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HUNT'S MERCHANTS* MAGAZINE,
REPRESENTING THE INDUSTRIAL AND COMMERCIAL INTERESTS OP THE UNITED STATES
VOL
NEW
43.
YORK, DECEMBER
financial.
^tuancial.
NEW
YORK.
w^i^
Imii
Engsatsss and
VuitrTEsts
& Co.,
IHPORTERS,
u« tr aui. mt iw T«t^ luc
•ONDS, POSTAGE A REVENUE STAMPS,
LEGAL TENDER AND NATIONAL BANK
NOTES of the UNITED STATES; and for
r&ANK
BRaUTIKC AND
PRINTIKO,
BARK nVTCa, MURE CEBTirirATER, BONDS
rWK ««rEK3rXEMTS A>D COUIMtUATIORa,
PKArr*. (VECKH.
Bii.i.t
U tk« Obcm «! Boat artUUa atria
FKSM STBU. PLATES^
i* raiiuT cwiiiiiuuiijik
•k wacuL lUfeBrAua
VmM taa*f« lta<OT»4 »ii
y tar
SAFETY PAPER*.
•AFCTY COLORS.
trtAMfm, *«.,
liirfiil
Waak Emaaalai la Flrrvraar naniUa^
unotMAnne mo tyw ptmma.
•AUWAT TICKETS •r IMPKOVKD BTTiafc
GORHAM
M'l'g Co.,
Broadwaj and Nineteenth Street,
ADD 9 UAIDES UkSX.
Maw Ornrt*. LakaU, Calaa<» a.
»
SLANK BOOKS OF EVERY DE8CRIFTI0N
ALBERT 0. GOODALL, PreiMaaL
VlrE.rRtSII)E.STS
A. 0. SHEFARD,
aACOONOUOH,
TOURO ROBERTSO*.
«. M. SMIUIE.
THEO. H. FREELANO. Stct'rindTl
Wm.
^
Corporation!
00I.IJICTI0N8 ara azoallent
«a r*4la«oaai for baaka whan balancaa war-
Oar Caaimtai
for
C.
FLOTiWONia,
William RoBiaoM
Membara New York Stock UxchanRO.
J.
A. Kohn
(BtlUS BciLDUio), 19
Londoa and tha
aka GMIa iraaafan and pUaa
throachoat tba Uoltad StaUa
owB
r»7
Itallat..
BROAU
at BoBda booaht and told, and azcbaosea
..._
Wa bara a aarkat for prima ant.claaa loTaatmant
anta propoaala from
ttaa aad QUaa, whaa laaalnc booda.
BaaartUaa. aad
Stataa,
Ooaa-
ABA
P.
W. WORK,
aOC.
TINKER
A.
Raw
York.
H. T. Btook Bzob.
Ma
Kn. Mambar
Tlima.
_^
KTT
waaroa
aauaa
a
8TOCK BROKEB.
Lansdale Boardman,
,
We
make a
apeclaltr of the bnjing, sellloK
C.
nS^ TORR, 80 BBOADWA Y A 8 KEW BT.
TROT, n. T^ »•. " 'IB8T BTKKBT.
tmbaraklpi pMraMwtrai
all la olllM aa
(Bank of
1. 1.
bonda of rallroada, water
STKEEIT,
New York Balldlng).
Bonda'and Stocks bought android at the New
York Stock Exchange.
BONUS AND INVHSTMBNT 3BCUBITIB8 FOB
SALE
L.C.LATBBOP. 080AB B. SMITH.
Lathrop, Smith
&
J.
H.OLIPHANT.
Oliphant,
BANKERS AND BU0KEH8,
37
BROAD
ST.,
NKW YORK,
« PACIFIC AVE., CUICAGO.
Members New York Stock Kxcbange, New York
Cotton Sxebaaga, aad Board of Trade, OUoaso.
Co.,
BANKERS
ISTTALIi and
3
NASSAU STREETS,
NEW VOKH.
*
Transact a General Banking Bnslnesa.
DEALERS IN OOVBRNMKNT. MDNICIPAL AND
RAILROAD SKCUBITIBS.
DEMAND DEPOSIT ACCOUNTS RECEIVED.
INTEREST ALLOWED ON DAILY BALANCES
E. L.
Oppenheim
[BSTABLISHKD
& Co.,
1862],
BANKERS AND BROKERS,
& 53 New
61
Street and 42 Broadway91
Leonard Strict.
Walter Del. Mar
Edward L. Oppenheim.
&
Co.,
BANKERS AND BBOKEBS,
and
worka, raa works and other flrst-claas corporations.
We aolidt correspondence.
4 8 TV A
&
B. Rollins
Alexander Campbell
(niLLS BUILDINO,)
WESTOM,
BXCBAHeB COURT,
Diof the New York Stock ExchanKo.
of Mercta&nts' EjcchanKe National Bank,
American Barings Bank, American Safe Deposit
Company. Ac, Ac.
Securities bouKbt and sold on commlsston, for
caab or on marKln. Alt Inquiries (cratultoualy rea*
ponded to. Correspondence aohclted.
INVESTMENT SECURITIES.
William T. Meredith,
BAHK£BS ASD BBOKEB8,
H*. S
Schwarz,
Streets.
Broadwat.)
Member
Branch OmcE,
&
290
rector
Invc^lmenta for Cap-
Prcaldent.
C«ahler.
Trowbridge,
MT., N. T.
Pacl schwabz.
placinic of first mort«affe
Wa«aaiaaaralbaiikla«ba«Baaa,and InrlU oor>
POTTER,
Roberts
of the New York
Stock Bxchamia
Members
(Branch Offick,
Trust Funds and InsUtuttuoa.
M. ROBUTS,
azcfaamia on
k WMhtacton mada for banka altbont axtra obame.
Nov. 8
and Korelan kxchnnae.
Bealera In Bral-claaa Inveatment Secaiitlea.
B.
Wa 4ra«ow
Co.,
Mamttera of the New York Htock Ejccfaanfte.
Execute onJen on oommlaalOD for Bonda, Htocka
I*urttculnr Mtteiitloii ifiven to
la aiaairra dtr, and balancaa with ns from
kanka (aot loaaU4la othar laaarra elUaa) oooot la a
&
BANKSKB AND BROKERS,
loans negotiated.
BANKER AND BROKER,
A 6 Broad or 39 IVall
H.
Bonda and IT. 8. QoTemment SacoriUea
BouKht and Bold on Commlaston.
Staoka,
....
Bankan and
>
DiCKINSOH, I
F.
No. S Exehanse Court, Neir York.
BOSTOIV, IIAS8.
$400,000
CAPITAL,
•OBPLIS, - - - - «400,000
Aaaoaati of Baoki,
Robison,
BANKERS AND BROKERS,
t,
Maverick National Bank
&
Floyd- Jones
:
Walcott,
F. E.
SOLID SILVER.
or exi'iianob,
made and
Dividends and Interest collected.
Deposits received subject to Draft.
Intareet allowed. Investment securities a speeialty
We Issae a Financial Report weekly.
Jos. C.
Foralcn Oov«mm«nta.
f
stocks and Bonds boagbt and sold on Commission,
Orders received In Mining Stocks, and In Cnllstad
Seoorltlea. Collections
182 Broadway, Cor. John Street
or
Co.,
BANKERS AND BROKERS,
No. 24 Pine Street, New York.
Transact a General Banking Bnsinesa
DIAMONDS.
Alfred H. Smith
IT**.
&
C. Walcott
J-
78 TO 86 TRINITY PLACE,
mI«««. Caated
1,120.
^iuatuclal.
AMERICAN
Bank Note Company,
NO.
1886
11,
IT
NASSAU STREET,
NEW YORK.
MALCOLM
Campbell, Member of N. "i Stock Exch.
h. Obdsbb OAKunr,
jAMBa Whitblt,
Matnabd C. ktri,
Bbicbt U. Ducoi, WasbiDirton.D.O.
Wm. R. TRATBR8, Special Partner.
.
Prince
&
Whitely,
NEW
YORK.
No. 64 BROADWAY,
Fifth Ava., New York.
D. . „« n^,„rm,
OnriOBS ij l**"
BRANCH
53H iBtij 8^^_ WaahUwton, D. O
Buy and
sell
on oomulnBlun all classes of Railroad
and Provisions.
deoorltlea: also Urain
Private Telegraph wires to Philadelphia, Wllmlng.
ion, Baltimore, Waablngton, Bridgeport, New Haran
Boston and Pltuburg.
W. H. Goadby &
Co.,
BANKEBS AND BBOKEBS,
No'. 34
BROAD 8TRBEI,
Row York,
THE CHRONICLR
gvatwcrs
'gau^jetrs aufl
WALL
&
Morgan
Drexel,
&
BauMmann,
fori o\m,
n. deKothHchild, Esq., Vienna.
AND TBEIB CUKKK8PONDKNT8.
8.
Draw
fers to.
PUla.
Payable in any part of Europe, Asia, Africa, Ausand America.
Draw Bills of Exchange and make Telegraphic
Transfers of Money on Europe and California.
Kennedy Tod.
H. O. NUBTHCOTS.
AUSTKAUA.
Available In any part of the world. In Fbancs for
ue In Martinique and Guaouloupe, and In dollars for
ase In this una udjucent countries.
nake
Telegraphic Trauslers of money
Jiet%^eeu iliia Couutry uii<l l!.urope.
UF UKAKTJ9 drawn
atruudou all points in.Lnitea titates uud Canada,
and of drafts drawn In tne t nited btates un
aAli.KC01>Lfe;(JTJU>»
tureign countries
•Bd their London bKuse, Messrs. bUUWN, SHIPLEY
A CO., receive accounts of American banks, Urms
and individuals, upon favorable terms.
J.
&
Co.,
MASSAC STRBBT.
BILLS OF EXCHANGE ON
S3
PAYNB
inilXU,
&.
A:
Kennedy Tod
BANK OF SCOTLAND,
BDINBDBGU AND BRANCHES;
CABLE TRANSFERS AND LETTERS OF CREDIT.
Co.*
No. 33 Nassan Street, Neir Toik.
No. 4 Post Office Sqnare, Boston.
Inne
Circular Letters of Credit for Travelers'
Abroad against Cash or Satisl'aotor)
Uuarauty of K«-puymeut,
Use
Bzebance on London, Paris, Berlin
and Zurlcli.
&
Honse—inCNROB
Ruckgaber,
STKEKT, NBW YORK
COKKESPONDENTS OP THB
International Bank, of London
(Limited), London.
Dessrs. Jolui BerenberK, Uossler & Co.
Maitland, Phelps
Bills
niarcnard, Krauss & Co., Paris
& Co.,
Bankers and brokers.
Members of tbe New York Stock Exchange
DiAl.Kiia IN FOKXION Exchange, Oovebnuu^t
AND
OTHlch iNVEaTMicNT BONDS.
SThKi^lNU LOANS A SPECIALTY.
44 1% all
and «2 Ureeue
St. N. Y.
Buy and
commission, tor investment or on
targin, all securities dealt in at the New York stock
xchamie.
»it.
sell on
Gauadlan Bank of Commerce.
CAi'IIAI,
a.
16,000,(100,
H. »UA1>B¥
SCKPLDS,
(1,000,000.
& ALEX. LAIKI),
AOBNTS,
!•
BXCHANUE PLACE, NEtV YORK
BUT AND BltLL STKKLING iCXCUANOE.•^'^"'^•^
CABLit
TKANSFKllS. HTC.
ISSOB COMMBUCIAL CKKDITB, AVAILABLE
IM AU. I'AttTB »* tHJS <noh£ur^
*
Reading, Joseph K. Gtlliugham, John Wanamaker,
Henry E. Smith, Charles B. Wright, Henry Lewis,
Cralge Llpplncott.HtuuUton Disston, Clay ton French,
FrtiDcis
Kawle.
Heidelbach,
Ickelheimer
&
Co.,
WlLLIAm STREET,
Exchange
NEW YORK.
Place,
FOREIOSr BANMERS.
BUT AND DRAW BILLS OF BXCHANOB,
MAKE CABLE TBAN8FBK8, I88CK TBAVKL.
BR8' CREDITS.
ISSUE COMMERCIAL CREDITS, AVAILABLB
ALL PARTS OF THE WOBLIJ, ON
LN
Mctssrg. C. J.
Hambro &
Son. LondoH.
Kanawha & Ohio Railroad
Kanawha & Ohio
&
First 6s.
Common &
Pre-
ferred htocks.
Continental Constrnction Stock.
Fensacola
&
Atlantic Railroad Stock.
BOUGHT AND SOLD BY
TOBET
4
AND
6
KIRK,
&
BROAD STREET,
TORK.
TiKXr
Co.,
Geo. H. Prentiss & Co.,
COMMISSION MERCHANTS, No. 49 WALI. ST., NEW YORK,
JlSD
23
&
AKDj
24 ExcbaiMie Place,
New
York.
bills of exchange, letters of credit,
telegraphic transfers of monet
ON MEXICO, CUBA. <&€., dee.
Kidder, Peabody
1
&
Co.,
FOREIGN BANKERS,
Nassau Street, New York,
Commercial and Travelers' Credits.
of HUobange.
Cable Transfers.
Unger, Smithers
York.
BANKERS
Hamburg.
fliessrs.
Opkicers
SCOTLAND.
BANK ERS
%9 WILLIARI
New
DRAW OS
CO.
&
Schulz
assets.
ma
THB UNION BANE OP LONDON
BRITISH LUJEN CO. BANK, LONDON AND
OBiDiTS Opknkd and Patuents Mads bt Cabue.
Paris
Acts as Financial ARenl In the neKotiatlng and
marketing of ISt;GurlUeH. HeHls In BondH—Corporation. KallroacJ, State. Municipal, &c Kxeculesurders
on commission in Honds, Stocks. &c Cullects interest
and dividends^. HeceivcH money on deposit, allowing Interest. 'As dei^iruble inveatmenis offer, will
isHue Its Debenture Bonds, secured by itscanttal and
Cor.
Accounts and Agency of Bi.nks, Corporations
Arms and individuals received upon favorable terms
Dividends and Interest collected and remitted.
Act as agents for corporations in paying coupons
and dividends; also as transler agents.
Bonds, stocks and securities bought and sold on
commission, at tbe Stock Exchange or elsewhere.
Sterling Uxcbange and Cable Transfers bought and
sold.
ALSO,
Capital, «ir2,000.000
Full paid.
Puys and sells Bills of Kxchange. drawinR on
& Co., London, also on Paris and
29
John Paton & Co.,
SUCCESSORS TO
JESrP, PATON & CO.,
62 ^Villlam Street,
BELFAST, IRELAND;
AND ON THS
&
WILLIAM BTREET,
KKAl
."LIMITED,"
DI.STBR BANKING COIUPANX,
Co.,
&
COSNTV BANK,
John Munroe
No. 63
&
Act as Agents for Banks, Bankers and Railroad
Companies.
Issue commercial credits, also foreign and domestic
travelers' letters of credit iu pounds sterling Sl dollars.
Ofl'er Investment Securities.
Buy and sell bonds, stocks and securities in all American, Canadian, British and Dutch markets on commission. Collect dividends, coupons and foreign and
Inland Drafu.
Sell Bills of Exchange on
aiELTILI.E, EVANS
CO.,}-, nuannit
'jLONDON.
t;. J. llAftlKltO dt SON,
BIAKl'UAKD,
SS <t CO.,'{PARIS.
Id.
UOTTlNtJUUK di£ CU.,
SiniT,H>S,
MANCHE8TEB, PAYABLE IN LONDON
NATION AI.
Member N. Y. Stock Exch'ge
BANKERS.
BANKEUS, LONDON
iOANCHESTBR
of Philadelphia.
3IO CIIESTIVVT STREET.
alezandek Baking.
J.
luae Oonumerclal & Travelen' Credit* J.
J A aTEBLlHQ,
J., Stuart
Co.
BANK ERS
as BROAD STRBET,
tralia
Bar and Sell Bills of Exchangre
DM GKKAT BRITAIN AN U IRELANIi, FKANCB
eUllMAlSY.UHLGlUM. U01.1.AMJ 8W1TZ.
ltm.ANU, NUKWAV, UKWMAKK,
CO.
WILLIAM BROCKIK. President.
WHAHTo.v BAUKKR. Vlce-P esident.
Menr York.
HENRY M. UOVT. .Jr.. Treasurer.
ltsn» Letters of Credit for Trarelers
ETHELRKUT WATTS. Secretary,
Board of Directors— William Brockle. CJeorge 8.
On SKLIGMAN BROTIIKKS, London.
Pepper, Morton McMichael, Wharton Harker. iienry
SKL1G.\1AN lUKKKS & CIE, Paris.
Gibson, T. Wisiar Brown, William Potter.
SKLIGMAN 4 ^TEiTHKlMKK, Frankfurt. C.Advisory
Committee of St* ckJiolders. —George M.
ALSBKltG, GOl.UUEllti 4 CO., Amsterdam. Trout
man, Gustavus Engllsb, Ituutc II. Clotbler,
ALTMAN & STUTTUKIMKH Berlin,
William Pepper, M. I)-. Thomas Dolan, John O.
Brown
BALTIMOUB.
INVESTMENT
Berlin.
BxchanKe on, and make Cable Trans
England, France and Germany.
No.
OLD BBOAD 8TKEET, LONDON.
&
Bills of
THB
Baring Bros.
& W. Seligman &
J.
ATTORNITS AND AGEKTB OF
Hesara. J. 8. nOROAN dc CO.,
At.l>
all
parts of the 'World, throuRh
DOUKBlia AND fOREIOlf BANKERS.
BWitUKN
available in
Meesrs. N* m. KoihHchllil
Hona, London.
"
de Rolhxchlld Broa., Parla.
"
M. A. de Uoihitcblld<k(«ana, Pmnk-
PARIS.
Brothers & Co.,
NEW YUBK. Boston.
AND
I.BXANDBR BROIVN Sc SONS
Co.,
No. 12 Pine Street,
IBSUB TRAVELKK8' CKKDITS,
Securities
Dopoalta reoelTed aubject to Draft.
bovxiit and Bold on commiselon. Interest allowed on
Mpoalts. Foreign KzctaunKO. Commercial Credits.
Circular Letters for Travelers,
Cable Transfers.
available in all parts of the world.
KO. 22
&
BANKKR8,
NEUr TOBK.
Drexel.HarJes & Co
Drexel & Co.,
Dor. of Stb &CbMtnnt BU. il BoulOTard
Wovtien %xc}muQt.
Co., August Belmont
BTB££T, CORNEB OF BROAD,
raiI.ADBI.PHIA
xrt
[Vol. XLin.
SOS
mONTAGVE ST., BROOKLTR.
GAS STOCKS
AND
GAS SECVRITIES,
Street Railroad Stocks
and Bonds
AND ALL KINDS 0>
BROOKLTN SECURITIES
113 Devonshire Street, Boston.
DEAI.T
IIT.
ATTORNEYS AND AGENTS OF
Messrs.
BARING BROS. &
BBB GAS QUOTATIONS IN THIS PAPHB.
CO., London Geo. H. PRKNTI88. W. D. PEmmsB. W. W. Walsh
OOniniERCIAI. CREDITS,
Olrcolar Credit* for Travelers.
Cable Transfers and Kills of Exchahob on
Great Britain and the Continknt.
KOUSITZE BROTHERS,
BANKERS,
120 Broad-vfat, Equitable Building, New York
I.ETTEKS OP CKEDIT AND
i:iK4;UL,AR NOTES
Issued for the use ol lr»velers in all parts of the
world. Bills drawn on the Union Bank of London.
Telegraphic transfers made to Loudon and to various
places in the United estates. Deposits received subject to check at sight, and interest allowed on bai.
an'^pK. Government and other bonds and investmen.
(ecurlUea bonglii and sold ob oommlsslioiu'
Member N.Y.Stock Exch.
First Mortgage 6
($l'.j,000
Per Cent Gold Bonds
PER
nilLE),
JACKSONVILLE TAMPA & KEY WEST
RAILWAY COMPANY.
Issue limited to tl.556.000. Principal
Interest payable In New York .lanuary
due 1914.
and July.
Standard gauge. Steel
Kirst-cliiss equipment.
rails.
This road f.trma a part of the through line from
New Vorii t<» Tiimija. Florida, over which the (Mban
mall la now earned. We recommend those bonds as
secured by a large and rapidly increHsmg througli
and local business. Price, par and accrued interest.
Pamphlets and copies of mortgage lurnlshed.
&, CO.
B. A.
Completed Keb.
*i. l«Mll.
LANCASTER
10
WaU
Street.
Dkczkber U.
THE CHKONICLE.
1886,]
IBattTievs atta Strollers iti
Fred. H. Smith,
BANKEB & BROKER,
H*. SO BKOAS ST., NEW VOBK.
p«iitr7«an*«zp«rl8noetii Railroad Bonds. Pardaarliw to bay or mU Dnonrrsnt Bond! wt.l
Wflommiuilcate.
Moaka buiubt In Fractional IjOta or otkenrtie.
for Caab or on Marsln.
r.R.liMrra.lMaaibara ConaoUdatad Btook and
.
B.
W. Smith, i
Patrolmni Rzchanva.
Nnw Tort
LAXSUIO
C.
WASHBDSB.
•r N.r. stock
Exehanne.
Jso. P. TuwK8(.\D, Special Partner.
&
Townsend
BANKERS AKD BROKERS,
No. 6 Wall Street, Neir Tork.
Bonda Bonabt and Sold on Commtutoo
attention irlTen to Dnltfted Secarttlea.
reeelTed rabjeet to Check at ^licbt.
fV>rT««pond«nc«» SitllclKMl,
WM.
cHaKi.m
xehansa.
T. tAHULIII.
Membvr N. Y. Stock
&
Carolin
t'.
Cox
Cox,
Baokara * CoaiiBlaalan Rtoek Broken
W
BBOAOWAT.
Mo.
Braaeb omea, SU Madlaon At., oor. Ud St., New Tork
Devoaiu reeatred (ablact to ebeok at abcbuanl
tatarest allowed oo dall7 balaneea. All Stoeki and
aewttlea dealt In at the New Tork Stock Bzcbanc*
kpaoM and aold on CooiailaBtoa. (or Caata or a«oe
&
Wood, Huestis
WOOD *
balances.
Bar and
OOVERNMKNT. MDNICIPAL
sell
RAILROAD
and
Sncaritles.
TAINTOR.
H. Dewing & Son,
BA9fKERS AWD BROKERS,
'HAiMtoM B. BBowa.
raao. a. Bbow>.
H"— " P. BBowa.
Walston H. Brown & Bros
BANKERS,
New
No. 18 Wall Street,
bought and
OOEHAM.
Chas. C. Norlk.
C.
(10 Tears*
CEAS. W. TURNER,
Member N. T. Stock Exeb
Turner,*
J.
Membership In the N.Y. Btook KzohanffeJ
18
BROAD
NEW YORK.
ST.,
•nanrtn.
oh n H. Davis
&
VBWTOKK.
Co.,
BANKEKS AND BROKERS,
No. 10 WALL ST., NEW TOBK.
Order, for Stocks and BondA executed at all
Krchanice^.
Kapvcial attention Riven to KupplyinR hti;h.class
&
BANKERS
No. at
A.VD RROKERR,
piMK nruBKT,
new tobk.
(Meabete New r,,rk 8i<Mk Ricbance.)
Aeeoanta of Baaha. Baafcera and otbera recdred.
latereat allowed ua balaocw*. A .tnctir CummlMlon
Snameaa la t^e parebaae and Hie of aiookt and bonda,
PrtTaM TetaaraiA Wire u> Albaor.Tnir, Srracuc.
Noa. 23
A
&
Janney,
BANKERS,
36 Naaaaa St.,
J.
&
ICimball
BaeelTe depoatt* and conilninienU o( BnUlon.
Deal In InTestment SecunUea and Forelini Bxchance and Inrlte correspondeitoe.
Meaibar
.N.
BDWAKD
ALLUtO
p.
Kaehan^e.
Y. 8to«k
Dickinson
&
Ailing,
BANKBBS AND BROKEBS,
No. SO Pine Street,
New
Investors wIshinK to buy or sell are InTlted to call
Prompt and personal attention RlTaa
John
80C7THEKN SECCBITIES
A SPECIALTY.
State, Municipal and Hallway Bonds and Coupon
at best market rates. Investors or
dealers wishing to Duy or sell are Invited to commnnl*
Ooughtand sold
»to with
*
AND DBTADLTBD BONDS
CORKIWPnNnBNrB SOI.flTBD.
Gilman, Son
&
Co.,
BANKXBS,
No. ••
CBDAB STBEET.
la ««ltlnii to a Oeaand Banklna Bnalneaa, 807
«i4 Ball OKI aril aienl Boada and Inreatment Secarl-
Howard
Lapsley
&
BBOADWATaaAONEW STBEET,
Now
Tork.
Exctianee.
Co.,
UNITED BANK BUILDINO,
^o. 2
City,
&
H. Latham
J.
<aJ Co.
BANKERS,
IT
L
No. 18
A
I.
STBEET,
WALL STBEET,
NEIV TOBK.
County, State. Railroad, District of Colnmkla
Bonds and Forelan Kxohanite.
Correspondence Solicited.
Robertson,
L.
Tranaaet a General Banking Bnalneaa, Inelndlur
the porebaM and sale of STOCKS and BONDS for
ih or on manrin.
and Sell InTeatnient Secnritiea.
Bur
A. M. KiDDnt.
WATLA.Vn Trask
W. C. UlLL.
H.
J.
&
Rolston
New Tork.
Bass,
BROAD STREET, NEW YORK,
STOCKS, BONDS
AND iniSCELLANEOVS SECUBITIEfl
No. 20
Oorreapondence
M0B8I.
solicited.
(Quotations cheerfully furnished,
Wm. n.
RoLBTo.v,
Member N. Y. Stock Kxoh ge.
l3ood^»
Simons
W. Ai,u. Bass, Jr.
&
Chew,
STOCK BROKERS,
*J
Exchange Court
Si a'2
BroadwaXt N. TS
Bonds and United fitates QuTernmoc
BouKbt and Sold on Commission.
BsrSKLT CHXW.
JAH. I>. SlMdNS,
Blocks,
Secoritles
B A N K B R M,
cor, Exchanse Place, N, V,
Branch Ofllce, 'i41 La Halle Hl„ l^hlcaao,
TRAN!<A'T a UBNBRAl, BANKINU BU81NKSS,
INri.UDINO THE PURrilASK ANI> 8A1,K OK
STOCKS AND BONDS FOH CASH OR ON MAROIN BUV AND SttLL 1NVK!<TMK.VT BCURl
TIES. INTEREST ALLOWED ON DBPOBITS
SUBJECT TO CHECK AT 810UT.
P. O. Box 447.
C. W. MCLKIXAN.
D. A. BOODT.
3S Broadway,
—"
'
Member N.
Member N.
Y. Stock Exchanffe.
T. Produce Kxchanire.
Simon Borg
&
Co.,
NASSAI7 ST., NEW TOBK
DEALERS IN ALL KINDS OF
No. 17
RciraaN Lai.ANn.
Railroad and InTestment Secnritlest
9W§aUaudd£a
SODTBEBN BECUItmBS A Bpecialtt.
BANKBBS,
BANK BDILDINO,
Co., UNITED
Wall Street, corner Broadnrar.
BANKERS AND BROKERS,
94
New York StocK
lOBM Howard Latham, fbcdibice W. Pthbt
Member of N. Y. Stock Exchange.
Dealer In Inrestment Secnrities,
No. 7 NASSAU STREET,
(ConOnental National Bank Balldlng,
Neir Tork.
BBOAD
ST.,
BSOKBB IN ALL KINDS Of INYSSTIIKNT
ONOa, MISCBLLANSODS SBCDBITIBS
18
OB.
Mflirhprof the
J.
Albert Pearce,
16
Manning,
B.
BANKER AND BROKER.
No. 14 Wall Street, New Tork City,
BOND AKD STOCK BROKER,
York.
Bar and Mil at N. Y. s<i<>ck lEicbaniie. for IN.
TBMTIIICNT or un MAHUIN, all claMCa of Stocks
and Bonda, and allow Intaj e«t un depualla. .abject to
eaeaaannat.
STREET. CHICAGO. ILL.
or correspond.
tu alt orders.
Particular attention KiTen to information reiiardlnt
ln«e.tni«ni f*ecnHr'««^
n
W. H. DioaiKBVM,
CLARK
AND
Dealer In Miscellaneona Secnritiea,
MILLS BUILDING (Sd Floor.)
BoomaSSASe.
33 WALL STREET.
STATE AND CITY BONDS OF GEO ROIA, ALSO
SECURITIES OF THE CENTRAL RR. A BANKING CO. OF OBOROIA A SPECIALTY.
New Tork.
Co.,
.
NEW TOKK,
BROKER
BANKKBS AND BROKEB8.
Taare' Meabartbip New York Stock zefaaaca,
Meabaca PhlladalpbU Stuck Kacbance.
Noa. IS A 18 Broad Streat, New Tork.
Bar and .ell no ooninilaal'>n. for Inveatment or on
MUKtn. aU Mcarttlea daalt la at tae N. T Stock JCaeb.
ALWtai) B. Lucwaaaat
BoaaKT J. Biaaau-
STREET,
A. Dutenhofer,
Bocbeater. L'tica, BoSalo. Cleveiand tod Cbleait>Ijraw on ('117 Bank of l»ndon 10 amonnla to salt.
1 attantioo aiven to fjecunUea for Inreaimeai.
R.
Co.,
AND
I!VVKSrinK>iT SECUBITIES.
Chrystie
Bishop,
&
Members N. T. Stock Exchanxe.
WALL
11
TraaweteeireDeral Panklnir business. iDOlodliv t b#
parohase and sale of stocks and bonds for oash or oc
J
I.H.WAOaONlB
Co.,
BANKBR AND BROKER,
A
or on margin
BANKERS AND BROKERS,
246
&
B4NKERS AND BROKEBS,
auila BaUdlnK, 35 WaU St., New Tork
O.
caata
HOLUNS. S.H. BXIBSOX,
sold.
Gorham, Turner
Acsmi
on Commission, for
sell
Frank C. HoUins
York.
NO. SO NASSAU STBItirT,
Hamilton
f.C.
Stocks and Bo.nds Bi>aifht &nd Sold on Oommlsaloii
Partlcalar attentloD tflven to Informatiun reKardiDK iDreetmflDt secnritiea.
InwH Ixttui & Tnut Co. 6 per oent Debentoret
16
SaOltUBC. WOOD. C.U. UUI»TI8. L.M. SWAN.
Buy and
securities dealt in at the New York Stock Bx*
chanfie.
Interest allowed on daily balances.
All deposits subject to coeok at sight.
Particnlar attention to orders by mall or teleorram
all
GEO. H. HOLT.
L'HDILrEB.
Hiram Dewt.vo. Clark Diwino. f. T. Bont«coc
(Member of New York Stock Ezchauge.)
a. B.
DATI8.
mamittm otdeie la all aeevltlae listed at the New
Tork aiaek Bzehanra. rur Sale
riavM^Laae HaiLKuao Kikut Moktoaoi Bohds.
Sons,
Sistare's
16 A 18 Broad Street, Neiv Tork,
121 Sooth Tbird Street, Phlladelpkla.
No. 11 'Wall St., Cor. New, Ne-w Tork. Connected by Prlrate Wire with main office. New
York.
DEALERS IN
TRANSACT a GENERAL BANKING bnslnem.
DEPOSITS recetred and INTEREST allowed on
FIRST-CLASS IWVESTMEWTS.
Co.,
NEW YORK,
BANKBBS AND BBOKEBS.
PINK BTBEET.
31
Geo. K.
Holt,
BANKERS,
a. D.
Washburn,
®itg.
IJotrli
PrlTate teleirrapb wires to ProTldeaoe and Boston
.jCMiK.TOWXDEVD.
ts^siAd
&
Taintor
Ucw
ill
STOCKS,
BOX DS
<t
COilHEROIiL FA PER.
boofftat and aold on comoilsslon
st'ick KxchaoKe. Advanoea madeon
baaiaeaa iiaper and other M,ooHtlfla.
Btoekaand Bonds
atMew Votk
& Floyd,
STOCK BROKERS,
Walsh
No. 26
BROAD STREET, NEW TORK.
Niooll ITlotd Jb
Jamis w. Walsh, jr„
Memboc N. Y..Stook Exchange.
THE CHRONICLE.
IV
foreign JBan^s auA PauUttrs.
(^nnix&in.n nrxA
Hong Kong
Bank of Montreal.
CAPITA I.,
SCRPLVS,
-
-
-
-
912,000,000 Gold.
$6,000,000 Gold.
-
&
E.
Shanghai
SMITHERS,
W.
Horn.
J.
President.
BUCHANAN,
General Mitnager.
IfSW lOBK OFFWS:
S9 dc 61 UTALI. STBEET,
WATf
WAI.TKR WATSON,
WAI.T«R_
AgmiU.
DKALINO8 IN
INSURANCE STOCKS
Paid-up Capital
$7,500,000
4.."00.000
Reserve Kund
5(io,00U
Reserve for Equalisation of Dividends.
Reserve Liability of Proprietors
7,600,000
The Corporation grant Drafts, Issue Letters of
Credit for use of Travelers, and negot'ate or coiled
Bills payable
at Bombay, Calcutta, Singapore.
Cash paid at once for the above secnrltlea | or they
will be sold on commission at seller's option.
Saigon,
Hong KoPg. Koocbow.
Manila,
A SPECIALTY.
Colnmbns Hocking Valley
Hankow, Yokohama, Hiogo, San
Ni'-gpo, Stiangbai.
Francisco anc London.
A-
M. TOWNHKMU. Asent, 47 WllUani
Ht.
Blake, Boissevain
Bank of Canada
CAPITA I. (paid
8CRPLCS,
H.
HOWLAND,
8.
HEAD
up),
-
$1,500,000
$500,000
-
D. R. WIIjKIE, Cashier.
Pres't.
Negotiate Railway, State and City loans.
Execute orders for Bonds, Shares, etc., on Commission, and transact a general Banking and
Commission Business.
Special attention given to the execution of
orders for Securities on the New York, Lon.
don and Amsterdam Exohaogoe In correspond
BLAKE BROTHERS
18 Wall Street,
BRANCHES IX ONTARIO.
GalE.
NIaKara Falls.
Port Colborne.
HI. Oalharmes.
IngersoU.
8t.
Fergus.
IN
NOKTHWEST.
Calgary.
Brandon.
Winnipeg,
Auents In London
Agents in New York
Lloyd's, Harnett's &. Bo8-| BA.VK OF Mo.xtrbai.,
anquet's Bank, limited,
Promptest attentlitn paid to collections payable In
any part of Canada.
ApproTed Canadian business paper discounted at
the uead Office on reasonable terms, and proceeds
remitted by draft on New York.
Dealers in American Cur'y and Sterling Exchange.
BocaaT AND Sold by
J.
S.
16 and 18
*
Stanton,
BROAD STREET.
Specialiots tn
Buttrick
dc
CO.,
18
YTAIil.
New York,
Railroad Bondt.
&
Elliman,
ADOIiPH BOISSEVAIN
&.
YORK.
NElir
DEGHUEE'S
CO. TABL.ES
Amsterdam, HoUand.
:
STREET,
CORRESPONDENCE INVTTED
88 State Street, Boston, Idaas,
AND
St.
Woodstock.
Thomas.
BRANCHES
Toronto.
Toronto, Tonge
Welland.
Southern Telegraph.
ence with
OFFICE, TORONTO.
Basex Centre.
& Co.,
EIVOL.AND.
L.0ISD01V,
;
Imperial
Toledo.
Amrrlcan tipeaking Telephone.
1
London Oflice, No. ii Abcbnrcb Lane.
ifc
& Ubio Central.
Kanawha & Oblo.
East Tenseasee Va. & Georgia.
Toledo
Amoy,
ALKZ'R LANO,
Bay and Sail St«rllnK Exchange, Francs and Cable
Tranafen; urant Commercial and Traveler*' Credits
armllable In any part of the World Issue drafta on,
and make Collections In, Chicago and throughont the
Dominion of Canada.
Bailey,
S.
BH PINE STREET.
BANKING CORPORATION.
. . .
0. F.
Itttyrstmcnts.
J'pcjclal
FOREIGN.
CANADIAN.
xLin
fVoL.
OF BOND VALVES,
PtTBUSBIO AND FOB
8AI.I
BT
I
Heinemann
&
62 Gresham House,
Merchants' Bank
$5,799,200 Paid Up.
$1,600,000
President, ANDREW ALLAN, Esq.
Vice-President, ROBERT ANDERSON, Esq.
•
-
BEAD
•
OFFICE, mONTREAI..
GEORGE HAaUE, General Manager.
J. H. PLUMMER, Assistant General Manager.
BANKERS:
Co.,
Staten Island Securities
A SPECIALTY.
K C,
LONDON.
OF CANADA.
Capital,
Eeserye,
CEO. W. DOUGHERTY,
Boom D, ntlls Buildlne.
NofvlTork Agency, No. 61 'Wall Street.
HENRY HAGUE.
(.„„..
AgentJl.
JOHN
B.
HARRl^,
JR.,
Send for
STREET.
CUAIMEK-
ISSOeu
8TIKBMAN.
&
M>U^v(iships,
Buchan,
ONLY
to
Direct Line to
Loans of approved Railways, negotiates and
GENERAL TRANSATLANTIC CO.
YORK and HAVRE.
Railways and other Corporations, either in the matter of
payments of Interest on Loans, Dividends on
Between NBIY
LA G ASCOGNE. Santelll
Sat., Dec. 11, 5 A. M.
LA BOURGOGNE. FrangeuL.Sat., Dec. 18. 11 A.M.
LA CHA.MHAGKK. Traub
S.al., Dec. ^5. 3 A. M.
or Registration of Stooks in London, or otherwise.
ilrom I'ler (newjlid, Mortu River, loot 01 ikiort.ou bl.
Travelers bv this line avoid both transit by English
railway and the discomforts of crossing the Channel
in a small boat.
Prick op Pashagic (including wine):— To Havre-
Cable Address— P ATT, London.
THB
First cabin, f 100 and fKO; second cabin, ttiO: steerage, 1^2— including wine, bedding and utensils. He.
turn tickets at very reduced rates. CbeciisOQ Banque
Anglo-Californian Bank
Transatlantiqne, Havre and Pans,in amounts to suit.
COLLECTIONS MADE.
FOREION.
Havre to Parts.
The Compagnie Generale Transatlantiqne delivers
Special Train from
(LIMITED).
IiONDON, Head Office, 3 An^el Court.
4
SAN FRANCISCO
Australasia,
__
(Incorporated by Royal Charter, 1835.)
TbreadueedJe St., London, Kngland
Paid-up Capital,
il.m
o';ooo
iTKu.ooo
T-..™^??,''"'""'''
Letters
of Credit and Drafts issued on any
the
numerous branches of the Bank throughoutofAustralia and New Zealand.
Bills legotlated or sent for collection.
Telearaphic tranafera made.
Depcaita reoelTed In London at Interest for flxed
tranafor to the coionlea on terms
"""»
-wJS?!i.°'ii"
vklata DWy be ascertained on appUoaUoQ.
PBIUBAUZ ^BLBY, Secretary.
France.
Loans on the London Market, acts as Agent for
Issues
TOKONrO, CANADA.
of
issued.
Send for list published Mondays.
J. P. WINTKI.XGIIAAI. .3H Pine Kt. N.Y.
This Company undertakes the business of Tmstee
Stooks and Bonds, Sterling Exchange, Drafts on
York, bought and sold at CURKEN'T PRICKS.
Bank
just
A'c.
Capital Paid Up, ie9Tl,S«0 SterllUK.
STOCK AND EXCHANGE BROKERS,
^
Circular
Gas. Insnrancp, Banka. City Railroads,
China, Japan, East and West Indies and the Braills,
Biver Plate, Ac.
Bills collected and other banking business transacted.
D. A. MCTAVISH, ) . „„„,.
JAgentfc
New
my pew
BANK BVIIiDINGS
LONDON. ENGLAND.
Sterling Exchange and Cable Transfers. Issue demand drafts on Scotland and Ireland,
also on Canada. British Columbia and San Francisco.
CIK('UI.AK NO'l'ts iHfued in Pounds Sterling
STaiiable in all parts of the world.
CKEIHt.-i
for use in Europe,
Gzowski
lasted on
YOU WANT TO BUT OR SELL ANY
sell
H.
York,
Securities
PDT8 0KCAI,I,!!l ON STOCKS OK BONOS
write to, telegraph to. send for, or call on,
H. W. UOHIiNKAlIn,
«0 Rxehanse Plnr^, New YorU,
North America,
ClAL
all
Correspondence Solicited
(LIMITBD).
No. 4
Wescott,
New
Special Attention given to
or
Buy and
Execute Orders In
8.
OoTernment & other Investment Bond;
Railway Share Trust Co.
{
&
18 Wall Street,
IK
Bank
No. S3 TTALI.
Cahoone
THE
AGENCY OF THB
British
66 Broad^rar. f ooni
NEW YORK STOCK EXCHANGE.
demand drafts.
LONDON, ENO.— The Clydesdale Bank (Limited.)
Negotiate Railway. State and City Loans.
NEW YORK—The Bank of New York, ^. B. A.
The New York Agency buys aud sells Sterling BxAhange, Cable Transfers, issues credits available In
all parts cf the world; makes collections in Canada
and elsewhere and issues drafts payable at any of
the offices of the bank in Canada. Kvery description of foreign banking business undertaken.
& Amusement Co. Stocks
GEO. B. RIPLEY,
Railroad Co.
Solicit accounts and agencies of Banks, Railways
Corporations, Firms and Individuals upon
favorable terms; also orders for the purchase and sale of Bonds, Shares, Ac., Ac. on
the Stock Exchange.
Interest allowed on DepoiSts, subject to eo-days
sight drafts, at Bank of England rate, and
one-percent below that rate subject to
at its office tn New York special train tickets from
Havre to Paris. Baggage checked through to Paris
without examination at llavre, provided passengers
have the same delivered at the Company's dock In
New York, Pier 12 North River, foot of Morton 8t„
at least two hours before the departure of a steamer,
422 CaliforoiaSt.
Agenta, J. & W. BeUKman & Co.
Ccrrespnnd'ta, MassaohusetU N. Bfc
Office,
NEW YORK
BOSTON
Auttaorlzed Capital,
Paid-np Capital, -
Reserve Fund,
-
•
-
$6,000,000
LOUIS BE BEBIAN, Asent,
•
- - - 1,500,000
- - - - 400,000
No. 3 Ro-vrllnar Green.
Transact a general banking business. Issue Com
mercial credits and aillsot Exchange, available in all
gsrts of the world. Collections and orders for Bonds
tocks, etc., executed upon the most favorable terms
George
FRKD'K V. LOW,
|„
IGNATZ HTiriwMtpi. {Managers.
P. N.
UUBNTIlAL,
!NTIiAL,:C»shl»rfc«
Eustis
(
&
A N K B B 8,
CINCINNATI, OHIO.
B
Co.,
VmCMMBMK
THE (CHRONICLE.
11, 1880.]
%RuhB, gaulmrB and grokcvs ©wt ot
BAKK8.
Oaik BTVBsn. PtmI.
North-Western Nat'l Bank,
CHICAGO, ILLINOIS.
pKi^DleoKed bj Ita itoAholden for
ar«
B* pcoMeCton of lu ciutoDwn. B«ld bonda
|J»d««d aa aDoTe, inatcad of bainc bald br the Bank
aa part of Ita le«al aarplua. to aroid what we tniDk
the Philadelphia and
8J«wrrT,PT»a.Jo«iAHjrw»n,V.Pi»a.
I
bank baa aopertor f aeilltlea for making oollecall aoceaalble puluu In tbe Unllad States.
York.
..-_oo
«-—'« and
KuiMpe. Liberal terma extended to ao•iMUBla of banker* and niardiata.
Oobrbj«i*oni>knti».— .Ne« Vurk. National Sooa s
L^'ndon.
Jos.
Pa7 Special AtU'iition to Collections.
riK*TJ:LAS8 FACILITIKS.
Tork Oorraapund'-nta.—Tbe NaUooal Park Bank
and Tenth w«rd National Bank.
M. Shoemaker & Co.
Rca
Caahler.
VIea-Praat.
Commercial National Bank,
10L'!>T0.\, TEXAS.
ftiOO.MO
Om»iMl
l
Wood
l
loeorpontad
187S.
Caahlar.
(
German National Bank,
...
rnwL i'i
III
ii
-
a, B.
A. K.
Walkkk, Caahlar.
First National Bank,
WILniNCTON, N. O.
QaBaaUowa »a«le oa
parw nf the Dnitad BUtaa.
all
IBTABUgHES
Whitney
&
No. ST
qa
Stephenson,
members N.T. Stock Exchange.
JOHN
r.OLBKX.
'
»»b.
NEW
BALTIMORE.
8u4ithem pointa on beat
all
P. BRANCH. Prealdent.
Kh«i>. R. (*cun. Vica-Praa't
E.^iaLAND.
Wm.
And
Brewster,
Cobb
&
tS
Il«.
Estabrook,
COKUBKSS 8TBKET,
BOSTON.
latMBKBS or THE HEW TORK AHD
BOOTOM SrOCK EXCHAHOEB.
ALSO,
•Mklera In naalel|MU, State, Railroad
and Untied Htatea Bonds.
caanLMU. bhujjon.Jr
JoaaOA WiLButta.
KbUAMW A.JACaauM, WrltXlAM
BLN.MCr. JB.
Wilbour, Jackson & Co.,
BANKKKd AND BROKERS.
n*. »« WK*B««SEX STBEET,
PROVIUE.\'CE, R.
I.
Commercial Paper. OoTemment and
buuOa and oecnrlUea and IrorelKo
Siiiua Teiearaph Wire to New York and Boaton.
DMian
'
-
la
S«
bwaii & Barrett,
BANKBR8 AND B B O K B S
It
and luveatment
,
|csepM G. Martin,
^.1.
1."*
BROKER,
I.NVB8TMENT BBCUEITIBS
HI State Street, Boaton.
W.
H.
o( Uuliliuore Stock
C.
&
Co.,
BALTinORB.
I
Ofrreapondence oUotted and Information far-
A Go.
Robert Garrett & Sons,
BANKERS,
No. 7 SOUTH STREET,
BALTIMORE,
TRANSACT A GENERAL DOMESTIC AND
KOKKION BANKING BUSlNKtlM.
WESTERN.
Chas.
H. Potter
Co.,
State Bank Buildi.nq.
RIOH.ni.OND, VA.
Private wires conn<'ctlng with Washington. Baltla
moe, Philadelphia and New Vurk.
New York ouirespo'idents, Pnuuo
Jt
whttely.
CUmnnxerctaX ©atxls.
&
Wisner,
NEW YORK,
COMMI:mSION MERCHANTS,
Tl WAIii. ST.,
Members of the Cotton,
Coffee and Produoe Bxoh'i
AGBNCY or
THE HAXALL CUEaNSHAW
CO.,
UlCU.nOND, VA.
standard Biands of Flour for Shipment to
Climates always on hand.
Warm
ORIENT «UANO JIANUFACT'G
CO.,
ORIENT,
Standard
L.
I.
Superphosphates.
SULPUL'B MINES COHPANY
OF VIU.UINIA.
Hicb Grade Pyrites
Bliss,
&
&
Branch
Crenshaw
Exchange),
N. Y.'Correspondent*— MoKlm Brothers
W.
BANKERS AND BROKERS,
jnD,,
(INTESTME.VTanirSOWTUSRN SECURITIES a
BDACtaltT.
A
THOMAS
CO.,
BRA^'CIl
BANKERS AND COMAldStON MERCUAJiXa
RlCHinOND, VIRGI.NIA.
Sons,
BANKERS AND BROKERS,
(Members
Patterson,
Clnnilars and information on funding the debts of
Virginia and North Carolina freeuf cost: one-eighth
per cent charged for lunding. Southern Railroad
and State and City Bonds bought and sold.
Hare Western Union wires In their ofllcea, by
lueansof which Immediate communication can be
b»d with all commercial points In the cuontry. Ks>
peclal attentlt>n iflren to purchase and siile of Virginia Consols, Ten-fortlea, Deferred and all Issues
of tbe State, and to all olaases of Southern state.
ity and Railway BaenrlUea. Correspondence ^o-
Wilson, Colston
-
State, City. Railroad and other Corporate Seoarttles of Southern States wanted and for sale at all
times. Mortgage Loans on city and farm property,
two to ten years, paying six to eUht per cent, furnished. Prompt replies to correspondeaoe, mail or
wire.
,
nuKo.roantT.cltj and Ball
txma H.<ncl.. Hiuik 8UKSH. *«.
lnTB.tn.»"i -e.ontlea conitantly on hand
I4TOC-K
:
33 SuUTH STRKET,
In Oo»«r'iu.«ni.
ABDHEALKR
York.
Reference AtlanU National Bank. Atlanta, Qa.
and Fourth National Bank, New York.
Keruritlea,
BALTinORB,
180 niddle Mtreet,
Oaatrabla
Bonds and Stocks bought or sold on oommisslon
Georgia and Alabama Securities specially dealt In.
Correspondents: Tobey t Kirk and A. Outeohofer.
Dealern In fiovernmenta, Ktocka
PUBIL«Mi>, .nAINE.
D^era
'""
&
Fisher
BANKERS,
OrroaiTS sicotD 8t
WANjCERS.
IN ALL KINDS OF
SECURITIES.
ATI<ANTA« OA.
FOURTH AVENUE.
Oldeat Plttabun
BROKER AND DEALER
PA.
1871.
BANKERS ANO'BROKBRS,
HlCH.nOND, VIBUINIA.
roBiat ratuma.
a
»™~'*
l^iats.
BOND AND STOCK BROKKB,
MERCHANTS' NATIUNAL BANK,
1
'
Sendlor Dettcriptive
Humphreys Castleman,
New
PITT8BVBG,
I
Buuoaa. PraaX
Pa.
Baltimore and Waahlngton.
II. T70oit»«aiN)MUBJ»Ta.— Imponera" * Tradara'
Wtlnnat B««k and National Bank nt tbe Kepnblie.
Co.,
and BOSTON.
ATLANTA.
Co.,
New Tork and Philadelphia Stock Exchanges.
Plttabarg Petroleam. Stock and Metal Exchange.
Prirate wtrea to New Tork. Boston. Philadelphia,
$SOO,0OO
~'""~'.
&
Harris
CHICAGO
specialty.
MEMBERS
LITTLK ROriK, AKKANSAS.
(fBMUi)-
W.
N.
SOUTHERN.
Street, Pitt§barg,
.
t
&
Bros.
I
fiwllwl
to eiRht per cent, for sale.
of Counties, Cities, Ac, of hlirh grade a
BANKERS AND BROKERS.
AND DEALERS IN FORBIQN EXCHANOB.
OoUsetloaa raaalTa oar apae a attention and are 43S
twptJy raMlH«d 'or.
STATU BANB. {C.T.Walker.
J. 0. natahar,
Co.,
Defaulted Bonds of Missouri, Kansas and Illlnots
a specialty. Good Inve^^tmeDt S«:'CuriUe8, pay^g
PHILABELPBIA.
B.A.aiiuiTD,
B.P. HiLU
&
OLIVE STREET, ST. liOUIB.
Dealers In IVestern Seeurltles*
80G
SOUTH THIRD STREET,
No. 184
•w
PraaldanL
BOBIBT M. JAKNTT.
1871.
P. F. Keleher
BANKBR8 AND STOCK BROKERS,
Dt.-RHAn, N. C,
ILOAKon.
BSTABLISHED
from four
BHOBHAKXB.
JOa. M.
P. A. Wii.»T. Caahlar.
of Durham,
Transaet a seneral banking business, and DBAI*
IN TOWN. COUNTY AND CITY BONDS. LlsU
and prices fnmlshed on application. Write us if yoa
wish to buy or sell. Refer, by permission, to Soolety
for SaTirKS.«avlnK8 & Trust Co. and National Banks
Co.,
Railroad. Municipal and otner desirable InveatSecurities for sale.
Tmnaitct a general baoklng business. Allow Interest on deposits.
Members of the Philadelphia and New Tork Stock
Exchangeflt and connected by private wire with New
«300,000
The Bank
&
Clark
BANKERS AND BROKERS,
St., PhUadelpbla.
N. Y.
Co.,
of Cleveland. Ohio.
W.
E.
ment
itf
Stock
Exchange and Latter* of
No. 35 Soaih Third
Buffalo,
Bank; Uni..n Bank
W.T.Bi^CKWku, Preal.
New Tork
BANKERS,
SUPERIOR STREET,
CLEVELAND, OHIO.
Credit.
WuxiAM C. CoHKWKLU CaaUar.
BUFFALO,
Bills of
&
Lamprecht Bros.
No. 13?
KxchanKea.
Cable Tranafera.
lo<»l taxation.
OAriTAL,
Gerlach,
CHESTNUT STREET,
PHII.ADEL.PHIA.
TM
Bank of
&
Narr
No. 437
atloBdaat
_
WESTERN
BANKERS AND BBOKER8,
OBpltal, taOOfOtM). surplus, «50,0OO. Uembara
of
Bank koMa In Mtdttlon tl.000,000 U. B. 4 par
ni»at and exceaaive
^orfe.
PENSSYL.VANIA.
W.Oookdc, Aart-Cub.
r.
^cw
tree
from Arsenlo.
Fabyan &
Co.,
York, Boston, PliiladelphU,
4BLLINO AGENTS FOR LEADING BRANDS
New
Co.,
INVESTMENT BANKERS,
BROWN & BLEACHED SUIRTlNOa
aPEClALTIES:
PRINTS. OENIMS, TICKS, DUCKS, M.
GI.EVEi.AND, OHIO.
AINU SttKEI'INUM,
ANU CITV BONDS,
TOWN COUNTY
ToweIa,QaIlta,Wblte Uoodadc Moalery
IHON MINING STOCKS.
LAKE SUfEBlOK
UnUt, Ulicetnig; (tc, for ExjiorjiTraat,
AND STBEJCT RAlLHOAU SUCURITIBB
THE CHRONICLE.
financial.
WAnnnciVLl.
Texas and
I
Tli« BnderBlKned, acMnic aa a committee of the Inland fprant bondboldors of the Texas and
come and
Paclflo Railway CViupajiy. havlnK been requested
by many hulders of the iicrip heretofore i88ued on
said bonds to represent their tnterents. hereby an-
Mexican National R'y Co.
Bondholderf. toftTail ibomselTesof thobeoeflls of
The
Uatlon plan. The euHody of more than a majority
of the bonds has already beenBecnred.
Bonds can be deposited until Dec, 27 without
234 La Salle
M.
Agency,
Investors'
St.,
SCUDDER,
L.
Chicago, lU.,
Proprietor.)
Jr.,
ANSWERS INQUIRIES CONCERNINQ
American Stock§ and
Socurltlc*
MATHESON &
\Vm.
Conddential Reports.
H. L. Grant,
No. I4S RROADWAl',
NEW rORK.
CITY RAILROAD STOCKS & BONOS
BOUGHT AND
CO.,
PAJ^MKU.
J.
The undersigned have nccopted the appointment
members of the PurcbaslnK Committee under the
as
Matheson- Palmer
Oct.
15,
IHvSA.
Ueorfrnnlsation
Akireement
and bonds can be deposited
order as stated
Dated Doc. C.
In
of
to their
GEOaOK
COE.
S.
EXSTETN NORTON.
JOSEPH D. POTTS.
SOLD.
See Quotations of City Railroads In thiK Dnpor.
Stewart Brown's Sons,
stock brokers
&
New
Ht..
R. T. Wilson
&
64 Broadivar
Ifl
Capital Paia I7p
Nashville Chattanooga &
St.
SAIHLEL m. JARVI8, Pres't.
KDWItV E. IVILSOIV, lat Vlce-Pres't.
HENRY P. MORGAN, 2d
ROLAND
Louis
A limited amount for sale
obligations of
OFFICE OF THE PHILADELPHIA
COMPANY,
03S Penn Avenue, I'ittsburK, Pu.,
Dec. 8th, 1881.
FOURTEENTH DIVIDEND.
The Board of
Directors of this Company have this
4lay declared a dividend of O.VK PER CENT out of
the earnings fur last m)nth, payable on the 20th
Transfer books will be closed from the 15th
to the 20th lust., both inclusive.
Checks will be
jnailed tostockhjiders.
JOHN CALDWKLL, Treasurer.
Inst.
Company of New York City. They are
further secured by the entire paid up capital ot
the Compauy. amounting to $1,000,000.
tercst and principal payable at Mercantile
Trust Co.
Write for further Information and roferenoe
to our ottices at Kansas City, Mo., or to
A. D. R. CRAWFORD, Man:iger,
411 TFalnut St., Plilladelpbhii
OE TO
are hereby notifled that the time for deposit of the
bonds with the MEUCANTILK TRUST COMPANY
of this city, and Messrs. KIDDEH PKABODV 4
CO., OF BOSTON, for exchnDge of now 4 Per Cent,
Bonds, terminates Dec. 27.
Detailed circulars can tie obtained on application to
MERCANTILE TKCST COMPANY, N.
BOU«HT AND
W^ ANTED
SOLD.
i
Toledo Ann Arbor
& North Michigan Ists.
ikiuthern Central Isu.
MIddletown Unionville * Water Gap Ss.
Indianapolis 4 Vincennes Ists and Zds.
txnotu V alley iionds,
ALBERT
ail issues.
E. HACHPIELD,
No. 61s Pine Street.
TRUST Co. STOCKS
's
TW^ORFOLK
-L^
COMIMiMES'
BOUGHT AND SOLD BY
NUT &TKEET,
KOBERT W. SMITH
my quotations of Trust and
Ptttij)
indicator
John
41
&
Telegraph Stocks
and Saturday's Evenlnn Pott.
F.
43
Douglas,
WALL STREET,
NEW
YORK.
."INVESTMENT SECURITIES.
WAL-
NEV\ KXULANl).
W.
Fifth
K. U.
PULLEN,
Cashier.
WESTEKN
II.
Near
CliAPI>.
Avenue
HOTEL,
!VEW YORK,
Thtj LarKUHt Best Appointed
ManHKed Hotel in the City,
and Delitfbtlal Location.
and Most LiberHlly
wllli
the MoHtCentru
HITOHCOCK. I>ART.TNQ A CO.
John
G.
Moore.
W.
Moore
26
K. Kitchk.v.
&
g. B.
BAJ«CER9 AND BROKERS,
TtlEW
Branch Offices:
St.,
N. Y.
Schlet
Schley,
BR«AD STREET,
72 Wall
Dec. 10, 188a.-The
annual olection for Directors of this bank will be
^'"' '^*"!""K '"'"'"' on Tuesday, January
11.
?oS
f18S(, between the hours of 12 M. and 1PM.
IN
Convenient for the tourist or business man.
Union Depot.
Treasurer.
TTIE
NATIONAL B.INK OF THE
-I
HBPUBI.IC, NKWYOHK,
YORK.
114 So. Third St.. Phila.
Connected with
A. EVANS i Co.. Uoston,
COKSON & MAiAiiiNBY, VYashlngtou, D.O.
E. L. Bkewsthk a Co., Chicago.
I.
HCBUAKD &
FAU.M1.K, liurtford.
Piivate Wire Connectlnns.
Stocks, Bonds and MIscellaneons
Securities on New York Exchan^ies: also Urain and
Provisions on Chicago Board of Trade.
Buy and
sell
Henry S. Ives & Co.,
BANKERS,
No. 25
See
!!33
PHlLAIiELPIltA. Nov. 20, is88,
Toholders of bniid.s of the Soul ii side Railroad Company, rasturlng January l^t. 1^87•
"'
*""''"* '•'r-'"- i'reforred 8 percent
''l''2A"ii!^''J
and
$83,000 Second Pioforred
per cent binsolldated MortsuKe Iionds ot the Southside Railroad
Company, maturing January I, 1887. are hereby notifled that the same. toRethur with the six months'
Interest coupons thereon, then due, will be purchased and paid for at pitrat maturity, on the presentation of the bonds and coupons at this office.
Interest on said bonds will cease on that date.
NASSAr
06 Broadivay.
In
SPIIINGKIELD, MA!<S.
THE BEST APPOINTED HOUSE
N. Y.
& WESTERIV RAIL-
(X).— TUEASUKEHS OrFIOE,
I.
Massasoit House,
Mitdtiion Square,
ALL OF TirH
NEW YORK A\D BROOKLYN
27 Custom House Street,
Providence, R.
Y.
LOUIS & SAN FRANCISCO RY. CO.,
KIDDER, PEABODY& CO.. BOSTON.
ROAD
Investment Securities
MORGAN Sc BRENNAN,
Managers,
CO.,
Holders of Atlaiilic and Paclllc First
Mortgrnge Six Per Cent. Bonds
or
%nvtBXmtnts.
Company. They are issued
1 rust
messrs.
ST.
^)yei:;litl
tlie
$100,000 and secured by an equal
amount of First Mortgages on improved Real
Estate deposited in trust with the Mercantile
by
U:VGER, SniTIIERS &
44 ^VaU Street.
Interest, ptwltlcuas, &c.
Scc>r.
The above Company uesotiatcs mortiagi'B
on Improved Real Estate worth from three to
five times the amonut of the loaiiB.
The
MortKages are for Ave years aud draw six
and eeven per cent Interest.
It also offers Its ten-year Debentures, drawing six per cent Interest, which ai-e direct
New V»r« SECOND MORTGAGE, MAIN LINE,
SIX PER CENT BONDS,
Co.,
DUE 1901.
Now Vork.
Vlce-PreiiH.
B, CO!VKLI>',
WJI. r. SHELLKV, Treas'r.
GEO. W. McCRARV, Counsel.
BANKERS AND COMMISSION MEKCflASTS,
2 Exclianee Conrt,
a^ijOuOjOoo
in acriis of
the foregoing notice.
188fl.
,
KANSAS CITY, MO.
A copy of
the Agreement is filed with the Union
Trust Company, and bondholders can receive copies
oftheTruH Company and of the Secretary of the
Uitilway Company. 32 Nassau Street, and of the
members of the committee.
Dated Dec. 6, 1886,
& Co
Jarvis, Conkliri
charge.
Lance Library of Italiroad Documents.
Competent i£x|ierts.
Moderate Charff«s
SUCCESSOR XO
thellatbesoD-Palmer
SIMEON J. DUAKE,
CHARLBS J. CANDA.
CHniSTOPllBB MBITBR, WILLIAM STRAUSS,
W. C. UALI,
Committee.
of said Trust Comi>any.
Jarvis-Conklin
Mortgage Trust Co.,
OF THE
reortiAnizfttlon sKreement of
Oct. 15. l&in, are required to deposit their bonds
without delay In the Union Trust Company, No. 73
Broadway, New York, aKalu«t its neKotiable receipts
therefor.
Messrs. Geo. S. Coe, Kxnteln Norton and Joseph
D. Potts have been am'eed upon as the Purchasing
Committee, to whose order the bonds will bo dcpo»lted.
Only deposited bonds are entitled to participate
in the subscription fomew bonds or In the reorijan-
DOnnce that the CENTHAI, TRUST COMPANY
Will rec«lTe deposits of such scrip until Dec. 23
ItW, under an afrreeinont, copies of which aud of a
drvniardated Dec. 1, ISW. can be had at the ofBce
IOAW
Ilftttawcial.
TO BONDHOLDERS
Pacific.
Vol.
P. O.
ST.,
BOX
NETT
Spencer Trask & Co.,
BANKERS & BROKERS
YOKK. i6 and i8 Broad Street, N. V
1.42S.
Transact a general banking boslnesa, Inolodlng the
porohase and sale of securities Usted at the
New
York Stock Exchange, or in the open market.
Albany, N.Y.
Providence, R. I
Saratoga.
Transact a General Banking Busines\
Keoeire deposits subject to check at sight and
allow Interest on daily balances.
OoTemment,
Direct Private Wires to each office and
State, County, City
and Railroad
or exchange, and
bonds constantly on hand for sale
parttoxlar attention gtren to the subject of
Inreatmenta for UititoUsBs and trust fundi.
'
PHILADELPHIA,
BOSION,
WOKCESrEP.
e
xmtk
HUNT'S MERCHANTS' MAGAZINE,
BEPRBSByiiyO THE INDUSTRIAL AND COMMERCIAL INTERESTS OF THE UNITED STATES.
VOL.
SATURDAY, DECEMBER
43.
NO.
11, 1886.
1,120.
exhibited ia the whole country, and compared with the eleven
moaths of last year there ia now an excess of 19 -3 per cent.
Tarn C01CKKBCIA.L aj«d Pixancial Coboxicle U publUhed in
New York every Saturday morning.
(BltBivd at tlie Poat OOloe. Na w York. N.T.,
seoond olau mail matter.!
Ef^ivn months.
m
WTLLLUf
tom»
a.
B. DA!f A.
OT^ILLIAn B. D.%X.4 A
vvaxD.
79
A:
Co.. Pabllatiora,
81 Wllllaiu Street, .NEW IfOKK.
Post Okkiob Bo.x 95S.
CLEARiNO HOUSE RETURNS.
more
r
''
t
Naw York.
Boston
for.
recorci nil 1. .. aide of New York the eicers reaches 8'3 per cent. TransacYutk Stock Exchaiige for the
Ifona in than s on the
irrek f mbraoe tUO.8S9,00O. agmiaat $118,038,000 io 1S85.
New
40-2
ai.Ms.soo +a-8
e.«23.J.'Ml +8-1
38S.SSI,990'
Providence,..
SK.IM.aoO
7.15».6hO
6.0i7.:«j
4.93 1. .V^J
s.was.Tin
llaveD..
Worcester
$
30,057,8«),002 24,913.007,988 +20-7
1
3.318,94«,571l
.'»,I8l.ll34,«fll
Portland
rt^ults in other sactioDs are otherwise accounted
neon with the week of 1885 the present figures
are in the aggregate of 17'6 per cent, « hile out-
t
IIartf..rcl.....
New
For the wetk luder review the exchanges exhibit a Tery
decided increafe over any Rimilar period in the current year,
and are in fact in c xcrstt of any week since that ending Dec.
A large portion of the gain at New York ovrr pre16, 1882.
Tioos wrvkd in cue lo the heavier stock specnlation, but the
ISO.
isse.
3«tl.(l2S,n25;
4,i-.!a,».tl
1+14-1
4,2».t,TS«
8,44-',«30
+14»
3.744,311,005
3,120,
»n,49.5.on<i
7i),S85.H»«
53.,VSU,028
+20-0
7.^,528
l»:i,.".i.^.-.'OO
74,.3;3.07»
60.,14ll.U3S
41.
34,
4S„'i43.»l!«
40,48r>,0tKl
+I69
4,0(W,ai'2
B.(VW>,7il»
2,M7.47l
2,«u5,Bea
+i4-I
+11-1
-lc9
Tot. N. Eng.
430,008,750
4I3,a30.«58
+6-2
4,233.818,461
3,670..S4y,2i5
Philadelphia..
2«l>..fO.S71
22a,089."ai +2n-S
i>1.740,861itl'45
48,«78,4U6|4-i7 6
2,«a7,7IMl,e7.'i
3ll6,.V'<2.^:3
a,127.327.S?0 +28-fl
3,'3,-4«,K4«l
13-»
Spriiiitlleld
....
LowelJ
,
PituiburK
Baltimore
57,5HJ.O
2,982.840.219
+14-7
II
H +5-H
i4l,,.,4' ..,,;,
11,11)1.4151
+10
+U«
7s+l»fl
+.t\s
-.U.V)I
+
+»B
B31.le«,0.j0|
+24-7,
.,..'V.0
-
1
15,4lo,i:il:!,284,«4il
tl«'4
+171
+Hr«
20,,943,340
1.5741 +3-2
881. (171
47.7:
19,S
Detroit
.'!4.,ayt;.48.^
B«0.1»,3B1
S08.748.38«,+20-7, S,55«.468,7J8
36e,i7»,626
TotJtflddle..
Ctalc««o
Cincinnati
lillwaukee....
<i8.r>M,300
24,Slfl,:01
li'.--,.i.
+I»l-«
,,.,.Vl
i:i,18u,»i»
9.4ie,l-&8
».«6».-r(i8
+3B5
«,1-Hl,283
+53-4
3J»iai44
83,071 ,273
8«,2»«,74«
+&S8
18,f,0H.:,7l0
Mli..siT,(ifilJ+5|-l
Minneapolis...
4,1«),«14
1U,3SS.33U
19,U3».337
'ji.Kn -ta-o
»3.-J0l,s;ijit2v4
n2,r2;-,w::0'+34B
a7.i4M.li'.rt
U-l
Tot.Weat...
8«2,2A3,«24
Indianapolis...
CleTeland
Cotumbua
Peoria
Omaha
Louis
Joseph
St.
S>.
New
B.6;2.912
12.217,I0e
18,740,852
+»«
381,544,944 +11-6
3,'67,47S,380
—
8,2(SO,30;,4S6:+11S<«
+6-«
04,984.499
ras-.'s.dr,!
511.'
115,9:f4,».Hl
144,(i20,474
0,-
•
-15-5!
is.rjwi.siM +9111
21.277,749 -1-28-7
49.2:<5.7(I0
LouiSTllIe
Cltr...
Memphis
1I,VU.1M|
8,5iii.:iua
^+80-«
6U,>U2,S0« +1S-S
,U,U^9,73U|
+29-B
173.719.129
la5,8U.ii83
+4-8
1,647,863,649
l,5U,a«.-',41l
92,332,973
44,783,459
+897
569.828,508
510,497,370
4,615,»23,9tl4 4J»8,039,504
1 J379.092.9:l3
+7-0
"...i'M,".:4 4-55-5
Tot.8«ntk._
ToUlall
-fO-5
;
:•
Ian Franeucu.
Outside N.Y.. 1.433.991,103
+7-0
-•l:l.479
8,2*)VlllS +."S2-«i
....
Orlean.H..
Kansas
7.'N.W5.;i.S4
2
+ »0
+n-s
+0-4 43.e32.1»l,6«l 3«,74«,4;0,829 +I9-S
t-121 13,774,942,65bI ll,835,B62,86l|+t»-«
1
Opnrations on the New York exchanges for eleven months
in 1886 and 1S85 as compiled by us have been as follows :
EUren monthg,
Par ValUf
VescMption.
Act'i
or QiKin/i/B
9to.l
t
.Jh'rN
11
:r,M
<l
Vat')
Sleten montlu, 188S.
1886.
AKer,!
Par Vnliu
Actual
Prict.
or ti^uantitv
Value.
Pricf.
,..
-,i'
Rll.
«4-0
..7
»ov
7-»
iM-S
11,01)2,872,1124
I
St«t.! l,..II.H.
Bank Stocks.
ToUl
.
^.070.215
I
t*>..i-i'. ,'^-,
;i.,/
tl.>t9a,«84|
91 '3
*850>!63e92» 1574191')
;....!.,.!.,.,
t972,4«(l{
i'.'TIiJ.OHHi
li.i"l
PetrTm.bbls ill9.S27,0O0 »1512I1,»'J)«,»00 «9.-.;
invni.TTbash 1602,238.320
Total value
64-3
.:'r,n
ni^r.
^:ll
«a2 12
nsi''.!
»»614ST3,Tol|
|l0B9rig23,lllS;i
"I
oxdvaoges for the five days as received by
tellevening continue of a satisfactory character.
thi
line from the very full figures of tho p'ecedin?
p<-riod, mainly at New York, but in comparison with 1885 aU
the cities except New Orleans exhibit gains, in the country as
a whole the excess being 16 per cent.
Tt'f '•'"ir-1^ of
^
I
I
Five Doi/s BruUng Dec. 10.
U8«.
Waw York
gala of stock
($ht.)
Baltimore
Chloivo
at. Lonli
aauM*M«rr<n
m
tock
trawactioris
October. Ouieide
<
f
K»w York during November than in
New York there is a sniall gain. Con-
tmUd with NoTt-mber of 1885 an
increase of
01 per
cent
is
~\T2~
S
D'n
JBnd'i)
1886.
Bee,
V
P«rClva
|6ig.»93,731
1783.001.087
+ar4
(l8,»89,741)
(2:630.4 1«)
(-3 7)
lS.3-2,88»)
(+!•»«
71,746.S37
71,503,711
48,491,003
+03
7H,720,0i«
63.172.P07
+103
51.440,000
ei860.S24
44,811,000
+20-7
+11-2
+15 3
15,600,**
13,««8,0i67
+158
l»,4'?3,68I
.
lOiSSSJMS
v..
+3-7
11.812 918
+Til
53.0«S,')0«
+0-9
18,94S,r«iO
1PJ384.000
10,992,319
-«5
9,364,124
-7-7
Total
~i838ZlO,710
Balance, Coantrr*
86,419,596
1813.911,265
70,037,969
"+15-4
1096,580.183
+17-4
^IS-S
New
file aftmvgst* ex< bai)g<« for tlic nsscith of Noveniber record
aaMCH dfcdiM' fioni **>> t(>tal for the {irtcedJtig aaonth, whiek
hy tk* IctMr value of
to, however, nore tiittt «4i-«iin«ed for
Par Cmt.
^726,911.694,
Beaton.
PtalladelphU..
lSf».
Oniaui*...
Total
Ontaldn
*
all
New vort
t1 .025,830.309
»2-8.UlM.612
Kitlmated on the
-»22-3
»8W4.f,49,234
-flC-O
1261. 955.598
"Tis-o"
a iMt
weeUr retorm.
76J246,438
<I,071,(>g5,621
t«0g.»84 6«4
-5i8
THE CHRONICLE.
682
[Vol.
ZUII.
On the 30th of October the total stocks in the
country were at the extremely low figure of 129,000
pieces; since that date production has been a little in
in stock.
THE FINANCIAL SITUATION.
Bankers' balances have loaned at the Stock Exchange
this week at 4 and at 12 per cent, though very little has
excess of consumption (about 40,000 pieces) every week,
been placed at either extreme, the average for the week and last week the total stocks were 338,000 pieces. Even
being about as last week, 7 per cent. Renewals on first- these latter figures are very small compared with previ •
class collateral have stood at 7 per cent, but 7^ has been ous seasons' holdings, and the chief sigaiScance the
paid where the security was not quite so good. A few increase has is, that during the same weeks last year there
short- time loans are being negotiated for 30 days at 6 was in place of thij increase a decline on an average in
per cent on prime collateral, and at 7 per cent on security just about the same weekly amouat. In other words, the
The idea of houses in making these production then was less than the consumption, and now
of an inferior grade.
loans is to tide over the period at the close of the old and it is as stated, a little in excess of it.
when they looK
for
Still this is not likely to be a permanent feature; the
low
in consequence of the
unusual activity in
condition of the country at present does not apparently
reserves of the banks and the customary preparations for favor any reaction in the markets.
The rapidity with
the aemiannual dividend and interest disbursements. which railroad building is being planned and begun, even
Commercial paper is scarce, but the demand is confined to if there were nothing else ti stimulate our industries, would
out-of-town buyers, and consequently rates are unchanged. seem to be sufficient to keep demand active, for all trades
new
money
the beginning of the
year,
Discounts in the open market Lone; on of 60 day to 3 either directly or indirectly get the banefit.
Besides, there
bills were reported at 3 per cent the greater must be a pretty free consumption of goods in progress
On Thursday, however, the weakness in almost every section, judging from the exchanges.
part of the week.
months bank
We
and drop in our exchange market stiffened the discount have made up our statement of monthly cleariags this week
By pri- .and the totals are large, comparing well with a year ago;
rate and the quotation was 3|
3^ on Friday.
vate cable to us we learn that the net gain by the Bank and this development is especially marked in the figures
of England which was reported for the week at £98,000, for the cities outside of New York.
We give our usual
was made up by imports principally from Australia of statement below for each month since the first of January
@
£75,000, by receipts from the interior of Great Britain of
£169,000 and by an export principally to South America of
£146,000.
The
down
£20,101,177.
to
stock of bullion held by the
This fact
Bank
keeps the
is
for the
two years.
MONTHLT OLBARiyOS.
now
money
market so sensitive to any chance of a drain of gold
to New York, that bankers continue to obtain their JsniurT..
rebroanr ...
supplies from the Continent. The early part of the March
week it looked as if war was almost inevitable in Eu- April
Mar
rope if not immediately, certainly by Spring, and that Jane
..
its
results
so
disastrous
to the defeated party that
1885.
1886.
t
4,110.02^122
3.818,»10,141
P.Ct.
1885.
1886.
3,323,320,988 -I-83-7
2,7«1,»14,884 -f87S
P.CT.
»
t
*
1,234,496,227
1,137,013,386
4*6
1,073,332,400
881,03^,217 -l-ai-8
1,232,268,011
+«cs
3,57»,900,78»
2,996,178,877 -I-381
2,909,699,496; -(-230
1,157,925.818
3,57»,520.694
3,007,')«1.750
+190
1.189,193,033
983.430,966
1,041,710,753 +11-2
1.009. S24,469 +15-8
+33
4,137,311,483
3.980,150,174
2,937,370,329
2
1,2J5,W7,272
1,065,034,518 +17-0
July
S,7«3,a»7,147
l,2<,206,74-2
1,087,838,778 +18-3
AuKiut
3,830,531,8«
3,483,921,783 +8-6
3,006,032,43H +20-8
;
France would be involved in it. Latterly the appearance has been more peaceful. Of one thing we may be
sure, and that is there will be no war if it can possibly be
Such a contest would be so destructive and in
avoided.
Cleariniit OuttleU ITtu) Toi*.
Clearino» lotal AU.
Jfonth.
September,
October
3,837,954.090
4,668.887,148
3,139,980,461 +22-2
4,481,629,70H -H-l
November.
4,613,928,984
4,598.039,801
Here
after deducting
the
+0-4
1,178,34 1,»7
1,232,153,334
9M.fl3t.992 +21-9
1,03-(,151,549
+18-7
1.418,819,085 1,291,883,512 +9-8
1,433.091,103! l,279.092.9:a +12-1
New York we
have over 12 per
very large when we consider that
cent increase,
extreme risk the belligerents would run will most likely the movement a year ago in the same sections was active.
serve to keep the peace.
Moreover, the increase extends to nearly every city in the
Our exchange market has continued irregular and heavy list, as will be seen in the table which we give on a previous
Until "Wednesday under the influence of free
this week.
page with our weekly clearings. Another noteworthy
offerings of cor-mercial bills and of bankers' drafts against
fact to be taken in the same connection is, that the total
Even
securities, rates fell half a cent per pound sterling.
during November of all kinds of grain at the
which
is
movement
this failed to stimulate a
demand and on
the following day
Western cities, and of cotton in that portion of the South
from which we receive clearings, shows no material change
which carried the nominal rates to tbe lowest point of the
This makes it appear as if in both the
for the two years.
With this decline it is stated that bankers ordered sections referred to, goods were going into consumption
year.
out gold from London, but we have been unable at this
Furthermore the reason the total
in increased amounts.
writing to confirm the report or to learn that any specific
including New York does not compare more favorably
Very likely the recovery with last year (it is larger, but only very little larger) is
amounts have been named.
of a half cent in the rate for sterling on Friday stopped a
that although speculation at the Ssock Exchange has been
movement which was in contemplation. Additional sums active this November, it was much more active in the same
have been taken from Pahs and there is afloat now prob- month of 1885. That fact is brought out in the following
ably $2,000,000 at least. The arrivals this week have been
statement of stock sales for the two years.
£38,600 from London, $1,012,437 from Paris, and other
SALBS OF STOCKS AT TBB HBW TOBK STOCK BXCHAKOB.
small amounts from other sources, making total imports
188B.
1886.
about $1,500,000. The marking up of the rate yesterday
Valtut.
Valua.
Simbtr
iroKCh.
noted above was hardly justified, and the market closed weak.
of Hharu.
of Shara
Par.
AUuat.
Par.
ActuM.
The condition of business does not change materially
t
•
*
%
7,183,860 695,608,950 439,S8«,8S>
8,679,154 790,683,975 870,361,697
from week to week. In some branches there has evidently Jannarr
February.... 9,410,8W7 818,717,825 587,469,318 7,41.3,300 655,888.600 45<1.522,193
been a little quieter feeling of late, notably in certain March
6,537,518 606,148,480 408.811,933
10,162,078 WS3,778,II52 608,511,278
there was a further reduction of half a cent per pound
departments of the dry goods trade.
business of the city
the coming year
is
Bat
as a whole the
in a satisfactory state, prospects for
being bright, and the outcome for the
is looked forward to with great confi-
next twelve raoulhs
dence.
We notice that print
cloths
have been Increasing
April
May
Jane.
July
AURUSt
September.
October
November..
6,410,551 5S1,167,700 376,782,373
6,639,303 80:1,092350 422.796,921
7,111,197:884,42.3,225 482,180,030
4,488,218
5,0«7,343|473,968,225 ;i05374,473
6,048,025i470,l50,42j 305.5)7,166
7,930,779
6,871,152
8.538,011i719,l83.700 176,136,080
10,738.71-* 979,198,200 813,414,151
421,254,290 '289.877,153
461.109,180 313.588,610
5,067,077
405,822,090 '273,72 5,723
735,209.710 462,118.348
4,4S6,7»
638,713,850 332,106,050
545,720,930 31i!,4fl3,757
5,895,515
ia.65».49ii 1.170,13). 150 893,242,425
10,87B,932i950,581,R25!8a3,21l,223i 1:1,271,834
1
,-2s8,»M,OOo! 7S'',703,«50
DxcmBKB
THE CHRONICLK
11, 1886.]
