
92
92%
91% 93
74,300 85% Apr. 2 95% Jan. 9
L ong Is la n d ................ ............. *89% 91
*90
91
92
92
91% 91%
92
92%
92%
92%
407 87% Apr. 2
Louisville & Nashville............
A pr. 26~
55% 55%
55% 56
56
57% 56% 57
56% 57%
57% 58% 40,553 50% Apr. 2 92%
Louis. N ew Alb. & C hicago__
64% Jan. 9
31% 31% *32
38
35
35
*34
37
*34
38
*34
37
200 30 A pr. 18 39 Jan. 10
Manhattan Elevated, con sol..
87% 88%
87% 89 =¡1 89% 91%
89% 91% 91% 94
93%
98
18,460 83% Apr. 3 98 A pr. 2 7
M ichigan Central.......................
79% 79%
79
7 9 r‘8 80
80%
80% 81%
81
81%
80% 82
4,725 72 Apr. 2 87% Jan. 9
Mil. Lake Shore & W est...........
*55
70
*58
68
*55
65% *55
65%
50 Mar. 27 80 Jan. 1 0
Do
«■
p ref.
89% "90
*84
89
89
90
90% 91
92
.
.
.
.
.
92
1,310 83 Mar. 27 104% Jan. 5
M inneapolis & St. L ouis...........
*6%
7
6%
7
7
7
7
8
9
605
3% Mar. 28
Do
p ref.
9% Jan. 11
*15% 16% *15%
16%
2 16%
*15% 16% *15% 16%
16% 17%
760 11 Mar. 23
M issouri Kansas & Texas
Apr. 2 7
12
12 % 12
4 12% 12%
13
13%
135g 15%
14% 15% 16,730 11 Apr. 19 17%
Missouri P a cific...............
18% Jan. 5
73% 74%
8 74% 76% 75% 77% 76% 78% 77% 80% 64,462
M obile & Ohio............................
70% Mar. 24 89% Jan. 3
*8
9
8%
83
*8
9
*8% 10
8% 8 %
480
6% Mar. 29 13% Jan. 2 7
Nashv.Chattanooga & St.Louis *76
77
76% 78
77% 77%
77% 77% 77
77% '77
78
1,200 71 Apr. 2 80 Jan. 9
New Y ork Central & Hudson 10558 105% 106 1061 2 106% 106% 106% 107% 107
107% 107% 107%
7,133
New Y ork Chic. & St. L o u is..
102%
Apr. 2 108 Jan. 9
15% 15% *15% 15S 1 16
16%
16% *16
16
16
16
16
600 12% Mar. 31 17% Jan. 2 7
Do
1st pref
66
66
67
67
65% 66
67
67
68
68
* 66 %
68
215
63
Apr.
2 73 Jan. 27
„
Do
2d pref..
30% 30% *30% 311 2 31
32
3134 32% 32
32
32% 32%
1,600 28 Mar. 31 37 Jan. 3 0
New Y ork Lake E rie & West’n
25
25%
25
251 3 25% 26%
26% 27*i
265a 27%
26% 27% 86,450 22% Mar. 9 29% Jan. 9
__
Do
p ref
57% 57%
57
581
58% 59
59
59%
59% 59%
59
59
1,750 53 Mar. 22 65% Jan. 10
New Y ork & New E n g la n d ...
38% 39%
38% 40% 39% 40
39% 39%
39% 42
93,642 29% Mar. 22 42 Apr. 2 7
New Y ork Ontario & W e s t...
*16
16%
16% 16%
16%
16%
16%
16%
17
17%
2,744
14% Mar. 10 18% Jan. 9
New Y ork Susq.. & W estern..
8 % 8%
9%
9%
9
9%
9%
958
9%
93s
6,444
7% Mar. 28
__
. Do
p ref
9% Apr. 26
30% 31
30% 31
30% 31% 31% 31%
30% 31%
8,662 26 Apr. 2 33% Jan. 30
N orfolk & W estern..................
*16% 16%
17% 17% *17% 18
175s 175s 18
18%
1,110
15%
Mar.
24
__ . D o
pref
18%
Feb. 2
46
46%
46
46
46% 46% 46
46%
46% 47
46% 47% 13,930 41% Mar. 31 47% Apr. 2 7
Northern P acific...................... .
23% 235s 23
23% 24
24
24%
24% 25
24% 25%
5,788
19%
Apr.
3
_
Do
pref,
25% Apr. 27
47% 485s 48
48% 48%
48% 49% 49% 51%
50% 51% 54,410 42% Mar. 31 51% Apr. 27
Ohio & M ississippi...................
20% 2138 21
21
21%
2 0 % 21 % 21
21%
3,540 17% Mar. 27 25 Jan. 31
Oregon & Trans-Continental..
22% 23
23
24%
24% 25
24%
25%
24% 2 5 3 s ll3 ,7 2 0 17% Apr. 2 25% A pr. 2 7 '
Peoria Decatur & Evansville
19% 19%
21
21%
22
21% 23
23
21% 22%j 9,885 15% Apr. 2 23 Jan. 11
Philadelphia & B eading.........
603s 61%
61
62
61% 625s 62% 63%
62% 64
62% 64% 464,235 51% Apr. 2 67% Feb. 18
Richm ond & W est P ’ t Terminal 24% 245g
25% 26%
25% 26% 25% 25%
24%
25% 148,240 19 Apr. 2 26% Apr. 2 4
_
Do
pref.
66
67
67
66% 66%
66% 6734 65% 66%
62% 65
3,913 55 Jan. 6 69% Feb. 23
Borne W atertown & Ogdensb’g *87
88
*87% 88
88
88
88%
89%
90
91
92
92
680 82% Feb. 13 92 A pr. 27
St. Louis & San Francisco.......
26% 26%
27
27 if
27
28%
28
29%
29% 29%
29% 30%
3,750
24 Mar. 27 36% Jan. 5
Do
pref. *66
67
66
66
66% 66%
6 6 % 68 % 6758 68%
67
68%
8,625
63 Apr. 2 73% Jan. 3 0
_ Do
1st p ref. '110 111
111 111
11158 11188 111% 111% 114 114
113%
113%
520
St. Paul & D uluth.....................
105%
Apr. 3 116 Jan. 16
52
52%
*52% 54
53
54%
55
57%
58
58%
2,227 43 Mar. 29 62% Jan. 3
Do
p ref.
99% 100
*98 100
*97 100
97
100
LOO 101%
981
Mar. 29 105 Jan. 28
89
St. PaulM inneap. & Manitoba! 104 104
104% 1041 *103% 104% 103% 10434 *104 104% L05 105
1,185 94 Apr. 2 114% Jan. 2 3
Texas & P acific..............
25% 2 5 % 25
261
25% 26%
25% 26%
26
27
26%
27%
60,690
20
Mar. 22 27% Apr. 2 7
Union P acific............
54
54%
54% 56%
56% 57%
57
57%
56% 573s 137,805 48 Apr. 2 58% Jan. 3
Wabash St. L. & Pacific! ! ! ! ! ! ! !
13% 1338 13%
13% 1334 13% 14%
14% 14 34 14% 15%
1,360
12
Mar.
27 16 Jan. 3
__
Do
pref.
23% 23%
23%
24% 24%
25
25%
25% 26% 26
26%
5,275 21 Mar. 24 28% Jan. 6
Wheeling & Lake E rie............!
50% 50%
51
53 5g 53% 53%
52
535s 54%
3,220 44% Jan. 3 55 Feb. 13
M is c e lla n e o u s S to c k s !
Colorado Coal & I r o n ...
35% 35%
36% 37%
36% 37%
37% 375s 37
37% 10,365 30% Apr. 2 38% Feb. 17
Consolidated Gas Co.
74% 74%
74
75
75
75%
75% 75% 75
75%
74% 74%
3,071 68% Mar. 29 78 Jan. 18
Delaware & Hudson Canal. ! ! * 1 0 8 3 sl0 8 % 108% 109% 109 1095s
L09% 109% 109% 109% L0938 109% . 6,328 103 Jan. 3 112 Jan. 3 0
Oregon Im provem ent Co.
*50
51
52
52
51% 53%
53% 54%
54
55%
53% 53%
3,685
45 Mar. 29 55% Apr. 26Oregon B auw ay & Nav. Co
90% 91%
91% 921
92% 93%
93% 93%
93% 94
93
93%
5,915 84% Apr. 2 94% Feb. 3
P acific M ail....................
33% 33%
33% 35
34% 35
33% 35
335a 34% 34% 36
20,930 28% Apr. 2 37% Jan. 16
Philadelphia Co., N a t Gas! ! ' ’
96
96
96
961
*95% 98
97
97
98
.1,175 95% Apr. 20 106% Feb. 15
Pullm an Palace Car Co........... 142% 142% 141% 142
_ 144
142% 143% i
144 144% L44 144%
5,205 135% Apr. 3 144% Apr. 2 7
Western Union Telegraph
75
75%
75% 76
75% 76% 76% 77
76%
77%
77%
78%
106,835
70% Apr. 2 79% Feb. 24
E x p re s s S to ck s.
A dam s....... ............................... *130 140
140% 140% 138 138
]
140 140
140
A m erican......... . .................
99 137 Apr. 12 145 Jan. 23
109 110
109% 109% 110 110
1
110
110 110%
j 109%
371 106% Mar. 22 110% Apr. 26?
United S ta te s .... ...................
73% 74
74% 74%
75
75%
74% 75% 74% 75
*74% 75
620 67 Jan. 4 75% Apr. 24
W ells, Fargo & C o ... ! ! ! ! ! ! ! ! ! ! 135 . . . . .
136% 137
135 135
3
136
137 137
37 138
165 128 Jan. 19 138 A pr. 2 7
I n a c t iv e S to ck s.
A m erican Tel. & Cable Co.......
70%
70
70%
71% 71% *70% 72
n % 71%
674 70 Jan. 12 75 Feb. IO
B oston & N. Y. A ir Line, pref.
*97
98
*97
98
99
*97
98
Chicago & A lto n .........
97 Apr. 11 99% Mar. 1 5
135 140
135 135 *135 140 *1
140
137% 137% *]
140
112 135 Jan. 9 140% Feb. 10
Chicago & East. Illinois....... !!
42% 42%
42% 42%
42% 42% 42% 42%
42% 42%
423s 42%
1,010
40 Mar. 19 43% Jan. 30
Do
p ref
91
91%
91% 91%
91% 91% 913s 91%
91% 92
92% 92%
3,400 89% Mar. 2 94% Jan. 2 6
Cincin. Ind. St. Louis & Chic
*70
74
*70
74
‘ 70
74
74
75
300
65% Apr. 2 80 Feb. 2
Cincinnati Wash. & B altim ore
*3
4
*2%
3%
*2%
3%
*2%
3%
*2%
3%
2% Mar. 23
4% Jan. 9
,,
. Do
p ref.
4%
5
4%
4%
5
55s
5%
5%
5%
5%
53s
5%
4% Apr. 3
8,765
M exican Central.......................
6 % Feb. 24
16
16
16% 16%
15% 16% *16% 16%
16
16
16
16%
3,500 13% Mar. 5 16% Apr. 23
M orris & E ssex.......
140% 140% 1
140% 140% 140% 140%
1,406 135 Jan. 3 140% Apr. 27
N. Y. Lack. & W est___ 1.".........
106 106% 107% 107% .
Í0 7 107
206 102% Jan. 9 107% Apr. 24
N. Y. New H aven & H a r t !!!!! *215 221
___
215 221
220 *215 221
218 218
35 215 Jan. 4 223 Jan. 16
Ohio Southern.......
13
13
125g 125g 12% 12% 12
*12% 13%
12
12
12
600 10 Mar. 22 13 Apr. 2 0
Oregon Short L i n e . . ! ! ! ! ! ! ! ! ! !
16% 16%
18
18
19
19
19% 19%
900 13% Mar. 26 19% Apr. 2 7
Pitts. Ft. Wayne & Chic.......... 154 155
154 154 *154 155 *] 34 155
154 154
154 154
236 151 Jan. 5 154% Apr. 2 0
Quicksilver Mining C o....... ...
*9% 11
9%
9%
*9
10%
9%
9%
*9
10%
9% 11%
1,700
9 Mar. 19 13% Jan. 12
Do.
pref.
*35% 37
35
*33% 37
35% **34% 35%
35%
35%
35%
35%
750 33 Mar. 31 38% Jan. 10
St. Louis Alt. & Terre H aute.. *35
37
36
*35
37
36
37
*36
37
36% 37%
600 35 Mar. 27 39 Jan. 11
St. Louis Ark. & T ex as............
13% 13%
13% 13%
14
14
13% 13%
14
14%
900 11 Apr. 3 16% Jan. 16
South C arolin a......................
*6
7%
7%
8%
838
8%
880
7% Apr. 26
9% Jan. 27
Columbus & H ocking Coal___ *21 % 22 %
22% 22%
21% 22%
22%
23%
22%
23%
22 % . 23%
2,985 17 Mar. 22 30 Jan. 9
Jçnnessee Coal & Ir o n ............
28
28
29% 30%
28% 30%
2834
29%
29%
30%
29%
29%
7,550
24%
Apr.
2
32%
Jan. 30
v a r i o u s S t o c k s , & c . (Uni isted.)
A m er Cotton Oil T ru s t.........
219% 29%
31
29% 30%
30
31
30%
313s
32
30%
32
40,410
25
Mar.
21
34%
Jan. I 7
P ipe Line Certificates ! . .
83% 87 i 85% 88%
83% 86%
82% 86% 8438 86%
84
85% 726j q ,oo o ^ 74% Apr. 5 100 Mar. ©
hese are the prices bid and asked; no sale was made at the Board.
j Prices from both ExchangeSi
THE CHRONICLE.
A pril 28, 1888.]
531
BONDS—LATEST PRICES OF ACTIVE BONDS AT N. V. STOCK EXCHANGE, AND RANGE SINCE JAN. 1, 1888
Closing.
Railroad Bonds.
A pr. 20 A pr. 27
23ie
81
10618
901«
10558b.
11678b.
123 b.
A tl. & Pae.—W. D. ino., 6s, 1910
Guar., 4 b, 1937........... fc-*VS2ia
Can. South.—1st guar., 5s, 1908
2d, 5s, 19 13............. ■ ; " i S o n '
Central o f N. J.—1st, 7 b, 1 8 9 0 ..
ConsoL7s, 1 8 99______
—
Convert. 7s, 1902----------Convert, deb. 6 b, 1 9 0 8 .- ...-- G eneralm ort., 5s, 1 9 8 7 ... ... 1023s
Len. & W .B .,con.7s,1909,as nt 112 %
A m . D ock & Im p., 5s, 1921. .. 106i4h.
Central Pacific—g old 6 b, 1 8 9 8 .. 11514
San Joaquin Br. 6 8 .1 9 0 0 ...... 115 a.
Land grant 6 b. 1890......... . . . . . 100%b.
M ort. 6 b, 1936.....................•
Ches. & O.—Pur. m. fund 6s, ’98 107 b.
6 b, gold, ser. B .19 08, coup, ofl 62%b.
6* lab.
Exten. coup., 4 b, 1 9 8 6 ....... .
6s, currency, 1 9 1 8 .... ............... 16 b.
M ort. 6 b, 1911.............
Ches. O. & So. W.—5-6s, 1 9 1 1 ... 104 b.
Chic .Bur. & Nor.—1st, 5s, 1926. S9i«a.
Chic. Burl. & Q.—Con. 7s, 1903. 132i2b.
Debenture 5s, 1 9 1 3 .................. 10538b.
D enver D ivis., 4s, 1 9 2 2 ... . . . . 91%b.
Chic. & East. 111.-Con. 6s, 1934 11413 a.
Chic. & Ind. Coal R ., 1st, 5 b, ’36 100 a.
C bM il.A St.P—l8 t,I.& M .7 s ,’ 97 117 b.
Consol. 7s, 1 9 05.............. - - ---- 12558b.
1st, So. Min. D iv.—68 ,191 0.... 112
1st, Chi. & Pae. W .Div—5 b, ’ 21 10414b.
Wlfl. A M ln. D iv.—5 b, 1 9 2 1 .... 102%
Terminal 5a, 1914— . . . . . . . . . 102 b.
Chic. & N. W.—Consol. 7a, 1915 142%
Gold, 7 b, 1 9 02.......................... 131%
Sinking fund 6 b, 1 9 2 9 ..... . . . . 120 a.
Sinking fund 5s, 1 9 29..............
Sinking fund debent. 5s, 1933 I l l
26-year debent. 5 b, 1909......... IO519
E xtension 4s, 1926...................
Chi. R . I. & Pac.—6 b, coup. 1917. 132%b.
E xten. & col. 5 b, 1 9 34.............. 10538
Oh. St.P.,M.& O.—Consol. 6s. ’ 30 121%b.
Ch.St.L.& Pitts.—1st,con. 5 s,’32 100 a.
C. C. C. & Ind.—Consol. 7s, 1914 128 b.
Gen. 6 b, 1 9 3 4 ............................. 11014b.
Col. Coal & Iron—1st, 6s, 1900.. 102 b
Col. H . Yal. & Tol.—Con. 5s, ’ 31 66
Gen. gold, 6s, 1 9 0 4 ................. 65 b.
Denver & R io Gr.—1st, 7s, 1900
1st con. 4s, 1936 ................... . 77%
Den. & R. Gr. W .- 1st, 6s, 1911. 71 b.
64
Assented....................................
Den. So. Pk. & P ac.—1st, 7s, ’ 05 80 a.
Det.M ac. & M.—L d . gr .3 % s,1911 35
£ .T e n .V .& G. R y.—Con.,5s, ’56 102
ran7.. L ex. & B. Sandy—6s, 1902.
Erie—1st. consol, gold, 7s, 1920 1341«
113 b.
L ong D ock, 7s, 1 8 9 3 ......... .
Con. 68 ,193 5.......................... 11513a.
N.Y.L.E.&W —2d con. 6s, 1969 97%
Ft. W. & Denv. C. - 1 s t , 6s, 1921 81
Gal.Har.& San. A nt.—1st, 6 s ,’ 10
2d M., 7s, 1 9 0 5 .........................
West. Division—1st, 5s, 1931.
2d, 6s, 1931.............................
Gr’nB .W .& S t.P —2dinc.8srl911 33%
G ulf Col.&San.Fe—1st,7 b, 1909 120
Gold, 6 b, 1 9 2 3 ..........................
Henderson Br. Co.—1st. 6s, 1931 10738b.
Ht & Tex. C.—1st M. L. 7 s......... l l l i a b .
1st, West. D „ 7 s ,18 91............... 110%b.
1st,W aco & N. 7s, 1903.............. 110 b.
2d, consol. M. L. 8s, 1 9 12.......
Gen. m ort. 6s, 1921, tr. r e c ... 60 b.
Ind.Bl. & W .—1st,p ref.,7s, 1900 107 %b.
1st, 5-6s, 1909, tr. r e c.............. 76 b.
2d, 5-68,1909, tr. r e c ..............
East. D iv.—6s, 1921, tr. r e c .. 75 b.
Incom e, 6s, 1921, tr. r e c ....... 18%b.
Int. & Gt.N er.—1st, 6s, g o ld ,’ 19 103
Coupon, 6 b, 1 9 09...................... 1 63 b.
Kent. Centr.—Gold 4s, 19 87___ 70 a.
K noxv. & 0 .—1st, 68, gold, 1925 93%
L. Erie & W —1st g., 5s, 1937 ... 105%
LakeSh.—C on.coup.,1st,7s,1900 125%b.
Con. coup., 2d, 7s, 1903........... 124%
Long Island—1st, 7s, 1 8 98......... 121%b.
1st, consol., 5s, 1931................ 113%b.
Lou. & Nash.—Consol., 7s, 1898 117 b.
N. O. & Mobile—1st, 6 b, 1930. 114 b.
2d, 6s, 1 9 30............................. 98 b.
E . H. & N.—1st, 6s, 1 9 19......... 116 b
General, 6s, 1930....... ............... 11358b.
Trust Bonds, 6s, 1922.............. 109%
10-40, 6 b, 1924..........................
Lou. N. A . & Ch.—1st, 6 b, 1910 110 a.
Consol., gold, 6b, 1916............. 90%
Mem. & Ch’lston—6s, gold, 1924 102 b.
Metro. Elevated.—1st, 6s, 1908. 110%
2d, 6s, 1 8 9 9 ............................... 106
Mich. Central—1st, con., 7s, ’02 129 b.
Consol. 5s, 1902........................ 111 b.
Mlss’riP a c.—1st, cons., 6s,1920 I l l %b.
S d,7s, 1906................................. 118 b.
P ac. o f Mo.—1st, 6s, 1 8 8 8 .... 101 %b.
2d m ort., 7s, 18 91................ 105 b.
24
82%
106%b,
92%
106 %
117 b.
123%b.
102%
lli>%b.
106%b.
115 b.
113%b.
101 b,
102%
109 b.
62 %b.
17 b.
iÖ4%b.
132 b.
106 b.
93 a.
114 b.
98
118 b.
125 %b.
112%
1043s
lOliab.
102 b.
142%b.
13078b.
120 a.
I l l b.
106%
93%
131
106 b.
122 b,
100 a,
128 b,
111 b,
102 %b,
68 b,
69 b.
121%
78%b,
73
65 %b.
75 b.
36
102
96 %b.
134%b
114 b.
1L5 b.
93%
83
Range since Jan. 1.
Lowest.
Highest.
19 Apr.
80 Jan.
105 Mar.
89% Mar.
1045a Feb.
111% Jan.
115 Jan.
102 Feb.
98 Jan.
112% Apr.
101% Jan.
113% Jan.
113% Apr.
100 Apr.
101% Apr.
105% Feb.
62% Mar.
62 Apr.
165g Apr.
90% Jan.
103% Mar.
98 Apr.
129% Jan.
1043<^)an.
91 Tklar.
113 Jan.
96 Apr.
114% Jan.
123% Jan.
110% Apr.
101% Jan.
100 Jan.
100 Jan.
139% Jan.
128% Jan.
118% Apr.
106 Apr.
108 Feb.
104% Apr.
91% Mar.
130% Apr.
104 Mar.
119% Jan.
97% Apr.
123 Jan.
107% Jan.
100 Jan.
63 Mar.
63 Mar.
119% Jan.
75 Mar.
71 Jan.
60 Mar.
77 Feb.
34% Jan.
95% Jan.
96 Mar.
132% Mar.
Ill
Jan.
115 Apr.
94% Feb.
77% Apr.
101% Feb.
98 A pr.
90 Mar.
36%
25
120 b. 119
94%
95
108 b. 107%
112 a. 111
112
112
102
65
65
109 b. 111%
85
65
87
20
15
90 b. 99
65
61
70 a. 69
89%
96%
106% 101%
125%b. 125
122%
125
122 b. 120%
Ill
117%b. 116%
114 b. 108%
98%b. 96%
116 b. 114
114 b. 109%
108 b. 106%
103 %b. 104
108 b. 107%
70 %a. 87%
103 b. 100
112% 108%
107 b. 103
129 b. 127
110 b. 109
l l l % b . 107
120 a. 115
1017sb. 100%
104
Apr.
Jan.
Apr.
Mar.
Mar.
Feb.
Apr.
Feb.
Jan.
Mar.
Jan.
Feb.
.Jan.
Mar.
Feb.
Apr.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Apr.
Jan.
Jan.
Feb.
Jan.
Mar.
Feb.
Apr.
Apr.
Jan.
Mar.
Jan.
Jan.
Apr.
Mar.
Jan.
Feb.
Jan.
27% Jan.
83% Apr.
107 Jan.
94% Jan.
108% Jan.
117% Feb.
123% Apr.
104 Apr.
102% Apr.
114% Feb.
107 Apr.
115% Apr.
115% Feb.
103% Jan.
104% Mar.
114% Feb.
70% Feb.
70% Feb.
28 Feb.
101% Mar.
108% Jan.
103 Jan.
133 Apr.
107% Feb.
95 Jan.
117% Feb.
100% Feb.
119 Apr.
126 Jan.
114 Feb.
105 Feb.
102% Apr.
102 Apr.
143 Jan.
132 Feb.
121 Feb.
I ll
Feb.
I ll
Apr.
106% Apr.
95 Jan.
133% Feb.
107% Feb.
123 Apr.
100% Jan.
129 Feb.
I l l Apr.
104 Jan.
73% Jan.
75 .Jan,
121% Mar.
79% Jan.
73 Feb.
68% Jan.
81 Apr.
43 Jan.
102 Apr.
104 Jan.
137% Feb.
114 Feb.
¡118 Mar.
9 9 78 Jan.
83 Apr.
106 Jan.
105% Jan.
92% Jan.
37% Apr.
122 Jan.
97 7s Feb.
110 Jan.
115% Jan.
11458 Jan.
114 Feb.
108% Jan.
69 Feb.
112% Jan.
89% Jan.
71% Jan.
88 Feb.
20 Apr.
111% Jan.
77 Jan.
75 Jan.
98 Apr.
106% Apr.
127 Jan.
125 Jan.
122 Apr.
113% Apr.
123 Feb.
114 Apr.
99% Feb.
115 Apr.
114 Mar.
110 Jan.
104 Feb.
112% Jan.
93 Jan.
103% Apr.
116% Jan.
107 Feb.
130 Feb.
110% Jan.
113% Jan.
118 Feb.
103% Jan.
105% Feb.
Closing.
Railroad Bonds.
A p r.2 0 A pr. 27
Mil. Lk.Sh. & W.—1st, 6s. 1921. 120%b,
Ashland D iv.—1st, 6s, 1 9 2 5 ...
M ilw. & N or.—M. L., 6s. 19 10.. 108 b
Extension, 1st, 6s, 1913......... 108 a
Minn. & St. L.—1st, 7s, 1 9 2 7 .... 102 b
Im p. & Equip.—6s, 19 22.........
Mo. K .& T ex.—Con., 6s, 1920... 61%
Consol., 5s, 1 9 2 0 ........... _____ 53%b.
Consol., 7s, 1904-5-6................. 95
Mobile & Ohio—New, 6s, 1 9 2 7 ..
1st, Extension, 6s, 1927..........
1st pref. debentures, 7 b ........... 49
Mutual Un. Tele.—8. f., 6s, 1911 91 ßab
Nash. Ch. & St. L.—1st, 7s, 1913 129 b
N.Y. Central—E xtend., 5s, 1893 105%b,
N .Y .C .& H .—le t, op., 7s, 1903 134%
Debenture, 5 b, 1 9 04.............. 110 a
N .Y.& H ar.—1st, 7s, 19 00....... 130 %b
N. Y.Chio.&St.L.—1st, 4s, 19 37.. 89%
N.Y. Elevated—1st, 7s, 1 9 0 6 .... 114%b
N. Y . Lack. & W.—1st, 6s, 1921. 128 %b
Construction, 5s, 19 23_______ 108%b
N. Y. & N or.—1st, 5s, 1 9 27.......
N. Y . Ont. & W.—1st. 6 b. 1 9 1 4 .. 111 b
N. Y. Sub.&W.—1 st ref., 5s, 1937. 91 h
Midland o f N. J.—1st, 6s. 1910 110 %b,
N. O. Pacific—1st, 6s, 1920........ 79
N orfolk & West. - Gen., 6s, 1931 118 %b,
North. Pacific—1st,cou p .,6 b, ’ 21 117%
Gen’l, 2d, coup., 1 9 33.............. 104 b,
N. Pac.Ter.Co.—1st, 6 b, 1 9 3 3 ... 101 b.
Ohio & Miss.—Consol., 7s, 1898. 116%b.
2d, consol., 7s, 19 11.................
Ohio Southern—1st, 6s, 1 9 2 1 ... 105
2d, ino., 6s, 1 9 21........................ 37%
Omaha & St. L .—1st, 4s, 1 9 3 7 .. 71 b,
Oregon Im pr. Co.—1st, 6s, 1910 100
Ore. R. & Nav. Co.—1st, 6s, 1909 110
Consol., 5s, 1 9 25...................... 100
Oregon & Transcon.—6s, 19 22.. 90 b.
P eo.D eo. & Evans.—1st, 6s, ’ 20. 106 b,
E vansv. D iv— 1st, 6s, 1 9 2 0 ... 100 b
2d m ort., 5 b, 1 9 2 7 . . . . . . . . ....... 72%
R ich & All.—1st, 7s, 1920, tr. rec 55 a,
Riohm. & Dan.—Cons., 6s, 1915 114%
Debenture, 6s, 1927.................. 105 b
Rooh. & Pitts.—1st, 6s, 1 9 2 1 ... 117 b
Consol., 6s, 1922.................... . 116%b
R om eW . & Ogd.—1st, 7 b, 1891. 109% h
Consol., extend., 5s, 1 9 2 2 ..... 104 a.
S t Jo. A G d .Isl,—1st, 6s, 1925 . 102%a
2d, incom e, 5s, 19 25................ 35 b,
St. L. Alt.& T.H .—1st, 7s, 1894. 112%b
2d, M., pref., 7s, 1 8 9 4 . . . . . . . . . 109 b
2d., M .,ln c., 7s, 18 94............... 105 b,
Dividend baa, 6s, 1894............ 37
St. L. Ark. <fe T ex.—1st, 6s, 1936 101
2d, 6s, 1 9 3 6 ............................. 40%a.
St. L. & Ir. Mt.—1st, 7 b, 1 8 9 2 ... 108 b,
2d m ort., 7s, 1897..................... 107
Cairo & F ulton—1st, 7s, 1891 1037ab,
Gen. R y . & land gr., 5s, 1931. 81%
St. L. & San F r .- 6s., Cl. A ,1906 116%b
6s, Class B, 1 9 0 6 ....................... 117%h
6s, Class C, 1 9 06........................ 117 b,
Gen’ l m ort., 6s, 1 9 3 1 . . . . . ....... 115%
Gen’l m ort., 5s, 1931................ 103 b
So. Pac., Mo.—1st, 6s, 1 8 8 8 ... 102
St. Paul M. & M.—1st, 7s, 1909. 114 b,
2d, 6 8 ,190 9................................. 116 h
1st cons., 6s, 1933 ................ .
Do
reduced to 4 % s..
Shenandoah Y a l.- 1st, 7s, 1909 89 b
31
Gen’l m ort., 6s, 19 21......... .
So. Carolina—1st, 6s, 1620......... 100 b
81%
2d, 6s, 19 31.................................
Inc., 6 b. 1931............................. 12%b
So. P ac., Cal.—1st, 6s, 1905-12.. 112 b,
So. Pac., Ari.—1st, 6s, 1909-10..
So. Pac., N. M.—1st, 6s, 1 9 1 1 ...
Tex. & Pac.—Inc. & ld gr, 7s, ’15 49
R io Grande D iv.—6s, 1930___ 69
Gen. m ort. & term ., 6s, 1 9 0 5 .. 63 a.
Tol. A .A . & N. M.—1st, 6s, 1924. 99 38
Tol. A. A. & Gr.Tr.—1st, 6s, 1921 104%b.
Tol. Peor. & West—1st, 7s, ’ 17 . 100 a.
Tol. & Ohio Cent.—1st, 5s, 1935 96%
Tol.St.L.& Kan. C.—1st,6s, 1916 90 b.
Union P acific—1st, 6s, 1899___ 117 a.
Land grant, 7s, 1887-9............ 100%b.
Sinking fund, 8s, 1893............ 115 b.
Kan. P acific—1st, 6s, 1 8 9 5 .... 109 b.
1st, 6s, 1896............................ 110 b.
D enver D iv.—6 b, 1899......... 114%b.
1st consol, 6s, 1 9 1 9 ............ 107%
Oregon Sh. Line -1 s t, 6s, ’ 22.. 102%
Virginia Mid.—Gen. m., 5s, 1936 79b.
Wab. St.L. & P a o .-G e n .,6 s , ’ 20 38
Chicago Divison—5s, 1 9 10___
Wabash—M ortgage, 7s, 1 9 0 9 ..
Tol. & Wab.—1st, ext., 7 b, ’ 90 107%
lBt, St. L .D iv ., 7 s ,1 8 8 9 ....... 107 %b.
2d, extended, 7s, 1 8 9 3 . . . . . .
Con., con v., 7s, 1907____ . . .
Great West.—1st, 7 b, 1 8 8 8 .... 106 %b
2d, 7 b, 1893.............................
West Shore—Guar., 4 b ................ 102%*'
Range since Jan. 1.
Lowest.
Highest.
119 Feb.
113% Mar.
105% Jan.
104% Jan.
102 Feb.
51% Apr.
60 Mar.
50% Mar.
90 Mar.
108% Jan.
105% Jan.
43 Mar.
84% Jan.
128% Jan.
104% Jan.
132% Jan.
103% A pr.
128% Jan.
86% Jan.
114 Mar.
127 Jan.
107% Jan.
102% Jan.
109 Jan.
90 Mar.
109 Apr.
75 Mar.
112% Jan.
115% Jan.
102 Jan.
99% Jan.
114% Jan.
116 A pr.
99% Jan.
29 Mar.
70 Mar.
94% Jan.
108% Feb.
96% Jan.
93 Jan.
106 Jan.
102 Mar.
71 Apr.
51 A pr.
109 Jan.
100 Jan.
116 Mar.
113 Jan.
107 Jan.
100% Apr.
98 Jan.
41 Jan.
112% Feb.
108 Feb.
103 Jan.
35 Apr.
98 Jan.
38 Mar.
106% Mar.
105% Apr.
103% Apr.
80 Apr.
113% Jan.
115% Jan.
114 Jan.
112% Jan.
100% Jan.
100 Jan.
112 Jan.
116 Apr.
114 Mar.
96% Apr.
90 Jan.
29 A pr.
97 Jan.
69 Jan.
13 Apr.
111% Apr.
121% Apr..
117% Jan.
I ll
Mar.
108% Feb.
110 Jan.
59 Feb.
73% Jan.
63% Jan.
106% Jan.
116 Jan.
105% Jan.
51 Feb.
93% F eb.
130% Mar.
106% M ar.
135 Feb.
111 Feb.
133 Jan.
90% Jan.
117% Jan.
130% A p r.
110% Feb.
107 M ar.
113 Jan.
93 Jan.
114 M ar.
83% A p r.
118 Mar.
118% A p r.
105% Jan.
102% Jan.
116% Apr.
118% Mar.
105 A p r .
40 Apr..
76 Jan.
101% A p r.
110% A pr.
101% A p r .
99% Apr.
109 Jan.
106 Jan.
75 % A p r .
59% Jan.
115 M ar.
100 Jan.
118 Feb.
117 A p r.
109% A pr..
104% Mar.
102% Apr..
41 Jan.
114 A pr.
110% Jan.
105 A pr.
38 Jan.
104% F e b .
48% Jan.
111% Jan..
112 Jan.
105% Jan..
92% Jan.
118 Jan.
118% Jan.
118 Jan.
116% A pr..
103% A p r.
102% Apr..
114 A pr.
118% Jan.
116% Feb.
97 Jan.
95 Apr.
36% Jan.
102% Feb.
85 Feb.
18% Jan.
116 Mar.
107 b. 105% Jan.
41 Apr.
49%
65 Mar.
72%
63%b. 59 Apr.
85 Jan.
101
105%a. 101 JaD.
100 a. 90 Mar.
97%b. 93 Jan.
91% Jan.
115%b. 114 Jan.
100 %b. 100% Apr.
116% 113% Apr.
lo9 % b . 109% Feb.
110 %b. 109% Feb.
114% Feb.
109% 101% Jan.
104% 100 Feb.
81%l>. 78 Jan.
37 A p r.
93 Jan.
84 Feb.
107
Apr.
107 %b,
107% 107% Apr.
85 Apr.
83 Jan.
106%b, 105% Apr.
85 b, 82 Apr.
9978 Jan.
102 %
108% Man..
51% Jan.
73% A pr;
63 A pr.
101 A pr.
107 Mar.
92% Apr..
97% Jan.
94 Feb.
115% A pr;
104% M ar.
119 Jan.
112% Jan.
111% A p r.
116 A pr.
109% A p r.
104% Apr;
82 Feb.
47 Jan.
98% Feb.
90 Jan.
109 Jan.
109 Feb.
91 F eb.
88% F e b
109 F e b
90 Jan.
10278 A p r.
121%
110
108 b
108 b,
66%
58%
98
112 b.
49
92 %b.
129 b.
105 %b.
134 b.
109%b.
131 b.
89%
115%
130
109 b,
105 b,
92%
110%b.
83%
118%b,
118%
105
116%b,
117%a.
105
38%
71%b.
101 b.
110 %
101%
99%
106 b.
75%
56 b,
114%a.
105 b.
117%b,
117
109%b,
103%
102%b.
35 %b,
105 b.
36
101 %
40 b.
108
107 h.
104%
84 b.
117 b,
117%
116%b.
115%b,
103%
102%l>,
114%b,
116 %
115 %b.
96%b.
95
32
100%b.
82 a.
14 b.
112%
N oth —The letter “ b” indicates price bid, and “ a” prioe ashed; all other prices and the range are from actual sales.
STATE BONDS.
SECURITIES.
Alabama—Class A 3 to 5 ____ 1906
Class B , 5 b..............................1906
Class C, 4s.........i ....................1906
6s, 10-20.................................. 1900
Arkansas—6s, fu n d ed.. 1899-1900
7s, Little R ock & Fort Smith, iss.
. 7s, Memphis & Little R ock, iss..
7s, Arkansas Central R R ............
Georgia—7s, g old ......................1890
Louisiana—7s, cone.................. 1914
Stamped, 4s....................................
M lcTdc'a/n— 7 s ___ __________ . . . . 1 8 9 0
Bid.
Ask.
SECURITIES.
Missouri—6s....... due 1889 or 1890
Asylum or U niversity, due 1892
101 105
Funding.........................1S94KL895
New York—6s, loan..................1892
102
6
6s, loa n ......... ..............
1893
North Carolina—6s, old .............J&J
10
Funding a c t .........................1 9 0 0
9
12
3
New bonds, J. & J . . . . 1892-1898
Chatham R R _______ _____ _
104 107%
106
Special tax , Class 1 ............ .........
91% 92
Consolidated 4 s......... ............1910
105
6s.......................................... ...1 9 1 9
105
109
107
Bid.
Ask.
SECURITIES.
Bid.
A sk .
Rhode Island—6 b, c o u ..1893-1894 107
4
5
South Carolina—6s, non-fund. 1888
105
Brown consolidated 6 s....... 1893 105 10 7%
107
60%
62
Tennessee—6s, o l d . . . . . . 1892-1898
110
70
71%
Compromise, 3-4-5-68........... 1912
110 %
New settlement—6 s...............1913 100
35
40
92
5s............................................1913
10
69 7s 70%
3s......................
1913
20
48
Virginia—bs, old ...............
....
8
70
--tH
6s, consolidated b o n d s .......... .
12
10
50
94%
6s, consolidated, 2d series....... .1
93
9% Ï G
6s, deferred, trust r e c ...................
119 121
10 i
THE CHRONICLE.
532
[VOL. XL'VI.
BONDS—STOCK EXCHANGE QUOTATIONS ON FUI DAY OF INACTIVE BAXLBftAP BONDS.
SECURITIES.
Bid.
Ask.
SECURITIES.
Bid.
Ask.
SECURITIES.
Bid.
A sk,
P acific B R s.—Central P a c ific Erie—1st, extended, 7 s .. . . „ . 1 8 9 7 122
R ailroad Bands.
Gold bonds, 6 s................1 8 9 5 11478 115
2d, extended, 5s — ............1 9 1 9 113*a
(Slock Exchange P rices.)
Gcild bonds, 6s...................1 8 9 6 I 1 4 78 115
3d, extended, 4 *a s......... ....1 9 2 3 106%
A tch . «Pop. * SaP. F e—4*88.. .1920
113*«
114*fi
Gold bonds, 6s....................1897 1147« 115
4th, extended, 5 s . . . ....... — 1920
Sinking fund, 6s
:
^
1 911 *105*2
Cai. A Oregon—Ser. B., 6.1892 102*8 __ É
5th, 7 s ................................... 4 ^ 8 8 10278 103%
95*a 96%
'Collateral Trust, 5 s . . . . . ..,.1 9 3 7
West.
P acific—Bonds, 6s__ 1899 112
131*2
1st, cons., id. coup., 7 s ......1 9 2 0
82
79
E eetm C reek—1st gold, 4s------1936
No. R ailw ay (Cal.)—1st, 6 s. 1907 114
Beorg., 1st Hen, 6s................ 1908
B alt. * OMo—1 st6S, P ark B ..1919 115
186
140
Union P a c.—1st, 6s.............. 1896 114% 114%
B . N. Y . & E.—1st, 7 s ...........1916
5s, g o ld ___ . . . . . . . . . . . . . . . . . 1 9 2 5 1071«
1st, 6s......... .......................1 8 9 7 114%
N. Y . L. E. & W .-C o L tr., 681922
98*2 99
.«o s t.H .T u n . <fe W.—D e b .5 s...1913
8 8 . 90
1st, 6 s ..................................1898 115*4 __ _
Funded coup., 5 s . . . ........... ..1969
B rooklyniB lev.—1st, G ., 6 s ...1 9 2 4 106
90
Col. Trust, 6 s . . . ........... ....1 9 0 8 *104
Buff.