According
683
the Norfolk & Western would be mutually advantageous.
were 13,271,634 It is not only that the roads coanect with each other,
shares against 10,876,952 shares this November, and that but that from their situation they are natural allies,
the actual values of the sales were $788,703,250 then they having to a large
extent
identical
interagainst $533,211,223 now.
Here is a loss on the stock ests and being more or less interdependent.
For
speculative business in New York during the last month this reason they might be expected to work harmoniously
as compared with the same month of last year of over 255 together even without a combination, but a distinct armillion dollars and as every stock sale is supposed to re. rangement ensuring such a resuU is of course preferable.
quire two checks in making the transfer, double that Geographically, the two companies form a very strong
amount should be deducted from last year's November system of roads. In the first place the lines are centrally
clearings as given above, before one can make a correct located. Tnen the Norfolk feWestern, besides its own roads,
comparison as to general business in progress at the two also owns almost the entire capital stock of the Shenandates.
With this explanation it becomes obvious that doah Valley now in receiver's hands. The Shenandoah Valmercantile transactions in New York City as well as in ley runs from Roanoke, Va., on the Norfolk & Western to
the other cities must have been much more numerous in Hagerstuwn, Md., where it connects with the Cumberland
November 1886 than in November 1885. In other words, Valley and the Pennsylvania. The East Tennessee on the
the conclusion seems to be warranted that the trade of the other hand, in addition to its own lines, controls the Memcountry is not falling off tat is increasing in a healthy phis & Charleston to Memphis, and also the Knoxville &
to the foregoing
it
will
ing November, 1885, the toUl stock
be noticed that dar-
sales
;
way.
is
rapidity with which railroad building
a source of some uneasiness
The
which
Ohio,
The
total addition
is
progressing
Louisville
&
latter
by means
of
a connection with the
Nashville affords an outlet to Louisville, and
among conservative classes. by means of a connection with the Kentucky Central an
is now estimated at about
Besides this, the Eist Tennessee exoutlet to Cincinnati.
during 1886
tends to Meridan, Miss., in the one direction, and to Bruns*
But what gives the special force to sug wick, Ga., on the Atlantic Coast, in the other direction.
gestions of coming disaster from this source, is the fact Hence the combination would embrace a vast system of
that the bulk of the present extension is the building by roads
Norfolk, Hagerstown, Louisville and Cincinnati
old corporations into one another's territory, which seems being the northern confines, and Memphis, Meridan and
to promise bitter competition when the extensions are Brunswick the southern confines.
completed.
Furthermore new plans are coming to light
Though no definite terms have yet been reached as to
daily and timidity gives shape to the idea that many more the
arrangement between the two roads, we have
negothousand miles of similar road will be built next year. it on pretty good authority that present
a majority of
Of coarse everyone remembers the West Shore aSair, and tiations contemplate a purchase of
7 thousand mile*, which compares with about 3^ thousand
miles in 1885.
—
M
East
Tennessee
the
1st preferred stock of
the
it is such a recent experience it becomes the medium
through which ccnclusions with regard to all this work are by the Norfolk & Western. The 1st preferred stock electa
Ytt is it not possible that we may a majority of the board of directors for five years, " unless
chiefly reached.
overestimate this prospective danger. Of course " growing '' before ttiat time the said company should pay out of its
ow
p<dns" are always the penalty the child pays for growing
too
fast,
and
opment as
work now
it is
well.
a law which
Yet
in progress
it
is
a
applies to industrial devellitile
hasty to compare any
with the West Shore scheme.
One
" net earnings five per cent dividends on such preferred
"stock for two
this
full successive years."
combination
of the whole
is
Tde theory
is,
that
merely prelimiaary to the absorption
system by some other company, and rumor
For instance: (1) In
the two years ending with December 1882, we built 21^
thousand miles of road. (2) In the two years ending with
December 1886 we shall have built only 1 0^ thousand milog
with'
(3) The present building is by strong corporations (4)
large net revenue (5) and they are simply completing
has busied
systems (6) at low rates of interest (7) through a territory
developing with marvelous rapidity. This last particular
vania
But we
especially most materially modify calculations.
recall these facts not to enlarge upon them, nor yet be-
would mark a new departure for the Pennsylvania managers, and there is absolutely no evidence yet of any such in-
readily
recalls
many
diSerences.
by suggesting that the Pennsylvania and
Richmond & West Point are the parties desirous of
As for the West Point, that is
securing the new system.
a competing system, and the main object in wishing to
itself
the
secure the East Tennessee,
if it
has any such wish, would
probably be to avoid undue rivalry.
standpoint
the
system would
Prom
a Pennsyl-
doubtless possess
greater advantages than any other Southern system, but
it
we would favor all the schemes in contemplation or tention
Speculation on the Stock Exchange has halted someencourage excessive railroad building, but to help give
thongbt in some circles a little different direction from what during the week. That is to say, there has been less
For it would activity, and a sagging of prices on all except a few
that in which it has of late been tending.
eaoae
seem, according to present appearances, the worst effect we
can fairly anticipate from these extensions is, that in some
Two circumstances have combined to diminsome extent the buoyant and confident tone of the
The first is the fact that the low priced and
cases the return received on stock may have to be lowered market
intrinsic
the
business
properties
have latterly played such a conspicufuture
"fancy"
for
though
period,
for a brief
speculation
in many cases having advanced
increased.
ous
part
in
the
will
be
property
the
ralae of
New railroad combinations in the South, actual or pro- rapidly and materially. There is a fear not only that the
posed, have latterly become a very prominent feature of the rise in some instances may bave been too rapid and not
A few weeks ago the differences between the warranted by the circumstances of the properties, bat
dtoatioD.
Richmond k West Point Terminal and the Richmond & also that those engineering it may not be able to support
Of course, the fear may be groundless,
Danville were settled by the absorption of one by the their specialties.
bat in the meantime there is a disposition to go
other, and now a combination between the East Ten
Thea
and the Norfo'k & Western is under way. It is slow, and await the outcome of events.
combination
former
condition
of
the
money
market
that
the
also
the
is
quarters
against
some
in
drfmed
specialties.
ish to
—
•MM
'
neeessiUtes the
latter.
b« no doubt that a
However
that
close anion of the
may
Blast
be, there
can
Tennessee and
the speculation
on that
in
the
non-dividend
class of security, are
payers.
Loans
obtained with difficulty an
THE CHRONICLE
684
only at high rates. Furthermore, in view of the approach-
IVOL.
ZLUL
TBE NATION'S CURRENCY AND FINANCES.
We give up much of our space this week to a reproduc-
ing close of the year, and the settlements incident to the
same, some apprehensions are felt that loans might sud-
difficulty in secur- tion of Secretary Manning's report and to copious extracts
The stock market as a whole has from Treasurer Jordan's and Comptroller Trenholm's.
been rather weak and irregular, though Lackawanna has Oar extracts from the two latter are briefer than we wish
been strong and higher on the colder weather, and Louis- they were, but what we give from the three documents
ville & Nashville and some other Southern properties have taken together, will afford the reader a very clear idea of
also been advanced
yesterday, however, Richmond & the situation of the nation's finaucos and of the position of
denly be called and the borrowers find
ing advances elsewhere.
;
the administration upon the important industrial questions
oS materially. Among the low- which are pressing upon the attention of our people.
No excuse is required for devoting so much space to
priced specialties Susquehanna & Western common and
these
reports.
There never was a period, not even during
preferred have been quite a feature.
Early in the week
the
war
according
to our view, when needed Congressional
•^he stocks of the Norfolk & Western and the Eist Tennessee were very active and higher prices were made. legislation and the business interests of the coimtry were
Except in the case of the 1st preferred, however, the BO involved. We do not expect the present Congress will
advance in the East Tennessees was hardly commensurate relieve the embarrassment it hardly has the time even if
it developed the disposition.
with the efforts put forth.
Bat delay in settlement is
The following statement, made up from returns col- only another reason why the public should become more
lected by us, shows the week's receipts and shipments oi familiar with the facts and with the situation. Unfortunately
its education has been slow because of late years our leading
gold and currency by the New York banks.
statesmen who know the truth, and who are the public
West
Point Terminal suffered a heavy decline, and the
general market also
fell
;
jr««li
SMpped
Rfteived by
ending December 10, 1886,
Nit InterUir
Movement,
iy
S. T.Banki. «. r. Bankt.
CnrreDor..
Loss.. 11,000,000
tJoM
educators, have developed a marvelous leaning towards
currency compromise. The expression of positive convictions on
Total (roldand
tendon..
Ipgral
The above shows
1600,000
Loss.. H, 600,0(0
(2,100,000
bank
the actual changes in the
ings of gold and currency caused
by
hold-
movement to and
movement the banks
this
from the interior. In addition to that
have gained $300,000 through the operations of the
Sub- Treasury and §1,400,000 by imports of gold. Adding these items to the above, we have the following
which should indicate the net gain to the New York
Clearing-House banks of gold and currency for the
week covered by the bank statement to be issued to-day.
It is always to be remembered, however, that the bank
statement
statement of averages for the week,
whereas the figures below should reflect the actual change
in the condition of the banks as between Friday of last
week and Friday of this week.
a
is
Week «nd<ng December
BafaU* Interior Movement, as above
Bab-Treaanrr oper.and gold Import.
ToUl gold and
The Bank
legal tender*
Net Change (n
Bank Holdings.
Into Sanlts. Out Of Banla.
10, 1886.
...
*5O0,OOO
$2,100,000
9J200,000
7,000,000
10,700.000
lO.flOO.OOO
Lo8S..«l,tfOO,0'X'
tiain..
Gain..
1,701,000
IIOO.OOO
them a
subjects appears to have become with
and as error never lacks voice or emphasis,
in the meantime seems to have tended towards
financial
rarity,
the battle
those with the strongest lungs.
It is therefore especially
refreshing to read a document so unequivocal as Mr. Manning's report.
Whether what the Secretary was writing
Wis politic
mind.
We
never
or popular,
apparently
crossed
Mr Manning
are glad to see also that
still
his
puts the
currency derangements to the front, and the silver
turbance before all. He expressed the truth in his
y
" ance
and
is
the
last
can be stated when he said
ear's report as concisely as it
that "currency reform
dis-
first
in the order of import-
and fitly precedes other reforms
"
even taxation reform because it will facilitate all
"other reforms, and because it cannot safely be deferred."
of
time
—
—
This statement has
improvement
lost
none of
in general
force through the
its
business since
was written.
it
Business has improved to be sure, and the more pressing
England reports ajgain of £98,000 bullion
This represents £169,000 drawn from the anx iety has been for the time being quieted, but only
interior and £71,000 net shipped abroad.
The Bank of bee ause the management of the Treasury has temporarily
Prance lost 11,750,000 francs gold and gained 600,000
averted the [silver danger; besides the improvement in busifrancs silver, and the Bank of Germany, since the last
ness is somewhat spotted even now, and cannot be complete
report, has los". 2,860,000 marks.
The following indiun til the stoppage of dollar coinage makes the return of
cates the amount of bullion in the principal
of
for the week.
European
banks
this
week and at the corresponding date
last year.
That feature remains therefore as it
and this
is the view our merchants largely share in, and the reason
way revenue reform is not more eagerly pursued by the
the evil impossible.
was a year
I>te.
eold.
9, 1886.
BUver.
Dee. 10, 1885.
Bold.
Bilver.
*
Aank Of England
great body of business man.
Bank of Germanj
20,101,177
20.648,609
51.371.102 45,721,357 46.561,80 13.630,354
17.S48,810jl5,828,190 14.231,230 17,393,750
Iota] this week
^tai prevluQs week
89,321.089 61.549.517 81,441.065 61,024,104
8tf.769.179'61.593.013 •il,562,823 60,967.332
^alik of Praooe
The Assay
,
.
paid $94,150 through the Sub-Treab'
•try for domestic atd $1,368,434 for foreign bullion during
Uie week, and the Assistant Treasurer received the foliowing from the Custom House.
Office
ijormtting oj
'^00.
0Old
0CO.
"
"
8
4.
8.
••
7.
••
8.
"
9.
Total
£3
83
33
75
69
61
9ifioa
92,588,217 49
J39,SO0
•323,037
217,91H
343.803
645.«26
837.051
320,978
whsth er protection
2,500
3.000
22.0C0
7.000
3.000
Bold
Notes.
Ctrliftc'M.
•53,000
44.000
56,000
98,000
101.000
50,000
$207,000
125,000
235.000
351.000
648,000
226.000
»405.000 $1,792,000
Silver Oer-
In fact
There
t
so long as silver remains
a very earnest fight in progress
be possession of the world's stock of gold. Every
demonetized.
for
questionable
it is
not necessary as a temporary expe-
finan ci al centre in
is
Europe
is
putting a premium upon the
yellow metal so as to get and^j^retain
this agitation continues,
are
low,
as
it.
As
a general paring
toms duties might be unsafe.
—
rr.8.
is
dient to guard our gold supply
values
<DM<M.
ago, the matter for first consideration;
they
long then as
down
of cus-
For whenever merchandise
are
at
present
(and
they
drop frequently, while silver ie ostracised, at every
Uflcatet.
of gold), high duties
scare produced by an export
•50,000
our home trade to ourselves, and with the
4S,0iK) keep
50.000 export of ^the products of our farms, mines, forests, &c.,
75.000
76,000
42,000
•349,000
will
unchanged, a trade balance in our favor is assured. Thus
we protect what on account of its prospective scarcity
;_
every nation in
^Europ e| is^tciamblirg^for; snd for
ilis
DeCEMDER
THE CHRONICLK.
l!i%|
11,
mw.y wbo would
reason
like lower
Ute in urging them now.
Of course Mr. Manning looks
dunes may well
j.eBi
^
685
Manning therefore
report, in
preseuis, ou
very strong
closing pages of
ttte
light, the necessity
Ms
for immediate
at the silver question from
reduction of taxation.
We have not room to-day to disa bimeullisi's view, as eve^-y practical man must.
We do cuss at any length this portion of hia report. He adnot see how any person but a rigid doctrinaire can
advo- vances strong reasons for his view
that the best and
cate gold monometallism— one who in pursuing
bis theo- cheapest taxes to retain
are those upon whiskey, tobscco
ries loses sight of the conditions to which
they are to be and sugar and that
the greatest relief to the people would
come from the repul of the tax on raw materials and especially of that upon wool. We sha^ have
occasion to refer
press dismisses to UAi portion of the report
hereafter.
We
applied.
;
see a capital illustration of this forgetfulness of conditions in the brief but remarkably
peculiar
argument with which one of the daily
these views of Mr. Manning, though approving in strong
terms of the rest of the report. That editor's statement
of the case
" civilized
that
is
"aside, except for
" same
reasons
" aside
for
small
mankind have put
transactions, for
they
that
have
put
A'IN-D
It
silver
exaclly
the
stage-coaches
OF CAPITALISTS OWiYIXO
a
is
capital
common
country
of the
individuals
—
error to
O'JR BA!YA'S.
assume that
banking
tSie
held in the hands of a few
that the shareholders are men of large means
is
and great wealth, who have invested their funds in the
Apparently this writer failed to see how incongruous banking business because of the advantages offered by
his attempted comparison is.
As an illustration the that business, and who consequently enjoy all the profits
Btage-coach aignment would have been quite in point resulting from such investment.
This idea is the basis
if "civilized mankind" were to-day to put aside "cars"
of the antagonism of Congressmen and others who
and take
that
IflMt
to
for
Ehort
distances."
"stagecoaches," instead of the reverse
would be a change similar
writer proposes to
merce and
except
travel,
to
;
at
one the
the
delight in decrying the national banking system, describing the institutions as a body of grasping capitalists, who
make with regard to currency. Com- convert tnem
OA-n benefit.
in volume no* on a like modern
travel are
into
huge money-making machines for their
also frequently claimed that interior
ne that of cars and the other of gold and silver. banks are mainly controlled by outsiders
Eastern
They h»ve been stimulated into their present activity ^y "money sharks," as the phrase is that there is very
tbfse faciii'.ies.
N'ow to attempt to cany on the present little local invdstraaat in moneydd institutions, and that,
pasEecger traffic in stsge-coaches would be just as wise as therefore, the people of the locality and Slate where the
btaia,
It is
—
i
;
modern exchanges robbed of banks may be siiuated have correspondingly little direct
making the exchanges. interest in their success.
We are very glad to see therefore that the Comptroller
wagfs have all become adjusted to
conditions, none of which can be of the Currency's report to Congress, which has been pub
attem|.t:ng to carry on
{silver) one-half its metallic basis for
Betidep, prices, values,
the dcnble standard
—
ignored by any wise statesman changing the
cnrrency.
world's
tished this week, contains
among many
other vary usefu-
tables one
showing the distribution of the capital of the
The remaining portions of the Secretary's report afford national banks how much held by persons within the
like evidence of breadth of view and fearlf-ssness of ex. State, and how much without
the number of shareholdprenioD. He does not ceek in these, any mo-e than in thu ers owning a large number of shares each, and those ownThis information has been
earlier proposals of the report, to tone his opinions down to ing only a small number, &c.
what is supposed to be a popular level. Thus he elaborates gathered by the Comptroller from every bank in each
a perfect plan for retiring the legal tenders and using up the State, and Mr. Trenholm has compiled his facts in
Treasury surplus in doing it. No contraction of the currency such a way as to bring out most clearly the actual
His results not only completely refute
b required or effected not a day's continuance of taxa condition.
—
;
;
tion above rates necessary to cover annual expenditure
contemplated
;
all
that he at ks
is
is
for authority to pay this
onfnnded debt with the present surplus he holds and with
the surplus that will accrue before the whole reduction
of taxation proposed can be
oae who
is
familiar
at all
knows that the
made
with
legal tender
is
to take effect.
the
science of
Any
money
assumption
the
that
is
a
brief
disclosed
Shabeholdkbs.
Of whUh mimino—
Statei.
? Simply because public men find it easier
with the errors their constituents hold than to
but a change
This may be policy now
enlighten them.
;
will
come some day.
There
will
not altrays be a premium
put upon ignorance.
Bat whether the legal tenders are retired or
not, the
Mr. Jordan, the
ctuploa remains to be disposed of.
Treamrer, has prepared tables showing that even with tax.
which revenue only
•tion reduced to a point at
—that
equals legal requirements
o aa to reduce the
—the mere
is,
after taking off taxes
surplus revenue about 90 millions of
Here
divisions of the facts
by the Comptroller's statement.
be heeded by Congress, the prevailing opinion being
that it would be harmful for the party endorsing these
Why
system
shareholders outnumber
summary by geographical
a disturbing instrument
fall in
the
in
the resident holders in any section of the country.
will
to
investments
rect the idea that non-resident
ponetsing no quality which belongs to true money. And
yet no one believes that this suggestion of Mr. Manning's
Tiewa,
the
are by large rather than small "capitalists," but also cor-
New
England
Eastern Middle...
Soathern Middle.
8 uthern
Western Middle..
Western
Far West'o & Pao
Total
Shares.
Total
owning
Above t*n not above
OfvUMh,
Total
Ten
Number.
fharea
and not
fifty
or lea.
above fifty
stuires.
95.578
72,104
ILftia
12,391
20,744
7,8«5
3,205
58,099
88,311
83,292
9,835
10.479
16,357
6,059
2,422
2,006,522
l,88.'i,214
2,241,104
1,982,178
1,017,735
976,575
818,927
851,880
3,759
1,280
30,212
28,098
4,670
4,315
8.014
2,300
1,142
223,583
117,974
78,781
196,755
;,iie,89i
35,194
5,165
6,134
8,343
XVhote
held by
Number.
resiOentt,
403,887
928,358
347,513
173,775
268 084
135.463
6,426,320
Thus, so far from the shares being distributed in large
lots,
they are chiefly distributed in very small
capital of the national
—
persons
Now,
that
is,
banking system
there are that
as will be seen,
1
is
number
17,974 of these, or
lots.
The
held by 223,533
of
shareholders.
more than
one-half,
compliance with the provisions of the are persons who hold only 10 shares or less each, while
Rtriaed Statutes with reference to the Sinking Fund will 78,781 more are persons who hold between 10 and 50
Ten shares represent a par value not above
effest the payment of the whole debt funded and unfunded shares each.
after
twelve-month
(many
of them very much less), and fifty shares
$1,000
within
a
is
"which
1908,
by the year
" otir last great funded loan is due and payable." Mr. a par value not above $5,000, and certainly a persoa
doDars
THE CHRONICLE.
686
holding even $5,000 worth of stock would not be considered a very aggressive capitalist from any point of view.
It is significant therefore that no less than 196,755 of the
223,583 shareholders (nearly 90 percent) are set
owning
down
as
no case more, and probably in three quarters of
the cases less, than 50 shares that is, $5,000 worth
in
—
Of the 26,828 shareholders remaining, 24,770 own
above 50 but not more than 300 shares, and only 2,058
each.
own over 300
It will also be noticed that the
is
every section
capital of
held to a controlling extent at home, and not, as
many
suppose, in the financial centres of the East; though to be
sure the proportion held
newer
the latter
in
way
Out
sections than in the older.
'894 shares
the system, 6,426,320
in
only 690,574
larger in the
is
make
It
perhaps not sur-
is
it is determined to start a bank
mainly interested must transfer
therefore,
locality, those
not only their funds, but their persons as
well, to
locality (provided they are non-residents), for they
prudently delegate the business to any one
it
the system, and secondly that the
by persons of moderate means. Thus a
who by his iaflaenca should
bring disaster to the system, would be involving
representative in Cjn/ress,
help to
own
we
the national banks will,
a thing of the past.
way
the capital supplied in that
else.
cannot
This,
of
will
course always be
measure by the amount of home capi
and hence the newer or less
developed sections will be dependent to a greater extent
than others upon outside aid. Bearing this in mind it is
not strange that while in the United Scates as a whole less
than 10 per cent of the total shares are held outside the
individual States, in what we class above as the Western
States and also in the Far West and Pacific Coast section
the proportion so held is above 20 per cent.
As considdetermined
in great
tal that the locality possesses,
may
erable interest
attach to
selected below a
this
feature of tbe matter,
few leading States in which the
by non-residents
ratio of shares held
StaUa.
,
Texas
muoarl...
Minnesota..
Wholf
No. of
outsifie of
sh Tf*.
SlnU
8B.25I
7H,060
11,713
13,897
Dakota
Iowa
2»,000
8,7as
9.082
14.622
80,084
Montana
29.100
6<.H82
Kans&s
124,389
Here we
is
particularly large
see
Held
that
shares are held by
in
parties
I
I
in
Nebrassa
with Dakota and
TFJiote
Held,
No. 0] oussHeoS
Stnte.
,
Colorado
Wasblngton Ter.
30,260
101.642
13,2«8
18,916
18,725
24.850
4,510
10,100
8,000
.
Wyoming
4,017
2,768
3,623
Louisiana nearly one-third the
outside of the State, while in
both Minnesota and Missouri
and
the ratio
Montana
Wyoming
above 30 per
nearly 25 per
is
Territory particularly
distinguished for their heavy ratios, the one having nearly
45 per cent, and the other more than 45 per cent, of its
banking capital in the hands of people outside of the
FROM JANUARY
Some
surprise will,
think, fade
away and become
we
It is in these
facilities
is
TO NOVEMBER
1
November.
When
in
30.
think, be felt at the favorable
character of the exhibit of earnings for the
week
the third
of the
snow passed over a
month of
month a
large section
the country, and the earnings of Northwestern roads
showed such very heavy
good
declines, the prospect for a
statement for the full month did not seem very bright.
now we have an amount
Yet
which
increase
of
is
greater than that for October, when, however, as will be
remembered, we noted somewhat of a break in the upward
movement of earnings, which until then had been almosi
uninterrupted.
To be
the circumstance
sure,
that
in
October there had been (as compared with the previous
year) one Sunday extra, and consequently one working
and that in November this position of
was reversed there being one Sunday less, and
consequently one working day more that circumstance
day
less this year,
things
—
alone would tend to
make
—
the
November statement more
favorable than that for October
much
there
are
less
;
and yet
this fact
counts
than would appear on the surface, since
other particulars in which
great disadvantage to October.
of $1,952,138 for
November with
contributing only $564,901 of
November was
at
a
The
increase, therefore,
the
New York
the same, as
Central
against the
$1,786,637 increase for October, of which the Central had
contributed $944,874, marks a noticeable degree of im-
provement.
From
the
following
it will
be seen that the
gain also compares well with that of most other months
this year.
Barntn,Q$.
llOKioe.
Increaae or
Period.
January (6* roads)
february (66 roads).
.
Marcli (63 roads)....
April (67 roads)
May (63 roads)
June (60 roads)
July (67 roads)
Aux. (73 roans)
September (77 roads)
sections that the need for bank,
presumably greatest, and the growth of
the sections being such that local capital alone cannot sat.
isfy the need, it is pleasing to observe that outside aid is October (SS roads)...
being ej^ended in a more or less liberal way.
Yet when NoTember (85 roads)
ing
the opposition to
RAILROAD EARNINGS IN NOVEMBER, AND
for
territory.
these facts are
of
that many Congressmen think it wise to moderate somewhat their expressions of discontent with the system
which is a good sign.
the
In any given locality the relative extent of
tary centres.
and
much
Indeed, there are evidences already
of
cent,
Waen
constituents.
understood and digested,
severe storm of wind and
cent,
interested in
holdings are chiefly in
small amounts
however, does not militate against part of the capital com-
Loulsiaoa.
they will
figures
own imagination. Every objection they have raised
proved to be without any foundation. On the contrary
appears first that in the great majority of cases loca
is
ing from outside, say from some one of the great mone-
we have
by these
disclosed
their
fully
The banking business requires great care
and cannot safely be managed by
When,
new
in a
facts
see that they have been fighting a spectre existing only in
successful,
it
proxy.
the foes of the national system realize the signi'
shares are h°ld by
prising that so large a proportion of the capital should be
to
When
ficance of the
'n ruin hosts of his
shares, or less than 10
per cent, held outside the States.
held at home.
or territory.
of a total of 7,116,-
residents of the Scale within which the banks individually
are located, leaving
reaching 50 per cent (a controlling amount) in any State
investors are almost exclusively the parties
shares each.
XLIIL
[7oL.
1886.
1886.
MiUt.
MUei.
45.906
49,389
47,069
48,898
47,355
47.4U3
44,682
4K.299
48,188
63,287
65.X97
5S.579
67.699
46.974
47,710
46,086
46,775
47,136
61,168
58.095
1886.
1886.
«
t
t
14.565.336 Dec. 1.012,238
14,852,131 inc. 1,230,243
17,955.075 17,747,728 Inc.
207,347
17,48i!,a61 17,306,549 Ine.
175.538
652.617
17,070,179: 16.417,532 Inc.
17.Wll2.040l(nc.
20,051.630
2,058.990
26.147.730 17.91 2.4SO Inc. 2.236,260
13.55S.(M8
18,082,394
24,939,906
21.190.661 ItiC. 3.749,245
87,931,707
25.049.271. J IK. 2.882,43*
66,«0
81,78».490| 30 00.'.863 inc. 1,786.637
65,187
29,194,343
27,242,205 ITU. 1,952,13a
November gain parfirst place we are
em capitalists and moneyed men, it is really surprising to comparing with earnings a year ago relatively much better
find that even in those districts where local capital is than in the months preceding.
We noted the same
scarcest, the proportion of the national banking capital feature in October, but the remark applies wiih much
held outside the localitj is comparatively so sm%ll-^not greater fprce to the November statement. Thus while in
we bear
in mind what a stock argument it is amont; demagogues to refer to banks as wholly the creatures of Etst-
Ttie circumstances tnat
ticularly notable are
make
numerous.
tbe
In the
Dkcbmbsb
THE CHRONICLE.
11, 186«.]
687
October we were comparing with totals last year increased at Chicago numbered 1,019,226 for the month, against only
only $701,693 over 1884, now for November we are com- only 624,460 in November, 1884. From this heavy total of
paring with totals increased $1,451,450.
Indeed the over a million hogs there waa this year a noteworthy contracNovember exhibit in 1885 was the best of the year, the tion, the arrivals reaching only 847,714. The main reason
between this year and last is,
movement, already large, was further
tion of 1834 oar November statement has shown an stimulated by the fears of hog cholera, while this year, the
increase in all recent years, as will appear from the foUow
movement being small, was further diminished by the
ing summary of the results back to 1880.
Allowance of pork -packers' strike at Chicago. Taking the average weight
coarse will have to be made for the fact (hat the roads of a hog as 250 lb3., the diminution of 171,512 in the
are not precisely the same in all the years given.
arrivals this year would represent a falling off of 42,878,inereaae on certain special roads having been strikingly
be remembered that with the excep-
It is also to
large.
to account for the difference
that in 1885 the
—
KOntt.
Bamttxtt.
Increator
Arted.
Rot, UW(BBt«ad«)
KbT, UU (47 ttndi)
iroT,uaii« roads)
Il0T..Ua*.a8nwd*)
ir«T, ISM (S7 road*)
ITOT, U8e(asrau«)
KoT., IS88 iSB rawto)
Ttar
Ttar
r«or
Tear
eivtn.
Prtetdtnt.
atven.
Pneedme.
MUtt.
MfU$.
81.874
30.314
suae.012
S».07t
83.UI
mjt»
atMS
S0.S43.133
ia.osti.w7 81.873.424
nxn.
4«,iro
48.007
40.008
40.005
vt.mt
H.1S7
4a.flH
t
Dtenate.
«
*
IM. 3.985,160
18.800.4» /M. S.841.7M
18.340.968
rw.
3.700.403
000 pounds, or over 21,000 tons an important loss thereBesides this, however, other items of provisions also
fore.
generally failed to reach their aggregates of last year.
Along with this, too, it is to be remembared that competition is more active now in most sections of the West, and
that there is a larger number of lines among which to di-
)i7.034MS 8B.S86.B£S:Iilc. 8,048.0 .'3
1«.«S7.»1 81.108.074 Dk. 1,810.553
vide
80.073 J83 Int. 1,451,450
87,843.805 Int. 1.858.138
lines
31.399,003
as.iSLSta
many
St.
—
the rivalry between the
Paul and Minneapolis being a
chief classes of traffic
from Chicago to
good illustration of that feature. As regards Southern
shoold not be forgotten either that on the trunk lines
roads, the movement of cotton was somewhat heavier than a
the advantages on accoant of the higher tariff, are no
year ago, but the increase occurs chiefly on the Atlantic
longer what they were, since we have reached the period
Coast, and at least the north and south lines to New Orleans
in 1885 when considerable progress had already been
have not slvared in it. The overland movement also waa
made in advancing rates. Thus, on grain, the east bound heavier,
but here too the gain seems to have come from
rate from Chicago to New York, which on the Ist of Ocpoints south of the Ohio rather than from points south of
tober of that year had been raised to 20 cents, was on the
Considering
the Missouri and West of the Mississippi.
23d of November still farther raised to 25 cents, which
all these circumstances, the following statement of earnings
also has been the figure this year, and hence for at least
in our usual detailed form will be regarded as very satis
•even days of the month the rate on this class of freight
It
factory.
waa
the same in
tariff
on west bound freight had been raised
the two
Then
years.
again,
the
OBOM BASmKOS AND KILEAOB
75
to the
Smn
cent basis for hret-class as early as the 18th of November,
1885, and that also has been the rate this year
the month.
It
is
all
through
Buffalo N.Y.& PWl..
from the higher tariff in 1885 did not Btitf.Roch.APitteb..
Burl.Ctil.Rap. A So..
immediately follow the advance in rates (probably because Cairo VlQC. ACtilo...
Canadian Paciflo
of outstanding time contracts), and that some of the Central Iowa
benefits expected
Admitting
pointing.
that for
when
November we
rates
this,
however,
it is
nevertheless true
are comparing with a period in 1885
were higher and better maintained than
preceding month of that year.
As regards other roads, the conditions were,
in
any
ChioaKuA
;\lton
Cblcaf^o & Atlantic ..
Cbic.di Baatern
Olilc. MUw.&St. Paul.
Chicago <k N. •rthweat.
Chlo. It P.Minn. *0.
Chlo. A West Hioh....
Cln. Hau). & Day ion.
Oin. Ind. 8t. L. ACIi..
W
A
'N.O.
the fact that the total receipts of wheat at Minneapolis on
Uenv.
Denv.
heavy earnings than a year ago.
the 18tb, 19th and 20ih of the
month reached only
167,-
500 bushels, while for the ten days preceding they had
been averaging over 300,000 bushels per day. Still the
total receipts at Minneapolis for
the
month exceeded
siderably those of last year, agi^regating
against only 4,270,000 in 1885.
all
It is also true that
the Western ports together, the grain
year was slightly above that of
not apply to
all
l«st
con-
5,858,500 bushels,
taking
movement
this
year, but that does
show
Moreover the grain movement
the cereals, staca corn, barley and rye
a considerable falling off.
year bad been much below that of the year before.
This may be seen when we say that for the four weeks
A
A
&
A
A
.
.
Rio Orande.
Rio Or. W...
OeeMolues APt.
Detroit Lans'if
D..
A Mo.
EaatTenu.Va. AOa..
Evansv.AT. Haute..
Flint A Pere Marq
•Fla.
Ky
ft. Worth A Denv. C.
Gr.RapId* A Indiana
(Grand Trunk or Can
Oulf Col. A Santa Fe.
•HoustonA Tej.Cent
Ll.
Ceu.
Dly.)....
(So.Dlv.l...
(III.
Do
Do
(lowaDly.).
Bloom. A Wool..
Decatur A 8 p....
•Kan C. Ft. 8. A Gulf
•Kan. C. 8p. A Mem..
Lake Erie A Western.
Ind.
Ind.
A Hudson
I.ieUlt(h
last
L/>nif Island
ended November
Loni8V.Eran8.A8t L.
Louisville A Nashv...
LoulsT.N.Alb.AChio.
Louis. N. O. A Texas.
28, the
total
receipts
grain at the eight leading lake and
West
of
river
all
kinds of
ports of the
(not including Minneapolis) then reached only 20,-
162,666 bushels, while in the corresponding four weeks of
November in 1884 they bad been 24,296,791 bushels.
This year the receipU foot up 20,258,480 buahels. But
the element of greatest advantage last year was the extraordinary movement of live hogs, the arrivals of which
.Manhattan
*.War().
E
evated.
HouKh.
A
On.
•Memphis A Char'tou
(Vlexlcau Central
IflchlKan A Ohio
Milw. L. 8h. A West..
Mllwauke« A North..
Minn.
A
a.Mohlle
•
757.053
152.462
16»,761
2,469.00ti
2,363,100
621.200
112.'(01
^3,629
&
*Vlok8t)
Meridian
*Vloii>ib. «h. <Sc Pao.
Cln. Rloh. (fc Ft. W. .
Cio. Wash.
Halt....
Cleve. Akron
Ool
Col. A Cln. Midland..
Col. Hooli. V.
rol..
less favorable to
1,073.000
132.450
tN..v. Co..
North East.
Take Western and Northwestern lines for instance. There
was first of all the interruption occasioned by the weather.
The influence of that circumstance may be judged from
them,
9
.
ATex.Pao.
•Alabama Ot.Soiith.
of
1885.
9
249.892
206,417
177,537
8S.470
51,293
39,464
40,907
34.079
187,079
40.281
28.154
249,356
671.0A0
92,850
21.526
101,680
418.343
59.903
175.095
•ntn. N.O.
many
188S.
199.200
i2a,3a7
290.670
60.57e
Northwest..
Ohio
A
313,006
41,472
914,066
123,940
733,038
115,574
161,011
2,638,420
1,006
26)
663
294
990
265
-h 258.934
4,346
3,500
+8.510
+21.015
511
849
268
251
490
849
268
251
5,131
1,933
3,843
1,325
+ lo3.5o9
435,613
—8,452
6().8i9
+21,611
4ti,4-<t
+ 4,809
243,064
302,972
584,040
483,349
167,419
207.397
39,519
154,946
83,576
90,834
15,657
198,26)
67,o7d
1,285,990
168,379
218,440
6d7,48J
.52.424
137.418
377,410
20,941
194,449
63,814
61,806
2rt2.96S
+3,750
-161.420
588,587
121.253
244.592
194.67S
172,087
292,600
96,43f
19.100
+3ti,''88
2,259,541
1,23.5,572
217.090
71,925
1835.
+ 7.7-14
50,500
209,417
10.%,957
%
-11,828
—22,336
-H6.To4
1,425,1 10
661,593
461.0;9
144,258
227,369
40,107
154,079
Uiltage.
IncnoMR oi'
1886.
Deeream.
117,.'S43
211,025
44,670
42,221
31,9J5
148,836
36,074
23,280
147,607
572,9s3
98.564
26,962
107.736
400,781
64.500
177.698
77,587
43,514
191.156
29-<,508
NOVBVBBB.
Baminii%
ITame of Soad.
only fair to say, however, that the
returns of earnings for the time being continued disap-
IN
1,12 4.022
159,39«
212.016
5»0.893
37.277
116,»5i
812,481
17,275
132.994
50,3 1-
35,242
280,132
663
291
4.060
1,339
4i:i
+5,29(J
354
+
+ 5,t50
34i
ll,7ti9
-5,:06
— 1,311
+ 2.111
+3^,243
+ 1.2CI7
+4,874
+ 101,749
336
295
196
143
170
»6
281
141
70
+98.05:
321
1.317
-3,714
^d,37o
369
— 6.04H
+ 17,562
—4,59i
-2,603
— 11,9.>8
+ 6,986
+ 17.9
+ 1-9.2H8
J
lib
261
1,098
146
381
413
354
342
336
295
196
142
170
86
281
144
70
324
1,317
363
143
261
1,096
534
147
396
146
361
534
147
396
2.924
2,918
+49,536
— 1,464
— 2i,447
— 2i,2ri0
692
52U
933
711
—23,1 61
+ 19.972
40:;
.532
—J67
152
389
282
386
590
520
953
711
402
532
152
389
282
386
63
351
2)3
63
3S4
253
2,015
2,015
620
511
32
160
330
477
1,236
133
1.236
+ 55')
+23,381
+5,582
+ 3,44s
+ 18,821
+ 4.8 l«
+ l.'i6.tfH8
+8,983
+ «,10cl
+76„'>89
+ 19,147
+ 2o,963
+61.9^!.
+3.66^1
+ 61,4^5
+ 13,199
+ 2H,36I
+ 2. "116
*lDcludB8 three weeiiaonly of November in each year,
t For four weeta ended November 27.
i Mexican currency.
a iDoludlng St. Lonlg A Cairo In both years.
573
220
109
637
511
32
160
330
133
551
Z20
109
687
THE CHRONICLE.
688
Oratt Eamingt.
Ifame oj road.
1885.
1886.
KHUUlFXa OF rLOUB AND OBADI FOR FOUR WEEKS ENUBU NOVEMllKR
27 AND 8INCE JARUARY I.
HU'-afie.
TnereoM or
1885
1886.
Deereate.
[Vou XLIIL
nour.
f N.Y.O«nt.AHiidR
N. Y. City A AVortli'ii.
H.Y. Out. A vv.wt'n..
Norfolk <k Western...
Nortliern Pacitio
Ohio it MissU^ippl ...
OhloSoiUiioni
Or. Uy ANiiv. Co....
Peoria Dec.AEvan«v.
at. Joseiili Sr. Od. Isl.
$
2,320.9311'
+ 561.901
43.831
106.238
40,157
108,541
247.623
1,249,358
301,961
48,875
629,672
61,738
83.5S0
114.862
69.735
175.919
466.824
167,007
859,607
44,738
712,46
41,711
46,791
1,147,318
135,693
+3.674
—303
1.465
54
821
+74,436
+55.591
625
50.1
2.821
2.691
616
322.0.59
1,304,952
341,978
."59.9^2
518.000
62.487
95.299
111,674
78.594
Bt.L.\.AT.H.m.llne.
Do
Ibranohe!)).
Ark. ii'Fex..
8t. LoniiN A San Frau.
St.
20.>,.'503
I.rf)iii8
473.021
149.501
805,662
50.300
721,092
81,033
51,890
1,089,042
Bt. Paiil <& Diiliith....
Bt. Paul Minn. <!lc M&n.
Staten Islan
I
Rap.Tr.
& Pacltla
Toledo A Ohio Cent...
Texas
Valley of Oliio
Wab.Bt. bonis* Pao.
Wls'ionsln Ontral .
144,89!«
.
MlnD.8t.Cr'x
WU. & Minn
& Wis.
32,136
49.031
\ Including West Shore
first
in 1336.
+ 40,017
+ 11.107
616
12S
128
742
635
+749
2Ty\
254
+ 5,562
4wl[«..Nov.,
735
815
Since Jun.
Since Jan.
•225
19
+ 39.322
2.140
441
17.369
+31,632
176
107
54
bat not la 1835.
and
that
classes of roads,
_
included in last year's figures, as in this year's, the Central's
some $300,000 or $400,000.
increase would be reduced
412.004
;)80.fl0-i
759,918
600.643
l,tf»«.835
7,l40.S:i4
8,4t!3,0»4
75.981
87.364
468.168
542,202
615.063
&00,I25; 1.48e,45»| 4,113,006
11,590
34.seo
2S9,«60
245,197
918.7801
415.2201
410.805
1,-80,300
867.887'
57i.l42
11,180,668| 14,44e.:6al 8,600.»iH 2.094.172
8,500,315i 21,681,680 6,671,276 2,223.304
53,807
1»1,O20
401,625
698,44d
160,600
79.0701
115,6601 l,r,i6,829
1,8I1,.372! 4..')l)7.803
73,51(1,
602.881)!
188fl
1. '8B.
7rt6.5a4
1. '85.
l«3,958
4wka., Nov., 1880
4wka.,NuT., 1885
Since Jan. 1, '8fl.
Bince Jan. 1, '85.
Detroit—
4wks., MOV..188B
699,775
607,583
80,365
22,806
S4I,R53
138,225
23.201
13,493
148.728
182,177
4wks..N0T 1889
,
Since Jan. '., '86,
Since Jan. 1, *85
CttotinnA—
4 wks., Nov., 18S6
4 wks..Nov.,lsS5.
Since Jan. 1, '88
Since Jan. 1, '83
265,483
2H0,7;)8
203,671
19.828
14.875
7,6114
l:i6,82.5
l-^5.8-i9
145,799
139.70S
7,627,738
S79,66e
B57,l«a
8,084,843
199,570
128,785
116,803
121,828
2, 143,2 1'^
7,«77.305;
1,790,315
1,782.459
l,018,08e
687,440
653,08*
135.500
1,387,553
813,580
27.000
67,918
iTa'ios
183,357
26,670
26.410
480,735
344,730
317,850
559,000
754.710
e'«.510
5,«I3,080 11,449,940
8,817,825 12,464.190
.35,400
4i'.200
40,080
5(0.510
602,006
282,900
4U3,U0S
3,279,715
2.554,530
19.939.430
12,105,394
86,469
23,000
6.280,369
3.565,536
2,520,783
168.498.
5,0.-iO,r2«
3.481,«'i3
3,IB2.-i4»
3.634,7.58
376.638
355.885
2.009,245
3,000.445
4.652.303
236,803
2b,8flfl
16.782
200.2841
109,423
20.863
665,697
507,425
5,3n»,772
2,9S9,?69
11.8-28,600
14.S,493
6.''.,000
45,50<l.
4;l,500
66,0'.i2
013.^43
612,409
1.923,018'
1,44S,00J.
2.0CO
e9.3-.25
Peoria—
is,
so general and so \Aridespread,
is
sections
62,779
173.063
853,683
1,643,450
ToUdn—
1,475
—58,276
+9,206
+ 11,197
4,43t*,376
4irk8., iNov.. 1885
213
85
20.63^»
(tmth.)
Sl.Lnuit—
19J
138
213
85
2.140
441
107
(Mufi.)
2,008.900 1.266,787
1.5»»,.3a6
l.S.S3,326
,3.(.»«.3T0 ^,116,011
lb,I»2,l(G, 58.I83.2ii7 36.421, 171, 10,H:il, 131
15,448,863 56,720,019 34,0»6,'^26| 8,002,7e3
MUwaukM—
1,487
+ 5,089
Oat*.
3,424.016
2,.')9a.578
3.5U.143
4wk»., Nov.. 1SS6
4irk>., Nov.. 18«5
Since Jan. I, '86
Since Jan. 1, '80
21
1,487
+ 8.6«)
441.461
427,162
4-wk«.,NoT.. 1««J
Since Jan. 1. '8«.
Since Jun. 1, '85.
coming from
and
that it is the
nearly
result chiefly of » largo number of quite moderate gains
Of the 85 roads embraced in the table, there are only 23
that show any decrease, and in but two cases (the St.
Paul and the Oregon Navigation) does the loss amount to
more than $100,000. Of the 62 roads showing gains
only six have increases more than $100,000 in amount
The best returns as a class come from the trunk lines andthe roads embraced in the territory of the Central Traffic
Association.
Of the larger companies the gains of
$564,901 on the New York Central and of $189,238 on
the Grand Trunk of Canada are of course most conspicuous as to amounts, though if the "West Shore were
all
Com,
(MuK)
—
4lrka., Not.. IRSA
252
+ 11.719
252
19.1
-3,188
13S
+8,859
735
+29,534
877
+6,197
225
—17,508
—53.9 15| 1.633
Chicaoo
54
321
—111.872
thing in the above to attract attention
the increase
Wluat,
(.buth.)
993
29,191,343 27.242.205 +1,952,138 57.699 55,187
Total (8S roads)
The
$
$
2.8?.^,832
4 wka., Nov., ISSn
4»k«., Nov., 1886
10,48S
8.410
Since Jan.
Since Jan.
76.22:J
1, '86,
1, '85
131,U25
4iirk8..N0T., 1886
4wk8., NOV..I8S5
Since Jan. 1, '8fi,
Since Jan. 1, '85
Total of aR4 wks., Nov., IS86
4 wks., Nov.. 1883
4 wks., NOV 1HH4
Since Jan. 1, '86
l,021,-16e
2.303.414
«,2«0,309 7S,688.628i 87.574.57it60,218.07tlI10.l2j,0»8
7,«56,6r6| 62,7',J6,550i 9:i,'267.440 57.1103. 7U»|lH,0»5,a»6
8,4»6,30J| 78,033,884 85,43i,6-3-i i5a,007,45«l 12,969,966
1.025..'i-
,
Since Jan.
Since Jan.
1,
8,743,3141
6,688,5711
056,870
18.000'
'85.
1, '84.
6.1-20.117
Il,8'.i4,8-i0i
The Cbicago & Alton is a road running to St. Louis
and Kansas City, and should therefore get the benefit of
the better wheat crop this year in Missouri and Kansas.
It has a fair ratio of gain.
In ordtr, to show how the
earnings of this and a few other leading roads east of the
and south of the lakes compare not only with
before, we have prepared the
Mississippi
last
year,
following
but the years
extending
table
&
back
18S0
to
It
will
be
and the Alton
But it is not these large companies that have the heaviest & Terre Haute branches have larger earnings than ever
ratios of gain
it is rather the smaller or minor companies.
before in that month.
All the others are somewhere near
Thus there are the Chicago & Atlantic, the Ciocinnati their best previous figures, with the exception of the
noticed that the Chicago
Eastern
Illinois
—
Washington & Baltimore, theCairo Vincennes &
each of which has over 25 per cent increase.
Columbus Hocking
of the
an
increase of
this
is
a
&
"Valley
about
70
and
there
is
road,
coal
we have
Toledo
$101,749 or
Ctiicigo,
In the case
per cent
&
Alton
Terre Haute main
seven roads
is
total.
1R85.
1886.
exceptional
1884.
was a
month
heavy
the
for
gain
the
in
that
fact
there
two weeks of the
which then reduced earnings (according
to the company's last annual report) about $100,000.
In
1884 there had also been a strike, with earnings similarly
of the coal miners for
strike
last year,
small.
Back
in
1882 the
total for
032, against $249,3.56 now.
As
the
month was $260,
already said, nearly
all
the roads in the territory of the Central Traffic Association, or
more
especially
Ohio, Indiana and
Illinois,
those situated in
the States of
have improved on their earnings
1883.
1882.
i
i
18S1.
I
t
reason
and the aggregate of the
below the largest previous
but
KovembcT.
an
line,
also but little
CblcaKO
ChloaKO
&
Alton
&
East. Ill
CIn. Ind. St. L. * Chic.
.
Bvan8ville 8l Terre Ha'te
Illinois Cent. (HI. Div.)..
8t.L.AIt.4T.H.(M'nllne)
Do.
do.
'
757,063
164.761
206,447
733,0381
59,90.4
64,500
584.041
114,861
60,733
16 1. Oil
801,187
140,908
211.264
50,737
588,303
131,522
74.961
I
194,8781
661,593
111,6-3
brauchei
'
i
753,857
135,400
7-' ,595
196.313
60,126
548.206
104,557
60,851
2-J3.303
61,642
583,472
155,834
72,817
1,021,^64 1,850.403 2.0l6.072,i:,00ff,187
Total
Turning now
Southwest,
we
to
find
little
1
,«15,49
the roads running to or through the
that the St. L'^uis
has not only maintained
but added a
I
672.380
137,473
211,014
51.889
672,640
105,906
64.28»
749,915
161,704
more
& Sin
Francisco
its
very heavy gain of a year ago,
to
it.
Tue
Sc.
Louis Arkansas
"We need not specify any particular ones
& Texis has quite a handsome gain, and this notwiththere are so many of them.
It is much easier to mention standing the work of changing the gauge has not yet been
those that are an exception to the rule, namely the north completed.
The Kansas City Fort Ssott & Gulf has a
and south lines from Chicago like the lUinoia Central and trifling decrease, but its Memphis line (the Springfield
the Evansville & Terre Haute, and among the roads & Memphis) has a very heavy increase. Dawn in Texas,
directly aSected by trunk line conditions the Wabash and the Gulf Colorada & Santa Fe is very conspicuous for its
the main line of the Alton & Terre Haute.
From the fol. heavy and continuous improvement, and the Fort "W^orth
lowing table of the receipts of grain at "Western ports, it & Denver and the Texas Pacific also have gains, but the
will be seen that there was a heavy falling off in the corn
Houston & Texas Central on the other hand has a small
a year ago.
arrivals at both St. Louis
had something
lo
roads mentioned.
and Peoria, and very
likely that
do with the decreased earnings of the
It will also
be observed that
St.
Louis
decrease.
As
far as these results
may have been
the cotton movement,
by changes in
know that Galveston records larger receipts
it
is
influenced
interesting to
this
Novem-
wheat receipts, and a ber than last,and that although the receipts at New Orleans
smaller barley and rye movement, though in the case of show a falling off, there was a considerable increase in the
oats there was a small increase over la-it year.
amount coming from Texas over both the Texas & Pacific
had smaller
flour
receipts, smaller
December
THE CHRONICLE,
11, ]8««.J
689
and the Morgan road. The movement overland from tion for six years past, showing how very large the
Texas, however, would appear to have been smaller. The of these roads were in 1885.
oS
failing
New
in the
Orleans receipts reaches 43,208
and seems to be dae to diminished
bales,
arrivals
from Texas, but the New Orleans & Northeastam brought in increased amounts from Eastern Mississippi and Alabama, while the movement down the Mississippi
River and over the Illinois Central and the Louisville
New Orleans & Texas shows a considerable decrease. The
la the arrivals
road reports increased earnings notwithstanding the
traffic, but the Illinois Central line has a
smaller cotton
The following
decrease.
arrivals at
New
table will indicate
other southern
November
from the
valley of the Mississippi, for not only was there an increase
latter
the cotton
ports besides Galveston and
Orleans.
or OOtTOH AT SOnTHEBa PORTS IK XO^-EMBER, AND FROM
JAXCASr 1 TO XOVEHIIBK 30. 1886, 1885 AND 1884.
Burl. Ced. Rap. & No
Ohio. Mil. & St. Paul...
Chic. & Northwest
Chic. St. P. MUin. & 0..
St. Paul JfcDuluth
Paul Minn,
t.
Ptr1$.
balm
IwlUBoU,ae....
RawOrlasn*..,.
...
IHS.
188S.
1885.
1884.
1S8JM
ItT.UfiS
80,047
608.890
18S,»63
S.&1S
435,fK)S
333.aSI
»esa»
1,S»1.167
1,' 82,074
i,n4,H;4
40.9X1
4S,34^
ii.eoo
aei.107
BB,IOe
IS,S»3
!8B,78t
14«I.S46
1S7.S4S
TU.4S0
MoMl*
FlorKta
Bttranoah
Br«ii*«iek,a«...
4,eo:i
1884.
un
•.I
SS/tS7
ias.3ii>
1S1,4',2
4BS
16.TD8
90.049
17,3W
Mjaa
l,M7
niJST7
I.74S
8,883
US,4IA
BlWO
U4.88S
14»,4!S99
7«,7CI
U.3U
ffoft BoTnJ, a<..
BMfi
atr. *c.
MoiUtk.
Wat Folat. Ac...
Total
18L801
l.14«.u3Bl.aS4.a8iil.0a8.«I3
4.0S4.SSi
168.001
46,tt8
S8S,I28
10,47>
375,65
7.012
72,718
47,706
t8-<.809
9,049
413.6S9
4.233
81,181
9.«70
4,1
383,348
447,020
168.05(1
220.727
3.49e.!>|-| :).974.e41
which, of course, operated in favor of large earnings by
the roads in tbat section of the South. Our table how-
and the best returns are by the lines in the C^ntralSonthem section. Thus the Louisville & Nashville has
quite a considerable increase, and so has the Memphis k
Charleston, while the East Tennessee has a somewhat
smaller ratio of gain.
But the Norfolk k Western is
more favorable than all others, having an increase of
$74,436, or about 30 per cent. In some degree this heavy
may
1881.
Sf'S.aoc
878,429,
t
202,180
2,489,000 3,838,420 2,308.877 2,.387.6I12
2,,072.9731
1,569.598
2,363,100 2.253,541 l,990,.i09 2,308,541:
624,200
588,587 540,959 683,185
2,.100,432
2,018,037
615,008
128,950
917.129
392,921
78,888
515,888
290,670
313,006
149,501
167,007
659,607
805,688
.
Total
274.188
l49,:S2il
141,730
879,440
847,0(13
8,702,133 6,828,188 6,149,237 6,636,322 6,021,930 4,777,900
Note that the gain on these six roads last year amounted
to $676,931, that of this the St. Paul contributed $329,543, and the Northwest $263,032, and that the St. Paul s
earnings then weie decidedly the largest on record for
that month, and that the same was also true of the St.
Paul k Duluth and the Burlington Cedar Rapids &
Northern.
Note further that of the $676,931 gain made
only $124,035 has been lost this year, and then
bear in mind the various drawbacks that operated td
diminish earnings this year, namely the storm and the
pork-packers' strike, and also that
much
business usually
crowded into the closing months, came this year much
earlier,
because farmers marketed their grain more
promptly.
We referred above to the fact that though
the grain movement had been heavier than in 1885, it was
not up to tKat of 1884, and further that in provisions and
live stock there had been a material contraction this year.
That statement of course has a decided bearing upon the
loss of earnings by some of the Northwestern roads, and
here
is
proof of the statement in the following table of the
during November of the last three
receipts at Chicago
years.
BECEIPTS AT CniCAOO D17BIXG NOVEMBER AND SINCE JAN.
be attributable to the large cotton receipts at
1
J>lri.
very few roads belonging to tbat class
erer, comprises
1882.
~i
t
9.S83
Thia shows that with the exception of Charleston all the
Atlantic ports had very much heavier cotton receipts
gain
a Man.
1683.
t
I
.
St.
1884.
1885.
«
last yeai-,
8inu Jannary
Xortembtr.
OalTwtnn
totals
1886.
Wheat, bush
8.800,311
1888.
1884.
1,612,382
4,147,484
1888.
13,408,481
til
Nov.
1.
30.
1886.
1881.
17.66il.8D2
Corn., bnsh.
8,6.?7,297
3,404,041
4,003,840
58.435,003
57,6?6.089
22.707,474
55,147.018
flats. ..bush.
2,956,971
8e,94H,3M
34,9,57,708
38,181,618
bush.
Barley, bush.
05.979
1,363,080
2,238,857
183,747
2,197,827
Hye
22!,lfe8
871.46:;
1,616,516
1,312,5:
1.787,302
5,249,542
7,:i85,313
11,140,181
3,087,690
Total Kraln.
10,223,0.'!8
9,065,58;)
11,944.926 120.80 1.68a 121,311.083 128,409.218
riour...bbl8,
4n,8»9
463,261
Park...bbl»
3,939
6,318
m'ta.lb9.
14,386,140
13,919,006
l>arJ....lbB.
7,:iBti,427
7,851.9flf
847.714
1.01P,22e;
472.279
3.513.019
4,991.660
4,187,980
3.498
21.706
40,147
40,903
8.937,800 139,035.318 143,203,176 108.216,288
3,724,160 74,a70Ji23 5.3.0U,;i81 60,964,3.81
5.88.S,463
824,100
«.02!,i«8
4,353,851
Cut
I.l»«l»oe!,Ni
To a full appreciation, however, of the differences
Norfolk, but in chief measure no doubt it is due to the
development and activity of the mines along the company's between this year and last on these roads, it is necessary
In the following table wa compare the earnings of to remember that practically three new routes have been
roftd.
• few leading Southern and Southwestern roads for a opened between Chicago and St. Paul since 1885, namely,
amies of years. The Gulf Colorado k Sante Fe, the St, the Chicago Burlington & Northern, the Wisconsin
Louis k San PVancisco, and the Norfolk k Western all Centra], and the Minnesota k Northwestern. Ttie latter
record the largest November totals on record, while was already in operation the previous November, but it
the Louisville k Nashville is not far behind, but the had only just been opened, and was not the competitor it
line of the Illinois Central and the Mobile &
Ohio make rather a poor showing compared with some of
has since become.
the earlier years.
W£8_^6cBurlington
Southern
not complete
present year.
lasR.
ISBB.
MM.
18«S.
1882.
«
(
t
»
oaifOoi.a!'ui«F»
ws.aoi)
M3.084
IlLCantnKiknith.
441.M8
4>t5,S4«
niT.>|
180,606
800,778
>M,715
23s.eos'
B3I,S1
518.4S7|
i,eni«nn« a .<fa*iiTiiia... i.2f«.«go 1,129.022 ,1tHI,aS« V»7,894
280,062
ie2.iia<»{
260.13^1
MoMleaoblo*
tSiKM»! tSt7.6S3 S44310 871,177
Moifulk * Wotern
Sie.402
468,084
8M,9S7
478.021
St. LoDl< a San rnu)
I
|
,iOO,002
301.2991
1881.
t
181,425
4f4.806
1
,DtS5,223
26/,98fl
261,235
2*',995
333,oa6J
278,558
'3.087.727 2,l»i2.0U 3,806,129 8,0LJ,02? 2,850.S23 2,430,041
Calal
•m.LaiikiACtiroincla<l«(l In 1886 and 1899, but not In prdvloas
ytan.
t
We um
tiie
•ppruxiin;ite flgarea liere.
roads, which may fairly
be considered »e making a very good exhibit, although
the Milwaukee k St. Paul has a decrease of $169,420, and
the Burlington Cedar Ripids k Northern and the St.
There remain the Northwestern
its
The Wisconsin Central
Chicago
line
& Northern
Under the
till
of
course did
the current year, nor
to St. Paul
opened
till
the
circumstances, the fact that the
older lines in the Northwest have so nearly maintained
their heavy gains of 1 885 is, we
The Chicago & Northwestern,
think, very encouraging.
as compared with the
done relatively much better than the
St. Paul, as it has a gain of $103,000, while the St. Paul
has a loss of $169,000.
But in the first place, the Northwest suffered a much heavier decrease than the St. Paul
in 1884, and in the second place the Northwest has a
line into the mineral regions of Northern Michigan, while
the St. Paul has not, and the traffic from that region this
year was greatly increased.
previous year, has
As
to the report of
earnings for the eleven months
Dulnth also report losses. One reason for consid- ended with November, there is nothing special to say
ering these results quite good will be found in the follow. beyond what has been said before. There are only eleven
ing table of the earnings of the leading loads in that sec- roads altogether that fall behind thoir totals of a year a^O.
Paol
k
THE CHRONICLE
690
There are 67 on the other hand that have larger
than in 1885, as the following table will show.
OROSS B*R!fINOS moM JAHOABY 1 TO KOrSlCBBK
Name of
RoaA.
188S.
1885.
$
$
totals
{Vol xuir.
1886.
30.
A Poto Oroas.
Net...
Y. A PhUa. Gross.
Baltimore
Deenaat.
iKtrttut.
Buff. N.
Net...
BuffaloN. Y. 4 Phil....
Buffalo Rooh. !t Pills.
Burl. Oedar Kap. A No..
Canodlau Paolno
Central Iowa
Alton
Atlantic
Chicago
Chlo. & EHMitru Illinois
Ohloat^o
d^
Sl
Obloago .Hllw. ii Bl.Paui
Ghloaffo % Northwest
Oman,.
Ohloai^o A West Mloli
Oln. Ind. 8t. L. A CUic.
Cln. Nt>w Orl.A TBX.Paf
.
.
01iio.St.P.Minii..<t
*Alatiaiua Ot. SoittU'n.
•New Orleans A
E.
Nii.
& Meridian
•VlcksburK
"Vickshurnr 8h. A Pan
can. Rich. & Ft. Wayne.
OlD. Wash. A Baltimore.
Oleve. Akron .» (Jol
Ool. &. Cln. Midland
Tol...
Col. Hock. Val.
*
Denver A RioOramle...
Denr. A R. G. Western..
•Oes Moines A Pt.OodK<
Detroit Lansing A No..
Boat Tenn. Va. & Oa....
ByansT. •&T. Haute
Flint & Pere Marquette
Ft. Worth .V; Deuv. (Jlty.
Grand Rtplds i\d Ind.. ..
tQrand rr. of Caumla...
Gulf Col. * Santa Pe..
•Houst.
Dl.
& Tex.
Genu
Central
(Iil. IJiv.)
Do
Do
(8o. DlT.)
(Iowa Div.)...
Indiana. Bloom. A West
Indlauap. Deo.& Spring.
'Kan. City Ft. 8. <k Gull.
•Kan. City 8p. & Mem..
Lake Erie A Western...
Lehigh & Hudson
Long
Island
Loulsv. Evansy. ASt.L..
Louisyllle * Nashville.
liOulST.
New Aib.A Clilc.
O d: let..
Louisville N.
*Harq. Hougliton
ii
Oni
•Memphis & Charleston.
tMexloau Ojitrai
Michigan & Ohio
Mllw. L.Shore & West'n
Milwaukee & Northern.
aMob le <fe Ohio
U N. Y. Crnt. al
New York City
4 H K.
& .No.
.
N.Y. Ontarii) & West'n.
Norfolk A Western
Northern Paoilio
Ohio A Mississippi
Ohio Southern
Oregon Railway A Nav
Peoria Decatur A Ev...
Bt. Joseph A Gr-d Isl'd..
8C.L.A.AT.a. main hue.
Do do (branches)
St. L. Ark. A Texas
Bt.
8t.
Bt.
Louis
A 8.
Frauoisco
Paul A Duluth
Paul Minn. A Man.
Btatea I^laud Rap. Trao.
Texas A Faritt;:
1,131,813
V,t>26.%i0
9,ls7.4l6
1.193,121
7.30i.77S
1.472,492
l.o98,9U
22.4'i9,t»76
;i3,
0am. AAtl. and Br.Oross.
2,209,6 )8
164,246
1,143,311
2,820.605
7.637,283 1.^50,l31
1.179,875
18,246
16.531
7.289,244
1,216,824 255,668
1.509,877
89,037
22.077.017
39^,859
22,321,661
845,123
5.31S.999 230,63ii
94,574
1,192.756
187,668
2,167,761
158.022
2,339.218
928.709 113,555
2, '168,944
174,784
6,579.6,15
1,287,330
2.355,42l>
2.497,270
1.042.261
5t7,«00
436.968
421,070
665,887
391.957
34-',9\6
455.996
187,471
2,101.588
5,614.875
94!,851
520,987
5,919
342,913
1,544.344
1,8^8,377
481,172
290,506
2.208,470
6,134,912
K52,80J
2*6,322
1,118,870
688,512
1.958,324
3i)<i,894
1.831,121
lJ,3-!6,62i
2,053,308
2,«09,58S
6.015,807
3,837,843
1.573.052
10d.83.J
33-i.017
3S).89^
1,130,833
3,711.883
12,013
2, •132,838
388,300
337,24 ^
2,271,046
2,2 4,042
1
1.341,287
64,32 i
196,391
2.8U7.794
1.3J8,f.3l
1,072,43 J
1,1
1.709,785
1,5 10,64:<
1.51)8.344
1,148,592
784,587
1,146,409
3,212,861
168,141
1,258.029
6.70ti,854
511.43.'
Mllw. L. Sh.
1,125.33-'
4,010.864
1,261 812
6,834,288
627,987
4.973,217
10,861,505
1,313,016
164,293
143,009
2,146
127,434
Total (78 roads)
Ket Increase
270,037273 217,538,018 23468894
22479235
.
Net...
118,308
19,577
460,653
377,417
137,248
Wabash St. L. A Pao.
Wisconsin Central
Minn. St. Cr. A Wis.
Wisconsin A Minn.
Gross.
Net.
. .
83,040
80.0>0
470,3 yi
860,605
188.717
49,968
319,993
60,412
69,450
754,929
5,290.133
11,«64.99«
1,395,776
262,523
298.014
Net...
W
Minn.
1.900,421
22,185,601 7,520.261
413,377
l,154,6i6
2.493.68U
10,474,328
3,375,111
425,951
4,810,238
671.220
990,979
1,156,782
694.032
A
A Northwest.. Gross
Net...
Nash. Chat. A St. L.. Gross.
Net...
N. Y. L. B. A W
Gross.
Net...
N. Y. A New Eng... .Gross.
Vet
N. Y. Ont A West... Gross!
Net...
N. Y. Susq. A West. .Gross.
Net...
Norfolk A Western Gross
2,456
61,889
12,7H.141
.s«6,355
Net...
{Mexican Central. ..Gross.
57,004
34,9 '>2
v:
Net...
A No. Ga..GroaS.
Net...
Memphis A Charl.... Gross.
184,177
61,055
144,413
132,»97
206,454
169,142
361,762
152.125
82.442
201.367
35,291
88^,199
71,920
1,782,113
29,705.952
501,417
1,234,676
2.969.07
11.434.933
3,561 8 in
475,919
4,930,231
731,632
1.060,429
1,154,616
713.609
1,585.991
4.388,281
1,399,060
Maine Central
Marietta
344,112
161,42(1
H36.712
1,228,851
3.414,231
20t,732
2,140,228
Net...
Gross.
Net...
Gross.
Lykens Valley
55'.397
2,663,381
652,28^
12,511.69.
7S5.286
Gross.
A Ohio
Net...
Eliz. Lex. A B. S. .Gross.
Net...
Ches. Ohio A 8. W... Gross.
Net...
CUoago Burl. A Q... Gross.
Net...
Clevel'd A Canton. .Gross.
Net...
Denver A Rio Gr.W. Gross.
Net...
Des Moines A Ft.D.. Gross.
Net...
Det. Bay City A Al.. Gross.
Net...
East Teuu. Va. A Ga.Gro3s.
Net...
Ft. W'th A Den. Clty.Grjss.
Net...
Grand Rapids A lud-Gross.
Net...
Louisville A Nash v.. Gross.
Net...
LoulsT. N. O. A Tex. Gross.
39,372
3,881955
1,517,655
2,148,661
Canadian Pacific
.
141.681
670,078
18,431
1,769,199 189,125
430,246
95,573
1.795,451
13.585,687 1,800,938
1.643,6)7 404.611
2.288,233 321,345
5,934,512
111,295
3,8 .«.564
Net...
Gross.
Net...
Chesap.
37,987
45.6Vi
61.253
6,043
281.0 <3
28.176
103,035
3.59,817
11.493
200,075
126,94.!
316,888
800.191
52.760
98.230
155,005
989,639
Northern Central. ..Gross.
Net...
Northern Faolflo
Gross.
Net..
Pennsylvania (all lines east
of Pittsb. A Erie). .Gross.
Net...
Phlladelp'a A Erie ..Gross.
Net...
Gross.
Phlla. A Reading
Net...
Iron
.Gross.
P. A R. Coal A
Net...
St. Jo. A Gd. Isl'd. ..Gross.
Net...
Shenandoah Valley. Gross.
Net...
Gross.
Summit Branoh
Net...
Toledo AOhlo Cent. .Gross.
Net...
Gross.
Union Pacific
Net...
Gross
Valley of Ohio
Net...
West Jersey
Includes three weeks only of November In each year, t To Nov. 27.
} Mexican currency.
II Including West Shorelu 1886, but not in 1885.
a For purpiiBes of comparison St. Louis A Cairo Is Included in both
Tears since July 1.
Jan.
October.
Name or Road.
9
129,611
68.233
227,384
36,892
37,044,320
1,077,630
467,946
372.031
128.380
90,674
33,482
181,437
84,123
1 to Oct. 31.
1836.
1885.
1885.
9
9
125,145
,108,''13
1,099,416
60,37-.
240,<>62
62,6r>3
458,731
415,034
1,998,670
33,74»
1,223
915,831
392,797
307,436
108.768
70,912
3:<,039
.169,744
408.918
537.883
141.303
.114.416
,97.4,004
,397.316
,014,415
766.825
268,659
163,107
67,112
2,858.2 18
1,637.610
27,11M
6,929
126.333
60,180
42,024
18.133
,367,467
446.617
411,330
244,309 191,708
61,80"
4 1,793
37,200
23,653
200.74i 198,252
74,847
67.73
1,333.753 1,263,48»
581,403 544,190
197, <72
163,201
6<,3-il
87,705
62,789
91,199
def. i,2J6
11,196
302,8 >7
272,012
140,236 110,191
13,900
8,295
160,909
133.795
82,098
41,707
346,053 249,884
149,1136
74,274
254,976 160, .'81
127.717
81,484
69,973
23,555
213,200 191,846
85,786
76,06 i
2,234,859 1,980,648
777,813 674,110
381,180 339,461
153,1509
150,705
liiO.OOt §180,2 10
20,431
7,470
109,868 105,037
49,634
49,738
331,712 28i,<»81
147,460 143,723
516,8^5 5.14,011
19ff,8H4
244,126
1,443,667 1,522.285
874,860 868,6 i 4
,438,221
,171,701
2,776,774
1,588,943
33,816
10,909
112,637
50,418
35,538
15.73 J
28,002
1.4,419
.
4,737.351 4,359.17 4
1,862,747 1,938,812
3 71, .42
341.796
16j,573 176.237!
3,011,482 2,378.370
1.353,840 1,418,070
1.735. -217 1.8J7.5H6
df. 78,533 dr.63,9J5
125,479
12.4,962
63,85 1
69,315
81.9)4
4,012
10,682
118.560 119 3261
26.585
17.962
87,512
67,572
36,358
14.274
2,755,154 2,714,608
1,181,565 1,306,2 20
501.^06
,103,6"
,701,619
296,263
83,-<62
859,940
276,397
274,796
62,821
188,673
101,902
346.6 5
140,714
,681,7(17
587,0)5
,432,154
,448,093
,289.905
303,305
613,994
91,312
,583,978
,031,598
031.43)
337.565
036,821
993,18"
H45,779
858,855
493,79ff
502,615
142,117
0,823,217
2.682.180
2,762,359
7!»7.332
580.441
217,611
1,272,023
403.062
21.908,399
10,117.345
242,316
47,065
943,287
254.979
309,115
87.617
3,311,102
1,052,958
386,752
166,749
1,604,095
476,874
11,382,6^8
4,411,739
934,546
133,957
662,619
99,446
2,412,448
984,119
1,029,954
175,297
2,900,383
1.198,241
1,125,035
338,251
957,046 1,759,712
711,132
968,846 15.773,639
.089 480 3,795,455
289,109 2.828,704
136,263 1,007,039
782,20.'
909,160
332,478
908,606
419,114
.647,013
.067,447
,423,658
,570,51,l2w,981
,0j7,417
2,2 41,037
895,265
4,499.629
1,806.125
9,324,970
4,537,605
41,603,634 37,596,806
14.834,479 13,1.49,783
3,069.28i 2,703,418
1,250,083 1,041,663
24.933.353 23,971,564
10,280,770 9,995,192
12,613, 692| 13,009,820
dl,75i»,160 df.294.171
984,130
907.399
432, i82
276,2 48
615.287
579.014
70,530
29,367
511,6)1 1,175.112
def. 10,384
142,947
660,236
194,31a
21,908,323 20,989,351
7,32.1,306 7,760,328
.461,476
239,4-9
A Br's.. Gross.
98,59j
Net...
39,.4h6!
95,704
37,488
1,173.737
1,113,786
458.441
431,382
*
Oar Statement of net earnings covers this time the
month of October, and if there is one characteristic' above
any other that the exhibit discloses it is that in so many
NAin OF BOAD.
September.
1836.
A C. Gross.
Net...
A Ind. Gross.
Net...
A. A C. ..Gross.
1884.
Oln. Ind. St. L.
24 ,523
99,822
219,256
b8,48i
Clev. CoLCin.
412,(<56
3')0,209
209,314
198,439
27,064
90,481
54,412
2U3.541
153,229
132,200
173,331
72.366
181,174
66,223
79,156
40,439
172,379
75,550
As exceptions to ttie rule, on the other hand,
be mentioned the East Tennessee and the Memphis
& Charleston which have both reduced their expenses
while increasing the gross. Take altogether, the results
for the month are quite irregular, there being almost as
many roads with decreased net as there are with increased
218.811
29,009
4,343
322.143
182.668
7,500
Net... def. 2,53)
Louisiana West'n. .Gross.
57, i67
31,20-)
Net...
334,624
Morgan's La. AT. Gross.
62,207
Net...
18,440
N. Y. Tex. A Mei.. Gross.
5,9 lo
Net...
4,051
net.
Texas
different
entirely
cases an
increase
in
gross earnings
is
almost
wiped out in the net by a heavy augmentation
in
Loulsv. N.
Net.
Oregon Short Line. .Gross.
Net ..
A Ev Gross.
Net...
by the Norfolk & "Western, the New York & New England, tRome Wat. A Og... Gross.
Net..
the Pennsylvania, the Shenandoah Valley, and the Union Southern Pacific Co.—
expenses, striking illustrations of that kind being furnished
Peoria Deo.
Qalv. Har. AS. A.Gross.
Pacific.
may
OBOSS AND NET BABNINQS TO LATEST DATES.
Naiu of Boad.
.
October.
1R86.
Atoh. Top.
A 8. Fe.
1885.
Jan. Ito
1836.
Oe(. 31.
1880.
9
.
.Gross. 1,687,348 1,876,076 12,740,023 12,714,611
Net... l,019,6;6 1,0U9,759
6,124,65; 6,045,405
Net...
G.
W. Tex.
A Pac.. Gross.
A New Orl
.
.
Gross
8-2,901
1H2,8 <0
89,285
47,006
25,468
372,6!*2
97,403
23,546
6,962
77.301
Jan. 1
to Sept. 30.
1888.
1,89-!,201
740,43y
3,018,853
1,092,918
1,333,770
414,513
1,156,110
394,331
.491.V6!)
295,936
1,907.250
799,609
1,920,532
240, 108
31,522
def. 11,503
469,25
236,953
2,844,423
631.637
111,260
575
714,312
303,306
6,114,429
1 401.057
1885.
1,752,817
625,653
2,632,272
620,975
1,201,966
221,742
1,323,092
419,578
542,461
242,986
1,237,132
412,073
2,202,626
969,230
424,818
216,077
2,790,071
893,633
708,577
3st,8 79
313,977
40,750
Net...
6.292,090
Tot AH. ay stem... Gross. 723,77i; 850.191
2,435,104
16 1.58
346,4.15
Net...
Pacific system .. . Gross 2,233,809:2,013.614 17,1:26,3:5 15,802,391
8,567.144 8,427,217
Net... l,153.738il,li)0,()72
Gross. ,2,957,579 2.863.^03 23.240.753 22,094.479
Total of aU
9.968.202 10,862,322
Net...'l.3;!0.<73.1.5 46,5 i7
l6iuoeApril in 18-6 tue Utloa A Bl*ok River 1m iuuluueu, making
{ Mexican ouriency.
mileage 6 6 miles, against 44* last year.
i
Figures here are on the old basis.
DCCKMBKB
THE CHRONICLE.
11, 188e.J
Notembtr.
HAMS OF BOAD.
Jan. 1
to yov. 30.
691
The wheat trade
at the present
moment
is
certainly in
a
sounder condition than it was at the commencement of the
cereal season in September last, but whether the trade und<)r
S
9
One. B'y A N«t. Co.Onws. M 8.000 629,672 4,930,2P1 4,610,288 existing statistical influences would permanently consolidate
Kei...
233.000
342,770 2,218,327 2,111,062
an advance of 3s. to Ss. per quarter is problematical. During
the past twelve weeks the range in the Imperial value
FIRST
OB English wheat has been from 293. 8d. to 333. Id. per quarter
DECEMBER.
On September 4 it was the higher figure. For the week
Ten roads have bo far reported their earnings for the first ending October 16 it had fallen to the lowest, and it is now
week of December, and atl show gains with the exception of 31s. 4d. per quarter, with the promise of a further recovery.
the St. Paul and the Northern Paciflo. The net decrease on But the average price so far obtained for the season is only
the ten roads amounts to (12,153, equivalent to about one par 303. lOd. per quarter, or rather less than last year, when it
cent.
was Sis. per quarter. The difference is thus still against thi»
year, but this is expected to be soon reversed. The deficiency
\it week of Dtetmber.
Inertate.
138&
1885.
Deereate.
in barley and oats is respectively 3s. 3d. and Is. 4d. per quarter.
1886.
RAILROAD
188&.
188S.
1885.
WEEK
EARNINGS
\
BnffiUoBooh. A Pitta
Chleaco A AiUnttc
Ohla.MU. A8t. Paul
Danvcr A Rio Grands. . .
JjaUK Island
9
MDwMlkee U 8. A Wv«t
MUwaukee A Nortbern..
T. at J & Northern
,
.
•if.
.
Vofthcni Paoitto
at
A San
l»iila
KM
102^)0
Fra'beo.
Total (10 roada).
decn-aae
Week
endlnjc
27,855
20.251
576.297
11»,»47
48,088
25.680
10,3u6
9,458
227.897
100,802
27,885
41,920
502,000
147.900
48.651
87.165
14,000
10,448
224,758
,
1,157,327
1,169,480
*
9
30
12,669
74,297
34,053
563
11,485
3,695
990
3,139
"i',798
77,43 (J
12.153
^65,283
December 4.
It will be seen then that the farmers have not up to this
date been favored in disposing of their crops, but the remaining nine months may possibly show up more brilliantly. Now
take the case of cattle. Beasts are selling at the Metropolitan
Market at 8d. per 8 lbs. leas than last year, whilst sheep are
making 4d. per 8 lb. advance. The balance is thus again
adverse
to
the
become more
so.
and not improbably may
The continued depreciation in the value of
agriculturalists
cereal produce has caused greater attention to be given of
late years to cattle rearing, not only here but in America •
The agricultural returns for the United Kingdom, just pub"
show that the acreage under pasturage has increased
HKotutarg s ommevcta^l IgnqlisTx ||.ett) b lished,
about 200,000 acres over last year, and whilst our consignments of cattle from abroad keep up, we have of late been
(Prom oor own oorreapondent.)
The quality and
receiving supplies of sheep from Canada.
London, Saturday, November 27, 1886.
condition were certainly very moderate, but that is no arguThe trade revtral does not appear to have acquired greater ment against an improvement later on if only the speculaforce of late. That there ia a development of business in tion proves profitable.
Years ago the Dutch and German
progreM is everywhere admitted, but it is equally recognized Sheep sent to the London market were poor, miserable
®
No acceleration of
tha movement can be reported. As we are now drawing
towards the close of the year we may, perhaps, naturally
that the progress
is
anything but rapid.
look for a rather quieter tone in the leading departments, but
the general tenor of reports remains hopeful, and
only
be certain that the
if
we
could
chronic political excitement in
Eastern Europe would die out with the year, 1887 would open
present arrivals ia
specimens, but the appearance of
thus
seems that even if
It
quite another matter.
during the remainder of the cereal season, farmers should
obtaining
rather better prices for wheat
in
succeed
they are likely to have to contend with low cattle values, and it
does not appear as though they will be in a position to appreciably stimulate the trade revival. So far as purchasing what
may be considered luxuries is concerned, neither the landed
nor the farming interests cin be counted upon to render efficient help. But at the same time, compeared with last year,
Our export business is certainly improving. The Board of the immediate prospect is brighter rather than the reverse
Trade returns show that the value of articles exported remains It will not, however, do to expect much assistance from the
agricultural community, although we are still sanguine enough
IcM than last year, but the deficiency for the ten months is
under happy auspices.
only £1,631,936, and that
is
calculated on an appreciably
to believe in the future of trade.