&
S.
W.—Mortg.
6s-----1908
85
.........1 9 1 5
2d, 3-os....... .
Col. Trust, 5 s . . . __________1907 * 94
Evan. & T. H .—1st, cons., 68.1921 '117 120
B u rl. Ce. Bap. <fc No.—1st, 5s. 1966 102*2 103
C.
Br. U. P.—F . c . , 7 s ...... 1895 104
Mt.
T
em
on
—1st,
6s.............1
9
2
3
87*2
Consol. <fe col. tr, 5s....... ....1 9 3 4
Atch. Col. A Pac.—1st, 6s. 1905
Evans. & In d ia n —1st, co n s.„ 1 9 2 6
R egistered...................................
*100
Atch.
J. C o.A W .—1st, 68.1905 101
Eureka-Springs
B
’y,
1st,-6s,
g.1938
Minn. <fe St. L .—1st 7s, gu . .1927
96 100
Ut. So.—Gen., 7 s ......... ...1 9 0 9
F l’t & P. Marq.—Mortg., 6s. „ 1 9 2 0 *118*2 ll9*a
Iow a C. & W est.—1st 7 s ....1 9 0 9
,92
97
Extern,
1st, 7s „ . . . „ „ . 1 9 0 9
Grand
Rap.
&
Ind.—Gen.
5
s
..1924
Ced. Bap. I. F. & N., 1st 68.1920
Missouri Pacific—
101*2
97*a Green B. W. & St. P.—1st, ;6b .1 9 H
1st 5 s ............ . . . . . . . . . . . . 1 9 2 1
......
Verd’ s V. Ind. & W., 1st, 5s.l9 2 6
Han. & St. Jos.—Cons., 6s .......1911 118 119
C entral Iowa—1st, 7s, Tr. E e cl8 9 9
73 *a 78
Ler. & C’y V al A. L .,lst,5 s.l9 2 6
H ouston & Tex. Cent, ls tm .l. t.rec 106 109*2
East’n D iv., 1st,, 6 s . . . 1912
St.
Louis
A
San
F
rancisco—
104
W est Div. 7s, tr. reo................ . . „ !
Illinois Division—1 s t6 s .....1 9 1 2
108
1st, 6S,Pierce C. & 0 .. ....1 9 1 9 *105
2d m. 8s M. 1. tr. i e c . „ . .............. .
Cons, g o ld ‘bonds, 6 s ............ 1924
70
Equipment, 7 s ..................1 8 9 5 *105 *l’c'uSí
Hons. E. & W. Tex—1st, 7S ...1898
•Cent. R R . ¿ Banking Co., Qa.—
107
1st, trust, gold, 5s............1 9 8 7 * 97%
Collateral gold, 5 s . . . . .........1937 101 *2 101% Illinois Central—1st, gold, 4 s.l9 5 1
103
94*2 95*2
Kan. City A S.—1st, 6s, g.1916 fir
1st, gold, 3*28...................... ..1 8 5 1
C h e s .A O.—6s, gold, ser. A . . . 1908 103%
105
F
t. S. A V .B . B g —1st, 68.1910
Springf.
D
iv.—C
o
u
p
.,„6s
,
.
1898
104*4
Coupons o ff.............................3-908 103*3
St.
L.
K
A
S
o
.W
n
.—1st,
68.1916
111
Middle D iv.—Beg., 5s ..........1921
67*2
«©lies. O. & So. West.—2d 6 s ... 1911
106 110 ’
Tex.
&
P
a
e.—1st,
6
s
.
.
.
.........1905
C.
St.
L.
&
N.
O.—Ten.
1.,
7
s
.1897
114*4
©M oago & A lton—1st, 7 s........ 1893 U3®8
Consol., 6s, trust receipts. 1905 106 107
1st, consol., 7s ................... 1897 118
Sinking fund, 6 s .. . . . . . . . . , . . 1 9 0 3 125
PennsvlvaM a R R .—
2d, 68. . . . ...............- ........... 1907 120
Bonis. & Mo. R iver—le t 7s.,1 9 0 0 119
Pa. Co.’s guar. 4*28,1st o p „ 1 9 2 1 10678
Gold, 5s, c o u p o n ....... .— 1951 118%
..1 9 0 0 118
■2d7s........
Pa. Co.’s 4 *28, re g .................1921 10578 __ w
R egistered...........................
fit. L. Jacks.& Cbic —1st, 7s. 1894 113*2
-- ■■■
Pitts. C. ASt.L.—1st,op.,7s. 1900 *118
Dub. & S. C.—2d D iv., 7s ...1 8 9 4 112
1st, guar. (564), 7 s ............ 1894 113*2 1 14 *2
m
Pitts. F t.W . & C —1 s t ,7S ...1912 142% _,^n
75
Ced. Falls & Minn.—1st, 7S.1907
2 d mortg. ( 3 f i 0 ) , 7 s „ ...„,„3.898 115
141
*139%
2d, 7 s.....................................1912
Indianap. D. & Spr.—
4 d , guar. (188), 7s. . . ......... 1898 115*4
132
136
3d,
7
s
.......
...
.........................
1912
101
103*8
1st,
7
s,
ex.
fund,
coupon—
1906
Miss. R. Bridge—1st, s.f. 6s. 1912 104 107
d e v . & P .—Cons., s. id ., 7 s .1900 129
90
Ind. Dee. & West.—M. 5 s ....... 1947
©hm. Burling. & Q.—5s, s. f . ..1901
61
4th, sink. f d . , , 6 s „ „ ........... 189" *107*8 107*a
2d M. inc. 5s............................1948
I o w a D iv .—Sink, fund, 5 s.. 1919 108
St. L . V. & T .H .—1st, g«, 7 s .1897 116 ......
Lake Shore & Mich. So.—
95%
lin k in g fund, 4s . . . . . . . . . . 1 9 1 9
110
2d, 7 s ....... ..................
1898
Cleve. P. & A.—7 s ................ 1892
30atn,4*e............................. ..1 9 2 1
116
2d, guar., 7 s ......... 1898
Buff'. & Er.—New bonds, Ts.1898 120*8 121
94*4
94
Nebraska Extension 4 s........1927
107
Pine
Creek
Railw
ay—6s
o
f
1932
Kal. & W. Pigeon—1st, 7s. „ 1 8 9 0 *104*2
Chic. Burl. & N o .-D e b . 6 s . . . . 1896
71*2
Pitts.
&
W
estern—1st,
g
„
48..191
7
130
'-rr
Det.
M.
&
T.—1st,
7
s
..
.
.
.
.
.
.
1906
C ldc. B ock Isl. & P ac.—
Pitts. Cleve. & Tol.—1st. 6s „ .1922
Lake Shore—D iv. bonds, 7 s.l8 9 9 *__ 123
87
tDesMpines & F t. D.—1st,4s. 1905
Consol., reg., 1st, 7s ......1 9 0 0 123% 124*2 Pitts. Junction—1st, 6 s.......... 1922 108
55
50
ig t ,2 % s ....... ................... ...19Q 5
Pitts.
M cK . & Y —1st, 6a....... 1932 115
Consol., reg., 2d, 7 s ....... „ 1 9 0 3 124 125%
E xten sion ,4 s
.........1905
Pitts. Y . & A sh.—1st.5 s . . „ ...1 9 2 7
Mahon’g. Coal R R —1st, 5s. 1934
Keok. <&Des M.—1 st,,5s .. ..1 9 2 3 104 105
R ochester A Pittsburg—
Long Island R R .—
130
Chic. M.& St.P.—1st, 8s, P. D.1898
100
B uff.R ochA P itts.—Gen-, 5S.1937
N. Y . A M. Beach—1st, 7S..1897
2d, 7 3-10s, P. D ....................1898 i i 'f ”
835a 84*a
Rich. A D an v.—Deb. ex cp.6s.1927
N. Y . B. & M. B.—1st, g., 58.1935
ttit,7 s, $ g., B. D ................. 1902 126*2
83*8
.........1936
Consol,
m
ort.,
gold,
5
s
104%
106*2
Louis.
&
Nash—CeoilianBr.7s.
1907
115
1st, La Crosse Division, 7 s .. 1893 114
A tl. & Char.—1st, pr., 7 s___ 1897
Pensacola D iv.—6s.......... ..1 920 101 _...
1st, L A P . , 7 s......... .............. 1899 119*2
In com es_________________ 1900
St. Louis D iv.—1st, 6s ......... 1921 *116 ___
ls t ,C . & M., 7s....................... 1903 127 127*2
88
89
Rich. & W. Pt. Ter’L Trust 6s „ 1897
2d, 3s.....................................1980 * 57
1st, 7s, I. & D. E x t...............1908 124*2
San
A n t A Arans.—1st,6s,’85-1916
119
117
Nashv.
A
Decatur—1st,
7
s
„1
9
0
0
1st, S. W. D iv.. 6s............... .1909 114
89
1st, 6s, 1886........................... 1926
S. & N. Ala.—S. f., 6s ...........1910
1 s t ,'5s, L a C. & D a v .... . . . . 1 9 1 9 10,3*2
Scioto V al.—1st, cons., 7 s .„ ..1 9 1 0
Louisv. C. A L.—6s ....... ..„ 1 9 3 1
1 st, H A D . , 7 s ......................1910 123
60
80
Coupons o f f . . . . . .............................
5 p. c. 50 year g old b d s.........1937 101 102*2
1st, H.
D., 5 s .. .................. 1910 101*4
St. Louis & Iron Mountain—
94
93
Pens. & A t.—1st, 6s, g o ld .. 1921
C h icago & Pacific D iv., 6 s ..1910 120
107
Arkansas Branch—1st, 7 b„ 1895
86
Lou. N. O. & T ex.—1st,4 s ___ 1934
“CM c. A Mo. Biv. Div,, os ...1 9 2 6 100*8
Cairo Ark. & T .—1st, 7 s ....1 8 9 7 105*2
40 _
2 d m ort., 5s......... ................1 9 3 4
M ineral P oint D iv., 5 s .........1910 101*2
_Itt
St.
L. A lton & Ter. Haute—
71
M
exican
C
en
t—N
ew,
ass.,
48.1911
C. & L. Sup. D iv., 5 s............ 1921 100
Bellev. & So. 111.—1st, 8s. „ 1 8 9 6
22
Incom e, 3 s „ . .......................1 9 1 1
Eargo & South., 6s, A s s u .. .1924
112
Bellerv.
& Car.—1st, 6 s ......... 1923
........
..1909
Michigan Cent.—6s
97
93
Inc. conv. sink, fund 5s........1916
81
St. Louis & CMc.—1st, con. 6 s.1927
Coupon, 5s . . . . . . . . . . . . . . . . . . 1 9 3 1 112*2
Dakota & Gt. South., 5s.......1916
93*2 94
St.
Paul
Minn.
&
Man.—
Registered, 5s........................ 1931 111*2
Chicago ¿.N orthw estern—
120
Dakota Extern—6 s......... ....1 9 1 0
Jack. Lan. A Sag.—6s ......1 8 9 1 100
Eacanaba & L. S.—1st, 6 s ...1 9 0 1 112
84*4 84*a
M ontana E xten .—1st, g .,4 s.1937
Milw. Lake S. & West.—
D es M. A Minn.—1st, 7 s . . . . 1907 122
R eg iste re d ...........t .....................
88*2
Conv. deb., 5 s . . . ..................1 9 0 7
Ipw a M idland—1st, 8 s .........1900 128
112
Min’s
Un.—1st,
6s.................
1922
115
M ichigan Div.—1st, 6s .........1924
Peninsula—1st, c o n v ., 7 s .. . . 1898 120
113
Mont. Cen.—1st, guar,, 63..1937
92
Minn.&St.L.—I ’a E x.—1st,7s. 1909
Cbic. A Milwaukee—1st, 76.1898 120 121
St. Paul & Duluth—1st, 5s----1931 ........
2d m ortg., 7 s ..„ ..................... 1891
Win. A St. P.—2d, 7 s . .......1 9 0 7 131*8
Sodus B ay <&So.—1st, 5s, g .„ 1 9 2 4
Southwest E xt.—1st, 7s ....1 9 1 0
M il. & Mad.—le t, 6 s ....... ...1 9 0 5 112
42
Tex. Central—1st, s. f., 7 s -----1909
Pacific E x t.—1st, 6 s .............1921
Ott. C. F. & St. P . - l s t , 5 s ..1909 106*2 107*2
40 ‘ 45""
1st mortg. 7 s ....... .................. 1911
101*2
Minn.
&
Pac.—1st
mortg.
.5s.
.1936
Northern m .—le t, 5 ............. 1910 105*i 108
115
117
1
0
1
5
s
Tex. & N. O.—1st, 7 s ................1905
Minn. & N. W .—1st, 5s, g old .. 1934 100*2
CL Col. Cin. & Ind.—1st, 7s, s.f.-99 122*2
Sabine Division, 1st, 6s........1912 100%
Minn. S.Ste.M.&Atl.—1st,5 s ..1926
Consol, sink, fd., 7 s ...............1914
105%
V alley R 'y Co. o f O.—Con. 68.1921
50
Mo. K. & T.—Cons.,2d, in c___ 1911
CSdc. St. Paul M. & O.—
VirgiM a M idland.—Inc., 6s. „ 1 9 2 7
107
H. & Cent. Mo.—1st, 7 s ....... 1890
■Cbic. S. P. ¿ Minn.—1st, 6 s.1918 '124*2
W
ab.St.L.APac.—Hav.
D.-6s.
1910
......... . . . . . .
Mobile & OMo—Col. tr., 6s ...1 8 9 2 i02'
N o. Wisconsin—1st, 6s.........1930 '125
Indianapolis D iv.—6 s— „ . -1921
72"
St. L. & C airo-48 , g u a r...„ 1 9 3 1
123%
ffit. Paul A S. C.—1st, 6s . . . .1919 123
109
D etroit D iv.—6s, tr. r e e
1921
Morgan’s La. & T.—1st, 6s— 1920 107*2
C bic. & E. HL—1st, s. f., c u r .. 1907 117 118
Cairo D iv.—5s........................ 1931
1st, 7s ...............
---191S 117*2
93%
Gen. con., 1st, 5s.........„ .1 9 3 7
10
ToL A W ab.—Equip. b d s.,7 sl8 8 3
CMc. & W. Ind.—1st, s.f., 6 s.. 1919 115 115*2 Nash. Chat. & St. L.—2d, 6 s„1 9 0 1 106 109
uin. & T ol.—1st, 7 s . . . . . . l 8 9 0
N. J. June.—Guar. 1st, 48........1986 103*9 104
G eneral m ortgage, 6 ............ 1932 -115
an. & Naples—1st, 7 s— 1909
Registered certificates...............
120*4
rGMc. A St. Louis—1st, 6s____ 1915
HI. & So.Iow a—1st,ex. 6s. 1912
N. Y . P. & O —Prior lien, 6s „ 1 8 9 5
94
C8fi. I.St.L.& CMc.—1st,g.,4s .1936
St.L.K.C,
A N .-R .E . A RR.7e,’ 95 106 110
55
51
N. Y . <fc Northern.—2d, 4 s___ 1927
R egistered...................... .............
Clarluda B r.—6 s „ „ . „...1 9 1 9
"95*2 N. Y. & N ew Eng.—1st, 7 s . . . .1905
©In. Jack. & Mac.—1st,g. ,5s.. .1936
_ 106
St.Charles B r’ge—1st,6s. 1908
1st, 6s ...........................
1905
9b
94
■Cleveland A Canton—le t, 5s.. 1917
No. Missouri—1st, 7 s ........ 1895 Í Í 4*2
N.Y. Susq.& West.—Deh. 6s. „ 1 8 9 7
A Green.—1st, B s..............1916
99
98*4
W est.N. Y . & Pa.—1st, 5s „ „ 1 9 3 7
2d. 4*ss.......................
„1 9 3 7
2 d . 68......................, „ 1 9 2 6
40
39
2 d m . gold 3-5s.....................1S27
N. Y . N. H, A H —1st.
42.190? 109
94
Col. ¿ Cin. Midland—1st, 6 s ..1914
Warren
¿
F
r
a
n
k
—1st
7
s
...1
8
9
6
N .Y .T e x . A M e x .—1st, 4s . . „ 1 9 1 2
_
r<r
Cceur d’Alene, 1st, 6s, g o ld ... 1916 100*2
West. Union Tel.—Coup. 7 s „ .1900 115
Northern P a c,—Gen. 3d, 6 s „1 9 3 7 91
JD al.Lack.A West.—
R egistered....................................... 111*8
D ividend scrip.......................
C onvertible 7 s ........................ 1892 112*4 112 %
N. W. Telegraph—7 s ................ 1904 '100
D ividend extended...............
M ortgage, 7s .„ ........... „...,...1-907 138
9638 96*a
Wheeling & L. E., 1st M. 5s. .1926
James R iver Val.—1st, 6s. .1936 104 108
* y r a . Bing. & N .Y .—1st, 7s. 1906 132*2
Market St. Cable R y., 1st, frs.1913
104%
Spokane <k Pal.—1st, 6s. ...1 9 3 6
M orris A Essex—1 st,7 s ..„.„1 9 1 4 143*2
86
Manhat. B each Imp. Co.—7s. 1909
117
St. Paul A N. P —Gen., 6 s „1 9 2 3
2d , 7 s....... ...................... „ ...1 8 9 1 1085s
Am. W ater Works Co., 1st..6 s .1907
R egistered..... ............ ................
Ronds, 7 s . . . . . ............. „„„.„1 9 0 0 120
Tenn. Coal Iron * R ailw ay—
Helena <feKeil M’n—lst,g .,6s.l9 37
7s o f 1 8 7 1 ......................... 1901 124
5*2
83%
Tenn. D iv., 1st, 6 s..............1 9 1 7
100
DuL & M anitoba—1st, gi 6S.1936
1st, Con., guar., 7s .„ ...„ .„ 1 9 1 5 135*2 137*2
Bir. D iv.—1st con. 6s............. 1917 83*s
D
o
Dakota
Div.—1st,
66.1937
D o t A HUd. Canal—1st, 7 s . ..1891 108% 109*4
Còl.
A
Hock.
Coal
&
I.—6s,
g
-1
9
1
7
Hel. B .Val. & Butte, 1st, 6». 1937
1st, ext., 7 s ...................„„„„„1 8 9 1 105*a
96*2
Geòrgia Co., N. C.—5 s ..............1937
Drum m ond & P ’ bg.—1st, 56.1937
Coupon, 7 s ,....................
..1 8 9 4 113*2 ii‘i ’
In com e B on d s.
93
Helena A No.—1st, g’ d, 5S.1937
Registered, 7 s ................ .1 8 9 4 113*2
(Interest payabte i f earned.)
La M. & Mo. B iv.—1st, 5s . 1937
Pa. D lv., coup., 7 s„„.............. 1917 135
25
Atl. A P ac.—Cen. D iv ..............1922
N. O. & No. E .-P r . 1., g., 6s „ 1 9 1 5
BegistCred........... , ................... '135
EUz.
City & Nor.—2d m e .....„1 9 7 0
105
99
New Or. & Gtilf—1st, 6 s ,.„ ..il9 2 6
A lbany & Susque.—1st, 7 s.. 1888 102%
Ind.D ec.& West, in com e..........
Norf. & W.—New R iv .-ls t ,6 s .l9 3 2
132
1st, cons., guar., 7 s ...........1906
& Wilkesb. C oal..............1 8 8 8
Imp. & E xt., 6s ................ .1 9 3 4 105 ioé* Leh.
R egistered ............ .
Milw. Lake Sh. & W.—I n c o m e .....
108
Adjustm
ent
M.,
7
s
.................1924
1st, cons., guar., 6 s .........„1906 120
29
28
Mobile
& Ohio—2d pref. d e b e n ....
Ogd. & Lake Cb.—1st, 6 s ....... 1920
R e g is te r e d .,.......... ......
24*a
3d pref. debentures.............. .
OMo & Miss.—Cons., b. f., 7S..1898 116 117
Bens. A Bar.—1st, coup., 7s. 1921 143
24
22
4th
pref.
debentures..............
„
Springfield D iv.—1st, 7 s___ 1905 1097s 111
‘ R egistered.............. .............. ....... 1 4 0
N Y . L. E. & West.—Inc., 6 s.. 197 <
90
General 5s........... ...................1932
Det. B a y C . A A lp .- 1 s t , 6 .„ .1 9 1 3 105*2 106
OMo
Cent.—Min.
D
iv
.-In
c.
78.1921
OMo Cent.—1st Ter. Tr., 6 s .„ 1 9 2 0
D uluth ¿ I r o n R ange—1st, 5 s .1937
92*s
Ogdens. & L. Cham.—Incom e. 1920
Min. D iv.—1st, 6s ..................1921
* 86*
P u l. So. Sh. & AtL—5 s . . . . . . . . 1937
Shenandoah Valley—Inc. 6 s ..1923
98
OMo R iver R R .—1st, 5 s ....... 1936
E, Tenn. Va. & G a .—1st, 7s*..1900 *122
F r e e L is t.
Oregon
A
CaL—1st,
5s
.
....
...1
9
2
7
Tnvisional 5 s . . . . . . . ___
1930 110
Cumberland & Penn —1st, 6 s ....... 102*®
Panama—Sink, id,, sub., 6 s „ .1 9 1 0
jSUfe W. Of A la.—1st,cons. 6s,g., 1926
60
!
Jefferson
RR.—1st,
7 s .. . „ , . . 1 8 8 9 101 1023s
110
Peoria A P e k U’n—1st, 6 s ....1 9 2 1
SEliz. C. A N .—S .f., deb., 6s. ..1 921
70 In . J. South’n.—Int. guar. 6s,1899 100
2d M .,4*2S ............
1921
. 1st m ortg., 6 s ......................... 1920
§
* No i ri se Frld » 7 : these are latest quotations m de ihU week.
A p r il
THE
28, 1886.J
c h r o n ic l e :
New York City Bank Statement for the week ending
April'21,188S; is as follows; We omit two ciphers (00) in an
cases.
Capital. Surplus.
Ba n k s .
(00s omitted.)
<jj¡.
$
2,000.0 1.495.0
2.050.0 1.112.7
746.2
2 , 000,0
2,000,0 1.488.6
3.000.
0
1,814.9
1 .000 .
500 j,l
1,000,0 2.200.6
214.0
1,000,0
300.0 5,453,4:
600.0
115,7:
l,of6,0 1.240.1
288.5
800,0
138.5
200,0
76,9
200,0
606.4
600,0
75.3
300.0
1.200.0
472.3
5,0n0,U 1.632.0
5.000. 3.074.0
0
1.000.0 1.469.0
1 , 000,0
551.1
300.3
422,7
751.4
1.500.0
470.5
450.0
217.7
200.0
321.6
700.0
1, 000,0
»10,3
227.0
500.0
359 0
600.0
163.7
500.0
548.5
500.0
212.8
500.0
too.o 223.1
1 ,000,0 1.071.8
1 , 0,00,0
279.1
300.0
336.7
1.500.0 3.480.4
2 , 000,0 1.780.4
101.5
240.0
134.3
250.0
3.200.0 1,291;1
2,000,0 507.2
175,4’
300.0
267,9
750.0
600.0 6,530,3
193.0
1,000,0
300.0
108.4
348.0
250.0
2l>á,0
58,0195.8
750.0
463.0
500.0
638.4
100.0
862.6
200,0
351.9
200,0
492.5
500.0
153.1
300.0
192.6
200.0
223.7
150.0
411.5
300.0
185,0
200,0,
120.5
500,0,
65.5
200.0
119.8
3.500.0
Bank of X ew Y ork...
Manhattan C o .. . . __
Merab ants’ .
... ... .
Mesbanics’___. . . . ___
A m erica...................
Phauix.......................
C ity ............................
Tradesmen's........ .
Chemical.........
Merchants’ Exch’nge
Gallatin National......
Butchers’ & Drovers’.
Mechanics’ A Trader s
Greenwich........ .
Ltather Manufact’rs.
Seventh National......
State of New Y ork...
Am ctic n Exchange..
Commerce..................
Broadway...................
Mercantile.................
P a c ific ......................
Republic........ ..........
Chatham...'.. . . . . . . . . .
Peoples'..................... .
N orth America... . . . . .
H anover....................
Irving................. .
Citizens’ ......................
Nassau........... x..........
M aiket A Fulton......
St. N icholas.............
Shoe & L e a th e r ......
Corn Exchange.........
Continental................
O irental.........
Importers’ A Traders’
P ark ........................
North. R iv e r.............
East E lv e r ..,...........
Fourth Nat ioiial........
Central N atioiial.......
Second National........
Ninth N ational).......
First National...........
Third' National.__ ...
N, Y . Nat’l Exchange
Bo-jvery......................
New York County....
G erm an-American....
Chase National..........
Fifth Avenue...... ......
German EXcha go...
Germania....................
United States,__ ___
Lincoln.........
Garfield. ......... .
Fifth National... . . . . .
Bank of the Metrop..
W est Side...........
Seaboard....................
Sixth National.. . . . . . .
Western N ational....
Loans.
Specie.
$
10.450.0
8.714.0
6.929.9
8,794)0
12.274.0
3.522.0
9,746,6
2,722,8
18,996.2
3.334.5
5.135.2
1.824.9
2:004,0
1.211.0
3.307.1
1.259.3
3.824.9
15.758.0
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
3.078.0
2.422.1
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
3.348.5
15,765,5
7.254.0
3.545.0
4.788.9
20.986.7
4,592,5:
1,513 9
2.513.8
2.145.0
2;641,4!
7.950.5
3.804.5
2.604.8
2.554.0
4.099.1
2.531.8
2.292.5
1.504.5
3.686.6
1.900.1
2.026.8
1,728,0
8.547,3
$
2.340.0 1.150.0 11,180,0
615.0 10.003.0
2.878.0
905.9 8,286,1
2,211,7
1,054)0 1.008.0 7.541.0
1.899.1
669.5 10.740.5
399.0 2.690.0
338.0
6.913.2
991.0 14.812.6
182,2 2.338.1
412.3
5.226.0
673.0 19,324,4
469.7
632.3
3.983.5
441.3
719.4 4.150.2
452.2
121 , 1'
1.878.8
102.0
260 0 2,226,0
129.2
123.1 1,201,0
274.4 2)881,4
715.6
92,0
248.6
1.233.5
277.9
319.7
3.084.9
1.446.0 2.152.0 13.347.0
3.267.0 1,159,9 12.443.7
940.5
318.9 4.763.6
1.642.1
666.9 7.756.0
381)2 2.854.2
335.7
646.2 8.941.0
1.832.0
847.9
420.6 4.767.5
119.4 2.554.3
221.5
713.7
285.0 3.531.7
2.754.2
840.0 12*798,3
552.0
187.5
3.132.0
665.0
253.0
2.841.9
319.9
366)9 3,204:6
987.8
231.9
3.953.5
212.2
96,4 1.670.0
568.0
298.0
3.223.0
800.0
837.0
5.684.7
818.5 4.868.0
479.6
376.4
166.7
2.160.0
3,788,9. 1,919,7 21.447.9
3,943,6 1.891.4 21,529,6
222.3
217.5
2.311.0
109.4 1.516.3
289.0
2.907.5 1.778.5 18.853.0
1.272.0 1.038.0
8 570,0
783.0
313.0 4.310.0
785.5
402.8 4,664 2
3.588.5 1.392.6 19.090.9
403.7 4.658.5
875.9
231.0
145.0
1.350.2
458.0
207,3; 2.508.7
600.0
300.0 2.926.5
481.8
130.7 2.370.2
1.515.2
556,4¡ 8)151,7
112.2
858.0
3.846.2
168.9
403.1
3.116.6
156.6
344,0
2.785.5
1.139.6
17,7
4.325.1
516,2
171.2
2.958.8
555.1
2.801.1
240.7
474.4
196.9
1.874.0
827.0
344.5 4.515.5
339,8
210.2 2 148,2
492.6
250.5
2.624.1
510.0
120, 0 ¡ 2.095.1
1.668.0
904,2 7.730.6
Legáis.
Deposits.
T ota l........ . . . . . . .. [50,512,7 58,928,4 363,672,2)74,948,8 33,027,1 374,918,4
Boston Banks.—Following are the totals of the Boston bank s:
Specie. . it. T’nders. Deposits.* Ciroula’n. Agg.Ol’ng*
$.
$
$
$
Apr. 7 140,362,200 8,756.900 2,891,700 103,187,5.00 6,492,100 70,0.70» 612
“ 14 139.840,300 9.508,300 3,036,600 108,593,900 6,531,800 88,026,971
“ 21 140,196,000 9,611,000 3,146.500 108,880.500 6,624,900 85,238,439
Loans.
1888
Philadelphia Banks.—The totals have been as follows:
1888.
Apr.
“
Loans.
4
7 .___ 88,222,600
14...... 89,114.000
21...... 89,566.400
Lawful Mon’y Deposits.*
$
22,225,300
22,449,000
23,035,500
$
84,053,600
86,201,900
87,001,900
Circula’n Agg.Cl’UgS
$
2,451,490
2.512.750
2.590.750
s
42,558,070
58,461,720
67,632,866
"Ixtcluding the item “ due to other hanks.”
Quotations in Boston, Philadelphia and Baltimore :
Following are quotations o f active stocks and bonds. A
complete list is given in the C h r o n i c l e the third Saturday
of each month.
SECURITIES.
Bid.
Ask.
B OSTON .
RAILROAD STOCKS.)
Atcnison A T o ie k a ........
91% 91%
Boston A Lowell___ ____ 157 158
210%
Boston A Providence___ i ....... 230
45% 46
California Southern........
Central of Massachusetts ....... 22
Preferred..... ................. § 42% 43
Chic. Burl. A North’n___ 52% 53
7
8¡0 -¡g
123
128
92% 93%
Fitchburg, pref____ ____
47
Flint A Per© Marquette.
Preferred....................... 109%
Kan. City Ft. 8 . A G u lf.. 5 — .. 80
Preferred....................... «130 137%
49
K. C. Memph. A Birm. .. 45
Kan. c . Spring!. A Mem. i ........ 80
15% 16
Mexican Central.............
116
N.Y. A N. Eng., nref.......
Northern.............. ........... 137
168
18%
Wisconsin c e n tra l..........
Preferred..... ................ 39 _!•.__'
BONUS.
120%
Atoh. A Topeka—1st. 7s.
Coll- Trust, 5s................ 94% 95
Plain, 5s . . . . . ........ ........
90
Mortgage. 5 s . ..............
Trust, Os....................... ië é
East’ rn, Mass.—6s, new .. 120% Í 21
Ex-dividend,
t Per share.
SECU RITIES.
K. C Fort Scott A G.—7s
K.C. Memph. & Birm—5s
K. City Sp’ d & Mem.—6s
K.C. Clint. & Spring!.—5s
U tile R. A Ft. S.—7s..
Lonisv.Ev.ASt.L.—1st, 6s
2d mort., 2-6s ..,. ...........
Mar. H. A Ont.—1908, 6s,
1923,6s........ ..........
Mexican Central—4 s .......
Incom e..................... .
N.Y. A N. Eng.—1st, 7 s „
1st mort., 6s.................:
2d mort., 6s..............
Southern Kansas—5s.......
Texas Division—5s.’ ___
Incom es........... ............
Wiscon. Cent.—1st M., 6s
Income 5s............ .
Bid.
Ask.
5115 ........
92% 92%
111 % ’ ............
5107
103 103%
65% 56%
100
98
70% 70%
21 I 2 1 %
121 % 122
102%
97
92%
99
42%
114
103
97%
93%
99%
90
P H IL A D E L P H IA .
RAILROAD STOCKS. 1
Buff. N .Y. & Phil.,ass.pd.
9%
9%
Preferred...................
Lehigh V a lle y .....___
52%: 52%
Little S chuylkill. . . . . . . . .
6 2 % ....;.
Northern C entral........... 5 82%! 84
P enn sylvania.........;..*. 55?S 55%
Phila. A Reading__ . . . . .
31% 31%
West J ersey_______ _____ 59% . . . . . .
RAILR O A D RONDS,
Allegh. Val.—7 3,10a. ’98 115 |116
7s,E . ext., 1910..____ _
Inc. 7s. end., conp,, ’94. IGOTHR
{ Last price this week.
533
SECURITIES.
Bid.
Cam. & Amb.—M., 6s, ’89
Catawissa—M. 7s, 1900.
DeLABd.B.—1st, 7S.1905
Leh.V.—lSt,6s,C.AB.,’ 98
2d, 7s, reg.,1910..........
Cons. 6s, C. A R., 1923..
Penn.-Gen. ,6s,coup.1910
Cons., 6s, coup...1905..
Cons.,,6s, coup ... 1919.
4%s, Trust Loan.. . . . . . .
Perkiomen—1st, 08,cn.’87
Phil.AR.—2d,7s, c.Ar.’93
Cons., 7s, oon p .,1911..
Cons., 6s, g:, I.R)C.1911
Imp., 6s, g., coup., 1897
Gen., 6s, g „ conp,, 1908
Gén., 7s, coup., 1908.,.*,
Income, 7s, coup., 1896
105
120
131
Ask.
120
131%
139
SECURITIES.
Bid. Ask.
Phila. & Read’g (Cont’d)—
Cons. 5s, 2d ser.,c., 1933 74
Debenture coup., 1893
Deferred incomes, c p ...
Phil. W . A Balt.—Tr. e.,4 s 100
76
20
100 ^
B A L T IM O R E .
R AILROAD STOCKS.!
Baltimore A O h io.......... 90 100
109%
1st pyef.......................... 123
2d pref.".................
102%
iïé'
110
RAILR O A D BONDS)
129%
Baltimore A Ohio—4 s.... 100
120 125
ss,
Cape Fear & Vad.—1st, 6s
103
100%fs
Oin. Wash. & Balt)—lets. 10
113% 113% 2ds, 5s.. . . . . . . . . . . . . . . . . .
73% 74. ,
11B% . . . .
3ds, 3-48_____ ..____ _
! 3^_%»
83%| 84
1st Imtr.; 5s, 1931........
* Ex-dividend. + Per share. 5 Last price this week.
121
130
111
New York Local Securities.
B a n k S to c k L is t.
BANKS.
America.......
Am. E x oh ...
Ashnry Park
Broadway...
Sutchs’A Dr
Central........
Chase...........
Chatham__
Chemical__
Citizens’ . . . .
Bid. Ask.
172%
136
100
260
162%
BANKS.
Bid.
BANKS.
173
138
Gallatin
210
SOw York ..
Garfield.___ 250
¡Í.Y. Count?
105
Germ’nAm .. 115
SLY. Nat.Ex
275
Germania... 210
Sinth..........
Greenwich.. 120
N, America.
122
132
Noith Riv*r.
Hanover___ 185
228’
Im. A Trad’s’ 340
Oriental....,
230
Irvin g.......... 140
P a c ific ..___
Park...........
3400 3700 Leather Mis’ 196
140
Manhattan.. 160 165
Péoplé’s . . . .
City..... ...... 320
M arket...... 175
Phénix.........
Commerce .. 168% 172
Mechanics’ .
167* Republic . ..
Confinen ta]. 124 125
St. Nicholas.
VL’d is ’ATrs’ Is 3
Corn Exch... 196
Mercantile.. 140
S e v çp th .....
East R iver.. 130
141
Second.. ... .
Mercnants’ .
lltB W ard.. 150
M’rch’ts’Ex. i*19 123 Shoe&Leath
12% sta,teolN;Y.
Metropolit’n 10
Îïitb A v e ... 800
F i t s t ..... ... 2,000
Metropolis... 240
rradesmen’ s
Nassau........ 150
Fourth'.¿— 139
aiftted St’ es
In s u ra n ce S to c k L is t.
[Quotations by E. S. Bailey, 5% Pine St.]
OOMPAN’ S. Bid) Ask. ¡COMPANY. Bid.
Bid. Ask:
210
210
120
130
135
185'
160
171
186
135
142
117
310
140
113
105
125
13T
145
175
137%»
160
112
122
210
Ask. COMPAN’ S. Bid; A sk1
Alliance --— 140 150 [G lobe___. . . 115 12Ó N assau.......
A m erican... 140 160 ¡Greenwich.. 190 215
N ation al....
60
B ow ery ....... 120 140 Guardian. .. 50
N. X. Equit.
Broadway... 150 105 ¡Hamilton .. 90 100
N. Y . Fire
H a n o v e r..;. 120 125
N iágara.....
B rooklyn. . . 110 120
H o m e .......... 122 126
Citizens’ . . . . 100 115
North' KiVer
Howard . . . . 50
100 115
55
90
Jefferson;... 100 no
P ark............
Clinton........ 80
Kings C o .... 170 190
Pet’r Cooper
Commonw’h. 80 100
Knickerb’k r 60
Continental. 165 190
People’ s ... ..
70
75
90
210 225
90
Long Islànd 80 100
Rutger’ s ... .
Empire City 80
Lafay ette. .. 70
85
Exchange..- 100 105
Standard___
Manuf’c.A B 110 125: Sterling__ _
Farragut___ 103 ito
90 Stuyvesant.
1Ó0
Mechanics’ * 80
Fire Asso’n .
05
85
Mercantile.. 50
Firemen’ s ... 75
United St’ es
so Westchester
German-Am. 270 300
Merchants’ . 70
Montauk___ 75
80
Williams!)’#.
Germania... 140 150
G à i an d C ity R a ilr o a d S tock s an d B on d s.
125 140
85 100140 14S
65'
SO*
120 I2S ’
90 loop
145 180
60
60*
150 160*
9580
9800
120 » 130#
96 l o t
70 :.,75'
.95’
135 145
185 140
260 280
Bid. Ask.
Bid. A W
72b
70
123 i as*
106 in.
so
79
105 no
I3I
105 IM?
105) n o
no us
Ga s c o m p a n i e s .
GAS COMPANIES.
105
People’s (Bklyfi. )....-........
56 Williamsburg....................
103
Bonds, 6s........... .............
75% Metropolitan. ( Bklyn.)__
Municipal—Bonds, 7s.......
Fulton Mumoipal . . . . . . . .
Bonds, 6s........................
92
102
Equitable...........................
Bonds, 65.........................
105
100
Brooklyn Gas-Light........
Oitizena’ Gas-Light..........
Bonds, 5s.......................
Consolidated G a s.............
Jersey City A Hoboken...
Metropolitan—B onds......
Mutual (N. Y .) ........ ........
Bonds, 6s......., ...........
Nassau ¿ B k ly n .)............
Sorip..............................
1Ò3
54'
100
75
105
114
90
100
100
97
[City R R . Quotations
B ’oker St. A Fuit.F.—Stk.
ls t mort., 7s, 1900_____
¡¿r’dway A 7th A v.—St’k ..
Ist mort., 5s, 1904 ........
2d mort., 5s, 1914..........
B?.way Snrface bds...l924
Bonds gnar., 5s, 1905 ...
Brooklyn City—Stock.......
ls t mort., 5s, 1 9 0 2 ........
Bklyn. Cr o s stown—Stock.
lst mort., 7s,.1888...... .
Buahw’k A v. (Bkrin)—St’k
Central Crosstovnj—Stk..
làtm ott., 6s, 1922 _____
Oent.Pk. N .A E .R iv .-S tk
Oonsol., 7s, 1 9 0 2 ...........
Ohrist’ph' r AlOth St—Stk;
Bonds, 7s, 1898............ .
DryDk.E.B.A Bat’y —Stk
ls t mort., 7s, 1893 ........
b y H . L. G r an t , Broker, 145 B roadw ay.)
D. D. E. B. A B.—Scrip, 6s: 104 ifflT
28
26
lia
111 112%'
150 16,6
105 107 %»
165
102 104 42d A Gx’ttd St. F ’rv—Stk 210 22W
112 1Ï7
103 104
39
42d St. Manh. A St. N.Ave 34
85
80
1st mort.»6s, 1910 ... . . . 108% l t ô i *
80
80
60
2d mofó., income; 6s____ 55
11? 115
i oust. W. St. A P. F ’y—Stk. 155
106 110
1st mort., 7s, 18 94........ 110 ir»**
210 230
100 102
100
Second Av.—Stock........... 108 HO«
140 150
1st mort., 5s, 1 9 10........ 103 108
150 160
116 120 Sixth A v.—S tòck— .. ... 150 16(V
82
85
1st mort., 7s, 18 90........ ice INF
110 118 Third Av.—Stoek_______ 219 230
Bonds, 7s, 1890............. 101 iea120 127
Twenty-third St.—Stock.. 225 235
111 113
147 150
1st mort., 7s, 1893 ........ 112 114
107% 109
Unlisted Securities.—Quotations froin both Exchanges:
SECU RITIES.
Bid. Askn
Chib..Gas T r u s t...,........
Cin.Van W. A M.—Cen. D.
33%
Dèn. A Rio Gr. W .—St’k. Í2
BUI. S. Shore A At.— Stk.
8
P r e f.............. . .........
26
East A W est RR. Of Ala.i
Georgia Pac,—Stoek........ 15.
1st 6a...............................1107%
2ds.................................. 47%
HendSrson Bjridgé—St’k.
1
8
4
60
5%
Kan, City & Omaha.___ _
KeèJy M otor—__ _______ 1 . 4 .
SECURITIES.
Bid . A sk
Lehigh & W ifkes.Coal... 17
18
40%»
Mahoning Coal R R ...........
88
P ref......... ..............
28
Hex. Nat.Construcfn Cp. 25
Mexican National tr. rec.
.7%.
1st mortgage, tr. r e c.... 38% 40
New ls t 6 s ........... ....... 99 101
3
N. Y . W .S. A Buff...........
2
N .Y . A Northern..;.... .
Pref____
N, Y . A Green’d Lake, 1st: 25
5
2d m ort..----- ---------- ...
New Jersey A N . Y.—lst. 100
34% North. Pap.—Div. bonds..
Ocean Steam.Co,,lst gnar. 102 % 105
Pensacola A A tlantic....
9
14%l/ St. Joseph A Grand Isl..
9 \St. Louis A ’Chicago, pref.
St. L. Fbrt S. A W lch .---28
93
St. Paul E. A Gr.Tr.,lsfc0f
18%‘ Tol. A. A. A N. M ich ......
20
108 Toledo Peoria A W est... 15
72
1st 48», • mm •■»*••••'• ..
48
Vicksb; A Meridian—1st. 90
100
46
2d m ort......................... .
,7
6
In c o m e s.,;;..—...... ; . . .
94% 96%
Western-Nat; Bank___
Western N. Y. A Penn:.-.
..1st, 5 s . „ . _____ _
7
W est N. Oar.—Con. M .;;
T5
33
30
Atlftn, A Char.—S tock ... 82% 87
A tl.AC har. A ir L.» 1st, 7» 120 123
......
A t.APac.-lstM .C.D.old 6s _
......
B ost.H . T .A- W eat.—Stk.
39
Brooklyn E lèv’d—stock.. 35
50
Chic. Burl. A No.—Stack. 44
4%
Chesáp. A Ohio—Receipts
3
6%
1st i-ref—iteceipts........
6
4%
2d nref—Receipts...........
4
Chic. A A tl.—Ben., tr. rec. __ ......
534
THE CHRONICLE.
R o ads .
Itr a e s tttm tl
AND
-
ijt a it r ffa t l
% n U iliQ m u .
The I n v e s t o b s ’ S u p p l e m e n t , a pam phlet o f 132 pages
contains extended tables o f the F un d ed Debt o f States and
C ities and o f the Stocks and Bonds o f R ailroads and other
Companies. I t is published on the last Saturday o f every
other month—viz., Janu ary, March, M ay, July, Septem
ber and November, and is fu rn ish ed without extra charge
to all regular subscribers o f the C h r o n i c l e . E x tra copies
are sold to subscribers o f the C h r o n i c l e at 50 cents each,
a n d to others at $1 p e r copy.
RAILROAD EARNINGS.
R oads.
Latest E arnings Reported.
Week or Mo
1887-8.
1886-7.
Jan. 1 to Latest Date.
1887-8.
$
$
A llegheny V a l . . February . 156,350 133,659
311,505
A tch. T. & S. Fe. F ebruary.. 1,069,123 1,236,463 2,140,606
Atlanta & Char. F ebruary.. 125,828 113,739
249,420
Atlanta<& W. Pt.. M arch.......
32,393
28,702
116,*66
A tlantic & P a c .. 3d wk Apr.
67,892
74,327
801,707
Baltimore& Ohio M arch___ 1,555,964 1,855,926
Balt. & P otom ac M arch.......
120,720 IVO,555
3=17,167
Beech C reek___ F ebruary..
90,055
56,993
167,988
Buff.Roch.& Pitt 3d w k Apr.
32,067
43,094
551,012
Bur.C.Rap.<& No. 2d w k Apr.
43,88V
730,721
55,299
Cairo V. & Chic. 3d w k Apr.
14,475
14,270
205,263
CaL Southern... 2d w k Apr.
3->,207
25,319
543,817
tCamden & A tl’ c M arch____
33,432
34,805
99,707
Canadian Pacific 3d wk Apr. 231,000 209,000 3,310,199
Cp.F’r& Yad.V al M arch.......
27.026
22,792
82,930
Carolina C en t... F ebruary..
53,655
98,244
50,717
Cen.RR.&Bg.Co. M arch.......
5 ‘ 2,090 509,235 1,841,993
Central Io w a ___ M arch.......
123,407 133,345
329,633
Central o f N. J February.. 976,411 776,531 1,817,782
Central o f S. C. February..
12.027
8,722
22,131
Charleston «fcSav February..
60,821
53,764
108,681
Cheshire............. February..
39,261
38,028
79,867
Cheraw & Dari. February..
8,462
8,833
17,536
Ghesap. & Ohio. December.
4,451,169
Eliz.Lex.&B.S. F ebruary..
74,499
68,420
162.299
Ches. O. &S. W .. M arch.......
160,218 152.202
476,740
Ches. & L enoir.. February..
7,756
15,864
6,240
Chic. & Atlantic 3d w k Apr.
56,603
39.367
603,071
Chic. Burl. <fcNo. February.. 165,124 183,449
273,959
Chic. Burl. & Q .. F e b ru a ry . 1,686,519 1,847,235 3,357,813
Chic, «fe East. ILL 3d w k Apr.
43,590
39,910
593.365
Chic. & Ind. Coal 3d w k Apr.
8.231
7,297
158.300
Chic. Mil. <&St.P. 3d w k Apr. 437,000 400,981 6,291,500
Chic. & N’thw’n. M arch....... 1,897,532 2,334,783 5,145,314
Chic. & Oh. R iv. M arch.......
3,601
6,890
10,210
Ohio. St.L.«fcPitts January... 452,716 446,385
452,716
Chic. St.P. «feK.C. M arch.......
172,493 112,317
424,190
Chic. St.P.M.«feO. M arch.......
500,341 579,735 1,264.156
Chic. & W. Mich. 3d w k Apr.
25,520
30,133
382,381
Cin.Ind.St.L.«feC. February.. 202,274 196,671
407,206
Cin.Jack. «feMac. 3d w k Mch
7,461
10,180
133,08V
O n . N. O. <&T.P. 2d w k Apr.
62,873
4 9 ,9 -2
962,539
Ala. Gt. South. 2d w k Apr.
24,372
25,758
445,255
N. Orl. <fe N. E. vd w k Apr.
15,439
247,870
10,228
Yioksb. <&Mer. 2d wk Apr.
6,347
7,279
143,715
Vicks. Sh. <fe P . 2d w k Apr.
7.232
5,017
1 1.656
E rlanger Syst 2d w k Apr. 118,581
95,935 1,951,035
O n . Rich. <&Ft. W, 3d w k Apr.
7,213
7,844
121,916
Cin. SeL«fcMob.. M arch.......
7,830
7,496
27,584
O n . <& Spring’d. M arch.......
91,032
102,269
270,524
Cin. Wash. «fcBalt. 2d w k Apr.
31,222
33,363
584,132
Clev. A kron <&Col 2d w kA pr.
11,268
11,238
162,354
Clev. «& Caqton Marc a.......
28,104
30,955
83,858
Oev.Col.C.«fe Ind M arch.......
343,090 383,731
963.910
W hole system. M arch....... 623,263 668,495 1,720,777
O ev . <fe Marietta 1st wk A pr
4,870
5,778
73,497
Col. <&Cin. M id . 2d w k Apr.
5,365
5,209
81,419
CoLHock. V. «fe T. 3d w k A pr
54.942
53,761
732.911
Denv. <fe Rio Gr 3d wk Apr- 124,500 127,300 1,981,137
D en v . <fcR. G. W. 3d w k Apr18,775
25,475
344,008
Den. Tex.«fcGulf. M arch.......
14,873
21,230
65,787
D et.B ay C.«feAlp. March.......
38,757
39,769
101,288
Det.Lans’ g<&No. 3d wk Apr.
22,194
18,898
262,389
D uluth S. S. <feAtl. 3d wk Apr.
18,674
12,016
279,187
E.Tenn. Va. <feGa. 2d wk Apr.
83,467 1,567,183
97.925
Evans. & Ind’plis 3d w k Apr.
4,006
4,540
64,382
E vansv. <fe T. H . 3d w k Apr.
15,950
17,522
244,635
F lint <&P. Marq. 2d w kA p r.
56,360
54,178
695,641
Fla. R.«feNav.Co. 2d w k Apr.
21,202
20,197
321,183
Ft.W.<& Den. City 2 wks Apr.
29,292
39,000
231,310
Georgia P a cific. 2 d w k A pr
20,322
25,293
362,287
Gr. Rap. <fe£ad... 3d wk Apr.
42,823
45,667
629,006
Other lines___ 3d w k Apr
4,764
3,784
58,726
Grand T ru n k ... Wk.Apr.21 338,189 336,876 4,728,775
H ous. <&Tex. Cen. 2d wk Apr.
38,372
595,834
38,681
Hum est’n «feShen M arch.......
10,674
10,200
36,161
111.Cen. (Ill.<feSo) M arch....... 877,660 956,897 2,715,951
Cedar F.<&Min. M arch.......
11.154
7.432
19,672
Dub.«feSiouxC. M arch.......
72,714
80,205
209,931
Ia. Falls <feS. C. March. . . .
61,685,
60,329
172,431
Ind. Bloom . <&W. 4th w k Jan
52,04=2
58,962
187.365
Ind. Dec. <&Spr. March .. .
25,424
38,665
77,627
Ind. <&St. Louis. 3d w k Apr.
34,201
30,864
581,440
Jack. T. <fe K . W. February.
57,947
53,912
107.196
Kanawha& Ohio 3d w k Apr.
5,267
1,850
75,796
K . C.Ft.S. «fcGulf. 1st wk A pr
40,602
48.367
642,902
Kan. C. Sp. <&M. 1st w k A pr
25,241
34,443
440.196
Kan. C. Cl. <feSp. 1st w k A pr
3,741
3,583
63,882
K entucky C en t. M arch.......
76,184
220,194
77,227
K eokuk <fe West. 2d w'k Apr.
5,125
5,047
89,249
Kiugst’n <&Pern. 3d wk Apr.
45,214
3,142
3,289
K n oxv . <&Ohio . February..
84,854
33,750
41,760
Lake E. <&West. 3d w k Apr.
35,728
546,991
34,196
L ehigh <feH u d ... February..
20,534
17,691
34,759
L. R ock <fe Mem. 2d w k Apr.
11.943
224,836
12,291
L ong Island....... M arch.......
168,917 196.902
518,193
Lou. & Mo. Riv.. January...
36,704
36,704
40,982
Louis.Ev. <fcSt.L. 3d w kA p r.
275.993
20,015
19,825
1886-7.
$
281,750
2,549,055
228,316
H 4,770
838,322
338,210
103,887
545,143
816,972
211,771
443,603
90,452
2,471,394
67,689
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
3,832,620
582,360
113,383
6,648,871
5,692,136
17,606
446,385
263,992
1,320,227
383,121
412.839
117,736
893,111
417,835
196,303
1 5 3 ,9 -0
157.600
1,818,749
116,408
25,988
253,875
609, (6 7
145,173
78,120
986,431
1,745,667
82,967
86,656
840,575
2,085,911
279,547
43,835
90,248
305,330
186,570
1,401,061
68,422
231,498
687,872
322,424
165,925
303,523
636,200
38,094
5,280,909
661,669
36,637
2,750,354
25,985
186,749
152.910
202.600
109,137
604,067
111,488
35,560
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
XUVL
.'[VOL.
Latest E arnings Reported.
Week or Mo
1887-8.
1886-7.
Jan. 1 to Latest Date,
1887-8.
$
$
$
Louisv. <&Nashv. 3d w k Apr. 274,265 253.380 4,646,727
Lou.N.A. «fe Chic. 3d w k Apr.
39,828
37,827
567,004
Louisv. N.O. <&T. 3d w k Apr.
32,573
26,808
743,974
Lykens V alley.. M arch.......
83,607
51,473
277,722
Mar. Col. & N o.. M arch.......
6,656
4.267
21,886
Memphis «fcChas. 2 d w k Apr
32,102
29,922
487,087
*Mexican Cent . 3d w k Apr. 102,318
91,164 1,895,742
*M ex.N. (all Ins) M arch....... 167,747 159,600
534,601
*MexicanRailwy Wk. Apr. 7
76,863
78,430 1,108,262
Mil. L. Sh. «fewest. 3d w k A p r.
44,397
54,895
569,968
Milwaukee <feNo. 3d w k Apr.
21,995
19,014
281,983
Minneap.«feSt. L. M arch____ 105,000 162,071
300,834
Min.St.Ste.M <&A J anuary.
30,457
10,147
30,457
Mobile <fe Ohio .. M arch.......
202,300 189,466
616,248
Nash. Ch. <fcSt.L. M arch.......
257,133 245,733
776,774
Natchez Jac.&C M a r c h .....
12,177
12,998
41,328
New Brunswick. February..
54,799
47,761
101,108
N.Y. Cen. «feH.R. M arch....... 2,849,609 2,919,810 8,152,796
N.Y. L .E . <feW.. M arch....... 2,130,419 2,121,305 6,068,882
N.Y. <feNew Eng. M arch.......
378,440 430,097 1,156,932
N. Y . <fcNorthern 3d w k Apr.
10,154
10,121
N.Y. Ont. <&W ... 3d w k Apr.
27,854
25,779
413,527
N.Y. ,Phila. <&N’k February..
41,927
38,880
79,503
N.Y. Sus. «fe W ... M arch____ 106,154 112,538
342,545
N orfolk & West. 3d w k Apr.
95.374
76,822 1,423,899
N’theastm (S.C.) February..
67,909
56,405
127,613
Northern Cent’l. M arch....... 426,081 514,022 1,333,273
Northern Pacific 3d w k Apr. 338,938 249,032 3,793,790
Ohio <&M iss........ 2d w k A p r.
67,947
82,086 1,026,516
Ohio R iv e r ____ 2d w k Apr.
7,956
5,216
94,220
Ohio S outhern. M arch.......
54,461
51,456
161,349
Omaha <fc St. L .. February..
26,151
39,434
62,589
Oregon Im p. C o. February.. 384,745 232,590
727,624
Oreg. R. «feN.Co. M arch.......
557,400 457,103 1,275,245
P ennsylvania... M arch____ 4,526,561 4,410,433 13,099,995
PeoriaDec.& Ev. 2 d w k Apr
11.375
13,173
Phila. <&E rie___ February.. 272,052 !W *50 0
495,796
Phila. <& Read’ g. M arch....... 1,579,308 1,759,584 3,615,905
Coal <feIron Co. M arch .___ 1,078,644 1,283,579 1,694,915
Tot.bothCo’s .. M arch....... 2,657,952 3,043,163 5,310,821
Pitts. <fcWest’m . 3d w k Apr.
30,923
39,984
484,166
P ’rtR oyal <&Aug. F ebruary..
39,194
39,711
75,410
Pt. R ’ al«fe W.Car. February..
35,310
34,908
66,637
Rich. <fcAllegh’ y. March.......
48,791
46,663
128,726
R«feW.P.Ter. C o Rich. <fe Danv. 2d w k Apr.
88,775
76.350 1,434,755
Va. Mid. D iv .. 2d w k Apr.
34,725
29,575
453,249
C. C. <fe A. Div. 2d wk Apr.
17,400
14,800
290,418
Col. <&Gr. Div. 2d w k Apr.
11,050
8,850
205,253
West. N. C. Div 2d w k A p r.
16,850
14.350
192,765
W. O. & W.Div. 2d w k Apr.
2,700
2,600
28,550
Ash. <feSp. Div. 2d w k Apr.
2,050
950
27,799
Total a l l ___ 2d w k Apr. 173,550 147,475 2,545,610
R om eW . <&Og.. February.. 224,059 201,640
436,505
ffStL.A lt. «feT.H. 3d w k Apr.
34,201
30,864
581.440
B ranches........ 2d w k A p r.
13,760
18,278
256,133
St.L. Ark. & T ex. 3d w k A p r.
38,477
32,616
758,788
St.L.«feSanFran. 3d w k A p r.
99,034
93,148 1,518,737
St. Paul & Duluth 3d w k Apr.
25,715
22,324'
312,314
St.P.Min. <&Man. M arch.......
736,729 679,803 1,774,165
S. Ant. <&Ar. Pass. 2d wk Apr.
21,159
231,1 «8
Scioto Valley___ February..
52,109
106,182
54,767
Seab’rd <fe R oan. February..
62,862
50,450
109,437
ShenandoahVal. M arch____
71,000
70,793
179,562
South Carolina.. M arch.......
119,569 114,068
382,698
So. Pacific Co.—
Gal.Har.«feS.A. February.. 313,600 224,495
589.665
Louis’a W est.. February..
73,251
56,452
137,274
Morgan’s L«&T. February.. 418,227 297,957
890,493
N. Y. T. <&Mex. F ebruary..
7,860
7,359
15,687
Tex. <&N. O rl.. February.. 106,980
82,557
202,566
Atlan’c system February.. 919,916 668,820 1,835,683
Pacific system February.. 2,542,879 1,570,830 4,873,873
Total o f a ll.. February.. 3,462,791 2,239,649 6,709,556
Spar. Un. <fc Col. February..
11,032
9,244'
19,884
Btatenls.Rap.Tr M arch.......
42,988
45,336!
127,338
Summit Branch M arch.......
97,914
87,900
376,606
Texas <&Pacific. 3d w k Apr. 107,318
84,087! 1,809,039,
Tol.A.A.«fcN.M’h 3d w k Apr.
11,065
7,149,
175,355
Tol. <fc Ohio Cent. 3d w k Apr.
18,586
15,517
350,051
Tol. P. «few est.. 2d wk Apr.
15,517
15,200
239,384
Union P a cific... February.. 1,917,938 1,675,914 3,645,770
Valley o f Ohio.. F ebruary..
42,512
41,972
Wab. W estern... 3d w k Apr. 113,240
90,682 1,499,021
Wab., E. o f Miss February.. 428,540 438,436
884,654
Western o f Ala.. M a r c h ___
35,246
37,026
136,109
W estN. Y. <&Pa. 2d w kA p r.
48,800
53,600
753,423
tWest Jersey— M arch.......
272,642
101,907 100,687
Wheeling <&L. E. 3d wk Apr.
17,163
15,054
266,139
86,089
70,130
Wil. Col. <&A ug F ebruary..
160,858
a Wisconsin Cen. 3d wk Apr.
72,726
63,565
978,4651
t And branches.
* M exican currency.
II Including Indianapolis <&St. Louis.
a A ll lines included.
1886-7.
$
4,531,957
589.594
627,316
138,332
11,480
470,443
1,449,797
437,196
1,010,238
715,584
271,991
383,282
10,147
625,979
737,288
42,429
94,374
8,089,351
5,933,030
1,152,401
360,292
73,638
295,475
1,128,965
112,657
1,517,960
2,952,879
1,158,279
62.147
150,860
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
124,011
1,243,678
408,915
254,571
179,104
183,469
25,037
11,984
2,295,402
386,216
604,067
253,508
611,379
1,636,644
337,505
1,573,863
1ÌÒ",991
90,902
185,701
326,799
445,887
114,991
666,231
19,818
164,091
1,411,018
3,331,684
4,742,701
15,105
125,565
262,290
1,767,474
145,363
291,621
252,462
3,413,267
1,768,012
921,985
123,305
695,176
255,085
212,291
139,437
949,312
(¿ross Earnings to Latest Dates.— The latest railroad earn
ings and the totals from Jan, 1 to latest date are given below
for all the railroad companies whose reports can be ob
tained.
A further improvement in the exhibits of earnings is to be
noted, there being a gain for the third week o f April on the
46 roads reporting of 10*23 per cent.
i. 3d week o f A pril.
Buffalo Roch. <fePittsburg.
Cairo Vin, <& C h ic .. . . . . . . .
Canadian P acific......... ......
Chicago <feA tla n t ic ...........
Chicago <fe East. I lls . . . . . .
Chicago Mil. <fe St. P a u l...
Chic. <&West M ichigan . ..
Cincinnati Jack. <fe M ack.
Cincinnati Rich. <fc Ft. W.
Col. H. Val. <&T o le d o ----Denver <fe Rio Grande —
Denver «feR. Grande W est.
Detroit Lans. <fc N orth—
Dulutti South Sh. <fe A tl..
Evansville & In d ian ap ...
•Evansville <fe T. H ..........
1887.
$
67,892
32,067
14.475
231.000
56,603
43,590
8,231
437.000
30,133
10,180
7,213
54,942
124,500
25,475
18,898
18.674
4,540
15,950
% 1886.
$
74,327
43,094
14,270
209,000
39,367
39,910
7,297
400,981
2 5 ,5 .0
7 461
7,844
53,761
127,300
18,775
22,194
12,016
4,006
17,522
Increase.
$
205
22,000
17,236
3,680
934
36,019
4,61c
2,7191
1,181
6,7 001
6,658
534
Decrease.]
*6,435
11,027
........0 .
631
2,800
........
3,296
1,572
THE
A p r il 28, 1888,J
3d week o f A pril.
Other lin es.............. ......
G rand Trunk o f Canada..
H anaw h a & O hio............
K ingston & P em b rok e....
Louisv. Evansv. & 8t. L ..
Louisville & N ashville___
Louisville N. Alb. & Chic.
Louisville N. O. & Texas
Milwaukee L. Sh. & West.
Milwaukee & N orth ern ...
N ew Y ork & N orthern___
N ew Y ork Ont. & W est...
N orfolk & W estern.. . . . . . .
Northern P acific_____. . . .
*St. L. Ait.&T. H.,M. Lines
St. Louis Ark. & T e x a s...
Bt. Louis & San F ran.......
Bt. Paul & D uluth............*
Texas & P a c ific .................
T oledo A. A. & No. M ich Toledo & Ohio Central.
W abash W estern__ . . . . . . .
W heeling & Lake E rie___
W isconsin Central.............
Total (46 roads)............
Net increase (10*23 p. c.)
1888.
1887.
$
42,823
4,764
338,189
'5,26 7
3,289
. 35,728
20,015
274.265
39,828
32,573
102,318
44,397
21,995
10,154
27,854
f 95,374
338,938
30,923
34,201
38,477
99,034
25,715
107,318
11,065
18,586
113,240
17,163
72,726
$
45,667
3.784
336,876
1,850
3,142
34.196
19,825
253,380
37,827
26,808
91,164
54,895
19,014
10,121
25,779
76,822
249,032
39,984
30,864
32,616
93,148
22,324
84,087
7,149
15,517
90,682
15,054
63,565
3,207,582
2,909,817
Increase.
$
980
1,313
3,417
147
1,532
190
20,885
2,001
5,765
11,154
2,981
33
2,075
18,552
89,906
3,337
5,861
5,886
3,391
23,231
3,916
3,069
22,558
2,109
9,161
345,929
297,765
* Including Indianap. & St. Louis.
For the second week of April our final statement
«roads and shows a gain o f 4*88 per cent.
2d week o f A pril.
P rev’ly report’d (51 roads)
Burl. Cedar R. & N o rth ...
"California Southern.........
C hicago & W est M ich .......
Cincinnati Jack. & M ack.
Cin. N. O. & Texas P a c ...
Alabam a Gt. Southern..
N ew Orleans & N. E ___
Vicksburg & M eridian..
Vicksburg Shrev. & Pac.
Cin. Wash. &. Balt...........
Cleveland A kron & C o l...
Col. & Cin. M idland.........
Col. H ock. Val. & T o l.......
E ast Tenn. Va. & G a.........
F lint & Pere M arquette..
Florida R y. & N ay ...........
-Georgia P acific.................
Grand Trunk o f Canada..
H ouston <fc Texas C en t...
Little R ock & M emphis...
.L ou isv Evans. & St. L ...
M emphis & Charleston...
•Ohio R iver..........................
Bt. L. A lt. & T. H. B rch s..
Tol. Peoria & W estern ....
Total (76 roads)..............
Net increase (4*88 p. c ),..
1888.
1887.
Increase.
$
2,978,391
43,882
35,207
27,700
9|041
62,873
25,758
15,439
7,279
7,232
33,363
11,238
5,209
46,548
97,925
54,178
21,202
25,293
344,055
38,372
11,943
15,204
32,102
7,956
13,760
15,517
$
2,815,961
55,299
25,319
25,851
7,768
49,972
24,372
10,228
6,346
5,017
31,222
11,268
5.365
62,415
83,467
56,360
20,197
20,322
343,750
38,681
12,291
20,909
29,922
5,216
18,278
15,200
$
300,499
3,986,667
3,800,996
364,272
185,671
9,888
1,849
1,273
12,901
1,386
5,211
933
2,215
2,141
14,458
1,005
4,971
305
__ •__ T
2,180
2,740
317
CHRONICLE
Decrease.
$
2,844
10,498
9,061
------March.■Jan. 1 to Mar. 31.1888.
1887.
1888.
1887.
Road.
$
$
$
?
Col. & Greeny. D iv.G ross..
57,960
50,148
185,653
161,404
N e t ....
22,986
17,823
88,279
70,319
•‘Summit Branch....... Gross..
97,914
87,900
376,606
262,290
N e t ....
24,428 d. 19,839
73,879 def. 16,857
"Lykens V alley ....G ross..
83,607
51,473
277,722
138,332
N e t.... def.6,360 df. 28,789 def.11,781 def.60,161
West Jersey & B rs..G ross.. 101.907 100,687
272,642
255.085
N e t ....
36,934
41,687
61,999
61,531
West. N. Y . & P en n .. Gross.. 227,983
217,319
656,306
591,276
N e t....
56,684
41,997
149,540
11,262
------ February.------* r-Jan. 1 to Feb. 29.—»
1888.
1887.
1888.
1887.
Roads.
$
$
$
$
Deny. & R io Grande.Gross.. 514,701 552,284 1,101,138 1,097,934
N e t ..., 109,866 220,559
266,029
432,308
Eliz. L ex. & B . Sandy. Gross.. -7 4 ,4 9 9
68,420
162,299
145,071
N e t ....
14,820
9,184
38,910
32,110
Lake Erie & W est’n . Gross.. 149,470 140,967
294,877
293,814
N e t ....
52,801
45,030
96,590
77,407
M O N TH A N D F IS C A L T E A R .
.----------March.-------- <—July 1 to Mch. 31—s
1888.
1887.
1887-8.
1886-7.
Roads.
$
$
$
$
tMemphis «feCharles.Gross.. 124,616 127,817 1,410,582 1,259,068
N e t .... def. 6,388
33,949
411,114
425,780
,---------March.------- , I—Sept. 1 to Mch. 31.—.
48,164
1888.
1887.
1887-8. 1886-7.
Road.
$
$
Central o f G eorg ia ...G ross- 552,090 509,235 4,962,846 4,312,721
N e t .... 198,386 197,257 2,149,099 1,838,011
/---------Mar ch.-------- - r—Oct. 1 to Mch. 31__ »
covers 76
1888.
1887.
1887-8.
1886-7.
Roads.
$
$
$
$
¡,130,419 2,121,305 13,241,936 12,820.674
N e t .... 817,417 794,810 4,479,416 4,511,888
•639,822 619,908 3,311,607 3,372,390
Decrease.
Georgia P a cific......... G ross102,142
90,738
713,802
548,238
$
N e t ....
30,331
24,933
184,581
199,114
138,069 Rich. & W est Pt. T er.—
11,417
R ich. & D an v ille.. Gross.. 432,016 364,378 2.659,909 2,293,134
N e t .... 226,399 194,306 1,372,577 1,157,672
Virginia Mid. D iv ..G r o s s - 133,803 134,764
851,531
778,417
N e t... .
54,337
54,924
355,323
284,782
Char. Col. & A . D iv..G ross83,002
76,365
548,356
469,008
N e t ... .
38,502
37,373
289,127
244,531
Col.J& Greeny. D iv . G ross57,960
50,148
385,472
357,757
N e t ..22,986
17,823
175,643
163,210
30 West. N. Y . & P en n ..G ross- 227,983 217,319 1,387,066 1,222,137
N e t....
56,684
41,997
307,246
51,507
156
{15,867
------- March.--------,
—Dec. 1 to Mar. 31 .1888.
1887.
1887-8.
1886-7.
2,182
Road.
Phila. & R eading___ Gross.. 1,579,308 1,759,584 5,331,561 6,425,375
N e t ....
653,453 926,169 1,896,858 3,046,031
Coal & Iron Co....... Gross.. 1,078,644 1,283,579
3,268,337 4,781,875
309
N
et----289
42,199 df. 345,044
49,821
348
G
ross2,657,952
3,043,163
8,599,899
11,207,249
Total
both
Cos.......
5,705
N e t ....
653,741 968,367 1,551,814 3,095,852
4,518
‘ Covers on ly coal and m ining operations.
f Expenses fo r March, 1888, include $23,781 spent for steel rails and
$15,963 in car repairs.
178,601
Net Earnings Monthly to Latest Dates.—The tables follow
ing show the latest net earnings reported this week, the
•returns for each road being published here as soon as received,
but not kept standing from week to week. The first state
ment includes all roads for the latest month and from Janu
ary 1, 1888; following that we give the totals for the fiscal
year on those companies whose fiscal year does not correspond
with the calendar year.
M O N TH A N D C A L E N D A R Y E A R .
-March.-Jan. 1 to Mar. 31.1888.
1887.
1888.
1887.
Roads.
$
$
$
$
. Balt. & P otom ac....... Gross.
120,720 120,555
357,167
338,210
N et...
24,820
45,558
109,373
109,358
•Camden & A tl. & brs. Gross.
33,432
34,805
99,707
90,452
N et..., def. 2,604 def. 1,965 def. 15,108 def. 25,526
•Central o f G eorgia...G ross.
552,090 509,235 1,841,993 1,586,586
N et..
198,386 197,257
703,398
566,570
Dot. B ay C. & A lp ....G r o ss.
38,757
39,769
101,288
90,248
N e t...
17,981
24,294
37,111
47,089
-(Memphis & Charles.Gross.
124,616 127,817
427,174
409,438
N e t... def. 6,388
33,949
67,271
113,329
. N. Y . Lake E. & W ...G ross. . 2,130,419 2,121,305 6,068,882 5,933,030
N e t ....
817,417 794.810 1,959,049 1,920,596
Net less rentals...................
639,822 619,908 1,441,896 1,400,221
N orfolk & W estern ..G ross- 416,342 322,470 1,147,911
901,107
N e t.... 183,891 135,630
471,284
364,472
-Northern C entral__ G ross426,081 514,022 1,333,273 1,517,960
N e t ....
83,451 214,250
359,26.9
640,642
»P ennsylvania........... G ross- 4,526,561 4,410,433 13,099,995 12,250,992
N e t.... 1,490,613 1,435,941 3,854,817 4,030,449
Phila. & R e a d in g ....G ro ss - 1,579,308 1,759,584 3,615,905 4,848,661
N e t .... 653,453 926,169 1,103,227 2,477,739
Coal & Iron Co...... G ross- 1,078,644 1,283,579 1,694,915 3,439,350
Net . . .
289
42,199 df. 298,841
71,471
T otal both C os...... G ross- 2,657,952 3,043,163 5,310,821 8,288,011
N e t .... 653,741 968,367
804,386 2,449,209
.Rich. & W est Pt. Ter.—
Rich. & D an ville..G ross- 432,016 364,378 1,251,480 1,068,878
N e t.... 226,399 194,306
635,220
556,970
V irginia Mid. D iv ..G ro ss- 133,803 134,764
348,765
389,549
N e t ....
54,924
54,337
118,931
142,529
Char, Col. & A. D iv. G ross83,002
76,365
259,618
224,571
N e t....
38,502
37,373
126,894
118,524
535
annual
reports.
Union Pacific Railway.
( F or the'y%ar ending December 81, 1887.^
The annual report presented by Mr. Adams in advance of
the full report will be found on another page under the head of
Reports and Documents. The statistics given below are for
the whole system, including auxiliary lines, and the net result
of the year was a surplus it come of $3,169,730 over all annual
charges, against a similar surplus o f $3.746,368 for 18S6. The
net earnings o f 1887 were about $1,900,000 larger than in 1886,
but in the income account this improvement was largely off
set by a decline of $1,095,750 in the item of amount received
from trustees of the Kansas Pacific consolidated mortgage,
and nothing credited as receipts from premiums, etc., against
$670,000 under this head in 1886. Operations for three years
have been as follows :
O P E R A T IO N S A N D F IS C A L R E SU L TS.
1885.
1886.
1887.
4,519
4,594
4,764
Miles operated Deo. 3 1 ...................
Passengers carried one m ile.........188,237,416 248,523,010 262,913,074
A verage rate per pass, per m ile .. 3*05 cts.
2 45 cts.
....
‘ Tons freight carried one m ile.. .994,780,223 1114102852 1350525946
Average 1ate per ton p sr m ile .... 1‘62 cts.
1*46 cts.
....
$
Gross ea rn in g s.................................. 25,925,172 26,603,796 28,5571766
Operating expenses and taxes.........16,157,721 17,608,619 17,667,732
Net earnings.............................. 9,767,451
Per cent o f expenses to earnin gs.. .
62*32
8,995,177 10,890,034
68*19
161*87
‘ Not including com pany’s freight.
IN CO M E ACCOU NT.
Receipts—
1855.
$
Net earnin gs............ ................
9,687,441
Income from Investments........... ...... 1,382,811
Miscellaneous land sales...................
10,335
Investments, premiums, &c..................................
From trustees K. P. con. m ort___
207,110
Profit and lo ss....... ............ ....................................
1886.
1887.
$
8,995,179 10,890,034
890,020
1,030,552
13 015
15,904
670,341
1,113,600
17,850
101,927
T otal i n c o m e ..................
11,287,697 11,784,082 11,954,340
Expenditures—
5,197,731
Interest on bon ds................................. 5,336,267
5,134,566
67,224
Discount and interest........................
356,138
160,153
Losses on invest., prem .,& c..............
93,945
113,490
Sinking fund, com pany’s bonds............................ 593.605
591,965
587,670
Interest—auxiliary lines................... 1,191,010
1,298,399
1,331,372
THE CHRONICLES
536
1885.
1886.
1887.
62,640
11,722
53,653
39,920
21,579
-Freight.—— - —. ,-----— Passengers.
1886.
1886.
1887.
1887.
$98,770
L o c a l.......... ........
$408.425 $327,534
$ 9 0 ,5 0 »
25,712
228,878
41,137
Utah and C olorado....... .
214,133
101,097
11,450
9 ,4 3 »
Utah and Missouri R iv er. 135,916
*172,265
137,766
80,157
84,397
C a lifo r n ia ......................
Í9 8 ’ Ó50
^ o t a le x p e n d it u r e ....;.............. 7,632,464
B urplusIncom e o i the year....... .
3,655,233
Semiet U. 8. requirem ents.............. 1,184,053
7>229,681
i , 554,401
808,033
7,578,954
4,375,38.6
1,205,656
T ota l surplus in c o m e ............... 2,471,180
3,746,368
3,169,730
T otal...................................$842,873
Cincinnati Washington & Baltimore.
(F or the year ending December 31,1887.)
The annual report has not yët appeared in pamphlet form»
but from the statements submitted at the annual meeting we
bave thé information following. The President remarks that
thé Claims of the Baltimore & Ohio Railroad Company against
tiíiá company have increased, as shown in the accounts during
the year, in the sum of $152,647. Of this sum $76,346 consists
Of interest on coupons of the
per cent first mortgage bonds
paid by that company ás guarantor. The coupons thus paid
sjnce the reorganization am,ounted to $775,405. The items of
indebted nets to that company are as follows : Coupons held,
$53,785 ; warrants and coupons of first mortgage six per cent
bonds B. & O. holdings unpaid, $297,765; warrants and
Coupons of foúr-and-á-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, $1,767,9.56 ; less balance of trafic accounts,. $49,010 total, $1,718,945; estimated interest on unpaid coupons, $130,000 ; estimated
interest on supply claims, $125,000 ; total, $255,000 ; total,
inélpding estimated interest $1,973,945.
.
t “ The uncapceled and uncollected coupons are regarded as a
lien having the same validity as the bonds to which they
The stipply and material claims are held tinder the
fii&tjng lavjs of this State to be ih the nature of à prior lktt.
Up to the preient time the B. & O. Ccm^any has not,taken
$ny action or signified any . intention, pf ,taking imme$thte
action looking to the enforcement of these claims. Whether
these claims may be permitted to run. for a.protracted period
ánd what measures may be devised for their liquidation are
subjects wbythy of the .earnest consideration o f the stockholdIt is proper to áthté |hat the B. & O. Company suspended
fhe.purchase of supper claims in .August last, and hâve made
n o aoyanceB of any nature sibçe that dqt,0«, _„a
( “ The company since that time has pá?d from its oton reBbwciSJpatm ipgcoupoiisam puntingtoatotalof $391,887.” * *
“ Unless the earnings should he considerably increased, the
ability, of .the.company, to meet, all its expenses and pro
vide fqr ali ffitiire interest payments without further assist¿nqa from some source, may very properly occasion some
anxiety.” .;..,
..
E A R N IN G S Á N D
expenses
X .1 8 8 A
$461,412
1,019,277
224,581
,1 8 8 6 . .
$533,797
1,242,693
233,916
, 18 87.
$570.957
1,42T,95?
239,094
Total earnings___ $1,854,308
© per. expen. & taxes. 1,408.371
$1,705.270
1,464,830
$2,010,406
1,462,943
$1,238,004
1,615,840
$445,037
$240,440
$547,463
$622,164
N et earnings.........
IN CO M E ACC OU N T.
N et ea rn in g s..............
.JKsbursements—
Xx^ts o n bonded debt.
Outer int. & m iscel...
T otal disbursem’ts
Balance, d e fic it.........
'
Í88 4.
$445,937
1885.
$240,440
■
1886.
$547,463
$692,072
28,594
$693,275
1,213
$693,175
408
$693,175
$720,667
$274,730
$694,488
$454,048
$693,583
$146,120
$693,175
$71,011
1887.
$622,164
(F o r the yea r ending December 31, 1887. J
The reports of this company have heretofore been issued
fo r the fiscal year ending July 31, and the report for 1886-87
was published in the C h r o n i c l e of Nov. 26, 18S7, on page 704.
A 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
is ifiade up.
Thé grots earnings increased $124,231 in 1887, but owing to a
popsld^rable increase in operating expenses, partiçula.rîÿ the
item .of $212,276 expended on “ maintenance of roadway,” the
netearnings decreased $19,112 from 1886. In the C h r o n i c l e of
March 31, oh page 413, Bome remarks were made upon the
features Of the.year’s operations and the fàct that there wás a
surplus of $74,227 above the charges for interest, etc. Details
4pf earnings are as follows :
G RO SS E A R N IN G S.
1886.
$725,554
252,010
44,937
30,762
3,827
Increase. D ecrease
$96,959 ................
37,925 . . . . . . . . . .
..............
$8,825
.........
1,256
.........
571
■ Total e a r n i n g s . ....... $1,181,324 $1,057,092 $124,231
©jpérating e x p e n s e s .......".
839,337
695,993
143,344
»Bfc
$341,987 $361, C99
ÎPër cent of exp', to earnings.
71*05
65*8 4
‘ “ Foreign coupons” for passengers.
ASSETS AND LIABILITIES DEC. 31, 1887.
Liabilities.
Cash on h a n d ...............
$169,001 Unpaid v o u c h e r s ......
Diie from various ag’ts
36,791 U npaid pay-rolls.........
8,000 Capital sto ck ;.. . . . . . . . .
U.S. Goverñirient___
ind ividu als and Co’s.
48,828 First, m ortgage honda.
Foreign r o a d s .,.........
64 U u eR . G. W. Con. Co.*
M aterial on hand.........
76,468 Unpaid coupon No 1 ...
Construction and equ’t 14,400,000 Unpaid coupon No. 2 ..
Assets in excess o f lia
bilities.........................
7.500,000?
$53.502
^
62,967'
6 ,9 00,0 00
7 5 ,8 2 »
10.198P
1 8 ,7 0 »
117,955-
T otal............................$1 4,739,154
(F o r the year ending December 31,1887.^
The annual report o f Mr. Gr. B. Roberts, President, state»
that the freight earnings show a marked improvement, the
gain being $866,116, or 25*12 per cent. Of this increase $331,741 was in the local and $534,375 in the foreign tonnage, &
result due not only to the greater voldme of traffic, but to tnebetter rates obtained thereon. “ The additional tonnage w â»
chiefly in lumber, eoal, coke, stone and miscellaneous prod-»
ucts of quarries, flour, grain, pig and bloom iron, steel rail»
and other manufactured articles, and was partially offset by a.
decrease in products of the forest, orey provisions and miscel
laneous agricültural prpcjvicts. While there was a deqrëaée, h»
the traffic exchanged with other roads at Indianapolis, therewas a general increase at other poihts, and notably ih the tohnage exchhfigéd with the Toledo £eoria & Western Rgilrbacl
at State Line. There was a lso. a. large gain in our deliveries
of coal and poke at Chicago. Freight rates were better main
tained than Ih 1886. The rate pn local Ipunage wàs 7K uàill»
and on foreign tonnage 5*6 mills; the average on both classe»
Being 6-3 mills, against 5*9 mills in 1886.” 5 *
“ A gratifying increase was obtained ih the passenger eàrûihgs, amounting to $121,657, or 1174 per cent. Qf this idcrease $88,712, or 13*22 per cent, was in the local travel, and
$32,944, or 9 62 per ceht, in the foreign travel.” * * .