The money market has shown more firmness during the
diminished rang'e of prices of most articles compared with a week. The increase in the demand has, however, been solely
year ago ; from this it may be inferred that the quantities on Stock Exchange account, the commercial inquiry remain•sported have been larger. Take the case of iron and steel. ing as light as ever. The variation in the charge for day-toThe value of the shipments during the ten months was day loans has been from 1 to 4 per cent, and to-day's quota£184,488 less, but the quantities exported were 163,986 tons tion is about 3^ per cent. In the^matter of discount, three
more than last year. Our foreign trade in fact promises to months' bills were at one time rather eagerly competed for at
improve more readily if it can only be freed from the ^?4 per cent, but the lowest rate to-day is 3^ per cent. The
incubus of want of confidence resulting from fears of fresh fact is, the unemployed margin of money, whilst quite suffiMeanwhile, what is the cient to guarantee a continuance of ease so long as there is
political complications in the spring.
tate of the home trade ? That the purchasing power of the only the commercial demand to meet, is too limited when subcommunity as a body has not fallen off is evident from the jected to the strain of a Stock Exchange speculative demand
continued increase in the totals of the savings banks returns, hence on its occurrence at the bi-monthly settlements we exand the large sums forthcoming for any new speculative pepence temporary pressure. The Bank of England return
8tOck Exchange venture which promises a rapid tumovef^'
shows that the reserve has gained £339,539 on the week, and
and propoitionate profit. But how about that influential the proportion to liabilities has risen to 44*66 per cent from
— the
elaaa
agricultural
community? Serious inroads must 42 '44 per
cent.
have been made into their capital of recent years, and whilst
Tenders for £1,986,000 Treasury Bills will be received at the
the weaker members have gone to the wall, the more solid Bank of England on December 8d. This is simply a renewal
have experienced a very severe strain. At the same time, operation. £991,000 were alloted in three months' bills in Sepwhilst they have been compelled to accept low prices for tember last at £2 4s. 6-144d. per cent and £995,000 in June
their produce, they have had also some tangible advantages last in 6 months at an average of £1 ISs. Id. per cent.
from reduced rents and the lower quotations of other comThe rates for money have been as follows
Biodities not produced by them. The depression now happily
inttTMt OUOtMd
Op«n morlwt rata.
passing away has not been conOned to the farming interests.
for dejwiitf iv
Trait B<Ui.
BankBW.
The stagnation has been widespread, and all interests have
Joint Dit't Wtf.
more or less suffered, though hardly to the same extent.
TkTM Itour
Itew
ma »otk At 7tsU
TtarM
The growing competition of America and India as food
Montlu liantlu iirontiM Month. HontM Banlu. OoU. An*.
porveyora to the world may possibly in later years tell more Oct. 28
3«94 Sii»4~
3H9 - 3H» - SH* "
an
20
3H« - 8i4« - sxa - a»<34 3«ai ant*
decisively than it does even now and it is very clear, there*
B * 3H«S«t «<« - ssa- 3K«4 SN»4 8K<»4
8«
Not.
is
a likelihood of a return to the prices
fo
"
IS
sxa - sMa - 8X« - SM«4 3)^34 3M(»4
8K-aM
years
ago,
either
" IS
s«
eorrent at even so recent a period as three
2M»3 3X®3?< 8«®3?< a^^m
:
;
'
I
for oereal produce or for live stock.
2T<i«3
Sit
THE CHRONICLE.
692
The followinf; return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c
ucpoara.
„
yeat.
ffWt.
Barley.
excludlDg
ClrcalftUon,
iflse.
1889.
1884.
1883.
£
£
£
£
and
7-<i«]r
other bills
Public d«p08ltfl
e4.S17.(M0
3,I1«.78A
84.08S.176 84,648,490
«.i«4.eoe
BMS.CTa
84,811.290
6,S13.H12
Other depoilu
»«,77»,8(<1
84.828,8^6
li,S09.010
88.880.042
«2.l«).475
18„ia5.il6
13.312.fl7H
14.»sii.i;lia
18,710.862
80.4U,6:« 81,347.014
I9.782«((M
GOTemment
lecurlttef
Other securities
Batarreof notes and ooln
Coin and bullion
Reaerre to liabilities
Bank
I1,6,'».6S7
18,887,796
11.036,981
13.038,310
30,100,177
81,863.871
10,918,871
82.10i).00l<
Sm p.
0.
6
44'eo p.
c.
48MP.0,
4 p.
e.
Sp.c.
rate
Consols
loa i-i«d
Clearing- Ho use return
89,446,000
The Bank
a
4'i« p. 0.
3 P.O.
lOld.
100<)<d.
lOlMd.
86,307,000
00,129.000
80,836.600
p.
and open market rates at the
now and for the previous three weetg
rate of discount
chief Continental cities
have heen as foUowB:
,
2»t»
Peae
Beani
(ndlanoora
"lour
MtirMt
A"o».
Nov
10.
Xov
12.
1886,
Importsof wheat.owt.12,534,419
[mpurte of flour
3,820,644
8alea of home-grown.. 8,861,516
Total
Aver, price wheat
Aver, price wheat
Bon*
Opsn
Market
F»rts
Berlin
8«
a
»>anMort
3>4
SH
QamburK
Amatardam
SH
8M
2H
Madrid
3H
qrs.
fi
!m
8X
2H
2«
8>4
4
4
4
4
4
4«
6
3^4
3
& Abell write
Messrs. Pixley
2H
4
527.250
8-(7,8i4
635,3U
4,32^,015
3,598,740
17,157,703
3,513,476
1885.
11,158,489
2.973,^39
1884.
13,166,047
on
10,88tf,4.55
12,188,100
qr».
188?.
16 923.039
3,S13,47«
11,898,033
3,5'.)ti.74'>
25,222,579 23,019,1 S3 28,911,187 32,334.515
1386.
188V
1831.
1883.
week. 31s. 4d. SOs. lOd. 3U. Id. 40a. 5d
season. SOs. lOd.
Od.
31s.
of
Latt week.
1,6S8,000
201,000
273,000
Th i* \eteli,
1, 597.000
236,000
209,000
328.
7d.
408.
8d
wheat, flour and
Last year,
1,612,000
1884.
1,722,000
133,000
103,000
17l,')i)0
2j9.0(X)
Bank
Opsn
Bank Open
Market Bate. Market BaU. Market
~~3
~~3
3
s«
2H
4
4
BU PatersbnrK..
Ocpetiha«eii
Bate.
Open
~T~ ~sh'
3
Brussels
Ban*
1883.
16.923.(38
5,833,383
8,155,073
297,887
3,1U4..112
The following shows the quantities
maize afloat to the United Kingdom.
MalM
at
1884.
13.1«8.0t7
5,5S2,400
188.5.
lt,158.4^9
3,794,906
3,127.532
511,977
882,740
6,101,416
2,973,239
1)
Flour,equaltoqr»
e.
1886.
12.534,419
6.M31.S8S
4,360.020
473,332
501.483
6,047,485
3,826,614
Supplies available for consumption (exclmive of Bt>oks
September
Wheat
.^o».86.
XI rm
fvot.
3H
an
SM
8«
iH
8X
2H
2H
2«
854
sa
2«
2K
2>i
2H
4
4
4
4
4
4
fi
5
8
3
6
3
4
S
3
EnsIUh Financial
inarl£«ts— Her Oablo.
The
daily closing quotations for securities, &c,, at London
are reported by cable as follows for the week ending Dec. 10:
8S4
London.
3
as follows on the state of the
bullion market:
Gold has uot been In grent d(>raand since our last, and the only Inquiry
BM be«n for shipmcut to iheEnst. The
Bank durinj; tho week liavfi
bojight £1 J.fioa and aold 43 lO.OOi), and of tUia amount £200,0o0
was In sorereiKns for! Buonns Ayres, The chief aniyals are, £ s i.OQO per Coromandel from Australia and £49,'.;00 per Ancona from
China; total, *i33,200. The Nopaul, sailing to-day, takes £19,300
to
1
peroi
Mon.
Sat.
d
4519
466,,
Jouaolsformoney.. ... 10016,8 lOlUe
IOII4
3,)asol8 for account.. -- 101i«
fr'oh rentes (In Paris) f r 83 521a 83-60
11338
U. 8. 4iss of 1891
H314
13314
134
U. 8. 4s of 1907
Janadtan Paolflo
71%
711a
Jhlo. Mil. &St. Paul....
99
991a
Srie, common stock....
3913
39
13816
Ulnols Central....
138
eoia
6O39
-"eunsylvanla
25 1«
Philadelphia & KeacUnp 26%
120ia
Sex York Central
120%
Silvir,
Tuet.
Wed.
46%
46%
Thur:
Fri.
46I4
4fil4
10013,0 10(11 3,, lOO'^lg 100%
10015, 10(Pl5,„ 100 •'8
83-47ia 83-87ia
101
83-65
II314
134
71
98%
38%
137%
n3»s
113%
13319
71 Hi
97is
133>«
38
38%
25
7Ha
9SI4
97 '8
37%
1371a
1371a
137ii»
1*
.^9»8
2.^13
59 Jg
119%
111918
59
6018
119%
113»8
I33I8
lia
211a
llS's
25%
Bombay.
Silver— At the beKinnlng of the week the Continent discontinued f urtIierpurchases,andthepriceKavowayto48iB,6d. With tho news that
Uie India Council had allotted under Ig. 6d. per rupee, a further fall took
place to leni^cl. yesterday.
The rate to-day Is 46Jsd.. the Continent purcha.iinj th" siniU aniount off^rlnj. Thti Servia has l)n)ii<'Ut
£20,000 from New York and £25,000 has been sUi^pei to Bombay per
Mexican dollars have
raalntiiliied their price owing to a demand on
accouiir, as well as for China. The supplies have
"'"""'''"'''"
'"''''^"' i'^ •!"« at the beginning of next weuk.
ii?^VtP'The Sutlfj took £7,100 to Penang.
irenohUoveiumeut
©ummercial and pUsccXIaixcotts ^tms
National Banks.- -The following national bank has lately
bien organized:
3,593—The Canton National Bank. Canton, III. Cipital, ifj),000.
David Beeson, Pre.iide it; Chas. T. Heild. Cadilnr.
3,594—TliB Citizens' National Rank of Medicine hjdsre, K*a, Capital,
Joseph W. MoNeal, President TiiujCliy C. MoUoy,
.$50,000.
;
The quotations
GOLD.
London Standard.
Cashier.
3,595—The First National
for bullion are reported as foUows:
SILVBR.
A'oi).
2b.
Nov.
18.
LonOon Standard.
Ifov. 25,
Nov.
18.
Bar gold, One., os. 77 9
Bar (told, contaln'K
SOdwts. sllver.oi. 77 10
Span, doubloons .02.
d.
s.
77
d.
9
77 10
B.Am.doubloi)ns.oz
d.
d.
Bar silver
01.
Bar sllver.contalninK B grs. geld.oi.
t6H
46 15-16
4ei!<
47 5-18
Cake silver
Mexican dols.
son
50^
os.
.
.os.
The International Cable Company, Limited, scheme does not
seem to be taking here, and there is very little chance of its
capital of £1,000,000 being subscribed.
future, Atlantic telegraphy is not just
by investors.
Whatever may be
now viewed
its
favorably
The increasing steadiness of the wheat trade we have already
referred to. The advance of 6d to Is per qr. has
taken place,
and it is considered very likely that before Christmas a further
improvement will be established. There is less eagerness just
now on
the part of holders to realize and if they can but
be
coniirmed in the belief in a higher range of values the
trade
will soon be brought into a sounder condition. In
Russia the
level of values is fully on a par with those current
here,
and in
The position all round has
certainly improved, but at the same time those who talk about
a very decided improvement would do well to moderate their
India the trade
is
of Shreveport, La. Capita', $200,000.
Edward Jacobs, President; Waltnr B. Jaco'js. C*slii»r.
National
Bank
of
I),).Ub City. K»'i.
Capitil. $50,000.
3,596-The First
Geerge M. Hoovar, President ; Richard W. Evans, Cashier.
—
-
>.
Bank
IMPOSTS AND ElKPORTS FOR THK Webk. The imports Of last
week, compared with those of the preceding week, show
a decrease in dry goods and an increase in general merchandise. The total imports were $8,801,888, against |6,145,,503 the
The expre:3e<ling week and $7,321,031 two weeks previous.
ports for the week ended Dec. 7 amounted to f6,.5tl,609 igainst
$8,045,201 last week, and $6,331,473 two weeks previous. The
following are the imports at New York for the week ending
(for dry goods) Dec. 2 and for the week ending (for general
merchanSse) Dae. 3 also, totals since the beginning of the
first week in January:
;
rOKBIOa IMFOB-rS AT
MBW
TOKK.
1886.
1883.
1884.
$l,.=i34.819
$1,.'.64, .=178
7,309,635
«1, 118, 601
5,45d,03i»
t9,344,501
$6,603,640
$8,123,612
$113,642,987 $105,342,538
Sen'lmer'dlse.. 312,484,393 294,731,738
«92.665,071
264.368,2J0
For Week.
Dry Goods
Qen'lmer'dlse..
Total
SitifeJan.
1886.
$1 357.003
7,414,878
6,559.031
»S,801,88«
1.
Dry Goods
07,169.450
2J4, 124,224
(!1
To'al 4S weeks. $426,127,380 f400,074,276 $357,028,361 f401,293.674
strengthening.
views unless they wish to experience disappointment. There
must be a good deal of grain in farmers' hands, as the sales in
the twelve weeks have fallen short of last year by 164,000
qrs.;
and if the import of wheat end flour since the commencement
of the season has been about 770,000 cwts less than last
year,
that deficiency is more than counterbalanced by the increase
of about 230,000 qrs. in the quantity on passage,
to say nothing
of the larger visible supply of American produce.
It is very
Clear that if the trade should become much
stronger here,
heavier supplie.s would be speedily attracted.
The following shows the imports of cereal produce into the
United Kingdom during the first twelve weeks of the
season.
In our report of the dry goods trade will be found the im
ports of dry goods for one week later.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dae. 7, 1886, and from January 1, 1886, to date:
XPOB-rS FBOK Haw YORK FOB THB WBBK.
1883.
For the week.
.
Prev. reported.
Total 48
$7,878,»S0
320,075,949
1884.
$9,456,230
301,508,551
1886.
«8,23i;,9
1886.
'r^
295,643.240
$6,511,609
2»»,50i,556
weeks. $327,954,829 $310,964,771 e303,8-10,14f> *298.0,50.165
The following table shows the exports and imports of specie
New York for the week ending Dec. 4. and
since Jan. 1, 1886, and for the corresponding periods in
1885 and 1884:
at the port of
OSCEMBF^ U.
THE CHRONICLE.
18S6.]
• *'•***»
*J»i*
•«r\>Kl'H
^*
Km*.
4finceVan. 1.
•I'liii-Ilfl
Af
NKW yuKK.
tmportt.
•r
>t
Itrlultl
$l,tO
-anop
.
Wttk.
673.555
,
£mth
Aimerlaa..I!
i6N«&hitr oouDtrliM
Zool ISM.
Tout 18^4.
1.413
5.173.012
17,«iO
d,6tj7,04c;j
135", 926
10.000
5,000
631,0^^8
4.i78
$1,762,316
7.>l».789
11,035.771
2,997.166
•IS.052
730,475
375,917
a7a,st9
»3.5,S83 837.5^7.556
8l3.<>5'> $23,712860
14,88^
8.031
6,8S)6.37't
38.027,625
50},-^ 13
as receiver for the Company's proparty in that circuit. Tne Court
also denied the application male oi bahilf of ttie Fdnuerj'
Loin
Trust Company of New York to have a receiver appjiated for the B.uiker»' <K Merchants' Compiny, to act in conjancciou with Mr, Farrell.
&
SuiceJanA,
"12,568,423
^
0«rui|*iiv ..„
•r««l Inilie*
V0jVi4M.. .......
693
13,200,323
22.195,395
Broadway £ Seventh Avenue N. Y. (H)rse Railroad).
The annual report of the Broadway & Ssventh Avenue Railroad
is as follows
Gross earnings. $1,634,944 operating expenses, $1,133,185; other income, 14,700; taxes, interest and
dividends, $00,000
surplus for the year,
surplus September 30, 1885, $135,767
$65,514
surplus oa
hanl, $7,527; less depreciation of rolling srock, road-bed, &a,
$585,029 deBcit September 30, 1836, $376,218.
:
rentals, $377,593
;
;
;
;
;
;
SilvtT.
_^
•NatBrltoln
•221.200
13 200
rMt Ill-lies
$8,339,821
441.777
103.650
236,U7S
«...
13,020
MrWtoo
7.810
Boatk Anidrloa.....
At other otrantitoa.
97.080
105,2il2
ToUI 1886
•234,400
2T8.0D5
TcCBl 1880
Toul
m^4
M
674.6
«9.373,999
14.8i9.348
•20.830
lii..l23.478
21.931
16.0.18
Of the above imporU (or the week in
iknarican gold coin and $7iil Atnuricau
the exports during the same
gold com.
•1.092
68.760
31.233
1,073,177
231,431
422,66s
55,387
«1,884.106
1.737.275
3.319.79
rt
18S6, %lfil\.
silver cola.
were
Of
time $33,620 were American
Daited State4 Sub-Treatary.— The following table shows
the recoipu -n 1 pijrm-jnts at tlin 8ub-Tr<»a3ary in this city, as
w«U«B tbp hiUances in the same, for each day of the past weak
:
Ratanrf^.
Reetfpt:
Fajfmunta.
Der.
Ooin
Coin,
S
Cerl's.^
Oarreitcy.
»
35.597
30.r93,46 )
30.3 J-. LoO
2.33'>,U9
12«,-55.912
).62^,^46 188.012.2.57
1.4^'7.061 126,951.165
1.777.61 1
1.270,O:2
l.'84,*14|l26.ft>»7.74'<
!4,18o.211;12(i,!)26,7u«
3!, 650,530
21.3.X>.165
21,:i29,ir5
21,331,57:)
3i),7ri:»,',y
21. 367.^90
1.310.665
1.006.878
12." .073.050
30,»9.',liiO
21,240.110
9.77»,<»<»
9.076710
J.
1
M«4.«3^
1.919. S17
3l,108,it20
21.409.999
Brooklyn Elevated.
—
The annual report of the Brooklya
for the year ending Sapt. 39 was filed at
Albany this week. The report gives the fiJlowirig statistics:
Gross earniags, $518,430
less operating expenses, $379,372i;
net earnings, $139,108; income from other sources as follows:interest, $94; gross income from all sources,
roots, $257
$139,45'*.
Deductions from income as foUows: Interest oa
funded debt, due and accrued, $193,301; tixas oi earoin/s aal)
capit*l stock, $i,539; interest on loans, $3,031; total deJuotioo-s,
Net loss for thi year, $64,313,
$203,773.
leas
pro&c, bemg value of coal, supplissandotKer miteriil received
from the Brooklyn Elevated Riilcoad, Dec. 31,183), $26,276;
total deficit Sept. »), 1886, $3:j,036.
The general b.ilanca sheet aho«rs: Cjst of roi 1 and equipment, $9,639, 191; ca«h on hand, $3,354; op-in accounts, $163; materials and suppliea. $22,034; sondri-o, $33,2 >2; profit and loss,
deficiency. $38,036; toul,
$0,733,941.
Liabilities— Capital
stock, $5,000,gO0; fuad«l debt, $4,750,000; interest oa fun led
ilebt, due and accrued, $9,517; audited vouchers and pay rolls,
$32,267; wuniriee, $2,15<J; total, $9,733,941.
Elevated
R tilroad
;
;
Commerce.—The Washington press dispatches
December 9»h stated that the conferees of the Senate and
House had agreed upon a substitute bill, of which thrt following is a synopjia: The act is m-ide to apply to the transportaInter- State
of
p isseogers or property by railroad, or partly by railroad and partly by water, when both are used under a common
control, management, or arrangement, for a continuous carriage or shipment between any of the States or Territories.
Bxporta of Lvadloz Artlelaa ot Bomestle Produce.
Section 2 prohibiti unjust discrimination in charges between
The following table, bosod upon Custom House returns, individuals by means of special raus, rebates, or other deriMwa the •zports from Nkw York of all leading articles of vice, for a like and contemporaneoui service under substantidOMM tk- produce from January 1 to Dc^cember 7, in 1886 ally similar circumstanivs and conditions. .Section 3 prohibits
and \%ii
the making or giving of any undue or unreasonable preference
or advantage to any particular person, company, firm, corporation or locality, or any piarticular description of tr.iffi 3 in any reJan. 1 lo Dee.
Same (i<»e
previo's yea r.
13)6.
spect whatever. Railroads are required to afford all reasonable.
pro[)er and equal facilities for tne interchange of traffic beVb\M.
996
9' 13
tween their respective lines, and are prohibited from discrimin^ikAkpotrU
175
bbla.
18-i
Meswax
28,609
20,2J3 ating in their rates and charges batwien connecting lines.
BiMdMuJBi
Section 4 relates to long and short hauls and makes it unlawIHnur, wbeat
bbla.
8,842.945
4,273,858
now, rye
bbU.
3.H94 ful for any railroad to charge more for the transporiatioa of
2.146
Cora meal
bbU.
113.879
139,083 passeng'-rs or of like kind of property, under substantially
Wheat
btuh.
29,2.;s.2.'2
lS,«6->,8.54
similar circumstances and conditions, for a shorter than for a
bluh.
Bye
186.750
513.734 longer distance over the same line and in
the same direction,
wta..
buati.
6.091.347
695,080
BMley
bMb.
3.O06 the shorter being included within the longer distaiC:*, with the
73. 198
biuli.
{•M
2i2.2v!2
181.675 proviso that in special cases, upon application by the railroads
biuh.
Ooro
20,380.751
23,850.S01 and after investigation, the commission may prescribe the
i IlM
42.505
52, -64
pkK*.
74.912 ex'ent to which such railroad shall be re'ieved from theoperaOmI
toiu.
72.028
OottiB
..bales.
842.235
667.373 tion of this section. Section 5, on the subject ot pooling, is a)
Total
1
tion of
.
^
187.339
;«S
9«r*I8lote»Chide turpentine
bbts.
bbia.
bbla.
bbla.
bbla.
i^Mta torpealiae
icasto
•KrTT
„
PICata
Oil cake
owt.
OUaWbaie
•perm
gala.
gala.
.gala,
.gala.
tm\
bbla.
bbla.
tlercea.
Boef
Beef
Oatmeala
Batter
Cheeee
IrM«.
Ibe.
Iba.
Iba.
Ilw.
Hm.
bbla.
fSSmt
Il«i.
stsiiss, leaf
bbdx.
balea and
Tobaeeo
TahaBea.MSDnfactured
oamsn.
'
"
Ibe.
Iba.
165,819
91.1'>9
7ii,702
16.808
63.174
172
162
16,bO0
158,639
7,339
4,244
2,509,932
139.603
70,428
•39.022
48,433
357,903,419
159,'>61
47.180
37.315
242.237.923
11.294.361
74.762.826
239.084.567
15,637
22,776,915
119,766
61.011
7,893.376
190,5i)6
13,080
155,3.56
8.
1^4
G.401
60,918,033
89,
IM
138,123
609,33.->
40.1»6
334,361,90X.
188,375
47.300
46.441
237.846. Mo
13,H03.733
77,5iS,675
2O0,722,OU»
24,576
24,376.103
121,57^
64,849
7,801,103
174,606
—The
Finance Commissioners of
|600,000 bonds to be issued on
8<l January next for thi purpose of retiring the bonds of the
Weatern MtryUnd Rtilroad Company indorsed by the city.
The bonds bear '.i\4 P«r cent interest, payable semi-annually,
and are redeetnable in 40 years. The proposals will be opened
oa Monday, 13ch init.
Bankers ft Merchants' Telegraph.— At Philadelphia, Dec.
8, Jadge Butler filed an opinion in the United States Circuit
Ooort in the suit of Eldward MIddleton against the Bankers'
Ifarchants' Telegraph Company, denying the motion which
had been made to vacate the appointment of Clinton P. Farrell
Baltimore City
Baltimore
iiivice
Boiidit.
prop
I8dl3 for
&
follows:
"That it shall be unlawful for any common carrier subject
to the provisions of this act lo enter into any contract, agreement or combination with any other common carrier or carriers, for the pooling of freights of different and competing
railroads, or to divide between them the aggregate or net proceeds of the earnings of such railroads, or any portion thereof,
and in any case of an agreement for the pooling of freights as
Hforesiid, each day of its continuance shall be deemed a
separate offen-e."
Section 6 requires railroads to print and keep at every station for public inspection copies of their schedules of rates and
^fares and charges between all points upon their own lines, and
prohibits them from charging more or less than the rates they
may thus establish and make public. Advances in such
rates and fares and charges must not be made except after
ten days' public notice. Reductions may be made without
previous public notice, but notice of the same must be given
immediately. If a railroad refuses to make its rates public 03
required, the commission must institute proceedings in the
U. S. courts, which are authorized to enforce obedience by any
method that may become necessary, even to stopping the road
from transacting business. Section 7 provides that inter-State
shipments sliall be considered as continuous from the place of
shipment to the place of destinatio", despite any breaking of
bulk, stopping, or interruption made to evade the act. Sec8 makes any common carrier subject to the act liable to the
person injured for the damages sustained by any violation of
the provisions of the act, together with a reasonable attorprovides that
ney's fee in every case of recovery. Section
any person claiming to be damaged may either make complaint to the commission or may bring suit in the United
Statea Court for the recovery of damages to which the common carrier may be liable under this act, but such portions
must elect which courses they will pursue and cannot adopt
both. Section 10 declares a common carrier or any officer or»
employe of one who shall willfully violate anytof the pro
THB CHRONICLE.
694
TisioDB of this act guilty of a misdemeanor, and makes the
penalty a fine of not exceeding |5,000.
Section 11 provides for the appointihent of five commissioneis by the President, No person in the employ of or holding
any official relation to any common carrier subject to the act,
or owning stock or bonds thereof, or who is in any manner
pecuniarily interested therein, can hold such office, and not
more than thrse of the commissioners can be .appointed from
the same political party. Section 12 gives the commissioners
authority to inquire into the management of the husinfss of
the railroads, and to obtain from them full and complete information, and for this purpose the commission is given power to
require the attendance and testimony of witnesses and the
production of books and papers. Section 13 provides that
complaints miy be mide by petition to the commission by
anybody complaining of any violation of the act. Section
14 requires
written reports of all investigations, and
makes such reports of the commission prima facie
kevidecce as to the facts therein stated in all judicial proceedings.
It is provided in section 15 that when
the commission finds the act has been violated it shall inform the railroad of it3 finding and set a time within which it
must make reparation. If the riiilroad, after such investigation and finding, complies with the requirement^i of the commission it is relieved of further penalty. Section 17 relates to
the procpedings of the commission, which must be public upon the request of either party interested. Section 18 fixes the
salaries of the Commissioners at $7,500 per annum and provides for its employees and expenses. Section 19 authorizes
the commission to make investigations and hold special sessions in any part of the United States, but its principal office
is to be in Washington.
Section 20 makes it the duty of the
commission to require annual reports from the railroads, which
must contain a complete exhibit of all their financial operations.
Section 21 requires the commission to report annually
to Congress.
REPORT
0?
[Vol,
XLm.
THE SECRETARY OF
THE
TREASURY.
Tekasuky Department,
Washinqton, Dec. 6,
\
1886.
)
Sir In compliance with Section 257, Revised Statutes, I
herewith report to Congress (Appendix A) "estimates of the
public revenue and public expenditures for the fiscal year
current;" with an exhibit (Appendix B) of the receipts and
expenditures for the last fiscal year; and a statement of the
public indebtedness and of the assets and liabilities of the
Treasury on Nov. 1, 1885, and Nov. 1, 18S6, ani ot the payments and changes of the funded debt during the same twelve
months; besides other tabular statements, records, and comparisons, (Appendix D,) and the annual reports to me from
the heads of bureaus and other officers in this Department.
In compliance with Section 248, Revised Statutes, I have
also endeavored to "digest and prepare plans for the improvement and management of the revenue, and for the support ot
the public credit," thereto allotting the time which recovery
from a tedious illness obliged me to withhold from official
:
routine.
THE SILVER QUESTION.
Since the date of my last annual report, the attitude of an
important government toward the silver question has been
changed. The matter is of consequence, and requires detail.
Last December the results of our special mission to the governments of France, Germany and Great Britain had just
The "Vanderbilt Benevolent Association" is the title of a been obtained, and were as follows:
voluntary organization in Charleston, S. C, which is aiming
The French Government remained of the same mind as when
to furnish a practical solution of the vexed problem of how to it had united with
the Government of the United States in
harmonize labor and capital. Such a body teaches how
calling the International Monetary Conference of 1831, The
between these seemingly opposing forces there can be independence with interdependence, "each working for the good German Government deemed the co-operation of Great Britain
of the other and all for the good of each." Lab^r and capital in any change a sine qua non. The Government of Great
have here united upon a common platform with the happiest Britain, administered by the same party and principal persons
results.
President A. C. Kaufman of this Association has labored zealously in its behalf. The News & Courier has devoted then as now, saw bo reason to depart from the position held
by that Government at the International Monetary Conferits beet talent to advance the interests of the Association,
^The Philadelphia Company, which supplies natural gas, ences of 1878 and 1881,
_
gives notice of the payment of "the monthly dividend of 1 per
The position which the delegates of the British Government
cent, being the 14th dividend declared by this company,
were instructed to take at each of those conferences had been
Messrs. Unger, Smithers
Co. offer for sale a limited adverse to the object sought by the United States. That
amount of Nashville Chattanooga & St. Louis second mortobject was the opening of the mints of the governments of
gage main line 6 per cent bonds, due 1901,
the United States of America and of the leading European
Anctlon Sales, The following have been sold at auction States to the free coinage of both gold and silver into unlimby Messrs Adrian H. Muller & Son, 12 Pine Street
ited legal-tender money at a ratio fixed by international agree-
—
—
—
&
—
Shares.
Shares.
100 American Coal Co, AUe
30 Williamsburg City Fire
Khanv Co. Marylnnil
41
Ins. Co
285
21 Dnittd New J. raey RB. &
30 City Fire las. Co
135
Canal Co
216% lu Central N. J. Land Imp.. 17
5 Hamilton Fire la*. Oo
1-^9
4 Chrisiopher & Tenth St.
56 Little Mami RK. Co
166Sli
RR. Co
120
lOBterlli )( Pirn in^. CO
10 Merchants' Nat. Bank. ..135
Ta^s
21 City Fire Ins. Co
132
42 PheuU Nat. Bank
110^4
20 Merchnnts' Ins. Co
115>4
21 Nat. Bk. of the Repal)llo.l32
15 Colwell Lead C)
710
20 Bank of the State of N.Y.132
120 Wheeler* Wilson Mfg.Co.l20
1,000 Farmers' Loan and
100 Mitohrll, Van « <fe Co ... 37
Trust Co
430^431
6 Providence Savings Life
Assurance Society
67
Bonds.
100 Sixth Av. RR. Co
200>a $^,000 N. Y. City 6s Water
100 New York Mutual Gas
Stock, due 1902
133% i&iDt.
Light Co
lOOdilOlH $5,00 I N. Y. City 78 consol.
20 Broadway Ins. Co
2. ..el's
ISSN's .tint.
etoci.due 1896
gaulilttg
and Iftaaacial.
1878.
ALL ORDERS FOR
KNOXVIL,l<E
PER
«
Will be
fllled
tbem, at
by
CEIVT 1ST
u«,
and deliver ad
dc
OHIO
MORTGAGE BOXDS
to purchasers, free of
any expense
New York Stock Exchange quotations.
GRISWOLD
No. 2
Wall
Street,
CITY OF
4
PER
&
GILLETT,
New
York.
SCRANTO:!«r
CEN.T
BONDS.
TERMS OS APPUCATIOW TO
H-ARVEY FISK
28
ment.
Thus, at the International Monetary Conference of 1878, the
British delegates had led Mons. Leon Say, the first French
delegate, and a majority of the conferees, to declare that silver, like gold, of course, must be kept a monetary metal, but
each State or group of States must act for itself in the choice
and the minting. An international ratio being pronounced
undebatable since the bimetallic States did not undertake an
unlimited coinage of silver, the British delegates further declared their hope that every State would not prefer gold, while
insisting upon Great Britain keeping to her own preferences,
and that a fixed ratio was "utterly impracticable." These
declarations, of course, frustrated the object of the United
States in calling the International Monetary Conference of
&
BANKEKS,
Nassau Stebkt, New
30
Yobk.
-VS,
t«
During the next three years, the powerful polemic of Mons,
Henri Cemuschi revolutionized the opinion of leading men in
Europe, and terminated the dependence of France upon Great
Britain. The Government of France joined the Government of
the United States in calling the next International Monetary
Conference held at Paris in 1881. The object of the United
States, now supported by the invaluable concurrence of "the
greatest among the great metallic powers," was again the
same— the opening of the mints of a group of such powers to
the free coinage of gold and silvpr, at a ratio fixed by international agreement, into unlimited legal-tender money. The
delegates for Great Britain declared that their monetary system since 1816 had rested on gold as a single standard; that
this system had satisfied all the needs of the country without
giving rise to the difficulties manifest elsewhere under other
systems, and for these reasons it had been accepted by the
governments of all parties and by the nation. The Government of Great Britain, therefore, could not take part in a conference as supporting the principles proposed, and her delegate was not permitted to vote.
This declaration, of course]
;DK!BDER
iTHE CHRONICLE.
11, 1886.1
(nutrmted the object in assembling the International Monetary Conference of 1881, for the Government of Germany, followinjc the lead of Great Britain, was resolved to retain a
monetary system
like hers.
am
informed by the Secretary of State that the above
declaration of 1881, in respect to the support given by the governmenta of all parties to the present monetary system of
Great Britain, was in the summer of 1885 reiterated to our
special oommissioner, Mr. Manton Marble, not more clearly by
the higheat ofHcials than by the most eminent characters of
the opposite party who had just rasigned the seals of office.
In January of the present year, however, before the return of
thaw opponents to offl:e, a correspondence was opened between two departments of the British executive, (by the India
ofBoe with the Treasury), which marked the point of a new
I
departure.
VBW (iOLO AND SILVBK COMMISSION IN OBEAT BRITAIN.
The flrat letter from the then Secretary of State for India
ended as follows
Lord Kandolph
**
Cbiirohill
*
'
desirpg at the
*
eame time most
•acBMUr to ptew upon my Lorda the imirartAnoe of making every endeavor UIM I* pomlble to bring at>oat, by international agreement, «ome
ettlaOMQt of the quealioo how the free oolnage of ellver may be revived,
ad the ooaparative (tabiUtr of the relative value of guM and silver
Whleh U ao BMeatlel for tlie regular ooarM of trade, and which is of
Tlt«l tmportaace to India, may be aeoared."
Thia urgency was supported by a telegram from the Govern
ment of ladia, saying
" We are of opinion tbat
:
the Intereeta of Brltlib India imperatively
deaniid that a determined rflbrt »boaId be made to settle the i>ilver
qaeatien br International agreemeot. Until this Is done, we are drifilng
WTO a poeltlon of the moat aerlooe flnaoclal embarramment, in regard to
the aoBaequeaeee of which, not only a« regard* oorflnancial positinn. but
to reapeet of mcaanree of taxation In relation to our rule in British
ladla. It la Impoaalble not to be lerloiuly apprebenaive."
The rejoinder (Miy 31) of the Treasury, then for a brief
while onder the direction of Mr. Gladstone's QjverncueQt
maintained the position traditional in both parties, supporting
by the authority of L'>rd Randolph Churchill's
and pr deceesor. Sir Stafford Nothcote, and closing
I
aa foilowa
:
It la obTloua that bar Utiimtj'» Oovemment eoald take no measures
lor aaauDonloc or oo-operaUog In a new monetary oonfc^rence until
Umot bad preTioualy detennlnea what policy tliey shoiild initiate or conaeat to. The whole aobjeot la nnderatood to be under consideration of
the Royal Commlaaian on the Oepreialon of Trade, but my Lords can
fid T*""g la the oomapondenoe and Information before them which
kould loduce them to depart frjm the Instruotions."given to |the repreUtc of thia cotuiU7 at the confeieooe of 1881
*
Tba third report, last summer, of the said Royal Commission,
of which Lora Iddealeigh (Northcote) is chairman, after referto every cause for the changed relative value of the two
lis, except the first cause, to which I shall presently allude,
ended by rtcomraending a special gold and tilTer oommiseion.
By the return of the Tory party to power in the elections of
Joly, tbat recommendation fell Into the hands of those who
had made it. In September, the Boyal Gold and Silver Commuaion was created, as a petition swned by 243 members of
tlie House of Commons bad requested that it should be,
I
"
Ty>
loqalre whether
it la
poaslble Ut suggeat
any remedies within the
power of the lealaliiture or the Oovemment byiltel/or in concert uilli
aUur aaaitri. wTileh would be effectnal in removing or palliating the
•Vila or taooovrnlence* thna eanaed, withont lujnstlce to other interests
vtthoot causing other evils or Inconveniences e<iually ^.-reat.
LaMlr. U the eoamlaalon are of opinion that tbla la possible, tbev should
Male the pffinlid form which aoeh remedies should take, and the manaer la whloh they ihoold be applied."
ad
But the return of tlie Tory party to power was signalized by
a new distribution of cabinet officers. The First Lord of the
TieasuTT (Iddealeigh) and the Chancellor of the Exche'iuer.
(Hicks-Beacb,) who liad sucoetsfuUy held the leadership ot the
kotise of Commons, and whose opinions had been cited by
Mr. Gladstone's Government for a rebuke to the India Office,
were translated to other fimctiona: whereas the former
Baoretary of State for India, who, in January, had urged
•veiT endeavor for an international agreement to rgvive the
fna coinage of silver, took the chancellorship of the e h chequer
and the leadership of the House of Commons, In that place
and otHce Lord Randolph Charchill announced, on the 7 th of
September, the members of the Gold and Silver Commission.
Bimetallic League, and
Ite chairman, a vice-prtsident of the
of its expert member?, the financial secretary of the Government of India, are known by those who concern themshare in
selves with the views of thinkers on this subject, to
the belief that an international agreement to open the mints
fixed ratio of
of Isndisg governments to the free coinage at a
both gola and silver into unlimited legal tender money would
suiBca to restore the lelative value of the two metals to their
aldstebOity.
,
^ ,,
Whatever may be the conclusions of this commission, whatwith cabinets or parliaconclusions
those
prosperity
of
ever the
mpnta, its appointment and character mark a change in the
attitude of the British Government toward that belief, at least
(com indifference to considerate attention. The change is iinare the words of Mr. Gladstone's
Bxtant. Nevertheless, weighty
" An entire change in public
overnment, reiterated last May
opinion roust take place before a change of monetary
poUcy in this c untry could be seriously contemplated
MM
:
695
While men of
light and leading may strive to form public
opinion in a matter of critical importance to the general prosperity, but* 80 recondite that not one Englishman in a
hundred thousand is capable to form a judgment on it,
and so repellent that not half the capable will try, yet,
even for agreement among the competent, silence among the
incompetent, and faith among the masses, time will be necesMoreover, in Great Britain a? elsewhere, it has been
sary.
the fashion to discredit, as the mere schemes of currency
mongers or of ignorant inflationists, a bimetallic theory of
money long prevalent in the successful practice of nations, but
which'owes both its scientific statement and authority to a
generation later than that which*ould but conceive an Anglocentric monetary system. Apart from prejudice, wont and
use will make it difficult, like the change totbe modern theory
of the p'anetary movements, for a generation born and bred
since 1816 to interpret the function of money from a universal
nstead of an insular point ot view.
I am, therefore, far from supposing that the recent heavy
fall of silver compared with gold, and its effects upon Indian
finance and English trade, have dispelled an illusion prevalent
in Great Britain for seventy years, or that the changed attitude of her present Government amounts to a candid confession that the act of a British Parliament in 1816 was the fount
and origin of the present great disturbance of the monetary
peace of the world, which her persistence in error has aggra
vated and prolonged.
—
THE BRITISH GOLD STANDARD ILLUSION ORIGIN OP THE MONKTART DISLOCATION
The illusion consists in seeing the standard measure of commodity-prices throughout Great Britain in the gold exclusively coined by her mints, instead of in the silver and gold of
the world.
The illusion is extraordinary, for it has not been denied by
her greatest economists that prices are an expression (in term&
of any national monetary unit embodied in coin) of the relation between the fiuantities of the two metals and of commodities.
Nor has it been imagined that London prices expressed
the relation between the ((uantities of gold only and of commodities, Calcutta prices the relation between the quantities of
silver and of commodities, Paris prices the relation, on a third
and different scale, between the quantities of the two metals
and of commodities. The fact, too, is apparent, tbat prices
are one, though expressed in many languages the language
of each nation's monetary unit, wiiich unit may here be
embodied in gold alone, or there in silver alone, or elsewhere
in both silver and gold, in pounds sterling, dollars, rupees,
francs, marks.
Nevertheless, it is supposed that in 1816 Great Britain did
have a choice among standards, got the best, and, holding up
the same by her independent act and authority ev^r since in
her world-wide commerce, tbat gold alotebas been her standard measure of prices, "satisfying all her needs without giving rise to the difficulties manifest elsewhere among other
systems."
What fireat Britain did by the act of 1816 was to close, then
and thereafter, her mints to the free coinage of silver into full
legal-lender money, leaving them open for the free coinage of
gold alone into full legal-tender money.
In fact, Crreat Biilain's monetary standard, then as before
and thereafter, which measured and scored all commodity
prices for herself and the trading nations of both hemispheres,,
consisted of all the gold and silver of the world. Its prevalence was in this wise: One nation or more gave free coinage
to silver alone into full legal-tender-money, another nation or
more gave free coinage to gold alone into full legal-tender
money, another coined both metals into full legal-lender
money, and, fixing the different weights of the two metals
which should have the same debt-paying and purchasing
power, kept in use so large coined stocks of both as to make
her ratio prevalent. Gold, therefore, had in its proportion as
much paying power wherever silver alone bad free coinage as
where both « ere coined. Silver, therefore, had in its proportion as much purchasing power where gold alone had free
coinage as where both were coined. The two metals were
Hmt jBlned practically in a universal money, and the general
range of prices which it measured was identical, other things
bein^ equal, in Great Britain and elsewhere. In other words,
the silver coinage which England shirked in 1816 was elsewheie done: the free coinage at a fixed ratio into full legaltender money, which she had previously proffeied, both to all
the gold and all the silver anywhere mined or melted, was
elsewhere actively maintained for sixty years. She neither
had a different standard nor a single gold standard: she was
merely a factor in the general equilibrium of monometallic
coinages, which France, by a bimetallic coinage, had power to
keep stable. The dependence of Great Britain was absolute at
the time her independence was most vaunted.
Thus Great Britain's exclusion of silver from mintage into
unlimited legal-tender money in 1816 did not at once promote
the disuse of that metal in international transactions, not even
those in which her merchants and bankets were themselves
concerned; nor did it disturb the ratio of weight at which the
two metals were given and received as of equal value: nor did
of the world's
it affect that range of prices, the resultant
industries and exchanges measured against the extant aggregate of the two monetary metals, so long as great mints were
elsewhere open and ready to coin both into money that was
equally a lawful tender in fulfilment of everv pnntract or pay^ industriee.
ment of debt created in the daily cours, of
—
THE CHRONICLE.
696
and exchanges; nor until 1873 did Great Britain's pursuit of
illusory standard fliiallj disclose its pregnant mischief.
CRISIS
AND COURSE OF THE MONETARY DISLOCATION
The mischief pregnant in Oreat Britain's silver boycott of
1816 leaped to light when Germany, in 1873, imitated that imperial blunder. Of the growth of British commerce, one unmfluential circumstance, one mere concomitant (her exclusion
of silver from mintage into full legal-tender coins) was deemed a cause. Called by the illusory name of the single gold
standard, vaunted by Great Britain herself as "a monetary
•ystem undi-r she has enjoyed much prosperity," and thus
accredited as a partial secret of the greatness of her commercial empire, it obtained the admiration of a rising power, then
more exercised in the military than the industrial arts, and but
recently consolidated into political unity after a gigantic war.
Equipped with the ransom paid into the Imperial 'Treasury by
a rich but vanquished power, the statesmen of Germany determined at any cost, to possess her of the gold fetich.
Closing her mints to the further coinage of silver, retiring
from circulation her silver theretofore exclusively coined and
seeking to efltct its substitution through the open mints of
France for the gold of France, throwing large quantities of
silver upon the English market at short intervals and in unknown amounts for sale, Germany, by her legislation of
1871-'73 thus conceived in the likeness of Great Britain's legislation of 1816, and, together therewith, immediately caused a
great monetary disturbance.
France, in presence of the silver flood from Germany, distrusted the power of her open mints alone to maintain the
ratio of tte two metals under free coinage of both, as almost
alone she had done during the immensely greater inundation of gold from the new mines of California and Australia:
and first restricting her mintage (which neither defeated the
purpose of Germany, as prompt closure would have done, nor
deprived it of importance as continued free coinage would
have done), at last closed her mints altogether to the further
free coinage of silver for the public into money of unlimited
leg^ tender; and thus, at last, was subverted the monetary
peace of the world.
Since that date, nowhere in the world has the mint of any
great government, which coined either metal into full legaltender money, coined the other metal into full legal-tender
money
at any ratio.
Thus was ended for a time that legal fusion, so to speak, of
the two metals into one monetary measure, which the free
coinage of both, and the legal- tender quality imparted to both
in a fixed i atio, had made a practically complete fusion.
Thus was ended the prevalence of an ancient acceptable bimetallic standard and measure of commodity prices — the mass
of the two monetary metals, fused by free coinage, a fixed
ratio and the full legal-tender power, into one metal money
and price-measurer.
Thus began the confusion of two unconjoined monometallic
measures, throughout a world all knit together in commercial
unity.
Thus began the great monetary dislocation.
Displaced for a time was the world's normal use of one
common standard of prices. The superiority of gold and silver joined, as a thing in kind and amount, of all things t>est
suited to be that standard, appears, as I have said, "first, in
this, that it is an amount not to be varied by legislative wisdom;
second, that it is an amount not to be considerably varied by any
single generation of men, for that the annual increment is too
small in proportion to the total mass, already huge, which
slowly grows from age to age. That total mass, by its hugeness, its iuvariableness, its indestructibility, is a miracle among
measures. Standing over against the vast aggregate of human
commodities, mostly perishable, which sinks and swells with
seed-time and harvest as the seasons change, and of which the
unconsumed and more or less imperishable part is so small,
the monetary metals of the world are the most trustworthy
attainable measure of value."
What baa followed that displacement ? Beginning in 1873
and continuing through minor fluctuations until now, there
has been a demonstrated fall in the prices of the chief marketable commodities of man's use more than countervailing the
demonstrated rise of prices, from 1848 to 1865, which followed
the addition of 11,900,000,000 to the world's previous stock of
gold.
Gold being merchandise in countries giving free coinage
into unlimited legal-tender money to Jsilver alone, and silver
being merchandise in countries giving free coinage into unlimited legal-tender money to gold alone, and the fixity of
price of either metal thus having ceased (becoming as impossible as fixity of price for wheat or iron) in any country where
the other metal alone has free coinage, it has also occurred
that the price of silver, measured by the same measure as the
falling prices of commodities since 1873, has fallen in closely
parallel or following fluctuations as far.
[Vou
Xl.lll.
inclusion of the uncoined metals as potential money with the
coined metals as actual money enlarging the great measure.
They render more than trivial, they nullify any variations in
the petty increment from the mines, or in the pettier decrement from abrasion, loss, or non-monetary uses. They
enable us to map past errors with precision, and to test the
policy of steps by any nation toward a restoration of the
monetary order.
These joint conditions were the security that changes in
prices should be due for every commodity to special and
natural causes, and not a monetary cause, and should be due
to no change in the whole monetary measure or unit of
measure, but in every case to the varying cost of production
as man's inventions and industries more easily subdued the
matter and the forces of nature, or to other such secular and
intrinsic circumstance of fluctuatior.
Obviously these conditions would have been violated by
adoption of the proposal of Chevalier and Cobden. Had the
right of free monetization been withdrawn from the owners
and miners of gold as it has been recently withdrawn from
the owners and miners of silver by nations previously giving
the right to both, it must be believed that the purchasing
power of gold compared to that of silver would have been
similarly diminished, and that, instead of a silver question, a
gold question would now be perplexing legislatures and
statesmen. In either event, there could but be a world-wide
monetary dislocation, causing ever-falling prices and a long
depression of trade.
These joint conditions of the existence as of the restoration
of the monetary order exhibit in a befitting light the main
features of our own monetary history, and the debates which
have raged around "demonetization" and the acts of 1873
—
and
1878.
UNITKD STATES
MONWAKY HI8T0ET—ACTS OF
1873
AKD
1878
ALIKE AND IRRELEVANT.
The act of 1873, we are told, "demonetized" the standard
bilver dollar ; the act of 1878, we are told, remonetized it
and that, we are told, is the whole of the matter.
In fact, those two acts are so nearly identical that a commoa
authorship might be suspected. The fate is odd which apportions blessing and cursing inversely to both.
The act of 1873 has been denounced and praised for demonetizing silver, which it did not do. It retired no silver coin
from circulation. It caused no coin to be sold as bullion. It
withdrew the full legal-tender quality from no silver coined.
It did limit monetization to Treasury purchases for fractional
coin.
The act of 1878 has been praised and denounced for remonetizing silver, which it did not do. It did limit monetization
to Treasury purchases for non-fractional coin.
The act of 1873 took a sure way to keep all our fractional
silver coin at home.
The act of 1878 took a sure way to keep all our non-fractional silver coin at home.
The two acts are also alike in missing the point of the
monetary difficulty and escaping detection of their own true
character. The act of 1878 is only singular in both mistaking
the true object and also missing what it aimed at.
The method of the two acts ia identical. Exportation
would only be possible at a loss on the silver coined under
either act. In both acts monetization is denied except, to
Treasury purchases.
The door of the Mint is shut to the public by both acts.
causing the monetary
Both acts are innocent of a share
dislocation, although the act of 1878 helps to prolong it.
In 1873 we had not escaped the paper-money plague, and
our resumption of the use of the two metals and current
redemption of paper did not begin till the monetary dislocation was far advanced.
By the act of 1878 the monetaiy dislocation could_ be
neither caused nor cured. Its limited monetization since
1878 has absorbed more silver than the total amount demonetized by Germany since 1873. It does not counteract the
The monetary stock of the four
monetary dislocation.
leading powers, who all in 1878 had neither too much nor
less than enough, is now greater than then by the aid of the
United States thus confuting the money famine theories.
Still it does not redress the monetary dislocation.
The action of the United States in 1834, changing the ratio
from 15 to 16, had forestalled the act of 1873. To open our
mints for the coinage of silver at 16 to 1 of gold, while France
was coining silver at 15)^ to 1 of gold, was, so to say, equivalent to closing our mints to the coinage of silver at all. Two
ratios cannot live together face to face, as Sir Isaac Newton,
Master of the Mint, explained nearly two centuries ago. Ia
the money world from that year the United States became a
gold monometallic power, and such they have ever since remained, both when they did intend to and when they did not,
Albert Gallatin was, perhaps, the only man in the United
CONDITIONS OF MONETARY OHDER.
States at that time competent to give advice upon a ratio or
The essential conditions of that old monetary order in their coinage difficulty, and Congress rejected his advice. But the
last analysis seem to be these
error of the United States was the outcome of ignorance, not,
1. Mints open to the public for the free coinage of gold,
like Great Britain's error, the outcome of an illusion also; and
2, Mints open to the public for the free coinage of silver.
1834 was the date, not at which cis-Atlantic demonetization of
8. Coined gold a full legal tender.
silver began, but the date at which its monetization was nulli4. Coined silver a full legal tender.
The arguments that anything
fied by an ill-judged ratio.
6. Mints open to the public for the free coinage of silver
newly injurious to silver was done by the act of 1373, are
and of gold.
arguments otlered only by those who are not quite faoiiliar
6. Bated equivalence of both metals in such coinage, fixed
with their subject. The act of 1878 is public confession that
by States fiowerful enough to make and keep it prevalent.
by the closure of the French mint to the free coinage of silver
These couditions, it is obvious, operate ^everywhere the our act of 1873, not then a necessity, was become a neee^ity
:
m
—
Dkcxmbkb U,
THE CHPOxNKJLF.
1886.]
and so was never repealed, but merely eni"-^ particular,
larged
and confirmed. It was enlarged by adding to" disTreasury purchases of silver for the mintage of
J"™?**!
inctional com, compulsory Treasury purchases of silver for
ine mintage of non-fractional coin. It was confirmed
on the
pomt of withholding free coinage of silver.
Oup whole monetary history, bearing always the marks of
good
faith,
IS
not
leas instructive.
four chapters:
It
may
be comprised in
1792 to 1834, when we had a plenty of silver, but managed by act of Congress (April 2, 1792) to shunt all our gold
mto Eoropean mints. 1
2. 1834 to 1863, when we had
a plenty of gold, but managed
by another act of Congress (July 31, 1834) to shunt all our sUver mto Luropean mints.
3. 1863 to 18^, when, by three acta of
Congress (February
35 and July 11, 1863. and March 3, 1363), except the gold
reoQired for cui!tom^ taxes, we managed to shunt both our
1.
gold and silver abroad.
^^'
^^^"«
act of Congress (February 28,
part of our silver
product against the possibility of exportation.
i«»ox^*'^*l'*'
1978)
we have managed
to
*>y
dam up the major
EFFBCr ox COIJJAOE Ot LBOAL TENDEB FDXCTION.
The enhancement in value of both metals, due to their gen.
«»1 employment as legal-tender money, is great, though immnaiurable. That enhancement in large degree survives the
monetary dJalocation which consists in the disjoining of the
two nwti l*, (Mie or the other of them being now mere mer^laadi we in eywy country of the world. For while no nation
or group of nations poeaeasing a suflicient stock of both metals
Bwr conjoins the two moneys into one money by the free
g'fatCa
both metals at a fixed ratio into one common purC™*j"g power and price- measurer, as they were long con-
«
Joined, silver still has free coinage into full legal-tender money
B India, C«ntral and South America, gold still has free
coinage into full leeal-tender money in Europe and here. The
^Phancement of one metal is aometimea decried by tho=e who
orerlook their own sltare in the enhancement of the other. In
England, oflicial waminga aa to the " results of any attempt
artificially to enhance tne geld price of silver" have been
•pokan and thought logical, as if some such impossibility were
attempted aa putting up permanently the gold price of wheat
or aocne other article of mere mercbandiae.
It waa affirmed by Mr. Gladstone's Government in 1881 that
" it itaa been the policy of this country to emancipate commercial tranaactioBs aa far as p'ssible from legal control, and
to impose no nnneceeaary restnolions upon the interchange of
commodities. To fix the relative value of gold and silver by
law would be to enter upon a course directly at variance with
this priociple, and would be regarded as an arbitrary intertevnoe with a natural law not justified by any pressing necessity." Too much honor cannot be rendered to the principle,
bat here it is not fairly in question. Prior to 1810, Great
Britain had always fixed the relative value of ^old and silver by
law, and in 1816 entered upon a course in which, being joined
in 1878 by Germany, the outcome waa the subvereioa of their
ancient, fixed, and prevalent relative value in law, which
moat be at least aa objectionable as Axing it anew a course
that mennwhile continued to enhance the value of one of the
HMtala in relation to all commodities, whxh must be as "arbitmry"
interfering with the relative value of tbe two metals
to one another. The "natural law" should be named and
described, if possible, which underwent no " arbitrary interference" when England made of gold alone a legal tender
metal in 1819, and of silver alone a legal-tender metal in India
in 1834, but which would not escape "arbitrary interference"
if now, as before 1810, both gold and silveir were to be enhanced in current use and value by laws of Great Britain conferrliw in accord with other nations upon both nietala when
coiaed the qoality of being a legal-tender in payment of debt.
—
THB SILVBR TBODBLB D5I VBB.'JAL— HKXEDT rNTBRKATIONAL.
That "oonstitations grow and are not made" has no better
flloitntioB in the history of our aivilization than this ancoo•doaB <(rowth and ancontrived accordance of human societies,
tepMfMt, yet effectual, in the fonndiog, and keeping fairly stable a general legal tender money. It was not born of philanthrophf. nor cradled in treaties. It is the growth of centaries oat of
that increasing eommeree between all the races of mankind,
which is alow^ bat sorely, more than all political contriranoes,
satabliahing their anion, enlarging their freedom and promoting their peaee. To this character of its origin and growth I
icenr, beeanse it may justify the opinion which I entertain,
that a Joint agreement to open mints would so soon vindicate
Its own sofflciency and prove to be the interest of every concar«ing power, as to abolisn ander this head every fear or need of
*^ntaagling alliances." It was a natural and unforced constitntioo of the world's monetary svHtem which the unwise laws
of a few separate nations have sufSeed to dislocate and disorder, and which wiser laws by accordant nations may now
restore. Once restored, the conditions of a subsequent dislocation, even if attempted as a wespoa of deliberate war against
one member of the groap, '»'ill be found upon reflection almost
Inooneeivable, and io any event suicidal.
Compliance with the iloty imposed by law upon the head of
thu department woald bare been defective, it will now be seen,
bad I CTer regarded the subject thus far di.scassed as one of
ncttooal or national limits, or sach as osaally oucap^ the time
and tax the enaigies here devoted to the pablic »>;rvice. It is
of larger aoope. Not by oar choosing, nor by anybody's choosing; it Is an International question. Nor can we safely shat
697
from the range^of our scrutiny and rttteotion, besides the polit
cies and interests of foreign States, the semi-civilized and mosnumerous races of men, whose continuous absorption of silver
for centuries, their more recent and increasing absorption of
gold (of which $125,000,000 have been received and retained in
India alone during seven recent years\ are factors to be duly
weighed, and the chances of change. It is this monetary dislocation of the world in which our own silver question is incladed
as an inseparable though fractional part, and in which even our
surplus problem is deeply enmeshed.
Most watchful care and prudence can alone safeguard the
interests of our beloved land and people.
Careful perusal of the instructive (iebates at the last ses'ioa
of Congress leads me to review the four policies which then
received marked attention.
1. Free coinage of silver.
3. Conferences.
3. Continued purchases of silver.
4. Stopping purchases of silver.
SHALL THE UNITED 8TATES GIVE FREE COINAOB TO 3ILVEE NOW ?
I. The free-silver coinage prescription for the monetary dislocation satisfles but one of the several indispensable conditions
which I have set forth above in fall detail. While it is an
indispensable condition of permanent restoration that the free
monetization of silver shall be -qually complete as of gold, yet
were it now given to silver in this actual moment of dislocation
the practical result would be to withdraw the same from gold.
That would be a change without advantage in any respect, and
in every respect with disadvantage.
In the first place it would
bring us to the Asiatic silver basis. This has been commended
in some quarters.
There is, however, no such public desire.
The preponderance of public opinion .seems overwhelming in
favor of the joint use of both metals. No party and no administration could survive or would deserve to survive the deliberate or the unforeseen and unprevented change to a silver basis.
But the proof is simple that the free coinage of silver now
would at once entail a silver basis. Oifered by the open mint
to both metals, free coinage of silver for silver owners into
le^al-tender dollars would stop the use of the mint for free
coinage of gold by gold owners. It would stop the simultaneous circulation of gold and silver dollars. The gold dollar
would be at a premium and be exported. Throughout the
tTnited States it would make the use of silver in legal-tender
payments exclusive, apart from the greenbacks, which would
first be used, if possible, to empty the Treasury of gold, and
then would cease to signify by "dolUi" anything else than the
debt of a silver coin not at all the monetary unit once embodied in equivalent coins of the two metals.
Thus the free coinage of silver now, or, what is the sama
thing, the ^Vsiatic silver basis, would but shift our lameness to
the other foot. It wou'd neither restore nor tend to restore the
world-wide use of the two metals in a rated equivalence, which
is the cure
for the monetary dislocation, as their disjoined
use has been its cause. But the change to the o'lier foot would
be disadvantageous, not a matter of indifference. Now we
make a limping use of both metals, as is possible since the
difflcnlty is with respest to the less precious metal, which we
manage, by the legal-tend-r power and the receipt for taxes,
to hold in some general use along with the other. Then,
—
—
however, we could keep in use but roie, not the two not even
by legal-tender laws or penal laws. TEas the free silver coinage
—
pres3ription and the silver basis prescription are alike amputation of an uninjured leg to care temporary lameness in the
other.
Avoiding repetition of what I had the honor to say last winter
in reply to the inquiries of the Hnuse of Representatives, I will
add but one suggestion, which should be fatal to the free-silvercoinage proposal.
As our limited silver coinage paralyzes, so
our free silver coinage at this moment would destroy, the
power of the United States to promote the restoration of silver
to its old and equal place in the monetary order.
SHALL THE UNITED STATES PROPOaE MORE OONFEKESOBa?
n. More conferences, farther diplomatic correspondence are
proposed. I venture to think, with all due deference to those
who are responsible for a decision, that the time for another
oaatataam has not arrived, and that the moment for diplomatic
interference is not perfectly felicitous. Oor information is
recent and authentic, and is contained vSenate Ex. Doc. No. 29)
in the letters of our ministers accredited to Great Britain,
France, and Germany, there published, and in the correspondence and action of the English Government which are suinmarized above.
The Continental powers await the action of Great Britain,
whose reluctance defeated the object of both conferences called
at the instance of the United State.s, and to whom again, almost
within a twelvemonth, she has turned a deaf ear. If it suited
the dignity of the United States again to besiege the attention
of European States, or again to make advances where they
have been so lately repulsed, it would not suit our interests so
to do when it is certain that the inquiry upon which Great
Britain has suddenly entered at the instance and insistance of
her great dependency, India, and of her own accord, is entered
upon with an exclusive regard to her own interest. And of
Great Britain's interests the United States have no call to
become advisers or guardians. A considerable chapter in the
record of both the monetary conferences is occupied by disclaimers, on the part of the United States, of any special or
interested views, disclaimers not more just in fact, than they
are convincing, by their necessity, of the natural distrust which
zeal may inspire among jealous and equal States.
No inter-
—
1
THE CHRONICLE.
698
[Vou XT.TTL
feience now can advance its object if an inward change indeed
be taking place where outward cfaaoKe has been so ion^ perBistentl^ refused and resisted.
A conference will be profitable
not until after anr reluctant State baa placed herself in snbstantial accord with former conferees whose concurrent purpose hhe has lonf? known and twice f rustrat'ed. In short, it is
now for Great Britain to make propositions to other po«er».
And, as not at the instance of uoited powers, so not at the
instance of any one of thein, will she abaadon her eh<;rished
isolation.
It will be abandoned, if ever, solely becau.se it is
generally perceived in Great Britain to concern the vital interests of Great Britain so to do.
Under no circamstances will
Great Britain alone open her mint to the free coinage of silver.
When, if ever, she rerceives her interest to lie in retracing the
error of 1816, she has the means of apprising other powers of
a change in her opinions.
(Conferences and treaties would then be in order to a practical
varies in different States according to the fiscal and carrencT
systems which it disturbs. In England the depression is serious, but the disordered finances of her largest dependency,
India, are the point of trouble which touches the Government
of Great Britain. In France and Germany the depression is
general, but the fiscal problem is the maintenance of an enormous but not enlarging stock of coined silver lately depreciated
nearly 30 percent, atpar with gcldwbilekeeping both in use. In
the United States tlie depression of trade is great, caused by
the natural unwillingness of those whose savings are little as
of those whose capital is large, to risk its loss in falling prices
and the hazard of a silver basis, thus contracting everywhere,
not money, of which there is a superabundance, but the employment of savings as capital, by means of money, in organizing industry and keeping labor busy.
But the trouble meanwhile causea to the Government finances is different.
Here,
too, as in France and in Germany, there is need of holding an
reonlt.
enormous and also enlarging stock (larger now than that of
SHALL THE UNITBD STATES BUY MORB THAN |2.5O,0O0,000 OF France relatively to our commercial and banking habits^ of
coined silver, lately depreciated 30 (per cent, at par with gold,
SILVER?
while keeping both in use.
III. To go on as we are is the least creditable of all the
To stop the purchase and coinage of silver is for this our
eouraes open to our choice.
The Treasury silver purchase is defended by nobody, ap- local trouble also the first and best step. To increase our
proved by nobody; even every vote for the free coinage of silver stock is to increase the difficulties of the Treasury, illegitimate
and abnormal difficulties, which ought never to be imposed
fa a vote that the Treasury silver purchase shall cease, an asserupon the treasurj' of any democratic government and which
tion that it ought to cease.
Its mission is to coin the two metals
It has thrown away the opportunity to let loose abroad the ought not to be increased.
as much as everybody asks. It has
silver we have kept, stamped and stored, and it has discarded into money for the public
the power to reduce by as much the foreign stocks of gold, two no fitness for coining for itself and keeping the coinage. Its
proper business as a fisc is to receive the people's revenue from
arguments that would have had an intelligible cogency.
It is a policy which, if now prolonged by our hopes, may taxes in good money which it has coined for them, and to exeasily be so protracted thereafter by astute delaj's and dilatory pend that money as Congress b'ds, keeping no .surplus at all
A Trea.sury surplus
proceedings, and by the time taken for negotiation itself, as to beyond what insures punctual payments.
is standing proof of bad finance—of bad laws, if such have
force an Asiatic silver basis for America.
—
It is thus, at least, the remission of all control of the silver
question to adverse, if not to hostile, interests.
It deprives the United States of perfect equality of position
(non-coinage) in negotiation with foreign powers.
It is an expense and a taxation demonstrated by experience
to be of no avail for any useful end. Needless as a tax. our
silver purchase is also a disturbance in the Treasury, which
threatens the currency without relieving the tax-payer. It is
heaping up a heavy load of silver coin needing to be kept, but
increasingly difficult to keep, in domestic commercial equivalence with our monetary unit. Of that unit the silver coins can
never be a true <:mbodiment as the gold coins are, by any other
means than those which preserve to the gold coin its function
as such an embodiment, viz., open mints to the silver of the
world and a full legal-tender quality in the payment of debt,
imparted by law to any possible output of silver coin, thus
ensuring to the nnminted metal an equal value with the moneIt is, therefore, glutting our currency with depretized coin.
ciated metal, while also impeding the only means of reversing
that depreciation and restoring its value.
It has been as futile as costly.
It neither gives nor has had
a tendency to give an international currency to the silver of
these 250,000,000 coins. It increases by one the number of
nations burdened with the task of holc^ng a depreciated metal
at its old level in their bimetallic monetary units. There is a
When the monetary dislocation began, the
single difference.
people of other nations had large stocks of silver coin subject
we had none.
to depression
created one, and are daily
adding to it.
To the feebleness of self defeat in the exercise of ourinfluence
abroad, it thus unites the injury of a costly inflation at home.
It is not merely the abdication of our actual power to hasten a
solution of the international problem which will restore silver
to its former u«e and value ; it is the taxation of an otherwise
overtaxed people $24,000,000 per annum to delay and defeat
that solution, besides being a use of the proceeds of that taxation to disorder our domestic currency, jeopard the stability
of our unit of value, and accumulate a surplus which on the one
hand presses the Treasury towards a silver basis, and on the
Wo
:
other nand tempts Congress beyond a frugal expense.
It
blocks every avenue, not only to monetary but to fiscal sad tax
reform.
SHALL THE UNITED STATES PROMOTE CURE OF MONETARY DISLOCATION ?
rV. To 8top_ the purchase of silver is our only choice, our
nty and our
It will
interest.
stop a wasteful and injurious expense, and the taxa-
ion which defrays
It
will
it.
commence and promote reform
in the
sum and
the
methods
of federal taxation.
It will recover to the United States
an equality of position
(non-coinage) with foreign powers, which will give us due influence in negotiation.
It will induce negotiation, and negotiation to the end of relief, not for the purpose of delay.
Stopping the purchase and coinage of silver is the first step
and the best which the United States can take in doing their
great part to repair the monetary dislocation of the world. Its
origin was foreign ; its remedy is international. The time is
ripe for this powerful commonwealth to enter decisively upon
that international transaction. The ripe moment must not be
let slip.
After becoming entangled in negotiation, we should
not be free, as now, to act, first for our own advantage, and
then for the promoting of our own deliverance and the world's
deliverance from this world-wide trouble. Depressing industry
and trade, it affects private prosperity everywhere. But its
influence upon government finances is a separable injury, and
made
it
necessary.
manufacture and store or distribute coin of a
depreciated
metal could stop
its
depreciation, or relieve the depression
of trade, or improve the
money
circulation, or call out into use for the employment of
labor more of loanable capital, or arrest the drop in
prices, then the Treasury trouble and the tax burden would
have some offset. But it does the reverse. It inspires the owners, the borrowers, and employers of capital, who organize
work for working men to do, with an utterly incurable distrust.
It is a reasonable distrust, which every man who has earned
and saved five dollars that he would like to employ or lend as
capital, knows as well as those who have savect thousands of
dollars from their earnings.
Every wage-earner, too, knows as
well as they that silver inflation has not stimulated and does
not stimulate industry or tride. Silver has never been as low
as this year (42 pence), though the Treasury has bought and
stamped $250,000,000 of it in the last eight years. Prices of all
commodities range lower than in any previous year of the nineteenth century,
If
to
CONSEQUENCES OF STOPPING SILVER PURCHASES.
stop the purchase of silver will enable the Treasury, while
the monetary system is restoring to its normal conditions, to
maintain with certainty and greater ease the present stock of
silver coin at par with gold in all our fiscal and I ical uses, to
the great relief from distrust, of the owners and employers of
capital, asd so to the greater relief and increasing employment
of labor the first fruits of sound finance and the first condition of prosperity.
To stop the purchase of silver of course will cause a new fall
in the London market. Speedier and more assured will then
be the day of its final restoration to its former place in the
money of the world. It is the recent heavy fall which has
opened eyes that were blind and ears that were deaf. But a
fall of silver, if the expense and infiux to the Treasury are
stopped, will not enhance the trouble of the Treasury or increase the difficulty of the duty which the laws impose to keep
the silver circulation at par with gold within our own jurisdicOf course, compulsory employment of a money temportion.
arily and locally inferior, in funded-debt payments,, or in
daily expense of any sort, means compulsory acceptance, and
would force the inferiority to appear, wheras its skilful employment and an optional acceptance, which the laws of Congress do not forbid, will prevent that inferiority from appearing in our domestic trace which nothing can "disguise in our
foreign exchanges.
No prospective fall in the purchasing power of the metal can
be so harassing to the Treasury as the perpetual inpour of a
coin made full legal tender for its face, yet not worth its face,
which the Treasury is expected to employ like gold as if it were
To
—
worth
its face.
stop the purchase of silver will thus arrest the growth of
that standing sname in our finance, the Treasury surplus. It
will put us in the way of abolishing the same altogether, not by
cheating our creditors, shaving our pensioners, or crippling our
wage-earners, but by enabling the Treasury to hold the silver
dollar firmly in a local parity with the gold dollar until we can
unite with the leading powers in restoring and establishing
their permanent equivalence.
It is a direct consequence of the monetary dislocation that
wheat of India, which there fetched 3 rupees per quintal fourteen years ago, and there fetches 8 rupees per quintal to-day,
can be sold in London (cost of transport apart) for as little as
the gold price of 3 silver rupees of India in London to-day
fall of 25 per cent.
This fall has caused, of course, a corresponding fall in the
price of Englfah and Irish home-grown wheat in London
^
To
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THE CHRONICLE
Dbokmbeb U, IWO.]
This lowered price of wheat in London has had to be met b^
price of the American wheat surplus sold in London.
The price of onr surplus wheat determines the price of the
whole wheat crop of the United States.
So that the monetary dislucatiun has already eost our farming popalation, who Bomber nearly one-half the total popnlatioD of the United State*, an almost incomputable sum, a loss of
millions upon millions of dollars every year, a loss which they
will continoe to suffer so long as Congress delays to stop the
a lower
silTer parohMe and by that act to compel an international redieaa of the monetary dislocation.
Another year's delay in stopping the silver purchase is the
Ion of remaneratire prices upon another wheat crop of the
United States ; Ls another year's stimulus to India's competition
for the foreign markets of onr agricnltaral product, and a redoetion of our ability to hold that market against any competitinn in the world (measured by a common money).
While oar war-tariif taxes, prolonged after 20 years of peace,
have been choking off our mannfactares from successful competition in foreign markets with the products of nations which do
not tax raw materials, we have deemed foreitro markets for the
Morplos prodaee of onr farms as sure as seed-time and harvest.
Oar command of them at least we have deemed unassailable.
They
are in peril.
Congress to consider whether a policy which does
Dot prrvent the loss of 35 per cent off of our silver output to a
few tbouwnd mine-owners, but prolongs the loss to many million farmers of 25 per cent off the price of their annual wheat
crop, shoald not now be abandoned and the only policy adopted
which promidea to reatore the former prosperity of both.
If tfaa law were repealed wbicn makes compulsory Treasury
pumhliw of Ott, and if that repeal were aooompanied by
the decilamtton of Coogref s that the United States now hold
tbemaelvee in rMdinees tJ unite with France, Germany and
Oreat Britain in opening their mints to the free coinage of
ilTer and gold at a ratio fixed by international agreement, it
is the deliberate judgment of the undenigaed that before the
expiraticn of another fiscal year this international monetary
didocatioil might be corrected by such an international concorrenoe, the two monetary metals restored to their old and
universal function as the one standard measure of prices for
the wof Id's commodities, the depression of trade and industry
relieTed, and a general prosperity renewed.
I respeetfnlly reeommend to the wisdom of Congress the unooadttional repeal of the act of February 28, 1878, accompanied
by saeh a declaration.
n5A50ia OF THB U9ITKD STATBa.
The pablic debt ooiuists of four principal items, which are,
in ronnd nombers, as follows
1. The OBfaoded debt—
It
is for
•340,000,000
United Stales l««al-t«Ddcr notes
9.
TiwfniMiMldeMLoan of 1^82. thrre pereenU
Loan of 1891, fuar-aod-a-balt per oento
Louof 1S07. four
64,000,000
250,000,000
738,000,000
per oenU
Dorteg the last terea 7^*'" ^« receipts of the Federal
Treasury have been, over f3, 500,000.000 the net ordinary expenditares b«ve been, upon an average, 1257,000.000 a year
the eic-MS of the ordinary revenue has been, upon an average,
Including the $2,000,000 a month
over $100,000,000 a year.
expended for silver, the total annual surplus revenue has been
Brariy $133,000,000 a year for the last seven years. With this
urplas we have been paying off fanded debt at an average
rate of $100,000,000 a year, and have been spending the residue
m'latly on silver doUan, of whisb, in January next, 250,000,000
will tiave been coined.
Our hone eoosamption, as taxed, gave daring the last fiscal
year an iaerease of revenue beyond that of the previous fiscal
year of $16.740.295 but the Brat quarter of the present fiscal
year gave $7,803,496 increase of revenue beyond that of the
In other words, our taxes
first quarter of the last fiscal year.
(duties and excise, am' lUQting lait year to about $310,000,000)
on eomtnodittes entered from abroad or produced at home for
consumption in the United States are giving an increase, and
an angmenting increase.
Congress at the last session expressed a solicitude to hai^tea
as fast as practicable the payment of the fanded debt subject
to ealL Kieroisiag due discretion, such has ever been my duty
aad parpose; and the ret^ent indication of the judgment of
Congress on Uiat head, as well as the laws of Congress which
;
699
the proceeds of a surplus taxation, beyond all sums of which
the present Congress has hitherto considered or prescribed the
employment.
Daring the years of the immediate future,
under the operation of existing tax laws, this surplus taxation
would be at least as onerous and excessive as now. A worldwide monetary dislocation the present Congress can assist to
cure. A needless depletion of the people's earnings at the rate
of $125,000,000 a year the present Congress can completely cure.
SURPLUS TAXATION $125,000,000 A YBAR.
Employment for the proceeds of our surplus taxation, reasons for delay in reducing our surplus taxation, can no longer
be found in a rapid payment of the fanded debt. Setting aside
the vanishing three per cents and the unfunded debt of $346,000,000, the residue of the public debt has been in such wise
funded by our predecessors that $250,000,000 cannot hs paid,
except by purchase at a high premium to the bondholder,
before September 1, 1891, and that $737,776,400 cannot be paid,
except by purchase at a high premium to the bondhmder,
before July 1, 1907. On and after those dates, respectively, but
not until then, those loans are payable, at the option of the
United States, at their face and without premium. The present
premium on the four-and-a-half per cents of 1891 is about 11 per
cent. The present premium on the four percents of 1907 isabout
28 per cent. To continue onr present surplus taxation, and to
employ its proceeds now or for som-* years t<i come in giving to
the bondholder any such, or still higher, premiums by anticipatory purchase of those bonds before they are due and payable at par, is a fiscal policy so unnecessary, extravagant, and
merciless to the industrious toilers of our land, from whose
earnings, profits, or capital are deducted and t&ken all the revenues of the Treasury, that I cannot presume their representatives in Congress would let stand any law devolving upon the
head of this Department such a thriftless task.
I also set asjde as equally indefensible, the continuance of our
present surplus taxation audits employment in extravagant appropriation.s, by which, of course, I neither mean to include
suitable annual appropriations for the large expense of deepening the channel to carry off the floods of the Mississippi River,
nor such as are needed for the t-till larger expense of providing
onr seaboard cities with a permanent coast defence. These are
n»t the means of naval aggression nor incitements to militancy
at home and abroad; they are prudent provisions "for the common defence and general welfare," which require no blanket
clause to justify or cover them. Our engineers do not need
extravagant appropriations to carry on as fast as practicable
these great works, which should be the labor and the legacy of
a peaceful generation for the benefit of those who will succeed
to
our inheritance.
aside as alike indefensible the continuance of oar
present surplus taxation, and its employment to increase the
Treasury hoards. These are now in enormous excess of any
need which would continue to exist were the legal tender debt
paid off and were the silver basis finally averted aad the fear of
it removed from the public mind by stopping the silver purchase.
But this outline of our financial situation, prospects and pitfalls, requires the addition of one more fact.
I also set
SIHKIHO FUND WILL CANCBL FUNDED DEBT WHEN DUB.
The computations of Treasurer Jordan, in his subjoined report, show that the provisions of the Revised Statutes (Sections
8,694 and 3,695) as to the sinking fund and the public debt, and
compliance therewith, by their continued operation hereafter,
will effect the payment of the whole public debt, greenbacks
and bonds, by tlie year 1908 within a twelve month after our
last great funded loan becomes due and payable.
In other words, I am advised by that able officer that the
;
whole public debt can be thus duly paid without a continuance
of our present surplus taxation, but merely by conformity to
the sinking fund law and the regular annual appropriation
therefor, from now until 1908 to wit, by "the purcnase or payment of one per cent of the entire debt of the United States to
he made within eachflncal year, which is to be set apart as a
sinking fund, and the interest on which shall in like manner be
applied to the purchase or payment of the public debt, as the
Secretary -T the Treasury shall from time to time direct."
But in order to transff r our present and accruing proceeds of
surplus taxation from the Treasury vaults to the pockets of the
people; in order, also, to effect the most economical compliance
direct my action, will continue to reaeive heedful attention. with the sinking fund law above cited, whilst the bonds not yet
to
$t;4,017,reduced
due are too far beyond our reach; and in order also to fulfil the
That part of the funded debt has now been
800, and in September payment to any holder, without regard law in which "the faith of the United States is solemnly pledged
best
the
to
Aoeording
offered.
to the payment in coin (redemption is elsewhere separately
to future calls, was publicly
forecast now to be made in a matter that can better be judged promised, and since 1879 has been practiced) to the payment
of from week to week, it will be practicable to have called for in coin or its equivalent, of all the obligations of the United
payment the last of the three par cents by the first of next States not bearing interest, known as United States notes," (R,
S., 3,693, March 18, 1869) a mere reduc.ion of our present surOctob«r. If prudent, an earlier date will be attempted.
plus taxation is not enough.
CVBRSSCT BKPORJt— TAXATI05 BKFOSM.
Currency reform and taxation reform are both necessary and
Overwhelming force is thus contributed by Congress and by
Forty-ninth Congress, daring the reour rising revenue to the argument and plan for Currency Re- both unavoidable, if the
how powerfully
form as Brat in the order of importance and of time, and for maining three months of its life, shall perceive
interest, and our necessities,
Taxation Reform, which were submitted to the wisdom of we are constrained by our duty, our
Coagresi in my flrat annual report, and which I now beg leave to enter now upon the open path of safety.
The financial situation, scanned at large and as a whole,
to state in more detail.
We should
indicates our best policy.
Shortly after the t«rm of the present Congress expires, and plainly
Reduce taxation immediately to an annual revenue sufficing
long before the Fiftieth Congress in the natural order of events
including
the sinking fund, and
expenditure,
would assemble, organize and determine upon new legislation, to pay our annual
time when the annual excluding the silver purchase;
it Is probable that existing lax laws (at a
Pay our unfunded debt of $346,681,016 with the present surlaiger oommercul need and use of money in moving the crops
and the surplus which will accrue before the whole redao>
gives t'> their operation the most serious consequence) will be plus,
taxation can be made or take effect, and while no more
withdrawing from circulation and pouring into the Treasury tion of
—
—
THE CHRONICLE
700
fonded debt can b« paid except at a premiam daring the five
yeant from now until 1891.