“ While th# earnings exhibit thé very satisfactory mcrea<8»
referred to, the expenses, although augmented to some extent
bjr.the additional service consequent upon the greater volume
of traffic and by increased outlay in the rebuilding of freight
cars and engines, shew a comparative reduction ? the .pércëhlage of expenses having been 73*23, agaihst 81'91 in 1886. The
increase of net earnihgs, $700,000, enabled your company t o
meet all its fixed charges for the. ÿeàr and have a surplus, o f
$330,998, while at the same timë the condition of the property
was materially improved.” * * *
“ Additions and improvements to the property were made t o
th.e extent of $170,896 and charged to construction and equip'nient accounts.” * * *
“ The capital stock of your company was increased during;
the yea,r $1,005,705, of. which $9S7,580 was common and $18,lg5 preferred stock. These issues were made in exchange fo r
obligations of the Columbus Chicago & Indiana Central Rail
way Company, under the terms of the agreement for the reor
....
g# us i
ganization of that road.”
A t the annual meeting a resolution was passed authorizing theofficers of the company to issue debenture bonds or other secu
rities and negotiate with the holders 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 C h r o n i c l e , are as below.
O P E R A T IO N S A N D F IS C A L R E SU L TS.
1884.
1885.
1886.
1887.
635
635
635
635
MtiM of r’ d operated
Operations—1,186,779
1,061,091 , l,Q R 5,4i8
1 ,1 8 2 ,0 9 »
Passengers carried ..
Passenger m ileage . 48,891,744 46,840,896 44,970,677 48,656,532:
2*32 cts.
.2:21 cts.
2-30 cts.
2-38 cUu
Rate 11 pass.
mile
■
2.517,062
3,031,59-5
3,075,385 3 ,5 4 6 ,2 6 »
Fr’ght (tons) carried
Fr»fht (t’ns) mileage 484,716.894 612,653,872 587,723,362 683,67 2,52 6
A ve. rate $ ton $ m .
O-6 0 cts.
0 52 cts.
0 59 cis.
0 ‘63 Cts.
PMsenger?~.............
Œ
. . . . , , v .......
M ail,express, <fec....
J’ r
;
, - <■ .
. . . . . . . . . . $19,112
5;21 . . . . . . . . .
1,134,689
1,036,07.7
2 ’902’433
3,159,887
359,718 , 87*,632
1,036.165
3,448,447
357,704
4 ,3 1 4 ^ 6 4
1 ,1 57,8 23
414,794
Total gross earns
Op exps. and-taxes.
4,396,840
3,602,213
4,567,596
3,807,645
4,842,316
3,966,301
5 ,8 8 7 ,1 8 »
4,311,165-
N e te a r n in g s ..,.,—
P .e.of op.ex. to earns.
794,627
81-93
759,951
83 36
876,015
81-91
1,576,0157 3 -3 *
IN C O M E ACCOU NT.
Receipts—
N etearnings.. . . . .
.......
The character of the company’s business, whether local or
hrougb, is showh in the, tabl'es below, it being understood that
figurée. iSóíode .‘/eyercharges” which aré deducted in
the tablé of earLings above;
L$263,4 28
Chicago St. Louis & PittsM rg.
Tenver & R ío Grande Western Railway.
1887.
F reig h t.................................... $822,514
Passenger
............ ..
289,936
E x p r é s!................ ..................
36,1,11
g a f o : ,- ,- ' 29,506
M isc e lla n e o u s...... .............
3,256
$747,667
‘ This is an. account current consisting o f advances m adc b y the Con
stru ction C oippshy during the receiyersbip, and pay m ent o f it is subject,
to the paym ent of all obligations under the funding plan.
.
1884^ .
$536,198
1,079,861
238,249
$323,625
T ota l......... , .................$14,739,154
Comparative s' atistics for four years are as below given,
'Earnings from —
Passengers...................
F reig h t............
M ail, express, & c.......
XLVL
R E V E N U E F R O M F R E IG H T A N © PA SSE N G E R ^.
$
$
$
E xpendittires—
L an a taxes. &c., Union D iv ..
L oss on Leav. Top. & S. RR.
P ro fit and lo s s .......................
[Y o l.
Total in c o m e ....
, JQisbxirsements—
R entals p a ifi.,'....
Int., &c., on d eb t..
M iscellaneou s. . . . .
1884. .
$794,627
80,045
,1 8 8 5 .
$759,951
$874,672
$759,951
$21,224
1,079,602
, 1886.
$876,015
,
.1887,
$ 1 ,5 7 6 ,0 1 »
__________ ‘_____ .
$21,'224
1,079,241
17,565
$876,015
$21,224
1,074,121
95.789
$1,576,016»!
$21,9181.068,775
145,324
T ota l disb’rsm’ ts $1,100,826 $1,118,030 $1,191,134 $1,236.017"
B alan ce....... . . . . ; ’..d ef.$ 226,154 def.$358,07e d ef $ 3 15,1 19enr.$3£9,9 9 »
THE CHEONICLE
A pril 28, 1888.)
Toledo Ann Arbor & North Michigan Railway.
(For the yea r ending December 81, 1887.)
The report of Mr, J. M. Ashley, President, states that the
property of the company has steadily increased in value, and
its financial and material condition is recognized by all prac
tical railroad men as more promising than at any period in its
history.
The increase in operating expenses for 1887 was anticipated,
and the attention of stockholders called, to it in the last annual
report, wherein it was stated that “ as the road is extended into
th e northern and le-'S populous portion o f the State, it may
¡safely be estimated that the percentage of operating expenses
will be somewhat increased until after the new road-bed shall
liave 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 o f the
■company. Another small “ trust” was made, in December,
1887, amounting to $92,364, on the payment of which the ears
w ill 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. This property, together with the machine shops
and round house being built at O wosso, 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 avtraged 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 south-bound traffic after the road is in full
•operation to Cadillac, will reach 40 per cent in 1888 ; or at that
xate per annum for the months in which the road shall be
opened for business to that place.
The rapid extension of road and building o f connecting lines
lias been one of the striking features in the history of the. Ann
Arbor Company. The Cadillac road, 64 miles, was finished by
-January, 1888, and will be ready for through traffic in May.
.It is to be merged into the Ann Arbor Company on terms yet
t o be settled, The main line Toledo to Cadillac will then be
334 miles.
The Muskegon road, from Ashley on the Ann Arbor road
-due west to the City of Muskegon, 96 miles, has just recently
been completed and is expected to add largely to the earnings
o f this company.
The Toledo Saginaw & Mackinaw Riilway was organized to
build from Durand on the Ann Arbor road, via Saginaw, to the
Straits of Mackinaw, and it will probably be open from Durand
t o Saginaw in July next, being a most valuable 40 miles
extension of the Ann Arbor road.
The contract has been let already by another company for
the construction of the road from Cadillac to Frankfort on
Lake Michigan, 63 miles, and when completed it will be
operated by this company.
The Chippewa Valley Road and Detroit Charlevoix & Maokinaw are other enterprises which would benefit greatly the
A nn Arbor’s business.
The Ann Arbor Company has taken the advance in adopting
a. plan of “ Piofit Sharing and Stock Allotment ” for its em
ployes, and an examination o f the!r plan will be of interest to
all parties interested in the subjects of capital and labor. A
cop y can be obtained o f Mr. J. M. Ashley, at the New York
office, 150 Broadway.
Ths results of operations for the two years 1886 and 1887
were as below :
E A R N IN G S A N D E X P E N SE S.
Warnings fro m —$£
F reig h t.........................
Passengers...................
M ail, express, &c........
1886.
75,525
98,326
1887.
$308,547
133,930
93,275
Total earnin g s............................ ................. $330,251
Operating expenses and t a x e s ..__ ................. 222,094
$535,752
342,606
..................
..................
N et earnings.........
$193,116
INCOM E A CC O U N T.
N et earnin gs................
In terest on d e b t.........
Surplus fo r y e a r..
1886.
................. $158,157
................. 145,600
.................
$12,557
1887.
$193,146
184,800
$3,316
GENERAL INVESTMENT NEWS.
B radford Eldred & Cuba.^The first mortgage bondholders
held a meeting and a committee was appointed to present a
report at a[meetingl two weeks later. Mr. T. C. Platt was made
receiver in 1885, and about $28,000 of receiver’s certificates
were authorized, which are yet unpaid. A statement of earn
ings furnished by the receiver from February, 1885, to March,
1888, shows : Gross earnings, $120,875; operating expenses,
$144,488; sundry expenses, $4,023; construction, $7,362; in
terest on bonds, $103,210.
Central Pacific,—A t a much earlier date in the year than
Usual, this oompany’has issued a pamphlet report Which is in
the broad style of the Pennsylvania and Union Pacific reports,
Apt! presents the handsomest appearance o f any report ever
537
issu ed b y t h e o o m p a u y . It c a m e t o h a n d t o o la t e f o r thia
w e e k , b u t w i l l b e d u ly n o t ic e d in t h e C h r o n i c l e o f M a y 5 t h .
Chesapeake & Ohio.—The trustees in charge of the reorg
anization o f the Ches.& Ohio RR. have notified the Monarch
Line Steamship Company that the contract under Which the
Chesapeake & Ohio guaranteed the expense o f running steam
ers between Newport News and London and Liverpool will be
canceled. The railroad company found it a losing business.
Chicago & A tlantic.—Judge Gresham of Chicago w ill
probably hear ah application next month for thè fòrèclosUh&
of the Chicago & Atlantic Railroad. The reorganization of the
property has been delayed by the objections of the parties
who hold a portion o f the second mortgage bonds as collateral*
but the settlement of all difficulties is anticipated in the near
future.
Chicago M ilwaukee & 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 tim e
has been at the head o f the practical management of the SU
Paul System. The company is to be congratulated on havinga first-class railroad man as its president.
Cleveland Columbus Cincinnati & Indianapolis—St.
Lonis A lton & T erre Haute.—The old suit for $664,874 back
rental claimed against the proceeds of sale o f 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 Go. was decided against the plaintiffs
by Judge Drummond, and the U. S. Supreme Court has nowaffirmed that decision. This relieves the Cleveland Columbus
Cincinnati & Indianapolis Railway Company of its last serious
controversy.
Consolidated Gas.—This company has placed $600,000 of the
$3,000,000 issue of bonds with private parties." Thè balahóà
will be held in the treasury as originally proposed.
Dnlnth South Shore & A tlantic.—An engineer of th is
road states that the track is now laid fifteen miles from Ash
land, and there remains twenty-seven miles to bring the road
to its junction with the Northern Pacific. There remains a
good deal of ballasting to be done, but everything will be fin
ished up in good shape by August 1, and trains will, begin On
their regular time at that date. The total length o f the lioA
from Duluth to the “ S oo” is 315 miles, and 484 from Minne
apolis to the “ Soo ” on the “ Soo” road, making Duluth milch
nearer the East by rail than the Twin Cities.
F lint & Pére M arquette.—From Boston it is reported tha&
the common and preferred stockholders have agreed that noappeal shall be made to the Supreme Court; common stock
to be issued on receipt of the decree as soon as certificates
can be printed. The common stock to have four representa
tives in the new board of directors and the preferred seven.
Houston & Texas Central.—The largest holder o f bonds,
Mrs. Hetty Green, has assented to the plan of reorganization
and signed the agreement. She owned $1,000,000 general
mortgage bonds, $125,000 first mortgage on the main line and
$125,000 firsts on the Western division, which have now been
deposited with the Central Trust Company. It is stated that
the assent of Mrs,Green gives the committee all o f the $4,325,000 general mortgage bonds except $31,000, and all the first
mortgages except $2,000,000 held by the “ Moran party,** who
will continue the opposition. Lawyers representing all inter
ests have started for Galveston, Texas, to be present before
Judge Pardee on May 1, when a motion for a foreclosure o f
the mortgages will be made.
Kansas City Fort Scott & Gulf—Kansas City Springfield
& Memphis—Kansas City Fort Scott & Memphis.— At Kan-*sas City, April 20, .the directors of these systems met to con
solidate thè different companies forming -'thè systems into
one organization. In building the Fort Scott system a large
number o f minor coihpanies were organized in different parts
of Missouri and Kansas. Tne consolidation was a matter o f
form and wholly fer the convenience of the company ia man
aging its business. There were ten separate organizations in
the old system. All the roads were consolidated under the
nune of the Kansas City Fort Scott & Memphis, except the
Kansas City Clinton & Springfield and the River branches*
which are not yet finished.
Lehigh & W ilkesbarre Coal.—The 7 per cent bonds of this
company maturing May 1, 1888, will be paid off on presenta
tion at th© office on and after that date. Sealed proposals to
purchase any part of $803,000 of this company’s 5 per cent
sinking fund mortgage bonds due November 1, 1912, will be
bs received at the office until Saturday, April 23, at noon
when such proposals will be opened and the bonds awarded t o
the highest bidders; but no bid will, be (considered at less than,
par and accrued interest.
M exico Central.—President ’Wade, of the Mexican Central
Railway, announces that t>ae Congress of the State of Salt
Luis Potosi has granted to the company an extension o f
eighteen months on th eT ’ampkso division subsi ly. The com
pany has now 142. prides of this division completed, and
about 175 miles mor e to build, The limit of time ìb n o w Jan
uary, 1890.
Mexican N ational.—A meeting of the holders of Messrs.
Matheson & O o.’s certificates fò t $5,000,000 bond*, known as
the “ Matbvsqn” bonds of the old Mexican National Railway
THE CHEONICLE.
588
Company, was held in London and the following resolution
was unanimously adopted, viz.:
That the agents, Messrs. Matheson & Co., do retain in their hands all
and “ B ” second m ortgage bonds o f tlie M exican National Raiiroaci
Company, received and held b y them in respect o f the old nrst mort
gage six per cent gold bonds o f the M exican National R ailw ay Company
o ft h e London issue; and in respect o f such “ A ” and “ B ’ bonds so re
tained that the agents. Messrs. Matheson & Co., he, and they are hereby
fu lly empowered to take any and all steps they deem best fo r protecting
the interests o f the certificate holders, and that they be, and are here
b y , fu lly authorized to exercise the v otin g p ow er in respect ot suen
“ A ” ana “ B ” bonds.
In submitting this resolution, Mr. Magniac referred to the
negotiations for the reorganization 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 bad 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 other o f 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
the whole body of bondholders.
M inneapolis Sault Ste. M arie & A tlan tic—M inneapolis &
P acific—Aberdeen Bismarck & Northwestern.-—These three
railroads are to be consolidated. Gen. W . D. Washburn is
reported as saying on his return to Minneapolis that the roads
have been practically under one management since their or
ganization, and the same officers will continue to operate the
new road. The Aberdeen Bismarck & Northwestern Road,
which has been graded, has been taken into the system and
will be pushed to completion at once. The new road w ill now
have about 1,000 miles of track under its direct control. “ W e
have made a close contract with the Canadian Pacific that
will benefit both roads. W e fix the tariff East and they do
the same West. W e have arranged to issue consolidated bonds
for the equipment of the road and for terminal facilities; the
amount of bonds will be known in a short time, but enough
money has been raised for every purpose to put the system in
first class condition. Our passenger equipment has already
been ordered. W e shall double our freight equipment. The
road has never been in condition to handle the freight which
the business required, and we will spend at once over $1,000,000 for a new freight outfit. W e shall also add to our termi
nal facilities at Gladstone and Minneapolis.”
Missouri Pacific.—Uriel A. Murdoch, the surviving trustee
under a mortgage made in 1868 by the Missouri Pacific Rail
road Company to secure the payment of $7,000,000 of bonds,
has been relieved by the Supreme Court at his own request.
The Mercantile Trust Company of New York will be appointed
in his place.
Missouri Kansas & Texas.—The securities holders’ com
mittee has >ssued an extended reply to the letter of Mr. Jay
Gould on M. K. & T. affairs, which will be found at length
on a subsequent page.
—Kiernan reports that Mr. Sage wrote a letter to the M. K.
& T. committee, proposing the f ollowing basis of comoromise:
First—A re organization of tbecompany tobe perfected, and
a new mortgage bearing 4 per cent to be made for the present
mortgage indebtedness of the company and for the purpose
of exchanging the same for the present indebtedness.
Second—To make an income mortgage, not accumulative;
to adjust the rate of interest to the present holders of the
several bonds issued by such company for the length of time
which they have to run respectively.
Third—That an assessment o f ---------shall be made on the
stock for the purpose of clearing up the present indebtedness
of the company, and build an extension of the same to branch
roads in Texas, which it is believed would add to the securing
o f the present and future sources of business to the main line.
New York Lake Erie & Western.—This company offers,
through Messrs. Drexel, Morgan & Co., to extend at 4 per cent
for forty years its fifth mort. 7 per cent bonds ($709,000),
maturing June 1, and Drexel, Morgan & Co. offer to purchase
at par and accrued interest all of the mortgage bonds which
holders do not care to extend at 4 per cent.
New York & New England.—The gross earnings and ex
penses for the quarter ending March 31 were as below:
[VoU XLYI.
stock to take the place of the outstanding common stock, and
the latter to be stricken from the list.
Mexican C entral Ra il w a y —$2,009,000 additional first»
mortgage four per cent bonds, making tbe total amount listed
to date $46,155,000; $402,000 additional income bonds, making
the total amount listed $9,731,000 ; and on May 12, $2,500,000
additional capital stock be added to the tmount now on tbe
list, making tbe total amount listed on that date $38,500,000^
M i n n e s o t a I r o n C o m p a n y — $14,000,000 c a p ita l s t o c k .
P i i t s b u r g Y o u n g s t o w n & A s h t a b u l a R a i l r o a d —$1,325,000 first consolidated mortgage five per cent bonds; $1,700,0001
preferred and $1,333,550 common stock.
Ohio Southern.—Henry Graves and others, constituting a
majority of the Ohio Southern directors, call a meeting o f
the stockholders at Springfield, Ohio, for May 21, for voting
upon a proposition to increase the capital stock to $5,500,000,.
and to provide for borrowing money to lcc8te, 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 o f the board, prepared the fol
lowing statement of earnings for the year 1887:
1886«
$514,1*89
Gross earnings.............................................. .
Operating expenses
............................................ 318,712
Net earnings................... - ............. .
1887«
$599,5*84.
310,866-
................... $195,477
$288,71S
Net earnings have been applied as follows: Interest, $135,530; taxes, $18,625; New York office, $56; surplus, $134,505?
total, $288,717. The following disbursements were made out
of the surplus: Right of way, $496; bridges and buildings,
$8,544; equipment, $95,798; sidings, $25,645; fences, $838?
total, $131,323.
The large payments made hitherto for new equipment
have absorbed a large proportion of the surplus income, w hile
new acquisitions of other property required to meet the growth
of the business have nearly consumed the remainder.
A ll the equipment has been maintained in excellent condi
tion, but additional equipment will be required to provide fo r
increase o f business. Of present equipment, nine engines and
1,300 coal cars last acquired are held under car trusts, fo r
which the amounts remaining unpaid December 81,1887, were
$390,834, on which payments accrue monthly, the last being
due January 1, 1893, and tbe management recommend that
provision be made for funding this amount on long time,
instead of making payments out of earnings. It is also desir
able to provide for increasing the capacity of terminal facili
ties in Springfield. The following estimate is submitted : Toprovide for the construction of 20 miles o f new extensions,
$15,000 per mile will be required, and will be provided by theissue of first mortgage bonds, limited to $15,000 per mile. Toprovide for funding balance due on car tiusts, $390,334, and
for acquisition of equipment, $450,000 will be required, and
for the improvement of terminals say $150,000. It is not pro
posed at the present time to make the whole of the increased
stock available, but the board deem it essential that they should
have authority to enable them to provide for the growing
business of the company. It is believed that by making pro
vision for funding tfie balances to become due on the car trusts,
the company will be at once enabled to pay interest upon
outstanding income bonds, and upon the completion of theproposed extensions, to provide for the payment of dividends
upon the stock.
Pennsylvania R ailroad.—The gross and net earnings fo r
March, 1887 and 1888, were as below stated. On the lines
west of Pittsburg & Erie the net results, after payment of'
interest and all charges, is shown in the second table.
L IN ES E A S T O P P IT T S B U R G & E R IE .
January..
February.
M arch___
,------ Gross E arnings.-------,
—Net E a r n in g s -----»
1888.
1887.
1888.
1887.
$4,213,979
$3,871,771 $1,005,920 $1,214,351
1,358,283
1,380,157
4,379,455
3,988,788
1,490,613
1,435,941
4,526,561
4,410,433
Total 3 m os...... $13,119,995
$12,270,992
$3,854,816
$4,030,449*
L IN E S W E S T O P P IT T S B U R G <fc E R IE .
Net surplus or deficit afterp aym ent o f charges.
1888.
1887.
Diff. in 1888.
January........................Sur.$60,510
Sur. $154,951
Loss. $94,441
February......................Def.123,519
Sur.
3,475
Loss. 126,994*
M arch........................... D ef. 90,276
Sur.
212,702
Loss. 302,978
Total 3 m o s ....... D ef.$153,295
Sur. $371,128
L oss.$524,423-
Philadelphia & Reading.—Tbe gross and net earnings for
Ine. $4,530 March, and for the fiscal years 1886-7 and 1887-8 have been’
Inc. 33,169
as below given. The net earnings o f both companies aggre
N et e a rn in g s.............. $334,250
$362,889
D ec.$28,638 gated $653,741 in March, 1888, against $968,317 in March,
1887; in tbe year 1887-8 they were $1,551,814, against
N. Y. Stock Stock Exchange—New Securities Listed.—
The Governing Committee of the New Y oik Stock Exchange $3,095,853 in 1886-7:
RAILROAD CO.
have added to the list securities as follows :
,---------- March.------------ . <— Dec. 1 to Mch. 31.——»
W arren & Frahklin Railroad (Western New York &
1888.
1887.
1887-88.
1886-87.
Pennsylvania Railroad Company)—$800,000 first mortgage Gross earnings............ $1,579,308 $1,759,584 $ 5 ,3 ol,5 6 1 $6,425,374.
Operating ex p en ses...
925,855
833,415
3,434,702
3,379,344
Philadelphia bonds.
1888
Gross earnings................... $1,156,932
E xpen ses..............................
822,681
W
estern
Ne w
Y ork
&
1887.
$1,152,401
789,512
Pennsylvania
Railroad —
Net earnings.........
$653,453
$926,169
$1,896,859
$3,046,030-
$20,000,000 forty year second mortgage gold bonds and
COAL & IRON CO.
,-----------M arch.---------» <— Dec. 1 to Mch. 31.— »
$20,000,000 common capital stock.
1887-88.
1886-87.
1888.
1887.
I ndianapolis D ecatur & W estern Ra il w a y (reorganized Gross earnings............ $1,078,644
$1,283,579 $3,268,317 $4,781.874
Indianapolis Decatur & Springfield)—$142,000 mortgage five Operating ex p en ses... 1,078,355 1,241,380 3,613,362 é ,: 32,053»
per cent gold bonds of 1947; $1,213,000 seco od mortgage five
Net earnin gs«.__ loss. $289
.$42,199 l’ss$345,044
$ 4 9 ,8 2 4
per cent gold bonds ; $795,000 income mortgage bonds and
P ittib u rg F ort Wayne & Chicago.—Notice is given that
$850,000 common capital stock. Trust receipts.of Indianapo
lis Decatur & Springfield second income bonds for $2,690,000 a special meeting of the stockholders of the company will be
ordered stricken from the litt.
I held in Pittsburg on the 13th day of June, 1888, for the purpose
W heeling & L ake E rie Ra il w a y —$3,600,000 preferred I of voting upon a proposition to issue betterment bonds, to en-
A pril 28, 1888.J
THE
CHRONICLE.
539
able the company to pay for improvements upon and addi 26,000 shares of Extension Company’s stock, and will thus
tions to the property, in pursuance of Article 16 of the lease receive about 3,000 shares o f Georgia Pacific stock.
with the Pennsylvania Railroad Company.
Seaboard & Roanoke.—The gross and net earnings and
Tennessee Coal & Iron .—This company proposes to issue
$1,000,000 8 per cent cumulative preferred stock, for improve charges for the year ended Feb. 29 were as follows :
ments, to holders of the $10,000,000 common stock. Privilege
.
1887-8.
1886-7.
$649,314
of taking at, 90 will be offered first to holders of common stock Gross earnings.....- - - - - - ........................................... $714,101
Operating
expenses
and
ta
x
e
s.................................
385,026
375
763
of record June 27, payable one-third in present common stock
at $30 per share and the balance in cash. This plan would Net earnings................................................................. $329,075
$273,551
retire about $1,000,000 common stock.
Texas & Pacific.—The committee of reorganization of this
company have practically completed their work, and have
Hnrnlna
$197,234
$171,876
authorized the distribution of all the new stock and securities
by the Farmers’ Loan & Trust Company of New York com . Southern Pacific Company.—The following is a compara
mencing on the 7th of May. The Hon. John C. Brown will tive statement of the earnings, expenses and fixed charges of
be the President of the company residing on the line, and as this company for February, and from January 1 to Febru
he is now the sole receiver, the receivership will be allowed to ary 29. The total mileage is 5,576, agaiast 5,451 last y ea r:
stand for a short time longer in order to close up certain details
„
•— 7~ / * bruary---------- ' ------Jan. 1 to Feb. 29.
,
of the reconstruction. Mr. Jay Gould will act as chairman of
Gross earnings—
1888.
1887.
1888.
1887
the executive committee, thus securing amity with the Mis Pacific system ..............$2,542,875 $1,570,830 $4,873,873 $ 3 ,3 3 1 6 8 4
Atlantic system ......... .
919,916
668,820
1,835,683
1,411,018
souri Pacific system.
g ross..............$3,462,791 $2,239,650 $6,709,556 $4,742 702
Wabash.—Notice is given to holders o f Wabash certificates NetTotal
*
issued by the Central Trust Company that six months’ inter Pacifieearnings—
system .............. $897,076 $510,328 $1,579,898 $1,147.472
est due May 1, 1888, will be paid on that date at the Central Atlantic system ............
255,091
82,783
504,745
239,964
Trust Company, No. 54 Wall street, according to the reorgan
ization agreement o f November 21, 1887.
Total net
......... $1,152,167 $593,111 $2,084,643 $1,387,436
leased lin e s ...
47,724
95.449
’
—The receivers’ accounts for the month o f March show gross Rentals
R eceipts other sources.
27,362
66)861
receipts ;of $678,499; expenses, $694,677; deficit, $16,178Total net in c o m e ... $1,227,253
............ $2,246 953
J.alance of cash.on hand, M a rcel, $243,765; balance, March
2,555,582
"Fixed charges.............. 1,270,868
olj $2«7)587l
T oledo Peoria & W estern —President E. F. Leonard of the
Toledo Peoria & Western Railroad has made a statement of
his company’s condition to the security holders. When all
claims by reason of the accident at Chatsworth in 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 o f operation, and for improvement, renewals and
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 o f the require^ f i 8noAAhe c?mpany to me®fc} ts 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 by the United
btates Court, and for other purposes. These $424,000 bonds
wfil be offered for sale on May 24 by the Auditing Committee.
0* °$"
be received at lees than 67^ per cent for each bond
ha??"75fowi„"'f',C‘IOII'~ The
RaUWaV A 'Je IeCml'g
“ When the year 1887 closed with the extraordinary and
unprecedented record of having built nearly 13,000 miles of
railwaysi, it had a ready become the settled belief that rail
way building had been greatly overdone and that the present
year would witness an almost complete stoppage of enter
prise in that direction This opinion still seems to generally
prevail, and is frequently expressed in conversation and in the
newspapers, so 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 ?he
first three months of 1888 more miles of track were laid
£? J greai ein r fipibbr
lines and in a greater number of
btates and Territories, than, according to our record, where
laid during the same period in 1887, the assertion will proba
bly be received with surprise if not incredulity. It is how
ever, true, as the following summary of track-laying’ from
U
1 A pnl
compiled from the detailed records in
firs office shows :
Slates.
Lines. Miles.
i
7
17
9
West Virginia........
"i
10
V irgin ia..............................i
6
• North Carolina.......".*.*. i
19
"South Carolina........
1
15
Georgia...............................5
113
Florida................... . . . . . . " 1
15
Alabam a.................. .,)))) 2
48
Louisiana......................’ *’ 3
60
Tennessee...........................2
50
K entucky.........
4. 72
Ohio .................... ."."I!!!!" 1
24
Illinois......... ....... IliH III 1
58
Wisconsin.. . . . . I I I " " ! ! ! 1
33
Connecticut....................
N ew Y o rk ............ .. .
2
Pennsylvania. .. . IT!) 111 ! 1
Stales.
Lines. Miles.
Minnesota...... ................... 1
21
Kansas ......................... *" 1
Missouri....................
2
A rkan sas................. III!!! 2
54
33
35
35
N e b r a s k a ................3
T e x a s ..... .........
"
5
Colorado.................... HI!) 2
Montana.........................’ ’ 1
California ........... II. II. 6
New M exico................ 11II 1
Washington Territory! II l
Oregon............................. j
Total in 28 States . . . 54
Same period in 1887 in
25 States......................49
112
38
16
78
83
15
20
1,096
1,040
& ®®»Vllle^-rThis company has placed through
i5rS^ f ‘ fW li!Pu’ <<ol8t.on & Co-* of Baltimore, $400,000 new 6
S S t/ 1? i i b0rndS ? f the Noi th We8tern
Carolina R.
Anrti W f t 01- f 18-8ue-’ f thf . rate of $15,000 per mile, due
* n w’ MiUh Pr,lnciPal and interest guaranteed by Richt h e r e tr e m in ^ n V
T h * ° i ? rt-g a g e f ? r ¿ he8e b o n d s P r o v id e s f o r
mflerdiieTn
Q69f and
T rfor
° ldnew
1S8Ueof
$500,000 (at $30,000 per
mue;,
due m ^1903,
construction.
Richmond
& Danville
Extension
Company.—This
Company has declared the fifth dividend of 13-65 per cent
sts
owns
Net p rofits.............. df.$43,615
df. $308,629
‘ Includes int., rentals, additions and betterments, Cent. Pac. ¡ruar.
taxes and T7. S. dues.
*
•'
Western New York & Pennsylvania.—This company
gives notice that it will pay $16 67 in scrip for coupons
maturing April 1, 1888, on its second mortgage bonds, at its
office.
Union P acific.—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
board was the election of Samuel Carr, Jr., to fill the vacancy
caused by the 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 explanation by President Adams, passed. Presi
dent Adams, in response to inquiries from stockholders, stated
that it was the purpose of the directors during the ensuing
year to pursue a very conservative course with reference to
new construction, and that at present no new lines were under
consideration.
—Trustee Frederick L. Ames of the Union Pacific
land grant mortgage advertises for proposals to sell him
bonds sufficient to absorb $1,095,000, on or before April 30.
Grand Trunk o f Canada.—A full synopsis of the annual
report of the Grand Trunk Railway, issued ia London on
Tuesday, has been received at Montreal. In it is included
the accounts of the Northwestern & Hamilton, recently ac
quired. The net receipts of the Grand Trunk for the year
1887 were £647,956, against £595,697 last year. After de
ducting pre-preference charges, amounting to £483,109 8s. 6d.,
and interest on the bonds o f the controlled and subsidiary
lines acquired by the company, amounting to £33,949 18s.
lid ., the net revenue balance on the half year is £338,796 3s.
3d. This, added to the balance for the last half
year, gives a total of £340,839 13s. 9d., which pro
vides for the payment of a full dividend for the year ended
December last of 4 per cent on the guaranteed stock and first
preference stock, together with arrears of dividend on the
latter stock for the half year ended June last, and the pay
ment of a dividend on second preference stock of 6s. 8d. per
cent for the half year ended December last, or at the rate of
13s. 4d. per cent per annum. These payments absorb £340,749
0s. 5d., leaving a balance of £90 13s. 4d. to be carried forward
to the next half year.
There was an increase in the
number of passengers carried compared with the previous half
year and an increase of £35,027 in the receipts. There was
also an increase in freight traffic of 48,507 tons and £7,096 in
money.
The working expenses were £1,371,741, being an increase of
£43,914. Though the traffic has been heavier, the remunera
tion obtained has been less. The Northern & Northwestern
accounts show gross earnings for the year £324,435 9s. Id.,
and working expenses of £392,889 7s. 7d., leaving £131,537
Is. 6d., which has been divided by the companies.
conclusion the Directors state that the workings of the
first half year led to anticipations which were not fulfilled in
the last three months. Partly in consequence of a deficient
harvest in Ontario and some of the Western States, and as
well as the loss o f the pork and dressed-beef traffic, which i®
now controlled by the Vanderbilt system, and the undue
petition on the part o f American lines on rates o* traffic for
export to Europe, the receipts during the latte-fart of the year
were of a disappointing character, thp •*eekly decreases in
some cases exceeding $100,000. N^ning is carried forward
to next year. The directors a,d engaged in the conversion
into perpetual 4 per cent® of the consolidated debenture stock
of the various securities held by the company, allotments
being made at £97 per £100 o f the debenture stock,
[Vol. XLYI.
THE HHBON1CLE.
5£0
vM poxtB
UNION
m &
PACIFIC
AN N U AL R E PO R T PO R TH E
YEAR
RAILW AY.
E N D IN G D ECEM BER
81. 1867.
¿1
i
.
nf the road8 of the Union Pacific Railway Co. (1,824-06 miles) and a n x d i a r y linea
^h e Union Pacific system is composed of the roads
M ^
^
q£ ^
0regoI1 Raiiway & Navigation Co. (752 1
(2,939-89’ miles). The system has a total length of
^
though leased respectively by the Oregon Short Line and
miles) and of the St. Joseph & Grand Island system (
5
L
g
included in the above mileage, each of those
the Union Pacific, are not treated as belongmg to the Union racin c sysie ,
properties having an independent management,
EARNINGS AND EXPENSES.
_________
Union P acific System.
A u xilia ry Lines.
Union Pacific B ailway Company.
1886.
1886.
1887.
$9,011,677 07
6,747,145 29
68,474,053 30
6,673,809 11
$28,557,765 69
16,616,761 12
$26,280,185 89
16,359,580 23
3,120,361 47
597,654 45
$2,264,531 78
486,385 48
$1,800,244 19
454,979 09
$11,941,004 57
1,050,971 42
$9,920,605 66
1,052,633 5 4
$7,522,707 0 2
$1,778,146 30
$1,345,265 10
$10.890,033 15
$8.867,972 12
$9,111,886 85
E xpense ratio (excluding tax es)...........E xpense ratio (Including ta x e s)............—
50-49
53-38
54-40
57-75
74-87
80-27
78-76
84 T 3
5819
61-87
62-25
66*26
1,832-45
2,798-75
4,622-81
~ 4509-20
1,824-06
2,676-75
A verage miles o f road under operation ..
Gross earnings....... .
Operating expenses.
T a x e s .—. ....... —
N et earnings.
1887.
1887.
1886.
$19,546,088 62
9,869,615 83
$17,806,132 59
9,685,771 12
” $9,676,472 79
564,585 94
Gross earnings per m ile o f r o a d .. . . . —
Operating expenses per m ile o f road .......
i $5,828 12
3,628 0 4
$10,715 71
5,410 80
$9,717 12
5,285 70
$3,219 89
2,410 77
$3,165 80
2,493 25
$6,177 58
8,594 52
$5,304 91
309 52
$4,431 42
326 15
$809 12
173 78
$672 55
169 97
$2,583 06
227 34
$2,200 0 8
233 4 4
$4,105 27
$635 34
502 58
$2,355 72
$1,966 64
$4.995 39
T axes per m ile o f roa d —. . , ............
N et earnings per m ile o f road ............
f i n a n c i a l r e s u l t s o f o p e r a t io n s o f t h e u n io n p a c i f i c s y s t e m .
The following table shows the financial results o f the operation of the system :____________
I ncome :
|$28,557,765 69
Earnings, entire system ..............
E xpen ses............... — ..................
$1 6,61 6,76 112
1,050,971 42
Taxes.................................
Surplus earnings.
$26,280,185 89
$16,359,580 23
1,052,633 54
17,412,213 77
255,518 77
$10,890,033 15
$8,867,972 12
$2,022,061 03
65
93
57
96
140,532 44
2,887 99
$11,936,489 16
$10,543,276 23
$1,393,212 93
$5,134,565 62
160,153 16
113,490 40
,197,731 25
67,223 95
587,670 00
38,979 13
14,674 23
591,965 00
56,773 07
5,867 24
890,019
13,015
670,341
101,926
1,030,552 09
15,903 92
E xpenditure :
Interest on bonds (details in incom e account o f
the com pan y).....................................................
D iscount and interest........... ._— ......................
D iscount on Ponds sold, premiums, &c —
C om pany's sinking fund requirements (details in
incom e account o f the com p an y........................
L and expenses, U nion D ivision....... ...............
Band Taxes, U nion D ivision.............. .
—U
L oss in operating Leavenworth Topeka & South'
w estern R a ilro a d ..................................................
P rofit and L oss.....................................................
Other Charges A gainst I ncome :
Colorado Central in t e r e s t ...............................
“
“
dividend...............................
Denver & Boulder Valley interest.................
D en ver Marshall & Boulder in t e r e s t ...... . .
D enver South Park & Pacific interest.. . . . . . .
G olden Boulder & Caribou interest------ ,----Junction City & Fort Kearney interest.—. —
Kansas Central interest........., ........... - ........
.Law rence & Em poria interest................... . . . .
Omaha & R epublican Valley interest............
Oregon Short Line interest.............................
Salma <fc Southwestern interest.—. . , ............
Salina L incoln & W estern in terest,...............
Solom on interest.................................. ............ .
Utah & Northern interest......... ..............——
11,721 76
198,049 62
$5,480 00
$5,480 00
52 00
38.500 00
10,100 00
133,680 00
4,800 00
76,450 00
27,900.00
140 00
895,860 00
32,400 00
31,140 00
34.500 00
40,250 00
1,331,372 00
$7,578,954 16
Total.,
Surplus to this p o i n t ...—. . . . .
Less United States requirements.
B alan ce............................................... ...............-- -A dd am ount received from Trustees Kansas P a
cific consolidated m ortgage ©n interest acc t ..
Sea
‘
a
B alance applicable to dividends..................... .
$3,151,879 16|
117,850 00
$3,169,729 161
$670,341 57
101,926 96
$63,165 63
$92,929 21
113,490 40
4,295 00
17,793 94
8,806 99
11,721 76
198,049 62
52 00
38.500 00
841 67
133,680 00
4,800 00
6 8 ,e i2 50
11,160 00
27,900 00
140 00
889,755 00
32,400- 00
10,380 00
34.500 00
40,250 00
120 00
Decrease.
$2,277,579 80
17,667,732 54
In com e from investm ents outside o f tlie system ..
P roceeds miscellaneous land sales.............. .
Profits on investments, premiums, & c............ ........
Profit and loss...............................................................
T otal incom e.
Increase.
1886,
1887.
9,258 33
r,837 50
11,040 00
6,105 00
20,760 00
1,298,399 17
$32,972 83
$7,229,681 44
$349,272 72
$3,313,594 79
808,032 80
$1,043,940 21
397,623 04
$ 2 ,505 ,561 99
$646,317 17
21,113,600 00
$1,095,750 00
$3,619,161 99
$449,432 83
1 Interest received from bonds held in trust.
.
,
. ....
2 O f this am ount, $1,041,300 w ere derived from land sales and $72,300 from interest on bonds held in trust»
* to«, this table it appears that the balance applicable to dividends on December 31, 18S7, was $3,169,729 16, or 5-20 per
cent upon the ~*t)ital stock of the Union Pacific Company.
■
*y
. ,T .
In the last annum report it was stated that negotiations for the leasing of all the property of the Oregon Rai way
'
gation Company by this Cc~>pany through the medium of the Oregon Short Line, had then for a number of inon
“
going on. The terms o f the lease were finally agreed upon on the 11th day of April, immediately succeeding the las aj*n
meeting of^this Company, and have been approved by the boards of directors o f the Short Line, o f this Company, an o
e
Oregon Railway & Navigation Company,
A P R IL 38, 1888.J
THE CHRONICLE.
't
4
54:11
A t a later period in the year negotiations were entered into between the representatives o f yonr Company and those Of
the Oregon Railway & Navigation Company and the Northern Pacific Railfdâd Company, with a view to modifying in vari
ous essential respects, the original terms o f the lease, and also enabling the Northern Pacific Railroad Company to participate
in the advantages thereof. This result, if brought about, it Was hoped, would remove the danger o f serious complications
resulting from the completion o f the Cascade Division o f the Northern Pacific, which gives that Company an independent
OTitlet to tide-water at Puget Sound. Conclusions of a satisfactory character were reached in January, and duly approved
by the boards of directors o f the Northern Pacific and o f this Company, at meetings held respectively on the 17th and 18th
o f 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 actèd upon by the Board of Directors of thé
Oregon Raüway & Navigation Company, sitting at Portland. They have informally signified that the arrangement wâs ohé
Which did not appear to them to be conducive to the interests of the corporation o f which they are directors, or o f thè com
munity in which they live. It is confidently believed that these objections will be removed at an early day, and that thè
joint lease will be ratified by all parties concerned, so as to take effect on the first day o f July next.
In the intérim the Railway & Navigation Company is operated under the terms o f the lease of Jannary 1,1887, as a iòlht
Property with the Oregon Short Line. The lease, though defective in certain respects which will be provided for in a stip.
plémentary agreement already perfected, has proved highly advantageous both to the Oregon Short Lme 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 o f the Railway & Navigation Com.
pany and the rental provided in the lease. It may, therefore, on the face o f 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 o f revenue earned by the leased linei
themselves, over and above all operating expenses and fixed charges, as the control o f 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.
T ï re£te<? ° Ver tiie tracks owned
yonr Company, it is, because o f the distance it is carried and the regularity with
whioh the business can be conducted, traffic o f the most profitable description. A close examination of the returns of the
Oregon Short Line and o f 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
roads would deny. Neverthless your directors call attention to it, for the reason that during the recent investigation by
® *** ® States Commissioners, there was no feature o f the Union Pacific system which was more questioned, or which
had to be so laboriously demonstrated. By a portion o f the Commission, at least, the ground was openly taken that no branch
or leased line can, save under most exceptional circumstances, be 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 i s own iron. Your attention has already been called to the fact that in the case of the Oregon Railway & Navigation
Company the bulk o f interchanged traffic, both passengers and freight, is hauled 1,400 miles over the tracks of the lessee com^ value o f the traffic thus secured to the Oregon Short Line and Union Pacific nowhere appears as a separato
item in the returns. The same is true, though in less degree, o f all the branches and connecting lines owned and operated as
part o f the Union Pacific system. An examination of the several returns o f 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 o f the Denver South Park & Pacific, there was probably no one o f them the traffic o f which
over the mam lines of your Company did not return to it a profit in excess, and often largely so, o f any deficit which had to
S f , value of this branch line traffic to the main line, irrespective o f all branch line earnings, has in the case o f the
Union Pacific been recently estimated by the Comptroller, as the result o f careful investigation, at not less than $5,000,000 a
year. (Testimony United States Pacific Railway Commission, voi. 3, p. 899.)
During the year, owing largely to the lease o f the Oregon Railway & Navigation Co., the value o f the Pacific coast traffic
greatly increased, the revenue from it amounting to $3,418,866 46, as compared with $1,893,688 79 in 1886, an increase o f
80 per cent.
Local business has not shown a proportionate growth. This to a considerable extent has been due to the drought which
prevailed m Kansas and Nebraska during July and August, which proved so destructive that, as will be seen by reference to
t e classified table o f freight movement herewith submitted, the tonnage o f 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.
The revenue derived from the local traffic o f the company was also seriously affected during nine months of the year by
the operation of the Inter-State Commerce act, which necessitated, after April 1, 1887, almost a complete re-arrangement o f
tariffs. Your directors do not propose to discuss at this time the practical results which have followed the enforcement o f
the provisions of the law in question. It would even yet be premature to do so. Meanwhile, the returns do not indicate
that the provisions o f the act have borne more heavily upon the Union Pacific system than upon railroads in other sections
o f 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 freight business, excluding commercial coal, was $11,566,773 80 in
1887, as compared with $11,964,459 53 in 1886, a decrease o f 3-33 per cent.
Under the restricting provisions o f the Inter-State Commerce act, as nearly as can be ascertained, about one-half, or 45
per cent, of the free passenger travel, exclusive o f employes, has been cut off. This amount of travel at full tariff rates
would represent about $350,000 a year ; it may be estimated that the annual revenue o f the company was increased by onehalf that amount, or $135,000, through the limitation o f 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 o f the financial operations o f the year, the funded debt has been decreased $1,788,473 50 while the bal
ance o f cash assets over the sum o f the floating liabilities has decreased $949,500 63, making for the year a net de
crease of liabilities, both funded and floating, of $838,971 88.
A large amount o f new equipment, both motive power and cars, is required to accomodate the rapidly-increasing traffic
o f 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 o f any means now at
command. Your directors have, therefore, decided to issue ten-year notes o f the company, secured by a trust covering the
new equipment in part purchased by such notes ; follow ing 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 8, 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 the most approved plan, has accordingly been prepared, and recorded in conformity with the laws o f
THE CHRONICLE.
542
[V ol.
XLVL
the several states and territories in which the Union Pacific owns and operates roads. The first series of notes under thi
trust will be issued and disposed of during the current year. These notes, or their proceeds, can be applied to no other pur
pose than the payment for the new equipment, to purchase which they are issued.
.
During the year the company has increased its investment and permanent improvement accounts $6,818,794 34, 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 o f 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 materia
account.
,
It had been intended, as was stated in the last annual report, to meet the cost o f all future branches and extensions by
the issue of a new series of five per cent collateral trust bonds of the Union Pacific Railway Co., offering the same in the
first place to the stockholders in proportion to their holdings. W ork was contracted for early in the year with this under
standing. In view of the constant discussion of the affairs of the company, which resulted from the investigations of the
Pacific Railroad Commission, and which continued throughout the entire summer, the times were not considered propitious
for placing a loan o f the character of that referred to. Subsequently, when the conclusions o f the commission were made
public, monetary conditions were unfavorable. U n d e r these circumstances the securities representing the construction of
new branches and connections, which would have formed the underlying security o f the proposed collateral trust loan,
were placed in the treasury of the company, where they now are ; and the outlay they repre sent has in part been carried as
a floating liability. Whenever an adjustment shall be reached as a result o f the labors of the Pacific Railroad Commission
the bill now pending before Congress becomes a law, or whenever the financial conditions are favorable for the negotiations
Of securities, the loan in question can be placed, and the company put at once on a dividend-paying basis.
A t present little new construction is going on, whether upon the existing system or contemplated new lines. Neither is
it proposed to enter upon such construction until either a settlement is effected with the Government or some general finan
cial plan is adopted for meeting the cost of such work in advance of entering upon it.
FUNDED AND FLOATING DEBT OF THE UNION PACIFIC SYSTEM.
The following table shows the condition of the funded and floating debt of the entire Union Pacific system, its mileage,
etc., on June 30,1884, December 31, 1884, December 31, 1885, December 31,1886, and December 31, 1887, respectively :
June 30 ,188 4.
Dee. 31, 1884.
Dee. 31, 1885.
Dee. 31, 1887.
Dec. 31, 1886.
96 $147,004,611 29
Funded debt o f the system in tbe bands o f the p u b lic ... . . . . $146,588,427 87 $144,649,047 50 $144,788,958 53 $148,233,092
586,300 00
637,300 00
2,147,450 00
1,958,032 50
3,467,487 50
A d d bonds o f U nion Pacific R ailw ay Co. in treasury o f C o..
$147,590,911
29
$148,870,392
96
$148,546,460 37 $148,116,535 00 $146,936,408 53
401,689 11
l,35 1,lfe9 73
1,861,445 40
3,237,696 53
6,900,177 95
$147,189,222 18
T otal funded and floating debts........... - ............................... $155,446,638 32 $151,354,231 53 $148,797,853 93 $147,519,203 23
4,771-1
4,594-4
4,519-5
4,476-4
4,419-8
$35,170 51
$33,811 59
$32,923 52
$32,108 4 s
$30,850 17
Accounting, therefore, the bonds and other securities of the company held in its own treasury as bonds “ afloat”—that
is, issued—the changes between June 30,1884, and December 31,1887, have been as follow s:
. . . $955,549 08
Decrease in funded debt................................................................................................................................................................................................
. . . 7,301,867 06
Decrease in net floating d eb t............................. - ........................................................................................................................................................
. . . $8,257,416 14
T otal decrease in d ebt.............................................................................................................................................................................................
...
351-30
Increase in m iles o f ro a d ............ —................ .........— ........... - ......... - ....................- ........................ —........................................ *.......................
$4,320 34
Deorease in debt per m ile o f r o a d .. ......................... I............................................................................................... *......................................
«• *
BALANCE SHEET.
* The total net income of the company from all sources, including 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
o f $5,580,079 59 in the investment accounts of the company (representing chiefly the cost of bonds and stock received in pay
ment of advances to branch line companies for construction), and of $1,238,714 65 in the new construction and equipment
accounts, an aggregate increase of $6,818,794 24. [See balance sheet at end o f this report on next page.]
FLOATING DEBT.
A t the close of the year the company had $3,335,000 notes payable outstanding, which, with other liabilities, made an
aggregate gross floating debt o f $7,464,443 04, an increase of $1,749,309 22 as compared with the similar debt on December
81, 1886. The cash and cash resources of the company properly applicable to the reduction o f the gross floating debt
exceeded that debt on December 31, 1887, by $401,689 11 compared with a similar surplus in cash resources on December 31
1886, of $1,351,189 73. The balance of cash resources over liabilities therefore decreased $949,500 62 during the year.
By reference to the statement of floating debt it will be observed that the resources o f the company applicable to the
payment of the debt include an item entitled “ Bills and Accounts Receivable,” amounting on December 31, 1887, to $6,273,955 62, an increase during the year of $782,728 29. The item as it is now constituted embraces the following accounts:
Notes receivable.................................................................- ..................
Station Agents and Conductors and Freight In transit.................
R ailroad Companies outside o f the System, and hills collectible
Railroad Companies within the System ........................................
Stone and Coal D epartm ents...............................................................
jfd3X. M iscellaneous..........................................................................................
ftSEi-
T ota l.................................... - ............................................................
$316,233 84
688,017 00
2,506,492 91
1,990,256 28
174,784 08
98,171 51
$6,273,955 62
The balances due from railroad companies outside o f the system, and on bills collectible, all o f unquestioned value, have
increased during the year $387,550 78; and the balances due from railroad companies within the system, chiefly the Oregon
Bhort Line and the Omaha & Republican Valley, show an increase o f $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.
The difference between the decrease in funded debt afloat ($1,788,472 50) and the decrease in cash resources over liabili
ties ($949,500 62), or $838,971 88, represents the actual improvement during the year in the condition of the aggregate funded
and floating debt of the company, excluding the debt due the United States.
THE CHRONICLE
April 28, 1888. J
FLOATING DEBT JUNE
June 30, 1884.
Liabilities.
B ills p ay ablei.....................................
A ccou nts p a y a b le ..............................
Pay-rolls and vouchers2...................
Dividends unpaid...............................
Coupons unpaid 3...................... . ......
Called b o n d s.......................................
Assets.
Cash........................ ..............................
Company stocks and b o n d s .............
Sinking fund in hands o f trustees A
B ills and accounts r e ce iv a b le .........
T otal................................................
$7,205,533
2,542,423
1,969,996
83,884
1,276,182
32,000
14
57
52
77
90
00
543
80, 1884, AND DECEMBER, 31, 1834, 1885, 1886 AND 1887.
Dec. 3 1 ,1 8 8 4 . Dec. 31, 1885. Dec. 31, 1886. Dec. 31, 1887.
$5,708,769
2,478,649
1,691,004
78,648
1,328,522
21,000
30 $4,115,000 00
4S
483,079 48
28 2,828,075 25
77
71,878 02
90 1,263,017 90
00
50,000 00
00
77
01
02.
24
00
$3,335,000 00
125,659 68
$13,110,020 90 $11,306,594 73 $8,811,050 65 $5,715,133 82 $7,464,443 04
$1,749,309 22
$1,192,070
2,072,353
32,000
2,913,419
86
09
00
00
$6,209,842 95
$712,962
3,578,159
159,110
3,618,665
90
76
15
39
$294,036
3,992,746
69,807
1,262,544
96,000
09
22
27
24
00
$3,335,000
419,695
2,490,337
24,641
1,172,769
22,000
1887 and 18S 6 Compared.
Increase.
Decrease.
$1,502,409 *21
45,166 25
89,775 00
74,000 00
$725,887 15
2,313,918 60
$806,457 90
768,638 32
$853,796 02
738,380 51
$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
$30,257' 81
Net floating debt................................. B$6,900.177 95 5$3,237,696 53 $1,861,445 40
Cash and cash resources, bala’ce o f
$1,351,189 73
1 This account covered the actual notes o f the com pany on w hich it
w as borrow ing money.
2 The increase in this account Dec. 3 1 ,1 8 8 6 , is due principally to the
registration in 1885 o f ta x vouchers payable in the early months o f the
succeeding year, and vouchers fo r m aterial to be used in the construc
tion o f the Omaha bridge and extensions o f branch lines.
3 Includes fu ll amount o f coupons due on follow ing day.
COMPARATIVE BALANCE SHEETS DECEMBER
December 31 ,188 6.
$401,689 11
$949,500 6 2
4
Includes notes receivable held b y the com pany, advances to Utah.
Central R ailw ay Co. fo r purchase o f steel rails, open accounts at Omaha
against other railroad com panies and individuals, and advances to
branch lines on current account.
b The amount found due the United States by the Court o f Claims, on
earnings o f past years, $916,704 02, is not included at these respective
dates.
31, 1886, AND DECEMBER 31, 1887.
L iabilities .
Decem ber 31, 1887.
Year 1887.
Increase.
$88,768,277 50
6,799,150 00
$38,130,481 02
22,459,727 56
$60,868,500 00 Capital S tock..............................................................
Funded Debt............................................................... $86,979,805 00
Less Am ounts held in the Kansas Pacific Consol
idated M ortgage Trust..........................................
C,799,150 00
81,969,127 50
33,539,512 00 United States Six Per Cent Currency Bonds.
Interest on United States B ond s......................
Less Am ounts repaid b y the Company..........
$40,142,851 74
23,779,107 45
15,670,753 46
Floating D ebt..........................
" " 7 5 8 ,4 9 2 ’ 97 Interest accrued not yet due.
Income Accounts: —
General Incom e........................... .
Incom e used fo r Sinking Funds.
Land and Trust In com e............ .
$16,915,421 06
3,568,598 78
19,828,518 82
$40,312,538 66
Less D eficit o f United States Requirements as
com pared with A ccrued Interest on United
States Bonds, February 1 ,1 8 8 0 , to date...........
3,087,964 74
$7,609,397 75
3,640,230 25
552,265 51
44,281,706 16 $7,057,132 24
$235,961,586 89 $5,930,627 04
Investments: —
Bonds and Stocks o f other R ailroad Co’s . ..
$39,697,250 76
Bonds and Stocks o f 8teamship, Coal and other
Companies, and County Bonds...................."...
2,543,910 75
Bonds and Stocks o f R ailroad and other Com
panies held in the Kansas Pacific Consoli
dated M ortgage T rust........................ ...... .........
3,217,250 00
Miscellaneous Investm ents..................................
751,098 02
Advances to A uxiliary Companies payable in
Bonds and Stock............................................
4,570,428 13
3,217,250 00
755,749 93
5,697,670 44
$31,023 53
$47,921,936 41
$161,283,688 21
2,617,411 75
$692,990 83
3,550,986 93
587,670 00
3,470,740 82
Cost o f R oad and F ixtures..................................... . $155,071,529 44
Construction Expenditures since Consolidation.
3,205,015 73
3,402,611 39
E quipm ent Expenditures since C onsolidation...
Omaha Bridge Im provem ent................. .1 ........
843,246 30
$32,911,775 95
$1,788,472 50
$2,012,370 72
1,319,379 89
$20,466,407 99
4.156,268 78
23,299,259 64
A ssets.
42
37
34
08
80,180,655 00
33,539,512 00
16,363,744 29
$230,030,959 85
$155,068,291
2,399,325
3,173,842
642,229
$1,788,472-50
" "7 2 7 ,4 6 9 * 4 4
37,224,573 92
Decrease.
$60,868,500 00
45,199,858 07
$3,238
805,690
228,769
201,017
02
36
05
22
$162,522,402 86 $1,238,714 65
$6,785,474 81
$73,501 00
4,651 91
1,127,242 31
50,779,937 66 $5,580,079 59
1,351,189 73 Cash and Cash Resources, Balance o f ..............
Bonds and Funds held in Denver Extension
638,638 95 Sinking F und........................ ...................... ......
Sinking Fund fo r Benefit o f Creditors o f the
Kansas Pacific R a'lw ay Co ..............................
68,847 87 Collateral Trust Sinking Funds...............................
Balance in Hands o f Trustee Union Pacific Sink
ing Fund M ortgage................................................
2,889,218 35 Fuel, Material and Stores on H and.......................
18,599,518 67 Land Contracts, Land Cash, etc............................
$230,030,959 85
odCE
401,689 11
$949,500 62
759,042 69
$120,403 74
56,372 04
67,117 44
56,372 04
796 22
1,632,104 82
19,742,124 05
796 22
1,730 43
1,142,605 38
1,257,113 53
$235,961,586 89 $5,930,627 04
the Missouri Kansas & T exas R ailw ay Co. A t the same time he asserts
that he w elcom es a change in the m anagem ent and is disposed to co-op*
erate w ith any parties w ho can render m ore efficient service to the Com*
OPEN LETTE R OF TH E COMMITTEE OF SECURITY-HOLDERS.
pany than he and his associates have been able to do.
N e w Y o r k , A pril 24th, 1888.
W e shall also assume for the present that he is sincere in the statem ent
To the B oard o f Directors o f the M issouri P acific Railway Company.
that he has rendered efficient service to both corporations. B u t inas
Gentlemen—A com m unication addressed to y ou by your President m uch as the relation between the lessor and the lessee Com pany, if n ot
and published in the New Y ork papers o f the 20th instant challenges an necessarily one o f antagonism, is, to say the least o f it, one in which,
analysis and criticism at our hands, a com m ittee o f the security-holders conflicting interests m ay very naturally arise, it seems to us that th e
of the Missouri Kansas & Texas R ailw ay Company, inasmuch as it im question o f the efficiency o f that service should not be left w h olly to the
plies a stricture upon our m otives and casts im putations upon the prop judgm ent either o f an executive officer or o f a board o f direction w h ich
erty w hich w e are endeavoring to protect.
represents prim arily the interest on ly o f the lessee Company. I n tha
Y ou r President, Mr. Gould, w h o is also President o f the Missouri Kan face o f the fa ct that notwithstanding the “ efficient” services o f y ou r an d
sas & Texas Railw ay Company, refers to the fa ct that fo r eight years he fo r the present “ our” President, the securities o f the M issouri Kansas «ft
has without a dollar o f salary given his tim e and attention to the affairs Texas R ailw ay Company have suffered a decline w ithin the past tw o
of “ that com pany.” This phrase leaves it som ewhat in doubt whether years—as to the first o f the present m ortgages from 116 to 90; o f tha
it is the Missouri Kansas & Texas or the Missouri pacific to w hich he consolidated 6 per cent m ortgage, from par to 6 0 ; o f the con
has devoted his constant attention, but we- w ill assume that he means solidated 5 per cent m ortgages from 87 t o 51, and o f the stock from
MISSOURI KANSAS
& TE X A S RAILW AY.
544:
THE CHRONICLE.
[VOL, XLVI*
J39 to 1 1 - it is not unnatural that the security-holders o f the lessor Com- business running into the fertile lands o f Texas from the North and E ast
and Northwest over its lines, and which has not fallen off.
;p an y should feel some m isgivings as to the safety o f the interests which
Y our President, therefore, w ell inform ed as he usually is upon all sub
c^re thus w holly intrusted, not only as to the physical possession of the jects concerning railw ay m anagem ent and the causes that influence rail
w
ay earnings, must, partly perhaps b y reason o f his long absence from
p ro p e rty , hut also as to direction o f the financial affairs o f tne Company,
the country, have been seriously m isled as to the -first cause to w hich he
the officers appointed hy a preponderating interest in the stock and attributes the diminished earnings o f theJMissouri Kansas & Texas R ail
w ay Company.
'dtonds o f the lessee Company.
The second cause upon whioh he assumes to account fo r this extraor
I t is true that during the same period o f time there has been a consid
dinary condition o f affairs is the construction o f three new lines o f rail
e r a b le decline in the stock o f the lessee com pany—the Missouri Pacific— road into Texas. Tw o of these lines have, how ever, been constructed
S )»t it is material not to overlook the fa ct that no corresponding decline for such a period o f time that they are not properly to ho regarded as a>
the m ortgage securities o f the Missouri Pacific R ailw ay Company has new cause or influence to account for the difference o f condition be
tween the 1st o f January, 1887, and March, 1888. Only one o f the lines
taken place during the same interval, and it is significant to note that to whioh your President refers has by new construction made any Inroad
th e larger decline o f the stock o f the Missouri P acific R ailw ay Company into the business o f the com pany within the past thirteen months, and
com m e n ce d only when concerted action on tne part o f the Missour1 under all the circumstances it is n ot conceivable that any o f the new lines
have caused a serious diversion o f the well-established business o f a line
yanaafi & Texas R ailw ay Company stockholders was imminent hy so thoroughly equipped and so efficient as the Missouri Kansas & T exas
reason o f their evident restlessness as to the safety o f their ow n posses Railway.
The third cause w hich your President assigns for the changed financial
sion s.
Y ou r President, Mr. Gould, states that since December, 1880, there condition o f the Missouri Kansas & Texas Railw ay, as com pared w ith its
condition as sworn to hy his own Secretary in December, 1886, is the des
lia s been expended about $2,500,000 fo r la y in g the Missouri K a n s a s * perate attack led hy Mr. E. E llery Anderson on behalf o f the incom e
bondholders, which—as he puts it—almost drove the corporation “ to the
T ex a s track w ith new steel rails. So large an expenditure for better
xuent o f permanent w ay should have reduced m aterially the cost o f wall.” A w ord o f explanation in relation to this matter is here in place.
The incom e bonds, together with the scrip representing past due coupons,
m aintenance and operation, and y et w e are confronted with the fa ct were claimed b y the creditors to he continuing obligations o f the Com
th a t the operating expenses, according to the report, have increased pany, w hich the lessee Company refused to recognize or pay. But at the
same time, hy its ow n peculiar method o f bookkeeping, the M issouri
tro m 58 per cent in 1886 to 72 per cent in 1887.
Pacific has, nevertheless, annually charged against the Missouri Kansas
W e are at a loss to understand what your President m ay mean b y his & Texas R ailw ay Company upon the debit side o f the account, the 6 p er
statements that “ The board o f directors o f the Missouri Kansas & Texas cent interest upon the incom e bonds w hich they had failed to pay, and
R ailw ay Company during these years has been in harm ony with that that item o f charge accordingly appears regularly upon the accounts o f
the Company precisely as though it had actually been paid.
« o f the Missouri Pacific Company,” and that “ the latter com pany has
The total amount o f the outstanding scrip at the time o f the adjust
« during periods o f light earnings made advances necessary to meet m ent was $2,800,000. This scrip had b een issued at various times com
m
encing w ith 1876 and subsequently, and including accrued interest
“ current expenses, [re ljin g upon future earnings fo r reimbursement.’
amounted to a total claim ed liability o f the com pany to the scrip hold
W e have before us the official statements o f the Missouri Pacific R ailway ers o f nearly $4,000,000. B y the terms o f the settlement m ade w ith
^Company fo r the last few years, from w hich it appears that the Missour1 the clients o f Mr. Anderson this entire obligation was discharged by the
P acific R ailw ay Company has been constantly in debt to the Missouri paym ent o f 60 per cent o f the face thereof in 5 per cent consolidated
bonds o f the Missouri Kansas & Texas Railw ay Co,; o f 40 per cent
K ansas & Texas R ailw ay Company, and there is no indication o f the in bonds o f the Galveston H ouston & Henderson R ailroad Company,
e x is te n c e at any time o f any such “ light earnings o f the Missouri and hy the paym ent o f t h e sum o f $214,000 in cash. This settlem ent
resulted in a saving to the com pany as compared with the debit entered
K ansas & Texas property as w ould require any such generous advances against it b y the Missouri Pacific Company, of upwards o f a m illion o f
as your President seems to indicate. "The harm ony o f interest between dollars on its obligations, and areduction o f the annualburden o f the in
the tw o companies referred to b y your President is perhaps sufficiently terest upon the reduced amount from 6 to 5 per cent. The settlem ent
effected an actual discharge o f upwards o f $4,000,000 of obliga
accounted fo r by printing in parallel colum ns the names o f the New thus
tions hy a paym ent o f $2,800,000 in bonds and $214,000 In cash.
F o rk members o f the present board o f directors o f the Missouri P acific
It is also proper at this point to refer to a faet which is notorious, that
»Company and the present board o f directors o f the Missouri, Kansas & the largest holder o f these incom e bonds and securities was Mr. Russell
Sage, a director and m ember o f the E xecutive Committee o f the Mis
T e x a s Company.
souri Kansas & Texas Railw ay Co. and of the Missouri Pacific R ailw ay
O fth e M issouri P acific
Company, and, therefore, the largest recipient o f the benefits o f the set
O f the M issouri K ansas <& Texas
tlement. It must in fairness, therefore, he assumed that this so-called
Railway
Company.
R a ilw iy Company.
“ driving to the w all” was the indulgence b y your President, in a m ere
J
ay
G
ould
,
J ay Gould ,
figure o f speech, inasmuch as it is s arcely conceivable that he w ould
Sidney D illon,
Sidney Dillon,
make against his long-time associate, Mr. Russell Sage, the charge that
H.
G.
M
arquand
,
W illiam Dow d ,
he becam e instrumental in driving his ow n corporation to the w all hy a
Samuel Sloan,
S amuel Sloan,
hard and unconscionable settlement with it.
G eorge J. G ould ,
G eorge J. G ould ,
The undersigned are anxious to draw the attention o f your hoard to
R ussell Sage ,
R ussell Sage ,
the fact that since the lessee com pany took the Missouri Kansas & T exas
A. L. H opkins,
A. L. H opkins,
Railw
ay property into its possession in 1881, there has been under tiie
George J. F orrest,
G eorge J. F orrest ,
direction o f the Missouri Pacific new road constructed and charged to
T homas T. E ckert ,
T homas T. E ckert,
the
Missouri
Kansas & Texas Railw ay Co. of upwards of t>00 miles, repF. L. A mes,
F. h. A mes,
r» sented hy an issue o f $18,000,000 in bonds and $25,100,000 in stock.
S. H. H. Clark .
S. H. H. Clark ,
The Missouri Kansas & Texas R ailw ay Co. cannot be in the pitiable
R . M. Gall aw ay .
i + in Whi/Vh
sooa fit,
plight
w hich unnr
vour 'PrA«ir!ATit,
President sees
fit trt
to TATvrA«P.nt
represent it.it, in the faC6
fa ce 01
o f the
I n a statement under oath, made b y Mr. Henson, Secretary o f both circulars which have been issued hy the management from time to tim e
when
these
amounts
o
f
bonds
and
stock
were
offered
for
sale.
■companies, in the B arry suit in December, 1886, he conceded that the
That the committee representing the stock and bond holders should he
M issouri Pacific R ailw ay Company w as then indebted to the M issouri anxious to know whether this enormous addition to its capital account
has been properly expended, and whether there was any justification
K ansas & Texas R ailw ay Company in the sum o f about a m illion o
dollars. H ad not the security holders o f the Missouri Kansas & T ex as for such e-xpeenditure is, it is submitted, a proper inquiry for them to
a t ib is time.
,
R ailw ay Company under those circum stances a right to assume (in make
In conclusion w e desire to state to your bom d tbafcyour President is
reliance upon the statement made b y Mr. Henson w hich revealed t h i8 misinformed in referring to us as a syndicate. W e comhineuly represent
condition after a period o f years) th at theretofore a like condition, differ European and Am erican holders o f securities o f the Missouri Kansas &
Texas Co. who are desirous, in the best of faith, to prom ote the interests
in g only in amount and that amount favorable to the Missouri Kans as of the property they represent an d to institute an inquiry as to the pass
& Texas Railw ay Company, had existed, and that, notwithstanding management o f that property and as to the expediency o f such charges
Certain large expenditures made fo r the betterment and perm anent in f in .that m anagem ent as their constituents m ay requ ire; and ahpye a li to
insist that this property shall be controlled b y a board o f directors truly
provem ents o f the Missouri Kansas & Texas R oad had been incurred! representing its -own security-holders and not b y the representatives or
this condition o f the accounts w ould not he reversed toy an increase o nominees of the ¡lessee com pany, so that conflicts of interest m ay be
operating expenses, w hen both prices o f labor and the result o f su ch fairly dealt with b y th e several constituencies o f .the companies, lessee
and lessor. W e insist that it is the right and to the interest o f the stock
perm anent im provem ent should have reduced operatin g expenses from and security holders o f the Missouri Kansas & Texas R ailw ay Go. to
have a proper representation upon their ow n board uncontaminated w itn
*>p e r cent to 10 p e r cent at least.
I t is claimed b y your President that there had been an advance m ade an adverse interest, and that they have such access to b °°k s , papers
b y the Missouri Pacific Railw ay Company o f about $800,000, not co v and inform ation as w ill enable them to make a thorough investigation
ered hy earnings, in addition to the absorption o f a m illion or more of of the affairs of the corporation without appearing at every m om ent in
dollars o f indebtedness o f the Missouri Pacific Railw ay Company to the an adverse position or bring compelled to resort to expensive and
M issouri Kansas & Texas R ailw ay Company which existed in December, tedious litigations .to assert thrir rights. A nd the comm ittee v ery
1886, and that at ¡the present m oment there is a large-debit account respectfully suggest that n o on e wall be m ore pleased than they to learn
against the Missouri Kansas & Texas Railw ay Company. Such a change R f such be the fact) that ¡the conduct o f the Missouri pacific R ailw ay
in the relations ¡of the tw o com p an ies,if it he a fact, sufficiently justified Co- under the present management towards the stock and security hold
Inquiry if not alarm on the part o f those prim arily interested in the M is ers of the Missouri Kansas & Texas Railw ay Go. has been scrupulously
souri Kansas & Texas securities; and, accordingly, th e comm ittee repre honest and high-minded; and tlie.coiuniittee will, m oreover, cheerfully
senting such security-holders instituted an inquiry in February and make such p rim e acknow ledgm ent at the conclusion of their investiga
M arcii o f this year o f the responsible officers o f the Missouri Pacific R ail tions, as will do ¡the am plest ju stice ¡to all parties ip. interest. W e also
w ay Company, and wore inform ed that at the beginning o f the year 1888 venture t o suggest ¡that no one in interest should he m ore anxious or
there was no Hunting debt o f the M issouri Kansas & Texas Railw ay zeaious for such an investigation and fo r such a certificate o f proper
dealing as is here proposed than the President and directors ot tne Mis
Com pany.
TMsextraea’dinary condition o f affairsfortheflrst.tim e officially revealed souri Pacific Go. who ha ■p e n at the sam e time to b e the President an a
___
a n d given to the public press in the recent,open letter o f your President, directors o f the Missouri Kansas & T exas R ailway Co.
Mr. Gould in his letter to you draws attention to the fa ct that before
after repeated assurances that an exactly contrary condition o f accounts
the
hooks
o
f
the
Missouri
Kansas
&
Texas
R
ailway
Company
closed,
existed, is attempted to he justified ¡upon three distinct grounds, which
certain transfers were m ade ,to gentlemen .who were m entioned as nom i
ajie -seJt fo rth seriatim in Mi'. Gould’s letter.
The first ground alleged is .the entire .failure o f the corn c ro p o n the Rpe nees fe r tile board o f direction o f the Missouri Kansas & Texas R ailw ay
o f the railw ay in Missouri and Kansas. The official statements o f the Company, show ing that.ten shares each were respectively transferred to
A gricultural D ep artm entof ¡the United StatesGovernm entwith reference some o f the different persons whose names appear on that list, in e
to the oorn crop in -that belt fo r last year shows, however, that the shrink insinuation thereby intended as to the small holdings o f these gentlemen
we suggest- With little .grace from Mr. .Gould, im sm u ch as ft
a g e In that crop amounted to less than 20 p e r cent.as compared with the comes,
preceding sea son. B e that,'how ever, as it m ay, whatever cause of this1 appears b y the stock h s tth a th is son George J. Gould, a V ice President
Character operated as against the Missouri Kansas * T e x a s Railway-Com and,director,of th e Missouri Kansas * T exas R ailroad Campany holds
p a n y was equ ally -operaWy® .as against the.Missouri Pacific R ailw ay Com hut nine s h a r e s ; H . H-Clark;. 1st yi6riP se8ide»iiW ^ '9enfef a l^Ia$ aSer»
nany. It is iuconcervahle that in .the ease o f the com pany the security holds b u t fifteen.shares.; A- 3a Hopkins- Vine President -And ffirifip®1 fit
the E xecutive -Committee holds but five shares; Thomas T. E ckert,
_______ dfSVhichxveiepresent'this failure o f crop should have T e s u i t e d i n
th e ' "trramsmutation of.a.condition o f -prosperity in ton n e of indebtedness, another-of the .present-direotors ¡holds two shares ; M r.R . M .G ailaw ay ,
and,om the o th e r hand in the case,of th e o th e r oom pany.lees'ies.in the. another present director, holds ¡fen .shares., and M,r. .-Sidney iRUon»
sim ple diminution o f a dividend fro m 7 to 6 percent. A nd there is the. another o f the ¿h ectors, b oid sn is o the yam am ount.of two shares o f tim
Kansas & Texas R ailw ay Company's stock. .. . . .. ,
greater force in this suggestion 'in v ie w o f th e fa ct that, as t o the main Missouri
A t all events the proposed new -directors, ¡however slig h t th eir record
errprinoipiil caiwe o f th e ¡altered- .coudition of-ciri umstaiiees—that is the
holdings,
have n o preponderating in te rn e t .blithe Missouri p a cific R am
failure>oi theflttHn-.erop-1theM issouri P acific R ailw ay'C om pan yis .more
largely .dependent on that crop fo r the yofu m en f its freight traffic than w ay Company,which migut.nheet thrinariihm tdiw ds.m ejtiust eg^qt& a
to
me
-confided
to their charge. R espectfiuiy, W . L.
.jMmrtena»
th e Missouri Kansas & Texas -Railway Company, w hich derives it s
principal revenue from m oving the cotton crop o f the -South, and its W ¿E. .Strong, J .rie Neufville, R. Y. Martmsem Committee o f the Mis*
prosperity is largely due to the enormous passenger and im migration souri K a n sa s.* Texas Ratiway¡Com pany security holders.
A p r il
28, 1888.]
g fte
545
THE CHRONICLE.
C o m m e r c ia l l i m e s .
c o t t o n
.
April 27, 1888,
by our telegrams
from the South to-night, is given below. For the week ending
COMMERCIAL EPITOME.
this evening (Apr. 27), the total receipts have reached 30,641
bales, against 27,980 bales last week, 28,504 bales the previous
F r i d a y N i g h t , April 27,1888.
week and 39,563 bales three weeks since, making the total
The occurrences affectiDg trade and commerce during the receipts since the lst o f September, 1887, 5,220,725 bales, against
past week have been quite unimportant. The debate in Con 5,122,154 bales for the same period o f 1886-7, showing an ingress over tbe new tariff bill drags Its slow length along,and the crease since September 1,1887, of 98,571 bales._____ ,
political intelligence from Europe is without decided feature.
Receipts at—
Jion.
Sat.
Wed. Thurs.
Fri.
Tues.
Total.
Even in labor troubles there is nothing to call for special G a lv e s t o n ......
S96
26
555
54
2Ö6
25
1,262
reference. The temperature early in the week was quite low;
...... ..... . . . . . .
Indianola, &c.
......
......
807 4,684 1,180 1,192 2,090 *11,674
damage being reported to fruits by frosts. The close, how New O rleans. .. 1,721
205
155
24
21
48
500
47
ever, is much warmer. Money is easy, but trade and specula Mobile................
......
......
......
......
14
Florida......... .
14
......
tion alike feel the absence of stimulating influences.
1,015
844
262
744
4,0 05
585
Lard on the spot was firmer and fairly active early in the
Brunsw’k,&e.
198 .
198
148
345
315
291
411
2 ,1 80
week, but declined yesterday and was again lower to day, C harleston.......
679
20
20
closing dull at 7*85c. for prime city, 8’25@8 30c. for prime to
43
4
1
15
2
W ilm in g to n ....
8
13
choice Western, 8*10c. for refined to the Continent and 9c. for
2
2
refined to South America. The speculation in lard for future N o r fo lk ............
424
253
916
437 1,099 1,504
4 ,6 3 8
delivery opened the. week quite buoyant, but has latterly de
321
2,7 42
876 1 545
507
370
357
250
1,484
clined smartly, under sales to realize, and again fell off to day,
160
111
260
101
290
B osto n ..............
157
1,070
closing unsettled.
...... . . . . . . . . . . . . . . . . . .
......
B altim ore. . . . . .
716
716
D A I L Y CLOSIN G P R IC E S O P L A R D F U T U R E S .
and new; extra prime, $12 50@$12 75; clear, $16 50@$18. Cutmeats are firmer and have been active, but close dull; pickled
bellies, 7 % @ 7 ^ c.; shoulders, 7 ^ @ 7 % c ., and hams, l l @ l l % c .;
smoked shoulders, 8%c., and hamS, l2@12%c, Beef is nomi
nal at $7@ $7 50 for extra mess and $8 fdr packet perbbl.;
India mess quoted $1150@$13 per tiered; beef hams dull at
$15„75@$16 per bbl. ia llo w steady at 4%@5c. Stehrine is
dearer at 9%@9%c. and oleomargarine is quiet at 7@ 7^c.
Butter is in active demand and firmer at 22@ 27%c. for cream
ery. Cheese is unsettled; old State factory quoted at 10@
123£c. ; new do., 9 @ ll% c ., and n’6w skims, 3@5c.
C o ffe e on the spot has been much mofe active. Yesterday
there were sales of Padang, March shipment, at 16%c., and
Government Java to arrive at 14%c,,c. and f . ; and a full busi
ness was done in ft o at 12%@13%0. for No. 7, the inside price
on store terms. The speculation^ in Rio options has been
fitful, but at generally better prices, closing^ to-day barely
steady, with sellers as follows :
l l - 65 c. 1Septem ber..... 1 0 -15c. I January..
'. . 11 -300 . ! Oktober... . . . . . 1 0 -15 c. | February
. . 10 -70 c. I November...... 10 ; 1-5 q; 1M arch.. ..
... 1 0 -35 C. I December . . . . . 10 -150 . |
2
Philadelphia,&c
Saturd’ y. Mond’ y Tuesd’y. Ttedhsd’y. Thursd'y. Friday
8-16
8*10
8-21
8-25
8-31
M ay delivery ...... . 8-29
8-17
8-10
8-22
8-27
8*33
8-33
June delivery.......
8-19
8
12
8-25
8-29
8-35
8-37
Ju ly delivery.......
8-22
8-15
8-31
8-28
8-37
August d elivery... . 8-40
8-2Ö
8-17
8-30
8-34
8-39
Sept, delivery........ 8-40
8-26
8 20
8-30
834
8*39
Oct. d elivery.......... 8-40
Pork is firm , but the close is dull ; mess, $14 50@ $15 50 for old
H a y ,...
June ...
J u ly .,..
August.
F r i d a y , P. M.,
T h e M o v e m e n t o f t h e C r o p , as indicated
10-20C.
io*2oc:
10-20O.
Totals this week
3,636
3,867
60
7,488
3,599
5,073
18
80
6,978
30,641
For comparison we give thé following table shoeing thëWèek’s
total receipts, the total since September 1, 1887, and the stock
to-night, compared with last year. ___________
... 1887-88.
Receipts to
A pr. 27.
Galveston . . .
This Since Sep.
Week. 1 ,1 8 8 7 .
1,262
1886-87.
Stock.
This Since Sep.
Week. 1 ,1 8 8 6 .
182
643,931
1888.
1887*
704,555
8,284
12,329
184,604
16,628
139,495
2,9 63
20,319
5^767
10,250
20
3,306
1,538
New Orleans .
M obile...........
F lo rid a .........
Savannah . . .
Brunsw.,&e
Charleston ..
P .R oyal, &c
W ilmington .
Wash’t'n,&c
N orfolk .........
W .Point,& c
New Y ork ___
B oston ..........
Baltimore ...