REDUCE TAXES PAY OBEBITBACK DEBT WITH BtJRPWJS.
—
therefore respectfully recommend:
1. Repeal of the clause ia the act of Febmary 28, 1878, making compulsory. Treasury purchases of silver, for the reasons
heretofore (?iven and in order to reduce surplas and unnecessary
taxation (24,000,000 a year.
2. Farther reduction of surplus taxation, beginning in a
manner which will be suggested below, close down to the necessities of the Government economically administered.
8. Repeal of the act of May 31, 1878, making cnmpnlsory,
post-reaemption iasues and reissues of United States legaltender notes, thus facilitating
4. Gradual purchase and payment of $346,681,016 outstanding promissory notes of the United States with the present and
accruing Treasury surplus, issuing silver certificates in their
room, and gold certificates if need be, without contraction oif
the present circulating volume of the currency, these notes
(called greenbacks; being now the only debt due and payable
before 1891 except the three per cent bonds, which are probably
all to be called and paid, early in the ensuing fiscal year.
The extraordinary conjunction of opportunity and necessity
making practicable so complete a reform in our currency and
80 large a reform in our taxation, will, perhaps, excuse a reference to the conditions and the method of their execution which
Were set out in my last annual report, or any repetition of what
I have already had the honor to suggest in respectfully urging
upon Congress the easy provision of a better currency for the
people of the United States than the best now possessed by any
nation,
" a currency in which every dollar note shall be the
representative certificate of a coin dollar actually in the
1
,
—
[Vol. XIiTTl.
tbatkind which is a standard and measure of the value of all
kinds of wealth; and to change the standard, in the act of
borrowing, from coin to the promise to pay coin, would have
been not borrowing merely, but also cheating or enriching the
lender. If such power be indeed a hovereign power, legitimate
and heritable, it is of the least precious patrimony reserved in
the sovereignty of the people, for it was prohibited to the
States and never delegated to the United States.
The Congress of 1792 fixed the monetary unit of the United
States in coin, gave it the name Dollar, made it the unite of the
money of account in their offices and courts, named also its
multiples and fractions, and then, opening their Mint free to
all comers, affixed the full legal-tender quality to all gold and
silver there coined.
Congress might, under its also granted power "to borrow
money," have received the loan of all the coined gold and silver dollars that their owners would lend, for borrowing is not
taking, by force of law or license, against the will of the lender.
It is takiog because the consent of the borrower to receive concurs with the consent of the lender to convey. In return for
each and all of those coins it might have emitted its promise
to pay on demand. That would have been the exercise of its
granted power to borrow money.
At further need it might
have agreed to pay from its constant receipt of taxes (for the
longer loan of money which its own constantly outgoing expenditure and the residue of still unborrowed m >n»y would
provide) money in principal sums and as interest, giving therefor its time obligations. That would have been the exerci.se of
its power to borrow money.
But the power to change the unit
of value in money Jso borrowed or so loaned, has no relation,
legitimate or logical, with such or any power to borrow money.
It is not derivable from the borrowing power.
It is a power
illegitimate and irrelevant both to the lending and to the borrowing power. The latter is a power to use the credit which a
Government has from men's faith in its honor and its laws.
The power to raise or depress the monetary unit of value is a
power to destroy men's faith in the honor of a Government
and its laws. The power to force into the circulation an unfit
representative of, a false equivalent of, a debt of, that monetary unit of value, as its namesake and equal in exchange, is
a power to destroy men's faith in the honor of a Government
and its laws. Ttieir sense of betrayal, and their perception of
the fact, are expressed by the non-equivalence in exchange
often disclosed between the undebased coin and the debased
coin, between the coin and the promise to pay converted into a
legal tender, between the coin undepreciated and the depreciated coin, according as in any of these ways the monetary
unit has been the instrument or the memorial of that duplicity.
But such proceedings found no precedent, such opinions as are
here controverted found no believer, no defender, among the
Treasury and payable on demand a currency in which our
monetary unit, coined in gold, or its equivalent, coined in silver,
shall not be suffer.ed to part company."
The act making compulsory post- redemption issues and reissues of Unitad States notes and the act making compulsory
Treasury purchases of silver are each a separate menace to the
public tranquillity, are each injurious to the public morals, the
public faith, and the public interest. But they do not double
our difficulties. On the contrary, the repeal of both acts, and
the use of the Treasury metal surplus m the substitution of
coin certificates for greenbacks, will convert our worst kind of
paper currency into the best kind, indefinite promissory notes
of debt made legal tender will be converted into representative
certificates of coin, held subject to demaud.
As the competency of the Federal Government to make its
debts a legal tender of payment for the debta of its citizens,
one to another, has, in these latter days, been affirmed, despite
an absolu'e consensus of opinion to the contrary among its
founders and statesmen of all parties from 1789 to 1861, it seems lawyers, statesmen, or people in the first seventy-two years of
to me in this conflict of legal opinions a duty to recur to the un- this Repnblic.
Not until 1861, when a great danger had beclouded most
questioned conclusions of a sound finance.
men's perceptions of financial as well as Constitutional law, was
COIN, ROT PROMISES, FIT FOR LEOAL TENDER.
a legal tender money made out of the debts of the Uaited
When the union of the States was formed in 1789, and the States.
Not until the infection spread was it ever deliberately argaed
present Constitution ordained, the last and first avowed objects
of its framers were to secure liberty and to establish justice. that any representative of the unit of value could justfy be
Political philosophy as yet has framed no higher ideal. Justice suffered to be made, or to abide, in permanent depreciation
was their endeavor, and the Constitution, like the laws passed and disparity therewith.
But whether or not a non-equivalent of the coin dollar may
by the early Congresses, in which many of its framers sat, shows
be made a lawful dollar, and whether or not post-redemption
a fixed purpose to avert known perils to justice.
issues
and reissues of such promises can be lawfully made,
Among the chief instruments and means of justice is a least
imperfect, least variable, coin monetary unit
the standard of after twenty-une years of peace have superseded any real or
imagined
exigency of war, certain it is that every argument of
all exchanges and lawful tender of payments.
The framers of
the Constitution were fresh from a bitter experience of the Solicy now forbids the continuance of that legalized injustice,
calamities consequent upon stretching the legal-tender quality
[ad it ever been conferred, the Federal Government sh juld be
from coin to promises to pay coin. So they built high a double stripped of so dangerous a power. No executive and no legisbarrier against that calamity. They limited the Federal Gov- lature is fit to be trusted with the control it involves over the
ernment to certain and delegated powers. They defl led some earnings and the savings of the people No earthly sovereign
and prohibited other certain powers to the States. And, lest or servant is capable of a just exercise of such authority to
the residue of unprohibited or undelegated powers which com- impair and pervert the obligation of contracts.
i'o apply the present and the unavoidably accruing proceeds
Sleted the round sum of sovereignty, should be implied into
e Federal Government, they reserved them explicftly to the of our surplus taxation during the next five years in payment
States respectively or to the people. Then to the Federal Gov- of the only portion of thj public debt beyond the vanishing
ernment they gave manv powers, but not this power to make three per cents, which is now due or will be payable, except at
the Treasury notes of the United States a legal tender in the a high premium, before the four-and-a-half per cents of 1891
payment of private debts. Then to the States they explicitly
prohibited all future exercise of a similar power— theretofure
at most grevious cost exercised by them amid the strugles of
foundation or the throes of revolution. Nor in any one of upon the business of the country.
Skilful administration of
the fifteen amendments which have enlarged the federal the Department in respect to its incomes and outgoes may repowers, over slavery, representation, citizenship, and the voting duce to a minimum that influence, which cannot but be confranchise, has there been enlargement of the power at first siderable while its receipts average a million dollars a day. But
bestowed upon the United States, and vested in their Congress it is in no way for the public advantage, ic U a distinct interas the power to " coin money, regulate the value thereof and ference with private property, and it is an improper trust to
of foreign coin." And while thus were refused in the Conven- be imposed upon any officer of the Government, when the
tion, and withheld in the Constitution, any warrant to amplify, most prudent, faithful, and intelligent exercise of his judgor excuse for abusing, the power so specified and granted, it ment, and th-: wisest use of the power he is compelled to accept,
was also ordained that thereafter " no State shall * * emit cannot fail to prumote the pecuniary advantage or involve tne
bills of credit
make anything but gold and silver coin a tender pecuniary disadvantage of this or that group of his fellow-citiin payment of debts; pass any • * * law impairing the zens. It is no defence of the condition of things which has
obligation of contracts » * *." Under the last clause of the grown up since the war,'aad which has gradually converted the
eighth section of the Constitution, the power thus granted was Treasury into such an overshadowing fiscal power, invoked at
by the Second Congress, in the coinage law of 1792, as neces- every commercial crisis, to say that we are becoming accustomed
Banly an 1 properly executory of that power, wisely and fully to it.
exercised. It was exercised without abuse, without pretension
These illegitimate and unwarrantable encroachments of govto some sovereign power inherited, but as a specific power deleernmental influence should be restricted and abridged, with
gated to the Federal Government and vested in the Congress.
constant and inflexible purpose to restore the simplicity, comIt was exercised not in relation to any power
to borrow pel the frugality, and limit the authority of Federal as of all
money; for money, besides being one kind of wealth, is also our governmental
institutions.
Of these the true function is.
;
—
;
;
Dkcehbbb
THE CHRONICLR
11. 1880.1
701
to gna,rd onr Individual liberties, not to confine them, not
to
•nperaede them, not to direct them.
Even monarchies
»r* slowly discarding other f anctions. Democracies have no
nsefor their cast-off trappings. It is liberty which has enlightened the world, not the necessary evil of legislatures,
laws, conns, annies and police, which with our taxes we
pay to
^nard that liberty from aggression.
highest r.ite of the war period and is nearly four per cent more than the
rate before the latest revision. The Highest endurable rates of duty,
whieh were adopted in lS62-'64 to offset internal taxes upon almost
every taxable article, have in most oasss been retained now from fourteen to twenty years after every such internal tux has been removed.
They have been retained while purely revenue duties upon articles not
competing with anything produced In the 38 States have been discarded.
They have been retained upon articles used as miterials for our own
manufactures (In 1884 adding $30,000,000 to their cost), which, if exported, compete in other countries against similar manufactures from
RECrCTIOS OF SHRPLCS TAXATIOK.
untaxed materials. Som" ratea have been retained atter rniuinit the
It remains to consider the reduction of taxation to the
industries
tbev were meant to advantage. Other rates have been
needs
retained after efT'ctini; a hisher pries for a domestic prodmt at home
of the GoTemment economically administered.
than
it is was sold for iibroad.
The general hiah level of rates has been
What sarplas we expend in paying off the greenback debt retained on the theoiy of
countervailing lower wages abroad, when, in
will diminish by so much the immediate reduction of our
fact, the higher w.iges of American labor are at once the secret and the
tariflf
taxation ; for, while the funded debt stands, certainly it is not wise security of oar capacity to distance all <H!ompetltion from 'pauper labor,'
In any market. All changes have left unchangeii. or changed for the
to discard the taxes on whisky, tobacco and beer.
Indeed, it is
by new schemes of classification and otherwise, a complicated,
own belief that whenever we begin taking off the shackles worse,
cumbrous, intricate group of laws, which are not capable of being adof war-tariff taxes on raw materials, such increased prosperity ministered with impartiality to all our merchants. As nothing in the
ordinary course of business is Imported unless the price here of the
will follow to the employers who dread it, and such larger
and domestic, as well as of the imported
article la higher by tbe amount of
tMdier employment to the wage-earners who need it, by in- the
duty and tbe cost of sea transit than the price abroad,
preferenaaing the sales abroad of onr own mannfactnres, and by ence of the taxpaver for duties upon articles not produced in the
the United
whipping out foreign competitors in onr own markets, that we States is Jiistlfled by the fact that sunh duties cost him no more than the
of his countrv gets. As for duties affecting articles that are
ball 8«>e onr income from imported mannfactnres dwindle so Treasury
also produced in tlie Uiired States, the first to be safely discarded are
fast as not only to compel the retention of these most lit items those upon materials used by our own manufacturers,
which now subof revenue whisky, tobacco and beer bnt, perhaps, to drive ject them to a hopeless competition, at home and abroad, with the
manufacturinK nations, none of which taxes raw materials."
n« back to getting ten millions of revenue from two
B^
—
ponnd
It
is
—
tax on coffee
and half as much from
cents a
tea.
the reduction of war-tariff taxation which we have to
consider.
FIELD OF FEDERAL TAXES, NOT LAND, NOT INCOMES.
The Federal power of taxation
is
almost uneircumsoribed.'' It
Coder onr 8yst«m of goTemment by party, and the rule of must l>e "for the general welfare," not for a partial or class
benefit.
Exports cannot be taxed Direct taxes must be apportil* majority, I do not think it unbecoming even in a public
oAc«r at this tim« to recall certain responsible and specific tioned among the several States according to their population.
pledges in respect to the sum and methods of Federal taxation, Indirect taxes must be uniform throughout the United States.
Thftse include "all duties, imposts and excises," which are,
rabjeet to which the people of the United States, in the exerdae of a lawful election, took away the administration of this though advanced by the hom>< producer or the importing merGoTemment from the party intrusted therewith for a quarter chant, alike actually paid by the final consumer.
Our experience of th-^ difflmltT and inequalities of the direct
of a cnlury and lodgea it in other hands.
tax when applied to land, of which a square foot in one place
Public life will c-ase to be the ambition of honorable and
worthy men if the deliberate pledges and professed principles is costlier than 100 miles square in another place, and in proportion to population, which varies in density now and changes
of political parties are not a law for their leaders. Discharging,
continually; or when applied to individual incomes (the most
if I might, whatever hostility of tone, now irrelevant, i; condirect tax conceivable, for when paid it cannot be shifted it
tains, I deture to refer to the record of one public obligation
has no repercussion, which is the only common feature of the
thus aaanoied, and thus accepted anl mtde binding by the last
taxes held to be direct before war had disturbed the vision of
ffvatcal popular vote:
courts snd legislatures) under the prescribed rule of apportionment to the States according to population, confines their
PtEDOK TO RSDCCB TAJTES.
TDiiec«Han taxation la oAJiut taxation. * • * Sarplns (taxation) utility to State purposes, and excludes them from the just purafBoretbaa 910(^000,000 ha* yearly been collected from a sn trying view of Federal taxation.
—
P^ofto. • • • We Jenoonre the RepnbUran party for baring failed to
IvIlaTethe people (roa enubtog war taws wblob bave paralyzed buel. onpplml Indiutry, aod deprived
labor of employment and of Just
BUT THINGS HERE
Under a lone perlol of Democratic
WITH INLAND AND SEAPORT COLLECTORS OF TAXES.
COSStTMEU);
rule and poUi-y. onr mercbantIt is indirect taxes only which the Federal Government now
ovartaklnx, and on thp point of oniitripninK, that of
Under twenty yearn of Repuuiiran rule and policy our levies, and to which, being t'lus practically restricted by those
eoanerce Iwi bean left to Brlilah liottoniB and ibe American tlai; has provisions of the Constitution, it must look for its revenues,
aIiD«atb««a swept off ibe was.
and its remissions when revenue outruns expense. It is out of
** Oa4«r OMDOoratlc rule and
p illoy onr merchants and aailort, flyiniEr
ue Stan and stripes in every iwrt. sucveasfiiliy sein-hed out a market indirect taxes that arise contentions about protection and free
nrttararleilpttiducti of Araerican Indiwfry. l'nd<T aqnarter of a trade, as they arose before the war when our debt was little
ewtttrj of Bepabll<*an mie and ikiIipv. cleniiite onr luutitfest advantage and our expense so small
that many thought Congress might
•WaU other oat'oDs In hich-pald lahor. favorable p liuat«s. and teem- have atKjlished custom houses,
and no harm.
lD|C adU: daaplte treedom of trade among all theae Uuit«d Stales; des"Free trade" accurately describes the internal commerce of
Rlte tbrlr popolatloo by the fo^emos^ races of men, and an annual
uBljrratloD of the youDK, thrifty and adventarons of all nations; onr States.
It applies to the commerce, one with another,
<asfne oar ItMdna bare from the Inherited burdens of life and InduatfylaaM-world moaaiehlea. tbelr ooatly war navies, their va«t tax- of no other great and sovereign States. It does not apply
«a—UMlBg. non-prod idnc s'anillng armies; desflte twenty years of to our trade with foreign nations. No man now living will
MMe, tbat Rrpii'iliean mtp and iioiicy hare manjfed to surrender to ever see "free trade" adopted by these United States in their
WTCM BriialD, alooK witb onr commerce, the oontrol of the markets of commerce with foreign nations; for taxes on imports,
from the
•
tfeowarbl. • < •
" Iwtoad of the Kepublloan pariy's dUerrdlted scheme and faiss pre- foundation of this Government, have ever been one chief source
taaea of Mend -hip for American iat>or. expressed by impoxing taxes, of Federal revenue, and such they will continue to be. They
wadonaDd, IB bsfaalf of the nemo^raoy, lr«>lom fur American labor are taxes upon consumption, like our internal revenue taxes
;
hr rsAMtog taxes, to the ead that these United States may compete and the true ground
of choice among articles suitable for taxwNk saUadxrod powen for the primacy among nations In all the arts
ation
is
not
the
circumstance
Of paaea aad fruiu of liberty."
that they are produced at home
The«e pledges can never be fulfilled without a reform in the or imported from abroad, for neither the producer nor the importer
finally
pays
the
tax.
The
consumer psys it. The place
fom and metbodt of Federal taxation. Nor can onr country
ever prolt fnlly by its Incomparable advantagas among the of origin is no criterion. The plac" of collectiim is no criterion.
The
place
of
consumption
is
where
duties as well as excise are
nations of the earth in populati<;n, peace, land and liberty, so
long as we go on pleading infancy, and swaddle, in mfdiaivl paid at last seaport taxes and inland taxes are alike in cost of
collection (3 3-10 and 3 6-10 percent), and alike in this, that
rags, its victorions ener^es.
It is th-'se which need release and
All onr requisite taxation may be made an easy gar- although tbe importer or distiller advances the tax, he reimliberty.
ment. We have made a prison of it, plastered stiff with ooso- burses nimself in the price to the consumer, who alone is taxed.
T^e^ruc ground of choice is that among all articles thus con)et« rontentioBs about protection and free trade.
sumed within our own borders Kome are better suited for an
OTB. ntSKTI PK0L05OED WAR TARIFF TAXES.
equitable taxation than others. They are universally consumed,
like sugar, or easily identified, like coffee, or their consumption
It it actually the war rates of the war tariff of the last generation under which we are now living; for the nndebated, may be safely impeded, like distilled spirits or fermented
ODsifted law of 1883, made by a conference committee, did but liquors or tobacco, or they are luxuries, like wines, silks and
diamonds. Bat of these articles suitable tor taxation, foreign
keep alive the body of the tariff of 1864.
The average percentage of the taxes on, to the values of, production affords as many as home production, or more
Taxes on imports are levied by all nations. Last year England
imported commodities has been as follows:
18-84 per cent raised a revenue of $95,973,583 from taxes on imports ; France,
Morrill tariff of isno'e (before the war) was
Germany, *47,557,180.
*68,610,32.5
Warlarilf of IHv^-'fll (In Itl6Swa« highest) was
IS-S.'S per cent
But no f.ireign nation
*<i-in per cent
Preaaat pmlonred war tariff (was in 1885)
taxes raw materials.
Such taxes injure home industries, in
My last annaal report reviews the history of this strange snr- which those materials are worked up and increased in value by
home labor. Such taxes on raw materials, instead of excluding
TiT«l.
'^ke tm ctirrmey laws onr tariff laws are a legacy of war. If its foreign competition from the liome market, put our own emCTlgaaelaa exenae their origin, their defects are unnecessary after plovers of labor at a great disadvantage in thi home market,
Sweaty rear* of peaoe. They have been retalDol witbnut 8ilttng and and a greater disadvantage in every foreign market, compared
dlaertmuiatloo. allhuagh enacted without ipgii>Iatlve debate, criticism
or examination. A horizontal rednetinn of lU per cect wax made in with the foreigner employing labor upon untaxed raw ma1S7S, bB» waa repealed In IS?.?, and rejeeted In IS84. They reipilre at terials.
hooaea tbe employment uf a fora^ siinir'ient to ex mine,
" Protection " is also a misnomer. It implies superiority elseypraiaaaod levy dntloa upon more than 4.182 dlir-rent article*. Many where. That superiority over
any great industry of ours does
ratea of doty beiniu In war have t>een Inereaseil siore, althnneh the l;tte
It Implies infants here and adults
Tariff CSMBlaslOB declared them 'Inlurions to the Interests supposed to not exist upon the globe.
ha feeoeCftad,' aad said that a 'reduvi Ion would l>e ronducire to the gen- elsewhere. Such is not our reputation. It implies that amid
eral pfoaptrity.' They have tieen relalneil, ulthougli ihe lon^' era of fall- competition universal, where the fittest survive, we
shall perish.
tef prleea. In the ease of apeolfie duties bas operated a large inorea'e of But
it is everywhere else believed that whenever we shall revatea. They have tieea retained at an average ad rnioren rate for tne
Mit year of over 46 par eeBt.w.lrtais but 2>« per cent less than the lease ourselves from bad laws and enter that competition un-
Mae waa faat
Oraa*
Itrlialo.
;
I
;
THE CHRONJCLK
702
manacled, rivals will be distanced, and oar primacy established
in thp markets and commerce rf the world.
Such it* also my own belief, making allowance for those misleading forms of speech which we seem obliged to use, bat
which state indastrial intercourse in terms of military strife.
It is a mistake to conceive it so. In warlike encoanters one may
^ain what another loses, but on the whole, in indastrial intercourse, every desired exchange is profitable to both parties, and
this relation of things exhibits the nature of property, and is a
>«oraer-stone of society.
AMBRICAK LABOR UET8 AND BARNS THB HiaHBST WAOES.
Now, one proad fact attests the substance of our prosperity,
and is the guaranty as well as proof of our power to hold
1
against all competition the markets of the United States for
everything we choose to dig or fabricate or grow, and to command and control for our surplus prodacts, against all rivals,
any foreign market.
Highly» We pay to labor the highest wages in the world.
paid labor signifies the most eiScient labor signifies that high
wages are the most profitable wages signifies that the high
rate is earned.
The highest wages to the laborer thus involve
and imply the lowest percentage of labor-cost in the product.
But, other things being equal, the lowest percentage of laborcost in any product is the guaranty that competition is out-
—
—
stripped.
Protectionists have done service to humanity by insisting
tipon the fact that we pay to labor the highest wages in the
(Vol. xr.ll I.
Oar increasing capacity to produce an industrial surplusage has been accompanied by war taxation exactly suited
to prevent the sale of that surplusage in foreign markets. Out
of our actual abundance this war taxation ha.s forged the instrument of our industrial and commercial mutilation. Defeating
our manufacturers in their endeavor to compete abroad with
the manufacturers of untaxed raw materials, it has set them on
a ferocious competition at cut-threat prices in our own home
market, to which they are shut up, and for which their producing powers are increasingly superabundant.
Long periods
of ^lut and so-called over-production have alternated with brief
tition.
periods of renewed activity and transient prosperity like the
present. These prolonged war-tariff taxes, incompetent and
brutal as a scheme of revenue, fatal to the extension of our
foreign markets, and disorderly to our domestic trade, have in
the last resort acted and reacted with most ruinous injury upon
our wage-earners.
As the more numerous part of our population, our wage-earners are of course the first, the last, and the
most to be affected by injurious laws. Every government by
true statesmen will watchfully regard their condition and interests.
If these are satisfactory, nothing else can be of very
momentous importance ; but onr so-called protective statesmanship has disfavored them altogether. Encumbering with
clumsy help a few thousand employers, it has trodden down
the millions of wage-earners. It has for twenty-one years
denied them even the peaceable fruits of liberty.
SCHEMES OF TAXATION TO PREVENT REVENUE
Some whose mistaken view of their own interests has thus
While debate has been going on whether our high
wages were because of taxation or despite taxation, economists far prolonged our war taxation admit the necessity of its rehave discovered and demonstrated the correlative fact that duction, and propose to cut down the Federal revenue by
raising still higher the rates of the war tariff, until by their
labor-cost in our products is the least in the world,
prohibitory action they effect a more complete exclusion of imHIGH WAGES ENSURE lOW LABOR-COST IN PRODUCT.
ported commodities, which their fellow-citizens deeire to buy
Were trade as free with and within all the ununited states of with the products of American industry.
Europe, as it is among the United States of America, the great
There are several objections to such a scheme. It is "prosuiplus products of our industry, including the manufactured, tection" indeed, 'and, like " free trade," would prevent revenue
would have the pick of foreign markets, for the reason that our on imports. But we need just now to get |I50,000,0C'0 from
labor, being the most highly paid and iasuring lowest percent- taxation on imports.
What is worse, it would coatinue the exage of labor-cost, would everywhere surpass rivalry. Great clusion of the surplus products of American industry from
Britain would follow next, for next to our labor hers is the foreign markets, and so prevent the natural diversifying of
'highest paid, therefore the most efficient, and therefore next in our industries. It therefore would postpone or prevent the
effecting a Inw percentage of labor-cost in her chief prodacts. larger and unintermittent employment of American wageFrance and Germany would follow next, and command the next earners in productive industry. It would cut down the rennsupplied markets, and last of all, at the foot of the list, qaite ceipts of the Treasury but continue the multiplied indirect and
unable to compete with a single rival in whatever that rival incidental taxation levied upon our whole population through
chose to produce, would come the " pauper labor " of Europe prices enhanced by the higher tariff tax, yet nowhere able to
«nd Asia. The low wages of pauper labor signify least effi- be spent by any employer of labor in raising the wages of
ciency, which is but another name for highest percentage of labor for it would subject the employers themselves to another
labor-cost in the product.
Other things being eqaa', it is ob- course of high profits, inviting an excess of new-comers, entailvious that high wages can never be paid unless it is profitable ing over-production for the home market, reckless competition,
to pay them, and it can only be a good business to pay the with no established outlet in working off the surplus product
highest wages, because the efficiency of those who earn them agreements to restrict production in order to keep up prices ;
vindicates its superiority by the reduetion of labor-cost in the then the discharge of labor by the employers who go to the
(product.
wall intermittent and diminished emploj^ment of labor by
High wages to labor and cheaper product are correlative those who combine to prevent over-production, and, last of all,
"terms. Low wages to labor and a costlier product are correlative desperate competition for employment by the wage-earners
terms. The one implies the other wherever labor competes themselves hopeless strikes and profitable lockouts.
with labor upon otherwise equal ground. What pauper stands
An official analysis of the last Census discloses that of the
any chance competing with the intelligent artisan?
The 17,392,(99 persons in the United States then engaged in gain"panper-labor-of-Europe" cry is a bugaboo, except that, in ful work (now 20,000,000), about 95 per cent cannot be subtruth, our war-tariff taxes favor "pauper labor" at the expense jected to foreign competition, and about 5 per cent are all who
of American labor. Its products are not fenced out by our can be, or, rather, whose employers can.
tariff laws.
They come in because we ourselves destroy our
Last year $192,905,023 was the increase of price we paid on
•own easy power of successful competition, even in our home commodities imported hither, and here consumed from taxes on
•market. By tariff taxes on raw materials we fence in our own imports (except opium, dates, a few chemicals, etc.), incidentsurplus products, making them cost too much to compete at ally benefitting the employers of 1,000,000 persons here emlome, and of course too much to compete abroad with manu- ployed in producing the like commodities f jr general consumpfactures from untaxed raw materials. In Mexico, Central and tion here, by the tax-handicap on foreign competitors, raising
South America we can of course make no better headway their prices.
against European competition than at home. Diplomacy is not
On the other hand, 19,000,000 persons, paying nineteenan_ acceptable substitute for trade and its laws. Our hi^hly- twentieths of those tax-increased prices, and paying also nineteenpaid labor ensures the lowest percentage of labor-cost in the twentieths of any enhanced prices of the domestic product thus
product, but our tariff taxes upon raw materials handicap guarded against competition, were themselves engaged in other
American manufacturers with the highest percentage of cost gainful work by its nature not subject to any foreign compe
of material in the product. The result is that capital and labor tition, and could therefore obtain no such incidental benefit,
united in our American industrial products, despite our advan- but only loss, by taxation.
"tage in the most highly-paid and efficient labor, are put into a
The proposition to enlarge f )r the employers of 1,000,000
'hofwless competition with the indastrial products of other persons this incident of taxation on imports, unavoidable
nations, none of which taxes raw materials. The advantage wherever the inland tax and seaport tax are not the same on
we possess in the most efficient and highly-paid labor in the each taxed commodity; the proposition to make this unequal
vorld is nullified by the self-imposed disadvantage of tariff- incident the actual purpose of our taxation of them and the
(taxed raw material, with which our labor is inwrought.
19,000,000 persons who could only suffer, not enjoy, is not a
OUR SUICIDAL TAXES ON RAW MATERIALS.
proposition " to lay and collect taxes for the general welfare,"
The total value of our domestic exports for the last fiscal nor is it conformed to the spirit of the law that "all duties,
year was almost exactly *666,000, 000, of which 86 percent were imposts and excises, shall be uniform throughout the United
the prodacts of our field!*, forests, fisheries and mines, and 16 States."
THE CHEAPEST AND BEST TAXES TO RETAIN.
per cent only were the sum total of manufactured products in
which American labor was inwrought.
Another proposal is to reduce taxation by cutting down the
Iq the last quarter of a century progress in telegraphs, trans- tax on whiskey, tobaoca and beers, and removing the duty on
portation, labor-saving inventions and the mechanic arts has sugar.
reduced the orofits of capital and the rate cf interest by more
Nobody pays a tax on tobacco except the consumers of
than one-half has increased the wages of labor throughout tobacco. They are willing to piy for the luxury, and they ask
the world ; has augmented by at least a third the surplus no relief. Any probable reduction of the tax on whiskey would
which our manufacturers can produce beyond domestic needs be more likely to increase the revenue than to diminish it.
for sale abroad. Prolonging without necessity our war-tariff The price of sugar has fallen to an exceedingly cheap rate.
taxes on raw materials, we have been undersold and excluded Oar own sugar crop is so very small a part of the total amount
from foreign markets by nations not taxing raw materials. of sugar we consume, that sugar ranks next to articles wholly
Despite their low-priced inferior labor, and the high percentage produced abroad, like tea and coffee, in suitability for taxation,
of labor-cost therefore included in their product, our taxed on the ground that its consumption is universal, that the tax is
raw materials and their free raw materials have protected the easily and cheaply collected, that the increased price paid by
«o-called "pauper labor" of Europe against American compe- the consumers is an unconsidered trii]>e, and that what is taken
world.
;
;
—
—
,
j
_
Decuibsb U,
THE CHRONICLE
1886.J
703
from the taxpayers goes into the taipayere' treasury, not into
a
few private bank aecoants.
Lit- the casting away of the revenue from coffee and tea
in
1873, the removal of the tax on sugar, which gives ns our easiest
and next to largest single Itt-m of revenue ($51,778,943), at an
annnal co»t of less than 90 centa per head, is now pressed forward, to avert the repeal of other taxes which are desired to
opente an incidental and private benefit by enhanced prices to
the domestic consumers of a large domestic product. Th>*se
incidental
and private
benefits,
fact are subject to all the
deductions I have already mejitioned, and are subject to the
chief deduction that the endeavor to make our tax laws exclude
foreign competition in our home markets promotes the suece&s
of that competition, besides effectually pre ventios the sale of our
P"^"''' onr labor product, in foreign markets. Bat the
uddentaJ benefit of tl» sugar ux to our cane-sugar producers
who are under the harrow of beet-root sugar competition and
(rermin bounties, which have driven them to improved proees.ses
ana already lowered the price of sugar more than removal of the
whole tax, is not got by excluding foreign sugar, for the great
bulk of our sweetening comes from climates more tropical than
ottn. Nor does it prevent our sales in foreign markets of
imported sugar refined and increased in value by the processes
in
""X
of American labor.
MOBB INOOMB P<« WAOB BaKNBBfl BY DBOPPIHO WOBOT TAXB8.
The
taxes to b« first remitted are those which prevent or
binder the sale of our surplus products in foreign markets.
Their rtmoval will set capital in motion by the promise of better returns, enlarge the steady employment and increase the
annual income of many thousand wage earners, whose prosperity will diffuie prosperity. These Uxes are the duties on
raw materiak, and the most widely injurious of them is the tax
opon raw wool. But the income of all the wage earners in the
United Slates can be at once enlarged effectively, certainly,
permanently, by reducing the cost to them of the great necessities of life.
Onr war tariff taxes increase needlessly the cost
of clothing, shelter, food, to every family. Every wage earneni's expense, every taxpayer's expense, for the clothing of himself and his family ia nearly doubled, at least in the Northern,
Middle and Western States, by taxation which can now be
IWBitted, yet leave the Treasury a sufficient revenue.
The duty on raw wool procured for the Treasury last year
only 93,136.108. The oostof woollen clothing for our 59,000,000
people was thereby and otherwise enhanced many times more
thaa 80 eeoto a head, the only cost of our ;f5l,778,<t48 revenue
from sugar. Moreover, anr tax on raw wool imported will
always make domestic wool-raisin<7 a bad business, for in our
dry eiimates some Tarietiei of wool required by the manufacturer are not produced. The tax prevents our manufacturers
from c<7mpeting in foreign markets with all manufacturers who
can bny untaxed wool. The tax prevents our manufacture and
export of oompeUng woolens that require the use or admixture
of non-American wools, and so restricts the home demand, and
rrowth of the hom^ demand, for domestic wool thus makimg toe export of onr domestic woolens impossible, yet iuvolviag the enhanced price of foreign and domestic woolens. This
patty tax of |6.1i6,108 on raw wool assists in nearly doubling
thraetnal cost of their clothing to the American people, with no
real and no incidental benefit to anybody except the foreign
—
Um
Mnafactarer.
mrrax thb cuxrHiBo of svcn millios pboplb.
iwpeetfnlly recommend to CongreM that they confer upon
the wage earners of the United States the boon of untaxed
•lothing, and in order thereto, the immediate p%s.sage of an act
ilaply and solely placing raw wool upon the free list.
Of ecnrae, a repeal of the duty on raw wool should be followed
by, but need not wait for. a compensating adjustment of the
duties on manufactured woolens, whilst onr manufacturers are
learning the lesson that with the highest paid and most efficient
labor in the world, with the most skilled management and the
beat inventive appliances, they need fear no competition from
any rivals in the world, in home or foreign markets, so long as
ther can boy their wools free, of every kind.
But the common daily clothing of the American people need
Bot be taxed; therefore, it ought not to be taxed; to free their
aiothing of taxes will finally reduce, by half, their expense for
cavof the three great necessities of life, and thus enlarge honMldy and justly the income of every wage earner in the United
I
FRBB WOOL.
But this reduction of unnecessary and injurious taxation is
not enough and will operate slowly in diminishing revenue.
liMt year's import tax on raw wool is little more than the mere
nowth last year of onr taxes from whiskey, tobacco and beer.
To mike wool free of tax mty finally work a larger loss of
rsvenae by enabling our wool manufacturers to undersell at a
profit the foreign importers who brought in last year $40,536,e09 worth of manufactures of wool, from which we got a tax of
|37.378,A38.
To say nothing of other taxes opon raw materials, there are
Mveral hundred articles among tne 4,182 articles that we tax,
which ought at once to be swept off the tax list into the free
list—pe'ty, vexatious, needless taxes, mnch enlarging the cost
of eoflecting the revenae from imports. I shall at an early day
invMre ana snbin.it to Congress a supplementary report on the
wUMtion
J In Bon.
of daties.
DANIEL MANNING,
tin
Secretary of the Treamry,
Speaker of the House of Representative t.
Appendix B
(^o. 1).
RECEIPTS AND EXFKNDITL'RES.
Rem'laiug
Quarter
threeTotal fvr
urtha of
1887.
Sept.30,86 the year,
ended
i
|
f
I
j
Receipts from—
Castoms taxes
181,471 ,839 192,903,02
i
InterDal revenue taxes. 112.498,7251 116,805,936
national bank taxes
Sales of puhlic lanas
Profits on coinage
Cnatoms fees
Coosalar fees
...
Pacific railw'ys, interest
Pacific rall'ys. "Ink'g fd
SoIdiers'H'ra
per'nt f 'd
n'v'l vessels
56.541
1,929,298
2,948,816
.
ToUl
5,904.610
1.014,783
3,3*3.570
8T9.1H0
1,097,905
192, re5
268,390
181.547,
245.436,
40,:a7'
33:i,735
'
Dist. Col'a
miscellaneous surcea.
5,6:!0,990
2,478.707
591,514
302.H82
177,002
Immigrant fund
Revenues of
2.693.712
5.705,9»«
6.051.2*4
907,464
3.714.613
1,6')8.071
8urveylnK public lands.
Sales of Gov't property.
Palecond'd
2,914.2221
1
2,11)5,830!
3,289,889
59.177,586 150,822,418 210,000,000
28,930.043 87,069.958 118,000,000
1.852.49SI
1,217.501
2.500,000
1,827.781
4,172.218
8,000.000
582,694
4,417,305
5.000,000
232,998
767,001
1,0)0.000
814,359
2,885,6 lOl
3,500,000
20:1,503
796.496;
1,000.000
312,891
887.308
1,000.000
»4.961
215,038
250,000
48,508
201,491
250,000
f'6.720
144,280
200,000
33,170
216,823
250.000
BO.OOO;
BO.OOO
1,712,0841
2,000,000
5,848,8471
7,000,000
823,690.706 336,439,727 94,945.592 2Bl.O54.407is5e.00O.0OO
Expenditures for
Civi expenses
21.828,942
Foreign Intercourse
Indians
Pensions
Military establishment.
Naval establishment...
51.102,207
Mi9cel.,Inc'gpub. b'd'gs,
lighthousec, Ac
District of Columbia...
Interest on public debt.
54,728.056
47,986.6«
.S.499,050
2,802,321
50,580,148
44.551,043
Sinking fund
ToUl
5.4:!9.llfl9
8.552,41*li
42,670..'i7S
18,021.079
81.386,256
45.804,088
21,955.804
6,142.680
18.867.319l 24.000.000
:.3:!2,32(l
6,112 219
1.287,7801
7,400,000
6,099,158'
1621.973'
4.878,026!
6,500,000
63,404,8(14 20.401,1371 47,51<8,862i 68,000,000
34..S24.I53
9,726,804 ,S0,273,105l 40,000,000
13,907,SS7
4,80:i,230 12.306,7«9i 17,000.000
14.679,477
1,287,415
13,210.226
31.588.465
37,920,522
2.212.584
52,600,000
3.500.000
.38.789.773 47,000,00«
18.665.246j 48.153,711
305.»30.970 287.034,181 108,173,629 2115,780.081 311,153,71
REPORT OF THE
TREASURER
OF
THB
UNITED STATES.
Tbbabubt of thb United States,
Washington, D. C, December
\
1,
1886.
)
The operations
of the Treasury of the United States for the
year ending June 30, 1886, and its condition on that and
subsequent dates, will be found in the following report, which
I have the honor to respectfully submit
RECKIPT8 AND EXPBNDITUREd.
The net receipts of the Government were $336,439,727.06; the
net expenditure was 1342,483,138 60.
The receipts were
$12,749,020.63 greater, and the expenditures were 117,743,796-61
less than last year, making an increase in the net receipts for
the past fiscal year over that of 1885 of $30,492,817.29.
The excess of revenue over expenditures was $93,956,588.56.
The following statement contains the details
fiscal
:
1885.
Revenue from—
Castoms
1886.
Inc. or Deo.
S
181.471,939
Internal levenue
112,49 •(,725
Sale of public lands. .
5.705,986
Hisoellaneoas Bourceg. 24,014,055
Total
Net increase.
34 I92,90o,023 44
11,133.034
•4,307,210
t74,987
12.916,287
541 116,805,93(1,48
44:
5.«30.9«y34
06
21,097,767 80
10
94
10
26
323,6^0,706 38 336,439,727 06
'12,747,020 69
Exnendit'g on aoo't of
CivU A mlsoellaneouB:
Cun'ms, ligbt-bons'ii,
public bidgf)., &c..
Internal revenue...
Interior elvll (lands,
pateata, tm.)
27,125.972 67' 24,169,246 30
4,550.623 21:
4,113,319 90
8,979,266 36!
Treagur.y pr jper,
12.<»60,7M 31
tl37,30J31
7,30J,224 44; 11,67 J,OU 92
(le^slative, ezeou-
ilro, & ntber civil).
Diplomatic (foreign
36,854,109 05
relatioDg)
]
5,439,609 11
Judiciary and quar-
33.323,749 66
3,530,359 39
I
1.33^,320 88. 11,107,288 23
4,.544.677 9
42,670..%78 47
terly galarieg.
War Department
Navy Department
Interior
Departm'int
(IcdifiDH &. Pengions)
Interest on public debt
Total
3,926.068 «l|
1518,609 37
34,324.1.^2 74 (8,346.425 73
16,021,079 671 13,907,837 74j t2,ll3,191 93
62,654,762 I2I 69.504,0 22 20 *6,849,260 08
51,336,256 47: ."JO. 580,145 97|
tS0J,ll0 50
260,226,935 11 212,183,138 50
Net decrease.
tl
7,743,796 61
Sunri^ available
for
reducl
diiction of debt.
*
Increase.
I
6?,463,77127
93,956.188 56
»
10,492.817 29
Decrease.
The receipts on account of the Pojt Offlje Dipartm^nt. not
included in the above statement, amounteci to $52,997,133 26,
an increase of $5,637,399 91 over those of the preceding year;
the expenditures increased from $30,326,314 50 in 1885, to
$50,682,585.73 in 1888, or $356,271 22. Of the amounts received
and expended $26,403,249 62 did not actually pass through the
Treasury, having been received and disburseci by postmasters.
SDMMARY OF OPERATIONS.
Bonds of the United States amounting to $44,531,350 were
redeemed and applied to the sinking fund.
Coupons from bonds of the United States amounting to
$7,557,412.79 were paid by the several assistant treasurers and
forwarded to this office, where they were examined.
Interest amounting to $42,498,687.92 on registered bonds of
the United States, including bonds issued to the various Paciflo
Railroad companies, was paid by checks on the Treasury and
assistant treasurers, am)unting to 236,039 in number.
There were also issued 36,930 drafts in payment of warrants
of the Secretary of the Treasury, 72,993 drafts on warrants of
the Postmaster-General, and 24.539 traa.sfer checks on assistant
treasurers, making a total of 370,506 drafts and checks issued
b/ the office during the fiscal year.
THE CHRONICLK
704
There were received for redemption daring the year circulating notes of national bankH amounting to fl30. 296,606. which
ainonnt included |29,B67.588 of notes of failed, liquidating and
reducing banks.
Coupons from 3'65 per cent, bonds of the District of Columbia amounting to 5105,441.19 were paid and examined, and registered interest amounting to $416,443.90 was paid by means
Of bonds held by the Treasurer of the
TTnited States in
trust for national banks $61,042,400 were withdrawn, of
which
amount $56,925,300 was held to secure circulation and $4,117,100 was held as security for deposits of public moneys.
The bonds deposited to replace those withdrawn on account of
drculaHon amounted to $20,754,900, and on account of deposits
to $6,170,000, making a total decrease of $34,117,.500 in the bonds
held by the Treasurer for national banks.
The total movement of bonds held for national banks was
$87,967,300.
The amount paid by national banks daring the fiscal year on
account of semi-annual duty on their circulation, was $2,592,021.33, a decrease of $202,562 68 from the amount paid on that
account the preceding year.
Worn and mutilated United notes amounting to $68,000,000
were forwarded to the Treasury for redemption daring the year,
and nevv notes to a like amount were issued in place thereof.
The issue of silver certificates during the year amounted to
$4,600,000 and $28,523,971 were redeemed.
Gold certificates amounting to $10,188,895 were redeemed
during the fiscal year.
The amount to the credit of disbursing officers of the Government on the books of the Treasury at the close of the year
was $17,947,107.64, of which $15,331,354,53 was on deposit in the
Treasury and $2,615,753.11 in the national bank depositories.
The unvailable funds of the Treasury June 30, 1886, were
$29,521,379.35, a decrease of $3,946.39 from last year.
THE STATE OF THE TREASURT.
The statement of the assets and liabilities of the Treasury of
the United States, September 30, 1885 and 1888, is as follows:
September
Assets
Gold—Coin.
....
Total gold
(Asset )
Certificates Issued
Certificates on hand
Certlflo'B,
and
80, 1885.
BalaneM,
180,863,799
71,a71,01S
189.051.38S
53,509,735
242,561,134
125,341,127
41,036,550
181.161,161
3,877,54
93,816,2«8
silver in treasT
. .
.(Asset)
60,9215,530
Certificates Issued
Certificates on hand ...
24,070,000
1,075,000
Certlflo's, net.(LtabUitv)
Net U.S.notes in treas.
22,999,000
Balances. ...(Asset)
Public Djsbt and Int.—
45,244,641
7.896,000
280,00(j
37,629,841
864,453
16,682,286
30'i,0S6,3S7
3,871.386
221,332
1,831,702
9,998,016
-,313,035
201,061
due. unpaid
Aoc'dlnt.,Pac. RK.b'ds
26,520
869,353
87,740
989,352
Debt and Int.(tirtMHtv)
Fract'l cur'cy redeemed
lnt.Gh'cb8 & coupons p'd
Int. on Pao. RK. bds. pd
U.S. bonds &lut. paid..
16,310,175
2.669
145,746
4,500
18,494,432
3,636
107,871
1,828,829
Debt and lnter'8t.M»et)
D'bt*lnt.net(t<aM(«i/)
Res ve for red. U.S. notes.
Fund held for rcdemp. of
notes ol Nat. Banks....
Fund held for redemp. of
Nat. gold bnnk notes...
Five p. c. f 'nd for redemp
of Nat. Bank notes
11,393,087
B,52B
426,750
152.915
16,167,260
19,027,676
ioo.odo.wio
ibo,ooo,o()6
38,794,043
65,515,-24
123,259
97,024
10,856,751
Redemp.res'r.CLiaWUfi/) 151,400,103
Nat. Bank notes In pro-
176,469,299
redemp -..(.4ss?f
Net reserves, (if«6ili(i/)
Post Oflice dep't account.
DIsburs'K OfBcers'bal'ces.
Undistrlb'duss'ts of fall'd
National bunks
Currency and minor coin
S,.M2.398
1.917.975
147,857,705
2,917,628
24,220,056
22.676,967
433,081
demption account
67,118
Interest acc't LoiilsvllieA
...
Treasurer's transf'rch'ka
and drafts outstandlnit.
6,307,181
Treasurer U. s.,B«ent for
paying Int. on D.Col.bds
S3,218,4C2
85,664,846
i«r,2ar,4a»
^29. 1 43,246
S8,9!J2.]91
72,913,141
791,5983,526,352
26,t<4e,61S
.(Asset)
Assets not availableMinor coin
Subsidiary silver coin
Aggregate net Asset
—
Referring to tables Nos 46 and 47 in the Appendix to this
report, it is snggested that a revision of the method heretofore
adopted in making up the sinking fund bs made, and that the
annual payments on account of this fund conform therewith.
It will be seen that by the present method the " entire debt " of
the United States will be retired by the year 1908. If the
method suggested in the report, page 105, be" adopted, this debt
will be extinguished by the year 1»13.
Any redaction of the
public debt in excess of the annual requirements of the sinking
fund will, of course, hasten the period of its total extinction.
Statement shoming the former an4 the proposed manner of eslimattng
83.840.140
fol-
296,022
certificates
$1261,805,100
of
Indebteilness
percent)
Coiupouiidioterest notes and small
items (i per cent)
United Si ates legal-tender notes, non Interest bearing
Fr,%ctional currency, nDn-iatercst bear
in«
Old demand notes, non-Interest bearing
(4
.(Liability)
..
call attention to the large sums
held by the mints and assay offices. Having no opportuni-y to
examine or cause to be examined these diflferent offices, it is
suggested that the coins held in them should be placed in the
actual custody of the Treasury, and the duties of the mint
officers be confined to the a-ssaying and coinage of the bullion
placed in their charge.
The present method of examination of the sub-treasuries is
verj- unsatisfactory, and an appropri^ion should be made
which would enable the Treasurer to put these offices in good
condition, and thus render the work of annual examination
more thorough, but less costly, hereafter.
The Treasurer begs leave to refer to a letter addressed to the
chairman of the Committee on Appropriations of the House,
under date of April 27, 1886, relative to the needs of the subtreasury system as it exists at present, in which his views are
stated at l>-ngth. That alterations should be made in the present system, in order that it may conform to the financial
changes which have taken place einoe this system was adopted,
does not admit of doubt. The annual and daily tran.wctions of
the Treasury have become so large, its financial operations and
movements touch the interests of the people at so many points,
that great care should be taken to avoid any unnecessary friction.
As the country increases in wealth and population, with
the consequent increase of its revenues and cTisbursements, it
will be found impossible to continue the system in its present
form. With the extinction of the 3 per cent bonis, which,
without some depression or event that cannot now be foreseen,
must take place daring the ensuing fiscal year, the only bonds
available for the purposes of the sinking fund will be" the 4^
and 4 per cent bonds. These are now selling at a price which
averages very little more than 2 per cent per annum to the purchaser upon the cost, and it may fairly hi as.sumed that this
rate of 2 per cent is the maximum rate to be earned daring the
life of these bonds. At the present cost of the collection of the
revenue of the country, say $3 70 per $100, the loss on the
existing sinking fund, say $45,000,000 per annum, will be $765,000 annually, assuming 2 per cent as the best rate which the
bonds can earn.
Witho'it discussing the consequent possible derangement of
our existing financial system if the purchases for the sinking
fund are to be maintained at their present figures, it will be
found to be impracticable to make these purchases at such times
and in such manner as to relieve the money market in times of
flnaacial distress. As these derangements happen almost invariably at the time of the moving of the crops of the country,
this statement is equivalent to saying that every productive
interest in the country must pay toll to foreign buyer?, through
the lower range of prices which obtain at such times, because
of the fact that our arrangements for collecting and disbursing
our revenues are so defective as to need an artificial and violent remedy in order to place in active circulation the moneys
withdrawn from the business of the country. This method of
dealing with the public moneys is not true of any country but
thi**, and the
practical sense of the American people, as
shown through its representatives in Congress, should be adequate to find a remedy foi this constantly-recurring evil one
sure to grow and become more burdensome in our future national history. This remedy should be found and adopted with
the coming session of Congress, because the evil cimplained of
will be upon us befijre its next meeting, and the Treasury left
without any means of supplying the urgent needs of the
country.
Matured
(UabUUy)
Net balance
SUB-TREASURIES AND MINTS AND ASSAY OFFICES.
lows:
•j percent bonds
85,574,564
10,818
Inton O.CoLbds pd (AsHt)
.
$100,055,775.78, an increase over that of 1885 of $16,815,636.05.
The available balance was $72,913,141.26, against $58,922,191.46 last year, an increase of $13,990,949.81.
vious years' retirement of debt, as
346,185
Total..... ...(«oW!«i/)
Balances
close of the year ending
books of this office, was
the smlilHg-fund charge for the fiscal year 1887.
According to former method the estimate is made as foUowa;
l8t.
1 per cent of th8 principal of the
debt, including coin and currency certificates outslandiug .ind in the cash of
the Treasury oii June, 30, lf88, and excluding bonds issued to Pacific Railroad
Conipauies
$17,750,630
2d. Interest accrnlnstor one year on pre-
821,411
redemption account
Portland Canal Co.
174.561,324
4,989,621
Fractional silver coin re-
Met
in the Treasury at the
30, 1886, as shown by the
THE SINKING FOND AND PUBLIC DEBT.
315,850
12,482,801
cess of
89,128,460
7,815,000
^36,149,618
,.
Matured debt
Inter't on matured debt
Debt bearinif no inter'at
Int. on Pao. RR. bonds
168,251,557
95,910,232
79,517,154
27,931,630
2,048.128
15,515,514
National Bank notes
Deposits in Nat. Banks..
Interest due, unpaid
Accrued interest
Balances,
186,038,702
117,943,102
23,032,850
(Asset)
Certificates Issued
Certificates on hand
net.(IAabaUy)
so. 1886.
84,309.577
181,239,292
Bullion
Net
and
292,134,812
140,387,030
82,491,510
oet.(IAabaUy) 117,895.520
V. States notes.
Assets
LiabUUies.
Net gold In treasury.
Total sliver
Septkmbek
LiablUUet.
BILTER— boUars.stand'rd
Certlflc'8,
The balance
September
XUa.
The Treasurer would again
of checks.
BnUlon
[Vol.
A
total of
678,000
5,6G0
29,090,.5G4
26,178.715
S03
320,758,544
Dtcxmbeb
Upon which
THE CHRONICLE.
11. 1886.1
Interest
Is
eatlmated to be
•corulng at 6 per cent
Beren-thlrty notes
lO-tOsof 1864, Spereent
A. tottii
12,427,420, the redemptions
percent
3467
1,500,000
137,466,600
101,880,950
..
Total principal of debt In sinking fund
Anrevate of 1 per cent of debt and one
9''4
693,410 at the close of 1885) leaving actually in circulation
$73,616,955, a decrease of $50,550,495 in the year.
On November 30, 1886, the amount of the certificates of the
new issue outstanding had decreased to $122,581,607, but of this
eo'ooo
4,811331
3,056;428
630,966,534
.
amount only $88,111,913 was actually in
on securities retired
-^ •"J?' '"•'"'7 '•1886
Ba. One year's interest at 3 per cent on
circulation, the certificates held in the Treasury offices having decreased to $34,469.-
Interest
48.391,969
amount
694.
The issues and redemptions during the fiscal year, and the
amounts outstanding at ita beginning and close, are shown below
1,451,759
Total atnklnjj-fnnd charge
49.343,728
The pro posed manner is as follows:
IsC— 1 per eent of the principal
of the
debt, ezclodinx coin and ourrency certlfloates outstanding and i» cash of the
Treasury, and amount rpserred for the
redemption of legal tender notN
S'l— Interest for one year on the debt in
the sinking fund, at the rates which
the bonds would now bear if tber had
beea rtruBded: and at the present rata
(3
Denominations.
14,740,346
267,673.400
363,293,134
10.706.936
10,S98,794
630,966,534
36,346,076
other Items
37,(36,458
Andnetlonof
12,407,269
1886.
Nov. 30,
Two*'.'
nres.
Ttaa..
Twead
tlaa.
rmtM.
Om hosilrtds..
Vlrehaodrada
Om thonsaiWIs
.
?sr,tbofuaods
.
IMal
Lms nakaown
omlnaUona
24,952,061
30,295.060
75.9»7,S05
17,603.922 14.319,23S
24397,886
18.204.369 ll.93S.315
75.552,91 51
8>.e29.219 97,990,310
69,527,016 e4,539.3fl6 66.658.661 71,257,924
58,054.629 50,136,^00' 55.078.379 56,745.463
23.208,805 23,450.495 23.291.265 21,098,945
33.640.900 32,«96,790i 31.359,700 29,232.820
16,914.000 16.557,000 12.424.000
8,495,500
19.034.500 28,716,.500 37.361,500 32,'942;5oo
130.000
100.000
60,000
50.000
60,000
40,000
10,000
10,000
55,120,000
137,760,800'
SILVER CERTIFICATES.
The amount
|
of silver certificates nominally outstanding at
the close of the fiscal year wis $116,977,675, of which amount
the Treasury held $27,861,450. leaving $88,116,225 in actual
circulation— a decrease of $13,414,721 during the year. The
table below gives the amount of those redeemed and issued
daring the year
847,681.016 347,681,016 347,681,016 347,681,016
Outstanding
stroyed In sub
treasury In Chlc1.000.000,
I
Ontatandtng..
1,000,000
Denomination.
1,000,000
1,000,000
10,054.035 12a.746,'>25
m
dede-
acoOie
1.040.000
m
'86.
•
36,660,188
203,080!
Issued
Redeemed
during
during
June 30,
Outstanding
fiscal
fisoal
Jime 30,
1885.
yea-.
year.
846,681.016 34«.e81,0ie 346,681,016 346,681,016
(
I
Ten
dollars
dollars
The preaent bosiaeM aeuon, which began much earlier than Twenty
Fifty dollars
oaoAl, haa absorbed a large amonnt of currency, and this in- One }]nndre<l dollars.
ereMed moTemeot haa not yet ceased. There has been shipped Five hnmlred dollars.
from the Treasury at Washington and other points, since July Ond tbonnand dollars
1, 1886,
the following
am mnts
and kinds of small currency
f
Ltgrt t— *ar notes,
Lacil taoder notes. CIO
L*«d lender notes, i
L««>l tender note*. iSO
Legal tender notes. #100
Tafteoa daDomlnatlon* and kloda..
atlMT eeitineates. •!
BOrer anttOcates. tio
aOver eertiapate<. «20
Mnadard
:
Total.
914.055,135
6,979,S30
1.»6-.910
147,5UO
194,300-$23,S46,205
15i,V9)
4.74 1. R06
6.55S,8'0
3.230,640— 13,540.096
silver dollars—
Jayuiei t* during same
i
p::riod,
•24,328.558.
looreaseef
^^
9,391.728
WtamUoott tiircT coin—
Vaymente during same period, $1,177,923,
ovtstaodlng
-
•
Increase of
s»»«a »•*
Total of aU kinds
CBBTincATBe OP DEPOSIT, ACT OP
3,096,614
$19,426,733
JTJSE 8, 1873.
deposit* of legal tender notes by national banks daring
the year, for which they received certificates issned under
authority of the act of Jane 8, 1872, amounted to $47,650,000
the amoont of certificates redeemed wa-s $58.825,000 the
tmoaDt oatstanding at the cloee of the year was $18,110,000.
The amount outstanding November 30, 1886, was $7,025,000.
The Tri'asarer again desirea to call attention to the fact that
these CHrtifleates are furnished at considerable expense and risk
to the Oovernment, without any benefit. This large amount of
money, being held in trnst for the banks, is liable to be paid
ont at any moment, and cannot be made available, under the
law, for ose in any of the financial transactions of the Treasury.
It simply adds to the already great responnibiliiy of the
Treasary. being subject to loss by peculation, carelessness, or
The
;
;
>
Are.
11,976,470
9,717,955
8,943,900
13.370,500
18,278,000
13,430,000
53.030.000
the Treasury renders it the constant object of attack, and at
no remote day a great s urce of danger to the best financial
interest^of the country. If. as the result of the withdrawal of
all notes under the denomination of ten dollars, the gold now
in the Treasury were absorbed, ai well at a subsidiary silver
currency, into the general circulation of the country, it would
render unnecessary the costly methods at present in u e, and
materially strengthen the credit of the currency now outstanding. It is upon the paper money, or credit system, of a country
that the first effects of war, bad crops, or disastrous accidents
fall, and
better guarantee of the stability of the
netary
afi'airs of a nation has hitherto been found than the existence of
a large mass of metallic moneys, which can be drawn upon to
sustain the credit of its paper indebtedness in time of need.
of Toited Statoi notea oatstanding at the cloee of the last fonr
flaeftl years and on November 30, 18^ :
188S.
14.1'.;0.500
1,067,290
828.845
683,900!
950,0001
3,842,000
655,000
2,090,000
in regard to currency certificates apply with
eqnal force to the issue of these certificates, with the further
obj-'Ction that the accumulation of the large amounts held in
mrsD sTAna hotbs.
The following table shows the smoniit of each denomiaatlon
1884.
9.527. SOO
640,000
100,000
loo.ooo
The remarks
1,090,382
Total sinking fund requirement
Issued dur- Eedeemed
ing fiscal during flscallOuistanding
year.
year.
IJune 30,'86.
22.120,000,
14,085,000:
Total
at 3 per eent on
•3e.''4«,076
DeoomlnatioD.
liundreds. .
Five hundreds..
One thousands..
Fire thousands.
Ten thousands..
marked.
VaUng a total of
so—One rear's Interest
12.343,760
10,443.800
Fifties
One
30,'85'.
$
Twenties
snllowa:
4 per cent npon the Items above
all
Outstanding
June
per eent) on debt bearing no interest
Speroentnpon
during the year having been ^134,-
Of the new issue under the act of July 12, 1882, there were
nominally outstanding at the close of the fiscal year $128,748,825; the Treasury offices held $55,129,870 (compared with $13,-
at 5
Consols of 19D7, Interest a^ 4 percent
Bonds eoitinaed at 3>a per cent
l*an of 1882. Interest at 3 per cent
this
certificates of the old issue, under the act of March
3, 1863. outstanding at the close of the fiscal year, amounted to
69,358,490
tntetest Is estimated
CBKTIFICATBS.
The gold
690,300
68,066,700
1,490
of
JMi's
GOLD
19,245,511
142
1,950
F\inde<l loan of 18^1. 5 per cent.
One-year notes, Spereent
Upon which
705
51,747,127
52,010,964
7,«54,<>35
9,87S,520
8.910,000
9,701,000
139,901,646
3,800,000
800,000
5.277,740
7,853,336
269,195
267,700
7,075,000
7,781,000
1886.
I
50,269,387
44,957,628
7.<a4,840
9,610,820
1,835,000
1,920,000
4 600,000 28,523,971 115,977,675
The amonnt nominally outstanding on June 30, 1886, has
since been added to by the demands of reviving business to the
extent of $3,679,427. the amount held by the Treasury decreased to $14,137,285. and the amonnt now in circulation,
November 30, is $105,519,817.
To measure the difference between the redemption of this
class of money in times of depression and in and through a
revival of basinets, I beg to call your attention to the table of
-{Mrflentages of kinds of money received through the customs
on page 37 of this report. At the close of 1885, with an actual
circulation of $101,530,946 of silver certificates, the Custom
House receipts of this kind of money at New York were 35 6
per cent of the total receipts at that point. At present, with a
circulation of $105,519,817. and with larger customs receipts,
the percentage received at New York is 12 2 per cent. With
due care, regard being had to the denominations in which
these notes are issued during the present revival ot business,
their use will be largely increased. This is true especially of
the one, two and five dollar notes, so far as the sphere of usefulness in business for these denominations permits ; but any
attempt to fcjrce them, or in fact any particular denomination,
into use, results in the discredit of the notes so issued and their
rapid return into the Treasury. The only present limitation
npon the issue of these d«nomioations is that of the physical
labor necessary to prepare and put them in circulation. In order
to do this as rapidly as possible, it will be necessary to increase
the force at the Bureau of Engraving and Printing and at this
office to the extent necessary to produce these notes in suffii;ient
amount to meet the public demand.
STANDARD SILVER DOLLARS.
r»commended that all expense attending the issue of
The following table shows the amount of silver dollars coined,
•neb eertificates^be borne by the banks who are benefitted.
on hand, distributed and outstanding at the close of each year
It is
since the enactment of the law authorizing their coinage.
j
THE CHRONICLR
706
FiaoalT'r
Annual
EndlDC
June 30-
Coinage.
Total
Coinage.
1878.... if8,573,..MM $8 573,.500
1879.... 127,227.,500 3.5 >;oi,(X)0
1880.... ;27.933,,7501 «3 734.750
1831.... .127.637,,955 91, 372.705
1882.... .27.-7-.',,07.")'llH, 144,7H0
1883.... .129,111,,119 117, •255,899
1884.... . 2-l,09!>,,9-.() nr>, 355,829
1885.... .'2S,528,,552203, 884,3»I
1886....
29.-38,,4051233, 723,286
.
.
.
On Hand
nt
Cloieof
Year.
,718.357
,358,589
DIstrtbut'u
Oulstaud'g
at Close
During Y'r.
of Year.
Net
$8.55,143
ii!8.55,143
6,587,268
7,442,411
45 ,108. '296 11,181,013 18,626,454
OJ ,249.300 9,496,951 28,123,405
87, ,524,182
3,407,103
112 ,3rt2,510 3,272,791
135 ,810.368 4,652,072
165 ,535,854 —1,196,93
i
31,620.598
34.893,389
39,545,401
38,348,527
181, ,253,566 14,121,19. .52,409,720
The amount of standard silver dollars coined, on hand, distributed and outstanding, at the close of the year and up to Nov.
30, is shown by the tables on pages 84 and 85 in the Appendix.
The percentage of distribution and cost is also given. As will
appear by these tables there is now in circulation the sum of
$^1,761,448, the largest sum vet at ained in the circalation of
this kind of currency. From the changes observed in the tables
above referred to it can safely be deduced that the maximum
of circulation has been obtained, or if not fally attaiued, will
be by the time this report reaches Congress. I am of the opinion that $65,000,000 is the extreme limit which may be obtained.
It certainly cannot be maintained at that sam when the new
silver $1 and $2 certiBcates are in full supply.
A return to the
Treasury of at least one-half of the amount now in circalation
must be looked for. Assuming the correctness of these views,
and the experience of the Treasury for the past year fully sustains me in expressing these opinions, the sum now and to be
spent in the continued purchase of silver bullion and its coinage
into standard t-ilver dollars leads one to ask whether, if the
further purchase of the silver bullion be determined upon, the
coinage mi^ht not cease and the sum which this costs be saved
to the public Treasury? The amount expended so far upon the
coinage of the silver dollar, outside of the cost and consequent
loss upon the purchase of the bullion, amounts to $4,933,467.72.
All of the cost, in excess, say, of the cost of the coinage of the
sum of $75,000,000, represents pure loss, and amounts, at 2
cents per dollar, the cost of these coins, to $3,433,437.72.
To
add to this loss would seem unnecessary, and the sum could be
expended in the purchase of that amount more of the silver
bullion. The adoption of this plan would at least have the
merit of adding just so much to the credit of the silver profit
fund. The aggregate amount of these coins moved by the
Treasury to Sept. 30, 1886, has reached the sum of $722,040,141. The amount transferred to and from the Treasury and
sub-treasuries for purposes of payment and shipment was $90.855,000; the sum distributed through the country by payments
over the counter amounted to $145,732,722, and the shipments
by express amounted to $158,336,195. The expenses for trausportatiiin have amounted to $774,758.92, or $1 95 per $1,000
handled. The amount coined from July 1, 1885, to Sept. 30,
1886, was $37,185,905; the amount moved from the mints during the same period was $13,768,802; the difference, amounting
to $23,417,103, has been uselessly added to the coinage of the
country. The cost of transportation is greater from these
offices, and not a dollar of the amounts moved need have been
transported, as the supply in the sub-treasuries is ample for all
the requirements of the public. The shipments from the mints
were made in order to save as much of the appropriation for
the transfer and free shipment of silver coin as possible, as the
cost of such shipments is borne by the silver profit fund when
the shipments are made from these offices.
The coMt to the Government for transportation of these coins
averages $1 95 per $1,000, and the cost to the people of their
return to the Treasury averages, say, |2 54 per $1,000. The
average cost of transportation to the Grovernment of the silver
certificates per $1,000 is, say, 50 cents; thti cost to the people,
say, $1 25; a saving of $2 74 per $1,000; a strong argument in
favor of the issue of such amount of these certifleates,as the business of the country will permit to be carried on without disturbing its gold revenues or interfering with the maintenance of
astrict parity between the two metals. The amount of silver dollars coined to date is $346,673,386; the ^mount of gold cjin and
bullion on hand is $254,450,853 57. The cost of the $246,673,386
is $216,049,269 20; the present value $ 188,014,354.81, showing
an actual loss of $38,034,914.39. The Bank of France to-day
is in this position : It holds in its cash at par $220,273,860.62 in
silver; its present value at par of exchange, exclusive of abrasion, is $166,509,691.21; showing a lo.ss of its entire capital and
surplus which amounts to, say, $44,023,223, and $10,000,000 in
addition if called upon t liquidate its affairs to-day.
[fot.
XL,m.
five times the amount necessary to do the business of the
country be ordered from the respective snb-treasuriss. If left
to the operation of the natural laws of trade these coins would
when accumulated at points in excess of present need, fall to a
slight discount, be purchased and remitted to those who desire
them, the discount paj-ing a part, if not the whole of the expense ; and except when mutilated or defaced, would not find
their way back to the Treasury. The redemption of these
now carried on, means that the railroads, ferries,
theatres, ice-cream saloons, dram shops, etc., have the coins received in the coarse of their business carefully counted and
assorted at the sub-treasuries at the Grovernment expense. As
the beneficiaries are not charitable institutions, there would
seem to be no good rea.son why taxes should be imposed upon a
whole people for their exclusive benefit. Referring to remarks
under the head of "Standard Silver Dollars" and the opinion expressed therein as to the limitation of the issue of that
coin for the use of the pe^nle as currency, it is suggested that
an attempt be made to utiliii silver as a purely fractional currency bv giving more weight and beauty to the pieces, inclading in the coinage a five cent silver piece. If the attempt were
coins, as
made it would be found, withdrawing the $1 and $2 paper
money being granted, that at least $125,000,000 of fractional
silver could be carried, and an annual demand be created of
from three
abroad.
to five million dollars of the like coin for
This
demand would
steadily increase as the
shipment
new
coins
became known.
RECOIMAOE OF UHCURRENT COINS.
Under the appropriation of $10,000 for the recoinage of
nncurrent coins, fractional silver of the face value of
$159,8,54 25 was recoined into dimes during the year, at a net
loss of $9,743 12.
Grreat complaints have been made daring the current year
as to the inadequacy of the supply of small silver coins and
5 and 1 cent pieces. This is due to the omission on the part of
Congress to grant a cuntingent fund to the Treasury sufficient
to re-coin the mutilated and defaced coins presented daring
each year. The demand for these coins can neither be
governed or regulated, and the Treasury should be prepared
to meet any exigency of this kind from funds within its
control, due' report being made to Congress of the expenditures
under this head.
FRACTIONAL CORRENCY.
The redemption of fractional currency during the year
amounted to $10,038 36, leaving an apparent am.iunt outstanding at the close of the year of $15,330,025 85.
DEPOSITARY BANKS.
Public moneys amounting to $123,592,221 68 were daring the
year deposited with national banks designated as depositaries.
The balances held at the I'lose of the year to the credit of the
Treasurer amounted to $14,036,632 18, and to the credit of
disbursing officers to $2,615,753 11.
Bonds of the United States amounting to $19,659,900 were
held by the Treasury to secure the safe-keeping and prompt
payment of these funds.
One hundred and sixty national banks acted as depositaries
during the year, receiving the moneys from collecting officers
of the Government, thus saving the risk and espense of transportation to Treasury offices, and disbarsin*? the same on drafts
of the Treasurer. A more extended use of the bank-i as depositaries would result in a large saving to the Gjvernment, and
very much lessen the chances of loss from peculation and
frauds in the conduct of the operations of the Treasury, as the
proper margin of security in United States bonds is a matter of
No loss has resulted
constant supervision by the Treasurer.
in this class of deposits for the past eighteen years, although a
number of failures have taken place among the depositary
banks.
*•*»»*•
THE REDBMPTIOH OF NATIONAL BANK NOTES.
bank notes presented for redemption during the
year amounted to $130,296,606, which was $19,912,523, or
The
fiscal
national
'
amount presented for redemption
That there would be a falling off in the
in the fiscal year 1885.
amount presented for redemption was indicated by the amonnt
presented during the first three months of the fiscal year; and
my opinion, based thereon, and expressed in my last report, that
the culminating point in the second upward movement in banknote redemptions had been reached in the fiscal year 1885, has
13 26 per cent, less than the
been
verified.
rate of increase in the redemptions of bank notes during
the second upward movement, covering the fiscal years 1883,
1883, 1884 and 1885, is represented by the percentages 27, 34,
22 and 19, respectively. A feature of this upward movement
was the constantly decreasing volume of national bank notes
actually outstanding from $362,421,988 on Jan. 1, 1882, to $319,069.932 on June 30. 1885, a decrease of $43,352,056. This seema
to indicate that the volume of bank notes outstanding during
that period was excessive, or above the point at which it could
be profitably maintained. Another fact, however, should be
considered in this connection, which is that during these four
years of increase in redemptions, the silver-certificate circulation
of the country was increased $75,765,182, from $39,110,729 on
Jane, 30, 1881, to $114,865,911 on Dec. 31. 1884, This increase
much more than balanced the decrease in bank-note circulation,
and the apparent excessive issue of bank notes might to a c, asiderable extent be due to that fact. The decline in the volume
of bank-note circulation has continued without interruption,
until the amount outstanding on Sept. 30, 1886, as reported by
The
FRACTIONAL alLViR COIN.
The amount of fractional silver coin held by the Treasury on
June 30, 1886, was $31,236,899.49, which amount decreased during the past fiscal year to the sum of $23,904,681.66. The
amount held November 30, is $25,808,067.32, showing an increased demand for these coins, caused by the revival of business.
Part of this increase will be lost during, the months of
Jannarv andFebruaiy,owing to the return of this kind of money
through the operation of the law authorizing its redemption in
lawfal money. The amoant shipped through the country during the fiscal year was $6,723,249.31, the amount paid outat the
sub-treasuries was $25,283,602.14, the amount received $22,354,772.75.
This amount cost $18,310 for shipment by the
Government, and the amount deposited in the sub-treasuries
represents a cost in labor of $24,000. The labor of twenty
men has been employed during the year in counting,
assorting, and shipping this money, and as long as this is
dote at the expense of the United States Treasury, so long will
«
DaCEMBKB n,
1889.
THE CHROXICLF.
the Comptroller of the Currency, was 1303,611,241. making a
total redaetion of f58.910,747 since Jan. 1, 1882; and also after
Dec. 81. 1884. the silver-certificate circulation gradually deereaaed. nntil on July 31, 1886, it had fallen 127,301,867 to
$87,564,044. The average outstanding for a year preceding
th*t date was about $91,000,000. Since July 1, 1885, the ded'ne in the bank-note circulation has apparently had the effect
to check the increase in bank-note redemptions, as they have
tt«adily fallen off from that date, until they now are for the
enrrent fiscal vear ab)at 31 per ceat less than in the preceding
y«u.
In coanting the remittances of bank notes received for
redemption during the year there was found f23,528 in "overs,"
being amount.') in excess of the amounts claimed, and $8,246 in
"shorts," being amounts less than the amounts claimed an
hicrease in both items as compared with the preoedin'? year,
when they were $17,060 and $6,445, respectively. The counterfeit notes rejected and returned represented the nominal value
of $3,720, which was $840 less than the amount rejected during
the preceding year. The total amount of counterfeit notes
which have been found in remittances of national bank notes
ince the establishment of the redemption agency at the
Trnwary in 1874, is $48,519. The "stolen" national bank notes,
that ia, notes fraudulently put in circulation without the signatures of the bank officers, found in remittances during the year
—
Uld rejected, amounted to 9420.
As usual, the months of September and January during the
fiscal
year have respectively furnished the smallest and largest
amoant of national bank notes for redemption, the former month
17,089,000, and the latter month $17,485,000— a difference of
nearly $10,000,000.
From the principal cities the receipts were as follow.s: From
New York, $49,487,000, or 37'98 per cent, exceeding as usual
the amonnt received from any other place during the year;
from Boston, $30,031,000, or 33 05 per cent; from Philadelphia,
$7,323,000, or 5°63 per cent, and from all other places, 143.453,600, or SS 36 per cent. The average percentage of receipts for
Uie eleven flseal years ending June 30, 1885, from the cities
named and all other places was: For Xew York, 39 02 per cent;
for Boston, 24 63 per cent; for Philadelphia, 607 per cent, and
for all other places, 30*38 per cent, showiner, by comparison,
that in the last year there has been a slight decrease in the
percentage of bs nk notes received from the principal cities, and
a corresponding increase in the percentage received from all
other places.
The total payments for national bank notes redeemed during
the year were 1 1 30,029,625 12, and were made as follows: By
the Trsasnrer's transfer checks drawn on the assistant treasrenof the United States and transmitted by mail, $74,149,666 36, or 57*02 per cent; by United States notes forwarded by
express at the expense of the consignees, $9,204,752 76, or 7 *08
per cent; by fractional silver coin and standard silver dollars
lorwaided by express and mail at the expense of the Govf rnoMat, 9665,(^ 84, or '43 per cent; by redemptions at the counter, f8jB86,486. or 6*45 per cent; by credits in general account
tnaafen of fands from snb-treasnries and designated depositoriea, $31.007,067 30, or 33 85 per cent; and by credits in
redemption accounts, $6,737,706*98, or 517 per cent. It is worthy of remark that 93*93 per cent of these payments was made
withont ost to the senden> of the bank notes, and that only
708 per cent of the payments were made at the expense of the
eooMgnees for express charges. The payments made in the
pneeoing year at the expense of the consignees were 12 83 per
eeat. Tear by year the payments in redemption of bank notes
effected by the uw of checks and credits have increased until
practically the total redemptions are now so made.
The deposits made by national banks during the year to
maintain tne 5 per cent redemption fond amounted to $103,869,393 61. Of this sum, $92.363. 184 15, or 8936 per cent, was
deposited for the Treasurer in the nine sub-treasury offices, and
flbrded more than the amonnt necessary to pay the transfer
checks drawn by him against these offices in the redemption of
national bank notes. The balance of the deposits, amounting
to 910.996,309 46, wss received directly by the Treasurer—
tl.787.341 84, or 1*73 per cent of the total deposits, over the
counter; $8,433,468 78, or 3-83 per cent, in lawful money forwarded to him Dy express at the consignors' expense; and
$6,776,498 84, or 5-69 per cent, in proceeds of national bank
notes redeemed.
There were assorted and delivered on the 5 per cent account
during the fiscal year $101,234,085 in redeemed notes. Of this
snm, $46,701,100, or 46*13 per cent, was forwarded to the banks
of ismie In notes Bt for circulation, and $54,532,935, or 53-87 per
eent. in notes unfit for circulation, was delivered to the Comptroller of the Currency, to be destroyed and replaced with new
notes. The total amount delivered on the 5 per cent account
was $17,070,465, or 14-43 per cent less than the amount delivered hi the preceding year. This decrease is the result of a
falling off of $18,136,766 in the amonnt of unlit notes delivered,
and an increase of $1,066,300 in the amount of fit notes forI
warded to banks.
"m
liquidaThe deposits made by national banks "failed,"
tion," ana "reducing circulation" during the year, noder the
circulation,
variotis provisions of law, for the retirement of their
$61,209,961 75, being nearly double the amount
was in
so deposited in the preceding year. This large increase
great measure due to the calling in for payment by the (iovernthe
by
BiMtof its 3 per ofut bond.'', which were largely owned
b«nks and pledged with the Oovemment as security for their eir75
eolatiqg notes. Included in the sbove amount is $32,423,166
the act
deposited by banks nnder the provisions of section 6 of
amonnted to
707
of July 12, 1882, which requires that "at the end of three years
from the date of the extension of the corporate existence of
each bank the association so extended shall deposit lawful
money with the Treasurer of the United States sufficient to redeem the remainder of the circulation which was outstanding at
the date of its extension."
The amount of notes redeemed, assorted and delivered
during the year on account of these classes of banks was $29,557,588.
The balance on account of these deposits ran up
during the year in the sura of 121,652,373 75, which, added to
the balance of June 30, 1885, made the balance at the close of
the year, June 30, 1886, $60,248,705 85, the largest sum at any
time before held in the Treasuryior the redemption of the circulation surrendered by the national banks. The total deposits
made on these accounts since the establishment of the national
banking system to the clo.se of the year were $295,225,393, and
the total redemptions of notes out oi these deposits were $234,976,687 15. During the first five months of the current fiscal
year, these deposits have been 137,926,885 25. The redemptions
for the same period hare been $11,064,273 50, making an increase of $26,862,611 75 in the balance on deposit, which on November 30, 1S86, was $87,111,317 6.
The assorting and delivering of redeemed national bank notes
at ^horter intervals than formerly, which was adverted to in
last report, was continued throughout the year.
The number
of packages prepared and delivered was 106,236, being 44,967
more than in the preceding year. Of these, 29,690 inclosed notes
fit forcirculation to the respective banks of issue, and 76,546 inclosed notes to the Comptroller of the Currency for destruction
The expenses incurred in the redemption of national bank
notes during the year, and paid out of the 5 per cent fund, were
$168,243 35, and were less by $13,613.81 than the expenses incurred In the preceding year. They were made up as follows:
For charges for transportation, $74,490.52 ; for salaries, $89,065.18— $75,322.19 in the Treasurer's office and $13,742.99 in the
Comptroller's office ; for printing and binding, $3,190.89 ; for
stationery, $1,163 65
and for contingent expenses, $333.11.
The charges for transportation cover the cost of transporting
the national bank cotes to Washington and the return of the
assorted notes fit for circulation to the respective banks of issue.
This item of expense fluctuates according to the amount of
notes presented for redemption, and by reason of diminished
redemptions during the year was $10,764,96 less than in the preceding year. In the expenditure for salaries there was a saving
of $4,306 64 as compared with the preceding year, and a saving
of ^.314 82 of the am<mnt appropriated for that purpose.
These expenses will be assessed in the usual manner, in compliance with law, against the national banks whose notes have
been redeemed.