Phil’del’a, &c
11,674 1,676,179
500 201,933
23,365
14
4,005 839,234
198
73,818
2,189 400,338
20
15.283
43 166,791
2
4,919
4,632 462,801
2,742 491,610
1,484'
87.724
76,079
1,079
716
40,749
80
25,071
7,923 1,697,922
106 211,434
13
23,014
2,090 788,005
14
31,307
559 36 ?,4 7f
150
17,783
63 133,902
3
3,766
993 525,657
86 322,152
683
93,588
478
99,132
25
58,834
1,768
48,568
15,623
T,275
224,236
11,000
18,021
18,907
217,067
5 ,0 00
5,4 15
21,672
Totals ____
.30,641 5,220,725
I V 41 5,122,154
532,475
423^97
2,2 79
9,872;
In order thjat comparison may be made with other years, we
give below the totals at leading ports for six seasons.
Receipts at— . 1888.
Galvest’n, &c
New Orleans.
M obile......... .
Savannah . . .
Oharlest’n,&c
Wilm’ gtfn, &c
N orfolk .........
W’t Point, &c
All oth ers....
1,262
11,674
500
4,005
2,209
40
4,633!
2,742
3,571
’ 18^7.
1886.
3,170
9,874
770
7,143
4,464
811
6,367
2,543
5,167
182
7,923
io e
2,090
709
06!
90è
86
2,981
1885'.
827
4,032,
178‘
3,14 V
360
88
1884.
1883.
1,358
3,471
6 3
1,123
1,303'
86
930
84
11,016
9,6 99
12,600
1,2 52
3“,6 4 3
3 ,2 2 3
63 4
7 ,7 9 9
2^399
7 ,5 0 9
Raw sugars were dull and drooping, and close somewhat
norninal at 4% @ 4 13-16c. for fair refining Cuba and 5 7-16@
5 % e . fOr Centrifugal, 96, deg. test. Refined sugars site also a
fraction lower. Molasses fell back to 20C. for 50 deg. test,
1,076
causing a revival of trade. The tea sale oh lYedheeday weht
3 ,'9 8
off at steady prices, Formosa Oolongs doibg a little better; yes
14,746
40,30!
20,053
48,761
terday 16,500 half-chests Oolongs sold at private’ sale. Sicily Tot. thisw eeb 30,641 ! 15,141
fruits have sold freely at auction, at prioes covering a wide Since Sept. 1 5220,725 5122,154' 5030,19 t ie 's ,9^2 Ì7'̧, li 56V 0,# 7 0
GalvèÔtôn ihcludés Ihdiànoia f Charleston includes Tort E ôÿal, <fic. ;
range.
„
$ Kentucky tobacco has been quieter, and safes forf the week W ilm ingtonincludes Moreh’ d City, &C.; West Point includes Cit y Point, &o.
The exports for the week ending this evening reach a total
aye only 350 hhds. at unchanged prices. Seedleaf continues of 92,642 bales, of which 55,843 Wefe to Great Britain, 12,677
in fair demand, and sales fOr the week are 1,550 Cased, as fol to France and 24,122 to the rest o f the Continent. Below are
i8$7,
low s: 700 cases 1886 cfop, Pennsylvania, 9%(»14c.; 200 cases the exports for’thé week and ahCe Sepferaber
1886 crop, do. Havahar seed, 10@ 18c. ; 150 oases 1886 orop
Week Ending Apr. 2 7 .
From Sept. 1 , 1 8 8 7 , to Apr. 2 7 , 1 8 8
. Exported to—
.
Efxported &>=■... r - . . ,
State Havana, 10@20c.; 150 cases 1886 crop Wisconsin' HaExports
Oreat <
Conti- Total
Oreat
Contifrom
—
YmSh, 5<®llc.; 150 oases 1886 crop, New England' Havana, 11@
France
France
nent. Week. Britain.
tieni. - T o t a l .
B rit’n.
28c., and 200 easels sundries, 5@30c’,; 500 baits Havana, 60C.@ G a l v e s t o n . . . .
, 2 2 6 , 8 8 8 ] ’ 4 ,0 2 4
8 1 .9 3
3 1 2 ,8 8 3
$110 and 350 bales Sumatra, $1 88@1 85.
6 5 2 ,5 9 0 2 7 7 , 2 2 3
3 0 0 ,0 5 1 1 , 3 2 0 , 7 0 4
N e w O r l e a n s .. 2 1 ,5 0 2 1 2 / 0 0 1 2 .6 7 4 4 6 , * 7 6
6 2 ,4 8 8
,v .v .
6 2 ,4 8 8
Spirit# turpentine declined to 38c., but was more active'to M o b i l e . . . . '. . . - . .
3 ,4 4 3
3 ,4 4 9
day at 38%e. Rosins are quiet $ 1 17%@$1 22% for common to FS alovraidnan a. .h. *. .. .. .. ..
• 1 8 ' ,3 5 2
1 2 ,4 8 0
2 4 rt ,f0 8
4 4 0 ,2 3 0
good strained. Crude petroleum certificates have been unset- C h a r l e s t o n . . . . . . . . . .
4 ,6 0 0 1 * 0 , 6 3 7 2 5 ,8 3 9
4 ,6 0 9
1 S 2 ,1 5 6
278/32
'
7 5 ,7 8 6
0 ,3 0 5 !
“ r
3 9 ,7 2 2 , 1 2 1 , 9 0 3
W i lm in g t o n . .
m d birfr lSsS depressed, cldsihg to-day at 85%<®85%o.'
; !
;;;;
2 2 1 ,9 0 3
4 ,1 3 9
2 2 6 ,0 4 2
N o r fo lk .. . . . . .
Oh tfie Metal Exchange there has been a sharp decline in W e s t P o in t ,& c 1 , 7 9 9
, .*.v . /
1 , 7 9 9 • 2 1 6 ,7 4 8
1 ,1 0 9
2 1 9 ,8 5 7
2 7 ,1 6 9 1 4 7 4 ,1 4 5
3
2
,2
6
6
1
9
2
,
8
6
0
5
,2
0
5
s
i
i
2
1
,5
8
7
6 0 8 ,7 7 1
New*
Y
o
r
k
........
^tb#fts tin’, vVhrcft eftf-ed td-day at 22%c. for July. Ingot eop..........
1 7 5 ,7 6 4
' 7 ,6 0 8
2 ,4 0 3
7 ,6 0 8
1 7 8 ,1 6 7
o n ..............
pe* has been unsettled,- soiling to-day oh- the spot at 16-70c., BB ao lts ti m
3 ,2 2 0 :
9 7 ,1 3 3
; 1 ,6 4 3
2 ,4 1 5
3 5 ,1 2 5
1 3 4 ,6 * - 3
o r e . . . . 1 1 ,5 7 7
wftb a forced sale of 100,000 IbS. Grf6rd at 15%c. fdr Apri1, P h il a d e lp ’ a ’ & o 1 , 9 7 0
1 ,9 7 6
4 5 ,9 1 8
4^10
6 0 ,7 2 8
¿¿nSe'Stfd’Had is dbwh t6
afwf spefter 4%e.- The iron
T o t a l .............. 5 5 ,8 4 3 1 2 ,6 7 7 2 4 , 1 2 2 9 2 ,6 4 2 2 ,5 1 2 ,7 8 6 [ 3 6 0 ,6 3 2 ; 1 ,1 7 5 ,1 4 6 1 4 ,0 4 .8 ,5 7 4
markets are still depreSied; foreign Beseomer pigabout $19 50, T i f i t i 1 8 8 6 -7 ’ . . K a ÿ f 'i a
«7 SRI
T & / S Ì8 » i o *-.oWI'xjls o . 6 » 4
ì
cftity paid1. "
' Includes exports from Brunswick
THE CHRONICLE.
546
In addition to above exports, our telegrams to-night also give
ns the following amounts of cotton on shipboard, not cleared,
at the ports named. We*add similar figures for New York,
which are prepared for our special use by Messrs. Carey, Yale
& Lambert. 24 Beaver Street.
OTJglS. S'Vgpg' o u
Is
O (=■
N e w O r l e a n s ____
M o b i l e .............. ..
C h a r l e s t o n ..........
S a v a n n a h ............
G a l v e s t o n ............
N o r f o l k ...................
N e w Y o r k ............
O t h e r p o r t s ..........
Great
B r ita in .
1 3 ,7 7 0
N one.
N one.
N one.
N on e.
N on e.
8 ,f> 0 0
8 ,0 0 0
Other
F rance. F o reig n
2 ,9 0 2
N one.
N one.
N one.
N one.
N one.
200
N one.
5 ,9 1 4
N on e.
N on e.
N one.
N on e.
N one.
5 ,1 5 0
1 ,5 0 0
Total.
940
N one.
1 ,2 0 0
1 ,1 0 0
N one.
4 ,5 0 0
N on e.
N one.
2 3 ,5 2 6
N on e.
1 ,2 0 0
1 .1 0 0
N one
4 .5 0 0
1 3 ,8 5 0
9 .5 0 0
T o t a l 1 8 8 7 ............
T o t a H 8 8 6 ............
3 0 ,2 7 0
1 3 ,6 1 0
5 7 ,9 5 1
1 2 ,5 6 4
. 3 ,1 0 2
N odo.
1 4 ,1 9 6
6 ,8 6 4
1 5 ,8 2 6
3 P 9 ,1 9 3
6 1 1 ,2 0 1
2 4 ,4 0 4
1 0 1 ,1 9 7
3 ,9 3 0
1 3 ,2 2 4
Th.
S at. M o n . T u e s W e d
7
7hj
« ’'m
81»ie
95ib
9« ,6
9%
10
10&16
io n ie
11516
O rdinary.................................$ fi>
Strict Ordinary....... ......................
G ood O rd in a ry .............................
Strict G«>od Ordinary..................
L ow M iddling ...............................
Strict Low M id d lin g ...................
M iddling.........................................
G ood M id d lin g .............................
Strict G ood M iddling...................
M iddling F a i r ...............................
F a ir ..................................................
GULF.
S at.
O rdin ary.................................$ K>
Strict Ordinary.............................
Good O rd in a ry .............................
Strict Good O rd in a ry .................
L ow M iddling.................................
Strict L ow M iddling.....................
Middling ........................................
G ood M id d lin g .............................
Strict Good M iddling...................
M iddling F a i r ...............................
F a ir..................................................
STAINED.
7
7 I3
87je
6t°ie
9516
9»ie
9%
1«
1**16
1011x6
11516
7
7ia
871fi
Sh>X6
9 b36
9 916
9%
10
iui>,6
1011,6
l l 5!«
M on T ues
7
71x6
7*2
7®16
8ia
a;'ie
8 10X6 9
95x6 938
9 916 95s
9%
913X6
10
lOlxe
1051e 1038
1011x6 1034
115,6 113s
Th.
U ed
718
7*8
718
718
75a
758
7E¡8
78s
89ie 89i 6 89X6 8 »xe
9116 91x6 91x6 91X6
97,6
9^16 9 7xe
9 l i 16 9 7116 Oitjg 911X6
978
978
9?8
9 78
10*8 1018 1018 1018
10716 10Vi6 107je 107,«
101316 1013x6 101^X6 iUl3lfi
l l 71fi 11 716 11716 |11716
S a t.
615le
75s
8«ie
938
G ood O rdinary.....................$ lb.
Strict Good Ordinary...................
L ow M iddling.................................
M iddling ................... ....................
73X8
711x6
8%
918
9ia
9%
M5t6
103,6
Oia
1078
I l ia
M on T ues W ed T h .
6iB16
7®8
8 9xe
93s
S -5!«
7^8
83,6
938
615x6
75g
89xe
93s
7
TU»
&5s
97x6
>
5
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14
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5 0 11
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T h ü rs
Ï W ...
S t e a d y ...................
S t e a d y .......................
S t e a d y ........................
F i r m _______ _______
F ir m ® ix e -a d v ..
Q u i e t ______________
T o ta l.
93
496
5 -,0
756
419
C on- Spec- Tran
Total.
s u m p u l ’ t’n sit.
247
1 «4
351
275
436
157
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F r i.
....
....
....
••••
FU T U R ES.
Sales.
Delith
ertesi
....
....
....
....
....
....
340
11 0 0 0
6 9 '. 4 ,7 0 0
931
3 2 ,0 0 0
•67d 5 4 ,4 0 0
1 , 1 9 2 1 0 5 , sO O
576
4 3 ,2 0 0
....
400
....
4 ,4 0 4 2 8 9 ,2 0 0
....
400
---r
The daily deliveries given above are actually delivered the day
previous to that o n which they are reported.
T he Sales and P rices o p F utures are shown by the
ollowing comprehensive table:
m
® 05
C
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SALES.
S A L E S O P SP O T A N D TRAN SIT.
Ex
p o r t.
►
CX Ita I - .1*
F r i.
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
glance how the market closed on same days.
SP O T M A R K E T
CLO SED .
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MARKET
5
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. X L Y I,
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OJOS ®
The speculation in cotton for future delivery at this market
was quite dull for the week under review. Neither bulls nor
bears seemed to have the courage to act. The character of
the foreign advices generally, the full movement of the cur
rent crop and the better planting weather have favored the
hears; tut the large export movement, effecting a rapid re
duction in stocks, has given the bulls a slight advantage in
the turn of values. Liquidation is going on at the South with
some argency, but it is also evident that Europe wants cotton,
and though taking only after a hand-to-mouth fashion, ship
ments promise to be well sustained for the remainder of the
current crop. On Wednesday the bulls showed more confi
dence than for some time past. Yesterday a buoyant opening
was followed by depression, under the. full issue of short 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 foreign ad
vices. Cotton on the spot met with a fair demand for export
and home consumption, and on Wednesday some speculation
was reported. Yesterday quotations were advanced l-16c.
To-day the market was quieter but steady at 9 13-16c. for
middling uplands.
The total sales for for ward delivery for the week are 289,200
bales. For immediate delivery the total sales foot up this week
4,4 04 bales, including 2,844 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.
UPLANDS.
COCD
D D
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5 3 ,6 7 6
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1 6 1 ,0 7 8
1 6 ,6 2 8
9 ,0 5 0
1 9 ,2 1 9
8 ,2 8 4
1 1 ,1 2 3
2 1 0 ,3 8 6
4 3 ,0 2 9
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T o t a l 1 8 8 8 ............
. S ét
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L ea vin g
Stock.
Coast
w ise.
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On Sh ipboa rd, not elearedr—f o r
A p r. 2 7 , AT—
s
• I n c lu d e s s a le s in S e p t e m b e r , 1 8 8 7 , io r S e p t e m b e r , 2 5 8 ,2 0 0 ; S ep r
te m b e r -O c to b e r , fo r O c t o b e r , 5 7 0 ,2 0 0 ; S e p te m b e r -N o v e m b e r , f o r N o «
v e m b e r , 4 8 1 ,6 0 0 ; S e p t e m b e r -D e c e m b e r , f o r D e c e m b e r , 1 ,0 2 7 ,4 0 0 ; S e p «
te m b e r -J a n u a r y , f o r J a n u a r y , 2 ,2 5 6 .6 u 0 ; i- e p t e m h e r -F e b r u a r y , fq r F e b
r u a r y , I , 5 t f l , 7 0 0 ; S e p t e m b e r -M a r c h , f o r M a r e h , 3 ,1 1 2 ,1 0 0 .
■ T r a n s f e r a b l e O r d e r s — S a t u r d a y , 9 * 6 5 o .; M o n d a y , 9 7 0 6 . ; T u e s d a y »
9 * 5 5 e .; W e d n e s d a y , 9 ’7 5 o . ; T h u r s d a y , a - 7 0 o .; F r i d a y , 9 7 0 o .
The following exchanges have been made during the week:
•25
• *8
•32
• 58
•02
-0 9
•27
• 27
•11
•20
• 22
•03
• 11
p d . t o e x c h , 1 ,8 0 0 M a y f o r A u g .
p d . t o e x c h /S ir t) S e p t, f o r A u g .
p d , tu ex eh .
N o v . for M a y .
pd. to e x c h 4 0 " N o v . fo r A u g .
p d . to e « c h . 1 0 0 M a y fo r S ep t.
p d t o e x c h 4 0 0 J u n e fo r J u ly .
p d . t o e •c h . 1 , 6 0 0 M a y f o r A u g .
p d . t o ex* h . 2 0 0 A p r .l fo r A u g .
p « l. t o e x c h . 7 0 0 M a y f o r J u n e .
p d . t o e x c h . Í 0 0 M a y f o r J u ly .
p i i . t o e x c h . 1 , 3 0 0 O c t . i<>r M a y .
p d t o e x c h . 1 0 0 M a y f r S epe.
p d . t o e x c h . 1 ,1 0 0 M a y f o r J u n e .
10(1
•18 p d . t o
•21 p d . t o
• 30 p d . t o
• 08 p d . t o
T 2 pd. to
•13 p d t o
•31 p d . t o
•23 p d . t o
•30 p d . t o
•12 p d . t o
June.
*29 p d . t o
*2 8 p d . t o
e x c h . 1 ,c o o J u n e f o r A u g .
ex ch . ) 0 0 M a y fo r A u g .
e x ch 1 0 0 M ay fo r A u g .
e c h . 1 0 0 J u l y f o r A u g u r 'd
ex ch . 2 0 0 M ay fo r J u n e.
e x c h . 2 0 0 M a y ifÖ T'J u n e .
ex ch . 1*500 M a y fo r A u g .
e x c h . 5 0 0 M a y fo r J u ly .
e x ch . lo O M a y fo r A u g .
e x c h . 2 0 0 M a y s .n . 1 s t i o r
ex ch . 2 0 0 M a y fo r A u g .
e x c h . 2 ,0 0 0 M a y f o r A u g .
THE CHRONICLE.
A pril 28, 1888, J
T h e V i s i b l e S u p p l y o p C o t t o n to-night, as made u p by c a b le
a n d telegraph, is as follows. The Continental stocks, as well a?
t h o s e for Great Britain and the afloat are this week’s returns
-a n d consequently all the European figures are brought d o w n
t o Thursday evening. But to make the^ totals the comDlete
figures for to-night (Apr. 27), we add the item o f exports from
-the United States, including in it the exports of Friday only.
1888.
1887.
.bales 828,000 1,013,000
21,000
17,000
1886.
1885.
628,000 1,023,000
23,000
32,000
T otal Great B ritain stock. 849.000 1,030,000
3.000
4,600
Stock at H a m b u r g ..................
44,900
51,700
Stock at Brem en......................
18.000
30,000
Stock at Am sterdam .............. .
400
300
m o ck at R otterd a m ..................
700
1,400
Stock at A n tw e rp ......................
264,000
S tock at H a v r e .............. ......... . 184.000
3.000
2,000
Stock at M arseilles.............. .....
66.000
56,000
Stock at B arcelon a...................
6.000
6,000
S tock at G e n o a ..........................
7,000
12,000
Stock at Trieste........................
651.000 1,055,000
4.000
5,500
44,400
49,000
28.000
48,000
400
400
1,600
800
159.000
173,000
6.000
5,000
72.000
81,000
15.000
8,000
3.000
5,000
'Total Continental s t o c k s ......
333,400
8 took at L iverpool
49took at L on d on ...
333,000
420,000
375,700
984,400 1,430,700
217,000
174,000
30 ,000 173,000
23,000
12,000
712,398
556,709
222,741
81,366
11,215
2,600
Total European s to c k s ___1,182,000 1,456,000
Ind ia cotton afloat fo r E urope. 197,000 303,000
Amer. c o tt’ n afloat fo r Eur’ p e. 239,000
195,000
E gypt,B razil,& c.,aflt for E ’r’pe
54,000
50,000
Stock in United States p o rts.. 532,473
423,597
S to ck in U. S. interior to w n s.. 188,775
78,722
U nited States exports to-day.
13,203
11,779
Total visible supply . . . . . . . 2,406,45 12,518,098 2,472,754 2,430,375
O f the above, tbe totals o f Am erican and other descriptions are as follow s
Am erican—
“Liverpool s t o c k ................bales
Continental s t o c k s ................
A m erican afloat fo r E u r o p e ...
U nited States stock.................
United States interior sto ck s..
United States exports to -d a y ..
608.000
215.000
239.000
532,473
188,775
13,203
809,000
319,000
195,000
423,597
78,722
11,779
462,000
260,000
302,000
712,398
222,741
11,215
800,000
276.000
173.000
556,709
81,366
2,600
T otal A m erican ............1 ,7 9 6 ,4 5 1 1,837,098 1,970,354 l,8a9,675
East Indian, Brazil, Ac.—
_ ___
Liverpool s t o c k . . . . . . . . . . . . . . . .
220,000 204,000
166,000 223,000
L ondon s t o c k ......... ...................
21,000
17,000
23,000
32,000
Continental stocks......... .
118,000
107,000
73,400
99,700
India afloat fo r E u r o p e ........
197,000 303,000
217,000 17*,000
E gypt, Brazil, &c., afloat.........
54,000
50,000
23,000
12,000
T otal East India, &o.......... 610,000 681,000 502,400 540,700
T otal A m e r ic a n ................ 1,796,451 1,837,098 1,9 0,354 1,889,675
Total visible s u p p ly ...........2,406,451 2,518,098 2,472,754 2,430,375
P rice Mid. Upi., L iv e r p o o l.....
¿^d.
¿^d.
8M
5H iedt
9i316c.
10Hi6C.
95ie°P rice Mid. UpL, New Y o rk ___
547
The above totals show that the old interior stocks have
decreased during the week 16,481 bales and are to-night 110,053
bales m ore than at the same period last year. The receipts at
the same towns have been 4,931 bales m ore than the same
week last year, and since September 1 the receipts at all the
towns are 53,349 bales m ore than for the same time in 1886-7,
Quotations
for
Middling Cotton
at
Other Markets.—
In the table below we give the closing quotations o f middling
cotton at Southern and other principal cotton markets for each
day of the past week._____________________________ _________
Week ending
A p r . 27.
Galveston . . .
NewOrleans.
M o b ile .........
Savannah . . .
Charleston ..
Wilmington .
N orfolk.........
B o s t o n .........
Baltimore . . .
Philadelphia
A ugusta.......
M em phis___
St. L ouis.......
C incinnati...
L ou isv ille. . .
CLOSING QUOTATIONS FOR MIDDLING COTTON ON—
Satur.
Mon.
lu es.
Wednes.
Thurs.
938
93s
9^4
93s
9716
933
9 7 ,«
93a
97,6
9 14
9 14
938
97,6
9*4
IS10
9916
934
S
i1*6
9 78
913ie
•101,«
93s
93a
93s
95«
958
. 9°16
99,6
9*4
211!«
9 78
,9 1 3 ,6
1 0 1 ,«
938
933
93s
958
95s
938
9 916
9*4
S i1!«
9 78
913,6
iO h e
933
933
933
953
953
- 933
99,6
9 14
911,6
973
913,6
101,6
933
9%
97,6
958
9=8
F ri.
933
9 7,6
9 6,6
9 7,6
9 9,6
9 14
9 9,6
9 14
9 14
911,6
978 ■
913,6
101,6
93s
933
97,6
958
958
911 ,«
9 78
913 ,«
101,6
938
9%
97,6
9-53
933
Receipts from the P lantations. — The following table
indicates the actual movement each week from the planta
tions. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations o f that part of the crop
which finally reaches the market through the outports.
Week
EncUng—
Mar. 23........
8 0 ......
Apr. 6
“ 13........
“ 20 ......
« 27.......
....
Receipts at the Ports. St’k at Interior Towns. Rec’pts from P lant’ns.
1886.
1887.
61,328 46,298
69,095H84,115
41,392 29.808
5 6 3 5 21.627
43,960 14,222
40,309 15,111
1888.
«¡86.
88,380
33,396
89,563
28.504
27,980
30,641
358.392
385,663
319.744
395,810
271,386
242.113
1887.
1888.
173,846 276,960
143,168 262,737
132,220 249,536
119,046,235.765
107,106 217,276
96,981 !199.870
1886.
1887.
.
1888
29,998 19,230 30.470
36,866 3,437 19,173
25,473 18,360 26,363
32,371 8,453 14,733
19,486 2,282 9,491
11,086 5,016 13,23
The above statement shows—1. That the total receipts from
the plantations since September 1, 1887, are 5,396,765 bales;
in 1886-7 were 5,171,075 bales ; in 1885-6 were 5,265,461 bales.
2.—That, although the 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
the interior towns. Last year the receipts from the plantations
for the same week were 5,016 bales and for 1886 they were
11,086 bales.
A mount of Cotton in Sight A pril 27.—In the table below
we give the receipts from plantations in another form, and add
to them the net overland movement to Apr. 1, and also the
takings by Southern spinners to the same date, so as to give
substantially the amount o f cotton now in sight.
B3F“ The imports into Continental ports this week have been
J60,000 bales.
The above figures indicate a decrease in the cotton in sight
to-night of 111,617 bales as compared with the same date of
1887, a decrease of 66,303 bales as compared with the corres
ponding date of 1886 and a decrease of 23,924 bales as
compared with 1885.
A t t h e I n t e r i o r T o w n s the movement—that is the receipts
for the week and since Sept. 1, the shipments for the week
end the stocks to-night, and the same items for the corres,
[ 1887-88. 1886-87. 11885-86. 11884-85.
ponding period of 1886-87—is set out in detail in the following
Receipts at the ports to Apr. 27 5,220,725 5,122,154 5,039,198 4,668,922
{statement.
h
©
H a rrow 3
© g ©:© ® p a>
t
ig .s r § -fs !$
0
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2
a Ef N 9 ® 2,0
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©G
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i
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p
H® ®
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E: Q
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22.
© © «• © u o to
OHM 'IOW 31
»© © H A S O I
OCHKW
to! M xoitoto
M. U101j.01s|
rf*-©*
M
MM
0303 Mtow Mto Vw
MMWWt0<lO
tOcOWO>WtOO< too* ' * • 1 o w x w x t o
©*<jtoxxM©*XMto> *0100<101 if*if*w o
©*
WA
to M 0 *00;
M O CO01' Mw ui co t-*©© a
© if. t©©J to if. O -4 X COi*
» N O f . w if. oi o* o co if*' x
M
M
cl
M
M > -* tO © !tO M (f ! .W X ©
M A O * © « O if .< llf .
W O JO to to 31X A -4 to O X <1 M to r-* 01 to w
<lÇO
m
©t
<i m i ©©*m m
IÓM»
lo c o '
toco
w
u*
O I—01 >-*WM©t
M-4ÌOOCJMX
to
tOOlM
to<i
M^J<4*-©0*©M©*.J! ©tM^l,-W01OM
co o < i o ic o x !
Mif. O*© i--- J© M -*■© ■ oi to t o o M M ^ i w
rThe figures fo r Louisville in both years are “ net.”
n
o oi m w ©•w to ö w c o b io m oi ©>o oi ViT-to
M MO* W001©I|A W-4 WMW XX 03 x> * toco
to COtOXOWW©l<!©tXW.XCOfF‘ MXMO'
Mto
to ©*Mid. M
X 03
W
MX
MÜ*OJtO<101 A- M < 0 WOM(ftWWA
tOOOlOKlOlO ©I M M X (© 0© M M «<l
71,113
It will be seen b y tbe above that the Increase In amount In sight t o
night, as com pared with last year, is 406,419 bales, the Increase as
com p red with 1885-6 Is 399,783 bales and the increase ov er 1884-5
Is 1,087,772 bales.
W e a t h e r R e p o r t s b y T e l e g r a p h . —Our telegrams from
WCO
•
©*• M -4
MW «
M-1XMCO, W <JW!
X toto A Mto to
tOQOWi. tO. O 01Mtf^i tOXXM COto COCO
©*At©©lA©M
©' -4 to 3- to ©1O
H-©*©0 *W-l©
226,263|
Northern spinners’ takings to
1
1
Apr. 2 7 ..................................... 1,547,421 1,433,967 1,541,487 1,210,382
W©T
M
M
01
M
MOMOlOMOiWOiO MO* W-15D©i©itO
rf»-COJ©>fM-JO J33ar*QO«0 -MOCX COM<J W
wloxlt^M wîoœ o wVilnoo-!. Iole m w ^i
WOlWOlXOtOOlOl^l^-MCOh-oiOCO'l©
C00*fca©MM05OXif*.|M©0*<JU)©*0*©W
Wp* ¿3 03;
©*00M ill* '
lOMOOOO:
©iCOOtOOl.
48,92l|
Total in sight Apr. 2 7 ............ 6,600,889 6,194,470 6,201,106 5,513,117
OS'
01 MMM*-■M
<100
bONIMH MW
C:XW©U<l©tOW-4:OM<J<|ai-.lXMM -J
<101®OiO**©>OOi<lMi(^MM'-i®W»01
O tOU'Wa-'M:
tO I <1t©<) MM x !
V* I OO!0©*XC5<
176,040
Tot. receipts from plantat’ns 5,396,765 5,171,075 5,265,461 4,740,035
Net overland to Apr. 1 .......... . . 855,124 720,3951 682,645, 556,182
Southern consum pt’n to A pr. 1 349,000 303,000 25 3,0001 217,000
o -85 g
0B(jaq ©
Z S®r CD® *® p>-B
I—
oo?! fi
;
Interior stocks on Apr. 27 in
excess o f September 1 .........
S
»
s-S'S
_■__ s
TS 9b
...»
fc0$5*
t he cotton belt to-night denote that there has been a continua
tion of quite favorable weather conditions during the week.
Planters are making rapid progress in putting in their seed.
Beneficial rains have been quite general in Texas, but at a
few other points rain is desired.
Galveston, Texas.—Good rains have fallen on three days of
the week, the rainfall reaching one inch and thirt* en hun
dredths. The thermometer has ranged from 68 to 78, averag
ing 73.
ta iestin e, T exas.—It has rained splendidly on three days of
the week, just as needed. Corn is growing finely and cotton
is coming up. Average thermometer 69, highest 81 and lowest
5 6, and the rainfall reached one inch.
H untsville, T exas.—Both corn and cotton are doing well.
Beneficial rains have fallen on three days of the week, the
rainfall reaching eighty-five hundredths of an inch. The
thermometer has avtraged 74, the highest being 86 and the
lowest, 62.
Dallas, T exas.—W e have had rain on two days of the week,
the rainfall reaching fifty hundredths of an inch. Planting
is active. The thermometer has averaged 71, ranging from 55
to 87.
8an A n ton io, Texas.—There have been splendid rains on
four days of the week, and corn and cotton look very promis
ing. The rainfall reached two inches and forty-six hun
dredths. The thermometer has ranged from 60 to 79, averag
ing 71.
L u lin g, Texas.—It has rained magnificently on two days o f
the week, the rainfall reaching two inches and f,our hun-
548^
THE CHRONICLE.
ôredtbs. Corn is growing fast, and cotton has a goocl stani
and looks well. Average thermometer, 74; highest, 31; lowest,
65.
[Vot. XLVl,
I n d i a C o t t o n M o v e m e n t f r o m a l l P o r t s . — The receipts
and shipments o f cotton at Bombay have been as follows for
the week and year, bringing the figures down to Apr. 26.
C olum bia, Texas.—Rain has fallen on one day, but not
B O M B A Y R E C E IP T S A N » SH IPM EN TS F O B F O U R Y E A R S .
enough. More is needed. The rainfall reached seventeen
Shipmentt
this week. Shipments Since Jan. 1.
Receipts.
hundredths of an inch. The thermometer has averaged 74,
Tear Great Conti
the highest being: S4 and the lowest 63.
Conti
Great
This
Since
Total.
B rit’n, nent. Total. B ritain nent.
Week. Jan. 1.
B renham , T exas.—Rain has fallen on two days of the
week, just as wanted, and crops are very promising ; the rain 1986 1,000 25.000 26,000 122,000 356.000 478.000 67.000 862,000
fall reached one inch and twenty-one hundredths. The ther- ; 1887 25.000 32.000 57.000 183.000 397.000 580.000 80.000 935.000
mometer has averaged 72, ranging from 64 to £6.
*1886 10.000 21.000 31.000 147.000 364.000 511.000 58.000 828.000
Belton* T exas. —Planting is making rapid progress and 1885 13,000 20,000 33.000 111.000 254.000 365.000 54.000 562^000
small grains are very promising. It has rained splendidly on
Shipments fo r the week.
Shipments since J a n u a ry 1.
four days of the week, the rainfall reaching one inch and
eight hundredths. The thermometer has ranged from 61 to
Conti
Creai
Great
Total.
B ritain. nent.
B ritain. Continent. Total.
£0; averaging 71.
W eatherford, T ex a s—-Planting is active and grain crops C a lcu tta promise-a very lârge yield. Rain has fallen on one day of the
1888 .........
4.000
4.000
23.000
60,000
83.000
1 8 8 7 .........
4,000
3.000
7.000
52.000
72.000
week, just as needed, and to the extent of two inches. Aver
12 4,00 0
Madras—
age thermometer 71, highest 86 and lowest 52.
1 8 8 8 .........
7.000
2,000
9 .0 0 0
N ew Orleans, L ou isian a.—W e have had rain on two days
1 8 8 7 .........
3.000
3,000
6 .0 0 0
o f the week, the rainfall reaching sixty-eight hundredths of All others—
1 8 8 8 .........
15.000
13.000
28 .000
an inch. The thermometer has averaged 69.
1 8 8 7 ........
3,000
3,000
15.000
14.000
29 ,000
Shreveport,. Louisiana.—Rainfall for the week one inch
mod twenty-three hundredths. The thermometer has aver Total a l l 1 8 8 8 .........
4,000
45.000 i 75,000
120,000
4.000
aged 68, rangjng firom 49 to 84,
1 8 8 7 .........
4,000
6.000 10,000
70.000
89,000
15 9,00 0
Colum bus, M ississip p i.—There has been no rain all the
week. The thermometer has ranged from 34 to 76, averag
The above totals for the week show that the movement from
in g ,^ .
the ports other than Bombay is 6,000 bales Zm than the same
L eland, M ississip p i•—The weather has been very dry. It week last year. For the whole of India, therefore, the total
was cloudy the latter part o f the week, but no rain fell. A v shipments since January 1, 1888, and for the corresponding
erage thermometer 62 4, highest 80, lowest 44.
periods o f the two previous years, are as follows :
G reenville, M ississip p i.—There has been no rain during
EXPORTS TO EUROPE PROM ALL INDIA.
the week, The thermometer has averaged 62, ranging from
47 to 79. Last week the weather was clear. The thermome- •
1888.
1887.
1886.
tpr ranged from 49 to 83;
Shipments
This
to all Europe
CZarksdttls, M ississip p i.—'Telegram not received.
Since
This
Since
This
Since
from —
week.
Jan. 1.
week.
Jan. 1.
week.
Jan. la
V icksburg, M ississip p i.-—W e have had no. rain all the
week.. Average thermometer 68, highest 95, lowest 47.
B o m b a y ........... 26,000 478,000 57.000 580.000 31,000 5 1 1 ,0 0 0
L ittle Rook, A rkansas.—The weather has been fair to clear A ll other p orts. 4.0ÖQ . 120,000 10.000 159.000 2,000
9 9 ,0 0 0
during the week, with light rain on one day, but too little to
30,000
T
o
ta
l...........
598,000
J
67,000
739,000
33,000
6
1 0 ,0 0 0
measure-. Reports from various points indicate need o f rain
in this section. It is needed to sprout cotton and for the ben
E x p o r t s o p C o t t o n G o o d s f r o m G r e a t B r i t a i n .— B elow
efit of the smalhdkuits and berry crops. The thermometer has
we give the exports of cotton yarn, goods, «fee., from Great.
averaged 67,. ranging from 43 to 84.
S elen a , A rkansas.—The weather has been dry and cool Britain for the month of March and since October 1 in.
during the week with one shower. The rainfall reached nine 1887-88 and 1886-87, as compiled by us from the British Board,
teen hundredths of an inch. Farming is backward. Rain is of Trade returns. It will be noticed that we have reduced th e
needed. The thermometer ¡has ranged from 46 to 82, averag movement all to pounds.
ing 62.
Yarn&Thread.
Cloth.
Total of AU.
M em phis, Tennessee. —W o have had warm and dry weather
all the week and rain is needed. Average thermometer 62, 000s rmittecl. 1887-8. 1886-7. .1887-3. 1886-7. 1887-8. 1886-7. 1887-8. 1886-7.
highest 82, lowest ,43,
Lis.
Lis.
ras. : ras.
Lbs.
Lbs.
Lbs.
Lbs.
N ashville, Tennessee.—There has been rain on two days of
the week, the raie fall reaching twenty-seven hundredths o f Ootober........ 24,234 23,612 409,967 428,415 74,539 77,894 98,778 101,506=
25,749 24,478 425,565 422,554 77,370 70,928 103,125 101,30©.
an inch. The thermometer has averaged 56, ranging from 38 November...
December... 24,063 80,485 455.815 878.634 82,875 68,342 107,838 89,327
to8.1.
Mobile, Alabama.—W e had'a severe- local; hail.and rain Total 1st qr.. 74,946 68,575 1,291,347 1,229,608 284,790 223,564 309,730 292,1.39'
storm on Monday» the rainfall reaching two inches and January .... 21,705 22,111 535,880 444.793 Or,433 80,871 119,138 102,982’seventy-four hundredths, Planting masses gpod progress and February.... 28.544 21;?31 420,452 : 417.881 76,440 75,978 »9,990 97,709»
iitabout. completed on uplands. The thermometer has ranged M arch........ 24,061 25,983 426#09 482,380 77,631 78;615 101,692 104,578from 50 to 80, averagjng 65.
Total 2a qr.. 69,-S1Ò 09,805 1,883,301 1,295,054 251,510 235,464 320,820 305,269M ontgom ery, A labam a,—The weather has been fine during
thé week,, with rain on one day to the extent of twenty-five Total 6:mos. 144,256 138.380 2,674,.648 2,524,65? 486,300 459,028 680,556 597,408=
hundredths of an inch. The thermometer has averaged 63,
1-364
1,208*
thè highest being 82 and the lowest 44.
12,144
12,046
8elm at Alabama,7~W o, had a.rain and hail storm on one
Total exports ootton manufactures............
648,960 6Ì0.7QPday. o f the week, the , rainfall reaching ninety hundredths of
an-ihoh. Average thermometer 00, highest 75; lowest 45.
The foregpmgshQws; th at there has been exported from the
A u bu rn , A labam a.—W e had light frost on- Saturday rUniteid- Kingdom during“ the six months 643,966,000 lbs. o f
night. During the week the rainfall: nss reaohed eight hun :manufactured cotton, against 610;760,000 lbs. last year-, or a a
dredths of an inch. The thermometer has averaged 01, the increase of 33,206,000;
highest being78 and1the lowest 42.
MANCHESTER Market. —Qbr Tepprfc receivedhycable to-night
M ixdison, F lorid a .—Telegram not received.
from Manchester states that the market is firm for both
M acon, G eorgia.—Telegram not received.
Colum bus, G eorgia.—We.have had no rain duringfhe week. yarns: apd shirtings. W e give the prices for to-day below,
and- leave those for previous weeks of this and: last year
The thermometer has ranged from 50/to 76, averaging 64.
Savannah, G eorgia.—Tne weatherhas been pleasant during for comparison:
th e week, with rain on one day to the extent of-thirty-two
1888.
1887.
hundredths of an inch.
The thermometer has averàgèd 62;
(M V1»
Cott’n
the highest being 80, and the lowest 48.
8% lbs,
32
s
Cop.
3c2s Cop.
8% M s.
4Sich.
Mid.
SKii'Hnffs.
Twist.
Shirtiiigs.
Twist.
A ugu sta, G eòrgia.—The weather has been clear and p eas
TTplds
TJplds
ant during the week with no rain, Light frost on-the 25th,
d.
s. d,
d.
d. [
d. s. d.
d.
d. s. d. s. d.
but no .damage, Planting is approaching completion; Rain
7?i0-®83i6 5 7 -@7 0
5516 7 h 6 ^ 1316 5 9 @ 6 lOia 5*18
ife wanted. Thè thermomèter has averaged 61, ranging from Mar-23
5% ; ,
5 : 9 @ 61012
“ 30 79l€'® 83i6 5 7 -@,7 0
ÇV 9 @ 6 HPa 508
4 4 to 84.
.Apr. 6 7&X6@&3i6 5 7 @ 7 0
1551S
5 9 @ 6 1 0 % i » 1«
18 7&ig@8si6 5 7 @ 7 0
2516 73s^>,$
A tla n ta , G eorgia,—Telegram not received.
“ 20 7?16—83lft; 5 7 @ 7 0
5®i 6 7A l6^715l6 5 9 @ 6 1 0 % &Ps
C harleston, South Q arolinai—Rain has fallen on one day
5 7. @ 7- 0 1:538; 75l6@71&i 6 5“ 9T @ 6 1 0 % 5 Ss
7®ifn*8**Ï6':
o f the week, the rainfall reaching four hundred t h s o f ah inete ;
The thermometer bàs averaged 62; the highest being 84 and!
Jute Butts, ,B acking ,.«fee,—Only a light1 tradfc is being
the lowest 51.
done in bagging, and the market is quiet. Prices are easy
B tateburg, South C arolina.—There has been no raih all: |and dealers are quoting 53^c. for
lb., 6c. for 1% Ih,,
thp week and it is .now needed. Cotton is coming up. One: j 6J^c. for 2 lbs, and 6^(g7c. for standard grades.. Some small
light frost; but no damage. Average thermometer 51, highest! * sales o f jute butts ara reported; but no inquiry is noted; fo r
82 and lowest 42.