The amount of notes redeemed during the
year, which under the law are subject to assessment, is $128,518,763 50, making the rate of expense $1 30 91-100 per $1,000.
During the year assessments for expenses of retiring the circulation of national banks in liquidation, made under the provisions of section 8 of the act of July 12, 1882, amounted to
$3,292 20. A charge was made to that fund on November 16,
1885, of $9,627 21, for its share of the expenses of the fiscal year
1885 incurred in redeeming the notes of liquidating banks subject to the provisions of section 8 of the act of 1882, to the
amount of $7,658,877, at $1 25 7-10 per $1,000, the rate of
expense for that year. The balance of the credit to that fund
on June 30, 1885, was $33,681 29, and on June 30, 1886, it was
$27,346 28.
Tables in the appendix, numbered 27 to 37, give in detail the
transactions during the year in the redemption of national
bank notes.
my
;
RKTIBBMENT OF KATIOSAL BAHK ClRCinATIOJf.
As there seems to be on the part of the public an idea that the
Treasury is locking up money in its vaults on account of this fund*
the whole operation of the retirement of the notes of a national
bank will be stated here in order to relieve any apprehension
which may be felt on this subject
The 3 per cent bonds of the
Washington National Bank of Westerly, R. I., amounting to
$100,000, were called on the 15th day of September, 1886. On
the 12th day of October, 1886, the bank sent its duplicate receipt to this office, the original being heldby the Comptroller of
the Currency, with the request that a deposit of 90 per cent of
the above amount should be made to retire its circulation with
the Treasurer of the United States, as agent for the redemption
of the notes of the national banks, and requesting a checfe for
the 10 per cent difference. Accordingly a credit was placed upon the tjooks ef the Treasurer, as agent for the national banks,
for $90,000, and a check for $10,000, and the amount standing to
the CI edit of the bank in the 5 per cent redemption fund in
this case $4,500— returned to the bank. The amount of redeemed notes charged to this account since it was opened is
$1,892. The annual percentage of such redemptions is 25-22,
and it will therefore take at least four years before the greater
part of the notes of this bank will be redeemed." The
amount credited to the general fund thus created stands
on
the
books
of
the
Treasurer,
as
agent,
as
a
credit for the redemption of the notes of the banks, and as the
notes come in for redemption they are charged to this account,
and the national bank circulation outstanding is decreased by a
corresponding amount. At present, owing to the active business season, none but mutilated notes are sent in for redempPersons presenting these notes for redemption are paid
tion.
eitlier'by check on New York or in such form of currency as
may be desired by them. The indebtedness on the part of
the Treasury, created as above described, is no doubt due in
legal tenders, but is liquidated in the manner stated, and no
attempt is Imade to reserve any specific sum of lega^tender^
—
THE CHRONICLa
708
[Vol.
XLUL
or any other form of currency, cut of the general Treasury solid value of the assets. Both proportion and value, in any
balance in which to pay these constantly-accruing liabilities. given case, will depend upon the management of the business
There was on NoTember 30 of this kind of liability, adding the of the bank; hence the supervision of the business and man6 per cent fund, which, theoretically, is also composed of legal agement of every bank by the Compt roller of the Currency has
tenders, the sum of |94,762,38t». The total amount of legal now become the most important feature of the national bank*
tenders in the Treasury on the same date, exclusive of that ing system.
The laws providing for this supervision and those which preheld to redeem the legal tender certificates which are used in
the banks as reserve in their stead, was !f29, 548,188, thus show- scribe and limit the character of the business that may be clone
ing that there must be held in the Treasury in some other by the national banks should be frequently revised in order
forms of money the balance of $65,204,301. The entire sum of that the light of experience may be utilized to their constant
f94,7&2,369 may be said to be composed of $29,548,188 legal improvement.
To this end I respectfully submit the following suggestions:
tenders. $32,602,100 standard silver dollars and $32,602,100
First. That section 5,137 of the Revised Statutes should be so
gold. If the books of the Treasury stated accurately the balances due by it as a depository, the amount now reported as a amended as to express more clearly and definitely the limitaThat these tion put upon national banks with respect to their dealings in
credit balance would be materially decreased.
balances should not be so reported is, in the opinion of the real estate and in mortgages, and to provide a penalty for vioI^asurer, one of the greatest defects of the present Treasury lation of the law.
Second. That section 5,145 be amended by adding the followsystem.
ing clause: Whenever the vice-president and the cashier, or
THR WORK OF THE OFFICE.
The Treasurer again commends, with great pleasure, his either of them, is a director, the board of directors must consist
subordinates in office for attention and accuracy in their re- of at least five members besides such officers.
Third. That section 5,151 be so amended as to exempt from
sponsible duties, and, while doing so, eipresses.the hope that at
no distant day some method may be adopted which will duly further liability the shareholders of national banks of which
the surplus shall exceed by 20 per cent the amount of the capireward thfir long and faithful service.
tal stock of the bank, and that they shall be partially relieved
Very respectfully, your obedient servant,
from such responsibility in proportion as the surplus shall
C. N. JORDAN,
exceed the 20 per cent now required by law. Provision, howTreasurer of the United States.
ever, should be made that such exemption cannot be obtained
Hoo. Dahiel Uahniho,
through any process by which capital becomes converted into
Secretary of the Treasury.
surplus, and also that such exemption is not to be enjoyed until
after the Comptroller of the Currency is satisfied that the entire
•apital and surplus are represented by good assets.
Fourth. That section 5,160, as modified by the act of July 12,
1882, be so amended as to require that the bonds which every
Treasdry Department,
association must at all times have on deposit with the TreasOffice of the Comptroller of the CuREBSor,
urer shall be registered United States bonds bearing interest.
Washington, December 4, 1886.
Fifth. That section 5,192, as modified by the act of June 20,
Sir: In obedience to law, I have the honor to submit a report 1874, be so amended as to require all banks to keep on hand,
for the year ending November 1, 1886, exhibiting
or at some centre near their location, a larger proportion of
First. A summary of the state and condition of every associ- their reserve than that now specified in the law.
ation from which reports have been received the preceding
The present provision allowing a part of the reserve to be
year, at the several dates to which such reports refer, with an kept in a distant city, appears to be a survival from the sysabstract of the whole amount of banking capital returned by tem of redemption formerly existing, which was repealed by
them, of the whole amount of their debts and liabilities, the the act of June 20, 1874, and its maintainance seems inconamount of circulating notes outstanding, and the total amount sistent with the general policy of the laws as they now exist.
of means and resources, specifying the amount of lawful money
Sixth. That the act of June 20, 1874, be so amended as to
held by them at the tim« of their several returns.
make it evident whether banks need keep a reserve on GovernSecond. A statement of the associations whose business has ment deposits secured by bonds.
been closed during the year, with the amount of their circulaSeventh. That section 5,200 be so amended as to render its
tion redeemed and the amount outstanding.
application practicable in all cases.
Third. Suggestions as to amendments to the laws relative to
It would appear that when in 1864* a limit wa.t placed upon
banking by which it is thought the system may be impraved.
the accommodation which a national bank might extend to
Fourth. A statement exhibiting under appropriate heads the any person, company, corporation or firm, for money borrowed,
resources and liabilities and condition of the banks, banking Congress had in view the then existing limit as to the number
companies, and savings banks, organized under the laws of the of national banks and as to the formation of new banks, arising
several States and Territories, such information being obtained out of the limitation upon the total volume of national bank
by the Comptroller from the reports made by such banks, currency.
banking companies, and savings-banks, to the legislatures or
At that time the privilege*of issuing currency was the most
officers of the difflerent States and Territories, anof where such valued of all the privileges conferred by the national -bank act,
reports could not be obtained the deficiency has been supplied and the limit upon this restricted the number of l)anks in each
from such other authentic sources as were available.
community; hence it was logical and consistent for the law
Fifth. The names and compensation of the clerks employed to provide that this limited bank accommodation should not be
in the office of the Comptroller of the Currency, and the whole monopolized by any small group of persons.
amount of the expenses of the banking deoart'ment during the
Now, however, all limitations upon the total volume of nayear.
tional-bank currency have been removed, and to all intents and
This is the twenty-fourth annual report of the Comptroller purposes the system has become one of free banking, open to
of the Currency.
citizens of the entire country, to any extent to which they may
[We omit the first summary, as we have given these figures desire to avail themselves of its privileges; hence there does
in full in the Chronicle at date of issue— the figures for Oc- not appear to be any longer the same reason that there was
tober 7, 1886 will be found November 27, 1886, page 631.— Ed. formerly for the law to enforce a general distribution through
Chronicle.]
the community of the amount of accommodation at the dis[The statement of national banks closed during the year gives posal of a national bank.
the names of thirty-three banks, with the location, date of
As a matter of faet, with the growth and extension of the
closing, capital stock and circulation of each.
The totals of system, banks, especially in the large cities, have had their busiall of these are: Capital stock, $2,301,100; circulation issued,
ness very mueh specialized, and such banks cannot continue to
11,245,725; circulation, outstanding, $1,052,041.
Of these exist or remain in the system if they should now be held to a
thirty-three banks, twenty-four went into voluntary liquida
strict conformity with section 52,00.
tion, one ceased to exist by expiration of charter and eight
The specialization of the business of the banks means, of
failed.
Ed. Chronicle.]
course, their becoming identified with special lines in trade,
eUQOEtJTIONa AS TO AMENDMENTS TO THE LAWS RELATING TO manufacturing, farming, &c., and as in all such industries there
BANKIKQ Br WHICH THE SYSTEM MAY RE IMPROVED AND THE has long been a tendency towards concentration in the hands of
SBCCEITY OF THE HOLDERS OF ITS NOTES AND OTHER CRED- a comparatively small number of large houses, it follows that
banks so situated must lend largely to particular firms or else
ITORS MAY BE INCREASED.
The security now afforded to the holders of national bank lose their most important customers. Thus business necessity
notes by the deposit of bonds in trust with the Treasurer on the one hand and the limitations of the law on the other,
seems to be complete, and as long as the bonds of the United have produced, in many cases, habitual disregard of the law,
States remain (as they now are and have been for some years) and in other cases evasions of the law, all of which must be either
the Currency, bereadily salable at above ninety cents on the dollar, the national ignored or tolerated by the Comptroller of
bank currency will continue to enjoy the confidence of the cause the only penalty now provided is forfeiture of the corporate existence of the offending bank.
publio.
While these reasons exist for modifying the law, at the same
It must not be lost sight of, however, that there are conceivable contingencies in which the salability of these bonds would time it is of course important that some limitation should be
be impaired, and the security of the notes correspondingly imposed upon the amount that any bank should hold in the
affected; but the probability of any such contingency is too paper of any person, company, corporation or firm, and that
remote for present consideration, while the provision of law the limit should be such as can be effectively enforced by the
8»^i°g to the United States a first lien upon all the assets of Comptroller.
To this end I respectfully suggest the following :
the bank for the amount of any dtiflciency in the proceeds
of
the bonds would seem to be a sufficient factor of safety in
(1) That the limit of 10 per cent of the capital, in loans to
any
•'
^
one party, be extended so as to be computed upon capital and
case.
The security of other creditors depends upon two conditions:
' TUe
limitation in the origlaai act ol 18(}3 was dlffereut and compllTust, tie proportion of assets to liabilities} and,
second, the
BEPORT OF THE COMPTROLLER OF THE
CURRENCY.
J
cuted.
Dbckmbzr U,
1886.]
THE CHRONICLE.
wh4t«T«<r sarplas may be held in excess of the legal requireof 20 per cent of capital.
(2) That this limit may be exceeded only in cases where a
bank holds security of undoubted valae, and which is not in
»ny way dependent for its ready couTeriibility upon the borrower.
(3) That the penalty for riolation of this restriction be such.
In the di«;relion of Congrees, as shall appear to be proportionkt« to the nature of the offense and such as may be readily enforced by the Comptroller of the Currency.
Eighth. That section 5,209 be so amended as to extend the
penaltitB therein specified for making false entries, reports or
•tatements, so as to make them apply to bank trxaminers or
other persons in the employment of the Comptroller of the
Currency, and also to all such acts done with intent to deceive
the Comptroller of the Corrency or any peison in his employ-
ment
ment.
The protection of banks and of those whose interests are in
the keeping; of the banks again.it fraud on the part of the bank
officers invites the attention of Congress, both in the interest
of general order and for the improTement of the banking system. In order that legislation deemed advisable may be
fnuoed with reference to past experience, I have given in
the Apendix to this report extracts from records in this office
boi^Uig the causes of nationul-bank failures in all cases in
IMP Ml to which such information is accessible.
Hfaitb. That section 5,219 be so amended as to enable the
national banks to obtain that practical protection against unequal State taxation which it was manifestly the intention of
Congress to secure to them in this section.
Tenth. That section 5,240 be so amended as to apportion the
compenMlion for examination of national banks according to
the af(gregate investments in each case, rather than accorcung
to the amount of capital, and that provision be made for more
frequent eiaminati>jns than are now possible by adding to the
amount paid by the banks a suitable amount to be paid out of
the Tieaaary in order that supervising examiners may be employed.
Hlereath. That a law be rnacted to the effect that any oath
required at the officers or directors of a national banking assoeiation may be taken before any commissioner of a circuit court,
or before a notary public having an official seal, or before any
other officer using a seal, where such notary or officer is qualiAedby the law of any State or Territory to administer oaths.
There is a practical necessity for such an enactment; for
apoa an examination of the statutes, in the lieht of the deeWoB of the Supreme Court in the case of the United States
v«. Curtis (107 U. S., 671), it appears that no provision has been
made for giving legal effect to the oaths rrquired of bank offieen and directoia, except in the one case to which the act of
Febmaij
38, 1881, apeuially applies.
Thia aot evidently aimed to supply an omisbion in the law,
bat inaamoch as it applies to only one case out of several,
other omiasiona seem by implication to have the sanction of CongTtm, which I an
they hare not, because, as the law now
•tanda. a director who swears falsely as to his qualifications for
Boeh position, or a president or cashiet who makes oath to a
fab* rtatement of the dividends and earnings.of his association,
eaoBot be oonvioted of perjury.
Twelfth. That, in the afasenee or disability of the cashier, all
eertiflcates required by Uw to be made by him may be made,
with the authority of the board of directors, by the assistant
eaihier, if the bank has nuch an officer, and if it has no such
oOeer, then by some one appointed by the directors to perform
the daUes of the cashier; provided, however, that no assistant
or acting cashier shall be authorized to sign circulating notes.
TIm want of such a provision in the banking law is the cause
of considerable inconvenience and annoyance to the banks.
Thirteenth. I mnew the recommendation of my predecessor
'
709
Chief Justice of the Supreme Court of the District of Columbia,
calling attention to the impairment of this security by the death
of some of the obligors and the departure of others from
Washington.
By the records of that Court it appears that on February 13, 1834,
an order was made recll^ng certain of tliese oomiuunicatlons and raquiring The bank to tile a new bond on or before Fobrujrj- 25, 1831, or
to allow cause to the comraiT.
The answer of the bank to lUis rule sets forth, substantially
1. That the ComiitroUi-r of the Curieuoy had iio authority to Inixuire
int» the sulBciency of the bond.
2. Thut the bond was atiU sufllcicnt because of the wealth of four of
the obligors out of the original sixteen.
No further proceedings are on
tile, and no new bond lias been ezeoatel.
of this l)aak re<iuired annual i-epo; ts to be made to Congress by Its ofiioer.5, but no such reports hM-e beeu lately made, and upon
iuqiury the examluer from this otfleewas iuformed that it wsis considered by the bank that the reports sent in to the Comptroller of the Currency, under the act of Juue 30, 1876, operated to discharge the bautc
,rom the duty of reportiuK to Cungress.
According to section 332 tlie Comptroller may, in his discretion, report to Congress the results of such examiuatious as he may see proper
to make of the banks In the District of Columbia, and If this bank were
now reporliug direcily to Congress there would be uo occasion, in my
opinion, for lue to make a report on it also
but sinoe it appears that
between the charter and the act of 187o, both pioridiug for reports, no
report at all reaches Congress, I respectfully submit lu tue Appendix a
copy of the report made by the b..nk on Oct. 7, 1886, which agrees sulistantlally with the report made to me by a special examiner Nov. 1 5, 1 898.
The charter
;
OROANIZ.VTION, ClROLL-iTION
AND DISSOLUTION.
As the law now stands a national bauldng association may be formed
by any number (not less than five) of natural persons. The oonditiona
are simple ana reasonable, the only one .ipt earing onerous being that
which requires tde bank to dtposlt In the Treasury United States registered bonds, bearing interest.
Betoiv 1832 every bunk was required to place and keep on deposit;
with the Treasurer suoh bonds to the amount of at least ouu-thlrd of its
capital, but the act of July 12, 1882, reduced this miuimum reiiulremeat
to one-fourth the capital of banks having not more than $150,000 caplt:il, and to $30,000 of bonds In all other oases, however large the capital
maybe.
Every bank, before beginning b\i!iine8s, is aso required to deposit with
the Comptroller a copy of its articles of associatiou, a complete list of its
shareliolders, directors and pi incipal otlicera, all duly authcutioated, and
evidence that at least 50 per cent of the capital is actually paid in. Tha
Comptroller may, in his discretion, cause a speci.il cxaminaion to be
made in order to satisfy himself ou auy of these paiuts, and he may
refuse to authorize any bank to begiu l)usiness if he has rcasou to believe
thai the purposes of Its promoters are not in accord with tho<e of the
national bauklug laws. When the Comptroller issues his certiflcate of
authority to begin business the b*uk is established, and is thouoel'orwaril
t)ound to conform lo all the reqiiiremeuts of the law governing its business, while, ou the other baud, it is entitled to exercise the rights, prlrileges and franohlees secured to It by the statutes.
CIKCULATINO NOTtS.
Upon the security of its bonds deuoaUed with the Treasurer, eaoh
bank is entitled to receive, and the Comptroller of the Currency is by
law required to Issue to it, circulating i o;e8 to the amount of 90 per
cent of the market value, and not more than 90 per cent of the par
value of the bonds. Any bank may deposit more than the miuimum ot
bonds, and may take out circulating notes for 9U per cent or its deposit,
provided its entire outstanding circulation against, bouds does not exceed 90 per cent of its capital stock actiiiilly paid in. Tlie oircuUtin*
notes when issued by the Oomptroller are in sheets, aud are not valid
until signed by the bank olHcers deslguated br the stitute.
Under the present law tbe minliuum deposit of boulA required to be
made by the 2,852 national bauks in operation in the Uiiitod States on
Ooiober 7, 1886. in order to coutinue as natloual ba jklng assootatlons;
wouid be but $81,365,312.
Tables in the Appndix show by States and geographical divisions
the national baulcs in opeiatiou ou October 7. 1386, s ^p.irated into two
classes, namely, bauks of wUcli th>' capital does noi exceed, aud banks
of which the capital rxoeedsf 150.000. The tlrst el .ss contains 2.001
banks, with an aggregate c^ipital of $167,261,215; the second 831, with
an aggregate capital of $;180,979,185. The miuimum of bunds reiiuired
to be kept on deposit by the rntre body of banks in the hrstclaasla
$41,815,312; the minimum for the 851 banks of tbe second class is
^2,550,000. If all banks held only the miuimum of liouds, the total
national-bank circulation would be $75,928,781, while the possible
maximum of circulation, belug 90 percent of the aggregate of the u»tional bank capital, would bo $493,416,657. The actual circulation ou
October 7. 1886, was .$303,176,776, iuclusive of $71,9^3,145 still outstanding, but wliich Is no longer represented by bonds, liut by that
amount of lawful money deposited with the Treasurer of the United
States u> redeem it. lue »231.223,6J1 of oU^;ulation for which tha
lianksa eresponaitde is composed of $86.517.58.'>, secured by the bonds
deposited by the .,001 buults liaving $150 000 capital and less, aud
$144,706,046 secured by the bouds belonging to the 8 j1 banks of whioll
the capital e.xcecils $150,000. The llrst claas of batiks haveth-refora
$48,883,805 more than their minimum, and $64,017,536 less than their
ossible maximum circulation, wluLe the larger baults have $106,411,
8 46 more than their mlulmuiu^
"* aud $198,176,431 less than their maxi'
tot farther legislation to ascertain and protect the righis of
shareholders desiring to withdraw from national banks which
are extending their corporate existence.
My attention has been called to several cases of apparent
violation of section 5,343 of the Revised SUtntes of the United
mam.
States, but there does not appear to be in the law any direoThefollowing table shows tbe number ot '>anks organized from July
tiMt or authority to the Comptroller of the Corrency to take 1, 1882, to July 1, 1886, theii' capital at jck, amount of bi)uda deposited,
ciscalatlou Usued thercua
action in snob cases.
The instances reported are the following: National Savings
.Mlntmum
Bonis
ClroulaBank of Sew Uaven, Conn.; National Savings Bank of Albany,
tjonds
aotually
tloa
11
Fiscal re»r.
Capital.
repaired, deposited.
lasueiL
N. y.; National Savings Bank of Buffalo, N. Y.; National
1?
Bank of Honduras, Washington, D. C.
P. 0.1
The only bank in the District of Colombia to which section 1883-83
Afl ^01 ?An
28
231 $2«,55S.3:X1 itS,I39,.M0 (T,11S,400
of ths Berised Statutes applies is the National Savings 1883-8*
818
19,944,000
4.016.000
1,1)76,100
14
1.204.490
I88t-S8
-.5,203.000
143
3,061,230
3,332.800
8
a.y»B.5:jo
Bank of the District of Columbia.
1885-86
17,1553,000
lea
3,101,300
3,715,500
8
3,312,930
Thfa institution was chartered Jlav 24, 1870, never had any
are
reas
'4Bpltal stock, and appears, from sucn examiuati.^ns
Prom the foregoing table It appears that 774 banks hare been organl'
zed between the dates gives, with a capital of $79,251,31)0; that they
poitod, never to have accumulated a sarplas fond.
deposited $18,810,800 bonds, upon which circulation to tha
The charter required the bank to die, in the office of the have
amount of $16,936,720 has been issued. The miaiiuuui deposit ot
bond,
a
Columbia,
of
District
'derk of the Supreme Court of the
bonds as required by law for suoh banks is $15,637,250, and it will ba
•ith secority for 9300.000, to be approved by one of the judges observoil that while t!ie actual deposit has in the aggregate exceeded
ol the Court, and the Court was given authority to require a the minimum absolutely required, yet this excess steadily decrdased
during the tlrst three years covered by tne table, and during the yearj
new bond and additional security whenever the interests of the ending July 1, 1885, and JiUy 1, 1886, the percent ige of excess
redepoottor* might neem to render it proper to do so.
mained the same, namely, 8 per cent. Of tha 163 uatlouiil bauks
Upon examination I And that there is a bond on file in the organized during the past fiscal year, 96 have a capital or $30,OJ0 each,
amounting to $1,800,001); 41 have a capital of over .$50,00} and not exclerk's offl(.v for |200,000, binding the bank and sixteen persons ceeding $150,000, amounting to
$1,218,003; ana 23 have a capital of
" to par and satisfy creditors, &c.
•t jointly but not »everally
$3,535,0J0. Tue latter class of banki deposited only $10D,oaO of bonds
This bond is under the seal of the bank and the respective in excess of the miniuiuin required by law.
TaOles have been prepared, aud will be found in the
ahoiv•••Is of the other obligors, bat it is not dated. The approval of Ing for the national bauks lu eacli State, Territory, aud Appendix,
reserve city, tha
Mr. Jartise Olin is afiCed to it, dated October 30, 1870.
miuimum amount of bonda raiuli'iid by law, the bouds actuallv' held,
B» the records of thia office it appears that at various times aud the circulation Issued thereon and oatat^udlug Ootober 7, ISj'J;
^
ktions have been addressed by my pied«c<Mao» to the aldo all other liifoiuittiou deemed useful as to olrculaUou.
,
;
P
tn
1
1
:
'
THE CHRONICLE.
710
BaDke »re privllefred to chnnjco ihetr deposited bonds from time to
time, to Increase and to reduce the amonnt. within llmlu, and are reqnlrcd to Innpcot onoe a year the bonds held for them In trust Ijy the
Tren«ur<>r. The Comptroller of the Currency In the agent and medumi
of all such changes; hid indorsement on iho bonds establishes their ownership and alone validates their transfer. Bection 5,163 of the Revised
Statutes renuires hlni to record every act of deposit, transfer, and withdrawal, ant; to keep a set of books for the purpose.
««•>
*•*
•
DIAGRAM.
The dla)?ram aooorapanyinK this report exbiblts In a very striking
manner the main features of the national banking system, and how
each has viiried during the twenty -one years since the peace of the
country has t>een re-established.
Ontbeletof Januarr, 1868, there were 1,582 national banks; on the
7tli of October, 1886, there were 2,852— a net increase In number alone
of 1,270.
The following table groups In a compendious form the most Important
shown In the diagram
facts
:
Janaary
October 7,
1.
IN86.
1666.
Highest point Lowest point
touched.
tuncbed.
I
t54S,ooo,roo!
»403.000.000j »543,0O0,00O lOct 7. 18861
1
CspiUI
'
Capita], Borplus.
undivided
and
proflts..
CircQlatlon
772,000.000,
J
S1S,000,000
228.000,000
i
)Oct.
)
Total iDve^tments In
United States
t>ondS|
Deposits
Ix>«ns
772,000,000
475.000,0001
and discoimts.
.
Casta:
7. 18881
1,
(let. 7.
I
828.000,000 1,173,000,000
712.000.000
April 4.1870
1,173,000,000
i
Oct.
5O0,0OO.00o!l,44S.O00,00O|
}
1,448,000,000
iO
t.
7,
7.
1886
18S6
18S6
218,000.000
I, 1866
Jan.
)
I
475,000.000
Jan.
841,000,000
Dec. 26,1873
291,000,000
440.000.00
»403.OO0,0O0
I, 1886
Jan.
201,000.000
188«
501,000,0<K
Oct. H, 1870
BOO,(KX1,000
Jan.
1,
1966
I
National bank notes'
Legal tender notes.
Specie
.
20,000,000
!
28,000,000
23.000,000
187,000.0001
63,000,000
110,000,000
186,000,000,
Deo.
31, 188.?
205,000.000
Oct. 1,1866
177.000,000
July 8. 1888
11,000.400
Ocr. 7. 1H87
50.01 lO.iKIO
11. 18-2
Mar.
•8,000,000
Oct.
1,
1875
examination of this table shows that the aggregate capital, surplus, undivided profits, circulation and deposits have Increased from
|l,210,000,000 in January, 1866, to $2,173,000,000 in October, 188U,
which is less than double, while the loans and discounts have gone up
from $500,tJ(K),00o to *1,443.000,000, which is nearly treble, showing
how much more widely the banks are now identified with the general
business of the country than they were twenty-one years ago.
The investments in bonds have taken an opposite course. Amounting
to *440.0O0,0O0 in 1886, increasing to $712,000,000 in April, ISTtf,
they had subsided by 7th October last to $l!91.O0O,00O, but little more
than half what they were in 1866, and scarcely over a third of what
they momentarily amounted to in 1379.
The specie, which at the beginning of the period was but $19,000,-
An
000, had got down in October, 1875, to $i,000,000, is now $156,000,July, 1885, was $177,000,000.
000, and
It is interesting to see how these changes appear when reduced to
percentages.
The capital, surplus, imdivlded proflts, circulation and deposits constitute together the fund upon which a bank does its business.
Loans and discoimts. United States bonds, specie, Ac. are different
forms In which this fund Is invested. Taking the fund at $1,210,000,000 in 1866 and at $2. 173,000.000 In 1886, these ln\estmeni8 represent
the fallowing proportions of those amonnts viz
m
,
41-82
Loans and discounts
United Slates bones
B6-40
13-39
3636
Bpecte
Total
1-57
718
79-25
8fl-»7
Another striking fact Is that in 1866 the olronlatlon was $213,000,000 and In 18S6 it is only $228,000,000. At the former period, therefore, the circulation was nearly 45 per cent of the capital, surplus and
•
.
*
•
imdivlded profits, while now It is only about 29 per cent.
STATE TAXATION OF NATIONAL BANKS,
There has been for some years more or less friction arising out of th e
mode of assessing and collecting taxes on national bank shares in some
of the States.
The subject has 'en frequently and fully treated by my predecessors,
and theiefore la r< n wing it I need say only that as Congress obviously
intended to protect ilie national banks from di-scriuiinative taxation, it
would seem proper that force be given to this purpose b3' its more definite expression in the law.
in consequence of different constructions placed by taxing officers
upon the existing statute, litigation of a costly and more or less irritatiLg character has arisen in States which together contain nearly onehalt of all the national bank capital In the Union.
CONCLUSION
In selecting the Information presented In this report! haveendeavond to exhibit the practical working of the present national currency
and bank laws, and I have also had in view the importance of supplying material for a full understanding of the relations between the
national hunks and the general business of the country, in order to
explain the widely pi evalent desire amone business men for some legislation dliected to tne establishment of these banks upon a more perma-
nent
basis.
The rational banking (system had Itb origin during the war, and It will
al-nsys i-fsnd rpltidin in kittoryasan example of flnandal EkUl suectsslul uEder \ny diflicult clrcunistancee.
The problem in )8(i3 v»s how to bring the bunking capital of the
counliy lotliesuproitof the Treasury, and It cunnot be doubted that
the banks then had it in fheirpower to exact fron. the Government concessions far n ere vslvable than these granted tl em. Even these moderate concessions have long since lost all the elements of monopoly, and
the act of June 20, 1874, actually tonka-«ay $55,ti00,C00of circulation
Sartly Irem bsnis crgsnized dniing the war. in cider toglve theprlvege of issuing fiat srm to banks in States that were cut oft by the war
fitni acttfs to the national bankings} stem a measure entitled tohonoiable eonsldeiatien, Iceause at Ihattine those States were without
tnfliclent rolitlcai iifluenee to exact a share In. this valuable privilege,
and the then existing banks weic strong enough to have made a suecetflul lesislance if they had been selfishly Inclined.
^.
Ibe last vestige cfnonopeily was swept away by the act'bf January
14, 1675, which crested a free bankine system throughout the United
etates, and, sui plenented by the act of July 12, 1682, brought Its bene
fits within reach of even small ctmmunitles.
der the sanction of these laws the national banks have become
irons, widely distrlbnted and Intimately Ideniitied with the varied
tndiistrtes liy whkh our eniiie poiulation liteially obtain their daily
oread, but dniiig the stme time the rapid leductiou of the funded debt
of theGel^eInn enthas been iLtitidiicirg Into the veiy basis of the sysleit an element of iiistability w hich now hampers Its extension, impairs
Its usefulness, and ecec threatens Its continued existence, while there
*Ff {still great aieas
our tountty in which the natural resources are
;
.
.
.
-.
M
[Vol.
ZLUI.
awaiting development by Just such means as tbe<e| banks might bemad
o supply.
The present financial prospects of the oonntry Inluoe the expeotatl<> i
that the funded ilebt will »e pall off as fast an the bonds mature, and.
In <M>nsequence, a question has arisen as to what changes should be
made In the iiatloual l>ank system in order that it shall not suffer deterioration or destruction upon the withdrawal of the support u|)on which
It Is based by the present laws, which reepiire every bank before beginning business to deposit a certain amount la United B:ates bonds.
The payment of the 3 per cent bond?, the luaturity In 18D1 of the 4's
percent bonds, amounting to $2.'i0.OOO.O00, and in 1907 of the 4 per
cent bonds, amounting to nearly $738,000,000, have combined to produce a prospective scarcity in the securities available to the banks as a
basis for their lorpoaiie e.il-)tcnce, and this is reflected in the advance
of these bouds to a premium so high that every day their enforced purchase becomes more and more onerous.
Banks now holding only 3 per cent bonds, and newly organized national banking associations, are forced Into the market as purohasersof
the 4 per cent or the 1>« nor cent bonds, and this constant d mand, lu
connection with the prospective scarcity already referred to, sustains
and tends still further to elevate the premium on these bunds.
As the time approaches for the payment of the 4^ per cent bonds, it
is reasonable to expect a still greater de oand for the i per cent«, and it
is a question of serious importance whether the banks can afford to hold
or to buy 4 per cent bonds after 1891.
In the present age all bueines.^ men try to anticipate future conditions
and to provide well in aelvance against foreseen contingencies; hence It
IS to be e.vpected that the banks will not wait until the approach of
189 1 to shape their policy with reference to the eontiuued uoldiug of
high-priced bond i. For tlils reason it Is not too early now to consider
what legislation may lie proper to remove this element of future uncertaint,v from the national banking system, and looking to the possible
consideration of thi subject by Congress, I respectfully submit the following statemi'ntof"lhe que Uion as it appear-i from the point of-vlew
olliilally occupied by the Comptroller of the Currency:
The fundamental postulates underlying every banking system established by law, whatever may be Its form, must necessarily be
First. That hanks promote the general welfare of the community; and
Secondly. That the particular system established by law is the best
obtainable under the conditions prevailing at the time and place.
These postulates, therefore, underlie our national banking laws.
The flrst postulate will not be questioned, since no people in moderu
times haveever risen to civilization, or maintained their civilization,
without banks; and least of all can it be questioned in this country
where, besides i;,868 national banks now in operation, we have over
5,0..0i^tate banks, savings banks, and private banks and bankers,
whose operations extend into the minutest ramifications of the employments and resources of our 60,000,000 of population.
The se'cond postulate involves the questiod whether the present national bank system should bo preserved, and, if so. whether Itisgood
enough as itis or whether it can be improved.
The National Currency Act of February 12, 1863, was controlled as to
Inducing the banks and
its purposes by the paramount necessity of
other capitalists to become purchasers of Government bonds under conditions that would give a basis of solid value to the currency then being
paid out in immense volume under the pressure of military exigencies,
lience the consolidation of these banks into a national banking system
adapted to commercial and industrial needs appears only as a suborell
nate incident in the general scheme. As early, however, as the year
1 864. it was perceived that the general welfare of the people would
be prompted by giving greater cohesiveness and method to the system
regarded more especially in Its banking than in Its currency features,
and from that time to this the effort of legislation has been to subordi
nate the Issuing of currency to the more important functions performed
by the banks as institutions of dis<H>iint and deposit. The effect of this
legislation and its wisdom are exemplified In the present high credit and
the consequent wide commercial usefulness of national banks.
If the system could be preserved purely as one of deposit and discount, there would probably arise an almost universal sentiment In
favor of bestowing upon its preservation immediate and careful attention, but it is doubtful whether the banks would Hud sufficient inducement to remain in the system without enjoying some privileges as to
the issue of currency, and it has been juestioned whether there Is power
under the Constitution fi r the charter of national banks, except as instrumentalities for a money circulation.
It follows, therefore, that any legislation directed to the Improvement and permanent establishment of the'national banking system must
Include some provision for the maintenance of a national-bank circulation, while on the other hand it appears that whatever opposition exists
to the national banks attaches to them mainly as banks of issue, and
under our system of government nothing can be regarded as permanently established until it has obtained the support of a well-settled
public opinion. Henceit is evident that the problem now to be solved
Is how to remodel the currency features of the national-bank system bo
as to obtain popular approval of them.
Objections to the present national bank currency appear to be comprised within three classes, namely:
1. A general objection to paper money in any form.
2. An objection to national bank notes based upon the aasumptlou
that they take the place of an eiiual amount of paper money that might
be Issued directly upon the credit of the tiovernment.
3. The obiection that a currency determined lu violume by a definite
percentage upon deposited securities of high value can never possess
the flexibility and elasticity of volume which are the chief commercial
advantHges of a bank currency in any form.
Against these objections it has been answered-1. Tliat the <|uestiou as to having paper money at all Is not at present
a practical one, because it is evident that our people will have paper
money in one form or another, and that of all forms of paper money of
wldch we have had any experience, the present nttional bank currency
is the least objectionable, even to those who thiuk that all such money
should be avoided.
2 That while a bank currency based on Government bonds and redeemable in greenbacks may be considered as a kind of Government money
on which the banks are getting the prottt, yet without this privilege, or
some other equivalent to it, the national-bank system could never have
been established, nor can it now be maintained, and that this Is tbo
cheapest price at which the people or the Government could have get
any banking system so good in all respects and so valuable as this has
i
proved to be.
Another argument is that the Government must pay interest upon
bonds whether those are held by the banks or not, henoe the profit
to the banks on these bonds has been obtained without charge on the
Treasury; while, on the other hand, it the hanks had not been offei-ed
sufficient inducement to Invest in these bonds, many more of them
would have gone abroad at low prices, and the country as a whole
would now be so much the worse ofl^
S. That the want of flecibility In the currency and of elasticity of volume are consequences aiising from the scarcity of bonds and the high
prices to which they have risen, and that this could not have been fore
seen nor provided against in the original acts, but may.nowbe remedied
Its
l>y proper legislation.
These objections and the answers to them are stated without comment. Thfy are gathered from current discussion In the press, and
seem worthy of consideiation.
Some suggestions have been made to me as to new legUlatiou on this
subiect, which, together with such conclusions as I have been able to
reach, are subject to whatever disposition Congress may be pleased to
order.
Hon. John G. Carlisle,
Speaker 01 tlie Bov»t ot
W.
L.
TRENHOLM.
Comptroller of the Currency.
Tteprttenlalires.
^
THE CHRONKJLR
The
lh£ gankers'
daxette.
DIVIDBN08.
Per
OenL
Wlien
Payable.
December 10.
A Aibany
(quar.)
Dooomentaryoommerolal.
BooAm Ototed,
(Day* inelutive.)
Deo.
Jan.
31
Dec.
20
OBDtnU of Oeorgta
3
4
faieebire. preJ
Fltelibar>r
3
Jan
3
MlaMiari rarlHc (qaar.)
Korrta A Catex
S, T. * Harrem (com. A pref.)
Horwlch « Worcester
Ora«oii B'wav A N«v. Co. (qaar.).
RIohmoDd A Peterabars
Bl. haul * Diiliitb. pref.
1%
Jan.
Jan.
Jan.
Jt L. W.-11
niaeollaneoaa.
rhUadelpbm (^uuniany (monthly)
S>a
4
jJan.
iJan.
1 Dec.
Sixty
EMmeoommerolal
Parlg(frano8)
12 to Deo. 18
Dee. 7
Deo. 14
Deo. 19
Dec. 11
Dec 18
to
to
to .'»u.
to Jan.
to Jan.
2
2
3
United States Bonds,
3ia
Jan.
Deo. 12 to Jan.
Deo.
20 Dec. 15 to Deo. 20
2
WALL, i«TRRKT, FKIDAV, December 10, 18i46-S P. n.
The Moaey Market and Financial Sitaatlon.—The spasms
of rtriDgency in the money market at intervals have led to
aome caution among brokers in regard to their money requirements during the balance of the year. Prom this period in De-
Demand.
39nia»39%
39''8a39is,9478 995
943e'«94>«
— Government bonds have been moder-
Interest Dee.
Periods.
4.
Jan.
Jan.
Day:
4 81
ately active during the past week, the sales including $30,000
of the 33 at 100}.
Prices for the 4^s have advanced a trifle,
and for the 43 been only steady and unehanged.
The closing prices at the N. Y. Board have Deen as foUowa;
10
3
:
4 84^
4 79ia»4 79^
4 78\a4 79 J4
5 26'8a5 21=8 5 243895 23'e
Amsterdam (gilders)...
Frankfort or Bremen (relohmarks)
Railroad*.
Beaton
Boatoo
rates of leading bankers are as follows
PnmebankeTs'sterllng blllson London...
The (oUovliiK dlTldeiidii have recently been uinomioed:
Mmm* of Oomptmn.
711
Pec.
Dec.
Dee.
Dee.
Dee,
6.
7.
a
9.
10.
Q.-Mar. •11038 110% 11058l*110ll'*1103s •110«8
.coup. ( .-Mar. 11038 •11014' llOSs! 110=8 •llOBs'llOSg
12838*12838 128^1*128% *128%
48,1907
..ref?. t .-Jan. M283S
48. 1907
coup. C .-Jan. '.2p38".29m 12938 12938*12938 129%
38, option U.S. .. reg.C.-Peb. •ICO^-lOOifil 100% 'lOOOs'lOOSe'lOOOg
•124i«i*124ifl •12468 *12)»e«124»8
68. our'cy, '95. ...regJI. A J. *123
68, our'cy, '96 ...reg.J. A J. •126'a *127>8 *127i8 •127I4 '12714 •12714
68, our'cy, '97. ...reg.J. A J *127
*129%i'129% •12W8*129"»*129'a
68, cur'cy, '98. ..reg. J. A J. 131'4*13238|n3J38 •lS2ia*l32is^l32>«
*134-'8 *134'8 135
*135 •135
68. oar'cy, '99. ...Ten. J. A J. •133
4isg,1891
4138,1891
...re«.
1
1
*
This la the prloe bid at the
momlns board no f ate waa made.
:
—
cember, with the bank surplus at its present low ebb, there is
to anticipate an occasional pressure in money for a few
State and Railroad Bonds. State bonds have again been
quite active, the business extending to a large number of issues,
ireeki until the effect of the January disbursements can be felt in which the Virginia deferred and Arkansas Railroad bonds
have been conspicuous; the latter class has advanced, while
among borrowera.
other prices have not changed much.
Closing prices to-day
The buoyancy at the Stock Exchange has been substantially were : Arkansas, L. R. P. B.
N. O. issue at 25 M. O.
R.
Ft. 8m. 38^.
maintained, although a few stocks are now below the highest R. 28; Mem. &L. R. 26; Cent. R. R. Hi; L. R.
Railroad bonds have bad a pretty active business, the transpointa reached in recent fluctuations. It is to be observed that
actions being well distributed and reaching a fair total each
Kreral of the stocks most prominent in the late advance are day.
number of classes follow the course of the stock
dependent upon negotiations, already entered upon or soon to market to a certain extent, hence a rather irregular tone
be undertaken, with a view of forming important combinations has been apparent at times, when part of the list were
among certain railroads, and effecting a further agglomeration of weak and giving way a little, while others were held and a
railroad capital under single manaiKraent.
Thus the prices of few advanced. The largest transactions as a rule have
the two Richmond stocks and Norfolk <& Western and Gist Ten- been in the lower-priced classes, such as Atlantic
Pacific
neiee all hang on negotiations of this character, while New incomes. Green Bay incomes, Detroit Mack. &Mar. land grants,
Tork
New England has been advanced on the same idea, Denver 4', &c. In the early part of the week Erie 3d8 were
although the precise shape of its negotiations and prospects active and higher, but later they relapsed into dulness and
have never been made public. The proposed lease of Oregon declined a little. Nickel Plate Ists advanced to above par on
Railway
Navigation to Union Pacific is another step in the a good business in connection with the advance in the stock
direction.
To-day it is reported from Boston that the on the oM rumor of a settlement with Lake Shore. N.
SusSanta Pe has actually negotiated some quehanna
Atchiaon Topeka
Western Ists also advanced slightly. Several
of
S
per
cent
bonds
for
building
its
918,000,000
line from classes of Wabash bonds were quite sharply advanced, touch*
Kansas City to Chicago.
ing the best prices for the year, while the Texas
Pacifies
In our remarks last week on the building of 7,000 miles have been very weak, though dull.
of railroad this year at $30,000 per mile for road, equipment,
Railroad and Hiscellaneons Stocks. The stock market
Ae., it was printed that this would call for an outlay of $210,has been active, unsettled and irregular, with the week's busi000.000, a palpable error for $210,000,000.
ness as a whole showing no decided tendency in either direcTiie open market rates lor call loans during the week on
tion.
Followiog a somewhat irregular but generally firm
•tock and bond collaterals have ranged from 3 to 9 per cent, to strong market, there was a sharp fall
on Tuesday, when the
with IS and 15 per cent exceptional rates, the usual rate to whiile market gave way considerably, as a result of bear presStockbrokers being 3®7 per cent ; to-day the rates were 5(^9
sure, assisted by some heavy sales to realize and the anticipaper eent. Prime commercial paper is quoted at 5i®6i per cent. tion of scarce and hiyher money. Prices, as a whole, partially
The Bank of England weekly statement on Thursday showed recovered from this decline, and a few were decidedly
a gain in specie of £98,000, and the percentage of reserve to advanced, though the market for the balance of the week has
was 45|, against 44^ last week; the discount shown a rather irregular tone.
Uabilitiea
The Bank of France
rate remains unchanged at 4 per cent.
The Southern stocks were again brought into prominence in
kMt 11,750,000 franca in gold and gained 600,000 francs in the speculation, the leaders of this class being the Norfolk
Uver.
Westerns and East Tennessees, both of which have been very
The New Tork Clearing House banks, in their statement of strong on the negotiations pending for a purchase of a conDecember 4, showed a decrease in surplus reserve of trolling interest in East Tenn. 1st pref. by the Norfolk
99, 701, 800, the toUl surplus being $6, 165, 950, against $8, 867, 750 Western Company.
Richmond Terminal has been less active
the previous week.
and very weak, after selling " ex-rights." Louisville
Nashthe
changes
from
previous
table
shows
the
Tne following
ville has been prominent, the dealings being very large and
week and a comparison with the two preceding years in the the price the strongest on the list, advancing to 69 on Thursaverages of the New York Clearing House banks:
day, but reacting quite a little since.
Of Che Vanderbilts, Canada Southern and Lake Shore havo
Dtifer'nMtfr'vt
1884.
1885.
ISRA.
been active, the former advancing sharply at one time on a
Preeioue Week.
Dee. 5.
Dee. 6.
Ore. 4.
rumor of an agreement with Canadian Pacific. This advance
^saas andiM S350.g47,000 [no .•6,302,000 •338.5 4. 1 00 S288,044,800 has been followed by some irregularity, though the price is
8«.49».60O
oi.asi.ioo
77,f>H.-iOO Dee. 1,725.800
!1,5S7,200 still a little higher than last week.
19.300
10,005.200
Lake Shore has not been
7.072.400 Deo.
cGSSmuiia'.
3«O.K91.tOO Ine 5,273.600 877.635.200 329.370.200 so strong as last week, and it has been reported that the divistdapoatta
38.270.400
342,400
29,01 4,»00
19.381. 100 IDO
basal tandeia.
dends to be declared this month would be smaller than ex•00,245.350 too. ai .3 18. 100 •94,10>i.800 •82.467.550
96,411.300 Deo. 1.383,400 I20..)96.000 124,765,000 pected.
Reading and the other coal stocks have been very irregular.
•6.165.05O Deo.t2,701.800 »26.187.200| $12.297.450 Reading is still infiuenced by the varying news in regard to
Bpplaa
Exehaage.— Nothing new is to be noted in regard to the the reorganization plan, and the transactions have been very
Business has been light in volume heavy, though it is claimed in some quarters that the movesterling exchange maraet.
and the demand not active at any time. Rates have been ment is purely speculative and not based on London buying
nther irregular and weak most of the time and posted rates through the syndicate bankers. Lackawanna declined on
were twice reduced one-half cent each time but advanced Tuesday with the rest of the market, but later advanced
again one-half cent tivOay, the rates as quoted now being 4 81 sharply on the favorable decision in regard to the coal combiand 4 84^. The arrivals of gold for the week have amounted nation. New England has again been very active and advanced
most of the time, on the supposition that there is a contest for
to about $1,500,000, with a further amount on the way.
To-day tne rate* on actual business were as follows, viz., control.
The Wabashes have declined quite materially on the deBankers' OOdays' sterling, 4 H0i®4 >iO^ demand, 4 ^3|®4 84.
Commercial bills were 4 78^(84 78f ;. cision of Judge Gresham in connection with the receivership.
Oablea, 4 84i(a4 84^.
To-diiy, Friday, there was a well distributed business in.
Oontioental nillswere: Franca, 5 251(^5 26iand 5 231(^5 2.if
nichmarka, 04^ and 94}®9S; guilders, Z9%®^^ and 4U(®40i. stocks, with a moderate decline throughout most of the list.
naaon
&
&
;
&
A
&
A
A
ame
Y
A
&
&
—
&
&
&
1
.
—
—
;
•'
THB CHRONICLE.
712
PRICES OF STOCKS AT
STOCKS.
KU.
Active
AUmitlc* P«olt)c
STOCK EXCHANGE FOR WEEK ENDINU »EC.
HiaHEST AND LOWEST PRICES.
N. Y.
Hondas,
Satordar.
Deo. -I.
Mtocka.
12%
UU%
(jMuaUlHii Pncltio
tiO's
Oanadiirtnutheni
Central ot New Jerser
Dec.
Tuesdar.
Die. 7.
B.
tiU>4
U-i>B
9%
.
11% 11%
Borne Watcrtown (StOgdensb'g
M.L>ou1b &San Francisco
tooia
11% 11%
96
•34%
35
Do
pref
69% 70 14 70
117 ^17^ 116
Do
lsti)ref
63
Bt.Paul&Duluth
63% 6214
112 112
Do
pref
118
Bt. PaulMlnueap. & Manitoba. 118
Bouthein PacilloCo
39
38
38%
25^8
2638 26%
Texaa <k Pacltlc, trust cert...
6378 66"
6638
Onion Paclflc...
2338 23%
Wab. St. L &P., P.Com.rcpts
22%
Do
pref
40
401a 4114
96
34
54
"35'
70
116
6214
49% 51
•!i4
9(i
33% 33%
68% 69
'115
Delaware & Hudson Canal..
Oregon linproveiuent Co
Oregon Railway <feNav. Co..
PaoiflcMail
Philadelphia Co., Nat. Gas
401a
801a
119
115=8
•85
11% 13%
62
117
62%
39%
38
2658
3838
67%
23% 26
64% 6678
24=8
4178
36% 40%
20
23
41 14
40
41 14
3838
80%
80 14
80%
80
10638 105% 106
10438
49
51
4878
481a 50
107
106=8
106%
106%
lOO's
14
5608
54
55
54% 56
10 H
40
67
164%
'163
56% 57
9608 97%
98
164
69
100
21^8
69
101% 102
2178
United States
Wells, Fargo <fe Co
InactlTe Stocks.
Atchison Topeka & Santa
Fe.
BuHalo Roch. At Pittsburg
Cedar Falls & Minnesota
Central Iowa
Ctnclnuatl Wash. & Baltlm're.
Do
pref
Columbia & Greenville, pref..
Milwaukee <fe Northeru
New Yolk Lack. & Weslein ..
Pittsburg F..ri Wayne &. Chic.
Qolckailver Mining Co
Do
pref...
Bt, Louis Alton <bTerre Haute.
Bcloto Valley
Bonth Carolina
loledo & Oliio Central, prof.
Cameron Coal
Bfew Central Coal
Tennessee ( "oal .t Iron
.
Pipe Line Certilliates
Bt. Louis Ark. * Texas
Do
*
fe.
Ist
mort
2d mort..
•137
98%
32% 32%
14
638
11
58
40
18
14%
6%
11
98
33
17%
*14
6I4
11
58
42
58
40
10538
7%
27
•3714
140
'137
'108% 110% 109
*64
65
63
130
130
98
*16i4
62%
25%
Various StonkK, ice, (Unl
Amer. Cotton Oil Trust
no
140
108% 110
l>3% 65
130
136
8
8
98I4
3314
1758
16
6I4
1138
63% 66
63% 63%
20% 21
11% 12%
35% 36%
33% 33%
46% 48%
10% 12%
28
5758
2958
117
363s
113% 115
63
27
18
116
30%
3678
33%
48% 49%
11% 11%
33
116
6178
39
80
42% 49%
93
94
34%
33% 33%
65% 67%
70
116
54
543,,
•135
5438
118
48
106
54%
118
135
140
110
•135
34
132
129
131
130
34%
*34
13% 13%
11%
1138
1138
11
63%
307b
18
117
8
8
27
27
6%
6%
148
7% 8%
26% 27%
37% 37% •36% 38%
14% 14%
10
•63
31% 32
17
117
•63
32
64
32%
638
63e
11%
118
eo'e
80% 81=8
27% 27%
99% 99%
.53% 54%
These are the prices bid and aaked
;
68
80
27
69%
65% 60
807h
72
80
267a
2678
9978
27%
8
99% 100
54% 557s
99%
55% 56%
no sale was made at the Board.
t
1978
37%
99 Hept.
125% Sept.
4 12058 Nov.
4
31
Jan. 18 144
20
20
19
Aug. 9
120% May 141131 Feb. 17
9% Mar.
19% Nov. 23
26%
35%
43% Nov. 22
Mar.
Mar.
97
.Mar.
43%
Mar.
55
II
Nov. 18
19
6% Nov.
73% Nov. 19
43% Nov. 20
May _
Jan. 191144 Dec. 4
4 35% Dec. 6
6378 Nov. 30
59 Dec.
1 878 Dec,
11
Oct.
7
83% Dec. 9
67 Sept.
33% Dec. 6
28 Sept.
91%8ept. 15
67% Jan.
Jan.
14% Dec. 9
8
2678
115
21% May
Mar. _ 40% Nov. 29
Dec. l'143%Feb. 9
July 17; 2878 Jan. 5
14% Nov. 15 22% Oct 19
81,358; 76% May 3 100% Dec. 4
1.345 80 Jim. 20 100 June 21
159,9901 33% May 3 69
Dec. 9
530' 32
Mar. 25 71 Dec. 3
3,040jl20 Jan. 2176 C)ct 16
1,700 29 May 19 69% Nov. 22
13,060! 61% May 4! 98% Dec.
6
3,450 22 Jan. 28i 71% June 3
11,763 50% Jan. 18 103 Dec. 9
2,800 16% Mar. 24 2378 Nov. 19
4,730 40% Mar.
52% Nov. 20
42,733 21 May
38% Nov. 30
14,120 100% Mar.
119 Oct. 14
2,035 11 May
2178 Nov. 26
33.719 43% Apr.
105% Dec. 10
19,042 98% May
lay
117% Dec. 3
34,303
17% Oct. 18
4% Mar.
85,675 1 1 May
31 Out. 18
130.O92 22% May
38% Dec. 4
6
81% Sept. 24
08% Oct. 5
22% Dec. 4
12% Dec 9
Feb.
17% Jan.
8
Mar.
25
22
Jan.
May
53% Mar.
19% May
13% Mar.
25
16
Mar.
Mar.
410 75
27%
340 25
1,60U
2,290
•.i2%
Nov.
38
Dec.
15% Nov.
200
Ij
Nov.
77% Nov.
96
Jan. 18
17 May
37% May
6
4
3379 Nov.
Mar.
Sept.
9
34% Nov.
18% Feb.
410
2 May
60.353
Dec.
27% Dec.
39% Deo.
31% Dec.
66% Dec.
33% Nov.
33
Nov.
238 97 May 51118% Nov.
37 Jan. 18 67 Apr.
96 99% Jan. 26 114 June
630 106% Jan. 19,124% Oct.
2,983 30% Mar. 17 41% Apr.
4,130
38,030
59,610
36
36
'
24!
May
23% May
12
6
417;;
i
140
110
130
28
36% 36%
15
15
17%
63% 63% •62% 63%
32% 3278
32% 33
68
66
116
1,700
1,456
17
14
30
Feb. 12
Aug. 10
Feb.
26
June 22
8478 Aug. 18
99% Nov. 19
22% Sept. 23
35
340 11
2,333 12
2,463
1,735
«
14
2
Feb. 13
2%
Nov. 30
June 10
JiUy 2
Feb. 25
9
9
Jan. 13
May 4
Deo. 10
19% July 29
22% Jan. 5
6% Nov. 23
12 Nov. 19
5
60 Nov. 26
200 42
520 40 Dec. 4 42% Dec. 7
916 100% Jan. 20 109 June 1
Mar. ft
2 150
83 141 Jan
1.400
4% Juno 2 9 Dec. 2
3,200 20 May 17i 29 July 1«
400 27 June 2 46 Feb. 3
500
6% Nov. 10 16 Nov. 30
600 10% June 24 24 Nov. 24
1,377 46% Oct. 15 63% Dec 6
18,727
350
6,550
38
33
Deo.
9
20% Nov. 19
Mar. 25 113
Dec.
8
26%
99%
3358
56~8i^,/2.i?,ooo
67%
70
6778
Ex-rights.
18
Aug. 21 150
148 101% Jan. 28 111
240 51 May 15 66
83 119 Mar. 26,130
138
8
13
68% 25,554 30 May 13 70% Nov. 30
70 JJ^JIIOOO 5934 Aug. 24 92% Jan. 26
26% !»,,668 17 June 19 27% Dec. 3
99% 17/,000 93 June 21; 101 Oet. 28
69%
25% 26
99% 99%
55% £6%
14
24
28% Nov. 30
68% Dec. 3
24% Dec. »
4
40
116% 110
13
12
16
Dec.
40
28
2_
22
4
4
22
30
15
15
23
29
16
36% Nov.
72% Nov. 15
5
5
1
6
17,063 21 May
41% Dec.
111 Feb.
7,486 7478 June
Jan.
108%
Feb.
10,510 87%
31 Doc.
5,020 16 June
10978
Sept.
106
2.113 93 May
54% 30,380 49 Feb. 23 67 Jan.
119% 11,483 lui's Oct. 14'130%Nov.
642 128 May 3 147% Oct.
142%
77% 118,281 60% June 9 80% Nov.
8
28% 28%
115
60% 67%
67
73
26
26%
99% 100
5578 56%
135
117%
38%
25% 53,325 17% Oct.
635e 109,030 44% Mar.
1078
18
116
62%
112
106 106% 106% 106%
146% 110%[
17
117
115
1078
Isted.)
68 '8
94
34% 35
16% 16%
13
13%
6
6%
15
It
63%
53%
117%
108% 108% 110
110
•62
64
63% 63%
42% 42%
105% 106% 106%
145% 145% 148
8%
104%
141% 141% 142%
7738 78%
75%
140
May
May
104% May
39% 3978 38% 39%
80% 81% 80% 81%
105% 106% 104% 105%
1358
6%
115
61=8
1368
6%
11% 11%
50%
•16% 17%
13% 13%
11
48%
36%
186
111
39%
13%
64
25
700 132
148,930
4,650
44,823
31
32% 26,624
25% 26% 44,185
56
58% 151,598
2878 30
24,150
63% 64% 14,210
3158 32% 13,145
19% 19%
476
35% 3658 47,162
32% 33% 5.217
47% 4978 540,470
62% 60%
112% 111%
117
117 11"
117%
3778 3838
37% 38
37%
23% 25% 24% 2538 23%
65% ^o^ 65% 66
63%
1978 207e
1834
1959 21%
36% 37% 37% 38% 3578
129
33% 34
59
64% 05
32% 33%
50% 48%
92% 92% 93%
33% 33% *33
•67%
67% 68
61%
33
26% 27%
48
115
2138
58
42
27 14
27
27%
38% •37% 37%
G314
2638
140
109
63
100% 10176
20% 21%
62
21
51
May
50% Jan.
30% Mar.
16 May
103
22
1308 Nov. 20
Oct. 18
Dec. 6
Mar.
5,2'.'0
163% 163%
1886.
73
38
7
12
67
164
1,
71%
1,769
2,740
48
35
636s
ton.
116
114% 114% 1145R 115
112 114%
19% 19% 19% 19% 18% 19%
100% 101% 102% 105
102 105%
115 llSOg 115% 115% 114% 115%
15-%
14% 13% 15
14% 15%
2878 29%
29
31
28% 30%
3668 37%
3378 3678
3678 3738
76% 77% 77% 77% 75
75%
20% 21%
10% 106t
27% 28
2578 26%
56% 5778
29% 2978
64% 65
32% 33%
May
1888.
1,
34% May
42% Jan.
953
28,140
140%
801
127% 2.543
"18
18% 4,542
40% 40% 3,960
51% 53
20,413
11S%113% 1,280
71% 72% 8,917
40% 42
48,330
141% 143% 183,410
33% 35
10,335
59
61% 9,335
16
17% 103,065
80% 82% 35,031
32% 34%l 48,951
88
100
1438
1278 14
21,790
39
39
39% 1,(150
48% 48%
36% 3678
.
American
•21
7
61
157,880! 8258
11638
48% 48%
3578 36%
118 122% 118 119% 118% 119
119 la 123
143 14 143 14 142% 142% 142 142
Pullman Palace Car Co
142% 143
Telegiapb....
Western Union
78'8 79%
77% 78% 76% 78
7678 78
Kxpress Stocks.
AdamB
................_.
95
119
98% 96
97%
69% 71% •68% 71
805^
80%
105% 10459 1047e
49% 48% 48% 48
106
106%
5478
9368
119
115
140
127
13%
38%
133% 133% 133% 133% 133% 133%
18% 18% 18
18
IS
18%
18% 19% 20
20%
98% 99% 99
99% 97% 98 7e
9678 97
96% 97
64% 6608 6638 69
66
68
111% 111%
117% 118
117
RUscellaneonsJStockB.
Oolorad o Coal tfe I rou
Consolidated Gas Co
94% 94 7g 95%
119% 119%
116% 116% 116%
139% 139% 140% 140%
127% 127 14 127 127%
1838 1838
18% 18%
42
42% 41% 41%
52% 52% 52% 53
114 114
113% 113%
71% 725e 72% 73%
41
42% 42
42%
141% 141^38 142% 143%
34»8 350b
35% 3538
60l>8 61%
61% 62%
17% 1778 17% 18%
79% 81
80
8358
33=8 34%
3458
34
93'8
119
JAN.
Range since Jan.
8ept.24
Deo. 2
Jan. 8
908 13 Apr.
21% Jan. 6
641
Feb. 13
15%
..,
8% May
1,530 l28%Mav 15141 Nov. 20
600;
11%
136% 137
137
185
51
12,605
4,145
98.015
6l,921
4,253
1778
137
180
721a
Shares.
9%
!
180
Dec. 10.
46
.
Allig., receipts..
Week,
51
9''e
<jfc
&
Pridar,
68%
'
& West P'ntTernilnal
9.
AND SINCE
Sales
of tlie
I'SOg
19
10>4 lOU
10
Ills 12
11*1 ll'^l
137»8 138
1361a I37I4
9518 96
i)5»8 «5-\
pref. 120
Do
1201a '120 I2OI9 -.«,....120i-jlxll.'>f'Bll758i
12038
12018
120%
AMorthweBtem
Ohloago
141ii! 1411a xl3y%13't%
pref. 14114 142
Do
127
127% 120''8 127141
127%
Paoltlo.
Island
12
Rock
A
1271a
Qitoago
I8i« 18%
.8'8
1838 IH'^s
18*8
Cnloaxoei. LouU&PittsburK4018 43
43
prut.
43
43
42%
Do
52
rysi>a
531s
54
531a 51
Ohlcaeo St. Paul Minn. St. Oiu.
114 1141a
prel. 11511H514
Do
73I2 74ig
72
74
74
741a
CleTelauclCol.ClD.&Indlauup.
Qolumbue llouklng Val. ibTin. 42^8 431s 421% 4338 40% 42%
142ifl 1431a 141
142%
I>eluware Lackawanna A WeBl 143 U 144
Denver <fc KioU., aoaessui't pd Si's 35 »» 341a 35% 33% 34%
62 '4 63
60% 6158
prif
0314
62
Do
10=8 170s
17% I8I3 I7I4 18''(
East l^nnessee Va. &Gn. K'y.
82
79
78ifl 82
iHtpiel.
77=8 78%
Do
3414 35%
35
35% 33% 35%
2d |,rel.
Do
•86
•87
87
88
89
87
EvanevUle & Terre Hiiute...
12)8 12%
11% 11%
12
12
Green liay Wliioua &Ut. PauL
•35
39
Houston lb Tex us L'euLral.
134 134
133% 133%
Qlliiols Central
li)ia 19%
20
1938 1938
20
Ihdlauii Blooiulnxt'n * West'n
17I4 18%
l«i4
18
l<Bke lOrle * West., ass't i aid.
99 14 1003» ''JT's 9938
10038
I4ike Shore &. Mich. Boutlitru. 100
97I4 97%
97>4 97=8
LonglHlaud
64''8
6J
63% 64'>8 63=8 65
LoulBvlllf A Nashville
68 14 68 14
66
b6
70
71
tiouls. New All>. & Cliic»KO..
163% 164%
Manhattan Elevated, cousol. 164 164ie I6314 184
.58
57% 58
Memphis Oliarieston
581s
9838
98
98
98% 96I4 98
Mlohigau Central
70
65
69%
68 3e
70
65
UU. Luke Shore <b West
9938 1011b
911% loo
pref
97
Do
991a
2238
2212 22%
22
21% 2158
Hlnneapolls&St.LiOuls
5OI4 51
pref
48% 49%
Do
501a 51'a
37%
Missouri Kansas & Texas
37
37% 37% 36
371a
115i« 11618 115% 115% 114 115%
Missouri Pacltto
19I4 191a
18=8 18=8
19% 19%
Mobile* Ohio
9 10058
Hash v.ChattauoogaifiSt. Louis 98% 99 la i)8% 99%
Bew York Central & Hudson. 11668 H714 116 llO's (J115 116
1434 I6I4
1458 15%
14% 15
Hew York Chlo. A. Bt. Louis.
2914 2910
28% 3038 'J8
30%
pref.
Do
Hew YoL k LakeErie & WeNt'u. 3; '8 3838 37% 38:% WOk 37%
pref78
76% 77
Do
77% 78>4 77
63 13 64 'e 62% 64% U038 6314
w York & New Eugland
2058 2II4
22
22% 2II4 22
'ew YorkOntarlo* We»tcm.
IOI4
IOI4 11%
10
10% lO's
ew York Busij. A Western.
27 14
275&
Do
27
27% 26% '"'
pref.
27
oifolkA Western
22% 24% 24% 27% 25% 2738
pref
5414 57 Op
56% 5938 55% 59
Do
3038 31%
northern PaolBo
30^8 3138
1:9% 3038
pref
65
65% 1438 6538
Do
65's 6(iia
Ohlo& Mississippi
33% 3413 32% 34% 31% 3338
'.-0
2II4 2II4
20
Ohio Southern
37-'8
37
Oregon & TrauB-< ontinental
37
38
36% 37%
34I8 3418
3353 33''8
34
33
Peoria Di'catur & Evansville.
4838 50
Philadelphia & Keudiug
49
50
47% 48%
Icbui'd
Deo.
8.
10,
12
Chicago Biirllnirtoii AQiilncy
ChlcHKO Milwaukee A St. Paul.
Biohiuourt
Dec.
49 13 50
Chesapeake AOhIo
Istprrf..Do
2<ljiref
Do
glohmond* Danville
Wednesday, Thursday,
121s 12''»
0914 69^
68i« 711a
523a 54
12'8
53 14 54
491.3 50
«;enttalPa<lllc
IVou lUI".
40% July 15
567^ Dec.
10
Dkcembeb
THE CHKONICLE.
11, 1886.1
PRICES OF ACTIVE B3XD>J AT
N. T.
713
ST3CK EXCHANGE ON FRIDAY, AND RANGE SINCE JANUARY
Name of
as.
Pac.,
W. D.— l»f,
3 Dec
On. loWH— Int.
Centrulof
.v.
Minn. & St.
1st, 78, 1927.... 132 b. 131
9514a. 93
Imp. & Equip. —«s, 1922
102 b.
2d. 78,1891
Mo K.&Tex.—Con., 68,1920... 101 13 100
Con.s<il., .58, 1920
89 b 88
30i»
1
Se,
1908:107
OlSg
1
7s. '90. ooip. oft. 87m>
7s. 1890. .!108 0.
J.— l»t,
Mobile A Ohio— New, 6s, 1927
Ist, Extension, 63, 1927
L^tpref. iiebi>nture8. 78
2d pre r. debontiirea, 78
'107 b.
!l05>9
79'sh.
1*114 W.B..«>n.78.1909.a8'nt. 108 b.
Am. Dork A Imp., in. 1921.
97 b.
bai.AO.— Pur m. fund 63, '98
;109i«a.
«s,Sold. Rprleii *, 1908
6s. gold. st-r. B, 1908, coup. oB 77
A4)iut 7.t. 19..3
Oonrprt. rlH). »s. 1908
1
fit, enrrancy, I8I8
Mart.8«.19II
CI1M.O.&S0. W.— ."S-fl*. 1911
Mutual Uu. Tole.— S. f., 6», 1911
N.Y. Cnutral— Extend., 5s, 1893
N.Y.C. &H.-J8t, cii., 78, ia03
Debenture, 5s, 190 1
N V'.&Har.— l8t..ooa..7s. 1900
N.Y.Chio.4St.L.— 1st, 68, 19^1.
N.Y. City* No.— Gen.. 68, 1910
N.Y. Elevated— l8t 73, 1906...
32"«
99
1
».
b.
...1103
CbhKKO*
AIton-l»t,78,1993. 118 b.
Chic. BiirL A Q.— Dell. Sfi. 1913.'106%b.
Sniver Divl'.,
.
& W.— 1st, fls, 1921.
Construction. 5?, 1923
N. Y. Ont. * W.— l8t. 6h. 1914..
.V.Y.8U8. &W.— lBt,63.'ll.cp.oft
4a, 1922.
N.
Plain-I*, 1921
€hte.A1ild.(oalR..
99 b
1st. ns,'36>
* 8U>- l»l, I. A M.7», -i*?! 123 "all
132 a
OmwL7<. 190,1
l»t,8o. Mill. r>T.-<;ii. 1510.. Ill7'«b.
i»t. Chi. * I'lv-.w.niv— .^H. '21 log's
<ft.Mtt
Y'.
Lac*.
,
G«n'I,
^.1,
James
1929
ttuklogruiKliVt. lt»89
filliklui: run
'It-lniit fls. 1933
ooup
B. Val.
1933
,
I
st, 6s,
1936.
2d, conso).. 7k. 1911
Springfield Div.— 7s, 1905
1st, general, 5s, 19;<2
I
.
1.
.
121
88. '30
Ml. -•.,•32'
!l
87
31:
6s,
1921.
..
Oregou luipr. Co.- 1st, 63, I'^IO
Oic.'R.&Nav.Co.- 1st, 68,1909
Consol.. 5', 1936
Orejion ATransoou. 68, 1922
101
i>.
=.
Ohio Southern— Ist,
2d, inc., 68, 1921
...
10'J«a
.
101
—
Peo. Deo. & EvaD-. — Ist, 63, 'iO.
87S8
.
82
Evauav. Div
Ist. 69, 1920... 107
81
Income, 03. 1920
Rich & AH.— 1st, 7s. 1920. tr. rex 74
—
82
b 109
b.
Roeli.
&
6s,
Pitts.- Isl, 68, 1921... 115
107
Consol., 6s. 19i2
1).
80
Rome \V. &
11.
43
65
86
b.
Ltk-
,
.
no's
.M., pref., 7«, 1894
2d.. M..lnc., 78, I89t
Dividendbls. 6s. 1891
2d.
Ofi
1
1'
J..
-
-,
i
.
r
..
:.
1*
'.'.1.
Fa
In.
lad.
I
Ut-
..
.^.
C.>apuii,
._.
t>«.
.
\iHtJ
Krnt Ontr.—«J«iiiiwd
1(1
Kn»T«Lak.
'...,.
1911
4«.
1923
Vjl^
,
^...1(1,
'.
'
-
'
Ii.i
lnU
slPW..
In
Lcun
:-<98
..'..I
1»:
Ijta.
tt
M. O.
v^*
>iuii.— uumii.. 7a. 1808
<
*M
1:-
l'*:t.l
E.'r
.to,
Tri..-
104.
Iau.
1919
.
'
....
,
2.1, 78.
tin. l„
Mlclil|Ptit
...;.
6».
Wt.— 1«». tt«.
St.L K.C.
IP21
& N.— R eAr.,7s,'95.
Ill
120 June
lOI^.-ig
Sept.
109
lua'ij
June
June
1-25
Feb.
120 Nov.'
110i4Nnv.
94% Mar.
105 Nov.
491a Nov.
99 Mar.
11114 June
li'gia Mar.
li)4>4 Oct.
119
82ifl
Jnna
Nov.
IIII4 .Tune
8212 Nov.
"D
July
96
Doc
Oct.
Oct.
May
108%
Jan.
lOO's AUis.
b.
105
lit July
I1314N0V.
li)2
a.
105^4
...
Dec
65 Aug.
10 158 Aug.
8538 Deo.
lli>% Apr.
7519 Deo.
11919 May
1031a .Tan.
lOliab. lu5
WeMC Shore -Guar.. 48
1984.
June
Juae
Jan.
Jan.
.
1893
9138
Juoa
jtiiia
Jan
Jan.
6314b. 44
Jau.
Wall. 8t L A Pac. Gen., (is, '20 63%
94 14
85 Jan.
95
Cliica^o Divisou— .58, 1910 .
90 a. 90 b. 78 Jiiii.
Detroit Division—Us. I9.:l..
70 May
Wall isli- Mortifaite, 7s, 1909
86 a.
114 b. 110 J Clue
Tol. A Wah.— 1st, ©tr.. 78, '90 113%
107;%^!. 109
100 Juue
Ist, St. L. Div. 78,1889
May
101 lab. 105 b. 97
2d, extended. 7s. 1893
95 b 100
8t>a Tune
Con., conv., 7s, 1907
U2'8 11313 109 >a May
Great West.— Ist, 7s, 1838
,
.>'
. '.
I93u
bll.^-l^lt, *.,
130
133
113
104
Jime
,
:
.
106 "all
40
4413 Nov.
35 Jan.
31
Jwn.
901a Mar.
108% Apr.
1401a June
11214 July
1.1 '
Jan.
100 la Deo.
731a Oot.
117
112
17
103
88 a. 33 Sept
113 >4b. 110 A us.
St. !>. A Ir. M:.— l.st,7a, 1892... II314
112iab. 11210 ij. 111
2d mo t., 7s, 1897
Au^.
97'iill
90 Apr.
Gen. Ry. A lau.l gr., 5s, 1931. 100
Jalf.
St. L. A Hail Fr.- Os., 01. A, 1906 114 b. lUiaii 103
114 b. 111 b. 10')% Jatl.
r.», Class B. 190 )
114 b 114 b. 10,5JaJan
es. Class C. 1906
I13isb. 113
9914 Jau.
Gen'l luort Bs, 19J1
lo3 Jau.
80. Pac, .Mo.— 1st, 68. 1J88... 105 b.
July
St. Paul M. A M.— Ist, 73, 1909. 113 b. 113 b. 112
11919 i. 118 b. 118 0,;t.
2a. Bs,l,)09
123 Si 123 b. 115 Jan.
Isl CONS, (8, 1J33
70 Fen.
Sht-naudoah VuL- Ist, 78, 190U 95
45 b. 45%"' 29 Jnlv
Gen'l m >rt., t'8, 1-.21
106 b. 107 a. 102 Oct.
So. i:aroIlmv— Ut, 6s, 1620
80 b 81iab. 81 Dc.
2d 69, 1931
28 b. 25 b. 2'.ii2 June
Inc.. tts. 1931
Ill b. 105.\ Jan.
80. Pac, Cal -Ist, 69, 1905-12. IIOI9
10014 Jan.
So. Pao,Ari— Ist, .is, l-iO;i 10.. 112 b.
i'Jsia" 100
Jau.
MO. Pac. N. .« — l8f. 69, 1911.
34 May
Tex. « Pac— Inc. A Id ut, 78. '15 "eoia" 591a
45 '« Jail.
76 'a
76
Itio Grauilu Div.— (is, 1930
..
SiiaMay
Gen. mort. A term. 6». 1905
691a
T«x. A N. O.—S.ib. Div., 63,1912 103 b. 104 laV. IOOI3 JilU.
105
b.
101
M'lv
Till. A.A. A Gr.Tr.— l9t, 69. 1921 1051a
104 li. lo4 b. 91
May
Tol. Penr. & West— 1st, 78. '17
b.
100
9214
Jau.
Tol. A Ohio Cen'.-lst, 5s, 19:JD
1021a
Union Pai-iflc- 1st, Os, 1b96-9.. 116 lab. 117 b. 114 Jin.
102 b. 102 b. 101 la Nov.
L.and grint, 7s.l8S7-n
llSiab. 118>4
116 Sept.
SinkiiiK fund •'a. 1S93
lloia O. t.
Kan. Pacirte— l8l, 6», 1895.... llliab.
lit 8.pt.
181,03,1896
115
113 Jan.
U4
'iV.
Denver Div.— 6s. 1899
106% 106 lab. 99 >« .Ian
1st consol. 69, 1919
106
'22,
9778 Feb.
106%
OrtjilimJiVnjiK's -Is', 6s.
'8
96 -a b. 53% .ran.
Virginia Mid -luc, Ba. 1927.... 9714
2.1
<;•;/.
Jan.
a liiiiiaOct.
a.
b. 11.5 b. II313 Jan.
b. 107 b. 105
June
1.08 lab 110
July
Og.i.— Ist, 78. 1891.
102140 8 7i«
103
Consul extend 58, 1922
100 1). 105 u. 43
liiCDUie, 78, 1 932
107
IO719
101
-St Jo. AtJd. Isl.— lat, Gs, 1925
55I4
75
75
2d, Incomo. 5.3, 1925
115
St L. ilt.,fe T.II —1st, 7s, 1891.
,
May
June
74% Nov.
111% Jau. 1191a Juue
la
109
106
9313 Oot,
Jan.
Feb.
118
116
106
Jau
IOOI9 Jan.
44 Jan.
721a
11558b. 115
Ill
Ill
1927
Denent'ire, assented
Debenture,
b.
a.
b.
'iV.
.
* Dan.— Cons., 63, 191.n
1
Apr.
Feb.
July
105% Nov.
M ly
51 Jau.
841a
119
11 la Jail
1031a
oms.lan.
103 b 103 b. 10.51a July
107 b. 108 b. 102 la .Mar.
121iab. 121 li. 1 18
Sept.
118 b. 118 b. 11313 J.»n.
lOj b 91
Feb.
it'iiaa.
87ia Feb.
105 a I'oi""' 97% Jim.
4Bi«
44 b. 34 .Tan.
95
941a
84 Juno
UOiab 110 Oct.
11 078
101% 1041a 102 Jau.
lOlig
101
y2iaMiiy
114iab. 103 Jau.
Incoiie, 69, 1920
Klehui.
1,'86.
Highett.
Aug 136
AUK. 100
July 102
b 72 14 .May
111 b 103 Oct.
112
111 b llUa Jhd.
106 b. 106 b 101 Jan.
67 b 65
53 May
3J b
May
34 a.
3b Nov.
30 a.
25 Nov.
86 a. 75 June
851s
106 b. 106 b. 104 Nov.
137 b 137i8b, 131 Jan.
10912a. 109
107% Sept.
131iab. 132
132 Nov
9914
9314
81 May
68 b. 6965
54 Jan.
121 b I24isb. 123 Nov.
131 a. 12.1 Jan.
108 lab
108 14 Jan.
IO7I3
107
103 Mar.
9014
85
761a Jan.
e.jMb. 65 b. .52
Jon.
109 b. 109 14
100 Jau.
118^8
103
Nortli. Paulttc— Ist, coup. 63, '2
N. Pac.Ter.Co.- Ist, 63. Iii33. ..
Ohio A Miss.—Coiisol., 78, 1898.
">09
90
a
Debenture, 6s, 1897, coup, od
Midland of N. J.— 1st, m. 1910
81%
N. (). P.icirte— Ist, 68, 1920
WU.AMin. I>iv.-Sa. 1921 ... 107iab.
TWriBtoal."11.1911
105 b
Olio A N. W.—Cuiuul. 7s, 1915 liO
<i<>W, 7«. 1^»02
BlnJdnjr f ond ««.
..
3d pref. delieutur©8, 78
4th pref. deboiitiires, 78
I
128
b.
111%
Cimsol., 78. 1904-.'5-6
107^l)
Consol. 7«. 1S99. a-.^^nt
Convert. 7rt. 1902, ««seut.
LoweKt.
10.
L—
68, ISlOl 8914
W.D.tac.tVs. 1910
Cui. Boorh.— UC gout..
Sd.5R. 1913
1888
Bond.
Dee.
AtX.
Range since Jan.
Olotini.
Kamtaf Band.
1,
1
114
103
50
118
119
103
118
118
117
114
l'i6
110
Mar.
Mar.
Sopfc
Aug.
Mar.
Feb.
Jan.
Mar.
July
July
July
Juno
Nov.
JiBie
Mar.
1221a Fdb.
125
98
4913
113
90
33
1
14
I0'ii4
Juue
Nov.
Nov.
Mar.
Vch.
Nov.
SiTk
June
lOSSsNov.
6378 Nov.
78 Nov.
71 Nov.
I11714 July
107 Aug.
10715 D8C
10212 Poo.
1191a Juna
1 Hill Feb.
123 14 Fob.
114% Jan.
116
118
Apr.
Oct.
101% Oot.
1"9
100
67
97
93
91
Inly
Nov.
Djc
Deo.
Deo.
Mat".
1151a Jan.
10
Jan.
lOSHFob.
100
111
100
1 16
lOi
Feb.
Jan.
Feb.
Mar.
Nov.
INACTIVK BOMDS.
110
103
a.
1110
b.
..«J 'llMi'4
...1103
.-..5-8III0
|112
KW
.
Hii
!
.1,-.
f.
0<i,1007;ll7
h.
b.
11.^
C"
CJil.
h.'
102'8
102's Oot.
Jan.
114>sb. 11.)
.Ill li. 110 Jan.