* large lots. Quotations are l^ @ 2 c . for paper grades and 2@
Columbia., South C arolina,—Rain has fallen on one day of
for bagging qualities. .
the week, thé rèinfàtli reaching ohe hundredth of an inch.
Shipping Hsrws,—The exports of cotton from the TTUited
The thermometer has ranged from 4t .to 80, averaging 61;
WüSori, N orth C arolina.—It has rained on one day of the S te t e s the past week, as~per latest-m ail returns, have reached
week, the rainfall reaching twenty-seven hundredths of an 48,269 bales.. So far«as;the Southern ports are -concerned, these
are the same exports reported by telegraph and published in
inch, Average thermometer 55, highest 70 and lowest.38 2
A p r il
THE CHKOmOLE
28, 1888.]
t h e C h r o n i c l e la s t F r id a y . W i t h r e g a r d t o N e w Y o r k w e
i n c l u d e t h e m a n ife s ts o f a ll v e sse ls c le a r e d u p t o T h u r s d a y .
Total bales
N e w Y o rk —To Liverpool, per steamers Alaska, 2,597— Baltic,
2 ,1 8 1 ....C it y o f Chicago, 1 ,9 4 8 ....G erm an ic, 1,7 04----Humboldt, 1;267. ...L a k e Superior, 4 ,0 1 0 .. ..S cyth ia, 1,915
,-..S e rv ia , 2 ,3 6 9 ............. . . ......................................................... 17,991
T o Hull, per steamer Santiago, 2 ,4 89........................................... 2,489
.......
507
T o London, per steamer E gyptian Monarch, 5 0 7
T o Glasgow, per steamer Furnessia, 1 0 0 ....... .........
100
T o Leith, per steamer Montauk, 5 0 0 ............................ ............
500
377
T o H avre, per steamer La Bourgogne, 3 7 7 .................................
200
T o Bremen, per steamer Saale, 2 0 0 ........................ .................
T o Hamburg, per steamer Hammonia, 3 0 0 ...............................
300
100
T o Rotterdam, per steamer Leerdam, 1 0 0 ................................
To A ntwerp, per steamers Hermann, 1,450___ Westernland,
1,6 46............................. ............................................................—
3,096
T o Copenhagen, per steamer Hekla, 1,200................................. 1,200
T o Genoa, per steamer Australia, 3 0 9 .........................................
309
N e w O rleans —To Liverpool, per steamer Bernard Hall, 4,0 53. 4,053
To Antwerp, per steamer Vlaanderen, 2 ,0 3 1............................. 2,031
C harleston —T o St. Petersburg, per bark Johan Irrens, 2 ,3 8 0 .. 2,380
G alveston —To Vera Cruz, per steamer W hitney, 3 7 8 — .........
378
N o rfo l k —To Hamburg, per steamer Amalfi, 7 6 4 .............. .
764
10
N e w p o r t N ew s —T o Hamburg! per steamer Amalfi, 1 0 ..............
¿Baltim ore —To Liverpool, per steamers Barrowmore, 5 9 9 ___
Polynesian, 1 ,1 5 8 ............................................................. .
1,757
To H avre, per steamer Panama, 6 0 0 ............ ........... ..................
600
1,100
To Bremen, per steamer Donau, 1,1 00....... .......................... .
2,977
B oston -—To Liverpool, per steamer Roman, 2 ,9 7 7 ........................
T o Yarmouth, per steamer Yarm outh, 5 0 ....... ..........................
50
T o ta l..................................................................................................... 43,269
T h e p a r t ic u la r s o f t h e s e s h ip m e n t s , a r r a n g e d in o u r u s u a l
f o r m , a r e as f o l l o w s :
B elterHull,
düin,
L ondon,
Brem . A ’ lw'p Genoa,
Glasgow
and and SI.Y ’m ’lh
Liver- and
Ham - Peters- Copen- and
pool. Leiih. Havre. bürg. bürg. hdgen. Y.Criis. Total.
500 3,196 1,200
N ew Y o rk .. 17,991 3,596
377
309 27,169
___,
2,031
N. Orleans. 4,053
6,084
m
____
2,380
«Charleston...............
2,380
378
378
______
N o r fo lk ....................
764
764
10
10
N ’ w’t N ’w s.
_____ ____ in 3,457
B altim ore.. 1,75 7
600 1,109 ___ _
B o sto n .. .. 2,977 ......... ......... .........
50
3,027
.........
T otal.......
26,778
3,596
977
2,374 7,607
1,200
43,269
737
Cotton freights the past week have been as fo llo w s:
Satur.
Mon.
Tues.
Wedne*. Thurs.
Fri.
L iverp ool, steam d.
5C4
e64
e64
332
B64
....
....
....
Do
s a il...d .
- ....
••••
H a v re , steam . . . . c.
14® 932 14® 932 14® 932 14® 932
....
....
....
Do
sa il.........c.
....
••••
B rem en, steam ..e.
1X32
U 38
1132
X132 1 1132
....
....
....
....
Do
s a i l .. .....
»...
H am bu rg, steam c.
932
932
®32
®32
*39
....
.....
....
Do
s a il...c.
•. —
....
A m st’d’m, steam, c.
30*
18®*964 18® 964 18® 964 % 2 964
....
....
....
....
jpo via Leith.d.
....
B ev a l, ste a m ___ d. 1:l64®316 1164'®316 1164®316 1%4®316 1164® 3ie
....
Ite sail.......... d.
. . . .
....
....
B arcelona, steam d.
1364
1364
13«4
1S64
13«4
«Genoa, steam .. .d.
3lß
s ;6
316
316
S16
T rieste, steam ...d .
732 •
732
732
732
732
A ntw erp, st^am d. 332®764 332®764 332®764 332®764 332®764
* p e r 100 lbs.
I4® ®32
....
«sa
....
*32
....
*8® *64
»-mm
1164®316
....
l s64
*16
-732
332®764
I F * The p rices arc given in pence and 6-kths thus.'
. 63-64rf.. and 5 01 m eans 5 l-64d.__________________
S a t ,, A p r . 2 1 .
April..........
Aprll-MayMay-June..
June-J uly..
July-Aug...
Aug.-Sept..
September.
Sept.-Oct...
Oct.-Nov.
A pr. 13. A pr. 20.
44.000
«4,000
2,000
37.000
7,000
14,-000
903.000
673.000
T‘2,000
4'2,O0o
150.000
86.000
63.000
5.000
2.000
50.000
19,000
23.000
881,000
659.000
60.000
49.000
156.000
75.000
60,000
3.000
5.000
.47,000
9.000
22,000
873.000
:645;ooo
77.000
50.000
144.000
.53.000
The tone of the Liverpool market for spots and futures each
«day of the week ending Apr. 27 and the1daily closing price»
o f spot cotton, have been as follow s:
Spot.
Saturday M onday. Tuesday.
Quiet.
M arket, Ì Quiet aud
y F W ik . y :^tèaay.
Quiet at 1
Steady at partían y¡
L^4 ad
i ^ d e - , Quiet
vance.
'Cline. ■
Quiet. : Steady. ;
Steady.
Steady.
538
&7re
10,000
1)000
.Firm a t , .Quiet
1-6402-64 at 1-Í6 de
‘ ddfaaiefe." dine.
.Steady.,
Easy.
•The opening, highest,* lowest and closing prices o f futures at
•Liverpool for each day o f theWepk äre^given hölow. These
prices are on the basis o f Uplands,-LowMiddling clause, nal ess
therwise stated.
\
d.
517
517
518
519
5 21
5 20
5 20
5 13
508
d.
517
517
518
519
5 21
5 20
520
513
5 08
d.
517
517
518
519
5 21
5 20
5 20
513
5 08
d.
519
519
519
5 21
5 22
522
5 22
514
5 09
d.
519
519
519
5 2Ì
5 22
5 22
522
5 Ì4
5 09
d.
519
519
519
5 21
6 22
5 22
5 22
514
5 09
d.
519
519
519
5 21
522
5 22
5 22
514
5 09
T h u r s ., A p r . 2 6 .
a.
518
518
5 18
5 10
5 21
5 21
5 21
513
6 0S
d.
518
518
518
5 20
5 21
5 21
5 21
513
5 08
A - nfcr
518 518
518 SIS
518 «1 8
519 5 20
5 2l 521
5 21 «2 1
5 21 521
5 13 513
5 08 508
F r i ., A p r . 2 7 .
April..........
AprU-May.
May-June..
June-July..
July-Aug..
Auu.-Sept..
September.
Sept—O c t ..
Oct.-Nov...
d.
5 19
519
519
5 2Ó
5 22
5 22
5 22
514
5 C9
<L
519
519
519
520
5 22
5 22
5 22
514
5 09
d.
519
519
5 19
5 20
5 22
5 22
522
5 14
5 09
d.
519
5 19
519
520
5 22
5 22
5 23
5 14
5 09
d.
522
5 22
5 22
5 23
5 24
524
5 24
516
511
d.
5 22
522
5 22
5 23
5 24
5 24
5 21
516
511
d.
5 21
5 21
5 21
522
5 24
5 24
5 21
515
510
d.
5 21
5 21
5 21
522
5 24
5 24
5 24
5 15
510
d.
5 21
5 21
5 21
5 22
623
5 33
5 23
514
510
a.
5 21
5 21
5 21
522
«23
5 23
5 23
5 14
610
d.
a.
5 20 520
5 20 520
5 20 6 20
522 5 22
523 5 23
523 523
523 523
514 514
5 09 5 09
BRE A D STU FFS.
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 advabcé in
wheat did not materially affect values, butt reduced ' the
volume of trade. Dealers are not inclined to carry full stocks
when the warm weather is coming on. To-day the màrkèt
was quiet, with some irregularity in values.
The wheat market has been feverishly unsettled. Unfavor
able accounts have bèen published regarding thè prospects o f
the fall-sown crop in ihe Ohio Valley and the lateness 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 rfed winter on thè Spot
brought extreme prices—yesterday touching #7c. delivered—
hut generally business on the spot has been very dull. To-day a
finn opening on Wea'térn advices was followed by dulnessapd
depression, except in parcels on the spot, whibh Were firing"
DAILY CLOSING PRICES OF NO. 2 RED WINTER WHEAT. ' '
Sat.
Mon.
Tues.
JfW.
Wed. Thürs.
94
9fi%
93%
93+g
93%
93%
92%
9338
93%
92%
93
925s
92%
92%
923s
93%
92%
93 %
92%
92%
92 •
92%
92
91 *2
92
92%
92%
9234
9 1 78
92%
9478
94 %
94%
94%
94^8
94%
99%
99%
99%
mi
99%
985a
Indian corn was depressed by freer offerings early in the
week, but yesterday-showed renewed strength, on the move
urgent <3em$nd from the regular trade. To-day reports qf
fuller movement at the West caused an irregular decline.'
DAILY CLjOStNG PRICES OF NO. 2 MIXED CORN.
Sat.
Mon.
Twtít: . Wed \ Thurs.
63
04%
92%
63%
63%
62%
62%
01%
61%
62%
61%
61%
62%
62
62%
62%
•61 %
61%
62%
69
61%
81%
62%
63
62
63
62%
01%
01%
61%
64
62 %
62%
62 %
62 %
62%
Oats declined materially, but yesterday were again active
and buoyant in sympathy with corn, but to-day the market
w&s very 'dull, With pricesf^rwping hnd’ttnsettled-.
DAILY CLOSING PRICES OF NO. ? MIXED OATS.
’ ‘ ' sa t: ' Mon.
Tu$s.
Wed, Thurs.
F ri.
37%
May delivery....... .........
-3 7 %
39
37%
37%
s r 7
3.9
37%
»7 %
June delivéi*y___
38 %
38
Ju ly d e liv e r y ___
.... 37% 3 t % 38% 38% 3 8 %
August d elivery.. -¿... ... ....
•35%
*■V...
34%
DAILY CLOSING PRICES' OF NO 2 WHITE OATS
Sat.
Mon.
Tues.
Wed. Thurs.
Fri_
.40%
.M ay deli v e r y ....... .......... 40%
40%
41
141%
June delivery___ .............. 4flt%. 40 %
«40«
.... .41% «...
1
Other grains áre quite nominal
The following are the closing quotations:
Wednes. Thursd’y. Friday.
Market, ) Quiet and
and
Harden’g. Quiet
Active.
12 :30 p .M . J
Brm.;
‘ firm. 11 Firm.
M id.U p l’ds.
5 5i a
5 5i0
55j6
55X6
5%
Mid. Grl’n s .
538
;5aö
5*8
5*8
5718
S a le s . . . . . . .
8,000
14,000
10,000
10,000 J 15,000
S pec. & exp.
1,000
1,500
,1,000
1.000
;j2,oop
FtUnites.
Market, ?
12:30 p .M. y
T u e s ., A pr* 2 4 .
Open High Low. Clos. Open High Low. Clos. Open High Low. Clos.
4 p r . 27.
71,000;
11,000,
6,000
52.000
10,000«
15.000
8 2 8 ,0 0 0 '
608,000«
37000
28 ,000 ;
17000 0
80.000
d.
517
5 17
5 18
519
5 21
5 20
5 20
513
5 08
W edn es. A p r .2 5 .
'We add previous Weekslor comparison.
A pr. 6.
M o n ., A p r . 2 3 .
4 63 M eans
Open High Low. Clos. Open High Low. Clos. Open High Low. Clos.
L iver po o l .—-By cable from Liverpool we .have the follow
in g statement of the Week’s sales, stocks, & c., at that port.
•Bales oTthe w e e k ..............bales
«CMwbibh exporters t o o k .; 'J.
O f w hich speculators t o o k ...
©ales A m erican ..........................
A ctu al fexpof t .................
fo r w a r d e d ................... .
T o ta l stock—-Estimated............
Of which A m erican—Estim’d
T o ta l im port o f the w eek .........
:'Of which A m erican. .
A m ou nt afloat................
O f w h ich A m erican..............
549
Ptoe................. bbl. $2 2O®$2'70B ttp erfln o......i‘.
3Q5
:Bpmfg Wheat extras. 2 .7 3 ® 3 .2Q
Minn. clear and stra’t . 3 9 5 ® 4 0 5
Winter shipp’g extras. 2 85® ,3 3,0
Winter X X and X X X . 3 4 0 ® -‘ft 8b
P a t e n t ......¿ i.. •«*»*. 4;3 0® 4 9 0
Boutbem s u p e r s ...... 2 70® 3 00
Wheat—
Spring, per. b u sh ... .88
•P A m
Seutb’n eom . e x tra s..,$ 3 00 ®
'Sóutbérfi,bakers’ hndr *
fa m ily bran d s.. . . v. 3.50®
Rye- flòulysùperflne.. ‘ 3 40®
ß 40.®
.F in e .................... .
Corn meal—
Western, & o .... . . . . 3 10 ®
B r a n d y w in e ..... . . . 3 30®
R ye—
State & Pa., $ busb.
Qäfi^M ixeid
96%
W h ite ...J v ..i. . . . . .
9 8 ' 1 No. 2 m ixed ............
2 8 : ¡'So.' 2 w h it e .... ..*%
0 9 %, B à ile y — 1 ‘
69'
* 'Canada No. 1 . . . . . .
m u
Twmrowed S ta le ..
70
-Six-rowed S tete..*.
70
JäRlt—State, 4-rowed.
State, 2-row ed........
69 ®
3.7 % ®
4 2 '®
38 ®
4ß ®
® .99
r . ; . . . '92 s® 93
R ed winfferNo,2 . . .
R ed ■Winter.. . . . . . . .
m f f e :;;;.... ... ...
■I
. Odern-W tetln m ixed.
* ««Waat«Afww
arW 0
a ,2
O..
' West’ fiiñ & ádN
Steamer'No. 2-.-•.
W esterh YèJlow, . . .
Southern W h ite ....
"95 ®
38 ®
,92 a
BO®
'68%®
66- 3®
67 ®
3 40
4 50
3 60
*2 65
3 35
3 35
74
40*2
46
39%
44
,
«leo
®
94¡
THE CHRONICLE,
5
The movement of bread stuffs to market is indicated in the
E xports o f Wheat fr o m Ind ia.
statement below, prepared by us from the figures of the New
York Produce Exchange. W e first give the receipts at Western To United K ingdom _____
lake and river ports, arranged so as to present the compara To C ontinent............. .
tive movement for the week «nding April 21, 1888, and since
T otal............................
August, for eacn o f the last three years:__________________
R e c e ip ts at—
Corn.
Wheat.
Flour.
Oats.
Bye.
Barley.
Bbls.WQlbs Bush.60 lb? Bush.56lbs Bm h.32 lbs Bush.48 lbs Bu. 56 lbs
M i lw a u k e e ...
C le v e la n d ...
S t. L o u i s ........
P e o r i a .............
137,754
155,660
2 0,167
5 6,997
51,490
100,507
22,500
146,486
92,454
2,9 8 2
8 ,929
5,071
18,885
1,825
670.413
44.000
3,197
26,194
35,302
150,890
430,000
92,485
93,695
2 ,520
10,834
7,400
23,457
10,800
570
1,650
3,300
245,274
1 ,030.560
M i n n e a p o l is .
T o t .w k . ’88.
S a m e w k .’8 7 .
S a m e w k .’8 6
S in c e Aug. 1.
1 8 8 7 - 8 .........
1 8 8 6 -7 *........
1 8 8 5 -6 * ........
7,696
8,876
536,081
9,720
17,931
14,782
7,200
186,520,
138,220
271,182
161,804
• 172,525
1,820,909
1 ,2 4 9,2 60
790,912
910.454
594,014
1,223,108
1 ,359,996
1,003,576
1,231,559
241,191
165,908
209,098
17.092
21,123
87,307
9,059,046
8 ,172,933
6.421.245
90,9 40 ,73 3
71.6 53 ,39 0
4 9,662,223
64,585,665
68,896,133
73,083,986
54,927,844
50,843,390
44,680,136
21,550,477
20,213,185
19,157,268
1.665,376
1.732,251
2,575,109
* Include one week extra.
The exports from the several seaboard ports for the week
ending April 21. 1888, are shown in the annexed statement:
Exports
fro m —
N ew Y ork
Boston. . .
Portland.
N. N e w s.
N orfolk..
P h ila d e l.
Baltim ’ie
N. Orl’n s .
R lchm ’d .
Wheat.
Corn.
Bush.
216,786
4,347
Bush.
61,723
1,405
Flour.
Oats.
Peas.
Bye.
Bbls.
66,724
20,455
Bush.
6,706
19,450
40,241
349
328
Bush.
Bush.
1,826
51,000
19,500
21,221
205,712
Tot. w ’k. 340,633
S’me time
1887. .. 1,517,350
341,061
147,219
7,034
797,165
255,760
5,241
1,826
61,379
15,904
The destination of these exports is as below. W e add the
corresponding period of last year for comparison.
Flour.
Exports
fo r week
to—
U n.K ing.
Cont’n t ..
B.&C.Am.
W . Indies
Brit, col’s
Oth.o’n’ts
T o ta l...
1888.
Week,
A p r 21.
Wheat.
1887.
Week.
A pr. 23.
1888.
Week,
Apr. 21.
Corn.
1887.
Week.
A pr. 23.
1888.
Week,
A pr. 21.
1887.
Week.
Apr. 23.
Bbls.
73,172
4,368
37,161
20,143
12,375
Bbls.
201,109
2,528
25,143
14,198
11.681
1,101
Bush.
103,109
137,284
240
Bush.
597,224
920,126
Bush.
309,697
39,651
1,105
9,608
1,000
Bush.
563.200
224,139
2,949
6,253
10
614
147,219
255,760
240,633 1,517,350
341,061
797,165
The visible supply of grain, comprising the stocks in granary
at the principal points of accumulation at lake and seaboard
ports, and in transit by water, April 21, 1888 :
Wheat,
C om ,
bush.
I n store at—
bush.
N ew Y ork ............ 2,319,839
152,328
D o afloat.........
40,000
A lb a n y ..................
86.500
B u fla lo . _ ............
508,060
47,530
“
a flo a t...
C h ic a g o ................ 5,184,364 2,574,894
“
a flo a t....
385,286 2,775,971
M ilw aukee....... .
2,040,497
12,647
215,600
“
afloat...
D u lu th ................. 8,418,075
247,386
T o le d o ................... 1,410,960
153,796
D e tro it.................. 1,327,983
21,858
O s w e g o ........... .
34,000
20.000
fit. L o u is .............. 1,061,412 1,247,289
w “
a floa t...
147,137
C incinnati............
16,000
59,000
B oston ...................
27,127
48,072
T o r o n to .......... ..
146,838
M on trea l......... ..
422,001
6,514
P h ilad elp h ia.......
207,757
46,673
13,841
P e o ria ...................
48,976
34,366
Indianapolis.........
153,311
116.590
Kansas C ity.........
81,114
B altim ore.............
475.228
49,334
M inneapolis. . . . . . 7,814,994
55,593
St. P a u l.................
405,000
On M ississippi___
146,000
7,600
O n canal & river.
6,300
Tot. A pr. 21, ’88. 32,633,418
Tot. A pr. 14, '8 8 . 32,979,657
Tot. Apr. 23,’ 8 7 .. 48,674,814
Tot. Apr. 24,’ 86*. 44,549,960
T ot. A pr. 25,’ 85*. 40,451,148
Oats,
bush.
817,252
62,800
12,968
45,000
776.498
302.647
7,144
28,489
14,294
7,557
B ye,
bush.
16,457
500
52,400
64,211
Barley,
busti.
47,858
95,600
89,100
215,021
22,709
196,098
42,781
24,000
59,139
16,008
10,384
16,698
20,573
169,000
12,894
340,528
3,949
82,000
110,751
22,190
56,931
64,182
368,997
118,555
66,197
10,000
1,749
3,950
42,753
2,067
522
4,715
44,000
1,776
103,956
7,693
2,933
7,827
63,400
8,188,223 3,373.095
8,323,546 3,457,989
19,222,512 4,417,944
13,588,611 1,649,866
9,121,508 2,395,689
314,440 1,090.166
323,880 1,346,873
358,611 561,512
395,898 576,050
297,004 565,569
* M inneapolis and St. Paul not included.
According to Beerbohm’s London cablegram, the amount o f
wheat and corn on passage at the dates mentioned stood as
follows:
Crain on Passage.
Week ending A pr. 25. Week ending Apr. 18.
Wheat.
T o United K ingd om ..qrs.
T o Continent......................
Total quarters............
Equal in bushels................
Same week in 1887. .bush.
2,148,000
370,000
C om .
309,000
58,000
2,518,000 367,000
20.144.000 2.936.000
18.880.000 3.256.000
Wheat.
2,204,000
326,000
Corn.
377,000
61,000
2,530,000 438,000
20.240.000 3.504.000
19.720.000 3.336.000
[V O L . X L V I .
Week end'g Week end'g A p ril 1 to
A pr. 21.
A pr. 14.
A pr. 21.
80,000
320,000
140,000
480;000
2 4 0 ,0 0 0
1,120,00©'*
400,000
620,000
1 ,3 6 0 ,0 0 0
THE DRY GOODS TRADE.
N e w Y o r k , F riday, A pril 27 ,1 8 8 8 .
The market for dry goods was tame and uninteresting the
past week. At first hands the demand for both domestic and
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” o f staple and pat
terned cotton goods by wholesale buyers, but very little busi
ness was 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
ments in the trade. The house of Metcalf Bros. & Co., De
troit, Mich., has made an assignment, as have T. D. Blake &
Co., woolen goods commission merchants of this city, and the
knit goods concern of Clarke, Radcliffe & Co. (also o f this city))
has been financially embarrassed. There is, however, no
reason to suppose that the financial condition o f the trade at
large is otherwise than perfectly sound.
Domestic Cotton G oods.— The exports o f 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, 190 to
the West Indies, 87 to Europe, 86 to Central America, 77 to
British Guiana, and 34 to all other countries. Since the 1st
of January 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
$4,004,390; of which 39.514 packages, valued at $1,820,275>
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. A t first hands the demand for
staple cotton goods was light and irregular, and the jobbing
trade was sluggish, but tht-re was a better undertone in the
market, shrewd buyers having discovered that there are very
few surplus stocks in the hands o f the commission houses.
Prices of brown, bleached and colored cottons are for the most
part steady and without quotable change, the near approach
of the demand. for next season having rendered the mill
agents firmer in their views. Print cloths we're in fair demand
and steady at last week’s quotations—say 3J£c. for 64x64s
and 3 l-16c. for 56x60?. Stocks last Saturday and for the
three previous years were as follows :
1888.
1887.
1886.
1885.
Stock o f P rin t Cloths—
A p ril 21. A p ril 23. A p ril 24. A p ril 25»
Held by Providence m a n u frs.. 30,000
77,000 87,000
445,000
F all R iver m anufacturers... 26,000
148,000 33,000
355,000
Providence sp ecu la tors.........
None
47,000 235,000
324,000
Outside Speculators (est).......
4,000
50,000
15,000
275,000
Total stock (pieces)............
60,000
322,000
370,000 1,3 99,0 00
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.
D omestic W oolen G oods.— The movement in heavy-weight
clothing wooiens, on account of back orders, was o f fairly
good proportions, but the current demand was light and dis
appointing to the mill agents, new business in fancy cassimeres, suitings, worsteds, cheviots, overcoatings, &c., having
been confined within very narrow limits. Specialties in cloak
ings were in very fair request, and a moderately good trade
in Jersey cloths and stockinets was done by some of the com
mission houses. For satinets, Kentucky jeans and doeskins
there was only a moderate demand at fiist hands, but stocks
are so well in hand that desirable makes are steadily held by
agents. Seasonable dress fabrics ruled quiet, but some very
fair orders for all-wool and worsted goods adapted to the fail
trade were placed (for future delivery) with the mill agents.
Flannels and blankets have met with rather more attention,
but actual transactions were light in the aggregate, and there
was only a moderate inquiry for carpets, w col hosiery and
heavy underwear.
Foreign D r y Goods.—The situation in the market for
imported fabrics has not materially changed. The retail trade
has not realized expectations, owing to unfavorable weather
conditions, and the demand for reassortments at the hands of
importers and jobbers was consequently light. Some pretty
good orders for fall dress fabrics, as cashmeres, Henrietta
cloths, serges, &c., were placed with importers, but season
able dress goods ruled quiet. Ribbons were fairly active, but
silks, satins, velvets and plushes, ruled quiet, and the demand
for other foreign goods was chiefly o f a hand-to-mouth char
acter.
Q v ix s t
Til
THE CHRONICLE.
A pril 28, 1888.]
® 0 m # a t x ije s .
% x n s t
C o m p a n ie s .
ÿaufejers atrtf ^xaUtvs.
Brooklyn Trust C o., Brewster, Cobb
Union Trust Company The
Cor. o f Montague and Clinton 8ts.,Brooklyn, N.Y.
OF N E W Y O R K .
C A P I T A L (all In U. 8. Bonds) - 9 1 ,0 0 0 ,0 0 0
& Estabrook,
73 Broadway, cor. Rector St., N.Y,
- $1, 000,000
C A P IT A L ,
3 ,0 0 0 ,0 0 0
SURPLUS, Authorized to act as Executor, Administrator,
Guardian, Receiver, or Trustee, and is
A LEGAL DEPOSITORY FOR MONEY.
A c c e p t s th e tr a n s fe r a g e n c y a n d re g istry o f sto ck s,
a n d a cts a s T ru ste e o f m o rtg a g e s o f co r p o r a tio n s.
Allows interest on deposits, which may be made
at any time, and withdrawn on five days’ notice,
with interest for the whole time they remain with
the company.
For tne convenience o f depositors this company
also opens current accounts subject, in accordance
with its rules, to check at sight, and allows interest
upon the resulting daily balances. Such checks pass
through the Clearing House.
TRUSTEES:
J ames M. McLean,
Wm. White wright,
Ambrose C. Kingsland,
Henry A. Kent,
James H.J 'gilvie,
R . T . W i ls o n ,
S. T . F atflth U d ,
Wm. F. Russell,
I. H. Frothingham J
Ó. i». W o o d ,
George A. Jarvis,
James N. Platt,
C. Vanderbilt,
D. C. Hays
A. A. Low,
Wm. Alex. Duer,
G. G. Williams,
Charles H. Leland,
R. G. Remsen,
Edward King,
Edward Schell,
E. B. Wesley.
Amasa J. Parker,
D. H. McAlpin,
Samuel F. Barger.
George B. Carhart,
G eo.''. Magoun,
Chauncey M. Depew,
H . V a n R e n n s e l ’ r K e n n e d y ,W . E m l e n R o o s e v e l t .
E X E C U T IV E C O M M IT T E E :
W m . W h i t e w r ig h t ,
G . G . W i ll ia m s ,
Jam es M cL ean,
E . B . W e sle y ,
G e o . C . Magoun,
C . D . Wood,
D. C . H a y s ,
A . C. K in g s la n d .
EDWARD KING. President.
A. O .
J A M E S M . M C L E A N , F ir s t V i c e - P r e s ’t.
J A M E S H . O G I L V I E , S e c o n d V i c e - P r e s ’t .
R O N A L D S O N , S e cre ta ry .
A . W . K E L L E Y , A s s is t a n t S e c r e t a r y .
United States Trust Co.
OF N E W TORE,
N o. 49 W A L L S T R E E T .
C a p ita l a n d S u rp lu s,
9 7 ,0 0 0 .0 0 0
This company is a legal depository for moneys
paid into court, and is authorized to act as guardian
or trustee.
INTEREST ALLOWED ON DEPOSITS,
which may be made at any time and withdrawn
after five days’ notice, and will be entitled to inter
est for the whole time they may remain with the
company.
Executors, administrators, or trustees o f estates,
and lemales unaccustomed to the transaction of
business, as well as religious and benevolent institu
tions, will find this company a convenient deposit
ory for money.
JOHN A. STEWART, President,
GEORGE BLISS, Vice-President,
JAMES s. n a k k , second Vice-Pres’t.
T R L
W i l s o n G . H u n t,C d n t o n G ilb e r t ,
D a n ie l D . L o rd ,
S a m u e l S lo a n ,
Jam es L ow ,
W m .W .P h e l p s ,
D . W i ll is J a m e s ,
J o h n J , A s to r,
J o h n A . S tew art,
o j
-J J E S :
H . E . L aw ren ce,
I s a a c M .P h e lp s ,
E r n st u s C o r n in g ,
S. B . C h it t e n d e n ,
Jo h u H . Uh o a d e s ,
A n s o n P . S tok es,
U o o t .B .M i t u r n .
G e o . H . W a rren ,
G e o r g e B liss ,
W m . L ib b e y ,
J oh u C. B row n ,
E d w a rd C ot p er,
W . B ’ y ’ r d C u t i in g
('h a s . S . S m it h ,
W m .R o c k e fe lle r ,
A l e x . E . O rr ,
W m .H .M a c y , J r .,
HENRY L. THORNELL, Secretary.
LOUIS G. HAMPTON, Assistant Secretary.
American Loan & Trust Co.;
113 BROADWAY, NEW YORK.
C a p it a l, F u l l y P a i d , - - - - $ 1 ,0 0 0 ,0 0 0
HIS COMPANY TRANSACTS A GENERAL
LOAN, TRUST & FINANCIAL BUSINESS.
Receives money on Deposit, subject to check, and
jlows interest on balances.
All Checks pass through the Clearing House.
Makes Investments o f Money, acts as Executor,
Administrator, Guardian, Trustee, etc.
Also, as Registrar and Transfer Agent.
An authorized Depository for Court and County
Treasurers’ Funds.
ROWLAND N. HAZARD President.
GEORGE S. HART, Vice-President.
JAMES S. THURSTON, Secretary.
D ir e c t o r s :
John L. Macaulay,
John I. Blair,
S* Edward F. Browning,
Rowland N. Hazard,
SL George S. Hart,
Wm. B. Dinsmore,
Peter Wyckotf,
gf, Thomas L. Watson,
Jules Aldige,
Granville
W a lla c e C . A n d re w s ,
J o h n D . K lm m e y ,
J o h n R oss,
A l e x a n d e r G . B la c k ,
E lia s C . B e n e d ic t ,
W illia m P . A n d e r s o n ,
J a m e s S. T h u rs to n ,
G e o rg e A . E van s,
C h a r le s P a r s o n s .
H a w e s .;
Metropolitan Trust C o.,
Mil ls B u ild ing , 35 W a l l St ., N e w Y o r k .
P A I D - U P C A P I T A L , - - $ 1 ,0 0 0 ,0 0 0
Designated as a legal depository by order of
Supreme Court. Receive deposits o f money on
Interest, act as fiscal or transfer agent, or trustee
for corporations, and accept and execute any legal
' rusts from persons or corporations, on as favorable
terms as other similar companies.
nSSTHOMAB HILLHOUSE, President.
FREDERIC D. TAPPBN, Vtoe-President.’
CHARLES M. JBSUP, Secretary.
This company Is authorized by special charter to
act as receiver, trustee, guardian, executor or admin
istre tor.
It can act as agent in the sale or management of
real estate, collect Interest or dividends, receive re
gistry and transfer books, or make purchase and sale
of Government and other securities.
Religious and charitable institutions, and persons
unaccustomed to the transaction of business, will
find this Company a safe and convenient depository
for money, RIPLEY ROPES, President.
E DMUND W. CORLIES, Vice-Pres’t.
TRUSTEES.
Josiah 0 . Low, E. F. Knowlton, H J E . Sheldon,
Alex. M. White, John T. Martin, C .D .W ood,
A. A. Low,
Fred. Cromwell, Wm.H.Male,
Alev. McCue,
John P. Rolfe,
Ripley Ropes,
Mich” Chauncey, E. W.Corlles.
Abram B.Baylls,
Wm. B. Kendall. H. E. Plerrepont, H. W, Maxwell,
J a m b s Ross C U R R A N , Secretary.
F r e d e r i c k C. C o l t o n . Asst. 8* c’y.
BANKERS,
NO.
35
CON GRESS
STREET,
BO STO N.
MEMBERS OF TH E NEW YORK AND
BOSTON STOCK EXCHANGES.
ALSO ,
D ealer« In M u n ic ip a l, S t a t e ,R a il r o a d
a n d U n it e d S tates R o n d s .
Irving A . Evans & C o.,
BANKERS AND BROKERS,
N o.
53
STATS
*
ST R SST ,
BOSTON.
American Association
OF
PUBLIC ACCOUNTANTS.
I n c o r p o r a t e d ’ A u g u st 2 0 , 1 9 8 7 , U nder the
L a w s la n d S ta tu tes o f th e S ta te o f
N ew Y o r k .
I ( T h e b u s in e s s a n d o b j e c t s o f t h is S o c i e t y a r e t o
a s s o c ia t e i n t o a S o c i e t y o r G u ild , t h e b e s t a n d
m o s t c a p a b le P u b l i c a c c o u n t a n t s p r a c t ic in g In
t h e U n it e d S t a te s , a n d i h r o u g h s u c h A s s o c i a t i o n t o
e le v a t e th e p r o fe s s io n o f P u b lic A c c o u n ta n ts , as a
w h o le , a n d d e m o n s t r a t e t h e i r u s e f u ln e s s b y c o m p e l
li n g a n e x a m i n a t i o n a s t o fit n e s s , a n d t h e o b s e r v
a n c e o f s t r ic t ru le s o f c o n d u c t a s a c o n d it io n o f
m e m b e rs h ip .
O F F IC E R S »
P re sid e n t—JAMES YALDEN, New York.
%ic e -P r e s .—JOHN HEINS, Philadelphia.
S e c.—JAMES T. ANYON, New York.
T r e a s .—WM. H. VEYSEY, New York.
C O U N C IL.
Jam es T . A n yon , N. Y .
M a r k C . M ir ic k , N . Y .
L o u is M . B e r g t h e i l, N .Y . R o d n e y M c L a u g h li n , B o s t .
W i ll ia m C a lh o u n , N .Y .
C. H . W . S ib le y , N .Y .
G e o r g e H . C h u r c h , N .Y . W i ll ia m H . V e y s e y . N .Y .
J o h n H e i n s , P h ila d e l p h ia . W a l t e r H . P . Y e y s e y N .Y .
J a m e s Y a ld e n , N .Y .
FELLOWS OF 'lilli ASSOCIATION.
James T. Anyon, Louis M. Bergtheil, Thomas
Bagot, James Cox, William Calhoun, George H.
Church, C.W. Haskins, R. F. Munro, Mark C. Mirick,
C. H. W. Sibley, Henry M. Tate, Wi liam H.Veysey,
Walter H. P. Veysey, James Yalden, New York;
Klchard F. Stevens, Jersey City, N. J.; Horace D.
Bradbury, Rodney McLaughlin, Henry A. Piper,
Boston, Mass.; John W. Francis, John Heins, Henry
Kelly. Philadelphia, Pa.; Eric M. Noble, Washing,;
ton, D. C.
Offices ot th e A s s o c ia tio n , N o. 1 2 0 B r o a d
w a y , R o o m 5 1 (6th F lo o r). N ew Y o r k C ity .
Co n r a d
n . Jordan
*
P re s id e n t.
C h a r l e s J . Ca n d a ,
V ic e -P r e s ’t.
F.
blankenh orn
H.
a
,
C a s h ie r .
. Sm i t h ,
A s s is t a n t C a s h ie r
«EMBERS OF BOSTON, NEW YORK AND
PHILADELPHIA STOCK EXCHANGES.
Stocks a n d B o n d is B o u g h t a n d S o ld
in a l l M a r k e t s .
I oshua
AUn j a w
w il b o u r .
in
Ja c k so n
A.
C h a r l e s H . Sh v l d o n , J r
, W il l ia m R in n e t , J b .
Wilbour, Jackson & C o.,
BANKERS AND BROKERS,
N o. 52 W E Y B O S S E T S T R E E T ,
P R O V ID E N C E , R . I.
Dealers tn Commercial Paper, Government and
Other first-class Bonds and Securities and Foreign
Exchange.
Private telegraph wire to New York and Boston.
Rea Bros. & C o.,
BANKERS AND BROKERS.
AND DEALERS IN FOREIGN EXCHANGE.
425 W o o d Street, Pittsburg, Pa
MEMBERS
New York and Philadelphia Stock Exchanges.
Pittsburg Petroleum, Stock and Metal Exchange.
Private wires to New York, Boston, Philadelohia,
Baltimore and Washington.___________
E. W . Clark & C o.,
BANKERS AND BROKERS,
N o. 1 3 9 ISouth F o u r th S t., P h ila d e lp h ia .
Railroad, Municipal and other desirable invest
ment Securities for sale.
T r a n s a c t a g e n e r a l b a n k in g business. Allow inter
est o n d e p o s it s .
Members of the Philadelphia and New York Stock
Exchanges, and connected by private wire with New
_____________ _______
York.
The Western National Bank W m . G. Hopper & C o.,
OF THE
C IT Y OF N EW Y O R K .
CAPITAL,
.............................
9 3 ,5 0 0 ,0 0 0
New
Y o r k , May 14,1887.
This Bank is now opened for business. Accounts
respectfully solicited. The usual banking faoilltiet
extended to customers.
Orders for purchase or sale of securities will
receive careful attention.
Foreign Exchange bought and sold. Facilities for
keeping accounts in Sterling Exchange, subject to
draft in kind, will be afforded. The methods of re
ceiving such deposits and making payment against
them will be subject to arrangement.
draw
on
THE NATIONAL PROVINCIAL BANK )
OF ENGLAND (Limited,)
> L ondon,
THE UNION BANK OF LONDON (L’d),)
HEINE & CO., P a r is .
JOHANN GOLL & SOEHNE, |
S. BLEICHROEDER, B e r lin .
DEUTSCHSCHWEIZERISCHECRED-)
/'•oil
IT BANK,
j s t * **aU *
F . B L A N K E N H O R N , C a s h ie r .
Wilson, Colston & C o.,
BANKERS AND BROKERS,
(Memb
of Baltimore Stock Exchange),
B A L T IM O R E .
(INVESTMENT and SOUTHERN SECURITIES
a specialty.)
Correspondence solicited and information fur
nished.
N, Y. Correspondents—M c K i m B r o t h e r s & Co.
T H O M A S B R A N C H & CO.,
BANKERS AND COMMISSION MERCHANTS,
R IC H M O N D , V IR G IN IA .
Circulars and Information on funding the debts of
Virglnia and North Carolina free of cost; one-eighth
per .cent Charged for funding. Southern Railroad
an A State and City Ronds bought and s o l d . ___
BA N K E R S AN D BROKERS,
28
South
Third
Street,
P H IL A D E L P H IA .
D e s ir a b le S I X P E R C E N T W A T E R B O N D S a i d
O th e r fir s t -c la s s s e c u r i t ie s f o r s a le .
D ir e c t n r iv a t e w ir e t o H a
LEY, N ew Y o r k .
r r is
, F u l l e r & Bic k •
P IT T SB U R G H ,
PA.
ESTABLISH ED 1871.
Whitney 6c Stephenson,
BANKERS AND BROKERS,
N o. 57 F O U R T H A V E N U E .
Oldest Pittsburgh memhers N.Y. Stock Exchange.
H . B . M OREHBAD.
W M . F A IR L E Y
H . B. Morehead & Co.,
STOCK, BOND AND NOTE BROKERS,
N 0 .1 6 1 S W e s t g T h t r d S t r e e t ,
vt
CI NCTNNATIJOHIO 5
N . W . Harris &
C o.,
C H IC A G O and B O ST O N .
DOM n o of Counties. Cities, Ac., of high grade a
sneetoltv Mend f o r D e s c r i p t i v e L i s t « .
C. W . Branch 6c C o.,
BANKERS AND BROKERS
State Ba n k B uilding
R I C H M O N D , V I ,
•Private wire* connecting with Washington, B» )ti
more,.Philadelphia and New York.;
T H E
v ìi!
[YOU XLYl,
O H ix o r tI C L E
—
«anadian and JTuKtfflu Kaufes and JBaufeers.
Heinemann & C o.,
62 Gresham House, E: C„
Railway Share Trust Co.
C A P IT A L Paid In - - # 1 * ,0 0 0 ,0 0 0 Gold
SU R P LU S . . .
- 8 6 ,0 0 0 ,0 0 0 Gold
Hon. Sir
(LIMITED).
NO. 4
D O N A L D A. S M I T H , P r e s i d e n t .
W . J . B U C H A N A N , G en era l M a n a ger.
R AN K
B U IL D IN G S
LONDON, ENGLAND.
N E W YORK OFFICE:
o
W A L T E R W A T S O N ,) » r a n t s
’r L a n g ,
f A g en ts.
l h
LONDON.
S o lic it
0 *0 «. 5 9 A 61 W A L L S T R E E T ,
_______ A
C a p ita l P a id U p , « 9 T 1 ,8 6 0 S te r lin g .
a c c o u n t s a n d a g e n c ie s o f B a n k s , R a il w a y s
C o r p o r a t io n s , F ir m s a n d I n d i v i d u a l s u p o n
f a v o r a b l e t e r m s ; a ls o o r d e r s f o r t h e p u r*
c h a s e a n d s a le o f B o n d s , S h a r e s , A c ., A c . o n
th e S tock E x ch a n g e.
In terest a ll o w e d o n D e p o s i t s , s u b j e c t t o 6 9 -d a y s
s ig h t d r a f t s , a t B a n k o f E n g la n d r a t e , a n d
o n e p e r c e n t b e lo w t h a t r a t e s u b j e c t t o
d e m a n d d r a fts.
N e g o t i a t e R a il w a y , S t a t e a n d C it y L o a n s .
B u y a n d s e ll S t e r lin g a n d C o n t in e n t a l E x c h a n g e
and C a b le T r a n s f e r s ; g r a n t C o m m e r c ia l a n d T r a v e l
ers’ C r e d its , a v a il a b l e in a n y p a r t o f t h e W o r l d ;
tssne d r a f t s o n , a n d m a k e c o l l e c t i o n s in , C h ic a g o
and t h r o u g h o u t t h e D o m in i o n o f C a n a d a .
T h is C o m p a n y u n d e r t a k e s t h e b u s in e s s o f T r u s t e e
te
L oans
of
a p p r o v e d R a ilw a y s , n e g o t ia t e s
and
L o n d o n O ffice. N o . 2 8 A h c h u r c h L a n e .
Robert Garrett & Sons,
Issu es L o a n s o n t h e L o n d o n M a r k e t , a c t s a s A g e n t f o r
R a ilw a y s a n d o t h e r C o r p o r a t io n s , e it h e r in t h e m a t
BANKERS,
N o.
t e r o f p a y m e n t s o f I n t e r e s t o n L o a n s , D iv id e n d s o n
C A P I T A L (p a id u p )8 1 ,5 0 0 ,0 0 0
SU R PL U S
5 5 0 ,0 0 0
H . S. H O W L A N D , P r e s ’t .
T . R . M E R R I T T , Y .-P .
D . R . W I L K I E , C a s h ie r .
H E A D O F F IC E , T O R O N T O .
B r a n c h e s i n O n t a r i o .— E s s e x C e n t r e , F e r g u s ,
G a lt , I n g e r s o l l, N ia g a r a F a ils , P o r t C o l b o r n e , S t.
C a t h a r in e s , S t . T h o m a s , T o r o n t o ( Y o n g e S t. B r .),
W e l la n d . W o o d s t o c k .
B r a n c h e s i n N o r t h w e s t —W in n ip e g , B r a n d o n ,
C a lg a r y .
1
t
A g e n t s in N e w Y o r k :
L io y fl í* B a r n e t t s A B o S “| n a wit n r M ow TTîir a t
[a n o u e t ’ s B a n k , li m it e d . I B A N K OP MONTREA:LI IC o l le c t io n s p r o m p t l y m a d £ in a n y p a r t o f C a n a d a ,
D r a w e r s o f S t e r lin g E x c h a n g e .
The Merchants’ Bank
OF CAN ADA.
Capital, Paid Up. • • • ^5,799,200
R e s e rv e , ........................... 1,700,000
HEAD
O F F IC E !, M O N T R E A L .
A N D R E W A L L A N . E s c . . ’ ’ ’•««<d e n t .
R O B E R T A N D E R S O N , E s q ., V i c e - P r e s id e n t ,
G E O R G E H A G U E . G en era l M a n a ger.
J O H N G A U L T , B r a n c h S u p e r in t e n d e n t .
RANKERS :
L O N D O N . E N G .—T h e C ly d e s d a le R a n k ^ L im ite d .)
N F W Y O R K —T h e B a n k o f N e w Y o r k . N . B . A .
I A g e n e r a l R a n k in g b u s in e s s t r a n s a c t e d . L e t t e r s
o f C r e d it I s s u e d , a v a il a b l e [in C h in a , J a p a n a n d
o t h e r f o r e i g n c o u n t r ie s ,;
AGENCY
B
a
OF
n
THE|
k
OF
B ritish N orth A merica.
No. 52
W ALL
STREET.
B u y a n d s e ll S t e r l in g E x c h a n g e a n d C a b le T r a n s
f e r s . I s s u e d e m a n d d r a f t s o n S c o t l a n d a n d I r e la n d ;
a ls o o n C a n a d a , B r it i s h C o lu m b ia a n d S a n F r a n
cis c o .
C I R C U L A R N O T E S is s u e d in P o u n d s S t e r
li n g . a v a il a b l e in a ll p a r t s o f t h e w o r l d . C O M "
I H E R C I A L C R E D I T S I S S U E D f o r u s e in
E u r o p e , C h in a , J a p a n , E a s t a n d W e s t I n d i e s a n d
t h e B r a z ils , R i v e r P la t e , & c.
B i ll s c o l l e c t e d a n d o t h e r b a n k in g b u s in e s s t r a n s
a cted .
î;
D . A . M fiT A V I S H ,)
H . S T IK E M A N ,
\A g e n t s .
SOUTH
>TR EET,
TRAN SACT
A
GENERAL
F O R E IG N B A N K IN G
D O M E S T IC
B U S IN E S S .
AND
Gable Address—Pa v t , L ondon .
MERCHANTS’ NATIONAL BANE,
R E G IS T R A T IO N O F
R IC H M O N D , V IR G IN IA .
American Kailway Shares.
T H E E N G L IS H A S S O C IA T IO N O F A M E R IC A N
B O N D A N D S H A R E H O L D E R S ( L I M I T E D ) w ill
o b t a i n r e g i s t r a t io n o f A m e r ic a n R a ilw a y s h a r e s
(now p a s s in g a b o u t o n b la n k t r a n s f e r s ) in t h e n a m e
o f t h e A s s o c i a t i o n , se c u r in g t o t h e t r u e o w n e r f u l l
v o t i n g p o w e r , p r o m p t p a y m e n t o f d i v id e n d s in L o n
d o n a n d c o l l e c t i o n o f r ig h t s .
T h e c h a r g e f o r r e g is t r a t io n , in c lu d in g in s u r a n c e
t o N e w Y o r k a n d r e t u n , is 6 d . p e r s h a r e .
F o r s h a r e s r e g is t e r e d lu i t s n a m e t h e A s s o c i a t i o n
w ill is s u e , f r e e o f c h a r g e , c e r t ific a t e s c o u n t e r s i g n e d
b y t h e L o n d o n a n d W e s t m i n s t e r B a n k ( T .im i e d ) ,
a g a in s t t h e s h a r e s lo d g e d w it h t h e B a n k . T h e s e c e r t if lc a t e s h a v e d i v id e n d c o u p o n s a t t a c h e d , p a r a b le in
L ondon,
.
. . . .
T h e A s s o c i a t i o n w ill a ls o o b t a i n r e g i s t r a t io n in
o w n e r s ' n a m e s , a n d c o l l e c t t h e d iv id e n d s b y p o w e r
o f a tto r n e y .
V ,
.
. ...
_
F u ll p a r t ic u la r s m a y b e o b t a i n e d a t t h e o ff ic e s o f
t h e A s so cia tio n .
_______ ____ _ _
F . P . B A X T E R , S ecretary.
N o s . 5 a n d 6 G r e a t W i n c h e s t e r S t.. L o n d o n , E . C.
T h e A s s o c i a t i o n a c t s a s T r a n s f e r A g e n t s in L o n
d o n f o r A m e r ic a n R a il w a y C o m p a n ie s , in c o n j u n c
t io n w it h t h e L o n d o n a g e n t s o f t h e M e r c a n t il e
T r u s t C o m p a n y o f N e w Y o r k a s R e g is t r a r s .
A g e n t s in t h e U n it e d S t a te s ,
P O O R & G R E E N O U G H . 30 W a ll S t., N .Y .
C o l le c t io n s m a d e o n a ll S o u t h e r n p o i n t s o n b e s t
term s; p rom p t retu rn s.
_
_____ ___
J O H N P . B R A N C H , P re s id e n t.
J o h n F . G l e n n , C a sh . F r e d . R . S c o t t , V i e e - P r e s .
WE SOLICIT TH E AGENOY
or
N A T IO N A L
BANKS
A t a C h a rg e o f $5 p e r A n n u m .
GREEN & CUNNINGHAM,
R e a l E sta te B r o k e r s
1405 F S T R E E T , W A S H I N G T O N , D . C .
R e fe r e n c e : H o n . A . U . W y m a n , E x -T re a s n r e r
U S ., O m a h a . N e b .
J. 8. A
lexander
, P res.
A.A.A
lexander
, C a s h ’r .
Texas National Bank,
SAN A N T O N IO , T E X A S .
C O L L E C T IO N S
AND
IN V E S T M E N T S
MADE.
C o r r e s p o n d e n c e in v i t e d .
Blake, Boissevam & (Jo.,
W H E IN V E S T O R S
AGENCY.
( M . L . S C U D D E R , J R ., P R O P R I E T O R ,
LONDON, E N G L A N D .
N e w Y o r k A g e n c y , N o . 61 W a l l S treet.
HENRY HAGUE,
J O H N B . H A R R I S , J R .. J A g e n t * .
7
B A L T IM O R E ,
o r R e g is t r a t io n o f S t o c k s in L o n d o n , o r o t h e r w i s e .
Imperial Bank of Canada.
ie
------ :„\.;.ram0
'g O V tÍ Q U .
T H JB
[E S TA B LISH E D 1818.]
1
F O R E IG N .
C A N A D IA N .
Bank o f Montreal.
",
240 L A S A L L E S T ., C H I C A G O , I L L .
N e g o t i a t e R a ilw a y , S t a te a n d C it y lo a n s .
E x e c u t e o r d e r s f o r B o n d s , S h a re s , e t c ., o n C o m
m is s io n , a n d t r a n s a c t a g e n e r a l B a n k i n g a n d
C o m m is s io n B u s in e s s .
S p e c i a l a t t e n t i o n g iv e n to t h e e x e c u t io n o f
o r d e r s f o r S e c u r it ie s o n t h e N e w F o r k , L o n
d o n a n d A m s te r d a m E x ch a n g e s , in c o r r e s
p o n d e n c e w it h
BLAKE
18
28
R e p o r t s C on cern in g A ffa irs o f C o r p ora tion s
R A IL R O A D S ESP E C IA L L Y.
L a r g e L ib r a r y R a il r o a d D o c u m e n t s ,
C o m p e te n t E x p e r ts
C o n f id e n t ia l R e p o r t s ,
M o d e ra te C h a rg es.
S e n d f o r c i r c u la r .
BROTHERS
W a l l S tree t, N e w
A
CO.,
F ork,
S tate S treet, B o s t o n , M a e s ,
AND
A D O L P H BO ISSE TA IN A CO.
A m s t e r d a m , H o ll a n d .
ST O C K S and B O N D S
A t Auction.
rh e Undersigned hold R E G U L A R AUCTION
BALES, o f all classes of
STOCKS
AMD
W EDN ESDAYS
The Bank of Australasia.
(I n c o r p o r a t e d b y R o y a l C h a r t e r , 1835.)
ON
AND
BONDS,
SATU RDAYS.
A D R IA N H . M U L L E R A SON,
N o. 1 PIN E STJEtEET. NEW YORK.
4 T Ii read n eed le S treet, L o n d o n .
F O R E IG N .
T E D
Anglo- Californian Bank
(L I M I T E D )
L O N D O N , H ead Offioe, 3 Angel Court,
SA N F R A N C I S C O Office, 200 Sansome St.
N R W F O R K Correspondents,
J. A W. Sellgman A C o.
R O S T O N Correspend’ts, Massachusetts N. Bk.
A u th o r iz e d C a p it a l, - - - $ 6 ,0 0 0 ,0 0 0
P a id -u p C a p it a l, - - - - 1 ,5 0 0 ,0 0 0
R e s e r v e F u n d , ........................... 5 0 0 .0 0 0
T r a n s a c t a g e n e r a l b a n k in g b u s in e s s . I s s u e C o m
m e rc ia l C r e d its a n d B ills o f E x c h a n g e .a v a il a b ie in a ll
p a rts o f t h e w o r ld . C o l le c t io n s a n d o r d e r s f o r B o n d s ,
S to ck s. e t c ., e x e c u te d u p o n t h e m o s t fa v o r a b le te rm s .
F B E D ’K F . L O W .
) ,,
“
I G N A T Z S T E I N H A R T , ¡ M anagers.
P . N . L I L E N T H A L , C a sh
P a i d - u p C a p ita l, - - - - - - £ 1 ,6 00 ,00 0
R eserve F und, - - - - - - 800,000
R e s e r v e L ia b i li t y o f P r o p r ie t o r s
___ ____
u n d e r t h e C h a r t e r - - - • 1,600,000
L e t t e r s o f C r e d it a n d D r a f t s is s u e d o n a n y o f t h e
n u m erou s b ra n ch es o f t h e B a n k th ro u g h o u t A u s
t r a li a a n d N e w Z e a la n d .
B ills n e g o t ia t e d o r s e n t f o r o o ll e c t l o n .
T e le g r a p h i c t r a n s f e r s m a d e .
D e p o s i t s r e c e i v e d in L o n d o n a t i n t e r e s t f o r fix e d
p e r io d s , o n t e r m s w h ic h m a v b e a s c e r t a i n e d o n a p
p l ic a t i o n .
P R I D E A U X S E L B Y . S ecretary.
Hong Kong & Shanghai
B A N K IN G
E S T A B L IS H E D
1855.
Eugene R. Cole,
S T A T IO N E R
AND P R IN T E R .
S u p p lie s B a n k s , B a n k e r s , S t o c k B r o k e r s a n d C o r p o
r a t io n s w it h c o m p le t e o u t fit s o f A c c o u n t B o o k s a n d
S t ft t io n o r y
f a r N e w c o n c e r n s o r g a n is in g w ill h a v e t h e i r o r d e r s
p r o m p tly e x e c u t e d .
No. 1 W IL L IA M
(H A N O V E R
STREET,
S Q U A R E .)
C O R P O R A T IO N .
$7,500,000
P a i d - u p C a p it a l......................................
3.900.000
R e s e r v e F u n d ..........................................
7.500.000
R e s e r v e L ia b i li t y o f P r o p r ie t o r s .
T h e C o r p o r a t io n g r a n t D r a f t s , is s u e L e t t e r s o f
C r e d it f o r u s e o f T r a v e lle r s , a n d n e g o t i a t e o r e o l l e e t
B ills p a y a b le a t B o m b a y , C a lc u t t a , S in g a p o r e ,
S a ig o n , M a n ila , H o n g K o n g , F o o c h o w , A m o y ,
N i n g p o , S h a n g h a i, H a n k o w , Y o k o h a m a , H l o g o . S a n
F r a n c i s c o a n a L o ii d o n .
A . M . T O W N S E N D « A g e n t . 5 01W a l l S t.
(JOSEPHCl LLOTTSSTEEL* PENS
! GOLD MEDAL PARIS EXPOSITION-1878,
1 T H E MOST PERFECT OF PENS
THËtfOH&ONlCLlî
ÀPfctL ¿8, 1888.
a
% n & w tn n t* .
Œflttlïtt.
The United States Life
Insurance Co.
Brinckerhoff, Turner
& C o.,
Itistttatice.
IN
THE
C IT Y
OF N E W
M a n u fa c t u r e r s a n d D e a l e r s 1*7
YORK.
O F F I O E h O F jjT H B
(O R G A N I Z E D
A T L A N T I C
IN
C O T T O N S A IL D U C k
1 860.)
A n d a ll k i n d s o f
261, 262 & 263 Broadway, New York.
COTT O N
CANVAS,
F E L T IN G
DUCK,
OA
C O V E R IN G . B A G G IN G , R A V E N S D U C K , S A I L
S W I N E S , AO ., “ O N T A R I O ” S E A M L E S S
B A G S , “ A W N IN G 8T R 1P B 8,
, _
G E O . H . B U R F O R D , P re s id e n t.
C. P . F
Mutual Insurance C o .,
NEW Y O R K , January 2 4 ,1 8 8 8 .
T he T rustees, in con form ity to the C harter oi
the C om pany, subm it the follow in g Statem ent
o f its affairs on the 31st o f D ecem ber, 1 8 8 7 .
Prem ium s on M arine R isks from
1st January. 1887, to 31st
D ecem ber, 1 8 8 7 ................ ..$ 3 ,6 4 2 ,9 6 9 09
Prem ium s on P olicies n ot m arked
.
eft 1st January, 1887 . . . . . , .< 1,417,600 13
T otal M arine P re m iu m s...... $5,060,569 22
Prem ium s m arked (\¡ft from 1st
January, 1887, t o l l s t D ecem
ber, 1887...................................... $3,672,331 21
Losses paid during th e sam e
p eriod ............................................$1,599,468 25
R eturns o f Prem ium s and E x
p e n s e s .............. . . . . . . . . . . . .
W
, S ee.
m.
A .W
h e e l w r ic h t
, A s s t.S e c .
T . St a n d e n , A c t u a r y .
INCREASE IN ASSE T S OVER
. . .
I n c r e a s e i n N e w B u s in e s s , - - In c r e a s e o f b u s in e s s in F o r c e , -
A ls o , A g e n ts
U N I T E D S T A T E S B U N T I N G GO.
$1 60 ,0 00
40 per cent.
$ 2 ,4 0 0 ,0 0 0
4 f u l l s u p p ly , a ll W i d t h s a n d C o lo r s , a lw a y s In s t o c k
N o . 1 0 9 D u a n e S treet.
P O L IC IE S IN C O N T E S T A B L E .
Bliss, F a b y a n & C o . ,
C L A IM S P A ID P R O M P T L Y .
TEN D AYS’ GRACE.
New York, Boston, Philadelphia,
A B S O L U T E S E C U R IT Y .
S E L L IN G A G E N T S F O R L E A D IN G B R A N D S
The most liberal and equitable contract
consistent with recognized business prin
ciples,
B R O W N A B L E A C H E D S H IR T IN G S
A N D S H E E T IN G S ,
P R IN T 8,
S IX P E R CENT IN TEREST on th e outstand
in g certificates o f p rofits w ill be paid to the
holders th ereof, or th eir legal representatives,
on and a fter Tuesday, th e 7th o f February n ext.
TH E OUTSTANDING CERTIFICATES Oi
thé issue o f 1383 w ill be redeem ed and paid to
the holders th ereof, or th eir legal representa
tives, on and a fter T uesday .th e 7th o f F ebruary
n ex t, from w h ich date all interest thereon w ill
oease. The certificates to b e produced at the
tim e o f paym ent and oanoeled.
A D IV ID E N D O F F O R TY P E R CENT it
declared on the n et earned prem ium s o f the
Com pany, fo r th e year ending 31st D ecem ber,
1887, fo r w h ich certificates w ill be issued ox
and a fter T uesday, th e 1st o f M ay n ext.
B y order o f the B oard,
C H A P M A N , Secretary.
AS I
John
l
. Bu llard .
H
en ry h
. W
heeler.
THE
Bullard & Wheeler,
E Q U I T A B L E LIFE
COTTON COMMISSION MERCHANTS
NEW YORK.
ALSO
B A G G IN G
$788,846 38
A m o u n t..... . . . . . . . . . . . . . . . . .$1 2,23 7,28 3 35
D E N IM S , T IC K S , D U C K S ,
T o w e le ,Q u i lt s , W h i t e G o o d s dt H o s ie r y
D rilla Sheetings, Ac, for Export Trade.
G O O D A G E N T S , d e s ir in g t o r e p r e s e n t t h e C o m
p a n y , a re in v it e d t o a d d ress J . S . G A F F N E Y ,
S u p e r in t e n d e n t o f A g e n c i e s , a t H o m e O ffloe.
ASSURANCE SOCIETY.
The Com pany has the follow in g A ssets» y is.:
U nited States and S tate o f N ew
Y ork S tock, C ity, B ank and
o th e r S to o k s ...... . . . . . . . . . . . . . . $8,622,565 00
Loans secured b y Stocks and
o t h e r w is e ......... . . . . . . . . . . . . . 1,559,100 00
R eal E state and C laim s due the
Com pany, estim ated a t . . . . . . . .
474,439 88
Prem ium N otes and B ills R e
ceiva b le......... ................... .
1,362,986 0
218,192 40
Cash in B a n k .................
J» H ,
r a l e io h
AND
IR O N
T IE S ,
( F O R B A L I N G C O T T O N ).
A d v a n c e s m a d e o n C o t t o n C o n s ig n m e n t s a n d S p e c ia l
A t t e n t i o n g iv e n t o p u r o h a s e a n a s a le o f F U T U R E
CO N TRA CTS OF COTTON .
JAN. l , 1888.
A sse ts.........................................
L iabilities, 4 per cen t...............
$84,378,904 85
66,274,650 00
Surplus........................................
$18,104,254 85
BAGGING.
W A R R E N . JONES A
N ew A ssurance................................. $138,023,105 00
O utstanding A ssu rance............ $483,029,562 00
P aid P olicy-H olders in 1 8 8 7 .. $10,062,509 81
Paid P olicy-H olders sin ce or
gan ization ................................ $106,610,293 34
T otal In com e.................................... $23,240,849 29
Prem ium In co m e .................... $19,115,775 47
$8,868,432 09
Increase in A ssets.............
A ssets to lia b ilitie s...................... 127*3 p er cen t
North British
& Mei cantile Ins.
Co.
OF
G R A T I,
ST. LO U IS, H o .
M a n u fa c tu r e r s
of
P u re
J u te
B a g g in g .
IM PO RTERS OF
IR O N
JO H N
CO TTO N
H.
T IR S.
C L IS B Y &
CO.,
COTTON BU YERS,
ALA.
M ON TG OM ERY,
P u r c h a s e Or l y
on
Or d e r s
for a
Co m m i s s i o
Dennis Perkins
C o.,
COTTON BROKERS,
1 2 5 P e a r l Street, N e w Y o r k :.
LONDON AND E D IN B U R G H .
U. S. Branch Statement Jan. 1, 188S.
O rd e r s f o r
ex ecu ted .
I n v e s t e d a n d C a s h F i r e A s s e t s ..........
SECURE BANK VAULTS.
$3,347,833 81
L IA B IL IT IE S .
R e s e r v e f o r U n e a r n e d P r e m iu m s ..
1,314,448 81
161.267 ¿ 9
R e s e r v e f o r U n p a id L o s s e s ................
A l l o t h e r L i a b i l i t i e s ...............................
3 .548 83
N e t burplns................................1,8 7 8 ,5 6 9 28
Spot
C o tto n
and
F u t u r e s p r o m p t ly
$3,347,833 81
U . S . B R A N C H O í FICE, 54 W IL L IA M STREET, N . Y .
S A M . P . B L A D G E N , M anager.
J A S . F . D U D L E Y , A s s is t a n t M a n a g e r .
W . A . F R A N C I S , 2 d A s s is t a n t M a n a g e r .
WELDED CHROME STEEL AND IRON
in R o u n d a n d F la t B a r s , a n d 5 -p ly P l a t e s a n d A n g l e
T R U S T E E S *
I . D . Jon es,
W . H . H . M oore,
A . A . R aven,
Jam es L ow ,
W m. Sturgis,
Beniam in H . F ield ,
Joslah O. L ow ,
Edm und W . O orlles,
R obert B . M intum ,J
W illiam D egroot,
H orace G ray,
W illiam E . D odge,
Joh n E lliott,
O. A . H and,
Joh n D . H ew lett,
W illiam H . W ebb,
C harles P . B urdett,
H enry E . H aw ley,
Ohas. H . M arshall,
Jam es G . D e F orest,
Charles D . L evel ic h ,
Joh n L .R ik er,
G eorge B liss,
A nson W . H ard,
N. D enton Sm ith,
Isaac B ell,
Edward' F loyd -Jon es,
Thom as M aitland,
Ira B u r le y ,
Jam es A . H ew lett,
G eorge H . M aey,
Law rence T urnare.
JOH N D . JONES, P residen t.
W. H . H . M OORE, V ice-P resident.
A . A . R A V E N , 2d Vice-President.JJ* U.
ONLY
F O R S A F E S . V A U L T S , AO.
Direct Line to France.
GENERAL TRANSATLANTIC CO.
B e tw e e n N E W
C a n n o t b e S a w e d , C u t o r D r i ll e d , a n d
B u r g la r -P r o o f.
CHROM E STEEL W O R K S ,
Cir c u l a r s F r e e .
Y O R K and H A V R E
F r o m P i e r ( n e w ) 4 8, N o r t h B l v e r , f o o t o f M o r t o n S t .
L A B O U R G O G N E , F r a n g e a i . . . . S a t . , A p r . 2 1 ,1 P .M .
L A B R E T A G N E , d e J o u s s e l in . .S a t ., A p r . 28, 7 A .M ,
L A C H A M P A G N E , B o y e r ........... S a t., M a y 6 , 1 P . M .
T r a v e l e r s b y t h i s l i n e a v o i d b o t h t r a n s it b y E n g lis h
r a ilw a y a n d t h e d i s c o m f o r t s o f c r o s s i n g t h e C h a n n e
In a s m a ll b o a t .
P r i c e o f P a s s a o s ( i n c l u d i n g w in e ):—T o H a v r e F ir s t c a b in , $100 a n d $ 8 0 ; s e c o n d o a b in , $ 6 0 ; s t e e r
a g e , $88—in c lu d in g w in e , b e d d i n g a n d u t e n s i ls . R e
t a in tic k e t s a t m u ch r e d u c e d ra te s . C h eek s o n B a n q u e
T r a n s a t la n t iq u e , H a v r e a n d P a r is ,in a m o u n t t o s u it .
S p e cia l T r a i n f r o m
H a v r e to
P a r is
T h e C o m p a g n ie G e n e r a le T r a n s a t la n t iq u e d e liv e r s
a t i t s o ff ic e i n N e w Y o r k s p e c i a l t r a in t i c k e t s fr o m
H a v r e t o P a r is . B a g g a g e c h e c k e d t h r o u g h t o P a n s
w it h o u t e x a m i n a t i o n a t H a v r e , p r o v i d e d p a s s e n g e r s
h a v e t h e s a m e d e l iv e r e d a t t h e C o m p a n y ’s d o c k lx
N ew Y o r k , P ie r 48 N o rth R iv e r , f o o t o f M o r to n 3 t.
a t le a s t t w o h o u r s b e fo r e t h e d e p a rtu re o f a s t e a m e r
L O U IS E E B E B I A N , A g e n t,
N o. 8 B o w lin g G reen.
p o s it i v e l y
BROOKLYN, N. Y .
T H E
Provident Life &Trust Co
OF
P H IL A D E L P H IA .
I n c o r p o r a t e d T h ir d M o . , 2 2 d , 1865.
(C H A R T E R P E R P E T U A L .)
C A P I T A L ......................................$ 1 ,0 0 0 ,0 0 9
ASSETS, #20,115,023 49.
IN 8 U R E S L IV E S , G R A N T S A N N U IT IE S , R E
C E IV E S M O N E Y O N D E P O S IT , re tu r n a b le o n d e
m a n d . o r o n w h ic h in t e r e s t is a ll o w e d , a n d is e m p o w
ered b y la w t o a c t as E X E C U T O R , A D M I N IS T R A
T O R , T R U S T E E , G U A R D IA N , A S S IG N E E , C O M
M I T T E E , R E C E I V E R , A G E N T , e t c ., f o r t h e fa it h m l p e r fo r m a n c e o f w h ic h it s c a p i t a l a n d s u r p lu s
fu n d f u r n is h a m p le s e c u r i t y .
A l l t r u s t fu n d s a n d in v e s t m e n t s a r e k e p t s e p a r a t e
and a p a rt fr o m t h e a ssets o f th e co m p a n y .
T h e in c o m e o f p a r t ie s r e s id in g a b r o a d c a r e f u l l y
c o l l e c t e d a n d d u ly r e m i t t e d .
S A M ’L R . S H I P L E Y , P r e s i d e n t .
T . W I S T A R B R O W N , V ic e -P r e s id e n t.
ASA S. WING. Viee-Presidentjm d. Actuary
THE CHRONICLE
3t
[A pril âô, 1888
p t is cullaticoxis.
g Πo tlfltU 1
Walter T. Hatch.
Nath'l W. T. Hatch.
Woodward & Stillman,
W . T . Hatch 6c Sons,
MERCHANTS,’
Post Building, 16 & 18 Exchange Place,
NEW
I N M A N , SWANNÔC Co
COTTON
MERCHANTS,
k u l a t t e n t io n to o r d e r s f o r c o n t r a c t s
N ew Y o rk ,
FOR F U T U R E D E L IV E R Y OF COTTON.
COTTON. ALL GRADES, SUITABLE TO WANTS
OF SPINNERS,
P etered
on
T erms
AND COMMISSION MERCHANTS,
1 £ W I L L I A ]H
STR EET,
Henry Hentz 5c C o.,
COMMISSION
C O T T O N
at th e N E W Y O R K , L IV E R P O O L A N D N E W O R L E A N S C O T T O N E X C H A N G E S . A ls o o r d e r , fo r
ORDERS EXECU TED T n
NEW YOKE, CHICAGO, NEW OR
LEANS, ST. LOUIS, LIVERPOOL,
HAVRE, See._______________
New Orleans, La.
'^Le h m a n , Du r r
ä
Co .,
bMonuiomery, Ala.
L E H M A N B R O S.,
at
th e
NEW
F
o t t o n
a c t o r s
AND
C O M M IS S IO N M E R C H A N T S ,
No. 40 EACH ANGB PLACB,
MEMBERS OF THE OOITON. OOFFEE AN D
PRODU CE E XC H AN G E *.
Up -t o w n Office . No. 861 B r o a d w a y .
N ew lio m .
“ Order, executed at the Cotton Exchange. In New
York and Liverpool, and advances maae on Cotton
and other produce consigned to us, or to our corre«ondent. In Liverpool: Messrs. L. Rosenheim A
on . and A. Stern A Co.; In .London, Messrs. B.
Newgasa & Co.__________________________
S
G.
Schroeder 6c C o.,
Bnooe.sor. to W ARE A SCHROEDER,
CO M iySSIO N MERCHANTS,
Cotton Exchange Building,
NEW
TO
Hubbard, Price 6c C o.,
YORK.
Order, for future delivery o f Cotton executed In
New York and Liverpool ; also lor Grain and Pro
vision. In New York and Chicago.
O F F IC E S
S U P P L Y
N E W
Y O R K C O F F E E E X C H A N G E , and
COMMISSION MERCHANTS,
IT
W a te r
S tree t,
L IV E R P O O L ,
R e c e iv e c o n s i g n m e n t , o f C o t t o n a n d o t h e r P r o d u c e ,
o r d e r s a t t h e E x c h a n g e s in L iv e r p o o l.
R e p r e s e n t e d in N e w Y o r k a t t h e o ih c e o f
s a m ’l d . b a b c o c k
82 N a ssau S t r e e t , N ew Y o r k .
aad e x e c u t e
■‘ '“ COMMISSION
m e r c h a n t s
,
N ew Y o r k .
NORFOLK
MERCHANTS,
»irr .
N o. 123 P E A R L ST ., NEW Y O R K .
O r d e n f o r f u t u r e - d e l i v e r y o f C o t t o n e x e c u t e d in
N ew
A D D E D .
ose,
S ecreta ry.
Bethlehem Iron Comp’y
40 and 42 Wall Street,
N ew Y ork .
Crenshaw 6c Wisner,
VA.
Cotton Brokers & Commismon Merchants
L ib e r a l a d v a n c e s m a d e o n C o t t o n c o n s ig n m e n t s .
S p e c ia l a t t e n t i o n g i v e n t o t h e s a le o f c o t t o n t o a r r i v e o r In t r a n s i t f o r b o t h f o r e i g n a n d d o m e s t ic m a r
k e t s . O r d e r , f o r F u t u r e C o n t r a c t , e x e c u t e d in N e w
Y o r k a n d L iv e r p o o l.
1 6 A 1 8 E x c h a n g e P la c e , N e w Y o r k ,
COMMISSION M E R C H A N T S,
M a x „ e n o f t h e C o t t o n , C o ffe e a n d P r o d u o e B x o h ’ s
AGENCY OF
THE HÀXALL CRENSHAW CO.,
Robert Tannahill 8c C o .,
R IC H M O N D , V A .
S t a n d a r d B r a n d , o f F l o o r f o r S h ip m e n t t o W a r m
C lim a t e s a lw a y s o n h a n d .
ORIENT GUANO MANUFACT’G CO.,
Cotton Commission Merchants,
O R IE N T , L . I.
S ta n d a rd S u p e r p h o s p h a te s
SULPHUR MINES COMPANY
C o tto n E x c h a n g e B u ild in g ;,'.N e w Y o r k .
O F V IR G IN IA .
H ig h G ra d e P y r it e s fr e e fr o m A r s e n ic .
S p e c ia l a t t e n t i o n g i v e n t o t h e p u r c h a s e a n d s a le o f
F U TU R E CONTRACTS
In N e w Y o r k a n d L iv e r p o o l.______________ '
lu s u t fîT O J C je .
Mohr, Hanemann6c C o.,
COTTON
EXCHANGE
B U IL D IN G ,
Special A ttention Given to the Execution
OF ORDERS FOR FU TU RE CONTRACTS.
Cotton Commission Merchants,
AN D
IN LAN D
IN S U R A N C E .
COMMERCIAL MUTUAL
IN S U R A N C E ; C O M P A N Y ,;
New York.
NO. 42 W A L L STREET, NEW YORK.
A S S hT S .
U n i t e d S t a t e s S e c u r it i e s ...................
»173,900 00
B a n k S t o c k s ............................................................. 111,225 00
S t o c k s , B o n d s , L o a n s a n d C a s h in B a n k s 321,908 51
P r e m iu m N o t e s , G a s h P r e m iu m s ,
0 2,336 75
T o t a l A s s e t s D e c . 31, 1 8 8 7 .......................»075,367 20
W . I R V I N G C O M E S , P re sid e n t.
D . K i n g , S e c . W a i n w h i g h t H a h i u e , V .-P
T h is C o m p a n y is s u e s C e r t ih c a t e s o l in s u r a n c e ,
u n d e r w h ic h lo s s e s a r c p a y a b le i n L O N D O N , a t t h e
co u n tin g h o u s e o l M essrs. B it o W N .S H lP L E Y A C o
H
enry
NO. 116 CHESTNUT STREET,
P H IL A D E L P H IA .
NO. 42 M AIN STREET,
Phénix Insurance Co.
N O R F O L K , V A .
Geo. H . McFadden6c Bro.
COTTON
COMMISSION
D EM AN D ,
B E IN G
F R A N C IS M . JB N C E S .
P re s id e n t.
George H . V
OF
SPINNERS ORDERS SOLICITED.
Gwathmey 6c BIoss,
NEW LY;
Price, Reid 6c C o.,
S p e c ia l a t t e n t i o n t o o r d e r , f o r c o n t r a c t , f o r fu t u r e
d e liv e r y o f c o tto n .
A R E
M a n h a t t a n B u ild in g ;,
Geo. W . Baily 6c C o., Edward H . Coates 6c C o .,
C O T T O N .E X C H A N C S Ii.il U l L D I N G ,
BEEN
IN C R E A S IN G
SA FE S
M A R IN E
B. F. B A B C O C K & C O .
HAVE
140, 142 & 146 BROADWAY
117 P earl St., N ew Y o rk ,
AND
C
THE
F U R N IS H E D W I T H E V E R Y IM P R O V E M E N T .
. G R A IN AMO PROVISIONS
at th e N E W Y O R K P R O D U C E E X C H A N G E and
t h e C H IC A G O B O A R D O F T R A D E .
CORRESPONDENTS
M m w s . S m it h , E d w a r d . & C o ., C o t t o n B r o k e r s ,
L iv e r p o o l.
„ ,
J a * . L e a M c L e a n , N e w O rle a n s .
Deposit Co.
OF N E W Y O R K
C O F F E E
STO CKS, P E T R O L E U M ,
c h a ^ h f t i f S e w H a^'en
O F F E R S U N E Q U A L IflD S E C U R I T Y .
O R D E R S F O R F U T U R E .D E L I V E R Y
NEW jfcYORK.
L e h m a n , St e r n & Co.,
MERCHANTS
8 S o u th W i ll i a m S t., N e w Y o r k .
EXECU TE
CO TTO N , G R A IN ,
PR OVISIO N S, CO F FE E ,
Branch Offices {
P e r s o n a l a t t e n t i o n g iv e n a t t h e E X C H A N G E S t o
t h e p u r c h a s e a n d s a le o f S T O C K S a n d B O N D S f o r
c a s h o r o n m a r g in .
■ . ..
D E P O S I T S R E C E I V E D —s u b j e c t t o o h e o k a t s ig h t
—w it h in t e r e s t u p o n b a la n c e s .
S p e c ia l a t t e n t i o n p a id t o I N V E S T M E N T S a n d
a e o o u n ts o f C O U N T R Y B A N K E R S .
The Safe
to s u it ._________ _
Williams, Black 6c C o.,
»A T T R -F /R H
BANKERS,
14 NASSAU STREET, NEW YORK.
YORK.
LOAN8 MADE ON ACCEPTABLE SECURITIES.
Sp
H enry P. Hatch.
Arthur if. Hatch.
MERCHANTS,
BROOKLYN,
Office, 195 Broadway, New York City.
C A S H C A P I T A L .......... : ................................ »1,0 00 .00 0
STEPHEN
P H IL 1 D E L P H IA .
C R O W E L L , P r e s id e n t .
G E O R G E P . S H E L D O N , V ic e -P r e s id e n t.
G E O R G E I N G R A H A M , 2 d V i c e - P r e s id e n t ,
P H I L A N D E R S H A W , S ecretary.
C H A R L E S C . L I T T L E A s s is t . S e c r e t a r y
Liverpool Correspondents ,
F R E D E R I C Z E B E G A Sc CO.
J O H N H . D O U G H E R T Y , A s s is t , g e c ’ y .
Y o r k a n d L i v e r p o o l ; a ls o f o r G r a in a n d r*r< ■
v i s i o n , i n N e w Y o r k a n d C h ic a g o ._____________ _______
Geo. Copeland 6c Co,,
COTTON BROKERS,]
? ^ iR L
ST R E E T , N E W YORK *
Rountree 6c C o .,
C O M M IS S I O N M E R C H A N T S ,
COTTON EX CH AN G E, NEW
Y O R K , and
N O R F O L K .. V A .
Cotton, Coffee, Grain, Provisions,
S tock, ana Petroleum..
O r d e r s exeout<M l In N e w Y o r k , C h i c a g o a n d L i v
e r p o o l.
A U g r a n e * o f c o t t o n s u i t a b l e t o s u ln n e r s ’
w a n t s o ff e r e d o n f a v o r a b l e t e r m s .,,
___ __
Commercial
A
ssu ran ce
C o .,
Union
l im it e d
OF LON DON
Office, Oar. Pine eftWt'iam Sts., N.
\
L
@FedFRASER