128 '« Jan.
b.'
•Is. omp l.>17. 130
Illl% llliso.,109 Jan.
.10J4
llOVt Oot.
-1st, 7«, 1891 113 b. 112
.1103
L.
1
V.x
Stat.
C..
.
117'9!>.l
..
I
'-
•
•
}
'
vra -Cbo loUec
b" ittilcAios
Mup.
... ...illflia oof.
Jiiiio
Jau.
10 .18 Mar.
122 Mar.
Mar.
1 1'^
140
113
O.it.
May
1151a Mav
Feb.
121
U
llOl
C.St UAN.O.—Gold 5s,19)l (118
LalteSh.-C>n.e,onp., la. 78,1900 1.30
123 13
Con. coup., 2.1, 7s, 1903
Mrtro. Elovatod.— 1st, 6s, 1903 118 b.
llOia
2d, 63. 1399
II1.C.M1.— (.,• ,i,.)-Gl.l,3ia3,19
99% Nov. 102% Juo.
118
b.;lll
Kiiilia Jan.
bJlOJ
118 b
110 b
1910 103 13I). 103 lab.
1st, on ujcten., 63, 1913
101 b. 102 b.
Morgan's L. A T.— Ist, 63, 1920
1st. 78, 19i8
Nash. Ca. A St. L.— Ut. 79. 1913 131 b. 131 li.
Norf.dlt A W.— lieii'l, 69, 19J1.. 110 b. 112 b.
llSiab.
New River- 1st, 6s, 193'2,
93
Imp. A e'ctt.-usion. 68. ls"34 ...J
.Mil.
A Nor.-lst, M.
L.. 6s,
—
.Ian.
;
la
Aug.
Jai.
10S14 Jai.
2
0.!t.
l<»6i3
100
.fan.
104
IOII4 Jan.
111!
Aug.
118
123
104
127
131
Juue
118
Dec
May 102
Deo.
1 12
130i«a. 127
1-23
J.in
12012
1341a
127
123
11314
118
120 « June
II214N0V.
June
110
Sept.
...ilOrt"*
..
a.1
rang 1 are tro.n aota.tl sains
prIie'Wd, aud " a" prloe a$letd aiU other prices anl t jo
1814b.
10
10
•
Mar
106 14 Deo. 111
98 Aug. 110
H2i« Jan. 113%
107% Jan 112
119%
Jan.
J.in.
115
1
9.) la
871a
Aiir.
Jau.
Jau.
Jan.
J HUB
May
June
Apr.
.May
May
Nov.
H5i« Aug.
THE CHRONICLE.
714
DECEMBER
qUOTATlONS OF STATE AMD KAILROAU UONU»
STATB BONDS.
BBOUBITIBS.
Bid.
A, IIHW. 106 ><
KM
OlJkU B, 6b, 190e
in.s
OlMS 0,4s, 1806
104
•«, 10-aus, leoo
11*»
ATk<kaBa»— 6s, (nnded....
28
80
Ti, L. Rock & Ft. B. Isa.
Tt,
MeiDp.AL.KaokRR
Tc L. R.P.R. A N.O. RR
Xlu. O. A R. R. RR.
r*, ArkanaM Cent. RR.
Tl,
Oeorgia-Ts, gold, 1890
«7
iJTl,
-22
*10
SO
28
la
108
..
Lonluuuk— 7h, oons.,1814
Bfmp-d, *B
BKOCBITIX8.
Bia.
BS0DRITIE8.
Mlsnonrl— 8«, 1887....
68. due 1888
6». due 1889 or 1890.
Asyi'm or UnlT..dae'82
Funding, 1894-95
Hannibal A St. Jo., "86.
New York— 8«, reg., 1887
103
104
108
118
118
104
N. OaroUna—Continaed—
Ask.
Ubwna—Ulaaa
H»
B2
rvoL. xLin.
_
Bid.
14 S
Special tax. Class 1
Oonsoi. 4s, 1910
99 >t
1919
Ohlo-8«, 1886
6a,
lOV
l8l.— 8e, cp.,1 893.4 120
Bontb CarolinEk—
68, non hmilat)le, 1888.
Brown coiisoru Bs, 189H 110
Tennessee— «», old, 1892-8 86
65
6s, new, 1892-8-1900
66
6s, new series, 1914 .
C'mp'nilse.,S-4.5-6a.l8HI
75
Rhode
102^1
112
1891
116
1893
118
1898
N. OlfOUsa-68, old, J.AJ. 85
12
Funding act, 1900
New bonds, J.<&J., 'M-H 22
6a, loan,
6s, loan,
6s, loan,
lO, 1886.
BBCUBITIXB.
Ask.!
Ask.
Bid.
—
Tennessee Contlnned—
1494
New settlem'l—68, 1913 106
102
101
68,1913
7&
124
3s, 1913
47
Virginia— tfs, old
47
68, new, 1868
96
..
68, oonsoi. bonds
86
68, ex-natnred oonpon.
65
68, oocBol., 2d series
18
6s,deterred
District of Columbia—
8-668, 1924
gnndlng
6b,
113
108
79 >•
«*•
••a
68
Vi\
118>t
1899
RAILROAD BONDS.
BKCT7RITISB.
Bid.
Railroad Bonds.
ExchauQt Prica.)
& Pac— l8t,6B,1910.
(Stock
IBld.
A Uud. Canal— 181,78
112
l8t, ext., 78, 1891
7s, 1894
Ist, Pa. Dlv.,cp.,78,1917
140
Del.
80
111
Coupon,
Alb.* Susq.— l8t,78... 106
93 li
Ist,con8.,guar.7s,1908
110
1st, cons.. guar. B8,1906
CouBol. <t col.tr.,58,1934 i02^ 103
Bens. <S Bar,— 1st, cp.. 78
Minn.&St.L.— lBl,78,gu 140
D.&a.&,KR.,l8tc. 4s.'30.
est.— 1 Bt, 7 8
Denv. A Rio or.— 1st, 7b.
la. C'lly &
1:0
C.Rap.I.F.*N.— l8t,6»
Dcn.So.Pk.Jt Pac.- lst,78
106
l8t,6B,1921
Den.ARioO.Weat.— l8t,68
AHHented
Buff. N. y. A P.— Cons
General, 6b, 1924
Det. M ack.&Marq.— l8t,6s
107 «
Can. Bo.— lst,int.gnar.,6s 10'
Laud grant, 3iaB, 8. A
94
96
\
2d,6B,l»13
Det. Bay C.& Alp.— Ib^Ob
86
Central lowa^lBt, 7B,'99t
K.T. Va. & O.-lBt.78,1900
DivlBlonal 6b, 1930
East. l>lT.—lBt, 68,1912
78
111. Dlv.,l8t, 68,1912..
E.T.Va.& Oa.By.— 1st, 68
EUx.C. A N.— 8.f.deb.,o.,68
Cbiu.A O— Pur. mo.fd.'98 1121s
lUSiv
6s, gold, series A ., 1908.
Ist, 68, 1920
77
78
Ellz.Lex.A BigSaudy— 6s
68, gold, xel leB B., 19081
32
32)4 Erie— 1 8t, extended, 78.
68, currency, 1918
99
HortgaKC, lie, 1911
2d, extended. 58. 1919..
103
.— M .,5-68
3d,exteuded,4ia8,1923.
Cliea.O.&B.
W
.
—
Ask.
SECURITIES.
SECURITIES.
Bid.
110
N.Y.L.&W.-<!onBi'n.6>
88
BalU&O.— lBt,68,Park.B 126
110
6b, Kold,lH2S
B0B.H.Tuu.*Wu.deb.58. 92>a
Bur. C. Kai..& No.— 1«^5-
Atl.
BKCURITIES.
Ask.
130
II913
141
79»<
I
781a
751s
•94
5514
122
107 >«
98
Mich. Con.— Con.Ss, 1902 109
113'«
122 •«
6a, 1909
111
109
Coup, 58, 1931
ISHi
Jack.Lan. A Bag.- 6s,*91
Milw. A N o.— 1 8t, 68, 1910 ibs'is
102
Ist, 68, 1884-1913
134
Mil.L.S.AW.— lat,B8,1921 lie's
Mich. Div.— Ist.Hs, 1924
Ashl'd Dlv...lBt.6B.1925 114
80
Mlnn.ASt.L.—lst/7 8,1927 131
120
Iowa Ext lBt,78, 1909 119
84
103
2d, 7a, 1891
78I3
8'thw.Ext.— lst,78,1910
76
Pac. Ext,— l8t, Ba, 1921 110
Imp. A Equip.- 68.1922
681a Minn. A N.W.— lst,68,Kld.
106
Mo.K.AT.-aeill.,68,1920 1004,
123
88
General, 5s, 1920
111
Cons., 78, 1 904-5-6
99 14
90
Cons., 2d, income, 1911.
H.ACent.Mo.
"621a
108
-l8t,78,'90
Mobile
Ohio6s..
Collateral trust. 6s, 1 H92
1st, Extension, 6s, 1927
St.L.
Caii-u 48, guar.
Morgan's La. T.— Ist, Bs
1st, 7s, 1918
A
New
Pennsylvania
Pa.Co.'Bguar.4iaB,l8ti0p 106=4 107 1«
Pa. Co.'B4is8,reg.,1921.
Pltts.C.ASt.L.-l8t,c.,7B 1:9
106
17
116
Ft.W.AC— let,7B
Pitta.
2d, 7b,
3d, 7s,
1912
1912
143
140
1S7>«
128
A P.—Cons.B fd.,7B
Clev.
4th,
109
StL.V.AT.H.— l8t,g.,7B 120
2d, 7b,1898
2d, guar.. 78. 1808....
Pine C'k K'y-6sof 1932.
PlttB.Cleve. A Tol.— lat,B8 loo's
s. f.,
68,
1892
134
123
106
125
111
93
106
Pitts. McK. A Y.— l8t,Ba.
BomeW.A Og.— l8t,7s.'91
90
Roch.APitt.— 1st, 68,1921
Con., 1st, ext,, 5s, 1922.
Con»ol., l8t, 6s, 1922...
Rlch.AAlleg.-lBt,7s,1920
116
111
Ask.
Bid.
RR.—
Trust Co. receipts
1121a Rich.ADanv.— ConH.,g.,6B
Debenture Bs,
Assented
192'7
113
102 14 103
115
107
ibs'ia
721,
72\
1161s
109
106
Atl.ACli.— 1st, pr.,78,'97 110
'101
Incomes, 1900
vSo'
117
127
Chlo. <fe Alton— l8t,78,'93
4tli, extended, 6b, 1920.
8ciot,o Val.— lat, coiiB., 78t
125
104
107
Sinking fund, 68, 1903 . 122l«
6tli, 78,1888
Na»h.Chat.ASt.L.— l8t,78 131
St.Jo. A O'd Isl'd.- Ist, 6b
126
111
112
2d, 68, 1901
la. & Mo. KIT.— Ist, 78,
l8t,con8.,gold. 7b, 1920 135
St. L. A Iron Mt.— Ist, 7b. 113>4 114>f
116
128 iS3is N. Y. Central— 68, 1887 .. 104 H 1041s
1121a
2d,7B, 19U0
iBt, cons., fd. coup., 78.
2d, 78.1897
118
112
106
Bt. i. Jack.* Chic— iBt
Deb. certs., extd. 58
Reorg.,lstllen,68,1908
Arkansas Br'ch— Ist, 78 II2I4 113
Ist, guar. (564), 7b,'94
Long Dock b'nds, 78. '93 1131a 1141a N.Y.C.A H.-lst, cp., 78 137 « 137=4
Cairo A Fulton— Ist, 78. 1091s
109
2d, ISBO), 7s, 1898 ....
CoDBol. gold, 6b. 19H5. 117
Deb., 58, 1904
Cairo Ark. A T.— let. 78 •1)0 112
2d,Kiiar. (188), 7s, '98 115
971a 98
Harlem— iBt, 78, coup.. 132 133
B.N. Y.A fi...l8t,78,191B 136
Gen. r'y A l.gr.— 58,1931
118^
MlSB.R.lir'ge— l8t,8.f.88 106
N.Y.I,.E.AW.-N'w2dB8
N.Y. Elev.— ist, 7b, 1906. 124% 127
St.L.Altou A T.H.— l8t,78
1»S
-ii'i'
Olilc.Burl. A Q.— Cons. 78 134
N.Y.P.A 0.-Pr.l'n,68,'95
Ex June, 1886, coup.. i02'
2d,pref.,78, 1894
i'lo"'
6B,8lnkiuKfuud,1901.Collat'ltrnst, 6a, 1922 '108
N.y.C.AN.— aen.,68,1910
2d. income, 78, 1894 .... 108
ib7
•693,
68, debentures, 1913
Trust Co. receipts
Fund CdUp.. 08, 1969.
Bellev. A so. 111.— 1 St, 8» 115
la. DlT.— B. Id., Ss, 1919 116
N.Y.A N. Engl'd-lst, 78.
Bufr.AB.W.—M. 68,1908 •85
BeUev.ACar.— lst,68, 32 •109 112
'99'6
•DO'S
113
118
116
Bluklng fund, 48, 1919
Ist, 68, 1905
Ev, A T. H.— l8t,con8., 68
8t.P.Miun.A Man.— l8t,76
118 120
Denver Dlv.-48, 1922..
MtVem'n— Ist, 6B.1923 111
N.Y.C.A8t.L.-l8t6sl921 'Ss'la 100
2d, 68, 1909
Plain 4s, 1921
89'.
Evans-Alndps.— Ist cons '107
Trust Co. receipts
Dakota Kxt.— 6s, 1910.. 1181s
lOiJ*
•II8I3
1U4\
123
i'28ii
l--!0»4
Chic. Burl. A No.— iBf.Ss
Fl'tAP.Marq.— M.68,1920
2d. 6a,1923
let consol., 68, cp., 193S
901.. N.Y.Ont.AW.— Ist.g., 68.
10-1.., 108
Debenture, 68, 1896...
Ft.W.& Den.C— l8t,68... 90
Mln's Un.— Ist, Bs, 192'2 118
H2ia
90
CK.I.it P.— Bb, cu., 1917. »135 139
Gal.Har. AS.Ant.— iBt,68 1061a 110
N.Y. Susq. A W.— 1st, 6st •89
St.P. A Dul.— iBt, 58,1931
"111
14
107
Bxt.A Col., 58,1934.... UIH, 11214 2d, 78, 1905
65
70
Debenture, 68, 1897t. ..
80. Car. R'y— iBt, 6s, 1920
Keok. A Des M.— lst..5s 107 110
811s 86
West. DlT.- l8t,68
Midland of N.J.— Ist, 6s 109=4
2d, 68, 1931
"93' 100
98
Cent, of N. J.— Ist, 78, '90 1U8
1931
2d, 68,
N.Y.N.H.AH.-l8t,rg..4s
Shenand'hV — l8t,7s,1909
88
lst,C0UB.as8ent.78,1899 107 >« 10738 Or. Hap. & Jud.- Gen. 58
451s
N.Pac.— G.l.gr.,l8t,cp.,6s II884 119
General, Bs, 1921
107 i-i Qr'nBayW.ABt.P.— iBt.Bt
105
CouT., assented, 7s,1902 lo7
Gen., 2d, gold, Bs, 1933. lOSia 103=4 Sodua BayA Be.-.lst,5s, g.
"76
Adjustment, 7a, 1903... 106 1« 105% Gulf Col.A B.Fe.- 78,1909 124 124 13
James Kiv.Val.— Ist, 61 108 11(1
Tex.Cen.— 1 at,s.f.,78,1909
•78
bO
O6I4
lOl'i 102
Conv. debent., 68, 1908. •78
78
Gold, 68, 1923
SpokaneA Pal.,l8t.s.f6.
1st, 78, 1911
110>!i Han.A St. J.— Con. 68,1911
122
I*h.<feW.B.— Con.g'd.as.
No.Pao.Ter.Co.— l8t.g.,as lbs
Tol.AO.C— l8t,g.,68,1935 101=8
99
Am.D'k<&Imp.— 58,1921 "ua
S3»4 85
Hend. Bridge Co.— let, 68. 10»iti 1091a N.O. Pac.— lat,6a.g., 1920)
Tol. P. A W.— 1 8t, 78. 1 HI 7 106
98
cue. MU. A Bf. P.—
1121a N.O.A No.
H.& TexC— Ist M.L.,78t
Pr. 1., g.,6s
T.A.A.AN.M.lBt 6s.. 1924
132 134
107
lisia T0I.A.A.AG.T.— lat.Bs.g. 105
lBt,8B, P. 1)., 1898
1061a 1(j6
Ist, Western DlT.,78t
Norf.A W.— Gen., 68,1931
106
II7I3 Tex.A N. O.— let, 7s,19(l5
2d, 7 3-lOs, P. !>., 1898. 126
Ist, Waco A No., 78t .
New River— l8t,68,1932
109Vl
95'
134
93
104 >«
iBt, 7fl, S K., K. D., 1902.
96
2d, conso...main line, 88
Imp. A Ext.— 6s, 1934..
Sabine Div..-let,Bs,1912
l'/2
96 Is 971a
let. La C. 1)1T., 78, 1b93. l-,!2
671s 70
General, 68, 1921
Adfustmt. M.— 78, 1924 ioe<4 110
Va. Mid.— M. Inc., 68,1927
125
l8t,I. &M., 78,1897... 124
65
Hons. E. AW.Tex.— l8t,78
Ogd.A LakeCh.— I8t,68. 100
Wab.St.L.APac.— Oeu.,68
63 !« 84
lst,I. AU.,78,1«99.... 126
lU.Cen.— Istg. 48, 1961.. 10914 no
Ohio A Miss.- Cons. 8.f.7s 12Ha i23'
Trust Co. receipts
133
Ist, CAM., 78, 1903... 131
121
123
Gold, 3ia8, 1951
Consolidated 7a, 1898.
Chic. Div.— 58, 1910 .... "941a 96
132
Consol. 78, 1905
120
Bpd.DlT.- Cp.66. 1898. iisii no's
2d, con80lidated,7s,1911 118
Hav. Div.— 68,1910
l8t,78, 1. A D.l£lt..l908 isi'
115
110
MlddlcDlT.— Reg., 68.
IstSprlnglleld Div., 78. 105
Ind'pollB Dlv.-Bs, 1921.
90
811|
•91
Ist, 8.W.Dlv.,68,1909. 118
C.Bt.L.AN.O.— 'ren.l.,Ti 'i'l7
Ist, general, 5b, 1932...
Detroit Div.— 68, 1921..
'117
l8t, 68, h&V.A bav. 1919 ':07«i
106
Ist, console 78, 1897.
Ohio Bo.— Ist, 6b, 1921 ...
Cairo Div.— 58, 1931 ....
-116
l8t,S.Mlnn.DlT.,68,1910 1163* 1181,
90
2d,68,190'7.
Oieg'n A Cal.— lst.6s,1921
Wabash— Mort.,78,1909 *S5
131
iBt, H.&D.,7s, 1910...
Gold, 58, 1951
1171a 118
Or.ATran8c'l-68,'82,1922 100 la 101
Tol.A W.— lst,ext., 7s 114 116
Clllc.&Pac.Dlv.,B8,1910 119>«
04
94=8
2dDlT.,7B
Dub. AS
Oregon Imp. Co. — Ist, 68.
1st, Bt.L. Dlv.,78,'89. lOOHl 110
105
l8t,Chlc.&P.W.,58,1921 108',
Oreg'nRR.ANav.— lst,68. llOia 111
Ced. F. A Minn.— Ist, 78 107
2d, 6X1., 7s, 1893
4
Mln'l Pt. DlT.,58, 1910 '107
Ind.Bl.AW.— iBt, pr6l.,76 119 120
Eqmp'tbds., 7s, '83.
ConsoL, 58,1925
103!V
:o(i»<.
99 »< 100
C.&L.Bup.DlT.,58,192] ao7
95
Iflt, 5-6b, 1909
Panama— S.J.,8ub.68,1910 •90
Consol. conv., 78, 1907
118
114
W18.& Mlu. Div.,58,19zl 107 1« 107 12 2d, 6-68, 1909
115
A
Bv.—
West'nPeoria
Deo.
let,
Bs
114>a
Ist,
78,'ak
i*81
Gt.
105 1U5H
105 Is
Terminal 58,1914
92
93
109
Eastern Div.- 68, 1921
Evans. Dlv.—l8t,6s,1920
2d, 78, 1893
Fargo & Bo.56,AsBu..'24
Indianap.D.ASpr.— lst,78
107
Peoria A Pek. U'n— l8t,68 110
Q.A Tol.— 1st, 78, 1890
98
Dakota & Gt. So.— 68
80
Int. A Ut. No.— l8t,68,gold 115
Han. A Naples— l8t,7B
2dM., 4ia8, 1921
14U
Cluc.&NW.— con. 78.1 «15
Coupon, 68, 1909
Ill.Aso.la.— l8t,ex.,Bs
941a
PacUc KR.—
isT 132
Coupon, gold, 7s, 19U2
66
lie
Ken. Cent.— Stinpd. 4.p.c.
St.L.K.C.AN.— H.e. 78 110
Cen. Pac.— Gold, 6s. ..
101
Blnklugtund,BB, 1929.. 116
Knoxv. A O.— l8t,68,19'^5 101 Is 102
San Joaquin Br.— 68 •112
OmahaDiv.— Ist, 78, 101
fMi'kUlg fund, 58.1929.. 108
Lake Shore A Mich. So.—
Cal. A Oregon— Ist, 68 103
Trust Co. receipts..
etBk-g?d.,deb.,6a.l933- 108
1:2
75
Cleve. P. A A., 78
Cal. AOr.— Ser. B., 63. 107
Clar'daBr.— 68.1919
SAjoarsdeh., 68.19U9.. 108
Buff.AErie-New bd8,78 1221a
St.Chas.Bge.- Ist.Bs
Land grant bonds, 68. 102 102 1,
Bxbenslon bonds— 1926.
lOl^i
112
Kal. A W. Pigeon— let. *106
WeBt. Pac.— Bonds, 68.
No. Mlssoun— lat, 7s. 116
BsoauabaA I..B.— l8t,68 116
Det.M. AT.— 181,78,1906 12618
W.St.L.AP.— I0lfi,div.,6s
No. B'way (Cal.)— l8t,6B 122 123
DesM.AMin'ap.— l8t,78
60
112
I.ake Shore— Div. bonds 121=8 123
TrustCo. Receipts
80. Pac. of Cal.— Ist, 68. 111
lowaUldland— Ist. 88.. 132
106 >«
1301..
113
Consol., coup., Ist, 78.
80. Pac. of Ariz.— Ist, 68 112
West Shore -let, guar., 4s
PenlUBUla— Ist. conv.,78
129
Consol., reg., 1st, 7b..
8o.Pac.ofN.M6x.-lBt,B8 108
West.T^n.TeU— 78. 190(i ..
Chic.&MUw'kee— l8t,78 126
12418
Consol., coup., 2(1, 78.. 123
Union Pacific — 1st, Bs.. 117
N.W .Telegraph.— 78,1904 100
86
Win. & St. P.— lst,78,'87 103 103 '•«
Consul., reg., 2d, 78... 123
Land gTant8,78, '87-89 102
la,ut.Un.Tel..-s.fd.68,1911
2d, 78.1907
MahoiiiugCoalR.-l8t,58 1031a
Sinking tund,8s, '93.. II8I4 1181s Col.C.A Ir.Co.— lst,cou.68 '99'ia 101
1CU.& Mad.— lst,68.1905 116
117
Long iBl. RR.— Ist, 78, '98 116
Beg., 88, 1893
Tenn.Coal A Ir.— Con8.,B8
Ott.C. F. A 8t.P.— Ist.Ss 107 1«
l8t.consol.,58, 1931.... 116
Couateral Trust, 6s. .
So. Pitts.- Ist, 68, 1902.
North.III.— l8t5B, 1910.
N.Y.AM. B'h-l8t,78,'97
Do
93
58, 1907
Income Bonds.
Cln. I. Bt. L. A Cb.— lst,g. too
N.Y.B.AM.B.-letcgoB
Kans. Pac— Ist, 6b,'95
1121s (Intert«( pauable if famed,)
29
O.O.G.AInd'ft— lst,78,8.ia. 123
30
iid'
Atl. A Pac— Inc., 1910...
I.«Ul8V. A N.— Cons. 76,'98 118
iBt, 6a, 1896
Consol. 78, 1914
Denv.Div.6s,a88.,'99 114
Ceclllan Br'ch. -78,1907 100
Det. Mack. A Mar.— Inc. •40
Consol. Bink.fd.,7s,1914
Gr.BayW.A8t.P.— •^d.iuc. 39 >9 40
N.O.AMob,-.l8t,68,1930 107 ''s
let,con8olMB8. 1919, 1061s
General consol., 6b,1934 110
96
Ind.Bl.AW.— Con., lnc.,68 •SI'S 32 %
C.Br.U.P.— r.c.,78,9.'i 105 Is
2d, 68,1930
97
Oll.St.P.M.&0.-Con.
:22>!i
E. H.AN.— lBt.68,1919 113
lie
At.C.AP.— l8t,6s,1905 106 1071a Ind'sDec.A Bpr'd— 2d,inc,
O.Bt.P.AM.— Ist6s,191» i'id"
39 i
107 14 107 la
Trust Co. receipts
General, 68, 1930
At. J. Co. A W.— l8t, 68 lOSis
96
Kg. Wis.— Ist, 88. 1930
13213
PensacolaDlv.- 68,1920
Leh. A WllkoBb. Coal— '88 •90
102
Oreg. Short L.— ist, 68 106 la
Bt.P.48.C.— lat,B8,1919 127 127=4
Lake E A W.— Inc., 7b,'99 38
St. L. Div.— let, 68, 1921 116
Ut.8o.— Gen.,7s,1909 •88
13
Ohio.&.E.IU.— lBt,8.f.cnr II419
Band'ky Div.— Inc.,1920
68
83
2d, 38, 1980
60
Kxten., iBt, 78, 1909
Consol., l8t, 6b, 1934. .. 114
Nashv. A Dec— Ist, 78.
126
1161a
Mo. Pac— iBt, conB.,68. 11514 1161a Laf.Bl.AMun.-Inc.,78,'99 •50
"23
Olilo.Bt.I..<&P.— Ist,con.68
119
Mil. L. Bh. A W.— lucomeB 106
8. A N.Ala.— S.f.6B,1910 '1061a 110
Sd,'78,19v>6
Ohlo.A'W.Ind.- lst,8.f.,
'109
66
68
Louisv. C. A L.— 68,1931
Pac. of Mo.— 1st, 68 .. lot's 104=4 Mob. A O.— lst,prf.,debeu
Oen'l mort., es, 1932
31
2d, pref.,debenturea
Trust bonds, 68, 1922... 104 >* 104 'e
2d, 7b, 1891
1121s
'•"so"
Ohio. &8t.L.— l8t,C8,1916 ,i06'
34
3d, pref.,debenturoe
10.40,68,1924
100 101
St.L.AS.F.— '2d[68.Cl.A 1141a
CI1.A Ind.Coal Ky— l8t,S8
4th, pref., debentures.
114
Pens. AAt.— l8t,68, gold
96 100
891a
68, Class C, 1906
78
O0I.A Green.- l8t,l8.191B '16a
N.Y.LakeE.AW.— Inc.,6s 70
L. ErieAW.— Ist. 68,1919 107
114 116
110
68, Class B, 1906
44
3*^68,1926
46
Ohio so.— '2d, inc., 68,1921
Sandusky Div.— 68,1919 80
Ist, Bs, Pierce C. A O. 105
Col.H.Val.* Tol.— lBt,88 ai'
82
83
86
PeoriaD. A Ev.— lnc.,1920
Laf. Bl. A M.— l8t.68.1919 107
Equipment, 7s, 1895
109
1041s
Gen. M..gold. 68, 1904..
82
Evansv.Div.— Inc., 1920 80
Gen. mort., 68, 1931 .. 113 1131a
91>i Louisv.N.AIb.AC- l8t,6s no's 112
DoL L. A .— 7s,ccDV.,'92
Roch.APittsb.— lno,,1921 •70
Cons. gold. 6s, 1916
96
l8t,68 1041a
96=4
So. Pac. of
Mortgage, 78, 1907
106
Og.— Inc., 7s.
s.— lst,63, g
Rome
W.
A
Lou. N.O. ATex.— l8t, 5a •91
C.A
ib7
Kan.
"92'
Byr.Bing.AN.Y.- Ut,7B 130 134
SO
Manliat.B'cl(Co.— 78,1909
Ft.S.AV.B.Bg.-lst,68
80 Car. Hy.— Inn 6s, 1931
If orris & Kssex— lBt,78 141 >« 1421a Mem,ACha8.--68.gld,1924
St.L.A.AT. n.— Div. bds.
106
Tex.A Pac— 1=^,68,1905 100
112K4 113 H. Ketpn. Kiev,— lst,6B,1908 118
ad, 78, 1891
74
118V
Consol., 68, 1905t
St. Jo * G'd iBl.— 2d, Inc.
Bonds, 78, 1900...
6112
Free L,lst.
2d,68,1899
110 llul4
61
Inc. Al.g.— 78Tr.reo.
7eof 1871,1901...
126 138
Des M. A Fort D.— l8t,6B. -97 101
Mex.Cent.— iBt, 78, ex op •55
Rio O., 6s, Ang. op. on
1st, COD. .guar., ts
E.AW.R.Co.of.\la-l8t,68 100% 1001*
134 >i,
New assented. 48
exAug. cp.
64
Do
67
W
.
ii'i'ia
'114
108
114
A
A
—
106
761
,
E—
.
C—
.
~
.
.
W
Mo—
,
K.Y.
r.»rl
*•»
1.t R.
1M1
Mlr*ti ppTtt _f'ft,>*,.7o.10Ao
12W,1q
QtM\. Tn.
Koptloeslrxidar; Uiese are latest qaataOuu made UilairMk.
*
t^r.
6h T-.r.
•RS"
70
.reflerson
tuaapouaoa.
UK.- iBt
78.'8»
;(>4
'
DSCEMBKR
THE CHRONICLE
11, 1886,]
New York
Fmiadelphia and Baltimore.
({notatloBB in Bostoa,
715
Local Securities.
Bunk ntoch
BKCVBITIKB.
Ateh.
BEOUBITIEB.
BOSTON.
A Topek>— l>t,7l.
126
L>odrnuit,7a
Plain, 5s
MortffaKe, 8«
92^
;t
TnuOa
1081s
I
Bu.*lto.lii:«eb.-8xX6a il30
a* Bon-ezsmpt
—..I .....
cnnt, 7>
CbIUhb'lUBo.— 6a.
fSMM. Vermont, 5a
Cble.Bnrt. A No.— Sa
..
.
110
96
)I16
64
89
66'
89'*
10U>9
65
Income*
Knafm, »•««.— Sa.
new..
rrem.Elk H.AMo.V.-6a..
K. C Ton Scott A O.— 7a
K. CltT L«WT. A So.— 6a.
K. Ottr 8t. Jo. * C. B.— 7a
K. CttT Rp'd * Mem.— 8*
K.C. Clint.
UMI* R. *
Mar. H.
rt.%.-7a
Ont.— 1908,
*
I28>>
125
110
104
lis
"
r'
20
76
75
Debentnre, 10*
125
H.Mex.A 8o.Pme.—7a
m. T.* M. Kn«lan4-7a.. 127
117
Ohase
Ohatham
4 Ambov—68, o.,'89
Cam.
Mort., 68, 1889
10.-^ la
A Atl.— lBt,7s,g.,'93
Cam.
107",
105»«
2d, 68, 1904
Cona., 6 p. o
New 7s. reg. 4 conn.
.
AC. M.— let, 68.1914
Oonneot'g 6b, cp. 1900.04
'Col.
DeLABoand Br.— l8t,7>i
Hanlsb'g— let. 6b, 1883
H.AB.T.— lat,7a,g., 1890
95
IthacaAAth.— Ist, gld.,7B
Cona. 68,1895
129
101
130
M03
12c
ISOS
130
—
MmcIm
TOCKBI
A Topekn ......
I
A
A
—
A
Olam.
<aprtiiiil
f
OonT., 7a, B.C., 1898. .«
Canton
ta>s
'.A cia"
Rtrav.
it
.......
106 >a
^APaarampale
lUO
LanalBaARo.,pr*t i...
,
on
..ntehborc
nmt A Per* Mart*****.
Iowa FaJla A Sloox CUT
Kan. O. CUn. A Hprlnffd
Kan. Cltj Ft. 8. A OuU ..
Prolartod...^..........Kan. O. Hprtut. A Mam.
Uttto BoA Tfv. Smith.
Bid.
jlSO
iVs" 126"
Vitl'J
9919'
108
8TT.Oea.A Oom.-lsij 7s loeis
ifti. A Pac-lst, 68,1906
Uonaol..6s. 1905....
..
SarvV^ A
OBOalaBT
raillaalliiann
Porta, at. ralla
BatlaiMI
—
OaSal bonds.
A DaL-lal, 6a,1888
1914.
ConT. iia'
Obaa.
HI* Letalcb
«»'
87
13
Bomailt Braaeh
Oaatial
I
BAILBOAD
Baff. N.Y. A Pbll.,aaa.pd.
Pralarrad
Oamden A Atlantic
aTCKJKH.
Preferred
iOSi 11
M
»4
MS
aaaaaboaiac
SafttanOaBUBl.......
ata PeMayiraala...
PaBBCTtraala
"so'
'w
76
58 1«
2'4'it
Philadelphia A Brla
Phlla. Qar. A If orrtalown
—faa
l
"ii\
»a,
OAMAL STOCKH.
I«kl<h HaTl«a«»o^— ..
I
817
69
48
48H
60^
Central Ohio—Com
Praf
60
60
-"
Weetem MaiTUnd....60
KAILROAD BONDS.
Atlanta A Charl.— lat
Ino
Baltimore A Ohio—ta....
Con. Ohio.—6a, lst,M.AH
Charl. Col.
3d.
Oin. Wash.
A
A
3da
Sds
lat Inc., 6b, 1931.......
ColamblaA (IreenT.— lata
3d*
No. Central—4198,
6*. 1900, A.
AO
J.
Plttab.AOOB'all*.—7aJAJ
f
90^
—
8B
W.Md.—6a,
168
130
127
7
5119
64
13
124
1U6
103^
841s
471.
31
""9"6i»
A
In defaalt. jLaat price this week.
jtateofN.Y. 131
•
•>>•
IHi
Third
(tradesmen's 108
Inlted St'ee 201
lilst.
140
160
76
Jefferson
130
225
Kings Cn
Knlckerb'kr 95
Long Island 100
N. Y. Eqolt. 165
N. Y. Fire .. 95
166
Niagara
North River 105
Mannf'c.&B 125
130
Mech.
16
95
70
115
107
160
105
Oerman-Am. 290
Oermania... 145
Olobe
115
Hanover
Home
Howard
1-.16
118
Bid.
A
6
Tr.'
Mechanics*
110
135
107
310
150
120
1
90
Mercantile..! 66
Merchants' .{112
Montaak
Nassaa
{lu2
1146
National
97
166
105
Paoiflc
Pirk
Pet'r Cooper 160
107
People's
166
136
105
65
Star
67
Sterling
Stuyveaant 115
Dnlted St'eB 144
Westchester 130
Williamib'g. 276
Phenix
Ratger'8
Standard
170
100
170
113
176
110
170
110
160
140
110
9»
78
120
160
136
286
City Railroad 8tooka and Bond*,
laaa QaoAuon* by QKO. H. Psximss A Co., Brokers, 49 Wall Street.]
O IH COMPANIES.
59
Bonds, Os
100
nonsolidated Qas
80
J trsey City A Hoboken... 160
Metropolitan— Bond*
Y.)
Bonds, 6s
N tasan iBklyn.)
scrip
P wple'B
(
Bklyn.1
(City
81
114
100
102
95
100
50
[Bid.
People's (Bklyn)— sds. Us 100
W.iiiam8i>arg..
120
Bonds, 6s
110
Mattopolltan (Bklya.1
70
106
iCaniolpal— Bond;, 78
103
62
104
lul
Oltlaens* f4aa.Ligt,t
MttuaKN.
OAS COMPANIES.
Bid.' Ask. (I
druoalyu lias-Liigbt
Filton Mnnicipal
8<nd', «8
EialtablA
Bonds, 6a
117
102
103
100
101
130
106
116
110
Aak.
126
114
76
110
136
109
131
lis
62
RR. Quotations bj H.
rokerSt.A Pnit.F.—Stk.
L.
Qb^nt, Broker, 145 Broadway.]
30
116
let mort., 7s, 1900
Sr-dway &7Mi a v.—aVk..
1st man., 5s, 1904
3d mort., Sa. 1014
B*way Hnrtuue •us.gnar..
Bonds gnar., 6s. 1805 .
arooklyn ClT.v— .-*r.ofia
1st mort., 58,1902
Bklyn. Croas'owi'— Htock.
1st mort, 78. 1888
«a8hw'k Av.iBKm;—Sfk
•JOO
104
106
100
100
190
110
166
108
155
160
120
120
126
130
186
106
166
105
145
C mtral CrosBi^wn— sik.. 150
lie
Istmorl., Os, 1922
Osnt. Pk. N .« K. Kiv.-Stk
i"2"6"
Consoi., 78,1902
Ohrisfpb r«lllr.hSt—»tk. 120
110
Bonds, 78,1898
Dry Dk. E.U.* B«t'v—stk
1st mort.. 7«, 1893
D. D. E. B.
A B.— ^orip, 68
—
105
190
107
42dAtir'mi Ht, F'rr- Stk 210
Ist mort., 78, 1893
112
42dSt. Maob. A m. N.Ave
1st mort.,08, 1910
i09"
8d mort., lucuuie, 63
ioost. W.at.* P C'T-Stk '126"
1st mort., 7b, .894
110
^TlnthAve
BSiJond Av.—Stock
Ist mort., 6<, 1910
106
Ooasol., 78.1888
101
lii^nth A V.
irock
Scrip, 68, 1914
;
—
IcthAv. f-T4>nif
......
i'io"
lit mori.,78, 1890
230
Third AT.— «!<•"«
108
Jlvnds, 78, 1800
112>s
160
T 4/eniy.thir'^ ai..— ^t4)ck.. 240
112><
t mori.,78. 1893
112
B;d.
California Paclllo
l»t mort.. 7b
Atlantic— Benef.
Chic.
107
20O
110
335
117
36%
112
60
180
113
110
180
107
2"0O"
116
236
111
24S
114
10
521a
16
1261a
Cons. imp. Co
22
loos
116
i"o"8"s
85
48
33
113
961a
S. Y. W. cth.4 B.— Stock.
North. Pac— Dlv. bonds..
North Blv. Cons.- .Scrip..
Atlantic
Pensaoola
1st mort
Western
Pittsb.
Ist mort
Postal TeL4Csb.,when iss
Rich. York Riv. <& Ches..
Grand Isl
St. Jo.
34
Ark.
4 Texas, stock
mort
2d mort
St.
2»«
35
6
18
3
99
74
8%
Ills
Pref
"4"8^
mort
Louie Ft. S.
A
Wich..
6'7% St. PaulE.40r.Tr., lat 6s
Tnl. A. A. 4 N.
21"
Utah Central.— let, 6s....
Vickab. 4 Meridian
Pref
1st mort
"12"
"4"5"
23
8%
3i% 36%
25
99
36
99 <%
661%
13
66%
13%
M
Ohio....
Ist pref
A*k.
4
Ist
30
110
2d pref
Bonda, 1st 6a
Keely Motor
Mexican National
1st
2dmort
St. L.
3da
Kanawha A
,
N. Y.
4
Prelf -id
Flint A Pere Marqaette..
Pref
lat 6b
N. Y
4 Ureen'd Lake, Ist
N. Y. City 4 Northern....
New Jersey 4
A
15
Deu.AR. O., when isaaed
Uenv.4 RioUr.W
Des Moines 4 Ft. Dodge
Oeorgia Pac.—Stock
Bid.
A
Ohio
lat mort
>4.K..Ar
Income acrip.
Mich.
A
Liont.
SECURITIES.
Ask.
34
75% 76%
Amer. Tel. 4 Cable
Atch.A PlkB'8 Peak,lBt.6s 100
Bauk.AMercb. Tel., gen.M
Best. H. T.* West.—Btk. is"
Debentures
"4"5"
50
Brooklyn Elev'd-stook..
lU5<s 107
Ist mort
79
81
2(1 mort
2d mort
Incomes
Weat N. Car.— Ist
BostOB Banks. — Following are the totals of
'ii"
80
mort..
the Boston banks
li>9
123"
Specie.
Loans.
1886.
L. T'nders.
Deposits.*
Ciroula'n
N'T.30 145.060,400 10,154,900 2,876,900 110,548,700 13.790,300
••
27 14H.v02,oOO 10,650,800 2,982,400 10i.,368,U00 13.788,500
Dec. 4 H4724,60U 0,628,600 8,176,700 110,468,100 13,666,100
1
128
103
103
103
119"'
Philadelphia Banks.
1886.
Not. 20
Dec.
•
27
4
Loans.
87,005,400
86,656,6uO
37.338.400
Agg.OI-nfi.
•
s
••
lii'ii'
....
.
124
A
8a,8d,gnar.,J.AJ....
SioeALeath 137
38
COMPAN'S.l
111
8d;saar.b7W.Co.J.AJ.
t
i;i
104
105
J.
lat, g., J.
J ...-.-••3d, pref., J.
x«
P*r abar*.
95
Union BB.—l*t,raaJAJ 116
Canton enderaed
106
Virginia A Tenn.— 6a
T«l.*a,lWW
Kx.4lTMMd.
100
129 <«
A
fan.
Ill's Wllm.0.AAa<[.-68
Ban. A O.K. Hide—Corta. 111
WU. A Weiaon- 58
aSria'a Dak.-l*t,6a.liw3 115
10'ii« 10.4
7s
•
90
A J. m"l9
J....
•*, (Old, 1900, J.
6*, Belie*
6*, sertea B... ---.--i-i
70
Aek.j
SECURITIES.
111
Balt.-laU.
.-
165
. ..
236
86
185
150
155
H5
130
2S6
100
107
Am. Bank Note Co
llUi* 111
119
Aag.— Ist.. 115
A
ii
iaharlklll MaT., pT*<...
BOlfDII.
AOacb. VaL—7 8-lOa, t» 121
117
«»-.}»»•
AILKOAD
TaV7*. end., eoaa., -H,;
'91
«»
120
Newtown A M.T..
A n aadlaa...
PhUa. Wlla.A Bait
Phlia.
Phlla.
Vaat ienor A AUaatta..
MALTIMOBK.
Atlaata A Charlotte
Baltimore A Ohio. ..100
• •-•-
ie»
Unlisted Secaritles.— Quotations from both exchanges:
NaT.—lat,6a,rg.
3d pref
Parkersbnrg Br
40
]>alawareA Bound Brook 49'
49 •»
aat PannarlTaala
lain A wiUlamaport. 41
64
161* 17»B
Haattagfa * Broad Top
Piafaiiad ..............
56 'a "if
Lahl«b Vallar
60
UtUa Bebnrllail
63^
MlaiM" A Mb. HaTaa.. "n
64
Vallar ..
Ualtad K.J.
O0Bfc.7B,rac.,l911....
lat prof
"is"
............
100
35
116
102
104
111
116
{L84
KAII^'D 8T0CKS.tPar
•
U9
9d. 6a. reg., 1907...
iss
t
lat preferred
S4 preferred
BB.. nt.,}»»^
"ii'M Bobaylk.
r|lll^OhL.PHIA.
Oatawlaaa
Mrirt.
NaT.—4 sa,
PennaTlT.—6*, op., 1910..
1
Wanaatar Naab-aA Roob
98
25
100
SB!re«.,ig23
""--•••
Portam.
A
J
Oreenwich. 223
Onardian ... 80
Hamilton
125
180
102
165
200
185
130
136
127
36
330
265
110
.
Penn.—6b, oenp. 111
6*,P.B..1806
Woreaatar
mi'',
11219 ...»
Paenlx
<epabUo . .. 1311,
S^NlohoIas. UK
7th Ward... 107 Vi .....a
225
SMond
....«
140
A8k.(|C0irPAN'S.| Bid.
95
155
Broadway... 190
Brooklyn ... 180
Citizens' .... 120
130
City
120
Clinton
Commercial.' 33
Continental. 2ti5
2B5
Eagle
Empire City 100
Exchange... lUO
Farragat
127
Firemen's*". 100
am^U.-]lBt,6a,C. 106
WJaraoya
107
U Cbamplaln t"ia
«tB3
166
Pirk
People's.
tferonants ' 135
H'roh'ts'Ki. 104
ifetropoUt'n 37
135
Hassan
Bowery
58
l'.>6
_ub.ALewlst'n 7 B.C. .'9i
Oona. 6*, gold, 1901.
48 >a 49
148
Oaaa.aa,(o>d. JgSfMalBoCeatral
aaa.,4a,«old, 1928.
I3U3
Lawraac*.
Kaaaha*«'rA
Wairaa A F.-lBt. 7s. "96
uatr~
MyyHoa^ fBA......
Weat Ohaotor-Cons. 7s^
^TaCanaa. ......
W. J*«*aT— lat, 6a, cp.,'96
>«H 65
iii
Ifadaaa Oaatnl
>«
ri,iww
lat,T%^B89.
H. T. A Maw Bi«laBd
14 'i
OOB*1.1a. 1909..
OfldaMb. A
67
"•i'a
136
tferoantile.. t«?
PmjWo
.....a-...«•
Gaa and
110
111
A Erie— 1st, 7s.
Boab. Has. A W.— 1st, 6s 1U3
-..
JNL6S.1938
Union A Tttuar.- lat, 7a
United N. J.-Cona.68,'94
:tO0
....
1-25
I
SoabniT
67
"lorth BlT'r. 126
irlental.... leo
Irving ...... 140
Ii»Iher Mto' mo
......
130
America. i-m
[Qnotatlons by £. S. Bailey, 5I9 Pine St.]
no
126
180
81
»
In.ATradV
Aak.
llnth
V.
107
160
..
12<
«.Y.Nat.Ex
IU61,
.. 2fl((
lew York .. 200
Inenrance Stock
American...
Amer. Excb.
OonT. 7a, cp.off, Jan.,'85 "ii'
"lO"
Deferred Incomes, op.
102 \
PblL WU.A Ball.-48,tr.ot 1«
Pitta. Cln. A8t.L.-7B...
88
Pitt*. Tlta*. A B.-7s.oi>.
BbamoklnV.A Potts.— 7s
150
OOMPAN'd.|
127
A
A
F^ton
100 Si 101
A
A
Fiarth
I44S4
123
142
A
—
—
M
1V8H
183 184
207 >a WlO
2v4
1200
112
106
N.T.— lat
Phlla. Newt.
B.— lat,6*,19in..
Phil.
SO, Ta, ooap.A reg.,:893 113iall4
Main*
1
1241s
Ooli*.,7*,re«.,lffll.... 124
ProTldenc*
I
124 1^6
iSi'k
Oona., 7s, ooap V 19 1 1 .
1 Coo. AM., pref..
Oona., Sa,g.,l.R.C. 1911
J %mwmn B. Lr^a 145 >«
105
2S
Imp., 6a, g., coup., 1 897
OaaHTBtoB Mwrm
18t<
1061a
Oen., 6s, g.. ooap., 1908 1U6
Oiatnletltaa*Mkaa*ua 18
89
Oen., 7b, coup., 1908.
"66""
Pnutiad ........-.••.
18.ooap..
7b,
Income,
jiTtf"
pi«*ii»d
Q a hlT*.
641*
OonT. AdJ. Scrip, "Sfr^M i'ii'
SteTA Kut'n Illlnola... iiuo
vv
71
Oona. SBTlat aer,o.,1923
aM-BBTl. Nortb'n.... 88
62
53
68
Oooa.6a.adeer..o..l9S3
57
*a..
We*t
Mlciiif
Oklo.
47
49
18931
coap..
OabOBtua
SMdnakT cUt*. 3i
lA AltwiiT
lALoweU.
Osrmania.
areenwloh
<anoTer
Bid.
i.Y. Cooit- 200
150
Osrm'nAm..
no
'itth Ave...
p.rst
BANKS.
A«*.
200
.. ..
1:01.
Oona., 6a, coap., 1905...
Oona., 6a, reg., 1919
85
Pa.AN. Y.C.-78,1896.
iSiK 103
7,1906
94 >!
94
Perkiomen— 1 at, 68,op.'87
67 Hl PhaAErte— l8t,78,op.'88
47
Cona., 6a. 1920
Oona., 6a, 1920
•7>B 07\
laMmae
WlMMiln Owi'-iaVaa''
.. 176
IIH
Kioh... 180
must River.. 120
11th Ward.. 107
Ijlat.
Bill.
ifanhattan.. 160
160
Market
<eohanioB' 1«7
tf'ohs'*Tr8
Uom
I
IMS
....
136 13
288 396
162
123
130
155
208
2500
125
iHO
r?ontl<i6iital.
I
100 >«
Oltliens'
Qtllatin
Otrfleld
Oommerce
I
107 <
Obemlcal
Oity
115
«110
I
6«....-
SOQthem Kanana Ba
Oentral
IDS'* N. Y.PhlLA Nor.-lat, 68
'1091.
107
65
60
Ino.,6a,1933
lUl
Oil Creek— lat, 68, ooap..
PennsjrlT.—Oen., 88, reg. 133 1»
vii'
132
Oen.,6a,cp., 1910
li>0
oT Cons., 6*, rag., 1905....
4a. e*..
XalUad-lat
Cons. 6b, 1921
Ist.Tr. 68, 1923
Bnff.Pitts.* W.—a6n.,6B
Pha—lBt,6B
3d,7a.rec.,1910
185
Cona. 6b, C.A R., 1928.
20 S N. O. Pae.- lat, 68, 1920.
18
126
No. Pann.-2d,78, cp.'96.
79
134
Oen.,7*, 1903
12«>i
Debentnre6s, reg
187 >a Norfolk A West.— Oen.,6F 112i«
N. R.DlT.,l8t, 68.1932 115
Berip
Ofdaoab.* UCIi.-«a
ConaoUAMed 6*
Incomea
rMblo * Ark. V»L-7a..
1721,
»7H I^h.V.- l8t,6a,C.*R.,'98
»7
61
to
«
A>uenca
Am. Exob...
Broadway...
Satohs'A Or
BANKS.
Ask
110
ap
116
ta,
Central—4»
iBt, 6b, 1905.;
Con., 68, 1913.
Bnir. N.Y.4
2d, 78, 1908
Baat Fenn.— 1 at, 78, 1888 no5
BaatonAAmb'y—6a, 1920 114
127
ia.AWm8p't-l8t,6a, 1910 120
110>s
107
6b, perpetual
5112',
1925, 6a
MarrtfMui
Bid.
,
123
119
lao
* Bprlnrf
BANKS.
103\ Catawiaaa— let, 78, con. o.
A Weat'n-Ss.
Chle. K. C.
Aak
Bid.
90,920,43t
86.626,434
93,149,080
—The totals have been as follows:
Lawful Mon'y Deposits.'
2^,506,100
23,387,^00
24,135,400
•
85,931,600
86,946,300
86,608,400
iBolBdlng the Itom " due to other banks."
Circola'n
Agg.Ol'Bf*
4,243,000
4,313.750
4,033,760
63,458.341
63,«26,97«
78.698,867
CHRONKLE.
JIHE
716
—
mt
Loam and
Bfrei:
DiKounit.
Tmdm.
.UkOhBttUl Oo
JMerohanU'
UeolutnlM'
.Amerlc*
.
.
¥henlx
rradMmen's
Falton
3J0XHK1
324.000
668,700
869,000
.'»49 800
102.001
426.000
645,000
9,060,930
2,* 14,600
2.63<S,60«
886,500
6il.600
9,049.600
713.500
11O.60C
„1.75490(
489.900
182.900
34.030.0(>l'
l,14i^200
800,00
SO 200
249.000
1,5:<7,000
1.338,200
18?.2tK)
l.^'J(i.ooo
434,700
133.000
Oreenwlch
1.005,000
124,5011
12H.600
leather Msnnl'rs.
3,268,'JOO
l.S.^'i,100
698.70C
332.300
IU.40C
Seventh Waia
fitate o« N. y
Amerlc'D Ezoh'ge.
874,10<;
B2.90fl
«,S5t>,00<
9,717,00(:
!
823,10(1
Broadwajr
6,894,500
938,800
llercaiitile
6,808,l<00
1,313,400
170,500
400,40«
F«elfio
3,445.600
7,200.400
4,491,000
481.700
17.1.40(1
i,7as,?oo
S50,20('
7.48221-'0
1,0'<:7.000
•i78,tl00
26«,600
4 P02 30(
651,200
2,752,700
548,100
878,100
234,200
5£2.N00
13T.000
164,500
390,100
197,600
152,100
809,900
138,000
89,700
160.000
248.000
483.100
303,000
1,272,900
1.170,400
160.000
135,200
IrrljiK -....."...Crtfiens'
NMFan.
.....
St. Nlcholao
Shoe
Leather..
<&
859.(100
1.976.000
660,300
8(1.000
a77„i00
Importera'tft 1 rad.
1».«8»,»()0
4,1110.600
Park
North Klver
East River
Fourth National..
lS,98i.7O0
1,938.000
*,600,700
93.000
108.800
4,295.800
1.390.000
BS4.000
4.i)04.»00
1.232. 80C
l?,840,f>00
8.9.SH,000
dentral National..
Second National..
Ninth National...
First National....
Third National ...
S.tBl.wUO
5.431.200
19,12:.800
6,034.:<00
N.Y.Nat. Eioh..
Bowery
Genuan Exch'nge.
1.401.SOO
2.85S,700
a.321.500
2.B9.V100
3,505.200
3,S4H.600
2.342,300
United States
2,4.32.000
4.2S!6,2O0
N. y. County
German .Anieric'n.
Chase National...
2.633.200
l,59C.9aC
Lincoln
GarSoUl
Finh
1.352.3()C
3,400.yi>n
NationaJ....
B'kof theMetrop..
l,72i,400
2,020.700
1,7d7.40O
West side
eeaboard
Sixth National....
16fl,70(
6 ; 4,300
902.000
238.000
1,80:.1!)0
313..700
4,408.800
1,200,400
144.300
388,900
312.200
490,700
1,037.100
779,503
300,000
112,600
3,146.400
731,800
254.500
215,900
1,0"9.I00
4f7,900
236.700
128,600
373,200
270.700
82.400
.
,
2,801
3SB.801
46,000
-.— ..
987.100
45.000
44,9f0
6,Hr,i!,6()fl
for several
64,30(1
3,257.000
,S.(I21.800
2.712,400
1.809.600
3.923.000
4.948.700
5.631.900
2,020,100
21.236.900
33.086.300
2.081,000
444.80*
9S4.500
19,407,500
9,410.000
225.0.')'
....
434.601
49,50<
-..-.-
B86,3(H
4a,0l>(
-....-
360,000
45,000
45,00f
3.087,000
(i,44 6.600
19.120,900
45.00(1
272,200
6,29il.60fl
320,00(1
3.(l'.:9,600
335.00C
2.707,300
4.487.200
L. Tendert.
DepoHtM.
C
S
*
t
341.833,500 80,709.700 17,932.000 884.846.800
344,645.0110,79,554,000 18,210.700 356,707,800
350,847.01)1(177.828.200 18,5-*3,100^3ti0,981,4fl0
180.001
....
.
45,0!'C
46,(0C
44 800
46,O"0
134,S0O
.•i,232.2O0
1,715.10'!
1.444 9O0
4.273.200
2,028.200
1.908,200
1,890,700
&
Eamingi
All Octolier...
vtn
wkNov
Reported.
1886.
1885.
37,048
301,000
C|i.F'r&Vaa.Val Octcber...
24,241
Catawissi
September
Central Iowa. I'i 4ih wkNov
€Rieaai>. A Uhlo Octolier..
132,000
31,752
372,031
90,674
181,437
180,995
41,920
Elli.Lex.&B.S. October...
CJhes, O. AS. W. October. ..
Chlcaeo & Alton 4th wfeNov
(D»ii<\ <fe Atlantic l»t wk IJcc
C3hle. Burl. & Q. lOclolicr.
Chic. * East. 111. !4th WkNov
aiIc.M11.4St.P. 1st wk Dec
S>lo. & Nortliw I4th wKNov
Cliic.
&
O. Kiv.. j3
wks
Si'pt
fih.8t.P.Mln.AO. 4th wkNuv
Ohio. A W.Mich, 4tii wkNov
OJn. A Ea.st. rii September
CIn. Ham. ,V I). Xovt iiibcr.
01u.Ind.8t.I..AC 1th WkNov
Cln. J. A .Miuk.. Octiber...
Ota.N. O. AT.P. 3(1 wk Nov
Ala. Ot. South 3d wk Nov
:
:
A
.N. E 3(1 wk Nov
A Mer 3d wk Nov
VtohR. Sh. A P 3d wk Nov
N.Orl.
Vhskeb.
dn.Kich.AFt.W Novcnibi^r.
• Mexican
currency.
wkNov
wkNov
WkNov
wkNov
wkNov
Total all lines 4th wkNov
Ind. Bloom.A W. 4th wkNov
ni.Cent.([ll.AHo)'4th
Cedar F.AMln.iltli
iMib.ASloHX C 1th
la. Falls A S.C; 4th
Tot. IowaIlnehl4th
A 8pr November.
[nd. Dec.
Jack.Tam.AK.W October
K.C.Ft.B.AGulf. 3d wk Nov
Kan. 0. Sp. A M. 3d wk Nov
Kan. C.d. A8ji. 3d wk Nov
. .
1886.
1885.
180,000
7,972.400
(Xrculation
^m.
Cleat '0
»
8,020,400 760,?13.89,%
7,991,700 718.786.295
7,972.400 905,905,713
Jan. 1
to
Latent Date.
1886.
1885.
33,,749
221,,000
22,,353
119,,000
28,,101
307,,436
70,,932
163, 107
169,,327
29, 251
,858, 258
,776.774
37,328
502.000
694,300
4,957
177,700
36,,875
376, 297
591, 800
37,883
,187,416
184,486
502,615
7,637,2«3
171,334
198,121
1,179,875
2,762,359
766,825
580,441
367,467 1,272,023
305,775 7,289.244
514,412 1,246,(175
103.637 21.908,399
598,914 1,509,877
s)71,87g 22,653,314
174,764 22,329,601
,397,316
5, 641
155,,100
31, .548
19,848
219,882
63,411
lfi.419
59.584
30.617
17,422
11,864
12,880
3i.079
30, 075
14,,704
244,,592
60,,878
12,,647
56.,858
24,,88S
17,,316'
14,,610i
14,,203
31.,935
579,635 6,348,999
287,330 1,192,756
355,429
149,423
2, ,497.270
1, ,042,264
.547,900
436,968
421,070
348.956
tAndbranchee.
2,167,761
106,183
2,339,248
928,709
585,887
391,957
359,817
343,913
45,847
11,834
33,816
379,780
8,652
249,356
23,882
147,900
92,851)
5,576
28,002
36,219
127,913
3,803
15,395
56,735
21,339
50,500
88,267
209,41
335,810
292,600
97,194
239,600
2,700
17,200
12,600
32,500
272,100
55,191
40,107
29,213
62,013
3(>,600
Louis.Ev.ASt.L. November.
Loiilfiv. A Nashv. 4th WkNov
Lou.N.Al.AChic. 4tb wkNov
Louisv.N.O. AT November.
Lykcns Valley. October
Maine Ceut,Tal..ioctobcr
302,8.5
ILinhattati El. ..iNovcmber.
Mar. A No. Ga. 'October
Mar.HouKh.A O |3d wk Nov
607,482
13,900
9,635
47,296
115,400
164,874
20,941
37,165
14.000
A
WkNov
We.-t. ith
Sovembcr.
I^liigliAIIuilson
L.Kk.A Ft.SmlthlSeptemher
L.Rk.M.K A Tex .September
~"
LouK Island
'
1
wk Dec
St
"
.
.
ACha.<i.,3d wk Nov
•Mexican Cent'l.ilth wkNov
*Mex.N.,all lines October ...
Memphis
Mich.
A
Ohio...iNoveiulier
Milwaukee
A No
1
wk Dec
wk Dec
st
Mlnn'ap. A 8t.L. September
Minn.ANo.West.iltU wkNov
Mlsf. ATenn. .. October. ..
aVfobile
AOhlo. November,
Na«h. Ch. ASt.L. October
HN.Y.C.AH.U... N'ovember.
H. Y, City A No Wk. Dec, 4
cS. Y.L.Erie AW. October..
N. Y, Pa. AO. October...
N.Y.ANewEntt. October..
6N.Y. Ont.
4th wkNov
AW
pasc:
S
5,543
30,421
19,105
00,415
28,300
48,651
71,925
376,905
52,748
218,449
62,789
Lake E.
.
44,10C
itch. T.*8.F.. Octolier ...11 ,687,34811 676, ,075 12, ,740,023 12,714,611
*Souora
.September
26,172
24, ,708i
204,239
222.302
Bait. d( Potumac Octolier...
129,641
125 1451 1 ,108,842 1,099,416
Boff.N.Y.A PhU. 4th wkNov
57,000
58, ,200; 2, ,368,944 2,209,698
Buff. Rofh.&Pltt 1st wk Deo
27,88,5
27 ,8551 1: ,159,703 1,171,166
Bur.Ced.R.&No. 4th wkNov
84,967
84 ,5601 2, ,626,530 2,826,605
Cairo V.& Clilo. 4th wkNov
15,.J03
13 ,476
591,906
23,439
Cal. Southern. .. :i(l wk Nov
626,058
Canadian Pacitlr
I
Mll.I.,.8h.AWe8t.|l3t
.....
the period mentioned in the second column.
|Caiii(l«>ii
Ft.W.ADin. City November.
Gem-Kla Pacitlc. 'October ...
Or. Ran. A ml.. November.
Grand Tnink ... Wk Nov. 27
Gulf Col. AS. Fe.'Xovcmber.
Hoiis.&Tex.CenI 3rt wk Nov
.
199,10(
2'24,40('
The Boston and Philadelphia banks will be found on p. 715,
RAILROAD E.\RNING8.
The latest railroad earnings and the totals from Jan. 1 to
The statement includes the gross
latest date are given below.
earnings of all railroads from which returns can be obtained.
The columns under the heading "January 1 to latest date" furBish the gross earnings from January 1 to, and including,
Week or Mo
T, H.j4tli
K.Y.Susq.AWest Oetob(-r
Specie.
HOADS.
A
i
--...
180,00(
188,801
2,81(l,().'>l
3412,300
weeks
tJ.OCO
a,45H.3Jr'
3,t'26,40(
73.300
194.70C
146,400
140.400
217.300
221.700
118.500
70,000
S47,3X
10,77 :,90(
181, IOC
43.')00
281.900
279.600
2.765.300
1.188.300
2.670.800
2.727.600
2.537,300
4.H16.0UO
Loaiu.
Lateat
wkXov
wkNov
wkXov
Flint A P. Ma/q. 'itli wkNov
Fla.Ry.ANav.Co'.Sd wk Nov
E.TenD.Va.A(ja.l4tli
Kvans.&Ind'pll.s 4th
1
334.80(1
The following are totals
usee.
105. 60<
812.H0(:
S81.90(l
3.981.300
13.956 0(K
13,030,300
4.M28.50C
350,847.000 77.828,200 18.583.100 360.981,400
Total
Uock.V.AT. Xovciiiber.
Danliury A Nor. October ...
Denv. A Rio Or l.st wk Dec
Denv. A R. O. W. Niivcniber.
D(<B. Mo. A Ft.D. 3d wk Nov
Det.n.Cil.vAAlp. October ...
Det.l.AU8VA No.llth wkXov
Evangv.
1.016.70(
2,57f,00t
1.177."0(
962,600
642,000
1,87<),1(00
80,00(
......
1,824.00(1
2,031,7(10
9.488,300
2,854,000
2,483,400
a,610.aoo
3.218.900
2,04e.:oo
3.642.000
6,102.300
361,0(0
3.370.00(
5.162,700
1,812,600
2.814.000
3,097.'i«0
.
46,00<
2.231.400
•.3.661,630
Pdoplea'
...
0.^02.001.
S.686,600
16,746,000
Rspnbllo
46,0<>(
7.180. IOC
7,40i,OOl
3.91«,00t
2.91 4. 00('
Commeroe
Chatham
wkNov
tk)l.
8.O8II.000
2.06S.0OO
1,2VS,«00
s.ioa.ooo
6.276.500
1,791,700
tlon.
a.
3.0( 0.000
1,»70,300
Batchera' A l>rov..
Mechanics' A Tr..
n'eekorilo
C!lev.AkronACol 4th wkNov
Clev. A Canton. October...
Ch'V.Col.C.A Inil Ociobcr...
Col. A Ciu. Mid 4th wkNov
Ltepoiiti
otHcr
than U.
10.630.000
8,i7U,000
6,972,400
8.719,000
10,963.900
18,8.'S5.200
JtterchanU' Szoh.
Oallatln National..
Jan.
1 to
Latest Date.
Roads.
Oln.Waah.ABalt 4th
•
•
KewTork
Reported.
XUir.
1886.
1885.
1886:
4,
Artragt .Amount o/—
B*fHu.
Eaminga
Latest
New York City Banks. The following statemenv ehowf the
condition of the Associated Banks of New York City for the
week ending December
[Vol.
Norfolk
A
West, 4th
Northern C^eut'l.
Northern Pacitlc
Ohio A Miss
Ohio Soutliem..
Oregon Imp. Co
wkNov
October
.
wk Dec
4tii WkNov
1st
Novemlier
September
OreK. R. A N. Co November.
Orec. .Short LinelSeptember
Pennsylvania. . October .
.
.
PeoriaDec.AEv.llth
Phlla.
Phila.
Do
A
wkNov
Erie.... Octolier...
A Reading!
C. A Iron
October
October
. .
. .
Klohm'd ADan V. October.
i
Va.Mldl'd DIv. iOctobcr
.
.
80. Car. Dlv..iOetobi^r...
CoI.AGr.Dlv.. October...
West.No.C.DIv'October ...
W.A O^d. September
8t. Jo. A Gd, Isl. ;4th WkNov
8t.L.AltonAT.H. 4th wkNov
lEoiiio
Branches
llthwkXov
Ark.ATex. 4th wkNov
St. L.
wk Dec
rtl.L.ASan.Fran. 1st
8t.PaulADHluth 4th wkNov
8t.P.Min.A Man. November.
Scioto Valley
September
Shenandoah Val October...
Boath Carolina. iOctober
So.Pac.Comp'y—
Gal.Har.AS.A. 'September
G.W.Tex. AP.. jSeptember
Louis'a West. jSeptember
Morgan's LATiSeptcmber
N, Y'.T. A Mex. September
Tex. A N. Orl. Sep ember
Tot. At.Syetem September
. . .
.
. .
Staten IsVd R.Tr November.
Texas A pa<itic
rol.A.A.AN..M.
Tol.AOhtoCout.
Union Paflirc...
Oottiber
November.
October
.
.
WkNov
4th
Octolier.
.,
Valley of Ohio.. November.
Wab. St. L. A P. 4tli WkNov
{West Jersey... October...
Wisconsin 'Jent'l ith wkNov
Min. St.C.A W. 4th WkNov
Wis. A Minn.. 4th wUNov
10,26
27,119
36-.',084
7,122
147,607
22,604
113,847
98,564
0.818
S
1.828,377
484,172
296.263
3,398.633
290.5()<
2.208.470
2(10,181
6,282,842
052,800
296.322
1,544,344
455,996
242,316
2.994,356
187,471
2,101,588
190,864
5,728,722
946,851
336,017
188,(i73
"27.896
114,167
1.118.870
3,856,564
3,711,883
18,020
688,512
670,078
53,398 .,958,324 1,769,199
27,901
43,014
397,195
430,266
69,005
651,964
522,043
191,456 1, ,891,124 1,795,551
315,259 15 ,386,62.5 13,585,687
,053,:i08 1,648.697
243,064
118,038
,609.583 2,288,238
249,194
,583.651 9,816,467
2,822
156.005
124.723
18,655
855,119
824.264
1 3,739
561,;)29
568,668
35,216
,573,052 1.517,6.55
284,410
,156,704 11,334,123
60,329
,281,321 2,094.575
39,549
38.8,300
337,245
7,352
206,546
85,868
53,228
,214.012 2,271.046
27,322
,341.287 1,338,831
2(.7.088
24,160
,164,322
15,6.57
196,391
431.019
243.180
49,797
26,245
48,088
67,079
315,449
47,838
212,046
93,199
272,012
590,893
9,566
42,073
93,157
126,3P8
17.275
25.680
10,'i05
,8.56.415
785.286
,718.144
,709,785
,.501,354
1,072,438
161,429
371,186
211,614
2,711,469
652,289
12,511,600
1,540,643
1,146,592
633,994
6(i2,619
,583,978
2,412,448
930. 712
784,587
146,409
1,228. 851
212,864
3,414,,2311
264,532
1,430,,080
1(8,441
203,,732
,283,709
2,177,,393
524.740
000,,355
,210,293
1,087,,671
443,,363
359,067
323,,3 'II
1,782,,113 1,,900,421
1,957, 0561 1,,759,713
29,705,,95222,,185,691
421,150
509,,"'47|
15,461,,201112 ,968,796
301
5,158,
,124,772
,828.704
3,289, 109
1,234, 076
,154,626
909, 160
908,608
,498,679
2,969, 072
,499,629
4,523, 658
135,557
24,121
8,645
59,963
45.812
262,968 260,13
213.200 191,846
2,885,832 2,320,931
10,448
9,458
1,851,020 1,623,737
564,469 524,809
381,180 339,9()3
3'.!,783
30,195
109,868 105,0»7
83,989
67,113
516,825 534,011
224,7.58
227,847 11,659 (91 10,802,225
68.929
67,590 3,561, 828 3 ,375,111
59,982
47.1, 919
425,951
48,875
286,569 244,496 2,144, 41
,109,101
518,000 629,672 4,9:10, 281
,610,288
162,830 184,174 1,45 110
,323,092
4,737,351 1,359,174 41,(i03,
,596,806
20,708
671,220
18.937
731, 632
371,521
341,796 3,0(i9, 283
,703,418
3,011,482 2.87S.370 24,933, ,;f53
,971,564
,009,820
1,735,217 l,837.5tri 12,613, 692
435,144 425,516 3.307, ,5. '6
,257,500
155,124
152,!W9 1,292, 679
,300,181
87,4:
95,477
626, ,428
656,823
67,902
482, ,143
542,898
88,737
52,.56i)
394.017
46,771
444, 718
293,541
172,379 1,907, ,250 1,237,132
22,829
20.362 1.060 429
990,979
34,034
31,897 1,154 ,61(1 1,156,762
(i09
694,032
21,930
713,
22,438
61,992
54,573 1,585, 991 1,125,338
102,600 1 00.802 4,490, ,^81 4,111,666
43,473
51.387 1,399 060 1,261,812
805,662 859,607 6,706, 854 6,834,288
70,44^
51,998
495, 015
81,954
615. 287
579,614
60,268
916,212
134,807 134,960
909, 0;:9
1.54,625
1,
218,811
4,3*3
57,267
335,624
1H,440
89,28,T
723.771
Tot. Pac. Sys.. (September 2,233.809
'September 2,957,579
Total of all
Summit Branch
*
40,334
50.300
118,560
721.092
33,949
25,012
322,143
7,501
47,006
372,692
23,546
77,304
an
1,920.,582
34, 522
2,202,628
469, 2.57
424.818
,790,071
2,864, 523
111, 260
708.577
714, 312
sao.ijii 6,114, 429
,292,090
802,391
2,013.614 17,126,,3-5
2,863,805 23,240,753,22, 094,479
44,738
754, 929
119,3-26
511, 651
5,290, 133
712.462
28.603
17,090
1,
627,987
175,112
4, 973,247
741,289
2,755.1.54 2,71 4, (i08 21,908,823 20,989,351
51,880
330,269
96,59ti
47.379
11,71
16,442
46,791
561,576
356,920 11,661,996 10,864,505
95,704 1,173,737 1,113,766
44,112 1,395,776 1,343.016
262,.523
164,293
7,147
143.009
298,011
7,074
a For purposes of comparison, St. Ijouis A Cairo, now operated by
the Mobile A Ohio, Is Included In both years from and after July 1
b Figures of earninjjs for last year have been adjusted so as to laaika
basis of eo!ii|iHrisoii
tl'e
same as
this year.
Not including earnings <if New York Pennsylvania A Ohio.
V Including West Shote in 1886.
River Road.
I Including hince April, in 1886, the Utlca A Black
e
t
And
brauohes.
Dboewjek U.
THE GHRONICLF.
188P.
iuwcstmcut
ADOOST, 1883.
I.iabUUioi —
o.lier riHro.vJs
Miscel. lialriiliied
intelligence.
.
Acu(Uutd{,a.}iti,ie
Pay-iolia
uCthfrt rriUioiit etvtra charge to allrei/itlaratihscrib'-rsof the
Sxtra copies are sold to subscribers of tlit
PwHONicLB at V> '-entteach. and to others t <1 uer cofju-
CBRoNKijt.
year ending Seplemher 30, 1886.)
thfl aai.ual meeting in Richmond no election of directors
was held snd the maetiiif adjourned to December 16tli.
In hi.H annual rpp<irt Presidrnt Buford says, "this company
in April last nt-gotiated leases of such of said lines as had not
prevtf;ugly been under the direct c ntrol of this company,
taking 'ffect as follows — namely: Vir<inia Midland Railway,
April 15, 1*<86; Western North Carolina Railroad, Charlotte,
Columbia & AuKU ta Railroad and the Columbia & Green•
«
»
*
Till- Railroad May 1. ;-86.''
'•In accordance with the administrative policy declared in
President and direc ors submitted and
pprov'dat ih.- lisf annuil m-eting the surplus incomes of the
com any ha<l be n applie<l, aH far hm deemed necessary, to
•och impn venients and ailditions t«) thecompnj's properties
I
•S appeared to be fssei.tiul to the perinaneni strength of the
•rut
and 111- prottcti^n of its revenu sin the intrest of all
»h" t.^ld it* H^cii iiio^. Thtu no a'lequttn mejns, properly so
pplicai'l-*, hare been bvailable upon which to decUre a dividend to deheiiure-holder'i for the year. But, looking t) tne
improve! condi ion of the company s p oponiei and intHrests,
phyficiillj and fi ancially, the Boird in coii-iJeriiig how
l>e>>c to provine
fur the situation, pr sent and pros<ii'-ctive,
proposed a S'jbeme 'if adjustment of
in AuKust I'lSt
Um company °!> obdi<alionM under its debenture mo.tgage,
baaed <in the creation of a new general mortgage, embracing all ihe company's increased andaccumulaieU p overly
•ud iDtcrcsrs, and iiroviding for the issue of a 5 per le t gold
bot'd, to be acceptetl
exchange for the princip.il and accumula'fd interest of the debenture bondd, and hIso for the
gradual a>»«rption of all other obligations o( the company,
•fud the accommodation of other jwM<ihle needs of the companr, under limitations deemed conservative and necessary.
Under this proposal a large amount of the deben'ure bonds
«
»
»
havo been filed for exchange as proposed."
The earning! and expenses for the pait three yea'-s ware as
follows:
BAaKI.XOS AXD CXrGMSBS.
m
m
tttlglkt
.
1885-6.
$2,<itK,431
.
SnO.svS
76.018
163.4 -2
Fmn tal'snipb
FNareata
Totiil
Iat< rest on
94. (iO
Investments
$3,992.4S1
19,517
1K.517
tr»Dsportation
I
r
.\'
.
M
eofears
i
17,426
....$3,815,240
Tiital receipts
:.
999.022
Ki.8«6
167,086
2,984
68.764
23,8o5
Wttmt UrMlladMiaa..
$3,834,737
$3,999,147
$4,012,028
t6^3.^51
021. 104
I9H.43U
$104.^87
616.5.2
$721,894
5H1.240
100.978
-.214,632
Cash
Cash
I
$:,392,c;71
—
111 tr;
I'sali iluH
DiiM liy o
n
$30,000
'.".
it
67,ao'2
63.6.i2
t)6,86«
b. ageuta
her rulrnads
o. Dbp't
by «xpresa coa ...
t)ui>by P.
Due
Mi.sct.1.
13,il3
5,-98
48,547
15,000
ussetd
—OECKMUEH,
13Sl!.
MiHi eiliiiteouH .las'^'a
Aclv.ances tii IVeil Uiios
1>U" from Taiti'onds. p.
O. d'piirtm nr, ,S:c
$
.
72,2f».'S
526, JS!*
.
BillK ivrfivrti.la
175.00J
Cii*U in transit an I due
b.v a<r«nt^
Cuxli in liiinic uml luauM
on call
Other MvailablH
and ca li assets
2n9,fl!5<>
763,966
casli
f,'»
17,597
$1,474,788
—
TAabilitiet
nt'ier railroad.^, nccounlH iind pay-rolls.
Due
$.2?. 119
3I,87B
4,136
Misctl. liabilities
Richmond & UunTille Railroad.
Jlamtoo*—
U>l,I-lJ
$361,081
{.ror the
rnnu pa* n<en
AsseL
«H
127,005
BUU receivable
ANNUAL REPORTS.
Ttoat
1,083.
of
th« Unified Debt of States and Cities and of the Stocks <md
BfituU •>/ Railroads and nhtr Companies. It is piibli-shed
on tk» last Saturday of everi/ other month—vix., Febni'in/.
Afrril. J^tne, August, October and December, mid is fiit-
ret> rt of the
$10,831
payubia
Bills
The IWESTORS'SuppLESfBNT contains a complete exhibit
the anriual
A Fsets
Die
« nilrond
t
717
Bills
payable
$361,131
Netsurplus
$3,910,6^8
"There is due this company, under contract of lease, by tli^
Atlanta
Charlotte Air L'ne, securities to the amount of
$1,000,000, upon which 2 84-100 per ce'jt net was earned
during the Bacal year ending September 30, 1886, aud whicb
is constantly improving.
"During this period (August, 1883, to D-'cember, 1886) the?e
have been added to the equipment of this company 43(1
freight-cars, 11 express, postal and p.issenger oars, and 30
engines— IG of tho largest type. There have been Uid 19,953
tons of steel rails, 41,813 feet additional sidings built, change
of gauge, and a general improvi^ment in r ^ad-bed, stationhouses, aepors, &c., effected."
*
»
»
Ifetfloating Ilablllilea. $1,031,589
&
Kichmond & Peter-burg Railroad.
{For the year ending September 30, 1886
The annu A report makes the following exhibit for the year:
)
1886.'
It'BS.
Gross receipts
Enpeuaea
$192,650
97,4^1
$207,4=>4
$J3,ii6S
$35,-tt8
Nit revenue
RecefptH from otbur soarces
8«]e<.f ttperie.nto .n»j) tioud^ or
111,885
1915
$'9,000
12,649
1,232
Prcmiuiu rfcuiviUon nunc
Ulvideudjj from sleopiuu cars
Tjtal receipts
P»yinenn d.u 1 uk
$184,4/^9
tlii-
year—
per ceiit binds of 1870 redeemed
lun>r«>»t <m bondud debt
Divldtind. 5 per (.nut on capit*l slock
Cumpletinu of ipnn biidne over Jaiufs River
21,000
22,062
Eii;lic
Vew f elRbl warehouse at Rlchnioud
On acoouut of new terminal Imprevementj
5ii,0 )0
7,614
33,289
I
at Ricliiuond. In-
cluding passuiiger dei>ot...
Total piiymentg
6 ',7^2
«199,7i7
"All the old first mortgage 8 per cent bonds have be^-n paid
except $1,000 pait due, wnich have not. been presented.
There are f30.000 of the consol 6.s in the treasury unused.
"The Jamna River bridge, with its approaches, is now c implele, and is in all respects satisfactory. In masonry and iron
work it is fully op to the highest standard of radroa 1 bridges
* * •
in this country."
"The earnings of the past year seem to justify the directors
in increasing ths semi-anuual divi lend to 3 per cent, which
has been declared payable, as usudl, in January."
off
Northeastern Railroad (S. C.)
(For the year ending September 30, 1886.)
The annual report shows for the year ending S3ptembjr 30,
1886, the following earnings:
188--8.
1884-5.
$.70.o5>)
dross eamlnes
Operating expenaea
.f>.T^.633
407,238
436.868
$162 820
Net earnings
$ 21,765
191,531
OvDerylexienaesaod taxca.... 208,708
The report of President Ravenel eayf:
"During the past year we have moved 123,307 bales cotton
$.'.121,553
$2,231,486
»2.218.977
TMal
and 66,023 barrels of naval stores, as against 134,519 bales of
$1,890,475
$1,767,661
$1,615,760
Netr.oeipto
the first and 85,655 barrels of the latter the previous year.
The operating expenses and taxtM in 1881-5 were 56 5-100 per The reduced movements in these stH pie articles was, of course,
cent of the earnin,(a avrl in 18*) 6 .53 2-10.
fnllow.d by corresponding reductions in our miscellaneous
The Income accou'it of the R chmou'i & D .nville Railroad freights to the interior, whence they were derived.
thus:
188.5-86
stated
is
Company for the yeara 18*4-85 and
"Among our expenses of this year will be found the ag?ree.ate
1885-6.
-<
138 5.
cost of two first-class Baldwin engines, amounting to $15 05(j,
$1,890,475 and also the expenditures incidental to a change in the gauge
$l,767,6Jl
Wetireelnti
»328,3i9
Interf.i .in in'>rt. Olds .. ..$32.1,466
of the road and its equipment, from five feet to four feet nine
23^,l40
iKjudiV 2>8.140
I22.-^.59
inches, to conform to that of the roads on either side of ua,
48,361
w rt'bt
780
fSR-blB.
7S0
and by which the cottly transfers of freightis and passengers at
f)l,3'.0
KBUl*m. Y. i;..ViC. KR ... 85,850
Wilmington, N. C, will in luture be avoided.
60.000
60,000
HeoUl I'i«lm'>nl UK
"Included in these expenses, under thw head.s f peisonid
200.000
lUaral North rar. RR ... 260,ono
468,100 - 1,J67,«!68 injury and wrecking, is an aoiount of $20,300, of whick
A. * C. A. U HR.. 466,.'.00- 1,48.',097
is properly chargeable to the transactions of 1883.'__
$422,817 $8,266
$284,564
Hetsarplns
MaiQIriiuiiiv nf
wiy
5:17.35^
.
486,128
210 U85
4.17,910
.
1
,
I
.
I
(
I
.
LaM expeudr<I for—
Ooaatrur. of R. A r>. RK... $) 0.930
97,881
Bnolp. of R. A I>. RR
IMIter't-.A.AC.A.URR 106,235
Cbaa«e of gaage
$8?,in3
106,139
9J.420
2 21.047
$63,517
•
43,206—
323,958
$98,859
This Intorert wan obarged In the iDOjme account In both years, but
ha»he«n p»ld.
to the President's report is the report of a special
committee to whom was entrusted the duty of preparing a
condensed rep-rt on the financial condition of the Richrjiond
(when this
4t Danville Railroad company in August, 1883,
adminiatration assumed contiol) and in December, 1886, the
fcauita being aa follows
BO
lnt»ri-«t
Appended
.
Boston & Maine Railroad.
(For the year ending September 30, 1886.)
The annual report states that the business of the y(^r
includes the operation of the Worcster Nashua & Rochister
Railroad for nine months and the tigu es nre compared with the
previous year including the same months of the Worctster
Nashau & Rochester road. The earnings of the Eastern (Mass.)
road are of course included,
" The report asks thai ilie d recto s be author"zed to make
such arrangements with the Eastern Railroad Company, and
with such other roads which enter tlie City of Boston on the
northerly side, as may be deemed advisable, to erect a union
station, and make such changes in the crossingd at Charlestowa
i
THE CHRONICLE.
718
and Someryille as may be
practicable, and to issue improvefor that purpose, and the other requirements of
ment bonds
the lease of the Eastern Railroad.
"At a special meeting held at L'iwrence, Dec. 9, 1885, the
leases to this company of the Worcester Nashua & Rochester,
and the Portland & Rochester railroads, previously agreed to
by the directors, were submitted to them for approval, and
were both duly approved. The lease of the Worcester Nashua
& Rochester was to fake effect January 1, 1886. Before possession was tuken unrler it, ituit was hrnusfht in Massachusetts
nominally by a stoikholder of the Boston & Maine RatJroad,
and in New Hampshire nominally by stockholders of the Eastem Railroad Company, to enjoin any proceedings under the
lea8e-;-the claim being in both suits that the contracting corttorations had no power to make the lease.
It was deemed
desirable to put the validity of the lease beyond all possibility
Of controversy in the shortest possible time. Accordingly an
act of the Legislature of Massachuaetts, approved March 23,
1886, was procured, authorizing and condrming the lease, and
immediately thereafter possession was taken under it. As
respects the lease of the Portland & Rochester Railroad (the
report pays) the stockholders of that company have not, as
yet, finally passed upon the questiou of approving the lease.
Practically this company suffers no inconvenience, because
the control of the road is already substantially in its hands
through its ownership of the stock. And on several grounds,
which it is unnecessary to go into in dtrtail, it has seemed prudent to your directors to take time to consider whether there
are not substantial advantages in permitting the Portland &
Rochester Railroad to continue to control and operate its road
as an independent organization.
"Your directors have seen no reason to change their minds
with regard to the wisdom of the lease of the Worcester
Kashua & Rochester Railroad. We did not take possession of
the road until April 1, for reasons named above, although the
Toad was operated for our account from January 1. The time
has been too short to show what it is capable of doing, but
your directors feel confident that it will prove no burden to
the other parts of our system."
*
»
»
The earnings and operations below include the Eastern in
the. three years and the W. N. & R. in 18S5-86.
Miles owned.
MUea leased..
1883-84.
1884-35.
124
368
124
368
124
462
492
492
584
Total.... operated
1885-36.
OPBB\TION8 ANn FISCAL RBSUTLS.
OperalioTu—
1883-=4.
1884-83.
1885-86.
Fa88eDc;er8 carried
1S,58T,375
14,960.162
17.022,.'>81
Passenger mileage
198,0sl,721 204,3-2 \, 02
224,223.2)41
Rate per oaaBenger per mile..
1-735 ct9.
1-802 cts.
Freight (tODS) moved
2,275,034
2,13:/.954
2,703.'J(a
Freight (tous) miliage
122,597, l!)8 114.ftO8,044 129,125,871
Average rate per ton per mile
2-269 cts.
2127cts.
.
Mamings—
PassoDger
2,4'!9,003
$3,54t,302
2,435,401
248,740
2.'j2,393
28.<,B29
$6,288,419
$3,997,971
$6,232,096
$3,956,369
204,637
$7,253,881
$4,494,162
259,247
$3,550,676
Freight...
Uail, expi ess, <to
Total gross earnings
Operating expenses
Taxes
199.01!)
,„ Total
Ket earnings
$4,l(jl,no6
$4,196,990
$2,091,429
$2,071,090
INCOME ACCOUNT (BOSTON & MAINE PBOPER.)
Stceipts—
Net earnings
Bentalg, Interest,
Dividends
Eastern (underlease)*
(8 p.
289,809
$2,351' ,553
$2.70O,2-Jl
$1,225,528
266,424
$1,363,117
2.i5, 440
(9J«p. c.) 66^,000
4^9,724
Total disbursements.
Interest
c.)
560,oi
158,€03
$2,210,553
$110,0C0
Bidanoe surplus
L * laolades
18?5-8P.
$U',500,472
27.",4«3
PaBsengtffs
l^e.igbt
Total
Operating expenses and taxes
Netearnings
Baloucuof interest account
Dividends
wu
i.
,1™
Balance
EarniTigi—
Freight
Passengers
Express, malls,
<feo
Total earnings
Operating expenses
Net earnings
Dividendpaid
$26-.i,H10
$351,243
437,979
$704, .'JSe
482,814
$.13,264
$221,529
$4,164
200,000
$4,527
200,000
$204,461
Sur.8,800
$204,5-i7
Sur. 17,002
401,843
39,'j83
.
Portland & Rochester Railroad.
(For the year ending Sevtember 30, 1886.)
The
President's report states that:
"The operations of your road, when
previous year, will show that the earnings
compared with the
have increased nine
1886.
$109,888
70,719
10,894
$181,312
li«,6J7
$190,377
144,909
$2.5,272
23,i32
$42,594
29,516
$1,739
$13,077
GENERAL INVESTMENT NEWS.
Atchison Topeka & Santa Fe.—Kiernari's on Friday savs
"Atchison has sold $18,000,000 Cnicago Knnsas & Western
fifty year 5 per cent gold bonds, guaranteed by the Atchison,
limited to $35,000 per mile. Baring Brothers take one-half
and Kidder, Peabody & Co. and Lee, Hi^ginson & Co. onequarter each. Understood whole issue will go abroad price
;
99 net."
Charlotte Colnmbia
& Aogasta— Colambia & GreenTllle.
Columbia & Augusta and
—The stockholders of the Charlotte
the Columbia & Greenville railroad .companies had their
annual meeting recently in Columbia," S. C. The leases of
&
these roads for ninety-nine years to the Richmond
Danville
Railroad made by the directors last spring were confirmed
after some resistance by etockholders from Augusta, who
protested.
Cincinnati Hamilton & Dayton.— The stockholiers of the
Cincinnati Hamilton
Dayton Railway have been called by
the Directory to meet on Jan. 5, 1887, to consider a proposition to issue $2,000,000 in bonds and $500,000 additional in
cinimon stock, the proceeds to be used for improved terminals
in Toledo and Cincinnati, and for additional tquipment.
The
bonds are to bear i}^ per cent per annum, interest in gold, and
will run for 40 or 50 years.
&
East Tennessee Virginia
& Georgia— Norfolk & Western.
— The deal between the Norfolk & Western and the East
Ten-
nessee companies will probably consist merely in the purchase
of a majority of the E. T. Va.
G. first preferred stock, which
stock, by the terms of reorganization, controls the company for
This purchase of the stock is likely to be made Ijy
five years.
an exchange for Norfolk
Western preferred stock on terms
satisfactory to both parties.
&
&
—
The following
ings of this road:
is
a statement of the gross and net earn-
—
Qros$ Earnmgs.
1886.
1885.
July....,,
August
September
,
$331,046
364,811
394.380
456.617
Total 4 months... $1,546,851
Indianapolis Decatar
$231,767
362.429
37,017
18S5.
$lo7,«79
6i,32l
9,b99
Surplus
October
$33,000
and slokiag fund for improvement bonds.
Nangatnek Railroad.
Mall, ezpress.&o.
I
and that the increased cost for transportation of passengers was only six hundred and eleven dollars, while there
was an incr eas"} in number of thirty thousand passengera
transported, more than twenty-nine thousand of which were
carried between local stations, showing uumis'akably the increased (prosperity of the towns on the line of your road." * •
" The freight transportation expense decreased one hundred
and fortvseven dollars, while the freight tonnage hauled increased four thousand eight hundred and forty-two tons." * •
" At no time in the history of your road has th^ improvement to its track been more marked thin the past year; having
laid more than seven hundred tons of steel rails we now
have a continuous steel rail the entire length of. the line from
Portland to Rochester." * • *
The results for the year were as follows;
EAKNINOS, EXPENSES AKD CHARGES.
dollars,
$?,755,281
(For the year ending Sept. 30, 1886.)
The report is very brief, and states that " no a'idition has been
made to construction account, or to the funded or floating
debt. All expenditures and outlays of every name and nature
have been charged to operating expenses.
The property of
the company has been increased and improved, so that the
road is now in better shape to transact its business than ever
before." Earning, expentes, and interest, &c., were as below:
Bamingifrom1884-5.
1885 6.
^
thousand six hundred and two dollars, while the expenditures
for operating have decreased seven thousand and eighteen
.
Eentals pain
Interest on debt
?
$4,753,409
$2,50 ,172
1884-S5.
$2,07 l,i 90
.fee
Total Income
ZHfburtemenlt—
$4,040,236
2,929,766
[Vol. XT .III.
&
.
.
Hel EarHingt.——,
1885.
1886
$298,824
$ll<j.617
3<i9,249
379,424
411,380
128,565
167,207
214,309
$131,328
131,098
162,534
191,708
$1,413,877
$836,698
$619,668
Sprlng-fleld.— It
stated that
parties interested in this road have recently purchased the
Pacific Road, formerly part of the Wabash
Quincy Missouri
i-ystem, and now in operation from Quincy, 111., west to Tren
The object, it is said, is to extend the
ton. Mo., 136 miles.
Indianapolis Decatur
Springfield line from Decatur to
Qujncy, Di., about 150 miles and then extend the Quincy
Pacific from Trenton west 26 miles to MarysMissouri
This
ville on the Council Bluffs line of the Wabash road.
wcttld complete a new line from Indianapolis to Omaha, atx)ut
610 miles long. R. R. Gazette,
is
&
&
&
Little
Rock
Mississippi Rlrer
& Texas.— It
is
reported
in the St. Louis Globe-Be 'in cat that Mr. Jay Gould has secured control of this road by a purchase of its bonds, and will
probably bid it in at the sale on the 15th inst. The total bonded
debt is $3,500,000, of which $3,187,500 are first mortgage bonds
and $1,312 500 second mortgage bonds. The amount of interest due on the first mortgage bonds is $751,000 and the
unpaid coupons on the second mortgage bond^ amount to
$411,000. These sums, together with about $50,000 due as
int- rest on the coupons, make an aggregate indebtedness of
$4,712,000. The road is a part of the Arkansas Valley route,
extending from Little Rock to Arkansas Cii.v. on the Mississippi River, with a branch running out to Warren, in Drew
County.
—
Maine Central. Following is a statement of the gross and
net earnings of this road for the first month of the fiscal year,
as specially obtained by the Chkoniclb.
Decekbkb U,
THE CHRONICLE.
1886. J
October.
,
188K.
QroM earning*
1H85.
$302,857
162,BZ1
Qperattng ezpeiue*.
$272,012
lei.S'^l
Ket awvtnga
~$110,191
$140,236
In advanoe or the complete report the following summary is published for the year ended Sept. 30, 1886.
—
„,
MUm
1885-8.
. ^
operated
eraMMmlnn
Opermttog expenses
NetMralnn....
IntmVtt and reatali
Bklanoe
Dlrideodj, 6 per eent
8un>ln»
1884-5.
the old one, except that income bonds will be issued instead
preferred stock to those paying assess ments. Another
change is in the option of the company in paying oflf the
general mortgages, principal and intere.^t. Under the old
plan the company reserved the right to do this up to January
This option is now extended to July 1, 1888."
1, 1887.
of
Richmond
West Point Terminal.-At Richmond, Va.,
the annual meeti ng of theRichmond
West
Point Terminal stockholders was held. Resolutions were
adopted providing for an increase of the capital stock in
accordance with the resolutions adopted by the stockholders
at a meeting held in November The following directors
were elected for the ensuing ytar: T. M. Logan. John A.
Rutherford, Isaac L Rice, George F. Stone. Emanuel Lehman,
A. M. Flagler, John H. Inman, John G. Moore, Simon MorriDecember
535
535
$3,008,476
1,8.0,740
$2,S47,607
$1,187,736
896,130
jTTm.TOS
$291,606
215,578
*225,939
215,541
l,730,s)02
890,767
719
ft
&
8.
$76,028
$10,397 son and Robert K. Dow, all of New
York James B. Pace
Iowa ft Nebraska— Keoknk & Western.— At and E. D. Christian, of Richmond, and John Wanamaker,
of
Keokuk, Iowa. December 3, the formal trinsfer of the Mis- Philadelphia.
Alfred Sully, of New York, was elected
souri Iowa & Nebraska Railway to the Keokuk & Western President. An
adjournment was then had to December 16.
Railway C>mpiny took place. T. DaWitt Cayler, of PnilaSt Lonig Sonthern.-The St. Louis Coal Railroad and its
delphia, reprni^ntinK the Eastern bondholders, and F. T.
Hoghts, Preeid^nt of the new orj^anization, arranged the leased road, the St. Louis Central, a total of 51 miles,
:
;
Missouri
details o( the transfer
and assumed charge and control
of the
property.
MIssoori Kansas k Texas.— It is reported that the M. K.
has sold about $3,000,000 more general mortgage
6 per cent bonds to Heinemaa & Co. of London, making a
total sale to this firm of about $3,800,000 within the last three
weeks. The proceeds are being used to extend the M. K. &
T. system. Dow, Junes & Co.
M«rri8 County RR. of N. J.— The new railroad under
oonstnioiion between Ctiarlotteburg, on the New York Sasquehaana & Western road, and the Delaware L'tckawanna &
Western road at Port Oram, 17 m'les, is approaching completion, and will be opened to traflSc not later than J^tnuary 1.
It is being built by a company of New Jersey and New York
capitalists, incorp')rate<l November 23, 188.5, under the style
of the MiirrH County Kiilroal of New Jersey, with a capital
stock of |30<J,U0U. ilr. Garret .\. Hobart is president.
tc T. Co.
Mew York Ontario k Western.-The
ings for October, the
as follows.
gross and net earnof the fiscal year, have been
month
first
1«85.
$l80,2r>0
$l-.'0.<i04
staaiatacs..
99.571
•172,730
•^,4J3
$7,470
—
N. T. 8t«ek Exehsage. The governors of the Stock Ezobange bsTO adnulted to dealings at the Board the following
seonrities
—
Onlf Colorado ft Santa Fe Railway Company An additional
$600,000 of first mortgage bonds, making the total amount
listed $9,600,000 on 800 miles of uompl>'t-d road.
Georgia Railway Company An
Esst Teon rem w Virginia
additional $22 OUO of 5 per cent divisional bonds, making the
—
&
-
total amount liMte<l $3.lii6 000.
ColumbuH H'M-king Valley ft
making
$l,iKJ<J,iK)0
the total
Toledo Railway
general mortgage 6
amount
li:<te<l
Company — An
per cent
<2.0€0,000.
bonds,
—
Chicago Burling'on & Northern Railroad Company Debenture 6 per cent bunds due December 1, 1880, to the amount of
$3,260,000.
St. 1-aul ft
Dulutb Railroad Company, Duluth Short Line
per cent bonds due September 1,
Railway's Hot mortgage
1916, to the amount of $500 000,
New Y'lrk ft Perry Cualft Iron Company (the reorganization
of tlie New Yi<rk ft Siraitsville Coal ft Iron Company) capital
Stocit, 15,000 Hhares of the par value of flOU per »bare,
,'S
$1,600,000.
—
Shenandoah Vulley. The gross earnings of this road in
October were $81,954, and the average for September and
October $83,588, a favorable showing. The general mortgage
bonds, in addition to their claim on earnings have the benefit
of a traffic guarantee with the Pennsylvania and Cumberland
Valley roads, by which 15 per cent of the earnings from interchanged business till 1890 and 10 per cent the next five years,
are to be applied to the purchase of these bonds, if they can
be had below par. And prior to 1888 such percentage of earnings may be applied to the purchase of coupons if necessary.
The generals have a first lien on the 95 miles of road from
Waynesboro to Roanoke, and also claim a lien on $1,560,000
of first mortgage bonds unissued, though this latter claim is
disputed and is in litigation. An early reorganization is looked
Wabash
St. Lonis ft Paciflc— At Chicago, Dec. 7, Judge
in the United States Circuit Court, gave a decision
in the Wabash Railway receivership case. In the course of
bis opinion he was very severe upon the Receivers as well aa
Gresham,
upon various other prominent owners
InaliidM rsatala.
•ddition'il
&
for.
1886.
Oress eamlaics
Opsratlag expanses and taxes
*
which properties have been in receivers' hands since February, 1S85, have been restor- d to their owners and a new company organized, the St. Louis Southern, which has made an
operating contrtct for 900 years with iheSt. Louis Alton
Terre H^ute at a minimum rental of $32,000 a year and 30 per
cent of the gross earnings. The lease went into effect Dec. 1,
The cumptny
is
tree
from bonded or other
in-
oeiMedness and itn earning'* for the six months ended October
SI, 1806, with pig '""'a at $16 per ton, were equal Co the rate of
$ par cent per annum on the stock.
.
^
aoiiul
^,Vi^
2-5,'i(J0
Oaesaber, eaUmated
$e:^S,'^62
Add
mUieelliuieooslr.terest
ODmrt** for quarUriBMrcel on all ooiid*
T£Ss*.^"."f..V.V.'.V.'."V.V.V.V.V'.'.'.'.'.'.'.'.r.'.'.l'.".'.'.'.'.'.'.
d.OOC—$931,562
''l,5'o
24,oOO-$263.a78
$.6r,6 7
Philadelphia report says:
the parties
"The R-a.liiig plan has been fully agreed 10 by allgiven
10 the
it is now thought that it will be
In iitere-t. an
identical with
public before many days. The plan is almost
ft
Reading— A
.
Aeluat, 1985
,^EaUmati:d,l93».-%
$1,014,559
$l,U0j,0d0
$12'J.4«3
$123,470
20,000
'.0,000
143,463
143,470
$-i71,096
$^56,530
9i)9,-<73
-$l2-',779
4,JbO,a60
5,324,261
$1,10'>,160
$6,180,797
$-5«,t30
article compares the results of the
company's business for the first six months of its fiscal years
of 1885 and 1886: 'The figures for 18'-'5 are actual:
those for 1886 are actual for the first quarter and are estimated
for the current quarter.
down at $1.870,9J8. If
The surplus for the six months is set
from thut sum be deducted the aver-
Bge qua'terly expenditures for 'construction, patents, &o.'
($350,000 per quaner) $700,000, the company seems to have
earned in the latt six montns a little over 1^ per cent on its
stock. The compjtison is as follows:
Wet narplon looonw for quarter
Pllllidelnhia
Ho
Western Union Telegrapli.— The corrected statement for
the quarter ending .September 30, 1886, shows that the surplus
earnings for that quarter were $1,200,000, or about $12,000 less
than the estimate.
The following compares the estimate for the current quarter
with the actual of the corresponding quarter of 1885 :
,
Hit mrnimgt—
road.
good.
Qaarltrend'g Dec. 31—
Net revenue
Or^ensbnrr ft Lake Cliamplain.—The General Term of
Deductthe Supreme Court at Alba-iy affirmed the decision of the [ptercjil «e hoi ds
Slullagfuud
against
the
Dty
Co.
of
ft
Robert L.
Special Term in the case
OgdensbU'^g ft Ltke Chtroplain and the New Yoik Centril and
hoMing that the injuncCompanies,
Riilroatl
Net iDcome
Badsoa River
tion was properly granteil restraining th« payment of the Less divldeud, II4 p. ct...
Company,
Riilroad
ExteusiO'i
Vail
Lainoill.^
-y
bonds of I'.e
Surplns for quarter. ..
which were as uoied by the O^denstmrg Company, a lai ge Add surplus for 8ept. 30
interest.
Central
New
York
held
by
the
are
which
part of
Surplus far Dec. 31...
Oregon Railway ft Narlgatlon Co.— The foll>wing is an
• Deficit.
oOcialstatem-nt of the estimated income for the quarter endingDecSI, 1886.
The lythune's money
OsM be r
of the
gave a long review of the em ire litigation respecting the
Wabash Road frcm the time the receivers were appointed, in
1884, to date, together with the lease by the Wabash Company
to the St. Louis & Iron Mountain Company. Aside from the
general comments of Judge Gresham, his actual decision was
that he had jurisdiction for the reason that the bulk of the
property covered by the mortgages in question was chiefly in
his district and that a prpper showing had been made on behalf
of the mortgages for which foreclosure was asked. He held
that they should be foreclosed and the present receivers removed. Leave was therefore given to the mortgage bondholders of 1863 and 1879 to file a bill in the United States District Court at Springfield asking for a receiver for the property.
It was held that the application for the apointment of a receiver for the Chicago division of th-* system could be filed
here and would be entertained. They were, it was held, entitled
toeuch leceiver, and their case, from the showing made, was
S^x montlu
,
Dee.
Net revenue
Charges
:< 1 ,
'86.
$J,265,12S
2h7,'i:
ending—-^
Dee. H 1 , '86.
$^,l57,8f i
286,940
I
Surplus for six months
ft
.'YT'imi
«1, 170,958
THE (HRONKM.K
720
The (Tommerctal
XOn.
[Vol.
COTTON.
i^tmc?.
Thr Movemknt of thf
Friday. P. M.. Dec. 10, 1886.
Croi', as indicated by our leiegriims
(JOMMBROIAL EPITOME,
from the South to-nighl is given below. For the week ending
this evening (D^-c. lOi, tne total receipto have reached 227,880
Friday Nioht, Dec. 10, 1886.
The weather was severely wintry early in the week through,
out the United States. A heavy fall ot snow obstructed
telegraphic cotnmuaicatioD and delayed railroad trains. Inland navigation is generally closed in northern and mid ile
week 280.202 bales the previous
week and 268,596 bales three weeks smiH) making the total
receipts since the Ist of September, 1886, 2.941,476 balos.against
2,9 16,213 bales for the same period of 1886, showing t-n increase
since September 1 , 1886. of 25,263 bales.
,
wiy has consequently
been rather quiet. The approaching holidays are felt in all
branches of business. Speculation, however, has been very
active in several leading staples, and the flactuations in prices
are wider than for some time previously. Congress met on
latitudes; general trade in the regular
Monday.
The speculation
down
in lard
was quite
active, hut pricps
were
when
the decline
reaction then
from the previous Friday was 14@17points.
eet in, and bt the close this aftercoon about a third of the
decline had been recovered, and the market was steadier.
drooping
to the close of yesterday,
A
Lard on the spot was
dull,
and prices made an irregular
decline, but to-day the demand was fairly active at 6 25c. for
prime city, 0-4-Ji^(a6-47i^c. for prime to choice Western, and
C'SOr. for refined to ihe Continert,
Saiutd'y.
6-53
February"
Murt'li
^
.
•'
..
April
..
„
Mayj:^i:r
-.;
fc-5i
«t>Z
6-70
6-77
6-85
ilond'y.
f77
6-»5
6-J8
6-49
6-.S7
6-64
6-72
6-cO
e-40
6 40
f-i4
fc-41
t--4H
r>-57
6-43
tjil
6-4i>
K-.'S
6-61
6<>4
6-71
6«5
fc-B8
e-72
6-75
6-c3
4.
Pork
Bacon, Ac
Lard
lbs.
188«.
4,603.000
4,7b2.2ii0
4H,!)HH,8(!6
.'•.l,534.^03
Dec.
Dec.
54,379,961
35,8»8,8;0
luo.
159,2fO
4,f04,(;37
18,481,075
coffee market has been greatly exited, and p ices have
a marked advance, but the close is easier ana tomewhat
nominal at 14'4c. for fair cargoes Rio. An active speculation
has been in progress in Brazil growths, based on reports of the
th<it country.
probable partial failure of the crop
Yesterday afternoon and to-day, however, pricfs have lost a portion
Rio
options,
and
the
close
is
with
sellers Bt
of the advance in
12-40® 12-45u. for the eurly monihs, and 12 50@12-C0 for the
Mild
delivt-ries.
(jrade?*
hive
and
tummer
also
Bpricg
been
purchased viry freely at tdvancing prices, including; vest r14>^@19o.
and
Maiacaibo
Java
at
at
day
133>^(315c.; but
The
m
is
quieter,
Raw
sugars have done a little better, it having become arparent that the effort to r-'peal the import duty at the present fession of Congress will encounter strong oppositiim. The
close is steady but quiet at 4 ll-16c. for fair refining Cuba and
Refined sugars have been
5J4C. for ceiiiiifugal, 96 dig. test.
doing rather bttter. Of molasses the sales to-day embraced
600 tons black strap at 9}^c. per gallon. Teas are firm.
Kentucky tobacco has Dcen more active, and sales for the
week are 4'35 hhds., of which 375 for export, at unchange
Sted leaf has been quite dull, and sales for the week
prices,
are only 1,120 cates, as follows: 100 rases 1881 crop, Pennsylvania, 12J^@13i^c.; 220 cases 1882-83 crops, Pennsylvania.
ll''i@12/4'"-; 11*^^ cases lt'85 crop, Pennsylvania, lOc; iOOcase-'
1885 crop, Pennsylvania Havana, Oj^jcg 16>^c, 100 cises 1885
crop, Ohio, private term?; 100 cases 1885 crop, New England,
13® Ul^c. 100 cases IHiii crop, State Havana, lOJ^^c. 100 cases.
1884 crop, Wiconsin Havana, 9@10o., and 200 cases 1885 crop,
Wisconein Havana, 7(aUc.; also 350 bales Haven , 60c.@|l 05,
and 45U bales hiumatra, $1 25;«$1 50.
Crude petroleum certiticates wholly lost the recent speculalive advance, which seems to have had iiQ adequate basis.
YfBterday the price receded to _66c., but to-day partially recovered, touching 70o. and closing at CSigtgO^iic.
Spiritf
turpentine closes quiet at 36((i36J^c. Rosins have ruled firmer
and goou and strained sola at $1 10. Business on the Metal
Exchange has been dull, and Straits tin h-is declined. Ocean
ireights became more uctive in the shipment of grain, at
prices of wheat and corn lost a portion of the recent speculative advance; but the close is again quiet.
^
Wtd.
Tuet.
8,735
2,660
Indlanola, Ac.
.,..
..-.
Orleans... X 3.024 20,282
FH.
fkurf.
6,956
7,042
35.136
9,662 10.412
1,584 3,199
82,314
12,559
..
Mobile
Florida
1,719
2,157
Skvannah
5,411
8,276
4.860
5,230
3.S92
2,537
],<»17
Bronsw'k,
Ac
905
905
2,250
4,641
<,074
1,644
32.310
4,074
lo,54l
208
621
696
5,559
....
.--.
Cbarleston
Pt Royal, Ao.
4,215
3,978
Wilmington
1,611
1,258
...
....
....
3,852
1,737
1,461
03
4.957
1,425
1,657
4,150
1,395
2,936
5i7
164
996
394
38
194
127
115
2i
...
West Point, Ao
New York
Boston
Baltimore
....
.,
MorehdC.Ac.
Norfolk
642
639
....
....
940
1G5
Total
5,430
9,72 2 19,212
3,337
363
914
981
72
201
621
364
364
2,6?8
1,811
19,579
7,746
3,993
1,732
2,«67
1,586
238
391
2,587
214
3H,529 23,853 40,398227,886
For compariBon, we give the following table showing the weeti's
and the stock to-nighi,
and the same items for the corresoondinir i)erio<lB of last vpar.
total receipts, the total sinceSept.l, 1886,
ThU
Galveston..
;
ThU
Since Sep.
Week. 1, 1888.
Since 8Kp.
Week.
1, 1885.
35,l3b
31,491
479,419
Mobile
82,311
12,559
309,5S2
115,913
905
12,04:<
..
32,310
557,855
Br'sw'k, Ac
Charleston ..
Pt.Koyal.Ac
4,074
16,511
Florida
Savannah.
Wilmington
M'head C.,Ac
.
Norfolk
W. Point, Ac.
.New York...
Boston
Baltimore ...
Total
621
5,559
864
19,579
7,746
3,993
2?7.-
8'i
91,617
13,841
6,236
30,890
188S.
122,453
94.536
..
..
331.338
30,2JJ
136,253
311.071
35 113
2,747
93,491
93,232
....
19,511
825
9,.:63
277,579
12,020
97,490
2,815
332,342
143,095
17,521
2,704
4,746
331.22!
7,' 80
77,754
607
374
C9,.781
27,-. 3 7
14,813
314
3,7i2
301,198
116,640
63,942
30,97.
19.981
14,667
1.732
2.867
1,536
1886.
468,146
781
879 117
115,013
28,17514,564
Ind'aala,A<'
New Orleans.
Mnek.
1885.
1886.
Reeeiplt to
Dee. 10.
16.S2-2
29,273
12.813
3,196
....
11,S54
60,866
3,776
190,377
6.310
27,698
16,716
i,<)oe,-?04
951,288
183,729
9,oao
17,H,'8
355
8tH
1,029
2,25f
10,47i.
9.157
2,941. ITC 24^,131 2.91 K,21
16.
.'37
In order that comparison may be made with other years, v e
give below the totals at leading ports for six seasons.
Receipts
at—
Galvest'n.Ao.
New Orleans.
Mobile
8avdnuah
...
Chsrl'st'n,Ac
Wain'gt'n,Ac
Norfolk
W. Point, Ao.
All others ...
Tot. this w'k.
Since Sppt.
1
1886.
1886.
35,136
82,314
12,559
32,310
17,162
6,923
19,.579
7,746
15,157
227.886
1883.
1884.
31,491
91,617
13,341
30,390
20,225
5.060
21,273
12,843
1881.
1882.
31,759
103,249
16,793
32,029
20,301
4,747
39,287
11.507
20.39b
37,142
12,391
27,797
91,943
18,817
35,829
23,727
6,933
36,017
18,131
27,263
2,467
19.792
21.104
76,918
16,087
35.523
21,132
7,921
23,719
6,121
27,701
248,134
2S9,457
281,103
262,015
241,576
74,.J36
13,342
35,915
24,185
7,281
37,552
1
2941.476 2!I16.213 3071,208 2966.93 i 2051,369 2a25,634
Galveston Includes Indlanola; Charleston Includes Port Koyal, Ac.
WUiulnKlon includes Moreh'dCity,Ac.; WestFolntlnclUi'IcBClty Pomt,4o.
The exports for the week ending this evening reach a total
jf 190,881 bales, of which 105,022 were to Great Britain, 39,441
Below are
to France and 46,413 to the rest of the Continent.
the exports for the week and since September 1, 1886.
EXVOTtt
/TOin—
;
;
Jfon.
Kew
Phlladel'a,Ac
188S.
made
be dose
BaL
4,313
Totals tbis week 38,406 53,579 30,121
Pork has been du!',and an advance early in the wee.k has since
been lost, but the close ia steady at|ll 50^ $11 83 for new mesp,
$10 25@$10 50 for extra prime and $14 50@$15 25 for clear.
Cut meats have been rather slow of salf, and close easier and
quiet; pickled bellies 6)^@G?gC., hanij SJ4@9}4c. and shoulders 5@5}^c.; smoked hams 10(3 10!^'. and shoulders 6l^@6J^o.
Beef is dull at $7 50S$8 for extra me?sand$8 50@$9 for packet per bbl. and $15@17 for India mess per tierce; beef hams
are dull at |18 50@|19 50perbbl. Tallow is lower and more
active at 43-8C. Stearine is firm at 7@7i^o. and oleomargprine
Butter is in moderate drmand at
is quoted at 6}/g@6J^c.
20@31c. for creamery. Cheeee is firm i.t ll^^@13c. for State
factory full cream, and 6@ll}^c. for skimp. The following ie
a comparative summary of aggregate exports from Nov. 1
to Dec.
at—
Beeetptt
Oalvea'on
Wedru'i/. TKurid'y. Frida>
lueta'y.
6-52
e-£4
b-62
6'C9
;
Phlladelp'a, Ac.
DVILY CLOSING PRICES OF LJLRD FBTUBK!.
Dec. deliviry..
..
jHDuai-y ••
bales, against ar5,716 bales last
(iulveston
—
New
Ortoans
Mobile
Week BfuUng Dec.
Exported to—
10.
Hevl.
1.
1SB8, tu DiC. 10. 1886.
BxvorUA to—
ContU T>tal
Week.
Oreal
BriVn.
rrom
Oreul
I
Britairi.l'^'"'' '
20,720
0,582
30,624
6,433
1,370
1,132
12,0-il
147,663
27,221
4,005
62.'; 63
21U.4U 127.055
8,98i
l,f;5
«,432
Oontintnl.
81.2U4
91,4^4
a,*3i\
''^t^
19,).587
440,008
«,433
Klorida
Savannah
Charleaton .WllmlDKton..
Sorfolk
West rolnt.&c
Sew York
16,069
12,653
83.12
149.': 77j
16,553
60,170
4,350
£4,S8l
48,736
22.7.S5
14«,8tU
.1.818
3.852
6.B8OJ
10,448
26,031
209.400
30
4,3S2
43,3t'2
5.336
3,273
3.«00
),"0'J
14,1; 64
Boston
4,aa2
Baltimore....
a.LW
PhlladeU-'a.Jt'
8,7; a
2,850
1,522
1,400
603
Tot«l
10i,022
39,441
TctallSSS..
109.026
8,6 l;i
6,975
03,84J
25.8 !5
2,8iQ
62,221
245.504
137,659
67,781
116,8:0
4,20(1
12.216
02,834
088
»23,S4S
41,330
40,031
6,1-51
4i<,284
18,817
1,2.^4
20,071
2,160
21,tU6
4a,«l>- 190.881 1,102,624 806,630
&7S,05a:l,S83,103
601,CO3|l58 838'
Ei9.44.Hl 1.562.778
61.401 170.918
Dbcexbeb
THE CBRONICLE.
11, 1886.
la addition to above exports, our telegrams to-night also jiJve
as the following amounts of cotton on shipboard, not cleared,
•t the ports named. We add similar figures for New York,
which are prepared for our special use by Messrs, Carey, Yaie
ft Lambert. 34 Beaver Str«»et.
721
The SAI.EB AND Pbioes of
ing comprefaenaiye table.
b4
25
Leavino
AT—
ereal
OUier
Kritain. frtMt*. roreign
N4«rOr:eiuis
42.63i
40.534
None.
3,000
None.
None.
None.
35,149
None.
13,000
20,900
8.800
None.
6,750
2,0CO
129 946 46,362
86.599
MabUe
«l,(>O0
ii.Sl'O
Baraansk
23,100
Q«lT«i«O0
17.87!*
2S,I'35
N>rf»U
Nnw yorJt
omerporu
300
2,478
3,000
7,000
Total 1886
Ooast-
IE
Stock.
Total.
tfffte.
211.035
22.235
55.454
8^,153
None.
120,303
6,000
22,300
4^,100
35,485
26.433
9,750
9,000
16,468
279,373
726,931
1,938
2,000
1.000
3.800
6.328
1.400
None.
n
86,i)73
k2 W
'(
17«,t)79
tc
56,595
^;
re
;
-*:
Si
CD
i
B:
111,001
41,174
TeU11884
1
l4l.'»-<
3.^.337
I
47,035 28.758 223,567
722 721
8t:,279 19,867 282.601
6»5,605
Tbe speculation in cottua lor future delivery at this uiarlctic
opwied the week ua lor r-view with much activity and baoyaney. There wdn a smiirt advance on Saturday in the face of
a dull Liverpool report and full receipts at the ports. The
snow storm that was referred to in our last week's weather
reports extended ovt-r most of the cottoa-growiag States,
•topping, at Itkist temporarily, the work of picking, aal
Bomewliat r«tiriin>< the process of marketing the crop;
consequently receipts at some of the interior towns showed a
marked redu ;tioa.
slight advance on Tuesday morning,
attending much <>etter foreign advices, was followed by a
weak, anse(tl<d marKct, in which prices receded 8@10 points;
bat near the oluae of Weriaeoday the *' bull" party again took
ooarage from tue statutii-s of British exports of cloths and
yams in X.)v«mb<!r, Umgiit quite freely, and the decline was
Yexturday, with a sharp advance at
2ilickly recovered.
ivarpool, oar aurket up>-Qed quite excited, touching, for the
nooths, toe hi^iie->t prices that have been recorded in
than a year, b it tiu.tvy selliug caused some decline.
un
I
^laii
transit.
The following are the
Ogl
daj of the pa«t wt-ek.
TEXA.8.
WKW OKLEAJiB
O f LAUDB.
ik«.4ia
Sat. aion|'ruca
Am. 10
at. Aon ¥••; Bat. noa Tnaaj
-C
eiiie' 6%
S >• «>•
7»i«
7»i«
8%
8H
8%
Ord..
7'i.
^
8»i«
!
WJ/w Midi
»<«
vs
9*i„
;
•and Mid
• •«
BIr.OM Mid
HMfitPalrlovi
l«4«
8'»ib'
9
9H
I'd*
niSisio
911,,
10»i, 10*B
loiS,. 11
1.1
I
I
9\
01' I,
.|
Fair
8>»ii
9>4
<»'n
W««| r«.
irrt.
{We« Yk.
81118
9>8
8>'ia
9^
9H
SIl«
9^
9
95i,
9',,
911i« 9%
9l»i»'l0
9H
10»|ii
10>a
ii^s
•-:::•
«e«
•«:
I
e's
7
I
8i«
I
S'.'i*
8%
9^
«»l«
9%
7>«
1'*
!"•
Itamt-OHi..
9».,
etr.U'dOfd **?
«^r I.'w.«ll
».l.,
III.
Ml*
d
9<itf
91,
'J't
h
tf'lu
l<'»l«
Low HkU'g
M
8>.
f"^
»'i«
ON
I
»••
»'»l* s,.
ftis
7
77ie
SH
•I'l»l0l„ 101,«
91^' "
'loit,
111 .
BTAINtU.
I
im
Sat.
9lb.{
MoedOrmoaiT
"""^^
"""l OwUnary. ...........
TjSn^Saat.
I
8M
8«»
811 18
fei'<i«;
Id
U<'a
im
Ill,,
7
T^
lOifi
|10
illl8
cp£
^
coco
5
coco
COOD
77„
0>
»«
I,
c>^
a
g
O ^t
c
coco
(O-o
i(^
CCCB
««.
CO
CCCDc?
t^cc-
CCCOo*!
OS
Oi
-I
tc<o
IJ
*»
5
cceo
'to
to
^O)
o« ^
^co
2
I
do:
I
O<0
ceo
cci<i
^
2
aa.
I
coco
I
o
tiCC
10
I
COP
I
-it*
s.
c-
1
•«:
I
5
2
cooCcb
I
5
5
tc^ tt
tCSM*'
toco
2
mo:
CDCC
cox
Idt.M''
1*0
l»CO'
I
*<
»-r
COi^
1
V
oa>
6-0
MCO
2
<
OiCO
2
Aw:
II.CO
1
i«:
i
!•
1
1
1
f
!••
!•;
1
1
1:
1
.
9«,«
9H
9K
10
10
lOH
IOI4
ID'S
Ills
11>4
lll>4
•/'l«
1
1
10:
1
i:
.
.
&lrm'»"i',i'i(ir
1
.
MMdr wiokdv.
tcmr
_.Plm • )*adv...
flteUIr
315
322
...il.eJS!
IWoi.
wmnus.
DMt-
M^-
triit.
^
8*
200
2841
..
I
•
,
S.'S.
CO
CCtO
S to
o ao
I
I
ca
=02
CO to
tDQO
.^ CO'
I
O.il''
I
ISII^
1
1
I
I
I
I:
t
I*;
;
1
\-
I
I;
I
1
I
10
10:
10
1
I
1
1
1
i
I
10:
I
i\
I
1
o:
I
l«:
10;
100
1.922
<l«UT«r«l tlia daj
1,016,000.
t
I
I:
* Inoluden Bales In Septemher, 18««, lor H«pt,-iipiK»r. 42,900; SepWnvberOctober, tor October, 287,200.; Sciitimber Nuvembor, for Noveiubfcr,.
141,700.
c^
We hSTe Inolnded In the ntinvf table, and aliall oOBttnnn eacb
wank to fjlve, the averaee prioc of futures oatih ilay for eacb morrtb. It
foand ander each day followln>r tho <»bhrevlatlon " Aver," Tie
BTsnMiefoTeaahmontblor the week Ik alMi KiveD at bottom of table,
¥niDsferKble Order*—Satarday, 9-25c., .Monday 9-40O.; XBeiKla7»
9-40e.; Wednesday, 9-45o.; Thursday, 9-«i5c.| Friday, 9-60e.
will »>e
"Hie following
100
I:
I
I
173 78,700
225 197,300
25H! 182,700
34K 130,600
399 259,200
522 197,500
175
285
SSB
aaOvuMa aivea kO«r* are —
wSSmm lathatoa waiaatMf arercpoiMO.
4ttlT
lit.
I
9
or spot amp iJUJtUJ.
0km- dpee-'
«uil>p|Ui't'n
I
Jm5o
CKl
OP
r
>
<
8i«
818
m
MJJUUff
9
OCX
*-o
cc fi
>0-^'
.
00
'
2
•<
IJ
I
I
2
"
i
>
Pi,
day during the
the foUowmg statement. For the con
are indi«»ted
Tenienoe of tlif rewl^r wt. also add a colonm which shows at a
glance how th<- lunrnt-t i-limwi on apjne (lays.
VOT
-'-'
0.r"
cecooa
01
mmTqm xrc^j
5 = 00
«3s
>
OCoo
1
a>o
aAJtaJlT AA1> rtAI.KB.
jlif total sale* and (uiure deliveries each
Hja.a«
4
»
ap
-.«:
OcO O9OCO
I
?SiS ocjSo OOaO
2
'-^
CO
00
tscoO^
s KWOk, (omOm qogi
0606M ciOo
M
Oi
lo e
00 ^ 00
00 ^
MO
M»
Co
o -i
(i (i
.4^
j..*
den:
CD
ace;
I
ccisSss
•<
'
<cx
w.-j:
OCO
CO
coco
-,
»&
CDCDoCO
MM
2 o«
!s I Ob
com"*
ai-4
.
.,
^o
I
t3a>
ixom''
».":
I
OOOO
,
Ooo
^
©w.
o
<oo®
CDCCQCO
ce<»
tB<o
a.o"
00 =
3.
en
.-i.- ,-.*.<
CO 5
^6 3
a?'
c
CDCOS«
CO
ODX
OOOm'^
ai»:
I
cow
j-io-'i
^ tea
OOoO
OCsO mhTo"-'
60^0
KiCc
ta
i)"
«.*:
I
fl6<*»0
%
!•-
«.":
1
ceceo^
OD
6iP.'
I
CO
cg:o
I
<]
en -»--"<
(Do®
to
CO
-to
»p:
I
*-
CDOCD
yt^Pcj'
CD
CDCDo®
I
Vaek
M
914
8»18
8^8
8"1;
too
CO
-*j
eoeoOc"
I
7^18
8
sOo^
<0
CPtO
««:
I
'I
7In
9H
Sir:
tcto
It.
noOiVue* ITcA Tfa. Vri.
6^ 6%
6%
7
4j
tDCOOCO
CD
7
6^8
7»i«
9i«
67,,
e»«
9H
tCQD
CO
CDC0CC9
(X db
1
0>»!S
CPO
rrl.
Tb.
?
^^
I
mm"..!-'
COoO OOSO COoO
8'*S fcacdOto
boto^ro mmOo
COCO
V
11%
10l»l«ill
rrt.
00<l
cccd
OiOi
CD "J
(SIX)
1
10>e
luia
**
I
1
»O§!0
XCD
9''8
il0%
=?
050«
Or-:
tcro
'
!0
|
8»i<i
**
CJ»Ui
I
O'dOrd •*' •
MUU-g 8^
^
•
cooo
cd:o
I
;
•i-co
©to
(CO
quotations for
i
CO
®«oto
Of the above, 100 bales
official
cce
cia^c^
;
to arrive.
-,»
r-<Ow'*
I
>
a
to
9c'-o
A
281 tor speculatMri
"' fr a.
CO
I
c7><3iOa,
redaeed crop eiiiuate from New Orleans caused renewed
exciteB>e»t and a fresh advance, in which the early de dine
was more than recovero'i, and the close was at the best figures
and buoyant. Fo-d^y Liverpool was disappointing to the
" bulU," and uad>fr very free sellmg prices declined but the
ap'Culation coniiuue active, the small crop movement giving
strength to the lait<-r dealings. Cotton on the fpot has been
quiet, but is ileoideJiy high^rr. Quotation* were advanced
early in the week, until on Tu>^ay they showed an advance
of 3-16o. over the p evious Friday. Yesterday there was a
farther advance of igc. Today the market was quiet and
unchanged, middlmg uplandi closing at 9 9-16c,
The total aaies ror (orward delivery for the week are 1,046,000
bale*.
For inuuHdiate <lelivery the total pales foot up this week
for export, 1,838 for consumption,
1,933 bales, mcluding
—— m
a
IS
I
c-e»psD
c»
A
UMBK
^
:
CO®
'
•
cjicn
J*
5?>>
CO
Total 1885
Is
EOcohik'
e
a<i^
CO*
o
So
Z-S"
:
li
27,507
*
aOAQ> i2
(SO
IB09^ i3Ss
Pa* a £ JT^ £»
On SMpboard, not cleared—for
B4e, 10,
Futubkb are shown by the follow-
exchanges have been made during the week
•20 pd. to ereh. 100 J^n. for Feb.
•30'iJd.to eieb. 100 Mar. for June.
•10 pd. to exob. 1 ,000 Feb. for Mar.
•20pd. toex»h. lOOJan. forMar.
:
200 Jan. for Fob.
Ill pri. to oxcb. 500 Jan. for i?'eb.
12 pd. to exoh. 20O Feb. for Mar.
I
-10 pd. to exoh,
I
|
rHB VisiBiJt Supply of Cotton to-night, as made up by cable
aad telegraph, is as follows. The Ck>Dtmental stocks, as well is
those for Great Britain and the afloat, are this week's returns^
THE CHRONICLE.
722
and consequently all the European figures are brought down
to Thursday evening. But to make the totals the complett
figarea for to-night (Dec. lOj, we add the item of exports frcm
tbe United States, includmg in it the exports of Friday only.
bales.
BUNSk at lilverpool
Stock at London
Total Great Britain stock
•
Btook at Hamburg
Stock at Bremen
Stock at Amsterdam
Stock at Botterdam
Stock at Antwerp
•••
Btook at HaTre
Btook at Marseilles
Stock at Barcelona...
Btook at Qenoa
—
Btook at Trieste
1884.
903.000
45.000
1833.
633.000
50,000
442,000
2,700
31,600
29,000
543.000
683.0fO
3,500
32.200
39.000
2,000
51,100
67 .000
300
500
700
1,600
162.000
2.000
33,000
7,000
12,000
2,700
124,000
3.000
39,000
7,000
4.000
1,400
159.000
4.U0O
34,000
8,000
4,000
1.500
3.501
137,000
7,000
1886.
1885.
&24.i>00
15,000
425.000
17,000
539.000
1.600
12,900
8,000
41.000
8,000
8,00C
week
and since September 1 the receipts at all the
are 39,218 bale8_ie*s than for the same time in 1885-85.
Quotations fob Middling Cotton at Othkb Markets,
IVee*
(Galveston . .
Sew Orleans.
..
Charleston .
Vllmtnxton..
LSorfolk
285,800
326,100
685,500
37,000
833.800
62,000
909,100
iugusta
5.i6,000
'6d4,000
517.00C
Hl.OOC
65,000
968,206 1,169,764
365.736
313,079
21,000
46,000
.
3, 131,600
2,797,551 2,702.021 2.942,085
TOtol risible supply
Of the aboTe.the totals ol Amerloan and atber desortptlOD o are as follows:
American—
312.000
17«,000
556.000
951,288
390,110
28,053
bales 345.000
liTcrpool stock
146.000
Continental stocks
.Imerioan afloat for Europe... 500.0<>0
l.ood.KOl
United States stock
United States Interior stocks.. 358,247
4i,6U0
United States exports to-day..
324. 00<'
238.01
316.000
166,000
661,000
96-.206
1, 169,764
313079
365,736
46,000
1,000
517 00 J
8»»
MobUe
Savannah.
OOTATIOHS FOR MIODLINO COTTON
Mm.
8atur.
243,500
51,000
o.M.ass
380,180
28.053
OLOSIHO
ending
Dee. 10.
779,100
41.000
Amer'D cott'n afloat for Eurpe 500,000
71,000
E'r'pe
Bg7pt,BrazU,&o.,afltf or
Btook in United States ports . 1 ,00«!,304
358,217
Stock tn U. 8. Interior towns..
41,600
United States exports to-day..
88.001)
HH
»H
»H
8\
S\
8%
Tuei.
496,100
468,800
410,400 288.500
Total East India, &0
TotalAiMlcan:;..........2,397,151 2,413.521 2,473 ,285 2,635,500
2,797,551 2,702.021 2,912,r85 3,131,600
Total visible supply
5iSi»d.
5i,«d.
STgd.
S^d.
Price Mid. Cpl., Liverpool....
9'40.
IO'bO.
WiftC.
O'uo.
PrioeMld.Upl., New York....
^y
The imports into Continental ports this week have been
94 000 bales.
The above figures indicate an inorease in the cotton in sight
to-night of 95,530 bales as compared with the same date of
corres1886, a decrease of 144,534 bales as compared with the
ponding date of 1884 and a decrease ot 834,049 bales as
oompared with
1888.
—
At the Inthbioe Towns the movement ^that is the receipts
Joi the week and since Sept. 1, the shipments for the week, and
the stocks to-night, and the same items for the corresponding
period of 1885— is set out in detail in the following statement.
a*
8'»is
813,«
80s
8.3,.
8''8
9.,.
938»ij
9%
9^
958
B\
8%
3t. Lo'ils
Olnnlnnatl...
9
Loulsvllto....
84|
uc o'cD M X OS tC H» M A M Ol
a a w O^ 00 0: 00 a
03 o w h- <j o: h- rs o« OS
-^ tv r' VI CD to
1^ CO CO 1^
p' ih O W <1 M to
"^';^ CO
1^
tto 'tfc
i,^ i»-
•sj
O:O>00-^05'XiCd
00
OD
t^CCD^OCOOO
:;<
~3i
cxC00OMC0<:^O;dO«(>>O0:if>'<i^^:xo
i(»'Co»Oi*-ri^»'Os^wccxoso:iif^M^Mi^cD--4
OC0C;'O'iCOOa'C«^l*-'*>tC©O-JC0*,0
CO »- OS 00 CO •- »^
oo-acoio-jo
i^ococcoo-^A&;u>t«C}taifk,o»e;^cpct3
-CI
o_^
CO 3s
— 03 -1 OS
'CO
M
^ — lOMMOM
yp^ptpi
»!-•
MM
^"Jtilj^OQDCD
^rWMwVVlCS
g3
'
S
i-»)r
o
CO
^M
IC QD 10 «k
CO
00
y» OS
^ M 00
CD
00
M M CO >0
CO
C^l
M to CO CX 00
«h
ifr
0iWCCWO«'C)C0C O'- MOS — C0'':C0*'MO
ioosco(^»mc*;m^'X>>-C3D ©.* to 3; o ^ *.
cDp^wjk
'J
en
00
r*i*5* i^^P^J*J^i^w«
QO)Vlo»OOJ!OVVM*.WM©'cOTro>io'^
COMtO<bCDCC>OOa-^OSaDQO*J*i(>CDO)XitOCD
0)OCM«QaDU*OOOt3H03COOiCKgoOO''^
M
i^toseoMia*
u
o
0DC.3 10
i-'ta
c;i
M
M»0
MC0COCOCntO<l
*tOMif»-:oo-«
on
9'«
9^
15
938
Oi«
8'b
81Sl8
i'"
r*
8^
9%
8%
9<4
8%
8»9
9
BtctipUatthePorU. St'kat Interior Tawru. Rec^pt$from Plant'n»
Not.
"
••
"
5..
1881.
18SS.
2)7,041
lJ71.4a.>
1880.
18..
18»».
1881.
I
i8ae.
I
laas.
I
!
1»..
258.1*74 270,421 28«.59« 229.539 309,461 837.18o'2«»,3i3'2S9.7JI |288,079
89..
884,892 |85«.92i'280.282 287.133 S10.405|368.07»'822.»k6 291.089 309,198
279,300 8 »2,';«7 279,719 319 019]382.827 390.83i|.Sa5,18« 285,019 30o!470
28a,457 218.134 g27.S88 3<8.45lU34.t)13 402,OH5 S(.«.«x9 299,850 239, 139
Dec. 3..
"
1885.
188*.
271.865 I71.»96'25«.6l4
1 a79.»7M'an,57» 322368
28(1,114 832,061 273,520 l«>,97o'2T9,93l|317,81»7 2i»8.088'25S,!48'S!l.S«8
10.,
—
The above statement shows 1. That the total receipts from
the plantations since September 1,1886, were 3,295,501 bales:
in 1885 were 3,334,706 bales; in 1884 were 3,389,444 bales,
2. That, although the receipts at the outports the past week
were 227,883 bales, the actual movement from plantations was
239.139 Dales, the balance g^ing to increase the stocks at
the interior towns. Last year the receipts from the olantations
for the same week were 399,850 bales and for 1884 they were
308,889 bales.
Amount op Cotton in Sight Deo. 10.—In the table below
we give the receipts from plantations in another form, and add
to them the net overland movement to Dec. 1, and also the
takings by Southern spinners to the same date, so as to giye
substantiily the amount of cotton now in sight.
1886.
1885,
1884,
1833.
Receipts at the ports to Deo. 10 2,941,476 2.918,213 3,071, ',203 2,966,931
Interior stocks on Deo. 10 In
354,025 418.493 318.236 361,090
exoess of September 1
3,721,867 3,761,843 3,693,299 3,676,273
WW
Kwi-
WW
0-^(0 C7>c^ M_-a; wcoo,r4..ic»» X
«MOO>-;<'
l•'OO^0«'C0l^9>xa0
Mi*' O ACd<.JwwlOa>
w*44)i—
720,901
763,325
589,617
743,.536
wlU be seen by the above that the deurease In amount In sight
to-nlKht. as oompared with last year. Is 4^,976 bales, the lacrease
ss oompared with 1884 Is 26,56^ bales and the Inorease orer 1883
It
45.594 bales.
Wbatheb Reports by Telegraph,-The
weather has been
qui'e wintry at the South during the week, with snow at many
points, and in some sections reaching a depth of seven inches.
Under these circumstances the gathering of the remainder of
the crop has been interfered with, and marketing hindered.
(talveston, Texas.
It has rained on two days of the week,
the rainfall reaching one inch and forty-seven hundredths.
There has been killing frost on three nignts and ice on one.
The thermometer has averaged 49, ranging from 25 to 65.
Palestine, Texas.
have had raia on two days of the
week, the rainfall reaching fourteen hundredths of an inch.
There have been killing frosts and ice on four nights. The
thermometer has ranged from 14 to 57, averaging 40.
^ew) OTleaiM, Louisiana. It has rained on three doys of
the week, tbe rainfall reaching one inch and ten hundredths.
The thermometer has averaged 47.
Shreveport, Louisiana. —Telegram not received.
Rainfall for the week one inch
Leland, Mississippi.
—
— We
and
kvi^^aDt4C;«ccMo<i^ootf>'aov<^Ci:cDvo
]
9>«
—
Ol •«•
o>c;,»»»CMWtoptO;»J^aiaoo— ;JiP»!t if^<^to
M
9
—
H|Oujtw<gto^-4
^io<if»
ao'0»o^ooifcM<h)edC>9aDUi»o-^M<.)cDOto
ODi^OOOCoc;i|>dMCCif.Mtcapif^uo&tocoi-*
if^
CuOr-tttSJO
I
'
'^W- 1 V'^O OoloM V*"*- * O <> *
q Cb * K) CO CD OS W
^coxacoGd
t-
t)*,
m^im'^wo: co»
CCK OSQO'a mO**.
j'Qoo<iMo;«Jco --»; a^w<-i^ jko-.M
D — oc;<*-*oucc;c&M, icrsi^a>:i-'tocnl
OftCcV—ODW^
OsMCtS
- MM
iX
I-*!-*
!-•
j^ootocooaK)_yi.
D**>C*3**-^CDaciu'VjQ0;
•
GoociasOtol
WM050»-j;^'
CO
CO
ill
^Oxtt.TaDtoiy'-jc/'©*ktocflc.C)»-'i«.yt
^OtOCC-vltOW
9
Receipts peom the Plantations.—The following table
indicates the actual movement each week from the plantations.
The figures do not include overland receipts nor
Southern consumption; tbey are simply a statement of the
weekly movement from the plantations of that part of the crop
which finally reaches the market through the outports.
Is
co
9J«
9
8>3|«
8%
9
9>8
9^1
9!%
938
8»8
vlemphls
9
8l'i9
8^e«9
8''8
Dee. 10
8»4
asccac)»<ico<i
Fri.
8|3„
Tot. receipts from planta'tns 3,295,501 3,334.7«6 3,3'>9.444 3,328,021
32l.:i6b
Net overland to Dec. 1
311.137 2 7,8.i5 261,252
Southern oonsmupt'n to Dec. 1 105,00*
89.0J0
78,000
87,000
.*
CO
vcwa ^-coo
OH—
Tnura,
Ik'
Total insight Deo. 10
OOMOCH
QOOsVlOMl^W
Wednee.
8"is
I
2,397,161 2.413,521 2,473,285 2,635,500
_
, , „ _^_
209.0OC
187.000
113.000
179.000
1)0 000
45,000
17.000
16.000
88,100
lli),800
67,600
94.100
88,000
62.000
37.000
41,000
61,000
55,000
54,000
71.000
Total American
M<ut Indian, Bratxl, Oe.—
Uverpool stock
Iiondrastook
Continental stocks
indla afloat for Europe..
Egypt, BraiU, *o., afloat
—
In the table below we give the closing quotations of middling
eotton at Southern and other principal cotton markets for each
lay of the past week.
240,400
Total Knropean stocks ....
India oottoQ afloat (or Europe.
Vol. XLIIl.
last year,
t-o'vxiB
Boston
Baltimore
PhUadelphla.
lOtal Continental stocks
I
t
fir
thirty-six hundredths.
18 to 55, averaging 33.
ffreenville, M'ssissippi.
Columbus, Mississippi.
The thermometer has ranged from
—Telegram not received,
— It has rained on two days of the
week ti-e rainfall reaching sixty-five hundredths of an inch.
The mermometer has averaged 29, ranging from 12 to 50.
Clarksdale, Mississippi. The weather has been too cold
during the werk and no picking done. Snow storm this week
vras of wide extent, and here the snow was three inches deep.
—
I
j
5*0!
K"
w>»
..I
Rain
fell
on three days to the extent of one inch and forty-six
liundredths. The thermometer has averaged 29, the highest
show that the ol
nieriur stockn a-ve beins; 39'3 and the lowest 26-2.
MOretMe-fduriDd the week 6,874 ba!^na are to-niirht 31,933t
Meridian, Mississippi. Telegram not received.
balet! l(ss than at the same pe.astyear. The recuipts at
Helena, Arkansas, — The weather has been too cold to perthe same towns have bo^n
,.}97 bales less than the same
mit of picking,' It has rained on two days, the rainfall reach-
The above
totals
'
—
,
Dkckubkr
THE CHRONICLE.
11, 18S6.1
mg ninety-seven
hundredths of an inch. There has been sleet
Crop accounta are less favorable, the freeze destroyed all unopened cotton, and it is claimed that planters who
expected four hundred bales will not save one hundred. Average thermometer 31, highest 48 and lowest 18.
Memphis, I'enfi«.<««e.—There has been no rain all the week,
but the snow on Friday and Saturday reached a depth of sii
and six -tenths inches and interfered with picking and marketing. The thermometer has averaged 30, the highest being
4S and the lowest 17.
BashvilU, Tennessee.— It has rained on three days of the
jroek. the rainfall reaching fifteen hundredths of an inch.
The thermometer has averaged 85, ranging from 14 to 51.
Mobile, Alabama. It has been showery on four days of
the week, the rainfall reaching one inch and eight hundredths.
The snow storm was of wide extent, and here the snuwfall
was three inches and three-quarters. The thermometer has
ranged from 22 to 59, averaging 43.
Montgomery, Al<ibama.—li has rained on four day^ of the
week, the rainfall reaching one inch and ninety hundredths.
A foo of snow fell on Sunday. The weather has been too
cold. Averaze thermometer 35, highest 54, lowest 23.
Belrna, Alabama. The snow storm this week was of wide
COrtMit, resching here a depth of seven inches. Rain has fallen
oo two days, the rainfall reaching one inch. The thermometer
has averaged 35, the highest being 50 and the lowest 24.
Auburn, Alabama. We have had rain on two days of the
week, the rainfall reaching eighty-five hundredths of an inch.
Ice formed on every night of the week 'except Thursday, and
the snowfall here rsched a depth of four inches. The therIlloniet«r has average*! 34"2, ranging from 18 5 to 53-5.
Birmingham, Alabama. There has been snow on two
days and the remainder of the week cloudy and cold.
Madison, Florida.— We have had rain on three days of the
week, the rainfall reachmg one inch and twenty-three hundredths.XThe thermometer has ranged from 24 to 62, averaging
Shipments for
and snow.
—
Oreal
Total
—
Maeon, Oeorgia,
and sleet and snow
—^There his
been heavy rain on two days,
the earlier part of the week.
Colu tmbtu, (Horgia.-We have had rain on two days of
file
eek . Uie rainfall reaching one inch and twenty-five
hondredtbs. Average thermometer 85, highest 45 and lowest
t/te
week.
Oontinent.
Britain.
0»lontta—
1886
1885
tfadras—
1886
1885
Ul Others—
1886
1885
Shipment! tinee January
„ ,.
Continent.
1,000
63,000
6u,000
37,000
17,000
100,000
77,000
ToteU.
1,500
500
2,000
41,000
14,000
6,000
l,C00
47,000
15,000
1,000
1,0J0
1,000
3,0U0
2,000
4,000
67,000
66,000
-*
55,000
68,000
122,000
134,000
3,500
1,000
1,500
3,000
5,000
4,000
171,000
140,000
93,000
86,000
269,000
226,000
aU—
The above
1.
Oreat
Britain.
Total.
1,000
1886
1885
totals for the
the ports other than
week show that the movement from
is 1,000 bales more than same
Bombay
week last year. For the whole of India, therefore, the total
shipments since January 1, 1886, and for the corresponding
periods of the two previous years, are as follows:
BXPOBTS TO BtntOPB FROK AU, ItTDlk.
—
—
723
1886.
1885.
SMpmentt
to all
Burope
from—
wee*.
Bombay
ThU
week.
1884.
Sinee
Jan. 1.
ThU
Since
Jan.
toeek.
1.
8,000 1,032.000
5,000 269,000
3,000
4,000
708,000
2i!6,000
0.000 1,194,000
2,500 303,500
13,000 1,301,000
7.000
93J,00n
11.500 1,497,500
All otlier porta.
Total
Sinee
Jan. I.
—
AI.RZANDRIA Rbckipts AND SHIPMENTS, Through arrangenients we have made with Messrs. Da vies, Benachi & Co., of
Liverpool and Alexandria, we now receive a weekly cable of
she movements of cotton at Alexandria, Egypt. The following
are the receipt* and shipments for the past week and for the
correeponding week of the previous two years.
AtetaTUtrta, Egypt,
Dee. 8.
1886.
1885.
1884.
ia
Eteoelpts loantars*)—
w
93.
'TlilBweek
Blnee Sept. 1
130,000
190,000
200,000
,46-^,000
1,593,000
1,693,000
This
Sinee
week. Sept. 1.
—
Oeorgia. It has rained on two days of the
the rainfall reaching one inch and thirty-two hun-
1
TMi Since
week. Sept. 1.
(
Thit
weeAc.
Sinee
S^t.
I,
Exports (bales)—
roUverpool....
To Oontlnent ...
8,000 116,000 10.000 101,000 20,000 136,000
We had light snow on Monday. The thermometer
9,000 38,000 10,000 5o,00O 11,000 48,000
hae averaged 40. the higheet being 60 and the lowest 29.
Tot»l BnroDe
Augusta, Qeoraia. The early part of the week was cold
17,000 154,000 I20.0O0 151.000 31,000 184,000
aadoloady with sleet on Si'urday night. Altogether there has
• A oantar la 98 lbs.
rain
on
th'ee
days
to
the
been
extent of one inch and fifty-five
This statement shows that the receipts for the week ending
hundredths. The week closes clear and pleasant. The cauxe
Dec. 8 were 130,000 cantars and the shipments to all Europe
of the small receipts this week is the bad weather. Indica17.000 bales.
eatWDa point unmistakably to a considerable falling off in the
Manohkstsr Market. Our report recrived br cable from
crop here compared with last season. The thermometer haa
Manchester to-night states that the market is firm for both
averaged 84, ranging from 33 to 64.
vams ani shirtings, but does not respond to the movement in
Atlanta, Oeorgia. Telegram not received.
AU>any. Oeorgia.— It has rained on three days of the week, Liverpool. We give the prices for to-day below, and leave
and we have had snow, sleet and ice on two days. The rain- those for previous weeks of this and last year for comparison:
fall reached one inch and fifty-five hundredths.
Average
1886.
1885
thennoineter 89. highest 6S, lowest 26.
Cott'i
Ootfn
OharlMton, South Carolina. We have had rain on three
8>« <»«.
SSt Cop.
32«
C<M>.
81* lb:
Mid
Uid.
BhirtingM.
tyoitC
IwieC
Shirtingt.
dajns of the we^k, the 'riinfall reaching one inch and three
VplU,
Upide
hnndredibs. The thermometer has averaged 39, the highest
d. «. d.
d.
d.
d.
1.
a. d.
d.
A.
». a.
d.
being 58 and the lowi^st 30.
Oct. 8 7»i8-7ll,« 5 7>«i»e 7>» 55i« 8
m<^ 5 8 »7 2
HH
Btateburg, South Uaroltna. There has been rain with
" l!i 7>8 »7i>» 5 71496 7>« i-'ifl <
aaog * 8 »7 2
»''i«
T"* 5'i« 715u»8»,8 i 8 97 2
l eet on thr-^ days of the week, the rainfall reaching ninety- "- 22 7i,.-7il,« 5 7«a»6
54
29 7^ «7»8 5 7i9»6 7»« 6Sie TTi «8<« 5 8 •? l>fl 5>4
three hundredths of an inch. Ice haa formed on six nights
Hov. 5 73lB-711,8 5 7-1*6 7>9 5'fl
7%
»8»8 i 8 07 II9 5»M
fallen
to
the
depth
and snow has
of two inches. Tne ther12 7»,°-7ii,g 5 7>««a 7'« 5ifl
708 VSH
i
8 ©7 lia 5 4
" 19 73* »8
mometer has average! 3t 5, ranging from 35 to 48.
5 7'«96 7i« 5a,„ 7iii«»8<|. 5 8 «7 li« 3" 18
" 2« Ta «8
5 7>*96 T>9 5»,« 7% «8'4 ^ 8 »7
F>U.
WUson, Niirth Carolina. There has been no rain all the
5'«
3 76„-7i»„ 5 8 a6 8
7»8 «8'8 4 8 »7 li« 5i,«
week, but snow fell here to the depth of seven inches. The Deo.
•<
5 '4
7l8*7 1
7'* 1»8
10 7% »8
5 8 96 9
S
5l,i
htermom>-ter has ranged from 14 to 53, averaging 31.
Tbe following statement we have also received by telegraph,
The Cotton Crop in the Memphis District.—Messrs.
bowing the height of the rivers at the points named at 3 aclock Hill, Fontaine & Co., of Memphis, irsued on Dec. 7 their
Dee. 9, 188«, and Deo. 10. 1895.
monthly cotton crop report for the district, as follows:
dredth*.
—
—
—
—
—
'•
m
—
1
Det. 9, '86. Dee. 10, '85.
OrleaBS......... Above low-water mark.
•w
Hauphl*.. ....._ ....Above low-wM«r mark.
FuU
Inch.
5
12
5
9
1
ful.
3
Ineh.
4
9
10
2
6
7
5
••kvUla.... ......... Above low-water mark.
2
...Above luw-water mark.
d
ikurmiim
~" "
11
3
20
9
..... ....AbOTS Inw-wawr mark.
ImiA UuTTOM tfuvKMBNT rituM AiAi fuuTti. Tne receipts
aad hipments of cotton at Bombay have been as follows for
the week and year, bringing the figures down to Dec. 9.
•oaB4T aosim »!«d gHtPusirm roa rooa tsak*
—
MlUp menU Ihit ie»ek
OmMBrltn. nenl.
Vm\
uas
4.000
a.ooo
3,000
lo.ooo
4,000
Shipmcntt Since Jan.
ContiOreat
ToUU. Britain] nent,
1.
IWoJ.
SeecipU.
ThU
Week.
rear.
8,000 333.000 RQO.OOC 1,032,000 6.000 l,!V22,0OO
708,000 m.ooo l.0S7.O«'O
3,</00 225,000{48{.000
0,000 9.000 St 1.000 683.000 1,194.000 16.000 1.627.000
3,000 13.000 47 7,0OOl'ilJ.O0O|l,>8tf.0OO .'8.000 1,721.000
Aooording to tbe foregoing, Bombay appears to snow nn
inartas* compared with last year in the week's receipts of
5,0ii0 bales, and
8,000 bale*, and an increaae in shipments of
b^menta since January 1 show an increase of 321,U00 bales
The movemejit at Calcutta, lladraa and other India porta for
the last reporte«l week and since the 1st of January, for two
"Other ports" cover Ceylon,
waafe, haa been as follows.
Tolieiviii. Konacbee and Coconada.
•DiirteS tire pa»t mon tb the weather has materially Interfered with
faibertitg oottoa which remained in the tield.s, aud Dome loss Is reported
roiu this cause. It Is safe, however, fo esilmatti that, up to Deo. 1, 85
rer c*^nt of the crop had been picked. This is more than tnie of the hill
l^uda, but a lar^e per o>^nt retuains iineathered lu the b<>ttoms, and the
unfavorable weather that prevailed during November retarded planters
In this connection, aud In many instauoes has cau-ed a decrease In tbo
expected yield, as previously reporto<l. The Memphis dintrlot, whiGh
oomprixes West Tennessee, North Mississippi, Nuith Arkansas and
North Alnbaraa. aud whieh raises one-flfth of the entire crop of tho
United S'ates, seems to have been the favored one this season. As
coiuitared with other distrluts, it ia the only cue that shows an Increased
yie d compared with lai<t year. Tlie outcome, however, la this district
will not m^et tbe full expectations 9t planters.
"Receipts of cotton at Memp Is are 68.OJ0 bales In ezoesa of all pre>
vlous years. This is due to additional raiiroid facilities, whioh have
been brought about tiy oxtendtni? lines from this citv to the south an
Southeast. The present cr>p, although a late one, has been marketed
with freedom, and the pressin); neoeiislty for expoit and of spinners at
botne lias made a good demand for ihe staple at prime (Inures slnoo the
openluKof theseason. Our correspondenoe throughout, the entire cotton belt enables us to make an estimate of the total yield of the present
crop, which we place at 6,387,436 bales."
—
East India Crop. ^From the Bombay Company's (Limited
Cotton Report, dated Bombay, Nov. 5, we have the following:
" Roiiorts as to the new crop Kenerally are now more favorable than
they were a fortnieht sltioe, ami iiiileos bad weather Intervenes there Is
everr prospect of a good crop all round. AUhou(rh tlio w.iatherln the
Oinrawultee districts continues unsetUed. from litest accounts It looks
like clearing up, and It Is not tUoiiBht that the late rains tlicre have
done anv material damage. Picking h >s coiiiiuenoed, aud we may soon
expect ilrst arrivals. In the DhuUera districts the outlook Is now con-
THE CHRONICLE.
7.24
sidered Kood, and tlie late raioK liave improved th« prospertii. Some
s&iuple bnU-K uS Nt w lEciigals have arrived, iiud, altuoUf^li Boine ilarlc
leaf aiid f-taiu are a|)]>ar(-ut» tbe eoltoii iH of good ftyle. aud tlin staple
eaiiKfactory. Thl» frrowtk will sliortly by uoiuInK tomaikut in souie
qusutity, aud as vt^iy litile lia« lireu Kold for early delivery, tliero liavo
Ijeeu ratLer i rt esliig eellrrg, at rates lower tUau for delivery Utor »u."
Messrs.
&
Gaddum, Bytbell
ad
same date
Co.'s report of the
"Onr market opened Inst Friday decidedly e» ier after the Dew«ll liollaayn, and. with piicea in favor of buyers tliroiigliout the week, a fair
Lull reports from
aii(OUiit of bunluecR lias been put lhrou>!h daily.
home, eembli ed -wltli n sharp rise in exehonge. were inftinniental iu
liefeplng tliiiina quiet here generally, though iu theeaneof Bengal cotton, in wlleh till' tall bus been nioct pronounced, the large amount of
tb)8 deseripilon Pli.itly etuiing forwaid as eoni] ared with the small
duanllty eentneted^or, has been the chief reason of the drop. From upcountry we aie glaii to be able lo state that much inoie eheerful rcpoits
are diily eonii. g to hand, and it is evident iliat lie cold weiitherln
DOW cuminei omg all over ihln portion of India, and tine, clear days and
ooDl ni^^^blxmiiy be leasonahiy looked fur during the next few months.
Excel t for a lew cloixls which continue to hang about iu the ueijihborboed of Comrawnttce, the weather presents a most settled appeurauce
[Vol.
The Exports of Cotton from New York
this
XLIU.
week show an
increase compared with last week, the total reaching 26,034
bales, against 22,047 bales last week.
Below we give our usual
table, sliowing the exports of cotton from New York, and their
direction, for each of the last four weeks; also the total exports
and directions since September 1, 1885, and in the last column
the total for the same period of the previous year,
BXPOBTS OF COTTOI>(B.kLSS) FBOX
NkW TOBK StHOE 8BPT.
1,
Week etiding—
Exported
—
to
Liverpool
1886.
Same
Nov.
Not.
Dee.
J)ee.
18.
25.
2.
9.
Total
tinee
Sept.
I
I
l.i
period
prerl'ui
)/'<*''•
6,758 12.283 12,812 11,891 I78,f>27ll2:t,634
500 3,7r2 2,26.-, 2,173 80,782 27,448
OtherBritish ports
i
everywhere.
EovPTUN Crop,—The Angle-Egyptian Banking
date of Alexandria, Nov.
Co.,
under
issued the following report:
Chilian-tt-t aimltr. -1 he cotton crop in this d strict shows a f.ivoiable
result 0:^ to quahty. The hoi weather ot Octobtr has given an avinigo
out-turn of ai.oui 4 V eaiitais per feddan. The quality of the cotton fs
however, not so sati fucioiy, and does not come up to that of last year.,
10,
The heat lias I'.ried lip the loiton, and the leaves stick to it. This luvs
in tiii» province, owirg to the l>a>lhabittli<' growers
hnpixued !arg.
havoo( piekinj,' It nil at once, iu.<icad of making two or hi ee Jibs of it.
l.\
I
may and
that the level of the Nile being rathtr low, it is feared that
the land ma.\ sutler u little dui inn; the w inter from siarcity of w..ter.
crop of this year appeals ab' ut the same as that
Zosm. Iff.— The
Of lost ye:ir us legaids qua tily; as to qualiiy it isalittlo better, but the
<»at-ti:rn Is inferior. Arrivals are less, and prices inore irii gular.
(Jood
qualities, ami thi' pasln's cotton et-peeially, co^t a laige sum, which
makes it excieiUngiy ciitllculi to buy.
/i/(a.— It is giuei ally thought that the crop of this year is bettor than
that of last by 10 per cent. The quality of the cotton is not so good as
was oxpeeted.
Melwllael-Kfbir.—It is tot easy to give an opluion as to the cotton
trop of this province. In the north of the province it will bo nercc'libly
Inferior to that of last year, but it is to be hopi-d that this deficit will bo
amply made up by the excess in the other alstiicts, in spite of the genI
(
eral
oKm
1,116
1,304
1,522
21,105
15,650
Total Fbenoh
1,104
1,11C, 1,304
Bremen
:,s5o
3,737
3.212
Bam
burg ...
(>ttier ports.
goods
is
Comparative Pout Keceipts and Daily Crop Movement.
—A comparison of the port movement by weeks
8 the weeks in different years do not end on the
is
not accurate,
same day
o|
the month. We have consequently added to our other standing
tables a daUy and monthly statement, that the reader may
constantly have before him the data for seeing the exact relative
movement for the years named. The movement since
S^tember 1, 1886, and in previous years, has been as follows.
rear Begin7iing Sepleniber
HontMv
Aeeipte.
1886.
Bepf mb'r
3.=i9,203
October
1885
1884
1883.
1882.
345.44.>
343,812 326,656
i,03.'i, 24 l,0i»0,385 1,046,092
980,58*
1,033..152 1,122,164 1,030,381' 1,094,687
1881.
429.777
853.195
974,043
Ovemb'i
2,590.912 2,324,718 3,657,994 2,430,284 2,401,937 2,257,015
Ferota^ of tot. por'
53-56
49-90
39-90
47-81
This statement shows that up to Nov. 30 the receipts at the
ports this year were 08,194 bales more than in 1885 and
82,918 bales more than at the same time in 1884.
By
adding to the
November 30 the daily receipts since that
be a')le to re toh an exact comparison of the
total to
we shall
movement for the
time,
1886
different years.
1*85
1884.
1883.
»>*.Nv.30 ;,590.912 :.524,718
n^. 1....
SS,46t>
30.857
" a....
38,6T4
29,3 il
«8,63><
82,235
« i..,.
44,91?
1882.
1881.
2,401,937 I,257.ul5
40,100
36,867
30,603
51,333
a.
34,006
50,747
B.
"
6..'..
S.
89,90('
"
40,83.
51,134
e....
SS.978
30,121
«.
36,5-,if
41,91!>
36,266
10.,.
28,&.%3
40.39.-
41.373
27,721
55,741
40,28G
31,7.'19
49,972
33,14!i
8.
Itttal....
2,941,47t
^,8tj 1,234
n *
Percentage of tot
yortrec'ptjt Doe. 10
30.136
40,865
47,004
39,377
2,942,914 2,798,548 2,729,840 2,623,435
61-62
67-71)
45-35
86-58
This statement shows that the receipts since Sept. 1 up
to
to-nijdit are now 72.193 bales more than they were to
the fame
of the month in 1885 and 1,438 bales less than tJbey
were
to «» same day of the month in 1884. We add to the
table
thepercentagee of total port receipts which had been received
4>^c. 10
each of the years named.
•y
m
13,89»
5,205
3,06
1,334
3,404
5837
41.7921 29,6
28,023: 24,719
l,7a9
ToTALTO North Edrope. 8,7S9 9,136 5,118 9,286 85,402 68,316
AU
other
Total Bpain, Ac
G»A!iD Total
.
188
1^307
"648
512
660
2,562
4,870
2,303
6,363
188
1,307|
548
1,162
7,432
8,665
17,349 27,624 22,04; 26,034 323,348 243,713
....
The Following are the
C+ross Receipts of Cotton at
York, Boston, Philadelpliia and Baltimore for the past
week, aud since September 1. 1886.
New
NBW York.
Philadblph'a
Boston.
Baltihobb.
B<caipti
ThU
tctek.
7,524
Since
Sept.
1.
Since
T?ii«
viefk.
Sept.
1.
Thiit
Since
vmk.
Sept. 1.
167,4 i7
4.39?
11S.7I»
1.207
3,030
«4,587
I0.9:u
85.441
1,922
S7.MI
7SS
12.277
Mobile
.
Florida
So. Carolina..
No. Carolina..
8,174
).3i5
4,»36
Virxinitt
8inc«
8<pt.l.
So
8,540
82,140
...
1,100
10,930
90
S,SiU
127
3.416
8,078
7.023
8,740
30,:80
6<9
18,921
6,479
44,88.1
18.252
754
14,786
1,600
»,«S»
12.04A
80.438
,«93
78.514
North'n portB
Tenn68see,Ac
ForelKn
3,«93
332
30,079
ISl
(\86
Thljyear...
45,0e8
e02,7»5| 16,8^3
167,883
2,251
49,459
67.197
MO.203I 12.(W5
l^^^7l
K.n4s
4n.vi«
I>a«t Te«r...
This
week.
125,OSoi
18,316
f.0,3«0
1
1
SHiPPiNa News.—The
exports of cotton from the United
the past week, as per latest, mail rettims, have reached
bales,
far
181,826
80
as the Southern ports are concerned, these
are the same exports reported by telegraph, and published in
the Chronicle last Friday.
With regard to New York we
iaclude the manifadte of ail vessels cle4ired up to Thursday.
fHtatPS
Total baltt.
consin, 1,129
ll,8fll
To Hull, per steamer Chieaxo, i?,;73
To Havie, per steamer la Bretagne. 1,522
To Hremen. per steamer Fulda, 1,6'>0
To Hamburg, per steamers isohi-mia, 2,601
2,173
1,522
1,650
Khaetia,
U8iiO....TaormiDa, 1.433
5,837
To Anisterd.un, persteamer Zuandam, 195
To A'llwerp, per steamers Asii., POO
Nederland, 504
To Copenhdgeii, por steamer Island, 600
To Barcelona, per SI earner Meuistria, 512
To Ui-noa, per stoamer Colombia, 4',t3
To Tiie.-ttis per steainfr Ethiopia, 50
To Naples, per steamer Columbia, 105
New Orleans—To Liverpool, iht meamers Alava, 4,450
Franclijca, 6,600
Liutsell.
3,079
ToHavre, rer steamers Hector.
4,30:ri
195
1,004
600
512
49.^
50
105
Venezuelan, :^050... 17,179
Tedrtingtm. 4,9S9
Per ships ne Martha. .'',60-!....King Ceolric, 5,333.
18,2SB
To Rouen, per bark IIeira4lnra, l,i*13
l,91iS
Donau, 4,242
To Bremen, per steamers Cormorant, 6,015
Hnntin,gdon, <^,()-.'5
Turquoise, 5,.'\25
21,837
To Hamburif, per steauier Lauresrlna, 775
775
To Reval, per steamer Bellmore, 2.-^t.0
2,S0O
To Malaga, por bark H. L. Ronth, 3,074
8,074
....
BaVansah— To
Liveri)i»l, per steamers Hnns.-jrlun, 4.00-i
Ixia, 5.511
Kate Fawcett, 3,472. ...Vh)l», 5,090.. ..Per
bark Mary Jane, 2.286
To Amsterd-am, per Steamer Plessy, 4,430
To Bremen, per steamer Bellini. 4,576
To Antwerp, per stoamer .\lvo, 4,950
To Oorunna. per bark Florida, 1,000
ChaklBSTON— ToLiveniool, per steamers Amethvst, 3,500
20,367
4,4^0
4, STB
4,950
l.OO*
Ravensheuch. 4,321
12,214
Per ship Bessie Morris, 4,48.j
To Havre, er barks KonR Karl, 1.300.. ..Progress, 1,300.... 2,«0»
3,700
To Bremen, per .steamer Euioi>a, 3,70!i
:
GArvKSToN— To Liverpool, per bark Glituer. 1,256
1/25K
Queens
ToHavre, per barks Nlcolay II, Knudzen, 830
1
Cliir,
2.S44
3,300
1,258
2.014
To Amsterdam, per steamer River Gaiy, 3,"00
Wnj«JN«TO«— To Llveipoiil, per bark Heiiuau, 1,258
Norfolk— To
Liverpool, per steamer.s Chancellor, 5,846....
16,636
5. 179.. ..Enrique, 5, ;11
Kddystone,
West Point- To Havre,
SSlfl
14,G97
Liverpool, ner steamers City of Richmond,
Germanic, 1,787
IlelvctlH, 2,185
India,
2,«39.... Lake Winnlpejf, 573 .... Toronto, 1,614... Wis-
38.'S,'i42
46-78
15,650
l,6iO
1,761
XOtal
receipts Nor. 30..
21,105
380
New York—To
I.
1,034,4 .(
1,197,25s
.
1,522
870
Spain, Op'xto.Glbralt'r.Ae
—
moving, but the market is not
active. Prices are easy, and sellers are quoting 6^^c. for
IJ^lbs., 6?^c. for l^lbs., 7}^c. for Slbs and 8}^c. for standard
grades. Butts are telling to some extent, and the market is
firm. Paper gn des are held at lj^@l^c., while for basrging
qualities 2(a2}^c. are the figures, with sales of 2,000 bales,
both grades.
••
1,104
Kew Orleans.
JoTK Butts, Bagoing, &c. There is only a moderate Texas
for bagginK, and few important sales are reported.
Savannah. ..
fair quantity of
,258 16,066,15,077 14,064 2O?,409| 131,082
Havre
Other French porta
bad out-turn.
demand
A
TQTAI/IO Qbsat Bsitai>
seppe
I,
per bark Iiui>eratore Francesco Giu-
2,150
Baltimorb— To
To
Liverjiool. per steamer Caspian, 1,387
Loiiijon, per steamer Teutonia, 5o0
Boston— To
loni.T,
Liverpool, per steamers Bavarian, 1,335
1,049.... Roman, 1,977
1,387
500
Cepha-
To Yarmouth, per steamer Dominion, 30
PirtLAJ.M.PHiA- To Liverpool, per steamers BrlllsU Princess,
l,l.i3... .Indiana,
iota].,
924
2150
4,351
30
2,352
*•««• •••••«••••«> •••• lSl.*o«o
Dkcexber U,
The
THE CHRONICLE
ItftiO.]
725
particulars of these sbipments, arranged in our uanal
.JTor.
form, are as follows
Air.sttr-
dam,
Baree- Oe.toa,
lona
Co-
Bremen AntHtnre a d werpti
rjerrand Hum- rojicnvnoL Souen.
K«w
Torti. 11.S>1 \fi2l T.i*.?
N. Oitoaiw. 17.|7S»20.176 2J.012
l,7»i»
SawaoMa..
9.100
2ii,3 .7
4.^7tf
CBaiteitoD. l?,2l»
2.rtOO
ruti'ia,
Mai- Trusle<t
uga A'aplea. Tolel
nia
650 26.034
«=i.84l
3,071
1,003 33.S43
18,544
3,300
.
1
2,9l>0
7,40<>
1,2'^9
16.636
2.
«|7
Boaion
4.3-'
Phlladel-ia.
2.3'»2
no
J,8S7
4.381
2.3i2
VMal... f'P.lIl C9.232 38.375 14,49J 2.800 3;586
InrIii4M] In lUe aborn totals aro 2. 17 J bales from
fioji BuDtuii 30 bales lo Yarmoutb.
abd
1.650 181.826
New York to
aw 'n
L>>»i>K— Kor
Ship
.
EtKe, «.2i7.
Fur BT^arn — Uvr.
0— 8tpnni«r A»»le»,4,''50.
MoBii.B-For Lhrn*""'— 1>«'Oieamrr Wjlo. :<,2^7.
BATAMCAH-Knr
U»vr.-
K
*
y
3— Steamer
i-Dec.
.....
The toae
!>«•,
rri.<«.l
1
-l>e<'.
:i
BaLTf
Oioniatb.
151,000
1»1,000
286,000
271.0O0
110,000
Saturday Monduy
apot.
.'<,420
Der.
Steady.
l2:^or.M.v
Opl'da
aid.Or1'ns.
DoMiiuiou. 30.
3— Steaiurr Mrnimorc, 3,155.
3—:it«aiiier Bt^oiilii, ),t00.
H»c. .— Uicainfr Main. 7iii.
ur UreriKiul- Deo. 3—6teaiuer Olilc, 1,857
^ir,-tuf-r l.iird GoUjcb, 91«*.
Fur Autiririii— >'uv. 31 Steamer Switzerland, 5(0.
Dec 7—
J*le»
demand.
8.0(10
S.iectcbxp.
1,000
Future*
Market,
>t, I
12:30 p,.».i,
Qalet at
1,'
fJil decline.
Market,
4 p. M.
Steady.
with Of'ttm from Mteamer rherokec,
i at Pirr i«. E. B.. N. Y. 1 be Are was <n.t
Ii|.iUu au.l Uj«veuieyer, wbieh afterward
bales
>. U. Wbtn offPi.-r 4.">, N. R., about
Ut tlie deck of tui; Havemeyt-r, and about 8
.">
.
-
ClJti
Are.
Tue
lighter la bitdiy
damaged
moahloaillngforHamhurir. Al>out7P.M.
hHrn'ie 01«r, loading cotIhe
...
tWtfeii 1 .'iiW ind I.'KO hairs »u>wed.
i;
to All 1h<. veswl wl'h
deuldi'd
buiii>^il
lurl.m-iy
It
wus
OfB
aud
i:i
...
watsr,
the
f.in-li.ild
Steady.
5»„
5*1.
5%
12.000
2,000
12,000
12,0i)0
12,'HO
00
2, 00 J
2,000
2,0()0
Firm
MSM
i>f
F;rm at
2.H4 advance.
Steady,
Open
Bit'.
«.
A.
Deeember.. 5C4 5 (4
j
2fl4to3-S4
udvancc.
-A bar^e loaded with 200 bales o.)ttoa while
up llaltlmore Harbor l«-c. 2 bad i lie cottim set oa Are
by
P. M.
a spark frrnn the tni.'. Tnc barue was towed
about IL':
muDdlu Fort MrHeory, where the c.rttiin wa« thrown overboard,
shore,
where thu lj.ilu>i were opened ami ilrenched
tbnn put on the
with wati-r. The cotton waa lo traDsii from South Curolliiato
Total loas is
1 Iverpool, and waa to go 00 iteaiusr Hentmore.
alwut 9l.'i< O.
ha
eotton per
-Ninety-eight
e«
of
(Br.)
ARasTKU.vii.
steamer
ftK Wa.
ateamer Sir Wm. Armstrong, McKenzie, li-on, Ualvestou, wero
Liverpool
Um.
whirf
at
2, aud
lying
at
the
while
lOUMd by Hre
SS bafca Were damaged br water.
iron.
Ovarpool.iteam
fna*.
as follows:
Bu yant
i>t an
advance.
Irregular.
Steady.
Basy.
Quiet.
de-
llu. tAiu.
4 63 meai t
.
aiot.
Optn
Bioli
d.
d.
<I.
i.
5 04
5 01
d.
5 07 5 07 807 5 07
500 soa 501) 506
500 506 5 06 5 06
5(H 50« 5C6 tm
6 01
sort
5 01
5 07
5W
5 08
6 08
609 8
511 6
611
511
611
5 14
6 14
it
•>P«« Bisk
4.
a.
5M
Apr.-May
..
Lov. aim
a.
(Jp«n
a
Ju'y-Aug
..
5 08 508 5 08
509 5(9 5<9
511 511 6 11
5 13
5 15
5 17
5 13
6 15
520 520
5 19
18
ft
May June.. 615
Jane-July.. ei?
5 07
5 09
10
12
6 14
5
5
5
5
10
12
14
5 17
08
5 18
«.
/I.
5(9 SC9 519
508 5 08 6 08
5t,8 5 0-> 5t8
5P8 5W 5(8
5 10 611 510
5 12 6 13 Sli
5 It 5 15 514
5
517
A.
d.
613
5 13
6 11
5 12
5 13
5 15
5 18
6 17
5 19
6 21
6 23
FrI.,
Dec. 10
Low
Clot.
Op«Tl
ff-'oli
<l.
d.
«.
4.
4.
5 IS
614
5 18
6 12
5 14
5 12
5 14
5 14
51!
5 14
5 12
5 14
514
513
51i
514
SIH
5 IS
5 19
613 511
6 11 512
5 11 bit
611 5 12
518 51>! 5 12 5 12
5 15 5 15 514 5 14
517 5 17 5 17 517
5 13
5 15
5 17
5 19
09
6CS
508
600
611
520
Tanra., Dec. 0.
December.. 5i« 5 09 5(9 6(9
5 08 5C8 5 08 508
Dec-Jan
Feb.-March 60«
Mar.. Apr .. 511
6 08
Low. OlM
i.U
Wednoa.. Dec. S.
Jao-Fet)
i.
5 04
6 lie
5
Taea., Dec. 7.
d.
t.
508 5 08
Mar.-April.. 9 01
April-May.. 5 0-1
Low. Coi
,.
5 19
5 10
5 19
5 13
5 15
5 18
5 20
2.1
621
681
5 21
.".21
522 521
5 22
523 523
5 IS
5 24
5 21
5:4
5 23
5 28
5 16
5 lU
4 21
5
BREADSTUFFS.
...e.
^la
'la
e.
^la
7
'la
aaU—.e.
barg, steam, c.
'u
Mil
Biuaion. team
WtdiuM
r*«r(.
Tw
•n
ail....c
t'd'n.atMuu e.
'i
aall
'la
•18
hi'
MS5&' 50S5S* S0»55' 50955* 50355* 50a55«32a%
d
d.
1»M«>4 "Ma'4 l»f43'4
l'.43>«
»S4«>4
/n* »<4
'»a4«H »M*l4
XMtate.ateaia...<i. »a«»ia
Aatwarp. ataam.A
Oanoa.ataant
1
extras of well-knoivu brands
the ppeculition in wheat on Saturday laat, but the
under the falling off in the export demand and the consequent check to the buying, attended
by a freer Belling movoment to realize profits, many partiea
who had gone in fora "flyer" on the rise selling out and rt tiring
from the •' (leal." It was not until Thursday morning that
the decline could be checked, when renewed buoyancy was
developed, which continued to about mid-day to-day, prices
advancing fully 2 cts. from the lowest figures, on reports of
large export orders from Great Britian and the C)ntinent,
The market became depressed in the later dealings anti
closed unsettled.
OAILT OLOSINO PBtCBS OF HO. Z BSD WnTTEK WHEAT.
Man. Tuet.
Wed. Thurg.
Sai.
m.
89
88^
SS^s
88%
89U
gsfc
December delivery
8.1%
8914
SO's
91 =9
January delivery
90^
91
Hi's
Oil's
Hi's
92U
February ilcllvery
aaia
....
92»8
BSifi
Ma'chdelivery
93»a
93'a
9«>«
GBia
^Gij
W6»«
9538
Maydcl'vpry
97
Ob's
....
June duUvury...
,,.,
.,,,
H»
^18
d.
Barealoiia,ateami<.
No.
" bears
" to
latter obtained the advant»ig<?,
aU...e.
Bava), ateam...
lineo" of
hi
Da
Do
'•
jm
e
. .
—
are not plenty, and at the close they meat with a fair demand
with holders generally thowing renewed firmness.
There wss a iierce struggle between the " bulls " and
'•4»»1* '>e4«»l» I1«4»»16 "84»=>l« i>e4S'i
d.
FWOAT. P. M.. Daceiubor 10. 1836.
which has mide traisportiti >ii through our
streets diHionlt and expensive, his greatly ret ude I the baying of flour and meal during the past week, and in conjaactionwiihthe cl.ejk to the advance in thoss grnin mirk<-ts,
caused some depreaeion in valuee, not; to the extent, howover, of (fleeting any mitorial reduction in the niige of quo-
A snow.itorm,
tations, "fcrjod
»ttU...d.
Savre, (tesB
Do
5>8
Low, ou». (J»«n Hith Une.
808 6 IS 5 08 5 03
Jan. Feb.... 503 6 03 5 03 5(3
Feb.-March 503 5 03 503 501
.1
,
OoMon trai^ta the past week have been
Do
Sk
at an
adraace.
l-tl4
Hon.. Dec. «.
l>ec..J»r....
.liter (Br.i
Do
Quiet.
cline.
Steady at
Fi-ra st
I
TKt prU.a or « git en in venee atId 6
5 01 meaiu 5 l-64d.
aayet.
.)
i»
Do
business
doing.
ii.pAU er.
•
._..
Good
wan dimr. The rarK" la Insured In Aiiii-ricau HUd
The extent of the damage to the vessel cauuut
alilt'li
r...ri.-
_
Wndmv.
TKurtd'y.
highest, lowe»»t and closing prices of future^ for
LdverDOol for each day of t!ie week are given below, Thebe
on the basis of Uplands, Low Middling clause, unlees
June- July.. 511
K'lri/n Inn.
on
,0'">
prices are
w«iM-.
'urd, all
1
53,,
513
.
2.T
The opening,
Below we ijive all news received to date of disasters to vee»eU carry cotton from United States ports, &c.
BaaEVroR". atiauier (B'.i— Up lo e<en*njCof Kov. SO there bad been
d M;b «rk;*-d tn lu the steamo' Bere*Ii>rd, before reporto.l i.u tlru at
K«w Urlraur, itiii balea cott 'D, more ur leaa dama^ei bf lire and
I
Wednet
5'is
1".000
.
May-lute
—
J
2^2,001
233,1100
Harienl'g
teudeacy.
»>8
R—
7— titeiioer
1
-t.'.ii.i-r
siT.ooo
113,000
89.000
272.000
8r>,00f
ruesday.
Oooa
'
Sai.. Dec. 4.
6—Steamer
.,--.
4"ii-n.,Kvt
.121,000
market for spots and futures eaoti
day of the week ending Dec. 1 ), and the daily closing prices
have
spot
cotton,
been
of
as follows:
qr
Dec.
y
tBiLjii
3i!',0(X)
1 rt3-«4d.. an<t
Dec. S—Sblp (Janiarvouiihirp. 4,911.
l-Bteaawni Tanfa, B5-J; Venetian, 2,012.
I.ITiri'Ool— l.>ec.
F.
2:-i,00(
,'<0!t,000
Vi:s7,000
7I;000
1.000
4,000
18,000
10,000
27,000
2,000
45,uO(
12,00<
of the Liverpool
7 -Bark Elenn, 2,85".
6—SreamT
De-.-VO
3.
59.000
5.00C
otherwise stated.
^.QU
(Invair.ke.
Bom..-
Craue, 4,^86
— Estitnated
Of which American — Estim'd
Total Irauort of the week
.
Of which American
Anountufloat
Of which American
0.
.><
.
Wn.»i.»<.i<>»-t'..r llarre-Dcr.
Kuanii.K- For lJ%fri»"il— Uec.
l!i,:.M,,-r
8—
Dayleaford, 3,175. ...Dec.
l,i\rriK«I— Dee, 3—Bieainer BtratUereD, 5,983.
i)«.. 3-Birk Uraakkii, 1.175.
Die o -Steamer Njmphaei«, 5.610.
—'.)r.e. 4- Steamer CODto)(sii.v, 4.M00.
t Ilarre - !)<<•. 7- Steamer BrrpbO, 3,90P.
/ie<-. 3-8tPaui«r Collna, 4.267.
y
Chai
1;
4— Steamer
..-.-,..-...
........ ....
........
Dee.
6,1JOO.
ljv«nH>oi Di>c. 3— Straiuera Aa«trallaii. R,450;
Prince Henrr, ".143
Dec. 4— Sieauier Engineer, 5,%8«
tttr. 7— Dteauor Cwllz, «,200.
F..r Havre— l>er. 3-8tr»nmr KlpMnitone, 4,'!?8: Slip Riv-iMll-,
4.2W....DW. «— Bark M. Sc E. Cox, ;-,9«,O....Deo. 7—Steamer
r
Total stock
v»trt.
latest dates:
F
Forwaraed
JTop. 28.
19.
77,000
6,000
2,000
56.000
5,000
17,000
401,000
Hull,
Below we add the rlearances this week of vessels carrying
cotton from United States ports, bringing data down to the
l,.>ch
Sales Aiiiericau
Actual exiMjri
Uaiket.
GALrE«TOK-Fiir I,lT.?rpo"l-r)rc. R -Steamir Hiebfleld,
Knr l.ondon— l>rc. 3— Steamir Riiwpn», 1 ,450.
For H«\ rr- D«c 8— BBrk Q leeii of tlie Wes'. 1,370.
For Vera Cruz— Dt;c. 3— BleaniT Uarlun, 1 ,13
bales-
Of which exporters took ....
Of which speculators took..
3.700
BalwauMi
1 2 >« 2.84i
WilmlDct'a
I. -53
Rorfulk
16.634
Wok Potnt
2,150
Bammora.
(ind
hngtn. Sical.
btirg.
week
Sales of the
n
*n
•as
•il2
*sa
•ftrlOOIlM.
LiTBBFOOL.— By o»Me from Liverpool we have the following
that
ilManient of the week's salee, stocks, Ac., at
•dd pnrioM week! for comparison.
p<»rt.
We
WM
^\
THE CHRONICLE.
726
Indian corn declined steadily throughout Monday, Tuesday
and Wednesday. The export demand was slow, the local trade
impeded by the difficulties of transportation, and the specu-
A slight recovery yesterday
lation relapsed into sluggishness.
variable prices and an uncertain tone.
OAUiT 0U>8UIO raiOBS OF NO. 2 MIXED COBS.
Fri.
Hon. THtt.
Wed. Thurg.
aat.
48
48
48
December deliverr
l*"*
48%
49>«
49
48\
48»9
January delivery
49Sg
4i»>«
49>4
49'g
50
FBUroary delivery
S0>9
Si's
62
52%
62>4
May delivery
52>a
51H
Oats have declined under a freer selling movement and a natlittle more
ural sympathy with the more active staples.
Steadiness yesterday was followed by a firm market to-day,
DAILT CLOSmO PBICES OF NO. 2 OATS.
/Vi.
'hurt.
Mon. Tuft.
Wtd.
Sat.
34
34
34
December delivery
34%
31%
Sih
84 H
34%
January delivery
3^%
35'4
35
84%
35%
Sfiie
35'%
33%
February iieiivery
S.l'g
35»«
36%
36%
May deliverr
36%
37%
37%
37
Barley has sold to a moderate extent only, and cenerally at
prices favoring t)uyerB. Rye is more firmly held but quiet.
Buckwheat has a moderate sale at full prices. The inquiry ia
fair for Canada peas.
The foUowmg are the closing quotations:
was followed today by
A
t2 00B$3 85 SoQtbem baker*' Hurt
tamlly br d». «l bbl $3 fiOt ?l 75
22.»» 3 00
2 85 9 3 3U Bye Oonr, Buiwrime.. SIS* J 40
2 309 2 65
Fine
3 50 » 4 65
Wlnteraliipp'gextras. SoO* 3 40 Corn meal—
2 30'» 2 85
Weatwm. *0
WtatterXX di XXX.. 3 509 4 75
2 8i» 2 90
Brandvwine....
4 35» 5 00
Patents
275<> 3 15 B'kwn'tflour.^lOOlba 1909 2 00
Soatbem miTiers
3 25 9 3 50)
BooCli'n com. extras.
OBAXN.
Rye— Western .^ bush. . .
Wheat56 9 59
State aud Jeraey
78 9 94
Bprlng.per bniih.
32 9 36
Oats— Mixed
88 t HO
Spring No. 2. new
36 » 40
Wblte
89 9 9014
Bed winter, tl 0.2
34
9 35 14
No. 2 mixed
77 9 93
Bed winter
37 f> 3b%
No. 2 white
80 • 92
White
68 9 78
Oom—West. mlx«d 44 9 49% Barley— Canada
«0 9 68
Western ..
47%* 49
West. mix. No. 2.
61 9 61
Two-rowed Stale
45 9 50
West, white
65 9 69
4.^
Six-rowed State
9 50
West, yellow
64 9 65
PeaA Canada....
50 • 55
WhlteSoathern..
50 '» 51
Buckwheat
47 9 60
Yellow Bonthem.
indicated
in tl e
market
is
The movement of breadstufis to
•tatements below, prepared by us from the figures of the New
first give the receipts at Western
York Produce Exchange.
lake and river ports, arranged so as to present the comparative movement for the week ending Dec. 4, 1886, and since
July 24 for ei'-h of the last three vears:
Fine
BaperSne
Boston
Portland
Montreal
Baltimore
24.493
19,687
77,159
Blohmond
2.8.50
Philadelphia...
NewOrleana...
Wheat
bosh.
Corn
SMi.lWUu
CtalosKO
ti0.5<t8
Milwaukee...
iW.6M
Toledo
4.012
5.M8
18.7<9
2,200
Dnluth
Tot. wk. "86
Same wk.
'ta
,
Since Julif24
18K6
Rye.
Airlev.
Auh.lHdw UUthMV
Bwih.eOlbt Biuh.ae ui> Au«li.32U»
642.939
S84.1S6
583.599
27.310
42.700
120.090
63.008
3.8U
139.642
S2.U70
81615
2S0.01S
SD.ooo
18.577
50,000
';7.940
147.08S
120.920
10,-150
14S.550
143.673
675.876
6.5 J3
Detroit
Clevelaod...
St. Loula. ...
Feorla
OaU.
Com.
Whtat.
#lo«r.
303.247
97.630
13,097
2,910
9,264
11.433
58T,15i
Total gram....
7.772
Bxports
1.95f 1,290
1.138.551
2.115,708
2,702..W7
850.929
D57.8 5
528.658
895.309
200,376
3.126.566
2.3Jtl,a20
i84^,238
602,730
38,173
79./02
60,668
38.713.953
11.9U.0J6
1,1^2,387
10,183.117
i.sai.two
«.2rt0.228
3.079.18''
,S,P5S.69t
6a.:7D.3J7
1866
S.HKl.M 9
J6.7rt-,ai0
36,0il8.5»6
30.044,897
28.917,261
1884
4.iej,0Jl
es.ow.asB
34.066.42.!
27.H5«,*K5'
The comparative shipments of flour and grain from the sam
ports from Dec. 21, 1885, to Dec. 4, 1886, inclusive, for four
years, show as follows:
10.150,653
bblB.
Wheat
50.222,6^0
l..i33,32i
19 i.78l,5o8
196,539,523
203,001,299
47.0«l.(i»3
».85.',5i2J
Bye
....
Below are the
rail
1882-83.
9,265.Sll
11, .91.324
47.348 216
8!M58,l.i3
50,617,868
6.960,617
2,124,691
56.966,710
7».i6«."59
bnah.
Com.... .........
Oats
.
Barley .... ......
Total grain
1883-84.
1884-35.
10,552,131
1S8.5-86.
Floor
63,747.261
45.876,280
102.051,287
4H.59 (.353
79,1)02,076
."9,634
5.680 667
a.4cil,9o4
5.9Jtf,b2d
9.
211,711.21 a
shipments from Western lake and ri\e
ports for four years;
1886.
1885.
TTe**;
Week
Dee.
Floor..
..bblB.
Wheat.. . ,
Com
_
Oats
Barley
bash.
Dee.
4.
Week
1,34'',227
1.3«0.,.58
84rt.42<
IS'.'.l.iO
48-,9"3
.'•l!>,.-!23
661.319
8.673
17,890
3.''2.654
172.497
21,179
;i8,.80
53,278
2.423.101
2.322.7 '3
Corn,
Oats,
bush.
bus^.
5 1.809
32
864,019
l,0t>i','
17.1 <7
4w'kB'85.1.04»,.'>i>5 2,5i5,u78
4,28\674
1,
8.
462.874
(il8,'!<i6
261.077
Doc.
N"V.27."86 214.516 1,127,067
,61?>
29'
1.297.116
Nov.20,'>)6
Nov,lJ,'86 211,9i<8 1,^74,308
4 w. 1.0 0,146
c.
28 ,219
240.226
4.'fi«
Tot...
D
6,
181.P62
WKent,
buah.
Fliitr,
hblg.
Week
23^.893
The rail and lake shipments from 'same ports
weeks were:
endino ~
1883.
189.054
3^2.516
1,230,213
Total...
Dec.
5.
202,503
171,980
2i
Bye
1884.
Week
u.8l).'.9
l,42;',.'i4t
6>i5,8i3
932,479
845,891
2,3)1.397'
for last fou
Barley,
bush.
2>i8.«T3
21.8.330
4U,!)t>7
41.',s62
2.Fi61.602 1.360.032
Bye.
hush.
35,605
2l,a02
2j8 3i'3
The receiptH ni tluur and grain at the seaboard ports for the
week ended Dec. 4, 1880, follow:
5..'.46.b85
2,938,747 1,647,105
14,017
447
.59.7^.880
68.518.533
44.417.702
31,591.676
5.962.932
5,493,227
82. '.09.420
80.508.196
5,6 .'2.390
5,522,472
155,974,070 183.633,353
Flour.
Bush.
609.63C
12.176
7,687
Btish.
Bbls.
410.783
136,722
88.902
50,158
211
36,323
100
125,0i2
454,037
36,522
6,H72
2.356
»>-••
133.8 >6
17.30.J
--->•>
176,183
1,531
6,083
w'k 1,245,071
S'me time
886,634
173,421
14,415
251,315
915,141
176,854
42,850
.Vliiatreal
PnlLadel.
Baltim'rt
Orl'no
<I
Richm'nd
Tot.
1885.
Bye.
Pea*.
Bush.
8,477
Bush.
3,705
Oats.
Bush.
14,115
.
48,851
We
add the
Oom.
Wheat.
Flour.
40,133
8,877
The destination of these exports is as below.
oorresponding period of last year for comparison.
thtporls
forvetk
to—
1886.
Week,
Dee.
Dec.
Bbls
C.Am
W. Indies
Brlt.col'a
Oth.o'n'ta
102,297
9,199
32,09 \
22.622
9,677
4.
1885.
Week.
Dec.
5.
Bush.
485.342
769,232
70.0^8
181,297
500
90
1886.
Week,
Dec
1885.
Wee*.
4.
Bush.
.^39,570
3I2.A02
23,627
10,275
100
964
1.318
310
176.854 1.24^.074
173,421
Total.
Dee.
5.
Bblt.
98,«37
13.550
2i,200
22.900
15,616
Qn.Klng.
Contin'nt
a.*
1886.
Week,
1886.
Week.
4.
Dee.
5.
Busk.
473.023
361,122
67,918
6,688
3,962
2,428
251,345 886,684 915,141
to our previous totals we
By adding tnis weeK's movement
have the following statement of exports this season and last
season
FUmr,
Bjeports
to-
Da.Klnedom
.
.
3.4C.Ain...
West Indies.
Bnt.r^l'nies
Otb. couDtr'0
Totnl
to Dec.
tn Dec.
in Dtc.
4.
Coal Inent
Oom.
Wheat.
Sept. I.'ie. Sfpt.l.'85. Sept. 1. '86. Sept.
18S8.
5.
4.
l.>«5.
IStiS
Bwh.
BbU.
til
5,
I. '85.
Sept.
Dec.
1835.
1,
"SO. Sept. 1. '88.
to Dec.
t.
Btuih.
18S6.
BlM'l.
to De.c.
6.
1885.
Biuh.
1,601.122
1.209.055
9.947,210
3.855.814
5.8M,8_'5
8.392.245
163,001
38,' 199
8.149.1.9
1,882.783
2.5;.».688
2,111,042
302.431
245.210
15.^63
2.701
200.853
20J.9U0
237.1.)7
3..I71
296.128
139.219
6.869
16.586
492.651
98.631
29.120
22,406
8,649,910
11,475.895
IH.8'53
209.373
9.59
63.711
4.107
13
16.320
2.487,760
1,908.823
Ii<.18l,0l4
5.711,613
The
visible supply of gram, comprising the stuCKs in granary
at the p -incipal points of accumulation at lake and seaboard
ports, and in transit by rail and water. Dec. 4, 1886 :
Oau,
Bye,
Barlev,
Wheat,
Oom,
btish.
tntsh.
Intsh.
bush,
/n st«re at—
bush.
60,538 127.193
11,80-1.301 4.551,156 1,577.175
«ew York
5.000 200.OU0
273.00
11,100
Do adoat
1. 180.000
Albany
dulfaio
^niioago
Do afloat
10.-^95
3.63.>.51i
5e0,666
11,418,348
3,300,337
Vlilwankee
Do
7.300
41,753
131,982
95 435
239,979
349.5J8
3,957
200,117
2,744,143
3,927.979
22.500
1,803.127
Drttroit..... ......
1
.-1,000
4,549,651
Louie
Jlnoinnatl
jl.
92,(Ni0
356.895
90.197
180.774
Coninto. ..... ....
vfontreal
43,661
62.283
15.374
45,642
814.257
9.000
526 900
1 4 000
25.300
24.8.0
26,000
226,-)ll
40i.<.55
93 J
,5.4»3
4.249
15,743
ll'>,u
62.008
52.338
27iJ.953
82.4 8
9I6.U6
11.669
3i.\700
29,041
1,5.".0
963,2.^6
6,10,5,r.92
... ..
[odianapoUs
KtnsaaClty
3<.8,.il0
Balttmore
122,122
122.051
71,800
170,5<2
259,464
1,018.847
10.179
129,1"0
Philadelphia
Peoria
f5,4IO
978.627
11 1,208
38.000
6.),194
131.8-15
50,567
..
441
6.444
1386
afloat
Hinnea|>olu
3t. Paul
On MlRHlsalppl...
On lakoR
On canal & river.
rot Deo.
«
99.570
5,311
972,-51
7.831,677
L>o
afloat
Tiiledo
Do afloat
lot.
TdI.
rot.
rot.
73..575
afloat
Duluth
42.»>90
I2",ii<'
121,139
1.800
3,134
Oom.
Do
17,s:)0
53
187,232,609 173,111,578
BfiU.
17rt.b8'l
2,6>»7
4.300
37,200
Wheat.
from—
5,000
«25.48!i
5.600
38.484
23,3i6
The exports from the several seaboard ports for the week
endine DdC. 4 1S.S6. are nhown in tho annextvl statement:
ia.fn
8,419
8D.400
6,600
66.000
68,608
270.711
45.012.378
8).14l,063
40.h02.45l
6.039.909
1.157,774
5,933.8'i2
Bye
.
M—
69.298.704
75.373,088
36.0 47,797
.........
Oats....
Barley. ..........
Boston. ..
Portland.
SM<4ptt
bush,
5.S22
Totalweek... 399.8a3 1,501.651 1.186.693
416.651519.689 10,903
week '85.. 321.187 587,720 1,620,038 6<)5,610 316,708 54,117
Hie total receipts at the same ports for the period from Deo*
31, 1885, to Dec. 4, 1886, compare as follows for four yean
1885-86.
1884-85.
1883-84.
1882-83.
Floor
bbU. 12,793,513 12,897.990
13,216,633
13,301,174
New York
We
Sye
Barley,
bush.
230,900 449,350
106,181 28,839
174,7tf8
32.234
153,939
211.984
59,754
35,550
15,359
OaU,
biuh.
bush.
482.650
Oor.
V bbl.
—
Oom,
Hour,
WKtat,
bbU.
bush.
189,016 1,009,130
77,974
46.080
Atarew Tork
wheat extras.
Minn, clear and stra't.
Spring:
[Vol. XT.TTT.
4, '86.
'16.
Nov. 27,
Dec.
Dee,
Dec.
512,0>i0
......
....
382.400
261,500
215.500
5 l,2o0
>>>•
68,400
59.558.521 11,7.18.795 5,281 576
f 9.572.078 1 1.428.026 5.5.i5.2-<2
5.6^^.373 2.900.025
5. "*5 .'•ib,!9S,6 8
6. '84ll<i,8"9.<>33
8,83)31,185,933
Minneapolis and
Bt.
4
30,315 2.791.629
4 ij.94o 2.643,6.50
2.>iHo,375
70 -.O'd 2.07).368
5,36.5,8.iii 3.302.21-'
8,32i*,B4J 5,yi5,a07 2,663,132 3,563,308
Paol not included.
>.4-j.»>»ii
Dkcxxbkb
11.
THE CHRONICLE
1886.J
THE DRY GOODS TRADE.
NEW
727
Importations of Dry Oooils.
The importations of dry goods at this port for the week
There was a fairly satisfactory business in dry goods the ending Dec. 9, 1886, and since Jan. 1, and the same facts for
pMt week, making due allowance for the time of year. The the corresponding periods are as follows:
York, Friday,
P. M., Deo. 10, 1886.
recent cold weather has enabled retailers in
many parts
of
the country to place large quantities of fall and winter goods
in the channels of consumption, and there was consequently
Si
importing
Si
circles,
operations
on the part
of jobbers
having
been governed by actual wants, as is always the case on
the
approach of the " stock-Uking " period. There was, however.
5
si
!
'
:
?:
;
:
:
S
:
•
:
:
:
7
:
o
O <l
tC O* ^ CD
MW
coco
coit^
CCWl
1^003
T CT CO O
I
-
MCi
CO -o 50
tOM
MM
Pa
MMA.MM
C*
OtOCfl
X
Q0&
CO CO T. cji
-iie
m':: M*-gb
3: CO
a
Oj
-J
01
C"
lOU
liberal orders in this connec-
were placed with saK-smen traveling in the West and
South. Jobbers and the manufacturing trade were also freer
I Ifi §fl
:
u-
i
» good demand for various descriptions of domestic spring
goods by buyers on the spot, and
2? ^
§
«a Improved re-order demand at the hands of jobbers.
Seasonable goods were more or less quiet in commicsion and
OPSCJi*
tion
buyers of staple cotton goods, the strong condition of the
market aribing from exceptionally small stocks on hand
having induced shrewd merchants to anticipate future
requirements to some extent.
direction.
<£Vt
I
^ll CCA'
a » to
2,426 packages to Great Britain, 273 to Vene"
Colombia, Sec. Since the above date large shipments have
been made to China, Japan and India by steamer from this
port via Suez Canal, and there is still a fair demand by exportera.
Colored cottons, as denims, tickings, cheviots, checks,
more active in first hands, and very firm in price.
Brown and bleached goods were in steady request and firm,
and other descriptions of staple cotton goods were in fair deAc., were
Print cloths were active, and the
market (loaedstrongon the basis of SJgcfor 64x649 and 2Jg(a3o.
for MxeUri, at which figures only ''spots" and "near futures"
could be obtained in the latter part of the week. Stocks last
MM MM
GO
tOMCCCOOl
©Voo'cooo
CD
CS
ifr
p
QD
M
M
u
C5 K.
1'^
boo
aco
Ol
o
->JOC0C^
to
O
MO
li
cc»to
CO
h* M M M
M a K) CO ^
M
aM
ex CO
w => <1 ^
=M
M O O
'
'
j
OOM
i-M
M«q
i
MCoaib'M
•q«.MAi^
— QO
c:
w.ft'M
CC
M*-M
—
M to CO
"ro*-
Ma>QD(0
o
MMa»CCCO
bcclcM^
S*-OC«M
£->JOM
QOW*>-
CDrOib
W-
00
O
vlttk M 00 -•
'J»
Cl't'S
p X^ Cn «
•^COOtiCO
1
IUM
- en
MCOSiO'OS
OK.MCD''^
CO
bu
cox
CO
—
ccos-xi
OMCD
.CO
MMMM
M
MMi^i^<l
CC K. pop
CO
I^OMXM
**
bV'jQDb
^ V >c
MOO
M>
-«
-J'
MMO*00>
wpo«c»;pj
bbtoiob
QC
I
li a< c — lo
04-QDCM
I
"J"
M
^ g ^1
Ifc
OOM
MV«
M
b
OD
*-ejo
r>ootMeo
a xOi^io
ato
"cobb-i'yi
<p
Of
oo-t
o>
M CO X t3
K M o as
y*
o^- 90Mp
CO T
w*-» tc
^MtO»^
'eo
C030DMU
Qo'^O'b'o
M C M M CF
oca9<b
p
:/!
•JM
CO--"MW«J
00 »0
^ X CD *J OS
to cc
M -1 0: o>
CO
Vit-cobi to
CCQOCCCOD
raela, 256 to Argentine Republic, 199 to Hiyti, 137 to U. 8. of
mand by package
CL
on--^Moa
'
cxco
Domestic Cotton Goods.—The exports of cotton goods
from this port for the week ending Dae. 7 were 3,753 pack-
•CW. including
m
Prices of nearly all staple and
patterned fabrics are flrmly maintained, and such changes in
vmloes as have occurred during the week were all in an
upward
MM
*
i-i
Co -r cc CD OS >
*».
»aM
*ip_^aciM
tC
GO 3: OD S)
orx
M"robii3*-4
i
r-Orfk.
XMCtfk VI
buyers.
Saturday and for the three previous years were as follows:
Vee.S,
of Print Oloth»^
74.000
FMl Klver maoufaoturen... 1h7,000
PtavM«ae« •peculaion
42.U00
Oatald* veouiAion <Mt)
35,0o0
Total stoek, (pteeas)
103.000
Dee. 6.
1884.
41 9,000
9-<,U00
SUS.OuO
24U.OO0
5U,000
3'^<),0<)0
IS85.
br ProTldeDoe mniturra.
_
33tj.000
Dee. 8,
188?.
129,001/
250,000
438,000
250,000
75,000
491,0001,352,000
898,000
Shirting prints were in very active demand, and leading
makf • have bten opened
at a flight advance
upon
Receipts ot Leadlos Articles of Domestic Prodaoe.
The following table, base 1 upon daily reports made to the
New York Produce Excbaage, shows the receipt', of leading
articles of domestic produce in New York from Jan. 1 to
Dec. 7, in 1886 and 1885
last seasou's
price*. Large orders were also placed for printed lawns; and
ginghanw, eerrackers and cotton dress goods adapted to the
coming season were quite active for later dt livery.
DoMES'nc WooLRN GOO0S— The market for clothing woolens has developed few new features of special interest. The
demand for heavy woolens wns chiefly of a hand-to-moutb
^ncter and unimportant in the aggregate, while but few
r»-ordeni for spring weights were received by the commis•ion house*. There wa^. however, a steady movement ia
—
/on.
Ashes
Beans
Breadstnffs—
bbls.
bbls.
Flour, wbeat
Com meal
Wheat
Kye
Oats
Barley
Peas
Cotton
Cotton seed oU
Flaxseed
Orassseed
Hides
Hides
Tar
Pitch
Oil oalie
Oil, lard
Oil,
whale
feanuts
Provisions—
1,19.1,2.51
98 .703
Beef
Cutmeats
bbls.
74,138
50,478
bbls.
bbls.
bbls.
bbls.
bbls.
3,017
81,930
2hw,m08
23,560
5150
1.401
pkKS.
606,8 >l
3,^93
548,1 35
5,4'27
98,113
119'9d3
pkjts.
pkgs.
pkgs.
pkgs.
Butter
Cheese....
Ejtgs
Lard
Lard
tea.
A
bbls.
bbls.
kegs.
FOBXION Dbt Goods have shown very little animation in
Hogs, dressed
No.
Rice
nkgs.
first bands, comparatively few orders having been placed for Spelter
slaoa.
Pkgs.
pring goods, while nearly all seasonable fabrics and staple Stearlne
Sugar
.bOs.
goods ruled quiet. The jobbing trade was quite moderate, Sugar
hhds.
Tallov)
pkgs.
Other than a few specialties for the holiday trade having been Tobaooo..*
boxes & oases.
Uids.
ia'iBeagre demand. The auction season isnearing its close, and Tobaooo...
BO important offerings of imported goods were presented vooU^.'iy/.'y.y"///.""'.""'.^^
j
tkfoagb their medium during the week.
I
2,5,28-,428
7,»t-0,616
•^82,780
2,590.181
2»2,937
pkgg.
„
611. -'08
33,898,714
1,031,949
61,144
772,04 8
88,184
121. 13
63,379
135.421
1,817.592
268,899
galls.
baits.
Pork
8.309.952
449,501
baes.
bags.
bbis.
„
ll',04c(.219
bales.
bbls.
hhds.
Kosiu
placed for certain makes.
276,986
23,990.390
Molasses
Turpentine, spirita
and worsted drees goods were fairly active, but seisonable
makes rule 1 quiet. For flannels, blankets and shawls there
was a fair re-assorting demand, but st-lections averaged light,
•• usual at tbb stage of the season. Carpets have been opened
at romewbat irregular prices, and very fair orders have been
5,56<>,729
324,um
Lead
Naval StoresTurpentine, crude
the market is generally firm. Cloiikinge, Jersey cloths and
•tockioettes continued in fair request, and desirable makes are
steadily held. Kentucky jeans, doeskins and satinets were in
light d> mand, but eteady in price. Spring styles ot all-wool
9,074,314
39,414,2116
21:<,139
31.H()2,6M6
ifo.
Leather
2,862
87,121
bbls.
bbls.
bales,
bales.
sides.
pigg.
Hops
i,963
94,(S63
Same lime
preno^s year.
bush.
bush.
bcsh.
bnsh.
bush.
bush.
Com
Mola*Boer.<.
light-weight carsimeres, cuitingR, worsteds, indigo-blue flannela, Ac., on account of former transactions, and the tone of
1 to Dee. 7,
1886.
»3,706
1
61,401
9e,y2j
52.201
(•.5.881
158
1,769
73,24.i
305,747
23,9.'>9
109,921
35,868
176,229
40.6il
a-.i8.5UO
8'.H,ti06
1.61.-),279
l,532.9el
1,916,638
1,118.9X3
v.OiO.75-2
51(1,599
405,17-i
27.'),793
181,109
59,10>
^40,409
66,316
141.416
82,6'.<!9
83.379
13,iM8
1,329
l.UOO
79,524
13t,«94
1^0,181
189,209
170,475
94u,0i0
22
^m
2.396
5,816
63,028
12»,o05
131625
251,932
166,589
THE CHRONICLE.
728
^arm
The Union Trust
EQUITABLE
eU AND
Company.
GUARANTEED FARM MORTtiAGES,
Princtoal and tntere^t Rnaranteed
any ot the
an^ payable
of the Company.
offlcea
New York.!;£0»( R'way,
Boston. 23 Court 8t.
U. U. Fitch, Man'ger.
Chas. N. Fowler, V. P.
rhila., 11^2 H. 4th St.,
Kaniiaii City, Mo.,
C. B. wilkinBOD, ManVer. J. C. Arury, Gen. Man.
KANSAS FARM MORTGAGES.
ioECURlTY COMPAIVT
Office,
ne nroadMajr,
Strictly flrst-claes
cor. AVall St.
Kansas Farm >IortK»UPs paring
SKVEN PEKCENTPEB
ANNUM.
iDteresr coupons payable at the CHASE NATIONAL BANK, NEW VoitK. Send for circular.
Ktferenccs: CHASE jNATIONAL BANK.
aguaranteed Interesl of
GLKN
s.
TOWN
Reading; Edmund 8. Doty, miffi.i.vW. W. H. Davis, UOTI.K8TOWM B. K. Mon-
;
1
Wkst CarsTSR.
CO.,
I.AU'KKKCt. KAN.
M. Perkin.i.
L. U.
Pres't.
Paid Up Capital,
.
•
.
The chotcesi, b irst Mortgage Farm
Pehkiv« pec.
.
JfiSO.HOO
Loans, aisn the
Company's Ten Tear Debentures, based upon its
Said up cajHtaltind asseis ot over $ti5<).ot0. No losses.
Ileven years" experience, with absulute satisfaction
to over I.&OO investors. Send for circulars, forms and
full information.
U-anch offices in N. V. City and
Albany. New YorkOtllco 137 Bp>ad«'ay,
C. C.
& SON. Agents.
HINE
6%
7%
The American
TnTeHtment
metaburtf. Iowa, with
8%
Company,
of
n nnid-up capita of
000, MirpIuN $7.1.000,
offers
TCra-
$600.-
MornraKe
first
Ijoans draft ink' nevt-n i>t.'rcent. both Principal und
Inlert-Ki ttilly i.iiiirnnfft'd. Also H per cent 10yert^I>ebeIIlu^t;B^t^d^,i>c:u^ed by 105 per cent ol first
BAoTttiHue loans held in trut«t by the ,fl«>rcnniilp
Co., N. ^. Five er cent eer'iflcates of
deposit for periods under one year. Wriie lor full
information and references to tbe compaDy at 150
Kawiau bi., M. \ .
TruM
•
A. L.
ORMSBY,
Vice-President and General Mana^rer,
73 Broadway,
CAPlTAIi, - -
cor.
Rector St., N. Y.
000,000
- «2,'000,000
Aatboriied to act as Bxecntor, Administrator
Gnardlan, Receiver, or Trustee, and la
A LEGAL DKPOSITCKY FOB MONEY
Accepts the transferaKcncy an J registry of stocks,
and acts as Trustee of morlKaffes of corporations.
Allows interest on deposits, which may be made at
any time, and withdrawn on five days' notice, with
Interest tor the whole time they remain with the
Company.
I'orthe convenience of depositors this company
also opens current accounts subject, In accordance
with Its rules, to check atsiKbt, and allows Interest
upon the resultiUK dally balances. 8uch checka pass
'hroush the ClearinK iiouse.
Wm. Whitewrlght,
Henry A. Kent.
U.T. WllBon.
Wm. F. Russell,
TBUtjTBKg:
James M. McLean,
Ambrose C. KioKsland.
James H. Ojtilvie,
8.
Real Estate Mortgages on City
and Farm Property, worth two
WESTEKN
GUARANTY
to four times amounts of moilgages, inipi-i'st H percent to
7 percent, principal and Inter-
LOAN
eat
absolutely guaranteed,
curitlHS for guaranty held
CO..
American Loan &
MINNEAPOLIS.
pany, of Boston, Mass.
Pald-np Capital,
S-JOO.OUO.
NEIIEK
Anthoriz'd (^apital
itiAiun.iiHO.
Eastern Managers for
Send for circulars
Jt
se-
by the
'I'rust
Com-
to
CARPENTEH,
llankera, Troy,
N.Y.
ComDapy
Important Notice.
TO H0LDEE3 OF KANSAS EEAL ESTATE
MOETGAGES:
^rxist ©otnpanlcB.
Istrator.
It can act as aK6nt in the sale or management oif
real estate, collect interest or dividends, receive reKistry and transfer books, or matte purchase and sale
and other seem It tes,
Heli^ous and charitable instttuiions. and persons
Dnaccustomed to the trunsaciion of business, will
find this Company a safe and convenient depository
formoney, KII*I,EY KOPKS, i*i«esident.
BUMlivn w.r-oftLiEB, Vico-Pres't.
T. Fairchild.
Joelah O. Ix)w,
B. t. Kuowiiun, H'y K. Sheldon,
Alex. M. White. John T. .Martin. C. to. Wood,
A. A. Low,
Fred. Cromwell, Wm. H.Male.
Alex Mc^ue,
.lohn P. Rolfe,
Ripley Hopes,
Mich'l Caauncey, K. W.(>)rlie8.
.Abram
„ B. Haylls,
Wm. B. Kenduil. li.E. PicrreFwnt.lH. W.Maxwell
JAMB8 Boss CtTHKAN.
FKKUitKiCK
C.
Secretary,
CoLToK. Aut. Beo'y
*
will
entitled to interest foi
t)e
ntUSTEES:
„ .
Jan. H. Arnold, ID. Willis James, Bobt.B. Mlntom.
Ihos Slocomb, JohnJ.Astor,
•- H.
•• Warren,
Geo.
t haries E. Bill,
Ji.hn A. Stewart, George Bliss,
Wilson Q. Hunt,'S.M.Buckrgham. William Libber,
Wm. H. .Vlacv, H. E. Lawrence, J"hn C. Brown,
ClinUin Gilbert, Isaac N. Phelps, jEdward ('oopef,
llanlel D. Lord,
Erastns Corning, W.Bay'rdCurtlng
Samuel Sloan,
S. B. Chittenden, Chas. S. Smith,
James Low.
John H.llhoarte8.|Wm. Rockefeller,
Wm. W. PhelDS, Anson P. Stokc8,'Alex. E. Orr.
HENRVL. THoRNELL, Secretary.
LOUIS U. HA.Ml'TO.V. Assistant Secretary.
I^iniittclal CfiJixpattiea.
FIDEI.IT¥
Nos. 214
216
a,
CASL'ALTY CO.
St
BROADWAY, NEW TOHK
Cash Capital, $250,000, Invested in U. 8. Gov't Bonds.
»iSOO,000 deposited with the N. Y. Ins. Dep't, for
the protection of Policy-holders.
Assets, January 1st, lbo6, »5«0.500 42.
Officials of Banks, tiaiiroads and b.xpresB Comp..
oles. Managers, Secretaries, and Clerks <jf Publlo Companies, Institutions and Commercial ttrms, can obtala
BOND!*
OF SCKETY.SHIP
from this t>'ompanv at moderate charges.
The bonds of this Company are accepted bj th.
oourt« of the various States
CASUALTY DEPARTMENT.
Policies issued against accidents causing death or
totally disabling injuries.
Full Information as to details, rates, &c., can
obtained at bead office, or of Company's Agents.
G. G. Williams,
R. G. Remsen,
Johnston,
tCdward King,
Wesley,
D. H. McAlpin,
K. B.
ijeorve
Henry
J. B.
Kdward
tsctaett,
Ama^a J.
B Curhart,
Samuel
iStokes.
G. Q. WilliamB,
E. B. Wesley,
C.
C. Klngsland.
KING.
President,
MCLEAN, First Vice-Pres't,
JAMES M.
J AM ES H. OGILVIK, Second
A. O. RONALDSON. Secretary.
J. D.
Geo.
8.
Vermllve.
Wm.
Coe.
Charles Dennla,
Alex. Mitchell,
Chittenden.
M. Richards.
S. B.
Oonds of Suretysliip.
wo OTHER BU8INS8B.
The Guarantee Co.
OF NORTH AMERICA.
U. Wood.
A.
EDWARD
H. A. Hurlbut,
L. Biker,
Parker,
B. Johnston,
O. C. Uuys,
J.
A.B.Hull,
F. Burger,
James M. McLean,
b.
Wm. M. RiCHAHuB, Prest. John M. Ckane, SeCy
RoB'T J. U1L1.AS, Ass't Secretary.
DIRECTORS:
O. O. Williams, David Dows,
W. O. Low,
J.8.T. Stranahan, A. S. Barnes,
Cash Capital
Assets and Resources
Deposit with liuuranoe Department
Vice-PresH.
President:
1800,000
830,000
240,000
Vice-President:
SiBAXKz.T. Galt.
Bon. Jas. Fekuiib.
Edward Bawuiiss.
NEW TORE OFFICE:
NO. Ill BICOADWAY.
Uanaging Director:
M2rcantile Tnist
&
Deposit
D. J. T0.MPKIN8, Secretary.
COMPANY, OP
Nbw York Dirictors—Joseph W.
Drexel, A. L.
H. Victor Newoomb, John Paton. Daniel
Torrance, Edw. V. WInslow. Erastns WIman, F. P.
BAL.T1]910RE.
Cnpltal,
Elopkins,
^ 9.500,000
§*2.000.000
Authorized Cnpttai,
Oicottand
J. E.
Authorized to act as Exer-'or, Administrator,
Guardian, Receiver, or Trustee, wn j Is
rent at $10 to $100 per nnnum In (heir
new and e'egant chrome steel FIRE
BURGLAK-PROOF VAULTS, protected by improved
Time
t<>
AND
The United
IN
GILL,
W, W. SPENCE,
L. C. KISCHER
Treas. A Sec.
Vice-Pres't.
DIRECTORS:
W. W. Spence, iLonis Mi-Lane, John E. Hurst,
Chti8tianl>evrie8'Kobt'rt Lfhr,
Stewart Hrown,
C.Mort'D Stewart] W. A. Tucker,
W. H. Blackford,
Robert Garrett. Jas. Carey Coale, E. A. Jenkins.
Chns. 1). Fisher, Oliver A. Parker.! Bernard Cahn,
Geo. P. Thomas, w. U.Whitridge, J.WiUcox Brown,
O. H. Williams, J. A. Hambleton.iAIex. Frank.
Andrew Reld.
iTbos. Deford.
IJohn Gill.
States Life
Insurance Co.
THS CITY OF NBIV YORK*
(ORGANIZED IN
Liicks.
Wills kept in vaults without charge. Bonds and
Stocks, Plate and all Valuable.s securely kept under
guarantee at moderdte ch;trges. Painttngs, Statuary, Bnnzes, etc., k-ptln tlie-proof vaults.
Pulsford.
^UBurauiCe*
A LEGAL DEPOSITORY FOR MONEY.
Accepts tbe transfer agency Hnd registry of stocks
and acisas Trustee of morlBa*res or corporations.
Takes charge of property, collects and remits interest and income promptly, and discharges faithfully the dntieM of every trust known to the law.
Money rec ived on dei-osit. All Trust Assets kept
separatefroro ihoseof the Company.
Burglar-proof Safes and Boxes (having chro'^'e
261, 262
&
1800.)
263 Broadway,
G. H.
BCRFORD.
New
York.
President,
O.P.FBAUIOH.Sec'y. A. WHBKLVRlOHT,Au*t8«0.
Wm. T. Standex, Actuary.
All the proilts belong to the FoUcy-holden exclaBlvely.
A U Policies issued by
ABLE after three years.
this
Company are ikdisput-
Ail Death Claims paid wiTHOiTT discount aa soon
as satisfactory proofs have been received.
This Company issues all forma of Insoranoe, In-
clnding Tontine and Limited (Nun-Forfeiting)
of Governmt-iit
TRUSTEES:
and
•_
izithdrawn aftjl
tbe whole time they may remain with the company.
Executors, administrators, or trustees of estates
and females unaccnstonied tothetransaction of business, as well IS religious and benevolent institutions
will find this company a convenient depository fol
JOlLS A. STEWART. Pre»Hent.
money.
.
WILLIAM H.MACV, Vice-President
JAMES S. CLAUK. Second Vice-Pre.'
J.
President.
Cor.of Montague and Clinton Pts., Brooklyn, N.Y.
This company is authorized by special charter to
act as receiver, truM.ee, guardian, executor or admin-
five days' notice,
C. Vanderbllt,
IjOW,
JOUN
The Brooklyn Trust Co.,
made at any time, and
tie
A. A.
steel d-'ort*)
Bend to HODGKS 4 KNUX, TOPEKA, KANSA3,
for Free Pamphlet conUiliiliig the compiled Lawi
alJtansai) relatlug to Keal Estate Mortgages.
INTEREST ALIXJWBD ON PKP08IT8,
which may
U. C. Hays,
James Forsyth,
UeorKe Cabot Ward.
Wm. Whitewrlght,
NORTH-
trustee.
I. H. FrothinKham,
George A. JanriB,
.
EXECUTIVE COMMITTEE:
In Sums of $100 and Upwards oa In
diana and Ohio Lands.
ROTHma SA KRR, AJ.WAYP PROMPTLY PAIE
BEND FOB PAMPHLET.
JOS. A. mnoRB,
84 Bast market Nt.. Indlanapolla, In<<
Is
U. Wood,
James N. Piatt,
(
Robert Lenox Kennedy, Geo. C. Magoun.
Farm Mortgages
9>6,O0O,O00
a legal depository for moners paU
Into court- and Is autnorised tu act as ffuarolan ct
This compan.
OF NETT irORK,
SUHPLUS;-
WESTERN FARM MORTGAGE
IVALL STKEET.
and Surplus,
Capital
Union Trust Company
.i.-.
KEMARI.K
George W. Relly, HahkisSimpson A frlca, Huntingijon: Henry
i'H.; J.
Eckert,
auhan,
1, »NiER * CO .etc.. etc
Kingman. Kan., Preside t.
H.JUNE', Kingmaa. Kan., Vice-President.
INVEST Tiinoron the suu.nu
F.
_
GROSVENOK.
B.
J.
OF NEW TOKK.
No. 49
KiiijiLE, Pa.; Dr.
BCHG.
Wl.N-hoW.
W.
Co., United States Trust Co,
8TBK1ST,
Burglar-Proof Safes to rent at tH to $60 per annum.
Wills kept in vaitlts without charge.
Bonds, Stocks and other Taluablee taken under
guarantee.
Paintings, Statuary, Bromes, etc., kept in FireProof Vaults.
Monev received on deposit at Interest.
IAS. 1,6X0. I'res't. JOHN G. BKADINO. V.-Pres't.
MAHI.ON S. STOK Ks. Treasurer 4 Secretary.
1). R. PATTERSON, Trust (^IJicer.
DiRECTolts.— James Loiig. Alfred S. tjil It- tt, Joseph
Wright. I)r. Charles P. Turner, VMIliam S. Piice,
JohnT. Monroe. W.J. Nead, Thomas R. Patton.John
Jtilteading, Wm. H. Lucas, t>. Hares Agnew, M. I>.
JOK. 1. Keefe. Robert Patterson, 'I'heodor C. Engel,
Jacob .Nuylcr, 'J'hos. G. llond. Edward L. Perkins.
VMIllura Watson, PuiLADEl.PHiA ; Samuel Kiddle,
HA]!V!iA!>«
N.Y.
CHESTNUT
»1,000,000
Aattanrlted Capital
600.000
Paid-up Capital
Acts as Ezecntor, Administrator, Assignee, ete.
and executes trusts of every description known to
tbe law.
All trust assets kept separate from tho'e of the
CAPITAI^ $000,000.
AND 7 PEK CEMT
618
^vttst ©ompranica.
PHILADELPHIA.
Mortgage Company.
6
Companies.
^trtist
ptortgaflcs.
[ToL. zixn.
Metropolitan Trust Co.,
MllU Building, 35 Wall
St.,
PAID UP CAPITAL,
New York.
$1,000,000.
Designated as a legal Depository by order of So*
oreme Court. Receive deposits jf money on interest,
act as tlscal or t^nsfer agent, or trustee for coriM)rattons, and accein: and execute any legal trusts irom
persons or corporations on as favorable terms a.
otiieraimllar companies.
THO.MAS llLLHOnSE.
I
President.
FBKDBBIC D. TAPPEN, VIce-PresMeot.
WAI/TER J. BBITTl.N, feecretary.
Ton
tine.
One month's grace allowed In the payment of
Premiums on Tontine Policies, and ten days* graoe
all others, the Insurance remaining In full force
during the grace.
Absolute security, combined with the largest liberality, assures the popularity and success of this oom
pany.
GOOT) AGENTS, deflirtng to represent the Compai 7* »r » invited to address J. S. GAFFNEY, Bopertena^nt of Agenciee. at Home Ofl&oe.
on
1886.J
THE CHKONICLE
liustirancje.
%nsnvisincz.
DaODonn
It,
^IsccXlaucaus.
OFFICE OF THS
IVEWARK,
N.
.....
AnZI DODD,
President.
Mutual Insurance Co.,
Jannary 23, 1886.
Ttit Tnuteea, In eonfonnlty to the Charter o.
tka Oompaay, •nbmlt th«< following Statement
of tta aOatn on the Slat December, 1885:
Pwntnmaen Marine Elaka from
Ut January, 1885, to 31st
December, 188S
93,856,618 66
Pnmlnma on PoUolee not marked
•a lat January, 1885
1,339,525 10
Pmntarau marked
oil
paid during
atama
jMHH
of
91,915,020 67
9776,712 42
Tbe Oompany baa the following
and State of
Tfltk aioak. City.
;
pmvMl
'>r
Company
K.
full rapply, all
ORGANIZED
Write to the Company or
Its
BAGGING,
ST. LOUIS, no.
ol Pure Jnte BaniinK.
nannfactDTerg
IMPUBTBB8 or
ESTABLISHED
1»1».
Agents for circulars
explalnlnir
Tbe nalne Non-Forfeltnre I^aiv.
PROMPTLY AND WITHpUT
LOSSK8 PAID
The Company Is stronir. reliable and popular; and
4ae* a variety of policies suited to the dUTereu
STATIONER ANB PRINTER.
Snpplies Banks, Bankers. Stock Brokers and Corporations with comptete oatllta of Account Books and
Statio nery
tV* New concerns organ lilng wlU hare their orden
prumptij executed.
No.
EQUITABLE
LJFE ASSVRAJWCE SOCIETY,
BBOADWAT, NEW YORK.
120
1,438,60
BENRY
030,000 00
A881IT8,
HYDE,
B.
Januabt 1st.
President.
UI86
tM.S63,3R7 8a
LIAB11.ITIIS8, 4 per cent ValoatlOD
i
1,508,143 58
228,897 88
fi2,tltll.l4M
. .
Interest, «
I
STREET,
1 ^VIL.LIA1!I
mANOVRR 80UARR.)
JOSEPH CI LLOTTS
STEEL PENS
GOLD
PARIS EXPOSITIOH-1878.
MEDAL
37
THE MOST PERFECT
SURPLDS
tlS,He2,a38 13
(Snrplnson N. T. Standard 4% percent
.912,740,3:6 46
7,405.329,40.)
Surpiusover Linbiliiles^oneteru standard of vatwilarttr than tAot u/ any otiier lAfe Amranc* Comranv.
Msw ASStlKANCK In 1885
Me,011,S7800
1865.
Engrene K. Cole,
drcamatances of insurers.
$9,034,685
CO.
Colors, always in stoet
No. 109 Dnane Street.
Aiaeta, tIs.:
Moored by Btooka and
Widths and
IRON COTTON TIE«.
PORTLAND, MAINE.
JOHN E. DE WITT, President.
Bank and
etlnbla
a* la Bank.
Also, Asenli
UNITED STATES BUNTINO
WARREN, JONES & GRATZ
UNION MUTUAL
New
Real Batata and Claim* due tba
Oompany. eatlmated at
r iiMl ii B Mote* and Bllla B«-
DUCK. CAB
OOTBRINa, BAGaiNO. RAVENS DnCK,BAIL
TWINB8, *C., "ONTARIO" SBAMLBSB
BAOS, "AWNING STBIPSa
priH.tH-
Life Insurance
kinds of
CANVAS,*' FKLTINO
.
DISCOUNT.
Fremloma and Ex-
IlBttad Btataa
POKCE aa loDK as its value will pay for; or, if preferred, a Paid-up policy for its full value is Issued in
excbanf;e.
After the third year Policies are incontestable,
except as amtinst intentional fraud: and aU restrictions as to travel or ttccupatUm are
-noved.
Cash loans are made to the exte; of 80 per cent
of the reserve value, where valid assiji nients of the
Policies can be made as collateral secur.. y.
lAjssiES paid immediately upon completion and ap-
same
.
And all
OOTTON
Non-Forfeltable
Alter Second Year.
In case of lapse the Policy is coJfmmED in
from l«t
the
60
COTTON SAILDUCK
Policies AbsolDlely
•9,196,143 7«
January, 1885, to Slat December, 1885
f3,770,094 80
88
70
62
»38,8V5.31B
SS.857,827
2.757,491
6.411.241
Uabillties (4 per cent Reserre)
Co.,
Hanafaetnren and Dealers In
jr.
Auets (Market Valnes)
Surplus
Surplus (New York Standard)
Total Karlna Premlnmi
&
LIFE INSURANCE COMPANY,
ATLANTIC
NEW TOEK,
Brinckerhoft, Turner
MUTUAL^BENEFIT
OF PENS
©Dtt0tt.
tUm
BIX FEB CENT INTEREST on the oatatand
lac ewUAoatea of praflu will be paid to the
koldan tbareof , or ibetr leml repreeentattrea,
aa aadaftarTueaday, the 2d of February next.
THS OUTBTANDINU CEBTIFICATE8
UUTSTANIH.NO ASSfKANCB
367,3;^ .346 00
Total paid Pollcy-Uulders In 1886
T.13H,»~D 06
Paid Pollcy-IIiildersalnceOrKaniiation 88.211,175 113
INCUUS
jr.
STOCKS
BONDS
and
BALES
W.B.a. Moore,
JaasasLow,
WBDNB8DAT8 AND 8ATCBDAT8.
II. iniJL.L.ER 4c SON,
Ho. 12 PINE STREET, NEW YORK.
ADRIAN
Thomas
JOHX
A. A.
SATKS, Sd Vlt^PteiUea*
COTTOH
8PINNKRS and KXPOBTBBS.
RmRMNCKB.— National Bank of Aumuta, G*
Henry Uents & Co., CommissloD Merchants, Ntiv
York; WlUlam B. Dana A Co.. Proprietors Cohuib.
OLAX St riMAM ctAL CHRomoLB, and othw Nsw Tork
Houses.
&
Co.,
SECURE BANK VAULTS.
street,
Neiv ITork.
Orders for Spot Cotton and Futures promptly
ezecated.
Walter & Fatman,
COTTON BROKERS,
58
BEAVBR STRBBT, NEUT TORK.
CaARLES
WELDEU CUUUME STEEL AND IRON
In
Bonnd and
Flat Bars, and 5 ply Plates
FOR
SAFES, VAULTS,
Csnnot be Sawed, Cut or
Drilled,
and Angtss
practloall;
BuTKlar-Proof.
cnnonE steel h^orks,
BROOKLYN,
Ctrooliun Free.
N. T.
F.
NO
C. E.
&
ANKERS.
LOSSES. SCND Fon
C.
List.
Copeland
i
&
Co.,»
COnOir BBOKEBS,
M. ANTHONY,
PEORIA. ILU
Hoffmann,
COTTON BROKER AND AGENT,
38 RCB DE LA BOrRSE, HAVRE.
|20YE:ARS--f«-«.Geo.
^" ^^ LENDING MONEY ON ILLINOIS
FAIIMS.
TAINTEB,
SPECIAL ATTENTION TO COTTON FUTUHB8
<to.
and
B.
COTTON MERCHANT,
COTTON EXCHANGE BCILDINO.
'
ICHABLS8 DENMia, Tloe-Piealdent.
|W. H. H. MOOBK, 2d Vloe-Prest.
for
COHBKSPONDENCB SOLICITED.
COTTON BH0KER8,
Maltlaad.
D. JONES, Prealdent.
TO OKDKU
125 Pearl
.
Corlle*.
AVCVSTA, OEOROIA.
Dennis Perkins
•sniamin B. Field.
Charles D. Leverioh,
Joalah O. Low,
B OoddlngUm, John L. Biker,
Denton Smith.
WlUlam Oegrool,
George Bliss,
Botaeaenv>
Henry £. Hawley,
WUUam B. OodgCb
William D. Morgan,
WUllam U. Maay,
Isaao BeU,
O. A. Hand,
Edward Floyd-Jones,
Jeba D. Hewlett,
Anson W. Hard,
William H. Webb,
W.
&
Entire attention fflven to purchase of
plisjcjellati€j0»sr
Willlara Bryoe,
I
CilTTON.
Cargill,
COTTON BROKERS,
of all olasses of
John Elliott,
James O. De Forest,
Charles F. Bordatt,
C0NTBACT8 OK
Alexander
STOCKS AND BONDS,
TB VSTBBSl
Adolph Lemoyne,
AdTanees made on Cotton ConslRnments and Special
Attention iflven to purchase and sale of FUTUUfl)
REOULAK AUCTIOH
The Undenlgned hold
Secretary.
Bobart B. Ulnliim,
Charlea H. Marshall,
Frederick H. Oossitt,
Wheeler,
(FOB BALING COTTON).
(IQUITAULE BCILDINO.)
D. Jonas.
Charies Dennis,
&
WHULIB.
BACGINO AND IRON TIES,
ilaljes.
OH
J.
BuUard
H,
CCITON COMMISSION MERCHANTS
NEW YORK,
At Auction.
la
the Board,
H. OHAPMAIf,
HENRT
h. BULLAilD.
ALBO
Junction
Aaaland' oa the aat earned premiums of tbe
Cmattmj, far (ke year aadlng Slat Deoember,
UBS. lor whlok eertUlaatea wlU be Issued oa
and after Tneaday, the 4th of May next.
By Ofder of
16.6UU,US3 13
Of
ttalaaaaot 1881 will be redeemed and paid to
tka koldan tkeraof, or their legal rapreaentattrea, on aad after Tuewlay, the 2d of Febmaiy
aaxt, fMm whlah date all laiaraat thereon will
aaaaa. Tbe oarttOeate* to be ptodnoed at the
tima of pai^ment and eaaeeled.
A DIVIDEND OF FORTT FEB CENT
in 1B86
JnHN
134
FEABL STREET, .NEW YORK,
m
THE CHRONICLE.
Walter T. Hatch.
Nalh'l W. T. Hatch.
Stillman,
INM AN, S W ANN & Co
NEtr TOBK.
Hetiry P. Hatch.
Arthur M. Hatch.
T. Hatch & Sons,
BANKERS,
W.
MERCHANTS,
PoBt Building, 16 & 18 Exchangre Place,
1886.
Heiiscjellatieous.
Rattan,
(£/otton.
Woodward &
(DeceuberU,
14 NASSAU STREET, NEW TORK.
BRAvm OFFICIS
o»piri» l-W J'borrh Hirret, N. V.,
BRANCH
^„j^ chnpel "I.. New llarea
Personal attention iilven Ht the KXCHAN'JBSto
the purchaite and sale of STOCKS and BONDS for
cash or on margin.
DEPOSITS KECBI VKD-subJect to Check at sight
!
LOANS UADK ON ACCBPTABLB BKCUBITIKS.
j
COTTON MERCHANTS,
Vkxal
Attkntion to OacsBS roR Contracts
FOR FOTUBB DlUTIRT OF COTTOM.
—witb interest upon balances.
New
OOTTON, ALL GBADBS. 8UITABLK TO WANTS
Special attention paid to INVESTMENTS
ol
BANKERS.
Tork.
or SPINNBBS
OFFUED OW
TERIIB to
Cotton Commission Merchants,
FUTURB CONTRACTS
New Tork and LilTerpool.
&
Co.,
& 51
YORK.
19 Sonth irilllam St.
TilE'W
Stone
ORDERS EXECUTED IN
CHICAGO, NEW OBLEANS, ST. LOUIS, LIYERPOOL,
NEW TORK,
HAT RE,
New
&
SPIlfNUBS'
Montgomery, Ala.
Orleans, La.
LEHMAN
COTTOPif.
York.
Cotton
&
Co.,
COMMISSION MERCHANTS,
COTTON EXCHANGE
NEW
SAML
Bethlehem Iron Comp'y
40 and 42 Wall Street,
No. 40
North
EXCHANGE PLACE,
UKMBEBB OF THE OOTTOK, OOtFES
PRODVOE EXOBANQES.
204
A.ND
Chubch Street,
NflWffass
Liverpool: Mefsrs.
in
A. titern& Co.;
in
A Co.
1..
ItoBenheiai
A
London, Messrs. B.
New Tork
Mohr, Hanemann& Co.,
City.
&
Henry Hentz
Co.,
COTTON EXCHANGE RUIIiDING,
COMMISSION MERCHANTS,
South TTUIlam
8
St.,
New
New
York.
C O T
T OW
U
BXCUANUUS.
Also orders for
COFFEE
the
NBW YORK COFFEE EXCHANGE,
and
GRAIN AND PROVlislONS
at the
NEW TORK PRODUCE KXCHANQB
the
CHICAGO BOARD OF TRADE.
aad
CoaUESPONDINTS
Mesurs. Smith, Edwards & Co., Cotton Broken,
LlTerpool.
J as. Lea McLean, New Orleans.
Rountree
&
Co.,
COMMISSION MERCHANTS,
OOTTON KXCHANGE, NKW YORK,
NOKFOLk, VA.
and
COTTON, OKAIN. PKOVI8IONS,
tetockH uud Petroleum.
Orders executed In New York, Chicago and LIt•rpf>ol.
All firudea of cotton suitable to spinners'
ants offered on favorable terms.
Geo.H.McFadden&Bro.
COTTON IMER0HANT8,
PHILADELPHIA.
op
ordeb8 fob futube 0ontraot8.
Hubbard, Price
FREDERIC ZBREOA
G.
Schroeder
ic
&
CO.
Co.,
&
Co.,
Price, Reid
NORFOLK, TA.
Cotton Brokers & Commission Merchants,
&
WaRB & BCHBOBDBB.
OOTTON COMMISSION MBBCHANTB,
Bsooeasors to
C«tton Exchange Bnlldlng,
Net Burpiu*
Losses paid In U.
COMMISSION MERCHANTS,
PEARL
No. 123
1886.
ST.,
8. in
$1,199,247 4S
150,»S7 77
W.ISO 89
it,015,ita 18
tS,421370 7S
19 jears .SI «,2!J0, 1 38 03
.
Bbasch Office, 54 Wiluam St., N. T.
CHAS. E. WHITE, SAM. P. BLAODEN,
U.
8.
NEW TOBK.
DUDLEY, Deputy
Manager.
Phenix Insurance Co.
OF BROOKLYN,
195 Broadway, New Tork City
Company let Day of Jan., 1886.
11,000.000 0»
CASH CAPITAL
Office,
statement of
2,848.048 »4
344.473 CS
714.1B7 42
Reserve for unearned premlnmi
Reserve for unpaid losses
Net surplus
(4,9io.4SS as
STEPHEN
CROTFEI,!., President.
WM. B. CROWELL. Vlce-i»resldent.
PHILANIJKR SHAW, Secretary.
GEO. 11. KISKK, Assistant Secretarr,
iBANClS 1". BURKE, Sec 'y Local IXpt.
iETNA
Bloss,
Insurance
Company
OF HARTFORD.
$4,000,000 00
Capital
(or unpaid losses
re-tnsuranoe fund
Llabllit 69
Orden
for fntnre delirerr of Cotton exeonted in
New York and
Lirerpool i also for Orain and Pro
New Tork and
JOHN
H. CLISBY
A
CO.,
nONTGOHERY, ALA.
PI7BCHA8II
ONLY ON ORDERS FOR A COHMISSION
FELLOWES, JOHNSON & TILESTON,
COTTON, STOCKS, HONDS, Ac,
MS WILLIAM SI BEBT. NBW YOBK.
Ota«'tlo**ratuw''«z«oat«d*t N.
and
Net Surplus
Assets Jan. 1, 1886
Chlcaxo.
COTTON BUYERS,
Co.,
Reserve for Cnearaed Premiums....
Reserve tor Unpaid Losses
Oiher l.iablmies
Liberal advances made on Cotton conslRnments.
Special attention ^ven to the sale of cotton to arrive or in transit for both foreign and domestic markets. Orders for Future Contracts executed in New
York and Liverpool.
visions |2
LrVHRPOOIi COBRKSPONDENTB,
&
Cotton Exctaang^e, Neiv York.
AND
Gwathmey
1,
18,421.870 76
Invested and Cash Fire Assets
JA8. F.
Bpboial Attention Given to the Execution
NEW YORK. LIVERPOOL AND NEW OBLBAN8 COTTON
LONDON AND EDINBIIROH.
U. S. Branch Statement Jan.
Managers.
York.
ZECUTB ORDBKB FOR FUTURB DBLIVKBT
at the
Co.
Mercantile Ins.
LIABILITIES,:
Bold for Cash, or carried on Margin, on the Tarlons
ges In
&
British
OF
Orders executed at the Cotton Exchanges In New
Fork and Liverpool, and advHnces made on Cotton
and other produce cunsiKned to us. or to our curre»pondents
Sons and
Cotton, Coffee, Oraln'and Petroleum Bought and
Nenr York.
raanbattan BolldlmK,
AND
New York.
YORK.
I.IVEHPOOI,,
Street,
D. BABCOCK,
82 Nassau Street, New York.
BRO'S,
Factors
Up-town Office, No.
B17II.DIN6,
Water
IT
Receive conslKnments of Cotton and other Produoa,
and execute orders at the ExchanKCs In LiverpooL
Hepresented in New York at the office of
comnissioN sierchants,
R. Macready
ORUBUS SOLICITED.
&c.
Lehman. Durb & Co
CO.,
MAIN STREET,
NORFOLK, VA.
B. F.
COMMISSION MERCHANTS,
STOCKS, PETROLEUM,
liRHHAN, STERN
ITeiv
I'HII.ADEI.PIIIA.
NO. 4»
BABCOCK&CO.
COTTON, ORAIN,
PROVISIONS, COFFEE,
St.,
BUTEBS FOB AMERICAN MIIXS.
S«IIM^ Rrontsomery and
Cotton Commission Merchants,
NO. 116 CHESTNUT STREET,
Co.,
BANKERS AND COMMISSION MERECAANTS
1 WIIiLIAin STREET,
SpedAl attention glren to the purchase and sale of
Graham
&
Williams, Black
NEW YORK.
Ootton EzcbanKe BalldluKj NevrYork.
C.
J.
and
Edward H.Coates& Co.,
BtTTC.
Robert Tannahill & Co.,
IB
COUNTBV
accounU
Y OottonBzo
2,067,776 34
3,202.320 41
$9,360,096 e(
St., New Yorlr
JAS. A. AI. EXANPER, Agent.
No. a Cortlandt
COMMERCIAL UNION
Assurance Co^limited,
of london:
@FedFRASER